UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-06161
Virtus Investment Trust
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301
(Address of principal executive offices) (Zip code)
Jennifer S. Fromm, Esq.
Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 243-1574
Date of fiscal year end: June 30
Date of reporting period: December 31, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) | The Report to Shareholders is attached herewith. |
Virtus Emerging Markets Opportunities Fund |
Virtus Income & Growth Fund |
Virtus KAR Global Small-Cap Fund |
Virtus KAR Health Sciences Fund |
Virtus NFJ Dividend Value Fund |
Virtus NFJ International Value Fund |
Virtus NFJ Large-Cap Value Fund |
Virtus NFJ Mid-Cap Value Fund |
Virtus NFJ Small-Cap Value Fund |
Virtus Silvant Focused Growth Fund |
Virtus Silvant Mid-Cap Growth Fund |
Virtus Small-Cap Fund |
Virtus Zevenbergen Technology Fund |
1 | ||
2 | ||
6 | ||
8 | ||
Fund | Schedule of Investments | |
10 | ||
12 | ||
21 | ||
22 | ||
23 | ||
25 | ||
27 | ||
29 | ||
31 | ||
33 | ||
34 | ||
36 | ||
39 | ||
40 | ||
48 | ||
52 | ||
57 | ||
71 | ||
91 |
President, Virtus Funds
February 2024
Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Emerging Markets Opportunities Fund | ||||||||
Class A | $ 1,000.00 | $ 1,061.50 | 1.29 % | $ 6.68 | ||||
Class C | 1,000.00 | 1,057.50 | 2.04 | 10.55 | ||||
Class P | 1,000.00 | 1,062.60 | 1.04 | 5.39 | ||||
Institutional Class | 1,000.00 | 1,063.40 | 0.94 | 4.88 | ||||
Class R6 | 1,000.00 | 1,063.90 | 0.89 | 4.62 | ||||
Income & Growth Fund | ||||||||
Class A | 1,000.00 | 1,069.60 | 1.14 | 5.93 | ||||
Class C | 1,000.00 | 1,065.90 | 1.89 | 9.81 | ||||
Class P | 1,000.00 | 1,071.00 | 0.90 | 4.69 | ||||
Institutional Class | 1,000.00 | 1,070.80 | 0.91 | 4.74 | ||||
KAR Global Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,107.60 | 1.63 | 8.64 | ||||
Class C | 1,000.00 | 1,103.00 | 2.38 | 12.58 | ||||
Class P | 1,000.00 | 1,109.00 | 1.37 | 7.26 | ||||
Institutional Class | 1,000.00 | 1,109.50 | 1.28 | 6.79 | ||||
KAR Health Sciences Fund | ||||||||
Class A | 1,000.00 | 1,010.70 | 1.40 | 7.08 | ||||
Class C | 1,000.00 | 1,006.70 | 2.16 | 10.90 | ||||
Class P | 1,000.00 | 1,012.40 | 1.05 | 5.31 | ||||
Institutional Class | 1,000.00 | 1,011.70 | 1.12 | 5.66 | ||||
NFJ Dividend Value Fund | ||||||||
Class A | 1,000.00 | 1,115.90 | 1.02 | 5.43 | ||||
Class C | 1,000.00 | 1,111.70 | 1.73 | 9.18 | ||||
Class P | 1,000.00 | 1,117.80 | 0.73 | 3.89 | ||||
Institutional Class | 1,000.00 | 1,118.30 | 0.70 | 3.73 | ||||
Class R6 | 1,000.00 | 1,118.00 | 0.65 | 3.46 | ||||
Administrative Class | 1,000.00 | 1,116.20 | 0.95 | 5.05 | ||||
NFJ International Value Fund | ||||||||
Class A | 1,000.00 | 1,011.30 | 1.31 | 6.62 | ||||
Class C | 1,000.00 | 1,007.50 | 2.06 | 10.40 | ||||
Class P | 1,000.00 | 1,012.50 | 1.06 | 5.36 | ||||
Institutional Class | 1,000.00 | 1,012.90 | 0.96 | 4.86 | ||||
Class R6 | 1,000.00 | 1,013.40 | 0.91 | 4.61 | ||||
Administrative Class | 1,000.00 | 1,011.60 | 1.21 | 6.12 |
Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
NFJ Large-Cap Value Fund | ||||||||
Class A | $1,000.00 | $1,084.50 | 1.01% | $ 5.29 | ||||
Class C | 1,000.00 | 1,079.90 | 1.80 | 9.41 | ||||
Class P | 1,000.00 | 1,085.80 | 0.75 | 3.93 | ||||
Institutional Class | 1,000.00 | 1,085.70 | 0.75 | 3.93 | ||||
Class R6 | 1,000.00 | 1,086.30 | 0.65 | 3.41 | ||||
Administrative Class | 1,000.00 | 1,084.30 | 0.96 | 5.03 | ||||
NFJ Mid-Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,061.70 | 1.00 | 5.18 | ||||
Class C | 1,000.00 | 1,058.10 | 1.75 | 9.05 | ||||
Class P | 1,000.00 | 1,063.10 | 0.75 | 3.89 | ||||
Institutional Class | 1,000.00 | 1,063.80 | 0.65 | 3.37 | ||||
Class R6 | 1,000.00 | 1,064.10 | 0.60 | 3.11 | ||||
Administrative Class | 1,000.00 | 1,062.40 | 0.90 | 4.67 | ||||
NFJ Small-Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,116.90 | 1.17 | 6.23 | ||||
Class C | 1,000.00 | 1,112.80 | 1.92 | 10.20 | ||||
Class P | 1,000.00 | 1,118.90 | 0.88 | 4.69 | ||||
Institutional Class | 1,000.00 | 1,119.90 | 0.82 | 4.37 | ||||
Class R6 | 1,000.00 | 1,119.60 | 0.77 | 4.10 | ||||
Administrative Class | 1,000.00 | 1,118.60 | 1.07 | 5.70 | ||||
Silvant Focused Growth Fund | ||||||||
Class A | 1,000.00 | 1,106.20 | 0.95 | 5.03 | ||||
Class C | 1,000.00 | 1,101.80 | 1.72 | 9.09 | ||||
Class P | 1,000.00 | 1,107.50 | 0.71 | 3.76 | ||||
Institutional Class | 1,000.00 | 1,107.70 | 0.67 | 3.55 | ||||
Class R6 | 1,000.00 | 1,107.90 | 0.62 | 3.29 | ||||
Administrative Class | 1,000.00 | 1,106.50 | 0.92 | 4.87 | ||||
Silvant Mid-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,064.80 | 1.01 | 5.24 | ||||
Class C | 1,000.00 | 1,065.80 | 1.80 | 9.35 | ||||
Class P | 1,000.00 | 1,068.70 | 0.76 | 3.95 | ||||
Institutional Class | 1,000.00 | 1,067.80 | 0.77 | 4.00 | ||||
Administrative Class | 1,000.00 | 1,068.40 | 1.04 | 5.41 | ||||
Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,047.80 | 1.17 | 6.02 | ||||
Class C | 1,000.00 | 1,043.90 | 1.92 | 9.86 | ||||
Class P | 1,000.00 | 1,049.40 | 0.92 | 4.74 | ||||
Institutional Class | 1,000.00 | 1,049.70 | 0.82 | 4.22 | ||||
Class R6 | 1,000.00 | 1,050.00 | 0.77 | 3.97 | ||||
Zevenbergen Technology Fund | ||||||||
Class A | 1,000.00 | 1,112.40 | 1.43 | 7.59 | ||||
Class C | 1,000.00 | 1,108.70 | 2.17 | 11.50 | ||||
Class P | 1,000.00 | 1,113.80 | 1.16 | 6.16 | ||||
Institutional Class | 1,000.00 | 1,114.00 | 1.16 | 6.16 | ||||
Administrative Class | 1,000.00 | 1,112.10 | 1.47 | 7.80 |
* | 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 366 to reflect the one-half year period. |
Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Emerging Markets Opportunities Fund | ||||||||
Class A | $ 1,000.00 | $ 1,018.65 | 1.29 % | $ 6.55 | ||||
Class C | 1,000.00 | 1,014.88 | 2.04 | 10.33 | ||||
Class P | 1,000.00 | 1,019.91 | 1.04 | 5.28 | ||||
Institutional Class | 1,000.00 | 1,020.41 | 0.94 | 4.77 | ||||
Class R6 | 1,000.00 | 1,020.66 | 0.89 | 4.52 | ||||
Income & Growth Fund | ||||||||
Class A | 1,000.00 | 1,019.41 | 1.14 | 5.79 | ||||
Class C | 1,000.00 | 1,015.63 | 1.89 | 9.58 | ||||
Class P | 1,000.00 | 1,020.61 | 0.90 | 4.57 | ||||
Institutional Class | 1,000.00 | 1,020.56 | 0.91 | 4.62 | ||||
KAR Global Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,016.94 | 1.63 | 8.26 | ||||
Class C | 1,000.00 | 1,013.17 | 2.38 | 12.04 | ||||
Class P | 1,000.00 | 1,018.25 | 1.37 | 6.95 | ||||
Institutional Class | 1,000.00 | 1,018.70 | 1.28 | 6.50 | ||||
KAR Health Sciences Fund | ||||||||
Class A | 1,000.00 | 1,018.10 | 1.40 | 7.10 | ||||
Class C | 1,000.00 | 1,014.28 | 2.16 | 10.94 | ||||
Class P | 1,000.00 | 1,019.86 | 1.05 | 5.33 | ||||
Institutional Class | 1,000.00 | 1,019.51 | 1.12 | 5.69 | ||||
NFJ Dividend Value Fund | ||||||||
Class A | 1,000.00 | 1,020.01 | 1.02 | 5.18 | ||||
Class C | 1,000.00 | 1,016.44 | 1.73 | 8.77 | ||||
Class P | 1,000.00 | 1,021.47 | 0.73 | 3.71 | ||||
Institutional Class | 1,000.00 | 1,021.62 | 0.70 | 3.56 | ||||
Class R6 | 1,000.00 | 1,021.87 | 0.65 | 3.30 | ||||
Administrative Class | 1,000.00 | 1,020.36 | 0.95 | 4.82 | ||||
NFJ International Value Fund | ||||||||
Class A | 1,000.00 | 1,018.55 | 1.31 | 6.65 | ||||
Class C | 1,000.00 | 1,014.78 | 2.06 | 10.43 | ||||
Class P | 1,000.00 | 1,019.81 | 1.06 | 5.38 | ||||
Institutional Class | 1,000.00 | 1,020.31 | 0.96 | 4.88 | ||||
Class R6 | 1,000.00 | 1,020.56 | 0.91 | 4.62 | ||||
Administrative Class | 1,000.00 | 1,019.05 | 1.21 | 6.14 | ||||
NFJ Large-Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,020.06 | 1.01 | 5.13 | ||||
Class C | 1,000.00 | 1,016.09 | 1.80 | 9.12 | ||||
Class P | 1,000.00 | 1,021.37 | 0.75 | 3.81 | ||||
Institutional Class | 1,000.00 | 1,021.37 | 0.75 | 3.81 | ||||
Class R6 | 1,000.00 | 1,021.87 | 0.65 | 3.30 | ||||
Administrative Class | 1,000.00 | 1,020.31 | 0.96 | 4.88 | ||||
NFJ Mid-Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,020.11 | 1.00 | 5.08 | ||||
Class C | 1,000.00 | 1,016.34 | 1.75 | 8.87 | ||||
Class P | 1,000.00 | 1,021.37 | 0.75 | 3.81 | ||||
Institutional Class | 1,000.00 | 1,021.87 | 0.65 | 3.30 | ||||
Class R6 | 1,000.00 | 1,022.12 | 0.60 | 3.05 | ||||
Administrative Class | 1,000.00 | 1,020.61 | 0.90 | 4.57 |
Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
NFJ Small-Cap Value Fund | ||||||||
Class A | $1,000.00 | $1,019.25 | 1.17% | $ 5.94 | ||||
Class C | 1,000.00 | 1,015.48 | 1.92 | 9.73 | ||||
Class P | 1,000.00 | 1,020.71 | 0.88 | 4.47 | ||||
Institutional Class | 1,000.00 | 1,021.01 | 0.82 | 4.17 | ||||
Class R6 | 1,000.00 | 1,021.27 | 0.77 | 3.91 | ||||
Administrative Class | 1,000.00 | 1,019.76 | 1.07 | 5.43 | ||||
Silvant Focused Growth Fund | ||||||||
Class A | 1,000.00 | 1,020.36 | 0.95 | 4.82 | ||||
Class C | 1,000.00 | 1,016.49 | 1.72 | 8.72 | ||||
Class P | 1,000.00 | 1,021.57 | 0.71 | 3.61 | ||||
Institutional Class | 1,000.00 | 1,021.77 | 0.67 | 3.40 | ||||
Class R6 | 1,000.00 | 1,022.02 | 0.62 | 3.15 | ||||
Administrative Class | 1,000.00 | 1,020.51 | 0.92 | 4.67 | ||||
Silvant Mid-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,020.06 | 1.01 | 5.13 | ||||
Class C | 1,000.00 | 1,016.09 | 1.80 | 9.12 | ||||
Class P | 1,000.00 | 1,021.32 | 0.76 | 3.86 | ||||
Institutional Class | 1,000.00 | 1,021.27 | 0.77 | 3.91 | ||||
Administrative Class | 1,000.00 | 1,019.91 | 1.04 | 5.28 | ||||
Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,019.25 | 1.17 | 5.94 | ||||
Class C | 1,000.00 | 1,015.48 | 1.92 | 9.73 | ||||
Class P | 1,000.00 | 1,020.51 | 0.92 | 4.67 | ||||
Institutional Class | 1,000.00 | 1,021.01 | 0.82 | 4.17 | ||||
Class R6 | 1,000.00 | 1,021.27 | 0.77 | 3.91 | ||||
Zevenbergen Technology Fund | ||||||||
Class A | 1,000.00 | 1,017.95 | 1.43 | 7.25 | ||||
Class C | 1,000.00 | 1,014.23 | 2.17 | 10.99 | ||||
Class P | 1,000.00 | 1,019.30 | 1.16 | 5.89 | ||||
Institutional Class | 1,000.00 | 1,019.30 | 1.16 | 5.89 | ||||
Administrative Class | 1,000.00 | 1,017.75 | 1.47 | 7.46 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period. |
December 31, 2023
Banks | 22% |
Technology Hardware, Storage & Peripherals | 15 |
Semiconductors & Semiconductor Equipment | 10 |
Oil, Gas & Consumable Fuels | 6 |
Interactive Media & Services | 4 |
Automobiles | 4 |
Broadline Retail | 4 |
Electric Utilities | 3 |
Industrial Conglomerates | 3 |
Machinery | 3 |
Financial Services | 2 |
Other (includes short-term investment) | 24 |
Total | 100% |
Common Stocks | 35% | |
Software | 5% | |
Semiconductors & Semiconductor Equipment | 3 | |
Specialty Retail | 2 | |
All other Common Stocks | 25 | |
Corporate Bonds and Notes | 33 | |
Media | 4 | |
Oil, Gas & Consumable Fuels | 3 | |
Telecommunications | 2 | |
All other Corporate Bonds and Notes | 24 | |
Convertible Bonds and Notes | 26 | |
Internet | 5 | |
Software | 4 | |
Financial Services | 2 | |
All other Convertible Bonds and Notes | 15 | |
Equity-Linked Warrants | 2 | |
Convertible Preferred Stocks | 2 | |
Equity-Linked Notes | 1 | |
Short-Term Investment | 1 | |
Total | 100% |
Industrials | 30% |
Financials | 24 |
Communication Services | 20 |
Information Technology | 12 |
Health Care | 3 |
Materials | 3 |
Consumer Discretionary | 3 |
Other (includes short-term investment) | 5 |
Total | 100% |
Healthcare Equipment & Supplies | 27% |
Pharmaceuticals | 23 |
Life Sciences Tools & Services | 21 |
Biotechnology | 15 |
Healthcare Providers & Services | 14 |
Total | 100% |
Financials | 25% |
Real Estate | 15 |
Health Care | 14 |
Industrials | 11 |
Utilities | 9 |
Information Technology | 6 |
Energy | 5 |
Other | 15 |
Total | 100% |
Financials | 22% |
Consumer Discretionary | 18 |
Materials | 16 |
Health Care | 10 |
Industrials | 9 |
Information Technology | 8 |
Real Estate | 6 |
Other | 11 |
Total | 100% |
Financials | 27% |
Health Care | 13 |
Industrials | 13 |
Real Estate | 12 |
Information Technology | 7 |
Utilities | 6 |
Energy | 6 |
Other | 16 |
Total | 100% |
Financials | 21% |
Real Estate | 14 |
Health Care | 12 |
Industrials | 12 |
Consumer Discretionary | 10 |
Materials | 9 |
Utilities | 8 |
Other | 14 |
Total | 100% |
Financials | 27% |
Industrials | 16 |
Materials | 11 |
Real Estate | 10 |
Health Care | 9 |
Consumer Discretionary | 8 |
Utilities | 7 |
Other | 12 |
Total | 100% |
Information Technology | 45% |
Health Care | 14 |
Consumer Discretionary | 13 |
Communication Services | 12 |
Industrials | 8 |
Financials | 5 |
Materials | 2 |
Short-Term Investment | 1 |
Total | 100% |
Information Technology | 23% |
Industrials | 21 |
Health Care | 21 |
Consumer Discretionary | 18 |
Financials | 8 |
Communication Services | 5 |
Energy | 3 |
Other | 1 |
Total | 100% |
Biotechnology | 9% |
Software | 9 |
Trading Companies & Distributors | 6 |
Pharmaceuticals | 5 |
Insurance | 5 |
Oil, Gas & Consumable Fuels | 4 |
Diversified Consumer Services | 4 |
Financial Services | 3 |
Hotels, Restaurants & Leisure | 3 |
Household Durables | 3 |
Other (includes securities lending collateral) | 47 |
Total | 100% |
Software | 25% |
Semiconductors & Semiconductor Equipment | 23 |
Interactive Media & Services | 15 |
Broadline Retail | 8 |
IT Services | 7 |
Technology Hardware, Storage & Peripherals | 6 |
Automobiles | 3 |
Financial Services | 3 |
Media | 2 |
Electronic Equipment, Instruments & Components | 2 |
Other | 6 |
Total | 100% |
Shares | Value | ||
Preferred Stock—1.9% | |||
Brazil—1.9% | |||
Petroleo Brasileiro S.A., 8.340% | 342,000 | $ 2,622 | |
Total Preferred Stock (Identified Cost $2,375) | 2,622 | ||
Common Stocks—95.2% | |||
Bermuda—0.6% | |||
Kunlun Energy Co., Ltd. | 886,000 | 799 | |
Brazil—6.8% | |||
Banco do Brasil S.A. | 160,400 | 1,829 | |
CPFL Energia S.A. | 601,000 | 4,765 | |
Klabin S.A. | 224,700 | 1,028 | |
Suzano S.A. | 82,400 | 944 | |
Vale S.A. | 54,400 | 864 | |
9,430 | |||
Cayman Islands—5.3% | |||
JinkoSolar Holding Co., Ltd. ADR | 30,000 | 1,108 | |
Kuaishou Technology(1) | 178,000 | 1,207 | |
New Oriental Education & Technology Group, Inc.(1) | 197,000 | 1,394 | |
PDD Holdings, Inc. ADR(1) | 7,200 | 1,053 | |
Vipshop Holdings Ltd. ADR(1) | 148,638 | 2,640 | |
7,402 | |||
China—15.9% | |||
Alibaba Group Holding Ltd. | 125,300 | 1,213 | |
Anker Innovations Technology Co., Ltd. Class A | 117,920 | 1,473 | |
BYD Co., Ltd. Class H | 27,000 | 741 | |
China Construction Bank Corp. Class H | 3,178,000 | 1,893 | |
China Railway Group Ltd. Class A | 986,600 | 790 | |
COSCO SHIPPING Holdings Co., Ltd. Class A | 605,000 | 817 | |
Industrial & Commercial Bank of China Ltd. Class H | 2,825,000 | 1,382 | |
Lenovo Group Ltd. | 1,481,000 | 2,071 | |
NetEase, Inc. | 53,000 | 954 | |
People’s Insurance Co. Group of China Ltd. (The) Class H | 4,029,000 | 1,238 | |
PetroChina Co., Ltd. Class H | 3,812,000 | 2,519 | |
Shenzhen Transsion Holdings Co., Ltd. Class A | 64,125 | 1,252 | |
Tencent Holdings Ltd. | 115,600 | 4,347 | |
Weichai Power Co., Ltd. Class H | 875,000 | 1,461 | |
22,151 | |||
Shares | Value | ||
Hong Kong—0.9% | |||
CSPC Pharmaceutical Group Ltd. | 1,425,000 | $ 1,325 | |
Hungary—2.0% | |||
OTP Bank Nyrt | 62,704 | 2,856 | |
India—17.5% | |||
Axis Bank Ltd. | 90,127 | 1,194 | |
Coal India Ltd. | 270,000 | 1,220 | |
Colgate-Palmolive India Ltd. | 26,500 | 806 | |
Dr. Reddy’s Laboratories Ltd. | 15,500 | 1,080 | |
GAIL India Ltd. | 516,903 | 1,007 | |
ICICI Bank Ltd. Sponsored ADR | 103,440 | 2,466 | |
Indian Railway Catering & Tourism Corp., Ltd. | 181,783 | 1,939 | |
ITC Ltd. | 304,461 | 1,691 | |
Manappuram Finance Ltd. | 1,343,590 | 2,777 | |
Oil & Natural Gas Corp., Ltd. | 743,244 | 1,831 | |
Power Finance Corp., Ltd. | 556,423 | 2,558 | |
State Bank of India | 404,383 | 3,120 | |
Tata Consultancy Services Ltd. | 59,688 | 2,721 | |
24,410 | |||
Indonesia—2.9% | |||
Astra International Tbk PT | 2,719,900 | 998 | |
Bank Central Asia Tbk PT | 1,425,500 | 870 | |
Bank Mandiri Persero Tbk PT | 5,710,800 | 2,244 | |
4,112 | |||
Mexico—6.1% | |||
Coca-Cola Femsa SAB de C.V. | 156,360 | 1,485 | |
Grupo Aeroportuario del Pacifico SAB de C.V. Class B | 55,200 | 968 | |
Grupo Financiero Banorte SAB de C.V. Class O | 372,300 | 3,751 | |
Kimberly-Clark de Mexico SAB de C.V. Class A | 1,006,200 | 2,255 | |
8,459 | |||
Poland—1.1% | |||
Powszechna Kasa Oszczednosci Bank Polski S.A.(1) | 116,957 | 1,496 | |
Russia—0.0% | |||
Gazprom PJSC(1)(2)(3) | 1,323,341 | 1 | |
LUKOIL PJSC Sponsored ADR(1)(2)(3) | 55,455 | — (4) | |
1 | |||
Saudi Arabia—1.0% | |||
Leejam Sports Co. JSC | 25,025 | 1,349 | |
South Africa—1.3% | |||
Standard Bank Group Ltd. | 154,086 | 1,753 |
Shares | Value | ||
South Korea—11.6% | |||
Doosan Bobcat, Inc. | 54,882 | $ 2,148 | |
Hanwha Aerospace Co., Ltd.(1) | 10,322 | 998 | |
Kia Corp.(1) | 53,787 | 4,176 | |
Samsung C&T Corp.(1) | 12,457 | 1,253 | |
Samsung Electronics Co., Ltd. | 124,035 | 7,560 | |
16,135 | |||
Taiwan—16.7% | |||
Asustek Computer, Inc. | 134,000 | 2,137 | |
Compal Electronics, Inc. | 1,843,000 | 2,393 | |
CTBC Financial Holding Co., Ltd. | 1,295,000 | 1,196 | |
Hon Hai Precision Industry Co., Ltd. | 177,000 | 603 | |
Micro-Star International Co., Ltd. | 627,000 | 4,168 | |
Novatek Microelectronics Corp. | 220,000 | 3,706 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 424,000 | 8,193 | |
Yuanta Financial Holding Co., Ltd. | 900,000 | 809 | |
23,205 | |||
Thailand—0.4% | |||
Tipco Asphalt PCL Foreign Shares | 1,166,000 | 560 | |
Turkey—1.2% | |||
KOC Holding AS | 345,874 | 1,664 | |
United Arab Emirates—2.4% | |||
Emirates NBD Bank PJSC | 714,625 | 3,366 | |
United States—1.5% | |||
Lear Corp. | 7,363 | 1,040 | |
NVIDIA Corp. | 2,120 | 1,050 | |
2,090 | |||
Total Common Stocks (Identified Cost $112,684) | 132,563 | ||
Total Long-Term Investments—97.1% (Identified Cost $115,059) | 135,185 | ||
Shares | Value | ||
Short-Term Investment—0.3% | |||
Money Market Mutual Fund—0.3% | |||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.258%)(5) | 391,732 | $ 392 | |
Total Short-Term Investment (Identified Cost $392) | 392 | ||
TOTAL INVESTMENTS—97.4% (Identified Cost $115,451) | $135,577 | ||
Other assets and liabilities, net—2.6% | 3,575 | ||
NET ASSETS—100.0% | $139,152 |
Abbreviations: | |
ADR | American Depositary Receipt |
JSC | Joint Stock Company |
PJSC | Public Joint Stock Company |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(3) | The Fund is unable to trade and repatriate proceeds due to U.S. sanctions related to the Russia/Ukraine war. |
(4) | Amount is less than $500 (not in thousands). |
(5) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
India | 18% |
Taiwan | 17 |
China | 16 |
South Korea | 12 |
Brazil | 9 |
Mexico | 6 |
Cayman Islands | 6 |
Other | 16 |
Total | 100% |
† % of total investments as of December 31, 2023. |
Total Value at December 31, 2023 | Level 1 Quoted Prices | Level 3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Preferred Stock | $ 2,622 | $ 2,622 | $— | ||
Common Stocks | 132,563 | 132,562 | 1 | ||
Money Market Mutual Fund | 392 | 392 | — | ||
Total Investments | $135,577 | $135,576 | $ 1 |
Par Value | Value | ||
Convertible Bonds and Notes—25.4% | |||
Auto Manufacturers—0.3% | |||
Ford Motor Co. 0.000%, 3/15/26 | $ 6,700 | $ 6,667 | |
Lucid Group, Inc. 144A 1.250%, 12/15/26(1) | 17,880 | 9,242 | |
15,909 | |||
Banks—1.3% | |||
Barclays Bank plc Series mtn 4.000%, 8/28/26(2) | 39,145 | 42,547 | |
BofA Finance LLC 0.600%, 5/25/27 | 20,525 | 22,244 | |
64,791 | |||
Biotechnology—1.3% | |||
Alnylam Pharmaceuticals, Inc. 1.000%, 9/15/27 | 12,410 | 12,193 | |
BioMarin Pharmaceutical, Inc. | |||
0.599%, 8/1/24 | 3,965 | 3,908 | |
1.250%, 5/15/27 | 8,620 | 8,852 | |
Bridgebio Pharma, Inc. 2.250%, 2/1/29 | 12,175 | 10,311 | |
Guardant Health, Inc. 0.000%, 11/15/27 | 10,085 | 7,059 | |
Halozyme Therapeutics, Inc. 0.250%, 3/1/27 | 16,055 | 13,878 | |
Insmed, Inc. 0.750%, 6/1/28 | 4,225 | 4,825 | |
Livongo Health, Inc. 0.875%, 6/1/25 | 6,900 | 6,447 | |
67,473 | |||
Commercial Services—1.8% | |||
Affirm Holdings, Inc. 0.000%, 11/15/26(3) | 31,975 | 26,140 | |
Block, Inc. | |||
0.125%, 3/1/25 | 5,735 | 5,602 | |
0.000%, 5/1/26 | 19,765 | 17,282 | |
0.250%, 11/1/27 | 2,860 | 2,349 | |
Chegg, Inc. 0.125%, 3/15/25 | 9,215 | 8,482 | |
Euronet Worldwide, Inc. 0.750%, 3/15/49 | 7,110 | 6,648 | |
Shift4 Payments, Inc. | |||
0.000%, 12/15/25 | 3,525 | 3,911 | |
0.500%, 8/1/27 | 21,075 | 19,640 | |
90,054 | |||
Computers—1.1% | |||
Lumentum Holdings, Inc. | |||
0.250%, 3/15/24 | 1,640 | 1,646 | |
0.500%, 12/15/26 | 14,475 | 12,897 | |
0.500%, 6/15/28 | 17,745 | 13,963 | |
Seagate HDD Cayman 144A 3.500%, 6/1/28(1) | 11,795 | 14,231 |
Par Value | Value | ||
Computers—continued | |||
Zscaler, Inc. 0.125%, 7/1/25 | $ 9,425 | $ 14,284 | |
57,021 | |||
Electric Utilities—1.0% | |||
PG&E Corp. 144A 4.250%, 12/1/27(1) | 24,185 | 25,346 | |
Southern Co. (The) 144A 3.875%, 12/15/25(1) | 24,515 | 24,527 | |
49,873 | |||
Energy-Alternate Sources—0.6% | |||
Enphase Energy, Inc. | |||
0.000%, 3/1/26 | 10,400 | 9,474 | |
0.000%, 3/1/28 | 4,290 | 3,816 | |
SolarEdge Technologies, Inc. 0.000%, 9/15/25 | 4,665 | 4,242 | |
Sunnova Energy International, Inc. 2.625%, 2/15/28 | 18,640 | 12,247 | |
29,779 | |||
Engineering & Construction—0.4% | |||
Fluor Corp. 144A 1.125%, 8/15/29(1) | 18,700 | 20,336 | |
Entertainment—0.7% | |||
DraftKings Holdings, Inc. 0.000%, 3/15/28(3) | 17,990 | 14,419 | |
Live Nation Entertainment, Inc. | |||
2.000%, 2/15/25 | 5,555 | 5,843 | |
144A 3.125%, 1/15/29(1) | 6,645 | 7,546 | |
Vail Resorts, Inc. 0.000%, 1/1/26 | 10,560 | 9,392 | |
37,200 | |||
Financial Services—2.3% | |||
Coinbase Global, Inc. 0.500%, 6/1/26 | 21,960 | 19,887 | |
Goldman Sachs Finance Corp. Series dMTN 4.000%, 9/28/26(2) | 37,880 | 45,252 | |
JPMorgan Chase Financial Co., LLC 0.500%, 6/15/27 | 18,000 | 23,868 | |
SoFi Technologies, Inc. 144A 0.000%, 10/15/26(1) | 21,245 | 17,878 | |
Upstart Holdings, Inc. 0.250%, 8/15/26 | 12,330 | 9,017 | |
115,902 | |||
Health Care REITs—0.6% | |||
Welltower OP LLC 144A 2.750%, 5/15/28(1) | 25,500 | 28,193 | |
Healthcare-Products—0.8% | |||
Envista Holdings Corp. 2.375%, 6/1/25 | 5,275 | 6,528 |
Par Value | Value | ||
Healthcare-Products—continued | |||
Exact Sciences Corp. | |||
0.375%, 3/15/27 | $ 8,110 | $ 7,846 | |
0.375%, 3/1/28 | 14,220 | 13,296 | |
Novocure Ltd. 0.000%, 11/1/25 | 8,475 | 7,272 | |
Omnicell, Inc. 0.250%, 9/15/25 | 7,965 | 7,303 | |
42,245 | |||
Healthcare-Services—0.2% | |||
Teladoc Health, Inc. 1.250%, 6/1/27 | 11,000 | 9,041 | |
Hotel & Resort REITs—0.2% | |||
Pebblebrook Hotel Trust 1.750%, 12/15/26 | 12,180 | 10,848 | |
Internet—5.0% | |||
Etsy, Inc. | |||
0.125%, 9/1/27 | 4,955 | 4,215 | |
0.250%, 6/15/28 | 24,535 | 19,643 | |
Expedia Group, Inc. 0.000%, 2/15/26 | 23,335 | 22,063 | |
Match Group Financeco 2, Inc. 144A 0.875%, 6/15/26(1) | 10,295 | 9,259 | |
Match Group Financeco 3, Inc. 144A 2.000%, 1/15/30(1) | 6,620 | 5,747 | |
Okta, Inc. 0.375%, 6/15/26 | 3,405 | 3,010 | |
Opendoor Technologies, Inc. 144A 0.250%, 8/15/26(1) | 7,375 | 5,616 | |
PDD Holdings, Inc. 0.000%, 12/1/25 | 6,520 | 6,724 | |
Sea Ltd. 0.250%, 9/15/26 | 24,825 | 20,419 | |
Shopify, Inc. 0.125%, 11/1/25 | 13,000 | 12,259 | |
Snap, Inc. | |||
0.750%, 8/1/26 | 7,500 | 7,972 | |
0.000%, 5/1/27 | 7,755 | 6,214 | |
0.125%, 3/1/28 | 30,440 | 23,804 | |
Spotify U.S.A., Inc. 0.000%, 3/15/26(3) | 18,205 | 16,020 | |
Uber Technologies, Inc. | |||
0.000%, 12/15/25 | 16,160 | 16,432 | |
Series 2028 144A 0.875%, 12/1/28(1) | 24,150 | 26,263 | |
Wayfair, Inc. 0.625%, 10/1/25 | 18,685 | 16,910 | |
Wix.com Ltd. 0.000%, 8/15/25 | 5,000 | 4,523 | |
Zillow Group, Inc. | |||
2.750%, 5/15/25 | 16,060 | 17,647 | |
1.375%, 9/1/26 | 5,500 | 7,497 | |
252,237 | |||
Leisure Time—0.5% | |||
NCL Corp., Ltd. 1.125%, 2/15/27 | 27,725 | 25,316 |
Par Value | Value | ||
Machinery-Diversified—0.2% | |||
Middleby Corp. (The) 1.000%, 9/1/25 | $ 8,915 | $ 10,858 | |
Media—0.9% | |||
DISH Network Corp. | |||
0.000%, 12/15/25 | 14,730 | 9,133 | |
3.375%, 8/15/26 | 7,890 | 4,182 | |
Liberty Broadband Corp. 144A 3.125%, 3/31/53(1) | 15,940 | 15,750 | |
Liberty Media Corp. 144A 2.375%, 9/30/53(1) | 14,753 | 15,948 | |
45,013 | |||
Mining—0.2% | |||
MP Materials Corp. 144A 0.250%, 4/1/26(1) | 12,250 | 10,865 | |
Miscellaneous Manufacturing—0.3% | |||
Axon Enterprise, Inc. 0.500%, 12/15/27 | 12,485 | 15,737 | |
Passenger Airlines—0.3% | |||
Southwest Airlines Co. 1.250%, 5/1/25 | 14,365 | 14,516 | |
Pharmaceuticals—0.9% | |||
Dexcom, Inc. | |||
0.250%, 11/15/25 | 16,125 | 16,834 | |
144A 0.375%, 5/15/28(1) | 2,250 | 2,304 | |
Jazz Investments I Ltd. 2.000%, 6/15/26 | 23,155 | 23,352 | |
42,490 | |||
Retail—0.1% | |||
Burlington Stores, Inc. 144A 1.250%, 12/15/27(1) | 4,895 | 5,509 | |
Semiconductors—1.0% | |||
Microchip Technology, Inc. 0.125%, 11/15/24 | 12,780 | 13,962 | |
ON Semiconductor Corp. 144A 0.500%, 3/1/29(1) | 18,310 | 19,454 | |
Wolfspeed, Inc. 0.250%, 2/15/28 | 23,015 | 15,501 | |
48,917 | |||
Software—3.4% | |||
Akamai Technologies, Inc. | |||
0.125%, 5/1/25 | 7,150 | 9,081 | |
0.375%, 9/1/27 | 13,065 | 14,548 | |
144A 1.125%, 2/15/29(1) | 1,570 | 1,698 | |
Bentley Systems, Inc. 0.375%, 7/1/27 | 16,850 | 15,072 | |
BILL Holdings, Inc. 0.000%, 4/1/27 | 18,870 | 15,634 | |
BlackLine, Inc. 0.000%, 3/15/26(3) | 7,290 | 6,470 | |
Cloudflare, Inc. 0.000%, 8/15/26 | 15,450 | 13,874 |
Par Value | Value | ||
Software—continued | |||
Confluent, Inc. 0.000%, 1/15/27(3) | $ 16,890 | $ 14,083 | |
DigitalOcean Holdings, Inc. 0.000%, 12/1/26 | 17,485 | 14,415 | |
MicroStrategy, Inc. 0.000%, 2/15/27(3) | 12,620 | 10,909 | |
Nutanix, Inc. 0.250%, 10/1/27 | 7,975 | 8,294 | |
RingCentral, Inc. 0.000%, 3/1/25 | 8,565 | 7,965 | |
Tyler Technologies, Inc. 0.250%, 3/15/26 | 13,910 | 14,028 | |
Unity Software, Inc. 0.000%, 11/15/26(3) | 28,435 | 23,629 | |
169,700 | |||
Total Convertible Bonds and Notes (Identified Cost $1,450,985) | 1,279,823 | ||
Corporate Bonds and Notes—32.1% | |||
Advertising—0.2% | |||
Clear Channel Outdoor Holdings, Inc. | |||
144A 7.750%, 4/15/28(1) | 5,410 | 4,664 | |
144A 7.500%, 6/1/29(1) | 7,810 | 6,494 | |
11,158 | |||
Aerospace & Defense—0.4% | |||
Bombardier, Inc. 144A 7.500%, 2/1/29(1) | 13,020 | 13,236 | |
Triumph Group, Inc. 144A 9.000%, 3/15/28(1) | 8,445 | 8,980 | |
22,216 | |||
Auto Manufacturers—0.7% | |||
Ford Motor Co. | |||
9.625%, 4/22/30 | 2,075 | 2,445 | |
7.450%, 7/16/31 | 9,690 | 10,553 | |
6.100%, 8/19/32 | 5,875 | 5,922 | |
Ford Motor Credit Co. LLC | |||
5.113%, 5/3/29 | 2,245 | 2,183 | |
4.000%, 11/13/30 | 14,895 | 13,365 | |
34,468 | |||
Automotive Parts & Equipment—0.9% | |||
American Axle & Manufacturing, Inc. | |||
6.500%, 4/1/27 | 6,070 | 6,094 | |
5.000%, 10/1/29 | 7,700 | 6,802 | |
Clarios Global LP 144A 6.750%, 5/15/28(1) | 4,585 | 4,678 | |
Goodyear Tire & Rubber Co. (The) 5.250%, 7/15/31 | 21,515 | 19,522 | |
Tenneco, Inc. 144A 8.000%, 11/17/28(1) | 10,695 | 9,131 | |
46,227 | |||
Par Value | Value | ||
Building Materials—0.7% | |||
Builders FirstSource, Inc. | |||
144A 4.250%, 2/1/32(1) | $ 10,405 | $ 9,385 | |
144A 6.375%, 6/15/32(1) | 8,065 | 8,236 | |
Griffon Corp. 5.750%, 3/1/28 | 8,175 | 8,032 | |
Summit Materials LLC 144A 5.250%, 1/15/29(1) | 11,970 | 11,581 | |
37,234 | |||
Chemicals—0.7% | |||
Chemours Co. (The) | |||
144A 5.750%, 11/15/28(1) | 6,645 | 6,329 | |
144A 4.625%, 11/15/29(1) | 13,120 | 11,519 | |
Tronox, Inc. 144A 4.625%, 3/15/29(1) | 10,895 | 9,651 | |
WR Grace Holdings LLC 144A 5.625%, 8/15/29(1) | 11,740 | 10,331 | |
37,830 | |||
Commercial Services—1.5% | |||
ADT Security Corp. (The) 144A 4.125%, 8/1/29(1) | 14,625 | 13,459 | |
Avis Budget Car Rental LLC | |||
144A 5.750%, 7/15/27(1) | 1,955 | 1,896 | |
144A 5.375%, 3/1/29(1) | 5,680 | 5,254 | |
Deluxe Corp. 144A 8.000%, 6/1/29(1) | 5,540 | 4,901 | |
Herc Holdings, Inc. 144A 5.500%, 7/15/27(1) | 10,975 | 10,836 | |
Hertz Corp. (The) 144A 5.000%, 12/1/29(1) | 13,315 | 10,922 | |
Monitronics International Escrow 9.125%, 4/1/49(2) | 6,450 | — | |
NESCO Holdings II, Inc. 144A 5.500%, 4/15/29(1) | 12,150 | 11,234 | |
United Rentals North America, Inc. 5.250%, 1/15/30 | 11,630 | 11,451 | |
Williams Scotsman, Inc. 144A 6.125%, 6/15/25(1) | 3,246 | 3,252 | |
73,205 | |||
Computers—0.6% | |||
McAfee Corp. 144A 7.375%, 2/15/30(1) | 11,960 | 10,923 | |
NCR Voyix Corp. 144A 5.125%, 4/15/29(1) | 6,740 | 6,407 | |
Seagate HDD Cayman 144A 8.500%, 7/15/31(1) | 5,995 | 6,506 |
Par Value | Value | ||
Computers—continued | |||
Western Digital Corp. 4.750%, 2/15/26 | $ 5,635 | $ 5,528 | |
29,364 | |||
Containers & Packaging—0.8% | |||
Berry Global, Inc. 144A 5.625%, 7/15/27(1) | 6,590 | 6,541 | |
Mauser Packaging Solutions Holding Co. 144A 7.875%, 8/15/26(1) | 13,755 | 13,998 | |
Owens-Brockway Glass Container, Inc. 144A 7.250%, 5/15/31(1) | 7,195 | 7,295 | |
Trivium Packaging Finance B.V. 144A 8.500%, 8/15/27(1) | 12,770 | 12,521 | |
40,355 | |||
Diversified REITS—0.8% | |||
Iron Mountain Information Management Services, Inc. 144A 5.000%, 7/15/32(1) | 7,535 | 6,902 | |
Iron Mountain, Inc. | |||
144A 7.000%, 2/15/29(1) | 15,125 | 15,546 | |
144A 5.250%, 7/15/30(1) | 10,050 | 9,567 | |
SBA Communications Corp. 3.125%, 2/1/29 | 11,135 | 10,005 | |
42,020 | |||
Electronic Equipment, Instruments & Components—0.2% | |||
WESCO Distribution, Inc. 144A 7.250%, 6/15/28(1) | 11,220 | 11,532 | |
Electronics—0.2% | |||
Coherent Corp. 144A 5.000%, 12/15/29(1) | 11,315 | 10,746 | |
Engineering & Construction—0.1% | |||
AECOM 5.125%, 3/15/27 | 4,625 | 4,592 | |
Entertainment—1.8% | |||
AMC Entertainment Holdings, Inc. 144A 7.500%, 2/15/29(1) | 3,600 | 2,501 | |
Caesars Entertainment, Inc. | |||
144A 8.125%, 7/1/27(1) | 11,990 | 12,291 | |
144A 7.000%, 2/15/30(1) | 12,500 | 12,818 | |
Churchill Downs, Inc. 144A 5.750%, 4/1/30(1) | 10,035 | 9,784 | |
International Game Technology plc | |||
144A 4.125%, 4/15/26(1) | 7,305 | 7,100 | |
144A 6.250%, 1/15/27(1) | 3,200 | 3,247 | |
Light & Wonder International, Inc. 144A 7.500%, 9/1/31(1) | 4,775 | 4,981 |
Par Value | Value | ||
Entertainment—continued | |||
Lions Gate Capital Holdings LLC 144A 5.500%, 4/15/29(1) | $ 10,975 | $ 8,210 | |
Live Nation Entertainment, Inc. 144A 4.750%, 10/15/27(1) | 14,410 | 13,817 | |
SeaWorld Parks & Entertainment, Inc. 144A 5.250%, 8/15/29(1) | 14,510 | 13,564 | |
88,313 | |||
Environmental Services—0.3% | |||
GFL Environmental, Inc. 144A 4.750%, 6/15/29(1) | 14,905 | 14,040 | |
Equity Real Estate Investment Trusts (REITs)—0.2% | |||
Brookfield Property REIT, Inc. 144A 4.500%, 4/1/27(1) | 9,205 | 8,284 | |
Financial Services—1.7% | |||
Nationstar Mortgage Holdings, Inc. | |||
144A 5.500%, 8/15/28(1) | 13,230 | 12,722 | |
144A 5.750%, 11/15/31(1) | 9,870 | 9,203 | |
Navient Corp. | |||
6.750%, 6/15/26 | 10,725 | 10,903 | |
5.000%, 3/15/27 | 12,315 | 11,890 | |
4.875%, 3/15/28 | 7,065 | 6,564 | |
OneMain Finance Corp. | |||
6.625%, 1/15/28 | 9,655 | 9,747 | |
9.000%, 1/15/29 | 1,850 | 1,956 | |
5.375%, 11/15/29 | 7,480 | 7,004 | |
PennyMac Financial Services, Inc. | |||
144A 4.250%, 2/15/29(1) | 5,800 | 5,220 | |
144A 7.875%, 12/15/29(1) | 4,685 | 4,823 | |
PRA Group, Inc. 144A 8.375%, 2/1/28(1) | 3,755 | 3,615 | |
83,647 | |||
Food & Beverage—1.0% | |||
Kraft Heinz Foods Co. 5.000%, 7/15/35 | 8,175 | 8,218 | |
Performance Food Group, Inc. | |||
144A 5.500%, 10/15/27(1) | 7,630 | 7,518 | |
144A 4.250%, 8/1/29(1) | 10,125 | 9,286 | |
Post Holdings, Inc. | |||
144A 5.500%, 12/15/29(1) | 3,160 | 3,045 | |
144A 4.500%, 9/15/31(1) | 9,420 | 8,442 | |
Simmons Foods, Inc. 144A 4.625%, 3/1/29(1) | 6,935 | 6,000 |
Par Value | Value | ||
Food & Beverage—continued | |||
US Foods, Inc. 144A 4.750%, 2/15/29(1) | $ 7,810 | $ 7,417 | |
49,926 | |||
Food Service—0.2% | |||
Aramark Services, Inc. 144A 5.000%, 2/1/28(1) | 8,355 | 8,105 | |
Healthcare-Products—0.4% | |||
Medline Borrower LP 144A 5.250%, 10/1/29(1) | 22,630 | 21,330 | |
Healthcare-Services—1.2% | |||
Centene Corp. 4.625%, 12/15/29 | 2,490 | 2,387 | |
Community Health Systems, Inc. | |||
144A 5.625%, 3/15/27(1) | 6,495 | 6,035 | |
144A 6.875%, 4/15/29(1) | 9,715 | 6,269 | |
Select Medical Corp. 144A 6.250%, 8/15/26(1) | 11,245 | 11,301 | |
Tenet Healthcare Corp. 6.125%, 10/1/28 | 34,410 | 34,312 | |
60,304 | |||
Home Builders—0.1% | |||
Taylor Morrison Communities, Inc. 144A 5.750%, 1/15/28(1) | 4,615 | 4,636 | |
Hotel & Resort REITs—0.6% | |||
Park Intermediate Holdings LLC | |||
144A 5.875%, 10/1/28(1) | 8,830 | 8,684 | |
144A 4.875%, 5/15/29(1) | 9,060 | 8,386 | |
Service Properties Trust | |||
4.500%, 3/15/25 | 5,185 | 5,062 | |
7.500%, 9/15/25 | 5,355 | 5,415 | |
4.375%, 2/15/30 | 5,355 | 4,157 | |
31,704 | |||
Household Products/Wares—0.2% | |||
Spectrum Brands, Inc. 144A 3.875%, 3/15/31(1) | 8,430 | 7,671 | |
Housewares—0.1% | |||
Newell Brands, Inc. 6.625%, 9/15/29 | 3,165 | 3,152 | |
Internet—0.6% | |||
Gen Digital, Inc. 144A 7.125%, 9/30/30(1) | 9,645 | 10,077 | |
Uber Technologies, Inc. | |||
144A 8.000%, 11/1/26(1) | 4,925 | 5,017 | |
144A 7.500%, 9/15/27(1) | 13,190 | 13,660 | |
28,754 | |||
Par Value | Value | ||
Investment Companies—0.3% | |||
Compass Group Diversified Holdings LLC | |||
144A 5.250%, 4/15/29(1) | $ 14,195 | $ 13,409 | |
144A 5.000%, 1/15/32(1) | 3,650 | 3,288 | |
16,697 | |||
Iron & Steel—0.2% | |||
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1) | 4,870 | 4,887 | |
United States Steel Corp. 6.875%, 3/1/29 | 7,210 | 7,376 | |
12,263 | |||
Leisure Time—1.0% | |||
Carnival Corp. | |||
144A 5.750%, 3/1/27(1) | 8,455 | 8,247 | |
144A 6.000%, 5/1/29(1) | 10,775 | 10,368 | |
144A 10.500%, 6/1/30(1) | 5,440 | 5,950 | |
NCL Corp., Ltd. 144A 5.875%, 3/15/26(1) | 12,550 | 12,264 | |
Royal Caribbean Cruises Ltd. | |||
144A 5.375%, 7/15/27(1) | 6,715 | 6,647 | |
144A 5.500%, 4/1/28(1) | 6,100 | 6,022 | |
49,498 | |||
Lodging—0.6% | |||
Boyd Gaming Corp. 144A 4.750%, 6/15/31(1) | 6,045 | 5,548 | |
Hilton Domestic Operating Co., Inc. 144A 4.000%, 5/1/31(1) | 9,890 | 9,059 | |
Hilton Grand Vacations Borrower Escrow LLC 144A 5.000%, 6/1/29(1) | 7,280 | 6,716 | |
MGM Resorts International 4.750%, 10/15/28 | 7,595 | 7,236 | |
28,559 | |||
Machinery-Construction & Mining—0.1% | |||
Terex Corp. 144A 5.000%, 5/15/29(1) | 7,100 | 6,692 | |
Machinery-Diversified—0.1% | |||
Chart Industries, Inc. 144A 7.500%, 1/1/30(1) | 7,100 | 7,421 | |
Media—3.9% | |||
CCO Holdings LLC | |||
4.500%, 5/1/32 | 6,375 | 5,460 | |
144A 5.375%, 6/1/29(1) | 14,405 | 13,578 | |
144A 6.375%, 9/1/29(1) | 12,135 | 11,967 | |
144A 7.375%, 3/1/31(1) | 5,400 | 5,542 | |
CSC Holdings LLC | |||
144A 7.500%, 4/1/28(1) | 14,490 | 10,840 | |
144A 5.750%, 1/15/30(1) | 3,000 | 1,868 | |
DirecTV Financing LLC 144A 5.875%, 8/15/27(1) | 15,910 | 14,949 |
Par Value | Value | ||
Media—continued | |||
DISH DBS Corp. | |||
7.375%, 7/1/28 | $ 21,985 | $ 13,142 | |
144A 5.750%, 12/1/28(1) | 9,505 | 7,581 | |
DISH Network Corp. 144A 11.750%, 11/15/27(1) | 1,000 | 1,044 | |
Gray Escrow II, Inc. 144A 5.375%, 11/15/31(1) | 14,095 | 10,635 | |
Gray Television, Inc. | |||
144A 7.000%, 5/15/27(1) | 10,060 | 9,562 | |
144A 4.750%, 10/15/30(1) | 2,325 | 1,750 | |
iHeartCommunications, Inc. 8.375%, 5/1/27 | 11,905 | 7,727 | |
Nexstar Media, Inc. | |||
144A 5.625%, 7/15/27(1) | 13,405 | 12,962 | |
144A 4.750%, 11/1/28(1) | 5,800 | 5,345 | |
Scripps Escrow II, Inc. 144A 5.375%, 1/15/31(1) | 13,495 | 9,904 | |
Sirius XM Radio, Inc. | |||
144A 4.000%, 7/15/28(1) | 7,285 | 6,737 | |
144A 4.125%, 7/1/30(1) | 9,665 | 8,612 | |
TEGNA, Inc. 5.000%, 9/15/29 | 12,820 | 11,746 | |
Virgin Media Finance plc 144A 5.000%, 7/15/30(1) | 8,345 | 7,357 | |
Virgin Media Secured Finance plc | |||
144A 5.500%, 5/15/29(1) | 12,100 | 11,692 | |
144A 4.500%, 8/15/30(1) | 9,225 | 8,213 | |
198,213 | |||
Mining—0.5% | |||
Arsenal AIC Parent LLC 144A 8.000%, 10/1/30(1) | 8,340 | 8,702 | |
FMG Resources August 2006 Pty Ltd. 144A 4.375%, 4/1/31(1) | 4,130 | 3,777 | |
Hudbay Minerals, Inc. | |||
144A 4.500%, 4/1/26(1) | 9,720 | 9,402 | |
144A 6.125%, 4/1/29(1) | 5,375 | 5,270 | |
27,151 | |||
Oil, Gas & Consumable Fuels—2.8% | |||
Callon Petroleum Co. | |||
144A 8.000%, 8/1/28(1) | 13,490 | 13,777 | |
144A 7.500%, 6/15/30(1) | 4,640 | 4,680 | |
CITGO Petroleum Corp. 144A 8.375%, 1/15/29(1) | 10,525 | 10,823 | |
Civitas Resources, Inc. | |||
144A 8.625%, 11/1/30(1) | 6,225 | 6,603 | |
144A 8.750%, 7/1/31(1) | 12,300 | 13,094 | |
CNX Resources Corp. 144A 7.375%, 1/15/31(1) | 4,510 | 4,541 | |
Cobalt International Energy, Inc. 7.750%, 12/1/24(2)(4) | 9,216 | — (5) |
Par Value | Value | ||
Oil, Gas & Consumable Fuels—continued | |||
Comstock Resources, Inc. | |||
144A 6.750%, 3/1/29(1) | $ 8,700 | $ 7,956 | |
144A 5.875%, 1/15/30(1) | 6,595 | 5,720 | |
Mesquite Energy, Inc. 0.000%, 1/15/24 | 6,240 | 421 | |
Northern Oil & Gas, Inc. 144A 8.750%, 6/15/31(1) | 6,295 | 6,557 | |
Occidental Petroleum Corp. | |||
8.875%, 7/15/30 | 6,600 | 7,723 | |
6.625%, 9/1/30 | 1,610 | 1,712 | |
SM Energy Co. | |||
6.625%, 1/15/27 | 4,880 | 4,853 | |
6.500%, 7/15/28 | 7,075 | 7,078 | |
Southwestern Energy Co. | |||
5.375%, 3/15/30 | 12,115 | 11,830 | |
4.750%, 2/1/32 | 4,720 | 4,367 | |
Transocean, Inc. 144A 7.500%, 1/15/26(1) | 10,490 | 10,306 | |
USA Compression Partners LP 6.875%, 9/1/27 | 12,545 | 12,396 | |
Weatherford International Ltd. 144A 8.625%, 4/30/30(1) | 8,565 | 8,943 | |
143,380 | |||
Paper & Forest Products—0.2% | |||
Mercer International, Inc. 5.125%, 2/1/29 | 10,985 | 9,436 | |
Passenger Airlines—0.3% | |||
American Airlines, Inc. 144A 5.750%, 4/20/29(1) | 14,125 | 13,769 | |
Personal Care Product—0.1% | |||
Coty, Inc. 144A 6.500%, 4/15/26(1) | 3,704 | 3,698 | |
Pharmaceuticals—0.9% | |||
Bausch Health Americas, Inc. 144A 8.500%, 1/31/27(1) | 32,710 | 17,952 | |
Jazz Securities DAC 144A 4.375%, 1/15/29(1) | 11,825 | 11,014 | |
Organon & Co. 144A 5.125%, 4/30/31(1) | 21,695 | 18,546 | |
47,512 | |||
Pipelines—0.6% | |||
Antero Midstream Partners LP 144A 5.375%, 6/15/29(1) | 8,185 | 7,869 | |
NGL Energy Operating LLC 144A 7.500%, 2/1/26(1) | 13,625 | 13,761 | |
NuStar Logistics LP 6.375%, 10/1/30 | 9,135 | 9,151 | |
30,781 | |||
Par Value | Value | ||
Real Estate—0.2% | |||
Kennedy-Wilson, Inc. 5.000%, 3/1/31 | $ 12,550 | $ 9,965 | |
Retail—1.1% | |||
Asbury Automotive Group, Inc. | |||
4.750%, 3/1/30 | 6,155 | 5,745 | |
144A 5.000%, 2/15/32(1) | 4,280 | 3,890 | |
Bath & Body Works, Inc. 144A 6.625%, 10/1/30(1) | 12,955 | 13,241 | |
Macy’s Retail Holdings LLC | |||
144A 5.875%, 3/15/30(1) | 4,510 | 4,285 | |
144A 6.125%, 3/15/32(1) | 4,955 | 4,688 | |
Mariposa Borrower, Inc. Escrow 8.000%, 10/15/23(2)(4) | 6,810 | 2,202 | |
New Red Finance, Inc. 144A 4.000%, 10/15/30(1) | 12,185 | 10,929 | |
Yum! Brands, Inc. 4.625%, 1/31/32 | 9,655 | 9,028 | |
54,008 | |||
Semiconductors—0.1% | |||
Amkor Technology, Inc. 144A 6.625%, 9/15/27(1) | 3,650 | 3,696 | |
Software—0.6% | |||
Central Parent LLC 144A 8.000%, 6/15/29(1) | 8,235 | 8,595 | |
Clarivate Science Holdings Corp. 144A 4.875%, 7/1/29(1) | 10,575 | 9,923 | |
Consensus Cloud Solutions, Inc. 144A 6.500%, 10/15/28(1) | 6,765 | 6,136 | |
SS&C Technologies, Inc. 144A 5.500%, 9/30/27(1) | 8,235 | 8,118 | |
32,772 | |||
Telecommunications—1.8% | |||
CommScope Technologies LLC 144A 5.000%, 3/15/27(1) | 10,105 | 4,206 | |
Frontier Communications Holdings LLC | |||
144A 5.000%, 5/1/28(1) | 10,165 | 9,394 | |
144A 6.000%, 1/15/30(1) | 12,310 | 10,502 | |
144A 8.750%, 5/15/30(1) | 5,420 | 5,576 | |
Hughes Satellite Systems Corp. 6.625%, 8/1/26 | 15,020 | 11,841 | |
Lumen Technologies, Inc. | |||
144A 5.125%, 12/15/26(1) | 9,205 | 6,167 | |
144A 5.375%, 6/15/29(1) | 23,075 | 7,153 | |
Sprint LLC | |||
7.125%, 6/15/24 | 6,860 | 6,890 | |
7.625%, 3/1/26 | 7,435 | 7,768 |
Par Value | Value | ||
Telecommunications—continued | |||
T-Mobile USA, Inc. | |||
3.375%, 4/15/29 | $ 8,250 | $ 7,665 | |
3.500%, 4/15/31 | 14,160 | 12,945 | |
Windstream Services LLC 144A 6.375%, 8/1/23(1)(2)(4) | 7,464 | — | |
90,107 | |||
Transportation—0.5% | |||
Fortress Transportation & Infrastructure Investors LLC | |||
144A 9.750%, 8/1/27(1) | 8,420 | 8,757 | |
144A 5.500%, 5/1/28(1) | 7,450 | 7,164 | |
144A 7.875%, 12/1/30(1) | 1,500 | 1,563 | |
XPO, Inc. | |||
144A 7.125%, 6/1/31(1) | 6,365 | 6,592 | |
144A 7.125%, 2/1/32(1) | 2,015 | 2,079 | |
26,155 | |||
Total Corporate Bonds and Notes (Identified Cost $1,811,561) | 1,622,586 |
Shares | ||
Convertible Preferred Stocks—2.1% | ||
Banks—1.6% | ||
Bank of America Corp. Series L, 7.250% | 25,095 | 30,247 |
Wells Fargo & Co. Series L, 7.500% | 41,785 | 49,959 |
80,206 | ||
Financial Services—0.4% | ||
Apollo Global Management, Inc., 6.750% | 373,105 | 21,039 |
Professional Services—0.1% | ||
Clarivate plc Series A, 5.250% | 140,520 | 5,382 |
Total Convertible Preferred Stocks (Identified Cost $123,758) | 106,627 | |
Preferred Stock—0.0% | ||
Entertainment—0.0% | ||
LiveStyle, Inc. Series B (2)(6)(7) | 9,389 | 939 |
Total Preferred Stock (Identified Cost $921) | 939 | |
Common Stocks—33.8% | ||
Aerospace & Defense—0.6% | ||
Boeing Co. (The)(6) | 50,745 | 13,227 |
Shares | Value | ||
Aerospace & Defense—continued | |||
RTX Corp. | 182,630 | $ 15,367 | |
28,594 | |||
Air Freight & Logistics—0.4% | |||
FedEx Corp. | 68,330 | 17,285 | |
Automobile Components—0.2% | |||
Aptiv plc(6) | 136,291 | 12,228 | |
Automobiles—1.4% | |||
Tesla, Inc.(6) | 287,883 | 71,533 | |
Banks—1.4% | |||
CCF Holdings LLC (2)(6) | 7,416,755 | 6,304 | |
CCF Holdings LLC Class M(2)(6) | 1,759,917 | 1,496 | |
JPMorgan Chase & Co. | 165,395 | 28,134 | |
Wells Fargo & Co. | 665,555 | 32,759 | |
68,693 | |||
Biotechnology—0.0% | |||
Clovis Liquidation Trust Units(2)(6) | 4,474,067 | 263 | |
Broadline Retail—1.7% | |||
Alibaba Group Holding Ltd. Sponsored ADR | 92,535 | 7,172 | |
Amazon.com, Inc.(6) | 526,910 | 80,059 | |
87,231 | |||
Capital Markets—0.8% | |||
CME Group, Inc. Class A | 91,265 | 19,220 | |
Moody’s Corp. | 48,440 | 18,919 | |
38,139 | |||
Chemicals—1.0% | �� | ||
DuPont de Nemours, Inc. | 291,315 | 22,411 | |
Sherwin-Williams Co. (The) | 81,385 | 25,384 | |
47,795 | |||
Commercial Services & Supplies—0.0% | |||
Veralto Corp. | 7,551 | 621 | |
Communications Equipment—0.2% | |||
Cisco Systems, Inc. | 194,160 | 9,809 | |
Consumer Finance—0.5% | |||
Capital One Financial Corp.(8) | 179,395 | 23,522 | |
Erickson, Inc.(2)(6) | 10,866 | 178 | |
23,700 | |||
Consumer Staples Distribution & Retail—0.5% | |||
Costco Wholesale Corp. | 25,585 | 16,888 | |
Target Corp. | 54,415 | 7,750 | |
24,638 | |||
Shares | Value | ||
Electric Utilities—1.2% | |||
Exelon Corp. | 1,089,140 | $ 39,100 | |
NextEra Energy, Inc. | 371,642 | 22,574 | |
61,674 | |||
Electrical Equipment—0.5% | |||
Eaton Corp. plc(8) | 75,620 | 18,211 | |
Generac Holdings, Inc.(6) | 49,720 | 6,426 | |
Plug Power, Inc.(6) | 437,288 | 1,967 | |
26,604 | |||
Entertainment—0.3% | |||
LiveStyle, Inc. (2)(6)(7) | 202,319 | — | |
Netflix, Inc.(6) | 26,990 | 13,141 | |
13,141 | |||
Financial Services—1.5% | |||
Global Payments, Inc. | 164,845 | 20,935 | |
Mastercard, Inc. Class A | 131,785 | 56,208 | |
77,143 | |||
Ground Transportation—0.7% | |||
Union Pacific Corp.(8) | 140,790 | 34,581 | |
Healthcare Equipment & Supplies—0.8% | |||
Abbott Laboratories | 129,765 | 14,283 | |
Align Technology, Inc.(6) | 29,072 | 7,966 | |
Boston Scientific Corp.(6) | 288,375 | 16,671 | |
38,920 | |||
Healthcare Providers & Services—1.4% | |||
McKesson Corp. | 46,225 | 21,401 | |
UnitedHealth Group, Inc.(8) | 95,445 | 50,249 | |
71,650 | |||
Hotels, Restaurants & Leisure—1.2% | |||
Chipotle Mexican Grill, Inc. Class A(6) | 4,905 | 11,217 | |
Las Vegas Sands Corp. | 440,905 | 21,697 | |
Starbucks Corp. | 209,695 | 20,133 | |
Trip.com Group Ltd. ADR(6) | 251,540 | 9,058 | |
62,105 | |||
Insurance—0.2% | |||
Aon plc Class A | 29,445 | 8,569 | |
Interactive Media & Services—2.1% | |||
Alphabet, Inc. Class A(6) | 560,740 | 78,330 | |
Meta Platforms, Inc. Class A(6) | 77,355 | 27,380 | |
105,710 | |||
IT Services—0.1% | |||
EPAM Systems, Inc.(6) | 20,020 | 5,953 | |
GTT Communications, Inc.(2)(6) | 8,647 | 100 | |
6,053 | |||
Shares | Value | ||
Life Sciences Tools & Services—1.6% | |||
Avantor, Inc.(6) | 280,592 | $ 6,406 | |
Danaher Corp. | 55,945 | 12,943 | |
IQVIA Holdings, Inc.(6) | 118,460 | 27,409 | |
Thermo Fisher Scientific, Inc. | 61,680 | 32,739 | |
79,497 | |||
Machinery—0.2% | |||
Stanley Black & Decker, Inc. | 82,623 | 8,105 | |
Media—0.0% | |||
Postmedia Network Canada Corp.(2)(6) | 1,018,823 | 581 | |
Oil, Gas & Consumable Fuels—0.8% | |||
Chevron Corp. | 153,120 | 22,840 | |
Devon Energy Corp. | 426,520 | 19,321 | |
Riviera Resources, Inc.(2)(6) | 25,527 | — | |
42,161 | |||
Pharmaceuticals—0.4% | |||
Elanco Animal Health, Inc.(6) | 358,695 | 5,344 | |
Eli Lilly & Co. | 28,410 | 16,561 | |
21,905 | |||
Semiconductors & Semiconductor Equipment—2.6% | |||
Advanced Micro Devices, Inc.(6)(8) | 135,335 | 19,950 | |
Marvell Technology, Inc. | 328,565 | 19,816 | |
Micron Technology, Inc. | 286,155 | 24,420 | |
NVIDIA Corp. | 105,472 | 52,232 | |
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 146,300 | 15,215 | |
131,633 | |||
Software—5.0% | |||
Adobe, Inc. (6) | 37,605 | 22,435 | |
Atlassian Corp. Class A(6) | 38,455 | 9,147 | |
Crowdstrike Holdings, Inc. Class A(6) | 151,490 | 38,679 | |
Intuit, Inc. | 46,030 | 28,770 | |
Microsoft Corp. | 263,621 | 99,132 | |
Salesforce, Inc.(6) | 136,480 | 35,913 | |
ServiceNow, Inc.(6) | 26,405 | 18,655 | |
Workday, Inc. Class A(6) | 4,974 | 1,373 | |
254,104 | |||
Specialized REITs—0.6% | |||
American Tower Corp. | 132,345 | 28,571 | |
Specialty Retail—2.3% | |||
AutoZone, Inc.(6) | 10,955 | 28,325 | |
Chewy, Inc. Class A(6) | 245,667 | 5,805 | |
Home Depot, Inc. (The) | 100,200 | 34,724 | |
TJX Cos., Inc. (The) | 337,810 | 31,690 |
Shares | Value | ||
Specialty Retail—continued | |||
Ulta Beauty, Inc.(6) | 34,655 | $ 16,981 | |
117,525 | |||
Technology Hardware, Storage & Peripherals—1.2% | |||
Apple, Inc. | 324,330 | 62,443 | |
Textiles, Apparel & Luxury Goods—0.4% | |||
NIKE, Inc. Class B(8) | 204,905 | 22,247 | |
Total Common Stocks (Identified Cost $1,880,761) | 1,705,451 | ||
Warrants—0.0% | |||
Banks—0.0% | |||
CCF Holdings LLC, 4/1/24(2)(6) | 2,911,361 | 1,630 | |
IT Services—0.0% | |||
GTT Communications, Inc., 12/30/27(2)(6) | 27,745 | — (5) | |
Media—0.0% | |||
Tenerity, Inc., 4/1/24(2)(6)(7) | 7,203 | — | |
Oil, Gas & Consumable Fuels—0.0% | |||
Nabors Industries Ltd., 6/11/26(6) | 2,910 | 31 | |
Total Warrants (Identified Cost $1,422) | 1,661 | ||
Equity-Linked Notes—1.1% | |||
Banks—0.6% | |||
JPMorgan Chase Bank N.A. 144A(1)(2) | 29,500 | 31,294 | |
Financial Services—0.5% | |||
Goldman Sachs Finance Corp.(2) | 25,280,000 | 23,873 | |
Total Equity-Linked Notes (Identified Cost $55,245) | 55,167 | ||
Equity-Linked Warrants—2.4% | |||
Financial Services—2.4% | |||
Barclays Bank plc 144A(1)(2) | 42,120 | 41,706 | |
Merrill Lynch International & Co. CV(2) | 129,820 | 42,377 |
Shares | Value | ||
Financial Services—continued | |||
Merrill Lynch International & Co. CV Series 0001(2) | 252,920 | $ 35,265 | |
119,348 | |||
Total Equity-Linked Warrants (Identified Cost $105,145) | 119,348 | ||
Total Long-Term Investments—96.9% (Identified Cost $5,429,798) | 4,891,602 | ||
Short-Term Investment—0.7% | |||
Money Market Mutual Fund—0.7% | |||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.258%)(9) | 35,667,158 | 35,667 | |
Total Short-Term Investment (Identified Cost $35,667) | 35,667 | ||
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—97.6% (Identified Cost $5,465,465) | 4,927,269 |
Value | ||
Written Options—(0.0)% | ||
(See open written options schedule) | ||
Total Written Options (Premiums Received $219) | $ (1,099) | |
TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—97.6% (Identified Cost $5,465,246) | $4,926,170 | |
Other assets and liabilities, net—2.4% | 118,958 | |
NET ASSETS—100.0% | $5,045,128 |
Abbreviations: | |
ADR | American Depositary Receipt |
DAC | Designated Activity Company |
EV | Enterprise Value |
LLC | Limited Liability Company |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2023, these securities amounted to a value of $1,548,334 or 30.7% of net assets. |
(2) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(3) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
(4) | Security in default; no interest payments are being received. |
(5) | Amount is less than $500 (not in thousands). |
(6) | Non-income producing. |
(7) | All or a portion of the security is restricted. |
(8) | All or a portion of the security is segregated as collateral for written options. The value of securities segregated as collateral is $64,827. |
(9) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 89% |
United Kingdom | 3 |
Curaçao | 2 |
Bermuda | 2 |
Canada | 1 |
Cayman Islands | 1 |
Ireland | 1 |
Other | 1 |
Total | 100% |
† % of total investments, net of written options, as of December 31, 2023. |
Open written options contracts as of December 31, 2023 were as follows: | |||||
Description of Options | Number of Contracts | Contract Notional Amount | Strike Price(1) | Expiration Date | Value |
Call Options(2) | |||||
Advanced Micro Devices, Inc. | (768) | $(10,752) | $140.00 | 01/19/24 | $ (754) |
Capital One Financial Corp. | (541) | (7,033) | 130.00 | 01/19/24 | (208) |
Eaton Corp. plc | (378) | (9,450) | 250.00 | 01/19/24 | (49) |
NIKE, Inc. | (1,008) | (13,608) | 135.00 | 01/19/24 | (3) |
Union Pacific Corp. | (51) | (1,275) | 250.00 | 01/19/24 | (12) |
UnitedHealth Group, Inc. | (477) | (26,712) | 560.00 | 01/19/24 | (73) |
Total Written Options | $(1,099) |
Footnote Legend: | |
(1) Strike price not reported in thousands. | |
(2) Exchange-traded options. |
Total Value at December 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Convertible Bonds and Notes | $1,279,823 | $ — | $1,192,024 | $ 87,799 | |||
Corporate Bonds and Notes | 1,622,586 | — | 1,620,384 | 2,202 (1) | |||
Equity Securities: | |||||||
Convertible Preferred Stocks | 106,627 | 106,627 | — | — | |||
Preferred Stock | 939 | — | — | 939 | |||
Common Stocks | 1,705,451 | 1,696,529 | — | 8,922 (1) | |||
Warrants | 1,661 | 31 | — | 1,630 (1) | |||
Equity-Linked Notes | 55,167 | — | — | 55,167 | |||
Equity-Linked Warrants | 119,348 | — | — | 119,348 | |||
Money Market Mutual Fund | 35,667 | 35,667 | — | — | |||
Total Assets | 4,927,269 | 1,838,854 | 2,812,408 | 276,007 | |||
Liabilities: | |||||||
Other Financial Instruments: | |||||||
Written Options | (1,099) | (1,099) | — | — | |||
Total Investments, Net of Written Options | $4,926,170 | $1,837,755 | $2,812,408 | $276,007 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Total | Corporate Bonds And Notes | Common stock | Preferred Stocks | Warrants | Equity-Linked Notes | Equity-Linked Warrants | Convertible Bonds and Notes | ||||||||
Investments in Securities | |||||||||||||||
Balance as of June 30, 2023: | $ 148,473 | $ 2,296 (a) | $ 7,247 (a) | $ 2,227 | $ 1,165 (a) | $ 29,500 | $ 106,038 | $ — | |||||||
Net realized gain (loss) | (988) | — | (991) | 36 | — | — | (33) | — | |||||||
Net change in unrealized appreciation (depreciation)(b) | 22,459 | 327 | 2,084 | 490 | 465 | 1,794 | 14,168 | 3,131 | |||||||
Purchases | 85,150 | — | 482 | — | — | — | — | 84,668 | |||||||
Sales (c) | (2,639) | — | �� | — | (1,814) | — | — | (825) | — | ||||||
Transfers into Level 3(d) | 23,973 | — | 100 | — | — | 23,873 | — | — | |||||||
Transfers from Level 3(d) | (421) | (421) | — | — | — | — | — | — | |||||||
Balance as of December 31, 2023 | $ 276,007 | $ 2,202 (a) | $ 8,922 (a) | $ 939 | $ 1,630 (a) | $ 55,167 | $ 119,348 | $ 87,799 |
Investments in Securities – Assets | Ending Balance at December 31, 2023 | Valuation Technique Used | Unobservable Inputs | Input Values | ||||
Preferred Stock: | ||||||||
LiveStyle, Inc. Series B | $ 939 | Discounted cash flows liquidation approach | Discount rate | 24.04% (23.59%-24.60%) | ||||
Common Stocks: | ||||||||
CCF Holdings LLC | $6,304 | Market and Company Comparables | EV Multiples | 1.21x (0.60x - 2.13x) | ||||
5.64x (3.92x - 7.47x) | ||||||||
0.54x (0.13x - 0.87x) | ||||||||
Illiquidity Discount | 20% | |||||||
CCF Holdings LLC Class M | $1,496 | Market and Company Comparables | EV Multiples | 1.21x (0.60x - 2.13x) | ||||
5.64x (3.92x - 7.47x) | ||||||||
0.54x (0.13x - 0.87x) | ||||||||
Illiquidity Discount | 20% | |||||||
Erickson, Inc. | $ 178 | Market and Company Comparables | EV Multiples | 1.34x (0.57x - 3.34x) | ||||
12.67x (10.41x - 15.14x) | ||||||||
0.96x (0.52x - 2.13x) | ||||||||
M&A Transaction Multiples | 1.13x (0.62x - 1.74x) | |||||||
Illiquidity Discount | 20% | |||||||
Postmedia Network Canada Corp. | $ 581 | Market and Company Comparables | EV Multiples | 1.30x (0.47x - 3.12x) | ||||
9.17x (1.86x - 20.22x) | ||||||||
Illiquidity Discount | 10% | |||||||
Warrants: | ||||||||
CCF Holdings LLC | $1,630 | Market and Company Comparables | EV Multiples | 1.21x (0.60x - 2.13x) | ||||
5.64x (3.92x - 7.47x) | ||||||||
0.54x (0.13x - 0.87x) | ||||||||
Illiquidity Discount | 20% | |||||||
Black-Scholes Model | Volatility | 44.21% | ||||||
(1) Includes internally fair valued securities currently priced at zero ($0). | ||||||||
Shares | Value | ||
Common Stocks—95.8% | |||
Brazil—4.5% | |||
Tegma Gestao Logistica S.A. | 476,817 | $ 2,777 | |
Canada—3.2% | |||
CAE, Inc.(1) | 47,882 | 1,033 | |
Pason Systems, Inc. | 74,884 | 914 | |
1,947 | |||
China—2.7% | |||
Haitian International Holdings Ltd. | 660,947 | 1,635 | |
France—2.6% | |||
Alten S.A. | 10,687 | 1,588 | |
Indonesia—1.4% | |||
Sarana Menara Nusantara Tbk PT | 13,306,000 | 856 | |
Italy—2.1% | |||
Gruppo MutuiOnline SpA | 36,011 | 1,268 | |
Japan—5.6% | |||
MarkLines Co., Ltd. | 76,944 | 1,606 | |
MEITEC Group Holdings, Inc. | 54,977 | 1,102 | |
Mercari, Inc.(1) | 39,678 | 735 | |
3,443 | |||
Lithuania—6.2% | |||
Baltic Classifieds Group plc | 1,253,596 | 3,779 | |
Malaysia—2.4% | |||
Heineken Malaysia Bhd | 279,315 | 1,467 | |
Mexico—3.1% | |||
Corp. Moctezuma SAB de C.V. | 436,121 | 1,926 | |
Norway—2.4% | |||
Bouvet ASA | 246,239 | 1,476 | |
Poland—2.0% | |||
Grupa Pracuj S.A. | 77,233 | 1,217 | |
Singapore—3.4% | |||
Haw Par Corp., Ltd. | 278,117 | 2,055 |
Shares | Value | ||
South Korea—1.1% | |||
S-1 Corp. | 14,611 | $ 681 | |
Sweden—1.0% | |||
BTS Group AB Class B | 21,214 | 623 | |
United Kingdom—15.6% | |||
AJ Bell plc | 317,093 | 1,265 | |
Auto Trader Group plc | 278,898 | 2,565 | |
FDM Group Holdings plc | 254,142 | 1,485 | |
Mortgage Advice Bureau Holdings Ltd. | 98,946 | 1,034 | |
Rightmove plc | 441,807 | 3,242 | |
9,591 | |||
United States—36.5% | |||
Artisan Partners Asset Management, Inc. Class A | 17,820 | 787 | |
First Hawaiian, Inc. | 42,803 | 979 | |
Fox Factory Holding Corp.(1) | 14,104 | 952 | |
FTI Consulting, Inc.(1) | 13,419 | 2,672 | |
Landstar System, Inc. | 10,694 | 2,071 | |
MediaAlpha, Inc. Class A(1) | 31,564 | 352 | |
Moelis & Co. Class A | 37,466 | 2,103 | |
Morningstar, Inc. | 3,215 | 920 | |
nCino, Inc.(1) | 41,342 | 1,390 | |
NVE Corp. | 9,725 | 763 | |
Primerica, Inc. | 15,839 | 3,259 | |
Ryan Specialty Holdings, Inc. Class A(1) | 56,239 | 2,420 | |
Simpson Manufacturing Co., Inc. | 18,928 | 3,747 | |
22,415 | |||
Total Common Stocks (Identified Cost $49,104) | 58,744 | ||
Total Long-Term Investments—95.8% (Identified Cost $49,104) | 58,744 | ||
Shares | Value | ||
Short-Term Investment—0.6% | |||
Money Market Mutual Fund—0.6% | |||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.258%)(2) | 391,179 | $ 391 | |
Total Short-Term Investment (Identified Cost $391) | 391 | ||
TOTAL INVESTMENTS—96.4% (Identified Cost $49,495) | $59,135 | ||
Other assets and liabilities, net—3.6% | 2,194 | ||
NET ASSETS—100.0% | $61,329 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 39% |
United Kingdom | 16 |
Lithuania | 6 |
Japan | 6 |
Brazil | 5 |
Singapore | 3 |
Canada | 3 |
Other | 22 |
Total | 100% |
† % of total investments as of December 31, 2023. |
Total Value at December 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $58,744 | $58,744 | |
Money Market Mutual Fund | 391 | 391 | |
Total Investments | $59,135 | $59,135 |
Shares | Value | ||
Common Stocks—99.3% | |||
Biotechnology—14.9% | |||
AbbVie, Inc. | 43,339 | $ 6,716 | |
Amgen, Inc. | 9,522 | 2,743 | |
Moderna, Inc.(1) | 23,694 | 2,356 | |
Regeneron Pharmaceuticals, Inc.(1) | 4,090 | 3,592 | |
Vertex Pharmaceuticals, Inc.(1) | 14,131 | 5,750 | |
21,157 | |||
Healthcare Equipment & Supplies—26.4% | |||
Align Technology, Inc.(1) | 11,257 | 3,084 | |
Cooper Cos., Inc. (The) | 17,732 | 6,711 | |
Dexcom, Inc.(1) | 33,208 | 4,121 | |
Edwards Lifesciences Corp.(1) | 68,022 | 5,187 | |
IDEXX Laboratories, Inc.(1) | 12,351 | 6,856 | |
Insulet Corp.(1) | 12,415 | 2,694 | |
Intuitive Surgical, Inc.(1) | 10,103 | 3,408 | |
STAAR Surgical Co.(1) | 72,937 | 2,276 | |
STERIS plc | 14,566 | 3,202 | |
37,539 | |||
Shares | Value | ||
Healthcare Providers & Services—14.2% | |||
HealthEquity, Inc.(1) | 49,967 | $ 3,313 | |
McKesson Corp. | 10,716 | 4,961 | |
U.S. Physical Therapy, Inc. | 45,373 | 4,226 | |
UnitedHealth Group, Inc. | 14,675 | 7,726 | |
20,226 | |||
Life Sciences Tools & Services—21.1% | |||
Azenta, Inc.(1) | 81,996 | 5,341 | |
Charles River Laboratories International, Inc.(1) | 14,630 | 3,459 | |
Danaher Corp. | 23,594 | 5,458 | |
Mettler-Toledo International, Inc.(1) | 4,141 | 5,023 | |
Thermo Fisher Scientific, Inc. | 9,749 | 5,175 | |
West Pharmaceutical Services, Inc. | 15,901 | 5,599 | |
30,055 | |||
Pharmaceuticals—22.7% | |||
Bristol-Myers Squibb Co. | 64,792 | 3,325 | |
Eli Lilly & Co. | 22,654 | 13,205 | |
Merck & Co., Inc. | 53,273 | 5,808 | |
Pfizer, Inc. | 125,261 | 3,606 |
Shares | Value | ||
Pharmaceuticals—continued | |||
Zoetis, Inc. Class A | 31,829 | $ 6,282 | |
32,226 | |||
Total Common Stocks (Identified Cost $129,996) | 141,203 | ||
Total Long-Term Investments—99.3% (Identified Cost $129,996) | 141,203 | ||
TOTAL INVESTMENTS—99.3% (Identified Cost $129,996) | $141,203 | ||
Other assets and liabilities, net—0.7% | 1,051 | ||
NET ASSETS—100.0% | $142,254 |
Footnote Legend: | |
(1) | Non-income producing. |
Total Value at December 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $141,203 | $141,203 | |
Total Investments | $141,203 | $141,203 |
Shares | Value | ||
Common Stocks—98.4% | |||
Communication Services—2.0% | |||
Comcast Corp. Class A | 223,444 | $ 9,798 | |
Walt Disney Co. (The) | 33,841 | 3,056 | |
12,854 | |||
Consumer Discretionary—4.2% | |||
Best Buy Co., Inc. | 43,889 | 3,435 | |
Home Depot, Inc. (The) | 19,936 | 6,909 | |
NIKE, Inc. Class B | 119,796 | 13,006 | |
Wendy’s Co. (The) | 199,682 | 3,890 | |
27,240 | |||
Consumer Staples—3.9% | |||
Keurig Dr Pepper, Inc. | 183,712 | 6,121 | |
McCormick & Co., Inc. Non-voting Shares | 95,723 | 6,550 | |
Tyson Foods, Inc. Class A | 229,211 | 12,320 | |
24,991 | |||
Energy—5.1% | |||
EOG Resources, Inc. | 52,870 | 6,395 | |
ONEOK, Inc. | 86,426 | 6,069 | |
Ovintiv, Inc. | 159,388 | 7,000 | |
Pioneer Natural Resources Co. | 31,353 | 7,051 | |
TC Energy Corp. | 166,955 | 6,526 | |
33,041 | |||
Financials—24.9% | |||
Allstate Corp. (The) | 55,793 | 7,810 | |
Bank of America Corp. | 820,331 | 27,621 | |
Capital One Financial Corp. | 40,265 | 5,280 | |
Citigroup, Inc. | 224,475 | 11,547 | |
Intercontinental Exchange, Inc. | 53,409 | 6,859 | |
Jack Henry & Associates, Inc. | 40,977 | 6,696 | |
JPMorgan Chase & Co. | 40,052 | 6,813 | |
MarketAxess Holdings, Inc. | 26,902 | 7,878 | |
Mastercard, Inc. Class A | 19,738 | 8,418 | |
MetLife, Inc. | 97,700 | 6,461 | |
Morgan Stanley | 66,598 | 6,210 | |
MSCI, Inc. Class A | 20,437 | 11,560 | |
Nasdaq, Inc. | 245,506 | 14,274 |
Shares | Value | ||
Financials—continued | |||
PNC Financial Services Group, Inc. (The) | 97,834 | $ 15,150 | |
Truist Financial Corp. | 289,207 | 10,677 | |
U.S. Bancorp | 174,269 | 7,542 | |
160,796 | |||
Health Care—13.2% | |||
Abbott Laboratories | 61,070 | 6,722 | |
Agilent Technologies, Inc. | 138,559 | 19,264 | |
Humana, Inc. | 23,399 | 10,712 | |
Medtronic plc | 76,433 | 6,297 | |
Teleflex, Inc. | 52,967 | 13,207 | |
Thermo Fisher Scientific, Inc. | 30,050 | 15,950 | |
Zoetis, Inc. Class A | 66,364 | 13,098 | |
85,250 | |||
Industrials—10.4% | |||
Genpact Ltd. | 261,185 | 9,066 | |
L3Harris Technologies, Inc. | 71,564 | 15,073 | |
MonotaRO Co., Ltd. Unsponsored ADR | 719,860 | 7,760 | |
RB Global, Inc. | 175,069 | 11,710 | |
Stanley Black & Decker, Inc. | 130,847 | 12,836 | |
TransUnion | 151,305 | 10,396 | |
66,841 | |||
Information Technology—5.5% | |||
Apple, Inc. | 27,917 | 5,375 | |
Intuit, Inc. | 38,613 | 24,134 | |
Microsoft Corp. | 16,518 | 6,212 | |
35,721 | |||
Materials—5.1% | |||
Ball Corp. | 171,923 | 9,889 | |
Celanese Corp. Class A | 37,095 | 5,763 | |
FMC Corp. | 101,773 | 6,417 | |
Pan American Silver Corp. | 318,850 | 5,207 | |
Sealed Air Corp. | 147,952 | 5,403 | |
32,679 | |||
Real Estate—14.9% | |||
Alexandria Real Estate Equities, Inc. | 212,556 | 26,946 |
Shares | Value | ||
Real Estate—continued | |||
Crown Castle, Inc. | 178,478 | $ 20,559 | |
Extra Space Storage, Inc. | 25,402 | 4,073 | |
Invitation Homes, Inc. | 197,034 | 6,721 | |
Mid-America Apartment Communities, Inc. | 45,086 | 6,062 | |
Rexford Industrial Realty, Inc. | 445,992 | 25,020 | |
Sun Communities, Inc. | 47,500 | 6,348 | |
95,729 | |||
Utilities—9.2% | |||
American Water Works Co., Inc. | 48,308 | 6,376 | |
Eversource Energy | 342,170 | 21,119 | |
NextEra Energy, Inc. | 288,444 | 17,520 | |
UGI Corp. | 274,463 | 6,752 | |
Xcel Energy, Inc. | 120,169 | 7,439 | |
59,206 | |||
Total Common Stocks (Identified Cost $567,971) | 634,348 | ||
Total Long-Term Investments—98.4% (Identified Cost $567,971) | 634,348 | ||
TOTAL INVESTMENTS—98.4% (Identified Cost $567,971) | $634,348 | ||
Other assets and liabilities, net—1.6% | 10,568 | ||
NET ASSETS—100.0% | $644,916 |
Abbreviations: | |
ADR | American Depositary Receipt |
MSCI | Morgan Stanley Capital International |
Country Weightings† | |
United States | 93% |
Canada | 4 |
Bermuda | 1 |
Japan | 1 |
Ireland | 1 |
Total | 100% |
† % of total investments as of December 31, 2023. |
Total Value at December 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $634,348 | $634,348 | |
Total Investments | $634,348 | $634,348 |
Shares | Value | ||
Preferred Stock—1.1% | |||
Germany—1.1% | |||
Volkswagen AG, 7.760% | 6,458 | $ 797 | |
Total Preferred Stock (Identified Cost $804) | 797 | ||
Common Stocks—101.1% | |||
Australia—2.1% | |||
CSL Ltd. | 8,404 | 1,642 | |
Belgium—3.7% | |||
KBC Group N.V. | 24,863 | 1,612 | |
Umicore S.A. | 29,209 | 803 | |
Warehouses De Pauw CVA | 12,683 | 399 | |
2,814 | |||
Brazil—1.1% | |||
Vale S.A. | 53,100 | 844 | |
Canada—1.5% | |||
RB Global, Inc. | 6,073 | 407 | |
TC Energy Corp. | 18,505 | 723 | |
1,130 | |||
Cayman Islands—1.1% | |||
Sands China Ltd.(1) | 276,000 | 808 | |
China—20.0% | |||
Alibaba Group Holding Ltd. | 62,746 | 607 | |
ANTA Sports Products Ltd. | 331,681 | 3,218 | |
China Merchants Bank Co., Ltd. Class A | 459,400 | 1,802 | |
ENN Energy Holdings Ltd. | 459,395 | 3,383 | |
JD.com, Inc. Class A | 109,693 | 1,580 | |
Li Ning Co., Ltd. | 1,264,532 | 3,385 | |
Luxshare Precision Industry Co., Ltd. Class A | 86,675 | 421 | |
Tencent Holdings Ltd. | 13,291 | 500 | |
Weihai Guangwei Composites Co., Ltd. Class A | 107,820 | 405 | |
15,301 | |||
Denmark—2.0% | |||
Novozymes A/S Class B | 28,171 | 1,548 | |
Finland—2.9% | |||
Kesko Oyj Class B | 28,539 | 565 | |
Neste Oyj | 46,730 | 1,661 | |
2,226 | |||
France—4.7% | |||
BioMerieux | 25,302 | 2,810 | |
Dassault Systemes SE | 16,268 | 794 | |
3,604 | |||
Germany—3.2% | |||
Bechtle AG | 7,929 | 397 | |
Carl Zeiss Meditec AG | 7,303 | 797 |
Shares | Value | ||
Germany—continued | |||
Deutsche Lufthansa AG Registered Shares(1) | 92,378 | $ 821 | |
Puma SE | 8,124 | 453 | |
2,468 | |||
Hong Kong—1.7% | |||
AIA Group Ltd. | 145,142 | 1,265 | |
India—3.7% | |||
HDFC Bank Ltd. ADR | 42,134 | 2,828 | |
Italy—2.1% | |||
FinecoBank Banca Fineco SpA | 107,249 | 1,608 | |
Japan—8.4% | |||
MonotaRO Co., Ltd. | 296,046 | 3,232 | |
Nippon Paint Holdings Co., Ltd. | 392,626 | 3,175 | |
6,407 | |||
Luxembourg—1.0% | |||
ArcelorMittal S.A. | 28,067 | 796 | |
Netherlands—9.5% | |||
ASML Holding N.V. | 3,723 | 2,802 | |
Euronext N.V. | 34,207 | 2,970 | |
IMCD N.V. | 4,431 | 771 | |
NN Group N.V. | 17,467 | 689 | |
7,232 | |||
Norway—1.6% | |||
Aker BP ASA | 22,651 | 659 | |
Equinor ASA | 19,040 | 604 | |
1,263 | |||
Qatar—1.7% | |||
Qatar Islamic Bank SAQ | 112,254 | 644 | |
Qatar National Bank QPSC | 140,613 | 620 | |
1,264 | |||
Saudi Arabia—0.7% | |||
Saudi Arabian Oil Co. | 58,454 | 515 | |
Singapore—1.1% | |||
DBS Group Holdings Ltd. | 33,000 | 835 | |
South Africa—4.2% | |||
Anglo American Platinum Ltd. | 13,806 | 728 | |
Capitec Bank Holdings Ltd. | 3,568 | 395 | |
Impala Platinum Holdings Ltd. | 151,531 | 756 | |
Northam Platinum Holdings Ltd. | 88,283 | 678 | |
Sibanye Stillwater Ltd. | 490,222 | 667 | |
3,224 | |||
South Korea—1.0% | |||
Samsung Electronics Co., Ltd. | 12,744 | 777 |
Shares | Value | ||
Sweden—4.4% | |||
Beijer Ref AB Class B | 29,311 | $ 392 | |
Evolution AB | 25,106 | 2,993 | |
3,385 | |||
Switzerland—1.6% | |||
Partners Group Holding AG | 281 | 405 | |
Tecan Group AG Registered Shares | 1,962 | 801 | |
1,206 | |||
Taiwan—0.6% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 22,539 | 435 | |
United Arab Emirates—0.8% | |||
First Abu Dhabi Bank PJSC | 160,037 | 608 | |
United Kingdom—8.7% | |||
AstraZeneca plc | 10,634 | 1,437 | |
Barclays plc | 411,411 | 806 | |
Halma plc | 28,490 | 829 | |
London Stock Exchange Group plc | 3,231 | 382 | |
Segro plc | 243,996 | 2,757 | |
Spirax-Sarco Engineering plc | 3,001 | 402 | |
6,613 | |||
United States—6.0% | |||
Allegion plc | 5,306 | 672 | |
Rexford Industrial Realty, Inc. | 26,268 | 1,474 | |
Stepan Co. | 25,753 | 2,435 | |
4,581 | |||
Total Common Stocks (Identified Cost $75,671) | 77,227 | ||
Total Long-Term Investments—102.2% (Identified Cost $76,475) | 78,024 | ||
TOTAL INVESTMENTS—102.2% (Identified Cost $76,475) | $ 78,024 | ||
Other assets and liabilities, net—(2.2)% | (1,643) | ||
NET ASSETS—100.0% | $ 76,381 |
Abbreviations: | |
ADR | American Depositary Receipt |
PJSC | Public Joint Stock Company |
QPSC | Qatar Public Shareholding Company |
SAQ | Societe Anonyme Qatar |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
China | 20% |
Netherlands | 9 |
United Kingdom | 8 |
Japan | 8 |
United States | 6 |
France | 5 |
Sweden | 4 |
Other | 40 |
Total | 100% |
† % of total investments as of December 31, 2023. |
Total Value at December 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Preferred Stock | $ 797 | $ 797 | |
Common Stocks | 77,227 | 77,227 | |
Total Investments | $78,024 | $78,024 |
Shares | Value | ||
Common Stocks—99.0% | |||
Communication Services—3.3% | |||
Comcast Corp. Class A | 95,012 | $ 4,166 | |
Meta Platforms, Inc. Class A(1) | 4,978 | 1,762 | |
Walt Disney Co. (The) | 43,060 | 3,888 | |
9,816 | |||
Consumer Discretionary—5.2% | |||
Best Buy Co., Inc. | 20,033 | 1,568 | |
Domino’s Pizza, Inc. | 3,679 | 1,517 | |
Home Depot, Inc. (The) | 8,743 | 3,030 | |
JD.com, Inc. ADR | 42,902 | 1,240 | |
NIKE, Inc. Class B | 40,659 | 4,414 | |
Puma SE Unsponsored ADR | 389,146 | 2,160 | |
Starbucks Corp. | 12,700 | 1,219 | |
15,148 | |||
Consumer Staples—3.8% | |||
Dollar General Corp. | 11,441 | 1,555 | |
Hershey Co. (The) | 6,688 | 1,247 | |
Keurig Dr Pepper, Inc. | 42,774 | 1,425 | |
McCormick & Co., Inc. Non-voting Shares | 41,797 | 2,860 | |
Sysco Corp. | 18,919 | 1,384 | |
Tyson Foods, Inc. Class A | 50,524 | 2,716 | |
11,187 | |||
Energy—6.1% | |||
EOG Resources, Inc. | 22,486 | 2,720 | |
ONEOK, Inc. | 28,797 | 2,022 | |
Ovintiv, Inc. | 95,201 | 4,181 | |
Phillips 66 | 20,791 | 2,768 | |
Pioneer Natural Resources Co. | 21,566 | 4,850 | |
TC Energy Corp. | 37,353 | 1,460 | |
18,001 | |||
Financials—26.6% | |||
Allstate Corp. (The) | 29,715 | 4,160 | |
Bank of America Corp. | 237,722 | 8,004 | |
BlackRock, Inc. Class A | 3,586 | 2,911 | |
Capital One Financial Corp. | 24,481 | 3,210 | |
Citigroup, Inc. | 77,738 | 3,999 | |
Citizens Financial Group, Inc. | 100,993 | 3,347 | |
Global Payments, Inc. | 23,697 | 3,010 | |
Goldman Sachs Group, Inc. (The) | 8,332 | 3,214 | |
Intercontinental Exchange, Inc. | 26,059 | 3,347 | |
Jack Henry & Associates, Inc. | 17,311 | 2,829 | |
JPMorgan Chase & Co. | 39,320 | 6,688 | |
MarketAxess Holdings, Inc. | 11,665 | 3,416 | |
Morgan Stanley | 47,037 | 4,386 | |
MSCI, Inc. Class A | 5,077 | 2,872 |
Shares | Value | ||
Financials—continued | |||
Nasdaq, Inc. | 79,883 | $ 4,644 | |
PNC Financial Services Group, Inc. (The) | 45,402 | 7,030 | |
T. Rowe Price Group, Inc. | 22,861 | 2,462 | |
Truist Financial Corp. | 96,527 | 3,564 | |
U.S. Bancorp | 118,333 | 5,121 | |
78,214 | |||
Health Care—12.6% | |||
Abbott Laboratories | 13,464 | 1,482 | |
Agilent Technologies, Inc. | 41,290 | 5,741 | |
Amgen, Inc. | 4,930 | 1,420 | |
Edwards Lifesciences Corp.(1) | 36,653 | 2,795 | |
Humana, Inc. | 10,544 | 4,827 | |
Medtronic plc | 35,221 | 2,902 | |
Teleflex, Inc. | 25,119 | 6,263 | |
Thermo Fisher Scientific, Inc. | 7,836 | 4,159 | |
Veeva Systems, Inc. Class A(1) | 7,690 | 1,480 | |
Zoetis, Inc. Class A | 29,860 | 5,893 | |
36,962 | |||
Industrials—12.4% | |||
Genpact Ltd. | 82,670 | 2,869 | |
Honeywell International, Inc. | 13,506 | 2,832 | |
L3Harris Technologies, Inc. | 28,410 | 5,984 | |
Leidos Holdings, Inc. | 27,882 | 3,018 | |
MonotaRO Co., Ltd. Unsponsored ADR | 397,968 | 4,290 | |
RB Global, Inc. | 43,411 | 2,904 | |
Stanley Black & Decker, Inc. | 57,234 | 5,615 | |
TransUnion | 84,896 | 5,833 | |
Xylem, Inc. | 26,861 | 3,072 | |
36,417 | |||
Information Technology—6.7% | |||
Autodesk, Inc.(1) | 13,304 | 3,239 | |
Intel Corp. | 53,891 | 2,708 | |
Intuit, Inc. | 9,988 | 6,243 | |
Microsoft Corp. | 7,617 | 2,864 | |
Salesforce, Inc.(1) | 6,331 | 1,666 | |
Teledyne Technologies, Inc.(1) | 6,531 | 2,915 | |
19,635 | |||
Materials—4.4% | |||
Ball Corp. | 64,134 | 3,689 | |
Celanese Corp. Class A | 19,011 | 2,954 | |
LyondellBasell Industries N.V. Class A | 26,770 | 2,545 | |
Pan American Silver Corp. | 166,742 | 2,723 | |
Sealed Air Corp. | 31,628 | 1,155 | |
13,066 | |||
Shares | Value | ||
Real Estate—11.7% | |||
Alexandria Real Estate Equities, Inc. | 71,741 | $ 9,095 | |
American Tower Corp. | 17,836 | 3,851 | |
Crown Castle, Inc. | 12,642 | 1,456 | |
Digital Realty Trust, Inc. | 10,442 | 1,405 | |
Invitation Homes, Inc. | 83,030 | 2,832 | |
Mid-America Apartment Communities, Inc. | 19,458 | 2,616 | |
Rexford Industrial Realty, Inc. | 104,473 | 5,861 | |
SBA Communications Corp. Class A | 23,182 | 5,881 | |
Sun Communities, Inc. | 9,803 | 1,310 | |
34,307 | |||
Utilities—6.2% | |||
American Water Works Co., Inc. | 20,330 | 2,683 | |
Eversource Energy | 119,764 | 7,392 | |
NextEra Energy, Inc. | 91,238 | 5,542 | |
Xcel Energy, Inc. | 42,428 | 2,627 | |
18,244 | |||
Total Common Stocks (Identified Cost $257,939) | 290,997 | ||
Total Long-Term Investments—99.0% (Identified Cost $257,939) | 290,997 | ||
TOTAL INVESTMENTS—99.0% (Identified Cost $257,939) | $290,997 | ||
Other assets and liabilities, net—1.0% | 2,879 | ||
NET ASSETS—100.0% | $293,876 |
Abbreviations: | |
ADR | American Depositary Receipt |
MSCI | Morgan Stanley Capital International |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
United States | 93% |
Canada | 2 |
Japan | 2 |
Bermuda | 1 |
Netherlands | 1 |
Germany | 1 |
Total | 100% |
† % of total investments as of December 31, 2023. |
Total Value at December 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $290,997 | $290,997 | |
Total Investments | $290,997 | $290,997 |
Shares | Value | ||
Common Stocks—99.4% | |||
Communication Services—1.0% | |||
Ziff Davis, Inc.(1) | 130,380 | $ 8,760 | |
Consumer Discretionary—10.3% | |||
Aptiv plc(1) | 75,867 | 6,807 | |
Best Buy Co., Inc. | 61,787 | 4,837 | |
Domino’s Pizza, Inc. | 21,589 | 8,900 | |
Ford Motor Co. | 695,610 | 8,479 | |
Fox Factory Holding Corp.(1) | 121,354 | 8,189 | |
JD.com, Inc. ADR | 443,449 | 12,811 | |
Las Vegas Sands Corp. | 93,194 | 4,586 | |
Li Ning Co., Ltd. Unsponsored ADR | 126,327 | 8,468 | |
Lululemon Athletica, Inc.(1) | 13,418 | 6,860 | |
Planet Fitness, Inc. Class A(1) | 92,905 | 6,782 | |
Puma SE Unsponsored ADR | 1,340,713 | 7,441 | |
Whirlpool Corp. | 74,546 | 9,077 | |
93,237 | |||
Consumer Staples—4.8% | |||
Estee Lauder Cos., Inc. (The) Class A | 63,112 | 9,230 | |
McCormick & Co., Inc. Non-voting Shares | 126,972 | 8,687 | |
Target Corp. | 63,587 | 9,056 | |
Tyson Foods, Inc. Class A | 313,702 | 16,862 | |
43,835 | |||
Energy—3.0% | |||
Ovintiv, Inc. | 205,177 | 9,011 | |
TC Energy Corp. | 227,368 | 8,888 | |
World Kinect Corp. | 388,386 | 8,848 | |
26,747 | |||
Financials—20.5% | |||
Capital One Financial Corp. | 34,704 | 4,551 | |
Citigroup, Inc. | 178,253 | 9,170 | |
Citizens Financial Group, Inc. | 411,898 | 13,650 | |
Commerce Bancshares, Inc. | 251,737 | 13,445 | |
East West Bancorp, Inc. | 126,585 | 9,108 | |
First Financial Bankshares, Inc. | 321,561 | 9,743 | |
Hanover Insurance Group, Inc. (The) | 68,154 | 8,275 | |
Jack Henry & Associates, Inc. | 56,265 | 9,194 | |
Lakeland Financial Corp. | 136,678 | 8,906 | |
MarketAxess Holdings, Inc. | 31,465 | 9,215 | |
MSCI, Inc. Class A | 16,261 | 9,198 | |
Nasdaq, Inc. | 153,805 | 8,942 | |
NN Group N.V. Unsponsored ADR | 453,360 | 8,949 | |
PNC Financial Services Group, Inc. (The) | 115,893 | 17,946 | |
T. Rowe Price Group, Inc. | 81,782 | 8,807 | |
Truist Financial Corp. | 514,464 | 18,994 |
Shares | Value | ||
Financials—continued | |||
U.S. Bancorp | 407,093 | $ 17,619 | |
185,712 | |||
Health Care—12.1% | |||
Agilent Technologies, Inc. | 64,974 | 9,033 | |
Bio-Rad Laboratories, Inc. Class A(1) | 25,476 | 8,226 | |
Charles River Laboratories International, Inc.(1) | 38,437 | 9,086 | |
Edwards Lifesciences Corp.(1) | 238,372 | 18,176 | |
Globus Medical, Inc. Class A(1) | 178,459 | 9,510 | |
Humana, Inc. | 24,116 | 11,041 | |
IQVIA Holdings, Inc.(1) | 39,709 | 9,188 | |
Teleflex, Inc. | 37,738 | 9,410 | |
Veeva Systems, Inc. Class A(1) | 42,059 | 8,097 | |
Waters Corp.(1) | 26,136 | 8,605 | |
Zoetis, Inc. Class A | 44,253 | 8,734 | |
109,106 | |||
Industrials—11.3% | |||
Alaska Air Group, Inc.(1) | 223,259 | 8,723 | |
Allegion plc | 79,281 | 10,044 | |
Exponent, Inc. | 51,262 | 4,513 | |
Genpact Ltd. | 368,673 | 12,796 | |
L3Harris Technologies, Inc. | 47,751 | 10,057 | |
MonotaRO Co., Ltd. Unsponsored ADR | 1,471,863 | 15,867 | |
RB Global, Inc. | 69,183 | 4,628 | |
Stanley Black & Decker, Inc. | 92,811 | 9,105 | |
Toro Co. (The) | 102,556 | 9,844 | |
TransUnion | 113,070 | 7,769 | |
Xylem, Inc. | 80,377 | 9,192 | |
102,538 | |||
Information Technology—4.8% | |||
Halma plc Unsponsored ADR | 161,562 | 9,358 | |
Keysight Technologies, Inc.(1) | 57,032 | 9,073 | |
Skyworks Solutions, Inc. | 80,868 | 9,091 | |
Teledyne Technologies, Inc.(1) | 21,160 | 9,444 | |
VeriSign, Inc.(1) | 33,266 | 6,851 | |
43,817 | |||
Materials—9.3% | |||
Ball Corp. | 157,393 | 9,053 | |
Celanese Corp. Class A | 58,096 | 9,027 | |
Eastman Chemical Co. | 103,964 | 9,338 | |
FMC Corp. | 149,594 | 9,432 | |
Kaiser Aluminum Corp. | 141,651 | 10,084 | |
Sealed Air Corp. | 260,117 | 9,500 | |
Stepan Co. | 193,391 | 18,285 | |
Tronox Holdings plc | 635,615 | 9,000 | |
83,719 | |||
Shares | Value | ||
Real Estate—14.0% | |||
Alexandria Real Estate Equities, Inc. | 138,167 | $ 17,515 | |
Crown Castle, Inc. | 117,794 | 13,569 | |
Equity Residential | 147,279 | 9,008 | |
Essex Property Trust, Inc. | 37,076 | 9,193 | |
Invitation Homes, Inc. | 249,142 | 8,498 | |
Mid-America Apartment Communities, Inc. | 122,556 | 16,479 | |
National Storage Affiliates Trust | 220,359 | 9,138 | |
Rexford Industrial Realty, Inc. | 322,448 | 18,089 | |
SBA Communications Corp. Class A | 62,425 | 15,837 | |
Sun Communities, Inc. | 66,816 | 8,930 | |
126,256 | |||
Utilities—8.3% | |||
ENN Energy Holdings Ltd. Unsponsored ADR | 485,479 | 14,283 | |
Essential Utilities, Inc. | 251,876 | 9,407 | |
Eversource Energy | 284,509 | 17,560 | |
UGI Corp. | 717,251 | 17,644 | |
Xcel Energy, Inc. | 269,048 | 16,657 | |
75,551 | |||
Total Common Stocks (Identified Cost $866,596) | 899,278 | ||
Total Long-Term Investments—99.4% (Identified Cost $866,596) | 899,278 | ||
TOTAL INVESTMENTS—99.4% (Identified Cost $866,596) | $899,278 | ||
Other assets and liabilities, net—0.6% | 4,998 | ||
NET ASSETS—100.0% | $904,276 |
Abbreviations: | |
ADR | American Depositary Receipt |
MSCI | Morgan Stanley Capital International |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
United States | 86% |
United Kingdom | 3 |
Cayman Islands | 3 |
Canada | 2 |
Japan | 2 |
China | 1 |
Bermuda | 1 |
Other | 2 |
Total | 100% |
† % of total investments as of December 31, 2023. |
Total Value at December 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $899,278 | $899,278 | |
Total Investments | $899,278 | $899,278 |
Shares | Value | ||
Common Stocks—98.6% | |||
Communication Services—1.0% | |||
Ziff Davis, Inc.(1) | 54,751 | $ 3,679 | |
Consumer Discretionary—7.8% | |||
Caesars Entertainment, Inc.(1) | 38,818 | 1,820 | |
Fox Factory Holding Corp.(1) | 56,681 | 3,825 | |
LGI Homes, Inc.(1) | 14,231 | 1,895 | |
Malibu Boats, Inc. Class A(1) | 63,897 | 3,503 | |
Planet Fitness, Inc. Class A(1) | 20,364 | 1,486 | |
Topgolf Callaway Brands Corp.(1) | 152,148 | 2,182 | |
Under Armour, Inc. Class A(1) | 249,126 | 2,190 | |
Wendy’s Co. (The) | 180,097 | 3,508 | |
Whirlpool Corp. | 31,444 | 3,829 | |
Wolverine World Wide, Inc. | 209,823 | 1,865 | |
YETI Holdings, Inc.(1) | 59,228 | 3,067 | |
29,170 | |||
Consumer Staples—0.9% | |||
Nomad Foods Ltd.(1) | 211,015 | 3,577 | |
Energy—4.7% | |||
Helmerich & Payne, Inc. | 46,858 | 1,697 | |
Matador Resources Co. | 57,796 | 3,286 | |
Ovintiv, Inc. | 78,149 | 3,432 | |
Patterson-UTI Energy, Inc. | 146,142 | 1,579 | |
Vital Energy, Inc.(1) | 82,614 | 3,758 | |
World Kinect Corp. | 161,550 | 3,680 | |
17,432 | |||
Financials—26.5% | |||
Bank of Hawaii Corp. | 50,860 | 3,685 | |
Blackstone Mortgage Trust, Inc. Class A | 151,512 | 3,223 | |
Brighthouse Financial, Inc.(1) | 71,904 | 3,805 | |
Cadence Bank | 123,964 | 3,668 | |
Columbia Banking System, Inc. | 177,183 | 4,727 | |
Commerce Bancshares, Inc. | 103,208 | 5,512 | |
Community Bank System, Inc. | 125,967 | 6,564 | |
Enterprise Financial Services Corp. | 90,292 | 4,032 | |
First Financial Bankshares, Inc. | 184,855 | 5,601 | |
First Interstate BancSystem, Inc. Class A | 137,012 | 4,213 | |
Glacier Bancorp, Inc. | 131,868 | 5,449 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 138,004 | 3,806 | |
Heartland Financial USA, Inc. | 107,628 | 4,048 | |
Horace Mann Educators Corp. | 99,423 | 3,251 | |
Independent Bank Corp. | 29,504 | 1,942 | |
Lakeland Financial Corp. | 64,765 | 4,220 |
Shares | Value | ||
Financials—continued | |||
MarketAxess Holdings, Inc. | 18,810 | $ 5,508 | |
Pathward Financial, Inc. | 66,373 | 3,513 | |
Sandy Spring Bancorp, Inc. | 146,662 | 3,995 | |
SouthState Corp. | 53,545 | 4,522 | |
Stifel Financial Corp. | 53,446 | 3,696 | |
UMB Financial Corp. | 54,120 | 4,522 | |
Walker & Dunlop, Inc. | 50,526 | 5,609 | |
99,111 | |||
Health Care—9.3% | |||
Addus HomeCare Corp.(1) | 62,704 | 5,822 | |
Bio-Rad Laboratories, Inc. Class A(1) | 9,900 | 3,197 | |
Globus Medical, Inc. Class A(1) | 105,140 | 5,603 | |
Iovance Biotherapeutics, Inc.(1) | 203,038 | 1,651 | |
Medpace Holdings, Inc.(1) | 6,210 | 1,904 | |
Neogen Corp.(1) | 106,665 | 2,145 | |
Pacira BioSciences, Inc.(1) | 111,195 | 3,752 | |
Teleflex, Inc. | 16,750 | 4,176 | |
Ultragenyx Pharmaceutical, Inc.(1) | 42,073 | 2,012 | |
Waters Corp.(1) | 10,787 | 3,551 | |
Xencor, Inc.(1) | 53,004 | 1,125 | |
34,938 | |||
Industrials—16.2% | |||
Alaska Air Group, Inc.(1) | 96,112 | 3,755 | |
Allegion plc | 33,146 | 4,199 | |
Armstrong World Industries, Inc. | 35,940 | 3,534 | |
ASGN, Inc.(1) | 36,695 | 3,529 | |
Douglas Dynamics, Inc. | 96,733 | 2,871 | |
Exponent, Inc. | 57,779 | 5,087 | |
Genpact Ltd. | 150,067 | 5,209 | |
ManpowerGroup, Inc. | 43,956 | 3,493 | |
MonotaRO Co., Ltd. Unsponsored ADR | 467,947 | 5,044 | |
Oshkosh Corp. | 33,788 | 3,663 | |
RB Global, Inc. | 26,995 | 1,806 | |
Stanley Black & Decker, Inc. | 37,394 | 3,668 | |
Tetra Tech, Inc. | 20,478 | 3,418 | |
Toro Co. (The) | 41,510 | 3,985 | |
UniFirst Corp. | 19,254 | 3,522 | |
Watts Water Technologies, Inc. Class A | 17,339 | 3,612 | |
60,395 | |||
Information Technology—5.4% | |||
Cirrus Logic, Inc.(1) | 24,042 | 2,000 | |
Diodes, Inc.(1) | 41,271 | 3,323 | |
Halma plc Unsponsored ADR | 61,362 | 3,554 | |
MKS Instruments, Inc. | 45,990 | 4,731 | |
RingCentral, Inc. Class A(1) | 106,391 | 3,612 | |
SPS Commerce, Inc.(1) | 14,627 | 2,836 | |
20,056 | |||
Shares | Value | ||
Materials—10.4% | |||
Cia Siderurgica Nacional S.A. Sponsored ADR | 961,259 | $ 3,778 | |
Coeur Mining, Inc.(1) | 1,262,302 | 4,115 | |
FMC Corp. | 61,642 | 3,886 | |
Kaiser Aluminum Corp. | 56,677 | 4,035 | |
Kronos Worldwide, Inc. | 396,047 | 3,937 | |
Quaker Chemical Corp. | 17,450 | 3,724 | |
Sealed Air Corp. | 106,631 | 3,894 | |
Stepan Co. | 79,861 | 7,551 | |
Tronox Holdings plc | 265,817 | 3,764 | |
38,684 | |||
Real Estate—9.5% | |||
Alexandria Real Estate Equities, Inc. | 32,137 | 4,074 | |
Equity LifeStyle Properties, Inc. | 52,857 | 3,729 | |
Jones Lang LaSalle, Inc.(1) | 21,136 | 3,992 | |
National Storage Affiliates Trust | 90,862 | 3,768 | |
Physicians Realty Trust | 276,446 | 3,679 | |
Rexford Industrial Realty, Inc. | 130,820 | 7,339 | |
Terreno Realty Corp. | 83,098 | 5,208 | |
UMH Properties, Inc. | 235,672 | 3,610 | |
35,399 | |||
Utilities—6.9% | |||
American States Water Co. | 45,381 | 3,650 | |
California Water Service Group | 71,760 | 3,722 | |
Chesapeake Utilities Corp. | 34,663 | 3,662 | |
Clearway Energy, Inc. Class C | 149,294 | 4,095 | |
ENN Energy Holdings Ltd. Unsponsored ADR | 111,432 | 3,278 | |
UGI Corp. | 294,152 | 7,236 | |
25,643 | |||
Total Common Stocks (Identified Cost $332,193) | 368,084 | ||
Total Long-Term Investments—98.6% (Identified Cost $332,193) | 368,084 | ||
TOTAL INVESTMENTS—98.6% (Identified Cost $332,193) | $368,084 | ||
Other assets and liabilities, net—1.4% | 5,159 | ||
NET ASSETS—100.0% | $373,243 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
United States | 92% |
United Kingdom | 2 |
Bermuda | 1 |
Japan | 1 |
Brazil | 1 |
Virgin Islands (British) | 1 |
Cayman Islands | 1 |
Other | 1 |
Total | 100% |
† % of total investments as of December 31, 2023. |
Total Value at December 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $368,084 | $368,084 | |
Total Investments | $368,084 | $368,084 |
Shares | Value | ||
Common Stocks—97.1% | |||
Communication Services—11.8% | |||
Alphabet, Inc. Class A(1) | 293,293 | $ 40,970 | |
Alphabet, Inc. Class C(1) | 263,547 | 37,142 | |
Meta Platforms, Inc. Class A(1) | 151,323 | 53,562 | |
131,674 | |||
Consumer Discretionary—13.1% | |||
Amazon.com, Inc.(1) | 542,456 | 82,421 | |
Las Vegas Sands Corp. | 307,683 | 15,141 | |
Royal Caribbean Cruises Ltd.(1) | 235,480 | 30,492 | |
Tesla, Inc.(1) | 73,565 | 18,280 | |
146,334 | |||
Financials—4.5% | |||
Visa, Inc. Class A | 191,256 | 49,793 | |
Health Care—13.6% | |||
Dexcom, Inc.(1) | 156,854 | 19,464 | |
Edwards Lifesciences Corp.(1) | 292,837 | 22,329 | |
Eli Lilly & Co. | 86,815 | 50,606 | |
Intuitive Surgical, Inc.(1) | 67,054 | 22,621 | |
UnitedHealth Group, Inc. | 70,475 | 37,103 | |
152,123 | |||
Shares | Value | ||
Industrials—8.4% | |||
Boeing Co. (The)(1) | 103,296 | $ 26,925 | |
Fair Isaac Corp.(1) | 34,915 | 40,641 | |
General Electric Co. | 65,372 | 8,344 | |
Honeywell International, Inc. | 87,740 | 18,400 | |
94,310 | |||
Information Technology—43.9% | |||
Apple, Inc. | 747,754 | 143,965 | |
Applied Materials, Inc. | 126,297 | 20,469 | |
ASML Holding N.V. Registered Shares | 14,275 | 10,805 | |
Autodesk, Inc.(1) | 84,511 | 20,577 | |
Microsoft Corp. | 404,078 | 151,949 | |
NVIDIA Corp. | 201,159 | 99,618 | |
Salesforce, Inc.(1) | 105,288 | 27,705 | |
Workday, Inc. Class A(1) | 55,730 | 15,385 | |
490,473 | |||
Materials—1.8% | |||
Vulcan Materials Co. | 89,122 | 20,232 | |
Total Common Stocks (Identified Cost $472,923) | 1,084,939 | ||
Total Long-Term Investments—97.1% (Identified Cost $472,923) | 1,084,939 | ||
Shares | Value | ||
Short-Term Investment—0.7% | |||
Money Market Mutual Fund—0.7% | |||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.258%)(2) | 7,438,887 | $ 7,439 | |
Total Short-Term Investment (Identified Cost $7,439) | 7,439 | ||
TOTAL INVESTMENTS—97.8% (Identified Cost $480,362) | $1,092,378 | ||
Other assets and liabilities, net—2.2% | 24,682 | ||
NET ASSETS—100.0% | $1,117,060 |
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, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,084,939 | $1,084,939 | |
Money Market Mutual Fund | 7,439 | 7,439 | |
Total Investments | $1,092,378 | $1,092,378 |
Shares | Value | ||
Common Stocks—98.4% | |||
Communication Services—4.9% | |||
Live Nation Entertainment, Inc.(1) | 21,035 | $ 1,969 | |
Spotify Technology S.A.(1) | 32,451 | 6,098 | |
Trade Desk, Inc. (The) Class A(1) | 100,844 | 7,257 | |
15,324 | |||
Consumer Discretionary—17.8% | |||
BorgWarner, Inc. | 33,751 | 1,210 | |
Domino’s Pizza, Inc. | 9,180 | 3,784 | |
DR Horton, Inc. | 34,559 | 5,252 | |
DraftKings, Inc. Class A(1) | 71,411 | 2,517 | |
Etsy, Inc.(1) | 32,415 | 2,627 | |
Expedia Group, Inc.(1) | 37,792 | 5,737 | |
Ferrari N.V. | 4,015 | 1,359 | |
Five Below, Inc.(1) | 12,011 | 2,560 | |
Global-e Online Ltd.(1) | 33,208 | 1,316 | |
Lululemon Athletica, Inc.(1) | 9,928 | 5,076 | |
O’Reilly Automotive, Inc.(1) | 4,820 | 4,580 | |
Pool Corp. | 8,518 | 3,396 | |
Royal Caribbean Cruises Ltd.(1) | 47,918 | 6,205 | |
Tractor Supply Co. | 9,795 | 2,106 | |
Ulta Beauty, Inc.(1) | 5,712 | 2,799 | |
Wingstop, Inc. | 15,629 | 4,010 | |
Wynn Resorts Ltd. | 12,103 | 1,103 | |
55,637 | |||
Consumer Staples—0.4% | |||
Celsius Holdings, Inc.(1) | 24,710 | 1,347 | |
Energy—2.7% | |||
Diamondback Energy, Inc. | 23,081 | 3,579 | |
Valero Energy Corp. | 37,346 | 4,855 | |
8,434 | |||
Financials—8.4% | |||
Apollo Global Management, Inc. | 71,845 | 6,695 | |
Fifth Third Bancorp | 64,539 | 2,226 | |
Gallagher (Arthur J.) & Co. | 31,548 | 7,094 | |
LPL Financial Holdings, Inc. | 10,224 | 2,327 | |
MSCI, Inc. Class A | 13,603 | 7,695 | |
26,037 | |||
Shares | Value | ||
Health Care—20.1% | |||
Alnylam Pharmaceuticals, Inc.(1) | 13,661 | $ 2,615 | |
Boston Scientific Corp.(1) | 77,512 | 4,481 | |
Cencora, Inc. | 50,854 | 10,444 | |
Cooper Cos., Inc. (The) | 9,363 | 3,543 | |
Dexcom, Inc.(1) | 81,741 | 10,143 | |
IDEXX Laboratories, Inc.(1) | 15,529 | 8,619 | |
Insulet Corp.(1) | 13,223 | 2,869 | |
Mettler-Toledo International, Inc.(1) | 1,918 | 2,327 | |
Neurocrine Biosciences, Inc.(1) | 18,294 | 2,411 | |
Sarepta Therapeutics, Inc.(1) | 15,838 | 1,527 | |
Teleflex, Inc. | 6,489 | 1,618 | |
Tenet Healthcare Corp.(1) | 62,943 | 4,757 | |
Veeva Systems, Inc. Class A(1) | 10,373 | 1,997 | |
West Pharmaceutical Services, Inc. | 10,893 | 3,836 | |
Zimmer Biomet Holdings, Inc. | 12,378 | 1,506 | |
62,693 | |||
Industrials—20.4% | |||
AMETEK, Inc. | 38,637 | 6,371 | |
Chart Industries, Inc.(1) | 18,068 | 2,463 | |
Ferguson plc | 44,998 | 8,688 | |
GXO Logistics, Inc.(1) | 36,338 | 2,222 | |
Hexcel Corp. | 108,232 | 7,982 | |
Quanta Services, Inc. | 33,480 | 7,225 | |
Rockwell Automation, Inc. | 17,346 | 5,386 | |
Trane Technologies plc | 16,311 | 3,978 | |
Uber Technologies, Inc.(1) | 44,889 | 2,764 | |
United Rentals, Inc. | 9,883 | 5,667 | |
Vertiv Holdings Co. Class A | 78,135 | 3,753 | |
Westinghouse Air Brake Technologies Corp. | 56,565 | 7,178 | |
63,677 | |||
Information Technology—22.9% | |||
Analog Devices, Inc. | 15,494 | 3,077 | |
Bentley Systems, Inc. Class B | 40,226 | 2,099 | |
Datadog, Inc. Class A(1) | 48,311 | 5,864 | |
DoubleVerify Holdings, Inc.(1) | 46,068 | 1,694 | |
Entegris, Inc. | 41,895 | 5,020 | |
Fabrinet (1) | 6,571 | 1,251 | |
Five9, Inc.(1) | 22,332 | 1,757 | |
HubSpot, Inc.(1) | 7,593 | 4,408 | |
Lam Research Corp. | 8,951 | 7,011 |
Shares | Value | ||
Information Technology—continued | |||
Lattice Semiconductor Corp.(1) | 39,294 | $ 2,711 | |
Marvell Technology, Inc. | 24,901 | 1,502 | |
MongoDB, Inc. Class A(1) | 3,674 | 1,502 | |
Monolithic Power Systems, Inc. | 11,440 | 7,216 | |
Palo Alto Networks, Inc.(1) | 42,574 | 12,554 | |
TE Connectivity Ltd. | 48,403 | 6,801 | |
Zscaler, Inc.(1) | 31,545 | 6,989 | |
71,456 | |||
Real Estate—0.8% | |||
Zillow Group, Inc. Class A(1) | 42,836 | 2,430 | |
Total Common Stocks (Identified Cost $229,413) | 307,035 | ||
Total Long-Term Investments—98.4% (Identified Cost $229,413) | 307,035 | ||
TOTAL INVESTMENTS—98.4% (Identified Cost $229,413) | $307,035 | ||
Other assets and liabilities, net—1.6% | 4,950 | ||
NET ASSETS—100.0% | $311,985 |
Abbreviation: | |
MSCI | Morgan Stanley Capital International |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
United States | 89% |
Jersey | 3 |
Switzerland | 2 |
Luxembourg | 2 |
Canada | 2 |
Ireland | 1 |
Netherlands | 1 |
Total | 100% |
† % of total investments as of December 31, 2023. |
Total Value at December 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $307,035 | $307,035 | |
Total Investments | $307,035 | $307,035 |
Shares | Value | ||
Common Stocks—96.3% | |||
Aerospace & Defense—0.3% | |||
HEICO Corp. | 1,788 | $ 320 | |
Automobiles—0.6% | |||
Thor Industries, Inc. | 4,136 | 489 | |
Winnebago Industries, Inc. | 1,274 | 93 | |
582 | |||
Banks—2.8% | |||
Amalgamated Financial Corp. | 6,400 | 173 | |
Byline Bancorp, Inc. | 18,180 | 428 | |
Cathay General Bancorp | 14,116 | 629 | |
Central Pacific Financial Corp. | 7,169 | 141 | |
Preferred Bank | 7,638 | 558 | |
Westamerica BanCorp. | 11,594 | 654 | |
2,583 | |||
Beverages—2.5% | |||
Coca-Cola Consolidated, Inc. | 2,389 | 2,218 | |
National Beverage Corp.(1) | 2,100 | 104 | |
2,322 | |||
Biotechnology—9.2% | |||
ADMA Biologics, Inc.(1) | 157,268 | 711 | |
Agenus, Inc.(1) | 103,512 | 86 | |
Alkermes plc(1) | 48,226 | 1,338 | |
Anika Therapeutics, Inc.(1) | 45,579 | 1,033 | |
Beam Therapeutics, Inc.(1) | 3,049 | 83 | |
Blueprint Medicines Corp.(1) | 758 | 70 | |
CareDx, Inc.(1) | 38,145 | 458 | |
Catalyst Pharmaceuticals, Inc.(1) | 6,713 | 113 | |
Cytokinetics, Inc.(1) | 4,718 | 394 | |
Eagle Pharmaceuticals, Inc.(1) | 20,867 | 109 | |
Exelixis, Inc.(1) | 13,000 | 312 | |
Halozyme Therapeutics, Inc.(1) | 8,579 | 317 | |
Ironwood Pharmaceuticals, Inc. Class A(1) | 21,173 | 242 | |
Mural Oncology plc(1) | 1 | — (2) | |
Natera, Inc.(1) | 3,566 | 223 | |
Neurocrine Biosciences, Inc.(1) | 3,985 | 525 | |
Organogenesis Holdings, Inc. Class A(1) | 21,500 | 88 | |
Twist Bioscience Corp.(1) | 9,004 | 332 | |
Vaxcyte, Inc.(1) | 3,178 | 199 | |
Veracyte, Inc.(1) | 43,964 | 1,209 | |
Vericel Corp.(1) | 4,760 | 169 | |
Zymeworks, Inc.(1) | 56,363 | 586 | |
8,597 | |||
Building Products—2.8% | |||
American Woodmark Corp.(1) | 10,076 | 936 | |
Janus International Group, Inc.(1) | 112,067 | 1,462 |
Shares | Value | ||
Building Products—continued | |||
Masterbrand, Inc.(1) | 12,571 | $ 187 | |
2,585 | |||
Capital Markets—2.3% | |||
Bain Capital Specialty Finance, Inc. | 11,993 | 181 | |
Federated Hermes, Inc. Class B | 7,549 | 256 | |
Goldman Sachs BDC, Inc.(3) | 15,506 | 227 | |
Golub Capital BDC, Inc. | 31,186 | 471 | |
Hercules Capital, Inc. | 12,197 | 203 | |
Main Street Capital Corp.(3) | 5,094 | 220 | |
Trinity Capital, Inc. | 43,461 | 631 | |
2,189 | |||
Chemicals—0.2% | |||
HB Fuller Co. | 2,404 | 196 | |
Commercial Services & Supplies—1.9% | |||
HNI Corp. | 24,000 | 1,004 | |
Tetra Tech, Inc. | 3,316 | 554 | |
Viad Corp.(1) | 5,400 | 195 | |
1,753 | |||
Construction & Engineering—1.1% | |||
Comfort Systems USA, Inc. | 3,045 | 627 | |
EMCOR Group, Inc. | 1,974 | 425 | |
1,052 | |||
Construction Materials—0.1% | |||
Knife River Corp.(1) | 1,774 | 117 | |
Consumer Staples Distribution & Retail—1.1% | |||
Casey’s General Stores, Inc. | 1,967 | 541 | |
Ingles Markets, Inc. Class A | 2,699 | 233 | |
Weis Markets, Inc. | 4,022 | 257 | |
1,031 | |||
Containers & Packaging—0.5% | |||
Silgan Holdings, Inc. | 10,940 | 495 | |
Distributors—0.4% | |||
GigaCloud Technology, Inc. Class A(1) | 20,737 | 379 | |
Diversified Consumer Services—4.0% | |||
Bright Horizons Family Solutions, Inc.(1) | 2,413 | 227 | |
Chegg, Inc.(1) | 14,435 | 164 | |
Frontdoor, Inc.(1) | 24,024 | 846 | |
Grand Canyon Education, Inc.(1) | 3,396 | 448 | |
OneSpaWorld Holdings Ltd.(1) | 13,797 | 195 | |
Perdoceo Education Corp. | 39,204 | 688 | |
Strategic Education, Inc. | 10,534 | 973 | |
Stride, Inc.(1) | 4,000 | 238 | |
3,779 | |||
Shares | Value | ||
Diversified Telecommunication Services—0.2% | |||
Cogent Communications Holdings, Inc. | 2,682 | $ 204 | |
Electric Utilities—1.5% | |||
ALLETE, Inc. | 7,596 | 465 | |
IDACORP, Inc. | 5,005 | 492 | |
Otter Tail Corp. | 5,484 | 466 | |
1,423 | |||
Electrical Equipment—2.2% | |||
Atkore, Inc.(1) | 7,898 | 1,263 | |
Thermon Group Holdings, Inc.(1) | 25,598 | 834 | |
2,097 | |||
Electronic Equipment, Instruments & Components—1.5% | |||
Bel Fuse, Inc. Class B | 6,900 | 461 | |
Fabrinet (1) | 2,898 | 551 | |
OSI Systems, Inc.(1) | 1,796 | 232 | |
Sanmina Corp.(1) | 3,660 | 188 | |
1,432 | |||
Energy Equipment & Services—1.0% | |||
ProPetro Holding Corp.(1) | 46,939 | 393 | |
U.S. Silica Holdings, Inc.(1) | 46,917 | 531 | |
924 | |||
Entertainment—1.4% | |||
Liberty Media Corp.-Liberty Formula One Class A(1) | 8,722 | 506 | |
Madison Square Garden Sports Corp.(1) | 2,592 | 471 | |
Roku, Inc. Class A (1) | 4,063 | 372 | |
1,349 | |||
Financial Services—3.0% | |||
Banco Latinoamericano de Comercio Exterior S.A. Class E | 16,478 | 408 | |
Essent Group Ltd. | 22,528 | 1,188 | |
NMI Holdings, Inc. Class A(1) | 30,696 | 911 | |
Radian Group, Inc. | 9,192 | 262 | |
2,769 | |||
Food Products—2.3% | |||
Cal-Maine Foods, Inc. | 4,407 | 253 | |
Flowers Foods, Inc. | 19,748 | 444 | |
J & J Snack Foods Corp. | 3,218 | 538 | |
John B Sanfilippo & Son, Inc. | 5,499 | 567 | |
Lancaster Colony Corp. | 1,188 | 198 | |
Tootsie Roll Industries, Inc. | 3,407 | 113 | |
2,113 | |||
Gas Utilities—0.4% | |||
ONE Gas, Inc. | 5,988 | 382 |
Shares | Value | ||
Ground Transportation—1.4% | |||
Ryder System, Inc. | 10,480 | $ 1,206 | |
Saia, Inc.(1) | 285 | 125 | |
1,331 | |||
Healthcare Equipment & Supplies—2.4% | |||
AtriCure, Inc.(1) | 4,205 | 150 | |
Axonics, Inc.(1) | 1,099 | 69 | |
Haemonetics Corp.(1) | 13,662 | 1,168 | |
Inari Medical, Inc.(1) | 2,467 | 160 | |
Merit Medical Systems, Inc.(1) | 5,279 | 401 | |
Shockwave Medical, Inc.(1) | 934 | 178 | |
Tactile Systems Technology, Inc.(1) | 9,001 | 129 | |
2,255 | |||
Healthcare Providers & Services—1.1% | |||
Chemed Corp. | 895 | 524 | |
Encompass Health Corp. | 3,901 | 260 | |
Tenet Healthcare Corp.(1) | 2,910 | 220 | |
1,004 | |||
Healthcare Technology—0.1% | |||
HealthStream, Inc. | 5,015 | 136 | |
Hotels, Restaurants & Leisure—3.0% | |||
Arcos Dorados Holdings, Inc. Class A | 73,348 | 931 | |
Boyd Gaming Corp. | 3,606 | 226 | |
Hilton Grand Vacations, Inc.(1) | 5,759 | 231 | |
PlayAGS, Inc.(1) | 42,567 | 359 | |
Red Rock Resorts, Inc. Class A | 19,057 | 1,016 | |
2,763 | |||
Household Durables—2.9% | |||
Beazer Homes USA, Inc.(1) | 30,237 | 1,022 | |
KB Home | 6,276 | 392 | |
Taylor Morrison Home Corp. Class A(1) | 24,460 | 1,305 | |
2,719 | |||
Household Products—0.4% | |||
Reynolds Consumer Products, Inc. | 13,616 | 365 | |
Independent Power and Renewable Electricity Producers—0.4% | |||
TransAlta Corp.(3) | 40,722 | 338 | |
Insurance—4.4% | |||
AMERISAFE, Inc. | 5,898 | 276 | |
Donegal Group, Inc. Class A | 22,965 | 321 | |
Employers Holdings, Inc. | 5,988 | 236 | |
Enstar Group Ltd.(1) | 1,074 | 316 | |
Genworth Financial, Inc. Class A(1) | 98,982 | 661 |
Shares | Value | ||
Insurance—continued | |||
Reinsurance Group of America, Inc. | 3,800 | $ 615 | |
RLI Corp. | 3,933 | 524 | |
Safety Insurance Group, Inc. | 6,345 | 482 | |
Unum Group | 14,825 | 670 | |
4,101 | |||
Interactive Media & Services—0.1% | |||
Travelzoo (1) | 9,076 | 86 | |
Leisure Products—0.5% | |||
Acushnet Holdings Corp. | 6,970 | 440 | |
Life Sciences Tools & Services—0.8% | |||
Medpace Holdings, Inc.(1) | 895 | 274 | |
West Pharmaceutical Services, Inc. | 1,383 | 487 | |
761 | |||
Machinery—1.4% | |||
Flowserve Corp. | 6,260 | 258 | |
Franklin Electric Co., Inc. | 1,642 | 159 | |
Terex Corp. | 3,392 | 195 | |
Wabash National Corp. | 26,424 | 677 | |
1,289 | |||
Metals & Mining—2.2% | |||
Constellium SE Class A(1) | 24,000 | 479 | |
United States Steel Corp. | 6,313 | 307 | |
Warrior Met Coal, Inc. | 20,419 | 1,245 | |
2,031 | |||
Mortgage Real Estate Investment Trusts (REITs)—0.2% | |||
Invesco Mortgage Capital, Inc. | 24,085 | 213 | |
Multi-Utilities—0.3% | |||
Unitil Corp. | 4,737 | 249 | |
Oil, Gas & Consumable Fuels—4.1% | |||
Crescent Energy Co. Class A(3) | 61,084 | 807 | |
Granite Ridge Resources, Inc. | 100,168 | 603 | |
Gulfport Energy Corp.(1) | 11,324 | 1,509 | |
Magnolia Oil & Gas Corp. Class A | 27,306 | 581 | |
Teekay Corp.(1) | 47,882 | 342 | |
3,842 | |||
Paper & Forest Products—0.9% | |||
UFP Industries, Inc. | 6,467 | 812 | |
Pharmaceuticals—5.2% | |||
Amneal Pharmaceuticals, Inc.(1) | 59,710 | 362 | |
Amphastar Pharmaceuticals, Inc.(1) | 6,109 | 378 | |
ANI Pharmaceuticals, Inc.(1) | 12,319 | 679 | |
Innoviva, Inc.(1) | 32,458 | 521 | |
Perrigo Co. plc | 14,193 | 457 |
Shares | Value | ||
Pharmaceuticals—continued | |||
Phibro Animal Health Corp. Class A | 22,744 | $ 263 | |
Prestige Consumer Healthcare, Inc.(1) | 22,363 | 1,369 | |
Supernus Pharmaceuticals, Inc.(1) | 29,148 | 844 | |
4,873 | |||
Professional Services—2.9% | |||
Barrett Business Services, Inc. | 14,207 | 1,645 | |
ExlService Holdings, Inc.(1) | 23,265 | 718 | |
Science Applications International Corp. | 2,430 | 302 | |
2,665 | |||
Semiconductors & Semiconductor Equipment—1.0% | |||
Axcelis Technologies, Inc.(1) | 3,647 | 473 | |
Tower Semiconductor Ltd.(1) | 15,419 | 471 | |
944 | |||
Software—8.8% | |||
Agilysys, Inc.(1) | 3,102 | 263 | |
Blackbaud, Inc.(1) | 3,703 | 321 | |
BlackLine, Inc.(1) | 19,751 | 1,233 | |
Box, Inc. Class A(1) | 23,784 | 609 | |
Cellebrite DI Ltd.(1) | 17,775 | 154 | |
Clear Secure, Inc. Class A | 17,471 | 361 | |
CommVault Systems, Inc.(1) | 12,090 | 966 | |
DocuSign, Inc. Class A(1) | 12,147 | 722 | |
Everbridge, Inc.(1) | 6,164 | 150 | |
Intapp, Inc.(1) | 13,837 | 526 | |
Manhattan Associates, Inc.(1) | 2,619 | 564 | |
Pegasystems, Inc. | 3,836 | 188 | |
Progress Software Corp. | 11,330 | 615 | |
Q2 Holdings, Inc.(1) | 4,958 | 215 | |
RADCOM Ltd.(1) | 21,604 | 174 | |
Sapiens International Corp. N.V. | 12,000 | 347 | |
Smartsheet, Inc. Class A(1) | 5,694 | 272 | |
Zeta Global Holdings Corp. Class A(1) | 58,677 | 518 | |
8,198 | |||
Specialty Retail—0.8% | |||
Abercrombie & Fitch Co. Class A(1) | 3,372 | 298 | |
Asbury Automotive Group, Inc.(1) | 2,184 | 491 | |
789 | |||
Technology Hardware, Storage & Peripherals—1.0% | |||
Pure Storage, Inc. Class A(1) | 18,428 | 657 |
Shares | Value | ||
Technology Hardware, Storage & Peripherals—continued | |||
Super Micro Computer, Inc.(1) | 1,061 | $ 302 | |
959 | |||
Trading Companies & Distributors—5.6% | |||
Applied Industrial Technologies, Inc. | 7,383 | 1,275 | |
Boise Cascade Co. | 14,174 | 1,833 | |
GMS, Inc.(1) | 6,779 | 559 | |
Rush Enterprises, Inc. Class A | 30,291 | 1,524 | |
5,191 | |||
Water Utilities—1.1% | |||
American States Water Co. | 6,703 | 539 | |
SJW Group | 6,970 | 456 | |
995 | |||
Total Common Stocks (Identified Cost $73,379) | 90,022 | ||
Master Limited Partnerships and Related Companies—0.6% | |||
Downstream/Other—0.6% | |||
Global Partners LP(3) | 6,045 | 256 |
Shares | Value | ||
Downstream/Other—continued | |||
Sunoco LP(3) | 4,380 | $ 262 | |
518 | |||
Total Master Limited Partnerships and Related Companies (Identified Cost $282) | 518 | ||
Total Long-Term Investments—96.9% (Identified Cost $73,661) | 90,540 | ||
Securities Lending Collateral—1.8% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.250%)(4)(5) | 1,679,320 | 1,679 | |
Total Securities Lending Collateral (Identified Cost $1,679) | 1,679 | ||
TOTAL INVESTMENTS—98.7% (Identified Cost $75,340) | $92,219 | ||
Other assets and liabilities, net—1.3% | 1,232 | ||
NET ASSETS—100.0% | $93,451 |
Abbreviations: | |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Amount is less than $500 (not in thousands). |
(3) | All or a portion of security is on loan. |
(4) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(5) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 92% |
Ireland | 2 |
Bermuda | 2 |
Israel | 1 |
Virgin Islands (British) | 1 |
France | 1 |
Panama | 1 |
Total | 100% |
† % of total investments as of December 31, 2023. |
Total Value at December 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $90,022 | $90,022 | |
Master Limited Partnerships and Related Companies | 518 | 518 | |
Securities Lending Collateral | 1,679 | 1,679 | |
Total Investments | $92,219 | $92,219 |
Shares | Value | ||
Common Stocks—99.9% | |||
Aerospace & Defense—1.3% | |||
Axon Enterprise, Inc.(1) | 70,000 | $ 18,083 | |
Automobiles—2.9% | |||
Tesla, Inc.(1) | 161,500 | 40,129 | |
Broadline Retail—7.9% | |||
Amazon.com, Inc.(1) | 460,000 | 69,893 | |
Global-e Online Ltd.(1) | 275,000 | 10,898 | |
MercadoLibre, Inc.(1) | 17,000 | 26,716 | |
107,507 | |||
Capital Markets—0.6% | |||
Broadridge Financial Solutions, Inc. | 43,000 | 8,847 | |
Communications Equipment—1.6% | |||
Arista Networks, Inc.(1) | 63,000 | 14,837 | |
Cisco Systems, Inc. | 140,000 | 7,073 | |
21,910 | |||
Electronic Equipment, Instruments & Components—1.9% | |||
Amphenol Corp. Class A | 140,000 | 13,878 | |
CDW Corp. | 55,000 | 12,503 | |
26,381 | |||
Financial Services—2.9% | |||
Dlocal Ltd. Class A(1) | 220,000 | 3,892 | |
Mastercard, Inc. Class A | 35,000 | 14,928 | |
Toast, Inc. Class A(1) | 360,000 | 6,573 | |
Visa, Inc. Class A | 55,000 | 14,319 | |
39,712 | |||
Ground Transportation—1.4% | |||
Uber Technologies, Inc.(1) | 300,000 | 18,471 | |
Hotels, Restaurants & Leisure—0.6% | |||
Booking Holdings, Inc.(1) | 2,500 | 8,868 | |
Interactive Media & Services—15.0% | |||
Alphabet, Inc. Class C(1) | 800,000 | 112,744 |
Shares | Value | ||
Interactive Media & Services—continued | |||
Meta Platforms, Inc. Class A(1) | 260,000 | $ 92,030 | |
204,774 | |||
IT Services—6.6% | |||
Accenture plc Class A | 20,000 | 7,018 | |
MongoDB, Inc. Class A(1) | 65,000 | 26,575 | |
Shopify, Inc. Class A(1) | 450,000 | 35,055 | |
Snowflake, Inc. Class A(1) | 110,000 | 21,890 | |
90,538 | |||
Media—2.1% | |||
Trade Desk, Inc. (The) Class A(1) | 400,000 | 28,784 | |
Real Estate Management & Development—0.3% | |||
DigitalBridge Group, Inc. | 213,000 | 3,736 | |
Semiconductors & Semiconductor Equipment—23.5% | |||
Advanced Micro Devices, Inc.(1) | 325,000 | 47,908 | |
Applied Materials, Inc. | 76,000 | 12,317 | |
ASML Holding N.V. Registered Shares | 18,000 | 13,625 | |
Broadcom, Inc. | 30,000 | 33,488 | |
First Solar, Inc.(1) | 85,000 | 14,644 | |
KLA Corp. | 20,000 | 11,626 | |
Micron Technology, Inc. | 250,000 | 21,335 | |
Monolithic Power Systems, Inc. | 40,000 | 25,231 | |
NVIDIA Corp. | 215,000 | 106,472 | |
NXP Semiconductors N.V. | 91,000 | 20,901 | |
ON Semiconductor Corp.(1) | 160,000 | 13,365 | |
320,912 | |||
Software—24.8% | |||
Adobe, Inc. (1) | 58,000 | 34,603 | |
Cadence Design Systems, Inc.(1) | 50,000 | 13,619 | |
Crowdstrike Holdings, Inc. Class A(1) | 85,000 | 21,702 | |
Datadog, Inc. Class A(1) | 50,000 | 6,069 |
Shares | Value | ||
Software—continued | |||
DoubleVerify Holdings, Inc.(1) | 340,000 | $ 12,505 | |
HubSpot, Inc.(1) | 7,000 | 4,064 | |
Intuit, Inc. | 18,000 | 11,251 | |
Microsoft Corp. | 295,000 | 110,932 | |
Oracle Corp. | 175,000 | 18,450 | |
Palo Alto Networks, Inc.(1) | 150,000 | 44,232 | |
Salesforce, Inc.(1) | 58,000 | 15,262 | |
ServiceNow, Inc.(1) | 50,000 | 35,324 | |
Zscaler, Inc.(1) | 50,000 | 11,078 | |
339,091 | |||
Technology Hardware, Storage & Peripherals—6.5% | |||
Apple, Inc. | 460,000 | 88,564 | |
Total Common Stocks (Identified Cost $721,001) | 1,366,307 | ||
Total Long-Term Investments—99.9% (Identified Cost $721,001) | 1,366,307 | ||
TOTAL INVESTMENTS—99.9% (Identified Cost $721,001) | $1,366,307 | ||
Other assets and liabilities, net—0.1% | 1,973 | ||
NET ASSETS—100.0% | $1,368,280 |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
United States | 91% |
Canada | 3 |
Netherlands | 3 |
Uruguay | 2 |
Israel | 1 |
Total | 100% |
† % of total investments as of December 31, 2023. |
Total Value at December 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,366,307 | $1,366,307 | |
Total Investments | $1,366,307 | $1,366,307 |
December 31, 2023
Emerging Markets Opportunities Fund | Income & Growth Fund | KAR Global Small-Cap Fund | KAR Health Sciences Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $ 135,577 | $ 4,927,269 | $ 59,135 | $ 141,203 | |||
Foreign currency at value(2) | 89 | — | 6 | — | |||
Cash | 4,117 | 80,235 | 1,805 | 277 | |||
Cash pledged as collateral for written options | — | 356 | — | — | |||
Receivables | |||||||
Investment securities sold | — | 6,215 | 51 | 708 | |||
Fund shares sold | 73 | 4,451 | 388 | 11 | |||
Dividends and interest | 382 | 36,814 | 54 | 58 | |||
Tax reclaims | 49 | — | 127 | 323 | |||
Prepaid Trustees’ retainer | — (a) | — | — | — | |||
Prepaid expenses | 25 | 90 | 25 | 24 | |||
Other assets | 106 | 784 | 55 | 50 | |||
Total assets | 140,418 | 5,056,214 | 61,646 | 142,654 | |||
Liabilities | |||||||
Written options at value(3) | — | 1,099 | — | — | |||
Payables | |||||||
Fund shares repurchased | 153 | 3,964 | 159 | 149 | |||
Investment securities purchased | — | — | 2 | — | |||
Foreign capital gains tax | 907 | — | — | — | |||
Investment advisory fees | 66 | 2,749 | 44 | 95 | |||
Distribution and service fees | 5 | 1,164 | 7 | 29 | |||
Administration and accounting fees | 12 | 433 | 6 | 13 | |||
Transfer agent and sub-transfer agent fees and expenses | 24 | 691 | 14 | 30 | |||
Professional fees | 9 | — | 12 | 20 | |||
Trustee deferred compensation plan | 74 | 784 | 55 | 50 | |||
Interest expense and/or commitment fees | — (a) | 10 | — (a) | — (a) | |||
Other accrued expenses | 16 | 192 | 18 | 14 | |||
Total liabilities | 1,266 | 11,086 | 317 | 400 | |||
Net Assets | $ 139,152 | $ 5,045,128 | $ 61,329 | $ 142,254 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 148,123 | $ 5,673,454 | $ 51,563 | $ 139,165 | |||
Accumulated earnings (loss) | (8,971) | (628,326) | 9,766 | 3,089 | |||
Net Assets | $ 139,152 | $ 5,045,128 | $ 61,329 | $ 142,254 | |||
Net Assets: | |||||||
Class A | $ 19,441 | $ 1,978,399 | $ 33,091 | $ 131,095 | |||
Class C | $ 558 | $ 888,696 | $ 421 | $ 2,261 | |||
Class P | $ 6,128 | $ 1,064,702 | $ 3,425 | $ 949 | |||
Institutional Class | $ 76,435 | $ 1,113,331 | $ 24,392 | $ 7,949 | |||
Class R6 | $ 36,590 | $ — | $ — | $ — | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 684,145 | 181,815,391 | 958,704 | 4,627,669 | |||
Class C | 19,433 | 93,184,705 | 16,960 | 136,041 | |||
Class P | 222,205 | 94,208,208 | 87,425 | 32,406 | |||
Institutional Class | 2,687,488 | 97,139,019 | 606,052 | 271,368 | |||
Class R6 | 1,305,761 | — | — | — |
Emerging Markets Opportunities Fund | Income & Growth Fund | KAR Global Small-Cap Fund | KAR Health Sciences Fund | ||||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 28.42 | $ 10.88 | $ 34.52 | $ 28.33 | |||
Class C | $ 28.73 | $ 9.54 | $ 24.84 | $ 16.62 | |||
Class P | $ 27.58 | $ 11.30 | $ 39.18 | $ 29.28 | |||
Institutional Class | $ 28.44 | $ 11.46 | $ 40.25 | $ 29.29 | |||
Class R6 | $ 28.02 | $ — | $ — | $ — | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 30.07 | $ 11.51 | $ 36.53 | $ 29.98 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 115,451 | $ 5,465,465 | $ 49,495 | $ 129,996 | |||
(2) Foreign currency at cost | $ 89 | $ — | $ 6 | $ — | |||
(3) Written options premiums received | $ — | $ 219 | $ — | $ — |
(a) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
NFJ Dividend Value Fund | NFJ International Value Fund | NFJ Large-Cap Value Fund | NFJ Mid-Cap Value Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $ 634,348 | $ 78,024 | $ 290,997 | $ 899,278 | |||
Foreign currency at value(2) | — (a) | 14 | — (a) | — | |||
Cash | 8,506 | 2,796 | 2,557 | 4,533 | |||
Receivables | |||||||
Investment securities sold | 7,052 | 3,029 | — | 4,381 | |||
Fund shares sold | 75 | 18 | 263 | 381 | |||
Dividends and interest | 1,255 | 25 | 445 | 1,869 | |||
Tax reclaims | 7 | 501 | 44 | 169 | |||
Prepaid Trustees’ retainer | — | — | — (a) | — | |||
Prepaid expenses | 47 | 27 | 35 | 62 | |||
Other assets | 1,591 | 339 | 201 | 334 | |||
Total assets | 652,881 | 84,773 | 294,542 | 911,007 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 2,221 | 203 | 203 | 3,551 | |||
Investment securities purchased | 3,582 | 3,284 | — | 2,071 | |||
Dividend distributions | — | — | — (a) | — | |||
Investment advisory fees | 242 | 34 | 110 | 311 | |||
European Union tax reclaim contingent fees payable(b) | — | 4,456 | — | — | |||
Distribution and service fees | 85 | 10 | 34 | 117 | |||
Administration and accounting fees | 56 | 7 | 26 | 77 | |||
Transfer agent and sub-transfer agent fees and expenses | 129 | 23 | 51 | 197 | |||
Professional fees | 13 | 15 | 17 | 11 | |||
Trustee deferred compensation plan | 1,591 | 339 | 201 | 334 | |||
Interest expense and/or commitment fees | 5 | 3 | — (a) | 3 | |||
Other accrued expenses | 41 | 18 | 24 | 59 | |||
Total liabilities | 7,965 | 8,392 | 666 | 6,731 | |||
Net Assets | $ 644,916 | $ 76,381 | $ 293,876 | $ 904,276 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 586,719 | $ 515,717 | $ 264,705 | $ 892,038 | |||
Accumulated earnings (loss) | 58,197 | (439,336) | 29,171 | 12,238 | |||
Net Assets | $ 644,916 | $ 76,381 | $ 293,876 | $ 904,276 | |||
Net Assets: | |||||||
Class A | $ 340,844 | $ 44,825 | $ 154,749 | $ 467,876 | |||
Class C | $ 7,560 | $ 877 | $ 1,898 | $ 17,109 | |||
Class P | $ 127,897 | $ 13,754 | $ 13,863 | $ 63,563 | |||
Institutional Class | $ 72,485 | $ 12,596 | $ 120,652 | $ 249,556 | |||
Class R6 | $ 60,291 | $ 2,782 | $ 2,253 | $ 77,037 | |||
Administrative Class | $ 35,839 | $ 1,547 | $ 461 | $ 29,135 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 33,495,692 | 2,346,096 | 5,805,004 | 18,726,491 | |||
Class C | 715,768 | 46,950 | 70,036 | 983,301 | |||
Class P | 12,372,318 | 714,450 | 512,703 | 3,873,859 | |||
Institutional Class | 7,026,883 | 654,004 | 4,557,318 | 8,902,767 | |||
Class R6 | 5,888,558 | 144,576 | 85,189 | 2,757,437 | |||
Administrative Class | 3,334,992 | 78,986 | 16,913 | 1,103,461 |
NFJ Dividend Value Fund | NFJ International Value Fund | NFJ Large-Cap Value Fund | NFJ Mid-Cap Value Fund | ||||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 10.18 | $ 19.11 | $ 26.66 | $ 24.98 | |||
Class C | $ 10.56 | $ 18.69 | $ 27.09 | $ 17.40 | |||
Class P | $ 10.34 | $ 19.25 | $ 27.04 | $ 16.41 | |||
Institutional Class | $ 10.32 | $ 19.26 | $ 26.47 | $ 28.03 | |||
Class R6 | $ 10.24 | $ 19.24 | $ 26.45 | $ 27.94 | |||
Administrative Class | $ 10.75 | $ 19.58 | $ 27.27 | $ 26.40 | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 10.77 | $ 20.22 | $ 28.21 | $ 26.43 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 567,971 | $ 76,475 | $ 257,939 | $ 866,596 | |||
(2) Foreign currency at cost | $ — | $ 15 | $ —(a) | $ — |
(a) | Amount is less than $500 (not in thousands). |
(b) | See Note 2C in Notes to Financial Statements. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
NFJ Small-Cap Value Fund | Silvant Focused Growth Fund | Silvant Mid-Cap Growth Fund | Small-Cap Fund | ||||
Assets | |||||||
Investment in securities at value(1)(2) | $ 368,084 | $ 1,092,378 | $ 307,035 | $ 92,219 | |||
Cash | 4,332 | 31,432 | 5,177 | 2,988 | |||
Receivables | |||||||
Investment securities sold | 11,125 | 2,244 | — | — | |||
Fund shares sold | 106 | 780 | 186 | 5 | |||
Dividends and interest | 740 | 57 | 94 | 52 | |||
Tax reclaims | 10 | — | — | 1 | |||
Prepaid Trustees’ retainer | — | 2 | — (a) | — | |||
Prepaid expenses | 37 | 57 | 31 | 16 | |||
Other assets | 1,317 | 283 | 77 | 17 | |||
Total assets | 385,751 | 1,127,233 | 312,600 | 95,298 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 8,906 | 697 | 245 | 35 | |||
Investment securities purchased | 1,896 | 8,434 | — | — | |||
Collateral on securities loaned | — | — | — | 1,679 | |||
Investment advisory fees | 160 | 408 | 121 | 40 | |||
Distribution and service fees | 54 | 158 | 54 | 15 | |||
Administration and accounting fees | 33 | 97 | 27 | 8 | |||
Transfer agent and sub-transfer agent fees and expenses | 98 | 29 | 49 | 19 | |||
Professional fees | 16 | 9 | 16 | 19 | |||
Trustee deferred compensation plan | 1,317 | 283 | 77 | 17 | |||
Interest expense and/or commitment fees | 2 | 2 | 1 | — (a) | |||
Other accrued expenses | 26 | 56 | 25 | 15 | |||
Total liabilities | 12,508 | 10,173 | 615 | 1,847 | |||
Net Assets | $ 373,243 | $ 1,117,060 | $ 311,985 | $ 93,451 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 344,922 | $ 507,422 | $ 249,268 | $ 76,851 | |||
Accumulated earnings (loss) | 28,321 | 609,638 | 62,717 | 16,600 | |||
Net Assets | $ 373,243 | $ 1,117,060 | $ 311,985 | $ 93,451 | |||
Net Assets: | |||||||
Class A | $ 230,986 | $ 661,644 | $ 241,656 | $ 62,088 | |||
Class C | $ 993 | $ 21,445 | $ 4,593 | $ 3,173 | |||
Class P | $ 19,683 | $ 73,179 | $ 12,272 | $ 5,869 | |||
Institutional Class | $ 53,712 | $ 166,243 | $ 52,251 | $ 16,496 | |||
Class R6 | $ 49,574 | $ 186,369 | $ — | $ 5,825 | |||
Administrative Class | $ 18,295 | $ 8,180 | $ 1,213 | $ — | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 19,488,784 | 10,022,313 | 63,934,170 | 2,900,311 | |||
Class C | 101,571 | 801,970 | 1,893,337 | 160,385 | |||
Class P | 1,311,436 | 1,838,324 | 2,548,441 | 267,172 | |||
Institutional Class | 3,522,674 | 2,859,427 | 10,707,892 | 746,177 | |||
Class R6 | 3,294,239 | 3,188,131 | — | 264,230 | |||
Administrative Class | 1,488,267 | 162,801 | 287,668 | — |
NFJ Small-Cap Value Fund | Silvant Focused Growth Fund | Silvant Mid-Cap Growth Fund | Small-Cap Fund | ||||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 11.85 | $ 66.02 | $ 3.78 | $ 21.41 | |||
Class C | $ 9.77 | $ 26.74 | $ 2.43 | $ 19.78 | |||
Class P | $ 15.01 | $ 39.81 | $ 4.82 | $ 21.97 | |||
Institutional Class | $ 15.25 | $ 58.14 | $ 4.88 | $ 22.11 | |||
Class R6 | $ 15.05 | $ 58.46 | $ — | $ 22.04 | |||
Administrative Class | $ 12.29 | $ 50.25 | $ 4.22 | $ — | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 12.54 | $ 69.86 | $ 4.00 | $ 22.66 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 332,193 | $ 480,362 | $ 229,413 | $ 75,340 | |||
(2) Market value of securities on loan | $ — | $ — | $ — | $ 1,528 |
(a) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Zevenbergen Technology Fund | |
Assets | |
Investment in securities at value(1) | $ 1,366,307 |
Due from broker for options contracts | 11 |
Receivables | |
Investment securities sold | 16,128 |
Fund shares sold | 706 |
Dividends and interest | 217 |
Tax reclaims | 92 |
Prepaid Trustees’ retainer | 2 |
Prepaid expenses | 45 |
Other assets | 427 |
Total assets | 1,383,935 |
Liabilities | |
Due to custodian | 1,964 |
Payables | |
Fund shares repurchased | 2,443 |
Investment securities purchased | 9,238 |
Investment advisory fees | 1,030 |
Distribution and service fees | 140 |
Administration and accounting fees | 119 |
Transfer agent and sub-transfer agent fees and expenses | 220 |
Professional fees | 4 |
Trustee deferred compensation plan | 427 |
Interest expense and/or commitment fees | 2 |
Other accrued expenses | 68 |
Total liabilities | 15,655 |
Net Assets | $ 1,368,280 |
Net Assets Consist of: | |
Capital paid in on shares of beneficial interest | $ 1,002,706 |
Accumulated earnings (loss) | 365,574 |
Net Assets | $ 1,368,280 |
Net Assets: | |
Class A | $ 561,385 |
Class C | $ 23,670 |
Class P | $ 52,416 |
Institutional Class | $ 722,737 |
Administrative Class | $ 8,072 |
Shares Outstanding (unlimited number of shares authorized, no par value): | |
Class A | 12,120,571 |
Class C | 2,320,978 |
Class P | 827,502 |
Institutional Class | 10,860,496 |
Administrative Class | 146,069 |
Net Asset Value and Redemption Price Per Share:* | |
Class A | $ 46.32 |
Class C | $ 10.20 |
Class P | $ 63.34 |
Institutional Class | $ 66.55 |
Administrative Class | $ 55.26 |
Zevenbergen Technology Fund | |
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |
Class A | $ 49.02 |
Maximum Sales Charge - Class A | 5.50% |
(1) Investment in securities at cost | $ 721,001 |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
SIX MONTHS ENDED December 31, 2023
Emerging Markets Opportunities Fund | Income & Growth Fund | KAR Global Small-Cap Fund | KAR Health Sciences Fund | NFJ Dividend Value Fund | |||||
Investment Income | |||||||||
Dividends | $ 2,765 | $ 15,927 | $ 685 | $ 705 | $ 8,923 | ||||
Interest | — | 69,613 | — | — | — | ||||
European Union tax reclaims(1) | — | — | 28 | 57 | 11,260 | ||||
Foreign taxes withheld | (321) | (29) | (27) | — | (62) | ||||
Total investment income | 2,444 | 85,511 | 686 | 762 | 20,121 | ||||
Expenses | |||||||||
Investment advisory fees | 559 | 16,185 | 256 | 571 | 1,414 | ||||
Distribution and service fees, Class A | 24 | 2,417 | 41 | 163 | 410 | ||||
Distribution and service fees, Class C | 3 | 4,518 | 2 | 12 | 38 | ||||
Distribution and service fees, Administrative Class | — | — | — | — | 42 | ||||
Administration and accounting fees | 71 | 2,544 | 33 | 77 | 324 | ||||
Transfer agent fees and expenses | 30 | 1,065 | 14 | 35 | 142 | ||||
Sub-transfer agent fees and expenses, Class A | 12 | 633 | 16 | 63 | 206 | ||||
Sub-transfer agent fees and expenses, Class C | — (2) | 319 | — (2) | 1 | 3 | ||||
Sub-transfer agent fees and expenses, Class P | 2 | 385 | 1 | — | 54 | ||||
Sub-transfer agent fees and expenses, Institutional Class | 36 | 457 | 11 | 4 | 29 | ||||
Sub-transfer agent fees and expenses, Administrative Class | — | — | — | — | 10 | ||||
Custodian fees | 5 | 6 | 1 | — (2) | 1 | ||||
Printing fees and expenses | 6 | 160 | 3 | 7 | 25 | ||||
Professional fees | 20 | 67 | 17 | 18 | 21 | ||||
Interest expense and/or commitment fees | 1 | 20 | — (2) | 1 | 6 | ||||
Registration fees | 32 | 59 | 27 | 26 | 46 | ||||
Trustees’ fees and expenses | 5 | 205 | 2 | 6 | 27 | ||||
Miscellaneous expenses | 14 | 197 | 7 | 11 | 30 | ||||
Total expenses | 820 | 29,237 | 431 | 995 | 2,828 | ||||
Less net expenses reimbursed and/or waived by investment adviser and/or administrator(3) | (170) | — | (6) | (1) | (8) | ||||
Net expenses | 650 | 29,237 | 425 | 994 | 2,820 | ||||
Net investment income (loss) | 1,794 | 56,274 | 261 | (232) | 17,301 | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | (1,357) | 78,273 | 851 | (1,876) | 26,479 | ||||
Foreign currency transactions | (26) | — | 1 | 1 | (11) | ||||
Foreign capital gains tax | (240) | — | — | — | — | ||||
Written options | — | 3,130 | — | — | — | ||||
Net increase from payment by affiliate(4) | — | — (2) | — | — | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | 8,535 | 191,829 | 4,853 | 3,214 | 25,875 | ||||
Foreign currency transactions | 39 | — | 4 | — (2) | — (2) | ||||
Foreign capital gains tax | (532) | — | — | — | — | ||||
Written options | — | (618) | — | — | — | ||||
Net realized and unrealized gain (loss) on investments | 6,419 | 272,614 | 5,709 | 1,339 | 52,343 |
Emerging Markets Opportunities Fund | Income & Growth Fund | KAR Global Small-Cap Fund | KAR Health Sciences Fund | NFJ Dividend Value Fund | |||||
Net increase (decrease) in net assets resulting from operations | $ 8,213 | $328,888 | $5,970 | $ 1,107 | $69,644 |
(1) | See Note 2C in Notes to Financial Statements. |
(2) | Amount is less than $500 (not in thousands). |
(3) | See Note 4D in Notes to Financial Statements. |
(4) | See Note 4G in Notes to Financial Statements. |
NFJ International Value Fund | NFJ Large-Cap Value Fund | NFJ Mid-Cap Value Fund | NFJ Small-Cap Value Fund | Silvant Focused Growth Fund | |||||
Investment Income | |||||||||
Dividends | $ 919 | $ 3,531 | $12,600 | $ 4,998 | $ 3,007 | ||||
European Union tax reclaims(1) | — | 112 | — | — | — | ||||
Foreign taxes withheld | (117) | (14) | (212) | (49) | (7) | ||||
Total investment income | 802 | 3,629 | 12,388 | 4,949 | 3,000 | ||||
Expenses | |||||||||
Investment advisory fees | 253 | 628 | 2,488 | 1,093 | 2,327 | ||||
Distribution and service fees, Class A | 56 | 186 | 571 | 274 | 781 | ||||
Distribution and service fees, Class C | 5 | 9 | 90 | 5 | 107 | ||||
Distribution and service fees, Administrative Class | 2 | 1 | 37 | 30 | 9 | ||||
Administration and accounting fees | 47 | 146 | 465 | 190 | 532 | ||||
Transfer agent fees and expenses | 22 | 67 | 209 | 83 | 236 | ||||
Sub-transfer agent fees and expenses, Class A | 34 | 67 | 272 | 169 | 208 | ||||
Sub-transfer agent fees and expenses, Class C | — (2) | 1 | 9 | 1 | 8 | ||||
Sub-transfer agent fees and expenses, Class P | 7 | 6 | 32 | 8 | 22 | ||||
Sub-transfer agent fees and expenses, Institutional Class | 5 | 48 | 102 | 22 | 58 | ||||
Sub-transfer agent fees and expenses, Administrative Class | 1 | — (2) | 14 | 2 | 3 | ||||
Custodian fees | 3 | 1 | 2 | 1 | 2 | ||||
Printing fees and expenses | 6 | 11 | 35 | 15 | 29 | ||||
Professional fees | 18 | 17 | 24 | 18 | 24 | ||||
Interest expense and/or commitment fees | 5 | 1 | 8 | 3 | 4 | ||||
Registration fees | 32 | 29 | 47 | 48 | 48 | ||||
Trustees’ fees and expenses | 4 | 11 | 40 | 15 | 37 | ||||
Miscellaneous expenses | 13 | 17 | 111 | 32 | 42 | ||||
Total expenses | 513 | 1,246 | 4,556 | 2,009 | 4,477 | ||||
Less net expenses reimbursed and/or waived by investment adviser and/or administrator(3) | (15) | — (2) | (654) | (97) | (39) | ||||
Net expenses | 498 | 1,246 | 3,902 | 1,912 | 4,438 | ||||
Net investment income (loss) | 304 | 2,383 | 8,486 | 3,037 | (1,438) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | (4,141) | 5,367 | 19,643 | 14,875 | 8,814 | ||||
Foreign currency transactions | (61) | (1) | (17) | (7) | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | 3,675 | 15,584 | 24,007 | 22,612 | 99,675 | ||||
Foreign currency transactions | (29) | — (2) | — (2) | — (2) | — | ||||
Net realized and unrealized gain (loss) on investments | (556) | 20,950 | 43,633 | 37,480 | 108,489 | ||||
Net increase (decrease) in net assets resulting from operations | $ (252) | $23,333 | $52,119 | $40,517 | $107,051 |
(1) | See Note 2C in Notes to Financial Statements. |
(2) | Amount is less than $500 (not in thousands). |
(3) | See Note 4D in Notes to Financial Statements. |
Silvant Mid-Cap Growth Fund | Small-Cap Fund | Zevenbergen Technology Fund | |||
Investment Income | |||||
Dividends | $ 994 | $ 688 | $ 2,006 | ||
Securities lending, net of fees | — | 9 | — | ||
Foreign taxes withheld | — | (1) | (37) | ||
Total investment income | 994 | 696 | 1,969 | ||
Expenses | |||||
Investment advisory fees | 681 | 280 | 5,755 | ||
Distribution and service fees, Class A | 286 | 75 | 668 | ||
Distribution and service fees, Class C | 23 | 16 | 115 | ||
Distribution and service fees, Administrative Class | 1 | — | 9 | ||
Administration and accounting fees | 152 | 52 | 657 | ||
Transfer agent fees and expenses | 74 | 24 | 292 | ||
Sub-transfer agent fees and expenses, Class A | 71 | 24 | 237 | ||
Sub-transfer agent fees and expenses, Class C | 1 | 1 | 9 | ||
Sub-transfer agent fees and expenses, Class P | 3 | 3 | 21 | ||
Sub-transfer agent fees and expenses, Institutional Class | 21 | 8 | 259 | ||
Sub-transfer agent fees and expenses, Administrative Class | 1 | — | — | ||
Custodian fees | — (1) | 1 | 1 | ||
Printing fees and expenses | 11 | 5 | 39 | ||
Professional fees | 17 | 16 | 27 | ||
Interest expense and/or commitment fees | 1 | — (1) | 6 | ||
Registration fees | 35 | 32 | 49 | ||
Trustees’ fees and expenses | 12 | 4 | 47 | ||
Miscellaneous expenses | 22 | 11 | 59 | ||
Total expenses | 1,412 | 552 | 8,250 | ||
Less net expenses reimbursed and/or waived by investment adviser and/or administrator(2) | — | (44) | — | ||
Plus net expenses recaptured(2) | — (1) | — | 5 | ||
Net expenses | 1,412 | 508 | 8,255 | ||
Net investment income (loss) | (418) | 188 | (6,286) | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | 3,659 | 517 | 11,728 | ||
Foreign currency transactions | — | — (1) | — | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | 15,742 | 3,230 | 134,664 | ||
Foreign currency transactions | — | — (1) | 1 | ||
Net realized and unrealized gain (loss) on investments | 19,401 | 3,747 | 146,393 | ||
Net increase (decrease) in net assets resulting from operations | $18,983 | $3,935 | $140,107 |
(1) | Amount is less than $500 (not in thousands). |
(2) | See Note 4D in Notes to Financial Statements. |
Emerging Markets Opportunities Fund | Income & Growth Fund | KAR Global Small-Cap Fund | |||||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||||||
Net investment income (loss) | $ 1,794 | $ 4,038 | $ 56,274 | $ 102,658 | $ 261 | $ 492 | |||||
Net realized gain (loss) | (1,623) | (10,557) | 81,403 | 124,886 | 852 | (343) | |||||
Net increase from payment by affiliate(1) | — | — | — (2) | — | — | 108 | |||||
Net change in unrealized appreciation (depreciation) | 8,042 | 12,022 | 191,211 | 386,323 | 4,857 | 7,483 | |||||
Increase (decrease) in net assets resulting from operations | 8,213 | 5,503 | 328,888 | 613,867 | 5,970 | 7,740 | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income and Net Realized Gains: | |||||||||||
Class A | (579) | (603) | (77,168) | (93,901) | (261) | (913) | |||||
Class C | (11) | (14) | (38,059) | (52,772) | — | (37) | |||||
Class P | (217) | (158) | (41,568) | (50,458) | (42) | (47) | |||||
Institutional Class | (2,594) | (2,098) | (42,308) | (55,127) | (197) | (611) | |||||
Class R6 | (1,299) | (977) | — | — | — | — | |||||
Return of Capital: | |||||||||||
Class A | — | — | — | (64,672) | — | — | |||||
Class C | — | — | — | (33,734) | — | — | |||||
Class P | — | — | — | (35,576) | — | — | |||||
Institutional Class | — | — | — | (39,718) | — | — | |||||
Total dividends and distributions to shareholders | (4,700) | (3,850) | (199,103) | (425,958) | (500) | (1,608) | |||||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||||||
Class A | (447) | (1,145) | (29,730) | (79,920) | (2,644) | (2,817) | |||||
Class C | (194) | (36) | (82,645) | (167,901) | (150) | (976) | |||||
Class P | 710 | (1,295) | (38,182) | (146,112) | 1,428 | (497) | |||||
Institutional Class | 4,256 | (3,260) | (35,080) | (166,021) | 491 | (6,314) | |||||
Class R6 | 3,355 | 2,346 | — | — | — | — | |||||
Increase (decrease) in net assets from capital transactions | 7,680 | (3,390) | (185,637) | (559,954) | (875) | (10,604) | |||||
Net increase (decrease) in net assets | 11,193 | (1,737) | (55,852) | (372,045) | 4,595 | (4,472) | |||||
Net Assets | |||||||||||
Beginning of period | 127,959 | 129,696 | 5,100,980 | 5,473,025 | 56,734 | 61,206 | |||||
End of Period | $ 139,152 | $ 127,959 | $ 5,045,128 | $ 5,100,980 | $ 61,329 | $ 56,734 |
(1) | See Note 4G in Notes to Financial Statements. |
(2) | Amount is less than $500 (not in thousands). |
KAR Health Sciences Fund | NFJ Dividend Value Fund | NFJ International Value Fund | |||||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||||||
Net investment income (loss) | $ (232) | $ (631) | $ 17,301 | $ 12,361 | $ 304 | $ 1,956 | |||||
Net realized gain (loss) | (1,875) | 653 | 26,468 | 46,514 | (4,202) | (5,718) | |||||
Net increase from payment by affiliate | — | 28 | — | — | — | — | |||||
Net change in unrealized appreciation (depreciation) | 3,214 | 3,614 | 25,875 | (8,351) | 3,646 | 12,964 | |||||
Increase (decrease) in net assets resulting from operations | 1,107 | 3,664 | 69,644 | 50,524 | (252) | 9,202 | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income and Net Realized Gains: | |||||||||||
Class A | — | (12,697) | (40,582) | (55,380) | (654) | (900) | |||||
Class C | — | (448) | (836) | (1,450) | (10) | (17) | |||||
Class P | — | (117) | (15,422) | (22,898) | (215) | (313) | |||||
Institutional Class | — | (1,278) | (8,724) | (13,896) | (304) | (601) | |||||
Class R6 | — | — | (7,114) | (12,691) | (45) | (63) | |||||
Administrative Class | — | — | (4,022) | (5,187) | (22) | (27) | |||||
Total dividends and distributions to shareholders | — | (14,540) | (76,700) | (111,502) | (1,250) | (1,921) | |||||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||||||
Class A | (8,717) | (1,137) | 11,655 | (1,515) | (3,253) | (5,551) | |||||
Class C | (548) | (254) | (415) | (3,619) | (228) | (672) | |||||
Class P | (243) | (875) | (739) | (10,554) | (1,017) | (3,436) | |||||
Institutional Class | (2,665) | (11,812) | (2,516) | (8,732) | (14,866) | (11,758) | |||||
Class R6 | — | — | (7,943) | 2,923 | 39 | (1,012) | |||||
Administrative Class | — | — | 3,121 | 2,127 | 84 | (198) | |||||
Increase (decrease) in net assets from capital transactions | (12,173) | (14,078) | 3,163 | (19,370) | (19,241) | (22,627) | |||||
Net increase (decrease) in net assets | (11,066) | (24,954) | (3,893) | (80,348) | (20,743) | (15,346) | |||||
Net Assets | |||||||||||
Beginning of period | 153,320 | 178,274 | 648,809 | 729,157 | 97,124 | 112,470 | |||||
End of Period | $ 142,254 | $ 153,320 | $ 644,916 | $ 648,809 | $ 76,381 | $ 97,124 |
NFJ Large-Cap Value Fund | NFJ Mid-Cap Value Fund | NFJ Small-Cap Value Fund | |||||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||||||
Net investment income (loss) | $ 2,383 | $ 3,741 | $ 8,486 | $ 13,109 | $ 3,037 | $ 4,675 | |||||
Net realized gain (loss) | 5,366 | 10,131 | 19,626 | 88,968 | 14,868 | 33,624 | |||||
Net change in unrealized appreciation (depreciation) | 15,584 | 7,065 | 24,007 | 6,331 | 22,612 | (992) | |||||
Increase (decrease) in net assets resulting from operations | 23,333 | 20,937 | 52,119 | 108,408 | 40,517 | 37,307 | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income and Net Realized Gains: | |||||||||||
Class A | (9,447) | (25,815) | (32,267) | (108,865) | (24,120) | (36,541) | |||||
Class C | (105) | (385) | (1,572) | (7,318) | (116) | (234) | |||||
Class P | (863) | (2,613) | (6,967) | (26,361) | (1,663) | (1,799) | |||||
Institutional Class | (7,515) | (13,823) | (15,864) | (70,315) | (4,527) | (7,210) | |||||
Class R6 | (142) | (14) | (4,955) | (18,071) | (4,205) | (6,852) | |||||
Administrative Class | (28) | (75) | (1,875) | (7,470) | (2,669) | (3,845) | |||||
Total dividends and distributions to shareholders | (18,100) | (42,725) | (63,500) | (238,400) | (37,300) | (56,481) | |||||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||||||
Class A | 584 | 6,301 | (3,799) | 39,926 | 4,976 | 2,427 | |||||
Class C | (174) | (517) | (1,970) | (3,725) | (52) | (151) | |||||
Class P | (782) | 663 | (13,805) | (725) | (5,750) | 10,944 | |||||
Institutional Class | 7,504 | 3,787 | (31,354) | (63,039) | 395 | (4,955) | |||||
Class R6 | 45 | 2,034 | (1,010) | (579) | 2,515 | (14,450) | |||||
Administrative Class | 10 | 22 | (4,939) | 3,552 | (4,519) | (5,656) | |||||
Increase (decrease) in net assets from capital transactions | 7,187 | 12,290 | (56,877) | (24,590) | (2,435) | (11,841) | |||||
Net increase (decrease) in net assets | 12,420 | (9,498) | (68,258) | (154,582) | 782 | (31,015) | |||||
Net Assets | |||||||||||
Beginning of period | 281,456 | 290,954 | 972,534 | 1,127,116 | 372,461 | 403,476 | |||||
End of Period | $ 293,876 | $ 281,456 | $ 904,276 | $ 972,534 | $ 373,243 | $ 372,461 |
Silvant Focused Growth Fund | Silvant Mid-Cap Growth Fund | ||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (1,438) | $ (2,440) | $ (418) | $ (856) | |||
Net realized gain (loss) | 8,814 | 71,120 | 3,659 | (6,050) | |||
Net increase from payment by affiliate | — | 69 | — | — | |||
Net change in unrealized appreciation (depreciation) | 99,675 | 181,075 | 15,742 | 66,756 | |||
Increase (decrease) in net assets resulting from operations | 107,051 | 249,824 | 18,983 | 59,850 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (15,828) | (28,856) | — | — | |||
Class C | (1,216) | (2,554) | — | — | |||
Class P | (2,860) | (3,163) | — | — | |||
Institutional Class | (4,505) | (7,589) | — | — | |||
Class R6 | (4,987) | (9,912) | — | — | |||
Administrative Class | (254) | (426) | — | — | |||
Total dividends and distributions to shareholders | (29,650) | (52,500) | — | — | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (11,467) | (38,279) | (15,586) | (28,356) | |||
Class C | (1,889) | (4,990) | (849) | (2,274) | |||
Class P | 23,550 | (7,098) | 5,016 | (1,047) | |||
Institutional Class | 3,649 | (2,897) | (1,048) | (7,781) | |||
Class R6 | 7,699 | (37,061) | — | — | |||
Administrative Class | 32 | 411 | (2) | (782) | |||
Increase (decrease) in net assets from capital transactions | 21,574 | (89,914) | (12,469) | (40,240) | |||
Net increase (decrease) in net assets | 98,975 | 107,410 | 6,514 | 19,610 | |||
Net Assets | |||||||
Beginning of period | 1,018,085 | 910,675 | 305,471 | 285,861 | |||
End of Period | $ 1,117,060 | $ 1,018,085 | $ 311,985 | $ 305,471 |
Small-Cap Fund | Zevenbergen Technology Fund | ||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 188 | $ 445 | $ (6,286) | $ (10,709) | |||
Net realized gain (loss) | 517 | 1,423 | 11,728 | (53,580) | |||
Net increase from payment by affiliate | — | 15 | — | 110 | |||
Net change in unrealized appreciation (depreciation) | 3,230 | 13,616 | 134,665 | 387,633 | |||
Increase (decrease) in net assets resulting from operations | 3,935 | 15,499 | 140,107 | 323,454 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1,366) | (3,120) | — | (82,847) | |||
Class C | (63) | (156) | — | (10,677) | |||
Class P | (128) | (380) | — | (5,489) | |||
Institutional Class | (375) | (1,170) | — | (84,604) | |||
Class R6 | (148) | (241) | — | — | |||
Administrative Class | — | — | — | (953) | |||
Total dividends and distributions to shareholders | (2,080) | (5,067) | — | (184,570) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (1,911) | (7,723) | (34,775) | 14,750 | |||
Class C | (306) | (278) | (2,338) | 2,714 | |||
Class P | (1,317) | (7,029) | (4,813) | (4,837) | |||
Institutional Class | (4,137) | (29,008) | (21,647) | (190,054) | |||
Class R6 | 339 | (2,703) | — | — | |||
Administrative Class | — | — | (492) | 770 | |||
Increase (decrease) in net assets from capital transactions | (7,332) | (46,741) | (64,065) | (176,657) | |||
Net increase (decrease) in net assets | (5,477) | (36,309) | 76,042 | (37,773) | |||
Net Assets | |||||||
Beginning of period | 98,928 | 135,237 | 1,292,238 | 1,330,011 | |||
End of Period | $ 93,451 | $ 98,928 | $ 1,368,280 | $ 1,292,238 |
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Emerging Markets Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 27.62 | 0.34 | 1.34 | 1.68 | (0.88) | — | — | (0.88) | — | 0.80 | $ 28.42 | 6.15 % | $ 19,441 | 1.29 % | 1.52 % | 2.48 % | 38 % | |
7/1/22 to 6/30/23 | 27.39 | 0.79 | 0.27 | 1.06 | (0.83) | — | — | (0.83) | — | 0.23 | 27.62 | 4.18 | 19,339 | 1.31 (7) | 1.54 | 3.01 | 109 | |
7/1/21 to 6/30/22 | 37.61 | 0.75 | (10.52) | (9.77) | (0.45) | — | — | (0.45) | — | (10.22) | 27.39 | (26.17) | 20,341 | 1.29 | 1.45 | 2.28 | 112 | |
7/1/20 to 6/30/21 | 25.88 | 0.33 | 11.71 | 12.04 | (0.31) | — | — | (0.31) | — | 11.73 | 37.61 | 46.70 | 33,740 | 1.28 (8) | 1.57 | 0.98 | 80 | |
7/1/19 to 6/30/20 | 27.06 | 0.46 | (1.08) | (0.62) | (0.56) | — | — | (0.56) | — | (1.18) | 25.88 | (2.45) | 32,514 | 1.28 | 1.63 | 1.75 | 83 | |
7/1/18 to 6/30/19 | 28.53 | 0.56 | (1.55) | (0.99) | (0.48) | — | — | (0.48) | — | (1.47) | 27.06 | (3.29) | 48,388 | 1.26 | 1.61 | 2.08 | 101 | |
Class C | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 27.72 | 0.25 | 1.33 | 1.58 | (0.57) | — | — | (0.57) | — | 1.01 | $ 28.73 | 5.75 % | $ 558 | 2.04 % | 2.29 % | 1.82 % | 38 % | |
7/1/22 to 6/30/23 | 27.42 | 0.60 | 0.27 | 0.87 | (0.57) | — | — | (0.57) | — | 0.30 | 27.72 | 3.37 | 735 | 2.06 (7) | 2.33 | 2.27 | 109 | |
7/1/21 to 6/30/22 | 37.41 | 0.53 | (10.52) | (9.99) | — | — | — | — | — | (9.99) | 27.42 | (26.70) | 770 | 2.04 | 2.21 | 1.61 | 112 | |
7/1/20 to 6/30/21 | 25.69 | 0.07 | 11.65 | 11.72 | — (9) | — | — | — | — | 11.72 | 37.41 | 45.62 | 1,713 | 2.03 (8) | 2.30 | 0.22 | 80 | |
7/1/19 to 6/30/20 | 26.81 | 0.28 | (1.10) | (0.82) | (0.30) | — | — | (0.30) | — | (1.12) | 25.69 | (3.16) | 2,022 | 2.03 | 2.38 | 1.08 | 83 | |
7/1/18 to 6/30/19 | 28.05 | 0.31 | (1.45) | (1.14) | (0.10) | — | — | (0.10) | — | (1.24) | 26.81 | (4.05) | 3,675 | 2.01 | 2.36 | 1.15 | 101 | |
Class P | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 26.90 | 0.35 | 1.32 | 1.67 | (0.99) | — | — | (0.99) | — | 0.68 | $ 27.58 | 6.26 % | $ 6,128 | 1.04 % | 1.21 % | 2.63 % | 38 % | |
7/1/22 to 6/30/23 | 26.65 | 0.86 | 0.23 | 1.09 | (0.84) | — | — | (0.84) | — | 0.25 | 26.90 | 4.41 | 5,292 | 1.06 (7) | 1.25 | 3.37 | 109 | |
7/1/21 to 6/30/22 | 36.71 | 0.79 | (10.24) | (9.45) | (0.61) | — | — | (0.61) | — | (10.06) | 26.65 | (26.00) | 6,578 | 1.04 | 1.18 | 2.48 | 112 | |
7/1/20 to 6/30/21 | 25.30 | 0.33 | 11.53 | 11.86 | (0.45) | — | — | (0.45) | — | 11.41 | 36.71 | 47.12 | 7,945 | 1.02 (8) | 1.32 | 1.05 | 80 | |
7/1/19 to 6/30/20 | 26.46 | 0.53 | (1.06) | (0.53) | (0.63) | — | — | (0.63) | — | (1.16) | 25.30 | (2.19) | 12,814 | 1.03 | 1.38 | 2.07 | 83 | |
7/1/18 to 6/30/19 | 28.02 | 0.55 | (1.47) | (0.92) | (0.64) | — | — | (0.64) | — | (1.56) | 26.46 | (3.05) | 20,454 | 1.01 | 1.36 | 2.08 | 101 | |
Institutional Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 27.70 | 0.38 | 1.35 | 1.73 | (0.99) | — | — | (0.99) | — | 0.74 | $ 28.44 | 6.34 % | $ 76,435 | 0.94 % | 1.23 % | 2.78 % | 38 % | |
7/1/22 to 6/30/23 | 27.33 | 0.88 | 0.28 | 1.16 | (0.79) | — | — | (0.79) | — | 0.37 | 27.70 | 4.52 | 70,273 | 0.96 (7) | 1.28 | 3.36 | 109 | |
7/1/21 to 6/30/22 | 37.62 | 0.78 | (10.43) | (9.65) | (0.64) | — | — | (0.64) | — | (10.29) | 27.33 | (25.92) | 72,307 | 0.94 | 1.19 | 2.37 | 112 | |
7/1/20 to 6/30/21 | 25.91 | 0.48 | 11.70 | 12.18 | (0.47) | — | — | (0.47) | — | 11.71 | 37.62 | 47.27 | 206,383 | 0.93 (8) | 1.26 | 1.43 | 80 | |
7/1/19 to 6/30/20 | 27.10 | 0.54 | (1.06) | (0.52) | (0.67) | — | — | (0.67) | — | (1.19) | 25.91 | (2.11) | 186,595 | 0.93 | 1.28 | 2.05 | 83 | |
7/1/18 to 6/30/19 | 28.72 | 0.54 | (1.47) | (0.93) | (0.69) | — | — | (0.69) | — | (1.62) | 27.10 | (2.97) | 282,196 | 0.91 | 1.26 | 2.03 | 101 | |
Class R6 | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 27.34 | 0.38 | 1.33 | 1.71 | (1.03) | — | — | (1.03) | — | 0.68 | $ 28.02 | 6.39 % | $ 36,590 | 0.89 % | 1.13 % | 2.80 % | 38 % | |
7/1/22 to 6/30/23 | 27.15 | 0.90 | 0.25 | 1.15 | (0.96) | — | — | (0.96) | — | 0.19 | 27.34 | 4.58 | 32,320 | 0.91 (7) | 1.16 | 3.44 | 109 | |
7/1/21 to 6/30/22 | 37.40 | 0.86 | (10.43) | (9.57) | (0.68) | — | — | (0.68) | — | (10.25) | 27.15 | (25.89) | 29,700 | 0.89 | 1.08 | 2.64 | 112 | |
7/1/20 to 6/30/21 | 25.78 | 0.49 | 11.64 | 12.13 | (0.51) | — | — | (0.51) | — | 11.62 | 37.40 | 47.34 | 30,722 | 0.88 (8) | 1.18 | 1.47 | 80 | |
7/1/19 to 6/30/20 | 26.96 | 0.54 | (1.03) | (0.49) | (0.69) | — | — | (0.69) | — | (1.18) | 25.78 | (2.04) | 19,582 | 0.88 | 1.23 | 2.10 | 83 | |
7/1/18 to 6/30/19 | 28.57 | 0.57 | (1.48) | (0.91) | (0.70) | — | — | (0.70) | — | (1.61) | 26.96 | (2.93) | 23,647 | 0.86 | 1.21 | 2.13 | 101 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Income & Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 10.59 | 0.12 | 0.59 | 0.71 | (0.12) | — | (0.30) | (0.42) | — (9) | 0.29 | $ 10.88 | 6.96 % (10) | $1,978,399 | 1.14 % (11) | 1.14 % | 2.30 % | 28 % | |
7/1/22 to 6/30/23 | 10.20 | 0.21 | 1.02 | 1.23 | (0.24) | (0.34) | (0.26) | (0.84) | — | 0.39 | 10.59 | 12.65 | 1,955,600 | 1.14 (11) | 1.14 | 2.00 | 42 | |
7/1/21 to 6/30/22 | 13.26 | 0.16 | (2.38) | (2.22) | (0.19) | — | (0.65) | (0.84) | — | (3.06) | 10.20 | (17.65) | 1,963,340 | 1.14 (11) | 1.14 | 1.28 | 70 | |
7/1/20 to 6/30/21 | 10.89 | 0.14 | 3.07 | 3.21 | (0.19) | — | (0.65) | (0.84) | — | 2.37 | 13.26 | 30.29 | 2,403,182 | 1.19 (8)(11) | 1.22 | 1.11 | 83 | |
7/1/19 to 6/30/20 | 11.01 | 0.18 | 0.54 | 0.72 | (0.21) | — | (0.63) | (0.84) | — | (0.12) | 10.89 | 6.98 | 1,631,126 | 1.28 | 1.29 | 1.65 | 93 | |
7/1/18 to 6/30/19 | 11.34 | 0.20 | 0.38 | 0.58 | (0.25) | — | (0.66) | (0.91) | — | (0.33) | 11.01 (12) | 5.45 (12) | 1,458,642 | 1.28 | 1.29 | 1.84 | 66 | |
Class C | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 9.34 | 0.07 | 0.52 | 0.59 | (0.09) | — | (0.30) | (0.39) | — (9) | 0.20 | $ 9.54 | 6.59 % (10) | $ 888,696 | 1.89 % (11) | 1.89 % | 1.54 % | 28 % | |
7/1/22 to 6/30/23 | 9.10 | 0.11 | 0.92 | 1.03 | (0.19) | (0.30) | (0.30) | (0.79) | — | 0.24 | 9.34 | 11.83 | 954,260 | 1.89 (11) | 1.89 | 1.25 | 42 | |
7/1/21 to 6/30/22 | 11.94 | 0.06 | (2.14) | (2.08) | (0.11) | — | (0.65) | (0.76) | — | (2.84) | 9.10 | (18.31) | 1,096,937 | 1.90 (11) | 1.90 | 0.51 | 70 | |
7/1/20 to 6/30/21 | 9.89 | 0.04 | 2.78 | 2.82 | (0.12) | — | (0.65) | (0.77) | — | 2.05 | 11.94 | 29.31 | 1,467,948 | 1.95 (8)(11) | 1.98 | 0.36 | 83 | |
7/1/19 to 6/30/20 | 10.07 | 0.09 | 0.50 | 0.59 | (0.14) | — | (0.63) | (0.77) | — | (0.18) | 9.89 | 6.31 | 1,215,780 | 2.03 | 2.04 | 0.90 | 93 | |
7/1/18 to 6/30/19 | 10.46 | 0.11 | 0.34 | 0.45 | (0.18) | — | (0.66) | (0.84) | — | (0.39) | 10.07 (12) | 4.60 (12) | 1,234,667 | 2.03 | 2.04 | 1.09 | 66 | |
Class P | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 10.98 | 0.14 | 0.61 | 0.75 | (0.13) | — | (0.30) | (0.43) | — (9) | 0.32 | $ 11.30 | 7.10 % (10) | $1,064,702 | 0.90 % (11) | 0.90 % | 2.54 % | 28 % | |
7/1/22 to 6/30/23 | 10.54 | 0.24 | 1.06 | 1.30 | (0.26) | (0.35) | (0.25) | (0.86) | — | 0.44 | 10.98 | 12.94 | 1,072,972 | 0.90 (11) | 0.90 | 2.24 | 42 | |
7/1/21 to 6/30/22 | 13.67 | 0.19 | (2.46) | (2.27) | (0.21) | — | (0.65) | (0.86) | — | (3.13) | 10.54 | (17.47) | 1,176,186 | 0.91 (11) | 0.91 | 1.49 | 70 | |
7/1/20 to 6/30/21 | 11.20 | 0.17 | 3.17 | 3.34 | (0.22) | — | (0.65) | (0.87) | — | 2.47 | 13.67 | 30.61 | 1,822,852 | 0.95 (8)(11) | 0.98 | 1.35 | 83 | |
7/1/19 to 6/30/20 | 11.29 | 0.21 | 0.57 | 0.78 | (0.24) | — | (0.63) | (0.87) | — | (0.09) | 11.20 | 7.32 | 1,253,364 | 1.03 | 1.04 | 1.90 | 93 | |
7/1/18 to 6/30/19 | 11.61 | 0.23 | 0.38 | 0.61 | (0.27) | — | (0.66) | (0.93) | — | (0.32) | 11.29 (12) | 5.64 (12) | 1,122,083 | 1.03 | 1.04 | 2.09 | 66 | |
Institutional Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 11.13 | 0.14 | 0.62 | 0.76 | (0.13) | — | (0.30) | (0.43) | — (9) | 0.33 | $ 11.46 | 7.08 % (10) | $1,113,331 | 0.91 % (11) | 0.91 % | 2.53 % | 28 % | |
7/1/22 to 6/30/23 | 10.67 | 0.24 | 1.08 | 1.32 | (0.26) | (0.36) | (0.24) | (0.86) | — | 0.46 | 11.13 | 12.96 | 1,118,148 | 0.90 (11) | 0.90 | 2.24 | 42 | |
7/1/21 to 6/30/22 | 13.83 | 0.20 | (2.50) | (2.30) | (0.21) | — | (0.65) | (0.86) | — | (3.16) | 10.67 | (17.48) | 1,236,562 | 0.92 (11) | 0.92 | 1.51 | 70 | |
7/1/20 to 6/30/21 | 11.32 | 0.18 | 3.20 | 3.38 | (0.22) | — | (0.65) | (0.87) | — | 2.51 | 13.83 | 30.71 | 1,315,140 | 0.90 (8) | 0.93 | 1.40 | 83 | |
7/1/19 to 6/30/20 | 11.41 | 0.22 | 0.57 | 0.79 | (0.25) | — | (0.63) | (0.88) | — | (0.09) | 11.32 | 7.35 | 798,280 | 0.93 | 0.94 | 2.00 | 93 | |
7/1/18 to 6/30/19 | 11.72 | 0.25 | 0.38 | 0.63 | (0.28) | — | (0.66) | (0.94) | — | (0.31) | 11.41 (12) | 5.78 (12) | 702,741 | 0.93 | 0.94 | 2.19 | 66 | |
KAR Global Small-Cap Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 31.42 | 0.13 | 3.24 | 3.37 | (0.27) | — | — | (0.27) | — | 3.10 | $ 34.52 | 10.76 % | $ 33,091 | 1.63 % (13) | 1.62 % | 0.78 % | 7 % | |
7/1/22 to 6/30/23 | 28.33 | 0.21 | 3.70 | 3.91 | — | — | (0.87) | (0.87) | 0.05 | 3.09 | 31.42 | 14.31 (14) | 32,690 | 1.63 | 1.66 | 0.73 | 129 | |
7/1/21 to 6/30/22 | 52.31 | (0.02) | (10.43) | (10.45) | — | — | (13.53) | (13.53) | — | (23.98) | 28.33 | (26.07) | 32,248 | 1.56 (11)(13) | 1.55 | (0.04) | 90 | |
7/1/20 to 6/30/21 | 35.72 | (0.25) | 19.01 | 18.76 | — | — | (2.17) | (2.17) | — | 16.59 | 52.31 | 53.24 | 51,169 | 1.60 (11) | 1.60 | (0.54) | 106 | |
7/1/19 to 6/30/20 | 39.37 | (0.23) | (0.47) | (0.70) | — | — | (2.95) | (2.95) | — | (3.65) | 35.72 | (2.20) | 36,141 | 1.63 | 1.63 | (0.63) | 93 | |
7/1/18 to 6/30/19 | 51.40 | (0.14) | (3.88) | (4.02) | — | — | (8.01) | (8.01) | — | (12.03) | 39.37 | (4.64) | 46,947 | 1.62 | 1.62 | (0.34) | 85 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
KAR Global Small-Cap Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 22.52 | — (9) | 2.32 | 2.32 | — | — | — | — | — | 2.32 | $ 24.84 | 10.30 % | $ 421 | 2.38 % | 2.46 % | 0.01 % | 7 % | |
7/1/22 to 6/30/23 | 20.69 | (0.02) | 2.68 | 2.66 | — | — | (0.87) | (0.87) | 0.04 | 1.83 | 22.52 | 13.49 (14) | 529 | 2.38 | 2.43 | (0.08) | 129 | |
7/1/21 to 6/30/22 | 42.24 | (0.29) | (7.73) | (8.02) | — | — | (13.53) | (13.53) | — | (21.55) | 20.69 | (26.64) | 1,438 | 2.32 (11) | 2.32 | (0.90) | 90 | |
7/1/20 to 6/30/21 | 29.36 | (0.50) | 15.55 | 15.05 | — | — | (2.17) | (2.17) | — | 12.88 | 42.24 | 52.11 | 3,374 | 2.35 (11) | 2.35 | (1.34) | 106 | |
7/1/19 to 6/30/20 | 33.10 | (0.42) | (0.37) | (0.79) | — | — | (2.95) | (2.95) | — | (3.74) | 29.36 | (2.92) | 4,120 | 2.38 | 2.38 | (1.39) | 93 | |
7/1/18 to 6/30/19 | 45.13 | (0.45) | (3.57) | (4.02) | — | — | (8.01) | (8.01) | — | (12.03) | 33.10 | (5.37) | 7,354 | 2.37 | 2.37 | (1.18) | 85 | |
Class P | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 35.85 | 0.19 | 3.70 | 3.89 | (0.56) | — | — | (0.56) | — | 3.33 | $ 39.18 | 10.90 % | $ 3,425 | 1.37 % (13) | 1.35 % | 1.02 % | 7 % | |
7/1/22 to 6/30/23 | 32.13 | 0.32 | 4.21 | 4.53 | — | — | (0.87) | (0.87) | 0.06 | 3.72 | 35.85 | 14.58 (14) | 1,764 | 1.38 | 1.39 | 0.97 | 129 | |
7/1/21 to 6/30/22 | 57.32 | 0.09 | (11.75) | (11.66) | — | — | (13.53) | (13.53) | — | (25.19) | 32.13 | (25.87) | 2,067 | 1.30 (11) | 1.30 | 0.20 | 90 | |
7/1/20 to 6/30/21 | 38.89 | (0.19) | 20.79 | 20.60 | — | — | (2.17) | (2.17) | — | 18.43 | 57.32 | 53.64 | 3,609 | 1.35 (11) | 1.35 | (0.38) | 106 | |
7/1/19 to 6/30/20 | 42.51 | (0.18) | (0.49) | (0.67) | — | — | (2.95) | (2.95) | — | (3.62) | 38.89 | (1.96) | 4,444 | 1.37 | 1.37 | (0.44) | 93 | |
7/1/18 to 6/30/19 | 54.57 | (0.06) | (3.99) | (4.05) | — | — | (8.01) | (8.01) | — | (12.06) | 42.51 | (4.40) | 11,675 | 1.37 | 1.37 | (0.13) | 85 | |
Institutional Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 36.59 | 0.21 | 3.79 | 4.00 | (0.34) | — | — | (0.34) | — | 3.66 | $ 40.25 | 10.95 % | $ 24,392 | 1.28 % | 1.35 % | 1.14 % | 7 % | |
7/1/22 to 6/30/23 | 32.74 | 0.35 | 4.31 | 4.66 | — | — | (0.87) | (0.87) | 0.06 | 3.85 | 36.59 | 14.71 (14) | 21,751 | 1.28 | 1.40 | 1.04 | 129 | |
7/1/21 to 6/30/22 | 58.13 | 0.11 | (11.97) | (11.86) | — | — | (13.53) | (13.53) | — | (25.39) | 32.74 | (25.86) | 25,453 | 1.28 | 1.29 | 0.23 | 90 | |
7/1/20 to 6/30/21 | 39.39 | (0.10) | 21.01 | 20.91 | — | — | (2.17) | (2.17) | — | 18.74 | 58.13 | 53.75 | 40,486 | 1.27 (8) | 1.30 | (0.20) | 106 | |
7/1/19 to 6/30/20 | 42.97 | (0.13) | (0.50) | (0.63) | — | — | (2.95) | (2.95) | — | (3.58) | 39.39 | (1.84) | 29,849 | 1.27 | 1.27 | (0.32) | 93 | |
7/1/18 to 6/30/19 | 55.01 | 0.01 | (4.04) | (4.03) | — | — | (8.01) | (8.01) | — | (12.04) | 42.97 | (4.32) | 67,916 | 1.27 | 1.27 | 0.01 | 85 | |
KAR Health Sciences Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 28.03 | (0.05) | 0.35 | 0.30 | — | — | — | — | — | 0.30 | $ 28.33 | 1.07 % | $ 131,095 | 1.40 % (11) | 1.40 % | (0.33) % | 4 % | |
7/1/22 to 6/30/23 | 29.94 | (0.11) | 0.83 | 0.72 | — | — | (2.63) | (2.63) | — (9) | (1.91) | 28.03 | 2.45 (10) | 138,726 | 1.39 (11) | 1.39 | (0.40) | 75 | |
7/1/21 to 6/30/22 | 38.11 | (0.03) | (0.65) | (0.68) | — | — | (7.49) | (7.49) | — | (8.17) | 29.94 | (3.75) | 149,236 | 1.37 (11) | 1.37 | (0.08) | 114 | |
7/1/20 to 6/30/21 | 34.21 | (0.01) | 8.76 | 8.75 | (0.03) | — | (4.82) | (4.85) | — | 3.90 | 38.11 | 27.66 | 169,577 | 1.43 (11) | 1.43 | (0.04) | 102 | |
7/1/19 to 6/30/20 | 32.27 | 0.05 | 4.22 | 4.27 | (0.01) | — | (2.32) | (2.33) | — | 1.94 | 34.21 | 13.37 | 148,223 | 1.47 | 1.47 | 0.15 | 91 | |
7/1/18 to 6/30/19 | 33.27 | 0.02 | 3.57 | 3.59 | (0.31) | — | (4.28) | (4.59) | — | (1.00) | 32.27 | 13.14 | 147,068 | 1.47 | 1.47 | 0.06 | 102 | |
Class C | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 16.51 | (0.09) | 0.20 | 0.11 | — | — | — | — | — | 0.11 | $ 16.62 | 0.67 % | $ 2,261 | 2.16 % (11) | 2.16 % | (1.08) % | 4 % | |
7/1/22 to 6/30/23 | 18.83 | (0.20) | 0.51 | 0.31 | — | — | (2.63) | (2.63) | — (9) | (2.32) | 16.51 | 1.66 (10) | 2,820 | 2.14 (11) | 2.14 | (1.15) | 75 | |
7/1/21 to 6/30/22 | 26.74 | (0.19) | (0.23) | (0.42) | — | — | (7.49) | (7.49) | — | (7.91) | 18.83 | (4.47) | 3,469 | 2.13 (11) | 2.13 | (0.82) | 114 | |
7/1/20 to 6/30/21 | 25.44 | (0.21) | 6.33 | 6.12 | — (9) | — | (4.82) | (4.82) | — | 1.30 | 26.74 | 26.73 | 3,758 | 2.18 (11) | 2.18 | (0.80) | 102 | |
7/1/19 to 6/30/20 | 24.71 | (0.15) | 3.20 | 3.05 | — | — | (2.32) | (2.32) | — | 0.73 | 25.44 | 12.52 | 4,221 | 2.22 | 2.22 | (0.60) | 91 | |
7/1/18 to 6/30/19 | 26.43 | (0.19) | 2.75 | 2.56 | — | — | (4.28) | (4.28) | — | (1.72) | 24.71 | 12.34 | 4,131 | 2.22 | 2.22 | (0.75) | 102 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
KAR Health Sciences Fund (Continued) | ||||||||||||||||||
Class P | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 28.93 | — (9) | 0.35 | 0.35 | — | — | — | — | — | 0.35 | $ 29.28 | 1.24 % | $ 949 | 1.05 % (11) | 1.05 % | 0.02 % | 4 % | |
7/1/22 to 6/30/23 | 30.71 | (0.01) | 0.86 | 0.85 | — | — | (2.63) | (2.63) | — (9) | (1.78) | 28.93 | 2.83 (10) | 1,179 | 1.03 (11) | 1.03 | (0.05) | 75 | |
7/1/21 to 6/30/22 | 38.79 | 0.13 | (0.72) | (0.59) | — | — | (7.49) | (7.49) | — | (8.08) | 30.71 | (3.42) | 2,125 | 1.04 (11) | 1.04 | 0.39 | 114 | |
7/13/20 (15) to 6/30/21 | 35.14 | 0.09 | 8.62 | 8.71 | (0.24) | — | (4.82) | (5.06) | — | 3.65 | 38.79 | 26.91 | 880 | 1.13 (11) | 1.13 | 0.25 | 102 (16) | |
Institutional Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 28.95 | (0.01) | 0.35 | 0.34 | — | — | — | — | — | 0.34 | $ 29.29 | 1.17 % | $ 7,949 | 1.12 % | 1.14 % | (0.04) % | 4 % | |
7/1/22 to 6/30/23 | 30.75 | (0.04) | 0.87 | 0.83 | — | — | (2.63) | (2.63) | — (9) | (1.80) | 28.95 | 2.75 (10) | 10,595 | 1.12 | 1.14 | (0.14) | 75 | |
7/1/21 to 6/30/22 | 38.87 | 0.04 | (0.67) | (0.63) | — | — | (7.49) | (7.49) | — | (8.12) | 30.75 | (3.53) | 23,444 | 1.12 | 1.14 | 0.11 | 114 | |
7/1/20 to 6/30/21 | 34.85 | 0.10 | 8.94 | 9.04 | (0.20) | — | (4.82) | (5.02) | — | 4.02 | 38.87 | 28.07 | 21,122 | 1.12 | 1.14 | 0.28 | 102 | |
7/1/19 to 6/30/20 | 32.76 | 0.15 | 4.30 | 4.45 | (0.04) | — | (2.32) | (2.36) | — | 2.09 | 34.85 | 13.76 | 11,182 | 1.12 | 1.12 | 0.45 | 91 | |
7/1/18 to 6/30/19 | 33.69 | 0.13 | 3.63 | 3.76 | (0.41) | — | (4.28) | (4.69) | — | (0.93) | 32.76 | 13.54 | 4,290 | 1.12 | 1.12 | 0.39 | 102 | |
NFJ Dividend Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 10.34 | 0.28 | 0.90 | 1.18 | (0.29) | — | (1.05) | (1.34) | — | (0.16) | $ 10.18 | 11.59 % | $ 340,844 | 1.02 % (11) | 1.02 % | 5.39 % | 43 % | |
7/1/22 to 6/30/23 | 11.44 | 0.18 | 0.56 | 0.74 | (0.19) | — | (1.65) | (1.84) | — | (1.10) | 10.34 | 7.62 | 333,660 | 1.04 (11) | 1.04 | 1.64 | 72 | |
7/1/21 to 6/30/22 | 12.73 | 0.18 | (0.61) | (0.43) | (0.18) | — | (0.68) | (0.86) | — | (1.29) | 11.44 | (4.16) | 365,634 | 1.01 (11) | 1.01 | 1.40 | 65 | |
7/1/20 to 6/30/21 | 9.67 | 0.15 | 3.07 | 3.22 | (0.16) | — | — (9) | (0.16) | — | 3.06 | 12.73 | 33.47 | 422,719 | 1.02 (8)(11) | 1.06 | 1.36 | 67 | |
7/1/19 to 6/30/20 | 12.11 | 0.19 | (1.01) | (0.82) | (0.20) | — | (1.42) | (1.62) | — | (2.44) | 9.67 | (8.54) | 329,828 | 1.04 | 1.12 | 1.74 | 139 | |
7/1/18 to 6/30/19 | 14.76 | 0.26 | (0.05) | 0.21 | (0.26) | — | (2.60) | (2.86) | — | (2.65) | 12.11 | 4.39 | 453,255 | 1.01 | 1.11 | 1.97 | 52 | |
Class C | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 10.68 | 0.25 | 0.93 | 1.18 | (0.25) | — | (1.05) | (1.30) | — | (0.12) | $ 10.56 | 11.17 % | $ 7,560 | 1.73 % (11) | 1.73 % | 4.58 % | 43 % | |
7/1/22 to 6/30/23 | 11.74 | 0.10 | 0.59 | 0.69 | (0.10) | — | (1.65) | (1.75) | — | (1.06) | 10.68 | 6.86 | 8,040 | 1.75 (11) | 1.75 | 0.94 | 72 | |
7/1/21 to 6/30/22 | 13.04 | 0.09 | (0.64) | (0.55) | (0.07) | — | (0.68) | (0.75) | — | (1.30) | 11.74 | (4.91) | 12,496 | 1.72 (11) | 1.72 | 0.68 | 65 | |
7/1/20 to 6/30/21 | 9.88 | 0.07 | 3.14 | 3.21 | (0.05) | — | — (9) | (0.05) | — | 3.16 | 13.04 | 32.53 | 18,956 | 1.77 (8)(11) | 1.82 | 0.59 | 67 | |
7/1/19 to 6/30/20 | 12.32 | 0.11 | (1.02) | (0.91) | (0.11) | — | (1.42) | (1.53) | — | (2.44) | 9.88 | (9.17) | 38,900 | 1.79 | 1.87 | 0.98 | 139 | |
7/1/18 to 6/30/19 | 14.92 | 0.17 | (0.05) | 0.12 | (0.12) | — | (2.60) | (2.72) | — | (2.60) | 12.32 | 3.56 | 75,395 | 1.76 | 1.86 | 1.23 | 52 | |
Class P | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 10.48 | 0.30 | 0.92 | 1.22 | (0.31) | — | (1.05) | (1.36) | — | (0.14) | $ 10.34 | 11.78 % | $ 127,897 | 0.73 % (11) | 0.73 % | 5.71 % | 43 % | |
7/1/22 to 6/30/23 | 11.57 | 0.21 | 0.57 | 0.78 | (0.22) | — | (1.65) | (1.87) | — | (1.09) | 10.48 | 7.95 | 129,853 | 0.74 (11) | 0.74 | 1.94 | 72 | |
7/1/21 to 6/30/22 | 12.87 | 0.22 | (0.63) | (0.41) | (0.21) | — | (0.68) | (0.89) | — | (1.30) | 11.57 | (3.93) | 153,578 | 0.72 (11) | 0.72 | 1.68 | 65 | |
7/1/20 to 6/30/21 | 9.77 | 0.18 | 3.10 | 3.28 | (0.18) | — | — (9) | (0.18) | — | 3.10 | 12.87 | 33.79 | 210,888 | 0.76 (8)(11) | 0.81 | 1.60 | 67 | |
7/1/19 to 6/30/20 | 12.21 | 0.23 | (1.02) | (0.79) | (0.23) | — | (1.42) | (1.65) | — | (2.44) | 9.77 | (8.23) | 221,250 | 0.79 | 0.87 | 1.98 | 139 | |
7/1/18 to 6/30/19 | 14.87 | 0.30 | (0.05) | 0.25 | (0.31) | — | (2.60) | (2.91) | — | (2.66) | 12.21 | 4.62 | 378,642 | 0.76 | 0.86 | 2.22 | 52 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
NFJ Dividend Value Fund (Continued) | ||||||||||||||||||
Institutional Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 10.46 | 0.30 | 0.92 | 1.22 | (0.31) | — | (1.05) | (1.36) | — | (0.14) | $ 10.32 | 11.83 % | $ 72,485 | 0.70 % | 0.73 % | 5.67 % | 43 % | |
7/1/22 to 6/30/23 | 11.55 | 0.22 | 0.56 | 0.78 | (0.22) | — | (1.65) | (1.87) | — | (1.09) | 10.46 | 8.01 | 75,806 | 0.70 | 0.74 | 1.98 | 72 | |
7/1/21 to 6/30/22 | 12.85 | 0.22 | (0.63) | (0.41) | (0.21) | — | (0.68) | (0.89) | — | (1.30) | 11.55 | (3.95) | 91,990 | 0.70 | 0.75 | 1.71 | 65 | |
7/1/20 to 6/30/21 | 9.75 | 0.19 | 3.10 | 3.29 | (0.19) | — | — (9) | (0.19) | — | 3.10 | 12.85 | 33.95 | 122,996 | 0.70 | 0.75 | 1.67 | 67 | |
7/1/19 to 6/30/20 | 12.20 | 0.24 | (1.03) | (0.79) | (0.24) | — | (1.42) | (1.66) | — | (2.45) | 9.75 | (8.24) | 117,755 | 0.69 | 0.77 | 2.07 | 139 | |
7/1/18 to 6/30/19 | 14.87 | 0.31 | (0.05) | 0.26 | (0.33) | — | (2.60) | (2.93) | — | (2.67) | 12.20 | 4.75 | 263,357 | 0.66 | 0.76 | 2.32 | 52 | |
Class R6 | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 10.39 | 0.30 | 0.91 | 1.21 | (0.31) | — | (1.05) | (1.36) | — | (0.15) | $ 10.24 | 11.80 % | $ 60,291 | 0.65 % | 0.65 % | 5.63 % | 43 % | |
7/1/22 to 6/30/23 | 11.49 | 0.22 | 0.56 | 0.78 | (0.23) | — | (1.65) | (1.88) | — | (1.10) | 10.39 | 8.05 | 68,554 | 0.65 | 0.67 | 2.04 | 72 | |
7/1/21 to 6/30/22 | 12.79 | 0.23 | (0.63) | (0.40) | (0.22) | — | (0.68) | (0.90) | — | (1.30) | 11.49 | (3.85) | 72,399 | 0.63 (11) | 0.63 | 1.78 | 65 | |
7/1/20 to 6/30/21 | 9.71 | 0.19 | 3.08 | 3.27 | (0.19) | — | — (9) | (0.19) | — | 3.08 | 12.79 | 33.98 | 82,578 | 0.64 (8) | 0.69 | 1.72 | 67 | |
7/1/19 to 6/30/20 | 12.15 | 0.24 | (1.02) | (0.78) | (0.24) | — | (1.42) | (1.66) | — | (2.44) | 9.71 | (8.12) | 60,490 | 0.64 | 0.72 | 2.15 | 139 | |
7/1/18 to 6/30/19 | 14.83 | 0.31 | (0.04) | 0.27 | (0.35) | — | (2.60) | (2.95) | — | (2.68) | 12.15 | 4.82 | 65,935 | 0.61 | 0.71 | 2.38 | 52 | |
Administrative Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 10.85 | 0.30 | 0.94 | 1.24 | (0.29) | — | (1.05) | (1.34) | — | (0.10) | $ 10.75 | 11.62 % | $ 35,839 | 0.95 % | 0.96 % | 5.54 % | 43 % | |
7/1/22 to 6/30/23 | 11.80 | 0.19 | 0.70 (17) | 0.89 | (0.19) | — | (1.65) | (1.84) | — | (0.95) | 10.85 | 8.90 | 32,896 | 0.95 | 0.98 | 1.74 | 72 | |
7/1/21 to 6/30/22 | 13.12 | 0.19 | (0.64) | (0.45) | (0.19) | — | (0.68) | (0.87) | — | (1.32) | 11.80 | (4.20) | 33,060 | 0.95 | 0.99 | 1.46 | 65 | |
7/1/20 to 6/30/21 | 9.96 | 0.17 | 3.15 | 3.32 | (0.16) | — | — (9) | (0.16) | — | 3.16 | 13.12 | 33.55 | 33,289 | 0.94 (8) | 0.98 | 1.44 | 67 | |
7/1/19 to 6/30/20 | 12.41 | 0.21 | (1.03) | (0.82) | (0.21) | — | (1.42) | (1.63) | — | (2.45) | 9.96 | (8.33) | 25,794 | 0.94 | 1.02 | 1.84 | 139 | |
7/1/18 to 6/30/19 | 15.04 | 0.28 | (0.05) | 0.23 | (0.26) | — | (2.60) | (2.86) | — | (2.63) | 12.41 | 4.42 | 47,049 | 0.91 | 1.01 | 2.07 | 52 | |
NFJ International Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 19.18 | 0.05 | 0.16 | 0.21 | (0.28) | — | — | (0.28) | — | (0.07) | $ 19.11 | 1.13 % | $ 44,825 | 1.31 % (18) | 1.36 % | 0.55 % | 91 % | |
7/1/22 to 6/30/23 | 17.83 | 0.33 | 1.36 | 1.69 | (0.34) | — | — | (0.34) | — | 1.35 | 19.18 | 9.68 | 48,363 | 1.30 | 1.38 | 1.83 | 104 | |
7/1/21 to 6/30/22 | 22.93 | 0.40 | (5.10) | (4.70) | (0.40) | — | — | (0.40) | — | (5.10) | 17.83 | (20.78) | 50,307 | 1.30 | 1.33 | 1.90 | 66 | |
7/1/20 to 6/30/21 | 16.86 | 0.28 | 6.15 | 6.43 | (0.36) | — | — | (0.36) | — | 6.07 | 22.93 | 38.47 | 73,311 | 1.30 (8)(11) | 1.34 | 1.38 | 116 | |
7/1/19 to 6/30/20 | 18.47 | 0.36 | (1.58) | (1.22) | (0.39) | — | — | (0.39) | — | (1.61) | 16.86 | (6.66) | 55,297 | 1.30 | 1.37 | 2.06 | 91 | |
7/1/18 to 6/30/19 | 18.52 | 0.33 | (0.08) | 0.25 | (0.30) | — | — | (0.30) | — | (0.05) | 18.47 | 1.44 | 71,931 | 1.30 | 1.38 | 1.84 | 49 | |
Class C | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 18.76 | (0.02) | 0.15 | 0.13 | (0.20) | — | — | (0.20) | — | (0.07) | $ 18.69 | 0.75 % | $ 877 | 2.06 % (18) | 2.09 % | (0.19) % | 91 % | |
7/1/22 to 6/30/23 | 17.47 | 0.19 | 1.33 | 1.52 | (0.23) | — | — | (0.23) | — | 1.29 | 18.76 | 8.86 | 1,126 | 2.05 | 2.10 | 1.06 | 104 | |
7/1/21 to 6/30/22 | 22.51 | 0.25 | (5.00) | (4.75) | (0.29) | — | — | (0.29) | — | (5.04) | 17.47 | (21.32) | 1,724 | 2.02 (11) | 2.02 | 1.21 | 66 | |
7/1/20 to 6/30/21 | 16.57 | 0.11 | 6.04 | 6.15 | (0.21) | — | — | (0.21) | — | 5.94 | 22.51 | 37.40 | 3,576 | 2.02 (11) | 2.07 | 0.56 | 116 | |
7/1/19 to 6/30/20 | 18.15 | 0.22 | (1.54) | (1.32) | (0.26) | — | — | (0.26) | — | (1.58) | 16.57 | (7.33) | 7,488 | 2.05 | 2.12 | 1.27 | 91 | |
7/1/18 to 6/30/19 | 18.20 | 0.17 | (0.04) | 0.13 | (0.18) | — | — | (0.18) | — | (0.05) | 18.15 | 0.76 | 13,926 | 2.05 | 2.13 | 0.98 | 49 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
NFJ International Value Fund (Continued) | ||||||||||||||||||
Class P | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 19.32 | 0.07 | 0.16 | 0.23 | (0.30) | — | — | (0.30) | — | (0.07) | $ 19.25 | 1.25 % | $ 13,754 | 1.06 % (18) | 1.05 % | 0.80 % | 91 % | |
7/1/22 to 6/30/23 | 17.96 | 0.38 | 1.36 | 1.74 | (0.38) | — | — | (0.38) | — | 1.36 | 19.32 | 9.92 | 14,861 | 1.05 | 1.07 | 2.08 | 104 | |
7/1/21 to 6/30/22 | 23.09 | 0.47 | (5.13) | (4.66) | (0.47) | — | — | (0.47) | — | (5.13) | 17.96 | (20.52) | 17,205 | 1.01 (11) | 1.01 | 2.20 | 66 | |
7/1/20 to 6/30/21 | 16.96 | 0.34 | 6.19 | 6.53 | (0.40) | — | — | (0.40) | — | 6.13 | 23.09 | 38.86 | 26,708 | 1.03 (8)(11) | 1.07 | 1.65 | 116 | |
7/1/19 to 6/30/20 | 18.58 | 0.41 | (1.60) | (1.19) | (0.43) | — | — | (0.43) | — | (1.62) | 16.96 | (6.45) | 22,912 | 1.05 | 1.12 | 2.29 | 91 | |
7/1/18 to 6/30/19 | 18.61 | 0.35 | (0.04) | 0.31 | (0.34) | — | — | (0.34) | — | (0.03) | 18.58 | 1.76 | 38,655 | 1.05 | 1.13 | 1.93 | 49 | |
Institutional Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 19.33 | 0.10 | 0.14 | 0.24 | (0.31) | — | — | (0.31) | — | (0.07)��� | $ 19.26 | 1.29 % | $ 12,596 | 0.96 % (18) | 0.99 % | 1.07 % | 91 % | |
7/1/22 to 6/30/23 | 17.96 | 0.40 | 1.36 | 1.76 | (0.39) | — | — | (0.39) | — | 1.37 | 19.33 | 10.06 | 28,557 | 0.95 | 1.02 | 2.19 | 104 | |
7/1/21 to 6/30/22 | 23.11 | 0.48 | (5.14) | (4.66) | (0.49) | — | — | (0.49) | — | (5.15) | 17.96 | (20.52) | 38,243 | 0.95 | 0.98 | 2.25 | 66 | |
7/1/20 to 6/30/21 | 16.98 | 0.36 | 6.19 | 6.55 | (0.42) | — | — | (0.42) | — | 6.13 | 23.11 | 38.95 | 48,096 | 0.95 | 1.00 | 1.76 | 116 | |
7/1/19 to 6/30/20 | 18.60 | 0.43 | (1.60) | (1.17) | (0.45) | — | — | (0.45) | — | (1.62) | 16.98 | (6.33) | 37,009 | 0.95 | 1.02 | 2.41 | 91 | |
7/1/18 to 6/30/19 | 18.64 | 0.41 | (0.08) | 0.33 | (0.37) | — | — | (0.37) | — | (0.04) | 18.60 | 1.84 | 46,473 | 0.95 | 1.03 | 2.24 | 49 | |
Class R6 | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 19.31 | 0.09 | 0.16 | 0.25 | (0.32) | — | — | (0.32) | — | (0.07) | $ 19.24 | 1.34 % | $ 2,782 | 0.91 % (18) | 0.96 % | 0.95 % | 91 % | |
7/1/22 to 6/30/23 | 17.95 | 0.40 | 1.36 | 1.76 | (0.40) | — | — | (0.40) | — | 1.36 | 19.31 | 10.08 | 2,756 | 0.90 | 0.98 | 2.21 | 104 | |
7/1/21 to 6/30/22 | 23.08 | 0.51 | (5.15) | (4.64) | (0.49) | — | — | (0.49) | — | (5.13) | 17.95 | (20.42) | 3,477 | 0.90 | 0.93 | 2.40 | 66 | |
7/1/20 to 6/30/21 | 16.97 | 0.41 | 6.13 | 6.54 | (0.43) | — | — | (0.43) | — | 6.11 | 23.08 | 38.97 | 2,741 | 0.90 | 0.95 | 1.96 | 116 | |
7/1/19 to 6/30/20 | 18.59 | 0.44 | (1.60) | (1.16) | (0.46) | — | — | (0.46) | — | (1.62) | 16.97 | (6.28) | 1,230 | 0.90 | 0.97 | 2.47 | 91 | |
7/1/18 to 6/30/19 | 18.63 | 0.37 | (0.04) | 0.33 | (0.37) | — | — | (0.37) | — | (0.04) | 18.59 | 1.88 | 1,277 | 0.90 | 0.98 | 2.07 | 49 | |
Administrative Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 19.64 | 0.06 | 0.17 | 0.23 | (0.29) | — | — | (0.29) | — | (0.06) | $ 19.58 | 1.16 % | $ 1,547 | 1.21 % (18) | 1.40 % | 0.64 % | 91 % | |
7/1/22 to 6/30/23 | 17.94 | 0.35 | 1.70 (17) | 2.05 | (0.35) | — | — | (0.35) | — | 1.70 | 19.64 | 11.68 | 1,461 | 1.20 | 1.29 | 1.94 | 104 | |
7/1/21 to 6/30/22 | 23.06 | 0.41 | (5.11) | (4.70) | (0.42) | — | — | (0.42) | — | (5.12) | 17.94 | (20.69) | 1,514 | 1.20 | 1.50 | 1.91 | 66 | |
7/1/20 to 6/30/21 | 16.92 | 0.11 | 6.35 | 6.46 | (0.32) | — | — | (0.32) | — | 6.14 | 23.06 | 38.57 | 1,219 | 1.20 | 1.28 | 0.57 | 116 | |
7/1/19 to 6/30/20 | 18.54 | 0.38 | (1.59) | (1.21) | (0.41) | — | — | (0.41) | — | (1.62) | 16.92 | (6.58) | 1,147 | 1.20 | 1.27 | 2.17 | 91 | |
7/1/18 to 6/30/19 | 18.56 | 0.29 | 0.01 | 0.30 | (0.32) | — | — | (0.32) | — | (0.02) | 18.54 | 1.68 | 1,436 | 1.20 | 1.28 | 1.60 | 49 | |
NFJ Large-Cap Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 26.18 | 0.21 | 1.98 | 2.19 | (0.24) | — | (1.47) | (1.71) | — | 0.48 | $ 26.66 | 8.45 % | $ 154,749 | 1.01 % (11) | 1.01 % | 1.59 % | 38 % | |
7/1/22 to 6/30/23 | 29.16 | 0.35 | 1.60 | 1.95 | (0.34) | — | (4.59) | (4.93) | — | (2.98) | 26.18 | 8.27 | 151,469 | 1.01 (11) | 1.01 | 1.29 | 67 | |
7/1/21 to 6/30/22 | 33.12 | 0.24 | (2.09) | (1.85) | (0.20) | — | (1.91) | (2.11) | — | (3.96) | 29.16 | (6.36) | 159,063 | 1.00 (11) | 1.00 | 0.71 | 45 | |
7/1/20 to 6/30/21 | 24.49 | 0.23 | 8.62 | 8.85 | (0.22) | — | — | (0.22) | — | 8.63 | 33.12 | 36.24 | 184,745 | 1.06 (11) | 1.06 | 0.79 | 69 | |
7/1/19 to 6/30/20 | 26.90 | 0.39 | (1.88) | (1.49) | (0.41) | — | (0.51) | (0.92) | — | (2.41) | 24.49 | (5.71) | 150,404 | 1.12 | 1.12 | 1.48 | 114 | |
7/1/18 to 6/30/19 | 26.14 | 0.41 | 0.79 | 1.20 | (0.39) | — | (0.05) | (0.44) | — | 0.76 | 26.90 | 4.67 | 178,311 | 1.12 | 1.12 | 1.57 | 68 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
NFJ Large-Cap Value Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 26.58 | 0.10 | 2.01 | 2.11 | (0.13) | — | (1.47) | (1.60) | — | 0.51 | $ 27.09 | 7.99 % | $ 1,898 | 1.80 % (11) | 1.80 % | 0.78 % | 38 % | |
7/1/22 to 6/30/23 | 29.51 | 0.14 | 1.62 | 1.76 | (0.10) | — | (4.59) | (4.69) | — | (2.93) | 26.58 | 7.42 | 2,041 | 1.79 (11) | 1.79 | 0.50 | 67 | |
7/1/21 to 6/30/22 | 33.54 | (0.02) | (2.09) | (2.11) | (0.01) | — | (1.91) | (1.92) | — | (4.03) | 29.51 | (7.05) | 2,775 | 1.76 (11) | 1.76 | (0.05) | 45 | |
7/1/20 to 6/30/21 | 24.82 | 0.02 | 8.73 | 8.75 | (0.03) | — | — | (0.03) | — | 8.72 | 33.54 | 35.24 | 4,056 | 1.81 (11) | 1.81 | 0.06 | 69 | |
7/1/19 to 6/30/20 | 27.23 | 0.19 | (1.88) | (1.69) | (0.21) | — | (0.51) | (0.72) | — | (2.41) | 24.82 | (6.41) | 7,854 | 1.87 | 1.87 | 0.73 | 114 | |
7/1/18 to 6/30/19 | 26.44 | 0.19 | 0.81 | 1.00 | (0.16) | — | (0.05) | (0.21) | — | 0.79 | 27.23 | 3.82 | 12,080 | 1.87 | 1.87 | 0.70 | 68 | |
Class P | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 26.53 | 0.24 | 2.01 | 2.25 | (0.27) | — | (1.47) | (1.74) | — | 0.51 | $ 27.04 | 8.58 % | $ 13,863 | 0.75 % (11) | 0.75 % | 1.83 % | 38 % | |
7/1/22 to 6/30/23 | 29.49 | 0.43 | 1.60 | 2.03 | (0.40) | — | (4.59) | (4.99) | — | (2.96) | 26.53 | 8.53 | 14,461 | 0.75 (11) | 0.75 | 1.55 | 67 | |
7/1/21 to 6/30/22 | 33.46 | 0.32 | (2.11) | (1.79) | (0.27) | — | (1.91) | (2.18) | — | (3.97) | 29.49 | (6.10) | 15,206 | 0.75 (11) | 0.75 | 0.95 | 45 | |
7/1/20 to 6/30/21 | 24.73 | 0.30 | 8.71 | 9.01 | (0.28) | — | — | (0.28) | — | 8.73 | 33.46 | 36.60 | 20,413 | 0.81 (11) | 0.81 | 1.04 | 69 | |
7/1/19 to 6/30/20 | 27.16 | 0.46 | (1.90) | (1.44) | (0.48) | — | (0.51) | (0.99) | — | (2.43) | 24.73 | (5.49) | 15,384 | 0.87 | 0.87 | 1.73 | 114 | |
7/1/18 to 6/30/19 | 26.38 | 0.48 | 0.81 | 1.29 | (0.46) | — | (0.05) | (0.51) | — | 0.78 | 27.16 | 4.95 | 19,097 | 0.87 | 0.87 | 1.80 | 68 | |
Institutional Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 26.01 | 0.24 | 1.97 | 2.21 | (0.28) | — | (1.47) | (1.75) | — | 0.46 | $ 26.47 | 8.57 % | $ 120,652 | 0.75 % (11) | 0.75 % | 1.86 % | 38 % | |
7/1/22 to 6/30/23 | 29.01 | 0.41 | 1.58 | 1.99 | (0.40) | — | (4.59) | (4.99) | — | (3.00) | 26.01 | 8.50 | 110,871 | 0.77 | 0.77 | 1.52 | 67 | |
7/1/21 to 6/30/22 | 32.96 | 0.32 | (2.07) | (1.75) | (0.29) | — | (1.91) | (2.20) | — | (3.95) | 29.01 | (6.09) | 113,368 | 0.74 | 0.74 | 0.98 | 45 | |
7/1/20 to 6/30/21 | 24.37 | 0.31 | 8.58 | 8.89 | (0.30) | — | — | (0.30) | — | 8.59 | 32.96 | 36.66 | 129,083 | 0.75 (11) | 0.75 | 1.09 | 69 | |
7/1/19 to 6/30/20 | 26.77 | 0.48 | (1.87) | (1.39) | (0.50) | — | (0.51) | (1.01) | — | (2.40) | 24.37 | (5.36) | 92,001 | 0.77 | 0.77 | 1.81 | 114 | |
7/1/18 to 6/30/19 | 26.02 | 0.50 | 0.79 | 1.29 | (0.49) | — | (0.05) | (0.54) | — | 0.75 | 26.77 | 5.02 | 132,572 | 0.77 | 0.77 | 1.91 | 68 | |
Class R6 | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 25.99 | 0.25 | 1.97 | 2.22 | (0.29) | — | (1.47) | (1.76) | — | 0.46 | $ 26.45 | 8.63 % | $ 2,253 | 0.65 % | 0.66 % | 1.95 % | 38 % | |
7/1/22 to 6/30/23 | 28.99 | 0.64 | 1.41 | 2.05 | (0.46) | — | (4.59) | (5.05) | — | (3.00) | 25.99 | 8.75 | 2,172 | 0.57 (11) | 0.57 | 2.42 | 67 | |
10/29/21 (15) to 6/30/22 | 35.37 | 0.25 | (4.47) | (4.22) | (0.25) | — | (1.91) | (2.16) | — | (6.38) | 28.99 | (12.65) | 82 | 0.65 | 0.78 | 1.15 | 45 (16) | |
Administrative Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 26.75 | 0.22 | 2.02 | 2.24 | (0.25) | — | (1.47) | (1.72) | — | 0.52 | $ 27.27 | 8.43 % | $ 461 | 0.96 % (11) | 0.96 % | 1.64 % | 38 % | |
7/1/22 to 6/30/23 | 29.67 | 0.37 | 1.64 | 2.01 | (0.34) | — | (4.59) | (4.93) | — | (2.92) | 26.75 | 8.38 | 442 | 0.97 (11) | 0.97 | 1.33 | 67 | |
7/1/21 to 6/30/22 | 33.66 | 0.27 | (2.13) | (1.86) | (0.22) | — | (1.91) | (2.13) | — | (3.99) | 29.67 | (6.28) | 460 | 0.93 (11)(13) | 0.91 | 0.79 | 45 | |
7/1/20 to 6/30/21 | 24.85 | 0.25 | 8.75 | 9.00 | (0.19) | — | — | (0.19) | — | 8.81 | 33.66 | 36.33 | 520 | 1.01 (8) | 1.02 | 0.89 | 69 | |
7/1/19 to 6/30/20 | 27.29 | 0.42 | (1.91) | (1.49) | (0.44) | — | (0.51) | (0.95) | — | (2.44) | 24.85 | (5.65) | 1,181 | 1.02 | 1.02 | 1.58 | 114 | |
7/1/18 to 6/30/19 | 26.51 | 0.45 | 0.80 | 1.25 | (0.42) | — | (0.05) | (0.47) | — | 0.78 | 27.29 | 4.77 | 1,381 | 1.02 | 1.02 | 1.66 | 68 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
NFJ Mid-Cap Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 25.29 | 0.22 | 1.30 | 1.52 | (0.43) | — | (1.40) | (1.83) | — | (0.31) | $ 24.98 | 6.17 % | $ 467,876 | 1.00 % | 1.13 % | 1.75 % | 47 % | |
7/1/22 to 6/30/23 | 29.43 | 0.30 | 2.33 | 2.63 | (0.39) | — | (6.38) | (6.77) | — | (4.14) | 25.29 | 11.10 | 476,789 | 1.00 | 1.12 | 1.11 | 105 | |
7/1/21 to 6/30/22 | 35.54 | 0.24 | (2.18) | (1.94) | (0.25) | — | (3.92) | (4.17) | — | (6.11) | 29.43 | (6.83) | 495,612 | 1.00 | 1.10 | 0.70 | 76 | |
7/1/20 to 6/30/21 | 25.72 | 0.30 | 9.83 | 10.13 | (0.26) | — | (0.05) | (0.31) | — | 9.82 | 35.54 | 39.60 | 596,144 | 1.00 | 1.16 | 0.98 | 96 | |
7/1/19 to 6/30/20 | 30.60 | 0.38 | (2.72) | (2.34) | (0.33) | — | (2.21) | (2.54) | — | (4.88) | 25.72 | (8.93) | 474,970 | 0.99 | 1.21 | 1.30 | 197 | |
7/1/18 to 6/30/19 | 30.06 | 0.44 | 0.54 | 0.98 | (0.31) | — | (0.13) | (0.44) | — | 0.54 | 30.60 | 3.46 | 595,707 | 0.99 | 1.21 | 1.48 | 81 | |
Class C | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 18.10 | 0.09 | 0.92 | 1.01 | (0.31) | — | (1.40) | (1.71) | — | (0.70) | $ 17.40 | 5.81 % | $ 17,109 | 1.75 % | 1.86 % | 0.97 % | 47 % | |
7/1/22 to 6/30/23 | 22.96 | 0.06 | 1.70 | 1.76 | (0.24) | — | (6.38) | (6.62) | — | (4.86) | 18.10 | 10.23 | 19,749 | 1.75 | 1.83 | 0.31 | 105 | |
7/1/21 to 6/30/22 | 28.63 | (0.01) | (1.65) | (1.66) | (0.09) | — | (3.92) | (4.01) | — | (5.67) | 22.96 | (7.48) | 28,379 | 1.75 | 1.82 | (0.05) | 76 | |
7/1/20 to 6/30/21 | 20.74 | 0.05 | 7.93 | 7.98 | (0.04) | — | (0.05) | (0.09) | — | 7.89 | 28.63 | 38.53 | 39,321 | 1.74 (8) | 1.90 | 0.21 | 96 | |
7/1/19 to 6/30/20 | 25.16 | 0.13 | (2.18) | (2.05) | (0.16) | — | (2.21) | (2.37) | — | (4.42) | 20.74 | (9.64) | 37,278 | 1.74 | 1.96 | 0.55 | 197 | |
7/1/18 to 6/30/19 | 24.62 | 0.13 | 0.54 | 0.67 | — | — | (0.13) | (0.13) | — | 0.54 | 25.16 | 2.73 | 48,176 | 1.74 | 1.96 | 0.54 | 81 | |
Class P | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 17.29 | 0.17 | 0.87 | 1.04 | (0.52) | — | (1.40) | (1.92) | — | (0.88) | $ 16.41 | 6.31 % | $ 63,563 | 0.75 % | 0.84 % | 1.95 % | 47 % | |
7/1/22 to 6/30/23 | 22.26 | 0.26 | 1.63 | 1.89 | (0.48) | — | (6.38) | (6.86) | — | (4.97) | 17.29 | 11.43 | 81,136 | 0.75 | 0.84 | 1.33 | 105 | |
7/1/21 to 6/30/22 | 27.90 | 0.24 | (1.58) | (1.34) | (0.38) | — | (3.92) | (4.30) | — | (5.64) | 22.26 | (6.60) | 99,992 | 0.75 | 0.83 | 0.90 | 76 | |
7/1/20 to 6/30/21 | 20.30 | 0.29 | 7.74 | 8.03 | (0.38) | — | (0.05) | (0.43) | — | 7.60 | 27.90 | 39.93 | 239,250 | 0.75 | 0.90 | 1.23 | 96 | |
7/1/19 to 6/30/20 | 24.68 | 0.36 | (2.10) | (1.74) | (0.43) | — | (2.21) | (2.64) | — | (4.38) | 20.30 | (8.72) | 211,729 | 0.74 | 0.96 | 1.57 | 197 | |
7/1/18 to 6/30/19 | 24.35 | 0.41 | 0.43 | 0.84 | (0.38) | — | (0.13) | (0.51) | — | 0.33 | 24.68 | 3.75 | 197,201 | 0.74 | 0.96 | 1.70 | 81 | |
Institutional Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 28.16 | 0.29 | 1.46 | 1.75 | (0.48) | — | (1.40) | (1.88) | — | (0.13) | $ 28.03 | 6.38 % | $ 249,556 | 0.65 % | 0.84 % | 2.08 % | 47 % | |
7/1/22 to 6/30/23 | 31.99 | 0.43 | 2.59 | 3.02 | (0.47) | — | (6.38) | (6.85) | — | (3.83) | 28.16 | 11.48 | 282,625 | 0.65 | 0.82 | 1.43 | 105 | |
7/1/21 to 6/30/22 | 38.28 | 0.39 | (2.38) | (1.99) | (0.38) | — | (3.92) | (4.30) | — | (6.29) | 31.99 | (6.49) | 381,239 | 0.65 | 0.81 | 1.06 | 76 | |
7/1/20 to 6/30/21 | 27.70 | 0.44 | 10.59 | 11.03 | (0.40) | — | (0.05) | (0.45) | — | 10.58 | 38.28 | 40.11 | 460,452 | 0.65 | 0.84 | 1.33 | 96 | |
7/1/19 to 6/30/20 | 32.77 | 0.51 | (2.92) | (2.41) | (0.45) | — | (2.21) | (2.66) | — | (5.07) | 27.70 | (8.62) | 385,311 | 0.64 | 0.86 | 1.67 | 197 | |
7/1/18 to 6/30/19 | 32.15 | 0.58 | 0.57 | 1.15 | (0.40) | — | (0.13) | (0.53) | — | 0.62 | 32.77 | 3.83 | 406,173 | 0.64 | 0.86 | 1.82 | 81 | |
Class R6 | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 28.10 | 0.30 | 1.45 | 1.75 | (0.51) | — | (1.40) | (1.91) | — | (0.16) | $ 27.94 | 6.41 % | $ 77,037 | 0.60 % | 0.76 % | 2.15 % | 47 % | |
7/1/22 to 6/30/23 | 31.97 | 0.44 | 2.59 | 3.03 | (0.52) | — | (6.38) | (6.90) | — | (3.87) | 28.10 | 11.55 | 78,020 | 0.60 | 0.74 | 1.50 | 105 | |
7/1/21 to 6/30/22 | 38.24 | 0.41 | (2.38) | (1.97) | (0.38) | — | (3.92) | (4.30) | — | (6.27) | 31.97 | (6.45) | 87,682 | 0.60 | 0.72 | 1.12 | 76 | |
7/1/20 to 6/30/21 | 27.68 | 0.45 | 10.59 | 11.04 | (0.43) | — | (0.05) | (0.48) | — | 10.56 | 38.24 | 40.17 | 85,969 | 0.60 | 0.78 | 1.37 | 96 | |
7/1/19 to 6/30/20 | 32.75 | 0.56 | (2.95) | (2.39) | (0.47) | — | (2.21) | (2.68) | — | (5.07) | 27.68 | (8.57) | 66,260 | 0.59 | 0.81 | 1.86 | 197 | |
7/1/18 to 6/30/19 | 32.13 | 0.63 | 0.53 | 1.16 | (0.41) | — | (0.13) | (0.54) | — | 0.62 | 32.75 | 3.89 | 18,052 | 0.59 | 0.81 | 2.03 | 81 | |
Administrative Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 26.60 | 0.24 | 1.38 | 1.62 | (0.42) | — | (1.40) | (1.82) | — | (0.20) | $ 26.40 | 6.24 % | $ 29,135 | 0.90 % | 1.11 % | 1.80 % | 47 % | |
7/1/22 to 6/30/23 | 30.61 | 0.34 | 2.45 | 2.79 | (0.42) | — | (6.38) | (6.80) | — | (4.01) | 26.60 | 11.20 | 34,215 | 0.90 | 1.12 | 1.22 | 105 | |
7/1/21 to 6/30/22 | 36.77 | 0.28 | (2.26) | (1.98) | (0.26) | — | (3.92) | (4.18) | — | (6.16) | 30.61 | (6.70) | 34,212 | 0.90 | 1.06 | 0.80 | 76 | |
7/1/20 to 6/30/21 | 26.59 | 0.34 | 10.17 | 10.51 | (0.28) | — | (0.05) | (0.33) | — | 10.18 | 36.77 | 39.73 | 49,280 | 0.90 | 1.08 | 1.06 | 96 | |
7/1/19 to 6/30/20 | 31.57 | 0.42 | (2.81) | (2.39) | (0.38) | — | (2.21) | (2.59) | — | (4.98) | 26.59 | (8.85) | 33,511 | 0.89 | 1.11 | 1.43 | 197 | |
7/1/18 to 6/30/19 | 31.00 | 0.48 | 0.56 | 1.04 | (0.34) | — | (0.13) | (0.47) | — | 0.57 | 31.57 | 3.60 | 27,405 | 0.89 | 1.11 | 1.58 | 81 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
NFJ Small-Cap Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 11.86 | 0.09 | 1.27 | 1.36 | (0.28) | — | (1.09) | (1.37) | — | (0.01) | $ 11.85 | 11.69 % | $ 230,986 | 1.17 % | 1.23 % | 1.55 % | 46 % | |
7/1/22 to 6/30/23 | 12.80 | 0.13 | 1.03 | 1.16 | (0.14) | — | (1.96) | (2.10) | — | (0.94) | 11.86 | 10.64 | 225,530 | 1.17 | 1.23 | 1.10 | 79 | |
7/1/21 to 6/30/22 | 15.67 | 0.10 | (1.66) | (1.56) | (0.17) | — | (1.14) | (1.31) | — | (2.87) | 12.80 | (11.08) | 236,990 | 1.17 | 1.21 | 0.68 | 52 | |
7/1/20 to 6/30/21 | 11.07 | 0.18 | 4.71 | 4.89 | (0.24) | — | (0.05) | (0.29) | — | 4.60 | 15.67 | 44.57 | 325,048 | 1.18 (8)(11) | 1.23 | 1.34 | 65 | |
7/1/19 to 6/30/20 | 14.53 | 0.18 | (2.28) | (2.10) | (0.06) | — | (1.30) | (1.36) | — | (3.46) | 11.07 | (16.62) | 267,845 | 1.17 | 1.27 | 1.37 | 126 | |
7/1/18 to 6/30/19 | 21.71 | 0.29 | (2.73) | (2.44) | (0.62) | — | (4.12) | (4.74) | — | (7.18) | 14.53 | (7.70) | 439,710 | 1.18 | 1.26 | 1.65 | 47 | |
Class C | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 9.96 | 0.04 | 1.06 | 1.10 | (0.20) | — | (1.09) | (1.29) | — | (0.19) | $ 9.77 | 11.28 % | $ 993 | 1.92 % | 1.98 % | 0.77 % | 46 % | |
7/1/22 to 6/30/23 | 11.10 | 0.04 | 0.85 | 0.89 | (0.07) | — | (1.96) | (2.03) | — | (1.14) | 9.96 | 9.76 | 1,062 | 1.92 | 1.97 | 0.34 | 79 | |
7/1/21 to 6/30/22 | 13.78 | (0.01) | (1.43) | (1.44) | (0.10) | — | (1.14) | (1.24) | — | (2.68) | 11.10 | (11.72) | 1,347 | 1.92 | 1.95 | (0.06) | 52 | |
7/1/20 to 6/30/21 | 9.74 | 0.07 | 4.14 | 4.21 | (0.12) | — | (0.05) | (0.17) | — | 4.04 | 13.78 | 43.52 | 1,606 | 1.91 (11) | 1.97 | 0.60 | 65 | |
7/1/19 to 6/30/20 | 12.97 | 0.07 | (2.00) | (1.93) | — | — | (1.30) | (1.30) | — | (3.23) | 9.74 | (17.26) | 1,627 | 1.92 | 2.02 | 0.58 | 126 | |
7/1/18 to 6/30/19 | 19.30 | 0.16 | (2.41) | (2.25) | — | — | (4.08) (19) | (4.08) | — | (6.33) | 12.97 | (8.35) | 3,984 | 1.93 | 2.01 | 0.88 | 47 | |
Class P | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 14.65 | 0.13 | 1.58 | 1.71 | (0.26) | — | (1.09) | (1.35) | — | 0.36 | $ 15.01 | 11.89 % | $ 19,683 | 0.88 % (11) | 0.88 % | 1.78 % | 46 % | |
7/1/22 to 6/30/23 | 15.30 | 0.21 | 1.24 | 1.45 | (0.14) | — | (1.96) | (2.10) | — | (0.65) | 14.65 | 10.85 | 24,940 | 0.91 (11) | 0.91 | 1.42 | 79 | |
7/1/21 to 6/30/22 | 18.42 | 0.17 | (1.97) | (1.80) | (0.18) | — | (1.14) | (1.32) | — | (3.12) | 15.30 | (10.73) | 14,358 | 0.89 (11) | 0.89 | 0.95 | 52 | |
7/1/20 to 6/30/21 | 12.97 | 0.25 | 5.52 | 5.77 | (0.27) | — | (0.05) | (0.32) | — | 5.45 | 18.42 | 44.88 | 24,149 | 0.91 (11) | 0.96 | 1.61 | 65 | |
7/1/19 to 6/30/20 | 16.79 | 0.25 | (2.68) | (2.43) | (0.09) | — | (1.30) | (1.39) | — | (3.82) | 12.97 | (16.39) | 21,354 | 0.92 | 1.02 | 1.62 | 126 | |
7/1/18 to 6/30/19 | 24.18 | 0.38 | (2.97) | (2.59) | (0.68) | — | (4.12) | (4.80) | — | (7.39) | 16.79 | (7.49) | 39,426 | 0.93 | 1.01 | 1.91 | 47 | |
Institutional Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 14.88 | 0.14 | 1.62 | 1.76 | (0.30) | — | (1.09) | (1.39) | — | 0.37 | $ 15.25 | 11.99 % | $ 53,712 | 0.82 % | 0.91 % | 1.90 % | 46 % | |
7/1/22 to 6/30/23 | 15.51 | 0.22 | 1.27 | 1.49 | (0.16) | — | (1.96) | (2.12) | — | (0.63) | 14.88 | 10.93 | 52,013 | 0.82 | 0.92 | 1.44 | 79 | |
7/1/21 to 6/30/22 | 18.66 | 0.19 | (2.01) | (1.82) | (0.19) | — | (1.14) | (1.33) | — | (3.15) | 15.51 | (10.72) | 58,704 | 0.82 | 0.88 | 1.03 | 52 | |
7/1/20 to 6/30/21 | 13.13 | 0.27 | 5.59 | 5.86 | (0.28) | — | (0.05) | (0.33) | — | 5.53 | 18.66 | 45.07 | 94,847 | 0.82 | 0.89 | 1.69 | 65 | |
7/1/19 to 6/30/20 | 16.95 | 0.27 | (2.72) | (2.45) | (0.07) | — | (1.30) | (1.37) | — | (3.82) | 13.13 | (16.31) | 99,894 | 0.82 | 0.92 | 1.67 | 126 | |
7/1/18 to 6/30/19 | 24.34 | 0.41 | (3.00) | (2.59) | (0.68) | — | (4.12) | (4.80) | — | (7.39) | 16.95 | (7.42) | 288,309 | 0.83 | 0.91 | 1.98 | 47 | |
Class R6 | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 14.71 | 0.14 | 1.59 | 1.73 | (0.30) | — | (1.09) | (1.39) | — | 0.34 | $ 15.05 | 11.96 % | $ 49,574 | 0.77 % | 0.82 % | 1.95 % | 46 % | |
7/1/22 to 6/30/23 | 15.35 | 0.22 | 1.26 | 1.48 | (0.16) | — | (1.96) | (2.12) | — | (0.64) | 14.71 | 10.98 | 46,194 | 0.77 | 0.83 | 1.48 | 79 | |
7/1/21 to 6/30/22 | 18.49 | 0.19 | (1.97) | (1.78) | (0.22) | — | (1.14) | (1.36) | — | (3.14) | 15.35 | (10.63) | 62,552 | 0.77 | 0.79 | 1.07 | 52 | |
7/1/20 to 6/30/21 | 13.02 | 0.27 | 5.55 | 5.82 | (0.30) | — | (0.05) | (0.35) | — | 5.47 | 18.49 | 45.09 | 88,986 | 0.77 | 0.84 | 1.73 | 65 | |
7/1/19 to 6/30/20 | 16.85 | 0.27 | (2.68) | (2.41) | (0.12) | — | (1.30) | (1.42) | — | (3.83) | 13.02 | (16.25) | 88,885 | 0.77 | 0.87 | 1.76 | 126 | |
7/1/18 to 6/30/19 | 24.25 | 0.41 | (2.99) | (2.58) | (0.70) | — | (4.12) | (4.82) | — | (7.40) | 16.85 | (7.37) | 150,200 | 0.78 | 0.86 | 2.04 | 47 | |
Administrative Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 12.26 | 0.10 | 1.32 | 1.42 | (0.30) | — | (1.09) | (1.39) | — | 0.03 | $ 12.29 | 11.86 % | $ 18,295 | 1.07 % | 1.09 % | 1.68 % | 46 % | |
7/1/22 to 6/30/23 | 12.79 | 0.14 | 1.42 (17) | 1.56 | (0.13) | — | (1.96) | (2.09) | — | (0.53) | 12.26 | 14.38 | 22,722 | 1.07 | 1.08 | 1.17 | 79 | |
7/1/21 to 6/30/22 | 15.66 | 0.12 | (1.65) | (1.53) | (0.20) | — | (1.14) | (1.34) | — | (2.87) | 12.79 | (10.95) | 29,525 | 1.07 | 1.09 | 0.78 | 52 | |
7/1/20 to 6/30/21 | 11.02 | 0.20 | 4.70 | 4.90 | (0.21) | — | (0.05) | (0.26) | — | 4.64 | 15.66 | 44.81 | 37,759 | 1.07 | 1.32 | 1.45 | 65 | |
7/1/19 to 6/30/20 | 14.48 | 0.19 | (2.27) | (2.08) | (0.08) | — | (1.30) | (1.38) | — | (3.46) | 11.02 | (16.58) | 34,323 | 1.07 | 1.17 | 1.39 | 126 | |
7/1/18 to 6/30/19 | 21.65 | 0.30 | (2.73) | (2.43) | (0.62) | — | (4.12) | (4.74) | — | (7.17) | 14.48 | (7.64) | 107,836 | 1.08 | 1.16 | 1.74 | 47 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Silvant Focused Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 61.16 | (0.12) | 6.59 | 6.47 | — | — | (1.61) | (1.61) | — | 4.86 | $ 66.02 | 10.62 % | $ 661,644 | 0.95 % (11) | 0.95 % | (0.37) % | 1 % | |
7/1/22 to 6/30/23 | 49.11 | (0.19) | 15.07 | 14.88 | — | — | (2.83) | (2.83) | — (9) | 12.05 | 61.16 | 32.32 (10) | 625,184 | 0.96 (11) | 0.96 | (0.37) | 65 | |
7/1/21 to 6/30/22 | 79.25 | (0.32) | (16.15) | (16.47) | — | — | (13.67) | (13.67) | — | (30.14) | 49.11 | (25.81) | 537,276 | 0.94 (11) | 0.94 | (0.45) | 22 | |
7/1/20 to 6/30/21 | 58.46 | (0.35) | 27.26 | 26.91 | — | — | (6.12) | (6.12) | — | 20.79 | 79.25 | 47.50 | 860,373 | 0.97 (8) | 1.04 | (0.50) | 50 | |
7/1/19 to 6/30/20 | 53.33 | (0.10) | 12.28 | 12.18 | — | — | (7.05) | (7.05) | — | 5.13 | 58.46 | 24.74 | 618,302 | 1.00 | 1.12 | (0.20) | 63 | |
7/1/18 to 6/30/19 | 56.83 | (0.08) | 2.48 | 2.40 | — | — | (5.90) | (5.90) | — | (3.50) | 53.33 | 6.79 | 577,106 | 1.00 | 1.12 | (0.15) | 50 | |
Class C | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 25.75 | (0.15) | 2.75 | 2.60 | — | — | (1.61) | (1.61) | — | 0.99 | $ 26.74 | 10.18 % | $ 21,445 | 1.72 % (11) | 1.72 % | (1.14) % | 1 % | |
7/1/22 to 6/30/23 | 22.51 | (0.25) | 6.32 | 6.07 | — | — | (2.83) | (2.83) | — (9) | 3.24 | 25.75 | 31.31 (10) | 22,534 | 1.72 (11) | 1.72 | (1.13) | 65 | |
7/1/21 to 6/30/22 | 43.67 | (0.43) | (7.06) | (7.49) | — | — | (13.67) | (13.67) | — | (21.16) | 22.51 | (26.37) | 24,361 | 1.70 (11) | 1.70 | (1.22) | 22 | |
7/1/20 to 6/30/21 | 34.58 | (0.50) | 15.71 | 15.21 | — | — | (6.12) | (6.12) | — | 9.09 | 43.67 | 46.39 | 48,650 | 1.73 (11) | 1.79 | (1.25) | 50 | |
7/1/19 to 6/30/20 | 34.42 | (0.31) | 7.52 | 7.21 | — | — | (7.05) | (7.05) | — | 0.16 | 34.58 | 23.79 | 45,878 | 1.77 | 1.87 | (0.97) | 63 | |
7/1/18 to 6/30/19 | 39.41 | (0.36) | 1.27 | 0.91 | — | — | (5.90) | (5.90) | — | (4.99) | 34.42 | 5.93 | 48,706 | 1.77 | 1.87 | (0.93) | 50 | |
Class P | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 37.42 | (0.02) | 4.02 | 4.00 | — | — | (1.61) | (1.61) | — | 2.39 | $ 39.81 | 10.75 % | $ 73,179 | 0.71 % (11) | 0.71 % | (0.11) % | 1 % | |
7/1/22 to 6/30/23 | 31.10 | (0.04) | 9.19 | 9.15 | — | — | (2.83) | (2.83) | — (9) | 6.32 | 37.42 | 32.63 (10) | 45,858 | 0.71 (11) | 0.71 | (0.12) | 65 | |
7/1/21 to 6/30/22 | 54.85 | (0.11) | (9.97) | (10.08) | — | — | (13.67) | (13.67) | — | (23.75) | 31.10 | (25.62) | 45,888 | 0.71 (11) | 0.71 | (0.23) | 22 �� | |
7/1/20 to 6/30/21 | 41.83 | (0.13) | 19.27 | 19.14 | — | — | (6.12) | (6.12) | — | 13.02 | 54.85 | 47.83 | 105,688 | 0.73 (11) | 0.80 | (0.26) | 50 | |
7/1/19 to 6/30/20 | 39.91 | 0.01 | 8.96 | 8.97 | — | — | (7.05) | (7.05) | — | 1.92 | 41.83 | 25.03 | 84,929 | 0.77 | 0.87 | 0.03 | 63 | |
7/1/18 to 6/30/19 | 44.18 | 0.03 | 1.60 | 1.63 | — | — | (5.90) | (5.90) | — | (4.27) | 39.91 | 7.01 | 91,265 | 0.77 | 0.87 | 0.09 | 50 | |
Institutional Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 53.96 | (0.03) | 5.82 | 5.79 | — | — | (1.61) | (1.61) | — | 4.18 | $ 58.14 | 10.77 % | $ 166,243 | 0.67 % | 0.71 % | (0.10) % | 1 % | |
7/1/22 to 6/30/23 | 43.55 | (0.04) | 13.28 | 13.24 | — | — | (2.83) | (2.83) | — (9) | 10.41 | 53.96 | 32.70 (10) | 151,338 | 0.67 | 0.70 | (0.08) | 65 | |
7/1/21 to 6/30/22 | 71.58 | (0.12) | (14.24) | (14.36) | — | — | (13.67) | (13.67) | — | (28.03) | 43.55 | (25.61) | 127,274 | 0.67 | 0.70 | (0.19) | 22 | |
7/1/20 to 6/30/21 | 53.11 | (0.12) | 24.71 | 24.59 | — | — | (6.12) | (6.12) | — | 18.47 | 71.58 | 47.94 | 209,066 | 0.67 | 0.74 | (0.19) | 50 | |
7/1/19 to 6/30/20 | 48.89 | 0.06 | 11.21 | 11.27 | — | — | (7.05) | (7.05) | — | 4.22 | 53.11 | 25.15 | 165,726 | 0.67 | 0.77 | 0.13 | 63 | |
7/1/18 to 6/30/19 | 52.51 | 0.09 | 2.19 | 2.28 | — | — | (5.90) | (5.90) | — | (3.62) | 48.89 | 7.15 | 162,173 | 0.67 | 0.77 | 0.18 | 50 | |
Class R6 | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 54.24 | (0.01) | 5.84 | 5.83 | — | — | (1.61) | (1.61) | — | 4.22 | $ 58.46 | 10.79 % | $ 186,369 | 0.62 % | 0.63 % | (0.04) % | 1 % | |
7/1/22 to 6/30/23 | 43.74 | (0.02) | 13.35 | 13.33 | — | — | (2.83) | (2.83) | — (9) | 10.50 | 54.24 | 32.76 (10) | 165,550 | 0.62 | 0.63 | (0.04) | 65 | |
7/1/21 to 6/30/22 | 71.80 | (0.08) | (14.31) | (14.39) | — | — | (13.67) | (13.67) | — | (28.06) | 43.74 | (25.57) | 170,153 | 0.62 | 0.63 | (0.14) | 22 | |
7/1/20 to 6/30/21 | 53.23 | (0.10) | 24.79 | 24.69 | — | — | (6.12) | (6.12) | — | 18.57 | 71.80 | 48.02 | 198,031 | 0.62 | 0.68 | (0.15) | 50 | |
7/1/19 to 6/30/20 | 48.96 | 0.09 | 11.23 | 11.32 | — | — | (7.05) | (7.05) | — | 4.27 | 53.23 | 25.22 | 136,519 | 0.62 | 0.72 | 0.19 | 63 | |
7/1/18 to 6/30/19 | 52.56 | 0.11 | 2.19 | 2.30 | — | — | (5.90) | (5.90) | — | (3.60) | 48.96 | 7.18 | 134,485 | 0.62 | 0.72 | 0.23 | 50 | |
Administrative Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 46.89 | (0.08) | 5.05 | 4.97 | — | — | (1.61) | (1.61) | — | 3.36 | $ 50.25 | 10.65 % | $ 8,180 | 0.92 % | 0.97 % | (0.34) % | 1 % | |
7/1/22 to 6/30/23 | 38.32 | (0.13) | 11.53 | 11.40 | — | — | (2.83) | (2.83) | — (9) | 8.57 | 46.89 | 32.34 (10) | 7,621 | 0.92 | 0.97 | (0.33) | 65 | |
7/1/21 to 6/30/22 | 64.69 | (0.24) | (12.46) | (12.70) | — | — | (13.67) | (13.67) | — | (26.37) | 38.32 | (25.79) | 5,723 | 0.92 | 0.97 | (0.44) | 22 | |
7/1/20 to 6/30/21 | 48.56 | (0.26) | 22.51 | 22.25 | — | — | (6.12) | (6.12) | — | 16.13 | 64.69 | 47.60 | 6,641 | 0.92 | 1.00 | (0.44) | 50 | |
7/1/19 to 6/30/20 | 45.36 | (0.05) | 10.30 | 10.25 | — | — | (7.05) | (7.05) | — | 3.20 | 48.56 | 24.84 | 4,518 | 0.92 | 1.02 | (0.11) | 63 | |
7/1/18 to 6/30/19 | 49.33 | (0.04) | 1.97 | 1.93 | — | — | (5.90) | (5.90) | — | (3.97) | 45.36 | 6.88 | 5,138 | 0.92 | 1.02 | (0.08) | 50 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Silvant Mid-Cap Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 3.55 | (0.01) | 0.24 | 0.23 | — | — | — | — | — | 0.23 | $ 3.78 | 6.48 % | $ 241,656 | 1.01 % (11) | 1.01 % | (0.32) % | 9 % | |
7/1/22 to 6/30/23 | 2.89 | (0.01) | 0.67 | 0.66 | — | — | — | — | — | 0.66 | 3.55 | 22.84 | 242,677 | 1.00 (11) | 1.01 | (0.32) | 34 | |
7/1/21 to 6/30/22 | 5.94 | (0.02) | (1.44) | (1.46) | — | — | (1.59) | (1.59) | — | (3.05) | 2.89 | (33.42) | 223,611 | 0.98 (11) | 0.98 | (0.49) | 65 | |
7/1/20 to 6/30/21 | 4.30 | (0.04) | 2.26 | 2.22 | — | — | (0.58) | (0.58) | — (9) | 1.64 | 5.94 | 53.25 (10) | 376,649 | 1.06 (11) | 1.06 | (0.76) | 85 | |
7/1/19 to 6/30/20 | 3.75 | (0.02) | 0.75 | 0.73 | — | — | (0.18) | (0.18) | — | 0.55 | 4.30 | 20.15 | 263,361 | 1.14 | 1.14 | (0.66) | 53 | |
7/1/18 to 6/30/19 | 3.88 | (0.02) | 0.37 | 0.35 | — | — | (0.48) | (0.48) | — | (0.13) | 3.75 | 13.58 | 240,017 | 1.14 | 1.14 | (0.66) | 60 | |
Class C | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 2.28 | (0.01) | 0.16 | 0.15 | — | — | — | — | — | 0.15 | $ 2.43 | 6.58 % | $ 4,593 | 1.80 % (11) | 1.80 % | (1.12) % | 9 % | |
7/1/22 to 6/30/23 | 1.88 | (0.02) | 0.42 | 0.40 | — | — | — | — | — | 0.40 | 2.28 | 21.28 | 5,204 | 1.78 (11) | 1.78 | (1.09) | 34 | |
7/1/21 to 6/30/22 | 4.45 | (0.04) | (0.94) | (0.98) | — | — | (1.59) | (1.59) | — | (2.57) | 1.88 | (33.91) | 6,350 | 1.74 (11) | 1.74 | (1.26) | 65 | |
7/1/20 to 6/30/21 | 3.35 | (0.06) | 1.74 | 1.68 | — | — | (0.58) | (0.58) | — (9) | 1.10 | 4.45 | 52.17 (10) | 15,282 | 1.82 (11) | 1.82 | (1.52) | 85 | |
7/1/19 to 6/30/20 | 2.98 | (0.04) | 0.59 | 0.55 | — | — | (0.18) | (0.18) | — | 0.37 | 3.35 | 19.29 | 15,495 | 1.89 | 1.89 | (1.41) | 53 | |
7/1/18 to 6/30/19 | 3.23 | (0.04) | 0.27 | 0.23 | — | — | (0.48) | (0.48) | — | (0.25) | 2.98 | 12.56 | 21,251 | 1.89 | 1.89 | (1.34) | 60 | |
Class P | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 4.51 | — (9) | 0.31 | 0.31 | — | — | — | — | — | 0.31 | $ 4.82 | 6.87 % | $ 12,272 | 0.76 % (11) | 0.76 % | (0.06) % | 9 % | |
7/1/22 to 6/30/23 | 3.67 | — (9) | 0.84 | 0.84 | — | — | — | — | — | 0.84 | 4.51 | 22.89 | 6,421 | 0.76 (11) | 0.76 | (0.08) | 34 | |
7/1/21 to 6/30/22 | 7.10 | (0.02) | (1.82) | (1.84) | — | — | (1.59) | (1.59) | — | (3.43) | 3.67 | (33.30) | 6,195 | 0.78 (11) | 0.78 | (0.34) | 65 | |
7/1/20 to 6/30/21 | 5.05 | (0.03) | 2.66 | 2.63 | — | — | (0.58) | (0.58) | — (9) | 2.05 | 7.10 | 53.49 (10) | 30,526 | 0.81 (11) | 0.81 | (0.50) | 85 | |
7/1/19 to 6/30/20 | 4.36 | (0.02) | 0.89 | 0.87 | — | — | (0.18) | (0.18) | — | 0.69 | 5.05 | 20.56 | 13,670 | 0.89 | 0.89 | (0.41) | 53 | |
7/1/18 to 6/30/19 | 4.41 | (0.02) | 0.45 | 0.43 | — | — | (0.48) | (0.48) | — | (0.05) | 4.36 | 13.79 | 11,617 | 0.89 | 0.89 | (0.39) | 60 | |
Institutional Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 4.57 | — (9) | 0.31 | 0.31 | — | — | — | —�� | — | 0.31 | $ 4.88 | 6.78 % | $ 52,251 | 0.77 % (11) | 0.77 % | (0.09) % | 9 % | |
7/1/22 to 6/30/23 | 3.72 | — (9) | 0.85 | 0.85 | — | — | — | — | — | 0.85 | 4.57 | 22.85 | 50,028 | 0.77 (11) | 0.77 | (0.09) | 34 | |
7/1/21 to 6/30/22 | 7.18 | (0.01) | (1.86) | (1.87) | — | — | (1.59) | (1.59) | — | (3.46) | 3.72 | (33.33) | 47,978 | 0.76 (11) | 0.76 | (0.25) | 65 | |
7/1/20 to 6/30/21 | 5.09 | (0.03) | 2.70 | 2.67 | — | — | (0.58) | (0.58) | — (9) | 2.09 | 7.18 | 53.86 (10) | 63,690 | 0.78 (11) | 0.78 | (0.48) | 85 | |
7/1/19 to 6/30/20 | 4.39 | (0.01) | 0.89 | 0.88 | — | — | (0.18) | (0.18) | — | 0.70 | 5.09 | 20.64 | 54,793 | 0.79 | 0.79 | (0.31) | 53 | |
7/1/18 to 6/30/19 | 4.43 | (0.01) | 0.45 | 0.44 | — | — | (0.48) | (0.48) | — | (0.04) | 4.39 | 13.97 | 36,373 | 0.79 | 0.79 | (0.29) | 60 | |
Administrative Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 3.95 | (0.01) | 0.28 | 0.27 | — | — | — | — | — | 0.27 | $ 4.22 | 6.84 % | $ 1,213 | 1.04 % (13) | 1.03 % | (0.35) % | 9 % | |
7/1/22 to 6/30/23 | 3.21 | (0.01) | 0.75 (17) | 0.74 | — | — | — | — | — | 0.74 | 3.95 | 23.05 | 1,141 | 1.04 (11) | 1.04 | (0.34) | 34 | |
7/1/21 to 6/30/22 | 6.43 | (0.03) | (1.60) | (1.63) | — | — | (1.59) | (1.59) | — | (3.22) | 3.21 | (33.52) | 1,727 | 1.04 | 1.05 | (0.55) | 65 | |
7/1/20 to 6/30/21 | 4.62 | (0.04) | 2.43 | 2.39 | — | — | (0.58) | (0.58) | — (9) | 1.81 | 6.43 | 53.26 (10) | 2,881 | 0.99 (11) | 0.99 | (0.69) | 85 | |
7/1/19 to 6/30/20 | 4.01 | (0.02) | 0.81 | 0.79 | — | — | (0.18) | (0.18) | — | 0.61 | 4.62 | 20.34 | 1,748 | 1.04 | 1.04 | (0.56) | 53 | |
7/1/18 to 6/30/19 | 4.11 | (0.02) | 0.40 | 0.38 | — | — | (0.48) | (0.48) | — | (0.10) | 4.01 | 13.61 | 1,525 | 1.04 | 1.04 | (0.54) | 60 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Small-Cap Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 20.90 | 0.03 | 0.96 | 0.99 | (0.08) | — | (0.40) | (0.48) | — | 0.51 | $ 21.41 | 4.78 % | $ 62,088 | 1.17 % | 1.24 % | 0.33 % | 33 % | |
7/1/22 to 6/30/23 | 19.10 | 0.06 | 2.73 | 2.79 | (0.11) | — | (0.88) | (0.99) | — (9) | 1.80 | 20.90 | 14.96 (10) | 62,610 | 1.17 | 1.22 | 0.29 | 82 | |
7/1/21 to 6/30/22 | 27.49 | 0.06 | (5.02) | (4.96) | (0.02) | — | (3.41) | (3.43) | — | (8.39) | 19.10 | (20.45) | 64,567 | 1.17 | 1.17 | 0.23 | 69 | |
7/1/20 to 6/30/21 | 17.55 | (0.04) | 10.00 | 9.96 | (0.02) | — | — | (0.02) | — | 9.94 | 27.49 | 56.80 | 87,605 | 1.17 | 1.23 | (0.17) | 88 | |
7/1/19 to 6/30/20 | 19.50 | 0.04 | (1.98) | (1.94) | (0.01) | — | — | (0.01) | — | (1.95) | 17.55 (12) | (9.95) (12) | 58,062 | 1.17 | 1.27 | 0.23 | 110 | |
7/1/18 to 6/30/19 | 21.61 | 0.07 | (0.53) | (0.46) | (0.02) | — | (1.63) | (1.65) | — | (2.11) | 19.50 | (0.62) | 66,269 | 1.18 | 1.27 | 0.35 | 78 | |
Class C | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 19.34 | (0.04) | 0.88 | 0.84 | — | — | (0.40) | (0.40) | — | 0.44 | $ 19.78 | 4.39 % | $ 3,173 | 1.92 % | 2.01 % | (0.42) % | 33 % | |
7/1/22 to 6/30/23 | 17.78 | (0.09) | 2.53 | 2.44 | — | — | (0.88) | (0.88) | — (9) | 1.56 | 19.34 | 14.06 (10) | 3,415 | 1.92 | 1.99 | (0.46) | 82 | |
7/1/21 to 6/30/22 | 25.99 | (0.12) | (4.68) | (4.80) | — | — | (3.41) | (3.41) | — | (8.21) | 17.78 | (21.04) | 3,405 | 1.92 | 1.95 | (0.52) | 69 | |
7/1/20 to 6/30/21 | 16.70 | (0.20) | 9.49 | 9.29 | — (9) | — | — | — | — | 9.29 | 25.99 | 55.63 | 4,940 | 1.92 | 1.99 | (0.92) | 88 | |
7/1/19 to 6/30/20 | 18.68 | (0.09) | (1.89) | (1.98) | — | — | — | — | — | (1.98) | 16.70 (12) | (10.60) (12) | 4,251 | 1.92 | 2.02 | (0.53) | 110 | |
7/1/18 to 6/30/19 | 20.92 | (0.07) | (0.54) | (0.61) | — | — | (1.63) | (1.63) | — | (2.24) | 18.68 | (1.39) | 7,873 | 1.93 | 2.02 | (0.36) | 78 | |
Class P | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 21.41 | 0.06 | 0.99 | 1.05 | (0.09) | — | (0.40) | (0.49) | — | 0.56 | $ 21.97 | 4.94 % | $ 5,869 | 0.92 % | 0.98 % | 0.56 % | 33 % | |
7/1/22 to 6/30/23 | 19.42 | 0.11 | 2.78 | 2.89 | (0.02) | — | (0.88) | (0.90) | — (9) | 1.99 | 21.41 | 15.22 (10) | 7,089 | 0.92 | 0.96 | 0.53 | 82 | |
7/1/21 to 6/30/22 | 27.82 | 0.10 | (5.07) | (4.97) | (0.02) | — | (3.41) | (3.43) | — | (8.40) | 19.42 | (20.24) | 13,287 | 0.92 (11)(13) | 0.92 | 0.41 | 69 | |
7/1/20 to 6/30/21 | 17.76 | 0.02 | 10.12 | 10.14 | (0.08) | — | — | (0.08) | — | 10.06 | 27.82 | 57.18 | 28,986 | 0.92 | 1.02 | 0.08 | 88 | |
7/1/19 to 6/30/20 | 19.74 | 0.08 | (1.99) | (1.91) | (0.07) | — | — | (0.07) | — | (1.98) | 17.76 (12) | (9.74) (12) | 16,747 | 0.92 | 1.02 | 0.44 | 110 | |
7/1/18 to 6/30/19 | 21.81 | 0.12 | (0.53) | (0.41) | (0.03) | — | (1.63) | (1.66) | — | (2.07) | 19.74 | (0.36) | 9,637 | 0.93 | 1.02 | 0.61 | 78 | |
Institutional Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 21.56 | 0.07 | 0.99 | 1.06 | (0.11) | — | (0.40) | (0.51) | — | 0.55 | $ 22.11 | 4.97 % | $ 16,496 | 0.82 % | 0.99 % | 0.62 % | 33 % | |
7/1/22 to 6/30/23 | 19.58 | 0.14 | 2.79 | 2.93 | (0.07) | — | (0.88) | (0.95) | — (9) | 1.98 | 21.56 | 15.32 (10) | 20,456 | 0.82 | 0.95 | 0.66 | 82 | |
7/1/21 to 6/30/22 | 28.07 | 0.15 | (5.13) | (4.98) | (0.10) | — | (3.41) | (3.51) | — | (8.49) | 19.58 | (20.14) | 46,605 | 0.82 | 0.92 | 0.62 | 69 | |
7/1/20 to 6/30/21 | 17.92 | 0.04 | 10.22 | 10.26 | (0.11) | — | — | (0.11) | — | 10.15 | 28.07 | 57.35 | 36,211 | 0.82 | 0.96 | 0.19 | 88 | |
7/1/19 to 6/30/20 | 19.90 | 0.09 | (1.99) | (1.90) | (0.08) | — | — | (0.08) | — | (1.98) | 17.92 (12) | (9.62) (12) | 22,028 | 0.82 | 0.92 | 0.49 | 110 | |
7/1/18 to 6/30/19 | 21.96 | 0.14 | (0.53) | (0.39) | (0.04) | — | (1.63) | (1.67) | — | (2.06) | 19.90 | (0.29) | 9,077 | 0.83 | 0.92 | 0.70 | 78 | |
Class R6 | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 21.56 | 0.08 | 0.98 | 1.06 | (0.18) | — | (0.40) | (0.58) | — | 0.48 | $ 22.04 | 5.00 % | $ 5,825 | 0.77 % | 0.90 % | 0.74 % | 33 % | |
7/1/22 to 6/30/23 | 19.63 | 0.14 | 2.80 | 2.94 | (0.13) | — | (0.88) | (1.01) | — (9) | 1.93 | 21.56 | 15.38 (10) | 5,358 | 0.77 | 0.88 | 0.68 | 82 | |
7/1/21 to 6/30/22 | 28.10 | 0.16 | (5.14) | (4.98) | (0.08) | — | (3.41) | (3.49) | — | (8.47) | 19.63 | (20.10) | 7,373 | 0.77 | 0.84 | 0.64 | 69 | |
7/1/20 to 6/30/21 | 17.93 | 0.06 | 10.21 | 10.27 | (0.10) | — | — | (0.10) | — | 10.17 | 28.10 | 57.37 | 8,614 | 0.77 | 0.87 | 0.24 | 88 | |
7/1/19 to 6/30/20 | 19.90 | 0.14 | (2.03) | (1.89) | (0.08) | — | — | (0.08) | — | (1.97) | 17.93 (12) | (9.55) (12) | 9,114 | 0.77 | 0.87 | 0.71 | 110 | |
8/22/18 (15) to 6/30/19 | 23.16 | 0.13 | (1.71) | (1.58) | (0.05) | — | (1.63) | (1.68) | — | (3.26) | 19.90 | (5.42) | 17,792 | 0.77 | 0.87 | 0.76 | 78 (16) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Zevenbergen Technology Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 41.64 | (0.24) | 4.92 | 4.68 | — | — | — | — | — | 4.68 | $ 46.32 | 11.24 % | $ 561,385 | 1.43 % (11) | 1.43 % | (1.12) % | 10 % | |
7/1/22 to 6/30/23 | 39.74 | (0.39) | 9.87 | 9.48 | — | — | (7.58) | (7.58) | — (9) | 1.90 | 41.64 | 32.14 (10) | 538,324 | 1.44 (11) | 1.44 | (1.05) | 55 | |
7/1/21 to 6/30/22 | 81.59 | (0.68) | (17.72) | (18.40) | — | — | (23.45) | (23.45) | — | (41.85) | 39.74 | (32.06) | 475,065 | 1.42 (11) | 1.42 | (1.05) | 126 | |
7/1/20 to 6/30/21 | 68.06 | (0.88) | 30.38 | 29.50 | — | — | (15.97) | (15.97) | — | 13.53 | 81.59 | 45.06 | 812,373 | 1.49 (11) | 1.50 | (1.12) | 150 | |
7/1/19 to 6/30/20 | 63.92 | (0.68) | 16.01 | 15.33 | — | — | (11.19) | (11.19) | — | 4.14 | 68.06 (12) | 28.34 (12) | 664,833 | 1.57 | 1.57 | (1.12) | 212 | |
7/1/18 to 6/30/19 | 71.60 | (0.68) | 5.90 | 5.22 | — | — | (12.90) | (12.90) | — | (7.68) | 63.92 | 12.40 | 601,112 | 1.51 | 1.56 | (1.05) | 109 | |
Class C | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 9.20 | (0.09) | 1.09 | 1.00 | — | — | — | — | — | 1.00 | $ 10.20 | 10.87 % | $ 23,670 | 2.17 % (11) | 2.17 % | (1.86) % | 10 % | |
7/1/22 to 6/30/23 | 15.27 | (0.18) | 1.69 | 1.51 | — | — | (7.58) | (7.58) | — (9) | (6.07) | 9.20 | 31.15 (10) | 23,633 | 2.18 (11) | 2.18 | (1.79) | 55 | |
7/1/21 to 6/30/22 | 45.83 | (0.52) | (6.59) | (7.11) | — | — | (23.45) | (23.45) | — | (30.56) | 15.27 | (32.58) | 25,961 | 2.17 (11) | 2.17 | (1.80) | 126 | |
7/1/20 to 6/30/21 | 43.68 | (0.87) | 18.99 | 18.12 | — | — | (15.97) | (15.97) | — | 2.15 | 45.83 | 44.01 | 53,742 | 2.24 (11) | 2.25 | (1.88) | 150 | |
7/1/19 to 6/30/20 | 45.22 | (0.76) | 10.41 | 9.65 | — | — | (11.19) | (11.19) | — | (1.54) | 43.68 (12) | 27.37 (12) | 50,421 | 2.32 | 2.32 | (1.87) | 212 | |
7/1/18 to 6/30/19 | 55.32 | (0.92) | 3.72 | 2.80 | — | — | (12.90) | (12.90) | — | (10.10) | 45.22 | 11.57 | 48,842 | 2.23 | 2.31 | (1.78) | 109 | |
Class P | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 56.87 | (0.25) | 6.72 | 6.47 | — | — | — | — | — | 6.47 | $ 63.34 | 11.38 % | $ 52,416 | 1.16 % (11) | 1.16 % | (0.86) % | 10 % | |
7/1/22 to 6/30/23 | 51.13 | (0.38) | 13.70 | 13.32 | — | — | (7.58) | (7.58) | — (9) | 5.74 | 56.87 | 32.52 (10) | 51,800 | 1.16 (11) | 1.16 | (0.77) | 55 | |
7/1/21 to 6/30/22 | 98.14 | (0.71) | (22.85) | (23.56) | — | — | (23.45) | (23.45) | — | (47.01) | 51.13 | (31.89) | 50,775 | 1.17 (11) | 1.17 | (0.83) | 126 | |
7/1/20 to 6/30/21 | 79.28 | (0.81) | 35.64 | 34.83 | — | — | (15.97) | (15.97) | — | 18.86 | 98.14 | 45.44 | 194,925 | 1.24 (11) | 1.25 | (0.87) | 150 | |
7/1/19 to 6/30/20 | 72.49 | (0.60) | 18.58 | 17.98 | — | — | (11.19) | (11.19) | — | 6.79 | 79.28 (12) | 28.67 (12) | 154,810 | 1.32 | 1.32 | (0.87) | 212 | |
7/1/18 to 6/30/19 | 79.05 | (0.58) | 6.92 | 6.34 | — | — | (12.90) | (12.90) | — | (6.56) | 72.49 | 12.68 | 155,553 | 1.27 | 1.31 | (0.80) | 109 | |
Institutional Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 59.74 | (0.26) | 7.07 | 6.81 | — | — | — | — | — | 6.81 | $ 66.55 | 11.40 % | $ 722,737 | 1.16 % (11) | 1.16 % | (0.85) % | 10 % | |
7/1/22 to 6/30/23 | 53.31 | (0.41) | 14.42 | 14.01 | — | — | (7.58) | (7.58) | — (9) | 6.43 | 59.74 | 32.48 (10) | 670,734 | 1.17 (11) | 1.17 | (0.78) | 55 | |
7/1/21 to 6/30/22 | 101.34 | (0.67) | (23.91) | (24.58) | — | — | (23.45) | (23.45) | — | (48.03) | 53.31 | (31.89) | 772,161 | 1.16 (11) | 1.16 | (0.79) | 126 | |
7/1/20 to 6/30/21 | 81.43 | (0.77) | 36.65 | 35.88 | — | — | (15.97) | (15.97) | — | 19.91 | 101.34 | 45.53 | 1,386,911 | 1.17 (11) | 1.18 | (0.80) | 150 | |
7/1/19 to 6/30/20 | 74.10 | (0.55) | 19.07 | 18.52 | — | — | (11.19) | (11.19) | — | 7.33 | 81.43 (12) | 28.78 (12) | 995,709 | 1.22 | 1.22 | (0.78) | 212 | |
7/1/18 to 6/30/19 | 80.40 | (0.52) | 7.12 | 6.60 | — | — | (12.90) | (12.90) | — | (6.30) | 74.10 | 12.81 | 800,061 | 1.16 | 1.21 | (0.69) | 109 | |
Administrative Class | ||||||||||||||||||
7/1/23 to 12/31/23(6) | $ 49.69 | (0.29) | 5.86 | 5.57 | — | — | — | — | — | 5.57 | $ 55.26 | 11.21 % | $ 8,072 | 1.47 % | 1.33 % | (1.16) % | 10 % | |
7/1/22 to 6/30/23 | 45.85 | (0.47) | 11.89 | 11.42 | — | — | (7.58) | (7.58) | — (9) | 3.84 | 49.69 | 32.07 (10) | 7,747 | 1.47 (13) | 1.37 | (1.09) | 55 | |
7/1/21 to 6/30/22 | 90.62 | (0.85) | (20.47) | (21.32) | — | — | (23.45) | (23.45) | — | (44.77) | 45.85 | (32.09) | 6,049 | 1.47 | 1.72 | (1.10) | 126 | |
7/1/20 to 6/30/21 | 74.24 | (0.91) | 33.26 | 32.35 | — | — | (15.97) | (15.97) | — | 16.38 | 90.62 | 45.15 | 86,855 | 1.43 (11) | 1.44 | (1.05) | 150 | |
7/1/19 to 6/30/20 | 68.67 | (0.67) | 17.43 | 16.76 | — | — | (11.19) | (11.19) | — | 5.57 | 74.24 (12) | 28.46 (12) | 11,669 | 1.47 | 1.47 | (1.02) | 212 | |
7/1/18 to 6/30/19 | 75.76 | (0.67) | 6.48 | 5.81 | — | — | (12.90) | (12.90) | — | (7.09) | 68.67 | 12.52 | 11,688 | 1.40 | 1.46 | (0.95) | 109 |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Not annualized for periods less than one year. |
(3) | Sales charges, where applicable, are not reflected in the total return calculation. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | Ratio of total expenses excluding interest expense on borrowings for the year ended June 30, 2023 were 1.29% (Class A), 2.04% (Class C), 1.04% (Class P), 0.94% (Class I) and 0.89% (Class R6). |
(8) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(9) | Amount is less than $0.005 per share. |
(10) | Payment from affiliate had no impact on total return. |
(11) | The share class is currently under its expense limitation. |
(12) | Payments from affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively. |
(13) | See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed. |
(14) | Total return would have been lower without the payment from affiliate. |
(15) | Inception date. |
(16) | Portfolio turnover is representative of the Fund for the entire period. |
(17) | Includes reversal of previously accrued liabilities. |
(18) | Ratios of total expenses excluding interest expense on borrowings for the six month ended December 31, 2023 were 1.30% (Class A), 2.05% (Class C), 1.05% (Class P), 0.95% (Class L), 0.90% (Class R6), and 1.20% (Class AD). |
(19) | The character of a portion of the distribution was redesignated from net investment income to net realized capital gain for the year ended June 30, 2019. The per share amount for Class C differs from other classes, as at the time the distribution was made, Class C had minimal distributable net investment income, therefore no redesignation for Class C was made. |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
December 31, 2023
Fund | Investment objective(s) | |
Emerging Markets Opportunities Fund | Seeking to maximize long-term capital appreciation | |
Income & Growth Fund | Seeking total return comprised of current income, current gains and capital appreciation. | |
KAR Global Small-Cap Fund | Seeking long-term capital appreciation | |
KAR Health Sciences Fund | Seeking long-term capital appreciation | |
NFJ Dividend Value Fund | Seeking long-term growth of capital and income | |
NFJ International Value Fund | Seeking long-term growth of capital and income | |
NFJ Large-Cap Value Fund | Seeking long-term growth of capital and income | |
NFJ Mid-Cap Value Fund | Seeking long-term growth of capital and income | |
NFJ Small-Cap Value Fund | Seeking long-term growth of capital and income | |
Silvant Focused Growth Fund | Seeking long-term capital appreciation | |
Silvant Mid-Cap Growth Fund | Seeking long-term capital appreciation | |
Small-Cap Fund | Seeking long-term capital appreciation | |
Zevenbergen Technology Fund | Seeking long-term capital appreciation |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
A. | Security Valuation |
The Fund’s Board of Trustees have designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |
• | Level 1 – | quoted prices in active markets for identical securities (security types generally include listed equities). | |
• | Level 2 – | prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
• | Level 3 – | prices determined using significant unobservable inputs (including the investment adviser’s Valuation Committee’s own assumptions in determining the fair value of investments). |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Conversion premium is not amortized. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REITs and MLP investments is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. A Fund may invest in MLPs that make distributions that are primarily attributable to return of capital. The actual amounts of income, return of capital, and capital gains are only determined by each REIT and MLP after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
As a result of several court cases, in certain countries across the European Union, the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (“EU reclaims”). Income recognized, if any, for EU reclaims is reflected as European Union tax reclaims in the Statement of Operations. Any fees associated with these filings are reflected as European Union tax reclaim contingent fees in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. | |
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. |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Convertible Securities |
Certain Funds may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Funds’ investments in convertible securities include features which render them sensitive to price changes in their underlying securities. The value of structured/synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation, and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Funds are exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock. | |
H. | When-issued Purchases and Forward Commitments (Delayed Delivery) |
Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. | |
I. | Leveraged Loans |
Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. | |
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. | |
A Fund may invest in both secured loans and “covenant lite” loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. | |
J. | Warrants |
The Funds may receive warrants. Warrants are securities that are usually issued together with a debt instrument or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt instruments. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt instruments at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value. | |
K. | Securities Lending |
The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. | |
Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
As of December 31, 2023, the securities loaned were subject to a MSLA on a net payment basis as follows: |
Fund | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | |||
Small-Cap Fund | $ 1,528 | $ 1,528 | $ — |
(1) | Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Investment of Cash Collateral | Overnight and Continuous | ||
Small-Cap Fund | Money Market Mutual Fund | $1,679 |
A. | Forward Foreign Currency Exchange Contracts |
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Forward foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of the contract changes unfavorably due to movements in the value of the referenced foreign currencies. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency. | |
During the six months ended December 31, 2023, none of the Funds entered into forward foreign currency exchange contracts. |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
B. | Options Contracts |
An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price. Certain Funds may purchase or write both put and call options on portfolio securities. A Fund doing so is subject to equity price risk and/or foreign currency risk in the normal course of pursuing its investment objectives. | |
When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. Holdings of the Fund designated to cover outstanding written options are noted in the Schedules of Investments. Purchased options are reported as an asset within “Investment in securities at value” in the Statements of Assets and Liabilities. Written options are reported as a liability within “Written options at value.” Changes in value of the purchased option are included in “Net change in unrealized appreciation (depreciation) from investments” in the Statements of Operations. Changes in value of written options are included in “Net change in unrealized appreciation (depreciation) from written options” in the Statements of Operations. | |
If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in “Net realized gain (loss) on investments” in the Statements of Operations. Gain or loss on written options is presented separately as “Net realized gain (loss) from written options” in the Statements of Operations. | |
The risk in writing call options is that the Fund gives up the opportunity for profit if the market price/foreign currency rate of the referenced security/currency increases and the option is exercised. The risk in writing put options is that the Fund may incur a loss if the market price/foreign currency rate of the referenced security/currency decreases and the option is exercised. The risk in buying options is that the Fund pays a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are subject to unlimited risk of loss, as the seller will be obligated to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value. | |
During the six months ended December 31, 2023, the Income & Growth Fund invested in written covered call options contracts in an attempt to manage equity price risk and with the purpose of generating realized gains. | |
The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statements of Assets and Liabilities at December 31, 2023: |
Statement Line Description | Primary Risk | Income & Growth Fund | ||
Liability Derivatives | ||||
Written options at value | Equity contracts | $(1,099) | ||
Total Liabilities | $(1,099) |
Statement Line Description | Primary Risk | Income & Growth Fund | ||
Net Realized Gain (Loss) from | ||||
Written options | Equity contracts | $3,130 | ||
Total | $3,130 | |||
Net Change in Unrealized Appreciation (Depreciation) on | ||||
Written options | Equity contracts | $(618) | ||
Total | $(618) |
Income & Growth Fund | |
Written Options(1) | $943 |
(1) Average premium amount. |
C. | Derivative Risks |
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
A Fund’s risk of loss from counterparty credit risk on derivatives bought or sold OTC, rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform. | |
With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund. | |
In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. | |
D. | Collateral Requirements and Master Netting Agreements (“MNA”) |
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. | |
Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. | |
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. | |
The following table presents the Income & Growth Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Funds as of December 31, 2023: |
At December 31, 2023, the Fund’s derivative assets and liabilities (by type) are as follows: | |||||
Income & Growth Fund | |||||
Assets | Liabilities | ||||
Derivative Financial Instruments: | |||||
Written options | $— | $ 1,099 | |||
Total derivative assets and liabilities in the Statements of Assets and Liabilities | $— | $ 1,099 | |||
Derivatives not subject to a MNA or similar agreement | — | (1,099) | |||
Total assets and liabilities subject to a MNA | $— | $ — |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
A. | Investment Adviser |
Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers. | |
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |
Fund | Advisory Fee | |
Emerging Markets Opportunities Fund | 0.85% | |
Income & Growth Fund | 0.65 | |
KAR Global Small-Cap Fund | 0.90 | |
KAR Health Sciences Fund | 0.80 | |
NFJ Dividend Value Fund | 0.45 | |
NFJ International Value Fund | 0.60 | |
NFJ Large-Cap Value Fund | 0.45 | |
NFJ Mid-Cap Value Fund | 0.55 | |
NFJ Small-Cap Value Fund | 0.60 | |
Silvant Focused Growth Fund | 0.45 | |
Silvant Mid-Cap Growth Fund | 0.47 | |
Small-Cap Fund | 0.60 | |
Zevenbergen Technology Fund | 0.90 |
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the six months is as follows: |
Fund | Subadviser | |
Emerging Markets Opportunities Fund | N/A | |
Income & Growth Fund | Voya IM(1) | |
KAR Global Small-Cap Fund | KAR (2) | |
KAR Health Sciences Fund | KAR (2) | |
NFJ Dividend Value Fund | NFJ (3) | |
NFJ International Value Fund | NFJ (3) | |
NFJ Large-Cap Value Fund | NFJ (3) | |
NFJ Mid-Cap Value Fund | NFJ (3) | |
NFJ Small-Cap Value Fund | NFJ (3) | |
Silvant Focused Growth Fund | Silvant (4) | |
Silvant Mid-Cap Growth Fund | Silvant (4) | |
Small-Cap Fund | N/A | |
Zevenbergen Technology Fund | Zevenbergen (5) |
(1) | Voya Investment Management Co. LLC (“Voya IM”) |
(2) | Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus. |
(3) | NFJ Investment Group, LLC (“NFJ”), an indirect, wholly-owned subsidiary of Virtus. |
(4) | Silvant Capital Management LLC (“Silvant”), an indirect, wholly-owned subsidiary of Virtus. |
(5) | 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 October 31, 2024. 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. |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Fund | Class A | Class C | Class P | Institutional Class | Class R6 | Administrative Class | ||||||
Emerging Markets Opportunities Fund | 1.29% | 2.04% | 1.04 % | 0.94 % | 0.89% | N/A | ||||||
Income & Growth Fund | 1.28 | 2.03 | 1.03 | 0.93 | N/A | N/A | ||||||
KAR Global Small-Cap Fund | 1.63 | 2.38 | 1.38 | 1.28 | N/A | N/A | ||||||
KAR Health Sciences Fund | 1.47 | 2.22 | 1.22 | 1.12 | N/A | N/A | ||||||
NFJ Dividend Value Fund | 1.05 | 1.80 | 0.80 | 0.70 | 0.65 | 0.95 % | ||||||
NFJ International Value Fund | 1.30 | 2.05 | 1.05 | 0.95 | 0.90 | 1.20 | ||||||
NFJ Large-Cap Value Fund | 1.12 | 1.87 | 0.87 | 0.77 | 0.65 | 1.02 | ||||||
NFJ Mid-Cap Value Fund | 1.00 | 1.75 | 0.75 | 0.65 | 0.60 | 0.90 | ||||||
NFJ Small-Cap Value Fund | 1.17 | 1.92 | 0.92 | 0.82 | 0.77 | 1.07 | ||||||
Silvant Focused Growth Fund | 1.00 | 1.77 | 0.77 | 0.67 | 0.62 | 0.92 | ||||||
Silvant Mid-Cap Growth Fund | 1.14 | 1.89 | 0.89 | 0.79 | N/A | 1.04 | ||||||
Small-Cap Fund | 1.17 | 1.92 | 0.92 | 0.82 | 0.77 | N/A | ||||||
Zevenbergen Technology Fund | 1.57 | 2.32 | 1.32 | 1.22 | N/A | 1.47 |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the six months ending December 31: |
Expiration | ||||||||||
Fund | 2024 | 2025 | 2026 | 2027 | Total | |||||
Emerging Markets Opportunities Fund | ||||||||||
Class A | $ 32 | $ 46 | $ 44 | $ 21 | $ 143 | |||||
Class C | 1 | 2 | 2 | 1 | 6 | |||||
Class P | 7 | 11 | 10 | 5 | 33 | |||||
Institutional Class | 235 | 494 | 226 | 103 | 1,058 | |||||
Class R6 | 31 | 62 | 70 | 40 | 203 | |||||
KAR Global Small-Cap Fund | ||||||||||
Class A | — | — | 8 | — | 8 | |||||
Class C | — | — (1) | 1 | — (1) | 1 | |||||
Institutional Class | 3 | 12 | 28 | 8 | 51 | |||||
KAR Health Sciences Fund | ||||||||||
Institutional Class | — | 4 | 3 | 1 | 8 | |||||
NFJ Dividend Value Fund | ||||||||||
Class A | — | — | — | — (1) | — (1) | |||||
Institutional Class | — | 64 | 36 | 9 | 109 | |||||
Class R6 | — | — | 9 | — (1) | 9 | |||||
Administrative Class | — | 12 | 11 | 1 | 24 | |||||
NFJ International Value Fund | ||||||||||
Class A | — | 14 | 37 | 11 | 62 | |||||
Class C | — | — | 1 | — (1) | 1 | |||||
Class P | — | — | 1 | 1 | 2 | |||||
Institutional Class | 3 | 12 | 21 | 3 | 39 | |||||
Class R6 | — (1) | 1 | 2 | 1 | 4 | |||||
Administrative Class | — | 5 | 2 | 1 | 8 | |||||
NFJ Large-Cap Value Fund | ||||||||||
Class R6 | — | — (1) | — (1) | — (1) | — (1) |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Expiration | ||||||||||
Fund | 2024 | 2025 | 2026 | 2027 | Total | |||||
NFJ Mid-Cap Value Fund | ||||||||||
Class A | $186 | $539 | $570 | $291 | $1,586 | |||||
Class C | 10 | 24 | 21 | 9 | 64 | |||||
Class P | 62 | 147 | 76 | 34 | 319 | |||||
Institutional Class | 298 | 681 | 563 | 233 | 1,775 | |||||
Class R6 | 51 | 102 | 119 | 56 | 328 | |||||
Administrative Class | 26 | 66 | 74 | 31 | 197 | |||||
NFJ Small-Cap Value Fund | ||||||||||
Class A | — | 96 | 131 | 63 | 290 | |||||
Class C | — | — (1) | 1 | — (1) | 1 | |||||
Institutional Class | 16 | 40 | 51 | 21 | 128 | |||||
Class R6 | 10 | 15 | 30 | 11 | 66 | |||||
Administrative Class | 23 | 47 | 6 | 4 | 80 | |||||
Silvant Focused Growth Fund | ||||||||||
Institutional Class | 13 | 59 | 45 | 28 | 145 | |||||
Class R6 | — | 10 | 19 | 9 | 38 | |||||
Administrative Class | 1 | 4 | 3 | 1 | 9 | |||||
Silvant Mid-Cap Growth Fund | ||||||||||
Administrative Class | — | — | — (1) | — | — (1) | |||||
Small-Cap Fund | ||||||||||
Class A | 2 | 6 | 31 | 21 | 60 | |||||
Class C | 1 | 1 | 2 | 1 | 5 | |||||
Class P | — (1) | 9 | 3 | 2 | 14 | |||||
Institutional Class | 28 | 46 | 37 | 16 | 127 | |||||
Class R6 | 4 | 6 | 6 | 4 | 20 | |||||
Zevenbergen Technology Fund | ||||||||||
Administrative Class | — | 26 | — (1) | — | 26 |
(1) | Amount is less than $500 (not in thousands). |
Fund | Class A | Class C | Class P | Institutional Class | Class R6 | Administrative Class | Total | |||||||
KAR Global Small-Cap Fund | $ 2 | $— | $— (1) | $— | $— | $— | $ 2 | |||||||
KAR Health Sciences Fund | — (1) | — (1) | — | — (1) | — | — | — (1) | |||||||
NFJ Dividend Value Fund | — (1) | — | — | — | 2 | — | 2 | |||||||
NFJ International Value Fund | — (1) | — (1) | 2 | — (1) | — | — | 2 | |||||||
NFJ Large-Cap Value Fund | — | — | — | — (1) | — | — | — (1) | |||||||
NFJ Small-Cap Value Fund | — | — | — (1) | — | — | 2 | 2 | |||||||
Silvant Focused Growth Fund | 1 | — (1) | — (1) | — | — | — | 1 | |||||||
Silvant Mid-Cap Growth Fund | — | — | — (1) | — (1) | — | — (1) | — (1) | |||||||
Zevenbergen Technology Fund | — | — | — | — | — | 5 | 5 |
(1) | Amount is less than $500 (not in thousands). |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the six months ended December 31, 2023, it retained net commissions of $5 for Class A shares and CDSC of $6 and $32 for Class A shares and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Administrative Class shares pay a 0.25% Administrative Distribution fee. Class P shares, Institutional Class shares, and Class R6 shares, are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
For the six months ended December 31, 2023, the Funds incurred administration fees totaling $4,862 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 six months ended December 31, 2023, the Funds incurred transfer agent fees totaling $2,176 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Payment from Affiliates |
During the six months ended December 31, 2023, the Income and Growth Fund was reimbursed $—(1) by the Adviser for losses incurred due to trade error during the period. | |
(1)Amount is less than $500 (not in thousands). | |
H. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. | |
During the six months ended December 31, 2023, 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, 2023. | |
In calendar year 2018 and certain other periods prior to January 1, 2020, the Funds maintained a different deferred compensation plan pursuant to which each Trustee who was not affiliated with Allianz Global Investors U.S. LLC had the opportunity to elect not to receive all or a portion of his or her fees from the respective Fund on a current basis, but instead to receive in a subsequent period chosen by the Trustee an amount equal to the value of such compensation if such compensation had been invested in one or more series of Virtus Investment Trust (then known as Allianz Funds) and Virtus Strategy Trust (then known as Allianz Funds Multi-Strategy Trust) selected by such Trustee from and after the normal payment dates for such compensation. The deferred compensation program was closed to new deferrals effective January 1, 2020, and all Trustee fees earned with respect to service in calendar year 2020 were paid in cash, on a current basis. The Trustees do not currently receive any pension or retirement benefits from the Funds. | |
In addition to the Trustee fees deferred in the current period, the Funds still have obligations with respect to Trustee fees deferred in 2018 and in other periods prior to January 1, 2020, and will continue to have such obligations until all deferred Trustee fees are paid out pursuant to the terms of the applicable deferred compensation plan. |
Purchases | Sales | ||
Emerging Markets Opportunities Fund | $ 53,858 | $ 48,432 | |
Income & Growth Fund | 1,323,257 | 1,706,572 | |
KAR Global Small-Cap Fund | 4,104 | 7,382 | |
KAR Health Sciences Fund | 5,243 | 18,058 | |
NFJ Dividend Value Fund | 263,488 | 308,812 | |
NFJ International Value Fund | 76,747 | 91,778 | |
NFJ Large-Cap Value Fund | 102,256 | 106,654 | |
NFJ Mid-Cap Value Fund | 423,617 | 530,524 | |
NFJ Small-Cap Value Fund | 162,932 | 200,437 | |
Silvant Focused Growth Fund | 8,434 | 21,714 | |
Silvant Mid-Cap Growth Fund | 25,819 | 41,872 | |
Small-Cap Fund | 29,893 | 39,645 | |
Zevenbergen Technology Fund | 131,464 | 200,604 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Emerging Markets Opportunities Fund | Income & Growth Fund | ||||||||||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold | 38 | $ 1,041 | 71 | $ 1,847 | 10,631 | $ 111,067 | 23,065 | $ 238,190 | |||||||
Reinvestment of distributions | 20 | 542 | 22 | 565 | 7,027 | 73,034 | 14,608 | 149,814 | |||||||
Shares repurchased | (74) | (2,030) | (135) | (3,557) | (20,474) | (213,831) | (45,554) | (467,924) | |||||||
Net Increase / (Decrease) | (16) | $ (447) | (42) | $ (1,145) | (2,816) | $ (29,730) | (7,881) | $ (79,920) | |||||||
Class C | |||||||||||||||
Shares sold | — | $ 6 | 7 | $ 190 | 2,807 | $ 25,763 | 6,854 | $ 62,789 | |||||||
Reinvestment of distributions | 1 | 11 | 1 | 14 | 4,011 | 36,649 | 9,118 | 82,970 | |||||||
Shares repurchased | (8) | (211) | (10) | (240) | (15,793) | (145,057) | (34,364) | (313,660) | |||||||
Net Increase / (Decrease) | (7) | $ (194) | (2) | $ (36) | (8,975) | $ (82,645) | (18,392) | $ (167,901) | |||||||
Class P | |||||||||||||||
Shares sold | 36 | $ 987 | 25 | $ 647 | 7,617 | $ 82,363 | 20,596 | $ 220,297 | |||||||
Reinvestment of distributions | 8 | 214 | 6 | 155 | 3,001 | 32,372 | 6,194 | 65,791 | |||||||
Shares repurchased | (19) | (491) | (81) | (2,097) | (14,105) | (152,917) | (40,677) | (432,200) | |||||||
Net Increase / (Decrease) | 25 | $ 710 | (50) | $ (1,295) | (3,487) | $ (38,182) | (13,887) | $ (146,112) | |||||||
Institutional Class | |||||||||||||||
Shares sold | 407 | $ 11,251 | 573 | $ 14,746 | 7,854 | $ 86,853 | 19,389 | $ 209,296 | |||||||
Reinvestment of distributions | 94 | 2,580 | 83 | 2,086 | 3,862 | 42,233 | 8,808 | 94,717 | |||||||
Shares repurchased | (350) | (9,575) | (765) | (20,092) | (15,027) | (164,166) | (43,626) | (470,034) | |||||||
Net Increase / (Decrease) | 151 | $ 4,256 | (109) | $ (3,260) | (3,311) | $ (35,080) | (15,429) | $ (166,021) | |||||||
Class R6 | |||||||||||||||
Shares sold | 165 | $ 4,476 | 389 | $ 10,187 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 48 | 1,299 | 39 | 977 | — | — | — | — | |||||||
Shares repurchased | (89) | (2,420) | (340) | (8,818) | — | — | — | — | |||||||
Net Increase / (Decrease) | 124 | $ 3,355 | 88 | $ 2,346 | — | $ — | — | $ — |
KAR Global Small-Cap Fund | KAR Health Sciences Fund | ||||||||||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold | 8 | $ 265 | 52 | $ 1,519 | 36 | $ 969 | 110 | $ 3,156 | |||||||
Reinvestment of distributions | 7 | 249 | 31 | 867 | — | — | 441 | 12,301 | |||||||
Shares repurchased | (97) | (3,158) | (181) | (5,203) | (357) | (9,686) | (586) | (16,594) | |||||||
Net Increase / (Decrease) | (82) | $ (2,644) | (98) | $ (2,817) | (321) | $ (8,717) | (35) | $ (1,137) | |||||||
Class C | |||||||||||||||
Shares sold | — (1) | $ 8 | 4 | $ 88 | 11 | $ 178 | 29 | $ 503 | |||||||
Reinvestment of distributions | — | — | 2 | 37 | — | — | 27 | 447 | |||||||
Shares repurchased | (7) | (158) | (52) | (1,101) | (46) | (726) | (69) | (1,204) | |||||||
Net Increase / (Decrease) | (7) | $ (150) | (46) | $ (976) | (35) | $ (548) | (13) | $ (254) |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
KAR Global Small-Cap Fund | KAR Health Sciences Fund | ||||||||||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class P | |||||||||||||||
Shares sold | 41 | $ 1,514 | 2 | $ 67 | 14 | $ 403 | 44 | $ 1,256 | |||||||
Reinvestment of distributions | 1 | 40 | 1 | 44 | — | — | 4 | 108 | |||||||
Shares repurchased | (4) | (126) | (19) | (608) | (22) | (646) | (76) | (2,239) | |||||||
Net Increase / (Decrease) | 38 | $ 1,428 | (16) | $ (497) | (8) | $ (243) | (28) | $ (875) | |||||||
Institutional Class | |||||||||||||||
Shares sold | 37 | $ 1,432 | 44 | $ 1,495 | 38 | $ 1,072 | 141 | $ 4,304 | |||||||
Reinvestment of distributions | 5 | 196 | 19 | 611 | — | — | 44 | 1,258 | |||||||
Shares repurchased | (30) | (1,137) | (246) | (8,420) | (133) | (3,737) | (581) | (17,374) | |||||||
Net Increase / (Decrease) | 12 | $ 491 | (183) | $ (6,314) | (95) | $ (2,665) | (396) | $ (11,812) |
NFJ Dividend Value Fund | NFJ International Value Fund | ||||||||||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold | 1,109 | $ 11,531 | 2,486 | $ 26,004 | 97 | $ 1,755 | 213 | $ 3,796 | |||||||
Reinvestment of distributions | 3,645 | 36,828 | 5,148 | 50,100 | 34 | 621 | 50 | 856 | |||||||
Shares repurchased | (3,530) | (36,704) | (7,336) | (77,619) | (307) | (5,629) | (562) | (10,203) | |||||||
Net Increase / (Decrease) | 1,224 | $ 11,655 | 298 | $ (1,515) | (176) | $ (3,253) | (299) | $ (5,551) | |||||||
Class C | |||||||||||||||
Shares sold | 24 | $ 252 | 192 | $ 2,101 | 1 | $ 21 | 5 | $ 93 | |||||||
Reinvestment of distributions | 78 | 816 | 141 | 1,409 | 1 | 10 | 1 | 17 | |||||||
Shares repurchased | (139) | (1,483) | (645) | (7,129) | (15) | (259) | (45) | (782) | |||||||
Net Increase / (Decrease) | (37) | $ (415) | (312) | $ (3,619) | (13) | $ (228) | (39) | $ (672) | |||||||
Class P | |||||||||||||||
Shares sold | 1,055 | $ 10,803 | 1,647 | $ 17,224 | 16 | $ 301 | 40 | $ 719 | |||||||
Reinvestment of distributions | 1,096 | 11,244 | 1,771 | 17,476 | 7 | 126 | 11 | 191 | |||||||
Shares repurchased | (2,166) | (22,786) | (4,304) | (45,254) | (78) | (1,444) | (240) | (4,346) | |||||||
Net Increase / (Decrease) | (15) | $ (739) | (886) | $ (10,554) | (55) | $ (1,017) | (189) | $ (3,436) | |||||||
Institutional Class | |||||||||||||||
Shares sold | 149 | $ 1,550 | 853 | $ 9,128 | 124 | $ 2,344 | 331 | $ 6,295 | |||||||
Reinvestment of distributions | 838 | 8,579 | 1,394 | 13,723 | 16 | 297 | 34 | 591 | |||||||
Shares repurchased | (1,205) | (12,645) | (2,965) | (31,583) | (963) | (17,507) | (1,016) | (18,644) | |||||||
Net Increase / (Decrease) | (218) | $ (2,516) | (718) | $ (8,732) | (823) | $ (14,866) | (651) | $ (11,758) | |||||||
Class R6 | |||||||||||||||
Shares sold | 276 | $ 2,898 | 1,457 | $ 16,193 | 15 | $ 270 | 96 | $ 1,686 | |||||||
Reinvestment of distributions | 700 | 7,114 | 1,296 | 12,691 | 2 | 45 | 4 | 63 | |||||||
Shares repurchased | (1,684) | (17,955) | (2,458) | (25,961) | (15) | (276) | (151) | (2,761) | |||||||
Net Increase / (Decrease) | (708) | $ (7,943) | 295 | $ 2,923 | 2 | $ 39 | (51) | $ (1,012) |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
NFJ Dividend Value Fund | NFJ International Value Fund | ||||||||||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Administrative Class | |||||||||||||||
Shares sold | 272 | $ 2,984 | 774 | $ 8,674 | 12 | $ 219 | 25 | $ 440 | |||||||
Reinvestment of distributions | 377 | 4,022 | 513 | 5,187 | 1 | 22 | 2 | 27 | |||||||
Shares repurchased | (346) | (3,885) | (1,056) | (11,734) | (8) | (157) | (37) | (665) | |||||||
Net Increase / (Decrease) | 303 | $ 3,121 | 231 | $ 2,127 | 5 | $ 84 | (10) | $ (198) |
NFJ Large-Cap Value Fund | NFJ Mid-Cap Value Fund | ||||||||||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold | 79 | $ 2,065 | 228 | $ 6,088 | 421 | $ 10,441 | 1,242 | $ 31,993 | |||||||
Reinvestment of distributions | 328 | 8,667 | 978 | 23,626 | 1,183 | 28,806 | 4,199 | 97,163 | |||||||
Shares repurchased | (387) | (10,148) | (875) | (23,413) | (1,730) | (43,046) | (3,428) | (89,230) | |||||||
Net Increase / (Decrease) | 20 | $ 584 | 331 | $ 6,301 | (126) | $ (3,799) | 2,013 | $ 39,926 | |||||||
Class C | |||||||||||||||
Shares sold | 4 | $ 111 | 20 | $ 530 | 14 | $ 248 | 78 | $ 1,573 | |||||||
Reinvestment of distributions | 4 | 105 | 16 | 385 | 90 | 1,522 | 424 | 7,059 | |||||||
Shares repurchased | (15) | (390) | (53) | (1,432) | (212) | (3,740) | (647) | (12,357) | |||||||
Net Increase / (Decrease) | (7) | $ (174) | (17) | $ (517) | (108) | $ (1,970) | (145) | $ (3,725) | |||||||
Class P | |||||||||||||||
Shares sold | 25 | $ 659 | 66 | $ 1,811 | 450 | $ 7,802 | 1,871 | $ 32,867 | |||||||
Reinvestment of distributions | 30 | 795 | 100 | 2,437 | 352 | 5,625 | 1,244 | 19,660 | |||||||
Shares repurchased | (87) | (2,236) | (137) | (3,585) | (1,622) | (27,232) | (2,912) | (53,252) | |||||||
Net Increase / (Decrease) | (32) | $ (782) | 29 | $ 663 | (820) | $ (13,805) | 203 | $ (725) | |||||||
Institutional Class | |||||||||||||||
Shares sold | 386 | $ 9,901 | 1,677 | $ 42,528 | 553 | $ 15,253 | 1,809 | $ 52,742 | |||||||
Reinvestment of distributions | 286 | 7,485 | 571 | 13,737 | 530 | 14,464 | 2,505 | 64,436 | |||||||
Shares repurchased | (377) | (9,882) | (1,895) | (52,478) | (2,216) | (61,071) | (6,196) | (180,217) | |||||||
Net Increase / (Decrease) | 295 | $ 7,504 | 353 | $ 3,787 | (1,133) | $ (31,354) | (1,882) | $ (63,039) | |||||||
Class R6 | |||||||||||||||
Shares sold | 1 | $ 12 | 81 | $ 2,042 | 272 | $ 7,311 | 471 | $ 14,414 | |||||||
Reinvestment of distributions | 5 | 137 | — (1) | — (2) | 181 | 4,940 | 704 | 18,071 | |||||||
Shares repurchased | (4) | (104) | (—) (1) | (8) | (472) | (13,261) | (1,141) | (33,064) | |||||||
Net Increase / (Decrease) | 2 | $ 45 | 81 | $ 2,034 | (19) | $ (1,010) | 34 | $ (579) | |||||||
Administrative Class | |||||||||||||||
Shares sold | — (1) | $ —(2) | — (1) | $ —(2) | 56 | $ 1,471 | 230 | $ 6,365 | |||||||
Reinvestment of distributions | 1 | 28 | 3 | 75 | 73 | 1,875 | 307 | 7,470 | |||||||
Shares repurchased | (1) | (18) | (2) | (53) | (312) | (8,285) | (369) | (10,283) | |||||||
Net Increase / (Decrease) | — (1) | $ 10 | 1 | $ 22 | (183) | $ (4,939) | 168 | $ 3,552 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
NFJ Small-Cap Value Fund | Silvant Focused Growth Fund | ||||||||||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold | 437 | $ 5,181 | 809 | $ 9,516 | 243 | $ 15,256 | 428 | $ 22,097 | |||||||
Reinvestment of distributions | 1,921 | 22,357 | 3,132 | 33,918 | 226 | 14,723 | 587 | 26,569 | |||||||
Shares repurchased | (1,891) | (22,562) | (3,427) | (41,007) | (669) | (41,446) | (1,732) | (86,945) | |||||||
Net Increase / (Decrease) | 467 | $ 4,976 | 514 | $ 2,427 | (200) | $ (11,467) | (717) | $ (38,279) | |||||||
Class C | |||||||||||||||
Shares sold | 7 | $ 70 | 19 | $ 205 | 69 | $ 1,806 | 104 | $ 2,365 | |||||||
Reinvestment of distributions | 12 | 114 | 25 | 233 | 45 | 1,193 | 132 | 2,528 | |||||||
Shares repurchased | (24) | (236) | (59) | (589) | (187) | (4,888) | (443) | (9,883) | |||||||
Net Increase / (Decrease) | (5) | $ (52) | (15) | $ (151) | (73) | $ (1,889) | (207) | $ (4,990) | |||||||
Class P | |||||||||||||||
Shares sold | 40 | $ 582 | 925 | $ 13,436 | 767 | $ 29,333 | 397 | $ 13,328 | |||||||
Reinvestment of distributions | 95 | 1,404 | 100 | 1,338 | 45 | 1,770 | 86 | 2,367 | |||||||
Shares repurchased | (526) | (7,736) | (261) | (3,830) | (199) | (7,553) | (733) | (22,793) | |||||||
Net Increase / (Decrease) | (391) | $ (5,750) | 764 | $ 10,944 | 613 | $ 23,550 | (250) | $ (7,098) | |||||||
Institutional Class | |||||||||||||||
Shares sold | 149 | $ 2,140 | 204 | $ 3,050 | 395 | $ 21,920 | 731 | $ 34,358 | |||||||
Reinvestment of distributions | 295 | 4,424 | 518 | 7,030 | 76 | 4,365 | 168 | 6,711 | |||||||
Shares repurchased | (416) | (6,169) | (1,012) | (15,035) | (416) | (22,636) | (1,017) | (43,966) | |||||||
Net Increase / (Decrease) | 28 | $ 395 | (290) | $ (4,955) | 55 | $ 3,649 | (118) | $ (2,897) | |||||||
Class R6 | |||||||||||||||
Shares sold | 248 | $ 3,811 | 460 | $ 6,956 | 229 | $ 12,655 | 399 | $ 18,305 | |||||||
Reinvestment of distributions | 272 | 4,021 | 492 | 6,598 | 87 | 4,987 | 248 | 9,912 | |||||||
Shares repurchased | (367) | (5,317) | (1,888) | (28,004) | (180) | (9,943) | (1,485) | (65,278) | |||||||
Net Increase / (Decrease) | 153 | $ 2,515 | (936) | $ (14,450) | 136 | $ 7,699 | (838) | $ (37,061) | |||||||
Administrative Class | |||||||||||||||
Shares sold | 205 | $ 2,557 | 358 | $ 4,546 | 8 | $ 384 | 14 | $ 539 | |||||||
Reinvestment of distributions | 221 | 2,669 | 355 | 3,845 | 5 | 254 | 12 | 426 | |||||||
Shares repurchased | (791) | (9,745) | (1,168) | (14,047) | (13) | (606) | (13) | (554) | |||||||
Net Increase / (Decrease) | (365) | $ (4,519) | (455) | $ (5,656) | — (1) | $ 32 | 13 | $ 411 |
Silvant Mid-Cap Growth Fund | Small-Cap Fund | ||||||||||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold | 488 | $ 1,691 | 1,506 | $ 4,736 | 30 | $ 632 | 89 | $ 1,768 | |||||||
Reinvestment of distributions | — | — | — | — | 61 | 1,270 | 150 | 2,916 | |||||||
Shares repurchased | (5,002) | (17,277) | (10,469) | (33,092) | (187) | (3,813) | (622) | (12,407) | |||||||
Net Increase / (Decrease) | (4,514) | $ (15,586) | (8,963) | $ (28,356) | (96) | $ (1,911) | (383) | $ (7,723) | |||||||
Class C | |||||||||||||||
Shares sold | 47 | $ 108 | 60 | $ 124 | 6 | $ 106 | 8 | $ 157 | |||||||
Reinvestment of distributions | — | — | — | — | 3 | 63 | 9 | 156 | |||||||
Shares repurchased | (432) | (957) | (1,167) | (2,398) | (25) | (475) | (32) | (591) | |||||||
Net Increase / (Decrease) | (385) | $ (849) | (1,107) | $ (2,274) | (16) | $ (306) | (15) | $ (278) |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Silvant Mid-Cap Growth Fund | Small-Cap Fund | ||||||||||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class P | |||||||||||||||
Shares sold | 1,436 | $ 6,382 | 457 | $ 1,870 | 6 | $ 121 | 13 | $ 273 | |||||||
Reinvestment of distributions | — | — | — | — | 6 | 123 | 18 | 364 | |||||||
Shares repurchased | (312) | (1,366) | (723) | (2,917) | (76) | (1,561) | (384) | (7,666) | |||||||
Net Increase / (Decrease) | 1,124 | $ 5,016 | (266) | $ (1,047) | (64) | $ (1,317) | (353) | $ (7,029) | |||||||
Institutional Class | |||||||||||||||
Shares sold | 626 | $ 2,820 | 1,652 | $ 6,837 | 54 | $ 1,138 | 143 | $ 2,942 | |||||||
Reinvestment of distributions | — | — | — | — | 17 | 375 | 58 | 1,170 | |||||||
Shares repurchased | (861) | (3,868) | (3,620) | (14,618) | (274) | (5,650) | (1,633) | (33,120) | |||||||
Net Increase / (Decrease) | (235) | $ (1,048) | (1,968) | $ (7,781) | (203) | $ (4,137) | (1,432) | $ (29,008) | |||||||
Class R6 | |||||||||||||||
Shares sold | — | $ — | — | $ — | 19 | $ 408 | 45 | $ 913 | |||||||
Reinvestment of distributions | — | — | — | — | 7 | 148 | 12 | 242 | |||||||
Shares repurchased | — | — | — | — | (10) | (217) | (184) | (3,858) | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | 16 | $ 339 | (127) | $ (2,703) | |||||||
Administrative Class | |||||||||||||||
Shares sold | 7 | $ 30 | 29 | $ 101 | — | $ — | — | $ — | |||||||
Shares repurchased | (8) | (32) | (279) | (883) | — | — | — | — | |||||||
Net Increase / (Decrease) | (1) | $ (2) | (250) | $ (782) | — | $ — | — | $ — |
Zevenbergen Technology Fund | |||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold | 335 | $ 14,353 | 790 | $ 28,066 | |||
Reinvestment of distributions | — | — | 2,693 | 78,172 | |||
Shares repurchased | (1,143) | (49,128) | (2,510) | (91,488) | |||
Net Increase / (Decrease) | (808) | $ (34,775) | 973 | $ 14,750 | |||
Class C | |||||||
Shares sold | 121 | $ 1,147 | 293 | $ 2,450 | |||
Reinvestment of distributions | — | — | 1,618 | 10,423 | |||
Shares repurchased | (368) | (3,485) | (1,043) | (10,159) | |||
Net Increase / (Decrease) | (247) | $ (2,338) | 868 | $ 2,714 | |||
Class P | |||||||
Shares sold | 74 | $ 4,192 | 339 | $ 16,785 | |||
Reinvestment of distributions | — | — | 119 | 4,718 | |||
Shares repurchased | (157) | (9,005) | (540) | (26,340) | |||
Net Increase / (Decrease) | (83) | $ (4,813) | (82) | $ (4,837) | |||
Institutional Class | |||||||
Shares sold | 869 | $ 52,837 | 1,856 | $ 95,486 | |||
Reinvestment of distributions | — | — | 2,005 | 83,404 | |||
Shares repurchased | (1,235) | (74,484) | (7,120) | (368,944) | |||
Net Increase / (Decrease) | (366) | $ (21,647) | (3,259) | $ (190,054) |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Zevenbergen Technology Fund | |||||||
Six Months Ended December 31, 2023 (Unaudited) | Year Ended June 30, 2023 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Administrative Class | |||||||
Shares sold | 4 | $ 183 | 10 | $ 407 | |||
Reinvestment of distributions | — | — | 27 | 953 | |||
Shares repurchased | (14) | (675) | (13) | (590) | |||
Net Increase / (Decrease) | (10) | $ (492) | 24 | $ 770 |
(1) | Amount is less than 500 shares (not in thousands). |
(2) | Amount is less than $500 (not in thousands). |
% of Shares Outstanding | Number of Accounts* | ||
Emerging Markets Opportunities Fund | 55 % | 2 | |
KAR Global Small-Cap Fund | 48 | 3 | |
KAR Health Sciences Fund | 49 | 2 | |
NFJ Large-Cap Value Fund | 26 | 1 | |
NFJ Small-Cap Value Fund | 21 | 1 | |
Silvant Focused Growth Fund | 10 | 1 | |
Silvant Mid-Cap Growth Fund | 11 | 1 | |
Small-Cap Fund | 13 | 1 | |
Zevenbergen Technology Fund | 25 | 2 |
* | None of the accounts are affiliated. |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex,
and as a result, it may be more difficult for the Adviser and/or subadviser to accurately predict risk.
Fund | Sector /Industry | Percentage of Total Investments | ||
Silvant Focused Growth Fund | Information Technology | 45% | ||
KAR Global Small-Cap Fund | Industrials | 30 | ||
KAR Health Sciences Fund | Healthcare Equipment & Supplies | 27 | ||
NFJ Large-Cap Value Fund | Financials | 27 | ||
NFJ Small-Cap Value Fund | Financials | 27 | ||
NFJ Dividend Value Fund | Financials | 25 | ||
Zevenbergen Technology Fund | Software | 25 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Fund | Investment | Date of Acquisition | Cost | Value | Percentage of Net Assets | |||||
Income & Growth Fund | LiveStyle, Inc. | 12/1/2016 | $ — | $ — | 0.0% | |||||
LiveStyle, Inc. Series B | 3/1/2016 | 921 | 939 | 0.0 | ||||||
Tenerity, Inc. | 11/4/2015 | 1,422 | — | 0.0 |
Fund | Interest Incurred on Borrowing | Average Borrowing | Weighted Average Interest Rate | Days Outstanding | ||||
NFJ Dividend Value Fund | $3 | $2,933 | 6.42% | 6 | ||||
NFJ International Value Fund | 3 | 3,750 | 6.42 | 4 | ||||
NFJ Mid-Cap Value Fund | 5 | 3,322 | 6.37 | 9 | ||||
NFJ Small-Cap Value Fund | 1 | 1,550 | 6.42 | 4 | ||||
Zevenbergen Technology Fund | 1 | 4,600 | 6.16 | 1 |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Emerging Markets Opportunities Fund | $ 117,440 | $ 18,137 | $ — | $ 18,137 | ||||
Income & Growth Fund | 5,490,929 | 89,654 | (653,314) | (563,660) | ||||
Income & Growth Fund (Written options) | (219) | 16 | (896) | (880) | ||||
KAR Global Small-Cap Fund | 49,562 | 11,673 | (2,100) | 9,573 | ||||
KAR Health Sciences Fund | 130,186 | 22,921 | (11,904) | 11,017 | ||||
NFJ Dividend Value Fund | 573,015 | 74,943 | (13,610) | 61,333 | ||||
NFJ International Value Fund | 78,415 | 4,870 | (5,261) | (391) | ||||
NFJ Large-Cap Value Fund | 258,840 | 38,590 | (6,433) | 32,157 | ||||
NFJ Mid-Cap Value Fund | 876,845 | 70,457 | (48,024) | 22,433 | ||||
NFJ Small-Cap Value Fund | 335,081 | 45,812 | (12,809) | 33,003 | ||||
Silvant Focused Growth Fund | 480,846 | 619,042 | (7,510) | 611,532 | ||||
Silvant Mid-Cap Growth Fund | 229,540 | 83,475 | (5,980) | 77,495 | ||||
Small-Cap Fund | 75,632 | 18,957 | (2,370) | 16,587 | ||||
Zevenbergen Technology Fund | 756,858 | 610,167 | (718) | 609,449 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Fund | Short-Term | Long-Term | ||
Emerging Markets Opportunities Fund | $ 19,429 | $ — | ||
KAR Global Small-Cap Fund | 666 | — | ||
KAR Health Sciences Fund | 4,559 | — | ||
NFJ International Value Fund | 249,048 | 183,078 | ||
Silvant Mid-Cap Growth Fund | 8,707 | — | ||
Zevenbergen Technology Fund | 212,900 | — |
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.
8033 | 02-24 |
(b) | Not applicable. |
Item 2. Code of Ethics.
Response not required for semi-annual report.
Item 3. Audit Committee Financial Expert.
Response not required for semi-annual report.
Item 4. Principal Accountant Fees and Services.
Response not required for semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Disclosure not required for open-end management investment companies.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Disclosure not required for open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive 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.
Disclosure not required for open-end management investment companies.
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 Investment Trust | |||
By (Signature and Title)* | /s/ George R. Aylward | |||
George R. Aylward, President | ||||
(principal executive officer) |
Date | 2/29/2024 |
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 | 2/29/2024 |
By (Signature and Title)* | /s/ W. Patrick Bradley | |||
W. Patrick Bradley, Executive Vice President, | ||||
Chief Financial Officer and Treasurer | ||||
(principal financial officer) |
Date | 2/29/2024 |
* | Print the name and title of each signing officer under his or her signature. |