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 811-00945
Virtus Equity Trust
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301-9668
(Address of principal executive offices) (Zip code)
Kevin J. Carr, Esq.
Senior Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 243-1574
Date of fiscal year end: September 30
Date of reporting period: March 31, 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 KAR Capital Growth Fund |
Virtus KAR Equity Income Fund |
Virtus KAR Global Quality Dividend Fund |
Virtus KAR Mid-Cap Core Fund |
Virtus KAR Mid-Cap Growth Fund |
Virtus KAR Small-Cap Core Fund |
Virtus KAR Small-Cap Growth Fund |
Virtus KAR Small-Cap Value Fund |
Virtus KAR Small-Mid Cap Core Fund |
Virtus KAR Small-Mid Cap Growth Fund |
Virtus SGA Emerging Markets Growth Fund |
Virtus SGA Global Growth Fund |
Virtus SGA New Leaders Growth Fund |
1 | ||
2 | ||
6 | ||
7 | ||
Fund | Schedule of Investments | |
9 | ||
10 | ||
11 | ||
12 | ||
14 | ||
16 | ||
17 | ||
19 | ||
20 | ||
21 | ||
22 | ||
23 | ||
24 | ||
26 | ||
33 | ||
36 | ||
43 | ||
54 | ||
69 |
President, Virtus Funds
Beginning Account Value October 1, 2020 | Ending Account Value March 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Capital Growth Fund | ||||||||
Class A | $ 1,000.00 | $ 1,106.10 | 1.19 % | $ 6.25 | ||||
Class C | 1,000.00 | 1,101.90 | 1.96 | 10.27 | ||||
Class I | 1,000.00 | 1,107.30 | 1.00 | 5.25 | ||||
Class R6 | 1,000.00 | 1,108.70 | 0.73 | 3.84 | ||||
KAR Equity Income Fund | ||||||||
Class A | 1,000.00 | 1,182.30 | 1.20 | 6.53 | ||||
Class C | 1,000.00 | 1,178.10 | 1.95 | 10.59 | ||||
Class I | 1,000.00 | 1,183.70 | 0.95 | 5.17 | ||||
Class R6 | 1,000.00 | 1,183.50 | 0.91 | 4.95 | ||||
KAR Global Quality Dividend Fund | ||||||||
Class A | 1,000.00 | 1,160.10 | 1.34 | 7.22 | ||||
Class C | 1,000.00 | 1,156.20 | 2.10 | 11.29 | ||||
Class I | 1,000.00 | 1,162.10 | 1.10 | 5.93 | ||||
Class R6 | 1,000.00 | 1,164.20 | 0.78 | 4.21 | ||||
KAR Mid-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,243.20 | 1.20 | 6.71 | ||||
Class C | 1,000.00 | 1,238.50 | 1.95 | 10.88 | ||||
Class I | 1,000.00 | 1,245.00 | 0.95 | 5.32 | ||||
Class R6 | 1,000.00 | 1,245.10 | 0.87 | 4.87 | ||||
KAR Mid-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,119.30 | 1.22 | 6.45 | ||||
Class C | 1,000.00 | 1,115.20 | 1.97 | 10.39 | ||||
Class I | 1,000.00 | 1,120.60 | 0.98 | 5.18 | ||||
Class R6 | 1,000.00 | 1,121.60 | 0.83 | 4.39 | ||||
KAR Small-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,242.50 | 1.27 | 7.10 | ||||
Class C | 1,000.00 | 1,237.80 | 2.00 | 11.16 | ||||
Class I | 1,000.00 | 1,244.20 | 1.00 | 5.60 | ||||
Class R6 | 1,000.00 | 1,244.80 | 0.92 | 5.15 | ||||
KAR Small-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,141.00 | 1.33 | 7.10 | ||||
Class C | 1,000.00 | 1,136.90 | 2.05 | 10.92 | ||||
Class I | 1,000.00 | 1,142.60 | 1.07 | 5.72 | ||||
Class R6 | 1,000.00 | 1,143.00 | 0.98 | 5.24 |
Beginning Account Value October 1, 2020 | Ending Account Value March 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Small-Cap Value Fund | ||||||||
Class A | $1,000.00 | $1,395.20 | 1.19% | $ 7.11 | ||||
Class C | 1,000.00 | 1,390.10 | 1.95 | 11.62 | ||||
Class I | 1,000.00 | 1,397.50 | 0.96 | 5.74 | ||||
Class R6 | 1,000.00 | 1,397.20 | 0.87 | 5.20 | ||||
KAR Small-Mid Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,240.50 | 1.30 | 7.26 | ||||
Class C | 1,000.00 | 1,235.20 | 2.05 | 11.42 | ||||
Class I | 1,000.00 | 1,241.30 | 1.05 | 5.87 | ||||
Class R6 | 1,000.00 | 1,241.80 | 0.97 | 5.42 | ||||
KAR Small-Mid Cap Growth Fund** | ||||||||
Class A | 1,000.00 | 979.00 | 1.30 | 3.98 | ||||
Class C | 1,000.00 | 977.00 | 2.05 | 6.27 | ||||
Class I | 1,000.00 | 980.00 | 1.05 | 3.22 | ||||
Class R6 | 1,000.00 | 980.00 | 0.99 | 3.03 | ||||
SGA Emerging Markets Growth Fund | ||||||||
Class A | 1,000.00 | 1,183.20 | 1.48 | 8.06 | ||||
Class C | 1,000.00 | 1,179.10 | 2.23 | 12.12 | ||||
Class I | 1,000.00 | 1,185.20 | 1.23 | 6.70 | ||||
Class R6 | 1,000.00 | 1,186.50 | 1.05 | 5.72 | ||||
SGA Global Growth Fund | ||||||||
Class A | 1,000.00 | 1,130.30 | 1.38 | 7.33 | ||||
Class C | 1,000.00 | 1,126.30 | 2.11 | 11.19 | ||||
Class I | 1,000.00 | 1,131.60 | 1.13 | 6.01 | ||||
Class R6 | 1,000.00 | 1,132.90 | 0.90 | 4.79 | ||||
SGA New Leaders Growth Fund*** | ||||||||
Class A | 1,000.00 | 1,039.00 | 1.39 | 5.20 | ||||
Class C | 1,000.00 | 1,036.00 | 2.14 | 8.00 | ||||
Class I | 1,000.00 | 1,040.00 | 1.14 | 4.27 | ||||
Class R6 | 1,000.00 | 1,041.00 | 0.91 | 3.41 |
* | 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
** | December 9, 2020, 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 (113) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
*** | November 18, 2020, 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 (134) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value October 1, 2020 | Ending Account Value March 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Capital Growth Fund | ||||||||
Class A | $ 1,000.00 | $ 1,019.00 | 1.19 % | $ 5.99 | ||||
Class C | 1,000.00 | 1,015.16 | 1.96 | 9.85 | ||||
Class I | 1,000.00 | 1,019.95 | 1.00 | 5.04 | ||||
Class R6 | 1,000.00 | 1,021.29 | 0.73 | 3.68 | ||||
KAR Equity Income Fund | ||||||||
Class A | 1,000.00 | 1,018.95 | 1.20 | 6.04 | ||||
Class C | 1,000.00 | 1,015.21 | 1.95 | 9.80 | ||||
Class I | 1,000.00 | 1,020.19 | 0.95 | 4.78 | ||||
Class R6 | 1,000.00 | 1,020.39 | 0.91 | 4.58 | ||||
KAR Global Quality Dividend Fund | ||||||||
Class A | 1,000.00 | 1,018.25 | 1.34 | 6.74 | ||||
Class C | 1,000.00 | 1,014.46 | 2.10 | 10.55 | ||||
Class I | 1,000.00 | 1,019.45 | 1.10 | 5.54 | ||||
Class R6 | 1,000.00 | 1,021.04 | 0.78 | 3.93 | ||||
KAR Mid-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,018.95 | 1.20 | 6.04 | ||||
Class C | 1,000.00 | 1,015.21 | 1.95 | 9.80 | ||||
Class I | 1,000.00 | 1,020.19 | 0.95 | 4.78 | ||||
Class R6 | 1,000.00 | 1,020.59 | 0.87 | 4.38 | ||||
KAR Mid-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.85 | 1.22 | 6.14 | ||||
Class C | 1,000.00 | 1,015.11 | 1.97 | 9.90 | ||||
Class I | 1,000.00 | 1,020.04 | 0.98 | 4.94 | ||||
Class R6 | 1,000.00 | 1,020.79 | 0.83 | 4.18 | ||||
KAR Small-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,018.60 | 1.27 | 6.39 | ||||
Class C | 1,000.00 | 1,014.96 | 2.00 | 10.05 | ||||
Class I | 1,000.00 | 1,019.95 | 1.00 | 5.04 | ||||
Class R6 | 1,000.00 | 1,020.34 | 0.92 | 4.63 | ||||
KAR Small-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.30 | 1.33 | 6.69 | ||||
Class C | 1,000.00 | 1,014.71 | 2.05 | 10.30 | ||||
Class I | 1,000.00 | 1,019.60 | 1.07 | 5.39 | ||||
Class R6 | 1,000.00 | 1,020.04 | 0.98 | 4.94 | ||||
KAR Small-Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,019.00 | 1.19 | 5.99 | ||||
Class C | 1,000.00 | 1,015.21 | 1.95 | 9.80 | ||||
Class I | 1,000.00 | 1,020.14 | 0.96 | 4.84 | ||||
Class R6 | 1,000.00 | 1,020.59 | 0.87 | 4.38 | ||||
KAR Small-Mid Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,018.45 | 1.30 | 6.54 | ||||
Class C | 1,000.00 | 1,014.71 | 2.05 | 10.30 | ||||
Class I | 1,000.00 | 1,019.70 | 1.05 | 5.29 | ||||
Class R6 | 1,000.00 | 1,020.09 | 0.97 | 4.89 | ||||
KAR Small-Mid Cap Growth Fund** | ||||||||
Class A | 1,000.00 | 1,011.45 | 1.30 | 4.05 | ||||
Class C | 1,000.00 | 1,009.13 | 2.05 | 6.38 | ||||
Class I | 1,000.00 | 1,012.23 | 1.05 | 3.27 | ||||
Class R6 | 1,000.00 | 1,012.41 | 0.99 | 3.08 | ||||
SGA Emerging Markets Growth Fund | ||||||||
Class A | 1,000.00 | 1,017.55 | 1.48 | 7.44 | ||||
Class C | 1,000.00 | 1,013.81 | 2.23 | 11.20 | ||||
Class I | 1,000.00 | 1,018.80 | 1.23 | 6.19 | ||||
Class R6 | 1,000.00 | 1,019.70 | 1.05 | 5.29 |
Beginning Account Value October 1, 2020 | Ending Account Value March 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
SGA Global Growth Fund | ||||||||
Class A | $1,000.00 | $1,018.05 | 1.38% | $ 6.94 | ||||
Class C | 1,000.00 | 1,014.41 | 2.11 | 10.60 | ||||
Class I | 1,000.00 | 1,019.30 | 1.13 | 5.69 | ||||
Class R6 | 1,000.00 | 1,020.44 | 0.90 | 4.53 | ||||
SGA New Leaders Growth Fund*** | ||||||||
Class A | 1,000.00 | 1,013.25 | 1.39 | 5.14 | ||||
Class C | 1,000.00 | 1,010.50 | 2.14 | 7.90 | ||||
Class I | 1,000.00 | 1,014.17 | 1.14 | 4.21 | ||||
Class R6 | 1,000.00 | 1,015.02 | 0.91 | 3.37 |
* | 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
** | December 9, 2020, 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 (113) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
*** | November 18, 2020, 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 (134) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Information Technology | 35% |
Consumer Discretionary | 25 |
Communication Services | 14 |
Industrials | 10 |
Financials | 5 |
Health Care | 5 |
Consumer Staples | 5 |
Other | 1 |
Total | 100% |
Financials | 17% |
Industrials | 15 |
Information Technology | 12 |
Health Care | 11 |
Communication Services | 11 |
Consumer Staples | 10 |
Utilities | 9 |
Other (includes short-term investment) | 15 |
Total | 100% |
Financials | 20% |
Communication Services | 15 |
Industrials | 14 |
Consumer Staples | 10 |
Information Technology | 10 |
Health Care | 10 |
Utilities | 9 |
Other | 12 |
Total | 100% |
Industrials | 31% |
Information Technology | 21 |
Health Care | 16 |
Financials | 13 |
Consumer Discretionary | 9 |
Consumer Staples | 3 |
Communication Services | 2 |
Other (includes short-term investment and securities lending collateral) | 5 |
Total | 100% |
Information Technology | 35% |
Consumer Discretionary | 20 |
Industrials | 11 |
Health Care | 10 |
Consumer Staples | 8 |
Financials | 8 |
Communication Services | 2 |
Short-Term Investment | 6 |
Total | 100% |
Industrials | 44% |
Financials | 21 |
Information Technology | 10 |
Communication Services | 9 |
Health Care | 4 |
Consumer Discretionary | 3 |
Consumer Staples | 2 |
Other (includes short-term investment) | 7 |
Total | 100% |
Information Technology | 32% |
Communication Services | 18 |
Financials | 17 |
Consumer Discretionary | 14 |
Industrials | 9 |
Consumer Staples | 5 |
Health Care | 4 |
Other (includes short-term investment and securities lending collateral) | 1 |
Total | 100% |
Industrials | 30% |
Consumer Discretionary | 21 |
Financials | 16 |
Information Technology | 12 |
Materials | 8 |
Consumer Staples | 6 |
Real Estate | 4 |
Other (includes short-term investment) | 3 |
Total | 100% |
Information Technology | 27% |
Industrials | 18 |
Consumer Discretionary | 18 |
Financials | 13 |
Health Care | 12 |
Materials | 8 |
Short-Term Investment | 4 |
Total | 100% |
Industrials | 24% |
Information Technology | 23 |
Health Care | 18 |
Consumer Discretionary | 10 |
Financials | 8 |
Communication Services | 5 |
Consumer Staples | 5 |
Other (includes short-term investment and securities lending collateral) | 7 |
Total | 100% |
Consumer Discretionary | 30% |
Consumer Staples | 22 |
Financials | 20 |
Communication Services | 7 |
Health Care | 6 |
Information Technology | 5 |
Industrials | 4 |
Other (includes short-term investment) | 6 |
Total | 100% |
Information Technology | 30% |
Consumer Discretionary | 17 |
Health Care | 14 |
Communication Services | 12 |
Financials | 7 |
Industrials | 6 |
Consumer Staples | 6 |
Other (includes short-term investment) | 8 |
Total | 100% |
Information Technology | 25% |
Health Care | 20 |
Consumer Discretionary | 17 |
Consumer Staples | 11 |
Industrials | 10 |
Financials | 8 |
Communication Services | 5 |
Other (includes short-term investment) | 4 |
Total | 100% |
Shares | Value | ||
Common Stocks—99.3% | |||
Communication Services—13.5% | |||
Activision Blizzard, Inc. | 105,600 | $ 9,821 | |
Facebook, Inc. Class A(1) | 144,090 | 42,439 | |
Netflix, Inc.(1) | 47,430 | 24,742 | |
Tencent Holdings Ltd. ADR | 307,890 | 24,570 | |
101,572 | |||
Consumer Discretionary—24.7% | |||
Airbnb, Inc. Class A(1) | 38,173 | 7,174 | |
Alibaba Group Holding Ltd. Sponsored ADR(1) | 139,100 | 31,538 | |
Amazon.com, Inc.(1) | 19,932 | 61,671 | |
Home Depot, Inc. (The) | 34,165 | 10,429 | |
Las Vegas Sands Corp.(1) | 173,123 | 10,519 | |
Marriott International, Inc. Class A(1) | 64,820 | 9,601 | |
MercadoLibre, Inc.(1) | 12,960 | 19,079 | |
NIKE, Inc. Class B | 147,400 | 19,588 | |
Ross Stores, Inc. | 95,546 | 11,457 | |
Trip.com Group Ltd. ADR(1) | 139,950 | 5,546 | |
186,602 | |||
Consumer Staples—4.9% | |||
Estee Lauder Cos., Inc. (The) Class A | 30,364 | 8,832 | |
McCormick & Co., Inc. | 76,630 | 6,832 | |
Monster Beverage Corp.(1) | 116,623 | 10,623 | |
Procter & Gamble Co. (The) | 78,670 | 10,654 | |
36,941 | |||
Shares | Value | ||
Financials—5.3% | |||
Bank of America Corp. | 388,065 | $ 15,014 | |
CME Group, Inc. Class A | 33,880 | 6,920 | |
MarketAxess Holdings, Inc. | 25,940 | 12,916 | |
Progressive Corp. (The) | 50,550 | 4,833 | |
39,683 | |||
Health Care—5.0% | |||
Danaher Corp. | 64,202 | 14,451 | |
HealthEquity, Inc.(1) | 73,390 | 4,990 | |
Zoetis, Inc. Class A | 115,857 | 18,245 | |
37,686 | |||
Industrials—9.8% | |||
CoStar Group, Inc.(1) | 18,311 | 15,050 | |
Equifax, Inc. | 34,070 | 6,171 | |
Fair Isaac Corp.(1) | 19,250 | 9,356 | |
Kansas City Southern | 55,720 | 14,706 | |
Roper Technologies, Inc. | 29,909 | 12,063 | |
Uber Technologies, Inc.(1) | 312,331 | 17,025 | |
74,371 | |||
Information Technology—34.9% | |||
Accenture plc Class A | 42,978 | 11,873 | |
Amphenol Corp. Class A | 269,346 | 17,769 | |
Avalara, Inc.(1) | 154,550 | 20,622 | |
Bill.com Holdings, Inc.(1) | 314,000 | 45,687 | |
Duck Creek Technologies, Inc.(1) | 367,685 | 16,597 | |
NVIDIA Corp. | 63,593 | 33,954 | |
Paycom Software, Inc.(1) | 74,552 | 27,589 | |
Snowflake, Inc. Class A(1) | 24,216 | 5,552 | |
Trade Desk, Inc. (The) Class A(1) | 49,080 | 31,983 |
Shares | Value | ||
Information Technology—continued | |||
Visa, Inc. Class A | 154,974 | $ 32,813 | |
Workday, Inc. Class A(1) | 76,751 | 19,067 | |
263,506 | |||
Materials—1.2% | |||
Ecolab, Inc. | 43,946 | 9,408 | |
Total Common Stocks (Identified Cost $234,355) | 749,769 | ||
Total Long-Term Investments—99.3% (Identified Cost $234,355) | 749,769 | ||
TOTAL INVESTMENTS—99.3% (Identified Cost $234,355) | $749,769 | ||
Other assets and liabilities, net—0.7% | 5,298 | ||
NET ASSETS—100.0% | $755,067 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
United States | 89% |
China | 8 |
Brazil | 3 |
Total | 100% |
† % of total investments as of March 31, 2021. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $749,769 | $749,769 | |
Total Investments | $749,769 | $749,769 |
Shares | Value | ||
Common Stocks—98.9% | |||
Communication Services—10.5% | |||
AT&T, Inc. | 137,840 | $ 4,172 | |
Omnicom Group, Inc. | 75,220 | 5,578 | |
Verizon Communications, Inc. | 87,660 | 5,097 | |
14,847 | |||
Consumer Discretionary—4.9% | |||
Home Depot, Inc. (The) | 4,898 | 1,495 | |
Leggett & Platt, Inc. | 85,560 | 3,906 | |
McDonald’s Corp. | 6,500 | 1,457 | |
6,858 | |||
Consumer Staples—9.5% | |||
Clorox Co. (The) | 5,850 | 1,128 | |
Coca-Cola Co. (The) | 71,980 | 3,794 | |
Kimberly-Clark Corp. | 24,660 | 3,429 | |
PepsiCo, Inc. | 25,600 | 3,621 | |
Procter & Gamble Co. (The) | 10,920 | 1,479 | |
13,451 | |||
Financials—16.8% | |||
Bank of Hawaii Corp. | 71,109 | 6,364 | |
PNC Financial Services Group, Inc. (The) | 42,332 | 7,425 | |
U.S. Bancorp | 64,565 | 3,571 | |
Zurich Insurance Group AG ADR | 148,875 | 6,391 | |
23,751 | |||
Health Care—11.2% | |||
Johnson & Johnson | 8,763 | 1,440 | |
Merck & Co., Inc. | 42,920 | 3,309 | |
Patterson Cos., Inc. | 193,120 | 6,170 | |
Pfizer, Inc. | 135,010 | 4,892 | |
15,811 | |||
Shares | Value | ||
Industrials—15.2% | |||
3M Co. | 30,880 | $ 5,950 | |
Fastenal Co. | 41,144 | 2,069 | |
MSC Industrial Direct Co., Inc. Class A | 39,110 | 3,527 | |
Snap-on, Inc. | 17,620 | 4,066 | |
Watsco, Inc. | 22,543 | 5,878 | |
21,490 | |||
Information Technology—12.3% | |||
Analog Devices, Inc. | 9,826 | 1,524 | |
Cisco Systems, Inc. | 105,810 | 5,472 | |
International Business Machines Corp. | 47,050 | 6,270 | |
Paychex, Inc. | 42,760 | 4,191 | |
17,457 | |||
Materials—7.5% | |||
Eastman Chemical Co. | 54,060 | 5,953 | |
Sonoco Products Co. | 72,550 | 4,593 | |
10,546 | |||
Real Estate—1.7% | |||
Crown Castle International Corp. | 13,710 | 2,360 | |
Utilities—9.3% | |||
Fortis, Inc. | 86,810 | 3,765 | |
NextEra Energy, Inc. | 35,610 | 2,692 | |
Southern Co. (The) | 73,350 | 4,559 | |
WEC Energy Group, Inc. | 23,000 | 2,153 | |
13,169 | |||
Total Common Stocks (Identified Cost $119,581) | 139,740 | ||
Total Long-Term Investments—98.9% (Identified Cost $119,581) | 139,740 | ||
Shares | Value | ||
Short-Term Investment—1.1% | |||
Money Market Mutual Fund—1.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(1) | 1,591,465 | $ 1,591 | |
Total Short-Term Investment (Identified Cost $1,591) | 1,591 | ||
TOTAL INVESTMENTS—100.0% (Identified Cost $121,172) | $141,331 | ||
Other assets and liabilities, net—0.0% | 3 | ||
NET ASSETS—100.0% | $141,334 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 92% |
Switzerland | 5 |
Canada | 3 |
Total | 100% |
† % of total investments as of March 31, 2021. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $139,740 | $139,740 | |
Money Market Mutual Fund | 1,591 | 1,591 | |
Total Investments | $141,331 | $141,331 |
Shares | Value | ||
Common Stocks—98.7% | |||
Communication Services—15.2% | |||
AT&T, Inc. | 49,261 | $ 1,491 | |
BCE, Inc. | 40,675 | 1,836 | |
Spark New Zealand Ltd. | 505,005 | 1,580 | |
Verizon Communications, Inc. | 15,937 | 927 | |
5,834 | |||
Consumer Discretionary—2.8% | |||
Leggett & Platt, Inc. | 23,506 | 1,073 | |
Consumer Staples—9.9% | |||
Coca-Cola Co. (The) | 19,211 | 1,013 | |
Danone SA | 11,502 | 789 | |
PepsiCo, Inc. | 4,723 | 668 | |
Tate & Lyle plc | 124,642 | 1,318 | |
3,788 | |||
Financials—19.3% | |||
Bank of Hawaii Corp. | 9,241 | 827 | |
PNC Financial Services Group, Inc. (The) | 5,861 | 1,028 | |
Royal Bank of Canada | 19,805 | 1,826 | |
Tokio Marine Holdings, Inc. | 22,020 | 1,047 | |
U.S. Bancorp | 17,650 | 977 | |
Zurich Insurance Group AG | 1,380 | 589 | |
Zurich Insurance Group AG ADR | 25,695 | 1,103 | |
7,397 | |||
Health Care—9.4% | |||
Johnson & Johnson | 1,199 | 197 | |
Merck & Co., Inc. | 9,461 | 729 | |
Patterson Cos., Inc. | 36,386 | 1,163 |
Shares | Value | ||
Health Care—continued | |||
Pfizer, Inc. | 31,426 | $ 1,139 | |
Sonic Healthcare Ltd. | 14,342 | 382 | |
3,610 | |||
Industrials—13.8% | |||
3M Co. | 4,325 | 833 | |
Adecco Group AG | 19,526 | 1,315 | |
BAE Systems plc | 199,883 | 1,392 | |
MSC Industrial Direct Co., Inc. Class A | 10,763 | 971 | |
Watsco, Inc. | 3,093 | 806 | |
5,317 | |||
Information Technology—9.8% | |||
Analog Devices, Inc. | 1,280 | 199 | |
Cisco Systems, Inc. | 21,811 | 1,128 | |
International Business Machines Corp. | 12,526 | 1,669 | |
Paychex, Inc. | 7,684 | 753 | |
3,749 | |||
Materials—8.3% | |||
Amcor plc | 116,235 | 1,358 | |
Eastman Chemical Co. | 9,972 | 1,098 | |
Kemira OYJ | 25,245 | 387 | |
Sonoco Products Co. | 5,717 | 362 | |
3,205 | |||
Real Estate—1.2% | |||
Crown Castle International Corp. | 2,767 | 476 | |
Utilities—9.0% | |||
Fortis, Inc. | 33,673 | 1,460 |
Shares | Value | ||
Utilities—continued | |||
NextEra Energy, Inc. | 2,537 | $ 192 | |
Southern Co. (The) | 22,782 | 1,416 | |
WEC Energy Group, Inc. | 4,164 | 390 | |
3,458 | |||
Total Common Stocks (Identified Cost $31,988) | 37,907 | ||
Total Long-Term Investments—98.7% (Identified Cost $31,988) | 37,907 | ||
TOTAL INVESTMENTS—98.7% (Identified Cost $31,988) | $37,907 | ||
Other assets and liabilities, net—1.3% | 499 | ||
NET ASSETS—100.0% | $38,406 |
Abbreviation: | |
ADR | American Depositary Receipt |
Country Weightings† | |
United States | 58% |
Canada | 14 |
Switzerland | 10 |
United Kingdom | 7 |
New Zealand | 4 |
Japan | 3 |
France | 2 |
Other | 2 |
Total | 100% |
† % of total investments as of March 31, 2021. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $37,907 | $37,907 | |
Total Investments | $37,907 | $37,907 |
Shares | Value | ||
Common Stocks—95.9% | |||
Communication Services—2.0% | |||
Autohome, Inc. ADR | 231,101 | $ 21,555 | |
Consumer Discretionary—9.3% | |||
Ross Stores, Inc. | 377,671 | 45,286 | |
SiteOne Landscape Supply, Inc.(1) | 204,865 | 34,979 | |
Tractor Supply Co. | 118,358 | 20,959 | |
101,224 | |||
Consumer Staples—3.3% | |||
Lamb Weston Holdings, Inc. | 456,649 | 35,381 | |
Financials—13.0% | |||
Broadridge Financial Solutions, Inc. | 248,706 | 38,077 | |
First Financial Bankshares, Inc. | 532,520 | 24,884 | |
Houlihan Lokey, Inc. Class A | 418,251 | 27,818 | |
LPL Financial Holdings, Inc. | 156,617 | 22,265 | |
Moody’s Corp. | 92,063 | 27,491 | |
140,535 | |||
Health Care—15.6% | |||
Cooper Cos., Inc. (The) | 90,654 | 34,819 | |
Elanco Animal Health, Inc.(1) | 1,212,782 | 35,716 | |
Globus Medical, Inc. Class A(1) | 724,122 | 44,657 | |
West Pharmaceutical Services, Inc. | 189,210 | 53,316 | |
168,508 | |||
Industrials—30.6% | |||
Allegion plc | 262,163 | 32,933 | |
AMETEK, Inc. | 456,484 | 58,307 | |
Equifax, Inc. | 177,654 | 32,178 | |
Exponent, Inc. | 316,630 | 30,856 | |
HEICO Corp. Class A | 312,918 | 35,547 | |
Lennox International, Inc. | 64,687 | 20,156 | |
Nordson Corp. | 127,573 | 25,346 |
Shares | Value | ||
Industrials—continued | |||
Old Dominion Freight Line, Inc. | 135,564 | $ 32,591 | |
Pentair plc | 479,083 | 29,856 | |
Verisk Analytics, Inc. Class A | 192,188 | 33,958 | |
331,728 | |||
Information Technology—20.7% | |||
Amphenol Corp. Class A | 326,456 | 21,536 | |
Aspen Technology, Inc.(1) | 275,671 | 39,788 | |
Bentley Systems, Inc. Class B(2) | 516,456 | 24,237 | |
Brooks Automation, Inc. | 622,595 | 50,835 | |
Dolby Laboratories, Inc. Class A | 313,956 | 30,994 | |
Zebra Technologies Corp. Class A(1) | 117,826 | 57,167 | |
224,557 | |||
Real Estate—1.4% | |||
Equity LifeStyle Properties, Inc. | 241,665 | 15,380 | |
Total Common Stocks (Identified Cost $694,784) | 1,038,868 | ||
Total Long-Term Investments—95.9% (Identified Cost $694,784) | 1,038,868 | ||
Short-Term Investment—3.5% | |||
Money Market Mutual Fund—3.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 37,500,467 | 37,500 | |
Total Short-Term Investment (Identified Cost $37,500) | 37,500 | ||
Shares | Value | ||
Securities Lending Collateral—0.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3)(4) | 270,887 | $ 271 | |
Total Securities Lending Collateral (Identified Cost $271) | 271 | ||
TOTAL INVESTMENTS—99.4% (Identified Cost $732,555) | $1,076,639 | ||
Other assets and liabilities, net—0.6% | 7,008 | ||
NET ASSETS—100.0% | $1,083,647 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of security is on loan. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(4) | Represents security purchased with cash collateral received for securities on loan. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,038,868 | $1,038,868 | |
Securities Lending Collateral | 271 | 271 | |
Money Market Mutual Fund | 37,500 | 37,500 | |
Total Investments | $1,076,639 | $1,076,639 |
Shares | Value | ||
Preferred Stock—1.2% | |||
Information Technology—1.2% | |||
Security Scorecard, Inc. Series E, 0.000%(1)(2)(3) | 2,639,750 | $ 40,000 | |
Total Preferred Stock (Identified Cost $40,000) | 40,000 | ||
Common Stocks—92.5% | |||
Communication Services—2.2% | |||
Autohome, Inc. ADR | 498,553 | 46,500 | |
ZoomInfo Technologies, Inc. Class A(2) | 534,182 | 26,122 | |
72,622 | |||
Consumer Discretionary—20.3% | |||
Domino’s Pizza, Inc. | 108,304 | 39,833 | |
DraftKings, Inc. Class A(2) | 697,725 | 42,791 | |
MercadoLibre, Inc.(2) | 117,619 | 173,152 | |
New Oriental Education & Technology Group, Inc. Sponsored ADR(2) | 1,796,170 | 25,146 | |
Olo, Inc. Class A(2) | 563,050 | 14,859 | |
Pool Corp. | 159,159 | 54,948 | |
Rollins, Inc. | 1,127,475 | 38,808 | |
Ross Stores, Inc. | 444,301 | 53,276 | |
SiteOne Landscape Supply, Inc.(2) | 649,900 | 110,964 | |
Trip.com Group Ltd. ADR(2) | 1,541,869 | 61,104 | |
Wynn Resorts Ltd.(2) | 420,082 | 52,666 | |
667,547 | |||
Consumer Staples—7.7% | |||
Brown-Forman Corp. Class B | 788,717 | 54,398 | |
Freshpet, Inc.(2) | 474,380 | 75,336 | |
McCormick & Co., Inc. | 338,322 | 30,165 | |
Monster Beverage Corp.(2) | 483,651 | 44,056 | |
National Beverage Corp. | 1,028,890 | 50,323 | |
254,278 | |||
Financials—7.7% | |||
Goosehead Insurance, Inc. Class A | 652,468 | 69,931 | |
MarketAxess Holdings, Inc. | 145,736 | 72,565 | |
Signature Bank | 287,250 | 64,947 | |
T. Rowe Price Group, Inc. | 256,124 | 43,951 | |
251,394 | |||
Shares | Value | ||
Health Care—10.0% | |||
Elanco Animal Health, Inc.(2) | 1,086,239 | $ 31,990 | |
HealthEquity, Inc.(2) | 921,842 | 62,685 | |
IDEXX Laboratories, Inc.(2) | 89,260 | 43,676 | |
Mettler-Toledo International, Inc.(2) | 38,431 | 44,414 | |
Silk Road Medical, Inc.(2) | 792,890 | 40,160 | |
Teladoc Health, Inc.(2) | 300,882 | 54,685 | |
Zoetis, Inc. Class A | 326,017 | 51,341 | |
328,951 | |||
Industrials—10.5% | |||
CoStar Group, Inc.(2) | 61,693 | 50,705 | |
Equifax, Inc. | 280,040 | 50,724 | |
Fair Isaac Corp.(2) | 184,987 | 89,913 | |
Kansas City Southern | 305,931 | 80,741 | |
Lyft, Inc. Class A(2) | 627,226 | 39,628 | |
Roper Technologies, Inc. | 83,187 | 33,553 | |
345,264 | |||
Information Technology—34.1% | |||
Amphenol Corp. Class A | 803,900 | 53,033 | |
Avalara, Inc.(2) | 685,464 | 91,461 | |
Bill.com Holdings, Inc.(2) | 809,049 | 117,717 | |
Coupa Software, Inc.(2) | 102,339 | 26,043 | |
Datadog, Inc. Class A(2) | 543,609 | 45,304 | |
DocuSign, Inc.(2) | 464,458 | 94,030 | |
Dynatrace, Inc.(2) | 781,857 | 37,717 | |
FleetCor Technologies, Inc.(2) | 202,572 | 54,417 | |
Gartner, Inc.(2) | 337,417 | 61,596 | |
nCino, Inc.(2) | 867,259 | 57,864 | |
Okta, Inc.(2) | 355,610 | 78,387 | |
Paycom Software, Inc.(2) | 224,256 | 82,988 | |
Square, Inc. Class A(2) | 213,905 | 48,567 | |
Teradyne, Inc. | 473,018 | 57,557 | |
Trade Desk, Inc. (The) Class A(2) | 261,983 | 170,724 | |
Workday, Inc. Class A(2) | 173,430 | 43,085 | |
1,120,490 | |||
Total Common Stocks (Identified Cost $2,062,412) | 3,040,546 | ||
Total Long-Term Investments—93.7% (Identified Cost $2,102,412) | 3,080,546 | ||
Shares | Value | ||
Short-Term Investment—5.9% | |||
Money Market Mutual Fund—5.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(4) | 195,654,387 | $ 195,654 | |
Total Short-Term Investment (Identified Cost $195,654) | 195,654 | ||
TOTAL INVESTMENTS—99.6% (Identified Cost $2,298,066) | $3,276,200 | ||
Other assets and liabilities, net—0.4% | 13,197 | ||
NET ASSETS—100.0% | $3,289,397 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(2) | Non-income producing. |
(3) | All or a portion of the security is restricted. |
(4) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 91% |
Brazil | 5 |
China | 4 |
Total | 100% |
† % of total investments as of March 31, 2021. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | Level 3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $3,040,546 | $3,040,546 | $ — | ||
Preferred Stock | 40,000 | — | 40,000 | ||
Money Market Mutual Fund | 195,654 | 195,654 | — | ||
Total Investments | $3,276,200 | $3,236,200 | $40,000 |
Total | Preferred Stock | ||
Investments in Securities | |||
Balance as of September 30, 2020: | $ — | $ — | |
Purchases | 40,000 | 40,000 | |
Balance as of March 31, 2021 | $40,000 | $40,000 |
Shares | Value | ||
Common Stocks—94.9% | |||
Communication Services—8.9% | |||
Autohome, Inc. ADR | 842,195 | $ 78,551 | |
Rightmove plc(1) | 11,399,000 | 91,491 | |
170,042 | |||
Consumer Discretionary—3.3% | |||
Acushnet Holdings Corp. | 1,523,361 | 62,960 | |
Consumer Staples—2.3% | |||
PriceSmart, Inc. | 459,189 | 44,427 | |
Energy—1.4% | |||
Dril-Quip, Inc.(1) | 799,140 | 26,555 | |
Financials—20.9% | |||
Artisan Partners Asset Management, Inc. Class A | 891,600 | 46,515 | |
FactSet Research Systems, Inc. | 169,940 | 52,442 | |
First Hawaiian, Inc. | 3,561,808 | 97,487 | |
Moelis & Co. Class A | 1,199,440 | 65,825 | |
Primerica, Inc. | 612,512 | 90,542 | |
RLI Corp. | 419,203 | 46,770 | |
399,581 | |||
Health Care—4.2% | |||
Atrion Corp. | 48,880 | 31,347 | |
CorVel Corp.(1) | 481,080 | 49,354 | |
80,701 | |||
Industrials—42.6% | |||
Donaldson Co., Inc. | 482,200 | 28,045 |
Shares | Value | ||
Industrials—continued | |||
EMCOR Group, Inc. | 853,970 | $ 95,781 | |
FTI Consulting, Inc.(1) | 821,194 | 115,058 | |
Graco, Inc. | 1,161,110 | 83,159 | |
Landstar System, Inc. | 522,209 | 86,196 | |
RBC Bearings, Inc.(1) | 247,448 | 48,690 | |
Simpson Manufacturing Co., Inc. | 815,217 | 84,562 | |
Teledyne Technologies, Inc.(1) | 320,000 | 132,368 | |
Toro Co. (The) | 763,701 | 78,768 | |
Watts Water Technologies, Inc. Class A | 523,774 | 62,230 | |
814,857 | |||
Information Technology—10.0% | |||
Aspen Technology, Inc.(1) | 589,600 | 85,097 | |
Jack Henry & Associates, Inc. | 207,800 | 31,527 | |
Manhattan Associates, Inc.(1) | 646,720 | 75,912 | |
192,536 | |||
Materials—1.3% | |||
AptarGroup, Inc. | 182,012 | 25,786 | |
Total Common Stocks (Identified Cost $1,107,481) | 1,817,445 | ||
Total Long-Term Investments—94.9% (Identified Cost $1,107,481) | 1,817,445 | ||
Shares | Value | ||
Short-Term Investment—2.7% | |||
Money Market Mutual Fund—2.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 52,248,047 | $ 52,248 | |
Total Short-Term Investment (Identified Cost $52,248) | 52,248 | ||
TOTAL INVESTMENTS—97.6% (Identified Cost $1,159,729) | $1,869,693 | ||
Other assets and liabilities, net—2.4% | 45,129 | ||
NET ASSETS—100.0% | $1,914,822 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 91% |
United Kingdom | 5 |
China | 4 |
Total | 100% |
† % of total investments as of March 31, 2021. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,817,445 | $1,817,445 | |
Money Market Mutual Fund | 52,248 | 52,248 | |
Total Investments | $1,869,693 | $1,869,693 |
Shares | Value | ||
Common Stocks—97.8% | |||
Communication Services—18.1% | |||
Auto Trader Group plc(1)(2) | 58,074,329 | $ 443,859 | |
Autohome, Inc. ADR | 3,441,161 | 320,957 | |
MediaAlpha, Inc. Class A(1)(2) | 4,646,036 | 164,609 | |
Rightmove plc(2) | 40,235,150 | 322,936 | |
1,252,361 | |||
Consumer Discretionary—13.8% | |||
Fox Factory Holding Corp.(1)(2) | 3,832,978 | 487,018 | |
Ollie’s Bargain Outlet Holdings, Inc.(1)(2) | 4,783,672 | 416,180 | |
Olo, Inc. Class A(2)(3) | 1,921,045 | 50,696 | |
953,894 | |||
Consumer Staples—4.6% | |||
Chefs’ Warehouse, Inc. (The)(1)(2) | 2,808,023 | 85,532 | |
Grocery Outlet Holding Corp.(2) | 4,110,075 | 151,621 | |
PriceSmart, Inc. | 863,298 | 83,524 | |
320,677 | |||
Financials—17.1% | |||
FactSet Research Systems, Inc. | 713,708 | 220,243 | |
Goosehead Insurance, Inc. Class A | 1,205,700 | 129,227 | |
Interactive Brokers Group, Inc. Class A | 3,437,856 | 251,101 | |
MarketAxess Holdings, Inc. | 390,985 | 194,679 | |
Morningstar, Inc. | 1,459,942 | 328,546 | |
Oportun Financial Corp.(1)(2) | 2,635,930 | 54,590 | |
ServisFirst Bancshares, Inc. | 171,908 | 10,543 | |
1,188,929 | |||
Health Care—3.7% | |||
Mesa Laboratories, Inc. | 85,353 | 20,783 | |
National Research Corp.(1)(2) | 2,409,518 | 112,838 |
Shares | Value | ||
Health Care—continued | |||
U.S. Physical Therapy, Inc.(1) | 1,185,000 | $ 123,359 | |
256,980 | |||
Industrials—9.1% | |||
AAON, Inc.(1) | 4,009,400 | 280,698 | |
HEICO Corp. Class A | 1,847,383 | 209,863 | |
Omega Flex, Inc.(1) | 908,755 | 143,474 | |
634,035 | |||
Information Technology—31.4% | |||
Aspen Technology, Inc.(2) | 1,673,926 | 241,598 | |
Avalara, Inc.(2) | 1,650,000 | 220,159 | |
Bill.com Holdings, Inc.(2) | 3,368,005 | 490,045 | |
Blackline, Inc.(1)(2) | 3,134,403 | 339,769 | |
Duck Creek Technologies, Inc.(1)(2) | 8,694,221 | 392,457 | |
nCino, Inc.(2) | 2,821,202 | 188,231 | |
NVE Corp.(1) | 482,690 | 33,836 | |
Paycom Software, Inc.(2) | 438,353 | 162,217 | |
SPS Commerce, Inc.(2) | 1,095,164 | 108,761 | |
2,177,073 | |||
Total Common Stocks (Identified Cost $3,601,525) | 6,783,949 | ||
Total Long-Term Investments—97.8% (Identified Cost $3,601,525) | 6,783,949 | ||
Short-Term Investment—0.6% | |||
Money Market Mutual Fund—0.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(4) | 41,362,730 | 41,363 | |
Total Short-Term Investment (Identified Cost $41,363) | 41,363 | ||
Shares | Value | ||
Securities Lending Collateral—0.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(4)(5) | 15,125,000 | $ 15,125 | |
Total Securities Lending Collateral (Identified Cost $15,125) | 15,125 | ||
TOTAL INVESTMENTS—98.6% (Identified Cost $3,658,013) | $6,840,437 | ||
Other assets and liabilities, net—1.4% | 99,531 | ||
NET ASSETS—100.0% | $6,939,968 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Affiliated company. See Note 3H in Notes to Financial Statements. |
(2) | Non-income producing. |
(3) | All or a portion of security is on loan. |
(4) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(5) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 84% |
United Kingdom | 11 |
China | 5 |
Total | 100% |
† % of total investments as of March 31, 2021. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $6,783,949 | $6,783,949 | |
Securities Lending Collateral | 15,125 | 15,125 | |
Money Market Mutual Fund | 41,363 | 41,363 | |
Total Investments | $6,840,437 | $6,840,437 |
Shares | Value | ||
Common Stocks—96.1% | |||
Consumer Discretionary—20.9% | |||
Cheesecake Factory, Inc. (The)(1) | 1,080,715 | $ 63,233 | |
Leslie’s, Inc.(1) | 1,874,923 | 45,917 | |
SiteOne Landscape Supply, Inc.(1) | 363,793 | 62,114 | |
Terminix Global Holdings, Inc.(1) | 1,018,011 | 48,528 | |
Thor Industries, Inc. | 530,006 | 71,413 | |
291,205 | |||
Consumer Staples—5.8% | |||
National Beverage Corp. | 805,770 | 39,410 | |
WD-40 Co. | 136,951 | 41,932 | |
81,342 | |||
Financials—15.8% | |||
Bank of Hawaii Corp. | 548,815 | 49,114 | |
First Financial Bankshares, Inc. | 441,223 | 20,618 | |
Houlihan Lokey, Inc. Class A | 755,090 | 50,221 | |
Primerica, Inc. | 247,835 | 36,635 | |
RLI Corp. | 354,789 | 39,584 | |
Stock Yards Bancorp, Inc. | 451,556 | 23,056 | |
219,228 | |||
Health Care—1.3% | |||
Anika Therapeutics, Inc.(1) | 431,193 | 17,588 | |
Industrials—29.6% | |||
Albany International Corp. Class A | 534,578 | 44,621 | |
Armstrong World Industries, Inc. | 466,420 | 42,020 |
Shares | Value | ||
Industrials—continued | |||
Construction Partners, Inc. Class A(1) | 809,235 | $ 24,180 | |
CoreLogic, Inc. | 587,351 | 46,548 | |
Graco, Inc. | 608,104 | 43,552 | |
John Bean Technologies Corp. | 257,448 | 34,328 | |
Landstar System, Inc. | 269,688 | 44,515 | |
RBC Bearings, Inc.(1) | 252,052 | 49,596 | |
UniFirst Corp. | 120,387 | 26,932 | |
Watsco, Inc. | 210,780 | 54,961 | |
411,253 | |||
Information Technology—11.4% | |||
American Software, Inc. Class A | 945,934 | 19,581 | |
Badger Meter, Inc. | 185,169 | 17,234 | |
Brooks Automation, Inc. | 793,057 | 64,753 | |
EVERTEC, Inc. | 1,011,795 | 37,659 | |
Jack Henry & Associates, Inc. | 132,485 | 20,100 | |
159,327 | |||
Materials—7.6% | |||
Scotts Miracle-Gro Co. (The) | 433,513 | 106,198 | |
Real Estate—3.7% | |||
MGM Growth Properties LLC Class A | 1,559,190 | 50,861 | |
Total Common Stocks (Identified Cost $801,623) | 1,337,002 | ||
Total Long-Term Investments—96.1% (Identified Cost $801,623) | 1,337,002 | ||
Shares | Value | ||
Short-Term Investment—2.4% | |||
Money Market Mutual Fund—2.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 33,659,039 | $ 33,659 | |
Total Short-Term Investment (Identified Cost $33,659) | 33,659 | ||
TOTAL INVESTMENTS—98.5% (Identified Cost $835,282) | $1,370,661 | ||
Other assets and liabilities, net—1.5% | 20,912 | ||
NET ASSETS—100.0% | $1,391,573 |
Abbreviation: | |
LLC | Limited Liability Company |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,337,002 | $1,337,002 | |
Money Market Mutual Fund | 33,659 | 33,659 | |
Total Investments | $1,370,661 | $1,370,661 |
Shares | Value | ||
Common Stocks—95.1% | |||
Consumer Discretionary—17.4% | |||
Bright Horizons Family Solutions, Inc.(1) | 183,210 | $ 31,411 | |
Pool Corp. | 102,468 | 35,376 | |
Rollins, Inc. | 512,711 | 17,648 | |
SiteOne Landscape Supply, Inc.(1) | 255,926 | 43,697 | |
Thor Industries, Inc. | 318,111 | 42,862 | |
170,994 | |||
Financials—12.6% | |||
Berkley (W.R.) Corp. | 437,297 | 32,950 | |
Interactive Brokers Group, Inc. Class A | 399,833 | 29,204 | |
LPL Financial Holdings, Inc. | 206,687 | 29,383 | |
MSCI, Inc. Class A | 77,858 | 32,644 | |
124,181 | |||
Health Care—12.4% | |||
Charles River Laboratories International, Inc.(1) | 147,752 | 42,823 | |
Chemed Corp. | 46,089 | 21,192 | |
Cooper Cos., Inc. (The) | 92,176 | 35,404 | |
Elanco Animal Health, Inc.(1) | 745,388 | 21,952 | |
121,371 | |||
Industrials—18.3% | |||
Allegion plc | 227,027 | 28,519 | |
Copart, Inc.(1) | 247,883 | 26,923 | |
Equifax, Inc. | 145,459 | 26,347 |
Shares | Value | ||
Industrials—continued | |||
Exponent, Inc. | 189,347 | $ 18,452 | |
Fair Isaac Corp.(1) | 36,642 | 17,810 | |
Lennox International, Inc. | 96,290 | 30,003 | |
Nordson Corp. | 156,579 | 31,109 | |
179,163 | |||
Information Technology—27.0% | |||
ANSYS, Inc.(1) | 60,610 | 20,581 | |
Aspen Technology, Inc.(1) | 174,830 | 25,233 | |
Bentley Systems, Inc. Class B | 659,288 | 30,940 | |
CDW Corp. | 217,099 | 35,984 | |
Duck Creek Technologies, Inc.(1) | 422,785 | 19,085 | |
FLIR Systems, Inc. | 428,322 | 24,187 | |
Jack Henry & Associates, Inc. | 119,791 | 18,175 | |
Teradyne, Inc. | 313,662 | 38,166 | |
Zebra Technologies Corp. Class A(1) | 109,627 | 53,189 | |
265,540 | |||
Materials—7.4% | |||
Scotts Miracle-Gro Co. (The) | 296,440 | 72,619 | |
Total Common Stocks (Identified Cost $747,656) | 933,868 | ||
Total Long-Term Investments—95.1% (Identified Cost $747,656) | 933,868 | ||
Shares | Value | ||
Short-Term Investment—4.3% | |||
Money Market Mutual Fund—4.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 42,176,725 | $ 42,177 | |
Total Short-Term Investment (Identified Cost $42,177) | 42,177 | ||
TOTAL INVESTMENTS—99.4% (Identified Cost $789,833) | $976,045 | ||
Other assets and liabilities, net—0.6% | 5,633 | ||
NET ASSETS—100.0% | $981,678 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $933,868 | $933,868 | |
Money Market Mutual Fund | 42,177 | 42,177 | |
Total Investments | $976,045 | $976,045 |
Shares | Value | ||
Common Stocks—96.4% | |||
Communication Services—5.7% | |||
MediaAlpha, Inc. Class A(1) | 3,236 | $ 115 | |
Rightmove plc ADR(1) | 7,523 | 122 | |
237 | |||
Consumer Discretionary—10.9% | |||
Ollie’s Bargain Outlet Holdings, Inc.(1) | 1,625 | 141 | |
Olo, Inc. Class A(1) | 3,558 | 94 | |
SiteOne Landscape Supply, Inc.(1) | 1,289 | 220 | |
455 | |||
Consumer Staples—5.1% | |||
Grocery Outlet Holding Corp.(1) | 2,756 | 102 | |
Lamb Weston Holdings, Inc. | 1,438 | 111 | |
213 | |||
Financials—8.2% | |||
FactSet Research Systems, Inc. | 338 | 105 | |
Lemonade, Inc.(1)(2) | 441 | 41 | |
MarketAxess Holdings, Inc. | 342 | 170 | |
Oscar Health, Inc. Class A(1) | 1,081 | 29 | |
345 | |||
Health Care—18.3% | |||
Cooper Cos., Inc. (The) | 260 | 100 | |
Elanco Animal Health, Inc.(1) | 3,350 | 99 | |
Globus Medical, Inc. Class A(1) | 1,769 | 109 | |
HealthEquity, Inc.(1) | 2,155 | 146 | |
Silk Road Medical, Inc.(1) | 2,782 | 141 |
Shares | Value | ||
Health Care—continued | |||
West Pharmaceutical Services, Inc. | 599 | $ 169 | |
764 | |||
Industrials—24.4% | |||
Copart, Inc.(1) | 1,331 | 145 | |
Fair Isaac Corp.(1) | 239 | 116 | |
HEICO Corp. Class A | 1,372 | 156 | |
Old Dominion Freight Line, Inc. | 946 | 227 | |
Teledyne Technologies, Inc.(1) | 358 | 148 | |
TransUnion | 1,327 | 119 | |
Verisk Analytics, Inc. Class A | 603 | 107 | |
1,018 | |||
Information Technology—23.8% | |||
Avalara, Inc.(1) | 1,002 | 134 | |
Bentley Systems, Inc. Class B(2) | 3,886 | 182 | |
Duck Creek Technologies, Inc.(1) | 2,534 | 114 | |
Five9, Inc.(1) | 1,201 | 188 | |
Jack Henry & Associates, Inc. | 803 | 122 | |
nCino, Inc.(1) | 1,381 | 92 | |
Tyler Technologies, Inc.(1) | 377 | 160 | |
992 | |||
Total Common Stocks (Identified Cost $4,107) | 4,024 | ||
Total Long-Term Investments—96.4% (Identified Cost $4,107) | 4,024 | ||
Shares | Value | ||
Short-Term Investment—2.6% | |||
Money Market Mutual Fund—2.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 108,686 | $ 109 | |
Total Short-Term Investment (Identified Cost $109) | 109 | ||
Securities Lending Collateral—4.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3)(4) | 193,699 | 194 | |
Total Securities Lending Collateral (Identified Cost $194) | 194 | ||
TOTAL INVESTMENTS—103.7% (Identified Cost $4,410) | $4,327 | ||
Other assets and liabilities, net—(3.7)% | (153) | ||
NET ASSETS—100.0% | $4,174 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of security is on loan. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(4) | Represents security purchased with cash collateral received for securities on loan. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $4,024 | $4,024 | |
Securities Lending Collateral | 194 | 194 | |
Money Market Mutual Fund | 109 | 109 | |
Total Investments | $4,327 | $4,327 |
Shares | Value | ||
Common Stocks—96.5% | |||
Communication Services—7.0% | |||
Kakao Corp. | 478 | $ 210 | |
Tencent Holdings Ltd. | 3,226 | 253 | |
463 | |||
Consumer Discretionary—30.4% | |||
Alibaba Group Holding Ltd.(1) | 12,436 | 352 | |
Fast Retailing Co. Ltd. | 138 | 110 | |
Huazhu Group Ltd. ADR(1) | 4,742 | 260 | |
JD.com, Inc. ADR(1) | 2,553 | 215 | |
MercadoLibre, Inc.(1) | 161 | 237 | |
New Oriental Education & Technology Group, Inc. Sponsored ADR(1) | 15,888 | 223 | |
TAL Education Group ADR(1) | 3,795 | 204 | |
Trip.com Group Ltd. ADR(1) | 6,027 | 239 | |
Yum China Holdings, Inc. | 3,100 | 184 | |
2,024 | |||
Consumer Staples—21.5% | |||
Budweiser Brewing Co. APAC Ltd. | 77,855 | 232 | |
CP ALL PCL(1) | 188,933 | 419 | |
Fomento Economico Mexicano SAB de C.V. Sponsored ADR | 3,036 | 229 | |
Raia Drogasil S.A. | 34,838 | 156 | |
Unicharm Corp. | 2,483 | 104 | |
Wal-Mart de Mexico SAB de C.V. | 91,303 | 288 | |
1,428 | |||
Financials—19.5% | |||
AIA Group Ltd. | 21,143 | 257 | |
Bank Central Asia Tbk PT | 58,794 | 126 | |
HDFC Bank Ltd. ADR(1) | 4,047 | 314 | |
Ping An Insurance Group Co. of China Ltd. Class H | 14,055 | 167 | |
Sanlam Ltd. | 41,508 | 167 | |
XP, Inc. Class A(1) | 7,076 | 267 | |
1,298 | |||
Shares | Value | ||
Health Care—6.5% | |||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 134,375 | $ 265 | |
Wuxi Biologics Cayman, Inc.(1) | 13,380 | 168 | |
433 | |||
Industrials—4.1% | |||
Kansas City Southern | 1,023 | 270 | |
Information Technology—4.7% | |||
Infosys Ltd. Sponsored ADR | 16,675 | 312 | |
Materials—2.8% | |||
Asian Paints Ltd. | 5,402 | 187 | |
Total Common Stocks (Identified Cost $4,928) | 6,415 | ||
Total Long-Term Investments—96.5% (Identified Cost $4,928) | 6,415 | ||
Short-Term Investment—3.3% | |||
Money Market Mutual Fund—3.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 216,718 | 217 | |
Total Short-Term Investment (Identified Cost $217) | 217 | ||
TOTAL INVESTMENTS—99.8% (Identified Cost $5,145) | $6,632 | ||
Other assets and liabilities, net—0.2% | 16 | ||
NET ASSETS—100.0% | $6,648 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
China | 35% |
India | 13 |
Brazil | 9 |
Mexico | 8 |
Hong Kong | 8 |
United States | 7 |
Thailand | 6 |
Other | 14 |
Total | 100% |
† % of total investments as of March 31, 2021. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $6,415 | $6,415 | |
Money Market Mutual Fund | 217 | 217 | |
Total Investments | $6,632 | $6,632 |
Shares | Value | ||
Common Stocks—97.5% | |||
Communication Services—11.5% | |||
Alphabet, Inc. Class C(1) | 2,342 | $ 4,845 | |
Facebook, Inc. Class A(1) | 18,730 | 5,517 | |
Tencent Holdings Ltd. | 48,671 | 3,819 | |
Walt Disney Co. (The)(1) | 21,642 | 3,993 | |
18,174 | |||
Consumer Discretionary—17.2% | |||
Alibaba Group Holding Ltd. Sponsored ADR(1) | 26,241 | 5,950 | |
Amazon.com, Inc.(1) | 1,742 | 5,390 | |
New Oriental Education & Technology Group, Inc. Sponsored ADR(1) | 395,419 | 5,536 | |
NIKE, Inc. Class B | 34,258 | 4,552 | |
Yum! Brands, Inc. | 52,215 | 5,649 | |
27,077 | |||
Consumer Staples—6.2% | |||
CP ALL PCL(1) | 2,194,564 | 4,863 | |
Heineken NV | 47,357 | 4,866 | |
9,729 | |||
Financials—6.9% | |||
AIA Group Ltd. | 414,717 | 5,030 | |
HDFC Bank Ltd. ADR(1) | 75,157 | 5,839 | |
10,869 | |||
Health Care—13.7% | |||
Abbott Laboratories | 43,702 | 5,237 | |
Alcon, Inc.(1) | 44,384 | 3,115 | |
Illumina, Inc.(1) | 7,107 | 2,730 | |
Intuitive Surgical, Inc.(1) | 3,908 | 2,888 | |
Novo Nordisk A/S Class B | 66,135 | 4,481 |
Shares | Value | ||
Health Care—continued | |||
Regeneron Pharmaceuticals, Inc.(1) | 6,701 | $ 3,170 | |
21,621 | |||
Industrials—6.4% | |||
IHS Markit Ltd. | 53,461 | 5,174 | |
Kansas City Southern | 18,436 | 4,866 | |
10,040 | |||
Information Technology—29.8% | |||
Autodesk, Inc.(1) | 17,768 | 4,924 | |
Dassault Systemes SE | 18,597 | 3,978 | |
FleetCor Technologies, Inc.(1) | 19,393 | 5,209 | |
Infosys Ltd. Sponsored ADR | 230,113 | 4,308 | |
Microsoft Corp. | 26,610 | 6,274 | |
PayPal Holdings, Inc.(1) | 19,547 | 4,747 | |
salesforce.com, Inc.(1) | 21,658 | 4,589 | |
SAP SE Sponsored ADR | 24,932 | 3,061 | |
Visa, Inc. Class A | 27,597 | 5,843 | |
Workday, Inc. Class A(1) | 16,500 | 4,099 | |
47,032 | |||
Materials—2.5% | |||
Linde plc | 14,059 | 3,938 | |
Real Estate—3.3% | |||
Equinix, Inc. | 7,563 | 5,140 | |
Total Common Stocks (Identified Cost $106,925) | 153,620 | ||
Total Long-Term Investments—97.5% (Identified Cost $106,925) | 153,620 | ||
Shares | Value | ||
Short-Term Investment—2.3% | |||
Money Market Mutual Fund—2.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 3,518,879 | $ 3,519 | |
Total Short-Term Investment (Identified Cost $3,519) | 3,519 | ||
TOTAL INVESTMENTS—99.8% (Identified Cost $110,444) | $157,139 | ||
Other assets and liabilities, net—0.2% | 381 | ||
NET ASSETS—100.0% | $157,520 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 60% |
China | 9 |
India | 7 |
United Kingdom | 6 |
Hong Kong | 3 |
Netherlands | 3 |
Thailand | 3 |
Other | 9 |
Total | 100% |
† % of total investments as of March 31, 2021. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $153,620 | $153,620 | |
Money Market Mutual Fund | 3,519 | 3,519 | |
Total Investments | $157,139 | $157,139 |
Shares | Value | ||
Common Stocks—98.3% | |||
Communication Services—4.9% | |||
Kakao Corp. | 254 | $ 112 | |
Match Group, Inc.(1) | 1,139 | 156 | |
268 | |||
Consumer Discretionary—16.9% | |||
Huazhu Group Ltd. ADR(1) | 2,919 | 160 | |
MercadoLibre, Inc.(1) | 60 | 89 | |
New Oriental Education & Technology Group, Inc. Sponsored ADR(1) | 11,357 | 159 | |
TAL Education Group ADR(1) | 3,132 | 169 | |
Trip.com Group Ltd. ADR(1) | 4,574 | 181 | |
Yum! Brands, Inc. | 1,555 | 168 | |
926 | |||
Consumer Staples—10.5% | |||
CP ALL PCL(1) | 112,820 | 250 | |
Fomento Economico Mexicano SAB de C.V. Sponsored ADR | 1,993 | 150 | |
Raia Drogasil S.A. | 20,245 | 90 | |
Unicharm Corp. | 2,018 | 85 | |
575 | |||
Financials—8.3% | |||
First Republic Bank | 963 | 161 | |
MSCI, Inc. Class A | 371 | 155 | |
XP, Inc. Class A(1) | 3,771 | 142 | |
458 | |||
Health Care—19.8% | |||
Alcon, Inc.(1) | 2,446 | 172 | |
IDEXX Laboratories, Inc.(1) | 223 | 109 | |
IQVIA Holdings, Inc.(1) | 899 | 173 | |
M3, Inc. | 1,301 | 89 | |
ResMed, Inc. | 555 | 108 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 84,713 | 167 | |
STERIS plc | 781 | 149 | |
Wuxi Biologics Cayman, Inc.(1) | 9,761 | 122 | |
1,089 | |||
Shares | Value | ||
Industrials—9.9% | |||
CoStar Group, Inc.(1) | 201 | $ 165 | |
IHS Markit Ltd. | 1,628 | 158 | |
Kansas City Southern | 844 | 223 | |
546 | |||
Information Technology—25.4% | |||
Adyen NV(1) | 53 | 118 | |
Autodesk, Inc.(1) | 787 | 218 | |
EPAM Systems, Inc.(1) | 604 | 240 | |
FleetCor Technologies, Inc.(1) | 798 | 214 | |
Okta, Inc.(1) | 761 | 168 | |
RingCentral, Inc. Class A(1) | 670 | 200 | |
Workday, Inc. Class A(1) | 949 | 236 | |
1,394 | |||
Real Estate—2.6% | |||
Equinix, Inc. | 209 | 142 | |
Total Common Stocks (Identified Cost $5,219) | 5,398 | ||
Total Long-Term Investments—98.3% (Identified Cost $5,219) | 5,398 | ||
Short-Term Investment—1.2% | |||
Money Market Mutual Fund—1.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 66,934 | 67 | |
Total Short-Term Investment (Identified Cost $67) | 67 | ||
TOTAL INVESTMENTS—99.5% (Identified Cost $5,286) | $5,465 | ||
Other assets and liabilities, net—0.5% | 26 | ||
NET ASSETS—100.0% | $5,491 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 59% |
China | 15 |
Brazil | 6 |
Thailand | 5 |
Japan | 3 |
Switzerland | 3 |
Mexico | 3 |
Other | 6 |
Total | 100% |
† % of total investments as of March 31, 2021. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $5,398 | $5,398 | |
Money Market Mutual Fund | 67 | 67 | |
Total Investments | $5,465 | $5,465 |
KAR Capital Growth Fund | KAR Equity Income Fund | KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||
Assets | |||||||
Investment in securities at value(1)(2) | $ 749,769 | $ 141,331 | $ 37,907 | $ 1,076,639 | |||
Foreign currency at value(3) | — | — | — (a) | — | |||
Cash | 5,930 | — | 409 | 5,523 | |||
Receivables | |||||||
Fund shares sold | 214 | 2 | — (a) | 2,998 | |||
Dividends | 145 | 238 | 130 | 398 | |||
Tax reclaims | — | — | 30 | — | |||
Securities lending income | — (a) | — | 1 | — (a) | |||
Prepaid Trustees’ retainer | 10 | 1 | — (a) | 14 | |||
Prepaid expenses | 41 | 87 | 27 | 83 | |||
Other assets | 68 | 12 | 3 | 96 | |||
Total assets | 756,177 | 141,671 | 38,507 | 1,085,751 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 181 | 134 | 34 | 750 | |||
Collateral on securities loaned | — | — | — | 271 | |||
Investment advisory fees | 448 | 76 | 19 | 626 | |||
Distribution and service fees | 155 | 31 | 6 | 66 | |||
Administration and accounting fees | 62 | 12 | 4 | 90 | |||
Transfer agent and sub-transfer agent fees and expenses | 99 | 24 | 9 | 189 | |||
Professional fees | 15 | 9 | 19 | 15 | |||
Trustee deferred compensation plan | 68 | 12 | 3 | 96 | |||
Interest expense and/or commitment fees | 1 | — (a) | — (a) | 1 | |||
Other accrued expenses | 81 | 39 | 7 | — | |||
Total liabilities | 1,110 | 337 | 101 | 2,104 | |||
Net Assets | $ 755,067 | $ 141,334 | $ 38,406 | $ 1,083,647 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 220,069 | $ 120,965 | $ 36,233 | $ 733,913 | |||
Accumulated earnings (loss) | 534,998 | 20,369 | 2,173 | 349,734 | |||
Net Assets | $ 755,067 | $ 141,334 | $ 38,406 | $ 1,083,647 | |||
Net Assets: | |||||||
Class A | $ 690,390 | $ 123,908 | $ 24,197 | $ 74,028 | |||
Class C | $ 10,368 | $ 5,704 | $ 1,082 | $ 59,598 | |||
Class I | $ 54,036 | $ 10,235 | $ 11,175 | $ 923,017 | |||
Class R6 | $ 273 | $ 1,487 | $ 1,952 | $ 27,004 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 26,583,969 | 6,159,847 | 1,675,622 | 1,501,600 | |||
Class C | 550,062 | 330,753 | 77,405 | 1,316,656 | |||
Class I | 1,997,884 | 510,506 | 773,732 | 18,301,030 | |||
Class R6 | 9,985 | 74,407 | 134,651 | 534,002 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 25.97 | $ 20.12 | $ 14.44 | $ 49.30 | |||
Class C | $ 18.85 | $ 17.25 | $ 13.97 | $ 45.26 | |||
Class I | $ 27.05 | $ 20.05 | $ 14.44 | $ 50.44 | |||
Class R6 | $ 27.34 | $ 19.98 | $ 14.50 | $ 50.57 |
KAR Capital Growth Fund | KAR Equity Income Fund | KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 27.48 | $ 21.29 | $ 15.28 | $ 52.17 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 234,355 | $ 121,172 | $ 31,988 | $ 732,555 | |||
(2) Market value of securities on loan | $ — | $ — | $ — | $ 275 | |||
(3) Foreign currency at cost | $ — | $ — | $ —(a) | $ — |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||
Assets | |||||||
Investment in unaffiliated securities at value(1)(2) | $ 3,276,200 | $ 1,869,693 | $ 3,762,218 | $ 1,370,661 | |||
Investment in affiliated securities at value(3) | — | — | 3,078,219 | — | |||
Foreign currency at value(4) | — | — (a) | — | — | |||
Cash | 2,304 | 43,897 | 127,426 | 15,708 | |||
Receivables | |||||||
Investment securities sold | 4,297 | — | — | — | |||
Fund shares sold | 12,375 | 3,823 | 5,138 | 6,888 | |||
Dividends | 428 | 189 | 453 | 1,266 | |||
Securities lending income | — | — | 1 | — | |||
Prepaid Trustees’ retainer | 61 | 21 | 99 | 20 | |||
Prepaid expenses | 267 | 54 | 160 | 99 | |||
Other assets | 301 | 172 | 655 | 124 | |||
Total assets | 3,296,233 | 1,917,849 | 6,974,369 | 1,394,766 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 3,450 | 1,048 | 10,980 | 1,209 | |||
Investment securities purchased | — | — | — | 635 | |||
Collateral on securities loaned | — | — | 15,125 | — | |||
Investment advisory fees | 2,023 | 1,218 | 5,004 | 817 | |||
Distribution and service fees | 243 | 108 | 480 | 46 | |||
Administration and accounting fees | 284 | 157 | 612 | 121 | |||
Transfer agent and sub-transfer agent fees and expenses | 525 | 265 | 1,427 | 225 | |||
Professional fees | 9 | 17 | 12 | 15 | |||
Trustee deferred compensation plan | 301 | 172 | 655 | 124 | |||
Interest expense and/or commitment fees | 1 | 2 | 8 | 1 | |||
Other accrued expenses | — | 40 | 98 | — | |||
Total liabilities | 6,836 | 3,027 | 34,401 | 3,193 | |||
Net Assets | $ 3,289,397 | $ 1,914,822 | $ 6,939,968 | $ 1,391,573 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 2,306,601 | $ 1,049,274 | $ 3,659,459 | $ 853,814 | |||
Accumulated earnings (loss) | 982,796 | 865,548 | 3,280,509 | 537,759 | |||
Net Assets | $ 3,289,397 | $ 1,914,822 | $ 6,939,968 | $ 1,391,573 | |||
Net Assets: | |||||||
Class A | $ 574,437 | $ 136,862 | $ 832,585 | $ 130,907 | |||
Class C | $ 136,615 | $ 91,116 | $ 331,785 | $ 23,200 | |||
Class I | $ 2,424,843 | $ 1,279,687 | $ 5,599,822 | $ 1,209,433 | |||
Class R6 | $ 153,502 | $ 407,157 | $ 175,776 | $ 28,033 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 8,849,471 | 2,954,238 | 16,334,421 | 4,727,726 | |||
Class C | 2,715,197 | 2,451,734 | 7,470,827 | 858,956 | |||
Class I | 36,005,718 | 25,911,178 | 106,733,141 | 43,697,889 | |||
Class R6 | 2,264,854 | 8,210,060 | 3,338,845 | 1,011,930 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 64.91 | $ 46.33 | $ 50.97 | $ 27.69 | |||
Class C | $ 50.32 | $ 37.16 | $ 44.41 | $ 27.01 | |||
Class I | $ 67.35 | $ 49.39 | $ 52.47 | $ 27.68 | |||
Class R6 | $ 67.78 | $ 49.59 | $ 52.65 | $ 27.70 |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 68.69 | $ 49.03 | $ 53.94 | $ 29.30 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 2,298,066 | $ 1,159,729 | $ 2,137,383 | $ 835,282 | |||
(2) Market value of securities on loan | $ — | $ — | $ 13,195 | $ — | |||
(3) Investment in affiliated securities at cost | $ — | $ — | $ 1,520,630 | $ — | |||
(4) Foreign currency at cost | $ — | $ —(a) | $ — | $ — |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | SGA Emerging Markets Growth Fund | SGA Global Growth Fund | ||||
Assets | |||||||
Investment in securities at value(1)(2) | $ 976,045 | $ 4,327 | $ 6,632 | $ 157,139 | |||
Foreign currency at value(3) | — | — | — | 44 | |||
Cash | 648 | — | — (a) | — | |||
Receivables | |||||||
Fund shares sold | 6,984 | 16 | 1 | 377 | |||
Receivable from adviser | — | 6 | 7 | — | |||
Dividends | 206 | — (a) | 1 | 21 | |||
Tax reclaims | — | — | — (a) | 53 | |||
Prepaid Trustees’ retainer | 15 | — | — (a) | 2 | |||
Prepaid expenses | 108 | 20 | 38 | 40 | |||
Other assets | 82 | — (a) | 1 | 14 | |||
Total assets | 984,088 | 4,369 | 6,680 | 157,690 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 869 | — | — | 2 | |||
Investment securities purchased | 555 | — | — | — | |||
Foreign capital gains tax | — | — | 7 | — | |||
Collateral on securities loaned | — | 194 | — | — | |||
Investment advisory fees | 620 | — | 6 | 94 | |||
Distribution and service fees | 26 | — (a) | — (a) | 12 | |||
Administration and accounting fees | 82 | — (a) | 1 | 14 | |||
Transfer agent and sub-transfer agent fees and expenses | 162 | — (a) | — (a) | 8 | |||
Professional fees | 14 | 1 | 16 | 20 | |||
Trustee deferred compensation plan | 82 | — (a) | 1 | 14 | |||
Interest expense and/or commitment fees | — | — | — (a) | — (a) | |||
Other accrued expenses | — | — | 1 | 6 | |||
Total liabilities | 2,410 | 195 | 32 | 170 | |||
Net Assets | $ 981,678 | $ 4,174 | $ 6,648 | $ 157,520 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 782,714 | $ 4,281 | $ 4,861 | $ 105,939 | |||
Accumulated earnings (loss) | 198,964 | (107) | 1,787 | 51,581 | |||
Net Assets | $ 981,678 | $ 4,174 | $ 6,648 | $ 157,520 | |||
Net Assets: | |||||||
Class A | $ 41,248 | $ 431 | $ 220 | $ 31,573 | |||
Class C | $ 22,331 | $ 103 | $ 165 | $ 6,154 | |||
Class I | $ 906,077 | $ 995 | $ 435 | $ 39,484 | |||
Class R6 | $ 12,022 | $ 2,645 | $ 5,828 | $ 80,309 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 2,304,785 | 44,085 | 15,929 | 1,087,512 | |||
Class C | 1,276,635 | 10,516 | 12,091 | 225,726 | |||
Class I | 50,300,098 | 101,548 | 31,395 | 1,352,100 | |||
Class R6 | 665,980 | 270,000 | 418,764 | 2,672,300 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 17.90 | $ 9.79 | $ 13.81 | $ 29.03 | |||
Class C | $ 17.49 | $ 9.77 | $ 13.62 | $ 27.26 | |||
Class I | $ 18.01 | $ 9.80 | $ 13.87 | $ 29.20 | |||
Class R6 | $ 18.05 | $ 9.80 | $ 13.92 | $ 30.05 |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | SGA Emerging Markets Growth Fund | SGA Global Growth Fund | ||||
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 18.94 | $ 10.36 | $ 14.61 | $ 30.72 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 789,833 | $ 4,410 | $ 5,145 | $ 110,444 | |||
(2) Market value of securities on loan | $ — | $ 197 | $ — | $ — | |||
(3) Foreign currency at cost | $ — | $ — | $ — | $ 45 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
SGA New Leaders Growth Fund | |
Assets | |
Investment in securities at value(1) | $ 5,465 |
Receivables | |
Receivable from adviser | 6 |
Dividends | 1 |
Tax reclaims | — (a) |
Prepaid expenses | 24 |
Other assets | — (a) |
Total assets | 5,496 |
Liabilities | |
Payables | |
Distribution and service fees | — (a) |
Administration and accounting fees | 1 |
Transfer agent and sub-transfer agent fees and expenses | — (a) |
Professional fees | 4 |
Trustee deferred compensation plan | — (a) |
Total liabilities | 5 |
Net Assets | $ 5,491 |
Net Assets Consist of: | |
Capital paid in on shares of beneficial interest | $ 5,268 |
Accumulated earnings (loss) | 223 |
Net Assets | $ 5,491 |
Net Assets: | |
Class A | $ 107 |
Class C | $ 106 |
Class I | $ 159 |
Class R6 | $ 5,119 |
Shares Outstanding (unlimited number of shares authorized, no par value): | |
Class A | 10,284 |
Class C | 10,224 |
Class I | 15,285 |
Class R6 | 491,787 |
Net Asset Value and Redemption Price Per Share:* | |
Class A | $ 10.39 |
Class C | $ 10.36 |
Class I | $ 10.40 |
Class R6 | $ 10.41 |
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |
Class A | $ 10.99 |
Maximum Sales Charge - Class A | 5.50% |
(1) Investment in securities at cost | $ 5,286 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
KAR Capital Growth Fund | KAR Equity Income Fund | KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | KAR Mid-Cap Growth Fund | |||||
Investment Income | |||||||||
Dividends | $ 1,537 | $ 2,404 | $ 686 | $ 3,299 | $ 5,613 | ||||
Securities lending, net of fees | — (1) | 2 | 2 | 4 | — | ||||
Foreign taxes withheld | — | (5) | (34) | — | — | ||||
Total investment income | 1,537 | 2,401 | 654 | 3,303 | 5,613 | ||||
Expenses | |||||||||
Investment advisory fees | 2,663 | 512 | 137 | 3,817 | 11,448 | ||||
Distribution and service fees, Class A | 868 | 148 | 29 | 84 | 724 | ||||
Distribution and service fees, Class C | 67 | 32 | 7 | 282 | 674 | ||||
Administration and accounting fees | 388 | 72 | 22 | 487 | 1,626 | ||||
Transfer agent fees and expenses | 195 | 36 | 11 | 203 | 690 | ||||
Sub-transfer agent fees and expenses, Class A | 110 | 34 | 7 | 29 | 236 | ||||
Sub-transfer agent fees and expenses, Class C | 4 | 2 | 1 | 25 | 58 | ||||
Sub-transfer agent fees and expenses, Class I | 26 | 3 | 7 | 361 | 1,160 | ||||
Custodian fees | — (1) | 1 | — (1) | — (1) | 1 | ||||
Printing fees and expenses | 22 | 5 | 2 | 24 | 71 | ||||
Professional fees | 16 | 12 | 13 | 15 | 22 | ||||
Interest expense and/or commitment fees | 2 | — (1) | — (1) | 2 | 6 | ||||
Registration fees | 28 | 24 | 19 | 57 | 140 | ||||
Trustees’ fees and expenses | 27 | 5 | 1 | 30 | 87 | ||||
Miscellaneous expenses | 117 | 27 | 12 | 26 | 75 | ||||
Total expenses | 4,533 | 913 | 268 | 5,442 | 17,018 | ||||
Less net expenses reimbursed and/or waived by investment adviser(2) | — (1) | (84) | (32) | (546) | (38) | ||||
Less low balance account fees | (11) | (1) | (1) | — | (1) | ||||
Net expenses | 4,522 | 828 | 235 | 4,896 | 16,979 | ||||
Net investment income (loss) | (2,985) | 1,573 | 419 | (1,593) | (11,366) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | 31,560 | (558) | 899 | 12,978 | 28,605 | ||||
Foreign currency transactions | — (1) | — | (10) | — | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | 45,854 | 21,810 | 4,036 | 186,076 | 284,448 | ||||
Foreign currency transactions | — | — | (1) | — | — | ||||
Net realized and unrealized gain (loss) on investments | 77,414 | 21,252 | 4,924 | 199,054 | 313,053 | ||||
Net increase (decrease) in net assets resulting from operations | $74,429 | $22,825 | $5,343 | $197,461 | $301,687 |
(1) | Amount is less than $500. |
(2) | See Note 4D in the Notes to Financial Statements. |
KAR Small-Cap Core Fund | KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund(1) | |||||
Investment Income | |||||||||
Dividends | $ 7,105 | $ 6,954 | $ 10,520 | $ 2,085 | $ 2 | ||||
Dividends from affiliated | — | 2,651 | — | — | — | ||||
Securities lending, net of fees | — | 21 | — | — | — (2) | ||||
Total investment income | 7,105 | 9,626 | 10,520 | 2,085 | 2 | ||||
Expenses | |||||||||
Investment advisory fees | 6,726 | 29,490 | 4,008 | 2,658 | 8 | ||||
Distribution and service fees, Class A | 155 | 1,077 | 134 | 37 | — (2) | ||||
Distribution and service fees, Class C | 480 | 1,772 | 103 | 80 | 1 | ||||
Administration and accounting fees | 909 | 3,697 | 588 | 367 | 3 | ||||
Transfer agent fees and expenses | 385 | 1,558 | 245 | 153 | 1 | ||||
Sub-transfer agent fees and expenses, Class A | 58 | 442 | 35 | 15 | — (2) | ||||
Sub-transfer agent fees and expenses, Class C | 38 | 132 | 7 | 5 | — (2) | ||||
Sub-transfer agent fees and expenses, Class I | 453 | 2,679 | 422 | 302 | — (2) | ||||
Custodian fees | 1 | 3 | — (2) | — (2) | — (2) | ||||
Printing fees and expenses | 47 | 199 | 30 | 13 | 10 | ||||
Professional fees | 20 | 49 | 15 | 13 | 11 | ||||
Interest expense and/or commitment fees | 4 | 17 | 2 | 1 | — | ||||
Registration fees | 42 | 94 | 49 | 47 | 9 | ||||
Trustees’ fees and expenses | 65 | 256 | 32 | 14 | — (2) | ||||
Miscellaneous expenses | 79 | 272 | 31 | 12 | 1 | ||||
Total expenses | 9,462 | 41,737 | 5,701 | 3,717 | 44 | ||||
Less net expenses reimbursed and/or waived by investment adviser(3) | — | — | — | — | (32) | ||||
Less low balance account fees | — | (1) | — (2) | — (2) | — | ||||
Plus net expenses recaptured | — | — | — | 117 | — | ||||
Net expenses | 9,462 | 41,736 | 5,701 | 3,834 | 12 | ||||
Net investment income (loss) | (2,357) | (32,110) | 4,819 | (1,749) | (10) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | 169,410 | 165,410 | 26,828 | 15,522 | (14) | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | 215,354 | 355,134 | 325,197 | 128,680 | (83) | ||||
Affiliated investments | — | 446,618 | — | — | — | ||||
Net realized and unrealized gain (loss) on investments | 384,764 | 967,162 | 352,025 | 144,202 | (97) | ||||
Net increase (decrease) in net assets resulting from operations | $382,407 | $935,052 | $356,844 | $142,453 | $(107) |
(1) | Inception date December 8, 2020. |
(2) | Amount is less than $500. |
(3) | See Note 4D in Notes to Financial Statements. |
SGA Emerging Markets Growth Fund | SGA Global Growth Fund | SGA New Leaders Growth Fund(1) | |||
Investment Income | |||||
Dividends | $ 16 | $ 350 | $ 6 | ||
Securities lending, net of fees | — | 1 | — | ||
Foreign taxes withheld | (1) | (14) | — (2) | ||
Total investment income | 15 | 337 | 6 | ||
Expenses | |||||
Investment advisory fees | 31 | 589 | 16 | ||
Distribution and service fees, Class A | — (2) | 37 | — (2) | ||
Distribution and service fees, Class C | 1 | 30 | — (2) | ||
Administration and accounting fees | 8 | 79 | 5 | ||
Transfer agent fees and expenses | 1 | 32 | 1 | ||
Sub-transfer agent fees and expenses, Class A | — (2) | 20 | — (2) | ||
Sub-transfer agent fees and expenses, Class C | — (2) | 1 | — (2) | ||
Sub-transfer agent fees and expenses, Class I | — (2) | 19 | — (2) | ||
Custodian fees | — (2) | — (2) | — (2) | ||
Printing fees and expenses | 1 | 6 | 11 | ||
Professional fees | 13 | 10 | 14 | ||
Interest expense and/or commitment fees | — (2) | — (2) | — | ||
Registration fees | 22 | 32 | 12 | ||
Trustees’ fees and expenses | — (2) | 5 | — (2) | ||
Miscellaneous expenses | 2 | 9 | 2 | ||
Total expenses | 79 | 869 | 61 | ||
Less net expenses reimbursed and/or waived by investment adviser(3) | (44) | (61) | (42) | ||
Less low balance account fees | — | — (2) | — | ||
Net expenses | 35 | 808 | 19 | ||
Net investment income (loss) | (20) | (471) | (13) | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | 350 | 5,739 | 56 | ||
Foreign currency transactions | — (2) | (5) | 1 | ||
Foreign capital gains tax | (1) | — | — | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | 678 | 12,249 | 179 | ||
Foreign currency transactions | — (2) | (1) | — (2) | ||
Foreign capital gains tax | (5) | — | — | ||
Net realized and unrealized gain (loss) on investments | 1,022 | 17,982 | 236 | ||
Net increase (decrease) in net assets resulting from operations | $1,002 | $17,511 | $223 |
(1) | Inception date November 17, 2020. |
(2) | Amount is less than $500. |
(3) | See Note 4D in Notes to Financial Statements. |
KAR Capital Growth Fund | KAR Equity Income Fund | ||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (2,985) | $ (3,646) | $ 1,573 | $ 912 | |||
Net realized gain (loss) | 31,560 | 18,655 | (558) | 44,684 | |||
Net change in unrealized appreciation (depreciation) | 45,854 | 220,795 | 21,810 | (31,713) | |||
Increase (decrease) in net assets resulting from operations | 74,429 | 235,804 | 22,825 | 13,883 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (21,796) | (13,917) | (31,394) | (1,182) | |||
Class C | (600) | (341) | (1,891) | (14) | |||
Class I | (1,595) | (673) | (2,982) | (133) | |||
Class R6 | (9) | (6) | (333) | (13) | |||
Total dividends and distributions to shareholders | (24,000) | (14,937) | (36,600) | (1,342) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 3,171 | (34,651) | 21,888 | (12,326) | |||
Class C | (3,586) | 792 | 148 | (2,051) | |||
Class I | 4,056 | 11,756 | 1,138 | (1,330) | |||
Class R6 | (28) | 149 | 844 | (222) | |||
Increase (decrease) in net assets from capital transactions | 3,613 | (21,954) | 24,018 | (15,929) | |||
Net increase (decrease) in net assets | 54,042 | 198,913 | 10,243 | (3,388) | |||
Net Assets | |||||||
Beginning of period | 701,025 | 502,112 | 131,091 | 134,479 | |||
End of Period | $ 755,067 | $ 701,025 | $ 141,334 | $ 131,091 |
KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 419 | $ 867 | $ (1,593) | $ (1,651) | |||
Net realized gain (loss) | 889 | (2,753) | 12,978 | 3,785 | |||
Net change in unrealized appreciation (depreciation) | 4,035 | (2,982) | 186,076 | 85,472 | |||
Increase (decrease) in net assets resulting from operations | 5,343 | (4,868) | 197,461 | 87,606 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (576) | (669) | (464) | (222) | |||
Class C | (27) | (45) | (429) | (207) | |||
Class I | (334) | (228) | (5,392) | (1,612) | |||
Class R6 | (3) | (3) | (165) | (56) | |||
Total dividends and distributions to shareholders | (940) | (945) | (6,450) | (2,097) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (760) | (3,290) | 3,795 | 3,463 | |||
Class C | (557) | (1,314) | (789) | 523 | |||
Class I | (380) | 4,427 | 103,490 | 256,818 | |||
Class R6 | 1,795 | — | 2,342 | 6,369 | |||
Increase (decrease) in net assets from capital transactions | 98 | (177) | 108,838 | 267,173 | |||
Net increase (decrease) in net assets | 4,501 | (5,990) | 299,849 | 352,682 | |||
Net Assets | |||||||
Beginning of period | 33,905 | 39,895 | 783,798 | 431,116 | |||
End of Period | $ 38,406 | $ 33,905 | $ 1,083,647 | $ 783,798 |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | ||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (11,366) | $ (9,574) | $ (2,357) | $ (4,034) | |||
Net realized gain (loss) | 28,605 | 1,409 | 169,410 | 120,343 | |||
Net change in unrealized appreciation (depreciation) | 284,448 | 614,023 | 215,354 | 29,309 | |||
Increase (decrease) in net assets resulting from operations | 301,687 | 605,858 | 382,407 | 145,618 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (606) | (1,240) | (9,053) | (5,631) | |||
Class C | (180) | (384) | (8,780) | (5,334) | |||
Class I | (2,375) | (2,476) | (85,597) | (48,638) | |||
Class R6 | (139) | (25) | (26,170) | (5,252) | |||
Total dividends and distributions to shareholders | (3,300) | (4,125) | (129,600) | (64,855) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 35,596 | 167,734 | 7,469 | (24,683) | |||
Class C | 12,074 | 40,327 | (10,178) | (18,869) | |||
Class I | 369,493 | 1,098,875 | 23,992 | (187,888) | |||
Class R6 | 41,693 | 89,984 | 62,108 | 179,793 | |||
Increase (decrease) in net assets from capital transactions | 458,856 | 1,396,920 | 83,391 | (51,647) | |||
Net increase (decrease) in net assets | 757,243 | 1,998,653 | 336,198 | 29,116 | |||
Net Assets | |||||||
Beginning of period | 2,532,154 | 533,501 | 1,578,624 | 1,549,508 | |||
End of Period | $ 3,289,397 | $ 2,532,154 | $ 1,914,822 | $ 1,578,624 |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (32,110) | $ (45,327) | $ 4,819 | $ 5,818 | |||
Net realized gain (loss) | 165,410 | 811,834 | 26,828 | (13,648) | |||
Net change in unrealized appreciation (depreciation) | 801,752 | 814,401 | 325,197 | 79,242 | |||
Increase (decrease) in net assets resulting from operations | 935,052 | 1,580,908 | 356,844 | 71,412 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (79,097) | (11,736) | (662) | (469) | |||
Class C | (37,125) | (5,279) | (11) | — | |||
Class I | (537,686) | (65,197) | (8,138) | (4,156) | |||
Class R6 | (14,092) | (823) | (189) | (105) | |||
Total dividends and distributions to shareholders | (668,000) | (83,035) | (9,000) | (4,730) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 30,735 | (146,328) | 14,009 | (2,705) | |||
Class C | 1,267 | (45,805) | 510 | (112) | |||
Class I | 119,619 | 60,051 | 195,894 | 169,955 | |||
Class R6 | 79,424 | 30,011 | 9,794 | (95) | |||
Increase (decrease) in net assets from capital transactions | 231,045 | (102,071) | 220,207 | 167,043 | |||
Net increase (decrease) in net assets | 498,097 | 1,395,802 | 568,051 | 233,725 | |||
Net Assets | |||||||
Beginning of period | 6,441,871 | 5,046,069 | 823,522 | 589,797 | |||
End of Period | $ 6,939,968 | $ 6,441,871 | $ 1,391,573 | $ 823,522 |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | ||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | From Inception December 8, 2020 to March 31, 2021 (Unaudited) | |||
Increase (Decrease) in Net Assets Resulting from Operations | |||||
Net investment income (loss) | $ (1,749) | $ 47 | $ (10) | ||
Net realized gain (loss) | 15,522 | (843) | (14) | ||
Net change in unrealized appreciation (depreciation) | 128,680 | 55,857 | (83) | ||
Increase (decrease) in net assets resulting from operations | 142,453 | 55,061 | (107) | ||
Dividends and Distributions to Shareholders | |||||
Net Investment Income and Net Realized Gains: | |||||
Class I | (57) | — | — | ||
Class R6 | (3) | — | — | ||
Total dividends and distributions to shareholders | (60) | — | — | ||
Change in Net Assets from Capital Transactions (See Note 6): | |||||
Class A | 15,552 | 16,375 | 449 | ||
Class C | 9,073 | 8,117 | 105 | ||
Class I | 335,012 | 363,831 | 1,027 | ||
Class R6 | 1,438 | 4,224 | 2,700 | ||
Increase (decrease) in net assets from capital transactions | 361,075 | 392,547 | 4,281 | ||
Net increase (decrease) in net assets | 503,468 | 447,608 | 4,174 | ||
Net Assets | |||||
Beginning of period | 478,210 | 30,602 | — | ||
End of Period | $ 981,678 | $ 478,210 | $ 4,174 |
SGA Emerging Markets Growth Fund | SGA Global Growth Fund | ||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (20) | $ (3) | $ (471) | $ (283) | |||
Net realized gain (loss) | 349 | 106 | 5,734 | 5,395 | |||
Net change in unrealized appreciation (depreciation) | 673 | 815 | 12,248 | 20,280 | |||
Increase (decrease) in net assets resulting from operations | 1,002 | 918 | 17,511 | 25,392 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (4) | (—) (1) | (963) | — | |||
Class C | (3) | (—) (1) | (211) | — | |||
Class I | (8) | (—) (1) | (1,091) | (3) | |||
Class R6 | (110) | (1) | (2,435) | (34) | |||
Total Dividends and Distributions to Shareholders | (125) | (1) | (4,700) | (37) | |||
Change in Net Assets From Capital Transactions (See Note 6): | |||||||
Class A | 24 | 43 | 2,533 | 19,110 | |||
Class C | 1 | 16 | 478 | 699 | |||
Class I | 143 | 100 | 9,225 | 9,377 | |||
Class R6 | 217 | (31) | 854 | 15,808 | |||
Increase (decrease) in net assets from share transactions | 385 | 128 | 13,090 | 44,994 | |||
Net increase (decrease) in net assets | 1,262 | 1,045 | 25,901 | 70,349 | |||
Net Assets | |||||||
Beginning of period | 5,386 | 4,341 | 131,619 | 61,270 | |||
End of Period | $6,648 | $5,386 | $157,520 | $131,619 |
(1) | Amount is less than $500. |
SGA New Leaders Growth Fund | |
Since Inception March 31, 2021 (Unaudited) | |
Increase (Decrease) in Net Assets Resulting from Operations | |
Net investment income (loss) | $ (13) |
Net realized gain (loss) | 57 |
Net change in unrealized appreciation (depreciation) | 179 |
Increase (decrease) in net assets resulting from operations | 223 |
Change in Net Assets From Capital Transactions (See Note 6): | |
Class A | 103 |
Class C | 103 |
Class I | 155 |
Class R6 | 4,907 |
Increase (decrease) in net assets from share transactions | 5,268 |
Net increase (decrease) in net assets | 5,491 |
Net Assets | |
Beginning of period | — |
End of Period | $5,491 |
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Capital Growth Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/20 to 3/31/21(6) | $24.20 | (0.10) | 2.70 | 2.60 | — | — | (0.83) | (0.83) | 1.77 | $25.97 | 10.61 % | $ 690,390 | 1.19 % (7) | 1.19 % | (0.78) % | 4 % | |
10/1/19 to 9/30/20 | 16.67 | (0.12) | 8.16 | 8.04 | — | — | (0.51) | (0.51) | 7.53 | 24.20 | 49.20 | 640,963 | 1.22 (7) | 1.23 | (0.63) | 4 | |
10/1/18 to 9/30/19 | 18.37 | (0.07) | (0.08) | (0.15) | — | — | (1.55) | (1.55) | (1.70) | 16.67 | 1.10 | 471,071 | 1.23 (7) | 1.24 | (0.43) | 12 | |
10/1/17 to 9/30/18 | 16.18 | (0.08) | 3.13 | 3.05 | — | — | (0.86) | (0.86) | 2.19 | 18.37 | 19.56 | 508,124 | 1.22 (7) | 1.22 | (0.49) | 17 | |
4/1/17 to 9/30/17(8) | 14.10 | (0.03) | 2.27 | 2.24 | — | — | (0.16) | (0.16) | 2.08 | 16.18 | 15.93 | 446,720 | 1.30 (7) | 1.30 | (0.40) | 13 | |
4/1/16 to 3/31/17 | 13.66 | (0.05) | 1.64 | 1.59 | — | — | (1.15) | (1.15) | 0.44 | 14.10 | 12.34 (9) | 402,118 | 1.33 (7)(9)(10) | 1.34 | (0.40) (9) | 21 | |
4/1/15 to 3/31/16 | 14.23 | (0.05) | 0.13 | 0.08 | — | — | (0.65) | (0.65) | (0.57) | 13.66 | 0.39 | 401,617 | 1.30 (7) | 1.30 | (0.32) | 20 | |
Class C | |||||||||||||||||
10/1/20 to 3/31/21(6) | $17.83 | (0.15) | 2.00 | 1.85 | — | — | (0.83) | (0.83) | 1.02 | $18.85 | 10.19 % | $ 10,368 | 1.96 % (7) | 1.97 % | (1.56) % | 4 % | |
10/1/19 to 9/30/20 | 12.49 | (0.20) | 6.05 | 5.85 | — | — | (0.51) | (0.51) | 5.34 | 17.83 | 48.09 | 13,183 | 2.00 (7) | 2.00 | (1.41) | 4 | |
10/1/18 to 9/30/19 | 14.34 | (0.15) | (0.15) | (0.30) | — | — | (1.55) | (1.55) | (1.85) | 12.49 | 0.26 | 8,632 | 2.02 (7) | 2.02 | (1.22) | 12 | |
10/1/17 to 9/30/18 | 12.91 | (0.17) | 2.46 | 2.29 | — | — | (0.86) | (0.86) | 1.43 | 14.34 | 18.58 | 14,408 | 1.99 (7) | 2.00 | (1.26) | 17 | |
4/1/17 to 9/30/17(8) | 11.32 | (0.07) | 1.82 | 1.75 | — | — | (0.16) | (0.16) | 1.59 | 12.91 | 15.51 | 14,052 | 2.08 (7) | 2.08 | (1.18) | 13 | |
4/1/16 to 3/31/17 | 11.27 | (0.13) | 1.33 | 1.20 | — | — | (1.15) | (1.15) | 0.05 | 11.32 | 11.47 (9) | 13,345 | 2.08 (7)(9)(10) | 2.09 | (1.16) (9) | 21 | |
4/1/15 to 3/31/16 | 11.93 | (0.12) | 0.11 | (0.01) | — | — | (0.65) | (0.65) | (0.66) | 11.27 | (0.31) | 19,832 | 2.05 (7) | 2.06 | (1.07) | 20 | |
Class I | |||||||||||||||||
10/1/20 to 3/31/21(6) | $25.15 | (0.08) | 2.81 | 2.73 | — | — | (0.83) | (0.83) | 1.90 | $27.05 | 10.73 % | $ 54,036 | 1.00 % (7) | 1.00 % | (0.59) % | 4 % | |
10/1/19 to 9/30/20 | 17.36 | (0.09) | 8.39 | 8.30 | — | — | (0.51) | (0.51) | 7.79 | 25.15 | 48.72 | 46,600 | 1.01 (7) | 1.02 | (0.44) | 4 | |
10/1/18 to 9/30/19 | 19.02 | (0.04) | (0.07) | (0.11) | — | — | (1.55) | (1.55) | (1.66) | 17.36 | 1.29 | 22,315 | 1.02 (7) | 1.03 | (0.21) | 12 | |
10/1/17 to 9/30/18 | 16.69 | (0.05) | 3.24 | 3.19 | — | — | (0.86) | (0.86) | 2.33 | 19.02 | 19.81 | 17,125 | 0.99 (7) | 0.99 | (0.26) | 17 | |
4/1/17 to 9/30/17(8) | 14.52 | (0.01) | 2.34 | 2.33 | — | — | (0.16) | (0.16) | 2.17 | 16.69 | 16.09 | 12,466 | 1.08 (7) | 1.08 | (0.18) | 13 | |
4/1/16 to 3/31/17 | 14.00 | (0.01) | 1.68 | 1.67 | — | — | (1.15) | (1.15) | 0.52 | 14.52 | 12.61 (9) | 10,180 | 1.08 (7)(9)(10) | 1.09 | (0.15) (9) | 21 | |
4/1/15 to 3/31/16 | 14.53 | (0.01) | 0.13 | 0.12 | — | — | (0.65) | (0.65) | (0.53) | 14.00 | 0.66 | 8,227 | 1.05 (7) | 1.05 | (0.07) | 20 | |
Class R6 | |||||||||||||||||
10/1/20 to 3/31/21(6) | $25.38 | (0.04) | 2.83 | 2.79 | — | — | (0.83) | (0.83) | 1.96 | $27.34 | 10.87 % | $ 273 | 0.73 % | 0.91 % | (0.32) % | 4 % | |
10/1/19 to 9/30/20 | 17.37 | (0.01) | 8.53 | 8.52 | — | — | (0.51) | (0.51) | 8.01 | 25.38 | 49.99 | 279 | 0.72 | 0.94 | (0.06) | 4 | |
10/1/18 to 9/30/19 | 19.04 | (0.05) | (0.07) | (0.12) | — | — | (1.55) | (1.55) | (1.67) | 17.37 | 1.25 | 94 | 0.78 (11) | 0.94 | (0.27) | 12 | |
1/30/18 (12) to 9/30/18 | 18.46 | (—) (13) | 0.58 | 0.58 | — | — | — | — | 0.58 | 19.04 | 3.14 | 6,458 | 0.80 (11) | 0.91 | (0.03) | 17 (14) | |
KAR Equity Income Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/20 to 3/31/21(6) | $23.03 | 0.25 | 3.45 | 3.70 | (0.27) | — | (6.34) | (6.61) | (2.91) | $20.12 | 18.23 % | $ 123,908 | 1.20 % | 1.32 % | 2.31 % | 10 % | |
10/1/19 to 9/30/20 | 20.62 | 0.15 | 2.47 | 2.62 | (0.21) | — | — | (0.21) | 2.41 | 23.03 | 12.75 | 113,585 | 1.23 (10) | 1.38 | 0.72 | 118 | |
10/1/18 to 9/30/19 | 21.05 | 0.16 | (0.38) | (0.22) | (0.21) | — | — | (0.21) | (0.43) | 20.62 | (0.85) | 115,121 | 1.20 | 1.34 | 0.80 | 26 | |
10/1/17 to 9/30/18 | 20.26 | 0.14 | 2.02 | 2.16 | (0.06) | — | (1.31) | (1.37) | 0.79 | 21.05 | 10.84 | 118,904 | 1.20 | 1.31 | 0.71 | 24 | |
4/1/17 to 9/30/17(8) | 20.27 | 0.06 | 1.72 | 1.78 | (0.06) | — | (1.73) | (1.79) | (0.01) | 20.26 | 9.26 | 120,445 | 1.23 (11) | 1.39 | 0.63 | 110 | |
4/1/16 to 3/31/17 | 18.14 | 0.15 | 2.68 | 2.83 | (0.22) | — | (0.48) | (0.70) | 2.13 | 20.27 | 15.85 (9) | 113,442 | 1.26 (9)(10) | 1.40 | 0.81 | 496 | |
4/1/15 to 3/31/16 | 20.97 | 0.14 | 0.56 | 0.70 | (0.15) | — | (3.38) | (3.53) | (2.83) | 18.14 | 4.02 | 101,113 | 1.25 | 1.38 | 0.74 | 312 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Equity Income Fund (Continued) | |||||||||||||||||
Class C | |||||||||||||||||
10/1/20 to 3/31/21(6) | $20.51 | 0.15 | 3.03 | 3.18 | (0.10) | — | (6.34) | (6.44) | (3.26) | $17.25 | 17.81 % | $ 5,704 | 1.95 % | 2.08 % | 1.61 % | 10 % | |
10/1/19 to 9/30/20 | 18.36 | (0.01) | 2.19 | 2.18 | (0.03) | — | — | (0.03) | 2.15 | 20.51 | 11.91 | 6,394 | 1.97 (10) | 2.13 | (0.03) | 118 | |
10/1/18 to 9/30/19 | 18.71 | 0.01 | (0.33) | (0.32) | (0.03) | — | — | (0.03) | (0.35) | 18.36 | (1.65) | 7,769 | 1.95 | 2.10 | 0.07 | 26 | |
10/1/17 to 9/30/18 | 18.23 | (0.01) | 1.80 | 1.79 | — | — | (1.31) | (1.31) | 0.48 | 18.71 | 10.00 | 30,576 | 1.95 | 2.06 | (0.03) | 24 | |
4/1/17 to 9/30/17(8) | 18.44 | (0.02) | 1.56 | 1.54 | (0.02) | — | (1.73) | (1.75) | (0.21) | 18.23 | 8.85 | 32,710 | 1.98 (11) | 2.15 | (0.17) | 110 | |
4/1/16 to 3/31/17 | 16.48 | 0.01 | 2.44 | 2.45 | (0.01) | — | (0.48) | (0.49) | 1.96 | 18.44 | 15.01 (9) | 37,269 | 2.00 (9)(10) | 2.15 | 0.04 | 496 | |
4/1/15 to 3/31/16 | 19.42 | — (13) | 0.51 | 0.51 | (0.07) | — | (3.38) | (3.45) | (2.94) | 16.48 | 3.27 | 36,236 | 2.00 | 2.13 | 0.01 | 312 | |
Class I | |||||||||||||||||
10/1/20 to 3/31/21(6) | $23.00 | 0.28 | 3.44 | 3.72 | (0.33) | — | (6.34) | (6.67) | (2.95) | $20.05 | 18.37 % | $ 10,235 | 0.95 % | 1.08 % | 2.58 % | 10 % | |
10/1/19 to 9/30/20 | 20.60 | 0.20 | 2.46 | 2.66 | (0.26) | — | — | (0.26) | 2.40 | 23.00 | 12.98 | 10,319 | 0.98 (10) | 1.13 | 0.97 | 118 | |
10/1/18 to 9/30/19 | 21.03 | 0.21 | (0.38) | (0.17) | (0.26) | — | — | (0.26) | (0.43) | 20.60 | (0.58) ��� | 10,654 | 0.95 | 1.09 | 1.06 | 26 | |
10/1/17 to 9/30/18 | 20.22 | 0.19 | 2.01 | 2.20 | (0.08) | — | (1.31) | (1.39) | 0.81 | 21.03 | 11.10 | 15,028 | 0.95 | 1.08 | 0.92 | 24 | |
4/1/17 to 9/30/17(8) | 20.22 | 0.09 | 1.71 | 1.80 | (0.07) | — | (1.73) | (1.80) | — | 20.22 | 9.41 | 32,485 | 0.98 (11) | 1.15 | 0.91 | 110 | |
4/1/16 to 3/31/17 | 18.13 | 0.21 | 2.66 | 2.87 | (0.30) | — | (0.48) | (0.78) | 2.09 | 20.22 | 16.16 (9) | 21,011 | 1.01 (9)(10) | 1.15 | 1.13 | 496 | |
4/1/15 to 3/31/16 | 20.96 | 0.21 | 0.53 | 0.74 | (0.19) | — | (3.38) | (3.57) | (2.83) | 18.13 | 4.25 | 11,991 | 1.00 | 1.13 | 1.13 | 312 | |
Class R6 | |||||||||||||||||
10/1/20 to 3/31/21(6) | $22.96 | 0.25 | 3.46 | 3.71 | (0.35) | — | (6.34) | (6.69) | (2.98) | $19.98 | 18.35 % | $ 1,487 | 0.91 % | 1.01 % | 2.44 % | 10 % | |
10/1/19 to 9/30/20 | 20.56 | 0.21 | 2.47 | 2.68 | (0.28) | — | — | (0.28) | 2.40 | 22.96 | 13.08 | 793 | 0.93 (10) | 1.05 | 1.01 | 118 | |
10/1/18 to 9/30/19 | 21.03 | 0.20 | (0.37) | (0.17) | (0.30) | — | — | (0.30) | (0.47) | 20.56 | (0.56) | 935 | 0.91 | 1.03 | 1.02 | 26 | |
1/30/18 (12) to 9/30/18 | 20.70 | 0.15 | 0.18 | 0.33 | — | — | — | — | 0.33 | 21.03 | 1.59 | 4,999 | 0.91 | 1.00 | 1.16 | 24 | |
KAR Global Quality Dividend Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/20 to 3/31/21(6) | $12.76 | 0.15 | 1.87 | 2.02 | (0.34) | — | — | (0.34) | 1.68 | $14.44 | 16.01 % | $ 24,197 | 1.34 % | 1.51 % | 2.25 % | 19 % | |
10/1/19 to 9/30/20 | 14.78 | 0.31 | (1.99) | (1.68) | (0.34) | — | — | (0.34) | (2.02) | 12.76 | (11.69) | 22,089 | 1.35 | 1.61 | 2.32 | 53 | |
10/1/18 to 9/30/19 | 14.98 | 0.38 | 0.85 | 1.23 | (0.39) | — | (1.04) | (1.43) | (0.20) | 14.78 | 9.64 | 29,367 | 1.35 | 1.56 | 2.71 | 35 | |
10/1/17 to 9/30/18 | 16.20 | 0.40 | 0.25 | 0.65 | (0.65) | — | (1.22) | (1.87) | (1.22) | 14.98 | 4.24 | 26,351 | 1.35 | 1.50 | 2.63 | 33 | |
4/1/17 to 9/30/17(8) | 16.81 | 0.30 | 0.41 | 0.71 | (0.27) | — | (1.05) | (1.32) | (0.61) | 16.20 | 4.31 | 44,188 | 1.35 | 1.56 | 3.65 | 13 | |
4/1/16 to 3/31/17 | 15.09 | 0.20 | 1.66 | 1.86 | (0.14) | — | — | (0.14) | 1.72 | 16.81 | 12.42 | 46,670 | 1.36 (10) | 1.48 | 1.29 | 119 | |
4/1/15 to 3/31/16 | 15.40 | 0.14 | (0.37) | (0.23) | (0.08) | — | — | (0.08) | (0.31) | 15.09 | (1.53) | 50,081 | 1.35 | 1.44 | 0.94 | 25 | |
Class C | |||||||||||||||||
10/1/20 to 3/31/21(6) | $12.29 | 0.10 | 1.80 | 1.90 | (0.22) | — | — | (0.22) | 1.68 | $13.97 | 15.62 % | $ 1,082 | 2.10 % | 2.28 % | 1.50 % | 19 % | |
10/1/19 to 9/30/20 | 14.23 | 0.20 | (1.92) | (1.72) | (0.22) | — | — | (0.22) | (1.94) | 12.29 | (12.34) | 1,467 | 2.10 | 2.35 | 1.53 | 53 | |
10/1/18 to 9/30/19 | 14.52 | 0.24 | 0.83 | 1.07 | (0.32) | — | (1.04) | (1.36) | (0.29) | 14.23 | 8.74 | 3,178 | 2.10 | 2.29 | 1.79 | 35 | |
10/1/17 to 9/30/18 | 15.82 | 0.32 | 0.22 | 0.54 | (0.62) | — | (1.22) | (1.84) | (1.30) | 14.52 | 3.56 | 5,127 | 2.10 | 2.25 | 2.16 | 33 | |
4/1/17 to 9/30/17(8) | 16.38 | 0.23 | 0.39 | 0.62 | (0.13) | — | (1.05) | (1.18) | (0.56) | 15.82 | 3.86 | 6,107 | 2.10 | 2.33 | 2.87 | 13 | |
4/1/16 to 3/31/17 | 14.68 | 0.08 | 1.62 | 1.70 | — | — | — | — | 1.70 | 16.38 | 11.58 | 6,950 | 2.11 (10) | 2.23 | 0.54 | 119 | |
4/1/15 to 3/31/16 | 15.03 | 0.01 | (0.35) | (0.34) | (0.01) | — | — | (0.01) | (0.35) | 14.68 | (2.26) | 8,211 | 2.10 | 2.18 | 0.10 | 25 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Global Quality Dividend Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
10/1/20 to 3/31/21(6) | $12.77 | 0.17 | 1.88 | 2.05 | (0.38) | — | — | (0.38) | 1.67 | $14.44 | 16.21 % | $ 11,175 | 1.10 % | 1.29 % | 2.49 % | 19 % | |
10/1/19 to 9/30/20 | 14.79 | 0.35 | (1.99) | (1.64) | (0.38) | — | — | (0.38) | (2.02) | 12.77 | (11.47) | 10,259 | 1.10 | 1.40 | 2.66 | 53 | |
10/1/18 to 9/30/19 | 15.02 | 0.42 | 0.83 | 1.25 | (0.44) | — | (1.04) | (1.48) | (0.23) | 14.79 | 9.85 | 7,246 | 1.10 | 1.36 | 3.00 | 35 | |
10/1/17 to 9/30/18 | 16.20 | 0.47 | 0.23 | 0.70 | (0.66) | — | (1.22) | (1.88) | (1.18) | 15.02 | 4.56 | 4,843 | 1.10 | 1.29 | 3.14 | 33 | |
4/1/17 to 9/30/17(8) | 16.84 | 0.29 | 0.44 | 0.73 | (0.32) | — | (1.05) | (1.37) | (0.64) | 16.20 | 4.41 | 6,524 | 1.10 | 1.33 | 3.53 | 13 | |
4/1/16 to 3/31/17 | 15.12 | 0.25 | 1.65 | 1.90 | (0.18) | — | — | (0.18) | 1.72 | 16.84 | 12.66 | 7,096 | 1.11 (10) | 1.23 | 1.59 | 119 | |
4/1/15 to 3/31/16 | 15.40 | 0.17 | (0.35) | (0.18) | (0.10) | — | — | (0.10) | (0.28) | 15.12 | (1.21) | 6,496 | 1.10 | 1.18 | 1.15 | 25 | |
Class R6 | |||||||||||||||||
10/1/20 to 3/31/21(6) | $12.81 | 0.16 | 1.92 | 2.08 | (0.39) | — | — | (0.39) | 1.69 | $14.50 | 16.42 % | $ 1,952 | 0.78 % | 1.16 % | 2.26 % | 19 % | |
10/1/19 to 9/30/20 | 14.80 | 0.39 | (1.99) | (1.60) | (0.39) | — | — | (0.39) | (1.99) | 12.81 | (11.18) | 90 | 0.78 | 1.27 | 2.92 | 53 | |
8/1/19 (12) to 9/30/19 | 14.23 | 0.08 | 0.49 | 0.57 | — | — | — | — | 0.57 | 14.80 | 4.01 | 104 | 0.78 | 1.27 | 3.39 | 35 (14) | |
KAR Mid-Cap Core Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/20 to 3/31/21(6) | $39.93 | (0.12) | 9.81 | 9.69 | — | — | (0.32) | (0.32) | 9.37 | $49.30 | 24.32 % | $ 74,028 | 1.20 % | 1.31 % | (0.51) % | 7 % | |
10/1/19 to 9/30/20 | 35.05 | (0.16) | 5.19 | 5.03 | — | — | (0.15) | (0.15) | 4.88 | 39.93 | 14.39 | 56,677 | 1.20 | 1.34 | (0.44) | 19 | |
10/1/18 to 9/30/19 | 33.71 | (0.08) | 1.65 | 1.57 | — | — | (0.23) | (0.23) | 1.34 | 35.05 | 4.79 | 46,934 | 1.20 | 1.36 | (0.23) | 28 | |
10/1/17 to 9/30/18 | 27.95 | (0.09) | 5.85 | 5.76 | — | — | — | — | 5.76 | 33.71 | 20.61 | 33,120 | 1.20 | 1.39 | (0.29) | 21 | |
4/1/17 to 9/30/17(8) | 25.80 | (0.05) | 2.29 | 2.24 | — | — | (0.09) | (0.09) | 2.15 | 27.95 | 8.70 | 26,238 | 1.20 | 1.49 | (0.35) | 11 | |
4/1/16 to 3/31/17 | 22.60 | (0.08) | 3.28 | 3.20 | — | — | — | — | 3.20 | 25.80 | 14.16 | 20,615 | 1.26 (10)(11) | 1.55 | (0.32) | 28 | |
4/1/15 to 3/31/16 | 23.00 | (0.06) | (0.20) | (0.26) | — | — | (0.14) | (0.14) | (0.40) | 22.60 | (1.14) | 20,639 | 1.35 | 1.64 | (0.27) | 21 | |
Class C | |||||||||||||||||
10/1/20 to 3/31/21(6) | $36.82 | (0.27) | 9.03 | 8.76 | — | — | (0.32) | (0.32) | 8.44 | $45.26 | 23.85 % | $ 59,598 | 1.95 % | 2.06 % | (1.27) % | 7 % | |
10/1/19 to 9/30/20 | 32.58 | (0.40) | 4.79 | 4.39 | — | — | (0.15) | (0.15) | 4.24 | 36.82 | 13.51 | 49,164 | 1.95 | 2.10 | (1.19) | 19 | |
10/1/18 to 9/30/19 | 31.58 | (0.30) | 1.53 | 1.23 | — | — | (0.23) | (0.23) | 1.00 | 32.58 | 4.03 | 43,268 | 1.95 | 2.11 | (0.98) | 28 | |
10/1/17 to 9/30/18 | 26.38 | (0.31) | 5.51 | 5.20 | — | — | — | — | 5.20 | 31.58 | 19.71 | 30,661 | 1.95 | 2.14 | (1.04) | 21 | |
4/1/17 to 9/30/17(8) | 24.45 | (0.14) | 2.16 | 2.02 | — | — | (0.09) | (0.09) | 1.93 | 26.38 | 8.28 | 17,870 | 1.95 | 2.25 | (1.10) | 11 | |
4/1/16 to 3/31/17 | 21.57 | (0.24) | 3.12 | 2.88 | — | — | — | — | 2.88 | 24.45 | 13.35 | 14,279 | 2.00 (10)(11) | 2.28 | (1.04) | 28 | |
4/1/15 to 3/31/16 | 22.12 | (0.22) | (0.19) | (0.41) | — | — | (0.14) | (0.14) | (0.55) | 21.57 | (1.91) | 6,670 | 2.10 | 2.38 | (1.03) | 21 | |
Class I | |||||||||||||||||
10/1/20 to 3/31/21(6) | $40.79 | (0.06) | 10.03 | 9.97 | — | — | (0.32) | (0.32) | 9.65 | $50.44 | 24.50 % | $ 923,017 | 0.95 % | 1.06 % | (0.26) % | 7 % | |
10/1/19 to 9/30/20 | 35.72 | (0.07) | 5.29 | 5.22 | — | — | (0.15) | (0.15) | 5.07 | 40.79 | 14.65 | 658,291 | 0.95 | 1.09 | (0.18) | 19 | |
10/1/18 to 9/30/19 | 34.26 | 0.01 | 1.68 | 1.69 | — | — | (0.23) | (0.23) | 1.46 | 35.72 | 5.06 | 329,591 | 0.95 | 1.11 | 0.03 | 28 | |
10/1/17 to 9/30/18 | 28.34 | (0.01) | 5.93 | 5.92 | — | — | — | — | 5.92 | 34.26 | 20.93 | 167,649 | 0.95 | 1.14 | (0.03) | 21 | |
4/1/17 to 9/30/17(8) | 26.12 | (0.01) | 2.32 | 2.31 | — | — | (0.09) | (0.09) | 2.22 | 28.34 | 8.82 | 69,955 | 0.95 | 1.25 | (0.10) | 11 | |
4/1/16 to 3/31/17 | 22.82 | (0.01) | 3.31 | 3.30 | — | — | — | — | 3.30 | 26.12 | 14.46 | 50,922 | 0.99 (10)(11) | 1.26 | (0.02) | 28 | |
4/1/15 to 3/31/16 | 23.17 | (0.01) | (0.20) | (0.21) | — | — | (0.14) | (0.14) | (0.35) | 22.82 | (0.92) | 7,570 | 1.10 | 1.38 | (0.03) | 21 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Mid-Cap Core Fund (Continued) | |||||||||||||||||
Class R6 | |||||||||||||||||
10/1/20 to 3/31/21(6) | $40.89 | (0.04) | 10.04 | 10.00 | — | — | (0.32) | (0.32) | 9.68 | $50.57 | 24.51 % | $ 27,004 | 0.87 % | 0.98 % | (0.18) % | 7 % | |
10/1/19 to 9/30/20 | 35.77 | (0.04) | 5.31 | 5.27 | — | — | (0.15) | (0.15) | 5.12 | 40.89 | 14.77 | 19,666 | 0.87 | 1.00 | (0.10) | 19 | |
10/1/18 to 9/30/19 | 34.28 | 0.04 | 1.68 | 1.72 | — | — | (0.23) | (0.23) | 1.49 | 35.77 | 5.15 | 11,323 | 0.87 | 1.01 | 0.11 | 28 | |
1/30/18 (12) to 9/30/18 | 32.78 | 0.02 | 1.48 | 1.50 | — | — | — | — | 1.50 | 34.28 | 4.58 | 2,474 | 0.87 | 1.06 | 0.10 | 21 (14) | |
KAR Mid-Cap Growth Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/20 to 3/31/21(6) | $58.05 | (0.29) | 7.22 | 6.93 | — | — | (0.07) | (0.07) | 6.86 | $64.91 | 11.93 % | $ 574,437 | 1.22 % (7) | 1.22 % | (0.87) % | 7 % | |
10/1/19 to 9/30/20 | 37.39 | (0.42) | 21.34 | 20.92 | — | — | (0.26) | (0.26) | 20.66 | 58.05 | 56.23 | 482,266 | 1.28 (7)(15) | 1.26 | (0.90) | 14 | |
10/1/18 to 9/30/19 | 35.55 | (0.31) | 2.79 | 2.48 | — | — | (0.64) | (0.64) | 1.84 | 37.39 | 7.46 | 181,184 | 1.40 (7)(15) | 1.33 | (0.87) | 28 | |
10/1/17 to 9/30/18 | 27.74 | (0.28) | 9.65 | 9.37 | — | — | (1.56) | (1.56) | 7.81 | 35.55 | 35.38 | 131,422 | 1.40 (15) | 1.37 | (0.88) | 19 | |
4/1/17 to 9/30/17(8) | 24.56 | (0.12) | 3.43 | 3.31 | — | — | (0.13) | (0.13) | 3.18 | 27.74 | 13.48 | 84,912 | 1.40 | 1.49 | (0.88) | 12 | |
4/1/16 to 3/31/17 | 21.92 | (0.16) | 3.15 | 2.99 | — | — | (0.35) | (0.35) | 2.64 | 24.56 | 13.81 (9) | 80,648 | 1.41 (9)(10) | 1.52 | (0.75) (9) | 20 | |
4/1/15 to 3/31/16 | 22.80 | (0.18) | (0.36) | (0.54) | — | — | (0.34) | (0.34) | (0.88) | 21.92 | (2.51) | 76,660 | 1.39 | 1.49 | (0.84) | 26 | |
Class C | |||||||||||||||||
10/1/20 to 3/31/21(6) | $45.18 | (0.42) | 5.63 | 5.21 | — | — | (0.07) | (0.07) | 5.14 | $50.32 | 11.52 % | $ 136,615 | 1.97 % (7) | 1.97 % | (1.62) % | 7 % | |
10/1/19 to 9/30/20 | 29.38 | (0.60) | 16.66 | 16.06 | — | — | (0.26) | (0.26) | 15.80 | 45.18 | 55.01 | 112,165 | 2.03 (7)(15) | 2.02 | (1.65) | 14 | |
10/1/18 to 9/30/19 | 28.30 | (0.47) | 2.19 | 1.72 | — | — | (0.64) | (0.64) | 1.08 | 29.38 | 6.67 | 40,450 | 2.15 (7)(15) | 2.12 | (1.62) | 28 | |
10/1/17 to 9/30/18 | 22.54 | (0.42) | 7.74 | 7.32 | — | — | (1.56) | (1.56) | 5.76 | 28.30 | 34.40 | 12,571 | 2.15 | 2.17 | (1.63) | 19 | |
4/1/17 to 9/30/17(8) | 20.06 | (0.17) | 2.78 | 2.61 | — | — | (0.13) | (0.13) | 2.48 | 22.54 | 13.01 | 4,971 | 2.15 | 2.28 | (1.63) | 12 | |
4/1/16 to 3/31/17 | 18.09 | (0.27) | 2.59 | 2.32 | — | — | (0.35) | (0.35) | 1.97 | 20.06 | 13.03 (9) | 5,350 | 2.16 (9)(10) | 2.27 | (1.50) (9) | 20 | |
4/1/15 to 3/31/16 | 19.02 | (0.29) | (0.30) | (0.59) | — | — | (0.34) | (0.34) | (0.93) | 18.09 | (3.23) | 5,319 | 2.14 | 2.24 | (1.60) | 26 | |
Class I | |||||||||||||||||
10/1/20 to 3/31/21(6) | $60.16 | (0.22) | 7.48 | 7.26 | — | — | (0.07) | (0.07) | 7.19 | $67.35 | 12.06 % | $2,424,843 | 0.98 % (7) | 0.98 % | (0.63) % | 7 % | |
10/1/19 to 9/30/20 | 38.70 | (0.33) | 22.05 | 21.72 | — | — | (0.26) | (0.26) | 21.46 | 60.16 | 56.39 | 1,837,262 | 1.03 (7) | 1.03 | (0.66) | 14 | |
10/1/18 to 9/30/19 | 36.66 | (0.22) | 2.90 | 2.68 | — | — | (0.64) | (0.64) | 2.04 | 38.70 | 7.79 | 309,892 | 1.11 (7)(15) | 1.11 | (0.58) | 28 | |
10/1/17 to 9/30/18 | 28.49 | (0.22) | 9.95 | 9.73 | — | — | (1.56) | (1.56) | 8.17 | 36.66 | 35.72 | 56,787 | 1.15 (15) | 1.13 | (0.65) | 19 | |
4/1/17 to 9/30/17(8) | 25.20 | (0.09) | 3.51 | 3.42 | — | — | (0.13) | (0.13) | 3.29 | 28.49 | 13.58 | 4,419 | 1.15 | 1.27 | (0.63) | 12 | |
4/1/16 to 3/31/17 | 22.42 | (0.11) | 3.24 | 3.13 | — | — | (0.35) | (0.35) | 2.78 | 25.20 | 14.13 (9) | 3,872 | 1.16 (9)(10) | 1.27 | (0.50) (9) | 20 | |
4/1/15 to 3/31/16 | 23.26 | (0.13) | (0.37) | (0.50) | — | — | (0.34) | (0.34) | (0.84) | 22.42 | (2.24) | 2,961 | 1.14 | 1.24 | (0.60) | 26 | |
Class R6 | |||||||||||||||||
10/1/20 to 3/31/21(6) | $60.49 | (0.17) | 7.53 | 7.36 | — | — | (0.07) | (0.07) | 7.29 | $67.78 | 12.16 % | $ 153,502 | 0.83 % | 0.88 % | (0.48) % | 7 % | |
10/1/19 to 9/30/20 | 38.85 | (0.28) | 22.18 | 21.90 | — | — | (0.26) | (0.26) | 21.64 | 60.49 | 56.64 | 100,461 | 0.83 | 0.93 | (0.51) | 14 | |
10/1/18 to 9/30/19 | 36.71 | (0.13) | 2.91 | 2.78 | — | — | (0.64) | (0.64) | 2.14 | 38.85 | 8.05 | 1,975 | 0.85 (11)(15) | 1.01 | (0.34) | 28 | |
1/30/18 (12) to 9/30/18 | 31.74 | (0.09) | 5.06 | 4.97 | — | — | — | — | 4.97 | 36.71 | 15.66 | 117 | 0.93 (11) | 1.09 | (0.40) | 19 (14) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Cap Core Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/20 to 3/31/21(6) | $40.21 | (0.11) | 9.60 | 9.49 | — | — | (3.37) | (3.37) | 6.12 | $46.33 | 24.25 % | $ 136,862 | 1.27 % | 1.27 % | (0.51) % | 13 % | |
10/1/19 to 9/30/20 | 38.20 | (0.17) | 3.84 | 3.67 | — | — | (1.66) | (1.66) | 2.01 | 40.21 | 9.78 | 112,178 | 1.28 | 1.28 | (0.46) | 19 | |
10/1/18 to 9/30/19 | 35.42 | (0.08) | 4.14 | 4.06 | — | — | (1.28) | (1.28) | 2.78 | 38.20 | 12.50 | 133,702 | 1.29 | 1.29 | (0.24) | 9 | |
10/1/17 to 9/30/18 | 28.05 | (0.03) | 7.44 | 7.41 | — | — | (0.04) | (0.04) | 7.37 | 35.42 | 26.42 | 153,109 | 1.29 | 1.29 | (0.08) | 13 | |
4/1/17 to 9/30/17(8) | 24.21 | (0.06) | 3.91 | 3.85 | — | — | (0.01) | (0.01) | 3.84 | 28.05 | 15.92 | 79,752 | 1.33 | 1.33 | (0.49) | 2 | |
4/1/16 to 3/31/17 | 21.39 | (0.07) | 4.26 | 4.19 | — | — | (1.37) | (1.37) | 2.82 | 24.21 | 20.26 (9) | 62,122 | 1.37 (9)(10) | 1.37 | (0.31) (9) | 24 | |
4/1/15 to 3/31/16 | 25.65 | (0.05) | 0.01 | (0.04) | (0.05) | — | (4.17) | (4.22) | (4.26) | 21.39 | 0.02 | 53,722 | 1.37 | 1.37 | (0.21) | 33 | |
Class C | |||||||||||||||||
10/1/20 to 3/31/21(6) | $32.95 | (0.21) | 7.79 | 7.58 | — | — | (3.37) | (3.37) | 4.21 | $37.16 | 23.78 % | $ 91,116 | 2.00 % | 2.00 % | (1.15) % | 13 % | |
10/1/19 to 9/30/20 | 31.81 | (0.37) | 3.17 | 2.80 | — | — | (1.66) | (1.66) | 1.14 | 32.95 | 8.98 | 89,553 | 2.01 | 2.01 | (1.20) | 19 | |
10/1/18 to 9/30/19 | 29.95 | (0.28) | 3.42 | 3.14 | — | — | (1.28) | (1.28) | 1.86 | 31.81 | 11.69 | 106,191 | 2.03 | 2.03 | (0.99) | 9 | |
10/1/17 to 9/30/18 | 23.90 | (0.23) | 6.32 | 6.09 | — | — | (0.04) | (0.04) | 6.05 | 29.95 | 25.52 | 122,439 | 2.02 | 2.02 | (0.82) | 13 | |
4/1/17 to 9/30/17(8) | 20.71 | (0.14) | 3.34 | 3.20 | — | — | (0.01) | (0.01) | 3.19 | 23.90 | 15.47 | 56,526 | 2.08 | 2.08 | (1.23) | 2 | |
4/1/16 to 3/31/17 | 18.61 | (0.21) | 3.68 | 3.47 | — | — | (1.37) | (1.37) | 2.10 | 20.71 | 19.39 (9) | 44,789 | 2.12 (9)(10) | 2.12 | (1.10) (9) | 24 | |
4/1/15 to 3/31/16 | 22.98 | (0.19) | (0.01) | (0.20) | — | — | (4.17) | (4.17) | (4.37) | 18.61 | (0.73) | 31,711 | 2.12 | 2.12 | (0.95) | 33 | |
Class I | |||||||||||||||||
10/1/20 to 3/31/21(6) | $42.67 | (0.05) | 10.20 | 10.15 | (0.06) | — | (3.37) | (3.43) | 6.72 | $49.39 | 24.42 % | $1,279,687 | 1.00 % | 1.00 % | (0.20) % | 13 % | |
10/1/19 to 9/30/20 | 40.33 | (0.07) | 4.08 | 4.01 | (0.01) | — | (1.66) | (1.67) | 2.34 | 42.67 | 10.11 | 1,082,010 | 1.00 | 1.00 | (0.18) | 19 | |
10/1/18 to 9/30/19 | 37.26 | — (13) | 4.39 | 4.39 | (0.04) | — | (1.28) | (1.32) | 3.07 | 40.33 | 12.83 | 1,202,004 | 1.02 �� | 1.02 | 0.01 | 9 | |
10/1/17 to 9/30/18 | 29.44 | 0.06 | 7.80 | 7.86 | — | — | (0.04) | (0.04) | 7.82 | 37.26 | 26.73 | 1,231,686 | 1.01 | 1.01 | 0.18 | 13 | |
4/1/17 to 9/30/17(8) | 25.37 | (0.03) | 4.11 | 4.08 | — | — | (0.01) | (0.01) | 4.07 | 29.44 | 16.10 | 474,552 | 1.08 | 1.08 | (0.23) | 2 | |
4/1/16 to 3/31/17 | 22.30 | (0.03) | 4.47 | 4.44 | — | — | (1.37) | (1.37) | 3.07 | 25.37 | 20.57 (9) | 338,491 | 1.12 (9)(10) | 1.12 | (0.11) (9) | 24 | |
4/1/15 to 3/31/16 | 26.58 | 0.01 | 0.01 | 0.02 | (0.13) | — | (4.17) | (4.30) | (4.28) | 22.30 | 0.28 | 189,167 | 1.12 | 1.12 | 0.04 | 33 | |
Class R6 | |||||||||||||||||
10/1/20 to 3/31/21(6) | $42.84 | (0.04) | 10.25 | 10.21 | (0.09) | — | (3.37) | (3.46) | 6.75 | $49.59 | 24.48 % | $ 407,157 | 0.92 % | 0.92 % | (0.15) % | 13 % | |
10/1/19 to 9/30/20 | 40.50 | (0.06) | 4.10 | 4.04 | (0.04) | — | (1.66) | (1.70) | 2.34 | 42.84 | 10.15 | 294,883 | 0.93 | 0.93 | (0.14) | 19 | |
10/1/18 to 9/30/19 | 37.40 | 0.04 | 4.40 | 4.44 | (0.06) | — | (1.28) | (1.34) | 3.10 | 40.50 | 12.94 | 107,611 | 0.94 | 0.94 | 0.10 | 9 | |
10/1/17 to 9/30/18 | 29.52 | 0.09 | 7.83 | 7.92 | — | — | (0.04) | (0.04) | 7.88 | 37.40 | 26.86 | 88,563 | 0.94 | 0.94 | 0.25 | 13 | |
4/1/17 to 9/30/17(8) | 25.44 | (0.02) | 4.11 | 4.09 | — | — | (0.01) | (0.01) | 4.08 | 29.52 | 16.14 | 44,565 | 0.99 | 0.99 | (0.14) | 2 | |
4/1/16 to 3/31/17 | 22.33 | — (13) | 4.48 | 4.48 | — | — | (1.37) | (1.37) | 3.11 | 25.44 | 20.68 (9) | 31,338 | 1.01 (9)(10) | 1.01 | 0.01 (9) | 24 | |
4/1/15 to 3/31/16 | 26.59 | 0.07 | (0.01) | 0.06 | (0.15) | — | (4.17) | (4.32) | (4.26) | 22.33 | 0.41 | 20,811 | 1.01 | 1.02 | 0.33 | 33 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Cap Growth Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/20 to 3/31/21(6) | $49.00 | (0.29) | 7.42 | 7.13 | — | — | (5.16) | (5.16) | 1.97 | $50.97 | 14.10 % | $ 832,585 | 1.33 % (7) | 1.33 % | (1.07) % | 5 % | |
10/1/19 to 9/30/20 | 37.44 | (0.41) | 12.59 | 12.18 | — | — | (0.62) | (0.62) | 11.56 | 49.00 | 32.91 | 772,158 | 1.35 (7) | 1.35 | (0.99) | 17 | |
10/1/18 to 9/30/19 | 33.57 | (0.23) | 4.78 | 4.55 | — | (0.04) | (0.64) | (0.68) | 3.87 | 37.44 | 14.12 | 735,210 | 1.37 (7) | 1.37 | (0.66) | 16 | |
10/1/17 to 9/30/18 | 25.43 | (0.11) | 8.25 | 8.14 | — | — | — | — | 8.14 | 33.57 | 32.01 | 866,966 | 1.37 (7) | 1.37 | (0.37) | 13 | |
4/1/17 to 9/30/17(8) | 21.12 | (0.09) | 4.40 | 4.31 | — (13) | — | — | — (13) | 4.31 | 25.43 | 20.41 | 263,281 | 1.50 (15) | 1.46 | (0.81) | 1 | |
4/1/16 to 3/31/17 | 17.67 | (0.14) | 4.14 | 4.00 | — | — | (0.55) | (0.55) | 3.45 | 21.12 | 23.25 (9) | 184,302 | 1.50 (9)(10) | 1.51 | (0.73) (9) | 21 | |
4/1/15 to 3/31/16 | 17.54 | (0.10) | 0.73 | 0.63 | — | — | (0.50) | (0.50) | 0.13 | 17.67 | 3.69 | 88,715 | 1.49 | 1.53 | (0.59) | 27 | |
Class C | |||||||||||||||||
10/1/20 to 3/31/21(6) | $43.40 | (0.42) | 6.59 | 6.17 | — | — | (5.16) | (5.16) | 1.01 | $44.41 | 13.69 % | $ 331,785 | 2.05 % (7) | 2.05 % | (1.79) % | 5 % | |
10/1/19 to 9/30/20 | 33.46 | (0.63) | 11.19 | 10.56 | — | — | (0.62) | (0.62) | 9.94 | 43.40 | 31.97 | 322,672 | 2.07 (7) | 2.07 | (1.72) | 17 | |
10/1/18 to 9/30/19 | 30.30 | (0.44) | 4.28 | 3.84 | — | (0.04) | (0.64) | (0.68) | 3.16 | 33.46 | 13.28 | 291,693 | 2.10 (7) | 2.10 | (1.40) | 16 | |
10/1/17 to 9/30/18 | 23.13 | (0.31) | 7.48 | 7.17 | — | — | — | — | 7.17 | 30.30 | 31.00 | 301,749 | 2.10 (7) | 2.10 | (1.10) | 13 | |
4/1/17 to 9/30/17(8) | 19.28 | (0.17) | 4.02 | 3.85 | — (13) | — | — | — (13) | 3.85 | 23.13 | 19.97 | 93,560 | 2.25 (15) | 2.21 | (1.56) | 1 | |
4/1/16 to 3/31/17 | 16.30 | (0.26) | 3.79 | 3.53 | — | — | (0.55) | (0.55) | 2.98 | 19.28 | 22.30 (9) | 58,327 | 2.26 (9)(10) | 2.26 | (1.49) (9) | 21 | |
4/1/15 to 3/31/16 | 16.33 | (0.21) | 0.68 | 0.47 | — | — | (0.50) | (0.50) | (0.03) | 16.30 | 2.97 | 19,525 | 2.25 | 2.28 | (1.34) | 27 | |
Class I | |||||||||||||||||
10/1/20 to 3/31/21(6) | $50.25 | (0.22) | 7.60 | 7.38 | — | — | (5.16) | (5.16) | 2.22 | $52.47 | 14.26 % | $5,599,822 | 1.07 % (7) | 1.07 % | (0.80) % | 5 % | |
10/1/19 to 9/30/20 | 38.28 | (0.31) | 12.90 | 12.59 | — | — | (0.62) | (0.62) | 11.97 | 50.25 | 33.27 | 5,251,980 | 1.09 (7) | 1.09 | (0.74) | 17 | |
10/1/18 to 9/30/19 | 34.21 | (0.14) | 4.89 | 4.75 | — | (0.04) | (0.64) | (0.68) | 4.07 | 38.28 | 14.44 | 3,973,860 | 1.11 (7) | 1.11 | (0.40) | 16 | |
10/1/17 to 9/30/18 | 25.86 | (0.03) | 8.38 | 8.35 | — | — | — | — | 8.35 | 34.21 | 32.29 | 4,121,658 | 1.10 (7) | 1.10 | (0.10) | 13 | |
4/1/17 to 9/30/17(8) | 21.45 | (0.07) | 4.48 | 4.41 | — (13) | — | — | — (13) | 4.41 | 25.86 | 20.56 | 1,087,430 | 1.25 (15) | 1.21 | (0.55) | 1 | |
4/1/16 to 3/31/17 | 17.89 | (0.10) | 4.21 | 4.11 | — | — | (0.55) | (0.55) | 3.56 | 21.45 | 23.59 (9) | 489,593 | 1.26 (9)(10) | 1.26 | (0.50) (9) | 21 | |
4/1/15 to 3/31/16 | 17.70 | (0.05) | 0.74 | 0.69 | — | — | (0.50) | (0.50) | 0.19 | 17.89 | 4.00 | 98,270 | 1.25 | 1.29 | (0.31) | 27 | |
Class R6 | |||||||||||||||||
10/1/20 to 3/31/21(6) | $50.39 | (0.20) | 7.62 | 7.42 | — | — | (5.16) | (5.16) | 2.26 | $52.65 | 14.30 % | $ 175,776 | 0.98 % (7) | 0.98 % | (0.71) % | 5 % | |
10/1/19 to 9/30/20 | 38.35 | (0.29) | 12.95 | 12.66 | — | — | (0.62) | (0.62) | 12.04 | 50.39 | 33.39 | 95,061 | 0.99 (7) | 0.99 | (0.68) | 17 | |
10/1/18 to 9/30/19 | 34.23 | (0.12) | 4.92 | 4.80 | — | (0.04) | (0.64) | (0.68) | 4.12 | 38.35 | 14.58 | 45,306 | 1.00 (7) | 1.00 | (0.31) | 16 | |
1/30/18 (12) to 9/30/18 | 29.81 | 0.01 | 4.41 | 4.42 | — | — | — | — | 4.42 | 34.23 | 14.83 | 13,800 | 1.00 (7) | 1.00 | 0.05 | 13 | |
KAR Small-Cap Value Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/20 to 3/31/21(6) | $19.97 | 0.08 | 7.79 | 7.87 | (0.15) | — | — | (0.15) | 7.72 | $27.69 | 39.52 % | $ 130,907 | 1.19 % (7) | 1.19 % | 0.66 % | 7 % | |
10/1/19 to 9/30/20 | 18.33 | 0.12 | 1.63 | 1.75 | (0.11) | — | — | (0.11) | 1.64 | 19.97 | 9.57 | 83,622 | 1.23 (7) | 1.23 | 0.66 | 19 | |
10/1/18 to 9/30/19 | 19.44 | 0.14 | (0.93) | (0.79) | (0.13) | — | (0.19) | (0.32) | (1.11) | 18.33 | (3.82) | 79,027 | 1.24 (7) | 1.24 | 0.80 | 14 | |
10/1/17 to 9/30/18 | 18.41 | 0.10 | 1.23 | 1.33 | (0.01) | — | (0.29) | (0.30) | 1.03 | 19.44 | 7.27 | 83,276 | 1.27 (7) | 1.27 | 0.55 | 6 | |
4/1/17 to 9/30/17(8) | 17.61 | 0.03 | 1.44 | 1.47 | (0.02) | — | (0.65) | (0.67) | 0.80 | 18.41 | 8.56 | 87,399 | 1.32 (7) | 1.32 | 0.29 | 10 | |
4/1/16 to 3/31/17 | 15.67 | 0.22 | 3.16 | 3.38 | (0.26) | — | (1.18) | (1.44) | 1.94 | 17.61 | 22.86 | 89,050 | 1.32 (7)(10) | 1.32 | 1.35 | 22 | |
4/1/15 to 3/31/16 | 16.61 | 0.07 | 0.07 | 0.14 | (0.10) | — | (0.98) | (1.08) | (0.94) | 15.67 | 0.94 | 71,280 | 1.30 (7) | 1.30 | 0.49 | 15 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Cap Value Fund (Continued) | |||||||||||||||||
Class C | |||||||||||||||||
10/1/20 to 3/31/21(6) | $19.44 | (0.01) | 7.59 | 7.58 | (0.01) | — | — | (0.01) | 7.57 | $27.01 | 39.01 % | $ 23,200 | 1.95 % (7) | 1.95 % | (0.11) % | 7 % | |
10/1/19 to 9/30/20 | 17.88 | (0.01) | 1.57 | 1.56 | — | — | — | — | 1.56 | 19.44 | 8.72 | 16,233 | 1.98 (7) | 1.98 | (0.08) | 19 | |
10/1/18 to 9/30/19 | 18.96 | 0.01 | (0.90) | (0.89) | — | — | (0.19) | (0.19) | (1.08) | 17.88 | (4.56) | 15,361 | 1.99 (7) | 1.99 | 0.09 | 14 | |
10/1/17 to 9/30/18 | 18.08 | (0.03) | 1.20 | 1.17 | — | — | (0.29) | (0.29) | 0.88 | 18.96 | 6.54 | 29,922 | 1.97 (7) | 1.97 | (0.14) | 6 | |
4/1/17 to 9/30/17(8) | 17.35 | (0.04) | 1.42 | 1.38 | — | — | (0.65) | (0.65) | 0.73 | 18.08 | 8.17 | 29,795 | 2.06 (7) | 2.06 | (0.45) | 10 | |
4/1/16 to 3/31/17 | 15.45 | 0.10 | 3.11 | 3.21 | (0.13) | — | (1.18) | (1.31) | 1.90 | 17.35 | 21.95 | 29,416 | 2.07 (7)(10) | 2.07 | 0.65 | 22 | |
4/1/15 to 3/31/16 | 16.41 | (0.04) | 0.06 | 0.02 | — | — | (0.98) | (0.98) | (0.96) | 15.45 | 0.17 | 23,602 | 2.05 (7) | 2.05 | (0.26) | 15 | |
Class I | |||||||||||||||||
10/1/20 to 3/31/21(6) | $19.97 | 0.11 | 7.80 | 7.91 | (0.20) | — | — | (0.20) | 7.71 | $27.68 | 39.75 % | $1,209,433 | 0.96 % (7) | 0.96 % | 0.88 % | 7 % | |
10/1/19 to 9/30/20 | 18.34 | 0.18 | 1.60 | 1.78 | (0.15) | — | — | (0.15) | 1.63 | 19.97 | 9.75 | 711,421 | 0.99 (7) | 0.99 | 0.94 | 19 | |
10/1/18 to 9/30/19 | 19.49 | 0.18 | (0.94) | (0.76) | (0.20) | — | (0.19) | (0.39) | (1.15) | 18.34 | (3.57) | 484,123 | 1.01 (7) | 1.01 | 1.02 | 14 | |
10/1/17 to 9/30/18 | 18.41 | 0.16 | 1.23 | 1.39 | (0.02) | — | (0.29) | (0.31) | 1.08 | 19.49 | 7.62 | 475,103 | 0.99 (7) | 0.99 | 0.84 | 6 | |
4/1/17 to 9/30/17(8) | 17.62 | 0.05 | 1.43 | 1.48 | (0.04) | — | (0.65) | (0.69) | 0.79 | 18.41 | 8.72 | 300,259 | 1.07 (7) | 1.07 | 0.55 | 10 | |
4/1/16 to 3/31/17 | 15.69 | 0.26 | 3.17 | 3.43 | (0.32) | — | (1.18) | (1.50) | 1.93 | 17.62 | 23.20 | 242,661 | 1.07 (7)(10) | 1.07 | 1.63 | 22 | |
4/1/15 to 3/31/16 | 16.64 | 0.11 | 0.07 | 0.18 | (0.15) | — | (0.98) | (1.13) | (0.95) | 15.69 | 1.17 | 144,487 | 1.05 (7) | 1.05 | 0.74 | 15 | |
Class R6 | |||||||||||||||||
10/1/20 to 3/31/21(6) | $20.00 | 0.13 | 7.79 | 7.92 | (0.22) | — | — | (0.22) | 7.70 | $27.70 | 39.72 % | $ 28,033 | 0.87 % (7) | 0.87 % | 1.01 % | 7 % | |
10/1/19 to 9/30/20 | 18.36 | 0.19 | 1.62 | 1.81 | (0.17) | — | — | (0.17) | 1.64 | 20.00 | 9.90 | 12,246 | 0.89 (7) | 0.89 | 1.01 | 19 | |
10/1/18 to 9/30/19 | 19.51 | 0.20 | (0.94) | (0.74) | (0.22) | — | (0.19) | (0.41) | (1.15) | 18.36 | (3.47) | 11,286 | 0.90 (7) | 0.90 | 1.11 | 14 | |
10/1/17 to 9/30/18 | 18.42 | 0.18 | 1.22 | 1.40 | (0.02) | — | (0.29) | (0.31) | 1.09 | 19.51 | 7.69 | 21,746 | 0.90 (7) | 0.90 | 0.96 | 6 | |
4/1/17 to 9/30/17(8) | 17.63 | 0.05 | 1.44 | 1.49 | (0.05) | — | (0.65) | (0.70) | 0.79 | 18.42 | 8.78 | 10,165 | 0.99 (7) | 0.99 | 0.52 | 10 | |
11/3/16 (12) to 3/31/17 | 14.90 | 0.05 | 3.15 | 3.20 | (0.22) | — | (0.25) | (0.47) | 2.73 | 17.63 | 21.58 | 122 | 0.98 (7) | 0.98 | 0.68 | 22 (14) | |
KAR Small-Mid Cap Core Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/20 to 3/31/21(6) | $14.43 | (0.06) | 3.53 | 3.47 | — | — | — | — | 3.47 | $17.90 | 24.05 % | $ 41,248 | 1.30 % (7) | 1.29 % | (0.72) % | 7 % | |
10/1/19 to 9/30/20 | 11.53 | (0.03) | 2.93 | 2.90 | — | — | — | — | 2.90 | 14.43 | 25.15 | 19,735 | 1.30 | 1.39 | (0.23) | 31 | |
10/1/18 to 9/30/19 | 10.79 | (0.03) | 0.89 | 0.86 | — | — | (0.12) | (0.12) | 0.74 | 11.53 | 8.32 | 1,473 | 1.30 | 2.25 | (0.28) | 21 | |
3/7/18 (12) to 9/30/18 | 10.00 | (0.02) | 0.81 | 0.79 | — | — | — | — | 0.79 | 10.79 | 7.90 | 158 | 1.30 | 5.84 | (0.38) | 16 (14) | |
Class C | |||||||||||||||||
10/1/20 to 3/31/21(6) | $14.16 | (0.12) | 3.45 | 3.33 | — | — | — | — | 3.33 | $17.49 | 23.52 % | $ 22,331 | 2.05 % (7) | 2.01 % | (1.46) % | 7 % | |
10/1/19 to 9/30/20 | 11.40 | (0.12) | 2.88 | 2.76 | — | — | — | — | 2.76 | 14.16 | 24.21 | 10,210 | 2.05 | 2.08 | (0.97) | 31 | |
10/1/18 to 9/30/19 | 10.75 | (0.11) | 0.88 | 0.77 | — | — | (0.12) | (0.12) | 0.65 | 11.40 | 7.50 | 1,106 | 2.05 | 2.92 | (1.05) | 21 | |
3/7/18 (12) to 9/30/18 | 10.00 | (0.07) | 0.82 | 0.75 | — | — | — | — | 0.75 | 10.75 | 7.50 | 135 | 2.05 | 6.48 | (1.14) | 16 (14) | |
Class I | |||||||||||||||||
10/1/20 to 3/31/21(6) | $14.51 | (0.04) | 3.54 | 3.50 | — (13) | — | — | — | 3.50 | $18.01 | 24.13 % | $ 906,077 | 1.05 % (7) | 1.02 % | (0.46) % | 7 % | |
10/1/19 to 9/30/20 | 11.56 | 0.01 | 2.94 | 2.95 | — | — | — | — | 2.95 | 14.51 | 25.52 | 439,899 | 1.05 | 1.09 | 0.07 | 31 | |
10/1/18 to 9/30/19 | 10.81 | (0.01) | 0.89 | 0.88 | (0.01) | — | (0.12) | (0.13) | 0.75 | 11.56 | 8.51 | 24,898 | 1.05 | 1.99 | (0.05) | 21 | |
3/7/18 (12) to 9/30/18 | 10.00 | (0.01) | 0.82 | 0.81 | — | — | — | — | 0.81 | 10.81 | 8.10 | 214 | 1.05 | 5.74 | (0.13) | 16 (14) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Mid Cap Core Fund (Continued) | |||||||||||||||||
Class R6 | |||||||||||||||||
10/1/20 to 3/31/21(6) | $14.54 | (0.03) | 3.55 | 3.52 | (0.01) | — | — | (0.01) | 3.51 | $18.05 | 24.18 % | $ 12,022 | 0.97 % (7) | 0.93 % | (0.39) % | 7 % | |
10/1/19 to 9/30/20 | 11.57 | — (13) | 2.97 | 2.97 | — | — | — | — | 2.97 | 14.54 | 25.67 | 8,366 | 0.97 | 0.99 | 0.03 | 31 | |
10/1/18 to 9/30/19 | 10.81 | 0.01 | 0.88 | 0.89 | (0.01) | — | (0.12) | (0.13) | 0.76 | 11.57 | 8.61 | 3,125 | 0.97 | 1.91 | 0.06 | 21 | |
3/7/18 (12) to 9/30/18 | 10.00 | (—) (13) | 0.81 | 0.81 | — | — | — | — | 0.81 | 10.81 | 8.10 | 2,919 | 0.97 | 5.20 | (0.07) | 16 (14) | |
KAR Small-Mid Cap Growth Fund | |||||||||||||||||
Class A | |||||||||||||||||
12/8/20 (12) to 3/31/21(6) | $10.00 | (0.03) | (0.18) | (0.21) | — | — | — | — | (0.21) | $ 9.79 | (2.10) % | $ 431 | 1.30 % | 4.25 % | (1.09) % | 9 % | |
Class C | |||||||||||||||||
12/8/20 (12) to 3/31/21(6) | $10.00 | (0.06) | (0.17) | (0.23) | — | — | — | — | (0.23) | $ 9.77 | (2.30) % | $ 103 | 2.05 % | 5.03 % | (1.88) % | 9 % | |
Class I | |||||||||||||||||
12/8/20 (12) to 3/31/21(6) | $10.00 | (0.03) | (0.17) | (0.20) | — | — | — | — | (0.20) | $ 9.80 | (2.00) % | $ 995 | 1.05 % | 3.96 % | (0.84) % | 9 % | |
Class R6 | |||||||||||||||||
12/8/20 (12) to 3/31/21(6) | $10.00 | (0.03) | (0.17) | (0.20) | — | — | — | — | (0.20) | $ 9.80 | (2.00) % | $ 2,645 | 0.99 % | 4.03 % | (0.82) % | 9 % | |
SGA Emerging Markets Growth Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/20 to 3/31/21(6) | $11.90 | (0.07) | 2.25 | 2.18 | — | — | (0.27) | (0.27) | 1.91 | $13.81 | 18.32 % | $ 220 | 1.48 % | 2.74 % | (1.00) % | 19 % | |
10/1/19 to 9/30/20 | 9.97 | (0.05) | 1.98 | 1.93 | — | — | — (13) | — (13) | 1.93 | 11.90 | 19.37 | 169 | 1.48 | 3.98 | (0.47) | 44 | |
6/13/19 (12) to 9/30/19 | 10.00 | (0.02) | (0.01) | (0.03) | — | — | — | — | (0.03) | 9.97 | (0.30) | 100 | 1.48 | 9.63 | (0.57) | 6 (14) | |
Class C | |||||||||||||||||
10/1/20 to 3/31/21(6) | $11.79 | (0.12) | 2.22 | 2.10 | — | — | (0.27) | (0.27) | 1.83 | $13.62 | 17.91 % | $ 165 | 2.23 % | 3.50 % | (1.75) % | 19 % | |
10/1/19 to 9/30/20 | 9.95 | (0.13) | 1.97 | 1.84 | — | — | — (13) | — (13) | 1.84 | 11.79 | 18.50 | 142 | 2.23 | 4.70 | (1.19) | 44 | |
6/13/19 (12) to 9/30/19 | 10.00 | (0.04) | (0.01) | (0.05) | — | — | — | — | (0.05) | 9.95 | (0.50) | 100 | 2.23 | 10.38 | (1.32) | 6 (14) | |
Class I | |||||||||||||||||
10/1/20 to 3/31/21(6) | $11.94 | (0.05) | 2.25 | 2.20 | — | — | (0.27) | (0.27) | 1.93 | $13.87 | 18.52 % | $ 435 | 1.23 % | 2.49 % | (0.77) % | 19 % | |
10/1/19 to 9/30/20 | 9.98 | (0.03) | 1.99 | 1.96 | — | — | — (13) | — (13) | 1.96 | 11.94 | 19.65 | 247 | 1.23 | 3.57 | (0.30) | 44 | |
6/13/19 (12) to 9/30/19 | 10.00 | (0.01) | (0.01) | (0.02) | — | — | — | — | (0.02) | 9.98 | (0.20) | 109 | 1.23 | 9.38 | (0.32) | 6 (14) | |
Class R6 | |||||||||||||||||
10/1/20 to 3/31/21(6) | $11.97 | (0.04) | 2.26 | 2.22 | — | — | (0.27) | (0.27) | 1.95 | $13.92 | 18.65 % | $ 5,828 | 1.05 % | 2.47 % | (0.57) % | 19 % | |
10/1/19 to 9/30/20 | 9.98 | — (13) | 1.99 | 1.99 | — | — | — (13) | — (13) | 1.99 | 11.97 | 19.95 | 4,828 | 1.05 | 3.72 | (0.02) | 44 | |
6/13/19 (12) to 9/30/19 | 10.00 | — (13) | (0.02) | (0.02) | — | — | — | — | (0.02) | 9.98 | (0.20) | 4,032 | 1.05 | 9.38 | (0.14) | 6 (14) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
SGA Global Growth Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/20 to 3/31/21(6) | $26.54 | (0.13) | 3.56 | 3.43 | — | — | (0.94) | (0.94) | 2.49 | $29.03 | 13.03 % | $ 31,573 | 1.38 % | 1.42 % | (0.92) % | 18 % | |
10/1/19 to 9/30/20 | 20.98 | (0.12) | 5.68 | 5.56 | — | — | — | — | 5.56 | 26.54 | 26.50 | 26,504 | 1.36 (7) | 1.36 | (0.53) | 49 | |
2/1/19 to 9/30/19(8) | 18.58 | (0.01) | 2.41 | 2.40 | — | — | — | — | 2.40 | 20.98 | 12.92 | 4,219 | 1.37 | 1.48 | (0.06) | 13 | |
2/1/18 to 1/31/19 | 19.72 | (0.05) | (0.32) | (0.37) | — | — | (0.77) | (0.77) | (1.14) | 18.58 | (1.46) | 3,786 | 1.38 | 1.60 | (0.28) | 54 | |
2/1/17 to 1/31/18 | 14.89 | (0.02) | 5.49 | 5.47 | — | — | (0.64) | (0.64) | 4.83 | 19.72 | 37.05 | 3,835 | 1.38 | 1.72 | (0.43) | 31 | |
2/1/16 to 1/31/17 | 13.65 | (0.03) | 1.76 | 1.79 | — | — | (0.55) | (0.55) | 1.24 | 14.89 | 13.21 | 1,028 | 1.38 | 2.33 | (0.27) | 32 | |
2/1/15 to 1/31/16 | 13.35 | (0.03) | 0.56 | 0.53 | (0.02) | — | (0.21) | (0.23) | 0.30 | 13.65 | 3.84 | 345 | 1.38 | 3.05 | (0.22) | 39 | |
Class C | |||||||||||||||||
10/1/20 to 3/31/21(6) | $25.06 | (0.22) | 3.36 | 3.14 | — | — | (0.94) | (0.94) | 2.20 | $27.26 | 12.63 % | $ 6,154 | 2.11 % (15) | 2.09 % | (1.65) % | 18 % | |
10/1/19 to 9/30/20 | 19.97 | (0.29) | 5.38 | 5.09 | — | — | — | — | 5.09 | 25.06 | 25.49 | 5,210 | 2.13 | 2.14 | (1.35) | 49 | |
2/1/19 to 9/30/19(8) | 17.77 | (0.11) | 2.31 | 2.20 | — | — | — | — | 2.20 | 19.97 | 12.38 | 3,554 | 2.10 | 2.20 | (0.83) | 13 | |
2/1/18 to 1/31/19 | 19.04 | (0.04) | (0.46) | (0.50) | — | — | (0.77) | (0.77) | (1.27) | 17.77 | (2.20) | 3,164 | 2.13 | 2.39 | (1.08) | 54 | |
2/1/17 to 1/31/18 | 14.50 | (0.04) | 5.22 | 5.18 | — | — | (0.64) | (0.64) | 4.54 | 19.04 | 36.04 | 2,062 | 2.13 | 2.47 | (1.08) | 31 | |
2/1/16 to 1/31/17 | 13.40 | 0.05 | 1.60 | 1.65 | — | — | (0.55) | (0.55) | 1.10 | 14.50 | 12.41 | 989 | 2.12 | 3.08 | (1.00) | 32 | |
2/1/15 to 1/31/16 | 13.21 | (0.12) | 0.54 | 0.42 | (0.02) | — | (0.21) | (0.23) | 0.19 | 13.40 | 3.04 | 410 | 2.13 | 3.76 | (0.89) | 39 | |
Class I* | |||||||||||||||||
10/1/20 to 3/31/21(6) | $26.66 | (0.10) | 3.58 | 3.48 | — | — | (0.94) | (0.94) | 2.54 | $29.20 | 13.16 % | $ 39,484 | 1.13 % | 1.15 % | (0.67) % | 18 % | |
10/1/19 to 9/30/20 | 21.03 | (0.08) | 5.71 | 5.63 | — (13) | — | — | — (13) | 5.63 | 26.66 | 26.79 | 27,529 | 1.13 | 1.20 | (0.34) | 49 | |
2/1/19 to 9/30/19(8) | 18.61 | — (13) | 2.42 | 2.42 | — | — | — | — | 2.42 | 21.03 | 13.00 | 12,807 | 1.19 | 1.28 | (0.02) | 13 | |
2/1/18 to 1/31/19 | 19.75 | (0.21) | (0.16) | (0.37) | — | — | (0.77) | (0.77) | (1.14) | 18.61 | (1.46) | 5,878 | 1.36 | 1.50 | (0.15) | 54 | |
2/1/17 to 1/31/18 | 14.90 | (0.04) | 5.53 | 5.49 | — | — | (0.64) | (0.64) | 4.85 | 19.75 | 37.16 | 19,474 | 1.36 | 1.57 | (0.29) | 31 | |
2/1/16 to 1/31/17 | 13.66 | 0.06 | 1.73 | 1.79 | — | — | (0.55) | (0.55) | 1.24 | 14.90 | 13.20 | 11,414 | 1.34 | 2.05 | (0.43) | 32 | |
2/1/15 to 1/31/16 | 13.36 | (0.04) | 0.57 | 0.53 | (0.02) | — | (0.21) | (0.23) | 0.30 | 13.66 | 3.84 | 422 | 1.36 | 3.08 | (0.32) | 39 | |
Class R6** | |||||||||||||||||
10/1/20 to 3/31/21(6) | $27.38 | (0.07) | 3.68 | 3.61 | — | — | (0.94) | (0.94) | 2.67 | $30.05 | 13.29 % | $ 80,309 | 0.90 % | 1.04 % | (0.44) % | 18 % | |
10/1/19 to 9/30/20 | 21.56 | (0.03) | 5.86 | 5.83 | (0.01) | — | — | (0.01) | 5.82 | 27.38 | 27.06 | 72,376 | 0.90 | 1.08 | (0.11) | 49 | |
2/1/19 to 9/30/19(8) | 19.04 | 0.05 | 2.47 | 2.52 | — | — | — | — | 2.52 | 21.56 | 13.24 | 40,690 | 0.95 | 1.16 | 0.34 | 13 | |
2/1/18 to 1/31/19 | 20.11 | 0.01 | (0.31) | (0.30) | — | — | (0.77) | (0.77) | (1.07) | 19.04 | (1.08) | 28,819 | 0.98 | 1.31 | 0.07 | 54 | |
2/1/17 to 1/31/18 | 15.11 | (0.01) | 5.65 | 5.64 | — | — | (0.64) | (0.64) | 5.00 | 20.11 | 37.64 | 15,913 | 0.98 | 1.34 | 0.08 | 31 | |
2/1/16 to 1/31/17 | 13.79 | 0.03 | 1.84 | 1.87 | — | — | (0.55) | (0.55) | 1.32 | 15.11 | 13.66 | 7,698 | 0.98 | 2.03 | 0.21 | 32 | |
2/1/15 to 1/31/16 | 13.43 | 0.03 | 0.56 | 0.59 | (0.02) | — | (0.21) | (0.23) | 0.36 | 13.79 | 4.26 | 6,219 | 0.98 | 2.62 | 0.27 | 39 | |
SGA New Leaders Growth Fund | |||||||||||||||||
Class A | |||||||||||||||||
11/17/20 (12) to 3/31/21(6) | $10.00 | (0.04) | 0.43 | 0.39 | — | — | — | — | 0.39 | $10.39 | 3.90 % | $ 107 | 1.39 % | 3.28 % | (1.11) % | 6 % | |
Class C | |||||||||||||||||
11/17/20 (12) to 3/31/21(6) | $10.00 | (0.07) | 0.43 | 0.36 | — | — | — | — | 0.36 | $10.36 | 3.60 % | $ 106 | 2.14 % | 4.03 % | (1.85) % | 6 % |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
SGA New Leaders Growth Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
11/17/20 (12) to 3/31/21(6) | $10.00 | (0.03) | 0.43 | 0.40 | — | — | — | — | 0.40 | $10.40 | 4.00 % | $ 159 | 1.14 % | 3.13 % | (0.85) % | 6 % | |
Class R6 | |||||||||||||||||
11/17/20 (12) to 3/31/21(6) | $10.00 | (0.02) | 0.43 | 0.41 | — | — | — | — | 0.41 | $10.41 | 4.10 % | $ 5,119 | 0.91 % | 3.01 % | (0.62) % | 6 % |
Footnote Legend: | |
* | On May 3, 2019, Investor Class shares of the Predecessor Fund were reorganized into Class I shares of the Fund. The Class I shares financial highlights for the periods prior to May 3, 2019 reflect the performance of the American Beacon SGA Global Growth Fund Investor Class shares. |
** | On May 3, 2019, Y Class shares and Institutional Class shares of the Predecessor Fund were reorganized into Class R6 shares of the Fund. The Class R6 shares financial highlights for the periods prior to May 3, 2019 reflect the performance of the American Beacon SGA Global Growth Fund Institutional Class shares. |
(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 Fund will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | The share class is currently under its expense limitation. |
(8) | The Fund changed its fiscal year end to September 30, during the period. |
(9) | 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: KAR Capital Growth Fund 0.06% (Class A), 0.05% (Class C), 0.06% (Class I) KAR Equity Income Fund amounts are less than 0.005% for Classes A, C, and I, respectively KAR Mid-Cap Growth Fund 0.05% (Class A), 0.05% (Class C), 0.05% (Class I) KAR Small-Cap Core Fund amounts are less than 0.005% for Classes A, C, I, and R6, respectively KAR Small-Cap Growth Fund amounts are less than 0.005% for Classes A, C, and I, respectively Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return as follows: KAR Capital Growth Fund 0.06% (Class A), 0.06% (Class C), 0.06% (Class I) KAR Equity Income Fund amounts are less than 0.005% for Classes A, C, and I, respectively KAR Mid-Cap Growth Fund 0.05% (Class A), 0.05% (Class C), 0.05% (Class I) KAR Small-Cap Core Fund amounts are less than 0.005% for Classes A, C, I, and R6, respectively KAR Small-Cap Growth Fund amounts are less than 0.005% for Classes A, C, and I, respectively |
(10) | Net expense ratio includes extraordinary proxy expenses. |
(11) | Represents a blended ratio. |
(12) | Inception date. |
(13) | Amount is less than $0.005 per share. |
(14) | Portfolio turnover is representative of the Fund for the entire period. |
(15) | See Note 4D in Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived. |
Fund | Investment objective(s) | |
KAR Capital Growth Fund | Long-term capital growth. | |
KAR Equity Income Fund | Capital appreciation and current income. | |
KAR Global Quality Dividend Fund | Total return, consisting of both capital appreciation and current income. | |
KAR Mid-Cap Core Fund | Long-term capital appreciation. | |
KAR Mid-Cap Growth Fund | Capital appreciation. | |
KAR Small-Cap Core Fund | Long-term capital appreciation, with dividend income a secondary consideration. | |
KAR Small-Cap Growth Fund | Long-term capital appreciation. | |
KAR Small-Cap Value Fund | Long-term capital appreciation. | |
KAR Small-Mid Cap Core Fund | Long-term capital appreciation, with dividend income a secondary consideration. | |
KAR Small-Mid Cap Growth Fund | Long-term capital appreciation. | |
SGA Emerging Markets Growth Fund | Long-term capital appreciation. | |
SGA Global Growth Fund | Long-term capital appreciation. | |
SGA New Leaders Growth Fund | Long-term capital appreciation. |
A. | Security Valuation |
Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. | |
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code 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. As of March 31, 2021, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2017 forward (with limited exceptions). | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Securities Lending |
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 March 31, 2021, the securities loaned were subject to a MSLA on a net payment basis as follows: |
Fund | Counterparty | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | ||||
KAR Mid-Cap Core Fund | BNYM | $ 275 | $ 271 | $ 4 | ||||
KAR Small-Cap Growth Fund | BNYM | 13,195 | 13,195 | — | ||||
KAR Small-Mid Cap Growth Fund | BNYM | 197 | 194 | 3 |
(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. |
A. | Investment Adviser |
Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers. |
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |
KAR Small-Cap Core Fund | 0.75 % |
KAR Small-Cap Value Fund | 0.70 |
First $400 Million | $400+ Million through $1 Billion | $1+ Billion | |||
KAR Small-Cap Growth Fund | 0.90 % | 0.85 % | 0.80 % |
First $500 Million | Over $500 Million | ||
KAR Mid-Cap Growth Fund | 0.80 % | 0.70 % |
First $1 Billion | $1+ Billion | ||
KAR Small-Mid Cap Core Fund | 0.75 % | 0.70 % | |
KAR Small-Mid Cap Growth Fund | 0.75 | 0.70 | |
SGA Emerging Markets Growth Fund | 1.00 | 0.95 | |
SGA Global Growth Fund | 0.80 | 0.75 | |
SGA New Leaders Growth Fund | 0.80 | 0.75 |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion | |||
KAR Capital Growth Fund | 0.70 % | 0.65 % | 0.60 % | ||
KAR Equity Income Fund | 0.75 | 0.70 | 0.65 | ||
KAR Global Quality Dividend Fund | 0.75 | 0.70 | 0.65 | ||
KAR Mid-Cap Core Fund | 0.80 | 0.75 | 0.70 |
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the period is as follows: |
Fund | Subadviser | |
KAR Capital Growth Fund | KAR (1) | |
KAR Equity Income Fund | KAR (1) | |
KAR Global Quality Dividend Fund | KAR (1) | |
KAR Mid-Cap Core Fund | KAR (1) | |
KAR Mid-Cap Growth Fund | KAR (1) | |
KAR Small-Cap Core Fund | KAR (1) | |
KAR Small-Cap Growth Fund | KAR (1) | |
KAR Small-Cap Value Fund | KAR (1) | |
KAR Small-Mid Cap Core Fund | KAR (1) | |
KAR Small-Mid Cap Growth Fund | KAR (1) | |
SGA Emerging Markets Growth Fund | SGA (2) | |
SGA Global Growth Fund | SGA (2) | |
SGA New Leaders Growth Fund | SGA (2) |
(1) | Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus. |
(2) | Sustainable Growth Advisers, LP (“SGA”), an indirect, majority-owned subsidiary of Virtus. |
C. | Expense Limitations |
The Adviser has contractually agreed to limit each Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through February 1, 2022. Following the contractual period, the Adviser may discontinue these expense reimbursement arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
KAR Capital Growth Fund | 1.47 % * | 2.22 % * | 1.22 % * | 0.73 % | ||||
KAR Equity Income Fund | 1.20 | 1.95 | 0.95 | 0.91 | ||||
KAR Global Quality Dividend Fund | 1.35 | 2.10 | 1.10 | 0.78 | ||||
KAR Mid-Cap Core Fund | 1.20 | 1.95 | 0.95 | 0.87 | ||||
KAR Mid-Cap Growth Fund | 1.40 * | 2.15 * | 1.15 * | 0.83 | ||||
KAR Small-Cap Growth Fund | 1.50 * | 2.25 * | 1.25 * | 1.18 * | ||||
KAR Small-Cap Value Fund | 1.42 * | 2.17 * | 1.17 * | 1.06 * | ||||
KAR Small-Mid Cap Core Fund | 1.30 | 2.05 | 1.05 | 0.97 | ||||
KAR Small-Mid Cap Growth Fund** | 1.30 | 2.05 | 1.05 | 0.99 | ||||
SGA Emerging Markets Growth Fund | 1.48 | 2.23 | 1.23 | 1.05 | ||||
SGA Global Growth Fund | 1.38 | 2.13 | 1.13 | 0.90 | ||||
SGA New Leaders Growth Fund*** | 1.39 | 2.14 | 1.14 | 0.91 |
* | Each share class is currently below its expense cap. |
** | Effective December 8, 2020. |
*** | Effective November 17, 2020. |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expiration | ||||||||||
Fund | 2021 | 2022 | 2023 | 2024 | Total | |||||
KAR Capital Growth Fund | ||||||||||
Class R6 | $ 5 | $ 1 | $ 1 | $ — (1) | $ 7 | |||||
KAR Equity Income Fund | ||||||||||
Class A | 65 | 164 | 170 | 73 | 472 | |||||
Class C | 16 | 21 | 11 | 4 | 52 | |||||
Class I | 14 | 16 | 15 | 6 | 51 | |||||
Class R6 | 2 | 2 | 1 | 1 | 6 | |||||
KAR Global Quality Dividend Fund | ||||||||||
Class A | 30 | 56 | 65 | 19 | 170 | |||||
Class C | 5 | 8 | 6 | 1 | 20 | |||||
Class I | 5 | 14 | 28 | 11 | 58 | |||||
Class R6 | — | — (1) | — (1) | 2 | 2 | |||||
KAR Mid-Cap Core Fund | ||||||||||
Class A | 28 | 62 | 71 | 38 | 199 | |||||
Class C | 25 | 58 | 66 | 32 | 181 | |||||
Class I | 119 | 396 | 670 | 463 | 1,648 | |||||
Class R6 | 1 | 8 | 21 | 13 | 43 | |||||
KAR Mid-Cap Growth Fund | ||||||||||
Class R6 | — (1) | 1 | 21 | 38 | 60 | |||||
KAR Small-Mid Cap Core Fund | ||||||||||
Class A | — | 7 | 9 | 1 | 17 | |||||
Class C | — | 4 | 1 | — | 5 | |||||
Class I | — | — | 14 | — | 14 | |||||
Class R6 | 47 | 42 | 3 | — | 92 | |||||
KAR Small-Mid Cap Growth Fund | �� | |||||||||
Class A | — | — | — | 2 | 2 | |||||
Class C | — | — | — | 1 | 1 | |||||
Class I | — | — | — | 3 | 3 | |||||
Class R6 | — | — | — | 26 | 26 |
Expiration | ||||||||||
Fund | 2021 | 2022 | 2023 | 2024 | Total | |||||
SGA Emerging Markets Growth Fund | ||||||||||
Class A | $ — | $ 2 | $ 4 | $ 1 | $ 7 | |||||
Class C | — | 2 | 3 | 1 | 6 | |||||
Class I | — | 2 | 4 | 2 | 8 | |||||
Class R6 | — | 96 | 124 | 40 | 260 | |||||
SGA Global Growth Fund | ||||||||||
Class A | — | — | 1 | 6 | 7 | |||||
Class I | — | 1 | 15 | 3 | 19 | |||||
Class R6 | — | 24 | 107 | 53 | 184 | |||||
SGA New Leaders Growth Fund | ||||||||||
Class A | — | — | — | 1 | 1 | |||||
Class C | — | — | — | 1 | 1 | |||||
Class I | — | — | — | 1 | 1 | |||||
Class R6 | — | — | — | 39 | 39 |
(1) | Amount is less than $500. |
Fund | Class A | Class C | Class I | Class R6 | Total | |||||
KAR Small-Mid Cap Core Fund | $ 3 | $ 3 | $ 109 | $ 2 | $ 117 | |||||
SGA Emerging Markets Growth Fund | — (1) | — (1) | — | — | — | |||||
SGA Global Growth Fund | — (1) | 1 | — | — | 1 |
(1) | Amount is less than $500. |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the six months (the “period”) ended March 31, 2021, it retained net commissions of $217 for Class A shares and CDSC of $—* and $29 for Class A shares and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
* 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 March 31, 2021, the Funds incurred administration fees totaling $7,553 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 March 31, 2021, the Funds incurred transfer agent fees totaling $3,408 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. | Affiliated Shareholders |
At March 31, 2021, Virtus and its affiliates held shares of certain Funds, which may be redeemed at any time, that aggregated to the following: |
Shares | Aggregate Net Asset Value | ||
KAR Small-Mid Cap Growth Fund | |||
Class A | 10,000 | $ 98 | |
Class C | 10,000 | 98 | |
Class I | 10,000 | 98 | |
Class R6 | 270,000 | 2,646 | |
SGA New Leaders Growth Fund | |||
Class A | 10,000 | 104 | |
Class C | 10,000 | 104 | |
Class I | 10,000 | 104 | |
Class R6 | 270,000 | 2,811 |
H. | Investments in Affiliates |
KAR Small-Cap Growth Fund | |||||||||||||||||||
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 | |||||||||||
Common Stocks—46.9% | |||||||||||||||||||
AAON, Inc. | $ 241,566 | $ — | $— | $— | $ 39,132 | $ 280,698 | 4,009,400 | $ 762 | $— | ||||||||||
Auto Trader Group plc | 421,893 | — | — | — | 21,966 | 443,859 | 58,074,329 | — | — | ||||||||||
Blackline, Inc. | 280,937 | — | — | — | 58,832 | 339,769 | 3,134,403 | — | — | ||||||||||
Chefs’ Warehouse, Inc. (The) | 40,829 | — | — | — | 44,703 | 85,532 | 2,808,023 | — | — | ||||||||||
Duck Creek Technologies, Inc. | 394,978 | — | — | — | (2,521) | 392,457 | 8,694,221 | — | — | ||||||||||
Fox Factory Holding Corp. | 284,905 | — | — | — | 202,113 | 487,018 | 3,832,978 | — | — | ||||||||||
MediaAlpha, Inc. | — | 129,926 | — | — | 34,683 | 164,609 | 4,646,036 | — | — | ||||||||||
National Research Corp. | 118,572 | — | — | — | (5,734) | 112,838 | 2,409,518 | — | — | ||||||||||
NVE Corp. | 23,690 | — | — | — | 10,146 | 33,836 | 482,690 | 965 | — | ||||||||||
Ollie’s Bargain Outlet Holdings, Inc. | 417,854 | — | — | — | (1,674) | 416,180 | 4,783,672 | — | — | ||||||||||
Omega Flex, Inc. | 142,420 | — | — | — | 1,054 | 143,474 | 908,755 | 509 | — | ||||||||||
Oportun Financial Corp. | 31,078 | — | — | — | 23,512 | 54,590 | 2,635,930 | — | — | ||||||||||
U.S. Physical Therapy, Inc. | 102,953 | — | — | — | 20,406 | 123,359 | 1,185,000 | 415 | — | ||||||||||
Total | $2,501,675 | $129,926 | $— | $— | $446,618 | $3,078,219 | $2,651 | $— |
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 March 31, 2021. |
Purchases | Sales | ||
KAR Capital Growth Fund | $ 31,619 | $ 56,038 | |
KAR Equity Income Fund | 13,058 | 24,909 | |
KAR Global Quality Dividend Fund | 6,815 | 6,900 | |
KAR Mid-Cap Core Fund | 140,590 | 67,945 | |
KAR Mid-Cap Growth Fund | 637,016 | 203,497 | |
KAR Small-Cap Core Fund | 210,031 | 273,826 | |
KAR Small-Cap Growth Fund | 302,481 | 359,155 | |
KAR Small-Cap Value Fund | 271,070 | 71,622 | |
KAR Small-Mid Cap Core Fund | 392,637 | 48,730 | |
KAR Small-Mid Cap Growth Fund | 4,416 | 295 | |
SGA Emerging Markets Growth Fund | 1,268 | 1,127 | |
SGA Global Growth Fund | 32,104 | 25,497 | |
SGA New Leaders Growth Fund | 5,427 | 265 |
KAR Capital Growth Fund | KAR Equity Income Fund | ||||||||||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 360 | $ 9,470 | 889 | $ 17,200 | 192 | $ 3,931 | 472 | $ 9,444 | |||||||
Reinvestment of distributions | 744 | 20,139 | 705 | 12,891 | 1,573 | 29,435 | 50 | 1,108 | |||||||
Shares repurchased and cross class conversions | (1,005) | (26,438) | (3,375) | (64,742) | (537) | (11,478) | (1,172) | (22,878) | |||||||
Net Increase / (Decrease) | 99 | $ 3,171 | (1,781) | $ (34,651) | 1,228 | $ 21,888 | (650) | $ (12,326) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 45 | $ 855 | 223 | $ 3,361 | 15 | $ 304 | 33 | $ 593 | |||||||
Reinvestment of distributions | 30 | 586 | 22 | 302 | 118 | 1,891 | 1 | 13 | |||||||
Shares repurchased and cross class conversions | (264) | (5,027) | (197) | (2,871) | (114) | (2,047) | (145) | (2,657) | |||||||
Net Increase / (Decrease) | (189) | $ (3,586) | 48 | $ 792 | 19 | $ 148 | (111) | $ (2,051) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 258 | $ 7,093 | 1,610 | $ 31,747 | 99 | $ 2,295 | 56 | $ 1,201 | |||||||
Reinvestment of distributions | 56 | 1,586 | 35 | 670 | 153 | 2,845 | 6 | 126 | |||||||
Shares repurchased and cross class conversions | (169) | (4,623) | (1,078) | (20,661) | (190) | (4,002) | (131) | (2,657) | |||||||
Net Increase / (Decrease) | 145 | $ 4,056 | 567 | $ 11,756 | 62 | $ 1,138 | (69) | $ (1,330) |
KAR Capital Growth Fund | KAR Equity Income Fund | ||||||||||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 1 | $ 25 | 55 | $ 1,111 | 31 | $ 683 | 7 | $ 153 | |||||||
Reinvestment of distributions | — (1) | 5 | — (1) | 3 | 16 | 300 | 1 | 11 | |||||||
Shares repurchased and cross class conversions | (2) | (58) | (49) | (965) | (7) | (139) | (19) | (386) | |||||||
Net Increase / (Decrease) | (1) | $ (28) | 6 | $ 149 | 40 | $ 844 | (11) | $ (222) |
(1) | Amount is less than 500 shares. |
KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||||||||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 28 | $ 383 | 144 | $ 1,888 | 239 | $ 10,963 | 539 | $ 19,654 | |||||||
Reinvestment of distributions | 39 | 536 | 42 | 639 | 10 | 462 | 6 | 220 | |||||||
Shares repurchased and cross class conversions | (123) | (1,679) | (442) | (5,817) | (166) | (7,630) | (465) | (16,411) | |||||||
Net Increase / (Decrease) | (56) | $ (760) | (256) | $ (3,290) | 83 | $ 3,795 | 80 | $ 3,463 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 56 | $ 736 | 25 | $ 294 | 130 | $ 5,470 | 360 | $ 11,989 | |||||||
Reinvestment of distributions | 2 | 27 | 3 | 40 | 10 | 429 | 6 | 207 | |||||||
Shares repurchased and cross class conversions | (100) | (1,320) | (132) | (1,648) | (158) | (6,688) | (359) | (11,673) | |||||||
Net Increase / (Decrease) | (42) | $ (557) | (104) | $ (1,314) | (18) | $ (789) | 7 | $ 523 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 164 | $ 2,308 | 494 | $ 6,644 | 4,483 | $ 211,611 | 11,000 | $ 403,004 | |||||||
Reinvestment of distributions | 24 | 331 | 15 | 226 | 114 | 5,388 | 42 | 1,611 | |||||||
Shares repurchased and cross class conversions | (218) | (3,019) | (196) | (2,443) | (2,432) | (113,509) | (4,134) | (147,797) | |||||||
Net Increase / (Decrease) | (30) | $ (380) | 313 | $ 4,427 | 2,165 | $ 103,490 | 6,908 | $ 256,818 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 129 | $ 1,811 | — | $ — | 90 | $ 4,065 | 302 | $ 11,813 | |||||||
Reinvestment of distributions | — | — | — | — | 3 | 165 | 1 | 57 | |||||||
Shares repurchased and cross class conversions | (1) | (16) | — | — | (40) | (1,888) | (139) | (5,501) | |||||||
Net Increase / (Decrease) | 128 | $ 1,795 | — | $ — | 53 | $ 2,342 | 164 | $ 6,369 |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | ||||||||||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,972 | $ 130,626 | 5,968 | $ 285,158 | 334 | $ 15,169 | 401 | $ 15,166 | |||||||
Reinvestment of distributions | 8 | 567 | 27 | 1,126 | 190 | 8,187 | 132 | 5,104 | |||||||
Shares repurchased and cross class conversions | (1,438) | (95,597) | (2,533) | (118,550) | (359) | (15,887) | (1,243) | (44,953) | |||||||
Net Increase / (Decrease) | 542 | $ 35,596 | 3,462 | $ 167,734 | 165 | $ 7,469 | (710) | $ (24,683) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 539 | $ 27,744 | 1,502 | $ 54,358 | 33 | $ 1,184 | 110 | $ 3,391 | |||||||
Reinvestment of distributions | 3 | 180 | 12 | 384 | 248 | 8,584 | 162 | 5,183 | |||||||
Shares repurchased and cross class conversions | (309) | (15,850) | (408) | (14,415) | (548) | (19,946) | (893) | (27,443) | |||||||
Net Increase / (Decrease) | 233 | $ 12,074 | 1,106 | $ 40,327 | (267) | $ (10,178) | (621) | $ (18,869) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 13,220 | $ 906,151 | 30,351 | $ 1,478,624 | 1,940 | $ 91,966 | 5,755 | $ 218,747 | |||||||
Reinvestment of distributions | 32 | 2,372 | 58 | 2,469 | 1,701 | 77,950 | 988 | 40,516 | |||||||
Shares repurchased and cross class conversions | (7,788) | (539,030) | (7,875) | (382,218) | (3,090) | (145,924) | (11,184) | (447,151) | |||||||
Net Increase / (Decrease) | 5,464 | $ 369,493 | 22,534 | $ 1,098,875 | 551 | $ 23,992 | (4,441) | $ (187,888) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 908 | $ 62,930 | 1,702 | $ 94,521 | 2,073 | $ 98,128 | 5,516 | $ 232,147 | |||||||
Reinvestment of distributions | 2 | 139 | 1 | 25 | 187 | 8,625 | 118 | 4,844 | |||||||
Shares repurchased and cross class conversions | (306) | (21,376) | (93) | (4,562) | (933) | (44,645) | (1,409) | (57,198) | |||||||
Net Increase / (Decrease) | 604 | $ 41,693 | 1,610 | $ 89,984 | 1,327 | $ 62,108 | 4,225 | $ 179,793 |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||||||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,467 | $ 79,221 | 2,602 | $ 104,387 | 1,054 | $ 26,962 | 627 | $ 10,835 | |||||||
Reinvestment of distributions | 1,348 | 71,757 | 263 | 10,502 | 26 | 636 | 23 | 448 | |||||||
Shares repurchased and cross class conversions | (2,238) | (120,243) | (6,743) | (261,217) | (541) | (13,589) | (772) | (13,988) | |||||||
Net Increase / (Decrease) | 577 | $ 30,735 | (3,878) | $ (146,328) | 539 | $ 14,009 | (122) | $ (2,705) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 174 | $ 8,204 | 450 | $ 16,101 | 202 | $ 4,961 | 278 | $ 5,040 | |||||||
Reinvestment of distributions | 772 | 35,847 | 143 | 5,103 | — (1) | 11 | — | — | |||||||
Shares repurchased and cross class conversions | (910) | (42,784) | (1,875) | (67,009) | (179) | (4,462) | (302) | (5,152) | |||||||
Net Increase / (Decrease) | 36 | $ 1,267 | (1,282) | $ (45,805) | 23 | $ 510 | (24) | $ (112) |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||||||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 11,157 | $ 615,269 | 30,624 | $ 1,260,988 | 13,913 | $ 342,912 | 19,799 | $ 360,401 | |||||||
Reinvestment of distributions | 9,083 | 497,200 | 1,460 | 59,776 | 315 | 7,728 | 198 | 3,832 | |||||||
Shares repurchased and cross class conversions | (18,023) | (992,850) | (31,378) | (1,260,713) | (6,149) | (154,746) | (10,779) | (194,278) | |||||||
Net Increase / (Decrease) | 2,217 | $ 119,619 | 706 | $ 60,051 | 8,079 | $ 195,894 | 9,218 | $ 169,955 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 1,615 | $ 88,514 | 1,149 | $ 48,543 | 482 | $ 11,965 | 133 | $ 2,466 | |||||||
Reinvestment of distributions | 253 | 13,906 | 19 | 796 | 8 | 185 | 5 | 103 | |||||||
Shares repurchased and cross class conversions | (416) | (22,996) | (463) | (19,328) | (90) | (2,356) | (141) | (2,664) | |||||||
Net Increase / (Decrease) | 1,452 | $ 79,424 | 705 | $ 30,011 | 400 | $ 9,794 | (3) | $ (95) |
(1) | Amount is less than 500 shares. |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | ||||||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | From Inception December 8, 2020 to March 31, 2021 (Unaudited) | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Shares sold and cross class conversions | 1,155 | $ 19,160 | 1,701 | $ 21,815 | 52 | $ 526 | |||||
Shares repurchased and cross class conversions | (218) | (3,608) | (461) | (5,440) | (8) | (77) | |||||
Net Increase / (Decrease) | 937 | $ 15,552 | 1,240 | $ 16,375 | 44 | $ 449 | |||||
Class C | |||||||||||
Shares sold and cross class conversions | 627 | $ 10,261 | 702 | $ 9,015 | 11 | $ 105 | |||||
Shares repurchased and cross class conversions | (71) | (1,188) | (78) | (898) | — | — | |||||
Net Increase / (Decrease) | 556 | $ 9,073 | 624 | $ 8,117 | 11 | $ 105 | |||||
Class I | |||||||||||
Shares sold and cross class conversions | 24,679 | $ 413,656 | 33,974 | $ 437,472 | 106 | $ 1,069 | |||||
Reinvestment of distributions | 3 | 56 | — | — | — | — | |||||
Shares repurchased and cross class conversions | (4,694) | (78,700) | (5,815) | (73,641) | (4) | (42) | |||||
Net Increase / (Decrease) | 19,988 | $ 335,012 | 28,159 | $ 363,831 | 102 | $ 1,027 |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | ||||||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | From Inception December 8, 2020 to March 31, 2021 (Unaudited) | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class R6 | |||||||||||
Shares sold and cross class conversions | 139 | $ 2,230 | 593 | $ 8,210 | 270 | $ 2,700 | |||||
Reinvestment of distributions | — (1) | 3 | — | — | — | — | |||||
Shares repurchased and cross class conversions | (48) | (795) | (288) | (3,986) | — | — | |||||
Net Increase / (Decrease) | 91 | $ 1,438 | 305 | $ 4,224 | 270 | $ 2,700 |
(1) | Amount is less than 500 shares. |
SGA Emerging Markets Growth Fund | SGA Global Growth Fund | ||||||||||||||
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 2 | $ 27 | 4 | $ 43 | 121 | $ 3,469 | 1,212 | $ 28,564 | |||||||
Reinvestment of distributions | — (1) | 1 | — (1) | — (2) | 34 | 949 | — | — | |||||||
Shares repurchased and cross class conversions | (—) (1) | (4) | — | — | (66) | (1,885) | (414) | (9,454) | |||||||
Net Increase / (Decrease) | 2 | $ 24 | 4 | $ 43 | 89 | $ 2,533 | 798 | $ 19,110 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — | $ — | 3 | $ 27 | 51 | $ 1,384 | 69 | $ 1,510 | |||||||
Reinvestment of distributions | — (1) | 1 | — (1) | — (2) | 8 | 211 | — | — | |||||||
Shares repurchased and cross class conversions | — | — | (1) | (11) | (42) | (1,117) | (39) | (811) | |||||||
Net Increase / (Decrease) | — | $ 1 | 2 | $ 16 | 17 | $ 478 | 30 | $ 699 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 10 | $ 137 | 10 | $ 100 | 448 | $ 12,991 | 881 | $ 20,118 | |||||||
Reinvestment of distributions | — (1) | 6 | — (1) | — (2) | 38 | 1,089 | — (1) | 3 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (167) | (4,855) | (457) | (10,744) | |||||||
Net Increase / (Decrease) | 10 | $ 143 | 10 | $ 100 | 319 | $ 9,225 | 424 | $ 9,377 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 8 | $ 113 | 61 | $ 656 | 49 | $ 1,464 | 1,167 | $ 25,797 | |||||||
Reinvestment of distributions | 8 | 107 | — (1) | — (2) | 82 | 2,400 | 1 | 33 | |||||||
Shares repurchased and cross class conversions | (—) (1) | (3) | (62) | (687) | (103) | (3,010) | (412) | (10,022) | |||||||
Net Increase / (Decrease) | 16 | $ 217 | (1) | $ (31) | 28 | $ 854 | 756 | $ 15,808 |
(1) | Amount is less than 500 shares. |
(2) | Amount is less than $500. |
SGA New Leaders Growth Fund | |||
From Inception November 17, 2020 to March 31, 2021 (Unaudited) | |||
SHARES | AMOUNT | ||
Class A | |||
Shares sold and cross class conversions | 10 | $ 103 | |
Net Increase / (Decrease) | 10 | $ 103 | |
Class C | |||
Shares sold and cross class conversions | 10 | $ 103 | |
Net Increase / (Decrease) | 10 | $ 103 | |
Class I | |||
Shares sold and cross class conversions | 15 | $ 155 | |
Net Increase / (Decrease) | 15 | $ 155 | |
Class R6 | |||
Shares sold and cross class conversions | 492 | $ 4,907 | |
Shares repurchased and cross class conversions | (—) (1) | (—) (2) | |
Net Increase / (Decrease) | 492 | $ 4,907 |
(1) | Amount is less than 500 shares. |
(2) | Amount is less than $500. |
% of Shares Outstanding | Number of Accounts | ||
KAR Global Quality Dividend Fund | 15% | 1 | |
KAR Mid-Cap Core Fund | 40 | 3 | |
KAR Mid-Cap Growth Fund | 36 | 3 | |
KAR Small-Cap Core Fund | 40 | 3 | |
KAR Small-Cap Growth Fund | 23 | 2 | |
KAR Small-Cap Value Fund | 58 | 2 | |
KAR Small-Mid Cap Core Fund | 54 | 3 | |
KAR Small-Mid Cap Growth Fund | 81 | 2 * | |
SGA Emerging Markets Growth Fund | 69 | 3 | |
SGA Global Growth Fund | 30 | 2 | |
SGA New Leaders Growth Fund | 81 | 3 |
* | Includes affiliated shareholder account(s). |
Fund | Sector | Percentage of Total Investments | ||
KAR Capital Growth Fund | Information Technology | 35% | ||
KAR Capital Growth Fund | Consumer Discretionary | 25 | ||
KAR Mid-Cap Core Fund | Industrials | 31 | ||
KAR Mid-Cap Growth Fund | Information Technology | 35 | ||
KAR Small-Cap Core Fund | Industrials | 44 | ||
KAR Small-Cap Growth Fund | Information Technology | 32 | ||
KAR Small-Cap Value Fund | Industrials | 30 | ||
KAR Small-Mid Cap Core Fund | Information Technology | 27 | ||
SGA Emerging Markets Growth Fund | Consumer Discretionary | 30 | ||
SGA Global Growth Fund | Information Technology | 30 | ||
SGA New Leaders Growth Fund | Information Technology | 25 |
Fund | Investment | Date of Acquisition | Cost | Value | Percentage of Net Assets | |||||
KAR Mid-Cap Growth Fund | Security Scorecard, Inc. Series E | 3/5/2021 | $40,000 | $40,000 | 1.2% |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
KAR Capital Growth Fund | $ 234,964 | $ 515,611 | $ (806) | $ 514,805 | ||||
KAR Equity Income Fund | 121,306 | 20,680 | (655) | 20,025 | ||||
KAR Global Quality Dividend Fund | 32,085 | 6,379 | (557) | 5,822 | ||||
KAR Mid-Cap Core Fund | 734,274 | 342,412 | (47) | 342,365 | ||||
KAR Mid-Cap Growth Fund | 2,298,885 | 983,596 | (6,281) | 977,315 | ||||
KAR Small-Cap Core Fund | 1,159,729 | 720,485 | (10,521) | 709,964 | ||||
KAR Small-Cap Growth Fund | 3,660,187 | 3,203,338 | (23,088) | 3,180,250 | ||||
KAR Small-Cap Value Fund | 835,282 | 535,974 | (595) | 535,379 | ||||
KAR Small-Mid Cap Core Fund | 790,494 | 187,491 | (1,940) | 185,551 | ||||
KAR Small-Mid Cap Growth Fund | 4,410 | 125 | (208) | (83) | ||||
SGA Emerging Markets Growth Fund | 5,157 | 1,647 | (172) | 1,475 | ||||
SGA Global Growth Fund | 110,685 | 46,680 | (226) | 46,454 | ||||
SGA New Leaders Growth Fund | 5,286 | 365 | (186) | 179 |
Short-Term | Long-Term | ||
KAR Global Quality Dividend Fund | $ 286 | $ 941 | |
KAR Small-Cap Value Fund | 1,206 | 9,109 | |
KAR Small-Mid Cap Core Fund | 72 | 35 |
Late Year Ordinary Losses Deferred | Late Year Ordinary Losses Recognized | Capital Loss Deferred | Capital Loss Recognized | ||||
KAR Capital Growth Fund | $ 3,025 | $ (1,695) | $ — | $ — | |||
KAR Equity Income Fund | — | — | — | (760) | |||
KAR Global Quality Dividend Fund | 4 | (20) | 2,783 | (1,227) | |||
KAR Mid-Cap Core Fund | 456 | — | — | — | |||
KAR Mid-Cap Growth Fund | 8,402 | (2,143) | — | — | |||
KAR Small-Cap Core Fund | — | (3,225) | — | — | |||
KAR Small-Cap Growth Fund | 30,785 | (23,016) | — | (54,753) | |||
KAR Small-Cap Value Fund | — | — | 14,251 | (10,315) | |||
KAR Small-Mid Cap Core Fund | — | (11) | 235 | (69) |
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
please contact us at 1-800-243-1574, or Virtus.com.
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President, Virtus Funds
Beginning Account Value October 1, 2020 | Ending Account Value March 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 1,088.10 | 1.00 % | $ 5.21 | |||
Class C | 1,000.00 | 1,083.90 | 1.75 | 9.09 | |||
Class I | 1,000.00 | 1,089.40 | 0.77 | 4.01 | |||
Class R6** | 1,000.00 | 1,054.00 | 0.60 | 2.73 |
* | 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
** | October 21, 2020, is the date the Class started accruing expenses. Expenses are equal to the Class’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 (162) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value October 1, 2020 | Ending Account Value March 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 1,019.95 | 1.00 % | $ 5.04 | |||
Class C | 1,000.00 | 1,016.21 | 1.75 | 8.80 | |||
Class I | 1,000.00 | 1,021.09 | 0.77 | 3.88 | |||
Class R6 | 1,000.00 | 1,019.53 | 0.60 | 2.69 |
* | 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
March 31, 2021
Common Stocks | 66% | |
Information Technology | 19% | |
Consumer Discretionary | 14 | |
Communication Services | 11 | |
All other Common Stocks | 22 | |
Corporate Bonds and Notes | 11 | |
Financials | 3 | |
Information Technology | 1 | |
Energy | 1 | |
All other Corporate Bonds and Notes | 6 | |
Mortgage-Backed Securities | 8 | |
U.S. Government Securities | 4 | |
Asset-Backed Securities | 3 | |
Leveraged Loans | 3 | |
Short-Term Investment | 2 | |
Other (includes securities lending collateral) | 3 | |
Total | 100% |
Par Value | Value | ||
U.S. Government Securities—3.7% | |||
U.S. Treasury Bonds | |||
3.000%, 8/15/48 | $10,430 | $ 11,704 | |
2.000%, 2/15/50 | 2,045 | 1,870 | |
1.375%, 8/15/50 | 12,745 | 9,945 | |
1.875%, 2/15/51 | 1,505 | 1,336 | |
U.S. Treasury Notes | |||
0.250%, 11/15/23 | 4,645 | 4,643 | |
0.250%, 5/31/25 | 1,610 | 1,579 | |
2.875%, 8/15/28 | 475 | 523 | |
1.500%, 2/15/30 | 3,225 | 3,185 | |
Total U.S. Government Securities (Identified Cost $35,978) | 34,785 |
Par Value | Value | ||
Municipal Bonds—0.4% | |||
California—0.1% | |||
Santa Clara Valley Water District Series B, Taxable 2.967%, 6/1/50 | $ 510 | $ 500 | |
University of California, Series B-A, Taxable 4.428%, 5/15/48 | 380 | 412 | |
912 | |||
Par Value | Value | ||
Idaho—0.0% | |||
Idaho Health Facilities Authority Saint Luke’s Health System Revenue Taxable 5.020%, 3/1/48 | $ 450 | $ 519 | |
Illinois—0.0% | |||
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43 | 70 | 72 | |
Texas—0.2% | |||
City of San Antonio, General Obligation Taxable 1.963%, 2/1/33 | 530 | 518 | |
State of Texas, General Obligation Taxable 3.211%, 4/1/44 | 180 | 188 | |
Texas Public Finance Authority Revenue Taxable 2.140%, 2/1/35 | 585 | 560 | |
Texas Transportation Commission State Highway Fund Revenue Taxable 4.000%, 10/1/33 | 160 | 191 | |
1,457 | |||
Virginia—0.1% | |||
City of Bristol, General Obligation Taxable (State AID Withholding Insured) 4.210%, 1/1/42 | 640 | 666 | |
Total Municipal Bonds (Identified Cost $3,542) | 3,626 |
Par Value | Value | ||
Foreign Government Securities—0.6% | |||
Emirate of Dubai Government International Bonds RegS 5.250%, 1/30/43(1) | $ 540 | $ 583 | |
Federative Republic of Brazil 3.875%, 6/12/30 | 590 | 572 | |
Oman Government International Bond 144A 7.375%, 10/28/32(2) | 580 | 643 | |
Republic of South Africa International Bond 4.850%, 9/27/27 | 620 | 640 | |
Republic of Turkey 5.875%, 6/26/31 | 1,125 | 1,015 | |
Republic of Venezuela | |||
9.375%, 1/13/34(3) | 130 | 13 | |
RegS 8.250%, 10/13/24(1)(3) | 40 | 4 | |
RegS 7.650%, 4/21/25(1)(3) | 320 | 32 | |
Saudi Arabia Government International Bond 144A 3.250%, 10/22/30(2) | 485 | 511 | |
State of Qatar 144A 4.400%, 4/16/50(2) | 615 | 714 | |
United Mexican States 2.659%, 5/24/31 | 645 | 608 | |
Total Foreign Government Securities (Identified Cost $5,997) | 5,335 | ||
Par Value | Value | ||
Mortgage-Backed Securities—8.2% | |||
Agency—0.5% | |||
Federal Home Loan Mortgage Corporation | |||
Pool #A46224 5.000%, 7/1/35 | $ 77 | $ 90 | |
Pool #A62213 6.000%, 6/1/37 | 120 | 143 | |
Federal National Mortgage Association | |||
Pool #254549 6.000%, 12/1/32 | 21 | 25 | |
Pool #735061 6.000%, 11/1/34 | 155 | 185 | |
Pool #880117 5.500%, 4/1/36 | 4 | 4 | |
Pool #938574 5.500%, 9/1/36 | 93 | 109 | |
Pool #310041 6.500%, 5/1/37 | 130 | 155 | |
Pool #909092 6.000%, 9/1/37 | 8 | 9 | |
Pool #972569 5.000%, 3/1/38 | 90 | 101 | |
Pool #909175 5.500%, 4/1/38 | 77 | 90 | |
Pool #929625 5.500%, 6/1/38 | 92 | 108 | |
Pool #909220 6.000%, 8/1/38 | 63 | 74 | |
Pool #CA4128 3.000%, 9/1/49 | 503 | 525 | |
Pool #CA4978 3.000%, 1/1/50 | 542 | 566 | |
Pool #MA3905 3.000%, 1/1/50 | 2,325 | 2,424 | |
4,608 | |||
Non-Agency—7.7% | |||
ACRES Commercial Realty Corp. 2020-RSO8, A (1 month LIBOR + 1.150%) 144A 1.258%, 3/15/35(2)(4) | 410 | 410 |
Par Value | Value | ||
Non-Agency—continued | |||
Ajax Mortgage Loan Trust | |||
2021-A, A1 144A 1.065%, 9/25/65(2)(4) | $ 743 | $ 737 | |
2019-D, A1 144A 2.956%, 9/25/65(2)(4) | 648 | 655 | |
American Homes 4 Rent Trust | |||
2014-SFR2, C 144A 4.705%, 10/17/36(2) | 1,050 | 1,126 | |
2015-SFR1, A 144A 3.467%, 4/17/52(2) | 958 | 1,025 | |
2015-SFR2, C 144A 4.691%, 10/17/52(2) | 335 | 362 | |
AMSR Trust | |||
2020-SFR1, B 144A 2.120%, 4/17/37(2) | 530 | 532 | |
2020-SFR2, C 144A 2.533%, 7/17/37(2) | 400 | 408 | |
2020-SFR2, D 144A 3.282%, 7/17/37(2) | 770 | 794 | |
Angel Oak Mortgage Trust LLC | |||
2019-3, A1 144A 2.930%, 5/25/59(2)(4) | 272 | 273 | |
2020-4, A1 144A 1.469%, 6/25/65(2)(4) | 1,374 | 1,379 | |
Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A 2.068%, 5/25/50(2)(4) | 1,004 | 1,005 | |
Arroyo Mortgage Trust | |||
2018-1, A1 144A 3.763%, 4/25/48(2)(4) | 1,988 | 1,997 | |
2019-1, A1 144A 3.805%, 1/25/49(2)(4) | 148 | 152 | |
2019-2, A1 144A 3.347%, 4/25/49(2)(4) | 2,274 | 2,322 | |
Banc of America Funding Trust | |||
2004-B, 2A1 2.673%, 11/20/34(4) | 59 | 64 | |
2005-1, 1A1 5.500%, 2/25/35 | 138 | 142 |
Par Value | Value | ||
Non-Agency—continued | |||
Bayview Opportunity Master Fund IVa Trust | |||
2016-SPL1, B1 144A 4.250%, 4/28/55(2) | $ 510 | $ 533 | |
2017-SPL5, B1 144A 4.000%, 6/28/57(2)(4) | 100 | 105 | |
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A 4.250%, 6/28/53(2)(4) | 245 | 256 | |
BBCMS Mortgage Trust 2018-TALL, A (1 month LIBOR + 0.722%) 144A 0.828%, 3/15/37(2)(4) | 800 | 792 | |
BPR Trust 2021-KEN, A (1 month LIBOR + 1.250%) 144A 1.356%, 2/15/29(2)(4) | 920 | 920 | |
BRAVO Residential Funding Trust 2021-A, A1 144A 1.991%, 1/25/24(2)(4)(5) | 451 | 451 | |
BX Commercial Mortgage Trust 2020-BXLP, D (1 month LIBOR + 1.250%) 144A 1.356%, 12/15/36(2)(4) | 454 | 454 | |
BX Trust 2019-OC11, D 144A 4.075%, 12/9/41(2)(4) | 1,379 | 1,432 | |
Cascade MH Asset Trust 2021-MH1, A1 144A 1.753%, 2/25/46(2) | 1,340 | 1,335 | |
CF Hippolyta LLC 2020-1, A1 144A 1.690%, 7/15/60(2) | 406 | 409 |
Par Value | Value | ||
Non-Agency—continued | |||
CHL Mortgage Pass-Through Trust 2004-6, 1A2 3.273%, 5/25/34(4) | $ 151 | $ 152 | |
Citigroup Commercial Mortgage Trust 2019-SST2, A (1 month LIBOR + 0.920%) 144A 1.026%, 12/15/36(2)(4) | 675 | 675 | |
Citigroup Mortgage Loan Trust, Inc. | |||
2015-A, A1 144A 3.500%, 6/25/58(2)(4) | 10 | 10 | |
2018-RP1, A1 144A 3.000%, 9/25/64(2)(4) | 723 | 745 | |
COLT Mortgage Loan Trust Funding LLC 2020-1, A1 144A 2.488%, 2/25/50(2)(4) | 327 | 330 | |
COLT Trust 2020-RPL1, A1 144A 1.390%, 1/25/65(2)(4) | 200 | 199 | |
COMM Mortgage Trust 2020-CBM, B 144A 3.099%, 2/10/37(2) | 490 | 489 | |
CoreVest American Finance Trust | |||
2020-4, A 144A 1.174%, 12/15/52(2) | 612 | 603 | |
2018-2, A 144A 4.026%, 11/15/52(2) | 513 | 548 | |
2019-3, C 144A 3.265%, 10/15/52(2) | 295 | 299 | |
2020-1, A1 144A 1.832%, 3/15/50(2) | 555 | 564 | |
2020-3, A 144A 1.358%, 8/15/53(2) | 819 | 808 |
Par Value | Value | ||
Non-Agency—continued | |||
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A 1.086%, 5/15/36(2)(4) | $ 530 | $ 530 | |
Credit Suisse Mortgage Capital Trust | |||
2014-IVR2, A2 144A 3.762%, 4/25/44(2)(4) | 18 | 18 | |
2020-RPL4, A1 144A 2.000%, 1/25/60(2)(4) | 469 | 482 | |
2020-NQM1, A1 144A 1.208%, 5/25/65(2)(4) | 250 | 251 | |
2021-NQM2, A1 144A 1.179%, 2/25/66(2)(4) | 770 | 770 | |
CSMC Trust 2017-RPL1, A1 144A 2.750%, 7/25/57(2)(4) | 694 | 720 | |
Deephaven Residential Mortgage Trust 2017-1A, A2 144A 2.928%, 12/26/46(2)(4) | 10 | 10 | |
Ellington Financial Mortgage Trust 2019-2, A3 144A 3.046%, 11/25/59(2)(4) | 116 | 119 | |
FirstKey Homes Trust 2020-SFR2, B 144A 1.567%, 10/19/37(2) | 645 | 642 | |
Flagstar Mortgage Trust 2017-1, 1A3 144A 3.500%, 3/25/47(2)(4) | 246 | 248 | |
Galton Funding Mortgage Trust | |||
2017-1, A21 144A 3.500%, 7/25/56(2)(4) | 71 | 72 | |
2018-1, A23 144A 3.500%, 11/25/57(2)(4) | 90 | 92 | |
2018-2, A41 144A 4.500%, 10/25/58(2)(4) | 132 | 133 | |
2019-H1, A1 144A 2.657%, 10/25/59(2)(4) | 116 | 118 | |
2020-H1, A1 144A 2.310%, 1/25/60(2)(4) | 456 | 464 |
Par Value | Value | ||
Non-Agency—continued | |||
GCAT LLC 2019-NQM1, A1 144A 2.985%, 2/25/59(2)(4) | $ 186 | $ 187 | |
GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%) 144A 0.906%, 2/15/38(2)(4) | 1,080 | 1,080 | |
GS Mortgage Securities Trust | |||
2012-ALOH, A 144A 3.551%, 4/10/34(2) | 187 | 190 | |
2020-GC45, AS 3.173%, 2/13/53(4) | 565 | 598 | |
GS Mortgage-Backed Securities Trust 2020-NQM1, A3 144A 2.352%, 9/27/60(2)(4) | 601 | 611 | |
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(2) | 500 | 501 | |
Home Partners of America Trust 2020-2, A 144A 1.532%, 1/17/41(2) | 616 | 602 | |
Homeward Opportunities Fund I Trust | |||
2018-2, A1 144A 3.985%, 11/25/58(2)(4) | 2,262 | 2,301 | |
2019-1, A1 144A 3.454%, 1/25/59(2)(4) | 265 | 268 | |
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 2003-S11, 3A5 5.950%, 11/25/33 | 100 | 103 | |
JPMorgan Chase Mortgage Trust | |||
2014-2, 2A2 144A 3.500%, 6/25/29(2)(4) | 39 | 40 | |
2014-1, 2A12 144A 3.500%, 1/25/44(2)(4) | 39 | 39 |
Par Value | Value | ||
Non-Agency—continued | |||
2016-SH1, M2 144A 3.750%, 4/25/45(2)(4) | $ 223 | $ 227 | |
2016-SH2, M2 144A 3.750%, 12/25/45(2)(4) | 411 | 426 | |
2017-1, A2 144A 3.500%, 1/25/47(2)(4) | 254 | 257 | |
2017-3, 2A2 144A 2.500%, 8/25/47(2)(4) | 95 | 96 | |
2017-5, A1 144A 3.115%, 10/26/48(2)(4) | 356 | 366 | |
2017-4, A3 144A 3.500%, 11/25/48(2)(4) | 731 | 742 | |
KKR Industrial Portfolio Trust 2021-KDIP, C (1 month LIBOR + 1.000%) 144A 1.106%, 12/15/37(2)(4) | 870 | 869 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%) 144A 0.906%, 5/15/36(2)(4) | 565 | 565 | |
LHOME Mortgage Trust | |||
2019-RTL1, A1 144A 4.580%, 10/25/23(2)(4) | 407 | 409 | |
2021-RTL1, A1 144A 2.090%, 9/25/26(2)(4) | 480 | 480 | |
MASTR Alternative Loan Trust 2005-2, 2A1 6.000%, 1/25/35 | 51 | 53 | |
Mello Warehouse Securitization Trust | |||
2019-1, C (1 month LIBOR + 1.200%) 144A 1.309%, 6/25/52(2)(4) | 340 | 340 | |
2021-1, C (1 month LIBOR + 1.100%) 144A 1.209%, 2/25/55(2)(4) | 400 | 400 | |
MetLife Securitization Trust | |||
2017-1A, M1 144A 3.553%, 4/25/55(2)(4) | 860 | 901 | |
2019-1A, A1A 144A 3.750%, 4/25/58(2)(4) | 401 | 417 |
Par Value | Value | ||
Non-Agency—continued | |||
Mill City Mortgage Loan Trust | |||
2017-1, M2 144A 3.250%, 11/25/58(2)(4) | $ 395 | $ 417 | |
2019-1, M2 144A 3.500%, 10/25/69(2)(4) | 509 | 534 | |
Morgan Stanley - Bank of America (Merrill Lynch) Trust | |||
2013-C13, AS 4.266%, 11/15/46 | 275 | 294 | |
2015-C22, AS 3.561%, 4/15/48 | 835 | 890 | |
New Residential Mortgage Loan Trust | |||
2016-4A, B1A 144A 4.500%, 11/25/56(2)(4) | 376 | 414 | |
2017-2A, A3 144A 4.000%, 3/25/57(2)(4) | 127 | 135 | |
2014-1A, A 144A 3.750%, 1/25/54(2)(4) | 252 | 267 | |
2015-2A, A1 144A 3.750%, 8/25/55(2)(4) | 165 | 175 | |
2016-1A, A1 144A 3.750%, 3/25/56(2)(4) | 81 | 86 | |
2016-4A, A1 144A 3.750%, 11/25/56(2)(4) | 59 | 63 | |
2019-NQM4, A1 144A 2.492%, 9/25/59(2)(4) | 196 | 199 | |
2020-1A, A1B 144A 3.500%, 10/25/59(2)(4) | 428 | 452 | |
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%) 1.834%, 3/25/35(4) | 96 | 97 | |
OBX Trust | |||
2019-INV1, A3 144A 4.500%, 11/25/48(2)(4) | 229 | 237 | |
2018-EXP2, 1A1 144A 4.000%, 7/25/58(2)(4) | 303 | 306 | |
Preston Ridge Partners Mortgage LLC | |||
2020-1A, A1 144A 2.981%, 2/25/25(2)(4) | 582 | 583 |
Par Value | Value | ||
Non-Agency—continued | |||
2020-2, A1 144A 3.671%, 8/25/25(2)(4) | $ 193 | $ 196 | |
2020-3, A1 144A 2.857%, 9/25/25(2)(4) | 1,068 | 1,075 | |
2020-6, A1 144A 2.363%, 11/25/25(2)(4) | 1,093 | 1,096 | |
2021-2, A1 144A 2.115%, 3/25/26(2)(4)(5) | 1,080 | 1,080 | |
Pretium Mortgage Credit Partners I LLC | |||
2020-NPL3, A1 144A 3.105%, 6/27/60(2)(4) | 986 | 996 | |
2021-NPL1, A1 144A 2.240%, 9/27/60(2)(4)(6) | 525 | 525 | |
Progress Residential Trust | |||
2021-SFR2, D 144A 2.197%, 4/19/38(2) | 750 | 749 | |
2018-SFR2, B 144A 3.841%, 8/17/35(2) | 475 | 477 | |
2019-SFR2, A 144A 3.147%, 5/17/36(2) | 387 | 396 | |
2019-SFR3, B 144A 2.571%, 9/17/36(2) | 460 | 465 | |
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(2)(4) | 483 | 488 | |
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(2)(4) | 718 | 732 | |
RCO V Mortgage LLC 2019-2, A1 144A 3.475%, 11/25/24(2)(4) | 548 | 551 | |
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(2)(4) | 371 | 378 | |
Sequoia Mortgage Trust 2013-8, B1 3.511%, 6/25/43(4) | 138 | 142 | |
Starwood Mortgage Residential Trust | |||
2019-IMC1, A1 144A 3.468%, 2/25/49(2)(4) | 366 | 366 | |
2020-2, A1 144A 2.718%, 4/25/60(2)(4) | 464 | 472 |
Par Value | Value | ||
Non-Agency—continued | |||
2020-3, A1 144A 1.486%, 4/25/65(2)(4) | $ 395 | $ 399 | |
Towd Point Mortgage Trust | |||
2016-4, B1 144A 3.848%, 7/25/56(2)(4) | 585 | 626 | |
2015-3, A1B 144A 3.000%, 3/25/54(2)(4) | 1 | 1 | |
2016-1, M1 144A 3.500%, 2/25/55(2)(4) | 160 | 168 | |
2015-5, A2 144A 3.500%, 5/25/55(2)(4) | 580 | 592 | |
2016-3, M1 144A 3.500%, 4/25/56(2)(4) | 1,080 | 1,137 | |
2017-4, A2 144A 3.000%, 6/25/57(2)(4) | 670 | 703 | |
2018-SJ1, A1 144A 4.000%, 10/25/58(2)(4) | 22 | 22 | |
2019-1, A1 144A 3.735%, 3/25/58(2)(4) | 645 | 683 | |
2018-6, A1B 144A 3.750%, 3/25/58(2)(4) | 420 | 451 | |
2018-6, A2 144A 3.750%, 3/25/58(2)(4) | 1,270 | 1,363 | |
2020-MH1, A2 144A 2.500%, 2/25/60(2)(4) | 1,115 | 1,121 | |
2019-2, A2 144A 3.750%, 12/25/58(2)(4) | 500 | 538 | |
2015-2, 1M1 144A 3.250%, 11/25/60(2)(4) | 585 | 604 | |
Towd Point Trust 2019-HE1, A1 (1 month LIBOR + 0.900%) 144A 1.009%, 4/25/48(2)(4) | 504 | 505 | |
Tricon American Homes Trust | |||
2019-SFR1, C 144A 3.149%, 3/17/38(2) | 435 | 450 | |
2020-SFR2, D 144A 2.281%, 11/17/39(2) | 640 | 621 | |
TVC Mortgage Trust 2020-RTL1, M 144A 5.193%, 9/25/24(2)(4) | 510 | 487 | |
VCAT LLC | |||
2020-NPL1, A1 144A 3.671%, 8/25/50(2)(4) | 184 | 185 |
Par Value | Value | ||
Non-Agency—continued | |||
2021-NPL1, A2 144A 4.826%, 12/26/50(2)(4) | $ 620 | $ 619 | |
2021-NPL2, A1 144A 2.115%, 3/27/51(2)(4) | 450 | 450 | |
Vericrest Opportunity Loan Trust 2020-NPL2, A1A 144A 2.981%, 2/25/50(2)(4) | 262 | 263 | |
Vericrest Opportunity Loan Trust XCII LLC 2021-NPL1, A1 144A 1.893%, 2/27/51(2)(4) | 743 | 743 | |
Verus Securitization Trust | |||
2019-INV1, A1 144A 3.402%, 12/25/59(2)(4) | 200 | 202 | |
2019-INV2, A1 144A 2.913%, 7/25/59(2)(4) | 334 | 341 | |
Visio Trust 2020-1R, A2 144A 1.567%, 11/25/55(2) | 417 | 419 | |
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | 265 | 281 | |
Wells Fargo Mortgage Backed Securities Trust 2020-4, A1 144A 3.000%, 7/25/50(2)(4) | 235 | 240 | |
72,776 | |||
Total Mortgage-Backed Securities (Identified Cost $76,588) | 77,384 | ||
Asset-Backed Securities—3.3% | |||
Automobiles—2.0% | |||
ACC Trust 2019-1, A 144A 3.750%, 5/20/22(2) | 52 | 53 |
Par Value | Value | ||
Automobiles—continued | |||
American Credit Acceptance Receivables Trust | |||
2018-4, C 144A 3.970%, 1/13/25(2) | $ 272 | $ 274 | |
2019-2, C 144A 3.170%, 6/12/25(2) | 565 | 572 | |
AmeriCredit Automobile Receivables Trust 2020-3, C 1.060%, 8/18/26 | 1,245 | 1,248 | |
Avis Budget Rental Car Funding LLC (AESOP) 2016-1A, A 144A 2.990%, 6/20/22(2) | 450 | 452 | |
Capital Auto Receivables Asset Trust | |||
2017-1, C 144A 2.700%, 9/20/22(2) | 430 | 433 | |
2017-1, D 144A 3.150%, 2/20/25(2) | 135 | 136 | |
Carvana Auto Receivables Trust | |||
2019-1A, E 144A 5.640%, 1/15/26(2) | 1,010 | 1,075 | |
2019-3A, D 144A 3.040%, 4/15/25(2) | 575 | 596 | |
2020-P1, B 0.920%, 11/9/26 | 775 | 764 | |
CIG Auto Receivables Trust 2020-1A, E 144A 4.430%, 2/12/27(2) | 545 | 561 | |
CPS Auto Receivables Trust 2020-C, C 144A 1.710%, 8/17/26(2) | 540 | 550 | |
Credit Acceptance Auto Loan Trust 2020-3A, B 144A 1.770%, 12/17/29(2) | 540 | 549 | |
Drive Auto Receivables Trust 2019-4, C 2.510%, 11/17/25 | 580 | 592 |
Par Value | Value | ||
Automobiles—continued | |||
DT Auto Owner Trust 2019-2A, B 144A 2.990%, 4/17/23(2) | $ 391 | $ 393 | |
Exeter Automobile Receivables Trust | |||
2018-4A, D 144A 4.350%, 9/16/24(2) | 160 | 166 | |
2019-1A, D 144A 4.130%, 12/16/24(2) | 155 | 161 | |
2019-2A, C 144A 3.300%, 3/15/24(2) | 570 | 579 | |
2019-4A, C 144A 2.440%, 9/16/24(2) | 690 | 701 | |
Flagship Credit Auto Trust | |||
2020-3, C 144A 1.730%, 9/15/26(2) | 540 | 551 | |
2020-4, C 144A 1.280%, 2/16/27(2) | 965 | 970 | |
Foursight Capital Automobile Receivables Trust 2019-1, E 144A 4.300%, 9/15/25(2) | 745 | 784 | |
GLS Auto Receivables Issuer Trust | |||
2019-4A, C 144A 3.060%, 8/15/25(2) | 745 | 775 | |
2020-4A, C 144A 1.140%, 11/17/25(2) | 930 | 934 | |
GLS Auto Receivables Trust | |||
2017-1A, C 144A 3.500%, 7/15/22(2) | 37 | 37 | |
2018-1A, B 144A 3.520%, 8/15/23(2) | 130 | 132 | |
2018-3A, C 144A 4.180%, 7/15/24(2) | 640 | 663 | |
Hertz Vehicle Financing II LP | |||
2016-4A, A 144A 2.650%, 7/25/22(2) | 93 | 93 |
Par Value | Value | ||
Automobiles—continued | |||
2019-1A, A 144A 3.710%, 3/25/23(2) | $ 89 | $ 89 | |
OneMain Direct Auto Receivables Trust 2018-1A, C 144A 3.850%, 10/14/25(2) | 355 | 361 | |
Oscar US Funding XII LLC 2021-1A, A4 144A 1.000%, 4/10/28(2) | 550 | 547 | |
Santander Drive Auto Receivables Trust 2020-4, C 1.010%, 1/15/26 | 1,390 | 1,395 | |
Skopos Auto Receivables Trust 2019-1A, C 144A 3.630%, 9/16/24(2) | 575 | 590 | |
United Auto Credit Securitization Trust 2019-1, D 144A 3.470%, 8/12/24(2) | 565 | 571 | |
Veros Automobile Receivables Trust 2020-1, B 144A 2.190%, 6/16/25(2) | 585 | 591 | |
18,938 | |||
Credit Card—0.2% | |||
Fair Square Issuance Trust 2020-AA, A 144A 2.900%, 9/20/24(2) | 645 | 652 | |
Genesis Private Label Amortizing Trust 2020-1, B 144A 2.830%, 7/20/30(2) | 625 | 628 |
Par Value | Value | ||
Credit Card—continued | |||
Genesis Sales Finance Master Trust 2020-AA, A 144A 1.650%, 9/22/25(2) | $ 775 | $ 780 | |
2,060 | |||
Other—1.1% | |||
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(2) | 48 | 50 | |
2019-A, C 144A 4.010%, 7/16/40(2) | 720 | 761 | |
2020-AA, B 144A 2.790%, 7/17/46(2) | 755 | 770 | |
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(2) | 537 | 548 | |
Bankers Healthcare Group Securitization Trust 2020-A, A 144A 2.560%, 9/17/31(2) | 407 | 408 | |
Consumer Loan Underlying Bond Credit Trust 2019-P1, B 144A 3.280%, 7/15/26(2) | 695 | 704 | |
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29(2) | 97 | 99 | |
Foundation Finance Trust | |||
2017-1A, A 144A 3.300%, 7/15/33(2) | 689 | 701 | |
2021-1A, A 144A 1.270%, 5/15/41(2) | 750 | 746 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(2) | 570 | 603 | |
Lendmark Funding Trust 2018-2A, A 144A 4.230%, 4/20/27(2) | 160 | 163 |
Par Value | Value | ||
Other—continued | |||
Mariner Finance Issuance Trust 2020-AA, A 144A 2.190%, 8/21/34(2) | $ 555 | $ 563 | |
MVW LLC 2020-1A, A 144A 1.740%, 10/20/37(2) | 361 | 367 | |
MVW Owner Trust 2016-1A, A 144A 2.250%, 12/20/33(2) | 107 | 109 | |
Oasis LLC 2020-1A, A 144A 3.820%, 1/15/32(2) | 244 | 245 | |
Octane Receivables Trust | |||
2019-1A, A 144A 3.160%, 9/20/23(2) | 210 | 212 | |
2020-1A, A 144A 1.710%, 2/20/25(2) | 512 | 516 | |
OneMain Financial Issuance Trust 2018-1A, A 144A 3.300%, 3/14/29(2) | 454 | 455 | |
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(2) | 383 | 397 | |
Small Business Lending Trust 2019-A, A 144A 2.850%, 7/15/26(2) | 101 | 101 | |
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(2) | 359 | 367 | |
Westgate Resorts LLC 2020-1A, A 144A 2.713%, 3/20/34(2) | 678 | 692 | |
9,577 | |||
Total Asset-Backed Securities (Identified Cost $30,218) | 30,575 | ||
Par Value | Value | ||
Corporate Bonds and Notes—11.5% | |||
Communication Services—0.7% | |||
Cable Onda S.A. 144A 4.500%, 1/30/30(2) | $ 460 | $ 488 | |
CCO Holdings LLC 144A 4.750%, 3/1/30(2) | 290 | 300 | |
Consolidated Communications, Inc. 144A 6.500%, 10/1/28(2) | 470 | 508 | |
Diamond Sports Group LLC | |||
144A 5.375%, 8/15/26(2) | 255 | 184 | |
144A 6.625%, 8/15/27(2) | 140 | 73 | |
DISH DBS Corp. | |||
5.000%, 3/15/23 | 300 | 313 | |
7.750%, 7/1/26 | 60 | 66 | |
Level 3 Financing, Inc. 144A 4.250%, 7/1/28(2) | 650 | 657 | |
Live Nation Entertainment, Inc. 144A 4.750%, 10/15/27(2) | 80 | 81 | |
Meredith Corp. 6.875%, 2/1/26 | 266 | 274 | |
Radiate Holdco LLC 144A 4.500%, 9/15/26(2) | 150 | 152 | |
Sprint Spectrum Co. LLC 144A 4.738%, 3/20/25(2) | 600 | 642 | |
Telesat Canada 144A 6.500%, 10/15/27(2) | 305 | 306 | |
T-Mobile USA, Inc. 144A 3.875%, 4/15/30(2) | 865 | 939 | |
TripAdvisor, Inc. 144A 7.000%, 7/15/25(2) | 445 | 481 | |
Univision Communications, Inc. 144A 6.625%, 6/1/27(2) | 430 | 459 | |
Verizon Communications, Inc. 2.550%, 3/21/31 | 419 | 419 |
Par Value | Value | ||
Communication Services—continued | |||
Virgin Media Finance plc 144A 5.000%, 7/15/30(2) | $ 620 | $ 619 | |
6,961 | |||
Consumer Discretionary—0.9% | |||
American Axle & Manufacturing, Inc. 6.500%, 4/1/27(7) | 445 | 462 | |
American Builders & Contractors Supply Co., Inc. 144A 4.000%, 1/15/28(2) | 590 | 590 | |
Aramark Services, Inc. 144A 6.375%, 5/1/25(2) | 290 | 307 | |
Block Financial LLC 3.875%, 8/15/30 | 735 | 758 | |
Caesars Entertainment, Inc. 144A 6.250%, 7/1/25(2) | 145 | 155 | |
Crocs, Inc. 144A 4.250%, 3/15/29(2) | 485 | 473 | |
FirstCash, Inc. 144A 4.625%, 9/1/28(2) | 180 | 184 | |
Ford Motor Co. 9.000%, 4/22/25 | 652 | 790 | |
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(2) | 385 | 367 | |
Hanesbrands, Inc. 144A 5.375%, 5/15/25(2) | 560 | 593 | |
M/I Homes, Inc. 4.950%, 2/1/28 | 435 | 450 | |
Marriott International, Inc. 2.850%, 4/15/31 | 82 | 80 | |
Marriott Ownership Resorts, Inc. 4.750%, 1/15/28 | 335 | 338 | |
Nissan Motor Co. Ltd. 144A 4.810%, 9/17/30(2) | 605 | 664 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
PulteGroup, Inc. 6.375%, 5/15/33 | $ 280 | $ 356 | |
QVC, Inc. 4.375%, 3/15/23 | 440 | 461 | |
Scientific Games International, Inc. | |||
144A 5.000%, 10/15/25(2) | 370 | 383 | |
144A 8.250%, 3/15/26(2) | 210 | 225 | |
144A 7.000%, 5/15/28(2) | 80 | 85 | |
Tenneco, Inc. 144A 5.125%, 4/15/29(2) | 540 | 533 | |
Under Armour, Inc. 3.250%, 6/15/26 | 340 | 340 | |
8,594 | |||
Consumer Staples—0.4% | |||
Albertsons Cos., Inc. | |||
144A 3.250%, 3/15/26(2) | 310 | 309 | |
144A 4.625%, 1/15/27(2) | 455 | 472 | |
144A 3.500%, 3/15/29(2) | 60 | 57 | |
Anheuser-Busch InBev Worldwide, Inc. | |||
4.000%, 4/13/28 | 520 | 579 | |
4.750%, 1/23/29 | 130 | 152 | |
Bacardi Ltd. 144A 4.700%, 5/15/28(2) | 520 | 595 | |
BAT Capital Corp. 4.906%, 4/2/30 | 705 | 805 | |
Post Holdings, Inc. 144A 4.500%, 9/15/31(2) | 370 | 366 | |
Vector Group Ltd. 144A 5.750%, 2/1/29(2) | 145 | 149 | |
3,484 | |||
Energy—1.1% | |||
Aker BP ASA 144A 2.875%, 1/15/26(2) | 770 | 795 |
Par Value | Value | ||
Energy—continued | |||
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(2) | $ 460 | $ 428 | |
Boardwalk Pipelines LP 4.950%, 12/15/24 | 550 | 616 | |
Cheniere Energy, Inc. 144A 4.625%, 10/15/28(2) | 235 | 244 | |
Chesapeake Energy Corp. 144A 5.500%, 2/1/26(2) | 460 | 479 | |
CrownRock LP 144A 5.625%, 10/15/25(2) | 345 | 352 | |
EQM Midstream Partners LP | |||
144A 6.000%, 7/1/25(2) | 55 | 59 | |
144A 6.500%, 7/1/27(2) | 65 | 71 | |
144A 4.500%, 1/15/29(2) | 155 | 151 | |
144A 4.750%, 1/15/31(2) | 140 | 136 | |
HollyFrontier Corp. 5.875%, 4/1/26 | 630 | 714 | |
Indigo Natural Resources LLC 144A 5.375%, 2/1/29(2) | 230 | 227 | |
Kinder Morgan Energy Partners LP 7.500%, 11/15/40 | 885 | 1,212 | |
Occidental Petroleum Corp. 5.500%, 12/1/25 | 15 | 16 | |
Odebrecht Oil & Gas Finance Ltd. 144A 0.000% (2)(5)(6) | 25 | — (8) | |
Parsley Energy LLC 144A 4.125%, 2/15/28(2) | 330 | 349 | |
Patterson-UTI Energy, Inc. 5.150%, 11/15/29 | 350 | 348 |
Par Value | Value | ||
Energy—continued | |||
Pertamina Persero PT 144A 6.450%, 5/30/44(2) | $ 980 | $ 1,212 | |
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(2)(3) | 255 | 11 | |
Petroleos Mexicanos | |||
6.500%, 3/13/27 | 350 | 366 | |
7.690%, 1/23/50 | 560 | 518 | |
Petronas Capital Ltd. 144A 3.500%, 4/21/30(2) | 530 | 567 | |
Sabine Pass Liquefaction LLC | |||
6.250%, 3/15/22 | 425 | 441 | |
4.200%, 3/15/28 | 210 | 230 | |
Targa Resources Partners LP 5.875%, 4/15/26 | 430 | 450 | |
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(2) | 98 | 86 | |
10,078 | |||
Financials—3.7% | |||
AerCap Ireland Capital DAC 3.650%, 7/21/27 | 390 | 409 | |
Allstate Corp. (The) Series B 5.750%, 8/15/53 | 565 | 597 | |
Ares Finance Co. LLC 144A 4.000%, 10/8/24(2) | 705 | 751 | |
Ascot Group Ltd. 144A 4.250%, 12/15/30(2) | 745 | 771 | |
Athene Global Funding 144A 2.450%, 8/20/27(2) | 775 | 784 | |
Bank of America Corp. | |||
3.004%, 12/20/23 | 275 | 286 | |
4.200%, 8/26/24 | 1,187 | 1,309 | |
(3 month LIBOR + 0.770%) 0.965%, 2/5/26(4) | 640 | 643 |
Par Value | Value | ||
Financials—continued | |||
Bank of New York Mellon Corp. (The) Series G 4.700% (5) | $ 710 | $ 769 | |
BBVA Bancomer S.A. 144A 5.125%, 1/18/33(2) | 540 | 556 | |
Brighthouse Financial, Inc. | |||
3.700%, 6/22/27 | 111 | 117 | |
5.625%, 5/15/30 | 503 | 589 | |
Brightsphere Investment Group, Inc. 4.800%, 7/27/26(7) | 570 | 617 | |
Brookfield Finance, Inc. 4.250%, 6/2/26 | 1,045 | 1,177 | |
Burford Capital Global Finance LLC 144A 6.250%, 4/15/28(2) | 200 | 205 | |
Capital One Financial Corp. | |||
4.200%, 10/29/25 | 300 | 332 | |
3.750%, 7/28/26 | 585 | 636 | |
Charles Schwab Corp. (The) Series H 4.000% (5) | 775 | 762 | |
Citadel LP 144A 4.875%, 1/15/27(2) | 565 | 599 | |
Citigroup, Inc. | |||
3.200%, 10/21/26 | 525 | 564 | |
(3 month LIBOR + 1.250%) 1.452%, 7/1/26(4) | 1,200 | 1,229 | |
Corporate Office Properties LP 2.750%, 4/15/31 | 680 | 658 | |
Discover Bank 4.682%, 8/9/28 | 1,435 | 1,531 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(2) | 770 | 790 | |
Fairfax Financial Holdings Ltd. 4.850%, 4/17/28 | 585 | 650 |
Par Value | Value | ||
Financials—continued | |||
Goldman Sachs Group, Inc. (The) (3 month LIBOR + 1.170%) 1.364%, 5/15/26(4) | $ 685 | $ 694 | |
ICAHN Enterprises LP 6.250%, 5/15/26 | 710 | 744 | |
Jefferies Group LLC 4.850%, 1/15/27 | 340 | 391 | |
JPMorgan Chase & Co. 2.956%, 5/13/31 | 1,410 | 1,436 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(2) | 500 | 493 | |
Liberty Mutual Group, Inc. 144A 4.569%, 2/1/29(2) | 627 | 727 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 2.264%, 4/20/67(4) | 615 | 507 | |
MetLife, Inc. Series G 3.850% (5) | 695 | 718 | |
Morgan Stanley | |||
3.125%, 7/27/26 | 1,080 | 1,162 | |
6.375%, 7/24/42 | 580 | 846 | |
OneMain Finance Corp. | |||
6.875%, 3/15/25 | 330 | 375 | |
7.125%, 3/15/26 | 135 | 156 | |
Prudential Financial, Inc. | |||
5.875%, 9/15/42 | 285 | 301 | |
5.625%, 6/15/43 | 720 | 772 | |
Santander Holdings USA, Inc. | |||
3.700%, 3/28/22 | 359 | 369 | |
4.400%, 7/13/27 | 190 | 211 | |
Societe Generale S.A. 144A 4.750%, 11/24/25(2) | 535 | 594 | |
SVB Financial Group 4.100% (5) | 815 | 817 | |
Synovus Financial Corp. 5.900%, 2/7/29 | 300 | 324 | |
Toronto-Dominion Bank (The) 3.625%, 9/15/31 | 725 | 795 |
Par Value | Value | ||
Financials—continued | |||
UBS AG 7.625%, 8/17/22 | $ 1,430 | $ 1,559 | |
Voya Financial, Inc. 5.650%, 5/15/53 | 575 | 615 | |
Wells Fargo & Co. | |||
3.900% (5) | 1,155 | 1,166 | |
2.393%, 6/2/28 | 1,310 | 1,343 | |
Zions Bancorp NA 3.250%, 10/29/29 | 405 | 410 | |
34,856 | |||
Health Care—0.7% | |||
Advanz Pharma Corp., Ltd. 8.000%, 9/6/24 | 22 | 23 | |
Anthem, Inc. 2.875%, 9/15/29 | 565 | 587 | |
Bausch Health Cos., Inc. 144A 5.750%, 8/15/27(2) | 200 | 215 | |
Centene Corp. | |||
4.625%, 12/15/29 | 220 | 238 | |
2.500%, 3/1/31 | 555 | 530 | |
DaVita, Inc. 144A 4.625%, 6/1/30(2) | 565 | 576 | |
HCA, Inc. 5.250%, 6/15/49 | 415 | 508 | |
Illumina, Inc. 2.550%, 3/23/31 | 370 | 367 | |
Jaguar Holding Co. II 144A 5.000%, 6/15/28(2) | 285 | 297 | |
Legacy LifePoint Health LLC 144A 4.375%, 2/15/27(2) | 305 | 299 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(2) | 215 | 228 | |
Surgery Center Holdings, Inc. 144A 6.750%, 7/1/25(2) | 15 | 15 | |
Tenet Healthcare Corp. | |||
144A 5.125%, 11/1/27(2) | 352 | 368 |
Par Value | Value | ||
Health Care—continued | |||
144A 7.500%, 4/1/25(2) | $ 50 | $ 54 | |
Teva Pharmaceutical Finance Netherlands III B.V. 3.150%, 10/1/26 | 515 | 492 | |
Universal Health Services, Inc. 144A 2.650%, 10/15/30(2) | 790 | 763 | |
Utah Acquisition Sub, Inc. 3.950%, 6/15/26 | 670 | 738 | |
6,298 | |||
Industrials—0.7% | |||
American Airlines, Inc. 144A 5.750%, 4/20/29(2) | 45 | 48 | |
Ashtead Capital, Inc. 144A 4.375%, 8/15/27(2) | 905 | 943 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(2) | 560 | 576 | |
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(2) | 565 | 591 | |
Boeing Co. (The) 5.150%, 5/1/30 | 415 | 478 | |
BWX Technologies, Inc. 144A 4.125%, 4/15/29(2) | 210 | 213 | |
Dycom Industries, Inc. 144A 4.500%, 4/15/29(2) | 230 | 231 | |
Fortress Transportation & Infrastructure Investors LLC 144A 6.500%, 10/1/25(2) | 35 | 37 | |
GFL Environmental, Inc. 144A 3.750%, 8/1/25(2) | 460 | 467 | |
Howmet Aerospace, Inc. 6.875%, 5/1/25 | 600 | 695 |
Par Value | Value | ||
Industrials—continued | |||
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42(2) | $ 440 | $ 586 | |
Spirit AeroSystems, Inc. 144A 5.500%, 1/15/25(2) | 595 | 629 | |
Stanley Black & Decker, Inc. 4.000%, 3/15/60 | 580 | 613 | |
TransDigm, Inc. 5.500%, 11/15/27 | 450 | 466 | |
6,573 | |||
Information Technology—1.1% | |||
Banff Merger Sub, Inc. 144A 9.750%, 9/1/26(2) | 15 | 16 | |
Broadcom, Inc. | |||
4.150%, 11/15/30 | 750 | 809 | |
144A 2.450%, 2/15/31(2) | 388 | 366 | |
Citrix Systems, Inc. 3.300%, 3/1/30 | 975 | 1,003 | |
Dell International LLC 144A 8.100%, 7/15/36(2) | 210 | 308 | |
Flex Ltd. 3.750%, 2/1/26 | 555 | 595 | |
Hewlett Packard Enterprise Co. 4.900%, 10/15/25 | 675 | 770 | |
HP, Inc. 3.400%, 6/17/30 | 835 | 872 | |
Leidos, Inc. 144A 2.300%, 2/15/31(2) | 800 | 755 | |
Microchip Technology, Inc. 144A 4.250%, 9/1/25(2) | 580 | 606 | |
Motorola Solutions, Inc. | |||
4.600%, 2/23/28 | 517 | 588 | |
4.600%, 5/23/29 | 265 | 301 | |
NCR Corp. 144A 5.125%, 4/15/29(2) | 350 | 353 |
Par Value | Value | ||
Information Technology—continued | |||
Oracle Corp. 2.875%, 3/25/31 | $ 715 | $ 728 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(2) | 580 | 600 | |
Seagate HDD Cayman 144A 3.375%, 7/15/31(2) | 315 | 303 | |
SK Hynix, Inc. 144A 1.500%, 1/19/26(2) | 465 | 458 | |
Vontier Corp. 144A 2.950%, 4/1/31(2) | 643 | 627 | |
Xerox Holdings Corp. 144A 5.500%, 8/15/28(2) | 455 | 471 | |
10,529 | |||
Materials—0.9% | |||
Ardagh Metal Packaging Finance USA LLC 144A 4.000%, 9/1/29(2) | 200 | 200 | |
Ardagh Packaging Finance plc 144A 4.125%, 8/15/26(2) | 610 | 625 | |
Avient Corp. 144A 5.750%, 5/15/25(2) | 565 | 600 | |
Chemours Co. (The) 144A 5.750%, 11/15/28(2) | 430 | 453 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(2) | 570 | 620 | |
Commercial Metals Co. 3.875%, 2/15/31 | 300 | 294 | |
Freeport-McMoRan, Inc. 5.450%, 3/15/43 | 475 | 571 | |
Glencore Funding LLC 144A 1.625%, 9/1/25(2) | 765 | 765 |
Par Value | Value | ||
Materials—continued | |||
Inversiones CMPC S.A. 144A 3.850%, 1/13/30(2) | $ 870 | $ 927 | |
Louisiana-Pacific Corp. 144A 3.625%, 3/15/29(2) | 490 | 477 | |
Nutrition & Biosciences, Inc. 144A 2.300%, 11/1/30(2) | 635 | 616 | |
Olin Corp. 5.625%, 8/1/29 | 630 | 679 | |
Resolute Forest Products, Inc. 144A 4.875%, 3/1/26(2) | 485 | 486 | |
Syngenta Finance N.V. 144A 4.441%, 4/24/23(2) | 200 | 210 | |
Teck Resources Ltd. 6.125%, 10/1/35 | 540 | 662 | |
8,185 | |||
Real Estate—0.8% | |||
American Assets Trust LP 3.375%, 2/1/31 | 910 | 894 | |
EPR Properties 4.750%, 12/15/26 | 865 | 909 | |
ESH Hospitality, Inc. 144A 4.625%, 10/1/27(2) | 460 | 487 | |
GLP Capital LP 5.750%, 6/1/28 | 655 | 756 | |
Iron Mountain, Inc. 144A 4.875%, 9/15/29(2) | 595 | 602 | |
iStar, Inc. 4.250%, 8/1/25 | 445 | 448 | |
MPT Operating Partnership LP | |||
5.000%, 10/15/27 | 240 | 252 | |
4.625%, 8/1/29 | 140 | 147 | |
3.500%, 3/15/31 | 525 | 515 |
Par Value | Value | ||
Real Estate—continued | |||
Office Properties Income Trust 4.500%, 2/1/25 | $ 555 | $ 584 | |
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24 | 485 | 512 | |
Retail Properties of America, Inc. 4.750%, 9/15/30 | 780 | 826 | |
Service Properties Trust 4.950%, 2/15/27 | 640 | 633 | |
7,565 | |||
Utilities—0.5% | |||
American Electric Power Co., Inc. 2.300%, 3/1/30 | 830 | 810 | |
DPL, Inc. 4.350%, 4/15/29 | 402 | 432 | |
Edison International 4.125%, 3/15/28 | 725 | 778 | |
Exelon Corp. 3.497%, 6/1/22 | 435 | 449 | |
FirstEnergy Transmission LLC 144A 2.866%, 9/15/28(2) | 392 | 395 | |
National Fuel Gas Co. 2.950%, 3/1/31 | 245 | 236 | |
Perusahaan Listrik Negara PT 144A 4.125%, 5/15/27(2) | 210 | 225 | |
Southern Power Co. 4.150%, 12/1/25 | 585 | 651 | |
Talen Energy Supply LLC 144A 6.625%, 1/15/28(2) | 310 | 310 | |
TerraForm Power Operating LLC 144A 5.000%, 1/31/28(2) | 330 | 356 | |
4,642 | |||
Total Corporate Bonds and Notes (Identified Cost $104,464) | 107,765 |
Par Value | Value | ||
Leveraged Loans(4)—3.1% | |||
Aerospace—0.2% | |||
AI Convoy (Luxembourg) S.a.r.l. Tranche B (6 month LIBOR + 3.500%) 4.500%, 1/18/27 | $ 347 | $ 346 | |
American Airlines, Inc. (3 month LIBOR + 4.750%) 0.000%, 4/20/28(9) | 455 | 465 | |
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%) 6.250%, 6/21/27 | 600 | 637 | |
TransDigm, Inc. Tranche E (1 month LIBOR + 2.250%) 2.359%, 5/30/25 | 676 | 662 | |
2,110 | |||
Chemicals—0.2% | |||
Gemini HDPE LLC 2027 (3 month LIBOR + 3.000%) 3.500%, 12/31/27 | 180 | 179 | |
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%) 2.109%, 4/1/24 | 257 | 254 | |
Ineos U.S. Petrochem LLC 2026, Tranche B (3 month LIBOR + 2.750%) 3.250%, 1/29/26 | 460 | 458 | |
Starfruit Finco B.V. (1 month LIBOR + 2.750%) 2.860%, 10/1/25 | 632 | 622 |
Par Value | Value | ||
Chemicals—continued | |||
Trinseo Materials Operating SCA Tranche B-2, First Lien (3 month LIBOR + 2.500%) 0.000%, 3/17/28(9) | $ 265 | $ 262 | |
1,775 | |||
Consumer Durables—0.1% | |||
CP Atlas Buyer, Inc. Tranche B (3 month LIBOR + 3.750%) 4.250%, 11/23/27 | 155 | 154 | |
Resideo Funding, Inc. Tranche B (3 month LIBOR + 2.250%) 2.750%, 2/11/28 | 300 | 299 | |
Weber-Stephen Products LLC Tranche B (3 month LIBOR + 3.250%) 4.000%, 10/30/27 | 309 | 308 | |
761 | |||
Energy—0.0% | |||
Buckeye Partners LP Tranche B, First Lien (3 month LIBOR + 2.250%) 2.359%, 11/1/26 | 104 | 104 | |
CITGO Petroleum Corp. 2019, Tranche B (3 month LIBOR + 6.250%) 7.250%, 3/28/24 | 259 | 259 | |
363 | |||
Financial—0.1% | |||
Avolon TLB Borrower 1 US LLC Tranche B-5 (1 month LIBOR + 2.500%) 3.250%, 12/1/27 | 309 | 309 |
Par Value | Value | ||
Financial—continued | |||
Citadel Securities LP 2021 (3 month LIBOR + 2.500%) 2.615%, 2/2/28 | $ 355 | $ 351 | |
660 | |||
Food / Tobacco—0.2% | |||
Aramark Services, Inc. Tranche B-4 (1 month LIBOR + 1.750%) 1.859%, 1/15/27 | 99 | 98 | |
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%) 2.859%, 3/31/25 | 180 | 177 | |
City Brewing Co. LLC First Lien (3 month LIBOR + 3.500%) 0.000%, 10/1/26(9) | 110 | 110 | |
Hostess Brands LLC 2019, Tranche B (3 month LIBOR + 3.000%) 0.000%, 8/3/25(9) | 597 | 593 | |
JBS USA Lux S.A. (3 month LIBOR + 2.000%) 0.000%, 5/1/26(9) | 603 | 599 | |
1,577 | |||
Forest Prod / Containers—0.2% | |||
Berry Global, Inc. Tranche Z (3 month LIBOR + 1.750%) 1.898%, 7/1/26 | 623 | 618 | |
Reynolds Group Holdings, Inc. (3 month LIBOR + 2.750%) 0.000%, 2/6/23(9) | 600 | 597 |
Par Value | Value | ||
Forest Prod / Containers—continued | |||
Schweitzer-Mauduit International, Inc. Tranche B (3 month LIBOR + 4.000%) 0.000%, 1/27/28(9) | $ 380 | $ 378 | |
Spectrum Holdings III Corp. First Lien (3 month LIBOR + 3.250%) 4.250%, 1/31/25 | 40 | 38 | |
1,631 | |||
Gaming / Leisure—0.3% | |||
Aristocrat Technologies, Inc. (3 month LIBOR + 3.750%) 4.750%, 10/19/24 | 289 | 289 | |
Boyd Gaming Corp. Tranche B (weekly LIBOR + 2.250%) 2.331%, 9/15/23 | 632 | 630 | |
CityCenter Holdings LLC (3 month LIBOR + 2.250%) 0.000%, 4/18/24(9) | 605 | 597 | |
Hilton Worldwide Finance LLC Tranche B-2 (3 month LIBOR + 1.750%) 0.000%, 6/22/26(9) | 605 | 599 | |
Playtika Holding Corp. Tranche B-1 (3 month LIBOR + 2.750%) 0.000%, 3/5/28(9) | 450 | 447 | |
Pug LLC Tranche B (1 month LIBOR + 3.500%) 3.609%, 2/12/27 | 277 | 266 | |
Seminole Tribe of Florida (1 month LIBOR + 1.750%) 1.859%, 7/8/24 | 282 | 282 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 2.500%, 2/8/27 | $ 163 | $ 161 | |
3,271 | |||
Healthcare—0.3% | |||
AHP Health Partners, Inc. Tranche B-1 (1 month LIBOR + 3.750%) 4.750%, 6/30/25 | 82 | 82 | |
Bausch Health Cos., Inc. | |||
(1 month LIBOR + 2.750%) 2.859%, 11/27/25 | 105 | 104 | |
(1 month LIBOR + 3.000%) 3.109%, 6/2/25 | 54 | 54 | |
Catalent Pharma Solutions, Inc. Tranche B-3 (1 month LIBOR + 2.000%) 2.500%, 2/22/28 | 296 | 296 | |
CHG Healthcare Services, Inc. (3 month LIBOR + 3.000%) 4.000%, 6/7/23 | 312 | 310 | |
Greatbatch Ltd. Tranche B (1 month LIBOR + 2.500%) 3.500%, 10/27/22 | 560 | 560 | |
IQVIA, Inc. Tranche B-3 (3 month LIBOR + 1.750%) 1.953%, 6/11/25 | 373 | 371 | |
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 3.865%, 11/17/25 | 435 | 434 |
Par Value | Value | ||
Healthcare—continued | |||
PPD, Inc. (1 month LIBOR + 2.250%) 2.750%, 1/13/28 | $ 420 | $ 418 | |
2,629 | |||
Housing—0.1% | |||
CPG International LLC (3 month LIBOR + 2.500%) 3.250%, 5/6/24(6) | 51 | 51 | |
Summit Materials LLC Tranche B (1 month LIBOR + 2.000%) 2.109%, 11/21/24 | 601 | 599 | |
650 | |||
Information Technology—0.2% | |||
Applied Systems, Inc. | |||
First Lien (3 month LIBOR + 3.000%) 3.524%, 9/19/24 | 399 | 397 | |
Second Lien (3 month LIBOR + 5.500%) 6.250%, 9/19/25 | 55 | 56 | |
Boxer Parent Co., Inc. 2021 (1 month LIBOR + 3.750%) 3.859%, 10/2/25 | 553 | 550 | |
Sophia LP (3 month LIBOR + 3.750%) 3.953%, 10/7/27 | 543 | 543 | |
UKG, Inc. 2021 (3 month LIBOR + 3.250%) 4.000%, 5/4/26 | 269 | 269 | |
Ultra Clean Holdings, Inc. (3 month LIBOR + 3.750%) 0.000%, 2/24/28(9) | 185 | 185 | |
2,000 | |||
Manufacturing—0.1% | |||
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%) 4.250%, 10/8/27 | 219 | 219 |
Par Value | Value | ||
Manufacturing—continued | |||
Gardner Denver, Inc. Tranche A (1 month LIBOR + 2.750%) 2.859%, 3/1/27 | $ 40 | $ 39 | |
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.750%) 3.500%, 3/31/27 | 598 | 596 | |
Ingersoll-Rand Services Co. 2020, Tranche B-1 (1 month LIBOR + 1.750%) 1.859%, 3/1/27 | 45 | 44 | |
Star US Bidco LLC (1 month LIBOR + 4.250%) 5.250%, 3/17/27 | 463 | 458 | |
1,356 | |||
Media / Telecom - Broadcasting—0.0% | |||
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%) 2.615%, 9/18/26 | 451 | 447 | |
Media / Telecom - Cable/Wireless Video—0.1% | |||
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%) 2.356%, 1/15/26 | 419 | 413 | |
Radiate Holdco LLC Tranche B (1 month LIBOR + 3.500%) 4.250%, 9/25/26 | 61 | 61 | |
Virgin Media Bristol LLC Tranche B (3 month LIBOR + 3.250%) 0.000%, 1/31/29(9) | 70 | 69 | |
543 | |||
Par Value | Value | ||
Media / Telecom - Diversified Media—0.0% | |||
Newco Financing Partnership Tranche AV1 (1 month LIBOR + 3.500%) 3.606%, 1/31/29 | $ 170 | $ 170 | |
UPC Financing Partnership Tranche AV (1 month LIBOR + 3.500%) 3.606%, 1/31/29 | 170 | 169 | |
339 | |||
Media / Telecom - Telecommunications—0.1% | |||
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%) 2.359%, 3/15/27 | 153 | 151 | |
Consolidated Communications, Inc. (1 month LIBOR + 4.750%) 5.750%, 10/2/27 | 103 | 104 | |
Zayo Group Holdings, Inc. (1 month LIBOR + 3.000%) 3.109%, 3/9/27 | 377 | 373 | |
628 | |||
Media / Telecom - Wireless Communications—0.1% | |||
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%) 1.860%, 4/11/25 | 622 | 614 | |
Retail—0.1% | |||
Harbor Freight Tools USA, Inc. 2020 (1 month LIBOR + 3.000%) 3.750%, 10/19/27 | 613 | 613 |
Par Value | Value | ||
Retail—continued | |||
PetsMart LLC (3 month LIBOR + 3.750%) 4.500%, 2/12/28 | $ 300 | $ 299 | |
912 | |||
Service—0.4% | |||
AlixPartners LLP (1 month LIBOR + 2.750%) 3.250%, 2/4/28 | 690 | 687 | |
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%) 3.359%, 2/6/26 | 740 | 735 | |
Peraton Corp. | |||
(3 month LIBOR + 3.750%) 0.000%, 2/1/28(9) | 210 | 210 | |
Tranche B, First Lien (3 month LIBOR + 3.750%) 4.500%, 2/1/28 | 119 | 119 | |
PODS LLC (3 month LIBOR + 3.000%) 0.000%, 3/31/28(9) | 330 | 328 | |
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%) 3.359%, 12/31/25 | 630 | 621 | |
TKC Holdings, Inc. First Lien (6 month LIBOR + 3.750%) 4.750%, 2/1/23 | 286 | 279 | |
WEX, Inc. | |||
Tranche B, First Lien (3 month LIBOR + 2.250%) 0.000%, 3/20/28(9) | 225 | 224 |
Par Value | Value | ||
Service—continued | |||
Tranche B-3 (3 month LIBOR + 2.250%) 0.000%, 5/15/26(9) | $ 454 | $ 452 | |
3,655 | |||
Transportation - Automotive—0.0% | |||
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%) 2.750%, 11/2/23 | 299 | 288 | |
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%) 3.620%, 11/6/24 | 226 | 226 | |
514 | |||
Transportation - Land Transportation—0.1% | |||
Genesee & Wyoming, Inc. (3 month LIBOR + 2.000%) 0.000%, 12/30/26(9) | 599 | 596 | |
Utility—0.2% | |||
APLP Holdings LP 2020, Tranche B (3 month LIBOR + 2.500%) 3.500%, 4/14/25 | 195 | 194 | |
Astoria Energy LLC Tranche B (3 month LIBOR + 3.500%) 4.500%, 12/10/27 | 428 | 427 | |
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 3.250%, 8/1/25 | 623 | 618 | |
Calpine Corp. 2019 (1 month LIBOR + 2.000%) 2.110%, 4/5/26 | 447 | 442 | |
1,681 | |||
Total Leveraged Loans (Identified Cost $28,704) | 28,712 |
Shares | Value | ||
Preferred Stocks—0.4% | |||
Financials—0.3% | |||
Discover Financial Services Series D, 6.125% | 175 (10) | $ 194 | |
Fifth Third Bancorp Series L, 4.500% | 602 (10) | 639 | |
JPMorgan Chase & Co. Series HH, 4.600% | 304 (10) | 308 | |
KeyCorp Series D, 5.000% | 440 (10) | 482 | |
MetLife, Inc. Series D, 5.875% | 277 (10) | 307 | |
Truist Financial Corp. Series Q, 5.100% | 680 (10) | 741 | |
Zions Bancorp NA, 6.950% | 6,400 | 179 | |
2,850 | |||
Industrials—0.1% | |||
General Electric Co. Series D, 3.514%(4) | 725 (10) | 685 | |
Total Preferred Stocks (Identified Cost $3,301) | 3,535 | ||
Common Stocks—67.1% | |||
Communication Services—10.8% | |||
Activision Blizzard, Inc. | 68,550 | 6,375 | |
Adevinta ASA(11) | 342,132 | 5,036 | |
Ascential plc(11) | 740,523 | 3,430 | |
Auto Trader Group plc(11) | 732,468 | 5,598 | |
Clear Channel Outdoor Holdings, Inc. Class A(11) | 1,381 | 2 | |
CTS Eventim AG & Co. KGaA(11) | 47,640 | 2,762 | |
Facebook, Inc. Class A(11) | 90,655 | 26,701 | |
Infrastrutture Wireless Italiane SpA | 228,950 | 2,551 | |
Karnov Group AB | 576,285 | 3,444 | |
MarkLines Co., Ltd. | 65,400 | 1,477 | |
Netflix, Inc.(11) | 30,700 | 16,015 | |
New Work SE | 14,780 | 3,839 |
Shares | Value | ||
Communication Services—continued | |||
Rightmove plc(11) | 736,918 | $ 5,915 | |
Tencent Holdings Ltd. ADR(7) | 194,530 | 15,524 | |
Yandex N.V. Class A(11) | 40,355 | 2,585 | |
101,254 | |||
Consumer Discretionary—14.2% | |||
Airbnb, Inc. Class A(11) | 24,244 | 4,556 | |
Alibaba Group Holding Ltd. Sponsored ADR(11) | 87,863 | 19,921 | |
Allegro.eu SA(11) | 75,119 | 1,056 | |
Amazon.com, Inc.(11) | 12,533 | 38,778 | |
Home Depot, Inc. (The) | 21,590 | 6,590 | |
Las Vegas Sands Corp.(11) | 110,120 | 6,691 | |
Marriott International, Inc. Class A(11) | 38,080 | 5,640 | |
Max Stock Ltd.(11) | 572,792 | 2,305 | |
MercadoLibre, Inc.(11) | 8,240 | 12,130 | |
Mercari, Inc.(11) | 71,500 | 3,242 | |
NIKE, Inc. Class B | 93,310 | 12,400 | |
Ross Stores, Inc. | 60,400 | 7,243 | |
Sonans Holding AS(11) | 871,719 | 5,665 | |
Trip.com Group Ltd. ADR(11) | 88,390 | 3,503 | |
Union Auction PCL | 4,249,700 | 1,496 | |
Vasta Platform Ltd.(11) | 215,022 | 2,118 | |
133,334 | |||
Consumer Staples—2.7% | |||
Estee Lauder Cos., Inc. (The) Class A | 18,627 | 5,417 | |
Heineken Malaysia Bhd | 237,500 | 1,478 | |
McCormick & Co., Inc. | 47,980 | 4,278 | |
Monster Beverage Corp.(11) | 75,070 | 6,838 | |
Procter & Gamble Co. (The) | 50,070 | 6,781 | |
24,792 | |||
Energy—0.4% | |||
Frontera Energy Corp. | 1,798 | 9 |
Shares | Value | ||
Energy—continued | |||
Pason Systems, Inc. | 536,794 | $ 3,793 | |
3,802 | |||
Financials—4.9% | |||
Bank of America Corp. | 246,535 | 9,538 | |
Cerved Group SpA(11) | 142,032 | 1,571 | |
CME Group, Inc. Class A | 21,480 | 4,387 | |
Gruppo Mutuionline SpA | 84,174 | 4,437 | |
Kaspi.KZ JSC GDR | 45,481 | 3,229 | |
MarketAxess Holdings, Inc. | 16,760 | 8,345 | |
Mortgage Advice Bureau Holdings Ltd. | 196,822 | 3,053 | |
Nordnet AB publ(11) | 131,986 | 2,131 | |
Progressive Corp. (The) | 31,290 | 2,992 | |
Sabre Insurance Group plc | 624,849 | 2,179 | |
VNV Global AB(11) | 313,461 | 3,919 | |
45,781 | |||
Health Care—3.2% | |||
Danaher Corp. | 41,070 | 9,244 | |
Haw Par Corp., Ltd. | 404,700 | 3,956 | |
HealthEquity, Inc.(11) | 46,330 | 3,151 | |
Nakanishi, Inc. | 80,900 | 1,684 | |
Zoetis, Inc. Class A | 73,900 | 11,638 | |
29,673 | |||
Industrials—10.4% | |||
Boa Vista Servicos SA | 684,250 | 1,414 | |
BTS Group AB Class B | 118,015 | 3,513 | |
CAE, Inc.(11) | 164,617 | 4,691 | |
CoStar Group, Inc.(11) | 11,690 | 9,608 | |
CTT Systems AB | 101,947 | 1,793 | |
Enento Group Oyj(11) | 97,723 | 4,022 | |
Equifax, Inc. | 21,640 | 3,920 | |
Fair Isaac Corp.(11) | 12,360 | 6,008 | |
Fintel plc | 1,547,167 | 4,671 | |
Haitian International Holdings Ltd. | 569,000 | 2,269 | |
HeadHunter Group plc ADR | 227,268 | 7,709 | |
Kansas City Southern | 35,240 | 9,300 | |
Knorr-Bremse AG | 11,004 | 1,373 |
Shares | Value | ||
Industrials—continued | |||
Marel HF | 546,246 | $ 3,741 | |
Meitec Corp. | 12,290 | 678 | |
MTU Aero Engines AG | 8,858 | 2,085 | |
Roper Technologies, Inc. | 19,070 | 7,692 | |
Rotork plc | 363,582 | 1,787 | |
S-1 Corp. | 51,930 | 3,749 | |
Tegma Gestao Logistica SA | 663,712 | 2,226 | |
Uber Technologies, Inc.(11) | 195,630 | 10,664 | |
Voltronic Power Technology Corp. | 33,894 | 1,313 | |
Wolters Kluwer NV | 37,055 | 3,221 | |
97,447 | |||
Information Technology—19.7% | |||
Accenture plc Class A | 27,560 | 7,613 | |
Admicom Oyj | 11,333 | 1,273 | |
Alten SA(11) | 30,124 | 3,536 | |
Amphenol Corp. Class A | 170,290 | 11,234 | |
Atled Corp. | 8,112 | 167 | |
Avalara, Inc.(11) | 97,800 | 13,049 | |
Bill.com Holdings, Inc.(11) | 200,426 | 29,162 | |
Bouvet ASA | 42,953 | 3,174 | |
Brockhaus Capital Management AG(11) | 52,904 | 1,511 | |
Duck Creek Technologies, Inc.(11) | 227,527 | 10,270 | |
FDM Group Holdings plc | 151,311 | 2,103 | |
Fineos Corp., Ltd. CDI(11) | 225,034 | 667 | |
Mintra Holding AS(11) | 2,632,595 | 1,908 | |
NVIDIA Corp. | 39,299 | 20,983 | |
Paycom Software, Inc.(11) | 47,350 | 17,522 | |
SimCorp A/S | 12,046 | 1,492 | |
Snowflake, Inc. Class A(11) | 15,414 | 3,534 | |
Trade Desk, Inc. (The) Class A(11) | 31,030 | 20,221 | |
Visa, Inc. Class A | 98,457 | 20,846 |
Shares | Value | ||
Information Technology—continued | |||
Webcash Corp. | 22,234 | $ 1,405 | |
Webstep AS | 282,917 | 926 | |
Workday, Inc. Class A(11) | 48,820 | 12,128 | |
184,724 | |||
Materials—0.8% | |||
Corp. Moctezuma SAB de C.V. | 620,531 | 1,852 | |
Ecolab, Inc. | 27,920 | 5,977 | |
7,829 | |||
Real Estate—0.0% | |||
Apartment Income REIT Corp. | 197 | 9 | |
Apartment Investment and Management Co. Class A | 197 | 1 | |
10 | |||
Total Common Stocks (Identified Cost $324,274) | 628,646 | ||
Exchange-Traded Fund—0.1% | |||
iShares JP Morgan USD Emerging Markets Bond ETF(12) | 8,399 | 915 | |
Total Exchange-Traded Fund (Identified Cost $959) | 915 | ||
Warrant—0.0% | |||
Financials—0.0% | |||
VNV Global AB(11) | 88,478 | 195 | |
Total Warrant (Identified Cost $—) | 195 | ||
Total Long-Term Investments—98.4% (Identified Cost $614,025) | 921,473 |
Shares | Value | ||
Short-Term Investment—2.2% | |||
Money Market Mutual Fund—2.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(12) | 19,933,385 | $ 19,933 | |
Total Short-Term Investment (Identified Cost $19,933) | 19,933 | ||
Securities Lending Collateral—1.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(12)(13) | 16,024,170 | 16,024 | |
Total Securities Lending Collateral (Identified Cost $16,024) | 16,024 | ||
TOTAL INVESTMENTS—102.3% (Identified Cost $649,982) | $957,430 | ||
Other assets and liabilities, net—(2.3)% | (21,192 ) | ||
NET ASSETS—100.0% | $936,238 |
Abbreviations: | |
ADR | American Depositary Receipt |
BAM | Build America Municipal Insured |
CDI | CREST Depositary Interest |
ETF | Exchange-Traded Fund |
GDR | Global Depositary Receipt |
GS | Goldman Sachs & Co. |
JSC | Joint Stock Company |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited Partnership |
LP | Limited Partnership |
MASTR | Morgan Stanley Structured Asset Security |
REIT | Real Estate Investment Trust |
WaMu | Washington Mutual |
Footnote Legend: | |
(1) | Regulation S security. Security is offered and sold outside of the United States; it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, these securities amounted to a value of $142,590 or 15.2% of net assets. |
(3) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(4) | Variable rate security. Rate disclosed is as of March 31, 2021. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(5) | No contractual maturity date. |
(6) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(7) | All or a portion of security is on loan. |
(8) | Amount is less than $500. |
(9) | This loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(10) | Value shown as par value. |
(11) | Non-income producing. |
(12) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(13) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 76% |
China | 4 |
United Kingdom | 3 |
Brazil | 2 |
Norway | 2 |
Sweden | 2 |
Canada | 1 |
Other | 10 |
Total | 100% |
† % of total investments as of March 31, 2021. |
Total Value at March 31, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 30,575 | $ — | $ 30,575 | $ — | |||
Corporate Bonds and Notes | 107,765 | — | 107,765 | — (1) | |||
Foreign Government Securities | 5,335 | — | 5,335 | — | |||
Leveraged Loans | 28,712 | — | 28,661 | 51 | |||
Mortgage-Backed Securities | 77,384 | — | 76,859 | 525 | |||
Municipal Bonds | 3,626 | — | 3,626 | — | |||
U.S. Government Securities | 34,785 | — | 34,785 | — | |||
Equity Securities: | |||||||
Common Stocks | 628,646 | 628,646 | — | — | |||
Preferred Stocks | 3,535 | — | 3,535 | — | |||
Warrant | 195 | 195 | — | — | |||
Securities Lending Collateral | 16,024 | 16,024 | — | — | |||
Exchange-Traded Fund | 915 | 915 | — | — | |||
Money Market Mutual Fund | 19,933 | 19,933 | — | — | |||
Total Investments | $957,430 | $665,713 | $291,141 | $576 |
(1) | Amount is less than $500. |
Assets | |
Investment in securities at value(1)(2) | $ 957,430 |
Foreign currency at value(3) | 9 |
Cash | 3,899 |
Receivables | |
Investment securities sold | 1,424 |
Fund shares sold | 268 |
Dividends and interest | 1,905 |
Tax reclaims | 41 |
Securities lending income | 2 |
Prepaid Trustees’ retainer | 14 |
Prepaid expenses | 187 |
Other assets | 85 |
Total assets | 965,264 |
Liabilities | |
Payables | |
Fund shares repurchased | 603 |
Investment securities purchased | 11,443 |
Collateral on securities loaned | 16,024 |
Investment advisory fees | 401 |
Distribution and service fees | 214 |
Administration and accounting fees | 83 |
Transfer agent and sub-transfer agent fees and expenses | 126 |
Trustee deferred compensation plan | 85 |
Interest expense and/or commitment fees | 1 |
Other accrued expenses | 46 |
Total liabilities | 29,026 |
Net Assets | $ 936,238 |
Net Assets Consist of: | |
Capital paid in on shares of beneficial interest | $ 604,434 |
Accumulated earnings (loss) | 331,804 |
Net Assets | $ 936,238 |
Net Assets: | |
Class A | $ 833,398 |
Class C | $ 40,145 |
Class I | $ 62,581 |
Class R6 | $ 114 |
Shares Outstanding (unlimited number of shares authorized, no par value): | |
Class A | 64,388,320 |
Class C | 3,022,191 |
Class I | 4,849,024 |
Class R6 | 8,814 |
Net Asset Value and Redemption Price Per Share:* | |
Class A | $ 12.94 |
Class C | $ 13.28 |
Class I | $ 12.91 |
Class R6 | $ 12.91 |
Maximum Offering Price per Share (NAV/(1-5.50%**)): | |
Class A | $ 13.69 |
(1) Investment in securities at cost | $ 649,982 |
(2) Market value of securities on loan | $ 15,897 |
(3) Foreign currency at cost | $ 9 |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
** | Maximum sales charge. |
Investment Income | |
Dividends | $ 1,698 |
Interest | 4,067 |
Securities lending, net of fees | 4 |
Foreign taxes withheld | (80) |
Total investment income | 5,689 |
Expenses | |
Investment advisory fees | 2,507 |
Distribution and service fees, Class A | 1,014 |
Distribution and service fees, Class C | 231 |
Administration and accounting fees | 470 |
Transfer agent fees and expenses | 229 |
Sub-transfer agent fees and expenses, Class A | 148 |
Sub-transfer agent fees and expenses, Class C | 17 |
Sub-transfer agent fees and expenses, Class I | 23 |
Custodian fees | 2 |
Printing fees and expenses | 23 |
Professional fees | 34 |
Interest expense and/or commitment fees | 2 |
Registration fees | 24 |
Trustees’ fees and expenses | 28 |
Miscellaneous expenses | 100 |
Total expenses | 4,852 |
Less net expenses reimbursed and/or waived by investment adviser(1) | (182) |
Less low balance account fees | (8) |
Net expenses | 4,662 |
Net investment income (loss) | 1,027 |
Net Realized and Unrealized Gain (Loss) on Investments | |
Net realized gain (loss) from: | |
Investments | 40,372 |
Foreign currency transactions | (46) |
Net change in unrealized appreciation (depreciation) on: | |
Investments | 36,795 |
Foreign currency transactions | (1) |
Net realized and unrealized gain (loss) on investments | 77,120 |
Net increase (decrease) in net assets resulting from operations | $78,147 |
(1) | See Note 3D in Notes to Financial Statements. |
Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss) | $ 1,027 | $ 4,222 | |
Net realized gain (loss) | 40,326 | 13,401 | |
Net change in unrealized appreciation (depreciation) | 36,794 | 148,434 | |
Increase (decrease) in net assets resulting from operations | 78,147 | 166,057 | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (14,662) | (11,431) | |
Class C | (873) | (118) | |
Class I | (1,091) | (110) | |
Class R6 | (2) | — | |
Total dividends and distributions to shareholders | (16,628) | (11,659) | |
Change in Net Assets from Capital Transactions | |||
Shares sold and cross class conversions: | |||
Class A (3,344 and 2,820 shares, respectively) | 43,509 | 30,276 | |
Class C (315 and 293 shares, respectively) | 4,786 | 3,215 | |
Class I (1,038 and 2,470 shares, respectively) | 12,963 | 27,408 | |
Class R6 (9 and — shares, respectively) | 111 | — | |
Net assets from merger(1): | |||
Class A (7,220 and — shares, respectively) | 86,813 | — | |
Class C (3,374 and — shares, respectively) | 41,686 | — | |
Class I (2,156 and — shares, respectively) | 25,853 | — | |
Reinvestment of distributions: | |||
Class A (1,018 and 1,062 shares, respectively) | 13,500 | 10,675 | |
Class C (64 and 11 shares, respectively) | 871 | 114 | |
Class I (81 and 10 shares, respectively) | 1,077 | 110 | |
Class R6 (—(2) and — shares, respectively) | — (3) | — | |
Shares repurchased and cross class conversions: | |||
Class A ((3,641) and (7,341) shares, respectively) | (47,297) | (76,872) | |
Class C ((1,706) and (203) shares, respectively) | (22,822) | (2,171) | |
Class I ((625) and (578) shares, respectively) | (8,097) | (6,303) | |
Increase (decrease) in net assets from capital transactions | 152,953 | (13,548) | |
Net increase (decrease) in net assets | 214,472 | 140,850 | |
Net Assets | |||
Beginning of period | 721,766 | 580,916 | |
End of Period | $ 936,238 | $ 721,766 |
(1) | See Note 10 in Notes to Financial Statements. |
(2) | Amount is less than 500 shares. |
(3) | Amount is less than $500. |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | |
Class A | |||||||
10/1/20 to 3/31/21(6) | $12.10 | 0.02 | 1.05 | 1.07 | (0.03) | (0.20) | (0.23) |
10/1/19 to 9/30/20 | 9.51 | 0.07 | 2.71 | 2.78 | (0.07) | (0.12) | (0.19) |
10/1/18 to 9/30/19 | 9.66 | 0.13 | 0.06 | 0.19 | (0.12) | (0.22) | (0.34) |
10/1/17 to 9/30/18 | 9.00 | 0.14 | 0.73 | 0.87 | (0.14) | (0.07) | (0.21) |
4/1/17 to 9/30/17(12) | 8.33 | 0.08 | 0.69 | 0.77 | (0.08) | (0.02) | (0.10) |
4/1/16 to 3/31/17 | 8.44 | 0.17 | 0.56 | 0.73 | (0.15) | (0.69) | (0.84) |
4/1/15 to 3/31/16 | 9.75 | 0.20 | (0.88) | (0.68) | (0.17) | (0.46) | (0.63) |
Class C | |||||||
10/1/20 to 3/31/21(6) | $12.44 | (0.03) | 1.08 | 1.05 | (0.01) | (0.20) | (0.21) |
10/1/19 to 9/30/20 | 9.78 | (0.01) | 2.80 | 2.79 | (0.01) | (0.12) | (0.13) |
10/1/18 to 9/30/19 | 9.93 | 0.06 | 0.05 | 0.11 | (0.04) | (0.22) | (0.26) |
10/1/17 to 9/30/18 | 9.24 | 0.07 | 0.75 | 0.82 | (0.06) | (0.07) | (0.13) |
4/1/17 to 9/30/17(12) | 8.55 | 0.05 | 0.70 | 0.75 | (0.04) | (0.02) | (0.06) |
4/1/16 to 3/31/17 | 8.64 | 0.11 | 0.57 | 0.68 | (0.08) | (0.69) | (0.77) |
4/1/15 to 3/31/16 | 9.96 | 0.14 | (0.90) | (0.76) | (0.10) | (0.46) | (0.56) |
Class I | |||||||
10/1/20 to 3/31/21(6) | $12.07 | 0.03 | 1.06 | 1.09 | (0.05) | (0.20) | (0.25) |
10/1/19 to 9/30/20 | 9.51 | 0.08 | 2.70 | 2.78 | (0.10) | (0.12) | (0.22) |
1/29/19 (15) to 9/30/19 | 8.66 | 0.10 | 0.85 | 0.95 | (0.10) | — | (0.10) |
Class R6 | |||||||
10/20/20 (15) to 3/31/21 | $12.48 | 0.04 | 0.64 | 0.68 | (0.05) | (0.20) | (0.25) |
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) |
— | 0.84 | $12.94 | 8.81 % | $833,398 | 1.00 % (7)(8) | 1.04 % | 0.25 % | 32 % |
— | 2.59 | 12.10 | 29.72 | 683,100 | 1.06 (9) | 1.06 | 0.68 | 35 |
— (10) | (0.15) | 9.51 | 2.36 (11) | 569,543 | 1.14 (9) | 1.14 | 1.33 | 51 |
— | 0.66 | 9.66 | 9.73 | 146,854 | 1.26 | 1.27 | 1.47 | 41 |
— | 0.67 | 9.00 | 9.25 | 142,481 | 1.38 | 1.38 | 1.81 | 26 |
— | (0.11) | 8.33 | 9.20 (13) | 137,388 | 1.37 (8)(13) | 1.38 | 1.86 (13) | 104 |
— | (1.31) | 8.44 | (7.36) | 147,546 | 1.32 | 1.33 | 2.25 | 81 |
— | 0.84 | $13.28 | 8.39 % | $ 40,145 | 1.75 % (7)(8) | 1.81 % | (0.51) % | 32 % |
— | 2.66 | 12.44 | 28.82 | 12,140 | 1.83 (9)(14) | 1.78 | (0.10) | 35 |
— (10) | (0.15) | 9.78 | 1.48 (11) | 8,560 | 1.91 (7) | 1.99 | 0.59 | 51 |
— | 0.69 | 9.93 | 8.94 | 3,736 | 2.04 | 2.05 | 0.68 | 41 |
— | 0.69 | 9.24 | 8.80 | 4,054 | 2.14 | 2.15 | 1.05 | 26 |
— | (0.09) | 8.55 | 8.37 (13) | 4,378 | 2.11 (8)(13) | 2.13 | 1.13 (13) | 104 |
— | (1.32) | 8.64 | (8.02) | 5,460 | 2.07 | 2.08 | 1.51 | 81 |
— | 0.84 | $12.91 | 8.94 % | $ 62,581 | 0.77 % (7)(8) | 0.82 % | 0.48 % | 32 % |
— | 2.56 | 12.07 | 29.74 | 26,526 | 0.82 (9) | 0.82 | 0.73 | 35 |
— (10) | 0.85 | 9.51 | 10.94 (11) | 2,813 | 0.88 (9) | 0.89 | 1.52 | 51 (16) |
— | 0.43 | $12.91 | 5.40 % | $ 114 | 0.60 % (8) | 0.74 % | 0.65 % | 32 % (16) |
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 Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(8) | Net expense ratio includes extraordinary proxy expenses. |
(9) | The share class is currently under its expense limitation. |
(10) | Amount is less than $0.005 per share. |
(11) | Payment from affiliates had no impact on total return. |
(12) | The Fund changed its fiscal year end to September 30, during the period. |
(13) | State Street Bank & Trust, custodian for the Fund through January 29, 2010, reimbursed the Fund 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 to Average Net Assets by 0.08%. Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return by 0.08%. |
(14) | See Note 3D in the Notes to Financial Statements for information on recapture of expenses previously waived. |
(15) | Inception date. |
(16) | Portfolio turnover is representative of the Fund for the entire period. |
A. | Security Valuation |
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |
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 the Fund is notified. Interest income is recorded on the accrual basis. The 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 |
The Fund is treated as a separate taxable entity. It is the Fund’s intention to comply with the requirements of Subchapter M of the Internal Revenue 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 Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The 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 Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2021, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2017 forward (with limited exceptions). | |
D. | Distributions to Shareholders |
Distributions are recorded by the 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 the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that the Fund bears directly, the shareholders of the 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 Fund does 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. | When-Issued Purchases and Forward Commitments (Delayed Delivery) |
The Fund 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 the Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Fund 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. The Fund records when-issued and forward commitment securities on the trade date. The Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. | |
H. | Leveraged Loans |
The Fund 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 Fund 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. The 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, the 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. The Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
The 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 the Fund may pay an assignment fee. On an ongoing basis, the 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. | |
I. | Securities Lending |
Effective October 1, 2020, the Fund 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 the 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 the 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 March 31, 2021, the securities loaned were subject to a MSLA on a net payment basis as follows: |
Counterparty | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | |||
BNYM | $ 15,897 | $ 15,897 | $ — |
(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. |
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 Fund. The Adviser manages the Fund’s investment program and general operations of the Fund, including oversight of the Fund’s subadvisers. | |
As compensation for its services to the Fund, 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 the Fund: |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion | ||
0.55 % | 0.50 % | 0.45 % |
B. | Subadvisers |
The subadvisers manage the investments of the Fund for which they are paid a fee by the Adviser. | |
Newfleet Asset Management, LLC, an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Fund’s fixed income portfolio. Kayne Anderson Rudnick Investment Management, LLC, an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Fund’s domestic equity portfolio and international equity portfolio. | |
C. | Expense Limitations |
The Adviser has contractually agreed to limit the 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 percentages of the Fund’s average net asset values through February 1, 2022. Following the contractual period, the Adviser may discontinue these expense reimbursement arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Class A | Class C | Class I | Class R6 | |||
0.99 % ‡ | 1.75 % ‡ | 0.76 % ‡ | 0.60 % * |
‡ | Effective October 31, 2020. For the period October 1, 2020 through October 30, 2020, the expense caps were as follows for Class A shares, Class C shares and Class I shares, respectively: 1.15%, 1.90% and 0.90%. |
* | Effective October 20, 2020. |
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. The Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expiration | |
2024 | |
Class A | $ 153 |
Class C | 13 |
Class I | 16 |
Class R6 | — (1) |
(1) | Amount is less than $500. |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2021, it retained net commissions of $36 for Class A shares and CDSC of $2 for Class C shares. | |
In addition, the 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 following annual rates: 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as administrator and transfer agent to the Fund. | |
For the period ended March 31, 2021, the Fund incurred administration fees totaling $429 which are included in the Statement of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the period ended March 31, 2021, the Fund incurred transfer agent fees totaling $192 which are included in the Statement of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Investments in Affiliates |
The Fund is permitted to purchase assets from or sell assets to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Fund 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 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. | |
During the period ended March 31, 2021, the Fund did not engage in Rule 17a-7 of the 1940 Act transactions. | |
H. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statement of Assets and Liabilities at March 31, 2021. |
Purchases | Sales | |
$254,833 | $286,501 |
Purchases | Sales | |
$24,422 | $9,894 |
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||
$ 650,756 | $ 315,604 | $ (8,930) | $ 306,674 |
Merged Fund | Shares Outstanding | Acquiring Fund | Shares Converted | Merged Fund Net Asset Value of Converted Shares | |||||||
Virtus Rampart Multi-Asset Trend Fund | Virtus Tactical Allocation Fund | ||||||||||
Class A Shares | 1,008,720 | Class A Shares | 943,504 | $ 11,345 | |||||||
Class C Shares | 1,609,863 | Class C Shares | 1,402,324 | 17,327 | |||||||
Class I Shares | 584,346 | Class I Shares | 552,308 | 6,623 |
Merged Fund | Shares Outstanding | Acquiring Fund | Shares Converted | Merged Fund Net Asset Value of Converted Shares | |||||||
Virtus Rampart Sector Trend Fund | Virtus Tactical Allocation Fund | ||||||||||
Class A Shares | 5,953,520 | Class A Shares | 6,276,239 | $ 75,468 | |||||||
Class C Shares | 1,937,610 | Class C Shares | 1,971,499 | 24,359 | |||||||
Class I Shares | 1,521,103 | Class I Shares | 1,603,669 | 19,230 |
Virtus Rampart Multi-Asset Trend Fund | Virtus Rampart Sector Trend Fund | Virtus Tactical Allocation Fund | ||||||
Net Assets | Unrealized Appreciation (Depreciation) | Net Assets | Unrealized Appreciation (Depreciation) | Net Assets | ||||
$35,295 | $2,507 | $119,057 | $10,140 | $715,533 |
Net investment income (loss) | $958(a) |
Net realized and unrealized gain (loss) on investments | 73,356 (b) |
Net increase (decrease) in net assets resulting from operations | $74,314 |
Number of Eligible Votes: | |||||
FOR | AGAINST | ABSTAIN | |||
To approve an Agreement and Plan of Reorganization that provides for the reorganization of Virtus Rampart Multi- Asset Trend Fund, a series of Virtus Opportunities Trust, into Virtus Tactical Allocation Fund, a series of Virtus Equity Trust | 17,073,979.10 (representing 84.611% of dollars voted, with 51.470% of total dollars voting) | 731,165.77 (representing 3.623% of dollars voted, with 51.470% of total dollars voting) | 2,374,328.82 (representing 11.766% of dollars voted, with 51.470% of total dollars voting) |
OCTOBER 23, 2020 (Unaudited)
Number of Eligible Votes: | |||||
FOR | AGAINST | ABSTAIN | |||
To approve an Agreement and Plan of Reorganization that provides for the reorganization of Virtus Rampart Sector Trend Fund, a series of Virtus Opportunities Trust, into Virtus Tactical Allocation Fund, a series of Virtus Equity Trust | 57,823,283.74 (representing 77.345% of dollars voted, with 51.395% of total dollars voting) | 10,986,519.43 (representing 14.695% of dollars voted, with 51.395% of total dollars voting) | 5,951,274.56 (representing 7.960% of dollars voted, with 51.395% of total dollars voting) |
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
please contact us at 1-800-243-1574, or Virtus.com.
8649 | 05-21 |
Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. | Controls and Procedures. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Not applicable. | |||
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |||
(a)(3) | Not applicable. |
(a)(4) | Not applicable. | |||
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Virtus Equity Trust |
By (Signature and Title)* | /s/ George R. Aylward | |||
George R. Aylward, President (principal executive officer) |
Date | 6/3/2021 |
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 | 6/3/2021 |
By (Signature and Title)* | /s/ W. Patrick Bradley | |||
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer (principal financial officer) |
Date | 6/3/2021 |
* | Print the name and title of each signing officer under his or her signature. |