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 811-22608

 

 

Virtus Global Multi-Sector Income Fund

(Exact name of registrant as specified in charter)

 

 

101 Munson Street

Greenfield, MA 01301-9683

(Address of principal executive offices) (Zip code)

 

 

Jennifer Fromm, Esq.

Vice President, Chief Legal Officer, Counsel and Secretary for Registrant

One Financial Plaza

Hartford, CT 06103-2608

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: (866) 270-7788

Date of fiscal year end: November 30

Date of reporting period: November 30, 2023

 

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

Item 1. Reports to Stockholders.

 

  (a)

The Report to Shareholders is attached herewith.

ANNUAL REPORT
November 30, 2023
Virtus Global Multi-Sector Income Fund
Not FDIC Insured • No Bank Guarantee • May Lose Value

MESSAGE TO SHAREHOLDERS
Dear Virtus Global Multi-Sector Income Fund Shareholder:
I am pleased to present this annual report, which reviews the performance of your fund for the 12 months ended November 30, 2023.
This report contains commentary from the portfolio management team at Newfleet Asset Management about the financial markets and the performance of the Fund’s investments.
The fiscal year saw a generalized recovery from the volatility that characterized much of 2022. But investor sentiment swung between optimism and pessimism depending on the outlook for inflation and interest rates. For the 12 months ended November 30, 2023, the Fund’s net asset value (“NAV”) returned 7.19%, including $0.96 in reinvested distributions, and its market price returned 2.66%. For the same period, the Fund’s benchmark, the Bloomberg Global Aggregate Bond Index, returned 2.05%.
Please call our customer service team at 866-270-7788 if you have questions about your account or require assistance. We appreciate your business and remain committed to your long-term financial success.
Sincerely,
George R. Aylward
President, Chief Executive Officer, and Trustee
Virtus Global Multi-Sector Income Fund
January 2024
Refer to the Manager’s Discussion section for your Fund’s performance. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investing involves risk, including the risk of loss of principal invested.
1

GLOBAL MULTI-SECTOR INCOME FUND
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
November 30, 2023
About the Fund:
Virtus Global Multi-Sector Income Fund’s (NYSE: VGI) (the “Fund”) investment objective is to maximize current income while preserving capital. The Fund seeks to achieve its investment objective by applying extensive credit research to capitalize on opportunities across undervalued areas of the global bond markets. There is no guarantee that the Fund will achieve its investment objective.
The use of leverage allows the Fund to borrow at short-term rates with the expectation to invest at higher yields on its investments. As of November 30, 2023, the Fund’s leverage consisted of $43 million of borrowings made pursuant to a line of credit, which represented approximately 31% of the Fund’s total assets.
Manager Comments – Newfleet Asset Management (Newfleet)
Newfleet’s multi-sector fixed income strategies team manages the Fund, leveraging the knowledge and skills of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management for portfolio construction, avoiding interest rate bets and remaining duration neutral. The following commentary is provided by the respective portfolio team at Newfleet and covers the Fund’s portfolio for the year ended November 30, 2023.
How did the markets perform during the Fund’s fiscal year ended November 30, 2023?
As the end of 2023 approached, economic transitions were proceeding across the globe. China was struggling with a slowing economy amid calls for more stimulus, despite having ended its strict zero-COVID policies earlier in the year. Europe, too, was wrestling with a slowing economy and inflation that remained above official targets. In the meantime, the U.S. economy proved remarkably resilient – unlike other major world economies, it defied expectations of a slowdown, leading to a growing consensus that the Federal Reserve (the Fed) might be able to pull off the often-elusive soft landing. The main risk to this scenario remained the unpredictable cumulative effect of 18 months of monetary tightening on the economy. Because monetary policy works on the economy with a lag, it presents a challenge to central bankers who are trying to return inflation to target without the associated economic pain of higher interest rates.
During the 12 months ended November 30, 2023, the Fed raised its main policy interest rate by 1.50% in its continuing fight to tame inflation. This resulted in significant progress on headline inflation readings as supply chains healed, demand shifted from goods to services, and energy prices rebalanced. Core readings of inflation, however, remained stubbornly above targets at the end of the period. That said, market expectations held that most major global central banks were approaching the end of their interest rate increases.
Despite the volatility during the fiscal year, financial market performance was resilient, with most risk assets outperforming U.S. Treasuries. The U.S. Treasury yield curve shifted higher during the period and remained inverted as of November 30, 2023. The 2-year Treasury yield increased 0.37%, the 5-year Treasury yield increased by 0.53%, the 10-year Treasury yield increased by 0.72%, and the 30-year Treasury yield moved 0.76% higher.
For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 6.
2

GLOBAL MULTI-SECTOR INCOME FUND
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)
November 30, 2023
What factors affected the Fund’s performance during fiscal year?
For the fiscal year ended November 30, 2023, the Fund’s net asset value (“NAV”) returned 7.19%, while its market price returned 2.66%. The Bloomberg Global Aggregate Bond Index, which serves as the Fund’s benchmark, returned 2.05%.
The Fund’s underweight to U.S. Treasuries contributed to performance during the fiscal year. Allocation and positioning within corporate high yield, high yield bank loans, and investment grade corporates had a positive impact on performance for the 12-month period. Issue selection within emerging markets high yield contributed to performance.
The Fund’s overweight to emerging markets high yield detracted during the 12-month period. The underweight to non-U.S. dollar-denominated securities also had a negative impact.
Level distribution practice
The Fund has a practice of seeking to maintain a specified level of monthly distributions to shareholders, which may be changed at any time. As a result of this practice, the Fund may pay distributions in excess of the Fund’s taxable net investment income and net realized gains. During the most recent fiscal year, the practice did not have a material impact on the Fund’s investment strategy. Please refer to the financial highlights and federal income tax information note in this report for further information about the Fund’s distributions and its effect on net asset value.
The preceding information is the opinion of portfolio management only through the end of the period of the report as stated on the cover. Any such opinions are subject to change at any time based upon market conditions and should not be relied upon as investment advice.
The Fund’s portfolio holdings are subject to change and may not be representative of the portfolio managers’ current or future investment decisions. The mention of individual securities held by the Fund is for informational purposes only and should not be construed as a recommendation to purchase or sell any securities. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional.
For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 6.
3

GLOBAL MULTI-SECTOR INCOME FUND
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)
November 30, 2023
Average Annual Total Returns1  for periods ended 11/30/23
  1 Year 5 Years 10 Years
Market Value1,2 2.66% 1.99% 3.28%
Net Asset Value1,2 7.19% 2.30% 3.38%
Bloomberg Global Aggregate Bond Index1,3 2.05% -0.73% -0.09%
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Please visit Virtus.com for performance data current to the most recent month-end.
Growth of $10,000  for periods ended 11/30
This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the years indicated. For comparison, the same investment is shown in the indicated index.
1 Past performance is not indicative of future results. Current performance may be lower or higher than performance in historical periods.
2 Total return on market value is calculated assuming a purchase of common shares on the opening of the first day and sale on the closing of the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s Automatic Reinvestment and Cash Purchase Plan. Total return on market value is not annualized for periods of less than one year. Brokerage commissions that a shareholder may pay are not reflected. Total return on market value does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund shares. Total return on net asset value uses the same methodology, but with use of net asset value for the beginning and ending values.
3 The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.
For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 6.
4

GLOBAL MULTI-SECTOR INCOME FUND
PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited)
November 30, 2023
The following tables present the portfolio holdings within certain
sectors or countries as a percentage of total investments at November 30, 2023.
Asset Allocations
Corporate Bonds and Notes   49%
Energy 13%  
Financials 13  
Materials 3  
All other Corporate Bonds and Notes 20  
Foreign Government Securities   19
Mortgage-Backed Securities   10
Leveraged Loans   9
Asset-Backed Securities   8
U.S. Government Securities   2
Municipal Bonds   2
Other   1
Total   100%
Country Weightings
United States 58%
Mexico 6
Indonesia 3
Canada 3
Turkey 2
Saudi Arabia 2
Netherlands 2
Other 24
Total 100%
5

GLOBAL MULTI-SECTOR INCOME FUND
KEY INVESTMENT TERMS (Unaudited)
November 30, 2023
Bloomberg Global Aggregate Bond Index
The Bloomberg Global Aggregate Bond Index is a market-weighted index of global government, government-related agencies, corporate and securitized fixed income investments. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.
European Central Bank (“ECB”)
The ECB is responsible for conducting monetary policy for the Euro zone. The ECB was established as the core of the Eurosystem and the European System of Central Banks (“ESCB”). The ESCB comprises the ECB and the National Central Banks of all 17 European Union Member States whether or not they have adopted the Euro.
Exchange-Traded Fund (“ETF”)
An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.
Federal Reserve (the “Fed”)
The central bank of the U.S., responsible for controlling money supply, interest rates, and credit with the goal of keeping the U.S. economy and currency stable. Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches, and all national and state banks that are part of the system.
Headline Inflation
Headline inflation is the total inflation in an economy, as measured by inflation in the prices of a basket of goods that includes commodities like food and energy.
London Interbank Offered Rate (“LIBOR”)
A benchmark rate that some of the world’s leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.
Risk Assets
Risk assets are those that tend to demonstrate price volatility, such as equities, high yield bonds, currencies, and commodities.
Secured Overnight Financing Rate (“SOFR”)
A broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.
Yield Curve
A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates. The most frequently reported yield curve compares the three-month, two-year, five-year and 30-year U.S. Treasury debt. This yield curve is used as a benchmark for other debt in the market, such as mortgage rates or bank lending rates. The curve is also used to predict changes in economic output and growth.
6

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
U.S. Government Securities—3.1%
U.S. Treasury Bonds      
1.250%, 5/15/50 $   1,965   $        965
3.625%, 5/15/53    1,425        1,216
U.S. Treasury Notes      
1.375%, 12/31/28      475          411
3.375%, 5/15/33      450          416
Total U.S. Government Securities
(Identified Cost $3,719) 		       3,008
       
 
Municipal Bonds—2.2%
California—0.7%    
State of California, Build America Bond Taxable
7.500%, 4/1/34 		     570          667
Florida—0.3%    
Broward County, Water & Sewer Utility Revenue Series A
4.000%, 10/1/47 		     300          299
Illinois—0.7%    
State of Illinois, Build America Bond Taxable
6.900%, 3/1/35 		     700          730
New York—0.5%    
Metropolitan Transportation Authority Bidding Group Series A
5.000%, 11/15/45 		     430          462
Total Municipal Bonds
(Identified Cost $2,249) 		       2,158
       
 
Foreign Government Securities—27.4%
Arab Republic of Egypt      
144A
7.600%, 3/1/29(2) 		     845          588
144A
8.500%, 1/31/47(2) 		     715          407
  Par Value(1)   Value
       
Foreign Government Securities—continued
Bolivarian Republic of Venezuela RegS
7.650%, 4/21/25(3)(4) 		$   1,380   $       215
Brazil Notas do Tesouro Nacional Series F
10.000%, 1/1/29 		   2,680 BRL          533
Dominican Republic      
144A
4.875%, 9/23/32(2) 		   1,565        1,346
144A
6.850%, 1/27/45(2) 		     615          568
Federative Republic of Brazil      
6.000%, 10/20/33      715          695
4.750%, 1/14/50      365          263
Finance Department Government of Sharjah 144A
6.500%, 11/23/32(2) 		     300          303
Hungary Government International Bond 144A
6.250%, 9/22/32(2) 		     585          597
Islamic Republic of Pakistan 144A
6.875%, 12/5/27(2) 		     630          410
Kingdom of Jordan 144A
5.850%, 7/7/30(2) 		   1,450        1,318
Kingdom of Morocco      
144A
3.000%, 12/15/32(2) 		     200          157
144A
5.500%, 12/11/42(2) 		     590          501
Mongolia Government International Bond 144A
3.500%, 7/7/27(2) 		     525          458
Oman Government International Bond 144A
7.375%, 10/28/32(2) 		     595          655
Republic of Angola 144A
8.250%, 5/9/28(2) 		   1,105          978
Republic of Argentina
3.500%, 7/9/41(5) 		   1,350          440
Republic of Colombia      
3.250%, 4/22/32      690          518
See Notes to Financial Statements
7

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Foreign Government Securities—continued
4.125%, 5/15/51 $     270   $       162
Republic of Ghana RegS
8.125%, 3/26/32(3)(4) 		     970          413
Republic of Guatemala      
144A
5.250%, 8/10/29(2) 		     315          293
144A
3.700%, 10/7/33(2) 		     830          642
Republic of Indonesia
2.850%, 2/14/30 		   1,540        1,355
Republic of Ivory Coast      
144A
6.375%, 3/3/28(2) 		     385          370
144A
6.125%, 6/15/33(2) 		     435          384
Republic of Kenya 144A
8.000%, 5/22/32(2) 		     510          430
Republic of Nigeria 144A
7.375%, 9/28/33(2) 		     525          416
Republic of Philippines
3.700%, 3/1/41 		     960          763
Republic of Poland
4.875%, 10/4/33 		     440          426
Republic of Serbia 144A
6.500%, 9/26/33(2) 		     300          296
Republic of South Africa      
5.875%, 6/22/30      530          492
5.650%, 9/27/47      360          260
Republic of Turkiye      
7.625%, 4/26/29    1,175        1,160
9.125%, 7/13/30    1,055        1,104
4.875%, 4/16/43      935          614
Saudi International Bond      
144A
3.625%, 3/4/28(2) 		     900          854
144A
4.875%, 7/18/33(2) 		     445          435
144A
4.500%, 10/26/46(2) 		   1,655        1,340
State of Israel
2.750%, 7/3/30 		     480          407
State of Qatar      
144A
3.750%, 4/16/30(2) 		     450          426
  Par Value(1)   Value
       
Foreign Government Securities—continued
144A
4.400%, 4/16/50(2) 		$     365   $        306
Ukraine Government      
144A
7.750%, 9/1/26(2)(3) 		     300           83
RegS
7.750%, 9/1/26(3)(4) 		     350           97
United Mexican States      
2.659%, 5/24/31      310          253
6.350%, 2/9/35      300          303
6.338%, 5/4/53    1,177        1,119
Total Foreign Government Securities
(Identified Cost $30,240) 		      26,153
       
 
Mortgage-Backed Securities—13.9%
Agency—4.4%    
Federal National Mortgage Association      
Pool #FS4438
5.000%, 11/1/52 		     905          872
Pool #MA4785
5.000%, 10/1/52 		     457          441
Pool #MA4805
4.500%, 11/1/52 		     799          749
Pool #MA4980
6.000%, 4/1/53 		   1,472        1,477
Pool #MA5072
5.500%, 7/1/53 		     689          680
           4,219
       
 
Non-Agency—9.5%    
Ajax Mortgage Loan Trust 2022-B, A1 144A
3.500%, 3/27/62(2)(5) 		     597          552
American Homes 4 Rent Trust 2014-SFR2, C 144A
4.705%, 10/17/36(2) 		     770          758
Arroyo Mortgage Trust 2019-1, A1 144A
3.805%, 1/25/49(2)(5) 		      82           75
See Notes to Financial Statements
8

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Non-Agency—continued    
Benchmark Mortgage Trust 2023-B38, A2
5.626%, 4/15/56 		$     365   $       362
BPR Trust 2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A
7.221%, 4/15/37(2)(5) 		     270          265
BX Trust 2019-OC11, D 144A
4.075%, 12/9/41(2)(5) 		     515          431
Chase Mortgage Finance Corp.      
2016-SH1, M2 144A
3.750%, 4/25/45(2)(5) 		      81           72
2016-SH2, M2 144A
3.750%, 12/25/45(2)(5) 		     208          183
CIM Trust 2022-R2, A1 144A
3.750%, 12/25/61(2)(5) 		     329          299
COLT Mortgage Loan Trust      
2022-4, A1 144A
4.301%, 3/25/67(2)(5) 		     145          137
2022-5, A1 144A
4.550%, 4/25/67(2)(5) 		     349          331
Ellington Financial Mortgage Trust 2019-2, A3 144A
3.046%, 11/25/59(2)(5) 		      34           31
Extended Stay America Trust 2021-ESH, C (1 month Term SOFR + 1.814%, Cap N/A, Floor 1.700%) 144A
7.137%, 7/15/38(2)(5) 		     268          262
FirstKey Homes Trust 2020-SFR2, B 144A
1.567%, 10/19/37(2) 		     475          434
  Par Value(1)   Value
       
Non-Agency—continued    
Homes Trust 2023-NQM2, A1 144A
6.456%, 2/25/68(2)(5) 		$     480   $       479
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A
7.812%, 8/15/39(2)(5) 		     435          436
JPMorgan Chase Mortgage Trust 2014-5, B2 144A
2.751%, 10/25/29(2)(5) 		     163          143
Mill City Mortgage Loan Trust 2017-3, B1 144A
3.250%, 1/25/61(2)(5) 		     338          272
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22, AS
3.561%, 4/15/48 		     220          207
New Residential Mortgage Loan Trust      
2016-3A, B1 144A
4.000%, 9/25/56(2)(5) 		     163          150
2016-4A, B1A 144A
4.500%, 11/25/56(2)(5) 		     482          451
ORL Trust 2023-GLKS, A (1 month Term SOFR + 2.350%, Cap N/A, Floor 2.350%) 144A
7.673%, 10/19/36(2)(5) 		     375          375
Palisades Mortgage Loan Trust 2021-RTL1, A1 144A
2.857%, 6/25/26(2)(5) 		     150          147
Provident Funding Mortgage Trust 2019-1, A2 144A
3.000%, 12/25/49(2)(5) 		      75           61
See Notes to Financial Statements
9

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Non-Agency—continued    
Starwood Mortgage Residential Trust 2021-3, A3 144A
1.518%, 6/25/56(2)(5) 		$      50   $         39
Towd Point Mortgage Trust      
2016-4, B1 144A
3.957%, 7/25/56(2)(5) 		     260          238
2017-1, M1 144A
3.750%, 10/25/56(2)(5) 		     265          249
2017-4, A2 144A
3.000%, 6/25/57(2)(5) 		     171          152
2018-6, A2 144A
3.750%, 3/25/58(2)(5) 		     215          182
Tricon Residential Trust 2021-SFR1, B 144A
2.244%, 7/17/38(2) 		     150          135
TVC Mortgage Trust 2020-RTL1, M 144A
6.193%, 9/25/24(2)(5) 		     500          499
VCAT LLC      
2021-NPL3, A1 144A
1.743%, 5/25/51(2)(5) 		     216          203
2021-NPL4, A1 144A
1.868%, 8/25/51(2)(5) 		     142          134
Verus Securitization Trust 2022-4, A1 144A
4.474%, 4/25/67(2)(5) 		     299          285
           9,029
Total Mortgage-Backed Securities
(Identified Cost $13,855) 		      13,248
       
 
Asset-Backed Securities—11.4%
Automobiles—4.0%    
Avis Budget Rental Car Funding LLC (AESOP) 2019-2A, D 144A
3.040%, 9/22/25(2) 		     480          462
  Par Value(1)   Value
       
Automobiles—continued    
DT Auto Owner Trust 2023-1A, D 144A
6.440%, 11/15/28(2) 		$     450   $       445
GLS Auto Receivables Issuer Trust      
2020-3A, D 144A
2.270%, 5/15/26(2) 		     345          340
2020-3A, E 144A
4.310%, 7/15/27(2) 		     550          537
2023-1A, B 144A
6.190%, 6/15/27(2) 		     439          438
LAD Auto Receivables Trust      
2021-1A, D 144A
3.990%, 11/15/29(2) 		     470          444
2023-2A, D 144A
6.300%, 2/15/31(2) 		     365          359
OneMain Direct Auto Receivables Trust 2022-1A, C 144A
5.310%, 6/14/29(2) 		     320          309
Santander Drive Auto Receivables Trust 2022-7, A2
5.810%, 1/15/26 		     131          131
Tesla Auto Lease Trust 2023-A, B 144A
6.410%, 7/20/27(2) 		     363          364
           3,829
       
 
Consumer Loans—0.7%    
Affirm Asset Securitization Trust 2023-B, A 144A
6.820%, 9/15/28(2) 		     350          352
Marlette Funding Trust 2023-2A, B 144A
6.540%, 6/15/33(2) 		     363          363
             715
       
 
See Notes to Financial Statements
10

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Credit Card—0.5%    
Avant Credit Card Master Trust 2021-1A, A 144A
1.370%, 4/15/27(2) 		$     480   $       453
Other—6.2%    
Adams Outdoor Advertising LP 2023-1, A2 144A
6.967%, 7/15/53(2) 		     365          364
Aqua Finance Trust      
2017-A, A 144A
3.720%, 11/15/35(2) 		      26           26
2020-AA, D 144A
7.150%, 7/17/46(2) 		     400          348
Arby’s Funding LLC 2020-1A, A2 144A
3.237%, 7/30/50(2) 		     465          414
BXG Receivables Note Trust 2023-A, A 144A
5.770%, 11/15/38(2) 		     388          384
Conn’s Receivables Funding LLC 2022-A, B 144A
9.520%, 12/15/26(2) 		     217          218
FAT Brands Royalty LLC 2021-1A, A2 144A
4.750%, 4/25/51(2) 		     478          444
Hardee’s Funding LLC 2020-1A, A2 144A
3.981%, 12/20/50(2) 		     410          355
Jersey Mike’s Funding 2019-1A, A2 144A
4.433%, 2/15/50(2) 		     348          323
Mariner Finance Issuance Trust 2020-AA, A 144A
2.190%, 8/21/34(2) 		     340          332
Octane Receivables Trust 2023-3A, C 144A
6.740%, 8/20/29(2) 		     425          429
Oportun Funding XIV LLC 2021-A, B 144A
1.760%, 3/8/28(2) 		     320          304
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A
4.666%, 9/5/48(2) 		     513          496
  Par Value(1)   Value
       
Other—continued    
Progress Residential Trust 2021-SFR6, D 144A
2.225%, 7/17/38(2) 		$     190   $        167
Trinity Rail Leasing LLC 2019-1A, A 144A
3.820%, 4/17/49(2) 		     288          272
VFI ABS LLC 2022-1A, B 144A
3.040%, 7/24/28(2) 		     585          560
ZAXBY’S Funding LLC 2021-1A, A2 144A
3.238%, 7/30/51(2) 		     531          447
           5,883
       
 
Total Asset-Backed Securities
(Identified Cost $11,225) 		      10,880
       
 
Corporate Bonds and Notes—69.0%
Communication Services—4.1%    
Altice France Holding S.A. 144A
6.000%, 2/15/28(2) 		     185           75
Altice France S.A.      
144A 5.125%, 7/15/29(2)      125           89
144A 5.500%, 10/15/29(2)      185          134
AT&T, Inc.
5.400%, 2/15/34 		     290          287
CSC Holdings LLC      
5.250%, 6/1/24      145          138
144A 7.500%, 4/1/28(2)      295          202
CT Trust 144A
5.125%, 2/3/32(2) 		     550          455
DISH DBS Corp.      
5.875%, 11/15/24      180          158
7.750%, 7/1/26      170          101
Gray Television, Inc. 144A
7.000%, 5/15/27(2) 		     330          300
Grupo Televisa SAB
4.625%, 1/30/26 		     525          511
Level 3 Financing, Inc. 144A
3.625%, 1/15/29(2) 		     365          131
See Notes to Financial Statements
11

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Communication
Services—continued 		   
Millennium Escrow Corp. 144A
6.625%, 8/1/26(2) 		$     250   $       193
Rackspace Technology Global, Inc. 144A
5.375%, 12/1/28(2) 		     275           83
Sprint Capital Corp.
8.750%, 3/15/32 		     235          281
Telecomunicaciones Digitales S.A. 144A
4.500%, 1/30/30(2) 		     725          597
Telesat Canada 144A
6.500%, 10/15/27(2) 		     180           84
T-Mobile USA, Inc.
5.050%, 7/15/33 		     151          146
           3,965
       
 
Consumer Discretionary—3.9%    
Ashtead Capital, Inc. 144A
2.450%, 8/12/31(2) 		     570          445
Carnival Corp. 144A
7.000%, 8/15/29(2) 		      35           36
Churchill Downs, Inc. 144A
6.750%, 5/1/31(2) 		     215          211
Clarios Global LP      
144A 8.500%, 5/15/27(2)      245          246
144A 6.750%, 5/15/28(2)       25           25
Ford Motor Co.
3.250%, 2/12/32 		     120           96
Ford Motor Credit Co. LLC
7.350%, 3/6/30 		     200          208
Jacobs Entertainment, Inc. 144A
6.750%, 2/15/29(2) 		     164          147
MDC Holdings, Inc.
3.966%, 8/6/61 		     440          261
Newell Brands, Inc.
6.625%, 9/15/29 		     227          221
Nissan Motor Acceptance Co. LLC 144A
7.050%, 9/15/28(2) 		     210          213
  Par Value(1)   Value
       
Consumer
Discretionary—continued 		   
NMG Holding Co., Inc. 144A
7.125%, 4/1/26(2) 		$     220   $       206
Nordstrom, Inc.
4.250%, 8/1/31 		     300          237
Ontario Gaming GTA LP 144A
8.000%, 8/1/30(2) 		     175          177
PetSmart, Inc. 144A
7.750%, 2/15/29(2) 		     285          269
Premier Entertainment Sub LLC 144A
5.625%, 9/1/29(2) 		     154          111
Royal Caribbean Cruises Ltd. 144A
9.250%, 1/15/29(2) 		      12           13
Tapestry, Inc.
7.850%, 11/27/33 		     325          330
Weekley Homes LLC 144A
4.875%, 9/15/28(2) 		     255          234
           3,686
       
 
Consumer Staples—2.2%    
Anheuser-Busch InBev Worldwide, Inc.
3.500%, 6/1/30 		     305          282
BAT Capital Corp.
7.750%, 10/19/32 		     330          365
Central American Bottling Corp. 144A
5.250%, 4/27/29(2) 		     295          268
Coty, Inc. 144A
6.625%, 7/15/30(2) 		     230          231
Minerva Luxembourg S.A. 144A
8.875%, 9/13/33(2) 		     710          716
Pilgrim’s Pride Corp.
6.250%, 7/1/33 		     230          226
           2,088
       
 
See Notes to Financial Statements
12

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Energy—18.4%    
Aker BP ASA 144A
2.000%, 7/15/26(2) 		$     263   $       240
Alliance Resource Operating Partners LP 144A
7.500%, 5/1/25(2) 		     269          268
Ascent Resources Utica Holdings LLC 144A
8.250%, 12/31/28(2) 		     255          255
BP Capital Markets plc
4.875% (6) 		     375          337
CITGO Petroleum Corp. 144A
7.000%, 6/15/25(2) 		      95           94
Civitas Resources, Inc. 144A
8.750%, 7/1/31(2) 		     180          186
Columbia Pipelines Operating Co. LLC      
144A 6.036%, 11/15/33(2)      215          217
144A 6.714%, 8/15/63(2)       40           41
Coronado Finance Pty Ltd. 144A
10.750%, 5/15/26(2) 		     382          398
CrownRock LP 144A
5.625%, 10/15/25(2) 		     255          253
Ecopetrol S.A.      
4.625%, 11/2/31      695          554
8.875%, 1/13/33      585          600
Enbridge, Inc.
7.625%, 1/15/83 		     345          326
Energy Transfer LP Series H
6.500% (6) 		     245          229
Fermaca Enterprises S de RL de C.V. 144A
6.375%, 3/30/38(2) 		     703          669
Flex Intermediate Holdco LLC 144A
3.363%, 6/30/31(2) 		     175          137
Genesis Energy LP
8.875%, 4/15/30 		     395          402
Greensaif Pipelines Bidco S.a.r.l. 144A
6.129%, 2/23/38(2) 		     235          235
  Par Value(1)   Value
       
Energy—continued    
Helix Energy Solutions Group, Inc. 144A
9.750%, 3/1/29(2) 		$     185   $       185
Hilcorp Energy I LP 144A
5.750%, 2/1/29(2) 		     290          273
International Petroleum Corp.      
144A, RegS 7.250%, 2/1/27(2)(4)      200          186
144A, RegS 7.250%, 2/1/27(2)(4)      300          279
KazMunayGas National Co. JSC      
144A 5.375%, 4/24/30(2)      310          291
144A 5.750%, 4/19/47(2)      640          509
144A 6.375%, 10/24/48(2)      200          170
Kinder Morgan, Inc.
7.750%, 1/15/32 		     380          422
Korea National Oil Corp. 144A
4.875%, 4/3/28(2) 		     200          197
Magnolia Oil & Gas Operating LLC 144A
6.000%, 8/1/26(2) 		     270          262
Mesquite Energy, Inc. 144A
7.250%, 2/15/24(2) 		     135           10
Nabors Industries Ltd. 144A
7.250%, 1/15/26(2) 		     195          186
Northriver Midstream Finance LP 144A
5.625%, 2/15/26(2) 		     255          248
Occidental Petroleum Corp.
6.125%, 1/1/31 		     405          409
Odebrecht Oil & Gas Finance Ltd. 144A
0.000% (2)(6)(7)(8) 		     154            2
Pertamina Persero PT      
144A 2.300%, 2/9/31(2)    1,075          874
RegS 6.450%, 5/30/44(4)      815          818
Petroleos de Venezuela S.A. 144A
6.000%, 5/16/24(2)(3) 		   1,820          218
See Notes to Financial Statements
13

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Energy—continued    
Petroleos Mexicanos      
6.500%, 3/13/27 $     930   $       836
5.950%, 1/28/31      825          615
6.700%, 2/16/32      935          727
6.500%, 6/2/41      350          220
7.690%, 1/23/50      595          394
6.375%, 1/23/45    1,700        1,011
6.350%, 2/12/48      520          307
Petronas Capital Ltd. 144A
3.500%, 4/21/30(2) 		     555          504
Reliance Industries Ltd. 144A
2.875%, 1/12/32(2) 		     760          622
State Oil Co. of the Azerbaijan Republic RegS
6.950%, 3/18/30(4) 		     625          631
Teine Energy Ltd. 144A
6.875%, 4/15/29(2) 		     250          236
Transocean, Inc.      
144A 11.500%, 1/30/27(2)        9            9
144A 8.750%, 2/15/30(2)      214          218
Venture Global Calcasieu Pass LLC 144A
4.125%, 8/15/31(2) 		     245          211
Viper Energy, Inc. 144A
7.375%, 11/1/31(2) 		      30           30
          17,551
       
 
Financials—17.9%    
Acrisure LLC 144A
7.000%, 11/15/25(2) 		     370          365
Allianz SE 144A
6.350%, 9/6/53(2) 		     200          200
Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%)
8.579%, 8/15/53(5) 		     391          386
American Express Co.
5.625%, 7/28/34 		     255          252
  Par Value(1)   Value
       
Financials—continued    
Australia & New Zealand Banking Group Ltd. 144A
4.400%, 5/19/26(2) 		$     260   $       250
Banco de Credito e Inversiones S.A. 144A
3.500%, 10/12/27(2) 		     990          916
Banco Mercantil del Norte S.A. 144A
6.625% (2)(6) 		     780          645
Banco Nacional de Comercio Exterior SNC 144A
4.375%, 10/14/25(2) 		     510          494
Banco Santander Chile 144A
3.177%, 10/26/31(2) 		     150          125
Bancolombia S.A.
4.625%, 12/18/29 		     300          270
Bank of America Corp.      
5.015%, 7/22/33      295          280
2.482%, 9/21/36      395          298
Bank of New York Mellon Corp. (The)
5.834%, 10/25/33 		     385          392
Barclays plc
7.437%, 11/2/33 		     420          447
BBVA Bancomer S.A. 144A
5.125%, 1/18/33(2) 		     700          625
Blackstone Private Credit Fund
2.625%, 12/15/26 		     200          176
Blue Owl Credit Income Corp.
4.700%, 2/8/27 		     259          238
BroadStreet Partners, Inc. 144A
5.875%, 4/15/29(2) 		     160          146
Brookfield Finance, Inc.
6.350%, 1/5/34 		     345          348
Capital One Financial Corp.
2.359%, 7/29/32 		     420          298
See Notes to Financial Statements
14

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Financials—continued    
Charles Schwab Corp. (The) Series H
4.000% (6) 		$     360   $       272
Citadel LP 144A
4.875%, 1/15/27(2) 		     270          261
Citigroup, Inc.      
6.270%, 11/17/33      270          279
6.174%, 5/25/34      204          202
Citizens Bank N.A.
2.250%, 4/28/25 		     250          236
Cobra AcquisitionCo. LLC 144A
6.375%, 11/1/29(2) 		     162          118
Corebridge Financial, Inc.
6.875%, 12/15/52 		     337          324
Discover Bank
4.650%, 9/13/28 		     250          228
Drawbridge Special Opportunities Fund LP 144A
3.875%, 2/15/26(2) 		     585          528
Export-Import Bank Korea
5.125%, 1/11/33 		     600          601
Fifth Third Bancorp
4.337%, 4/25/33 		     245          215
First American Financial Corp.
4.000%, 5/15/30 		     330          286
Global Atlantic Fin Co. 144A
7.950%, 6/15/33(2) 		     137          148
Global Payments, Inc.
2.900%, 5/15/30 		     395          336
Goldman Sachs Group, Inc. (The)      
3.102%, 2/24/33      175          144
6.450%, 5/1/36      135          139
Huntington Bancshares, Inc.
2.550%, 2/4/30 		     280          230
JPMorgan Chase & Co.      
5.350%, 6/1/34      135          132
6.254%, 10/23/34      200          209
Liberty Mutual Group, Inc. 144A
4.125%, 12/15/51(2) 		     400          326
  Par Value(1)   Value
       
Financials—continued    
Lincoln National Corp. (3 month LIBOR + 2.040%)
7.717%, 4/20/67(5) 		$     324   $       198
MDGH-GMTN RSC Ltd. 144A
4.500%, 11/7/28(2) 		     750          727
MetLife, Inc. Series G
3.850% (6) 		     220          207
Midcap Financial Issuer Trust 144A
6.500%, 5/1/28(2) 		     370          322
Morgan Stanley      
6.342%, 10/18/33      290          300
5.948%, 1/19/38      174          169
MSCI, Inc. 144A
3.625%, 9/1/30(2) 		     261          227
National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%)
8.562%, 4/30/43(5) 		     165          163
Nationstar Mortgage Holdings, Inc. 144A
5.750%, 11/15/31(2) 		     165          144
NCR Atleos Corp. 144A
9.500%, 4/1/29(2) 		     184          190
Nippon Life Insurance Co. 144A
6.250%, 9/13/53(2) 		     200          202
Prudential Financial, Inc.
6.750%, 3/1/53 		     220          219
State Street Corp.
4.821%, 1/26/34 		     300          282
Synchrony Financial      
4.875%, 6/13/25       65           63
3.700%, 8/4/26       93           85
Toronto-Dominion Bank (The)
8.125%, 10/31/82 		     435          437
UBS Group AG      
144A 9.250%(2)(6)       35           37
144A 4.988%, 8/5/33(2)      310          285
Wells Fargo & Co.      
5.389%, 4/24/34      145          140
See Notes to Financial Statements
15

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Financials—continued    
Series BB
3.900%(6) 		$     400   $       361
          17,123
       
 
Health Care—3.8%    
Akumin, Inc. 144A
7.000%, 11/1/25(2)(9) 		     235          189
Bausch Health Cos., Inc.      
144A 6.125%, 2/1/27(2)       25           14
144A 11.000%, 9/30/28(2)      105           66
144A 14.000%, 10/15/30(2)       20           11
Catalent Pharma Solutions, Inc. 144A
3.500%, 4/1/30(2) 		     255          213
Cheplapharm Arzneimittel GmbH 144A
5.500%, 1/15/28(2) 		     370          343
Community Health Systems, Inc. 144A
6.125%, 4/1/30(2) 		     245          137
DENTSPLY SIRONA, Inc.
3.250%, 6/1/30 		     335          287
HCA, Inc.
5.500%, 6/1/33 		     290          285
IQVIA, Inc. 144A
6.250%, 2/1/29(2) 		     250          254
Lannett Co., Inc. 144A
7.750%, 4/15/26(2)(7) 		      60            3
LifePoint Health, Inc. 144A
9.875%, 8/15/30(2) 		     360          350
Surgery Center Holdings, Inc.      
144A 6.750%, 7/1/25(2)       84           83
144A 10.000%, 4/15/27(2)      125          126
Team Health Holdings, Inc. 144A
6.375%, 2/1/25(2) 		     220          184
Teva Pharmaceutical Finance Netherlands III B.V.
5.125%, 5/9/29 		     280          258
  Par Value(1)   Value
       
Health Care—continued    
Universal Health Services, Inc.
2.650%, 1/15/32 		$     400   $       315
Viatris, Inc.
2.700%, 6/22/30 		     265          215
Zimmer Biomet Holdings, Inc.
3.550%, 3/20/30 		     325          285
           3,618
       
 
Industrials—4.5%    
Alaska Airlines Pass-Through Trust 2020-1, A 144A
4.800%, 2/15/29(2) 		     340          324
Avolon Holdings Funding Ltd. 144A
4.375%, 5/1/26(2) 		     301          287
Beacon Roofing Supply, Inc. 144A
6.500%, 8/1/30(2) 		      90           90
Boeing Co. (The)      
3.750%, 2/1/50      215          156
5.930%, 5/1/60      160          155
British Airways Pass-Through Trust 2021-1, A 144A
2.900%, 9/15/36(2) 		     376          315
Chart Industries, Inc. 144A
9.500%, 1/1/31(2) 		     200          213
Concentrix Corp.
6.650%, 8/2/26 		     175          176
CoStar Group, Inc. 144A
2.800%, 7/15/30(2) 		     481          395
GFL Environmental, Inc. 144A
6.750%, 1/15/31(2) 		      15           15
Global Infrastructure Solutions, Inc. 144A
7.500%, 4/15/32(2) 		     265          231
Hertz Corp. (The) 144A
5.000%, 12/1/29(2) 		     180          138
Icahn Enterprises LP
6.250%, 5/15/26 		     235          222
See Notes to Financial Statements
16

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Industrials—continued    
LBM Acquisition LLC 144A
6.250%, 1/15/29(2) 		$     250   $       209
Neptune Bidco U.S., Inc. 144A
9.290%, 4/15/29(2) 		     175          162
Regal Rexnord Corp. 144A
6.400%, 4/15/33(2) 		     371          366
Sempra Global 144A
3.250%, 1/15/32(2) 		     405          321
United Airlines Pass-Through Trust 2023-1, A
5.800%, 7/15/37 		     240          230
Veralto Corp. 144A
5.450%, 9/18/33(2) 		     210          209
VistaJet Malta Finance plc 144A
9.500%, 6/1/28(2) 		     155          129
           4,343
       
 
Information Technology—2.1%    
Booz Allen Hamilton, Inc.      
144A 3.875%, 9/1/28(2)      195          179
144A 4.000%, 7/1/29(2)      220          200
CommScope Technologies LLC 144A
6.000%, 6/15/25(2) 		     225          177
Consensus Cloud Solutions, Inc.      
144A 6.000%, 10/15/26(2)       35           33
144A 6.500%, 10/15/28(2)       55           50
Dell International LLC
8.100%, 7/15/36 		     243          286
GTCR W-2 Merger Sub LLC 144A
7.500%, 1/15/31(2) 		     145          148
ION Trading Technologies S.a.r.l. 144A
5.750%, 5/15/28(2) 		      49           42
Kyndryl Holdings, Inc.
3.150%, 10/15/31 		     180          143
Leidos, Inc.
2.300%, 2/15/31 		     390          312
  Par Value(1)   Value
       
Information
Technology—continued 		   
Oracle Corp.
3.850%, 4/1/60 		$     185   $       127
Viasat, Inc. 144A
5.625%, 9/15/25(2) 		     345          330
           2,027
       
 
Materials—4.9%    
ArcelorMittal S.A.
6.800%, 11/29/32 		     210          216
ASP Unifrax Holdings, Inc. 144A
5.250%, 9/30/28(2) 		     455          313
Bayport Polymers LLC 144A
5.140%, 4/14/32(2) 		     370          336
Cleveland-Cliffs, Inc. 144A
6.750%, 3/15/26(2) 		     295          295
Corp. Nacional del Cobre de Chile 144A
5.950%, 1/8/34(2) 		     235          230
Glencore Funding LLC 144A
2.850%, 4/27/31(2) 		     340          279
Illuminate Buyer LLC 144A
9.000%, 7/1/28(2) 		     202          190
INEOS Quattro Finance 2 plc      
144A 3.375%, 1/15/26(2)      147          138
144A 9.625%, 3/15/29(2)      200          206
LSB Industries, Inc. 144A
6.250%, 10/15/28(2) 		     260          242
Mauser Packaging Solutions Holding Co. 144A
7.875%, 8/15/26(2) 		     145          144
New Enterprise Stone & Lime Co., Inc. 144A
9.750%, 7/15/28(2) 		     405          404
OCP S.A.      
144A 5.625%, 4/25/24(2)      660          657
144A 3.750%, 6/23/31(2)      200          165
Taseko Mines Ltd. 144A
7.000%, 2/15/26(2) 		     230          215
Teck Resources Ltd.
6.125%, 10/1/35 		     270          269
See Notes to Financial Statements
17

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Materials—continued    
Trivium Packaging Finance B.V. 144A
8.500%, 8/15/27(2) 		$     259   $       235
WR Grace Holdings LLC 144A
5.625%, 8/15/29(2) 		     172          145
           4,679
       
 
Real Estate—2.3%    
Ashton Woods USA LLC 144A
4.625%, 4/1/30(2) 		     340          284
EPR Properties      
4.750%, 12/15/26      260          245
3.600%, 11/15/31       95           74
GLP Capital LP      
3.250%, 1/15/32      132          106
6.750%, 12/1/33      135          136
Office Properties Income Trust
4.500%, 2/1/25 		     575          512
Ontario Teachers’ Cadillac Fairview Properties Trust 144A
2.500%, 10/15/31(2) 		     285          222
Service Properties Trust
4.500%, 3/15/25 		     290          280
VICI Properties LP      
4.950%, 2/15/30      110          102
5.125%, 5/15/32      185          170
144A 4.625%, 6/15/25(2)       70           68
           2,199
       
 
Utilities—4.9%    
CMS Energy Corp.
4.750%, 6/1/50 		     460          397
Electricite de France S.A.      
144A 6.250%, 5/23/33(2)      345          356
144A 6.900%, 5/23/53(2)      365          376
Enel Finance International N.V. 144A
7.500%, 10/14/32(2) 		     400          439
  Par Value(1)   Value
       
Utilities—continued    
Eskom Holdings SOC Ltd. 144A
7.125%, 2/11/25(2) 		$     640   $        637
Ferrellgas LP      
144A 5.375%, 4/1/26(2)       90           86
144A 5.875%, 4/1/29(2)      170          156
KeySpan Gas East Corp. 144A
5.994%, 3/6/33(2) 		     255          250
NRG Energy, Inc. 144A
7.000%, 3/15/33(2) 		     320          324
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 144A
4.125%, 5/15/27(2) 		     950          911
Southern Co. (The) Series 21-A
3.750%, 9/15/51 		     490          429
Sunnova Energy Corp. 144A
5.875%, 9/1/26(2) 		     240          195
Vistra Corp. 144A
8.000% (2)(6) 		     125          122
           4,678
Total Corporate Bonds and Notes
(Identified Cost $72,951) 		      65,957
       
 
Leveraged Loans—13.5%
Aerospace—1.0%    
Amentum Government Services Holdings LLC (1 month Term SOFR + 4.000%)
9.331%, 2/15/29(5) 		     128          128
Brown Group Holding LLC (1 month Term SOFR + 2.850%)
8.198%, 6/7/28(5) 		     162          161
See Notes to Financial Statements
18

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Aerospace—continued    
Dynasty Acquisition Co., Inc.      
2023, Tranche B-1 (1 month Term SOFR + 4.000%)
9.348%, 8/24/28(5) 		$     128   $       128
2023, Tranche B-2 (1 month Term SOFR + 4.000%)
9.348%, 8/24/28(5) 		      55           55
Kestrel Bidco, Inc. (1 month Term SOFR + 3.100%)
8.443%, 12/11/26(5) 		     149          146
Mileage Plus Holdings LLC (3 month Term SOFR + 5.400%)
10.798%, 6/21/27(5) 		     184          189
Peraton Corp. Tranche B, First Lien (1 month Term SOFR + 3.850%)
9.198%, 2/1/28(5) 		     147          145
Transdigm, Inc. Tranche J (1 month Term SOFR + 3.250%)
0.000%, 2/14/31(5)(10) 		      25           25
             977
       
 
Chemicals—0.3%    
LSF11 A5 Holdco LLC (1 month Term SOFR + 4.350%)
9.698%, 10/15/28(5) 		     150          148
Nouryon Finance B.V. (3 month Term SOFR + 4.100%)
9.467%, 4/3/28(5) 		      60           60
Windsor Holdings III LLC Tranche B (1 month Term SOFR + 4.500%)
9.820%, 8/1/30(5) 		     125          125
             333
       
 
  Par Value(1)   Value
       
Consumer Non-Durables—0.6%    
AI Aqua Merger Sub, Inc. 2023
0.000%, 7/31/28(5)(10) 		$     138   $       137
DS Parent, Inc. Tranche B (6 month Term SOFR + 6.000%)
11.337%, 12/8/28(5) 		     169          168
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month Term SOFR + 4.012%)
9.402%, 12/22/26(5) 		     294          291
             596
       
 
Energy—0.8%    
GIP Pilot Acquisition Partners LP (3 month Term SOFR + 3.000%)
8.388%, 10/4/30(5) 		      40           40
Hamilton Projects Acquiror LLC (1 month Term SOFR + 4.614%)
9.963%, 6/17/27(5) 		     157          158
Medallion Midland Acquisition LLC (3 month Term SOFR + 4.012%)
9.402%, 10/18/28(5) 		     156          156
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%)
8.694% - 8.710%, 10/5/28(5) 		     138          138
Traverse Midstream Partners LLC 2023, Tranche B (3 month Term SOFR + 3.850%)
9.240%, 2/16/28(5) 		     293          292
             784
       
 
See Notes to Financial Statements
19

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Financials—0.6%    
Acrisure LLC 2023 (3 month Term SOFR + 4.500%)
9.888%, 10/18/30(5) 		$     100   $       100
AssuredPartners, Inc.      
2020 (1 month Term SOFR + 3.614%)
0.000%, 2/12/27(5)(10) 		     135          135
2023 (1 month Term SOFR + 3.750%)
9.098%, 2/12/27(5) 		      20           20
Asurion LLC Tranche B-9 (1 month Term SOFR + 3.364%)
8.713%, 7/31/27(5) 		     135          132
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 2.750%)
8.138%, 6/15/25(5) 		     152          151
             538
       
 
Food / Tobacco—1.3%    
Del Monte Foods, Inc. (1 month Term SOFR + 4.350% - 3 month PRIME + 3.250%)
9.698% - 11.750%, 5/16/29(5) 		     144          142
Froneri U.S., Inc. Tranche B-2 (1 month Term SOFR + 2.350%)
7.698%, 1/29/27(5) 		     224          223
Naked Juice LLC (3 month Term SOFR + 3.350%)
8.740%, 1/24/29(5) 		     233          218
Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%)
9.630%, 7/12/29(5) 		     119          119
Shearer’s Foods LLC First Lien (1 month Term SOFR + 3.614%)
8.963%, 9/23/27(5) 		     149          149
  Par Value(1)   Value
       
Food / Tobacco—continued    
Sigma Bidco B.V. Tranche B-7 (1 month Term SOFR + 3.000%)
0.000%, 1/2/28(5)(10) 		$     279   $       270
Triton Water Holdings, Inc. First Lien (3 month Term SOFR + 3.512%)
8.902%, 3/31/28(5) 		     140          138
           1,259
       
 
Forest Prod / Containers—0.1%    
TricorBraun, Inc. (1 month Term SOFR + 3.364%)
8.713%, 3/3/28(5) 		     136          133
Gaming / Leisure—0.4%    
ECL Entertainment LLC Tranche B (3 month Term SOFR + 4.750%)
10.140%, 9/3/30(5) 		     155          154
Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%)
9.640%, 8/1/30(5) 		      60           60
Playa Hotels & Resorts B.V. (1 month Term SOFR + 4.250%)
9.580%, 1/5/29(5) 		     146          146
             360
       
 
Health Care—2.2%    
Amneal Pharmaceuticals LLC (1 month Term SOFR + 5.500%)
10.822%, 5/4/28(5) 		     140          133
Bausch & Lomb Corp. (1 month Term SOFR + 4.000%)
9.348%, 9/14/28(5) 		     100           98
See Notes to Financial Statements
20

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Health Care—continued    
CHG Healthcare Services, Inc. First Lien (1 month Term SOFR + 3.364%)
8.713%, 9/29/28(5) 		$     107   $       106
Gainwell Acquisition Corp. Tranche B (3 month Term SOFR + 4.100%)
9.490%, 10/1/27(5) 		     147          142
Hunter Holdco 3 Ltd. First Lien (3 month Term SOFR + 4.350%)
9.740%, 8/19/28(5) 		     114          112
IVC Acquisition Ltd. (1 month Term SOFR + 5.500%)
0.000%, 11/17/28(5)(10) 		      95           94
Medline Borrower LP (1 month Term SOFR + 3.114%)
8.463%, 10/23/28(5) 		     303          303
Phoenix Guarantor, Inc. Tranche B-1 (1 month Term SOFR + 3.364%)
8.713%, 3/5/26(5) 		     134          134
Sotera Health Holdings LLC (1 month Term SOFR + 3.750%)
9.091%, 12/11/26(5) 		      65           65
Star Parent, Inc. Tranche B (1 month Term SOFR + 4.000%)
9.386%, 9/28/30(5) 		     310          303
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month Term SOFR + 3.850%)
9.240%, 10/1/26(5) 		     141          142
Upstream Newco, Inc. 2021 (1-3 month Term SOFR + 4.512%)
9.713% - 9.895%, 11/20/26(5) 		     187          173
  Par Value(1)   Value
       
Health Care—continued    
Viant Medical Holdings, Inc. First Lien (1 month Term SOFR + 3.864%)
9.213%, 7/2/25(5) 		$     253   $       249
           2,054
       
 
Information Technology—2.5%    
Applied Systems, Inc.      
2026 (3 month Term SOFR + 4.500%)
9.890%, 9/18/26(5) 		     134          135
Second Lien (3 month Term SOFR + 6.750%)
12.140%, 9/17/27(5) 		     247          248
Central Parent LLC Tranche B (3 month Term SOFR + 4.000%)
9.406%, 7/6/29(5) 		     283          283
ConnectWise LLC (1 month Term SOFR + 3.614%)
8.963%, 9/29/28(5) 		      83           81
Epicor Software Corp. Tranche C (1 month Term SOFR + 3.364%)
8.713%, 7/30/27(5) 		     164          164
GTCR W Merger Sub LLC Tranche B (1 month Term SOFR + 3.000%)
0.000%, 9/20/30(5)(10) 		      85           85
Indicor LLC (3 month Term SOFR + 4.500%)
9.890%, 11/22/29(5) 		     194          194
Mosel Bidco SE Tranche B (3 month Term SOFR + 4.750%)
10.136%, 9/16/30(5) 		      92           92
NCR Atleos LLC Tranche B (1 month Term SOFR + 4.850%)
10.198%, 3/27/29(5) 		     300          293
See Notes to Financial Statements
21

Global Multi-Sector Income Fund
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Information
Technology—continued 		   
Polaris Newco LLC First Lien (1 month Term SOFR + 4.114%)
9.463%, 6/2/28(5) 		$     155   $       150
Project Ruby Ultimate Parent Corp. First Lien (1 month Term SOFR + 3.364%)
8.713%, 3/10/28(5) 		     194          192
RealPage, Inc. First Lien (1 month Term SOFR + 3.114%)
8.463%, 4/24/28(5) 		     146          142
Sophia LP Tranche B (1 month Term SOFR + 3.600%)
8.948%, 10/7/27(5) 		     174          174
UKG, Inc.      
2021, Second Lien (3 month Term SOFR + 5.350%)
10.764%, 5/3/27(5) 		      10           10
2021-2, First Lien (3 month Term SOFR + 3.350%)
8.764%, 5/4/26(5) 		     162          163
           2,406
       
 
Manufacturing—0.8%    
Chart Industries, Inc. Tranche B (1 month Term SOFR + 3.350%)
8.670%, 3/15/30(5) 		     144          144
CPM Holdings, Inc. (1 month Term SOFR + 4.500%)
9.827%, 9/28/28(5) 		     166          166
Filtration Group Corp. 2021 (1 month Term SOFR + 3.614%)
8.963%, 10/21/28(5) 		     220          219
  Par Value(1)   Value
       
Manufacturing—continued    
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%)
9.191%, 2/23/29(5) 		$     189