UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-00945
Virtus Equity Trust
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301-9668
(Address of principal executive offices) (Zip code)
Jennifer Fromm, Esq.
Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 243-1574
Date of fiscal year end: September 30
Date of reporting period: September 30, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Stockholders. |
(a) | The Report to Shareholders is attached herewith. |
Virtus KAR Capital Growth Fund* |
Virtus KAR Equity Income Fund |
Virtus KAR Global Quality Dividend Fund |
Virtus KAR Mid-Cap Core Fund |
Virtus KAR Mid-Cap Growth Fund* |
Virtus KAR Small-Cap Core Fund |
Virtus KAR Small-Cap Growth Fund |
Virtus KAR Small-Cap Value Fund |
Virtus KAR Small-Mid Cap Core Fund |
Virtus KAR Small-Mid Cap Growth Fund |
Virtus KAR Small-Mid Cap Value Fund |
Virtus SGA Emerging Markets Growth Fund* |
Virtus SGA Global Growth Fund |
Virtus SGA New Leaders Growth Fund* |
Virtus Tactical Allocation Fund* |
1 | ||
2 | ||
6 | ||
Fund | Fund Summary | Schedule of Investments |
9 | 57 | |
12 | 58 | |
15 | 59 | |
18 | 61 | |
21 | 62 | |
24 | 64 | |
27 | 65 | |
30 | 66 | |
33 | 67 | |
36 | 68 | |
39 | 69 | |
42 | 70 | |
46 | 71 | |
49 | 72 | |
53 | 73 | |
83 | ||
91 | ||
94 | ||
102 | ||
113 | ||
133 | ||
134 | ||
135 | ||
136 |
President and Trustee, Virtus Funds
November 2023
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Capital Growth Fund | ||||||||
Class A | $ 1,000.00 | $ 1,070.30 | 1.22 % | $ 6.33 | ||||
Class C | 1,000.00 | 1,066.10 | 2.06 | 10.67 | ||||
Class I | 1,000.00 | 1,071.60 | 0.97 | 5.04 | ||||
Class R6 | 1,000.00 | 1,072.50 | 0.74 | 3.84 | ||||
KAR Equity Income Fund | ||||||||
Class A | 1,000.00 | 946.80 | 1.18 | 5.76 | ||||
Class C | 1,000.00 | 943.50 | 1.93 | 9.40 | ||||
Class I | 1,000.00 | 947.90 | 0.93 | 4.54 | ||||
Class R6 | 1,000.00 | 947.80 | 0.89 | 4.35 | ||||
KAR Global Quality Dividend Fund | ||||||||
Class A | 1,000.00 | 952.10 | 1.35 | 6.61 | ||||
Class C | 1,000.00 | 948.60 | 2.11 | 10.31 | ||||
Class I | 1,000.00 | 952.70 | 1.11 | 5.43 | ||||
Class R6 | 1,000.00 | 954.30 | 0.79 | 3.87 | ||||
KAR Mid-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,030.40 | 1.21 | 6.16 | ||||
Class C | 1,000.00 | 1,026.50 | 1.96 | 9.96 | ||||
Class I | 1,000.00 | 1,031.80 | 0.96 | 4.89 | ||||
Class R6 | 1,000.00 | 1,032.00 | 0.88 | 4.48 | ||||
KAR Mid-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,049.70 | 1.23 | 6.32 | ||||
Class C | 1,000.00 | 1,045.70 | 2.01 | 10.31 | ||||
Class I | 1,000.00 | 1,050.90 | 1.00 | 5.14 | ||||
Class R6 | 1,000.00 | 1,051.80 | 0.82 | 4.22 | ||||
KAR Small-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,044.20 | 1.28 | 6.56 | ||||
Class C | 1,000.00 | 1,040.50 | 1.98 | 10.13 | ||||
Class I | 1,000.00 | 1,045.50 | 1.00 | 5.13 | ||||
Class R6 | 1,000.00 | 1,046.10 | 0.92 | 4.72 | ||||
KAR Small-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 998.10 | 1.35 | 6.76 | ||||
Class C | 1,000.00 | 994.50 | 2.06 | 10.30 | ||||
Class I | 1,000.00 | 999.70 | 1.06 | 5.31 | ||||
Class R6 | 1,000.00 | 1,000.30 | 0.98 | 4.91 |
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Small-Cap Value Fund | ||||||||
Class A | $1,000.00 | $1,008.30 | 1.20% | $ 6.04 | ||||
Class C | 1,000.00 | 1,004.80 | 1.95 | 9.80 | ||||
Class I | 1,000.00 | 1,009.70 | 0.95 | 4.79 | ||||
Class R6 | 1,000.00 | 1,009.70 | 0.87 | 4.38 | ||||
KAR Small-Mid Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,021.70 | 1.23 | 6.23 | ||||
Class C | 1,000.00 | 1,018.00 | 2.03 | 10.27 | ||||
Class I | 1,000.00 | 1,023.30 | 0.99 | 5.02 | ||||
Class R6 | 1,000.00 | 1,023.80 | 0.91 | 4.62 | ||||
KAR Small-Mid Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,027.10 | 1.30 | 6.61 | ||||
Class C | 1,000.00 | 1,023.00 | 2.05 | 10.40 | ||||
Class I | 1,000.00 | 1,029.20 | 1.05 | 5.34 | ||||
Class R6 | 1,000.00 | 1,029.10 | 0.99 | 5.04 | ||||
KAR Small-Mid Cap Value Fund | ||||||||
Class A | 1,000.00 | 997.60 | 1.18 | 5.91 | ||||
Class C | 1,000.00 | 994.10 | 1.92 | 9.60 | ||||
Class I | 1,000.00 | 997.70 | 0.93 | 4.66 | ||||
Class R6 | 1,000.00 | 998.80 | 0.83 | 4.16 | ||||
SGA Emerging Markets Growth Fund | ||||||||
Class A | 1,000.00 | 945.80 | 1.49 | 7.27 | ||||
Class C | 1,000.00 | 943.00 | 2.24 | 10.91 | ||||
Class I | 1,000.00 | 947.30 | 1.24 | 6.05 | ||||
Class R6 | 1,000.00 | 947.70 | 1.06 | 5.18 | ||||
SGA Global Growth Fund | ||||||||
Class A | 1,000.00 | 1,047.20 | 1.32 | 6.77 | ||||
Class C | 1,000.00 | 1,043.60 | 2.07 | 10.60 | ||||
Class I | 1,000.00 | 1,048.80 | 1.07 | 5.50 | ||||
Class R6 | 1,000.00 | 1,049.60 | 0.89 | 4.57 | ||||
SGA New Leaders Growth Fund | ||||||||
Class A | 1,000.00 | 1,007.10 | 1.34 | 6.74 | ||||
Class C | 1,000.00 | 1,004.30 | 2.09 | 10.50 | ||||
Class I | 1,000.00 | 1,008.40 | 1.09 | 5.49 | ||||
Class R6 | 1,000.00 | 1,008.40 | 0.91 | 4.58 | ||||
Tactical Allocation Fund | ||||||||
Class A | 1,000.00 | 1,023.50 | 0.99 | 5.02 | ||||
Class C | 1,000.00 | 1,019.80 | 1.75 | 8.86 | ||||
Class I | 1,000.00 | 1,024.70 | 0.76 | 3.86 | ||||
Class R6 | 1,000.00 | 1,026.20 | 0.60 | 3.05 |
* | 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 365 to reflect the one-half year period. |
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Capital Growth Fund | ||||||||
Class A | $ 1,000.00 | $ 1,018.95 | 1.22 % | $ 6.17 | ||||
Class C | 1,000.00 | 1,014.74 | 2.06 | 10.40 | ||||
Class I | 1,000.00 | 1,020.21 | 0.97 | 4.91 | ||||
Class R6 | 1,000.00 | 1,021.36 | 0.74 | 3.75 | ||||
KAR Equity Income Fund | ||||||||
Class A | 1,000.00 | 1,019.15 | 1.18 | 5.97 | ||||
Class C | 1,000.00 | 1,015.39 | 1.93 | 9.75 | ||||
Class I | 1,000.00 | 1,020.41 | 0.93 | 4.71 | ||||
Class R6 | 1,000.00 | 1,020.61 | 0.89 | 4.51 | ||||
KAR Global Quality Dividend Fund | ||||||||
Class A | 1,000.00 | 1,018.30 | 1.35 | 6.83 | ||||
Class C | 1,000.00 | 1,014.49 | 2.11 | 10.66 | ||||
Class I | 1,000.00 | 1,019.50 | 1.11 | 5.62 | ||||
Class R6 | 1,000.00 | 1,021.11 | 0.79 | 4.00 | ||||
KAR Mid-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,019.00 | 1.21 | 6.12 | ||||
Class C | 1,000.00 | 1,015.24 | 1.96 | 9.90 | ||||
Class I | 1,000.00 | 1,020.26 | 0.96 | 4.86 | ||||
Class R6 | 1,000.00 | 1,020.66 | 0.88 | 4.46 | ||||
KAR Mid-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.90 | 1.23 | 6.23 | ||||
Class C | 1,000.00 | 1,014.99 | 2.01 | 10.15 | ||||
Class I | 1,000.00 | 1,020.05 | 1.00 | 5.06 | ||||
Class R6 | 1,000.00 | 1,020.96 | 0.82 | 4.15 | ||||
KAR Small-Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,018.65 | 1.28 | 6.48 | ||||
Class C | 1,000.00 | 1,015.14 | 1.98 | 10.00 | ||||
Class I | 1,000.00 | 1,020.05 | 1.00 | 5.06 | ||||
Class R6 | 1,000.00 | 1,020.46 | 0.92 | 4.66 | ||||
KAR Small-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.30 | 1.35 | 6.83 | ||||
Class C | 1,000.00 | 1,014.74 | 2.06 | 10.40 | ||||
Class I | 1,000.00 | 1,019.75 | 1.06 | 5.37 | ||||
Class R6 | 1,000.00 | 1,020.16 | 0.98 | 4.96 | ||||
KAR Small-Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,019.05 | 1.20 | 6.07 | ||||
Class C | 1,000.00 | 1,015.29 | 1.95 | 9.85 | ||||
Class I | 1,000.00 | 1,020.31 | 0.95 | 4.81 | ||||
Class R6 | 1,000.00 | 1,020.71 | 0.87 | 4.41 | ||||
KAR Small-Mid Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,018.90 | 1.23 | 6.23 | ||||
Class C | 1,000.00 | 1,014.89 | 2.03 | 10.25 | ||||
Class I | 1,000.00 | 1,020.10 | 0.99 | 5.01 | ||||
Class R6 | 1,000.00 | 1,020.51 | 0.91 | 4.61 | ||||
KAR Small-Mid Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.55 | 1.30 | 6.58 | ||||
Class C | 1,000.00 | 1,014.79 | 2.05 | 10.35 | ||||
Class I | 1,000.00 | 1,019.80 | 1.05 | 5.32 | ||||
Class R6 | 1,000.00 | 1,020.10 | 0.99 | 5.01 | ||||
KAR Small-Mid Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,019.15 | 1.18 | 5.97 | ||||
Class C | 1,000.00 | 1,015.44 | 1.92 | 9.70 | ||||
Class I | 1,000.00 | 1,020.41 | 0.93 | 4.71 | ||||
Class R6 | 1,000.00 | 1,020.91 | 0.83 | 4.20 |
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
SGA Emerging Markets Growth Fund | ||||||||
Class A | $1,000.00 | $1,017.60 | 1.49% | $ 7.54 | ||||
Class C | 1,000.00 | 1,013.84 | 2.24 | 11.31 | ||||
Class I | 1,000.00 | 1,018.85 | 1.24 | 6.28 | ||||
Class R6 | 1,000.00 | 1,019.75 | 1.06 | 5.37 | ||||
SGA Global Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.45 | 1.32 | 6.68 | ||||
Class C | 1,000.00 | 1,014.69 | 2.07 | 10.45 | ||||
Class I | 1,000.00 | 1,019.70 | 1.07 | 5.42 | ||||
Class R6 | 1,000.00 | 1,020.61 | 0.89 | 4.51 | ||||
SGA New Leaders Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.35 | 1.34 | 6.78 | ||||
Class C | 1,000.00 | 1,014.59 | 2.09 | 10.56 | ||||
Class I | 1,000.00 | 1,019.60 | 1.09 | 5.52 | ||||
Class R6 | 1,000.00 | 1,020.51 | 0.91 | 4.61 | ||||
Tactical Allocation Fund | ||||||||
Class A | 1,000.00 | 1,020.10 | 0.99 | 5.01 | ||||
Class C | 1,000.00 | 1,016.29 | 1.75 | 8.85 | ||||
Class I | 1,000.00 | 1,021.26 | 0.76 | 3.85 | ||||
Class R6 | 1,000.00 | 1,022.06 | 0.60 | 3.04 |
* | 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 365 to reflect the one-half year period. |
characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. The
index is calculated on a total return basis with net dividends reinvested; it is unmanaged; its returns do not reflect any fees, expenses or sales charges; and it is not available for direct investment.
REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that
could force them to cut or reduce dividends. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.
reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.
reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.
reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.
reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.
unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment
reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.
reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.
fees, expenses, or sales charges, and it is not available for direct investment.
charges, and it is not available for direct investment.
Ticker Symbols: | |
Class A: PSTAX | |
Class C: SSTFX | |
Class I: PLXGX | |
Class R6: VCGRX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of long-term capital growth. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 23.25%, Class C shares at NAV returned 22.24%, Class I shares at NAV returned 23.60%, and Class R6 shares at NAV returned 23.88%. For the same period, the Russell 1000® Growth Index, which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 27.72%. |
Information Technology | 31% |
Consumer Discretionary | 20 |
Financials | 12 |
Industrials | 10 |
Health Care | 10 |
Consumer Staples | 5 |
Energy | 4 |
Other | 8 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 23.25 % | 7.55 % | 11.12 % | — % | — | |
Class A shares at POP3,4 | 16.47 | 6.34 | 10.49 | — | — | |
Class C shares at NAV2 and with CDSC4 | 22.24 | 6.69 | 10.25 | — | — | |
Class I shares at NAV2 | 23.60 | 7.66 | 11.32 | — | — | |
Class R6 shares at NAV2 | 23.88 | 8.00 | — | 7.61 | 1/30/18 | |
Russell 1000® Growth Index | 27.72 | 12.42 | 14.48 | 12.69 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.19%; Net: 1.19%; Class C shares: Gross 2.01%; Net: 2.01%; Class I shares: Gross 1.00%; Net: 1.00%; Class R6 shares: Gross 0.90%, Net 0.73%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: PDIAX | |
Class C: PGICX | |
Class I: PXIIX | |
Class R6: VECRX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has investment objectives of capital appreciation and current income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 5.19%, Class C shares at NAV returned 4.40%, Class I shares at NAV returned 5.47%, and Class R6 shares at NAV returned 5.49%. For the same period, the MSCI USA High Dividend Yield Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 11.57%. |
Financials | 17% |
Industrials | 15 |
Health Care | 14 |
Consumer Staples | 12 |
Information Technology | 9 |
Utilities | 9 |
Materials | 8 |
Other (includes securities lending collateral) | 16 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 5.19 % | 5.62 % | 9.05 % | — % | — | |
Class A shares at POP3,4 | -0.60 | 4.43 | 8.43 | — | — | |
Class C shares at NAV2 and with CDSC4 | 4.40 | 4.83 | 8.23 | — | — | |
Class I shares at NAV2 | 5.47 | 5.89 | 9.32 | — | — | |
Class R6 shares at NAV2 | 5.49 | 5.92 | — | 5.50 | 1/30/18 | |
MSCI USA High Dividend Yield Index (net) | 11.57 | 4.74 | 8.43 | 4.44 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.31%, Net 1.20%; Class C shares: Gross 2.10%, Net 1.95%; Class I shares: Gross 1.07%, Net 0.95%, Class R6 shares: Gross 1.00%; Net 0.91%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: PPTAX | |
Class C: PPTCX | |
Class I: PIPTX | |
Class R6: VGQRX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of total return, consisting of both capital appreciation and current income. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 8.79%, Class C shares at NAV returned 8.06%, Class I shares at NAV returned 9.02%, and Class R6 shares at NAV returned 9.41%. For the same period, the MSCI World High Dividend Yield Index (net), which serves as the Fund’s broad-based index, returned 16.69% and the Global Quality Dividend Linked Benchmark, the Fund’s style-specific Index, returned 16.69%. |
Financials | 20% |
Utilities | 14 |
Communication Services | 13 |
Industrials | 12 |
Health Care | 9 |
Consumer Staples | 8 |
Information Technology | 8 |
Other (includes securities lending collateral) | 16 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 8.79 % | 2.29 % | 5.08 % | — % | — | |
Class A shares at POP3,4 | 2.81 | 1.14 | 4.49 | — | — | |
Class C shares at NAV2 and with CDSC4 | 8.06 | 1.52 | 4.30 | — | — | |
Class I shares at NAV2 | 9.02 | 2.53 | 5.33 | — | — | |
Class R6 shares at NAV2 | 9.41 | — | — | 2.02 | 8/1/19 | |
MSCI World High Dividend Yield Index (net) | 16.69 | 4.81 | 5.72 | 5.15 5 | — | |
Global Quality Dividend Linked Benchmark | 16.69 | 3.67 | 7.91 | 5.15 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.48%, Net: 1.35%; Class C shares: Gross 2.29%, Net: 2.10%; Class I shares: Gross 1.25% Net: 1.10%; Class R6 shares: Gross 1.16%, Net: 0.78%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VMACX | |
Class C: VMCCX | |
Class I: VIMCX | |
Class R6: VRMCX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 20.63%, Class C shares at NAV returned 19.73%, Class I shares at NAV returned 20.94%, and Class R6 shares at NAV returned 21.02%. For the same period, the Russell Midcap® Index, which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 13.45%. |
terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the portfolio’s manager(s) to invest its assets as intended.
Industrials | 35% |
Information Technology | 20 |
Financials | 15 |
Health Care | 12 |
Consumer Discretionary | 11 |
Consumer Staples | 4 |
Real Estate | 2 |
Short-Term Investment | 1 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 20.63 % | 9.22 % | 11.84 % | — % | — | |
Class A shares at POP3,4 | 13.99 | 7.99 | 11.21 | — | — | |
Class C shares at NAV2 and with CDSC4 | 19.73 | 8.40 | 11.01 | — | — | |
Class I shares at NAV2 | 20.94 | 9.49 | 12.12 | — | — | |
Class R6 shares at NAV2 | 21.02 | 9.58 | — | 9.27 | 1/30/18 | |
Russell Midcap® Index | 13.45 | 6.38 | 8.98 | 6.26 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.30%, Net 1.20%; Class C shares: Gross 2.02%, Net 1.95%; Class I shares: Gross 1.04%, Net 0.95%; Class R6 shares: Gross 0.95%, Net: 0.87%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: PHSKX | |
Class C: PSKCX | |
Class I: PICMX | |
Class R6: VRMGX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 15.45%†, Class C shares at NAV returned 14.57%†, Class I shares at NAV returned 15.71%†, and Class R6 shares at NAV returned 15.94%†. For the same period, the Russell Midcap® Growth Index, which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 17.47%. |
Information Technology | 24% |
Consumer Discretionary | 21 |
Consumer Staples | 14 |
Industrials | 11 |
Health Care | 10 |
Financials | 9 |
Energy | 5 |
Other | 6 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 15.45 % 3 | 8.10 % | 11.34 % | — % | — | |
Class A shares at POP4,5 | 9.10 | 6.89 | 10.71 | — | — | |
Class C shares at NAV2 and with CDSC5 | 14.57 3 | 7.27 | 10.49 | — | — | |
Class I shares at NAV2 | 15.71 3 | 8.34 | 11.60 | — | — | |
Class R6 shares at NAV2 | 15.94 3 | 8.55 | — | 10.30 | 1/30/18 | |
Russell Midcap® Growth Index | 17.47 | 6.97 | 9.94 | 7.43 6 | — | |
Fund Expense Ratios7: Class A shares: Gross 1.23%; Net: 1.23%; Class C shares: Gross 2.04%; Net: 2.04%; Class I shares: Gross 1.00%; Net: 1.00%; Class R6 shares: Gross 0.89%, Net 0.83%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
4 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
5 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
6 | The since inception index return is from the inception date of Class R6 shares. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: PKSAX | |
Class C: PKSCX | |
Class I: PKSFX | |
Class R6: VSCRX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of long-term capital appreciation, with dividend income a secondary consideration. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 24.88%, Class C shares at NAV returned 23.98%, Class I shares at NAV returned 25.20%, and Class R6 shares at NAV returned 25.30%. For the same period, the Russell 2000® Index, which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 8.93%. |
terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the portfolio’s manager(s) to invest its assets as intended.
Industrials | 47% |
Financials | 24 |
Information Technology | 8 |
Consumer Discretionary | 7 |
Health Care | 5 |
Communication Services | 4 |
Materials | 4 |
Other | 1 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 24.88 % | 11.87 % | 13.74 % | — % | — | |
Class A shares at POP3,4 | 18.01 | 10.61 | 13.10 | — | — | |
Class C shares at NAV2 and with CDSC4 | 23.98 | 11.05 | 12.91 | — | — | |
Class I shares at NAV2 | 25.20 | 12.17 | 14.05 | — | — | |
Class R6 shares at NAV2 | 25.30 | 12.26 | — | 14.65 | 11/12/14 | |
Russell 2000® Index | 8.93 | 2.40 | 6.65 | 6.14 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.25%, Net: 1.25%; Class C shares: Gross 1.99%, Net: 1.99%; Class I shares: Gross 0.99% Net: 0.99%; Class R6 shares: Gross 0.92%, Net: 0.92%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: PSGAX | |
Class C: PSGCX | |
Class I: PXSGX | |
Class R6: VRSGX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 15.15%, Class C shares at NAV returned 14.31%, Class I shares at NAV returned 15.47%, and Class R6 shares at NAV returned 15.61%. For the same period, the Russell 2000® Growth Index, which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 9.59%. |
terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the portfolio’s manager(s) to invest its assets as intended.
Financials | 34% |
Information Technology | 21 |
Consumer Discretionary | 17 |
Communication Services | 12 |
Industrials | 8 |
Health Care | 7 |
Consumer Staples | 1 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 15.15 % | 7.73 % | 13.28 % | — % | — | |
Class A shares at POP3,4 | 8.82 | 6.52 | 12.64 | — | — | |
Class C shares at NAV2 and with CDSC4 | 14.31 | 6.95 | 12.45 | — | — | |
Class I shares at NAV2 | 15.47 | 8.02 | 13.57 | — | — | |
Class R6 shares at NAV2 | 15.61 | 8.13 | — | 9.79 | 1/30/18 | |
Russell 2000® Growth Index | 9.59 | 1.55 | 6.72 | 3.23 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.33%; Net: 1.33%; Class C shares: Gross 2.06%; Net: 2.06%; Class I shares: Gross 1.07%; Net: 1.07%; Class R6 shares: Gross 0.98%, Net 0.98%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: PQSAX | |
Class C: PQSCX | |
Class I: PXQSX | |
Class R6: VQSRX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 10.42%, Class C shares at NAV returned 9.59%, Class I shares at NAV returned 10.65%, and Class R6 shares at NAV returned 10.78%. For the same period, the Russell 2000® Value Index, which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 7.84%. |
terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the portfolio’s manager(s) to invest its assets as intended.
Industrials | 37% |
Financials | 26 |
Consumer Discretionary | 14 |
Consumer Staples | 7 |
Materials | 6 |
Information Technology | 4 |
Health Care | 3 |
Other | 3 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 10.42 % | 3.91 % | 7.43 % | — % | — | |
Class A shares at POP3,4 | 4.35 | 2.74 | 6.82 | — | — | |
Class C shares at NAV2 and with CDSC4 | 9.59 | 3.12 | 6.63 | — | — | |
Class I shares at NAV2 | 10.65 | 4.15 | 7.69 | — | — | |
Class R6 shares at NAV2 | 10.78 | 4.24 | — | 8.47 | 11/3/16 | |
Russell 2000® Value Index | 7.84 | 2.59 | 6.19 | 6.93 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.19%; Net: 1.19%; Class C shares: Gross 1.96%; Net: 1.96%; Class I shares: Gross 0.97%; Net: 0.97%; Class R6 shares: Gross 0.88%, Net 0.88%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VKSAX | |
Class C: VKSCX | |
Class I: VKSIX | |
Class R6: VKSRX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of long-term capital appreciation, with dividend income a secondary consideration. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 21.88%, Class C shares at NAV returned 20.96%, Class I shares at NAV returned 22.15%, and Class R6 shares at NAV returned 22.39%. For the same period, the Russell 2500™ Index, which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 11.28%. |
terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the
Industrials | 29% |
Information Technology | 26 |
Consumer Discretionary | 19 |
Financials | 14 |
Health Care | 10 |
Materials | 2 |
Total | 100% |
1 Year | 5 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 21.88 % | 9.40 % | 9.90 % | 3/7/18 | |
Class A shares at POP3,4 | 15.17 | 8.17 | 8.78 | 3/7/18 | |
Class C shares at NAV2 and with CDSC4 | 20.96 | 8.57 | 9.08 | 3/7/18 | |
Class I shares at NAV2 | 22.15 | 9.67 | 10.18 | 3/7/18 | |
Class R6 shares at NAV2 | 22.39 | 9.77 | 10.27 | 3/7/18 | |
Russell 2500™ Index | 11.28 | 4.55 | 5.55 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.25%, Net 1.29%; Class C shares: Gross 2.02%, Net 2.03%; Class I shares: Gross 1.00%, Net 1.01%; Class R6 shares: Gross 0.91%; Net 0.97%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the Fund’s inception date. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VAKSX | |
Class C: VCKSX | |
Class I: VIKSX | |
Class R6: VRKSX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 17.72%, Class C shares at NAV returned 16.78%, Class I shares at NAV returned 18.02%, and Class R6 shares at NAV returned 17.99%. For the same period, the Russell 2500™ Growth Index, which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 10.61%. |
Industrials | 24% |
Information Technology | 24 |
Health Care | 20 |
Financials | 16 |
Consumer Discretionary | 7 |
Communication Services | 4 |
Consumer Staples | 3 |
Short-Term Investment | 2 |
Total | 100% |
1 Year | Since inception | Inception date | ||
Class A shares at NAV2 | 17.72 % | -3.30 % | 12/8/20 | |
Class A shares at POP3,4 | 11.25 | -5.23 | 12/8/20 | |
Class C shares at NAV2 and with CDSC4 | 16.78 | -4.03 | 12/8/20 | |
Class I shares at NAV2 | 18.02 | -3.04 | 12/8/20 | |
Class R6 shares at NAV2 | 17.99 | -3.00 | 12/8/20 | |
Russell 2500™ Growth Index | 10.61 | -5.43 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 2.76%, Net 1.30%; Class C shares: Gross 3.43%, Net 2.05%; Class I shares: Gross 2.57%, Net 1.05%; Class R6 shares: Gross 2.43%, Net 0.99%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the Fund’s inception date. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VKSDX | |
Class C: VKSEX | |
Class I: VKSFX | |
Class R6: VKSGX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 9.96%, Class C shares at NAV returned 9.21%, Class I shares at NAV returned 10.29%, and Class R6 shares at NAV returned 10.37%. For the same period, the Russell 2500™ Value Index, which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 11.34%. |
Industrials | 36% |
Financials | 22 |
Consumer Discretionary | 13 |
Information Technology | 10 |
Consumer Staples | 7 |
Materials | 5 |
Health Care | 2 |
Other (includes short-term investment) | 5 |
Total | 100% |
1 Year | Since inception | Inception date | ||
Class A shares at NAV2 | 9.96 % | -6.96 % | 8/3/21 | |
Class A shares at POP3,4 | 3.91 | -9.37 | 8/3/21 | |
Class C shares at NAV2 and with CDSC4 | 9.21 | -7.67 | 8/3/21 | |
Class I shares at NAV2 | 10.29 | -6.75 | 8/3/21 | |
Class R6 shares at NAV2 | 10.37 | -6.67 | 8/3/21 | |
Russell 2500™ Value Index | 11.34 | -3.05 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 4.09%, Net 1.17%; Class C shares: Gross 4.85%, Net 1.92%; Class I shares: Gross 3.88%, Net 0.92%; Class R6 shares: Gross 3.81%; Net 0.82%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the Fund’s inception date. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VAEGX | |
Class C: VCEGX | |
Class I: VIEGX | |
Class R6: VESRX |
Sustainable Growth Advisers, LP
■ | The Fund is non-diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 10.53%, Class C shares at NAV returned 9.71%, Class I shares at NAV returned 10.78%, and Class R6 shares at NAV returned 10.95%. For the same period, the MSCI Emerging Markets Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 11.70%. |
terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the portfolio’s manager(s) to invest its assets as intended.
process has the potential to contribute to performance, ESG factors may not be considered for every investment decision and there is no guarantee that the integration of ESG factors will result in better performance.
Consumer Staples | 36% |
Financials | 24 |
Consumer Discretionary | 22 |
Communication Services | 8 |
Information Technology | 6 |
Materials | 2 |
Health Care | 2 |
Total | 100% |
1 Year | Since inception | Inception date | ||
Class A shares at NAV2 | 10.53 % | 0.48 % | 6/13/19 | |
Class A shares at POP3,4 | 4.45 | -0.83 | 6/13/19 | |
Class C shares at NAV2 and with CDSC4 | 9.71 | -0.27 | 6/13/19 | |
Class I shares at NAV2 | 10.78 | 0.75 | 6/13/19 | |
Class R6 shares at NAV2 | 10.95 | 0.91 | 6/13/19 | |
MSCI Emerging Markets Index (net) | 11.70 | 0.92 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 3.01%, Net 1.48%; Class C shares: Gross 3.75%, Net 2.23%; Class I shares: Gross 2.74%, Net 1.23%; Class R6 shares: Gross 2.72%, Net 1.05%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the Fund’s inception date. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SGAAX | |
Class C: SGACX | |
Class I: SGAPX | |
Class R6: SGARX |
Sustainable Growth Advisers, LP
■ | The Fund is diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 23.95%, Class C shares at NAV returned 23.01%, Class I shares at NAV returned 24.27%, and Class R6 shares at NAV returned 24.49%. For the same period, the MSCI All Country World Index (net), returned 20.80%, and the MSCI All Country World Growth Index (net), returned 24.41%. |
terrorism, pandemic, or recession could impact the Fund, including hampering the ability of the Fund’s manager(s) to invest its assets as intended.
a greater number of securities.
has the potential to contribute to performance, ESG factors may not be considered for every investment decision and there is no guarantee that the integration of ESG factors will result in better performance.
Information Technology | 25% |
Financials | 23 |
Health Care | 21 |
Consumer Discretionary | 10 |
Consumer Staples | 7 |
Communication Services | 6 |
Industrials | 3 |
Other | 5 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 23.95 % | 6.78 % | — % | 9.24 % | 10/4/13 | |
Class A shares at POP3,4 | 17.13 | 5.58 | — | 8.62 | 10/4/13 | |
Class C shares at NAV2 and with CDSC4 | 23.01 | 6.00 | — | 8.43 | 10/4/13 | |
Class I shares at NAV2 | 24.27 | 7.02 | — | 9.37 | 10/4/13 | |
Class R6 shares at NAV2 | 24.49 | 7.27 | 9.79 | — | — | |
MSCI All Country World Index (net) | 20.80 | 6.46 | 7.56 | 7.51 5 | — | |
MSCI All Country World Growth Index (net) | 24.41 | 8.37 | 9.53 | 9.50 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.44%, Net 1.33%; Class C shares: Gross 2.13%, Net 2.08%; Class I shares: Gross 1.16%, Net 1.08%; Class R6 shares: Gross 1.03%, Net 0.90%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index returned 8.16% for the inception date of Class P shares and 7.90% for the inception date of Institutional Class shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VNLAX | |
Class C: VNLCX | |
Class I: VNLIX | |
Class R6: VNLRX |
Sustainable Growth Advisers, LP
■ | The Fund is non-diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 12.80%, Class C shares at NAV returned 12.02%, Class I shares at NAV returned 13.05%, and Class R6 shares at NAV returned 13.32%. For the same period, the MSCI All Country World Mid Cap Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 15.67%. |
terrorism, pandemic, or recession could impact the Fund, including hampering the ability of the Fund’s manager(s) to invest its assets as intended.
contribute to performance, ESG factors may not be considered for every investment decision and there is no guarantee that the integration of ESG factors will result in better performance.
Health Care | 21% |
Information Technology | 17 |
Consumer Staples | 16 |
Financials | 15 |
Consumer Discretionary | 10 |
Communication Services | 9 |
Materials | 6 |
Other | 6 |
Total | 100% |
1 Year | Since inception | Inception date | ||
Class A shares at NAV2 | 12.80 % | -11.09 % | 11/17/20 | |
Class A shares at POP3,4 | 6.59 | -12.83 | 11/17/20 | |
Class C shares at NAV2 and with CDSC4 | 12.02 | -11.75 | 11/17/20 | |
Class I shares at NAV2 | 13.05 | -10.87 | 11/17/20 | |
Class R6 shares at NAV2 | 13.32 | -10.70 | 11/17/20 | |
MSCI All Country World Mid Cap Index (net) | 15.67 | 1.59 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 2.43%, Net 1.34%; Class C shares: Gross 3.16%, Net 2.09%; Class I shares: Gross 2.18%, Net 1.09%; Class R6 shares: Gross 2.23%, Net 0.91%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the Fund’s inception date. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: NAINX | |
Class C: POICX | |
Class I: VTAIX | |
Class R6: VTARX |
Kayne Anderson Rudnick
Investment Management, LLC
(Domestic and International Equity
Portfolio) and Newfleet Asset
Management, LLC
(Fixed Income Portfolio)
■ | The Fund is diversified and has investment objectives of capital appreciation and income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 15.81%, Class C shares at NAV returned 14.92%, and Class I shares at NAV returned 16.11%, and Class R6 shares at NAV returned 16.26%. For the same period, the Bloomberg U.S. Aggregate Bond Index; a broad-based fixed income index, returned 0.64%, the MSCI ACWI ex USA SMID Cap Index (net); a broad-based International Index, returned 19.95%; and the Russell 1000® Growth Index; a broad-based US equity index, returned 27.72%. The Tactical Allocation Fund Linked Benchmark, the Fund’s style-specific benchmark, returned 15.41%. |
terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the portfolio’s manager(s) to invest its assets as intended.
Common Stocks | 67% | |
Information Technology | 18% | |
Consumer Discretionary | 11 | |
Industrials | 10 | |
All Other Common Stocks | 28 | |
Corporate Bonds and Notes | 11 | |
Financials | 4 | |
Energy | 1 | |
Industrials | 1 | |
All Other Corporate Bonds and Notes | 5 | |
Mortgage-Backed Securities | 10 | |
U.S. Government Securities | 4 | |
Asset-Backed Securities | 4 | |
Leveraged Loans | 2 | |
Municipal Bonds | 1 | |
Other (includes securities lending collateral) | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 15.81 % | 4.36 % | 5.52 % | — % | — | |
Class A shares at POP3,4 | 9.44 | 3.18 | 4.92 | — | — | |
Class C shares at NAV2 and with CDSC4 | 14.92 | 3.55 | 4.71 | — | — | |
Class I shares at NAV2 | 16.11 | — | — | 6.64 | 1/29/19 | |
Class R6 shares at NAV2 | 16.26 | — | — | -3.09 | 10/20/20 | |
Bloomberg U.S. Aggregate Bond Index | 0.64 | 0.10 | 1.13 | — 5 | — | |
MSCI All Country World ex USA Small Mid-Cap Index (net) | 19.95 | 1.95 | 3.82 | — 6 | — | |
Russell 1000® Growth Index | 27.72 | 12.42 | 14.48 | — 7 | — | |
Tactical Allocation Fund Linked Benchmark | 15.41 | 6.36 | 7.82 | — 8 | — | |
Fund Expense Ratios9: Class A shares: Gross 1.05%, Net 0.99%; Class C shares: Gross 1.86%, Net 1.75%; Class I shares: Gross 0.85%, Net 0.76%; Class R6 shares: Gross 0.69%, Net 0.60%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index returned -0.35% from the inception date of Class I shares and -5.22% from the inception date of Class R6 shares |
6 | The since inception index returned 3.97% from the inception date of Class I shares and 2.36% from the inception date of Class R6 shares. |
7 | The since inception index returned 16.31% from the inception date of Class I shares and 7.25% from the inception date of Class R6 shares |
8 | The since inception index returned 8.10% for the inception date of Class I shares and 1.76% for the inception date of Class R6 shares. |
9 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Shares | Value | ||
Common Stocks—99.4% | |||
Communication Services—3.3% | |||
Trade Desk, Inc. (The) Class A(1) | 217,363 | $ 16,987 | |
Consumer Discretionary—19.6% | |||
Airbnb, Inc. Class A(1) | 80,101 | 10,991 | |
Amazon.com, Inc.(1) | 211,155 | 26,842 | |
AutoZone, Inc.(1) | 3,340 | 8,483 | |
Home Depot, Inc. (The) | 30,039 | 9,077 | |
Marriott International, Inc. Class A | 75,962 | 14,931 | |
MercadoLibre, Inc.(1) | 7,100 | 9,002 | |
NIKE, Inc. Class B | 129,647 | 12,397 | |
Ross Stores, Inc. | 84,033 | 9,491 | |
101,214 | |||
Consumer Staples—5.4% | |||
Estee Lauder Cos., Inc. (The) Class A | 38,787 | 5,607 | |
McCormick & Co., Inc. Non-voting Shares | 96,415 | 7,293 | |
Monster Beverage Corp.(1) | 205,145 | 10,862 | |
PepsiCo, Inc. | 24,574 | 4,164 | |
27,926 | |||
Energy—3.8% | |||
Devon Energy Corp. | 62,291 | 2,971 | |
Hess Corp. | 38,736 | 5,927 | |
Pioneer Natural Resources Co. | 25,833 | 5,930 | |
Schlumberger N.V. | 81,920 | 4,776 | |
19,604 | |||
Shares | Value | ||
Financials—11.7% | |||
Bank of America Corp. | 158,825 | $ 4,349 | |
Block, Inc. Class A(1) | 114,450 | 5,065 | |
Progressive Corp. (The) | 86,049 | 11,986 | |
S&P Global, Inc. | 20,877 | 7,629 | |
Visa, Inc. Class A | 136,302 | 31,351 | |
60,380 | |||
Health Care—9.9% | |||
Danaher Corp. | 45,869 | 11,380 | |
Eli Lilly & Co. | 23,626 | 12,690 | |
IDEXX Laboratories, Inc.(1) | 11,513 | 5,034 | |
Mettler-Toledo International, Inc.(1) | 3,846 | 4,262 | |
Zoetis, Inc. Class A | 101,897 | 17,728 | |
51,094 | |||
Industrials—10.0% | |||
Equifax, Inc. | 41,531 | 7,608 | |
Fair Isaac Corp.(1) | 16,931 | 14,705 | |
Paycom Software, Inc. | 65,566 | 16,999 | |
Uber Technologies, Inc.(1) | 274,710 | 12,634 | |
51,946 | |||
Information Technology—30.5% | |||
Accenture plc Class A | 37,800 | 11,609 | |
Amphenol Corp. Class A | 236,901 | 19,897 | |
BILL Holdings, Inc.(1) | 98,576 | 10,702 | |
Cadence Design Systems, Inc.(1) | 23,355 | 5,472 | |
Gartner, Inc.(1) | 15,388 | 5,287 | |
MongoDB, Inc. Class A(1) | 37,075 | 12,823 | |
NVIDIA Corp. | 118,985 | 51,757 | |
Roper Technologies, Inc. | 26,302 | 12,738 | |
Shopify, Inc. Class A(1) | 83,123 | 4,536 |
Shares | Value | ||
Information Technology—continued | |||
Snowflake, Inc. Class A(1) | 57,634 | $ 8,805 | |
Workday, Inc. Class A(1) | 67,502 | 14,503 | |
158,129 | |||
Materials—1.7% | |||
Ecolab, Inc. | 53,270 | 9,024 | |
Real Estate—3.5% | |||
CoStar Group, Inc.(1) | 161,057 | 12,384 | |
Prologis, Inc. | 53,110 | 5,959 | |
18,343 | |||
Total Common Stocks (Identified Cost $241,451) | 514,647 | ||
Total Long-Term Investments—99.4% (Identified Cost $241,451) | 514,647 | ||
TOTAL INVESTMENTS—99.4% (Identified Cost $241,451) | $514,647 | ||
Other assets and liabilities, net—0.6% | 3,001 | ||
NET ASSETS—100.0% | $517,648 |
Abbreviation: | |
S&P | Standard & Poor’s |
Footnote Legend: | |
(1) | Non-income producing. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $514,647 | $514,647 | |
Total Investments | $514,647 | $514,647 |
Shares | Value | ||
Common Stocks—98.3% | |||
Communication Services—5.7% | |||
Omnicom Group, Inc. | 35,383 | $ 2,635 | |
Verizon Communications, Inc. | 132,576 | 4,297 | |
6,932 | |||
Consumer Discretionary—0.6% | |||
McDonald’s Corp. | 2,561 | 675 | |
Consumer Staples—12.1% | |||
Coca-Cola Co. (The) | 60,833 | 3,405 | |
Flowers Foods, Inc. | 123,131 | 2,731 | |
Kimberly-Clark Corp. | 29,114 | 3,518 | |
PepsiCo, Inc. | 21,611 | 3,662 | |
Procter & Gamble Co. (The) | 9,356 | 1,365 | |
14,681 | |||
Energy—3.0% | |||
Chevron Corp. | 10,519 | 1,774 | |
Hess Corp. | 12,398 | 1,897 | |
3,671 | |||
Financials—17.3% | |||
Bank of Hawaii Corp.(1) | 60,607 | 3,012 | |
PNC Financial Services Group, Inc. (The) | 34,725 | 4,263 | |
Prudential Financial, Inc. | 17,862 | 1,695 | |
Safety Insurance Group, Inc. | 38,066 | 2,596 | |
T. Rowe Price Group, Inc. | 35,639 | 3,737 | |
Zurich Insurance Group AG ADR | 126,433 | 5,788 | |
21,091 | |||
Health Care—14.5% | |||
AbbVie, Inc. | 33,843 | 5,044 | |
Johnson & Johnson | 7,485 | 1,166 | |
Merck & Co., Inc. | 23,363 | 2,405 | |
Patterson Cos., Inc. | 106,353 | 3,152 | |
Pfizer, Inc. | 106,326 | 3,527 | |
Takeda Pharmaceutical Co., Ltd. Sponsored ADR(1) | 148,916 | 2,304 | |
17,598 | |||
Shares | Value | ||
Industrials—15.5% | |||
BAE Systems plc Sponsored ADR(1) | 72,586 | $ 3,589 | |
MSC Industrial Direct Co., Inc. Class A | 62,251 | 6,110 | |
Snap-on, Inc. | 5,736 | 1,463 | |
United Parcel Service, Inc. Class B | 23,514 | 3,665 | |
Watsco, Inc. | 10,621 | 4,012 | |
18,839 | |||
Information Technology—9.8% | |||
Cisco Systems, Inc. | 70,181 | 3,773 | |
International Business Machines Corp. | 45,869 | 6,436 | |
Texas Instruments, Inc. | 10,580 | 1,682 | |
11,891 | |||
Materials—7.9% | |||
Amcor plc | 537,132 | 4,920 | |
Eastman Chemical Co. | 34,506 | 2,647 | |
Sonoco Products Co. | 37,676 | 2,048 | |
9,615 | |||
Real Estate—3.0% | |||
Crown Castle, Inc. | 16,163 | 1,487 | |
Getty Realty Corp. | 77,381 | 2,146 | |
3,633 | |||
Utilities—8.9% | |||
Fortis, Inc. | 71,740 | 2,726 | |
Pinnacle West Capital Corp. | 35,238 | 2,596 | |
Southern Co. (The) | 60,875 | 3,940 | |
WEC Energy Group, Inc. | 19,148 | 1,542 | |
10,804 | |||
Total Common Stocks (Identified Cost $115,121) | 119,430 | ||
Total Long-Term Investments—98.3% (Identified Cost $115,121) | 119,430 | ||
Shares | Value | ||
Securities Lending Collateral—4.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(2)(3) | 5,285,449 | $ 5,285 | |
Total Securities Lending Collateral (Identified Cost $5,285) | 5,285 | ||
TOTAL INVESTMENTS—102.6% (Identified Cost $120,406) | $124,715 | ||
Other assets and liabilities, net—(2.6)% | (3,191) | ||
NET ASSETS—100.0% | $121,524 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | All or a portion of security is on loan. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(3) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 84% |
Switzerland | 9 |
United Kingdom | 3 |
Canada | 2 |
Japan | 2 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $119,430 | $119,430 | |
Securities Lending Collateral | 5,285 | 5,285 | |
Total Investments | $124,715 | $124,715 |
Shares | Value | ||
Common Stocks—97.5% | |||
Communication Services—12.3% | |||
BCE, Inc. | 34,495 | $ 1,316 | |
Omnicom Group, Inc. | 5,476 | 408 | |
Spark New Zealand Ltd. | 407,192 | 1,174 | |
Verizon Communications, Inc. | 29,241 | 948 | |
3,846 | |||
Consumer Discretionary—2.3% | |||
Canadian Tire Corp., Ltd. Class A | 6,559 | 705 | |
Consumer Staples—8.1% | |||
Coca-Cola Co. (The) | 7,998 | 448 | |
Coca-Cola Europacific Partners plc | 7,558 | 472 | |
Flowers Foods, Inc. | 24,001 | 533 | |
PepsiCo, Inc. | �� 2,946 | 499 | |
Unilever plc | 11,283 | 559 | |
2,511 | |||
Energy—3.6% | |||
TotalEnergies SE | 17,133 | 1,129 | |
Financials—20.2% | |||
Bank of Hawaii Corp.(1) | 7,685 | 382 | |
IGM Financial, Inc. | 37,294 | 946 | |
PNC Financial Services Group, Inc. (The) | 5,070 | 622 | |
Royal Bank of Canada | 6,633 | 580 | |
Safety Insurance Group, Inc. | 7,991 | 545 | |
Singapore Exchange Ltd. | 70,082 | 500 | |
Sumitomo Mitsui Trust Holdings, Inc. | 12,900 | 486 | |
Tokio Marine Holdings, Inc. | 32,260 | 748 | |
Zurich Insurance Group AG | 2,065 | 948 | |
Zurich Insurance Group AG ADR(1) | 11,492 | 526 | |
6,283 | |||
Health Care—9.4% | |||
AbbVie, Inc. | 8,340 | 1,243 | |
Patterson Cos., Inc. | 11,028 | 327 | |
Pfizer, Inc. | 15,790 | 524 | |
Sonic Healthcare Ltd. | 11,543 | 221 |
Shares | Value | ||
Health Care—continued | |||
Takeda Pharmaceutical Co., Ltd. | 19,300 | $ 599 | |
2,914 | |||
Industrials—12.1% | |||
Adecco Group AG Registered Shares | 17,200 | 709 | |
BAE Systems plc | 65,777 | 801 | |
Deutsche Post AG | 27,222 | 1,109 | |
MSC Industrial Direct Co., Inc. Class A | 11,746 | 1,153 | |
3,772 | |||
Information Technology—7.5% | |||
Cisco Systems, Inc. | 6,366 | 342 | |
International Business Machines Corp. | 11,067 | 1,553 | |
Texas Instruments, Inc. | 2,762 | 439 | |
2,334 | |||
Materials—6.6% | |||
Amcor plc | 139,004 | 1,273 | |
Eastman Chemical Co. | 6,345 | 487 | |
Kemira Oyj | 18,252 | 285 | |
2,045 | |||
Real Estate—1.2% | |||
Crown Castle, Inc. | 4,033 | 371 | |
Utilities—14.2% | |||
Fortis, Inc. | 25,442 | 966 | |
National Grid plc | 40,330 | 482 | |
Pinnacle West Capital Corp. | 9,305 | 686 | |
Southern Co. (The) | 18,619 | 1,205 | |
Terna - Rete Elettrica Nazionale | 109,500 | 825 | |
WEC Energy Group, Inc. | 3,374 | 272 | |
4,436 | |||
Total Common Stocks (Identified Cost $29,693) | 30,346 | ||
Total Long-Term Investments—97.5% (Identified Cost $29,693) | 30,346 | ||
Shares | Value | ||
Securities Lending Collateral—2.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(2)(3) | 697,901 | $ 698 | |
Total Securities Lending Collateral (Identified Cost $698) | 698 | ||
TOTAL INVESTMENTS—99.7% (Identified Cost $30,391) | $31,044 | ||
Other assets and liabilities, net—0.3% | 93 | ||
NET ASSETS—100.0% | $31,137 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | All or a portion of security is on loan. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(3) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 44% |
Canada | 14 |
Switzerland | 11 |
United Kingdom | 7 |
Japan | 6 |
New Zealand | 4 |
France | 4 |
Other | 10 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $30,346 | $30,346 | |
Securities Lending Collateral | 698 | 698 | |
Total Investments | $31,044 | $31,044 |
Shares | Value | ||
Common Stocks—95.9% | |||
Consumer Discretionary—10.8% | |||
Domino’s Pizza, Inc. | 142,106 | $ 53,828 | |
Pool Corp. | 219,479 | 78,157 | |
Ross Stores, Inc. | 604,299 | 68,256 | |
200,241 | |||
Consumer Staples—4.0% | |||
Lamb Weston Holdings, Inc. | 797,537 | 73,740 | |
Financials—14.8% | |||
Berkley (W.R.) Corp. | 575,644 | 36,548 | |
Broadridge Financial Solutions, Inc. | 264,520 | 47,362 | |
Brown & Brown, Inc. | 708,014 | 49,448 | |
First Financial Bankshares, Inc. | 1,325,504 | 33,297 | |
Houlihan Lokey, Inc. Class A | 659,331 | 70,627 | |
LPL Financial Holdings, Inc. | 164,639 | 39,126 | |
276,408 | |||
Health Care—11.7% | |||
Azenta, Inc.(1) | 1,317,607 | 66,131 | |
Cooper Cos., Inc. (The) | 193,611 | 61,570 | |
West Pharmaceutical Services, Inc. | 237,966 | 89,287 | |
216,988 | |||
Industrials—34.2% | |||
Allegion plc | 428,880 | 44,689 | |
AMETEK, Inc. | 740,100 | 109,357 | |
Equifax, Inc. | 228,359 | 41,831 | |
Exponent, Inc. | 881,679 | 75,472 |
Shares | Value | ||
Industrials—continued | |||
HEICO Corp. Class A | 493,922 | $ 63,825 | |
Lennox International, Inc. | 175,569 | 65,740 | |
Nordson Corp. | 284,190 | 63,423 | |
Old Dominion Freight Line, Inc. | 114,883 | 47,003 | |
Pentair plc | 769,458 | 49,822 | |
Verisk Analytics, Inc. Class A | 317,761 | 75,068 | |
636,230 | |||
Information Technology—19.1% | |||
Aspen Technology, Inc.(1) | 344,080 | 70,282 | |
Bentley Systems, Inc. Class B | 1,441,801 | 72,321 | |
Dolby Laboratories, Inc. Class A | 630,525 | 49,975 | |
Monolithic Power Systems, Inc. | 140,645 | 64,978 | |
Teledyne Technologies, Inc.(1) | 119,561 | 48,850 | |
Zebra Technologies Corp. Class A(1) | 207,783 | 49,147 | |
355,553 | |||
Real Estate—1.3% | |||
Equity LifeStyle Properties, Inc. | 392,702 | 25,019 | |
Total Common Stocks (Identified Cost $1,457,472) | 1,784,179 | ||
Total Long-Term Investments—95.9% (Identified Cost $1,457,472) | 1,784,179 | ||
Shares | Value | ||
Short-Term Investment—0.9% | |||
Money Market Mutual Fund—0.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(2) | 16,827,790 | $ 16,828 | |
Total Short-Term Investment (Identified Cost $16,828) | 16,828 | ||
TOTAL INVESTMENTS—96.8% (Identified Cost $1,474,300) | $1,801,007 | ||
Other assets and liabilities, net—3.2% | 60,466 | ||
NET ASSETS—100.0% | $1,861,473 |
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 September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,784,179 | $1,784,179 | |
Money Market Mutual Fund | 16,828 | 16,828 | |
Total Investments | $1,801,007 | $1,801,007 |
Shares | Value | ||
Preferred Stock—1.7% | |||
Information Technology—1.7% | |||
Security Scorecard, Inc. Series E(1)(2)(3) | 7,919,250 | $ 25,097 | |
Total Preferred Stock (Identified Cost $40,000) | 25,097 | ||
Common Stocks—97.3% | |||
Communication Services—4.0% | |||
ROBLOX Corp. Class A(2) | 424,170 | 12,284 | |
Trade Desk, Inc. (The) Class A(2) | 602,920 | 47,118 | |
59,402 | |||
Consumer Discretionary—21.1% | |||
Domino’s Pizza, Inc. | 79,162 | 29,986 | |
Global-e Online Ltd.(2) | 1,001,698 | 39,808 | |
Las Vegas Sands Corp. | 314,187 | 14,402 | |
MercadoLibre, Inc.(2) | 40,308 | 51,106 | |
Murphy USA, Inc. | 50,541 | 17,271 | |
On Holding AG Class A(2) | 510,120 | 14,192 | |
Pool Corp. | 116,200 | 41,379 | |
Rollins, Inc. | 634,644 | 23,691 | |
Ross Stores, Inc. | 255,453 | 28,853 | |
SiteOne Landscape Supply, Inc.(2) | 326,443 | 53,357 | |
314,045 | |||
Consumer Staples—13.9% | |||
Brown-Forman Corp. Class B | 574,757 | 33,158 | |
Celsius Holdings, Inc.(2) | 673,370 | 115,550 | |
Freshpet, Inc.(2) | 221,858 | 14,616 | |
McCormick & Co., Inc. Non-voting Shares | 246,211 | 18,623 | |
Monster Beverage Corp.(2) | 464,301 | 24,585 | |
206,532 | |||
Energy—4.7% | |||
Devon Energy Corp. | 266,637 | 12,719 |
Shares | Value | ||
Energy—continued | |||
Diamondback Energy, Inc. | 225,451 | $ 34,918 | |
Halliburton Co. | 561,000 | 22,720 | |
70,357 | |||
Financials—8.9% | |||
FleetCor Technologies, Inc.(2) | 90,417 | 23,087 | |
Goosehead Insurance, Inc. Class A(2) | 669,858 | 49,925 | |
MarketAxess Holdings, Inc. | 66,308 | 14,166 | |
T. Rowe Price Group, Inc. | 247,575 | 25,963 | |
Toast, Inc. Class A(2) | 1,013,938 | 18,991 | |
132,132 | |||
Health Care—9.7% | |||
HealthEquity, Inc.(2) | 231,335 | 16,899 | |
IDEXX Laboratories, Inc.(2) | 81,184 | 35,499 | |
Mettler-Toledo International, Inc.(2) | 33,686 | 37,326 | |
STAAR Surgical Co.(2) | 260,763 | 10,478 | |
Waters Corp.(2) | 40,536 | 11,115 | |
Zoetis, Inc. Class A | 189,825 | 33,026 | |
144,343 | |||
Industrials—10.6% | |||
Equifax, Inc. | 204,366 | 37,436 | |
Fair Isaac Corp.(2) | 90,147 | 78,295 | |
Paycom Software, Inc. | 163,160 | 42,303 | |
158,034 | |||
Information Technology—22.1% | |||
Amphenol Corp. Class A | 585,043 | 49,138 | |
BILL Holdings, Inc.(2) | 274,590 | 29,812 | |
Cloudflare, Inc. Class A(2) | 351,965 | 22,188 | |
Datadog, Inc. Class A(2) | 281,883 | 25,677 | |
DoubleVerify Holdings, Inc.(2) | 846,336 | 23,655 | |
Gartner, Inc.(2) | 195,769 | 67,268 | |
Lattice Semiconductor Corp.(2) | 231,530 | 19,895 | |
MongoDB, Inc. Class A(2) | 100,310 | 34,693 |
Shares | Value | ||
Information Technology—continued | |||
Roper Technologies, Inc. | 44,406 | $ 21,505 | |
Teradyne, Inc. | 349,600 | 35,121 | |
328,952 | |||
Real Estate—2.3% | |||
CoStar Group, Inc.(2) | 450,994 | 34,677 | |
Total Common Stocks (Identified Cost $941,924) | 1,448,474 | ||
Total Long-Term Investments—99.0% (Identified Cost $981,924) | 1,473,571 | ||
TOTAL INVESTMENTS—99.0% (Identified Cost $981,924) | $1,473,571 | ||
Other assets and liabilities, net—1.0% | 15,482 | ||
NET ASSETS—100.0% | $1,489,053 |
Footnote Legend: | |
(1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(2) | Non-income producing. |
(3) | All or a portion of the security is restricted. |
Country Weightings (Unaudited)† | |
United States | 93% |
Brazil | 3 |
Israel | 3 |
Switzerland | 1 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | Level 3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $1,448,474 | $1,448,474 | $ — | ||
Preferred Stock | 25,097 | — | 25,097 | ||
Total Investments | $1,473,571 | $1,448,474 | $25,097 |
Total | Preferred Stocks | ||
Investments in Securities | |||
Balance as of September 30, 2022: | $ 27,955 | $ 27,955 | |
Net change in unrealized appreciation (depreciation)(a) | (2,858) | (2,858) | |
Balance as of September 30, 2023 | $ 25,097 | $ 25,097 |
Investments in Securities – Assets | Ending Balance at September 30, 2023 | Valuation Technique Used | Unobservable Inputs | Input Values | ||||
Preferred Stock: | ||||||||
Security Scorecard, Inc. Series E | $25,097 | Market and Company Comparables | EV Multiples | 6.43x (2.00x - 17.44x) | ||||
6.03x (2.00x - 15.29x) | ||||||||
Illiquidity Discount | 15% |
Shares | Value | ||
Common Stocks—98.9% | |||
Communication Services—3.8% | |||
Rightmove plc | 9,575,590 | $ 65,683 | |
Consumer Discretionary—7.2% | |||
Acushnet Holdings Corp. | 1,510,641 | 80,124 | |
LCI Industries | 381,320 | 44,775 | |
124,899 | |||
Consumer Staples—1.1% | |||
PriceSmart, Inc. | 262,371 | 19,528 | |
Financials—23.4% | |||
Artisan Partners Asset Management, Inc. Class A | 1,259,877 | 47,145 | |
BancFirst Corp. | 420,429 | 36,464 | |
FactSet Research Systems, Inc. | 127,040 | 55,550 | |
First Hawaiian, Inc. | 2,524,755 | 45,572 | |
Jack Henry & Associates, Inc. | 163,600 | 24,726 | |
Moelis & Co. Class A | 1,236,917 | 55,822 | |
Primerica, Inc. | 520,287 | 100,941 | |
RLI Corp. | 307,303 | 41,759 | |
407,979 | |||
Shares | Value | ||
Health Care—5.5% | |||
Atrion Corp. | 48,880 | $ 20,196 | |
CorVel Corp.(1) | 379,880 | 74,703 | |
94,899 | |||
Industrials—46.0% | |||
Donaldson Co., Inc. | 373,400 | 22,270 | |
EMCOR Group, Inc. | 646,770 | 136,074 | |
FTI Consulting, Inc.(1) | 626,794 | 111,826 | |
Graco, Inc. | 882,110 | 64,288 | |
Kadant, Inc. | 201,638 | 45,479 | |
Kforce, Inc. | 436,052 | 26,015 | |
Landstar System, Inc. | 409,509 | 72,458 | |
RBC Bearings, Inc.(1) | 249,787 | 58,483 | |
Simpson Manufacturing Co., Inc. | 831,497 | 124,567 | |
Toro Co. (The) | 881,169 | 73,225 | |
Watts Water Technologies, Inc. Class A | 387,374 | 66,946 | |
801,631 | |||
Information Technology—8.4% | |||
Aspen Technology, Inc.(1) | 169,612 | 34,645 | |
Clearwater Analytics Holdings, Inc. Class A (1) | 921,878 | 17,829 |
Shares | Value | ||
Information Technology—continued | |||
Manhattan Associates, Inc.(1) | 470,720 | $ 93,043 | |
145,517 | |||
Materials—3.5% | |||
UFP Industries, Inc. | 602,818 | 61,728 | |
Total Common Stocks (Identified Cost $1,016,476) | 1,721,864 | ||
Total Long-Term Investments—98.9% (Identified Cost $1,016,476) | 1,721,864 | ||
TOTAL INVESTMENTS—98.9% (Identified Cost $1,016,476) | $1,721,864 | ||
Other assets and liabilities, net—1.1% | 19,624 | ||
NET ASSETS—100.0% | $1,741,488 |
Footnote Legend: | |
(1) | Non-income producing. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,721,864 | $1,721,864 | |
Total Investments | $1,721,864 | $1,721,864 |
Shares | Value | ||
Common Stocks—96.6% | |||
Communication Services—12.1% | |||
Auto Trader Group plc | 26,638,364 | $ 200,729 | |
MediaAlpha, Inc. Class A(1)(2) | 3,972,151 | 32,810 | |
Rightmove plc | 24,163,392 | 165,746 | |
399,285 | |||
Consumer Discretionary—16.3% | |||
Dream Finders Homes, Inc. Class A(1)(2)(3) | 3,678,552 | 81,774 | |
Fox Factory Holding Corp.(1)(2) | 2,375,008 | 235,316 | |
Holley, Inc.(1)(2) | 10,610,230 | 52,945 | |
Ollie’s Bargain Outlet Holdings, Inc.(2) | 1,392,885 | 107,503 | |
Revolve Group, Inc. Class A(1)(2) | 4,710,701 | 64,113 | |
541,651 | |||
Consumer Staples—0.9% | |||
PriceSmart, Inc. | 392,298 | 29,199 | |
Financials—33.0% | |||
FactSet Research Systems, Inc. | 230,290 | 100,697 | |
Goosehead Insurance, Inc. Class A(1)(2) | 1,346,476 | 100,353 | |
Interactive Brokers Group, Inc. Class A | 1,946,856 | 168,520 | |
MarketAxess Holdings, Inc. | 386,152 | 82,497 | |
Morningstar, Inc. | 814,690 | 190,833 | |
Oportun Financial Corp.(2) | 1,462,554 | 10,560 | |
Ryan Specialty Holdings, Inc. Class A(1)(2) | 6,444,150 | 311,897 | |
ServisFirst Bancshares, Inc. | 2,478,065 | 129,280 | |
1,094,637 | |||
Health Care—6.4% | |||
Mesa Laboratories, Inc. | 85,353 | 8,968 |
Shares | Value | ||
Health Care—continued | |||
National Research Corp.(1) | 2,409,518 | $ 106,910 | |
U.S. Physical Therapy, Inc.(1) | 1,044,500 | 95,812 | |
211,690 | |||
Industrials—7.3% | |||
AAON, Inc. | 3,116,350 | 177,227 | |
Omega Flex, Inc.(1) | 806,308 | 63,481 | |
240,708 | |||
Information Technology—20.6% | |||
Aspen Technology, Inc.(2) | 398,668 | 81,432 | |
BILL Holdings, Inc.(2) | 1,327,005 | 144,073 | |
BlackLine, Inc.(2) | 1,489,883 | 82,644 | |
Endava plc Sponsored ADR(2) | 825,767 | 47,358 | |
nCino, Inc.(2) | 4,350,977 | 138,361 | |
NVE Corp.(1) | 245,690 | 20,181 | |
Olo, Inc. Class A(1)(2) | 8,264,600 | 50,083 | |
SPS Commerce, Inc.(2) | 685,590 | 116,968 | |
681,100 | |||
Total Common Stocks (Identified Cost $2,224,825) | 3,198,270 | ||
Total Long-Term Investments—96.6% (Identified Cost $2,224,825) | 3,198,270 | ||
Short-Term Investment—0.3% | |||
Money Market Mutual Fund—0.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(4) | 10,724,793 | 10,725 | |
Total Short-Term Investment (Identified Cost $10,725) | 10,725 | ||
Shares | Value | ||
Securities Lending Collateral—0.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(4)(5) | 874,949 | $ 875 | |
Total Securities Lending Collateral (Identified Cost $875) | 875 | ||
TOTAL INVESTMENTS—96.9% (Identified Cost $2,236,425) | $3,209,870 | ||
Other assets and liabilities, net—3.1% | 103,473 | ||
NET ASSETS—100.0% | $3,313,343 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Affiliated investment. See Note 3H in Notes to Financial Statements. |
(2) | Non-income producing. |
(3) | All or a portion of security is on loan. |
(4) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(5) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 87% |
United Kingdom | 13 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $3,198,270 | $3,198,270 | |
Money Market Mutual Fund | 10,725 | 10,725 | |
Securities Lending Collateral | 875 | 875 | |
Total Investments | $3,209,870 | $3,209,870 |
Shares | Value | ||
Common Stocks—97.2% | |||
Consumer Discretionary—14.1% | |||
Cheesecake Factory, Inc. (The) | 717,767 | $ 21,748 | |
Latham Group, Inc.(1) | 317,200 | 888 | |
Leslie’s, Inc.(1) | 3,213,442 | 18,188 | |
SiteOne Landscape Supply, Inc.(1) | 179,299 | 29,307 | |
Thor Industries, Inc. | 330,796 | 31,469 | |
101,600 | |||
Consumer Staples—6.6% | |||
National Beverage Corp.(1) | 523,333 | 24,607 | |
WD-40 Co. | 114,930 | 23,358 | |
47,965 | |||
Financials—25.3% | |||
Bank of Hawaii Corp. | 348,701 | 17,327 | |
EVERTEC, Inc. | 814,940 | 30,299 | |
First Financial Bankshares, Inc. | 290,295 | 7,292 | |
Houlihan Lokey, Inc. Class A | 362,103 | 38,789 | |
Jack Henry & Associates, Inc. | 86,554 | 13,082 | |
Lakeland Financial Corp. | 189,327 | 8,985 | |
Primerica, Inc. | 147,046 | 28,528 | |
RLI Corp. | 173,976 | 23,642 |
Shares | Value | ||
Financials—continued | |||
Stock Yards Bancorp, Inc. | 371,954 | $ 14,614 | |
182,558 | |||
Health Care—3.5% | |||
Azenta, Inc.(1) | 506,973 | 25,445 | |
Industrials—35.8% | |||
Albany International Corp. Class A | 225,874 | 19,488 | |
Armstrong World Industries, Inc. | 286,891 | 20,656 | |
Construction Partners, Inc. Class A(1) | 799,552 | 29,232 | |
Graco, Inc. | 162,045 | 11,810 | |
Hillman Solutions Corp.(1) | 3,387,047 | 27,943 | |
John Bean Technologies Corp. | 152,140 | 15,996 | |
Landstar System, Inc. | 164,945 | 29,185 | |
RBC Bearings, Inc.(1) | 127,876 | 29,940 | |
UniFirst Corp. | 140,652 | 22,928 | |
Watsco, Inc. | 134,453 | 50,785 | |
257,963 | |||
Information Technology—3.6% | |||
American Software, Inc. Class A | 618,489 | 7,088 | |
Badger Meter, Inc. | 133,595 | 19,220 | |
26,308 | |||
Shares | Value | ||
Materials—5.6% | |||
HB Fuller Co. | 382,394 | $ 26,236 | |
Scotts Miracle-Gro Co. (The) | 270,274 | 13,968 | |
40,204 | |||
Real Estate—2.7% | |||
Getty Realty Corp. | 691,076 | 19,164 | |
Total Common Stocks (Identified Cost $472,872) | 701,207 | ||
Total Long-Term Investments—97.2% (Identified Cost $472,872) | 701,207 | ||
TOTAL INVESTMENTS—97.2% (Identified Cost $472,872) | $701,207 | ||
Other assets and liabilities, net—2.8% | 19,878 | ||
NET ASSETS—100.0% | $721,085 |
Footnote Legend: | |
(1) | Non-income producing. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $701,207 | $701,207 | |
Total Investments | $701,207 | $701,207 |
Shares | Value | ||
Common Stocks—96.6% | |||
Consumer Discretionary—19.0% | |||
Bright Horizons Family Solutions, Inc.(1) | 354,845 | $ 28,906 | |
Choice Hotels International, Inc. | 273,146 | 33,463 | |
Pool Corp. | 171,688 | 61,138 | |
Rollins, Inc. | 1,132,526 | 42,277 | |
SiteOne Landscape Supply, Inc.(1) | 249,589 | 40,795 | |
Thor Industries, Inc. | 485,739 | 46,209 | |
252,788 | |||
Financials—13.3% | |||
Berkley (W.R.) Corp. | 697,808 | 44,304 | |
Interactive Brokers Group, Inc. Class A | 435,085 | 37,661 | |
Jack Henry & Associates, Inc. | 279,045 | 42,175 | |
LPL Financial Holdings, Inc. | 224,375 | 53,322 | |
177,462 | |||
Health Care—9.9% | |||
Charles River Laboratories International, Inc.(1) | 223,432 | 43,788 | |
Chemed Corp. | 66,023 | 34,312 |
Shares | Value | ||
Health Care—continued | |||
Cooper Cos., Inc. (The) | 167,237 | $ 53,183 | |
131,283 | |||
Industrials—27.7% | |||
Allegion plc | 327,404 | 34,115 | |
Equifax, Inc. | 212,884 | 38,996 | |
Exponent, Inc. | 436,970 | 37,405 | |
Fair Isaac Corp.(1) | 33,204 | 28,839 | |
Lennox International, Inc. | 142,631 | 53,407 | |
Nordson Corp. | 226,736 | 50,601 | |
Saia, Inc.(1) | 95,240 | 37,967 | |
Watsco, Inc. | 125,924 | 47,564 | |
Zurn Elkay Water Solutions Corp. | 1,460,178 | 40,914 | |
369,808 | |||
Information Technology—25.0% | |||
ANSYS, Inc.(1) | 159,397 | 47,429 | |
Aspen Technology, Inc.(1) | 216,853 | 44,294 | |
Bentley Systems, Inc. Class B | 1,419,588 | 71,207 | |
Dolby Laboratories, Inc. Class A | 517,859 | 41,045 | |
Teledyne Technologies, Inc.(1) | 94,120 | 38,456 | |
Teradyne, Inc. | 465,676 | 46,782 |
Shares | Value | ||
Information Technology—continued | |||
Zebra Technologies Corp. Class A(1) | 188,818 | $ 44,661 | |
333,874 | |||
Materials—1.7% | |||
Scotts Miracle-Gro Co. (The) | 436,433 | 22,555 | |
Total Common Stocks (Identified Cost $1,212,137) | 1,287,770 | ||
Total Long-Term Investments—96.6% (Identified Cost $1,212,137) | 1,287,770 | ||
TOTAL INVESTMENTS—96.6% (Identified Cost $1,212,137) | $1,287,770 | ||
Other assets and liabilities, net—3.4% | 45,994 | ||
NET ASSETS—100.0% | $1,333,764 |
Footnote Legend: | |
(1) | Non-income producing. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,287,770 | $1,287,770 | |
Total Investments | $1,287,770 | $1,287,770 |
Shares | Value | ||
Common Stocks—95.2% | |||
Communication Services—3.9% | |||
Rightmove plc Unsponsored ADR | 26,935 | $ 366 | |
Consumer Discretionary—6.5% | |||
Ollie’s Bargain Outlet Holdings, Inc.(1) | 3,735 | 288 | |
SiteOne Landscape Supply, Inc.(1) | 1,916 | 313 | |
601 | |||
Consumer Staples—3.3% | |||
Lamb Weston Holdings, Inc. | 3,284 | 304 | |
Financials—15.2% | |||
FactSet Research Systems, Inc. | 793 | 346 | |
Jack Henry & Associates, Inc. | 1,872 | 283 | |
MarketAxess Holdings, Inc. | 1,291 | 276 | |
Ryan Specialty Holdings, Inc. Class A(1) | 10,411 | 504 | |
1,409 | |||
Health Care—19.7% | |||
Atrion Corp. | 423 | 175 | |
Azenta, Inc.(1) | 3,571 | 179 | |
Certara, Inc.(1) | 16,702 | 243 | |
Cooper Cos., Inc. (The) | 595 | 189 | |
HealthEquity, Inc.(1) | 5,181 | 379 | |
Silk Road Medical, Inc.(1) | 9,261 | 139 |
Shares | Value | ||
Health Care—continued | |||
West Pharmaceutical Services, Inc. | 1,392 | $ 522 | |
1,826 | |||
Industrials—23.6% | |||
Copart, Inc.(1) | 9,166 | 395 | |
Fair Isaac Corp.(1) | 560 | 486 | |
HEICO Corp. Class A | 3,162 | 409 | |
Saia, Inc.(1) | 879 | 350 | |
TransUnion | 3,086 | 222 | |
Verisk Analytics, Inc. Class A | 1,384 | 327 | |
2,189 | |||
Information Technology—23.0% | |||
Bentley Systems, Inc. Class B | 8,845 | 444 | |
Clearwater Analytics Holdings, Inc. Class A (1) | 16,358 | 317 | |
Copperleaf Technologies, Inc.(1) | 68,753 | 286 | |
nCino, Inc.(1) | 12,747 | 405 | |
Teledyne Technologies, Inc.(1) | 825 | 337 | |
Tyler Technologies, Inc.(1) | 876 | 338 | |
2,127 | |||
Total Common Stocks (Identified Cost $8,769) | 8,822 | ||
Total Long-Term Investments—95.2% (Identified Cost $8,769) | 8,822 | ||
Shares | Value | ||
Short-Term Investment—1.8% | |||
Money Market Mutual Fund—1.8% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(2) | 163,520 | $ 164 | |
Total Short-Term Investment (Identified Cost $164) | 164 | ||
TOTAL INVESTMENTS—97.0% (Identified Cost $8,933) | $8,986 | ||
Other assets and liabilities, net—3.0% | 278 | ||
NET ASSETS—100.0% | $9,264 |
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 (Unaudited)† | |
United States | 93% |
United Kingdom | 4 |
Canada | 3 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $8,822 | $8,822 | |
Money Market Mutual Fund | 164 | 164 | |
Total Investments | $8,986 | $8,986 |
Shares | Value | ||
Common Stocks—96.4% | |||
Consumer Discretionary—13.3% | |||
Cheesecake Factory, Inc. (The) | 4,266 | $ 129 | |
Gentex Corp. | 7,453 | 243 | |
Leslie’s, Inc.(1) | 26,748 | 151 | |
Thor Industries, Inc. | 2,521 | 240 | |
763 | |||
Consumer Staples—6.4% | |||
National Beverage Corp.(1) | 3,946 | 185 | |
WD-40 Co. | 910 | 185 | |
370 | |||
Financials—21.8% | |||
Bank of Hawaii Corp. | 2,606 | 130 | |
Berkley (W.R.) Corp. | 4,269 | 271 | |
Broadridge Financial Solutions, Inc. | 1,431 | 256 | |
Houlihan Lokey, Inc. Class A | 1,260 | 135 | |
Jack Henry & Associates, Inc. | 1,477 | 223 | |
LPL Financial Holdings, Inc. | 1,015 | 241 | |
1,256 | |||
Health Care—2.4% | |||
CorVel Corp.(1) | 688 | 135 | |
Industrials—35.9% | |||
Armstrong World Industries, Inc. | 1,651 | 119 | |
CACI International, Inc. Class A(1) | 462 | 145 | |
Graco, Inc. | 2,964 | 216 | |
John Bean Technologies Corp. | 1,218 | 128 |
Shares | Value | ||
Industrials—continued | |||
Kadant, Inc. | 564 | $ 127 | |
Landstar System, Inc. | 1,343 | 238 | |
Lennox International, Inc. | 653 | 244 | |
RBC Bearings, Inc.(1) | 1,028 | 241 | |
Toro Co. (The) | 2,109 | 175 | |
TransUnion | 3,890 | 279 | |
Zurn Elkay Water Solutions Corp. | 5,593 | 157 | |
2,069 | |||
Information Technology—10.3% | |||
Dolby Laboratories, Inc. Class A | 2,736 | 217 | |
Teradyne, Inc. | 1,812 | 182 | |
Zebra Technologies Corp. Class A(1) | 811 | 192 | |
591 | |||
Materials—4.6% | |||
HB Fuller Co. | 2,316 | 159 | |
Scotts Miracle-Gro Co. (The) | 2,075 | 107 | |
266 | |||
Real Estate—1.7% | |||
Lamar Advertising Co. Class A | 1,194 | 100 | |
Total Common Stocks (Identified Cost $5,994) | 5,550 | ||
Total Long-Term Investments—96.4% (Identified Cost $5,994) | 5,550 | ||
Shares | Value | ||
Short-Term Investment—2.9% | |||
Money Market Mutual Fund—2.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(2) | 167,692 | $ 168 | |
Total Short-Term Investment (Identified Cost $168) | 168 | ||
TOTAL INVESTMENTS—99.3% (Identified Cost $6,162) | $5,718 | ||
Other assets and liabilities, net—0.7% | 39 | ||
NET ASSETS—100.0% | $5,757 |
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 September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $5,550 | $5,550 | |
Money Market Mutual Fund | 168 | 168 | |
Total Investments | $5,718 | $5,718 |
Shares | Value | ||
Common Stocks—99.8% | |||
Communication Services—8.1% | |||
Kakao Corp. | 2,535 | $ 82 | |
NAVER Corp. | 1,069 | 160 | |
Tencent Holdings Ltd. | 3,476 | 136 | |
378 | |||
Consumer Discretionary—21.7% | |||
adidas AG | 574 | 101 | |
Fast Retailing Co., Ltd. | 1,185 | 258 | |
H World Group Ltd.(1) | 32,530 | 128 | |
JD.com, Inc. Class A | 8,336 | 123 | |
MercadoLibre, Inc.(1) | 155 | 197 | |
Yum China Holdings, Inc. | 3,514 | 198 | |
1,005 | |||
Consumer Staples—36.0% | |||
Budweiser Brewing Co. APAC Ltd. | 68,601 | 136 | |
China Mengniu Dairy Co., Ltd.(1) | 49,482 | 166 | |
CP ALL PCL Foreign Shares | 143,458 | 238 | |
Fomento Economico Mexicano SAB de C.V. Sponsored ADR | 2,686 | 293 | |
Heineken N.V. | 1,449 | 128 | |
L’Oreal S.A. | 340 | 141 | |
Raia Drogasil S.A. | 22,494 | 124 | |
Unilever plc Sponsored ADR | 2,881 | 142 | |
Wal-Mart de Mexico SAB de C.V. | 80,079 | 302 | |
1,670 | |||
Shares | Value | ||
Financials—23.4% | |||
AIA Group Ltd. | 18,525 | $ 151 | |
Bajaj Finance Ltd. | 1,070 | 101 | |
Bank Central Asia Tbk PT | 328,892 | 188 | |
HDFC Bank Ltd. ADR | 4,857 | 286 | |
Sanlam Ltd. | 42,181 | 146 | |
XP, Inc. Class A | 9,187 | 212 | |
1,084 | |||
Health Care—2.1% | |||
Shandong Weigao Group Medical Polymer Co., Ltd. Class H | 112,208 | 99 | |
Information Technology—6.3% | |||
Infosys Ltd. Sponsored ADR | 17,060 | 292 | |
Materials—2.2% | |||
Asian Paints Ltd. | 2,736 | 104 | |
Total Common Stocks (Identified Cost $4,561) | 4,632 | ||
Total Long-Term Investments—99.8% (Identified Cost $4,561) | 4,632 | ||
TOTAL INVESTMENTS—99.8% (Identified Cost $4,561) | $4,632 | ||
Other assets and liabilities, net—0.2% | 11 | ||
NET ASSETS—100.0% | $4,643 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
India | 17% |
China | 15 |
Mexico | 13 |
Brazil | 11 |
Hong Kong | 10 |
Japan | 6 |
South Korea | 5 |
Other | 23 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $4,632 | $4,632 | |
Total Investments | $4,632 | $4,632 |
Shares | Value | ||
Common Stocks—99.6% | |||
Communication Services—5.8% | |||
Alphabet, Inc. Class C(1) | 25,866 | $ 3,411 | |
Universal Music Group N.V. | 114,791 | 3,001 | |
6,412 | |||
Consumer Discretionary—9.9% | |||
Amazon.com, Inc.(1) | 39,412 | 5,010 | |
MercadoLibre, Inc.(1) | 2,212 | 2,804 | |
Yum! Brands, Inc. | 24,817 | 3,101 | |
10,915 | |||
Consumer Staples—7.0% | |||
China Mengniu Dairy Co., Ltd.(1) | 650,459 | 2,181 | |
CP ALL PCL Foreign Shares | 1,791,800 | 2,977 | |
Heineken N.V. | 29,274 | 2,583 | |
7,741 | |||
Financials—22.7% | |||
AIA Group Ltd. | 281,416 | 2,294 | |
Aon plc Class A | 10,535 | 3,416 | |
FleetCor Technologies, Inc.(1) | 8,391 | 2,143 | |
HDFC Bank Ltd. ADR | 80,223 | 4,734 | |
MSCI, Inc. Class A | 7,220 | 3,704 | |
S&P Global, Inc. | 10,859 | 3,968 | |
Visa, Inc. Class A | 21,391 | 4,920 | |
25,179 | |||
Health Care—21.4% | |||
Alcon, Inc. | 42,401 | 3,267 | |
Danaher Corp. | 13,825 | 3,430 | |
ICON plc ADR(1) | 14,276 | 3,516 | |
Medtronic plc | 33,251 | 2,606 | |
Novo Nordisk A/S Class B | 43,524 | 3,973 | |
STERIS plc | 15,970 | 3,504 |
Shares | Value | ||
Health Care—continued | |||
UnitedHealth Group, Inc. | 6,780 | $ 3,418 | |
23,714 | |||
Industrials—2.8% | |||
Canadian Pacific Kansas City Ltd. | 42,084 | 3,131 | |
Information Technology—24.9% | |||
Atlassian Corp. Class A(1) | 13,935 | 2,808 | |
Autodesk, Inc.(1) | 14,045 | 2,906 | |
Infosys Ltd. Sponsored ADR | 196,695 | 3,365 | |
Intuit, Inc. | 6,534 | 3,338 | |
Microsoft Corp. | 17,305 | 5,464 | |
NVIDIA Corp. | 6,903 | 3,003 | |
Salesforce, Inc.(1) | 13,067 | 2,650 | |
Workday, Inc. Class A(1) | 19,002 | 4,083 | |
27,617 | |||
Materials—2.5% | |||
Linde plc | 7,519 | 2,800 | |
Real Estate—2.6% | |||
Equinix, Inc. | 3,989 | 2,897 | |
Total Common Stocks (Identified Cost $88,079) | 110,406 | ||
Total Long-Term Investments—99.6% (Identified Cost $88,079) | 110,406 | ||
TOTAL INVESTMENTS—99.6% (Identified Cost $88,079) | $110,406 | ||
Other assets and liabilities, net—0.4% | 469 | ||
NET ASSETS—100.0% | $110,875 |
Abbreviations: | |
ADR | American Depositary Receipt |
MSCI | Morgan Stanley Capital International |
S&P | Standard & Poor’s |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
United States | 63% |
India | 7 |
Netherlands | 5 |
Hong Kong | 4 |
Denmark | 4 |
Ireland | 3 |
United Kingdom | 3 |
Other | 11 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $110,406 | $110,406 | |
Total Investments | $110,406 | $110,406 |
Shares | Value | ||
Common Stocks—99.7% | |||
Communication Services—8.7% | |||
Kakao Corp. | 5,060 | $ 165 | |
NAVER Corp. | 918 | 137 | |
Universal Music Group N.V. | 11,857 | 310 | |
612 | |||
Consumer Discretionary—10.3% | |||
H World Group Ltd.(1) | 37,160 | 146 | |
Lululemon Athletica, Inc.(1) | 405 | 156 | |
MercadoLibre, Inc.(1) | 165 | 209 | |
Yum! Brands, Inc. | 1,725 | 216 | |
727 | |||
Consumer Staples—16.0% | |||
China Mengniu Dairy Co., Ltd.(1) | 58,806 | 197 | |
CP ALL PCL Foreign Shares | 141,078 | 235 | |
Fomento Economico Mexicano SAB de C.V. Sponsored ADR | 2,614 | 285 | |
Haleon plc ADR | 27,382 | 228 | |
Raia Drogasil S.A. | 33,010 | 181 | |
1,126 | |||
Financials—15.1% | |||
Adyen N.V.(1) | 179 | 134 | |
FleetCor Technologies, Inc.(1) | 1,231 | 314 | |
MSCI, Inc. Class A | 553 | 284 | |
XP, Inc. Class A | 14,234 | 328 | |
1,060 | |||
Health Care—20.7% | |||
Alcon, Inc. | 3,139 | 242 | |
ICON plc ADR(1) | 854 | 210 | |
IDEXX Laboratories, Inc.(1) | 367 | 161 | |
IQVIA Holdings, Inc.(1) | 999 | 197 |
Shares | Value | ||
Health Care—continued | |||
Shandong Weigao Group Medical Polymer Co., Ltd. Class H | 194,721 | $ 171 | |
STERIS plc | 1,132 | 248 | |
Veeva Systems, Inc. Class A(1) | 1,090 | 222 | |
1,451 | |||
Industrials—3.0% | |||
Experian plc | 6,364 | 209 | |
Information Technology—17.1% | |||
Atlassian Corp. Class A(1) | 1,450 | 292 | |
Autodesk, Inc.(1) | 1,350 | 279 | |
EPAM Systems, Inc.(1) | 731 | 187 | |
Gartner, Inc.(1) | 420 | 144 | |
Workday, Inc. Class A(1) | 1,376 | 296 | |
1,198 | |||
Materials—5.8% | |||
Ball Corp. | 4,140 | 206 | |
Ecolab, Inc. | 1,207 | 205 | |
411 | |||
Real Estate—3.0% | |||
Equinix, Inc. | 287 | 208 | |
Total Common Stocks (Identified Cost $7,308) | 7,002 | ||
Total Long-Term Investments—99.7% (Identified Cost $7,308) | 7,002 | ||
TOTAL INVESTMENTS—99.7% (Identified Cost $7,308) | $7,002 | ||
Other assets and liabilities, net—0.3% | 21 | ||
NET ASSETS—100.0% | $7,023 |
Abbreviations: | |
ADR | American Depositary Receipt |
MSCI | Morgan Stanley Capital International |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
United States | 46% |
Brazil | 10 |
Ireland | 10 |
Netherlands | 6 |
China | 5 |
South Korea | 4 |
Mexico | 4 |
Other | 15 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $7,002 | $7,002 | |
Total Investments | $7,002 | $7,002 |
Par Value | Value | ||
U.S. Government Securities—4.1% | |||
U.S. Treasury Bonds | |||
2.375%, 2/15/42 | $ 2,780 | $ 1,922 | |
3.250%, 5/15/42 | 235 | 187 | |
3.000%, 8/15/48 | 7,650 | 5,592 | |
2.000%, 2/15/50 | 2,045 | 1,193 | |
1.375%, 8/15/50 | 12,745 | 6,219 | |
1.875%, 2/15/51 | 5,255 | 2,945 | |
2.000%, 8/15/51 | 440 | 254 | |
2.250%, 2/15/52 | 35 | 22 | |
2.875%, 5/15/52 | 2,335 | 1,656 | |
3.625%, 2/15/53 | 425 | 352 | |
3.625%, 5/15/53 | 3,840 | 3,179 | |
4.125%, 8/15/53 | 940 | 853 | |
Total U.S. Government Securities (Identified Cost $36,883) | 24,374 | ||
Municipal Bonds—1.2% | |||
California—0.1% | |||
Santa Clara Valley Water District Series B, Taxable 2.967%, 6/1/50 | 510 | 325 | |
University of California, Series B-A, Taxable 4.428%, 5/15/48 | 380 | 314 | |
639 | |||
Florida—0.3% | |||
Broward County, Water & Sewer Utility Revenue Series A 4.000%, 10/1/47 | 2,115 | 1,878 | |
Idaho—0.1% | |||
Idaho Health Facilities Authority St. Luke’s Health System Revenue Taxable Series B 5.020%, 3/1/48 | 450 | 387 | |
Illinois—0.0% | |||
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43 | 70 | 50 | |
New York—0.4% | |||
Metropolitan Transportation Authority Revenue Taxable Series A 5.000%, 11/15/45 | 2,555 | 2,632 | |
Texas—0.2% | |||
City of San Antonio, General Obligation Taxable 1.963%, 2/1/33 | 530 | 402 | |
State of Texas, General Obligation Taxable 3.211%, 4/1/44 | 180 | 135 |
Par Value | Value | ||
Texas—continued | |||
Texas Public Finance Authority Revenue Taxable 2.140%, 2/1/35 | $ 585 | $ 425 | |
Texas Transportation Commission State Highway Fund Revenue Taxable 4.000%, 10/1/33 | 160 | 146 | |
1,108 | |||
Virginia—0.1% | |||
City of Bristol, General Obligation Taxable (State AID Withholding Insured) 4.210%, 1/1/42 | 640 | 519 | |
Total Municipal Bonds (Identified Cost $8,777) | 7,213 | ||
Foreign Government Securities—0.4% | |||
Bolivarian Republic of Venezuela | |||
9.375%, 1/13/34(1) | 130 | 12 | |
RegS 8.250%, 10/13/24(1)(2) | 40 | 4 | |
RegS 7.650%, 4/21/25(1)(2) | 320 | 30 | |
Dominican Republic 144A 4.875%, 9/23/32(3) | 820 | 666 | |
Federative Republic of Brazil 6.000%, 10/20/33 | 620 | 585 | |
Republic of Serbia 144A 6.500%, 9/26/33(3) | 235 | 223 | |
United Mexican States 6.350%, 2/9/35 | 695 | 679 | |
Total Foreign Government Securities (Identified Cost $2,623) | 2,199 | ||
Mortgage-Backed Securities—9.6% | |||
Agency—2.0% | |||
Federal Home Loan Mortgage Corporation | |||
Pool #A46224 5.000%, 7/1/35 | 41 | 40 | |
Pool #A62213 6.000%, 6/1/37 | 79 | 80 | |
Pool #SD8309 6.000%, 3/1/53 | 4,043 | 3,992 | |
Federal National Mortgage Association | |||
Pool #254549 6.000%, 12/1/32 | 12 | 12 | |
Pool #310041 6.500%, 5/1/37 | 75 | 79 | |
Pool #735061 6.000%, 11/1/34 | 90 | 91 |
Par Value | Value | ||
Agency—continued | |||
Pool #880117 5.500%, 4/1/36 | $ 3 | $ 3 | |
Pool #909092 6.000%, 9/1/37 | 5 | 5 | |
Pool #909175 5.500%, 4/1/38 | 51 | 50 | |
Pool #909220 6.000%, 8/1/38 | 57 | 57 | |
Pool #929625 5.500%, 6/1/38 | 68 | 68 | |
Pool #938574 5.500%, 9/1/36 | 52 | 52 | |
Pool #972569 5.000%, 3/1/38 | 63 | 62 | |
Pool #FS4438 5.000%, 11/1/52 | 1,857 | 1,754 | |
Pool #MA4785 5.000%, 10/1/52 | 1,650 | 1,558 | |
Pool #MA4805 4.500%, 11/1/52 | 1,058 | 972 | |
Pool #MA4980 6.000%, 4/1/53 | 1,908 | 1,883 | |
Pool #MA5072 5.500%, 7/1/53 | 1,020 | 986 | |
11,744 | |||
Non-Agency—7.6% | |||
A&D Mortgage Trust 2023-NQM3, A1 144A 6.733%, 7/25/68(3)(4) | 814 | 813 | |
Ajax Mortgage Loan Trust | |||
2019-D, A1 144A 2.956%, 9/25/65(3)(4) | 346 | 316 | |
2021-A, A1 144A 1.065%, 9/25/65(3)(4) | 402 | 340 | |
2022-B, A1 144A 3.500%, 3/27/62(3)(4) | 1,196 | 1,097 | |
American Homes 4 Rent Trust | |||
2014-SFR2, C 144A 4.705%, 10/17/36(3) | 1,050 | 1,029 | |
2015-SFR2, C 144A 4.691%, 10/17/52(3) | 335 | 325 | |
AMSR Trust | |||
2020-SFR1, B 144A 2.120%, 4/17/37(3) | 530 | 497 | |
2020-SFR2, C 144A 2.533%, 7/17/37(3) | 750 | 698 | |
2020-SFR2, D 144A 3.282%, 7/17/37(3) | 770 | 722 | |
Angel Oak Mortgage Trust | |||
2020-4, A1 144A 1.469%, 6/25/65(3)(4) | 316 | 292 | |
2022-5, A1 144A 4.500%, 5/25/67(3)(4) | 230 | 216 | |
Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A 2.068%, 5/25/50(3)(4) | 470 | 429 |
Par Value | Value | ||
Non-Agency—continued | |||
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(3)(4) | $ 131 | $ 120 | |
2019-2, A1 144A 3.347%, 4/25/49(3)(4) | 706 | 647 | |
2022-1, A1B 144A 3.269%, 12/25/56(3)(4) | 670 | 558 | |
Benchmark Mortgage Trust 2023-B38, A2 5.626%, 4/15/56 | 525 | 509 | |
BPR Trust 2021-KEN, A (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.250%) 144A 6.696%, 2/15/29(3)(4) | 920 | 910 | |
BX Commercial Mortgage Trust 2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A 7.293%, 2/15/39(3)(4) | 215 | 205 | |
BX Trust 2019-OC11, D 144A 4.075%, 12/9/41(3)(4) | 1,379 | 1,134 | |
Cascade MH Asset Trust 2021-MH1, A1 144A 1.753%, 2/25/46(3) | 943 | 793 | |
CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A 7.952%, 9/15/28(3)(4) | 400 | 400 | |
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(3)(4) | 134 | 117 | |
2016-SH2, M2 144A 3.750%, 12/25/45(3)(4) | 298 | 260 | |
CHL Mortgage Pass-Through Trust 2004-6, 1A2 4.892%, 5/25/34(4) | 113 | 101 | |
CIM Trust 2022-R2, A1 144A 3.750%, 12/25/61(3)(4) | 751 | 676 | |
Citigroup Mortgage Loan Trust, Inc. 2018-RP1, A1 144A 3.000%, 9/25/64(3)(4) | 256 | 243 | |
COLT Mortgage Loan Trust 2022-5, A1 144A 4.550%, 4/25/67(3)(4) | 1,027 | 967 | |
COMM Mortgage Trust | |||
2013-300P, A1 144A 4.353%, 8/10/30(3) | 565 | 516 | |
2020-CBM, B 144A 3.099%, 2/10/37(3) | 490 | 458 | |
CoreVest American Finance Issuer LLC 2021-RTL1, A1 144A 2.239%, 3/28/29(3)(4) | 290 | 268 |
Par Value | Value | ||
Non-Agency—continued | |||
CoreVest American Finance Trust | |||
2019-3, C 144A 3.265%, 10/15/52(3) | $ 295 | $ 246 | |
2020-1, A1 144A 1.832%, 3/15/50(3) | 189 | 180 | |
2020-3, A 144A 1.358%, 8/15/53(3) | 343 | 312 | |
2020-4, A 144A 1.174%, 12/15/52(3) | 454 | 412 | |
Credit Suisse Mortgage Capital Trust | |||
2017-RPL1, A1 144A 2.750%, 7/25/57(3)(4) | 313 | 294 | |
2020-NQM1, A1 144A 1.208%, 5/25/65(3)(4) | 71 | 64 | |
2020-RPL4, A1 144A 2.000%, 1/25/60(3)(4) | 270 | 229 | |
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(3)(4) | 34 | 31 | |
2022-1, A1 144A 2.206%, 1/25/67(3)(4) | 368 | 299 | |
FirstKey Homes Trust | |||
2020-SFR2, B 144A 1.567%, 10/19/37(3) | 645 | 586 | |
2021-SFR1, D 144A 2.189%, 8/17/38(3) | 680 | 593 | |
Flagstar Mortgage Trust 2017-1, 1A3 144A 3.500%, 3/25/47(3)(4) | 82 | 71 | |
Galton Funding Mortgage Trust 2018-1, A23 144A 3.500%, 11/25/57(3)(4) | 303 | 265 | |
GCAT Trust 2020-NQM1, A1 144A 2.247%, 1/25/60(3)(4) | 22 | 21 | |
GCT Commercial Mortgage Trust 2021-GCT, A (1 month Term SOFR + 0.914%, Cap N/A, Floor 0.800%) 144A 6.247%, 2/15/38(3)(4) | 1,080 | 848 | |
Goldman Sachs Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53(4) | 565 | 453 | |
Homes Trust 2023-NQM2, A1 144A 6.456%, 2/25/68(3)(4) | 296 | 296 | |
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 7.821%, 8/15/39(3)(4) | 590 | 591 | |
JPMBB Commercial Mortgage Securities Trust 2014-C18, AS 4.439%, 2/15/47(4) | 656 | 642 |
Par Value | Value | ||
Non-Agency—continued | |||
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C13, E 144A 3.986%, 1/15/46(3)(4) | $ 710 | $ 601 | |
JPMorgan Chase Mortgage Trust | |||
2014-1, 2A12 144A 3.500%, 1/25/44(3)(4) | 14 | 12 | |
2017-3, 2A2 144A 2.500%, 8/25/47(3)(4) | 43 | 36 | |
2017-4, A3 144A 3.500%, 11/25/48(3)(4) | 105 | 93 | |
2017-5, A1 144A 3.542%, 10/26/48(3)(4) | 64 | 63 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month Term SOFR + 0.996%, Cap N/A, Floor 0.800%) 144A 6.328%, 5/15/36(3)(4) | 565 | 562 | |
LHOME Mortgage Trust | |||
2021-RTL1, A1 144A 2.090%, 2/25/26(3)(4) | 111 | 111 | |
2021-RTL2, A1 144A 2.090%, 6/25/26(3)(4) | 225 | 221 | |
MetLife Securitization Trust 2017-1A, M1 144A 3.451%, 4/25/55(3)(4) | 860 | 708 | |
Mill City Mortgage Loan Trust | |||
2017-3, B1 144A 3.250%, 1/25/61(3)(4) | 363 | 287 | |
2019-1, M2 144A 3.500%, 10/25/69(3)(4) | 509 | 423 | |
MIRA Trust 2023-MILE, A 144A 6.755%, 6/10/38(3) | 455 | 446 | |
Morgan Stanley Bank of America Merrill Lynch Trust | |||
2013-C13, AS 4.266%, 11/15/46 | 275 | 274 | |
2015-C22, AS 3.561%, 4/15/48 | 835 | 780 | |
2015-C25, A4 3.372%, 10/15/48 | 590 | 560 | |
New Residential Mortgage Loan Trust | |||
2014-1A, A 144A 3.750%, 1/25/54(3)(4) | 149 | 137 | |
2015-2A, A1 144A 3.750%, 8/25/55(3)(4) | 92 | 84 | |
2016-1A, A1 144A 3.750%, 3/25/56(3)(4) | 43 | 39 | |
2016-3A, B1 144A 4.000%, 9/25/56(3)(4) | 322 | 293 | |
2016-4A, A1 144A 3.750%, 11/25/56(3)(4) | 33 | 30 | |
2016-4A, B1A 144A 4.500%, 11/25/56(3)(4) | 453 | 419 |
Par Value | Value | ||
Non-Agency—continued | |||
2017-2A, A3 144A 4.000%, 3/25/57(3)(4) | $ 68 | $ 63 | |
2019-RPL2, M2 144A 3.750%, 2/25/59(3)(4) | 660 | 534 | |
2021-NQ2R, A1 144A 0.941%, 10/25/58(3)(4) | 134 | 118 | |
NLT Trust 2021-INV2, A1 144A 1.162%, 8/25/56(3)(4) | 396 | 316 | |
Palisades Mortgage Loan Trust 2021-RTL1, A1 144A 2.857%, 6/25/26(3)(4) | 430 | 417 | |
Preston Ridge Partners Mortgage LLC 2021-2, A1 144A 2.115%, 3/25/26(3)(4) | 683 | 655 | |
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A 2.240%, 9/27/60(3)(4) | 494 | 476 | |
Progress Residential Trust | |||
2019-SFR3, B 144A 2.571%, 9/17/36(3) | 460 | 443 | |
2021-SFR3, D 144A 2.288%, 5/17/26(3) | 450 | 397 | |
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(3)(4) | 217 | 178 | |
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(3)(4) | 240 | 196 | |
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(3)(4) | 22 | 22 | |
Sequoia Mortgage Trust 2013-8, B1 3.481%, 6/25/43(4) | 57 | 53 | |
Starwood Mortgage Residential Trust | |||
2020-3, A1 144A 1.486%, 4/25/65(3)(4) | 90 | 83 | |
2021-3, A3 144A 1.518%, 6/25/56(3)(4) | 154 | 120 | |
Towd Point Mortgage Trust | |||
2016-1, M1 144A 3.500%, 2/25/55(3)(4) | 84 | 82 | |
2016-3, M1 144A 3.500%, 4/25/56(3)(4) | 902 | 881 | |
2016-4, B1 144A 3.969%, 7/25/56(3)(4) | 585 | 528 | |
2017-1, M1 144A 3.750%, 10/25/56(3)(4) | 185 | 172 | |
2018-2, A2 144A 3.500%, 3/25/58(3)(4) | 560 | 509 | |
2018-6, A1B 144A 3.750%, 3/25/58(3)(4) | 420 | 382 | |
2018-6, A2 144A 3.750%, 3/25/58(3)(4) | 1,270 | 1,063 | |
2019-1, A1 144A 3.750%, 3/25/58(3)(4) | 343 | 319 |
Par Value | Value | ||
Non-Agency—continued | |||
2019-2, A2 144A 3.750%, 12/25/58(3)(4) | $ 500 | $ 421 | |
2019-4, A2 144A 3.250%, 10/25/59(3)(4) | 650 | 537 | |
2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap N/A, Floor 1.600%) 144A 7.034%, 5/25/58(3)(4) | 215 | 215 | |
2020-MH1, A2 144A 2.500%, 2/25/60(3)(4) | 1,115 | 973 | |
2021-1, A2 144A 2.750%, 11/25/61(3)(4) | 1,265 | 958 | |
Tricon American Homes Trust | |||
2019-SFR1, C 144A 3.149%, 3/17/38(3) | 435 | 403 | |
2020-SFR2, D 144A 2.281%, 11/17/39(3) | 880 | 744 | |
Tricon Residential Trust 2021-SFR1, B 144A 2.244%, 7/17/38(3) | 515 | 459 | |
TVC Mortgage Trust 2020-RTL1, M 144A 5.193%, 9/25/24(3)(4) | 510 | 509 | |
VCAT LLC | |||
2021-NPL2, A1 144A 2.115%, 3/27/51(3)(4) | 202 | 192 | |
2021-NPL3, A1 144A 1.743%, 5/25/51(3)(4) | 223 | 207 | |
2021-NPL4, A1 144A 1.868%, 8/25/51(3)(4) | 460 | 429 | |
Verus Securitization Trust | |||
2019-4, M1 144A 3.207%, 11/25/59(3)(4) | 280 | 243 | |
2019-INV2, A1 144A 3.913%, 7/25/59(3)(4) | 51 | 49 | |
2022-4, A1 144A 4.474%, 4/25/67(3)(4) | 395 | 370 | |
2022-5, A1 144A 3.800%, 4/25/67(3)(4) | 764 | 689 | |
2022-7, A1 144A 5.152%, 7/25/67(3)(4) | 629 | 613 | |
Visio Trust | |||
2020-1R, A2 144A 1.567%, 11/25/55(3) | 114 | 101 | |
2021-1R, A1 144A 1.280%, 5/25/56(3) | 205 | 185 | |
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | 375 | 338 | |
44,910 | |||
Total Mortgage-Backed Securities (Identified Cost $61,733) | 56,654 | ||
Par Value | Value | ||
Asset-Backed Securities—4.0% | |||
Automobiles—2.2% | |||
American Credit Acceptance Receivables Trust 2021-2, C 144A 0.970%, 7/13/27(3) | $ 199 | $ 197 | |
AmeriCredit Automobile Receivables Trust 2020-3, C 1.060%, 8/18/26 | 1,245 | 1,185 | |
Carvana Auto Receivables Trust | |||
2019-3A, D 144A 3.040%, 4/15/25(3) | 56 | 56 | |
2020-P1, B 0.920%, 11/9/26 | 775 | 710 | |
2021-N3, D 1.580%, 6/12/28 | 537 | 508 | |
Credit Acceptance Auto Loan Trust | |||
2020-3A, B 144A 1.770%, 12/17/29(3) | 540 | 534 | |
2022-1A, A 144A 4.600%, 6/15/32(3) | 595 | 582 | |
DT Auto Owner Trust 2023-1A, B 144A 5.190%, 10/16/28(3) | 871 | 858 | |
FHF Trust 2023-1A, A2 144A 6.570%, 6/15/28(3) | 530 | 524 | |
First Investors Auto Owner Trust | |||
2021-1A, C 144A 1.170%, 3/15/27(3) | 790 | 758 | |
2022-1A, C 144A 3.130%, 5/15/28(3) | 685 | 642 | |
Flagship Credit Auto Trust | |||
2020-3, C 144A 1.730%, 9/15/26(3) | 517 | 504 | |
2020-4, C 144A 1.280%, 2/16/27(3) | 916 | 891 | |
Foursight Capital Automobile Receivables Trust 2022-1, B 144A 2.150%, 5/17/27(3) | 545 | 515 | |
GLS Auto Receivables Issuer Trust 2020-4A, C 144A 1.140%, 11/17/25(3) | 203 | 202 | |
LAD Auto Receivables Trust 2021-1A, D 144A 3.990%, 11/15/29(3) | 710 | 664 | |
Lendbuzz Securitization Trust 2022-1A, A 144A 4.220%, 5/17/27(3) | 434 | 421 | |
Oscar US Funding XII LLC 2021-1A, A4 144A 1.000%, 4/10/28(3) | 550 | 515 | |
Santander Drive Auto Receivables Trust | |||
2021-3, C 0.950%, 9/15/27 | 596 | 587 |
Par Value | Value | ||
Automobiles—continued | |||
2022-7, A2 5.810%, 1/15/26 | $ 240 | $ 240 | |
Tesla Auto Lease Trust 2023-A, B 144A 6.410%, 7/20/27(3) | 520 | 518 | |
United Auto Credit Securitization Trust 2023-1, B 144A 5.910%, 7/10/28(3) | 651 | 646 | |
Westlake Automobile Receivables Trust 2023-1A, C 144A 5.740%, 8/15/28(3) | 650 | 642 | |
12,899 | |||
Consumer Loans—0.1% | |||
Marlette Funding Trust 2023-2A, B 144A 6.540%, 6/15/33(3) | 528 | 526 | |
Credit Card—0.1% | |||
Avant Credit Card Master Trust 2021-1A, A 144A 1.370%, 4/15/27(3) | 730 | 678 | |
Other—1.6% | |||
Adams Outdoor Advertising LP 2023-1, A2 144A 6.967%, 7/15/53(3) | 520 | 511 | |
Amur Equipment Finance Receivables XII LLC 2023-1A, A2 144A 6.090%, 12/20/29(3) | 520 | 520 | |
Applebee’s Funding LLC 2023-1A, A2 144A 7.824%, 3/5/53(3) | 500 | 493 | |
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(3) | 7 | 7 | |
2019-A, C 144A 4.010%, 7/16/40(3) | 587 | 531 | |
2020-AA, B 144A 2.790%, 7/17/46(3) | 755 | 658 | |
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(3) | 805 | 713 | |
BHG Securitization Trust 2021-A, A 144A 1.420%, 11/17/33(3) | 366 | 341 | |
Cajun Global LLC 2021-1, A2 144A 3.931%, 11/20/51(3) | 419 | 366 | |
CF Hippolyta Issuer LLC 2020-1, A1 144A 1.690%, 7/15/60(3) | 382 | 347 | |
Dext ABS LLC 2023-1, A2 144A 5.990%, 3/15/32(3) | 423 | 417 | |
Diamond Resorts Owner Trust 2021-1A, A 144A 1.510%, 11/21/33(3) | 180 | 165 |
Par Value | Value | ||
Other—continued | |||
Foundation Finance Trust | |||
2021-1A, A 144A 1.270%, 5/15/41(3) | $ 281 | $ 248 | |
2023-2A, A 144A 6.530%, 6/15/49(3) | 496 | 496 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(3) | 516 | 474 | |
Mariner Finance Issuance Trust 2020-AA, A 144A 2.190%, 8/21/34(3) | 492 | 478 | |
MVW LLC 2020-1A, A 144A 1.740%, 10/20/37(3) | 375 | 346 | |
Navient Private Education Refi Loan Trust 2021-EA, A 144A 0.970%, 12/16/69(3) | 579 | 485 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(3) | 586 | 508 | |
NMEF Funding LLC 2022-A, B 144A 3.350%, 10/16/28(3) | 525 | 499 | |
Octane Receivables Trust 2023-3A, C 144A 6.740%, 8/20/29(3) | 400 | 400 | |
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(3) | 142 | 135 | |
Progress Residential Trust 2021-SFR6, D 144A 2.225%, 7/17/38(3) | 145 | 126 | |
Purchasing Power Funding LLC 2021-A, A 144A 1.570%, 10/15/25(3) | 104 | 103 | |
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(3) | 318 | 298 | |
Westgate Resorts LLC 2020-1A, A 144A 2.713%, 3/20/34(3) | 152 | 149 | |
9,814 | |||
Total Asset-Backed Securities (Identified Cost $25,182) | 23,917 | ||
Corporate Bonds and Notes—11.0% | |||
Communication Services—0.5% | |||
AT&T, Inc. 5.400%, 2/15/34 | 520 | 487 | |
CCO Holdings LLC | |||
144A 6.375%, 9/1/29(3) | 54 | 50 | |
144A 4.750%, 3/1/30(3) | 250 | 210 | |
Level 3 Financing, Inc. 144A 4.250%, 7/1/28(3) | 555 | 346 | |
Sprint Capital Corp. 8.750%, 3/15/32 | 340 | 393 |
Par Value | Value | ||
Communication Services—continued | |||
Sprint Spectrum Co. LLC 144A 4.738%, 9/20/29(3) | $ 150 | $ 148 | |
Telecomunicaciones Digitales S.A. 144A 4.500%, 1/30/30(3) | 460 | 373 | |
T-Mobile USA, Inc. 5.050%, 7/15/33 | 216 | 200 | |
Vodafone Group plc 5.625%, 2/10/53 | 495 | 439 | |
2,646 | |||
Consumer Discretionary—0.4% | |||
Ashtead Capital, Inc. 144A 5.500%, 8/11/32(3) | 255 | 236 | |
Churchill Downs, Inc. 144A 6.750%, 5/1/31(3) | 255 | 241 | |
Clarios Global LP 144A 6.750%, 5/15/28(3) | 45 | 44 | |
Ford Motor Co. 3.250%, 2/12/32 | 406 | 313 | |
MDC Holdings, Inc. 3.966%, 8/6/61 | 635 | 349 | |
Newell Brands, Inc. 6.375%, 9/15/27 | 330 | 315 | |
Nissan Motor Acceptance Co. LLC 144A 7.050%, 9/15/28(3) | 295 | 295 | |
PulteGroup, Inc. 6.375%, 5/15/33 | 495 | 497 | |
2,290 | |||
Consumer Staples—0.4% | |||
Bacardi Ltd. 144A 5.400%, 6/15/33(3) | 455 | 426 | |
BAT Capital Corp. 7.750%, 10/19/32 | 600 | 634 | |
Central American Bottling Corp. 144A 5.250%, 4/27/29(3) | 225 | 202 | |
Church & Dwight Co., Inc. 5.000%, 6/15/52 | 435 | 386 | |
Coty, Inc. 144A 6.625%, 7/15/30(3) | 360 | 351 | |
Pilgrim’s Pride Corp. 6.250%, 7/1/33 | 523 | 492 | |
2,491 | |||
Energy—1.1% | |||
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(3) | 282 | 282 | |
BP Capital Markets plc 4.875% (5) | 600 | 536 | |
Civitas Resources, Inc. 144A 8.750%, 7/1/31(3) | 210 | 215 |
Par Value | Value | ||
Energy—continued | |||
Columbia Pipelines Operating Co. LLC | |||
144A 6.036%, 11/15/33(3) | $ 230 | $ 224 | |
144A 6.544%, 11/15/53(3) | 165 | 161 | |
144A 6.714%, 8/15/63(3) | 55 | 54 | |
CrownRock LP 144A 5.000%, 5/1/29(3) | 270 | 253 | |
DT Midstream, Inc. 144A 4.125%, 6/15/29(3) | 240 | 208 | |
Ecopetrol S.A. 8.875%, 1/13/33 | 230 | 224 | |
Enbridge, Inc. 7.625%, 1/15/83 | 620 | 592 | |
Enerflex Ltd. 144A 9.000%, 10/15/27(3) | 205 | 202 | |
Energy Transfer LP Series H 6.500% (5) | 290 | 266 | |
Flex Intermediate Holdco LLC 144A 3.363%, 6/30/31(3) | 785 | 610 | |
Genesis Energy LP 8.875%, 4/15/30 | 220 | 215 | |
Kinder Morgan Energy Partners LP 7.500%, 11/15/40 | 445 | 467 | |
Occidental Petroleum Corp. 6.125%, 1/1/31 | 300 | 296 | |
Odebrecht Oil & Gas Finance Ltd. 144A 0.000% (3)(5)(6) | 25 | 1 | |
Pertamina Persero PT 144A 6.450%, 5/30/44(3) | 780 | 742 | |
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(3) | 255 | 14 | |
Petroleos Mexicanos 7.690%, 1/23/50 | 560 | 358 | |
Reliance Industries Ltd. 144A 2.875%, 1/12/32(3)(7) | 695 | 552 | |
Venture Global Calcasieu Pass LLC 144A 3.875%, 8/15/29(3) | 305 | 257 | |
6,729 | |||
Financials—4.0% | |||
Allianz SE 144A 6.350%, 9/6/53(3) | 400 | 386 | |
Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%) 8.564%, 8/15/53(4) | 565 | 558 | |
American Express Co. 5.625%, 7/28/34 | 575 | 543 | |
Ascot Group Ltd. 144A 4.250%, 12/15/30(3) | 745 | 550 |
Par Value | Value | ||
Financials—continued | |||
Banco Mercantil del Norte S.A. 144A 6.625% (3)(5) | $ 620 | $ 486 | |
Bank of America Corp. | |||
2.687%, 4/22/32 | 1,725 | 1,356 | |
2.482%, 9/21/36 | 750 | 546 | |
Bank of New York Mellon Corp. (The) Series G 4.700% (5) | 710 | 683 | |
Barclays plc 7.437%, 11/2/33 | 530 | 544 | |
BBVA Bancomer S.A. 144A 5.125%, 1/18/33(3) | 340 | 292 | |
Blackstone Private Credit Fund 2.625%, 12/15/26 | 313 | 269 | |
Blue Owl Credit Income Corp. 4.700%, 2/8/27 | 384 | 349 | |
Blue Owl Finance LLC 144A 3.125%, 6/10/31(3) | 555 | 415 | |
Brookfield Finance, Inc. 2.724%, 4/15/31 | 955 | 758 | |
Capital One Financial Corp. 2.359%, 7/29/32 | 878 | 602 | |
Charles Schwab Corp. (The) Series H 4.000% (5) | 535 | 378 | |
Citadel LP 144A 4.875%, 1/15/27(3) | 460 | 437 | |
Citigroup, Inc. | |||
6.270%, 11/17/33 | 690 | 688 | |
6.174%, 5/25/34 | 379 | 362 | |
Citizens Bank N.A. 2.250%, 4/28/25 | 375 | 347 | |
Corebridge Financial, Inc. 6.875%, 12/15/52 | 565 | 541 | |
Discover Financial Services 6.700%, 11/29/32 | 276 | 267 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(3) | 770 | 685 | |
Fifth Third Bancorp 4.337%, 4/25/33 | 355 | 300 | |
First American Financial Corp. 4.000%, 5/15/30 | 470 | 398 | |
Global Atlantic Fin Co. 144A 7.950%, 6/15/33(3) | 197 | 189 | |
Goldman Sachs Group, Inc. (The) | |||
1.992%, 1/27/32 | 365 | 274 | |
3.102%, 2/24/33 | 630 | 504 | |
6.450%, 5/1/36 | 200 | 199 | |
Huntington Bancshares, Inc. 2.550%, 2/4/30 | 405 | 320 | |
JPMorgan Chase & Co. | |||
5.717%, 9/14/33 | 495 | 476 | |
1.953%, 2/4/32 | 1,445 | 1,096 |
Par Value | Value | ||
Financials—continued | |||
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(3) | $ 235 | $ 206 | |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(3) | 525 | 432 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 7.628%, 4/20/67(4) | 488 | 323 | |
MetLife, Inc. Series G 3.850% (5) | 350 | 324 | |
Morgan Stanley | |||
6.342%, 10/18/33 | 215 | 216 | |
5.250%, 4/21/34 | 165 | 153 | |
5.948%, 1/19/38 | 249 | 233 | |
6.375%, 7/24/42 | 580 | 600 | |
MSCI, Inc. 144A 3.625%, 9/1/30(3) | 417 | 350 | |
National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%) 8.541%, 4/30/43(4) | 319 | 313 | |
Nippon Life Insurance Co. 144A 6.250%, 9/13/53(3) | 200 | 198 | |
Northern Trust Corp. | |||
3.375%, 5/8/32 | 345 | 304 | |
6.125%, 11/2/32 | 95 | 94 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 285 | 283 | |
Prudential Financial, Inc. | |||
5.125%, 3/1/52 | 179 | 154 | |
6.750%, 3/1/53 | 430 | 416 | |
State Street Corp. | |||
4.164%, 8/4/33 | 370 | 323 | |
4.821%, 1/26/34 | 188 | 171 | |
Synchrony Financial | |||
4.875%, 6/13/25 | 90 | 86 | |
3.700%, 8/4/26 | 134 | 121 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 560 | 465 | |
Toronto-Dominion Bank (The) 8.125%, 10/31/82 | 550 | 547 | |
UBS Group AG 144A 6.301%, 9/22/34(3) | 500 | 488 | |
Wells Fargo & Co. | |||
Series BB 3.900%(5) | 795 | 694 | |
Series U 5.875%(4)(5) | 205 | 201 | |
Zions Bancorp NA 3.250%, 10/29/29 | 405 | 314 | |
23,807 | |||
Health Care—0.9% | |||
AdaptHealth LLC 144A 5.125%, 3/1/30(3) | 385 | 298 | |
Amgen, Inc. | |||
5.250%, 3/2/33 | 244 | 233 |
Par Value | Value | ||
Health Care—continued | |||
5.650%, 3/2/53 | $ 187 | $ 175 | |
Bausch Health Cos., Inc. 144A 5.750%, 8/15/27(3) | 155 | 92 | |
Catalent Pharma Solutions, Inc. 144A 3.500%, 4/1/30(3)(7) | 350 | 288 | |
CVS Health Corp. 5.875%, 6/1/53 | 543 | 502 | |
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | 605 | 506 | |
HCA, Inc. | |||
5.500%, 6/1/33 | 315 | 298 | |
5.250%, 6/15/49 | 415 | 341 | |
Illumina, Inc. 2.550%, 3/23/31 | 370 | 287 | |
IQVIA, Inc. 144A 5.700%, 5/15/28(3) | 194 | 189 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(3)(8) | 185 | 131 | |
Royalty Pharma plc | |||
2.150%, 9/2/31(7) | 265 | 198 | |
3.350%, 9/2/51 | 330 | 191 | |
Universal Health Services, Inc. 2.650%, 1/15/32 | 685 | 514 | |
Utah Acquisition Sub, Inc. 3.950%, 6/15/26 | 315 | 295 | |
Viatris, Inc. | |||
2.300%, 6/22/27 | 131 | 113 | |
144A 2.300%, 6/22/27(3) | 1 | 1 | |
Zimmer Biomet Holdings, Inc. 3.550%, 3/20/30 | 585 | 500 | |
5,152 | |||
Industrials—1.1% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 2/15/29(3) | 723 | 693 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(3) | 350 | 309 | |
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(3) | 420 | 394 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(3) | 505 | 445 | |
Boeing Co. (The) 5.930%, 5/1/60 | 370 | 332 | |
British Airways Pass-Through Trust 2021-1, A 144A 2.900%, 9/15/36(3) | 573 | 475 | |
Concentrix Corp. 6.650%, 8/2/26 | 250 | 248 | |
CoStar Group, Inc. 144A 2.800%, 7/15/30(3) | 630 | 508 |
Par Value | Value | ||
Industrials—continued | |||
Ferguson Finance plc 144A 4.650%, 4/20/32(3) | $ 530 | $ 476 | |
Fortress Transportation & Infrastructure Investors LLC 144A 6.500%, 10/1/25(3) | 24 | 24 | |
Regal Rexnord Corp. 144A 6.400%, 4/15/33(3) | 579 | 558 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(3) | 440 | 399 | |
Sempra Global 144A 3.250%, 1/15/32(3) | 729 | 571 | |
TransDigm, Inc. 5.500%, 11/15/27 | 150 | 140 | |
United Airlines Pass-Through Trust 2023-1, A 5.800%, 7/15/37 | 277 | 269 | |
Veralto Corp. 144A 5.450%, 9/18/33(3) | 800 | 774 | |
6,615 | |||
Information Technology—0.6% | |||
Booz Allen Hamilton, Inc. | |||
5.950%, 8/4/33 | 205 | 200 | |
144A 3.875%, 9/1/28(3) | 285 | 255 | |
144A 4.000%, 7/1/29(3) | 320 | 282 | |
Broadcom, Inc. 4.150%, 11/15/30 | 357 | 316 | |
CDW LLC 3.569%, 12/1/31 | 494 | 407 | |
Consensus Cloud Solutions, Inc. 144A 6.500%, 10/15/28(3) | 100 | 85 | |
Dell International LLC 8.100%, 7/15/36 | 454 | 508 | |
Kyndryl Holdings, Inc. 2.700%, 10/15/28 | 433 | 356 | |
Leidos, Inc. 2.300%, 2/15/31 | 675 | 519 | |
Oracle Corp. | |||
6.250%, 11/9/32 | 195 | 198 | |
5.550%, 2/6/53 | 247 | 217 | |
3.850%, 4/1/60 | 140 | 89 | |
3,432 | |||
Materials—0.4% | |||
ArcelorMittal S.A. 6.800%, 11/29/32 | 280 | 278 | |
Bayport Polymers LLC 144A 5.140%, 4/14/32(3) | 580 | 501 | |
Corp. Nacional del Cobre de Chile 144A 5.950%, 1/8/34(3) | 400 | 387 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(3) | 380 | 347 | |
Glencore Funding LLC 144A 2.850%, 4/27/31(3) | 505 | 401 |
Par Value | Value | ||
Materials—continued | |||
Teck Resources Ltd. 6.125%, 10/1/35 | $ 400 | $ 383 | |
2,297 | |||
Real Estate—0.7% | |||
EPR Properties 4.750%, 12/15/26 | 520 | 475 | |
GLP Capital LP | |||
5.750%, 6/1/28 | 655 | 628 | |
3.250%, 1/15/32 | 72 | 56 | |
Kite Realty Group Trust 4.750%, 9/15/30 | 550 | 490 | |
MPT Operating Partnership LP | |||
4.625%, 8/1/29 | 115 | 82 | |
3.500%, 3/15/31 | 450 | 281 | |
Ontario Teachers’ Cadillac Fairview Properties Trust 144A 2.500%, 10/15/31(3) | 870 | 657 | |
Phillips Edison Grocery Center Operating Partnership I LP 2.625%, 11/15/31 | 760 | 558 | |
VICI Properties LP | |||
4.950%, 2/15/30 | 350 | 320 | |
5.125%, 5/15/32 | 350 | 313 | |
3,860 | |||
Utilities—0.9% | |||
Black Hills Corp. 6.150%, 5/15/34 | 390 | 380 | |
Brooklyn Union Gas Co. (The) 144A 4.866%, 8/5/32(3) | 805 | 718 | |
CMS Energy Corp. 4.750%, 6/1/50 | 480 | 409 | |
Electricite de France S.A. 144A 6.900%, 5/23/53(3) | 425 | 422 | |
Enel Finance International N.V. 144A 7.500%, 10/14/32(3) | 400 | 427 | |
Entergy Texas, Inc. 5.800%, 9/1/53 | 410 | 392 | |
Exelon Corp. 5.600%, 3/15/53 | 495 | 450 | |
New York State Electric & Gas Corp. 144A 5.850%, 8/15/33(3) | 320 | 316 | |
NRG Energy, Inc. 144A 7.000%, 3/15/33(3) | 433 | 418 | |
Puget Energy, Inc. | |||
2.379%, 6/15/28 | 453 | 387 | |
4.224%, 3/15/32 | 315 | 269 | |
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 719 | 627 |
Par Value | Value | ||
Utilities—continued | |||
Vistra Corp. 144A 8.000% (3)(5) | $ 255 | $ 243 | |
5,458 | |||
Total Corporate Bonds and Notes (Identified Cost $72,837) | 64,777 | ||
Leveraged Loans—2.1% | |||
Aerospace—0.2% | |||
Brown Group Holding LLC (1 month Term SOFR + 2.850%) 8.166%, 6/7/28(4) | 316 | 312 | |
Delta Air Lines, Inc. (3 month Term SOFR + 3.750%) 9.076%, 10/20/27(4) | 200 | 207 | |
Mileage Plus Holdings LLC (3 month Term SOFR + 5.400%) 10.798%, 6/21/27(4) | 180 | 187 | |
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%) 8.640%, 8/24/28(4) | 391 | 391 | |
1,097 | |||
Chemicals—0.2% | |||
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 9.166%, 11/8/27(4) | 469 | 467 | |
Innophos Holdings, Inc. (1 month Term SOFR + 3.364%) 8.681%, 2/5/27(4) | 199 | 198 | |
LSF11 A5 Holdco LLC (1 month Term SOFR + 4.350%) 9.666%, 10/15/28(4) | 80 | 79 | |
Nouryon Finance B.V. (3 month LIBOR + 3.500%) 0.000%, 4/3/28(4)(9) | 90 | 88 | |
Windsor Holdings III LLC Tranche B (1 month Term SOFR + 4.500%) 9.830%, 8/1/30(4) | 275 | 274 | |
1,106 | |||
Energy—0.1% | |||
Freeport LNG Investments LLP Tranche B (3 month Term SOFR + 3.762%) 9.088%, 12/21/28(4) | 246 | 243 |
Par Value | Value | ||
Energy—continued | |||
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%) 8.692%, 10/5/28(4) | $ 273 | $ 273 | |
516 | |||
Financials—0.1% | |||
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 2.750%) 8.172%, 6/15/25(4) | 213 | 212 | |
Citadel Securities LP Tranche B (1 month Term SOFR + 2.614%) 7.931%, 7/29/30(4) | 146 | 146 | |
Finco I LLC 2023 (3 month Term SOFR + 3.000%) 8.369%, 6/27/29(4) | 60 | 60 | |
GIP Pilot Acquisition Partners LP (1 month Term SOFR + 3.500%) 0.000%, 9/18/30(4)(9) | 60 | 60 | |
GTCR W Merger Sub LLC Tranche B (3 month LIBOR + 3.250%) 0.000%, 9/20/30(4)(9) | 120 | 120 | |
598 | |||
Food / Tobacco—0.2% | |||
Del Monte Foods, Inc. (1 month Term SOFR + 4.350% - 3 month PRIME + 3.250%) 9.668% - 11.750%, 5/16/29(4) | 310 | 300 | |
Froneri U.S., Inc. Tranche B-2 (1 month Term SOFR + 2.350%) 7.666%, 1/29/27(4) | 418 | 414 | |
Hostess Brands LLC Tranche B (3 month Term SOFR + 2.500%) 7.890%, 6/21/30(4) | 353 | 354 | |
1,068 | |||
Gaming / Leisure—0.2% | |||
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%) 8.666%, 2/6/30(4) | 119 | 119 | |
Carnival Corp. (1 month Term SOFR + 3.000%) 8.327%, 8/9/27(4) | 200 | 199 | |
Entain plc Tranche B-2 (3 month Term SOFR + 3.600%) 8.990%, 10/31/29(4) | 35 | 35 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%) 9.640%, 8/1/30(4) | $ 65 | $ 65 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 8.434%, 4/13/29(4) | 133 | 133 | |
Station Casinos LLC Tranche B-1 (1 month Term SOFR + 2.350%) 7.666%, 2/8/27(4) | 237 | 237 | |
UFC Holdings LLC Tranche B-3 (3 month Term SOFR + 3.012%) 8.369%, 4/29/26(4) | 235 | 234 | |
1,022 | |||
Health Care—0.2% | |||
Agiliti Health, Inc. 2023, Tranche B (3 month Term SOFR + 3.000%) 8.247%, 5/1/30(4) | 262 | 261 | |
CHG Healthcare Services, Inc. First Lien (1 month Term SOFR + 3.364%) 8.681%, 9/29/28(4) | 209 | 208 | |
LifePoint Health, Inc. Tranche B, First Lien (3 month Term SOFR + 4.012%) 9.377%, 11/16/25(4) | 206 | 206 | |
Medline Borrower LP (1 month Term SOFR + 3.364%) 8.681%, 10/23/28(4) | 437 | 435 | |
Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.350%) 7.666%, 4/20/29(4) | 341 | 339 | |
1,449 | |||
Housing—0.1% | |||
SRS Distribution, Inc. 2021 (3 month LIBOR + 3.750%) 0.000%, 6/2/28(4)(9) | 210 | 208 | |
Standard Industries, Inc. (1 month Term SOFR + 2.614%) 7.938%, 9/22/28(4) | 241 | 240 | |
448 | |||
Information Technology—0.3% | |||
Applied Systems, Inc. 2026 (3 month Term SOFR + 4.500%) 9.890%, 9/18/26(4) | 387 | 388 |
Par Value | Value | ||
Information Technology—continued | |||
CCC Intelligent Solutions, Inc. Tranche B (1 month Term SOFR + 2.364%) 7.681%, 9/21/28(4) | $ 245 | $ 244 | |
CDK Global, Inc. (1 month Term SOFR + 4.250%) 9.640%, 7/6/29(4) | 413 | 413 | |
Epicor Software Corp. First Lien (3 month LIBOR + 3.500%) 0.000%, 7/30/27(4)(9) | 25 | 25 | |
Open Text Corp. Tranche B (1 month Term SOFR + 2.850%) 8.166%, 1/31/30(4) | 213 | 213 | |
Sophia LP Tranche B (1 month Term SOFR + 3.600%) 8.916%, 10/7/27(4) | 240 | 239 | |
Uber Technologies, Inc. 2023 (3 month Term SOFR + 2.750%) 8.159%, 3/3/30(4) | 363 | 363 | |
UKG, Inc. 2021-2, First Lien (3 month Term SOFR + 3.350%) 8.618%, 5/4/26(4) | 243 | 242 | |
2,127 | |||
Manufacturing—0.1% | |||
Alliance Laundry Systems LLC Tranche B (3 month Term SOFR + 3.600%) 8.901%, 10/8/27(4) | 241 | 240 | |
NCR Corp. (1 month Term SOFR + 2.614%) 7.931%, 8/28/26(4) | 244 | 244 | |
484 | |||
Media / Telecom - Cable/Wireless Video—0.1% | |||
Cogeco Communications Finance USA LP Tranche B-1 (3 month LIBOR + 3.250%) 0.000%, 9/18/30(4)(9) | 335 | 329 | |
DIRECTV Financing LLC (1 month Term SOFR + 5.000%) 10.431%, 8/2/27(4) | 413 | 403 | |
Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%) 8.652%, 11/12/27(4) | 204 | 199 | |
931 | |||
Par Value | Value | ||
Media / Telecom - Diversified Media—0.0% | |||
Simon & Schuster, Inc. Tranche B (3 month LIBOR + 3.500%) 0.000%, 9/27/30(4)(9) | $ 30 | $ 30 | |
Metals / Minerals—0.0% | |||
Arsenal Aic Parent LLC Tranche B (1 month Term SOFR + 4.500%) 9.879%, 8/19/30(4) | 55 | 55 | |
Service—0.2% | |||
AlixPartners LLP (1 month Term SOFR + 2.864%) 8.181%, 2/4/28(4) | 60 | 60 | |
BrightView Landscapes LLC Tranche B (3 month Term SOFR + 3.250%) 8.619%, 4/20/29(4) | 267 | 266 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 8.540%, 11/23/28(4) | 245 | 244 | |
Peraton Corp. Tranche B, First Lien (1 month Term SOFR + 3.850%) 9.166%, 2/1/28(4) | 205 | 205 | |
Titan Acquisition Ltd. (3 month LIBOR + 3.000%) 8.731%, 3/28/25(4) | 214 | 212 | |
987 | |||
Transportation - Automotive—0.0% | |||
Clarios Global LP 2023 (1 month Term SOFR + 3.750%) 9.066%, 5/6/30(4) | 375 | 374 | |
Utilities—0.1% | |||
Brookfield WEC Holdings, Inc. (1 month Term SOFR + 2.864%) 8.181%, 8/1/25(4) | 351 | 350 | |
Generation Bridge Northeast LLC Tranche B (1 month Term SOFR + 4.250%) 9.566%, 8/7/29(4) | 95 | 95 | |
445 | |||
Total Leveraged Loans (Identified Cost $12,687) | 12,737 |
Shares | ||
Preferred Stocks—0.2% | ||
Financials—0.2% | ||
JPMorgan Chase & Co. Series HH, 4.600% | 304 (10) | 285 |
Shares | Value | ||
Financials—continued | |||
MetLife, Inc. Series D, 5.875%(7) | 277 (10) | $ 260 | |
Truist Financial Corp. Series Q, 5.100% | 460 (10) | 393 | |
Zions Bancorp NA, 9.561% | 6,400 | 160 | |
1,098 | |||
Total Preferred Stocks (Identified Cost $1,202) | 1,098 | ||
Common Stocks—66.3% | |||
Communication Services—5.8% | |||
Adevinta ASA(11) | 199,477 | 1,975 | |
Auto Trader Group plc | 677,940 | 5,108 | |
Baltic Classifieds Group plc | 2,490,365 | 5,925 | |
CTS Eventim AG & Co. KGaA | 31,222 | 1,778 | |
Dayamitra Telekomunikasi PT | 64,540,000 | 2,840 | |
Infrastrutture Wireless Italiane SpA | 78,996 | 941 | |
New Work SE | 13,177 | 1,379 | |
Rightmove plc | 660,295 | 4,529 | |
Trade Desk, Inc. (The) Class A(11) | 128,557 | 10,047 | |
34,522 | |||
Consumer Discretionary—11.3% | |||
Airbnb, Inc. Class A(11) | 46,652 | 6,401 | |
Allegro.eu S.A.(11) | 376,682 | 2,779 | |
Amazon.com, Inc.(11) | 123,949 | 15,756 | |
AutoZone, Inc.(11) | 1,964 | 4,989 | |
Home Depot, Inc. (The) | 17,777 | 5,371 | |
Marriott International, Inc. Class A | 44,220 | 8,692 | |
Max Stock Ltd. | 486,865 | 915 | |
MercadoLibre, Inc.(11) | 4,157 | 5,271 | |
Mercari, Inc.(11) | 90,100 | 1,945 | |
NIKE, Inc. Class B | 76,802 | 7,344 | |
Ross Stores, Inc. | 49,774 | 5,622 | |
Victorian Plumbing Group plc | 1,405,019 | 1,509 | |
66,594 | |||
Consumer Staples—3.5% | |||
Anhui Gujing Distillery Co., Ltd. Class B | 82,400 | 1,378 | |
Estee Lauder Cos., Inc. (The) Class A | 22,669 | 3,277 | |
Heineken Malaysia Bhd | 541,900 | 2,807 | |
McCormick & Co., Inc. Non-voting Shares | 56,123 | 4,245 | |
Monster Beverage Corp.(11) | 123,865 | 6,559 | |
PepsiCo, Inc. | 14,461 | 2,450 | |
20,716 | |||
Energy—2.2% | |||
Devon Energy Corp. | 36,450 | 1,739 |
Shares | Value | ||
Energy—continued | |||
Hess Corp. | 22,710 | $ 3,474 | |
Pason Systems, Inc. | 128,648 | 1,277 | |
Pioneer Natural Resources Co. | 15,195 | 3,488 | |
Schlumberger N.V. | 48,086 | 2,803 | |
12,781 | |||
Financials—8.2% | |||
AJ Bell plc | 851,302 | 2,850 | |
Bank of America Corp. | 93,883 | 2,571 | |
Block, Inc. Class A(11) | 67,417 | 2,984 | |
FinecoBank Banca Fineco SpA | 214,248 | 2,608 | |
Gruppo MutuiOnline SpA | 95,662 | 2,523 | |
Hypoport SE(11) | 10,021 | 1,359 | |
Mortgage Advice Bureau Holdings Ltd. | 321,863 | 2,105 | |
Nordnet AB publ | 66,366 | 877 | |
Progressive Corp. (The) | 50,510 | 7,036 | |
S&P Global, Inc. | 12,261 | 4,480 | |
Visa, Inc. Class A | 81,079 | 18,649 | |
VNV Global AB(11) | 169,419 | 259 | |
48,301 | |||
Health Care—5.9% | |||
Danaher Corp. | 27,114 | 6,727 | |
Eli Lilly & Co. | 14,000 | 7,520 | |
Haw Par Corp., Ltd. | 547,500 | 3,945 | |
IDEXX Laboratories, Inc.(11) | 6,763 | 2,957 | |
Mettler-Toledo International, Inc.(11) | 2,261 | 2,505 | |
Nakanishi, Inc. | 21,100 | 494 | |
Zoetis, Inc. Class A | 60,892 | 10,594 | |
34,742 | |||
Industrials—10.1% | |||
Benefit One, Inc. | 244,800 | 1,772 | |
CAE, Inc.(11) | 117,106 | 2,734 | |
CoStar Group, Inc.(11) | 96,015 | 7,383 | |
Enento Group Oyj(11) | 65,677 | 1,472 | |
Equifax, Inc. | 24,179 | 4,429 | |
Fair Isaac Corp.(11) | 10,207 | 8,865 | |
Haitian International Holdings Ltd. | 1,034,337 | 2,193 | |
Howden Joinery Group plc | 322,870 | 2,901 | |
Knorr-Bremse AG | 44,447 | 2,828 | |
MEITEC Group Holdings, Inc. | 145,600 | 2,635 | |
MTU Aero Engines AG | 13,411 | 2,435 | |
Paycom Software, Inc. | 38,957 | 10,100 | |
S-1 Corp. | 67,673 | 2,838 | |
Uber Technologies, Inc.(11) | 161,212 | 7,414 | |
59,999 | |||
Information Technology—17.3% | |||
Accenture plc Class A | 22,617 | 6,946 | |
Alten S.A. | 18,024 | 2,374 | |
Amphenol Corp. Class A | 139,972 | 11,756 | |
BILL Holdings, Inc.(11) | 57,833 | 6,279 |
Shares | Value | ||
Information Technology—continued | |||
Bouvet ASA | 424,107 | $ 2,248 | |
Brockhaus Technologies AG(11) | 47,088 | 1,070 | |
Cadence Design Systems, Inc.(11) | 13,852 | 3,246 | |
FDM Group Holdings plc | 436,415 | 2,769 | |
Gartner, Inc.(11) | 9,076 | 3,119 | |
MongoDB, Inc. Class A(11) | 21,839 | 7,553 | |
NVIDIA Corp. | 70,161 | 30,519 | |
Roper Technologies, Inc. | 15,648 | 7,578 | |
Shopify, Inc. Class A(11) | 49,134 | 2,681 | |
Snowflake, Inc. Class A(11) | 34,068 | 5,205 | |
Workday, Inc. Class A(11) | 40,186 | 8,634 | |
101,977 | |||
Materials—1.4% | |||
Corp. Moctezuma SAB de C.V. | 721,710 | 2,779 | |
Ecolab, Inc. | 31,489 | 5,334 | |
8,113 | |||
Real Estate—0.6% | |||
Prologis, Inc. | 31,144 | 3,495 | |
Total Common Stocks (Identified Cost $262,892) | 391,240 | ||
Total Long-Term Investments—98.9% (Identified Cost $484,816) | 584,209 | ||
Securities Lending Collateral—0.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(12)(13) | 1,044,530 | 1,045 | |
Total Securities Lending Collateral (Identified Cost $1,045) | 1,045 | ||
TOTAL INVESTMENTS—99.1% (Identified Cost $485,861) | $585,254 | ||
Other assets and liabilities, net—0.9% | 5,109 | ||
NET ASSETS—100.0% | $590,363 |
Abbreviations: | |
ABS | Asset-Backed Securities |
BAM | Build America Municipal Insured |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited Partnership |
LLP | Limited Liability Partnership |
LP | Limited Partnership |
MSCI | Morgan Stanley Capital International |
NA | National Association |
S&P | Standard & Poor’s |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | Security in default; no interest payments are being received. |
(2) | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2023, these securities amounted to a value of $86,671 or 14.7% of net assets. |
(4) | Variable rate security. Rate disclosed is as of September 30, 2023. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(5) | No contractual maturity date. |
(6) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
(7) | All or a portion of security is on loan. |
(8) | Security in default; interest payments are being received. |
(9) | This loan will settle after September 30, 2023, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
(10) | Value shown as par value. |
(11) | Non-income producing. |
(12) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(13) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 81% |
United Kingdom | 5 |
Germany | 2 |
Canada | 1 |
Japan | 1 |
Italy | 1 |
Brazil | 1 |
Other | 8 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Instruments: | |||||
Asset-Backed Securities | $ 23,917 | $ — | $ 23,917 | ||
Corporate Bonds and Notes | 64,777 | — | 64,777 | ||
Foreign Government Securities | 2,199 | — | 2,199 | ||
Leveraged Loans | 12,737 | — | 12,737 | ||
Mortgage-Backed Securities | 56,654 | — | 56,654 | ||
Municipal Bonds | 7,213 | — | 7,213 | ||
U.S. Government Securities | 24,374 | — | 24,374 | ||
Equity Securities: | |||||
Common Stocks | 391,240 | 391,240 | — | ||
Preferred Stocks | 1,098 | 160 | 938 | ||
Securities Lending Collateral | 1,045 | 1,045 | — | ||
Total Investments | $585,254 | $392,445 | $192,809 |
KAR Capital Growth Fund | KAR Equity Income Fund | KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||
Assets | |||||||
Investment in securities at value(1)(2) | $ 514,647 | $ 124,715 | $ 31,044 | $ 1,801,007 | |||
Cash | 4,046 | 1,930 | 293 | 55,633 | |||
Receivables | |||||||
Investment securities sold | — | — | 641 | — | |||
Fund shares sold | 3 | 1 | — | 7,139 | |||
Dividends | 143 | 169 | 123 | 1,225 | |||
Tax reclaims | — | 129 | 82 | — | |||
Securities lending income | — | 3 | 2 | — | |||
Prepaid Trustees’ retainer | 11 | 3 | 1 | 35 | |||
Prepaid expenses | 29 | 27 | 19 | 100 | |||
Other assets | 69 | 16 | 4 | 239 | |||
Total assets | 518,948 | 126,993 | 32,209 | 1,865,378 | |||
Liabilities | |||||||
Due to custodian | — | — | 1 | — | |||
Payables | |||||||
Fund shares repurchased | 592 | 5 | — (a) | 1,939 | |||
Investment securities purchased | — | — | 310 | — | |||
Collateral on securities loaned | — | 5,285 | 698 | — | |||
Investment advisory fees | 311 | 59 | 8 | 1,084 | |||
Distribution and service fees | 106 | 24 | 5 | 77 | |||
Administration and accounting fees | 46 | 11 | 3 | 160 | |||
Transfer agent and sub-transfer agent fees and expenses | 96 | 27 | 9 | 307 | |||
Professional fees | 29 | 22 | 28 | 38 | |||
Trustee deferred compensation plan | 69 | 16 | 4 | 239 | |||
Interest expense and/or commitment fees | 1 | — (a) | — (a) | 3 | |||
Other accrued expenses | 50 | 20 | 6 | 58 | |||
Total liabilities | 1,300 | 5,469 | 1,072 | 3,905 | |||
Net Assets | $ 517,648 | $ 121,524 | $ 31,137 | $ 1,861,473 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 218,191 | $ 114,765 | $ 30,727 | $ 1,496,955 | |||
Accumulated earnings (loss) | 299,457 | 6,759 | 410 | 364,518 | |||
Net Assets | $ 517,648 | $ 121,524 | $ 31,137 | $ 1,861,473 | |||
Net Assets: | |||||||
Class A | $ 483,990 | $ 101,277 | $ 21,314 | $ 111,714 | |||
Class C | $ 2,136 | $ 3,350 | $ 490 | $ 64,053 | |||
Class I | $ 29,960 | $ 14,965 | $ 7,143 | $ 1,639,765 | |||
Class R6 | $ 1,562 | $ 1,932 | $ 2,190 | $ 45,941 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 28,616,974 | 5,583,153 | 1,554,837 | 2,214,123 | |||
Class C | 203,803 | 220,425 | 36,934 | 1,411,473 | |||
Class I | 1,669,039 | 830,685 | 521,594 | 31,554,910 | |||
Class R6 | 85,182 | 107,448 | 158,823 | 879,854 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 16.91 | $ 18.14 | $ 13.71 | $ 50.46 | |||
Class C | $ 10.48 | $ 15.20 | $ 13.28 | $ 45.38 | |||
Class I | $ 17.95 | $ 18.02 | $ 13.69 | $ 51.97 | |||
Class R6 | $ 18.34 | $ 17.98 | $ 13.79 | $ 52.21 |
KAR Capital Growth Fund | KAR Equity Income Fund | KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 17.89 | $ 19.20 | $ 14.51 | $ 53.40 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 241,451 | $ 120,406 | $ 30,391 | $ 1,474,300 | |||
(2) Market value of securities on loan | $ — | $ 5,156 | $ 690 | $ — |
(a) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||
Assets | |||||||
Investment in unaffiliated securities at value(1)(2) | $ 1,473,571 | $ 1,721,864 | $ 1,994,195 | $ 701,207 | |||
Investment in affiliated securities at value(3) | — | — | 1,215,675 | — | |||
Foreign currency at value(4) | — | — | — (a) | — | |||
Cash | 16,641 | 19,044 | 108,446 | 19,643 | |||
Receivables | |||||||
Investment securities sold | — | 3,953 | — | 254 | |||
Fund shares sold | 1,459 | 1,004 | 1,604 | 606 | |||
Dividends | 247 | 763 | 2,435 | 529 | |||
Securities lending income | — | — (a) | — (a) | — | |||
Prepaid Trustees’ retainer | 30 | 35 | 66 | 15 | |||
Prepaid expenses | 37 | 47 | 38 | 41 | |||
Other assets | 197 | 226 | 431 | 95 | |||
Total assets | 1,492,182 | 1,746,936 | 3,322,890 | 722,390 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 1,330 | 1,025 | 3,083 | 353 | |||
Investment securities purchased | — | 2,496 | 1,473 | — | |||
Collateral on securities loaned | — | — | 875 | — | |||
Investment advisory fees | 932 | 1,100 | 2,295 | 429 | |||
Distribution and service fees | 111 | 81 | 204 | 29 | |||
Administration and accounting fees | 131 | 150 | 285 | 62 | |||
Transfer agent and sub-transfer agent fees and expenses | 312 | 266 | 707 | 272 | |||
Professional fees | 40 | 40 | 58 | 34 | |||
Trustee deferred compensation plan | 197 | 226 | 431 | 95 | |||
Interest expense and/or commitment fees | 3 | 3 | 7 | 2 | |||
Other accrued expenses | 73 | 61 | 129 | 29 | |||
Total liabilities | 3,129 | 5,448 | 9,547 | 1,305 | |||
Net Assets | $ 1,489,053 | $ 1,741,488 | $ 3,313,343 | $ 721,085 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 1,155,624 | $ 959,401 | $ 2,190,264 | $ 476,017 | |||
Accumulated earnings (loss) | 333,429 | 782,087 | 1,123,079 | 245,068 | |||
Net Assets | $ 1,489,053 | $ 1,741,488 | $ 3,313,343 | $ 721,085 | |||
Net Assets: | |||||||
Class A | $ 302,747 | $ 146,983 | $ 416,428 | $ 88,472 | |||
Class C | $ 54,318 | $ 59,235 | $ 136,793 | $ 12,289 | |||
Class I | $ 1,041,379 | $ 1,146,747 | $ 2,534,160 | $ 572,969 | |||
Class R6 | $ 90,609 | $ 388,523 | $ 225,962 | $ 47,355 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 6,028,863 | 3,366,681 | 13,205,475 | 4,070,445 | |||
Class C | 1,429,921 | 1,816,753 | 5,370,592 | 588,688 | |||
Class I | 19,861,444 | 24,206,207 | 76,697,375 | 26,281,978 | |||
Class R6 | 1,708,930 | 8,159,249 | 6,788,515 | 2,161,160 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 50.22 | $ 43.66 | $ 31.53 | $ 21.74 | |||
Class C | $ 37.99 | $ 32.61 | $ 25.47 | $ 20.88 | |||
Class I | $ 52.43 | $ 47.37 | $ 33.04 | $ 21.80 | |||
Class R6 | $ 53.02 | $ 47.62 | $ 33.29 | $ 21.91 |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 53.14 | $ 46.20 | $ 33.37 | $ 23.01 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in unaffiliated securities at cost | $ 981,924 | $ 1,016,476 | $ 1,310,567 | $ 472,872 | |||
(2) Market value of securities on loan | $ — | $ — | $ 851 | $ — | |||
(3) Investment in affiliated securities at cost | $ — | $ — | $ 925,858 | $ — | |||
(4) Foreign currency at cost | $ — | $ — | $ —(a) | $ — |
(a) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $ 1,287,770 | $ 8,986 | $ 5,718 | $ 4,632 | |||
Cash | 40,586 | 301 | 50 | 34 | |||
Receivables | |||||||
Fund shares sold | 7,627 | 1 | — | — (a) | |||
Dividends | 555 | 4 | 5 | 2 | |||
Receivable from adviser | — | 4 | 5 | 8 | |||
Tax reclaims | — | — | — | — (a) | |||
Prepaid Trustees’ retainer | 25 | — (a) | — (a) | — (a) | |||
Prepaid expenses | 54 | 8 | 13 | 11 | |||
Other assets | 171 | 1 | 1 | 1 | |||
Total assets | 1,336,788 | 9,305 | 5,792 | 4,688 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 1,568 | 10 | — | — | |||
Investment securities purchased | — | — | 7 | — | |||
Foreign capital gains tax | — | — | — | 3 | |||
Investment advisory fees | 815 | — | — | — | |||
Distribution and service fees | 41 | 1 | — (a) | — (a) | |||
Administration and accounting fees | 114 | 1 | 1 | 1 | |||
Transfer agent and sub-transfer agent fees and expenses | 235 | 1 | — (a) | — (a) | |||
Professional fees | 35 | 26 | 25 | 39 | |||
Trustee deferred compensation plan | 171 | 1 | 1 | 1 | |||
Interest expense and/or commitment fees | 2 | — (a) | — (a) | — (a) | |||
Other accrued expenses | 43 | 1 | 1 | 1 | |||
Total liabilities | 3,024 | 41 | 35 | 45 | |||
Net Assets | $ 1,333,764 | $ 9,264 | $ 5,757 | $ 4,643 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 1,267,162 | $ 9,918 | $ 6,267 | $ 5,036 | |||
Accumulated earnings (loss) | 66,602 | (654) | (510) | (393) | |||
Net Assets | $ 1,333,764 | $ 9,264 | $ 5,757 | $ 4,643 | |||
Net Assets: | |||||||
Class A | $ 52,713 | $ 3,321 | $ 1,207 | $ 157 | |||
Class C | $ 35,836 | $ 101 | $ 87 | $ 139 | |||
Class I | $ 1,178,304 | $ 2,715 | $ 1,150 | $ 219 | |||
Class R6 | $ 66,911 | $ 3,127 | $ 3,313 | $ 4,128 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 3,196,413 | 364,936 | 142,167 | 17,002 | |||
Class C | 2,266,301 | 11,361 | 10,361 | 15,581 | |||
Class I | 70,494,756 | 296,145 | 134,916 | 23,446 | |||
Class R6 | 3,988,490 | 340,690 | 387,002 | 438,114 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 16.49 | $ 9.10 | $ 8.49 | $ 9.24 | |||
Class C | $ 15.81 | $ 8.91 | $ 8.42 | $ 8.93 | |||
Class I | $ 16.71 | $ 9.17 | $ 8.52 | $ 9.35 | |||
Class R6 | $ 16.78 | $ 9.18 | $ 8.56 | $ 9.42 |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 17.45 | $ 9.63 | $ 8.98 | $ 9.78 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 1,212,137 | $ 8,933 | $ 6,162 | $ 4,561 |
(a) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
SGA Global Growth Fund | SGA New Leaders Growth Fund | Tactical Allocation Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $ 110,406 | $ 7,002 | $ 585,254 | ||
Foreign currency at value(3) | — | — | 10 | ||
Cash | 401 | 37 | 5,169 | ||
Receivables | |||||
Investment securities sold | — | — | 1,099 | ||
Fund shares sold | 77 | — | 29 | ||
Dividends and interest | 28 | 3 | 1,737 | ||
Receivable from adviser | — | 3 | — | ||
Tax reclaims | 66 | — | 125 | ||
Securities lending income | — | — | 1 | ||
Prepaid Trustees’ retainer | 2 | — (a) | 12 | ||
Prepaid expenses | 26 | 15 | 29 | ||
Other assets | 15 | 1 | 77 | ||
Total assets | 111,021 | 7,061 | 593,542 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 2 | — | 193 | ||
Investment securities purchased | — | — | 1,210 | ||
Collateral on securities loaned | — | — | 1,045 | ||
Dividend distributions | — | — | 1 | ||
Investment advisory fees | 56 | — | 264 | ||
Distribution and service fees | 8 | — (a) | 126 | ||
Administration and accounting fees | 10 | 1 | 52 | ||
Transfer agent and sub-transfer agent fees and expenses | 14 | 1 | 109 | ||
Professional fees | 31 | 34 | 36 | ||
Trustee deferred compensation plan | 15 | 1 | 77 | ||
Interest expense and/or commitment fees | — (a) | — (a) | 1 | ||
Other accrued expenses | 10 | 1 | 65 | ||
Total liabilities | 146 | 38 | 3,179 | ||
Net Assets | $ 110,875 | $ 7,023 | $ 590,363 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 92,158 | $ 9,048 | $ 510,938 | ||
Accumulated earnings (loss) | 18,717 | (2,025) | 79,425 | ||
Net Assets | $ 110,875 | $ 7,023 | $ 590,363 | ||
Net Assets: | |||||
Class A | $ 22,363 | $ 84 | $ 557,103 | ||
Class C | $ 3,726 | $ 70 | $ 9,183 | ||
Class I | $ 24,356 | $ 75 | $ 22,540 | ||
Class R6 | $ 60,430 | $ 6,794 | $ 1,537 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 949,885 | 11,784 | 58,472,374 | ||
Class C | 172,980 | 10,000 | 941,932 | ||
Class I | 1,021,205 | 10,500 | 2,372,458 | ||
Class R6 | 2,441,609 | 939,151 | 162,037 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 23.54 | $ 7.14 | $ 9.53 | ||
Class C | $ 21.54 | $ 6.99 | $ 9.75 | ||
Class I | $ 23.85 | $ 7.19 | $ 9.50 | ||
Class R6 | $ 24.75 | $ 7.23 | $ 9.49 |
SGA Global Growth Fund | SGA New Leaders Growth Fund | Tactical Allocation Fund | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 24.91 | $ 7.56 | $ 10.08 | ||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | ||
(1) Investment in securities at cost | $ 88,079 | $ 7,308 | $ 485,861 | ||
(2) Market value of securities on loan | $ — | $ — | $ 1,010 | ||
(3) Foreign currency at cost | $ — | $ — | $ 10 |
(a) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
KAR Capital Growth Fund | KAR Equity Income Fund | KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | KAR Mid-Cap Growth Fund | |||||
Investment Income | |||||||||
Dividends | $ 3,910 | $5,728 | $1,723 | $ 17,123 | $ 10,019 | ||||
Securities lending, net of fees | — | 49 | 13 | — | — | ||||
Foreign taxes withheld | — | (120) | (113) | — | — | ||||
Total investment income | 3,910 | 5,657 | 1,623 | 17,123 | 10,019 | ||||
Expenses | |||||||||
Investment advisory fees | 3,575 | 1,085 | 274 | 12,199 | 11,555 | ||||
Distribution and service fees, Class A | 1,192 | 280 | 58 | 243 | 780 | ||||
Distribution and service fees, Class C | 24 | 41 | 7 | 610 | 583 | ||||
Administration and accounting fees | 527 | 155 | 45 | 1,595 | 1,613 | ||||
Transfer agent fees and expenses | 352 | 88 | 27 | 665 | 709 | ||||
Sub-transfer agent fees and expenses, Class A | 163 | 64 | 15 | 90 | 254 | ||||
Sub-transfer agent fees and expenses, Class C | 2 | 3 | 1 | 61 | 69 | ||||
Sub-transfer agent fees and expenses, Class I | 26 | 22 | 12 | 1,306 | 1,333 | ||||
Custodian fees | 1 | 1 | 1 | 2 | 3 | ||||
Printing fees and expenses | 38 | 13 | 5 | 118 | 43 | ||||
Professional fees | 57 | 9 | 29 | 190 | 25 | ||||
Interest expense and/or commitment fees | 3 | 2 | — (1) | 16 | 11 | ||||
Registration fees | 51 | 58 | 44 | 191 | 119 | ||||
Trustees’ fees and expenses | 39 | 11 | 3 | 112 | 125 | ||||
Miscellaneous expenses | 136 | 52 | 21 | 69 | 121 | ||||
Total expenses | 6,186 | 1,884 | 542 | 17,467 | 17,343 | ||||
Less net expenses reimbursed and/or waived by investment adviser(2) | (3) | (201) | (80) | (1,673) | (80) | ||||
Less low balance account fees | (13) | (1) | (1) | — (1) | (2) | ||||
Net expenses | 6,170 | 1,682 | 461 | 15,794 | 17,261 | ||||
Net investment income (loss) | (2,260) | 3,975 | 1,162 | 1,329 | (7,242) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | 31,754 | (272) | (78) | 54,396 | (116,546) | ||||
Foreign currency transactions | — | (1) | (1) | — | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | 75,440 | 4,906 | 2,328 | 205,023 | 354,423 | ||||
Foreign currency transactions | — | — | 9 | — | — | ||||
Net realized and unrealized gain (loss) on investments | 107,194 | 4,633 | 2,258 | 259,419 | 237,877 | ||||
Net increase (decrease) in net assets resulting from operations | $104,934 | $8,608 | $3,420 | $260,748 | $ 230,635 |
(1) | Amount is less than $500 (not in thousands). |
(2) | See Note 3D in Notes to Financial Statements. |
KAR Small-Cap Core Fund | KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | |||||
Investment Income | |||||||||
Dividends | $ 25,125 | $ 17,471 | $14,938 | $ 11,323 | $ 49 | ||||
Dividends from affiliated | — | 7,891 | — | — | — | ||||
Securities lending, net of fees | — (1) | 64 | — | — | — (1) | ||||
Total investment income | 25,125 | 25,426 | 14,938 | 11,323 | 49 | ||||
Expenses | |||||||||
Investment advisory fees | 12,784 | 28,444 | 5,936 | 8,658 | 57 | ||||
Distribution and service fees, Class A | 346 | 1,089 | 231 | 106 | 6 | ||||
Distribution and service fees, Class C | 622 | 1,526 | 138 | 328 | 1 | ||||
Administration and accounting fees | 1,741 | 3,534 | 869 | 1,193 | 15 | ||||
Transfer agent fees and expenses | 734 | 1,492 | 383 | 498 | 4 | ||||
Sub-transfer agent fees and expenses, Class A | 133 | 499 | 58 | 36 | 3 | ||||
Sub-transfer agent fees and expenses, Class C | 44 | 136 | 12 | 37 | — (1) | ||||
Sub-transfer agent fees and expenses, Class I | 913 | 2,690 | 707 | 1,012 | 3 | ||||
Custodian fees | 2 | 5 | 1 | 2 | — (1) | ||||
Printing fees and expenses | 109 | 264 | 68 | 87 | 3 | ||||
Professional fees | 60 | — | — | — | 23 | ||||
Interest expense and/or commitment fees | 13 | 110 | 34 | 11 | — (1) | ||||
Registration fees | 71 | 107 | 103 | 134 | 33 | ||||
Trustees’ fees and expenses | 128 | 277 | 70 | 85 | 1 | ||||
Miscellaneous expenses | 74 | 30 | 39 | 43 | 5 | ||||
Total expenses | 17,774 | 40,203 | 8,649 | 12,230 | 154 | ||||
Less net expenses reimbursed and/or waived by investment adviser(2) | — | — | — | — | (69) | ||||
Less low balance account fees | — | (1) | (1) | — (1) | — | ||||
Plus net expenses recaptured | — | — | — | 6 | — | ||||
Net expenses | 17,774 | 40,202 | 8,648 | 12,236 | 85 | ||||
Net investment income (loss) | 7,351 | (14,776) | 6,290 | (913) | (36) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | 69,617 | 214,324 | 22,396 | 2,344 | (186) | ||||
Affiliated Investments | — | 1,105 | — | — | — | ||||
Foreign currency transactions | 24 | 88 | — | — | — (1) | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | 291,532 | 51,917 | 65,085 | 205,404 | 1,096 | ||||
Affiliated investments | — | 243,367 | — | — | — | ||||
Foreign currency transactions | (11) | (32) | — | — | — | ||||
Net realized and unrealized gain (loss) on investments | 361,162 | 510,769 | 87,481 | 207,748 | 910 | ||||
Net increase (decrease) in net assets resulting from operations | $368,513 | $495,993 | $93,771 | $206,835 | $ 874 |
(1) | Amount is less than $500 (not in thousands). |
(2) | See Note 3D in Notes to Financial Statements. |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | SGA Global Growth Fund | SGA New Leaders Growth Fund | Tactical Allocation Fund | |||||
Investment Income | |||||||||
Dividends | $ 92 | $ 94 | $ 985 | $ 54 | $ 5,036 | ||||
Interest | — | — | — | — | 8,889 | ||||
Securities lending, net of fees | — | — (1) | 1 | 1 | 5 | ||||
Foreign taxes withheld | — | (8) | (41) | (1) | (238) | ||||
Total investment income | 92 | 86 | 945 | 54 | 13,692 | ||||
Expenses | |||||||||
Investment advisory fees | 35 | 49 | 893 | 52 | 3,345 | ||||
Distribution and service fees, Class A | 3 | — (1) | 53 | — (1) | 1,432 | ||||
Distribution and service fees, Class C | 1 | 2 | 38 | 1 | 106 | ||||
Administration and accounting fees | 13 | 13 | 120 | 14 | 626 | ||||
Transfer agent fees and expenses | 3 | 2 | 50 | 3 | 360 | ||||
Sub-transfer agent fees and expenses, Class A | — (1) | — (1) | 30 | — (1) | 253 | ||||
Sub-transfer agent fees and expenses, Class C | — | — (1) | 4 | — | 9 | ||||
Sub-transfer agent fees and expenses, Class I | 1 | — (1) | 32 | — | 24 | ||||
Excise tax | — (1) | — | — | — | — | ||||
Custodian fees | — (1) | 1 | 1 | — (1) | 12 | ||||
Printing fees and expenses | 2 | 2 | 20 | 2 | 45 | ||||
Professional fees | 19 | 35 | 26 | 28 | 68 | ||||
Interest expense and/or commitment fees | — (1) | — (1) | 2 | — (1) | 4 | ||||
Registration fees | 27 | 28 | 48 | 29 | 66 | ||||
Trustees’ fees and expenses | — (1) | — (1) | 9 | 1 | 47 | ||||
Miscellaneous expenses | 4 | 11 | 21 | 7 | 163 | ||||
Total expenses | 108 | 143 | 1,347 | 137 | 6,560 | ||||
Less net expenses reimbursed and/or waived by investment adviser(2) | (58) | (89) | (157) | (77) | (511) | ||||
Less low balance account fees | — | — | — (1) | — | (9) | ||||
Net expenses | 50 | 54 | 1,190 | 60 | 6,040 | ||||
Net investment income (loss) | 42 | 32 | (245) | (6) | 7,652 | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | (71) | (168) | (2,573) | (741) | 6,268 | ||||
Foreign currency transactions | — | (1) | 3 | — (1) | (14) | ||||
Foreign capital gains tax | — | — | — | — (1) | — (1) | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | 433 | 603 | 26,498 | 1,497 | 74,495 | ||||
Foreign currency transactions | — | — (1) | 5 | — (1) | 6 | ||||
Foreign capital gains tax | — | — (1) | — | — | — | ||||
Net realized and unrealized gain (loss) on investments | 362 | 434 | 23,933 | 756 | 80,755 | ||||
Net increase (decrease) in net assets resulting from operations | $404 | $ 466 | $23,688 | $ 750 | $88,407 |
(1) | Amount is less than $500 (not in thousands). |
(2) | See Note 3D in Notes to Financial Statements. |
KAR Capital Growth Fund | KAR Equity Income Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (2,260) | $ (4,080) | $ 3,975 | $ 3,225 | |||
Net realized gain (loss) | 31,754 | 86,995 | (273) | 4,994 | |||
Net change in unrealized appreciation (depreciation) | 75,440 | (364,704) | 4,906 | (18,112) | |||
Increase (decrease) in net assets resulting from operations | 104,934 | (281,789) | 8,608 | (9,893) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (83,782) | (53,757) | (6,421) | (5,143) | |||
Class C | (677) | (820) | (295) | (140) | |||
Class I | (5,506) | (4,151) | (2,170) | (497) | |||
Class R6 | (235) | (122) | (124) | (70) | |||
Total dividends and distributions to shareholders | (90,200) | (58,850) | (9,010) | (5,850) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 34,112 | 11,694 | (2,168) | (6,082) | |||
Class C | (581) | (3,130) | 100 | (523) | |||
Class I | (1,683) | (4,688) | (11,420) | 16,933 | |||
Class R6 | 245 | 1,244 | 302 | 725 | |||
Increase (decrease) in net assets from capital transactions | 32,093 | 5,120 | (13,186) | 11,053 | |||
Net increase (decrease) in net assets | 46,827 | (335,519) | (13,588) | (4,690) | |||
Net Assets | |||||||
Beginning of period | 470,821 | 806,340 | 135,112 | 139,802 | |||
End of Period | $ 517,648 | $ 470,821 | $ 121,524 | $ 135,112 |
KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 1,162 | $ 1,066 | $ 1,329 | $ (3,352) | |||
Net realized gain (loss) | (79) | 1,880 | 54,396 | (11,459) | |||
Net change in unrealized appreciation (depreciation) | 2,337 | (6,901) | 205,023 | (315,507) | |||
Increase (decrease) in net assets resulting from operations | 3,420 | (3,955) | 260,748 | (330,318) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (659) | (510) | (203) | (1,497) | |||
Class C | (16) | (8) | (152) | (1,267) | |||
Class I | (349) | (404) | (2,750) | (21,030) | |||
Class R6 | (80) | (53) | (65) | (951) | |||
Total dividends and distributions to shareholders | (1,104) | (975) | (3,170) | (24,745) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (1,375) | 534 | 23,417 | 5,309 | |||
Class C | (389) | (8) | 853 | 1,691 | |||
Class I | (4,479) | 697 | 348,618 | 185,127 | |||
Class R6 | (112) | 517 | 11,985 | (15,752) | |||
Increase (decrease) in net assets from capital transactions | (6,355) | 1,740 | 384,873 | 176,375 | |||
Net increase (decrease) in net assets | (4,039) | (3,190) | 642,451 | (178,688) | |||
Net Assets | |||||||
Beginning of period | 35,176 | 38,366 | 1,219,022 | 1,397,710 | |||
End of Period | $ 31,137 | $ 35,176 | $ 1,861,473 | $ 1,219,022 |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (7,242) | $ (14,029) | $ 7,351 | $ 3,870 | |||
Net realized gain (loss) | (116,546) | (35,480) | 69,641 | 118,115 | |||
Net increase from payment by affiliate | — | 19 | — | — | |||
Net change in unrealized appreciation (depreciation) | 354,423 | (1,147,252) | 291,521 | (321,839) | |||
Increase (decrease) in net assets resulting from operations | 230,635 | (1,196,742) | 368,513 | (199,854) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | — | (8,185) | (8,378) | (17,080) | |||
Class C | — | (2,544) | (5,066) | (12,382) | |||
Class I | — | (34,824) | (66,439) | (145,908) | |||
Class R6 | — | (2,968) | (21,597) | (48,590) | |||
Total dividends and distributions to shareholders | — | (48,521) | (101,480) | (223,960) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (43,202) | (64,827) | 8,804 | 9,432 | |||
Class C | (13,055) | (34,319) | (7,998) | (4,941) | |||
Class I | (257,025) | (465,049) | (39,730) | 10,150 | |||
Class R6 | (12,494) | (36,166) | 8,776 | (12,387) | |||
Increase (decrease) in net assets from capital transactions | (325,776) | (600,361) | (30,148) | 2,254 | |||
Net increase (decrease) in net assets | (95,141) | (1,845,624) | 236,885 | (421,560) | |||
Net Assets | |||||||
Beginning of period | 1,584,194 | 3,429,818 | 1,504,603 | 1,926,163 | |||
End of Period | $ 1,489,053 | $ 1,584,194 | $ 1,741,488 | $ 1,504,603 |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (14,776) | $ (35,123) | $ 6,290 | $ 4,816 | |||
Net realized gain (loss) | 215,517 | 509,865 | 22,396 | 14,056 | |||
Net change in unrealized appreciation (depreciation) | 295,252 | (2,271,252) | 65,085 | (329,741) | |||
Increase (decrease) in net assets resulting from operations | 495,993 | (1,796,510) | 93,771 | (310,869) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (64,943) | (100,063) | (2,821) | (2,287) | |||
Class C | (27,720) | (45,933) | (379) | (355) | |||
Class I | (375,773) | (655,027) | (24,275) | (21,896) | |||
Class R6 | (29,364) | (25,977) | (1,025) | (1,622) | |||
Total dividends and distributions to shareholders | (497,800) | (827,000) | (28,500) | (26,160) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (11,751) | (43,224) | (8,026) | (8,687) | |||
Class C | (19,703) | (22,917) | (2,087) | (3,114) | |||
Class I | (253,220) | (483,610) | (238,487) | (151,561) | |||
Class R6 | 84,995 | 23,078 | 10,280 | (30,485) | |||
Increase (decrease) in net assets from capital transactions | (199,679) | (526,673) | (238,320) | (193,847) | |||
Net increase (decrease) in net assets | (201,486) | (3,150,183) | (173,049) | (530,876) | |||
Net Assets | |||||||
Beginning of period | 3,514,829 | 6,665,012 | 894,134 | 1,425,010 | |||
End of Period | $ 3,313,343 | $ 3,514,829 | $ 721,085 | $ 894,134 |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (913) | $ (4,268) | $ (36) | $ (46) | |||
Net realized gain (loss) | 2,344 | (9,991) | (186) | (453) | |||
Net change in unrealized appreciation (depreciation) | 205,404 | (356,103) | 1,096 | (1,430) | |||
Increase (decrease) in net assets resulting from operations | 206,835 | (370,362) | 874 | (1,929) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | — | (599) | — | — | |||
Class C | — | (408) | — | — | |||
Class I | — | (14,991) | — | — | |||
Class R6 | — | (222) | — | — | |||
Total dividends and distributions to shareholders | — | (16,220) | — | — | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 11,541 | (222) | 2,772 | (107) | |||
Class C | 4,168 | 5,969 | (13) | 18 | |||
Class I | 109,220 | 65,718 | 515 | 692 | |||
Class R6 | 49,954 | 3,622 | (21) | 380 | |||
Increase (decrease) in net assets from capital transactions | 174,883 | 75,087 | 3,253 | 983 | |||
Net increase (decrease) in net assets | 381,718 | (311,495) | 4,127 | (946) | |||
Net Assets | |||||||
Beginning of period | 952,046 | 1,263,541 | 5,137 | 6,083 | |||
End of Period | $ 1,333,764 | $ 952,046 | $ 9,264 | $ 5,137 |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 42 | $ 20 | $ 32 | $ 8 | |||
Net realized gain (loss) | (71) | (30) | (169) | (313) | |||
Net change in unrealized appreciation (depreciation) | 433 | (768) | 603 | (1,477) | |||
Increase (decrease) in net assets resulting from operations | 404 | (778) | 466 | (1,782) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (7) | (—) (1) | — | (14) | |||
Class C | — | — | — | (11) | |||
Class I | (2) | (1) | — | (27) | |||
Class R6 | (9) | (10) | — | (368) | |||
Total dividends and distributions to shareholders | (18) | (11) | — | (420) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 437 | 643 | 8 | 1 | |||
Class C | — (1) | 1 | 48 | (14) | |||
Class I | 710 | 399 | (39) | (47) | |||
Class R6 | 314 | 729 | (137) | 364 | |||
Increase (decrease) in net assets from capital transactions | 1,461 | 1,772 | (120) | 304 | |||
Net increase (decrease) in net assets | 1,847 | 983 | 346 | (1,898) | |||
Net Assets | |||||||
Beginning of period | 3,910 | 2,927 | 4,297 | 6,195 | |||
End of Period | $ 5,757 | $ 3,910 | $ 4,643 | $ 4,297 |
(1) | Amount is less than $500 (not in thousands). |
SGA Global Growth Fund | SGA New Leaders Growth Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (245) | $ (643) | $ (6) | $ (33) | |||
Net realized gain (loss) | (2,570) | 3,988 | (741) | (809) | |||
Net change in unrealized appreciation (depreciation) | 26,503 | (56,748) | 1,497 | (2,361) | |||
Increase (decrease) in net assets resulting from operations | 23,688 | (53,403) | 750 | (3,203) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (503) | (2,276) | — | — | |||
Class C | (104) | (518) | — | — | |||
Class I | (643) | (3,434) | — | — | |||
Class R6 | (1,405) | (5,122) | — | — | |||
Total dividends and distributions to shareholders | (2,655) | (11,350) | — | — | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 134 | (3,902) | 4 | 10 | |||
Class C | (727) | (934) | — | (2) | |||
Class I | (13,899) | (1,068) | (37) | — | |||
Class R6 | (5,388) | 4,695 | 542 | 2,311 | |||
Increase (decrease) in net assets from capital transactions | (19,880) | (1,209) | 509 | 2,319 | |||
Net increase (decrease) in net assets | 1,153 | (65,962) | 1,259 | (884) | |||
Net Assets | |||||||
Beginning of period | 109,722 | 175,684 | 5,764 | 6,648 | |||
End of Period | $ 110,875 | $ 109,722 | $ 7,023 | $ 5,764 |
Tactical Allocation Fund | |||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss) | $ 7,652 | $ 4,598 | |
Net realized gain (loss) | 6,254 | 38,422 | |
Net change in unrealized appreciation (depreciation) | 74,501 | (318,832) | |
Increase (decrease) in net assets resulting from operations | 88,407 | (275,812) | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (41,415) | (60,102) | |
Class C | (712) | (1,929) | |
Class I | (1,853) | (3,906) | |
Class R6 | (20) | (8) | |
Total dividends and distributions to shareholders | (44,000) | (65,945) | |
Change in Net Assets from Capital Transactions (See Note 5): | |||
Class A | (26,993) | (12,680) | |
Class C | (4,018) | (11,584) | |
Class I | (4,841) | (8,300) | |
Class R6 | 1,516 | 4 | |
Increase (decrease) in net assets from capital transactions | (34,336) | (32,560) | |
Net increase (decrease) in net assets | 10,071 | (374,317) | |
Net Assets | |||
Beginning of period | 580,292 | 954,609 | |
End of Period | $ 590,363 | $ 580,292 |
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Capital Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $16.87 | (0.08) | 3.43 | 3.35 | — | — | (3.31) | (3.31) | — | 0.04 | $16.91 | 23.25 % | $ 483,990 | 1.22 % (6) | 1.22 % | (0.45) % | 12 % | |
10/1/21 to 9/30/22 | 28.64 | (0.14) | (9.51) | (9.65) | — | — | (2.12) | (2.12) | — | (11.77) | 16.87 | (36.54) | 435,925 | 1.20 (6)(7) | 1.20 | (0.63) | 13 | |
10/1/20 to 9/30/21 | 24.20 | (0.22) | 5.49 | 5.27 | — | — | (0.83) | (0.83) | — | 4.44 | 28.64 | 21.98 | 736,713 | 1.20 (6) | 1.20 | (0.83) | 8 | |
10/1/19 to 9/30/20 | 16.67 | (0.12) | 8.16 | 8.04 | — | — | (0.51) | (0.51) | — | 7.53 | 24.20 | 49.20 | 640,963 | 1.22 (6) | 1.23 | (0.63) | 4 | |
10/1/18 to 9/30/19 | 18.37 | (0.07) | (0.08) | (0.15) | — | — | (1.55) | (1.55) | — | (1.70) | 16.67 | 1.10 | 471,071 | 1.23 (6) | 1.24 | (0.43) | 12 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $11.73 | (0.14) | 2.20 | 2.06 | — | — | (3.31) | (3.31) | — | (1.25) | $10.48 | 22.24 % | $ 2,136 | 2.06 % (6) | 2.06 % | (1.29) % | 12 % | |
10/1/21 to 9/30/22 | 20.70 | (0.25) | (6.60) | (6.85) | — | — | (2.12) | (2.12) | — | (8.97) | 11.73 | (37.07) | 2,914 | 2.01 (6)(7) | 2.01 | (1.48) | 13 | |
10/1/20 to 9/30/21 | 17.83 | (0.32) | 4.02 | 3.70 | — | — | (0.83) | (0.83) | — | 2.87 | 20.70 | 21.00 | 9,252 | 2.01 (6) | 2.01 | (1.63) | 8 | |
10/1/19 to 9/30/20 | 12.49 | (0.20) | 6.05 | 5.85 | — | — | (0.51) | (0.51) | — | 5.34 | 17.83 | 48.09 | 13,183 | 2.00 (6) | 2.00 | (1.41) | 4 | |
10/1/18 to 9/30/19 | 14.34 | (0.15) | (0.15) | (0.30) | — | — | (1.55) | (1.55) | — | (1.85) | 12.49 | 0.26 | 8,632 | 2.02 (6) | 2.02 | (1.22) | 12 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $17.67 | (0.04) | 3.63 | 3.59 | — | — | (3.31) | (3.31) | — | 0.28 | $17.95 | 23.60 % | $ 29,960 | 1.00 % (6) | 1.00 % | (0.23) % | 12 % | |
10/1/21 to 9/30/22 | 29.86 | (0.11) | (9.96) | (10.07) | — | — | (2.12) | (2.12) | — | (12.19) | 17.67 | (36.45) | 30,739 | 1.01 (6)(7) | 1.01 | (0.44) | 13 | |
10/1/20 to 9/30/21 | 25.15 | (0.18) | 5.72 | 5.54 | — | — | (0.83) | (0.83) | — | 4.71 | 29.86 | 22.23 | 59,565 | 1.00 (6) | 1.00 | (0.63) | 8 | |
10/1/19 to 9/30/20 | 17.36 | (0.09) | 8.39 | 8.30 | — | — | (0.51) | (0.51) | — | 7.79 | 25.15 | 48.72 | 46,600 | 1.01 (6) | 1.02 | (0.44) | 4 | |
10/1/18 to 9/30/19 | 19.02 | (0.04) | (0.07) | (0.11) | — | — | (1.55) | (1.55) | — | (1.66) | 17.36 | 1.29 | 22,315 | 1.02 (6) | 1.03 | (0.21) | 12 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $17.95 | — (8) | 3.70 | 3.70 | — | — | (3.31) | (3.31) | — | 0.39 | $18.34 | 23.88 % | $ 1,562 | 0.73 % | 0.91 % | 0.03 % | 12 % | |
10/1/21 to 9/30/22 | 30.22 | (0.04) | (10.11) | (10.15) | — | — | (2.12) | (2.12) | — | (12.27) | 17.95 | (36.27) | 1,243 | 0.74 (7) | 0.92 | (0.15) | 13 | |
10/1/20 to 9/30/21 | 25.38 | (0.11) | 5.78 | 5.67 | — | — | (0.83) | (0.83) | — | 4.84 | 30.22 | 22.55 | 810 | 0.73 | 0.91 | (0.38) | 8 | |
10/1/19 to 9/30/20 | 17.37 | (0.01) | 8.53 | 8.52 | — | — | (0.51) | (0.51) | — | 8.01 | 25.38 | 49.99 | 279 | 0.72 | 0.94 | (0.06) | 4 | |
10/1/18 to 9/30/19 | 19.04 | (0.05) | (0.07) | (0.12) | — | — | (1.55) | (1.55) | — | (1.67) | 17.37 | 1.25 | 94 | 0.78 (9) | 0.94 | (0.27) | 12 | |
KAR Equity Income Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $18.25 | 0.52 | 0.50 | 1.02 | (0.47) | — | (0.66) | (1.13) | — | (0.11) | $18.14 | 5.19 % | $ 101,277 | 1.19 % | 1.33 % | 2.71 % | 27 % | |
10/1/21 to 9/30/22 | 20.46 | 0.47 | (1.80) | (1.33) | (0.44) | — | (0.44) | (0.88) | — | (2.21) | 18.25 | (7.01) | 104,120 | 1.22 (7) | 1.34 | 2.26 | 22 | |
10/1/20 to 9/30/21 | 23.03 | 0.47 | 3.57 | 4.04 | (0.27) | — | (6.34) | (6.61) | — | (2.57) | 20.46 | 20.23 | 122,518 | 1.23 (7) | 1.36 | 2.21 | 25 | |
10/1/19 to 9/30/20 | 20.62 | 0.15 | 2.47 | 2.62 | (0.21) | — | — | (0.21) | — | 2.41 | 23.03 | 12.75 | 113,585 | 1.23 (7) | 1.38 | 0.72 | 118 | |
10/1/18 to 9/30/19 | 21.05 | 0.16 | (0.38) | (0.22) | (0.21) | — | — | (0.21) | — | (0.43) | 20.62 | (0.85) | 115,121 | 1.20 | 1.34 | 0.80 | 26 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $15.55 | 0.32 | 0.44 | 0.76 | (0.45) | — | (0.66) | (1.11) | — | (0.35) | $15.20 | 4.40 % | $ 3,350 | 1.94 % | 2.12 % | 1.97 % | 27 % | |
10/1/21 to 9/30/22 | 17.47 | 0.26 | (1.52) | (1.26) | (0.22) | — | (0.44) | (0.66) | — | (1.92) | 15.55 | (7.67) | 3,395 | 1.97 (7) | 2.12 | 1.50 | 22 | |
10/1/20 to 9/30/21 | 20.51 | 0.28 | 3.12 | 3.40 | (0.10) | — | (6.34) | (6.44) | — | (3.04) | 17.47 | 19.31 | 4,303 | 1.97 (7) | 2.13 | 1.52 | 25 | |
10/1/19 to 9/30/20 | 18.36 | (0.01) | 2.19 | 2.18 | (0.03) | — | — | (0.03) | — | 2.15 | 20.51 | 11.91 | 6,394 | 1.97 (7) | 2.13 | (0.03) | 118 | |
10/1/18 to 9/30/19 | 18.71 | 0.01 | (0.33) | (0.32) | (0.03) | — | — | (0.03) | — | (0.35) | 18.36 | (1.65) | 7,769 | 1.95 | 2.10 | 0.07 | 26 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Equity Income Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $18.21 | 0.57 | 0.50 | 1.07 | (0.60)�� | — | (0.66) | (1.26) | — | (0.19) | $18.02 | 5.47 % | $ 14,965 | 0.94 % | 1.09 % | 2.99 % | 27 % | |
10/1/21 to 9/30/22 | 20.41 | 0.51 | (1.78) | (1.27) | (0.49) | — | (0.44) | (0.93) | — | (2.20) | 18.21 | (6.74) | 25,923 | 0.99 (7) | 1.10 | 2.48 | 22 | |
10/1/20 to 9/30/21 | 23.00 | 0.52 | 3.56 | 4.08 | (0.33) | — | (6.34) | (6.67) | — | (2.59) | 20.41 | 20.49 | 11,819 | 0.98 (7) | 1.11 | 2.43 | 25 | |
10/1/19 to 9/30/20 | 20.60 | 0.20 | 2.46 | 2.66 | (0.26) | — | — | (0.26) | — | 2.40 | 23.00 | 12.98 | 10,319 | 0.98 (7) | 1.13 | 0.97 | 118 | |
10/1/18 to 9/30/19 | 21.03 | 0.21 | (0.38) | (0.17) | (0.26) | — | — | (0.26) | — | (0.43) | 20.60 | (0.58) | 10,654 | 0.95 | 1.09 | 1.06 | 26 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $18.13 | 0.58 | 0.49 | 1.07 | (0.56) | — | (0.66) | (1.22) | — | (0.15) | $17.98 | 5.49 % | $ 1,932 | 0.90 % | 1.00 % | 3.03 % | 27 % | |
10/1/21 to 9/30/22 | 20.35 | 0.52 | (1.78) | (1.26) | (0.52) | — | (0.44) | (0.96) | — | (2.22) | 18.13 | (6.74) | 1,674 | 0.94 (7) | 1.03 | 2.54 | 22 | |
10/1/20 to 9/30/21 | 22.96 | 0.51 | 3.57 | 4.08 | (0.35) | — | (6.34) | (6.69) | — | (2.61) | 20.35 | 20.55 | 1,162 | 0.94 (7) | 1.03 | 2.44 | 25 | |
10/1/19 to 9/30/20 | 20.56 | 0.21 | 2.47 | 2.68 | (0.28) | — | — | (0.28) | — | 2.40 | 22.96 | 13.08 | 793 | 0.93 (7) | 1.05 | 1.01 | 118 | |
10/1/18 to 9/30/19 | 21.03 | 0.20 | (0.37) | (0.17) | (0.30) | — | — | (0.30) | — | (0.47) | 20.56 | (0.56) | 935 | 0.91 | 1.03 | 1.02 | 26 | |
KAR Global Quality Dividend Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $12.96 | 0.44 | 0.72 | 1.16 | (0.41) | — | — | (0.41) | — | 0.75 | $13.71 | 8.79 % | $ 21,314 | 1.35 % | 1.56 % | 3.10 % | 21 % | |
10/1/21 to 9/30/22 | 14.74 | 0.38 | (1.84) | (1.46) | (0.32) | — | — | (0.32) | — | (1.78) | 12.96 | (10.21) | 21,388 | 1.36 (7) | 1.50 | 2.54 | 37 | |
10/1/20 to 9/30/21 | 12.76 | 0.37 | 1.95 | 2.32 | (0.34) | — | — | (0.34) | — | 1.98 | 14.74 | 18.42 | 23,807 | 1.35 | 1.51 | 2.55 | 37 | |
10/1/19 to 9/30/20 | 14.78 | 0.31 | (1.99) | (1.68) | (0.34) | — | — | (0.34) | — | (2.02) | 12.76 | (11.69) | 22,089 | 1.35 | 1.61 | 2.32 | 53 | |
10/1/18 to 9/30/19 | 14.98 | 0.38 | 0.85 | 1.23 | (0.39) | — | (1.04) | (1.43) | — | (0.20) | 14.78 | 9.64 | 29,367 | 1.35 | 1.56 | 2.71 | 35 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $12.54 | 0.32 | 0.71 | 1.03 | (0.29) | — | — | (0.29) | — | 0.74 | $13.28 | 8.06 % | $ 490 | 2.10 % | 2.38 % | 2.29 % | 21 % | |
10/1/21 to 9/30/22 | 14.21 | 0.26 | (1.79) | (1.53) | (0.14) | — | — | (0.14) | — | (1.67) | 12.54 | (10.93) | 814 | 2.11 (7) | 2.31 | 1.78 | 37 | |
10/1/20 to 9/30/21 | 12.29 | 0.24 | 1.90 | 2.14 | (0.22) | — | — | (0.22) | — | 1.92 | 14.21 | 17.52 | 931 | 2.10 | 2.29 | 1.74 | 37 | |
10/1/19 to 9/30/20 | 14.23 | 0.20 | (1.92) | (1.72) | (0.22) | — | — | (0.22) | — | (1.94) | 12.29 | (12.34) | 1,467 | 2.10 | 2.35 | 1.53 | 53 | |
10/1/18 to 9/30/19 | 14.52 | 0.24 | 0.83 | 1.07 | (0.32) | — | (1.04) | (1.36) | — | (0.29) | 14.23 | 8.74 | 3,178 | 2.10 | 2.29 | 1.79 | 35 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $12.94 | 0.48 | 0.71 | 1.19 | (0.44) | — | — | (0.44) | — | 0.75 | $13.69 | 9.02 % | $ 7,143 | 1.10 % | 1.32 % | 3.34 % | 21 % | |
10/1/21 to 9/30/22 | 14.76 | 0.42 | (1.85) | (1.43) | (0.39) | — | — | (0.39) | — | (1.82) | 12.94 | (10.00) | 10,797 | 1.12 (7) | 1.27 | 2.79 | 37 | |
10/1/20 to 9/30/21 | 12.77 | 0.40 | 1.97 | 2.37 | (0.38) | — | — | (0.38) | — | 1.99 | 14.76 | 18.78 | 11,659 | 1.10 | 1.27 | 2.79 | 37 | |
10/1/19 to 9/30/20 | 14.79 | 0.35 | (1.99) | (1.64) | (0.38) | — | — | (0.38) | — | (2.02) | 12.77 | (11.47) | 10,259 | 1.10 | 1.40 | 2.66 | 53 | |
10/1/18 to 9/30/19 | 15.02 | 0.42 | 0.83 | 1.25 | (0.44) | — | (1.04) | (1.48) | — | (0.23) | 14.79 | 9.85 | 7,246 | 1.10 | 1.36 | 3.00 | 35 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $13.04 | 0.53 | 0.72 | 1.25 | (0.50) | — | — | (0.50) | — | 0.75 | $13.79 | 9.41 % | $ 2,190 | 0.79 % | 1.20 % | 3.67 % | 21 % | |
10/1/21 to 9/30/22 | 14.84 | 0.47 | (1.86) | (1.39) | (0.41) | — | — | (0.41) | — | (1.80) | 13.04 | (9.73) | 2,177 | 0.80 (7) | 1.18 | 3.14 | 37 | |
10/1/20 to 9/30/21 | 12.81 | 0.45 | 1.97 | 2.42 | (0.39) | — | — | (0.39) | — | 2.03 | 14.84 | 19.15 | 1,969 | 0.78 | 1.15 | 3.04 | 37 | |
10/1/19 to 9/30/20 | 14.80 | 0.39 | (1.99) | (1.60) | (0.39) | — | — | (0.39) | — | (1.99) | 12.81 | (11.18) | 90 | 0.78 | 1.27 | 2.92 | 53 | |
8/1/19 (10) 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 (11) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Mid-Cap Core Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $41.93 | (0.05) | 8.69 | 8.64 | — | — | (0.11) | (0.11) | — | 8.53 | $50.46 | 20.63 % | $ 111,714 | 1.21 % (7) | 1.32 % | (0.11) % | 21 % | |
10/1/21 to 9/30/22 | 54.03 | (0.22) | (10.95) | (11.17) | — | — | (0.93) | (0.93) | — | (12.10) | 41.93 | (21.10) | 72,404 | 1.21 (7) | 1.31 | (0.44) | 20 | |
10/1/20 to 9/30/21 | 39.93 | (0.29) | 14.71 | 14.42 | — | — | (0.32) | (0.32) | — | 14.10 | 54.03 | 36.25 | 86,713 | 1.20 | 1.31 | (0.58) | 15 | |
10/1/19 to 9/30/20 | 35.05 | (0.16) | 5.19 | 5.03 | — | — | (0.15) | (0.15) | — | 4.88 | 39.93 | 14.39 | 56,677 | 1.20 | 1.34 | (0.44) | 19 | |
10/1/18 to 9/30/19 | 33.71 | (0.08) | 1.65 | 1.57 | — | — | (0.23) | (0.23) | — | 1.34 | 35.05 | 4.79 | 46,934 | 1.20 | 1.36 | (0.23) | 28 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $38.00 | (0.38) | 7.87 | 7.49 | — | — | (0.11) | (0.11) | — | 7.38 | $45.38 | 19.73 % | $ 64,053 | 1.96 % (7) | 2.07 % | (0.87) % | 21 % | |
10/1/21 to 9/30/22 | 49.42 | (0.54) | (9.95) | (10.49) | — | — | (0.93) | (0.93) | — | (11.42) | 38.00 | (21.70) | 53,041 | 1.96 (7) | 2.07 | (1.19) | 20 | |
10/1/20 to 9/30/21 | 36.82 | (0.61) | 13.53 | 12.92 | — | — | (0.32) | (0.32) | — | 12.60 | 49.42 | 35.23 | 67,627 | 1.95 | 2.06 | (1.33) | 15 | |
10/1/19 to 9/30/20 | 32.58 | (0.40) | 4.79 | 4.39 | — | — | (0.15) | (0.15) | — | 4.24 | 36.82 | 13.51 | 49,164 | 1.95 | 2.10 | (1.19) | 19 | |
10/1/18 to 9/30/19 | 31.58 | (0.30) | 1.53 | 1.23 | — | — | (0.23) | (0.23) | — | 1.00 | 32.58 | 4.03 | 43,268 | 1.95 | 2.11 | (0.98) | 28 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $43.07 | 0.07 | 8.94 | 9.01 | — | — | (0.11) | (0.11) | — | 8.90 | $51.97 | 20.94 % | $1,639,765 | 0.96 % (7) | 1.07 % | 0.14 % | 21 % | |
10/1/21 to 9/30/22 | 55.34 | (0.09) | (11.25) | (11.34) | — | — | (0.93) | (0.93) | — | (12.27) | 43.07 | (20.91) | 1,065,078 | 0.96 (7) | 1.06 | (0.18) | 20 | |
10/1/20 to 9/30/21 | 40.79 | (0.17) | 15.04 | 14.87 | — | — | (0.32) | (0.32) | — | 14.55 | 55.34 | 36.59 | 1,188,000 | 0.95 | 1.05 | (0.33) | 15 | |
10/1/19 to 9/30/20 | 35.72 | (0.07) | 5.29 | 5.22 | — | — | (0.15) | (0.15) | — | 5.07 | 40.79 | 14.65 | 658,291 | 0.95 | 1.09 | (0.18) | 19 | |
10/1/18 to 9/30/19 | 34.26 | 0.01 | 1.68 | 1.69 | — | — | (0.23) | (0.23) | — | 1.46 | 35.72 | 5.06 | 329,591 | 0.95 | 1.11 | 0.03 | 28 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $43.24 | 0.11 | 8.97 | 9.08 | — | — | (0.11) | (0.11) | — | 8.97 | $52.21 | 21.02 % | $ 45,941 | 0.88 % (7) | 0.97 % | 0.21 % | 21 % | |
10/1/21 to 9/30/22 | 55.51 | (0.06) | (11.28) | (11.34) | — | — | (0.93) | (0.93) | — | (12.27) | 43.24 | (20.84) | 28,499 | 0.88 (7) | 0.97 | (0.12) | 20 | |
10/1/20 to 9/30/21 | 40.89 | (0.12) | 15.06 | 14.94 | — | — | (0.32) | (0.32) | — | 14.62 | 55.51 | 36.67 | 55,370 | 0.87 | 0.97 | (0.24) | 15 | |
10/1/19 to 9/30/20 | 35.77 | (0.04) | 5.31 | 5.27 | — | — | (0.15) | (0.15) | — | 5.12 | 40.89 | 14.77 | 19,666 | 0.87 | 1.00 | (0.10) | 19 | |
10/1/18 to 9/30/19 | 34.28 | 0.04 | 1.68 | 1.72 | — | — | (0.23) | (0.23) | — | 1.49 | 35.77 | 5.15 | 11,323 | 0.87 | 1.01 | 0.11 | 28 | |
KAR Mid-Cap Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $43.47 | (0.30) | 7.05 | 6.75 | — | — | — | — | — | 6.75 | $50.22 | 15.53 % | $ 302,747 | 1.25 % (6) | 1.25 % | (0.61) % | 13 % | |
10/1/21 to 9/30/22 | 71.37 | (0.42) | (26.44) | (26.86) | — | — | (1.04) | (1.04) | — (8) | (27.90) | 43.47 | (38.15) (12) | 301,043 | 1.25 (6)(7) | 1.25 | (0.73) | 12 | |
10/1/20 to 9/30/21 | 58.05 | (0.62) | 14.01 | 13.39 | — | — | (0.07) | (0.07) | — | 13.32 | 71.37 | 23.07 | 579,817 | 1.24 (6) | 1.24 | (0.91) | 17 | |
10/1/19 to 9/30/20 | 37.39 | (0.42) | 21.34 | 20.92 | — | — | (0.26) | (0.26) | — | 20.66 | 58.05 | 56.23 | 482,266 | 1.28 (6)(13) | 1.26 | (0.90) | 14 | |
10/1/18 to 9/30/19 | 35.55 | (0.31) | 2.79 | 2.48 | — | — | (0.64) | (0.64) | — | 1.84 | 37.39 | 7.46 | 181,184 | 1.40 (6)(13) | 1.33 | (0.87) | 28 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $33.14 | (0.51) | 5.36 | 4.85 | — | — | — | — | — | 4.85 | $37.99 | 14.63 % | $ 54,318 | 2.03 % (6) | 2.03 % | (1.39) % | 13 % | |
10/1/21 to 9/30/22 | 55.11 | (0.68) | (20.25) | (20.93) | — | — | (1.04) | (1.04) | — (8) | (21.97) | 33.14 | (38.65) (12) | 59,318 | 2.05 (6)(7) | 2.05 | (1.53) | 12 | |
10/1/20 to 9/30/21 | 45.18 | (0.87) | 10.87 | 10.00 | — | — | (0.07) | (0.07) | — | 9.93 | 55.11 | 22.13 | 141,256 | 1.99 (6) | 1.99 | (1.66) | 17 | |
10/1/19 to 9/30/20 | 29.38 | (0.60) | 16.66 | 16.06 | — | — | (0.26) | (0.26) | — | 15.80 | 45.18 | 55.01 | 112,165 | 2.03 (6)(13) | 2.02 | (1.65) | 14 | |
10/1/18 to 9/30/19 | 28.30 | (0.47) | 2.19 | 1.72 | — | — | (0.64) | (0.64) | — | 1.08 | 29.38 | 6.67 | 40,450 | 2.15 (6)(13) | 2.12 | (1.62) | 28 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Mid-Cap Growth Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $45.29 | (0.20) | 7.34 | 7.14 | — | — | — | — | — | 7.14 | $52.43 | 15.77 % | $1,041,379 | 1.02 % (6) | 1.02 % | (0.39) % | 13 % | |
10/1/21 to 9/30/22 | 74.14 | (0.30) | (27.51) | (27.81) | — | — | (1.04) | (1.04) | — (8) | (28.85) | 45.29 | (38.00) (12) | 1,134,777 | 1.01 (6)(7) | 1.01 | (0.50) | 12 | |
10/1/20 to 9/30/21 | 60.16 | (0.47) | 14.52 | 14.05 | — | — | (0.07) | (0.07) | — | 13.98 | 74.14 | 23.35 | 2,499,830 | 1.00 (6) | 1.00 | (0.66) | 17 | |
10/1/19 to 9/30/20 | 38.70 | (0.33) | 22.05 | 21.72 | — | — | (0.26) | (0.26) | — | 21.46 | 60.16 | 56.39 | 1,837,262 | 1.03 (6) | 1.03 | (0.66) | 14 | |
10/1/18 to 9/30/19 | 36.66 | (0.22) | 2.90 | 2.68 | — | — | (0.64) | (0.64) | — | 2.04 | 38.70 | 7.79 | 309,892 | 1.11 (6)(13) | 1.11 | (0.58) | 28 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $45.71 | (0.10) | 7.41 | 7.31 | — | — | — | — | — | 7.31 | $53.02 | 15.99 % | $ 90,609 | 0.82 % | 0.91 % | (0.19) % | 13 % | |
10/1/21 to 9/30/22 | 74.68 | (0.20) | (27.73) | (27.93) | — | — | (1.04) | (1.04) | — (8) | (28.97) | 45.71 | (37.89) (12) | 89,056 | 0.84 (7) | 0.90 | (0.34) | 12 | |
10/1/20 to 9/30/21 | 60.49 | (0.36) | 14.62 | 14.26 | — | — | (0.07) | (0.07) | — | 14.19 | 74.68 | 23.57 | 208,915 | 0.83 | 0.89 | (0.50) | 17 | |
10/1/19 to 9/30/20 | 38.85 | (0.28) | 22.18 | 21.90 | — | — | (0.26) | (0.26) | — | 21.64 | 60.49 | 56.64 | 100,461 | 0.83 | 0.93 | (0.51) | 14 | |
10/1/18 to 9/30/19 | 36.71 | (0.13) | 2.91 | 2.78 | — | — | (0.64) | (0.64) | — | 2.14 | 38.85 | 8.05 | 1,975 | 0.85 (9)(13) | 1.01 | (0.34) | 28 | |
KAR Small-Cap Core Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $37.42 | 0.08 | 8.84 | 8.92 | (0.07) | — | (2.61) | (2.68) | — | 6.24 | $43.66 | 24.88 % | $ 146,983 | 1.27 % | 1.27 % | 0.20 % | 10 % | |
10/1/21 to 9/30/22 | 47.98 | — (8) | (4.72) | (4.72) | — | — | (5.84) | (5.84) | — | (10.56) | 37.42 | (11.73) | 117,382 | 1.27 (7) | 1.27 | — (14) | 9 | |
10/1/20 to 9/30/21 | 40.21 | (0.11) | 11.25 | 11.14 | — | — | (3.37) | (3.37) | — | 7.77 | 47.98 | 28.68 | 140,807 | 1.26 | 1.26 | (0.23) | 16 | |
10/1/19 to 9/30/20 | 38.20 | (0.17) | 3.84 | 3.67 | — | — | (1.66) | (1.66) | — | 2.01 | 40.21 | 9.78 | 112,178 | 1.28 | 1.28 | (0.46) | 19 | |
10/1/18 to 9/30/19 | 35.42 | (0.08) | 4.14 | 4.06 | — | — | (1.28) | (1.28) | — | 2.78 | 38.20 | 12.50 | 133,702 | 1.29 | 1.29 | (0.24) | 9 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $28.70 | (0.16) | 6.68 | 6.52 | — | — | (2.61) | (2.61) | — | 3.91 | $32.61 | 23.98 % | $ 59,235 | 1.99 % | 1.99 % | (0.52) % | 10 % | |
10/1/21 to 9/30/22 | 38.35 | (0.24) | (3.57) | (3.81) | — | — | (5.84) | (5.84) | — | (9.65) | 28.70 | (12.37) | 58,911 | 2.00 (7) | 2.00 | (0.73) | 9 | |
10/1/20 to 9/30/21 | 32.95 | (0.35) | 9.12 | 8.77 | — | — | (3.37) | (3.37) | — | 5.40 | 38.35 | 27.74 | 84,992 | 1.99 | 1.99 | (0.93) | 16 | |
10/1/19 to 9/30/20 | 31.81 | (0.37) | 3.17 | 2.80 | — | — | (1.66) | (1.66) | — | 1.14 | 32.95 | 8.98 | 89,553 | 2.01 | 2.01 | (1.20) | 19 | |
10/1/18 to 9/30/19 | 29.95 | (0.28) | 3.42 | 3.14 | — | — | (1.28) | (1.28) | — | 1.86 | 31.81 | 11.69 | 106,191 | 2.03 | 2.03 | (0.99) | 9 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $40.33 | 0.21 | 9.55 | 9.76 | (0.11) | — | (2.61) | (2.72) | — | 7.04 | $47.37 | 25.20 % | $1,146,747 | 1.00 % | 1.00 % | 0.47 % | 10 % | |
10/1/21 to 9/30/22 | 51.22 | 0.12 | (5.11) | (4.99) | (0.06) | — | (5.84) | (5.90) | — | (10.89) | 40.33 | (11.51) | 1,008,114 | 1.01 (7) | 1.01 | 0.26 | 9 | |
10/1/20 to 9/30/21 | 42.67 | 0.02 | 11.96 | 11.98 | (0.06) | — | (3.37) | (3.43) | — | 8.55 | 51.22 | 29.03 | 1,278,711 | 1.00 | 1.00 | 0.05 | 16 | |
10/1/19 to 9/30/20 | 40.33 | (0.07) | 4.08 | 4.01 | (0.01) | — | (1.66) | (1.67) | — | 2.34 | 42.67 | 10.11 | 1,082,010 | 1.00 | 1.00 | (0.18) | 19 | |
10/1/18 to 9/30/19 | 37.26 | — (8) | 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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $40.53 | 0.25 | 9.60 | 9.85 | (0.15) | — | (2.61) | (2.76) | — | 7.09 | $47.62 | 25.30 % | $ 388,523 | 0.92 % | 0.92 % | 0.55 % | 10 % | |
10/1/21 to 9/30/22 | 51.45 | 0.16 | (5.12) | (4.96) | (0.12) | — | (5.84) | (5.96) | — | (10.92) | 40.53 | (11.42) | 320,196 | 0.93 (7) | 0.93 | 0.35 | 9 | |
10/1/20 to 9/30/21 | 42.84 | 0.06 | 12.02 | 12.08 | (0.10) | — | (3.37) | (3.47) | — | 8.61 | 51.45 | 29.14 | 421,653 | 0.92 | 0.92 | 0.12 | 16 | |
10/1/19 to 9/30/20 | 40.50 | (0.06) | 4.10 | 4.04 | (0.04) | — | (1.66) | (1.70) | — | 2.34 | 42.84 | 10.15 | 294,883 | 0.93 | 0.93 | (0.14) | 19 | |
10/1/18 to 9/30/19 | 37.40 | 0.04 | 4.40 | 4.44 | (0.06) | — | (1.28) | (1.34) | — | 3.10 | 40.50 | 12.94 | 107,611 | 0.94 | 0.94 | 0.10 | 9 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Cap Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $32.27 | (0.20) | 4.50 | 4.30 | — | — | (5.04) | (5.04) | — | (0.74) | $31.53 | 15.15 % | $ 416,428 | 1.36 % (6) | 1.36 % | (0.62) % | 7 % | |
10/1/21 to 9/30/22 | 53.81 | (0.37) | (14.19) | (14.56) | — | — | (6.98) | (6.98) | — | (21.54) | 32.27 | (31.04) | 432,185 | 1.34 (6)(7) | 1.34 | (0.87) | 12 | |
10/1/20 to 9/30/21 | 49.00 | (0.52) | 10.49 | 9.97 | — | — | (5.16) | (5.16) | — | 4.81 | 53.81 | 20.46 | 793,106 | 1.34 (6) | 1.34 | (0.97) | 11 | |
10/1/19 to 9/30/20 | 37.44 | (0.41) | 12.59 | 12.18 | — | — | (0.62) | (0.62) | — | 11.56 | 49.00 | 32.91 | 772,158 | 1.35 (6) | 1.35 | (0.99) | 17 | |
10/1/18 to 9/30/19 | 33.57 | (0.23) | 4.78 | 4.55 | — | (0.04) | (0.64) | (0.68) | — | 3.87 | 37.44 | 14.12 | 735,210 | 1.37 (6) | 1.37 | (0.66) | 16 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $27.18 | (0.35) | 3.68 | 3.33 | — | — | (5.04) | (5.04) | — | (1.71) | $25.47 | 14.31 % | $ 136,793 | 2.08 % (6) | 2.08 % | (1.36) % | 7 % | |
10/1/21 to 9/30/22 | 46.72 | (0.58) | (11.98) | (12.56) | — | — | (6.98) | (6.98) | — | (19.54) | 27.18 | (31.52) | 163,204 | 2.07 (6)(7) | 2.07 | (1.61) | 12 | |
10/1/20 to 9/30/21 | 43.40 | (0.79) | 9.27 | 8.48 | — | — | (5.16) | (5.16) | — | 3.32 | 46.72 | 19.60 | 319,371 | 2.05 (6) | 2.05 | (1.68) | 11 | |
10/1/19 to 9/30/20 | 33.46 | (0.63) | 11.19 | 10.56 | — | — | (0.62) | (0.62) | — | 9.94 | 43.40 | 31.97 | 322,672 | 2.07 (6) | 2.07 | (1.72) | 17 | |
10/1/18 to 9/30/19 | 30.30 | (0.44) | 4.28 | 3.84 | — | (0.04) | (0.64) | (0.68) | — | 3.16 | 33.46 | 13.28 | 291,693 | 2.10 (6) | 2.10 | (1.40) | 16 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $33.50 | (0.12) | 4.70 | 4.58 | — | — | (5.04) | (5.04) | — | (0.46) | $33.04 | 15.47 % | $2,534,160 | 1.09 % (6) | 1.09 % | (0.36) % | 7 % | |
10/1/21 to 9/30/22 | 55.46 | (0.27) | (14.71) | (14.98) | — | — | (6.98) | (6.98) | — | (21.96) | 33.50 | (30.85) | 2,778,744 | 1.08 (6)(7) | 1.08 | (0.62) | 12 | |
10/1/20 to 9/30/21 | 50.25 | (0.38) | 10.75 | 10.37 | — | — | (5.16) | (5.16) | — | 5.21 | 55.46 | 20.77 | 5,346,986 | 1.07 (6) | 1.07 | (0.70) | 11 | |
10/1/19 to 9/30/20 | 38.28 | (0.31) | 12.90 | 12.59 | — | — | (0.62) | (0.62) | — | 11.97 | 50.25 | 33.27 | 5,251,980 | 1.09 (6) | 1.09 | (0.74) | 17 | |
10/1/18 to 9/30/19 | 34.21 | (0.14) | 4.89 | 4.75 | — | (0.04) | (0.64) | (0.68) | — | 4.07 | 38.28 | 14.44 | 3,973,860 | 1.11 (6) | 1.11 | (0.40) | 16 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $33.68 | (0.08) | 4.73 | 4.65 | — | — | (5.04) | (5.04) | — | (0.39) | $33.29 | 15.61 % | $ 225,962 | 0.99 % (6) | 0.99 % | (0.23) % | 7 % | |
10/1/21 to 9/30/22 | 55.68 | (0.22) | (14.80) | (15.02) | — | — | (6.98) | (6.98) | — | (22.00) | 33.68 | (30.80) | 140,696 | 0.99 (6)(7) | 0.99 | (0.51) | 12 | |
10/1/20 to 9/30/21 | 50.39 | (0.32) | 10.77 | 10.45 | — | — | (5.16) | (5.16) | — | 5.29 | 55.68 | 20.88 | 205,549 | 0.98 (6) | 0.98 | (0.58) | 11 | |
10/1/19 to 9/30/20 | 38.35 | (0.29) | 12.95 | 12.66 | — | — | (0.62) | (0.62) | — | 12.04 | 50.39 | 33.39 | 95,061 | 0.99 (6) | 0.99 | (0.68) | 17 | |
10/1/18 to 9/30/19 | 34.23 | (0.12) | 4.92 | 4.80 | — | (0.04) | (0.64) | (0.68) | — | 4.12 | 38.35 | 14.58 | 45,306 | 1.00 (6) | 1.00 | (0.31) | 16 | |
KAR Small-Cap Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $20.31 | 0.12 | 1.98 | 2.10 | (0.09) | — | (0.58) | (0.67) | — | 1.43 | $21.74 | 10.42 % | $ 88,472 | 1.21 % (6) | 1.21 % | 0.53 % | 11 % | |
10/1/21 to 9/30/22 | 27.28 | 0.05 | (6.53) | (6.48) | (0.02) | — | (0.47) | (0.49) | — | (6.97) | 20.31 | (24.26) | 90,204 | 1.21 (6)(7) | 1.21 | 0.19 | 9 | |
10/1/20 to 9/30/21 | 19.97 | 0.04 | 7.42 | 7.46 | (0.15) | — | — | (0.15) | — | 7.31 | 27.28 | 37.45 | 130,975 | 1.20 (6) | 1.20 | 0.14 | 13 | |
10/1/19 to 9/30/20 | 18.33 | 0.12 | 1.63 | 1.75 | (0.11) | — | — | (0.11) | — | 1.64 | 19.97 | 9.57 | 83,622 | 1.23 (6) | 1.23 | 0.66 | 19 | |
10/1/18 to 9/30/19 | 19.44 | 0.14 | (0.93) | (0.79) | (0.13) | — | (0.19) | (0.32) | — | (1.11) | 18.33 | (3.82) | 79,027 | 1.24 (6) | 1.24 | 0.80 | 14 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $19.59 | (0.05) | 1.92 | 1.87 | — | — | (0.58) | (0.58) | — | 1.29 | $20.88 | 9.59 % | $ 12,289 | 1.97 % (6) | 1.97 % | (0.23) % | 11 % | |
10/1/21 to 9/30/22 | 26.51 | (0.14) | (6.31) | (6.45) | — | — | (0.47) | (0.47) | — | (6.92) | 19.59 | (24.84) | 13,446 | 1.98 (6)(7) | 1.98 | (0.58) | 9 | |
10/1/20 to 9/30/21 | 19.44 | (0.16) | 7.24 | 7.08 | (0.01) | — | — | (0.01) | — | 7.07 | 26.51 | 36.44 | 21,623 | 1.96 (6) | 1.96 | (0.60) | 13 | |
10/1/19 to 9/30/20 | 17.88 | (0.01) | 1.57 | 1.56 | — | — | — | — | — | 1.56 | 19.44 | 8.72 | 16,233 | 1.98 (6) | 1.98 | (0.08) | 19 | |
10/1/18 to 9/30/19 | 18.96 | 0.01 | (0.90) | (0.89) | — | — | (0.19) | (0.19) | — | (1.08) | 17.88 | (4.56) | 15,361 | 1.99 (6) | 1.99 | 0.09 | 14 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Cap Value Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $20.36 | 0.17 | 1.98 | 2.15 | (0.13) | — | (0.58) | (0.71) | — | 1.44 | $21.80 | 10.65 % | $ 572,969 | 0.98 % (6) | 0.98 % | 0.78 % | 11 % | |
10/1/21 to 9/30/22 | 27.30 | 0.11 | (6.54) | (6.43) | (0.04) | — | (0.47) | (0.51) | — | (6.94) | 20.36 | (24.08) | 756,418 | 0.98 (6)(7) | 0.98 | 0.42 | 9 | |
10/1/20 to 9/30/21 | 19.97 | 0.10 | 7.43 | 7.53 | (0.20) | — | — | (0.20) | — | 7.33 | 27.30 | 37.83 | 1,190,498 | 0.96 (6) | 0.96 | 0.38 | 13 | |
10/1/19 to 9/30/20 | 18.34 | 0.18 | 1.60 | 1.78 | (0.15) | — | — | (0.15) | — | 1.63 | 19.97 | 9.75 | 711,421 | 0.99 (6) | 0.99 | 0.94 | 19 | |
10/1/18 to 9/30/19 | 19.49 | 0.18 | (0.94) | (0.76) | (0.20) | — | (0.19) | (0.39) | — | (1.15) | 18.34 | (3.57) | 484,123 | 1.01 (6) | 1.01 | 1.02 | 14 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $20.39 | 0.19 | 1.99 | 2.18 | (0.08) | — | (0.58) | (0.66) | — | 1.52 | $21.91 | 10.78 % | $ 47,355 | 0.89 % (6) | 0.89 % | 0.85 % | 11 % | |
10/1/21 to 9/30/22 | 27.33 | 0.13 | (6.55) | (6.42) | (0.05) | — | (0.47) | (0.52) | — | (6.94) | 20.39 | (24.03) | 34,066 | 0.89 (6)(7) | 0.89 | 0.52 | 9 | |
10/1/20 to 9/30/21 | 20.00 | 0.12 | 7.43 | 7.55 | (0.22) | — | — | (0.22) | — | 7.33 | 27.33 | 37.85 | 81,914 | 0.89 (6) | 0.89 | 0.46 | 13 | |
10/1/19 to 9/30/20 | 18.36 | 0.19 | 1.62 | 1.81 | (0.17) | — | — | (0.17) | — | 1.64 | 20.00 | 9.90 | 12,246 | 0.89 (6) | 0.89 | 1.01 | 19 | |
10/1/18 to 9/30/19 | 19.51 | 0.20 | (0.94) | (0.74) | (0.22) | — | (0.19) | (0.41) | — | (1.15) | 18.36 | (3.47) | 11,286 | 0.90 (6) | 0.90 | 1.11 | 14 | |
KAR Small-Mid Cap Core Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $13.53 | (0.05) | 3.01 | 2.96 | — | — | — | — | — | 2.96 | $16.49 | 21.88 % | $ 52,713 | 1.26 % (6)(13) | 1.26 % | (0.29) % | 18 % | |
10/1/21 to 9/30/22 | 18.67 | (0.10) | (4.82) | (4.92) | — | — | (0.22) | (0.22) | — | (5.14) | 13.53 | (26.69) | 34,319 | 1.31 (6)(7)(13) | 1.27 | (0.60) | 19 | |
10/1/20 to 9/30/21 | 14.43 | (0.14) | 4.38 | 4.24 | — | — | — | — | — | 4.24 | 18.67 | 29.38 | 48,485 | 1.30 | 1.30 | (0.77) | 7 | |
10/1/19 to 9/30/20 | 11.53 | (0.03) | 2.93 | 2.90 | — | — | — | — | — | 2.90 | 14.43 | 25.15 | 19,735 | 1.30 | 1.39 | (0.23) | 31 | |
10/1/18 to 9/30/19 | 10.79 | (0.03) | 0.89 | 0.86 | — | — | (0.12) | (0.12) | — | 0.74 | 11.53 | 8.32 | 1,473 | 1.30 | 2.25 | (0.28) | 21 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $13.07 | (0.16) | 2.90 | 2.74 | — | — | — | — | — | 2.74 | $15.81 | 20.96 % | $ 35,836 | 2.04 % (6)(13) | 2.03 % | (1.07) % | 18 % | |
10/1/21 to 9/30/22 | 18.18 | (0.22) | (4.67) | (4.89) | — | — | (0.22) | (0.22) | — | (5.11) | 13.07 | (27.25) | 26,271 | 2.04 (6)(7)(13) | 2.03 | (1.33) | 19 | |
10/1/20 to 9/30/21 | 14.16 | (0.27) | 4.29 | 4.02 | — | — | — | — | — | 4.02 | 18.18 | 28.39 | 30,401 | 2.05 (6)(13) | 2.03 | (1.52) | 7 | |
10/1/19 to 9/30/20 | 11.40 | (0.12) | 2.88 | 2.76 | — | — | — | — | — | 2.76 | 14.16 | 24.21 | 10,210 | 2.05 | 2.08 | (0.97) | 31 | |
10/1/18 to 9/30/19 | 10.75 | (0.11) | 0.88 | 0.77 | — | — | (0.12) | (0.12) | — | 0.65 | 11.40 | 7.50 | 1,106 | 2.05 | 2.92 | (1.05) | 21 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $13.68 | (0.01) | 3.04 | 3.03 | — | — | — | — | — | 3.03 | $16.71 | 22.15 % | $1,178,304 | 1.01 % (6)(13) | 1.01 % | (0.04) % | 18 % | |
10/1/21 to 9/30/22 | 18.82 | (0.05) | (4.87) | (4.92) | — | — | (0.22) | (0.22) | — | (5.14) | 13.68 | (26.47) | 877,405 | 1.02 (6)(7) | 1.02 | (0.31) | 19 | |
10/1/20 to 9/30/21 | 14.51 | (0.09) | 4.40 | 4.31 | — (8) | — | — | — (8) | — | 4.31 | 18.82 | 29.72 | 1,168,320 | 1.02 (6)(13) | 1.01 | (0.49) | 7 | |
10/1/19 to 9/30/20 | 11.56 | 0.01 | 2.94 | 2.95 | — | — | — | — | — | 2.95 | 14.51 | 25.52 | 439,899 | 1.05 | 1.09 | 0.07 | 31 | |
10/1/18 to 9/30/19 | 10.81 | (0.01) | 0.89 | 0.88 | (0.01) | — | (0.12) | (0.13) | — | 0.75 | 11.56 | 8.51 | 24,898 | 1.05 | 1.99 | (0.05) | 21 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $13.71 | 0.01 | 3.06 | 3.07 | — | — | — | — | — | 3.07 | $16.78 | 22.39 % | $ 66,911 | 0.92 % (6)(13) | 0.92 % | 0.09 % | 18 % | |
10/1/21 to 9/30/22 | 18.87 | (0.05) | (4.89) | (4.94) | — | — | (0.22) | (0.22) | — | (5.16) | 13.71 | (26.51) | 14,051 | 0.98 (6)(7)(13) | 0.93 | (0.28) | 19 | |
10/1/20 to 9/30/21 | 14.54 | (0.08) | 4.42 | 4.34 | (0.01) | — | — | (0.01) | — | 4.33 | 18.87 | 29.82 | 16,335 | 0.97 (6)(13) | 0.92 | (0.44) | 7 | |
10/1/19 to 9/30/20 | 11.57 | — (8) | 2.97 | 2.97 | — | — | — | — | — | 2.97 | 14.54 | 25.67 | 8,366 | 0.97 | 0.99 | 0.03 | 31 | |
10/1/18 to 9/30/19 | 10.81 | 0.01 | 0.88 | 0.89 | (0.01) | — | (0.12) | (0.13) | — | 0.76 | 11.57 | 8.61 | 3,125 | 0.97 | 1.91 | 0.06 | 21 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Small-Mid Cap Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 7.73 | (0.06) | 1.43 | 1.37 | — | — | — | — | — | 1.37 | $ 9.10 | 17.72 % | $ 3,321 | 1.30 % | 2.25 % | (0.61) % | 14 % | |
10/1/21 to 9/30/22 | 10.70 | (0.10) | (2.87) | (2.97) | — | — | — | — | — | (2.97) | 7.73 | (27.76) | 435 | 1.31 (7) | 2.77 | (1.04) | 27 | |
12/8/20 (10) to 9/30/21 | 10.00 | (0.09) | 0.79 | 0.70 | — | — | — | — | — | 0.70 | 10.70 | 7.00 | 725 | 1.30 | 4.06 | (1.05) | 14 (11) | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 7.63 | (0.12) | 1.40 | 1.28 | — | — | — | — | — | 1.28 | $ 8.91 | 16.78 % | $ 101 | 2.05 % | 2.92 % | (1.45) % | 14 % | |
10/1/21 to 9/30/22 | 10.63 | (0.16) | (2.84) | (3.00) | — | — | — | — | — | (3.00) | 7.63 | (28.22) | 98 | 2.06 (7) | 3.44 | (1.77) | 27 | |
12/8/20 (10) to 9/30/21 | 10.00 | (0.15) | 0.78 | 0.63 | — | — | — | — | — | 0.63 | 10.63 | 6.30 | 119 | 2.05 | 4.88 | (1.82) | 14 (11) | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 7.77 | (0.04) | 1.44 | 1.40 | — | — | — | — | — | 1.40 | $ 9.17 | 18.02 % | $ 2,715 | 1.05 % | 1.98 % | (0.42) % | 14 % | |
10/1/21 to 9/30/22 | 10.72 | (0.07) | (2.88) | (2.95) | — | — | — | — | — | (2.95) | 7.77 | (27.52) | 1,940 | 1.06 (7) | 2.58 | (0.76) | 27 | |
12/8/20 (10) to 9/30/21 | 10.00 | (0.07) | 0.79 | 0.72 | — | — | — | — | — | 0.72 | 10.72 | 7.20 | 1,998 | 1.05 | 3.83 | (0.79) | 14 (11) | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 7.78 | (0.03) | 1.43 | 1.40 | — | — | — | — | — | 1.40 | $ 9.18 | 17.99 % | $ 3,127 | 0.99 % | 1.86 % | (0.38) % | 14 % | |
10/1/21 to 9/30/22 | 10.73 | (0.07) | (2.88) | (2.95) | — | — | — | — | — | (2.95) | 7.78 | (27.49) | 2,664 | 1.00 (7) | 2.45 | (0.71) | 27 | |
12/8/20 (10) to 9/30/21 | 10.00 | (0.07) | 0.80 | 0.73 | — | — | — | — | — | 0.73 | 10.73 | 7.30 | 3,241 | 0.99 | 3.79 | (0.76) | 14 (11) | |
KAR Small-Mid Cap Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 7.77 | 0.05 | 0.72 | 0.77 | (0.05) | — | — | (0.05) | — | 0.72 | $ 8.49 | 9.96 % | $ 1,207 | 1.17 % | 2.20 % | 0.56 % | 15 % | |
10/1/21 to 9/30/22 | 9.64 | 0.03 | (1.88) | (1.85) | (0.02) | — | — | (0.02) | — | (1.87) | 7.77 | (19.25) | 698 | 1.20 (7) | 4.12 | 0.29 | 19 | |
8/3/21 (10) to 9/30/21 | 10.00 | — (8) | (0.36) | (0.36) | — | — | — | — | — | (0.36) | 9.64 | (3.60) | 127 | 1.17 | 12.81 | 0.09 | 0 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 7.71 | (0.02) | 0.73 | 0.71 | — | — | — | — | — | 0.71 | $ 8.42 | 9.21 % | $ 87 | 1.92 % | 2.96 % | (0.20) % | 15 % | |
10/1/21 to 9/30/22 | 9.63 | (0.04) | (1.88) | (1.92) | — | — | — | — | — | (1.92) | 7.71 | (19.94) | 80 | 1.93 (7) | 4.86 | (0.46) | 19 | |
8/3/21 (10) to 9/30/21 | 10.00 | (0.01) | (0.36) | (0.37) | — | — | — | — | — | (0.37) | 9.63 | (3.70) | 99 | 1.92 | 13.87 | (0.71) | 0 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 7.76 | 0.07 | 0.73 | 0.80 | (0.04) | — | — | (0.04) | — | 0.76 | $ 8.52 | 10.29 % | $ 1,150 | 0.92 % | 2.07 % | 0.81 % | 15 % | |
10/1/21 to 9/30/22 | 9.64 | 0.04 | (1.87) | (1.83) | (0.05) | — | — | (0.05) | — | (1.88) | 7.76 | (19.10) | 413 | 0.94 (7) | 3.89 | 0.47 | 19 | |
8/3/21 (10) to 9/30/21 | 10.00 | — (8) | (0.36) | (0.36) | — | — | — | — | — | (0.36) | 9.64 | (3.60) | 97 | 0.92 | 12.88 | 0.29 | 0 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 7.78 | 0.08 | 0.73 | 0.81 | (0.03) | — | — | (0.03) | — | 0.78 | $ 8.56 | 10.37 % | $ 3,313 | 0.82 % | 1.92 % | 0.90 % | 15 % | |
10/1/21 to 9/30/22 | 9.65 | 0.06 | (1.89) | (1.83) | (0.04) | — | — | (0.04) | — | (1.87) | 7.78 | (19.09) | 2,719 | 0.83 (7) | 3.83 | 0.63 | 19 | |
8/3/21 (10) to 9/30/21 | 10.00 | 0.01 | (0.36) | (0.35) | — | — | — | — | — | (0.35) | 9.65 | (3.50) | 2,604 | 0.82 | 12.82 | 0.47 | 0 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
SGA Emerging Markets Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.36 | 0.03 | 0.85 | 0.88 | — | — | — | — | — | 0.88 | $ 9.24 | 10.53 % | $ 157 | 1.48 % | 3.28 % | 0.28 % | 17 % | |
10/1/21 to 9/30/22 | 12.82 | (0.02) | (3.56) | (3.58) | — | — | (0.88) | (0.88) | — | (4.46) | 8.36 | (29.40) | 136 | 1.49 (7) | 3.02 | (0.23) | 30 | |
10/1/20 to 9/30/21 | 11.90 | (0.09) | 1.28 | 1.19 | — | — | (0.27) | (0.27) | — | 0.92 | 12.82 | 9.93 | 206 | 1.48 | 2.91 | (0.66) | 46 | |
10/1/19 to 9/30/20 | 9.97 | (0.05) | 1.98 | 1.93 | — | — | — (8) | — (8) | — | 1.93 | 11.90 | 19.37 | 169 | 1.48 | 3.98 | (0.47) | 44 | |
6/13/19 (10) 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 (11) | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.14 | (0.04) | 0.83 | 0.79 | — | — | — | — | — | 0.79 | $ 8.93 | 9.71 % | $ 139 | 2.23 % | 4.00 % | (0.45) % | 17 % | |
10/1/21 to 9/30/22 | 12.60 | (0.10) | (3.48) | (3.58) | — | — | (0.88) | (0.88) | — | (4.46) | 8.14 | (29.94) | 86 | 2.24 (7) | 3.76 | (0.96) | 30 | |
10/1/20 to 9/30/21 | 11.79 | (0.19) | 1.27 | 1.08 | — | — | (0.27) | (0.27) | — | 0.81 | 12.60 | 9.08 | 159 | 2.23 | 3.66 | (1.42) | 46 | |
10/1/19 to 9/30/20 | 9.95 | (0.13) | 1.97 | 1.84 | — | — | — (8) | — (8) | — | 1.84 | 11.79 | 18.50 | 142 | 2.23 | 4.70 | (1.19) | 44 | |
6/13/19 (10) 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 (11) | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.44 | 0.05 | 0.86 | 0.91 | — | — | — | — | — | 0.91 | $ 9.35 | 10.78 % | $ 219 | 1.24 % | 2.93 % | 0.53 % | 17 % | |
10/1/21 to 9/30/22 | 12.90 | — (8) | (3.58) | (3.58) | — | — | (0.88) | (0.88) | — | (4.46) | 8.44 | (29.20) | 230 | 1.24 (7) | 2.76 | 0.01 | 30 | |
10/1/20 to 9/30/21 | 11.94 | (0.06) | 1.29 | 1.23 | — | — | (0.27) | (0.27) | — | 0.96 | 12.90 | 10.24 | 405 | 1.23 | 2.67 | (0.42) | 46 | |
10/1/19 to 9/30/20 | 9.98 | (0.03) | 1.99 | 1.96 | — | — | — (8) | — (8) | — | 1.96 | 11.94 | 19.65 | 247 | 1.23 | 3.57 | (0.30) | 44 | |
6/13/19 (10) 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 (11) | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.49 | 0.07 | 0.86 | 0.93 | — | — | — | — | — | 0.93 | $ 9.42 | 10.95 % | $ 4,128 | 1.05 % | 2.89 % | 0.69 % | 17 % | |
10/1/21 to 9/30/22 | 12.95 | 0.02 | (3.60) | (3.58) | — | — | (0.88) | (0.88) | — | (4.46) | 8.49 | (29.08) | 3,845 | 1.06 (7) | 2.74 | 0.21 | 30 | |
10/1/20 to 9/30/21 | 11.97 | (0.03) | 1.28 | 1.25 | — | — | (0.27) | (0.27) | — | 0.98 | 12.95 | 10.38 | 5,425 | 1.05 | 2.63 | (0.24) | 46 | |
10/1/19 to 9/30/20 | 9.98 | — (8) | 1.99 | 1.99 | — | — | — (8) | — (8) | — | 1.99 | 11.97 | 19.95 | 4,828 | 1.05 | 3.72 | (0.02) | 44 | |
6/13/19 (10) to 9/30/19 | 10.00 | — (8) | (0.02) | (0.02) | — | — | — | — | — | (0.02) | 9.98 | (0.20) | 4,032 | 1.05 | 9.38 | (0.14) | 6 (11) | |
SGA Global Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $19.49 | (0.11) | 4.70 | 4.59 | — | — | (0.54) | (0.54) | — | 4.05 | $23.54 | 23.95 % | $ 22,363 | 1.34 % (9) | 1.46 % | (0.48) % | 24 % | |
10/1/21 to 9/30/22 | 30.69 | (0.18) | (8.97) | (9.15) | — | — | (2.05) | (2.05) | — | (11.20) | 19.49 | (31.91) | 18,375 | 1.39 (7) | 1.45 | (0.71) | 37 | |
10/1/20 to 9/30/21 | 26.54 | (0.24) | 5.33 | 5.09 | — | — | (0.94) | (0.94) | — | 4.15 | 30.69 | 19.49 | 34,690 | 1.38 | 1.47 | (0.79) | 40 | |
10/1/19 to 9/30/20 | 20.98 | (0.12) | 5.68 | 5.56 | — | — | — | — | — | 5.56 | 26.54 | 26.50 | 26,504 | 1.36 (6) | 1.36 | (0.53) | 49 | |
2/1/19 to 9/30/19(15) | 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 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $18.01 | (0.26) | 4.33 | 4.07 | — | — | (0.54) | (0.54) | — | 3.53 | $21.54 | 23.01 % | $ 3,726 | 2.09 % (9) | 2.18 % | (1.25) % | 24 % | |
10/1/21 to 9/30/22 | 28.71 | (0.35) | (8.30) | (8.65) | — | — | (2.05) | (2.05) | — | (10.70) | 18.01 | (32.40) | 3,767 | 2.14 (6)(7)(13) | 2.14 | (1.47) | 37 | |
10/1/20 to 9/30/21 | 25.06 | (0.43) | 5.02 | 4.59 | — | — | (0.94) | (0.94) | — | 3.65 | 28.71 | 18.62 | 7,326 | 2.13 | 2.14 | (1.54) | 40 | |
10/1/19 to 9/30/20 | 19.97 | (0.29) | 5.38 | 5.09 | — | — | — | — | — | 5.09 | 25.06 | 25.49 | 5,210 | 2.13 | 2.14 | (1.35) | 49 | |
2/1/19 to 9/30/19(15) | �� | 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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
SGA Global Growth Fund (Continued) | ||||||||||||||||||
Class I* | ||||||||||||||||||
10/1/22 to 9/30/23 | $19.69 | (0.06) | 4.76 | 4.70 | — | — | (0.54) | (0.54) | — | 4.16 | $23.85 | 24.27 % | $ 24,356 | 1.09 % (9) | 1.19 % | (0.26) % | 24 % | |
10/1/21 to 9/30/22 | 30.91 | (0.12) | (9.05) | (9.17) | — | — | (2.05) | (2.05) | — | (11.22) | 19.69 | (31.74) | 33,241 | 1.14 (7) | 1.18 | (0.47) | 37 | |
10/1/20 to 9/30/21 | 26.66 | (0.16) | 5.35 | 5.19 | — | — | (0.94) | (0.94) | — | 4.25 | 30.91 | 19.78 | 53,546 | 1.13 | 1.15 | (0.52) | 40 | |
10/1/19 to 9/30/20 | 21.03 | (0.08) | 5.71 | 5.63 | — (8) | — | — | — (8) | — | 5.63 | 26.66 | 26.79 | 27,529 | 1.13 | 1.20 | (0.34) | 49 | |
2/1/19 to 9/30/19(15) | 18.61 | — (8) | 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 | |
Class R6** | ||||||||||||||||||
10/1/22 to 9/30/23 | $20.38 | (0.01) | 4.92 | 4.91 | — | — | (0.54) | (0.54) | — | 4.37 | $24.75 | 24.49 % | $ 60,430 | 0.90 % | 1.06 % | (0.05) % | 24 % | |
10/1/21 to 9/30/22 | 31.85 | (0.06) | (9.36) | (9.42) | — | — | (2.05) | (2.05) | — | (11.47) | 20.38 | (31.58) | 54,339 | 0.91 (7) | 1.04 | (0.22) | 37 | |
10/1/20 to 9/30/21 | 27.38 | (0.10) | 5.51 | 5.41 | — | — | (0.94) | (0.94) | — | 4.47 | 31.85 | 20.07 | 80,122 | 0.90 | 1.03 | (0.31) | 40 | |
10/1/19 to 9/30/20 | 21.56 | (0.03) | 5.86 | 5.83 | (0.01) | — | — | (0.01) | — | 5.82 | 27.38 | 27.06 | 72,376 | 0.90 | 1.08 | (0.11) | 49 | |
2/1/19 to 9/30/19(15) | 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 | |
SGA New Leaders Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 6.33 | (0.04) | 0.85 | 0.81 | — | — | — | — | — | 0.81 | $ 7.14 | 12.80 % | $ 84 | 1.34 % | 2.43 % | (0.52) % | 20 % | |
10/1/21 to 9/30/22 | 10.65 | (0.08) | (4.24) | (4.32) | — | — | — | — | — | (4.32) | 6.33 | (40.56) | 71 | 1.36 (7)(9) | 2.44 | (0.93) | 30 | |
11/17/20 (10) to 9/30/21 | 10.00 | (0.09) | 0.74 | 0.65 | — | — | — | — | — | 0.65 | 10.65 | 6.50 | 110 | 1.39 | 3.60 | (1.01) | 24 (11) | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 6.24 | (0.09) | 0.84 | 0.75 | — | — | — | — | — | 0.75 | $ 6.99 | 12.02 % | $ 70 | 2.09 % | 3.12 % | (1.28) % | 20 % | |
10/1/21 to 9/30/22 | 10.58 | (0.14) | (4.20) | (4.34) | — | — | — | — | — | (4.34) | 6.24 | (41.02) | 62 | 2.11 (7)(9) | 3.17 | (1.68) | 30 | |
11/17/20 (10) to 9/30/21 | 10.00 | (0.16) | 0.74 | 0.58 | — | — | — | — | — | 0.58 | 10.58 | 5.80 | 108 | 2.14 | 4.35 | (1.76) | 24 (11) | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 6.36 | (0.02) | 0.85 | 0.83 | — | — | — | — | — | 0.83 | $ 7.19 | 13.05 % | $ 75 | 1.09 % | 2.13 % | (0.30) % | 20 % | |
10/1/21 to 9/30/22 | 10.67 | (0.06) | (4.25) | (4.31) | — | — | — | — | — | (4.31) | 6.36 | (40.39) | 97 | 1.11 (7)(9) | 2.20 | (0.68) | 30 | |
11/17/20 (10) to 9/30/21 | 10.00 | (0.07) | 0.74 | 0.67 | — | — | — | — | — | 0.67 | 10.67 | 6.70 | 163 | 1.14 | 3.32 | (0.76) | 24 (11) | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 6.38 | (0.01) | 0.86 | 0.85 | — | — | — | — | — | 0.85 | $ 7.23 | 13.32 % | $ 6,794 | 0.91 % | 2.09 % | (0.08) % | 20 % | |
10/1/21 to 9/30/22 | 10.69 | (0.04) | (4.27) | (4.31) | — | — | — | — | — | (4.31) | 6.38 | (40.32) | 5,534 | 0.92 (7) | 2.24 | (0.48) | 30 | |
11/17/20 (10) to 9/30/21 | 10.00 | (0.05) | 0.74 | 0.69 | — | — | — | — | — | 0.69 | 10.69 | 6.90 | 6,267 | 0.91 | 3.25 | (0.54) | 24 (11) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Tactical Allocation Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.89 | 0.12 | 1.22 | 1.34 | (0.12) | — | (0.58) | (0.70) | — | 0.64 | $ 9.53 | 15.81 % | $ 557,103 | 0.99 % | 1.07 % | 1.26 % | 23 % | |
10/1/21 to 9/30/22 | 13.86 | 0.07 | (4.06) | (3.99) | (0.07) | — | (0.91) | (0.98) | — | (4.97) | 8.89 | (31.03) | 542,371 | 1.00 (7) | 1.06 | 0.60 | 24 | |
10/1/20 to 9/30/21 | 12.10 | 0.04 | 1.97 | 2.01 | (0.05) | — | (0.20) | (0.25) | — | 1.76 | 13.86 | 16.69 | 869,209 | 1.01 (7)(9) | 1.07 | 0.30 | 46 | |
10/1/19 to 9/30/20 | 9.51 | 0.07 | 2.71 | 2.78 | (0.07) | — | (0.12) | (0.19) | — | 2.59 | 12.10 | 29.72 | 683,100 | 1.06 (6) | 1.06 | 0.68 | 35 | |
10/1/18 to 9/30/19 | 9.66 | 0.13 | 0.06 | 0.19 | (0.12) | — | (0.22) | (0.34) | — (8) | (0.15) | 9.51 | 2.36 (12) | 569,543 | 1.14 (6) | 1.14 | 1.33 | 51 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 9.08 | 0.05 | 1.24 | 1.29 | (0.04) | — | (0.58) | (0.62) | — | 0.67 | $ 9.75 | 14.92 % | $ 9,183 | 1.75 % | 1.87 % | 0.49 % | 23 % | |
10/1/21 to 9/30/22 | 14.19 | (0.03) | (4.15) | (4.18) | (0.02) | — | (0.91) | (0.93) | — | (5.11) | 9.08 | (31.56) | 12,326 | 1.76 (7) | 1.87 | (0.22) | 24 | |
10/1/20 to 9/30/21 | 12.44 | (0.06) | 2.02 | 1.96 | (0.01) | — | (0.20) | (0.21) | — | 1.75 | 14.19 | 15.82 | 33,401 | 1.77 (7)(9) | 1.88 | (0.46) | 46 | |
10/1/19 to 9/30/20 | 9.78 | (0.01) | 2.80 | 2.79 | (0.01) | — | (0.12) | (0.13) | — | 2.66 | 12.44 | 28.82 | 12,140 | 1.83 (6)(13) | 1.78 | (0.10) | 35 | |
10/1/18 to 9/30/19 | 9.93 | 0.06 | 0.05 | 0.11 | (0.04) | — | (0.22) | (0.26) | — (8) | (0.15) | 9.78 | 1.48 (12) | 8,560 | 1.91 (9) | 1.99 | 0.59 | 51 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.86 | 0.14 | 1.22 | 1.36 | (0.14) | — | (0.58) | (0.72) | — | 0.64 | $ 9.50 | 16.11 % | $ 22,540 | 0.76 % | 0.86 % | 1.49 % | 23 % | |
10/1/21 to 9/30/22 | 13.82 | 0.09 | (4.05) | (3.96) | (0.09) | — | (0.91) | (1.00) | — | (4.96) | 8.86 | (30.90) | 25,520 | 0.77 (7) | 0.86 | 0.80 | 24 | |
10/1/20 to 9/30/21 | 12.07 | 0.07 | 1.96 | 2.03 | (0.08) | — | (0.20) | (0.28) | — | 1.75 | 13.82 | 16.88 | 51,887 | 0.78 (7)(9) | 0.86 | 0.55 | 46 | |
10/1/19 to 9/30/20 | 9.51 | 0.08 | 2.70 | 2.78 | (0.10) | — | (0.12) | (0.22) | — | 2.56 | 12.07 | 29.74 | 26,526 | 0.82 (6) | 0.82 | 0.73 | 35 | |
1/29/19 (10) to 9/30/19 | 8.66 | 0.10 | 0.85 | 0.95 | (0.10) | — | — | (0.10) | — (8) | 0.85 | 9.51 | 10.94 (12) | 2,813 | 0.88 (6) | 0.89 | 1.52 | 51 (11) | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.87 | 0.15 | 1.22 | 1.37 | (0.17) | — | (0.58) | (0.75) | — | 0.62 | $ 9.49 | 16.26 % | $ 1,537 | 0.60 % | 0.77 % | 1.57 % | 23 % | |
10/1/21 to 9/30/22 | 13.83 | 0.11 | (4.05) | (3.94) | (0.11) | — | (0.91) | (1.02) | — | (4.96) | 8.87 | (30.73) | 75 | 0.61 (7) | 0.70 | 1.00 | 24 | |
10/20/20 (10) to 9/30/21 | 12.48 | 0.09 | 1.55 | 1.64 | (0.09) | — | (0.20) | (0.29) | — | 1.35 | 13.83 | 13.23 | 112 | 0.62 (7) | 0.86 | 0.70 | 46 (11) |
Footnote Legend: | |
* | On May 3, 2019, Investor Class shares of the Predecessor Fund were reorganized into Class I shares of the Fund. The Class I shares financial highlights for the periods prior to May 3, 2019 reflect the performance of the American Beacon SGA Global Growth Fund Investor Class shares. |
** | On May 3, 2019, Y Class shares and Institutional Class shares of the Predecessor Fund were reorganized into Class R6 shares of the Fund. The Class R6 shares financial highlights for the periods prior to May 3, 2019 reflect the performance of the American Beacon SGA Global Growth Fund Institutional Class shares. |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | The share class is currently under its expense limitation. |
(7) | Net expense ratio includes extraordinary proxy expenses. |
(8) | Amount is less than $0.005 per share. |
(9) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(10) | Inception date. |
(11) | Portfolio turnover is representative of the Fund for the entire period. |
(12) | Payment from affiliates had no impact on total return. |
(13) | See Note 3D in Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived. |
(14) | Amount is less than 0.005%. |
(15) | The Fund changed its fiscal year end to September 30, during the period. |
A. | Security Valuation |
The Funds’ Board of Trustees: (the “Board”) has designated the Investment Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. | |
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Payment-In-Kind Securities |
Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. | |
H. | When-Issued Purchases and Forward Commitments (Delayed Delivery) |
Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. | |
I. | Leveraged Loans |
Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. |
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. | |
A Fund may invest in both secured loans and “covenant lite” loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. | |
J. | Securities Lending |
The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. | |
Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At September 30, 2023, the securities loaned were subject to a MSLA on a net payment basis as follows: |
Fund | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | |||
KAR Equity Income Fund | $ 5,156 | $ 5,156 | $ — | |||
KAR Global Quality Dividend Fund | 690 | 690 | — | |||
KAR Small-Cap Growth Fund | 851 | 851 | — | |||
Tactical Allocation Fund | 1,010 | 1,010 | — |
(1) | Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Investment of Cash Collateral | Overnight and Continuous | ||
KAR Equity Income Fund | Money Market Mutual Fund | $5,285 | ||
KAR Global Quality Dividend Fund | Money Market Mutual Fund | 698 | ||
KAR Small-Cap Growth Fund | Money Market Mutual Fund | 875 | ||
Tactical Allocation Fund | Money Market Mutual Fund | 1,045 |
A. | Investment Adviser |
Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers. | |
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |
KAR Small-Cap Core Fund | 0.75 % |
KAR Small-Cap Value Fund | 0.70 |
First $400 Million | $400+ Million through $1 Billion | $1+ Billion | |||
KAR Small-Cap Growth Fund | 0.90 % | 0.85 % | 0.80 % |
First $500 Million | Over $500 Million | ||
KAR Mid-Cap Growth Fund | 0.80 % | 0.70 % |
First $1 Billion | $1+ Billion | ||
KAR Small-Mid Cap Core Fund | 0.75 % | 0.70 % | |
KAR Small-Mid Cap Growth Fund | 0.75 | 0.70 | |
KAR Small-Mid Cap Value Fund | 0.65 | 0.60 | |
SGA Emerging Markets Growth Fund | 1.00 | 0.95 | |
SGA Global Growth Fund | 0.80 | 0.75 | |
SGA New Leaders Growth Fund | 0.80 | 0.75 |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion | |||
KAR Capital Growth Fund | 0.70 % | 0.65 % | 0.60 % | ||
KAR Equity Income Fund | 0.75 | 0.70 | 0.65 | ||
KAR Global Quality Dividend Fund | 0.75 | 0.70 | 0.65 | ||
KAR Mid-Cap Core Fund | 0.80 | 0.75 | 0.70 | ||
Tactical Allocation Fund | 0.55 | 0.50 | 0.45 |
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the period is as follows: |
Fund | Subadviser | |
KAR Capital Growth Fund | KAR(1) | |
KAR Equity Income Fund | KAR(1) | |
KAR Global Quality Dividend Fund | KAR(1) | |
KAR Mid-Cap Core Fund | KAR(1) | |
KAR Mid-Cap Growth Fund | KAR(1) | |
KAR Small-Cap Core Fund | KAR(1) | |
KAR Small-Cap Growth Fund | KAR(1) | |
KAR Small-Cap Value Fund | KAR(1) | |
KAR Small-Mid Cap Core Fund | KAR(1) | |
KAR Small-Mid Cap Growth Fund | KAR(1) | |
KAR Small-Mid Cap Value Fund | KAR(1) | |
SGA Emerging Markets Growth Fund | SGA(2) | |
SGA Global Growth Fund | SGA(2) | |
SGA New Leaders Growth Fund | SGA(2) | |
Tactical Allocation Fund (Equity Portfolio) | KAR(1) | |
Tactical Allocation Fund (Fixed Income Portfolio) | Newfleet(3) |
(1) | Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus. |
(2) | Sustainable Growth Advisers, LP (“SGA”), an indirect, majority-owned subsidiary of Virtus. |
(3) | Newfleet Asset Management (“Newfleet”), a division of Virtus Fixed Income Advisers LLC, an indirect wholly owned subsidiary of Virtus. |
C. | Expense Limitations |
The Adviser has contractually agreed to limit each Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through January 31, 2024. |
Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
KAR Capital Growth Fund | 1.47% | 2.22% | 1.22% | 0.73% | ||||
KAR Equity Income Fund | 1.20 | 1.95 | 0.95 | 0.91 | ||||
KAR Global Quality Dividend Fund | 1.35 | 2.10 | 1.10 | 0.78 | ||||
KAR Mid-Cap Core Fund | 1.20 | 1.95 | 0.95 | 0.87 | ||||
KAR Mid-Cap Growth Fund | 1.40 | 2.15 | 1.15 | 0.83 | ||||
KAR Small-Cap Core Fund | N/A | N/A | N/A | N/A | ||||
KAR Small-Cap Growth Fund | 1.50 | 2.25 | 1.25 | 1.18 | ||||
KAR Small-Cap Value Fund | 1.42 | 2.17 | 1.17 | 1.06 | ||||
KAR Small-Mid Cap Core Fund | 1.30 | 2.05 | 1.05 | 0.97 | ||||
KAR Small-Mid Cap Growth Fund | 1.30 | 2.05 | 1.05 | 0.99 | ||||
KAR Small-Mid Cap Value Fund | 1.17 | 1.92 | 0.92 | 0.82 | ||||
SGA Emerging Markets Growth Fund | 1.48 | 2.23 | 1.23 | 1.05 | ||||
SGA Global Growth Fund | 1.33 (1) | 2.08 (1) | 1.08 (1) | 0.90 | ||||
SGA New Leaders Growth Fund | 1.34 | 2.09 | 1.09 | 0.91 | ||||
Tactical Allocation Fund | 0.99 | 1.75 | 0.76 | 0.60 |
(1) | Effective January 1, 2023. For the period October 1, 2022 through December 31, 2022, the expense caps were as follows for Class A shares, Class C shares and Class I shares, respectively: 1.38%, 2.13% and 1.13%. |
renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or
reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.
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 year ending September 30: |
Expiration | ||||||||
Fund | 2024 | 2025 | 2026 | Total | ||||
KAR Capital Growth Fund | ||||||||
Class R6 | $ 1 | $ 3 | $ 3 | $ 7 | ||||
KAR Equity Income Fund | ||||||||
Class A | 152 | 136 | 153 | 441 | ||||
Class C | 9 | 5 | 8 | 22 | ||||
Class I | 14 | 18 | 38 | 70 | ||||
Class R6 | 1 | 2 | 2 | 5 | ||||
KAR Global Quality Dividend Fund | ||||||||
Class A | 38 | 32 | 47 | 117 | ||||
Class C | 2 | 2 | 2 | 6 | ||||
Class I | 19 | 19 | 21 | 59 | ||||
Class R6 | 5 | 9 | 10 | 24 | ||||
KAR Mid-Cap Core Fund | ||||||||
Class A | 84 | 77 | 104 | 265 | ||||
Class C | 68 | 67 | 69 | 204 | ||||
Class I | 982 | 1,112 | 1,471 | 3,565 | ||||
Class R6 | 35 | 43 | 29 | 107 | ||||
KAR Mid-Cap Growth Fund | ||||||||
Class C | — | — | — (1) | — (1) | ||||
Class R6 | 101 | 102 | 80 | 283 | ||||
KAR Small-Mid Cap Core Fund | ||||||||
Class A | — | — | — (1) | — (1) | ||||
Class R6 | — | — | — (1) | — (1) |
Expiration | ||||||||
Fund | 2024 | 2025 | 2026 | Total | ||||
KAR Small-Mid Cap Growth Fund | ||||||||
Class A | $ 11 | $ 8 | $ 21 | $ 40 | ||||
Class C | 3 | 2 | 1 | 6 | ||||
Class I | 25 | 34 | 21 | 80 | ||||
Class R6 | 68 | 43 | 26 | 137 | ||||
KAR Small-Mid Cap Value Fund | ||||||||
Class A | 2 | 7 | 12 | 21 | ||||
Class C | 2 | 3 | 1 | 6 | ||||
Class I | 2 | 9 | 10 | 21 | ||||
Class R6 | 51 | 85 | 35 | 171 | ||||
SGA Emerging Markets Growth Fund | ||||||||
Class A | 3 | 2 | 3 | 8 | ||||
Class C | 3 | 2 | 3 | 8 | ||||
Class I | 6 | 5 | 4 | 15 | ||||
Class R6 | 89 | 77 | 79 | 245 | ||||
SGA Global Growth Fund | ||||||||
Class A | 30 | 16 | 26 | 72 | ||||
Class C | — | 1 | 3 | 4 | ||||
Class I | 9 | 15 | 26 | 50 | ||||
Class R6 | 104 | 90 | 102 | 296 | ||||
SGA New Leaders Growth Fund | ||||||||
Class A | 2 | 1 | 1 | 4 | ||||
Class C | 2 | 1 | 1 | 4 | ||||
Class I | 3 | 2 | 1 | 6 | ||||
Class R6 | 115 | 80 | 74 | 269 | ||||
Tactical Allocation Fund | ||||||||
Class A | 498 | 424 | 474 | 1,396 | ||||
Class C | 45 | 24 | 12 | 81 | ||||
Class I | 43 | 38 | 24 | 105 | ||||
Class R6 | — (1) | — (1) | 1 | 1 |
(1) | Amount is less than $500 (not in thousands). |
Fund | Class A | Class C | Class I | Class R6 | Total | |||||
KAR Mid-Cap Growth Fund | $— | $— (1) | $ — | $— | $ —(1) | |||||
KAR Small-Mid Cap Core Fund | — (1) | 5 | 31 | 9 | 45 | |||||
Tactical Allocation Fund | — | — (1) | — (1) | — | — (1) |
(1) | Amount is less than $500 (not in thousands). |
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 year ended September 30, 2023, it retained net commissions of $164 for Class A shares and CDSC of $13 and $(20) for Class A shares and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the year ended September 30, 2023, the Funds incurred administration fees totaling $11,111 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 year ended September 30, 2023, the Funds incurred transfer agent fees totaling $4,975 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. |
G. | Affiliated Shareholders |
At September 30, 2023, Virtus and its affiliates held shares of the following Fund, which may be redeemed at any time, that aggregated to the following: |
Shares | Aggregate Net Asset Value | ||
KAR Small-Mid Cap Value Fund | |||
Class A | 10,000 | $ 85 | |
Class C | 10,000 | 84 | |
Class I | 10,000 | 85 | |
Class R6 | 387,002 | 3,313 |
H. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the year ended September 30, 2023, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
Outside of Rule 17a-7 transactions, other investments with affiliated issuers are separately reported in this note. An affiliated issuer includes any company in which a Fund held 5% or more of a company’s outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to a Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. | |
A summary of the KAR Small-Cap Growth Fund’s total long-term and short-term purchases and sales of the respective shares of the affiliated investments during the year ended September 30, 2023, is as follows: |
Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) on affiliated securities | Net change in unrealized appreciation (depreciation) on affiliated securities | Value, end of period | Shares | Dividend income | Distributions of realized gains | |||||||||
KAR Small-Cap Growth Fund | |||||||||||||||||
Common Stocks—36.7% | |||||||||||||||||
Dream Finders Homes, Inc.(1) | $ 38,993 | $ — | $ — | $ — | $ 42,781 | $ 81,774 | 3,678,552 | $ — | $— | ||||||||
Duck Creek Technologies, Inc.(2) | 119,616 | — | 187,027 | 24,277 | 43,134 | — | — | — | — | ||||||||
Fox Factory Holding Corp.(1) | 217,706 | — | 37,162 | 22,904 | 31,868 | 235,316 | 2,375,008 | — | — | ||||||||
Goosehead Insurance, Inc.(1) | 63,812 | — | 19,671 | (4,028) | 60,240 | 100,353 | 1,346,476 | — | — | ||||||||
Holley, Inc.(1) | 42,971 | — | — | — | 9,974 | 52,945 | 10,610,230 | — | — | ||||||||
MediaAlpha, Inc.(1) | 40,653 | — | 7,330 | (24,991) | 24,478 | 32,810 | 3,972,151 | — | — | ||||||||
National Research Corp. | 95,899 | — | — | — | 11,011 | 106,910 | 2,409,518 | 3,566 | — | ||||||||
NVE Corp. | 19,252 | — | 10,647 | (1,015) | 12,591 | 20,181 | 245,690 | 1,150 | — | ||||||||
Olo, Inc.(1),(3) | — | 44,620 | 9,605 | (29,898) | (16,173) | 50,083 | 8,264,600 | — | — | ||||||||
Omega Flex, Inc. | 79,774 | — | 5,176 | (767) | (10,350) | 63,481 | 806,308 | 1,342 | — | ||||||||
Oportun Financial Corp.(4) | 7,790 | — | 1,624 | (3,176) | 17,965 | — | — | — | — | ||||||||
Revolve Group, Inc.(1) | 114,495 | — | 14,465 | (2,043) | (33,874) | 64,113 | 4,710,701 | — | — | ||||||||
Ryan Specialty Holdings, Inc.(1) | 315,827 | — | 56,329 | 24,336 | 28,063 | 311,897 | 6,444,150 | — | — | ||||||||
U.S. Physical Therapy, Inc. | 90,084 | — | 11,437 | (4,494) | 21,659 | 95,812 | 1,044,500 | 1,833 | — | ||||||||
Total | $1,246,872 | $44,620 | $360,473 | $ 1,105 | $243,367 | $1,215,675 | $7,891 | $— |
(1) | Non-income producing. |
(2) | Security was not an investment of the Fund at September 30, 2023. |
(3) | Issuer was not an affiliated investment of the Fund at September 30, 2022. |
(4) | Issuer is not an affiliated investment of the Fund at September 30, 2023. |
I. | Trustee Deferred Compensation Plan |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at September 30, 2023. |
Purchases | Sales | ||
KAR Capital Growth Fund | $ 62,199 | $ 118,544 | |
KAR Equity Income Fund | 38,470 | 49,627 | |
KAR Global Quality Dividend Fund | 7,503 | 14,077 | |
KAR Mid-Cap Core Fund | 683,409 | 314,061 | |
KAR Mid-Cap Growth Fund | 198,701 | 528,690 | |
KAR Small-Cap Core Fund | 169,582 | 255,169 | |
KAR Small-Cap Growth Fund | 246,987 | 1,035,464 | |
KAR Small-Cap Value Fund | 92,113 | 355,304 | |
KAR Small-Mid Cap Core Fund | 351,160 | 199,714 | |
KAR Small-Mid Cap Growth Fund | 4,320 | 1,034 | |
KAR Small-Mid Cap Value Fund | 2,243 | 757 | |
SGA Emerging Markets Growth Fund | 822 | 865 | |
SGA Global Growth Fund | 26,046 | 48,020 | |
SGA New Leaders Growth Fund | 1,848 | 1,282 | |
Tactical Allocation Fund | 120,181 | 185,179 |
Purchases | Sales | ||
Tactical Allocation Fund | $17,022 | $9,849 |
KAR Capital Growth Fund | KAR Equity Income Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 417 | $ 6,444 | 770 | $ 17,644 | 432 | $ 8,302 | 405 | $ 8,289 | |||||||
Reinvestment of distributions | 5,405 | 77,837 | 1,819 | 49,865 | 311 | 6,038 | 235 | 4,847 | |||||||
Shares repurchased and cross class conversions | (3,050) | (50,169) | (2,469) | (55,815) | (865) | (16,508) | (923) | (19,218) | |||||||
Net Increase / (Decrease) | 2,772 | $ 34,112 | 120 | $ 11,694 | (122) | $ (2,168) | (283) | $ (6,082) |
KAR Capital Growth Fund | KAR Equity Income Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 35 | $ 368 | 21 | $ 336 | 115 | $ 1,933 | 86 | $ 1,489 | |||||||
Reinvestment of distributions | 75 | 677 | 42 | 810 | 18 | 295 | 8 | 139 | |||||||
Shares repurchased and cross class conversions | (155) | (1,626) | (262) | (4,276) | (131) | (2,128) | (122) | (2,151) | |||||||
Net Increase / (Decrease) | (45) | $ (581) | (199) | $ (3,130) | 2 | $ 100 | (28) | $ (523) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 297 | $ 5,272 | 334 | $ 7,742 | 844 | $ 16,011 | 1,122 | $ 22,576 | |||||||
Reinvestment of distributions | 346 | 5,279 | 144 | 4,130 | 112 | 2,149 | 23 | 482 | |||||||
Shares repurchased and cross class conversions | (713) | (12,234) | (734) | (16,560) | (1,549) | (29,580) | (300) | (6,125) | |||||||
Net Increase / (Decrease) | (70) | $ (1,683) | (256) | $ (4,688) | (593) | $ (11,420) | 845 | $ 16,933 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 16 | $ 267 | 54 | $ 1,497 | 46 | $ 867 | 46 | $ 948 | |||||||
Reinvestment of distributions | 15 | 235 | 4 | 111 | 6 | 119 | 3 | 66 | |||||||
Shares repurchased and cross class conversions | (15) | (257) | (15) | (364) | (37) | (684) | (14) | (289) | |||||||
Net Increase / (Decrease) | 16 | $ 245 | 43 | $ 1,244 | 15 | $ 302 | 35 | $ 725 |
KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 78 | $ 1,130 | 184 | $ 2,751 | 851 | $ 41,213 | 520 | $ 25,809 | |||||||
Reinvestment of distributions | 43 | 618 | 32 | 479 | 4 | 203 | 27 | 1,495 | |||||||
Shares repurchased and cross class conversions | (217) | (3,123) | (180) | (2,696) | (368) | (17,999) | (425) | (21,995) | |||||||
Net Increase / (Decrease) | (96) | $ (1,375) | 36 | $ 534 | 487 | $ 23,417 | 122 | $ 5,309 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 6 | $ 90 | 32 | $ 466 | 299 | $ 13,191 | 278 | $ 12,955 | |||||||
Reinvestment of distributions | 1 | 16 | 1 | 8 | 4 | 152 | 25 | 1,267 | |||||||
Shares repurchased and cross class conversions | (35) | (495) | (34) | (482) | (287) | (12,490) | (276) | (12,531) | |||||||
Net Increase / (Decrease) | (28) | $ (389) | (1) | $ (8) | 16 | $ 853 | 27 | $ 1,691 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 105 | $ 1,510 | 606 | $ 9,126 | 14,954 | $ 751,349 | 11,088 | $ 567,760 | |||||||
Reinvestment of distributions | 24 | 346 | 27 | 401 | 57 | 2,728 | 362 | 20,844 | |||||||
Shares repurchased and cross class conversions | (442) | (6,335) | (588) | (8,830) | (8,184) | (405,459) | (8,189) | (403,477) | |||||||
Net Increase / (Decrease) | (313) | $ (4,479) | 45 | $ 697 | 6,827 | $ 348,618 | 3,261 | $ 185,127 |
KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 26 | $ 370 | 43 | $ 650 | 636 | $ 32,626 | 194 | $ 9,790 | |||||||
Reinvestment of distributions | 5 | 76 | 3 | 51 | 1 | 59 | 16 | 950 | |||||||
Shares repurchased and cross class conversions | (39) | (558) | (12) | (184) | (416) | (20,700) | (548) | (26,492) | |||||||
Net Increase / (Decrease) | (8) | $ (112) | 34 | $ 517 | 221 | $ 11,985 | (338) | $ (15,752) |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 494 | $ 24,011 | 994 | $ 57,568 | 466 | $ 19,466 | 297 | $ 12,884 | |||||||
Reinvestment of distributions | — | — | 113 | 7,619 | 200 | 7,634 | 353 | 15,608 | |||||||
Shares repurchased and cross class conversions | (1,390) | (67,213) | (2,307) | (130,014) | (436) | (18,296) | (448) | (19,060) | |||||||
Net Increase / (Decrease) | (896) | $ (43,202) | (1,200) | $ (64,827) | 230 | $ 8,804 | 202 | $ 9,432 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 102 | $ 3,735 | 209 | $ 9,553 | 45 | $ 1,359 | 29 | $ 978 | |||||||
Reinvestment of distributions | — | — | 49 | 2,542 | 175 | 5,016 | 354 | 12,090 | |||||||
Shares repurchased and cross class conversions | (462) | (16,790) | (1,031) | (46,414) | (456) | (14,373) | (546) | (18,009) | |||||||
Net Increase / (Decrease) | (360) | $ (13,055) | (773) | $ (34,319) | (236) | $ (7,998) | (163) | $ (4,941) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 4,595 | $ 232,426 | 8,605 | $ 512,895 | 1,788 | $ 81,556 | 2,597 | $ 118,523 | |||||||
Reinvestment of distributions | — | — | 497 | 34,760 | 1,464 | 60,521 | 2,789 | 132,938 | |||||||
Shares repurchased and cross class conversions | (9,789) | (489,451) | (17,766) | (1,012,704) | (4,041) | (181,807) | (5,358) | (241,311) | |||||||
Net Increase / (Decrease) | (5,194) | $ (257,025) | (8,664) | $ (465,049) | (789) | $ (39,730) | 28 | $ 10,150 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 434 | $ 22,006 | 965 | $ 57,309 | 2,154 | $ 96,191 | 1,513 | $ 68,743 | |||||||
Reinvestment of distributions | — | — | 42 | 2,965 | 213 | 8,849 | 301 | 14,426 | |||||||
Shares repurchased and cross class conversions | (673) | (34,500) | (1,856) | (96,440) | (2,108) | (96,264) | (2,109) | (95,556) | |||||||
Net Increase / (Decrease) | (239) | $ (12,494) | (849) | $ (36,166) | 259 | $ 8,776 | (295) | $ (12,387) |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,341 | $ 41,857 | 1,190 | $ 51,050 | 393 | $ 8,752 | 573 | $ 14,370 | |||||||
Reinvestment of distributions | 2,069 | 58,361 | 1,914 | 89,148 | 128 | 2,728 | 79 | 2,220 | |||||||
Shares repurchased and cross class conversions | (3,596) | (111,969) | (4,451) | (183,422) | (893) | (19,506) | (1,012) | (25,277) | |||||||
Net Increase / (Decrease) | (186) | $ (11,751) | (1,347) | $ (43,224) | (372) | $ (8,026) | (360) | $ (8,687) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 137 | $ 3,447 | 134 | $ 4,975 | 28 | $ 594 | 48 | $ 1,196 | |||||||
Reinvestment of distributions | 1,174 | 26,885 | 1,122 | 44,255 | 18 | 379 | 13 | 354 | |||||||
Shares repurchased and cross class conversions | (1,946) | (50,035) | (2,086) | (72,147) | (144) | (3,060) | (190) | (4,664) | |||||||
Net Increase / (Decrease) | (635) | $ (19,703) | (830) | $ (22,917) | (98) | $ (2,087) | (129) | $ (3,114) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 11,398 | $ 372,477 | 13,019 | $ 547,197 | 5,009 | $ 110,446 | 8,696 | $ 221,327 | |||||||
Reinvestment of distributions | 11,769 | 347,075 | 12,565 | 606,256 | 1,009 | 21,459 | 713 | 20,021 | |||||||
Shares repurchased and cross class conversions | (29,413) | (972,772) | (39,045) | (1,637,063) | (16,896) | (370,392) | (15,860) | (392,909) | |||||||
Net Increase / (Decrease) | (6,246) | $ (253,220) | (13,461) | $ (483,610) | (10,878) | $ (238,487) | (6,451) | $ (151,561) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 3,633 | $ 121,597 | 1,270 | $ 53,101 | 1,289 | $ 27,926 | 763 | $ 20,337 | |||||||
Reinvestment of distributions | 745 | 22,106 | 533 | 25,848 | 34 | 713 | 39 | 1,088 | |||||||
Shares repurchased and cross class conversions | (1,766) | (58,708) | (1,318) | (55,871) | (832) | (18,359) | (2,129) | (51,910) | |||||||
Net Increase / (Decrease) | 2,612 | $ 84,995 | 485 | $ 23,078 | 491 | $ 10,280 | (1,327) | $ (30,485) |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,359 | $ 22,578 | 961 | $ 16,434 | 416 | $ 3,754 | 14 | $ 123 | |||||||
Reinvestment of distributions | — | — | 31 | 598 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (700) | (11,037) | (1,051) | (17,254) | (107) | (982) | (25) | (230) | |||||||
Net Increase / (Decrease) | 659 | $ 11,541 | (59) | $ (222) | 309 | $ 2,772 | (11) | $ (107) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 697 | $ 10,931 | 587 | $ 9,842 | 1 | $ 6 | 2 | $ 24 | |||||||
Reinvestment of distributions | — | — | 22 | 408 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (441) | (6,763) | (271) | (4,281) | (3) | (19) | (1) | (6) | |||||||
Net Increase / (Decrease) | 256 | $ 4,168 | 338 | $ 5,969 | (2) | $ (13) | 1 | $ 18 |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 26,052 | $ 424,769 | 31,319 | $ 542,183 | 196 | $ 1,770 | 180 | $ 1,768 | |||||||
Reinvestment of distributions | — | — | 772 | 14,989 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (19,713) | (315,549) | (30,000) | (491,454) | (150) | (1,255) | (117) | (1,076) | |||||||
Net Increase / (Decrease) | 6,339 | $ 109,220 | 2,091 | $ 65,718 | 46 | $ 515 | 63 | $ 692 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 3,396 | $ 56,960 | 616 | $ 10,746 | 15 | $ 137 | 44 | $ 416 | |||||||
Reinvestment of distributions | — | — | 8 | 153 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (432) | (7,006) | (465) | (7,277) | (17) | (158) | (4) | (36) | |||||||
Net Increase / (Decrease) | 2,964 | $ 49,954 | 159 | $ 3,622 | (2) | $ (21) | 40 | $ 380 |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 54 | $ 453 | 81 | $ 686 | 2 | $ 19 | — (1) | $ 2 | |||||||
Reinvestment of distributions | — (1) | 1 | — | — (2) | — | — | — (1) | 5 | |||||||
Shares repurchased and cross class conversions | (2) | (17) | (4) | (43) | (1) | (11) | (—) (1) | (6) | |||||||
Net Increase / (Decrease) | 52 | $ 437 | 77 | $ 643 | 1 | $ 8 | — (1) | $ 1 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — (1) | $ 1 | — (1) | $ 1 | 9 | $ 91 | 3 | $ 32 | |||||||
Reinvestment of distributions | — | — | — | — | — | — | — (1) | 2 | |||||||
Shares repurchased and cross class conversions | (—) (1) | (1) | — | — | (4) | (43) | (5) | (48) | |||||||
Net Increase / (Decrease) | — | $ — | — (1) | $ 1 | 5 | $ 48 | (2) | $ (14) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 86 | $ 746 | 52 | $ 480 | 2 | $ 19 | 2 | $ 19 | |||||||
Reinvestment of distributions | — (1) | 2 | — (1) | — (2) | — | — | 2 | 18 | |||||||
Shares repurchased and cross class conversions | (4) | (38) | (9) | (81) | (6) | (58) | (8) | (84) | |||||||
Net Increase / (Decrease) | 82 | $ 710 | 43 | $ 399 | (4) | $ (39) | (4) | $ (47) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 38 | $ 312 | 79 | $ 729 | 1 | $ 6 | — (1) | $ 5 | |||||||
Reinvestment of distributions | — (1) | 2 | — | — | — | — | 34 | 359 | |||||||
Shares repurchased and cross class conversions | (—) (1) | (—) (2) | — | — | (16) | (143) | (—) (1) | (—) (2) | |||||||
Net Increase / (Decrease) | 38 | $ 314 | 79 | $ 729 | (15) | $ (137) | 34 | $ 364 |
SGA Global Growth Fund | SGA New Leaders Growth Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 93 | $ 2,102 | 105 | $ 2,694 | 1 | $ 5 | 1 | $ 10 | |||||||
Reinvestment of distributions | 24 | 499 | 79 | 2,257 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (110) | (2,467) | (372) | (8,853) | (—) (1) | (1) | — | — | |||||||
Net Increase / (Decrease) | 7 | $ 134 | (188) | $ (3,902) | 1 | $ 4 | 1 | $ 10 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 8 | $ 156 | 17 | $ 411 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 5 | 104 | 20 | 518 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (49) | (987) | (83) | (1,863) | — | — | (—) (1) | (2) | |||||||
Net Increase / (Decrease) | (36) | $ (727) | (46) | $ (934) | — | $ — | — (1) | $ (2) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 170 | $ 3,857 | 347 | $ 8,599 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 31 | 642 | 120 | 3,430 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (868) | (18,398) | (511) | (13,097) | (5) | (37) | — | — | |||||||
Net Increase / (Decrease) | (667) | $ (13,899) | (44) | $ (1,068) | (5) | $ (37) | — | $ — | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 68 | $ 1,596 | 106 | $ 2,828 | 109 | $ 803 | 281 | $ 2,311 | |||||||
Reinvestment of distributions | 59 | 1,288 | 173 | 5,122 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (352) | (8,272) | (129) | (3,255) | (37) | (261) | (—) (1) | (—) (2) | |||||||
Net Increase / (Decrease) | (225) | $ (5,388) | 150 | $ 4,695 | 72 | $ 542 | 281 | $ 2,311 |
Tactical Allocation Fund | |||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 1,407 | $ 13,151 | 1,763 | $ 21,058 | |||
Reinvestment of distributions | 4,356 | 38,261 | 4,277 | 55,565 | |||
Shares repurchased and cross class conversions | (8,307) | (78,405) | (7,747) | (89,303) | |||
Net Increase / (Decrease) | (2,544) | $ (26,993) | (1,707) | $ (12,680) | |||
Class C | |||||||
Shares sold and cross class conversions | 89 | $ 857 | 130 | $ 1,585 | |||
Reinvestment of distributions | 79 | 709 | 144 | 1,924 | |||
Shares repurchased and cross class conversions | (584) | (5,584) | (1,271) | (15,093) | |||
Net Increase / (Decrease) | (416) | $ (4,018) | (997) | $ (11,584) |
Tactical Allocation Fund | |||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class I | |||||||
Shares sold and cross class conversions | 456 | $ 4,352 | 777 | $ 9,619 | |||
Reinvestment of distributions | 209 | 1,829 | 299 | 3,867 | |||
Shares repurchased and cross class conversions | (1,171) | (11,022) | (1,951) | (21,786) | |||
Net Increase / (Decrease) | (506) | $ (4,841) | (875) | $ (8,300) | |||
Class R6 | |||||||
Shares sold and cross class conversions | 159 | $ 1,573 | — (1) | $ 4 | |||
Reinvestment of distributions | 2 | 14 | — (1) | — (2) | |||
Shares repurchased and cross class conversions | (7) | (71) | (—) (1) | (—) (2) | |||
Net Increase / (Decrease) | 154 | $ 1,516 | — (1) | $ 4 |
(1) | Amount is less than 500 shares (not in thousands). |
(2) | Amount is less than $500 (not in thousands). |
% of Shares Outstanding | Number of Accounts | ||
KAR Global Quality Dividend Fund | 16 % | 1 | |
KAR Mid-Cap Core Fund | 50 | 4 | |
KAR Mid-Cap Growth Fund | 25 | 2 | |
KAR Small-Cap Core Fund | 26 | 2 | |
KAR Small-Cap Growth Fund | 21 | 2 | |
KAR Small-Cap Value Fund | 31 | 1 | |
KAR Small-Mid Cap Core Fund | 47 | 3 | |
KAR Small-Mid Cap Growth Fund | 73 | 3 * | |
KAR Small-Mid Cap Value Fund | 91 | 4 * | |
SGA Emerging Markets Growth Fund | 70 | 3 | |
SGA Global Growth Fund | 36 | 2 | |
SGA New Leaders Growth Fund | 84 | 2 * |
* | Includes affiliated shareholder account(s). |
discontinuation and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in
a timely manner. It remains uncertain the effects such changes will have on the Funds, issuers of instruments in which the Funds invest, and the
financial markets generally.
Sector | Percentage of Total Investments | ||
KAR Capital Growth Fund | Information Technology | 31% | |
KAR Mid-Cap Core Fund | Industrials | 35 | |
KAR Small-Cap Core Fund | Industrials | 47 | |
KAR Small-Cap Growth Fund | Financials | 34 | |
KAR Small-Cap Value Fund | Industrials | 37 | |
KAR Small-Cap Value Fund | Financials | 26 | |
KAR Small-Mid Cap Core Fund | Industrials | 29 | |
KAR Small-Mid Cap Core Fund | Information Technology | 26 | |
KAR Small-Mid Cap Value Fund | Industrials | 36 |
Sector | Percentage of Total Investments | ||
SGA Emerging Markets Growth Fund | Consumer Staples | 36 | |
SGA Global Growth Fund | Information Technology | 25 |
Fund | Investment | Date of Acquisition | Cost | Value | Percentage of Net Assets | |||||
KAR Mid-Cap Growth Fund | Security Scorecard, Inc. Series E | 3/5/2021 | $40,000 | $25,097 | 1.7% |
Fund | Interest Incurred on Borrowing | Average Borrowing | Weighted Average Interest Rate | Days Outstanding | ||||
KAR Equity Income Fund | $ 1 | $ 4,800 | 5.40% | 1 | ||||
KAR Mid-Cap Growth Fund | 3 | 3,200 | 5.91 | 5 | ||||
KAR Small-Cap Growth Fund | 90 | 40,113 | 5.40 | 15 | ||||
KAR Small-Cap Value Fund | 28 | 43,000 | 5.84 | 4 | ||||
KAR Small-Mid Cap Core Fund | 2 | 3,425 | 5.40 | 4 | ||||
SGA Global Growth Fund | 1 | 2,400 | 4.13 | 4 |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
KAR Capital Growth Fund | $ 242,035 | $ 293,886 | $ (21,274) | $ 272,612 | ||||
KAR Equity Income Fund | 120,760 | 13,420 | (9,465) | 3,955 | ||||
KAR Global Quality Dividend Fund | 30,615 | 3,824 | (3,395) | 429 | ||||
KAR Mid-Cap Core Fund | 1,489,385 | 353,438 | (41,816) | 311,622 | ||||
KAR Mid-Cap Growth Fund | 989,705 | 536,275 | (52,409) | 483,866 | ||||
KAR Small-Cap Core Fund | 1,016,476 | 742,236 | (36,848) | 705,388 | ||||
KAR Small-Cap Growth Fund | 2,250,078 | 1,262,303 | (302,511) | 959,792 | ||||
KAR Small-Cap Value Fund | 478,606 | 281,401 | (58,800) | 222,601 | ||||
KAR Small-Mid Cap Core Fund | 1,212,909 | 166,854 | (91,993) | 74,861 | ||||
KAR Small-Mid Cap Growth Fund | 9,016 | 1,063 | (1,093) | (30) | ||||
KAR Small-Mid Cap Value Fund | 6,180 | 313 | (775) | (462) | ||||
SGA Emerging Markets Growth Fund | 4,577 | 730 | (675) | 55 | ||||
SGA Global Growth Fund | 88,616 | 27,581 | (5,791) | 21,790 | ||||
SGA New Leaders Growth Fund | 7,345 | 612 | (955) | (343) | ||||
Tactical Allocation Fund | 486,540 | 159,297 | (60,583) | 98,714 |
Fund | Short-Term | Long-Term | ||
KAR Global Quality Dividend Fund | $ 123 | $ — | ||
KAR Mid-Cap Growth Fund | 28,043 | — | ||
KAR Small-Mid Cap Core Fund | 7,783 | — | ||
KAR Small-Mid Cap Growth Fund | 172 | 229 | ||
KAR Small-Mid Cap Value Fund | 18 | 23 | ||
SGA Emerging Markets Growth Fund | 267 | 88 | ||
SGA Global Growth Fund | 854 | 1,028 | ||
SGA New Leaders Growth Fund | 392 | 577 | ||
Tactical Allocation Fund | 25,683 | — |
Fund | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Late Year Ordinary Losses Deferred | Post-October Capital Loss Deferred | Capital Loss Deferred | |||||
KAR Capital Growth Fund | $ — | $ 28,773 | $ 1,860 | $ — | $ — | |||||
KAR Equity Income Fund | 2,999 | — | — | 181 | — | |||||
KAR Global Quality Dividend Fund | 212 | — | — | 103 | 123 | |||||
KAR Mid-Cap Core Fund | — | 53,135 | — | — | — | |||||
KAR Mid-Cap Growth Fund | — | — | 5,550 | 116,647 | 28,043 | |||||
KAR Small-Cap Core Fund | 10,556 | 66,366 | — | — | — | |||||
KAR Small-Cap Growth Fund | — | 171,797 | 8,084 | — | — | |||||
KAR Small-Cap Value Fund | 4,055 | 18,506 | — | — | — | |||||
KAR Small-Mid Cap Core Fund | — | — | 305 | — | 7,783 | |||||
KAR Small-Mid Cap Growth Fund | — | — | 27 | 195 | 401 | |||||
KAR Small-Mid Cap Value Fund | 35 | — | — | 42 | 41 | |||||
SGA Emerging Markets Growth Fund | 32 | — | — | 122 | 355 | |||||
SGA Global Growth Fund | — | — | 112 | 1,063 | 1,882 | |||||
SGA New Leaders Growth Fund | — | — | 3 | 709 | 969 | |||||
Tactical Allocation Fund | 1,861 | 4,626 | — | — | 25,683 |
Ordinary Income | Long-Term Capital Gains | Total | |||
KAR Capital Growth Fund | |||||
9/30/23 | $ — | $ 90,200 | $ 90,200 | ||
9/30/22 | — | 58,850 | 58,850 | ||
KAR Equity Income Fund | |||||
9/30/23 | 3,870 | 5,140 | 9,010 | ||
9/30/22 | 5,650 | 200 | 5,850 | ||
KAR Global Quality Dividend Fund | |||||
9/30/23 | 1,104 | — | 1,104 | ||
9/30/22 | 975 | — | 975 | ||
KAR Mid-Cap Core Fund | |||||
9/30/23 | — | 3,170 | 3,170 | ||
9/30/22 | 4,839 | 19,906 | 24,745 | ||
KAR Mid-Cap Growth Fund | |||||
9/30/22 | — | 48,521 | 48,521 | ||
KAR Small-Cap Core Fund | |||||
9/30/23 | 5,370 | 96,110 | 101,480 | ||
9/30/22 | 3,960 | 220,000 | 223,960 | ||
KAR Small-Cap Growth Fund | |||||
9/30/23 | — | 497,800 | 497,800 | ||
9/30/22 | — | 827,000 | 827,000 | ||
KAR Small-Cap Value Fund | |||||
9/30/23 | 5,000 | 23,500 | 28,500 | ||
9/30/22 | 21,865 | 4,295 | 26,160 | ||
KAR Small-Mid Cap Core Fund | |||||
9/30/22 | 6,800 | 9,420 | 16,220 | ||
KAR Small-Mid Cap Value Fund | |||||
9/30/23 | 18 | — | 18 | ||
9/30/22 | 11 | — | 11 | ||
SGA Emerging Markets Growth Fund | |||||
9/30/22 | — | 420 | 420 | ||
SGA Global Growth Fund | |||||
9/30/23 | — | 2,655 | 2,655 | ||
9/30/22 | 3,846 | 7,504 | 11,350 | ||
Tactical Allocation Fund | |||||
9/30/23 | 7,400 | 36,600 | 44,000 | ||
9/30/22 | 33,235 | 32,710 | 65,945 |
• A Plan of Liquidation for each of Virtus SGA Emerging Markets Growth Fund and Virtus SGA New Leaders Growth Fund, pursuant to which each such Fund will be liquidated on or about December 28, 2023.
• An Agreement and Plan of Reorganization, pursuant to which Virtus Vontobel Global Opportunities Fund (the “Acquired Fund”), a series of Virtus Opportunities Trust, will reorganize with and into Virtus SGA Global Growth Fund (the “Acquiring Fund”), a series of the Trust, on or about March 8, 2024. Effective upon consummation of the reorganization, the Acquiring Fund’s investment adviser, Virtus Investment Advisers, Inc., will implement the following new expense limitation arrangement to further limit the Fund’s expenses: Class A: 1.25%; Class C: 2.00%; Class I: 1.00%; and Class R6: 0.90%.See Note 3 for information about the Funds’ expense limitation arrangements.
Philadelphia, Pennsylvania
November 27, 2023
Fund | Qualified Dividend Income % (non-corporate shareholder) | Dividend Received Deduction % (corporate shareholders) | Long-Term Capital Gain Distributions ($) | |||
KAR Capital Growth Fund | — % | — % | $ 32,023 | |||
KAR Equity Income Fund | 100.00 | 100.00 | 188 | |||
KAR Global Quality Dividend Fund | 100.00 | 50.76 | — | |||
KAR Mid-Cap Core Fund | — | — | 56,305 | |||
KAR Mid-Cap Growth Fund | — | — | — | |||
KAR Small-Cap Core Fund | 100.00 | 100.00 | 66,387 | |||
KAR Small-Cap Growth Fund | — | — | 211,256 | |||
KAR Small-Cap Value Fund | 100.00 | 100.00 | 27,572 | |||
KAR Small-Mid Cap Core Fund | — | — | — | |||
KAR Small-Mid Cap Growth Fund | — | — | — | |||
KAR Small-Mid Cap Value Fund | 100.00 | 100.00 | — | |||
SGA Emerging Markets Growth Fund | 100.00 | 4.82 | — | |||
SGA Global Growth Fund | — | — | — | |||
SGA New Leaders Growth Fund | — | — | — | |||
Tactical Allocation Fund | 50.95 | 24.38 | 4,632 |
Foreign Source Income Recognized | Foreign Taxes Paid on Foreign Source Income | ||
KAR Global Quality Dividend Fund | $ 1,051 | $ 114 | |
SGA Emerging Markets Growth Fund | 87 | 7 |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Burke, Donald C. YOB: 1960 Served Since: 2016 107 Portfolios | Private investor (since 2009). Formerly, President and Chief Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). | Trustee (since May 2023) and Advisory Board Member (May 2023), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Advisory Board Member (since May 2023), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II and Virtus Diversified Income & Convertible Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (56 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (4 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
Cogan, Sarah E. YOB: 1956 Served Since: 2022 104 Portfolios | Retired Partner, Simpson Thacher & Bartlett LLP (“STB”) (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (4 portfolios), Virtus Mutual Fund Family (56 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios); and Trustee (2019 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
DeCotis, Deborah A. YOB: 1952 Served Since: 2022 104 Portfolios | Director, Cadre Holdings Inc. (since 2022); Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (4 portfolios), Virtus Mutual Fund Family (56 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund; Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (2013 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (8 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., and PIMCO Managed Accounts Trust (5 portfolios); Trustee (since 2011), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; and Trustee (2011 to 2021), PIMCO Income Opportunity Fund. |
Drummond, F. Ford YOB: 1962 Served Since: 2022 104 Portfolios | President (since 1998), F.G. Drummond Ranches, Inc.; and Director (since 2015), Texas and Southwestern Cattle Raisers Association. Formerly Chairman, Oklahoma Nature Conservancy (2019 to 2020); Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board; Trustee (since 2014), Frank Phillips Foundation; Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (4 portfolios), Virtus Mutual Fund Family (56 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios);Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (8 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Harris, Sidney E. YOB: 1949 Served Since: 2017 97 Portfolios | Private Investor (since 2021); Dean Emeritus (since 2015), Professor (2015 to 2021 and 1997 to 2014), and Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (56 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (4 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin, John R. YOB: 1950 Served Since: 2016 97 Portfolios | Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (2014 to 2022), Counselors of Real Estate. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (56 portfolios) and Virtus Alternative Solutions Trust (4 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
McDaniel, Connie D. YOB: 1958 Served Since: 2017 104 Portfolios | Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President, Global Finance Transformation (2007 to 2009); and Vice President and Controller (1999 to 2007), The Coca-Cola Company. | Trustee (since May 2023) and Advisory Board Member (May 2023), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Chairperson (since 2021), Governance & Nominating Committee, Global Payments Inc; Trustee (since 2017), Virtus Mutual Fund Family (56 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (4 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (2011 to 2022) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
McLoughlin, Philip YOB: 1946 Served Since: 1993 107 Portfolios | Private investor since 2010. | Trustee and Chairman (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Chairman (since 2023) and Trustee (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Chairman (since 2023), Trustee (since 2022) and Advisory Board Member (2021), Virtus Convertible & Income 2024 Target Term Fund and Virtus Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (4 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (56 portfolios). |
McNamara, Geraldine M. YOB: 1951 Served Since: 2001 107 Portfolios | Private investor (since 2006); and Managing Director, U.S. Trust Company of New York (1982 to 2006). | Trustee (since May 2023) and Advisory Board Member (January 2023 to May 2023), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2023), Virtus Artificial Intelligence & Technology Opportunities Fund and Virtus Equity & Convertible Income Fund; Advisory Board Member (since 2023), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016) Virtus Alternative Solutions Trust (4 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (56 portfolios). |
Walton, R. Keith YOB: 1964 Served Since: 2020 104 Portfolios | Senior Adviser (since 2022), Brightwood Capital LLC; Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; and Partner (since 2006), Global Infrastructure Partners. Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; and Vice President, Strategy (2013 to 2017), Arizona State University. | Trustee (since 2023) and Advisory Board Member (2022 to 2023), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2023) and Advisory Board Member (2022 to 2023), Virtus Convertible & Income Fund II and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022) and Advisory Board Member (January 2022 to July 2022), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), Virtus Diversified Income & Convertible Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (4 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (56 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Zino, Brian T. YOB: 1952 Served Since: 2020 104 Portfolios | Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2022) and Advisory Board Member (2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2020) Virtus Alternative Solutions Trust (4 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (56 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |
Name, Year of Birth, Length of Time Served and Number of Funds Overseen | Principal Occupation(s) During Past 5 Years | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward, George R.* Trustee and President YOB: 1964 Served Since: 2006 110 Portfolios | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Director (since 2023), Stone Harbor Investment Funds plc (21 sub-funds) and Stone Harbor Global Funds plc (27 sub-funds); Trustee, President and Chief Executive Officer (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Chairman and Trustee (since 2015), Virtus ETF Trust II (6 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (4 portfolios); Director (since 2013), Virtus Global Funds, plc (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (56 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Batchelar, Peter J. YOB: 1970 | Senior Vice President (since 2017), and Vice President (2013 to 2016). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2017), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Bradley, W. Patrick YOB: 1972 | Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016) and various officer positions (since 2004), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Director (since 2023), Stone Harbor Investment Funds plc and Stone Harbor Global Funds plc; Director (since 2019), Virtus Global Funds ICAV; Director (since 2013), Virtus Global Funds, plc; various officer positions (since 2006) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Member (since 2022), BNY Mellon Asset Servicing Client Advisory Board. |
Branigan, Timothy YOB: 1976 | Vice President and Fund Chief Compliance Officer (since 2022); Assistant Vice President and Deputy Fund Chief Compliance Officer (March to May 2022); and Assistant Vice President and Assistant Chief Compliance Officer (2021 to 2022). | Various officer positions (since 2019) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Chisolm, Daphne YOB: 1969 | Vice President, Counsel and Assistant Secretary (since 2023). | Vice President and Senior Counsel (since 2023), Virtus Investment Partners, Inc.; Attorney at Law engaged in private practice as a solo practitioner (2018 to 2023); and various officer positions (since 2023) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Fromm Jennifer YOB: 1973 | Chief Legal Officer, Counsel and Secretary (since 2023); Vice President (since 2017); and Assistant Secretary (2008 to 2022). | Vice President (since 2016) and Senior Counsel, Legal (since 2007) and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Griswold, Heidi YOB: 1973 | Vice President (since 2016). | Vice President, Head of Transfer Agent & Servicing, Mutual Fund Services (since 2018), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and Vice President (since 2016) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Hackett, Amy YOB: 1968 | Vice President and Assistant Treasurer (since 2013); Assistant Treasurer (2009 to 2013). | Vice President (since 2010) and Assistant Vice President (2007 to 2010), Fund Services, Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2007) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Krishnan, Suneeta YOB: 1965 | Vice President and Assistant Treasurer (since 2018); and Assistant Treasurer (2009 to 2018). | Vice President (since 2017) and Assistant Treasurer (since 2007), Mutual Fund Administration, Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2009) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Lowe, Benjamin YOB: 1978 | Vice President, Controller and Assistant Treasurer (since 2021); and Vice President and Assistant Treasurer (2018 to 2021). | Vice President, Fund Services (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2018) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Martin, David YOB: 1959 | Anti-Money Laundering Compliance Officer (since 2016). | Vice President, Compliance – Broker/Dealer (since 2009), Virtus Investment Partners, Inc.; and Vice President and Chief Compliance Officer of certain Virtus subsidiaries (since 2004). |
Rahman, Mahmood YOB: 1967 | Assistant Vice President (since 2021). | Vice President (since 2023), Tax Director (since 2020) and Assistant Vice President (2020 to 2023), Fund Administration, Virtus Investment Partners, Inc.; Assistant Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Assistant Treasurer and Tax Director, Grantham, Mayo, Van Otterloo & Co. LLC (2007 to 2019). |
Short, Julia R. YOB: 1972 | Senior Vice President (since 2017). | Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2017) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Smirl, Richard W. YOB: 1967 | Executive Vice President (since 2021). | Chief Operating Officer (since 2021), Virtus Investment Partners, Inc.; Executive Vice President (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
Suss, Amanda YOB: 1969 | Vice President, Controller and Assistant Treasurer (since 2022). | Vice President and Controller (since 2022), Mutual Fund Administration and Financial Reporting, Virtus Investment Partners, Inc.; Vice President, Controller and Assistant Treasurer (since 2022) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Senior Finance Associate (2011 to 2022), Stone Harbor Investment Partners LP. |
Statutory Prospectus, each dated January 27, 2023, as supplemented
Virtus KAR Capital Growth Fund | Chris Armbruster, CFA (since January 2020) |
Noran Eid (since October 2023) | |
Doug Foreman, CFA (since 2011) | |
Virtus KAR Mid-Cap Growth Fund | Chris Armbruster, CFA (since January 2020) |
Noran Eid (since October 2023) | |
Doug Foreman, CFA (since 2012) | |
Virtus Tactical Allocation Fund (equity portion only) | Chris Armbruster, CFA (since October 2020) |
Noran Eid (since October 2023) | |
Doug Foreman, CFA (since September 2016) | |
Hyung Kim (since June 2019) | |
Craig Thrasher, CFA (since June 2019) |
Virtus Tactical Allocation Fund (fixed income portion only) | David L. Albrycht, CFA (since 2011) |
Stephen H. Hooker, CFA (since October 2020) |
Statutory Prospectus and Statement of Additional Information (“SAI”),
each dated January 27, 2023, as supplemented
Accounting Firm
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
please contact us at 1-800-243-1574, or visit Virtus.com.
8015 | 1105-23 |
Item 1. | Reports to Stockholders (cont.). |
(b) | Not applicable. |
Item 2. | Code of Ethics. |
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(c) | There have been no amendments during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR. A copy of the currently applicable code is included as an exhibit. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. | Audit Committee Financial Expert. |
(a)(1) | The Registrant’s Board of Trustees has determined that the Registrant has an “audit committee financial expert” serving on its Audit Committee. |
(a)(2) | The Registrant’s Board of Trustees has determined that each of Donald C. Burke, Connie D. McDaniel and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.” Each such individual is an “independent” trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. |
(a)(3) | Not applicable. |
Item 4. | Principal Accountant Fees and Services. |
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for fiscal years ended September 30, 2022 and September 30, 2023 are $301,796 and $355,208, respectively. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item for fiscal years ended September 30, 2022 and September 30, 2023 are $17,841 and $18,361, respectively. Such audit-related fees include out of pocket expenses. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning for fiscal years ended September 30, 2022 and September 30, 2023 are $90,867 and $46,512, respectively. |
“Tax Fees” are those primarily associated with review of the Trust’s tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust’s financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund’s federal income tax returns.
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are for fiscal years ended September 30, 2022 and September 30, 2023 are $0 and $0, respectively. |
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
The Board of Trustees of Virtus Equity Trust (the “Fund”) has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund’s Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SEC’s auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis (“general pre-approval”).
The Audit Committee has determined that the Chair of the Audit Committee, may provide pre-approval for such services that meet the above requirements but are not included in the general pre-approval in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of, and ratifies, each service approved subject to general pre-approval at the next regularly scheduled in-person Audit Committee meeting.
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) 0%
(c) 0%
(d) N/A
(f) | The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for fiscal years ended September 30, 2022 and September 30, 2023 are $108,708 and $64,873, respectively. |
(h) | The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. | Audit Committee of Listed Registrants. |
Disclosure not required for open-end management investment companies.
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Disclosure not required for open-end management investment companies.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Disclosure not required for open-end management investment companies.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Disclosure not required for open-end management investment companies.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. | Controls and Procedures. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Disclosure not required for open-end management investment companies.
Item 13. | Exhibits. |
(a)(1) |
(a)(2) |
(a)(2)(1) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
(a)(2)(2) | There was no change in the Registrant’s independent public accountant during the period covered by the report. |
(b) |
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 12/6/23 |
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 12/6/23 |
By (Signature and Title)* | /s/ W. Patrick Bradley | |||
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer | ||||
(principal financial officer) | ||||
Date 12/5/23 |
* | Print the name and title of each signing officer under his or her signature. |