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)
Jennifer Fromm, Esq.
Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 243-1574
Date of fiscal year end: September 30
Date of reporting period: March 31, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) | The Report to Shareholders is attached herewith. |
(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 KAR Small-Mid Cap Value Fund |
Virtus SGA Emerging Markets Growth Fund |
Virtus SGA Global Growth Fund |
Virtus SGA New Leaders Growth Fund |
Virtus Tactical Allocation Fund |
1 | ||
2 | ||
6 | ||
7 | ||
Fund | Schedule of Investments | |
10 | ||
11 | ||
13 | ||
15 | ||
16 | ||
18 | ||
19 | ||
20 | ||
21 | ||
22 | ||
23 | ||
24 | ||
25 | ||
27 | ||
28 | ||
39 | ||
47 | ||
50 | ||
58 | ||
70 | ||
89 | ||
90 |
President,Virtus Equity Trust
May 2023
Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Capital Growth Fund | ||||||||
Class A | $ 1,000.00 | $ 1,151.60 | 1.22 % | $ 6.54 | ||||
Class C | 1,000.00 | 1,146.60 | 2.05 | 10.97 | ||||
Class I | 1,000.00 | 1,153.30 | 1.03 | 5.53 | ||||
Class R6 | 1,000.00 | 1,155.10 | 0.73 | 3.92 | ||||
KAR Equity Income Fund | ||||||||
Class A | 1,000.00 | 1,111.00 | 1.20 | 6.32 | ||||
Class C | 1,000.00 | 1,106.60 | 1.95 | 10.24 | ||||
Class I | 1,000.00 | 1,112.60 | 0.95 | 5.00 | ||||
Class R6 | 1,000.00 | 1,112.90 | 0.91 | 4.79 | ||||
KAR Global Quality Dividend Fund | ||||||||
Class A | 1,000.00 | 1,142.70 | 1.35 | 7.21 | ||||
Class C | 1,000.00 | 1,139.10 | 2.10 | 11.20 | ||||
Class I | 1,000.00 | 1,144.30 | 1.10 | 5.88 | ||||
Class R6 | 1,000.00 | 1,146.50 | 0.78 | 4.17 | ||||
KAR Mid-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,170.60 | 1.20 | 6.49 | ||||
Class C | 1,000.00 | 1,166.40 | 1.95 | 10.53 | ||||
Class I | 1,000.00 | 1,172.20 | 0.95 | 5.14 | ||||
Class R6 | 1,000.00 | 1,172.60 | 0.87 | 4.71 | ||||
KAR Mid-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,099.80 | 1.26 | 6.60 | ||||
Class C | 1,000.00 | 1,095.60 | 2.04 | 10.66 | ||||
Class I | 1,000.00 | 1,101.10 | 1.05 | 5.50 | ||||
Class R6 | 1,000.00 | 1,102.30 | 0.83 | 4.35 | ||||
KAR Small-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,195.80 | 1.26 | 6.90 | ||||
Class C | 1,000.00 | 1,191.50 | 2.00 | 10.93 | ||||
Class I | 1,000.00 | 1,197.50 | 1.00 | 5.48 | ||||
Class R6 | 1,000.00 | 1,197.70 | 0.92 | 5.04 | ||||
KAR Small-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,153.70 | 1.36 | 7.30 | ||||
Class C | 1,000.00 | 1,149.40 | 2.10 | 11.25 | ||||
Class I | 1,000.00 | 1,155.10 | 1.12 | 6.02 | ||||
Class R6 | 1,000.00 | 1,155.80 | 1.00 | 5.37 |
Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Small-Cap Value Fund | ||||||||
Class A | $1,000.00 | $1,095.10 | 1.22% | $ 6.37 | ||||
Class C | 1,000.00 | 1,090.70 | 2.00 | 10.42 | ||||
Class I | 1,000.00 | 1,095.80 | 1.01 | 5.28 | ||||
Class R6 | 1,000.00 | 1,097.20 | 0.91 | 4.76 | ||||
KAR Small-Mid Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,192.90 | 1.29 | 7.05 | ||||
Class C | 1,000.00 | 1,188.20 | 2.05 | 11.18 | ||||
Class I | 1,000.00 | 1,193.70 | 1.04 | 5.69 | ||||
Class R6 | 1,000.00 | 1,195.50 | 0.95 | 5.20 | ||||
KAR Small-Mid Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,146.20 | 1.30 | 6.96 | ||||
Class C | 1,000.00 | 1,141.50 | 2.05 | 10.95 | ||||
Class I | 1,000.00 | 1,146.70 | 1.05 | 5.62 | ||||
Class R6 | 1,000.00 | 1,146.50 | 0.99 | 5.30 | ||||
KAR Small-Mid Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,102.20 | 1.17 | 6.13 | ||||
Class C | 1,000.00 | 1,098.60 | 1.92 | 10.05 | ||||
Class I | 1,000.00 | 1,105.50 | 0.92 | 4.83 | ||||
Class R6 | 1,000.00 | 1,104.90 | 0.82 | 4.30 | ||||
SGA Emerging Markets Growth Fund | ||||||||
Class A | 1,000.00 | 1,168.70 | 1.48 | 8.00 | ||||
Class C | 1,000.00 | 1,163.40 | 2.23 | 12.03 | ||||
Class I | 1,000.00 | 1,169.40 | 1.23 | 6.65 | ||||
Class R6 | 1,000.00 | 1,170.80 | 1.05 | 5.68 | ||||
SGA Global Growth Fund | ||||||||
Class A | 1,000.00 | 1,183.70 | 1.35 | 7.35 | ||||
Class C | 1,000.00 | 1,178.70 | 2.10 | 11.41 | ||||
Class I | 1,000.00 | 1,184.90 | 1.11 | 6.05 | ||||
Class R6 | 1,000.00 | 1,186.00 | 0.90 | 4.91 | ||||
SGA New Leaders Growth Fund | ||||||||
Class A | 1,000.00 | 1,120.10 | 1.34 | 7.08 | ||||
Class C | 1,000.00 | 1,115.40 | 2.09 | 11.02 | ||||
Class I | 1,000.00 | 1,121.10 | 1.09 | 5.76 | ||||
Class R6 | 1,000.00 | 1,123.80 | 0.91 | 4.82 | ||||
Tactical Allocation Fund | ||||||||
Class A | 1,000.00 | 1,131.50 | 0.99 | 5.26 | ||||
Class C | 1,000.00 | 1,126.90 | 1.75 | 9.28 | ||||
Class I | 1,000.00 | 1,133.10 | 0.76 | 4.04 | ||||
Class R6 | 1,000.00 | 1,132.90 | 0.60 | 3.19 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) 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, 2022 | Ending Account Value March 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Capital Growth Fund | ||||||||
Class A | $ 1,000.00 | $ 1,018.85 | 1.22 % | $ 6.14 | ||||
Class C | 1,000.00 | 1,014.71 | 2.05 | 10.30 | ||||
Class I | 1,000.00 | 1,019.80 | 1.03 | 5.19 | ||||
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 | 1,018.20 | 1.35 | 6.79 | ||||
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 | 1,018.65 | 1.26 | 6.34 | ||||
Class C | 1,000.00 | 1,014.76 | 2.04 | 10.25 | ||||
Class I | 1,000.00 | 1,019.70 | 1.05 | 5.29 | ||||
Class R6 | 1,000.00 | 1,020.79 | 0.83 | 4.18 | ||||
KAR Small-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,018.65 | 1.26 | 6.34 | ||||
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 | 1,018.15 | 1.36 | 6.84 | ||||
Class C | 1,000.00 | 1,014.46 | 2.10 | 10.55 | ||||
Class I | 1,000.00 | 1,019.35 | 1.12 | 5.64 | ||||
Class R6 | 1,000.00 | 1,019.95 | 1.00 | 5.04 | ||||
KAR Small-Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,018.85 | 1.22 | 6.14 | ||||
Class C | 1,000.00 | 1,014.96 | 2.00 | 10.05 | ||||
Class I | 1,000.00 | 1,019.90 | 1.01 | 5.09 | ||||
Class R6 | 1,000.00 | 1,020.39 | 0.91 | 4.58 | ||||
KAR Small-Mid Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,018.50 | 1.29 | 6.49 | ||||
Class C | 1,000.00 | 1,014.71 | 2.05 | 10.30 | ||||
Class I | 1,000.00 | 1,019.75 | 1.04 | 5.24 | ||||
Class R6 | 1,000.00 | 1,020.19 | 0.95 | 4.78 | ||||
KAR Small-Mid Cap Growth 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 | 1,020.00 | 0.99 | 4.99 | ||||
KAR Small-Mid Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,019.10 | 1.17 | 5.89 | ||||
Class C | 1,000.00 | 1,015.36 | 1.92 | 9.65 | ||||
Class I | 1,000.00 | 1,020.34 | 0.92 | 4.63 | ||||
Class R6 | 1,000.00 | 1,020.84 | 0.82 | 4.13 |
Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
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 | ||||
SGA Global Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.20 | 1.35 | 6.79 | ||||
Class C | 1,000.00 | 1,014.46 | 2.10 | 10.55 | ||||
Class I | 1,000.00 | 1,019.40 | 1.11 | 5.59 | ||||
Class R6 | 1,000.00 | 1,020.44 | 0.90 | 4.53 | ||||
SGA New Leaders Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.25 | 1.34 | 6.74 | ||||
Class C | 1,000.00 | 1,014.51 | 2.09 | 10.50 | ||||
Class I | 1,000.00 | 1,019.50 | 1.09 | 5.49 | ||||
Class R6 | 1,000.00 | 1,020.39 | 0.91 | 4.58 | ||||
Tactical Allocation Fund | ||||||||
Class A | 1,000.00 | 1,020.00 | 0.99 | 4.99 | ||||
Class C | 1,000.00 | 1,016.21 | 1.75 | 8.80 | ||||
Class I | 1,000.00 | 1,021.14 | 0.76 | 3.83 | ||||
Class R6 | 1,000.00 | 1,021.94 | 0.60 | 3.02 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Information Technology | 29% |
Consumer Discretionary | 20 |
Financials | 16 |
Health Care | 11 |
Industrials | 8 |
Consumer Staples | 7 |
Energy | 4 |
Other | 5 |
Total | 100% |
Financials | 17% |
Industrials | 15 |
Health Care | 14 |
Consumer Staples | 12 |
Utilities | 9 |
Materials | 8 |
Information Technology | 7 |
Other (includes short-term investment and securities lending collateral) | 18 |
Total | 100% |
Financials | 21% |
Utilities | 14 |
Communication Services | 13 |
Industrials | 10 |
Health Care | 9 |
Consumer Staples | 9 |
Materials | 6 |
Other (includes short-term investment and securities lending collateral) | 18 |
Total | 100% |
Industrials | 34% |
Information Technology | 20 |
Health Care | 13 |
Financials | 13 |
Consumer Discretionary | 8 |
Consumer Staples | 4 |
Real Estate | 2 |
Short-Term Investment | 6 |
Total | 100% |
Information Technology | 26% |
Consumer Discretionary | 20 |
Health Care | 14 |
Consumer Staples | 12 |
Industrials | 10 |
Financials | 9 |
Energy | 4 |
Other (includes short-term investment) | 5 |
Total | 100% |
Industrials | 43% |
Financials | 22 |
Information Technology | 12 |
Consumer Discretionary | 7 |
Health Care | 6 |
Communication Services | 4 |
Consumer Staples | 2 |
Other (includes short-term investment) | 4 |
Total | 100% |
Financials | 30% |
Information Technology | 18 |
Consumer Discretionary | 17 |
Industrials | 12 |
Communication Services | 12 |
Health Care | 6 |
Consumer Staples | 3 |
Other (includes short-term investment and securities lending collateral) | 2 |
Total | 100% |
Industrials | 35% |
Financials | 26 |
Consumer Discretionary | 15 |
Consumer Staples | 7 |
Materials | 6 |
Real Estate | 4 |
Health Care | 3 |
Other (includes short-term investment) | 4 |
Total | 100% |
Information Technology | 31% |
Industrials | 24 |
Consumer Discretionary | 16 |
Health Care | 11 |
Financials | 11 |
Materials | 2 |
Short-Term Investment | 5 |
Total | 100% |
Information Technology | 24% |
Industrials | 21 |
Health Care | 21 |
Financials | 13 |
Consumer Discretionary | 6 |
Communication Services | 4 |
Consumer Staples | 4 |
Short-Term Investment | 7 |
Total | 100% |
Industrials | 30% |
Information Technology | 19 |
Financials | 14 |
Consumer Discretionary | 12 |
Real Estate | 7 |
Consumer Staples | 7 |
Materials | 5 |
Other (includes short-term investment) | 6 |
Total | 100% |
Consumer Staples | 35% |
Consumer Discretionary | 23 |
Financials | 21 |
Communication Services | 8 |
Information Technology | 4 |
Health Care | 4 |
Materials | 2 |
Other (includes securities lending collateral) | 3 |
Total | 100% |
Information Technology | 31% |
Health Care | 20 |
Financials | 18 |
Consumer Discretionary | 10 |
Consumer Staples | 8 |
Communication Services | 3 |
Real Estate | 3 |
Other (includes short-term investment and securities lending collateral) | 7 |
Total | 100% |
Health Care | 21% |
Consumer Staples | 16 |
Information Technology | 16 |
Financials | 15 |
Consumer Discretionary | 10 |
Communication Services | 10 |
Materials | 6 |
Other | 6 |
Total | 100% |
Common Stocks | 65% | |
Information Technology | 16% | |
Consumer Discretionary | 11 | |
Financials | 10 | |
All Other Common Stocks | 28 | |
Corporate Bonds and Notes | 12 | |
Financials | 4 | |
Energy | 2 | |
Industrials | 1 | |
All Other Corporate Bonds and Notes | 5 | |
Mortgage-Backed Securities | 8 | |
U.S. Government Securities | 6 | |
Asset-Backed Securities | 4 | |
Leveraged Loans | 2 | |
Municipal Bonds | 2 | |
Other (includes short-term investment and securities lending collateral) | 1 | |
Total | 100% |
Shares | Value | ||
Common Stocks—99.8% | |||
Communication Services—2.8% | |||
Trade Desk, Inc. (The) Class A(1) | 228,495 | $ 13,918 | |
Consumer Discretionary—19.8% | |||
Airbnb, Inc. Class A(1) | 84,207 | 10,475 | |
Amazon.com, Inc.(1) | 221,968 | 22,927 | |
AutoZone, Inc.(1) | 3,509 | 8,626 | |
Home Depot, Inc. (The) | 31,580 | 9,320 | |
Marriott International, Inc. Class A | 79,854 | 13,259 | |
MercadoLibre, Inc.(1) | 7,460 | 9,833 | |
NIKE, Inc. Class B | 136,289 | 16,714 | |
Ross Stores, Inc. | 88,339 | 9,375 | |
100,529 | |||
Consumer Staples—6.9% | |||
Estee Lauder Cos., Inc. (The) Class A | 40,776 | 10,050 | |
McCormick & Co., Inc. Non-voting Shares | 101,355 | 8,434 | |
Monster Beverage Corp.(1) | 215,652 | 11,647 | |
PepsiCo, Inc. | 25,834 | 4,709 | |
34,840 | |||
Energy—3.7% | |||
Devon Energy Corp. | 65,485 | 3,314 | |
Hess Corp. | 40,723 | 5,389 | |
Pioneer Natural Resources Co. | 27,159 | 5,547 | |
Schlumberger N.V. | 86,118 | 4,229 | |
18,479 | |||
Shares | Value | ||
Financials—15.9% | |||
Bank of America Corp. | 358,809 | $ 10,262 | |
Block, Inc. Class A(1) | 120,314 | 8,259 | |
MarketAxess Holdings, Inc. | 23,979 | 9,383 | |
Progressive Corp. (The) | 90,459 | 12,941 | |
S&P Global, Inc. | 21,948 | 7,567 | |
Visa, Inc. Class A | 143,285 | 32,305 | |
80,717 | |||
Health Care—10.5% | |||
Danaher Corp. | 59,367 | 14,963 | |
Eli Lilly & Co. | 12,337 | 4,237 | |
HealthEquity, Inc.(1) | 67,857 | 3,984 | |
IDEXX Laboratories, Inc.(1) | 12,100 | 6,051 | |
Mettler-Toledo International, Inc.(1) | 4,039 | 6,180 | |
Zoetis, Inc. Class A | 107,117 | 17,829 | |
53,244 | |||
Industrials—8.3% | |||
CoStar Group, Inc.(1) | 169,307 | 11,657 | |
Equifax, Inc. | 43,662 | 8,857 | |
Fair Isaac Corp.(1) | 17,795 | 12,504 | |
Uber Technologies, Inc.(1) | 288,779 | 9,154 | |
42,172 | |||
Information Technology—29.2% | |||
Accenture plc Class A | 39,739 | 11,358 | |
Amphenol Corp. Class A | 249,034 | 20,351 | |
BILL Holdings, Inc.(1) | 103,627 | 8,408 | |
DocuSign, Inc. Class A(1) | 54,118 | 3,155 | |
MongoDB, Inc. Class A(1) | 38,976 | 9,086 | |
NVIDIA Corp. | 138,426 | 38,451 | |
Paycom Software, Inc.(1) | 68,927 | 20,955 | |
Roper Technologies, Inc. | 27,647 | 12,184 |
Shares | Value | ||
Information Technology—continued | |||
Snowflake, Inc. Class A(1) | 60,588 | $ 9,348 | |
Workday, Inc. Class A(1) | 70,962 | 14,656 | |
147,952 | |||
Materials—1.3% | |||
Ecolab, Inc. | 40,626 | 6,725 | |
Real Estate—1.4% | |||
Prologis, Inc. | 55,833 | 6,966 | |
Total Common Stocks (Identified Cost $255,141) | 505,542 | ||
Total Long-Term Investments—99.8% (Identified Cost $255,141) | 505,542 | ||
TOTAL INVESTMENTS—99.8% (Identified Cost $255,141) | $505,542 | ||
Other assets and liabilities, net—0.2% | 960 | ||
NET ASSETS—100.0% | $506,502 |
Abbreviation: | |
S&P | Standard & Poor’s |
Footnote Legend: | |
(1) | Non-income producing. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $505,542 | $505,542 | |
Total Investments | $505,542 | $505,542 |
Shares | Value | ||
Common Stocks—98.8% | |||
Communication Services—6.6% | |||
Omnicom Group, Inc. | 40,356 | $ 3,807 | |
Verizon Communications, Inc. | 151,202 | 5,880 | |
9,687 | |||
Consumer Discretionary—2.5% | |||
Advance Auto Parts, Inc. | 23,281 | 2,831 | |
McDonald’s Corp. | 2,917 | 816 | |
3,647 | |||
Consumer Staples—12.8% | |||
Coca-Cola Co. (The) | 69,380 | 4,304 | |
Flowers Foods, Inc. | 140,429 | 3,849 | |
Kimberly-Clark Corp. | 33,208 | 4,457 | |
PepsiCo, Inc. | 24,643 | 4,492 | |
Procter & Gamble Co. (The) | 10,670 | 1,587 | |
18,689 | |||
Energy—1.3% | |||
Chevron Corp. | 11,997 | 1,957 | |
Financials—17.6% | |||
Bank of Hawaii Corp. | 69,123 | 3,600 | |
PNC Financial Services Group, Inc. (The) | 27,101 | 3,445 | |
Prudential Financial, Inc. | 20,374 | 1,686 | |
Safety Insurance Group, Inc. | 43,418 | 3,235 | |
T. Rowe Price Group, Inc. | 40,649 | 4,589 | |
U.S. Bancorp | 63,461 | 2,288 | |
Zurich Insurance Group AG ADR(1) | 144,194 | 6,898 | |
25,741 | |||
Health Care—14.5% | |||
AbbVie, Inc. | 38,598 | 6,151 | |
Johnson & Johnson | 8,533 | 1,323 | |
Merck & Co., Inc. | 26,647 | 2,835 | |
Patterson Cos., Inc. | 121,295 | 3,247 | |
Pfizer, Inc. | 121,264 | 4,948 | |
Takeda Pharmaceutical Co., Ltd. Sponsored ADR | 169,836 | 2,799 | |
21,303 | |||
Industrials—15.0% | |||
BAE Systems plc Sponsored ADR(1) | 132,201 | 6,527 | |
MSC Industrial Direct Co., Inc. Class A | 70,998 | 5,964 | |
Snap-on, Inc. | 6,537 | 1,614 |
Shares | Value | ||
Industrials—continued | |||
United Parcel Service, Inc. Class B | 20,538 | $ 3,984 | |
Watsco, Inc. | 12,108 | 3,852 | |
21,941 | |||
Information Technology—7.5% | |||
Cisco Systems, Inc. | 80,044 | 4,185 | |
International Business Machines Corp. | 52,317 | 6,858 | |
11,043 | |||
Materials—7.8% | |||
Amcor plc | 487,318 | 5,546 | |
Eastman Chemical Co. | 39,357 | 3,319 | |
Sonoco Products Co. | 42,974 | 2,622 | |
11,487 | |||
Real Estate—3.9% | |||
Crown Castle, Inc. | 18,437 | 2,467 | |
Getty Realty Corp. | 88,255 | 3,180 | |
5,647 | |||
Utilities—9.3% | |||
Fortis, Inc. | 81,822 | 3,480 | |
Pinnacle West Capital Corp. | 40,192 | 3,185 | |
Southern Co. (The) | 69,429 | 4,831 | |
WEC Energy Group, Inc. | 21,842 | 2,070 | |
13,566 | |||
Total Common Stocks (Identified Cost $132,705) | 144,708 | ||
Total Long-Term Investments—98.8% (Identified Cost $132,705) | 144,708 | ||
Short-Term Investment—0.0% | |||
Money Market Mutual Fund—0.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(2) | 17,096 | 17 | |
Total Short-Term Investment (Identified Cost $17) | 17 | ||
Shares | Value | ||
Securities Lending Collateral—4.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(2)(3) | 6,723,349 | $ 6,723 | |
Total Securities Lending Collateral (Identified Cost $6,723) | 6,723 | ||
TOTAL INVESTMENTS—103.4% (Identified Cost $139,445) | $151,448 | ||
Other assets and liabilities, net—(3.4)% | (5,026) | ||
NET ASSETS—100.0% | $146,422 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | All or a portion of security is on loan. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(3) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 84% |
Switzerland | 8 |
United Kingdom | 4 |
Canada | 2 |
Japan | 2 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $144,708 | $144,708 | |
Money Market Mutual Fund | 17 | 17 | |
Securities Lending Collateral | 6,723 | 6,723 | |
Total Investments | $151,448 | $151,448 |
Shares | Value | ||
Common Stocks—97.5% | |||
Communication Services—13.5% | |||
BCE, Inc. | 38,888 | $ 1,742 | |
Omnicom Group, Inc. | 6,171 | 582 | |
Spark New Zealand Ltd. | 459,073 | 1,454 | |
Verizon Communications, Inc. | 34,041 | 1,324 | |
5,102 | |||
Consumer Discretionary—2.6% | |||
Canadian Tire Corp., Ltd. Class A | 7,553 | 986 | |
Consumer Staples—9.2% | |||
Coca-Cola Co. (The) | 9,014 | 559 | |
Coca-Cola Europacific Partners plc | 15,195 | 899 | |
Flowers Foods, Inc. | 27,059 | 742 | |
PepsiCo, Inc. | 3,317 | 605 | |
Unilever plc | 12,718 | 657 | |
3,462 | |||
Energy—3.0% | |||
TotalEnergies SE | 19,313 | 1,139 | |
Financials—21.7% | |||
Bank of Hawaii Corp. | 8,909 | 464 | |
IGM Financial, Inc.(1) | 45,275 | 1,353 | |
NN Group N.V. | 17,605 | 639 | |
PNC Financial Services Group, Inc. (The) | 2,047 | 260 | |
Royal Bank of Canada | 7,475 | 714 | |
Safety Insurance Group, Inc. | 9,007 | 671 | |
Singapore Exchange Ltd. | 79,082 | 560 | |
Sumitomo Mitsui Trust Holdings, Inc. | 14,500 | 498 | |
Tokio Marine Holdings, Inc. | 36,660 | 705 | |
U.S. Bancorp | 16,964 | 612 | |
Zurich Insurance Group AG | 2,065 | 988 | |
Zurich Insurance Group AG ADR | 15,542 | 744 | |
8,208 | |||
Health Care—9.5% | |||
AbbVie, Inc. | 9,463 | 1,508 | |
Patterson Cos., Inc. | 12,862 | 345 | |
Pfizer, Inc. | 17,799 | 726 | |
Sonic Healthcare Ltd. | 13,009 | 305 | |
Takeda Pharmaceutical Co., Ltd. | 21,900 | 719 | |
3,603 | |||
Shares | Value | ||
Industrials—10.4% | |||
Adecco Group AG Registered Shares | 20,789 | $ 753 | |
BAE Systems plc | 74,157 | 899 | |
Deutsche Post AG Registered Shares | 23,656 | 1,106 | |
MSC Industrial Direct Co., Inc. Class A | 14,155 | 1,189 | |
3,947 | |||
Information Technology—4.9% | |||
Cisco Systems, Inc. | 3,566 | 186 | |
International Business Machines Corp. | 12,775 | 1,675 | |
1,861 | |||
Materials—6.6% | |||
Amcor plc | 131,654 | 1,498 | |
Eastman Chemical Co. | 7,151 | 603 | |
Kemira OYJ | 22,298 | 393 | |
2,494 | |||
Real Estate—1.6% | |||
Crown Castle, Inc. | 4,545 | 608 | |
Utilities—14.5% | |||
Fortis, Inc. | 28,680 | 1,220 | |
National Grid plc | 45,468 | 615 | |
Pinnacle West Capital Corp. | 10,488 | 831 | |
Southern Co. (The) | 20,988 | 1,460 | |
Terna - Rete Elettrica Nazionale | 123,451 | 1,013 | |
WEC Energy Group, Inc. | 3,802 | 360 | |
5,499 | |||
Total Common Stocks (Identified Cost $34,426) | 36,909 | ||
Total Long-Term Investments—97.5% (Identified Cost $34,426) | 36,909 | ||
Short-Term Investment—0.9% | |||
Money Market Mutual Fund—0.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(2) | 335,614 | 336 | |
Total Short-Term Investment (Identified Cost $336) | 336 | ||
Shares | Value | ||
Securities Lending Collateral—3.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(2)(3) | 1,377,857 | $ 1,378 | |
Total Securities Lending Collateral (Identified Cost $1,378) | 1,378 | ||
TOTAL INVESTMENTS—102.0% (Identified Cost $36,140) | $38,623 | ||
Other assets and liabilities, net—(2.0)% | (774) | ||
NET ASSETS—100.0% | $37,849 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | All or a portion of security is on loan. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(3) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 44% |
Canada | 15 |
Switzerland | 10 |
United Kingdom | 8 |
Japan | 5 |
New Zealand | 4 |
France | 3 |
Other | 11 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $36,909 | $32,668 | $4,241 | ||
Money Market Mutual Fund | 336 | 336 | — | ||
Securities Lending Collateral | 1,378 | 1,378 | — | ||
Total Investments | $38,623 | $34,382 | $4,241 |
Shares | Value | ||
Common Stocks—93.5% | |||
Consumer Discretionary—8.4% | |||
Domino’s Pizza, Inc. | 121,868 | $ 40,201 | |
Pool Corp. | 101,025 | 34,595 | |
Ross Stores, Inc. | 518,053 | 54,981 | |
129,777 | |||
Consumer Staples—4.1% | |||
Lamb Weston Holdings, Inc. | 601,588 | 62,878 | |
Financials—12.6% | |||
Berkley (W.R.) Corp. | 493,286 | 30,712 | |
Broadridge Financial Solutions, Inc. | 343,232 | 50,308 | |
First Financial Bankshares, Inc. | 1,137,162 | 36,275 | |
Houlihan Lokey, Inc. Class A | 561,334 | 49,111 | |
LPL Financial Holdings, Inc. | 141,246 | 28,588 | |
194,994 | |||
Health Care—13.2% | |||
Azenta, Inc.(1) | 1,098,079 | 48,996 | |
Cooper Cos., Inc. (The) | 166,002 | 61,979 | |
West Pharmaceutical Services, Inc. | 268,145 | 92,904 | |
203,879 | |||
Industrials—33.9% | |||
Allegion plc | 367,450 | 39,218 | |
AMETEK, Inc. | 634,001 | 92,139 | |
Equifax, Inc. | 195,712 | 39,698 | |
Exponent, Inc. | 599,913 | 59,805 |
Shares | Value | ||
Industrials—continued | |||
HEICO Corp. Class A | 423,421 | $ 57,543 | |
Lennox International, Inc. | 150,417 | 37,797 | |
Nordson Corp. | 243,685 | 54,162 | |
Old Dominion Freight Line, Inc. | 155,516 | 53,006 | |
Pentair plc | 659,905 | 36,473 | |
Verisk Analytics, Inc. Class A | 272,403 | 52,263 | |
522,104 | |||
Information Technology—19.8% | |||
Aspen Technology, Inc.(1) | 295,057 | 67,530 | |
Bentley Systems, Inc. Class B | 1,235,631 | 53,120 | |
Dolby Laboratories, Inc. Class A | 792,514 | 67,696 | |
Monolithic Power Systems, Inc. | 120,565 | 60,348 | |
Zebra Technologies Corp. Class A(1) | 178,182 | 56,662 | |
305,356 | |||
Real Estate—1.5% | |||
Equity LifeStyle Properties, Inc. | 336,749 | 22,606 | |
Total Common Stocks (Identified Cost $1,144,834) | 1,441,594 | ||
Total Long-Term Investments—93.5% (Identified Cost $1,144,834) | 1,441,594 | ||
Shares | Value | ||
Short-Term Investment—5.9% | |||
Money Market Mutual Fund—5.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(2) | 91,441,285 | $ 91,441 | |
Total Short-Term Investment (Identified Cost $91,441) | 91,441 | ||
TOTAL INVESTMENTS—99.4% (Identified Cost $1,236,275) | $1,533,035 | ||
Other assets and liabilities, net—0.6% | 9,020 | ||
NET ASSETS—100.0% | $1,542,055 |
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, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,441,594 | $1,441,594 | |
Money Market Mutual Fund | 91,441 | 91,441 | |
Total Investments | $1,533,035 | $1,533,035 |
Shares | Value | ||
Preferred Stock—1.6% | |||
Information Technology—1.6% | |||
Security Scorecard, Inc. Series E(1)(2)(3) | 7,919,250 | $ 26,103 | |
Total Preferred Stock (Identified Cost $40,000) | 26,103 | ||
Common Stocks—96.4% | |||
Communication Services—3.8% | |||
ROBLOX Corp. Class A(2) | 457,691 | 20,587 | |
Trade Desk, Inc. (The) Class A(2) | 650,565 | 39,626 | |
60,213 | |||
Consumer Discretionary—20.2% | |||
Domino’s Pizza, Inc. | 85,417 | 28,177 | |
Global-e Online Ltd.(2) | 1,080,853 | 34,836 | |
Las Vegas Sands Corp.(2) | 339,017 | 19,477 | |
MercadoLibre, Inc.(2) | 43,490 | 57,322 | |
Pool Corp. | 125,384 | 42,937 | |
Rollins, Inc. | 684,796 | 25,700 | |
Ross Stores, Inc. | 349,909 | 37,136 | |
SiteOne Landscape Supply, Inc.(2) | 511,444 | 70,001 | |
315,586 | |||
Consumer Staples—12.1% | |||
Brown-Forman Corp. Class B | 620,177 | 39,859 | |
Celsius Holdings, Inc.(2) | 726,581 | 67,528 | |
Freshpet, Inc.(2) | 239,391 | 15,845 | |
McCormick & Co., Inc. Non-voting Shares | 265,670 | 22,106 | |
Monster Beverage Corp.(2) | 500,992 | 27,059 | |
National Beverage Corp.(2) | 334,669 | 17,644 | |
190,041 | |||
Energy—4.3% | |||
Devon Energy Corp. | 287,707 | 14,561 | |
Diamondback Energy, Inc. | 243,269 | 32,882 | |
Halliburton Co. | 605,332 | 19,153 | |
66,596 | |||
Financials—9.1% | |||
FleetCor Technologies, Inc.(2) | 159,246 | 33,577 | |
Goosehead Insurance, Inc. Class A(2) | 722,791 | 37,730 |
Shares | Value | ||
Financials—continued | |||
MarketAxess Holdings, Inc. | 71,549 | $ 27,996 | |
T. Rowe Price Group, Inc. | 267,140 | 30,160 | |
Toast, Inc. Class A(2) | 715,663 | 12,703 | |
142,166 | |||
Health Care—14.2% | |||
Definitive Healthcare Corp. Class A(2) | 803,919 | 8,305 | |
HealthEquity, Inc.(2) | 249,617 | 14,655 | |
IDEXX Laboratories, Inc.(2) | 87,596 | 43,805 | |
Mettler-Toledo International, Inc.(2) | 36,345 | 55,616 | |
Silk Road Medical, Inc.(2) | 624,636 | 24,442 | |
STAAR Surgical Co.(2) | 443,977 | 28,392 | |
Waters Corp.(2) | 43,291 | 13,404 | |
Zoetis, Inc. Class A | 204,826 | 34,091 | |
222,710 | |||
Industrials—9.4% | |||
CoStar Group, Inc.(2) | 486,634 | 33,505 | |
Equifax, Inc. | 220,516 | 44,729 | |
Fair Isaac Corp.(2) | 97,266 | 68,348 | |
146,582 | |||
Information Technology—23.3% | |||
Amphenol Corp. Class A | 631,275 | 51,588 | |
BILL Holdings, Inc.(2) | 296,290 | 24,041 | |
Datadog, Inc. Class A(2) | 304,159 | 22,100 | |
DocuSign, Inc. Class A(2) | 366,192 | 21,349 | |
DoubleVerify Holdings, Inc.(2) | 668,290 | 20,149 | |
Gartner, Inc.(2) | 211,242 | 68,816 | |
Lattice Semiconductor Corp.(2) | 249,827 | 23,858 | |
MongoDB, Inc. Class A(2) | 78,423 | 18,282 | |
Paycom Software, Inc.(2) | 176,055 | 53,523 | |
Roper Technologies, Inc. | 47,914 | 21,115 | |
Teradyne, Inc. | 377,228 | 40,556 | |
365,377 | |||
Total Common Stocks (Identified Cost $1,108,905) | 1,509,271 | ||
Total Long-Term Investments—98.0% (Identified Cost $1,148,905) | 1,535,374 | ||
Shares | Value | ||
Short-Term Investment—1.0% | |||
Money Market Mutual Fund—1.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(4) | 15,153,415 | $ 15,153 | |
Total Short-Term Investment (Identified Cost $15,153) | 15,153 | ||
TOTAL INVESTMENTS—99.0% (Identified Cost $1,164,058) | $1,550,527 | ||
Other assets and liabilities, net—1.0% | 15,223 | ||
NET ASSETS—100.0% | $1,565,750 |
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 | 94% |
Brazil | 4 |
Israel | 2 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $1,509,271 | $1,509,271 | $ — | ||
Preferred Stock | 26,103 | — | 26,103 | ||
Money Market Mutual Fund | 15,153 | 15,153 | — | ||
Total Investments | $1,550,527 | $1,524,424 | $26,103 |
Total | Preferred Stocks | ||
Investments in Securities | |||
Balance as of September 30, 2022: | $27,955 | $27,955 | |
Change in unrealized appreciation (depreciation) | (1,852) | (1,852) | |
Balance as of March 31, 2023 | $26,103 | $26,103 |
Investments in Securities – Assets | Ending Balance at March 31, 2023 | Valuation Technique Used | Unobservable Inputs | Input Values | |||
Preferred Stock: | |||||||
Security Scorecard, Inc. Series E | $26,103 | Market and Company Comparables | EV Multiples | 7.12x (2.26.x - 18.92x) | |||
6.07x (2.01x - 13.82x) |
Shares | Value | ||
Common Stocks—97.2% | |||
Communication Services—3.9% | |||
Rightmove plc | 9,575,590 | $ 66,504 | |
Consumer Discretionary—7.2% | |||
Acushnet Holdings Corp. | 1,567,641 | 79,856 | |
LCI Industries | 396,820 | 43,598 | |
123,454 | |||
Consumer Staples—1.6% | |||
PriceSmart, Inc. | 383,189 | 27,390 | |
Energy—0.9% | |||
Dril-Quip, Inc.(1) | 515,146 | 14,780 | |
Financials—21.8% | |||
Artisan Partners Asset Management, Inc. Class A | 1,292,877 | 41,346 | |
BancFirst Corp. | 432,429 | 35,935 | |
FactSet Research Systems, Inc. | 132,840 | 55,140 | |
First Hawaiian, Inc. | 2,638,755 | 54,437 | |
Moelis & Co. Class A | 1,290,917 | 49,623 | |
Primerica, Inc. | 541,087 | 93,197 | |
RLI Corp. | 333,403 | 44,313 | |
373,991 | |||
Health Care—6.0% | |||
Atrion Corp. | 48,880 | 30,692 | |
CorVel Corp.(1) | 379,880 | 72,284 | |
102,976 | |||
Industrials—42.5% | |||
Donaldson Co., Inc. | 373,400 | 24,398 | |
EMCOR Group, Inc. | 698,770 | 113,613 | |
FTI Consulting, Inc.(1) | 651,894 | 128,651 |
Shares | Value | ||
Industrials—continued | |||
Graco, Inc. | 925,110 | $ 67,542 | |
Kforce, Inc. | 445,052 | 28,145 | |
Landstar System, Inc. | 418,009 | 74,932 | |
RBC Bearings, Inc.(1) | 253,487 | 58,994 | |
Simpson Manufacturing Co., Inc. | 861,497 | 94,455 | |
Toro Co. (The) | 627,201 | 69,720 | |
Watts Water Technologies, Inc. Class A | 411,574 | 69,276 | |
729,726 | |||
Information Technology—12.3% | |||
Aspen Technology, Inc.(1) | 188,612 | 43,168 | |
Clearwater Analytics Holdings, Inc. Class A (1) | 949,878 | 15,160 | |
Jack Henry & Associates, Inc. | 169,100 | 25,487 | |
Manhattan Associates, Inc.(1) | 493,220 | 76,375 | |
Teledyne Technologies, Inc.(1) | 114,168 | 51,074 | |
211,264 | |||
Materials—1.0% | |||
AptarGroup, Inc. | 141,312 | 16,702 | |
Total Common Stocks (Identified Cost $983,187) | 1,666,787 | ||
Total Long-Term Investments—97.2% (Identified Cost $983,187) | 1,666,787 | ||
Shares | Value | ||
Short-Term Investment—1.8% | |||
Money Market Mutual Fund—1.8% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(2) | 31,260,500 | $ 31,261 | |
Total Short-Term Investment (Identified Cost $31,261) | 31,261 | ||
TOTAL INVESTMENTS—99.0% (Identified Cost $1,014,448) | $1,698,048 | ||
Other assets and liabilities, net—1.0% | 17,370 | ||
NET ASSETS—100.0% | $1,715,418 |
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, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,666,787 | $1,666,787 | |
Money Market Mutual Fund | 31,261 | 31,261 | |
Total Investments | $1,698,048 | $1,698,048 |
Shares | Value | ||
Common Stocks—97.4% | |||
Communication Services—12.1% | |||
Auto Trader Group plc | 26,638,364 | $ 202,490 | |
MediaAlpha, Inc. Class A(1)(2) | 3,972,151 | 59,503 | |
Rightmove plc | 24,163,392 | 167,819 | |
429,812 | |||
Consumer Discretionary—16.7% | |||
Dream Finders Homes, Inc. Class A(1)(2)(3) | 3,678,552 | 48,741 | |
Fox Factory Holding Corp.(1)(2) | 2,489,201 | 302,114 | |
Holley, Inc.(1)(2) | 10,610,230 | 29,072 | |
Ollie’s Bargain Outlet Holdings, Inc.(2) | 1,497,885 | 86,788 | |
Revolve Group, Inc. Class A(1)(2) | 4,710,701 | 123,891 | |
590,606 | |||
Consumer Staples—2.5% | |||
Grocery Outlet Holding Corp.(2) | 2,081,022 | 58,809 | |
PriceSmart, Inc. | 428,298 | 30,615 | |
89,424 | |||
Financials—29.8% | |||
FactSet Research Systems, Inc. | 254,090 | 105,470 | |
Goosehead Insurance, Inc. Class A(1)(2) | 1,443,476 | 75,349 | |
Interactive Brokers Group, Inc. Class A | 2,058,856 | 169,979 | |
MarketAxess Holdings, Inc. | 405,852 | 158,806 | |
Morningstar, Inc. | 626,742 | 127,247 | |
Oportun Financial Corp.(2) | 1,462,554 | 5,646 | |
Ryan Specialty Holdings, Inc. Class A(1)(2) | 6,952,150 | 279,755 | |
ServisFirst Bancshares, Inc. | 2,478,065 | 135,377 | |
1,057,629 | |||
Shares | Value | ||
Health Care—6.3% | |||
Mesa Laboratories, Inc. | 85,353 | $ 14,914 | |
National Research Corp.(1) | 2,409,518 | 104,838 | |
U.S. Physical Therapy, Inc.(1) | 1,044,500 | 102,267 | |
222,019 | |||
Industrials—12.2% | |||
AAON, Inc. | 2,266,900 | 219,186 | |
HEICO Corp. Class A | 911,883 | 123,925 | |
Omega Flex, Inc.(1) | 806,308 | 89,855 | |
432,966 | |||
Information Technology—17.8% | |||
Aspen Technology, Inc.(2) | 419,668 | 96,049 | |
BILL Holdings, Inc.(2) | 1,423,005 | 115,463 | |
Blackline, Inc.(2) | 1,542,883 | 103,604 | |
nCino, Inc.(2) | 4,710,977 | 116,738 | |
NVE Corp.(1) | 245,690 | 20,390 | |
Olo, Inc. Class A(1)(2) | 8,407,821 | 68,608 | |
SPS Commerce, Inc.(2) | 720,090 | 109,670 | |
630,522 | |||
Total Common Stocks (Identified Cost $2,333,522) | 3,452,978 | ||
Total Long-Term Investments—97.4% (Identified Cost $2,333,522) | 3,452,978 | ||
Short-Term Investment—1.6% | |||
Money Market Mutual Fund—1.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(4) | 58,685,819 | 58,686 | |
Total Short-Term Investment (Identified Cost $58,686) | 58,686 | ||
Shares | Value | ||
Securities Lending Collateral—0.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(4)(5) | 396,360 | $ 396 | |
Total Securities Lending Collateral (Identified Cost $396) | 396 | ||
TOTAL INVESTMENTS—99.0% (Identified Cost $2,392,604) | $3,512,060 | ||
Other assets and liabilities, net—1.0% | 34,088 | ||
NET ASSETS—100.0% | $3,546,148 |
Footnote Legend: | |
(1) | Affiliated investment. 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 | 89% |
United Kingdom | 11 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $3,452,978 | $3,452,978 | |
Money Market Mutual Fund | 58,686 | 58,686 | |
Securities Lending Collateral | 396 | 396 | |
Total Investments | $3,512,060 | $3,512,060 |
Shares | Value | ||
Common Stocks—110.0% | |||
Consumer Discretionary—16.7% | |||
Cheesecake Factory, Inc. (The) | 947,215 | $ 33,200 | |
Latham Group, Inc.(1) | 1,654,025 | 4,730 | |
Leslie’s, Inc.(1) | 2,678,158 | 29,487 | |
SiteOne Landscape Supply, Inc.(1) | 222,068 | 30,394 | |
Thor Industries, Inc. | 418,343 | 33,317 | |
131,128 | |||
Consumer Staples—7.7% | |||
National Beverage Corp.(1) | 643,717 | 33,937 | |
WD-40 Co. | 149,451 | 26,610 | |
60,547 | |||
Financials—29.3% | |||
Bank of Hawaii Corp. | 431,715 | 22,484 | |
EVERTEC, Inc. | 1,032,499 | 34,847 | |
First Financial Bankshares, Inc. | 351,523 | 11,214 | |
Houlihan Lokey, Inc. Class A | 453,515 | 39,678 | |
Jack Henry & Associates, Inc. | 103,645 | 15,621 | |
Lakeland Financial Corp. | 233,926 | 14,653 | |
Primerica, Inc. | 179,435 | 30,906 | |
RLI Corp. | 262,164 | 34,844 | |
Stock Yards Bancorp, Inc. | 459,456 | 25,334 | |
229,581 | |||
Health Care—3.7% | |||
Azenta, Inc.(1) | 641,415 | 28,620 | |
Industrials—39.0% | |||
Albany International Corp. Class A | 274,572 | 24,536 |
Shares | Value | ||
Industrials—continued | |||
Armstrong World Industries, Inc. | 353,620 | $ 25,192 | |
Construction Partners, Inc. Class A(1) | 1,044,353 | 28,135 | |
Graco, Inc. | 202,573 | 14,790 | |
Hillman Solutions Corp.(1) | 4,191,170 | 35,290 | |
John Bean Technologies Corp. | 197,048 | 21,535 | |
Landstar System, Inc. | 201,938 | 36,199 | |
RBC Bearings, Inc.(1) | 157,255 | 36,598 | |
UniFirst Corp. | 173,302 | 30,541 | |
Watsco, Inc. | 164,875 | 52,456 | |
305,272 | |||
Information Technology—3.7% | |||
American Software, Inc. Class A | 806,034 | 10,164 | |
Badger Meter, Inc. | 151,469 | 18,452 | |
28,616 | |||
Materials—6.0% | |||
HB Fuller Co. | 331,500 | 22,691 | |
Scotts Miracle-Gro Co. (The) | 342,813 | 23,908 | |
46,599 | |||
Real Estate—3.9% | |||
Getty Realty Corp. | 847,334 | 30,530 | |
Total Common Stocks (Identified Cost $646,498) | 860,893 | ||
Total Long-Term Investments—110.0% (Identified Cost $646,498) | 860,893 | ||
Shares | Value | ||
Short-Term Investment—1.4% | |||
Money Market Mutual Fund—1.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(2) | 11,449,856 | $ 11,450 | |
Total Short-Term Investment (Identified Cost $11,450) | 11,450 | ||
TOTAL INVESTMENTS—111.4% (Identified Cost $657,948) | $872,343 | ||
Other assets and liabilities, net—(11.4)% | (89,594) | ||
NET ASSETS—100.0% | $782,749 |
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, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $860,893 | $860,893 | |
Money Market Mutual Fund | 11,450 | 11,450 | |
Total Investments | $872,343 | $872,343 |
Shares | Value | ||
Common Stocks—94.3% | |||
Consumer Discretionary—15.7% | |||
Bright Horizons Family Solutions, Inc.(1) | 316,018 | $ 24,330 | |
Choice Hotels International, Inc. | 32,679 | 3,830 | |
Pool Corp. | 152,488 | 52,218 | |
Rollins, Inc. | 641,838 | 24,088 | |
SiteOne Landscape Supply, Inc.(1) | 303,450 | 41,533 | |
Thor Industries, Inc. | 431,977 | 34,403 | |
180,402 | |||
Financials—10.6% | |||
Berkley (W.R.) Corp. | 620,099 | 38,608 | |
Interactive Brokers Group, Inc. Class A | 518,629 | 42,818 | |
LPL Financial Holdings, Inc. | 199,487 | 40,376 | |
121,802 | |||
Health Care—11.1% | |||
Charles River Laboratories International, Inc.(1) | 198,444 | 40,050 | |
Chemed Corp. | 58,778 | 31,608 | |
Cooper Cos., Inc. (The) | 148,620 | 55,489 | |
127,147 | |||
Industrials—24.1% | |||
Allegion plc | 291,185 | 31,078 | |
Equifax, Inc. | 189,272 | 38,392 | |
Exponent, Inc. | 388,648 | 38,744 | |
Fair Isaac Corp.(1) | 46,947 | 32,989 | |
Lennox International, Inc. | 126,770 | 31,855 |
Shares | Value | ||
Industrials—continued | |||
Nordson Corp. | 201,350 | $ 44,752 | |
Saia, Inc.(1) | 84,802 | 23,073 | |
Watsco, Inc. | 111,086 | 35,343 | |
276,226 | |||
Information Technology—30.4% | |||
ANSYS, Inc.(1) | 141,744 | 47,172 | |
Aspen Technology, Inc.(1) | 192,787 | 44,123 | |
Bentley Systems, Inc. Class B | 1,262,681 | 54,283 | |
Dolby Laboratories, Inc. Class A | 460,465 | 39,333 | |
Jack Henry & Associates, Inc. | 248,387 | 37,437 | |
Teledyne Technologies, Inc.(1) | 83,706 | 37,447 | |
Teradyne, Inc. | 413,961 | 44,505 | |
Zebra Technologies Corp. Class A(1) | 142,415 | 45,288 | |
349,588 | |||
Materials—2.4% | |||
Scotts Miracle-Gro Co. (The) | 388,105 | 27,066 | |
Total Common Stocks (Identified Cost $1,025,739) | 1,082,231 | ||
Total Long-Term Investments—94.3% (Identified Cost $1,025,739) | 1,082,231 | ||
Shares | Value | ||
Short-Term Investment—4.6% | |||
Money Market Mutual Fund—4.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(2) | 53,114,280 | $ 53,114 | |
Total Short-Term Investment (Identified Cost $53,114) | 53,114 | ||
TOTAL INVESTMENTS—98.9% (Identified Cost $1,078,853) | $1,135,345 | ||
Other assets and liabilities, net—1.1% | 13,164 | ||
NET ASSETS—100.0% | $1,148,509 |
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, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,082,231 | $1,082,231 | |
Money Market Mutual Fund | 53,114 | 53,114 | |
Total Investments | $1,135,345 | $1,135,345 |
Shares | Value | ||
Common Stocks—90.4% | |||
Communication Services—4.2% | |||
Rightmove plc Unsponsored ADR | 26,648 | $ 370 | |
Consumer Discretionary—5.4% | |||
Ollie’s Bargain Outlet Holdings, Inc.(1) | 3,695 | 214 | |
SiteOne Landscape Supply, Inc.(1) | 1,896 | 260 | |
474 | |||
Consumer Staples—3.9% | |||
Lamb Weston Holdings, Inc. | 3,249 | 340 | |
Financials—12.7% | |||
FactSet Research Systems, Inc. | 785 | 326 | |
MarketAxess Holdings, Inc. | 780 | 305 | |
Ryan Specialty Holdings, Inc. Class A(1) | 11,841 | 476 | |
1,107 | |||
Health Care—20.4% | |||
Atrion Corp. | 419 | 263 | |
Azenta, Inc.(1) | 3,532 | 158 | |
Cooper Cos., Inc. (The) | 589 | 220 | |
HealthEquity, Inc.(1) | 5,126 | 301 | |
Silk Road Medical, Inc.(1) | 9,162 | 358 | |
West Pharmaceutical Services, Inc. | 1,377 | 477 | |
1,777 | |||
Industrials—20.8% | |||
Copart, Inc.(1) | 6,203 | 467 | |
Fair Isaac Corp.(1) | 554 | 389 | |
HEICO Corp. Class A | 3,128 | 425 | |
Saia, Inc.(1) | 306 | 83 | |
TransUnion | 3,053 | 190 |
Shares | Value | ||
Industrials—continued | |||
Verisk Analytics, Inc. Class A | 1,369 | $ 263 | |
1,817 | |||
Information Technology—23.0% | |||
Bentley Systems, Inc. Class B | 8,751 | 376 | |
Clearwater Analytics Holdings, Inc. Class A (1) | 14,061 | 224 | |
Copperleaf Technologies, Inc.(1) | 47,647 | 194 | |
Jack Henry & Associates, Inc. | 1,852 | 279 | |
nCino, Inc.(1) | 10,285 | 255 | |
Teledyne Technologies, Inc.(1) | 816 | 365 | |
Tyler Technologies, Inc.(1) | 867 | 308 | |
2,001 | |||
Total Common Stocks (Identified Cost $8,064) | 7,886 | ||
Total Long-Term Investments—90.4% (Identified Cost $8,064) | 7,886 | ||
Short-Term Investment—6.7% | |||
Money Market Mutual Fund—6.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(2) | 583,787 | 584 | |
Total Short-Term Investment (Identified Cost $584) | 584 | ||
TOTAL INVESTMENTS—97.1% (Identified Cost $8,648) | $8,470 | ||
Other assets and liabilities, net—2.9% | 251 | ||
NET ASSETS—100.0% | $8,721 |
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 | 93% |
United Kingdom | 5 |
Canada | 2 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $7,886 | $7,886 | |
Money Market Mutual Fund | 584 | 584 | |
Total Investments | $8,470 | $8,470 |
Shares | Value | ||
Common Stocks—95.1% | |||
Consumer Discretionary—12.1% | |||
Cheesecake Factory, Inc. (The) | 4,026 | $ 141 | |
Gentex Corp. | 7,076 | 199 | |
Leslie’s, Inc.(1) | 12,283 | 135 | |
Thor Industries, Inc. | 2,371 | 189 | |
664 | |||
Consumer Staples—6.4% | |||
National Beverage Corp.(1) | 3,713 | 196 | |
WD-40 Co. | 862 | 153 | |
349 | |||
Financials—14.0% | |||
Bank of Hawaii Corp. | 2,405 | 125 | |
Berkley (W.R.) Corp. | 4,076 | 254 | |
Broadridge Financial Solutions, Inc. | 1,332 | 195 | |
LPL Financial Holdings, Inc. | 954 | 193 | |
767 | |||
Health Care—2.3% | |||
CorVel Corp.(1) | 655 | 125 | |
Industrials—29.5% | |||
Armstrong World Industries, Inc. | 1,528 | 109 | |
Graco, Inc. | 2,818 | 206 | |
John Bean Technologies Corp. | 1,173 | 128 | |
Landstar System, Inc. | 1,256 | 225 | |
Lennox International, Inc. | 607 | 152 | |
Oshkosh Corp. | 1,510 | 126 | |
RBC Bearings, Inc.(1) | 963 | 224 | |
Toro Co. (The) | 1,995 | 222 |
Shares | Value | ||
Industrials—continued | |||
TransUnion | 3,616 | $ 225 | |
1,617 | |||
Information Technology—19.2% | |||
American Software, Inc. Class A | 6,132 | 77 | |
CDW Corp. | 660 | 128 | |
Dolby Laboratories, Inc. Class A | 2,573 | 220 | |
Jack Henry & Associates, Inc. | 1,371 | 207 | |
Teradyne, Inc. | 1,663 | 179 | |
Zebra Technologies Corp. Class A(1) | 762 | 242 | |
1,053 | |||
Materials—5.2% | |||
HB Fuller Co. | 2,124 | 146 | |
Scotts Miracle-Gro Co. (The) | 1,984 | 138 | |
284 | |||
Real Estate—6.4% | |||
Lamar Advertising Co. Class A | 1,118 | 112 | |
VICI Properties, Inc. Class A | 7,313 | 238 | |
350 | |||
Total Common Stocks (Identified Cost $5,673) | 5,209 | ||
Total Long-Term Investments—95.1% (Identified Cost $5,673) | 5,209 | ||
Shares | Value | ||
Short-Term Investment—4.1% | |||
Money Market Mutual Fund—4.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(2) | 227,045 | $ 227 | |
Total Short-Term Investment (Identified Cost $227) | 227 | ||
TOTAL INVESTMENTS—99.2% (Identified Cost $5,900) | $5,436 | ||
Other assets and liabilities, net—0.8% | 43 | ||
NET ASSETS—100.0% | $5,479 |
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, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $5,209 | $5,209 | |
Money Market Mutual Fund | 227 | 227 | |
Total Investments | $5,436 | $5,436 |
Shares | Value | ||
Common Stocks—97.5% | |||
Communication Services—8.2% | |||
Kakao Corp. | 2,535 | $ 120 | |
NAVER Corp. | 1,069 | 167 | |
Tencent Holdings Ltd. | 2,532 | 124 | |
411 | |||
Consumer Discretionary—23.1% | |||
adidas AG | 830 | 147 | |
Fast Retailing Co., Ltd. | 1,185 | 259 | |
H World Group Ltd.(1) | 32,530 | 159 | |
JD.com, Inc. Class A | 6,386 | 139 | |
Meituan Class B(1) | 253 | 5 | |
MercadoLibre, Inc.(1) | 179 | 236 | |
Yum China Holdings, Inc. | 3,514 | 220 | |
1,165 | |||
Consumer Staples—35.5% | |||
Budweiser Brewing Co. APAC Ltd. | 59,472 | 181 | |
China Mengniu Dairy Co., Ltd.(1) | 36,564 | 150 | |
CP ALL PCL Foreign Shares | 143,458 | 260 | |
Fomento Economico Mexicano SAB de C.V. Sponsored ADR | 2,686 | 256 | |
Heineken N.V. | 1,449 | 156 | |
L’Oreal S.A. | 387 | 173 | |
Raia Drogasil S.A. | 28,027 | 135 | |
Unilever plc Sponsored ADR | 3,047 | 158 | |
Wal-Mart de Mexico SAB de C.V. | 80,079 | 320 | |
1,789 | |||
Financials—21.1% | |||
AIA Group Ltd. | 18,525 | 194 | |
Bank Central Asia Tbk PT | 392,482 | 230 | |
HDFC Bank Ltd. ADR | 4,857 | 324 | |
Sanlam Ltd.(2) | 42,181 | 134 |
Shares | Value | ||
Financials—continued | |||
XP, Inc. Class A(1) | 15,375 | $ 182 | |
1,064 | |||
Health Care—3.5% | |||
Shandong Weigao Group Medical Polymer Co., Ltd. Class H | 112,208 | 179 | |
Information Technology—4.3% | |||
Infosys Ltd. Sponsored ADR | 12,378 | 216 | |
Materials—1.8% | |||
Asian Paints Ltd. | 2,736 | 92 | |
Total Common Stocks (Identified Cost $4,655) | 4,916 | ||
Total Long-Term Investments—97.5% (Identified Cost $4,655) | 4,916 | ||
Securities Lending Collateral—2.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(3)(4) | 138,479 | 138 | |
Total Securities Lending Collateral (Identified Cost $138) | 138 | ||
TOTAL INVESTMENTS—100.2% (Identified Cost $4,793) | $5,054 | ||
Other assets and liabilities, net—(0.2)% | (11) | ||
NET ASSETS—100.0% | $5,043 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of security is on loan. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(4) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
China | 16% |
India | 13 |
Mexico | 11 |
Hong Kong | 10 |
Brazil | 6 |
South Korea | 6 |
Thailand | 5 |
Other | 33 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $4,916 | $2,437 | $2,479 | ||
Securities Lending Collateral | 138 | 138 | — | ||
Total Investments | $5,054 | $2,575 | $2,479 |
Shares | Value | ||
Common Stocks—98.5% | |||
Communication Services—3.1% | |||
Alphabet, Inc. Class C(1) | 33,170 | $ 3,450 | |
Consumer Discretionary—10.1% | |||
Amazon.com, Inc.(1) | 45,490 | 4,699 | |
MercadoLibre, Inc.(1) | 2,423 | 3,193 | |
Yum! Brands, Inc. | 24,817 | 3,278 | |
11,170 | |||
Consumer Staples—8.0% | |||
China Mengniu Dairy Co., Ltd.(1) | 517,720 | 2,122 | |
CP ALL PCL Foreign Shares | 1,791,800 | 3,254 | |
Heineken N.V. | 32,683 | 3,511 | |
8,887 | |||
Financials—18.8% | |||
AIA Group Ltd. | 275,290 | 2,887 | |
Aon plc Class A | 10,535 | 3,322 | |
FleetCor Technologies, Inc.(1) | 10,258 | 2,163 | |
HDFC Bank Ltd. ADR | 68,987 | 4,599 | |
MSCI, Inc. Class A | 7,220 | 4,041 | |
S&P Global, Inc. | 10,859 | 3,744 | |
20,756 | |||
Health Care—19.9% | |||
Alcon, Inc. | 47,216 | 3,330 | |
Danaher Corp. | 12,534 | 3,159 | |
ICON plc ADR(1) | 14,276 | 3,049 | |
Intuitive Surgical, Inc.(1) | 13,797 | 3,525 | |
Medtronic plc | 33,251 | 2,681 | |
Novo Nordisk A/S Class B | 19,763 | 3,124 | |
STERIS plc | 15,970 | 3,055 | |
21,923 | |||
Industrials—2.4% | |||
Canadian Pacific Railway Ltd.(2) | 34,015 | 2,617 | |
Information Technology—31.2% | |||
Adobe, Inc. (1) | 6,044 | 2,329 | |
Atlassian Corp. Class A(1) | 12,770 | 2,186 | |
Autodesk, Inc.(1) | 15,612 | 3,250 | |
Infosys Ltd. Sponsored ADR | 176,189 | 3,073 | |
Intuit, Inc. | 7,581 | 3,380 | |
Microsoft Corp. | 18,898 | 5,448 |
Shares | Value | ||
Information Technology—continued | |||
Salesforce, Inc.(1) | 14,222 | $ 2,841 | |
SAP SE Sponsored ADR | 20,046 | 2,537 | |
Visa, Inc. Class A | 22,809 | 5,142 | |
Workday, Inc. Class A(1) | 20,523 | 4,239 | |
34,425 | |||
Materials—2.4% | |||
Linde plc | 7,519 | 2,672 | |
Real Estate—2.6% | |||
Equinix, Inc. | 3,989 | 2,876 | |
Total Common Stocks (Identified Cost $87,078) | 108,776 | ||
Total Long-Term Investments—98.5% (Identified Cost $87,078) | 108,776 | ||
Short-Term Investment—0.5% | |||
Money Market Mutual Fund—0.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(3) | 507,627 | 508 | |
Total Short-Term Investment (Identified Cost $508) | �� 508 | ||
Securities Lending Collateral—2.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(3)(4) | 2,583,385 | 2,583 | |
Total Securities Lending Collateral (Identified Cost $2,583) | 2,583 | ||
TOTAL INVESTMENTS—101.3% (Identified Cost $90,169) | $111,867 | ||
Other assets and liabilities, net—(1.3)% | (1,477) | ||
NET ASSETS—100.0% | $110,390 |
Abbreviations: | |
ADR | American Depositary Receipt |
MSCI | Morgan Stanley Capital International |
S&P | Standard & Poor’s |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of security is on loan. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(4) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 61% |
India | 7 |
Ireland | 5 |
Hong Kong | 5 |
Netherlands | 3 |
Switzerland | 3 |
United Kingdom | 3 |
Other | 13 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $108,776 | $100,513 | $8,263 | ||
Money Market Mutual Fund | 508 | 508 | — | ||
Securities Lending Collateral | 2,583 | 2,583 | — | ||
Total Investments | $111,867 | $103,604 | $8,263 |
Shares | Value | ||
Common Stocks—97.2% | |||
Communication Services—9.5% | |||
Kakao Corp. | 4,193 | $ 199 | |
Match Group, Inc.(1) | 3,492 | 134 | |
NAVER Corp. | 918 | 144 | |
Spotify Technology S.A.(1) | 1,065 | 142 | |
619 | |||
Consumer Discretionary—10.2% | |||
H World Group Ltd.(1) | 25,883 | 127 | |
Lululemon Athletica, Inc.(1) | 405 | 147 | |
MercadoLibre, Inc.(1) | 153 | 202 | |
Yum! Brands, Inc. | 1,450 | 191 | |
667 | |||
Consumer Staples—15.3% | |||
China Mengniu Dairy Co., Ltd.(1) | 43,338 | 178 | |
CP ALL PCL Foreign Shares | 138,034 | 251 | |
Fomento Economico Mexicano SAB de C.V. Sponsored ADR | 2,474 | 235 | |
Haleon plc ADR | 23,486 | 191 | |
Raia Drogasil S.A. | 30,040 | 144 | |
999 | |||
Financials—14.3% | |||
Adyen N.V.(1) | 128 | 203 | |
FleetCor Technologies, Inc.(1) | 1,295 | 273 | |
MSCI, Inc. Class A | 510 | 285 | |
XP, Inc. Class A(1) | 14,718 | 175 | |
936 | |||
Health Care—20.7% | |||
Alcon, Inc. | 2,875 | 203 | |
ICON plc ADR(1) | 854 | 182 | |
IDEXX Laboratories, Inc.(1) | 329 | 165 | |
IQVIA Holdings, Inc.(1) | 928 | 185 |
Shares | Value | ||
Health Care—continued | |||
Shandong Weigao Group Medical Polymer Co., Ltd. Class H | 131,970 | $ 211 | |
STERIS plc | 1,064 | 203 | |
Veeva Systems, Inc. Class A(1) | 1,090 | 200 | |
1,349 | |||
Industrials—2.9% | |||
CoStar Group, Inc.(1) | 2,774 | 191 | |
Information Technology—15.2% | |||
Atlassian Corp. Class A(1) | 1,450 | 248 | |
Autodesk, Inc.(1) | 1,276 | 266 | |
EPAM Systems, Inc.(1) | 657 | 196 | |
Workday, Inc. Class A(1) | 1,376 | 284 | |
994 | |||
Materials—6.0% | |||
Ball Corp. | 3,461 | 191 | |
Ecolab, Inc. | 1,207 | 200 | |
391 | |||
Real Estate—3.1% | |||
Equinix, Inc. | 277 | 200 | |
Total Common Stocks (Identified Cost $6,955) | 6,346 | ||
Total Long-Term Investments—97.2% (Identified Cost $6,955) | 6,346 | ||
TOTAL INVESTMENTS—97.2% (Identified Cost $6,955) | $6,346 | ||
Other assets and liabilities, net—2.8% | 186 | ||
NET ASSETS—100.0% | $6,532 |
Abbreviations: | |
ADR | American Depositary Receipt |
MSCI | Morgan Stanley Capital International |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
United States | 51% |
Brazil | 8 |
Ireland | 6 |
South Korea | 6 |
China | 5 |
Thailand | 4 |
Mexico | 4 |
Other | 16 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $6,346 | $5,236 | $1,110 | ||
Total Investments | $6,346 | $5,236 | $1,110 |
Par Value | Value | ||
U.S. Government Securities—5.5% | |||
U.S. Treasury Bonds | |||
2.375%, 2/15/42 | $ 2,780 | $ 2,236 | |
3.250%, 5/15/42 | 1,195 | 1,102 | |
3.000%, 8/15/48 | 7,650 | 6,680 | |
2.000%, 2/15/50 | 2,045 | 1,449 | |
1.375%, 8/15/50 | 12,745 | 7,653 | |
1.875%, 2/15/51 | 5,255 | 3,589 | |
2.000%, 8/15/51 | 440 | 310 | |
2.250%, 2/15/52 | 35 | 26 | |
2.875%, 5/15/52 | 2,335 | 1,998 | |
3.625%, 2/15/53 | 425 | 422 | |
U.S. Treasury Notes | |||
0.125%, 8/31/23 | 1,080 | 1,060 | |
2.500%, 4/30/24 | 1,190 | 1,164 | |
0.250%, 5/31/25 | 1,610 | 1,486 | |
1.125%, 2/15/31 | 2,565 | 2,160 | |
1.625%, 5/15/31 | 900 | 782 | |
1.250%, 8/15/31 | 1,170 | 981 | |
1.375%, 11/15/31 | 830 | 701 | |
Total U.S. Government Securities (Identified Cost $42,449) | 33,799 | ||
Municipal Bonds—1.7% | |||
California—0.1% | |||
Santa Clara Valley Water District Series B, Taxable 2.967%, 6/1/50 | 510 | 369 | |
University of California, Series B-A, Taxable 4.428%, 5/15/48 | 380 | 342 | |
711 | |||
Florida—0.3% | |||
Broward County, Water & Sewer Utility Revenue Series A 4.000%, 10/1/47 | 2,115 | 2,071 | |
Idaho—0.1% | |||
Idaho Health Facilities Authority St. Luke’s Health System Revenue Taxable 5.020%, 3/1/48 | 450 | 432 | |
Illinois—0.0% | |||
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43 | 70 | 55 |
Par Value | Value | ||
New York—0.9% | |||
Metropolitan Transportation Authority Revenue Taxable Series A 5.000%, 11/15/45 | $ 2,555 | $ 2,819 | |
New York State Environmental Facilities Corp. Revenue Taxable 5.000%, 6/15/51 | 2,130 | 2,359 | |
5,178 | |||
Texas—0.2% | |||
City of San Antonio, General Obligation Taxable 1.963%, 2/1/33 | 530 | 428 | |
State of Texas, General Obligation Taxable 3.211%, 4/1/44 | 180 | 150 | |
Texas Public Finance Authority Revenue Taxable 2.140%, 2/1/35 | 585 | 453 | |
Texas Transportation Commission State Highway Fund Revenue Taxable 4.000%, 10/1/33 | 160 | 156 | |
1,187 | |||
Virginia—0.1% | |||
City of Bristol, General Obligation Taxable (State AID Withholding Insured) 4.210%, 1/1/42 | 640 | 577 | |
Total Municipal Bonds (Identified Cost $11,226) | 10,211 | ||
Foreign Government Securities—0.4% | |||
Bolivarian Republic of Venezuela | |||
9.375%, 1/13/34(1) | 130 | ��14 | |
RegS 8.250%, 10/13/24(1)(2) | 40 | 4 | |
RegS 7.650%, 4/21/25(1)(2) | 320 | 35 | |
Dominican Republic 144A 4.875%, 9/23/32(3) | 820 | 695 | |
Emirate of Dubai Government International Bonds RegS 5.250%, 1/30/43(2) | 540 | 496 |
Par Value | Value | ||
Foreign Government Securities—continued | |||
Republic of Serbia 144A 6.500%, 9/26/33(3) | $ 235 | $ 233 | |
United Mexican States | |||
2.659%, 5/24/31 | 645 | 540 | |
6.350%, 2/9/35 | 695 | 740 | |
Total Foreign Government Securities (Identified Cost $3,277) | 2,757 | ||
Mortgage-Backed Securities—7.6% | |||
Agency—0.1% | |||
Federal Home Loan Mortgage Corporation | |||
Pool #A46224 5.000%, 7/1/35 | 44 | 45 | |
Pool #A62213 6.000%, 6/1/37 | 82 | 85 | |
Federal National Mortgage Association | |||
Pool #254549 6.000%, 12/1/32 | 13 | 13 | |
Pool #310041 6.500%, 5/1/37 | 81 | 88 | |
Pool #735061 6.000%, 11/1/34 | 97 | 100 | |
Pool #880117 5.500%, 4/1/36 | 3 | 3 | |
Pool #909092 6.000%, 9/1/37 | 5 | 6 | |
Pool #909175 5.500%, 4/1/38 | 54 | 56 | |
Pool #909220 6.000%, 8/1/38 | 58 | 60 | |
Pool #929625 5.500%, 6/1/38 | 70 | 73 | |
Pool #938574 5.500%, 9/1/36 | 57 | 59 | |
Pool #972569 5.000%, 3/1/38 | 66 | 67 | |
655 | |||
Non-Agency—7.5% | |||
Ajax Mortgage Loan Trust | |||
2019-D, A1 144A 2.956%, 9/25/65(3)(4) | 377 | 352 | |
2021-A, A1 144A 1.065%, 9/25/65(3)(4) | 428 | 377 | |
American Homes 4 Rent Trust | |||
2014-SFR2, C 144A 4.705%, 10/17/36(3) | 1,050 | 1,034 | |
2015-SFR2, C 144A 4.691%, 10/17/52(3) | 335 | 328 |
Par Value | Value | ||
Non-Agency—continued | |||
AMSR Trust | |||
2020-SFR1, B 144A 2.120%, 4/17/37(3) | $ 530 | $ 495 | |
2020-SFR2, C 144A 2.533%, 7/17/37(3) | 750 | 701 | |
2020-SFR2, D 144A 3.282%, 7/17/37(3) | 770 | 720 | |
Angel Oak Mortgage Trust 2020-4, A1 144A 1.469%, 6/25/65(3)(4) | 396 | 356 | |
Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A 2.068%, 5/25/50(3)(4) | 540 | 516 | |
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(3)(4) | 139 | 130 | |
2019-2, A1 144A 3.347%, 4/25/49(3)(4) | 788 | 737 | |
2022-1, A1B 144A 3.269%, 12/25/56(3)(4) | 670 | 592 | |
BPR Trust 2021-KEN, A (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.364%) 144A 6.191%, 2/15/29(3)(4) | 920 | 899 | |
BX Commercial Mortgage Trust 2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A 6.788%, 2/15/39(3)(4) | 246 | 230 | |
BX Trust 2019-OC11, D 144A 3.944%, 12/9/41(3)(4) | 1,379 | 1,138 | |
Cascade MH Asset Trust 2021-MH1, A1 144A 1.753%, 2/25/46(3) | 1,013 | 869 | |
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(3)(4) | 145 | 123 | |
2016-SH2, M2 144A 3.750%, 12/25/45(3)(4) | 320 | 280 | |
CHL Mortgage Pass-Through Trust 2004-6, 1A2 3.066%, 5/25/34(4) | 117 | 104 | |
CIM Trust 2022-R2, A1 144A 3.750%, 12/25/61(3)(4) | 216 | 202 | |
Citigroup Mortgage Loan Trust, Inc. 2018-RP1, A1 144A 3.000%, 9/25/64(3)(4) | 309 | 294 | |
COLT Mortgage Loan Trust 2022-5, A1 144A 4.550%, 4/25/67(3)(4) | 541 | 522 | |
COMM Mortgage Trust 2020-CBM, B 144A 3.099%, 2/10/37(3) | 490 | 450 |
Par Value | Value | ||
Non-Agency—continued | |||
CoreVest American Finance Issuer LLC 2021-RTL1, A1 144A 2.239%, 3/28/29(3)(4) | $ 290 | $ 265 | |
CoreVest American Finance Trust | |||
2019-3, C 144A 3.265%, 10/15/52(3) | 295 | 249 | |
2020-1, A1 144A 1.832%, 3/15/50(3) | 213 | 201 | |
2020-3, A 144A 1.358%, 8/15/53(3) | 422 | 381 | |
2020-4, A 144A 1.174%, 12/15/52(3) | 502 | 453 | |
Credit Suisse Mortgage Capital Trust | |||
2017-RPL1, A1 144A 2.750%, 7/25/57(3)(4) | 358 | 341 | |
2020-NQM1, A1 144A 1.208%, 5/25/65(3)(4) | 76 | 69 | |
2020-RPL4, A1 144A 2.000%, 1/25/60(3)(4) | 288 | 250 | |
2021-NQM1, A1 144A 0.809%, 5/25/65(3)(4) | 130 | 110 | |
Dominion Mortgage Trust 2021-RTL1, A1 144A 2.487%, 7/25/27(3)(4) | 875 | 792 | |
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(3)(4) | 36 | 34 | |
2022-1, A1 144A 2.206%, 1/25/67(3)(4) | 387 | 325 | |
FirstKey Homes Trust | |||
2020-SFR2, B 144A 1.567%, 10/19/37(3) | 645 | 582 | |
2021-SFR1, D 144A 2.189%, 8/17/38(3) | 880 | 757 | |
Flagstar Mortgage Trust 2017-1, 1A3 144A 3.500%, 3/25/47(3)(4) | 85 | 76 | |
Galton Funding Mortgage Trust | |||
2017-1, A21 144A 3.500%, 7/25/56(3)(4) | 14 | 13 | |
2018-1, A23 144A 3.500%, 11/25/57(3)(4) | 21 | 19 | |
GCAT Trust 2020-NQM1, A1 144A 2.247%, 1/25/60(3)(4) | 23 | 22 | |
GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 5.484%, 2/15/38(3)(4) | 1,080 | 989 | |
Goldman Sachs Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53(4) | 565 | 473 |
Par Value | Value | ||
Non-Agency—continued | |||
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(3) | $ 500 | $ 462 | |
Imperial Fund Mortgage Trust 2021-NQM4, A1 144A 2.091%, 1/25/57(3)(4) | 1,137 | 957 | |
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 7.316%, 8/15/39(3)(4) | 590 | 585 | |
JPMorgan Chase Mortgage Trust | |||
2014-1, 2A12 144A 3.500%, 1/25/44(3)(4) | 14 | 13 | |
2014-2, 2A2 144A 3.500%, 6/25/29(3)(4) | 18 | 18 | |
2017-3, 2A2 144A 2.500%, 8/25/47(3)(4) | 49 | 42 | |
2017-4, A3 144A 3.500%, 11/25/48(3)(4) | 120 | 110 | |
2017-5, A1 144A 3.300%, 10/26/48(3)(4) | 86 | 83 | |
KKR Industrial Portfolio Trust 2021-KDIP, C (1 month Term SOFR + 1.114%, Cap N/A, Floor 1.114%) 144A 5.942%, 12/15/37(3)(4) | 653 | 623 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 5.484%, 5/15/36(3)(4) | 565 | 560 | |
LHOME Mortgage Trust | |||
2021-RTL1, A1 144A 2.090%, 2/25/26(3)(4) | 480 | 468 | |
2021-RTL2, A1 144A 2.090%, 6/25/26(3)(4) | 295 | 283 | |
MetLife Securitization Trust 2017-1A, M1 144A 3.439%, 4/25/55(3)(4) | 860 | 767 | |
Mill City Mortgage Loan Trust | |||
2017-3, B1 144A 3.250%, 1/25/61(3)(4) | 364 | 303 | |
2019-1, M2 144A 3.500%, 10/25/69(3)(4) | 509 | 443 | |
Morgan Stanley Bank of America Merrill Lynch Trust | |||
2013-C13, AS 4.266%, 11/15/46 | 275 | 270 | |
2015-C22, AS 3.561%, 4/15/48 | 835 | 788 | |
2015-C25, A4 3.372%, 10/15/48 | 590 | 562 |
Par Value | Value | ||
Non-Agency—continued | |||
New Residential Mortgage Loan Trust | |||
2014-1A, A 144A 3.750%, 1/25/54(3)(4) | $ 160 | $ 150 | |
2015-2A, A1 144A 3.750%, 8/25/55(3)(4) | 100 | 93 | |
2016-1A, A1 144A 3.750%, 3/25/56(3)(4) | 46 | 42 | |
2016-3A, B1 144A 4.000%, 9/25/56(3)(4) | 340 | 311 | |
2016-4A, A1 144A 3.750%, 11/25/56(3)(4) | 35 | 32 | |
2016-4A, B1A 144A 4.500%, 11/25/56(3)(4) | 472 | 445 | |
2017-2A, A3 144A 4.000%, 3/25/57(3)(4) | 74 | 70 | |
2019-RPL2, M2 144A 3.750%, 2/25/59(3)(4) | 660 | 565 | |
2020-1A, A1B 144A 3.500%, 10/25/59(3)(4) | 434 | 400 | |
2021-NQ2R, A1 144A 0.941%, 10/25/58(3)(4) | 155 | 139 | |
NLT Trust 2021-INV2, A1 144A 1.162%, 8/25/56(3)(4) | 422 | 344 | |
OBX Trust 2019-INV1, A3 144A 4.500%, 11/25/48(3)(4) | 52 | 50 | |
Palisades Mortgage Loan Trust 2021-RTL1, A1 144A 2.857%, 6/25/26(3)(4) | 430 | 408 | |
Preston Ridge Partners Mortgage LLC | |||
2021-2, A1 144A 2.115%, 3/25/26(3)(4) | 786 | 741 | |
2021-3, A1 144A 1.867%, 4/25/26(3)(4) | 398 | 380 | |
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A 2.240%, 9/27/60(3)(4) | 588 | 558 | |
Progress Residential Trust | |||
2019-SFR3, B 144A 2.571%, 9/17/36(3) | 460 | 441 | |
2021-SFR2, D 144A 2.197%, 4/19/38(3) | 940 | 823 | |
2021-SFR3, D 144A 2.288%, 5/17/26(3) | 450 | 395 | |
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(3)(4) | 231 | 198 | |
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(3)(4) | 252 | 216 | |
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(3)(4) | 39 | 38 |
Par Value | Value | ||
Non-Agency—continued | |||
Sequoia Mortgage Trust 2013-8, B1 3.481%, 6/25/43(4) | $ 60 | $ 57 | |
SG Residential Mortgage Trust 2019-3, A1 144A 2.703%, 9/25/59(3)(4) | 63 | 61 | |
Starwood Mortgage Residential Trust | |||
2020-3, A1 144A 1.486%, 4/25/65(3)(4) | 98 | 91 | |
2021-3, A3 144A 1.518%, 6/25/56(3)(4) | 162 | 130 | |
Towd Point Mortgage Trust | |||
2016-1, M1 144A 3.500%, 2/25/55(3)(4) | 127 | 124 | |
2016-3, M1 144A 3.500%, 4/25/56(3)(4) | 1,080 | 1,058 | |
2016-4, B1 144A 3.931%, 7/25/56(3)(4) | 585 | 541 | |
2017-1, M1 144A 3.750%, 10/25/56(3)(4) | 185 | 173 | |
2018-6, A1B 144A 3.750%, 3/25/58(3)(4) | 420 | 387 | |
2018-6, A2 144A 3.750%, 3/25/58(3)(4) | 1,270 | 1,114 | |
2019-1, A1 144A 3.750%, 3/25/58(3)(4) | 372 | 352 | |
2019-2, A2 144A 3.750%, 12/25/58(3)(4) | 500 | 446 | |
2019-4, A2 144A 3.250%, 10/25/59(3)(4) | 650 | 578 | |
2019-HY2, M1 (1 month LIBOR + 1.600%, Cap N/A, Floor 1.600%) 144A 6.445%, 5/25/58(3)(4) | 215 | 206 | |
2020-MH1, A2 144A 2.500%, 2/25/60(3)(4) | 1,115 | 960 | |
2021-1, A2 144A 2.750%, 11/25/61(3)(4) | 1,265 | 1,021 | |
Tricon American Homes Trust | |||
2019-SFR1, C 144A 3.149%, 3/17/38(3) | 435 | 406 | |
2020-SFR2, D 144A 2.281%, 11/17/39(3) | 880 | 738 | |
Tricon Residential Trust 2021-SFR1, B 144A 2.244%, 7/17/38(3) | 515 | 464 | |
TVC Mortgage Trust | |||
2020-RTL1, A1 144A 3.474%, 9/25/24(3) | 97 | 97 | |
2020-RTL1, M 144A 5.193%, 9/25/24(3)(4) | 510 | 498 | |
VCAT LLC | |||
2021-NPL2, A1 144A 2.115%, 3/27/51(3)(4) | 236 | 223 | |
2021-NPL3, A1 144A 1.743%, 5/25/51(3)(4) | 256 | 237 | |
2021-NPL4, A1 144A 1.868%, 8/25/51(3)(4) | 533 | 494 |
Par Value | Value | ||
Non-Agency—continued | |||
Verus Securitization Trust | |||
2019-4, M1 144A 3.207%, 11/25/59(3)(4) | $ 280 | $ 238 | |
2019-INV2, A1 144A 2.913%, 7/25/59(3)(4) | 72 | 69 | |
2022-4, A1 144A 4.474%, 4/25/67(3)(4) | 421 | 405 | |
2022-5, A1 144A 3.800%, 4/25/67(3)(4) | 802 | 737 | |
2022-7, A1 144A 5.152%, 7/25/67(3)(4) | 665 | 651 | |
Visio Trust | |||
2020-1R, A2 144A 1.567%, 11/25/55(3) | 131 | 118 | |
2021-1R, A1 144A 1.280%, 5/25/56(3) | 226 | 206 | |
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | 675 | 644 | |
45,550 | |||
Total Mortgage-Backed Securities (Identified Cost $50,815) | 46,205 | ||
Asset-Backed Securities—4.3% | |||
Automobiles—2.6% | |||
American Credit Acceptance Receivables Trust 2021-2, C 144A 0.970%, 7/13/27(3) | 589 | 581 | |
AmeriCredit Automobile Receivables Trust 2020-3, C 1.060%, 8/18/26 | 1,245 | 1,168 | |
Carvana Auto Receivables Trust | |||
2019-2A, D 144A 3.280%, 1/15/25(3) | 207 | 206 | |
2019-3A, D 144A 3.040%, 4/15/25(3) | 337 | 334 | |
2020-P1, B 0.920%, 11/9/26 | 775 | 694 | |
2021-N3, D 1.580%, 6/12/28 | 585 | 543 | |
CIG Auto Receivables Trust 2020-1A, E 144A 4.430%, 2/12/27(3) | 545 | 530 | |
CPS Auto Receivables Trust 2020-C, C 144A 1.710%, 8/17/26(3) | 43 | 43 | |
Credit Acceptance Auto Loan Trust | |||
2020-3A, B 144A 1.770%, 12/17/29(3) | 540 | 515 | |
2022-1A, A 144A 4.600%, 6/15/32(3) | 595 | 584 |
Par Value | Value | ||
Automobiles—continued | |||
DT Auto Owner Trust 2023-1A, B 144A 5.190%, 10/16/28(3) | $ 871 | $ 865 | |
Exeter Automobile Receivables Trust | |||
2018-4A, D 144A 4.350%, 9/16/24(3) | 25 | 25 | |
2019-1A, D 144A 4.130%, 12/16/24(3) | 27 | 27 | |
First Investors Auto Owner Trust | |||
2021-1A, C 144A 1.170%, 3/15/27(3) | 790 | 747 | |
2022-1A, C 144A 3.130%, 5/15/28(3) | 685 | 646 | |
Flagship Credit Auto Trust | |||
2020-3, C 144A 1.730%, 9/15/26(3) | 540 | 519 | |
2020-4, C 144A 1.280%, 2/16/27(3) | 965 | 925 | |
Foursight Capital Automobile Receivables Trust | |||
2019-1, E 144A 4.300%, 9/15/25(3) | 745 | 744 | |
2022-1, B 144A 2.150%, 5/17/27(3) | 545 | 510 | |
GLS Auto Receivables Issuer Trust 2020-4A, C 144A 1.140%, 11/17/25(3) | 590 | 582 | |
LAD Auto Receivables Trust 2021-1A, D 144A 3.990%, 11/15/29(3) | 710 | 634 | |
Lendbuzz Securitization Trust 2022-1A, A 144A 4.220%, 5/17/27(3) | 580 | 560 | |
Oscar US Funding XII LLC 2021-1A, A4 144A 1.000%, 4/10/28(3) | 550 | 503 | |
Santander Drive Auto Receivables Trust | |||
2020-4, C 1.010%, 1/15/26 | 522 | 518 | |
2021-3, C 0.950%, 9/15/27 | 880 | 854 | |
2022-7, A2 5.810%, 1/15/26 | 539 | 539 | |
United Auto Credit Securitization Trust | |||
2021-1, C 144A 0.840%, 6/10/26(3) | 132 | 132 | |
2023-1, B 144A 5.910%, 7/10/28(3) | 651 | 647 |
Par Value | Value | ||
Automobiles—continued | |||
Westlake Automobile Receivables Trust 2023-1A, C 144A 5.740%, 8/15/28(3) | $ 650 | $ 652 | |
15,827 | |||
Consumer Loans—0.1% | |||
SoFi Consumer Loan Program Trust 2022-1S, A 144A 6.210%, 4/15/31(3) | 316 | 316 | |
Credit Card—0.1% | |||
Avant Credit Card Master Trust 2021-1A, A 144A 1.370%, 4/15/27(3) | 730 | 679 | |
Other—1.5% | |||
Applebee’s Funding LLC 2023-1A, A2 144A 7.824%, 3/5/53(3) | 500 | 506 | |
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(3) | 13 | 13 | |
2019-A, C 144A 4.010%, 7/16/40(3) | 683 | 625 | |
2020-AA, B 144A 2.790%, 7/17/46(3) | 755 | 660 | |
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(3) | 809 | 709 | |
Bankers Healthcare Group Securitization Trust 2020-A, A 144A 2.560%, 9/17/31(3) | 121 | 118 | |
BHG Securitization Trust 2021-A, A 144A 1.420%, 11/17/33(3) | 445 | 417 | |
Cajun Global LLC 2021-1, A2 144A 3.931%, 11/20/51(3) | 422 | 362 | |
CF Hippolyta Issuer LLC 2020-1, A1 144A 1.690%, 7/15/60(3) | 384 | 348 | |
Dext ABS LLC 2023-1, A2 144A 5.990%, 3/15/32(3) | 423 | 423 | |
Diamond Resorts Owner Trust 2021-1A, A 144A 1.510%, 11/21/33(3) | 223 | 207 | |
Foundation Finance Trust 2021-1A, A 144A 1.270%, 5/15/41(3) | 344 | 306 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(3) | 516 | 479 | |
Mariner Finance Issuance Trust 2020-AA, A 144A 2.190%, 8/21/34(3) | 555 | 531 |
Par Value | Value | ||
Other—continued | |||
MVW LLC 2020-1A, A 144A 1.740%, 10/20/37(3) | $ 450 | $ 413 | |
Navient Private Education Refi Loan Trust 2021-EA, A 144A 0.970%, 12/16/69(3) | 630 | 535 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(3) | 586 | 502 | |
NMEF Funding LLC 2022-A, B 144A 3.350%, 10/16/28(3) | 525 | 494 | |
Octane Receivables Trust 2020-1A, A 144A 1.710%, 2/20/25(3) | 54 | 54 | |
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(3) | 174 | 166 | |
Progress Residential Trust 2021-SFR6, D 144A 2.225%, 7/17/38(3) | 145 | 127 | |
Purchasing Power Funding LLC 2021-A, A 144A 1.570%, 10/15/25(3) | 900 | 880 | |
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(3) | 325 | 305 | |
Westgate Resorts LLC 2020-1A, A 144A 2.713%, 3/20/34(3) | 234 | 228 | |
9,408 | |||
Total Asset-Backed Securities (Identified Cost $27,721) | 26,230 | ||
Corporate Bonds and Notes—12.2% | |||
Communication Services—0.4% | |||
CCO Holdings LLC | |||
144A 6.375%, 9/1/29(3) | 54 | 52 | |
144A 4.750%, 3/1/30(3) | 250 | 217 | |
Level 3 Financing, Inc. 144A 4.250%, 7/1/28(3) | 555 | 313 | |
Sprint Capital Corp. 8.750%, 3/15/32 | 170 | 207 | |
Sprint Spectrum Co. LLC 144A 4.738%, 3/20/25(3) | 200 | 198 | |
Telecomunicaciones Digitales S.A. 144A 4.500%, 1/30/30(3) | 460 | 377 | |
T-Mobile USA, Inc. 5.050%, 7/15/33 | 256 | 257 |
Par Value | Value | ||
Communication Services—continued | |||
Vodafone Group plc 5.625%, 2/10/53 | $ 495 | $ 489 | |
2,110 | |||
Consumer Discretionary—0.4% | |||
Ashtead Capital, Inc. 144A 5.500%, 8/11/32(3) | 255 | 251 | |
Brunswick Corp. 2.400%, 8/18/31 | 537 | 408 | |
Carriage Services, Inc. 144A 4.250%, 5/15/29(3) | 185 | 152 | |
Ford Motor Co. | |||
3.250%, 2/12/32 | 406 | 319 | |
4.750%, 1/15/43 | 265 | 203 | |
MDC Holdings, Inc. 3.966%, 8/6/61 | 350 | 210 | |
PulteGroup, Inc. 6.375%, 5/15/33 | 780 | 814 | |
Scientific Games International, Inc. 144A 7.000%, 5/15/28(3) | 290 | 287 | |
2,644 | |||
Consumer Staples—0.4% | |||
Albertsons Cos., Inc. 144A 6.500%, 2/15/28(3) | 223 | 224 | |
Bacardi Ltd. 144A 4.700%, 5/15/28(3) | 520 | 515 | |
BAT Capital Corp. 7.750%, 10/19/32 | 785 | 869 | |
Central American Bottling Corp. 144A 5.250%, 4/27/29(3) | 225 | 208 | |
Church & Dwight Co., Inc. 5.000%, 6/15/52 | 585 | 581 | |
2,397 | |||
Energy—1.4% | |||
Aker BP ASA 144A 2.000%, 7/15/26(3) | 740 | 666 | |
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(3) | 400 | 397 | |
BP Capital Markets plc 4.875% (5) | 600 | 545 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(3) | 300 | 294 | |
144A 5.000%, 5/1/29(3) | 270 | 252 | |
DT Midstream, Inc. 144A 4.125%, 6/15/29(3) | 360 | 316 | |
Ecopetrol S.A. 8.875%, 1/13/33 | 425 | 429 |
Par Value | Value | ||
Energy—continued | |||
Enbridge, Inc. 7.625%, 1/15/83 | $ 620 | $ 605 | |
Enerflex Ltd. 144A 9.000%, 10/15/27(3) | 205 | 199 | |
Energy Transfer LP Series H 6.500% (5) | 515 | 453 | |
EQM Midstream Partners LP 144A 7.500%, 6/1/30(3) | 435 | 421 | |
Flex Intermediate Holdco LLC 144A 3.363%, 6/30/31(3) | 785 | 645 | |
Genesis Energy LP 8.875%, 4/15/30 | 75 | 76 | |
Kinder Morgan Energy Partners LP 7.500%, 11/15/40 | 445 | 501 | |
Odebrecht Oil & Gas Finance Ltd. 144A 0.000% (3)(5) | 25 | — (6) | |
Parsley Energy LLC 144A 4.125%, 2/15/28(3) | 330 | 310 | |
Pertamina Persero PT 144A 6.450%, 5/30/44(3) | 980 | 1,007 | |
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(3)(7) | 255 | 12 | |
Petroleos Mexicanos 7.690%, 1/23/50 | 560 | 392 | |
Reliance Industries Ltd. 144A 2.875%, 1/12/32(3) | 695 | 575 | |
USA Compression Partners LP 6.875%, 4/1/26 | 345 | 335 | |
Venture Global Calcasieu Pass LLC 144A 3.875%, 8/15/29(3) | 305 | 275 | |
8,705 | |||
Financials—4.1% | |||
Allstate Corp. (The) Series B 5.750%, 8/15/53 | 565 | 550 | |
Ascot Group Ltd. 144A 4.250%, 12/15/30(3) | 745 | 590 | |
Banco Mercantil del Norte S.A. 144A 6.625% (3)(5) | 620 | 499 | |
Bank of America Corp. | |||
2.687%, 4/22/32 | 1,725 | 1,440 | |
2.482%, 9/21/36 | 750 | 570 | |
Bank of New York Mellon Corp. (The) | |||
5.834%, 10/25/33 | 455 | 486 |
Par Value | Value | ||
Financials—continued | |||
Series G 4.700%(5) | $ 710 | $ 672 | |
Barclays plc 7.437%, 11/2/33 | 530 | 586 | |
BBVA Bancomer S.A. 144A 5.125%, 1/18/33(3) | 540 | 463 | |
Blackstone Private Credit Fund 2.625%, 12/15/26 | 313 | 263 | |
Blue Owl Finance LLC 144A 3.125%, 6/10/31(3) | 415 | 310 | |
Brighthouse Financial, Inc. 5.625%, 5/15/30 | 648 | 626 | |
Brookfield Finance, Inc. 2.724%, 4/15/31 | 1,200 | 1,006 | |
Burford Capital Global Finance LLC 144A 6.250%, 4/15/28(3) | 200 | 172 | |
Capital One Financial Corp. 2.359%, 7/29/32 | 573 | 409 | |
Charles Schwab Corp. (The) Series H 4.000% (5) | 775 | 610 | |
Citadel LP 144A 4.875%, 1/15/27(3) | 565 | 544 | |
Citigroup, Inc. | |||
6.270%, 11/17/33 | 690 | 746 | |
(SOFR + 1.280%) 6.045%, 2/24/28(4)(8) | 339 | 335 | |
Corebridge Financial, Inc. 144A 6.875%, 12/15/52(3) | 565 | 504 | |
Discover Financial Services 6.700%, 11/29/32 | 471 | 486 | |
Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A 5.250%, 5/30/23(3) | 14 | 14 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(3) | 770 | 681 | |
Fifth Third Bancorp 4.337%, 4/25/33 | 355 | 310 | |
Goldman Sachs Group, Inc. (The) | |||
1.992%, 1/27/32 | 365 | 292 | |
3.102%, 2/24/33 | 630 | 541 | |
6.450%, 5/1/36 | 200 | 213 | |
Huntington Bancshares, Inc. 2.550%, 2/4/30 | 405 | 321 | |
JPMorgan Chase & Co. | |||
5.717%, 9/14/33 | 495 | 507 | |
(SOFR + 1.180%) 5.939%, 2/24/28(4) | 530 | 524 | |
1.953%, 2/4/32 | 1,445 | 1,162 |
Par Value | Value | ||
Financials—continued | |||
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(3) | $ 420 | $ 332 | |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(3) | 525 | 421 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 6.848%, 4/20/67(4) | 488 | 324 | |
MetLife, Inc. Series G 3.850% (5) | 695 | 612 | |
Morgan Stanley | |||
6.342%, 10/18/33 | 215 | 235 | |
5.948%, 1/19/38 | 249 | 248 | |
6.375%, 7/24/42 | 580 | 654 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 285 | 276 | |
OWL Rock Core Income Corp. 4.700%, 2/8/27 | 384 | 347 | |
Prudential Financial, Inc. | |||
5.625%, 6/15/43 | 720 | 708 | |
5.125%, 3/1/52 | 179 | 158 | |
6.000%, 9/1/52 | 104 | 98 | |
6.750%, 3/1/53 | 430 | 418 | |
State Street Corp. | |||
4.164%, 8/4/33 | 590 | 555 | |
4.821%, 1/26/34 | 188 | 187 | |
Synchrony Financial | |||
4.875%, 6/13/25 | 90 | 83 | |
3.700%, 8/4/26 | 134 | 117 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 805 | 666 | |
Toronto-Dominion Bank (The) 8.125%, 10/31/82 | 550 | 558 | |
Wells Fargo & Co. Series BB 3.900% (5) | 1,155 | 1,019 | |
Zions Bancorp NA 3.250%, 10/29/29 | 405 | 283 | |
24,731 | |||
Health Care—0.9% | |||
Amgen, Inc. | |||
5.250%, 3/2/33 | 244 | 251 | |
5.650%, 3/2/53 | 187 | 195 | |
Bausch Health Cos., Inc. 144A 5.750%, 8/15/27(3) | 155 | 96 | |
Bio-Rad Laboratories, Inc. | |||
3.300%, 3/15/27 | 376 | 355 | |
3.700%, 3/15/32 | 119 | 108 | |
CVS Health Corp. 4.300%, 3/25/28 | 550 | 540 |
Par Value | Value | ||
Health Care—continued | |||
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | $ 605 | $ 535 | |
GE HealthCare Technologies, Inc. 144A 5.857%, 3/15/30(3) | 555 | 581 | |
HCA, Inc. 5.250%, 6/15/49 | 415 | 374 | |
Illumina, Inc. 2.550%, 3/23/31 | 370 | 306 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(3)(9) | 185 | 138 | |
Teva Pharmaceutical Finance Netherlands III B.V. 3.150%, 10/1/26 | 505 | 454 | |
Universal Health Services, Inc. 2.650%, 1/15/32 | 685 | 534 | |
Utah Acquisition Sub, Inc. 3.950%, 6/15/26 | 535 | 509 | |
Viatris, Inc. | |||
2.300%, 6/22/27 | 481 | 421 | |
144A 2.300%, 6/22/27(3) | 1 | — (6) | |
5,397 | |||
Industrials—1.2% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 8/15/27(3) | 760 | 737 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(3) | 560 | 500 | |
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(3) | 565 | 530 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(3) | 505 | 417 | |
Boeing Co. (The) 5.930%, 5/1/60 | 370 | 369 | |
British Airways Pass-Through Trust 2021-1, A 144A 2.900%, 3/15/35(3) | 591 | 485 | |
Chart Industries, Inc. 144A 7.500%, 1/1/30(3) | 20 | 21 | |
CoStar Group, Inc. 144A 2.800%, 7/15/30(3) | 630 | 528 | |
Ferguson Finance plc 144A 4.650%, 4/20/32(3) | 730 | 694 | |
Fortress Transportation & Infrastructure Investors LLC 144A 6.500%, 10/1/25(3) | 24 | 24 |
Par Value | Value | ||
Industrials—continued | |||
Global Infrastructure Solutions, Inc. 144A 7.500%, 4/15/32(3) | $ 500 | $ 430 | |
Huntington Ingalls Industries, Inc. 2.043%, 8/16/28 | 778 | 667 | |
Regal Rexnord Corp. 144A 6.400%, 4/15/33(3) | 579 | 579 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(3) | 440 | 410 | |
Sempra Global 144A 3.250%, 1/15/32(3) | 729 | 609 | |
TransDigm, Inc. 5.500%, 11/15/27 | 260 | 245 | |
7,245 | |||
Information Technology—1.1% | |||
Booz Allen Hamilton, Inc. | |||
144A 3.875%, 9/1/28(3) | 285 | 260 | |
144A 4.000%, 7/1/29(3) | 320 | 289 | |
Broadcom, Inc. 4.150%, 11/15/30 | 712 | 660 | |
CDW LLC 3.569%, 12/1/31 | 734 | 631 | |
Consensus Cloud Solutions, Inc. 144A 6.500%, 10/15/28(3) | 320 | 265 | |
Dell International LLC 8.100%, 7/15/36 | 594 | 693 | |
Entegris Escrow Corp. 144A 4.750%, 4/15/29(3) | 533 | 504 | |
HP, Inc. 5.500%, 1/15/33 | 710 | 704 | |
Kyndryl Holdings, Inc. 2.700%, 10/15/28 | 433 | 363 | |
Leidos, Inc. 2.300%, 2/15/31 | 800 | 649 | |
Motorola Solutions, Inc. 4.600%, 5/23/29 | 265 | 258 | |
Oracle Corp. | |||
6.250%, 11/9/32 | 385 | 414 | |
5.550%, 2/6/53 | 247 | 235 | |
3.850%, 4/1/60 | 140 | 98 | |
TD SYNNEX Corp. 2.375%, 8/9/28 | 715 | 593 | |
6,616 | |||
Materials—0.7% | |||
ArcelorMittal S.A. 6.800%, 11/29/32 | 550 | 577 | |
Avient Corp. 144A 7.125%, 8/1/30(3) | 295 | 304 |
Par Value | Value | ||
Materials—continued | |||
Bayport Polymers LLC 144A 5.140%, 4/14/32(3) | $ 785 | $ 733 | |
Celanese U.S. Holdings LLC 5.900%, 7/5/24 | 185 | 185 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(3) | 560 | 570 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(3) | 495 | 474 | |
Glencore Funding LLC 144A 2.850%, 4/27/31(3) | 750 | 631 | |
International Flavors & Fragrances, Inc. | |||
144A 2.300%, 11/1/30(3) | 430 | 345 | |
144A 3.468%, 12/1/50(3) | 155 | 105 | |
Teck Resources Ltd. 6.125%, 10/1/35 | 540 | 558 | |
4,482 | |||
Real Estate—0.9% | |||
EPR Properties 4.750%, 12/15/26 | 865 | 754 | |
GLP Capital LP | |||
5.750%, 6/1/28 | 655 | 639 | |
3.250%, 1/15/32 | 72 | 58 | |
Kite Realty Group Trust 4.750%, 9/15/30 | 780 | 705 | |
MPT Operating Partnership LP | |||
4.625%, 8/1/29 | 115 | 85 | |
3.500%, 3/15/31 | 450 | 303 | |
Office Properties Income Trust 4.500%, 2/1/25 | 555 | 479 | |
Ontario Teachers’ Cadillac Fairview Properties Trust 144A 2.500%, 10/15/31(3) | 870 | 685 | |
Phillips Edison Grocery Center Operating Partnership I LP 2.625%, 11/15/31 | 760 | 570 | |
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24 | 485 | 474 | |
Service Properties Trust 4.950%, 2/15/27 | 375 | 317 | |
VICI Properties LP | |||
4.950%, 2/15/30 | 350 | 328 | |
5.125%, 5/15/32 | 350 | 330 | |
5,727 | |||
Utilities—0.7% | |||
Brooklyn Union Gas Co. (The) 144A 4.866%, 8/5/32(3) | 805 | 772 | |
CMS Energy Corp. 4.750%, 6/1/50 | 480 | 415 |
Par Value | Value | ||
Utilities—continued | |||
Enel Finance International N.V. 144A 7.500%, 10/14/32(3) | $ 400 | $ 446 | |
Exelon Corp. 5.600%, 3/15/53 | 495 | 504 | |
NRG Energy, Inc. 144A 7.000%, 3/15/33(3) | 433 | 449 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 144A 4.125%, 5/15/27(3) | 210 | 200 | |
Puget Energy, Inc. | |||
2.379%, 6/15/28 | 453 | 399 | |
4.224%, 3/15/32 | 315 | 288 | |
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 794 | 666 | |
Vistra Corp. 144A 8.000% (3)(5) | 255 | 238 | |
4,377 | |||
Total Corporate Bonds and Notes (Identified Cost $82,072) | 74,431 | ||
Leveraged Loans—1.7% | |||
Aerospace—0.2% | |||
Brown Group Holding LLC (1 month Term SOFR + 2.600%) 7.407%, 6/7/28(4) | 318 | 314 | |
Delta Air Lines, Inc. (3 month LIBOR + 3.750%) 8.558%, 10/20/27(4) | 223 | 231 | |
Mileage Plus Holdings LLC (3 month LIBOR + 5.250%) 10.213%, 6/21/27(4) | 204 | 211 | |
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%) 8.148%, 8/24/28(4) | 393 | 392 | |
1,148 | |||
Chemicals—0.1% | |||
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 8.657%, 11/8/27(4) | 682 | 680 | |
Consumer Durables—0.0% | |||
Resideo Funding, Inc. Tranche B (1-3 month LIBOR + 2.250%) 7.120% - 7.230%, 2/11/28(4) | 244 | 241 |
Par Value | Value | ||
Energy—0.1% | |||
Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%) 8.308%, 12/21/28(4) | $ 247 | $ 239 | |
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%) 8.063%, 10/5/28(4) | 274 | 269 | |
Whitewater Whistler Holdings LLC (3 month Term SOFR + 3.850%) 8.657%, 2/15/30(4) | 60 | 60 | |
568 | |||
Financials—0.0% | |||
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 3.000%) 7.890%, 6/15/25(4) | 214 | 210 | |
Food / Tobacco—0.1% | |||
Aramark Services, Inc. Tranche B-3 (1 month LIBOR + 1.750%) 6.590%, 3/11/25(4) | 210 | 209 | |
Del Monte Foods, Inc. (1 month Term SOFR + 4.350%) 9.109%, 5/16/29(4) | 105 | 102 | |
Hostess Brands LLC 2019, Tranche B (3 month LIBOR + 2.250%) 7.075%, 8/3/25(4) | 269 | 269 | |
580 | |||
Forest Prod / Containers—0.1% | |||
Berry Global, Inc. Tranche Z (1 month LIBOR + 1.750%) 6.510%, 7/1/26(4) | 455 | 453 | |
Gaming / Leisure—0.2% | |||
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%) 8.157%, 2/6/30(4) | 120 | 119 | |
Hilton Worldwide Finance LLC Tranche B-2 (1 month Term SOFR + 1.750%) 6.642%, 6/22/26(4) | 245 | 245 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 7.960%, 4/13/29(4) | 134 | 133 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 7.100%, 2/8/27(4) | $ 239 | $ 237 | |
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%) 7.570%, 4/29/26(4) | 236 | 234 | |
968 | |||
Health Care—0.2% | |||
Agiliti Health, Inc. (1 month LIBOR + 2.750%) 7.438%, 1/4/26(4) | 163 | 162 | |
LifePoint Health, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%) 8.575%, 11/16/25(4) | 220 | 210 | |
Medline Borrower LP (1 month LIBOR + 3.250%) 8.090%, 10/23/28(4) | 439 | 427 | |
Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.350%) 7.157%, 4/20/29(4) | 342 | 339 | |
1,138 | |||
Housing—0.0% | |||
Standard Industries, Inc. (1 month LIBOR + 2.250%) 7.116%, 9/22/28(4) | 242 | 241 | |
Information Technology—0.2% | |||
Applied Systems, Inc. 2026 (3 month Term SOFR + 4.500%) 9.398%, 9/18/26(4) | 389 | 388 | |
CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 2.250%) 7.090%, 9/21/28(4) | 246 | 244 | |
Open Text Corp. (1 month Term SOFR + 3.600%) 8.407%, 1/31/30(4) | 215 | 214 | |
Sophia LP Tranche B (3 month LIBOR + 3.500%) 8.659%, 10/7/27(4) | 241 | 237 | |
UKG, Inc. 2021-2, First Lien (3 month LIBOR + 3.250%) 8.032%, 5/4/26(4) | 244 | 238 | |
1,321 | |||
Manufacturing—0.1% | |||
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%) 8.306%, 10/8/27(4) | 246 | 244 |
Par Value | Value | ||
Manufacturing—continued | |||
NCR Corp. (3 month LIBOR + 2.500%) 7.330%, 8/28/26(4) | $ 245 | $ 241 | |
485 | |||
Media / Telecom - Broadcasting—0.0% | |||
Nexstar Media, Inc. Tranche B-4 (1 month LIBOR + 2.500%) 7.340%, 9/18/26(4) | 145 | 144 | |
Media / Telecom - Cable/Wireless Video—0.0% | |||
DIRECTV Financing LLC (1 month LIBOR + 5.000%) 9.840%, 8/2/27(4) | 226 | 217 | |
Media / Telecom - Diversified Media—0.0% | |||
Creative Artists Agency LLC 2023 (1 month Term SOFR + 3.500%) 8.307%, 11/27/28(4) | 45 | 45 | |
Media / Telecom - Wireless Communications—0.1% | |||
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%) 6.600%, 4/11/25(4) | 357 | 356 | |
Service—0.2% | |||
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%) 8.095%, 2/6/26(4) | 233 | 233 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 8.048%, 11/23/28(4) | 246 | 242 | |
Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%) 8.590%, 2/1/28(4) | 207 | 204 | |
PODS LLC (1 month Term SOFR + 3.114%) 7.922%, 3/31/28(4) | 249 | 241 | |
920 | |||
Transportation - Automotive—0.0% | |||
Uber Technologies, Inc. 2023 (3 month Term SOFR + 2.750%) 7.656% - 7.870%, 2/28/30(4) | 160 | 159 |
Par Value | Value | ||
Utilities—0.1% | |||
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 7.590%, 8/1/25(4) | $ 669 | $ 664 | |
Total Leveraged Loans (Identified Cost $10,558) | 10,538 |
Shares | ||
Preferred Stocks—0.2% | ||
Financials—0.2% | ||
JPMorgan Chase & Co. Series HH, 4.600% | 304 (10) | 282 |
MetLife, Inc. Series D, 5.875% | 277 (10) | 258 |
Truist Financial Corp. Series Q, 5.100% | 460 (10) | 403 |
Zions Bancorp NA, 6.950% | 6,400 | 152 |
1,095 | ||
Industrials—0.0% | ||
General Electric Co. Series D (3 month LIBOR + 3.330%), 8.196%(4) | 333 (10) | 333 |
Total Preferred Stocks (Identified Cost $1,493) | 1,428 | |
Common Stocks—64.4% | ||
Communication Services—5.2% | ||
Adevinta ASA Class B(11) | 199,477 | 1,415 |
Auto Trader Group plc | 677,940 | 5,153 |
Baltic Classifieds Group plc | 2,490,365 | 4,762 |
Dayamitra Telekomunikasi PT | 64,540,000 | 3,036 |
Infrastrutture Wireless Italiane SpA | 115,391 | 1,517 |
New Work SE | 15,527 | 2,815 |
Rightmove plc | 660,295 | 4,586 |
Trade Desk, Inc. (The) Class A(11) | 136,055 | 8,287 |
31,571 | ||
Consumer Discretionary—11.0% | ||
Airbnb, Inc. Class A(11) | 49,377 | 6,143 |
Allegro.eu S.A.(11) | 401,378 | 2,725 |
Amazon.com, Inc.(11) | 131,180 | 13,549 |
AutoZone, Inc.(11) | 2,076 | 5,103 |
Home Depot, Inc. (The) | 18,817 | 5,553 |
Marriott International, Inc. Class A | 46,802 | 7,771 |
Max Stock Ltd. | 572,792 | 1,117 |
MercadoLibre, Inc.(11) | 4,395 | 5,793 |
Mercari, Inc.(11) | 163,400 | 2,880 |
NIKE, Inc. Class B | 81,282 | 9,968 |
Ross Stores, Inc. | 52,681 | 5,591 |
Shares | Value | ||
Consumer Discretionary—continued | |||
Victorian Plumbing Group plc | 1,405,019 | $ 1,375 | |
67,568 | |||
Consumer Staples—4.1% | |||
Anhui Gujing Distillery Co., Ltd. Class B | 100,100 | 1,787 | |
Estee Lauder Cos., Inc. (The) Class A | 23,994 | 5,914 | |
Heineken Malaysia Bhd | 381,700 | 2,295 | |
McCormick & Co., Inc. Non-voting Shares | 59,398 | 4,943 | |
Monster Beverage Corp.(11) | 131,090 | 7,080 | |
PepsiCo, Inc. | 15,309 | 2,791 | |
24,810 | |||
Energy—2.0% | |||
Devon Energy Corp. | 38,579 | 1,952 | |
Hess Corp. | 24,038 | 3,181 | |
Pason Systems, Inc. | 128,648 | 1,155 | |
Pioneer Natural Resources Co. | 16,085 | 3,285 | |
Schlumberger N.V. | 50,893 | 2,499 | |
12,072 | |||
Financials—10.1% | |||
Bank of America Corp. | 214,865 | 6,145 | |
Block, Inc. Class A(11) | 71,352 | 4,898 | |
FinecoBank Banca Fineco SpA | 160,995 | 2,469 | |
Gruppo MutuiOnline SpA | 95,662 | 2,708 | |
Hargreaves Lansdown plc | 142,299 | 1,403 | |
Hypoport SE(11) | 14,552 | 2,004 | |
MarketAxess Holdings, Inc. | 14,649 | 5,732 | |
Mortgage Advice Bureau Holdings Ltd. | 321,863 | 2,946 | |
Multi Commodity Exchange of India Ltd. | 20,133 | 372 | |
Nordnet AB publ | 66,366 | 1,092 | |
Progressive Corp. (The) | 53,458 | 7,648 | |
S&P Global, Inc. | 12,979 | 4,475 | |
Visa, Inc. Class A | 85,811 | 19,347 | |
VNV Global AB(11) | 169,419 | 332 | |
61,571 | |||
Health Care—6.0% | |||
Danaher Corp. | 35,820 | 9,028 |
Shares | Value | ||
Health Care—continued | |||
Eli Lilly & Co. | 7,293 | $ 2,505 | |
Haw Par Corp., Ltd. | 547,500 | 4,015 | |
HealthEquity, Inc.(11) | 40,153 | 2,357 | |
IDEXX Laboratories, Inc.(11) | 7,152 | 3,577 | |
Mettler-Toledo International, Inc.(11) | 2,389 | 3,656 | |
Nakanishi, Inc. | 42,700 | 848 | |
Zoetis, Inc. Class A | 64,445 | 10,726 | |
36,712 | |||
Industrials—8.3% | |||
Boa Vista Servicos S.A. | 2,022,570 | 3,025 | |
CAE, Inc.(11) | 117,106 | 2,648 | |
CoStar Group, Inc.(11) | 101,616 | 6,996 | |
Enento Group Oyj(11) | 65,677 | 1,167 | |
Equifax, Inc. | 25,592 | 5,191 | |
Fair Isaac Corp.(11) | 10,801 | 7,590 | |
Haitian International Holdings Ltd. | 1,294,337 | 3,355 | |
HeadHunter Group plc ADR(11)(12) | 115,928 | — (6) | |
Howden Joinery Group plc | 315,719 | 2,718 | |
Knorr-Bremse AG | 44,447 | 2,954 | |
Meitec Corp. | 143,400 | 2,568 | |
MTU Aero Engines AG | 16,427 | 4,108 | |
S-1 Corp. | 72,665 | 3,088 | |
Uber Technologies, Inc.(11) | 170,616 | 5,409 | |
50,817 | |||
Information Technology—16.0% | |||
Accenture plc Class A | 23,940 | 6,842 | |
Alten S.A. | 27,211 | 4,335 | |
Amphenol Corp. Class A | 148,137 | 12,106 | |
BILL Holdings, Inc.(11) | 61,211 | 4,967 | |
Bouvet ASA | 424,107 | 2,605 | |
Brockhaus Technologies AG(11) | 49,102 | 1,203 | |
DocuSign, Inc. Class A(11) | 31,828 | 1,856 | |
FDM Group Holdings plc | 183,032 | 1,637 | |
MongoDB, Inc. Class A(11) | 23,115 | 5,388 | |
NVIDIA Corp. | 81,769 | 22,713 | |
Paycom Software, Inc.(11) | 41,231 | 12,535 | |
Roper Technologies, Inc. | 16,561 | 7,298 | |
Snowflake, Inc. Class A(11) | 36,058 | 5,563 | |
Workday, Inc. Class A(11) | 42,533 | 8,785 | |
97,833 | |||
Shares | Value | ||
Materials—1.0% | |||
Corp. Moctezuma SAB de C.V. | 721,710 | $ 2,403 | |
Ecolab, Inc. | 24,272 | 4,018 | |
6,421 | |||
Real Estate—0.7% | |||
Prologis, Inc. | 32,965 | 4,113 | |
Total Common Stocks (Identified Cost $278,722) | 393,488 | ||
Warrant—0.0% | |||
Financials—0.0% | |||
VNV Global AB, 08/10/23(11) | 88,478 | — (6) | |
Total Warrant (Identified Cost $—) | — (6) | ||
Total Long-Term Investments—98.0% (Identified Cost $508,333) | 599,087 | ||
Short-Term Investment—0.5% | |||
Money Market Mutual Fund—0.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(13) | 3,114,676 | 3,115 | |
Total Short-Term Investment (Identified Cost $3,115) | 3,115 | ||
Shares | Value | ||
Securities Lending Collateral—0.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(13)(14) | 335,542 | $ 336 | |
Total Securities Lending Collateral (Identified Cost $336) | 336 | ||
TOTAL INVESTMENTS—98.6% (Identified Cost $511,784) | $602,538 | ||
Other assets and liabilities, net—1.4% | 8,646 | ||
NET ASSETS—100.0% | $611,184 |
Abbreviations: | |
ABS | Asset-Backed Securities |
ADR | American Depositary Receipt |
BAM | Build America Municipal Insured |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited Partnership |
LLP | Limited Liability Partnership |
LP | Limited Partnership |
NA | National Association |
S&P | Standard & Poor’s |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | Security in default; no interest payments are being received. |
(2) | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(3) | 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, 2023, these securities amounted to a value of $92,236 or 15.1% of net assets. |
(4) | Variable rate security. Rate disclosed is as of March 31, 2023. 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) | Amount is less than $500. |
(7) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(8) | All or a portion of security is on loan. |
(9) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(10) | Value shown as par value. |
(11) | Non-income producing. |
(12) | 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. |
(13) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(14) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 81% |
United Kingdom | 5 |
Germany | 2 |
Brazil | 2 |
Canada | 1 |
Japan | 1 |
Italy | 1 |
Other | 7 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Asset-Backed Securities | $ 26,230 | $ — | $ 26,230 | $— | |||
Corporate Bonds and Notes | 74,431 | — | 74,431 | — | |||
Foreign Government Securities | 2,757 | — | 2,757 | — | |||
Leveraged Loans | 10,538 | — | 10,538 | — | |||
Mortgage-Backed Securities | 46,205 | — | 46,205 | — | |||
Municipal Bonds | 10,211 | — | 10,211 | — | |||
U.S. Government Securities | 33,799 | — | 33,799 | — | |||
Equity Securities: | |||||||
Common Stocks | 393,488 | 369,244 | 24,244 | — (1) | |||
Preferred Stocks | 1,428 | 152 | 1,276 | — | |||
Warrant | — (1) | — (1) | — | — | |||
Money Market Mutual Fund | 3,115 | 3,115 | — | — | |||
Assets: | |||||||
Debt Instruments: | |||||||
Equity Securities: | |||||||
Securities Lending Collateral | 336 | 336 | — | — | |||
Total Investments | $602,538 | $372,847 | $229,691 | $— (1) |
(1) | Amount is less than $500. |
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) | $ 505,542 | $ 151,448 | $ 38,623 | $ 1,533,035 | |||
Foreign currency at value(3) | — | — | — (a) | — | |||
Cash | 1,678 | 1,537 | 403 | 15,109 | |||
Receivables | |||||||
Fund shares sold | 1 | 98 | 25 | 41,738 | |||
Dividends | 168 | 224 | 160 | 1,173 | |||
Tax reclaims | — | 87 | 64 | — | |||
Securities lending income | — | 5 | 1 | — | |||
Prepaid Trustees’ retainer | 10 | 3 | 1 | 31 | |||
Prepaid expenses | 24 | 30 | 23 | 239 | |||
Other assets | 60 | 18 | 5 | 179 | |||
Total assets | 507,483 | 153,450 | 39,305 | 1,591,504 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 298 | 100 | 16 | 1,289 | |||
Investment securities purchased | — | — | — | 46,694 | |||
Collateral on securities loaned | — | 6,723 | 1,378 | — | |||
Investment advisory fees | 290 | 77 | 17 | 821 | |||
Distribution and service fees | 99 | 27 | 6 | 71 | |||
Administration and accounting fees | 43 | 13 | 4 | 126 | |||
Transfer agent and sub-transfer agent fees and expenses | 72 | 19 | 6 | 236 | |||
Professional fees | 6 | 29 | 18 | — | |||
Trustee deferred compensation plan | 60 | 18 | 5 | 179 | |||
Interest expense and/or commitment fees | 2 | — (a) | — (a) | 2 | |||
Other accrued expenses | 111 | 22 | 6 | 31 | |||
Total liabilities | 981 | 7,028 | 1,456 | 49,449 | |||
Net Assets | $ 506,502 | $ 146,422 | $ 37,849 | $ 1,542,055 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 245,668 | $ 132,623 | $ 35,878 | $ 1,226,128 | |||
Accumulated earnings (loss) | 260,834 | 13,799 | 1,971 | 315,927 | |||
Net Assets | $ 506,502 | $ 146,422 | $ 37,849 | $ 1,542,055 | |||
Net Assets: | |||||||
Class A | $ 473,634 | $ 113,438 | $ 24,000 | $ 97,432 | |||
Class C | $ 2,254 | $ 4,323 | $ 697 | $ 61,233 | |||
Class I | $ 29,275 | $ 26,249 | $ 10,702 | $ 1,358,726 | |||
Class R6 | $ 1,339 | $ 2,412 | $ 2,450 | $ 24,664 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 29,974,708 | 5,920,445 | 1,666,483 | 1,989,771 | |||
Class C | 229,150 | 268,294 | 49,760 | 1,385,124 | |||
Class I | 1,747,774 | 1,381,130 | 744,753 | 26,975,296 | |||
Class R6 | 78,314 | 127,193 | 169,587 | 487,541 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 15.80 | $ 19.16 | $ 14.40 | $ 48.97 | |||
Class C | $ 9.83 | $ 16.11 | $ 14.00 | $ 44.21 | |||
Class I | $ 16.75 | $ 19.01 | $ 14.37 | $ 50.37 | |||
Class R6 | $ 17.10 | $ 18.97 | $ 14.45 | $ 50.59 |
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 | $ 16.72 | $ 20.28 | $ 15.24 | $ 51.82 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 255,141 | $ 139,445 | $ 36,140 | $ 1,236,275 | |||
(2) Market value of securities on loan | $ — | $ 6,606 | $ 1,326 | $ — | |||
(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) | $ 1,550,527 | $ 1,698,048 | $ 2,207,677 | $ 872,343 | |||
Investment in affiliated securities at value(3) | — | — | 1,304,383 | — | |||
Cash | 16,431 | 17,407 | 36,735 | 9,612 | |||
Receivables | |||||||
Fund shares sold | 1,737 | 2,277 | 2,855 | 572 | |||
Dividends | 354 | 367 | 1,585 | 696 | |||
Securities lending income | — | — (a) | 2 | — | |||
Prepaid Trustees’ retainer | 34 | 35 | 75 | 19 | |||
Prepaid expenses | 38 | 29 | 33 | 46 | |||
Other assets | 189 | 208 | 426 | 109 | |||
Total assets | 1,569,310 | 1,718,371 | 3,553,771 | 883,397 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 1,581 | 1,157 | 2,546 | 99,462 | |||
Collateral on securities loaned | — | — | 396 | — | |||
Investment advisory fees | 948 | 1,076 | 2,415 | 529 | |||
Distribution and service fees | 111 | 82 | 224 | 31 | |||
Administration and accounting fees | 133 | 146 | 300 | 78 | |||
Transfer agent and sub-transfer agent fees and expenses | 334 | 190 | 846 | 311 | |||
Professional fees | 123 | 17 | 230 | 83 | |||
Trustee deferred compensation plan | 189 | 208 | 426 | 109 | |||
Interest expense and/or commitment fees | 12 | 4 | 21 | 4 | |||
Other accrued expenses | 129 | 73 | 219 | 41 | |||
Total liabilities | 3,560 | 2,953 | 7,623 | 100,648 | |||
Net Assets | $ 1,565,750 | $ 1,715,418 | $ 3,546,148 | $ 782,749 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 1,321,864 | $ 1,011,202 | $ 2,439,280 | $ 545,119 | |||
Accumulated earnings (loss) | 243,886 | 704,216 | 1,106,868 | 237,630 | |||
Net Assets | $ 1,565,750 | $ 1,715,418 | $ 3,546,148 | $ 782,749 | |||
Net Assets: | |||||||
Class A | $ 306,047 | $ 137,718 | $ 447,385 | $ 90,759 | |||
Class C | $ 57,125 | $ 62,885 | $ 155,738 | $ 13,757 | |||
Class I | $ 1,108,144 | $ 1,134,733 | $ 2,711,199 | $ 644,939 | |||
Class R6 | $ 94,434 | $ 380,082 | $ 231,826 | $ 33,294 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 6,397,204 | 3,293,752 | 14,162,278 | 4,210,109 | |||
Class C | 1,572,386 | 2,006,795 | 6,082,084 | 661,971 | |||
Class I | 22,210,195 | 25,045,621 | 82,031,665 | 29,864,526 | |||
Class R6 | 1,873,374 | 8,349,517 | 6,965,518 | 1,534,398 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 47.84 | $ 41.81 | $ 31.59 | $ 21.56 | |||
Class C | $ 36.33 | $ 31.34 | $ 25.61 | $ 20.78 | |||
Class I | $ 49.89 | $ 45.31 | $ 33.05 | $ 21.60 | |||
Class R6 | $ 50.41 | $ 45.52 | $ 33.28 | $ 21.70 |
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 | $ 50.62 | $ 44.24 | $ 33.43 | $ 22.81 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in unaffiliated securities at cost | $ 1,164,058 | $ 1,014,448 | $ 1,443,603 | $ 657,948 | |||
(2) Market value of securities on loan | $ — | $ — | $ 389 | $ — | |||
(3) Investment in affiliated securities at cost | $ — | $ — | $ 949,001 | $ — |
(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 | KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||
Assets | |||||||
Investment in securities at value(1)(2) | $ 1,135,345 | $ 8,470 | $ 5,436 | $ 5,054 | |||
Foreign currency at value(3) | — | — | — | — (a) | |||
Cash | 11,715 | 250 | 50 | 121 | |||
Receivables | |||||||
Fund shares sold | 7,898 | 8 | — | — (a) | |||
Dividends | 363 | 3 | 5 | 6 | |||
Receivable from adviser | — | — | 1 | 3 | |||
Securities lending income | — | — | — | — (a) | |||
Prepaid Trustees’ retainer | 23 | — (a) | — (a) | — (a) | |||
Prepaid expenses | 67 | 24 | 11 | 24 | |||
Other assets | 138 | 1 | 1 | 1 | |||
Total assets | 1,155,549 | 8,756 | 5,504 | 5,209 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 1,901 | 10 | — | — | |||
Investment securities purchased | 3,800 | — | — | — | |||
Foreign capital gains tax | — | — | — | 1 | |||
Collateral on securities loaned | — | — | — | 138 | |||
Dividend distributions | — | — | — | — (a) | |||
Investment advisory fees | 709 | — (a) | — | — | |||
Distribution and service fees | 37 | 1 | — (a) | — (a) | |||
Administration and accounting fees | 98 | 1 | 1 | 1 | |||
Transfer agent and sub-transfer agent fees and expenses | 266 | 1 | — (a) | — (a) | |||
Professional fees | 80 | 19 | 21 | 25 | |||
Trustee deferred compensation plan | 138 | 1 | 1 | 1 | |||
Interest expense and/or commitment fees | 3 | — (a) | — | — (a) | |||
Other accrued expenses | 8 | 2 | 2 | — | |||
Total liabilities | 7,040 | 35 | 25 | 166 | |||
Net Assets | $ 1,148,509 | $ 8,721 | $ 5,479 | $ 5,043 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 1,109,119 | $ 9,654 | $ 5,988 | $ 5,181 | |||
Accumulated earnings (loss) | 39,390 | (933) | (509) | (138) | |||
Net Assets | $ 1,148,509 | $ 8,721 | $ 5,479 | $ 5,043 | |||
Net Assets: | |||||||
Class A | $ 40,119 | $ 3,075 | $ 1,227 | $ 177 | |||
Class C | $ 34,072 | $ 112 | $ 88 | $ 189 | |||
Class I | $ 1,048,471 | $ 2,469 | $ 1,168 | $ 284 | |||
Class R6 | $ 25,847 | $ 3,065 | $ 2,996 | $ 4,393 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 2,486,308 | 347,071 | 144,159 | 18,084 | |||
Class C | 2,193,535 | 12,867 | 10,361 | 19,969 | |||
Class I | 64,187,550 | 277,045 | 136,823 | 28,818 | |||
Class R6 | 1,577,139 | 343,390 | 349,627 | 441,949 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 16.14 | $ 8.86 | $ 8.51 | $ 9.77 | |||
Class C | $ 15.53 | $ 8.71 | $ 8.47 | $ 9.47 | |||
Class I | $ 16.33 | $ 8.91 | $ 8.54 | $ 9.87 | |||
Class R6 | $ 16.39 | $ 8.92 | $ 8.57 | $ 9.94 |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 17.08 | $ 9.38 | $ 9.01 | $ 10.34 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 1,078,853 | $ 8,648 | $ 5,900 | $ 4,793 | |||
(2) Market value of securities on loan | $ — | $ — | $ — | $ 131 | |||
(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. |
SGA Global Growth Fund | SGA New Leaders Growth Fund | Tactical Allocation Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $ 111,867 | $ 6,346 | $ 602,538 | ||
Foreign currency at value(3) | — (a) | — | 39 | ||
Cash | 1,101 | 194 | 10,666 | ||
Receivables | |||||
Investment securities sold | — | — | 166 | ||
Fund shares sold | 3 | — | 19 | ||
Dividends and interest | 35 | 3 | 2,070 | ||
Receivable from adviser | — | 2 | — | ||
Tax reclaims | 81 | — | 124 | ||
Securities lending income | — (a) | — | — (a) | ||
Prepaid Trustees’ retainer | 2 | — (a) | 12 | ||
Prepaid expenses | 30 | 14 | 31 | ||
Other assets | 13 | 1 | 74 | ||
Total assets | 113,132 | 6,560 | 615,739 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 20 | — | 298 | ||
Investment securities purchased | — | — | 3,211 | ||
Collateral on securities loaned | 2,583 | — | 336 | ||
Dividend distributions | — | — | 1 | ||
Investment advisory fees | 60 | — | 237 | ||
Distribution and service fees | 8 | — (a) | 128 | ||
Administration and accounting fees | 10 | 1 | 52 | ||
Transfer agent and sub-transfer agent fees and expenses | 20 | — (a) | 96 | ||
Professional fees | 25 | 25 | 17 | ||
Trustee deferred compensation plan | 13 | 1 | 74 | ||
Interest expense and/or commitment fees | 1 | — (a) | 3 | ||
Other accrued expenses | 2 | 1 | 102 | ||
Total liabilities | 2,742 | 28 | 4,555 | ||
Net Assets | $ 110,390 | $ 6,532 | $ 611,184 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 97,666 | $ 8,616 | $ 542,904 | ||
Accumulated earnings (loss) | 12,724 | (2,084) | 68,280 | ||
Net Assets | $ 110,390 | $ 6,532 | $ 611,184 | ||
Net Assets: | |||||
Class A | $ 21,269 | $ 82 | $ 576,570 | ||
Class C | $ 3,891 | $ 70 | $ 10,420 | ||
Class I | $ 24,992 | $ 109 | $ 24,115 | ||
Class R6 | $ 60,238 | $ 6,271 | $ 79 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 946,245 | 11,620 | 61,547,479 | ||
Class C | 188,509 | 10,000 | 1,087,511 | ||
Class I | 1,098,896 | 15,285 | 2,581,500 | ||
Class R6 | 2,554,711 | 875,112 | 8,525 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 22.48 | $ 7.09 | $ 9.37 | ||
Class C | $ 20.64 | $ 6.96 | $ 9.58 | ||
Class I | $ 22.74 | $ 7.13 | $ 9.34 | ||
Class R6 | $ 23.58 | $ 7.17 | $ 9.34 |
SGA Global Growth Fund | SGA New Leaders Growth Fund | Tactical Allocation Fund | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 23.79 | $ 7.50 | $ 9.92 | ||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | ||
(1) Investment in securities at cost | $ 90,169 | $ 6,955 | $ 511,784 | ||
(2) Market value of securities on loan | $ 2,565 | $ — | $ 328 | ||
(3) Foreign currency at cost | $ — | $ — | $ 39 |
(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 | $ 2,102 | $ 2,703 | $ 786 | $ 7,427 | $ 5,759 | ||||
Securities lending, net of fees | — | 12 | 5 | — | — | ||||
Foreign taxes withheld | — | (11) | (48) | — | — | ||||
Total investment income | 2,102 | 2,704 | 743 | 7,427 | 5,759 | ||||
Expenses | |||||||||
Investment advisory fees | 1,712 | 564 | 142 | 5,503 | 5,823 | ||||
Distribution and service fees, Class A | 568 | 142 | 29 | 110 | 388 | ||||
Distribution and service fees, Class C | 12 | 21 | 4 | 294 | 296 | ||||
Administration and accounting fees | 252 | 80 | 23 | 716 | 814 | ||||
Transfer agent fees and expenses | 112 | 33 | 9 | 298 | 343 | ||||
Sub-transfer agent fees and expenses, Class A | 90 | 34 | 8 | 39 | 140 | ||||
Sub-transfer agent fees and expenses, Class C | 1 | 1 | — (1) | 31 | 38 | ||||
Sub-transfer agent fees and expenses, Class I | 15 | 10 | 6 | 648 | 747 | ||||
Custodian fees | 1 | — (1) | 1 | 2 | 3 | ||||
Printing fees and expenses | 18 | 6 | 2 | 56 | 78 | ||||
Professional fees | 23 | 11 | 14 | 39 | — | ||||
Interest expense and/or commitment fees | 3 | 1 | — (1) | 9 | 11 | ||||
Registration fees | 25 | 26 | 22 | 63 | 53 | ||||
Trustees’ fees and expenses | 18 | 5 | 1 | 47 | 60 | ||||
Miscellaneous expenses | 110 | 28 | 11 | 41 | 109 | ||||
Total expenses | 2,960 | 962 | 272 | 7,896 | 8,903 | ||||
Less net expenses reimbursed and/or waived by investment adviser(2) | (1) | (84) | (34) | (824) | (43) | ||||
Net expenses | 2,959 | 878 | 238 | 7,072 | 8,860 | ||||
Net investment income (loss) | (857) | 1,826 | 505 | 355 | (3,101) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | 17,333 | 1,223 | 305 | 37,469 | (92,665) | ||||
Foreign currency transactions | — | (1) | 3 | — | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | 52,644 | 12,600 | 4,158 | 175,076 | 249,245 | ||||
Foreign currency transactions | — | — | 10 | — | — | ||||
Net realized and unrealized gain (loss) on investments | 69,977 | 13,822 | 4,476 | 212,545 | 156,580 | ||||
Net increase (decrease) in net assets resulting from operations | $69,120 | $15,648 | $4,981 | $212,900 | $153,479 |
(1) | Amount is less than $500. |
(2) | See Note 3D in 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 | |||||
Investment Income | |||||||||
Dividends | $ 11,242 | $ 6,155 | $ 9,180 | $ 5,121 | $ 16 | ||||
Dividends from affiliated | — | 2,723 | — | — | — | ||||
Securities lending, net of fees | — (1) | 26 | — | — | — (1) | ||||
Total investment income | 11,242 | 8,904 | 9,180 | 5,121 | 16 | ||||
Expenses | |||||||||
Investment advisory fees | 6,171 | 14,467 | 3,243 | 4,016 | 23 | ||||
Distribution and service fees, Class A | 164 | 554 | 118 | 48 | 2 | ||||
Distribution and service fees, Class C | 313 | 798 | 71 | 153 | 1 | ||||
Administration and accounting fees | 841 | 1,799 | 475 | 551 | 7 | ||||
Transfer agent fees and expenses | 351 | 755 | 201 | 229 | 1 | ||||
Sub-transfer agent fees and expenses, Class A | 57 | 246 | 40 | 21 | — (1) | ||||
Sub-transfer agent fees and expenses, Class C | 25 | 78 | 8 | 20 | — (1) | ||||
Sub-transfer agent fees and expenses, Class I | 449 | 1,617 | 481 | 577 | 1 | ||||
Custodian fees | 2 | 5 | 2 | 1 | — (1) | ||||
Printing fees and expenses | 60 | 163 | 49 | 45 | — (1) | ||||
Professional fees | 8 | — | 8 | 15 | 12 | ||||
Interest expense and/or commitment fees | 7 | 111 | 7 | 7 | — (1) | ||||
Registration fees | 33 | 53 | 44 | 41 | 13 | ||||
Trustees’ fees and expenses | 58 | 134 | 36 | 38 | — (1) | ||||
Miscellaneous expenses | 50 | 143 | 51 | 35 | 2 | ||||
Total expenses | 8,589 | 20,923 | 4,834 | 5,797 | 62 | ||||
Less net expenses reimbursed and/or waived by investment adviser(2) | — | — | — | — | (29) | ||||
Plus net expenses recaptured | — | — | — | 4 | — | ||||
Net expenses | 8,589 | 20,923 | 4,834 | 5,801 | 33 | ||||
Net investment income (loss) | 2,653 | (12,019) | 4,346 | (680) | (17) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | 18,232 | 89,957 | 30,842 | (2,227) | (213) | ||||
Affiliated investments | — | (18,290) | — | — | — | ||||
Foreign currency transactions | 26 | 176 | — | — | — (1) | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | 269,744 | 132,363 | 51,145 | 186,263 | 865 | ||||
Affiliated investments | — | 308,932 | — | — | — | ||||
Foreign currency transactions | (13) | (38) | — | — | — | ||||
Net realized and unrealized gain (loss) on investments | 287,989 | 513,100 | 81,987 | 184,036 | 652 | ||||
Net increase (decrease) in net assets resulting from operations | $290,642 | $501,081 | $86,333 | $183,356 | $ 635 |
(1) | Amount is less than $500. |
(2) | See Note 3D in Notes to Financial Statements. |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | SGA Global Growth Fund | SGA New Leaders Growth Fund | Tactical Allocation Fund | |||||
Investment Income | |||||||||
Dividends | $ 45 | $ 33 | $ 341 | $ 18 | $ 2,229 | ||||
Interest | — | — | — | — | 4,225 | ||||
Securities lending, net of fees | — | — (1) | — (1) | — (1) | 1 | ||||
Foreign taxes withheld | — | (2) | (9) | — (1) | (79) | ||||
Total investment income | 45 | 31 | 332 | 18 | 6,376 | ||||
Expenses | |||||||||
Investment advisory fees | 16 | 24 | 431 | 25 | 1,642 | ||||
Distribution and service fees, Class A | 2 | — (1) | 25 | — (1) | 702 | ||||
Distribution and service fees, Class C | 1 | 1 | 19 | — (1) | 55 | ||||
Administration and accounting fees | 6 | 6 | 59 | 7 | 308 | ||||
Transfer agent fees and expenses | 1 | 1 | 23 | 1 | 125 | ||||
Sub-transfer agent fees and expenses, Class A | — (1) | — (1) | 18 | — (1) | 138 | ||||
Sub-transfer agent fees and expenses, Class C | — | — (1) | 2 | — | 6 | ||||
Sub-transfer agent fees and expenses, Class I | — (1) | — (1) | 19 | — | 15 | ||||
Custodian fees | — (1) | 1 | 1 | 1 | 10 | ||||
Printing fees and expenses | — (1) | — (1) | 6 | — (1) | 22 | ||||
Professional fees | 11 | 16 | 14 | 14 | 26 | ||||
Interest expense and/or commitment fees | — (1) | — (1) | 2 | — (1) | 3 | ||||
Registration fees | 13 | 13 | 20 | 15 | 27 | ||||
Trustees’ fees and expenses | — (1) | — (1) | 4 | — (1) | 22 | ||||
Miscellaneous expenses | 2 | 3 | 10 | 3 | 112 | ||||
Total expenses | 52 | 65 | 653 | 66 | 3,213 | ||||
Less net expenses reimbursed and/or waived by investment adviser(2) | (29) | (39) | (73) | (37) | (242) | ||||
Net expenses | 23 | 26 | 580 | 29 | 2,971 | ||||
Net investment income (loss) | 22 | 5 | (248) | (11) | 3,405 | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | (30) | (78) | (7,483) | (467) | 4,193 | ||||
Foreign currency transactions | — | (1) | 4 | — (1) | (3) | ||||
Foreign capital gains tax | — | — | — | — (1) | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | 413 | 793 | 25,869 | 1,194 | 65,856 | ||||
Foreign currency transactions | — | — (1) | 6 | — (1) | 11 | ||||
Foreign capital gains tax | — | 2 | — | — | — | ||||
Net realized and unrealized gain (loss) on investments | 383 | 716 | 18,396 | 727 | 70,057 | ||||
Net increase (decrease) in net assets resulting from operations | $405 | $721 | $18,148 | $ 716 | $73,462 |
(1) | Amount is less than $500. |
(2) | See Note 3D in Notes to Financial Statements. |
KAR Capital Growth Fund | KAR Equity Income Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (857) | $ (4,080) | $ 1,826 | $ 3,225 | |||
Net realized gain (loss) | 17,333 | 86,995 | 1,222 | 4,994 | |||
Net change in unrealized appreciation (depreciation) | 52,644 | (364,704) | 12,600 | (18,112) | |||
Increase (decrease) in net assets resulting from operations | 69,120 | (281,789) | 15,648 | (9,893) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (83,782) | (53,757) | (6,421) | (5,143) | |||
Class C | (677) | (820) | (295) | (140) | |||
Class I | (5,506) | (4,151) | (2,170) | (497) | |||
Class R6 | (235) | (122) | (124) | (70) | |||
Total dividends and distributions to shareholders | (90,200) | (58,850) | (9,010) | (5,850) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 57,303 | 11,694 | 4,213 | (6,082) | |||
Class C | (322) | (3,130) | 856 | (523) | |||
Class I | (354) | (4,688) | (1,067) | 16,933 | |||
Class R6 | 134 | 1,244 | 670 | 725 | |||
Increase (decrease) in net assets from capital transactions | 56,761 | 5,120 | 4,672 | 11,053 | |||
Net increase (decrease) in net assets | 35,681 | (335,519) | 11,310 | (4,690) | |||
Net Assets | |||||||
Beginning of period | 470,821 | 806,340 | 135,112 | 139,802 | |||
End of Period | $ 506,502 | $ 470,821 | $ 146,422 | $ 135,112 |
KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 505 | $ 1,066 | $ 355 | $ (3,352) | |||
Net realized gain (loss) | 308 | 1,880 | 37,469 | (11,459) | |||
Net change in unrealized appreciation (depreciation) | 4,168 | (6,901) | 175,076 | (315,507) | |||
Increase (decrease) in net assets resulting from operations | 4,981 | (3,955) | 212,900 | (330,318) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (659) | (510) | (203) | (1,497) | |||
Class C | (16) | (8) | (152) | (1,267) | |||
Class I | (349) | (404) | (2,750) | (21,030) | |||
Class R6 | (80) | (53) | (65) | (951) | |||
Total dividends and distributions to shareholders | (1,104) | (975) | (3,170) | (24,745) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 232 | 534 | 12,113 | 5,309 | |||
Class C | (211) | (8) | (470) | 1,691 | |||
Class I | (1,267) | 697 | 110,391 | 185,127 | |||
Class R6 | 42 | 517 | (8,731) | (15,752) | |||
Increase (decrease) in net assets from capital transactions | (1,204) | 1,740 | 113,303 | 176,375 | |||
Net increase (decrease) in net assets | 2,673 | (3,190) | 323,033 | (178,688) | |||
Net Assets | |||||||
Beginning of period | 35,176 | 38,366 | 1,219,022 | 1,397,710 | |||
End of Period | $ 37,849 | $ 35,176 | $ 1,542,055 | $ 1,219,022 |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (3,101) | $ (14,029) | $ 2,653 | $ 3,870 | |||
Net realized gain (loss) | (92,665) | (35,480) | 18,258 | 118,115 | |||
Net increase from payment by affiliate | — | 19 | — | — | |||
Net change in unrealized appreciation (depreciation) | 249,245 | (1,147,252) | 269,731 | (321,839) | |||
Increase (decrease) in net assets resulting from operations | 153,479 | (1,196,742) | 290,642 | (199,854) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | — | (8,185) | (8,378) | (17,080) | |||
Class C | — | (2,544) | (5,066) | (12,382) | |||
Class I | — | (34,824) | (66,439) | (145,908) | |||
Class R6 | — | (2,968) | (21,597) | (48,590) | |||
Total dividends and distributions to shareholders | — | (48,521) | (101,480) | (223,960) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (24,650) | (64,827) | 5,802 | 9,432 | |||
Class C | (7,631) | (34,319) | (1,846) | (4,941) | |||
Class I | (136,004) | (465,049) | (899) | 10,150 | |||
Class R6 | (3,638) | (36,166) | 18,596 | (12,387) | |||
Increase (decrease) in net assets from capital transactions | (171,923) | (600,361) | 21,653 | 2,254 | |||
Net increase (decrease) in net assets | (18,444) | (1,845,624) | 210,815 | (421,560) | |||
Net Assets | |||||||
Beginning of period | 1,584,194 | 3,429,818 | 1,504,603 | 1,926,163 | |||
End of Period | $ 1,565,750 | $ 1,584,194 | $ 1,715,418 | $ 1,504,603 |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (12,019) | $ (35,123) | $ 4,346 | $ 4,816 | |||
Net realized gain (loss) | 71,843 | 509,865 | 30,842 | 14,056 | |||
Net change in unrealized appreciation (depreciation) | 441,257 | (2,271,252) | 51,145 | (329,741) | |||
Increase (decrease) in net assets resulting from operations | 501,081 | (1,796,510) | 86,333 | (310,869) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (64,943) | (100,063) | (2,821) | (2,287) | |||
Class C | (27,720) | (45,933) | (379) | (355) | |||
Class I | (375,773) | (655,027) | (24,275) | (21,896) | |||
Class R6 | (29,364) | (25,977) | (1,025) | (1,622) | |||
Total dividends and distributions to shareholders | (497,800) | (827,000) | (28,500) | (26,160) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 17,891 | (43,224) | (4,990) | (8,687) | |||
Class C | (1,735) | (22,917) | (553) | (3,114) | |||
Class I | (78,901) | (483,610) | (160,726) | (151,561) | |||
Class R6 | 90,783 | 23,078 | (2,949) | (30,485) | |||
Increase (decrease) in net assets from capital transactions | 28,038 | (526,673) | (169,218) | (193,847) | |||
Net increase (decrease) in net assets | 31,319 | (3,150,183) | (111,385) | (530,876) | |||
Net Assets | |||||||
Beginning of period | 3,514,829 | 6,665,012 | 894,134 | 1,425,010 | |||
End of Period | $ 3,546,148 | $ 3,514,829 | $ 782,749 | $ 894,134 |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (680) | $ (4,268) | $ (17) | $ (46) | |||
Net realized gain (loss) | (2,227) | (9,991) | (213) | (453) | |||
Net change in unrealized appreciation (depreciation) | 186,263 | (356,103) | 865 | (1,430) | |||
Increase (decrease) in net assets resulting from operations | 183,356 | (370,362) | 635 | (1,929) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | — | (599) | — | — | |||
Class C | — | (408) | — | — | |||
Class I | — | (14,991) | — | — | |||
Class R6 | — | (222) | — | — | |||
Total dividends and distributions to shareholders | — | (16,220) | — | — | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (683) | (222) | 2,616 | (107) | |||
Class C | 2,892 | 5,969 | — (1) | 18 | |||
Class I | 1,928 | 65,718 | 326 | 692 | |||
Class R6 | 8,970 | 3,622 | 7 | 380 | |||
Increase (decrease) in net assets from capital transactions | 13,107 | 75,087 | 2,949 | 983 | |||
Net increase (decrease) in net assets | 196,463 | (311,495) | 3,584 | (946) | |||
Net Assets | |||||||
Beginning of period | 952,046 | 1,263,541 | 5,137 | 6,083 | |||
End of Period | $ 1,148,509 | $ 952,046 | $ 8,721 | $ 5,137 |
(1) | Amount is less than $500. |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 22 | $ 20 | $ 5 | $ 8 | |||
Net realized gain (loss) | (30) | (30) | (79) | (313) | |||
Net change in unrealized appreciation (depreciation) | 413 | (768) | 795 | (1,477) | |||
Increase (decrease) in net assets resulting from operations | 405 | (778) | 721 | (1,782) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (7) | (—) (1) | — | (14) | |||
Class C | — | — | — | (11) | |||
Class I | (2) | (1) | — | (27) | |||
Class R6 | (9) | (10) | — | (368) | |||
Total dividends and distributions to shareholders | (18) | (11) | — | (420) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 454 | 643 | 18 | 1 | |||
Class C | — (1) | 1 | 91 | (14) | |||
Class I | 726 | 399 | 16 | (47) | |||
Class R6 | 2 | 729 | (100) | 364 | |||
Increase (decrease) in net assets from capital transactions | 1,182 | 1,772 | 25 | 304 | |||
Net increase (decrease) in net assets | 1,569 | 983 | 746 | (1,898) | |||
Net Assets | |||||||
Beginning of period | 3,910 | 2,927 | 4,297 | 6,195 | |||
End of Period | $ 5,479 | $ 3,910 | $ 5,043 | $ 4,297 |
(1) | Amount is less than $500. |
SGA Global Growth Fund | SGA New Leaders Growth Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (248) | $ (643) | $ (11) | $ (33) | |||
Net realized gain (loss) | (7,479) | 3,988 | (467) | (809) | |||
Net change in unrealized appreciation (depreciation) | 25,875 | (56,748) | 1,194 | (2,361) | |||
Increase (decrease) in net assets resulting from operations | 18,148 | (53,403) | 716 | (3,203) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (503) | (2,276) | — | — | |||
Class C | (104) | (518) | — | — | |||
Class I | (643) | (3,434) | — | — | |||
Class R6 | (1,405) | (5,122) | — | — | |||
Total dividends and distributions to shareholders | (2,655) | (11,350) | — | — | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 52 | (3,902) | 3 | 10 | |||
Class C | (398) | (934) | — | (2) | |||
Class I | (12,016) | (1,068) | — | — | |||
Class R6 | (2,463) | 4,695 | 49 | 2,311 | |||
Increase (decrease) in net assets from capital transactions | (14,825) | (1,209) | 52 | 2,319 | |||
Net increase (decrease) in net assets | 668 | (65,962) | 768 | (884) | |||
Net Assets | |||||||
Beginning of period | 109,722 | 175,684 | 5,764 | 6,648 | |||
End of Period | $ 110,390 | $ 109,722 | $ 6,532 | $ 5,764 |
Tactical Allocation Fund | |||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss) | $ 3,405 | $ 4,598 | |
Net realized gain (loss) | 4,190 | 38,422 | |
Net change in unrealized appreciation (depreciation) | 65,867 | (318,832) | |
Increase (decrease) in net assets resulting from operations | 73,462 | (275,812) | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (37,823) | (60,102) | |
Class C | (693) | (1,929) | |
Class I | (1,678) | (3,906) | |
Class R6 | (6) | (8) | |
Total dividends and distributions to shareholders | (40,200) | (65,945) | |
Change in Net Assets from Capital Transactions (See Note 5): | |||
Class A | 2,992 | (12,680) | |
Class C | (2,569) | (11,584) | |
Class I | (2,794) | (8,300) | |
Class R6 | 1 | 4 | |
Increase (decrease) in net assets from capital transactions | (2,370) | (32,560) | |
Net increase (decrease) in net assets | 30,892 | (374,317) | |
Net Assets | |||
Beginning of period | 580,292 | 954,609 | |
End of Period | $ 611,184 | $ 580,292 |
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from 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) | ||
KAR Capital Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $16.87 | (0.03) | 2.27 | 2.24 | — | — | (3.31) | (3.31) | — | (1.07) | $15.80 | 15.16 % | $ 473,634 | 1.22 % (7) | 1.22 % | (0.36) % | 8 % | |
10/1/21 to 9/30/22 | 28.64 | (0.14) | (9.51) | (9.65) | — | — | (2.12) | (2.12) | — | (11.77) | 16.87 | (36.54) | 435,925 | 1.20 (7)(8) | 1.20 | (0.63) | 13 | |
10/1/20 to 9/30/21 | 24.20 | (0.22) | 5.49 | 5.27 | — | — | (0.83) | (0.83) | — | 4.44 | 28.64 | 21.98 | 736,713 | 1.20 (7) | 1.20 | (0.83) | 8 | |
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 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $11.73 | (0.06) | 1.47 | 1.41 | — | — | (3.31) | (3.31) | — | (1.90) | $ 9.83 | 14.66 % | $ 2,254 | 2.05 % (7) | 2.05 % | (1.20) % | 8 % | |
10/1/21 to 9/30/22 | 20.70 | (0.25) | (6.60) | (6.85) | — | — | (2.12) | (2.12) | — | (8.97) | 11.73 | (37.07) | 2,914 | 2.01 (7)(8) | 2.01 | (1.48) | 13 | |
10/1/20 to 9/30/21 | 17.83 | (0.32) | 4.02 | 3.70 | — | — | (0.83) | (0.83) | — | 2.87 | 20.70 | 21.00 | 9,252 | 2.01 (7) | 2.01 | (1.63) | 8 | |
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 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $17.67 | (0.01) | 2.40 | 2.39 | — | — | (3.31) | (3.31) | — | (0.92) | $16.75 | 15.33 % | $ 29,275 | 1.03 % (7) | 1.03 % | (0.17) % | 8 % | |
10/1/21 to 9/30/22 | 29.86 | (0.11) | (9.96) | (10.07) | — | — | (2.12) | (2.12) | — | (12.19) | 17.67 | (36.45) | 30,739 | 1.01 (7)(8) | 1.01 | (0.44) | 13 | |
10/1/20 to 9/30/21 | 25.15 | (0.18) | 5.72 | 5.54 | — | — | (0.83) | (0.83) | — | 4.71 | 29.86 | 22.23 | 59,565 | 1.00 (7) | 1.00 | (0.63) | 8 | |
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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $17.95 | 0.01 | 2.45 | 2.46 | — | — | (3.31) | (3.31) | — | (0.85) | $17.10 | 15.51 % | $ 1,339 | 0.73 % | 0.93 % | 0.12 % | 8 % | |
10/1/21 to 9/30/22 | 30.22 | (0.04) | (10.11) | (10.15) | — | — | (2.12) | (2.12) | — | (12.27) | 17.95 | (36.27) | 1,243 | 0.74 (8) | 0.92 | (0.15) | 13 | |
10/1/20 to 9/30/21 | 25.38 | (0.11) | 5.78 | 5.67 | — | — | (0.83) | (0.83) | — | 4.84 | 30.22 | 22.55 | 810 | 0.73 | 0.91 | (0.38) | 8 | |
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 (10) | 0.94 | (0.27) | 12 | |
1/30/18 (11) to 9/30/18 | 18.46 | (—) (12) | 0.58 | 0.58 | — | — | — | — | — | 0.58 | 19.04 | 3.14 | 6,458 | 0.80 (10) | 0.91 | (0.03) | 17 (13) | |
KAR Equity Income Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $18.25 | 0.23 | 1.81 | 2.04 | (0.47) | — | (0.66) | (1.13) | — | 0.91 | $19.16 | 11.10 % | $ 113,438 | 1.20 % | 1.31 % | 2.39 % | 18 % | |
10/1/21 to 9/30/22 | 20.46 | 0.47 | (1.80) | (1.33) | (0.44) | — | (0.44) | (0.88) | — | (2.21) | 18.25 | (7.01) | 104,120 | 1.22 (8) | 1.34 | 2.26 | 22 | |
10/1/20 to 9/30/21 | 23.03 | 0.47 | 3.57 | 4.04 | (0.27) | — | (6.34) | (6.61) | — | (2.57) | 20.46 | 20.23 | 122,518 | 1.23 (8) | 1.36 | 2.21 | 25 | |
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 (8) | 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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Equity Income Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $15.55 | 0.13 | 1.54 | 1.67 | (0.45) | — | (0.66) | (1.11) | — | 0.56 | $16.11 | 10.66 % | $ 4,323 | 1.95 % | 2.08 % | 1.61 % | 18 % | |
10/1/21 to 9/30/22 | 17.47 | 0.26 | (1.52) | (1.26) | (0.22) | — | (0.44) | (0.66) | — | (1.92) | 15.55 | (7.67) | 3,395 | 1.97 (8) | 2.12 | 1.50 | 22 | |
10/1/20 to 9/30/21 | 20.51 | 0.28 | 3.12 | 3.40 | (0.10) | — | (6.34) | (6.44) | — | (3.04) | 17.47 | 19.31 | 4,303 | 1.97 (8) | 2.13 | 1.52 | 25 | |
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 (8) | 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 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $18.21 | 0.26 | 1.80 | 2.06 | (0.60) | — | (0.66) | (1.26) | — | 0.80 | $19.01 | 11.26 % | $ 26,249 | 0.95 % | 1.06 % | 2.67 % | 18 % | |
10/1/21 to 9/30/22 | 20.41 | 0.51 | (1.78) | (1.27) | (0.49) | — | (0.44) | (0.93) | — | (2.20) | 18.21 | (6.74) | 25,923 | 0.99 (8) | 1.10 | 2.48 | 22 | |
10/1/20 to 9/30/21 | 23.00 | 0.52 | 3.56 | 4.08 | (0.33) | — | (6.34) | (6.67) | — | (2.59) | 20.41 | 20.49 | 11,819 | 0.98 (8) | 1.11 | 2.43 | 25 | |
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 (8) | 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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $18.13 | 0.26 | 1.80 | 2.06 | (0.56) | — | (0.66) | (1.22) | — | 0.84 | $18.97 | 11.29 % | $ 2,412 | 0.91 % | 1.00 % | 2.67 % | 18 % | |
10/1/21 to 9/30/22 | 20.35 | 0.52 | (1.78) | (1.26) | (0.52) | — | (0.44) | (0.96) | — | (2.22) | 18.13 | (6.74) | 1,674 | 0.94 (8) | 1.03 | 2.54 | 22 | |
10/1/20 to 9/30/21 | 22.96 | 0.51 | 3.57 | 4.08 | (0.35) | — | (6.34) | (6.69) | — | (2.61) | 20.35 | 20.55 | 1,162 | 0.94 (8) | 1.03 | 2.44 | 25 | |
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 (8) | 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 (11) 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.96 | 0.18 | 1.67 | 1.85 | (0.41) | — | — | (0.41) | — | 1.44 | $14.40 | 14.27 % | $ 24,000 | 1.35 % | 1.50 % | 2.58 % | 16 % | |
10/1/21 to 9/30/22 | 14.74 | 0.38 | (1.84) | (1.46) | (0.32) | — | — | (0.32) | — | (1.78) | 12.96 | (10.21) | 21,388 | 1.36 (8) | 1.50 | 2.54 | 37 | |
10/1/20 to 9/30/21 | 12.76 | 0.37 | 1.95 | 2.32 | (0.34) | — | — | (0.34) | — | 1.98 | 14.74 | 18.42 | 23,807 | 1.35 | 1.51 | 2.55 | 37 | |
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 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.54 | 0.13 | 1.62 | 1.75 | (0.29) | — | — | (0.29) | — | 1.46 | $14.00 | 13.91 % | $ 697 | 2.10 % | 2.31 % | 1.83 % | 16 % | |
10/1/21 to 9/30/22 | 14.21 | 0.26 | (1.79) | (1.53) | (0.14) | — | — | (0.14) | — | (1.67) | 12.54 | (10.93) | 814 | 2.11 (8) | 2.31 | 1.78 | 37 | |
10/1/20 to 9/30/21 | 12.29 | 0.24 | 1.90 | 2.14 | (0.22) | — | — | (0.22) | — | 1.92 | 14.21 | 17.52 | 931 | 2.10 | 2.29 | 1.74 | 37 | |
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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Global Quality Dividend Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.94 | 0.20 | 1.67 | 1.87 | (0.44) | — | — | (0.44) | — | 1.43 | $14.37 | 14.43 % | $ 10,702 | 1.10 % | 1.29 % | 2.83 % | 16 % | |
10/1/21 to 9/30/22 | 14.76 | 0.42 | (1.85) | (1.43) | (0.39) | — | — | (0.39) | — | (1.82) | 12.94 | (10.00) | 10,797 | 1.12 (8) | 1.27 | 2.79 | 37 | |
10/1/20 to 9/30/21 | 12.77 | 0.40 | 1.97 | 2.37 | (0.38) | — | — | (0.38) | — | 1.99 | 14.76 | 18.78 | 11,659 | 1.10 | 1.27 | 2.79 | 37 | |
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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $13.04 | 0.23 | 1.68 | 1.91 | (0.50) | — | — | (0.50) | — | 1.41 | $14.45 | 14.65 % | $ 2,450 | 0.78 % | 1.18 % | 3.16 % | 16 % | |
10/1/21 to 9/30/22 | 14.84 | 0.47 | (1.86) | (1.39) | (0.41) | — | — | (0.41) | — | (1.80) | 13.04 | (9.73) | 2,177 | 0.80 (8) | 1.18 | 3.14 | 37 | |
10/1/20 to 9/30/21 | 12.81 | 0.45 | 1.97 | 2.42 | (0.39) | — | — | (0.39) | — | 2.03 | 14.84 | 19.15 | 1,969 | 0.78 | 1.15 | 3.04 | 37 | |
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 (11) 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 (13) | |
KAR Mid-Cap Core Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $41.93 | (0.03) | 7.18 | 7.15 | — | — | (0.11) | (0.11) | — | 7.04 | $48.97 | 17.06 % | $ 97,432 | 1.20 % | 1.31 % | (0.14) % | 16 % | |
10/1/21 to 9/30/22 | 54.03 | (0.22) | (10.95) | (11.17) | — | — | (0.93) | (0.93) | — | (12.10) | 41.93 | (21.10) | 72,404 | 1.21 (8) | 1.31 | (0.44) | 20 | |
10/1/20 to 9/30/21 | 39.93 | (0.29) | 14.71 | 14.42 | — | — | (0.32) | (0.32) | — | 14.10 | 54.03 | 36.25 | 86,713 | 1.20 | 1.31 | (0.58) | 15 | |
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 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $38.00 | (0.19) | 6.51 | 6.32 | — | — | (0.11) | (0.11) | — | 6.21 | $44.21 | 16.64 % | $ 61,233 | 1.95 % | 2.07 % | (0.90) % | 16 % | |
10/1/21 to 9/30/22 | 49.42 | (0.54) | (9.95) | (10.49) | — | — | (0.93) | (0.93) | — | (11.42) | 38.00 | (21.70) | 53,041 | 1.96 (8) | 2.07 | (1.19) | 20 | |
10/1/20 to 9/30/21 | 36.82 | (0.61) | 13.53 | 12.92 | — | — | (0.32) | (0.32) | — | 12.60 | 49.42 | 35.23 | 67,627 | 1.95 | 2.06 | (1.33) | 15 | |
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 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $43.07 | 0.03 | 7.38 | 7.41 | — | — | (0.11) | (0.11) | — | 7.30 | $50.37 | 17.22�� % | $1,358,726 | 0.95 % | 1.07 % | 0.11 % | 16 % | |
10/1/21 to 9/30/22 | 55.34 | (0.09) | (11.25) | (11.34) | — | — | (0.93) | (0.93) | — | (12.27) | 43.07 | (20.91) | 1,065,078 | 0.96 (8) | 1.06 | (0.18) | 20 | |
10/1/20 to 9/30/21 | 40.79 | (0.17) | 15.04 | 14.87 | — | — | (0.32) | (0.32) | — | 14.55 | 55.34 | 36.59 | 1,188,000 | 0.95 | 1.05 | (0.33) | 15 | |
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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Mid-Cap Core Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $43.24 | 0.03 | 7.43 | 7.46 | — | — | (0.11) | (0.11) | — | 7.35 | $50.59 | 17.26 % | $ 24,664 | 0.87 % | 0.97 % | 0.13 % | 16 % | |
10/1/21 to 9/30/22 | 55.51 | (0.06) | (11.28) | (11.34) | — | — | (0.93) | (0.93) | — | (12.27) | 43.24 | (20.84) | 28,499 | 0.88 (8) | 0.97 | (0.12) | 20 | |
10/1/20 to 9/30/21 | 40.89 | (0.12) | 15.06 | 14.94 | — | — | (0.32) | (0.32) | — | 14.62 | 55.51 | 36.67 | 55,370 | 0.87 | 0.97 | (0.24) | 15 | |
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 (11) 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 (13) | |
KAR Mid-Cap Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $43.47 | (0.12) | 4.49 | 4.37 | — | — | — | — | — | 4.37 | $47.84 | 9.98 % | $ 306,047 | 1.26 % (7) | 1.26 % | (0.53) % | 7 % | |
10/1/21 to 9/30/22 | 71.37 | (0.42) | (26.44) | (26.86) | — | — | (1.04) | (1.04) | — (12) | (27.90) | 43.47 | (38.15) (14) | 301,043 | 1.25 (7)(8) | 1.25 | (0.73) | 12 | |
10/1/20 to 9/30/21 | 58.05 | (0.62) | 14.01 | 13.39 | — | — | (0.07) | (0.07) | — | 13.32 | 71.37 | 23.07 | 579,817 | 1.24 (7) | 1.24 | (0.91) | 17 | |
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 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $33.14 | (0.23) | 3.42 | 3.19 | — | — | — | — | — | 3.19 | $36.33 | 9.56 % | $ 57,125 | 2.04 % (7) | 2.04 % | (1.32) % | 7 % | |
10/1/21 to 9/30/22 | 55.11 | (0.68) | (20.25) | (20.93) | — | — | (1.04) | (1.04) | — (12) | (21.97) | 33.14 | (38.65) (14) | 59,318 | 2.05 (7)(8) | 2.05 | (1.53) | 12 | |
10/1/20 to 9/30/21 | 45.18 | (0.87) | 10.87 | 10.00 | — | — | (0.07) | (0.07) | — | 9.93 | 55.11 | 22.13 | 141,256 | 1.99 (7) | 1.99 | (1.66) | 17 | |
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 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $45.29 | (0.08) | 4.68 | 4.60 | — | — | — | — | — | 4.60 | $49.89 | 10.11 % | $1,108,144 | 1.05 % (7) | 1.05 % | (0.32) % | 7 % | |
10/1/21 to 9/30/22 | 74.14 | (0.30) | (27.51) | (27.81) | — | — | (1.04) | (1.04) | — (12) | (28.85) | 45.29 | (38.00) (14) | 1,134,777 | 1.01 (7)(8) | 1.01 | (0.50) | 12 | |
10/1/20 to 9/30/21 | 60.16 | (0.47) | 14.52 | 14.05 | — | — | (0.07) | (0.07) | — | 13.98 | 74.14 | 23.35 | 2,499,830 | 1.00 (7) | 1.00 | (0.66) | 17 | |
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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $45.71 | (0.02) | 4.72 | 4.70 | — | — | — | — | — | 4.70 | $50.41 | 10.23 % | $ 94,434 | 0.83 % | 0.92 % | (0.10) % | 7 % | |
10/1/21 to 9/30/22 | 74.68 | (0.20) | (27.73) | (27.93) | — | — | (1.04) | (1.04) | — (12) | (28.97) | 45.71 | (37.89) (14) | 89,056 | 0.84 (8) | 0.90 | (0.34) | 12 | |
10/1/20 to 9/30/21 | 60.49 | (0.36) | 14.62 | 14.26 | — | — | (0.07) | (0.07) | — | 14.19 | 74.68 | 23.57 | 208,915 | 0.83 | 0.89 | (0.50) | 17 | |
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 (10)(15) | 1.01 | (0.34) | 28 | |
1/30/18 (11) to 9/30/18 | 31.74 | (0.09) | 5.06 | 4.97 | — | — | — | — | — | 4.97 | 36.71 | 15.66 | 117 | 0.93 (10) | 1.09 | (0.40) | 19 (13) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Cap Core Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $37.42 | 0.02 | 7.05 | 7.07 | (0.07) | —��� | (2.61) | (2.68) | — | 4.39 | $41.81 | 19.58 % | $ 137,718 | 1.26 % | 1.26 % | 0.10 % | 3 % | |
10/1/21 to 9/30/22 | 47.98 | — (12) | (4.72) | (4.72) | — | — | (5.84) | (5.84) | — | (10.56) | 37.42 | (11.73) | 117,382 | 1.27 (8) | 1.27 | — (16) | 9 | |
10/1/20 to 9/30/21 | 40.21 | (0.11) | 11.25 | 11.14 | — | — | (3.37) | (3.37) | — | 7.77 | 47.98 | 28.68 | 140,807 | 1.26 | 1.26 | (0.23) | 16 | |
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 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $28.70 | (0.10) | 5.35 | 5.25 | — | — | (2.61) | (2.61) | — | 2.64 | $31.34 | 19.15 % | $ 62,885 | 2.00 % | 2.00 % | (0.62) % | 3 % | |
10/1/21 to 9/30/22 | 38.35 | (0.24) | (3.57) | (3.81) | — | — | (5.84) | (5.84) | — | (9.65) | 28.70 | (12.37) | 58,911 | 2.00 (8) | 2.00 | (0.73) | 9 | |
10/1/20 to 9/30/21 | 32.95 | (0.35) | 9.12 | 8.77 | — | — | (3.37) | (3.37) | — | 5.40 | 38.35 | 27.74 | 84,992 | 1.99 | 1.99 | (0.93) | 16 | |
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 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $40.33 | 0.08 | 7.62 | 7.70 | (0.11) | — | (2.61) | (2.72) | — | 4.98 | $45.31 | 19.75 % | $1,134,733 | 1.00 % | 1.00 % | 0.36 % | 3 % | |
10/1/21 to 9/30/22 | 51.22 | 0.12 | (5.11) | (4.99) | (0.06) | — | (5.84) | (5.90) | — | (10.89) | 40.33 | (11.51) | 1,008,114 | 1.01 (8) | 1.01 | 0.26 | 9 | |
10/1/20 to 9/30/21 | 42.67 | 0.02 | 11.96 | 11.98 | (0.06) | — | (3.37) | (3.43) | — | 8.55 | 51.22 | 29.03 | 1,278,711 | 1.00 | 1.00 | 0.05 | 16 | |
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 | — (12) | 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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $40.53 | 0.10 | 7.65 | 7.75 | (0.15) | — | (2.61) | (2.76) | — | 4.99 | $45.52 | 19.77 % | $ 380,082 | 0.92 % | 0.92 % | 0.45 % | 3 % | |
10/1/21 to 9/30/22 | 51.45 | 0.16 | (5.12) | (4.96) | (0.12) | — | (5.84) | (5.96) | — | (10.92) | 40.53 | (11.42) | 320,196 | 0.93 (8) | 0.93 | 0.35 | 9 | |
10/1/20 to 9/30/21 | 42.84 | 0.06 | 12.02 | 12.08 | (0.10) | — | (3.37) | (3.47) | — | 8.61 | 51.45 | 29.14 | 421,653 | 0.92 | 0.92 | 0.12 | 16 | |
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 | |
KAR Small-Cap Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $32.27 | (0.14) | 4.50 | 4.36 | — | — | (5.04) | (5.04) | — | (0.68) | $31.59 | 15.37 % | $ 447,385 | 1.36 % (7) | 1.36 % | (0.85) % | 5 % | |
10/1/21 to 9/30/22 | 53.81 | (0.37) | (14.19) | (14.56) | — | — | (6.98) | (6.98) | — | (21.54) | 32.27 | (31.04) | 432,185 | 1.34 (7)(8) | 1.34 | (0.87) | 12 | |
10/1/20 to 9/30/21 | 49.00 | (0.52) | 10.49 | 9.97 | — | — | (5.16) | (5.16) | — | 4.81 | 53.81 | 20.46 | 793,106 | 1.34 (7) | 1.34 | (0.97) | 11 | |
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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Cap Growth Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $27.18 | (0.21) | 3.68 | 3.47 | — | — | (5.04) | (5.04) | — | (1.57) | $25.61 | 14.94 % | $ 155,738 | 2.10 % (7) | 2.10 % | (1.59) % | 5 % | |
10/1/21 to 9/30/22 | 46.72 | (0.58) | (11.98) | (12.56) | — | — | (6.98) | (6.98) | — | (19.54) | 27.18 | (31.52) | 163,204 | 2.07 (7)(8) | 2.07 | (1.61) | 12 | |
10/1/20 to 9/30/21 | 43.40 | (0.79) | 9.27 | 8.48 | — | — | (5.16) | (5.16) | — | 3.32 | 46.72 | 19.60 | 319,371 | 2.05 (7) | 2.05 | (1.68) | 11 | |
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 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $33.50 | (0.10) | 4.69 | 4.59 | — | — | (5.04) | (5.04) | — | (0.45) | $33.05 | 15.51 % | $2,711,199 | 1.12 % (7) | 1.12 % | (0.61) % | 5 % | |
10/1/21 to 9/30/22 | 55.46 | (0.27) | (14.71) | (14.98) | — | — | (6.98) | (6.98) | — | (21.96) | 33.50 | (30.85) | 2,778,744 | 1.08 (7)(8) | 1.08 | (0.62) | 12 | |
10/1/20 to 9/30/21 | 50.25 | (0.38) | 10.75 | 10.37 | — | — | (5.16) | (5.16) | — | 5.21 | 55.46 | 20.77 | 5,346,986 | 1.07 (7) | 1.07 | (0.70) | 11 | |
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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $33.68 | (0.08) | 4.72 | 4.64 | — | — | (5.04) | (5.04) | — | (0.40) | $33.28 | 15.58 % | $ 231,826 | 1.00 % (7) | 1.00 % | (0.48) % | 5 % | |
10/1/21 to 9/30/22 | 55.68 | (0.22) | (14.80) | (15.02) | — | — | (6.98) | (6.98) | — | (22.00) | 33.68 | (30.80) | 140,696 | 0.99 (7)(8) | 0.99 | (0.51) | 12 | |
10/1/20 to 9/30/21 | 50.39 | (0.32) | 10.77 | 10.45 | — | — | (5.16) | (5.16) | — | 5.29 | 55.68 | 20.88 | 205,549 | 0.98 (7) | 0.98 | (0.58) | 11 | |
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 (11) 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $20.31 | 0.08 | 1.84 | 1.92 | (0.09) | — | (0.58) | (0.67) | — | 1.25 | $21.56 | 9.51 % | $ 90,759 | 1.22 % (7) | 1.22 % | 0.76 % | 9 % | |
10/1/21 to 9/30/22 | 27.28 | 0.05 | (6.53) | (6.48) | (0.02) | — | (0.47) | (0.49) | — | (6.97) | 20.31 | (24.26) | 90,204 | 1.21 (7)(8) | 1.21 | 0.19 | 9 | |
10/1/20 to 9/30/21 | 19.97 | 0.04 | 7.42 | 7.46 | (0.15) | — | — | (0.15) | — | 7.31 | 27.28 | 37.45 | 130,975 | 1.20 (7) | 1.20 | 0.14 | 13 | |
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 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $19.59 | — (12) | 1.77 | 1.77 | — | — | (0.58) | (0.58) | — | 1.19 | $20.78 | 9.07 % | $ 13,757 | 2.00 % (7) | 2.00 % | (0.02) % | 9 % | |
10/1/21 to 9/30/22 | 26.51 | (0.14) | (6.31) | (6.45) | — | — | (0.47) | (0.47) | — | (6.92) | 19.59 | (24.84) | 13,446 | 1.98 (7)(8) | 1.98 | (0.58) | 9 | |
10/1/20 to 9/30/21 | 19.44 | (0.16) | 7.24 | 7.08 | (0.01) | — | — | (0.01) | — | 7.07 | 26.51 | 36.44 | 21,623 | 1.96 (7) | 1.96 | (0.60) | 13 | |
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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Cap Value Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $20.36 | 0.11 | 1.84 | 1.95 | (0.13) | — | (0.58) | (0.71) | — | 1.24 | $21.60 | 9.58 % | $ 644,939 | 1.01 % (7) | 1.01 % | 0.97 % | 9 % | |
10/1/21 to 9/30/22 | 27.30 | 0.11 | (6.54) | (6.43) | (0.04) | — | (0.47) | (0.51) | — | (6.94) | 20.36 | (24.08) | 756,418 | 0.98 (7)(8) | 0.98 | 0.42 | 9 | |
10/1/20 to 9/30/21 | 19.97 | 0.10 | 7.43 | 7.53 | (0.20) | — | — | (0.20) | — | 7.33 | 27.30 | 37.83 | 1,190,498 | 0.96 (7) | 0.96 | 0.38 | 13 | |
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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $20.39 | 0.12 | 1.85 | 1.97 | (0.08) | — | (0.58) | (0.66) | — | 1.31 | $21.70 | 9.72 % | $ 33,294 | 0.91 % (7) | 0.91 % | 1.07 % | 9 % | |
10/1/21 to 9/30/22 | 27.33 | 0.13 | (6.55) | (6.42) | (0.05) | — | (0.47) | (0.52) | — | (6.94) | 20.39 | (24.03) | 34,066 | 0.89 (7)(8) | 0.89 | 0.52 | 9 | |
10/1/20 to 9/30/21 | 20.00 | 0.12 | 7.43 | 7.55 | (0.22) | — | — | (0.22) | — | 7.33 | 27.33 | 37.85 | 81,914 | 0.89 (7) | 0.89 | 0.46 | 13 | |
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 | |
KAR Small-Mid Cap Core Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $13.53 | (0.03) | 2.64 | 2.61 | — | — | — | — | — | 2.61 | $16.14 | 19.29 % | $ 40,119 | 1.29 % (7) | 1.29 % | (0.34) % | 13 % | |
10/1/21 to 9/30/22 | 18.67 | (0.10) | (4.82) | (4.92) | — | — | (0.22) | (0.22) | — | (5.14) | 13.53 | (26.69) | 34,319 | 1.31 (7)(8)(15) | 1.27 | (0.60) | 19 | |
10/1/20 to 9/30/21 | 14.43 | (0.14) | 4.38 | 4.24 | — | — | — | — | — | 4.24 | 18.67 | 29.38 | 48,485 | 1.30 | 1.30 | (0.77) | 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 (11) 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 (13) | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $13.07 | (0.08) | 2.54 | 2.46 | — | — | — | — | — | 2.46 | $15.53 | 18.82 % | $ 34,072 | 2.05 % | 2.05 % | (1.09) % | 13 % | |
10/1/21 to 9/30/22 | 18.18 | (0.22) | (4.67) | (4.89) | — | — | (0.22) | (0.22) | — | (5.11) | 13.07 | (27.25) | 26,271 | 2.04 (7)(8)(15) | 2.03 | (1.33) | 19 | |
10/1/20 to 9/30/21 | 14.16 | (0.27) | 4.29 | 4.02 | — | — | — | — | — | 4.02 | 18.18 | 28.39 | 30,401 | 2.05 (7)(15) | 2.03 | (1.52) | 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 (11) 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 (13) | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $13.68 | (0.01) | 2.66 | 2.65 | — | — | — | — | — | 2.65 | $16.33 | 19.37 % | $1,048,471 | 1.04 % (7) | 1.04 % | (0.09) % | 13 % | |
10/1/21 to 9/30/22 | 18.82 | (0.05) | (4.87) | (4.92) | — | — | (0.22) | (0.22) | — | (5.14) | 13.68 | (26.47) | 877,405 | 1.02 (7)(8) | 1.02 | (0.31) | 19 | |
10/1/20 to 9/30/21 | 14.51 | (0.09) | 4.40 | 4.31 | — (12) | — | — | — (12) | — | 4.31 | 18.82 | 29.72 | 1,168,320 | 1.02 (7)(15) | 1.01 | (0.49) | 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 (11) 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 (13) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Mid Cap Core Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $13.71 | — (12) | 2.68 | 2.68 | — | — | — | — | — | 2.68 | $16.39 | 19.55 % | $ 25,847 | 0.95 % (7)(15) | 0.92 % | 0.03 % | 13 % | |
10/1/21 to 9/30/22 | 18.87 | (0.05) | (4.89) | (4.94) | — | — | (0.22) | (0.22) | — | (5.16) | 13.71 | (26.51) | 14,051 | 0.98 (7)(8)(15) | 0.93 | (0.28) | 19 | |
10/1/20 to 9/30/21 | 14.54 | (0.08) | 4.42 | 4.34 | (0.01) | — | — | (0.01) | — | 4.33 | 18.87 | 29.82 | 16,335 | 0.97 (7)(15) | 0.92 | (0.44) | 7 | |
10/1/19 to 9/30/20 | 11.57 | — (12) | 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 (11) to 9/30/18 | 10.00 | (—) (12) | 0.81 | 0.81 | — | — | — | — | — | 0.81 | 10.81 | 8.10 | 2,919 | 0.97 | 5.20 | (0.07) | 16 (13) | |
KAR Small-Mid Cap Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.73 | (0.03) | 1.16 | 1.13 | — | — | — | — | — | 1.13 | $ 8.86 | 14.62 % | $ 3,075 | 1.30 % | 2.24 % | (0.63) % | 14 % | |
10/1/21 to 9/30/22 | 10.70 | (0.10) | (2.87) | (2.97) | — | — | — | — | — | (2.97) | 7.73 | (27.76) | 435 | 1.31 (8) | 2.77 | (1.04) | 27 | |
12/8/20 (11) to 9/30/21 | 10.00 | (0.09) | 0.79 | 0.70 | — | — | — | — | — | 0.70 | 10.70 | 7.00 | 725 | 1.30 | 4.06 | (1.05) | 14 (13) | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.63 | (0.06) | 1.14 | 1.08 | — | — | — | — | — | 1.08 | $ 8.71 | 14.15 % | $ 112 | 2.05 % | 2.98 % | (1.54) % | 14 % | |
10/1/21 to 9/30/22 | 10.63 | (0.16) | (2.84) | (3.00) | — | — | — | — | — | (3.00) | 7.63 | (28.22) | 98 | 2.06 (8) | 3.44 | (1.77) | 27 | |
12/8/20 (11) to 9/30/21 | 10.00 | (0.15) | 0.78 | 0.63 | — | — | — | — | — | 0.63 | 10.63 | 6.30 | 119 | 2.05 | 4.88 | (1.82) | 14 (13) | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.77 | (0.02) | 1.16 | 1.14 | — | — | — | — | — | 1.14 | $ 8.91 | 14.67 % | $ 2,469 | 1.05 % | 2.09 % | (0.52) % | 14 % | |
10/1/21 to 9/30/22 | 10.72 | (0.07) | (2.88) | (2.95) | — | — | — | — | — | (2.95) | 7.77 | (27.52) | 1,940 | 1.06 (8) | 2.58 | (0.76) | 27 | |
12/8/20 (11) to 9/30/21 | 10.00 | (0.07) | 0.79 | 0.72 | — | — | — | — | — | 0.72 | 10.72 | 7.20 | 1,998 | 1.05 | 3.83 | (0.79) | 14 (13) | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.78 | (0.02) | 1.16 | 1.14 | — | — | — | — | — | 1.14 | $ 8.92 | 14.65 % | $ 3,065 | 0.99 % | 1.94 % | (0.48) % | 14 % | |
10/1/21 to 9/30/22 | 10.73 | (0.07) | (2.88) | (2.95) | — | — | — | — | — | (2.95) | 7.78 | (27.49) | 2,664 | 1.00 (8) | 2.45 | (0.71) | 27 | |
12/8/20 (11) to 9/30/21 | 10.00 | (0.07) | 0.80 | 0.73 | — | — | — | — | — | 0.73 | 10.73 | 7.30 | 3,241 | 0.99 | 3.79 | (0.76) | 14 (13) | |
KAR Small-Mid Cap Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.77 | 0.03 | 0.76 | 0.79 | (0.05) | — | — | (0.05) | — | 0.74 | $ 8.51 | 10.22 % | $ 1,227 | 1.17 % | 2.30 % | 0.68 % | 4 % | |
10/1/21 to 9/30/22 | 9.64 | 0.03 | (1.88) | (1.85) | (0.02) | — | — | (0.02) | — | (1.87) | 7.77 | (19.25) | 698 | 1.20 (8) | 4.12 | 0.29 | 19 | |
8/3/21 (11) to 9/30/21 | 10.00 | — (12) | (0.36) | (0.36) | — | — | — | — | — | (0.36) | 9.64 | (3.60) | 127 | 1.17 | 12.81 | 0.09 | 0 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.71 | — (12) | 0.76 | 0.76 | — | — | — | — | — | 0.76 | $ 8.47 | 9.86 % | $ 88 | 1.92 % | 3.04 % | (0.10) % | 4 % | |
10/1/21 to 9/30/22 | 9.63 | (0.04) | (1.88) | (1.92) | — | — | — | — | — | (1.92) | 7.71 | (19.94) | 80 | 1.93 (8) | 4.86 | (0.46) | 19 | |
8/3/21 (11) to 9/30/21 | 10.00 | (0.01) | (0.36) | (0.37) | — | — | — | — | — | (0.37) | 9.63 | (3.70) | 99 | 1.92 | 13.87 | (0.71) | 0 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.76 | 0.04 | 0.78 | 0.82 | (0.04) | — | — | (0.04) | — | 0.78 | $ 8.54 | 10.55 % | $ 1,168 | 0.92 % | 2.17 % | 1.00 % | 4 % | |
10/1/21 to 9/30/22 | 9.64 | 0.04 | (1.87) | (1.83) | (0.05) | — | — | (0.05) | — | (1.88) | 7.76 | (19.10) | 413 | 0.94 (8) | 3.89 | 0.47 | 19 | |
8/3/21 (11) to 9/30/21 | 10.00 | — (12) | (0.36) | (0.36) | — | — | — | — | — | (0.36) | 9.64 | (3.60) | 97 | 0.92 | 12.88 | 0.29 | 0 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Mid Cap Value Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.78 | 0.04 | 0.78 | 0.82 | (0.03) | — | — | (0.03) | — | 0.79 | $ 8.57 | 10.49 % | $ 2,996 | 0.82 % | 2.05 % | 1.00 % | 4 % | |
10/1/21 to 9/30/22 | 9.65 | 0.06 | (1.89) | (1.83) | (0.04) | — | — | (0.04) | — | (1.87) | 7.78 | (19.09) | 2,719 | 0.83 (8) | 3.83 | 0.63 | 19 | |
8/3/21 (11) to 9/30/21 | 10.00 | 0.01 | (0.36) | (0.35) | — | — | — | — | — | (0.35) | 9.65 | (3.50) | 2,604 | 0.82 | 12.82 | 0.47 | 0 | |
SGA Emerging Markets Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.36 | (0.01) | 1.42 | 1.41 | — | — | — | — | — | 1.41 | $ 9.77 | 16.87 % | $ 177 | 1.48 % | 3.00 % | (0.20) % | 11 % | |
10/1/21 to 9/30/22 | 12.82 | (0.02) | (3.56) | (3.58) | — | — | (0.88) | (0.88) | — | (4.46) | 8.36 | (29.40) | 136 | 1.49 (8) | 3.02 | (0.23) | 30 | |
10/1/20 to 9/30/21 | 11.90 | (0.09) | 1.28 | 1.19 | — | — | (0.27) | (0.27) | — | 0.92 | 12.82 | 9.93 | 206 | 1.48 | 2.91 | (0.66) | 46 | |
10/1/19 to 9/30/20 | 9.97 | (0.05) | 1.98 | 1.93 | — | — | — (12) | — (12) | — | 1.93 | 11.90 | 19.37 | 169 | 1.48 | 3.98 | (0.47) | 44 | |
6/13/19 (11) 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 (13) | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.14 | (0.05) | 1.38 | 1.33 | — | — | — | — | — | 1.33 | $ 9.47 | 16.34 % | $ 189 | 2.23 % | 3.72 % | (1.07) % | 11 % | |
10/1/21 to 9/30/22 | 12.60 | (0.10) | (3.48) | (3.58) | — | — | (0.88) | (0.88) | — | (4.46) | 8.14 | (29.94) | 86 | 2.24 (8) | 3.76 | (0.96) | 30 | |
10/1/20 to 9/30/21 | 11.79 | (0.19) | 1.27 | 1.08 | — | — | (0.27) | (0.27) | — | 0.81 | 12.60 | 9.08 | 159 | 2.23 | 3.66 | (1.42) | 46 | |
10/1/19 to 9/30/20 | 9.95 | (0.13) | 1.97 | 1.84 | — | — | — (12) | — (12) | — | 1.84 | 11.79 | 18.50 | 142 | 2.23 | 4.70 | (1.19) | 44 | |
6/13/19 (11) 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 (13) | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.44 | — (12) | 1.43 | 1.43 | — | — | — | — | — | 1.43 | $ 9.87 | 16.94 % | $ 284 | 1.23 % | 2.73 % | 0.05 % | 11 % | |
10/1/21 to 9/30/22 | 12.90 | — (12) | (3.58) | (3.58) | — | — | (0.88) | (0.88) | — | (4.46) | 8.44 | (29.20) | 230 | 1.24 (8) | 2.76 | 0.01 | 30 | |
10/1/20 to 9/30/21 | 11.94 | (0.06) | 1.29 | 1.23 | — | — | (0.27) | (0.27) | — | 0.96 | 12.90 | 10.24 | 405 | 1.23 | 2.67 | (0.42) | 46 | |
10/1/19 to 9/30/20 | 9.98 | (0.03) | 1.99 | 1.96 | — | — | — (12) | — (12) | — | 1.96 | 11.94 | 19.65 | 247 | 1.23 | 3.57 | (0.30) | 44 | |
6/13/19 (11) 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 (13) | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.49 | 0.01 | 1.44 | 1.45 | — | — | — | — | — | 1.45 | $ 9.94 | 17.08 % | $ 4,393 | 1.05 % | 2.71 % | 0.24 % | 11 % | |
10/1/21 to 9/30/22 | 12.95 | 0.02 | (3.60) | (3.58) | — | — | (0.88) | (0.88) | — | (4.46) | 8.49 | (29.08) | 3,845 | 1.06 (8) | 2.74 | 0.21 | 30 | |
10/1/20 to 9/30/21 | 11.97 | (0.03) | 1.28 | 1.25 | — | — | (0.27) | (0.27) | — | 0.98 | 12.95 | 10.38 | 5,425 | 1.05 | 2.63 | (0.24) | 46 | |
10/1/19 to 9/30/20 | 9.98 | — (12) | 1.99 | 1.99 | — | — | — (12) | — (12) | — | 1.99 | 11.97 | 19.95 | 4,828 | 1.05 | 3.72 | (0.02) | 44 | |
6/13/19 (11) to 9/30/19 | 10.00 | — (12) | (0.02) | (0.02) | — | — | — | — | — | (0.02) | 9.98 | (0.20) | 4,032 | 1.05 | 9.38 | (0.14) | 6 (13) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
SGA Global Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $19.49 | (0.08) | 3.61 | 3.53 | — | — | (0.54) | (0.54) | — | 2.99 | $22.48 | 18.37 % | $ 21,269 | 1.35 % (10) | 1.49 % | (0.73) % | 11 % | |
10/1/21 to 9/30/22 | 30.69 | (0.18) | (8.97) | (9.15) | — | — | (2.05) | (2.05) | — | (11.20) | 19.49 | (31.91) | 18,375 | 1.39 (8) | 1.45 | (0.71) | 37 | |
10/1/20 to 9/30/21 | 26.54 | (0.24) | 5.33 | 5.09 | — | — | (0.94) | (0.94) | — | 4.15 | 30.69 | 19.49 | 34,690 | 1.38 | 1.47 | (0.79) | 40 | |
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(9) | 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 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $18.01 | (0.14) | 3.31 | 3.17 | — | — | (0.54) | (0.54) | — | 2.63 | $20.64 | 17.87 % | $ 3,891 | 2.10 % (10) | 2.18 % | (1.48) % | 11 % | |
10/1/21 to 9/30/22 | 28.71 | (0.35) | (8.30) | (8.65) | — | — | (2.05) | (2.05) | — | (10.70) | 18.01 | (32.40) | 3,767 | 2.14 (7)(8)(15) | 2.14 | (1.47) | 37 | |
10/1/20 to 9/30/21 | 25.06 | (0.43) | 5.02 | 4.59 | — | — | (0.94) | (0.94) | — | 3.65 | 28.71 | 18.62 | 7,326 | 2.13 | 2.14 | (1.54) | 40 | |
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(9) | 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 | |
Class I* | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $19.69 | (0.05) | 3.64 | 3.59 | — | — | (0.54) | (0.54) | — | 3.05 | $22.74 | 18.49 % | $ 24,992 | 1.11 % (10) | 1.20 % | (0.50) % | 11 % | |
10/1/21 to 9/30/22 | 30.91 | (0.12) | (9.05) | (9.17) | — | — | (2.05) | (2.05) | — | (11.22) | 19.69 | (31.74) | 33,241 | 1.14 (8) | 1.18 | (0.47) | 37 | |
10/1/20 to 9/30/21 | 26.66 | (0.16) | 5.35 | 5.19 | — | — | (0.94) | (0.94) | — | 4.25 | 30.91 | 19.78 | 53,546 | 1.13 | 1.15 | (0.52) | 40 | |
10/1/19 to 9/30/20 | 21.03 | (0.08) | 5.71 | 5.63 | — (12) | — | — | — (12) | — | 5.63 | 26.66 | 26.79 | 27,529 | 1.13 | 1.20 | (0.34) | 49 | |
2/1/19 to 9/30/19(9) | 18.61 | — (12) | 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 | |
Class R6** | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $20.38 | (0.03) | 3.77 | 3.74 | — | — | (0.54) | (0.54) | — | 3.20 | $23.58 | 18.60 % | $ 60,238 | 0.90 % | 1.06 % | (0.28) % | 11 % | |
10/1/21 to 9/30/22 | 31.85 | (0.06) | (9.36) | (9.42) | — | — | (2.05) | (2.05) | — | (11.47) | 20.38 | (31.58) | 54,339 | 0.91 (8) | 1.04 | (0.22) | 37 | |
10/1/20 to 9/30/21 | 27.38 | (0.10) | 5.51 | 5.41 | — | — | (0.94) | (0.94) | — | 4.47 | 31.85 | 20.07 | 80,122 | 0.90 | 1.03 | (0.31) | 40 | |
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(9) | 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 | |
SGA New Leaders Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 6.33 | (0.03) | 0.79 | 0.76 | — | — | — | — | — | 0.76 | $ 7.09 | 12.01 % | $ 82 | 1.34 % | 2.40 % | (0.77) % | 10 % | |
10/1/21 to 9/30/22 | 10.65 | (0.08) | (4.24) | (4.32) | — | — | — | — | — | (4.32) | 6.33 | (40.56) | 71 | 1.36 (8)(10) | 2.44 | (0.93) | 30 | |
11/17/20 (11) to 9/30/21 | 10.00 | (0.09) | 0.74 | 0.65 | — | — | — | — | — | 0.65 | 10.65 | 6.50 | 110 | 1.39 | 3.60 | (1.01) | 24 (13) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
SGA New Leaders Growth Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 6.24 | (0.05) | 0.77 | 0.72 | — | — | — | — | — | 0.72 | $ 6.96 | 11.54 % | $ 70 | 2.09 % | 3.13 % | (1.52) % | 10 % | |
10/1/21 to 9/30/22 | 10.58 | (0.14) | (4.20) | (4.34) | — | — | — | — | — | (4.34) | 6.24 | (41.02) | 62 | 2.11 (8)(10) | 3.17 | (1.68) | 30 | |
11/17/20 (11) to 9/30/21 | 10.00 | (0.16) | 0.74 | 0.58 | — | — | — | — | — | 0.58 | 10.58 | 5.80 | 108 | 2.14 | 4.35 | (1.76) | 24 (13) | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 6.36 | (0.02) | 0.79 | 0.77 | — | — | — | — | — | 0.77 | $ 7.13 | 12.11 % | $ 109 | 1.09 % | 2.13 % | (0.52) % | 10 % | |
10/1/21 to 9/30/22 | 10.67 | (0.06) | (4.25) | (4.31) | — | — | — | — | — | (4.31) | 6.36 | (40.39) | 97 | 1.11 (8)(10) | 2.20 | (0.68) | 30 | |
11/17/20 (11) to 9/30/21 | 10.00 | (0.07) | 0.74 | 0.67 | — | — | — | — | — | 0.67 | 10.67 | 6.70 | 163 | 1.14 | 3.32 | (0.76) | 24 (13) | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 6.38 | (0.01) | 0.80 | 0.79 | — | — | — | — | — | 0.79 | $ 7.17 | 12.38 % | $ 6,271 | 0.91 % | 2.12 % | (0.33) % | 10 % | |
10/1/21 to 9/30/22 | 10.69 | (0.04) | (4.27) | (4.31) | — | — | — | — | — | (4.31) | 6.38 | (40.32) | 5,534 | 0.92 (8) | 2.24 | (0.48) | 30 | |
11/17/20 (11) to 9/30/21 | 10.00 | (0.05) | 0.74 | 0.69 | — | — | — | — | — | 0.69 | 10.69 | 6.90 | 6,267 | 0.91 | 3.25 | (0.54) | 24 (13) | |
Tactical Allocation Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.89 | 0.05 | 1.07 | 1.12 | (0.06) | — | (0.58) | (0.64) | — | 0.48 | $ 9.37 | 13.15 % | $ 576,570 | 0.99 % | 1.07 % | 1.15 % | 10 % | |
10/1/21 to 9/30/22 | 13.86 | 0.07 | (4.06) | (3.99) | (0.07) | — | (0.91) | (0.98) | — | (4.97) | 8.89 | (31.03) | 542,371 | 1.00 (8) | 1.06 | 0.60 | 24 | |
10/1/20 to 9/30/21 | 12.10 | 0.04 | 1.97 | 2.01 | (0.05) | — | (0.20) | (0.25) | — | 1.76 | 13.86 | 16.69 | 869,209 | 1.01 (8)(10) | 1.07 | 0.30 | 46 | |
10/1/19 to 9/30/20 | 9.51 | 0.07 | 2.71 | 2.78 | (0.07) | — | (0.12) | (0.19) | — | 2.59 | 12.10 | 29.72 | 683,100 | 1.06 (7) | 1.06 | 0.68 | 35 | |
10/1/18 to 9/30/19 | 9.66 | 0.13 | 0.06 | 0.19 | (0.12) | — | (0.22) | (0.34) | — (12) | (0.15) | 9.51 | 2.36 (14) | 569,543 | 1.14 (7) | 1.14 | 1.33 | 51 | |
10/1/17 to 9/30/18 | 9.00 | 0.14 | 0.73 | 0.87 | (0.14) | — | (0.07) | (0.21) | — | 0.66 | 9.66 | 9.73 | 146,854 | 1.26 | 1.27 | 1.47 | 41 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 9.08 | 0.02 | 1.08 | 1.10 | (0.02) | — | (0.58) | (0.60) | — | 0.50 | $ 9.58 | 12.69 % | $ 10,420 | 1.75 % | 1.88 % | 0.38 % | 10 % | |
10/1/21 to 9/30/22 | 14.19 | (0.03) | (4.15) | (4.18) | (0.02) | — | (0.91) | (0.93) | — | (5.11) | 9.08 | (31.56) | 12,326 | 1.76 (8) | 1.87 | (0.22) | 24 | |
10/1/20 to 9/30/21 | 12.44 | (0.06) | 2.02 | 1.96 | (0.01) | — | (0.20) | (0.21) | — | 1.75 | 14.19 | 15.82 | 33,401 | 1.77 (8)(10) | 1.88 | (0.46) | 46 | |
10/1/19 to 9/30/20 | 9.78 | (0.01) | 2.80 | 2.79 | (0.01) | — | (0.12) | (0.13) | — | 2.66 | 12.44 | 28.82 | 12,140 | 1.83 (7)(15) | 1.78 | (0.10) | 35 | |
10/1/18 to 9/30/19 | 9.93 | 0.06 | 0.05 | 0.11 | (0.04) | — | (0.22) | (0.26) | — (12) | (0.15) | 9.78 | 1.48 (14) | 8,560 | 1.91 (10) | 1.99 | 0.59 | 51 | |
10/1/17 to 9/30/18 | 9.24 | 0.07 | 0.75 | 0.82 | (0.06) | — | (0.07) | (0.13) | — | 0.69 | 9.93 | 8.94 | 3,736 | 2.04 | 2.05 | 0.68 | 41 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.86 | 0.06 | 1.07 | 1.13 | (0.07) | — | (0.58) | (0.65) | — | 0.48 | $ 9.34 | 13.31 % | $ 24,115 | 0.76 % | 0.89 % | 1.37 % | 10 % | |
10/1/21 to 9/30/22 | 13.82 | 0.09 | (4.05) | (3.96) | (0.09) | — | (0.91) | (1.00) | — | (4.96) | 8.86 | (30.90) | 25,520 | 0.77 (8) | 0.86 | 0.80 | 24 | |
10/1/20 to 9/30/21 | 12.07 | 0.07 | 1.96 | 2.03 | (0.08) | — | (0.20) | (0.28) | — | 1.75 | 13.82 | 16.88 | 51,887 | 0.78 (8)(10) | 0.86 | 0.55 | 46 | |
10/1/19 to 9/30/20 | 9.51 | 0.08 | 2.70 | 2.78 | (0.10) | — | (0.12) | (0.22) | — | 2.56 | 12.07 | 29.74 | 26,526 | 0.82 (7) | 0.82 | 0.73 | 35 | |
10/20/20 (11) to 9/30/19 | 8.66 | 0.10 | 0.85 | 0.95 | (0.10) | — | — | (0.10) | — (12) | 0.85 | 9.51 | 10.94 (14) | 2,813 | 0.88 (7) | 0.89 | 1.52 | 51 (13) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Tactical Allocation Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.87 | 0.07 | 1.06 | 1.13 | (0.08) | — | (0.58) | (0.66) | — | 0.47 | $ 9.34 | 13.29 % | $ 79 | 0.60 % | 0.81 % | 1.54 % | 10 % | |
10/1/21 to 9/30/22 | 13.83 | 0.11 | (4.05) | (3.94) | (0.11) | — | (0.91) | (1.02) | — | (4.96) | 8.87 | (30.73) | 75 | 0.61 (8) | 0.70 | 1.00 | 24 | |
10/20/20 (11) to 9/30/21 | 12.48 | 0.09 | 1.55 | 1.64 | (0.09) | — | (0.20) | (0.29) | — | 1.35 | 13.83 | 13.23 | 112 | 0.62 (8) | 0.86 | 0.70 | 46 (13) |
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 Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | The share class is currently under its expense limitation. |
(8) | Net expense ratio includes extraordinary proxy expenses. |
(9) | The Fund changed its fiscal year end to September 30, during the period. |
(10) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(11) | Inception date. |
(12) | Amount is less than $0.005 per share. |
(13) | Portfolio turnover is representative of the Fund for the entire period. |
(14) | Payment from affiliates had no impact on total return. |
(15) | See Note 3D in Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived. |
(16) | Amount is less than 0.005%. |
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. | |
KAR Small-Mid Cap Value 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. | |
Tactical Allocation Fund | Capital appreciation and income. |
A. | Security Valuation |
Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. | |
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Payment-In-Kind Securities |
Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. | |
H. | When-issued Purchases and Forward Commitments (Delayed Delivery) |
Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. | |
I. | Leveraged Loans |
Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The |
Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. | |
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. | |
A Fund may invest in both secured loans and “covenant lite” loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. | |
J. | Securities Lending |
The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. | |
Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At March 31, 2023, the securities loaned were subject to a MSLA on a net payment basis as follows: |
Fund | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | |||
KAR Equity Income Fund | $ 6,606 | $ 6,606 | $ — | |||
KAR Global Quality Dividend Fund | 1,326 | 1,326 | — | |||
KAR Small-Cap Growth Fund | 389 | 389 | — | |||
SGA Emerging Markets Growth Fund | 131 | 131 | — | |||
SGA Global Growth Fund | 2,565 | 2,565 | — | |||
Tactical Allocation Fund | 328 | 328 | — |
(1) | Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Investment of Cash Collateral | Overnight and Continuous | ||
KAR Equity Income Fund | Money Market Mutual Fund | $6,723 | ||
KAR Global Quality Dividend Fund | Money Market Mutual Fund | 1,378 | ||
KAR Small-Cap Growth Fund | Money Market Mutual Fund | 396 | ||
SGA Emerging Markets Growth Fund | Money Market Mutual Fund | 138 | ||
SGA Global Growth Fund | Money Market Mutual Fund | 2,583 | ||
Tactical Allocation Fund | Money Market Mutual Fund | 336 |
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 | |
KAR Small-Mid Cap Value Fund | 0.65 | 0.60 | |
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 | ||
Tactical Allocation Fund | 0.55 | 0.50 | 0.45 |
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the six months is as follows: |
Fund | Subadviser | |
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) | |
KAR Small-Mid Cap Value Fund | KAR(1) | |
SGA Emerging Markets Growth Fund | SGA(2) | |
SGA Global Growth Fund | SGA(2) | |
SGA New Leaders Growth Fund | SGA(2) | |
Tactical Allocation Fund (Equity Portfolio) | KAR(1) | |
Tactical Allocation Fund (Fixed Income Portfolio) | Newfleet(3) |
(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. |
(3) | Newfleet Asset Management (“Newfleet”), a division of Virtus Fixed Income Advisers LLC, an indirect, wholly-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 January 31, 2024. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
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 Core Fund | N/A | N/A | N/A | N/A | ||||
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 | ||||
KAR Small-Mid Cap Value Fund | 1.17 | 1.92 | 0.92 | 0.82 | ||||
SGA Emerging Markets Growth Fund | 1.48 | 2.23 | 1.23 | 1.05 | ||||
SGA Global Growth Fund | 1.33 (1) | 2.08 (1) | 1.08 (1) | 0.90 | ||||
SGA New Leaders Growth Fund | 1.34 | 2.09 | 1.09 | 0.91 | ||||
Tactical Allocation Fund | 0.99 | 1.75 | 0.76 | 0.60 |
(1) | Effective January 1, 2023. For the period October 1, 2022 through December 31, 2022, the expense caps were as follows for Class A shares, Class C shares and Class I shares, respectively: 1.38%, 2.13% and 1.13%. |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to |
any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the six months ending March 31: |
Expiration | ||||||||||
Fund | 2023 | 2024 | 2025 | 2026 | Total | |||||
KAR Capital Growth Fund | ||||||||||
Class R6 | $ 1 | $ 1 | $ 3 | $ 1 | $ 6 | |||||
KAR Equity Income Fund | ||||||||||
Class A | 101 | 152 | 136 | 63 | 452 | |||||
Class C | 6 | 9 | 5 | 3 | 23 | |||||
Class I | 9 | 14 | 18 | 17 | 58 | |||||
Class R6 | 1 | 1 | 2 | 1 | 5 | |||||
KAR Global Quality Dividend Fund | ||||||||||
Class A | 41 | 38 | 32 | 17 | 128 | |||||
Class C | 3 | 2 | 2 | 1 | 8 | |||||
Class I | 19 | 19 | 19 | 11 | 68 | |||||
Class R6 | — (1) | 5 | 9 | 5 | 19 | |||||
KAR Mid-Cap Core Fund | ||||||||||
Class A | 42 | 84 | 77 | 45 | 248 | |||||
Class C | 40 | 68 | 67 | 35 | 210 | |||||
Class I | 458 | 982 | 1,112 | 731 | 3,283 | |||||
Class R6 | 14 | 35 | 43 | 13 | 105 | |||||
KAR Mid-Cap Growth Fund | ||||||||||
Class R6 | 19 | 101 | 102 | 43 | 265 | |||||
KAR Small-Mid Cap Core Fund | ||||||||||
Class C | — | — | 1 | 1 | 2 | |||||
KAR Small-Mid Cap Growth Fund | ||||||||||
Class A | — | 11 | 8 | 6 | 25 | |||||
Class C | — | 3 | 2 | — (1) | 5 | |||||
Class I | — | 25 | 34 | 9 | 68 | |||||
Class R6 | — | 68 | 43 | 14 | 125 | |||||
KAR Small-Mid Cap Value Fund | ||||||||||
Class A | — | 2 | 7 | 6 | 15 | |||||
Class C | — | 2 | 3 | 1 | 6 | |||||
Class I | — | 2 | 9 | 4 | 15 | |||||
Class R6 | — | 51 | 85 | 18 | 154 | |||||
SGA Emerging Markets Growth Fund | ||||||||||
Class A | 2 | 3 | 2 | 1 | 8 | |||||
Class C | 2 | 3 | 2 | 1 | 8 | |||||
Class I | 3 | 6 | 5 | 2 | 16 | |||||
Class R6 | 73 | 89 | 77 | 35 | 274 | |||||
SGA Global Growth Fund | ||||||||||
Class A | — | 30 | 16 | 14 | 60 | |||||
Class C | — | — | 1 | 1 | 2 | |||||
Class I | 11 | 9 | 15 | 12 | 47 | |||||
Class R6 | 67 | 104 | 90 | 46 | 307 | |||||
SGA New Leaders Growth Fund | ||||||||||
Class A | — | 2 | 1 | — (1) | 3 | |||||
Class C | — | 2 | 1 | — (1) | 3 | |||||
Class I | — | 3 | 2 | 1 | 6 | |||||
Class R6 | — | 115 | 80 | 36 | 231 | |||||
Tactical Allocation Fund | ||||||||||
Class A | — | 498 | 424 | 219 | 1,141 | |||||
Class C | — | 45 | 24 | 7 | 76 | |||||
Class I | — | 43 | 38 | 16 | 97 | |||||
Class R6 | — | — (1) | — (1) | — (1) | — (1) |
(1) | Amount is less than $500. |
Fund | Class A | Class C | Class I | Class R6 | Total | |||||
KAR Small-Mid Cap Core Fund | $— (1) | $— (1) | $8 | $9 | $ 17 |
(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 ended March 31, 2023, it retained net commissions of $67 for Class A shares and CDSC of $11 and $(22) 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 Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the six months ended March 31, 2023, the Funds incurred administration fees totaling $5,471 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the six months ended March 31, 2023, the Funds incurred transfer agent fees totaling $ $2,450 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, 2023, Virtus and its affiliates held shares of the following Fund, which may be redeemed at any time, that aggregated to the following: |
Shares | Aggregate Net Asset Value | ||
KAR Small-Mid Cap Value Fund | |||
Class A | 10,000 | $ 85 | |
Class C | 10,000 | 85 | |
Class I | 10,000 | 85 | |
Class R6 | 349,581 | 2,996 |
H. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the six months ended March 31, 2023, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
Outside of Rule 17a-7 transactions, other investments with affiliated issuers are separately reported in this note. An affiliated issuer includes any company in which a Fund held 5% or more of a company’s outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to a Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) on affiliated securities | Net change in unrealized appreciation (depreciation) on affiliated securities | Value, end of period | Shares | Dividend income | Distributions of realized gains | |||||||||
KAR Small-Cap Growth Fund | |||||||||||||||||
Common Stocks—36.8% | |||||||||||||||||
Dream Finders Homes, Inc.(1) | $ 38,993 | $ — | $ — | $ — | $ 9,748 | $ 48,741 | 3,678,552 | $ — | $— | ||||||||
Duck Creek Technologies, Inc.(2) | 119,616 | — | 187,027 | 24,277 | 43,134 | — | — | — | — | ||||||||
Fox Factory Holding Corp.(1) | 217,706 | — | 24,866 | 14,914 | 94,360 | 302,114 | 2,489,201 | — | — | ||||||||
Goosehead Insurance, Inc.(1) | 63,812 | — | 13,451 | (5,304) | 30,292 | 75,349 | 1,443,476 | — | — | ||||||||
Holley, Inc.(1) | 42,971 | — | — | — | (13,899) | 29,072 | 10,610,230 | — | — | ||||||||
MediaAlpha, Inc.(1) | 40,653 | — | 7,330 | (24,990) | 51,170 | 59,503 | 3,972,151 | — | — | ||||||||
National Research Corp. | 95,899 | — | — | — | 8,939 | 104,838 | 2,409,518 | 578 | — | ||||||||
NVE Corp. | 19,252 | — | 10,647 | (1,015) | 12,800 | 20,390 | 245,690 | 659 | — | ||||||||
Olo, Inc.(1),(3) | — | 44,620 | 8,670 | (28,880) | 397 | 68,608 | 8,407,821 | — | — | ||||||||
Omega Flex, Inc. | 79,774 | — | 5,177 | (767) | 16,025 | 89,855 | 806,308 | 551 | — | ||||||||
Oportun Financial Corp.(4) | 7,790 | — | 1,624 | (3,176) | 17,965 | — | — | — | — | ||||||||
Revolve Group, Inc.(1) | 114,495 | — | 14,465 | (2,043) | 25,904 | 123,891 | 4,710,701 | — | — | ||||||||
Ryan Specialty Holdings, Inc.(1) | 315,827 | — | 33,243 | 13,188 | (16,017) | 279,755 | 6,952,150 | — | — | ||||||||
U.S. Physical Therapy, Inc. | 90,084 | — | 11,437 | (4,494) | 28,114 | 102,267 | 1,044,500 | 935 | — | ||||||||
Total | $1,246,872 | $44,620 | $317,937 | $(18,290) | $308,932 | $1,304,383 | $2,723 | $— |
(1) | Non-income producing. |
(2) | Security was not an investment of the Fund at March 31, 2023. |
(3) | Issuer was not an affiliated investment of the Fund at September 30, 2022. |
(4) | Issuer is not an affiliated investment of the Fund at March 31, 2023. |
I. | Trustee Deferred Compensation Plan |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at March 31, 2023. |
Purchases | Sales | ||
KAR Capital Growth Fund | $ 38,105 | $ 66,342 | |
KAR Equity Income Fund | 31,194 | 26,320 | |
KAR Global Quality Dividend Fund | 5,872 | 8,103 | |
KAR Mid-Cap Core Fund | 293,413 | 219,822 | |
KAR Mid-Cap Growth Fund | 119,125 | 306,014 | |
KAR Small-Cap Core Fund | 41,924 | 109,414 | |
KAR Small-Cap Growth Fund | 168,568 | 704,587 |
Purchases | Sales | ||
KAR Small-Cap Value Fund | $ 77,093 | $175,329 | |
KAR Small-Mid Cap Core Fund | 130,993 | 161,374 | |
KAR Small-Mid Cap Growth Fund | 3,433 | 825 | |
KAR Small-Mid Cap Value Fund | 1,297 | 174 | |
SGA Emerging Markets Growth Fund | 504 | 543 | |
SGA Global Growth Fund | 12,127 | 30,194 | |
SGA New Leaders Growth Fund | 617 | 678 | |
Tactical Allocation Fund | 58,039 | 90,945 |
Purchases | Sales | ||
Tactical Allocation Fund | $837 | $1,657 |
KAR Capital Growth Fund | KAR Equity Income Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 305 | $ 4,563 | 770 | $ 17,644 | 240 | $ 4,706 | 405 | $ 8,289 | |||||||
Reinvestment of distributions | 5,405 | 77,837 | 1,819 | 49,865 | 311 | 6,039 | 235 | 4,847 | |||||||
Shares repurchased and cross class conversions | (1,580) | (25,097) | (2,469) | (55,815) | (336) | (6,532) | (923) | (19,218) | |||||||
Net Increase / (Decrease) | 4,130 | $ 57,303 | 120 | $ 11,694 | 215 | $ 4,213 | (283) | $ (6,082) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 16 | $ 167 | 21 | $ 336 | 94 | $ 1,595 | 86 | $ 1,489 | |||||||
Reinvestment of distributions | 75 | 677 | 42 | 810 | 18 | 294 | 8 | 139 | |||||||
Shares repurchased and cross class conversions | (110) | (1,166) | (262) | (4,276) | (62) | (1,033) | (122) | (2,151) | |||||||
Net Increase / (Decrease) | (19) | $ (322) | (199) | $ (3,130) | 50 | $ 856 | (28) | $ (523) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 125 | $ 2,199 | 334 | $ 7,742 | 531 | $ 10,146 | 1,122 | $ 22,576 | |||||||
Reinvestment of distributions | 346 | 5,279 | 144 | 4,130 | 112 | 2,149 | 23 | 482 | |||||||
Shares repurchased and cross class conversions | (462) | (7,832) | (734) | (16,560) | (686) | (13,362) | (300) | (6,125) | |||||||
Net Increase / (Decrease) | 9 | $ (354) | (256) | $ (4,688) | (43) | $ (1,067) | 845 | $ 16,933 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 3 | $ 55 | 54 | $ 1,497 | 41 | $ 766 | 46 | $ 948 | |||||||
Reinvestment of distributions | 15 | 235 | 4 | 111 | 6 | 118 | 3 | 66 | |||||||
Shares repurchased and cross class conversions | (9) | (156) | (15) | (364) | (12) | (214) | (14) | (289) | |||||||
Net Increase / (Decrease) | 9 | $ 134 | 43 | $ 1,244 | 35 | $ 670 | 35 | $ 725 |
KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 68 | $ 973 | 184 | $ 2,751 | 423 | $ 19,566 | 520 | $ 25,809 | |||||||
Reinvestment of distributions | 43 | 618 | 32 | 479 | 4 | 203 | 27 | 1,495 | |||||||
Shares repurchased and cross class conversions | (95) | (1,359) | (180) | (2,696) | (164) | (7,656) | (425) | (21,995) | |||||||
Net Increase / (Decrease) | 16 | $ 232 | 36 | $ 534 | 263 | $ 12,113 | 122 | $ 5,309 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 5 | $ 77 | 32 | $ 466 | 156 | $ 6,627 | 278 | $ 12,955 | |||||||
Reinvestment of distributions | 2 | 16 | 1 | 8 | 4 | 151 | 25 | 1,267 | |||||||
Shares repurchased and cross class conversions | (22) | (304) | (34) | (482) | (171) | (7,248) | (276) | (12,531) | |||||||
Net Increase / (Decrease) | (15) | $ (211) | (1) | $ (8) | (11) | $ (470) | 27 | $ 1,691 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 72 | $ 1,041 | 606 | $ 9,126 | 7,690 | $ 373,948 | 11,088 | $ 567,760 | |||||||
Reinvestment of distributions | 24 | 346 | 27 | 401 | 57 | 2,728 | 362 | 20,844 | |||||||
Shares repurchased and cross class conversions | (186) | (2,654) | (588) | (8,830) | (5,500) | (266,285) | (8,189) | (403,477) | |||||||
Net Increase / (Decrease) | (90) | $ (1,267) | 45 | $ 697 | 2,247 | $ 110,391 | 3,261 | $ 185,127 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 20 | $ 286 | 43 | $ 650 | 201 | $ 9,668 | 194 | $ 9,790 | |||||||
Reinvestment of distributions | 5 | 76 | 3 | 51 | 1 | 59 | 16 | 950 | |||||||
Shares repurchased and cross class conversions | (22) | (320) | (12) | (184) | (374) | (18,458) | (548) | (26,492) | |||||||
Net Increase / (Decrease) | 3 | $ 42 | 34 | $ 517 | (172) | $ (8,731) | (338) | $ (15,752) |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 282 | $ 13,297 | 994 | $ 57,568 | 179 | $ 7,160 | 297 | $ 12,884 | |||||||
Reinvestment of distributions | — | — | 113 | 7,619 | 200 | 7,634 | 353 | 15,608 | |||||||
Shares repurchased and cross class conversions | (810) | (37,947) | (2,307) | (130,014) | (222) | (8,992) | (448) | (19,060) | |||||||
Net Increase / (Decrease) | (528) | $ (24,650) | (1,200) | $ (64,827) | 157 | $ 5,802 | 202 | $ 9,432 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 70 | $ 2,492 | 209 | $ 9,553 | 31 | $ 924 | 29 | $ 978 | |||||||
Reinvestment of distributions | — | — | 49 | 2,542 | 175 | 5,016 | 354 | 12,090 | |||||||
Shares repurchased and cross class conversions | (287) | (10,123) | (1,031) | (46,414) | (252) | (7,786) | (546) | (18,009) | |||||||
Net Increase / (Decrease) | (217) | $ (7,631) | (773) | $ (34,319) | (46) | $ (1,846) | (163) | $ (4,941) |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 2,652 | $ 130,358 | 8,605 | $ 512,895 | 864 | $ 37,882 | 2,597 | $ 118,523 | |||||||
Reinvestment of distributions | — | — | 497 | 34,760 | 1,465 | 60,522 | 2,789 | 132,938 | |||||||
Shares repurchased and cross class conversions | (5,497) | (266,362) | (17,766) | (1,012,704) | (2,278) | (99,303) | (5,358) | (241,311) | |||||||
Net Increase / (Decrease) | (2,845) | $ (136,004) | (8,664) | $ (465,049) | 51 | $ (899) | 28 | $ 10,150 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 253 | $ 12,443 | 965 | $ 57,309 | 1,370 | $ 59,701 | 1,513 | $ 68,743 | |||||||
Reinvestment of distributions | — | — | 42 | 2,965 | 213 | 8,849 | 301 | 14,426 | |||||||
Shares repurchased and cross class conversions | (328) | (16,081) | (1,856) | (96,440) | (1,134) | (49,954) | (2,109) | (95,556) | |||||||
Net Increase / (Decrease) | (75) | $ (3,638) | (849) | $ (36,166) | 449 | $ 18,596 | (295) | $ (12,387) |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 739 | $ 23,042 | 1,190 | $ 51,050 | 239 | $ 5,346 | 573 | $ 14,370 | |||||||
Reinvestment of distributions | 2,068 | 58,361 | 1,914 | 89,148 | 128 | 2,728 | 79 | 2,220 | |||||||
Shares repurchased and cross class conversions | (2,037) | (63,512) | (4,451) | (183,422) | (599) | (13,064) | (1,012) | (25,277) | |||||||
Net Increase / (Decrease) | 770 | $ 17,891 | (1,347) | $ (43,224) | (232) | $ (4,990) | (360) | $ (8,687) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 85 | $ 2,111 | 134 | $ 4,975 | 17 | $ 346 | 48 | $ 1,196 | |||||||
Reinvestment of distributions | 1,173 | 26,885 | 1,122 | 44,255 | 18 | 379 | 13 | 354 | |||||||
Shares repurchased and cross class conversions | (1,182) | (30,731) | (2,086) | (72,147) | (59) | (1,278) | (190) | (4,664) | |||||||
Net Increase / (Decrease) | 76 | $ (1,735) | (830) | $ (22,917) | (24) | $ (553) | (129) | $ (3,114) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 7,357 | $ 239,778 | 13,019 | $ 547,197 | 3,321 | $ 73,444 | 8,696 | $ 221,327 | |||||||
Reinvestment of distributions | 11,770 | 347,075 | 12,565 | 606,256 | 1,009 | 21,459 | 713 | 20,021 | |||||||
Shares repurchased and cross class conversions | (20,039) | (665,754) | (39,045) | (1,637,063) | (11,625) | (255,629) | (15,860) | (392,909) | |||||||
Net Increase / (Decrease) | (912) | $ (78,901) | (13,461) | $ (483,610) | (7,295) | $ (160,726) | (6,451) | $ (151,561) |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 2,860 | $ 96,101 | 1,270 | $ 53,101 | 119 | $ 2,681 | 763 | $ 20,337 | |||||||
Reinvestment of distributions | 745 | 22,107 | 533 | 25,848 | 33 | 713 | 39 | 1,088 | |||||||
Shares repurchased and cross class conversions | (816) | (27,425) | (1,318) | (55,871) | (288) | (6,343) | (2,129) | (51,910) | |||||||
Net Increase / (Decrease) | 2,789 | $ 90,783 | 485 | $ 23,078 | (136) | $ (2,949) | (1,327) | $ (30,485) |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 348 | $ 5,388 | 961 | $ 16,434 | 306 | $ 2,752 | 14 | $ 123 | |||||||
Reinvestment of distributions | — | — | 31 | 598 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (399) | (6,071) | (1,051) | (17,254) | (15) | (136) | (25) | (230) | |||||||
Net Increase / (Decrease) | (51) | $ (683) | (59) | $ (222) | 291 | $ 2,616 | (11) | $ (107) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 425 | $ 6,520 | 587 | $ 9,842 | — | $ — | 2 | $ 24 | |||||||
Reinvestment of distributions | — | — | 22 | 408 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (241) | (3,628) | (271) | (4,281) | (—) (1) | (—) (2) | (1) | (6) | |||||||
Net Increase / (Decrease) | 184 | $ 2,892 | 338 | $ 5,969 | — (1) | $ —(2) | 1 | $ 18 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 12,528 | $ 196,862 | 31,319 | $ 542,183 | 134 | $ 1,189 | 180 | $ 1,768 | |||||||
Reinvestment of distributions | — | — | 772 | 14,989 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (12,496) | (194,934) | (30,000) | (491,454) | (107) | (863) | (117) | (1,076) | |||||||
Net Increase / (Decrease) | 32 | $ 1,928 | 2,091 | $ 65,718 | 27 | $ 326 | 63 | $ 692 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 821 | $ 13,221 | 616 | $ 10,746 | 2 | $ 16 | 44 | $ 416 | |||||||
Reinvestment of distributions | — | — | 8 | 153 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (269) | (4,251) | (465) | (7,277) | (1) | (9) | (4) | (36) | |||||||
Net Increase / (Decrease) | 552 | $ 8,970 | 159 | $ 3,622 | 1 | $ 7 | 40 | $ 380 |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 54 | $ 453 | �� | 81 | $ 686 | 2 | $ 18 | — (1) | $ 2 | ||||||
Reinvestment of distributions | — (1) | 1 | — | — (1) | — | — | — (1) | 5 | |||||||
Shares repurchased and cross class conversions | — | — | (4) | (43) | — | — | (—) (1) | (6) | |||||||
Net Increase / (Decrease) | 54 | $ 454 | 77 | $ 643 | 2 | $ 18 | — (1) | $ 1 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — (1) | $ 1 | — (1) | $ 1 | 9 | $ 91 | 3 | $ 32 | |||||||
Reinvestment of distributions | — | — | — | — | — | — | — (1) | 2 | |||||||
Shares repurchased and cross class conversions | (—) (1) | (1) | — | — | — | — | (5) | (48) | |||||||
Net Increase / (Decrease) | — | $ —(2) | — (1) | $ 1 | 9 | $ 91 | (2) | $ (14) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 85 | $ 734 | 52 | $ 480 | 2 | $ 19 | 2 | $ 19 | |||||||
Reinvestment of distributions | — (1) | 2 | — (1) | — (1) | — | — | 2 | 18 | |||||||
Shares repurchased and cross class conversions | (1) | (10) | (9) | (81) | (—) (1) | (3) | (8) | (84) | |||||||
Net Increase / (Decrease) | 84 | $ 726 | 43 | $ 399 | 2 | $ 16 | (4) | $ (47) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | — (1) | $ —(2) | 79 | $ 729 | — (1) | $ —(2) | — (1) | $ 5 | |||||||
Reinvestment of distributions | — (1) | 2 | — | — | — | — | 34 | 359 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (11) | (100) | (—) (1) | (—) (2) | |||||||
Net Increase / (Decrease) | — (1) | $ 2 | 79 | $ 729 | (11) | $ (100) | 34 | $ 364 |
SGA Global Growth Fund | SGA New Leaders Growth Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 41 | $ 853 | 105 | $ 2,694 | 1 | $ 4 | 1 | $ 10 | |||||||
Reinvestment of distributions | 24 | 498 | 79 | 2,257 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (61) | (1,299) | (372) | (8,853) | (1) | (1) | — | — | |||||||
Net Increase / (Decrease) | 4 | $ 52 | (188) | $ (3,902) | — (1) | $ 3 | 1 | $ 10 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 3 | $ 64 | 17 | $ 411 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 5 | 104 | 20 | 518 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (29) | (566) | (83) | (1,863) | — | — | (—) (1) | (2) | |||||||
Net Increase / (Decrease) | (21) | $ (398) | (46) | $ (934) | — | $ — | — (1) | $ (2) |
SGA Global Growth Fund | SGA New Leaders Growth Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 93 | $ 2,033 | 347 | $ 8,599 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 31 | 641 | 120 | 3,430 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (713) | (14,690) | (511) | (13,097) | — | — | — | — | |||||||
Net Increase / (Decrease) | (589) | $ (12,016) | (44) | $ (1,068) | — | $ — | — | $ — | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 35 | $ 804 | 106 | $ 2,828 | 44 | $ 299 | 281 | $ 2,311 | |||||||
Reinvestment of distributions | 59 | 1,288 | 173 | 5,122 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (206) | (4,555) | (129) | (3,255) | (36) | (250) | (—) (1) | (—) (2) | |||||||
Net Increase / (Decrease) | (112) | $ (2,463) | 150 | $ 4,695 | 8 | $ 49 | 281 | $ 2,311 |
Tactical Allocation Fund | |||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 1,002 | $ 9,211 | 1,763 | $ 21,058 | |||
Reinvestment of distributions | 4,017 | 34,977 | 4,277 | 55,565 | |||
Shares repurchased and cross class conversions | (4,487) | (41,196) | (7,747) | (89,303) | |||
Net Increase / (Decrease) | 532 | $ 2,992 | (1,707) | $ (12,680) | |||
Class C | |||||||
Shares sold and cross class conversions | 46 | $ 432 | 130 | $ 1,585 | |||
Reinvestment of distributions | 77 | 690 | 144 | 1,924 | |||
Shares repurchased and cross class conversions | (393) | (3,691) | (1,271) | (15,093) | |||
Net Increase / (Decrease) | (270) | $ (2,569) | (997) | $ (11,584) | |||
Class I | |||||||
Shares sold and cross class conversions | 188 | $ 1,744 | 777 | $ 9,619 | |||
Reinvestment of distributions | 191 | 1,657 | 299 | 3,867 | |||
Shares repurchased and cross class conversions | (676) | (6,195) | (1,951) | (21,786) | |||
Net Increase / (Decrease) | (297) | $ (2,794) | (875) | $ (8,300) |
Tactical Allocation Fund | |||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class R6 | |||||||
Shares sold and cross class conversions | — (1) | $ 1 | — (1) | $ 4 | |||
Reinvestment of distributions | — (1) | — (2) | — (1) | — (2) | |||
Shares repurchased and cross class conversions | (—) (1) | (—) (2) | (—) (1) | (—) (2) | |||
Net Increase / (Decrease) | — (1) | $ 1 | — (1) | $ 4 |
(1) | Amount is less than 500 shares. |
(2) | Amount is less than $500. |
% of Shares Outstanding | Number of Accounts | ||
KAR Global Quality Dividend Fund | 16 % | 1 | |
KAR Mid-Cap Core Fund | 50 | 4 | |
KAR Mid-Cap Growth Fund | 27 | 2 | |
KAR Small-Cap Core Fund | 26 | 2 | |
KAR Small-Cap Growth Fund | 21 | 2 | |
KAR Small-Cap Value Fund | 32 | 1 | |
KAR Small-Mid Cap Core Fund | 48 | 3 | |
KAR Small-Mid Cap Growth Fund | 71 | 3 * | |
KAR Small-Mid Cap Value Fund | 90 | 4 * | |
SGA Emerging Markets Growth Fund | 68 | 3 | |
SGA Global Growth Fund | 34 | 2 | |
SGA New Leaders Growth Fund | 82 | 2 * |
* | Includes affiliated shareholder account(s). |
Sector | Percentage of Total Investments | ||
KAR Capital Growth Fund | Information Technology | 29% | |
KAR Mid-Cap Core Fund | Industrials | 34 | |
KAR Mid-Cap Growth Fund | Information Technology | 26 | |
KAR Small-Cap Core Fund | Industrials | 43 | |
KAR Small-Cap Growth Fund | Financials | 30 | |
KAR Small-Cap Value Fund | Industrials | 35 | |
KAR Small-Mid Cap Core Fund | Information Technology | 31 | |
KAR Small-Mid Cap Value Fund | Industrials | 30 | |
KAR Small-Mid Cap Value Fund | Financials | 26 | |
SGA Emerging Markets Growth Fund | Consumer Staples | 35 | |
SGA Global Growth Fund | Information Technology | 31 |
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 | $26,103 | 1.6% |
Fund | Interest Incurred on Borrowing | Average Borrowing | Weighted Average Interest Rate | Days Outstanding | ||||
KAR Equity Income Fund | $ 1 | $ 4,800 | 5.40% | 1 | ||||
KAR Small-Cap Growth Fund | 90 | 40,113 | 5.40 | 15 |
Fund | Interest Incurred on Borrowing | Average Borrowing | Weighted Average Interest Rate | Days Outstanding | ||||
KAR Small-Cap Value Fund | $ 2 | $ 8,200 | 4.92% | 2 | ||||
KAR Small-Mid Cap Core Fund | 2 | 3,425 | 5.40 | 4 | ||||
SGA Global Growth Fund | 1 | 2,400 | 4.13 | 4 |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
KAR Capital Growth Fund | $ 255,735 | $ 279,664 | $ (29,857) | $ 249,807 | ||||
KAR Equity Income Fund | 139,754 | 17,916 | (6,222) | 11,694 | ||||
KAR Global Quality Dividend Fund | 36,371 | 4,891 | (2,640) | 2,251 | ||||
KAR Mid-Cap Core Fund | 1,251,947 | 298,569 | (17,481) | 281,088 | ||||
KAR Mid-Cap Growth Fund | 1,172,031 | 460,721 | (82,225) | 378,496 | ||||
KAR Small-Cap Core Fund | 1,014,448 | 718,871 | (35,271) | 683,600 | ||||
KAR Small-Cap Growth Fund | 2,406,258 | 1,387,408 | (281,606) | 1,105,802 | ||||
KAR Small-Cap Value Fund | 659,373 | 289,396 | (76,426) | 212,970 | ||||
KAR Small-Mid Cap Core Fund | 1,079,545 | 128,714 | (72,914) | 55,800 | ||||
KAR Small-Mid Cap Growth Fund | 8,732 | 449 | (711) | (262) | ||||
KAR Small-Mid Cap Value Fund | 5,919 | 187 | (670) | (483) | ||||
SGA Emerging Markets Growth Fund | 4,807 | 908 | (661) | 247 | ||||
SGA Global Growth Fund | 91,117 | 25,737 | (4,987) | 20,750 | ||||
SGA New Leaders Growth Fund | 6,971 | 444 | (1,069) | (625) | ||||
Tactical Allocation Fund | 512,547 | 153,061 | (63,070) | 89,991 |
Fund | Short-Term | Long-Term | ||
KAR Global Quality Dividend Fund | $ 95 | $— | ||
KAR Small-Mid Cap Growth Fund | 44 | — | ||
SGA Emerging Markets Growth Fund | 21 | — | ||
SGA New Leaders Growth Fund | 163 | — | ||
Tactical Allocation Fund | 26,995 | — |
Fund | Votes For | Votes Against | Abstain | Uninstructed | ||||
Virtus KAR Mid-Cap Core Fund | $616,851,582.05 or 84.265% of Voted | $16,362,493.05 or 2.236% of Voted | $9,572,615.56 or 1.307% of Voted | $89,251,331.89 or 12.192% of Voted | ||||
Virtus KAR Small-Cap Core Fund | $776,332,634.34 or 91.465% of Voted | $18,943,988.02 or 2.232% of Voted | $9,368,103.77 or 1.104% of Voted | $44,132,455.99 or 5.199% of Voted |
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
please contact us at 1-800-243-1574, or visit Virtus.com.
8029 | 05-23 |
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)(2)(1) | Not applicable. | |
(a)(2)(2) | 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 5/29/2023 |
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 5/29/2023 |
By (Signature and Title)* | /s/ W. Patrick Bradley | |
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer | ||
(principal financial officer) |
Date 5/25/2023 |
* | Print the name and title of each signing officer under his or her signature. |