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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-00945
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, 2020
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.
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Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
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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* |
Virtus SGA Emerging Markets Growth Fund* |
Virtus SGA Global Growth Fund* |
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1 | ||
2 | ||
6 | ||
7 | ||
Fund | Schedule of Investments | |
9 | ||
10 | ||
11 | ||
12 | ||
14 | ||
15 | ||
16 | ||
17 | ||
18 | ||
22 | ||
23 | ||
25 | ||
31 | ||
34 | ||
40 | ||
49 | ||
64 |
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President, Virtus Funds
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Beginning Account Value October 1, 2019 | Ending Account Value March 31, 2020 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Capital Growth Fund | ||||||||
Class A | $ 1,000.00 | $ 977.20 | 1.22 % | $ 6.03 | ||||
Class C | 1,000.00 | 973.50 | 2.00 | 9.87 | ||||
Class I | 1,000.00 | 973.40 | 1.00 | 4.93 | ||||
Class R6 | 1,000.00 | 979.90 | 0.72 | 3.56 | ||||
KAR Global Quality Dividend Fund | ||||||||
Class A | 1,000.00 | 781.90 | 1.35 | 6.01 | ||||
Class C | 1,000.00 | 778.90 | 2.10 | 9.34 | ||||
Class I | 1,000.00 | 782.70 | 1.10 | 4.90 | ||||
Class R6 | 1,000.00 | 784.20 | 0.78 | 3.48 | ||||
KAR Mid-Cap Core Fund | ||||||||
Class A | 1,000.00 | 877.80 | 1.20 | 5.63 | ||||
Class C | 1,000.00 | 874.30 | 1.95 | 9.14 | ||||
Class I | 1,000.00 | 878.70 | 0.95 | 4.46 | ||||
Class R6 | 1,000.00 | 879.10 | 0.87 | 4.09 | ||||
KAR Mid-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,017.60 | 1.32 | 6.66 | ||||
Class C | 1,000.00 | 1,013.50 | 2.07 | 10.42 | ||||
Class I | 1,000.00 | 1,017.50 | 1.07 | 5.40 | ||||
Class R6 | 1,000.00 | 1,018.20 | 0.83 | 4.19 | ||||
KAR Small-Cap Core Fund | ||||||||
Class A | 1,000.00 | 863.50 | 1.27 | 5.92 | ||||
Class C | 1,000.00 | 860.20 | 2.01 | 9.35 | ||||
Class I | 1,000.00 | 864.60 | 1.00 | 4.66 | ||||
Class R6 | 1,000.00 | 864.80 | 0.93 | 4.34 | ||||
KAR Small-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 895.90 | 1.35 | 6.40 | ||||
Class C | 1,000.00 | 892.50 | 2.08 | 9.84 | ||||
Class I | 1,000.00 | 896.90 | 1.08 | 5.12 | ||||
Class R6 | 1,000.00 | 897.40 | 0.99 | 4.70 | ||||
KAR Small-Cap Value Fund | ||||||||
Class A | 1,000.00 | 823.60 | 1.23 | 5.61 | ||||
Class C | 1,000.00 | 820.50 | 1.98 | 9.01 | ||||
Class I | 1,000.00 | 824.40 | 0.99 | 4.52 | ||||
Class R6 | 1,000.00 | 824.80 | 0.89 | 4.06 |
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Beginning Account Value October 1, 2019 | Ending Account Value March 31, 2020 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Small-Mid Cap Core Fund | ||||||||
Class A | $1,000.00 | $902.00 | 1.30% | $6.18 | ||||
Class C | 1,000.00 | 898.20 | 2.05 | 9.73 | ||||
Class I | 1,000.00 | 903.10 | 1.05 | 5.00 | ||||
Class R6 | 1,000.00 | 903.20 | 0.97 | 4.62 | ||||
Rampart Enhanced Core Equity Fund | ||||||||
Class A | 1,000.00 | 855.30 | 1.20 | 5.57 | ||||
Class C | 1,000.00 | 851.70 | 1.95 | 9.03 | ||||
Class I | 1,000.00 | 855.70 | 0.95 | 4.41 | ||||
Class R6 | 1,000.00 | 856.50 | 0.91 | 4.22 | ||||
SGA Emerging Markets Growth Fund | ||||||||
Class A | 1,000.00 | 883.70 | 1.48 | 6.97 | ||||
Class C | 1,000.00 | 880.50 | 2.23 | 10.48 | ||||
Class I | 1,000.00 | 884.90 | 1.23 | 5.80 | ||||
Class R6 | 1,000.00 | 885.90 | 1.05 | 4.95 | ||||
SGA Global Growth Fund | ||||||||
Class A | 1,000.00 | 921.40 | 1.38 | 6.63 | ||||
Class C | 1,000.00 | 917.90 | 2.13 | 10.21 | ||||
Class I | 1,000.00 | 922.20 | 1.13 | 5.43 | ||||
Class R6 | 1,000.00 | 923.00 | 0.90 | 4.33 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period. |
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Beginning Account Value October 1, 2019 | Ending Account Value March 31, 2020 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Capital Growth Fund | ||||||||
Class A | $ 1,000.00 | $ 1,018.90 | 1.22 % | $ 6.16 | ||||
Class C | 1,000.00 | 1,015.00 | 2.00 | 10.08 | ||||
Class I | 1,000.00 | 1,020.00 | 1.00 | 5.05 | ||||
Class R6 | 1,000.00 | 1,021.40 | 0.72 | 3.64 | ||||
KAR Global Quality Dividend Fund | ||||||||
Class A | 1,000.00 | 1,018.25 | 1.35 | 6.81 | ||||
Class C | 1,000.00 | 1,014.50 | 2.10 | 10.58 | ||||
Class I | 1,000.00 | 1,019.50 | 1.10 | 5.55 | ||||
Class R6 | 1,000.00 | 1,021.10 | 0.78 | 3.94 | ||||
KAR Mid-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,019.00 | 1.20 | 6.06 | ||||
Class C | 1,000.00 | 1,015.25 | 1.95 | 9.82 | ||||
Class I | 1,000.00 | 1,020.25 | 0.95 | 4.80 | ||||
Class R6 | 1,000.00 | 1,020.65 | 0.87 | 4.39 | ||||
KAR Mid-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.40 | 1.32 | 6.66 | ||||
Class C | 1,000.00 | 1,014.65 | 2.07 | 10.43 | ||||
Class I | 1,000.00 | 1,019.65 | 1.07 | 5.40 | ||||
Class R6 | 1,000.00 | 1,020.85 | 0.83 | 4.19 | ||||
KAR Small-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,018.65 | 1.27 | 6.41 | ||||
Class C | 1,000.00 | 1,014.95 | 2.01 | 10.13 | ||||
Class I | 1,000.00 | 1,020.00 | 1.00 | 5.05 | ||||
Class R6 | 1,000.00 | 1,020.35 | 0.93 | 4.70 | ||||
KAR Small-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.25 | 1.35 | 6.81 | ||||
Class C | 1,000.00 | 1,014.60 | 2.08 | 10.48 | ||||
Class I | 1,000.00 | 1,019.60 | 1.08 | 5.45 | ||||
Class R6 | 1,000.00 | 1,020.05 | 0.99 | 5.00 | ||||
KAR Small-Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,018.85 | 1.23 | 6.21 | ||||
Class C | 1,000.00 | 1,015.10 | 1.98 | 9.97 | ||||
Class I | 1,000.00 | 1,020.05 | 0.99 | 5.00 | ||||
Class R6 | 1,000.00 | 1,020.55 | 0.89 | 4.50 | ||||
KAR Small-Mid Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,018.50 | 1.30 | 6.56 | ||||
Class C | 1,000.00 | 1,014.75 | 2.05 | 10.33 | ||||
Class I | 1,000.00 | 1,019.75 | 1.05 | 5.30 | ||||
Class R6 | 1,000.00 | 1,020.15 | 0.97 | 4.90 | ||||
Rampart Enhanced Core Equity Fund | ||||||||
Class A | 1,000.00 | 1,019.00 | 1.20 | 6.06 | ||||
Class C | 1,000.00 | 1,015.25 | 1.95 | 9.82 | ||||
Class I | 1,000.00 | 1,020.25 | 0.95 | 4.80 | ||||
Class R6 | 1,000.00 | 1,020.45 | 0.91 | 4.60 | ||||
SGA Emerging Markets Growth Fund | ||||||||
Class A | 1,000.00 | 1,017.60 | 1.48 | 7.47 | ||||
Class C | 1,000.00 | 1,013.85 | 2.23 | 11.23 | ||||
Class I | 1,000.00 | 1,018.85 | 1.23 | 6.21 | ||||
Class R6 | 1,000.00 | 1,019.75 | 1.05 | 5.30 |
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Beginning Account Value October 1, 2019 | Ending Account Value March 31, 2020 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
SGA Global Growth Fund | ||||||||
Class A | $1,000.00 | $1,018.10 | 1.38% | $6.96 | ||||
Class C | 1,000.00 | 1,014.35 | 2.13 | 10.73 | ||||
Class I | 1,000.00 | 1,019.35 | 1.13 | 5.70 | ||||
Class R6 | 1,000.00 | 1,020.50 | 0.90 | 4.55 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period. |
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Information Technology | 27% |
Consumer Discretionary | 27 |
Communication Services | 15 |
Industrials | 10 |
Health Care | 7 |
Financials | 6 |
Consumer Staples | 6 |
Other | 2 |
Total | 100% |
Communication Services | 18% |
Financials | 16 |
Information Technology | 12 |
Utilities | 11 |
Health Care | 10 |
Real Estate | 10 |
Consumer Staples | 9 |
Other (includes short-term investment) | 14 |
Total | 100% |
Industrials | 35% |
Health Care | 19 |
Information Technology | 18 |
Financials | 13 |
Consumer Discretionary | 6 |
Communication Services | 4 |
Consumer Staples | 3 |
Short-Term Investment | 2 |
Total | 100% |
Information Technology | 32% |
Consumer Discretionary | 18 |
Industrials | 14 |
Health Care | 13 |
Consumer Staples | 8 |
Financials | 7 |
Communication Services | 2 |
Short-Term Investment | 6 |
Total | 100% |
Industrials | 33% |
Financials | 24 |
Information Technology | 16 |
Communication Services | 12 |
Consumer Discretionary | 7 |
Health Care | 3 |
Consumer Staples | 2 |
Other (includes short-term investment) | 3 |
Total | 100% |
Information Technology | 24% |
Communication Services | 21 |
Financials | 19 |
Industrials | 17 |
Consumer Discretionary | 9 |
Health Care | 5 |
Consumer Staples | 5 |
Short-Term Investment | —(1) |
Total | 100% |
(1)Amount is less than 0.05%. |
Industrials | 33% |
Financials | 21 |
Information Technology | 13 |
Consumer Staples | 8 |
Materials | 8 |
Consumer Discretionary | 6 |
Real Estate | 5 |
Other (includes short-term investment) | 6 |
Total | 100% |
Information Technology | 29% |
Industrials | 26 |
Financials | 13 |
Health Care | 12 |
Consumer Discretionary | 8 |
Materials | 5 |
Short-Term Investment | 7 |
Total | 100% |
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Information Technology | 26% |
Health Care | 15 |
Communication Services | 11 |
Financials | 10 |
Consumer Discretionary | 10 |
Consumer Staples | 8 |
Industrials | 7 |
Other | 13 |
Total | 100% |
Consumer Discretionary | 33% |
Consumer Staples | 29 |
Financials | 15 |
Information Technology | 8 |
Health Care | 6 |
Communication Services | 4 |
Materials | 3 |
Short-Term Investment | 2 |
Total | 100% |
Information Technology | 27% |
Consumer Discretionary | 26 |
Health Care | 13 |
Financials | 10 |
Consumer Staples | 7 |
Communication Services | 6 |
Industrials | 4 |
Other (includes short-term investment) | 7 |
Total | 100% |
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Shares | Value | ||
Common Stocks—98.9% | |||
Communication Services—15.0% | |||
Activision Blizzard, Inc. | 113,850 | $6,772 | |
Facebook, Inc. Class A(1) | 155,350 | 25,913 | |
Netflix, Inc.(1) | 58,760 | 22,064 | |
Tencent Holdings Ltd. ADR | 331,920 | 16,294 | |
71,043 | |||
Consumer Discretionary—26.3% | |||
Alibaba Group Holding Ltd. Sponsored ADR(1) | 149,960 | 29,164 | |
Amazon.com, Inc.(1) | 21,482 | 41,884 | |
Home Depot, Inc. (The) | 36,835 | 6,878 | |
Las Vegas Sands Corp. | 186,633 | 7,926 | |
McDonald’s Corp. | 37,510 | 6,202 | |
MercadoLibre, Inc.(1) | 13,970 | 6,826 | |
NIKE, Inc. Class B | 158,900 | 13,147 | |
Ross Stores, Inc. | 103,006 | 8,958 | |
Trip.com Group Ltd. ADR(1) | 150,860 | 3,538 | |
124,523 | |||
Consumer Staples—6.0% | |||
McCormick & Co., Inc. | 40,995 | 5,789 | |
Monster Beverage Corp.(1) | 125,723 | 7,073 | |
Philip Morris International, Inc. | 86,127 | 6,284 | |
Procter & Gamble Co. (The) | 84,820 | 9,330 | |
28,476 | |||
Financials—6.4% | |||
Bank of America Corp. | 503,170 | 10,682 | |
CME Group, Inc. | 36,520 | 6,315 | |
MarketAxess Holdings, Inc. | 27,980 | 9,305 |
Shares | Value | ||
Financials—continued | |||
Progressive Corp. (The) | 54,490 | $4,024 | |
30,326 | |||
Health Care—6.9% | |||
Danaher Corp. | 69,232 | 9,582 | |
HealthEquity, Inc.(1) | 79,120 | 4,003 | |
Illumina, Inc.(1) | 16,980 | 4,638 | |
Zoetis, Inc. | 124,917 | 14,701 | |
32,924 | |||
Industrials—9.9% | |||
CoStar Group, Inc.(1) | 19,741 | 11,592 | |
Equifax, Inc. | 36,710 | 4,385 | |
Fair Isaac Corp.(1) | 20,760 | 6,388 | |
Kansas City Southern | 60,080 | 7,641 | |
Roper Technologies, Inc. | 32,249 | 10,055 | |
Uber Technologies, Inc.(1) | 253,031 | 7,065 | |
47,126 | |||
Information Technology—26.3% | |||
Accenture plc Class A | 46,328 | 7,563 | |
Amphenol Corp. Class A | 145,188 | 10,581 | |
Avalara, Inc.(1) | 166,620 | 12,430 | |
Bill.com Holdings, Inc.(1)(2) | 331,860 | 11,350 | |
NVIDIA Corp. | 75,410 | 19,878 | |
Paycom Software, Inc.(1) | 90,852 | 18,353 | |
Trade Desk, Inc. (The) Class A(1) | 52,920 | 10,214 | |
Visa, Inc. Class A | 146,074 | 23,535 | |
Workday, Inc. Class A(1) | 82,751 | 10,776 | |
124,680 | |||
Shares | Value | ||
Materials—2.1% | |||
Ecolab, Inc. | 64,976 | $10,125 | |
Total Common Stocks (Identified Cost $235,543) | 469,223 | ||
Total Long-Term Investments—98.9% (Identified Cost $235,543) | 469,223 | ||
TOTAL INVESTMENTS—98.9% (Identified Cost $235,543) | $469,223 | ||
Other assets and liabilities, net—1.1% | 5,089 | ||
NET ASSETS—100.0% | $474,312 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of the security is restricted. |
Country Weightings† | |
United States | 90% |
China | 10 |
Total | 100% |
† % of total investments as of March 31, 2020. |
Total Value at March 31, 2020 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $469,223 | $469,223 | |
Total Investments | $469,223 | $469,223 |
Total | Convertible Preferred Stock | ||
Investments in Securities | |||
Balance as of September 30, 2019: | $6,850 | $6,850 | |
Change in unrealized appreciation (depreciation) | 4,500 | 4,500 | |
Transfers from Level 3 | (11,350) | (11,350) | |
Balance as of March 31, 2020 | $— | $— |
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Shares | Value | ||
Common Stocks—97.5% | |||
Communication Services—17.9% | |||
AT&T, Inc. | 51,059 | $1,488 | |
BCE, Inc. | 42,130 | 1,722 | |
Spark New Zealand Ltd. | 622,930 | 1,516 | |
WPP plc | 137,410 | 934 | |
5,660 | |||
Consumer Discretionary—2.7% | |||
Compass Group plc Sponsored ADR | 7,248 | 113 | |
Las Vegas Sands Corp. | 17,130 | 727 | |
840 | |||
Consumer Staples—9.2% | |||
Coca-Cola Co. (The) | 21,094 | 934 | |
Kimberly-Clark Corp. | 3,910 | 500 | |
PepsiCo, Inc. | 5,178 | 622 | |
Tate & Lyle plc | 103,051 | 838 | |
2,894 | |||
Financials—16.3% | |||
Bank of Hawaii Corp. | 5,539 | 306 | |
Royal Bank of Canada | 20,510 | 1,262 | |
Sabre Insurance Group plc | 206,857 | 734 | |
Tokio Marine Holdings, Inc. | 22,920 | 1,049 | |
Tryg A/S | 14,385 | 350 | |
Zurich Insurance Group AG | 1,260 | 443 | |
Zurich Insurance Group AG ADR | 28,348 | 1,001 | |
5,145 | |||
Health Care—10.1% | |||
GlaxoSmithKline plc | 20,100 | 377 | |
GlaxoSmithKline plc Sponsored ADR | 23,616 | 895 | |
Merck & Co., Inc. | 10,719 | 825 | |
Patterson Cos., Inc. | 56,684 | 866 | |
Sonic Healthcare Ltd. | 14,850 | 223 | |
3,186 | |||
Shares | Value | ||
Industrials—5.5% | |||
Adecco Group AG | 10,000 | $394 | |
Watsco, Inc. | 8,422 | 1,331 | |
1,725 | |||
Information Technology—12.2% | |||
Cisco Systems, Inc. | 23,557 | 926 | |
International Business Machines Corp. | 11,854 | 1,315 | |
Paychex, Inc. | 12,825 | 807 | |
TietoEVRY OYJ | 38,088 | 822 | |
3,870 | |||
Materials—2.6% | |||
DS Smith plc | 86,130 | 292 | |
Kemira OYJ | 26,140 | 252 | |
Sonoco Products Co. | 5,920 | 274 | |
818 | |||
Real Estate—9.7% | |||
Crown Castle International Corp. | 6,666 | 963 | |
Lamar Advertising Co. Class A | 25,197 | 1,292 | |
Realty Income Corp. | 16,390 | 817 | |
3,072 | |||
Utilities—11.3% | |||
Fortis, Inc. | 34,870 | 1,344 | |
NextEra Energy, Inc. | 1,850 | 445 | |
Southern Co. (The) | 25,155 | 1,362 | |
WEC Energy Group, Inc. | 4,602 | 406 | |
3,557 | |||
Total Common Stocks (Identified Cost $34,388) | 30,767 | ||
Total Long-Term Investments—97.5% (Identified Cost $34,388) | 30,767 | ||
Shares | Value | ||
Short-Term Investment—2.2% | |||
Money Market Mutual Fund—2.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(1) | 694,924 | $695 | |
Total Short-Term Investment (Identified Cost $695) | 695 | ||
TOTAL INVESTMENTS—99.7% (Identified Cost $35,083) | $31,462 | ||
Other assets and liabilities, net—0.3% | 102 | ||
NET ASSETS—100.0% | $31,564 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 54% |
Canada | 14 |
United Kingdom | 13 |
Switzerland | 6 |
New Zealand | 5 |
Finland | 3 |
Japan | 3 |
Other | 2 |
Total | 100% |
† % of total investments as of March 31, 2020. |
Total Value at March 31, 2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $30,767 | $22,543 | $8,224 | ||
Money Market Mutual Fund | 695 | 695 | — | ||
Total Investments | $31,462 | $23,238 | $8,224 |
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Shares | Value | ||
Common Stocks—96.3% | |||
Communication Services—3.4% | |||
Autohome, Inc. ADR(1) | 222,244 | $15,784 | |
Consumer Discretionary—5.8% | |||
Ross Stores, Inc. | 194,754 | 16,937 | |
Tractor Supply Co. | 118,519 | 10,021 | |
26,958 | |||
Consumer Staples—2.9% | |||
Lamb Weston Holdings, Inc. | 229,685 | 13,115 | |
Financials—13.2% | |||
First Financial Bankshares, Inc. | 371,320 | 9,966 | |
Houlihan Lokey, Inc. | 279,549 | 14,570 | |
Moody’s Corp. | 67,097 | 14,191 | |
Primerica, Inc. | 114,710 | 10,150 | |
SEI Investments Co. | 263,573 | 12,214 | |
61,091 | |||
Health Care—18.8% | |||
AMN Healthcare Services, Inc.(1) | 273,907 | 15,835 | |
Cooper Cos., Inc. (The) | 47,155 | 12,999 | |
Elanco Animal Health, Inc.(1) | 625,715 | 14,010 | |
Globus Medical, Inc. Class A(1) | 507,441 | 21,581 | |
West Pharmaceutical Services, Inc. | 148,011 | 22,535 | |
86,960 | |||
Shares | Value | ||
Industrials—34.3% | |||
Allegion plc | 90,642 | $8,341 | |
AMETEK, Inc. | 317,779 | 22,886 | |
Equifax, Inc. | 123,202 | 14,717 | |
Exponent, Inc. | 223,757 | 16,090 | |
Graco, Inc. | 199,750 | 9,734 | |
HEICO Corp. Class A | 116,900 | 7,470 | |
Lennox International, Inc. | 66,243 | 12,042 | |
Nordson Corp. | 116,987 | 15,801 | |
Old Dominion Freight Line, Inc. | 152,818 | 20,059 | |
SiteOne Landscape Supply, Inc.(1) | 256,500 | 18,884 | |
Verisk Analytics, Inc. | 87,212 | 12,156 | |
158,180 | |||
Information Technology—17.9% | |||
Amphenol Corp. Class A | 171,550 | 12,502 | |
Aspen Technology, Inc.(1) | 206,496 | 19,632 | |
Broadridge Financial Solutions, Inc. | 173,785 | 16,480 | |
Brooks Automation, Inc. | 613,018 | 18,697 | |
Zebra Technologies Corp. Class A(1) | 82,020 | 15,059 | |
82,370 | |||
Total Common Stocks (Identified Cost $440,246) | 444,458 | ||
Total Long-Term Investments—96.3% (Identified Cost $440,246) | 444,458 | ||
Shares | Value | ||
Short-Term Investment—2.4% | |||
Money Market Mutual Fund—2.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(2) | 11,026,944 | $11,027 | |
Total Short-Term Investment (Identified Cost $11,027) | 11,027 | ||
TOTAL INVESTMENTS—98.7% (Identified Cost $451,273) | $455,485 | ||
Other assets and liabilities, net—1.3% | 6,174 | ||
NET ASSETS—100.0% | $461,659 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 97% |
China | 3 |
Total | 100% |
† % of total investments as of March 31, 2020. |
Total Value at March 31, 2020 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $444,458 | $444,458 | |
Money Market Mutual Fund | 11,027 | 11,027 | |
Total Investments | $455,485 | $455,485 |
Table of Contents
Shares | Value | ||
Common Stocks—94.4% | |||
Communication Services—1.9% | |||
Autohome, Inc. ADR(1) | 228,824 | $16,251 | |
Consumer Discretionary—18.5% | |||
Domino’s Pizza, Inc. | 52,048 | 16,867 | |
GSX Techedu, Inc. ADR(1) | 1,235,182 | 52,322 | |
MercadoLibre, Inc.(1) | 56,998 | 27,848 | |
New Oriental Education & Technology Group, Inc. Sponsored ADR(1) | 85,999 | 9,309 | |
Pool Corp. | 99,483 | 19,575 | |
Ross Stores, Inc. | 159,624 | 13,883 | |
Trip.com Group Ltd. ADR(1) | 358,640 | 8,410 | |
Wynn Resorts Ltd. | 133,276 | 8,022 | |
156,236 | |||
Consumer Staples—8.1% | |||
Brown-Forman Corp. Class B | 277,784 | 15,420 | |
Freshpet, Inc.(1) | 283,134 | 18,084 | |
Grocery Outlet Holding Corp.(1) | 314,122 | 10,787 | |
McCormick & Co., Inc. | 79,080 | 11,167 | |
Monster Beverage Corp.(1) | 236,033 | 13,279 | |
68,737 | |||
Financials—7.1% | |||
Goosehead Insurance, Inc. Class A(1) | 312,159 | 13,931 | |
MarketAxess Holdings, Inc. | 70,452 | 23,430 | |
SEI Investments Co. | 237,500 | 11,006 | |
T. Rowe Price Group, Inc. | 123,264 | 12,037 | |
60,404 | |||
Health Care—13.0% | |||
Elanco Animal Health, Inc.(1) | 520,673 | 11,658 | |
HealthEquity, Inc.(1) | 138,406 | 7,002 | |
IDEXX Laboratories, Inc.(1) | 42,352 | 10,259 | |
Illumina, Inc.(1) | 26,939 | 7,358 | |
Mettler-Toledo International, Inc.(1) | 10,837 | 7,483 | |
Silk Road Medical, Inc.(1) | 271,719 | 8,554 | |
Teladoc Health, Inc.(1) | 253,224 | 39,252 |
Shares | Value | ||
Health Care—continued | |||
Zoetis, Inc. | 158,151 | $18,613 | |
110,179 | |||
Industrials—14.0% | |||
CoStar Group, Inc.(1) | 29,590 | 17,376 | |
Equifax, Inc. | 99,371 | 11,870 | |
Fair Isaac Corp.(1) | 87,579 | 26,947 | |
Kansas City Southern | 106,733 | 13,574 | |
Rollins, Inc. | 364,967 | 13,190 | |
Roper Technologies, Inc. | 40,135 | 12,514 | |
SiteOne Landscape Supply, Inc.(1) | 314,110 | 23,125 | |
118,596 | |||
Information Technology—31.8% | |||
Amphenol Corp. Class A | 194,267 | 14,158 | |
Avalara, Inc.(1) | 377,539 | 28,164 | |
Bill.com Holdings, Inc.(1)(2) | 445,403 | 15,233 | |
Datadog, Inc. Class A(1) | 308,455 | 11,098 | |
DocuSign, Inc.(1) | 261,195 | 24,134 | |
Dynatrace, Inc.(1) | 422,797 | 10,080 | |
Elastic N.V.(1) | 263,409 | 14,701 | |
Fidelity National Information Services, Inc. | 111,636 | 13,579 | |
FleetCor Technologies, Inc.(1) | 45,497 | 8,487 | |
Gartner, Inc.(1) | 66,011 | 6,573 | |
Okta, Inc.(1) | 172,689 | 21,113 | |
Paycom Software, Inc.(1) | 123,430 | 24,934 | |
Slack Technologies, Inc. Class A(1) | 457,326 | 12,275 | |
Square, Inc. Class A(1) | 142,860 | 7,483 | |
Teradyne, Inc. | 228,252 | 12,364 | |
Trade Desk, Inc. (The) Class A(1) | 170,406 | 32,888 | |
Workday, Inc. Class A(1) | 93,054 | 12,118 | |
269,382 | |||
Total Common Stocks (Identified Cost $732,649) | 799,785 | ||
Total Long-Term Investments—94.4% (Identified Cost $732,649) | 799,785 | ||
Shares | Value | ||
Short-Term Investment—6.1% | |||
Money Market Mutual Fund—6.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(3) | 51,821,221 | $51,821 | |
Total Short-Term Investment (Identified Cost $51,821) | 51,821 | ||
TOTAL INVESTMENTS—100.5% (Identified Cost $784,470) | $851,606 | ||
Other assets and liabilities, net—(0.5)% | (3,913) | ||
NET ASSETS—100.0% | $847,693 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of the security is restricted. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 88% |
Cayman Islands | 7 |
China | 3 |
Netherlands | 2 |
Total | 100% |
† % of total investments as of March 31, 2020. |
Table of Contents
Total Value at March 31, 2020 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $799,785 | $799,785 | |
Money Market Mutual Fund | 51,821 | 51,821 | |
Total Investments | $851,606 | $851,606 |
Total | Convertible Preferred Stock | ||
Investments in Securities | |||
Balance as of September 30, 2019: | $4,348 | $4,348 | |
Change in unrealized appreciation (depreciation) | 2,856 | 2,856 | |
Transfers from Level 3 | (7,204) | (7,204) | |
Balance as of March 31, 2020 | $— | $— |
Table of Contents
Shares | Value | ||
Common Stocks—96.3% | |||
Communication Services—12.1% | |||
Autohome, Inc. ADR(1) | 1,172,700 | $83,285 | |
Rightmove plc | 11,399,000 | 68,747 | |
152,032 | |||
Consumer Discretionary—6.5% | |||
Acushnet Holdings Corp. | 924,085 | 23,767 | |
Pool Corp. | 291,990 | 57,455 | |
81,222 | |||
Consumer Staples—2.0% | |||
PriceSmart, Inc. | 487,680 | 25,628 | |
Energy—1.9% | |||
Dril-Quip, Inc.(1) | 799,140 | 24,374 | |
Financials—23.0% | |||
Artisan Partners Asset Management, Inc. Class A | 891,600 | 19,160 | |
FactSet Research Systems, Inc. | 176,940 | 46,125 | |
First Hawaiian, Inc. | 2,398,398 | 39,646 | |
MarketAxess Holdings, Inc. | 167,632 | 55,749 | |
Moelis & Co. Class A | 1,199,440 | 33,704 | |
Primerica, Inc. | 629,912 | 55,735 | |
RLI Corp. | 449,203 | 39,498 | |
289,617 | |||
Health Care—2.5% | |||
Atrion Corp. | 48,880 | 31,772 |
Shares | Value | ||
Industrials—31.4% | |||
Donaldson Co., Inc. | 482,200 | $18,627 | |
EMCOR Group, Inc. | 258,638 | 15,860 | |
Graco, Inc. | 1,185,110 | 57,750 | |
Old Dominion Freight Line, Inc. | 635,595 | 83,428 | |
RBC Bearings, Inc.(1) | 247,448 | 27,910 | |
Simpson Manufacturing Co., Inc. | 670,779 | 41,575 | |
Teledyne Technologies, Inc.(1) | 332,500 | 98,842 | |
Toro Co. (The) | 803,701 | 52,313 | |
396,305 | |||
Information Technology—15.5% | |||
Aspen Technology, Inc.(1) | 603,600 | 57,384 | |
CDW Corp. | 766,600 | 71,501 | |
Jack Henry & Associates, Inc. | 221,300 | 34,355 | |
Manhattan Associates, Inc.(1) | 646,720 | 32,219 | |
195,459 | |||
Materials—1.4% | |||
AptarGroup, Inc. | 182,012 | 18,118 | |
Total Common Stocks (Identified Cost $938,618) | 1,214,527 | ||
Total Long-Term Investments—96.3% (Identified Cost $938,618) | 1,214,527 | ||
Shares | Value | ||
Short-Term Investment—0.4% | |||
Money Market Mutual Fund—0.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(2) | 4,344,613 | $4,345 | |
Total Short-Term Investment (Identified Cost $4,345) | 4,345 | ||
TOTAL INVESTMENTS—96.7% (Identified Cost $942,963) | $1,218,872 | ||
Other assets and liabilities, net—3.3% | 42,011 | ||
NET ASSETS—100.0% | $1,260,883 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 87% |
China | 7 |
United Kingdom | 6 |
Total | 100% |
† % of total investments as of March 31, 2020. |
Total Value at March 31, 2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $1,214,527 | $1,145,780 | $68,747 | ||
Money Market Mutual Fund | 4,345 | 4,345 | — | ||
Total Investments | $1,218,872 | $1,150,125 | $68,747 |
Table of Contents
Shares | Value | ||
Common Stocks—94.5% | |||
Communication Services—20.2% | |||
Auto Trader Group plc | 58,074,329 | $313,821 | |
Autohome, Inc. ADR(1) | 4,407,435 | 313,016 | |
Rightmove plc | 40,235,150 | 242,656 | |
869,493 | |||
Consumer Discretionary—8.9% | |||
Fox Factory Holding Corp.(1) | 3,832,978 | 160,985 | |
Ollie’s Bargain Outlet Holdings, Inc.(1) | 4,783,672 | 221,675 | |
382,660 | |||
Consumer Staples—4.7% | |||
Chefs’ Warehouse, Inc. (The)(1) | 2,808,023 | 28,277 | |
Grocery Outlet Holding Corp.(1) | 3,661,660 | 125,742 | |
PriceSmart, Inc. | 863,298 | 45,366 | |
199,385 | |||
Financials—17.8% | |||
FactSet Research Systems, Inc. | 579,650 | 151,103 | |
Goosehead Insurance, Inc. Class A(1) | 1,205,700 | 53,811 | |
Interactive Brokers Group, Inc. Class A | 3,753,516 | 162,039 | |
MarketAxess Holdings, Inc. | 609,800 | 202,801 | |
Morningstar, Inc. | 1,440,828 | 167,496 | |
Oportun Financial Corp.(1) | 2,635,930 | 27,809 | |
765,059 | |||
Shares | Value | ||
Health Care—4.8% | |||
Mesa Laboratories, Inc. | 85,353 | $19,297 | |
National Research Corp. | 2,364,238 | 107,526 | |
U.S. Physical Therapy, Inc. | 1,172,405 | 80,896 | |
207,719 | |||
Industrials—15.7% | |||
AAON, Inc. | 4,009,400 | 193,734 | |
HEICO Corp. Class A | 1,824,812 | 116,606 | |
Old Dominion Freight Line, Inc. | 2,183,250 | 286,573 | |
Omega Flex, Inc. | 908,755 | 76,699 | |
673,612 | |||
Information Technology—22.4% | |||
ANSYS, Inc.(1) | 365,300 | 84,921 | |
Aspen Technology, Inc.(1) | 1,860,700 | 176,897 | |
Avalara, Inc.(1) | 1,900,000 | 141,740 | |
Blackline, Inc.(1) | 3,134,403 | 164,901 | |
DocuSign, Inc.(1) | 1,477,563 | 136,527 | |
NVE Corp. | 483,690 | 25,166 | |
Paycom Software, Inc.(1) | 1,137,800 | 229,847 | |
SPS Commerce, Inc.(1) | 69,789 | 3,246 | |
963,245 | |||
Total Common Stocks (Identified Cost $3,246,776) | 4,061,173 | ||
Total Long-Term Investments—94.5% (Identified Cost $3,246,776) | 4,061,173 | ||
Shares | Value | ||
Short-Term Investment—0.3% | |||
Money Market Mutual Fund—0.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(2) | 13,538,958 | $13,539 | |
Total Short-Term Investment (Identified Cost $13,539) | 13,539 | ||
TOTAL INVESTMENTS—94.8% (Identified Cost $3,260,315) | $4,074,712 | ||
Other assets and liabilities, net—5.2% | 222,678 | ||
NET ASSETS—100.0% | $4,297,390 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 79% |
United Kingdom | 13 |
China | 8 |
Total | 100% |
† % of total investments as of March 31, 2020. |
Total Value at March 31, 2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $4,061,173 | $3,504,696 | $556,477 | ||
Money Market Mutual Fund | 13,539 | 13,539 | — | ||
Total Investments | $4,074,712 | $3,518,235 | $556,477 |
Table of Contents
Shares | Value | ||
Common Stocks—93.6% | |||
Communication Services—1.2% | |||
Cinemark Holdings, Inc. | 558,100 | $5,687 | |
Consumer Discretionary—6.2% | |||
Cheesecake Factory, Inc. (The) | 719,000 | 12,280 | |
Thor Industries, Inc. | 417,540 | 17,612 | |
29,892 | |||
Consumer Staples—7.8% | |||
National Beverage Corp.(1) | 427,134 | 18,217 | |
WD-40 Co. | 97,954 | 19,674 | |
37,891 | |||
Financials—19.9% | |||
Bank of Hawaii Corp. | 268,360 | 14,824 | |
First Financial Bankshares, Inc. | 614,120 | 16,483 | |
Houlihan Lokey, Inc. | 491,286 | 25,606 | |
Primerica, Inc. | 216,263 | 19,135 | |
RLI Corp. | 233,012 | 20,489 | |
96,537 | |||
Health Care—1.8% | |||
Anika Therapeutics, Inc.(1) | 307,640 | 8,894 | |
Industrials—31.3% | |||
Albany International Corp. Class A | 224,541 | 10,627 | |
CoreLogic, Inc. | 487,570 | 14,890 | |
Graco, Inc. | 429,981 | 20,953 | |
Landstar System, Inc. | 181,428 | 17,392 | |
Lincoln Electric Holdings, Inc. | 141,210 | 9,743 |
Shares | Value | ||
Industrials—continued | |||
RBC Bearings, Inc.(1) | 149,300 | $16,840 | |
SiteOne Landscape Supply, Inc.(1) | 434,635 | 31,998 | |
UniFirst Corp. | 45,950 | 6,943 | |
Watsco, Inc. | 141,353 | 22,338 | |
151,724 | |||
Information Technology—12.6% | |||
American Software, Inc. Class A | 663,891 | 9,434 | |
Badger Meter, Inc. | 250,304 | 13,416 | |
Brooks Automation, Inc. | 677,130 | 20,653 | |
Cass Information Systems, Inc. | 77,854 | 2,737 | |
Jack Henry & Associates, Inc. | 95,240 | 14,785 | |
61,025 | |||
Materials—7.8% | |||
Scotts Miracle-Gro Co. (The) | 368,681 | 37,753 | |
Real Estate—5.0% | |||
MGM Growth Properties LLC Class A | 1,035,410 | 24,508 | |
Total Common Stocks (Identified Cost $419,256) | 453,911 | ||
Total Long-Term Investments—93.6% (Identified Cost $419,256) | 453,911 | ||
Shares | Value | ||
Short-Term Investment—2.6% | |||
Money Market Mutual Fund—2.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(2) | 12,496,519 | $12,497 | |
Total Short-Term Investment (Identified Cost $12,497) | 12,497 | ||
TOTAL INVESTMENTS—96.2% (Identified Cost $431,753) | $466,408 | ||
Other assets and liabilities, net—3.8% | 18,370 | ||
NET ASSETS—100.0% | $484,778 |
Abbreviation: | |
LLC | Limited Liability Company |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at March 31, 2020 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $453,911 | $453,911 | |
Money Market Mutual Fund | 12,497 | 12,497 | |
Total Investments | $466,408 | $466,408 |
Table of Contents
Shares | Value | ||
Common Stocks—89.9% | |||
Consumer Discretionary—7.6% | |||
Pool Corp. | 19,655 | $3,867 | |
Thor Industries, Inc. | 65,731 | 2,773 | |
Winmark Corp. | 15,865 | 2,022 | |
8,662 | |||
Financials—12.9% | |||
Berkley (W.R.) Corp. | 62,472 | 3,259 | |
Interactive Brokers Group, Inc. Class A | 53,098 | 2,292 | |
MSCI, Inc. | 23,787 | 6,873 | |
Primerica, Inc. | 25,403 | 2,248 | |
14,672 | |||
Health Care—12.1% | |||
AMN Healthcare Services, Inc.(1) | 69,896 | 4,041 | |
Charles River Laboratories International, Inc.(1) | 29,362 | 3,706 | |
Cooper Cos., Inc. (The) | 13,724 | 3,783 | |
Elanco Animal Health, Inc.(1) | 98,194 | 2,198 | |
13,728 | |||
Industrials—24.7% | |||
Allegion plc | 20,134 | 1,853 | |
Copart, Inc.(1) | 48,782 | 3,343 | |
Equifax, Inc. | 15,848 | 1,893 | |
Fair Isaac Corp.(1) | 7,691 | 2,366 | |
Lennox International, Inc. | 18,065 | 3,284 | |
Nordson Corp. | 30,150 | 4,072 |
Shares | Value | ||
Industrials—continued | |||
nVent Electric plc | 123,841 | $2,089 | |
RBC Bearings, Inc.(1) | 27,558 | 3,108 | |
Rollins, Inc. | 66,266 | 2,395 | |
SiteOne Landscape Supply, Inc.(1) | 51,342 | 3,780 | |
28,183 | |||
Information Technology—27.6% | |||
ANSYS, Inc.(1) | 11,691 | 2,718 | |
Aspen Technology, Inc.(1) | 34,190 | 3,250 | |
CDW Corp. | 42,385 | 3,953 | |
DocuSign, Inc.(1) | 72,534 | 6,702 | |
FLIR Systems, Inc. | 85,280 | 2,720 | |
Jack Henry & Associates, Inc. | 22,659 | 3,518 | |
Teradyne, Inc. | 85,263 | 4,619 | |
Zebra Technologies Corp. Class A(1) | 21,723 | 3,988 | |
31,468 | |||
Materials—5.0% | |||
Scotts Miracle-Gro Co. (The) | 55,738 | 5,708 | |
Total Common Stocks (Identified Cost $119,175) | 102,421 | ||
Total Long-Term Investments—89.9% (Identified Cost $119,175) | 102,421 | ||
Shares | Value | ||
Short-Term Investment—6.8% | |||
Money Market Mutual Fund—6.8% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(2) | 7,790,864 | $7,791 | |
Total Short-Term Investment (Identified Cost $7,791) | 7,791 | ||
TOTAL INVESTMENTS—96.7% (Identified Cost $126,966) | $110,212 | ||
Other assets and liabilities, net—3.3% | 3,778 | ||
NET ASSETS—100.0% | $113,990 |
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, 2020 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $102,421 | $102,421 | |
Money Market Mutual Fund | 7,791 | 7,791 | |
Total Investments | $110,212 | $110,212 |
Table of Contents
Shares | Value | ||
Common Stocks—95.5% | |||
Communication Services—10.5% | |||
Activision Blizzard, Inc. | 4,276 | $254 | |
Alphabet, Inc. Class A(1) | 1,419 | 1,649 | |
Alphabet, Inc. Class C(1) | 1,410 | 1,640 | |
AT&T, Inc. | 31,677 | 923 | |
CenturyLink, Inc. | 5,486 | 52 | |
Charter Communications, Inc. Class A(1) | 823 | 359 | |
Comcast Corp. Class A | 20,636 | 709 | |
Discovery, Inc. Class A(1) | 987 | 19 | |
Discovery, Inc. Class C(1) | 2,082 | 37 | |
DISH Network Corp. Class A(1) | 1,514 | 30 | |
Electronic Arts, Inc.(1) | 1,693 | 170 | |
Facebook, Inc. Class A(1) | 11,914 | 1,987 | |
Fox Corp. Class A | 2,140 | 51 | |
Fox Corp. Class B | 975 | 22 | |
Interpublic Group of Cos., Inc. (The) | 2,293 | 37 | |
Live Nation Entertainment, Inc.(1) | 909 | 41 | |
Netflix, Inc.(1) | 2,017 | 757 | |
News Corp. Class A | 2,293 | 21 | |
News Corp. Class B | 729 | 7 | |
Omnicom Group, Inc. | 1,316 | 72 | |
Take-Two Interactive Software, Inc.(1) | 651 | 77 | |
T-Mobile US, Inc.(1) | 1,894 | 159 | |
Twitter, Inc.(1) | 4,756 | 117 | |
Verizon Communications, Inc. | 18,059 | 970 | |
ViacomCBS, Inc. Class B | 3,398 | 48 | |
Walt Disney Co. (The) | 8,197 | 792 | |
11,000 | |||
Consumer Discretionary—9.6% | |||
Advance Auto Parts, Inc. | 347 | 32 | |
Amazon.com, Inc.(1) | 1,897 | 3,699 | |
Aptiv plc | 1,358 | 67 | |
AutoZone, Inc.(1) | 122 | 103 | |
Best Buy Co., Inc. | 1,186 | 68 | |
Booking Holdings, Inc.(1) | 196 | 264 | |
BorgWarner, Inc. | 995 | 24 | |
Capri Holdings Ltd.(1) | 923 | 10 | |
CarMax, Inc.(1) | 859 | 46 | |
Carnival Corp. | 1,984 | 26 | |
Chipotle Mexican Grill, Inc.(1) | 129 | 85 | |
Darden Restaurants, Inc. | 678 | 37 | |
Dollar General Corp. | 1,218 | 184 | |
Dollar Tree, Inc.(1) | 1,103 | 81 | |
eBay, Inc. | 3,588 | 108 | |
Expedia Group, Inc. | 727 | 41 | |
Ford Motor Co. | 19,411 | 94 | |
Gap, Inc. (The) | 1,258 | 9 | |
Garmin Ltd. | 709 | 53 | |
General Motors Co. | 6,429 | 134 | |
Genuine Parts Co. | 720 | 49 | |
H&R Block, Inc. | 907 | 13 | |
Hanesbrands, Inc. | 1,768 | 14 | |
Harley-Davidson, Inc. | 750 | 14 |
Shares | Value | ||
Consumer Discretionary—continued | |||
Hasbro, Inc. | 656 | $47 | |
Hilton Worldwide Holdings, Inc. | 1,350 | 92 | |
Home Depot, Inc. (The) | 5,593 | 1,044 | |
Horton (D.R.), Inc. | 1,712 | 58 | |
Kohl’s Corp. | 830 | 12 | |
L Brands, Inc. | 1,304 | 15 | |
Las Vegas Sands Corp. | 1,741 | 74 | |
Leggett & Platt, Inc. | 615 | 16 | |
Lennar Corp. Class A | 1,498 | 57 | |
LKQ Corp.(1) | 1,491 | 31 | |
Lowe’s Cos., Inc. | 3,948 | 340 | |
Macy’s, Inc. | 1,640 | 8 | |
Marriott International, Inc. Class A | 1,391 | 104 | |
McDonald’s Corp. | 3,787 | 626 | |
MGM Resorts International | 2,837 | 34 | |
Mohawk Industries, Inc.(1) | 286 | 22 | |
Newell Brands, Inc. | 1,825 | 24 | |
NIKE, Inc. Class B | 6,066 | 502 | |
Nordstrom, Inc. | 580 | 9 | |
Norwegian Cruise Line Holdings Ltd.(1) | 919 | 10 | |
NVR, Inc.(1) | 18 | 46 | |
O’Reilly Automotive, Inc.(1) | 365 | 110 | |
PulteGroup, Inc. | 1,407 | 31 | |
PVH Corp. | 386 | 15 | |
Ralph Lauren Corp. | 258 | 17 | |
Ross Stores, Inc. | 1,898 | 165 | |
Royal Caribbean Cruises Ltd. | 773 | 25 | |
Starbucks Corp. | 5,933 | 390 | |
Tapestry, Inc. | 1,562 | 20 | |
Target Corp. | 2,359 | 219 | |
Tiffany & Co. | 497 | 64 | |
TJX Cos., Inc. (The) | 6,287 | 301 | |
Tractor Supply Co. | 560 | 47 | |
Ulta Beauty, Inc.(1) | 295 | 52 | |
Under Armour, Inc. Class A(1) | 896 | 8 | |
Under Armour, Inc. Class C(1) | 907 | 7 | |
VF Corp. | 1,537 | 83 | |
Whirlpool Corp. | 311 | 27 | |
Wynn Resorts Ltd. | 520 | 31 | |
Yum! Brands, Inc. | 1,548 | 106 | |
10,144 | |||
Consumer Staples—7.4% | |||
Altria Group, Inc. | 8,360 | 323 | |
Archer-Daniels-Midland Co. | 2,612 | 92 | |
Brown-Forman Corp. Class B | 883 | 49 | |
Campbell Soup Co. | 755 | 35 | |
Church & Dwight Co., Inc. | 1,152 | 74 | |
Clorox Co. (The) | 548 | 95 | |
Coca-Cola Co. (The) | 18,064 | 799 | |
Colgate-Palmolive Co. | 4,111 | 273 | |
Conagra Brands, Inc. | 2,084 | 61 | |
Constellation Brands, Inc. Class A | 875 | 126 |
Shares | Value | ||
Consumer Staples—continued | |||
Costco Wholesale Corp. | 1,960 | $559 | |
Coty, Inc. Class A | 1,574 | 8 | |
Estee Lauder Cos., Inc. (The) Class A | 1,131 | 180 | |
General Mills, Inc. | 2,677 | 141 | |
Hershey Co. (The) | 713 | 95 | |
Hormel Foods Corp. | 1,305 | 61 | |
J.M. Smucker Co. (The) | 495 | 55 | |
Kellogg Co. | 1,153 | 69 | |
Kimberly-Clark Corp. | 1,549 | 198 | |
Kraft Heinz Co.(The) | 2,956 | 73 | |
Kroger Co. (The) | 3,387 | 102 | |
Lamb Weston Holdings, Inc. | 731 | 42 | |
McCormick & Co., Inc. | 605 | 85 | |
Molson Coors Beverage Co. Class B | 919 | 36 | |
Mondelez International, Inc. Class A | 7,092 | 355 | |
Monster Beverage Corp.(1) | 1,794 | 101 | |
PepsiCo, Inc. | 6,519 | 783 | |
Philip Morris International, Inc. | 7,363 | 537 | |
Procter & Gamble Co. (The) | 11,267 | 1,239 | |
Sysco Corp. | 2,608 | 119 | |
Tyson Foods, Inc. Class A | 1,553 | 90 | |
Walgreens Boots Alliance, Inc. | 3,396 | 155 | |
Walmart, Inc. | 6,564 | 746 | |
7,756 | |||
Energy—2.3% | |||
Apache Corp. | 1,858 | 8 | |
Baker Hughes Co. | 2,796 | 29 | |
Cabot Oil & Gas Corp. | 1,515 | 26 | |
Chevron Corp. | 8,323 | 603 | |
Concho Resources, Inc. | 869 | 37 | |
ConocoPhillips | 4,524 | 139 | |
Devon Energy Corp. | 1,676 | 12 | |
Diamondback Energy, Inc. | 679 | 18 | |
EOG Resources, Inc. | 2,365 | 85 | |
Exxon Mobil Corp. | 17,514 | 665 | |
Halliburton Co. | 3,945 | 27 | |
Helmerich & Payne, Inc. | 442 | 7 | |
Hess Corp. | 1,112 | 37 | |
HollyFrontier Corp. | 600 | 15 | |
Kinder Morgan, Inc. | 8,615 | 120 | |
Marathon Oil Corp. | 3,382 | 11 | |
Marathon Petroleum Corp. | 2,879 | 68 | |
National Oilwell Varco, Inc. | 1,689 | 17 | |
Noble Energy, Inc. | 2,238 | 13 | |
Occidental Petroleum Corp. | 3,970 | 46 | |
ONEOK, Inc. | 1,892 | 41 | |
Phillips 66 | 1,805 | 97 | |
Pioneer Natural Resources Co. | 707 | 50 | |
Schlumberger Ltd. | 5,835 | 79 | |
TechnipFMC plc | 1,924 | 13 | |
Valero Energy Corp. | 1,817 | 82 |
Table of Contents
Shares | Value | ||
Energy—continued | |||
Williams Cos., Inc. (The) | 5,710 | $81 | |
2,426 | |||
Financials—9.9% | |||
Aflac, Inc. | 3,222 | 110 | |
Allstate Corp. (The) | 1,359 | 125 | |
American Express Co. | 2,991 | 256 | |
American International Group, Inc. | 3,997 | 97 | |
Ameriprise Financial, Inc. | 599 | 61 | |
Aon plc | 994 | 164 | |
Assurant, Inc. | 256 | 27 | |
Bank of America Corp. | 37,031 | 786 | |
Bank of New York Mellon Corp. (The) | 3,598 | 121 | |
Berkley (W.R.) Corp. | 630 | 33 | |
Berkshire Hathaway, Inc. Class B(1) | 8,502 | 1,554 | |
BlackRock, Inc. | 534 | 235 | |
Capital One Financial Corp. | 2,208 | 111 | |
Cboe Global Markets, Inc. | 473 | 42 | |
Charles Schwab Corp. (The) | 4,896 | 165 | |
Chubb Ltd. | 2,004 | 224 | |
Cincinnati Financial Corp. | 641 | 48 | |
Citigroup, Inc. | 10,150 | 427 | |
Citizens Financial Group, Inc. | 2,056 | 39 | |
CME Group, Inc. | 1,611 | 279 | |
Comerica, Inc. | 676 | 20 | |
Discover Financial Services | 1,536 | 55 | |
E*TRADE Financial Corp. | 1,002 | 34 | |
Everest Re Group Ltd. | 177 | 34 | |
Fifth Third Bancorp | 3,578 | 53 | |
First Republic Bank | 739 | 61 | |
Franklin Resources, Inc. | 1,146 | 19 | |
Gallagher (Arthur J.) & Co. | 804 | 66 | |
Globe Life, Inc. | 434 | 31 | |
Goldman Sachs Group, Inc. (The) | 1,377 | 213 | |
Hartford Financial Services Group, Inc. (The) | 1,709 | 60 | |
Huntington Bancshares, Inc. | 4,807 | 39 | |
Intercontinental Exchange, Inc. | 2,385 | 193 | |
Invesco Ltd. | 1,757 | 16 | |
JPMorgan Chase & Co. | 14,308 | 1,288 | |
KeyCorp | 4,526 | 47 | |
Lincoln National Corp. | 931 | 24 | |
Loews Corp. | 1,048 | 36 | |
M&T Bank Corp. | 560 | 58 | |
MarketAxess Holdings, Inc. | 159 | 53 | |
Marsh & McLennan Cos., Inc. | 2,183 | 189 | |
MetLife, Inc. | 3,599 | 110 | |
Moody’s Corp. | 750 | 159 | |
Morgan Stanley | 5,493 | 187 | |
MSCI, Inc. | 372 | 107 | |
Nasdaq, Inc. | 491 | 47 | |
Northern Trust Corp. | 936 | 71 |
Shares | Value | ||
Financials—continued | |||
People’s United Financial, Inc. | 1,872 | $21 | |
PNC Financial Services Group, Inc. (The) | 1,860 | 178 | |
Principal Financial Group, Inc. | 1,162 | 36 | |
Progressive Corp. (The) | 2,466 | 182 | |
Prudential Financial, Inc. | 1,833 | 96 | |
Raymond James Financial, Inc. | 523 | 33 | |
Regions Financial Corp. | 4,534 | 41 | |
S&P Global, Inc. | 1,058 | 259 | |
State Street Corp. | 1,561 | 83 | |
SVB Financial Group(1) | 241 | 36 | |
Synchrony Financial | 2,853 | 46 | |
T. Rowe Price Group, Inc. | 1,013 | 99 | |
Travelers Cos., Inc. (The) | 1,191 | 118 | |
Truist Financial Corp. | 6,280 | 194 | |
U.S. Bancorp | 6,111 | 211 | |
Unum Group | 994 | 15 | |
Wells Fargo & Co. | 16,696 | 479 | |
Willis Towers Watson plc | 551 | 94 | |
Zions Bancorp NA | 717 | 19 | |
10,414 | |||
Health Care—14.8% | |||
Abbott Laboratories | 8,301 | 655 | |
AbbVie, Inc. | 6,932 | 528 | |
ABIOMED, Inc.(1) | 202 | 29 | |
Agilent Technologies, Inc. | 1,451 | 104 | |
Alexion Pharmaceuticals, Inc.(1) | 990 | 89 | |
Align Technology, Inc.(1) | 366 | 64 | |
Allergan plc | 1,552 | 275 | |
AmerisourceBergen Corp. | 705 | 62 | |
Amgen, Inc. | 2,691 | 546 | |
Anthem, Inc. | 1,250 | 284 | |
Baxter International, Inc. | 2,465 | 200 | |
Becton, Dickinson & Co. | 1,244 | 286 | |
Biogen, Inc.(1) | 804 | 254 | |
Boston Scientific Corp.(1) | 7,110 | 232 | |
Bristol-Myers Squibb Co. | 10,779 | 601 | |
Cardinal Health, Inc. | 1,361 | 65 | |
Centene Corp.(1) | 2,912 | 173 | |
Cerner Corp. | 1,524 | 96 | |
Cigna Corp. | 1,864 | 330 | |
Cooper Cos., Inc. (The) | 237 | 65 | |
CVS Health Corp. | 6,207 | 368 | |
Danaher Corp. | 2,980 | 413 | |
DaVita, Inc.(1) | 408 | 31 | |
DENTSPLY SIRONA, Inc. | 1,081 | 42 | |
Edwards Lifesciences Corp.(1) | 1,015 | 191 | |
Eli Lilly & Co. | 3,817 | 530 | |
Gilead Sciences, Inc. | 5,634 | 421 | |
HCA Healthcare, Inc. | 1,296 | 116 | |
Henry Schein, Inc.(1) | 707 | 36 | |
Hologic, Inc.(1) | 1,335 | 47 | |
Humana, Inc. | 648 | 204 | |
IDEXX Laboratories, Inc.(1) | 416 | 101 | |
Illumina, Inc.(1) | 695 | 190 |
Shares | Value | ||
Health Care—continued | |||
Incyte Corp.(1) | 809 | $59 | |
Intuitive Surgical, Inc.(1) | 559 | 277 | |
IQVIA Holdings, Inc.(1) | 959 | 103 | |
Johnson & Johnson | 12,046 | 1,580 | |
Laboratory Corporation of America Holdings(1) | 474 | 60 | |
McKesson Corp. | 846 | 114 | |
Medtronic plc | 6,477 | 584 | |
Merck & Co., Inc. | 11,713 | 901 | |
Mettler-Toledo International, Inc.(1) | 115 | 79 | |
Mylan NV(1) | 2,323 | 35 | |
PerkinElmer, Inc. | 538 | 41 | |
Perrigo Co. plc | 622 | 30 | |
Pfizer, Inc. | 25,647 | 837 | |
Quest Diagnostics, Inc. | 662 | 53 | |
Regeneron Pharmaceuticals, Inc.(1) | 349 | 170 | |
ResMed, Inc. | 672 | 99 | |
STERIS plc | 410 | 57 | |
Stryker Corp. | 1,681 | 280 | |
Teleflex, Inc. | 238 | 70 | |
Thermo Fisher Scientific, Inc. | 1,847 | 524 | |
UnitedHealth Group, Inc. | 4,764 | 1,188 | |
Universal Health Services, Inc. Class B | 393 | 39 | |
Varian Medical Systems, Inc.(1) | 432 | 44 | |
Vertex Pharmaceuticals, Inc.(1) | 1,180 | 281 | |
Waters Corp.(1) | 295 | 54 | |
Zimmer Biomet Holdings, Inc. | 1,014 | 103 | |
Zoetis, Inc. | 2,296 | 270 | |
15,560 | |||
Industrials—7.3% | |||
3M Co. | 2,461 | 336 | |
A.O. Smith Corp. | 584 | 22 | |
Alaska Air Group, Inc. | 571 | 16 | |
Allegion plc | 412 | 38 | |
American Airlines Group, Inc. | 1,687 | 21 | |
AMETEK, Inc. | 1,047 | 75 | |
Arconic, Inc. | 1,783 | 29 | |
Boeing Co. (The) | 2,606 | 389 | |
Caterpillar, Inc. | 2,222 | 258 | |
Cintas Corp. | 404 | 70 | |
Copart, Inc.(1) | 912 | 62 | |
CSX Corp. | 3,477 | 199 | |
Cummins, Inc. | 644 | 87 | |
Deere & Co. | 1,355 | 187 | |
Delta Air Lines, Inc. | 2,507 | 72 | |
Dover Corp. | 670 | 56 | |
Eaton Corp. plc | 1,792 | 139 | |
Emerson Electric Co. | 2,632 | 125 | |
Equifax, Inc. | 553 | 66 | |
Expeditors International of Washington, Inc. | 718 | 48 | |
Fastenal Co. | 2,397 | 75 |
Table of Contents
Shares | Value | ||
Industrials—continued | |||
FedEx Corp. | 1,065 | $129 | |
Flowserve Corp. | 570 | 14 | |
Fortive Corp. | 1,273 | 70 | |
Fortune Brands Home & Security, Inc. | 622 | 27 | |
General Dynamics Corp. | 988 | 131 | |
General Electric Co. | 39,569 | 314 | |
Honeywell International, Inc. | 3,099 | 415 | |
Hunt (JB) Transport Services, Inc. | 371 | 34 | |
Huntington Ingalls Industries, Inc. | 177 | 32 | |
IDEX Corp. | 329 | 45 | |
IHS Markit Ltd. | 1,685 | 101 | |
Illinois Tool Works, Inc. | 1,183 | 168 | |
Ingersoll Rand, Inc.(1) | 1,503 | 37 | |
Jacobs Engineering Group, Inc. | 590 | 47 | |
Johnson Controls International plc | 3,273 | 88 | |
Kansas City Southern | 430 | 55 | |
L3Harris Technologies, Inc. | 984 | 177 | |
Lockheed Martin Corp. | 1,079 | 366 | |
Masco Corp. | 1,214 | 42 | |
Nielsen Holdings plc | 1,500 | 19 | |
Norfolk Southern Corp. | 1,104 | 161 | |
Northrop Grumman Corp. | 672 | 203 | |
Old Dominion Freight Line, Inc. | 408 | 54 | |
PACCAR, Inc. | 1,441 | 88 | |
Parker-Hannifin Corp. | 582 | 76 | |
Pentair plc | 751 | 22 | |
Quanta Services, Inc. | 620 | 20 | |
Raytheon Co. | 1,248 | 164 | |
Republic Services, Inc. | 913 | 69 | |
Robert Half International, Inc. | 508 | 19 | |
Robinson (C.H.) Worldwide, Inc. | 557 | 37 | |
Rockwell Automation, Inc. | 497 | 75 | |
Rollins, Inc. | 591 | 21 | |
Roper Technologies, Inc. | 456 | 142 | |
Snap-on, Inc. | 236 | 26 | |
Southwest Airlines Co. | 2,085 | 74 | |
Stanley Black & Decker, Inc. | 694 | 69 | |
Textron, Inc. | 991 | 26 | |
Trane Technologies plc | 1,045 | 86 | |
TransDigm Group, Inc. | 239 | 77 | |
Union Pacific Corp. | 3,010 | 425 | |
United Airlines Holdings, Inc.(1) | 1,013 | 32 | |
United Parcel Service, Inc. Class B | 2,869 | 268 | |
United Rentals, Inc.(1) | 321 | 33 | |
United Technologies Corp. | 3,570 | 337 | |
Verisk Analytics, Inc. | 700 | 98 | |
W.W. Grainger, Inc. | 184 | 46 | |
Waste Management, Inc. | 1,623 | 150 |
Shares | Value | ||
Industrials—continued | |||
Westinghouse Air Brake Technologies Corp. | 798 | $38 | |
Xylem, Inc. | 810 | 53 | |
7,670 | |||
Information Technology—25.1% | |||
Accenture plc Class A | 2,963 | 484 | |
Adobe, Inc.(1) | 2,399 | 763 | |
Advanced Micro Devices, Inc.(1) | 5,480 | 249 | |
Akamai Technologies, Inc.(1) | 739 | 68 | |
Alliance Data Systems Corp. | 212 | 7 | |
Amphenol Corp. Class A | 1,445 | 105 | |
Analog Devices, Inc. | 1,802 | 162 | |
ANSYS, Inc.(1) | 416 | 97 | |
Apple, Inc. | 20,244 | 5,148 | |
Applied Materials, Inc. | 4,592 | 210 | |
Arista Networks, Inc.(1) | 254 | 51 | |
Autodesk, Inc.(1) | 1,064 | 166 | |
Automatic Data Processing, Inc. | 2,170 | 297 | |
Broadcom, Inc. | 2,007 | 476 | |
Broadridge Financial Solutions, Inc. | 531 | 50 | |
Cadence Design Systems, Inc.(1) | 1,377 | 91 | |
CDW Corp. | 737 | 69 | |
Cisco Systems, Inc. | 19,923 | 783 | |
Citrix Systems, Inc. | 514 | 73 | |
Cognizant Technology Solutions Corp. Class A | 2,804 | 130 | |
Corning, Inc. | 3,963 | 81 | |
DXC Technology Co. | 1,378 | 18 | |
F5 Networks, Inc.(1) | 288 | 31 | |
Fidelity National Information Services, Inc. | 3,082 | 375 | |
Fiserv, Inc.(1) | 2,863 | 272 | |
FleetCor Technologies, Inc.(1) | 449 | 84 | |
FLIR Systems, Inc. | 602 | 19 | |
Fortinet, Inc.(1) | 658 | 67 | |
Gartner, Inc.(1) | 428 | 43 | |
Global Payments, Inc. | 1,552 | 224 | |
Hewlett Packard Enterprise Co. | 6,956 | 68 | |
HP, Inc. | 7,513 | 130 | |
Intel Corp. | 20,461 | 1,107 | |
International Business Machines Corp. | 4,215 | 468 | |
Intuit, Inc. | 1,260 | 290 | |
IPG Photonics Corp.(1) | 167 | 18 | |
Jack Henry & Associates, Inc. | 361 | 56 | |
Juniper Networks, Inc. | 1,586 | 30 | |
Keysight Technologies, Inc.(1) | 880 | 74 | |
KLA Corp. | 755 | 109 | |
Lam Research Corp. | 701 | 168 |
Shares | Value | ||
Information Technology—continued | |||
Leidos Holdings, Inc. | 647 | $59 | |
Mastercard, Inc. Class A | 4,296 | 1,038 | |
Maxim Integrated Products, Inc. | 1,235 | 60 | |
Microchip Technology, Inc. | 1,158 | 78 | |
Micron Technology, Inc.(1) | 5,455 | 229 | |
Microsoft Corp. | 36,859 | 5,813 | |
Motorola Solutions, Inc. | 802 | 107 | |
NetApp, Inc. | 1,004 | 42 | |
NortonLifeLock, Inc. | 2,660 | 50 | |
NVIDIA Corp. | 2,966 | 782 | |
Oracle Corp. | 9,932 | 480 | |
Paychex, Inc. | 1,629 | 102 | |
Paycom Software, Inc.(1) | 247 | 50 | |
PayPal Holdings, Inc.(1) | 5,680 | 544 | |
Qorvo, Inc.(1) | 571 | 46 | |
QUALCOMM, Inc. | 5,686 | 385 | |
salesforce.com, Inc.(1) | 4,341 | 625 | |
Seagate Technology plc | 1,201 | 59 | |
ServiceNow, Inc.(1) | 894 | 256 | |
Skyworks Solutions, Inc. | 817 | 73 | |
Synopsys, Inc.(1) | 710 | 91 | |
TE Connectivity Ltd. | 1,596 | 100 | |
Texas Instruments, Inc. | 4,283 | 428 | |
VeriSign, Inc.(1) | 475 | 86 | |
Visa, Inc. Class A | 8,330 | 1,342 | |
Western Digital Corp. | 1,525 | 63 | |
Western Union Co. (The) | 2,014 | 36 | |
Xerox Holdings Corp. | 925 | 18 | |
Xilinx, Inc. | 1,162 | 91 | |
Zebra Technologies Corp. Class A(1) | 275 | 50 | |
26,394 | |||
Materials—2.2% | |||
Air Products & Chemicals, Inc. | 983 | 196 | |
Albemarle Corp. | 465 | 26 | |
Amcor plc | 6,987 | 57 | |
Avery Dennison Corp. | 347 | 35 | |
Ball Corp. | 1,472 | 95 | |
Celanese Corp. | 517 | 38 | |
CF Industries Holdings, Inc. | 932 | 25 | |
Corteva, Inc. | 3,356 | 79 | |
Dow, Inc. | 3,085 | 90 | |
DuPont de Nemours, Inc. | 3,123 | 107 | |
Eastman Chemical Co. | 587 | 27 | |
Ecolab, Inc. | 1,077 | 168 | |
FMC Corp. | 599 | 49 | |
Freeport-McMoRan, Inc. | 6,541 | 44 | |
International Flavors & Fragrances, Inc. | 443 | 45 | |
International Paper Co. | 1,662 | 52 | |
Linde plc | 2,440 | 422 | |
LyondellBasell Industries NV Class A | 1,116 | 56 | |
Martin Marietta Materials, Inc. | 274 | 52 | |
Mosaic Co. (The) | 1,550 | 17 | |
Newmont Corp. | 3,474 | 157 | |
Nucor Corp. | 1,314 | 47 |
Table of Contents
Shares | Value | ||
Materials—continued | |||
Packaging Corporation of America | 391 | $34 | |
PPG Industries, Inc. | 1,021 | 85 | |
Sealed Air Corp. | 675 | 17 | |
Sherwin-Williams Co. (The) | 381 | 175 | |
Vulcan Materials Co. | 591 | 64 | |
Westrock Co. | 1,114 | 32 | |
2,291 | |||
Real Estate—3.0% | |||
Alexandria Real Estate Equities, Inc. | 631 | 86 | |
American Tower Corp. | 2,095 | 456 | |
Apartment Investment & Management Co. Class A | 758 | 27 | |
AvalonBay Communities, Inc. | 689 | 101 | |
Boston Properties, Inc. | 693 | 64 | |
CBRE Group, Inc. Class A(1) | 1,719 | 65 | |
Crown Castle International Corp. | 1,986 | 287 | |
Digital Realty Trust, Inc. | 1,263 | 175 | |
Duke Realty Corp. | 1,776 | 58 | |
Equinix, Inc. | 417 | 260 | |
Equity Residential | 1,708 | 105 | |
Essex Property Trust, Inc. | 324 | 71 | |
Extra Space Storage, Inc. | 614 | 59 | |
Federal Realty Investment Trust | 348 | 26 | |
Healthpeak Properties, Inc. | 2,553 | 61 | |
Host Hotels & Resorts, Inc. | 3,683 | 41 | |
Iron Mountain, Inc. | 1,363 | 32 | |
Kimco Realty Corp. | 2,249 | 22 | |
Mid-America Apartment Communities, Inc. | 560 | 58 | |
Prologis, Inc. | 3,704 | 298 | |
Public Storage | 703 | 140 |
Shares | Value | ||
Real Estate—continued | |||
Realty Income Corp. | 1,642 | $82 | |
Regency Centers Corp. | 837 | 32 | |
SBA Communications, Corp. | 528 | 143 | |
Simon Property Group, Inc. | 1,634 | 90 | |
SL Green Realty Corp. | 406 | 17 | |
UDR, Inc. | 1,438 | 53 | |
Ventas, Inc. | 2,055 | 55 | |
Vornado Realty Trust | 828 | 30 | |
Welltower, Inc. | 2,120 | 97 | |
Weyerhaeuser Co. | 3,731 | 63 | |
3,154 | |||
Utilities—3.4% | |||
AES Corp. | 3,202 | 44 | |
Alliant Energy Corp. | 1,117 | 54 | |
Ameren Corp. | 1,181 | 86 | |
American Electric Power Co., Inc. | 2,291 | 183 | |
American Water Works Co., Inc. | 799 | 96 | |
Atmos Energy Corp. | 565 | 56 | |
CenterPoint Energy, Inc. | 2,612 | 40 | |
CMS Energy Corp. | 1,299 | 76 | |
Consolidated Edison, Inc. | 1,551 | 121 | |
Dominion Energy, Inc. | 3,865 | 279 | |
DTE Energy Co. | 925 | 88 | |
Duke Energy Corp. | 3,413 | 276 | |
Edison International | 1,764 | 97 | |
Entergy Corp. | 984 | 92 | |
Evergy, Inc. | 1,099 | 61 | |
Eversource Energy | 1,537 | 120 | |
Exelon Corp. | 4,705 | 173 | |
FirstEnergy Corp. | 2,569 | 103 | |
NextEra Energy, Inc. | 2,258 | 543 | |
NiSource, Inc. | 1,838 | 46 | |
NRG Energy, Inc. | 1,171 | 32 |
Shares | Value | ||
Utilities—continued | |||
Pinnacle West Capital Corp. | 535 | $41 | |
PPL Corp. | 3,746 | 92 | |
Public Service Enterprise Group, Inc. | 2,340 | 105 | |
Sempra Energy | 1,371 | 155 | |
Southern Co. (The) | 4,958 | 268 | |
WEC Energy Group, Inc. | 1,442 | 127 | |
Xcel Energy, Inc. | 2,419 | 146 | |
3,600 | |||
Total Common Stocks (Identified Cost $87,413) | 100,409 | ||
Exchange-Traded Fund—2.5% | |||
Invesco S&P 500 Low Volatility Index Fund(2) | 56,404 | 2,646 | |
Total Exchange-Traded Fund (Identified Cost $2,701) | 2,646 | ||
Total Long-Term Investments—98.0% (Identified Cost $90,114) | 103,055 | ||
TOTAL INVESTMENTS—98.0% (Identified Cost $90,114) | $103,055 | ||
Other assets and liabilities, net—2.0% | 2,056 | ||
NET ASSETS—100.0% | $105,111 |
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, 2020 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $100,409 | $100,409 | |
Exchange-Traded Fund | 2,646 | 2,646 | |
Total Investments | $103,055 | $103,055 |
Table of Contents
Shares | Value | ||
Common Stocks—97.5% | |||
Communication Services—4.6% | |||
Tencent Holdings Ltd. | 4,136 | $205 | |
Consumer Discretionary—32.6% | |||
Alibaba Group Holding Ltd. Sponsored ADR(1) | 1,269 | 247 | |
Fast Retailing Co. Ltd. | 312 | 127 | |
Huazhu Group Ltd. ADR | 6,309 | 181 | |
JD.com, Inc. ADR(1) | 3,172 | 129 | |
MercadoLibre, Inc.(1) | 336 | 164 | |
New Oriental Education & Technology Group, Inc. Sponsored ADR(1) | 1,259 | 136 | |
TAL Education Group ADR(1) | 2,804 | 149 | |
Trip.com Group Ltd. ADR(1) | 6,971 | 164 | |
Yum China Holdings, Inc. | 3,663 | 156 | |
1,453 | |||
Consumer Staples—28.5% | |||
Ambev S.A. ADR | 32,668 | 75 | |
Budweiser Brewing Co. APAC Ltd.(1) | 34,009 | 87 | |
CP ALL PCL | 126,574 | 234 | |
Fomento Economico Mexicano SAB de C.V. Sponsored ADR | 1,844 | 112 | |
Heineken NV | 1,497 | 127 | |
Raia Drogasil S.A. | 6,005 | 117 | |
Unicharm Corp. | 4,463 | 167 | |
Universal Robina Corp. | 64,823 | 133 | |
Wal-Mart de Mexico SAB de C.V. | 91,303 | 215 | |
1,267 | |||
Financials—14.6% | |||
AIA Group Ltd. | 21,382 | 191 | |
HDFC Bank Ltd. ADR | 5,014 | 193 | |
Ping An Insurance Group Co. of China Ltd. Class H | 14,055 | 137 | |
Sanlam Ltd. | 45,560 | 130 | |
651 | |||
Shares | Value | ||
Health Care—5.9% | |||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 121,294 | $152 | |
Wuxi Biologics Cayman, Inc.(1) | 8,614 | 110 | |
262 | |||
Information Technology—8.1% | |||
Infosys Ltd. Sponsored ADR | 27,348 | 225 | |
Visa, Inc. Class A | 845 | 136 | |
361 | |||
Materials—3.2% | |||
Asian Paints Ltd. | 6,438 | 142 | |
Total Common Stocks (Identified Cost $4,988) | 4,341 | ||
Total Long-Term Investments—97.5% (Identified Cost $4,988) | 4,341 | ||
Short-Term Investment—1.8% | |||
Money Market Mutual Fund—1.8% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(2) | 83,003 | 83 | |
Total Short-Term Investment (Identified Cost $83) | 83 | ||
TOTAL INVESTMENTS—99.3% (Identified Cost $5,071) | $4,424 | ||
Other assets and liabilities, net—0.7% | 29 | ||
NET ASSETS—100.0% | $4,453 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
China | 37% |
India | 13 |
Mexico | 7 |
Japan | 7 |
Hong Kong | 6 |
Thailand | 5 |
United States | 5 |
Other | 20 |
Total | 100% |
† % of total investments as of March 31, 2020. |
Total Value at March 31, 2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $4,341 | $2,399 | $1,942 | ||
Money Market Mutual Fund | 83 | 83 | — | ||
Total Investments | $4,424 | $2,482 | $1,942 |
Table of Contents
Shares | Value | ||
Common Stocks—97.4% | |||
Communication Services—6.6% | |||
Alphabet, Inc. Class C(1) | 2,697 | $3,136 | |
Tencent Holdings Ltd. | 63,394 | 3,133 | |
6,269 | |||
Consumer Discretionary—26.1% | |||
Alibaba Group Holding Ltd. Sponsored ADR(1) | 20,050 | 3,899 | |
Amazon.com, Inc.(1) | 2,195 | 4,280 | |
Booking Holdings, Inc.(1) | 1,281 | 1,723 | |
Fast Retailing Co. Ltd. | 4,383 | 1,788 | |
MercadoLibre, Inc.(1) | 4,450 | 2,174 | |
New Oriental Education & Technology Group, Inc. Sponsored ADR(1) | 19,809 | 2,144 | |
NIKE, Inc. Class B | 44,797 | 3,707 | |
TJX Cos., Inc. (The) | 42,107 | 2,013 | |
Yum! Brands, Inc. | 43,842 | 3,005 | |
24,733 | |||
Consumer Staples—6.8% | |||
CP ALL PCL | 1,284,482 | 2,374 | |
Heineken NV | 36,043 | 3,059 | |
Nestle S.A. Registered Shares | 9,989 | 1,023 | |
6,456 | |||
Financials—9.7% | |||
AIA Group Ltd. | 436,951 | 3,913 | |
HDFC Bank Ltd. ADR | 98,024 | 3,770 | |
Sanlam Ltd. | 539,722 | 1,537 | |
9,220 | |||
Health Care—13.1% | |||
Abbott Laboratories | 33,697 | 2,659 | |
Illumina, Inc.(1) | 11,199 | 3,059 | |
Intuitive Surgical, Inc.(1) | 4,615 | 2,285 | |
Novo Nordisk A/S Class B | 40,333 | 2,408 | |
Regeneron Pharmaceuticals, Inc.(1) | 4,134 | 2,019 | |
12,430 | |||
Industrials—3.7% | |||
IHS Markit Ltd. | 57,985 | 3,479 |
Shares | Value | ||
Information Technology—26.7% | |||
Autodesk, Inc.(1) | 19,818 | $3,094 | |
Dassault Systemes SE | 6,585 | 961 | |
FleetCor Technologies, Inc.(1) | 13,059 | 2,436 | |
Infosys Ltd. Sponsored ADR | 356,170 | 2,924 | |
Microsoft Corp. | 22,930 | 3,616 | |
PayPal Holdings, Inc.(1) | 26,833 | 2,569 | |
salesforce.com, Inc.(1) | 22,310 | 3,212 | |
SAP SE Sponsored ADR | 25,227 | 2,788 | |
Visa, Inc. Class A | 22,832 | 3,679 | |
25,279 | |||
Materials—2.5% | |||
Linde plc | 13,666 | 2,364 | |
Real Estate—2.2% | |||
Equinix, Inc. | 3,378 | 2,110 | |
Total Common Stocks (Identified Cost $88,831) | 92,340 | ||
Total Long-Term Investments—97.4% (Identified Cost $88,831) | 92,340 | ||
Short-Term Investment—2.6% | |||
Money Market Mutual Fund—2.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(2) | 2,497,514 | 2,498 | |
Total Short-Term Investment (Identified Cost $2,498) | 2,498 | ||
TOTAL INVESTMENTS—100.0% (Identified Cost $91,329) | $94,838 | ||
Other assets and liabilities, net—(0.0)% | (15) | ||
NET ASSETS—100.0% | $94,823 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 54% |
China | 10 |
India | 7 |
United Kingdom | 6 |
Hong Kong | 4 |
Netherlands | 3 |
Germany | 3 |
Other | 13 |
Total | 100% |
† % of total investments as of March 31, 2020. |
Table of Contents
Total Value at March 31, 2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $92,340 | $72,144 | $20,196 | ||
Money Market Mutual Fund | 2,498 | 2,498 | — | ||
Total Investments | $94,838 | $74,642 | $20,196 |
Table of Contents
KAR Capital Growth Fund | KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | KAR Mid-Cap Growth Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $469,223 | $31,462 | $455,485 | $851,606 | |||
Foreign currency at value(2) | — | —(a) | — | — | |||
Cash | 5,286 | 1,092 | 5,555 | 2,305 | |||
Receivables | |||||||
Investment securities sold | — | 343 | — | — | |||
Fund shares sold | 448 | 43 | 5,922 | 12,148 | |||
Dividends | 245 | 119 | 241 | 156 | |||
Tax reclaims | — | 31 | — | — | |||
Securities lending income | —(a) | —(a) | — | — | |||
Prepaid Trustees’ retainer | 13 | 1 | 14 | 21 | |||
Prepaid expenses | 33 | 27 | 72 | 109 | |||
Other assets | 44 | 3 | 43 | 74 | |||
Total assets | 475,292 | 33,121 | 467,332 | 866,419 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 362 | 228 | 5,182 | 681 | |||
Investment securities purchased | — | 1,282 | — | 17,141 | |||
Investment advisory fees | 288 | 12 | 268 | 527 | |||
Distribution and service fees | 102 | 7 | 43 | 90 | |||
Administration and accounting fees | 43 | 4 | 43 | 75 | |||
Transfer agent and sub-transfer agent fees and expenses | 41 | 4 | 69 | 108 | |||
Professional fees | 14 | 16 | 13 | 12 | |||
Trustee deferred compensation plan | 44 | 3 | 43 | 74 | |||
Interest expense and/or commitment fees | 1 | —(a) | —(a) | — | |||
Other accrued expenses | 85 | 1 | 12 | 18 | |||
Total liabilities | 980 | 1,557 | 5,673 | 18,726 | |||
Net Assets | $474,312 | $31,564 | $461,659 | $847,693 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $238,195 | $37,903 | $461,877 | $798,497 | |||
Accumulated earnings (loss) | 236,117 | (6,339) | (218) | 49,196 | |||
Net Assets | $474,312 | $31,564 | $461,659 | $847,693 | |||
Net Assets: | |||||||
Class A | $434,702 | $20,799 | $43,270 | $214,295 | |||
Class C | $8,137 | $2,073 | $36,638 | $52,975 | |||
Class I | $30,552 | $8,613 | $366,499 | $574,681 | |||
Class R6 | $921 | $79 | $15,252 | $5,742 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 27,424,685 | 1,842,195 | 1,412,355 | 5,667,246 | |||
Class C | 694,040 | 189,876 | 1,292,005 | 1,793,195 | |||
Class I | 1,856,621 | 762,695 | 11,724,407 | 14,683,804 | |||
Class R6 | 55,576 | 7,027 | 487,022 | 146,043 | |||
Net Asset Value and Redemption Price Per Share: | |||||||
Class A | $15.85 | $11.29 | $30.64 | $37.81 | |||
Class C | $11.72 | $10.92 | $28.36 | $29.54 | |||
Class I | $16.46 | $11.29 | $31.26 | $39.14 | |||
Class R6 | $16.58 | $11.31 | $31.32 | $39.32 |
Table of Contents
KAR Capital Growth Fund | KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | KAR Mid-Cap Growth Fund | ||||
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $16.82 | $11.98 | $32.51 | $40.12 | |||
Maximum Sales Charge - Class A | 5.75% | 5.75% | 5.75% | 5.75% | |||
(1)Investment in securities at cost | $235,543 | $35,083 | $451,273 | $784,470 | |||
(2) Foreign currency at cost | $— | $— | $— | $— |
(a) | Amount is less than $500. |
Table of Contents
KAR Small-Cap Core Fund | KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | KAR Small-Mid Cap Core Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $1,218,872 | $4,074,712 | $466,408 | $110,212 | |||
Foreign currency at value(2) | —(a) | —(a) | — | — | |||
Cash | 43,916 | 127,491 | 15,716 | 99 | |||
Receivables | |||||||
Investment securities sold | — | 93,132 | 1,707 | — | |||
Fund shares sold | 3,833 | 19,086 | 1,895 | 4,230 | |||
Dividends | 201 | 887 | 684 | 17 | |||
Securities lending income | — | —(a) | — | — | |||
Prepaid Trustees’ retainer | 36 | 124 | 15 | 2 | |||
Prepaid expenses | 51 | 146 | 49 | 65 | |||
Other assets | 117 | 408 | 46 | 9 | |||
Total assets | 1,267,026 | 4,315,986 | 486,520 | 114,634 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 2,315 | 6,457 | 1,186 | 535 | |||
Investment securities purchased | 2,390 | 6,652 | — | — | |||
Investment advisory fees | 828 | 3,139 | 302 | 64 | |||
Distribution and service fees | 94 | 342 | 25 | 5 | |||
Administration and accounting fees | 115 | 398 | 45 | 10 | |||
Transfer agent and sub-transfer agent fees and expenses | 203 | 976 | 97 | 7 | |||
Professional fees | 11 | 4 | 14 | 14 | |||
Trustee deferred compensation plan | 117 | 408 | 46 | 9 | |||
Interest expense and/or commitment fees | 2 | 7 | 1 | — | |||
Other accrued expenses | 68 | 213 | 26 | — | |||
Total liabilities | 6,143 | 18,596 | 1,742 | 644 | |||
Net Assets | $1,260,883 | $4,297,390 | $484,778 | $113,990 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $997,633 | $3,419,873 | $472,356 | $131,550 | |||
Accumulated earnings (loss) | 263,250 | 877,517 | 12,422 | (17,560) | |||
Net Assets | $1,260,883 | $4,297,390 | $484,778 | $113,990 | |||
Net Assets: | |||||||
Class A | $100,582 | $565,158 | $62,354 | $6,916 | |||
Class C | $81,097 | $238,248 | $12,475 | $3,407 | |||
Class I | $970,062 | $3,435,974 | $400,650 | $98,877 | |||
Class R6 | $109,142 | $58,010 | $9,299 | $4,790 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 3,178,920 | 17,112,566 | 4,154,197 | 665,328 | |||
Class C | 3,116,867 | 8,116,357 | 850,416 | 332,819 | |||
Class I | 28,937,773 | 101,592,729 | 26,714,511 | 9,473,106 | |||
Class R6 | 3,243,476 | 1,711,418 | 619,674 | 458,301 | |||
Net Asset Value and Redemption Price Per Share: | |||||||
Class A | $31.64 | $33.03 | $15.01 | $10.40 | |||
Class C | $26.02 | $29.35 | $14.67 | $10.24 | |||
Class I | $33.52 | $33.82 | $15.00 | $10.44 | |||
Class R6 | $33.65 | $33.90 | $15.01 | $10.45 |
Table of Contents
KAR Small-Cap Core Fund | KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | KAR Small-Mid Cap Core Fund | ||||
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $33.57 | $35.05 | $15.93 | $11.03 | |||
Maximum Sales Charge - Class A | 5.75% | 5.75% | 5.75% | 5.75% | |||
(1)Investment in securities at cost | $942,963 | $3,260,315 | $431,753 | $126,966 | |||
(2) Foreign currency at cost | $—(a) | $—(a) | $— | $— |
(a) | Amount is less than $500. |
Table of Contents
Rampart Enhanced Core Equity Fund | SGA Emerging Markets Growth Fund | SGA Global Growth Fund | |||
Assets | |||||
Investment in securities at value(1) | $103,055 | $4,424 | $94,838 | ||
Foreign currency at value(2) | — | — | 136 | ||
Cash | 2,267 | — | —(a) | ||
Receivables | |||||
Fund shares sold | 20 | — | 32 | ||
Receivable from adviser | — | 10 | — | ||
Dividends | 111 | 3 | 19 | ||
Tax reclaims | — | —(a) | 39 | ||
Prepaid Trustees’ retainer | 3 | —(a) | 3 | ||
Prepaid expenses | 25 | 36 | 33 | ||
Other assets | 10 | —(a) | 9 | ||
Total assets | 105,491 | 4,473 | 95,109 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 230 | — | 47 | ||
Investment securities purchased | — | — | 112 | ||
Investment advisory fees | 54 | — | 57 | ||
Distribution and service fees | 26 | —(a) | 7 | ||
Administration and accounting fees | 10 | —(a) | 9 | ||
Transfer agent and sub-transfer agent fees and expenses | 15 | — | 7 | ||
Professional fees | 12 | 18 | 29 | ||
Trustee deferred compensation plan | 10 | —(a) | 9 | ||
Interest expense and/or commitment fees | —(a) | — | — | ||
Other accrued expenses | 23 | 2 | 9 | ||
Total liabilities | 380 | 20 | 286 | ||
Net Assets | $105,111 | $4,453 | $94,823 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $104,090 | $5,074 | $92,098 | ||
Accumulated earnings (loss) | 1,021 | (621) | 2,725 | ||
Net Assets | $105,111 | $4,453 | $94,823 | ||
Net Assets: | |||||
Class A | $90,494 | $124 | $15,249 | ||
Class C | $5,916 | $116 | $3,750 | ||
Class I | $8,008 | $97 | $19,774 | ||
Class R6 | $693 | $4,116 | $56,050 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 5,181,005 | 14,115 | 788,941 | ||
Class C | 378,866 | 13,212 | 204,657 | ||
Class I | 459,603 | 10,958 | 1,019,604 | ||
Class R6 | 39,893 | 465,432 | 2,817,342 | ||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $17.47 | $8.81 | $19.33 | ||
Class C | $15.61 | $8.76 | $18.33 | ||
Class I | $17.42 | $8.83 | $19.39 | ||
Class R6 | $17.39 | $8.84 | $19.89 |
Table of Contents
Rampart Enhanced Core Equity Fund | SGA Emerging Markets Growth Fund | SGA Global Growth Fund | |||
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $18.54 | $9.35 | $20.51 | ||
Maximum Sales Charge - Class A | 5.75% | 5.75% | 5.75% | ||
(1)Investment in securities at cost | $90,114 | $5,071 | $91,329 | ||
(2) Foreign currency at cost | $— | $— | $136 |
(a) | Amount is less than $500. |
Table of Contents
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 | $2,014 | $658 | $1,951 | $1,671 | $3,366 | ||||
Security lending, net of fees | 43 | 9 | 1 | — | 4 | ||||
Foreign taxes withheld | — | (35) | — | — | (20) | ||||
Total investment income | 2,057 | 632 | 1,952 | 1,671 | 3,350 | ||||
Expenses | |||||||||
Investment advisory fees | 1,874 | 152 | 2,011 | 2,726 | 5,812 | ||||
Distribution and service fees, Class A | 622 | 35 | 65 | 257 | 163 | ||||
Distribution and service fees, Class C | 46 | 15 | 226 | 248 | 514 | ||||
Administration and accounting fees | 283 | 25 | 266 | 374 | 811 | ||||
Transfer agent fees and expenses | 158 | 13 | 109 | 160 | 335 | ||||
Sub-transfer agent fees and expenses, Class A | 84 | 8 | 23 | 57 | 57 | ||||
Sub-transfer agent fees and expenses, Class C | 3 | 1 | 21 | 23 | 41 | ||||
Sub-transfer agent fees and expenses, Class I | 12 | 5 | 171 | 235 | 408 | ||||
Custodian fees | —(1) | —(1) | —(1) | 1 | 1 | ||||
Printing fees and expenses | 23 | 7 | 20 | 21 | 65 | ||||
Professional fees | 13 | 12 | 12 | 12 | 17 | ||||
Interest expense and/or commitment fees | 2 | —(1) | 1 | 1 | 4 | ||||
Registration fees | 35 | 32 | 47 | 61 | 45 | ||||
Trustees’ fees and expenses | 20 | 2 | 16 | 21 | 60 | ||||
Miscellaneous expenses | 114 | 12 | 15 | 36 | 57 | ||||
Total expenses | 3,289 | 319 | 3,003 | 4,233 | 8,390 | ||||
Less net expenses reimbursed and/or waived by investment adviser(2) | —(1) | (45) | (329) | — | — | ||||
Less low balance account fees | (17) | (1) | —(1) | (2) | —(1) | ||||
Plus net expenses recaptured(2) | — | — | — | 44 | — | ||||
Net expenses | 3,272 | 273 | 2,674 | 4,275 | 8,390 | ||||
Net investment income (loss) | (1,215) | 359 | (722) | (2,604) | (5,040) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | 5,935 | (758) | (2,289) | (12,840) | (7,214) | ||||
Foreign currency transactions | — | 4 | — | — | 8 | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | (15,085) | (8,484) | (68,324) | (12,527) | (189,392) | ||||
Foreign currency transactions | — | (5) | — | — | —(1) | ||||
Net realized and unrealized gain (loss) on investments | (9,150) | (9,243) | (70,613) | (25,367) | (196,598) | ||||
Net increase (decrease) in net assets resulting from operations | $(10,365) | $(8,884) | $(71,335) | $(27,971) | $(201,638) |
(1) | Amount is less than $500. |
(2) | See Note 4D in the Notes to Financial Statements. |
Table of Contents
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | KAR Small-Mid Cap Core Fund | Rampart Enhanced Core Equity Fund | SGA Emerging Markets Growth Fund | |||||
Investment Income | |||||||||
Dividends | $7,651 | $5,738 | $283 | $1,373 | $19 | ||||
Security lending, net of fees | 6 | — | — | — | — | ||||
Foreign taxes withheld | — | (27) | — | — | (2) | ||||
Total investment income | 7,657 | 5,711 | 283 | 1,373 | 17 | ||||
Expenses | |||||||||
Investment advisory fees | 21,363 | 2,117 | 244 | 517 | 23 | ||||
Distribution and service fees, Class A | 914 | 98 | 6 | 148 | —(1) | ||||
Distribution and service fees, Class C | 1,475 | 81 | 11 | 39 | 1 | ||||
Administration and accounting fees | 2,740 | 319 | 38 | 76 | 6 | ||||
Transfer agent fees and expenses | 1,134 | 134 | 14 | 38 | 1 | ||||
Sub-transfer agent fees and expenses, Class A | 392 | 29 | 3 | 34 | — | ||||
Sub-transfer agent fees and expenses, Class C | 131 | 7 | —(1) | 2 | — | ||||
Sub-transfer agent fees and expenses, Class I | 1,988 | 235 | 15 | 4 | — | ||||
Custodian fees | 4 | —(1) | —(1) | 3 | 4 | ||||
Printing fees and expenses | 226 | 31 | 2 | 7 | 1 | ||||
Professional fees | 32 | 13 | 11 | 9 | 12 | ||||
Interest expense and/or commitment fees | 15 | 2 | —(1) | —(1) | — | ||||
Registration fees | 73 | 45 | 42 | 31 | 45 | ||||
Trustees’ fees and expenses | 203 | 22 | 1 | 5 | —(1) | ||||
Miscellaneous expenses | 186 | 28 | 2 | 26 | 1 | ||||
Total expenses | 30,876 | 3,161 | 389 | 939 | 94 | ||||
Less net expenses reimbursed and/or waived by investment adviser(2) | — | — | (31) | (97) | (69) | ||||
Less low balance account fees | (2) | (1) | —(1) | (2) | — | ||||
Net expenses | 30,874 | 3,160 | 358 | 840 | 25 | ||||
Net investment income (loss) | (23,217) | 2,551 | (75) | 533 | (8) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | 249,086 | (12,347) | (566) | 5,609 | 35 | ||||
Foreign currency transactions | 50 | — | — | — | (1) | ||||
Written options | — | — | — | (7,962) | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | (751,881) | (96,285) | (18,429) | (17,085) | (639) | ||||
Foreign currency transactions | 7 | — | — | — | —(1) | ||||
Written options | — | — | — | (36) | — | ||||
Net realized and unrealized gain (loss) on investments | (502,738) | (108,632) | (18,995) | (19,474) | (605) | ||||
Net increase (decrease) in net assets resulting from operations | $(525,955) | $(106,081) | $(19,070) | $(18,941) | $(613) |
(1) | Amount is less than $500. |
(2) | See Note 4D in the Notes to Financial Statements. |
Table of Contents
SGA Global Growth Fund | |||
Six Months Ended March 31, 2020 | Fiscal Period Ended September 30, 2019(1) | ||
Investment Income | |||
Dividends | $251 | $511 | |
Dividends from affiliated funds | — | 16 | |
Security lending, net of fees | —(2) | —(2) | |
Foreign taxes withheld | (6) | (45) | |
Total Investment Income | 245 | 482 | |
Expenses | |||
Investment advisory fees | 338 | 298 | |
Distribution and service fees, Class A | 9 | 7 | |
Distribution and service fees, Class C | 20 | 23 | |
Distribution and service fees, Class I* | — | 4 | |
Administration Fees | 48 | 46 | |
Transfer agent fees and expenses | 18 | 13 | |
Sub-transfer agent fees, Class A | 3 | 1 | |
Sub-transfer agent fees, Class C | 1 | 1 | |
Sub-transfer agent fees, Class I* | 9 | 5 | |
Sub-transfer agent fees, Class R6** | —(2) | 4 | |
Custodian fees | 1 | 1 | |
Printing fees and expenses | 2 | 5 | |
Professional fees | 13 | 1 | |
Registration fees | 28 | 44 | |
Trustees’ fees and expenses | 2 | 1 | |
Miscellaneous expenses | 5 | 29 | |
Total Expenses | 497 | 483 | |
Less expenses reimbursed and/or waived by investment adviser(3) | (52) | (71) | |
Net expenses | 445 | 412 | |
Net Investment income (loss) | (200) | 70 | |
Net Realized and Unrealized Gain (Loss) on Investments | |||
Net realized gain (loss) from: | |||
Unaffiliated investments | 210 | (167) | |
Foreign currency transactions | (4) | (3) | |
Futures contracts | — | 241 | |
Net change in unrealized appreciation (depreciation) on: | |||
Unaffiliated investments | (10,660) | 6,390 | |
Foreign currency transactions | 1 | (1) | |
Futures contracts | — | (128) | |
Net Realized and Unrealized Gain (Loss) on Investments | (10,453) | 6,332 | |
Net increase (decrease) in net assets resulting from operations | $(10,653) | $6,402 |
* | On May 3, 2019, Investor Class shares of the Predecessor Fund were reorganized into Class I shares of the Fund. See Note 1 in the Notes to Financial Statements. |
** | On May 3, 2019, Y Class shares and Institutional Class shares of the Predecessor Fund were reorganized into Class R6 shares of the Fund. See Note 1 in the Notes to Financial Statements. |
(1) | Period from February 1, 2019 to September 30, 2019. The Fund had a fiscal period end change from January 31 to September 30. |
(2) | Amount is less than $500. |
(3) | See Note 4D in the Notes to Financial Statements. |
Table of Contents
KAR Capital Growth Fund | KAR Global Quality Dividend Fund | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $(1,215) | $(2,205) | $359 | $971 | |||
Net realized gain (loss) | 5,935 | 20,250 | (754) | (861) | |||
Net change in unrealized appreciation (depreciation) | (15,085) | (16,012) | (8,489) | 3,323 | |||
Increase (decrease) in net assets resulting from operations | (10,365) | 2,033 | (8,884) | 3,433 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (13,917) | (42,216) | (669) | (2,449) | |||
Class C | (341) | (1,557) | (45) | (465) | |||
Class I | (673) | (1,314) | (228) | (495) | |||
Class R6 | (6) | (8) | (3) | — | |||
Total Dividends and Distributions to Shareholders | (14,937) | (45,095) | (945) | (3,409) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (14,105) | 2,187 | (1,921) | 2,837 | |||
Class C | 83 | (3,711) | (466) | (1,716) | |||
Class I | 10,513 | 6,417 | 3,885 | 2,329 | |||
Class R6 | 1,011 | (5,834) | — | 100 | |||
Increase (decrease) in net assets from capital transactions | (2,498) | (941) | 1,498 | 3,550 | |||
Net increase (decrease) in net assets | (27,800) | (44,003) | (8,331) | 3,574 | |||
Net Assets | |||||||
Beginning of period | 502,112 | 546,115 | 39,895 | 36,321 | |||
End of Period | $474,312 | $502,112 | $31,564 | $39,895 |
Table of Contents
KAR Mid-Cap Core Fund | KAR Mid-Cap Growth Fund | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $(722) | $(362) | $(2,604) | $(2,518) | |||
Net realized gain (loss) | (2,289) | 1,545 | (12,840) | 3,921 | |||
Net change in unrealized appreciation (depreciation) | (68,324) | 26,947 | (12,527) | 8,143 | |||
Increase (decrease) in net assets resulting from operations | (71,335) | 28,130 | (27,971) | 9,546 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (222) | (242) | (1,240) | (2,261) | |||
Class C | (207) | (234) | (384) | (348) | |||
Class I | (1,612) | (1,379) | (2,476) | (1,134) | |||
Class R6 | (56) | (17) | (25) | (3) | |||
Total Dividends and Distributions to Shareholders | (2,097) | (1,872) | (4,125) | (3,746) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 3,352 | 11,502 | 37,403 | 44,017 | |||
Class C | (782) | 10,731 | 13,638 | 27,696 | |||
Class I | 94,878 | 140,292 | 291,326 | 253,153 | |||
Class R6 | 6,527 | 8,429 | 3,921 | 1,938 | |||
Increase (decrease) in net assets from capital transactions | 103,975 | 170,954 | 346,288 | 326,804 | |||
Net increase (decrease) in net assets | 30,543 | 197,212 | 314,192 | 332,604 | |||
Net Assets | |||||||
Beginning of period | 431,116 | 233,904 | 533,501 | 200,897 | |||
End of Period | $461,659 | $431,116 | $847,693 | $533,501 |
Table of Contents
KAR Small-Cap Core Fund | KAR Small-Cap Growth Fund | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $(5,040) | $(1,155) | $(23,217) | $(24,248) | |||
Net realized gain (loss) | (7,206) | 65,025 | 249,136 | (41,148) | |||
Net change in unrealized appreciation (depreciation) | (189,392) | 92,814 | (751,874) | 641,026 | |||
Increase (decrease) in net assets resulting from operations | (201,638) | 156,684 | (525,955) | 575,630 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (5,582) | (4,670) | (11,736) | (14,708) | |||
Class C | (5,287) | (4,986) | (5,279) | (6,272) | |||
Class I | (48,160) | (39,927) | (65,197) | (69,698) | |||
Class R6 | (5,195) | (3,179) | (823) | (248) | |||
Return of Capital: | |||||||
Class A | — | — | — | (765) | |||
Class C | — | — | — | (338) | |||
Class I | — | — | — | (3,824) | |||
Class R6 | — | — | — | (28) | |||
Total Dividends and Distributions to Shareholders | (64,224) | (52,762) | (83,035) | (95,881) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (10,229) | (27,618) | (88,662) | (199,784) | |||
Class C | (6,536) | (21,478) | (18,790) | (39,105) | |||
Class I | (28,541) | (111,236) | (54,247) | (525,903) | |||
Class R6 | 22,543 | 10,121 | 22,010 | 26,939 | |||
Increase (decrease) in net assets from capital transactions | (22,763) | (150,211) | (139,689) | (737,853) | |||
Net increase (decrease) in net assets | (288,625) | (46,289) | (748,679) | (258,104) | |||
Net Assets | |||||||
Beginning of period | 1,549,508 | 1,595,797 | 5,046,069 | 5,304,173 | |||
End of Period | $1,260,883 | $1,549,508 | $4,297,390 | $5,046,069 |
Table of Contents
KAR Small-Cap Value Fund | KAR Small-Mid Cap Core Fund | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $2,551 | $5,464 | $(75) | $(8) | |||
Net realized gain (loss) | (12,347) | (8,971) | (566) | (155) | |||
Net change in unrealized appreciation (depreciation) | (96,285) | (17,954) | (18,429) | 1,483 | |||
Increase (decrease) in net assets resulting from operations | (106,081) | (21,461) | (19,070) | 1,320 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (469) | (1,360) | — | (4) | |||
Class C | — | (298) | — | (2) | |||
Class I | (4,156) | (9,963) | — | (16) | |||
Class R6 | (105) | (328) | — | (36) | |||
Total Dividends and Distributions to Shareholders | (4,730) | (11,949) | — | (58) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (2,905) | (253) | 6,951 | 1,211 | |||
Class C | 34 | (11,820) | 3,031 | 866 | |||
Class I | 8,565 | 34,116 | 90,078 | 23,837 | |||
Class R6 | 98 | (8,883) | 2,398 | — | |||
Increase (decrease) in net assets from capital transactions | 5,792 | 13,160 | 102,458 | 25,914 | |||
Net increase (decrease) in net assets | (105,019) | (20,250) | 83,388 | 27,176 | |||
Net Assets | |||||||
Beginning of period | 589,797 | 610,047 | 30,602 | 3,426 | |||
End of Period | $484,778 | $589,797 | $113,990 | $30,602 |
Table of Contents
Rampart Enhanced Core Equity Fund | SGA Emerging Markets Growth Fund | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | From Inception June 13, 2019 to September 30, 2019 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $533 | $1,061 | $(8) | $(2) | |||
Net realized gain (loss) | (2,353) | (2,644) | 34 | 3 | |||
Net change in unrealized appreciation (depreciation) | (17,121) | (2,272) | (639) | (8) | |||
Decrease in net assets resulting from operations | (18,941) | (3,855) | (613) | (7) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1,182) | (1,129) | (—)(1) | — | |||
Class C | (14) | (54) | (—)(1) | — | |||
Class I | (133) | (161) | (—)(1) | — | |||
Class R6 | (13) | (23) | (1) | — | |||
Total Dividends and Distributions to Shareholders | (1,342) | (1,367) | (1) | — | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (7,070) | (2,367) | 42 | 100 | |||
Class C | (794) | (19,940) | 27 | 100 | |||
Class I | (1,123) | (3,713) | —(1) | 110 | |||
Class R6 | (98) | (3,786) | 657 | 4,038 | |||
Increase (decrease) in net assets from capital transactions | (9,085) | (29,806) | 726 | 4,348 | |||
Net increase (decrease) in net assets | (29,368) | (35,028) | 112 | 4,341 | |||
Net Assets | |||||||
Beginning of period | 134,479 | 169,507 | 4,341 | — | |||
End of Period | $105,111 | $134,479 | $4,453 | $4,341 |
(1) | Amount is less than $500. |
Table of Contents
SGA Global Growth Fund | |||||
Six Months Ended March 31, 2020 (Unaudited) | Fiscal Period Ended September 30, 2019(1) | Year Ended January 31, 2019 | |||
Increase (Decrease) in Net Assets Resulting from Operations | |||||
Net investment income (loss) | $(200) | $70 | $(47) | ||
Net realized gain (loss) | 206 | 71 | 238 | ||
Net change in unrealized appreciation (depreciation) | (10,659) | 6,261 | (1,551) | ||
Increase (decrease) in net assets resulting from operations | (10,653) | 6,402 | (1,360) | ||
Dividends and Distributions to Shareholders | |||||
Net Investment Income and Net Realized Gains: | |||||
Class A | — | — | (147) | ||
Class C | — | — | (113) | ||
Class I* | (3) | — | (286) | ||
Class R6** | (34) | — | (1,006) | ||
Y Class** | — | — | (672) | ||
Total Dividends and Distributions to Shareholders | (37) | — | (2,224) | ||
Change in Net Assets From Capital Transactions (See Note 6): | |||||
Class A | 14,099 | 21 | 167 | ||
Class C | 606 | 16 | 1,253 | ||
Class I* | 9,147 | 6,224 | (13,064) | ||
Class R6** | 20,391 | (765) | 13,749 | ||
Y Class** | — | — | 3,835 | ||
Increase (decrease) in net assets from share transactions | 44,243 | 5,496 | 5,940 | ||
Net increase (decrease) in net assets | 33,553 | 11,898 | 2,356 | ||
Net Assets | |||||
Beginning of period | 61,270 | 49,372 | 47,016 | ||
End of Period | $94,823 | $61,270 | $49,372 |
* | On May 3, 2019, Investor Class shares of the Predecessor Fund were reorganized into Class I shares of the Fund. See Note 1 in the Notes to Financial Statements. |
** | On May 3, 2019, Y Class shares and Institutional Class shares of the Predecessor Fund were reorganized into Class R6 shares of the Fund. See Note 1 in the Notes to Financial Statements. |
(1) | Period from February 1, 2019 to September 30, 2019. The Fund had a fiscal period end change from January 31 to September 30. |
Table of Contents
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Capital Growth Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/19 to 3/31/20(6) | $16.67 | (0.04) | (0.27) | (0.31) | — | — | (0.51) | (0.51) | (0.82) | $15.85 | (2.28) % | $434,702 | 1.22 % (7) | 1.23 % | (0.45) % | 3 % | |
10/1/18 to 9/30/19 | 18.37 | (0.07) | (0.08) | (0.15) | — | — | (1.55) | (1.55) | (1.70) | 16.67 | 1.10 | 471,071 | 1.23 (7) | 1.24 | (0.43) | 12 | |
10/1/17 to 9/30/18 | 16.18 | (0.08) | 3.13 | 3.05 | — | — | (0.86) | (0.86) | 2.19 | 18.37 | 19.56 | 508,124 | 1.22 (7) | 1.22 | (0.49) | 17 | |
10/1/16 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 | |
Class C | |||||||||||||||||
10/1/19 to 3/31/20(6) | $12.49 | (0.08) | (0.18) | (0.26) | — | — | (0.51) | (0.51) | (0.77) | $11.72 | (2.65) % | $8,137 | 2.00 % (7) | 2.00 % | (1.23) % | 3 % | |
10/1/18 to 9/30/19 | 14.34 | (0.15) | (0.15) | (0.30) | — | — | (1.55) | (1.55) | (1.85) | 12.49 | 0.26 | 8,632 | 2.02 (7) | 2.02 | (1.22) | 12 | |
10/1/17 to 9/30/18 | 12.91 | (0.17) | 2.46 | 2.29 | — | — | (0.86) | (0.86) | 1.43 | 14.34 | 18.58 | 14,408 | 1.99 (7) | 2.00 | (1.26) | 17 | |
10/1/16 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 | |
Class I | |||||||||||||||||
10/1/19 to 3/31/20(6) | $17.36 | (0.02) | (0.37) | (0.39) | — | — | (0.51) | (0.51) | (0.90) | $16.46 | (2.66) % | $30,552 | 1.00 % (7) | 1.01 % | (0.24) % | 3 % | |
10/1/18 to 9/30/19 | 19.02 | (0.04) | (0.07) | (0.11) | — | — | (1.55) | (1.55) | (1.66) | 17.36 | 1.29 | 22,315 | 1.02 (7) | 1.03 | (0.21) | 12 | |
10/1/17 to 9/30/18 | 16.69 | (0.05) | 3.24 | 3.19 | — | — | (0.86) | (0.86) | 2.33 | 19.02 | 19.81 | 17,125 | 0.99 (7) | 0.99 | (0.26) | 17 | |
10/1/16 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 | |
Class R6 | |||||||||||||||||
10/1/19 to 3/31/20(6) | $17.37 | 0.02 | (0.30) | (0.28) | — | — | (0.51) | (0.51) | (0.79) | $16.58 | (2.01) % | $921 | 0.72 % | 0.93 % | 0.16 % | 3 % | |
10/1/18 to 9/30/19 | 19.04 | (0.05) | (0.07) | (0.12) | — | — | (1.55) | (1.55) | (1.67) | 17.37 | 1.25 | 94 | 0.78 (12) | 0.94 | (0.27) | 12 | |
1/30/18(13) to 9/30/18 | 18.46 | (—) (11) | 0.58 | 0.58 | — | — | — | — | 0.58 | 19.04 | 3.14 | 6,458 | 0.80 (12) | 0.91 | (0.03) | 17 (14) | |
KAR Global Quality Dividend Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/19 to 3/31/20(6) | $14.78 | 0.13 | (3.28) | (3.15) | (0.34) | — | — | (0.34) | (3.49) | $11.29 | (21.81) % | $20,799 | 1.35 % | 1.57 % | 1.77 % | 26 % | |
10/1/18 to 9/30/19 | 14.98 | 0.38 | 0.85 | 1.23 | (0.39) | — | (1.04) | (1.43) | (0.20) | 14.78 | 9.64 | 29,367 | 1.35 | 1.56 | 2.71 | 35 | |
10/1/17 to 9/30/18 | 16.20 | 0.40 | 0.25 | 0.65 | (0.65) | — | (1.22) | (1.87) | (1.22) | 14.98 | 4.24 | 26,351 | 1.35 | 1.50 | 2.63 | 33 | |
10/1/16 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 |
Table of Contents
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Global Quality Dividend Fund (Continued) | |||||||||||||||||
Class C | |||||||||||||||||
10/1/19 to 3/31/20(6) | $14.23 | 0.07 | (3.16) | (3.09) | (0.22) | — | — | (0.22) | (3.31) | $10.92 | (22.11) % | $2,073 | 2.10 % | 2.31 % | 1.01 % | 26 % | |
10/1/18 to 9/30/19 | 14.52 | 0.24 | 0.83 | 1.07 | (0.32) | — | (1.04) | (1.36) | (0.29) | 14.23 | 8.74 | 3,178 | 2.10 | 2.29 | 1.79 | 35 | |
10/1/17 to 9/30/18 | 15.82 | 0.32 | 0.22 | 0.54 | (0.62) | — | (1.22) | (1.84) | (1.30) | 14.52 | 3.56 | 5,127 | 2.10 | 2.25 | 2.16 | 33 | |
10/1/16 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 | |
Class I | |||||||||||||||||
10/1/19 to 3/31/20(6) | $14.79 | 0.15 | (3.27) | (3.12) | (0.38) | — | — | (0.38) | (3.50) | $11.29 | (21.73) % | $8,613 | 1.10 % | 1.34 % | 2.05 % | 26 % | |
10/1/18 to 9/30/19 | 15.02 | 0.42 | 0.83 | 1.25 | (0.44) | — | (1.04) | (1.48) | (0.23) | 14.79 | 9.85 | 7,246 | 1.10 | 1.36 | 3.00 | 35 | |
10/1/17 to 9/30/18 | 16.20 | 0.47 | 0.23 | 0.70 | (0.66) | — | (1.22) | (1.88) | (1.18) | 15.02 | 4.56 | 4,843 | 1.10 | 1.29 | 3.14 | 33 | |
10/1/16 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 | |
Class R6 | |||||||||||||||||
10/1/19 to 3/31/20(6) | $14.80 | 0.17 | (3.27) | (3.10) | (0.39) | — | — | (0.39) | (3.49) | $11.31 | (21.58) % | $79 | 0.78 % | 1.23 % | 2.35 % | 26 % | |
8/1/19(13) to 9/30/19 | 14.23 | 0.08 | 0.49 | 0.57 | — | — | — | — | 0.57 | 14.80 | 4.01 | 104 | 0.78 | 1.27 | 3.39 | 35 (14) | |
KAR Mid-Cap Core Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/19 to 3/31/20(6) | $35.05 | (0.08) | (4.18) | (4.26) | — | — | (0.15) | (0.15) | (4.41) | $30.64 | (12.22) % | $43,270 | 1.20 % | 1.34 % | (0.43) % | 5 % | |
10/1/18 to 9/30/19 | 33.71 | (0.08) | 1.65 | 1.57 | — | — | (0.23) | (0.23) | 1.34 | 35.05 | 4.79 | 46,934 | 1.20 | 1.36 | (0.23) | 28 | |
10/1/17 to 9/30/18 | 27.95 | (0.09) | 5.85 | 5.76 | — | — | — | — | 5.76 | 33.71 | 20.61 | 33,120 | 1.20 | 1.39 | (0.29) | 21 | |
10/1/16 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)(12) | 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 | |
Class C | |||||||||||||||||
10/1/19 to 3/31/20(6) | $32.58 | (0.20) | (3.87) | (4.07) | — | — | (0.15) | (0.15) | (4.22) | $28.36 | (12.57) % | $36,638 | 1.95 % | 2.09 % | (1.19) % | 5 % | |
10/1/18 to 9/30/19 | 31.58 | (0.30) | 1.53 | 1.23 | — | — | (0.23) | (0.23) | 1.00 | 32.58 | 4.03 | 43,268 | 1.95 | 2.11 | (0.98) | 28 | |
10/1/17 to 9/30/18 | 26.38 | (0.31) | 5.51 | 5.20 | — | — | — | — | 5.20 | 31.58 | 19.71 | 30,661 | 1.95 | 2.14 | (1.04) | 21 | |
10/1/16 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)(12) | 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 |
Table of Contents
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Mid-Cap Core Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
10/1/19 to 3/31/20(6) | $35.72 | (0.03) | (4.28) | (4.31) | — | — | (0.15) | (0.15) | (4.46) | $31.26 | (12.13) % | $366,499 | 0.95 % | 1.08 % | (0.17) % | 5 % | |
10/1/18 to 9/30/19 | 34.26 | 0.01 | 1.68 | 1.69 | — | — | (0.23) | (0.23) | 1.46 | 35.72 | 5.06 | 329,591 | 0.95 | 1.11 | 0.03 | 28 | |
10/1/17 to 9/30/18 | 28.34 | (0.01) | 5.93 | 5.92 | — | — | — | — | 5.92 | 34.26 | 20.93 | 167,649 | 0.95 | 1.14 | (0.03) | 21 | |
10/1/16 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)(12) | 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 | |
Class R6 | |||||||||||||||||
10/1/19 to 3/31/20(6) | $35.77 | (0.02) | (4.28) | (4.30) | — | — | (0.15) | (0.15) | (4.45) | $31.32 | (12.09) % | $15,252 | 0.87 % | 0.99 % | (0.10) % | 5 % | |
10/1/18 to 9/30/19 | 34.28 | 0.04 | 1.68 | 1.72 | — | — | (0.23) | (0.23) | 1.49 | 35.77 | 5.15 | 11,323 | 0.87 | 1.01 | 0.11 | 28 | |
1/30/18(13) 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 | |||||||||||||||||
10/1/19 to 3/31/20(6) | $37.39 | (0.17) | 0.85 | 0.68 | — | — | (0.26) | (0.26) | 0.42 | $37.81 | 1.76 % | $214,295 | 1.32 % (7)(15) | 1.28 % | (0.85) % | 5 % | |
10/1/18 to 9/30/19 | 35.55 | (0.31) | 2.79 | 2.48 | — | — | (0.64) | (0.64) | 1.84 | 37.39 | 7.46 | 181,184 | 1.40 (7)(15) | 1.33 | (0.87) | 28 | |
10/1/17 to 9/30/18 | 27.74 | (0.28) | 9.65 | 9.37 | — | — | (1.56) | (1.56) | 7.81 | 35.55 | 35.38 | 131,422 | 1.40 (15) | 1.37 | (0.88) | 19 | |
10/1/16 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 (12) | 1.46 | (0.71) | 27 | |
Class C | |||||||||||||||||
10/1/19 to 3/31/20(6) | $29.38 | (0.26) | 0.68 | 0.42 | — | — | (0.26) | (0.26) | 0.16 | $29.54 | 1.35 % | $52,975 | 2.07 % (7)(15) | 2.06 % | (1.60) % | 5 % | |
10/1/18 to 9/30/19 | 28.30 | (0.47) | 2.19 | 1.72 | — | — | (0.64) | (0.64) | 1.08 | 29.38 | 6.67 | 40,450 | 2.15 (7)(15) | 2.12 | (1.62) | 28 | |
10/1/17 to 9/30/18 | 22.54 | (0.42) | 7.74 | 7.32 | — | — | (1.56) | (1.56) | 5.76 | 28.30 | 34.40 | 12,571 | 2.15 | 2.17 | (1.63) | 19 | |
10/1/16 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 (12) | 2.21 | (1.46) | 27 | |
Class I | |||||||||||||||||
10/1/19 to 3/31/20(6) | $38.70 | (0.13) | 0.83 | 0.70 | — | — | (0.26) | (0.26) | 0.44 | $39.14 | 1.75 % | $574,681 | 1.07 % (7) | 1.07 % | (0.59) % | 5 % | |
10/1/18 to 9/30/19 | 36.66 | (0.22) | 2.90 | 2.68 | — | — | (0.64) | (0.64) | 2.04 | 38.70 | 7.79 | 309,892 | 1.11 (7)(15) | 1.11 | (0.58) | 28 | |
10/1/17 to 9/30/18 | 28.49 | (0.22) | 9.95 | 9.73 | — | — | (1.56) | (1.56) | 8.17 | 36.66 | 35.72 | 56,787 | 1.15 (15) | 1.13 | (0.65) | 19 | |
10/1/16 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 (12) | 1.21 | (0.46) | 27 |
Table of Contents
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Mid-Cap Growth Fund (Continued) | |||||||||||||||||
Class R6 | |||||||||||||||||
10/1/19 to 3/31/20(6) | $38.85 | (0.08) | 0.81 | 0.73 | — | — | (0.26) | (0.26) | 0.47 | $39.32 | 1.82 % | $5,742 | 0.83 % | 0.96 % | (0.36) % | 5 % | |
10/1/18 to 9/30/19 | 36.71 | (0.13) | 2.91 | 2.78 | — | — | (0.64) | (0.64) | 2.14 | 38.85 | 8.05 | 1,975 | 0.85 (12)(15) | 1.01 | (0.34) | 28 | |
1/30/18(13) to 9/30/18 | 31.74 | (0.09) | 5.06 | 4.97 | — | — | — | — | 4.97 | 36.71 | 15.66 | 117 | 0.93 (12) | 1.09 | (0.40) | 19 (14) | |
KAR Small-Cap Core Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/19 to 3/31/20(6) | $38.20 | (0.15) | (4.76) | (4.91) | — | — | (1.65) | (1.65) | (6.56) | $31.64 | (13.65) % | $100,582 | 1.27 % | 1.27 % | (0.79) % | 10 % | |
10/1/18 to 9/30/19 | 35.42 | (0.08) | 4.14 | 4.06 | — | — | (1.28) | (1.28) | 2.78 | 38.20 | 12.50 | 133,702 | 1.29 | 1.29 | (0.24) | 9 | |
10/1/17 to 9/30/18 | 28.05 | (0.03) | 7.44 | 7.41 | — | — | (0.04) | (0.04) | 7.37 | 35.42 | 26.42 | 153,109 | 1.29 | 1.29 | (0.08) | 13 | |
10/1/16 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 | |
Class C | |||||||||||||||||
10/1/19 to 3/31/20(6) | $31.81 | (0.25) | (3.89) | (4.14) | — | — | (1.65) | (1.65) | (5.79) | $26.02 | (13.98) % | $81,097 | 2.01 % | 2.01 % | (1.56) % | 10 % | |
10/1/18 to 9/30/19 | 29.95 | (0.28) | 3.42 | 3.14 | — | — | (1.28) | (1.28) | 1.86 | 31.81 | 11.69 | 106,191 | 2.03 | 2.03 | (0.99) | 9 | |
10/1/17 to 9/30/18 | 23.90 | (0.23) | 6.32 | 6.09 | — | — | (0.04) | (0.04) | 6.05 | 29.95 | 25.52 | 122,439 | 2.02 | 2.02 | (0.82) | 13 | |
10/1/16 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 | |
Class I | |||||||||||||||||
10/1/19 to 3/31/20(6) | $40.33 | (0.11) | (5.04) | (5.15) | (0.01) | — | (1.65) | (1.66) | (6.81) | $33.52 | (13.54) % | $970,062 | 1.00 % | 1.00 % | (0.57) % | 10 % | |
10/1/18 to 9/30/19 | 37.26 | — (11) | 4.39 | 4.39 | (0.04) | — | (1.28) | (1.32) | 3.07 | 40.33 | 12.83 | 1,202,004 | 1.02 | 1.02 | 0.01 | 9 | |
10/1/17 to 9/30/18 | 29.44 | 0.06 | 7.80 | 7.86 | — | — | (0.04) | (0.04) | 7.82 | 37.26 | 26.73 | 1,231,686 | 1.01 | 1.01 | 0.18 | 13 | |
10/1/16 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 | |
Class R6 | |||||||||||||||||
10/1/19 to 3/31/20(6) | $40.50 | (0.11) | (5.05) | (5.16) | (0.04) | — | (1.65) | (1.69) | (6.85) | $33.65 | (13.52) % | $109,142 | 0.93 % | 0.93 % | (0.56) % | 10 % | |
10/1/18 to 9/30/19 | 37.40 | 0.04 | 4.40 | 4.44 | (0.06) | — | (1.28) | (1.34) | 3.10 | 40.50 | 12.94 | 107,611 | 0.94 | 0.94 | 0.10 | 9 | |
10/1/17 to 9/30/18 | 29.52 | 0.09 | 7.83 | 7.92 | — | — | (0.04) | (0.04) | 7.88 | 37.40 | 26.86 | 88,563 | 0.94 | 0.94 | 0.25 | 13 | |
10/1/16 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(13) 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) |
Table of Contents
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Cap Growth Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/19 to 3/31/20(6) | $37.44 | (0.20) | (3.59) | (3.79) | — | — | (0.62) | (0.62) | (4.41) | $33.03 | (10.41) % | $565,158 | 1.35 % (7) | 1.35 % | (1.04) % | 6 % | |
10/1/18 to 9/30/19 | 33.57 | (0.23) | 4.78 | 4.55 | — | (0.04) | (0.64) | (0.68) | 3.87 | 37.44 | 14.12 | 735,210 | 1.37 (7) | 1.37 | (0.66) | 16 | |
10/1/17 to 9/30/18 | 25.43 | (0.11) | 8.25 | 8.14 | — | — | — | — | 8.14 | 33.57 | 32.01 | 866,966 | 1.37 (7) | 1.37 | (0.37) | 13 | |
10/1/16 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 | |
Class C | |||||||||||||||||
10/1/19 to 3/31/20(6) | $33.46 | (0.31) | (3.18) | (3.49) | — | — | (0.62) | (0.62) | (4.11) | $29.35 | (10.75) % | $238,248 | 2.08 % (7) | 2.08 % | (1.78) % | 6 % | |
10/1/18 to 9/30/19 | 30.30 | (0.44) | 4.28 | 3.84 | — | (0.04) | (0.64) | (0.68) | 3.16 | 33.46 | 13.28 | 291,693 | 2.10 (7) | 2.10 | (1.40) | 16 | |
10/1/17 to 9/30/18 | 23.13 | (0.31) | 7.48 | 7.17 | — | — | — | — | 7.17 | 30.30 | 31.00 | 301,749 | 2.10 (7) | 2.10 | (1.10) | 13 | |
10/1/16 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 | |
Class I | |||||||||||||||||
10/1/19 to 3/31/20(6) | $38.28 | (0.16) | (3.68) | (3.84) | — | — | (0.62) | (0.62) | (4.46) | $33.82 | (10.31) % | $3,435,974 | 1.08 % (7) | 1.08 % | (0.79) % | 6 % | |
10/1/18 to 9/30/19 | 34.21 | (0.14) | 4.89 | 4.75 | — | (0.04) | (0.64) | (0.68) | 4.07 | 38.28 | 14.44 | 3,973,860 | 1.11 (7) | 1.11 | (0.40) | 16 | |
10/1/17 to 9/30/18 | 25.86 | (0.03) | 8.38 | 8.35 | — | — | — | — | 8.35 | 34.21 | 32.29 | 4,121,658 | 1.10 (7) | 1.10 | (0.10) | 13 | |
10/1/16 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 | |
Class R6 | |||||||||||||||||
10/1/19 to 3/31/20(6) | $38.35 | (0.16) | (3.67) | (3.83) | — | — | (0.62) | (0.62) | (4.45) | $33.90 | (10.26) % | $58,010 | 0.99 % (7) | 0.99 % | (0.79) % | 6 % | |
10/1/18 to 9/30/19 | 34.23 | (0.12) | 4.92 | 4.80 | — | (0.04) | (0.64) | (0.68) | 4.12 | 38.35 | 14.58 | 45,306 | 1.00 (7) | 1.00 | (0.31) | 16 | |
1/30/18(13) to 9/30/18 | 29.81 | 0.01 | 4.41 | 4.42 | — | — | — | — | 4.42 | 34.23 | 14.83 | 13,800 | 1.00 (7) | 1.00 | 0.05 | 13 | |
KAR Small-Cap Value Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/19 to 3/31/20(6) | $18.33 | 0.06 | (3.27) | (3.21) | (0.11) | — | — | (0.11) | (3.32) | $15.01 | (17.64) % | $62,354 | 1.23 % (7) | 1.23 % | 0.65 % | 6 % | |
10/1/18 to 9/30/19 | 19.44 | 0.14 | (0.93) | (0.79) | (0.13) | — | (0.19) | (0.32) | (1.11) | 18.33 | (3.82) | 79,027 | 1.24 (7) | 1.24 | 0.80 | 14 | |
10/1/17 to 9/30/18 | 18.41 | 0.10 | 1.23 | 1.33 | (0.01) | — | (0.29) | (0.30) | 1.03 | 19.44 | 7.27 | 83,276 | 1.27 (7) | 1.27 | 0.55 | 6 | |
10/1/16 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 |
Table of Contents
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Cap Value Fund (Continued) | |||||||||||||||||
Class C | |||||||||||||||||
10/1/19 to 3/31/20(6) | $17.88 | (0.01) | (3.20) | (3.21) | — | — | — | — | (3.21) | $14.67 | (17.95) % | $12,475 | 1.98 % (7) | 1.98 % | (0.09) % | 6 % | |
10/1/18 to 9/30/19 | 18.96 | 0.01 | (0.90) | (0.89) | — | — | (0.19) | (0.19) | (1.08) | 17.88 | (4.56) | 15,361 | 1.99 (7) | 1.99 | 0.09 | 14 | |
10/1/17 to 9/30/18 | 18.08 | (0.03) | 1.20 | 1.17 | — | — | (0.29) | (0.29) | 0.88 | 18.96 | 6.54 | 29,922 | 1.97 (7) | 1.97 | (0.14) | 6 | |
10/1/16 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 | |
Class I | |||||||||||||||||
10/1/19 to 3/31/20(6) | $18.34 | 0.08 | (3.27) | (3.19) | (0.15) | — | — | (0.15) | (3.34) | $15.00 | (17.56) % | $400,650 | 0.99 % (7) | 0.99 % | 0.90 % | 6 % | |
10/1/18 to 9/30/19 | 19.49 | 0.18 | (0.94) | (0.76) | (0.20) | — | (0.19) | (0.39) | (1.15) | 18.34 | (3.57) | 484,123 | 1.01 (7) | 1.01 | 1.02 | 14 | |
10/1/17 to 9/30/18 | 18.41 | 0.16 | 1.23 | 1.39 | (0.02) | — | (0.29) | (0.31) | 1.08 | 19.49 | 7.62 | 475,103 | 0.99 (7) | 0.99 | 0.84 | 6 | |
10/1/16 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 | |
Class R6 | |||||||||||||||||
10/1/19 to 3/31/20(6) | $18.36 | 0.09 | (3.27) | (3.18) | (0.17) | — | — | (0.17) | (3.35) | $15.01 | (17.52) % | $9,299 | 0.89 % (7) | 0.90 % | 0.99 % | 6 % | |
10/1/18 to 9/30/19 | 19.51 | 0.20 | (0.94) | (0.74) | (0.22) | — | (0.19) | (0.41) | (1.15) | 18.36 | (3.47) | 11,286 | 0.90 (7) | 0.90 | 1.11 | 14 | |
10/1/17 to 9/30/18 | 18.42 | 0.18 | 1.22 | 1.40 | (0.02) | — | (0.29) | (0.31) | 1.09 | 19.51 | 7.69 | 21,746 | 0.90 (7) | 0.90 | 0.96 | 6 | |
4/1/17 to 9/30/17(8) | 17.63 | 0.05 | 1.44 | 1.49 | (0.05) | — | (0.65) | (0.70) | 0.79 | 18.42 | 8.78 | 10,165 | 0.99 (7) | 0.99 | 0.52 | 10 | |
11/3/16(13) to 3/31/17 | 14.90 | 0.05 | 3.15 | 3.20 | (0.22) | — | (0.25) | (0.47) | 2.73 | 17.63 | 21.58 | 122 | 0.98 (7) | 0.98 | 0.68 | 22 (14) | |
KAR Small-Mid Cap Core Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/19 to 3/31/20(6) | $11.53 | (0.03) | (1.10) | (1.13) | — | — | — | — | (1.13) | $10.40 | (9.80) % | $6,916 | 1.30 % | 1.43 % | (0.42) % | 10 % | |
10/1/18 to 9/30/19 | 10.79 | (0.03) | 0.89 | 0.86 | — | — | (0.12) | (0.12) | 0.74 | 11.53 | 8.32 | 1,473 | 1.30 | 2.25 | (0.28) | 21 | |
3/7/18(13) 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 | |||||||||||||||||
10/1/19 to 3/31/20(6) | $11.40 | (0.07) | (1.09) | (1.16) | — | — | — | — | (1.16) | $10.24 | (10.18) % | $3,407 | 2.05 % | 2.10 % | (1.16) % | 10 % | |
10/1/18 to 9/30/19 | 10.75 | (0.11) | 0.88 | 0.77 | — | — | (0.12) | (0.12) | 0.65 | 11.40 | 7.50 | 1,106 | 2.05 | 2.92 | (1.05) | 21 | |
3/7/18(13) 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 | |||||||||||||||||
10/1/19 to 3/31/20(6) | $11.56 | (0.01) | (1.11) | (1.12) | — | — | — | — | (1.12) | $10.44 | (9.69) % | $98,877 | 1.05 % | 1.14 % | (0.18) % | 10 % | |
10/1/18 to 9/30/19 | 10.81 | (0.01) | 0.89 | 0.88 | (0.01) | — | (0.12) | (0.13) | 0.75 | 11.56 | 8.51 | 24,898 | 1.05 | 1.99 | (0.05) | 21 | |
3/7/18(13) 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 | |||||||||||||||||
10/1/19 to 3/31/20(6) | $11.57 | (0.01) | (1.11) | (1.12) | — | — | — | — | (1.12) | $10.45 | (9.68) % | $4,790 | 0.97 % | 1.09 % | (0.12) % | 10 % | |
10/1/18 to 9/30/19 | 10.81 | 0.01 | 0.88 | 0.89 | (0.01) | — | (0.12) | (0.13) | 0.76 | 11.57 | 8.61 | 3,125 | 0.97 | 1.91 | 0.06 | 21 | |
3/7/18(13) 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) |
Table of Contents
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Rampart Enhanced Core Equity Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/19 to 3/31/20(6) | $20.62 | 0.08 | (3.02) | (2.94) | (0.21) | — | — | (0.21) | (3.15) | $17.47 | (14.47) % | $90,494 | 1.20 % | 1.34 % | 0.79 % | 16 % | |
10/1/18 to 9/30/19 | 21.05 | 0.16 | (0.38) | (0.22) | (0.21) | — | — | (0.21) | (0.43) | 20.62 | (0.85) | 115,121 | 1.20 | 1.34 | 0.80 | 26 | |
10/1/17 to 9/30/18 | 20.26 | 0.14 | 2.02 | 2.16 | (0.06) | — | (1.31) | (1.37) | 0.79 | 21.05 | 10.84 | 118,904 | 1.20 | 1.31 | 0.71 | 24 | |
10/1/16 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 (12) | 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 (9) | 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 | |
Class C | |||||||||||||||||
10/1/19 to 3/31/20(6) | $18.36 | — (11) | (2.72) | (2.72) | (0.03) | — | — | (0.03) | (2.75) | $15.61 | (14.83) % | $5,916 | 1.95 % | 2.11 % | 0.04 % | 16 % | |
10/1/18 to 9/30/19 | 18.71 | 0.01 | (0.33) | (0.32) | (0.03) | — | — | (0.03) | (0.35) | 18.36 | (1.65) | 7,769 | 1.95 | 2.10 | 0.07 | 26 | |
10/1/17 to 9/30/18 | 18.23 | (0.01) | 1.80 | 1.79 | — | — | (1.31) | (1.31) | 0.48 | 18.71 | 10.00 | 30,576 | 1.95 | 2.06 | (0.03) | 24 | |
10/1/16 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 (12) | 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 (9) | 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 | |
Class I | |||||||||||||||||
10/1/19 to 3/31/20(6) | $20.60 | 0.11 | (3.03) | (2.92) | (0.26) | — | — | (0.26) | (3.18) | $17.42 | (14.43) % | $8,008 | 0.95 % | 1.10 % | 1.04 % | 16 % | |
10/1/18 to 9/30/19 | 21.03 | 0.21 | (0.38) | (0.17) | (0.26) | — | — | (0.26) | (0.43) | 20.60 | (0.58) | 10,654 | 0.95 | 1.09 | 1.06 | 26 | |
10/1/17 to 9/30/18 | 20.22 | 0.19 | 2.01 | 2.20 | (0.08) | — | (1.31) | (1.39) | 0.81 | 21.03 | 11.10 | 15,028 | 0.95 | 1.08 | 0.92 | 24 | |
10/1/16 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 (12) | 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 (9) | 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 | |
Class R6 | |||||||||||||||||
10/1/19 to 3/31/20(6) | $20.56 | 0.11 | (3.00) | (2.89) | (0.28) | — | — | (0.28) | (3.17) | $17.39 | (14.35) % | $693 | 0.91 % | 1.02 % | 1.08 % | 16 % | |
10/1/18 to 9/30/19 | 21.03 | 0.20 | (0.37) | (0.17) | (0.30) | — | — | (0.30) | (0.47) | 20.56 | (0.56) | 935 | 0.91 | 1.03 | 1.02 | 26 | |
1/30/18(13) 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 | |
SGA Emerging Markets Growth Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/19 to 3/31/20(6) | $9.97 | (0.04) | (1.12) | (1.16) | — | — | — (11) | — (11) | (1.16) | $8.81 | (11.63) % | $124 | 1.48 % | 4.25 % | (0.72) % | 17 % | |
6/13/19(13) to 9/30/19 | 10.00 | (0.02) | (0.01) | (0.03) | — | — | — | — | (0.03) | 9.97 | (0.30) | 100 | 1.48 | 9.63 | (0.57) | 6 (14) | |
Class C | |||||||||||||||||
10/1/19 to 3/31/20(6) | $9.95 | (0.08) | (1.11) | (1.19) | — | — | — (11) | — (11) | (1.19) | $8.76 | (11.95) % | $116 | 2.23 % | 5.01 % | (1.49) % | 17 % | |
6/13/19(13) to 9/30/19 | 10.00 | (0.04) | (0.01) | (0.05) | — | — | — | — | (0.05) | 9.95 | (0.50) | 100 | 2.23 | 10.38 | (1.32) | 6 (14) | |
Class I | |||||||||||||||||
10/1/19 to 3/31/20(6) | $9.98 | (0.03) | (1.12) | (1.15) | — | — | — (11) | — (11) | (1.15) | $8.83 | (11.51) % | $97 | 1.23 % | 4.01 % | (0.48) % | 17 % | |
6/13/19(13) to 9/30/19 | 10.00 | (0.01) | (0.01) | (0.02) | — | — | — | — | (0.02) | 9.98 | (0.20) | 109 | 1.23 | 9.38 | (0.32) | 6 (14) |
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Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
SGA Emerging Markets Growth Fund (Continued) | |||||||||||||||||
Class R6 | |||||||||||||||||
10/1/19 to 3/31/20(6) | $9.98 | (0.02) | (1.12) | (1.14) | — | — | — (11) | — (11) | (1.14) | $8.84 | (11.41) % | $4,116 | 1.05 % | 4.00 % | (0.30) % | 17 % | |
6/13/19(13) to 9/30/19 | 10.00 | — (11) | (0.02) | (0.02) | — | — | — | — | (0.02) | 9.98 | (0.20) | 4,032 | 1.05 | 9.38 | (0.14) | 6 (14) | |
SGA Global Growth Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/19 to 3/31/20(6) | $20.98 | (0.08) | (1.57) | (1.65) | — | — | — | — | (1.65) | $19.33 | (7.86) % | $15,249 | 1.38 % | 1.40 % | (0.73) % | 24 % | |
2/1/19 to 9/30/19(8) | 18.58 | (0.01) | 2.41 | 2.40 | — | — | — | — | 2.40 | 20.98 | 12.92 | 4,219 | 1.37 | 1.48 | (0.06) | 13 | |
2/1/18 to 1/31/19 | 19.72 | (0.05) | (0.32) | (0.37) | — | — | (0.77) | (0.77) | (1.14) | 18.58 | (1.46) | 3,786 | 1.38 | 1.60 | (0.28) | 54 | |
2/1/17 to 1/31/18 | 14.89 | (0.02) | 5.49 | 5.47 | — | — | (0.64) | (0.64) | 4.83 | 19.72 | 37.05 | 3,835 | 1.38 | 1.72 | (0.43) | 31 | |
2/1/16 to 1/31/17 | 13.65 | (0.03) | 1.76 | 1.79 | — | — | (0.55) | (0.55) | 1.24 | 14.89 | 13.21 | 1,028 | 1.38 | 2.33 | (0.27) | 32 | |
2/1/15 to 1/31/16 | 13.35 | (0.03) | 0.56 | 0.53 | (0.02) | — | (0.21) | (0.23) | 0.30 | 13.65 | 3.84 | 345 | 1.38 | 3.05 | (0.22) | 39 | |
2/1/14 to 1/31/15 | 13.03 | — (11) | 0.72 | 0.72 | (0.03) | — | (0.37) | (0.40) | 0.32 | 13.35 | 5.53 | 435 | 1.42 | 4.19 | (0.01) | 38 | |
Class C | |||||||||||||||||
10/1/19 to 3/31/20(6) | $19.97 | (0.16) | (1.48) | (1.64) | — | — | — | — | (1.64) | $18.33 | (8.21) % | $3,750 | 2.13 % | 2.13 % | (1.54) % | 24 % | |
2/1/19 to 9/30/19(8) | 17.77 | (0.11) | 2.31 | 2.20 | — | — | — | — | 2.20 | 19.97 | 12.38 | 3,554 | 2.10 | 2.20 | (0.83) | 13 | |
2/1/18 to 1/31/19 | 19.04 | (0.04) | (0.46) | (0.50) | — | — | (0.77) | (0.77) | (1.27) | 17.77 | (2.20) | 3,164 | 2.13 | 2.39 | (1.08) | 54 | |
2/1/17 to 1/31/18 | 14.50 | (0.04) | 5.22 | 5.18 | — | — | (0.64) | (0.64) | 4.54 | 19.04 | 36.04 | 2,062 | 2.13 | 2.47 | (1.08) | 31 | |
2/1/16 to 1/31/17 | 13.40 | 0.05 | 1.60 | 1.65 | — | — | (0.55) | (0.55) | 1.10 | 14.50 | 12.41 | 989 | 2.12 | 3.08 | (1.00) | 32 | |
2/1/15 to 1/31/16 | 13.21 | (0.12) | 0.54 | 0.42 | (0.02) | — | (0.21) | (0.23) | 0.19 | 13.40 | 3.04 | 410 | 2.13 | 3.76 | (0.89) | 39 | |
2/1/14 to 1/31/15 | 13.00 | (0.05) | 0.66 | 0.61 | (0.03) | — | (0.37) | (0.40) | 0.21 | 13.21 | 4.69 | 393 | 2.16 | 4.77 | (0.80) | 38 | |
Class I* | |||||||||||||||||
10/1/19 to 3/31/20(6) | $21.03 | (0.06) | (1.58) | (1.64) | — (11) | — | — | — (11) | (1.64) | $19.39 | (7.78) % | $19,774 | 1.13 % | 1.17 % | (0.54) % | 24 % | |
2/1/19 to 9/30/19(8) | 18.61 | — (11) | 2.42 | 2.42 | — | — | — | — | 2.42 | 21.03 | 13.00 | 12,807 | 1.19 | 1.28 | (0.02) | 13 | |
2/1/18 to 1/31/19 | 19.75 | (0.21) | (0.16) | (0.37) | — | — | (0.77) | (0.77) | (1.14) | 18.61 | (1.46) | 5,878 | 1.36 | 1.50 | (0.15) | 54 | |
2/1/17 to 1/31/18 | 14.90 | (0.04) | 5.53 | 5.49 | — | — | (0.64) | (0.64) | 4.85 | 19.75 | 37.16 | 19,474 | 1.36 | 1.57 | (0.29) | 31 | |
2/1/16 to 1/31/17 | 13.66 | 0.06 | 1.73 | 1.79 | — | — | (0.55) | (0.55) | 1.24 | 14.90 | 13.20 | 11,414 | 1.34 | 2.05 | (0.43) | 32 | |
2/1/15 to 1/31/16 | 13.36 | (0.04) | 0.57 | 0.53 | (0.02) | — | (0.21) | (0.23) | 0.30 | 13.66 | 3.84 | 422 | 1.36 | 3.08 | (0.32) | 39 | |
2/1/14 to 1/31/15 | 13.03 | 0.01 | 0.72 | 0.73 | (0.03) | — | (0.37) | (0.40) | 0.33 | 13.36 | 5.60 | 108 | 1.36 | 5.28 | 0.05 | 38 | |
Class R6** | |||||||||||||||||
10/1/19 to 3/31/20(6) | $21.56 | (0.04) | (1.62) | (1.66) | (0.01) | — | — | (0.01) | (1.67) | $19.89 | (7.70) % | $56,050 | 0.90 % | 1.08 % | (0.33) % | 24 % | |
2/1/19 to 9/30/19(8) | 19.04 | 0.05 | 2.47 | 2.52 | — | — | — | — | 2.52 | 21.56 | 13.24 | 40,690 | 0.95 | 1.16 | 0.34 | 13 | |
2/1/18 to 1/31/19 | 20.11 | 0.01 | (0.31) | (0.30) | — | — | (0.77) | (0.77) | (1.07) | 19.04 | (1.08) | 28,819 | 0.98 | 1.31 | 0.07 | 54 | |
2/1/17 to 1/31/18 | 15.11 | (0.01) | 5.65 | 5.64 | — | — | (0.64) | (0.64) | 5.00 | 20.11 | 37.64 | 15,913 | 0.98 | 1.34 | 0.08 | 31 | |
2/1/16 to 1/31/17 | 13.79 | 0.03 | 1.84 | 1.87 | — | — | (0.55) | (0.55) | 1.32 | 15.11 | 13.66 | 7,698 | 0.98 | 2.03 | 0.21 | 32 | |
2/1/15 to 1/31/16 | 13.43 | 0.03 | 0.56 | 0.59 | (0.02) | — | (0.21) | (0.23) | 0.36 | 13.79 | 4.26 | 6,219 | 0.98 | 2.62 | 0.27 | 39 | |
2/1/14 to 1/31/15 | 13.05 | 0.06 | 0.72 | 0.78 | (0.03) | — | (0.37) | (0.40) | 0.38 | 13.43 | 5.98 | 5,106 | 0.98 | 3.82 | 0.42 | 38 |
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Footnote Legend: | |
* | On May 3, 2019, Investor Class shares of the Predecessor Fund were reorganized into Class I shares of the Fund. See Note 1 in the Notes to Financial Statements. The Class I shares financial highlights for the periods prior to May 3, 2019 reflect the performance of the American Beacon SGA Global Growth Fund Investor Class shares. |
** | On May 3, 2019, Y Class shares and Institutional Class shares of the Predecessor Fund were reorganized into Class R6 shares of the Fund. See Note 1 in the Notes to Financial Statements. The Class R6 shares financial highlights for the periods prior to May 3, 2019 reflect the performance of the American Beacon SGA Global Growth Fund Institutional Class shares. |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated shares of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | The share class is currently under its expense limitation. |
(8) | The Fund changed its fiscal year end to September 30, during the period. |
(9) | State Street Bank & Trust, custodian for some of the Funds through January 29, 2010, reimbursed the Funds for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) as follows: KAR Capital Growth Fund 0.06% (Class A), 0.05% (Class C), 0.06% (Class I) KAR 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) | Represents a blended ratio. |
(13) | Inception date. |
(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 reimbursed. |
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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. | |
SGA Emerging Markets Growth Fund | Long-term capital appreciation. | |
SGA Global Growth Fund | Long-term capital appreciation. |
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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 REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
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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, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2016 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. | Securities Lending |
The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under Master Securities Lending Agreements (“MSLA”) which permit the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
Effective March 13, 2020, the securities lending program was put on hold and all securities on loan were recalled. |
A. | Options Contracts |
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 in the normal course of pursuing its investment objective(s). |
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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 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) on investments” in the Statements of Operations. Changes in value of written options are included in “Net change in unrealized appreciation (depreciation) on 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, 2020: |
Statement of Operations | |
Rampart Enhanced Core Equity Fund | |
Net realized gain (loss) from purchased options | $5,165(1) |
Net realized gain (loss) from written options | (7,962) |
Net change in unrealized appreciation (depreciation) on purchased options | 28(2) |
Net change in unrealized appreciation (depreciation) on written options | (36) |
Total net realized and unrealized gain (loss) on purchased and written options | (2,805) |
(1) | Amount included in Net realized gain (loss) from investments. |
(2) | Amount included in Net change in unrealized appreciation (depreciation) on investments. |
A. | Investment Adviser |
Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers. | |
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |
KAR Small-Cap Core Fund | 0.75 % |
KAR Small-Cap Value Fund | 0.70 |
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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 % | |
SGA Emerging Markets Growth Fund | 1.00 | 0.95 | |
SGA Global Growth Fund | 0.80 | 0.75 |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion | |||
KAR Capital Growth Fund | 0.70 % | 0.65 % | 0.60 % | ||
KAR 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. 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) | |
SGA Emerging Markets Growth Fund | SGA(3) | |
SGA Global Growth Fund | SGA(3) |
(1) | Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus. |
(2) | Rampart Investment Management Company, LLC (“Rampart”), an indirect, wholly-owned subsidiary of Virtus. |
(3) | Sustainable Growth Advisers, LP, an indirect, majority-owned subsidiary of Virtus. |
C. | Expense Limitations |
The Adviser has contractually agreed to certain Funds’ annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed on an annualized basis, the following respective percentages of average daily net assets through January 31, 2021 (except as noted). Following the contractual period, the Adviser may discontinue these expense reimbursement arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
KAR Capital Growth Fund | 1.47 %* | 2.22 %* | 1.22 %* | 0.73 % | ||||
KAR Global Quality Dividend Fund | 1.35 | 2.10 | 1.10 | 0.78 | ||||
KAR Mid-Cap Core Fund | 1.20 | 1.95 | 0.95 | 0.87 | ||||
KAR Mid-Cap Growth Fund | 1.40 * | 2.15 * | 1.15 * | 0.83 | ||||
KAR Small-Cap Growth Fund | 1.50 * | 2.25 * | 1.25 * | 1.18 * | ||||
KAR Small-Cap Value Fund | 1.42 * | 2.17 * | 1.17 * | 1.06 * | ||||
KAR Small-Mid Cap Core Fund | 1.30 | 2.05 | 1.05 | 0.97 |
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Fund | Class A | Class C | Class I | Class R6 | ||||
Rampart Enhanced Core Equity Fund | 1.20 % | 1.95 % | 0.95 % | 0.91 % | ||||
SGA Emerging Markets Growth Fund | 1.48 | 2.23 | 1.23 | 1.05 | ||||
SGA Global Growth Fund** | 1.38 | 2.13 | 1.13 | 0.90 |
* | Each share class is currently below its expense cap. |
** | Effective through May 31, 2021. |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expiration | ||||||||||
Fund | 2020 | 2021 | 2022 | 2023 | Total | |||||
KAR Capital Growth Fund | ||||||||||
Class R6 | $ — | $ 5 | $ 1 | $ —(1) | $ 6 | |||||
KAR Global Quality Dividend Fund | ||||||||||
Class A | 48 | 55 | 56 | 31 | 190 | |||||
Class C | 7 | 9 | 8 | 3 | 27 | |||||
Class I | 8 | 10 | 14 | 11 | 43 | |||||
Class R6 | — | — | —(1) | —(1) | —(1) | |||||
KAR Mid-Cap Core Fund | ||||||||||
Class A | 34 | 55 | 62 | 35 | 186 | |||||
Class C | 24 | 45 | 58 | 31 | 158 | |||||
Class I | 89 | 200 | 396 | 254 | 939 | |||||
Class R6 | — | 1 | 8 | 9 | 18 | |||||
KAR Mid-Cap Growth Fund | ||||||||||
Class R6 | — | —(1) | 1 | 3 | 4 | |||||
KAR Small-Mid Cap Core Fund | ||||||||||
Class A | — | 1 | 9 | 3 | 13 | |||||
Class C | — | 1 | 7 | 1 | 9 | |||||
Class I | — | — | 67 | 25 | 92 | |||||
Class R6 | — | 50 | 42 | 3 | 95 | |||||
Rampart Enhanced Core Equity Fund | ||||||||||
Class A | 90 | 133 | 164 | 82 | 469 | |||||
Class C | 28 | 34 | 21 | 6 | 89 | |||||
Class I | 22 | 30 | 16 | 8 | 76 | |||||
Class R6 | — | 3 | 2 | 1 | 6 | |||||
SGA Emerging Markets Growth Fund | ||||||||||
Class A | — | — | 2 | 2 | 4 | |||||
Class C | — | — | 2 | 1 | 3 | |||||
Class I | — | — | 3 | 2 | 5 | |||||
Class R6 | — | — | 100 | 64 | 164 | |||||
SGA Global Growth Fund | ||||||||||
Class A | — | — | — | 1 | 1 | |||||
Class I | — | — | 1 | 4 | 5 | |||||
Class R6 | — | — | 24 | 47 | 71 |
(1) | Amount is less than $500. |
Table of Contents
Fund | Class A | Class C | Class I | Class R6 | Total | |||||
KAR Mid-Cap Growth Fund | $52 | $4 | $ — | $— | $56 | |||||
Virtus KAR Small-Mid Cap Core Fund | — | —(1) | — | —(1) | — | |||||
Virtus SGA Global Growth Fund | — | —(1) | — | — | — | |||||
(1) Amount is less than $500. |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the six months (the “period”) ended March 31, 2020, it retained net commissions of $184 for Class A shares and CDSC of $16, $23, and $(1) for Class A shares, Class C shares, and Class R6 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 |
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, 2020, the Funds incurred administration fees totaling $4,523 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, 2020, the Funds incurred transfer agent fees totaling $2,027 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Payment from Affiliate |
The KAR Capital Growth Fund and KAR Mid-Cap Growth Fund were reimbursed by KAR for costs incurred due to an error in the processing of a corporate action of an investment during the period ended March 31, 2020. | |
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 Statements of Assets and Liabilities at March 31, 2020. |
Purchases | Sales | ||
KAR Capital Growth Fund | $13,959 | $32,423 | |
KAR Global Quality Dividend Fund | 11,499 | 10,134 | |
KAR Mid-Cap Core Fund | 120,050 | 24,938 | |
KAR Mid-Cap Growth Fund | 351,792 | 32,191 | |
KAR Small-Cap Core Fund | 140,564 | 189,401 | |
KAR Small-Cap Growth Fund | 288,657 | 597,523 | |
KAR Small-Cap Value Fund | 31,729 | 38,978 | |
KAR Small-Mid Cap Core Fund | 98,317 | 5,989 | |
Rampart Enhanced Core Equity Fund | 21,053 | 34,583 | |
SGA Emerging Markets Growth Fund | 1,434 | 781 | |
SGA Global Growth Fund | 63,345 | 19,213 |
Table of Contents
KAR Capital Growth Fund | KAR Global Quality Dividend Fund | ||||||||||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 475 | $8,349 | 882 | $13,899 | 47 | $704 | 307 | $4,130 | |||||||
Reinvestment of distributions | 705 | 12,891 | 2,881 | 39,215 | 43 | 639 | 183 | 2,343 | |||||||
Shares repurchased and cross class conversions | (2,022) | (35,345) | (3,160) | (50,927) | (235) | (3,264) | (261) | (3,636) | |||||||
Net Increase / (Decrease) | (842) | $(14,105) | 603 | $2,187 | (145) | $(1,921) | 229 | $2,837 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 61 | $818 | 132 | $1,645 | 16 | $194 | 49 | $636 | |||||||
Reinvestment of distributions | 22 | 302 | 140 | 1,443 | 3 | 40 | 33 | 403 | |||||||
Shares repurchased and cross class conversions | (80) | (1,037) | (588) | (6,799) | (52) | (700) | (212) | (2,755) | |||||||
Net Increase / (Decrease) | 3 | $83 | (316) | $(3,711) | (33) | $(466) | (130) | $(1,716) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 945 | $17,644 | 601 | $10,354 | 329 | $4,645 | 219 | $3,098 | |||||||
Reinvestment of distributions | 35 | 670 | 92 | 1,303 | 15 | 226 | 38 | 486 | |||||||
Shares repurchased and cross class conversions | (409) | (7,801) | (308) | (5,240) | (71) | (986) | (90) | (1,255) | |||||||
Net Increase / (Decrease) | 571 | $10,513 | 385 | $6,417 | 273 | $3,885 | 167 | $2,329 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 55 | $1,110 | — | $— | — | $— | 7 | $100 | |||||||
Reinvestment of distributions | —(1) | 3 | — | — | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (5) | (102) | (334) | (5,834) | — | — | — | — | |||||||
Net Increase / (Decrease) | 50 | $1,011 | (334) | $(5,834) | — | $— | 7 | $100 |
(1) | Amount is less than 500 shares. |
KAR Mid-Cap Core Fund | KAR Mid-Cap Growth Fund | ||||||||||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 320 | $11,547 | 694 | $22,555 | 1,902 | $80,305 | 2,798 | $103,492 | |||||||
Reinvestment of distributions | 6 | 221 | 8 | 241 | 27 | 1,126 | 70 | 2,054 | |||||||
Shares repurchased and cross class conversions | (253) | (8,416) | (346) | (11,294) | (1,107) | (44,028) | (1,720) | (61,529) | |||||||
Net Increase / (Decrease) | 73 | $3,352 | 356 | $11,502 | 822 | $37,403 | 1,148 | $44,017 |
Table of Contents
KAR Mid-Cap Core Fund | KAR Mid-Cap Growth Fund | ||||||||||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 190 | $6,361 | 726 | $21,901 | 604 | $19,380 | 1,144 | $33,483 | |||||||
Reinvestment of distributions | 6 | 207 | 9 | 234 | 12 | 384 | 15 | 347 | |||||||
Shares repurchased and cross class conversions | (232) | (7,350) | (377) | (11,404) | (200) | (6,126) | (226) | (6,134) | |||||||
Net Increase / (Decrease) | (36) | $(782) | 358 | $10,731 | 416 | $13,638 | 933 | $27,696 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 4,655 | $168,059 | 7,301 | $237,161 | 9,904 | $421,966 | 8,845 | $342,151 | |||||||
Reinvestment of distributions | 42 | 1,610 | 47 | 1,376 | 58 | 2,469 | 37 | 1,127 | |||||||
Shares repurchased and cross class conversions | (2,201) | (74,791) | (3,014) | (98,245) | (3,286) | (133,109) | (2,424) | (90,125) | |||||||
Net Increase / (Decrease) | 2,496 | $94,878 | 4,334 | $140,292 | 6,676 | $291,326 | 6,458 | $253,153 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 192 | $7,335 | 253 | $8,720 | 128 | $5,332 | 52 | $2,107 | |||||||
Reinvestment of distributions | 1 | 56 | 1 | 17 | 1 | 25 | —(1) | 1 | |||||||
Shares repurchased and cross class conversions | (23) | (864) | (9) | (308) | (33) | (1,436) | (5) | (170) | |||||||
Net Increase / (Decrease) | 170 | $6,527 | 245 | $8,429 | 96 | $3,921 | 47 | $1,938 |
(1) | Amount is less than 500 shares. |
KAR Small-Cap Core Fund | KAR Small-Cap Growth Fund | ||||||||||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 225 | $8,531 | 654 | $21,999 | 1,600 | $61,727 | 5,131 | $176,059 | |||||||
Reinvestment of distributions | 130 | 5,061 | 141 | 4,157 | 263 | 10,502 | 477 | 14,072 | |||||||
Shares repurchased and cross class conversions | (676) | (23,821) | (1,619) | (53,774) | (4,386) | (160,891) | (11,800) | (389,915) | |||||||
Net Increase / (Decrease) | (321) | $(10,229) | (824) | $(27,618) | (2,523) | $(88,662) | (6,192) | $(199,784) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 71 | $2,233 | 242 | $6,886 | 270 | $9,371 | 873 | $27,067 | |||||||
Reinvestment of distributions | 161 | 5,137 | 198 | 4,888 | 143 | 5,103 | 242 | 6,416 | |||||||
Shares repurchased and cross class conversions | (454) | (13,906) | (1,190) | (33,252) | (1,014) | (33,264) | (2,358) | (72,588) | |||||||
Net Increase / (Decrease) | (222) | $(6,536) | (750) | $(21,478) | (601) | $(18,790) | (1,243) | $(39,105) |
Table of Contents
KAR Small-Cap Core Fund | KAR Small-Cap Growth Fund | ||||||||||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 2,465 | $93,973 | 7,010 | $249,814 | 13,706 | $533,903 | 27,768 | $978,364 | |||||||
Reinvestment of distributions | 979 | 40,135 | 1,102 | 34,246 | 1,460 | 59,776 | 2,195 | 66,057 | |||||||
Shares repurchased and cross class conversions | (4,307) | (162,649) | (11,363) | (395,296) | (17,383) | (647,926) | (46,623) | (1,570,324) | |||||||
Net Increase / (Decrease) | (863) | $(28,541) | (3,251) | $(111,236) | (2,217) | $(54,247) | (16,660) | $(525,903) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 1,086 | $42,345 | 796 | $29,265 | 724 | $29,212 | 1,171 | $40,434 | |||||||
Reinvestment of distributions | 117 | 4,797 | 96 | 2,985 | 19 | 796 | 7 | 224 | |||||||
Shares repurchased and cross class conversions | (617) | (24,599) | (602) | (22,129) | (213) | (7,998) | (400) | (13,719) | |||||||
Net Increase / (Decrease) | 586 | $22,543 | 290 | $10,121 | 530 | $22,010 | 778 | $26,939 |
KAR Small-Cap Value Fund | KAR Small-Mid Cap Core Fund | ||||||||||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 254 | $4,349 | 1,146 | $19,247 | 811 | $10,084 | 119 | $1,266 | |||||||
Reinvestment of distributions | 23 | 448 | 81 | 1,293 | — | — | —(1) | 3 | |||||||
Shares repurchased and cross class conversions | (433) | (7,702) | (1,199) | (20,793) | (273) | (3,133) | (6) | (58) | |||||||
Net Increase / (Decrease) | (156) | $(2,905) | 28 | $(253) | 538 | $6,951 | 113 | $1,211 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 158 | $2,738 | 295 | $4,835 | 282 | $3,520 | 85 | $873 | |||||||
Reinvestment of distributions | — | — | 19 | 293 | — | — | —(1) | 1 | |||||||
Shares repurchased and cross class conversions | (167) | (2,704) | (1,033) | (16,948) | (47) | (489) | (1) | (8) | |||||||
Net Increase / (Decrease) | (9) | $34 | (719) | $(11,820) | 235 | $3,031 | 84 | $866 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 5,031 | $90,235 | 12,613 | $218,389 | 9,168 | $109,802 | 2,222 | $24,808 | |||||||
Reinvestment of distributions | 198 | 3,832 | 601 | 9,562 | — | — | 1 | 15 | |||||||
Shares repurchased and cross class conversions | (4,916) | (85,502) | (11,185) | (193,835) | (1,848) | (19,724) | (90) | (986) | |||||||
Net Increase / (Decrease) | 313 | $8,565 | 2,029 | $34,116 | 7,320 | $90,078 | 2,133 | $23,837 |
Table of Contents
KAR Small-Cap Value Fund | KAR Small-Mid Cap Core Fund | ||||||||||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 59 | $1,061 | 101 | $1,754 | 194 | $2,456 | — | $— | |||||||
Reinvestment of distributions | 5 | 103 | 20 | 322 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (60) | (1,066) | (620) | (10,959) | (5) | (58) | — | — | |||||||
Net Increase / (Decrease) | 4 | $98 | (499) | $(8,883) | 189 | $2,398 | — | $— |
(1) | Amount is less than 500 shares. |
Rampart Enhanced Core Equity Fund | SGA Emerging Markets Growth Fund | ||||||||||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | From Inception June 13, 2019 to September 30, 2019 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 336 | $6,630 | 1,001 | $18,383 | 4 | $42 | 10 | $100 | |||||||
Reinvestment of distributions | 50 | 1,108 | 60 | 1,048 | —(1) | —(2) | — | — | |||||||
Shares repurchased and cross class conversions | (787) | (14,808) | (1,128) | (21,798) | — | — | — | — | |||||||
Net Increase / (Decrease) | (401) | $(7,070) | (67) | $(2,367) | 4 | $42 | 10 | $100 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 16 | $301 | 20 | $344 | 3 | $27 | 10 | $100 | |||||||
Reinvestment of distributions | 1 | 13 | 3 | 52 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (61) | (1,108) | (1,234) | (20,336) | — | — | — | — | |||||||
Net Increase / (Decrease) | (44) | $(794) | (1,211) | $(19,940) | 3 | $27 | 10 | $100 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 26 | $532 | 72 | $1,431 | — | $— | 11 | $110 | |||||||
Reinvestment of distributions | 6 | 126 | 9 | 152 | —(1) | —(2) | — | — | |||||||
Shares repurchased and cross class conversions | (89) | (1,781) | (278) | (5,296) | — | — | — | — | |||||||
Net Increase / (Decrease) | (57) | $(1,123) | (197) | $(3,713) | — | $— | 11 | $110 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 5 | $100 | 5 | $104 | 61 | $656 | 404 | $4,038 | |||||||
Reinvestment of distributions | 1 | 11 | 1 | 22 | —(1) | 1 | — | — | |||||||
Shares repurchased and cross class conversions | (11) | (209) | (199) | (3,912) | — (1) | — (2) | — | — | |||||||
Net Increase / (Decrease) | (5) | $(98) | (193) | $(3,786) | 61 | $657 | 404 | $4,038 |
(1) | Amount is less than 500 shares. |
(2) | Amount is less than $500. |
Table of Contents
SGA Global Growth Fund | |||||||||||
Six Months Ended March 31, 2020 (Unaudited) | Fiscal Period Ended September 30, 2019(1) | Year Ended January 31, 2019 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Shares sold and cross class conversions | 905 | $21,107 | 110 | $2,288 | 91 | $1,744 | |||||
Reinvestment of distributions | — | — | — | — | 8 | 136 | |||||
Shares repurchased and cross class conversions | (317) | (7,008) | (112) | (2,267) | (90) | (1,713) | |||||
Net Increase / (Decrease) | 588 | $14,099 | (2) | $21 | 9 | $167 | |||||
Class C | |||||||||||
Shares sold and cross class conversions | 46 | $967 | 27 | $538 | 103 | $1,882 | |||||
Reinvestment of distributions | — | — | — | — | 7 | 112 | |||||
Shares repurchased and cross class conversions | (19) | (361) | (27) | (522) | (40) | (741) | |||||
Net Increase / (Decrease) | 27 | $606 | — | $16 | 70 | $1,253 | |||||
Class I* | |||||||||||
Shares sold and cross class conversions | 582 | $12,716 | 441 | $9,232 | 167 | $3,136 | |||||
Reinvestment of distributions | — | 3 | — | — | 17 | 286 | |||||
Shares repurchased and cross class conversions | (171) | (3,572) | (148) | (3,008) | (854) | (16,486) | |||||
Net Increase / (Decrease) | 411 | $9,147 | 293 | $6,224 | (670) | $(13,064) | |||||
Class R6** | |||||||||||
Shares sold and cross class conversions | 1,134 | $24,948 | 236 | $4,825 | 748 | $14,323 | |||||
Reinvestment of distributions | 1 | 34 | — | — | 57 | 978 | |||||
Shares repurchased and cross class conversions | (205) | (4,591) | (271) | (5,590) | (82) | (1,552) | |||||
Net Increase / (Decrease) | 930 | $20,391 | (35) | $(765) | 723 | $13,749 | |||||
Class Y** | |||||||||||
Shares sold and cross class conversions | — | $— | — | $— | 743 | $14,798 | |||||
Reinvestment of distributions | — | — | — | — | 39 | 667 | |||||
Shares repurchased and cross class conversions | — | — | — | — | (661) | (11,630) | |||||
Net Increase / (Decrease) | — | $— | — | $— | 121 | $3,835 |
* | On May 3, 2019, Investor Class shares of the Predecessor Fund were reorganized into Class I shares of the Fund. See Note 1 in the Notes to Financial Statements. |
** | On May 3, 2019, Y Class shares and Institutional Class shares of the Predecessor Fund were reorganized into Class R6 shares of the Fund. See Note 1 in the Notes to Financial Statements. |
(1) | Period from February 1, 2019 to September 30, 2019. The Fund had a fiscal period end change from January 31 to September 30. |
% of Shares Outstanding | Number of Accounts* | ||
KAR Global Quality Dividend Fund | 18% | 1 |
Table of Contents
% of Shares Outstanding | Number of Accounts* | ||
KAR Mid-Cap Core Fund | 33% | 2 | |
KAR Mid-Cap Growth Fund | 28 | 2 | |
KAR Small-Cap Core Fund | 26 | 2 | |
KAR Small-Cap Growth Fund | 23 | 2 | |
KAR Small-Cap Value Fund | 49 | 2 | |
KAR Small-Mid Cap Core Fund | 43 | 2 | |
SGA Emerging Markets Growth Fund | 55 | 2 | |
SGA Global Growth Fund | 41 | 3 |
* | None of the accounts are affiliated. |
Fund | Sector | Percentage of Total Investments | ||
KAR Capital Growth Fund | Information Technology | 27% | ||
KAR Capital Growth Fund | Consumer Discretionary | 27 | ||
KAR Mid-Cap Core Fund | Industrials | 35 | ||
KAR Mid-Cap Growth Fund | Information Technology | 32 | ||
KAR Small-Cap Core Fund | Industrials | 33 | ||
KAR Small-Cap Value Fund | Industrials | 33 | ||
KAR Small-Mid Cap Core Fund | Information Technology | 29 | ||
Rampart Enhanced Core Equity Fund | Information Technology | 26 | ||
SGA Emerging Markets Growth Fund | Consumer Discretionary | 33 | ||
SGA Emerging Markets Growth Fund | Consumer Staples | 29 | ||
SGA Global Growth Fund | Information Technology | 27 | ||
SGA Global Growth Fund | Consumer Discretionary | 26 |
Fund | Investment | Date of Acquisition | Cost | Value | Percentage of Net Assets | |||||
KAR Capital Growth Fund | Bill.com Holdings, Inc. | 12/21/2018 | $5,514 | $11,350 | 2.4% | |||||
KAR Mid-Cap Growth Fund | Bill.com Holdings, Inc. | 12/21/2018 | 3,500 | 7,204 | 0.8 |
Table of Contents
Fund | Interest Incurred on Borrowing | Average Dollar Amount of Borrowing | Weighted Average Interest Rate on Borrowing | Days Loan was Open | ||||
KAR Small-Cap Growth Fund | $1 | $20,000 | 2.11% | 1 |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
KAR Capital Growth Fund | $ 236,183 | $ 243,346 | $ (10,306) | $ 233,040 | ||||
KAR Global Quality Dividend Fund | 35,207 | 1,315 | (5,060) | (3,745) | ||||
KAR Mid-Cap Core Fund | 453,003 | 36,890 | (34,408) | 2,482 | ||||
KAR Mid-Cap Growth Fund | 784,857 | 109,116 | (42,367) | 66,749 | ||||
KAR Small-Cap Core Fund | 942,963 | 364,758 | (88,849) | 275,909 | ||||
KAR Small-Cap Growth Fund | 3,262,489 | 984,889 | (172,666) | 812,223 | ||||
KAR Small-Cap Value Fund | 431,753 | 108,619 | (73,964) | 34,655 | ||||
KAR Small-Mid Cap Core Fund | 127,393 | 2,115 | (19,296) | (17,181) | ||||
Rampart Enhanced Core Equity Fund | 91,639 | 21,778 | (10,362) | 11,416 | ||||
SGA Emerging Markets Growth Fund | 5,071 | 293 | (940) | (647) | ||||
SGA Global Growth Fund | 91,712 | 9,885 | (6,759) | 3,126 |
No Expiration | Total | ||||||
Short-Term | Long-Term | Short-Term | Long-Term | ||||
KAR Small-Mid Cap Core Fund | $76 | $— | $76 | $— | |||
Rampart Enhanced Core Equity Fund | 2,592 | 5,160 | 2,592 | 5,160 | |||
SGA Global Growth Fund | 422 | 156 | 422 | 156 |
Late Year Ordinary Losses Deferred | Capital Loss Deferred | ||
KAR Capital Growth Fund | $ 1,695 | $ — | |
KAR Global Quality Dividend Fund | 20 | 1,227 | |
KAR Mid-Cap Growth Fund | 2,143 | — | |
KAR Small-Cap Core Fund | 21 | — | |
KAR Small-Cap Growth Fund | 14,770 | 62,570 |
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Late Year Ordinary Losses Deferred | Capital Loss Deferred | ||
KAR Small-Cap Value Fund | $— | $10,919 | |
KAR Small-Mid Cap Core Fund | 11 | 69 | |
Rampart Enhanced Core Equity Fund | — | 760 |
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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.
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please contact us at1-800-243-1574, orVirtus.com.
8029 | 05-20 |
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President, Virtus Funds
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Beginning Account Value October 1, 2019 | Ending Account Value March 31, 2020 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 958.50 | 1.06 % | $ 5.19 | |||
Class C | 1,000.00 | 955.80 | 1.90 | 9.29 | |||
Class I | 1,000.00 | 957.70 | 0.80 | 3.92 |
* | 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 (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period. |
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Beginning Account Value October 1, 2019 | Ending Account Value March 31, 2020 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 1,019.70 | 1.06 % | $ 5.35 | |||
Class C | 1,000.00 | 1,015.50 | 1.90 | 9.57 | |||
Class I | 1,000.00 | 1,021.00 | 0.80 | 4.04 |
* | 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 (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period. |
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Common Stocks | 60% | |
Information Technology | 15% | |
Consumer Discretionary | 13 | |
Communication Services | 11 | |
All Other Common Stocks | 21 | |
Corporate Bonds and Notes | 14 | |
Financials | 5 | |
All Other Corporate Bonds and Notes | 9 | |
Mortgage-Backed Securities | 10 | |
U.S. Government Securities | 6 | |
Asset-Backed Securities | 4 | |
Short-Term Investment | 2 | |
Leveraged Loans | 2 | |
Other | 2 | |
Total | 100% |
Par Value | Value | ||
U.S. Government Securities—5.5% | |||
U.S. Treasury Bonds | |||
2.500%, 2/15/46 | $3,225 | $4,054 | |
3.000%, 8/15/48 | 10,430 | 14,502 | |
U.S. Treasury Notes | |||
2.250%, 3/31/21 | 7,975 | 8,141 | |
2.875%, 8/15/28 | 1,225 | 1,449 | |
1.500%, 2/15/30 | 1,360 | 1,466 | |
Total U.S. Government Securities (Identified Cost $23,785) | 29,612 | ||
Municipal Bonds—1.0% | |||
California—0.5% | |||
State of California, Build America Bonds Taxable 7.600%, 11/1/40 | 1,275 | 2,122 |
Par Value | Value | ||
California—continued | |||
University of California, Series B-A, Taxable 4.428%, 5/15/48 | $380 | $410 | |
2,532 | |||
Georgia—0.1% | |||
Rockdale County Water & Sewerage Authority Revenue Taxable 3.060%, 7/1/24 | 600 | 630 | |
Idaho—0.1% | |||
Idaho Health Facilities Authority Saint Luke’s Health System Revenue Taxable 5.020%, 3/1/48 | 450 | 557 |
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Par Value | Value | ||
Illinois—0.0% | |||
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43 | $70 | $73 | |
Massachusetts—0.2% | |||
Massachusetts Bay Transportation Authority Revenue, Series A-1, Taxable 5.250%, 7/1/32 | 535 | 740 | |
Texas—0.0% | |||
State of Texas, General Obligation Taxable 3.211%, 4/1/44 | 180 | 185 | |
Virginia—0.1% | |||
City of Bristol, General Obligation Taxable 4.210%, 1/1/42 | 640 | 667 | |
Total Municipal Bonds (Identified Cost $5,064) | 5,384 | ||
Foreign Government Securities—0.1% | |||
Bolivarian Republic of Venezuela | |||
9.375%, 1/13/34(1) | 130 | 12 | |
RegS 8.250%, 10/13/24(1)(2) | 40 | 3 | |
RegS 7.650%, 4/21/25(1)(2) | 320 | 29 | |
Kingdom of Morocco 144A 5.500%, 12/11/42(3) | 200 | 212 | |
Republic of Turkey 7.375%, 2/5/25 | 380 | 373 | |
Total Foreign Government Securities (Identified Cost $991) | 629 |
Par Value | Value | ||
Mortgage-Backed Securities—10.3% | |||
Agency—1.8% | |||
Federal Home Loan Mortgage Corporation | |||
Pool #A46224 5.000%, 7/1/35 | $93 | $103 | |
Pool #A62213 6.000%, 6/1/37 | 144 | 166 | |
Federal National Mortgage Association | |||
Pool #254549 6.000%, 12/1/32 | 25 | 28 | |
Pool #735061 6.000%, 11/1/34 | 196 | 226 | |
Pool #880117 5.500%, 4/1/36 | 4 | 4 | |
Pool #938574 5.500%, 9/1/36 | 105 | 119 | |
Pool #310041 6.500%, 5/1/37 | 174 | 212 | |
Pool #909092 6.000%, 9/1/37 | 9 | 10 | |
Pool #972569 5.000%, 3/1/38 | 109 | 118 | |
Pool #909175 5.500%, 4/1/38 | 91 | 104 | |
Pool #929625 5.500%, 6/1/38 | 112 | 125 | |
Pool #909220 6.000%, 8/1/38 | 65 | 75 | |
Pool #MA3692 3.500%, 7/1/49 | 962 | 1,016 | |
Pool #CA4128 3.000%, 9/1/49 | 879 | 922 | |
Pool#MA3803 3.500%, 10/1/49 | 2,094 | 2,212 | |
Pool#MA3905 3.000%, 1/1/50 | 4,390 | 4,602 | |
10,042 | |||
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Par Value | Value | ||
Non-Agency—8.5% | |||
Agate Bay Mortgage Trust 2016-3, A5 144A 3.500%, 8/25/46(3)(4) | $73 | $73 | |
Ajax Mortgage Loan Trust 2019-D, A1 144A 2.956%, 9/25/65(3)(4) | 826 | 807 | |
American Homes 4 Rent Trust | |||
2014-SFR2, C 144A 4.705%, 10/17/36(3) | 795 | 790 | |
2015-SFR1, A 144A 3.467%, 4/17/52(3) | 979 | 951 | |
2015-SFR2, C 144A 4.691%, 10/17/52(3) | 335 | 302 | |
Angel Oak Mortgage Trust LLC 2019-3, A1 144A 2.930%, 5/25/59(3)(4) | 489 | 470 | |
Arroyo Mortgage Trust | |||
2018-1, A1 144A 3.763%, 4/25/48(3)(4) | 158 | 154 | |
2019-1, A1 144A 3.805%, 1/25/49(3)(4) | 200 | 195 | |
2019-2, A1 144A 3.347%, 4/25/49(3)(4) | 327 | 311 | |
Aventura Mall Trust 2013-AVM, C 144A 3.743%, 12/5/32(3)(4) | 580 | 573 | |
Banc of America Funding Trust | |||
2004-B, 2A1 4.307%, 11/20/34(4) | 63 | 59 | |
2005-1, 1A1 5.500%, 2/25/35 | 189 | 180 | |
Banc of America Mortgage Trust 2005-3, 1A15 5.500%, 4/25/35 | 77 | 74 | |
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust 2004-6, 1A2 4.536%, 5/25/34(4) | 230 | 200 |
Par Value | Value | ||
Non-Agency—continued | |||
Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 2015-200P, A 144A 3.218%, 4/14/33(3) | $500 | $514 | |
Bayview Opportunity Master Fund IVa Trust | |||
2016-SPL1, B1 144A 4.250%, 4/28/55(3) | 510 | 487 | |
2017-SPL5, B1 144A 4.000%, 6/28/57(3)(4) | 100 | 94 | |
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A 4.250%, 6/28/53(3)(4) | 245 | 241 | |
BX Commercial Mortgage Trust 2020-BXLP, D (1 month LIBOR + 1.250%) 144A 1.955%, 12/15/36(3)(4) | 455 | 405 | |
BX Trust 2019-OC11, D 144A 4.075%, 12/9/41(3)(4) | 570 | 447 | |
BXMT 2020-FL2, A (1 month LIBOR + 0.090%) 144A 1.700%, 2/16/37(3)(4) | 580 | 517 | |
Citigroup Commercial Mortgage Trust | |||
2013-375P, B 144A 3.518%, 5/10/35(3)(4) | 610 | 601 | |
2019-SST2, A (1 month LIBOR + 0.920%) 144A 1.625%, 12/15/36(3)(4) | 675 | 648 | |
Citigroup Mortgage Loan Trust, Inc. | |||
2015-A, A1 144A 3.500%, 6/25/58(3)(4) | 31 | 31 | |
2018-RP1, A1 144A 3.000%, 9/25/64(3)(4) | 922 | 918 | |
2019-RP1, A1 144A 3.500%, 1/25/66(3)(4) | 715 | 724 |
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Par Value | Value | ||
Non-Agency—continued | |||
COLT Mortgage Loan Trust Funding LLC 2020-1, A1 144A 2.488%, 2/25/50(3)(4) | $558 | $540 | |
COMM Mortgage Trust 2020-CBM, B 144A 3.099%, 2/10/37(3) | 490 | 430 | |
CoreVest American Finance Trust | |||
2020-1, A1 144A 1.832%, 3/15/50(3) | 585 | 563 | |
2019-3, C 144A 3.265%, 10/15/52(3) | 295 | 219 | |
2018-2, A 144A 4.026%, 11/15/52(3) | 160 | 162 | |
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A 1.685%, 5/15/36(3)(4) | 530 | 498 | |
Credit Suisse Mortgage Capital Trust 2014-IVR2, A2 144A 3.760%, 4/25/44(3)(4) | 34 | 33 | |
Deephaven Residential Mortgage Trust 2017-1A, A2 144A 2.928%, 12/26/46(3)(4) | 38 | 37 | |
Ellington Financial Mortgage Trust | |||
2018-1, A1FX 144A 4.140%, 10/25/58(3)(4) | 211 | 209 | |
2019-2, A3 144A 3.046%, 11/25/59(3)(4) | 169 | 163 | |
Exantas Capital Corp. 2020-RSO8, A (1 month LIBOR + 1.150%) 144A 2.850%, 3/15/35(3)(4) | 585 | 504 | |
Galton Funding Mortgage Trust | |||
2017-1, A21 144A 3.500%, 7/25/56(3)(4) | 122 | 121 | |
2018-1, A23 144A 3.500%, 11/25/57(3)(4) | 149 | 148 |
Par Value | Value | ||
Non-Agency—continued | |||
2018-2, A41 144A 4.500%, 10/25/58(3)(4) | $421 | $422 | |
2019-H1, A1 144A 2.657%, 10/25/59(3)(4) | 273 | 271 | |
GCAT LLC 2019-NQM1, A1 144A 2.985%, 2/25/59(3)(4) | 279 | 285 | |
GS Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53 | 565 | 532 | |
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(3) | 500 | 476 | |
Homeward Opportunities Fund I Trust | |||
2018-1, A1 144A 3.766%, 6/25/48(3)(4) | 88 | 85 | |
2018-2, A1 144A 3.985%, 11/25/58(3)(4) | 115 | 112 | |
2019-1, A1 144A 3.454%, 1/25/59(3)(4) | 452 | 434 | |
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 2003-S11, 3A5 5.950%, 11/25/33 | 131 | 125 | |
JPMorgan Chase Commercial Mortgage Securities Trust | |||
2011-C4, A4 144A 4.388%, 7/15/46(3) | 37 | 38 | |
2015-C31, AS 4.106%, 8/15/48 | 565 | 583 | |
2015-C28, B 3.986%, 10/15/48 | 655 | 630 | |
JPMorgan Chase Mortgage Trust | |||
2014-2, 2A2 144A 3.500%, 6/25/29(3)(4) | 56 | 55 | |
2014-1, 2A12 144A 3.500%, 1/25/44(3)(4) | 73 | 73 | |
2016-SH1, M2 144A 3.750%, 4/25/45(3)(4) | 329 | 325 |
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Par Value | Value | ||
Non-Agency—continued | |||
2016-SH2, M2 144A 3.750%, 12/25/45(3)(4) | $648 | $616 | |
2017-3, 2A2 144A 2.500%, 8/25/47(3)(4) | 173 | 172 | |
2017-5, A1 144A 3.147%, 10/26/48(3)(4) | 588 | 565 | |
2018-8, A3 144A 4.000%, 1/25/49(3)(4) | 126 | 128 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%) 144A 1.505%, 5/15/36(3)(4) | 565 | 514 | |
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(3)(4) | 670 | 586 | |
MASTR Alternative Loan Trust | |||
2005-5, 2A3 5.500%, 7/25/25 | 159 | 152 | |
2005-2, 2A1 6.000%, 1/25/35 | 60 | 59 | |
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(3)(4) | 95 | 95 | |
Mello Warehouse Securitization Trust 2019-1, C (1 month LIBOR + 1.200%) 144A 2.147%, 6/25/52(3)(4)(5) | 340 | 340 | |
MetLife Securitization Trust | |||
2017-1A, M1 144A 3.686%, 4/25/55(3)(4) | 100 | 87 | |
2019-1A, A1A 144A 3.750%, 4/25/58(3)(4) | 566 | 584 | |
Morgan Stanley - Bank of America (Merrill Lynch) Trust | |||
2013-C13, AS 4.266%, 11/15/46 | 275 | 282 | |
2015-C22, AS 3.561%, 4/15/48 | 835 | 835 |
Par Value | Value | ||
Non-Agency—continued | |||
New Residential Mortgage Loan Trust | |||
2014-1A, A 144A 3.750%, 1/25/54(3)(4) | $335 | $345 | |
2015-2A, A1 144A 3.750%, 8/25/55(3)(4) | 229 | 236 | |
2016-1A, A1 144A 3.750%, 3/25/56(3)(4) | 109 | 113 | |
2016-4A, A1 144A 3.750%, 11/25/56(3)(4) | 75 | 77 | |
2016-4A, B1A 144A 4.500%, 11/25/56(3)(4) | 393 | 383 | |
2017-2A, A3 144A 4.000%, 3/25/57(3)(4) | 165 | 171 | |
2018-1A, A1A 144A 4.000%, 12/25/57(3)(4) | 618 | 638 | |
2019-NQM4, A1 144A 2.492%, 9/25/59(3)(4) | 291 | 287 | |
2020-1A, A1B 144A 3.500%, 10/25/59(3)(4) | 534 | 535 | |
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%) 2.672%, 3/25/35(4) | 220 | 217 | |
OBX Trust | |||
2018-EXP2, 1A1 144A 4.000%, 11/25/48(3)(4) | 679 | 681 | |
2019-INV1, A3 144A 4.500%, 11/25/48(3)(4) | 440 | 443 | |
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32(3) | 470 | 456 | |
Pretium Mortgage Credit Partners I LLC 2019-NPL3, A1 144A 3.105%, 7/27/59(3)(4) | 165 | 143 | |
Progress Residential Trust | |||
2018-SFR1, B 144A 3.484%, 3/17/35(3) | 980 | 951 | |
2018-SFR2, B 144A 3.841%, 8/17/35(3) | 475 | 466 |
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Par Value | Value | ||
Non-Agency—continued | |||
2019-SFR3, B 144A 2.571%, 9/17/36(3) | $460 | $416 | |
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(3)(4) | 890 | 894 | |
PRPM LLC | |||
2019-1A, A1 144A 4.500%, 1/25/24(3)(4) | 613 | 619 | |
2019-2A, A1 144A 3.967%, 4/25/24(3)(4) | 668 | 598 | |
2019-GS1, A1 144A 3.500%, 10/25/24(3)(4)(5) | 426 | 424 | |
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(3)(4) | 1,150 | 1,142 | |
RCO V Mortgage LLC | |||
2019-1, A1 144A 3.721%, 5/24/24(3)(4) | 392 | 372 | |
2019-2, A1 144A 3.475%, 11/25/24(3)(4) | 345 | 328 | |
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(3)(4) | 643 | 641 | |
RMF Proprietary Issuance Trust 2019-1, A 144A 2.750%, 10/25/63(3)(4) | 452 | 426 | |
Sequoia Mortgage Trust 2013-8, B1 3.518%, 6/25/43(4) | 233 | 221 | |
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A 3.468%, 2/25/49(3)(4) | 617 | 614 | |
Towd Point Mortgage Trust | |||
2019-HE1, A1 (1 month LIBOR + 0.900%) 144A 1.847%, 4/25/48(3)(4) | 389 | 378 | |
2015-1, A2 144A 3.250%, 10/25/53(3)(4) | 500 | 492 | |
2015-3, A1B 144A 3.000%, 3/25/54(3)(4) | 38 | 38 |
Par Value | Value | ||
Non-Agency—continued | |||
2016-1, M1 144A 3.500%, 2/25/55(3)(4) | $160 | $152 | |
2015-6, M1 144A 3.750%, 4/25/55(3)(4) | 100 | 95 | |
2015-5, A2 144A 3.500%, 5/25/55(3)(4) | 580 | 565 | |
2017-6, A2 144A 3.000%, 10/25/57(3)(4) | 585 | 536 | |
2018-6, A2 144A 3.750%, 3/25/58(3)(4) | 800 | 696 | |
2019-1, A1 144A 3.750%, 3/25/58(3)(4) | 803 | 825 | |
2018-SJ1, A1 144A 4.000%, 10/25/58(3)(4) | 178 | 179 | |
2015-2, 1M1 144A 3.250%, 11/25/60(3)(4) | 585 | 544 | |
Tricon American Homes Trust 2019-SFR1, C 144A 3.149%, 3/17/38(3) | 435 | 371 | |
TVC Mortgage Trust 2020-RTL1, M 144A 5.193%, 9/25/24(3)(4) | 510 | 372 | |
VCAT LLC 2019-NPL2, A1 144A 3.573%, 11/25/49(3)(4) | 209 | 206 | |
Vericrest Opportunity Loan Trust | |||
2019-NPL2, A1 144A 3.967%, 2/25/49(3)(4) | 349 | 309 | |
2020-NPL2, A1A 144A 2.981%, 2/25/50(3)(4) | 436 | 376 | |
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A 3.375%, 10/25/47(3)(4) | 283 | 258 | |
Verus Securitization Trust | |||
2017-2A, A1 144A 2.485%, 7/25/47(3)(4) | 130 | 126 | |
2018-1, A1 144A 2.929%, 2/25/48(3)(4) | 136 | 129 | |
2018-2, B1 144A 4.426%, 6/1/58(3)(4) | 580 | 519 |
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Par Value | Value | ||
Non-Agency—continued | |||
2018-3, A1 144A 4.108%, 10/25/58(3)(4) | $315 | $309 | |
2019-INV1, A1 144A 3.402%, 12/25/59(3)(4) | 356 | 341 | |
Wells Fargo Commercial Mortgage Trust | |||
2014-C24, AS 3.931%, 11/15/47 | 565 | 574 | |
2015-LC20, B 3.719%, 4/15/50 | 1,029 | 989 | |
46,070 | |||
Total Mortgage-Backed Securities (Identified Cost $57,968) | 56,112 | ||
Asset-Backed Securities—4.0% | |||
Auto Floor Plan—0.0% | |||
NextGear Floorplan Master Owner Trust 2018-1A, A2 144A 3.220%, 2/15/23(3) | 145 | 144 | |
Automobiles—2.7% | |||
ACC Trust | |||
2018-1, B 144A 4.820%, 5/20/21(3) | 380 | 380 | |
2019-1, A 144A 3.750%, 5/20/22(3) | 301 | 300 | |
American Credit Acceptance Receivables Trust | |||
2018-1, C 144A 3.550%, 4/10/24(3) | 86 | 86 | |
2018-4, C 144A 3.970%, 1/13/25(3) | 680 | 655 | |
2019-2, C 144A 3.170%, 6/12/25(3) | 565 | 526 |
Par Value | Value | ||
Automobiles—continued | |||
Avis Budget Rental Car Funding LLC (AESOP) 2016-1A, A 144A 2.990%, 6/20/22(3) | $900 | $879 | |
Capital Auto Receivables Asset Trust | |||
2017-1, C 144A 2.700%, 9/20/22(3) | 430 | 424 | |
2017-1, D 144A 3.150%, 2/20/25(3) | 135 | 133 | |
Carvana Auto Receivables Trust 2019-3A, D 144A 3.040%, 4/15/25(3)(5) | 575 | 487 | |
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(3) | 30 | 30 | |
Drive Auto Receivables Trust 2019-4, C 2.510%, 11/17/25 | 580 | 559 | |
DT Auto Owner Trust | |||
2018-1A, C 144A 3.470%, 12/15/23(3) | 99 | 98 | |
2018-3A, C 144A 3.790%, 7/15/24(3) | 380 | 373 | |
2019-2A, B 144A 2.990%, 4/17/23(3) | 565 | 559 | |
Exeter Automobile Receivables Trust | |||
2018-3A, C 144A 3.710%, 6/15/23(3) | 545 | 544 | |
2018-4A, D 144A 4.350%, 9/16/24(3) | 160 | 147 | |
2019-1A, D 144A 4.130%, 12/16/24(3) | 155 | 140 |
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Par Value | Value | ||
Automobiles—continued | |||
2019-2A, C 144A 3.300%, 3/15/24(3) | $570 | $529 | |
2019-4A, C 144A 2.440%, 9/16/24(3) | 690 | 668 | |
First Investors Auto Owner Trust 2016-2A, C 144A 2.530%, 7/15/22(3) | 505 | 502 | |
Flagship Credit Auto Trust | |||
2016-2, B 144A 3.840%, 9/15/22(3) | 116 | 116 | |
2017-3, C 144A 2.910%, 9/15/23(3) | 520 | 512 | |
2019-1, C 144A 3.600%, 2/18/25(3) | 835 | 827 | |
GLS Auto Receivables Trust | |||
2017-1A, C 144A 3.500%, 7/15/22(3) | 155 | 154 | |
2018-1A, B 144A 3.520%, 8/15/23(3) | 155 | 147 | |
2018-3A, C 144A 4.180%, 7/15/24(3) | 640 | 581 | |
Hertz Vehicle Financing II LP | |||
2016-4A, A 144A 2.650%, 7/25/22(3) | 685 | 663 | |
2019-1A, A 144A 3.710%, 3/25/23(3) | 560 | 544 |
Par Value | Value | ||
Automobiles—continued | |||
OneMain Direct Auto Receivables Trust | |||
2017-2A, C 144A 2.820%, 7/15/24(3) | $420 | $418 | |
2018-1A, C 144A 3.850%, 10/14/25(3) | 355 | 351 | |
Prestige Auto Receivables Trust 2017-1A, C 144A 2.810%, 1/17/23(3) | 520 | 515 | |
Skopos Auto Receivables Trust | |||
2018-1A, B 144A 3.930%, 5/16/22(3) | 91 | 90 | |
2019-1A, C 144A 3.630%, 9/16/24(3) | 575 | 462 | |
United Auto Credit Securitization Trust 2019-1, D 144A 3.470%, 8/12/24(3) | 565 | 519 | |
Veros Automobile Receivables Trust | |||
2018-1, B 144A 4.050%, 2/15/24(3) | 135 | 135 | |
2020-1, B 144A 2.190%, 6/16/25(3) | 585 | 563 | |
14,616 | |||
Credit Card—0.1% | |||
Fair Square Issuance Trust 2020-AA, A 144A 2.900%, 9/20/24(3) | 645 | 593 |
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Par Value | Value | ||
Other—1.2% | |||
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35(3) | $73 | $72 | |
Arby’s Funding LLC 2015-1A, A2 144A 4.969%, 10/30/45(3) | 158 | 153 | |
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29(3) | 129 | 127 | |
Drug Royalty III LP 1 2016-1A, A 144A 3.979%, 4/15/27(3)(5) | 16 | 16 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(3) | 570 | 505 | |
Lendmark Funding Trust 2018-2A, A 144A 4.230%, 4/20/27(3) | 160 | 150 | |
MVW LLC 2019-2A, A 144A 2.220%, 10/20/38(3) | 621 | 570 | |
MVW Owner Trust | |||
2016-1A, A 144A 2.250%, 12/20/33(3) | 158 | 154 | |
2017-1A, A 144A 2.420%, 12/20/34(3) | 211 | 205 | |
Oasis LLC 2020-1A, A 144A 3.820%, 1/15/32(3) | 544 | 541 | |
Octane Receivables Trust 2019-1A, A 144A 3.160%, 9/20/23(3) | 488 | 485 | |
OneMain Financial Issuance Trust 2018-1A, A 144A 3.300%, 3/14/29(3) | 470 | 469 | |
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(3) | 491 | 480 |
Par Value | Value | ||
Other—continued | |||
Prosper Marketplace Issuance Trust 2018-2A, B 144A 3.960%, 10/15/24(3) | $590 | $573 | |
Regional Management Issuance Trust 2018-2, A 144A 4.560%, 1/18/28(3)(5) | 130 | 120 | |
Small Business Lending Trust 2019-A, A 144A 2.850%, 7/15/26(3) | 395 | 390 | |
SoFi Consumer Loan Program LLC 2016-3, A 144A 3.050%, 12/26/25(3) | 62 | 62 | |
SoFi Consumer Loan Program Trust 2019-3, A 144A 2.900%, 5/25/28(3) | 411 | 398 | |
Taco Bell Funding LLC 2016-1A, A23 144A 4.970%, 5/25/46(3) | 554 | 530 | |
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(3) | 547 | 509 | |
6,509 | |||
Total Asset-Backed Securities (Identified Cost $22,809) | 21,862 | ||
Corporate Bonds and Notes—14.4% | |||
Communication Services—0.7% | |||
America Movil SAB de C.V. 6.450%, 12/5/22 | 20MXN | 79 | |
AT&T, Inc. 4.100%, 2/15/28 | 437 | 459 | |
Cable Onda S.A. 144A 4.500%, 1/30/30(3) | 460 | 405 | |
CCO Holdings LLC 144A 4.500%, 8/15/30(3) | 165 | 162 |
Table of Contents
Par Value | Value | ||
Communication Services—continued | |||
Diamond Sports Group LLC | |||
144A 5.375%, 8/15/26(3) | $255 | $207 | |
144A 6.625%, 8/15/27(3) | 140 | 94 | |
DISH DBS Corp. | |||
5.000%, 3/15/23 | 110 | 105 | |
7.750%, 7/1/26 | 60 | 62 | |
Frontier Communications Corp. | |||
8.500%, 4/15/20 | 45 | 12 | |
144A 8.500%, 4/1/26(3) | 205 | 187 | |
iHeartCommunications, Inc. 8.375%, 5/1/27 | 6 | 5 | |
Live Nation Entertainment, Inc. 144A 4.750%, 10/15/27(3) | 80 | 71 | |
Meredith Corp. 6.875%, 2/1/26 | 330 | 284 | |
Sirius XM Radio, Inc. 144A 5.500%, 7/1/29(3) | 170 | 173 | |
Sprint Spectrum Co. LLC 144A 4.738%, 3/20/25(3) | 400 | 408 | |
Telesat Canada 144A 4.875%, 6/1/27(3) | 205 | 196 | |
Tencent Holdings Ltd. 144A 3.975%, 4/11/29(3) | 585 | 648 | |
Verizon Communications, Inc. 4.125%, 3/16/27 | 205 | 228 | |
3,785 | |||
Consumer Discretionary—1.0% | |||
American Axle & Manufacturing, Inc. 6.500%, 4/1/27 | 350 | 270 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Bunge Ltd. Finance Corp. 4.350%, 3/15/24 | $505 | $523 | |
Dana, Inc. 5.375%, 11/15/27 | 445 | 361 | |
eBay, Inc. 2.700%, 3/11/30 | 635 | 575 | |
Eldorado Resorts, Inc. 6.000%, 9/15/26 | 160 | 144 | |
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(3) | 385 | 335 | |
General Motors Financial Co., Inc. 3.450%, 4/10/22 | 100 | 92 | |
Lear Corp. 3.800%, 9/15/27 | 775 | 710 | |
Lithia Motors, Inc. 144A 4.625%, 12/15/27(3) | 180 | 162 | |
M/I Homes, Inc. 144A 4.950%, 2/1/28(3) | 435 | 369 | |
PulteGroup, Inc. 6.375%, 5/15/33 | 280 | 283 | |
QVC, Inc. | |||
4.375%, 3/15/23 | 345 | 326 | |
4.750%, 2/15/27 | 365 | 323 | |
Scientific Games International, Inc. | |||
144A 8.250%, 3/15/26(3) | 210 | 135 | |
144A 7.000%, 5/15/28(3) | 80 | 49 | |
TRI Pointe Group, Inc. 5.875%, 6/15/24 | 275 | 256 | |
Under Armour, Inc. 3.250%, 6/15/26 | 340 | 288 | |
5,201 | |||
Consumer Staples—0.3% | |||
Albertsons Cos., Inc. | |||
144A 4.625%, 1/15/27(3) | 455 | 453 |
Table of Contents
Par Value | Value | ||
Consumer Staples—continued | |||
144A 4.875%, 2/15/30(3) | $275 | $272 | |
Bacardi Ltd. 144A 4.700%, 5/15/28(3) | 340 | 363 | |
BAT Capital Corp. 4.906%, 4/2/30 | 500 | 513 | |
Sigma Finance Netherlands BV 144A 4.875%, 3/27/28(3) | 200 | 191 | |
1,792 | |||
Energy—1.5% | |||
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(3) | 320 | 192 | |
Boardwalk Pipelines LP 4.950%, 12/15/24 | 455 | 369 | |
Cheniere Energy Partners LP | |||
5.625%, 10/1/26 | 245 | 228 | |
144A 4.500%, 10/1/29(3) | 180 | 160 | |
CrownRock LP 144A 5.625%, 10/15/25(3) | 345 | 179 | |
Energy Transfer Operating LP 4.200%, 4/15/27 | 680 | 551 | |
HollyFrontier Corp. 5.875%, 4/1/26 | 630 | 546 | |
Kinder Morgan Energy Partners LP 7.500%, 11/15/40 | 595 | 660 | |
Kinder Morgan, Inc. 7.750%, 1/15/32 | 205 | 237 | |
MPLX LP | |||
4.000%, 3/15/28 | 571 | 508 | |
144A 4.250%, 12/1/27(3) | 330 | 286 | |
Nabors Industries, Inc. 5.750%, 2/1/25 | 250 | 55 | |
Odebrecht Offshore Drilling Finance Ltd. PIK Interest Capitalization, 144A 7.720%, 12/1/26(3)(6) | 182 | 18 |
Par Value | Value | ||
Energy—continued | |||
Odebrecht Oil & Gas Finance Ltd. 144A 0.000%(3)(5)(7) | $25 | $—(8) | |
Parsley Energy LLC 144A 4.125%, 2/15/28(3) | 180 | 122 | |
Patterson-UTI Energy, Inc. 5.150%, 11/15/29 | 350 | 131 | |
Pertamina Persero PT 144A 6.450%, 5/30/44(3) | 780 | 850 | |
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(3) | 255 | 15 | |
Petroleos Mexicanos 144A 7.690%, 1/23/50(3) | 445 | 309 | |
Sabine Pass Liquefaction LLC | |||
6.250%, 3/15/22 | 425 | 412 | |
4.200%, 3/15/28 | 210 | 180 | |
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(2) | 655 | 647 | |
Targa Resources Partners LP 5.875%, 4/15/26 | 430 | 358 | |
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(3) | 113 | 90 | |
USA Compression Partners LP 6.875%, 4/1/26 | 475 | 297 | |
Valero Energy Partners LP 4.500%, 3/15/28 | 674 | 608 | |
8,008 | |||
Financials—5.1% | |||
Acrisure LLC 144A 7.000%, 11/15/25(3) | 130 | 112 | |
AerCap Ireland Capital DAC 3.650%, 7/21/27 | 720 | 558 |
Table of Contents
Par Value | Value | ||
Financials—continued | |||
Allstate Corp. (The) Series B 5.750%, 8/15/53(9) | $655 | $589 | |
Apollo Management Holdings LP 144A 4.000%, 5/30/24(3) | 455 | 475 | |
Ares Finance Co. LLC 144A 4.000%, 10/8/24(3) | 595 | 588 | |
Athene Holding Ltd. 4.125%, 1/12/28 | 600 | 542 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(3) | 885 | 675 | |
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 5.125%, 1/18/33(3) | 540 | 447 | |
Bank of America Corp. | |||
3.004%, 12/20/23 | 477 | 486 | |
4.200%, 8/26/24 | 662 | 704 | |
(3 month LIBOR + 0.770%) 2.511%, 2/5/26(4) | 110 | 100 | |
Bank of Montreal 3.803%, 12/15/32 | 661 | 642 | |
Brighthouse Financial, Inc. 3.700%, 6/22/27 | 715 | 620 | |
Brightsphere Investment Group, Inc. 4.800%, 7/27/26 | 385 | 363 | |
Brookfield Finance, Inc. 4.000%, 4/1/24 | 671 | 678 | |
Capital One Financial Corp. | |||
4.200%, 10/29/25 | 165 | 164 | |
3.750%, 7/28/26 | 765 | 722 | |
Citadel LP 144A 4.875%, 1/15/27(3) | 460 | 444 | |
Citigroup, Inc. | |||
4.050%, 7/30/22 | 700 | 713 | |
3.200%, 10/21/26 | 525 | 544 | |
(3 month LIBOR + 1.250%) 2.683%, 7/1/26(4) | 900 | 832 |
Par Value | Value | ||
Financials—continued | |||
Discover Bank 4.682%, 8/9/28 | $475 | $484 | |
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(3) | 250 | 240 | |
Fairfax Financial Holdings Ltd. 4.850%, 4/17/28 | 705 | 761 | |
Goldman Sachs Group, Inc. (The) (3 month LIBOR + 1.170%) 2.862%, 5/15/26(4) | 685 | 630 | |
ICAHN Enterprises LP 6.250%, 5/15/26 | 575 | 543 | |
Jefferies Financial Group, Inc. 5.500%, 10/18/23 | 345 | 348 | |
Jefferies Group LLC | |||
5.125%, 1/20/23 | 123 | 125 | |
4.850%, 1/15/27 | 340 | 337 | |
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42(3) | 680 | 700 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(3) | 345 | 272 | |
Liberty Mutual Group, Inc. | |||
144A 4.250%, 6/15/23(3) | 153 | 156 | |
144A 4.569%, 2/1/29(3) | 537 | 594 | |
Morgan Stanley | |||
3.125%, 7/27/26 | 740 | 765 | |
6.375%, 7/24/42 | 1,275 | 1,820 | |
MSCI, Inc. | |||
144A 4.000%, 11/15/29(3) | 340 | 338 | |
144A 3.625%, 9/1/30(3) | 15 | 14 | |
Navient Corp. | |||
6.750%, 6/25/25 | 300 | 276 | |
5.000%, 3/15/27 | 95 | 82 | |
Prudential Financial, Inc. | |||
5.875%, 9/15/42 | 100 | 97 |
Table of Contents
Par Value | Value | ||
Financials—continued | |||
5.625%, 6/15/43(9) | $755 | $710 | |
Santander Holdings USA, Inc. | |||
3.700%, 3/28/22 | 359 | 355 | |
3.500%, 6/7/24 | 455 | 444 | |
4.400%, 7/13/27 | 340 | 334 | |
Societe Generale S.A. 144A 4.750%, 11/24/25(3) | 535 | 536 | |
Springleaf Finance Corp. | |||
6.875%, 3/15/25 | 235 | 237 | |
7.125%, 3/15/26 | 135 | 132 | |
5.375%, 11/15/29 | 35 | 32 | |
Synchrony Financial 3.950%, 12/1/27 | 730 | 649 | |
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54(3) | 745 | 760 | |
Toronto-Dominion Bank (The) 3.625%, 9/15/31 | 585 | 582 | |
Trinity Acquisition plc 4.400%, 3/15/26 | 230 | 240 | |
Truist Bank 2.250%, 3/11/30 | 505 | 463 | |
UBS AG 7.625%, 8/17/22 | 500 | 515 | |
Voya Financial, Inc. 5.650%, 5/15/53 | 455 | 417 | |
Wells Fargo & Co. | |||
3.550%, 9/29/25 | 510 | 538 | |
Series S 5.900%(7)(9) | 570 | 560 | |
Zions Bancorp NA 3.250%, 10/29/29 | 405 | 344 | |
27,428 | |||
Health Care—0.8% | |||
Advanz Pharma Corp., Ltd. 8.000%, 9/6/24 | 22 | 19 |
Par Value | Value | ||
Health Care—continued | |||
Anthem, Inc. 2.875%, 9/15/29 | $450 | $438 | |
Catalent Pharma Solutions, Inc. 144A 5.000%, 7/15/27(3) | 70 | 68 | |
Centene Corp. 144A 4.625%, 12/15/29(3) | 190 | 191 | |
Charles River Laboratories International, Inc. 144A 4.250%, 5/1/28(3) | 115 | 111 | |
CVS Health Corp. | |||
2.875%, 6/1/26 | 760 | 766 | |
3.750%, 4/1/30 | 195 | 202 | |
HCA, Inc. | |||
5.375%, 2/1/25 | 180 | 183 | |
5.125%, 6/15/39 | 235 | 243 | |
5.250%, 6/15/49 | 350 | 373 | |
LifePoint Health, Inc. 144A 4.375%, 2/15/27(3) | 170 | 160 | |
Mylan NV 3.950%, 6/15/26 | 595 | 594 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(3) | 215 | 214 | |
Perrigo Finance Unlimited Co. 4.375%, 3/15/26 | 570 | 589 | |
Surgery Center Holdings, Inc. 144A 6.750%, 7/1/25(3) | 15 | 11 | |
Tenet Healthcare Corp. 144A 5.125%, 11/1/27(3) | 157 | 150 | |
4,312 | |||
Industrials—0.9% | |||
ASGN, Inc. 144A 4.625%, 5/15/28(3) | 238 | 223 |
Table of Contents
Par Value | Value | ||
Industrials—continued | |||
Ashtead Capital, Inc. 144A 4.375%, 8/15/27(3) | $705 | $652 | |
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(3) | 565 | 452 | |
Carlisle Cos., Inc. 2.750%, 3/1/30 | 252 | 220 | |
DP World plc 144A 6.850%, 7/2/37(3) | 370 | 349 | |
Garda World Security Corp. 144A 4.625%, 2/15/27(3) | 220 | 197 | |
Hillenbrand, Inc. 4.500%, 9/15/26 | 295 | 301 | |
Oshkosh Corp. 4.600%, 5/15/28 | 507 | 491 | |
Pentair Finance S.a.r.l 4.500%, 7/1/29 | 800 | 842 | |
Signature Aviation US Holdings, Inc. 144A 4.000%, 3/1/28(3) | 455 | 411 | |
Stanley Black & Decker, Inc. 4.000%, 3/15/60(9) | 605 | 574 | |
TransDigm, Inc. 144A 5.500%, 11/15/27(3) | 370 | 332 | |
5,044 | |||
Information Technology—0.7% | |||
Banff Merger Sub, Inc. 144A 9.750%, 9/1/26(3) | 15 | 13 | |
Citrix Systems, Inc. 3.300%, 3/1/30 | 815 | 758 | |
Dell International LLC | |||
144A 6.020%, 6/15/26(3) | 100 | 106 | |
144A 8.100%, 7/15/36(3) | 270 | 311 | |
Hewlett Packard Enterprise Co. 4.900%, 10/15/25 | 595 | 626 | |
Juniper Networks, Inc. 3.750%, 8/15/29 | 510 | 495 |
Par Value | Value | ||
Information Technology—continued | |||
Motorola Solutions, Inc. | |||
4.600%, 2/23/28 | $440 | $449 | |
4.600%, 5/23/29 | 225 | 236 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(3) | 30 | 29 | |
Verisk Analytics, Inc. 4.000%, 6/15/25 | 500 | 534 | |
VMware, Inc. 3.900%, 8/21/27 | 333 | 328 | |
3,885 | |||
Materials—1.1% | |||
Avery Dennison Corp. 2.650%, 4/30/30 | 277 | 258 | |
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75(3)(9) | 455 | 482 | |
Celanese US Holdings LLC 3.500%, 5/8/24 | 570 | 540 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(3) | 60 | 53 | |
DuPont de Nemours, Inc. 4.493%, 11/15/25 | 540 | 581 | |
Glencore Funding LLC 144A 4.000%, 3/27/27(3) | 685 | 624 | |
Greif, Inc. 144A 6.500%, 3/1/27(3) | 290 | 278 | |
GUSAP III LP 144A 4.250%, 1/21/30(3) | 475 | 419 | |
Inversiones CMPC S.A. 144A 3.850%, 1/13/30(3) | 670 | 603 | |
Kraton Polymers LLC 144A 7.000%, 4/15/25(3) | 60 | 53 | |
Novelis Corp. 144A 4.750%, 1/30/30(3) | 225 | 200 |
Table of Contents
Par Value | Value | ||
Materials—continued | |||
Olin Corp. 5.625%, 8/1/29 | $555 | $511 | |
SABIC Capital II BV 144A 4.500%, 10/10/28(3) | 660 | 687 | |
Syngenta Finance N.V. | |||
144A 4.441%, 4/24/23(3) | 200 | 188 | |
144A 4.892%, 4/24/25(3) | 200 | 196 | |
Teck Resources Ltd. 6.125%, 10/1/35 | 500 | 460 | |
6,133 | |||
Real Estate—1.2% | |||
Corporate Office Properties LP 3.600%, 5/15/23 | 715 | 700 | |
EPR Properties 4.750%, 12/15/26 | 865 | 786 | |
ESH Hospitality, Inc. 144A 4.625%, 10/1/27(3) | 460 | 359 | |
GLP Capital LP 5.750%, 6/1/28 | 560 | 495 | |
Healthcare Realty Trust, Inc. 3.875%, 5/1/25 | 440 | 460 | |
Healthcare Trust of America Holdings LP 3.750%, 7/1/27 | 610 | 563 | |
Iron Mountain, Inc. 144A 4.875%, 9/15/29(3) | 475 | 446 | |
iStar, Inc. 4.250%, 8/1/25 | 445 | 366 | |
MPT Operating Partnership LP | |||
5.000%, 10/15/27 | 240 | 233 | |
4.625%, 8/1/29 | 115 | 106 | |
Office Properties Income Trust 4.500%, 2/1/25 | 855 | 837 |
Par Value | Value | ||
Real Estate—continued | |||
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24 | $485 | $495 | |
Service Properties Trust | |||
4.950%, 2/15/27 | 640 | 485 | |
4.375%, 2/15/30 | 40 | 30 | |
6,361 | |||
Utilities—1.1% | |||
CenterPoint Energy, Inc. 4.250%, 11/1/28 | 370 | 380 | |
Centrais Eletricas Brasileiras S.A. 144A 4.625%, 2/4/30(3) | 400 | 354 | |
DPL, Inc. 144A 4.350%, 4/15/29(3) | 677 | 644 | |
Edison International 4.950%, 4/15/25 | 580 | 579 | |
Exelon Corp. 3.497%, 6/1/22 | 610 | 590 | |
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25(3) | 500 | 520 | |
Pennsylvania Electric Co. 144A 3.600%, 6/1/29(3) | 635 | 671 | |
Perusahaan Listrik Negara PT 144A 4.125%, 5/15/27(3) | 210 | 202 | |
PSEG Power LLC 3.850%, 6/1/23 | 493 | 501 | |
Southern Power Co. 4.150%, 12/1/25 | 585 | 603 | |
Talen Energy Supply LLC 144A 6.625%, 1/15/28(3) | 260 | 218 | |
TerraForm Power Operating LLC 144A 5.000%, 1/31/28(3) | 350 | 367 |
Table of Contents
Par Value | Value | ||
Utilities—continued | |||
Vistra Operations Co. LLC 144A 4.300%, 7/15/29(3) | $580 | $515 | |
6,144 | |||
Total Corporate Bonds and Notes (Identified Cost $83,212) | 78,093 | ||
Leveraged Loans(4)—2.0% | |||
Aerospace—0.1% | |||
AI Convoy (Luxembourg) S.a.r.l. Tranche B (3 month LIBOR + 3.500%) 5.340%, 1/18/27 | 350 | 310 | |
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 4.740%, 12/6/25 | 84 | 79 | |
TransDigm, Inc. Tranche E (1 month LIBOR + 2.250%) 3.239%, 5/30/25 | 206 | 187 | |
576 | |||
Consumer Non-Durables—0.1% | |||
Kronos Acquisition Holdings, Inc. Tranche B-3 (1 month LIBOR + 4.000%) 5.000%, 5/15/23 | 444 | 396 | |
Energy—0.1% | |||
Buckeye Partners LP (1 month LIBOR + 2.750%) 4.265%, 11/1/26 | 105 | 95 |
Par Value | Value | ||
Energy—continued | |||
California Resources Corp. 2016 (3 month LIBOR + 10.375%) 11.988%, 12/31/21 | $80 | $4 | |
CITGO Petroleum Corp. 2019, Tranche B (1 month LIBOR + 5.000%) 6.000%, 3/27/24 | 287 | 250 | |
349 | |||
Financial—0.0% | |||
iStar, Inc. Tranche B (1 month LIBOR + 2.750%) 3.680%, 6/28/23 | 27 | 24 | |
Food / Tobacco—0.0% | |||
Aramark Services, Inc. Tranche B-4 (1 month LIBOR + 1.750%) 2.739%, 1/15/27 | 100 | 92 | |
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%) 3.739%, 3/31/25 | 182 | 162 | |
254 | |||
Forest Prod / Containers—0.1% | |||
Berry Global, Inc. Tranche Y (3 month LIBOR + 2.000%) 2.863%, 7/1/26 | 228 | 216 | |
Reynolds Consumer Products LLC (3 month LIBOR + 1.750%) 3.501%, 2/4/27 | 70 | 66 |
Table of Contents
Par Value | Value | ||
Forest Prod / Containers—continued | |||
Spectrum Holdings III Corp. First Lien (3 month LIBOR + 3.250%) 4.252%, 1/31/25 | $40 | $27 | |
309 | |||
Gaming / Leisure—0.1% | |||
Seminole Tribe of Florida (1 month LIBOR + 1.750%) 2.739%, 7/8/24 | 316 | 288 | |
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 3.240%, 2/8/27 | 164 | 139 | |
427 | |||
Healthcare—0.3% | |||
21st Century Oncology, Inc. Tranche B (1 month LIBOR + 6.125%) 7.125%, 1/16/23 | 30 | 29 | |
AHP Health Partners, Inc. (1 month LIBOR + 4.500%) 5.500%, 6/30/25 | 82 | 72 | |
Bausch Health Cos., Inc. | |||
(1 month LIBOR + 2.750%) 3.362%, 11/27/25 | 119 | 112 | |
(1 month LIBOR + 3.000%) 3.612%, 6/2/25 | 62 | 59 | |
Catalent Pharma Solutions, Inc. Tranche B-2 (3 month LIBOR + 2.250%) 0.000%, 5/18/26(10) | 215 | 207 | |
CHG Healthcare Services, Inc. (3 month LIBOR + 3.000%) 4.073%, 6/7/23 | 315 | 278 |
Par Value | Value | ||
Healthcare—continued | |||
IQVIA, Inc. Tranche B-3 (3 month LIBOR + 1.750%) 3.200%, 6/11/25 | $363 | $345 | |
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 4.739%, 11/17/25 | 443 | 409 | |
Select Medical Corp. Tranche B (1 month LIBOR + 2.500%) 3.430%, 3/6/25 | 55 | 52 | |
1,563 | |||
Housing—0.2% | |||
American Builders & Contractors Supply Co., Inc. (1 month LIBOR + 2.000%) 2.989%, 1/15/27 | 467 | 440 | |
CPG International LLC (3 month LIBOR + 3.750%) 5.933%, 5/6/24 | 88 | 73 | |
Summit Materials LLC Tranche B (1 month LIBOR + 2.000%) 2.989%, 11/21/24 | 532 | 460 | |
973 | |||
Information Technology—0.1% | |||
Applied Systems, Inc. Second Lien (3 month LIBOR + 7.000%) 8.450%, 9/19/25 | 57 | 51 | |
Boxer Parent Co., Inc. (1 month LIBOR + 4.250%) 5.239%, 10/2/25 | 210 | 173 | |
Kronos, Inc. 2018 (3 month LIBOR + 3.000%) 4.763%, 11/1/23 | 446 | 405 |
Table of Contents
Par Value | Value | ||
Information Technology—continued | |||
Presidio Holdings, Inc. (4 month LIBOR + 3.500%) 5.280%, 1/22/27 | $30 | $28 | |
657 | |||
Manufacturing—0.0% | |||
Ingersoll-Rand Services Co. 2020, Tranche B-1 (1 month LIBOR + 1.750%) 2.739%, 2/28/27 | 45 | 42 | |
Star US Bidco LLC (1 month LIBOR + 4.250%) 5.250%, 3/17/27 | 260 | 222 | |
264 | |||
Media / Telecom - Broadcasting—0.1% | |||
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.750%) 4.331%, 9/18/26 | 346 | 321 | |
Media / Telecom - Cable/Wireless Video—0.1% | |||
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%) 2.862%, 1/15/26 | 272 | 260 | |
Telenet Financing USD LLC Tranche AR (1 month LIBOR + 2.000%) 2.705%, 4/30/28 | 465 | 424 | |
Ziggo Financing Partnership Tranche I (1 month LIBOR + 2.500%) 3.205%, 4/30/28 | 95 | 89 | |
773 | |||
Par Value | Value | ||
Media / Telecom - Telecommunications—0.1% | |||
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%) 3.239%, 3/15/27 | $180 | $167 | |
Consolidated Communications, Inc. 2016 (1 month LIBOR + 3.000%) 4.000%, 10/5/23 | 199 | 174 | |
Zayo Group Holdings, Inc. (1 month LIBOR + 3.000%) 3.989%, 3/9/27 | 350 | 329 | |
670 | |||
Media / Telecom - Wireless Communications—0.0% | |||
CommScope, Inc. (1 month LIBOR + 3.250%) 4.239%, 4/4/26 | 40 | 37 | |
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%) 2.740%, 4/11/25 | 206 | 195 | |
232 | |||
Service—0.2% | |||
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 4.000%) 4.959%, 2/6/26 | 415 | 372 | |
Pug LLC Tranche B (1 month LIBOR + 3.500%) 4.489%, 2/12/27 | 279 | 237 | |
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%) 4.239%, 12/31/25 | 490 | 431 |
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Par Value | Value | ||
Service—continued | |||
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 4.750%, 2/1/23 | $405 | $322 | |
1,362 | |||
Transportation - Automotive—0.1% | |||
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%) 2.989%, 11/2/23(5) | 302 | 197 | |
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%) 4.280%, 11/6/24 | 329 | 282 | |
479 | |||
Utility—0.3% | |||
APLP Holdings LP 2020, Tranche B (3 month LIBOR + 2.500%) 0.000%, 4/14/25(10) | 259 | 249 | |
Brookfield WEC Holdings, Inc. (1 month LIBOR + 3.000%) 3.989%, 8/1/25 | 564 | 530 | |
Calpine Corp. 2019 (1 month LIBOR + 2.250%) 3.240%, 4/5/26 | 452 | 428 | |
Pacific Gas and Electric Co. (3 month LIBOR + 2.250%) 3.120%, 12/31/20 | 265 | 256 | |
1,463 | |||
Total Leveraged Loans (Identified Cost $12,320) | 11,092 |
Shares | Value | ||
Preferred Stocks—0.5% | |||
Financials—0.4% | |||
JPMorgan Chase & Co. Series HH, 4.600% | 199(11) | $174 | |
KeyCorp Series D, 5.000%(12) | 375(11) | 326 | |
M&T Bank Corp. Series F, 5.125%(12) | 476(11) | 457 | |
MetLife, Inc. Series D, 5.875% | 277(11) | 265 | |
PNC Financial Services Group, Inc. (The) Series S, 5.000% | 715(11) | 676 | |
Zions Bancorp, 6.950% | 6,400 | 167 | |
2,065 | |||
Industrials—0.1% | |||
General Electric Co. Series D, 5.000% | 645(11) | 532 | |
Total Preferred Stocks (Identified Cost $2,761) | 2,597 | ||
Common Stocks—59.5% | |||
Communication Services—10.7% | |||
Activision Blizzard, Inc. | 65,640 | 3,904 | |
Adevinta ASA(13) | 208,750 | 1,890 | |
Ascential plc | 481,822 | 1,465 | |
Auto Trader Group plc | 568,544 | 3,072 | |
carsales.com Ltd. | 102,164 | 734 | |
Clear Channel Outdoor Holdings, Inc.(13) | 1,381 | 1 | |
CTS Eventim AG & Co. KGaA | 40,702 | 1,862 | |
Facebook, Inc. Class A(13) | 87,370 | 14,573 | |
Karnov Group AB(13) | 343,814 | 1,789 | |
MarkLines Co., Ltd. | 15,700 | 236 | |
Netflix, Inc.(13) | 33,430 | 12,553 | |
Rightmove plc | 530,871 | 3,202 |
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Shares | Value | ||
Communication Services—continued | |||
Scout24 AG | 43,330 | $2,590 | |
Tencent Holdings Ltd. ADR | 186,340 | 9,147 | |
Yandex N.V. Class A(13) | 30,500 | 1,039 | |
58,057 | |||
Consumer Discretionary—13.3% | |||
Alibaba Group Holding Ltd. Sponsored ADR(13) | 84,680 | 16,469 | |
Amazon.com, Inc.(13) | 12,130 | 23,650 | |
Home Depot, Inc. (The) | 20,710 | 3,867 | |
Las Vegas Sands Corp. | 105,470 | 4,479 | |
McDonald’s Corp. | 21,080 | 3,486 | |
MercadoLibre, Inc.(13) | 7,890 | 3,855 | |
Mercari, Inc.(13) | 73,800 | 1,433 | |
NIKE, Inc. Class B | 89,350 | 7,393 | |
Ross Stores, Inc. | 57,840 | 5,030 | |
Trip.com Group Ltd. ADR(13) | 84,710 | 1,986 | |
Union Auction PCL | 4,730,000 | 597 | |
72,245 | |||
Consumer Staples—3.1% | |||
Cia Cervecerias Unidas SA Sponsored ADR | 64,179 | 859 | |
McCormick & Co., Inc. | 23,010 | 3,249 | |
Monster Beverage Corp.(13) | 71,940 | 4,047 | |
Philip Morris International, Inc. | 49,290 | 3,596 | |
Procter & Gamble Co. (The) | 47,970 | 5,277 | |
17,028 | |||
Energy—0.1% | |||
Frontera Energy Corp. | 1,798 | 5 | |
Pason Systems, Inc. | 166,680 | 740 | |
745 | |||
Financials—4.5% | |||
Bank of America Corp. | 284,630 | 6,043 | |
CME Group, Inc. | 20,600 | 3,562 |
Shares | Value | ||
Financials—continued | |||
Gruppo Mutuionline SpA | 108,581 | $1,823 | |
MarketAxess Holdings, Inc. | 16,070 | 5,344 | |
Mortgage Advice Bureau Holdings Ltd. | 304,400 | 1,987 | |
Progressive Corp. (The) | 30,010 | 2,216 | |
Sabre Insurance Group plc | 397,573 | 1,411 | |
Vostok New Ventures Ltd. SDR(13) | 357,669 | 1,905 | |
24,291 | |||
Health Care—3.6% | |||
Danaher Corp. | 39,290 | 5,438 | |
Haw Par Corp., Ltd. | 149,800 | 1,082 | |
HealthEquity, Inc.(13) | 44,390 | 2,246 | |
Illumina, Inc.(13) | 9,620 | 2,627 | |
Zoetis, Inc. | 70,830 | 8,336 | |
19,729 | |||
Industrials—8.0% | |||
51job, Inc. ADR(13) | 21,100 | 1,295 | |
Asiakastieto Group Oyj | 23,630 | 664 | |
CoStar Group, Inc.(13) | 11,190 | 6,571 | |
DSV PANALPINA A/S | 10,929 | 994 | |
en-japan, Inc. | 5,000 | 93 | |
Equifax, Inc. | 20,770 | 2,481 | |
Fair Isaac Corp.(13) | 11,870 | 3,652 | |
Haitian International Holdings Ltd. | 459,000 | 851 | |
HeadHunter Group plc ADR | 209,800 | 3,351 | |
JOST Werke AG | 28,077 | 677 | |
Kansas City Southern | 33,730 | 4,290 | |
Knorr-Bremse AG | 12,321 | 1,083 | |
Marel HF | 338,627 | 1,315 | |
MTU Aero Engines AG | 4,927 | 712 | |
Roper Technologies, Inc. | 18,280 | 5,700 | |
Rotork plc | 291,000 | 770 | |
S-1 Corp. | 11,890 | 785 | |
Simplybiz Group plc (The) | 679,214 | 1,226 | |
Uber Technologies, Inc.(13) | 141,350 | 3,947 |
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Shares | Value | ||
Industrials—continued | |||
VAT Group AG | 7,721 | $1,053 | |
Voltronic Power Technology Corp. | 80,850 | 1,680 | |
43,190 | |||
Information Technology—14.7% | |||
Accenture plc Class A | 26,420 | 4,313 | |
Admicom Oyj | 8,844 | 649 | |
Alten SA | 24,064 | 1,694 | |
Amphenol Corp. Class A | 81,540 | 5,943 | |
Avalara, Inc.(13) | 93,730 | 6,992 | |
Bill.com Holdings, Inc.(13)(14) | 187,114 | 6,399 | |
Bouvet ASA | 22,290 | 700 | |
FDM Group Holdings plc | 101,391 | 920 | |
Fortnox AB | 56,907 | 943 | |
Freee KK(13) | 34,800 | 1,119 | |
NVIDIA Corp. | 42,610 | 11,232 | |
Paycom Software, Inc.(13) | 51,320 | 10,367 | |
SimCorp A/S | 19,197 | 1,601 | |
Trade Desk, Inc. (The) Class A(13) | 29,750 | 5,742 | |
Visa, Inc. Class A | 82,510 | 13,294 | |
Webcash Corp. | 44,700 | 1,407 | |
Webstep AS | 282,917 | 429 | |
Workday, Inc. Class A(13) | 46,770 | 6,090 | |
79,834 | |||
Materials—1.5% | |||
Chr. Hansen Holding A/S | 15,110 | 1,115 | |
Corp. Moctezuma SAB de C.V. | 482,093 | 1,063 | |
Ecolab, Inc. | 36,580 | 5,700 | |
7,878 | |||
Total Common Stocks (Identified Cost $238,322) | 322,997 | ||
Exchange-Traded Fund—0.1% | |||
iShares iBoxx High Yield Corporate Bond ETF(15) | 7,078 | 546 | |
Total Exchange-Traded Fund (Identified Cost $540) | 546 |
Shares | Value | ||
Total Long-Term Investments—97.4% (Identified Cost $447,772) | $528,924 | ||
Short-Term Investment—2.2% | |||
Money Market Mutual Fund—2.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(15) | 12,054,712 | 12,055 | |
Total Short-Term Investment (Identified Cost $12,055) | 12,055 | ||
TOTAL INVESTMENTS—99.6% (Identified Cost $459,827) | $540,979 | ||
Other assets and liabilities, net—0.4% | 2,081 | ||
NET ASSETS—100.0% | $543,060 |
Abbreviations: | |
ADR | American Depositary Receipt |
BAM | Build America Municipal Insured |
ETF | Exchange-Traded Fund |
GS | Goldman Sachs & Co. |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited Partnership |
LP | Limited Partnership |
MASTR | Morgan Stanley Structured Asset Security |
PIK | Payment-in-Kind Security |
SDR | Swedish Depositary Receipt |
Foreign Currencies: | |
MXN | Mexican Peso |
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. |
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(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, 2020, these securities amounted to a value of $87,384 or 16.1% of net assets. |
(4) | Variable rate security. Rate disclosed is as of March 31, 2020. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(5) | 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. |
(6) | 87% of the income received was in PIK and 13% was in cash. |
(7) | No contractual maturity date. |
(8) | Amount is less than $500. |
(9) | Interest payments may be deferred. |
(10) | This loan will settle after March 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(11) | Value shown as par value. |
(12) | Interest may be forfeited. |
(13) | Non-income producing. |
(14) | All or a portion of the security is restricted. |
(15) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 81% |
China | 5 |
United Kingdom | 3 |
Germany | 1 |
Russia | 1 |
Canada | 1 |
Denmark | 1 |
Other | 7 |
Total | 100% |
† % of total investments as of March 31, 2020. |
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Total Value at March 31, 2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $21,862 | $— | $21,239 | $623 | |||
Corporate Bonds and Notes | 78,093 | — | 78,093 | —(1) | |||
Foreign Government Securities | 629 | — | 629 | — | |||
Leveraged Loans | 11,092 | — | 10,895 | 197 | |||
Mortgage-Backed Securities | 56,112 | — | 55,348 | 764 | |||
Municipal Bonds | 5,384 | — | 5,384 | — | |||
U.S. Government Securities | 29,612 | — | 29,612 | — | |||
Equity Securities: | |||||||
Common Stocks | 322,997 | 274,979 | 48,018 | — | |||
Exchange-Traded Fund | 546 | 546 | — | — | |||
Preferred Stocks | 2,597 | 167 | 2,430 | — | |||
Money Market Mutual Fund | 12,055 | 12,055 | — | — | |||
Total Investments | $540,979 | $287,747 | $251,648 | $1,584 |
(1) | Amount is less than $500. |
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Total | Asset-Backed Securities | Corporate Bonds And Notes | Leveraged Loans | Mortgage-Backed Securities | Convertible Preferred Stock | Warrant | |||||||
Investments in Securities | |||||||||||||
Balance as of September 30, 2019: | $5,212 | $— | $—(a)(b) | $— | $1,342 | $3,862 | $8 | ||||||
Accrued discount/(premium) | (1) | (1) | —(a) | — | —(a) | — | — | ||||||
Change in unrealized appreciation (depreciation)(c) | 2,252 | (93) | —(a) | (96) | (98) | 2,537 | 2 | ||||||
Purchases | 1,330 | 581 | — | 294 | 455 | — | — | ||||||
Sales(d) | (73) | — | — | (1) | (62) | — | (10) | ||||||
Transfers into Level 3(e) | 136 | 136 | —(a) | — | — | — | — | ||||||
Transfers from Level 3(e) | (7,272) | — | — | — | (873) | (6,399) | — | ||||||
Balance as of March 31, 2020 | $ 1,584 | $623 | $—(a) | $197 | $764 | $— | $— |
Table of Contents
Assets | |
Investment in securities at value(1) | $540,979 |
Cash | 3,890 |
Receivables | |
Investment securities sold | 303 |
Fund shares sold | 489 |
Dividends and interest | 1,700 |
Tax reclaims | 39 |
Securities lending income | —(a) |
Prepaid Trustees’ retainer | 14 |
Prepaid expenses | 28 |
Other assets | 50 |
Total assets | 547,492 |
Liabilities | |
Due to custodian | 2 |
Payables | |
Fund shares repurchased | 614 |
Investment securities purchased | 3,044 |
Investment advisory fees | 261 |
Distribution and service fees | 123 |
Administration and accounting fees | 49 |
Transfer agent and sub-transfer agent fees and expenses | 116 |
Professional fees | 24 |
Trustee deferred compensation plan | 50 |
Interest expense and/or commitment fees | 1 |
Other accrued expenses | 91 |
Other payables | 57 |
Total liabilities | 4,432 |
Net Assets | $543,060 |
Net Assets Consist of: | |
Capital paid in on shares of beneficial interest | $461,133 |
Accumulated earnings (loss) | 81,927 |
Net Assets | $543,060 |
Net Assets: | |
Class A | $530,989 |
Class C | $8,199 |
Class I | $3,872 |
Shares Outstanding (unlimited number of shares authorized, no par value): | |
Class A | 59,252,187 |
Class C | 888,539 |
Class I | 433,424 |
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Net Asset Value and Redemption Price Per Share: | |
Class A | $8.96 |
Class C | $9.23 |
Class I | $8.93 |
Maximum Offering Price per Share (NAV/(1-5.75%*)): | |
Class A | $9.51 |
* Maximum sales charge | |
(1)Investment in securities at cost | $459,827 |
(a) | Amount is less than $500. |
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Investment Income | |
Dividends | $1,686 |
Interest | 4,287 |
Security lending, net of fees | 27 |
Foreign taxes withheld | (56) |
Total investment income | 5,944 |
Expenses | |
Investment advisory fees | 1,659 |
Distribution and service fees, Class A | 738 |
Distribution and service fees, Class C | 45 |
Administration and accounting fees | 318 |
Transfer agent fees and expenses | 161 |
Sub-transfer agent fees and expenses, Class A | 105 |
Sub-transfer agent fees and expenses, Class C | 1 |
Sub-transfer agent fees and expenses, Class I | 1 |
Custodian fees | 2 |
Printing fees and expenses | 21 |
Professional fees | 18 |
Interest expense and/or commitment fees | 2 |
Registration fees | 32 |
Trustees’ fees and expenses | 23 |
Miscellaneous expenses | 97 |
Total expenses | 3,223 |
Plus net expenses recaptured(1) | 5 |
Less low balance account fees | (11) |
Net expenses | 3,217 |
Net investment income (loss) | 2,727 |
Net Realized and Unrealized Gain (Loss) on Investments | |
Net realized gain (loss) from: | |
Investments | 1,974 |
Foreign currency transactions | 18 |
Net change in unrealized appreciation (depreciation) on: | |
Investments | (28,419) |
Foreign currency transactions | —(2) |
Net realized and unrealized gain (loss) on investments | (26,427) |
Net increase (decrease) in net assets resulting from operations | $(23,700) |
(1) | See Note 3D in the Notes to Financial Statements. |
(2) | Amount is less than $500. |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss) | $2,727 | $5,876 | |
Net realized gain (loss) | 1,992 | 9,800 | |
Net increase from payment by affiliates | — | 12 | |
Net change in unrealized appreciation (depreciation) | (28,419) | 27,097 | |
Increase (decrease) in net assets resulting from operations | (23,700) | 42,785 | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (10,016) | (8,659) | |
Class C | (118) | (106) | |
Class I | (64) | (23) | |
Total Dividends and Distributions to Shareholders | (10,198) | (8,788) | |
Change in Net Assets from Capital Transactions | |||
Shares sold and cross class conversions: | |||
Class A (1,929 and 618 shares, respectively) | 19,969 | 5,756 | |
Class C (111 and 178 shares, respectively) | 1,139 | 1,738 | |
Class I (317 and 315 shares, respectively) | 3,156 | 2,979 | |
Net assets from merger(1): | |||
Class A (— and 48,375 shares, respectively) | — | 423,501 | |
Class C (— and 636 shares, respectively) | — | 5,724 | |
Reinvestment of distributions: | |||
Class A (947 and 891 shares, respectively) | 9,365 | 7,982 | |
Class C (11 and 12 shares, respectively) | 114 | 101 | |
Class I (7 and 2 shares, respectively) | 64 | 22 | |
Shares repurchased and cross class conversions: | |||
Class A ((3,531) and (5,183) shares, respectively) | (34,846) | (48,127) | |
Class C ((109) and (327) shares, respectively) | (1,117) | (3,141) | |
Class I ((186) and (21) shares, respectively) | (1,802) | (206) | |
Increase (decrease) in net assets from capital transactions | (3,958) | 396,329 | |
Net increase (decrease) in net assets | (37,856) | 430,326 | |
Net Assets | |||
Beginning of period | 580,916 | 150,590 | |
End of Period | $543,060 | $580,916 |
(1) | See Note 10 in the Notes to Financial Statements. |
Table of Contents
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 | |||||||
10/1/19 to 3/31/20(6) | $9.51 | 0.05 | (0.43) | (0.38) | (0.05) | (0.12) | (0.17) |
10/1/18 to 9/30/19 | 9.66 | 0.13 | 0.06 | 0.19 | (0.12) | (0.22) | (0.34) |
10/1/17 to 9/30/18 | 9.00 | 0.14 | 0.73 | 0.87 | (0.14) | (0.07) | (0.21) |
4/1/16 to 9/30/17(10) | 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) |
Class C | |||||||
10/1/19 to 3/31/20(6) | $9.78 | — (8) | (0.42) | (0.42) | (0.01) | (0.12) | (0.13) |
10/1/18 to 9/30/19 | 9.93 | 0.06 | 0.05 | 0.11 | (0.04) | (0.22) | (0.26) |
10/1/17 to 9/30/18 | 9.24 | 0.07 | 0.75 | 0.82 | (0.06) | (0.07) | (0.13) |
4/1/16 to 9/30/17(10) | 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) |
Class I | |||||||
10/1/19 to 3/31/20(6) | $9.51 | 0.06 | (0.46) | (0.40) | (0.06) | (0.12) | (0.18) |
1/29/19(15) to 9/30/19 | 8.66 | 0.10 | 0.85 | 0.95 | (0.10) | — | (0.10) |
Table of Contents
Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) |
— | (0.55) | $8.96 | (4.15) % | $530,989 | 1.06 % (7) | 1.06 % | 0.91 % | 17 % |
— (8) | (0.15) | 9.51 | 2.36 (9) | 569,543 | 1.14 (7) | 1.14 | 1.33 | 51 |
— | 0.66 | 9.66 | 9.73 | 146,854 | 1.26 | 1.27 | 1.47 | 41 |
— | 0.67 | 9.00 | 9.25 | 142,481 | 1.38 | 1.38 | 1.81 | 26 |
— | (0.11) | 8.33 | 9.20 (11) | 137,388 | 1.37 (11)(12) | 1.38 | 1.86 (11) | 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 |
— | (0.55) | $9.23 | (4.42) % | $8,199 | 1.90 % (7)(13) | 1.79 % | 0.08 % | 17 % |
— (8) | (0.15) | 9.78 | 1.48 (9) | 8,560 | 1.91 (14) | 1.99 | 0.59 | 51 |
— | 0.69 | 9.93 | 8.94 | 3,736 | 2.04 | 2.05 | 0.68 | 41 |
— | 0.69 | 9.24 | 8.80 | 4,054 | 2.14 | 2.15 | 1.05 | 26 |
— | (0.09) | 8.55 | 8.37 (11) | 4,378 | 2.11 (11)(12) | 2.13 | 1.13 (11) | 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 |
— | (0.58) | $8.93 | (4.23) % | $3,872 | 0.80 % (7) | 0.80 % | 1.18 % | 17 % |
— (8) | 0.85 | 9.51 | 10.94 (9) | 2,813 | 0.88 (7) | 0.89 | 1.52 | 51 (16) |
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Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | The Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | The share class is currently under its expense limitation. |
(8) | Amount is less than $0.005 per share. |
(9) | Payment from affiliates had no impact on total return. |
(10) | The Fund changed its fiscal year end to September 30, during the period. |
(11) | State Street Bank & Trust, custodian for the Fund through January 29, 2010, reimbursed the Fund for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses to Average Net Assets 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%. |
(12) | Net expense ratio includes extraordinary proxy expenses. |
(13) | See Note 3D in the Notes to Financial Statements for information on recapture of expenses previously waived. |
(14) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(15) | Inception date. |
(16) | Portfolio turnover is representative of the Fund for the entire year ended September 30, 2019. |
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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. |
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B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
The Fund is treated as a separate taxable entity. It is the Fund’s intention to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
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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, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2016 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 |
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bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. | |
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. | |
I. | Securities Lending |
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. | |
Securities lending transactions are entered into by the Fund under a Master Securities Lending Agreement (“MSLA”) that permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. |
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Effective March 13, 2020, the securities lending program was put on hold and all securities on loan were recalled. |
A. | Investment Adviser |
Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Fund. The Adviser manages the Fund’s investment program and general operations of the Fund, including oversight of the Fund’s subadvisers. | |
As compensation for its services to the Fund, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of the Fund: |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion | ||
0.55 % | 0.50 % | 0.45 % |
B. | Subadvisers |
The subadvisers manage the investments of the Fund for which they are paid a fee by the Adviser. | |
Newfleet Asset Management, LLC, an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Fund’s fixed income portfolio. Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Fund’s domestic equity portfolio and international equity portfolio. | |
C. | Expense Limitations |
The Adviser has contractually agreed to limit the Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following 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 %‡ |
‡ | Each share class is currently below its expense cap. |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such |
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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 C | $—(1) | |
(1) | Amount is less than $500. |
Class C | $5 |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2020, it retained net commissions of $13 for Class A shares and CDSC of $(11) 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 |
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, 2020, the Fund incurred administration fees totaling $288 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, 2020, the Fund incurred transfer agent fees totaling $129 which are included in the Statement of Operations within the line items “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Payment from Affiliate |
The Fund was reimbursed by a subadviser for costs incurred due to an error in the processing of a corporate action of an investment during the period ended March 31, 2020. |
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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, 2020. |
Purchases | Sales | |
$80,418 | $114,812 |
Purchases | Sales | |
$20,101 | $2,819 |
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Investment | Date of Acquisition | Cost | Value | Percentage of Net Assets | |||||
Bill.com Holdings, Inc. | 12/21/2018 | $3,109 | $6,399 | 1.2% |
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Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||
$ 460,274 | $ 110,446 | $ (29,741) | $ 80,705 |
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 |
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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) | $7,628(a) |
Net realized and unrealized gain (loss) on investments | 5,864(b) |
Net increase (decrease) in net assets resulting from operations | $13,492 |
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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.
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please contact us at1-800-243-1574, orVirtus.com.
8649 | 05-20 |
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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.
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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.
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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. |
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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 | 6/5/2020 |
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 | 6/5/2020 | |
By (Signature and Title)* | /s/ W. Patrick Bradley | |
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer | ||
(principal financial officer) | ||
Date | 6/5/2020 |
* | Print the name and title of each signing officer under his or her signature. |