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 811-07455
Virtus Opportunities Trust
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301-9668
(Address of principal executive offices) (Zip code)
Kevin J. Carr, Esq.
Senior Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrants telephone number, including area code: (800) 243-1574
Date of fiscal year end: September 30
Date of reporting period: September 30, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) | The Report to Shareholders is attached herewith. |
(b) | Not applicable. |
Virtus Newfleet Core Plus Bond Fund |
Virtus Newfleet High Yield Fund |
Virtus Newfleet Low Duration Core Plus Bond Fund |
Virtus Newfleet Multi-Sector Intermediate Bond Fund |
Virtus Newfleet Multi-Sector Short Term Bond Fund |
Virtus Newfleet Senior Floating Rate Fund |
Virtus Newfleet Tax-Exempt Bond Fund |
|
1 | |
|
2 | |
|
5 | |
Fund | Fund
Summary |
Schedule
of Investments |
|
8 | 27 |
|
11 | 38 |
|
13 | 44 |
Virtus Newfleet Multi-Sector Intermediate Bond Fund (“Newfleet Multi-Sector Intermediate Bond
Fund”) |
15 | 58 |
|
18 | 72 |
|
21 | 92 |
|
24 | 101 |
|
106 | |
|
110 | |
|
112 | |
|
116 | |
|
122 | |
|
136 | |
|
137 | |
|
138 | |
|
139 |
Beginning
Account Value April 1, 2021 |
Ending
Account Value September 30, 2021 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
Newfleet Core Plus Bond
Fund |
||||||||
Class A | $ 1,000.00 | $ 1,022.40 | 0.79 % | $ 4.01 | ||||
Class C | 1,000.00 | 1,018.90 | 1.55 | 7.84 | ||||
Class I | 1,000.00 | 1,023.50 | 0.55 | 2.79 | ||||
Class R6 | 1,000.00 | 1,025.00 | 0.43 | 2.18 | ||||
Newfleet High Yield
Fund |
||||||||
Class A | 1,000.00 | 1,030.50 | 0.99 | 5.04 | ||||
Class C | 1,000.00 | 1,029.30 | 1.75 | 8.90 | ||||
Class I | 1,000.00 | 1,034.20 | 0.75 | 3.82 | ||||
Class R6 | 1,000.00 | 1,035.00 | 0.59 | 3.01 | ||||
Newfleet Low Duration Core Plus Bond
Fund |
||||||||
Class A | 1,000.00 | 1,006.30 | 0.75 | 3.77 | ||||
Class C | 1,000.00 | 1,002.50 | 1.50 | 7.53 | ||||
Class I | 1,000.00 | 1,007.50 | 0.50 | 2.52 | ||||
Class R6 | 1,000.00 | 1,007.90 | 0.43 | 2.16 | ||||
Newfleet Multi-Sector Intermediate Bond
Fund |
||||||||
Class A | 1,000.00 | 1,025.50 | 0.99 | 5.03 | ||||
Class C | 1,000.00 | 1,021.40 | 1.74 | 8.82 | ||||
Class I | 1,000.00 | 1,027.20 | 0.74 | 3.76 | ||||
Class R6 | 1,000.00 | 1,027.10 | 0.60 | 3.05 | ||||
Newfleet Multi-Sector Short Term Bond
Fund |
||||||||
Class A | 1,000.00 | 1,010.00 | 0.96 | 4.84 | ||||
Class C | 1,000.00 | 1,008.60 | 1.21 | 6.09 | ||||
Class C1 | 1,000.00 | 1,008.30 | 1.70 | 8.56 | ||||
Class I | 1,000.00 | 1,011.40 | 0.70 | 3.53 | ||||
Class R6 | 1,000.00 | 1,013.80 | 0.55 | 2.78 | ||||
Newfleet Senior Floating Rate
Fund |
||||||||
Class A | 1,000.00 | 1,024.60 | 1.05 | 5.33 | ||||
Class C | 1,000.00 | 1,020.70 | 1.79 | 9.07 | ||||
Class I | 1,000.00 | 1,025.80 | 0.80 | 4.06 | ||||
Class R6 | 1,000.00 | 1,027.70 | 0.66 | 3.35 |
Beginning
Account Value April 1, 2021 |
Ending
Account Value September 30, 2021 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
Newfleet Tax-Exempt Bond
Fund |
||||||||
Class A | $1,000.00 | $1,008.20 | 0.85% | $4.28 | ||||
Class C | 1,000.00 | 1,005.30 | 1.60 | 8.04 | ||||
Class I | 1,000.00 | 1,009.50 | 0.60 | 3.02 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning
Account Value April 1, 2021 |
Ending
Account Value September 30, 2021 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
Newfleet Core Plus Bond
Fund |
||||||||
Class A | $ 1,000.00 | $ 1,021.11 | 0.79 % | $ 4.00 | ||||
Class C | 1,000.00 | 1,017.30 | 1.55 | 7.84 | ||||
Class I | 1,000.00 | 1,022.31 | 0.55 | 2.79 | ||||
Class R6 | 1,000.00 | 1,022.91 | 0.43 | 2.18 | ||||
Newfleet High Yield
Fund |
||||||||
Class A | 1,000.00 | 1,020.10 | 0.99 | 5.01 | ||||
Class C | 1,000.00 | 1,016.29 | 1.75 | 8.85 | ||||
Class I | 1,000.00 | 1,021.31 | 0.75 | 3.80 | ||||
Class R6 | 1,000.00 | 1,022.11 | 0.59 | 2.99 | ||||
Newfleet Low Duration Core Plus Bond
Fund |
||||||||
Class A | 1,000.00 | 1,021.31 | 0.75 | 3.80 | ||||
Class C | 1,000.00 | 1,017.55 | 1.50 | 7.59 | ||||
Class I | 1,000.00 | 1,022.56 | 0.50 | 2.54 | ||||
Class R6 | 1,000.00 | 1,022.91 | 0.43 | 2.18 | ||||
Newfleet Multi-Sector Intermediate Bond
Fund |
||||||||
Class A | 1,000.00 | 1,020.10 | 0.99 | 5.01 | ||||
Class C | 1,000.00 | 1,016.34 | 1.74 | 8.80 | ||||
Class I | 1,000.00 | 1,021.36 | 0.74 | 3.75 | ||||
Class R6 | 1,000.00 | 1,022.06 | 0.60 | 3.04 | ||||
Newfleet Multi-Sector Short Term Bond
Fund |
||||||||
Class A | 1,000.00 | 1,020.26 | 0.96 | 4.86 | ||||
Class C | 1,000.00 | 1,019.00 | 1.21 | 6.12 | ||||
Class C1 | 1,000.00 | 1,016.55 | 1.70 | 8.59 | ||||
Class I | 1,000.00 | 1,021.56 | 0.70 | 3.55 | ||||
Class R6 | 1,000.00 | 1,022.31 | 0.55 | 2.79 | ||||
Newfleet Senior Floating Rate
Fund |
||||||||
Class A | 1,000.00 | 1,019.80 | 1.05 | 5.32 | ||||
Class C | 1,000.00 | 1,016.09 | 1.79 | 9.05 | ||||
Class I | 1,000.00 | 1,021.06 | 0.80 | 4.05 | ||||
Class R6 | 1,000.00 | 1,021.76 | 0.66 | 3.35 |
Beginning
Account Value April 1, 2021 |
Ending
Account Value September 30, 2021 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
Newfleet Tax-Exempt Bond
Fund |
||||||||
Class A | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||
Class C | 1,000.00 | 1,017.05 | 1.60 | 8.09 | ||||
Class I | 1,000.00 | 1,022.06 | 0.60 | 3.04 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Corporate Bonds and Notes | 33% | |
Financials | 12% | |
Energy | 4 | |
Information Technology | 3 | |
All other Corporate Bonds and Notes | 14 | |
Mortgage-Backed Securities | 25 | |
U.S. Government Securities | 14 | |
Asset-Backed Securities | 11 | |
Leveraged Loans | 10 | |
Short-Term Investment | 3 | |
Other (includes securities lending collateral) | 4 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 1.79 % | 3.69 % | 3.99 % | — % | — | |||||||
Class A shares at POP3,4 | -2.03 | 2.90 | 3.59 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 1.11 | 2.93 | 3.22 | — | — | |||||||
Class I shares at NAV2 | 2.04 | 3.94 | 4.26 | — | — | |||||||
Class R6 shares at NAV2 | 2.17 | — | — | 4.29 | 11/3/16 | |||||||
Bloomberg U.S. Aggregate Bond Index | -0.90 | 2.94 | 3.01 | 3.15 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.07%, Net 0.80%; Class C shares: Gross 1.82%, Net 1.55%; Class I shares: Gross 0.80%, Net 0.55%; Class R6 shares: Gross 0.74%, Net 0.43%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 12.18 % | 5.92 % | 6.82 % | — % | — | |||||||
Class A shares at POP3,4 | 7.97 | 5.11 | 6.41 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 11.47 | 5.15 | 6.04 | — | — | |||||||
Class I shares at NAV2 | 12.43 | 6.23 | — | 5.99 | 8/8/12 | |||||||
Class R6 shares at NAV2 | 12.87 | — | — | 6.54 | 11/3/16 | |||||||
Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 11.27 | 6.50 | 7.42 | — 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.27%, Net 1.00%; Class C shares: Gross 2.01%, Net 1.75%; Class I shares: Gross 1.07%, Net 0.75%; Class R6 shares: Gross 0.93%, Net 0.59%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index returned 6.28% for the inception date of Class I shares and 6.70% for the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 1.44 % | 2.25 % | 2.48 % | — % | — | |||||||
Class A shares at POP3,4 | -0.85 | 1.79 | 2.25 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 0.68 | 1.49 | 1.72 | — | — | |||||||
Class I shares at NAV2 | 1.78 | 2.51 | 2.74 | — | — | |||||||
Class R6 shares at NAV2 | 1.76 | — | — | 3.72 | 12/19/18 | |||||||
Newfleet Low Duration Core Plus Linked Benchmark | 0.18 | 2.00 | 2.22 | 3.55 5 | — | |||||||
ICE BofA Merrill Lynch 1-5 Year Corporate & Government Bond Index | 0.18 | 2.21 | 1.95 | 3.55 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 0.92%, Net 0.76%; Class C shares: Gross 1.68%, Net 1.51%; Class I shares: Gross 0.68%, Net 0.51%; Class R6 shares: Gross 0.62%, Net 0.44%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.25% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Corporate Bonds and Notes | 42% | |
Energy | 9% | |
Financials | 9 | |
Consumer Discretionary | 5 | |
All other Corporate Bonds and Notes | 19 | |
Leveraged Loans | 21 | |
Mortgage-Backed Securities | 14 | |
Asset-Backed Securities | 11 | |
Foreign Government Securities | 8 | |
Preferred Stocks | 1 | |
Other (includes short-term investment and securities lending collateral) | 3 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 6.45 % | 4.22 % | 5.11 % | — % | — | |||||||
Class A shares at POP3,4 | 2.45 | 3.42 | 4.71 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 5.58 | 3.42 | 4.32 | — | — | |||||||
Class I shares at NAV2 | 6.70 | 4.47 | 5.38 | — | ||||||||
Class R6 shares at NAV2 | 6.87 | 4.59 | — | 4.31 | 11/12/14 | |||||||
Bloomberg U.S. Aggregate Bond Index | -0.90 | 2.94 | 3.01 | 3.18 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.08%, Net 0.99%; Class C shares: Gross 1.83%, Net 1.74%; Class I shares: Gross 0.83%, Net 0.74%; Class R6 shares: Gross 0.76%, Net 0.60%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Mortgage-Backed Securities | 26% | |
Asset-Backed Securities | 25 | |
Corporate Bonds and Notes | 24 | |
Financials | 6% | |
Energy | 4 | |
Communication Services | 2 | |
All other Corporate Bonds and Notes | 12 | |
Leveraged Loans | 14 | |
Foreign Government Securities | 4 | |
U.S. Government Securities | 3 | |
Short-Term Investment | 3 | |
Other (includes securities lending collateral) | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 2.78 % | 2.71 % | 3.34 % | — % | — | |||||||
Class A shares at POP3,4 | 0.46 | 2.25 | 3.10 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 2.69 | 2.47 | 3.08 | — | — | |||||||
Class C1 shares at NAV2 and with CDSC4 | 2.19 | 1.97 | 2.58 | — | — | |||||||
Class I shares at NAV2 | 3.25 | 3.02 | 3.59 | — | — | |||||||
Class R6 shares at NAV2 | 3.31 | — | — | 3.22 | 11/3/16 | |||||||
ICE
BofA Merrill Lynch 1-3 Year A-BBB US Corporate Index |
1.38 | 2.74 | 2.62 | 2.77 5 | — | |||||||
Fund Expense Ratios6: Class A shares: 0.99%; Class C shares: 1.22%; Class C1 shares: 1.72%; Class I shares: 0.73%; Class R6 shares: Gross 0.66%, Net 0.58%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.25% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C1 shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 8.40 % | 3.36 % | 4.01 % | — % | — | |||||||
Class A shares at POP3,4 | 5.42 | 2.78 | 3.72 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 7.59 | 2.59 | 3.24 | — | — | |||||||
Class I shares at NAV2 | 8.68 | 3.62 | 4.28 | — | — | |||||||
Class R6 shares at NAV2 | 8.96 5 | — | — | 3.76 | 11/3/16 | |||||||
Credit Suisse Leveraged Loan Index | 8.46 | 4.64 | 5.04 | 4.61 6 | — | |||||||
Fund Expense Ratios7: Class A shares: Gross 1.12%, Net 1.11%; Class C shares: Gross 1.91%, Net 1.86%; Class I shares: Gross 0.91%, Net 0.86%; Class R6 shares: Gross 0.84%, Net 0.72%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
6 | The since inception index return is from the inception date of Class R6 shares. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Texas | 13% |
Florida | 13 |
Illinois | 12 |
Colorado | 6 |
Arizona | 5 |
District of Columbia | 5 |
New Jersey | 4 |
Other (includes short-term investment) | 42 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A shares at NAV2 | 2.04 % | 2.53% | 3.17% | |||||
Class A shares at POP3,4 | -0.77 | 1.96 | 2.89 | |||||
Class C shares at NAV2 and with CDSC4 | 1.28 | 1.77 | 2.40 | |||||
Class I shares at NAV2 | 2.29 | 2.79 | 3.43 | |||||
Bloomberg U.S. Aggregate Bond Index | -0.90 | 2.94 | 3.01 | |||||
Tax-Exempt Bond Fund Linked Benchmark5 | 2.29 | 2.98 | 3.71 | |||||
ICE BofA Merrill Lynch 1-22 Year US Municipal Securities Index5 | 2.29 | 2.98 | 3.49 | |||||
Fund Expense Ratios6: Class A shares: Gross 1.01%, Net 0.85%; Class C shares: Gross 1.74%, Net 1.60%; Class I shares: Gross 0.78%, Net 0.60%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The Fund changed its primary benchmark during the year to the ICE BofA Merrill Lynch 1-22 Year US Municipal Securities Index. The Fund’s subadviser believes the ICE BofA Merrill Lynch 1-22 Year US Municipal Securities Index better reflects the markets and securities in which the Fund’s portfolio is invested than the Fund’s previous benchmark, the Bloomberg US Aggregate Bond Index. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 12,034 | $ — | $ 12,034 | $— | |||
Corporate Bonds and Notes | 36,698 | — | 36,698 | — | |||
Foreign Government Securities | 1,521 | — | 1,521 | — | |||
Leveraged Loans | 10,894 | — | 10,894 | — | |||
Mortgage-Backed Securities | 28,045 | — | 28,015 | 30 | |||
Municipal Bonds | 1,437 | — | 1,437 | — | |||
U.S. Government Securities | 15,356 | — | 15,356 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 800 | — | 800 | — | |||
Securities Lending Collateral | 595 | 595 | — | — | |||
Exchange-Traded Fund | 278 | 278 | — | — | |||
Money Market Mutual Fund | 3,887 | 3,887 | — | — | |||
Total Investments | $111,545 | $4,760 | $106,755 | $30 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Corporate Bonds and Notes | $53,093 | $ — | $53,093 | $ — | |||
Leveraged Loans | 4,486 | — | 4,486 | — | |||
Equity Securities: | |||||||
Common Stocks | 206 | 26 | — | 180 | |||
Preferred Stocks | 478 | — | 478 | — | |||
Rights | 11 | — | — | 11 | |||
Securities Lending Collateral | 1,221 | 1,221 | — | — | |||
Money Market Mutual Fund | 1,712 | 1,712 | — | — | |||
Total Investments | $61,207 | $2,959 | $58,057 | $191 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $279,609 | $ — | $279,609 | $ — | |||
Corporate Bonds and Notes | 141,318 | — | 141,318 | — | |||
Foreign Government Securities | 3,634 | — | 3,634 | — | |||
Leveraged Loans | 65,267 | — | 65,267 | — (1) | |||
Mortgage-Backed Securities | 224,986 | — | 224,842 | 144 | |||
U.S. Government Securities | 31,168 | — | 31,168 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 5,648 | — | 5,648 | — | |||
Securities Lending Collateral | 3,160 | 3,160 | — | — | |||
Exchange-Traded Fund | 835 | 835 | — | — | |||
Money Market Mutual Fund | 46,190 | 46,190 | — | — | |||
Total Investments | $801,815 | $50,185 | $751,486 | $144 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Country Weightings (Unaudited)† | |
United States | 76% |
Mexico | 3 |
Canada | 3 |
Netherlands | 2 |
Saudi Arabia | 2 |
Luxembourg | 1 |
Turkey | 1 |
Other | 12 |
Total | 100% |
† % of total investments as of September 30, 2021. |
Borrower | Par Value | Commitment | Value | Unrealized
Appreciation (Depreciation) | ||||
Arc Falcon I, Inc., (3 month LIBOR + 3.750%) 0.000%, 9/22/28(1) | $ 55 | $ 55 | $ 55 | $— (2) | ||||
CP Iris Holdco I, Inc., (3 month LIBOR + 3.750%) 0.000%, 9/21/28(1) | 33 | 33 | 33 | — (2) | ||||
Dexko Global, Inc., (3 month LIBOR + 3.750%) 0.000%, 9/22/28(1) | 25 | 25 | 25 | — (2) | ||||
DG Investment Intermediate Holdings 2, Inc., (1 month LIBOR + 3.750%) 3.750%, 3/31/28 | 5 | 5 | 5 | — (2) | ||||
National Mentor Holdings, Inc., (3 month LIBOR + 3.500%) 3.500%, 3/02/28 | 15 | 15 | 15 | — (2) | ||||
Precision Medicine Group LLC, (3 month LIBOR + 3.750%) 3.750%, 11/18/27 | 77 | 77 | 77 | — (2) | ||||
Southern Veterinary Partners LLC, (3 month LIBOR + 2.000%) 2.000%, 10/05/27 | 21 | 21 | 21 | — (2) | ||||
TricorBraun, Inc., (1 month LIBOR + 3.250%) 0.500%, 3/03/28 | 53 | 53 | 53 | — (2) | ||||
Total | $284 | $284 | $284 | $— (2) |
(1) | This loan will settle after September 30, 2021, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected. |
(2) | Amount is less than $500. |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 36,529 | $ — | $ 36,529 | $ — | |||
Corporate Bonds and Notes | 138,687 | — | 138,686 | 1 (1) | |||
Foreign Government Securities | 25,600 | — | 25,600 | — | |||
Leveraged Loans | 70,738 | — | 70,738 | — | |||
Mortgage-Backed Securities | 45,517 | — | 45,517 | — | |||
Municipal Bonds | 421 | — | 421 | — | |||
U.S. Government Securities | 3,319 | — | 3,319 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 4,660 | 1,108 | 3,552 | — | |||
Common Stocks | 362 | 40 | — | 322 | |||
Rights | 8 | — | — | 8 | |||
Securities Lending Collateral | 3,997 | 3,997 | — | — | |||
Exchange-Traded Fund | 1,679 | 1,679 | — | — | |||
Money Market Mutual Fund | 833 | 833 | — | — | |||
Total Investments | $332,350 | $7,657 | $324,362 | $331 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $1,639,016 | $ — | $1,633,022 | $5,994 | |||
Corporate Bonds and Notes | 1,622,108 | — | 1,622,108 | — (1) | |||
Foreign Government Securities | 276,443 | — | 276,443 | — | |||
Leveraged Loans | 937,406 | — | 937,406 | — (1) | |||
Mortgage-Backed Securities | 1,771,959 | — | 1,770,568 | 1,391 | |||
Municipal Bond | 4,537 | — | 4,537 | — | |||
U.S. Government Securities | 213,793 | — | 213,793 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 26,476 | — | 26,476 | — | |||
Common Stocks | 885 | 885 | — | — | |||
Rights | 131 | — | — | 131 | |||
Securities Lending Collateral | 3,185 | 3,185 | — | — | |||
Exchange-Traded Fund | 15,841 | 15,841 | — | — | |||
Money Market Mutual Fund | 186,977 | 186,977 | — | — | |||
Total Investments | $6,698,757 | $206,888 | $6,484,353 | $7,516 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Total | Asset-Backed
Securities |
Corporate
Bonds And Notes |
Leveraged
Loans |
Mortgage-Backed
Securities |
Right | Warrant | |||||||
Investments in Securities | |||||||||||||
Balance as of September 30, 2020: | $ 166 | $ — | $ 2(a) | $ — (a) | $ — | $ — | $ 164 | ||||||
Accrued discount/(premium) | — (b) | — (b) | — | — (b) | — | — | — | ||||||
Realized gain (loss) | (4,586) | — | (4,672) | — | — | — | 86 | ||||||
Change in unrealized appreciation (depreciation)(c) | 4,847 | (20) | 4,670 | — (b) | — | — | 197 | ||||||
Purchases | 6,014 | 6,014 | — | — | — | — | — | ||||||
Sales (d) | (447) | — | — (b) | — | — | — | (447) | ||||||
Transfers into Level 3(e) | 1,522 | — | — | — | 1,391 | 131 | — | ||||||
Balance as of September 30, 2021 | $ 7,516 | $ 5,994 | $ —(a) | $ — (a) | $ 1,391 | $ 131 | $ — |
Borrower | Par Value | Commitment | Value | Unrealized
Appreciation (Depreciation) | ||||
Arc Falcon I, Inc., (3 month LIBOR + 3.750%) 4.250%, 9/22/28 | $120 | $120 | $120 | $ — | ||||
CP Iris Holdco I, Inc., (3 month LIBOR + 3.750%) 4.250%, 9/21/28 | 91 | 91 | 91 | — (1) | ||||
Dexko Global, Inc., (3 month LIBOR + 3.750%) 4.250%, 7/24/24 | 105 | 105 | 105 | — (1) | ||||
DG Investment Intermediate Holdings 2, Inc., (1 month LIBOR + 3.750%) 3.750%, 3/31/28 | 9 | 9 | 9 | — (1) | ||||
LBM Acquisition LLC, (3 month LIBOR + 3.750%) 4.500%, 12/17/27 | 362 | 358 | 358 | — (1) | ||||
National Mentor Holdings, Inc., (3 month LIBOR + 3.500%) 3.750%, 3/02/28 | 37 | 37 | 37 | — (1) | ||||
Precision Medicine Group LLC, (3 month LIBOR + 3.750%) 3.750%, 11/18/27 | 76 | 76 | 76 | — (1) | ||||
TricorBraun, Inc., (1 month LIBOR + 3.250%) 3.250%, 3/03/28 | 138 | 138 | 137 | (1) | ||||
Trident TPI Holdings, Inc., (3 month LIBOR + 2.000%) 2.000%, 10/17/24 | 50 | 50 | 50 | — (1) | ||||
Total | $988 | $984 | $983 | $ (1) |
(1) | Amount is less than $500. |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Corporate Bonds and Notes | $ 8,289 | $ — | $ 8,289 | $ —(1) | |||
Leveraged Loans | 212,202 | — | 212,202 | — | |||
Equity Securities: | |||||||
Rights | 203 | — | — | 203 | |||
Common Stocks | 1,908 | 832 | 530 | 546 | |||
Money Market Mutual Fund | 12,995 | 12,995 | — | — | |||
Total Investments | $235,597 | $13,827 | $221,021 | $749 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Municipal Bonds | $100,401 | $ — | $100,401 | ||
Exchange-Traded Fund | 1,375 | 1,375 | — | ||
Money Market Mutual Fund | 1,022 | 1,022 | — | ||
Total Investments | $102,798 | $2,397 | $100,401 |
Newfleet
Core Plus Bond Fund |
Newfleet
High Yield Fund |
Newfleet
Low Duration Core Plus Bond Fund |
Newfleet
Multi-Sector Intermediate Bond Fund | ||||
Assets | |||||||
Investment in securities at
value(1)(2) |
$ 111,545 | $ 61,207 | $ 801,815 | $ 332,350 | |||
Cash
|
107 | 88 | 1,816 | 190 | |||
Receivables | |||||||
Investment securities sold
|
284 | 421 | 366 | 2,588 | |||
Fund shares sold
|
51 | 27 | 904 | 229 | |||
Dividends and
interest |
534 | 824 | 1,918 | 2,416 | |||
Securities lending
income |
— (a) | 2 | 1 | 7 | |||
Prepaid Trustees’
retainer |
2 | 1 | 8 | 4 | |||
Prepaid expenses
|
22 | 25 | 42 | 47 | |||
Other assets
|
11 | 6 | 73 | 31 | |||
Total
assets |
112,556 | 62,601 | 806,943 | 337,862 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased
|
785 | 161 | 587 | 445 | |||
Investment securities purchased
|
2,037 | 2,239 | 22,291 | 11,167 | |||
Collateral on securities
loaned |
595 | 1,221 | 3,160 | 3,997 | |||
Dividend distributions
|
7 | 20 | 96 | 216 | |||
Investment advisory fees
|
23 | 20 | 187 | 130 | |||
Distribution and service fees
|
9 | 11 | 35 | 34 | |||
Administration and accounting
fees |
9 | 5 | 62 | 27 | |||
Transfer agent and sub-transfer agent fees and
expenses |
31 | 23 | 134 | 76 | |||
Professional fees
|
31 | 31 | 29 | 36 | |||
Trustee deferred compensation plan
|
11 | 6 | 73 | 31 | |||
Interest expense and/or commitment
fees |
— (a) | — (a) | 1 | — (a) | |||
Other accrued
expenses |
15 | 17 | 38 | 24 | |||
Unrealized depreciation on unfunded loan
commitments |
— | — | — | — (a) | |||
Total
liabilities |
3,553 | 3,754 | 26,693 | 16,183 | |||
Net
Assets |
$ 109,003 | $ 58,847 | $ 780,250 | $ 321,679 | |||
Net Assets Consist of: | |||||||
Common stock $0.001 par
value |
$ — | $ — | $ 71 | $ — | |||
Capital paid in on shares of beneficial
interest |
104,773 | 60,912 | 776,334 | 329,046 | |||
Accumulated earnings
(loss) |
4,230 | (2,065) | 3,845 | (7,367) | |||
Net
Assets |
$ 109,003 | $ 58,847 | $ 780,250 | $ 321,679 | |||
Net Assets: | |||||||
Class
A |
$ 34,538 | $ 47,153 | $ 101,271 | $ 82,697 | |||
Class
C |
$ 2,621 | $ 1,460 | $ 17,403 | $ 20,004 | |||
Class
I |
$ 70,630 | $ 8,297 | $ 634,354 | $ 212,633 | |||
Class
R6 |
$ 1,214 | $ 1,937 | $ 27,222 | $ 6,345 | |||
Shares Outstanding (unlimited number of shares authorized, no par value):(3) | |||||||
Class
A |
2,924,136 | 11,008,003 | 9,242,572 | 7,991,892 | |||
Class
C |
227,194 | 346,774 | 1,588,267 | 1,911,870 | |||
Class
I |
5,883,351 | 1,934,056 | 57,904,592 | 20,587,830 | |||
Class
R6 |
101,048 | 451,921 | 2,482,682 | 611,216 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class
A |
$ 11.81 | $ 4.28 | $ 10.96 | $ 10.35 | |||
Class
C |
$ 11.54 | $ 4.21 | $ 10.96 | $ 10.46 | |||
Class
I |
$ 12.00 | $ 4.29 | $ 10.96 | $ 10.33 | |||
Class
R6 |
$ 12.01 | $ 4.29 | $ 10.96 | $ 10.38 |
Newfleet
Core Plus Bond Fund |
Newfleet
High Yield Fund |
Newfleet
Low Duration Core Plus Bond Fund |
Newfleet
Multi-Sector Intermediate Bond Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class
A |
$ 12.27 | $ 4.45 | $ 11.21 | $ 10.75 | |||
Maximum Sales Charge - Class
A |
3.75% | 3.75% | 2.25% | 3.75% | |||
(1) Investment in securities at
cost |
$ 108,604 | $ 59,543 | $ 796,640 | $ 328,447 | |||
(2) Market value of securities on
loan |
$ 580 | $ 1,174 | $ 3,077 | $ 3,863 | |||
(3) Newfleet Core Plus Bond Fund and Newfleet Low Duration Core Plus Bond Fund have a par value of $1.00, and all other funds on this page have no par value. |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Virtus
Multi- Sector Short Term Bond Fund |
Newfleet
Senior Floating Rate Fund |
Newfleet
Tax-Exempt Bond Fund | |||
Assets | |||||
Investment in securities at
value(1)(2) |
$ 6,698,757 | $ 235,597 | $ 102,798 | ||
Cash
|
10,035 | 483 | 100 | ||
Receivables | |||||
Investment securities sold
|
6,956 | 6,662 | — | ||
Fund shares sold
|
17,437 | 259 | 7 | ||
Dividends and
interest |
25,649 | 517 | 1,231 | ||
Securities lending
income |
9 | — | — | ||
Prepaid Trustees’
retainer |
73 | 3 | 1 | ||
Prepaid expenses
|
53 | 25 | 18 | ||
Other assets
|
627 | 21 | 10 | ||
Total
assets |
6,759,596 | 243,567 | 104,165 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased
|
15,068 | 275 | 120 | ||
Investment securities purchased
|
188,513 | 15,637 | — | ||
Borrowings (See Note
10) |
— | 7,000 | — | ||
Collateral on securities
loaned |
3,185 | — | — | ||
Dividend distributions
|
1,458 | 147 | 22 | ||
Investment advisory fees
|
2,526 | 82 | 27 | ||
Distribution and service fees
|
367 | 23 | 11 | ||
Administration and accounting
fees |
527 | 18 | 9 | ||
Transfer agent and sub-transfer agent fees and
expenses |
1,337 | 44 | 28 | ||
Professional fees
|
60 | 35 | 27 | ||
Trustee deferred compensation plan
|
627 | 21 | 10 | ||
Interest expense and/or commitment
fees |
8 | 41 | — (a) | ||
Other accrued
expenses |
238 | 16 | 10 | ||
Unrealized depreciation on unfunded loan
commitments |
— | 1 | — | ||
Total
liabilities |
213,914 | 23,340 | 264 | ||
Net
Assets |
$ 6,545,682 | $ 220,227 | $ 103,901 | ||
Net Assets Consist of: | |||||
Common stock $0.001 par
value |
$ — | $ — | $ 9 | ||
Capital paid in on shares of beneficial
interest |
6,646,806 | 287,895 | 95,222 | ||
Accumulated earnings
(loss) |
(101,124) | (67,668) | 8,670 | ||
Net
Assets |
$ 6,545,682 | $ 220,227 | $ 103,901 | ||
Net Assets: | |||||
Class
A |
$ 956,384 | $ 72,274 | $ 37,928 | ||
Class
C |
$ 267,919 | $ 9,595 | $ 3,561 | ||
Class
C1 |
$ 70,114 | $ — | $ — | ||
Class
I |
$ 5,221,147 | $ 136,742 | $ 62,412 | ||
Class
R6 |
$ 30,118 | $ 1,616 | $ — | ||
Shares Outstanding (unlimited number of shares authorized, no par value):(3) | |||||
Class
A |
200,934,329 | 8,020,799 | 3,337,709 | ||
Class
C |
55,491,792 | 1,063,805 | 313,421 | ||
Class
C1 |
14,556,905 | — | — | ||
Class
I |
1,095,191,284 | 15,196,688 | 5,492,572 | ||
Class
R6 |
6,305,256 | 179,688 | — |
Virtus
Multi-Sector Short Term Bond Fund |
Newfleet
Senior Floating Rate Fund |
Newfleet
Tax-Exempt Bond Fund | |||
Net Asset Value and Redemption Price Per Share:* | |||||
Class
A |
$ 4.76 | $ 9.01 | $ 11.36 | ||
Class
C |
$ 4.83 | $ 9.02 | $ 11.36 | ||
Class
C1 |
$ 4.82 | $ — | $ — | ||
Class
I |
$ 4.77 | $ 9.00 | $ 11.36 | ||
Class
R6 |
$ 4.78 | $ 9.00 | $ — | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)))): | |||||
Class
A |
$ 4.87 | $ 9.26 | $ 11.68 | ||
Maximum Sales Charge - Class
A |
2.25% | 2.75% | 2.75% | ||
(1) Investment in securities at
cost |
$ 6,647,478 | $ 235,519 | $ 94,352 | ||
(2) Market value of securities on
loan |
$ 3,081 | $ — | $ — | ||
(3) Newfleet Tax-Exempt Bond Fund has a par value of $0.001, and all other funds on this page have no par value. |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Newfleet
Core Plus Bond Fund |
Newfleet
High Yield Fund |
Newfleet
Low Duration Core Plus Bond Fund |
Newfleet
Multi-Sector Intermediate Bond Fund | ||||
Investment Income | |||||||
Dividends
|
$ 23 | $ —(1) | $ 125 | $ 241 | |||
Net increase from payment by affiliate
(2) |
— | — | — | — (1) | |||
Interest
|
3,199 | 3,437 | 13,681 | 16,461 | |||
Securities lending, net of
fees |
4 | 18 | 15 | 61 | |||
Total investment
income |
3,226 | 3,455 | 13,821 | 16,763 | |||
Expenses | |||||||
Investment advisory
fees |
499 | 340 | 2,581 | 2,029 | |||
Distribution and service fees, Class
A |
91 | 119 | 236 | 207 | |||
Distribution and service fees, Class
C |
35 | 19 | 184 | 250 | |||
Administration and accounting
fees |
118 | 68 | 650 | 377 | |||
Transfer agent fees and
expenses |
55 | 40 | 275 | 160 | |||
Sub-transfer agent fees and expenses, Class
A |
21 | 20 | 42 | 53 | |||
Sub-transfer agent fees and expenses, Class
C |
3 | 2 | 14 | 17 | |||
Sub-transfer agent fees and expenses, Class
I |
52 | 11 | 339 | 179 | |||
Custodian fees
|
2 | 1 | 4 | 4 | |||
Printing fees and expenses
|
9 | 7 | 42 | 24 | |||
Professional fees
|
32 | 32 | 33 | 38 | |||
Interest expense and/or commitment
fees |
1 | — (1) | 3 | 3 | |||
Registration fees
|
47 | 43 | 83 | 74 | |||
Trustees’ fees and expenses
|
7 | 4 | 36 | 24 | |||
Miscellaneous
expenses |
29 | 35 | 57 | 46 | |||
Total
expenses |
1,001 | 741 | 4,579 | 3,485 | |||
Less net expenses reimbursed and/or waived by investment
adviser(3) |
(267) | (155) | (930) | (304) | |||
Less low balance account fees
|
(1) | (2) | — (1) | — (1) | |||
Net
expenses |
733 | 584 | 3,649 | 3,181 | |||
Net investment income
(loss) |
2,493 | 2,871 | 10,172 | 13,582 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments |
1,697 | 1,213 | 2,312 | 8,880 | |||
Foreign currency
transactions |
— | — | — | (148) | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments |
(2,115) | 2,872 | (3,172) | 2,431 | |||
Foreign currency
transactions |
— | — | — | — (1) | |||
Net realized and unrealized gain (loss) on
investments |
(418) | 4,085 | (860) | 11,163 | |||
Net increase (decrease) in net assets resulting from
operations |
$ 2,075 | $6,956 | $ 9,312 | $24,745 |
(1) | Amount is less than $500. |
(2) | See Note 3G in Notes to Financial Statements. |
(3) | See Note 3D in Notes to Financial Statements. |
Virtus
Multi- Sector Short Term Bond Fund |
Newfleet
Senior Floating Rate Fund |
Newfleet
Tax-Exempt Bond Fund | |||
Investment Income | |||||
Dividends
|
$ 2,364 | $ 2 | $ 34 | ||
Interest
|
185,398 | 8,883 | 3,126 | ||
Securities lending, net of
fees |
225 | — | — | ||
Total investment
income |
187,987 | 8,885 | 3,160 | ||
Expenses | |||||
Investment advisory
fees |
29,835 | 948 | 491 | ||
Distribution and service fees, Class
A |
2,305 | 164 | 95 | ||
Distribution and service fees, Class
C |
1,729 | 180 | 57 | ||
Distribution and service fees, Class
C1 |
897 | — | — | ||
Administration and accounting
fees |
6,294 | 218 | 117 | ||
Transfer agent fees and
expenses |
2,641 | 92 | 49 | ||
Sub-transfer agent fees and expenses, Class
A |
662 | 38 | 23 | ||
Sub-transfer agent fees and expenses, Class
C |
240 | 13 | 3 | ||
Sub-transfer agent fees and expenses, Class
C1 |
58 | — | — | ||
Sub-transfer agent fees and expenses, Class
I |
3,338 | 80 | 52 | ||
Custodian fees
|
17 | 2 | — (1) | ||
Printing fees and expenses
|
337 | 15 | 8 | ||
Professional fees
|
107 | 36 | 28 | ||
Interest expense and/or commitment
fees |
29 | 207 | — (1) | ||
Registration fees
|
174 | 64 | 40 | ||
Trustees’ fees and expenses
|
378 | 13 | 7 | ||
Miscellaneous
expenses |
398 | 29 | 17 | ||
Total
expenses |
49,439 | 2,099 | 987 | ||
Less net expenses reimbursed and/or waived by investment
adviser |
(32) | (97) | (180) | ||
Less low balance account fees
|
(1) | — (1) | — | ||
Net
expenses |
49,406 | 2,002 | 807 | ||
Net investment income
(loss) |
138,581 | 6,883 | 2,353 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments |
42,204 | (4,612) | 390 | ||
Foreign currency
transactions |
(2,236) | — | — | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments |
4,214 | 14,570 | (303) | ||
Foreign currency
transactions |
(1) | — | — | ||
Net realized and unrealized gain (loss) on
investments |
44,181 | 9,958 | 87 | ||
Net increase (decrease) in net assets resulting from
operations |
$182,762 | $16,841 | $2,440 |
(1) | Amount is less than $500. |
Newfleet Core Plus Bond Fund | Newfleet High Yield Fund | ||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ 2,493 | $ 2,759 | $ 2,871 | $ 3,074 | |||
Net realized gain (loss)
|
1,697 | 1,537 | 1,213 | (532) | |||
Net change in unrealized appreciation (depreciation)
|
(2,115) | 1,003 | 2,872 | (832) | |||
Increase (decrease) in net assets resulting from
operations |
2,075 | 5,299 | 6,956 | 1,710 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(766) | (936) | (2,257) | (2,421) | |||
Class
C |
(48) | (79) | (77) | (101) | |||
Class
I |
(1,647) | (1,709) | (428) | (481) | |||
Class
R6 |
(27) | (28) | (89) | (53) | |||
Total dividends and distributions to
shareholders |
(2,488) | (2,752) | (2,851) | (3,056) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
(2,848) | 218 | (1,306) | (3,447) | |||
Class
C |
(2,051) | 883 | (1,249) | 389 | |||
Class
I |
7,692 | 7,773 | (1,652) | 1,601 | |||
Class
R6 |
96 | 64 | 697 | 324 | |||
Increase (decrease) in net assets from capital
transactions |
2,889 | 8,938 | (3,510) | (1,133) | |||
Net increase (decrease) in net
assets |
2,476 | 11,485 | 595 | (2,479) | |||
Net Assets | |||||||
Beginning of
period |
106,527 | 95,042 | 58,252 | 60,731 | |||
End of
Period |
$ 109,003 | $ 106,527 | $ 58,847 | $ 58,252 |
Newfleet Low Duration Core Plus Bond Fund | Newfleet Multi-Sector Intermediate Bond Fund | ||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ 10,172 | $ 11,484 | $ 13,582 | $ 13,381 | |||
Net realized gain (loss)
|
2,312 | (642) | 8,732 | 177 | |||
Net change in unrealized appreciation (depreciation)
|
(3,172) | 2,787 | 2,431 | 58 | |||
Increase (decrease) in net assets resulting from
operations |
9,312 | 13,629 | 24,745 | 13,616 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(1,338) | (1,836) | (2,827) | (3,033) | |||
Class
C |
(126) | (313) | (652) | (1,082) | |||
Class
I |
(8,684) | (9,305) | (9,489) | (8,980) | |||
Class
R6 |
(12) | (9) | (229) | (214) | |||
Total dividends and distributions to
shareholders |
(10,160) | (11,463) | (13,197) | (13,309) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
13,606 | 5,929 | 1,991 | (5,766) | |||
Class
C |
(2,716) | (835) | (11,727) | (8,312) | |||
Class
I |
233,395 | 47,610 | (95,339) | 119,448 | |||
Class
R6 |
26,847 | 101 | 104 | 1,136 | |||
Increase (decrease) in net assets from capital
transactions |
271,132 | 52,805 | (104,971) | 106,506 | |||
Net increase (decrease) in net
assets |
270,284 | 54,971 | (93,423) | 106,813 | |||
Net Assets | |||||||
Beginning of
period |
509,966 | 454,995 | 415,102 | 308,289 | |||
End of
Period |
$ 780,250 | $ 509,966 | $ 321,679 | $ 415,102 |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet Senior Floating Rate Fund | ||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ 138,581 | $ 165,470 | $ 6,883 | $ 11,164 | |||
Net realized gain (loss)
|
39,968 | (12,627) | (4,612) | (21,951) | |||
Net change in unrealized appreciation (depreciation)
|
4,213 | 6,679 | 14,570 | (1,499) | |||
Increase (decrease) in net assets resulting from
operations |
182,762 | 159,522 | 16,841 | (12,286) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(19,363) | (21,578) | (2,075) | (4,504) | |||
Class
C |
(6,385) | (11,346) | (448) | (1,388) | |||
Class
C1 |
(1,217) | (3,010) | — | — | |||
Class
I |
(115,367) | (127,738) | (4,277) | (5,837) | |||
Class
R6 |
(649) | (320) | (77) | (89) | |||
Return of Capital: | |||||||
Class
A |
— | (2,308) | — | — | |||
Class
C |
— | (1,356) | — | — | |||
Class
C1 |
— | (455) | — | — | |||
Class
I |
— | (12,460) | — | — | |||
Class
R6 |
— | (30) | — | — | |||
Total dividends and distributions to
shareholders |
(142,981) | (180,601) | (6,877) | (11,818) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
93,563 | (40,669) | 11,564 | (98,504) | |||
Class
C |
(168,856) | (141,408) | (18,861) | (16,903) | |||
Class
C1 |
(45,480) | (80,156) | — | — | |||
Class
I |
651,747 | (136,774) | 20,879 | (39,041) | |||
Class
R6 |
18,649 | 4,887 | (1,251) | 2,917 | |||
Increase (decrease) in net assets from capital
transactions |
549,623 | (394,120) | 12,331 | (151,531) | |||
Net increase (decrease) in net
assets |
589,404 | (415,199) | 22,295 | (175,635) | |||
Net Assets | |||||||
Beginning of
period |
5,956,278 | 6,371,477 | 197,932 | 373,567 | |||
End of
Period |
$ 6,545,682 | $ 5,956,278 | $ 220,227 | $ 197,932 |
Newfleet Tax-Exempt Bond Fund | |||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss)
|
$ 2,353 | $ 2,824 | |
Net realized gain (loss)
|
390 | 1,031 | |
Net change in unrealized appreciation (depreciation)
|
(303) | (322) | |
Increase (decrease) in net assets resulting from
operations |
2,440 | 3,533 | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class
A |
(1,058) | (799) | |
Class
C |
(135) | (136) | |
Class
I |
(2,016) | (1,835) | |
Total dividends and distributions to
shareholders |
(3,209) | (2,770) | |
Change in Net Assets from Capital Transactions (See Note 5): | |||
Class
A |
1,126 | (1,607) | |
Class
C |
(4,550) | (3,084) | |
Class
I |
(5,053) | (17,081) | |
Increase (decrease) in net assets from capital
transactions |
(8,477) | (21,772) | |
Net increase (decrease) in net
assets |
(9,246) | (21,009) | |
Net Assets | |||
Beginning of
period |
113,147 | 134,156 | |
End of
Period |
$ 103,901 | $ 113,147 |
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 Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Newfleet Core Plus Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $11.85 | 0.25 | (0.04) | 0.21 | (0.25) | — | — | (0.25) | — | (0.04) | $11.81 | 1.79 % | $ 34,538 | 0.80 % | 1.05 % | 2.12 % | 59 % | |
10/1/19 to 9/30/20 | 11.51 | 0.30 | 0.34 | 0.64 | (0.30) | — | — | (0.30) | — | 0.34 | 11.85 | 5.66 | 37,507 | 0.81 (6) | 1.07 | 2.61 | 65 | |
10/1/18 to 9/30/19 | 10.84 | 0.35 | 0.67 | 1.02 | (0.35) | — | — | (0.35) | — | 0.67 | 11.51 | 9.64 | 36,248 | 0.85 | 1.11 | 3.21 | 59 | |
10/1/17 to 9/30/18 | 11.31 | 0.36 | (0.46) | (0.10) | (0.37) | — | — | (0.37) | — | (0.47) | 10.84 | (0.92) | 33,998 | 0.84 | 1.12 | 3.24 | 49 | |
10/1/16 to 9/30/17 | 11.38 | 0.37 | (0.08) | 0.29 | (0.36) | — | — | (0.36) | — | (0.07) | 11.31 | 2.60 (7) | 39,536 | 0.84 (7) | 1.17 | 3.26 (7) | 56 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $11.57 | 0.16 | (0.03) | 0.13 | (0.16) | — | — | (0.16) | — | (0.03) | $11.54 | 1.11 % | $ 2,621 | 1.55 % | 1.81 % | 1.39 % | 59 % | |
10/1/19 to 9/30/20 | 11.24 | 0.21 | 0.33 | 0.54 | (0.21) | — | — | (0.21) | — | 0.33 | 11.57 | 4.85 | 4,676 | 1.56 (6) | 1.82 | 1.84 | 65 | |
10/1/18 to 9/30/19 | 10.59 | 0.27 | 0.65 | 0.92 | (0.27) | — | — | (0.27) | — | 0.65 | 11.24 | 8.78 | 3,725 | 1.59 | 1.85 | 2.49 | 59 | |
10/1/17 to 9/30/18 | 11.04 | 0.27 | (0.44) | (0.17) | (0.28) | — | — | (0.28) | — | (0.45) | 10.59 | (1.58) | 5,165 | 1.59 | 1.87 | 2.49 | 49 | |
10/1/16 to 9/30/17 | 11.12 | 0.27 | (0.08) | 0.19 | (0.27) | — | — | (0.27) | — | (0.08) | 11.04 | 1.79 (7) | 6,671 | 1.59 (7) | 1.92 | 2.51 (7) | 56 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $12.04 | 0.28 | (0.04) | 0.24 | (0.28) | — | — | (0.28) | — | (0.04) | $12.00 | 2.04 % | $ 70,630 | 0.55 % | 0.79 % | 2.36 % | 59 % | |
10/1/19 to 9/30/20 | 11.70 | 0.33 | 0.34 | 0.67 | (0.33) | — | — | (0.33) | — | 0.34 | 12.04 | 5.87 | 63,222 | 0.56 (6) | 0.80 | 2.85 | 65 | |
10/1/18 to 9/30/19 | 11.02 | 0.38 | 0.69 | 1.07 | (0.39) | — | — | (0.39) | — | 0.68 | 11.70 | 9.90 | 54,038 | 0.60 | 0.82 | 3.39 | 59 | |
10/1/17 to 9/30/18 | 11.49 | 0.39 | (0.46) | (0.07) | (0.40) | — | — | (0.40) | — | (0.47) | 11.02 | (0.60) | 27,360 | 0.59 | 0.84 | 3.50 | 49 | |
10/1/16 to 9/30/17 | 11.56 | 0.40 | (0.08) | 0.32 | (0.39) | — | — | (0.39) | — | (0.07) | 11.49 | 2.81 (7) | 26,597 | 0.59 (7) | 0.92 | 3.52 (7) | 56 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $12.05 | 0.30 | (0.04) | 0.26 | (0.30) | — | — | (0.30) | — | (0.04) | $12.01 | 2.17 % | $ 1,214 | 0.43 % | 0.72 % | 2.48 % | 59 % | |
10/1/19 to 9/30/20 | 11.71 | 0.35 | 0.34 | 0.69 | (0.35) | — | — | (0.35) | — | 0.34 | 12.05 | 6.00 | 1,122 | 0.44 (6) | 0.74 | 2.99 | 65 | |
10/1/18 to 9/30/19 | 11.02 | 0.40 | 0.69 | 1.09 | (0.40) | — | — | (0.40) | — | 0.69 | 11.71 | 10.13 | 1,031 | 0.48 | 0.77 | 3.52 | 59 | |
10/1/17 to 9/30/18 | 11.50 | 0.40 | (0.47) | (0.07) | (0.41) | — | — | (0.41) | — | (0.48) | 11.02 | (0.60) | 414 | 0.50 (6) | 0.79 | 3.59 | 49 | |
11/3/16 (11) to 9/30/17 | 11.45 | 0.38 | 0.03 | 0.41 | (0.36) | — | — | (0.36) | — | 0.05 | 11.50 | 3.66 (7) | 463 | 0.53 (7) | 0.88 | 3.33 (7) | 56 (12) | |
Newfleet High Yield Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 4.00 | 0.20 | 0.28 | 0.48 | (0.20) | — | — | (0.20) | — | 0.28 | $ 4.28 | 12.18 % | $ 47,153 | 1.00 % | 1.25 % | 4.77 % | 74 % | |
10/1/19 to 9/30/20 | 4.10 | 0.21 | (0.10) | 0.11 | (0.21) | — | — | (0.21) | — | (0.10) | 4.00 | 2.88 | 45,234 | 1.00 | 1.37 | 5.31 | 88 | |
10/1/18 to 9/30/19 | 4.13 | 0.23 | (0.03) | 0.20 | (0.23) | — | — | (0.23) | — | (0.03) | 4.10 | 4.99 | 49,890 | 0.99 | 1.36 | 5.61 | 59 | |
10/1/17 to 9/30/18 | 4.25 | 0.23 | (0.12) | 0.11 | (0.23) | — | — | (0.23) | — | (0.12) | 4.13 | 2.77 | 51,859 | 0.99 | 1.34 | 5.48 | 66 | |
10/1/16 to 9/30/17 | 4.18 | 0.23 | 0.06 | 0.29 | (0.22) | — | — | (0.22) | — | 0.07 | 4.25 | 7.05 (7) | 56,694 | 1.00 (6)(7) | 1.41 | 5.36 (7) | 71 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 3.93 | 0.17 | 0.28 | 0.45 | (0.17) | — | — | (0.17) | — | 0.28 | $ 4.21 | 11.47 % | $ 1,460 | 1.75 % | 2.03 % | 4.05 % | 74 % | |
10/1/19 to 9/30/20 | 4.02 | 0.18 | (0.09) | 0.09 | (0.18) | — | — | (0.18) | — | (0.09) | 3.93 | 2.33 | 2,542 | 1.75 | 2.11 | 4.55 | 88 | |
10/1/18 to 9/30/19 | 4.06 | 0.19 | (0.04) | 0.15 | (0.19) | — | — | (0.19) | — | (0.04) | 4.02 | 3.94 | 2,207 | 1.75 | 2.11 | 4.85 | 59 | |
10/1/17 to 9/30/18 | 4.17 | 0.19 | (0.10) | 0.09 | (0.20) | — | — | (0.20) | — | (0.11) | 4.06 | 2.20 | 3,254 | 1.74 | 2.08 | 4.73 | 66 | |
10/1/16 to 9/30/17 | 4.11 | 0.19 | 0.06 | 0.25 | (0.19) | — | — | (0.19) | — | 0.06 | 4.17 | 6.11 (7) | 3,593 | 1.75 (6)(7) | 2.17 | 4.61 (7) | 71 |
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 Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Newfleet High Yield Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 4.01 | 0.21 | 0.28 | 0.49 | (0.21) | — | — | (0.21) | — | 0.28 | $ 4.29 | 12.43 % | $ 8,297 | 0.75 % | 1.05 % | 5.01 % | 74 % | |
10/1/19 to 9/30/20 | 4.10 | 0.22 | (0.09) | 0.13 | (0.22) | — | — | (0.22) | — | (0.09) | 4.01 | 3.40 | 9,319 | 0.75 | 1.17 | 5.54 | 88 | |
10/1/18 to 9/30/19 | 4.13 | 0.24 | (0.03) | 0.21 | (0.24) | — | — | (0.24) | — | (0.03) | 4.10 | 5.25 | 7,805 | 0.75 | 1.15 | 5.82 | 59 | |
10/1/17 to 9/30/18 | 4.25 | 0.24 | (0.12) | 0.12 | (0.24) | — | — | (0.24) | — | (0.12) | 4.13 | 3.03 | 8,557 | 0.74 | 1.14 | 5.72 | 66 | |
10/1/16 to 9/30/17 | 4.18 | 0.24 | 0.06 | 0.30 | (0.23) | — | — | (0.23) | — | 0.07 | 4.25 | 7.31 (7) | 6,577 | 0.75 (6)(7) | 1.17 | 5.62 (7) | 71 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 4.00 | 0.22 | 0.29 | 0.51 | (0.22) | — | — | (0.22) | — | 0.29 | $ 4.29 | 12.87 % | $ 1,937 | 0.60 % (6) | 0.93 % | 5.12 % | 74 % | |
10/1/19 to 9/30/20 | 4.10 | 0.22 | (0.10) | 0.12 | (0.22) | — | — | (0.22) | — | (0.10) | 4.00 | 3.20 | 1,157 | 0.69 | 1.05 | 5.58 | 88 | |
10/1/18 to 9/30/19 | 4.13 | 0.23 | (0.02) | 0.21 | (0.24) | — | — | (0.24) | — | (0.03) | 4.10 | 5.30 | 829 | 0.69 | 1.04 | 5.77 | 59 | |
10/1/17 to 9/30/18 | 4.25 | 0.24 | (0.11) | 0.13 | (0.25) | — | — | (0.25) | — | (0.12) | 4.13 | 3.09 | 4,400 | 0.69 | 1.00 | 5.79 | 66 | |
11/3/16 (11) to 9/30/17 | 4.14 | 0.22 | 0.10 | 0.32 | (0.21) | — | — | (0.21) | — | 0.11 | 4.25 | 7.93 (7) | 5,253 | 0.69 (6)(7) | 1.15 | 5.66 (7) | 71 | |
Newfleet Low Duration Core Plus Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $10.96 | 0.16 | — (8) | 0.16 | (0.16) | — | — | (0.16) | — | — (8) | $10.96 | 1.44 % | $ 101,271 | 0.75 % | 0.89 % | 1.42 % | 55 % | |
10/1/19 to 9/30/20 | 10.86 | 0.24 | 0.10 | 0.34 | (0.24) | — | — | (0.24) | — | 0.10 | 10.96 | 3.21 | 87,690 | 0.75 | 0.91 | 2.24 | 57 | |
10/1/18 to 9/30/19 | 10.64 | 0.29 | 0.22 | 0.51 | (0.29) | — | — | (0.29) | — | 0.22 | 10.86 | 4.82 | 81,384 | 0.75 | 0.95 | 2.67 | 45 | |
10/1/17 to 9/30/18 | 10.83 | 0.25 | (0.19) | 0.06 | (0.25) | — | — | (0.25) | — | (0.19) | 10.64 | 0.55 | 74,707 | 0.75 | 1.09 | 2.32 | 54 | |
10/1/16 to 9/30/17 | 10.90 | 0.21 | (0.07) | 0.14 | (0.21) | — | — | (0.21) | — | (0.07) | 10.83 | 1.31 | 81,542 | 0.75 | 1.12 | 1.95 | 55 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $10.96 | 0.08 | (0.01) | 0.07 | (0.07) | — | — | (0.07) | — | — (8) | $10.96 | 0.68 % | $ 17,403 | 1.50 % | 1.66 % | 0.69 % | 55 % | |
10/1/19 to 9/30/20 | 10.86 | 0.16 | 0.10 | 0.26 | (0.16) | — | — | (0.16) | — | 0.10 | 10.96 | 2.44 | 20,105 | 1.50 | 1.67 | 1.50 | 57 | |
10/1/18 to 9/30/19 | 10.64 | 0.21 | 0.22 | 0.43 | (0.21) | — | — | (0.21) | — | 0.22 | 10.86 | 4.04 | 20,746 | 1.50 | 1.70 | 1.92 | 45 | |
10/1/17 to 9/30/18 | 10.83 | 0.17 | (0.19) | (0.02) | (0.17) | — | — | (0.17) | — | (0.19) | 10.64 | (0.20) | 22,809 | 1.50 | 1.82 | 1.55 | 54 | |
10/1/16 to 9/30/17 | 10.90 | 0.13 | (0.07) | 0.06 | (0.13) | — | — | (0.13) | — | (0.07) | 10.83 | 0.56 | 32,400 | 1.50 | 1.87 | 1.20 | 55 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $10.95 | 0.18 | 0.01 | 0.19 | (0.18) | — | — | (0.18) | — | 0.01 | $10.96 | 1.78 % | $ 634,354 | 0.50 % | 0.65 % | 1.64 % | 55 % | |
10/1/19 to 9/30/20 | 10.85 | 0.27 | 0.10 | 0.37 | (0.27) | — | — | (0.27) | — | 0.10 | 10.95 | 3.46 | 401,784 | 0.50 | 0.67 | 2.49 | 57 | |
10/1/18 to 9/30/19 | 10.63 | 0.31 | 0.22 | 0.53 | (0.31) | — | — | (0.31) | — | 0.22 | 10.85 | 5.09 | 352,583 | 0.50 | 0.70 | 2.91 | 45 | |
10/1/17 to 9/30/18 | 10.83 | 0.28 | (0.20) | 0.08 | (0.28) | — | — | (0.28) | — | (0.20) | 10.63 | 0.71 | 265,252 | 0.50 | 0.83 | 2.57 | 54 | |
10/1/16 to 9/30/17 | 10.90 | 0.24 | (0.07) | 0.17 | (0.24) | — | — | (0.24) | — | (0.07) | 10.83 | 1.56 | 250,777 | 0.50 | 0.88 | 2.21 | 55 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $10.96 | 0.16 | 0.03 | 0.19 | (0.19) | — | — | (0.19) | — | — (8) | $10.96 | 1.76 % | $ 27,222 | 0.43 % | 0.57 % | 1.46 % | 55 % | |
10/1/19 to 9/30/20 | 10.86 | 0.28 | 0.10 | 0.38 | (0.28) | — | — | (0.28) | — | 0.10 | 10.96 | 3.54 | 387 | 0.43 | 0.61 | 2.56 | 57 | |
12/19/18 (11) to 9/30/19 | 10.58 | 0.25 | 0.28 | 0.53 | (0.25) | — | — | (0.25) | — | 0.28 | 10.86 | 5.08 | 282 | 0.43 | 0.62 | 3.02 | 45 (12) |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $10.06 | 0.37 | 0.27 | 0.64 | (0.35) | — | — | (0.35) | — (8) | 0.29 | $10.35 | 6.45 % (9) | $ 82,697 | 0.99 % | 1.07 % | 3.56 % | 77 % | |
10/1/19 to 9/30/20 | 10.16 | 0.39 | (0.11) | 0.28 | (0.38) | — | — | (0.38) | — | (0.10) | 10.06 | 2.86 | 78,378 | 0.99 | 1.09 | 3.87 | 95 | |
10/1/18 to 9/30/19 | 9.97 | 0.43 | 0.19 | 0.62 | (0.38) | (0.05) | — | (0.43) | — (8) | 0.19 | 10.16 | 6.43 (9) | 86,034 | 0.98 | 1.10 | 4.34 | 81 | |
10/1/17 to 9/30/18 | 10.42 | 0.45 | (0.46) | (0.01) | (0.42) | (0.02) | — | (0.44) | — | (0.45) | 9.97 | (0.14) | 73,217 | 0.98 | 1.10 | 4.43 | 70 | |
10/1/16 to 9/30/17 | 10.30 | 0.47 | 0.10 | 0.57 | (0.45) | — | — | (0.45) | — | 0.12 | 10.42 | 5.64 (7) | 87,144 | 1.01 (6)(7) | 1.13 | 4.55 (7) | 64 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $10.17 | 0.29 | 0.27 | 0.56 | (0.27) | — | — | (0.27) | — (8) | 0.29 | $10.46 | 5.58 % (9) | $ 20,004 | 1.74 % | 1.82 % | 2.81 % | 77 % | |
10/1/19 to 9/30/20 | 10.26 | 0.31 | (0.10) | 0.21 | (0.30) | — | — | (0.30) | — | (0.09) | 10.17 | 2.16 | 30,872 | 1.74 | 1.83 | 3.12 | 95 | |
10/1/18 to 9/30/19 | 10.07 | 0.36 | 0.19 | 0.55 | (0.31) | (0.05) | — | (0.36) | — (8) | 0.19 | 10.26 | 5.57 (9) | 39,778 | 1.73 | 1.85 | 3.63 | 81 | |
10/1/17 to 9/30/18 | 10.53 | 0.38 | (0.48) | (0.10) | (0.34) | (0.02) | — | (0.36) | — | (0.46) | 10.07 | (0.96) | 53,809 | 1.73 | 1.83 | 3.68 | 70 | |
10/1/16 to 9/30/17 | 10.40 | 0.39 | 0.11 | 0.50 | (0.37) | — | — | (0.37) | — | 0.13 | 10.53 | 4.90 (7) | 63,919 | 1.77 (6)(7) | 1.88 | 3.80 (7) | 64 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $10.05 | 0.39 | 0.28 | 0.67 | (0.39) | — | — | (0.39) | — (8) | 0.28 | $10.33 | 6.70 % (9) | $ 212,633 | 0.74 % | 0.82 % | 3.80 % | 77 % | |
10/1/19 to 9/30/20 | 10.15 | 0.41 | (0.10) | 0.31 | (0.41) | — | — | (0.41) | — | (0.10) | 10.05 | 3.19 | 299,784 | 0.74 | 0.83 | 4.09 | 95 | |
10/1/18 to 9/30/19 | 9.98 | 0.46 | 0.18 | 0.64 | (0.42) | (0.05) | — | (0.47) | — (8) | 0.17 | 10.15 | 6.57 (9) | 177,574 | 0.73 | 0.85 | 4.57 | 81 | |
10/1/17 to 9/30/18 | 10.43 | 0.48 | (0.47) | 0.01 | (0.44) | (0.02) | — | (0.46) | — | (0.45) | 9.98 | 0.14 | 162,322 | 0.73 | 0.83 | 4.66 | 70 | |
10/1/16 to 9/30/17 | 10.31 | 0.50 | 0.09 | 0.59 | (0.47) | — | — | (0.47) | — | 0.12 | 10.43 | 5.90 (7) | 205,821 | 0.75 (6)(7) | 0.88 | 4.83 (7) | 64 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $10.08 | 0.41 | 0.28 | 0.69 | (0.39) | — | — | (0.39) | — (8) | 0.30 | $10.38 | 6.87 % (9) | $ 6,345 | 0.60 % | 0.75 % | 3.94 % | 77 % | |
10/1/19 to 9/30/20 | 10.17 | 0.42 | (0.10) | 0.32 | (0.41) | — | — | (0.41) | — | (0.09) | 10.08 | 3.28 | 6,068 | 0.60 | 0.76 | 4.25 | 95 | |
10/1/18 to 9/30/19 | 9.98 | 0.46 | 0.20 | 0.66 | (0.42) | (0.05) | — | (0.47) | — (8) | 0.19 | 10.17 | 6.77 (9) | 4,903 | 0.59 | 0.78 | 4.65 | 81 | |
10/1/17 to 9/30/18 | 10.43 | 0.49 | (0.47) | 0.02 | (0.45) | (0.02) | — | (0.47) | — | (0.45) | 9.98 | 0.19 | 15,750 | 0.62 | 0.76 | 4.78 | 70 | |
10/1/16 to 9/30/17 | 10.31 | 0.50 | 0.10 | 0.60 | (0.48) | — | — | (0.48) | — | 0.12 | 10.43 | 5.98 (7) | 19,410 | 0.67 (6)(7) | 0.82 | 4.79 (7) | 64 | |
Newfleet Multi-Sector Short Term Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 4.73 | 0.10 | 0.03 | 0.13 | (0.10) | — | — | (0.10) | — | 0.03 | $ 4.76 | 2.78 % | $ 956,384 | 0.96 % (14) | 0.96 % | 2.02 % | 64 % | |
10/1/19 to 9/30/20 | 4.72 | 0.12 | 0.02 | 0.14 | (0.12) | (0.01) | — | (0.13) | — | 0.01 | 4.73 | 3.10 | 857,107 | 0.98 (14) | 0.98 | 2.58 | 70 | |
10/1/18 to 9/30/19 | 4.65 | 0.14 | 0.07 | 0.21 | (0.12) | (0.02) | — | (0.14) | — | 0.07 | 4.72 | 4.62 | 898,392 | 0.97 (14) | 0.98 | 3.01 | 58 | |
10/1/17 to 9/30/18 | 4.78 | 0.14 | (0.14) | — | (0.12) | (0.01) | — | (0.13) | — | (0.13) | 4.65 | 0.05 | 711,425 | 0.97 (14) | 0.98 | 2.88 | 55 | |
10/1/16 to 9/30/17 | 4.78 | 0.14 | — | 0.14 | (0.14) | — | — | (0.14) | — | — | 4.78 | 3.07 (7) | 925,677 | 1.00 (7)(14) | 1.01 | 3.04 (7) | 69 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 4.79 | 0.09 | 0.04 | 0.13 | (0.09) | — | — | (0.09) | — | 0.04 | $ 4.83 | 2.69 % | $ 267,919 | 1.21 % (14) | 1.21 % | 1.82 % | 64 % | |
10/1/19 to 9/30/20 | 4.78 | 0.11 | 0.02 | 0.13 | (0.11) | (0.01) | — | (0.12) | — | 0.01 | 4.79 | 2.81 | 433,279 | 1.21 (14) | 1.21 | 2.35 | 70 | |
10/1/18 to 9/30/19 | 4.71 | 0.13 | 0.07 | 0.20 | (0.11) | (0.02) | — | (0.13) | — | 0.07 | 4.78 | 4.31 | 575,524 | 1.21 (14) | 1.21 | 2.78 | 58 | |
10/1/17 to 9/30/18 | 4.84 | 0.13 | (0.14) | (0.01) | (0.11) | (0.01) | — | (0.12) | — | (0.13) | 4.71 | (0.18) | 1,039,109 | 1.20 (14) | 1.21 | 2.66 | 55 | |
10/1/16 to 9/30/17 | 4.84 | 0.13 | — | 0.13 | (0.13) | — | — | (0.13) | — | — | 4.84 | 2.78 (7) | 1,266,378 | 1.25 (7)(14) | 1.25 | 2.80 (7) | 69 |
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 Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Newfleet Multi-Sector Short Term Bond Fund (Continued) | ||||||||||||||||||
Class C1 | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 4.78 | 0.06 | 0.04 | 0.10 | (0.06) | — | — | (0.06) | — | 0.04 | $ 4.82 | 2.19 % | $ 70,114 | 1.71 % (14) | 1.71 % | 1.32 % | 64 % | |
10/1/19 to 9/30/20 | 4.77 | 0.09 | 0.02 | 0.11 | (0.09) | (0.01) | — | (0.10) | — | 0.01 | 4.78 | 2.31 | 114,699 | 1.71 (14) | 1.71 | 1.85 | 70 | |
10/1/18 to 9/30/19 | 4.70 | 0.11 | 0.07 | 0.18 | (0.09) | (0.02) | — | (0.11) | — | 0.07 | 4.77 | 3.80 | 195,185 | 1.71 (14) | 1.72 | 2.28 | 58 | |
10/1/17 to 9/30/18 | 4.83 | 0.10 | (0.13) | (0.03) | (0.09) | (0.01) | — | (0.10) | — | (0.13) | 4.70 | (0.68) | 304,444 | 1.70 (14) | 1.71 | 2.16 | 55 | |
10/1/16 to 9/30/17 | 4.83 | 0.11 | — | 0.11 | (0.11) | — | — | (0.11) | — | — | 4.83 | 2.28 (7) | 377,835 | 1.75 (7)(14) | 1.75 | 2.30 (7) | 69 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 4.73 | 0.11 | 0.04 | 0.15 | (0.11) | — | — | (0.11) | — | 0.04 | $ 4.77 | 3.25 % | $5,221,147 | 0.71 % (14) | 0.71 % | 2.28 % | 64 % | |
10/1/19 to 9/30/20 | 4.72 | 0.13 | 0.02 | 0.15 | (0.13) | (0.01) | — | (0.14) | — | 0.01 | 4.73 | 3.36 | 4,539,835 | 0.72 (14) | 0.72 | 2.83 | 70 | |
10/1/18 to 9/30/19 | 4.66 | 0.15 | 0.06 | 0.21 | (0.13) | (0.02) | — | (0.15) | — | 0.06 | 4.72 | 4.66 | 4,695,968 | 0.72 (14) | 0.72 | 3.26 | 58 | |
10/1/17 to 9/30/18 | 4.79 | 0.15 | (0.14) | 0.01 | (0.13) | (0.01) | — | (0.14) | — | (0.13) | 4.66 | 0.32 | 4,981,559 | 0.71 (14) | 0.71 | 3.16 | 55 | |
10/1/16 to 9/30/17 | 4.78 | 0.16 | 0.01 | 0.17 | (0.16) | — | — | (0.16) | — | 0.01 | 4.79 | 3.54 (7) | 4,811,684 | 0.75 (7)(14) | 0.76 | 3.30 (7) | 69 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 4.74 | 0.12 | 0.04 | 0.16 | (0.12) | — | — | (0.12) | — | 0.04 | $ 4.78 | 3.31 % | $ 30,118 | 0.55 % | 0.67 % | 2.42 % | 64 % | |
10/1/19 to 9/30/20 | 4.72 | 0.14 | 0.03 | 0.17 | (0.14) | (0.01) | — | (0.15) | — | 0.02 | 4.74 | 3.65 | 11,358 | 0.55 | 0.65 | 2.99 | 70 | |
10/1/18 to 9/30/19 | 4.65 | 0.16 | 0.07 | 0.23 | (0.14) | (0.02) | — | (0.16) | — | 0.07 | 4.72 | 4.96 | 6,408 | 0.55 | 0.65 | 3.42 | 58 | |
10/1/17 to 9/30/18 | 4.78 | 0.15 | (0.13) | 0.02 | (0.14) | (0.01) | — | (0.15) | — | (0.13) | 4.65 | 0.38 | 3,161 | 0.59 (6) | 0.65 | 3.29 | 55 | |
11/3/16 (11) to 9/30/17 | 4.76 | 0.15 | 0.02 | 0.17 | (0.15) | — | — | (0.15) | — | 0.02 | 4.78 | 3.54 (7) | 2,533 | 0.70 (7) | 0.71 | 3.05 (7) | 69 (12) | |
Newfleet Senior Floating Rate Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 8.58 | 0.28 | 0.43 | 0.71 | (0.28) | — | — | (0.28) | — | 0.43 | $ 9.01 | 8.40 % | $ 72,274 | 1.04 % (15) | 1.08 % | 3.18 % | 65 % | |
10/1/19 to 9/30/20 | 9.11 | 0.38 | (0.54) | (0.16) | (0.37) | — | — | (0.37) | — | (0.53) | 8.58 | (1.66) | 57,743 | 1.12 (15) | 1.13 | 4.31 | 40 | |
10/1/18 to 9/30/19 | 9.41 | 0.46 | (0.30) | 0.16 | (0.46) | — | — | (0.46) | — | (0.30) | 9.11 | 1.80 | 167,595 | 1.10 (15) | 1.11 | 4.96 | 24 | |
10/1/17 to 9/30/18 | 9.42 | 0.41 | (0.01) | 0.40 | (0.41) | — | — | (0.41) | — | (0.01) | 9.41 | 4.33 | 196,025 | 1.09 | 1.12 | 4.31 | 37 | |
10/1/16 to 9/30/17 | 9.42 | 0.37 | 0.02 | 0.39 | (0.39) | — | — | (0.39) | — | — | 9.42 | 4.28 | 223,055 | 1.10 (6) | 1.16 | 3.95 | 95 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 8.59 | 0.22 | 0.43 | 0.65 | (0.22) | — | — | (0.22) | — | 0.43 | $ 9.02 | 7.59 % | $ 9,595 | 1.78 % (15) | 1.85 % | 2.49 % | 65 % | |
10/1/19 to 9/30/20 | 9.12 | 0.30 | (0.52) | (0.22) | (0.31) | — | — | (0.31) | — | (0.53) | 8.59 | (2.36) | 27,287 | 1.86 (15) | 1.92 | 3.47 | 40 | |
10/1/18 to 9/30/19 | 9.42 | 0.39 | (0.30) | 0.09 | (0.39) | — | — | (0.39) | — | (0.30) | 9.12 | 1.05 | 47,050 | 1.86 (15) | 1.92 | 4.23 | 24 | |
10/1/17 to 9/30/18 | 9.44 | 0.33 | (0.01) | 0.32 | (0.34) | — | — | (0.34) | — | (0.02) | 9.42 | 3.45 | 78,558 | 1.84 | 1.91 | 3.55 | 37 | |
10/1/16 to 9/30/17 | 9.43 | 0.30 | 0.03 | 0.33 | (0.32) | — | — | (0.32) | — | 0.01 | 9.44 | 3.50 | 97,800 | 1.85 (6) | 1.92 | 3.20 | 95 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 8.57 | 0.30 | 0.44 | 0.74 | (0.31) | — | — | (0.31) | — | 0.43 | $ 9.00 | 8.68 % | $ 136,742 | 0.79 % (15) | 0.83 % | 3.42 % | 65 % | |
10/1/19 to 9/30/20 | 9.10 | 0.39 | (0.52) | (0.13) | (0.40) | — | — | (0.40) | — | (0.53) | 8.57 | (1.39) | 110,156 | 0.86 (15) | 0.91 | 4.45 | 40 | |
10/1/18 to 9/30/19 | 9.40 | 0.48 | (0.30) | 0.18 | (0.48) | — | — | (0.48) | — | (0.30) | 9.10 | 2.05 | 158,703 | 0.86 (15) | 0.91 | 5.20 | 24 | |
10/1/17 to 9/30/18 | 9.42 | 0.43 | (0.02) | 0.41 | (0.43) | — | — | (0.43) | — | (0.02) | 9.40 | 4.48 | 228,058 | 0.84 | 0.90 | 4.56 | 37 | |
10/1/16 to 9/30/17 | 9.41 | 0.40 | 0.02 | 0.42 | (0.41) | — | — | (0.41) | — | 0.01 | 9.42 | 4.54 | 250,770 | 0.84 (6) | 0.92 | 4.21 | 95 |
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 Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Newfleet Senior Floating Rate Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 8.57 | 0.32 | 0.43 | 0.75 | (0.32) | — | — | (0.32) | — | 0.43 | $ 9.00 | 8.83 % | $ 1,616 | 0.65 % (15) | 0.77 % | 3.61 % | 65 % | |
10/1/19 to 9/30/20 | 9.11 | 0.37 | (0.50) | (0.13) | (0.41) | — | — | (0.41) | — | (0.54) | 8.57 | (1.33) | 2,746 | 0.70 (15) | 0.82 | 4.51 | 40 | |
10/1/18 to 9/30/19 | 9.40 | 0.49 | (0.28) | 0.21 | (0.50) | — | — | (0.50) | — | (0.29) | 9.11 | 2.31 | 219 | 0.71 (15) | 0.84 | 5.35 | 24 | |
10/1/17 to 9/30/18 | 9.42 | 0.44 | (0.02) | 0.42 | (0.44) | — | — | (0.44) | — | (0.02) | 9.40 | 4.60 | 105 | 0.75 (6) | 0.86 | 4.70 | 37 | |
11/3/16 (11) to 9/30/17 | 9.43 | 0.36 | 0.01 | 0.37 | (0.38) | — | — | (0.38) | — | (0.01) | 9.42 | 4.32 | 104 | 0.77 (6) | 0.86 | 3.76 | 95 (12) | |
Newfleet Tax-Exempt Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $11.45 | 0.23 | — (8) | 0.23 | (0.23) | — | (0.09) | (0.32) | — | (0.09) | $11.36 | 2.04 % | $ 37,928 | 0.85 % | 1.01 % | 2.05 % | 6 % | |
10/1/19 to 9/30/20 | 11.34 | 0.25 | 0.11 | 0.36 | (0.25) | — | — | (0.25) | — | 0.11 | 11.45 | 3.17 | 37,078 | 0.85 | 1.01 | 2.21 | 6 | |
10/1/18 to 9/30/19 | 10.88 | 0.27 | 0.53 | 0.80 | (0.27) | — | (0.07) | (0.34) | — | 0.46 | 11.34 | 7.50 | 38,374 | 0.85 | 0.99 | 2.47 | 4 | |
10/1/17 to 9/30/18 | 11.28 | 0.31 | (0.35) | (0.04) | (0.31) | — | (0.05) | (0.36) | — | (0.40) | 10.88 | (0.35) | 36,238 | 0.85 | 0.99 | 2.78 | 15 | |
10/1/16 to 9/30/17 | 11.55 | 0.31 | (0.26) | 0.05 | (0.30) | — | (0.02) | (0.32) | — | (0.27) | 11.28 | 0.48 (7) | 46,657 | 0.85 (7) | 1.03 | 2.78 (7) | 9 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $11.45 | 0.15 | — (8) | 0.15 | (0.15) | — | (0.09) | (0.24) | — | (0.09) | $11.36 | 1.28 % | $ 3,561 | 1.60 % | 1.75 % | 1.31 % | 6 % | |
10/1/19 to 9/30/20 | 11.34 | 0.17 | 0.10 | 0.27 | (0.16) | — | — | (0.16) | — | 0.11 | 11.45 | 2.40 | 8,145 | 1.60 | 1.74 | 1.47 | 6 | |
10/1/18 to 9/30/19 | 10.89 | 0.19 | 0.52 | 0.71 | (0.19) | — | (0.07) | (0.26) | — | 0.45 | 11.34 | 6.60 | 11,194 | 1.60 | 1.73 | 1.73 | 4 | |
10/1/17 to 9/30/18 | 11.29 | 0.22 | (0.34) | (0.12) | (0.23) | — | (0.05) | (0.28) | — | (0.40) | 10.89 | (1.09) | 15,238 | 1.60 | 1.73 | 2.03 | 15 | |
10/1/16 to 9/30/17 | 11.55 | 0.23 | (0.25) | (0.02) | (0.22) | — | (0.02) | (0.24) | — | (0.26) | 11.29 | (0.18) (7) | 20,832 | 1.60 (7) | 1.78 | 2.03 (7) | 9 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $11.45 | 0.26 | — (8) | 0.26 | (0.26) | — | (0.09) | (0.35) | — | (0.09) | $11.36 | 2.29 % | $ 62,412 | 0.60 % | 0.77 % | 2.30 % | 6 % | |
10/1/19 to 9/30/20 | 11.34 | 0.28 | 0.10 | 0.38 | (0.27) | — | — | (0.27) | — | 0.11 | 11.45 | 3.43 | 67,924 | 0.60 | 0.78 | 2.46 | 6 | |
10/1/18 to 9/30/19 | 10.88 | 0.30 | 0.53 | 0.83 | (0.30) | — | (0.07) | (0.37) | — | 0.46 | 11.34 | 7.76 | 84,588 | 0.60 | 0.78 | 2.72 | 4 | |
10/1/17 to 9/30/18 | 11.28 | 0.33 | (0.34) | (0.01) | (0.34) | — | (0.05) | (0.39) | — | (0.40) | 10.88 | (0.10) | 102,516 | 0.60 | 0.74 | 3.03 | 15 | |
10/1/16 to 9/30/17 | 11.55 | 0.34 | (0.26) | 0.08 | (0.33) | — | (0.02) | (0.35) | — | (0.27) | 11.28 | 0.73 (7) | 100,062 | 0.60 (7) | 0.79 | 3.04 (7) | 9 |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(7) | State
Street Bank & Trust, custodian for some of the Funds through January 29, 2010, reimbursed the Funds for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio
of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) as follows: Newfleet Core Plus Bond Fund 0.02% (Class A), 0.02% (Class C), 0.02% (Class I), 0.00% (Class R6) Newfleet High Yield Fund 0.08% (Class A), 0.08% (Class C), 0.08% (Class I), 0.00% (Class R6) Newfleet Multi-Sector Intermediate Bond Fund 0.02% (Class A), 0.02% (Class C), 0.02% (Class I), 0.00% (Class R6) Newfleet Multi-Sector Short Term Bond Fund 0.01% (Class A), 0.01% (Class C), 0.01% (Class C1), 0.01% (Class I), 0.01% (Class R6) Newfleet Tax-Exempt Bond Fund 0.01% (Class A), 0.01% (Class C), 0.01% (Class I) Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return as follows: Newfleet Core Plus Bond Fund 0.02% (Class A), 0.02% (Class C), 0.02% (Class I), 0.00% (Class R6) Newfleet High Yield Fund 0.08% (Class A), 0.08% (Class C), 0.08% (Class I), 0.00% (Class R6) Newfleet Multi-Sector Intermediate Bond Fund 0.02% (Class A), 0.02% (Class C), 0.02% (Class I), 0.00% (Class R6) Newfleet Multi-Sector Short Term Bond Fund 0.01% (Class A), 0.01% (Class C), 0.01% (Class C1), 0.01% (Class I), 0.01% (Class R6) Newfleet Tax-Exempt Bond Fund 0.01% (Class A), 0.01% (Class C), 0.01% (Class I) |
(8) | Amount is less than $0.005 per share. |
(9) | Payment from affiliate had no impact on total return. |
(10) | Net expense ratio includes extraordinary proxy expenses. |
(11) | Inception date. |
(12) | Portfolio turnover is representative of the Fund for the entire period. |
(13) | The Fund changed its fiscal year end to September 30, during the period. |
(14) | The share class is currently under its expense limitation. |
(15) | Ratios of total expenses excluding interest expense on borrowings for year ended September 30, 2021, 2020 and 2019, were 0.94% (Class A), 1.69% (Class C), 0.69% (Class I) and 0.55% (Class R6). |
A. | Security Valuation |
Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. | |
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). | |
• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
• Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments). | |
A
description of the valuation techniques applied to a Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Equity securities are valued at the
official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and
private placements that are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.
Certain non-U.S. securities may be fair
valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local
developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock
Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Funds fair value non-U.S. securities using an independent pricing service which considers the
correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are
categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Debt securities, including convertible
bonds, and restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that
considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices.
These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are
generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are
generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.
Listed derivatives, such as options, that
are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require
material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds are
valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.
A summary of the inputs used to value a
Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing
in those securities. |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Payment In-Kind Securities |
Certain Funds may invest in payment in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. | |
H. | 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. | Interest-Only and Principal-Only Securities |
Certain Funds may invest in stripped mortgage-backed securities. Stripped mortgage-backed securities represent a participation in, or are secured by, or payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. Stripped mortgage-backed securities include interest-only securities (IOs) which receive all of the interest, and principal-only securities (POs) which receive all of the principal. The market value of these securities is highly sensitive to changes in interest rates and a rapid (slow) rate of principal payments may have an adverse (positive) effect on yield to maturity. Payments received for IOs are included in interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity and these adjustments are also included in interest income. Payments received for POs are treated as reductions to the cost and par value of the securities. Any paydown gains or losses associated with the payments received are included in interest income. If the underlying mortgage assets are greater than anticipated payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities. |
J. | Leveraged Loans |
Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. | |
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, 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. | |
K. | Securities Lending |
Effective October 1, 2020, the Funds may resume loaning securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At September 30, 2021, 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) | |||
Newfleet Core Plus Bond
Fund |
$ 580 | $ 580 | $ — | |||
Newfleet High Yield
Fund |
1,174 | 1,174 | — | |||
Newfleet Low Duration Core Plus Bond
Fund |
3,077 | 3,077 | — | |||
Newfleet Multi-Sector Intermediate Bond
Fund |
3,863 | 3,863 | — | |||
Newfleet Multi-Sector Short Term Bond
Fund |
3,081 | 3,081 | — |
(1) | Collateral received in excess of the market value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Securities
Lending Transactions |
Overnight
and continuous | ||
Newfleet Core Plus Bond
Fund |
Money Market Mutual Fund | $ 595 | ||
Newfleet High Yield
Fund |
Money Market Mutual Fund | 1,221 | ||
Newfleet Low Duration Core Plus Bond
Fund |
Money Market Mutual Fund | 3,160 | ||
Newfleet Multi-Sector Intermediate Bond
Fund |
Money Market Mutual Fund | 3,997 | ||
Newfleet Multi-Sector Short Term Bond
Fund |
Money Market Mutual Fund | 3,185 |
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’ subadviser. | |
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |
First $1 Billion | $1+ Billion | ||
Newfleet Core Plus Bond
Fund |
0.45 % | 0.40 % | |
Newfleet Tax-Exempt Bond
Fund |
0.45 | 0.40 |
First $2 Billion | $2+ Billion | ||
Newfleet Low Duration Core Plus Bond
Fund |
0.40 % | 0.375 % |
First $1 Billion | $1+
Billion through $2 Billion |
$2+ Billion | |||
Newfleet High Yield
Fund* |
0.55 % | 0.50 % | 0.45 % | ||
Newfleet Multi-Sector Intermediate Bond
Fund |
0.55 | 0.50 | 0.45 |
First $1 Billion | $1+
Billion through $2 Billion |
$2+
Billion through $10 Billion |
Over $10 Billion | ||||
Newfleet Multi-Sector Short Term Bond
Fund |
0.55 % | 0.50 % | 0.45 % | 0.425% |
First $2 Billion | $2+
Billion through $4 Billion |
$4+ Billion | |||
Newfleet Senior Floating Rate
Fund |
0.45 % | 0.40 % | 0.38 % |
* | Effective December 1, 2020. Prior to December 1, 2020, the Adviser’s fee on average daily net assets was as follows: 0.65% on the first $1 billion, 0.60% on the next $1 billion and 0.55% in excess of $2 billion. |
B. | Subadviser |
Newfleet Asset Management, LLC (the “Subadviser”), an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Funds. The Subadviser manages the investments of each Fund, for which it is paid a fee by the Adviser. | |
C. | Expense 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 February 1, 2022. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class C1 | Class I | Class R6 | |||||
Newfleet Core Plus Bond
Fund |
0.80 % | 1.55 % | N/A % | 0.55 % | 0.43 % | |||||
Newfleet High Yield
Fund |
1.00 | 1.75 | N/A | 0.75 | 0.59 (1) | |||||
Newfleet Low Duration Core Plus Bond
Fund |
0.75 | 1.50 | N/A | 0.50 | 0.43 | |||||
Newfleet Multi-Sector Intermediate Bond
Fund |
0.99 | 1.74 | N/A | 0.74 | 0.60 | |||||
Newfleet Multi-Sector Short Term Bond
Fund |
1.10 (2) | 1.35 (2) | 1.85 (2) | 0.85 (2) | 0.55 | |||||
Newfleet Senior Floating Rate
Fund |
0.94 | 1.69 | N/A | 0.69 | 0.55 | |||||
Newfleet Tax-Exempt Bond
Fund |
0.85 | 1.60 | N/A | 0.60 | N/A |
(1) | Effective December 1, 2020. For the period October 1, 2020 through November 30, 2020, the expense cap for Class R6 shares was 0.69%. |
(2) | Share class is currently below its expense cap. |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending September 30: |
Expiration | ||||||||
Fund | 2022 | 2023 | 2024 | Total | ||||
Newfleet Core Plus Bond Fund | ||||||||
Class
A |
$ 89 | $ 94 | $ 90 | $ 273 | ||||
Class
C |
12 | 11 | 9 | 32 | ||||
Class
I |
84 | 147 | 165 | 396 | ||||
Class
R6 |
2 | 3 | 3 | 8 | ||||
Newfleet High Yield Fund | ||||||||
Class
A |
182 | 169 | 118 | 469 | ||||
Class
C |
8 | 8 | 5 | 21 | ||||
Class
I |
26 | 36 | 26 | 88 | ||||
Class
R6 |
4 | 3 | 6 | 13 | ||||
Newfleet Low Duration Core Plus Bond Fund | ||||||||
Class
A |
158 | 133 | 129 | 420 | ||||
Class
C |
46 | 35 | 30 | 111 | ||||
Class
I |
612 | 646 | 770 | 2,028 | ||||
Class
R6 |
— (1) | 1 | 1 | 2 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||
Class
A |
85 | 76 | 69 | 230 | ||||
Class
C |
50 | 33 | 20 | 103 | ||||
Class
I |
168 | 203 | 206 | 577 | ||||
Class
R6 |
9 | 8 | 9 | 26 | ||||
Newfleet Multi-Sector Short Term Bond Fund | ||||||||
Class
R6 |
5 | 11 | 32 | 48 | ||||
Newfleet Senior Floating Rate Fund | ||||||||
Class
A |
25 | 18 | 29 | 72 | ||||
Class
C |
38 | 21 | 13 | 72 | ||||
Class
I |
109 | 68 | 55 | 232 | ||||
Class
R6 |
— (1) | 3 | 3 | 6 | ||||
Newfleet Tax-Exempt Bond Fund | ||||||||
Class
A |
53 | 57 | 61 | 171 | ||||
Class
C |
18 | 14 | 8 | 40 | ||||
Class
I |
160 | 138 | 111 | 409 |
(1) | Amount is less than $500. |
Fund | Class C | Class I | Total | |||
Newfleet Multi-Sector Intermediate Bond
Fund |
$— (1) | $— | $ — (1) | |||
Newfleet Multi-Sector Short Term Bond
Fund |
— (1) | — | — (1) | |||
Newfleet Senior Floating Rate
Fund |
2 | 2 | 4 |
(1) | Amount is less than $500. |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the fiscal year (the “period”) ended September 30, 2021, it retained net commissions of $45 for Class A shares and CDSC of $42, $10 and $14 for Class A shares, Class C shares and Class C1 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 (0.50% for Newfleet Multi-Sector Short Term Bond Fund), and 1.00% for Class C1 shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
(1) Amount is less than $500. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the period ended September 30, 2021, the Funds incurred administration fees totaling $7,215 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the period ended September 30, 2021, the Funds incurred transfer agent fees totaling $3,223 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 Affiliate |
During the period ended September 30, 2021, Newfleet reimbursed Newfleet Multi-Sector Intermediate Bond Fund for losses. These amounts are included in “Net increase from payment by affiliates” in the Statements of Operations. There was no impact on the total return. | |
H. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified condition outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. | |
During the period ended September 30, 2021, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
I. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at September 30, 2021. |
Purchases | Sales | ||
Newfleet Core Plus Bond
Fund |
$ 56,930 | $ 53,246 | |
Newfleet High Yield
Fund |
43,372 | 45,962 | |
Newfleet Low Duration Core Plus Bond
Fund |
571,058 | 309,559 | |
Newfleet Multi-Sector Intermediate Bond
Fund |
271,660 | 361,906 | |
Newfleet Multi-Sector Short Term Bond
Fund |
4,206,299 | 3,720,088 | |
Newfleet Senior Floating Rate
Fund |
153,984 | 142,799 |
Purchases | Sales | ||
Newfleet Tax-Exempt Bond
Fund |
$ 5,975 | $ 13,545 |
Purchases | Sales | ||
Newfleet Core Plus Bond
Fund |
$ 9,458 | $ 10,445 | |
Newfleet Low Duration Core Plus Bond
Fund |
46,013 | 40,732 | |
Newfleet Multi-Sector Intermediate Bond
Fund |
12,444 | 17,050 | |
Newfleet Multi-Sector Short Term Bond
Fund |
270,226 | 247,336 |
Newfleet Core Plus Bond Fund | Newfleet High Yield Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
433 | $ 5,138 | 379 | $ 4,391 | 643 | $ 2,719 | 505 | $ 1,995 | |||||||
Reinvestment of distributions | 57 | 679 | 72 | 830 | 468 | 1,982 | 533 | 2,107 | |||||||
Shares
repurchased and cross class conversions |
(731) | (8,665) | (434) | (5,003) | (1,415) | (6,007) | (1,909) | (7,549) | |||||||
Net Increase / (Decrease) | (241) | $ (2,848) | 17 | $ 218 | (304) | $ (1,306) | (871) | $ (3,447) | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
83 | $ 958 | 296 | $ 3,363 | 66 | $ 275 | 272 | $ 1,038 | |||||||
Reinvestment of distributions | 4 | 47 | 7 | 76 | 19 | 77 | 26 | 100 | |||||||
Shares
repurchased and cross class conversions |
(264) | (3,056) | (230) | (2,556) | (385) | (1,601) | (200) | (749) | |||||||
Net Increase / (Decrease) | (177) | $ (2,051) | 73 | $ 883 | (300) | $ (1,249) | 98 | $ 389 | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
2,228 | $ 26,885 | 2,331 | $ 27,455 | 1,016 | $ 4,312 | 1,354 | $ 5,388 | |||||||
Reinvestment of distributions | 137 | 1,646 | 144 | 1,700 | 101 | 429 | 121 | 480 | |||||||
Shares
repurchased and cross class conversions |
(1,732) | (20,839) | (1,843) | (21,382) | (1,509) | (6,393) | (1,052) | (4,267) | |||||||
Net Increase / (Decrease) | 633 | $ 7,692 | 632 | $ 7,773 | (392) | $ (1,652) | 423 | $ 1,601 | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
40 | $ 487 | 60 | $ 712 | 308 | $ 1,310 | 164 | $ 625 | |||||||
Reinvestment of distributions | 2 | 25 | 2 | 25 | 19 | 82 | 12 | 47 | |||||||
Shares
repurchased and cross class conversions |
(34) | (416) | (57) | (673) | (164) | (695) | (89) | (348) | |||||||
Net Increase / (Decrease) | 8 | $ 96 | 5 | $ 64 | 163 | $ 697 | 87 | $ 324 |
Newfleet Low Duration Core Plus Bond Fund | Newfleet Multi-Sector Intermediate Bond Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
3,365 | $ 36,987 | 3,156 | $ 34,300 | 1,750 | $ 18,067 | 1,689 | $ 16,867 | |||||||
Reinvestment of distributions | 95 | 1,048 | 147 | 1,585 | 227 | 2,349 | 266 | 2,642 | |||||||
Shares
repurchased and cross class conversions |
(2,222) | (24,429) | (2,795) | (29,956) | (1,779) | (18,425) | (2,633) | (25,275) | |||||||
Net Increase / (Decrease) | 1,238 | $ 13,606 | 508 | $ 5,929 | 198 | $ 1,991 | (678) | $ (5,766) | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
721 | $ 7,915 | 855 | $ 9,220 | 273 | $ 2,855 | 796 | $ 8,032 | |||||||
Reinvestment of distributions | 11 | 117 | 25 | 267 | 56 | 587 | 88 | 882 | |||||||
Shares
repurchased and cross class conversions |
(978) | (10,748) | (956) | (10,322) | (1,454) | (15,169) | (1,724) | (17,226) | |||||||
Net Increase / (Decrease) | (246) | $ (2,716) | (76) | $ (835) | (1,125) | $ (11,727) | (840) | $ (8,312) | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
34,575 | $ 380,072 | 20,700 | $ 223,570 | 6,787 | $ 70,111 | 20,726 | $ 200,606 | |||||||
Reinvestment of distributions | 714 | 7,839 | 787 | 8,507 | 573 | 5,912 | 544 | 5,397 | |||||||
Shares
repurchased and cross class conversions |
(14,066) | (154,516) | (17,292) | (184,467) | (16,613) | (171,362) | (8,918) | (86,555) | |||||||
Net Increase / (Decrease) | 21,223 | $ 233,395 | 4,195 | $ 47,610 | (9,253) | $ (95,339) | 12,352 | $ 119,448 | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
2,468 | $ 27,070 | 9 | $ 95 | 143 | $ 1,491 | 230 | $ 2,255 | |||||||
Reinvestment of distributions | 1 | 10 | 1 | 7 | 16 | 169 | 17 | 169 | |||||||
Shares
repurchased and cross class conversions |
(21) | (233) | (—) (1) | (1) | (150) | (1,556) | (127) | (1,288) | |||||||
Net Increase / (Decrease) | 2,448 | $ 26,847 | 10 | $ 101 | 9 | $ 104 | 120 | $ 1,136 |
(1) | Amount is less than 500 shares. |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet Senior Floating Rate Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
64,678 | $ 308,633 | 45,831 | $ 214,777 | 2,450 | $ 21,880 | 3,363 | $ 28,888 | |||||||
Reinvestment of distributions | 3,506 | 16,718 | 4,513 | 21,038 | 201 | 1,792 | 477 | 4,209 | |||||||
Shares
repurchased and cross class conversions |
(48,581) | (231,788) | (59,515) | (276,484) | (1,360) | (12,108) | (15,504) | (131,601) | |||||||
Net Increase / (Decrease) | 19,603 | $ 93,563 | (9,171) | $ (40,669) | 1,291 | $ 11,564 | (11,664) | $ (98,504) | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
27 | $ 129 | 3 | $ 15 | 87 | $ 779 | 207 | $ 1,818 | |||||||
Reinvestment of distributions | 1,313 | 6,350 | 2,666 | 12,596 | 48 | 427 | 136 | 1,174 | |||||||
Shares
repurchased and cross class conversions |
(36,232) | (175,335) | (32,673) | (154,019) | (2,249) | (20,067) | (2,322) | (19,895) | |||||||
Net Increase / (Decrease) | (34,892) | $ (168,856) | (30,004) | $ (141,408) | (2,114) | $ (18,861) | (1,979) | $ (16,903) |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet Senior Floating Rate Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class C1 | |||||||||||||||
Shares
sold and cross class conversions |
4,162 | $ 20,098 | 4,727 | $ 22,398 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 215 | 1,038 | 487 | 2,295 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(13,810) | (66,616) | (22,152) | (104,849) | — | — | — | — | |||||||
Net Increase / (Decrease) | (9,433) | $ (45,480) | (16,938) | $ (80,156) | — | $ — | — | $ — | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
357,498 | $ 1,709,159 | 328,899 | $ 1,539,304 | 7,595 | $ 67,477 | 5,589 | $ 48,418 | |||||||
Reinvestment of distributions | 20,996 | 100,297 | 26,392 | 123,234 | 249 | 2,216 | 396 | 3,427 | |||||||
Shares
repurchased and cross class conversions |
(242,228) | (1,157,709) | (390,608) | (1,799,312) | (5,504) | (48,814) | (10,563) | (90,886) | |||||||
Net Increase / (Decrease) | 136,266 | $ 651,747 | (35,317) | $ (136,774) | 2,340 | $ 20,879 | (4,578) | $ (39,041) | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
5,181 | $ 24,747 | 2,223 | $ 10,419 | 7 | $ 61 | 579 | $ 5,154 | |||||||
Reinvestment of distributions | 111 | 533 | 49 | 231 | 8 | 74 | 10 | 84 | |||||||
Shares
repurchased and cross class conversions |
(1,384) | (6,631) | (1,232) | (5,763) | (156) | (1,386) | (292) | (2,321) | |||||||
Net Increase / (Decrease) | 3,908 | $ 18,649 | 1,040 | $ 4,887 | (141) | $ (1,251) | 297 | $ 2,917 |
Newfleet Tax-Exempt Bond Fund | |||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares
sold and cross class conversions |
479 | $ 5,477 | 349 | $ 3,963 | |||
Reinvestment of distributions | 79 | 912 | 58 | 656 | |||
Shares
repurchased and cross class conversions |
(459) | (5,263) | (551) | (6,226) | |||
Net Increase / (Decrease) | 99 | $ 1,126 | (144) | $ (1,607) | |||
Class C | |||||||
Shares
sold and cross class conversions |
27 | $ 316 | 143 | $ 1,644 | |||
Reinvestment of distributions | 12 | 134 | 11 | 124 | |||
Shares
repurchased and cross class conversions |
(437) | (5,000) | (429) | (4,852) | |||
Net Increase / (Decrease) | (398) | $ (4,550) | (275) | $ (3,084) | |||
Class I | |||||||
Shares
sold and cross class conversions |
782 | $ 8,979 | 827 | $ 9,363 | |||
Reinvestment of distributions | 157 | 1,799 | 125 | 1,425 | |||
Shares
repurchased and cross class conversions |
(1,380) | (15,831) | (2,476) | (27,869) | |||
Net Increase / (Decrease) | (441) | $ (5,053) | (1,524) | $ (17,081) |
%
of Shares Outstanding |
Number
of Accounts* | ||
Newfleet Core Plus Bond
Fund |
25% | 1 | |
Newfleet Low Duration Core Plus Bond
Fund |
51 | 3 | |
Newfleet Multi-Sector Intermediate Bond
Fund |
26 | 2 | |
Newfleet Multi-Sector Short Term Bond
Fund |
46 | 3 | |
Newfleet Senior Floating Rate
Fund |
35 | 2 |
* | The shareholders are not affiliated with Virtus. |
Fund | Interest
Incurred on Borrowing |
Average
Dollar Amount of Borrowing |
Weighted
Average Interest Rate on Borrowing |
Days
Loan was Open | ||||
Newfleet Multi-Sector Intermediate Bond
Fund |
$1 | $6,780 | 1.29% | 5 |
Fund | Federal
Tax Cost |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
Net
Unrealized Appreciation (Depreciation) | ||||
Newfleet Core Plus Bond
Fund |
$ 108,683 | $ 3,625 | $ (763) | $ 2,862 | ||||
Newfleet High Yield
Fund |
59,519 | 2,340 | (652) | 1,688 | ||||
Newfleet Low Duration Core Plus Bond
Fund |
796,637 | 6,617 | (1,439) | 5,178 | ||||
Newfleet Multi-Sector Intermediate Bond
Fund |
328,576 | 9,201 | (5,427) | 3,774 | ||||
Newfleet Multi-Sector Short Term Bond
Fund |
6,648,890 | 93,644 | (43,777) | 49,867 | ||||
Newfleet Senior Floating Rate
Fund |
235,621 | 2,232 | (2,256) | (24) | ||||
Newfleet Tax-Exempt Bond
Fund |
94,691 | 8,256 | (149) | 8,107 |
Fund | Short-Term | Long-Term | ||
Newfleet High Yield
Fund |
$ — | $ 4,098 |
Fund | Short-Term | Long-Term | ||
Newfleet Low Duration Core Plus Bond
Fund |
$ 1,611 | $ — | ||
Newfleet Multi-Sector Intermediate Bond
Fund |
— | 11,366 | ||
Newfleet Multi-Sector Short Term Bond
Fund |
54,921 | 95,443 | ||
Newfleet Senior Floating Rate
Fund |
7,246 | 56,560 |
Undistributed
Ordinary Income |
Undistributed
Long-Term Capital Gains |
Undistributed
Tax-Exempt Income |
Post-October
Capital Loss Deferred |
Capital
Loss Deferred | |||||
Newfleet Core Plus Bond Fund
|
$637 | $740 | $ — | $ — | $ — | ||||
Newfleet High Yield Fund
|
351 | — | — | — | 4,098 | ||||
Newfleet Low Duration Core Plus Bond Fund
|
351 | — | — | — | 1,611 | ||||
Newfleet Multi-Sector Intermediate Bond Fund
|
256 | — | — | — | 11,366 | ||||
Newfleet Multi-Sector Short Term Bond Fund
|
— | — | — | — | 150,364 | ||||
Newfleet Senior Floating Rate Fund
|
32 | — | — | 3,848 | 63,806 | ||||
Newfleet Tax-Exempt Bond Fund
|
— | 345 | 228 | — | — |
Ordinary
Income |
Long-Term
Capital Gains |
Tax-Exempt
Distributions |
Return
of Capital |
Total | |||||
Newfleet Core Plus Bond
Fund |
|||||||||
9/30/21 |
$ 2,488 | $ — | $ — | $ — | $ 2,488 | ||||
9/30/20 |
2,752 | — | — | — | 2,752 | ||||
Newfleet High Yield
Fund |
|||||||||
9/30/21 |
2,851 | — | — | — | 2,851 | ||||
9/30/20 |
3,056 | — | — | — | 3,056 | ||||
Newfleet Low Duration Core Plus Bond
Fund |
|||||||||
9/30/21 |
10,160 | — | — | — | 10,160 | ||||
9/30/20 |
11,463 | — | — | — | 11,463 | ||||
Newfleet Multi-Sector Intermediate Bond
Fund |
|||||||||
9/30/21 |
13,197 | — | — | — | 13,197 | ||||
9/30/20 |
13,309 | — | — | — | 13,309 | ||||
Newfleet Multi-Sector Short Term Bond
Fund |
|||||||||
9/30/21 |
142,981 | — | — | — | 142,981 | ||||
9/30/20 |
163,992 | — | — | 16,609 | 180,601 | ||||
Newfleet Senior Floating Rate
Fund |
|||||||||
9/30/21 |
6,877 | — | — | — | 6,877 | ||||
9/30/20 |
11,818 | — | — | — | 11,818 | ||||
Newfleet Tax-Exempt Bond
Fund |
|||||||||
9/30/21 |
1 | 890 | 2,318 | — | 3,209 | ||||
9/30/20 |
3 | — | 2,767 | — | 2,770 |
Long-Term
Capital Gain Distributions | |
Newfleet Core Plus Bond
Fund |
$ 740 |
Newfleet Tax-Exempt Bond
Fund |
355 |
Name,
Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee |
Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Burke,
Donald C. YOB: 1960 Served Since: 2016 99 Portfolios |
Retired. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
Harris,
Sidney E. YOB: 1949 Served Since: 2017 96 Portfolios |
Private Investor (since 2021); Professor and Dean Emeritus (2015 to 2021), Professor (1997 to 2014), Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin,
John R. YOB: 1950 Served Since: 2016 96 Portfolios |
Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (since 2014), Counselors of Real Estate. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (55 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
McDaniel,
Connie D. YOB: 1958 Served Since: 2017 96 Portfolios |
Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President Global Finance Transformation (2007 to 2009); Vice President and Controller (1999 to 2007), The Coca-Cola Company. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Trustee (since 2017), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (since 2011) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
Name,
Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee |
Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
McLoughlin,
Philip YOB: 1946 Served Since: 1999 106 Portfolios |
Retired. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee (since 2021), Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Diversified Income & Convertible, Virtus AllianzGI Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Advisory Board Member (since 2021), Virtus AllianzGI Convertible & Income 2024 Target Term Fund and Virtus AllianzGI Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (55 portfolios). |
McNamara,
Geraldine M. YOB: 1951 Served Since: 2001 99 Portfolios |
Retired. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc. and Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Alternative Solutions Trust (2 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (55 portfolios). |
Walton,
R. Keith YOB: 1964 Served Since: 2020 96 Portfolios |
Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; Vice President, Strategy (2013 to 2017), Arizona State University; Partner (since 2006), Global Infrastructure Partners. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
Zino,
Brian T. YOB: 1952 Served Since: 2020 103 Portfolios |
Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus AllianzGI Closed-End Funds (7 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee (since 2020), Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |
Name,
Year of Birth, Length of Time Served and Number of Funds Overseen |
Principal
Occupation(s) During Past 5 Years |
Principal
Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward,
George R.* Trustee and President YOB: 1964 Served Since: 2006 108 Portfolios |
Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Trustee and President (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee and President (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus AllianzGI Closed-End Funds (7 portfolios); and Chairman and Trustee (since 2015), Virtus ETF Trust II (5 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (55 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |
Name,
Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen |
Principal Occupation(s) During Past 5 Years | Other
Directorships Held by Trustee During Past 5 Years |
Cogan,
Sarah E. YOB: 1956 Served Since: 2021 103 Portfolios |
Retired Partner, Simpson Thacher & Bartlett LLP (“STB”) (law firm) (since 2018); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee (since 2019), Virtus AllianzGI Closed-End Funds (7 portfolios); Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; and Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios). |
Name,
Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen |
Principal Occupation(s) During Past 5 Years | Other
Directorships Held by Trustee During Past 5 Years |
DeCotis,
Deborah A. YOB: 1952 Served Since: 2021 103 Portfolios |
Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); Trustee, Smith College (since 2017); and Director, Watford Re (since 2017). Formerly, Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); Trustee, Stanford University (2010 to 2015); and Principal, LaLoop LLC, a retail accessories company (1999 to 2014). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus AllianzGI Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus AllianzGI Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (since 2013), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (12 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Managed Accounts Trust (5 portfolios); and Trustee (since 2011), Virtus AllianzGI Convertible & Income Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund. |
Drummond,
F. Ford YOB: 1962 Served Since: 2021 103 Portfolios |
Owner/Operator (since 1998), Drummond Ranch; formerly Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board;, Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus AllianzGI Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus AllianzGI Convertible & Income Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus AllianzGI Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (12 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
Moyer,
William R. YOB: 1944 Served Since: 2020 96 Portfolios |
Private investor (since 2004); and Financial and Operations Principal (2006 to 2017), Newcastle Distributors LLC (broker dealer). | Advisory Board Member (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Advisory Board Member (since 2020), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Advisory Board Member (since 2020) and Director (2016 to 2019), Virtus Total Return Fund Inc.; Director (2016 to 2019), the former Virtus Total Return Fund Inc.; Advisory Board Member (2020 to 2021) and Director (2014 to 2019), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Advisory Board Member (since 2020) and Trustee (2011 to 2019), Virtus Global Multi-Sector Income Fund; Advisory Board Member (since 2020) and Trustee (2013 to 2016), Virtus Alternative Solutions Trust (2 portfolios). |
Name,
Address and Year of Birth |
Position(s)
Held with Trust and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Batchelar,
Peter J. YOB: 1970 |
Senior Vice President (since 2017), and Vice President (2008 to 2016). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2016), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Senior Vice President (since 2021), Virtus Investment Trust and Virtus Strategy Trust; Senior Vice President (since 2021), AllianzGI Closed-End Funds; Senior Vice President (since 2017) and Vice President (2008 to 2016), Virtus Mutual Fund Family; Senior Vice President (since 2017) and Vice President (2010 to 2016), Virtus Variable Insurance Trust; Senior Vice President (since 2017) and Vice President (2013 to 2016), Virtus Alternative Solutions Trust; Senior Vice President (2017 to 2021) and Vice President (2016 to 2017), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Senior Vice President (since 2017) and Vice President (2016 to 2017), Virtus Total Return Fund Inc. and Virtus Global Multi-Sector Income Fund; and Senior Vice President (2017 to 2019) and Vice President (2016 to 2017), the former Virtus Total Return Fund Inc. |
Bradley,
W. Patrick YOB: 1972 |
Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016), and various officer positions (since 2006), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President, Chief Financial Officer and Treasurer (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Executive Vice President, Chief Financial Officer and Treasurer (since 2021), Virtus Investment Trust and Virtus Strategy Trust; Executive Vice President, Chief Financial Officer and Treasurer (since 2021), Virtus AllianzGI Closed-End Funds; Director (since 2019), Virtus Global Funds ICAV; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2004), Virtus Variable Insurance Trust; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2006), Virtus Mutual Fund Family; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2012 to 2013) and Chief Financial Officer and Treasurer (since 2010), Virtus Total Return Fund Inc.; Executive Vice President (2016 to 2019), Senior Vice President (2013 to 2016), Vice President (2012 to 2013), Chief Financial Officer and Treasurer (since 2010), the former Virtus Total Return Fund Inc.; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2011), Virtus Global Multi-Sector Income Fund; Executive Vice President ( 2016 to 2021), Senior Vice President (2014 to 2016), Chief Financial Officer and Treasurer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), and Chief Financial Officer and Treasurer (since 2013), Virtus Alternative Solutions Trust; Director (since 2013), Virtus Global Funds, PLC; and Vice President and Assistant Treasurer (since 2011), Duff & Phelps Utility and Infrastructure Fund Inc. |
Name,
Address and Year of Birth |
Position(s)
Held with Trust and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Carr,
Kevin J. YOB: 1954 |
Senior Vice President (since 2013); Vice President (2005 to 2013); Chief Legal Officer, Counsel and Secretary (since 2005). | Vice President and Senior Counsel (2017 to Present), Senior Vice President (2009 to 2017), Vice President, Counsel and Secretary (2008 to 2009), and various officer positions (since 2005), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Interim Chief Legal Officer (since 2021), Senior Vice President and Assistant Secretary (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Interim Chief Legal Officer (since 2021), Senior Vice President and Assistant Secretary (since 2021), Virtus Investment Trust and Virtus Strategy Trust; Assistant Secretary, (since 2021), Virtus AllianzGI Closed-End Funds; Senior Vice President (since 2013), Vice President (2005 to 2013), Chief Legal Officer, Counsel and Secretary (since 2005), Virtus Mutual Fund Family; Interim Chief Legal Officer (since 2021), Senior Vice President (2013 to 2014), Vice President (2012 to 2013), Secretary and Chief Legal Officer (2005 to 2013), and Assistant Secretary (2013 to 2014 and since 2017), Virtus Total Return Fund Inc.; Senior Vice President (2013 to 2014), Vice President (2012 to 2013), Secretary and Chief Legal Officer (2005 to 2013) and Assistant Secretary (2013 to 2014 and 2017 to 2019), the former Virtus Total Return Fund Inc.; Interim Chief Legal Officer (since 2021), Senior Vice President (since 2017), Assistant Secretary (since 2013), Vice President, Chief Legal Officer, Counsel and Secretary (2010 to 2013), Virtus Variable Insurance Trust; Interim Chief Legal Officer (since 2021), Senior Vice President (2013 to 2014), Vice President (2011 to 2013), and Assistant Secretary (since 2011), Virtus Global Multi-Sector Income Fund; Assistant Secretary (2015 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Interim Chief Legal Officer (since 2021), Senior Vice President (since 2017) and Assistant Secretary (since 2013), Virtus Alternative Solutions Trust; Secretary (since 2015), ETFis Series Trust I; and Secretary (since 2015), Virtus ETF Trust II. |
Engberg,
Nancy J. YOB: 1956 |
Senior Vice President (since 2017); Vice President (2011 to 2017); and Chief Compliance Officer (since 2011). | Senior Vice President (since 2017), Vice President (2008 to 2017) and Chief Compliance Officer (2008 to 2011 and since 2016), and various officer positions (since 2003), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President and Chief Compliance Officer (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Senior Vice President and Chief Compliance Officer (since 2021), Virtus Investment Trust, Virtus Strategy Trust and Virtus AllianzGI Closed-End Funds; Senior Vice President (since 2017), Vice President (2011 to 2017) and Chief Compliance Officer (since 2011), Virtus Mutual Fund Family; Senior Vice President (since 2017), Vice President (2010 to 2017) and Chief Compliance Officer (since 2011), Virtus Variable Insurance Trust; Senior Vice President (since 2017), Vice President (2011 to 2017) and Chief Compliance Officer (since 2011), Virtus Global Multi-Sector Income Fund; Senior Vice President (since 2017), Vice President (2012 to 2017) and Chief Compliance Officer (since 2012), Virtus Total Return Fund Inc.; Senior Vice President (2017 to 2019), Vice President (2012 to 2017) and Chief Compliance Officer (2012 to 2019), the former Virtus Total Return Fund Inc.; Senior Vice President (since 2017), Vice President (2013 to 2016) and Chief Compliance Officer (since 2013), Virtus Alternative Solutions Trust; Senior Vice President (2017 to 2021), Vice President (2014 to 2017) and Chief Compliance Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Chief Compliance Officer (since 2015), ETFis Series Trust I; and Chief Compliance Officer (since 2015), Virtus ETF Trust II. |
Short,
Julia R. YOB: 1972 |
Senior Vice President (since 2017). | Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Senior Vice President (since 2021), Virtus Investment Trust, Virtus Strategy Trust and Virtus Closed-End Funds; Senior Vice President (2018 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Senior Vice President (since 2018), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Senior Vice President (2018 to 2019), the former Virtus Total Return Fund Inc.; Senior Vice President (since 2017), Virtus Mutual Fund Family; President and Chief Executive Officer, RidgeWorth Funds (2007 to 2017); and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
Name,
Address and Year of Birth |
Position(s)
Held with Trust and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Smirl,
Richard W. YOB: 1967 |
Executive Vice President (since 2021). | Executive Vice President, Product Management (since 2021), and Executive Vice President and Chief Operating Officer (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Executive Vice President (since 2021), Virtus Mutual Fund Family, Virtus Investment Trust, Virtus Strategy Trust, Virtus Global Multi-Sector Income Fund, and Virtus Total Return Fund Inc.; Executive Vice President (May to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
8639 | 11-21 |
Virtus Duff & Phelps Global Infrastructure Fund |
Virtus Duff & Phelps Global Real Estate Securities Fund |
Virtus Duff & Phelps International Real Estate Securities Fund |
Virtus Duff & Phelps Real Asset Fund |
Virtus Duff & Phelps Real Estate Securities Fund |
Virtus FORT Trend Fund |
Virtus KAR Developing Markets Fund |
Virtus KAR Emerging Markets Small-Cap Fund |
Virtus
KAR International Small-Mid Cap Fund* (f/k/a Virtus KAR International Small-Cap Fund) |
Virtus
KAR International Small-Mid Cap Fund II* (f/k/a Virtus KAR International Small-Mid Cap Fund) |
Virtus Vontobel Emerging Markets Opportunities Fund* |
Virtus Vontobel Foreign Opportunities Fund |
Virtus Vontobel Global Opportunities Fund |
Virtus Vontobel Greater European Opportunities Fund |
|
1 | |
|
2 | |
|
6 | |
Fund | Fund
Summary |
Schedule
of Investments |
|
10 | 48 |
|
13 | 49 |
|
16 | 51 |
|
19 | 53 |
|
22 | 54 |
|
25 | 55 |
|
28 | 58 |
|
30 | 60 |
|
32 | 62 |
|
34 | 64 |
Virtus Vontobel Emerging Markets Opportunities Fund (“Vontobel Emerging Markets Opportunities
Fund”) |
36 | 66 |
|
39 | 68 |
|
42 | 70 |
Virtus Vontobel Greater European Opportunities Fund (“Vontobel Greater European Opportunities
Fund”) |
45 | 72 |
|
74 | |
|
82 | |
|
86 | |
|
93 | |
|
103 | |
|
123 | |
|
124 | |
|
125 | |
|
126 |
|
I am pleased to present this annual
report, which reviews the performance of your Fund for the 12 months ended September 30, 2021. |
During this fiscal year, markets
expressed optimism about the economic reopening that was driven by the release of COVID-19 vaccines, monetary support, and fiscal stimulus. Doubts crept in during the period, however, as the Delta variant impacted productivity and cascading supply
chain issues led to higher prices. Strong corporate profitability drove equity markets higher for much of the period, although concerns about inflation and interest rates hindered fixed income markets. | |
Domestic and international equity
indexes delivered strong returns for the 12 months ended September 30, 2021. U.S. large-capitalization stocks returned 30.00%, as measured by the S&P 500® Index, but
were outpaced by small-cap stocks, which gained 47.68%, as measured by the Russell 2000® Index. Within international equities, developed markets, as measured by the MSCI
EAFE® Index (net), returned 25.73%, while emerging markets, as measured by the MSCI Emerging Markets Index (net), gained 18.20%. |
Beginning
Account Value April 1, 2021 |
Ending
Account Value September 30, 2021 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
Duff & Phelps Global Infrastructure
Fund |
||||||||
Class A | $ 1,000.00 | $ 1,026.90 | 1.28 % | $ 6.50 | ||||
Class C | 1,000.00 | 1,023.10 | 2.03 | 10.30 | ||||
Class I | 1,000.00 | 1,028.50 | 0.98 | 4.98 | ||||
Class R6 | 1,000.00 | 1,028.90 | 0.85 | 4.32 | ||||
Duff & Phelps Global Real Estate Securities
Fund |
||||||||
Class A | 1,000.00 | 1,112.80 | 1.40 | 7.42 | ||||
Class C | 1,000.00 | 1,108.70 | 2.15 | 11.37 | ||||
Class I | 1,000.00 | 1,114.20 | 1.15 | 6.09 | ||||
Class R6 | 1,000.00 | 1,115.50 | 0.89 | 4.72 | ||||
Duff & Phelps International Real Estate Securities
Fund |
||||||||
Class A | 1,000.00 | 1,029.20 | 1.50 | 7.63 | ||||
Class C | 1,000.00 | 1,025.70 | 2.25 | 11.43 | ||||
Class I | 1,000.00 | 1,029.20 | 1.25 | 6.36 | ||||
Duff & Phelps Real Asset
Fund |
||||||||
Class A | 1,000.00 | 1,085.60 | 0.82 | 4.29 | ||||
Class C | 1,000.00 | 1,081.30 | 1.64 | 8.56 | ||||
Class I | 1,000.00 | 1,087.70 | 0.56 | 2.93 | ||||
Duff & Phelps Real Estate Securities
Fund |
||||||||
Class A | 1,000.00 | 1,160.00 | 1.33 | 7.20 | ||||
Class C | 1,000.00 | 1,156.10 | 2.04 | 11.03 | ||||
Class I | 1,000.00 | 1,161.70 | 1.07 | 5.80 | ||||
Class R6 | 1,000.00 | 1,163.20 | 0.79 | 4.28 | ||||
FORT Trend
Fund |
||||||||
Class A | 1,000.00 | 995.20 | 1.44 | 7.20 | ||||
Class C | 1,000.00 | 991.20 | 2.18 | 10.88 | ||||
Class I | 1,000.00 | 996.60 | 1.18 | 5.91 | ||||
Class R6 | 1,000.00 | 996.70 | 1.10 | 5.51 | ||||
KAR Developing Markets
Fund** |
||||||||
Class A | 1,000.00 | 963.00 | 1.55 | 4.17 | ||||
Class C | 1,000.00 | 961.00 | 2.30 | 6.18 | ||||
Class I | 1,000.00 | 964.00 | 1.30 | 3.50 | ||||
Class R6 | 1,000.00 | 964.00 | 1.22 | 3.28 |
Beginning
Account Value April 1, 2021 |
Ending
Account Value September 30, 2021 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
KAR Emerging Markets Small-Cap
Fund |
||||||||
Class A | $1,000.00 | $1,032.20 | 1.85% | $ 9.42 | ||||
Class C | 1,000.00 | 1,028.40 | 2.60 | 13.22 | ||||
Class I | 1,000.00 | 1,033.80 | 1.52 | 7.75 | ||||
Class R6 | 1,000.00 | 1,034.40 | 1.41 | 7.19 | ||||
KAR International Small-Mid Cap
Fund |
||||||||
Class A | 1,000.00 | 1,056.40 | 1.53 | 7.89 | ||||
Class C | 1,000.00 | 1,052.60 | 2.25 | 11.58 | ||||
Class I | 1,000.00 | 1,057.90 | 1.22 | 6.29 | ||||
Class R6 | 1,000.00 | 1,058.20 | 1.15 | 5.93 | ||||
KAR International Small-Mid Cap Fund
II |
||||||||
Class A | 1,000.00 | 1,056.40 | 1.45 | 7.47 | ||||
Class C | 1,000.00 | 1,052.60 | 2.20 | 11.32 | ||||
Class I | 1,000.00 | 1,057.90 | 1.20 | 6.19 | ||||
Class R6 | 1,000.00 | 1,058.20 | 1.10 | 5.68 | ||||
Vontobel Emerging Markets Opportunities
Fund |
||||||||
Class A | 1,000.00 | 909.20 | 1.53 | 7.32 | ||||
Class C | 1,000.00 | 905.90 | 2.20 | 10.51 | ||||
Class I | 1,000.00 | 910.10 | 1.21 | 5.79 | ||||
Class R6 | 1,000.00 | 911.10 | 0.98 | 4.70 | ||||
Vontobel Foreign Opportunities
Fund |
||||||||
Class A | 1,000.00 | 1,094.20 | 1.39 | 7.30 | ||||
Class C | 1,000.00 | 1,090.40 | 2.05 | 10.74 | ||||
Class I | 1,000.00 | 1,095.80 | 1.07 | 5.62 | ||||
Class R6 | 1,000.00 | 1,096.40 | 0.95 | 4.99 | ||||
Vontobel Global Opportunities
Fund |
||||||||
Class A | 1,000.00 | 1,058.80 | 1.36 | 7.02 | ||||
Class C | 1,000.00 | 1,055.30 | 2.11 | 10.87 | ||||
Class I | 1,000.00 | 1,060.60 | 1.09 | 5.63 | ||||
Class R6 | 1,000.00 | 1,061.30 | 0.90 | 4.65 | ||||
Vontobel Greater European Opportunities
Fund |
||||||||
Class A | 1,000.00 | 1,098.60 | 1.40 | 7.37 | ||||
Class C | 1,000.00 | 1,093.90 | 2.15 | 11.29 | ||||
Class I | 1,000.00 | 1,099.30 | 1.15 | 6.05 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
** | June 23, 2021, is the date the Fund started accruing expenses. Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (100) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning
Account Value April 1, 2021 |
Ending
Account Value September 30, 2021 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
Duff & Phelps Global Infrastructure
Fund |
||||||||
Class A | $ 1,000.00 | $ 1,018.65 | 1.28 % | $ 6.48 | ||||
Class C | 1,000.00 | 1,014.89 | 2.03 | 10.25 | ||||
Class I | 1,000.00 | 1,020.16 | 0.98 | 4.96 | ||||
Class R6 | 1,000.00 | 1,020.81 | 0.85 | 4.31 | ||||
Duff & Phelps Global Real Estate Securities
Fund |
||||||||
Class A | 1,000.00 | 1,018.05 | 1.40 | 7.08 | ||||
Class C | 1,000.00 | 1,014.29 | 2.15 | 10.86 | ||||
Class I | 1,000.00 | 1,019.30 | 1.15 | 5.82 | ||||
Class R6 | 1,000.00 | 1,020.61 | 0.89 | 4.51 | ||||
Duff & Phelps International Real Estate Securities
Fund |
||||||||
Class A | 1,000.00 | 1,017.55 | 1.50 | 7.59 | ||||
Class C | 1,000.00 | 1,013.79 | 2.25 | 11.36 | ||||
Class I | 1,000.00 | 1,018.80 | 1.25 | 6.33 | ||||
Duff & Phelps Real Asset
Fund |
||||||||
Class A | 1,000.00 | 1,020.96 | 0.82 | 4.15 | ||||
Class C | 1,000.00 | 1,016.85 | 1.64 | 8.29 | ||||
Class I | 1,000.00 | 1,022.26 | 0.56 | 2.84 | ||||
Duff & Phelps Real Estate Securities
Fund |
||||||||
Class A | 1,000.00 | 1,018.40 | 1.33 | 6.73 | ||||
Class C | 1,000.00 | 1,014.84 | 2.04 | 10.30 | ||||
Class I | 1,000.00 | 1,019.70 | 1.07 | 5.42 | ||||
Class R6 | 1,000.00 | 1,021.11 | 0.79 | 4.00 | ||||
FORT Trend
Fund |
||||||||
Class A | 1,000.00 | 1,017.85 | 1.44 | 7.28 | ||||
Class C | 1,000.00 | 1,014.14 | 2.18 | 11.01 | ||||
Class I | 1,000.00 | 1,019.15 | 1.18 | 5.97 | ||||
Class R6 | 1,000.00 | 1,019.55 | 1.10 | 5.57 | ||||
KAR Developing Markets
Fund** |
||||||||
Class A | 1,000.00 | 1,009.45 | 1.55 | 4.27 | ||||
Class C | 1,000.00 | 1,007.40 | 2.30 | 6.32 | ||||
Class I | 1,000.00 | 1,010.14 | 1.30 | 3.58 | ||||
Class R6 | 1,000.00 | 1,010.36 | 1.22 | 3.36 | ||||
KAR Emerging Markets Small-Cap
Fund |
||||||||
Class A | 1,000.00 | 1,015.79 | 1.85 | 9.35 | ||||
Class C | 1,000.00 | 1,012.03 | 2.60 | 13.11 | ||||
Class I | 1,000.00 | 1,017.45 | 1.52 | 7.69 | ||||
Class R6 | 1,000.00 | 1,018.00 | 1.41 | 7.13 | ||||
KAR International Small-Mid Cap
Fund |
||||||||
Class A | 1,000.00 | 1,017.40 | 1.53 | 7.74 | ||||
Class C | 1,000.00 | 1,013.79 | 2.25 | 11.36 | ||||
Class I | 1,000.00 | 1,018.95 | 1.22 | 6.17 | ||||
Class R6 | 1,000.00 | 1,019.30 | 1.15 | 5.82 | ||||
KAR International Small-Mid Cap Fund
II |
||||||||
Class A | 1,000.00 | 1,017.80 | 1.45 | 7.33 | ||||
Class C | 1,000.00 | 1,014.04 | 2.20 | 11.11 | ||||
Class I | 1,000.00 | 1,019.05 | 1.20 | 6.07 | ||||
Class R6 | 1,000.00 | 1,019.55 | 1.10 | 5.57 | ||||
Vontobel Emerging Markets Opportunities
Fund |
||||||||
Class A | 1,000.00 | 1,017.40 | 1.53 | 7.74 | ||||
Class C | 1,000.00 | 1,014.04 | 2.20 | 11.11 | ||||
Class I | 1,000.00 | 1,019.00 | 1.21 | 6.12 | ||||
Class R6 | 1,000.00 | 1,020.16 | 0.98 | 4.96 |
Beginning
Account Value April 1, 2021 |
Ending
Account Value September 30, 2021 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
Vontobel Foreign Opportunities
Fund |
||||||||
Class A | $1,000.00 | $1,018.10 | 1.39% | $ 7.03 | ||||
Class C | 1,000.00 | 1,014.79 | 2.05 | 10.35 | ||||
Class I | 1,000.00 | 1,019.70 | 1.07 | 5.42 | ||||
Class R6 | 1,000.00 | 1,020.31 | 0.95 | 4.81 | ||||
Vontobel Global Opportunities
Fund |
||||||||
Class A | 1,000.00 | 1,018.25 | 1.36 | 6.88 | ||||
Class C | 1,000.00 | 1,014.49 | 2.11 | 10.66 | ||||
Class I | 1,000.00 | 1,019.60 | 1.09 | 5.52 | ||||
Class R6 | 1,000.00 | 1,020.56 | 0.90 | 4.56 | ||||
Vontobel Greater European Opportunities
Fund |
||||||||
Class A | 1,000.00 | 1,018.05 | 1.40 | 7.08 | ||||
Class C | 1,000.00 | 1,014.29 | 2.15 | 10.86 | ||||
Class I | 1,000.00 | 1,019.30 | 1.15 | 5.82 |
* | 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 (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
** | June 23, 2021, is the date the Fund started accruing expenses. Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (100) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 13.82 % 3 | 6.94 % | 8.57 % | — % | — | |||||||
Class A shares at POP4,5 | 7.56 | 5.74 | 7.96 | — | — | |||||||
Class C shares at NAV2 and with CDSC5 | 12.92 | 6.13 | 7.77 | — | — | |||||||
Class I shares at NAV2 | 14.14 3 | 7.20 | 8.85 | — | — | |||||||
Class R6 shares at NAV2 | 14.30 | — | — | 6.67 | 1/30/18 | |||||||
FTSE Developed Core Infrastructure 50/50 Index (net) | 15.28 | 6.85 | 9.29 | 5.97 6 | — | |||||||
Global Infrastructure Linked Benchmark | 15.28 | 6.85 | 7.87 | 5.97 6 | — | |||||||
Fund Expense Ratios7: Class A shares: 1.27%; Class C shares: 2.02%; Class I shares: 1.04%; Class R6 shares: Gross 0.94%, Net 0.85%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
4 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
5 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
6 | The since inception index return is from the inception date of Class R6 shares. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 32.78 % | 8.82 % | 11.01 % | — % | — | |||||||
Class A shares at POP3,4 | 25.48 | 7.59 | 10.38 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 31.79 | 8.01 | 10.17 | — | — | |||||||
Class I shares at NAV2 | 33.13 | 9.08 | 11.28 | — | — | |||||||
Class R6 shares at NAV2 | 33.46 | — | — | 11.43 | 11/3/16 | |||||||
FTSE EPRA NAREIT Developed Index (net) | 29.64 | 4.53 | 8.34 | 6.36 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 2.59%, Net 1.40%; Class C shares: Gross 2.19%, Net 2.15%; Class I shares: Gross 1.20%, Net 1.15%; Class R6 shares: Gross 1.09%, Net 0.89%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | ||||||
Class A shares at NAV2 | 19.44 % | 6.53% | 8.75% | |||||
Class A shares at POP3,4 | 12.87 | 5.33 | 8.14 | |||||
Class C shares at NAV2 and with CDSC4 | 18.57 | 5.75 | 7.96 | |||||
Class I shares at NAV2 | 19.62 | 6.79 | 9.04 | |||||
FTSE EPRA NAREIT Developed ex-U.S. Index (net) | 20.79 | 4.30 | 7.08 | |||||
Fund Expense Ratios5: Class A shares: Gross 1.74%, Net 1.50%; Class C shares: Gross 2.50%, Net 2.25%; Class I shares: Gross 1.49%, Net 1.25%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | ||||||
Class A shares at NAV2 | 25.10 % | 4.72% | 4.18% | |||||
Class A shares at POP3,4 | 18.22 | 3.54 | 3.60 | |||||
Class C shares at NAV2 and with CDSC4 | 24.04 | 3.91 | 3.38 | |||||
Class I shares at NAV2 | 25.47 | 4.99 | 4.45 | |||||
MSCI All Country World Index (net) | 27.44 | 13.20 | 11.90 | |||||
Fund Expense Ratios5: Class A shares: 1.40%; Class C shares: 2.17%; Class I shares: 1.13%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 40.33 % | 8.44 % | 11.57 % | — % | — | |||||||
Class A shares at POP3,4 | 32.61 | 7.22 | 10.94 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 39.32 | 7.66 | 10.75 | — | — | |||||||
Class I shares at NAV2 | 40.73 | 8.74 | 11.87 | — | — | |||||||
Class R6 shares at NAV2 | 41.15 | 8.99 | — | 9.02 | 11/12/14 | |||||||
FTSE NAREIT Equity REITs Index | 37.39 | 6.83 | 11.27 | 7.76 5 | — | |||||||
Fund Expense Ratios6: Class A shares: 1.35%; Class C shares: 2.11%; Class I shares: 1.10%; Class R6 shares: Gross 0.96%, Net 0.79%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | -0.34 % | 3.46 % | 4.94 % | — % | — | |||||||
Class A shares at POP3,4 | -5.82 | 2.30 | 4.35 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | -1.17 | 2.70 | 4.17 | — | — | |||||||
Class I shares at NAV2 | -0.14 | 3.71 | 5.19 | — | — | |||||||
Class R6 shares at NAV2 | -0.07 | 3.83 | — | 1.14 | 11/12/14 | |||||||
ICE BofA 3-month U.S. Treasury Bill Index | 0.07 | 1.16 | 0.63 | 0.94 5 | — | |||||||
Fund Expense Ratios6: Class A shares: 1.60%; Class C shares: 2.34%; Class I shares: 1.34%; Class R6 shares: 1.25%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Expense ratios include fees and expenses associated with any underlying funds. |
Since
inception |
Inception
date | |||||
Class A shares at NAV2 | -3.70 % | 6/22/21 | ||||
Class A shares at POP3,4 | -9.00 | 6/22/21 | ||||
Class C shares at NAV2 | -3.90 | 6/22/21 | ||||
Class C shares with CDSC4 | -4.86 | 6/22/21 | ||||
Class I shares at NAV2 | -3.60 | 6/22/21 | ||||
Class R6 shares at NAV2 | -3.60 | 6/22/21 | ||||
MSCI Emerging Markets Index (net) | -6.07 5 | — | ||||
Fund Expense Ratios6: Class A shares: Gross 3.60%, Net 1.55%; Class C shares: Gross 4.35%, Net 2.30%; Class I shares: Gross 3.35%, Net 1.30%; Class R6 shares: Gross 3.34%, Net 1.22%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the Fund’s inception date. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 21, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | Since
inception |
Inception
date | |||||||
Class A shares at NAV2 | 19.15 % | 14.94 % | 9.11 % | 12/17/13 | ||||||
Class A shares at POP3,4 | 12.60 | 13.64 | 8.32 | 12/17/13 | ||||||
Class C shares at NAV2 and with CDSC4 | 18.33 | 14.09 | 8.31 | 12/17/13 | ||||||
Class I shares at NAV2 | 19.49 | 15.22 | 9.38 | 12/17/13 | ||||||
Class R6 shares at NAV2 | 19.71 | — | 20.03 | 8/1/19 | ||||||
MSCI Emerging Markets Small Cap Index (net) | 43.24 | 9.75 | — 5 | — | ||||||
Fund Expense Ratios6: Class A shares: Gross 1.91%, Net 1.86%; Class C shares: Gross 2.62%, Net 2.61%; Class I shares: Gross 1.63%, Net 1.61%; Class R6 shares: Gross 1.52%, Net 1.51%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index returned 20.53% from the inception date of Class R6 shares and 6.75% from the inception date of Class A shares, Class C shares, and Class I shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | Since
inception |
Inception
date | |||||||
Class A shares at NAV2 | 30.29 % | 15.41 % | 13.54 % | 9/5/12 | ||||||
Class A shares at POP3,4 | 23.13 | 14.11 | 12.84 | 9/5/12 | ||||||
Class C shares at NAV2 and with CDSC4 | 29.43 | 14.57 | 12.72 | 9/5/12 | ||||||
Class I shares at NAV2 | 30.69 | 15.71 | 13.84 | 9/5/12 | ||||||
Class R6 shares at NAV2 | 30.82 | 15.82 | 13.11 | 11/12/14 | ||||||
MSCI All Country World ex USA Small Cap Index (net)5 | 33.06 | 10.28 | — 6 | — | ||||||
MSCI All Country World ex USA SMID Cap Index (net)5 | 28.94 | 9.40 | — 7 | — | ||||||
Fund Expense Ratios8: Class A shares: Gross 1.47%, Net 1.46%; Class C shares: 2.19%; Class I shares: 1.20%; Class R6 shares: 1.09%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The Fund changed its primary benchmark during the year to the MSCI All Country World ex U.S. SMID Cap Index (net) replacing the Fund’s previous primary benchmark, MSCI All Country World ex U.S. Small Cap Index (net). This change is being made to more closely match the Fund’s primary benchmark to its new principal investment strategy. |
6 | The since inception index returned 8.77% from the inception date of Class R6 shares and 9.57% from the inception date of Class A shares, Class C shares, and Class I shares. |
7 | The since inception index returned 7.74% from the inception date of Class R6 shares and 8.70% for the inception date of Class A shares, Class C shares, and Class I shares. |
8 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective September 24, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | Since
inception |
Inception
date | ||||||
Class A shares at NAV2 | 26.76 % | 28.02 % | 10/1/19 | |||||
Class A shares at POP3,4 | 19.79 | 24.45 | 10/1/19 | |||||
Class C shares at NAV2 and with CDSC4 | 25.81 | 27.05 | 10/1/19 | |||||
Class I shares at NAV2 | 27.07 | 28.33 | 10/1/19 | |||||
Class R6 shares at NAV2 | 27.28 | 28.49 | 10/1/19 | |||||
MSCI All Country World ex USA SMID Cap Index (net) | 28.94 | 16.42 5 | — | |||||
Fund Expense Ratios6: Class A shares: Gross 2.42%, Net 1.47%; Class C shares: Gross 3.17%, Net 2.22%; Class I shares: Gross 2.26%, Net 1.22%; Class R6 shares: Gross 2.13%, Net 1.12%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the Fund’s inception date. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 8.58 % | 5.10 % | 5.27 % | — % | — | |||||||
Class A shares at POP3,4 | 2.61 | 3.91 | 4.68 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 7.91 | 4.37 | 4.52 | — | — | |||||||
Class I shares at NAV2 | 8.93 | 5.42 | 5.57 | — | — | |||||||
Class R6 shares at NAV2 | 9.21 | 5.61 | — | 4.03 | 11/12/14 | |||||||
MSCI Emerging Markets Index (net) | 18.20 | 9.23 | 6.09 | 5.83 5 | — | |||||||
Fund Expense Ratios6: Class A shares: 1.57%; Class C shares: 2.25%; Class I shares: 1.26%; Class R6: Gross 1.15%, Net 0.98%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 17.95 % | 10.78 % | 9.59 % | — % | — | |||||||
Class A shares at POP3,4 | 11.46 | 9.53 | 8.97 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 17.16 | 10.02 | 8.81 | — | — | |||||||
Class I shares at NAV2 | 18.32 | 11.11 | 9.89 | — | — | |||||||
Class R6 shares at NAV2 | 18.44 | 11.23 | — | 8.94 | 11/12/14 | |||||||
MSCI All Country World ex USA Index (net) | 23.92 | 8.94 | 7.48 | 6.03 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.43%, Net 1.39%; Class C shares: Gross 2.12%, Net 2.05%; Class I shares: Gross 1.13%, Net 1.07%; Class R6 shares: Gross 1.04%, Net 0.95%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 17.47 % | 14.21 % | 13.13 % | — % | — | |||||||
Class A shares at POP3,4 | 11.01 | 12.92 | 12.49 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 16.64 | 13.36 | 12.30 | — | — | |||||||
Class I shares at NAV2 | 17.76 | 14.53 | — | 12.55 | 8/8/12 | |||||||
Class R6 shares at NAV2 | 17.98 | — | — | 11.11 | 1/30/18 | |||||||
MSCI All Country World Index (net) | 27.44 | 13.20 | 11.90 | — 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.41%, Net 1.36%; Class C shares: Gross 2.12%, Net 2.11%; Class I shares: Gross 1.17%, Net 1.09%; Class R6 shares: Gross 1.08%, Net 0.90%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index returned 9.67% from the inception date of Class R6 shares and 11.13% from the inception date of Class I shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | ||||||
Class A shares at NAV2 | 21.44 % | 8.89% | 9.01% | |||||
Class A shares at POP3,4 | 14.76 | 7.67 | 8.39 | |||||
Class C shares at NAV2 and with CDSC4 | 20.52 | 8.08 | 8.19 | |||||
Class I shares at NAV2 | 21.74 | 9.16 | 9.27 | |||||
MSCI Europe Index (net) | 27.25 | 8.85 | 8.15 | |||||
Fund Expense Ratios5: Class A shares: Gross 3.58%, Net 1.40%; Class C shares: Gross 4.31%, Net 2.15%; Class I shares: Gross 3.31%, Net 1.15%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $86,593 | $56,446 | $30,147 | ||
Money Market Mutual Fund | 689 | 689 | — | ||
Total Investments | $87,282 | $57,135 | $30,147 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Equity Securities: | |||||||
Common Stocks | $461,172 | $294,645 | $166,527 | $— (1) | |||
Money Market Mutual Fund | 7,377 | 7,377 | — | — | |||
Total Investments | $468,549 | $302,022 | $166,527 | $— |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Equity Securities: | |||||||
Common Stocks | $33,522 | $4,044 | $29,478 | $— (1) | |||
Money Market Mutual Fund | 798 | 798 | — | — | |||
Total Investments | $34,320 | $4,842 | $29,478 | $— |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices | ||
Assets: | |||
Affiliated Mutual Funds | $14,771 | $14,771 | |
Exchange-Traded Funds | 7,957 | 7,957 | |
Money Market Mutual Fund | 80 | 80 | |
Total Investments | $22,808 | $22,808 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $532,284 | $532,284 | |
Money Market Mutual Fund | 2,869 | 2,869 | |
Total Investments | $535,153 | $535,153 |
Exchange-Traded Futures contracts as of September 30, 2021 were as follows: | |||||
Issue | Expiration | Contracts
Purchased/(Sold) |
Notional Value | Value
/ Unrealized Appreciation |
Value
/ Unrealized (Depreciation) |
Long Contracts: | |||||
CAC 40 Index Future | October 2021 | 2 | $ 151 | $ — | $ (2) |
FTSE Taiwan Index Future | October 2021 | 18 | 1,065 | — | (25) |
Gasoline RBOB Future | November 2021 | 10 | 921 | 31 | — |
Low Sulphur Gas Oil Future | November 2021 | 72 | 4,864 | 171 | — |
Natural Gas Future | November 2021 | 12 | 704 | 35 | — |
NY Harbor ULSD Future | November 2021 | 36 | 3,536 | 166 | — |
2 Year U.S. Treasury Note Future | December 2021 | 12 | 2,641 | — | (3) |
5 Year U.S. Treasury Note Future | December 2021 | 66 | 8,101 | — | (50) |
10 Year Australian Bond Future | December 2021 | 117 | 94,928 | — | (197) |
10 Year Canadian Bond Future | December 2021 | 6 | 678 | — | (15) |
10 Year Japanese Bond Future | December 2021 | 3 | 4,080 | — | (9) |
10 Year U.K. Gilt Future | December 2021 | 28 | 4,722 | — | (96) |
10 Year U.S. Treasury Note Future | December 2021 | 101 | 13,292 | — | (157) |
10 Year Ultra Bond Future | December 2021 | 6 | 871 | 1 | — |
30 Year Euro Bond Future | December 2021 | 19 | 4,475 | — | (90) |
30 Year U.S. Treasury Bond Future | December 2021 | 73 | 11,623 | — | (266) |
Brent Crude Future | December 2021 | 122 | 9,554 | 281 | — |
Cotton No. 2 Future | December 2021 | 11 | 582 | 66 | — |
Dollar Index Future | December 2021 | 12 | 1,131 | 18 | — |
Dow Jones Index E-Mini Future | December 2021 | 4 | 674 | — | (13) |
Euro BTP Future | December 2021 | 11 | 1,936 | — | (20) |
Euro Stoxx 50 Future | December 2021 | 28 | 1,313 | — | (16) |
Euro-OAT Future | December 2021 | 12 | 2,307 | — | (37) |
FTSE 100 Index Future | December 2021 | 2 | 191 | 2 | — |
Lean Hogs Future | December 2021 | 4 | 137 | 3 | — |
Nasdaq 100 E-Mini Future | December 2021 | 78 | 22,905 | — | (871) |
Nikkei 225 Stock Average Future | December 2021 | 7 | 1,853 | — | (21) |
Red Wheat Future | December 2021 | 1 | 46 | — | — (1) |
Russell 2000 E-Mini Future | December 2021 | 23 | 2,531 | — | (41) |
S&P 500 E-Mini Future | December 2021 | 151 | 32,448 | — | (1,125) |
S&P Mid 400 E-Mini Future | December 2021 | 1 | 263 | — | (5) |
SPI 200 Future | December 2021 | 2 | 264 | 4 | — |
TOPIX Index Future | December 2021 | 2 | 365 | — | (4) |
U.S. Ultra Bond Future | December 2021 | 70 | 13,374 | — | (363) |
3-Month EURIBOR Future | March 2022 | 19 | 5,530 | — | (1) |
90-Day Eurodollar Future | March 2022 | 28 | 6,990 | 1 | — |
90-Day Sterling Future | March 2022 | 11 | 1,844 | — | (3) |
Exchange-Traded Futures contracts as of September 30, 2021 were as follows: | ||||||
Issue | Expiration | Contracts
Purchased/(Sold) |
Notional Value | Value
/ Unrealized Appreciation |
Value
/ Unrealized (Depreciation) | |
3-Month EURIBOR Future | June 2022 | 10 | $ 2,910 | $ — | $ (1) | |
90-Day Eurodollar Future | June 2022 | 35 | 8,732 | — | (1) | |
90-Day Sterling Future | June 2022 | 4 | 669 | — | (1) | |
3-Month EURIBOR Future | September 2022 | 9 | 2,618 | — | (2) | |
90-Day Eurodollar Future | September 2022 | 33 | 8,224 | — | (2) | |
90-Day Sterling Future | September 2022 | 2 | 334 | — | (1) | |
3-Month EURIBOR Future | December 2022 | 10 | 2,908 | — | (2) | |
90-Day Eurodollar Future | December 2022 | 6 | 1,493 | — | (1) | |
90-Day Sterling Future | December 2022 | 4 | 668 | — | (2) | |
3-Month EURIBOR Future | March 2023 | 8 | 2,325 | — | (2) | |
90-Day Sterling Future | March 2023 | 6 | 1,002 | — | (3) | |
3-Month EURIBOR Future | June 2023 | 11 | 3,196 | — | (3) | |
90-Day Sterling Future | June 2023 | 7 | 1,168 | — | (4) | |
3-Month EURIBOR Future | September 2023 | 12 | 3,486 | — | (3) | |
90-Day Sterling Future | September 2023 | 7 | 1,168 | — | (4) | |
3-Month EURIBOR Future | December 2023 | 9 | 2,613 | — | (4) | |
90-Day Sterling Future | December 2023 | 8 | 1,334 | — | (4) | |
3-Month EURIBOR Future | March 2024 | 8 | 2,322 | — | (4) | |
90-Day Sterling Future | March 2024 | 2 | 333 | — | (1) | |
3-Month EURIBOR Future | June 2024 | 9 | 2,611 | — | (4) | |
90-Day Sterling Future | June 2024 | 2 | 333 | — | (1) | |
3-Month EURIBOR Future | September 2024 | 11 | 3,190 | — | (5) | |
90-Day Euro Dollar Future | September 2024 | 10 | 2,462 | — | (7) | |
90-Day Sterling Future | September 2024 | 4 | 666 | — | (2) | |
3-Month EURIBOR Future | December 2024 | 14 | 4,057 | — | (5) | |
90-Day Euro Dollar Future | December 2024 | 18 | 4,428 | — | (10) | |
90-Day Sterling Future | December 2024 | 11 | 1,832 | — | (4) | |
$ 779 | $ (3,513) | |||||
Short Contracts: | ||||||
Hang Seng Index Future | October 2021 | (2) | (315) | — | (1) | |
HSCEI Index Future | October 2021 | (4) | (224) | — | (2) | |
Cattle Feeder Future | November 2021 | (1) | (76) | 2 | — | |
Crude Oil Future | November 2021 | (28) | (2,101) | 12 | — | |
Soybean Future | November 2021 | (32) | (2,010) | 90 | — | |
10 Year Euro-Bund Future | December 2021 | (14) | (2,754) | — (1) | — | |
Australian Dollar Future | December 2021 | (39) | (2,821) | 14 | — | |
British Pound Future | December 2021 | (27) | (2,274) | 17 | — | |
Canadian Dollar Future | December 2021 | (18) | (1,422) | — | (12) | |
Cocoa Future | December 2021 | (2) | (53) | — | (1) | |
Coffee C Future | December 2021 | (1) | (73) | — | (3) | |
Copper Future | December 2021 | (5) | (511) | 19 | — | |
Corn Future | December 2021 | (9) | (242) | — | (6) | |
Euro Currency Future | December 2021 | (84) | (12,180) | 162 | — | |
Euro-Bobl Future | December 2021 | (14) | (2,188) | — | — (1) | |
Gold Future | December 2021 | (14) | (2,460) | — | (3) | |
Japanese Yen Future | December 2021 | (9) | (1,010) | — | (3) | |
KC HRW Wheat Future | December 2021 | (2) | (73) | — | (3) | |
Live Cattle Future | December 2021 | (10) | (503) | 10 | — | |
Mexican Peso Future | December 2021 | (14) | (336) | 4 | — | |
MSCI Emerging Market Index Future | December 2021 | (12) | (747) | 4 | — | |
New Zealand Dollar Future | December 2021 | (6) | (414) | 1 | — | |
Silver Future | December 2021 | (6) | (661) | 3 | — | |
Soybean Meal Future | December 2021 | (12) | (394) | 22 | — | |
Soybean Oil Future | December 2021 | (30) | (1,056) | — | (3) | |
Wheat Future | December 2021 | (11) | (399) | — (1) | — | |
Sugar #11 World Future | March 2022 | (6) | (137) | — | (3) | |
90-Day Euro Dollar Future | March 2023 | (14) | (3,478) | — | — (1) | |
90-Day Euro Dollar Future | June 2023 | (8) | (1,984) | — | (1) |
Exchange-Traded Futures contracts as of September 30, 2021 were as follows: | ||||||
Issue | Expiration | Contracts
Purchased/(Sold) |
Notional Value | Value
/ Unrealized Appreciation |
Value
/ Unrealized (Depreciation) | |
90-Day Euro Dollar Future | September 2023 | (16) | $ (3,960) | $ 2 | $ — | |
90-Day Euro Dollar Future | December 2023 | (23) | (5,684) | — | — (1) | |
90-Day Euro Dollar Future | March 2024 | (19) | (4,689) | — | (2) | |
90-Day Euro Dollar Future | June 2024 | (3) | (740) | — | — (1) | |
362 | (43) | |||||
Total | $1,141 | $ (3,556) | ||||
Footnote Legend: | ||||||
(1)Amount is less than $500. |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
U.S. Government Securities | $140,486 | $ — | $140,486 | ||
Money Market Mutual Fund | 6,576 | 6,576 | — | ||
Other Financial Instruments: | |||||
Futures Contracts | 1,141 | 1,141 | — | ||
Total Assets | 148,203 | 7,717 | 140,486 | ||
Liabilities: | |||||
Other Financial Instruments: | |||||
Futures Contracts | (3,556) | (3,556) | — | ||
Total Liabilities | (3,556) | (3,556) | — | ||
Total Investments | $144,647 | $ 4,161 | $140,486 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $2,602 | $1,088 | $1,514 | ||
Money Market Mutual Fund | 265 | 265 | — | ||
Total Investments | $2,867 | $1,353 | $1,514 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $397,937 | $125,753 | $272,184 | ||
Money Market Mutual Fund | 25,698 | 25,698 | — | ||
Total Investments | $423,635 | $151,451 | $272,184 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $3,088,505 | $487,124 | $2,601,381 | ||
Warrant | 2,383 | 2,383 | — | ||
Money Market Mutual Fund | 32,268 | 32,268 | — | ||
Total Investments | $3,123,156 | $521,775 | $2,601,381 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $38,087 | $ 7,466 | $30,621 | ||
Warrant | 14 | 14 | — | ||
Money Market Mutual Fund | 5,106 | 5,106 | — | ||
Total Investments | $43,207 | $12,586 | $30,621 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $4,757,043 | $659,954 | $4,097,089 | ||
Securities Lending Collateral | 2,840 | 2,840 | — | ||
Money Market Mutual Fund | 62,854 | 62,854 | — | ||
Total Investments | $4,822,737 | $725,648 | $4,097,089 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $1,062,407 | $196,022 | $866,385 | ||
Money Market Mutual Fund | 32,943 | 32,943 | — | ||
Total Investments | $1,095,350 | $228,965 | $866,385 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $411,268 | $261,956 | $149,312 | ||
Money Market Mutual Fund | 8,695 | 8,695 | — | ||
Total Investments | $419,963 | $270,651 | $149,312 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $9,492 | $ 798 | $8,694 | ||
Money Market Mutual Fund | 358 | 358 | — | ||
Total Investments | $9,850 | $1,156 | $8,694 |
Duff
& Phelps Global Infrastructure Fund |
Duff
& Phelps Global Real Estate Securities Fund |
Duff
& Phelps International Real Estate Securities Fund |
Duff
& Phelps Real Asset Fund | ||||
Assets | |||||||
Investment in securities at
value(1) |
$ 87,282 | $ 468,549 | $ 34,320 | $ 8,037 | |||
Investment in affiliates at
value(2) |
— | — | — | 14,771 | |||
Foreign currency at
value(3) |
— | 122 | — | — | |||
Cash
|
100 | 100 | 100 | — | |||
Receivables | |||||||
Fund shares sold
|
69 | 1,616 | 4 | — | |||
Dividends |
132 | 1,128 | 90 | 4 | |||
Tax reclaims
|
53 | 169 | 44 | — | |||
Prepaid Trustees’
retainer |
1 | 5 | — (a) | — (a) | |||
Prepaid expenses
|
17 | 22 | 20 | 19 | |||
Other assets
|
9 | 45 | 4 | 2 | |||
Total
assets |
87,663 | 471,756 | 34,582 | 22,833 | |||
Liabilities | |||||||
Due to
custodian |
— (a) | — | — (a) | — | |||
Payables | |||||||
Fund shares repurchased
|
80 | 124 | — | 70 | |||
Investment securities purchased
|
— | 3,494 | — | 3 | |||
Investment advisory fees
|
48 | 341 | 21 | — | |||
Distribution and service fees
|
12 | 11 | 1 | 3 | |||
Administration and accounting
fees |
8 | 39 | 4 | 3 | |||
Transfer agent and sub-transfer agent fees and
expenses |
27 | 157 | 10 | 8 | |||
Professional fees
|
25 | 26 | 25 | 16 | |||
Trustee deferred compensation plan
|
9 | 45 | 4 | 2 | |||
Interest expense and/or commitment
fees |
— (a) | — (a) | — (a) | — (a) | |||
Other accrued
expenses |
9 | 17 | 11 | 9 | |||
Total
liabilities |
218 | 4,254 | 76 | 114 | |||
Net
Assets |
$ 87,445 | $ 467,502 | $ 34,506 | $ 22,719 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial
interest |
$ 70,363 | $ 380,362 | $ 33,459 | $ 42,007 | |||
Accumulated earnings
(loss) |
17,082 | 87,140 | 1,047 | (19,288) | |||
Net
Assets |
$ 87,445 | $ 467,502 | $ 34,506 | $ 22,719 | |||
Net Assets: | |||||||
Class
A |
$ 31,857 | $ 27,127 | $ 3,612 | $ 12,674 | |||
Class
C |
$ 5,525 | $ 5,531 | $ 273 | $ 435 | |||
Class
I |
$ 39,955 | $ 344,063 | $ 30,621 | $ 9,610 | |||
Class
R6 |
$ 10,108 | $ 90,781 | $ — | $ — | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class
A |
1,970,049 | 692,511 | 445,346 | 1,009,957 | |||
Class
C |
342,368 | 150,258 | 34,277 | 34,397 | |||
Class
I |
2,470,468 | 9,044,091 | 3,774,076 | 767,704 | |||
Class
R6 |
624,076 | 2,372,609 | — | — | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class
A |
$ 16.17 | $ 39.17 | $ 8.11 | $ 12.55 | |||
Class
C |
$ 16.14 | $ 36.81 | $ 7.98 | $ 12.64 | |||
Class
I |
$ 16.17 | $ 38.04 | $ 8.11 | $ 12.52 | |||
Class
R6 |
$ 16.20 | $ 38.26 | $ — | $ — |
Duff
& Phelps Global Infrastructure Fund |
Duff
& Phelps Global Real Estate Securities Fund |
Duff
& Phelps International Real Estate Securities Fund |
Duff
& Phelps Real Asset Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class
A |
$ 17.11 | $ 41.45 | $ 8.58 | $ 13.28 | |||
Maximum Sales Charge - Class
A |
5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at
cost |
$ 73,344 | $ 390,047 | $ 27,754 | $ 6,701 | |||
(2) Investment in affiliates at
cost |
$ — | $ — | $ — | $ 9,602 | |||
(3) Foreign currency at
cost |
$ —(a) | $ 120 | $ —(a) | $ — |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Duff & Phelps Real Estate Securities Fund | FORT
Trend Fund‡ |
KAR Developing Markets Fund | KAR
Emerging Markets Small-Cap Fund | ||||
Assets | |||||||
Investment in securities at
value(1) |
$ 535,153 | $ 147,062 | $ 2,867 | $ 389,367 | |||
Investment in affiliated funds at
value(2) |
— | — | — | 34,268 | |||
Cash
|
100 | 1,000 | 50 | 100 | |||
Cash pledged as collateral for
futures |
— | 7,971 | — | — | |||
Due from
broker |
— | 1,556 | — | — | |||
Receivables | |||||||
Fund shares sold
|
455 | 19 | — | 1,516 | |||
Receivable from
adviser |
— | — | 31 | — | |||
Dividends and
interest |
1,189 | — (a) | 4 | 598 | |||
Tax reclaims
|
— | — | — | 10 | |||
Prepaid Trustees’
retainer |
6 | 2 | — (a) | 5 | |||
Prepaid expenses
|
39 | 20 | — | 77 | |||
Other assets
|
54 | 15 | — (a) | 42 | |||
Total
assets |
536,996 | 157,645 | 2,952 | 425,983 | |||
Liabilities | |||||||
Due to
custodian |
— | — | — | — (a) | |||
Foreign currency due to
broker3 |
— | 215 | — | — | |||
Variation margin payable on futures
contracts |
— | 473 | — | — | |||
Payables | |||||||
Fund shares repurchased
|
364 | 387 | — | 356 | |||
Investment securities purchased
|
— | — | 23 | 340 | |||
Foreign capital gains
tax |
— | — | — | 2,624 | |||
Investment advisory fees
|
336 | 122 | — | 433 | |||
Distribution and service fees
|
36 | 38 | — (a) | 15 | |||
Administration and accounting
fees |
46 | 14 | 1 | 36 | |||
Transfer agent and sub-transfer agent fees and
expenses |
184 | 56 | — (a) | 143 | |||
Professional fees
|
28 | 26 | 27 | 30 | |||
Trustee deferred compensation plan
|
54 | 15 | — (a) | 42 | |||
Interest expense and/or commitment
fees |
1 | — (a) | — (a) | — (a) | |||
Other accrued
expenses |
39 | 17 | 9 | 24 | |||
Total
liabilities |
1,088 | 1,363 | 60 | 4,043 | |||
Net
Assets |
$ 535,908 | $ 156,282 | $ 2,892 | $ 421,940 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial
interest |
$ 290,571 | $ 563,011 | $ 3,000 | $ 335,390 | |||
Accumulated earnings
(loss) |
245,337 | (406,729) | (108) | 86,550 | |||
Net
Assets |
$ 535,908 | $ 156,282 | $ 2,892 | $ 421,940 | |||
Net Assets: | |||||||
Class
A |
$ 143,841 | $ 108,701 | $ 96 | $ 57,403 | |||
Class
C |
$ 6,244 | $ 17,109 | $ 96 | $ 2,540 | |||
Class
I |
$ 234,084 | $ 29,793 | $ 97 | $ 360,774 | |||
Class
R6 |
$ 151,739 | $ 679 | $ 2,603 | $ 1,223 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class
A |
5,768,461 | 7,498,617 | 10,000 | 3,259,459 | |||
Class
C |
250,815 | 1,260,657 | 10,000 | 145,915 | |||
Class
I |
9,420,913 | 2,017,379 | 10,000 | 20,357,310 | |||
Class
R6 |
6,078,522 | 45,614 | 270,000 | 68,940 |
Duff & Phelps Real Estate Securities Fund | FORT
Trend Fund‡ |
KAR Developing Markets Fund | KAR
Emerging Markets Small-Cap Fund | ||||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class
A |
$ 24.94 | $ 14.50 | $ 9.63 | $ 17.61 | |||
Class
C |
$ 24.90 | $ 13.57 | $ 9.61 | $ 17.41 | |||
Class
I |
$ 24.85 | $ 14.77 | $ 9.64 | $ 17.72 | |||
Class
R6 |
$ 24.96 | $ 14.89 | $ 9.64 | $ 17.74 | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class
A |
$ 26.39 | $ 15.34 | $ 10.19 | $ 18.63 | |||
Maximum Sales Charge - Class
A |
5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at
cost |
$ 300,507 | $ 147,059 | $ 2,976 | $ 304,344 | |||
(2) Investment in affiliates at
cost |
$ — | $ — | $ — | $ 52,203 | |||
(3) Foreign currency at
cost |
$ — | $ — | $ — | $ —(a) |
‡ | Consolidated Statement of Assets and Liabilities |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
KAR
International Small-Mid Cap Fund |
KAR
International Small-Mid Cap Fund II |
Vontobel Emerging Markets Opportunities Fund | Vontobel Foreign Opportunities Fund | ||||
Assets | |||||||
Investment in securities at
value(1)(2) |
$ 2,377,505 | $ 43,207 | $ 4,822,737 | $ 1,095,350 | |||
Investment in affiliates at
value(3) |
745,651 | — | — | — | |||
Foreign currency at
value(4) |
30,494 | 69 | 983 | — | |||
Cash
|
1,000 | 50 | 2,589 | 1,000 | |||
Receivables | |||||||
Investment securities sold
|
1,041 | 17 | 13,625 | 2,410 | |||
Fund shares sold
|
5,127 | 14 | 3,599 | 542 | |||
Dividends |
2,454 | 40 | 5,701 | 842 | |||
Tax reclaims
|
949 | 18 | 2,736 | 2,227 | |||
Securities lending
income |
— | — | 1 | — | |||
Prepaid Trustees’
retainer |
36 | 1 | 59 | 13 | |||
Prepaid expenses
|
66 | 21 | 47 | 38 | |||
Other assets
|
313 | 4 | 484 | 113 | |||
Total
assets |
3,164,636 | 43,441 | 4,852,561 | 1,102,535 | |||
Liabilities | |||||||
Due to
custodian |
— | — | — | 3 | |||
Payables | |||||||
Fund shares repurchased
|
1,490 | — | 24,767 | 2,907 | |||
Investment securities purchased
|
52,937 | 301 | 10,634 | 2,669 | |||
Foreign capital gains
tax |
— | — | 43,231 | 2,834 | |||
Collateral on securities
loaned |
— | — | 2,840 | — | |||
Investment advisory fees
|
2,544 | 11 | 3,954 | 801 | |||
Distribution and service fees
|
59 | — (a) | 141 | 61 | |||
Administration and accounting
fees |
263 | 5 | 403 | 95 | |||
Transfer agent and sub-transfer agent fees and
expenses |
740 | 15 | 1,699 | 318 | |||
Professional fees
|
132 | 38 | 71 | 36 | |||
Trustee deferred compensation plan
|
313 | 4 | 484 | 113 | |||
Interest expense and/or commitment
fees |
3 | — (a) | 8 | 1 | |||
Other accrued
expenses |
139 | 6 | 369 | 109 | |||
Total
liabilities |
58,620 | 380 | 88,601 | 9,947 | |||
Net
Assets |
$ 3,106,016 | $ 43,061 | $ 4,763,960 | $ 1,092,588 | |||
Net Assets Consist of: | |||||||
Common stock $0.001 par
value |
$ — | $ — | $ 387 | $ 31 | |||
Capital paid in on shares of beneficial
interest |
2,319,709 | 31,664 | 3,661,198 | 596,003 | |||
Accumulated earnings
(loss) |
786,307 | 11,397 | 1,102,375 | 496,554 | |||
Net
Assets |
$ 3,106,016 | $ 43,061 | $ 4,763,960 | $ 1,092,588 | |||
Net Assets: | |||||||
Class
A |
$ 100,353 | $ 591 | $ 362,477 | $ 204,395 | |||
Class
C |
$ 42,388 | $ 341 | $ 72,832 | $ 18,014 | |||
Class
I |
$ 2,685,996 | $ 37,452 | $ 4,124,645 | $ 803,474 | |||
Class
R6 |
$ 277,279 | $ 4,677 | $ 204,006 | $ 66,705 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class
A |
4,060,206 | 37,112 | 30,439,060 | 5,845,470 | |||
Class
C |
1,749,710 | 21,639 | 6,355,987 | 539,165 | |||
Class
I |
108,045,948 | 2,344,564 | 333,888,373 | 22,955,263 | |||
Class
R6 |
11,140,211 | 292,393 | 16,446,490 | 1,904,031 |
KAR
International Small-Mid Cap Fund |
KAR
International Small-Mid Cap Fund II |
Vontobel Emerging Markets Opportunities Fund | Vontobel Foreign Opportunities Fund | ||||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class
A |
$ 24.72 | $ 15.92 | $ 11.91 | $ 34.97 | |||
Class
C |
$ 24.23 | $ 15.76 | $ 11.46 | $ 33.41 | |||
Class
I |
$ 24.86 | $ 15.97 | $ 12.35 | $ 35.00 | |||
Class
R6 |
$ 24.89 | $ 16.00 | $ 12.40 | $ 35.03 | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class
A |
$ 26.16 | $ 16.85 | $ 12.60 | $ 37.01 | |||
Maximum Sales Charge - Class
A |
5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at
cost |
$ 1,898,622 | $ 35,336 | $ 4,221,609 | $ 777,214 | |||
(2) Market value of securities on
loan |
$ — | $ — | $ 2,667 | $ — | |||
(3) Investment in affiliates at
cost |
$ 588,618 | $ — | $ — | $ — | |||
(4) Foreign currency at
cost |
$ 30,519 | $ 69 | $ 985 | $ — |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Vontobel
Global Opportunities Fund |
Vontobel
Greater European Opportunities Fund | ||
Assets | |||
Investment in securities at
value(1) |
$ 419,963 | $ 9,850 | |
Foreign currency at
value(2) |
16 | — (a) | |
Cash
|
1,000 | 50 | |
Receivables | |||
Investment securities sold
|
878 | 21 | |
Fund shares sold
|
60 | — (a) | |
Receivable from
adviser |
— | 3 | |
Dividends |
182 | 5 | |
Tax reclaims
|
229 | 24 | |
Prepaid Trustees’
retainer |
5 | — (a) | |
Prepaid expenses
|
37 | 12 | |
Other assets
|
43 | 1 | |
Total
assets |
422,413 | 9,966 | |
Liabilities | |||
Payables | |||
Fund shares repurchased
|
143 | 1 | |
Investment securities purchased
|
3,078 | 126 | |
Foreign capital gains
tax |
699 | — | |
Investment advisory fees
|
304 | — | |
Distribution and service fees
|
46 | 1 | |
Administration and accounting
fees |
36 | 1 | |
Transfer agent and sub-transfer agent fees and
expenses |
99 | 3 | |
Professional fees
|
26 | 25 | |
Trustee deferred compensation plan
|
43 | 1 | |
Interest expense and/or commitment
fees |
1 | — (a) | |
Other accrued
expenses |
67 | 8 | |
Total
liabilities |
4,542 | 166 | |
Net
Assets |
$ 417,871 | $ 9,800 | |
Net Assets Consist of: | |||
Capital paid in on shares of beneficial
interest |
$ 215,339 | $ 6,834 | |
Accumulated earnings
(loss) |
202,532 | 2,966 | |
Net
Assets |
$ 417,871 | $ 9,800 | |
Net Assets: | |||
Class
A |
$ 130,814 | $ 2,853 | |
Class
C |
$ 19,745 | $ 386 | |
Class
I |
$ 178,017 | $ 6,561 | |
Class
R6 |
$ 89,295 | $ — | |
Shares Outstanding (unlimited number of shares authorized, no par value): | |||
Class
A |
6,103,509 | 218,859 | |
Class
C |
1,136,821 | 30,923 | |
Class
I |
8,268,245 | 502,271 | |
Class
R6 |
4,128,250 | — | |
Net Asset Value and Redemption Price Per Share:* | |||
Class
A |
$ 21.43 | $ 13.04 | |
Class
C |
$ 17.37 | $ 12.47 | |
Class
I |
$ 21.53 | $ 13.06 | |
Class
R6 |
$ 21.63 | $ — |
Vontobel
Global Opportunities Fund |
Vontobel
Greater European Opportunities Fund | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||
Class
A |
$ 22.68 | $ 13.80 | |
Maximum Sales Charge - Class
A |
5.50% | 5.50% | |
(1) Investment in securities at
cost |
$ 272,389 | $ 7,159 | |
(2) Foreign currency at
cost |
$ 15 | $ — |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Duff
& Phelps Global Infrastructure Fund |
Duff
& Phelps Global Real Estate Securities Fund |
Duff
& Phelps International Real Estate Securities Fund |
Duff
& Phelps Real Asset Fund |
Duff & Phelps Real Estate Securities Fund | |||||
Investment Income | |||||||||
Dividends
|
$ 2,023 | $ 9,047 | $1,087 | $ 102 | $ 10,356 | ||||
Dividends from
affiliates |
— | — | — | 136 | — | ||||
Foreign taxes withheld
|
(134) | (484) | (99) | — | — | ||||
Total investment
income |
1,889 | 8,563 | 988 | 238 | 10,356 | ||||
Expenses | |||||||||
Investment advisory
fees |
572 | 2,926 | 314 | — | 3,837 | ||||
Distribution and service fees, Class
A |
82 | 59 | 7 | 32 | 368 | ||||
Distribution and service fees, Class
C |
78 | 60 | 4 | 5 | 67 | ||||
Administration and accounting
fees |
96 | 350 | 39 | 30 | 518 | ||||
Transfer agent fees and
expenses |
39 | 146 | 14 | 11 | 224 | ||||
Sub-transfer agent fees and expenses, Class
A |
37 | 320 | 2 | 13 | 249 | ||||
Sub-transfer agent fees and expenses, Class
C |
7 | 7 | — (1) | 1 | 9 | ||||
Sub-transfer agent fees and expenses, Class
I |
34 | 256 | 27 | 10 | 334 | ||||
Custodian fees
|
1 | 3 | — (1) | — | 1 | ||||
Printing fees and expenses
|
8 | 24 | 3 | 4 | 59 | ||||
Professional fees
|
25 | 25 | 24 | 21 | 30 | ||||
Interest expense and/or commitment
fees |
— (1) | 1 | 1 | — (1) | 2 | ||||
Registration fees
|
47 | 58 | 34 | 31 | 65 | ||||
Trustees’ fees and expenses
|
5 | 18 | 2 | 1 | 31 | ||||
Miscellaneous
expenses |
15 | 24 | 14 | 13 | 43 | ||||
Total
expenses |
1,046 | 4,277 | 485 | 172 | 5,837 | ||||
Less net expenses reimbursed and/or waived by investment
adviser(2) |
(6) | (372) | (80) | — | (193) | ||||
Less low balance account fees
|
— (1) | — (1) | — | — (1) | — (1) | ||||
Net
expenses |
1,040 | 3,905 | 405 | 172 | 5,644 | ||||
Net investment income
(loss) |
849 | 4,658 | 583 | 66 | 4,712 | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments |
4,495 | 12,919 | 955 | 140 | 23,945 | ||||
Investment in
affiliates |
— | — | — | 847 | — | ||||
Foreign currency
transactions |
(12) | (42) | (17) | — | — | ||||
Capital gain received from investments in underlying
funds |
— | — | — | 62 | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments |
5,785 | 66,952 | 3,483 | 1,076 | 142,614 | ||||
Investment in
affiliates |
— | — | — | 2,785 | — | ||||
Foreign currency
transactions |
(2) | (3) | (2) | — | — | ||||
Net realized and unrealized gain (loss) on
investments |
10,266 | 79,826 | 4,419 | 4,910 | 166,559 | ||||
Net increase (decrease) in net assets resulting from
operations |
$11,115 | $84,484 | $5,002 | $4,976 | $171,271 |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
FORT
Trend Fund(1) |
KAR Developing Markets Fund(2) | KAR
Emerging Markets Small-Cap Fund |
KAR
International Small-Mid Cap Fund |
KAR
International Small-Mid Cap Fund II | |||||
Investment Income | |||||||||
Dividends
|
$ 1 | $ 14 | $ 6,372 | $ 35,683 | $ 607 | ||||
Dividends from
affiliates |
— | — | 902 | 15,857 | — | ||||
Interest
|
124 | — | — | — | — | ||||
Foreign taxes withheld
|
— | (1) | (900) | (4,609) | (66) | ||||
Total investment
income |
125 | 13 | 6,374 | 46,931 | 541 | ||||
Expenses | |||||||||
Investment advisory
fees |
2,055 (3) | 8 | 4,242 | 26,239 | 338 | ||||
Distribution and service fees, Class
A |
274 | — (4) | 136 | 243 | 1 | ||||
Distribution and service fees, Class
C |
360 | — (4) | 21 | 410 | 3 | ||||
Administration and accounting
fees |
191 | 3 | 359 | 2,710 | 45 | ||||
Transfer agent fees and
expenses |
84 | — (4) | 152 | 1,136 | 16 | ||||
Sub-transfer agent fees and expenses, Class
A |
104 | — (4) | 76 | 113 | — (4) | ||||
Sub-transfer agent fees and expenses, Class
C |
40 | — (4) | 3 | 39 | — (4) | ||||
Sub-transfer agent fees and expenses, Class
I |
35 | — (4) | 322 | 2,105 | 47 | ||||
Custodian fees
|
2 | — (4) | 15 | 53 | 4 | ||||
Printing fees and expenses
|
44 | 28 | 29 | 179 | 3 | ||||
Professional fees
|
102 | 46 | 47 | 326 | 69 | ||||
Interest expense and/or commitment
fees |
1 | — (4) | 2 | 13 | — (4) | ||||
Registration fees
|
47 | 12 | 76 | 140 | 33 | ||||
Trustees’ fees and expenses
|
11 | — (4) | 18 | 146 | 2 | ||||
Miscellaneous
expenses |
30 | 2 | 35 | 203 | 11 | ||||
Total
expenses |
3,380 | 99 | 5,533 | 34,055 | 572 | ||||
Less net expenses reimbursed and/or waived by investment
adviser(5) |
(309) | (89) | — | — (4) | (122) | ||||
Less low balance account fees
|
— (4) | — | — | — | — | ||||
Plus net expenses
recaptured(5) |
— | — | 144 | — | — | ||||
Net
expenses |
3,071 | 10 | 5,677 | 34,055 | 450 | ||||
Net investment income
(loss) |
(2,946) | 3 | 697 | 12,876 | 91 | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments |
16 | 2 | 25,747 | 129,757 | 3,670 | ||||
Investment in
affiliates |
— | — | — | 25,187 | — | ||||
Foreign currency
transactions |
1 | (4) | 93 | (581) | (12) | ||||
Foreign capital gains
tax |
— | — | (656) | — | — | ||||
Futures |
4,420 | — | — | — | — | ||||
Net increase from payment by
affiliate |
— | — | — | 81 (6) | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments |
1 | (109) | 44,743 | 337,176 | 3,647 | ||||
Investment in
affiliates |
— | — | (21,949) | 116,414 | — | ||||
Foreign currency
transactions |
— | — (4) | (4) | 274 | — (4) | ||||
Foreign capital gains
tax |
— | — | (2,013) | — | — | ||||
Futures |
(2,092) | — | — | — | — | ||||
Net realized and unrealized gain (loss) on
investments |
2,346 | (111) | 45,961 | 608,308 | 7,305 |
FORT
Trend Fund(1) |
KAR Developing Markets Fund(2) | KAR
Emerging Markets Small-Cap Fund |
KAR
International Small-Mid Cap Fund |
KAR
International Small-Mid Cap Fund II | |||||
Net increase (decrease) in net assets resulting from
operations |
$ (600) | $(108) | $ 46,658 | $621,184 | $7,396 |
(1) | Consolidated Statement of Operations. |
(2) | Inception date June 22, 2021. |
(3) | See Note 4A in Notes to Financial Statements. |
(4) | Amount is less than $500. |
(5) | See Note 4D in Notes to Financial Statements. |
(6) | See Note 4G in the Notes to Financial Statements. |
Vontobel Emerging Markets Opportunities Fund | Vontobel Foreign Opportunities Fund | Vontobel
Global Opportunities Fund |
Vontobel
Greater European Opportunities Fund | ||||
Investment Income | |||||||
Dividends
|
$ 85,732 | $ 11,661 | $ 4,186 | $ 116 | |||
Securities lending, net of
fees |
57 | 12 | 6 | — (1) | |||
Foreign taxes withheld
|
(11,546) | (1,125) | (284) | (11) | |||
Total investment
income |
74,243 | 10,548 | 3,908 | 105 | |||
Expenses | |||||||
Investment advisory
fees |
59,257 | 9,468 | 3,590 | 70 | |||
Distribution and service fees, Class
A |
1,016 | 490 | 319 | 5 | |||
Distribution and service fees, Class
C |
947 | 242 | 234 | 5 | |||
Administration and accounting
fees |
6,184 | 1,120 | 429 | 16 | |||
Transfer agent fees and
expenses |
2,611 | 488 | 192 | 4 | |||
Sub-transfer agent fees and expenses, Class
A |
663 | 211 | 99 | 3 | |||
Sub-transfer agent fees and expenses, Class
C |
86 | 22 | 19 | — (1) | |||
Sub-transfer agent fees and expenses, Class
I |
5,327 | 698 | 159 | 6 | |||
Custodian fees
|
279 | 20 | 6 | 4 | |||
Printing fees and expenses
|
351 | 62 | 26 | 2 | |||
Professional fees
|
146 | 44 | 29 | 24 | |||
Interest expense and/or commitment
fees |
31 | 5 | 2 | — (1) | |||
Registration fees
|
147 | 75 | 74 | 32 | |||
Trustees’ fees and expenses
|
393 | 68 | 25 | — (1) | |||
Miscellaneous
expenses |
489 | 116 | 59 | 9 | |||
Total
expenses |
77,927 | 13,129 | 5,262 | 180 | |||
Less net expenses reimbursed and/or waived by investment
adviser(2) |
(343) | (434) | (250) | (75) | |||
Less low balance account fees
|
— (1) | (1) | (1) | — | |||
Net
expenses |
77,584 | 12,694 | 5,011 | 105 | |||
Net investment income
(loss) |
(3,341) | (2,146) | (1,103) | — | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments |
953,905 | 213,104 | 60,201 | 324 | |||
Foreign currency
transactions |
(5,547) | (413) | (94) | (1) | |||
Foreign capital gains
tax |
(7,101) | (1,425) | (394) | — | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments |
(324,584) | (20,785) | 9,300 | 1,170 | |||
Foreign currency
transactions |
(36) | (32) | (8) | (1) | |||
Foreign capital gains
tax |
(23,030) | (2,466) | (636) | — | |||
Net realized and unrealized gain (loss) on
investments |
593,607 | 187,983 | 68,369 | 1,492 | |||
Net increase (decrease) in net assets resulting from
operations |
$ 590,266 | $185,837 | $67,266 | $1,492 |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
Duff
& Phelps Global Infrastructure Fund |
Duff
& Phelps Global Real Estate Securities Fund | ||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ 849 | $ 1,327 | $ 4,658 | $ 3,813 | |||
Net realized gain (loss)
|
4,483 | 702 | 12,877 | (1,907) | |||
Net change in unrealized appreciation (depreciation)
|
5,783 | (13,005) | 66,949 | (33,434) | |||
Increase (decrease) in net assets resulting from
operations |
11,115 | (10,976) | 84,484 | (31,528) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(717) | (1,696) | — | (1,296) | |||
Class
C |
(133) | (554) | — | (598) | |||
Class
I |
(908) | (2,070) | (974) | (15,782) | |||
Class
R6 |
(255) | (498) | (407) | (223) | |||
Total dividends and distributions to
shareholders |
(2,013) | (4,818) | (1,381) | (17,899) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
(1,915) | (3,035) | 2,118 | 875 | |||
Class
C |
(5,287) | (3,660) | (2,430) | (1,490) | |||
Class
I |
3,057 | (8,104) | 117,646 | 3,586 | |||
Class
R6 |
543 | 434 | 18,626 | 54,268 | |||
Increase (decrease) in net assets from capital
transactions |
(3,602) | (14,365) | 135,960 | 57,239 | |||
Net increase (decrease) in net
assets |
5,500 | (30,159) | 219,063 | 7,812 | |||
Net Assets | |||||||
Beginning of
period |
81,945 | 112,104 | 248,439 | 240,627 | |||
End of
Period |
$ 87,445 | $ 81,945 | $ 467,502 | $ 248,439 |
Duff
& Phelps International Real Estate Securities Fund |
Duff
& Phelps Real Asset Fund | ||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ 583 | $ 659 | $ 66 | $ 1,140 | |||
Net realized gain (loss)
|
938 | (2,677) | 1,049 | 532 | |||
Net change in unrealized appreciation (depreciation)
|
3,481 | (4,127) | 3,861 | (5,449) | |||
Increase (decrease) in net assets resulting from
operations |
5,002 | (6,145) | 4,976 | (3,777) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
— | (194) | (84) | (481) | |||
Class
C |
— | (58) | — | (16) | |||
Class
I |
— | (4,068) | (81) | (823) | |||
Total dividends and distributions to
shareholders |
— | (4,320) | (165) | (1,320) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
1,489 | 71 | (2,018) | (2,123) | |||
Class
C |
(341) | (74) | (286) | (1,345) | |||
Class
I |
457 | (15,747) | (1,115) | (9,149) | |||
Increase (decrease) in net assets from capital
transactions |
1,605 | (15,750) | (3,419) | (12,617) | |||
Net increase (decrease) in net
assets |
6,607 | (26,215) | 1,392 | (17,714) | |||
Net Assets | |||||||
Beginning of
period |
27,899 | 54,114 | 21,327 | 39,041 | |||
End of
Period |
$ 34,506 | $ 27,899 | $ 22,719 | $ 21,327 |
Duff & Phelps Real Estate Securities Fund | FORT Trend Fund | ||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021(1) |
Year
Ended September 30, 2020(1) | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ 4,712 | $ 7,234 | $ (2,946) | $ (1,130) | |||
Net realized gain (loss)
|
23,945 | 25,755 | 4,437 | 23,870 | |||
Net change in unrealized appreciation (depreciation)
|
142,614 | (102,595) | (2,091) | (38,436) | |||
Increase (decrease) in net assets resulting from
operations |
171,271 | (69,606) | (600) | (15,696) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(7,694) | (29,177) | — | — | |||
Class
C |
(351) | (1,965) | — | — | |||
Class
I |
(12,799) | (63,465) | — | — | |||
Class
R6 |
(7,731) | (7,100) | — | — | |||
Total dividends and distributions to
shareholders |
(28,575) | (101,707) | — | — | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
(108,143) | 83,661 | 5,088 | (1,537) | |||
Class
C |
(2,944) | (1,501) | (44,433) | (58,300) | |||
Class
I |
(99,443) | 4,696 | (10,302) | (29,428) | |||
Class
R6 |
71,200 | 16,846 | (40) | 148 | |||
Increase (decrease) in net assets from capital
transactions |
(139,330) | 103,702 | (49,687) | (89,117) | |||
Net increase (decrease) in net
assets |
3,366 | (67,611) | (50,287) | (104,813) | |||
Net Assets | |||||||
Beginning of
period |
532,542 | 600,153 | 206,569 | 311,382 | |||
End of
Period |
$ 535,908 | $ 532,542 | $ 156,282 | $ 206,569 |
(1) | Consolidated Statement of Changes in Net Assets. |
KAR Developing Markets Fund | KAR
Emerging Markets Small-Cap Fund | ||||
From
Inception June 22, 2021 to September 30, 2021 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | |||
Increase (Decrease) in Net Assets Resulting from Operations | |||||
Net investment income (loss)
|
$ 3 | $ 697 | $ 70 | ||
Net realized gain (loss)
|
(2) | 25,184 | 4,258 | ||
Net change in unrealized appreciation (depreciation)
|
(109) | 20,777 | 35,362 | ||
Increase (decrease) in net assets resulting from
operations |
(108) | 46,658 | 39,690 | ||
Dividends and Distributions to Shareholders | |||||
Net Investment Income and Net Realized Gains: | |||||
Class
A |
— | (503) | (540) | ||
Class
C |
— | (10) | (12) | ||
Class
I |
— | (2,695) | (2,019) | ||
Class
R6 |
— | (2) | (2) | ||
Total dividends and distributions to
shareholders |
— | (3,210) | (2,573) | ||
Change in Net Assets from Capital Transactions (See Note 5): | |||||
Class
A |
100 | 9,717 | 6,476 | ||
Class
C |
100 | 1,089 | 287 | ||
Class
I |
100 | 144,668 | 64,066 | ||
Class
R6 |
2,700 | 1,057 | 3 | ||
Increase (decrease) in net assets from capital
transactions |
3,000 | 156,531 | 70,832 | ||
Net increase (decrease) in net
assets |
2,892 | 199,979 | 107,949 | ||
Net Assets | |||||
Beginning of
period |
— | 221,961 | 114,012 | ||
End of
Period |
$ 2,892 | $ 421,940 | $ 221,961 |
KAR International Small-Mid Cap Fund | KAR
International Small-Mid Cap Fund II | ||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
From
Inception date October 1, 2019 to September 30, 2020(1) | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ 12,876 | $ 5,775 | $ 91 | $ 19 | |||
Net realized gain (loss)
|
154,363 | 62,355 | 3,658 | 786 | |||
Net increase from payment by
affiliate(2) |
81 | — | — | — | |||
Net change in unrealized appreciation (depreciation)
|
453,864 | 132,967 | 3,647 | 4,224 | |||
Increase (decrease) in net assets resulting from
operations |
621,184 | 201,097 | 7,396 | 5,029 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(842) | (1,433) | (6) | — | |||
Class
C |
(123) | (432) | (6) | — | |||
Class
I |
(24,779) | (33,317) | (851) | — | |||
Class
R6 |
(2,466) | (943) | (127) | — | |||
Total dividends and distributions to
shareholders |
(28,210) | (36,125) | (990) | — | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
(422) | (4,023) | 392 | 136 | |||
Class
C |
(805) | (7,229) | 129 | 135 | |||
Class
I |
460,825 | 194,887 | 12,262 | 15,532 | |||
Class
R6 |
161,171 | 22,080 | 334 | 2,706 | |||
Increase (decrease) in net assets from capital
transactions |
620,769 | 205,715 | 13,117 | 18,509 | |||
Net increase (decrease) in net
assets |
1,213,743 | 370,687 | 19,523 | 23,538 | |||
Net Assets | |||||||
Beginning of
period |
1,892,273 | 1,521,586 | 23,538 | — | |||
End of
Period |
$ 3,106,016 | $ 1,892,273 | $ 43,061 | $ 23,538 |
(1) | Inception date October 1, 2019. |
(2) | See Note 4G in the Notes to Financial Statements. |
Vontobel Emerging Markets Opportunities Fund | Vontobel Foreign Opportunities Fund | ||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ (3,341) | $ 21,845 | $ (2,146) | $ (1,006) | |||
Net realized gain (loss)
|
941,257 | (151,418) | 211,266 | 70,926 | |||
Net change in unrealized appreciation (depreciation)
|
(347,650) | 342,789 | (23,283) | 46,475 | |||
Increase (decrease) in net assets resulting from
operations |
590,266 | 213,216 | 185,837 | 116,395 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(1,489) | (8,478) | (12,411) | (13,501) | |||
Class
C |
— | (1,441) | (2,092) | (2,849) | |||
Class
I |
(35,907) | (133,209) | (55,581) | (57,692) | |||
Class
R6 |
(1,604) | (2,708) | (5,866) | (5,387) | |||
Total dividends and distributions to
shareholders |
(39,000) | (145,836) | (75,950) | (79,429) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
(36,686) | (111,966) | 9,257 | (14,236) | |||
Class
C |
(37,190) | (37,528) | (14,341) | (11,527) | |||
Class
I |
(1,547,829) | (1,106,740) | (62,500) | (5,779) | |||
Class
R6 |
(12,971) | 73,144 | (25,630) | 11,640 | |||
Increase (decrease) in net assets from capital
transactions |
(1,634,676) | (1,183,090) | (93,214) | (19,902) | |||
Net increase (decrease) in net
assets |
(1,083,410) | (1,115,710) | 16,673 | 17,064 | |||
Net Assets | |||||||
Beginning of
period |
5,847,370 | 6,963,080 | 1,075,915 | 1,058,851 | |||
End of
Period |
$ 4,763,960 | $ 5,847,370 | $ 1,092,588 | $ 1,075,915 |
Vontobel Global Opportunities Fund | Vontobel
Greater European Opportunities Fund | ||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ (1,103) | $ (459) | $ — | $ (4) | |||
Net realized gain (loss)
|
59,713 | 9,094 | 323 | 331 | |||
Net change in unrealized appreciation (depreciation)
|
8,656 | 42,213 | 1,169 | (17) | |||
Increase (decrease) in net assets resulting from
operations |
67,266 | 50,848 | 1,492 | 310 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(2,494) | (2,055) | (67) | (172) | |||
Class
C |
(678) | (674) | (25) | (68) | |||
Class
I |
(3,522) | (3,014) | (229) | (268) | |||
Class
R6 |
(1,766) | (1,610) | — | — | |||
Total dividends and distributions to
shareholders |
(8,460) | (7,353) | (321) | (508) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
2,357 | (1,928) | 1,060 | 198 | |||
Class
C |
(9,061) | (5,447) | (109) | (126) | |||
Class
I |
(718) | 13,655 | 3,200 | 367 | |||
Class
R6 |
(14,285) | 12,855 | — | — | |||
Increase (decrease) in net assets from capital
transactions |
(21,707) | 19,135 | 4,151 | 439 | |||
Net increase (decrease) in net
assets |
37,099 | 62,630 | 5,322 | 241 | |||
Net Assets | |||||||
Beginning of
period |
380,772 | 318,142 | 4,478 | 4,237 | |||
End of
Period |
$ 417,871 | $ 380,772 | $ 9,800 | $ 4,478 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Capital
Gains Distributions Received from Underlying Funds(1) |
Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Duff & Phelps Global Infrastructure Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $14.54 | 0.14 | — | 1.84 | 1.98 | (0.17) | (0.18) | (0.35) | — | 1.63 | $16.17 | 13.75 % | $ 31,857 | 1.28 % | 1.28 % | 0.86 % | 28 % | |
10/1/19 to 9/30/20 | 16.26 | 0.20 | — | (1.17) | (0.97) | (0.23) | (0.52) | (0.75) | — | (1.72) | 14.54 | (6.11) | 30,172 | 1.27 | 1.27 | 1.35 | 31 | |
10/1/18 to 9/30/19 | 14.45 | 0.25 | — | 2.38 | 2.63 | (0.27) | (0.55) | (0.82) | — | 1.81 | 16.26 | 19.13 | 37,533 | 1.26 | 1.26 | 1.69 | 30 | |
10/1/17 to 9/30/18 | 15.00 | 0.28 | — | (0.39) | (0.11) | (0.29) | (0.15) | (0.44) | — | (0.55) | 14.45 | (0.75) | 32,466 | 1.25 | 1.25 | 1.91 | 36 | |
10/1/16 to 9/30/17 | 14.22 | 0.29 | — | 1.15 | 1.44 | (0.28) | (0.38) | (0.66) | — | 0.78 | 15.00 | 10.70 (6) | 37,401 | 1.29 (6) | 1.30 | 2.04 (6) | 56 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $14.50 | 0.02 | — | 1.84 | 1.86 | (0.04) | (0.18) | (0.22) | — | 1.64 | $16.14 | 12.92 % | $ 5,525 | 2.02 % | 2.02 % | 0.11 % | 28 % | |
10/1/19 to 9/30/20 | 16.20 | 0.09 | — | (1.16) | (1.07) | (0.11) | (0.52) | (0.63) | — | (1.70) | 14.50 | (6.83) | 9,833 | 2.03 | 2.03 | 0.59 | 31 | |
10/1/18 to 9/30/19 | 14.39 | 0.14 | — | 2.37 | 2.51 | (0.15) | (0.55) | (0.70) | — | 1.81 | 16.20 | 18.32 | 15,046 | 2.01 | 2.01 | 0.97 | 30 | |
10/1/17 to 9/30/18 | 14.94 | 0.17 | — | (0.39) | (0.22) | (0.18) | (0.15) | (0.33) | — | (0.55) | 14.39 | (1.54) | 17,972 | 2.00 | 2.00 | 1.16 | 36 | |
10/1/16 to 9/30/17 | 14.17 | 0.18 | — | 1.14 | 1.32 | (0.17) | (0.38) | (0.55) | — | 0.77 | 14.94 | 9.84 (6) | 25,144 | 2.04 (6) | 2.05 | 1.30 (6) | 56 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $14.54 | 0.18 | — | 1.85 | 2.03 | (0.22) | (0.18) | (0.40) | — | 1.63 | $16.17 | 14.07 % | $ 39,955 | 1.01 % | 1.01 % | 1.15 % | 28 % | |
10/1/19 to 9/30/20 | 16.27 | 0.24 | — | (1.19) | (0.95) | (0.26) | (0.52) | (0.78) | — | (1.73) | 14.54 | (5.94) | 33,326 | 1.04 | 1.04 | 1.61 | 31 | |
10/1/18 to 9/30/19 | 14.45 | 0.29 | — | 2.39 | 2.68 | (0.31) | (0.55) | (0.86) | — | 1.82 | 16.27 | 19.50 | 50,089 | 1.02 | 1.02 | 1.94 | 30 | |
10/1/17 to 9/30/18 | 15.00 | 0.31 | — | (0.38) | (0.07) | (0.33) | (0.15) | (0.48) | — | (0.55) | 14.45 | (0.52) | 30,488 | 1.01 | 1.01 | 2.12 | 36 | |
10/1/16 to 9/30/17 | 14.23 | 0.33 | — | 1.14 | 1.47 | (0.32) | (0.38) | (0.70) | — | 0.77 | 15.00 | 10.92 (6) | 56,361 | 1.04 (6) | 1.04 | 2.29 (6) | 56 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $14.55 | 0.21 | — | 1.85 | 2.06 | (0.23) | (0.18) | (0.41) | — | 1.65 | $16.20 | 14.30 % | $ 10,108 | 0.85 % | 0.92 % | 1.31 % | 28 % | |
10/1/19 to 9/30/20 | 16.27 | 0.26 | — | (1.18) | (0.92) | (0.28) | (0.52) | (0.80) | — | (1.72) | 14.55 | (5.75) | 8,614 | 0.85 | 0.94 | 1.74 | 31 | |
10/1/18 to 9/30/19 | 14.45 | 0.30 | — | 2.39 | 2.69 | (0.32) | (0.55) | (0.87) | — | 1.82 | 16.27 | 19.60 | 9,436 | 0.91 (7) | 0.93 | 2.02 | 30 | |
1/30/18 (8) to 9/30/18 | 15.06 | 0.23 | — | (0.60) | (0.37) | (0.24) | — | (0.24) | — | (0.61) | 14.45 | (2.44) | 11,561 | 0.93 | 0.93 | 2.41 | 36 (9) | |
Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $29.50 | 0.41 | — | 9.26 | 9.67 | — | — | — | — | 9.67 | $39.17 | 32.78 % | $ 27,127 | 1.40 % | 2.65 % | 1.14 % | 17 % | |
10/1/19 to 9/30/20 | 34.82 | 0.41 | — | (3.66) | (3.25) | (1.29) | (0.78) | (2.07) | — | (5.32) | 29.50 | (10.01) | 18,740 | 1.40 | 2.59 | 1.34 | 32 | |
10/1/18 to 9/30/19 | 30.30 | 0.51 | — | 4.46 | 4.97 | (0.44) | (0.01) | (0.45) | — | 4.52 | 34.82 | 16.72 | 21,612 | 1.40 | 2.61 | 1.63 | 31 | |
10/1/17 to 9/30/18 | 28.64 | 0.74 | — | 1.38 | 2.12 | (0.40) | (0.06) | (0.46) | — | 1.66 | 30.30 | 7.48 | 19,470 | 1.40 | 2.51 | 2.53 | 41 | |
10/1/16 to 9/30/17 | 28.97 | 0.39 | — | 0.07 | 0.46 | (0.72) | (0.07) | (0.79) | — | (0.33) | 28.64 | 1.82 | 23,626 | 1.40 | 1.68 | 1.41 | 36 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $27.93 | 0.23 | — | 8.65 | 8.88 | — | — | — | — | 8.88 | $36.81 | 31.79 % | $ 5,531 | 2.15 % | 2.16 % | 0.70 % | 17 % | |
10/1/19 to 9/30/20 | 33.42 | 0.16 | — | (3.47) | (3.31) | (1.40) | (0.78) | (2.18) | — | (5.49) | 27.93 | (10.67) | 6,297 | 2.15 | 2.19 | 0.53 | 32 | |
10/1/18 to 9/30/19 | 29.50 | 0.25 | — | 4.29 | 4.54 | (0.61) | (0.01) | (0.62) | — | 3.92 | 33.42 | 15.84 | 9,399 | 2.15 | 2.20 | 0.84 | 31 | |
10/1/17 to 9/30/18 | 28.12 | 0.50 | — | 1.36 | 1.86 | (0.42) | (0.06) | (0.48) | — | 1.38 | 29.50 | 6.68 | 9,580 | 2.15 | 2.21 | 1.73 | 41 | |
10/1/16 to 9/30/17 | 28.41 | 0.23 | — | 0.02 | 0.25 | (0.47) | (0.07) | (0.54) | — | (0.29) | 28.12 | 1.06 | 10,771 | 2.15 | 2.31 | 0.86 | 36 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Capital
Gains Distributions Received from Underlying Funds(1) |
Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Duff & Phelps Global Real Estate Securities Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $28.73 | 0.46 | — | 9.02 | 9.48 | (0.17) | — | (0.17) | — | 9.31 | $38.04 | 33.13 % | $ 344,063 | 1.15 % (10)(11) | 1.14 % | 1.29 % | 17 % | |
10/1/19 to 9/30/20 | 34.33 | 0.47 | — | (3.54) | (3.07) | (1.75) | (0.78) | (2.53) | — | (5.60) | 28.73 | (9.79) | 168,410 | 1.15 | 1.20 | 1.55 | 32 | |
10/1/18 to 9/30/19 | 30.33 | 0.59 | — | 4.35 | 4.94 | (0.93) | (0.01) | (0.94) | — | 4.00 | 34.33 | 17.01 | 206,723 | 1.15 | 1.19 | 1.90 | 31 | |
10/1/17 to 9/30/18 | 28.77 | 0.80 | — | 1.39 | 2.19 | (0.57) | (0.06) | (0.63) | — | 1.56 | 30.33 | 7.70 | 145,648 | 1.15 | 1.19 | 2.72 | 41 | |
10/1/16 to 9/30/17 | 29.19 | 0.54 | — | (0.02) | 0.52 | (0.87) | (0.07) | (0.94) | — | (0.42) | 28.77 | 2.02 | 154,704 | 1.15 | 1.31 | 1.93 | 36 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $28.86 | 0.61 | — | 9.00 | 9.61 | (0.21) | — | (0.21) | — | 9.40 | $38.26 | 33.46 % | $ 90,781 | 0.89 % | 1.04 % | 1.73 % | 17 % | |
10/1/19 to 9/30/20 | 34.41 | 0.65 | — | (3.64) | (2.99) | (1.78) | (0.78) | (2.56) | — | (5.55) | 28.86 | (9.52) | 54,992 | 0.89 | 1.09 | 2.29 | 32 | |
10/1/18 to 9/30/19 | 30.37 | 0.54 | — | 4.47 | 5.01 | (0.96) | (0.01) | (0.97) | — | 4.04 | 34.41 | 17.23 | 2,893 | 0.94 (7) | 1.08 | 1.75 | 31 | |
10/1/17 to 9/30/18 | 28.79 | 0.86 | — | 1.38 | 2.24 | (0.60) | (0.06) | (0.66) | — | 1.58 | 30.37 | 7.90 | 6,611 | 1.00 (7) | 1.09 | 2.92 | 41 | |
11/3/16 (8) to 9/30/17 | 26.78 | 0.50 | — | 2.47 | 2.97 | (0.89) | (0.07) | (0.96) | — | 2.01 | 28.79 | 11.39 | 7,791 | 1.04 | 1.12 | 1.92 | 36 (9) | |
Duff & Phelps International Real Estate Securities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 6.79 | 0.14 | — | 1.18 | 1.32 | — | — | — | — | 1.32 | $ 8.11 | 19.44 % | $ 3,612 | 1.50 % | 1.75 % | 1.69 % | 71 % | |
10/1/19 to 9/30/20 | 7.96 | 0.09 | — | (0.63) | (0.54) | (0.63) | — | (0.63) | — | (1.17) | 6.79 | (7.72) | 1,843 | 1.50 | 1.75 | 1.32 | 34 | |
10/1/18 to 9/30/19 | 7.41 | 0.14 | — | 0.68 | 0.82 | (0.27) | — | (0.27) | — | 0.55 | 7.96 | 11.65 | 2,318 | 1.50 | 1.71 | 1.87 | 34 | |
10/1/17 to 9/30/18 | 6.93 | 0.30 | — | 0.30 | 0.60 | (0.12) | — | (0.12) | — | 0.48 | 7.41 | 8.72 | 2,145 | 1.50 | 1.85 | 4.07 | 38 | |
10/1/16 to 9/30/17 | 7.25 | 0.13 | — | (0.01) | 0.12 | (0.44) | — | (0.44) | — | (0.32) | 6.93 | 2.53 | 2,506 | 1.50 | 1.99 | 1.94 | 24 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 6.73 | 0.06 | — | 1.19 | 1.25 | — | — | — | — | 1.25 | $ 7.98 | 18.57 % | $ 273 | 2.25 % | 2.57 % | 0.74 % | 71 % | |
10/1/19 to 9/30/20 | 7.92 | 0.04 | — | (0.63) | (0.59) | (0.60) | — | (0.60) | — | (1.19) | 6.73 | (8.37) | 526 | 2.25 | 2.50 | 0.61 | 34 | |
10/1/18 to 9/30/19 | 7.38 | 0.08 | — | 0.68 | 0.76 | (0.22) | — | (0.22) | — | 0.54 | 7.92 | 10.84 | 736 | 2.25 | 2.44 | 1.06 | 34 | |
10/1/17 to 9/30/18 | 6.89 | 0.25 | — | 0.30 | 0.55 | (0.06) | — | (0.06) | — | 0.49 | 7.38 | 7.97 | 945 | 2.25 | 2.59 | 3.35 | 38 | |
10/1/16 to 9/30/17 | 7.21 | 0.09 | — | (0.02) | 0.07 | (0.39) | — | (0.39) | — | (0.32) | 6.89 | 1.72 | 957 | 2.25 | 2.73 | 1.32 | 24 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $ 6.78 | 0.15 | — | 1.18 | 1.33 | — | — | — | — | 1.33 | $ 8.11 | 19.62 % | $ 30,621 | 1.25 % | 1.51 % | 1.89 % | 71 % | |
10/1/19 to 9/30/20 | 7.93 | 0.11 | — | (0.62) | (0.51) | (0.64) | — | (0.64) | — | (1.15) | 6.78 | (7.37) | 25,530 | 1.25 | 1.49 | 1.50 | 34 | |
10/1/18 to 9/30/19 | 7.40 | 0.16 | — | 0.67 | 0.83 | (0.30) | — | (0.30) | — | 0.53 | 7.93 | 11.84 | 51,060 | 1.25 | 1.44 | 2.10 | 34 | |
10/1/17 to 9/30/18 | 6.94 | 0.28 | — | 0.34 | 0.62 | (0.16) | — | (0.16) | — | 0.46 | 7.40 | 9.03 | 39,992 | 1.25 | 1.53 | 3.74 | 38 | |
10/1/16 to 9/30/17 | 7.26 | 0.16 | — | (0.03) | 0.13 | (0.45) | — | (0.45) | — | (0.32) | 6.94 | 2.79 | 21,573 | 1.25 | 1.72 | 2.45 | 24 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Capital
Gains Distributions Received from Underlying Funds(1) |
Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Duff & Phelps Real Asset Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $10.10 | 0.02 | 0.03 | 2.47 | 2.52 | (0.07) | — | (0.07) | — | 2.45 | $12.55 | 25.10 % | $ 12,674 | 0.85 % (12) | 0.85 % | 0.19 % | 14 % | |
10/1/19 to 9/30/20 | 11.38 | 0.27 | 0.26 | (1.46) | (0.93) | (0.35) | — | (0.35) | — | (1.28) | 10.10 | (8.50) | 11,964 | 1.05 (12) | 1.05 | 2.57 | 75 | |
10/1/18 to 9/30/19 | 11.63 | 0.14 | 0.16 | (0.31) | (0.01) | (0.24) | — | (0.24) | — | (0.25) | 11.38 | 0.18 | 15,897 | 0.76 | 0.76 | 1.25 | 13 | |
10/1/17 to 9/30/18 | 11.05 | 0.12 | 0.13 | 0.44 | 0.69 | (0.11) | — | (0.11) | — | 0.58 | 11.63 | 6.25 | 10,348 | 0.71 | 0.71 | 1.06 | 17 | |
10/1/16 to 9/30/17 | 10.89 | 0.18 | 0.22 | (0.04) | 0.36 | (0.20) | — | (0.20) | — | 0.16 | 11.05 | 3.34 | 11,118 | 0.74 | 0.74 | 1.65 | 4 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $10.19 | (0.04) | 0.03 | 2.46 | 2.45 | — | — | — | — | 2.45 | $12.64 | 24.04 % | $ 435 | 1.68 % (12) | 1.68 % | (0.33) % | 14 % | |
10/1/19 to 9/30/20 | 11.32 | 0.31 | 0.26 | (1.60) | (1.03) | (0.10) | — | (0.10) | — | (1.13) | 10.19 | (9.17) | 604 | 1.74 (12) | 1.74 | 2.85 | 75 | |
10/1/18 to 9/30/19 | 11.50 | 0.27 | 0.16 | (0.52) | (0.09) | (0.09) | — | (0.09) | — | (0.18) | 11.32 | (0.65) | 2,126 | 1.50 | 1.50 | 2.44 | 13 | |
10/1/17 to 9/30/18 | 10.97 | 0.04 | 0.14 | 0.41 | 0.59 | (0.06) | — | (0.06) | — | 0.53 | 11.50 | 5.40 | 9,948 | 1.46 | 1.46 | 0.39 | 17 | |
10/1/16 to 9/30/17 | 10.73 | 0.09 | 0.19 | — | 0.28 | (0.04) | — | (0.04) | — | 0.24 | 10.97 | 2.65 | 13,354 | 1.50 | 1.50 | 0.80 | 4 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $10.07 | 0.05 | 0.03 | 2.47 | 2.55 | (0.10) | — | (0.10) | — | 2.45 | $12.52 | 25.47 % | $ 9,610 | 0.60 % (12) | 0.60 % | 0.46 % | 14 % | |
10/1/19 to 9/30/20 | 11.35 | 0.48 | 0.26 | (1.64) | (0.90) | (0.38) | — | (0.38) | — | (1.28) | 10.07 | (8.32) | 8,759 | 0.72 (12) | 0.72 | 4.52 | 75 | |
10/1/18 to 9/30/19 | 11.62 | 0.25 | 0.16 | (0.39) | 0.02 | (0.29) | — | (0.29) | — | (0.27) | 11.35 | 0.44 | 21,018 | 0.51 | 0.51 | 2.26 | 13 | |
10/1/17 to 9/30/18 | 11.03 | 0.16 | 0.13 | 0.42 | 0.71 | (0.12) | — | (0.12) | — | 0.59 | 11.62 | 6.49 | 20,225 | 0.45 | 0.45 | 1.43 | 17 | |
10/1/16 to 9/30/17 | 10.89 | 0.19 | 0.16 | 0.04 | 0.39 | (0.25) | — | (0.25) | — | 0.14 | 11.03 | 3.69 | 19,910 | 0.49 | 0.49 | 1.73 | 4 | |
Duff & Phelps Real Estate Securities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $18.82 | 0.22 | — | 7.10 | 7.32 | (0.46) | (0.74) | (1.20) | — | 6.12 | $24.94 | 40.33 % | $ 143,841 | 1.36 % | 1.36 % | 0.98 % | 14 % | |
10/1/19 to 9/30/20 | 26.33 | 0.26 | — | (3.23) | (2.97) | (0.33) | (4.21) | (4.54) | — | (7.51) | 18.82 | (12.99) | 209,309 | 1.35 | 1.35 | 1.25 | 40 | |
10/1/18 to 9/30/19 | 26.76 | 0.37 | — | 3.34 | 3.71 | (0.42) | (3.72) | (4.14) | — | (0.43) | 26.33 | 17.33 | 175,112 | 1.38 | 1.38 | 1.50 | 30 | |
10/1/17 to 9/30/18 | 30.43 | 0.31 | — | 0.75 | 1.06 | (0.30) | (4.43) | (4.73) | — | (3.67) | 26.76 | 4.03 | 216,062 | 1.38 | 1.38 | 1.16 | 12 | |
10/1/16 to 9/30/17 | 36.87 | 0.38 | — | (0.48) | (0.10) | (0.40) | (5.94) | (6.34) | — | (6.44) | 30.43 | 0.63 (6) | 331,957 | 1.39 (6) | 1.39 | 1.21 (6) | 20 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $18.79 | 0.10 | — | 7.04 | 7.14 | (0.29) | (0.74) | (1.03) | — | 6.11 | $24.90 | 39.32 % | $ 6,244 | 2.08 % | 2.08 % | 0.43 % | 14 % | |
10/1/19 to 9/30/20 | 26.26 | 0.08 | — | (3.18) | (3.10) | (0.16) | (4.21) | (4.37) | — | (7.47) | 18.79 | (13.65) | 7,280 | 2.11 | 2.11 | 0.38 | 40 | |
10/1/18 to 9/30/19 | 26.69 | 0.19 | — | 3.32 | 3.51 | (0.22) | (3.72) | (3.94) | — | (0.43) | 26.26 | 16.49 | 12,325 | 2.09 | 2.09 | 0.78 | 30 | |
10/1/17 to 9/30/18 | 30.35 | 0.12 | — | 0.76 | 0.88 | (0.11) | (4.43) | (4.54) | — | (3.66) | 26.69 | 3.28 | 26,643 | 2.07 | 2.07 | 0.45 | 12 | |
10/1/16 to 9/30/17 | 36.77 | 0.15 | — | (0.47) | (0.32) | (0.16) | (5.94) | (6.10) | — | (6.42) | 30.35 | (0.09) (6) | 43,219 | 2.13 (6) | 2.13 | 0.48 (6) | 20 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $18.76 | 0.20 | — | 7.16 | 7.36 | (0.53) | (0.74) | (1.27) | — | 6.09 | $24.85 | 40.73 % | $ 234,084 | 1.09 % | 1.09 % | 0.92 % | 14 % | |
10/1/19 to 9/30/20 | 26.28 | 0.30 | — | (3.23) | (2.93) | (0.38) | (4.21) | (4.59) | — | (7.52) | 18.76 | (12.80) | 272,248 | 1.10 | 1.10 | 1.43 | 40 | |
10/1/18 to 9/30/19 | 26.71 | 0.44 | — | 3.34 | 3.78 | (0.49) | (3.72) | (4.21) | — | (0.43) | 26.28 | 17.73 | 373,801 | 1.09 | 1.09 | 1.81 | 30 | |
10/1/17 to 9/30/18 | 30.39 | 0.40 | — | 0.73 | 1.13 | (0.38) | (4.43) | (4.81) | — | (3.68) | 26.71 | 4.31 | 437,179 | 1.08 | 1.08 | 1.49 | 12 | |
10/1/16 to 9/30/17 | 36.83 | 0.46 | — | (0.48) | (0.02) | (0.48) | (5.94) | (6.42) | — | (6.44) | 30.39 | 0.90 (6) | 539,098 | 1.13 (6) | 1.13 | 1.49 (6) | 20 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Capital
Gains Distributions Received from Underlying Funds(1) |
Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Duff & Phelps Real Estate Securities Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $18.81 | 0.20 | — | 7.26 | 7.46 | (0.57) | (0.74) | (1.31) | — | 6.15 | $24.96 | 41.15 % | $ 151,739 | 0.79 % | 0.94 % | 0.89 % | 14 % | |
10/1/19 to 9/30/20 | 26.30 | 0.37 | — | (3.24) | (2.87) | (0.41) | (4.21) | (4.62) | — | (7.49) | 18.81 | (12.52) | 43,705 | 0.79 | 0.96 | 1.80 | 40 | |
10/1/18 to 9/30/19 | 26.72 | 0.51 | — | 3.32 | 3.83 | (0.53) | (3.72) | (4.25) | — | (0.42) | 26.30 | 17.94 | 38,915 | 0.87 (7) | 0.95 | 2.11 | 30 | |
10/1/17 to 9/30/18 | 30.39 | 0.47 | — | 0.71 | 1.18 | (0.42) | (4.43) | (4.85) | — | (3.67) | 26.72 | 4.50 | 26,210 | 0.93 (7) | 0.95 | 1.75 | 12 | |
10/1/16 to 9/30/17 | 36.84 | 0.50 | — | (0.48) | 0.02 | (0.53) | (5.94) | (6.47) | — | (6.45) | 30.39 | 1.06 (6) | 19,880 | 0.98 (6) | 0.98 | 1.62 (6) | 20 | |
FORT Trend Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21(13) | $14.55 | (0.22) | — | 0.17 | (0.05) | — | — | — | — | (0.05) | $14.50 | (0.34) % | $ 108,701 | 1.60 % | 1.77 % | (1.53) % | 0 % | |
10/1/19 to 9/30/20(13) | 15.16 | (0.04) | — | (0.57) | (0.61) | — | — | — | — | (0.61) | 14.55 | (4.02) | 104,017 | 1.59 (10) | 1.59 | (0.25) | 198 | |
10/1/18 to 9/30/19 | 15.79 | 0.03 | — | (0.66) | (0.63) | — | — | — | — | (0.63) | 15.16 | (3.99) | 108,998 | 1.56 (10) | 1.56 | 0.19 | 228 | |
10/1/17 to 9/30/18 | 13.60 | 0.01 | — | 2.18 | 2.19 | — | — | — | — | 2.19 | 15.79 | 16.10 | 109,943 | 1.56 (10) | 1.56 | 0.08 | 57 | |
10/1/16 to 9/30/17 | 12.23 | 0.03 | — | 1.34 | 1.37 | — | — | — | — | 1.37 | 13.60 | 11.20 | 134,267 | 1.51 (7) | 1.60 | 0.23 | 92 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21(13) | $13.73 | (0.31) | — | 0.15 | (0.16) | — | — | — | — | (0.16) | $13.57 | (1.17) % | $ 17,109 | 2.35 % | 2.53 % | (2.27) % | 0 % | |
10/1/19 to 9/30/20(13) | 14.41 | (0.13) | — | (0.55) | (0.68) | — | — | — | — | (0.68) | 13.73 | (4.72) | 61,735 | 2.34 (10) | 2.34 | (0.96) | 198 | |
10/1/18 to 9/30/19 | 15.12 | (0.08) | — | (0.63) | (0.71) | — | — | — | — | (0.71) | 14.41 | (4.70) | 128,143 | 2.30 (10) | 2.30 | (0.57) | 228 | |
10/1/17 to 9/30/18 | 13.11 | (0.09) | — | 2.10 | 2.01 | — | — | — | — | 2.01 | 15.12 | 15.33 | 218,543 | 2.29 (10) | 2.29 | (0.65) | 57 | |
10/1/16 to 9/30/17 | 11.88 | (0.06) | — | 1.29 | 1.23 | — | — | — | — | 1.23 | 13.11 | 10.35 | 257,078 | 2.21 (7) | 2.35 | (0.47) | 92 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21(13) | $14.79 | (0.19) | — | 0.17 | (0.02) | — | — | — | — | (0.02) | $14.77 | (0.14) % | $ 29,793 | 1.35 % | 1.52 % | (1.28) % | 0 % | |
10/1/19 to 9/30/20(13) | 15.37 | 0.01 | — | (0.59) | (0.58) | — | — | — | — | (0.58) | 14.79 | (3.77) | 40,098 | 1.33 (10) | 1.33 | 0.05 | 198 | |
10/1/18 to 9/30/19 | 15.97 | 0.06 | — | (0.66) | (0.60) | — | — | — | — | (0.60) | 15.37 | (3.76) | 73,639 | 1.31 (10) | 1.31 | 0.42 | 228 | |
10/1/17 to 9/30/18 | 13.71 | 0.05 | — | 2.21 | 2.26 | — | — | — | — | 2.26 | 15.97 | 16.48 | 110,950 | 1.30 (10) | 1.30 | 0.34 | 57 | |
10/1/16 to 9/30/17 | 12.31 | 0.06 | — | 1.34 | 1.40 | — | — | — | — | 1.40 | 13.71 | 11.37 | 148,047 | 1.29 (7) | 1.35 | 0.45 | 92 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21(13) | $14.90 | (0.18) | — | 0.17 | (0.01) | — | — | — | — | (0.01) | $14.89 | (0.07) % | $ 679 | 1.26 % | 1.43 % | (1.19) % | 0 % | |
10/1/19 to 9/30/20(13) | 15.47 | 0.01 | — | (0.58) | (0.57) | — | — | — | — | (0.57) | 14.90 | (3.68) | 719 | 1.24 (10) | 1.24 | 0.09 | 198 | |
10/1/18 to 9/30/19 | 16.05 | 0.08 | — | (0.66) | (0.58) | — | — | — | — | (0.58) | 15.47 | (3.61) | 602 | 1.21 (10) | 1.21 | 0.53 | 228 | |
10/1/17 to 9/30/18 | 13.77 | 0.08 | — | 2.20 | 2.28 | — | — | — | — | 2.28 | 16.05 | 16.56 | 625 | 1.20 (10) | 1.20 | 0.50 | 57 | |
10/1/16 to 9/30/17 | 12.34 | 0.08 | — | 1.35 | 1.43 | — | — | — | — | 1.43 | 13.77 | 11.59 | 203 | 1.16 (7) | 1.23 | 0.58 | 92 | |
KAR Developing Markets Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
6/22/21 (8) to 9/30/21 | $10.00 | — (14) | — | (0.37) | (0.37) | — | — | — | — | (0.37) | $ 9.63 | (3.70) % | $ 96 | 1.55 % | 12.33 % | 0.01 % | 5 % (9) | |
Class C | ||||||||||||||||||
6/22/21 (8) to 9/30/21 | $10.00 | (0.02) | — | (0.37) | (0.39) | — | — | — | — | (0.39) | $ 9.61 | (3.90) % | $ 96 | 2.30 % | 13.08 % | (0.74) % | 5 % (9) | |
Class I | ||||||||||||||||||
6/22/21 (8) to 9/30/21 | $10.00 | 0.01 | — | (0.37) | (0.36) | — | — | — | — | (0.36) | $ 9.64 | (3.60) % | $ 97 | 1.30 % | 12.08 % | 0.26 % | 5 % (9) |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Capital
Gains Distributions Received from Underlying Funds(1) |
Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
KAR Developing Markets Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
6/22/21 (8) to 9/30/21 | $10.00 | 0.01 | — | (0.37) | (0.36) | — | — | — | — | (0.36) | $ 9.64 | (3.60) % | $ 2,603 | 1.22 % | 12.06 % | 0.34 % | 5 % (9) | |
KAR Emerging Markets Small-Cap Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $14.93 | (0.02) | — | 2.87 | 2.85 | (0.17) | — | (0.17) | — | 2.68 | $17.61 | 19.15 % | $ 57,403 | 1.85 % (10)(11) | 1.81 % | (0.11) % | 19 % | |
10/1/19 to 9/30/20 | 12.10 | (0.02) | — | 3.08 | 3.06 | (0.23) | — | (0.23) | — | 2.83 | 14.93 | 25.70 | 39,799 | 1.85 | 1.90 | (0.17) | 47 | |
10/1/18 to 9/30/19 | 11.66 | 0.32 | — | 0.15 | 0.47 | (0.03) | — | (0.03) | — | 0.44 | 12.10 | 4.10 | 27,479 | 1.86 | 1.90 | 2.70 | 44 | |
10/1/17 to 9/30/18 | 10.95 | 0.10 | — | 0.68 | 0.78 | (0.07) | — | (0.07) | — | 0.71 | 11.66 | 7.10 | 4,658 | 1.85 | 2.23 | 0.83 | 24 | |
10/1/16 to 9/30/17 | 9.29 | 0.15 | — | 1.68 | 1.83 | (0.17) | — | (0.17) | — | 1.66 | 10.95 | 20.12 | 1,647 | 1.84 | 2.97 | 1.47 | 28 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $14.80 | (0.14) | — | 2.85 | 2.71 | (0.10) | — | (0.10) | — | 2.61 | $17.41 | 18.33 % | $ 2,540 | 2.60 % (10)(11) | 2.54 % | (0.79) % | 19 % | |
10/1/19 to 9/30/20 | 12.03 | (0.11) | — | 3.05 | 2.94 | (0.17) | — | (0.17) | — | 2.77 | 14.80 | 24.75 | 1,208 | 2.60 | 2.61 | (0.87) | 47 | |
10/1/18 to 9/30/19 | 11.65 | 0.17 | — | 0.21 | 0.38 | — | — | — | — | 0.38 | 12.03 | 3.26 | 736 | 2.61 | 2.62 | 1.47 | 44 | |
10/1/17 to 9/30/18 | 10.96 | 0.01 | — | 0.68 | 0.69 | — | — | — | — | 0.69 | 11.65 | 6.30 | 358 | 2.60 | 2.90 | 0.08 | 24 | |
10/1/16 to 9/30/17 | 9.31 | 0.08 | — | 1.69 | 1.77 | (0.12) | — | (0.12) | — | 1.65 | 10.96 | 19.31 | 317 | 2.59 | 3.73 | 0.78 | 28 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $15.01 | 0.05 | — | 2.86 | 2.91 | (0.20) | — | (0.20) | — | 2.71 | $17.72 | 19.49 % | $ 360,774 | 1.55 % (10)(11) | 1.51 % | 0.26 % | 19 % | |
10/1/19 to 9/30/20 | 12.16 | 0.01 | — | 3.10 | 3.11 | (0.26) | — | (0.26) | — | 2.85 | 15.01 | 26.01 | 180,829 | 1.60 | 1.62 | 0.11 | 47 | |
10/1/18 to 9/30/19 | 11.70 | 0.34 | — | 0.16 | 0.50 | (0.04) | — | (0.04) | — | 0.46 | 12.16 | 4.33 | 85,699 | 1.61 | 1.67 | 2.85 | 44 | |
10/1/17 to 9/30/18 | 10.99 | 0.14 | — | 0.67 | 0.81 | (0.10) | — | (0.10) | — | 0.71 | 11.70 | 7.36 | 28,630 | 1.60 | 1.93 | 1.16 | 24 | |
10/1/16 to 9/30/17 | 9.31 | 0.16 | — | 1.70 | 1.86 | (0.18) | — | (0.18) | — | 1.68 | 10.99 | 20.42 | 8,673 | 1.59 | 2.75 | 1.60 | 28 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $15.01 | 0.13 | — | 2.82 | 2.95 | (0.22) | — | (0.22) | — | 2.73 | $17.74 | 19.71 % | $ 1,223 | 1.41 % (10)(11) | 1.41 % | 0.72 % | 19 % | |
10/1/19 to 9/30/20 | 12.16 | 0.02 | — | 3.10 | 3.12 | (0.27) | — | (0.27) | — | 2.85 | 15.01 | 26.13 | 125 | 1.50 | 1.51 | 0.17 | 47 | |
8/1/19 (8) to 9/30/19 | 12.36 | 0.03 | — | (0.23) | (0.20) | — | — | — | — | (0.20) | 12.16 | (1.62) | 98 | 1.51 (12) | 1.62 | 1.44 | 44 (9) | |
KAR International Small-Mid Cap Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $19.15 | 0.04 | — | 5.74 | 5.78 | (0.16) | (0.05) | (0.21) | — (14) | 5.57 | $24.72 | 30.29 % (15) | $ 100,353 | 1.53 % (7)(10) | 1.53 % | 0.18 % | 23 % | |
10/1/19 to 9/30/20 | 16.95 | 0.02 | — | 2.51 | 2.53 | (0.33) | — | (0.33) | — | 2.20 | 19.15 | 14.98 | 78,101 | 1.56 (10) | 1.56 | 0.13 | 48 | |
10/1/18 to 9/30/19 | 17.15 | 0.44 | — | (0.47) | (0.03) | (0.06) | (0.11) | (0.17) | — (14) | (0.20) | 16.95 | (0.05) (15) | 70,958 | 1.55 (10) | 1.55 | 2.66 | 30 | |
10/1/17 to 9/30/18 | 16.22 | 0.16 | — | 1.01 | 1.17 | (0.08) | (0.16) | (0.24) | — | 0.93 | 17.15 | 7.31 | 47,909 | 1.60 | 1.56 | 0.92 | 21 | |
10/1/16 to 9/30/17 | 13.01 | 0.16 | — | 3.34 | 3.50 | (0.29) | — | (0.29) | — | 3.21 | 16.22 | 27.42 | 18,479 | 1.60 | 1.66 | 1.07 | 27 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Capital
Gains Distributions Received from Underlying Funds(1) |
Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
KAR International Small-Mid Cap Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $18.78 | (0.13) | — | 5.65 | 5.52 | (0.02) | (0.05) | (0.07) | — (14) | 5.45 | $24.23 | 29.43 % (15) | $ 42,388 | 2.25 % (7) | 2.25 % | (0.55) % | 23 % | |
10/1/19 to 9/30/20 | 16.64 | (0.11) | — | 2.45 | 2.34 | (0.20) | — | (0.20) | — | 2.14 | 18.78 | 14.07 | 33,524 | 2.27 (10) | 2.27 | (0.65) | 48 | |
10/1/18 to 9/30/19 | 16.89 | 0.32 | — | (0.46) | (0.14) | — | (0.11) | (0.11) | — (14) | (0.25) | 16.64 | (0.78) (15) | 37,210 | 2.29 (10) | 2.29 | 1.93 | 30 | |
10/1/17 to 9/30/18 | 16.04 | 0.03 | — | 1.02 | 1.05 | (0.04) | (0.16) | (0.20) | — | 0.85 | 16.89 | 6.60 | 35,966 | 2.31 (10) | 2.27 | 0.18 | 21 | |
10/1/16 to 9/30/17 | 12.92 | 0.06 | — | 3.29 | 3.35 | (0.23) | — | (0.23) | — | 3.12 | 16.04 | 26.41 | 13,442 | 2.35 | 2.41 | 0.38 | 27 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $19.25 | 0.12 | — | 5.76 | 5.88 | (0.22) | (0.05) | (0.27) | — (14) | 5.61 | $24.86 | 30.69 % (15) | $2,685,996 | 1.24 % (7)(10) | 1.24 % | 0.49 % | 23 % | |
10/1/19 to 9/30/20 | 17.03 | 0.06 | — | 2.53 | 2.59 | (0.37) | — | (0.37) | — | 2.22 | 19.25 | 15.28 | 1,705,562 | 1.28 (10) | 1.28 | 0.35 | 48 | |
10/1/18 to 9/30/19 | 17.24 | 0.50 | — | (0.49) | 0.01 | (0.11) | (0.11) | (0.22) | — (14) | (0.21) | 17.03 | 0.18 (15) | 1,372,552 | 1.30 (10) | 1.30 | 2.96 | 30 | |
10/1/17 to 9/30/18 | 16.28 | 0.21 | — | 1.01 | 1.22 | (0.10) | (0.16) | (0.26) | — | 0.96 | 17.24 | 7.58 | 773,571 | 1.35 | 1.29 | 1.20 | 21 | |
10/1/16 to 9/30/17 | 13.04 | 0.20 | — | 3.35 | 3.55 | (0.31) | — | (0.31) | — | 3.24 | 16.28 | 27.73 | 176,216 | 1.35 | 1.42 | 1.33 | 27 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $19.27 | 0.16 | — | 5.75 | 5.91 | (0.24) | (0.05) | (0.29) | — (14) | 5.62 | $24.89 | 30.82 % (15) | $ 277,279 | 1.15 % (7)(10) | 1.15 % | 0.65 % | 23 % | |
10/1/19 to 9/30/20 | 17.05 | 0.11 | — | 2.50 | 2.61 | (0.39) | — | (0.39) | — | 2.22 | 19.27 | 15.35 | 75,086 | 1.18 (10) | 1.18 | 0.65 | 48 | |
10/1/18 to 9/30/19 | 17.26 | 0.43 | — | (0.41) | 0.02 | (0.12) | (0.11) | (0.23) | — (14) | (0.21) | 17.05 | 0.24 (15) | 40,866 | 1.19 (10) | 1.19 | 2.60 | 30 | |
10/1/17 to 9/30/18 | 16.28 | 0.18 | — | 1.07 | 1.25 | (0.11) | (0.16) | (0.27) | — | 0.98 | 17.26 | 7.74 | 72,151 | 1.21 (10) | 1.20 | 1.06 | 21 | |
10/1/16 to 9/30/17 | 13.03 | 0.26 | — | 3.30 | 3.56 | (0.31) | — | (0.31) | — | 3.25 | 16.28 | 27.82 | 36,941 | 1.24 | 1.28 | 1.66 | 27 | |
KAR International Small-Mid Cap Fund II | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $12.93 | (0.01) | — | 3.44 | 3.43 | (0.09) | (0.35) | (0.44) | — | 2.99 | $15.92 | 26.76 % | $ 591 | 1.45 % | 1.69 % | (0.03) % | 44 % | |
10/1/19 (8) to 9/30/20 | 10.00 | (0.02) | — | 2.95 | 2.93 | — | — | — | — | 2.93 | 12.93 | 29.30 | 161 | 1.45 | 2.40 | (0.22) | 58 (9) | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $12.83 | (0.11) | — | 3.40 | 3.29 | (0.01) | (0.35) | (0.36) | — | 2.93 | $15.76 | 25.81 % | $ 341 | 2.20 % | 2.43 % | (0.73) % | 44 % | |
10/1/19 (8) to 9/30/20 | 10.00 | (0.11) | — | 2.94 | 2.83 | — | — | — | — | 2.83 | 12.83 | 28.30 | 168 | 2.20 | 3.15 | (0.96) | 58 (9) | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $12.96 | 0.04 | — | 3.43 | 3.47 | (0.11) | (0.35) | (0.46) | — | 3.01 | $15.97 | 27.07 % | $ 37,452 | 1.20 % | 1.53 % | 0.24 % | 44 % | |
10/1/19 (8) to 9/30/20 | 10.00 | 0.02 | — | 2.94 | 2.96 | — | — | — | — | 2.96 | 12.96 | 29.60 | 19,699 | 1.20 | 2.24 | 0.22 | 58 (9) | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $12.97 | 0.05 | — | 3.45 | 3.50 | (0.12) | (0.35) | (0.47) | — | 3.03 | $16.00 | 27.28 % | $ 4,677 | 1.10 % | 1.39 % | 0.32 % | 44 % | |
10/1/19 (8) to 9/30/20 | 10.00 | 0.02 | — | 2.95 | 2.97 | — | — | — | — | 2.97 | 12.97 | 29.70 | 3,510 | 1.10 | 2.11 | 0.14 | 58 (9) |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Capital
Gains Distributions Received from Underlying Funds(1) |
Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Vontobel Emerging Markets Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $11.01 | (0.04) | — | 0.99 | 0.95 | (0.05) | — | (0.05) | — | 0.90 | $11.91 | 8.58 % | $ 362,477 | 1.54 % | 1.54 % | (0.33) % | 67 % | |
10/1/19 to 9/30/20 | 10.65 | 0.01 | — | 0.55 | 0.56 | (0.16) | (0.04) | (0.20) | — | 0.36 | 11.01 | 5.22 | 369,053 | 1.57 | 1.57 | 0.07 | 55 | |
10/1/18 to 9/30/19 | 10.44 | 0.12 | — | 0.42 | 0.54 | (0.06) | (0.27) | (0.33) | — | 0.21 | 10.65 | 5.64 | 479,456 | 1.57 | 1.57 | 1.20 | 30 | |
10/1/17 to 9/30/18 | 11.11 | 0.06 | — | (0.71) | (0.65) | (0.02) | — | (0.02) | — | (0.67) | 10.44 | (5.83) | 550,117 | 1.58 | 1.58 | 0.54 | 38 | |
10/1/16 to 9/30/17 | 9.90 | 0.05 | — | 1.21 | 1.26 | (0.05) | — | (0.05) | — | 1.21 | 11.11 | 12.81 | 706,974 | 1.60 | 1.61 | 0.46 | 27 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $10.62 | (0.13) | — | 0.97 | 0.84 | — | — | — | — | 0.84 | $11.46 | 7.91 % | $ 72,832 | 2.22 % | 2.22 % | (1.06) % | 67 % | |
10/1/19 to 9/30/20 | 10.27 | (0.06) | — | 0.52 | 0.46 | (0.07) | (0.04) | (0.11) | — | 0.35 | 10.62 | 4.49 | 99,139 | 2.25 | 2.25 | (0.61) | 55 | |
10/1/18 to 9/30/19 | 10.08 | 0.04 | — | 0.42 | 0.46 | — | (0.27) | (0.27) | — | 0.19 | 10.27 | 4.93 | 135,668 | 2.25 | 2.25 | 0.41 | 30 | |
10/1/17 to 9/30/18 | 10.77 | (0.01) | — | (0.68) | (0.69) | — | — | — | — | (0.69) | 10.08 | (6.41) | 182,813 | 2.25 | 2.25 | (0.12) | 38 | |
10/1/16 to 9/30/17 | 9.63 | (0.03) | — | 1.17 | 1.14 | — | — | — | — | 1.14 | 10.77 | 11.84 | 214,738 | 2.34 | 2.35 | (0.30) | 27 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $11.41 | — (14) | — | 1.02 | 1.02 | (0.08) | — | (0.08) | — | 0.94 | $12.35 | 8.93 % | $4,124,645 | 1.23 % | 1.23 % | (0.03) % | 67 % | |
10/1/19 to 9/30/20 | 11.03 | 0.04 | — | 0.58 | 0.62 | (0.20) | (0.04) | (0.24) | — | 0.38 | 11.41 | 5.57 | 5,178,655 | 1.26 | 1.26 | 0.38 | 55 | |
10/1/18 to 9/30/19 | 10.82 | 0.17 | — | 0.42 | 0.59 | (0.11) | (0.27) | (0.38) | — | 0.21 | 11.03 | 5.91 | 6,228,010 | 1.25 | 1.25 | 1.56 | 30 | |
10/1/17 to 9/30/18 | 11.49 | 0.11 | — | (0.73) | (0.62) | (0.05) | — | (0.05) | — | (0.67) | 10.82 | (5.46) | 6,434,732 | 1.23 | 1.23 | 0.91 | 38 | |
10/1/16 to 9/30/17 | 10.24 | 0.07 | — | 1.26 | 1.33 | (0.08) | — | (0.08) | — | 1.25 | 11.49 | 13.10 | 7,198,678 | 1.33 | 1.34 | 0.72 | 27 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $11.44 | 0.03 | — | 1.03 | 1.06 | (0.10) | — | (0.10) | — | 0.96 | $12.40 | 9.21 % | $ 204,006 | 0.98 % | 1.13 % | 0.23 % | 67 % | |
10/1/19 to 9/30/20 | 11.04 | 0.06 | — | 0.59 | 0.65 | (0.21) | (0.04) | (0.25) | — | 0.40 | 11.44 | 5.86 | 200,523 | 0.98 | 1.15 | 0.59 | 55 | |
10/1/18 to 9/30/19 | 10.82 | 0.19 | — | 0.42 | 0.61 | (0.12) | (0.27) | (0.39) | — | 0.22 | 11.04 | 6.11 | 119,946 | 1.03 (7) | 1.13 | 1.80 | 30 | |
10/1/17 to 9/30/18 | 11.48 | 0.12 | — | (0.73) | (0.61) | (0.05) | — | (0.05) | — | (0.66) | 10.82 | (5.34) | 125,809 | 1.15 | 1.15 | 1.01 | 38 | |
10/1/16 to 9/30/17 | 10.25 | 0.10 | — | 1.23 | 1.33 | (0.10) | — | (0.10) | — | 1.23 | 11.48 | 13.15 | 126,422 | 1.20 | 1.21 | 0.92 | 27 | |
Vontobel Foreign Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $31.75 | (0.15) | — | 5.63 | 5.48 | — | (2.26) | (2.26) | — | 3.22 | $34.97 | 17.95 % | $ 204,395 | 1.39 % | 1.40 % | (0.43) % | 81 % | |
10/1/19 to 9/30/20 | 30.44 | (0.10) | — | 3.64 | 3.54 | (0.09) | (2.14) | (2.23) | — | 1.31 | 31.75 | 12.02 | 176,146 | 1.39 | 1.43 | (0.35) | 63 | |
10/1/18 to 9/30/19 | 34.62 | 0.11 | — | 1.25 | 1.36 | (0.15) | (5.39) | (5.54) | — | (4.18) | 30.44 | 7.08 | 186,206 | 1.40 (7) | 1.44 | 0.38 | 64 | |
10/1/17 to 9/30/18 | 33.95 | 0.10 | — | 0.64 | 0.74 | (0.07) | — | (0.07) | — | 0.67 | 34.62 | 2.17 | 211,755 | 1.43 | 1.43 | 0.27 | 39 | |
10/1/16 to 9/30/17 | 29.62 | 0.09 | — | 4.42 | 4.51 | (0.18) | — | (0.18) | — | 4.33 | 33.95 | 15.41 (6) | 278,667 | 1.45 (6) | 1.46 | 0.28 (6) | 31 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $30.62 | (0.37) | — | 5.42 | 5.05 | — | (2.26) | (2.26) | — | 2.79 | $33.41 | 17.16 % | $ 18,014 | 2.05 % | 2.12 % | (1.17) % | 81 % | |
10/1/19 to 9/30/20 | 29.54 | (0.29) | — | 3.51 | 3.22 | — | (2.14) | (2.14) | — | 1.08 | 30.62 | 11.26 | 30,294 | 2.05 | 2.12 | (1.01) | 63 | |
10/1/18 to 9/30/19 | 33.83 | (0.10) | — | 1.23 | 1.13 | (0.03) | (5.39) | (5.42) | — | (4.29) | 29.54 | 6.40 | 41,638 | 2.07 (7) | 2.13 | (0.34) | 64 | |
10/1/17 to 9/30/18 | 33.34 | (0.14) | — | 0.63 | 0.49 | — | — | — | — | 0.49 | 33.83 | 1.47 | 75,379 | 2.10 | 2.10 | (0.41) | 39 | |
10/1/16 to 9/30/17 | 29.23 | (0.11) | — | 4.33 | 4.22 | (0.11) | — | (0.11) | — | 4.11 | 33.34 | 14.55 (6) | 93,166 | 2.19 (6) | 2.20 | (0.39) (6) | 31 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Capital
Gains Distributions Received from Underlying Funds(1) |
Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Vontobel Foreign Opportunities Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $31.74 | (0.04) | — | 5.62 | 5.58 | (0.06) | (2.26) | (2.32) | — | 3.26 | $35.00 | 18.32 % | $ 803,474 | 1.07 % | 1.11 % | (0.12) % | 81 % | |
10/1/19 to 9/30/20 | 30.43 | — (14) | — | 3.63 | 3.63 | (0.18) | (2.14) | (2.32) | — | 1.31 | 31.74 | 12.37 | 784,711 | 1.07 | 1.13 | (0.02) | 63 | |
10/1/18 to 9/30/19 | 34.70 | 0.20 | — | 1.24 | 1.44 | (0.32) | (5.39) | (5.71) | — | (4.27) | 30.43 | 7.43 | 761,809 | 1.08 (7) | 1.13 | 0.68 | 64 | |
10/1/17 to 9/30/18 | 34.03 | 0.20 | — | 0.65 | 0.85 | (0.18) | — | (0.18) | — | 0.67 | 34.70 | 2.48 | 984,802 | 1.12 | 1.12 | 0.57 | 39 | |
10/1/16 to 9/30/17 | 29.63 | 0.20 | — | 4.40 | 4.60 | (0.20) | — | (0.20) | — | 4.40 | 34.03 | 15.69 (6) | 1,062,609 | 1.19 (6) | 1.20 | 0.64 (6) | 31 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $31.76 | (0.01) | — | 5.63 | 5.62 | (0.09) | (2.26) | (2.35) | — | 3.27 | $35.03 | 18.44 % | $ 66,705 | 0.95 % | 1.03 % | (0.03) % | 81 % | |
10/1/19 to 9/30/20 | 30.44 | 0.03 | — | 3.64 | 3.67 | (0.21) | (2.14) | (2.35) | — | 1.32 | 31.76 | 12.49 | 84,764 | 0.95 | 1.04 | 0.11 | 63 | |
10/1/18 to 9/30/19 | 34.72 | 0.29 | — | 1.18 | 1.47 | (0.36) | (5.39) | (5.75) | — | (4.28) | 30.44 | 7.57 | 69,198 | 0.96 (7) | 1.04 | 0.97 | 64 | |
10/1/17 to 9/30/18 | 34.06 | 0.23 | — | 0.64 | 0.87 | (0.21) | — | (0.21) | — | 0.66 | 34.72 | 2.55 | 33,573 | 1.03 | 1.03 | 0.66 | 39 | |
10/1/16 to 9/30/17 | 29.63 | 0.24 | — | 4.39 | 4.63 | (0.20) | — | (0.20) | — | 4.43 | 34.06 | 15.82 (6) | 19,370 | 1.08 (6) | 1.09 | 0.75 (6) | 31 | |
Vontobel Global Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $18.63 | (0.09) | — | 3.31 | 3.22 | — | (0.42) | (0.42) | — | 2.80 | $21.43 | 17.47 % | $ 130,814 | 1.36 % | 1.39 % | (0.43) % | 49 % | |
10/1/19 to 9/30/20 | 16.37 | (0.05) | — | 2.65 | 2.60 | — | (0.34) | (0.34) | — | 2.26 | 18.63 | 16.03 | 111,264 | 1.36 | 1.41 | (0.28) | 48 | |
10/1/18 to 9/30/19 | 17.02 | 0.02 | — | 0.97 | 0.99 | — (14) | (1.64) | (1.64) | — | (0.65) | 16.37 | 7.62 | 99,951 | 1.37 (7) | 1.40 | 0.11 | 35 | |
10/1/17 to 9/30/18 | 16.22 | 0.02 | — | 1.68 | 1.70 | — (14) | (0.90) | (0.90) | — | 0.80 | 17.02 | 10.80 | 104,081 | 1.40 (10) | 1.40 | 0.12 | 38 | |
10/1/16 to 9/30/17 | 13.69 | 0.02 | — | 2.64 | 2.66 | (0.05) | (0.08) | (0.13) | — | 2.53 | 16.22 | 19.54 (6) | 113,151 | 1.45 (6) | 1.46 | 0.05 (6) | 37 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $15.28 | (0.20) | — | 2.71 | 2.51 | — | (0.42) | (0.42) | — | 2.09 | $17.37 | 16.64 % | $ 19,745 | 2.11 % | 2.13 % | (1.21) % | 49 % | |
10/1/19 to 9/30/20 | 13.58 | (0.14) | — | 2.18 | 2.04 | — | (0.34) | (0.34) | — | 1.70 | 15.28 | 15.19 | 25,626 | 2.11 | 2.13 | (1.03) | 48 | |
10/1/18 to 9/30/19 | 14.51 | (0.08) | — | 0.79 | 0.71 | — | (1.64) | (1.64) | — | (0.93) | 13.58 | 6.89 | 28,147 | 2.12 (7) | 2.16 | (0.64) | 35 | |
10/1/17 to 9/30/18 | 14.06 | (0.09) | — | 1.44 | 1.35 | — | (0.90) | (0.90) | — | 0.45 | 14.51 | 9.92 | 32,003 | 2.16 (10) | 2.16 | (0.61) | 38 | |
10/1/16 to 9/30/17 | 11.93 | (0.08) | — | 2.29 | 2.21 | — | (0.08) | (0.08) | — | 2.13 | 14.06 | 18.61 (6) | 30,065 | 2.21 (6) | 2.22 | (0.68) (6) | 37 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $18.67 | (0.03) | — | 3.31 | 3.28 | — | (0.42) | (0.42) | — | 2.86 | $21.53 | 17.76 % | $ 178,017 | 1.09 % | 1.13 % | (0.16) % | 49 % | |
10/1/19 to 9/30/20 | 16.39 | — (14) | — | 2.66 | 2.66 | (0.04) | (0.34) | (0.38) | — | 2.28 | 18.67 | 16.41 | 153,902 | 1.09 | 1.17 | (0.02) | 48 | |
10/1/18 to 9/30/19 | 17.02 | 0.06 | — | 0.99 | 1.05 | (0.04) | (1.64) | (1.68) | — | (0.63) | 16.39 | 7.98 | 124,340 | 1.10 (7) | 1.17 | 0.41 | 35 | |
10/1/17 to 9/30/18 | 16.23 | 0.07 | — | 1.67 | 1.74 | (0.05) | (0.90) | (0.95) | — | 0.79 | 17.02 | 11.07 | 81,090 | 1.16 (10) | 1.16 | 0.43 | 38 | |
10/1/16 to 9/30/17 | 13.69 | 0.06 | — | 2.63 | 2.69 | (0.07) | (0.08) | (0.15) | — | 2.54 | 16.23 | 19.83 (6) | 76,222 | 1.20 (6) | 1.21 | 0.38 (6) | 37 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $18.72 | — (14) | — | 3.33 | 3.33 | — | (0.42) | (0.42) | — | 2.91 | $21.63 | 17.98 % | $ 89,295 | 0.90 % | 1.05 % | 0.02 % | 49 % | |
10/1/19 to 9/30/20 | 16.42 | 0.03 | — | 2.66 | 2.69 | (0.05) | (0.34) | (0.39) | — | 2.30 | 18.72 | 16.59 | 89,980 | 0.90 | 1.08 | 0.18 | 48 | |
10/1/18 to 9/30/19 | 17.03 | 0.13 | — | 0.94 | 1.07 | (0.04) | (1.64) | (1.68) | — | (0.61) | 16.42 | 8.19 | 65,704 | 0.90 (7) | 1.08 | 0.80 | 35 | |
1/30/18 (8) to 9/30/18 | 17.27 | 0.06 | — | (0.30) | (0.24) | — | — | — | — | (0.24) | 17.03 | 1.39 | 425 | 1.11 (10) | 1.11 | 0.56 | 38 (9) |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Capital
Gains Distributions Received from Underlying Funds(1) |
Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Vontobel Greater European Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $11.24 | (0.01) | — | 2.36 | 2.35 | — | (0.55) | (0.55) | — | 1.80 | $13.04 | 21.44 % | $ 2,853 | 1.41 % (7) | 2.34 % | (0.11) % | 33 % | |
10/1/19 to 9/30/20 | 11.55 | (0.02) | — | 1.09 | 1.07 | (0.06) | (1.32) | (1.38) | — | (0.31) | 11.24 | 9.82 | 1,486 | 1.45 | 3.58 | (0.19) | 51 | |
10/1/18 to 9/30/19 | 15.62 | 0.07 | — | (0.38) | (0.31) | (0.14) | (3.62) | (3.76) | — | (4.07) | 11.55 | 2.14 | 1,378 | 1.45 | 2.99 | 0.62 | 16 | |
10/1/17 to 9/30/18 | 17.62 | 0.13 | — | (0.16) | (0.03) | (0.24) | (1.73) | (1.97) | — | (2.00) | 15.62 | (0.49) | 3,283 | 1.45 | 2.20 | 0.77 | 22 | |
10/1/16 to 9/30/17 | 15.86 | 0.04 | — | 1.96 | 2.00 | (0.24) | — | (0.24) | — | 1.76 | 17.62 | 12.89 | 4,224 | 1.44 | 1.90 | 0.26 | 42 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $10.85 | (0.11) | — | 2.28 | 2.17 | — | (0.55) | (0.55) | — | 1.62 | $12.47 | 20.52 % | $ 386 | 2.16 % (7) | 3.06 % | (0.95) % | 33 % | |
10/1/19 to 9/30/20 | 11.21 | (0.09) | — | 1.05 | 0.96 | — | (1.32) | (1.32) | — | (0.36) | 10.85 | 9.01 | 430 | 2.20 | 4.31 | (0.91) | 51 | |
10/1/18 to 9/30/19 | 15.22 | (0.04) | — | (0.35) | (0.39) | — | (3.62) | (3.62) | — | (4.01) | 11.21 | 1.34 | 579 | 2.20 | 3.73 | (0.32) | 16 | |
10/1/17 to 9/30/18 | 17.22 | 0.01 | — | (0.15) | (0.14) | (0.13) | (1.73) | (1.86) | — | (2.00) | 15.22 | (1.17) | 1,827 | 2.20 | 2.92 | 0.07 | 22 | |
10/1/16 to 9/30/17 | 15.58 | (0.02) | — | 1.86 | 1.84 | (0.20) | — | (0.20) | — | 1.64 | 17.22 | 12.06 | 2,208 | 2.19 | 2.66 | (0.10) | 42 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $11.23 | 0.01 | — | 2.37 | 2.38 | — | (0.55) | (0.55) | — | 1.83 | $13.06 | 21.74 % | $ 6,561 | 1.16 % (7) | 2.05 % | 0.12 % | 33 % | |
10/1/19 to 9/30/20 | 11.55 | 0.01 | — | 1.09 | 1.10 | (0.10) | (1.32) | (1.42) | — | (0.32) | 11.23 | 10.06 | 2,562 | 1.20 | 3.31 | 0.12 | 51 | |
10/1/18 to 9/30/19 | 15.65 | 0.12 | — | (0.41) | (0.29) | (0.19) | (3.62) | (3.81) | — | (4.10) | 11.55 | 2.36 | 2,280 | 1.20 | 2.72 | 1.00 | 16 | |
10/1/17 to 9/30/18 | 17.65 | 0.12 | — | (0.10) | 0.02 | (0.29) | (1.73) | (2.02) | — | (2.00) | 15.65 | (0.19) | 2,626 | 1.20 | 1.89 | 0.75 | 22 | |
10/1/16 to 9/30/17 | 15.91 | 0.17 | — | 1.87 | 2.04 | (0.30) | — | (0.30) | — | 1.74 | 17.65 | 13.21 | 9,822 | 1.19 | 1.67 | 1.02 | 42 |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Custody
fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of
Net Investment Income (Loss) as follows: Duff & Phelps Global Infrastructure Fund No Impact (Class A), No Impact (Class C), No Impact (Class I) Duff & Phelps Real Estate Securities Fund Less than 1% (Class A, Class C, Class I, Class R6) Vontobel Foreign Opportunities Fund Less than 1% (Class A, Class C, Class I, Class R6) Vontobel Global Opportunities Fund 0.06% (Class A), 0.05% (Class C), 0.05% (Class I) Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return as follows: Duff & Phelps Global Infrastructure Fund No Impact (Class A), No Impact (Class C), No Impact (Class I) Duff & Phelps Real Estate Securities Fund Less than 1% (Class A, Class C, Class I, Class R6) Vontobel Foreign Opportunities Fund Less than 1% (Class A, Class C, Class I, Class R6) Vontobel Global Opportunities Fund 0.06% (Class A), 0.05% (Class C), 0.05% (Class I) |
(7) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(8) | Inception date. |
(9) | Portfolio turnover is representative of the Fund for the entire period. |
(10) | The share class is currently under its expense limitation. |
(11) | See 4D in the Notes to Financial statements for information on recapture of expenses previously reimbursed and/or waived. |
(12) | Net expense ratio includes extraordinary proxy expenses. |
(13) | Consolidated Financial Highlights. |
(14) | Amount is less than $0.005 per share. |
(15) | Payment from affiliates had no impact on total return. |
A. | Basis of Consolidation |
The accompanying consolidated financial statements of FORT Trend Fund include the account of VATS Offshore Fund, Ltd. (the “Subsidiary”), which is a wholly-owned subsidiary of FORT Trend Fund and is organized as a company under the laws of the Cayman Islands and primarily invests in commodity-related instruments. The Subsidiary is not registered under the 1940 Act. The Subsidiary enables FORT Trend Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. FORT Trend Fund may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at September 30, 2021 were $24,862 and 16% of FORT Trend Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Subsidiary is subject to the same investment policies and restrictions that apply to FORT Trend Fund, except that the Subsidiary may invest without limitation in commodity-related instruments. | |
B. | Security Valuation |
Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. | |
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). | |
• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
• Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments). | |
A description of the valuation techniques applied to a Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows: | |
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy. | |
Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis. | |
Debt securities, including convertible bonds, and restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy. | |
Listed derivatives, such as options and futures, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy. | |
Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy. | |
A summary of the inputs used to value a Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
C. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
D. | 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. The Subsidiary is classified as a controlled foreign corporation under Subchapter M of the Internal Revenue Code. Therefore, the FORT Trend Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the FORT Trend Fund in the current period nor carried forward to offset taxable income in future periods. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. | |
E. | 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. | |
F. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
G. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
H. | Securities Lending |
Effective October 1, 2020, the Funds may resume loaning securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At September 30, 2021, 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) | |||
Vontobel Emerging Markets Opportunities
Fund |
$ 2,667 | $ 2,667 | $ — |
(1) | Collateral received in excess of the market value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Securities
Lending Transactions |
Overnight
and continuous | ||
Vontobel Emerging Markets Opportunities
Fund |
Money Market Mutual Fund | $2,840 |
A. | Futures Contracts |
A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the “initial margin” requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by a Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) from future contracts. | |
During the fiscal period, FORT Trend Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund’s success in using futures will be dependent upon the subadviser’s ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end are listed after the Fund’s Consolidated Schedule of Investments. | |
The effect of derivatives on the Statements of Assets and Liabilities at September 30, 2021: |
Primary Risk | FORT
Trend Fund |
||
Asset Derivatives | |||
Commodity contracts | Futures (1) | $ 911 | |
Equity contracts | Futures (1) | 10 | |
Foreign currency exchange contracts | Futures (1) | 216 | |
Interest rate contracts | Futures (1) | 4 | |
Total | $ 1,141 | ||
Liability Derivatives | |||
Commodity contracts | Futures (1) | $ (22) | |
Equity contracts | Futures (1) | (2,126) | |
Foreign currency exchange contracts | Futures (1) | (15) | |
Interest rate contracts | Futures (1) | (1,393) | |
Total | $(3,556) |
(1) | Includes cumulative appreciation (depreciation) on futures contracts as reported in the Consolidated Schedule of Investments. Current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities. |
Primary Risk | FORT
Trend Fund | |
Net Realized Gain (Loss) From | ||
Commodity contracts | Futures (1) | $ 28 |
Equity contracts | Futures (1) | 13,633 |
Foreign currency contracts | Futures (1) | (117) |
Interest rate contracts | Futures (1) | (9,124) |
Total | $ 4,420 | |
Net Change in Unrealized Appreciation/Depreciation on | ||
Commodity contracts | Futures (2) | $ 1,091 |
Equity contracts | Futures (2) | (2,237) |
Foreign currency contracts | Futures (2) | 240 |
Interest rate contracts | Futures (2) | (1,186) |
Total | $ (2,092) |
(1)Included in net realized gain (loss) from futures within the Consolidated Statement of Operations. |
(2)Included in net change in unrealized appreciation (depreciation) from futures within the Consolidated Statement of Operations. |
FORT Trend Fund | |
Futures Contracts - Long
Positions(1) |
$(327) |
Futures Contracts - Short
Positions(1) |
185 |
(1) Average unrealized for the period. |
B. | 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. | |
With exchange traded futures, 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 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. | |
C. | 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. | |
The following tables present the FORT Trend 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 September 30, 2021: |
At September 30, 2021, the Fund’s derivative assets and liabilities (by type) are as follows: | |||||
FORT Trend Fund | |||||
Assets | Liabilities | ||||
Futures contracts | $— | $ 473 | |||
Total
derivative assets and liabilities in the Statements of Assets and Liabilities |
$— | $ 473 | |||
Derivatives
not subject to a MNA or similar agreement |
— | (473) | |||
Total
assets and liabilities subject to a MNA |
$— | $ — |
A. | Investment Adviser |
Virtus Investment Advisers, Inc. is the investment adviser to the Funds, with the exception of the FORT Trend Fund, which is advised by Virtus Alternative Investment Advisers, Inc. (each an “Adviser” and collectively, the “Advisers”). Each Adviser is an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”). Each Adviser manages the applicable Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers. | |
As compensation for its services to the Funds, the applicable Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets (except as otherwise noted) of each Fund: |
First $1 Billion | $1+ Billion | ||
FORT Trend
Fund |
1.00 % | 0.95 % | |
KAR Developing Markets
Fund |
1.00 | 0.95 | |
KAR Emerging Markets Small-Cap
Fund |
1.20 | 1.15 | |
KAR International Small-Mid Cap Fund
II |
0.90 | 0.85 | |
Vontobel Emerging Markets Opportunities
Fund |
1.00 | 0.95 | |
Vontobel Greater European Opportunities
Fund |
0.85 | 0.80 |
First $1 Billion | $1+
Billion through $2 Billion |
$2+ Billion | |||
Duff & Phelps Global Infrastructure
Fund |
0.65 % | 0.60 % | 0.55 % | ||
Duff & Phelps Global Real Estate Securities
Fund |
0.85 | 0.80 | 0.75 | ||
Duff & Phelps International Real Estate Securities
Fund |
1.00 | 0.95 | 0.90 | ||
Duff & Phelps Real Estate Securities
Fund |
0.75 | 0.70 | 0.65 | ||
Vontobel Global Opportunities
Fund |
0.85 | 0.80 | 0.75 |
First $2 Billion | $2+
Billion through $4 Billion |
$4+ Billion | |||
Vontobel Foreign Opportunities
Fund |
0.85 % | 0.80 % | 0.75 % |
First $3 billion | $3+ Billion | ||
KAR International Small-Mid Cap
Fund(1) |
0.90 % | 0.85 % |
(1) | Effective September 24, 2021. Prior to September 24, 2021, the Adviser’s fee on average daily net assets was as follows: 1.00% on the first $1 billion, 0.95% in excess of $1 billion. |
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the applicable Adviser. A list of the subadvisers and the Funds they serve as of the end of the period is as follows: |
Fund | Subadviser | |
Duff & Phelps Global Infrastructure Fund
|
DPIM(1) | |
Duff & Phelps Global Real Estate Securities Fund
|
DPIM(1) | |
Duff & Phelps International Real Estate Securities Fund
|
DPIM(1) | |
Duff & Phelps Real Asset Fund
|
DPIM(1) | |
Duff & Phelps Real Estate Securities Fund
|
DPIM(1) | |
FORT Trend Fund
|
FORT(2) | |
KAR Developing Markets Fund
|
KAR(3) | |
KAR Emerging Markets Small-Cap Fund
|
KAR(3) | |
KAR International Small-Mid Cap Fund
|
KAR(3) | |
KAR International Small-Mid Cap Fund II
|
KAR(3) | |
Vontobel Emerging Markets Opportunities Fund
|
Vontobel(4) | |
Vontobel Foreign Opportunities Fund
|
Vontobel(4) | |
Vontobel Global Opportunities Fund
|
Vontobel(4) | |
Vontobel Greater European Opportunities Fund
|
Vontobel(4) |
(1) | Duff & Phelps Investment Management Co. (“DPIM”), an indirect, wholly-owned subsidiary of Virtus. |
(2) | FORT, LP (“FORT”). |
(3) | Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus. |
(4) | Vontobel Asset Management, Inc. (“Vontobel”). |
C. | Expense Limitations |
Each Adviser has contractually agreed to limit certain Funds’ 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 February 1, 2022. (except as noted). Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
Duff & Phelps Global Infrastructure
Fund |
N/A % | N/A % | N/A % | 0.85 % | ||||
Duff & Phelps Global Real Estate Securities
Fund |
1.40 | 2.15 | 1.15 (1) | 0.89 | ||||
Duff & Phelps International Real Estate Securities
Fund |
1.50 | 2.25 | 1.25 | N/A | ||||
Duff & Phelps Real Asset
Fund |
N/A | N/A | N/A | N/A | ||||
Duff & Phelps Real Estate Securities
Fund |
N/A | N/A | N/A | 0.79 | ||||
FORT Trend
Fund |
1.60 | 2.35 | 1.35 | 1.26 | ||||
KAR Developing Markets
Fund(2) |
1.55 | 2.30 | 1.30 | 1.22 | ||||
KAR Emerging Markets Small-Cap
Fund |
1.85 (1) | 2.60 (1) | 1.60 (1) | 1.50 (1) | ||||
KAR International Small-Mid Cap
Fund(3) |
1.45 (1) | 2.20 | 1.20 (1) | 1.10 (1) | ||||
KAR International Small-Mid Cap Fund
II |
1.45 | 2.20 | 1.20 | 1.10 | ||||
Vontobel Emerging Markets Opportunities
Fund |
N/A | N/A | N/A | 0.98 | ||||
Vontobel Foreign Opportunities
Fund |
1.39 | 2.05 | 1.07 | 0.95 | ||||
Vontobel Global Opportunities
Fund |
1.36 | 2.11 | 1.09 | 0.90 | ||||
Vontobel Greater European Opportunities
Fund(4) |
1.40 | 2.15 | 1.15 | N/A |
(1) | The share class is currently below its expense cap. |
(2) | Effective June 22, 2021 through January 31, 2023. |
(3) | Effective September 24, 2021 through January 31, 2023. For the period October 1, 2020 through September 23, 2021, the expense caps were as follows for Class A shares, Class C shares, Class I shares, and Class R6 shares, respectively: 1.60%, 2.35%, 1.35%, and 1.24%. |
(4) | Effective December 1, 2020. For the period October 1, 2020 through November 30, 2020, the expense caps were as follows for Class A shares, Class C shares, and Class I shares, respectively: 1.45%, 2.20%, and 1.20%. |
D. | Expense Recapture |
Under certain conditions, each Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending September 30: |
Expiration | ||||||||
Fund | 2022 | 2023 | 2024 | Total | ||||
Duff & Phelps Global Infrastructure Fund | ||||||||
Class
R6 |
$ 2 | $ 9 | $ 6 | $ 17 | ||||
Duff & Phelps Global Real Estate Securities Fund | ||||||||
Class
A |
226 | 251 | 296 | 773 | ||||
Class
C |
4 | 3 | 2 | 9 | ||||
Class
I |
12 | 86 | 34 | 132 | ||||
Class
R6 |
4 | 46 | 100 | 150 | ||||
Duff & Phelps International Real Estate Securities Fund | ||||||||
Class
A |
4 | 5 | 7 | 16 | ||||
Class
C |
2 | 2 | 1 | 5 | ||||
Class
I |
81 | 101 | 72 | 254 | ||||
Duff & Phelps Real Estate Securities Fund | ||||||||
Class
R6 |
27 | 64 | 193 | 284 | ||||
FORT Trend Fund | ||||||||
Class
A |
— | — | 30 | 30 | ||||
Class
C |
— | — | 18 | 18 | ||||
Class
I |
— | — | 11 | 11 | ||||
Class
R6 |
— | — | — (1) | — (1) | ||||
KAR Developing Markets Fund | ||||||||
Class
A |
— | — | 3 | 3 | ||||
Class
C |
— | — | 3 | 3 | ||||
Class
I |
— | — | 3 | 3 | ||||
Class
R6 |
— | — | 80 | 80 | ||||
KAR Emerging Markets Small-Cap Fund | ||||||||
Class
A |
— | 4 | 3 | 7 | ||||
Class
C |
— | — | — (1) | — (1) | ||||
KAR International Small-Mid Cap Fund | ||||||||
Class
C |
— | — | — (1) | — (1) | ||||
KAR International Small-Mid Cap Fund II | ||||||||
Class
A |
— | 1 | 1 | 2 | ||||
Class
C |
— | 1 | 1 | 2 | ||||
Class
I |
— | 76 | 107 | 183 | ||||
Class
R6 |
— | 30 | 13 | 43 | ||||
Vontobel Emerging Markets Opportunities Fund | ||||||||
Class
R6 |
118 | 241 | 343 | 702 | ||||
Vontobel Foreign Opportunities Fund | ||||||||
Class
A |
44 | 77 | 25 | 146 | ||||
Class
C |
32 | 25 | 18 | 75 | ||||
Class
I |
383 | 415 | 343 | 1,141 | ||||
Class
R6 |
34 | 68 | 62 | 164 |
Expiration | ||||||||
Fund | 2022 | 2023 | 2024 | Total | ||||
Vontobel Global Opportunities Fund | ||||||||
Class
A |
$ 28 | $ 52 | $ 38 | $ 118 | ||||
Class
C |
11 | 4 | 6 | 21 | ||||
Class
I |
66 | 109 | 78 | 253 | ||||
Class
R6 |
55 | 134 | 136 | 325 | ||||
Vontobel Greater European Opportunities Fund | ||||||||
Class
A |
34 | 29 | 20 | 83 | ||||
Class
C |
14 | 10 | 5 | 29 | ||||
Class
I |
35 | 47 | 50 | 132 |
(1) | Amount is less than $500. |
Fund | Class A | Class C | Class I | Class R6 | Total | |||||
Duff & Phelps Global Real Estate Securities
Fund |
$ — | $ 1 | $ 59 | $— | $ 60 | |||||
FORT Trend
Fund |
— (1) | 1 | — (1) | — (1) | 1 | |||||
KAR Emerging Markets Small-Cap Fund |
27 | 1 | 119 | — (1) | 147 | |||||
KAR International Small-Mid Cap
Fund |
1 | — | — | — | 1 | |||||
Vontobel Foreign Opportunities
Fund |
14 | — (1) | — | — | 14 | |||||
Vontobel Global Opportunities
Fund |
6 | 2 | — | — | 8 |
(1) | Amount is less than $500. |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the fiscal year (the “period”) ended September 30, 2021, it retained net commissions of $67 for Class A shares and CDSC of $7 and $16 for Class A shares and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25%(1) for Class A shares and 1.00%(1)(2) for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |
(1) | Some of the Funds invest in ETFs. In addition to the fees listed, the Funds bear their proportionate shares of any distribution and shareholder servicing fees of the ETFs. |
(2) | The Funds’ distributor has contractually agreed to waive its 12b-1 fees applicable to Class C shares to the extent that the Funds’ investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the Fund to exceed the limits set forth in applicable law or regulation. |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the period ended September 30, 2021, the Funds incurred administration fees totaling $11,108 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the period ended September 30, 2021, the Funds incurred transfer agent fees totaling $4,961 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. |
G. | Payment by Affiliate |
The KAR International Small-Mid Cap Fund was reimbursed $81 by KAR for costs incurred due to a trade error related to forward contract instructions during the period ended September 30, 2021. | |
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 period ended September 30, 2021, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
A summary of the Duff & Phelps Real Asset Fund’s total long-term and short-term purchases and sales of the respective shares of the affiliated underlying funds(1) during the period ended September 30, 2021, is as follows: |
Value,
beginning of period |
Purchases (2) | Sales
proceeds |
Net
realized gain (loss) on affiliated fund |
Net
change in unrealized appreciation (depreciation) on affiliated fund |
Value,
end of period |
Shares | Dividend
income |
Distributions
of realized gains | |||||||||
Duff & Phelps Real Asset Fund | |||||||||||||||||
Affiliated Mutual Funds—65.0% | |||||||||||||||||
Equity Funds—58.9% | |||||||||||||||||
Virtus Duff & Phelps Global Infrastructure Fund Class
R6 |
$ 5,484 | $136 | $1,060 | $343 | $ 238 | $ 5,141 | 317,340 | $ 74 | $62 | ||||||||
Virtus Duff & Phelps Global Real Estate Securities Fund Class
R6 |
5,464 | 37 | 1,925 | 425 | 1,107 | 5,108 | 133,505 | 36 | — | ||||||||
Virtus Duff & Phelps Select MLP and Energy Fund Class
I |
1,673 | 47 | — | 2 | 1,412 | 3,134 | 355,792 | (41) (3) | — | ||||||||
Fixed Income Fund—6.1% | |||||||||||||||||
Virtus Newfleet Senior Floating Rate Fund Class
R6 |
2,392 | 67 | 1,176 | 77 | 28 | 1,388 | 154,229 | 67 | — | ||||||||
Total | $15,013 | $287 | $4,161 | $847 | $2,785 | $14,771 | $136 | $62 |
Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) on affiliated securities |
Net
change in unrealized appreciation (depreciation) on affiliated securities |
Value,
end of period |
Shares | Dividend
income |
Distributions
of realized gains | |||||||||
KAR Emerging Markets Small-Cap Fund | |||||||||||||||||
Common Stocks—8.1% | |||||||||||||||||
Tegma Gestao Logistica
S.A. |
$ 4,953 | $14,910 | $— | $— | $ (5,226) | $14,637 | 4,839,708 | $463 | $— | ||||||||
Union Auction
PCL |
10,763 | 4,538 | — | — | (4,908) | 10,393 | 38,012,000 | 417 | — | ||||||||
Vasta Platform
Ltd.(4) |
4,441 | 11,495 | — | — | (10,181) | 5,755 | 1,262,176 | — | — |
Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) on affiliated securities |
Net
change in unrealized appreciation (depreciation) on affiliated securities |
Value,
end of period |
Shares | Dividend
income |
Distributions
of realized gains | |||||||||
KAR Emerging Markets Small-Cap Fund | |||||||||||||||||
Younglimwon Soft Lab Co.,
Ltd. |
$ 3,392 | $ 1,725 | $— | $— | $ (1,634) | $ 3,483 | 407,309 | $ 22 | $— | ||||||||
Total | $23,549 | $32,668 | $— | $— | $ (21,949) | $34,268 | $902 | $— |
Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) on affiliated securities |
Net
change in unrealized appreciation (depreciation) on affiliated securities |
Value,
end of period |
Shares | Dividend
income |
Distributions
of realized gains | |||||||||
KAR International Small-Mid Cap Fund | |||||||||||||||||
Common Stocks—24.0% | |||||||||||||||||
Baltic Classifieds Group plc(4)
|
$ — | $ 77,863 | $ — | $ — | $ 9,961 | $ 87,824 | 33,809,131 | $ — | $— | ||||||||
Bouvet ASA
|
48,449 | 6,385 | — | — | 1,739 | 56,573 | 8,376,981 | 2,675 | — | ||||||||
Brockhaus Capital Management AG(4)
|
26,802 | — | — | — | (7,298) | 19,504 | 761,996 | — | — | ||||||||
Computer Modelling Group Ltd.
|
21,776 | — | — | — | (746) | 21,030 | 5,619,390 | 896 | — | ||||||||
Fineos Corp., Ltd.(4)
|
— | 46,636 | — | — | 4,215 | 50,851 | 16,352,455 | — | — | ||||||||
HeadHunter Group plc
|
114,050 | — | 44,620 | 19,381 | 69,848 | 158,659 | 3,251,204 | 1,788 | — | ||||||||
Lumax International Corp., Ltd.
|
17,126 | — | — | — | 2,205 | 19,331 | 7,818,259 | 945 | — | ||||||||
MarkLines Co., Ltd.
|
24,763 | — | — | — | 5,635 | 30,398 | 1,094,400 | 221 | — | ||||||||
Max Stock Ltd.
|
25,543 | 4,913 | — | — | 438 | 30,894 | 8,660,458 | 1,203 | — | ||||||||
Mortgage Advice Bureau Holdings Ltd.
|
60,141 | — | 16,871 | 5,966 | 31,074 | 80,310 | 5,218,095 | 2,857 | — | ||||||||
Pason Systems, Inc.
|
31,391 | 8,354 | — | — | 21,325 | 61,070 | 8,973,518 | 1,320 | — | ||||||||
Redbubble Ltd.(4)
|
— | 86,742 | — | — | (14,723) | 72,019 | 23,077,365 | — | — | ||||||||
Sabre Insurance Group plc
|
36,542 | 31,067 | 3,002 | (160) | (7,259) | 57,188 | 19,452,454 | 3,952 | — | ||||||||
Total | $406,583 | $261,960 | $64,493 | $25,187 | $ 116,414 | $745,651 | $15,857 | $— |
(1) | The Duff & Phelps Real Asset Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its principal investment strategies may represent a significant portion of an underlying fund’s net assets. At September 30, 2021, the Fund was the owner of record of 13% of the Virtus Duff & Phelps Select MLP and Energy Fund Class I and the owner of record of less than 10% of all other affiliated underlying funds. |
(2) | Includes reinvested dividends from income and capital gain distributions. |
(3) | Includes return of capital dividend reclassification in the amount of $(112), relating to a prior year dividend which exceeded the aggregate of dividend income earned during the current year. |
(4) | Non-income producing. |
I. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at September 30, 2021. |
Purchases | Sales | ||
Duff & Phelps Global Infrastructure
Fund |
$ 23,784 | $ 28,983 | |
Duff & Phelps Global Real Estate Securities
Fund |
198,175 | 57,650 | |
Duff & Phelps International Real Estate Securities
Fund |
22,809 | 21,243 | |
Duff & Phelps Real Asset
Fund |
3,187 | 6,159 | |
Duff & Phelps Real Estate Securities
Fund |
70,240 | 212,918 | |
KAR Developing Markets
Fund |
2,820 | 111 | |
KAR Emerging Markets Small-Cap
Fund |
198,619 | 62,349 | |
KAR International Small-Mid Cap
Fund |
1,268,746 | 558,318 | |
KAR International Small-Mid Cap Fund
II |
24,143 | 15,035 | |
Vontobel Emerging Markets Opportunities
Fund |
3,975,196 | 5,639,674 | |
Vontobel Foreign Opportunities
Fund |
870,984 | 1,051,487 | |
Vontobel Global Opportunities
Fund |
200,426 | 233,339 | |
Vontobel Greater European Opportunities
Fund |
6,321 | 2,532 |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
418 | $ 6,664 | 230 | $ 3,466 | 225 | $ 8,105 | 390 | $ 11,764 | |||||||
Reinvestment of distributions | 43 | 672 | 107 | 1,629 | — | — | 30 | 999 | |||||||
Shares
repurchased and cross class conversions |
(566) | (9,251) | (570) | (8,130) | (168) | (5,987) | (405) | (11,888) | |||||||
Net Increase / (Decrease) | (105) | $ (1,915) | (233) | $ (3,035) | 57 | $ 2,118 | 15 | $ 875 | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
45 | $ 717 | 44 | $ 682 | 18 | $ 631 | 25 | $ 769 | |||||||
Reinvestment of distributions | 9 | 132 | 33 | 513 | — | — | 19 | 591 | |||||||
Shares
repurchased and cross class conversions |
(389) | (6,136) | (328) | (4,855) | (93) | (3,061) | (100) | (2,850) | |||||||
Net Increase / (Decrease) | (335) | $ (5,287) | (251) | $ (3,660) | (75) | $ (2,430) | (56) | $ (1,490) | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
588 | $ 9,594 | 1,210 | $ 18,995 | 4,949 | $ 176,493 | 2,891 | $ 88,567 | |||||||
Reinvestment of distributions | 57 | 898 | 134 | 2,031 | 30 | 952 | 477 | 15,409 | |||||||
Shares
repurchased and cross class conversions |
(466) | (7,435) | (2,132) | (29,130) | (1,797) | (59,799) | (3,528) | (100,390) | |||||||
Net Increase / (Decrease) | 179 | $ 3,057 | (788) | $ (8,104) | 3,182 | $ 117,646 | (160) | $ 3,586 |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
103 | $ 1,639 | 213 | $ 3,301 | 554 | $ 21,628 | 1,926 | $ 57,252 | |||||||
Reinvestment of distributions | 16 | 252 | 33 | 492 | 13 | 402 | 5 | 161 | |||||||
Shares
repurchased and cross class conversions |
(87) | (1,348) | (234) | (3,359) | (100) | (3,404) | (109) | (3,145) | |||||||
Net Increase / (Decrease) | 32 | $ 543 | 12 | $ 434 | 467 | $ 18,626 | 1,822 | $ 54,268 |
Duff & Phelps International Real Estate Securities Fund | Duff & Phelps Real Asset Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
257 | $ 2,153 | 169 | $ 1,235 | 42 | $ 494 | 155 | $ 1,633 | |||||||
Reinvestment of distributions | — | — | 24 | 185 | 7 | 75 | 38 | 438 | |||||||
Shares
repurchased and cross class conversions |
(83) | (664) | (213) | (1,349) | (224) | (2,587) | (405) | (4,194) | |||||||
Net Increase / (Decrease) | 174 | $ 1,489 | (20) | $ 71 | (175) | $ (2,018) | (212) | $ (2,123) | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
— | $ 2 | 8 | $ 63 | 8 | $ 96 | 1 | $ 18 | |||||||
Reinvestment of distributions | — | — | 7 | 56 | — | — | 1 | 14 | |||||||
Shares
repurchased and cross class conversions |
(44) | (343) | (30) | (193) | (33) | (382) | (131) | (1,377) | |||||||
Net Increase / (Decrease) | (44) | $ (341) | (15) | $ (74) | (25) | $ (286) | (129) | $ (1,345) | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
2,641 | $ 22,626 | 2,146 | $ 15,190 | 90 | $ 1,068 | 614 | $ 6,818 | |||||||
Reinvestment of distributions | — | 1 | 529 | 4,066 | 7 | 79 | 54 | 621 | |||||||
Shares
repurchased and cross class conversions |
(2,635) | (22,170) | (5,343) | (35,003) | (199) | (2,262) | (1,650) | (16,588) | |||||||
Net Increase / (Decrease) | 6 | $ 457 | (2,668) | $ (15,747) | (102) | $ (1,115) | (982) | $ (9,149) |
Duff & Phelps Real Estate Securities Fund | FORT Trend Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
922 | $ 20,837 | 5,966 | $ 114,435 | 2,365 | $ 34,548 | 1,963 | $ 26,957 | |||||||
Reinvestment of distributions | 363 | 7,462 | 1,331 | 28,097 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(6,641) | (136,442) | (2,822) | (58,871) | (2,013) | (29,460) | (2,006) | (28,494) | |||||||
Net Increase / (Decrease) | (5,356) | $ (108,143) | 4,475 | $ 83,661 | 352 | $ 5,088 | (43) | $ (1,537) |
Duff & Phelps Real Estate Securities Fund | FORT Trend Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
44 | $ 1,016 | 49 | $ 1,039 | 13 | $ 183 | 63 | $ 868 | |||||||
Reinvestment of distributions | 17 | 350 | 87 | 1,842 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(198) | (4,310) | (218) | (4,382) | (3,249) | (44,616) | (4,460) | (59,168) | |||||||
Net Increase / (Decrease) | (137) | $ (2,944) | (82) | $ (1,501) | (3,236) | $ (44,433) | (4,397) | $ (58,300) | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
2,089 | $ 47,868 | 3,463 | $ 69,626 | 213 | $ 3,186 | 299 | $ 4,390 | |||||||
Reinvestment of distributions | 614 | 12,625 | 3,010 | 63,323 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(7,797) | (159,936) | (6,185) | (128,253) | (907) | (13,488) | (2,380) | (33,818) | |||||||
Net Increase / (Decrease) | (5,094) | $ (99,443) | 288 | $ 4,696 | (694) | $ (10,302) | (2,081) | $ (29,428) | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
4,715 | $ 93,514 | 1,121 | $ 22,360 | 1 | $ 18 | 9 | $ 148 | |||||||
Reinvestment of distributions | 372 | 7,726 | 338 | 7,090 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(1,332) | (30,040) | (615) | (12,604) | (4) | (58) | — | — | |||||||
Net Increase / (Decrease) | 3,755 | $ 71,200 | 844 | $ 16,846 | (3) | $ (40) | 9 | $ 148 |
KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | ||||||||||
From
Inception June 22, 2021 to September 30, 2021 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Shares
sold and cross class conversions |
10 | $ 100 | 1,477 | $ 24,995 | 1,549 | $ 20,012 | |||||
Reinvestment of distributions | — | — | 30 | 503 | 40 | 495 | |||||
Shares
repurchased and cross class conversions |
(—) (1) | (—) (2) | (914) | (15,781) | (1,194) | (14,031) | |||||
Net Increase / (Decrease) | 10 | $ 100 | 593 | $ 9,717 | 395 | $ 6,476 | |||||
Class C | |||||||||||
Shares
sold and cross class conversions |
10 | $ 100 | 85 | $ 1,459 | 36 | $ 470 | |||||
Reinvestment of distributions | — | — | 1 | 10 | 1 | 12 | |||||
Shares
repurchased and cross class conversions |
(—) (1) | (—) (2) | (22) | (380) | (16) | (195) | |||||
Net Increase / (Decrease) | 10 | $ 100 | 64 | $ 1,089 | 21 | $ 287 | |||||
Class I | |||||||||||
Shares
sold and cross class conversions |
10 | $ 100 | 12,097 | $ 210,349 | 10,200 | $ 127,501 | |||||
Reinvestment of distributions | — | — | 161 | 2,693 | 159 | 1,996 | |||||
Shares
repurchased and cross class conversions |
(—) (1) | (—) (2) | (3,950) | (68,374) | (5,358) | (65,431) | |||||
Net Increase / (Decrease) | 10 | $ 100 | 8,308 | $ 144,668 | 5,001 | $ 64,066 |
KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | ||||||||||
From
Inception June 22, 2021 to September 30, 2021 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class R6 | |||||||||||
Shares
sold and cross class conversions |
270 | $ 2,700 | 61 | $ 1,061 | — (1) | $ 3 | |||||
Reinvestment of distributions | — | — | — (1) | — (2) | — (1) | — (2) | |||||
Shares
repurchased and cross class conversions |
(—) (1) | (—) (2) | (—) (1) | (4) | (—) (1) | (—) (2) | |||||
Net Increase / (Decrease) | 270 | $ 2,700 | 61 | $ 1,057 | — | $ 3 |
KAR International Small-Mid Cap Fund | KAR International Small-Mid Cap Fund II | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
From
Inception date October 1, 2019 to September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
1,193 | $ 27,780 | 3,517 | $ 57,391 | 26 | $ 409 | 14 | $ 153 | |||||||
Reinvestment of distributions | 37 | 830 | 76 | 1,419 | — (1) | 1 | — | — | |||||||
Shares
repurchased and cross class conversions |
(1,249) | (29,032) | (3,699) | (62,833) | (1) | (18) | (2) | (17) | |||||||
Net Increase / (Decrease) | (19) | $ (422) | (106) | $ (4,023) | 25 | $ 392 | 12 | $ 136 | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
250 | $ 5,697 | 295 | $ 5,310 | 9 | $ 130 | 13 | $ 135 | |||||||
Reinvestment of distributions | 6 | 122 | 23 | 428 | — (1) | 2 | — | — | |||||||
Shares
repurchased and cross class conversions |
(290) | (6,624) | (770) | (12,967) | (—) | (3) | — | — | |||||||
Net Increase / (Decrease) | (34) | $ (805) | (452) | $ (7,229) | 9 | $ 129 | 13 | $ 135 | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
36,403 | $ 861,402 | 50,348 | $ 882,925 | 931 | $ 14,047 | 1,691 | $ 17,417 | |||||||
Reinvestment of distributions | 1,018 | 23,007 | 1,672 | 31,331 | 57 | 837 | — | — | |||||||
Shares
repurchased and cross class conversions |
(17,969) | (423,584) | (44,001) | (719,369) | (164) | (2,622) | (171) | (1,885) | |||||||
Net Increase / (Decrease) | 19,452 | $ 460,825 | 8,019 | $ 194,887 | 824 | $ 12,262 | 1,520 | $ 15,532 | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
8,311 | $ 187,350 | 3,624 | $ 58,808 | 22 | $ 334 | 271 | $ 2,706 | |||||||
Reinvestment of distributions | 88 | 1,989 | 50 | 943 | — (1) | — (2) | — | — | |||||||
Shares
repurchased and cross class conversions |
(1,155) | (28,168) | (2,175) | (37,671) | — | — | — | — | |||||||
Net Increase / (Decrease) | 7,244 | $ 161,171 | 1,499 | $ 22,080 | 22 | $ 334 | 271 | $ 2,706 |
Vontobel Emerging Markets Opportunities Fund | Vontobel Foreign Opportunities Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
8,916 | $ 115,145 | 9,057 | $ 93,018 | 945 | $ 31,405 | 956 | $ 28,119 | |||||||
Reinvestment of distributions | 96 | 1,203 | 623 | 6,968 | 349 | 11,130 | 402 | 12,115 | |||||||
Shares
repurchased and cross class conversions |
(12,105) | (153,034) | (21,189) | (211,952) | (996) | (33,278) | (1,927) | (54,470) | |||||||
Net Increase / (Decrease) | (3,093) | $ (36,686) | (11,509) | $ (111,966) | 298 | $ 9,257 | (569) | $ (14,236) | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
661 | $ 8,474 | 420 | $ 4,358 | 33 | $ 1,060 | 63 | $ 1,814 | |||||||
Reinvestment of distributions | — | — | 123 | 1,335 | 67 | 2,045 | 89 | 2,601 | |||||||
Shares
repurchased and cross class conversions |
(3,639) | (45,664) | (4,422) | (43,221) | (550) | (17,446) | (572) | (15,942) | |||||||
Net Increase / (Decrease) | (2,978) | $ (37,190) | (3,879) | $ (37,528) | (450) | $ (14,341) | (420) | $ (11,527) | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
63,024 | $ 846,730 | 100,907 | $ 1,037,831 | 3,691 | $ 124,022 | 7,330 | $ 204,841 | |||||||
Reinvestment of distributions | 2,445 | 31,633 | 9,993 | 115,621 | 1,683 | 53,587 | 1,843 | 55,430 | |||||||
Shares
repurchased and cross class conversions |
(185,409) | (2,426,192) | (221,600) | (2,260,192) | (7,139) | (240,109) | (9,486) | (266,050) | |||||||
Net Increase / (Decrease) | (119,940) | $ (1,547,829) | (110,700) | $ (1,106,740) | (1,765) | $ (62,500) | (313) | $ (5,779) | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
4,736 | $ 63,725 | 10,515 | $ 114,095 | 612 | $ 20,010 | 551 | $ 15,995 | |||||||
Reinvestment of distributions | 98 | 1,270 | 191 | 2,205 | 171 | 5,460 | 159 | 4,770 | |||||||
Shares
repurchased and cross class conversions |
(5,912) | (77,966) | (4,043) | (43,156) | (1,548) | (51,100) | (315) | (9,125) | |||||||
Net Increase / (Decrease) | (1,078) | $ (12,971) | 6,663 | $ 73,144 | (765) | $ (25,630) | 395 | $ 11,640 |
Vontobel Global Opportunities Fund | Vontobel Greater European Opportunities Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
746 | $ 15,288 | 778 | $ 12,863 | 118 | $ 1,451 | 97 | $ 1,056 | |||||||
Reinvestment of distributions | 112 | 2,200 | 108 | 1,870 | 6 | 66 | 16 | 168 | |||||||
Shares
repurchased and cross class conversions |
(726) | (15,131) | (1,021) | (16,661) | (37) | (457) | (100) | (1,026) | |||||||
Net Increase / (Decrease) | 132 | $ 2,357 | (135) | $ (1,928) | 87 | $ 1,060 | 13 | $ 198 | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
143 | $ 2,378 | 313 | $ 4,232 | 13 | $ 148 | 5 | $ 48 | |||||||
Reinvestment of distributions | 41 | 658 | 44 | 629 | 2 | 25 | 7 | 68 | |||||||
Shares
repurchased and cross class conversions |
(724) | (12,097) | (753) | (10,308) | (24) | (282) | (24) | (242) | |||||||
Net Increase / (Decrease) | (540) | $ (9,061) | (396) | $ (5,447) | (9) | $ (109) | (12) | $ (126) |
Vontobel Global Opportunities Fund | Vontobel Greater European Opportunities Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
1,947 | $ 40,142 | 4,582 | $ 74,517 | 295 | $ 3,463 | 81 | $ 863 | |||||||
Reinvestment of distributions | 172 | 3,388 | 168 | 2,900 | 19 | 220 | 25 | 268 | |||||||
Shares
repurchased and cross class conversions |
(2,096) | (44,248) | (4,091) | (63,762) | (40) | (483) | (75) | (764) | |||||||
Net Increase / (Decrease) | 23 | $ (718) | 659 | $ 13,655 | 274 | $ 3,200 | 31 | $ 367 | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
621 | $ 12,866 | 1,453 | $ 23,913 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 86 | 1,700 | 89 | 1,540 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(1,386) | (28,851) | (737) | (12,598) | — | — | — | — | |||||||
Net Increase / (Decrease) | (679) | $ (14,285) | 805 | $ 12,855 | — | $ — | — | $ — |
(1) | Amount is less than 500 shares. |
(2) | Amount is less than $500. |
%
of Shares Outstanding |
Number
of Accounts | ||
Duff & Phelps Global Infrastructure
Fund |
21% | 2 | |
Duff & Phelps Global Real Estate Securities
Fund |
48 | 2 | |
Duff & Phelps International Real Estate Securities
Fund |
68 | 2 | |
Duff & Phelps Real Asset
Fund |
15 | 1 | |
Duff & Phelps Real Estate Securities
Fund |
26 | 2 | |
FORT Trend
Fund |
25 | 2 | |
KAR Developing Markets
Fund |
90 | 1 * | |
KAR Emerging Markets Small-Cap
Fund |
57 | 3 | |
KAR International Small-Mid Cap
Fund |
53 | 4 | |
KAR International Small-Mid Cap Fund
II |
89 | 2 * | |
Vontobel Emerging Markets Opportunities
Fund |
34 | 1 | |
Vontobel Foreign Opportunities
Fund |
30 | 1 | |
Vontobel Global Opportunities
Fund |
12 | 1 | |
Vontobel Greater European Opportunities
Fund |
50 | 2 |
* | Includes affiliated shareholder account(s). |
Fund | Sector | Percentage
of Total Investments | ||
Duff & Phelps Global Infrastructure
Fund |
Utilities | 43% | ||
Duff & Phelps Global Infrastructure
Fund |
Industrials | 28 | ||
Duff & Phelps Real Estate Securities
Fund |
Residential | 25 | ||
KAR Developing Markets
Fund |
Industrials | 25 | ||
KAR Emerging Markets Small-Cap
Fund |
Industrials | 33 | ||
KAR International Small-Mid Cap
Fund |
Industrials | 29 | ||
KAR International Small-Mid Cap Fund
II |
Industrials | 26 | ||
Vontobel Emerging Markets Opportunities
Fund |
Information Technology | 27 | ||
Vontobel Foreign Opportunities
Fund |
Industrials | 25 | ||
Vontobel Global Opportunities
Fund |
Information Technology | 29 |
Fund | Interest
Incurred on Borrowing |
Average
Dollar Amount of Borrowing |
Weighted
Average Interest Rate on Borrowing |
Days
Loan was Open | ||||
Duff & Phelps International Real Estate Securities
Fund |
$1 | $ 9,650 | 1.35% | 2 | ||||
Vontobel Emerging Markets Opportunities
Fund |
1 | 11,550 | 1.30 | 2 |
Fund | Federal
Tax Cost |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
Net
Unrealized Appreciation (Depreciation) | ||||
Duff & Phelps Global Infrastructure
Fund |
$ 73,967 | $ 15,354 | $ (2,039) | $ 13,315 | ||||
Duff & Phelps Global Real Estate Securities
Fund |
395,779 | 87,949 | (15,179) | 72,770 | ||||
Duff & Phelps International Real Estate Securities
Fund |
30,960 | 7,848 | (4,488) | 3,360 |
Fund | Federal
Tax Cost |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
Net
Unrealized Appreciation (Depreciation) | ||||
Duff & Phelps Real Asset
Fund |
$ 25,848 | $ 6,524 | $ (9,564) | $ (3,040) | ||||
Duff & Phelps Real Estate Securities
Fund |
306,289 | 234,646 | (5,782) | 228,864 | ||||
FORT Trend
Fund |
159,259 | 3 | (3,386) | (3,383) | ||||
KAR Developing Markets
Fund |
2,976 | 152 | (261) | (109) | ||||
KAR Emerging Markets Small-Cap
Fund |
361,852 | 100,982 | (39,199) | 61,783 | ||||
KAR International Small-Mid Cap
Fund |
2,521,567 | 783,042 | (181,453) | 601,589 | ||||
KAR International Small-Mid Cap Fund
II |
35,758 | 9,516 | (2,067) | 7,449 | ||||
Vontobel Emerging Markets Opportunities
Fund |
4,265,887 | 835,512 | (278,662) | 556,850 | ||||
Vontobel Foreign Opportunities
Fund |
779,911 | 344,651 | (29,212) | 315,439 | ||||
Vontobel Global Opportunities
Fund |
273,570 | 152,309 | (5,916) | 146,393 | ||||
Vontobel Greater European Opportunities
Fund |
7,226 | 2,813 | (189) | 2,624 |
Fund | Short-Term | Long-Term | ||
Duff & Phelps International Real Estate Securities
Fund |
$ 1,527 | $ 1,306 | ||
Duff & Phelps Real Asset
Fund |
13,078 | 3,169 | ||
FORT Trend
Fund |
406,182 | 262 | ||
Vontobel Emerging Markets Opportunities
Fund |
70,059 | 70,342 |
Undistributed
Ordinary Income |
Undistributed
Long-Term Capital Gains |
Late
Year Ordinary Losses Deferred |
Capital
Loss Deferred | ||||
Duff & Phelps Global Infrastructure Fund
|
$ 470 | $ 3,313 | $ 7 | $ — | |||
Duff & Phelps Global Real Estate Securities Fund
|
6,856 | 7,561 | — | — | |||
Duff & Phelps International Real Estate Securities Fund
|
525 | — | — | 2,833 | |||
Duff & Phelps Real Asset Fund
|
— | — | — | 16,247 | |||
Duff & Phelps Real Estate Securities Fund
|
5,776 | 10,751 | — | — | |||
FORT Trend Fund
|
— | — | — | 406,444 | |||
KAR Developing Markets Fund
|
1 | — | — | — | |||
KAR Emerging Markets Small-Cap Fund
|
17,733 | 9,705 | — | — | |||
KAR International Small-Mid Cap Fund
|
75,724 | 109,016 | — | — | |||
KAR International Small-Mid Cap Fund II
|
2,820 | 1,133 | — | — | |||
Vontobel Emerging Markets Opportunities Fund
|
207,787 | 521,881 | — | 140,401 | |||
Vontobel Foreign Opportunities Fund
|
40,481 | 143,572 | — | — | |||
Vontobel Global Opportunities Fund
|
8,966 | 47,914 | — | — | |||
Vontobel Greater European Opportunities Fund
|
118 | 225 | — | — |
Ordinary
Income |
Long-Term
Capital Gains |
Total | |||
Duff & Phelps Global Infrastructure
Fund |
|||||
9/30/21 |
$ 1,023 | $ 990 | $ 2,013 | ||
9/30/20 |
1,438 | 3,380 | 4,818 |
Ordinary
Income |
Long-Term
Capital Gains |
Total | |||
Duff & Phelps Global Real Estate Securities
Fund |
|||||
9/30/21 |
$ 1,381 | $ — | $ 1,381 | ||
9/30/20 |
12,318 | 5,581 | 17,899 | ||
Duff & Phelps International Real Estate Securities
Fund |
|||||
9/30/20 |
4,320 | — | 4,320 | ||
Duff & Phelps Real Asset
Fund |
|||||
9/30/21 |
165 | — | 165 | ||
9/30/20 |
1,320 | — | 1,320 | ||
Duff & Phelps Real Estate Securities
Fund |
|||||
9/30/21 |
12,025 | 16,550 | 28,575 | ||
9/30/20 |
7,250 | 94,457 | 101,707 | ||
KAR Emerging Markets Small-Cap
Fund |
|||||
9/30/21 |
3,210 | — | 3,210 | ||
9/30/20 |
2,573 | — | 2,573 | ||
KAR International Small-Mid Cap
Fund |
|||||
9/30/21 |
23,000 | 5,210 | 28,210 | ||
9/30/20 |
36,125 | — | 36,125 | ||
KAR International Small-Mid Cap Fund
II |
|||||
9/30/21 |
990 | — | 990 | ||
Vontobel Emerging Markets Opportunities
Fund |
|||||
9/30/21 |
39,000 | — | 39,000 | ||
9/30/20 |
130,807 | 15,029 | 145,836 | ||
Vontobel Foreign Opportunities
Fund |
|||||
9/30/21 |
4,250 | 71,700 | 75,950 | ||
9/30/20 |
6,910 | 72,519 | 79,429 | ||
Vontobel Global Opportunities
Fund |
|||||
9/30/21 |
— | 8,460 | 8,460 | ||
9/30/20 |
1,048 | 6,305 | 7,353 | ||
Vontobel Greater European Opportunities
Fund |
|||||
9/30/21 |
— | 321 | 321 | ||
9/30/20 |
26 | 482 | 508 |
Virtus
Duff & Phelps Global Infrastructure Fund Virtus Duff & Phelps Global Real Estate Securities Fund Virtus Duff & Phelps International Real Estate Securities Fund Virtus Duff & Phelps Real Asset Fund Virtus Duff & Phelps Real Securities Fund Virtus KAR Emerging Markets Small-Cap Fund Virtus KAR International Small-Mid Cap Fund Virtus Vontobel Emerging Markets Opportunities Fund Virtus Vontobel Foreign Opportunities Fund Virtus Vontobel Global Opportunities Fund Virtus Vontobel Greater European Opportunities Fund |
Statements
of operations for the year ended September 30, 2021 and statements of changes in net assets for each of the years ended September 30, 2021 and 2020 |
Virtus FORT Trend Fund and its subsidiary | Consolidated
statement of operations for the year ended September 30, 2021 and consolidated statements of changes in net assets for each of the years ended September 30, 2021 and 2020 |
Virtus KAR International Small-Mid Cap Fund II | Statement
of operations for the year ended September 30, 2021 and statements of changes in net assets for the year ended September 30, 2021 and the period October 1, 2019 (inception) through September 30, 2020 |
Virtus KAR Developing Markets Fund | Statement
of operations and statement of changes in net assets for the period June 22, 2021 (inception) through September 30, 2021 |
Qualified
REIT Dividend Income % (non-corporate shareholders) |
Qualified
Dividend Income % (non-corporate shareholder) |
Dividend
Received Deduction % (corporate shareholders) |
Long-Term
Capital Gain Distributions ($) | ||||
Duff & Phelps Global Infrastructure
Fund |
— % | 100.00 % | 58.54 % | $ 3,892 | |||
Duff & Phelps Global Real Estate Securities
Fund |
34.17 | 31.55 | — | 7,561 | |||
Duff & Phelps International Real Estate Securities
Fund |
— | 93.89 | — | — | |||
Duff & Phelps Real Asset
Fund |
— | 100.00 | 83.24 | — | |||
Duff & Phelps Real Estate Securities
Fund |
45.36 | — | — | 10,988 | |||
KAR Developing Markets
Fund |
— | 100.00 | — | — | |||
KAR Emerging Markets Small-Cap
Fund |
— | 22.49 | — | 9,705 | |||
KAR International Small-Mid Cap
Fund |
— | 46.96 | — | 109,024 | |||
KAR International Small-Mid Cap Fund
II |
— | 17.33 | — | 1,133 | |||
Vontobel Emerging Markets Opportunities
Fund |
— | 21.82 | 0.86 | 521,881 | |||
Vontobel Foreign Opportunities
Fund |
— | 20.84 | 1.72 | 162,783 | |||
Vontobel Global Opportunities
Fund |
— | 42.84 | 22.40 | 48,307 | |||
Vontobel Greater European Opportunities
Fund |
— | 78.12 | 3.44 | 228 |
Foreign
Source Income Recognized |
Foreign
Taxes Paid on Foreign Source Income | ||
Duff & Phelps International Real Estate Securities
Fund |
$ 1,087 | $ 99 | |
Duff & Phelps Real Asset
Fund |
50 | 4 | |
KAR Developing Markets
Fund |
14 | 1 | |
KAR Emerging Markets Small-Cap
Fund |
7,267 | 1,555 | |
KAR International Small-Mid Cap
Fund |
51,476 | 4,609 | |
KAR International Small-Mid Cap Fund
II |
606 | 66 | |
Vontobel Emerging Markets Opportunities
Fund |
83,702 | 18,428 | |
Vontobel Foreign Opportunities
Fund |
10,854 | 2,501 | |
Vontobel Greater European Opportunities
Fund |
110 | 11 |
Name,
Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee |
Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Burke,
Donald C. YOB: 1960 Served Since: 2016 99 Portfolios |
Retired. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
Harris,
Sidney E. YOB: 1949 Served Since: 2017 96 Portfolios |
Private Investor (since 2021); Professor and Dean Emeritus (2015 to 2021), Professor (1997 to 2014), Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin,
John R. YOB: 1950 Served Since: 2016 96 Portfolios |
Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (since 2014), Counselors of Real Estate. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (55 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
McDaniel,
Connie D. YOB: 1958 Served Since: 2017 96 Portfolios |
Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President Global Finance Transformation (2007 to 2009); Vice President and Controller (1999 to 2007), The Coca-Cola Company. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Trustee (since 2017), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (since 2011) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
Name,
Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee |
Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
McLoughlin,
Philip YOB: 1946 Served Since: 1999 106 Portfolios |
Retired. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee (since 2021), Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Diversified Income & Convertible, Virtus AllianzGI Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Advisory Board Member (since 2021), Virtus AllianzGI Convertible & Income 2024 Target Term Fund and Virtus AllianzGI Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (55 portfolios). |
McNamara,
Geraldine M. YOB: 1951 Served Since: 2001 99 Portfolios |
Retired. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc. and Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Alternative Solutions Trust (2 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (55 portfolios). |
Walton,
R. Keith YOB: 1964 Served Since: 2020 96 Portfolios |
Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; Vice President, Strategy (2013 to 2017), Arizona State University; Partner (since 2006), Global Infrastructure Partners. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
Zino,
Brian T. YOB: 1952 Served Since: 2020 103 Portfolios |
Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus AllianzGI Closed-End Funds (7 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee (since 2020), Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |
Name,
Year of Birth, Length of Time Served and Number of Funds Overseen |
Principal
Occupation(s) During Past 5 Years |
Principal
Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward,
George R.* Trustee and President YOB: 1964 Served Since: 2006 108 Portfolios |
Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Trustee and President (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee and President (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus AllianzGI Closed-End Funds (7 portfolios); and Chairman and Trustee (since 2015), Virtus ETF Trust II (5 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (55 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |
Name,
Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen |
Principal Occupation(s) During Past 5 Years | Other
Directorships Held by Trustee During Past 5 Years |
Cogan,
Sarah E. YOB: 1956 Served Since: 2021 103 Portfolios |
Retired Partner, Simpson Thacher & Bartlett LLP (“STB”) (law firm) (since 2018); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee (since 2019), Virtus AllianzGI Closed-End Funds (7 portfolios); Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; and Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios). |
Name,
Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen |
Principal Occupation(s) During Past 5 Years | Other
Directorships Held by Trustee During Past 5 Years |
DeCotis,
Deborah A. YOB: 1952 Served Since: 2021 103 Portfolios |
Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); Trustee, Smith College (since 2017); and Director, Watford Re (since 2017). Formerly, Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); Trustee, Stanford University (2010 to 2015); and Principal, LaLoop LLC, a retail accessories company (1999 to 2014). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus AllianzGI Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus AllianzGI Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (since 2013), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (12 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Managed Accounts Trust (5 portfolios); and Trustee (since 2011), Virtus AllianzGI Convertible & Income Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund. |
Drummond,
F. Ford YOB: 1962 Served Since: 2021 103 Portfolios |
Owner/Operator (since 1998), Drummond Ranch; formerly Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board;, Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus AllianzGI Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus AllianzGI Convertible & Income Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus AllianzGI Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (12 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
Moyer,
William R. YOB: 1944 Served Since: 2020 96 Portfolios |
Private investor (since 2004); and Financial and Operations Principal (2006 to 2017), Newcastle Distributors LLC (broker dealer). | Advisory Board Member (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Advisory Board Member (since 2020), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Advisory Board Member (since 2020) and Director (2016 to 2019), Virtus Total Return Fund Inc.; Director (2016 to 2019), the former Virtus Total Return Fund Inc.; Advisory Board Member (2020 to 2021) and Director (2014 to 2019), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Advisory Board Member (since 2020) and Trustee (2011 to 2019), Virtus Global Multi-Sector Income Fund; Advisory Board Member (since 2020) and Trustee (2013 to 2016), Virtus Alternative Solutions Trust (2 portfolios). |
Name,
Address and Year of Birth |
Position(s)
Held with Trust and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Batchelar,
Peter J. YOB: 1970 |
Senior Vice President (since 2017), and Vice President (2008 to 2016). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2016), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Senior Vice President (since 2021), Virtus Investment Trust and Virtus Strategy Trust; Senior Vice President (since 2021), AllianzGI Closed-End Funds; Senior Vice President (since 2017) and Vice President (2008 to 2016), Virtus Mutual Fund Family; Senior Vice President (since 2017) and Vice President (2010 to 2016), Virtus Variable Insurance Trust; Senior Vice President (since 2017) and Vice President (2013 to 2016), Virtus Alternative Solutions Trust; Senior Vice President (2017 to 2021) and Vice President (2016 to 2017), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Senior Vice President (since 2017) and Vice President (2016 to 2017), Virtus Total Return Fund Inc. and Virtus Global Multi-Sector Income Fund; and Senior Vice President (2017 to 2019) and Vice President (2016 to 2017), the former Virtus Total Return Fund Inc. |
Bradley,
W. Patrick YOB: 1972 |
Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016), and various officer positions (since 2006), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President, Chief Financial Officer and Treasurer (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Executive Vice President, Chief Financial Officer and Treasurer (since 2021), Virtus Investment Trust and Virtus Strategy Trust; Executive Vice President, Chief Financial Officer and Treasurer (since 2021), Virtus AllianzGI Closed-End Funds; Director (since 2019), Virtus Global Funds ICAV; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2004), Virtus Variable Insurance Trust; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2006), Virtus Mutual Fund Family; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2012 to 2013) and Chief Financial Officer and Treasurer (since 2010), Virtus Total Return Fund Inc.; Executive Vice President (2016 to 2019), Senior Vice President (2013 to 2016), Vice President (2012 to 2013), Chief Financial Officer and Treasurer (since 2010), the former Virtus Total Return Fund Inc.; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2011), Virtus Global Multi-Sector Income Fund; Executive Vice President ( 2016 to 2021), Senior Vice President (2014 to 2016), Chief Financial Officer and Treasurer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), and Chief Financial Officer and Treasurer (since 2013), Virtus Alternative Solutions Trust; Director (since 2013), Virtus Global Funds, PLC; and Vice President and Assistant Treasurer (since 2011), Duff & Phelps Utility and Infrastructure Fund Inc. |
Name,
Address and Year of Birth |
Position(s)
Held with Trust and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Carr,
Kevin J. YOB: 1954 |
Senior Vice President (since 2013); Vice President (2005 to 2013); Chief Legal Officer, Counsel and Secretary (since 2005). | Vice President and Senior Counsel (2017 to Present), Senior Vice President (2009 to 2017), Vice President, Counsel and Secretary (2008 to 2009), and various officer positions (since 2005), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Interim Chief Legal Officer (since 2021), Senior Vice President and Assistant Secretary (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Interim Chief Legal Officer (since 2021), Senior Vice President and Assistant Secretary (since 2021), Virtus Investment Trust and Virtus Strategy Trust; Assistant Secretary, (since 2021), Virtus AllianzGI Closed-End Funds; Senior Vice President (since 2013), Vice President (2005 to 2013), Chief Legal Officer, Counsel and Secretary (since 2005), Virtus Mutual Fund Family; Interim Chief Legal Officer (since 2021), Senior Vice President (2013 to 2014), Vice President (2012 to 2013), Secretary and Chief Legal Officer (2005 to 2013), and Assistant Secretary (2013 to 2014 and since 2017), Virtus Total Return Fund Inc.; Senior Vice President (2013 to 2014), Vice President (2012 to 2013), Secretary and Chief Legal Officer (2005 to 2013) and Assistant Secretary (2013 to 2014 and 2017 to 2019), the former Virtus Total Return Fund Inc.; Interim Chief Legal Officer (since 2021), Senior Vice President (since 2017), Assistant Secretary (since 2013), Vice President, Chief Legal Officer, Counsel and Secretary (2010 to 2013), Virtus Variable Insurance Trust; Interim Chief Legal Officer (since 2021), Senior Vice President (2013 to 2014), Vice President (2011 to 2013), and Assistant Secretary (since 2011), Virtus Global Multi-Sector Income Fund; Assistant Secretary (2015 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Interim Chief Legal Officer (since 2021), Senior Vice President (since 2017) and Assistant Secretary (since 2013), Virtus Alternative Solutions Trust; Secretary (since 2015), ETFis Series Trust I; and Secretary (since 2015), Virtus ETF Trust II. |
Engberg,
Nancy J. YOB: 1956 |
Senior Vice President (since 2017); Vice President (2011 to 2017); and Chief Compliance Officer (since 2011). | Senior Vice President (since 2017), Vice President (2008 to 2017) and Chief Compliance Officer (2008 to 2011 and since 2016), and various officer positions (since 2003), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President and Chief Compliance Officer (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Senior Vice President and Chief Compliance Officer (since 2021), Virtus Investment Trust, Virtus Strategy Trust and Virtus AllianzGI Closed-End Funds; Senior Vice President (since 2017), Vice President (2011 to 2017) and Chief Compliance Officer (since 2011), Virtus Mutual Fund Family; Senior Vice President (since 2017), Vice President (2010 to 2017) and Chief Compliance Officer (since 2011), Virtus Variable Insurance Trust; Senior Vice President (since 2017), Vice President (2011 to 2017) and Chief Compliance Officer (since 2011), Virtus Global Multi-Sector Income Fund; Senior Vice President (since 2017), Vice President (2012 to 2017) and Chief Compliance Officer (since 2012), Virtus Total Return Fund Inc.; Senior Vice President (2017 to 2019), Vice President (2012 to 2017) and Chief Compliance Officer (2012 to 2019), the former Virtus Total Return Fund Inc.; Senior Vice President (since 2017), Vice President (2013 to 2016) and Chief Compliance Officer (since 2013), Virtus Alternative Solutions Trust; Senior Vice President (2017 to 2021), Vice President (2014 to 2017) and Chief Compliance Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Chief Compliance Officer (since 2015), ETFis Series Trust I; and Chief Compliance Officer (since 2015), Virtus ETF Trust II. |
Short,
Julia R. YOB: 1972 |
Senior Vice President (since 2017). | Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Senior Vice President (since 2021), Virtus Investment Trust, Virtus Strategy Trust and Virtus Closed-End Funds; Senior Vice President (2018 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Senior Vice President (since 2018), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Senior Vice President (2018 to 2019), the former Virtus Total Return Fund Inc.; Senior Vice President (since 2017), Virtus Mutual Fund Family; President and Chief Executive Officer, RidgeWorth Funds (2007 to 2017); and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
Name,
Address and Year of Birth |
Position(s)
Held with Trust and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Smirl,
Richard W. YOB: 1967 |
Executive Vice President (since 2021). | Executive Vice President, Product Management (since 2021), and Executive Vice President and Chief Operating Officer (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Executive Vice President (since 2021), Virtus Mutual Fund Family, Virtus Investment Trust, Virtus Strategy Trust, Virtus Global Multi-Sector Income Fund, and Virtus Total Return Fund Inc.; Executive Vice President (May to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
Virtus Vontobel Emerging Markets Opportunities Fund | Matthew
Benkendorf (since March 2016) Ramiz Chelat (since October 2021) Jin Zhang, CFA (since June 2016) |
8637 | 11-21 |
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(b) | Effective October 1, 2021, the code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions was amended. A copy of the currently applicable code is included as an exhibit. |
(d) | The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of the instructions for completion of this Item. |
Item 3. Audit Committee Financial Expert.
(a)(1) | The Registrants Board of Trustees has determined that the Registrant has an audit committee financial expert serving on its Audit Committee. |
(a)(2) | The Registrants Board of Trustees has determined that each of Donald C. Burke, Connie D. McDaniel and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an audit committee financial expert. Each such individual is an independent trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. |
(a)(3) | Not applicable. |
Item 4. Principal Accountant Fees and Services.
| Registrant may incorporate the following information by reference, if this information has been disclosed in the registrants definitive proxy statement or definitive information statement. The proxy statement or information statement must be filed no later than 120 days after the end of the fiscal year covered by the Annual Report. |
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrants annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $463,530 for 2020 and $465,040 for 2021. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrants financial statements and are not reported under paragraph (a) of this Item are $36,562 for 2020 and $20,924 for 2021. Such audit-related fees include the out of pocket expenses. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $72,104 for 2020 and $121,075 for 2021. |
Tax Fees are those primarily associated with review of the Trusts tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trusts financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Funds federal income returns.
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2020 and $0 for 2021. |
(e)(1) | Disclose the audit committees pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
The Board of Trustees of Virtus Opportunities Trust (the Fund) has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Funds Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SECs auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis (general pre-approval).
The Audit Committee has determined that Ms. Connie D. McDaniel, Chair of the Audit Committee, may provide pre-approval for such services that meet the above requirements in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of, and ratifies, each service approved subject to general pre-approval at the next regularly scheduled in-person Audit Committee meeting.
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) 0%
(c) 0%
(d) N/A
(f) | The percentage of hours expended on the principal accountants engagement to audit the registrants financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountants full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $108,666 for 2020 and $141,999 for 2021. |
(h) | The registrants audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountants independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrants 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 registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 registrants 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 registrants internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | ||
(a)(2) | ||
(a)(2)(1) | Not applicable. | |
(a)(2)(2) | Not applicable. | |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Virtus Opportunities Trust
By (Signature and Title)* | /s/ George R. Aylward |
|||
George R. Aylward, President | ||||
(principal executive officer) |
Date 12/7/21
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ George R. Aylward |
|||
George R. Aylward, President | ||||
(principal executive officer) |
Date 12/7/21
By (Signature and Title)* | /s/ W. Patrick Bradley |
|||
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer | ||||
(principal financial officer) |
Date 12/7/21
* Print the name and title of each signing officer under his or her signature.