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)
Registrants telephone number, including area code: (800) 243-1574
Date of fiscal year end: September 30
Date of reporting period: March 31, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) | The Report to Shareholders is attached herewith. |
(b) | Not applicable. |
Virtus KAR Capital Growth Fund |
Virtus KAR Equity Income Fund |
Virtus KAR Global Quality Dividend Fund |
Virtus KAR Mid-Cap Core Fund |
Virtus KAR Mid-Cap Growth Fund |
Virtus KAR Small-Cap Core Fund |
Virtus KAR Small-Cap Growth Fund |
Virtus KAR Small-Cap Value Fund |
Virtus KAR Small-Mid Cap Core Fund |
Virtus KAR Small-Mid Cap Growth Fund |
Virtus KAR Small-Mid Cap Value Fund |
Virtus SGA Emerging Markets Growth Fund |
Virtus SGA Global Growth Fund |
Virtus SGA New Leaders Growth Fund |
Virtus Tactical Allocation Fund |
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Fund | Schedule
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90 |
Beginning
Account Value October 1, 2022 |
Ending
Account Value March 31, 2023 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
KAR Capital Growth
Fund |
||||||||
Class A | $ 1,000.00 | $ 1,151.60 | 1.22 % | $ 6.54 | ||||
Class C | 1,000.00 | 1,146.60 | 2.05 | 10.97 | ||||
Class I | 1,000.00 | 1,153.30 | 1.03 | 5.53 | ||||
Class R6 | 1,000.00 | 1,155.10 | 0.73 | 3.92 | ||||
KAR Equity Income
Fund |
||||||||
Class A | 1,000.00 | 1,111.00 | 1.20 | 6.32 | ||||
Class C | 1,000.00 | 1,106.60 | 1.95 | 10.24 | ||||
Class I | 1,000.00 | 1,112.60 | 0.95 | 5.00 | ||||
Class R6 | 1,000.00 | 1,112.90 | 0.91 | 4.79 | ||||
KAR Global Quality Dividend
Fund |
||||||||
Class A | 1,000.00 | 1,142.70 | 1.35 | 7.21 | ||||
Class C | 1,000.00 | 1,139.10 | 2.10 | 11.20 | ||||
Class I | 1,000.00 | 1,144.30 | 1.10 | 5.88 | ||||
Class R6 | 1,000.00 | 1,146.50 | 0.78 | 4.17 | ||||
KAR Mid-Cap Core
Fund |
||||||||
Class A | 1,000.00 | 1,170.60 | 1.20 | 6.49 | ||||
Class C | 1,000.00 | 1,166.40 | 1.95 | 10.53 | ||||
Class I | 1,000.00 | 1,172.20 | 0.95 | 5.14 | ||||
Class R6 | 1,000.00 | 1,172.60 | 0.87 | 4.71 | ||||
KAR Mid-Cap Growth
Fund |
||||||||
Class A | 1,000.00 | 1,099.80 | 1.26 | 6.60 | ||||
Class C | 1,000.00 | 1,095.60 | 2.04 | 10.66 | ||||
Class I | 1,000.00 | 1,101.10 | 1.05 | 5.50 | ||||
Class R6 | 1,000.00 | 1,102.30 | 0.83 | 4.35 | ||||
KAR Small-Cap Core
Fund |
||||||||
Class A | 1,000.00 | 1,195.80 | 1.26 | 6.90 | ||||
Class C | 1,000.00 | 1,191.50 | 2.00 | 10.93 | ||||
Class I | 1,000.00 | 1,197.50 | 1.00 | 5.48 | ||||
Class R6 | 1,000.00 | 1,197.70 | 0.92 | 5.04 | ||||
KAR Small-Cap Growth
Fund |
||||||||
Class A | 1,000.00 | 1,153.70 | 1.36 | 7.30 | ||||
Class C | 1,000.00 | 1,149.40 | 2.10 | 11.25 | ||||
Class I | 1,000.00 | 1,155.10 | 1.12 | 6.02 | ||||
Class R6 | 1,000.00 | 1,155.80 | 1.00 | 5.37 |
Beginning
Account Value October 1, 2022 |
Ending
Account Value March 31, 2023 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
KAR Small-Cap Value
Fund |
||||||||
Class A | $1,000.00 | $1,095.10 | 1.22% | $ 6.37 | ||||
Class C | 1,000.00 | 1,090.70 | 2.00 | 10.42 | ||||
Class I | 1,000.00 | 1,095.80 | 1.01 | 5.28 | ||||
Class R6 | 1,000.00 | 1,097.20 | 0.91 | 4.76 | ||||
KAR Small-Mid Cap Core
Fund |
||||||||
Class A | 1,000.00 | 1,192.90 | 1.29 | 7.05 | ||||
Class C | 1,000.00 | 1,188.20 | 2.05 | 11.18 | ||||
Class I | 1,000.00 | 1,193.70 | 1.04 | 5.69 | ||||
Class R6 | 1,000.00 | 1,195.50 | 0.95 | 5.20 | ||||
KAR Small-Mid Cap Growth
Fund |
||||||||
Class A | 1,000.00 | 1,146.20 | 1.30 | 6.96 | ||||
Class C | 1,000.00 | 1,141.50 | 2.05 | 10.95 | ||||
Class I | 1,000.00 | 1,146.70 | 1.05 | 5.62 | ||||
Class R6 | 1,000.00 | 1,146.50 | 0.99 | 5.30 | ||||
KAR Small-Mid Cap Value
Fund |
||||||||
Class A | 1,000.00 | 1,102.20 | 1.17 | 6.13 | ||||
Class C | 1,000.00 | 1,098.60 | 1.92 | 10.05 | ||||
Class I | 1,000.00 | 1,105.50 | 0.92 | 4.83 | ||||
Class R6 | 1,000.00 | 1,104.90 | 0.82 | 4.30 | ||||
SGA Emerging Markets Growth
Fund |
||||||||
Class A | 1,000.00 | 1,168.70 | 1.48 | 8.00 | ||||
Class C | 1,000.00 | 1,163.40 | 2.23 | 12.03 | ||||
Class I | 1,000.00 | 1,169.40 | 1.23 | 6.65 | ||||
Class R6 | 1,000.00 | 1,170.80 | 1.05 | 5.68 | ||||
SGA Global Growth
Fund |
||||||||
Class A | 1,000.00 | 1,183.70 | 1.35 | 7.35 | ||||
Class C | 1,000.00 | 1,178.70 | 2.10 | 11.41 | ||||
Class I | 1,000.00 | 1,184.90 | 1.11 | 6.05 | ||||
Class R6 | 1,000.00 | 1,186.00 | 0.90 | 4.91 | ||||
SGA New Leaders Growth
Fund |
||||||||
Class A | 1,000.00 | 1,120.10 | 1.34 | 7.08 | ||||
Class C | 1,000.00 | 1,115.40 | 2.09 | 11.02 | ||||
Class I | 1,000.00 | 1,121.10 | 1.09 | 5.76 | ||||
Class R6 | 1,000.00 | 1,123.80 | 0.91 | 4.82 | ||||
Tactical Allocation
Fund |
||||||||
Class A | 1,000.00 | 1,131.50 | 0.99 | 5.26 | ||||
Class C | 1,000.00 | 1,126.90 | 1.75 | 9.28 | ||||
Class I | 1,000.00 | 1,133.10 | 0.76 | 4.04 | ||||
Class R6 | 1,000.00 | 1,132.90 | 0.60 | 3.19 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning
Account Value October 1, 2022 |
Ending
Account Value March 31, 2023 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
KAR Capital Growth
Fund |
||||||||
Class A | $ 1,000.00 | $ 1,018.85 | 1.22 % | $ 6.14 | ||||
Class C | 1,000.00 | 1,014.71 | 2.05 | 10.30 | ||||
Class I | 1,000.00 | 1,019.80 | 1.03 | 5.19 | ||||
Class R6 | 1,000.00 | 1,021.29 | 0.73 | 3.68 | ||||
KAR Equity Income
Fund |
||||||||
Class A | 1,000.00 | 1,018.95 | 1.20 | 6.04 | ||||
Class C | 1,000.00 | 1,015.21 | 1.95 | 9.80 | ||||
Class I | 1,000.00 | 1,020.19 | 0.95 | 4.78 | ||||
Class R6 | 1,000.00 | 1,020.39 | 0.91 | 4.58 | ||||
KAR Global Quality Dividend
Fund |
||||||||
Class A | 1,000.00 | 1,018.20 | 1.35 | 6.79 | ||||
Class C | 1,000.00 | 1,014.46 | 2.10 | 10.55 | ||||
Class I | 1,000.00 | 1,019.45 | 1.10 | 5.54 | ||||
Class R6 | 1,000.00 | 1,021.04 | 0.78 | 3.93 | ||||
KAR Mid-Cap Core
Fund |
||||||||
Class A | 1,000.00 | 1,018.95 | 1.20 | 6.04 | ||||
Class C | 1,000.00 | 1,015.21 | 1.95 | 9.80 | ||||
Class I | 1,000.00 | 1,020.19 | 0.95 | 4.78 | ||||
Class R6 | 1,000.00 | 1,020.59 | 0.87 | 4.38 | ||||
KAR Mid-Cap Growth
Fund |
||||||||
Class A | 1,000.00 | 1,018.65 | 1.26 | 6.34 | ||||
Class C | 1,000.00 | 1,014.76 | 2.04 | 10.25 | ||||
Class I | 1,000.00 | 1,019.70 | 1.05 | 5.29 | ||||
Class R6 | 1,000.00 | 1,020.79 | 0.83 | 4.18 | ||||
KAR Small-Cap Core
Fund |
||||||||
Class A | 1,000.00 | 1,018.65 | 1.26 | 6.34 | ||||
Class C | 1,000.00 | 1,014.96 | 2.00 | 10.05 | ||||
Class I | 1,000.00 | 1,019.95 | 1.00 | 5.04 | ||||
Class R6 | 1,000.00 | 1,020.34 | 0.92 | 4.63 | ||||
KAR Small-Cap Growth
Fund |
||||||||
Class A | 1,000.00 | 1,018.15 | 1.36 | 6.84 | ||||
Class C | 1,000.00 | 1,014.46 | 2.10 | 10.55 | ||||
Class I | 1,000.00 | 1,019.35 | 1.12 | 5.64 | ||||
Class R6 | 1,000.00 | 1,019.95 | 1.00 | 5.04 | ||||
KAR Small-Cap Value
Fund |
||||||||
Class A | 1,000.00 | 1,018.85 | 1.22 | 6.14 | ||||
Class C | 1,000.00 | 1,014.96 | 2.00 | 10.05 | ||||
Class I | 1,000.00 | 1,019.90 | 1.01 | 5.09 | ||||
Class R6 | 1,000.00 | 1,020.39 | 0.91 | 4.58 | ||||
KAR Small-Mid Cap Core
Fund |
||||||||
Class A | 1,000.00 | 1,018.50 | 1.29 | 6.49 | ||||
Class C | 1,000.00 | 1,014.71 | 2.05 | 10.30 | ||||
Class I | 1,000.00 | 1,019.75 | 1.04 | 5.24 | ||||
Class R6 | 1,000.00 | 1,020.19 | 0.95 | 4.78 | ||||
KAR Small-Mid Cap Growth
Fund |
||||||||
Class A | 1,000.00 | 1,018.45 | 1.30 | 6.54 | ||||
Class C | 1,000.00 | 1,014.71 | 2.05 | 10.30 | ||||
Class I | 1,000.00 | 1,019.70 | 1.05 | 5.29 | ||||
Class R6 | 1,000.00 | 1,020.00 | 0.99 | 4.99 | ||||
KAR Small-Mid Cap Value
Fund |
||||||||
Class A | 1,000.00 | 1,019.10 | 1.17 | 5.89 | ||||
Class C | 1,000.00 | 1,015.36 | 1.92 | 9.65 | ||||
Class I | 1,000.00 | 1,020.34 | 0.92 | 4.63 | ||||
Class R6 | 1,000.00 | 1,020.84 | 0.82 | 4.13 |
Beginning
Account Value October 1, 2022 |
Ending
Account Value March 31, 2023 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
SGA Emerging Markets Growth
Fund |
||||||||
Class A | $1,000.00 | $1,017.55 | 1.48% | $ 7.44 | ||||
Class C | 1,000.00 | 1,013.81 | 2.23 | 11.20 | ||||
Class I | 1,000.00 | 1,018.80 | 1.23 | 6.19 | ||||
Class R6 | 1,000.00 | 1,019.70 | 1.05 | 5.29 | ||||
SGA Global Growth
Fund |
||||||||
Class A | 1,000.00 | 1,018.20 | 1.35 | 6.79 | ||||
Class C | 1,000.00 | 1,014.46 | 2.10 | 10.55 | ||||
Class I | 1,000.00 | 1,019.40 | 1.11 | 5.59 | ||||
Class R6 | 1,000.00 | 1,020.44 | 0.90 | 4.53 | ||||
SGA New Leaders Growth
Fund |
||||||||
Class A | 1,000.00 | 1,018.25 | 1.34 | 6.74 | ||||
Class C | 1,000.00 | 1,014.51 | 2.09 | 10.50 | ||||
Class I | 1,000.00 | 1,019.50 | 1.09 | 5.49 | ||||
Class R6 | 1,000.00 | 1,020.39 | 0.91 | 4.58 | ||||
Tactical Allocation
Fund |
||||||||
Class A | 1,000.00 | 1,020.00 | 0.99 | 4.99 | ||||
Class C | 1,000.00 | 1,016.21 | 1.75 | 8.80 | ||||
Class I | 1,000.00 | 1,021.14 | 0.76 | 3.83 | ||||
Class R6 | 1,000.00 | 1,021.94 | 0.60 | 3.02 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Common Stocks | 65% | |
Information Technology | 16% | |
Consumer Discretionary | 11 | |
Financials | 10 | |
All Other Common Stocks | 28 | |
Corporate Bonds and Notes | 12 | |
Financials | 4 | |
Energy | 2 | |
Industrials | 1 | |
All Other Corporate Bonds and Notes | 5 | |
Mortgage-Backed Securities | 8 | |
U.S. Government Securities | 6 | |
Asset-Backed Securities | 4 | |
Leveraged Loans | 2 | |
Municipal Bonds | 2 | |
Other (includes short-term investment and securities lending collateral) | 1 | |
Total | 100% |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $505,542 | $505,542 | |
Total Investments | $505,542 | $505,542 |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $144,708 | $144,708 | |
Money Market Mutual Fund | 17 | 17 | |
Securities Lending Collateral | 6,723 | 6,723 | |
Total Investments | $151,448 | $151,448 |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $36,909 | $32,668 | $4,241 | ||
Money Market Mutual Fund | 336 | 336 | — | ||
Securities Lending Collateral | 1,378 | 1,378 | — | ||
Total Investments | $38,623 | $34,382 | $4,241 |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,441,594 | $1,441,594 | |
Money Market Mutual Fund | 91,441 | 91,441 | |
Total Investments | $1,533,035 | $1,533,035 |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices |
Level
3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $1,509,271 | $1,509,271 | $ — | ||
Preferred Stock | 26,103 | — | 26,103 | ||
Money Market Mutual Fund | 15,153 | 15,153 | — | ||
Total Investments | $1,550,527 | $1,524,424 | $26,103 |
Total | Preferred
Stocks | ||
Investments in Securities | |||
Balance as of September 30, 2022: | $27,955 | $27,955 | |
Change in unrealized appreciation (depreciation) | (1,852) | (1,852) | |
Balance as of March 31, 2023 | $26,103 | $26,103 |
Investments in Securities – Assets | Ending
Balance at March 31, 2023 |
Valuation Technique Used | Unobservable
Inputs |
Input
Values | |||
Preferred Stock: | |||||||
Security Scorecard, Inc. Series E | $26,103 | Market and Company Comparables | EV Multiples | 7.12x (2.26.x - 18.92x) | |||
6.07x (2.01x - 13.82x) |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,666,787 | $1,666,787 | |
Money Market Mutual Fund | 31,261 | 31,261 | |
Total Investments | $1,698,048 | $1,698,048 |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $3,452,978 | $3,452,978 | |
Money Market Mutual Fund | 58,686 | 58,686 | |
Securities Lending Collateral | 396 | 396 | |
Total Investments | $3,512,060 | $3,512,060 |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $860,893 | $860,893 | |
Money Market Mutual Fund | 11,450 | 11,450 | |
Total Investments | $872,343 | $872,343 |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,082,231 | $1,082,231 | |
Money Market Mutual Fund | 53,114 | 53,114 | |
Total Investments | $1,135,345 | $1,135,345 |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $7,886 | $7,886 | |
Money Market Mutual Fund | 584 | 584 | |
Total Investments | $8,470 | $8,470 |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $5,209 | $5,209 | |
Money Market Mutual Fund | 227 | 227 | |
Total Investments | $5,436 | $5,436 |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $4,916 | $2,437 | $2,479 | ||
Securities Lending Collateral | 138 | 138 | — | ||
Total Investments | $5,054 | $2,575 | $2,479 |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $108,776 | $100,513 | $8,263 | ||
Money Market Mutual Fund | 508 | 508 | — | ||
Securities Lending Collateral | 2,583 | 2,583 | — | ||
Total Investments | $111,867 | $103,604 | $8,263 |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $6,346 | $5,236 | $1,110 | ||
Total Investments | $6,346 | $5,236 | $1,110 |
Total
Value at March 31, 2023 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Asset-Backed Securities | $ 26,230 | $ — | $ 26,230 | $— | |||
Corporate Bonds and Notes | 74,431 | — | 74,431 | — | |||
Foreign Government Securities | 2,757 | — | 2,757 | — | |||
Leveraged Loans | 10,538 | — | 10,538 | — | |||
Mortgage-Backed Securities | 46,205 | — | 46,205 | — | |||
Municipal Bonds | 10,211 | — | 10,211 | — | |||
U.S. Government Securities | 33,799 | — | 33,799 | — | |||
Equity Securities: | |||||||
Common Stocks | 393,488 | 369,244 | 24,244 | — (1) | |||
Preferred Stocks | 1,428 | 152 | 1,276 | — | |||
Warrant | — (1) | — (1) | — | — | |||
Money Market Mutual Fund | 3,115 | 3,115 | — | — | |||
Assets: | |||||||
Debt Instruments: | |||||||
Equity Securities: | |||||||
Securities Lending Collateral | 336 | 336 | — | — | |||
Total Investments | $602,538 | $372,847 | $229,691 | $— (1) |
(1) | Amount is less than $500. |
KAR
Capital Growth Fund |
KAR
Equity Income Fund |
KAR
Global Quality Dividend Fund |
KAR
Mid-Cap Core Fund | ||||
Assets | |||||||
Investment in securities at
value(1)(2) |
$ 505,542 | $ 151,448 | $ 38,623 | $ 1,533,035 | |||
Foreign currency at
value(3) |
— | — | — (a) | — | |||
Cash
|
1,678 | 1,537 | 403 | 15,109 | |||
Receivables | |||||||
Fund shares sold
|
1 | 98 | 25 | 41,738 | |||
Dividends |
168 | 224 | 160 | 1,173 | |||
Tax reclaims
|
— | 87 | 64 | — | |||
Securities lending
income |
— | 5 | 1 | — | |||
Prepaid Trustees’
retainer |
10 | 3 | 1 | 31 | |||
Prepaid expenses
|
24 | 30 | 23 | 239 | |||
Other assets
|
60 | 18 | 5 | 179 | |||
Total
assets |
507,483 | 153,450 | 39,305 | 1,591,504 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased
|
298 | 100 | 16 | 1,289 | |||
Investment securities purchased
|
— | — | — | 46,694 | |||
Collateral on securities
loaned |
— | 6,723 | 1,378 | — | |||
Investment advisory fees
|
290 | 77 | 17 | 821 | |||
Distribution and service fees
|
99 | 27 | 6 | 71 | |||
Administration and accounting
fees |
43 | 13 | 4 | 126 | |||
Transfer agent and sub-transfer agent fees and
expenses |
72 | 19 | 6 | 236 | |||
Professional fees
|
6 | 29 | 18 | — | |||
Trustee deferred compensation plan
|
60 | 18 | 5 | 179 | |||
Interest expense and/or commitment
fees |
2 | — (a) | — (a) | 2 | |||
Other accrued
expenses |
111 | 22 | 6 | 31 | |||
Total
liabilities |
981 | 7,028 | 1,456 | 49,449 | |||
Net
Assets |
$ 506,502 | $ 146,422 | $ 37,849 | $ 1,542,055 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial
interest |
$ 245,668 | $ 132,623 | $ 35,878 | $ 1,226,128 | |||
Accumulated earnings
(loss) |
260,834 | 13,799 | 1,971 | 315,927 | |||
Net
Assets |
$ 506,502 | $ 146,422 | $ 37,849 | $ 1,542,055 | |||
Net Assets: | |||||||
Class
A |
$ 473,634 | $ 113,438 | $ 24,000 | $ 97,432 | |||
Class
C |
$ 2,254 | $ 4,323 | $ 697 | $ 61,233 | |||
Class
I |
$ 29,275 | $ 26,249 | $ 10,702 | $ 1,358,726 | |||
Class
R6 |
$ 1,339 | $ 2,412 | $ 2,450 | $ 24,664 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class
A |
29,974,708 | 5,920,445 | 1,666,483 | 1,989,771 | |||
Class
C |
229,150 | 268,294 | 49,760 | 1,385,124 | |||
Class
I |
1,747,774 | 1,381,130 | 744,753 | 26,975,296 | |||
Class
R6 |
78,314 | 127,193 | 169,587 | 487,541 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class
A |
$ 15.80 | $ 19.16 | $ 14.40 | $ 48.97 | |||
Class
C |
$ 9.83 | $ 16.11 | $ 14.00 | $ 44.21 | |||
Class
I |
$ 16.75 | $ 19.01 | $ 14.37 | $ 50.37 | |||
Class
R6 |
$ 17.10 | $ 18.97 | $ 14.45 | $ 50.59 |
KAR
Capital Growth Fund |
KAR
Equity Income Fund |
KAR
Global Quality Dividend Fund |
KAR
Mid-Cap Core Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class
A |
$ 16.72 | $ 20.28 | $ 15.24 | $ 51.82 | |||
Maximum Sales Charge - Class
A |
5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at
cost |
$ 255,141 | $ 139,445 | $ 36,140 | $ 1,236,275 | |||
(2) Market value of securities on
loan |
$ — | $ 6,606 | $ 1,326 | $ — | |||
(3) Foreign currency at
cost |
$ — | $ — | $ —(a) | $ — |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
KAR
Mid-Cap Growth Fund |
KAR
Small-Cap Core Fund |
KAR
Small-Cap Growth Fund |
KAR
Small-Cap Value Fund | ||||
Assets | |||||||
Investment in unaffiliated securities at
value(1)(2) |
$ 1,550,527 | $ 1,698,048 | $ 2,207,677 | $ 872,343 | |||
Investment in affiliated securities at
value(3) |
— | — | 1,304,383 | — | |||
Cash
|
16,431 | 17,407 | 36,735 | 9,612 | |||
Receivables | |||||||
Fund shares sold
|
1,737 | 2,277 | 2,855 | 572 | |||
Dividends |
354 | 367 | 1,585 | 696 | |||
Securities lending
income |
— | — (a) | 2 | — | |||
Prepaid Trustees’
retainer |
34 | 35 | 75 | 19 | |||
Prepaid expenses
|
38 | 29 | 33 | 46 | |||
Other assets
|
189 | 208 | 426 | 109 | |||
Total
assets |
1,569,310 | 1,718,371 | 3,553,771 | 883,397 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased
|
1,581 | 1,157 | 2,546 | 99,462 | |||
Collateral on securities
loaned |
— | — | 396 | — | |||
Investment advisory fees
|
948 | 1,076 | 2,415 | 529 | |||
Distribution and service fees
|
111 | 82 | 224 | 31 | |||
Administration and accounting
fees |
133 | 146 | 300 | 78 | |||
Transfer agent and sub-transfer agent fees and
expenses |
334 | 190 | 846 | 311 | |||
Professional fees
|
123 | 17 | 230 | 83 | |||
Trustee deferred compensation plan
|
189 | 208 | 426 | 109 | |||
Interest expense and/or commitment
fees |
12 | 4 | 21 | 4 | |||
Other accrued
expenses |
129 | 73 | 219 | 41 | |||
Total
liabilities |
3,560 | 2,953 | 7,623 | 100,648 | |||
Net
Assets |
$ 1,565,750 | $ 1,715,418 | $ 3,546,148 | $ 782,749 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial
interest |
$ 1,321,864 | $ 1,011,202 | $ 2,439,280 | $ 545,119 | |||
Accumulated earnings
(loss) |
243,886 | 704,216 | 1,106,868 | 237,630 | |||
Net
Assets |
$ 1,565,750 | $ 1,715,418 | $ 3,546,148 | $ 782,749 | |||
Net Assets: | |||||||
Class
A |
$ 306,047 | $ 137,718 | $ 447,385 | $ 90,759 | |||
Class
C |
$ 57,125 | $ 62,885 | $ 155,738 | $ 13,757 | |||
Class
I |
$ 1,108,144 | $ 1,134,733 | $ 2,711,199 | $ 644,939 | |||
Class
R6 |
$ 94,434 | $ 380,082 | $ 231,826 | $ 33,294 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class
A |
6,397,204 | 3,293,752 | 14,162,278 | 4,210,109 | |||
Class
C |
1,572,386 | 2,006,795 | 6,082,084 | 661,971 | |||
Class
I |
22,210,195 | 25,045,621 | 82,031,665 | 29,864,526 | |||
Class
R6 |
1,873,374 | 8,349,517 | 6,965,518 | 1,534,398 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class
A |
$ 47.84 | $ 41.81 | $ 31.59 | $ 21.56 | |||
Class
C |
$ 36.33 | $ 31.34 | $ 25.61 | $ 20.78 | |||
Class
I |
$ 49.89 | $ 45.31 | $ 33.05 | $ 21.60 | |||
Class
R6 |
$ 50.41 | $ 45.52 | $ 33.28 | $ 21.70 |
KAR
Mid-Cap Growth Fund |
KAR
Small-Cap Core Fund |
KAR
Small-Cap Growth Fund |
KAR
Small-Cap Value Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class
A |
$ 50.62 | $ 44.24 | $ 33.43 | $ 22.81 | |||
Maximum Sales Charge - Class
A |
5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in unaffiliated securities at
cost |
$ 1,164,058 | $ 1,014,448 | $ 1,443,603 | $ 657,948 | |||
(2) Market value of securities on
loan |
$ — | $ — | $ 389 | $ — | |||
(3) Investment in affiliated securities at
cost |
$ — | $ — | $ 949,001 | $ — |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
KAR
Small-Mid Cap Core Fund |
KAR
Small-Mid Cap Growth Fund |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||
Assets | |||||||
Investment in securities at
value(1)(2) |
$ 1,135,345 | $ 8,470 | $ 5,436 | $ 5,054 | |||
Foreign currency at
value(3) |
— | — | — | — (a) | |||
Cash
|
11,715 | 250 | 50 | 121 | |||
Receivables | |||||||
Fund shares sold
|
7,898 | 8 | — | — (a) | |||
Dividends |
363 | 3 | 5 | 6 | |||
Receivable from
adviser |
— | — | 1 | 3 | |||
Securities lending
income |
— | — | — | — (a) | |||
Prepaid Trustees’
retainer |
23 | — (a) | — (a) | — (a) | |||
Prepaid expenses
|
67 | 24 | 11 | 24 | |||
Other assets
|
138 | 1 | 1 | 1 | |||
Total
assets |
1,155,549 | 8,756 | 5,504 | 5,209 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased
|
1,901 | 10 | — | — | |||
Investment securities purchased
|
3,800 | — | — | — | |||
Foreign capital gains
tax |
— | — | — | 1 | |||
Collateral on securities
loaned |
— | — | — | 138 | |||
Dividend distributions
|
— | — | — | — (a) | |||
Investment advisory fees
|
709 | — (a) | — | — | |||
Distribution and service fees
|
37 | 1 | — (a) | — (a) | |||
Administration and accounting
fees |
98 | 1 | 1 | 1 | |||
Transfer agent and sub-transfer agent fees and
expenses |
266 | 1 | — (a) | — (a) | |||
Professional fees
|
80 | 19 | 21 | 25 | |||
Trustee deferred compensation plan
|
138 | 1 | 1 | 1 | |||
Interest expense and/or commitment
fees |
3 | — (a) | — | — (a) | |||
Other accrued
expenses |
8 | 2 | 2 | — | |||
Total
liabilities |
7,040 | 35 | 25 | 166 | |||
Net
Assets |
$ 1,148,509 | $ 8,721 | $ 5,479 | $ 5,043 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial
interest |
$ 1,109,119 | $ 9,654 | $ 5,988 | $ 5,181 | |||
Accumulated earnings
(loss) |
39,390 | (933) | (509) | (138) | |||
Net
Assets |
$ 1,148,509 | $ 8,721 | $ 5,479 | $ 5,043 | |||
Net Assets: | |||||||
Class
A |
$ 40,119 | $ 3,075 | $ 1,227 | $ 177 | |||
Class
C |
$ 34,072 | $ 112 | $ 88 | $ 189 | |||
Class
I |
$ 1,048,471 | $ 2,469 | $ 1,168 | $ 284 | |||
Class
R6 |
$ 25,847 | $ 3,065 | $ 2,996 | $ 4,393 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class
A |
2,486,308 | 347,071 | 144,159 | 18,084 | |||
Class
C |
2,193,535 | 12,867 | 10,361 | 19,969 | |||
Class
I |
64,187,550 | 277,045 | 136,823 | 28,818 | |||
Class
R6 |
1,577,139 | 343,390 | 349,627 | 441,949 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class
A |
$ 16.14 | $ 8.86 | $ 8.51 | $ 9.77 | |||
Class
C |
$ 15.53 | $ 8.71 | $ 8.47 | $ 9.47 | |||
Class
I |
$ 16.33 | $ 8.91 | $ 8.54 | $ 9.87 | |||
Class
R6 |
$ 16.39 | $ 8.92 | $ 8.57 | $ 9.94 |
KAR
Small-Mid Cap Core Fund |
KAR
Small-Mid Cap Growth Fund |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class
A |
$ 17.08 | $ 9.38 | $ 9.01 | $ 10.34 | |||
Maximum Sales Charge - Class
A |
5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at
cost |
$ 1,078,853 | $ 8,648 | $ 5,900 | $ 4,793 | |||
(2) Market value of securities on
loan |
$ — | $ — | $ — | $ 131 | |||
(3) Foreign currency at
cost |
$ — | $ — | $ — | $ —(a) |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
SGA Global Growth Fund | SGA New Leaders Growth Fund | Tactical
Allocation Fund | |||
Assets | |||||
Investment in securities at
value(1)(2) |
$ 111,867 | $ 6,346 | $ 602,538 | ||
Foreign currency at
value(3) |
— (a) | — | 39 | ||
Cash
|
1,101 | 194 | 10,666 | ||
Receivables | |||||
Investment securities sold
|
— | — | 166 | ||
Fund shares sold
|
3 | — | 19 | ||
Dividends and
interest |
35 | 3 | 2,070 | ||
Receivable from
adviser |
— | 2 | — | ||
Tax reclaims
|
81 | — | 124 | ||
Securities lending
income |
— (a) | — | — (a) | ||
Prepaid Trustees’
retainer |
2 | — (a) | 12 | ||
Prepaid expenses
|
30 | 14 | 31 | ||
Other assets
|
13 | 1 | 74 | ||
Total
assets |
113,132 | 6,560 | 615,739 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased
|
20 | — | 298 | ||
Investment securities purchased
|
— | — | 3,211 | ||
Collateral on securities
loaned |
2,583 | — | 336 | ||
Dividend distributions
|
— | — | 1 | ||
Investment advisory fees
|
60 | — | 237 | ||
Distribution and service fees
|
8 | — (a) | 128 | ||
Administration and accounting
fees |
10 | 1 | 52 | ||
Transfer agent and sub-transfer agent fees and
expenses |
20 | — (a) | 96 | ||
Professional fees
|
25 | 25 | 17 | ||
Trustee deferred compensation plan
|
13 | 1 | 74 | ||
Interest expense and/or commitment
fees |
1 | — (a) | 3 | ||
Other accrued
expenses |
2 | 1 | 102 | ||
Total
liabilities |
2,742 | 28 | 4,555 | ||
Net
Assets |
$ 110,390 | $ 6,532 | $ 611,184 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial
interest |
$ 97,666 | $ 8,616 | $ 542,904 | ||
Accumulated earnings
(loss) |
12,724 | (2,084) | 68,280 | ||
Net
Assets |
$ 110,390 | $ 6,532 | $ 611,184 | ||
Net Assets: | |||||
Class
A |
$ 21,269 | $ 82 | $ 576,570 | ||
Class
C |
$ 3,891 | $ 70 | $ 10,420 | ||
Class
I |
$ 24,992 | $ 109 | $ 24,115 | ||
Class
R6 |
$ 60,238 | $ 6,271 | $ 79 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class
A |
946,245 | 11,620 | 61,547,479 | ||
Class
C |
188,509 | 10,000 | 1,087,511 | ||
Class
I |
1,098,896 | 15,285 | 2,581,500 | ||
Class
R6 |
2,554,711 | 875,112 | 8,525 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class
A |
$ 22.48 | $ 7.09 | $ 9.37 | ||
Class
C |
$ 20.64 | $ 6.96 | $ 9.58 | ||
Class
I |
$ 22.74 | $ 7.13 | $ 9.34 | ||
Class
R6 |
$ 23.58 | $ 7.17 | $ 9.34 |
SGA Global Growth Fund | SGA New Leaders Growth Fund | Tactical
Allocation Fund | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class
A |
$ 23.79 | $ 7.50 | $ 9.92 | ||
Maximum Sales Charge - Class
A |
5.50% | 5.50% | 5.50% | ||
(1) Investment in securities at
cost |
$ 90,169 | $ 6,955 | $ 511,784 | ||
(2) Market value of securities on
loan |
$ 2,565 | $ — | $ 328 | ||
(3) Foreign currency at
cost |
$ — | $ — | $ 39 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
KAR
Capital Growth Fund |
KAR
Equity Income Fund |
KAR
Global Quality Dividend Fund |
KAR
Mid-Cap Core Fund |
KAR
Mid-Cap Growth Fund | |||||
Investment Income | |||||||||
Dividends
|
$ 2,102 | $ 2,703 | $ 786 | $ 7,427 | $ 5,759 | ||||
Securities lending, net of
fees |
— | 12 | 5 | — | — | ||||
Foreign taxes withheld
|
— | (11) | (48) | — | — | ||||
Total investment
income |
2,102 | 2,704 | 743 | 7,427 | 5,759 | ||||
Expenses | |||||||||
Investment advisory
fees |
1,712 | 564 | 142 | 5,503 | 5,823 | ||||
Distribution and service fees, Class
A |
568 | 142 | 29 | 110 | 388 | ||||
Distribution and service fees, Class
C |
12 | 21 | 4 | 294 | 296 | ||||
Administration and accounting
fees |
252 | 80 | 23 | 716 | 814 | ||||
Transfer agent fees and
expenses |
112 | 33 | 9 | 298 | 343 | ||||
Sub-transfer agent fees and expenses, Class
A |
90 | 34 | 8 | 39 | 140 | ||||
Sub-transfer agent fees and expenses, Class
C |
1 | 1 | — (1) | 31 | 38 | ||||
Sub-transfer agent fees and expenses, Class
I |
15 | 10 | 6 | 648 | 747 | ||||
Custodian fees
|
1 | — (1) | 1 | 2 | 3 | ||||
Printing fees and expenses
|
18 | 6 | 2 | 56 | 78 | ||||
Professional fees
|
23 | 11 | 14 | 39 | — | ||||
Interest expense and/or commitment
fees |
3 | 1 | — (1) | 9 | 11 | ||||
Registration fees
|
25 | 26 | 22 | 63 | 53 | ||||
Trustees’ fees and expenses
|
18 | 5 | 1 | 47 | 60 | ||||
Miscellaneous
expenses |
110 | 28 | 11 | 41 | 109 | ||||
Total
expenses |
2,960 | 962 | 272 | 7,896 | 8,903 | ||||
Less net expenses reimbursed and/or waived by investment
adviser(2) |
(1) | (84) | (34) | (824) | (43) | ||||
Net
expenses |
2,959 | 878 | 238 | 7,072 | 8,860 | ||||
Net investment income
(loss) |
(857) | 1,826 | 505 | 355 | (3,101) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments |
17,333 | 1,223 | 305 | 37,469 | (92,665) | ||||
Foreign currency
transactions |
— | (1) | 3 | — | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments |
52,644 | 12,600 | 4,158 | 175,076 | 249,245 | ||||
Foreign currency
transactions |
— | — | 10 | — | — | ||||
Net realized and unrealized gain (loss) on
investments |
69,977 | 13,822 | 4,476 | 212,545 | 156,580 | ||||
Net increase (decrease) in net assets resulting from
operations |
$69,120 | $15,648 | $4,981 | $212,900 | $153,479 |
(1) | Amount is less than $500. |
(2) | See Note 3D in Notes to Financial Statements. |
KAR
Small-Cap Core Fund |
KAR
Small-Cap Growth Fund |
KAR
Small-Cap Value Fund |
KAR
Small-Mid Cap Core Fund |
KAR
Small-Mid Cap Growth Fund | |||||
Investment Income | |||||||||
Dividends
|
$ 11,242 | $ 6,155 | $ 9,180 | $ 5,121 | $ 16 | ||||
Dividends from affiliated
|
— | 2,723 | — | — | — | ||||
Securities lending, net of
fees |
— (1) | 26 | — | — | — (1) | ||||
Total investment
income |
11,242 | 8,904 | 9,180 | 5,121 | 16 | ||||
Expenses | |||||||||
Investment advisory
fees |
6,171 | 14,467 | 3,243 | 4,016 | 23 | ||||
Distribution and service fees, Class
A |
164 | 554 | 118 | 48 | 2 | ||||
Distribution and service fees, Class
C |
313 | 798 | 71 | 153 | 1 | ||||
Administration and accounting
fees |
841 | 1,799 | 475 | 551 | 7 | ||||
Transfer agent fees and
expenses |
351 | 755 | 201 | 229 | 1 | ||||
Sub-transfer agent fees and expenses, Class
A |
57 | 246 | 40 | 21 | — (1) | ||||
Sub-transfer agent fees and expenses, Class
C |
25 | 78 | 8 | 20 | — (1) | ||||
Sub-transfer agent fees and expenses, Class
I |
449 | 1,617 | 481 | 577 | 1 | ||||
Custodian fees
|
2 | 5 | 2 | 1 | — (1) | ||||
Printing fees and expenses
|
60 | 163 | 49 | 45 | — (1) | ||||
Professional fees
|
8 | — | 8 | 15 | 12 | ||||
Interest expense and/or commitment
fees |
7 | 111 | 7 | 7 | — (1) | ||||
Registration fees
|
33 | 53 | 44 | 41 | 13 | ||||
Trustees’ fees and expenses
|
58 | 134 | 36 | 38 | — (1) | ||||
Miscellaneous
expenses |
50 | 143 | 51 | 35 | 2 | ||||
Total
expenses |
8,589 | 20,923 | 4,834 | 5,797 | 62 | ||||
Less net expenses reimbursed and/or waived by investment
adviser(2) |
— | — | — | — | (29) | ||||
Plus net expenses
recaptured |
— | — | — | 4 | — | ||||
Net
expenses |
8,589 | 20,923 | 4,834 | 5,801 | 33 | ||||
Net investment income
(loss) |
2,653 | (12,019) | 4,346 | (680) | (17) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments |
18,232 | 89,957 | 30,842 | (2,227) | (213) | ||||
Affiliated
investments |
— | (18,290) | — | — | — | ||||
Foreign currency
transactions |
26 | 176 | — | — | — (1) | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments |
269,744 | 132,363 | 51,145 | 186,263 | 865 | ||||
Affiliated
investments |
— | 308,932 | — | — | — | ||||
Foreign currency
transactions |
(13) | (38) | — | — | — | ||||
Net realized and unrealized gain (loss) on
investments |
287,989 | 513,100 | 81,987 | 184,036 | 652 | ||||
Net increase (decrease) in net assets resulting from
operations |
$290,642 | $501,081 | $86,333 | $183,356 | $ 635 |
(1) | Amount is less than $500. |
(2) | See Note 3D in Notes to Financial Statements. |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | SGA Global Growth Fund | SGA New Leaders Growth Fund | Tactical
Allocation Fund | |||||
Investment Income | |||||||||
Dividends
|
$ 45 | $ 33 | $ 341 | $ 18 | $ 2,229 | ||||
Interest
|
— | — | — | — | 4,225 | ||||
Securities lending, net of
fees |
— | — (1) | — (1) | — (1) | 1 | ||||
Foreign taxes withheld
|
— | (2) | (9) | — (1) | (79) | ||||
Total investment
income |
45 | 31 | 332 | 18 | 6,376 | ||||
Expenses | |||||||||
Investment advisory
fees |
16 | 24 | 431 | 25 | 1,642 | ||||
Distribution and service fees, Class
A |
2 | — (1) | 25 | — (1) | 702 | ||||
Distribution and service fees, Class
C |
1 | 1 | 19 | — (1) | 55 | ||||
Administration and accounting
fees |
6 | 6 | 59 | 7 | 308 | ||||
Transfer agent fees and
expenses |
1 | 1 | 23 | 1 | 125 | ||||
Sub-transfer agent fees and expenses, Class
A |
— (1) | — (1) | 18 | — (1) | 138 | ||||
Sub-transfer agent fees and expenses, Class
C |
— | — (1) | 2 | — | 6 | ||||
Sub-transfer agent fees and expenses, Class
I |
— (1) | — (1) | 19 | — | 15 | ||||
Custodian fees
|
— (1) | 1 | 1 | 1 | 10 | ||||
Printing fees and expenses
|
— (1) | — (1) | 6 | — (1) | 22 | ||||
Professional fees
|
11 | 16 | 14 | 14 | 26 | ||||
Interest expense and/or commitment
fees |
— (1) | — (1) | 2 | — (1) | 3 | ||||
Registration fees
|
13 | 13 | 20 | 15 | 27 | ||||
Trustees’ fees and expenses
|
— (1) | — (1) | 4 | — (1) | 22 | ||||
Miscellaneous
expenses |
2 | 3 | 10 | 3 | 112 | ||||
Total
expenses |
52 | 65 | 653 | 66 | 3,213 | ||||
Less net expenses reimbursed and/or waived by investment
adviser(2) |
(29) | (39) | (73) | (37) | (242) | ||||
Net
expenses |
23 | 26 | 580 | 29 | 2,971 | ||||
Net investment income
(loss) |
22 | 5 | (248) | (11) | 3,405 | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments |
(30) | (78) | (7,483) | (467) | 4,193 | ||||
Foreign currency
transactions |
— | (1) | 4 | — (1) | (3) | ||||
Foreign capital gains
tax |
— | — | — | — (1) | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments |
413 | 793 | 25,869 | 1,194 | 65,856 | ||||
Foreign currency
transactions |
— | — (1) | 6 | — (1) | 11 | ||||
Foreign capital gains
tax |
— | 2 | — | — | — | ||||
Net realized and unrealized gain (loss) on
investments |
383 | 716 | 18,396 | 727 | 70,057 | ||||
Net increase (decrease) in net assets resulting from
operations |
$405 | $721 | $18,148 | $ 716 | $73,462 |
(1) | Amount is less than $500. |
(2) | See Note 3D in Notes to Financial Statements. |
KAR Capital Growth Fund | KAR Equity Income Fund | ||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ (857) | $ (4,080) | $ 1,826 | $ 3,225 | |||
Net realized gain (loss)
|
17,333 | 86,995 | 1,222 | 4,994 | |||
Net change in unrealized appreciation (depreciation)
|
52,644 | (364,704) | 12,600 | (18,112) | |||
Increase (decrease) in net assets resulting from
operations |
69,120 | (281,789) | 15,648 | (9,893) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(83,782) | (53,757) | (6,421) | (5,143) | |||
Class
C |
(677) | (820) | (295) | (140) | |||
Class
I |
(5,506) | (4,151) | (2,170) | (497) | |||
Class
R6 |
(235) | (122) | (124) | (70) | |||
Total dividends and distributions to
shareholders |
(90,200) | (58,850) | (9,010) | (5,850) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
57,303 | 11,694 | 4,213 | (6,082) | |||
Class
C |
(322) | (3,130) | 856 | (523) | |||
Class
I |
(354) | (4,688) | (1,067) | 16,933 | |||
Class
R6 |
134 | 1,244 | 670 | 725 | |||
Increase (decrease) in net assets from capital
transactions |
56,761 | 5,120 | 4,672 | 11,053 | |||
Net increase (decrease) in net
assets |
35,681 | (335,519) | 11,310 | (4,690) | |||
Net Assets | |||||||
Beginning of
period |
470,821 | 806,340 | 135,112 | 139,802 | |||
End of
Period |
$ 506,502 | $ 470,821 | $ 146,422 | $ 135,112 |
KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ 505 | $ 1,066 | $ 355 | $ (3,352) | |||
Net realized gain (loss)
|
308 | 1,880 | 37,469 | (11,459) | |||
Net change in unrealized appreciation (depreciation)
|
4,168 | (6,901) | 175,076 | (315,507) | |||
Increase (decrease) in net assets resulting from
operations |
4,981 | (3,955) | 212,900 | (330,318) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(659) | (510) | (203) | (1,497) | |||
Class
C |
(16) | (8) | (152) | (1,267) | |||
Class
I |
(349) | (404) | (2,750) | (21,030) | |||
Class
R6 |
(80) | (53) | (65) | (951) | |||
Total dividends and distributions to
shareholders |
(1,104) | (975) | (3,170) | (24,745) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
232 | 534 | 12,113 | 5,309 | |||
Class
C |
(211) | (8) | (470) | 1,691 | |||
Class
I |
(1,267) | 697 | 110,391 | 185,127 | |||
Class
R6 |
42 | 517 | (8,731) | (15,752) | |||
Increase (decrease) in net assets from capital
transactions |
(1,204) | 1,740 | 113,303 | 176,375 | |||
Net increase (decrease) in net
assets |
2,673 | (3,190) | 323,033 | (178,688) | |||
Net Assets | |||||||
Beginning of
period |
35,176 | 38,366 | 1,219,022 | 1,397,710 | |||
End of
Period |
$ 37,849 | $ 35,176 | $ 1,542,055 | $ 1,219,022 |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | ||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ (3,101) | $ (14,029) | $ 2,653 | $ 3,870 | |||
Net realized gain (loss)
|
(92,665) | (35,480) | 18,258 | 118,115 | |||
Net increase from payment by
affiliate |
— | 19 | — | — | |||
Net change in unrealized appreciation (depreciation)
|
249,245 | (1,147,252) | 269,731 | (321,839) | |||
Increase (decrease) in net assets resulting from
operations |
153,479 | (1,196,742) | 290,642 | (199,854) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
— | (8,185) | (8,378) | (17,080) | |||
Class
C |
— | (2,544) | (5,066) | (12,382) | |||
Class
I |
— | (34,824) | (66,439) | (145,908) | |||
Class
R6 |
— | (2,968) | (21,597) | (48,590) | |||
Total dividends and distributions to
shareholders |
— | (48,521) | (101,480) | (223,960) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
(24,650) | (64,827) | 5,802 | 9,432 | |||
Class
C |
(7,631) | (34,319) | (1,846) | (4,941) | |||
Class
I |
(136,004) | (465,049) | (899) | 10,150 | |||
Class
R6 |
(3,638) | (36,166) | 18,596 | (12,387) | |||
Increase (decrease) in net assets from capital
transactions |
(171,923) | (600,361) | 21,653 | 2,254 | |||
Net increase (decrease) in net
assets |
(18,444) | (1,845,624) | 210,815 | (421,560) | |||
Net Assets | |||||||
Beginning of
period |
1,584,194 | 3,429,818 | 1,504,603 | 1,926,163 | |||
End of
Period |
$ 1,565,750 | $ 1,584,194 | $ 1,715,418 | $ 1,504,603 |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ (12,019) | $ (35,123) | $ 4,346 | $ 4,816 | |||
Net realized gain (loss)
|
71,843 | 509,865 | 30,842 | 14,056 | |||
Net change in unrealized appreciation (depreciation)
|
441,257 | (2,271,252) | 51,145 | (329,741) | |||
Increase (decrease) in net assets resulting from
operations |
501,081 | (1,796,510) | 86,333 | (310,869) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(64,943) | (100,063) | (2,821) | (2,287) | |||
Class
C |
(27,720) | (45,933) | (379) | (355) | |||
Class
I |
(375,773) | (655,027) | (24,275) | (21,896) | |||
Class
R6 |
(29,364) | (25,977) | (1,025) | (1,622) | |||
Total dividends and distributions to
shareholders |
(497,800) | (827,000) | (28,500) | (26,160) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
17,891 | (43,224) | (4,990) | (8,687) | |||
Class
C |
(1,735) | (22,917) | (553) | (3,114) | |||
Class
I |
(78,901) | (483,610) | (160,726) | (151,561) | |||
Class
R6 |
90,783 | 23,078 | (2,949) | (30,485) | |||
Increase (decrease) in net assets from capital
transactions |
28,038 | (526,673) | (169,218) | (193,847) | |||
Net increase (decrease) in net
assets |
31,319 | (3,150,183) | (111,385) | (530,876) | |||
Net Assets | |||||||
Beginning of
period |
3,514,829 | 6,665,012 | 894,134 | 1,425,010 | |||
End of
Period |
$ 3,546,148 | $ 3,514,829 | $ 782,749 | $ 894,134 |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | ||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ (680) | $ (4,268) | $ (17) | $ (46) | |||
Net realized gain (loss)
|
(2,227) | (9,991) | (213) | (453) | |||
Net change in unrealized appreciation (depreciation)
|
186,263 | (356,103) | 865 | (1,430) | |||
Increase (decrease) in net assets resulting from
operations |
183,356 | (370,362) | 635 | (1,929) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
— | (599) | — | — | |||
Class
C |
— | (408) | — | — | |||
Class
I |
— | (14,991) | — | — | |||
Class
R6 |
— | (222) | — | — | |||
Total dividends and distributions to
shareholders |
— | (16,220) | — | — | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
(683) | (222) | 2,616 | (107) | |||
Class
C |
2,892 | 5,969 | — (1) | 18 | |||
Class
I |
1,928 | 65,718 | 326 | 692 | |||
Class
R6 |
8,970 | 3,622 | 7 | 380 | |||
Increase (decrease) in net assets from capital
transactions |
13,107 | 75,087 | 2,949 | 983 | |||
Net increase (decrease) in net
assets |
196,463 | (311,495) | 3,584 | (946) | |||
Net Assets | |||||||
Beginning of
period |
952,046 | 1,263,541 | 5,137 | 6,083 | |||
End of
Period |
$ 1,148,509 | $ 952,046 | $ 8,721 | $ 5,137 |
(1) | Amount is less than $500. |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ 22 | $ 20 | $ 5 | $ 8 | |||
Net realized gain (loss)
|
(30) | (30) | (79) | (313) | |||
Net change in unrealized appreciation (depreciation)
|
413 | (768) | 795 | (1,477) | |||
Increase (decrease) in net assets resulting from
operations |
405 | (778) | 721 | (1,782) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(7) | (—) (1) | — | (14) | |||
Class
C |
— | — | — | (11) | |||
Class
I |
(2) | (1) | — | (27) | |||
Class
R6 |
(9) | (10) | — | (368) | |||
Total dividends and distributions to
shareholders |
(18) | (11) | — | (420) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
454 | 643 | 18 | 1 | |||
Class
C |
— (1) | 1 | 91 | (14) | |||
Class
I |
726 | 399 | 16 | (47) | |||
Class
R6 |
2 | 729 | (100) | 364 | |||
Increase (decrease) in net assets from capital
transactions |
1,182 | 1,772 | 25 | 304 | |||
Net increase (decrease) in net
assets |
1,569 | 983 | 746 | (1,898) | |||
Net Assets | |||||||
Beginning of
period |
3,910 | 2,927 | 4,297 | 6,195 | |||
End of
Period |
$ 5,479 | $ 3,910 | $ 5,043 | $ 4,297 |
(1) | Amount is less than $500. |
SGA Global Growth Fund | SGA New Leaders Growth Fund | ||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ (248) | $ (643) | $ (11) | $ (33) | |||
Net realized gain (loss)
|
(7,479) | 3,988 | (467) | (809) | |||
Net change in unrealized appreciation (depreciation)
|
25,875 | (56,748) | 1,194 | (2,361) | |||
Increase (decrease) in net assets resulting from
operations |
18,148 | (53,403) | 716 | (3,203) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(503) | (2,276) | — | — | |||
Class
C |
(104) | (518) | — | — | |||
Class
I |
(643) | (3,434) | — | — | |||
Class
R6 |
(1,405) | (5,122) | — | — | |||
Total dividends and distributions to
shareholders |
(2,655) | (11,350) | — | — | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class
A |
52 | (3,902) | 3 | 10 | |||
Class
C |
(398) | (934) | — | (2) | |||
Class
I |
(12,016) | (1,068) | — | — | |||
Class
R6 |
(2,463) | 4,695 | 49 | 2,311 | |||
Increase (decrease) in net assets from capital
transactions |
(14,825) | (1,209) | 52 | 2,319 | |||
Net increase (decrease) in net
assets |
668 | (65,962) | 768 | (884) | |||
Net Assets | |||||||
Beginning of
period |
109,722 | 175,684 | 5,764 | 6,648 | |||
End of
Period |
$ 110,390 | $ 109,722 | $ 6,532 | $ 5,764 |
Tactical Allocation Fund | |||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss)
|
$ 3,405 | $ 4,598 | |
Net realized gain (loss)
|
4,190 | 38,422 | |
Net change in unrealized appreciation (depreciation)
|
65,867 | (318,832) | |
Increase (decrease) in net assets resulting from
operations |
73,462 | (275,812) | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class
A |
(37,823) | (60,102) | |
Class
C |
(693) | (1,929) | |
Class
I |
(1,678) | (3,906) | |
Class
R6 |
(6) | (8) | |
Total dividends and distributions to
shareholders |
(40,200) | (65,945) | |
Change in Net Assets from Capital Transactions (See Note 5): | |||
Class
A |
2,992 | (12,680) | |
Class
C |
(2,569) | (11,584) | |
Class
I |
(2,794) | (8,300) | |
Class
R6 |
1 | 4 | |
Increase (decrease) in net assets from capital
transactions |
(2,370) | (32,560) | |
Net increase (decrease) in net
assets |
30,892 | (374,317) | |
Net Assets | |||
Beginning of
period |
580,292 | 954,609 | |
End of
Period |
$ 611,184 | $ 580,292 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
KAR Capital Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $16.87 | (0.03) | 2.27 | 2.24 | — | — | (3.31) | (3.31) | — | (1.07) | $15.80 | 15.16 % | $ 473,634 | 1.22 % (7) | 1.22 % | (0.36) % | 8 % | |
10/1/21 to 9/30/22 | 28.64 | (0.14) | (9.51) | (9.65) | — | — | (2.12) | (2.12) | — | (11.77) | 16.87 | (36.54) | 435,925 | 1.20 (7)(8) | 1.20 | (0.63) | 13 | |
10/1/20 to 9/30/21 | 24.20 | (0.22) | 5.49 | 5.27 | — | — | (0.83) | (0.83) | — | 4.44 | 28.64 | 21.98 | 736,713 | 1.20 (7) | 1.20 | (0.83) | 8 | |
10/1/19 to 9/30/20 | 16.67 | (0.12) | 8.16 | 8.04 | — | — | (0.51) | (0.51) | — | 7.53 | 24.20 | 49.20 | 640,963 | 1.22 (7) | 1.23 | (0.63) | 4 | |
10/1/18 to 9/30/19 | 18.37 | (0.07) | (0.08) | (0.15) | — | — | (1.55) | (1.55) | — | (1.70) | 16.67 | 1.10 | 471,071 | 1.23 (7) | 1.24 | (0.43) | 12 | |
10/1/17 to 9/30/18 | 16.18 | (0.08) | 3.13 | 3.05 | — | — | (0.86) | (0.86) | — | 2.19 | 18.37 | 19.56 | 508,124 | 1.22 (7) | 1.22 | (0.49) | 17 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $11.73 | (0.06) | 1.47 | 1.41 | — | — | (3.31) | (3.31) | — | (1.90) | $ 9.83 | 14.66 % | $ 2,254 | 2.05 % (7) | 2.05 % | (1.20) % | 8 % | |
10/1/21 to 9/30/22 | 20.70 | (0.25) | (6.60) | (6.85) | — | — | (2.12) | (2.12) | — | (8.97) | 11.73 | (37.07) | 2,914 | 2.01 (7)(8) | 2.01 | (1.48) | 13 | |
10/1/20 to 9/30/21 | 17.83 | (0.32) | 4.02 | 3.70 | — | — | (0.83) | (0.83) | — | 2.87 | 20.70 | 21.00 | 9,252 | 2.01 (7) | 2.01 | (1.63) | 8 | |
10/1/19 to 9/30/20 | 12.49 | (0.20) | 6.05 | 5.85 | — | — | (0.51) | (0.51) | — | 5.34 | 17.83 | 48.09 | 13,183 | 2.00 (7) | 2.00 | (1.41) | 4 | |
10/1/18 to 9/30/19 | 14.34 | (0.15) | (0.15) | (0.30) | — | — | (1.55) | (1.55) | — | (1.85) | 12.49 | 0.26 | 8,632 | 2.02 (7) | 2.02 | (1.22) | 12 | |
10/1/17 to 9/30/18 | 12.91 | (0.17) | 2.46 | 2.29 | — | — | (0.86) | (0.86) | — | 1.43 | 14.34 | 18.58 | 14,408 | 1.99 (7) | 2.00 | (1.26) | 17 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $17.67 | (0.01) | 2.40 | 2.39 | — | — | (3.31) | (3.31) | — | (0.92) | $16.75 | 15.33 % | $ 29,275 | 1.03 % (7) | 1.03 % | (0.17) % | 8 % | |
10/1/21 to 9/30/22 | 29.86 | (0.11) | (9.96) | (10.07) | — | — | (2.12) | (2.12) | — | (12.19) | 17.67 | (36.45) | 30,739 | 1.01 (7)(8) | 1.01 | (0.44) | 13 | |
10/1/20 to 9/30/21 | 25.15 | (0.18) | 5.72 | 5.54 | — | — | (0.83) | (0.83) | — | 4.71 | 29.86 | 22.23 | 59,565 | 1.00 (7) | 1.00 | (0.63) | 8 | |
10/1/19 to 9/30/20 | 17.36 | (0.09) | 8.39 | 8.30 | — | — | (0.51) | (0.51) | — | 7.79 | 25.15 | 48.72 | 46,600 | 1.01 (7) | 1.02 | (0.44) | 4 | |
10/1/18 to 9/30/19 | 19.02 | (0.04) | (0.07) | (0.11) | — | — | (1.55) | (1.55) | — | (1.66) | 17.36 | 1.29 | 22,315 | 1.02 (7) | 1.03 | (0.21) | 12 | |
10/1/17 to 9/30/18 | 16.69 | (0.05) | 3.24 | 3.19 | — | — | (0.86) | (0.86) | — | 2.33 | 19.02 | 19.81 | 17,125 | 0.99 (7) | 0.99 | (0.26) | 17 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $17.95 | 0.01 | 2.45 | 2.46 | — | — | (3.31) | (3.31) | — | (0.85) | $17.10 | 15.51 % | $ 1,339 | 0.73 % | 0.93 % | 0.12 % | 8 % | |
10/1/21 to 9/30/22 | 30.22 | (0.04) | (10.11) | (10.15) | — | — | (2.12) | (2.12) | — | (12.27) | 17.95 | (36.27) | 1,243 | 0.74 (8) | 0.92 | (0.15) | 13 | |
10/1/20 to 9/30/21 | 25.38 | (0.11) | 5.78 | 5.67 | — | — | (0.83) | (0.83) | — | 4.84 | 30.22 | 22.55 | 810 | 0.73 | 0.91 | (0.38) | 8 | |
10/1/19 to 9/30/20 | 17.37 | (0.01) | 8.53 | 8.52 | — | — | (0.51) | (0.51) | — | 8.01 | 25.38 | 49.99 | 279 | 0.72 | 0.94 | (0.06) | 4 | |
10/1/18 to 9/30/19 | 19.04 | (0.05) | (0.07) | (0.12) | — | — | (1.55) | (1.55) | — | (1.67) | 17.37 | 1.25 | 94 | 0.78 (10) | 0.94 | (0.27) | 12 | |
1/30/18 (11) to 9/30/18 | 18.46 | (—) (12) | 0.58 | 0.58 | — | — | — | — | — | 0.58 | 19.04 | 3.14 | 6,458 | 0.80 (10) | 0.91 | (0.03) | 17 (13) | |
KAR Equity Income Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $18.25 | 0.23 | 1.81 | 2.04 | (0.47) | — | (0.66) | (1.13) | — | 0.91 | $19.16 | 11.10 % | $ 113,438 | 1.20 % | 1.31 % | 2.39 % | 18 % | |
10/1/21 to 9/30/22 | 20.46 | 0.47 | (1.80) | (1.33) | (0.44) | — | (0.44) | (0.88) | — | (2.21) | 18.25 | (7.01) | 104,120 | 1.22 (8) | 1.34 | 2.26 | 22 | |
10/1/20 to 9/30/21 | 23.03 | 0.47 | 3.57 | 4.04 | (0.27) | — | (6.34) | (6.61) | — | (2.57) | 20.46 | 20.23 | 122,518 | 1.23 (8) | 1.36 | 2.21 | 25 | |
10/1/19 to 9/30/20 | 20.62 | 0.15 | 2.47 | 2.62 | (0.21) | — | — | (0.21) | — | 2.41 | 23.03 | 12.75 | 113,585 | 1.23 (8) | 1.38 | 0.72 | 118 | |
10/1/18 to 9/30/19 | 21.05 | 0.16 | (0.38) | (0.22) | (0.21) | — | — | (0.21) | — | (0.43) | 20.62 | (0.85) | 115,121 | 1.20 | 1.34 | 0.80 | 26 | |
10/1/17 to 9/30/18 | 20.26 | 0.14 | 2.02 | 2.16 | (0.06) | — | (1.31) | (1.37) | — | 0.79 | 21.05 | 10.84 | 118,904 | 1.20 | 1.31 | 0.71 | 24 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
KAR Equity Income Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $15.55 | 0.13 | 1.54 | 1.67 | (0.45) | — | (0.66) | (1.11) | — | 0.56 | $16.11 | 10.66 % | $ 4,323 | 1.95 % | 2.08 % | 1.61 % | 18 % | |
10/1/21 to 9/30/22 | 17.47 | 0.26 | (1.52) | (1.26) | (0.22) | — | (0.44) | (0.66) | — | (1.92) | 15.55 | (7.67) | 3,395 | 1.97 (8) | 2.12 | 1.50 | 22 | |
10/1/20 to 9/30/21 | 20.51 | 0.28 | 3.12 | 3.40 | (0.10) | — | (6.34) | (6.44) | — | (3.04) | 17.47 | 19.31 | 4,303 | 1.97 (8) | 2.13 | 1.52 | 25 | |
10/1/19 to 9/30/20 | 18.36 | (0.01) | 2.19 | 2.18 | (0.03) | — | — | (0.03) | — | 2.15 | 20.51 | 11.91 | 6,394 | 1.97 (8) | 2.13 | (0.03) | 118 | |
10/1/18 to 9/30/19 | 18.71 | 0.01 | (0.33) | (0.32) | (0.03) | — | — | (0.03) | — | (0.35) | 18.36 | (1.65) | 7,769 | 1.95 | 2.10 | 0.07 | 26 | |
10/1/17 to 9/30/18 | 18.23 | (0.01) | 1.80 | 1.79 | — | — | (1.31) | (1.31) | — | 0.48 | 18.71 | 10.00 | 30,576 | 1.95 | 2.06 | (0.03) | 24 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $18.21 | 0.26 | 1.80 | 2.06 | (0.60) | — | (0.66) | (1.26) | — | 0.80 | $19.01 | 11.26 % | $ 26,249 | 0.95 % | 1.06 % | 2.67 % | 18 % | |
10/1/21 to 9/30/22 | 20.41 | 0.51 | (1.78) | (1.27) | (0.49) | — | (0.44) | (0.93) | — | (2.20) | 18.21 | (6.74) | 25,923 | 0.99 (8) | 1.10 | 2.48 | 22 | |
10/1/20 to 9/30/21 | 23.00 | 0.52 | 3.56 | 4.08 | (0.33) | — | (6.34) | (6.67) | — | (2.59) | 20.41 | 20.49 | 11,819 | 0.98 (8) | 1.11 | 2.43 | 25 | |
10/1/19 to 9/30/20 | 20.60 | 0.20 | 2.46 | 2.66 | (0.26) | — | — | (0.26) | — | 2.40 | 23.00 | 12.98 | 10,319 | 0.98 (8) | 1.13 | 0.97 | 118 | |
10/1/18 to 9/30/19 | 21.03 | 0.21 | (0.38) | (0.17) | (0.26) | — | — | (0.26) | — | (0.43) | 20.60 | (0.58) | 10,654 | 0.95 | 1.09 | 1.06 | 26 | |
10/1/17 to 9/30/18 | 20.22 | 0.19 | 2.01 | 2.20 | (0.08) | — | (1.31) | (1.39) | — | 0.81 | 21.03 | 11.10 | 15,028 | 0.95 | 1.08 | 0.92 | 24 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $18.13 | 0.26 | 1.80 | 2.06 | (0.56) | — | (0.66) | (1.22) | — | 0.84 | $18.97 | 11.29 % | $ 2,412 | 0.91 % | 1.00 % | 2.67 % | 18 % | |
10/1/21 to 9/30/22 | 20.35 | 0.52 | (1.78) | (1.26) | (0.52) | — | (0.44) | (0.96) | — | (2.22) | 18.13 | (6.74) | 1,674 | 0.94 (8) | 1.03 | 2.54 | 22 | |
10/1/20 to 9/30/21 | 22.96 | 0.51 | 3.57 | 4.08 | (0.35) | — | (6.34) | (6.69) | — | (2.61) | 20.35 | 20.55 | 1,162 | 0.94 (8) | 1.03 | 2.44 | 25 | |
10/1/19 to 9/30/20 | 20.56 | 0.21 | 2.47 | 2.68 | (0.28) | — | — | (0.28) | — | 2.40 | 22.96 | 13.08 | 793 | 0.93 (8) | 1.05 | 1.01 | 118 | |
10/1/18 to 9/30/19 | 21.03 | 0.20 | (0.37) | (0.17) | (0.30) | — | — | (0.30) | — | (0.47) | 20.56 | (0.56) | 935 | 0.91 | 1.03 | 1.02 | 26 | |
1/30/18 (11) to 9/30/18 | 20.70 | 0.15 | 0.18 | 0.33 | — | — | — | — | — | 0.33 | 21.03 | 1.59 | 4,999 | 0.91 | 1.00 | 1.16 | 24 | |
KAR Global Quality Dividend Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.96 | 0.18 | 1.67 | 1.85 | (0.41) | — | — | (0.41) | — | 1.44 | $14.40 | 14.27 % | $ 24,000 | 1.35 % | 1.50 % | 2.58 % | 16 % | |
10/1/21 to 9/30/22 | 14.74 | 0.38 | (1.84) | (1.46) | (0.32) | — | — | (0.32) | — | (1.78) | 12.96 | (10.21) | 21,388 | 1.36 (8) | 1.50 | 2.54 | 37 | |
10/1/20 to 9/30/21 | 12.76 | 0.37 | 1.95 | 2.32 | (0.34) | — | — | (0.34) | — | 1.98 | 14.74 | 18.42 | 23,807 | 1.35 | 1.51 | 2.55 | 37 | |
10/1/19 to 9/30/20 | 14.78 | 0.31 | (1.99) | (1.68) | (0.34) | — | — | (0.34) | — | (2.02) | 12.76 | (11.69) | 22,089 | 1.35 | 1.61 | 2.32 | 53 | |
10/1/18 to 9/30/19 | 14.98 | 0.38 | 0.85 | 1.23 | (0.39) | — | (1.04) | (1.43) | — | (0.20) | 14.78 | 9.64 | 29,367 | 1.35 | 1.56 | 2.71 | 35 | |
10/1/17 to 9/30/18 | 16.20 | 0.40 | 0.25 | 0.65 | (0.65) | — | (1.22) | (1.87) | — | (1.22) | 14.98 | 4.24 | 26,351 | 1.35 | 1.50 | 2.63 | 33 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.54 | 0.13 | 1.62 | 1.75 | (0.29) | — | — | (0.29) | — | 1.46 | $14.00 | 13.91 % | $ 697 | 2.10 % | 2.31 % | 1.83 % | 16 % | |
10/1/21 to 9/30/22 | 14.21 | 0.26 | (1.79) | (1.53) | (0.14) | — | — | (0.14) | — | (1.67) | 12.54 | (10.93) | 814 | 2.11 (8) | 2.31 | 1.78 | 37 | |
10/1/20 to 9/30/21 | 12.29 | 0.24 | 1.90 | 2.14 | (0.22) | — | — | (0.22) | — | 1.92 | 14.21 | 17.52 | 931 | 2.10 | 2.29 | 1.74 | 37 | |
10/1/19 to 9/30/20 | 14.23 | 0.20 | (1.92) | (1.72) | (0.22) | — | — | (0.22) | — | (1.94) | 12.29 | (12.34) | 1,467 | 2.10 | 2.35 | 1.53 | 53 | |
10/1/18 to 9/30/19 | 14.52 | 0.24 | 0.83 | 1.07 | (0.32) | — | (1.04) | (1.36) | — | (0.29) | 14.23 | 8.74 | 3,178 | 2.10 | 2.29 | 1.79 | 35 | |
10/1/17 to 9/30/18 | 15.82 | 0.32 | 0.22 | 0.54 | (0.62) | — | (1.22) | (1.84) | — | (1.30) | 14.52 | 3.56 | 5,127 | 2.10 | 2.25 | 2.16 | 33 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
KAR Global Quality Dividend Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.94 | 0.20 | 1.67 | 1.87 | (0.44) | — | — | (0.44) | — | 1.43 | $14.37 | 14.43 % | $ 10,702 | 1.10 % | 1.29 % | 2.83 % | 16 % | |
10/1/21 to 9/30/22 | 14.76 | 0.42 | (1.85) | (1.43) | (0.39) | — | — | (0.39) | — | (1.82) | 12.94 | (10.00) | 10,797 | 1.12 (8) | 1.27 | 2.79 | 37 | |
10/1/20 to 9/30/21 | 12.77 | 0.40 | 1.97 | 2.37 | (0.38) | — | — | (0.38) | — | 1.99 | 14.76 | 18.78 | 11,659 | 1.10 | 1.27 | 2.79 | 37 | |
10/1/19 to 9/30/20 | 14.79 | 0.35 | (1.99) | (1.64) | (0.38) | — | — | (0.38) | — | (2.02) | 12.77 | (11.47) | 10,259 | 1.10 | 1.40 | 2.66 | 53 | |
10/1/18 to 9/30/19 | 15.02 | 0.42 | 0.83 | 1.25 | (0.44) | — | (1.04) | (1.48) | — | (0.23) | 14.79 | 9.85 | 7,246 | 1.10 | 1.36 | 3.00 | 35 | |
10/1/17 to 9/30/18 | 16.20 | 0.47 | 0.23 | 0.70 | (0.66) | — | (1.22) | (1.88) | — | (1.18) | 15.02 | 4.56 | 4,843 | 1.10 | 1.29 | 3.14 | 33 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $13.04 | 0.23 | 1.68 | 1.91 | (0.50) | — | — | (0.50) | — | 1.41 | $14.45 | 14.65 % | $ 2,450 | 0.78 % | 1.18 % | 3.16 % | 16 % | |
10/1/21 to 9/30/22 | 14.84 | 0.47 | (1.86) | (1.39) | (0.41) | — | — | (0.41) | — | (1.80) | 13.04 | (9.73) | 2,177 | 0.80 (8) | 1.18 | 3.14 | 37 | |
10/1/20 to 9/30/21 | 12.81 | 0.45 | 1.97 | 2.42 | (0.39) | — | — | (0.39) | — | 2.03 | 14.84 | 19.15 | 1,969 | 0.78 | 1.15 | 3.04 | 37 | |
10/1/19 to 9/30/20 | 14.80 | 0.39 | (1.99) | (1.60) | (0.39) | — | — | (0.39) | — | (1.99) | 12.81 | (11.18) | 90 | 0.78 | 1.27 | 2.92 | 53 | |
8/1/19 (11) to 9/30/19 | 14.23 | 0.08 | 0.49 | 0.57 | — | — | — | — | — | 0.57 | 14.80 | 4.01 | 104 | 0.78 | 1.27 | 3.39 | 35 (13) | |
KAR Mid-Cap Core Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $41.93 | (0.03) | 7.18 | 7.15 | — | — | (0.11) | (0.11) | — | 7.04 | $48.97 | 17.06 % | $ 97,432 | 1.20 % | 1.31 % | (0.14) % | 16 % | |
10/1/21 to 9/30/22 | 54.03 | (0.22) | (10.95) | (11.17) | — | — | (0.93) | (0.93) | — | (12.10) | 41.93 | (21.10) | 72,404 | 1.21 (8) | 1.31 | (0.44) | 20 | |
10/1/20 to 9/30/21 | 39.93 | (0.29) | 14.71 | 14.42 | — | — | (0.32) | (0.32) | — | 14.10 | 54.03 | 36.25 | 86,713 | 1.20 | 1.31 | (0.58) | 15 | |
10/1/19 to 9/30/20 | 35.05 | (0.16) | 5.19 | 5.03 | — | — | (0.15) | (0.15) | — | 4.88 | 39.93 | 14.39 | 56,677 | 1.20 | 1.34 | (0.44) | 19 | |
10/1/18 to 9/30/19 | 33.71 | (0.08) | 1.65 | 1.57 | — | — | (0.23) | (0.23) | — | 1.34 | 35.05 | 4.79 | 46,934 | 1.20 | 1.36 | (0.23) | 28 | |
10/1/17 to 9/30/18 | 27.95 | (0.09) | 5.85 | 5.76 | — | — | — | — | — | 5.76 | 33.71 | 20.61 | 33,120 | 1.20 | 1.39 | (0.29) | 21 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $38.00 | (0.19) | 6.51 | 6.32 | — | — | (0.11) | (0.11) | — | 6.21 | $44.21 | 16.64 % | $ 61,233 | 1.95 % | 2.07 % | (0.90) % | 16 % | |
10/1/21 to 9/30/22 | 49.42 | (0.54) | (9.95) | (10.49) | — | — | (0.93) | (0.93) | — | (11.42) | 38.00 | (21.70) | 53,041 | 1.96 (8) | 2.07 | (1.19) | 20 | |
10/1/20 to 9/30/21 | 36.82 | (0.61) | 13.53 | 12.92 | — | — | (0.32) | (0.32) | — | 12.60 | 49.42 | 35.23 | 67,627 | 1.95 | 2.06 | (1.33) | 15 | |
10/1/19 to 9/30/20 | 32.58 | (0.40) | 4.79 | 4.39 | — | — | (0.15) | (0.15) | — | 4.24 | 36.82 | 13.51 | 49,164 | 1.95 | 2.10 | (1.19) | 19 | |
10/1/18 to 9/30/19 | 31.58 | (0.30) | 1.53 | 1.23 | — | — | (0.23) | (0.23) | — | 1.00 | 32.58 | 4.03 | 43,268 | 1.95 | 2.11 | (0.98) | 28 | |
10/1/17 to 9/30/18 | 26.38 | (0.31) | 5.51 | 5.20 | — | — | — | — | — | 5.20 | 31.58 | 19.71 | 30,661 | 1.95 | 2.14 | (1.04) | 21 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $43.07 | 0.03 | 7.38 | 7.41 | — | — | (0.11) | (0.11) | — | 7.30 | $50.37 | 17.22 % | $1,358,726 | 0.95 % | 1.07 % | 0.11 % | 16 % | |
10/1/21 to 9/30/22 | 55.34 | (0.09) | (11.25) | (11.34) | — | — | (0.93) | (0.93) | — | (12.27) | 43.07 | (20.91) | 1,065,078 | 0.96 (8) | 1.06 | (0.18) | 20 | |
10/1/20 to 9/30/21 | 40.79 | (0.17) | 15.04 | 14.87 | — | — | (0.32) | (0.32) | — | 14.55 | 55.34 | 36.59 | 1,188,000 | 0.95 | 1.05 | (0.33) | 15 | |
10/1/19 to 9/30/20 | 35.72 | (0.07) | 5.29 | 5.22 | — | — | (0.15) | (0.15) | — | 5.07 | 40.79 | 14.65 | 658,291 | 0.95 | 1.09 | (0.18) | 19 | |
10/1/18 to 9/30/19 | 34.26 | 0.01 | 1.68 | 1.69 | — | — | (0.23) | (0.23) | — | 1.46 | 35.72 | 5.06 | 329,591 | 0.95 | 1.11 | 0.03 | 28 | |
10/1/17 to 9/30/18 | 28.34 | (0.01) | 5.93 | 5.92 | — | — | — | — | — | 5.92 | 34.26 | 20.93 | 167,649 | 0.95 | 1.14 | (0.03) | 21 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
KAR Mid-Cap Core Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $43.24 | 0.03 | 7.43 | 7.46 | — | — | (0.11) | (0.11) | — | 7.35 | $50.59 | 17.26 % | $ 24,664 | 0.87 % | 0.97 % | 0.13 % | 16 % | |
10/1/21 to 9/30/22 | 55.51 | (0.06) | (11.28) | (11.34) | — | — | (0.93) | (0.93) | — | (12.27) | 43.24 | (20.84) | 28,499 | 0.88 (8) | 0.97 | (0.12) | 20 | |
10/1/20 to 9/30/21 | 40.89 | (0.12) | 15.06 | 14.94 | — | — | (0.32) | (0.32) | — | 14.62 | 55.51 | 36.67 | 55,370 | 0.87 | 0.97 | (0.24) | 15 | |
10/1/19 to 9/30/20 | 35.77 | (0.04) | 5.31 | 5.27 | — | — | (0.15) | (0.15) | — | 5.12 | 40.89 | 14.77 | 19,666 | 0.87 | 1.00 | (0.10) | 19 | |
10/1/18 to 9/30/19 | 34.28 | 0.04 | 1.68 | 1.72 | — | — | (0.23) | (0.23) | — | 1.49 | 35.77 | 5.15 | 11,323 | 0.87 | 1.01 | 0.11 | 28 | |
1/30/18 (11) to 9/30/18 | 32.78 | 0.02 | 1.48 | 1.50 | — | — | — | — | — | 1.50 | 34.28 | 4.58 | 2,474 | 0.87 | 1.06 | 0.10 | 21 (13) | |
KAR Mid-Cap Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $43.47 | (0.12) | 4.49 | 4.37 | — | — | — | — | — | 4.37 | $47.84 | 9.98 % | $ 306,047 | 1.26 % (7) | 1.26 % | (0.53) % | 7 % | |
10/1/21 to 9/30/22 | 71.37 | (0.42) | (26.44) | (26.86) | — | — | (1.04) | (1.04) | — (12) | (27.90) | 43.47 | (38.15) (14) | 301,043 | 1.25 (7)(8) | 1.25 | (0.73) | 12 | |
10/1/20 to 9/30/21 | 58.05 | (0.62) | 14.01 | 13.39 | — | — | (0.07) | (0.07) | — | 13.32 | 71.37 | 23.07 | 579,817 | 1.24 (7) | 1.24 | (0.91) | 17 | |
10/1/19 to 9/30/20 | 37.39 | (0.42) | 21.34 | 20.92 | — | — | (0.26) | (0.26) | — | 20.66 | 58.05 | 56.23 | 482,266 | 1.28 (7)(15) | 1.26 | (0.90) | 14 | |
10/1/18 to 9/30/19 | 35.55 | (0.31) | 2.79 | 2.48 | — | — | (0.64) | (0.64) | — | 1.84 | 37.39 | 7.46 | 181,184 | 1.40 (7)(15) | 1.33 | (0.87) | 28 | |
10/1/17 to 9/30/18 | 27.74 | (0.28) | 9.65 | 9.37 | — | — | (1.56) | (1.56) | — | 7.81 | 35.55 | 35.38 | 131,422 | 1.40 (15) | 1.37 | (0.88) | 19 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $33.14 | (0.23) | 3.42 | 3.19 | — | — | — | — | — | 3.19 | $36.33 | 9.56 % | $ 57,125 | 2.04 % (7) | 2.04 % | (1.32) % | 7 % | |
10/1/21 to 9/30/22 | 55.11 | (0.68) | (20.25) | (20.93) | — | — | (1.04) | (1.04) | — (12) | (21.97) | 33.14 | (38.65) (14) | 59,318 | 2.05 (7)(8) | 2.05 | (1.53) | 12 | |
10/1/20 to 9/30/21 | 45.18 | (0.87) | 10.87 | 10.00 | — | — | (0.07) | (0.07) | — | 9.93 | 55.11 | 22.13 | 141,256 | 1.99 (7) | 1.99 | (1.66) | 17 | |
10/1/19 to 9/30/20 | 29.38 | (0.60) | 16.66 | 16.06 | — | — | (0.26) | (0.26) | — | 15.80 | 45.18 | 55.01 | 112,165 | 2.03 (7)(15) | 2.02 | (1.65) | 14 | |
10/1/18 to 9/30/19 | 28.30 | (0.47) | 2.19 | 1.72 | — | — | (0.64) | (0.64) | — | 1.08 | 29.38 | 6.67 | 40,450 | 2.15 (7)(15) | 2.12 | (1.62) | 28 | |
10/1/17 to 9/30/18 | 22.54 | (0.42) | 7.74 | 7.32 | — | — | (1.56) | (1.56) | — | 5.76 | 28.30 | 34.40 | 12,571 | 2.15 | 2.17 | (1.63) | 19 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $45.29 | (0.08) | 4.68 | 4.60 | — | — | — | — | — | 4.60 | $49.89 | 10.11 % | $1,108,144 | 1.05 % (7) | 1.05 % | (0.32) % | 7 % | |
10/1/21 to 9/30/22 | 74.14 | (0.30) | (27.51) | (27.81) | — | — | (1.04) | (1.04) | — (12) | (28.85) | 45.29 | (38.00) (14) | 1,134,777 | 1.01 (7)(8) | 1.01 | (0.50) | 12 | |
10/1/20 to 9/30/21 | 60.16 | (0.47) | 14.52 | 14.05 | — | — | (0.07) | (0.07) | — | 13.98 | 74.14 | 23.35 | 2,499,830 | 1.00 (7) | 1.00 | (0.66) | 17 | |
10/1/19 to 9/30/20 | 38.70 | (0.33) | 22.05 | 21.72 | — | — | (0.26) | (0.26) | — | 21.46 | 60.16 | 56.39 | 1,837,262 | 1.03 (7) | 1.03 | (0.66) | 14 | |
10/1/18 to 9/30/19 | 36.66 | (0.22) | 2.90 | 2.68 | — | — | (0.64) | (0.64) | — | 2.04 | 38.70 | 7.79 | 309,892 | 1.11 (7)(15) | 1.11 | (0.58) | 28 | |
10/1/17 to 9/30/18 | 28.49 | (0.22) | 9.95 | 9.73 | — | — | (1.56) | (1.56) | — | 8.17 | 36.66 | 35.72 | 56,787 | 1.15 (15) | 1.13 | (0.65) | 19 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $45.71 | (0.02) | 4.72 | 4.70 | — | — | — | — | — | 4.70 | $50.41 | 10.23 % | $ 94,434 | 0.83 % | 0.92 % | (0.10) % | 7 % | |
10/1/21 to 9/30/22 | 74.68 | (0.20) | (27.73) | (27.93) | — | — | (1.04) | (1.04) | — (12) | (28.97) | 45.71 | (37.89) (14) | 89,056 | 0.84 (8) | 0.90 | (0.34) | 12 | |
10/1/20 to 9/30/21 | 60.49 | (0.36) | 14.62 | 14.26 | — | — | (0.07) | (0.07) | — | 14.19 | 74.68 | 23.57 | 208,915 | 0.83 | 0.89 | (0.50) | 17 | |
10/1/19 to 9/30/20 | 38.85 | (0.28) | 22.18 | 21.90 | — | — | (0.26) | (0.26) | — | 21.64 | 60.49 | 56.64 | 100,461 | 0.83 | 0.93 | (0.51) | 14 | |
10/1/18 to 9/30/19 | 36.71 | (0.13) | 2.91 | 2.78 | — | — | (0.64) | (0.64) | — | 2.14 | 38.85 | 8.05 | 1,975 | 0.85 (10)(15) | 1.01 | (0.34) | 28 | |
1/30/18 (11) to 9/30/18 | 31.74 | (0.09) | 5.06 | 4.97 | — | — | — | — | — | 4.97 | 36.71 | 15.66 | 117 | 0.93 (10) | 1.09 | (0.40) | 19 (13) |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
KAR Small-Cap Core Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $37.42 | 0.02 | 7.05 | 7.07 | (0.07) | — | (2.61) | (2.68) | — | 4.39 | $41.81 | 19.58 % | $ 137,718 | 1.26 % | 1.26 % | 0.10 % | 3 % | |
10/1/21 to 9/30/22 | 47.98 | — (12) | (4.72) | (4.72) | — | — | (5.84) | (5.84) | — | (10.56) | 37.42 | (11.73) | 117,382 | 1.27 (8) | 1.27 | — (16) | 9 | |
10/1/20 to 9/30/21 | 40.21 | (0.11) | 11.25 | 11.14 | — | — | (3.37) | (3.37) | — | 7.77 | 47.98 | 28.68 | 140,807 | 1.26 | 1.26 | (0.23) | 16 | |
10/1/19 to 9/30/20 | 38.20 | (0.17) | 3.84 | 3.67 | — | — | (1.66) | (1.66) | — | 2.01 | 40.21 | 9.78 | 112,178 | 1.28 | 1.28 | (0.46) | 19 | |
10/1/18 to 9/30/19 | 35.42 | (0.08) | 4.14 | 4.06 | — | — | (1.28) | (1.28) | — | 2.78 | 38.20 | 12.50 | 133,702 | 1.29 | 1.29 | (0.24) | 9 | |
10/1/17 to 9/30/18 | 28.05 | (0.03) | 7.44 | 7.41 | — | — | (0.04) | (0.04) | — | 7.37 | 35.42 | 26.42 | 153,109 | 1.29 | 1.29 | (0.08) | 13 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $28.70 | (0.10) | 5.35 | 5.25 | — | — | (2.61) | (2.61) | — | 2.64 | $31.34 | 19.15 % | $ 62,885 | 2.00 % | 2.00 % | (0.62) % | 3 % | |
10/1/21 to 9/30/22 | 38.35 | (0.24) | (3.57) | (3.81) | — | — | (5.84) | (5.84) | — | (9.65) | 28.70 | (12.37) | 58,911 | 2.00 (8) | 2.00 | (0.73) | 9 | |
10/1/20 to 9/30/21 | 32.95 | (0.35) | 9.12 | 8.77 | — | — | (3.37) | (3.37) | — | 5.40 | 38.35 | 27.74 | 84,992 | 1.99 | 1.99 | (0.93) | 16 | |
10/1/19 to 9/30/20 | 31.81 | (0.37) | 3.17 | 2.80 | — | — | (1.66) | (1.66) | — | 1.14 | 32.95 | 8.98 | 89,553 | 2.01 | 2.01 | (1.20) | 19 | |
10/1/18 to 9/30/19 | 29.95 | (0.28) | 3.42 | 3.14 | — | — | (1.28) | (1.28) | — | 1.86 | 31.81 | 11.69 | 106,191 | 2.03 | 2.03 | (0.99) | 9 | |
10/1/17 to 9/30/18 | 23.90 | (0.23) | 6.32 | 6.09 | — | — | (0.04) | (0.04) | — | 6.05 | 29.95 | 25.52 | 122,439 | 2.02 | 2.02 | (0.82) | 13 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $40.33 | 0.08 | 7.62 | 7.70 | (0.11) | — | (2.61) | (2.72) | — | 4.98 | $45.31 | 19.75 % | $1,134,733 | 1.00 % | 1.00 % | 0.36 % | 3 % | |
10/1/21 to 9/30/22 | 51.22 | 0.12 | (5.11) | (4.99) | (0.06) | — | (5.84) | (5.90) | — | (10.89) | 40.33 | (11.51) | 1,008,114 | 1.01 (8) | 1.01 | 0.26 | 9 | |
10/1/20 to 9/30/21 | 42.67 | 0.02 | 11.96 | 11.98 | (0.06) | — | (3.37) | (3.43) | — | 8.55 | 51.22 | 29.03 | 1,278,711 | 1.00 | 1.00 | 0.05 | 16 | |
10/1/19 to 9/30/20 | 40.33 | (0.07) | 4.08 | 4.01 | (0.01) | — | (1.66) | (1.67) | — | 2.34 | 42.67 | 10.11 | 1,082,010 | 1.00 | 1.00 | (0.18) | 19 | |
10/1/18 to 9/30/19 | 37.26 | — (12) | 4.39 | 4.39 | (0.04) | — | (1.28) | (1.32) | — | 3.07 | 40.33 | 12.83 | 1,202,004 | 1.02 | 1.02 | 0.01 | 9 | |
10/1/17 to 9/30/18 | 29.44 | 0.06 | 7.80 | 7.86 | — | — | (0.04) | (0.04) | — | 7.82 | 37.26 | 26.73 | 1,231,686 | 1.01 | 1.01 | 0.18 | 13 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $40.53 | 0.10 | 7.65 | 7.75 | (0.15) | — | (2.61) | (2.76) | — | 4.99 | $45.52 | 19.77 % | $ 380,082 | 0.92 % | 0.92 % | 0.45 % | 3 % | |
10/1/21 to 9/30/22 | 51.45 | 0.16 | (5.12) | (4.96) | (0.12) | — | (5.84) | (5.96) | — | (10.92) | 40.53 | (11.42) | 320,196 | 0.93 (8) | 0.93 | 0.35 | 9 | |
10/1/20 to 9/30/21 | 42.84 | 0.06 | 12.02 | 12.08 | (0.10) | — | (3.37) | (3.47) | — | 8.61 | 51.45 | 29.14 | 421,653 | 0.92 | 0.92 | 0.12 | 16 | |
10/1/19 to 9/30/20 | 40.50 | (0.06) | 4.10 | 4.04 | (0.04) | — | (1.66) | (1.70) | — | 2.34 | 42.84 | 10.15 | 294,883 | 0.93 | 0.93 | (0.14) | 19 | |
10/1/18 to 9/30/19 | 37.40 | 0.04 | 4.40 | 4.44 | (0.06) | — | (1.28) | (1.34) | — | 3.10 | 40.50 | 12.94 | 107,611 | 0.94 | 0.94 | 0.10 | 9 | |
10/1/17 to 9/30/18 | 29.52 | 0.09 | 7.83 | 7.92 | — | — | (0.04) | (0.04) | — | 7.88 | 37.40 | 26.86 | 88,563 | 0.94 | 0.94 | 0.25 | 13 | |
KAR Small-Cap Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $32.27 | (0.14) | 4.50 | 4.36 | — | — | (5.04) | (5.04) | — | (0.68) | $31.59 | 15.37 % | $ 447,385 | 1.36 % (7) | 1.36 % | (0.85) % | 5 % | |
10/1/21 to 9/30/22 | 53.81 | (0.37) | (14.19) | (14.56) | — | — | (6.98) | (6.98) | — | (21.54) | 32.27 | (31.04) | 432,185 | 1.34 (7)(8) | 1.34 | (0.87) | 12 | |
10/1/20 to 9/30/21 | 49.00 | (0.52) | 10.49 | 9.97 | — | — | (5.16) | (5.16) | — | 4.81 | 53.81 | 20.46 | 793,106 | 1.34 (7) | 1.34 | (0.97) | 11 | |
10/1/19 to 9/30/20 | 37.44 | (0.41) | 12.59 | 12.18 | — | — | (0.62) | (0.62) | — | 11.56 | 49.00 | 32.91 | 772,158 | 1.35 (7) | 1.35 | (0.99) | 17 | |
10/1/18 to 9/30/19 | 33.57 | (0.23) | 4.78 | 4.55 | — | (0.04) | (0.64) | (0.68) | — | 3.87 | 37.44 | 14.12 | 735,210 | 1.37 (7) | 1.37 | (0.66) | 16 | |
10/1/17 to 9/30/18 | 25.43 | (0.11) | 8.25 | 8.14 | — | — | — | — | — | 8.14 | 33.57 | 32.01 | 866,966 | 1.37 (7) | 1.37 | (0.37) | 13 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
KAR Small-Cap Growth Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $27.18 | (0.21) | 3.68 | 3.47 | — | — | (5.04) | (5.04) | — | (1.57) | $25.61 | 14.94 % | $ 155,738 | 2.10 % (7) | 2.10 % | (1.59) % | 5 % | |
10/1/21 to 9/30/22 | 46.72 | (0.58) | (11.98) | (12.56) | — | — | (6.98) | (6.98) | — | (19.54) | 27.18 | (31.52) | 163,204 | 2.07 (7)(8) | 2.07 | (1.61) | 12 | |
10/1/20 to 9/30/21 | 43.40 | (0.79) | 9.27 | 8.48 | — | — | (5.16) | (5.16) | — | 3.32 | 46.72 | 19.60 | 319,371 | 2.05 (7) | 2.05 | (1.68) | 11 | |
10/1/19 to 9/30/20 | 33.46 | (0.63) | 11.19 | 10.56 | — | — | (0.62) | (0.62) | — | 9.94 | 43.40 | 31.97 | 322,672 | 2.07 (7) | 2.07 | (1.72) | 17 | |
10/1/18 to 9/30/19 | 30.30 | (0.44) | 4.28 | 3.84 | — | (0.04) | (0.64) | (0.68) | — | 3.16 | 33.46 | 13.28 | 291,693 | 2.10 (7) | 2.10 | (1.40) | 16 | |
10/1/17 to 9/30/18 | 23.13 | (0.31) | 7.48 | 7.17 | — | — | — | — | — | 7.17 | 30.30 | 31.00 | 301,749 | 2.10 (7) | 2.10 | (1.10) | 13 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $33.50 | (0.10) | 4.69 | 4.59 | — | — | (5.04) | (5.04) | — | (0.45) | $33.05 | 15.51 % | $2,711,199 | 1.12 % (7) | 1.12 % | (0.61) % | 5 % | |
10/1/21 to 9/30/22 | 55.46 | (0.27) | (14.71) | (14.98) | — | — | (6.98) | (6.98) | — | (21.96) | 33.50 | (30.85) | 2,778,744 | 1.08 (7)(8) | 1.08 | (0.62) | 12 | |
10/1/20 to 9/30/21 | 50.25 | (0.38) | 10.75 | 10.37 | — | — | (5.16) | (5.16) | — | 5.21 | 55.46 | 20.77 | 5,346,986 | 1.07 (7) | 1.07 | (0.70) | 11 | |
10/1/19 to 9/30/20 | 38.28 | (0.31) | 12.90 | 12.59 | — | — | (0.62) | (0.62) | — | 11.97 | 50.25 | 33.27 | 5,251,980 | 1.09 (7) | 1.09 | (0.74) | 17 | |
10/1/18 to 9/30/19 | 34.21 | (0.14) | 4.89 | 4.75 | — | (0.04) | (0.64) | (0.68) | — | 4.07 | 38.28 | 14.44 | 3,973,860 | 1.11 (7) | 1.11 | (0.40) | 16 | |
10/1/17 to 9/30/18 | 25.86 | (0.03) | 8.38 | 8.35 | — | — | — | — | — | 8.35 | 34.21 | 32.29 | 4,121,658 | 1.10 (7) | 1.10 | (0.10) | 13 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $33.68 | (0.08) | 4.72 | 4.64 | — | — | (5.04) | (5.04) | — | (0.40) | $33.28 | 15.58 % | $ 231,826 | 1.00 % (7) | 1.00 % | (0.48) % | 5 % | |
10/1/21 to 9/30/22 | 55.68 | (0.22) | (14.80) | (15.02) | — | — | (6.98) | (6.98) | — | (22.00) | 33.68 | (30.80) | 140,696 | 0.99 (7)(8) | 0.99 | (0.51) | 12 | |
10/1/20 to 9/30/21 | 50.39 | (0.32) | 10.77 | 10.45 | — | — | (5.16) | (5.16) | — | 5.29 | 55.68 | 20.88 | 205,549 | 0.98 (7) | 0.98 | (0.58) | 11 | |
10/1/19 to 9/30/20 | 38.35 | (0.29) | 12.95 | 12.66 | — | — | (0.62) | (0.62) | — | 12.04 | 50.39 | 33.39 | 95,061 | 0.99 (7) | 0.99 | (0.68) | 17 | |
10/1/18 to 9/30/19 | 34.23 | (0.12) | 4.92 | 4.80 | — | (0.04) | (0.64) | (0.68) | — | 4.12 | 38.35 | 14.58 | 45,306 | 1.00 (7) | 1.00 | (0.31) | 16 | |
1/30/18 (11) to 9/30/18 | 29.81 | 0.01 | 4.41 | 4.42 | — | — | — | — | — | 4.42 | 34.23 | 14.83 | 13,800 | 1.00 (7) | 1.00 | 0.05 | 13 | |
KAR Small-Cap Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $20.31 | 0.08 | 1.84 | 1.92 | (0.09) | — | (0.58) | (0.67) | — | 1.25 | $21.56 | 9.51 % | $ 90,759 | 1.22 % (7) | 1.22 % | 0.76 % | 9 % | |
10/1/21 to 9/30/22 | 27.28 | 0.05 | (6.53) | (6.48) | (0.02) | — | (0.47) | (0.49) | — | (6.97) | 20.31 | (24.26) | 90,204 | 1.21 (7)(8) | 1.21 | 0.19 | 9 | |
10/1/20 to 9/30/21 | 19.97 | 0.04 | 7.42 | 7.46 | (0.15) | — | — | (0.15) | — | 7.31 | 27.28 | 37.45 | 130,975 | 1.20 (7) | 1.20 | 0.14 | 13 | |
10/1/19 to 9/30/20 | 18.33 | 0.12 | 1.63 | 1.75 | (0.11) | — | — | (0.11) | — | 1.64 | 19.97 | 9.57 | 83,622 | 1.23 (7) | 1.23 | 0.66 | 19 | |
10/1/18 to 9/30/19 | 19.44 | 0.14 | (0.93) | (0.79) | (0.13) | — | (0.19) | (0.32) | — | (1.11) | 18.33 | (3.82) | 79,027 | 1.24 (7) | 1.24 | 0.80 | 14 | |
10/1/17 to 9/30/18 | 18.41 | 0.10 | 1.23 | 1.33 | (0.01) | — | (0.29) | (0.30) | — | 1.03 | 19.44 | 7.27 | 83,276 | 1.27 (7) | 1.27 | 0.55 | 6 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $19.59 | — (12) | 1.77 | 1.77 | — | — | (0.58) | (0.58) | — | 1.19 | $20.78 | 9.07 % | $ 13,757 | 2.00 % (7) | 2.00 % | (0.02) % | 9 % | |
10/1/21 to 9/30/22 | 26.51 | (0.14) | (6.31) | (6.45) | — | — | (0.47) | (0.47) | — | (6.92) | 19.59 | (24.84) | 13,446 | 1.98 (7)(8) | 1.98 | (0.58) | 9 | |
10/1/20 to 9/30/21 | 19.44 | (0.16) | 7.24 | 7.08 | (0.01) | — | — | (0.01) | — | 7.07 | 26.51 | 36.44 | 21,623 | 1.96 (7) | 1.96 | (0.60) | 13 | |
10/1/19 to 9/30/20 | 17.88 | (0.01) | 1.57 | 1.56 | — | — | — | — | — | 1.56 | 19.44 | 8.72 | 16,233 | 1.98 (7) | 1.98 | (0.08) | 19 | |
10/1/18 to 9/30/19 | 18.96 | 0.01 | (0.90) | (0.89) | — | — | (0.19) | (0.19) | — | (1.08) | 17.88 | (4.56) | 15,361 | 1.99 (7) | 1.99 | 0.09 | 14 | |
10/1/17 to 9/30/18 | 18.08 | (0.03) | 1.20 | 1.17 | — | — | (0.29) | (0.29) | — | 0.88 | 18.96 | 6.54 | 29,922 | 1.97 (7) | 1.97 | (0.14) | 6 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
KAR Small-Cap Value Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $20.36 | 0.11 | 1.84 | 1.95 | (0.13) | — | (0.58) | (0.71) | — | 1.24 | $21.60 | 9.58 % | $ 644,939 | 1.01 % (7) | 1.01 % | 0.97 % | 9 % | |
10/1/21 to 9/30/22 | 27.30 | 0.11 | (6.54) | (6.43) | (0.04) | — | (0.47) | (0.51) | — | (6.94) | 20.36 | (24.08) | 756,418 | 0.98 (7)(8) | 0.98 | 0.42 | 9 | |
10/1/20 to 9/30/21 | 19.97 | 0.10 | 7.43 | 7.53 | (0.20) | — | — | (0.20) | — | 7.33 | 27.30 | 37.83 | 1,190,498 | 0.96 (7) | 0.96 | 0.38 | 13 | |
10/1/19 to 9/30/20 | 18.34 | 0.18 | 1.60 | 1.78 | (0.15) | — | — | (0.15) | — | 1.63 | 19.97 | 9.75 | 711,421 | 0.99 (7) | 0.99 | 0.94 | 19 | |
10/1/18 to 9/30/19 | 19.49 | 0.18 | (0.94) | (0.76) | (0.20) | — | (0.19) | (0.39) | — | (1.15) | 18.34 | (3.57) | 484,123 | 1.01 (7) | 1.01 | 1.02 | 14 | |
10/1/17 to 9/30/18 | 18.41 | 0.16 | 1.23 | 1.39 | (0.02) | — | (0.29) | (0.31) | — | 1.08 | 19.49 | 7.62 | 475,103 | 0.99 (7) | 0.99 | 0.84 | 6 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $20.39 | 0.12 | 1.85 | 1.97 | (0.08) | — | (0.58) | (0.66) | — | 1.31 | $21.70 | 9.72 % | $ 33,294 | 0.91 % (7) | 0.91 % | 1.07 % | 9 % | |
10/1/21 to 9/30/22 | 27.33 | 0.13 | (6.55) | (6.42) | (0.05) | — | (0.47) | (0.52) | — | (6.94) | 20.39 | (24.03) | 34,066 | 0.89 (7)(8) | 0.89 | 0.52 | 9 | |
10/1/20 to 9/30/21 | 20.00 | 0.12 | 7.43 | 7.55 | (0.22) | — | — | (0.22) | — | 7.33 | 27.33 | 37.85 | 81,914 | 0.89 (7) | 0.89 | 0.46 | 13 | |
10/1/19 to 9/30/20 | 18.36 | 0.19 | 1.62 | 1.81 | (0.17) | — | — | (0.17) | — | 1.64 | 20.00 | 9.90 | 12,246 | 0.89 (7) | 0.89 | 1.01 | 19 | |
10/1/18 to 9/30/19 | 19.51 | 0.20 | (0.94) | (0.74) | (0.22) | — | (0.19) | (0.41) | — | (1.15) | 18.36 | (3.47) | 11,286 | 0.90 (7) | 0.90 | 1.11 | 14 | |
10/1/17 to 9/30/18 | 18.42 | 0.18 | 1.22 | 1.40 | (0.02) | — | (0.29) | (0.31) | — | 1.09 | 19.51 | 7.69 | 21,746 | 0.90 (7) | 0.90 | 0.96 | 6 | |
KAR Small-Mid Cap Core Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $13.53 | (0.03) | 2.64 | 2.61 | — | — | — | — | — | 2.61 | $16.14 | 19.29 % | $ 40,119 | 1.29 % (7) | 1.29 % | (0.34) % | 13 % | |
10/1/21 to 9/30/22 | 18.67 | (0.10) | (4.82) | (4.92) | — | — | (0.22) | (0.22) | — | (5.14) | 13.53 | (26.69) | 34,319 | 1.31 (7)(8)(15) | 1.27 | (0.60) | 19 | |
10/1/20 to 9/30/21 | 14.43 | (0.14) | 4.38 | 4.24 | — | — | — | — | — | 4.24 | 18.67 | 29.38 | 48,485 | 1.30 | 1.30 | (0.77) | 7 | |
10/1/19 to 9/30/20 | 11.53 | (0.03) | 2.93 | 2.90 | — | — | — | — | — | 2.90 | 14.43 | 25.15 | 19,735 | 1.30 | 1.39 | (0.23) | 31 | |
10/1/18 to 9/30/19 | 10.79 | (0.03) | 0.89 | 0.86 | — | — | (0.12) | (0.12) | — | 0.74 | 11.53 | 8.32 | 1,473 | 1.30 | 2.25 | (0.28) | 21 | |
3/7/18 (11) to 9/30/18 | 10.00 | (0.02) | 0.81 | 0.79 | — | — | — | — | — | 0.79 | 10.79 | 7.90 | 158 | 1.30 | 5.84 | (0.38) | 16 (13) | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $13.07 | (0.08) | 2.54 | 2.46 | — | — | — | — | — | 2.46 | $15.53 | 18.82 % | $ 34,072 | 2.05 % | 2.05 % | (1.09) % | 13 % | |
10/1/21 to 9/30/22 | 18.18 | (0.22) | (4.67) | (4.89) | — | — | (0.22) | (0.22) | — | (5.11) | 13.07 | (27.25) | 26,271 | 2.04 (7)(8)(15) | 2.03 | (1.33) | 19 | |
10/1/20 to 9/30/21 | 14.16 | (0.27) | 4.29 | 4.02 | — | — | — | — | — | 4.02 | 18.18 | 28.39 | 30,401 | 2.05 (7)(15) | 2.03 | (1.52) | 7 | |
10/1/19 to 9/30/20 | 11.40 | (0.12) | 2.88 | 2.76 | — | — | — | — | — | 2.76 | 14.16 | 24.21 | 10,210 | 2.05 | 2.08 | (0.97) | 31 | |
10/1/18 to 9/30/19 | 10.75 | (0.11) | 0.88 | 0.77 | — | — | (0.12) | (0.12) | — | 0.65 | 11.40 | 7.50 | 1,106 | 2.05 | 2.92 | (1.05) | 21 | |
3/7/18 (11) to 9/30/18 | 10.00 | (0.07) | 0.82 | 0.75 | — | — | — | — | — | 0.75 | 10.75 | 7.50 | 135 | 2.05 | 6.48 | (1.14) | 16 (13) | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $13.68 | (0.01) | 2.66 | 2.65 | — | — | — | — | — | 2.65 | $16.33 | 19.37 % | $1,048,471 | 1.04 % (7) | 1.04 % | (0.09) % | 13 % | |
10/1/21 to 9/30/22 | 18.82 | (0.05) | (4.87) | (4.92) | — | — | (0.22) | (0.22) | — | (5.14) | 13.68 | (26.47) | 877,405 | 1.02 (7)(8) | 1.02 | (0.31) | 19 | |
10/1/20 to 9/30/21 | 14.51 | (0.09) | 4.40 | 4.31 | — (12) | — | — | — (12) | — | 4.31 | 18.82 | 29.72 | 1,168,320 | 1.02 (7)(15) | 1.01 | (0.49) | 7 | |
10/1/19 to 9/30/20 | 11.56 | 0.01 | 2.94 | 2.95 | — | — | — | — | — | 2.95 | 14.51 | 25.52 | 439,899 | 1.05 | 1.09 | 0.07 | 31 | |
10/1/18 to 9/30/19 | 10.81 | (0.01) | 0.89 | 0.88 | (0.01) | — | (0.12) | (0.13) | — | 0.75 | 11.56 | 8.51 | 24,898 | 1.05 | 1.99 | (0.05) | 21 | |
3/7/18 (11) to 9/30/18 | 10.00 | (0.01) | 0.82 | 0.81 | — | — | — | — | — | 0.81 | 10.81 | 8.10 | 214 | 1.05 | 5.74 | (0.13) | 16 (13) |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
KAR Small-Mid Cap Core Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $13.71 | — (12) | 2.68 | 2.68 | — | — | — | — | — | 2.68 | $16.39 | 19.55 % | $ 25,847 | 0.95 % (7)(15) | 0.92 % | 0.03 % | 13 % | |
10/1/21 to 9/30/22 | 18.87 | (0.05) | (4.89) | (4.94) | — | — | (0.22) | (0.22) | — | (5.16) | 13.71 | (26.51) | 14,051 | 0.98 (7)(8)(15) | 0.93 | (0.28) | 19 | |
10/1/20 to 9/30/21 | 14.54 | (0.08) | 4.42 | 4.34 | (0.01) | — | — | (0.01) | — | 4.33 | 18.87 | 29.82 | 16,335 | 0.97 (7)(15) | 0.92 | (0.44) | 7 | |
10/1/19 to 9/30/20 | 11.57 | — (12) | 2.97 | 2.97 | — | — | — | — | — | 2.97 | 14.54 | 25.67 | 8,366 | 0.97 | 0.99 | 0.03 | 31 | |
10/1/18 to 9/30/19 | 10.81 | 0.01 | 0.88 | 0.89 | (0.01) | — | (0.12) | (0.13) | — | 0.76 | 11.57 | 8.61 | 3,125 | 0.97 | 1.91 | 0.06 | 21 | |
3/7/18 (11) to 9/30/18 | 10.00 | (—) (12) | 0.81 | 0.81 | — | — | — | — | — | 0.81 | 10.81 | 8.10 | 2,919 | 0.97 | 5.20 | (0.07) | 16 (13) | |
KAR Small-Mid Cap Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.73 | (0.03) | 1.16 | 1.13 | — | — | — | — | — | 1.13 | $ 8.86 | 14.62 % | $ 3,075 | 1.30 % | 2.24 % | (0.63) % | 14 % | |
10/1/21 to 9/30/22 | 10.70 | (0.10) | (2.87) | (2.97) | — | — | — | — | — | (2.97) | 7.73 | (27.76) | 435 | 1.31 (8) | 2.77 | (1.04) | 27 | |
12/8/20 (11) to 9/30/21 | 10.00 | (0.09) | 0.79 | 0.70 | — | — | — | — | — | 0.70 | 10.70 | 7.00 | 725 | 1.30 | 4.06 | (1.05) | 14 (13) | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.63 | (0.06) | 1.14 | 1.08 | — | — | — | — | — | 1.08 | $ 8.71 | 14.15 % | $ 112 | 2.05 % | 2.98 % | (1.54) % | 14 % | |
10/1/21 to 9/30/22 | 10.63 | (0.16) | (2.84) | (3.00) | — | — | — | — | — | (3.00) | 7.63 | (28.22) | 98 | 2.06 (8) | 3.44 | (1.77) | 27 | |
12/8/20 (11) to 9/30/21 | 10.00 | (0.15) | 0.78 | 0.63 | — | — | — | — | — | 0.63 | 10.63 | 6.30 | 119 | 2.05 | 4.88 | (1.82) | 14 (13) | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.77 | (0.02) | 1.16 | 1.14 | — | — | — | — | — | 1.14 | $ 8.91 | 14.67 % | $ 2,469 | 1.05 % | 2.09 % | (0.52) % | 14 % | |
10/1/21 to 9/30/22 | 10.72 | (0.07) | (2.88) | (2.95) | — | — | — | — | — | (2.95) | 7.77 | (27.52) | 1,940 | 1.06 (8) | 2.58 | (0.76) | 27 | |
12/8/20 (11) to 9/30/21 | 10.00 | (0.07) | 0.79 | 0.72 | — | — | — | — | — | 0.72 | 10.72 | 7.20 | 1,998 | 1.05 | 3.83 | (0.79) | 14 (13) | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.78 | (0.02) | 1.16 | 1.14 | — | — | — | — | — | 1.14 | $ 8.92 | 14.65 % | $ 3,065 | 0.99 % | 1.94 % | (0.48) % | 14 % | |
10/1/21 to 9/30/22 | 10.73 | (0.07) | (2.88) | (2.95) | — | — | — | — | — | (2.95) | 7.78 | (27.49) | 2,664 | 1.00 (8) | 2.45 | (0.71) | 27 | |
12/8/20 (11) to 9/30/21 | 10.00 | (0.07) | 0.80 | 0.73 | — | — | — | — | — | 0.73 | 10.73 | 7.30 | 3,241 | 0.99 | 3.79 | (0.76) | 14 (13) | |
KAR Small-Mid Cap Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.77 | 0.03 | 0.76 | 0.79 | (0.05) | — | — | (0.05) | — | 0.74 | $ 8.51 | 10.22 % | $ 1,227 | 1.17 % | 2.30 % | 0.68 % | 4 % | |
10/1/21 to 9/30/22 | 9.64 | 0.03 | (1.88) | (1.85) | (0.02) | — | — | (0.02) | — | (1.87) | 7.77 | (19.25) | 698 | 1.20 (8) | 4.12 | 0.29 | 19 | |
8/3/21 (11) to 9/30/21 | 10.00 | — (12) | (0.36) | (0.36) | — | — | — | — | — | (0.36) | 9.64 | (3.60) | 127 | 1.17 | 12.81 | 0.09 | 0 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.71 | — (12) | 0.76 | 0.76 | — | — | — | — | — | 0.76 | $ 8.47 | 9.86 % | $ 88 | 1.92 % | 3.04 % | (0.10) % | 4 % | |
10/1/21 to 9/30/22 | 9.63 | (0.04) | (1.88) | (1.92) | — | — | — | — | — | (1.92) | 7.71 | (19.94) | 80 | 1.93 (8) | 4.86 | (0.46) | 19 | |
8/3/21 (11) to 9/30/21 | 10.00 | (0.01) | (0.36) | (0.37) | — | — | — | — | — | (0.37) | 9.63 | (3.70) | 99 | 1.92 | 13.87 | (0.71) | 0 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.76 | 0.04 | 0.78 | 0.82 | (0.04) | — | — | (0.04) | — | 0.78 | $ 8.54 | 10.55 % | $ 1,168 | 0.92 % | 2.17 % | 1.00 % | 4 % | |
10/1/21 to 9/30/22 | 9.64 | 0.04 | (1.87) | (1.83) | (0.05) | — | — | (0.05) | — | (1.88) | 7.76 | (19.10) | 413 | 0.94 (8) | 3.89 | 0.47 | 19 | |
8/3/21 (11) to 9/30/21 | 10.00 | — (12) | (0.36) | (0.36) | — | — | — | — | — | (0.36) | 9.64 | (3.60) | 97 | 0.92 | 12.88 | 0.29 | 0 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
KAR Small-Mid Cap Value Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.78 | 0.04 | 0.78 | 0.82 | (0.03) | — | — | (0.03) | — | 0.79 | $ 8.57 | 10.49 % | $ 2,996 | 0.82 % | 2.05 % | 1.00 % | 4 % | |
10/1/21 to 9/30/22 | 9.65 | 0.06 | (1.89) | (1.83) | (0.04) | — | — | (0.04) | — | (1.87) | 7.78 | (19.09) | 2,719 | 0.83 (8) | 3.83 | 0.63 | 19 | |
8/3/21 (11) to 9/30/21 | 10.00 | 0.01 | (0.36) | (0.35) | — | — | — | — | — | (0.35) | 9.65 | (3.50) | 2,604 | 0.82 | 12.82 | 0.47 | 0 | |
SGA Emerging Markets Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.36 | (0.01) | 1.42 | 1.41 | — | — | — | — | — | 1.41 | $ 9.77 | 16.87 % | $ 177 | 1.48 % | 3.00 % | (0.20) % | 11 % | |
10/1/21 to 9/30/22 | 12.82 | (0.02) | (3.56) | (3.58) | — | — | (0.88) | (0.88) | — | (4.46) | 8.36 | (29.40) | 136 | 1.49 (8) | 3.02 | (0.23) | 30 | |
10/1/20 to 9/30/21 | 11.90 | (0.09) | 1.28 | 1.19 | — | — | (0.27) | (0.27) | — | 0.92 | 12.82 | 9.93 | 206 | 1.48 | 2.91 | (0.66) | 46 | |
10/1/19 to 9/30/20 | 9.97 | (0.05) | 1.98 | 1.93 | — | — | — (12) | — (12) | — | 1.93 | 11.90 | 19.37 | 169 | 1.48 | 3.98 | (0.47) | 44 | |
6/13/19 (11) to 9/30/19 | 10.00 | (0.02) | (0.01) | (0.03) | — | — | — | — | — | (0.03) | 9.97 | (0.30) | 100 | 1.48 | 9.63 | (0.57) | 6 (13) | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.14 | (0.05) | 1.38 | 1.33 | — | — | — | — | — | 1.33 | $ 9.47 | 16.34 % | $ 189 | 2.23 % | 3.72 % | (1.07) % | 11 % | |
10/1/21 to 9/30/22 | 12.60 | (0.10) | (3.48) | (3.58) | — | — | (0.88) | (0.88) | — | (4.46) | 8.14 | (29.94) | 86 | 2.24 (8) | 3.76 | (0.96) | 30 | |
10/1/20 to 9/30/21 | 11.79 | (0.19) | 1.27 | 1.08 | — | — | (0.27) | (0.27) | — | 0.81 | 12.60 | 9.08 | 159 | 2.23 | 3.66 | (1.42) | 46 | |
10/1/19 to 9/30/20 | 9.95 | (0.13) | 1.97 | 1.84 | — | — | — (12) | — (12) | — | 1.84 | 11.79 | 18.50 | 142 | 2.23 | 4.70 | (1.19) | 44 | |
6/13/19 (11) to 9/30/19 | 10.00 | (0.04) | (0.01) | (0.05) | — | — | — | — | — | (0.05) | 9.95 | (0.50) | 100 | 2.23 | 10.38 | (1.32) | 6 (13) | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.44 | — (12) | 1.43 | 1.43 | — | — | — | — | — | 1.43 | $ 9.87 | 16.94 % | $ 284 | 1.23 % | 2.73 % | 0.05 % | 11 % | |
10/1/21 to 9/30/22 | 12.90 | — (12) | (3.58) | (3.58) | — | — | (0.88) | (0.88) | — | (4.46) | 8.44 | (29.20) | 230 | 1.24 (8) | 2.76 | 0.01 | 30 | |
10/1/20 to 9/30/21 | 11.94 | (0.06) | 1.29 | 1.23 | — | — | (0.27) | (0.27) | — | 0.96 | 12.90 | 10.24 | 405 | 1.23 | 2.67 | (0.42) | 46 | |
10/1/19 to 9/30/20 | 9.98 | (0.03) | 1.99 | 1.96 | — | — | — (12) | — (12) | — | 1.96 | 11.94 | 19.65 | 247 | 1.23 | 3.57 | (0.30) | 44 | |
6/13/19 (11) to 9/30/19 | 10.00 | (0.01) | (0.01) | (0.02) | — | — | — | — | — | (0.02) | 9.98 | (0.20) | 109 | 1.23 | 9.38 | (0.32) | 6 (13) | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.49 | 0.01 | 1.44 | 1.45 | — | — | — | — | — | 1.45 | $ 9.94 | 17.08 % | $ 4,393 | 1.05 % | 2.71 % | 0.24 % | 11 % | |
10/1/21 to 9/30/22 | 12.95 | 0.02 | (3.60) | (3.58) | — | — | (0.88) | (0.88) | — | (4.46) | 8.49 | (29.08) | 3,845 | 1.06 (8) | 2.74 | 0.21 | 30 | |
10/1/20 to 9/30/21 | 11.97 | (0.03) | 1.28 | 1.25 | — | — | (0.27) | (0.27) | — | 0.98 | 12.95 | 10.38 | 5,425 | 1.05 | 2.63 | (0.24) | 46 | |
10/1/19 to 9/30/20 | 9.98 | — (12) | 1.99 | 1.99 | — | — | — (12) | — (12) | — | 1.99 | 11.97 | 19.95 | 4,828 | 1.05 | 3.72 | (0.02) | 44 | |
6/13/19 (11) to 9/30/19 | 10.00 | — (12) | (0.02) | (0.02) | — | — | — | — | — | (0.02) | 9.98 | (0.20) | 4,032 | 1.05 | 9.38 | (0.14) | 6 (13) |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
SGA Global Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $19.49 | (0.08) | 3.61 | 3.53 | — | — | (0.54) | (0.54) | — | 2.99 | $22.48 | 18.37 % | $ 21,269 | 1.35 % (10) | 1.49 % | (0.73) % | 11 % | |
10/1/21 to 9/30/22 | 30.69 | (0.18) | (8.97) | (9.15) | — | — | (2.05) | (2.05) | — | (11.20) | 19.49 | (31.91) | 18,375 | 1.39 (8) | 1.45 | (0.71) | 37 | |
10/1/20 to 9/30/21 | 26.54 | (0.24) | 5.33 | 5.09 | — | — | (0.94) | (0.94) | — | 4.15 | 30.69 | 19.49 | 34,690 | 1.38 | 1.47 | (0.79) | 40 | |
10/1/19 to 9/30/20 | 20.98 | (0.12) | 5.68 | 5.56 | — | — | — | — | — | 5.56 | 26.54 | 26.50 | 26,504 | 1.36 (7) | 1.36 | (0.53) | 49 | |
2/1/19 to 9/30/19(9) | 18.58 | (0.01) | 2.41 | 2.40 | — | — | — | — | — | 2.40 | 20.98 | 12.92 | 4,219 | 1.37 | 1.48 | (0.06) | 13 | |
2/1/18 to 1/31/19 | 19.72 | (0.05) | (0.32) | (0.37) | — | — | (0.77) | (0.77) | — | (1.14) | 18.58 | (1.46) | 3,786 | 1.38 | 1.60 | (0.28) | 54 | |
2/1/17 to 1/31/18 | 14.89 | (0.02) | 5.49 | 5.47 | — | — | (0.64) | (0.64) | — | 4.83 | 19.72 | 37.05 | 3,835 | 1.38 | 1.72 | (0.43) | 31 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $18.01 | (0.14) | 3.31 | 3.17 | — | — | (0.54) | (0.54) | — | 2.63 | $20.64 | 17.87 % | $ 3,891 | 2.10 % (10) | 2.18 % | (1.48) % | 11 % | |
10/1/21 to 9/30/22 | 28.71 | (0.35) | (8.30) | (8.65) | — | — | (2.05) | (2.05) | — | (10.70) | 18.01 | (32.40) | 3,767 | 2.14 (7)(8)(15) | 2.14 | (1.47) | 37 | |
10/1/20 to 9/30/21 | 25.06 | (0.43) | 5.02 | 4.59 | — | — | (0.94) | (0.94) | — | 3.65 | 28.71 | 18.62 | 7,326 | 2.13 | 2.14 | (1.54) | 40 | |
10/1/19 to 9/30/20 | 19.97 | (0.29) | 5.38 | 5.09 | — | — | — | — | — | 5.09 | 25.06 | 25.49 | 5,210 | 2.13 | 2.14 | (1.35) | 49 | |
2/1/19 to 9/30/19(9) | 17.77 | (0.11) | 2.31 | 2.20 | — | — | — | — | — | 2.20 | 19.97 | 12.38 | 3,554 | 2.10 | 2.20 | (0.83) | 13 | |
2/1/18 to 1/31/19 | 19.04 | (0.04) | (0.46) | (0.50) | — | — | (0.77) | (0.77) | — | (1.27) | 17.77 | (2.20) | 3,164 | 2.13 | 2.39 | (1.08) | 54 | |
2/1/17 to 1/31/18 | 14.50 | (0.04) | 5.22 | 5.18 | — | — | (0.64) | (0.64) | — | 4.54 | 19.04 | 36.04 | 2,062 | 2.13 | 2.47 | (1.08) | 31 | |
Class I* | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $19.69 | (0.05) | 3.64 | 3.59 | — | — | (0.54) | (0.54) | — | 3.05 | $22.74 | 18.49 % | $ 24,992 | 1.11 % (10) | 1.20 % | (0.50) % | 11 % | |
10/1/21 to 9/30/22 | 30.91 | (0.12) | (9.05) | (9.17) | — | — | (2.05) | (2.05) | — | (11.22) | 19.69 | (31.74) | 33,241 | 1.14 (8) | 1.18 | (0.47) | 37 | |
10/1/20 to 9/30/21 | 26.66 | (0.16) | 5.35 | 5.19 | — | — | (0.94) | (0.94) | — | 4.25 | 30.91 | 19.78 | 53,546 | 1.13 | 1.15 | (0.52) | 40 | |
10/1/19 to 9/30/20 | 21.03 | (0.08) | 5.71 | 5.63 | — (12) | — | — | — (12) | — | 5.63 | 26.66 | 26.79 | 27,529 | 1.13 | 1.20 | (0.34) | 49 | |
2/1/19 to 9/30/19(9) | 18.61 | — (12) | 2.42 | 2.42 | — | — | — | — | — | 2.42 | 21.03 | 13.00 | 12,807 | 1.19 | 1.28 | (0.02) | 13 | |
2/1/18 to 1/31/19 | 19.75 | (0.21) | (0.16) | (0.37) | — | — | (0.77) | (0.77) | — | (1.14) | 18.61 | (1.46) | 5,878 | 1.36 | 1.50 | (0.15) | 54 | |
2/1/17 to 1/31/18 | 14.90 | (0.04) | 5.53 | 5.49 | — | — | (0.64) | (0.64) | — | 4.85 | 19.75 | 37.16 | 19,474 | 1.36 | 1.57 | (0.29) | 31 | |
Class R6** | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $20.38 | (0.03) | 3.77 | 3.74 | — | — | (0.54) | (0.54) | — | 3.20 | $23.58 | 18.60 % | $ 60,238 | 0.90 % | 1.06 % | (0.28) % | 11 % | |
10/1/21 to 9/30/22 | 31.85 | (0.06) | (9.36) | (9.42) | — | — | (2.05) | (2.05) | — | (11.47) | 20.38 | (31.58) | 54,339 | 0.91 (8) | 1.04 | (0.22) | 37 | |
10/1/20 to 9/30/21 | 27.38 | (0.10) | 5.51 | 5.41 | — | — | (0.94) | (0.94) | — | 4.47 | 31.85 | 20.07 | 80,122 | 0.90 | 1.03 | (0.31) | 40 | |
10/1/19 to 9/30/20 | 21.56 | (0.03) | 5.86 | 5.83 | (0.01) | — | — | (0.01) | — | 5.82 | 27.38 | 27.06 | 72,376 | 0.90 | 1.08 | (0.11) | 49 | |
2/1/19 to 9/30/19(9) | 19.04 | 0.05 | 2.47 | 2.52 | — | — | — | — | — | 2.52 | 21.56 | 13.24 | 40,690 | 0.95 | 1.16 | 0.34 | 13 | |
2/1/18 to 1/31/19 | 20.11 | 0.01 | (0.31) | (0.30) | — | — | (0.77) | (0.77) | — | (1.07) | 19.04 | (1.08) | 28,819 | 0.98 | 1.31 | 0.07 | 54 | |
2/1/17 to 1/31/18 | 15.11 | (0.01) | 5.65 | 5.64 | — | — | (0.64) | (0.64) | — | 5.00 | 20.11 | 37.64 | 15,913 | 0.98 | 1.34 | 0.08 | 31 | |
SGA New Leaders Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 6.33 | (0.03) | 0.79 | 0.76 | — | — | — | — | — | 0.76 | $ 7.09 | 12.01 % | $ 82 | 1.34 % | 2.40 % | (0.77) % | 10 % | |
10/1/21 to 9/30/22 | 10.65 | (0.08) | (4.24) | (4.32) | — | — | — | — | — | (4.32) | 6.33 | (40.56) | 71 | 1.36 (8)(10) | 2.44 | (0.93) | 30 | |
11/17/20 (11) to 9/30/21 | 10.00 | (0.09) | 0.74 | 0.65 | — | — | — | — | — | 0.65 | 10.65 | 6.50 | 110 | 1.39 | 3.60 | (1.01) | 24 (13) |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
SGA New Leaders Growth Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 6.24 | (0.05) | 0.77 | 0.72 | — | — | — | — | — | 0.72 | $ 6.96 | 11.54 % | $ 70 | 2.09 % | 3.13 % | (1.52) % | 10 % | |
10/1/21 to 9/30/22 | 10.58 | (0.14) | (4.20) | (4.34) | — | — | — | — | — | (4.34) | 6.24 | (41.02) | 62 | 2.11 (8)(10) | 3.17 | (1.68) | 30 | |
11/17/20 (11) to 9/30/21 | 10.00 | (0.16) | 0.74 | 0.58 | — | — | — | — | — | 0.58 | 10.58 | 5.80 | 108 | 2.14 | 4.35 | (1.76) | 24 (13) | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 6.36 | (0.02) | 0.79 | 0.77 | — | — | — | — | — | 0.77 | $ 7.13 | 12.11 % | $ 109 | 1.09 % | 2.13 % | (0.52) % | 10 % | |
10/1/21 to 9/30/22 | 10.67 | (0.06) | (4.25) | (4.31) | — | — | — | — | — | (4.31) | 6.36 | (40.39) | 97 | 1.11 (8)(10) | 2.20 | (0.68) | 30 | |
11/17/20 (11) to 9/30/21 | 10.00 | (0.07) | 0.74 | 0.67 | — | — | — | — | — | 0.67 | 10.67 | 6.70 | 163 | 1.14 | 3.32 | (0.76) | 24 (13) | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 6.38 | (0.01) | 0.80 | 0.79 | — | — | — | — | — | 0.79 | $ 7.17 | 12.38 % | $ 6,271 | 0.91 % | 2.12 % | (0.33) % | 10 % | |
10/1/21 to 9/30/22 | 10.69 | (0.04) | (4.27) | (4.31) | — | — | — | — | — | (4.31) | 6.38 | (40.32) | 5,534 | 0.92 (8) | 2.24 | (0.48) | 30 | |
11/17/20 (11) to 9/30/21 | 10.00 | (0.05) | 0.74 | 0.69 | — | — | — | — | — | 0.69 | 10.69 | 6.90 | 6,267 | 0.91 | 3.25 | (0.54) | 24 (13) | |
Tactical Allocation Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.89 | 0.05 | 1.07 | 1.12 | (0.06) | — | (0.58) | (0.64) | — | 0.48 | $ 9.37 | 13.15 % | $ 576,570 | 0.99 % | 1.07 % | 1.15 % | 10 % | |
10/1/21 to 9/30/22 | 13.86 | 0.07 | (4.06) | (3.99) | (0.07) | — | (0.91) | (0.98) | — | (4.97) | 8.89 | (31.03) | 542,371 | 1.00 (8) | 1.06 | 0.60 | 24 | |
10/1/20 to 9/30/21 | 12.10 | 0.04 | 1.97 | 2.01 | (0.05) | — | (0.20) | (0.25) | — | 1.76 | 13.86 | 16.69 | 869,209 | 1.01 (8)(10) | 1.07 | 0.30 | 46 | |
10/1/19 to 9/30/20 | 9.51 | 0.07 | 2.71 | 2.78 | (0.07) | — | (0.12) | (0.19) | — | 2.59 | 12.10 | 29.72 | 683,100 | 1.06 (7) | 1.06 | 0.68 | 35 | |
10/1/18 to 9/30/19 | 9.66 | 0.13 | 0.06 | 0.19 | (0.12) | — | (0.22) | (0.34) | — (12) | (0.15) | 9.51 | 2.36 (14) | 569,543 | 1.14 (7) | 1.14 | 1.33 | 51 | |
10/1/17 to 9/30/18 | 9.00 | 0.14 | 0.73 | 0.87 | (0.14) | — | (0.07) | (0.21) | — | 0.66 | 9.66 | 9.73 | 146,854 | 1.26 | 1.27 | 1.47 | 41 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 9.08 | 0.02 | 1.08 | 1.10 | (0.02) | — | (0.58) | (0.60) | — | 0.50 | $ 9.58 | 12.69 % | $ 10,420 | 1.75 % | 1.88 % | 0.38 % | 10 % | |
10/1/21 to 9/30/22 | 14.19 | (0.03) | (4.15) | (4.18) | (0.02) | — | (0.91) | (0.93) | — | (5.11) | 9.08 | (31.56) | 12,326 | 1.76 (8) | 1.87 | (0.22) | 24 | |
10/1/20 to 9/30/21 | 12.44 | (0.06) | 2.02 | 1.96 | (0.01) | — | (0.20) | (0.21) | — | 1.75 | 14.19 | 15.82 | 33,401 | 1.77 (8)(10) | 1.88 | (0.46) | 46 | |
10/1/19 to 9/30/20 | 9.78 | (0.01) | 2.80 | 2.79 | (0.01) | — | (0.12) | (0.13) | — | 2.66 | 12.44 | 28.82 | 12,140 | 1.83 (7)(15) | 1.78 | (0.10) | 35 | |
10/1/18 to 9/30/19 | 9.93 | 0.06 | 0.05 | 0.11 | (0.04) | — | (0.22) | (0.26) | — (12) | (0.15) | 9.78 | 1.48 (14) | 8,560 | 1.91 (10) | 1.99 | 0.59 | 51 | |
10/1/17 to 9/30/18 | 9.24 | 0.07 | 0.75 | 0.82 | (0.06) | — | (0.07) | (0.13) | — | 0.69 | 9.93 | 8.94 | 3,736 | 2.04 | 2.05 | 0.68 | 41 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.86 | 0.06 | 1.07 | 1.13 | (0.07) | — | (0.58) | (0.65) | — | 0.48 | $ 9.34 | 13.31 % | $ 24,115 | 0.76 % | 0.89 % | 1.37 % | 10 % | |
10/1/21 to 9/30/22 | 13.82 | 0.09 | (4.05) | (3.96) | (0.09) | — | (0.91) | (1.00) | — | (4.96) | 8.86 | (30.90) | 25,520 | 0.77 (8) | 0.86 | 0.80 | 24 | |
10/1/20 to 9/30/21 | 12.07 | 0.07 | 1.96 | 2.03 | (0.08) | — | (0.20) | (0.28) | — | 1.75 | 13.82 | 16.88 | 51,887 | 0.78 (8)(10) | 0.86 | 0.55 | 46 | |
10/1/19 to 9/30/20 | 9.51 | 0.08 | 2.70 | 2.78 | (0.10) | — | (0.12) | (0.22) | — | 2.56 | 12.07 | 29.74 | 26,526 | 0.82 (7) | 0.82 | 0.73 | 35 | |
10/20/20 (11) to 9/30/19 | 8.66 | 0.10 | 0.85 | 0.95 | (0.10) | — | — | (0.10) | — (12) | 0.85 | 9.51 | 10.94 (14) | 2,813 | 0.88 (7) | 0.89 | 1.52 | 51 (13) |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Tactical Allocation Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.87 | 0.07 | 1.06 | 1.13 | (0.08) | — | (0.58) | (0.66) | — | 0.47 | $ 9.34 | 13.29 % | $ 79 | 0.60 % | 0.81 % | 1.54 % | 10 % | |
10/1/21 to 9/30/22 | 13.83 | 0.11 | (4.05) | (3.94) | (0.11) | — | (0.91) | (1.02) | — | (4.96) | 8.87 | (30.73) | 75 | 0.61 (8) | 0.70 | 1.00 | 24 | |
10/20/20 (11) to 9/30/21 | 12.48 | 0.09 | 1.55 | 1.64 | (0.09) | — | (0.20) | (0.29) | — | 1.35 | 13.83 | 13.23 | 112 | 0.62 (8) | 0.86 | 0.70 | 46 (13) |
Footnote Legend: | |
* | On May 3, 2019, Investor Class shares of the Predecessor Fund were reorganized into Class I shares of the Fund. The Class I shares financial highlights for the periods prior to May 3, 2019 reflect the performance of the American Beacon SGA Global Growth Fund Investor Class shares. |
** | On May 3, 2019, Y Class shares and Institutional Class shares of the Predecessor Fund were reorganized into Class R6 shares of the Fund. The Class R6 shares financial highlights for the periods prior to May 3, 2019 reflect the performance of the American Beacon SGA Global Growth Fund Institutional Class shares. |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | The share class is currently under its expense limitation. |
(8) | Net expense ratio includes extraordinary proxy expenses. |
(9) | The Fund changed its fiscal year end to September 30, during the period. |
(10) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(11) | Inception date. |
(12) | Amount is less than $0.005 per share. |
(13) | Portfolio turnover is representative of the Fund for the entire period. |
(14) | Payment from affiliates had no impact on total return. |
(15) | See Note 3D in Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived. |
(16) | Amount is less than 0.005%. |
Fund | Investment objective(s) | |
KAR Capital Growth
Fund |
Long-term capital growth. | |
KAR Equity Income
Fund |
Capital appreciation and current income. | |
KAR Global Quality Dividend
Fund |
Total return, consisting of both capital appreciation and current income. | |
KAR Mid-Cap Core
Fund |
Long-term capital appreciation. | |
KAR Mid-Cap Growth
Fund |
Capital appreciation. | |
KAR Small-Cap Core
Fund |
Long-term capital appreciation, with dividend income a secondary consideration. | |
KAR Small-Cap Growth
Fund |
Long-term capital appreciation. | |
KAR Small-Cap Value
Fund |
Long-term capital appreciation. | |
KAR Small-Mid Cap Core
Fund |
Long-term capital appreciation, with dividend income a secondary consideration. | |
KAR Small-Mid Cap Growth
Fund |
Long-term capital appreciation. | |
KAR Small-Mid Cap Value
Fund |
Long-term capital appreciation. | |
SGA Emerging Markets Growth
Fund |
Long-term capital appreciation. | |
SGA Global Growth
Fund |
Long-term capital appreciation. | |
SGA New Leaders Growth
Fund |
Long-term capital appreciation. | |
Tactical Allocation
Fund |
Capital appreciation and income. |
A. | Security Valuation |
Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. | |
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Payment-In-Kind Securities |
Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. | |
H. | When-issued Purchases and Forward Commitments (Delayed Delivery) |
Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. | |
I. | Leveraged Loans |
Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The |
Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. | |
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. | |
A Fund may invest in both secured loans and “covenant lite” loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. | |
J. | Securities Lending |
The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. | |
Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At March 31, 2023, the securities loaned were subject to a MSLA on a net payment basis as follows: |
Fund | Value
of Securities on Loan |
Cash
Collateral Received(1) |
Net
Amount(2) | |||
KAR Equity Income
Fund |
$ 6,606 | $ 6,606 | $ — | |||
KAR Global Quality Dividend
Fund |
1,326 | 1,326 | — | |||
KAR Small-Cap Growth
Fund |
389 | 389 | — | |||
SGA Emerging Markets Growth
Fund |
131 | 131 | — | |||
SGA Global Growth
Fund |
2,565 | 2,565 | — | |||
Tactical Allocation
Fund |
328 | 328 | — |
(1) | Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Investment
of Cash Collateral |
Overnight
and Continuous | ||
KAR Equity Income
Fund |
Money Market Mutual Fund | $6,723 | ||
KAR Global Quality Dividend
Fund |
Money Market Mutual Fund | 1,378 | ||
KAR Small-Cap Growth
Fund |
Money Market Mutual Fund | 396 | ||
SGA Emerging Markets Growth
Fund |
Money Market Mutual Fund | 138 | ||
SGA Global Growth
Fund |
Money Market Mutual Fund | 2,583 | ||
Tactical Allocation
Fund |
Money Market Mutual Fund | 336 |
A. | Investment Adviser |
Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers. | |
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |
KAR Small-Cap Core
Fund |
0.75 % |
KAR Small-Cap Value
Fund |
0.70 |
First $400 Million | $400+
Million through $1 Billion |
$1+ Billion | |||
KAR Small-Cap Growth
Fund |
0.90 % | 0.85 % | 0.80 % |
First $500 Million | Over $500 Million | ||
KAR Mid-Cap Growth
Fund |
0.80 % | 0.70 % |
First $1 Billion | $1+ Billion | ||
KAR Small-Mid Cap Core
Fund |
0.75 % | 0.70 % | |
KAR Small-Mid Cap Growth
Fund |
0.75 | 0.70 | |
KAR Small-Mid Cap Value
Fund |
0.65 | 0.60 | |
SGA Emerging Markets Growth
Fund |
1.00 | 0.95 | |
SGA Global Growth
Fund |
0.80 | 0.75 | |
SGA New Leaders Growth
Fund |
0.80 | 0.75 |
First $1 Billion | $1+
Billion through $2 Billion |
$2+ Billion | |||
KAR Capital Growth
Fund |
0.70 % | 0.65 % | 0.60 % | ||
KAR Equity Income
Fund |
0.75 | 0.70 | 0.65 | ||
KAR Global Quality Dividend
Fund |
0.75 | 0.70 | 0.65 | ||
KAR Mid-Cap Core
Fund |
0.80 | 0.75 | 0.70 | ||
Tactical Allocation
Fund |
0.55 | 0.50 | 0.45 |
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the six months is as follows: |
Fund | Subadviser | |
KAR Capital Growth Fund
|
KAR(1) | |
KAR Equity Income Fund
|
KAR(1) | |
KAR Global Quality Dividend Fund
|
KAR(1) | |
KAR Mid-Cap Core Fund
|
KAR(1) | |
KAR Mid-Cap Growth Fund
|
KAR(1) | |
KAR Small-Cap Core Fund
|
KAR(1) | |
KAR Small-Cap Growth Fund
|
KAR(1) | |
KAR Small-Cap Value Fund
|
KAR(1) | |
KAR Small-Mid Cap Core Fund
|
KAR(1) | |
KAR Small-Mid Cap Growth Fund
|
KAR(1) | |
KAR Small-Mid Cap Value Fund
|
KAR(1) | |
SGA Emerging Markets Growth Fund
|
SGA(2) | |
SGA Global Growth Fund
|
SGA(2) | |
SGA New Leaders Growth Fund
|
SGA(2) | |
Tactical Allocation Fund (Equity
Portfolio) |
KAR(1) | |
Tactical Allocation Fund (Fixed Income
Portfolio) |
Newfleet(3) |
(1) | Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus. |
(2) | Sustainable Growth Advisers, LP (“SGA”), an indirect, majority-owned subsidiary of Virtus. |
(3) | Newfleet Asset Management (“Newfleet”), a division of Virtus Fixed Income Advisers LLC, an indirect, wholly-owned subsidiary of Virtus. |
C. | Expense Limitations |
The Adviser has contractually agreed to limit each Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through January 31, 2024. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
KAR Capital Growth
Fund |
1.47% | 2.22% | 1.22% | 0.73% | ||||
KAR Equity Income
Fund |
1.20 | 1.95 | 0.95 | 0.91 | ||||
KAR Global Quality Dividend
Fund |
1.35 | 2.10 | 1.10 | 0.78 | ||||
KAR Mid-Cap Core
Fund |
1.20 | 1.95 | 0.95 | 0.87 | ||||
KAR Mid-Cap Growth
Fund |
1.40 | 2.15 | 1.15 | 0.83 | ||||
KAR Small-Cap Core
Fund |
N/A | N/A | N/A | N/A | ||||
KAR Small-Cap Growth
Fund |
1.50 | 2.25 | 1.25 | 1.18 | ||||
KAR Small-Cap Value
Fund |
1.42 | 2.17 | 1.17 | 1.06 | ||||
KAR Small-Mid Cap Core
Fund |
1.30 | 2.05 | 1.05 | 0.97 | ||||
KAR Small-Mid Cap Growth
Fund |
1.30 | 2.05 | 1.05 | 0.99 | ||||
KAR Small-Mid Cap Value
Fund |
1.17 | 1.92 | 0.92 | 0.82 | ||||
SGA Emerging Markets Growth
Fund |
1.48 | 2.23 | 1.23 | 1.05 | ||||
SGA Global Growth
Fund |
1.33 (1) | 2.08 (1) | 1.08 (1) | 0.90 | ||||
SGA New Leaders Growth
Fund |
1.34 | 2.09 | 1.09 | 0.91 | ||||
Tactical Allocation
Fund |
0.99 | 1.75 | 0.76 | 0.60 |
(1) | Effective January 1, 2023. For the period October 1, 2022 through December 31, 2022, the expense caps were as follows for Class A shares, Class C shares and Class I shares, respectively: 1.38%, 2.13% and 1.13%. |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to |
any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the six months ending March 31: |
Expiration | ||||||||||
Fund | 2023 | 2024 | 2025 | 2026 | Total | |||||
KAR Capital Growth Fund | ||||||||||
Class
R6 |
$ 1 | $ 1 | $ 3 | $ 1 | $ 6 | |||||
KAR Equity Income Fund | ||||||||||
Class
A |
101 | 152 | 136 | 63 | 452 | |||||
Class
C |
6 | 9 | 5 | 3 | 23 | |||||
Class
I |
9 | 14 | 18 | 17 | 58 | |||||
Class
R6 |
1 | 1 | 2 | 1 | 5 | |||||
KAR Global Quality Dividend Fund | ||||||||||
Class
A |
41 | 38 | 32 | 17 | 128 | |||||
Class
C |
3 | 2 | 2 | 1 | 8 | |||||
Class
I |
19 | 19 | 19 | 11 | 68 | |||||
Class
R6 |
— (1) | 5 | 9 | 5 | 19 | |||||
KAR Mid-Cap Core Fund | ||||||||||
Class
A |
42 | 84 | 77 | 45 | 248 | |||||
Class
C |
40 | 68 | 67 | 35 | 210 | |||||
Class
I |
458 | 982 | 1,112 | 731 | 3,283 | |||||
Class
R6 |
14 | 35 | 43 | 13 | 105 | |||||
KAR Mid-Cap Growth Fund | ||||||||||
Class
R6 |
19 | 101 | 102 | 43 | 265 | |||||
KAR Small-Mid Cap Core Fund | ||||||||||
Class
C |
— | — | 1 | 1 | 2 | |||||
KAR Small-Mid Cap Growth Fund | ||||||||||
Class
A |
— | 11 | 8 | 6 | 25 | |||||
Class
C |
— | 3 | 2 | — (1) | 5 | |||||
Class
I |
— | 25 | 34 | 9 | 68 | |||||
Class
R6 |
— | 68 | 43 | 14 | 125 | |||||
KAR Small-Mid Cap Value Fund | ||||||||||
Class
A |
— | 2 | 7 | 6 | 15 | |||||
Class
C |
— | 2 | 3 | 1 | 6 | |||||
Class
I |
— | 2 | 9 | 4 | 15 | |||||
Class
R6 |
— | 51 | 85 | 18 | 154 | |||||
SGA Emerging Markets Growth Fund | ||||||||||
Class
A |
2 | 3 | 2 | 1 | 8 | |||||
Class
C |
2 | 3 | 2 | 1 | 8 | |||||
Class
I |
3 | 6 | 5 | 2 | 16 | |||||
Class
R6 |
73 | 89 | 77 | 35 | 274 | |||||
SGA Global Growth Fund | ||||||||||
Class
A |
— | 30 | 16 | 14 | 60 | |||||
Class
C |
— | — | 1 | 1 | 2 | |||||
Class
I |
11 | 9 | 15 | 12 | 47 | |||||
Class
R6 |
67 | 104 | 90 | 46 | 307 | |||||
SGA New Leaders Growth Fund | ||||||||||
Class
A |
— | 2 | 1 | — (1) | 3 | |||||
Class
C |
— | 2 | 1 | — (1) | 3 | |||||
Class
I |
— | 3 | 2 | 1 | 6 | |||||
Class
R6 |
— | 115 | 80 | 36 | 231 | |||||
Tactical Allocation Fund | ||||||||||
Class
A |
— | 498 | 424 | 219 | 1,141 | |||||
Class
C |
— | 45 | 24 | 7 | 76 | |||||
Class
I |
— | 43 | 38 | 16 | 97 | |||||
Class
R6 |
— | — (1) | — (1) | — (1) | — (1) |
(1) | Amount is less than $500. |
Fund | Class A | Class C | Class I | Class R6 | Total | |||||
KAR Small-Mid Cap Core
Fund |
$— (1) | $— (1) | $8 | $9 | $ 17 |
(1) | Amount is less than $500. |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the six months ended March 31, 2023, it retained net commissions of $67 for Class A shares and CDSC of $11 and $(22) for Class A shares and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the six months ended March 31, 2023, the Funds incurred administration fees totaling $5,471 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the six months ended March 31, 2023, the Funds incurred transfer agent fees totaling $ $2,450 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Affiliated Shareholders |
At March 31, 2023, Virtus and its affiliates held shares of the following Fund, which may be redeemed at any time, that aggregated to the following: |
Shares | Aggregate
Net Asset Value | ||
KAR Small-Mid Cap Value Fund | |||
Class
A |
10,000 | $ 85 | |
Class
C |
10,000 | 85 | |
Class
I |
10,000 | 85 | |
Class
R6 |
349,581 | 2,996 |
H. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the six months ended March 31, 2023, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
Outside of Rule 17a-7 transactions, other investments with affiliated issuers are separately reported in this note. An affiliated issuer includes any company in which a Fund held 5% or more of a company’s outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to a Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. |
Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) on affiliated securities |
Net
change in unrealized appreciation (depreciation) on affiliated securities |
Value,
end of period |
Shares | Dividend
income |
Distributions
of realized gains | |||||||||
KAR Small-Cap Growth Fund | |||||||||||||||||
Common Stocks—36.8% | |||||||||||||||||
Dream Finders Homes,
Inc.(1) |
$ 38,993 | $ — | $ — | $ — | $ 9,748 | $ 48,741 | 3,678,552 | $ — | $— | ||||||||
Duck Creek Technologies,
Inc.(2) |
119,616 | — | 187,027 | 24,277 | 43,134 | — | — | — | — | ||||||||
Fox Factory Holding
Corp.(1) |
217,706 | — | 24,866 | 14,914 | 94,360 | 302,114 | 2,489,201 | — | — | ||||||||
Goosehead Insurance,
Inc.(1) |
63,812 | — | 13,451 | (5,304) | 30,292 | 75,349 | 1,443,476 | — | — | ||||||||
Holley,
Inc.(1) |
42,971 | — | — | — | (13,899) | 29,072 | 10,610,230 | — | — | ||||||||
MediaAlpha,
Inc.(1) |
40,653 | — | 7,330 | (24,990) | 51,170 | 59,503 | 3,972,151 | — | — | ||||||||
National Research
Corp. |
95,899 | — | — | — | 8,939 | 104,838 | 2,409,518 | 578 | — | ||||||||
NVE
Corp. |
19,252 | — | 10,647 | (1,015) | 12,800 | 20,390 | 245,690 | 659 | — | ||||||||
Olo,
Inc.(1),(3) |
— | 44,620 | 8,670 | (28,880) | 397 | 68,608 | 8,407,821 | — | — | ||||||||
Omega Flex,
Inc. |
79,774 | — | 5,177 | (767) | 16,025 | 89,855 | 806,308 | 551 | — | ||||||||
Oportun Financial
Corp.(4) |
7,790 | — | 1,624 | (3,176) | 17,965 | — | — | — | — | ||||||||
Revolve Group,
Inc.(1) |
114,495 | — | 14,465 | (2,043) | 25,904 | 123,891 | 4,710,701 | — | — | ||||||||
Ryan Specialty Holdings,
Inc.(1) |
315,827 | — | 33,243 | 13,188 | (16,017) | 279,755 | 6,952,150 | — | — | ||||||||
U.S. Physical Therapy,
Inc. |
90,084 | — | 11,437 | (4,494) | 28,114 | 102,267 | 1,044,500 | 935 | — | ||||||||
Total | $1,246,872 | $44,620 | $317,937 | $(18,290) | $308,932 | $1,304,383 | $2,723 | $— |
(1) | Non-income producing. |
(2) | Security was not an investment of the Fund at March 31, 2023. |
(3) | Issuer was not an affiliated investment of the Fund at September 30, 2022. |
(4) | Issuer is not an affiliated investment of the Fund at March 31, 2023. |
I. | Trustee Deferred Compensation Plan |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at March 31, 2023. |
Purchases | Sales | ||
KAR Capital Growth
Fund |
$ 38,105 | $ 66,342 | |
KAR Equity Income
Fund |
31,194 | 26,320 | |
KAR Global Quality Dividend
Fund |
5,872 | 8,103 | |
KAR Mid-Cap Core
Fund |
293,413 | 219,822 | |
KAR Mid-Cap Growth
Fund |
119,125 | 306,014 | |
KAR Small-Cap Core
Fund |
41,924 | 109,414 | |
KAR Small-Cap Growth
Fund |
168,568 | 704,587 |
Purchases | Sales | ||
KAR Small-Cap Value
Fund |
$ 77,093 | $175,329 | |
KAR Small-Mid Cap Core
Fund |
130,993 | 161,374 | |
KAR Small-Mid Cap Growth
Fund |
3,433 | 825 | |
KAR Small-Mid Cap Value
Fund |
1,297 | 174 | |
SGA Emerging Markets Growth
Fund |
504 | 543 | |
SGA Global Growth
Fund |
12,127 | 30,194 | |
SGA New Leaders Growth
Fund |
617 | 678 | |
Tactical Allocation
Fund |
58,039 | 90,945 |
Purchases | Sales | ||
Tactical Allocation Fund
|
$837 | $1,657 |
KAR Capital Growth Fund | KAR Equity Income Fund | ||||||||||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
305 | $ 4,563 | 770 | $ 17,644 | 240 | $ 4,706 | 405 | $ 8,289 | |||||||
Reinvestment of distributions | 5,405 | 77,837 | 1,819 | 49,865 | 311 | 6,039 | 235 | 4,847 | |||||||
Shares
repurchased and cross class conversions |
(1,580) | (25,097) | (2,469) | (55,815) | (336) | (6,532) | (923) | (19,218) | |||||||
Net Increase / (Decrease) | 4,130 | $ 57,303 | 120 | $ 11,694 | 215 | $ 4,213 | (283) | $ (6,082) | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
16 | $ 167 | 21 | $ 336 | 94 | $ 1,595 | 86 | $ 1,489 | |||||||
Reinvestment of distributions | 75 | 677 | 42 | 810 | 18 | 294 | 8 | 139 | |||||||
Shares
repurchased and cross class conversions |
(110) | (1,166) | (262) | (4,276) | (62) | (1,033) | (122) | (2,151) | |||||||
Net Increase / (Decrease) | (19) | $ (322) | (199) | $ (3,130) | 50 | $ 856 | (28) | $ (523) | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
125 | $ 2,199 | 334 | $ 7,742 | 531 | $ 10,146 | 1,122 | $ 22,576 | |||||||
Reinvestment of distributions | 346 | 5,279 | 144 | 4,130 | 112 | 2,149 | 23 | 482 | |||||||
Shares
repurchased and cross class conversions |
(462) | (7,832) | (734) | (16,560) | (686) | (13,362) | (300) | (6,125) | |||||||
Net Increase / (Decrease) | 9 | $ (354) | (256) | $ (4,688) | (43) | $ (1,067) | 845 | $ 16,933 | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
3 | $ 55 | 54 | $ 1,497 | 41 | $ 766 | 46 | $ 948 | |||||||
Reinvestment of distributions | 15 | 235 | 4 | 111 | 6 | 118 | 3 | 66 | |||||||
Shares
repurchased and cross class conversions |
(9) | (156) | (15) | (364) | (12) | (214) | (14) | (289) | |||||||
Net Increase / (Decrease) | 9 | $ 134 | 43 | $ 1,244 | 35 | $ 670 | 35 | $ 725 |
KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||||||||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
68 | $ 973 | 184 | $ 2,751 | 423 | $ 19,566 | 520 | $ 25,809 | |||||||
Reinvestment of distributions | 43 | 618 | 32 | 479 | 4 | 203 | 27 | 1,495 | |||||||
Shares
repurchased and cross class conversions |
(95) | (1,359) | (180) | (2,696) | (164) | (7,656) | (425) | (21,995) | |||||||
Net Increase / (Decrease) | 16 | $ 232 | 36 | $ 534 | 263 | $ 12,113 | 122 | $ 5,309 | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
5 | $ 77 | 32 | $ 466 | 156 | $ 6,627 | 278 | $ 12,955 | |||||||
Reinvestment of distributions | 2 | 16 | 1 | 8 | 4 | 151 | 25 | 1,267 | |||||||
Shares
repurchased and cross class conversions |
(22) | (304) | (34) | (482) | (171) | (7,248) | (276) | (12,531) | |||||||
Net Increase / (Decrease) | (15) | $ (211) | (1) | $ (8) | (11) | $ (470) | 27 | $ 1,691 | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
72 | $ 1,041 | 606 | $ 9,126 | 7,690 | $ 373,948 | 11,088 | $ 567,760 | |||||||
Reinvestment of distributions | 24 | 346 | 27 | 401 | 57 | 2,728 | 362 | 20,844 | |||||||
Shares
repurchased and cross class conversions |
(186) | (2,654) | (588) | (8,830) | (5,500) | (266,285) | (8,189) | (403,477) | |||||||
Net Increase / (Decrease) | (90) | $ (1,267) | 45 | $ 697 | 2,247 | $ 110,391 | 3,261 | $ 185,127 | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
20 | $ 286 | 43 | $ 650 | 201 | $ 9,668 | 194 | $ 9,790 | |||||||
Reinvestment of distributions | 5 | 76 | 3 | 51 | 1 | 59 | 16 | 950 | |||||||
Shares
repurchased and cross class conversions |
(22) | (320) | (12) | (184) | (374) | (18,458) | (548) | (26,492) | |||||||
Net Increase / (Decrease) | 3 | $ 42 | 34 | $ 517 | (172) | $ (8,731) | (338) | $ (15,752) |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | ||||||||||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
282 | $ 13,297 | 994 | $ 57,568 | 179 | $ 7,160 | 297 | $ 12,884 | |||||||
Reinvestment of distributions | — | — | 113 | 7,619 | 200 | 7,634 | 353 | 15,608 | |||||||
Shares
repurchased and cross class conversions |
(810) | (37,947) | (2,307) | (130,014) | (222) | (8,992) | (448) | (19,060) | |||||||
Net Increase / (Decrease) | (528) | $ (24,650) | (1,200) | $ (64,827) | 157 | $ 5,802 | 202 | $ 9,432 | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
70 | $ 2,492 | 209 | $ 9,553 | 31 | $ 924 | 29 | $ 978 | |||||||
Reinvestment of distributions | — | — | 49 | 2,542 | 175 | 5,016 | 354 | 12,090 | |||||||
Shares
repurchased and cross class conversions |
(287) | (10,123) | (1,031) | (46,414) | (252) | (7,786) | (546) | (18,009) | |||||||
Net Increase / (Decrease) | (217) | $ (7,631) | (773) | $ (34,319) | (46) | $ (1,846) | (163) | $ (4,941) |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | ||||||||||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
2,652 | $ 130,358 | 8,605 | $ 512,895 | 864 | $ 37,882 | 2,597 | $ 118,523 | |||||||
Reinvestment of distributions | — | — | 497 | 34,760 | 1,465 | 60,522 | 2,789 | 132,938 | |||||||
Shares
repurchased and cross class conversions |
(5,497) | (266,362) | (17,766) | (1,012,704) | (2,278) | (99,303) | (5,358) | (241,311) | |||||||
Net Increase / (Decrease) | (2,845) | $ (136,004) | (8,664) | $ (465,049) | 51 | $ (899) | 28 | $ 10,150 | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
253 | $ 12,443 | 965 | $ 57,309 | 1,370 | $ 59,701 | 1,513 | $ 68,743 | |||||||
Reinvestment of distributions | — | — | 42 | 2,965 | 213 | 8,849 | 301 | 14,426 | |||||||
Shares
repurchased and cross class conversions |
(328) | (16,081) | (1,856) | (96,440) | (1,134) | (49,954) | (2,109) | (95,556) | |||||||
Net Increase / (Decrease) | (75) | $ (3,638) | (849) | $ (36,166) | 449 | $ 18,596 | (295) | $ (12,387) |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||||||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
739 | $ 23,042 | 1,190 | $ 51,050 | 239 | $ 5,346 | 573 | $ 14,370 | |||||||
Reinvestment of distributions | 2,068 | 58,361 | 1,914 | 89,148 | 128 | 2,728 | 79 | 2,220 | |||||||
Shares
repurchased and cross class conversions |
(2,037) | (63,512) | (4,451) | (183,422) | (599) | (13,064) | (1,012) | (25,277) | |||||||
Net Increase / (Decrease) | 770 | $ 17,891 | (1,347) | $ (43,224) | (232) | $ (4,990) | (360) | $ (8,687) | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
85 | $ 2,111 | 134 | $ 4,975 | 17 | $ 346 | 48 | $ 1,196 | |||||||
Reinvestment of distributions | 1,173 | 26,885 | 1,122 | 44,255 | 18 | 379 | 13 | 354 | |||||||
Shares
repurchased and cross class conversions |
(1,182) | (30,731) | (2,086) | (72,147) | (59) | (1,278) | (190) | (4,664) | |||||||
Net Increase / (Decrease) | 76 | $ (1,735) | (830) | $ (22,917) | (24) | $ (553) | (129) | $ (3,114) | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
7,357 | $ 239,778 | 13,019 | $ 547,197 | 3,321 | $ 73,444 | 8,696 | $ 221,327 | |||||||
Reinvestment of distributions | 11,770 | 347,075 | 12,565 | 606,256 | 1,009 | 21,459 | 713 | 20,021 | |||||||
Shares
repurchased and cross class conversions |
(20,039) | (665,754) | (39,045) | (1,637,063) | (11,625) | (255,629) | (15,860) | (392,909) | |||||||
Net Increase / (Decrease) | (912) | $ (78,901) | (13,461) | $ (483,610) | (7,295) | $ (160,726) | (6,451) | $ (151,561) |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||||||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
2,860 | $ 96,101 | 1,270 | $ 53,101 | 119 | $ 2,681 | 763 | $ 20,337 | |||||||
Reinvestment of distributions | 745 | 22,107 | 533 | 25,848 | 33 | 713 | 39 | 1,088 | |||||||
Shares
repurchased and cross class conversions |
(816) | (27,425) | (1,318) | (55,871) | (288) | (6,343) | (2,129) | (51,910) | |||||||
Net Increase / (Decrease) | 2,789 | $ 90,783 | 485 | $ 23,078 | (136) | $ (2,949) | (1,327) | $ (30,485) |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | ||||||||||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
348 | $ 5,388 | 961 | $ 16,434 | 306 | $ 2,752 | 14 | $ 123 | |||||||
Reinvestment of distributions | — | — | 31 | 598 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(399) | (6,071) | (1,051) | (17,254) | (15) | (136) | (25) | (230) | |||||||
Net Increase / (Decrease) | (51) | $ (683) | (59) | $ (222) | 291 | $ 2,616 | (11) | $ (107) | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
425 | $ 6,520 | 587 | $ 9,842 | — | $ — | 2 | $ 24 | |||||||
Reinvestment of distributions | — | — | 22 | 408 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(241) | (3,628) | (271) | (4,281) | (—) (1) | (—) (2) | (1) | (6) | |||||||
Net Increase / (Decrease) | 184 | $ 2,892 | 338 | $ 5,969 | — (1) | $ —(2) | 1 | $ 18 | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
12,528 | $ 196,862 | 31,319 | $ 542,183 | 134 | $ 1,189 | 180 | $ 1,768 | |||||||
Reinvestment of distributions | — | — | 772 | 14,989 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(12,496) | (194,934) | (30,000) | (491,454) | (107) | (863) | (117) | (1,076) | |||||||
Net Increase / (Decrease) | 32 | $ 1,928 | 2,091 | $ 65,718 | 27 | $ 326 | 63 | $ 692 | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
821 | $ 13,221 | 616 | $ 10,746 | 2 | $ 16 | 44 | $ 416 | |||||||
Reinvestment of distributions | — | — | 8 | 153 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(269) | (4,251) | (465) | (7,277) | (1) | (9) | (4) | (36) | |||||||
Net Increase / (Decrease) | 552 | $ 8,970 | 159 | $ 3,622 | 1 | $ 7 | 40 | $ 380 |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||||||||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
54 | $ 453 | 81 | $ 686 | 2 | $ 18 | — (1) | $ 2 | |||||||
Reinvestment of distributions | — (1) | 1 | — | — (1) | — | — | — (1) | 5 | |||||||
Shares
repurchased and cross class conversions |
— | — | (4) | (43) | — | — | (—) (1) | (6) | |||||||
Net Increase / (Decrease) | 54 | $ 454 | 77 | $ 643 | 2 | $ 18 | — (1) | $ 1 | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
— (1) | $ 1 | — (1) | $ 1 | 9 | $ 91 | 3 | $ 32 | |||||||
Reinvestment of distributions | — | — | — | — | — | — | — (1) | 2 | |||||||
Shares
repurchased and cross class conversions |
(—) (1) | (1) | — | — | — | — | (5) | (48) | |||||||
Net Increase / (Decrease) | — | $ —(2) | — (1) | $ 1 | 9 | $ 91 | (2) | $ (14) | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
85 | $ 734 | 52 | $ 480 | 2 | $ 19 | 2 | $ 19 | |||||||
Reinvestment of distributions | — (1) | 2 | — (1) | — (1) | — | — | 2 | 18 | |||||||
Shares
repurchased and cross class conversions |
(1) | (10) | (9) | (81) | (—) (1) | (3) | (8) | (84) | |||||||
Net Increase / (Decrease) | 84 | $ 726 | 43 | $ 399 | 2 | $ 16 | (4) | $ (47) | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
— (1) | $ —(2) | 79 | $ 729 | — (1) | $ —(2) | — (1) | $ 5 | |||||||
Reinvestment of distributions | — (1) | 2 | — | — | — | — | 34 | 359 | |||||||
Shares
repurchased and cross class conversions |
— | — | — | — | (11) | (100) | (—) (1) | (—) (2) | |||||||
Net Increase / (Decrease) | — (1) | $ 2 | 79 | $ 729 | (11) | $ (100) | 34 | $ 364 |
SGA Global Growth Fund | SGA New Leaders Growth Fund | ||||||||||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
41 | $ 853 | 105 | $ 2,694 | 1 | $ 4 | 1 | $ 10 | |||||||
Reinvestment of distributions | 24 | 498 | 79 | 2,257 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(61) | (1,299) | (372) | (8,853) | (1) | (1) | — | — | |||||||
Net Increase / (Decrease) | 4 | $ 52 | (188) | $ (3,902) | — (1) | $ 3 | 1 | $ 10 | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
3 | $ 64 | 17 | $ 411 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 5 | 104 | 20 | 518 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(29) | (566) | (83) | (1,863) | — | — | (—) (1) | (2) | |||||||
Net Increase / (Decrease) | (21) | $ (398) | (46) | $ (934) | — | $ — | — (1) | $ (2) |
SGA Global Growth Fund | SGA New Leaders Growth Fund | ||||||||||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 |
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
93 | $ 2,033 | 347 | $ 8,599 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 31 | 641 | 120 | 3,430 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(713) | (14,690) | (511) | (13,097) | — | — | — | — | |||||||
Net Increase / (Decrease) | (589) | $ (12,016) | (44) | $ (1,068) | — | $ — | — | $ — | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
35 | $ 804 | 106 | $ 2,828 | 44 | $ 299 | 281 | $ 2,311 | |||||||
Reinvestment of distributions | 59 | 1,288 | 173 | 5,122 | — | — | — | — | |||||||
Shares
repurchased and cross class conversions |
(206) | (4,555) | (129) | (3,255) | (36) | (250) | (—) (1) | (—) (2) | |||||||
Net Increase / (Decrease) | (112) | $ (2,463) | 150 | $ 4,695 | 8 | $ 49 | 281 | $ 2,311 |
Tactical Allocation Fund | |||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares
sold and cross class conversions |
1,002 | $ 9,211 | 1,763 | $ 21,058 | |||
Reinvestment of distributions | 4,017 | 34,977 | 4,277 | 55,565 | |||
Shares
repurchased and cross class conversions |
(4,487) | (41,196) | (7,747) | (89,303) | |||
Net Increase / (Decrease) | 532 | $ 2,992 | (1,707) | $ (12,680) | |||
Class C | |||||||
Shares
sold and cross class conversions |
46 | $ 432 | 130 | $ 1,585 | |||
Reinvestment of distributions | 77 | 690 | 144 | 1,924 | |||
Shares
repurchased and cross class conversions |
(393) | (3,691) | (1,271) | (15,093) | |||
Net Increase / (Decrease) | (270) | $ (2,569) | (997) | $ (11,584) | |||
Class I | |||||||
Shares
sold and cross class conversions |
188 | $ 1,744 | 777 | $ 9,619 | |||
Reinvestment of distributions | 191 | 1,657 | 299 | 3,867 | |||
Shares
repurchased and cross class conversions |
(676) | (6,195) | (1,951) | (21,786) | |||
Net Increase / (Decrease) | (297) | $ (2,794) | (875) | $ (8,300) |
Tactical Allocation Fund | |||||||
Six
Months Ended March 31, 2023 (Unaudited) |
Year
Ended September 30, 2022 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class R6 | |||||||
Shares
sold and cross class conversions |
— (1) | $ 1 | — (1) | $ 4 | |||
Reinvestment of distributions | — (1) | — (2) | — (1) | — (2) | |||
Shares
repurchased and cross class conversions |
(—) (1) | (—) (2) | (—) (1) | (—) (2) | |||
Net Increase / (Decrease) | — (1) | $ 1 | — (1) | $ 4 |
(1) | Amount is less than 500 shares. |
(2) | Amount is less than $500. |
%
of Shares Outstanding |
Number
of Accounts | ||
KAR Global Quality Dividend
Fund |
16 % | 1 | |
KAR Mid-Cap Core
Fund |
50 | 4 | |
KAR Mid-Cap Growth
Fund |
27 | 2 | |
KAR Small-Cap Core
Fund |
26 | 2 | |
KAR Small-Cap Growth
Fund |
21 | 2 | |
KAR Small-Cap Value
Fund |
32 | 1 | |
KAR Small-Mid Cap Core
Fund |
48 | 3 | |
KAR Small-Mid Cap Growth
Fund |
71 | 3 * | |
KAR Small-Mid Cap Value
Fund |
90 | 4 * | |
SGA Emerging Markets Growth
Fund |
68 | 3 | |
SGA Global Growth
Fund |
34 | 2 | |
SGA New Leaders Growth
Fund |
82 | 2 * |
* | Includes affiliated shareholder account(s). |
Sector | Percentage
of Total Investments | ||
KAR Capital Growth
Fund |
Information Technology | 29% | |
KAR Mid-Cap Core
Fund |
Industrials | 34 | |
KAR Mid-Cap Growth
Fund |
Information Technology | 26 | |
KAR Small-Cap Core
Fund |
Industrials | 43 | |
KAR Small-Cap Growth
Fund |
Financials | 30 | |
KAR Small-Cap Value
Fund |
Industrials | 35 | |
KAR Small-Mid Cap Core
Fund |
Information Technology | 31 | |
KAR Small-Mid Cap Value
Fund |
Industrials | 30 | |
KAR Small-Mid Cap Value
Fund |
Financials | 26 | |
SGA Emerging Markets Growth
Fund |
Consumer Staples | 35 | |
SGA Global Growth
Fund |
Information Technology | 31 |
Fund | Investment | Date
of Acquisition |
Cost | Value | Percentage
of Net Assets | |||||
KAR Mid-Cap Growth
Fund |
Security Scorecard, Inc. Series E | 3/5/2021 | $40,000 | $26,103 | 1.6% |
Fund | Interest
Incurred on Borrowing |
Average
Borrowing |
Weighted
Average Interest Rate |
Days
Outstanding | ||||
KAR Equity Income
Fund |
$ 1 | $ 4,800 | 5.40% | 1 | ||||
KAR Small-Cap Growth
Fund |
90 | 40,113 | 5.40 | 15 |
Fund | Interest
Incurred on Borrowing |
Average
Borrowing |
Weighted
Average Interest Rate |
Days
Outstanding | ||||
KAR Small-Cap Value
Fund |
$ 2 | $ 8,200 | 4.92% | 2 | ||||
KAR Small-Mid Cap Core
Fund |
2 | 3,425 | 5.40 | 4 | ||||
SGA Global Growth
Fund |
1 | 2,400 | 4.13 | 4 |
Fund | Federal
Tax Cost |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
Net
Unrealized Appreciation (Depreciation) | ||||
KAR Capital Growth
Fund |
$ 255,735 | $ 279,664 | $ (29,857) | $ 249,807 | ||||
KAR Equity Income
Fund |
139,754 | 17,916 | (6,222) | 11,694 | ||||
KAR Global Quality Dividend
Fund |
36,371 | 4,891 | (2,640) | 2,251 | ||||
KAR Mid-Cap Core
Fund |
1,251,947 | 298,569 | (17,481) | 281,088 | ||||
KAR Mid-Cap Growth
Fund |
1,172,031 | 460,721 | (82,225) | 378,496 | ||||
KAR Small-Cap Core
Fund |
1,014,448 | 718,871 | (35,271) | 683,600 | ||||
KAR Small-Cap Growth
Fund |
2,406,258 | 1,387,408 | (281,606) | 1,105,802 | ||||
KAR Small-Cap Value
Fund |
659,373 | 289,396 | (76,426) | 212,970 | ||||
KAR Small-Mid Cap Core
Fund |
1,079,545 | 128,714 | (72,914) | 55,800 | ||||
KAR Small-Mid Cap Growth
Fund |
8,732 | 449 | (711) | (262) | ||||
KAR Small-Mid Cap Value
Fund |
5,919 | 187 | (670) | (483) | ||||
SGA Emerging Markets Growth
Fund |
4,807 | 908 | (661) | 247 | ||||
SGA Global Growth
Fund |
91,117 | 25,737 | (4,987) | 20,750 | ||||
SGA New Leaders Growth
Fund |
6,971 | 444 | (1,069) | (625) | ||||
Tactical Allocation
Fund |
512,547 | 153,061 | (63,070) | 89,991 |
Fund | Short-Term | Long-Term | ||
KAR Global Quality Dividend
Fund |
$ 95 | $— | ||
KAR Small-Mid Cap Growth
Fund |
44 | — | ||
SGA Emerging Markets Growth
Fund |
21 | — | ||
SGA New Leaders Growth
Fund |
163 | — | ||
Tactical Allocation
Fund |
26,995 | — |
Fund | Votes For | Votes Against | Abstain | Uninstructed | ||||
Virtus
KAR Mid-Cap Core Fund |
$616,851,582.05
or 84.265% of Voted |
$16,362,493.05
or 2.236% of Voted |
$9,572,615.56
or 1.307% of Voted |
$89,251,331.89
or 12.192% of Voted | ||||
Virtus
KAR Small-Cap Core Fund |
$776,332,634.34
or 91.465% of Voted |
$18,943,988.02
or 2.232% of Voted |
$9,368,103.77
or 1.104% of Voted |
$44,132,455.99
or 5.199% of Voted |
8029 | 05-23 |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrants 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 registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 registrants 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 registrants internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. | |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |
(a)(2)(1) | Not applicable. | |
(a)(2)(2) | Not applicable. | |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Virtus Equity Trust |
By (Signature and Title)* | /s/ George R. Aylward | |
George R. Aylward, President | ||
(principal executive officer) |
Date 5/29/2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ George R. Aylward | |
George R. Aylward, President | ||
(principal executive officer) |
Date 5/29/2023 |
By (Signature and Title)* | /s/ W. Patrick Bradley | |
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer | ||
(principal financial officer) |
Date 5/25/2023 |
* | Print the name and title of each signing officer under his or her signature. |
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I, George R. Aylward, certify that:
1. | I have reviewed this report on Form N-CSR of Virtus Equity Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: 5/29/2023 | /s/ George R. Aylward | |||
George R. Aylward, President | ||||
(principal executive officer) |
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I, W. Patrick Bradley, certify that:
1. | I have reviewed this report on Form N-CSR of Virtus Equity Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: 5/25/2023 | /s/ W. Patrick Bradley | |||
|
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer | |||
(principal financial officer) |
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act
I, George R. Aylward, President of Virtus Equity Trust (the Registrant), certify that:
1. | The Form N-CSR of the Registrant (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: 5/29/2023 | /s/ George R. Aylward | |||
|
George R. Aylward, President | |||
(principal executive officer) |
I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer of Virtus Equity Trust (the Registrant), certify that:
1. | The Form N-CSR of the Registrant (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: 5/25/2023 | /s/ W. Patrick Bradley | |||
|
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer | |||
(principal financial officer) |
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