UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-00945
Virtus Equity Trust
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301-9668
(Address of principal executive offices) (Zip code)
Kevin J. Carr, Esq.
Senior Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800)243-1574
Date of fiscal year end: September 30
Date of reporting period: March 31, 2019
FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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.
The Report to Shareholders is attached herewith.
Virtus KAR Capital Growth 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 Rampart Enhanced Core Equity Fund |
Message to Shareholders | 1 | |
Disclosure of Fund Expenses | 2 | |
Key Investment Terms | 5 | |
Portfolio Holdings Summary Weightings | 6 | |
Fund | Schedule of Investments | |
Virtus KAR Capital Growth Fund (“KAR Capital Growth Fund”) | 8 | |
Virtus KAR Global Quality Dividend Fund (“KAR Global Quality Dividend Fund”) | 10 | |
Virtus KAR Mid-Cap Core Fund (“KAR Mid-Cap Core Fund”) | 12 | |
Virtus KAR Mid-Cap Growth Fund (“KAR Mid-Cap Growth Fund”) | 13 | |
Virtus KAR Small-Cap Core Fund (“KAR Small-Cap Core Fund”) | 15 | |
Virtus KAR Small-Cap Growth Fund (“KAR Small-Cap Growth Fund”) | 16 | |
Virtus KAR Small-Cap Value Fund (“KAR Small-Cap Value Fund”) | 17 | |
Virtus KAR Small-Mid Cap Core Fund (“KAR Small-Mid Cap Core Fund”) | 18 | |
Virtus Rampart Enhanced Core Equity Fund (“Rampart Enhanced Core Equity Fund”) | 19 | |
Statements of Assets and Liabilities | 24 | |
Statements of Operations | 28 | |
Statements of Changes in Net Assets | 30 | |
Financial Highlights | 35 | |
Notes to Financial Statements | 42 | |
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees | 58 |
President, Virtus Funds
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Capital Growth Fund | ||||||||
Class A | $ 1,000.00 | $ 1,004.30 | 1.23 % | $ 6.15 | ||||
Class C | 1,000.00 | 1,001.00 | 2.01 | 10.03 | ||||
Class I | 1,000.00 | 1,005.90 | 1.02 | 5.10 | ||||
Class R6 | 1,000.00 | 1,003.80 | 0.78 | 3.90 | ||||
KAR Global Quality Dividend Fund | ||||||||
Class A | 1,000.00 | 1,031.90 | 1.34 | 6.79 | ||||
Class C | 1,000.00 | 1,027.00 | 2.09 | 10.56 | ||||
Class I | 1,000.00 | 1,033.10 | 1.10 | 5.58 | ||||
KAR Mid-Cap Core Fund | ||||||||
Class A | 1,000.00 | 977.90 | 1.20 | 5.92 | ||||
Class C | 1,000.00 | 974.50 | 1.95 | 9.60 | ||||
Class I | 1,000.00 | 979.20 | 0.95 | 4.69 | ||||
Class R6 | 1,000.00 | 979.80 | 0.87 | 4.29 | ||||
KAR Mid-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,036.70 | 1.40 | 7.11 | ||||
Class C | 1,000.00 | 1,033.00 | 2.15 | 10.90 | ||||
Class I | 1,000.00 | 1,038.30 | 1.15 | 5.84 | ||||
Class R6 | 1,000.00 | 1,039.70 | 0.90 | 4.58 | ||||
KAR Small-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,032.60 | 1.29 | 6.54 | ||||
Class C | 1,000.00 | 1,028.40 | 2.03 | 10.27 | ||||
Class I | 1,000.00 | 1,034.00 | 1.02 | 5.17 | ||||
Class R6 | 1,000.00 | 1,034.30 | 0.94 | 4.77 | ||||
KAR Small-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,079.30 | 1.36 | 7.05 | ||||
Class C | 1,000.00 | 1,075.20 | 2.10 | 10.86 | ||||
Class I | 1,000.00 | 1,081.00 | 1.11 | 5.76 | ||||
Class R6 | 1,000.00 | 1,081.60 | 1.01 | 5.24 | ||||
KAR Small-Cap Value Fund | ||||||||
Class A | 1,000.00 | 904.60 | 1.25 | 5.94 | ||||
Class C | 1,000.00 | 901.60 | 1.97 | 9.34 | ||||
Class I | 1,000.00 | 905.90 | 0.99 | 4.70 | ||||
Class R6 | 1,000.00 | 906.40 | 0.89 | 4.23 |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Small-Mid Cap Core Fund | ||||||||
Class A | $1,000.00 | $980.80 | 1.30% | $6.42 | ||||
Class C | 1,000.00 | 976.00 | 2.05 | 10.10 | ||||
Class I | 1,000.00 | 980.90 | 1.05 | 5.19 | ||||
Class R6 | 1,000.00 | 981.90 | 0.97 | 4.79 | ||||
Rampart Enhanced Core Equity Fund | ||||||||
Class A | 1,000.00 | 952.50 | 1.20 | 5.84 | ||||
Class C | 1,000.00 | 948.10 | 1.95 | 9.47 | ||||
Class I | 1,000.00 | 953.70 | 0.95 | 4.63 | ||||
Class R6 | 1,000.00 | 953.80 | 0.91 | 4.43 |
* | 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, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Capital Growth Fund | ||||||||
Class A | $ 1,000.00 | $ 1,018.80 | 1.23 % | $ 6.19 | ||||
Class C | 1,000.00 | 1,014.91 | 2.01 | 10.10 | ||||
Class I | 1,000.00 | 1,019.85 | 1.02 | 5.14 | ||||
Class R6 | 1,000.00 | 1,021.04 | 0.78 | 3.93 | ||||
KAR Global Quality Dividend 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 | 1,019.45 | 1.10 | 5.44 | ||||
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 | 1,017.95 | 1.40 | 7.04 | ||||
Class C | 1,000.00 | 1,014.21 | 2.15 | 10.80 | ||||
Class I | 1,000.00 | 1,019.20 | 1.15 | 5.79 | ||||
Class R6 | 1,000.00 | 1,020.44 | 0.90 | 4.53 | ||||
KAR Small-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,018.50 | 1.29 | 6.49 | ||||
Class C | 1,000.00 | 1,014.81 | 2.03 | 10.20 | ||||
Class I | 1,000.00 | 1,019.85 | 1.02 | 5.14 | ||||
Class R6 | 1,000.00 | 1,020.24 | 0.94 | 4.73 |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
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 | 1,019.40 | 1.11 | 5.59 | ||||
Class R6 | 1,000.00 | 1,019.90 | 1.01 | 5.09 | ||||
KAR Small-Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,018.70 | 1.25 | 6.29 | ||||
Class C | 1,000.00 | 1,015.11 | 1.97 | 9.90 | ||||
Class I | 1,000.00 | 1,020.00 | 0.99 | 4.99 | ||||
Class R6 | 1,000.00 | 1,020.49 | 0.89 | 4.48 | ||||
KAR Small-Mid Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,018.45 | 1.30 | 6.54 | ||||
Class C | 1,000.00 | 1,014.71 | 2.05 | 10.30 | ||||
Class I | 1,000.00 | 1,019.70 | 1.05 | 5.29 | ||||
Class R6 | 1,000.00 | 1,020.09 | 0.97 | 4.89 | ||||
Rampart Enhanced Core Equity 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 |
* | 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. |
Consumer Discretionary | 27% |
Information Technology | 26 |
Communication Services | 14 |
Health Care | 10 |
Industrials | 8 |
Financials | 7 |
Consumer Staples | 4 |
Other | 4 |
Total | 100% |
Financials | 20% |
Communication Services | 12 |
Real Estate | 11 |
Energy | 11 |
Utilities | 8 |
Health Care | 8 |
Industrials | 8 |
Other (includes securities lending collateral) | 22 |
Total | 100% |
Industrials | 30% |
Health Care | 21 |
Information Technology | 18 |
Financials | 13 |
Consumer Discretionary | 9 |
Consumer Staples | 4 |
Materials | 2 |
Short-Term Investment | 3 |
Total | 100% |
Information Technology | 33% |
Consumer Discretionary | 19 |
Health Care | 14 |
Industrials | 8 |
Communication Services | 7 |
Financials | 7 |
Consumer Staples | 5 |
Other (includes short-term investment) | 7 |
Total | 100% |
Industrials | 33% |
Financials | 18 |
Communication Services | 16 |
Information Technology | 15 |
Energy | 4 |
Consumer Discretionary | 4 |
Real Estate | 3 |
Other | 7 |
Total | 100% |
Communication Services | 26% |
Information Technology | 23 |
Financials | 18 |
Industrials | 17 |
Consumer Discretionary | 8 |
Health Care | 4 |
Consumer Staples | 4 |
Total | 100% |
Industrials | 23% |
Financials | 19 |
Information Technology | 13 |
Real Estate | 13 |
Consumer Discretionary | 12 |
Consumer Staples | 6 |
Materials | 5 |
Other | 9 |
Total | 100% |
Industrials | 30% |
Information Technology | 24 |
Financials | 18 |
Health Care | 13 |
Consumer Discretionary | 8 |
Materials | 4 |
Short-Term Investment | 3 |
Total | 100% |
Information Technology | 22% |
Health Care | 13 |
Financials | 12 |
Consumer Discretionary | 10 |
Industrials | 10 |
Communication Services | 9 |
Consumer Staples | 7 |
Other (includes short-term investments and written options) | 17 |
Total | 100% |
Shares | Value | ||
Convertible Preferred Stock—1.1% | |||
Information Technology—1.1% | |||
BDC Payments Holdings, Inc.(1)(2)(3) | 663,721 | $5,514 | |
Total Convertible Preferred Stock (Identified Cost $5,514) | 5,514 | ||
Common Stocks—98.2% | |||
Communication Services—14.0% | |||
Activision Blizzard, Inc. | 121,680 | 5,540 | |
Facebook, Inc. Class A(2) | 166,000 | 27,670 | |
Netflix, Inc.(2) | 62,780 | 22,385 | |
Tencent Holdings Ltd. ADR | 354,690 | 16,309 | |
71,904 | |||
Consumer Discretionary—26.6% | |||
Alibaba Group Holding Ltd. Sponsored ADR(2) | 160,260 | 29,239 | |
Amazon.com, Inc.(2) | 22,962 | 40,890 | |
Ctrip.com International Ltd. ADR(2) | 161,220 | 7,044 | |
Home Depot, Inc. (The) | 39,375 | 7,556 | |
Las Vegas Sands Corp. | 199,483 | 12,160 | |
McDonald’s Corp. | 40,090 | 7,613 | |
MercadoLibre, Inc.(2) | 14,940 | 7,586 | |
NIKE, Inc. Class B | 169,830 | 14,301 | |
Ross Stores, Inc. | 110,086 | 10,249 | |
136,638 | |||
Consumer Staples—3.9% | |||
McCormick & Co., Inc. | 43,815 | 6,600 | |
Monster Beverage Corp.(2) | 86,243 | 4,707 | |
Philip Morris International, Inc. | 96,247 | 8,507 | |
19,814 | |||
Shares | Value | ||
Energy—1.5% | |||
Cabot Oil & Gas Corp. | 294,801 | $7,694 | |
Financials—6.7% | |||
Bank of America Corp. | 537,770 | 14,837 | |
Charles Schwab Corp. (The) | 186,228 | 7,963 | |
MarketAxess Holdings, Inc. | 29,900 | 7,358 | |
Progressive Corp. (The) | 58,250 | 4,199 | |
34,357 | |||
Health Care—9.7% | |||
Bluebird Bio, Inc.(2) | 37,090 | 5,835 | |
Danaher Corp. | 73,992 | 9,769 | |
HealthEquity, Inc.(2) | 132,160 | 9,777 | |
Illumina, Inc.(2) | 34,710 | 10,784 | |
Zoetis, Inc. | 133,507 | 13,440 | |
49,605 | |||
Industrials—8.3% | |||
Caterpillar, Inc. | 61,590 | 8,345 | |
CoStar Group, Inc.(2) | 21,101 | 9,842 | |
Kansas City Southern | 64,210 | 7,447 | |
Lyft, Inc. Class A(2) | 9,620 | 753 | |
Rockwell Automation, Inc. | 24,000 | 4,211 | |
Roper Technologies, Inc. | 34,469 | 11,788 | |
42,386 | |||
Information Technology—25.1% | |||
Accenture plc Class A | 49,518 | 8,716 | |
Amphenol Corp. Class A | 155,148 | 14,652 | |
Avalara, Inc.(2) | 178,050 | 9,933 | |
Fair Isaac Corp.(2) | 15,110 | 4,104 | |
Gartner, Inc.(2) | 39,000 | 5,916 | |
NVIDIA Corp. | 80,580 | 14,469 | |
Paycom Software, Inc.(2) | 97,082 | 18,361 | |
Trade Desk, Inc. (The) Class A(2) | 56,550 | 11,194 | |
Visa, Inc. Class A | 156,114 | 24,384 |
Shares | Value | ||
Information Technology—continued | |||
Workday, Inc. Class A(2) | 88,431 | $17,054 | |
128,783 | |||
Materials—2.4% | |||
Ecolab, Inc. | 69,446 | 12,260 | |
Total Common Stocks (Identified Cost $252,249) | 503,441 | ||
Total Long-Term Investments—99.3% (Identified Cost $257,763) | 508,955 | ||
TOTAL INVESTMENTS—99.3% (Identified Cost $257,763) | $508,955 | ||
Other assets and liabilities, net—0.7% | 3,595 | ||
NET ASSETS—100.0% | $512,550 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
(2) | Non-income producing. |
(3) | Restricted security. |
Country Weightings† | |
United States | 90% |
China | 10 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $503,441 | $503,441 | $— | ||
Convertible Preferred Stock | 5,514 | — | 5,514 | ||
Total Investments | $508,955 | $503,441 | $5,514 |
Total | Convertible Preferred Stock | ||
Investments in Securities | |||
Balance as of September 30, 2018: | $— | $— | |
Purchases | 5,514 | 5,514 | |
Balance as of March 31, 2019 | $5,514 | $5,514 |
Shares | Value | ||
Common Stocks—96.8% | |||
Communication Services—11.8% | |||
AT&T, Inc. | 29,949 | $939 | |
BCE, Inc. | 41,570 | 1,845 | |
Spark New Zealand Ltd. | 629,220 | 1,629 | |
4,413 | |||
Consumer Discretionary—3.8% | |||
Compass Group plc Sponsored ADR | 17,188 | 411 | |
Las Vegas Sands Corp. | 16,170 | 986 | |
1,397 | |||
Consumer Staples—6.5% | |||
Clorox Co. (The) | 2,395 | 384 | |
Coca-Cola Co. (The) | 23,995 | 1,125 | |
Tate & Lyle plc | 96,941 | 916 | |
2,425 | |||
Energy—10.8% | |||
ONEOK, Inc. | 15,390 | 1,075 | |
Royal Dutch Shell plc Sponsored Class B ADR | 23,820 | 1,523 | |
TOTAL S.A. Sponsored ADR | 11,110 | 618 | |
Vermilion Energy, Inc. | 32,320 | 799 | |
4,015 | |||
Financials—19.8% | |||
Bank of Hawaii Corp. | 5,599 | 442 | |
HSBC Holdings plc Sponsored ADR | 31,240 | 1,268 | |
Royal Bank of Canada | 14,930 | 1,128 | |
Sabre Insurance Group plc | 270,000 | 1,006 | |
SCOR SE Sponsored ADR(1) | 72,940 | 307 | |
Tokio Marine Holdings, Inc. | 12,020 | 581 | |
Tryg A/S | 27,785 | 762 | |
Zurich Insurance Group AG | 1,260 | 417 | |
Zurich Insurance Group AG ADR | 44,237 | 1,463 | |
7,374 | |||
Health Care—7.9% | |||
AstraZeneca plc Sponsored ADR | 9,004 | 364 | |
GlaxoSmithKline plc | 20,100 | 418 | |
GlaxoSmithKline plc Sponsored ADR | 23,946 | 1,001 |
Shares | Value | ||
Health Care—continued | |||
Merck & Co., Inc. | 5,040 | $419 | |
Sonic Healthcare Ltd. | 15,000 | 262 | |
Sonic Healthcare Ltd. Sponsored ADR(1) | 28,510 | 496 | |
2,960 | |||
Industrials—7.7% | |||
ABB Ltd. Registered Shares | 30,900 | 580 | |
Port of Tauranga Ltd. | 88,200 | 326 | |
Waste Management, Inc. | 4,098 | 426 | |
Watsco, Inc. | 10,676 | 1,529 | |
2,861 | |||
Information Technology—7.0% | |||
Analog Devices, Inc. | 4,790 | 504 | |
Cisco Systems, Inc. | 7,370 | 398 | |
Paychex, Inc. | 6,700 | 538 | |
Tieto OYJ(1) | 38,478 | 1,174 | |
2,614 | |||
Materials—2.0% | |||
Sonoco Products Co. | 12,380 | 762 | |
Real Estate—11.1% | |||
Crown Castle International Corp. | 11,000 | 1,408 | |
Lamar Advertising Co. Class A | 19,327 | 1,532 | |
Realty Income Corp. | 16,560 | 1,218 | |
4,158 | |||
Utilities—8.4% | |||
Fortis, Inc. | 35,220 | 1,303 | |
NextEra Energy, Inc. | 3,850 | 744 | |
WEC Energy Group, Inc. | 13,650 | 1,079 | |
3,126 | |||
Total Common Stocks (Identified Cost $33,747) | 36,105 | ||
Total Long-Term Investments—96.8% (Identified Cost $33,747) | 36,105 | ||
Shares | Value | ||
Securities Lending Collateral—2.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(2)(3) | 1,086,119 | $1,086 | |
Total Securities Lending Collateral (Identified Cost $1,086) | 1,086 | ||
TOTAL INVESTMENTS—99.7% (Identified Cost $34,833) | $37,191 | ||
Other assets and liabilities, net—0.3% | 121 | ||
NET ASSETS—100.0% | $37,312 |
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 | 45% |
United Kingdom | 19 |
Canada | 14 |
Switzerland | 7 |
New Zealand | 5 |
Finland | 3 |
France | 2 |
Other | 5 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $36,105 | $36,105 | |
Securities Lending Collateral | 1,086 | 1,086 | |
Total Investments | $37,191 | $37,191 |
Shares | Value | ||
Common Stocks—95.6% | |||
Consumer Discretionary—8.7% | |||
Ross Stores, Inc. | 134,354 | $12,509 | |
Tractor Supply Co. | 167,945 | 16,418 | |
28,927 | |||
Consumer Staples—3.6% | |||
Lamb Weston Holdings, Inc. | 160,285 | 12,012 | |
Financials—13.3% | |||
First Financial Bankshares, Inc. | 127,310 | 7,356 | |
Houlihan Lokey, Inc. | 197,249 | 9,044 | |
Moody’s Corp. | 47,047 | 8,520 | |
SEI Investments Co. | 166,873 | 8,719 | |
Signature Bank | 83,794 | 10,731 | |
44,370 | |||
Health Care—20.5% | |||
AMN Healthcare Services, Inc.(1) | 198,707 | 9,357 | |
Cooper Cos., Inc. (The) | 56,127 | 16,623 | |
Elanco Animal Health, Inc.(1) | 437,815 | 14,041 | |
Globus Medical, Inc. Class A(1) | 348,941 | 17,241 | |
West Pharmaceutical Services, Inc. | 102,011 | 11,242 | |
68,504 | |||
Shares | Value | ||
Industrials—29.3% | |||
AMETEK, Inc. | 217,879 | $18,077 | |
Exponent, Inc. | 150,989 | 8,715 | |
Graco, Inc. | 257,521 | 12,753 | |
Lennox International, Inc. | 44,743 | 11,830 | |
Nordson Corp. | 82,587 | 10,944 | |
SiteOne Landscape Supply, Inc.(1) | 185,600 | 10,607 | |
Verisk Analytics, Inc. | 62,812 | 8,354 | |
WABCO Holdings, Inc.(1) | 125,712 | 16,573 | |
97,853 | |||
Information Technology—17.7% | |||
Amphenol Corp. Class A | 147,126 | 13,895 | |
Aspen Technology, Inc.(1) | 149,844 | 15,623 | |
Broadridge Financial Solutions, Inc. | 120,285 | 12,472 | |
Brooks Automation, Inc. | 394,418 | 11,568 | |
Skyworks Solutions, Inc. | 67,528 | 5,570 | |
59,128 | |||
Materials—2.5% | |||
International Flavors & Fragrances, Inc. | 64,473 | 8,303 | |
Total Common Stocks (Identified Cost $269,342) | 319,097 | ||
Total Long-Term Investments—95.6% (Identified Cost $269,342) | 319,097 | ||
Shares | Value | ||
Short-Term Investment—3.2% | |||
Money Market Mutual Fund—3.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(2) | 10,664,938 | $10,665 | |
Total Short-Term Investment (Identified Cost $10,665) | 10,665 | ||
TOTAL INVESTMENTS—98.8% (Identified Cost $280,007) | $329,762 | ||
Other assets and liabilities, net—1.2% | 4,166 | ||
NET ASSETS—100.0% | $333,928 |
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, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $319,097 | $319,097 | |
Money Market Mutual Fund | 10,665 | 10,665 | |
Total Investments | $329,762 | $329,762 |
Shares | Value | ||
Convertible Preferred Stock—1.3% | |||
Information Technology—1.3% | |||
BDC Payments Holdings, Inc.(1)(2)(3) | 421,295 | $3,500 | |
Total Convertible Preferred Stock (Identified Cost $3,500) | 3,500 | ||
Common Stocks—92.3% | |||
Communication Services—7.2% | |||
Autohome, Inc. ADR(2) | 80,174 | 8,428 | |
Cargurus, Inc.(2) | 69,790 | 2,796 | |
Netflix, Inc.(2) | 14,144 | 5,043 | |
Weibo Corp. Sponsored ADR(2) | 52,008 | 3,224 | |
19,491 | |||
Consumer Discretionary—18.4% | |||
Ctrip.com International Ltd. ADR(2) | 122,803 | 5,365 | |
Domino’s Pizza, Inc. | 19,147 | 4,942 | |
Expedia Group, Inc. | 31,238 | 3,717 | |
GrubHub, Inc.(2) | 42,565 | 2,957 | |
MercadoLibre, Inc.(2) | 19,012 | 9,653 | |
New Oriental Education & Technology Group, Inc. Sponsored ADR(2) | 30,241 | 2,724 | |
Pool Corp. | 33,630 | 5,548 | |
Ross Stores, Inc. | 53,908 | 5,019 | |
Under Armour, Inc. Class A(2) | 189,065 | 3,997 | |
Wynn Resorts Ltd. | 45,062 | 5,377 | |
49,299 | |||
Consumer Staples—5.1% | |||
Brown-Forman Corp. Class B | 94,221 | 4,973 | |
McCormick & Co., Inc. | 38,143 | 5,746 | |
Monster Beverage Corp.(2) | 55,797 | 3,045 | |
13,764 | |||
Energy—1.2% | |||
Cabot Oil & Gas Corp. | 120,722 | 3,151 | |
Financials—6.7% | |||
MarketAxess Holdings, Inc. | 24,598 | 6,053 | |
SEI Investments Co. | 58,757 | 3,070 | |
T. Rowe Price Group, Inc. | 42,092 | 4,214 | |
Worldpay, Inc. Class A(2) | 41,850 | 4,750 | |
18,087 | |||
Shares | Value | ||
Health Care—13.8% | |||
ABIOMED, Inc.(2) | 12,622 | $3,605 | |
Bluebird Bio, Inc.(2) | 12,897 | 2,029 | |
Elanco Animal Health, Inc.(2) | 108,166 | 3,469 | |
HealthEquity, Inc.(2) | 78,729 | 5,824 | |
Illumina, Inc.(2) | 17,761 | 5,518 | |
Mettler-Toledo International, Inc.(2) | 3,733 | 2,699 | |
STAAR Surgical Co.(2) | 110,448 | 3,776 | |
Teladoc Health, Inc.(2) | 83,666 | 4,652 | |
Zoetis, Inc. | 53,796 | 5,416 | |
36,988 | |||
Industrials—8.3% | |||
CoStar Group, Inc.(2) | 10,224 | 4,769 | |
Kansas City Southern | 36,404 | 4,222 | |
Lyft, Inc. Class A(2) | 5,010 | 392 | |
Rockwell Automation, Inc. | 10,970 | 1,925 | |
Roper Technologies, Inc. | 14,022 | 4,795 | |
SiteOne Landscape Supply, Inc.(2) | 106,503 | 6,087 | |
22,190 | |||
Information Technology—31.6% | |||
Amphenol Corp. Class A | 65,859 | 6,220 | |
Avalara, Inc.(2) | 130,350 | 7,272 | |
DocuSign, Inc.(2) | 85,598 | 4,437 | |
Elastic N.V.(2) | 72,497 | 5,790 | |
Fair Isaac Corp.(2) | 29,445 | 7,998 | |
FleetCor Technologies, Inc.(2) | 15,018 | 3,703 | |
Gartner, Inc.(2) | 38,513 | 5,842 | |
Okta, Inc.(2) | 59,333 | 4,909 | |
Paycom Software, Inc.(2) | 42,055 | 7,954 | |
Square, Inc. Class A(2) | 49,291 | 3,693 | |
Teradyne, Inc. | 78,438 | 3,125 | |
Trade Desk, Inc. (The) Class A(2) | 57,785 | 11,439 | |
Workday, Inc. Class A(2) | 32,378 | 6,244 | |
Zscaler, Inc.(2) | 86,768 | 6,154 | |
84,780 | |||
Total Common Stocks (Identified Cost $168,113) | 247,750 | ||
Total Long-Term Investments—93.6% (Identified Cost $171,613) | 251,250 | ||
Shares | Value | ||
Short-Term Investment—4.7% | |||
Money Market Mutual Fund—4.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(4) | 12,503,116 | $12,503 | |
Total Short-Term Investment (Identified Cost $12,503) | 12,503 | ||
TOTAL INVESTMENTS—98.3% (Identified Cost $184,116) | $263,753 | ||
Other assets and liabilities, net—1.7% | 4,651 | ||
NET ASSETS—100.0% | $268,404 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
(2) | Non-income producing. |
(3) | Restricted security. |
(4) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 93% |
China | 7 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $247,750 | $247,750 | $— | ||
Convertible Preferred Stock | 3,500 | — | 3,500 | ||
Money Market Mutual Fund | 12,503 | 12,503 | — | ||
Total Investments | $263,753 | $260,253 | $3,500 |
Total | Convertible Preferred Stock | ||
Investments in Securities | |||
Balance as of September 30, 2018: | $— | $— | |
Purchases | 3,500 | 3,500 | |
Balance as of March 31, 2019 | $3,500 | $3,500 |
Shares | Value | ||
Common Stocks—97.6% | |||
Communication Services—15.8% | |||
Autohome, Inc. ADR(1) | 1,391,500 | $146,274 | |
Rightmove plc | 12,352,000 | 82,049 | |
228,323 | |||
Consumer Discretionary—3.6% | |||
Pool Corp. | 312,990 | 51,634 | |
Consumer Staples—2.1% | |||
PriceSmart, Inc. | 506,280 | 29,810 | |
Energy—4.1% | |||
Core Laboratories N.V. | 165,600 | 11,415 | |
Dril-Quip, Inc.(1) | 1,042,040 | 47,777 | |
59,192 | |||
Financials—18.0% | |||
Artisan Partners Asset Management, Inc. Class A | 891,600 | 22,442 | |
FactSet Research Systems, Inc. | 189,940 | 47,157 | |
MarketAxess Holdings, Inc. | 192,332 | 47,329 | |
Moelis & Co. Class A | 944,560 | 39,303 | |
Primerica, Inc. | 706,912 | 86,349 | |
RLI Corp. | 247,208 | 17,737 | |
260,317 | |||
Health Care—3.0% | |||
Atrion Corp. | 48,880 | 42,950 | |
Industrials—31.9% | |||
Copart, Inc.(1) | 1,325,500 | 80,312 |
Shares | Value | ||
Industrials—continued | |||
Donaldson Co., Inc. | 527,200 | $26,392 | |
Graco, Inc. | 1,302,210 | 64,485 | |
Old Dominion Freight Line, Inc. | 477,530 | 68,950 | |
RBC Bearings, Inc.(1) | 276,148 | 35,118 | |
Teledyne Technologies, Inc.(1) | 357,500 | 84,731 | |
Toro Co. (The) | 536,880 | 36,959 | |
WABCO Holdings, Inc.(1) | 490,950 | 64,722 | |
461,669 | |||
Information Technology—14.2% | |||
Aspen Technology, Inc.(1) | 719,100 | 74,973 | |
CDW Corp. | 852,500 | 82,155 | |
Jack Henry & Associates, Inc. | 238,800 | 33,131 | |
Manhattan Associates, Inc.(1) | 281,720 | 15,526 | |
205,785 | |||
Materials—1.6% | |||
AptarGroup, Inc. | 213,412 | 22,705 | |
Real Estate—3.3% | |||
HFF, Inc. Class A | 1,002,779 | 47,883 | |
Total Common Stocks (Identified Cost $996,800) | 1,410,268 | ||
Total Long-Term Investments—97.6% (Identified Cost $996,800) | 1,410,268 | ||
Value | ||
TOTAL INVESTMENTS—97.6% (Identified Cost $996,800) | $1,410,268 | |
Other assets and liabilities, net—2.4% | 34,566 | |
NET ASSETS—100.0% | $1,444,834 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
United States | 84% |
China | 10 |
United Kingdom | 6 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,410,268 | $1,410,268 | |
Total Investments | $1,410,268 | $1,410,268 |
Shares | Value | ||
Common Stocks—98.2% | |||
Communication Services—25.3% | |||
Auto Trader Group plc | 58,074,329 | $394,534 | |
Autohome, Inc. ADR(1) | 5,307,435 | 557,918 | |
Rightmove plc | 40,235,150 | 267,263 | |
1,219,715 | |||
Consumer Discretionary—8.3% | |||
Fox Factory Holding Corp.(1) | 3,712,978 | 259,500 | |
Ollie’s Bargain Outlet Holdings, Inc.(1) | 1,670,757 | 142,566 | |
402,066 | |||
Consumer Staples—3.4% | |||
Chefs’ Warehouse, Inc. (The)(1) | 2,615,700 | 81,217 | |
PriceSmart, Inc. | 1,433,298 | 84,393 | |
165,610 | |||
Financials—17.7% | |||
FactSet Research Systems, Inc. | 579,650 | 143,910 | |
Interactive Brokers Group, Inc. Class A | 3,753,516 | 194,732 | |
MarketAxess Holdings, Inc. | 811,800 | 199,768 | |
Moelis & Co. Class A | 3,165,300 | 131,708 | |
Morningstar, Inc. | 1,440,828 | 181,530 | |
851,648 | |||
Shares | Value | ||
Health Care—4.3% | |||
National Research Corp. | 2,324,577 | $89,728 | |
U.S. Physical Therapy, Inc. | 1,125,000 | 118,159 | |
207,887 | |||
Industrials—17.1% | |||
AAON, Inc. | 3,559,400 | 164,373 | |
Copart, Inc.(1) | 3,675,700 | 222,711 | |
HEICO Corp. Class A | 1,824,812 | 153,394 | |
Old Dominion Freight Line, Inc. | 1,525,500 | 220,267 | |
Omega Flex, Inc. | 854,900 | 64,801 | |
825,546 | |||
Information Technology—22.1% | |||
ANSYS, Inc.(1) | 615,300 | 112,422 | |
Aspen Technology, Inc.(1) | 1,924,700 | 200,669 | |
Avalara, Inc.(1) | 1,808,526 | 100,898 | |
Blackline, Inc.(1) | 3,134,403 | 145,186 | |
DocuSign, Inc.(1) | 3,487,563 | 180,795 | |
Mesa Laboratories, Inc. | 85,353 | 19,674 | |
NVE Corp. | 483,690 | 47,348 | |
Paycom Software, Inc.(1) | 1,377,800 | 260,583 | |
1,067,575 | |||
Total Common Stocks (Identified Cost $3,490,283) | 4,740,047 | ||
Total Long-Term Investments—98.2% (Identified Cost $3,490,283) | 4,740,047 | ||
Value | ||
TOTAL INVESTMENTS—98.2% (Identified Cost $3,490,283) | $4,740,047 | |
Other assets and liabilities, net—1.8% | 84,769 | |
NET ASSETS—100.0% | $4,824,816 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
United States | 74% |
United Kingdom | 14 |
China | 12 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $4,740,047 | $4,740,047 | |
Total Investments | $4,740,047 | $4,740,047 |
Shares | Value | ||
Common Stocks—97.3% | |||
Communication Services—3.9% | |||
Cinemark Holdings, Inc. | 558,100 | $22,318 | |
Consumer Discretionary—11.9% | |||
Cheesecake Factory, Inc. (The) | 582,100 | 28,476 | |
Sally Beauty Holdings, Inc.(1) | 1,016,151 | 18,708 | |
Thor Industries, Inc. | 331,310 | 20,664 | |
67,848 | |||
Consumer Staples—5.6% | |||
National Beverage Corp. | 265,804 | 15,345 | |
WD-40 Co. | 97,954 | 16,597 | |
31,942 | |||
Energy—2.7% | |||
Core Laboratories N.V. | 221,000 | 15,234 | |
Financials—18.1% | |||
Bank of Hawaii Corp. | 268,360 | 21,165 | |
First Financial Bankshares, Inc. | 307,060 | 17,742 | |
Houlihan Lokey, Inc. | 491,286 | 22,525 | |
Primerica, Inc. | 206,663 | 25,244 | |
RLI Corp. | 233,012 | 16,719 | |
103,395 | |||
Shares | Value | ||
Health Care—2.0% | |||
Anika Therapeutics, Inc.(1) | 384,290 | $11,621 | |
Industrials—22.3% | |||
Graco, Inc. | 429,981 | 21,293 | |
Landstar System, Inc. | 181,428 | 19,847 | |
Lincoln Electric Holdings, Inc. | 141,210 | 11,843 | |
RBC Bearings, Inc.(1) | 205,600 | 26,146 | |
SiteOne Landscape Supply, Inc.(1) | 474,635 | 27,125 | |
Watsco, Inc. | 151,353 | 21,675 | |
127,929 | |||
Information Technology—12.9% | |||
American Software, Inc. Class A | 703,891 | 8,412 | |
Badger Meter, Inc. | 250,304 | 13,927 | |
Brooks Automation, Inc. | 749,130 | 21,972 | |
Cass Information Systems, Inc. | 350,496 | 16,578 | |
Jack Henry & Associates, Inc. | 95,240 | 13,214 | |
74,103 | |||
Materials—5.3% | |||
Scotts Miracle-Gro Co. (The) | 386,081 | 30,338 |
Shares | Value | ||
Real Estate—12.6% | |||
HFF, Inc. Class A | 438,300 | $20,929 | |
MGM Growth Properties LLC Class A | 1,077,910 | 34,762 | |
RE/MAX Holdings, Inc. Class A | 432,920 | 16,685 | |
72,376 | |||
Total Common Stocks (Identified Cost $467,925) | 557,104 | ||
Total Long-Term Investments—97.3% (Identified Cost $467,925) | 557,104 | ||
TOTAL INVESTMENTS—97.3% (Identified Cost $467,925) | $557,104 | ||
Other assets and liabilities, net—2.7% | 15,199 | ||
NET ASSETS—100.0% | $572,303 |
Abbreviation: | |
LLC | Limited Liability Company |
Footnote Legend: | |
(1) | Non-income producing. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $557,104 | $557,104 | |
Total Investments | $557,104 | $557,104 |
Shares | Value | ||
Common Stocks—95.6% | |||
Consumer Discretionary—8.2% | |||
Pool Corp. | 1,560 | $257 | |
Thor Industries, Inc. | 3,062 | 191 | |
Winmark Corp. | 1,199 | 226 | |
674 | |||
Financials—17.2% | |||
Berkley (W.R.) Corp. | 3,255 | 276 | |
Interactive Brokers Group, Inc. Class A | 4,141 | 215 | |
MSCI, Inc. | 2,086 | 415 | |
Primerica, Inc. | 1,919 | 234 | |
Signature Bank | 2,197 | 281 | |
1,421 | |||
Health Care—13.0% | |||
AMN Healthcare Services, Inc.(1) | 4,027 | 190 | |
Charles River Laboratories International, Inc.(1) | 1,700 | 247 | |
Cooper Cos., Inc. (The) | 1,329 | 393 | |
Elanco Animal Health, Inc.(1) | 7,636 | 245 | |
1,075 | |||
Industrials—29.6% | |||
Copart, Inc.(1) | 3,859 | 234 | |
Expeditors International of Washington, Inc. | 4,207 | 319 |
Shares | Value | ||
Industrials—continued | |||
Lennox International, Inc. | 1,450 | $383 | |
Nordson Corp. | 2,371 | 314 | |
RBC Bearings, Inc.(1) | 2,032 | 259 | |
SiteOne Landscape Supply, Inc.(1) | 3,965 | 227 | |
Snap-on, Inc. | 1,833 | 287 | |
WABCO Holdings, Inc.(1) | 3,201 | 422 | |
2,445 | |||
Information Technology—23.3% | |||
ANSYS, Inc.(1) | 925 | 169 | |
Aspen Technology, Inc.(1) | 3,546 | 370 | |
CDW Corp. | 3,316 | 319 | |
DocuSign, Inc.(1) | 3,510 | 182 | |
FLIR Systems, Inc. | 5,288 | 252 | |
Jack Henry & Associates, Inc. | 1,814 | 252 | |
Teradyne, Inc. | 9,470 | 377 | |
1,921 | |||
Materials—4.3% | |||
Scotts Miracle-Gro Co. (The) | 4,516 | 355 | |
Total Common Stocks (Identified Cost $7,323) | 7,891 | ||
Total Long-Term Investments—95.6% (Identified Cost $7,323) | 7,891 | ||
Shares | Value | ||
Short-Term Investment—2.6% | |||
Money Market Mutual Fund—2.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(2) | 219,015 | $219 | |
Total Short-Term Investment (Identified Cost $219) | 219 | ||
TOTAL INVESTMENTS—98.2% (Identified Cost $7,542) | $8,110 | ||
Other assets and liabilities, net—1.8% | 146 | ||
NET ASSETS—100.0% | $8,256 |
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, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $7,891 | $7,891 | |
Money Market Mutual Fund | 219 | 219 | |
Total Investments | $8,110 | $8,110 |
Shares | Value | ||
Common Stocks—96.3% | |||
Communication Services—9.4% | |||
Activision Blizzard, Inc. | 4,156 | $189 | |
Akamai Technologies, Inc.(1) | 983 | 71 | |
Alphabet, Inc. Class A(1)(2) | 1,628 | 1,916 | |
Alphabet, Inc. Class C(1)(2) | 1,677 | 1,968 | |
AT&T, Inc.(2) | 39,458 | 1,237 | |
CBS Corp. Class B | 1,816 | 86 | |
CenturyLink, Inc. | 5,152 | 62 | |
Charter Communications, Inc. Class A(1) | 961 | 333 | |
Comcast Corp. Class A(2) | 24,629 | 985 | |
Discovery, Inc. Class A(1) | 845 | 23 | |
Discovery, Inc. Class C(1) | 1,941 | 49 | |
DISH Network Corp. Class A(1) | 1,244 | 39 | |
Electronic Arts, Inc.(1) | 1,652 | 168 | |
Facebook, Inc. Class A(1)(2) | 13,374 | 2,229 | |
Fox Corp. Class A(1)(2) | 1,914 | 70 | |
Fox Corp. Class B(1)(2) | 880 | 32 | |
Interpublic Group of Cos., Inc. (The) | 2,073 | 44 | |
Netflix, Inc.(1) | 2,373 | 846 | |
News Corp. Class A | 2,097 | 26 | |
News Corp. Class B | 674 | 8 | |
Omnicom Group, Inc. | 1,211 | 88 | |
Take-Two Interactive Software, Inc.(1) | 644 | 61 | |
TripAdvisor, Inc.(1) | 557 | 29 | |
Twitter, Inc.(1) | 3,911 | 129 | |
Verizon Communications, Inc.(2) | 22,445 | 1,327 | |
Viacom, Inc. Class B | 1,911 | 54 | |
Walt Disney Co. (The)(2) | 10,854 | 1,205 | |
13,274 | |||
Consumer Discretionary—10.3% | |||
Advance Auto Parts, Inc. | 444 | 76 | |
Amazon.com, Inc.(1)(2) | 2,420 | 4,309 | |
Aptiv plc | 1,616 | 128 | |
AutoZone, Inc.(1) | 153 | 157 | |
Best Buy Co., Inc. | 1,427 | 101 | |
Booking Holdings, Inc.(1)(2) | 280 | 489 | |
BorgWarner, Inc. | 1,269 | 49 | |
Capri Holdings Ltd.(1) | 917 | 42 | |
CarMax, Inc.(1) | 1,069 | 75 | |
Carnival Corp. | 2,436 | 124 | |
Chipotle Mexican Grill, Inc.(1) | 149 | 106 | |
Darden Restaurants, Inc. | 754 | 92 | |
Dollar General Corp. | 1,743 | 208 | |
Dollar Tree, Inc.(1) | 1,470 | 154 | |
eBay, Inc. | 5,521 | 205 | |
Expedia Group, Inc. | 719 | 86 | |
Foot Locker, Inc. | 702 | 43 | |
Ford Motor Co.(2) | 23,821 | 209 | |
Gap, Inc. (The) | 1,309 | 34 | |
Garmin Ltd. | 739 | 64 | |
General Motors Co.(2) | 8,019 | 297 | |
Genuine Parts Co. | 898 | 101 | |
H&R Block, Inc. | 1,251 | 30 |
Shares | Value | ||
Consumer Discretionary—continued | |||
Hanesbrands, Inc. | 2,181 | $39 | |
Harley-Davidson, Inc. | 994 | 35 | |
Hasbro, Inc. | 705 | 60 | |
Hilton Worldwide Holdings, Inc. | 1,795 | 149 | |
Home Depot, Inc. (The)(2) | 6,888 | 1,322 | |
Horton (D.R.), Inc. | 2,080 | 86 | |
Kohl’s Corp. | 1,011 | 70 | |
L Brands, Inc. | 1,401 | 39 | |
Leggett & Platt, Inc. | 801 | 34 | |
Lennar Corp. Class A | 1,777 | 87 | |
LKQ Corp.(1) | 1,940 | 55 | |
Lowe’s Cos., Inc.(2) | 4,907 | 537 | |
Macy’s, Inc. | 1,894 | 45 | |
Marriott International, Inc. Class A | 1,724 | 216 | |
Mattel, Inc.(1) | 2,094 | 27 | |
McDonald’s Corp.(2) | 4,682 | 889 | |
MGM Resorts International | 3,045 | 78 | |
Mohawk Industries, Inc.(1) | 387 | 49 | |
Newell Brands, Inc. | 2,546 | 39 | |
NIKE, Inc. Class B(2) | 7,710 | 649 | |
Nordstrom, Inc. | 698 | 31 | |
Norwegian Cruise Line Holdings Ltd.(1) | 1,336 | 73 | |
O’Reilly Automotive, Inc.(1) | 490 | 190 | |
PulteGroup, Inc. | 1,579 | 44 | |
PVH Corp. | 461 | 56 | |
Ralph Lauren Corp. | 332 | 43 | |
Ross Stores, Inc. | 2,289 | 213 | |
Royal Caribbean Cruises Ltd. | 1,043 | 120 | |
Starbucks Corp.(2) | 7,504 | 558 | |
Tapestry, Inc. | 1,771 | 58 | |
Target Corp.(2) | 3,205 | 257 | |
Tiffany & Co. | 662 | 70 | |
TJX Cos., Inc. (The) | 7,569 | 403 | |
Tractor Supply Co. | 748 | 73 | |
Ulta Beauty, Inc.(1) | 345 | 120 | |
Under Armour, Inc. Class A(1) | 1,139 | 24 | |
Under Armour, Inc. Class C(1) | 1,167 | 22 | |
VF Corp. | 1,982 | 172 | |
Whirlpool Corp. | 386 | 51 | |
Wynn Resorts Ltd. | 595 | 71 | |
Yum! Brands, Inc. | 1,902 | 190 | |
14,523 | |||
Consumer Staples—6.7% | |||
Altria Group, Inc.(2) | 10,197 | 586 | |
Archer-Daniels-Midland Co. | 3,053 | 132 | |
Brown-Forman Corp. Class B | 906 | 48 | |
Campbell Soup Co. | 1,042 | 40 | |
Church & Dwight Co., Inc. | 1,341 | 96 | |
Clorox Co. (The) | 693 | 111 | |
Coca-Cola Co. (The)(2) | 21,065 | 987 | |
Colgate-Palmolive Co.(2) | 4,728 | 324 | |
Conagra Brands, Inc. | 2,620 | 73 | |
Constellation Brands, Inc. Class A | 901 | 158 |
Shares | Value | ||
Consumer Staples—continued | |||
Costco Wholesale Corp.(2) | 2,403 | $582 | |
Coty, Inc. Class A | 2,459 | 28 | |
Estee Lauder Cos., Inc. (The) Class A | 1,206 | 200 | |
General Mills, Inc. | 3,197 | 165 | |
Hershey Co. (The) | 762 | 87 | |
Hormel Foods Corp. | 1,484 | 66 | |
J.M. Smucker Co. (The) | 618 | 72 | |
Kellogg Co. | 1,373 | 79 | |
Kimberly-Clark Corp. | 1,882 | 233 | |
Kraft Heinz Co.(The)(2) | 3,382 | 110 | |
Kroger Co. (The) | 4,320 | 106 | |
Lamb Weston Holdings, Inc. | 799 | 60 | |
McCormick & Co., Inc. | 660 | 99 | |
Molson Coors Brewing Co. Class B | 1,023 | 61 | |
Mondelez International, Inc. Class A(2) | 7,925 | 396 | |
Monster Beverage Corp.(1) | 2,163 | 118 | |
PepsiCo, Inc.(2) | 7,667 | 940 | |
Philip Morris International, Inc.(2) | 8,430 | 745 | |
Procter & Gamble Co. (The)(2) | 13,591 | 1,414 | |
Sysco Corp. | 2,596 | 173 | |
Tyson Foods, Inc. Class A | 1,596 | 111 | |
Walgreens Boots Alliance, Inc.(2) | 4,365 | 276 | |
Walmart, Inc.(2) | 7,824 | 763 | |
9,439 | |||
Energy—5.0% | |||
Anadarko Petroleum Corp. | 2,734 | 124 | |
Apache Corp. | 2,051 | 71 | |
Baker Hughes a GE Co. | 2,783 | 77 | |
Cabot Oil & Gas Corp. | 2,330 | 61 | |
Chevron Corp.(2) | 10,372 | 1,278 | |
Cimarex Energy Co. | 541 | 38 | |
Concho Resources, Inc. | 1,084 | 120 | |
ConocoPhillips(2) | 6,249 | 417 | |
Devon Energy Corp. | 2,370 | 75 | |
Diamondback Energy, Inc. | 832 | 85 | |
EOG Resources, Inc. | 3,149 | 300 | |
Exxon Mobil Corp.(2) | 22,983 | 1,857 | |
Halliburton Co.(2) | 4,740 | 139 | |
Helmerich & Payne, Inc. | 587 | 33 | |
Hess Corp. | 1,346 | 81 | |
HollyFrontier Corp. | 865 | 43 | |
Kinder Morgan, Inc.(2) | 10,302 | 206 | |
Marathon Oil Corp. | 4,513 | 75 | |
Marathon Petroleum Corp. | 3,745 | 224 | |
National Oilwell Varco, Inc. | 2,074 | 55 | |
Noble Energy, Inc. | 2,594 | 64 | |
Occidental Petroleum Corp.(2) | 4,093 | 271 | |
ONEOK, Inc. | 2,235 | 156 | |
Phillips 66 | 2,300 | 219 | |
Pioneer Natural Resources Co. | 922 | 140 | |
Schlumberger Ltd.(2) | 7,493 | 326 | |
TechnipFMC plc | 2,207 | 52 |
Shares | Value | ||
Energy—continued | |||
Valero Energy Corp. | 2,305 | $196 | |
Williams Cos., Inc. (The) | 6,554 | 188 | |
6,971 | |||
Financials—11.7% | |||
Affiliated Managers Group, Inc. | 286 | 31 | |
Aflac, Inc. | 4,143 | 207 | |
Allstate Corp. (The)(2) | 1,873 | 176 | |
American Express Co.(2) | 3,805 | 416 | |
American International Group, Inc.(2) | 4,833 | 208 | |
Ameriprise Financial, Inc. | 757 | 97 | |
Aon plc | 1,308 | 223 | |
Assurant, Inc. | 295 | 28 | |
Bank of America Corp.(2) | 49,563 | 1,367 | |
Bank of New York Mellon Corp. (The)(2) | 4,957 | 250 | |
BB&T Corp. | 4,186 | 195 | |
Berkshire Hathaway, Inc. Class B(1)(2) | 10,599 | 2,129 | |
BlackRock, Inc.(2) | 658 | 281 | |
Brighthouse Financial, Inc.(1)(2) | 643 | 23 | |
Capital One Financial Corp.(2) | 2,573 | 210 | |
Cboe Global Markets, Inc. | 609 | 58 | |
Charles Schwab Corp. (The) | 6,558 | 280 | |
Chubb Ltd. | 2,506 | 351 | |
Cincinnati Financial Corp. | 823 | 71 | |
Citigroup, Inc.(2) | 13,285 | 826 | |
Citizens Financial Group, Inc. | 2,542 | 83 | |
CME Group, Inc. | 1,956 | 322 | |
Comerica, Inc. | 883 | 65 | |
Discover Financial Services | 1,825 | 130 | |
E*TRADE Financial Corp. | 1,385 | 64 | |
Everest Re Group Ltd. | 221 | 48 | |
Fifth Third Bancorp | 3,559 | 90 | |
First Republic Bank | 890 | 89 | |
Franklin Resources, Inc. | 1,624 | 54 | |
Gallagher (Arthur J.) & Co. | 1,001 | 78 | |
Goldman Sachs Group, Inc. (The)(2) | 1,880 | 361 | |
Hartford Financial Services Group, Inc. (The) | 1,948 | 97 | |
Huntington Bancshares, Inc. | 5,757 | 73 | |
Intercontinental Exchange, Inc. | 3,112 | 237 | |
Invesco Ltd. | 2,235 | 43 | |
Jefferies Financial Group, Inc. | 1,451 | 27 | |
JPMorgan Chase & Co.(2) | 18,035 | 1,826 | |
KeyCorp | 5,620 | 88 | |
Lincoln National Corp. | 1,166 | 68 | |
Loews Corp. | 1,503 | 72 | |
M&T Bank Corp. | 763 | 120 | |
Marsh & McLennan Cos., Inc. | 2,734 | 257 | |
MetLife, Inc.(2) | 5,370 | 229 |
Shares | Value | ||
Financials—continued | |||
Moody’s Corp. | 905 | $164 | |
Morgan Stanley(2) | 7,091 | 299 | |
MSCI, Inc. | 479 | 95 | |
Nasdaq, Inc. | 627 | 55 | |
Northern Trust Corp. | 1,194 | 108 | |
People’s United Financial, Inc. | 2,052 | 34 | |
PNC Financial Services Group, Inc. (The) | 2,508 | 308 | |
Principal Financial Group, Inc. | 1,432 | 72 | |
Progressive Corp. (The) | 3,178 | 229 | |
Prudential Financial, Inc. | 2,244 | 206 | |
Raymond James Financial, Inc. | 701 | 56 | |
Regions Financial Corp. | 5,618 | 79 | |
S&P Global, Inc. | 1,363 | 287 | |
State Street Corp. | 2,063 | 136 | |
SunTrust Banks, Inc. | 2,442 | 145 | |
SVB Financial Group(1) | 287 | 64 | |
Synchrony Financial | 3,595 | 115 | |
T. Rowe Price Group, Inc. | 1,316 | 132 | |
Torchmark Corp. | 559 | 46 | |
Travelers Cos., Inc. (The) | 1,441 | 198 | |
U.S. Bancorp(2) | 8,253 | 398 | |
Unum Group | 1,188 | 40 | |
Wells Fargo & Co.(2) | 22,923 | 1,108 | |
Willis Towers Watson plc | 705 | 124 | |
Zions Bancorp NA | 1,043 | 47 | |
16,493 | |||
Health Care—13.4% | |||
Abbott Laboratories(2) | 9,582 | 766 | |
AbbVie, Inc.(2) | 8,171 | 658 | |
ABIOMED, Inc.(1) | 245 | 70 | |
Agilent Technologies, Inc. | 1,732 | 139 | |
Alexion Pharmaceuticals, Inc.(1) | 1,210 | 164 | |
Align Technology, Inc.(1) | 398 | 113 | |
Allergan plc(2) | 1,715 | 251 | |
AmerisourceBergen Corp. | 853 | 68 | |
Amgen, Inc.(2) | 3,456 | 657 | |
Anthem, Inc. | 1,402 | 402 | |
Baxter International, Inc. | 2,699 | 219 | |
Becton, Dickinson & Co. | 1,460 | 365 | |
Biogen, Inc.(1)(2) | 1,090 | 258 | |
Boston Scientific Corp.(1) | 7,557 | 290 | |
Bristol-Myers Squibb Co.(2) | 8,865 | 423 | |
Cardinal Health, Inc. | 1,623 | 78 | |
Celgene Corp.(1)(2) | 3,761 | 355 | |
Centene Corp.(1) | 2,236 | 119 | |
Cerner Corp.(1) | 1,798 | 103 | |
Cigna Corp. | 2,049 | 330 | |
Cooper Cos., Inc. (The) | 267 | 79 | |
CVS Health Corp.(2) | 6,969 | 376 | |
Danaher Corp.(2) | 3,357 | 443 | |
DaVita, Inc.(1) | 684 | 37 | |
DENTSPLY SIRONA, Inc. | 1,211 | 60 | |
Edwards Lifesciences Corp.(1) | 1,139 | 218 | |
Eli Lilly & Co.(2) | 5,122 | 665 | |
Gilead Sciences, Inc.(2) | 7,121 | 463 |
Shares | Value | ||
Health Care—continued | |||
HCA Healthcare, Inc. | 1,460 | $190 | |
Henry Schein, Inc.(1) | 831 | 50 | |
Hologic, Inc.(1) | 1,469 | 71 | |
Humana, Inc. | 744 | 198 | |
IDEXX Laboratories, Inc.(1) | 467 | 104 | |
Illumina, Inc.(1) | 799 | 248 | |
Incyte Corp.(1) | 958 | 82 | |
Intuitive Surgical, Inc.(1) | 625 | 357 | |
IQVIA Holdings, Inc.(1) | 861 | 124 | |
Johnson & Johnson(2) | 14,693 | 2,054 | |
Laboratory Corporation of America Holdings(1) | 551 | 84 | |
McKesson Corp. | 1,062 | 124 | |
Medtronic plc(2) | 7,296 | 665 | |
Merck & Co., Inc.(2) | 14,215 | 1,182 | |
Mettler-Toledo International, Inc.(1) | 136 | 98 | |
Mylan NV(1) | 2,798 | 79 | |
Nektar Therapeutics(1) | 946 | 32 | |
PerkinElmer, Inc. | 607 | 58 | |
Perrigo Co. plc | 680 | 33 | |
Pfizer, Inc.(2) | 31,451 | 1,336 | |
Quest Diagnostics, Inc. | 741 | 67 | |
Regeneron Pharmaceuticals, Inc.(1) | 420 | 172 | |
ResMed, Inc. | 778 | 81 | |
Stryker Corp. | 1,690 | 334 | |
Teleflex, Inc. | 250 | 76 | |
Thermo Fisher Scientific, Inc. | 2,182 | 597 | |
UnitedHealth Group, Inc.(2) | 5,199 | 1,285 | |
Universal Health Services, Inc. Class B | 463 | 62 | |
Varian Medical Systems, Inc.(1) | 496 | 70 | |
Vertex Pharmaceuticals, Inc.(1) | 1,388 | 255 | |
Waters Corp.(1) | 413 | 104 | |
WellCare Health Plans, Inc.(1) | 269 | 73 | |
Zimmer Biomet Holdings, Inc. | 1,104 | 141 | |
Zoetis, Inc. | 2,621 | 264 | |
18,919 | |||
Industrials—9.7% | |||
3M Co.(2) | 3,508 | 729 | |
A.O. Smith Corp. | 865 | 46 | |
Alaska Air Group, Inc. | 742 | 42 | |
Allegion plc | 575 | 52 | |
American Airlines Group, Inc. | 2,454 | 78 | |
AMETEK, Inc. | 1,403 | 116 | |
Arconic, Inc. | 2,567 | 49 | |
Boeing Co. (The)(2) | 3,193 | 1,218 | |
Caterpillar, Inc.(2) | 3,573 | 484 | |
Cintas Corp. | 523 | 106 | |
Copart, Inc.(1) | 1,247 | 75 | |
CSX Corp. | 4,855 | 363 | |
Cummins, Inc. | 887 | 140 | |
Deere & Co. | 1,951 | 312 | |
Delta Air Lines, Inc. | 3,718 | 192 |
Shares | Value | ||
Industrials—continued | |||
Dover Corp. | 885 | $83 | |
Eaton Corp. plc | 2,614 | 211 | |
Emerson Electric Co.(2) | 3,777 | 259 | |
Equifax, Inc. | 726 | 86 | |
Expeditors International of Washington, Inc. | 1,038 | 79 | |
Fastenal Co. | 1,732 | 111 | |
FedEx Corp.(2) | 1,465 | 266 | |
Flowserve Corp. | 790 | 36 | |
Fluor Corp. | 847 | 31 | |
Fortive Corp. | 1,769 | 148 | |
Fortune Brands Home & Security, Inc. | 854 | 41 | |
General Dynamics Corp.(2) | 1,677 | 284 | |
General Electric Co.(2) | 50,585 | 505 | |
Harris Corp. | 708 | 113 | |
Honeywell International, Inc.(2) | 4,459 | 709 | |
Hunt (JB) Transport Services, Inc. | 529 | 54 | |
Huntington Ingalls Industries, Inc. | 259 | 54 | |
IHS Markit Ltd.(1) | 2,160 | 117 | |
Illinois Tool Works, Inc. | 1,836 | 263 | |
Ingersoll-Rand plc | 1,478 | 159 | |
Jacobs Engineering Group, Inc. | 722 | 54 | |
Johnson Controls International plc | 5,574 | 206 | |
Kansas City Southern | 613 | 71 | |
L3 Technologies, Inc. | 473 | 98 | |
Lockheed Martin Corp.(2) | 1,489 | 447 | |
Masco Corp. | 1,837 | 72 | |
Nielsen Holdings plc | 2,133 | 50 | |
Norfolk Southern Corp. | 1,650 | 308 | |
Northrop Grumman Corp. | 1,045 | 282 | |
PACCAR, Inc. | 2,110 | 144 | |
Parker-Hannifin Corp. | 802 | 138 | |
Pentair plc | 966 | 43 | |
Quanta Services, Inc. | 881 | 33 | |
Raytheon Co.(2) | 1,713 | 312 | |
Republic Services, Inc. | 1,310 | 105 | |
Robert Half International, Inc. | 733 | 48 | |
Robinson (C.H.) Worldwide, Inc. | 824 | 72 | |
Rockwell Automation, Inc. | 729 | 128 | |
Rollins, Inc. | 888 | 37 | |
Roper Technologies, Inc. | 623 | 213 | |
Snap-on, Inc. | 336 | 53 | |
Southwest Airlines Co. | 3,043 | 158 | |
Stanley Black & Decker, Inc. | 912 | 124 | |
Textron, Inc. | 1,462 | 74 | |
TransDigm Group, Inc.(1) | 291 | 132 | |
Union Pacific Corp.(2) | 4,443 | 743 | |
United Continental Holdings, Inc.(1) | 1,379 | 110 | |
United Parcel Service, Inc. Class B(2) | 4,181 | 467 | |
United Rentals, Inc.(1) | 493 | 56 |
Shares | Value | ||
Industrials—continued | |||
United Technologies Corp.(2) | 4,891 | $630 | |
Verisk Analytics, Inc. | 995 | 132 | |
W.W. Grainger, Inc. | 275 | 83 | |
Wabtec Corp.(2) | 809 | 60 | |
Waste Management, Inc. | 2,364 | 246 | |
Xylem, Inc. | 1,085 | 86 | |
13,626 | |||
Information Technology—21.5% | |||
Accenture plc Class A(2) | 3,826 | 673 | |
Adobe, Inc.(1) | 2,937 | 783 | |
Advanced Micro Devices, Inc.(1) | 5,343 | 136 | |
Alliance Data Systems Corp. | 282 | 49 | |
Amphenol Corp. Class A | 1,815 | 171 | |
Analog Devices, Inc. | 2,233 | 235 | |
ANSYS, Inc.(1) | 504 | 92 | |
Apple, Inc.(2) | 26,885 | 5,107 | |
Applied Materials, Inc. | 5,844 | 232 | |
Arista Networks, Inc.(1) | 315 | 99 | |
Autodesk, Inc.(1) | 1,322 | 206 | |
Automatic Data Processing, Inc. | 2,634 | 421 | |
Broadcom, Inc. | 2,490 | 749 | |
Broadridge Financial Solutions, Inc. | 706 | 73 | |
Cadence Design Systems, Inc.(1) | 1,692 | 107 | |
Cisco Systems, Inc.(2) | 27,066 | 1,461 | |
Citrix Systems, Inc. | 771 | 77 | |
Cognizant Technology Solutions Corp. Class A | 3,488 | 253 | |
Corning, Inc. | 4,837 | 160 | |
DXC Technology Co. | 1,691 | 109 | |
F5 Networks, Inc.(1) | 362 | 57 | |
Fidelity National Information Services, Inc. | 1,977 | 224 | |
Fiserv, Inc.(1) | 2,400 | 212 | |
FleetCor Technologies, Inc.(1) | 536 | 132 | |
FLIR Systems, Inc. | 834 | 40 | |
Fortinet, Inc.(1) | 870 | 73 | |
Gartner, Inc.(1) | 550 | 83 | |
Global Payments, Inc. | 957 | 131 | |
Hewlett Packard Enterprise Co. | 8,575 | 132 | |
HP, Inc. | 9,540 | 185 | |
Intel Corp.(2) | 27,608 | 1,483 | |
International Business Machines Corp.(2) | 5,478 | 773 | |
Intuit, Inc. | 1,567 | 410 | |
IPG Photonics Corp.(1) | 215 | 33 | |
Jack Henry & Associates, Inc. | 467 | 65 | |
Juniper Networks, Inc. | 2,077 | 55 | |
Keysight Technologies, Inc.(1) | 1,128 | 98 | |
KLA-Tencor Corp. | 988 | 118 |
Shares | Value | ||
Information Technology—continued | |||
Lam Research Corp. | 914 | $164 | |
Mastercard, Inc. Class A(2) | 5,477 | 1,290 | |
Maxim Integrated Products, Inc. | 1,670 | 89 | |
Microchip Technology, Inc. | 1,428 | 118 | |
Micron Technology, Inc.(1) | 6,754 | 279 | |
Microsoft Corp.(2) | 46,460 | 5,480 | |
Motorola Solutions, Inc. | 991 | 139 | |
NetApp, Inc. | 1,524 | 106 | |
NVIDIA Corp. | 3,716 | 667 | |
Oracle Corp.(2) | 15,334 | 824 | |
Paychex, Inc. | 1,925 | 154 | |
PayPal Holdings, Inc.(1)(2) | 7,102 | 738 | |
Qorvo, Inc.(1) | 753 | 54 | |
QUALCOMM, Inc.(2) | 7,249 | 413 | |
Red Hat, Inc.(1) | 1,063 | 194 | |
salesforce.com, Inc.(1) | 4,595 | 728 | |
Seagate Technology plc | 1,585 | 76 | |
Skyworks Solutions, Inc. | 1,065 | 88 | |
Symantec Corp. | 3,881 | 89 | |
Synopsys, Inc.(1) | 900 | 104 | |
TE Connectivity Ltd. | 2,061 | 166 | |
Texas Instruments, Inc.(2) | 5,819 | 617 | |
Total System Services, Inc. | 1,010 | 96 | |
VeriSign, Inc.(1) | 640 | 116 | |
Visa, Inc. Class A(2) | 10,587 | 1,654 | |
Western Digital Corp. | 1,788 | 86 | |
Western Union Co. (The) | 2,702 | 50 | |
Xerox Corp. | 1,265 | 40 | |
Xilinx, Inc. | 1,517 | 192 | |
30,308 | |||
Materials—2.5% | |||
Air Products & Chemicals, Inc. | 1,198 | 229 | |
Albemarle Corp. | 580 | 48 | |
Avery Dennison Corp. | 472 | 53 | |
Ball Corp. | 1,845 | 107 | |
Celanese Corp. | 730 | 72 | |
CF Industries Holdings, Inc. | 1,255 | 51 | |
DowDuPont, Inc.(2) | 12,462 | 664 | |
Eastman Chemical Co. | 771 | 59 | |
Ecolab, Inc. | 1,380 | 244 | |
FMC Corp. | 731 | 56 | |
Freeport-McMoRan, Inc. | 8,022 | 103 | |
International Flavors & Fragrances, Inc. | 552 | 71 | |
International Paper Co. | 2,208 | 102 | |
Linde plc | 3,000 | 528 | |
LyondellBasell Industries NV Class A | 1,710 | 144 | |
Martin Marietta Materials, Inc. | 341 | 69 | |
Mosaic Co. (The) | 1,938 | 53 | |
Newmont Mining Corp. | 2,947 | 105 | |
Nucor Corp. | 1,727 | 101 | |
Packaging Corporation of America | 517 | 51 | |
PPG Industries, Inc. | 1,308 | 148 | |
Sealed Air Corp. | 853 | 39 | |
Sherwin-Williams Co. (The) | 448 | 193 |
Shares | Value | ||
Materials—continued | |||
Vulcan Materials Co. | 719 | $85 | |
Westrock Co. | 1,382 | 53 | |
3,428 | |||
Real Estate—3.1% | |||
Alexandria Real Estate Equities, Inc. | 646 | 92 | |
American Tower Corp. | 2,668 | 526 | |
Apartment Investment & Management Co. Class A | 936 | 47 | |
AvalonBay Communities, Inc. | 834 | 167 | |
Boston Properties, Inc. | 931 | 125 | |
CBRE Group, Inc. Class A(1) | 1,911 | 94 | |
Crown Castle International Corp. | 2,520 | 323 | |
Digital Realty Trust, Inc. | 1,252 | 149 | |
Duke Realty Corp. | 2,158 | 66 | |
Equinix, Inc. | 480 | 217 | |
Equity Residential | 2,222 | 167 | |
Essex Property Trust, Inc. | 397 | 115 | |
Extra Space Storage, Inc. | 769 | 78 | |
Federal Realty Investment Trust | 443 | 61 | |
HCP, Inc. | 2,865 | 90 | |
Host Hotels & Resorts, Inc. | 4,461 | 84 | |
Iron Mountain, Inc. | 1,748 | 62 | |
Kimco Realty Corp. | 2,533 | 47 | |
Macerich Co. (The) | 636 | 28 | |
Mid-America Apartment Communities, Inc. | 682 | 75 | |
Prologis, Inc. | 3,822 | 275 | |
Public Storage | 903 | 197 | |
Realty Income Corp. | 1,775 | 131 | |
Regency Centers Corp. | 1,021 | 69 | |
SBA Communications, Corp.(1) | 684 | 137 | |
Simon Property Group, Inc.(2) | 1,868 | 340 | |
SL Green Realty Corp. | 517 | 46 | |
UDR, Inc. | 1,656 | 75 | |
Ventas, Inc. | 2,140 | 137 | |
Vornado Realty Trust | 1,041 | 70 | |
Welltower, Inc. | 2,260 | 175 | |
Weyerhaeuser Co. | 4,503 | 119 | |
4,384 | |||
Shares | Value | ||
Utilities—3.0% | |||
AES Corp. | 3,600 | $65 | |
Alliant Energy Corp. | 1,286 | 61 | |
Ameren Corp. | 1,332 | 98 | |
American Electric Power Co., Inc. | 2,690 | 225 | |
American Water Works Co., Inc. | 986 | 103 | |
Atmos Energy Corp. | 635 | 65 | |
CenterPoint Energy, Inc. | 2,728 | 84 | |
CMS Energy Corp. | 1,545 | 86 | |
Consolidated Edison, Inc. | 1,695 | 144 | |
Dominion Energy, Inc. | 4,153 | 318 | |
DTE Energy Co. | 990 | 124 | |
Duke Energy Corp.(2) | 3,879 | 349 | |
Edison International | 1,760 | 109 | |
Entergy Corp. | 987 | 94 | |
Evergy, Inc. | 1,434 | 83 | |
Eversource Energy | 1,724 | 122 | |
Exelon Corp.(2) | 5,254 | 263 | |
FirstEnergy Corp. | 2,645 | 110 | |
NextEra Energy, Inc.(2) | 2,599 | 503 | |
NiSource, Inc. | 1,978 | 57 | |
NRG Energy, Inc. | 1,585 | 67 | |
Pinnacle West Capital Corp. | 609 | 58 | |
PPL Corp. | 3,920 | 125 | |
Public Service Enterprise Group, Inc. | 2,754 | 164 | |
Sempra Energy | 1,485 | 187 | |
Southern Co. (The)(2) | 5,590 | 289 | |
WEC Energy Group, Inc. | 1,718 | 136 | |
Xcel Energy, Inc. | 2,817 | 158 | |
4,247 | |||
Total Common Stocks (Identified Cost $110,816) | 135,612 | ||
Exchange-Traded Fund—3.0% | |||
Invesco S&P 500 High Beta ETF(3) | 103,056 | 4,284 | |
Total Exchange-Traded Fund (Identified Cost $4,223) | 4,284 | ||
Total Long-Term Investments—99.3% (Identified Cost $115,039) | 139,896 | ||
Value | ||
Short-Term Investments—0.1% | ||
Purchased Options—0.1% | ||
(See open purchased options schedule) | ||
Total Purchased Options (Premiums paid $281) | $127 | |
Total Short-Term Investments (Identified Cost $281) | 127 | |
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—99.4% (Identified Cost $115,320) | $140,023 | |
Written Options—(0.2)% | ||
(See open written options schedule) | ||
Total Written Options (Premiums received $(575)) | (300) | |
TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—99.2% (Identified Cost $114,745) | $139,723 | |
Other assets and liabilities, net—0.8% | 1,142 | |
NET ASSETS—100.0% | $140,865 |
Abbreviation: | |
ETF | Exchange-Traded Fund |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of the security is segregated as collateral for written options. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Open Purchased Options Contracts as of March 31, 2019 were as follows: | |||||
Description of Options | Number of Contracts | Contract Notional Amount | Strike Price(1) | Expiration Date | Value |
Call Option | |||||
S&P 500® Index | 284 | $85,910 | $3,025.00 | 05/03/19 | $8 |
Put Option | |||||
S&P 500® Index | 284 | 73,130 | 2,575.00 | 05/03/19 | 119 |
Total Purchased Options | $127 |
Open Written Options Contracts as of March 31, 2019 were as follows: | |||||
Description of Options | Number of Contracts | Contract Notional Amount | Strike Price(1) | Expiration Date | Value |
Call Option | |||||
S&P 500® Index | 284 | $83,780 | $2,950.00 | 05/03/19 | $(81) |
Put Option | |||||
S&P 500® Index | 284 | 75,260 | 2,650.00 | 05/03/19 | (219) |
Total Written Options | $(300) |
Footnote Legend: | |
(1) | Strike price not reported in thousands. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $135,612 | $135,612 | $— | ||
Exchange-Traded Fund | 4,284 | 4,284 | — | ||
Other Financial Instruments: | |||||
Purchased Options | 127 | 119 | 8 | ||
Total Assets | 140,023 | 140,015 | 8 | ||
Liabilities: | |||||
Other Financial Instruments: | |||||
Written Options | (300) | (300) | — | ||
Total Liabilities | (300) | (300) | — | ||
Total Investments | $139,723 | $139,715 | $8 |
KAR Capital Growth Fund | KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | |||||
Assets | |||||||||
Investment in securities at value(1)(2) | $508,955 | $37,191 | $329,762 | $263,753 | $1,410,268 | ||||
Foreign currency at value(3) | — | —(a) | — | — | —(a) | ||||
Cash | 4,655 | 1,004 | 5,534 | 2,308 | 27,934 | ||||
Receivables | |||||||||
Investment securities sold | — | — | — | — | 8,182 | ||||
Fund shares sold | 74 | 11 | 2,088 | 3,296 | 3,021 | ||||
Dividends and interest | 296 | 219 | 202 | 56 | 123 | ||||
Tax reclaims | — | 17 | — | — | — | ||||
Securities lending | —(a) | 4 | 52 | 29 | — | ||||
Prepaid trustee retainer | 10 | 1 | 6 | 5 | 29 | ||||
Prepaid expenses | 38 | 14 | 36 | 43 | 78 | ||||
Other assets | 37 | 3 | 23 | 18 | 102 | ||||
Total assets | 514,065 | 38,464 | 337,703 | 269,508 | 1,449,737 | ||||
Liabilities | |||||||||
Payables | |||||||||
Fund shares repurchased | 196 | 7 | 323 | 419 | 3,396 | ||||
Investment securities purchased | 693 | — | 3,117 | 361 | — | ||||
Collateral on securities loaned | — | 1,086 | — | — | — | ||||
Investment advisory fees | 300 | 16 | 177 | 178 | 898 | ||||
Distribution and service fees | 110 | 9 | 37 | 44 | 117 | ||||
Administration and accounting fees | 48 | 4 | 31 | 24 | 132 | ||||
Transfer agent and sub-transfer agent fees and expenses | 46 | 5 | 51 | 34 | 213 | ||||
Professional fees | 8 | 15 | 13 | 11 | 10 | ||||
Trustee deferred compensation plan | 37 | 3 | 23 | 18 | 102 | ||||
Other accrued expenses | 77 | 7 | 3 | 15 | 35 | ||||
Total liabilities | 1,515 | 1,152 | 3,775 | 1,104 | 4,903 | ||||
Net Assets | $512,550 | $37,312 | $333,928 | $268,404 | $1,444,834 | ||||
Net Assets Consist of: | |||||||||
Capital paid in on shares of beneficial interest | $255,275 | $38,488 | $286,346 | $185,162 | $1,046,282 | ||||
Accumulated earnings (loss) | 257,275 | (1,176) | 47,582 | 83,242 | 398,552 | ||||
Net Assets | $512,550 | $37,312 | $333,928 | $268,404 | $1,444,834 | ||||
Net Assets: | |||||||||
Class A | $485,285 | $28,194 | $38,420 | $138,315 | $126,666 | ||||
Class C | $10,132 | $3,569 | $35,341 | $19,638 | $107,784 | ||||
Class I | $17,040 | $5,549 | $256,620 | $110,184 | $1,116,204 | ||||
Class R6 | $93 | $— | $3,547 | $267 | $94,180 | ||||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||||
Class A | 29,296,936 | 2,026,872 | 1,174,542 | 3,834,448 | 3,614,013 | ||||
Class C | 812,604 | 265,479 | 1,158,136 | 690,316 | 3,679,915 | ||||
Class I | 988,593 | 398,939 | 7,708,887 | 2,955,760 | 30,203,753 | ||||
Class R6 | 5,417 | — | 106,435 | 7,135 | 2,539,173 | ||||
Net Asset Value and Redemption Price Per Share: | |||||||||
Class A | $16.56 | $13.91 | $32.71 | $36.07 | $35.05 | ||||
Class C | $12.47 | $13.45 | $30.52 | $28.45 | $29.29 | ||||
Class I | $17.24 | $13.91 | $33.29 | $37.28 | $36.96 | ||||
Class R6 | $17.22 | $— | $33.33 | $37.37 | $37.09 |
KAR Capital Growth Fund | KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | |||||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||||||
Class A | $17.57 | $14.76 | $34.71 | $38.27 | $37.19 | ||||
Maximum Sales Charge - Class A | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | ||||
(1)Investment in securities at cost | $257,763 | $34,833 | $280,007 | $184,116 | $996,800 | ||||
(2) Market value of securities on loan | $— | $1,052 | $— | $— | $— | ||||
(3) Foreign currency at cost | $— | $—(a) | $— | $— | $—(a) |
(a) | Amount is less than $500. |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | KAR Small-Mid Cap Core Fund | Rampart Enhanced Core Equity Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $4,740,047 | $557,104 | $8,110 | $140,023 | |||
Foreign currency at value(2) | —(a) | — | — | — | |||
Cash | 87,486 | 15,571 | 93 | 1,206 | |||
Receivables | |||||||
Fund shares sold | 10,803 | 1,115 | 84 | 23 | |||
Receivable from adviser | — | — | 6 | — | |||
Dividends and interest | 791 | 638 | 2 | 120 | |||
Securities lending | —(a) | — | — | — | |||
Prepaid trustee retainer | 101 | 12 | —(a) | 3 | |||
Prepaid expenses | 195 | 40 | 83 | 29 | |||
Other assets | 340 | 42 | 1 | 10 | |||
Total assets | 4,839,763 | 574,522 | 8,379 | 141,414 | |||
Liabilities | |||||||
Written options at value(3) | — | — | — | 300 | |||
Payables | |||||||
Fund shares repurchased | 5,339 | 1,628 | 105 | 65 | |||
Investment securities purchased | 4,229 | — | — | — | |||
Investment advisory fees | 3,251 | 343 | — | 73 | |||
Distribution and service fees | 399 | 31 | 1 | 33 | |||
Administration and accounting fees | 438 | 54 | 1 | 14 | |||
Transfer agent and sub-transfer agent fees and expenses | 849 | 92 | —(a) | 18 | |||
Professional fees | 9 | 13 | 14 | 12 | |||
Trustee deferred compensation plan | 340 | 42 | 1 | 10 | |||
Other accrued expenses | 93 | 16 | 1 | 24 | |||
Total liabilities | 14,947 | 2,219 | 123 | 549 | |||
Net Assets | $4,824,816 | $572,303 | $8,256 | $140,865 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $3,624,703 | $485,342 | $7,814 | $125,226 | |||
Accumulated earnings (loss) | 1,200,113 | 86,961 | 442 | 15,639 | |||
Net Assets | $4,824,816 | $572,303 | $8,256 | $140,865 | |||
Net Assets: | |||||||
Class A | $731,903 | $77,629 | $626 | $119,546 | |||
Class C | $298,151 | $16,323 | $458 | $9,422 | |||
Class I | $3,765,897 | $467,390 | $4,348 | $10,952 | |||
Class R6 | $28,865 | $10,961 | $2,824 | $945 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 20,669,056 | 4,502,155 | 59,984 | 6,034,919 | |||
Class C | 9,386,408 | 966,728 | 44,280 | 532,218 | |||
Class I | 104,158,845 | 27,130,102 | 415,880 | 554,349 | |||
Class R6 | 797,431 | 635,854 | 270,000 | 47,901 | |||
Net Asset Value and Redemption Price Per Share: | |||||||
Class A | $35.41 | $17.24 | $10.44 | $19.81 | |||
Class C | $31.76 | $16.89 | $10.35 | $17.70 | |||
Class I | $36.16 | $17.23 | $10.45 | $19.76 | |||
Class R6 | $36.20 | $17.24 | $10.46 | $19.72 |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | KAR Small-Mid Cap Core Fund | Rampart Enhanced Core Equity Fund | ||||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $37.57 | $18.29 | $11.08 | $21.02 | |||
Maximum Sales Charge - Class A | 5.75% | 5.75% | 5.75% | 5.75% | |||
(1)Investment in securities at cost | $3,490,283 | $467,925 | $7,542 | $115,320 | |||
(2) Foreign currency at cost | $—(a) | $— | $— | $— | |||
(3) Written options premiums received | $— | $— | $— | $575 |
(a) | Amount is less than $500. |
KAR Capital Growth Fund | KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | |||||
Investment Income | |||||||||
Dividends | $2,080 | $708 | $1,348 | $526 | $7,454 | ||||
Interest | — | — | — | — | 24 | ||||
Security lending, net of fees | —(1) | 6 | 103 | 34 | 11 | ||||
Foreign taxes withheld | (4) | (44) | — | (2) | (27) | ||||
Total investment income | 2,076 | 670 | 1,451 | 558 | 7,462 | ||||
Expenses | |||||||||
Investment advisory fees | 1,664 | 132 | 1,076 | 802 | 5,062 | ||||
Distribution and service fees, Class A | 560 | 32 | 42 | 148 | 154 | ||||
Distribution and service fees, Class C | 57 | 21 | 155 | 71 | 525 | ||||
Administration and accounting fees | 252 | 23 | 145 | 109 | 707 | ||||
Transfer agent fees and expenses | 140 | 11 | 59 | 50 | 290 | ||||
Sub-transfer agent fees and expenses, Class A | 82 | 8 | 17 | 28 | 60 | ||||
Sub-transfer agent fees and expenses, Class C | 4 | 1 | 15 | 7 | 49 | ||||
Sub-transfer agent fees and expenses, Class I | 7 | 3 | 89 | 36 | 421 | ||||
Custodian fees | 1 | 1 | —(1) | —(1) | 1 | ||||
Printing fees and expenses | 22 | 2 | 11 | 8 | 61 | ||||
Professional fees | 13 | 12 | 11 | 11 | 18 | ||||
Registration fees | 40 | 25 | 40 | 37 | 103 | ||||
Trustees’ fees and expenses | 20 | 1 | 9 | 7 | 57 | ||||
Miscellaneous expenses | 109 | 14 | 10 | 26 | 52 | ||||
Total expenses | 2,971 | 286 | 1,679 | 1,340 | 7,560 | ||||
Less expenses reimbursed and/or waived by investment adviser(2) | (1) | (39) | (204) | — | — | ||||
Less low balance account fees | (19) | (1) | —(1) | (3) | —(1) | ||||
Plus expenses recaptured(2) | — | �� | — | — | 31 | — | |||
Net expenses | 2,951 | 246 | 1,475 | 1,368 | 7,560 | ||||
Net investment income (loss) | (875) | 424 | (24) | (810) | (98) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | 12,850 | (78) | (1,643) | 4,553 | (14,759) | ||||
Foreign currency transactions | — | (10) | — | — | —(1) | ||||
Net change in unrealized appreciation (depreciation) from: | |||||||||
Investments | (13,585) | 815 | 4,166 | 8,117 | 40,981 | ||||
Foreign currency transactions | — | (1) | — | — | —(1) | ||||
Net realized and unrealized gain (loss) on investments | (735) | 726 | 2,523 | 12,670 | 26,222 | ||||
Net increase (decrease) in net assets resulting from operations | $(1,610) | $1,150 | $2,499 | $11,860 | $26,124 |
(1) | Amount is less than $500. |
(2) | See Note 4D in the Notes to Financial Statements. |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | KAR Small-Mid Cap Core Fund | Rampart Enhanced Core Equity Fund | ||||
Investment Income | |||||||
Dividends | $15,326 | $6,449 | $27 | $1,487 | |||
Interest | 318 | 1 | —(1) | — | |||
Security lending, net of fees | 27 | — | — | — | |||
Foreign taxes withheld | — | (34) | —(1) | — | |||
Total investment income | 15,671 | 6,416 | 27 | 1,487 | |||
Expenses | |||||||
Investment advisory fees | 18,223 | 1,956 | 19 | 539 | |||
Distribution and service fees, Class A | 880 | 97 | — | 137 | |||
Distribution and service fees, Class C | 1,367 | 113 | 1 | 99 | |||
Administration and accounting fees | 2,331 | 295 | 7 | 79 | |||
Transfer agent fees and expenses | 961 | 123 | 1 | 38 | |||
Sub-transfer agent fees and expenses, Class A | 400 | 35 | —(1) | 32 | |||
Sub-transfer agent fees and expenses, Class C | 136 | 8 | —(1) | 6 | |||
Sub-transfer agent fees and expenses, Class I | 1,861 | 207 | —(1) | 5 | |||
Custodian fees | 4 | 1 | —(1) | 4 | |||
Printing fees and expenses | 227 | 27 | 2 | 8 | |||
Professional fees | 31 | 13 | 10 | 9 | |||
Registration fees | 249 | 51 | 33 | 35 | |||
Trustees’ fees and expenses | 175 | 22 | —(1) | 6 | |||
Miscellaneous expenses | 144 | 32 | 2 | 26 | |||
Total expenses | 26,989 | 2,980 | 75 | 1,023 | |||
Less expenses reimbursed and/or waived by investment adviser(2) | — | — | (47) | (105) | |||
Less low balance account fees | (2) | (1) | — | (2) | |||
Net expenses | 26,987 | 2,979 | 28 | 916 | |||
Net investment income (loss) | (11,316) | 3,437 | (1) | 571 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | (19,073) | (1,455) | (121) | (490) | |||
Foreign currency transactions | 61 | — | — | — | |||
Written options | — | — | — | (2,131) | |||
Net change in unrealized appreciation (depreciation) from: | |||||||
Investments | 324,546 | (59,715) | 376 | (7,291) | |||
Foreign currency transactions | (27) | — | — | — | |||
Written options | — | — | — | (65) | |||
Net realized and unrealized gain (loss) on investments | 305,507 | (61,170) | 255 | (9,977) | |||
Net increase (decrease) in net assets resulting from operations | $294,191 | $(57,733) | $254 | $(9,406) |
(1) | Amount is less than $500. |
(2) | See Note 4D in the Notes to Financial Statements. |
KAR Capital Growth Fund | KAR Global Quality Dividend Fund | ||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||
Increase (Decrease) in Net Assets Resulting From Operations | |||||||
Net investment income (loss) | $(875) | $(2,606) | $424 | $1,160 | |||
Net realized gain (loss) | 12,850 | 42,676 | (88) | 2,054 | |||
Net change in unrealized appreciation (depreciation) | (13,585) | 51,887 | 814 | (1,699) | |||
Increase (decrease) in net assets resulting from operations | (1,610) | 91,957 | 1,150 | 1,515 | |||
Dividends and Distributions to Shareholders: | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (42,216) | (23,456)(1) | (2,449) | (5,008)(1) | |||
Class C | (1,557) | (887)(1) | (465) | (706)(1) | |||
Class I | (1,314) | (664)(1) | (495) | (617)(1) | |||
Class R6 | (8) | — | — | — | |||
Class A | — | — | — | — | |||
Class C | — | — | — | — | |||
Class I | — | — | — | — | |||
Class R6 | — | — | — | — | |||
Dividends and Distributions to Shareholders | (45,095) | (25,007) | (3,409) | (6,331) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 19,918 | (1,204) | 3,396 | (13,926) | |||
Class C | (2,155) | (1,201) | (1,145) | (466) | |||
Class I | 1,211 | 2,198 | 999 | (1,290) | |||
Class R6 | (5,834) | 6,134 | — | — | |||
Increase (decrease) in net assets from capital transactions | 13,140 | 5,927 | 3,250 | (15,682) | |||
Net increase (decrease) in net assets | (33,565) | 72,877 | 991 | (20,498) | |||
Net Assets | |||||||
Beginning of period | 546,115 | 473,238 | 36,321 | 56,819 | |||
End of Period | $512,550 | $546,115 | $37,312 | $36,321 | |||
Accumulated undistributed net investment income (loss) at end of period | N/A | $(31) | N/A | $(11) |
(1) | For the year ended September 30, 2018, the distributions to shareholders for the Funds were as follows: |
Dividends and Distributions to Shareholders | ||||
Net investment income: | ||||
Class A | $— | $(1,564) | ||
Class C | — | (236) | ||
Class I | — | (227) | ||
Net realized gains: | ||||
Class A | (23,456) | (3,444) | ||
Class C | (887) | (470) | ||
Class I | (664) | (390) | ||
Total | $(25,007) | $(6,331) |
KAR Mid-Cap Core Fund | KAR Mid-Cap Growth Fund | ||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||
Increase (Decrease) in Net Assets Resulting From Operations | |||||||
Net investment income (loss) | $(24) | $(354) | $(810) | $(1,153) | |||
Net realized gain (loss) | (1,643) | 3,295 | 4,553 | 4,945 | |||
Net change in unrealized appreciation (depreciation) | 4,166 | 25,586 | 8,117 | 34,077 | |||
Increase (decrease) in net assets resulting from operations | 2,499 | 28,527 | 11,860 | 37,869 | |||
Dividends and Distributions to Shareholders: | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (242) | ��� | (2,261) | (4,734)(1) | |||
Class C | (234) | — | (348) | (334)(1) | |||
Class I | (1,379) | — | (1,134) | (242)(1) | |||
Class R6 | (18) | — | (3) | — | |||
Class A | — | — | — | — | |||
Class C | — | — | — | — | |||
Class I | — | — | — | — | |||
Class R6 | — | — | — | — | |||
Dividends and Distributions to Shareholders | (1,873) | — | (3,746) | (5,310) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 5,860 | 1,611 | 4,715 | 20,953 | |||
Class C | 5,325 | 8,773 | 6,575 | 6,011 | |||
Class I | 87,175 | 78,595 | 47,961 | 46,976 | |||
Class R6 | 1,038 | 2,335 | 142 | 96 | |||
Increase (decrease) in net assets from capital transactions | 99,398 | 91,314 | 59,393 | 74,036 | |||
Net increase (decrease) in net assets | 100,024 | 119,841 | 67,507 | 106,595 | |||
Net Assets | |||||||
Beginning of period | 233,904 | 114,063 | 200,897 | 94,302 | |||
End of Period | $333,928 | $233,904 | $268,404 | $200,897 | |||
Accumulated undistributed net investment income (loss) at end of period | N/A | $(163) | N/A | $(8) |
(1) | For the year ended September 30, 2018, distributions to shareholders were from net realized gains. |
KAR Small-Cap Core Fund | KAR Small-Cap Growth Fund | ||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||
Increase (Decrease) in Net Assets Resulting From Operations | |||||||
Net investment income (loss) | $(98) | $869 | $(11,316) | $(6,070) | |||
Net realized gain (loss) | (14,759) | 51,840 | (19,012) | 85,549 | |||
Net change in unrealized appreciation (depreciation) | 40,981 | 178,214 | 324,519 | 605,147 | |||
Increase (decrease) in net assets resulting from operations | 26,124 | 230,923 | 294,191 | 684,626 | |||
Dividends and Distributions to Shareholders: | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (4,670) | (148)(1) | (15,473) | — | |||
Class C | (4,986) | (110)(1) | (6,611) | — | |||
Class I | (39,927) | (781)(1) | (73,521) | — | |||
Class R6 | (3,179) | (71)(1) | (276) | — | |||
Class A | — | — | — | — | |||
Class C | — | — | — | — | |||
Class I | — | — | — | — | |||
Class R6 | — | — | — | — | |||
Dividends and Distributions to Shareholders | (52,762) | (1,110) | (95,881) | — | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (23,358) | 46,792 | (160,438) | 490,851 | |||
Class C | (10,962) | 48,415 | (16,080) | 168,408 | |||
Class I | (95,164) | 585,811 | (513,185) | 2,503,278 | |||
Class R6 | 5,159 | 29,571 | 12,036 | 12,739 | |||
Increase (decrease) in net assets from capital transactions | (124,325) | 710,589 | (677,667) | 3,175,276 | |||
Net increase (decrease) in net assets | (150,963) | 940,402 | (479,357) | 3,859,902 | |||
Net Assets | |||||||
Beginning of period | 1,595,797 | 655,395 | 5,304,173 | 1,444,271 | |||
End of Period | $1,444,834 | $1,595,797 | $4,824,816 | $5,304,173 | |||
Accumulated undistributed net investment income (loss) at end of period | N/A | $1,408 | N/A | $(152) |
(1) | For the year ended September 30, 2018, distributions to shareholders were from net realized gains. |
KAR Small-Cap Value Fund | KAR Small-Mid Cap Core Fund | ||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | From inception March 7, 2018 to September 30, 2018 | ||||
Increase (Decrease) in Net Assets Resulting From Operations | |||||||
Net investment income (loss) | $3,437 | $3,717 | $(1) | $(2) | |||
Net realized gain (loss) | (1,455) | 4,086 | (121) | 56 | |||
Net change in unrealized appreciation (depreciation) | (59,715) | 29,090 | 376 | 192 | |||
Increase (decrease) in net assets resulting from operations | (57,733) | 36,893 | 254 | 246 | |||
Dividends and Distributions to Shareholders: | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1,360) | (1,402)(1) | (4) | — | |||
Class C | (298) | (475)(1) | (2) | — | |||
Class I | (9,963) | (5,442)(1) | (16) | — | |||
Class R6 | (328) | (235)(1) | (36) | — | |||
Class A | — | — | — | — | |||
Class C | — | — | — | — | |||
Class I | — | — | — | — | |||
Class R6 | — | — | — | — | |||
Dividends and Distributions to Shareholders | (11,949) | (7,554) | (58) | — | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 3,156 | (8,850) | 450 | 149 | |||
Class C | (9,969) | (1,250) | 285 | 128 | |||
Class I | 47,257 | 152,683 | 3,899 | 203 | |||
Class R6 | (8,506) | 10,507 | — | 2,700 | |||
Increase (decrease) in net assets from capital transactions | 31,938 | 153,090 | 4,634 | 3,180 | |||
Net increase (decrease) in net assets | (37,744) | 182,429 | 4,830 | 3,426 | |||
Net Assets | |||||||
Beginning of period | 610,047 | 427,618 | 3,426 | — | |||
End of Period | $572,303 | $610,047 | $8,256 | $3,426 | |||
Accumulated undistributed net investment income (loss) at end of period | N/A | $3,683 | N/A | $— |
(1) | For the year ended September 30, 2018, the distributions to shareholders for the Funds were as follows: |
Dividends and Distributions to Shareholders | ||||
Net investment income: | ||||
Class A | $(43) | $— | ||
Class C | (7) | — | ||
Class I | (396) | — | ||
Class R6 | (19) | — | ||
Net realized gains: | ||||
Class A | (1,359) | — | ||
Class C | (468) | — | ||
Class I | (5,046) | — | ||
Class R6 | (216) | — | ||
Total | $(7,554) | $— |
Rampart Enhanced Core Equity Fund | |||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||
Increase (Decrease) in Net Assets Resulting From Operations | |||
Net investment income (loss) | $571 | $1,073 | |
Net realized gain (loss) | (2,621) | (6,518) | |
Net change in unrealized appreciation (depreciation) | (7,356) | 22,265 | |
Increase (decrease) in net assets resulting from operations | (9,406) | 16,820 | |
Dividends and Distributions to Shareholders: | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (1,129) | (7,989)(1) | |
Class C | (54) | (2,242)(1) | |
Class I | (161) | (2,226)(1) | |
Class R6 | (23) | — | |
Class A | — | — | |
Class C | — | — | |
Class I | — | — | |
Class R6 | — | — | |
Dividends and Distributions to Shareholders | (1,367) | (12,457) | |
Change in Net Assets from Capital Transactions (See Note 6): | |||
Class A | 6,808 | (5,360) | |
Class C | (17,978) | (2,831) | |
Class I | (2,963) | (17,626) | |
Class R6 | (3,736) | 5,321 | |
Increase (decrease) in net assets from capital transactions | (17,869) | 20,496 | |
Net increase (decrease) in net assets | (28,642) | (16,133) | |
Net Assets | |||
Beginning of period | 169,507 | 185,640 | |
End of Period | $140,865 | $169,507 | |
Accumulated undistributed net investment income (loss) at end of period | N/A | $1,065 |
(1) | For the year ended September 30, 2018, the distributions to shareholders for the Funds were as follows: |
Dividends and Distributions to Shareholders | ||
Net investment income: | ||
Class A | $(322) | |
Class I | (128) | |
Net realized gains: | ||
Class A | (7,667) | |
Class C | (2,242) | |
Class I | (2,098) | |
Total | $(12,457) |
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 | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Capital Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
10/1/18 to 3/31/19(6) | $18.37 | (0.03) | (0.23) | (0.26) | — | (1.55) | (1.55) | (1.81) | $16.56 | 0.43 % | $485,285 | 1.23 % (7) | 1.24 % | (0.36) % | 7 % | |
10/1/17 to 9/30/18 | 16.18 | (0.08) | 3.13 | 3.05 | — | (0.86) | (0.86) | 2.19 | 18.37 | 19.56 | 508,124 | 1.22 (7) | 1.22 | (0.49) | 17 | |
4/1/17 to 9/30/17(8) | 14.10 | (0.03) | 2.27 | 2.24 | — | (0.16) | (0.16) | 2.08 | 16.18 | 15.93 | 446,720 | 1.30 (7) | 1.30 | (0.40) | 13 | |
4/1/16 to 3/31/17 | 13.66 | (0.05) | 1.64 | 1.59 | — | (1.15) | (1.15) | 0.44 | 14.10 | 12.34 (9) | 402,118 | 1.33 (7)(9)(10) | 1.34 | (0.40) (9) | 21 | |
4/1/15 to 3/31/16 | 14.23 | (0.05) | 0.13 | 0.08 | — | (0.65) | (0.65) | (0.57) | 13.66 | 0.39 | 401,617 | 1.30 (7) | 1.30 | (0.32) | 20 | |
4/1/14 to 3/31/15 | 12.41 | (0.03) | 2.40 | 2.37 | — | (0.55) | (0.55) | 1.82 | 14.23 | 19.29 | 433,635 | 1.28 (7) | 1.28 | (0.22) | 28 | |
4/1/13 to 3/31/14 | 10.45 | (0.01) | 2.00 | 1.99 | (0.03) | — | (0.03) | 1.96 | 12.41 | 19.11 | 399,131 | 1.28 (7) | 1.28 | (0.11) | 26 | |
Class C | ||||||||||||||||
10/1/18 to 3/31/19(6) | $14.34 | (0.07) | (0.25) | (0.32) | — | (1.55) | (1.55) | (1.87) | $12.47 | 0.10 % | $10,132 | 2.01 % (7) | 2.02 % | (1.16) % | 7 % | |
10/1/17 to 9/30/18 | 12.91 | (0.17) | 2.46 | 2.29 | — | (0.86) | (0.86) | 1.43 | 14.34 | 18.58 | 14,408 | 1.99 (7) | 2.00 | (1.26) | 17 | |
4/1/17 to 9/30/17(8) | 11.32 | (0.07) | 1.82 | 1.75 | — | (0.16) | (0.16) | 1.59 | 12.91 | 15.51 | 14,052 | 2.08 (7) | 2.08 | (1.18) | 13 | |
4/1/16 to 3/31/17 | 11.27 | (0.13) | 1.33 | 1.20 | — | (1.15) | (1.15) | 0.05 | 11.32 | 11.47 (9) | 13,345 | 2.08 (7)(9)(10) | 2.09 | (1.16) (9) | 21 | |
4/1/15 to 3/31/16 | 11.93 | (0.12) | 0.11 | (0.01) | — | (0.65) | (0.65) | (0.66) | 11.27 | (0.31) | 19,832 | 2.05 (7) | 2.06 | (1.07) | 20 | |
4/1/14 to 3/31/15 | 10.57 | (0.11) | 2.02 | 1.91 | — | (0.55) | (0.55) | 1.36 | 11.93 | 18.28 | 11,999 | 2.02 (7) | 2.02 | (0.97) | 28 | |
4/1/13 to 3/31/14 | 8.94 | (0.08) | 1.71 | 1.63 | — | — | — | 1.63 | 10.57 | 18.23 | 6,329 | 2.03 (7) | 2.03 | (0.86) | 26 | |
Class I | ||||||||||||||||
10/1/18 to 3/31/19(6) | $19.02 | (0.01) | (0.22) | (0.23) | — | (1.55) | (1.55) | (1.78) | $17.24 | 0.59 % | $17,040 | 1.02 % (7) | 1.03 % | (0.14) % | 7 % | |
10/1/17 to 9/30/18 | 16.69 | (0.05) | 3.24 | 3.19 | — | (0.86) | (0.86) | 2.33 | 19.02 | 19.81 | 17,125 | 0.99 (7) | 0.99 | (0.26) | 17 | |
4/1/17 to 9/30/17(8) | 14.52 | (0.01) | 2.34 | 2.33 | — | (0.16) | (0.16) | 2.17 | 16.69 | 16.09 | 12,466 | 1.08 (7) | 1.08 | (0.18) | 13 | |
4/1/16 to 3/31/17 | 14.00 | (0.01) | 1.68 | 1.67 | — | (1.15) | (1.15) | 0.52 | 14.52 | 12.61 (9) | 10,180 | 1.08 (7)(9)(10) | 1.09 | (0.15) (9) | 21 | |
4/1/15 to 3/31/16 | 14.53 | (0.01) | 0.13 | 0.12 | — | (0.65) | (0.65) | (0.53) | 14.00 | 0.66 | 8,227 | 1.05 (7) | 1.05 | (0.07) | 20 | |
4/1/14 to 3/31/15 | 12.64 | — (11) | 2.44 | 2.44 | — | (0.55) | (0.55) | 1.89 | 14.53 | 19.50 | 8,595 | 1.02 (7) | 1.02 | 0.03 | 28 | |
4/1/13 to 3/31/14 | 10.64 | 0.02 | 2.04 | 2.06 | (0.06) | — | (0.06) | 2.00 | 12.64 | 19.45 | 5,532 | 1.03 (7) | 1.03 | 0.14 | 26 | |
Class R6 | ||||||||||||||||
10/1/18 to 3/31/19(6) | $19.04 | (0.03) | (0.24) | (0.27) | — | (1.55) | (1.55) | (1.82) | $17.22 | 0.38 % | $93 | 0.78 % | 0.94 % | (0.29) % | 7 % | |
1/30/18(12) to 9/30/18 | 18.46 | (—) (11) | 0.58 | 0.58 | — | — | — | 0.58 | 19.04 | 3.14 | 6,458 | 0.80 (13) | 0.91 | (0.03) | 17 (14) | |
KAR Global Quality Dividend Fund | ||||||||||||||||
Class A | ||||||||||||||||
10/1/18 to 3/31/19(6) | $14.98 | 0.17 | 0.19 | 0.36 | (0.07) | (1.36) | (1.43) | (1.07) | $13.91 | 3.19 % | $28,194 | 1.34 % | 1.57 % | 2.49 % | 21 % | |
10/1/17 to 9/30/18 | 16.20 | 0.40 | 0.25 | 0.65 | (0.65) | (1.22) | (1.87) | (1.22) | 14.98 | 4.24 | 26,351 | 1.35 | 1.50 | 2.63 | 33 | |
4/1/17 to 9/30/17(8) | 16.81 | 0.30 | 0.41 | 0.71 | (0.27) | (1.05) | (1.32) | (0.61) | 16.20 | 4.31 | 44,188 | 1.35 | 1.56 | 3.65 | 13 | |
4/1/16 to 3/31/17 | 15.09 | 0.20 | 1.66 | 1.86 | (0.14) | — | (0.14) | 1.72 | 16.81 | 12.42 | 46,670 | 1.36 (10) | 1.48 | 1.29 | 119 | |
4/1/15 to 3/31/16 | 15.40 | 0.14 | (0.37) | (0.23) | (0.08) | — | (0.08) | (0.31) | 15.09 | (1.53) | 50,081 | 1.35 | 1.44 | 0.94 | 25 | |
4/1/14 to 3/31/15 | 13.93 | 0.10 | 1.49 | 1.59 | (0.12) | — | (0.12) | 1.47 | 15.40 | 11.45 | 55,215 | 1.35 | 1.42 | 0.71 | 56 | |
4/1/13 to 3/31/14 | 11.96 | 0.10 | 1.98 | 2.08 | (0.11) | — | (0.11) | 1.97 | 13.93 | 17.50 | 49,275 | 1.35 | 1.43 | 0.81 | 23 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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 C | ||||||||||||||||
10/1/18 to 3/31/19(6) | $14.52 | 0.10 | 0.19 | 0.29 | — | (1.36) | (1.36) | (1.07) | $13.45 | 2.70 % | $3,569 | 2.09 % | 2.30 % | 1.51 % | 21 % | |
10/1/17 to 9/30/18 | 15.82 | 0.32 | 0.22 | 0.54 | (0.62) | (1.22) | (1.84) | (1.30) | 14.52 | 3.56 | 5,127 | 2.10 | 2.25 | 2.16 | 33 | |
4/1/17 to 9/30/17(8) | 16.38 | 0.23 | 0.39 | 0.62 | (0.13) | (1.05) | (1.18) | (0.56) | 15.82 | 3.86 | 6,107 | 2.10 | 2.33 | 2.87 | 13 | |
4/1/16 to 3/31/17 | 14.68 | 0.08 | 1.62 | 1.70 | — | — | — | 1.70 | 16.38 | 11.58 | 6,950 | 2.11 (10) | 2.23 | 0.54 | 119 | |
4/1/15 to 3/31/16 | 15.03 | 0.01 | (0.35) | (0.34) | (0.01) | — | (0.01) | (0.35) | 14.68 | (2.26) | 8,211 | 2.10 | 2.18 | 0.10 | 25 | |
4/1/14 to 3/31/15 | 13.67 | 0.01 | 1.43 | 1.44 | (0.08) | — | (0.08) | 1.36 | 15.03 | 10.64 | 20,383 | 2.10 | 2.16 | 0.07 | 56 | |
4/1/13 to 3/31/14 | 11.77 | 0.01 | 1.94 | 1.95 | (0.05) | — | (0.05) | 1.90 | 13.67 | 16.56 | 3,803 | 2.10 | 2.18 | 0.05 | 23 | |
Class I | ||||||||||||||||
10/1/18 to 3/31/19(6) | $15.02 | 0.19 | 0.18 | 0.37 | (0.12) | (1.36) | (1.48) | (1.11) | $13.91 | 3.31 % | $5,549 | 1.10 % | 1.36 % | 2.76 % | 21 % | |
10/1/17 to 9/30/18 | 16.20 | 0.47 | 0.23 | 0.70 | (0.66) | (1.22) | (1.88) | (1.18) | 15.02 | 4.56 | 4,843 | 1.10 | 1.29 | 3.14 | 33 | |
4/1/17 to 9/30/17(8) | 16.84 | 0.29 | 0.44 | 0.73 | (0.32) | (1.05) | (1.37) | (0.64) | 16.20 | 4.41 | 6,524 | 1.10 | 1.33 | 3.53 | 13 | |
4/1/16 to 3/31/17 | 15.12 | 0.25 | 1.65 | 1.90 | (0.18) | — | (0.18) | 1.72 | 16.84 | 12.66 | 7,096 | 1.11 (10) | 1.23 | 1.59 | 119 | |
4/1/15 to 3/31/16 | 15.40 | 0.17 | (0.35) | (0.18) | (0.10) | — | (0.10) | (0.28) | 15.12 | (1.21) | 6,496 | 1.10 | 1.18 | 1.15 | 25 | |
4/1/14 to 3/31/15 | 13.93 | 0.14 | 1.49 | 1.63 | (0.16) | — | (0.16) | 1.47 | 15.40 | 11.72 | 9,776 | 1.10 | 1.17 | 0.96 | 56 | |
4/1/13 to 3/31/14 | 11.97 | 0.13 | 1.97 | 2.10 | (0.14) | — | (0.14) | 1.96 | 13.93 | 17.70 | 9,546 | 1.10 | 1.18 | 0.99 | 23 | |
KAR Mid-Cap Core Fund | ||||||||||||||||
Class A | ||||||||||||||||
10/1/18 to 3/31/19(6) | $33.71 | (0.02) | (0.75) | (0.77) | — | (0.23) | (0.23) | (1.00) | $32.71 | (2.21) % | $38,420 | 1.20 % | 1.36 % | (0.14) % | 15 % | |
10/1/17 to 9/30/18 | 27.95 | (0.09) | 5.85 | 5.76 | — | — | — | 5.76 | 33.71 | 20.61 | 33,120 | 1.20 | 1.39 | (0.29) | 21 | |
4/1/17 to 9/30/17(8) | 25.80 | (0.05) | 2.29 | 2.24 | — | (0.09) | (0.09) | 2.15 | 27.95 | 8.70 | 26,238 | 1.20 | 1.49 | (0.35) | 11 | |
4/1/16 to 3/31/17 | 22.60 | (0.08) | 3.28 | 3.20 | — | — | — | 3.20 | 25.80 | 14.16 | 20,615 | 1.26 (10)(13) | 1.55 | (0.32) | 28 | |
4/1/15 to 3/31/16 | 23.00 | (0.06) | (0.20) | (0.26) | — | (0.14) | (0.14) | (0.40) | 22.60 | (1.14) | 20,639 | 1.35 | 1.64 | (0.27) | 21 | |
4/1/14 to 3/31/15 | 19.80 | (0.07) | 4.47 | 4.40 | — | (1.20) | (1.20) | 3.20 | 23.00 | 22.75 | 13,080 | 1.35 | 2.46 | (0.34) | 26 | |
4/1/13 to 3/31/14 | 17.49 | (0.06) | 2.68 | 2.62 | — | (0.31) | (0.31) | 2.31 | 19.80 | 15.17 | 3,027 | 1.35 | 3.08 | (0.31) | 30 | |
Class C | ||||||||||||||||
10/1/18 to 3/31/19(6) | $31.58 | (0.13) | (0.70) | (0.83) | — | (0.23) | (0.23) | (1.06) | $30.52 | (2.55) % | $35,341 | 1.95 % | 2.11 % | (0.89) % | 15 % | |
10/1/17 to 9/30/18 | 26.38 | (0.31) | 5.51 | 5.20 | — | — | — | 5.20 | 31.58 | 19.71 | 30,661 | 1.95 | 2.14 | (1.04) | 21 | |
4/1/17 to 9/30/17(8) | 24.45 | (0.14) | 2.16 | 2.02 | — | (0.09) | (0.09) | 1.93 | 26.38 | 8.28 | 17,870 | 1.95 | 2.25 | (1.10) | 11 | |
4/1/16 to 3/31/17 | 21.57 | (0.24) | 3.12 | 2.88 | — | — | — | 2.88 | 24.45 | 13.35 | 14,279 | 2.00 (10)(13) | 2.28 | (1.04) | 28 | |
4/1/15 to 3/31/16 | 22.12 | (0.22) | (0.19) | (0.41) | — | (0.14) | (0.14) | (0.55) | 21.57 | (1.91) | 6,670 | 2.10 | 2.38 | (1.03) | 21 | |
4/1/14 to 3/31/15 | 19.23 | (0.23) | 4.32 | 4.09 | — | (1.20) | (1.20) | 2.89 | 22.12 | 21.84 | 4,363 | 2.10 | 2.83 | (1.10) | 26 | |
4/1/13 to 3/31/14 | 17.12 | (0.18) | 2.60 | 2.42 | — | (0.31) | (0.31) | 2.11 | 19.23 | 14.32 | 209 | 2.10 | 3.84 | (1.01) | 30 | |
Class I | ||||||||||||||||
10/1/18 to 3/31/19(6) | $34.26 | 0.02 | (0.76) | (0.74) | — | (0.23) | (0.23) | (0.97) | $33.29 | (2.08) % | $256,620 | 0.95 % | 1.10 % | 0.13 % | 15 % | |
10/1/17 to 9/30/18 | 28.34 | (0.01) | 5.93 | 5.92 | — | — | — | 5.92 | 34.26 | 20.93 | 167,649 | 0.95 | 1.14 | (0.03) | 21 | |
4/1/17 to 9/30/17(8) | 26.12 | (0.01) | 2.32 | 2.31 | — | (0.09) | (0.09) | 2.22 | 28.34 | 8.82 | 69,955 | 0.95 | 1.25 | (0.10) | 11 | |
4/1/16 to 3/31/17 | 22.82 | (0.01) | 3.31 | 3.30 | — | — | — | 3.30 | 26.12 | 14.46 | 50,922 | 0.99 (10)(13) | 1.26 | (0.02) | 28 | |
4/1/15 to 3/31/16 | 23.17 | (0.01) | (0.20) | (0.21) | — | (0.14) | (0.14) | (0.35) | 22.82 | (0.92) | 7,570 | 1.10 | 1.38 | (0.03) | 21 | |
4/1/14 to 3/31/15 | 19.89 | (0.03) | 4.51 | 4.48 | — | (1.20) | (1.20) | 3.28 | 23.17 | 23.05 | 4,804 | 1.10 | 2.17 | (0.16) | 26 | |
4/1/13 to 3/31/14 | 17.52 | (0.01) | 2.69 | 2.68 | — | (0.31) | (0.31) | 2.37 | 19.89 | 15.48 | 1,178 | 1.10 | 2.85 | (0.08) | 30 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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 | ||||||||||||||||
10/1/18 to 3/31/19(6) | $34.28 | 0.03 | (0.75) | (0.72) | — | (0.23) | (0.23) | (0.95) | $33.33 | (2.02) % | $3,547 | 0.87 % | 1.01 % | 0.20 % | 15 % | |
1/30/18(12) to 9/30/18 | 32.78 | 0.02 | 1.48 | 1.50 | — | — | — | 1.50 | 34.28 | 4.58 | 2,474 | 0.87 | 1.06 | 0.10 | 21 (14) | |
KAR Mid-Cap Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
10/1/18 to 3/31/19(6) | $35.55 | (0.14) | 1.30 | 1.16 | — | (0.64) | (0.64) | 0.52 | $36.07 | 3.67 % | $138,315 | 1.40 % (7)(15) | 1.35 % | (0.84) % | 13 % | |
10/1/17 to 9/30/18 | 27.74 | (0.28) | 9.65 | 9.37 | — | (1.56) | (1.56) | 7.81 | 35.55 | 35.38 | 131,422 | 1.40 (15) | 1.37 | (0.88) | 19 | |
4/1/17 to 9/30/17(8) | 24.56 | (0.12) | 3.43 | 3.31 | — | (0.13) | (0.13) | 3.18 | 27.74 | 13.48 | 84,912 | 1.40 | 1.49 | (0.88) | 12 | |
4/1/16 to 3/31/17 | 21.92 | (0.16) | 3.15 | 2.99 | — | (0.35) | (0.35) | 2.64 | 24.56 | 13.81 (9) | 80,648 | 1.41 (9)(10) | 1.52 | (0.75) (9) | 20 | |
4/1/15 to 3/31/16 | 22.80 | (0.18) | (0.36) | (0.54) | — | (0.34) | (0.34) | (0.88) | 21.92 | (2.51) | 76,660 | 1.39 | 1.49 | (0.84) | 26 | |
4/1/14 to 3/31/15 | 21.30 | (0.15) | 2.34 | 2.19 | — | (0.69) | (0.69) | 1.50 | 22.80 | 10.50 | 83,158 | 1.43 (13) | 1.46 | (0.71) | 27 | |
4/1/13 to 3/31/14 | 19.02 | (0.15) | 2.43 | 2.28 | — | — | — | 2.28 | 21.30 | 11.99 | 81,016 | 1.45 | 1.44 | (0.74) | 32 | |
Class C | ||||||||||||||||
10/1/18 to 3/31/19(6) | $28.30 | (0.20) | 0.99 | 0.79 | — | (0.64) | (0.64) | 0.15 | $28.45 | 3.30 % | $19,638 | 2.15 % (7)(15) | 2.14 % | (1.59) % | 13 % | |
10/1/17 to 9/30/18 | 22.54 | (0.42) | 7.74 | 7.32 | — | (1.56) | (1.56) | 5.76 | 28.30 | 34.40 | 12,571 | 2.15 | 2.17 | (1.63) | 19 | |
4/1/17 to 9/30/17(8) | 20.06 | (0.17) | 2.78 | 2.61 | — | (0.13) | (0.13) | 2.48 | 22.54 | 13.01 | 4,971 | 2.15 | 2.28 | (1.63) | 12 | |
4/1/16 to 3/31/17 | 18.09 | (0.27) | 2.59 | 2.32 | — | (0.35) | (0.35) | 1.97 | 20.06 | 13.03 (9) | 5,350 | 2.16 (9)(10) | 2.27 | (1.50) (9) | 20 | |
4/1/15 to 3/31/16 | 19.02 | (0.29) | (0.30) | (0.59) | — | (0.34) | (0.34) | (0.93) | 18.09 | (3.23) | 5,319 | 2.14 | 2.24 | (1.60) | 26 | |
4/1/14 to 3/31/15 | 18.01 | (0.26) | 1.96 | 1.70 | — | (0.69) | (0.69) | 1.01 | 19.02 | 9.68 | 5,976 | 2.18 (13) | 2.21 | (1.46) | 27 | |
4/1/13 to 3/31/14 | 16.21 | (0.26) | 2.06 | 1.80 | — | — | — | 1.80 | 18.01 | 11.10 | 5,233 | 2.20 | 2.19 | (1.49) | — | |
Class I | ||||||||||||||||
10/1/18 to 3/31/19(6) | $36.66 | (0.10) | 1.36 | 1.26 | — | (0.64) | (0.64) | 0.62 | $37.28 | 3.83 % | $110,184 | 1.15 % (7)(15) | 1.15 % | (0.58) % | 13 % | |
10/1/17 to 9/30/18 | 28.49 | (0.22) | 9.95 | 9.73 | — | (1.56) | (1.56) | 8.17 | 36.66 | 35.72 | 56,787 | 1.15 (15) | 1.13 | (0.65) | 19 | |
4/1/17 to 9/30/17(8) | 25.20 | (0.09) | 3.51 | 3.42 | — | (0.13) | (0.13) | 3.29 | 28.49 | 13.58 | 4,419 | 1.15 | 1.27 | (0.63) | 12 | |
4/1/16 to 3/31/17 | 22.42 | (0.11) | 3.24 | 3.13 | — | (0.35) | (0.35) | 2.78 | 25.20 | 14.13 (9) | 3,872 | 1.16 (9)(10) | 1.27 | (0.50) (9) | 20 | |
4/1/15 to 3/31/16 | 23.26 | (0.13) | (0.37) | (0.50) | — | (0.34) | (0.34) | (0.84) | 22.42 | (2.24) | 2,961 | 1.14 | 1.24 | (0.60) | 26 | |
4/1/14 to 3/31/15 | 21.66 | (0.10) | 2.39 | 2.29 | — | (0.69) | (0.69) | 1.60 | 23.26 | 10.79 | 3,288 | 1.18 (13) | 1.21 | (0.46) | 27 | |
4/1/13 to 3/31/14 | 19.30 | (0.10) | 2.46 | 2.36 | — | — | — | 2.36 | 21.66 | 12.23 | 2,324 | 1.20 | 1.19 | (0.49) | 32 | |
Class R6 | ||||||||||||||||
10/1/18 to 3/31/19(6) | $36.71 | (0.06) | 1.36 | 1.30 | — | (0.64) | (0.64) | 0.66 | $37.37 | 3.97 % | $267 | 0.90 % | 1.04 % | (0.35) % | 13 % | |
1/30/2018(12) to 9/30/18 | 31.74 | (0.09) | 5.06 | 4.97 | — | — | — | 4.97 | 36.71 | 15.66 | 117 | 0.93 (13) | 1.09 | (0.40) | 19 (14) | |
KAR Small-Cap Core Fund | ||||||||||||||||
Class A | ||||||||||||||||
10/1/18 to 3/31/19(6) | $35.42 | (0.03) | 0.93 | 0.90 | — | (1.27) | (1.27) | (0.37) | $35.05 | 3.26 % | $126,666 | 1.29 % | 1.29 % | (0.18) % | 4 % | |
10/1/17 to 9/30/18 | 28.05 | (0.03) | 7.44 | 7.41 | — | (0.04) | (0.04) | 7.37 | 35.42 | 26.42 | 153,109 | 1.29 | 1.29 | (0.08) | 13 | |
4/1/17 to 9/30/17(8) | 24.21 | (0.06) | 3.91 | 3.85 | — | (0.01) | (0.01) | 3.84 | 28.05 | 15.92 | 79,752 | 1.33 | 1.33 | (0.49) | 2 | |
4/1/16 to 3/31/17 | 21.39 | (0.07) | 4.26 | 4.19 | — | (1.37) | (1.37) | 2.82 | 24.21 | 20.26 (9) | 62,122 | 1.37 (9)(10) | 1.37 | (0.31) (9) | 24 | |
4/1/15 to 3/31/16 | 25.65 | (0.05) | 0.01 | (0.04) | (0.05) | (4.17) | (4.22) | (4.26) | 21.39 | 0.02 | 53,722 | 1.37 | 1.37 | (0.21) | 33 | |
4/1/14 to 3/31/15 | 24.19 | 0.03 | 3.07 | 3.10 | — (11) | (1.64) | (1.64) | 1.46 | 25.65 | 13.28 | 67,696 | 1.34 | 1.34 | 0.12 | 28 | |
4/1/13 to 3/31/14 | 21.41 | (0.02) | 2.84 | 2.82 | (0.03) | (0.01) | (0.04) | 2.78 | 24.19 | 13.17 | 162,302 | 1.39 | 1.39 | (0.09) | 31 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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 (Continued) | ||||||||||||||||
Class C | ||||||||||||||||
10/1/18 to 3/31/19(6) | $29.95 | (0.13) | 0.74 | 0.61 | — | (1.27) | (1.27) | (0.66) | $29.29 | 2.84 % | $107,784 | 2.03 % | 2.03 % | (0.94) % | 4 % | |
10/1/17 to 9/30/18 | 23.90 | (0.23) | 6.32 | 6.09 | — | (0.04) | (0.04) | 6.05 | 29.95 | 25.52 | 122,439 | 2.02 | 2.02 | (0.82) | 13 | |
4/1/17 to 9/30/17(8) | 20.71 | (0.14) | 3.34 | 3.20 | — | (0.01)�� | (0.01) | 3.19 | 23.90 | 15.47 | 56,526 | 2.08 | 2.08 | (1.23) | 2 | |
4/1/16 to 3/31/17 | 18.61 | (0.21) | 3.68 | 3.47 | — | (1.37) | (1.37) | 2.10 | 20.71 | 19.39 (9) | 44,789 | 2.12 (9)(10) | 2.12 | (1.10) (9) | 24 | |
4/1/15 to 3/31/16 | 22.98 | (0.19) | (0.01) | (0.20) | — | (4.17) | (4.17) | (4.37) | 18.61 | (0.73) | 31,711 | 2.12 | 2.12 | (0.95) | 33 | |
4/1/14 to 3/31/15 | 21.99 | (0.11) | 2.74 | 2.63 | — (11) | (1.64) | (1.64) | 0.99 | 22.98 | 12.44 | 33,735 | 2.09 | 2.09 | (0.50) | 28 | |
4/1/13 to 3/31/14 | 19.58 | (0.18) | 2.60 | 2.42 | — | (0.01) | (0.01) | 2.41 | 21.99 | 12.35 | 33,437 | 2.14 | 2.14 | (0.84) | 31 | |
Class I | ||||||||||||||||
10/1/18 to 3/31/19(6) | $37.26 | 0.01 | 1.00 | 1.01 | (0.04) | (1.27) | (1.31) | (0.30) | $36.96 | 3.40 % | $1,116,204 | 1.02 % | 1.02 % | 0.08 % | 4 % | |
10/1/17 to 9/30/18 | 29.44 | 0.06 | 7.80 | 7.86 | — | (0.04) | (0.04) | 7.82 | 37.26 | 26.73 | 1,231,686 | 1.01 | 1.01 | 0.18 | 13 | |
4/1/17 to 9/30/17(8) | 25.37 | (0.03) | 4.11 | 4.08 | — | (0.01) | (0.01) | 4.07 | 29.44 | 16.10 | 474,552 | 1.08 | 1.08 | (0.23) | 2 | |
4/1/16 to 3/31/17 | 22.30 | (0.03) | 4.47 | 4.44 | — | (1.37) | (1.37) | 3.07 | 25.37 | 20.57 (9) | 338,491 | 1.12 (9)(10) | 1.12 | (0.11) (9) | 24 | |
4/1/15 to 3/31/16 | 26.58 | 0.01 | 0.01 | 0.02 | (0.13) | (4.17) | (4.30) | (4.28) | 22.30 | 0.28 | 189,167 | 1.12 | 1.12 | 0.04 | 33 | |
4/1/14 to 3/31/15 | 24.95 | 0.13 | 3.14 | 3.27 | — (11) | (1.64) | (1.64) | 1.63 | 26.58 | 13.57 | 248,933 | 1.08 | 1.08 | 0.53 | 28 | |
4/1/13 to 3/31/14 | 22.04 | 0.04 | 2.92 | 2.96 | (0.04) | (0.01) | (0.05) | 2.91 | 24.95 | 13.44 | 242,400 | 1.14 | 1.14 | 0.19 | 31 | |
Class R6 | ||||||||||||||||
10/1/18 to 3/31/19(6) | $37.40 | 0.03 | 0.99 | 1.02 | (0.06) | (1.27) | (1.33) | (0.31) | $37.09 | 3.43 % | $94,180 | 0.94 % | 0.94 % | 0.20 % | 4 % | |
10/1/17 to 9/30/18 | 29.52 | 0.09 | 7.83 | 7.92 | — | (0.04) | (0.04) | 7.88 | 37.40 | 26.86 | 88,563 | 0.94 | 0.94 | 0.25 | 13 | |
4/1/17 to 9/30/17(8) | 25.44 | (0.02) | 4.11 | 4.09 | — | (0.01) | (0.01) | 4.08 | 29.52 | 16.14 | 44,565 | 0.99 | 0.99 | (0.14) | 2 | |
4/1/16 to 3/31/17 | 22.33 | — (11) | 4.48 | 4.48 | — | (1.37) | (1.37) | 3.11 | 25.44 | 20.68 (9) | 31,338 | 1.01 (9)(10) | 1.01 | 0.01 (9) | 24 | |
4/1/15 to 3/31/16 | 26.59 | 0.07 | (0.01) | 0.06 | (0.15) | (4.17) | (4.32) | (4.26) | 22.33 | 0.41 | 20,811 | 1.01 | 1.02 | 0.33 | 33 | |
11/12/14(12) to 3/31/15 | 25.99 | 0.12 | 1.36 | 1.48 | — | (0.88) | (0.88) | 0.60 | 26.59 | 5.83 | 106 | 0.97 | 0.97 | 1.18 | 28 (14) | |
KAR Small-Cap Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
10/1/18 to 3/31/19(6) | $33.57 | (0.11) | 2.63 | 2.52 | — | (0.68) | (0.68) | 1.84 | $35.41 | 7.93 % | $731,903 | 1.36 % (7) | 1.36 % | (0.67) % | 13 % | |
10/1/17 to 9/30/18 | 25.43 | (0.11) | 8.25 | 8.14 | — | — | — | 8.14 | 33.57 | 32.01 | 866,966 | 1.37 (7) | 1.37 | (0.37) | 13 | |
4/1/17 to 9/30/17(8) | 21.12 | (0.09) | 4.40 | 4.31 | — (11) | — | — (11) | 4.31 | 25.43 | 20.41 | 263,281 | 1.50 (15) | 1.46 | (0.81) | 1 | |
4/1/16 to 3/31/17 | 17.67 | (0.14) | 4.14 | 4.00 | — | (0.55) | (0.55) | 3.45 | 21.12 | 23.25 (9) | 184,302 | 1.50 (9)(10) | 1.51 | (0.73) (9) | 21 | |
4/1/15 to 3/31/16 | 17.54 | (0.10) | 0.73 | 0.63 | — | (0.50) | (0.50) | 0.13 | 17.67 | 3.69 | 88,715 | 1.49 | 1.53 | (0.59) | 27 | |
4/1/14 to 3/31/15 | 16.97 | (0.13) | 2.46 | 2.33 | — | (1.76) | (1.76) | 0.57 | 17.54 | 14.56 | 83,611 | 1.50 | 1.57 | (0.76) | 27 | |
4/1/13 to 3/31/14 | 14.92 | (0.15) | 2.68 | 2.53 | — | (0.48) | (0.48) | 2.05 | 16.97 | 17.15 | 94,902 | 1.50 | 1.56 | (0.93) | 23 | |
Class C | ||||||||||||||||
10/1/18 to 3/31/19(6) | $30.30 | (0.20) | 2.34 | 2.14 | — | (0.68) | (0.68) | 1.46 | $31.76 | 7.52 % | $298,151 | 2.10 % (7) | 2.10 % | (1.40) % | 13 % | |
10/1/17 to 9/30/18 | 23.13 | (0.31) | 7.48 | 7.17 | — | — | — | 7.17 | 30.30 | 31.00 | 301,749 | 2.10 (7) | 2.10 | (1.10) | 13 | |
4/1/17 to 9/30/17(8) | 19.28 | (0.17) | 4.02 | 3.85 | — (11) | — | — (11) | 3.85 | 23.13 | 19.97 | 93,560 | 2.25 (15) | 2.21 | (1.56) | 1 | |
4/1/16 to 3/31/17 | 16.30 | (0.26) | 3.79 | 3.53 | — | (0.55) | (0.55) | 2.98 | 19.28 | 22.30 (9) | 58,327 | 2.26 (9)(10) | 2.26 | (1.49) (9) | 21 | |
4/1/15 to 3/31/16 | 16.33 | (0.21) | 0.68 | 0.47 | — | (0.50) | (0.50) | (0.03) | 16.30 | 2.97 | 19,525 | 2.25 | 2.28 | (1.34) | 27 | |
4/1/14 to 3/31/15 | 16.03 | (0.24) | 2.30 | 2.06 | — | (1.76) | (1.76) | 0.30 | 16.33 | 13.68 | 15,594 | 2.25 | 2.32 | (1.51) | 27 | |
4/1/13 to 3/31/14 | 14.22 | (0.26) | 2.55 | 2.29 | — | (0.48) | (0.48) | 1.81 | 16.03 | 16.29 | 13,298 | 2.25 | 2.31 | (1.68) | 23 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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 I | ||||||||||||||||
10/1/18 to 3/31/19(6) | $34.21 | (0.06) | 2.69 | 2.63 | — | (0.68) | (0.68) | 1.95 | $36.16 | 8.10 % | $3,765,897 | 1.11 % (7) | 1.11 % | (0.40) % | 13 % | |
10/1/17 to 9/30/18 | 25.86 | (0.03) | 8.38 | 8.35 | — | — | — | 8.35 | 34.21 | 32.29 | 4,121,658 | 1.10 (7) | 1.10 | (0.10) | 13 | |
4/1/17 to 9/30/17(8) | 21.45 | (0.07) | 4.48 | 4.41 | — (11) | — | — (11) | 4.41 | 25.86 | 20.56 | 1,087,430 | 1.25 (15) | 1.21 | (0.55) | 1 | |
4/1/16 to 3/31/17 | 17.89 | (0.10) | 4.21 | 4.11 | — | (0.55) | (0.55) | 3.56 | 21.45 | 23.59 (9) | 489,593 | 1.26 (9)(10) | 1.26 | (0.50) (9) | 21 | |
4/1/15 to 3/31/16 | 17.70 | (0.05) | 0.74 | 0.69 | — | (0.50) | (0.50) | 0.19 | 17.89 | 4.00 | 98,270 | 1.25 | 1.29 | (0.31) | 27 | |
4/1/14 to 3/31/15 | 17.08 | (0.08) | 2.46 | 2.38 | — | (1.76) | (1.76) | 0.62 | 17.70 | 14.83 | 35,058 | 1.25 | 1.32 | (0.47) | 27 | |
4/1/13 to 3/31/14 | 14.98 | (0.11) | 2.69 | 2.58 | — | (0.48) | (0.48) | 2.10 | 17.08 | 17.42 | 20,685 | 1.25 | 1.30 | (0.68) | 23 | |
Class R6 | ||||||||||||||||
10/1/18 to 3/31/19(6) | $34.23 | (0.04) (11) | 2.69 | 2.65 | — | (0.68) | (0.68) | 1.97 | $36.20 | 8.16 % | $28,865 | 1.01 % (7) | 1.01 % | (0.26) % | 13 % | |
1/30/18(12) to 9/30/18 | 29.81 | 0.01 | 4.41 | 4.42 | — | — | — | 4.42 | 34.23 | 14.83 | 13,800 | 1.00 (7) | 1.00 | 0.05 | 13 (14) | |
KAR Small-Cap Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
10/1/18 to 3/31/19(6) | $19.44 | 0.09 | (1.97) | (1.88) | (0.13) | (0.19) | (0.32) | (2.20) | $17.24 | (9.54) % | $77,629 | 1.25 % (7) | 1.25 % | 1.05 % | 5 % | |
10/1/17 to 9/30/18 | 18.41 | 0.10 | 1.23 | 1.33 | (0.01) | (0.29) | (0.30) | 1.03 | 19.44 | 7.27 | 83,276 | 1.27 (7) | 1.27 | 0.55 | 6 | |
4/1/17 to 9/30/17(8) | 17.61 | 0.03 | 1.44 | 1.47 | (0.02) | (0.65) | (0.67) | 0.80 | 18.41 | 8.56 | 87,399 | 1.32 (7) | 1.32 | 0.29 | 10 | |
4/1/16 to 3/31/17 | 15.67 | 0.22 | 3.16 | 3.38 | (0.26) | (1.18) | (1.44) | 1.94 | 17.61 | 22.86 | 89,050 | 1.32 (7)(10) | 1.32 | 1.35 | 22 | |
4/1/15 to 3/31/16 | 16.61 | 0.07 | 0.07 | 0.14 | (0.10) | (0.98) | (1.08) | (0.94) | 15.67 | 0.94 | 71,280 | 1.30 (7) | 1.30 | 0.49 | 15 | |
4/1/14 to 3/31/15 | 16.74 | 0.09 | 1.38 | 1.47 | (0.03) | (1.57) | (1.60) | (0.13) | 16.61 | 9.33 | 74,738 | 1.28 (15) | 1.28 | 0.54 | 24 | |
4/1/13 to 3/31/14 | 13.91 | 0.04 | 2.84 | 2.88 | (0.05) | — | (0.05) | 2.83 | 16.74 | 20.78 | 137,496 | 1.32 (15) | 1.32 | 0.24 | 24 | |
Class C | ||||||||||||||||
10/1/18 to 3/31/19(6) | $18.96 | 0.02 | (1.90) | (1.88) | — | (0.19) | (0.19) | (2.07) | $16.89 | (9.84) % | $16,323 | 1.97 % (7) | 1.97 % | 0.28 % | 5 % | |
10/1/17 to 9/30/18 | 18.08 | (0.03) | 1.20 | 1.17 | — | (0.29) | (0.29) | 0.88 | 18.96 | 6.54 | 29,922 | 1.97 (7) | 1.97 | (0.14) | 6 | |
4/1/17 to 9/30/17(8) | 17.35 | (0.04) | 1.42 | 1.38 | — | (0.65) | (0.65) | 0.73 | 18.08 | 8.17 | 29,795 | 2.06 (7) | 2.06 | (0.45) | 10 | |
4/1/16 to 3/31/17 | 15.45 | 0.10 | 3.11 | 3.21 | (0.13) | (1.18) | (1.31) | 1.90 | 17.35 | 21.95 | 29,416 | 2.07 (7)(10) | 2.07 | 0.65 | 22 | |
4/1/15 to 3/31/16 | 16.41 | (0.04) | 0.06 | 0.02 | — | (0.98) | (0.98) | (0.96) | 15.45 | 0.17 | 23,602 | 2.05 (7) | 2.05 | (0.26) | 15 | |
4/1/14 to 3/31/15 | 16.65 | (0.02) | 1.35 | 1.33 | — | (1.57) | (1.57) | (0.24) | 16.41 | 8.49 | 25,634 | 2.03 (15) | 2.03 | (0.12) | 24 | |
4/1/13 to 3/31/14 | 13.89 | (0.08) | 2.84 | 2.76 | — | — | — | 2.76 | 16.65 | 19.87 | 27,132 | 2.07 (15) | 2.07 | (0.52) | 24 | |
Class I | ||||||||||||||||
10/1/18 to 3/31/19(6) | $19.49 | 0.11 | (1.97) | (1.86) | (0.21) | (0.19) | (0.40) | (2.26) | $17.23 | (9.41) % | $467,390 | 0.99 % (7) | 0.99 % | 1.31 % | 5 % | |
10/1/17 to 9/30/18 | 18.41 | 0.16 | 1.23 | 1.39 | (0.02) | (0.29) | (0.31) | 1.08 | 19.49 | 7.62 | 475,103 | 0.99 (7) | 0.99 | 0.84 | 6 | |
4/1/17 to 9/30/17(8) | 17.62 | 0.05 | 1.43 | 1.48 | (0.04) | (0.65) | (0.69) | 0.79 | 18.41 | 8.72 | 300,259 | 1.07 (7) | 1.07 | 0.55 | 10 | |
4/1/16 to 3/31/17 | 15.69 | 0.26 | 3.17 | 3.43 | (0.32) | (1.18) | (1.50) | 1.93 | 17.62 | 23.20 | 242,661 | 1.07 (7)(10) | 1.07 | 1.63 | 22 | |
4/1/15 to 3/31/16 | 16.64 | 0.11 | 0.07 | 0.18 | (0.15) | (0.98) | (1.13) | (0.95) | 15.69 | 1.17 | 144,487 | 1.05 (7) | 1.05 | 0.74 | 15 | |
4/1/14 to 3/31/15 | 16.77 | 0.16 | 1.35 | 1.51 | (0.07) | (1.57) | (1.64) | (0.13) | 16.64 | 9.59 | 163,082 | 1.03 (15) | 1.03 | 0.97 | 24 | |
4/1/13 to 3/31/14 | 13.92 | 0.08 | 2.84 | 2.92 | (0.07) | — | (0.07) | 2.85 | 16.77 | 21.06 | 104,149 | 1.07 (15) | 1.07 | 0.49 | 24 | |
Class R6 | ||||||||||||||||
10/1/18 to 3/31/19(6) | $19.51 | 0.11 | (1.97) | (1.86) | (0.22) | (0.19) | (0.41) | (2.27) | $17.24 | (9.36) % | $10,961 | 0.89 % (7) | 0.89 % | 1.25 % | 5 % | |
10/1/17 to 9/30/18 | 18.42 | 0.18 | 1.22 | 1.40 | (0.02) | (0.29) | (0.31) | 1.09 | 19.51 | 7.69 | 21,746 | 0.90 (7) | 0.90 | 0.96 | 6 | |
4/1/17 to 9/30/17(8) | 17.63 | 0.05 | 1.44 | 1.49 | (0.05) | (0.65) | (0.70) | 0.79 | 18.42 | 8.78 | 10,165 | 0.99 (7) | 0.99 | 0.52 | 10 | |
11/3/16(12) to 3/31/17 | 14.90 | 0.05 | 3.15 | 3.20 | (0.22) | (0.25) | (0.47) | 2.73 | 17.63 | 21.58 | 122 | 0.98 (7) | 0.98 | 0.68 | 22 (14) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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 | ||||||||||||||||
Class A | ||||||||||||||||
10/1/18 to 3/31/19(6) | $10.79 | (0.01) | (0.22) | (0.23) | — | (0.12) | (0.12) | (0.35) | $10.44 | (1.92) % | $626 | 1.30 % | 3.12 % | (0.23) % | 7 % | |
3/7/18(12) to 9/30/18 | 10.00 | (0.02) | 0.81 | 0.79 | — | — | — | 0.79 | 10.79 | 7.90 | 158 | 1.30 | 5.84 | (0.38) | 16 (14) | |
Class C | ||||||||||||||||
10/1/18 to 3/31/19(6) | $10.75 | (0.05) | (0.23) | (0.28) | — | (0.12) | (0.12) | (0.40) | $10.35 | (2.40) % | $458 | 2.05 % | 3.84 % | (1.08) % | 7 % | |
3/7/18(12) to 9/30/18 | 10.00 | (0.07) | 0.82 | 0.75 | — | — | — | 0.75 | 10.75 | 7.50 | 135 | 2.05 | 6.48 | (1.14) | 16 (14) | |
Class I | ||||||||||||||||
10/1/18 to 3/31/19(6) | $10.81 | — (11) | (0.23) | (0.23) | (0.01) | (0.12) | (0.13) | (0.36) | $10.45 | (1.91) % | $4,348 | 1.05 % | 2.85 % | (0.02) % | 7 % | |
3/7/18(12) to 9/30/18 | 10.00 | (0.01) | 0.82 | 0.81 | — | — | — | 0.81 | 10.81 | 8.10 | 214 | 1.05 | 5.74 | (0.13) | 16 (14) | |
Class R6 | ||||||||||||||||
10/1/18 to 3/31/19(6) | $10.81 | — (11) | (0.22) | (0.22) | (0.01) | (0.12) | (0.13) | (0.35) | $10.46 | (1.81) % | $2,824 | 0.97 % | 2.86 % | 0.09 % | 7 % | |
3/7/18(12) to 9/30/18 | 10.00 | (—) (11) | 0.81 | 0.81 | — | — | — | 0.81 | 10.81 | 8.10 | 2,919 | 0.97 | 5.20 | (0.07) | 16 (14) | |
Rampart Enhanced Core Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
10/1/18 to 3/31/19(6) | $21.05 | 0.08 | (1.11) | (1.03) | (0.21) | — | (0.21) | (1.24) | $19.81 | (4.75) % | $119,546 | 1.20 % | 1.34 % | 0.88 % | 16 % | |
10/1/17 to 9/30/18 | 20.26 | 0.14 | 2.02 | 2.16 | (0.06) | (1.31) | (1.37) | 0.79 | 21.05 | 10.84 | 118,904 | 1.20 | 1.31 | 0.71 | 24 | |
4/1/17 to 9/30/17(8) | 20.27 | 0.06 | 1.72 | 1.78 | (0.06) | (1.73) | (1.79) | (0.01) | 20.26 | 9.26 | 120,445 | 1.23 (13) | 1.39 | 0.63 | 110 | |
4/1/16 to 3/31/17 | 18.14 | 0.15 | 2.68 | 2.83 | (0.22) | (0.48) | (0.70) | 2.13 | 20.27 | 15.85 (9) | 113,442 | 1.26 (9)(10) | 1.40 | 0.81 | 496 | |
4/1/15 to 3/31/16 | 20.97 | 0.14 | 0.56 | 0.70 | (0.15) | (3.38) | (3.53) | (2.83) | 18.14 | 4.02 | 101,113 | 1.25 | 1.38 | 0.74 | 312 | |
4/1/14 to 3/31/15 | 21.94 | 0.17 | 1.84 | 2.01 | (0.08) | (2.90) | (2.98) | (0.97) | 20.97 | 9.75 | 116,725 | 1.25 | 1.36 | 0.82 | 345 | |
4/1/13 to 3/31/14 | 19.51 | 0.14 | 4.02 | 4.16 | (0.10) | (1.63) | (1.73) | 2.43 | 21.94 | 21.84 | 111,074 | 1.25 | 1.39 | 0.66 | 283 | |
Class C | ||||||||||||||||
10/1/18 to 3/31/19(6) | $18.71 | 0.01 | (0.99) | (0.98) | (0.03) | — | (0.03) | (1.01) | $17.70 | (5.19) % | $9,422 | 1.95 % | 2.10 % | 0.10 % | 16 % | |
10/1/17 to 9/30/18 | 18.23 | (0.01) | 1.80 | 1.79 | — | (1.31) | (1.31) | 0.48 | 18.71 | 10.00 | 30,576 | 1.95 | 2.06 | (0.03) | 24 | |
4/1/17 to 9/30/17(8) | 18.44 | (0.02) | 1.56 | 1.54 | (0.02) | (1.73) | (1.75) | (0.21) | 18.23 | 8.85 | 32,710 | 1.98 (13) | 2.15 | (0.17) | 110 | |
4/1/16 to 3/31/17 | 16.48 | 0.01 | 2.44 | 2.45 | (0.01) | (0.48) | (0.49) | 1.96 | 18.44 | 15.01 (9) | 37,269 | 2.00 (9)(10) | 2.15 | 0.04 | 496 | |
4/1/15 to 3/31/16 | 19.42 | — (11) | 0.51 | 0.51 | (0.07) | (3.38) | (3.45) | (2.94) | 16.48 | 3.27 | 36,236 | 2.00 | 2.13 | 0.01 | 312 | |
4/1/14 to 3/31/15 | 20.60 | 0.01 | 1.72 | 1.73 | (0.01) | (2.90) | (2.91) | (1.18) | 19.42 | 8.91 | 37,312 | 2.00 | 2.12 | 0.06 | 345 | |
4/1/13 to 3/31/14 | 18.46 | (0.02) | 3.81 | 3.79 | (0.02) | (1.63) | (1.65) | 2.14 | 20.60 | 20.93 | 27,930 | 2.00 | 2.14 | (0.09) | 283 | |
Class I | ||||||||||||||||
10/1/18 to 3/31/19(6) | $21.03 | 0.11 | (1.12) | (1.01) | (0.26) | — | (0.26) | (1.27) | $19.76 | (4.63) % | $10,952 | 0.95 % | 1.11 % | 1.12 % | 16 % | |
10/1/17 to 9/30/18 | 20.22 | 0.19 | 2.01 | 2.20 | (0.08) | (1.31) | (1.39) | 0.81 | 21.03 | 11.10 | 15,028 | 0.95 | 1.08 | 0.92 | 24 | |
4/1/17 to 9/30/17(8) | 20.22 | 0.09 | 1.71 | 1.80 | (0.07) | (1.73) | (1.80) | (—) | 20.22 | 9.41 | 32,485 | 0.98 (13) | 1.15 | 0.91 | 110 | |
4/1/16 to 3/31/17 | 18.13 | 0.21 | 2.66 | 2.87 | (0.30) | (0.48) | (0.78) | 2.09 | 20.22 | 16.16 (9) | 21,011 | 1.01 (9)(10) | 1.15 | 1.13 | 496 | |
4/1/15 to 3/31/16 | 20.96 | 0.21 | 0.53 | 0.74 | (0.19) | (3.38) | (3.57) | (2.83) | 18.13 | 4.25 | 11,991 | 1.00 | 1.13 | 1.13 | 312 | |
4/1/14 to 3/31/15 | 21.90 | 0.22 | 1.85 | 2.07 | (0.11) | (2.90) | (3.01) | (0.94) | 20.96 | 10.06 | 8,969 | 1.00 | 1.11 | 1.05 | 345 | |
4/1/13 to 3/31/14 | 19.48 | 0.19 | 4.01 | 4.20 | (0.15) | (1.63) | (1.78) | 2.42 | 21.90 | 22.12 | 11,291 | 1.00 | 1.14 | 0.90 | 283 | |
Class R6 | ||||||||||||||||
10/1/18 to 3/31/19(6) | $21.03 | 0.10 | (1.11) | (1.01) | (0.30) | — | (0.30) | (1.31) | $19.72 | (4.62) % | $945 | 0.91 % | 1.03 % | 1.01 % | 16 % | |
1/30/18(12) to 9/30/18 | 20.70 | 0.15 | 0.18 | 0.33 | — | — | — | 0.33 | 21.03 | 1.59 | 4,999 | 0.91 | 1.00 | 1.16 | 24 (14) |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | Each Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | The Fund is currently under its expense limitation. |
(8) | The Fund changed its fiscal year end to September 30 during the period. |
(9) | State Street Bank & Trust, custodian for some of the Funds through January 29, 2010, reimbursed the Funds for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) as follows: KAR Capital Growth Fund 0.06% (Class A), 0.05% (Class C), 0.06% (Class I) KAR Mid-Cap Growth Fund 0.05% (Class A), 0.05% (Class C), 0.05% (Class I) KAR Small-Cap Core Fund amounts are less than 0.005% for Classes A, C, I, and R6, respectively KAR Small-Cap Growth Fund amounts are less than 0.005% for Classes A, C, and I, respectively Rampart Enhanced Core Equity Fund amounts are less than 0.005% for Classes A, C, and I, respectively Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return as follows: KAR Capital Growth Fund 0.06% (Class A), 0.06% (Class C), 0.06% (Class I) KAR Mid-Cap Growth Fund 0.05% (Class A), 0.05% (Class C), 0.05% (Class I) KAR Small-Cap Core Fund amounts are less than 0.005% for Classes A, C, I, and R6, respectively KAR Small-Cap Growth Fund amounts are less than 0.005% for Classes A, C, and I, respectively Rampart Enhanced Core Equity Fund amounts are less than 0.005% for Classes A, C, and I, respectively |
(10) | Net expense ratio includes extraordinary proxy expenses. |
(11) | Amount is less than $0.005 per share. |
(12) | Inception date. |
(13) | Represents a blended ratio. |
(14) | Portfolio turnover is representative of the Fund for the entire period. |
(15) | See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously waived. |
Fund | Investment objective(s) | |
KAR Capital Growth Fund | Long-term capital growth. | |
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. | |
Rampart Enhanced Core Equity Fund | Capital appreciation and current 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). |
• | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
• | Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments). |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REIT investments is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed its cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2019, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2015 forward (with limited exceptions). | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that 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 expense to each Fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Regulation S-X |
In August 2018, the SEC adopted amendments to Regulation S-X which are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the information provided to investors. The amendments include eliminating the requirement to: separately state book basis components of net assets on the Statement of Assets & Liabilities; separately state the sources of distributions paid (except tax return of capital distributions must still be separately disclosed) on the Statements of Changes in Net Assets; and state the book basis amount of undistributed net investment income on the Statements of Changes in Net Assets. Certain prior year amounts have been reclassified for consistency with the current year presentation (see footnotes on Statements of Changes in Net Assets for separate disclosure). These reclassifications have no effect on total net assets, total distributions, the statement of operations, financial highlights, net asset value or total return. | |
H. | Securities Lending |
($ reported in thousands) | |
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. 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. At March 31, 2019, the following Funds had securities on loan: |
Market Value | Cash Collateral | ||
KAR Global Quality Dividend Fund | $ 1,052 | $ 1,086 |
A. | Options Contracts |
($ reported in thousands) | |
An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed-upon price. Certain Funds may purchase or write both put and call options on portfolio securities for hedging purposes or to facilitate the rapid implementation of investment strategies if the Fund anticipates a significant market or sector advance. A Fund doing so is subject to equity price risk and/or foreign currency risk in the normal course of pursuing its investment objectives. | |
When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. Holdings of the Fund designated to cover outstanding written options are noted in the Schedules of Investments. Purchased options are reported as an asset within “Investment in unaffiliated securities at value” in the Statements of Assets and Liabilities. Written options written are reported as a liability within “Written options at value.” Changes in value of the purchased option are included in “Net change in unrealized appreciation (depreciation) from investments” in the Statements of Operations. Changes in value of written options are included in “Net change in unrealized appreciation (depreciation) from written options” in the Statements of Operations. |
If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in “Net realized gain (loss) from investments” in the Statements of Operations. Gain or loss on written options is presented separately as “Net realized gain (loss) from written options” in the Statements of Operations. | |
The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the referenced security increases and the option is exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the referenced security decreases and the option is exercised. The risk in buying options is that the Fund pays a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are subject to unlimited risk of loss, as the seller will be obligated to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value. | |
The Rampart Enhanced Core Equity Fund invested in written covered call options contracts in an attempt to manage equity price risk and with the purpose of generating realized gains. | |
The following is a summary of the Rampart Enhanced Core Equity Fund’s derivative instrument holdings categorized by primary risk exposure (equity contracts) in the financial statements as of March 31, 2019: |
Statements of Assets and Liabilities | |
Rampart Enhanced Core Equity Fund | |
Assets: Purchased options at value | $ 127(1) |
Liabilities: Written Options at value | (300) |
Net asset (liability) balance | $(173) |
Statements of Operations | |
Rampart Enhanced Core Equity Fund | |
Net realized gain (loss) from purchased options | $(2,127)(2) |
Net realized gain (loss) from written options | (2,131) |
Net change in unrealized appreciation (depreciation) from purchased options | 11(3) |
Net change in unrealized appreciation (depreciation) from written options | (65) |
Total net realized and unrealized gain (loss) on purchased and written options | $(4,312) |
(1) Amount included in Investment in securities at value. (2) Amount included in Net realized gain (loss) from investments. (3) Amount included in Net change in unrealized appreciation (depreciation) from investments. | |
For the period ended March 31, 2019, the average daily premiums paid by the Rampart Enhanced Core Equity Fund for purchased options were $332 and the average daily premiums received for written options by the Rampart Enhanced Core Equity Fund were $617. |
A. | Investment Adviser |
($ reported in thousands) | |
Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadviser(s). | |
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 % |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion | |||
KAR Capital Growth Fund | 0.70 % | 0.65 % | 0.60 % | ||
KAR Global Quality Dividend Fund | 0.75 | 0.70 | 0.65 | ||
KAR Mid-Cap Core Fund | 0.80 | 0.75 | 0.70 | ||
Rampart Enhanced Core Equity Fund | 0.75 | 0.70 | 0.65 |
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. Each subadviser is an indirect, wholly owned subsidiary of Virtus. A list of the subadvisers and the Funds they serve as of the end of the period is as follows: |
Fund | Subadviser | |
KAR Capital Growth Fund | KAR(1) | |
KAR 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) | |
Rampart Enhanced Core Equity Fund | Rampart(2) |
(1) | Kayne Anderson Rudnick Investment Management, LLC (“KAR”). |
(2) | Rampart Investment Management Company, LLC (“Rampart”). |
C. | Expense Limits and Fee Waivers |
The Adviser has contractually agreed to limit certain Funds’ total operating expenses (excluding front-end or contingent deferred loads, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any), so that such expenses do not exceed on an annualized basis, the following respective percentages of average annual daily net assets through January 31, 2020. 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 %‡ | 0.78 % | ||||
KAR Global Quality Dividend Fund | 1.35 | 2.10 | 1.10 | N/A | ||||
KAR Mid-Cap Core Fund | 1.20 | 1.95 | 0.95 | 0.87 | ||||
KAR Mid-Cap Growth Fund | 1.40 ‡ | 2.15 ‡ | 1.15 ‡ | 0.90 | ||||
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 | ||||
Rampart Enhanced Core Equity Fund | 1.20 | 1.95 | 0.95 | 0.91 |
‡ | Each share class is currently below its expense cap. |
D. | Expense Recapture |
($ reported in thousands) | |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expiration | ||||||||||
Fund | 2019 | 2020 | 2021 | 2022 | Total | |||||
KAR Capital Growth Fund | ||||||||||
Class R6 | $ — | $ — | $ 5 | $ 1 | $ 6 | |||||
KAR Global Quality Dividend Fund | ||||||||||
Class A | 34 | 70 | 55 | 28 | 187 | |||||
Class C | 5 | 11 | 9 | 4 | 29 | |||||
Class I | 4 | 11 | 10 | 7 | 32 | |||||
KAR Mid-Cap Core Fund | ||||||||||
Class A | 39 | 62 | 55 | 27 | 183 | |||||
Class C | 12 | 39 | 45 | 24 | 120 | |||||
Class I | 20 | 133 | 200 | 151 | 504 | |||||
Class R6 | — | — | 1 | 2 | 3 | |||||
KAR Mid-Cap Growth Fund | ||||||||||
Class A | 50 | 70 | 5 | — | 125 | |||||
Class C | 3 | 5 | 2 | —(1) | 10 | |||||
Class I | — | — | — | 3 | 3 | |||||
Class R6 | — | — | —(1) | —(1) | —(1) | |||||
KAR Small-Mid Cap Core Fund | ||||||||||
Class A | — | — | 3 | 3 | 6 | |||||
Class C | — | — | 3 | 3 | 6 | |||||
Class I | — | — | 3 | 16 | 19 | |||||
Class R6 | — | — | 66 | 25 | 91 | |||||
Rampart Enhanced Core Equity Fund | ||||||||||
Class A | 72 | 159 | 133 | 79 | 443 | |||||
Class C | 27 | 51 | 34 | 15 | 127 | |||||
Class I | 13 | 34 | 30 | 10 | 87 | |||||
Class R6 | — | — | 3 | 1 | 4 |
(1) | Amount is less than $500. |
Fund | Class A | Class C | Class I | Class R6 | Total | |||||
KAR Capital Growth Fund | $— | $— | $— | $—(1) | $—(1) | |||||
KAR Mid-Cap Growth Fund | 29 | 1 | 5 | — | 35 | |||||
Rampart Enhanced Core Equity Fund | — | — | — | —(1) | —(1) |
(1) | Amount is less than $500. |
E. | Distributor |
($ reported in thousands) | |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the six months (the “period”) ended March 31, 2019, it retained net commissions of $127 for Class A shares and CDSC of $66, and $110 for Class A shares, and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
($ reported in thousands) | |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the period ended March 31, 2019, the Funds incurred administration fees totaling $3,573 which are included in the Statements of Operations within the line item “Administration and accounting fees”. The fees are calculated daily and paid monthly. | |
For the period ended March 31, 2019, the Funds incurred transfer agent fees totaling $5,121 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses” and “Sub-transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Funds. The fees are calculated daily and paid monthly. |
G. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other Assets” on the Statements of Assets and Liabilities at March 31, 2019. |
Purchases | Sales | ||
KAR Capital Growth Fund | $33,862 | $69,049 | |
KAR Global Quality Dividend Fund | 7,330 | 7,846 | |
KAR Mid-Cap Core Fund | 138,286 | 38,769 | |
KAR Mid-Cap Growth Fund | 77,727 | 26,212 | |
KAR Small-Cap Core Fund | 48,999 | 104,040 | |
KAR Small-Cap Growth Fund | 565,294 | 535,432 | |
KAR Small-Cap Value Fund | 72,264 | 25,563 | |
KAR Small-Mid Cap Core Fund | 4,656 | 371 | |
Rampart Enhanced Core Equity Fund | 23,156 | 43,945 |
KAR Capital Growth Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 494 | $7,232 | 1,378 | $23,273 | |||
Reinvestment of distributions | 2,881 | 39,213 | 1,328 | 21,555 | |||
Shares repurchased and cross class conversions | (1,741) | (26,527) | (2,647) | (46,032) | |||
Net Increase / (Decrease) | 1,634 | $19,918 | 59 | $(1,204) | |||
Class C | |||||||
Shares sold and cross class conversions | 73 | $876 | 102 | $1,388 | |||
Reinvestment of distributions | 140 | 1,443 | 64 | 817 | |||
Shares repurchased and cross class conversions | (405) | (4,474) | (250) | (3,406) | |||
Net Increase / (Decrease) | (192) | $(2,155) | (84) | $(1,201) | |||
Class I | |||||||
Shares sold and cross class conversions | 144 | $2,285 | 661 | $11,483 | |||
Reinvestment of distributions | 92 | 1,303 | 35 | 585 | |||
Shares repurchased and cross class conversions | (147) | (2,377) | (542) | (9,870) | |||
Net Increase / (Decrease) | 89 | $1,211 | 154 | $2,198 |
KAR Capital Growth Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class R6 | |||||||
Shares sold and cross class conversions | — | $— | 432 | $7,839 | |||
Shares repurchased and cross class conversions | (334) | (5,834) | (93) | (1,705) | |||
Net Increase / (Decrease) | (334) | $(5,834) | 339 | $6,134 |
KAR Global Quality Dividend Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 232 | $3,069 | 43 | $642 | |||
Reinvestment of distributions | 183 | 2,343 | 328 | 4,834 | |||
Shares repurchased and cross class conversions | (147) | (2,016) | (1,340) | (19,402) | |||
Net Increase / (Decrease) | 268 | $3,396 | (969) | $(13,926) | |||
Class C | |||||||
Shares sold and cross class conversions | 40 | $504 | 32 | $473 | |||
Reinvestment of distributions | 33 | 403 | 43 | 618 | |||
Shares repurchased and cross class conversions | (161) | (2,052) | (108) | (1,557) | |||
Net Increase / (Decrease) | (88) | $(1,145) | (33) | $(466) | |||
Class I | |||||||
Shares sold and cross class conversions | 79 | $1,063 | 192 | $3,075 | |||
Reinvestment of distributions | 38 | 486 | 40 | 588 | |||
Shares repurchased and cross class conversions | (40) | (550) | (312) | (4,953) | |||
Net Increase / (Decrease) | 77 | $999 | (80) | $(1,290) |
KAR Mid-Cap Core Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 347 | $10,631 | 327 | $10,445 | |||
Reinvestment of distributions | 8 | 241 | — | — | |||
Shares repurchased and cross class conversions | (163) | (5,012) | (283) | (8,834) | |||
Net Increase / (Decrease) | 192 | $5,860 | 44 | $1,611 |
KAR Mid-Cap Core Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class C | |||||||
Shares sold and cross class conversions | 380 | $10,862 | 415 | $12,383 | |||
Reinvestment of distributions | 9 | 234 | — | — | |||
Shares repurchased and cross class conversions | (202) | (5,771) | (122) | (3,610) | |||
Net Increase / (Decrease) | 187 | $5,325 | 293 | $8,773 | |||
Class I | |||||||
Shares sold and cross class conversions | 4,512 | $139,765 | 3,336 | $107,740 | |||
Reinvestment of distributions | 47 | 1,376 | — | — | |||
Shares repurchased and cross class conversions | (1,743) | (53,966) | (911) | (29,145) | |||
Net Increase / (Decrease) | 2,816 | $87,175 | 2,425 | $78,595 | |||
Class R6 | |||||||
Shares sold and cross class conversions | 37 | $1,120 | 72 | $2,337 | |||
Reinvestment of distributions | 1 | 17 | — | — | |||
Shares repurchased and cross class conversions | (4) | (99) | — (1) | (2) | |||
Net Increase / (Decrease) | 34 | $1,038 | 72 | $2,335 |
(1) | Amount is less than 500 shares. |
KAR Mid-Cap Growth Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 798 | $26,026 | 849 | $28,504 | |||
Reinvestment of distributions | 70 | 2,054 | 157 | 4,354 | |||
Shares repurchased and cross class conversions | (731) | (23,365) | (370) | (11,905) | |||
Net Increase / (Decrease) | 137 | $4,715 | 636 | $20,953 | |||
Class C | |||||||
Shares sold and cross class conversions | 350 | $9,148 | 289 | $7,739 | |||
Reinvestment of distributions | 15 | 347 | 15 | 333 | |||
Shares repurchased and cross class conversions | (119) | (2,920) | (80) | (2,061) | |||
Net Increase / (Decrease) | 246 | $6,575 | 224 | $6,011 |
KAR Mid-Cap Growth Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class I | |||||||
Shares sold and cross class conversions | 2,288 | $76,912 | 1,722 | �� | $58,119 | ||
Reinvestment of distributions | 37 | 1,127 | 8 | 227 | |||
Shares repurchased and cross class conversions | (918) | (30,078) | (336) | (11,370) | |||
Net Increase / (Decrease) | 1,407 | $47,961 | 1,394 | $46,976 | |||
Class R6 | |||||||
Shares sold and cross class conversions | 5 | $192 | 6 | $194 | |||
Reinvestment of distributions | —(1) | 1 | — | — | |||
Shares repurchased and cross class conversions | (1) | (51) | (3) | (98) | |||
Net Increase / (Decrease) | 4 | $142 | 3 | $96 |
(1) | Amount is less than 500 shares. |
KAR Small-Cap Core Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 414 | $13,104 | 3,611 | $118,346 | |||
Reinvestment of distributions | 141 | 4,157 | 4 | 131 | |||
Shares repurchased and cross class conversions | (1,264) | (40,619) | (2,134) | (71,685) | |||
Net Increase / (Decrease) | (709) | $(23,358) | 1,481 | $46,792 | |||
Class C | |||||||
Shares sold and cross class conversions | 150 | $4,057 | 2,174 | $61,092 | |||
Reinvestment of distributions | 198 | 4,888 | 4 | 108 | |||
Shares repurchased and cross class conversions | (757) | (19,907) | (455) | (12,785) | |||
Net Increase / (Decrease) | (409) | $(10,962) | 1,723 | $48,415 | |||
Class I | |||||||
Shares sold and cross class conversions | 4,330 | $145,846 | 24,195 | $841,974 | |||
Reinvestment of distributions | 1,102 | 34,246 | 21 | 670 | |||
Shares repurchased and cross class conversions | (8,281) | (275,256) | (7,283) | (256,833) | |||
Net Increase / (Decrease) | (2,849) | $(95,164) | 16,933 | $585,811 |
KAR Small-Cap Core Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class R6 | |||||||
Shares sold and cross class conversions | 350 | $11,650 | 1,215 | $42,276 | |||
Reinvestment of distributions | 96 | 2,985 | 2 | 71 | |||
Shares repurchased and cross class conversions | (275) | (9,476) | (359) | (12,776) | |||
Net Increase / (Decrease) | 171 | $5,159 | 858 | $29,571 |
KAR Small-Cap Growth Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 2,954 | $93,325 | 22,652 | $719,261 | |||
Reinvestment of distributions | 477 | 14,072 | — | — | |||
Shares repurchased and cross class conversions | (8,590) | (267,835) | (7,176) | (228,410) | |||
Net Increase / (Decrease) | (5,159) | $(160,438) | 15,476 | $490,851 | |||
Class C | |||||||
Shares sold and cross class conversions | 471 | $13,454 | 6,780 | $192,680 | |||
Reinvestment of distributions | 242 | 6,416 | — | — | |||
Shares repurchased and cross class conversions | (1,286) | (35,950) | (867) | (24,272) | |||
Net Increase / (Decrease) | (573) | $(16,080) | 5,913 | $168,408 | |||
Class I | |||||||
Shares sold and cross class conversions | 14,962 | $481,011 | 97,746 | $3,117,032 | |||
Reinvestment of distributions | 2,195 | 66,057 | — | — | |||
Shares repurchased and cross class conversions | (33,467) | (1,060,253) | (19,336) | (613,754) | |||
Net Increase / (Decrease) | (16,310) | $(513,185) | 78,410 | $2,503,278 | |||
Class R6 | |||||||
Shares sold and cross class conversions | 664 | $20,739 | 501 | $16,067 | |||
Reinvestment of distributions | 7 | 224 | — | — | |||
Shares repurchased and cross class conversions | (277) | (8,927) | (98) | (3,328) | |||
Net Increase / (Decrease) | 394 | $12,036 | 403 | $12,739 |
KAR Small-Cap Value Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 914 | $15,130 | 779 | $14,625 | |||
Reinvestment of distributions | 81 | 1,293 | 68 | 1,277 | |||
Shares repurchased and cross class conversions | (776) | (13,267) | (1,312) | (24,752) | |||
Net Increase / (Decrease) | 219 | $3,156 | (465) | $(8,850) | |||
Class C | |||||||
Shares sold and cross class conversions | 248 | $4,020 | 199 | $3,681 | |||
Reinvestment of distributions | 19 | 293 | 25 | 464 | |||
Shares repurchased and cross class conversions | (878) | (14,282) | (294) | (5,395) | |||
Net Increase / (Decrease) | (611) | $(9,969) | (70) | $(1,250) | |||
Class I | |||||||
Shares sold and cross class conversions | 8,192 | $139,678 | 13,481 | $255,552 | |||
Reinvestment of distributions | 601 | 9,562 | 284 | 5,358 | |||
Shares repurchased and cross class conversions | (6,037) | (101,983) | (5,698) | (108,227) | |||
Net Increase / (Decrease) | 2,756 | $47,257 | 8,067 | $152,683 | |||
Class R6 | |||||||
Shares sold and cross class conversions | 74 | $1,283 | 763 | $14,317 | |||
Reinvestment of distributions | 20 | 322 | 13 | 236 | |||
Shares repurchased and cross class conversions | (572) | (10,111) | (213) | (4,046) | |||
Net Increase / (Decrease) | (478) | $(8,506) | 563 | $10,507 |
KAR Small-Mid Cap Core Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | From inception March 7, 2018 to September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 49 | $482 | 15 | $155 | |||
Reinvestment of distributions | —(1) | 3 | — | — | |||
Shares repurchased and cross class conversions | (4) | (35) | (1) | (6) | |||
Net Increase / (Decrease) | 45 | $450 | 14 | $149 | |||
Class C | |||||||
Shares sold and cross class conversions | 33 | $292 | 13 | $128 | |||
Reinvestment of distributions | —(1) | 1 | — | — | |||
Shares repurchased and cross class conversions | (2) | (8) | — | — | |||
Net Increase / (Decrease) | 31 | $285 | 13 | $128 |
KAR Small-Mid Cap Core Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | From inception March 7, 2018 to September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class I | |||||||
Shares sold and cross class conversions | 416 | $4,099 | 24 | $— | |||
Reinvestment of distributions | 2 | 15 | — | — | |||
Shares repurchased and cross class conversions | (22) | (215) | (4) | — | |||
Net Increase / (Decrease) | 396 | $3,899 | 20 | $— | |||
Class R6 | |||||||
Shares sold and cross class conversions | — | $— | 270 | $2,700 | |||
Net Increase / (Decrease) | — | $— | 270 | $2,700 |
(1) | Amount is less than 500 shares. |
Rampart Enhanced Core Equity Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 959 | $17,543 | 236 | $4,803 | |||
Reinvestment of distributions | 60 | 1,048 | 362 | 7,382 | |||
Shares repurchased and cross class conversions | (633) | (11,783) | (894) | (17,545) | |||
Net Increase / (Decrease) | 386 | $6,808 | (296) | $(5,360) | |||
Class C | |||||||
Shares sold and cross class conversions | 12 | $197 | 98 | $1,752 | |||
Reinvestment of distributions | 3 | 52 | 119 | 2,172 | |||
Shares repurchased and cross class conversions | (1,117) | (18,227) | (378) | (6,755) | |||
Net Increase / (Decrease) | (1,102) | $(17,978) | (161) | $(2,831) | |||
Class I | |||||||
Shares sold and cross class conversions | 28 | $538 | 241 | $4,877 | |||
Reinvestment of distributions | 9 | 152 | 104 | 2,108 | |||
Shares repurchased and cross class conversions | (198) | (3,653) | (1,237) | (24,611) | |||
Net Increase / (Decrease) | (161) | $(2,963) | (892) | $(17,626) | |||
Class R6 | |||||||
Shares sold and cross class conversions | 3 | $62 | 440 | $9,076 | |||
Reinvestment of distributions | 1 | 22 | — | — | |||
Shares repurchased and cross class conversions | (194) | (3,820) | (202) | (3,755) | |||
Net Increase / (Decrease) | (190) | $(3,736) | 238 | $5,321 |
Exchange Redemptions | Exchange Subscriptions | ||||||||||||
Class A Shares | Class C Shares | Class I Shares | Class A Shares | Class C Shares | Class I Shares | Value | |||||||
KAR Capital Growth Fund | 35 | 303 | 34 | 256 | — | 42 | $4,417 | ||||||
KAR Global Quality Dividend Fund | 6 | 112 | — | 108 | — | 7 | 1,498 | ||||||
KAR Mid-Cap Core Fund | 5 | 57 | —(1) | 31 | — | 27 | 1,846 | ||||||
KAR Mid-Cap Growth Fund | 36 | 69 | 1 | 52 | — | 38 | 2,919 | ||||||
KAR Small-Cap Core Fund | 193 | 296 | 26 | 131 | —(1) | 316 | 15,205 | ||||||
KAR Small-Cap Growth Fund | 671 | 404 | 58 | 261 | 1 | 816 | 33,969 | ||||||
KAR Small-Cap Value Fund | 40 | 686 | 42 | 700 | — | 51 | 12,521 | ||||||
Rampart Enhanced Core Equity Fund | 10 | 939 | —(1) | 840 | — | 12 | 15,444 |
(1) | Amount is less than 500 shares. |
% of Shares Outstanding | Number of Accounts | ||
KAR Mid-Cap Core Fund | 36% | 2 | |
KAR Mid-Cap Growth Fund | 10 | 1 | |
KAR Small-Cap Core Fund | 25 | 2 | |
KAR Small-Cap Growth Fund | 25 | 2 | |
KAR Small-Cap Value Fund | 50 | 2 | |
KAR Small-Mid Cap Core Fund | 80 | 3* |
* | Includes affiliated shareholder account(s). |
Fund | Sector | Percentage of Total Investments | ||
KAR Capital Growth Fund | Consumer Discretionary | 27% | ||
KAR Capital Growth Fund | Information Technology | 26 | ||
KAR Mid-Cap Core Fund | Industrials | 30 | ||
KAR Mid-Cap Growth Fund | Information Technology | 33 | ||
KAR Small-Cap Core Fund | Industrials | 33 | ||
KAR Small-Cap Growth Fund | Communication Services | 26 | ||
KAR Small-Mid Cap Core Fund | Industrials | 30 |
Fund | Investment | Date of Acquisition | Cost | Value | Percentage of Net Assets | |||||
KAR Capital Growth Fund | BDC Payments Holdings, Inc. | 12/21/18 | $5,514 | $5,514 | 1.1% | |||||
KAR Mid-Cap Growth Fund | BDC Payments Holdings, Inc. | 12/21/18 | 3,500 | 3,500 | 1.3 |
Fund | Federal Tax cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
KAR Capital Growth Fund | $258,356 | $252,495 | $(1,896) | $250,599 | ||||
KAR Global Quality Dividend Fund | 35,027 | 3,542 | (1,378) | 2,164 | ||||
KAR Mid-Cap Core Fund | 281,657 | 50,065 | (1,960) | 48,105 | ||||
KAR Mid-Cap Growth Fund | 184,220 | 85,353 | (5,820) | 79,533 | ||||
KAR Small-Cap Core Fund | 996,801 | 454,375 | (40,908) | 413,467 | ||||
KAR Small-Cap Growth Fund | 3,492,457 | 1,345,927 | (98,337) | 1,247,590 | ||||
KAR Small-Cap Value Fund | 467,926 | 114,903 | (25,725) | 89,178 | ||||
KAR Small-Mid Cap Core Fund | 7,543 | 686 | (119) | 567 | ||||
Rampart Enhanced Core Equity Fund (securities) | 116199 | 27,667 | (3,843) | 23,824 | ||||
Rampart Enhanced Core Equity Fund (written options) | (300) | — | — | — |
Prospectuses for future reference.
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 at1-800-243-1574, orVirtus.com.
8029 | 05-19 |
Virtus Tactical Allocation Fund |
Message to Shareholders | 1 |
Disclosure of Fund Expenses | 2 |
Key Investment Terms | 4 |
Schedule of Investments | 6 |
Statement of Assets and Liabilities | 33 |
Statement of Operations | 35 |
Statements of Changes in Net Assets | 36 |
Financial Highlights | 38 |
Notes to Financial Statements | 41 |
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees | 54 |
President, Virtus Funds
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 996.90 | 1.12 % | $ 5.58 | |||
Class C | 1,000.00 | 993.30 | 1.91 | 9.49 | |||
Class I** | 1,000.00 | 1,079.00 | 0.86 | 1.47 |
* | Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
** | January 31, 2019, is the date the Class started accruing expenses. Expenses are equal to the Fund Class’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (60) 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, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 1,019.35 | 1.12 % | $ 5.64 | |||
Class C | 1,000.00 | 1,015.41 | 1.91 | 9.60 | |||
Class I | 1,000.00 | 1,020.64 | 0.86 | 4.33 |
* | Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Common Stocks | 61% | |
Information Technology | 14% | |
Consumer Discretionary | 14 | |
Communication Services | 8 | |
All other Common Stocks | 25 | |
Corporate Bonds And Notes | 17 | |
Financials | 6 | |
Energy | 2 | |
All other Corporate Bonds And Notes | 9 | |
Mortgage-Backed Securities | 8 | |
Asset-Backed Securities | 4 | |
U.S. Government Securities | 3 | |
Leveraged Loans | 3 | |
Other (includes securities lending collateral) | 4 | |
Total | 100% |
Par Value | Value | ||
U.S. Government Securities—3.4% | |||
U.S. Treasury Bond | |||
2.500%, 2/15/46 | $7,250 | $6,834 | |
3.000%, 8/15/48 | 10,095 | 10,474 | |
U.S. Treasury Note | |||
1.375%, 4/30/20 | 500 | 494 | |
1.625%, 2/15/26 | 730 | 698 | |
2.875%, 8/15/28 | 1,465 | 1,524 | |
Total U.S. Government Securities (Identified Cost $18,941) | 20,024 | ||
Municipal Bonds—1.0% | |||
California—0.4% | |||
State of California, Build America Bonds Taxable 7.600%, 11/1/40 | 1,275 | 1,979 |
Par Value | Value | ||
California—continued | |||
University of California, Series B-A, Taxable 4.428%, 5/15/48 | $380 | $399 | |
2,378 | |||
Georgia—0.1% | |||
Rockdale County Water & Sewerage Authority Revenue Taxable 3.060%, 7/1/24 | 600 | 603 | |
Idaho—0.1% | |||
Idaho Health Facilities Authority Saint Luke’s Health System Revenue Taxable 5.020%, 3/1/48 | 450 | 484 |
Par Value | Value | ||
New York—0.3% | |||
New York City Transitional Finance Authority Future Tax Secured Revenue Series A-3 5.000%, 8/1/40 | $1,630 | $1,911 | |
Virginia—0.1% | |||
City of Bristol, General Obligation Taxable 4.210%, 1/1/42 | 640 | 646 | |
Total Municipal Bonds (Identified Cost $5,949) | 6,022 | ||
Foreign Government Securities—1.0% | |||
Argentine Republic | |||
6.875%, 4/22/21 | 150 | 137 | |
4.625%, 1/11/23 | 1,020 | 835 | |
6.875%, 1/26/27 | 155 | 125 | |
Series NY 8.280%, 12/31/33 | 58 | 48 | |
Bolivarian Republic of Venezuela | |||
7.650%, 4/21/25(1)(2) | 320 | 92 | |
9.375%, 1/13/34(1) | 130 | 42 | |
RegS 8.250%, 10/13/24(1)(2) | 40 | 12 | |
Dominican Republic | |||
144A 6.875%, 1/29/26(3) | 100 | 110 | |
144A 5.950%, 1/25/27(3) | 565 | 593 | |
144A 6.000%, 7/19/28(3) | 150 | 157 | |
Kingdom of Morocco 144A 5.500%, 12/11/42(3) | 200 | 214 | |
Republic of Indonesia 144A 8.500%, 10/12/35(3) | 815 | 1,160 | |
Republic of Ivory Coast 144A 6.375%, 3/3/28(3) | 200 | 195 | |
Republic of Saudi 144A 4.375%, 4/16/29(3) | 630 | 656 |
Par Value | Value | ||
Republic of South Africa Series 2023 7.750%, 2/28/23 | 1,400ZAR | $97 | |
Republic of Turkey 6.000%, 3/25/27 | $525 | 480 | |
Sultanate of Oman | |||
144A 5.375%, 3/8/27(3) | 470 | 437 | |
144A 5.625%, 1/17/28(3) | 200 | 187 | |
Ukraine | |||
144A 7.750%, 9/1/23(3) | 120 | 117 | |
144A 7.750%, 9/1/26(3) | 160 | 150 | |
United Mexican States Series M 6.500%, 6/9/22 | 1,092MXN | 54 | |
Total Foreign Government Securities (Identified Cost $6,189) | 5,898 | ||
Mortgage-Backed Securities—7.6% | |||
Agency—0.2% | |||
Federal Home Loan Mortgage Corporation | |||
Pool #A46224 5.000%, 7/1/35 | 110 | 120 | |
Pool #A62213 6.000%, 6/1/37 | 173 | 196 | |
Federal National Mortgage Association | |||
Pool #776432 4.000%, 7/1/19 | — | —(4) | |
Pool #254549 6.000%, 12/1/32 | 31 | 34 | |
Pool #735061 6.000%, 11/1/34 | 238 | 262 | |
Pool #880117 5.500%, 4/1/36 | 4 | 4 | |
Pool #938574 5.500%, 9/1/36 | 128 | 141 | |
Pool #310041 6.500%, 5/1/37 | 193 | 222 |
Par Value | Value | ||
Agency—continued | |||
Pool #909092 6.000%, 9/1/37 | $9 | $10 | |
Pool #972569 5.000%, 3/1/38 | 143 | 155 | |
Pool #909175 5.500%, 4/1/38 | 94 | 104 | |
Pool #929625 5.500%, 6/1/38 | 147 | 161 | |
Pool #909220 6.000%, 8/1/38 | 67 | 74 | |
1,483 | |||
Non-Agency—7.4% | |||
Agate Bay Mortgage Trust 2016-3, A5 144A 3.500%, 8/25/46(3)(5) | 104 | 104 | |
American Homes 4 Rent Trust | |||
2014-SFR2, C 144A 4.705%, 10/17/36(3) | 795 | 830 | |
2015-SFR1, A 144A 3.467%, 4/17/52(3) | 998 | 1,010 | |
2015-SFR2, C 144A 4.691%, 10/17/52(3) | 335 | 351 | |
Angel Oak Mortgage Trust I LLC | |||
2018-1, A1 144A 3.258%, 4/27/48(3)(5) | 245 | 244 | |
2018-2, A1 144A 3.674%, 7/27/48(3)(5) | 963 | 967 | |
2019-1, A1 144A 3.920%, 11/25/48(3)(5) | 838 | 846 | |
Arroyo Mortgage Trust | |||
2018-1, A1 144A 3.763%, 4/25/48(3)(5) | 219 | 221 | |
2019-1, A1 144A 3.805%, 1/25/49(3)(5) | 265 | 267 | |
Aventura Mall Trust 2013-AVM, C 144A 3.743%, 12/5/32(3)(5) | 580 | 587 | |
Banc of America Funding Trust | |||
2004-B, 2A1 4.943%, 11/20/34(5) | 65 | 66 |
Par Value | Value | ||
Non-Agency—continued | |||
2005-1, 1A1 5.500%, 2/25/35 | $212 | $212 | |
Banc of America Mortgage Trust 2005-3, 1A15 5.500%, 4/25/35 | 97 | 99 | |
Bank of America (Countrywide) Asset-Backed Certificates 2005-1, AF5A 4.939%, 7/25/35(5) | 103 | 106 | |
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust 2004-22CB, 1A1 6.000%, 10/25/34 | 97 | 102 | |
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust 2004-6, 1A2 4.202%, 5/25/34(5) | 313 | 312 | |
Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 2015-200P, A 144A 3.218%, 4/14/33(3) | 500 | 506 | |
Bayview Opportunity Master Fund IVa Trust | |||
2016-SPL1, B1 144A 4.250%, 4/28/55(3) | 510 | 528 | |
2017-SPL5, B1 144A 4.000%, 6/28/57(3)(5) | 100 | 103 | |
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A 4.250%, 6/28/53(3)(5) | 245 | 252 | |
Bunker Hill Loan Depositary Trust 2019-1, A1 144A 3.613%, 10/26/48(3)(5) | 555 | 555 |
Par Value | Value | ||
Non-Agency—continued | |||
BX Trust 2018-MCSF, A (1 month LIBOR + 0.577%) 144A 3.060%, 4/15/35(3)(5) | $560 | $551 | |
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34(3) | 520 | 534 | |
Citigroup Commercial Mortgage Trust 2019-SST2, A (1 month LIBOR + 0.920%) 144A 3.404%, 12/15/36(3)(5) | 675 | 672 | |
Citigroup Mortgage Loan Trust, Inc. | |||
2015-A, A1 144A 3.500%, 6/25/58(3)(5) | 50 | 50 | |
2018-RP1, A1 144A 3.000%, 9/25/64(3)(5) | 1,061 | 1,051 | |
Cold Storage Trust 2017-ICE3, A (1 month LIBOR + 1.000%) 144A 3.484%, 4/15/36(3)(5) | 560 | 560 | |
Colony Starwood Homes Trust 2016-2A, C (1 month LIBOR + 2.150%) 144A 4.634%, 12/17/33(3)(5) | 393 | 393 | |
COLT Mortgage Loan Trust Funding LLC | |||
2017-1, A3 144A 3.074%, 5/27/47(3)(5) | 50 | 50 | |
2018-1, A1 144A 2.930%, 2/25/48(3)(5) | 202 | 201 | |
2019-1, A1 144A 3.705%, 3/25/49(3)(5) | 437 | 439 | |
CoreVest American Finance Trust | |||
2018-1, A 144A 3.804%, 6/15/51(3) | 95 | 96 | |
2018-2, A 144A 4.026%, 11/15/52(3) | 164 | 168 |
Par Value | Value | ||
Non-Agency—continued | |||
Credit Suisse Mortgage Capital Trust 2014-IVR2, A2 144A 3.763%, 4/25/44(3)(5) | $41 | $41 | |
Deephaven Residential Mortgage Trust 2017-1A, A2 144A 2.928%, 12/26/46(3)(5) | 76 | 75 | |
Ellington Financial Mortgage Trust 2018-1, A1FX 144A 4.140%, 10/25/58(3)(5) | 330 | 332 | |
GAHR Commercial Mortgage Trust 2015-NRF, CFX 144A 3.382%, 12/15/34(3)(5) | 130 | 129 | |
Galton Funding Mortgage Trust | |||
2017-1, A21 144A 3.500%, 7/25/56(3)(5) | 196 | 196 | |
2018-1, A23 144A 3.500%, 11/25/57(3)(5) | 218 | 217 | |
2018-2, A41 144A 4.500%, 10/25/58(3)(5) | 310 | 316 | |
GSAA Home Equity Trust 2005-12, AF3W 4.999%, 9/25/35(5) | 138 | 140 | |
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(3) | 500 | 496 | |
Homeward Opportunities Fund I Trust | |||
2018-1, A1 144A 3.766%, 6/25/48(3)(5) | 135 | 137 | |
2018-2, A1 144A 3.985%, 11/25/58(3)(5) | 166 | 168 | |
2019-1, A1 144A 3.454%, 1/25/59(3)(5) | 680 | 680 | |
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 2003-S11, 3A5 5.950%, 11/25/33 | 189 | 189 |
Par Value | Value | ||
Non-Agency—continued | |||
JPMorgan Chase Commercial Mortgage Securities Trust | |||
2011-C4, A4 144A 4.388%, 7/15/46(3) | $117 | $120 | |
2014-C22, A4 3.801%, 9/15/47 | 300 | 312 | |
JPMorgan Chase Mortgage Trust | |||
2014-2, 2A2 144A 3.500%, 6/25/29(3)(5) | 81 | 82 | |
2014-1, 2A12 144A 3.500%, 1/25/44(3)(5) | 90 | 90 | |
2016-SH1, M2 144A 3.750%, 4/25/45(3)(5) | 399 | 405 | |
2016-SH2, M2 144A 3.750%, 12/25/45(3)(5) | 507 | 515 | |
2017-3, 2A2 144A 2.500%, 8/25/47(3)(5) | 203 | 199 | |
2017-5, A1 144A 3.175%, 10/26/48(3)(5) | 783 | 783 | |
2017-4, A3 144A 3.500%, 11/25/48(3)(5) | 300 | 299 | |
2018-8, A3 144A 4.000%, 1/25/49(3)(5) | 208 | 211 | |
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(3)(5) | 670 | 672 | |
MASTR Alternative Loan Trust | |||
2005-5, 2A3 5.500%, 7/25/25 | 203 | 204 | |
2005-2, 2A1 6.000%, 1/25/35 | 71 | 74 | |
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(3)(5) | 178 | 181 | |
MetLife Securitization Trust 2017-1A, M1 144A 3.717%, 4/25/55(3)(5) | 100 | 100 | |
Mill City Mortgage Loan Trust 2018-4, A1B 144A 3.500%, 4/25/66(3)(5) | 1,680 | 1,674 |
Par Value | Value | ||
Non-Agency—continued | |||
Mill City Mortgage Trust 2017-1, A1 144A 2.750%, 11/25/58(3)(5) | $60 | $59 | |
Morgan Stanley - Bank of America (Merrill Lynch) Trust | |||
2013-C13, AS 4.266%, 11/15/46 | 275 | 288 | |
2015-C22, AS 3.561%, 4/15/48 | 835 | 845 | |
Motel 6 Trust 2017-MTL6, A (1 month LIBOR + 0.920%) 144A 3.404%, 8/15/34(3)(5) | 568 | 566 | |
New Residential Mortgage Loan Trust | |||
2018-4A, A1S (1 month LIBOR + 0.750%) 144A 3.236%, 1/25/48(3)(5) | 318 | 315 | |
2014-1A, A 144A 3.750%, 1/25/54(3)(5) | 420 | 424 | |
2015-2A, A1 144A 3.750%, 8/25/55(3)(5) | 285 | 288 | |
2016-1A, A1 144A 3.750%, 3/25/56(3)(5) | 138 | 138 | |
2016-4A, B1A 144A 4.500%, 11/25/56(3)(5) | 410 | 428 | |
2017-2A, A3 144A 4.000%, 3/25/57(3)(5) | 63 | 64 | |
2018-1A, A1A 144A 4.000%, 12/25/57(3)(5) | 746 | 762 | |
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%) 4.210%, 3/25/35(5) | 329 | 331 | |
Oak Hill Advisors Residential Loan Trust 2017-NPL2, A1 144A 3.000%, 7/25/57(3)(5) | 450 | 444 | |
OBX Trust | |||
2018-EXP2, 1A1 144A 4.000%, 11/25/48(3)(5) | 527 | 532 |
Par Value | Value | ||
Non-Agency—continued | |||
2019-INV1, A3 144A 4.500%, 11/25/48(3)(5) | $625 | $639 | |
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32(3) | 470 | 481 | |
Pretium Mortgage Credit Partners I LLC 2019-NPL1, A1 144A 4.213%, 7/25/60(3)(5) | 541 | 543 | |
Progress Residential Trust | |||
2018-SFR1, B 144A 3.484%, 3/17/35(3) | 980 | 979 | |
2018-SFR2, B 144A 3.841%, 8/17/35(3) | 475 | 480 | |
PRPM LLC 2019-1A, A1 144A 4.500%, 1/25/24(3)(5) | 789 | 796 | |
Residential Asset Mortgage Products Trust 2005-SL2, A4 7.500%, 2/25/32 | 57 | 51 | |
Residential Asset Securitization Trust 2005-A1, A3 5.500%, 4/25/35 | 415 | 419 | |
Sequoia Mortgage Trust 2013-8, B1 3.528%, 6/25/43(5) | 257 | 257 | |
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A 3.468%, 4/25/49(3)(5) | 450 | 450 | |
Towd Point Mortgage Trust | |||
2015-1, A2 144A 3.250%, 10/25/53(3)(5) | 500 | 499 | |
2015-3, A1B 144A 3.000%, 3/25/54(3)(5) | 68 | 67 | |
2016-1, A1B 144A 2.750%, 2/25/55(3)(5) | 70 | 69 | |
2016-1, M1 144A 3.500%, 2/25/55(3)(5) | 160 | 161 | |
2015-6, M1 144A 3.750%, 4/25/55(3)(5) | 100 | 102 | |
2015-5, A2 144A 3.500%, 5/25/55(3)(5) | 580 | 584 |
Par Value | Value | ||
Non-Agency—continued | |||
2018-6, A1A 144A 3.750%, 3/25/58(3)(5) | $329 | $333 | |
2019-1, A1 144A 3.750%, 3/25/58(3)(5) | 941 | 955 | |
2018-4, A1 144A 3.000%, 6/25/58(3)(5) | 509 | 504 | |
2018-SJ1, A1 144A 4.000%, 10/25/58(3)(5) | 335 | 335 | |
2015-2, 1M1 144A 3.250%, 11/25/60(3)(5) | 585 | 580 | |
Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A 3.967%, 2/25/49(3)(5) | 481 | 482 | |
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A 3.375%, 10/25/47(3)(5) | 623 | 622 | |
Vericrest Opportunity Loan Trust LXIX LLC 2018-NPL5, A1A 144A 4.213%, 8/25/48(3)(5) | 660 | 662 | |
Vericrest Opportunity Loan Trust LXX LLC 2018-NPL6, A1A 144A 4.115%, 9/25/48(3)(5) | 245 | 246 | |
Vericrest Opportunity Loan Trust LXXI LLC 2018-NPL7, A1A 144A 3.967%, 9/25/48(3)(5) | 266 | 267 | |
Vericrest Opportunity Loan Trust LXXV LLC 2019-NPL1, A1A 144A 4.336%, 1/25/49(3)(5) | 690 | 695 | |
Verus Securitization Trust | |||
2017-2A, A1 144A 2.485%, 7/25/47(3)(5) | 271 | 269 | |
2018-1, A1 144A 2.929%, 2/25/48(3)(5) | 244 | 243 | |
2018-2, A1 144A 3.677%, 6/1/58(3)(5) | 366 | 369 |
Par Value | Value | ||
Non-Agency—continued | |||
2018-3, A1 144A 4.108%, 10/25/58(3)(5) | $514 | $523 | |
2019-1, A1 144A 3.836%, 2/25/59(3)(5) | 821 | 827 | |
2019-INV1, A1 144A 3.402%, 12/25/59(3)(5) | 450 | 450 | |
Wells Fargo Commercial Mortgage Trust 2015-LC20, B 3.719%, 4/15/50 | 1,029 | 1,041 | |
43,534 | |||
Total Mortgage-Backed Securities (Identified Cost $44,637) | 45,017 | ||
Asset-Backed Securities—3.9% | |||
Auto Floor Plan—0.0% | |||
NextGear Floorplan Master Owner Trust 2018-1A, A2 144A 3.220%, 2/15/23(3) | 145 | 145 | |
Automobiles—2.6% | |||
ACC Trust | |||
2018-1, A 144A 3.700%, 12/21/20(3) | 188 | 188 | |
2018-1, B 144A 4.820%, 5/20/21(3) | 550 | 552 | |
2019-1, A 144A 3.750%, 5/20/22(3) | 652 | 655 | |
American Credit Acceptance Receivables Trust | |||
2017-2, C 144A 2.860%, 6/12/23(3) | 362 | 361 | |
2018-1, C 144A 3.550%, 4/10/24(3) | 160 | 161 |
Par Value | Value | ||
Automobiles—continued | |||
2018-4, C 144A 3.970%, 1/13/25(3) | $680 | $689 | |
Avis Budget Rental Car Funding LLC (AESOP) 2016-1A, A 144A 2.990%, 6/20/22(3) | 900 | 901 | |
Capital Auto Receivables Asset Trust | |||
2017-1, C 144A 2.700%, 9/20/22(3) | 430 | 425 | |
2017-1, D 144A 3.150%, 2/20/25(3) | 135 | 134 | |
CarNow Auto Receivables Trust 2016-1A, D 144A 7.340%, 11/15/21(3) | 140 | 141 | |
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(3) | 234 | 231 | |
CPS Auto Receivables Trust 2017-D, B 144A 2.430%, 1/18/22(3) | 680 | 678 | |
Drive Auto Receivables Trust | |||
2015-DA, C 144A 3.380%, 11/15/21(3) | 17 | 17 | |
2017-2, C 2.750%, 9/15/23 | 440 | 440 | |
DT Auto Owner Trust | |||
2016-4A, C 144A 2.740%, 10/17/22(3) | 158 | 158 | |
2018-1A, C 144A 3.470%, 12/15/23(3) | 145 | 146 | |
2018-3A, C 144A 3.790%, 7/15/24(3) | 380 | 384 |
Par Value | Value | ||
Automobiles—continued | |||
Exeter Automobile Receivables Trust | |||
2014-3A, D 144A 5.690%, 4/15/21(3) | $165 | $165 | |
2015-2A, C 144A 3.900%, 3/15/21(3) | 453 | 454 | |
2017-1A, B 144A 3.000%, 12/15/21(3) | 410 | 410 | |
2018-3A, C 144A 3.710%, 6/15/23(3) | 545 | 551 | |
2018-4A, D 144A 4.350%, 9/16/24(3) | 160 | 164 | |
2019-1A, D 144A 4.130%, 12/16/24(3) | 155 | 158 | |
First Investors Auto Owner Trust 2016-2A, C 144A 2.530%, 7/15/22(3) | 505 | 501 | |
Flagship Credit Auto Trust | |||
2016-2, B 144A 3.840%, 9/15/22(3) | 390 | 392 | |
2017-3, C 144A 2.910%, 9/15/23(3) | 520 | 518 | |
2019-1, C 144A 3.600%, 2/18/25(3) | 450 | 455 | |
Foursight Capital Automobile Receivables Trust 2017-1, B 144A 3.050%, 12/15/22(3) | 420 | 419 | |
GLS Auto Receivables Trust | |||
2017-1A, B 144A 2.980%, 12/15/21(3) | 635 | 634 |
Par Value | Value | ||
Automobiles—continued | |||
2017-1A, C 144A 3.500%, 7/15/22(3) | $155 | $155 | |
2018-1A, B 144A 3.520%, 8/15/23(3) | 155 | 155 | |
2018-3A, C 144A 4.180%, 7/15/24(3) | 640 | 652 | |
Hertz Vehicle Financing II LP | |||
2016-4A, A 144A 2.650%, 7/25/22(3) | 685 | 677 | |
2019-1A, A 144A 3.710%, 3/25/23(3) | 560 | 567 | |
Hyundai Auto Lease Securitization Trust 2018-A, A2A 144A 2.550%, 8/17/20(3) | 307 | 307 | |
OneMain Direct Auto Receivables Trust 2017-2A, C 144A 2.820%, 7/15/24(3) | 420 | 418 | |
Prestige Auto Receivables Trust 2017-1A, C 144A 2.810%, 1/17/23(3) | 520 | 517 | |
Skopos Auto Receivables Trust 2018-1A, B 144A 3.930%, 5/16/22(3) | 165 | 165 | |
Tesla Auto Lease Trust 2018-A, A 144A 2.320%, 12/20/19(3) | 146 | 146 | |
Veros Automobile Receivables Trust 2018-1, B 144A 4.050%, 2/15/24(3) | 135 | 136 |
Par Value | Value | ||
Automobiles—continued | |||
Westlake Automobile Receivables Trust 2017-2A, C 144A 2.590%, 12/15/22(3) | $525 | $523 | |
15,500 | |||
Other—1.2% | |||
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35(3) | 103 | 102 | |
Arby’s Funding LLC 2015-1A, A2 144A 4.969%, 10/30/45(3) | 160 | 164 | |
AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A 3.240%, 12/20/23(3) | 443 | 444 | |
CCG Receivables Trust 2018-1, A2 144A 2.500%, 6/16/25(3) | 956 | 954 | |
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47(3) | 558 | 558 | |
Dell Equipment Finance Trust 2017-2, A3 144A 2.190%, 10/24/22(3) | 395 | 394 | |
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29(3) | 207 | 208 | |
Drug Royalty II LP 2 2014-1, A2 144A 3.484%, 7/15/23(3) | 105 | 105 | |
Drug Royalty III LP 1 2016-1A, A 144A 3.979%, 4/15/27(3) | 80 | 80 | |
HOA Funding LLC 2014-1A, A2 144A 4.846%, 8/20/44(3) | 150 | 149 | |
Lendmark Funding Trust 2018-2A, A 144A 4.230%, 4/20/27(3) | 160 | 164 |
Par Value | Value | ||
Other—continued | |||
MVW Owner Trust | |||
2016-1A, A 144A 2.250%, 12/20/33(3) | $234 | $230 | |
2017-1A, A 144A 2.420%, 12/20/34(3) | 330 | 324 | |
OneMain Financial Issuance Trust 2018-1A, A 144A 3.300%, 3/14/29(3) | 470 | 472 | |
Prosper Marketplace Issuance Trust | |||
2017-1A, B 144A 3.650%, 6/15/23(3) | 29 | 29 | |
2017-2A, B 144A 3.480%, 9/15/23(3) | 367 | 367 | |
2018-2A, B 144A 3.960%, 10/15/24(3) | 590 | 594 | |
Regional Management Issuance Trust 2018-2, A 144A 4.560%, 1/18/28(3) | 130 | 131 | |
SoFi Consumer Loan Program LLC 2016-3, A 144A 3.050%, 12/26/25(3) | 266 | 266 | |
Stack Infrastructure Issuer LLC 2019-1A, A2 144A 4.540%, 2/25/44(3) | 655 | 670 | |
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47(3) | 569 | 556 | |
6,961 | |||
Par Value | Value | ||
Student Loan—0.1% | |||
Laurel Road Prime Student Loan Trust 2017-B, A2FX 144A 2.770%, 8/25/42(3) | $466 | $462 | |
SoFi Professional Loan Program LLC 2015-A, A2 144A 2.420%, 3/25/30(3) | 91 | 90 | |
552 | |||
Total Asset-Backed Securities (Identified Cost $23,106) | 23,158 | ||
Corporate Bonds And Notes—17.0% | |||
Communication Services—1.2% | |||
America Movil SAB de C.V. 6.450%, 12/5/22 | 20MXN | 95 | |
AT&T, Inc. | |||
4.250%, 3/1/27 | 210 | 216 | |
4.100%, 2/15/28 | 1,112 | 1,124 | |
(3 month LIBOR + 1.180%) 3.777%, 6/12/24(5) | 110 | 109 | |
Charter Communications Operating LLC | |||
4.500%, 2/1/24 | 85 | 89 | |
4.908%, 7/23/25 | 650 | 685 | |
5.050%, 3/30/29 | 650 | 685 | |
Comcast Corp. | |||
3.950%, 10/15/25 | 305 | 319 | |
4.150%, 10/15/28 | 148 | 156 | |
CSC Holdings LLC 144A 5.375%, 2/1/28(3) | 300 | 301 | |
Discovery Communications LLC 3.950%, 3/20/28 | 735 | 715 | |
DISH DBS Corp. | |||
5.875%, 7/15/22 | 280 | 271 | |
7.750%, 7/1/26 | 60 | 52 | |
Frontier Communications Corp. | |||
8.500%, 4/15/20 | 45 | 44 |
Par Value | Value | ||
Communication Services—continued | |||
7.625%, 4/15/24(6) | $65 | $36 | |
144A 8.500%, 4/1/26(3) | 205 | 190 | |
iHeartCommunications, Inc. 9.000%, 12/15/19(1) | 55 | 39 | |
Meredith Corp. 6.875%, 2/1/26 | 330 | 347 | |
Sprint Spectrum Co., LLC 144A 4.738%, 3/20/25(3) | 750 | 759 | |
Telenet Finance Luxembourg Notes S.a.r.l. 144A 5.500%, 3/1/28(3) | 200 | 196 | |
Verizon Communications, Inc. | |||
4.125%, 3/16/27 | 320 | 335 | |
(3 month LIBOR + 1.100%) 3.784%, 5/15/25(5) | 180 | 180 | |
6,943 | |||
Consumer Discretionary—1.1% | |||
Bunge Ltd. Finance Corp. 4.350%, 3/15/24 | 505 | 512 | |
CRH America, Inc. 144A 3.875%, 5/18/25(3) | 320 | 321 | |
Dollar Tree, Inc. 4.000%, 5/15/25 | 358 | 362 | |
Eldorado Resorts, Inc. 6.000%, 9/15/26 | 160 | 163 | |
frontdoor, Inc. 144A 6.750%, 8/15/26(3) | 325 | 332 | |
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(3) | 245 | 257 | |
General Motors Financial Co., Inc. 3.450%, 4/10/22 | 100 | 100 | |
GLP Capital LP | |||
5.250%, 6/1/25 | 100 | 105 | |
5.750%, 6/1/28 | 520 | 558 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Horton (D.R.), Inc. 4.750%, 2/15/23 | $635 | $660 | |
Lear Corp. 3.800%, 9/15/27 | 775 | 743 | |
Panther BF Aggregator 2 LP 144A 6.250%, 5/15/26(3) | 20 | 21 | |
Prime Security Services Borrower LLC | |||
144A 5.250%, 4/15/24(3) | 70 | 70 | |
144A 5.750%, 4/15/26(3) | 40 | 40 | |
PulteGroup, Inc. 6.375%, 5/15/33 | 280 | 279 | |
QVC, Inc. 4.375%, 3/15/23 | 700 | 710 | |
Scientific Games International, Inc. 144A 8.250%, 3/15/26(3) | 210 | 214 | |
TRI Pointe Group, Inc. 5.875%, 6/15/24 | 275 | 276 | |
William Lyon Homes, Inc. 6.000%, 9/1/23 | 485 | 469 | |
6,192 | |||
Consumer Staples—0.8% | |||
Anheuser-Busch InBev Worldwide, Inc. | |||
4.000%, 4/13/28 | 490 | 498 | |
4.750%, 1/23/29 | 162 | 173 | |
Bacardi Ltd. 144A 4.700%, 5/15/28(3) | 595 | 596 | |
Conagra Brands, Inc. 4.300%, 5/1/24 | 670 | 694 | |
CVS Health Corp. | |||
2.875%, 6/1/26 | 760 | 719 | |
4.300%, 3/25/28 | 624 | 633 | |
Flowers Foods, Inc. 4.375%, 4/1/22 | 700 | 726 |
Par Value | Value | ||
Consumer Staples—continued | |||
Kraft Heinz Foods Co. (The) 3.000%, 6/1/26 | $510 | $477 | |
Sigma Finance Netherlands BV 144A 4.875%, 3/27/28(3) | 200 | 199 | |
4,715 | |||
Energy—1.5% | |||
Anadarko Finance Co. Series B 7.500%, 5/1/31 | 45 | 56 | |
Anadarko Petroleum Corp. 6.600%, 3/15/46 | 85 | 104 | |
Andeavor Logistics LP 4.250%, 12/1/27 | 510 | 514 | |
Cheniere Energy Partners LP 144A 5.625%, 10/1/26(3) | 245 | 251 | |
Encana Corp. 8.125%, 9/15/30 | 65 | 83 | |
Energy Transfer Operating LP 4.200%, 4/15/27 | 680 | 684 | |
Helmerich & Payne, Inc. 144A 4.650%, 3/15/25(3) | 395 | 413 | |
HollyFrontier Corp. 5.875%, 4/1/26 | 630 | 673 | |
KazMunayGas National Co. JSC 144A 4.750%, 4/19/27(3) | 200 | 205 | |
Kinder Morgan Energy Partners LP 7.500%, 11/15/40 | 595 | 755 | |
Kinder Morgan, Inc. 7.750%, 1/15/32 | 205 | 268 | |
MPLX LP | |||
4.875%, 12/1/24 | 915 | 977 | |
4.000%, 3/15/28 | 86 | 85 | |
NuStar Logistics LP 5.625%, 4/28/27 | 350 | 350 |
Par Value | Value | ||
Energy—continued | |||
Odebrecht Offshore Drilling Finance Ltd. PIK Interest Capitalization, 144A 7.720%, 12/1/26(3)(7) | $171 | $42 | |
Odebrecht Oil & Gas Finance Ltd. 144A 0.000%,(3)(8)(9) | 25 | —(4) | |
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(3) | 255 | 57 | |
Petroleos Mexicanos 6.500%, 1/23/29 | 290 | 287 | |
Sabine Pass Liquefaction LLC | |||
6.250%, 3/15/22 | 425 | 459 | |
4.200%, 3/15/28 | 290 | 293 | |
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(2) | 655 | 736 | |
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(3) | 128 | 129 | |
Transocean, Inc. 144A 9.000%, 7/15/23(3) | 65 | 69 | |
USA Compression Partners LP 6.875%, 4/1/26 | 475 | 486 | |
Valero Energy Partners LP 4.500%, 3/15/28 | 674 | 698 | |
8,674 | |||
Financials—6.0% | |||
Acrisure LLC 144A 7.000%, 11/15/25(3) | 130 | 117 | |
AerCap Ireland Capital DAC 3.650%, 7/21/27 | 720 | 673 | |
Allstate Corp. (The) Series B 5.750%, 8/15/53(10) | 655 | 666 | |
Apollo Management Holdings LP 144A 4.000%, 5/30/24(3) | 690 | 691 |
Par Value | Value | ||
Financials—continued | |||
Ares Capital Corp. | |||
3.500%, 2/10/23 | $215 | $209 | |
4.250%, 3/1/25 | 395 | 386 | |
Ares Finance Co., LLC 144A 4.000%, 10/8/24(3) | 595 | 576 | |
Athene Holding Ltd. 4.125%, 1/12/28 | 600 | 577 | |
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26(3) | 200 | 203 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(3) | 660 | 627 | |
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 5.125%, 1/18/33(3) | 540 | 497 | |
Banco de Credito e Inversiones 144A 3.500%, 10/12/27(3) | 645 | 629 | |
Banco Santander Chile 144A 3.875%, 9/20/22(3) | 430 | 438 | |
Bank of America Corp. | |||
3.004%, 12/20/23 | 712 | 710 | |
4.200%, 8/26/24 | 1,232 | 1,276 | |
(3 month LIBOR + 0.770%) 3.503%, 2/5/26(5) | 110 | 107 | |
Bank of Montreal 3.803%, 12/15/32 | 1,126 | 1,089 | |
Brighthouse Financial, Inc. 3.700%, 6/22/27 | 715 | 645 | |
BrightSphere Investment Group plc 4.800%, 7/27/26 | 735 | 719 | |
Brookfield Finance, Inc. 4.000%, 4/1/24 | 671 | 681 | |
Capital One Financial Corp. | |||
4.200%, 10/29/25 | 630 | 641 | |
3.750%, 7/28/26 | 765 | 746 |
Par Value | Value | ||
Financials—continued | |||
Citigroup Inc. 4.050%, 7/30/22 | $700 | $721 | |
Citigroup, Inc. | |||
3.200%, 10/21/26 | 525 | 515 | |
(3 month LIBOR + 1.250%) 3.842%, 7/1/26(5) | 1,360 | 1,362 | |
Discover Bank 4.682%, 8/9/28 | 475 | 483 | |
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(3) | 250 | 251 | |
E*TRADE Financial Corp. 4.500%, 6/20/28 | 405 | 412 | |
Fairfax Financial Holdings Ltd. 4.850%, 4/17/28 | 705 | 703 | |
FS KKR Capital Corp. | |||
4.250%, 1/15/20 | 615 | 616 | |
4.750%, 5/15/22 | 245 | 244 | |
Goldman Sachs Group, Inc. (The) | |||
5.750%, 1/24/22 | 1,020 | 1,094 | |
(3 month LIBOR + 1.170%) 3.854%, 5/15/26(5) | 685 | 672 | |
Grupo de Inversiones Suramericana S.A. 144A 5.500%, 4/29/26(3)(6) | 200 | 213 | |
Guanay Finance Ltd. 144A 6.000%, 12/15/20(3) | 413 | 418 | |
iStar, Inc. 5.250%, 9/15/22 | 255 | 251 | |
Jefferies Financial Group, Inc. 5.500%, 10/18/23 | 345 | 361 | |
Jefferies Group LLC | |||
6.875%, 4/15/21 | 78 | 83 | |
5.125%, 1/20/23 | 123 | 130 | |
4.850%, 1/15/27 | 340 | 342 | |
JPMorgan Chase & Co. 3.300%, 4/1/26 | 1,255 | 1,258 |
Par Value | Value | ||
Financials—continued | |||
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42(3) | $680 | $778 | |
Liberty Mutual Group, Inc. | |||
144A 4.250%, 6/15/23(3) | 153 | 159 | |
144A 4.569%, 2/1/29(3) | 537 | 559 | |
Morgan Stanley | |||
4.100%, 5/22/23 | 570 | 586 | |
3.125%, 7/27/26 | 1,315 | 1,282 | |
6.375%, 7/24/42 | 710 | 925 | |
Navient Corp. 6.750%, 6/25/25 | 465 | 461 | |
Prudential Financial, Inc. | |||
5.875%, 9/15/42 | 100 | 106 | |
5.625%, 6/15/43(10) | 755 | 785 | |
S&P Global, Inc. 4.000%, 6/15/25 | 480 | 505 | |
Santander Holdings USA, Inc. | |||
4.450%, 12/3/21 | 382 | 393 | |
3.700%, 3/28/22 | 359 | 363 | |
4.400%, 7/13/27 | 340 | 337 | |
Societe Generale S.A. 144A 4.750%, 11/24/25(3) | 535 | 550 | |
Springleaf Finance Corp. | |||
6.875%, 3/15/25 | 310 | 320 | |
7.125%, 3/15/26 | 35 | 36 | |
Synchrony Financial 3.950%, 12/1/27 | 730 | 690 | |
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54(3) | 745 | 770 | |
Toronto-Dominion Bank (The) 3.625%, 9/15/31 | 820 | 810 | |
Trinity Acquisition plc 4.400%, 3/15/26 | 230 | 239 | |
UBS AG 7.625%, 8/17/22 | 500 | 550 |
Par Value | Value | ||
Financials—continued | |||
Wells Fargo & Co. | |||
3.550%, 9/29/25 | $510 | $519 | |
Series S 5.900%,(9) | 570 | 583 | |
35,338 | |||
Health Care—1.5% | |||
AbbVie, Inc. | |||
3.600%, 5/14/25 | 235 | 236 | |
3.200%, 5/14/26 | 585 | 569 | |
Advanz Pharma Corp. 8.000%, 9/6/24 | 22 | 21 | |
Allergan Funding SCS 3.450%, 3/15/22 | 935 | 943 | |
Bausch Health Americas, Inc. 144A 9.250%, 4/1/26(3) | 75 | 82 | |
Bausch Health Cos., Inc. | |||
144A 6.500%, 3/15/22(3) | 35 | 36 | |
144A 7.000%, 3/15/24(3) | 15 | 16 | |
144A 6.125%, 4/15/25(3) | 55 | 54 | |
144A 5.500%, 11/1/25(3) | 310 | 317 | |
Becton Dickinson & Co. | |||
3.363%, 6/6/24 | 113 | 113 | |
3.700%, 6/6/27 | 545 | 544 | |
(3 month LIBOR + 0.875%) 3.476%, 12/29/20(5) | 94 | 94 | |
Cardinal Health, Inc. | |||
3.200%, 3/15/23 | 300 | 298 | |
3.410%, 6/15/27 | 195 | 184 | |
Cigna Corp. | |||
144A 4.125%, 11/15/25(3) | 136 | 141 | |
144A 4.375%, 10/15/28(3) | 419 | 434 | |
HCA, Inc. | |||
5.375%, 2/1/25 | 405 | 429 | |
5.250%, 6/15/26 | 55 | 59 | |
5.625%, 9/1/28 | 80 | 85 |
Par Value | Value | ||
Health Care—continued | |||
5.875%, 2/1/29 | $15 | $16 | |
Mylan NV 3.950%, 6/15/26 | 595 | 568 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(3) | 215 | 218 | |
Perrigo Finance Unlimited Co. 4.375%, 3/15/26 | 570 | 556 | |
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21 | 230 | 227 | |
Surgery Center Holdings, Inc. | |||
144A 8.875%, 4/15/21(3) | 360 | 377 | |
144A 6.750%, 7/1/25(3)(6) | 15 | 14 | |
Takeda Pharmaceutical Co., Ltd. | |||
144A 4.000%, 11/26/21(3) | 525 | 539 | |
144A 4.400%, 11/26/23(3) | 200 | 210 | |
Zimmer Biomet Holdings, Inc. | |||
3.550%, 4/1/25 | 955 | 942 | |
(3 month LIBOR + 0.750%) 3.375%, 3/19/21(5) | 230 | 229 | |
8,551 | |||
Industrials—0.7% | |||
CNH Industrial N.V. 4.500%, 8/15/23 | 538 | 558 | |
Continental Airlines Pass-Through-Trust 1999-2, C2 6.236%, 3/15/20 | 38 | 38 | |
DP World plc 144A 6.850%, 7/2/37(3) | 100 | 120 | |
Masco Corp. 5.950%, 3/15/22 | 99 | 106 |
Par Value | Value | ||
Industrials—continued | |||
Navistar International Corp. 144A 6.625%, 11/1/25(3) | $220 | $224 | |
New Enterprise Stone & Lime Co., Inc. 144A 10.125%, 4/1/22(3) | 60 | 61 | |
Oshkosh Corp. 4.600%, 5/15/28 | 787 | 799 | |
Owens Corning 3.400%, 8/15/26 | 740 | 698 | |
Penske Truck Leasing Co., LP 144A 4.125%, 8/1/23(3) | 455 | 469 | |
TransDigm, Inc. 6.375%, 6/15/26 | 185 | 183 | |
United Air Lines, Inc. Pass-Through-Trust 2007-1, A 6.636%, 7/2/22 | 569 | 599 | |
US Airways, Inc. Pass-Through-Trust 2012-1, B 8.000%, 10/1/19 | 131 | 133 | |
3,988 | |||
Information Technology—0.8% | |||
Banff Merger Sub, Inc. 144A 9.750%, 9/1/26(3) | 15 | 14 | |
Broadcom Corp. | |||
3.000%, 1/15/22 | 195 | 194 | |
3.625%, 1/15/24 | 522 | 521 | |
Citrix Systems, Inc. 4.500%, 12/1/27 | 660 | 652 | |
CommScope Finance LLC 144A 8.250%, 3/1/27(3) | 125 | 130 | |
Dell International LLC | |||
144A 6.020%, 6/15/26(3) | 100 | 107 | |
144A 4.900%, 10/1/26(3) | 360 | 367 | |
144A 8.100%, 7/15/36(3) | 270 | 318 |
Par Value | Value | ||
Information Technology—continued | |||
Hewlett Packard Enterprise Co. 4.900%, 10/15/25 | $595 | $633 | |
Verisk Analytics, Inc. 4.000%, 6/15/25 | 685 | 715 | |
ViaSat, Inc. 144A 5.625%, 4/15/27(3) | 450 | 458 | |
VMware, Inc. | |||
2.950%, 8/21/22 | 223 | 221 | |
3.900%, 8/21/27 | 333 | 320 | |
4,650 | |||
Materials—1.4% | |||
Alpek SAB de C.V. 144A 5.375%, 8/8/23(3) | 260 | 271 | |
Anglo American Capital plc 144A 4.000%, 9/11/27(3) | 540 | 525 | |
ArcelorMittal 6.125%, 6/1/25 | 755 | 837 | |
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75(3)(10) | 655 | 725 | |
CRH America Finance, Inc. 144A 3.400%, 5/9/27(3) | 440 | 422 | |
DowDuPont, Inc. | |||
4.493%, 11/15/25 | 540 | 576 | |
(3 month LIBOR + 1.110%) 3.794%, 11/15/23(5) | 135 | 135 | |
Glencore Funding LLC 144A 4.000%, 3/27/27(3) | 685 | 665 | |
Greif, Inc. 144A 6.500%, 3/1/27(3) | 290 | 297 | |
Inversiones CMPC S.A. 144A 4.375%, 5/15/23(3) | 850 | 866 | |
Kraton Polymers LLC 144A 7.000%, 4/15/25(3) | 60 | 61 | |
NewMarket Corp. 4.100%, 12/15/22 | 759 | 781 |
Par Value | Value | ||
Materials—continued | |||
NOVA Chemicals Corp. | |||
144A 4.875%, 6/1/24(3) | $165 | $162 | |
144A 5.000%, 5/1/25(3) | 55 | 54 | |
Nutrien Ltd. 4.200%, 4/1/29 | 490 | 504 | |
SABIC Capital II BV 144A 4.500%, 10/10/28(3) | 660 | 684 | |
Syngenta Finance N.V. | |||
144A 4.441%, 4/24/23(3) | 200 | 204 | |
144A 4.892%, 4/24/25(3) | 200 | 204 | |
Vulcan Materials Co. 3.900%, 4/1/27 | 520 | 517 | |
8,490 | |||
Real Estate—1.2% | |||
Alexandria Real Estate Equities, Inc. 3.950%, 1/15/27 | 345 | 348 | |
Corporate Office Properties LP 3.600%, 5/15/23 | 715 | 708 | |
EPR Properties | |||
4.750%, 12/15/26 | 865 | 889 | |
4.500%, 6/1/27 | 75 | 76 | |
Healthcare Realty Trust, Inc. 3.875%, 5/1/25 | 440 | 440 | |
Healthcare Trust of America Holdings LP 3.750%, 7/1/27 | 610 | 598 | |
Hospitality Properties Trust | |||
4.950%, 2/15/27 | 640 | 638 | |
4.375%, 2/15/30 | 40 | 37 | |
Kilroy Realty LP 4.375%, 10/1/25 | 640 | 661 | |
LifeStorage LP | |||
3.500%, 7/1/26 | 540 | 520 | |
3.875%, 12/15/27 | 250 | 245 |
Par Value | Value | ||
Real Estate—continued | |||
MPT Operating Partnership LP 5.000%, 10/15/27 | $240 | $244 | |
Office Properties Income Trust 4.500%, 2/1/25 | 855 | 818 | |
Physicians Realty LP | |||
4.300%, 3/15/27 | 140 | 139 | |
3.950%, 1/15/28 | 535 | 517 | |
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24 | 485 | 469 | |
7,347 | |||
Utilities—0.8% | |||
American Electric Power Co., Inc. Series I 3.650%, 12/1/21 | 204 | 208 | |
Duke Energy Corp. 2.650%, 9/1/26 | 850 | 810 | |
Exelon Corp. 3.497%, 6/1/22 | 955 | 965 | |
Ferrellgas Partners LP 8.625%, 6/15/20 | 25 | 19 | |
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25(3) | 735 | 768 | |
Perusahaan Listrik Negara PT 144A 4.125%, 5/15/27(3) | 210 | 207 | |
PSEG Power LLC 3.850%, 6/1/23 | 608 | 623 | |
Southern Power Co. 4.150%, 12/1/25 | 820 | 849 | |
TerraForm Power Operating LLC 144A 5.000%, 1/31/28(3) | 350 | 338 |
Par Value | Value | ||
Utilities—continued | |||
Transportadora de Gas Internacional SA ESP 144A 5.550%, 11/1/28(3) | $200 | $216 | |
5,003 | |||
Total Corporate Bonds And Notes (Identified Cost $98,900) | 99,891 | ||
Leveraged Loans—2.5% | |||
Aerospace—0.1% | |||
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 6.250%, 12/6/25 | 84 | 86 | |
Dynasty Acquisition Co., Inc. | |||
Tranche B (3 month LIBOR + 4.000%) 0.000%, 1/23/26(11) | 21 | 21 | |
Tranche B-1 (3 month LIBOR + 4.000%) 0.000%, 1/23/26(11) | 39 | 39 | |
TransDigm, Inc. | |||
2018, Tranche E (1 month LIBOR + 2.500%) 4.999%, 5/30/25 | 208 | 202 | |
2018, Tranche F (1 month LIBOR + 2.500%) 4.999%, 6/9/23 | 108 | 105 | |
453 | |||
Chemicals—0.0% | |||
New Arclin U.S. Holding Corp. First Lien (1 month LIBOR + 3.500%) 5.999%, 2/14/24 | 62 | 61 |
Par Value | Value | ||
Chemicals—continued | |||
Omnova Solutions, Inc. Tranche B-2 (1 month LIBOR + 3.250%) 5.749%, 8/25/23 | $103 | $101 | |
162 | |||
Consumer Durables—0.1% | |||
Global Appliance, Inc. Tranche B (1 month LIBOR + 4.000%) 6.500%, 9/29/24 | 372 | 366 | |
Consumer Non-Durables—0.1% | |||
Energizer Holdings, Inc. Tranche B (1 month LIBOR + 2.250%) 4.734%, 12/17/25 | 30 | 30 | |
Kronos Acquisition Intermediate, Inc. (1 month LIBOR + 4.000%) 6.496%, 5/15/23 | 414 | 386 | |
Rodan & Fields LLC (1 month LIBOR + 4.000%) 6.484%, 6/16/25 | 129 | 111 | |
527 | |||
Energy—0.1% | |||
California Resources Corp. (1 month LIBOR + 10.375%) 12.871%, 12/31/21 | 80 | 84 | |
CITGO Petroleum Corp. Tranche B (3 month LIBOR + 5.000%) 0.000%, 3/27/24(11) | 290 | 288 | |
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%) 5.749%, 10/30/24 | 79 | 77 |
Par Value | Value | ||
Energy—continued | |||
Traverse Midstream Partners LLC (1 month LIBOR + 4.000%) 6.500%, 9/27/24 | $169 | $169 | |
618 | |||
Financial—0.2% | |||
Asurion LLC Tranche B-2, Second Lien (1 month LIBOR + 6.500%) 8.999%, 8/4/25 | 147 | 149 | |
Ditech Holding Corp. Tranche B (3 month PRIME + 5.000%) 10.500%, 6/30/22(1) | 88 | 60 | |
iStar, Inc. (1 month LIBOR + 2.750%) 5.235%, 6/28/23 | 114 | 113 | |
Refinitiv US Holdings, Inc. (1 month LIBOR + 3.750%) 6.249%, 10/1/25 | 614 | 595 | |
917 | |||
Food / Tobacco—0.1% | |||
Aramark Intermediate HoldCo Corp. Tranche B-3 (1 month LIBOR + 1.750%) 4.249%, 3/11/25 | 159 | 157 | |
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%) 5.249%, 3/31/25 | 184 | 181 | |
Chobani LLC First Lien (1 month LIBOR + 3.500%) 5.999%, 10/10/23 | 51 | 49 |
Par Value | Value | ||
Food / Tobacco—continued | |||
H-Food Holdings LLC | |||
(1 month LIBOR + 3.688%) 6.186%, 5/23/25 | $69 | $67 | |
2018, Tranche B-2 (1 month LIBOR + 4.000%) 6.499%, 5/23/25 | 309 | 304 | |
758 | |||
Forest Prod / Containers—0.0% | |||
Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%) 5.749%, 1/31/25 | 41 | 38 | |
Gaming / Leisure—0.2% | |||
Gateway Casinos & Entertainment Ltd. (3 month LIBOR + 3.000%) 5.601%, 12/1/23 | 50 | 49 | |
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 5.314%, 8/14/24 | 361 | 352 | |
Seminole Tribe of Florida 2018, Tranche B (1 month LIBOR + 1.750%) 4.249%, 7/8/24 | 335 | 334 | |
Stars Group Holdings B.V. (3 month LIBOR + 3.500%) 6.101%, 7/10/25 | 29 | 29 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
Wyndham Hotels & Resorts, Inc. Tranche B (1 month LIBOR + 1.750%) 4.249%, 5/30/25 | $293 | $289 | |
1,053 | |||
Healthcare—0.3% | |||
21st Century Oncology, Inc. Tranche B (3 month LIBOR + 6.125%) 8.905%, 1/16/23 | 30 | 25 | |
Accelerated Health Systems LLC (1 month LIBOR + 3.500%) 5.990%, 10/31/25 | 75 | 75 | |
Agiliti Health, Inc. (1 month LIBOR + 3.000%) 5.500%, 1/4/26 | 15 | 15 | |
AHP Health Partners, Inc. (1 month LIBOR + 4.500%) 6.999%, 6/30/25 | 84 | 84 | |
Bausch Health Cos., Inc. | |||
(1 month LIBOR + 2.750%) 5.231%, 11/27/25 | 133 | 131 | |
(1 month LIBOR + 3.000%) 5.481%, 6/2/25 | 69 | 69 | |
CHG Healthcare Services, Inc. 2017, First Lien (1 month LIBOR + 3.000%) 5.656%, 6/7/23 | 320 | 318 | |
Explorer Holdings, Inc. (3 month LIBOR + 3.750%) 6.351%, 5/2/23 | 105 | 103 | |
IQVIA, Inc. Tranche B-3 (1 month LIBOR + 1.750%) 4.249%, 6/11/25 | 367 | 363 |
Par Value | Value | ||
Healthcare—continued | |||
Prospect Medical Holdings, Inc. Tranche B-1 (1 month LIBOR + 5.500%) 8.000%, 2/22/24 | $55 | $50 | |
Regionalcare Hospital Partners Holdings, Inc. Tranche B, First Lien (1 month LIBOR + 4.500%) 6.982%, 11/16/25 | 504 | 498 | |
1,731 | |||
Housing—0.3% | |||
American Builders & Contractors Supply Co., Inc. Tranche B-2 (1 month LIBOR + 2.000%) 4.499%, 10/31/23 | 574 | 559 | |
Capital Automotive LP Tranche B-2 (1 month LIBOR + 2.500%) 5.000%, 3/25/24 | 383 | 378 | |
CPG International LLC (3 month LIBOR + 3.750%) 6.633%, 5/5/24 | 88 | 87 | |
Summit Materials LLC (1 month LIBOR + 2.000%) 4.499%, 11/21/24 | 537 | 526 | |
1,550 | |||
Information Technology—0.2% | |||
Applied Systems, Inc. Second Lien (1 month LIBOR + 7.000%) 9.499%, 9/19/25 | 57 | 57 | |
Boxer Parent Co., Inc. (3 month LIBOR + 4.250%) 6.851%, 10/2/25 | 509 | 498 |
Par Value | Value | ||
Information Technology—continued | |||
Kronos, Inc. First Lien (3 month LIBOR + 3.000%) 5.736%, 11/1/23 | $447 | $442 | |
SS&C Technologies, Inc. | |||
Tranche B-3 (1 month LIBOR + 2.250%) 4.749%, 4/16/25 | 162 | 161 | |
Tranche B-4 (1 month LIBOR + 2.250%) 4.749%, 4/16/25 | 117 | 116 | |
Vertafore, Inc. First Lien (1 month LIBOR + 3.250%) 5.749%, 7/2/25 | 150 | 147 | |
1,421 | |||
Manufacturing—0.0% | |||
Commscope, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 2/6/26(11) | 90 | 90 | |
Media / Telecom - Cable/Wireless Video—0.0% | |||
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%) 4.734%, 1/15/26 | 275 | 267 | |
Media / Telecom - Diversified Media—0.1% | |||
Crown Finance US, Inc. (1 month LIBOR + 2.500%) 4.999%, 2/28/25 | 496 | 484 | |
Media / Telecom - Telecommunications—0.1% | |||
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%) 5.249%, 1/31/25 | 573 | 561 |
Par Value | Value | ||
Media / Telecom - Wireless Communications—0.0% | |||
SBA Senior Finance II LLC (1 month LIBOR + 2.000%) 4.500%, 4/11/25 | $208 | $204 | |
Retail—0.0% | |||
Bass Pro Group LLC (1 month LIBOR + 5.000%) 7.499%, 9/25/24 | 144 | 141 | |
Neiman Marcus Group Ltd. LLC (1 month LIBOR + 3.250%) 5.733%, 10/25/20 | 94 | 87 | |
228 | |||
Service—0.2% | |||
Carlisle Food Service Products, Inc. First Lien (1 month LIBOR + 3.000%) 5.499%, 3/20/25 | 15 | 15 | |
Dun & Bradstreet Corp. (The) (1 month LIBOR + 5.000%) 7.490%, 2/6/26 | 415 | 409 | |
Red Ventures LLC Tranche B-1, First Lien (1 month LIBOR + 3.000%) 5.499%, 11/8/24 | 451 | 448 | |
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%) 5.749%, 12/31/25 | 25 | 24 |
Par Value | Value | ||
Service—continued | |||
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.250%, 2/1/23 | $414 | $405 | |
1,301 | |||
Transportation - Automotive—0.1% | |||
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%) 6.000%, 11/6/24 | 332 | 330 | |
Panther BF Aggregator 2 LP Tranche B (3 month LIBOR + 3.500%) 0.000%, 3/18/26(11) | 275 | 272 | |
602 | |||
Utility—0.3% | |||
APLP Holdings LP (1 month LIBOR + 2.750%) 5.249%, 4/13/23 | 93 | 93 | |
Brookfield WEC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.249%, 8/1/25 | 374 | 373 | |
Calpine Construction Finance Co. LP Tranche B-9 (3 month LIBOR + 2.750%) 0.000%, 3/20/26(11) | 455 | 450 | |
Pacific Gas and Electric Co. | |||
(2 month LIBOR + 1.125%) 1.125%, 12/31/20(12) | 70 | 70 | |
(3 month LIBOR + 2.250%) 0.000%, 12/31/20(11) | 195 | 195 | |
Talen Energy Supply LLC (1 month LIBOR + 4.000%) 6.499%, 4/15/24 | 68 | 68 |
Par Value | Value | ||
Utility—continued | |||
Vistra Operations Co. LLC | |||
(1 month LIBOR + 2.000%) 4.499%, 8/4/23 | $63 | $62 | |
2018 (1 month LIBOR + 2.000%) 4.486%, 12/31/25 | 209 | 205 | |
1,516 | |||
Total Leveraged Loans (Identified Cost $15,089) | 14,847 |
Shares | ||
Convertible Preferred Stock—0.5% | ||
Information Technology—0.5% | ||
BDC Payments Holdings, Inc.(13)(14)(15) | 374,230 | 3,109 |
Total Convertible Preferred Stock (Identified Cost $3,109) | 3,109 | |
Preferred Stocks—1.0% | ||
Financials—0.8% | ||
Bank of New York Mellon Corp. (The) Series E, 4.950% | 525(16) | 530 |
Huntington Bancshares, Inc. Series E, 5.700% | 438(16) | 427 |
JPMorgan Chase & Co. Series Z, 5.300% | 800(16) | 809 |
KeyCorp Series D, 5.000%(17) | 605(16) | 592 |
M&T Bank Corp. Series F, 5.125%(17) | 476(16) | 479 |
MetLife, Inc. Series D, 5.875% | 277(16) | 285 |
PNC Financial Services Group, Inc. (The) Series R, 4.850% | 725(16) | 714 |
Shares | Value | ||
Financials—continued | |||
PNC Financial Services Group, Inc. (The) Series S, 5.000% | 715(16) | $704 | |
Zions Bancorp, 6.950% | 6,400 | 194 | |
4,734 | |||
Industrials—0.2% | |||
General Electric Co. Series D, 5.000% | 1,340(16) | 1,249 | |
Total Preferred Stocks (Identified Cost $5,942) | 5,983 | ||
Common Stocks—60.5% | |||
Communication Services—7.5% | |||
Activision Blizzard, Inc. | 69,860 | 3,181 | |
BT Group plc Sponsored ADR(6) | 126,625 | 1,873 | |
Facebook, Inc. Class A(14) | 92,960 | 15,495 | |
Netflix, Inc.(14) | 35,570 | 12,683 | |
Telefonica SA Sponsored ADR(6) | 260,303 | 2,176 | |
Tencent Holdings Ltd. ADR | 198,280 | 9,117 | |
44,525 | |||
Consumer Discretionary—14.0% | |||
Alibaba Group Holding Ltd. Sponsored ADR(14) | 90,100 | 16,439 | |
Amazon.com, Inc.(14) | 12,920 | 23,007 | |
Carnival Corp. | 34,139 | 1,732 | |
Ctrip.com International Ltd. ADR(14) | 141,600 | 6,186 | |
Home Depot, Inc. (The) | 22,040 | 4,229 | |
Las Vegas Sands Corp. | 112,240 | 6,842 | |
McDonald’s Corp. | 22,420 | 4,258 | |
MercadoLibre, Inc.(14) | 8,390 | 4,260 | |
NIKE, Inc. Class B | 95,070 | 8,006 | |
Ross Stores, Inc. | 61,550 | 5,730 | |
Sony Corp. Sponsored ADR | 44,892 | 1,896 | |
82,585 | |||
Shares | Value | ||
Consumer Staples—2.7% | |||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Sponsored ADR | 102,764 | $2,392 | |
McCormick & Co., Inc. | 24,490 | 3,689 | |
Monster Beverage Corp.(14) | 48,210 | 2,631 | |
Mowi ASA Sponsored ADR(6) | 97,381 | 2,180 | |
Philip Morris International, Inc. | 53,830 | 4,758 | |
15,650 | |||
Energy—1.5% | |||
BP plc Sponsored ADR | 46,275 | 2,023 | |
Cabot Oil & Gas Corp. | 165,090 | 4,309 | |
Eni SpA. Sponsored ADR | 66,118 | 2,330 | |
Frontera Energy Corp. | 1,798 | 15 | |
8,677 | |||
Financials—6.3% | |||
Banco Bradesco SA ADR | 229,071 | 2,499 | |
Bank of America Corp. | 302,890 | 8,357 | |
BOC Hong Kong Holdings Ltd. Sponsored ADR | 23,999 | 1,999 | |
Charles Schwab Corp. (The) | 104,250 | 4,458 | |
China Construction Bank Corp. ADR(6) | 126,862 | 2,172 | |
DBS Group Holdings Ltd. Sponsored ADR | 37,752 | 2,819 | |
MarketAxess Holdings, Inc. | 17,100 | 4,208 | |
ORIX Corp. Sponsored ADR | 32,211 | 2,315 | |
Ping An Insurance Group Co. of China Ltd. ADR | 138,145 | 3,126 | |
Progressive Corp. (The) | 31,930 | 2,302 | |
Standard Life Aberdeen plc ADR | 93,769 | 1,270 | |
UBS Group AG Registered Shares | 147,877 | 1,791 | |
37,316 | |||
Shares | Value | ||
Health Care—5.2% | |||
Bluebird Bio, Inc.(14) | 13,550 | $2,132 | |
Danaher Corp. | 41,810 | 5,520 | |
Fresenius Medical Care AG & Co. KGaA ADR | 38,999 | 1,581 | |
HealthEquity, Inc.(14) | 74,900 | 5,541 | |
Illumina, Inc.(14) | 19,480 | 6,052 | |
Novartis AG Sponsored ADR | 25,450 | 2,447 | |
Zoetis, Inc. | 75,360 | 7,586 | |
30,859 | |||
Industrials—6.4% | |||
Airbus SE ADR | 87,825 | 2,908 | |
Ashtead Group plc ADR | 27,237 | 2,630 | |
Caterpillar, Inc. | 34,640 | 4,693 | |
CK Hutchison Holdings Ltd. ADR | 215,708 | 2,262 | |
CoStar Group, Inc.(14) | 11,900 | 5,550 | |
easyJet plc Sponsored ADR | 126,857 | 1,862 | |
Golden Ocean Group Ltd.(6) | 319,951 | 1,526 | |
Kansas City Southern | 35,890 | 4,163 | |
Lyft, Inc. Class A(14) | 5,380 | 421 | |
Nidec Corp. Sponsored ADR | 78,677 | 2,508 | |
Rockwell Automation, Inc. | 13,610 | 2,388 | |
Roper Technologies, Inc. | 19,450 | 6,651 | |
37,562 | |||
Information Technology—14.2% | |||
Accenture plc Class A | 28,110 | 4,948 | |
Amphenol Corp. Class A | 86,760 | 8,194 | |
ASML Holding N.V. | 15,550 | 2,924 | |
Avalara, Inc.(14) | 99,730 | 5,564 | |
Broadcom, Inc. | 11,485 | 3,454 | |
Fair Isaac Corp.(14) | 8,670 | 2,355 | |
Gartner, Inc.(14) | 21,980 | 3,334 | |
Hitachi Ltd. ADR | 40,029 | 2,596 | |
NVIDIA Corp. | 45,340 | 8,141 | |
Paycom Software, Inc.(14) | 54,610 | 10,328 | |
SAP SE Sponsored ADR | 18,643 | 2,153 |
Shares | Value | ||
Information Technology—continued | |||
Trade Desk, Inc. (The) Class A(14) | 31,650 | $6,265 | |
Visa, Inc. Class A | 87,800 | 13,714 | |
Workday, Inc. Class A(14) | 49,780 | 9,600 | |
83,570 | |||
Materials—2.0% | |||
Anhui Conch Cement Co., Ltd. ADR | 83,429 | 2,558 | |
Ecolab, Inc. | 38,940 | 6,875 | |
Glencore plc ADR(6) | 272,464 | 2,246 | |
11,679 | |||
Real Estate—0.4% | |||
Mitsubishi Estate Co. Ltd. ADR | 132,860 | 2,402 | |
Utilities—0.3% | |||
Veolia Environnement S.A. ADR | 82,842 | 1,850 | |
Total Common Stocks (Identified Cost $249,266) | 356,675 | ||
Affiliated Mutual Fund—0.4% | |||
Virtus Newfleet Credit Opportunities Fund Class R6(18) | 276,709 | 2,579 | |
Total Affiliated Mutual Fund (Identified Cost $2,758) | 2,579 | ||
Exchange-Traded Fund—0.2% | |||
iShares iBoxx $ Investment Grade Corporate Bond Index Fund(18) | 7,583 | 903 | |
Total Exchange-Traded Fund (Identified Cost $871) | 903 | ||
Total Long-Term Investments—99.0% (Identified Cost $474,757) | 584,106 |
Shares | Value | ||
Short-Term Investment—0.2% | |||
Money Market Mutual Fund—0.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(18) | 1,159,947 | $1,160 | |
Total Short-Term Investment (Identified Cost $1,160) | 1,160 | ||
Securities Lending Collateral—0.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(18)(19) | 2,856,018 | 2,856 | |
Total Securities Lending Collateral (Identified Cost $2,856) | 2,856 | ||
TOTAL INVESTMENTS—99.7% (Identified Cost $478,773) | $588,122 | ||
Other assets and liabilities, net—0.3% | 1,488 | ||
NET ASSETS—100.0% | $589,610 |
Abbreviations: | |
ADR | American Depositary Receipt |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
PIK | Payment-in-Kind Security |
Foreign Currencies: | |
MXN | Mexican Peso |
ZAR | South African Rand |
Footnote Legend: |
(1) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(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, 2019, these securities amounted to a value of $88,693 or 15.0% of net assets. |
(4) | Amount is less than $500. |
(5) | Variable rate security. Rate disclosed is as of March 31, 2019. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(6) | All or a portion of security is on loan. |
(7) | 100% of the income received was in cash. |
(8) | 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. |
(9) | No contractual maturity date. |
(10) | Interest payments may be deferred. |
(11) | This loan will settle after March 31, 2019, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected. |
(12) | Represents unfunded portion of security and commitment fee earned on this portion. |
(13) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
(14) | Non-income producing. |
(15) | Restricted security. |
(16) | Value shown as par value. |
(17) | Interest may be forfeited. |
(18) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(19) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 78% |
China | 7 |
Japan | 2 |
United Kingdom | 2 |
Switzerland | 1 |
Netherlands | 1 |
France | 1 |
Other | 8 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $23,158 | $— | $23,158 | $— | |||
Corporate Bonds And Notes | 99,891 | — | 99,891 | —(1) | |||
Foreign Government Securities | 5,898 | — | 5,898 | — | |||
Leveraged Loans | 14,847 | — | 14,847 | — | |||
Mortgage-Backed Securities | 45,017 | — | 45,017 | — | |||
Municipal Bonds | 6,022 | — | 6,022 | — | |||
U.S. Government Securities | 20,024 | — | 20,024 | — | |||
Equity Securities: | |||||||
Common Stocks | 356,675 | 356,675 | — | — | |||
Preferred Stocks | 5,983 | 194 | 5,789 | — | |||
Exchange-Traded Fund | 903 | 903 | — | — | |||
Convertible Preferred Stock | 3,109 | — | — | 3,109 | |||
Affiliated Mutual Fund | 2,579 | 2,579 | — | — | |||
Securities Lending Collateral | 2,856 | 2,856 | — | — | |||
Money Market Mutual Fund | 1,160 | 1,160 | — | — | |||
Total Investments | $588,122 | $364,367 | $220,646 | $3,109 |
(1) | Amount is less than $500. |
Total | Corporate Bonds And Notes | Convertible Preferred Stock | |||
Investments in Securities | |||||
Balance as of September 30, 2018: | $— | $— | $— | ||
Change in unrealized appreciation (depreciation)(a) | — | — | — | ||
Purchases | 3,109 | — | 3,109 | ||
Transfers into Level 3 | —(b) | —(b) | — | ||
Balance as of March 31, 2019 | $3,109 | $—(b)(c) | $3,109 |
Assets | |
Investment in unaffiliated securities at value(1)(2) | $585,543 |
Investment in affiliated fund at value(3) | 2,579 |
Foreign currency at value(4) | —(a) |
Cash | 4,094 |
Receivables | |
Investment securities sold | 2,992 |
Fund shares sold | 168 |
Dividends and interest | 1,798 |
Tax reclaims | 36 |
Securities lending | 9 |
Prepaid trustee retainer | 9 |
Prepaid expenses | 31 |
Other assets | 42 |
Total assets | 597,301 |
Liabilities | |
Payables | |
Fund shares repurchased | 348 |
Investment securities purchased | 3,841 |
Collateral on securities loaned | 2,856 |
Investment advisory fees | 271 |
Distribution and service fees | 130 |
Administration and accounting fees | 52 |
Transfer agent and sub-transfer agent fees and expenses | 75 |
Professional fees | 11 |
Trustee deferred compensation plan | 42 |
Other accrued expenses | 65 |
Total liabilities | 7,691 |
Net Assets | $589,610 |
Net Assets Consist of: | |
Capital paid in on shares of beneficial interest | $537,949 |
Accumulated earnings (loss) | 51,661 |
Net Assets | $589,610 |
Net Assets: | |
Class A | $579,548 |
Class C | $8,927 |
Class I | $1,135 |
Shares Outstanding (unlimited number of shares authorized, no par value): | |
Class A | 62,153,868 |
Class C | 930,772 |
Class I | 121,719 |
Net Asset Value and Redemption Price Per Share: | |
Class A | $9.32 |
Class C | $9.59 |
Class I | $9.32 |
Offering Price per Share (NAV/(1-5.75%)): | |
Class A | $9.89 |
(1)Investment in unaffiliated securities at cost | $476,015 |
(2) Market value of securities on loan | $2,756 |
(3) Investment in affiliated fund at cost | $2,758 |
(4) Foreign currency at cost | $—(a) |
(a) | Amount is less than $500. |
Investment Income | |
Dividends | $1,199 |
Dividends from affiliated fund | 69 |
Interest | 2,587 |
Security lending, net of fees | 27 |
Foreign taxes withheld | (33) |
Total investment income | 3,849 |
Expenses | |
Investment advisory fees | 839 |
Distribution and service fees, Class A | 359 |
Distribution and service fees, Class C | 27 |
Administration and accounting fees | 158 |
Transfer agent fees and expenses | 82 |
Sub-transfer agent fees and expenses, Class A | 65 |
Sub-transfer agent fees and expenses, Class C | 2 |
Custodian fees | 2 |
Printing fees and expenses | 13 |
Professional fees | 20 |
Registration fees | 23 |
Trustees’ fees and expenses | 9 |
Miscellaneous expenses | 82 |
Total expenses | 1,681 |
Less expenses reimbursed and/or waived by investment adviser(1) | (5) |
Less low balance account fees | (13) |
Net expenses | 1,663 |
Net investment income (loss) | 2,186 |
Net Realized and Unrealized Gain (Loss) on Investments | |
Net realized gain (loss) from: | |
Unaffiliated investments | (1,510) |
Affiliated fund | (41) |
Foreign currency transactions | (64) |
Net change in unrealized appreciation (depreciation) from: | |
Unaffiliated investments | 27,015 |
Affiliated fund | (132) |
Foreign currency transactions | —(2) |
Net realized and unrealized gain (loss) on investments | 25,268 |
Net increase (decrease) in net assets resulting from operations | $27,454 |
(1) | See Notes 3A and 3D in the Notes to Financial Statements. |
(2) | Amount is less than $500. |
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||
Increase (Decrease) in Net Assets Resulting From Operations | |||
Net investment income (loss) | $2,186 | $2,188 | |
Net realized gain (loss) | (1,615) | 3,139 | |
Net change in unrealized appreciation (depreciation) | 26,883 | 8,501 | |
Increase (decrease) in net assets resulting from operations | 27,454 | 13,828 | |
Dividends and Distributions to Shareholders: | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (5,042) | (3,216)(1) | |
Class C | (90) | (53)(1) | |
Class I | (3) | — | |
Dividends and Distributions to Shareholders | (5,135) | (3,269) | |
Change in Net Assets from Capital Transactions | |||
Shares sold and cross class conversions: | |||
Class A (240 and 526 shares, respectively) | 2,105 | 4,961 | |
Class C (39 and 32 shares, respectively) | 346 | 308 | |
Class I (122 and — shares, respectively) | 1,118 | — | |
Net assets from merger(2): | |||
Class A (48,375 and — shares, respectively) | 423,501 | — | |
Class C (636 and — shares, respectively) | 5,724 | — | |
Reinvestment of distributions: | |||
Class A (546 and 309 shares, respectively) | 4,639 | 2,896 | |
Class C (10 and 5 shares, respectively) | 86 | 51 | |
Class I (—(3) and — shares, respectively) | 2 | — | |
Shares repurchased and cross class conversions: | |||
Class A ((2,214) and ((1,461)) shares, respectively) | (19,631) | (13,765) | |
Class C ((130) and ((99)) shares, respectively) | (1,188) | (955) | |
Class I (—(3) and (—) shares, respectively) | (1) | — | |
Increase (decrease) in net assets from capital transactions | 416,701 | (6,504) | |
Net increase (decrease) in net assets | 439,020 | 4,055 | |
Net Assets | |||
Beginning of period | 150,590 | 146,535 | |
End of Period | $589,610 | $150,590 | |
Accumulated undistributed net investment income (loss) at end of period | N/A | $(212) |
(1) | For the year ended September 30, 2018, the distributions to shareholders for the Fund were as follows: |
Dividends and Distributions to Shareholders | ||
Net investment income: | ||
Class A | $(2,102) | |
Class C | (23) | |
Net realized gains: | ||
Class A | (1,114) | |
Class C | (30) | |
Total | $(3,269) |
(2) | See Note 11 in Notes to Financial Statements. |
(3) | Amount is less than (500) shares. |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | |
Class A | |||||||
10/1/18 to 3/31/19(6) | $9.66 | 0.07 | (0.13) | (0.06) | (0.06) | (0.22) | (0.28) |
10/1/17 to 9/30/18 | 9.00 | 0.14 | 0.73 | 0.87 | (0.14) | (0.07) | (0.21) |
10/1/16 to 9/30/17(9) | 8.33 | 0.08 | 0.69 | 0.77 | (0.08) | (0.02) | (0.10) |
4/1/16 to 3/31/17 | 8.44 | 0.17 | 0.56 | 0.73 | (0.15) | (0.69) | (0.84) |
4/1/15 to 3/31/16 | 9.75 | 0.20 | (0.88) | (0.68) | (0.17) | (0.46) | (0.63) |
4/1/14 to 3/31/15 | 10.06 | 0.21 | 0.15 | 0.36 | (0.20) | (0.47) | (0.67) |
10/1/13 to 3/31/14 | 9.88 | 0.22 | 1.13 | 1.35 | (0.21) | (0.96) | (1.17) |
Class C | |||||||
10/1/18 to 3/31/19(6) | $9.93 | 0.04 | (0.14) | (0.10) | (0.02) | (0.22) | (0.24) |
10/1/17 to 9/30/18 | 9.24 | 0.07 | 0.75 | 0.82 | (0.06) | (0.07) | (0.13) |
10/1/16 to 9/30/17(9) | 8.55 | 0.05 | 0.70 | 0.75 | (0.04) | (0.02) | (0.06) |
4/1/16 to 3/31/17 | 8.64 | 0.11 | 0.57 | 0.68 | (0.08) | (0.69) | (0.77) |
4/1/15 to 3/31/16 | 9.96 | 0.14 | (0.90) | (0.76) | (0.10) | (0.46) | (0.56) |
4/1/14 to 3/31/15 | 10.27 | 0.13 | 0.16 | 0.29 | (0.13) | (0.47) | (0.60) |
10/1/13 to 3/31/14 | 10.07 | 0.15 | 1.15 | 1.30 | (0.14) | (0.96) | (1.10) |
Class I | |||||||
1/29/19(12) to 3/31/19(6) | $8.66 | 0.03 | 0.65 | 0.68 | (0.02) | — | (0.02) |
Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) |
(0.34) | $9.32 | (0.31) % | $579,548 | 1.12 % (7)(8) | 1.14 % | 1.51 % | 21 % |
0.66 | 9.66 | 9.73 | 146,854 | 1.26 | 1.27 | 1.47 | 41 |
0.67 | 9.00 | 9.25 | 142,481 | 1.38 | 1.38 | 1.81 | 26 |
(0.11) | 8.33 | 9.20 (10) | 137,388 | 1.37 (10)(11) | 1.38 | 1.86 (10) | 104 |
(1.31) | 8.44 | (7.36) | 147,546 | 1.32 | 1.33 | 2.25 | 81 |
(0.31) | 9.75 | 3.60 | 180,435 | 1.30 | 1.30 | 2.09 | 69 |
0.18 | 10.06 | 14.84 | 195,509 | 1.29 | 1.29 | 2.22 | 61 |
(0.34) | $9.59 | (0.67) % | $8,927 | 1.91 % (7)(8) | 1.93 % | 0.76 % | 21 % |
0.69 | 9.93 | 8.94 | 3,736 | 2.04 | 2.05 | 0.68 | 41 |
0.69 | 9.24 | 8.80 | 4,054 | 2.14 | 2.15 | 1.05 | 26 |
(0.09) | 8.55 | 8.37 (10) | 4,378 | 2.11 (10)(11) | 2.13 | 1.13 (10) | 104 |
(1.32) | 8.64 | (8.02) | 5,460 | 2.07 | 2.08 | 1.51 | 81 |
(0.31) | 9.96 | 2.81 | 6,328 | 2.04 | 2.04 | 1.29 | 69 |
0.20 | 10.27 | 13.90 | 3,785 | 2.04 | 2.04 | 1.46 | 61 |
0.66 | $9.32 | 7.90 % | $1,135 | 0.86 % (8) | 0.92 % | 1.85 % | 21 % |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | The Fund will also indirectly bear its prorated share of expenses of the underlying funds in which it invests. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(8) | The Fund is currently under its expense limitation. |
(9) | The Fund changed its fiscal year end to September 30, during the period. |
(10) | Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses to Average Net Assets and increase the Ratio of Net Investment Income (Loss) to Average Net Assets by 0.08%. Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return by 0.08%. |
(11) | Net expense ratio includes extraordinary proxy expenses. |
(12) | Inception date. |
A. | Security Valuation |
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REIT investments is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost bases, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
The Fund is treated as a separate taxable entity. It is the Fund’s intention to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2019, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2015 forward (with limited exceptions). | |
D. | Distributions to Shareholders |
Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that the Fund bears directly, the shareholders of the Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Fund does not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | When-issued Purchases and Forward Commitments (Delayed Delivery) |
The Fund may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by the Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Fund to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. The Fund records when-issued and forward commitment securities on the trade date. The Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. | |
H. | Leveraged Loans |
The Fund may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Fund may invest in obligations of borrowers who are in |
bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Loan agreements may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. | |
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. | |
At March 31, 2019, At March 31, 2019, the Fund had the following unfunded loan commitment: |
Borrower | Unfunded Loan Commitment | |
Pacific Gas and Electric Co. | $70,000 |
I. | Regulation S-X |
In August 2018, the SEC adopted amendments to Regulation S-X which are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the information provided to investors. The amendments include eliminating the requirement to: separately state book basis components of net assets on the Statement of Assets & Liabilities; separately state the sources of distributions paid (except tax return of capital distributions must still be separately disclosed) on the Statements of Changes in Net Assets; and state the book basis amount of undistributed net investment income on the Statements of Changes in Net Assets. Certain prior year amounts have been reclassified for consistency with the current year presentation (see footnotes on Statements of Changes in Net Assets for separate disclosure). These reclassifications have no effect on total net assets, total distributions, the statement of operations, financial highlights, net asset value or total return. |
J. | Securities Lending |
($ reported in thousands) | |
The Fund 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 the Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
At March 31, 2019, the Fund had securities on loan as follows: |
Market Value | Cash Collateral | |
$2,756 | $ 2,856 |
A. | Investment Adviser |
($ reported in thousands) | |
Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Fund. The Adviser manages the Fund’s investment program and general operations of the Fund, including oversight of the Fund’s subadvisers. | |
As compensation for its services to the Fund, the Adviser is entitled to a fee, which is calculated daily and paid monthly, based upon the following annual rates as a percentage of the average daily net assets of the Fund: |
$1+ Billion | $1+ Billion through $2 Billion | $2+ Billion | ||
0.55 %* | 0.50 %* | 0.45 %* |
* | Effective December 1, 2018. For the period of October 1, 2018 to November 30, 2018, the rates were 0.70% (first $ Billion), 0.65% ($1+ Billion through $2 Billion), and 0.60% ($2+ Billlion). |
B. | Subadvisers |
The subadvisers manage the investments of the Fund for which they are paid a fee by the Adviser. | |
Newfleet Asset Management, LLC, an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Fund’s fixed income portfolio. Kayne Anderson Rudnick Investment Management, LLC, an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Fund’s domestic equity portfolio, and Duff & Phelps Investment Management Co., an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Fund’s international equity portfolio. | |
C. | Expense Limits and Fee Waivers |
Effective January 25, 2019, the Adviser has contractually agreed to limit the Fund’s total operating expenses (excluding front-end or contingent deferred loads, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed, on an annualized basis, the following respective percentages of the Fund’s average net asset values through January 31, 2021. Following the contractual period, the Adviser may discontinue these expense reimbursement arrangements at any time. The waivers and reimbursements are calculated daily and received monthly. |
Class A | Class C | Class I | ||
1.15 % | 1.90 % | 0.90 %* |
* | Effective at inception of Class I, January 29, 2019. |
D. | Expense Recapture |
($ reported in thousands) | |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. The Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expiration | |
2022 | |
Class I | —(a) |
E. | Distributor |
($ reported in thousands) | |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2019, it retained net commissions of $4 for Class A shares and CDSC of $3 for Class C shares. |
In addition, the Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the following annual rates: 0.25% for Class A shares and 1.00% for Class C shares. Class I shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
($ reported in thousands) | |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as administrator and transfer agent to the Fund. | |
For the period ended March 31, 2019, the Fund incurred administration fees totaling $140 which are included in the Statement of Operations within the line item “Administration and accounting fees”. The fees are calculated daily and paid monthly. | |
For the period ended March 31, 2019, the Fund incurred transfer agent fees totaling $130 which are included in the Statement of Operations within the line items “Transfer agent fees and expenses” and “Sub-transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Fund. The fees are calculated daily and paid monthly. | |
G. | Investments in Affiliates |
($ reported in thousands) | |
A summary of total long-term and short-term purchases and sales of the affiliated fund, during the period ended March 31, 2019, is as follows: |
Value, beginning of period | Purchases | Sales Proceeds | Net realized gain (loss) on affiliated fund | Net change in unrea- lized appre- ciation (depre- ciation) on affil- iated fund | Value, end of period | Shares | Dividend Income | Distributions of Realized Gains | |||||||||
Affiliated Mutual Fund—0.2% | |||||||||||||||||
Virtus Newfleet Credit Opportunities Fund Class R6* | $1,605 | $1,751 | $604 | $(41) | $(132) | $2,579 | 276,709 | $69 | $— |
* | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
H. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may |
elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statement of Assets and Liabilities at March 31, 2019. |
Purchases | Sales | |
$59,729 | $72,804 |
Purchases | Sales | |
$7,239 | $8,358 |
Exchange Redemptions | Exchange Subscriptions | |||
Class C Shares | Class A Shares | Value | ||
37 | 38 | $322 |
Investment | Date of Acquisition | Cost | Value | Percentage of Net Assets | ||||
BDC Payments Holdings, Inc. | 12/21/18 | $3,109 | $3,109 | 0.5% |
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||
$479,100 | $118,181 | $(9,159) | $109,022 |
Merged Fund | Shares Outstanding | Acquiring Fund | Shares Converted | Merged Fund Net Asset Value of Converted Shares | ||||
Virtus Strategic Allocation Fund | Tactical Allocation Fund | |||||||
Class A Shares | 30,726,803 | Class A Shares | 48,374,727 | $423,501 | ||||
Class C Shares | 419,945 | Class C Shares | 635,849 | 5,724 |
Merged Fund | Net Assets | Unrealized Appreciation (Depreciation) | Acquiring Fund | Net Assets | ||||
Virtus Strategic Allocation Fund | $429,225 | $55,954 | Tactical Allocation Fund | $133,917 |
Net investment income (loss) | $3,938 (a) |
Net realized and unrealized gain (loss) on investments | (5,777) (b) |
Net increase (decrease) in net assets resulting from operations | $(1,839) |
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 at1-800-243-1574, orVirtus.com.
8649 | 05-19 |
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 of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable.
Item 8. Portfolio Managers ofClosed-End Management Investment Companies.
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-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 RegulationS-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR240.14a-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 Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR270.30a-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 Rule30a-3(b) under the 1940 Act (17 CFR270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR240.13a-15(b) or240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act (17 CFR270.30a-3(d))) that occurred during the registrant’s last fiscal quarter 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 forClosed-End Management Investment Companies. |
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. | |||
(a)(2) | Certifications pursuant to Rule30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |||
(a)(3) | Not applicable. | |||
(a)(4) | Not applicable. |
(b) | Certifications pursuant to Rule30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Virtus Equity Trust
By (Signature and Title)* /s/ George R. Aylward
George R. Aylward, President
(principal executive officer)
Date 6/7/2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ George R. Aylward
George R. Aylward, President
(principal executive officer)
Date 6/7/2019
By (Signature and Title)* /s/ W. Patrick Bradley
W. Patrick Bradley, Executive Vice President, Chief Financial Officer,
and Treasurer
(principal financial officer)
Date 6/7/2019
* Print the name and title of each signing officer under his or her signature.