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)
Kevin J. Carr, Esq.
Senior Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrants telephone number, including area code: (800) 243-1574
Date of fiscal year end: September 30
Date of reporting period: September 30, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) | The Report to Shareholders is attached herewith. |
(b) | Not applicable. |
Virtus KAR Capital Growth Fund |
Virtus KAR Equity Income Fund |
Virtus KAR Global Quality Dividend Fund |
Virtus KAR Mid-Cap Core Fund |
Virtus KAR Mid-Cap Growth Fund |
Virtus KAR Small-Cap Core Fund |
Virtus KAR Small-Cap Growth Fund |
Virtus KAR Small-Cap Value Fund |
Virtus KAR Small-Mid Cap Core Fund |
Virtus KAR Small-Mid Cap Growth Fund |
Virtus KAR Small-Mid Cap Value Fund |
Virtus SGA Emerging Markets Growth Fund |
Virtus SGA Global Growth Fund |
Virtus SGA New Leaders Growth Fund |
Virtus Tactical Allocation Fund |
|
1 | |
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2 | |
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6 | |
Fund | Fund
Summary |
Schedule
of Investments |
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9 | 43 |
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11 | 44 |
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13 | 46 |
|
15 | 47 |
|
17 | 48 |
|
19 | 50 |
|
21 | 51 |
|
23 | 52 |
|
25 | 53 |
|
27 | 54 |
|
29 | 55 |
|
31 | 56 |
|
34 | 57 |
|
37 | 58 |
|
39 | 59 |
|
72 | |
|
80 | |
|
83 | |
|
91 | |
|
102 | |
|
122 | |
|
124 | |
|
125 | |
|
126 | |
|
129 |
Beginning
Account Value April 1, 2021 |
Ending
Account Value September 30, 2021 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
KAR Capital Growth
Fund |
||||||||
Class A | $ 1,000.00 | $ 1,102.80 | 1.20 % | $ 6.33 | ||||
Class C | 1,000.00 | 1,098.10 | 2.06 | 10.83 | ||||
Class I | 1,000.00 | 1,103.90 | 1.00 | 5.27 | ||||
Class R6 | 1,000.00 | 1,105.30 | 0.73 | 3.85 | ||||
KAR Equity Income
Fund |
||||||||
Class A | 1,000.00 | 1,016.90 | 1.26 | 6.37 | ||||
Class C | 1,000.00 | 1,012.80 | 2.00 | 10.09 | ||||
Class I | 1,000.00 | 1,018.00 | 1.01 | 5.11 | ||||
Class R6 | 1,000.00 | 1,018.50 | 0.96 | 4.86 | ||||
KAR Global Quality Dividend
Fund |
||||||||
Class A | 1,000.00 | 1,020.80 | 1.35 | 6.84 | ||||
Class C | 1,000.00 | 1,016.50 | 2.10 | 10.62 | ||||
Class I | 1,000.00 | 1,022.20 | 1.10 | 5.58 | ||||
Class R6 | 1,000.00 | 1,023.40 | 0.78 | 3.96 | ||||
KAR Mid-Cap Core
Fund |
||||||||
Class A | 1,000.00 | 1,095.90 | 1.20 | 6.30 | ||||
Class C | 1,000.00 | 1,091.90 | 1.95 | 10.23 | ||||
Class I | 1,000.00 | 1,097.10 | 0.95 | 4.99 | ||||
Class R6 | 1,000.00 | 1,097.70 | 0.87 | 4.57 | ||||
KAR Mid-Cap Growth
Fund |
||||||||
Class A | 1,000.00 | 1,099.50 | 1.27 | 6.68 | ||||
Class C | 1,000.00 | 1,095.20 | 2.00 | 10.50 | ||||
Class I | 1,000.00 | 1,100.80 | 1.01 | 5.32 | ||||
Class R6 | 1,000.00 | 1,101.80 | 0.83 | 4.37 | ||||
KAR Small-Cap Core
Fund |
||||||||
Class A | 1,000.00 | 1,035.60 | 1.26 | 6.43 | ||||
Class C | 1,000.00 | 1,032.00 | 1.98 | 10.09 | ||||
Class I | 1,000.00 | 1,037.10 | 0.99 | 5.06 | ||||
Class R6 | 1,000.00 | 1,037.50 | 0.91 | 4.65 | ||||
KAR Small-Cap Growth
Fund |
||||||||
Class A | 1,000.00 | 1,055.70 | 1.34 | 6.91 | ||||
Class C | 1,000.00 | 1,052.00 | 2.05 | 10.55 | ||||
Class I | 1,000.00 | 1,057.00 | 1.07 | 5.52 | ||||
Class R6 | 1,000.00 | 1,057.50 | 0.97 | 5.00 |
Beginning
Account Value April 1, 2021 |
Ending
Account Value September 30, 2021 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
KAR Small-Cap Value
Fund |
||||||||
Class A | $1,000.00 | $ 985.20 | 1.21% | $ 6.02 | ||||
Class C | 1,000.00 | 981.50 | 1.97 | 9.79 | ||||
Class I | 1,000.00 | 986.30 | 0.96 | 4.78 | ||||
Class R6 | 1,000.00 | 986.60 | 0.91 | 4.53 | ||||
KAR Small-Mid Cap Core
Fund |
||||||||
Class A | 1,000.00 | 1,043.00 | 1.30 | 6.66 | ||||
Class C | 1,000.00 | 1,039.50 | 2.05 | 10.48 | ||||
Class I | 1,000.00 | 1,045.00 | 1.00 | 5.13 | ||||
Class R6 | 1,000.00 | 1,045.40 | 0.97 | 4.97 | ||||
KAR Small-Mid Cap Growth
Fund |
||||||||
Class A | 1,000.00 | 1,093.00 | 1.30 | 6.82 | ||||
Class C | 1,000.00 | 1,088.00 | 2.05 | 10.73 | ||||
Class I | 1,000.00 | 1,093.90 | 1.05 | 5.51 | ||||
Class R6 | 1,000.00 | 1,094.90 | 0.99 | 5.20 | ||||
KAR Small-Mid Cap Value
Fund** |
||||||||
Class A | 1,000.00 | 964.00 | 1.17 | 1.83 | ||||
Class C | 1,000.00 | 963.00 | 1.92 | 2.99 | ||||
Class I | 1,000.00 | 964.00 | 0.92 | 1.44 | ||||
Class R6 | 1,000.00 | 965.00 | 0.82 | 1.28 | ||||
SGA Emerging Markets Growth
Fund |
||||||||
Class A | 1,000.00 | 928.30 | 1.48 | 7.15 | ||||
Class C | 1,000.00 | 925.10 | 2.23 | 10.76 | ||||
Class I | 1,000.00 | 930.10 | 1.23 | 5.95 | ||||
Class R6 | 1,000.00 | 930.30 | 1.05 | 5.08 | ||||
SGA Global Growth
Fund |
||||||||
Class A | 1,000.00 | 1,057.20 | 1.38 | 7.12 | ||||
Class C | 1,000.00 | 1,053.20 | 2.15 | 11.07 | ||||
Class I | 1,000.00 | 1,058.60 | 1.13 | 5.83 | ||||
Class R6 | 1,000.00 | 1,059.90 | 0.90 | 4.65 | ||||
SGA New Leaders Growth
Fund |
||||||||
Class A | 1,000.00 | 1,025.00 | 1.39 | 7.06 | ||||
Class C | 1,000.00 | 1,021.20 | 2.14 | 10.84 | ||||
Class I | 1,000.00 | 1,026.00 | 1.14 | 5.79 | ||||
Class R6 | 1,000.00 | 1,026.90 | 0.91 | 4.62 | ||||
Tactical Allocation
Fund |
||||||||
Class A | 1,000.00 | 1,072.50 | 1.02 | 5.30 | ||||
Class C | 1,000.00 | 1,068.50 | 1.78 | 9.23 | ||||
Class I | 1,000.00 | 1,072.90 | 0.79 | 4.11 | ||||
Class R6 | 1,000.00 | 1,074.20 | 0.63 | 3.28 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
** | August 4, 2021, is the date the Fund started accruing expenses. Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (58) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning
Account Value April 1, 2021 |
Ending
Account Value September 30, 2021 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
KAR Capital Growth
Fund |
||||||||
Class A | $ 1,000.00 | $ 1,019.05 | 1.20 % | $ 6.07 | ||||
Class C | 1,000.00 | 1,014.74 | 2.06 | 10.40 | ||||
Class I | 1,000.00 | 1,020.05 | 1.00 | 5.06 | ||||
Class R6 | 1,000.00 | 1,021.41 | 0.73 | 3.70 | ||||
KAR Equity Income
Fund |
||||||||
Class A | 1,000.00 | 1,018.75 | 1.26 | 6.38 | ||||
Class C | 1,000.00 | 1,015.04 | 2.00 | 10.10 | ||||
Class I | 1,000.00 | 1,020.00 | 1.01 | 5.11 | ||||
Class R6 | 1,000.00 | 1,020.26 | 0.96 | 4.86 | ||||
KAR Global Quality Dividend
Fund |
||||||||
Class A | 1,000.00 | 1,018.30 | 1.35 | 6.83 | ||||
Class C | 1,000.00 | 1,014.54 | 2.10 | 10.61 | ||||
Class I | 1,000.00 | 1,019.55 | 1.10 | 5.57 | ||||
Class R6 | 1,000.00 | 1,021.16 | 0.78 | 3.95 | ||||
KAR Mid-Cap Core
Fund |
||||||||
Class A | 1,000.00 | 1,019.05 | 1.20 | 6.07 | ||||
Class C | 1,000.00 | 1,015.29 | 1.95 | 9.85 | ||||
Class I | 1,000.00 | 1,020.31 | 0.95 | 4.81 | ||||
Class R6 | 1,000.00 | 1,020.71 | 0.87 | 4.41 | ||||
KAR Mid-Cap Growth
Fund |
||||||||
Class A | 1,000.00 | 1,018.70 | 1.27 | 6.43 | ||||
Class C | 1,000.00 | 1,015.04 | 2.00 | 10.10 | ||||
Class I | 1,000.00 | 1,020.00 | 1.01 | 5.11 | ||||
Class R6 | 1,000.00 | 1,020.91 | 0.83 | 4.20 | ||||
KAR Small-Cap Core
Fund |
||||||||
Class A | 1,000.00 | 1,018.75 | 1.26 | 6.38 | ||||
Class C | 1,000.00 | 1,015.14 | 1.98 | 10.00 | ||||
Class I | 1,000.00 | 1,020.10 | 0.99 | 5.01 | ||||
Class R6 | 1,000.00 | 1,020.51 | 0.91 | 4.61 | ||||
KAR Small-Cap Growth
Fund |
||||||||
Class A | 1,000.00 | 1,018.35 | 1.34 | 6.78 | ||||
Class C | 1,000.00 | 1,014.79 | 2.05 | 10.35 | ||||
Class I | 1,000.00 | 1,019.70 | 1.07 | 5.42 | ||||
Class R6 | 1,000.00 | 1,020.21 | 0.97 | 4.91 | ||||
KAR Small-Cap Value
Fund |
||||||||
Class A | 1,000.00 | 1,019.00 | 1.21 | 6.12 | ||||
Class C | 1,000.00 | 1,015.19 | 1.97 | 9.95 | ||||
Class I | 1,000.00 | 1,020.26 | 0.96 | 4.86 | ||||
Class R6 | 1,000.00 | 1,020.51 | 0.91 | 4.61 | ||||
KAR Small-Mid Cap Core
Fund |
||||||||
Class A | 1,000.00 | 1,018.55 | 1.30 | 6.58 | ||||
Class C | 1,000.00 | 1,014.79 | 2.05 | 10.35 | ||||
Class I | 1,000.00 | 1,020.05 | 1.00 | 5.06 | ||||
Class R6 | 1,000.00 | 1,020.21 | 0.97 | 4.91 | ||||
KAR Small-Mid Cap Growth
Fund |
||||||||
Class A | 1,000.00 | 1,018.55 | 1.30 | 6.58 | ||||
Class C | 1,000.00 | 1,014.79 | 2.05 | 10.35 | ||||
Class I | 1,000.00 | 1,019.80 | 1.05 | 5.32 | ||||
Class R6 | 1,000.00 | 1,020.10 | 0.99 | 5.01 |
Beginning
Account Value April 1, 2021 |
Ending
Account Value September 30, 2021 |
Annualized
Expense Ratio |
Expenses
Paid During Period* | |||||
KAR Small-Mid Cap Value
Fund** |
||||||||
Class A | $1,000.00 | $1,006.09 | 1.17% | $ 1.86 | ||||
Class C | 1,000.00 | 1,004.89 | 1.92 | 3.06 | ||||
Class I | 1,000.00 | 1,006.48 | 0.92 | 1.47 | ||||
Class R6 | 1,000.00 | 1,006.64 | 0.82 | 1.31 | ||||
SGA Emerging Markets Growth
Fund |
||||||||
Class A | 1,000.00 | 1,017.65 | 1.48 | 7.49 | ||||
Class C | 1,000.00 | 1,013.89 | 2.23 | 11.26 | ||||
Class I | 1,000.00 | 1,018.90 | 1.23 | 6.23 | ||||
Class R6 | 1,000.00 | 1,019.80 | 1.05 | 5.32 | ||||
SGA Global Growth
Fund |
||||||||
Class A | 1,000.00 | 1,018.15 | 1.38 | 6.98 | ||||
Class C | 1,000.00 | 1,014.29 | 2.15 | 10.86 | ||||
Class I | 1,000.00 | 1,019.40 | 1.13 | 5.72 | ||||
Class R6 | 1,000.00 | 1,020.56 | 0.90 | 4.56 | ||||
SGA New Leaders Growth
Fund |
||||||||
Class A | 1,000.00 | 1,018.10 | 1.39 | 7.03 | ||||
Class C | 1,000.00 | 1,014.34 | 2.14 | 10.81 | ||||
Class I | 1,000.00 | 1,019.35 | 1.14 | 5.77 | ||||
Class R6 | 1,000.00 | 1,020.51 | 0.91 | 4.61 | ||||
Tactical Allocation
Fund |
||||||||
Class A | 1,000.00 | 1,019.95 | 1.02 | 5.16 | ||||
Class C | 1,000.00 | 1,016.14 | 1.78 | 9.00 | ||||
Class I | 1,000.00 | 1,021.11 | 0.79 | 4.00 | ||||
Class R6 | 1,000.00 | 1,021.91 | 0.63 | 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 (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
** | August 4, 2021, is the date the Fund started accruing expenses. Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (58) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 21.98 % | 21.93 % | 18.76 % | — % | — | |||||||
Class A shares at POP3,4 | 15.28 | 20.56 | 18.09 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 21.00 | 20.98 | 17.86 | — | — | |||||||
Class I shares at NAV2 | 22.23 | 22.07 | 18.99 | — | — | |||||||
Class R6 shares at NAV2 | 22.55 | — | — | 19.45 | 1/30/18 | |||||||
Russell 1000® Growth Index | 27.32 | 22.84 | 19.68 | 20.63 5 | — | |||||||
Fund Expense Ratios6: Class A shares: 1.23%; Class C shares: 2.00%; Class I shares: 1.01%; Class R6 shares: Gross 0.94%, Net 0.73%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 20.23 % | 12.95 % | 13.85 % | — % | — | |||||||
Class A shares at POP3,4 | 13.62 | 11.68 | 13.20 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 19.31 | 12.09 | 12.98 | — | — | |||||||
Class I shares at NAV2 | 20.49 | 13.22 | 14.12 | — | — | |||||||
Class R6 shares at NAV2 | 20.55 | — | — | 9.11 | 1/30/18 | |||||||
MSCI USA High Dividend Yield Index (net) | 20.32 | 9.54 | 12.20 | 6.21 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.35%, Net 1.20%; Class C shares: Gross 2.11%, Net 1.95%; Class I shares: Gross 1.10%, Net 0.95%; Class R6 shares: Gross 1.03%; Net 0.91%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 18.42 % | 6.11 % | 9.57 % | — % | — | |||||||
Class A shares at POP3,4 | 11.91 | 4.91 | 8.95 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 17.52 | 5.31 | 8.75 | — | — | |||||||
Class I shares at NAV2 | 18.78 | 6.37 | 9.85 | — | — | |||||||
Class R6 shares at NAV2 | 19.15 | — | — | 4.53 | 8/1/19 | |||||||
MSCI World High Dividend Yield Index (net) | 20.84 | 7.73 | 8.83 | 8.17 5 | — | |||||||
Global Quality Dividend Linked Benchmark | 20.84 | 9.30 | 12.67 | 8.17 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.61%, Net 1.35%; Class C shares: Gross 2.35%, Net 2.10%; Class I shares: Gross 1.40%, Net 1.10%; Class R6 shares: Gross 1.27%, Net 0.78%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 36.25 % | 18.29 % | 17.07 % | — % | — | |||||||
Class A shares at POP3,4 | 28.76 | 16.96 | 16.41 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 35.23 | 17.40 | 16.20 | — | — | |||||||
Class I shares at NAV2 | 36.59 | 18.58 | 17.37 | — | — | |||||||
Class R6 shares at NAV2 | 36.67 | — | — | 16.02 | 1/30/18 | |||||||
Russell Midcap® Index | 38.11 | 14.39 | 15.52 | 12.55 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.35%, Net 1.21%; Class C shares: Gross 2.10%, Net 1.96%; Class I shares: Gross 1.10%, Net 0.96%; Class R6 shares: Gross 1.01%, Net 0.88%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 23.07 % | 27.61 % | 20.12 % | — % | — | |||||||
Class A shares at POP3,4 | 16.30 | 26.17 | 19.44 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 22.13 | 26.65 | 19.22 | — | — | |||||||
Class I shares at NAV2 | 23.35 | 27.90 | 20.41 | — | — | |||||||
Class R6 shares at NAV2 | 23.57 | — | — | 27.23 | 1/30/18 | |||||||
Russell Midcap® Growth Index | 30.45 | 19.27 | 17.54 | 17.60 5 | — | |||||||
Fund Expense Ratios6: Class A shares: 1.28%; Class C shares: 2.04%; Class I shares: 1.05%; Class R6 shares: Gross 0.95%, Net 0.85%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 28.68 % | 21.27 % | 17.10 % | — % | — | |||||||
Class A shares at POP3,4 | 21.60 | 19.91 | 16.44 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 27.74 | 20.38 | 16.24 | — | — | |||||||
Class I shares at NAV2 | 29.03 | 21.60 | 17.40 | — | — | |||||||
Class R6 shares at NAV2 | 29.14 | 21.70 | — | 17.49 | 11/12/14 | |||||||
Russell 2000® Index | 47.68 | 13.45 | 14.63 | 10.89 5 | — | |||||||
Fund Expense Ratios6: Class A shares: 1.28%; Class C shares: 2.01%; Class I shares: 1.00%; Class R6 shares: 0.93%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 20.46 % | 26.21 % | 21.37 % | — % | — | |||||||
Class A shares at POP3,4 | 13.83 | 24.79 | 20.68 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 19.60 | 25.28 | 20.47 | — | — | |||||||
Class I shares at NAV2 | 20.77 | 26.54 | 21.68 | — | — | |||||||
Class R6 shares at NAV2 | 20.88 | — | — | 22.75 | 1/30/18 | |||||||
Russell 2000® Growth Index | 33.27 | 15.34 | 15.74 | 12.58 5 | — | |||||||
Fund Expense Ratios6: Class A shares: 1.36%; Class C shares: 2.08%; Class I shares:1.10%; Class R6 shares: 1.00%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 37.45 % | 14.41 % | 13.94 % | — % | — | |||||||
Class A shares at POP3,4 | 29.89 | 13.12 | 13.29 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 36.44 | 13.58 | 13.09 | — | — | |||||||
Class I shares at NAV2 | 37.83 | 14.70 | 14.23 | — | — | |||||||
Class R6 shares at NAV2 | 37.85 | — | — | 16.12 | 11/3/16 | |||||||
Russell 2000® Value Index | 63.92 | 11.03 | 13.22 | 12.59 5 | — | |||||||
Fund Expense Ratios6: Class A shares: 1.23%; Class C shares: 1.98%; Class I shares: 0.99%; Class R6 shares: 0.89%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | Since
inception |
Inception
date | ||||||
Class A shares at NAV2 | 29.38 % | 19.56 % | 3/7/18 | |||||
Class A shares at POP3,4 | 22.27 | 17.68 | 3/7/18 | |||||
Class C shares at NAV2 and with CDSC4 | 28.39 | 18.68 | 3/7/18 | |||||
Class I shares at NAV2 | 29.72 | 19.87 | 3/7/18 | |||||
Class R6 shares at NAV2 | 29.82 | 19.97 | 3/7/18 | |||||
Russell 2500™ Index | 45.03 | 12.83 5 | — | |||||
Fund Expense Ratios6: Class A shares: Gross 1.40%, Net 1.31%; Class C shares: Gross 2.08%, Net 2.06%; Class I shares: Gross 1.10%, Net 1.06%; Class R6 shares: Gross 1.00%, Net 0.98%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the Fund’s inception date. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Since
inception |
Inception
date | |||||
Class A shares at NAV2 | 7.00 % | 12/8/20 | ||||
Class A shares at POP3,4 | 1.12 | 12/8/20 | ||||
Class C shares at NAV2 | 6.30 | 12/8/20 | ||||
Class C shares with CDSC4 | 5.30 | 12/8/20 | ||||
Class I shares at NAV2 | 7.20 | 12/8/20 | ||||
Class R6 shares at NAV2 | 7.30 | 12/8/20 | ||||
Russell 2500™ Growth Index | 9.46 5 | — | ||||
Fund Expense Ratios6: Class A shares: Gross 1.40%, Net 1.30%; Class C shares: Gross 2.09%, Net 2.05%; Class I shares: Gross 1.14%, Net 1.05%; Class R6 shares: Gross 1.05%, Net 0.99%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the Fund’s inception date. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Since
inception |
Inception
date | |||||
Class A shares at NAV2 | -3.60 % | 8/3/21 | ||||
Class A shares at POP3,4 | -8.90 | 8/3/21 | ||||
Class C shares at NAV2 | -3.70 | 8/3/21 | ||||
Class C shares with CDSC4 | -4.66 | 8/3/21 | ||||
Class I shares at NAV2 | -3.60 | 8/3/21 | ||||
Class R6 shares at NAV2 | -3.50 | 8/3/21 | ||||
Russell 2500™ Value Index | -0.75 5 | — | ||||
Fund Expense Ratios6: Class A shares: Gross 1.28%, Net 1.17%; Class C shares: Gross 2.03%, Net 1.92%; Class I shares: Gross 1.05%, Net 0.92%; Class R6 shares: Gross 0.95%; Net 0.82%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of the Fund. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective August 2, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Consumer Staples | 29% |
Financials | 24 |
Consumer Discretionary | 23 |
Health Care | 6 |
Information Technology | 6 |
Communication Services | 5 |
Real Estate | 3 |
Other (includes short-term investment) | 4 |
Total | 100% |
1 Year | Since
inception |
Inception
date | ||||||
Class A shares at NAV2 | 9.84 % 3 | 12.39 % | 6/13/19 | |||||
Class A shares at POP4,5 | 3.80 | 9.66 | 6/13/19 | |||||
Class C shares at NAV2 and with CDSC5 | 9.08 | 11.56 | 6/13/19 | |||||
Class I shares at NAV2 | 10.24 | 12.69 | 6/13/19 | |||||
Class R6 shares at NAV2 | 10.38 | 12.87 | 6/13/19 | |||||
MSCI Emerging Markets Index (net) | 18.20 | 11.90 6 | — | |||||
Fund Expense Ratios7: Class A shares: Gross 3.99%, Net 1.49%; Class C shares: Gross 4.71%, Net 2.24%; Class I shares: Gross 3.58%, Net 1.24%; Class R6 shares: Gross 3.73%, Net 1.06%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
4 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
5 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
6 | The since inception index return is from the Fund’s inception date. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Information Technology | 32% |
Health Care | 18 |
Consumer Discretionary | 13 |
Communication Services | 9 |
Financials | 8 |
Consumer Staples | 8 |
Industrials | 5 |
Other (includes short-term investment) | 7 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 19.49 % | 17.27 % | — % | 14.08 % | 10/4/13 | |||||||
Class A shares at POP3,4 | 12.92 | 15.95 | — | 13.27 | 10/4/13 | |||||||
Class C shares at NAV2 and with CDSC4 | 18.62 | 16.39 | — | 13.22 | 10/4/13 | |||||||
Class I shares at NAV2 | 19.78 | 17.41 | — | 14.18 | 10/4/13 | |||||||
Class R6 shares at NAV2 | 20.07 | 17.77 | 15.49 | — | — | |||||||
MSCI AC World Index (net) | 27.44 | 13.20 | 11.90 | 10.06 5 | — | |||||||
MSCI AC World Growth Index (net) | 23.83 | 17.76 | 14.73 | 13.46 5 | — | |||||||
Fund Expense Ratios6: Class A shares: 1.37%; Class C shares: Gross 2.15%, Net 2.14%; Class I shares: Gross 1.21%, Net 1.14%; Class R6 shares: Gross 1.09%, Net 0.91%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class A shares, Class C shares and Class I shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Since
inception |
Inception
date | |||||
Class A shares at NAV2 | 6.50 % | 11/17/20 | ||||
Class A shares at POP3,4 | 0.64 | 11/17/20 | ||||
Class C shares at NAV2 | 5.80 | 11/17/20 | ||||
Class C shares with CDSC4 | 4.80 | 11/17/20 | ||||
Class I shares at NAV2 | 6.70 | 11/17/20 | ||||
Class R6 shares at NAV2 | 6.90 | 11/17/20 | ||||
MSCI AC World Mid Cap Index (net) | 19.21 5 | — | ||||
Fund Expense Ratios6: Class A shares: Gross 1.45%, Net 1.39%; Class C shares: Gross 2.16%, Net 2.14%; Class I shares: Gross 1.24%, Net 1.14%; Class R6 shares: Gross 1.13%, Net 0.91%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the Fund’s inception date. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
1 Year | 5 Years | 10 Years | Since
inception |
Inception
date | ||||||||
Class A shares at NAV2 | 16.69 % | 13.95 % | 11.05 % | — % | — | |||||||
Class A shares at POP3,4 | 10.27 | 12.67 | 10.43 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 15.82 | 13.09 | 10.21 | — | — | |||||||
Class I shares at NAV2 | 16.88 | — | — | 21.50 | 1/29/19 | |||||||
Class R6 shares at NAV2 | — | — | — | 13.23 | 10/20/20 | |||||||
Bloomberg U.S. Aggregate Bond Index | -0.90 | 2.94 | 3.01 | — 5 | — | |||||||
MSCI ACWI ex USA SMID Cap Index (net) | 28.94 | 9.40 | 8.69 | — 6 | — | |||||||
Russell 1000® Growth Index | 27.32 | 22.84 | 19.68 | — 7 | ||||||||
Tactical Allocation Fund Linked Benchmark | 15.76 | 13.02 | 11.35 | — 8 | — | |||||||
Fund Expense Ratios9: Class A shares: Gross 1.06%, Net 0.99%; Class C shares: Gross 1.84%, Net 1.75%; Class I shares: Gross 0.85%, Net 0.76%; Class R6 shares: Gross 0.76%, Net 0.60%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index returned 5.18% for the inception date of Class I shares and -0.63% for the inception date of Class R6 shares. |
6 | The since inception index returned 13.58% for the inception date of Class I shares and 25.50% for the inception date of Class R6 shares. |
7 | The since inception index returned 30.78% for the inception date of Class I shares and 24.26% for the inception date of Class R6 shares. |
8 | The since inception index returned 18.10% for the inception date of Class I shares and 14.14% for the inception date of Class R6 shares. |
9 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective February 1, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through February 1, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $795,805 | $795,805 | |
Money Market Mutual Fund | 11,389 | 11,389 | |
Total Investments | $807,194 | $807,194 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $137,625 | $137,625 | |
Securities Lending Collateral | 1,905 | 1,905 | |
Money Market Mutual Fund | 2,006 | 2,006 | |
Total Investments | $141,536 | $141,536 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $37,639 | $26,421 | $11,218 | ||
Money Market Mutual Fund | 525 | 525 | — | ||
Total Investments | $38,164 | $26,946 | $11,218 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,356,029 | $1,356,029 | |
Money Market Mutual Fund | 38,402 | 38,402 | |
Total Investments | $1,394,431 | $1,394,431 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $3,290,953 | $3,290,953 | $ — | ||
Preferred Stock | 42,579 | — | 42,579 | ||
Money Market Mutual Fund | 99,287 | 99,287 | — | ||
Total Investments | $3,432,819 | $3,390,240 | $42,579 |
Total | Preferred
Stock | ||
Balance as of September 30, 2020: | $ — | $ — | |
Change in unrealized appreciation (depreciation)(a) | 2,579 | 2,579 | |
Purchases | 40,000 | 40,000 | |
Balance as of September 30, 2021 | $42,579 | $42,579 |
Investments in Securities – Assets | Ending
Balance at September 30, 2021 |
Valuation Technique Used | Unobservable
Inputs |
Input
Values | |||
Preferred Stock: | |||||||
Security Scorecard, Inc. Series E | $42,579 | Market and Company Comparables | EV Multiples | 20.97x(8.88x - 65.23x) | |||
15.10x (6.23x - 54.76x) | |||||||
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $1,849,498 | $1,751,571 | $97,927 | ||
Money Market Mutual Fund | 84,216 | 84,216 | — | ||
Total Investments | $1,933,714 | $1,835,787 | $97,927 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $6,384,815 | $5,709,732 | $675,083 | ||
Money Market Mutual Fund | 284,305 | 284,305 | — | ||
Total Investments | $6,669,120 | $5,994,037 | $675,083 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,369,228 | $1,369,228 | |
Money Market Mutual Fund | 53,515 | 53,515 | |
Total Investments | $1,422,743 | $1,422,743 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,193,421 | $1,193,421 | |
Money Market Mutual Fund | 65,012 | 65,012 | |
Total Investments | $1,258,433 | $1,258,433 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $6,020 | $6,020 | |
Money Market Mutual Fund | 14 | 14 | |
Total Investments | $6,034 | $6,034 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $2,884 | $2,884 | |
Money Market Mutual Fund | 14 | 14 | |
Total Investments | $2,898 | $2,898 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $6,096 | $3,051 | $3,045 | ||
Money Market Mutual Fund | 68 | 68 | — | ||
Total Investments | $6,164 | $3,119 | $3,045 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $172,853 | $137,068 | $35,785 | ||
Money Market Mutual Fund | 2,777 | 2,777 | — | ||
Total Investments | $175,630 | $139,845 | $35,785 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $6,586 | $5,322 | $1,264 | ||
Money Market Mutual Fund | 27 | 27 | — | ||
Total Investments | $6,613 | $5,349 | $1,264 |
Total
Value at September 30, 2021 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 32,250 | $ — | $ 32,250 | $— | |||
Corporate Bonds and Notes | 99,876 | — | 99,876 | — (1) | |||
Foreign Government Securities | 4,273 | — | 4,273 | — | |||
Leveraged Loans | 28,908 | — | 28,908 | — | |||
Mortgage-Backed Securities | 73,462 | — | 73,396 | 66 | |||
Municipal Bonds | 3,738 | — | 3,738 | — | |||
U.S. Government Securities | 36,872 | — | 36,872 | — | |||
Equity Securities: | |||||||
Common Stocks | 654,868 | 525,366 | 129,502 | — | |||
Preferred Stocks | 2,508 | 184 | 2,324 | — | |||
Warrant | 121 | 121 | — | — | |||
Securities Lending Collateral | 1,267 | 1,267 | — | — | |||
Exchange-Traded Fund | 785 | 785 | — | — | |||
Money Market Mutual Fund | 20,287 | 20,287 | — | — | |||
Total Investments | $959,215 | $548,010 | $411,139 | $66 |
(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) |
$ 807,194 | $ 141,536 | $ 38,164 | $ 1,394,431 | |||
Foreign currency at
value(3) |
— | — | — (a) | — | |||
Cash
|
100 | 100 | 50 | 500 | |||
Receivables | |||||||
Fund shares sold
|
47 | 6 | 1 | 4,472 | |||
Dividends |
113 | 248 | 163 | 509 | |||
Tax reclaims
|
— | 58 | 39 | — | |||
Securities lending
income |
— (a) | — | 1 | — (a) | |||
Prepaid Trustees’
retainer |
9 | 2 | 1 | 16 | |||
Prepaid expenses
|
30 | 26 | 24 | 54 | |||
Other assets
|
81 | 14 | 4 | 139 | |||
Total
assets |
807,574 | 141,990 | 38,447 | 1,400,121 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased
|
82 | 64 | 1 | 859 | |||
Collateral on securities
loaned |
— | 1,905 | — | — | |||
Investment advisory fees
|
487 | 72 | 18 | 825 | |||
Distribution and service fees
|
167 | 30 | 6 | 76 | |||
Administration and accounting
fees |
69 | 12 | 4 | 117 | |||
Transfer agent and sub-transfer agent fees and
expenses |
186 | 43 | 15 | 319 | |||
Professional fees
|
25 | 2 | 22 | 26 | |||
Trustee deferred compensation plan
|
81 | 14 | 4 | 139 | |||
Interest expense and/or commitment
fees |
1 | — (a) | — | 1 | |||
Other accrued
expenses |
136 | 46 | 11 | 49 | |||
Total
liabilities |
1,234 | 2,188 | 81 | 2,411 | |||
Net
Assets |
$ 806,340 | $ 139,802 | $ 38,366 | $ 1,397,710 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial
interest |
$ 190,279 | $ 116,898 | $ 35,342 | $ 937,645 | |||
Accumulated earnings
(loss) |
616,061 | 22,904 | 3,024 | 460,065 | |||
Net
Assets |
$ 806,340 | $ 139,802 | $ 38,366 | $ 1,397,710 | |||
Net Assets: | |||||||
Class
A |
$ 736,713 | $ 122,518 | $ 23,807 | $ 86,713 | |||
Class
C |
$ 9,252 | $ 4,303 | $ 931 | $ 67,627 | |||
Class
I |
$ 59,565 | $ 11,819 | $ 11,659 | $ 1,188,000 | |||
Class
R6 |
$ 810 | $ 1,162 | $ 1,969 | $ 55,370 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class
A |
25,724,857 | 5,989,187 | 1,614,689 | 1,604,957 | |||
Class
C |
447,035 | 246,301 | 65,494 | 1,368,404 | |||
Class
I |
1,995,090 | 578,934 | 789,694 | 21,466,530 | |||
Class
R6 |
26,794 | 57,107 | 132,667 | 997,430 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class
A |
$ 28.64 | $ 20.46 | $ 14.74 | $ 54.03 | |||
Class
C |
$ 20.70 | $ 17.47 | $ 14.21 | $ 49.42 | |||
Class
I |
$ 29.86 | $ 20.41 | $ 14.76 | $ 55.34 | |||
Class
R6 |
$ 30.22 | $ 20.35 | $ 14.84 | $ 55.51 |
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 |
$ 30.31 | $ 21.65 | $ 15.60 | $ 57.17 | |||
Maximum Sales Charge - Class
A |
5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at
cost |
$ 244,733 | $ 124,021 | $ 32,946 | $ 957,240 | |||
(2) Market value of securities on
loan |
$ — | $ 1,858 | $ — | $ — | |||
(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) |
$ 3,432,819 | $ 1,933,714 | $ 4,070,867 | $ 1,422,743 | |||
Investment in affiliated securities at
value(2) |
— | — | 2,598,253 | — | |||
Cash
|
2,000 | 2,001 | 5,001 | 1,000 | |||
Receivables | |||||||
Fund shares sold
|
6,643 | 601 | 3,062 | 3,902 | |||
Dividends |
324 | 433 | 2,361 | 1,142 | |||
Securities lending
income |
— | — | 4 | — | |||
Prepaid Trustees’
retainer |
39 | 22 | 77 | 16 | |||
Prepaid expenses
|
73 | 35 | 17 | 49 | |||
Other assets
|
347 | 190 | 669 | 136 | |||
Total
assets |
3,442,245 | 1,936,996 | 6,680,311 | 1,428,988 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased
|
4,322 | 4,901 | 6,687 | 1,930 | |||
Investment securities purchased
|
3,948 | 3,767 | — | 509 | |||
Investment advisory fees
|
2,107 | 1,217 | 4,632 | 816 | |||
Distribution and service fees
|
247 | 101 | 444 | 46 | |||
Administration and accounting
fees |
293 | 160 | 562 | 115 | |||
Transfer agent and sub-transfer agent fees and
expenses |
987 | 392 | 1,974 | 343 | |||
Professional fees
|
36 | 30 | 52 | 27 | |||
Trustee deferred compensation plan
|
347 | 190 | 669 | 136 | |||
Interest expense and/or commitment
fees |
4 | 2 | 9 | 1 | |||
Other accrued
expenses |
136 | 73 | 270 | 55 | |||
Total
liabilities |
12,427 | 10,833 | 15,299 | 3,978 | |||
Net
Assets |
$ 3,429,818 | $ 1,926,163 | $ 6,665,012 | $ 1,425,010 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial
interest |
$ 2,117,279 | $ 987,295 | $ 2,959,120 | $ 908,184 | |||
Accumulated earnings
(loss) |
1,312,539 | 938,868 | 3,705,892 | 516,826 | |||
Net
Assets |
$ 3,429,818 | $ 1,926,163 | $ 6,665,012 | $ 1,425,010 | |||
Net Assets: | |||||||
Class
A |
$ 579,817 | $ 140,807 | $ 793,106 | $ 130,975 | |||
Class
C |
$ 141,256 | $ 84,992 | $ 319,371 | $ 21,623 | |||
Class
I |
$ 2,499,830 | $ 1,278,711 | $ 5,346,986 | $ 1,190,498 | |||
Class
R6 |
$ 208,915 | $ 421,653 | $ 205,549 | $ 81,914 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class
A |
8,124,477 | 2,934,690 | 14,739,022 | 4,801,831 | |||
Class
C |
2,562,967 | 2,216,216 | 6,835,983 | 815,805 | |||
Class
I |
33,718,570 | 24,966,639 | 96,404,733 | 43,611,211 | |||
Class
R6 |
2,797,563 | 8,195,298 | 3,691,554 | 2,997,306 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class
A |
$ 71.37 | $ 47.98 | $ 53.81 | $ 27.28 | |||
Class
C |
$ 55.11 | $ 38.35 | $ 46.72 | $ 26.51 | |||
Class
I |
$ 74.14 | $ 51.22 | $ 55.46 | $ 27.30 | |||
Class
R6 |
$ 74.68 | $ 51.45 | $ 55.68 | $ 27.33 |
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 |
$ 75.52 | $ 50.77 | $ 56.94 | $ 28.87 | |||
Maximum Sales Charge - Class
A |
5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at
cost |
$ 2,148,343 | $ 1,198,008 | $ 2,356,209 | $ 929,752 | |||
(2) Investment in affiliated securities at
cost |
$ — | $ — | $ 1,363,466 | $ — |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
KAR
Small-Mid Cap Core Fund |
KAR
Small-Mid Cap Growth Fund |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||
Assets | |||||||
Investment in securities at
value(1) |
$ 1,258,433 | $ 6,034 | $ 2,898 | $ 6,164 | |||
Cash
|
50 | 85 | 50 | 50 | |||
Receivables | |||||||
Fund shares sold
|
6,897 | 1 | — | — | |||
Receivable from
adviser |
— | 7 | 25 | 3 | |||
Dividends |
111 | 1 | 2 | 2 | |||
Prepaid Trustees’
retainer |
14 | — (a) | — (a) | — (a) | |||
Prepaid expenses
|
56 | 15 | — | 14 | |||
Other assets
|
126 | 1 | — (a) | 1 | |||
Total
assets |
1,265,687 | 6,144 | 2,975 | 6,234 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased
|
737 | — | — | — | |||
Investment securities purchased
|
— | 35 | — | — | |||
Foreign capital gains
tax |
— | — | — | 11 | |||
Investment advisory fees
|
786 | — | — | — | |||
Distribution and service fees
|
37 | — (a) | — (a) | — (a) | |||
Administration and accounting
fees |
106 | 1 | 1 | 1 | |||
Transfer agent and sub-transfer agent fees and
expenses |
288 | 1 | — (a) | — (a) | |||
Professional fees
|
25 | 22 | 26 | 25 | |||
Trustee deferred compensation plan
|
126 | 1 | — (a) | 1 | |||
Interest expense and/or commitment
fees |
1 | — (a) | — | — (a) | |||
Other accrued
expenses |
40 | 1 | 21 | 1 | |||
Total
liabilities |
2,146 | 61 | 48 | 39 | |||
Net
Assets |
$ 1,263,541 | $ 6,083 | $ 2,927 | $ 6,195 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial
interest |
$ 1,022,038 | $ 5,766 | $ 3,034 | $ 4,869 | |||
Accumulated earnings
(loss) |
241,503 | 317 | (107) | 1,326 | |||
Net
Assets |
$ 1,263,541 | $ 6,083 | $ 2,927 | $ 6,195 | |||
Net Assets: | |||||||
Class
A |
$ 48,485 | $ 725 | $ 127 | $ 206 | |||
Class
C |
$ 30,401 | $ 119 | $ 99 | $ 159 | |||
Class
I |
$ 1,168,320 | $ 1,998 | $ 97 | $ 405 | |||
Class
R6 |
$ 16,335 | $ 3,241 | $ 2,604 | $ 5,425 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class
A |
2,596,359 | 67,743 | 13,159 | 16,108 | |||
Class
C |
1,671,853 | 11,220 | 10,299 | 12,584 | |||
Class
I |
62,063,962 | 186,337 | 10,000 | 31,395 | |||
Class
R6 |
865,806 | 302,122 | 270,000 | 418,942 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class
A |
$ 18.67 | $ 10.70 | $ 9.64 | $ 12.82 | |||
Class
C |
$ 18.18 | $ 10.63 | $ 9.63 | $ 12.60 | |||
Class
I |
$ 18.82 | $ 10.72 | $ 9.64 | $ 12.90 | |||
Class
R6 |
$ 18.87 | $ 10.73 | $ 9.65 | $ 12.95 |
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 |
$ 19.76 | $ 11.32 | $ 10.20 | $ 13.57 | |||
Maximum Sales Charge - Class
A |
5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at
cost |
$ 1,032,101 | $ 5,647 | $ 3,007 | $ 5,211 |
(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) |
$ 175,630 | $ 6,613 | $ 959,215 | ||
Foreign currency at
value(3) |
— | — | 251 | ||
Cash
|
50 | 50 | 1,166 | ||
Receivables | |||||
Investment securities sold
|
— | — | 842 | ||
Fund shares sold
|
149 | — | 101 | ||
Receivable from
adviser |
— | 7 | — | ||
Dividends and
interest |
41 | 1 | 1,634 | ||
Tax reclaims
|
65 | — | 84 | ||
Securities lending
income |
— | — | 1 | ||
Prepaid Trustees’
retainer |
2 | — (a) | 11 | ||
Prepaid expenses
|
28 | 4 | 25 | ||
Other assets
|
18 | 1 | 95 | ||
Total
assets |
175,983 | 6,676 | 963,425 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased
|
69 | — | 478 | ||
Investment securities purchased
|
— | — | 5,893 | ||
Collateral on securities
loaned |
— | — | 1,267 | ||
Investment advisory fees
|
105 | — | 360 | ||
Distribution and service fees
|
14 | — (a) | 214 | ||
Administration and accounting
fees |
16 | 1 | 80 | ||
Transfer agent and sub-transfer agent fees and
expenses |
41 | 1 | 240 | ||
Professional fees
|
20 | 24 | 49 | ||
Trustee deferred compensation plan
|
18 | 1 | 95 | ||
Interest expense and/or commitment
fees |
— (a) | — (a) | 1 | ||
Other accrued
expenses |
16 | 1 | 139 | ||
Total
liabilities |
299 | 28 | 8,816 | ||
Net
Assets |
$ 175,684 | $ 6,648 | $ 954,609 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial
interest |
$ 114,027 | $ 6,280 | $ 577,834 | ||
Accumulated earnings
(loss) |
61,657 | 368 | 376,775 | ||
Net
Assets |
$ 175,684 | $ 6,648 | $ 954,609 | ||
Net Assets: | |||||
Class
A |
$ 34,690 | $ 110 | $ 869,209 | ||
Class
C |
$ 7,326 | $ 108 | $ 33,401 | ||
Class
I |
$ 53,546 | $ 163 | $ 51,887 | ||
Class
R6 |
$ 80,122 | $ 6,267 | $ 112 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class
A |
1,130,303 | 10,284 | 62,722,399 | ||
Class
C |
255,181 | 10,224 | 2,354,389 | ||
Class
I |
1,732,304 | 15,285 | 3,754,020 | ||
Class
R6 |
2,515,945 | 586,057 | 8,070 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class
A |
$ 30.69 | $ 10.65 | $ 13.86 | ||
Class
C |
$ 28.71 | $ 10.58 | $ 14.19 | ||
Class
I |
$ 30.91 | $ 10.67 | $ 13.82 | ||
Class
R6 |
$ 31.85 | $ 10.69 | $ 13.83 |
SGA Global Growth Fund | SGA New Leaders Growth Fund | Tactical
Allocation Fund | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class
A |
$ 32.48 | $ 11.27 | $ 14.67 | ||
Maximum Sales Charge - Class
A |
5.50% | 5.50% | 5.50% | ||
(1) Investment in securities at
cost |
$ 123,061 | $ 6,055 | $ 615,513 | ||
(2) Market value of securities on
loan |
$ — | $ — | $ 1,236 | ||
(3) Foreign currency at
cost |
$ — | $ — | $ 251 |
(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
|
$ 2,858 | $ 4,922 | $1,574 | $ 7,166 | $ 10,989 | ||||
Securities lending, net of
fees |
4 | 7 | 6 | 10 | — | ||||
Foreign taxes withheld
|
— | (64) | (93) | — | — | ||||
Total investment
income |
2,862 | 4,865 | 1,487 | 7,176 | 10,989 | ||||
Expenses | |||||||||
Investment advisory
fees |
5,458 | 1,061 | 287 | 9,088 | 23,655 | ||||
Distribution and service fees, Class
A |
1,781 | 308 | 60 | 190 | 1,453 | ||||
Distribution and service fees, Class
C |
117 | 58 | 13 | 616 | 1,384 | ||||
Administration and accounting
fees |
786 | 149 | 46 | 1,150 | 3,306 | ||||
Transfer agent fees and
expenses |
423 | 78 | 25 | 478 | 1,415 | ||||
Sub-transfer agent fees and expenses, Class
A |
239 | 72 | 15 | 70 | 558 | ||||
Sub-transfer agent fees and expenses, Class
C |
10 | 4 | 1 | 57 | 134 | ||||
Sub-transfer agent fees and expenses, Class
I |
54 | 8 | 12 | 837 | 2,566 | ||||
Custodian fees
|
2 | 1 | 1 | 2 | 6 | ||||
Printing fees and expenses
|
45 | 3 | 4 | 73 | 226 | ||||
Professional fees
|
32 | 70 | 22 | 35 | 108 | ||||
Interest expense and/or commitment
fees |
4 | 1 | — (1) | 5 | 17 | ||||
Registration fees
|
58 | 48 | 42 | 121 | 333 | ||||
Trustees’ fees and expenses
|
46 | 8 | 2 | 60 | 188 | ||||
Miscellaneous
expenses |
271 | 62 | 23 | 68 | 247 | ||||
Total
expenses |
9,326 | 1,931 | 553 | 12,850 | 35,596 | ||||
Less net expenses reimbursed and/or waived by investment
adviser(2) |
(1) | (176) | (64) | (1,169) | (101) | ||||
Less low balance account fees
|
(11) | (1) | (1) | — | (1) | ||||
Net
expenses |
9,314 | 1,754 | 488 | 11,681 | 35,494 | ||||
Net investment income
(loss) |
(6,452) | 3,111 | 999 | (4,505) | (24,505) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments |
64,719 | 3,083 | 1,846 | 33,114 | 52,141 | ||||
Foreign currency
transactions |
— (1) | — (1) | (10) | — | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments |
92,901 | 19,166 | 3,335 | 279,183 | 590,790 | ||||
Foreign currency
transactions |
— | — | (2) | — | — | ||||
Net realized and unrealized gain (loss) on
investments |
157,620 | 22,249 | 5,169 | 312,297 | 642,931 | ||||
Net increase (decrease) in net assets resulting from
operations |
$151,168 | $25,360 | $6,168 | $307,792 | $618,426 |
(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(1) | |||||
Investment Income | |||||||||
Dividends
|
$ 19,641 | $ 17,497 | $ 17,149 | $ 5,034 | $ 9 | ||||
Dividends from affiliated
|
— | 8,579 | — | — | — | ||||
Securities lending, net of
fees |
— | 34 | — | — | — (2) | ||||
Total investment
income |
19,641 | 26,110 | 17,149 | 5,034 | 9 | ||||
Expenses | |||||||||
Investment advisory
fees |
14,141 | 57,250 | 8,952 | 7,072 | 29 | ||||
Distribution and service fees, Class
A |
334 | 2,104 | 303 | 97 | 1 | ||||
Distribution and service fees, Class
C |
930 | 3,420 | 219 | 221 | 1 | ||||
Administration and accounting
fees |
1,889 | 7,070 | 1,281 | 950 | 10 | ||||
Transfer agent fees and
expenses |
787 | 2,975 | 546 | 400 | 2 | ||||
Sub-transfer agent fees and expenses, Class
A |
123 | 913 | 86 | 44 | — (2) | ||||
Sub-transfer agent fees and expenses, Class
C |
70 | 254 | 19 | 22 | — (2) | ||||
Sub-transfer agent fees and expenses, Class
I |
995 | 5,302 | 970 | 761 | 1 | ||||
Custodian fees
|
3 | 11 | 2 | 1 | 1 | ||||
Printing fees and expenses
|
104 | 415 | 94 | 62 | 25 | ||||
Professional fees
|
45 | 123 | 37 | 33 | 34 | ||||
Interest expense and/or commitment
fees |
9 | 35 | 6 | 5 | — (2) | ||||
Registration fees
|
79 | 170 | 119 | 125 | 40 | ||||
Trustees’ fees and expenses
|
111 | 437 | 70 | 44 | — (2) | ||||
Miscellaneous
expenses |
129 | 523 | 80 | 44 | 4 | ||||
Total
expenses |
19,749 | 81,002 | 12,784 | 9,881 | 148 | ||||
Less net expenses reimbursed and/or waived by investment
adviser(3) |
— | — | — | — | (107) | ||||
Less low balance account fees
|
— | (1) | — (2) | — (2) | — | ||||
Plus net expenses
recaptured |
— | — | — | 135 | — | ||||
Net
expenses |
19,749 | 81,001 | 12,784 | 10,016 | 41 | ||||
Net investment income
(loss) |
(108) | (54,891) | 4,365 | (4,982) | (32) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments |
212,193 | 755,435 | 48,737 | 21,174 | (40) | ||||
Affiliated
investments |
— | 45,839 | — | — | — | ||||
Foreign currency
transactions |
13 | (24) | — | — | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments |
241,096 | 240,194 | 282,809 | 168,800 | 387 | ||||
Affiliated
investments |
— | 328,579 | — | — | — | ||||
Foreign currency
transactions |
2 | 5 | — | — | — | ||||
Net realized and unrealized gain (loss) on
investments |
453,304 | 1,370,028 | 331,546 | 189,974 | 347 | ||||
Net increase (decrease) in net assets resulting from
operations |
$453,196 | $1,315,137 | $335,911 | $184,992 | $ 315 |
(1) | Inception date December 8, 2020. |
(2) | Amount is less than $500. |
(3) | See Note 3D in Notes to Financial Statements. |
KAR Small-Mid Cap Value Fund(1) | SGA Emerging Markets Growth Fund | SGA Global Growth Fund | SGA New Leaders Growth Fund(2) | Tactical
Allocation Fund | |||||
Investment Income | |||||||||
Dividends
|
$ 6 | $ 57 | $ 1,022 | $ 20 | $ 4,456 | ||||
Interest
|
— | — | — | — | 8,116 | ||||
Securities lending, net of
fees |
— | — | 2 | — (3) | 16 | ||||
Foreign taxes withheld
|
— | (5) | (52) | (1) | (280) | ||||
Total investment
income |
6 | 52 | 972 | 19 | 12,308 | ||||
Expenses | |||||||||
Investment advisory
fees |
3 | 65 | 1,307 | 42 | 5,163 | ||||
Distribution and service fees, Class
A |
— (3) | 1 | 81 | — (3) | 2,104 | ||||
Distribution and service fees, Class
C |
— (3) | 1 | 65 | 1 | 416 | ||||
Administration and accounting
fees |
2 | 15 | 171 | 12 | 944 | ||||
Transfer agent fees and
expenses |
— (3) | 3 | 71 | 3 | 499 | ||||
Sub-transfer agent fees and expenses, Class
A |
— (3) | — (3) | 62 | — | 342 | ||||
Sub-transfer agent fees and expenses, Class
C |
— (3) | — (3) | 6 | — | 44 | ||||
Sub-transfer agent fees and expenses, Class
I |
— (3) | — (3) | 54 | — | 52 | ||||
Custodian fees
|
— (3) | — (3) | 1 | — (3) | 14 | ||||
Printing fees and expenses
|
19 | 3 | 16 | 28 | 73 | ||||
Professional fees
|
32 | 32 | 16 | 36 | 249 | ||||
Interest expense and/or commitment
fees |
— | — (3) | 1 | — (3) | 5 | ||||
Registration fees
|
4 | 49 | 65 | 43 | 53 | ||||
Trustees’ fees and expenses
|
— (3) | — (3) | 9 | — | 54 | ||||
Miscellaneous
expenses |
1 | 4 | 23 | 7 | 265 | ||||
Total
expenses |
61 | 173 | 1,948 | 172 | 10,277 | ||||
Less net expenses reimbursed and/or waived by investment
adviser(4) |
(57) | (101) | (142) | (122) | (587) | ||||
Less low balance account fees
|
— | — | — (3) | — | (8) | ||||
Net
expenses |
4 | 72 | 1,806 | 50 | 9,682 | ||||
Net investment income
(loss) |
2 | (20) | (834) | (31) | 2,626 | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments |
— | 425 | 10,313 | (164) | 68,559 | ||||
Foreign currency
transactions |
— | — (3) | (14) | 1 | (47) | ||||
Foreign capital gains
tax |
— | (3) | — | — | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments |
(109) | 144 | 18,123 | 558 | 73,049 | ||||
Foreign currency
transactions |
— | — (3) | (1) | — (3) | (1) | ||||
Foreign capital gains
tax |
— | (9) | — | — | — | ||||
Net realized and unrealized gain (loss) on
investments |
(109) | 557 | 28,421 | 395 | 141,560 | ||||
Net increase (decrease) in net assets resulting from
operations |
$(107) | $ 537 | $27,587 | $ 364 | $144,186 |
(1) | Inception date August 3, 2021. |
(2) | Inception date November 17, 2020. |
(3) | Amount is less than $500. |
(4) | See Note 3D in Notes to Financial Statements. |
KAR Capital Growth Fund | KAR Equity Income Fund | ||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ (6,452) | $ (3,646) | $ 3,111 | $ 912 | |||
Net realized gain (loss)
|
64,719 | 18,655 | 3,083 | 44,684 | |||
Net change in unrealized appreciation (depreciation)
|
92,901 | 220,795 | 19,166 | (31,713) | |||
Increase (decrease) in net assets resulting from
operations |
151,168 | 235,804 | 25,360 | 13,883 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(21,796) | (13,917) | (31,394) | (1,182) | |||
Class
C |
(600) | (341) | (1,891) | (14) | |||
Class
I |
(1,595) | (673) | (2,982) | (133) | |||
Class
R6 |
(9) | (6) | (333) | (13) | |||
Total dividends and distributions to
shareholders |
(24,000) | (14,937) | (36,600) | (1,342) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class
A |
(20,713) | (34,651) | 18,321 | (12,326) | |||
Class
C |
(5,645) | 792 | (1,372) | (2,051) | |||
Class
I |
4,062 | 11,756 | 2,527 | (1,330) | |||
Class
R6 |
443 | 149 | 475 | (222) | |||
Increase (decrease) in net assets from capital
transactions |
(21,853) | (21,954) | 19,951 | (15,929) | |||
Net increase (decrease) in net
assets |
105,315 | 198,913 | 8,711 | (3,388) | |||
Net Assets | |||||||
Beginning of
period |
701,025 | 502,112 | 131,091 | 134,479 | |||
End of
Period |
$ 806,340 | $ 701,025 | $ 139,802 | $ 131,091 |
KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ 999 | $ 867 | $ (4,505) | $ (1,651) | |||
Net realized gain (loss)
|
1,836 | (2,753) | 33,114 | 3,785 | |||
Net change in unrealized appreciation (depreciation)
|
3,333 | (2,982) | 279,183 | 85,472 | |||
Increase (decrease) in net assets resulting from
operations |
6,168 | (4,868) | 307,792 | 87,606 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(576) | (669) | (464) | (222) | |||
Class
C |
(27) | (45) | (429) | (207) | |||
Class
I |
(334) | (228) | (5,392) | (1,612) | |||
Class
R6 |
(3) | (3) | (165) | (56) | |||
Total dividends and distributions to
shareholders |
(940) | (945) | (6,450) | (2,097) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class
A |
(1,674) | (3,290) | 9,280 | 3,463 | |||
Class
C |
(729) | (1,314) | 1,742 | 523 | |||
Class
I |
(134) | 4,427 | 273,909 | 256,818 | |||
Class
R6 |
1,770 | — | 27,639 | 6,369 | |||
Increase (decrease) in net assets from capital
transactions |
(767) | (177) | 312,570 | 267,173 | |||
Net increase (decrease) in net
assets |
4,461 | (5,990) | 613,912 | 352,682 | |||
Net Assets | |||||||
Beginning of
period |
33,905 | 39,895 | 783,798 | 431,116 | |||
End of
Period |
$ 38,366 | $ 33,905 | $ 1,397,710 | $ 783,798 |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | ||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ (24,505) | $ (9,574) | $ (108) | $ (4,034) | |||
Net realized gain (loss)
|
52,141 | 1,409 | 212,206 | 120,343 | |||
Net change in unrealized appreciation (depreciation)
|
590,790 | 614,023 | 241,098 | 29,309 | |||
Increase (decrease) in net assets resulting from
operations |
618,426 | 605,858 | 453,196 | 145,618 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(606) | (1,240) | (9,053) | (5,631) | |||
Class
C |
(180) | (384) | (8,780) | (5,334) | |||
Class
I |
(2,375) | (2,476) | (85,597) | (48,638) | |||
Class
R6 |
(139) | (25) | (26,170) | (5,252) | |||
Total dividends and distributions to
shareholders |
(3,300) | (4,125) | (129,600) | (64,855) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class
A |
(13,276) | 167,734 | 6,511 | (24,683) | |||
Class
C |
4,098 | 40,327 | (19,276) | (18,869) | |||
Class
I |
211,073 | 1,098,875 | (24,692) | (187,888) | |||
Class
R6 |
80,643 | 89,984 | 61,400 | 179,793 | |||
Increase (decrease) in net assets from capital
transactions |
282,538 | 1,396,920 | 23,943 | (51,647) | |||
Net increase (decrease) in net
assets |
897,664 | 1,998,653 | 347,539 | 29,116 | |||
Net Assets | |||||||
Beginning of
period |
2,532,154 | 533,501 | 1,578,624 | 1,549,508 | |||
End of
Period |
$ 3,429,818 | $ 2,532,154 | $ 1,926,163 | $ 1,578,624 |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss)
|
$ (54,891) | $ (45,327) | $ 4,365 | $ 5,818 | |||
Net realized gain (loss)
|
801,250 | 811,834 | 48,737 | (13,648) | |||
Net change in unrealized appreciation (depreciation)
|
568,778 | 814,401 | 282,809 | 79,242 | |||
Increase (decrease) in net assets resulting from
operations |
1,315,137 | 1,580,908 | 335,911 | 71,412 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class
A |
(79,097) | (11,736) | (662) | (469) | |||
Class
C |
(37,125) | (5,279) | (11) | — | |||
Class
I |
(537,686) | (65,197) | (8,138) | (4,156) | |||
Class
R6 |
(14,092) | (823) | (189) | (105) | |||
Total dividends and distributions to
shareholders |
(668,000) | (83,035) | (9,000) | (4,730) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class
A |
(53,154) | (146,328) | 16,147 | (2,705) | |||
Class
C |
(27,922) | (45,805) | (654) | (112) | |||
Class
I |
(441,585) | 60,051 | 194,304 | 169,955 | |||
Class
R6 |
98,665 | 30,011 | 64,780 | (95) | |||
Increase (decrease) in net assets from capital
transactions |
(423,996) | (102,071) | 274,577 | 167,043 | |||
Net increase (decrease) in net
assets |
223,141 | 1,395,802 | 601,488 | 233,725 | |||
Net Assets | |||||||
Beginning of
period |
6,441,871 | 5,046,069 | 823,522 | 589,797 | |||
End of
Period |
$ 6,665,012 | $ 6,441,871 | $ 1,425,010 | $ 823,522 |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | ||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
From
Inception December 8, 2020 to September 30, 2021 | |||
Increase (Decrease) in Net Assets Resulting from Operations | |||||
Net investment income (loss)
|
$ (4,982) | $ 47 | $ (32) | ||
Net realized gain (loss)
|
21,174 | (843) | (40) | ||
Net change in unrealized appreciation (depreciation)
|
168,800 | 55,857 | 387 | ||
Increase (decrease) in net assets resulting from
operations |
184,992 | 55,061 | 315 | ||
Dividends and Distributions to Shareholders | |||||
Net Investment Income and Net Realized Gains: | |||||
Class
I |
(57) | — | — | ||
Class
R6 |
(3) | — | — | ||
Total dividends and distributions to
shareholders |
(60) | — | — | ||
Change in Net Assets from Capital Transactions (See Note 6): | |||||
Class
A |
21,019 | 16,375 | 697 | ||
Class
C |
16,317 | 8,117 | 112 | ||
Class
I |
557,850 | 363,831 | 1,930 | ||
Class
R6 |
5,213 | 4,224 | 3,029 | ||
Increase (decrease) in net assets from capital
transactions |
600,399 | 392,547 | 5,768 | ||
Net increase (decrease) in net
assets |
785,331 | 447,608 | 6,083 | ||
Net Assets | |||||
Beginning of
period |
478,210 | 30,602 | — | ||
End of
Period |
$ 1,263,541 | $ 478,210 | $ 6,083 |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||
From
Inception August 3, 2021 to September 30, 2021 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | |||
Increase (Decrease) in Net Assets Resulting from Operations | |||||
Net investment income (loss)
|
$ 2 | $ (20) | $ (3) | ||
Net realized gain (loss)
|
— | 422 | 106 | ||
Net change in unrealized appreciation (depreciation)
|
(109) | 135 | 815 | ||
Increase (decrease) in net assets resulting from
operations |
(107) | 537 | 918 | ||
Dividends and Distributions to Shareholders | |||||
Net Investment Income and Net Realized Gains: | |||||
Class
A |
— | (4) | (—) (1) | ||
Class
C |
— | (3) | (—) (1) | ||
Class
I |
— | (8) | (—) (1) | ||
Class
R6 |
— | (110) | (1) | ||
Total Dividends and Distributions to
Shareholders |
— | (125) | (1) | ||
Change in Net Assets From Capital Transactions (See Note 6): | |||||
Class
A |
131 | 27 | 43 | ||
Class
C |
103 | 8 | 16 | ||
Class
I |
100 | 143 | 100 | ||
Class
R6 |
2,700 | 219 | (31) | ||
Increase (decrease) in net assets from share
transactions |
3,034 | 397 | 128 | ||
Net increase (decrease) in net
assets |
2,927 | 809 | 1,045 | ||
Net Assets | |||||
Beginning of
period |
— | 5,386 | 4,341 | ||
End of
Period |
$2,927 | $6,195 | $5,386 |
(1) | Amount is less than $500. |
SGA Global Growth Fund | SGA New Leaders Growth Fund | ||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
From
Inception November 17, 2020 to September 30, 2021 | |||
Increase (Decrease) in Net Assets Resulting from Operations | |||||
Net investment income (loss)
|
$ (834) | $ (283) | $ (31) | ||
Net realized gain (loss)
|
10,299 | 5,395 | (163) | ||
Net change in unrealized appreciation (depreciation)
|
18,122 | 20,280 | 558 | ||
Increase (decrease) in net assets resulting from
operations |
27,587 | 25,392 | 364 | ||
Dividends and Distributions to Shareholders | |||||
Net Investment Income and Net Realized Gains: | |||||
Class
A |
(963) | — | — | ||
Class
C |
(211) | — | — | ||
Class
I |
(1,091) | (3) | — | ||
Class
R6 |
(2,435) | (34) | — | ||
Total Dividends and Distributions to
Shareholders |
(4,700) | (37) | — | ||
Change in Net Assets From Capital Transactions (See Note 6): | |||||
Class
A |
3,849 | 19,110 | 103 | ||
Class
C |
1,331 | 699 | 103 | ||
Class
I |
20,190 | 9,377 | 155 | ||
Class
R6 |
(4,192) | 15,808 | 5,923 | ||
Increase (decrease) in net assets from share
transactions |
21,178 | 44,994 | 6,284 | ||
Net increase (decrease) in net
assets |
44,065 | 70,349 | 6,648 | ||
Net Assets | |||||
Beginning of
period |
131,619 | 61,270 | — | ||
End of
Period |
$175,684 | $131,619 | $6,648 |
Tactical Allocation Fund | |||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss)
|
$ 2,626 | $ 4,222 | |
Net realized gain (loss)
|
68,512 | 13,401 | |
Net change in unrealized appreciation (depreciation)
|
73,048 | 148,434 | |
Increase (decrease) in net assets resulting from
operations |
144,186 | 166,057 | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class
A |
(15,782) | (11,431) | |
Class
C |
(873) | (118) | |
Class
I |
(1,207) | (110) | |
Class
R6 |
(2) | — | |
Total dividends and distributions to
shareholders |
(17,864) | (11,659) | |
Change in Net Assets from Capital Transactions (See Note 6): | |||
Class
A |
73,751 | (35,921) | |
Class
C |
14,669 | 1,158 | |
Class
I |
18,001 | 21,215 | |
Class
R6 |
100 | — | |
Increase (decrease) in net assets from capital
transactions |
106,521 | (13,548) | |
Net increase (decrease) in net
assets |
232,843 | 140,850 | |
Net Assets | |||
Beginning of
period |
721,766 | 580,916 | |
End of
Period |
$ 954,609 | $ 721,766 |
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 | ||||||||||||||||||
10/1/20 to 9/30/21 | $24.20 | (0.22) | 5.49 | 5.27 | — | — | (0.83) | (0.83) | — | 4.44 | $28.64 | 21.98 % | $ 736,713 | 1.20 % (6) | 1.20 % | (0.83) % | 8 % | |
10/1/19 to 9/30/20 | 16.67 | (0.12) | 8.16 | 8.04 | — | — | (0.51) | (0.51) | — | 7.53 | 24.20 | 49.20 | 640,963 | 1.22 (6) | 1.23 | (0.63) | 4 | |
10/1/18 to 9/30/19 | 18.37 | (0.07) | (0.08) | (0.15) | — | — | (1.55) | (1.55) | — | (1.70) | 16.67 | 1.10 | 471,071 | 1.23 (6) | 1.24 | (0.43) | 12 | |
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 (6) | 1.22 | (0.49) | 17 | |
4/1/17 to 9/30/17(7) | 14.10 | (0.03) | 2.27 | 2.24 | — | — | (0.16) | (0.16) | — | 2.08 | 16.18 | 15.93 | 446,720 | 1.30 (6) | 1.30 | (0.40) | 13 | |
4/1/16 to 3/31/17 | 13.66 | (0.05) | 1.64 | 1.59 | — | — | (1.15) | (1.15) | — | 0.44 | 14.10 | 12.34 (8) | 402,118 | 1.33 (6)(8)(9) | 1.34 | (0.40) (8) | 21 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $17.83 | (0.32) | 4.02 | 3.70 | — | — | (0.83) | (0.83) | — | 2.87 | $20.70 | 21.00 % | $ 9,252 | 2.01 % (6) | 2.01 % | (1.63) % | 8 % | |
10/1/19 to 9/30/20 | 12.49 | (0.20) | 6.05 | 5.85 | — | — | (0.51) | (0.51) | — | 5.34 | 17.83 | 48.09 | 13,183 | 2.00 (6) | 2.00 | (1.41) | 4 | |
10/1/18 to 9/30/19 | 14.34 | (0.15) | (0.15) | (0.30) | — | — | (1.55) | (1.55) | — | (1.85) | 12.49 | 0.26 | 8,632 | 2.02 (6) | 2.02 | (1.22) | 12 | |
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 (6) | 2.00 | (1.26) | 17 | |
4/1/17 to 9/30/17(7) | 11.32 | (0.07) | 1.82 | 1.75 | — | — | (0.16) | (0.16) | — | 1.59 | 12.91 | 15.51 | 14,052 | 2.08 (6) | 2.08 | (1.18) | 13 | |
4/1/16 to 3/31/17 | 11.27 | (0.13) | 1.33 | 1.20 | — | — | (1.15) | (1.15) | — | 0.05 | 11.32 | 11.47 (8) | 13,345 | 2.08 (6)(8)(9) | 2.09 | (1.16) (8) | 21 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $25.15 | (0.18) | 5.72 | 5.54 | — | — | (0.83) | (0.83) | — | 4.71 | $29.86 | 22.23 % | $ 59,565 | 1.00 % (6) | 1.00 % | (0.63) % | 8 % | |
10/1/19 to 9/30/20 | 17.36 | (0.09) | 8.39 | 8.30 | — | — | (0.51) | (0.51) | — | 7.79 | 25.15 | 48.72 | 46,600 | 1.01 (6) | 1.02 | (0.44) | 4 | |
10/1/18 to 9/30/19 | 19.02 | (0.04) | (0.07) | (0.11) | — | — | (1.55) | (1.55) | — | (1.66) | 17.36 | 1.29 | 22,315 | 1.02 (6) | 1.03 | (0.21) | 12 | |
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 (6) | 0.99 | (0.26) | 17 | |
4/1/17 to 9/30/17(7) | 14.52 | (0.01) | 2.34 | 2.33 | — | — | (0.16) | (0.16) | — | 2.17 | 16.69 | 16.09 | 12,466 | 1.08 (6) | 1.08 | (0.18) | 13 | |
4/1/16 to 3/31/17 | 14.00 | (0.01) | 1.68 | 1.67 | — | — | (1.15) | (1.15) | — | 0.52 | 14.52 | 12.61 (8) | 10,180 | 1.08 (6)(8)(9) | 1.09 | (0.15) (8) | 21 | |
Class R6 | ||||||||||||||||||
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 | ||||||||||||||||||
10/1/20 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 % (9) | 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 (9) | 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 | |
4/1/17 to 9/30/17(7) | 20.27 | 0.06 | 1.72 | 1.78 | (0.06) | — | (1.73) | (1.79) | — | (0.01) | 20.26 | 9.26 | 120,445 | 1.23 (10) | 1.39 | 0.63 | 110 | |
4/1/16 to 3/31/17 | 18.14 | 0.15 | 2.68 | 2.83 | (0.22) | — | (0.48) | (0.70) | — | 2.13 | 20.27 | 15.85 (8) | 113,442 | 1.26 (8)(9) | 1.40 | 0.81 | 496 |
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 | ||||||||||||||||||
10/1/20 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 % (9) | 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 (9) | 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 | |
4/1/17 to 9/30/17(7) | 18.44 | (0.02) | 1.56 | 1.54 | (0.02) | — | (1.73) | (1.75) | — | (0.21) | 18.23 | 8.85 | 32,710 | 1.98 (10) | 2.15 | (0.17) | 110 | |
4/1/16 to 3/31/17 | 16.48 | 0.01 | 2.44 | 2.45 | (0.01) | — | (0.48) | (0.49) | — | 1.96 | 18.44 | 15.01 (8) | 37,269 | 2.00 (8)(9) | 2.15 | 0.04 | 496 | |
Class I | ||||||||||||||||||
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 % (9) | 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 (9) | 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 | |
4/1/17 to 9/30/17(7) | 20.22 | 0.09 | 1.71 | 1.80 | (0.07) | — | (1.73) | (1.80) | — | — | 20.22 | 9.41 | 32,485 | 0.98 (10) | 1.15 | 0.91 | 110 | |
4/1/16 to 3/31/17 | 18.13 | 0.21 | 2.66 | 2.87 | (0.30) | — | (0.48) | (0.78) | — | 2.09 | 20.22 | 16.16 (8) | 21,011 | 1.01 (8)(9) | 1.15 | 1.13 | 496 | |
Class R6 | ||||||||||||||||||
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 % (9) | 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 (9) | 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 | ||||||||||||||||||
10/1/20 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 | |
4/1/17 to 9/30/17(7) | 16.81 | 0.30 | 0.41 | 0.71 | (0.27) | — | (1.05) | (1.32) | — | (0.61) | 16.20 | 4.31 | 44,188 | 1.35 | 1.56 | 3.65 | 13 | |
4/1/16 to 3/31/17 | 15.09 | 0.20 | 1.66 | 1.86 | (0.14) | — | — | (0.14) | — | 1.72 | 16.81 | 12.42 | 46,670 | 1.36 (9) | 1.48 | 1.29 | 119 | |
Class C | ||||||||||||||||||
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 | |
4/1/17 to 9/30/17(7) | 16.38 | 0.23 | 0.39 | 0.62 | (0.13) | — | (1.05) | (1.18) | — | (0.56) | 15.82 | 3.86 | 6,107 | 2.10 | 2.33 | 2.87 | 13 | |
4/1/16 to 3/31/17 | 14.68 | 0.08 | 1.62 | 1.70 | — | — | — | — | — | 1.70 | 16.38 | 11.58 | 6,950 | 2.11 (9) | 2.23 | 0.54 | 119 |
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 | ||||||||||||||||||
10/1/20 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 | |
4/1/17 to 9/30/17(7) | 16.84 | 0.29 | 0.44 | 0.73 | (0.32) | — | (1.05) | (1.37) | — | (0.64) | 16.20 | 4.41 | 6,524 | 1.10 | 1.33 | 3.53 | 13 | |
4/1/16 to 3/31/17 | 15.12 | 0.25 | 1.65 | 1.90 | (0.18) | — | — | (0.18) | — | 1.72 | 16.84 | 12.66 | 7,096 | 1.11 (9) | 1.23 | 1.59 | 119 | |
Class R6 | ||||||||||||||||||
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 | ||||||||||||||||||
10/1/20 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 | |
4/1/17 to 9/30/17(7) | 25.80 | (0.05) | 2.29 | 2.24 | — | — | (0.09) | (0.09) | — | 2.15 | 27.95 | 8.70 | 26,238 | 1.20 | 1.49 | (0.35) | 11 | |
4/1/16 to 3/31/17 | 22.60 | (0.08) | 3.28 | 3.20 | — | — | — | — | — | 3.20 | 25.80 | 14.16 | 20,615 | 1.26 (9)(10) | 1.55 | (0.32) | 28 | |
Class C | ||||||||||||||||||
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 | |
4/1/17 to 9/30/17(7) | 24.45 | (0.14) | 2.16 | 2.02 | — | — | (0.09) | (0.09) | — | 1.93 | 26.38 | 8.28 | 17,870 | 1.95 | 2.25 | (1.10) | 11 | |
4/1/16 to 3/31/17 | 21.57 | (0.24) | 3.12 | 2.88 | — | — | — | — | — | 2.88 | 24.45 | 13.35 | 14,279 | 2.00 (9)(10) | 2.28 | (1.04) | 28 | |
Class I | ||||||||||||||||||
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 | |
4/1/17 to 9/30/17(7) | 26.12 | (0.01) | 2.32 | 2.31 | — | — | (0.09) | (0.09) | — | 2.22 | 28.34 | 8.82 | 69,955 | 0.95 | 1.25 | (0.10) | 11 | |
4/1/16 to 3/31/17 | 22.82 | (0.01) | 3.31 | 3.30 | — | — | — | — | — | 3.30 | 26.12 | 14.46 | 50,922 | 0.99 (9)(10) | 1.26 | (0.02) | 28 | |
Class R6 | ||||||||||||||||||
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) |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
KAR Mid-Cap Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $58.05 | (0.62) | 14.01 | 13.39 | — | — | (0.07) | (0.07) | — | 13.32 | $71.37 | 23.07 % | $ 579,817 | 1.24 % (6) | 1.24 % | (0.91) % | 17 % | |
10/1/19 to 9/30/20 | 37.39 | (0.42) | 21.34 | 20.92 | — | — | (0.26) | (0.26) | — | 20.66 | 58.05 | 56.23 | 482,266 | 1.28 (6)(14) | 1.26 | (0.90) | 14 | |
10/1/18 to 9/30/19 | 35.55 | (0.31) | 2.79 | 2.48 | — | — | (0.64) | (0.64) | — | 1.84 | 37.39 | 7.46 | 181,184 | 1.40 (6)(14) | 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 (14) | 1.37 | (0.88) | 19 | |
4/1/17 to 9/30/17(7) | 24.56 | (0.12) | 3.43 | 3.31 | — | — | (0.13) | (0.13) | — | 3.18 | 27.74 | 13.48 | 84,912 | 1.40 | 1.49 | (0.88) | 12 | |
4/1/16 to 3/31/17 | 21.92 | (0.16) | 3.15 | 2.99 | — | — | (0.35) | (0.35) | — | 2.64 | 24.56 | 13.81 (8) | 80,648 | 1.41 (8)(9) | 1.52 | (0.75) (8) | 20 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $45.18 | (0.87) | 10.87 | 10.00 | — | — | (0.07) | (0.07) | — | 9.93 | $55.11 | 22.13 % | $ 141,256 | 1.99 % (6) | 1.99 % | (1.66) % | 17 % | |
10/1/19 to 9/30/20 | 29.38 | (0.60) | 16.66 | 16.06 | — | — | (0.26) | (0.26) | — | 15.80 | 45.18 | 55.01 | 112,165 | 2.03 (6)(14) | 2.02 | (1.65) | 14 | |
10/1/18 to 9/30/19 | 28.30 | (0.47) | 2.19 | 1.72 | — | — | (0.64) | (0.64) | — | 1.08 | 29.38 | 6.67 | 40,450 | 2.15 (6)(14) | 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 | |
4/1/17 to 9/30/17(7) | 20.06 | (0.17) | 2.78 | 2.61 | — | — | (0.13) | (0.13) | — | 2.48 | 22.54 | 13.01 | 4,971 | 2.15 | 2.28 | (1.63) | 12 | |
4/1/16 to 3/31/17 | 18.09 | (0.27) | 2.59 | 2.32 | — | — | (0.35) | (0.35) | — | 1.97 | 20.06 | 13.03 (8) | 5,350 | 2.16 (8)(9) | 2.27 | (1.50) (8) | 20 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $60.16 | (0.47) | 14.52 | 14.05 | — | — | (0.07) | (0.07) | — | 13.98 | $74.14 | 23.35 % | $2,499,830 | 1.00 % (6) | 1.00 % | (0.66) % | 17 % | |
10/1/19 to 9/30/20 | 38.70 | (0.33) | 22.05 | 21.72 | — | — | (0.26) | (0.26) | — | 21.46 | 60.16 | 56.39 | 1,837,262 | 1.03 (6) | 1.03 | (0.66) | 14 | |
10/1/18 to 9/30/19 | 36.66 | (0.22) | 2.90 | 2.68 | — | — | (0.64) | (0.64) | — | 2.04 | 38.70 | 7.79 | 309,892 | 1.11 (6)(14) | 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 (14) | 1.13 | (0.65) | 19 | |
4/1/17 to 9/30/17(7) | 25.20 | (0.09) | 3.51 | 3.42 | — | — | (0.13) | (0.13) | — | 3.29 | 28.49 | 13.58 | 4,419 | 1.15 | 1.27 | (0.63) | 12 | |
4/1/16 to 3/31/17 | 22.42 | (0.11) | 3.24 | 3.13 | — | — | (0.35) | (0.35) | — | 2.78 | 25.20 | 14.13 (8) | 3,872 | 1.16 (8)(9) | 1.27 | (0.50) (8) | 20 | |
Class R6 | ||||||||||||||||||
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)(14) | 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) | |
KAR Small-Cap Core Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
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 | |
4/1/17 to 9/30/17(7) | 24.21 | (0.06) | 3.91 | 3.85 | — | — | (0.01) | (0.01) | — | 3.84 | 28.05 | 15.92 | 79,752 | 1.33 | 1.33 | (0.49) | 2 | |
4/1/16 to 3/31/17 | 21.39 | (0.07) | 4.26 | 4.19 | — | — | (1.37) | (1.37) | — | 2.82 | 24.21 | 20.26 (8) | 62,122 | 1.37 (8)(9) | 1.37 | (0.31) (8) | 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 Small-Cap Core Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
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 | |
4/1/17 to 9/30/17(7) | 20.71 | (0.14) | 3.34 | 3.20 | — | — | (0.01) | (0.01) | — | 3.19 | 23.90 | 15.47 | 56,526 | 2.08 | 2.08 | (1.23) | 2 | |
4/1/16 to 3/31/17 | 18.61 | (0.21) | 3.68 | 3.47 | — | — | (1.37) | (1.37) | — | 2.10 | 20.71 | 19.39 (8) | 44,789 | 2.12 (8)(9) | 2.12 | (1.10) (8) | 24 | |
Class I | ||||||||||||||||||
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 | |
4/1/17 to 9/30/17(7) | 25.37 | (0.03) | 4.11 | 4.08 | — | — | (0.01) | (0.01) | — | 4.07 | 29.44 | 16.10 | 474,552 | 1.08 | 1.08 | (0.23) | 2 | |
4/1/16 to 3/31/17 | 22.30 | (0.03) | 4.47 | 4.44 | — | — | (1.37) | (1.37) | — | 3.07 | 25.37 | 20.57 (8) | 338,491 | 1.12 (8)(9) | 1.12 | (0.11) (8) | 24 | |
Class R6 | ||||||||||||||||||
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 | |
4/1/17 to 9/30/17(7) | 25.44 | (0.02) | 4.11 | 4.09 | — | — | (0.01) | (0.01) | — | 4.08 | 29.52 | 16.14 | 44,565 | 0.99 | 0.99 | (0.14) | 2 | |
4/1/16 to 3/31/17 | 22.33 | — (12) | 4.48 | 4.48 | — | — | (1.37) | (1.37) | — | 3.11 | 25.44 | 20.68 (8) | 31,338 | 1.01 (8)(9) | 1.01 | 0.01 (8) | 24 | |
KAR Small-Cap Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $49.00 | (0.52) | 10.49 | 9.97 | — | — | (5.16) | (5.16) | — | 4.81 | $53.81 | 20.46 % | $ 793,106 | 1.34 % (6) | 1.34 % | (0.97) % | 11 % | |
10/1/19 to 9/30/20 | 37.44 | (0.41) | 12.59 | 12.18 | — | — | (0.62) | (0.62) | — | 11.56 | 49.00 | 32.91 | 772,158 | 1.35 (6) | 1.35 | (0.99) | 17 | |
10/1/18 to 9/30/19 | 33.57 | (0.23) | 4.78 | 4.55 | — | (0.04) | (0.64) | (0.68) | — | 3.87 | 37.44 | 14.12 | 735,210 | 1.37 (6) | 1.37 | (0.66) | 16 | |
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 (6) | 1.37 | (0.37) | 13 | |
4/1/17 to 9/30/17(7) | 21.12 | (0.09) | 4.40 | 4.31 | — (12) | — | — | — (12) | — | 4.31 | 25.43 | 20.41 | 263,281 | 1.50 (14) | 1.46 | (0.81) | 1 | |
4/1/16 to 3/31/17 | 17.67 | (0.14) | 4.14 | 4.00 | — | — | (0.55) | (0.55) | — | 3.45 | 21.12 | 23.25 (8) | 184,302 | 1.50 (8)(9) | 1.51 | (0.73) (8) | 21 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $43.40 | (0.79) | 9.27 | 8.48 | — | — | (5.16) | (5.16) | — | 3.32 | $46.72 | 19.60 % | $ 319,371 | 2.05 % (6) | 2.05 % | (1.68) % | 11 % | |
10/1/19 to 9/30/20 | 33.46 | (0.63) | 11.19 | 10.56 | — | — | (0.62) | (0.62) | — | 9.94 | 43.40 | 31.97 | 322,672 | 2.07 (6) | 2.07 | (1.72) | 17 | |
10/1/18 to 9/30/19 | 30.30 | (0.44) | 4.28 | 3.84 | — | (0.04) | (0.64) | (0.68) | — | 3.16 | 33.46 | 13.28 | 291,693 | 2.10 (6) | 2.10 | (1.40) | 16 | |
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 (6) | 2.10 | (1.10) | 13 | |
4/1/17 to 9/30/17(7) | 19.28 | (0.17) | 4.02 | 3.85 | — (12) | — | — | — (12) | — | 3.85 | 23.13 | 19.97 | 93,560 | 2.25 (14) | 2.21 | (1.56) | 1 | |
4/1/16 to 3/31/17 | 16.30 | (0.26) | 3.79 | 3.53 | — | — | (0.55) | (0.55) | — | 2.98 | 19.28 | 22.30 (8) | 58,327 | 2.26 (8)(9) | 2.26 | (1.49) (8) | 21 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
KAR Small-Cap Growth Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $50.25 | (0.38) | 10.75 | 10.37 | — | — | (5.16) | (5.16) | — | 5.21 | $55.46 | 20.77 % | $5,346,986 | 1.07 % (6) | 1.07 % | (0.70) % | 11 % | |
10/1/19 to 9/30/20 | 38.28 | (0.31) | 12.90 | 12.59 | — | — | (0.62) | (0.62) | — | 11.97 | 50.25 | 33.27 | 5,251,980 | 1.09 (6) | 1.09 | (0.74) | 17 | |
10/1/18 to 9/30/19 | 34.21 | (0.14) | 4.89 | 4.75 | — | (0.04) | (0.64) | (0.68) | — | 4.07 | 38.28 | 14.44 | 3,973,860 | 1.11 (6) | 1.11 | (0.40) | 16 | |
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 (6) | 1.10 | (0.10) | 13 | |
4/1/17 to 9/30/17(7) | 21.45 | (0.07) | 4.48 | 4.41 | — (12) | — | — | — (12) | — | 4.41 | 25.86 | 20.56 | 1,087,430 | 1.25 (14) | 1.21 | (0.55) | 1 | |
4/1/16 to 3/31/17 | 17.89 | (0.10) | 4.21 | 4.11 | — | — | (0.55) | (0.55) | — | 3.56 | 21.45 | 23.59 (8) | 489,593 | 1.26 (8)(9) | 1.26 | (0.50) (8) | 21 | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $50.39 | (0.32) | 10.77 | 10.45 | — | — | (5.16) | (5.16) | — | 5.29 | $55.68 | 20.88 % | $ 205,549 | 0.98 % (6) | 0.98 % | (0.58) % | 11 % | |
10/1/19 to 9/30/20 | 38.35 | (0.29) | 12.95 | 12.66 | — | — | (0.62) | (0.62) | — | 12.04 | 50.39 | 33.39 | 95,061 | 0.99 (6) | 0.99 | (0.68) | 17 | |
10/1/18 to 9/30/19 | 34.23 | (0.12) | 4.92 | 4.80 | — | (0.04) | (0.64) | (0.68) | — | 4.12 | 38.35 | 14.58 | 45,306 | 1.00 (6) | 1.00 | (0.31) | 16 | |
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 (6) | 1.00 | 0.05 | 13 | |
KAR Small-Cap Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $19.97 | 0.04 | 7.42 | 7.46 | (0.15) | — | — | (0.15) | — | 7.31 | $27.28 | 37.45 % | $ 130,975 | 1.20 % (6) | 1.20 % | 0.14 % | 13 % | |
10/1/19 to 9/30/20 | 18.33 | 0.12 | 1.63 | 1.75 | (0.11) | — | — | (0.11) | — | 1.64 | 19.97 | 9.57 | 83,622 | 1.23 (6) | 1.23 | 0.66 | 19 | |
10/1/18 to 9/30/19 | 19.44 | 0.14 | (0.93) | (0.79) | (0.13) | — | (0.19) | (0.32) | — | (1.11) | 18.33 | (3.82) | 79,027 | 1.24 (6) | 1.24 | 0.80 | 14 | |
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 (6) | 1.27 | 0.55 | 6 | |
4/1/17 to 9/30/17(7) | 17.61 | 0.03 | 1.44 | 1.47 | (0.02) | — | (0.65) | (0.67) | — | 0.80 | 18.41 | 8.56 | 87,399 | 1.32 (6) | 1.32 | 0.29 | 10 | |
4/1/16 to 3/31/17 | 15.67 | 0.22 | 3.16 | 3.38 | (0.26) | — | (1.18) | (1.44) | — | 1.94 | 17.61 | 22.86 | 89,050 | 1.32 (6)(9) | 1.32 | 1.35 | 22 | |
Class C | ||||||||||||||||||
10/1/20 to 9/30/21 | $19.44 | (0.16) | 7.24 | 7.08 | (0.01) | — | — | (0.01) | — | 7.07 | $26.51 | 36.44 % | $ 21,623 | 1.96 % (6) | 1.96 % | (0.60) % | 13 % | |
10/1/19 to 9/30/20 | 17.88 | (0.01) | 1.57 | 1.56 | — | — | — | — | — | 1.56 | 19.44 | 8.72 | 16,233 | 1.98 (6) | 1.98 | (0.08) | 19 | |
10/1/18 to 9/30/19 | 18.96 | 0.01 | (0.90) | (0.89) | — | — | (0.19) | (0.19) | — | (1.08) | 17.88 | (4.56) | 15,361 | 1.99 (6) | 1.99 | 0.09 | 14 | |
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 (6) | 1.97 | (0.14) | 6 | |
4/1/17 to 9/30/17(7) | 17.35 | (0.04) | 1.42 | 1.38 | — | — | (0.65) | (0.65) | — | 0.73 | 18.08 | 8.17 | 29,795 | 2.06 (6) | 2.06 | (0.45) | 10 | |
4/1/16 to 3/31/17 | 15.45 | 0.10 | 3.11 | 3.21 | (0.13) | — | (1.18) | (1.31) | — | 1.90 | 17.35 | 21.95 | 29,416 | 2.07 (6)(9) | 2.07 | 0.65 | 22 | |
Class I | ||||||||||||||||||
10/1/20 to 9/30/21 | $19.97 | 0.10 | 7.43 | 7.53 | (0.20) | — | — | (0.20) | — | 7.33 | $27.30 | 37.83 % | $1,190,498 | 0.96 % (6) | 0.96 % | 0.38 % | 13 % | |
10/1/19 to 9/30/20 | 18.34 | 0.18 | 1.60 | 1.78 | (0.15) | — | — | (0.15) | — | 1.63 | 19.97 | 9.75 | 711,421 | 0.99 (6) | 0.99 | 0.94 | 19 | |
10/1/18 to 9/30/19 | 19.49 | 0.18 | (0.94) | (0.76) | (0.20) | — | (0.19) | (0.39) | — | (1.15) | 18.34 | (3.57) | 484,123 | 1.01 (6) | 1.01 | 1.02 | 14 | |
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 (6) | 0.99 | 0.84 | 6 | |
4/1/17 to 9/30/17(7) | 17.62 | 0.05 | 1.43 | 1.48 | (0.04) | — | (0.65) | (0.69) | — | 0.79 | 18.41 | 8.72 | 300,259 | 1.07 (6) | 1.07 | 0.55 | 10 | |
4/1/16 to 3/31/17 | 15.69 | 0.26 | 3.17 | 3.43 | (0.32) | — | (1.18) | (1.50) | — | 1.93 | 17.62 | 23.20 | 242,661 | 1.07 (6)(9) | 1.07 | 1.63 | 22 |
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 R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $20.00 | 0.12 | 7.43 | 7.55 | (0.22) | — | — | (0.22) | — | 7.33 | $27.33 | 37.85 % | $ 81,914 | 0.89 % (6) | 0.89 % | 0.46 % | 13 % | |
10/1/19 to 9/30/20 | 18.36 | 0.19 | 1.62 | 1.81 | (0.17) | — | — | (0.17) | — | 1.64 | 20.00 | 9.90 | 12,246 | 0.89 (6) | 0.89 | 1.01 | 19 | |
10/1/18 to 9/30/19 | 19.51 | 0.20 | (0.94) | (0.74) | (0.22) | — | (0.19) | (0.41) | — | (1.15) | 18.36 | (3.47) | 11,286 | 0.90 (6) | 0.90 | 1.11 | 14 | |
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 (6) | 0.90 | 0.96 | 6 | |
4/1/17 to 9/30/17(7) | 17.63 | 0.05 | 1.44 | 1.49 | (0.05) | — | (0.65) | (0.70) | — | 0.79 | 18.42 | 8.78 | 10,165 | 0.99 (6) | 0.99 | 0.52 | 10 | |
11/3/16 (11) to 3/31/17 | 14.90 | 0.05 | 3.15 | 3.20 | (0.22) | — | (0.25) | (0.47) | — | 2.73 | 17.63 | 21.58 | 122 | 0.98 (6) | 0.98 | 0.68 | 22 (13) | |
KAR Small-Mid Cap Core Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
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 | ||||||||||||||||||
10/1/20 to 9/30/21 | $14.16 | (0.27) | 4.29 | 4.02 | — | — | — | — | — | 4.02 | $18.18 | 28.39 % | $ 30,401 | 2.05 % (6)(14) | 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 | ||||||||||||||||||
10/1/20 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 % (6)(14) | 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) | |
Class R6 | ||||||||||||||||||
10/1/20 to 9/30/21 | $14.54 | (0.08) | 4.42 | 4.34 | (0.01) | — | — | (0.01) | — | 4.33 | $18.87 | 29.82 % | $ 16,335 | 0.97 % (6)(14) | 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 | ||||||||||||||||||
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 | ||||||||||||||||||
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 | ||||||||||||||||||
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 | ||||||||||||||||||
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) |
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 | ||||||||||||||||||
Class A | ||||||||||||||||||
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 | ||||||||||||||||||
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 | ||||||||||||||||||
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 % | |
Class R6 | ||||||||||||||||||
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 | ||||||||||||||||||
10/1/20 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 | ||||||||||||||||||
10/1/20 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 | ||||||||||||||||||
10/1/20 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 | ||||||||||||||||||
10/1/20 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) | |
SGA Global Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 to 9/30/21 | $26.54 | (0.24) | 5.33 | 5.09 | — | — | (0.94) | (0.94) | — | 4.15 | $30.69 | 19.49 % | $ 34,690 | 1.38 % | 1.47 % | (0.79) % | 40 % | |
10/1/19 to 9/30/20 | 20.98 | (0.12) | 5.68 | 5.56 | — | — | — | — | — | 5.56 | 26.54 | 26.50 | 26,504 | 1.36 (6) | 1.36 | (0.53) | 49 | |
2/1/19 to 9/30/19(7) | 18.58 | (0.01) | 2.41 | 2.40 | — | — | — | — | — | 2.40 | 20.98 | 12.92 | 4,219 | 1.37 | 1.48 | (0.06) | 13 | |
2/1/18 to 1/31/19 | 19.72 | (0.05) | (0.32) | (0.37) | — | — | (0.77) | (0.77) | — | (1.14) | 18.58 | (1.46) | 3,786 | 1.38 | 1.60 | (0.28) | 54 | |
2/1/17 to 1/31/18 | 14.89 | (0.02) | 5.49 | 5.47 | — | — | (0.64) | (0.64) | — | 4.83 | 19.72 | 37.05 | 3,835 | 1.38 | 1.72 | (0.43) | 31 | |
2/1/16 to 1/31/17 | 13.65 | 0.03 | 1.76 | 1.79 | — | — | (0.55) | (0.55) | — | 1.24 | 14.89 | 13.21 | 1,028 | 1.38 | 2.33 | (0.27) | 32 |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
SGA Global Growth Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
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(7) | 17.77 | (0.11) | 2.31 | 2.20 | — | — | — | — | — | 2.20 | 19.97 | 12.38 | 3,554 | 2.10 | 2.20 | (0.83) | 13 | |
2/1/18 to 1/31/19 | 19.04 | (0.04) | (0.46) | (0.50) | — | — | (0.77) | (0.77) | — | (1.27) | 17.77 | (2.20) | 3,164 | 2.13 | 2.39 | (1.08) | 54 | |
2/1/17 to 1/31/18 | 14.50 | (0.04) | 5.22 | 5.18 | — | — | (0.64) | (0.64) | — | 4.54 | 19.04 | 36.04 | 2,062 | 2.13 | 2.47 | (1.08) | 31 | |
2/1/16 to 1/31/17 | 13.40 | 0.05 | 1.60 | 1.65 | — | — | (0.55) | (0.55) | — | 1.10 | 14.50 | 12.41 | 989 | 2.12 | 3.08 | (1.00) | 32 | |
Class I* | ||||||||||||||||||
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(7) | 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 | |
2/1/16 to 1/31/17 | 13.66 | 0.06 | 1.73 | 1.79 | — | — | (0.55) | (0.55) | — | 1.24 | 14.90 | 13.20 | 11,414 | 1.34 | 2.05 | (0.43) | 32 | |
Class R6** | ||||||||||||||||||
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(7) | 19.04 | 0.05 | 2.47 | 2.52 | — | — | — | — | — | 2.52 | 21.56 | 13.24 | 40,690 | 0.95 | 1.16 | 0.34 | 13 | |
2/1/18 to 1/31/19 | 20.11 | 0.01 | (0.31) | (0.30) | — | — | (0.77) | (0.77) | — | (1.07) | 19.04 | (1.08) | 28,819 | 0.98 | 1.31 | 0.07 | 54 | |
2/1/17 to 1/31/18 | 15.11 | (0.01) | 5.65 | 5.64 | — | — | (0.64) | (0.64) | — | 5.00 | 20.11 | 37.64 | 15,913 | 0.98 | 1.34 | 0.08 | 31 | |
2/1/16 to 1/31/17 | 13.79 | 0.03 | 1.84 | 1.87 | — | — | (0.55) | (0.55) | — | 1.32 | 15.11 | 13.66 | 7,698 | 0.98 | 2.03 | 0.21 | 32 | |
SGA New Leaders Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
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) | |
Class C | ||||||||||||||||||
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 | ||||||||||||||||||
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 | ||||||||||||||||||
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) |
Net
Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net
Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends
from Net Investment Income |
Return of Capital | Distributions
from Net Realized Gains |
Total Distributions | Payment from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net
Assets, End of Period (in thousands) |
Ratio
of Net Expenses to Average Net Assets(4)(5) |
Ratio
of Gross Expenses to Average Net Assets(4)(5) |
Ratio
of Net Investment Income (Loss) to Average Net Assets(4) |
Portfolio Turnover Rate(3) | ||
Tactical Allocation Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/20 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 % (9)(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 (6) | 1.06 | 0.68 | 35 | |
10/1/18 to 9/30/19 | 9.66 | 0.13 | 0.06 | 0.19 | (0.12) | — | (0.22) | (0.34) | — (12) | (0.15) | 9.51 | 2.36 (15) | 569,543 | 1.14 (6) | 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 | |
4/1/17 to 9/30/17(7) | 8.33 | 0.08 | 0.69 | 0.77 | (0.08) | — | (0.02) | (0.10) | — | 0.67 | 9.00 | 9.25 | 142,481 | 1.38 | 1.38 | 1.81 | 26 | |
4/1/16 to 3/31/17 | 8.44 | 0.17 | 0.56 | 0.73 | (0.15) | — | (0.69) | (0.84) | — | (0.11) | 8.33 | 9.20 (8) | 137,388 | 1.37 (8)(9) | 1.38 | 1.86 (8) | 104 | |
Class C | ||||||||||||||||||
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 % (9)(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 (6)(14) | 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 (15) | 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 | |
4/1/17 to 9/30/17(7) | 8.55 | 0.05 | 0.70 | 0.75 | (0.04) | — | (0.02) | (0.06) | — | 0.69 | 9.24 | 8.80 | 4,054 | 2.14 | 2.15 | 1.05 | 26 | |
4/1/16 to 3/31/17 | 8.64 | 0.11 | 0.57 | 0.68 | (0.08) | — | (0.69) | (0.77) | — | (0.09) | 8.55 | 8.37 (8) | 4,378 | 2.11 (8)(9) | 2.13 | 1.13 (8) | 104 | |
Class I | ||||||||||||||||||
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 % (9)(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 (6) | 0.82 | 0.73 | 35 | |
1/29/19 (11) to 9/30/19 | 8.66 | 0.10 | 0.85 | 0.95 | (0.10) | — | — | (0.10) | — (12) | 0.85 | 9.51 | 10.94 (15) | 2,813 | 0.88 (6) | 0.89 | 1.52 | 51 (13) | |
Class R6 | ||||||||||||||||||
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 % (9) | 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) | The share class is currently under its expense limitation. |
(7) | The Fund changed its fiscal year end to September 30, during the period. |
(8) | State
Street Bank & Trust, custodian for some of the Funds through January 29, 2010, reimbursed the Funds for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio
of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) as follows: KAR Capital Growth Fund 0.06% (Class A), 0.05% (Class C), 0.06% (Class I) KAR Equity Income Fund amounts are less than 0.005% for Classes A, C, and I, respectively KAR Mid-Cap Growth Fund 0.05% (Class A), 0.05% (Class C), 0.05% (Class I) KAR Small-Cap Core Fund amounts are less than 0.005% for Classes A, C, I, and R6, respectively KAR Small-Cap Growth Fund amounts are less than 0.005% for Classes A, C, and I, respectively Tactical Allocation Fund 0.08% (Class A), 0.08% (Class C) Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return as follows: KAR Capital Growth Fund 0.06% (Class A), 0.06% (Class C), 0.06% (Class I) KAR Equity Income Fund amounts are less than 0.005% for Classes A, C, and I, respectively KAR Mid-Cap Growth Fund 0.05% (Class A), 0.05% (Class C), 0.05% (Class I) KAR Small-Cap Core Fund amounts are less than 0.005% for Classes A, C, I, and R6, respectively KAR Small-Cap Growth Fund amounts are less than 0.005% for Classes A, C, and I, respectively Tactical Allocation Fund 0.08% (Class A), 0.08% (Class C) |
(9) | Net expense ratio includes extraordinary proxy expenses. |
(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) | See Note 3D in Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived. |
(15) | Payment from affiliates had no impact on total return. |
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 is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
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 or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | 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, 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. | |
J. | Securities Lending |
Effective October 1, 2020, the Funds may resume loaning securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At September 30, 2021, 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 |
$ 1,858 | $ 1,858 | $ — | |||
Tactical Allocation
Fund |
1,236 | 1,236 | — |
(1) | Collateral received in excess of the market 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 | Securities
Lending Transactions |
Overnight
and continuous | ||
KAR Equity Income
Fund |
Money Market Mutual Fund | $1,905 | ||
Tactical Allocation
Fund |
Money Market Mutual Fund | 1,267 |
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 % |
First $1 Billion | $1+
Billion through $2 Billion |
$2+ Billion | |||
KAR Equity Income
Fund |
0.75% | 0.70 % | 0.65% | ||
KAR Global Quality Dividend
Fund |
0.75 | 0.70 | 0.65 | ||
KAR Mid-Cap Core
Fund |
0.80 | 0.75 | 0.70 | ||
Tactical Allocation
Fund |
0.55 | 0.50 | 0.45 |
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the period is as follows: |
Fund | Subadviser | |
KAR Capital Growth Fund
|
KAR(1) | |
KAR Equity Income Fund
|
KAR(1) | |
KAR Global Quality Dividend Fund
|
KAR(1) | |
KAR Mid-Cap Core Fund
|
KAR(1) | |
KAR Mid-Cap Growth Fund
|
KAR(1) | |
KAR Small-Cap Core Fund
|
KAR(1) | |
KAR Small-Cap Growth Fund
|
KAR(1) | |
KAR Small-Cap Value Fund
|
KAR(1) | |
KAR Small-Mid Cap Core Fund
|
KAR(1) | |
KAR Small-Mid Cap Growth Fund
|
KAR(1) | |
KAR Small-Mid Cap Value Fund
|
KAR(1) | |
SGA Emerging Markets Growth Fund
|
SGA(2) | |
SGA Global Growth Fund
|
SGA(2) | |
SGA New Leaders Growth Fund
|
SGA(2) | |
Tactical Allocation Fund (Equity Portfolio)
|
KAR(1) | |
Tactical Allocation Fund (Fixed Income Portfolio)
|
Newfleet(3) |
(1) | Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus. |
(2) | Sustainable Growth Advisers, LP (“SGA”), an indirect, majority-owned subsidiary of Virtus. |
(3) | Newfleet Asset Management, LLC (“Newfleet”), 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 February 1, 2022 (except as noted). 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 % (1) | 2.22 % (1) | 1.22 % (1) | 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 (1) | 2.15 (1) | 1.15 (1) | 0.83 | ||||
KAR Small-Cap Core
Fund |
N/A | N/A | N/A | N/A | ||||
KAR Small-Cap Growth
Fund |
1.50 (1) | 2.25 (1) | 1.25 (1) | 1.18 (1) | ||||
KAR Small-Cap Value
Fund |
1.42 (1) | 2.17 (1) | 1.17 (1) | 1.06 (1) | ||||
KAR Small-Mid Cap Core
Fund |
1.30 | 2.05 (1) | 1.05 (1) | 0.97 (1) | ||||
KAR Small-Mid Cap Growth
Fund(2) |
1.30 | 2.05 | 1.05 | 0.99 | ||||
KAR Small-Mid Cap Value
Fund(3) |
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 |
1.38 | 2.13 | 1.13 | 0.90 | ||||
SGA New Leaders Growth
Fund(4) |
1.39 | 2.14 | 1.14 | 0.91 | ||||
Tactical Allocation
Fund |
0.99 (5) | 1.75 (5) | 0.76 (5) | 0.60 (6) |
(1) | The share class is currently under its expense limitation. |
(2) | Effective December 8, 2020. |
(3) | Effective August 3, 2021. |
(4) | Effective November 17, 2020. |
(5) | Effective October 31, 2020. For the period October 1, 2020 through October 30, 2020, the expense caps were as follows for Class A shares, Class C shares and Class I shares, respectively: 1.15%, 1.90% and 0.90%. |
(6) | Effective October 20, 2020. |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending September 30: |
Expiration | ||||||||
Fund | 2022 | 2023 | 2024 | Total | ||||
KAR Capital Growth Fund | ||||||||
Class
R6 |
$ 1 | $ 1 | $ 1 | $ 3 | ||||
KAR Equity Income Fund | ||||||||
Class
A |
164 | 170 | 152 | 486 | ||||
Class
C |
21 | 11 | 9 | 41 | ||||
Class
I |
16 | 15 | 14 | 45 | ||||
Class
R6 |
2 | 1 | 1 | 4 | ||||
KAR Global Quality Dividend Fund | ||||||||
Class
A |
56 | 65 | 38 | 159 | ||||
Class
C |
8 | 6 | 2 | 16 | ||||
Class
I |
14 | 28 | 19 | 61 | ||||
Class
R6 |
— (1) | — (1) | 5 | 5 | ||||
KAR Mid-Cap Core Fund | ||||||||
Class
A |
62 | 71 | 84 | 217 | ||||
Class
C |
58 | 66 | 68 | 192 | ||||
Class
I |
396 | 670 | 982 | 2,048 | ||||
Class
R6 |
8 | 21 | 35 | 64 | ||||
KAR Mid-Cap Growth Fund | ||||||||
Class
R6 |
1 | 21 | 101 | 123 | ||||
KAR Small-Mid Cap Core Fund | ||||||||
Class
A |
4 | 9 | 5 | 18 | ||||
Class
C |
— (1) | — (1) | 3 | 3 | ||||
Class
R6 |
40 | 3 | — | 43 | ||||
KAR Small-Mid Cap Growth Fund | ||||||||
Class
A |
— | — | 11 | 11 | ||||
Class
C |
— | — | 3 | 3 | ||||
Class
I |
— | — | 25 | 25 | ||||
Class
R6 |
— | — | 68 | 68 | ||||
KAR Small-Mid Cap Value Fund | ||||||||
Class
A |
— | — | 2 | 2 | ||||
Class
C |
— | — | 2 | 2 | ||||
Class
I |
— | — | 2 | 2 | ||||
Class
R6 |
— | — | 51 | 51 | ||||
SGA Emerging Markets Growth Fund | ||||||||
Class
A |
2 | 4 | 3 | 9 | ||||
Class
C |
2 | 3 | 3 | 8 | ||||
Class
I |
3 | 4 | 6 | 13 | ||||
Class
R6 |
96 | 124 | 89 | 309 | ||||
SGA Global Growth Fund | ||||||||
Class
A |
— | — | 30 | 30 | ||||
Class
C |
— | — | 1 | 1 | ||||
Class
I |
1 | 15 | 9 | 25 | ||||
Class
R6 |
24 | 107 | 104 | 235 |
Expiration | ||||||||
Fund | 2022 | 2023 | 2024 | Total | ||||
SGA New Leaders Growth Fund | ||||||||
Class
A |
$ — | $ — | $ 2 | $ 2 | ||||
Class
C |
— | — | 2 | 2 | ||||
Class
I |
— | — | 3 | 3 | ||||
Class
R6 |
— | — | 115 | 115 | ||||
Tactical Allocation Fund | ||||||||
Class
A |
— | — | 498 | 498 | ||||
Class
C |
— | — | 46 | 46 | ||||
Class
I |
— | — | 43 | 43 | ||||
Class
R6 |
— | — | — (1) | — |
(1) | Amount is less than $500. |
Fund | Class A | Class C | Class I | Class R6 | Total | |||||
KAR Small-Mid Cap Core
Fund |
$ 6 | $ 8 | $123 | $ 6 | $ 143 | |||||
SGA Global Growth
Fund |
— (1) | — (1) | 1 | — | 1 |
(1) | Amount is less than $500. |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the fiscal year (the “period”) ended September 30, 2021, it retained net commissions of $387 for Class A shares and CDSC of $300 and $68 for Class A shares and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the period ended September 30, 2021, the Funds incurred administration fees totaling $16,378 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the period ended September 30, 2021, the Funds incurred transfer agent fees totaling $7,315 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Affiliated Shareholders |
At September 30, 2021, Virtus and its affiliates held shares of certain Funds, which may be redeemed at any time, that aggregated to the following: |
Shares | Aggregate
Net Asset Value | ||
KAR Small-Mid Cap Growth Fund | |||
Class
A |
10,000 | $ 107 | |
Class
C |
10,000 | 106 | |
Class
I |
10,000 | 107 | |
Class
R6 |
279,105 | 2,995 | |
KAR Small-Mid Cap Value Fund | |||
Class
A |
10,000 | 96 | |
Class
C |
10,000 | 96 | |
Class
I |
10,000 | 96 | |
Class
R6 |
270,000 | 2,606 |
H. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliated funds 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 period ended September 30, 2021, 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 footnote. An affiliated issuer includes any company in which the 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 the Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. A summary of the Fund’s total long-term and short-term purchases and sales of the securities of affiliated issuers during the period ended September 30, 2021, is as follows: |
Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) on affiliated securities |
Net
change in unrealized appreciation (depreciation) on affiliated securities |
Value,
end of period |
Shares | Dividend
income |
Distributions
of realized gains | |||||||||
KAR Small-Cap Growth Fund | |||||||||||||||||
Common Stocks—39.0% | |||||||||||||||||
AAON,
Inc. |
$ 241,566 | $ — | 41,910 | $12,504 | $ 7,343 | $ 219,503 | 3,359,400 | $1,523 | $— | ||||||||
Chefs’ Warehouse, Inc.
(The)(1) |
40,829 | — | 10,474 | 559 | 49,030 | 79,944 | 2,454,523 | — | — | ||||||||
Duck Creek Technologies,
Inc.(1) |
394,978 | — | — | — | (10,346) | 384,632 | 8,694,221 | — | — | ||||||||
Fox Factory Holding
Corp.(1) |
284,905 | — | 30,826 | 20,271 | 250,761 | 525,111 | 3,632,978 | — | — | ||||||||
Goosehead Insurance,
Inc. |
104,402 | — | 10,363 | 6,226 | 70,407 | 170,672 | 1,120,700 | 1,826 | — | ||||||||
MediaAlpha,
Inc.(1) |
— | 129,926 | — | — | (43,138) | 86,788 | 4,646,036 | — | — | ||||||||
National Research
Corp. |
118,572 | — | — | — | (16,962) | 101,610 | 2,409,518 | 867 | — | ||||||||
NVE
Corp. |
23,690 | — | 4,902 | (727) | 8,339 | 26,400 | 412,690 | 1,791 | — | ||||||||
Ollie’s Bargain Outlet Holdings,
Inc.(1) |
417,854 | — | 6,478 | 1,972 | (129,208) | 284,140 | 4,713,672 | — | — | ||||||||
Olo,
Inc.(1) |
— | 56,851 | — | — | 838 | 57,689 | 1,921,045 | — | — | ||||||||
Omega Flex,
Inc. |
142,420 | — | 10,154 | 5,034 | (17,206) | 120,094 | 841,642 | 1,292 | — | ||||||||
Oportun Financial
Corp.(1) |
31,078 | — | — | — | 34,899 | 65,977 | 2,635,930 | — | — | ||||||||
Ryan Specialty Group Holdings,
Inc.(1) |
— | 248,918 | — | — | 95,714 | 344,632 | 10,175,150 | — | — | ||||||||
U.S. Physical Therapy,
Inc. |
102,953 | — | — | — | 28,108 | 131,061 | 1,185,000 | 1,280 | — | ||||||||
Total | $1,903,247 | $435,695 | $115,107 | $45,839 | $ 328,579 | $2,598,253 | $8,579 | $— |
(1) | Non-income producing. |
I. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at September 30, 2021. |
Purchases | Sales | ||
KAR Capital Growth
Fund |
$ 64,285 | $ 122,866 | |
KAR Equity Income
Fund |
34,538 | 49,479 | |
KAR Global Quality Dividend
Fund |
13,556 | 14,152 | |
KAR Mid-Cap Core
Fund |
440,299 | 163,718 | |
KAR Mid-Cap Growth
Fund |
871,153 | 514,518 | |
KAR Small-Cap Core
Fund |
286,435 | 386,701 | |
KAR Small-Cap Growth
Fund |
721,520 | 1,580,213 | |
KAR Small-Cap Value
Fund |
411,995 | 159,281 | |
KAR Small-Mid Cap Core
Fund |
622,868 | 65,179 | |
KAR Small-Mid Cap Growth
Fund |
6,303 | 629 | |
KAR Small-Mid Cap Value
Fund |
2,994 | — | |
SGA Emerging Markets Growth
Fund |
3,088 | 2,807 | |
SGA Global Growth
Fund |
77,493 | 62,101 | |
SGA New Leaders Growth
Fund |
7,545 | 1,354 | |
Tactical Allocation
Fund |
375,981 | 452,545 |
Purchases | Sales | ||
Tactical Allocation
Fund |
$36,062 | $24,068 |
KAR Capital Growth Fund | KAR Equity Income Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
479 | $ 12,774 | 889 | $ 17,200 | 262 | $ 5,419 | 472 | $ 9,444 | |||||||
Reinvestment of distributions | 744 | 20,139 | 705 | 12,891 | 1,573 | 29,436 | 50 | 1,108 | |||||||
Shares
repurchased and cross class conversions |
(1,983) | (53,626) | (3,375) | (64,742) | (778) | (16,534) | (1,172) | (22,878) | |||||||
Net Increase / (Decrease) | (760) | $ (20,713) | (1,781) | $ (34,651) | 1,057 | $ 18,321 | (650) | $ (12,326) | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
53 | $ 1,025 | 223 | $ 3,361 | 21 | $ 401 | 33 | $ 593 | |||||||
Reinvestment of distributions | 30 | 586 | 22 | 302 | 118 | 1,891 | 1 | 13 | |||||||
Shares
repurchased and cross class conversions |
(375) | (7,256) | (197) | (2,871) | (204) | (3,664) | (145) | (2,657) | |||||||
Net Increase / (Decrease) | (292) | $ (5,645) | 48 | $ 792 | (65) | $ (1,372) | (111) | $ (2,051) |
KAR Capital Growth Fund | KAR Equity Income Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
400 | $ 11,257 | 1,610 | $ 31,747 | 213 | $ 4,642 | 56 | $ 1,201 | |||||||
Reinvestment of distributions | 56 | 1,586 | 35 | 670 | 153 | 2,845 | 6 | 126 | |||||||
Shares
repurchased and cross class conversions |
(314) | (8,781) | (1,078) | (20,661) | (235) | (4,960) | (131) | (2,657) | |||||||
Net Increase / (Decrease) | 142 | $ 4,062 | 567 | $ 11,756 | 131 | $ 2,527 | (69) | $ (1,330) | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
19 | $ 541 | 55 | $ 1,111 | 41 | $ 884 | 7 | $ 153 | |||||||
Reinvestment of distributions | — (1) | 5 | — (1) | 3 | 16 | 300 | 1 | 11 | |||||||
Shares
repurchased and cross class conversions |
(3) | (103) | (49) | (965) | (34) | (709) | (19) | (386) | |||||||
Net Increase / (Decrease) | 16 | $ 443 | 6 | $ 149 | 23 | $ 475 | (11) | $ (222) |
KAR Global Quality Dividend Fund | KAR Mid-Cap Core Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
54 | $ 781 | 144 | $ 1,888 | 452 | $ 22,422 | 539 | $ 19,654 | |||||||
Reinvestment of distributions | 39 | 536 | 42 | 639 | 10 | 462 | 6 | 220 | |||||||
Shares
repurchased and cross class conversions |
(210) | (2,991) | (442) | (5,817) | (277) | (13,604) | (465) | (16,411) | |||||||
Net Increase / (Decrease) | (117) | $ (1,674) | (256) | $ (3,290) | 185 | $ 9,280 | 80 | $ 3,463 | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
69 | $ 929 | 25 | $ 294 | 276 | $ 12,632 | 360 | $ 11,989 | |||||||
Reinvestment of distributions | 2 | 27 | 3 | 40 | 10 | 429 | 6 | 207 | |||||||
Shares
repurchased and cross class conversions |
(125) | (1,685) | (132) | (1,648) | (252) | (11,319) | (359) | (11,673) | |||||||
Net Increase / (Decrease) | (54) | $ (729) | (104) | $ (1,314) | 34 | $ 1,742 | 7 | $ 523 | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
237 | $ 3,420 | 494 | $ 6,644 | 9,882 | $ 505,077 | 11,000 | $ 403,004 | |||||||
Reinvestment of distributions | 24 | 331 | 15 | 226 | 114 | 5,388 | 42 | 1,611 | |||||||
Shares
repurchased and cross class conversions |
(275) | (3,885) | (196) | (2,443) | (4,666) | (236,556) | (4,134) | (147,797) | |||||||
Net Increase / (Decrease) | (14) | $ (134) | 313 | $ 4,427 | 5,330 | $ 273,909 | 6,908 | $ 256,818 | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
143 | $ 2,026 | — | $ — | 616 | $ 32,914 | 302 | $ 11,813 | |||||||
Reinvestment of distributions | — | — | — | — | 3 | 165 | 1 | 57 | |||||||
Shares
repurchased and cross class conversions |
(17) | (256) | — | — | (103) | (5,440) | (139) | (5,501) | |||||||
Net Increase / (Decrease) | 126 | $ 1,770 | — | $ — | 516 | $ 27,639 | 164 | $ 6,369 |
KAR Mid-Cap Growth Fund | KAR Small-Cap Core Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
2,652 | $ 177,626 | 5,968 | $ 285,158 | 498 | $ 23,084 | 401 | $ 15,166 | |||||||
Reinvestment of distributions | 8 | 567 | 27 | 1,126 | 190 | 8,187 | 132 | 5,104 | |||||||
Shares
repurchased and cross class conversions |
(2,843) | (191,469) | (2,533) | (118,550) | (543) | (24,760) | (1,243) | (44,953) | |||||||
Net Increase / (Decrease) | (183) | $ (13,276) | 3,462 | $ 167,734 | 145 | $ 6,511 | (710) | $ (24,683) | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
745 | $ 38,851 | 1,502 | $ 54,358 | 46 | $ 1,693 | 110 | $ 3,391 | |||||||
Reinvestment of distributions | 3 | 180 | 12 | 384 | 248 | 8,584 | 162 | 5,183 | |||||||
Shares
repurchased and cross class conversions |
(668) | (34,933) | (408) | (14,415) | (796) | (29,553) | (893) | (27,443) | |||||||
Net Increase / (Decrease) | 80 | $ 4,098 | 1,106 | $ 40,327 | (502) | $ (19,276) | (621) | $ (18,869) | |||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
19,047 | $ 1,324,506 | 30,351 | $ 1,478,624 | 2,785 | $ 135,357 | 5,755 | $ 218,747 | |||||||
Reinvestment of distributions | 32 | 2,372 | 58 | 2,469 | 1,701 | 77,950 | 988 | 40,516 | |||||||
Shares
repurchased and cross class conversions |
(15,902) | (1,115,805) | (7,875) | (382,218) | (4,879) | (237,999) | (11,184) | (447,151) | |||||||
Net Increase / (Decrease) | 3,177 | $ 211,073 | 22,534 | $ 1,098,875 | (393) | $ (24,692) | (4,441) | $ (187,888) | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
1,707 | $ 121,058 | 1,702 | $ 94,521 | 2,794 | $ 135,372 | 5,516 | $ 232,147 | |||||||
Reinvestment of distributions | 2 | 139 | 1 | 25 | 187 | 8,625 | 118 | 4,844 | |||||||
Shares
repurchased and cross class conversions |
(572) | (40,554) | (93) | (4,562) | (1,669) | (82,597) | (1,409) | (57,198) | |||||||
Net Increase / (Decrease) | 1,137 | $ 80,643 | 1,610 | $ 89,984 | 1,312 | $ 61,400 | 4,225 | $ 179,793 |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares
sold and cross class conversions |
2,008 | $ 107,824 | 2,602 | $ 104,387 | 1,471 | $ 38,725 | 627 | $ 10,835 | |||||||
Reinvestment of distributions | 1,348 | 71,757 | 263 | 10,502 | 26 | 636 | 23 | 448 | |||||||
Shares
repurchased and cross class conversions |
(4,374) | (232,735) | (6,743) | (261,217) | (883) | (23,214) | (772) | (13,988) | |||||||
Net Increase / (Decrease) | (1,018) | $ (53,154) | (3,878) | $ (146,328) | 614 | $ 16,147 | (122) | $ (2,705) | |||||||
Class C | |||||||||||||||
Shares
sold and cross class conversions |
241 | $ 11,287 | 450 | $ 16,101 | 253 | $ 6,360 | 278 | $ 5,040 | |||||||
Reinvestment of distributions | 772 | 35,847 | 143 | 5,103 | — (1) | 10 | — | — | |||||||
Shares
repurchased and cross class conversions |
(1,611) | (75,056) | (1,875) | (67,009) | (273) | (7,024) | (302) | (5,152) | |||||||
Net Increase / (Decrease) | (598) | $ (27,922) | (1,282) | $ (45,805) | (20) | $ (654) | (24) | $ (112) |
KAR Small-Cap Growth Fund | KAR Small-Cap Value Fund | ||||||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares
sold and cross class conversions |
15,452 | $ 849,066 | 30,624 | $ 1,260,988 | 23,917 | $ 624,881 | 19,799 | $ 360,401 | |||||||
Reinvestment of distributions | 9,083 | 497,200 | 1,460 | 59,776 | 315 | 7,728 | 198 | 3,832 | |||||||
Shares
repurchased and cross class conversions |
(32,646) | (1,787,851) | (31,378) | (1,260,713) | (16,240) | (438,305) | (10,779) | (194,278) | |||||||
Net Increase / (Decrease) | (8,111) | $ (441,585) | 706 | $ 60,051 | 7,992 | $ 194,304 | 9,218 | $ 169,955 | |||||||
Class R6 | |||||||||||||||
Shares
sold and cross class conversions |
2,700 | $ 148,001 | 1,149 | $ 48,543 | 2,599 | $ 70,660 | 133 | $ 2,466 | |||||||
Reinvestment of distributions | 253 | 13,906 | 19 | 796 | 8 | 184 | 5 | 103 | |||||||
Shares
repurchased and cross class conversions |
(1,148) | (63,242) | (463) | (19,328) | (222) | (6,064) | (141) | (2,664) | |||||||
Net Increase / (Decrease) | 1,805 | $ 98,665 | 705 | $ 30,011 | 2,385 | $ 64,780 | (3) | $ (95) |
KAR Small-Mid Cap Core Fund | KAR Small-Mid Cap Growth Fund | ||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
From
Inception December 8, 2020 to September 30, 2021 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Shares
sold and cross class conversions |
1,648 | $ 28,460 | 1,701 | $ 21,815 | 80 | $ 831 | |||||
Shares
repurchased and cross class conversions |
(419) | (7,441) | (461) | (5,440) | (12) | (134) | |||||
Net Increase / (Decrease) | 1,229 | $ 21,019 | 1,240 | $ 16,375 | 68 | $ 697 | |||||
Class C | |||||||||||
Shares
sold and cross class conversions |
1,108 | $ 19,101 | 702 | $ 9,015 | 11 | $ 112 | |||||
Shares
repurchased and cross class conversions |
(157) | (2,784) | (78) | (898) | — | — | |||||
Net Increase / (Decrease) | 951 | $ 16,317 | 624 | $ 8,117 | 11 | $ 112 | |||||
Class I | |||||||||||
Shares
sold and cross class conversions |
42,226 | $ 746,668 | 33,974 | $ 437,472 | 202 | $ 2,094 | |||||
Reinvestment of distributions | 3 | 56 | — | — | — | — | |||||
Shares
repurchased and cross class conversions |
(10,477) | (188,874) | (5,815) | (73,641) | (16) | (164) | |||||
Net Increase / (Decrease) | 31,752 | $ 557,850 | 28,159 | $ 363,831 | 186 | $ 1,930 | |||||
Class R6 | |||||||||||
Shares
sold and cross class conversions |
366 | $ 6,531 | 593 | $ 8,210 | 307 | $ 3,080 | |||||
Reinvestment of distributions | — (1) | 3 | — | — | — | — | |||||
Shares
repurchased and cross class conversions |
(76) | (1,321) | (288) | (3,986) | (5) | (51) | |||||
Net Increase / (Decrease) | 290 | $ 5,213 | 305 | $ 4,224 | 302 | $ 3,029 |
KAR Small-Mid Cap Value Fund | SGA Emerging Markets Growth Fund | ||||||||||
From
Inception August 3, 2021 to September 30, 2021 |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Shares
sold and cross class conversions |
13 | $ 131 | 2 | $ 32 | 4 | $ 43 | |||||
Reinvestment of distributions | — | — | — (1) | 1 | — (1) | — (2) | |||||
Shares
repurchased and cross class conversions |
— | — | (—) (1) | (6) | — | — | |||||
Net Increase / (Decrease) | 13 | $ 131 | 2 | $ 27 | 4 | $ 43 | |||||
Class C | |||||||||||
Shares
sold and cross class conversions |
10 | $ 103 | 1 | $ 7 | 3 | $ 27 | |||||
Reinvestment of distributions | — | — | — (1) | 1 | — (1) | — (2) | |||||
Shares
repurchased and cross class conversions |
— | — | — | — | (1) | (11) | |||||
Net Increase / (Decrease) | 10 | $ 103 | 1 | $ 8 | 2 | $ 16 | |||||
Class I | |||||||||||
Shares
sold and cross class conversions |
10 | $ 100 | 10 | $ 137 | 10 | $ 100 | |||||
Reinvestment of distributions | — | — | — (1) | 6 | — (1) | — (2) | |||||
Net Increase / (Decrease) | 10 | $ 100 | 10 | $ 143 | 10 | $ 100 | |||||
Class R6 | |||||||||||
Shares
sold and cross class conversions |
270 | $ 2,700 | 8 | $ 115 | 61 | $ 656 | |||||
Reinvestment of distributions | — | — | 8 | 107 | — (1) | — (2) | |||||
Shares
repurchased and cross class conversions |
— | — | (—) (1) | (3) | (62) | (687) | |||||
Net Increase / (Decrease) | 270 | $ 2,700 | 16 | $ 219 | (1) | $ (31) |
SGA Global Growth Fund | SGA New Leaders Growth Fund | ||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
From
Inception November 17, 2020 to September 30, 2021 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Shares
sold and cross class conversions |
220 | $ 6,522 | 1,212 | $ 28,564 | 10 | $ 103 | |||||
Reinvestment of distributions | 34 | 950 | — | — | — | — | |||||
Shares
repurchased and cross class conversions |
(122) | (3,623) | (414) | (9,454) | — | — | |||||
Net Increase / (Decrease) | 132 | $ 3,849 | 798 | $ 19,110 | 10 | $ 103 | |||||
Class C | |||||||||||
Shares
sold and cross class conversions |
110 | $ 3,082 | 69 | $ 1,510 | 10 | $ 103 | |||||
Reinvestment of distributions | 8 | 211 | — | — | — | — | |||||
Shares
repurchased and cross class conversions |
(71) | (1,962) | (39) | (811) | — | — | |||||
Net Increase / (Decrease) | 47 | $ 1,331 | 30 | $ 699 | 10 | $ 103 |
SGA Global Growth Fund | SGA New Leaders Growth Fund | ||||||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 |
From
Inception November 17, 2020 to September 30, 2021 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class I | |||||||||||
Shares
sold and cross class conversions |
1,109 | $ 32,952 | 881 | $ 20,118 | 15 | $ 155 | |||||
Reinvestment of distributions | 38 | 1,089 | — (1) | 3 | — | — | |||||
Shares
repurchased and cross class conversions |
(448) | (13,851) | (457) | (10,744) | — | — | |||||
Net Increase / (Decrease) | 699 | $ 20,190 | 424 | $ 9,377 | 15 | $ 155 | |||||
Class R6 | |||||||||||
Shares
sold and cross class conversions |
97 | $ 2,975 | 1,167 | $ 25,797 | 586 | $ 5,923 | |||||
Reinvestment of distributions | 82 | 2,400 | 1 | 33 | — | — | |||||
Shares
repurchased and cross class conversions |
(307) | (9,567) | (412) | (10,022) | (—) (1) | (—) (2) | |||||
Net Increase / (Decrease) | (128) | $ (4,192) | 756 | $ 15,808 | 586 | $ 5,923 |
Tactical Allocation Fund | |||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares
sold and cross class conversions |
4,727 | $ 62,387 | 2,820 | $ 30,276 | |||
Shares issued-merger (See Note 12) | 7,220 | 86,813 | — | — | |||
Reinvestment of distributions | 1,092 | 14,523 | 1,062 | 10,675 | |||
Shares
repurchased and cross class conversions |
(6,765) | (89,972) | (7,341) | (76,872) | |||
Net Increase / (Decrease) | 6,274 | $ 73,751 | (3,459) | $ (35,921) | |||
Class C | |||||||
Shares
sold and cross class conversions |
410 | $ 5,550 | 293 | $ 3,215 | |||
Shares issued-merger (See Note 12) | 3,374 | 41,685 | — | — | |||
Reinvestment of distributions | 64 | 871 | 11 | 114 | |||
Shares
repurchased and cross class conversions |
(2,469) | (33,437) | (203) | (2,171) | |||
Net Increase / (Decrease) | 1,379 | $ 14,669 | 101 | $ 1,158 | |||
Class I | |||||||
Shares
sold and cross class conversions |
1,580 | $ 20,904 | 2,470 | $ 27,408 | |||
Shares issued-merger (See Note 12) | 2,156 | 25,853 | — | — | |||
Reinvestment of distributions | 90 | 1,191 | 10 | 110 | |||
Shares
repurchased and cross class conversions |
(2,270) | (29,947) | (578) | (6,303) | |||
Net Increase / (Decrease) | 1,556 | $ 18,001 | 1,902 | $ 21,215 |
Tactical Allocation Fund | |||||||
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class R6 | |||||||
Shares
sold and cross class conversions |
9 | $ 110 | — | $ — | |||
Reinvestment of distributions | — (1) | — (2) | — | — | |||
Shares
repurchased and cross class conversions |
(1) | (10) | — | — | |||
Net Increase / (Decrease) | 8 | $ 100 | — | $ — |
(1) | Amount is less than 500 shares. |
(2) | Amount is less than $500. |
%
of Shares Outstanding |
Number
of Accounts | ||
KAR Global Quality Dividend
Fund |
15% | 1 | |
KAR Mid-Cap Core
Fund |
41 | 3 | |
KAR Mid-Cap Growth
Fund |
27 | 2 | |
KAR Small-Cap Core
Fund |
41 | 3 | |
KAR Small-Cap Growth
Fund |
22 | 2 | |
KAR Small-Cap Value
Fund |
48 | 2 | |
KAR Small-Mid Cap Core
Fund |
52 | 3 | |
KAR Small-Mid Cap Growth
Fund |
68 | 2 * | |
KAR Small-Mid Cap Value
Fund |
89 | 1 * | |
SGA Emerging Markets Growth
Fund |
69 | 3 | |
SGA Global Growth
Fund |
43 | 3 | |
SGA New Leaders Growth
Fund |
75 | 2 * |
* | Includes affiliated shareholder account(s). |
Fund | Sector | Percentage
of Total Investments | ||
KAR Capital Growth
Fund |
Information Technology | 42% | ||
KAR Mid-Cap Core
Fund |
Industrials | 33 | ||
KAR Mid-Cap Growth
Fund |
Information Technology | 39 | ||
KAR Small-Cap Core
Fund |
Industrials | 37 | ||
KAR Small-Cap Growth
Fund |
Information Technology | 32 | ||
KAR Small-Cap Value
Fund |
Industrials | 27 | ||
KAR Small-Mid Cap Core
Fund |
Information Technology | 26 | ||
KAR Small-Mid Cap Growth
Fund |
Information Technology | 31 | ||
KAR Small-Mid Cap Value
Fund |
Industrials | 25 | ||
SGA Emerging Markets Growth
Fund |
Consumer Staples | 29 | ||
SGA Global Growth Fund | Information Technology | 32 | ||
SGA New Leaders Growth Fund | Information Technology | 26 | ||
SGA New Leaders Growth
Fund |
Healthcare | 25 |
Fund | Investment | Date
of Acquisition |
Cost | Value | Percentage
of Net Assets | |||||
KAR Mid-Cap Growth
Fund |
Security Scorecard, Inc. Series E | 3/5/2021 | $40,000 | $42,579 | 1.2% |
Fund | Federal
Tax Cost |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
Net
Unrealized Appreciation (Depreciation) | ||||
KAR Capital Growth
Fund |
$ 245,062 | $ 563,017 | $ (885) | $ 562,132 | ||||
KAR Equity Income
Fund |
124,086 | 19,067 | (1,617) | 17,450 | ||||
KAR Global Quality Dividend
Fund |
33,045 | 5,914 | (795) | 5,119 | ||||
KAR Mid-Cap Core
Fund |
958,959 | 448,476 | (13,004) | 435,472 | ||||
KAR Mid-Cap Growth
Fund |
2,148,798 | 1,299,565 | (15,544) | 1,284,021 | ||||
KAR Small-Cap Core
Fund |
1,198,008 | 753,267 | (17,561) | 735,706 | ||||
KAR Small-Cap Growth
Fund |
3,721,744 | 3,071,484 | (124,108) | 2,947,376 | ||||
KAR Small-Cap Value
Fund |
929,924 | 504,521 | (11,702) | 492,819 | ||||
KAR Small-Mid Cap Core
Fund |
1,033,010 | 239,699 | (14,276) | 225,423 | ||||
KAR Small-Mid Cap Growth
Fund |
5,647 | 680 | (293) | 387 | ||||
KAR Small-Mid Cap Value
Fund |
3,007 | 65 | (174) | (109) | ||||
SGA Emerging Markets Growth
Fund |
5,223 | 1,227 | (286) | 941 | ||||
SGA Global Growth
Fund |
123,289 | 54,162 | (1,821) | 52,341 | ||||
SGA New Leaders Growth
Fund |
6,055 | 792 | (234) | 558 | ||||
Tactical Allocation
Fund |
617,742 | 354,197 | (12,725) | 341,472 |
Fund | Short-Term | Long-Term | ||
KAR Global Quality Dividend
Fund |
$ 2,024 | $135 | ||
KAR Small-Mid Cap Growth
Fund |
40 | — | ||
SGA New Leaders Growth
Fund |
163 | — | ||
Tactical Allocation
Fund |
28,307 | — |
Undistributed
Ordinary Income |
Undistributed
Long-Term Capital Gains |
Late
Year Ordinary Losses Deferred |
Capital
Loss Deferred | ||||
KAR Capital Growth Fund
|
$ — | $ 58,819 | $ 4,808 | $ — | |||
KAR Equity Income Fund
|
5,319 | 148 | — | — | |||
KAR Global Quality Dividend Fund
|
69 | — | — | 2,159 | |||
KAR Mid-Cap Core Fund
|
4,824 | 19,907 | — | — | |||
KAR Mid-Cap Growth Fund
|
— | 48,511 | 19,644 | — | |||
KAR Small-Cap Core Fund
|
1,745 | 201,605 | — | — | |||
KAR Small-Cap Growth Fund
|
— | 796,894 | 37,715 | — | |||
KAR Small-Cap Value Fund
|
19,856 | 4,287 | — | — | |||
KAR Small-Mid Cap Core Fund
|
6,793 | 9,413 | — | — | |||
KAR Small-Mid Cap Growth Fund
|
— | — | 29 | 40 | |||
KAR Small-Mid Cap Value Fund
|
2 | — | — | — | |||
SGA Emerging Markets Growth Fund
|
— | 414 | 17 | — | |||
SGA Global Growth Fund
|
3,846 | 5,488 | — | — | |||
SGA New Leaders Growth Fund
|
— | — | 25 | 163 | |||
Tactical Allocation Fund
|
31,005 | 32,701 | — | 28,307 |
Ordinary
Income |
Long-Term
Capital Gains |
Total | |||
KAR Capital Growth
Fund |
|||||
9/30/21 |
$ — | $ 24,000 | $ 24,000 | ||
9/30/20 |
— | 14,937 | 14,937 | ||
KAR Equity Income
Fund |
|||||
9/30/21 |
1,500 | 35,100 | 36,600 | ||
9/30/20 |
1,342 | — | 1,342 | ||
KAR Global Quality Dividend
Fund |
|||||
9/30/21 |
940 | — | 940 | ||
9/30/20 |
945 | — | 945 | ||
KAR Mid-Cap Core
Fund |
|||||
9/30/21 |
1,200 | 5,250 | 6,450 | ||
9/30/20 |
32 | 2,065 | 2,097 | ||
KAR Mid-Cap Growth
Fund |
|||||
9/30/21 |
— | 3,300 | 3,300 | ||
9/30/20 |
— | 4,125 | 4,125 | ||
KAR Small-Cap Core
Fund |
|||||
9/30/21 |
2,600 | 127,000 | 129,600 | ||
9/30/20 |
— | 64,855 | 64,855 | ||
KAR Small-Cap Growth
Fund |
|||||
9/30/21 |
— | 668,000 | 668,000 | ||
9/30/20 |
— | 83,035 | 83,035 | ||
KAR Small-Cap Value
Fund |
|||||
9/30/21 |
9,000 | — | 9,000 | ||
9/30/20 |
4,730 | — | 4,730 | ||
KAR Small-Mid Cap Core
Fund |
|||||
9/30/21 |
60 | — | 60 | ||
SGA Emerging Markets Growth
Fund |
|||||
9/30/21 |
48 | 77 | 125 | ||
9/30/20 |
1 | — | 1 | ||
SGA Global Growth
Fund |
|||||
9/30/21 |
2,220 | 2,480 | 4,700 | ||
9/30/20 |
37 | — | 37 | ||
Tactical Allocation
Fund |
|||||
9/30/21 |
7,664 | 10,200 | 17,864 | ||
9/30/20 |
4,750 | 6,909 | 11,659 |
Merged Fund | Shares Outstanding | Acquiring Fund | Shares Converted | Merged
Fund Net Asset Value of Converted Shares |
||||||||
Virtus
Rampart Multi-Asset Trend Fund |
Tactical Allocation Fund | |||||||||||
Class A | 1,008,720 | Class A | 943,504 | $11,345 | ||||||||
Class C | 1,609,863 | Class C | 1,402,324 | 17,327 | ||||||||
Class I | 584,346 | Class I | 552,308 | 6,623 | ||||||||
Virtus
Rampart Sector Trend Fund |
Tactical Allocation Fund | |||||||||||
Class A | 5,953,520 | Class A | 6,276,239 | $75,468 | ||||||||
Class C | 1,937,610 | Class C | 1,971,499 | 24,359 | ||||||||
Class I | 1,521,103 | Class I | 1,603,669 | 19,230 |
Virtus Rampart Multi-Asset Trend Fund | Virtus Rampart Sector Trend Fund | Tactical Allocation Fund | ||||
Net
Assets |
Unrealized
Appreciation (Depreciation) |
Net
Assets |
Unrealized
Appreciation (Depreciation) |
Net
Assets | ||
$35,295 | $2,507 | $119,057 | $10,140 | $715,533 |
Net investment income
(loss) |
$2,565(a) |
Net realized and unrealized gain (loss) on
investments |
137,788 (b) |
Net increase (decrease) in net assets resulting from
operations |
$140,353 |
Virtus
KAR Capital Growth Fund Virtus KAR Equity Income Fund Virtus KAR Global Quality Dividend Fund Virtus KAR Mid-Cap Core Fund Virtus KAR Mid-Cap Growth Fund Virtus KAR Small-Cap Core Fund Virtus KAR Small-Cap Growth Fund Virtus KAR Small-Cap Value Fund Virtus KAR Small-Mid Cap Core Fund Virtus SGA Emerging Markets Growth Fund Virtus SGA Global Growth Fund Virtus Tactical Allocation Fund |
Statements of operations for the year ended September 30, 2021 and statements of changes in net assets for each of the years ended September 30, 2021 and 2020 |
Virtus KAR Small-Mid Cap Growth Fund | Statement of operations and statement of changes in net assets for the period December 8, 2020 (inception) through September 30, 2021 |
Virtus KAR Small-Mid Cap Value Fund | Statement of operations and statement of changes in net assets for the period August 3, 2021 (inception) through September 30, 2021 |
Virtus SGA New Leaders Growth Fund | Statement of operations and statement of changes in net assets for the period November 17, 2020 (inception) through September 30, 2021 |
Qualified
Dividend Income % (non-corporate shareholder) |
Dividend
Received Deduction % (corporate shareholders) |
Long-Term
Capital Gain Distributions ($) | |||
KAR Capital Growth
Fund |
— % | — % | $ 64,116 | ||
KAR Equity Income
Fund |
79.97 | 73.41 | 270 | ||
KAR Global Quality Dividend
Fund |
100.00 | 78.12 | — | ||
KAR Mid-Cap Core
Fund |
100.00 | 96.53 | 22,176 | ||
KAR Mid-Cap Growth
Fund |
— | — | 51,656 | ||
KAR Small-Cap Core
Fund |
100.00 | 100.00 | 210,340 | ||
KAR Small-Cap Growth
Fund |
— | — | 798,715 | ||
KAR Small-Cap Value
Fund |
58.65 | 60.57 | 4,287 | ||
KAR Small-Mid Cap Core
Fund |
73.66 | 68.97 | 9,413 | ||
KAR Small-Mid Cap Value
Fund |
100.00 | 100.00 | — | ||
SGA Emerging Markets Growth
Fund |
— | — | 425 | ||
SGA Global Growth
Fund |
20.80 | 8.33 | 5,526 | ||
Tactical Allocation
Fund |
11.88 | 4.92 | 34,751 |
Name,
Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee |
Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Burke,
Donald C. YOB: 1960 Served Since: 2016 99 Portfolios |
Retired. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
Harris,
Sidney E. YOB: 1949 Served Since: 2017 96 Portfolios |
Private Investor (since 2021); Professor and Dean Emeritus (2015 to 2021), Professor (1997 to 2014), Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin,
John R. YOB: 1950 Served Since: 2016 96 Portfolios |
Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (since 2014), Counselors of Real Estate. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (55 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
McDaniel,
Connie D. YOB: 1958 Served Since: 2017 96 Portfolios |
Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President Global Finance Transformation (2007 to 2009); Vice President and Controller (1999 to 2007), The Coca-Cola Company. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Trustee (since 2017), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (since 2011) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
Name,
Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee |
Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
McLoughlin,
Philip YOB: 1946 Served Since: 1993 106 Portfolios |
Retired. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee (since 2021), Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Diversified Income & Convertible, Virtus AllianzGI Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Advisory Board Member (since 2021), Virtus AllianzGI Convertible & Income 2024 Target Term Fund and Virtus AllianzGI Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (55 portfolios). |
McNamara,
Geraldine M. YOB: 1951 Served Since: 2001 99 Portfolios |
Retired. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc. and Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Alternative Solutions Trust (2 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (55 portfolios). |
Walton,
R. Keith. YOB: 1964 Served Since: 2020 96 Portfolios |
Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; Vice President, Strategy (2013 to 2017), Arizona State University; Partner (since 2006), Global Infrastructure Partners. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
Zino,
Brian T. YOB: 1952 Served Since: 2020 103 Portfolios |
Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus AllianzGI Closed-End Funds (7 portfolios); Trustee (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee (since 2020), Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |
Name,
Year of Birth, Length of Time Served and Number of Funds Overseen |
Principal
Occupation(s) During Past 5 Years |
Principal
Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward,
George R.* Trustee and President YOB: 1964 Served Since: 2006 108 Portfolios |
Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Trustee and President (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Trustee and President (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus AllianzGI Closed-End Funds (7 portfolios); and Chairman and Trustee (since 2015), Virtus ETF Trust II (5 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (55 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |
Name,
Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen |
Principal Occupation(s) During Past 5 Years | Other
Directorships Held by Trustee During Past 5 Years |
Cogan,
Sarah E. YOB: 1956 Served Since: 2021 103 Portfolios |
Retired Partner, Simpson Thacher & Bartlett LLP (“STB”) (law firm) (since 2018); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Trustee (since 2019), Virtus AllianzGI Closed-End Funds (7 portfolios); Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; and Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios). |
Name,
Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen |
Principal Occupation(s) During Past 5 Years | Other
Directorships Held by Trustee During Past 5 Years |
DeCotis,
Deborah A. YOB: 1952 Served Since: 2021 103 Portfolios |
Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); Trustee, Smith College (since 2017); and Director, Watford Re (since 2017). Formerly, Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); Trustee, Stanford University (2010 to 2015); and Principal, LaLoop LLC, a retail accessories company (1999 to 2014). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus AllianzGI Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus AllianzGI Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (since 2013), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (12 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Managed Accounts Trust (5 portfolios); and Trustee (since 2011), Virtus AllianzGI Convertible & Income Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund. |
Drummond,
F. Ford YOB: 1962 Served Since: 2021 103 Portfolios |
Owner/Operator (since 1998), Drummond Ranch; formerly Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board;, Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus AllianzGI Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus AllianzGI Convertible & Income Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus AllianzGI Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (12 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
Moyer,
William R. YOB: 1944 Served Since: 2020 96 Portfolios |
Private investor (since 2004); and Financial and Operations Principal (2006 to 2017), Newcastle Distributors LLC (broker dealer). | Advisory Board Member (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (12 portfolios); Advisory Board Member (since 2020), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Advisory Board Member (since 2020) and Director (2016 to 2019), Virtus Total Return Fund Inc.; Director (2016 to 2019), the former Virtus Total Return Fund Inc.; Advisory Board Member (2020 to 2021) and Director (2014 to 2019), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Advisory Board Member (since 2020) and Trustee (2011 to 2019), Virtus Global Multi-Sector Income Fund; Advisory Board Member (since 2020) and Trustee (2013 to 2016), Virtus Alternative Solutions Trust (2 portfolios). |
Name,
Address and Year of Birth |
Position(s)
Held with Trust and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Batchelar,
Peter J. YOB: 1970 |
Senior Vice President (since 2017), and Vice President (2008 to 2016). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2016), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Senior Vice President (since 2021), Virtus Investment Trust and Virtus Strategy Trust; Senior Vice President (since 2021), AllianzGI Closed-End Funds; Senior Vice President (since 2017) and Vice President (2008 to 2016), Virtus Mutual Fund Family; Senior Vice President (since 2017) and Vice President (2010 to 2016), Virtus Variable Insurance Trust; Senior Vice President (since 2017) and Vice President (2013 to 2016), Virtus Alternative Solutions Trust; Senior Vice President (2017 to 2021) and Vice President (2016 to 2017), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Senior Vice President (since 2017) and Vice President (2016 to 2017), Virtus Total Return Fund Inc. and Virtus Global Multi-Sector Income Fund; and Senior Vice President (2017 to 2019) and Vice President (2016 to 2017), the former Virtus Total Return Fund Inc. |
Bradley,
W. Patrick YOB: 1972 |
Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016), and various officer positions (since 2006), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President, Chief Financial Officer and Treasurer (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Executive Vice President, Chief Financial Officer and Treasurer (since 2021), Virtus Investment Trust and Virtus Strategy Trust; Executive Vice President, Chief Financial Officer and Treasurer (since 2021), Virtus AllianzGI Closed-End Funds; Director (since 2019), Virtus Global Funds ICAV; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2004), Virtus Variable Insurance Trust; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2006), Virtus Mutual Fund Family; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2012 to 2013) and Chief Financial Officer and Treasurer (since 2010), Virtus Total Return Fund Inc.; Executive Vice President (2016 to 2019), Senior Vice President (2013 to 2016), Vice President (2012 to 2013), Chief Financial Officer and Treasurer (since 2010), the former Virtus Total Return Fund Inc.; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2011), Virtus Global Multi-Sector Income Fund; Executive Vice President ( 2016 to 2021), Senior Vice President (2014 to 2016), Chief Financial Officer and Treasurer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), and Chief Financial Officer and Treasurer (since 2013), Virtus Alternative Solutions Trust; Director (since 2013), Virtus Global Funds, PLC; and Vice President and Assistant Treasurer (since 2011), Duff & Phelps Utility and Infrastructure Fund Inc. |
Name,
Address and Year of Birth |
Position(s)
Held with Trust and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Carr,
Kevin J. YOB: 1954 |
Senior Vice President (since 2013); Vice President (2005 to 2013); Chief Legal Officer, Counsel and Secretary (since 2005). | Vice President and Senior Counsel (2017 to Present), Senior Vice President (2009 to 2017), Vice President, Counsel and Secretary (2008 to 2009), and various officer positions (since 2005), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Interim Chief Legal Officer, Senior Vice President and Assistant Secretary (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Interim Chief Legal Officer, Senior Vice President and Assistant Secretary (since 2021), Virtus Investment Trust and Virtus Strategy Trust; Assistant Secretary, (since 2021), Virtus AllianzGI Closed-End Funds; Senior Vice President (since 2013), Vice President (2005 to 2013), Chief Legal Officer, Counsel and Secretary (since 2005), Virtus Mutual Fund Family; Interim Chief Legal Officer (since 2021), Senior Vice President (2013 to 2014), Vice President (2012 to 2013), Secretary and Chief Legal Officer (2005 to 2013), Assistant Secretary (2013 to 2014 and since 2017), Virtus Total Return Fund Inc.; Senior Vice President (2013 to 2014), Vice President (2012 to 2013), Secretary and Chief Legal Officer (2005 to 2013) and Assistant Secretary (2013 to 2014 and 2017 to 2019), the former Virtus Total Return Fund Inc.; Interim Chief Legal Officer (since 2021), Senior Vice President (since 2017), Assistant Secretary (since 2013), Vice President, Chief Legal Officer, Counsel and Secretary (2010 to 2013), Virtus Variable Insurance Trust; Interim Chief Legal Officer (since 2021), Senior Vice President (2013 to 2014), Vice President (2011 to 2013), Assistant Secretary (since 2011), Virtus Global Multi-Sector Income Fund; Assistant Secretary (2015 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Interim Chief Legal Officer (since 2021), Senior Vice President (since 2017) and Assistant Secretary (since 2013), Virtus Alternative Solutions Trust; Secretary (since 2015), ETFis Series Trust I; and Secretary (since 2015), Virtus ETF Trust II. |
Engberg,
Nancy J. YOB: 1956 |
Senior Vice President (since 2017); Vice President (2011 to 2017); and Chief Compliance Officer (since 2011). | Senior Vice President (since 2017), Vice President (2008 to 2017) and Chief Compliance Officer (2008 to 2011 and since 2016), and various officer positions (since 2003), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President and Chief Compliance Officer (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Senior Vice President and Chief Compliance Officer (since 2021), Virtus Investment Trust, Virtus Strategy Trust and Virtus AllianzGI Closed-End Funds; Senior Vice President (since 2017), Vice President (2011 to 2017) and Chief Compliance Officer (since 2011), Virtus Mutual Fund Family; Senior Vice President (since 2017), Vice President (2010 to 2017) and Chief Compliance Officer (since 2011), Virtus Variable Insurance Trust; Senior Vice President (since 2017), Vice President (2011 to 2017) and Chief Compliance Officer (since 2011), Virtus Global Multi-Sector Income Fund; Senior Vice President (since 2017), Vice President (2012 to 2017) and Chief Compliance Officer (since 2012), Virtus Total Return Fund Inc.; Senior Vice President (2017 to 2019), Vice President (2012 to 2017) and Chief Compliance Officer (2012 to 2019), the former Virtus Total Return Fund Inc.; Senior Vice President (since 2017), Vice President (2013 to 2016) and Chief Compliance Officer (since 2013), Virtus Alternative Solutions Trust; Senior Vice President (2017 to 2021), Vice President (2014 to 2017) and Chief Compliance Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Chief Compliance Officer (since 2015), ETFis Series Trust I; and Chief Compliance Officer (since 2015), Virtus ETF Trust II. |
Short,
Julia R. YOB: 1972 |
Senior Vice President (since 2017). | Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Senior Vice President (since 2021), Virtus Investment Trust, Virtus Strategy Trust and Virtus Closed-End Funds; Senior Vice President (2018 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Senior Vice President (since 2018), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Senior Vice President (2018 to 2019), the former Virtus Total Return Fund Inc.; Senior Vice President (since 2017), Virtus Mutual Fund Family; President and Chief Executive Officer, RidgeWorth Funds (2007 to 2017); and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
Name,
Address and Year of Birth |
Position(s)
Held with Trust and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Smirl,
Richard W. YOB: 1967 |
Executive Vice President (since 2021). | Executive Vice President, Product Management (since 2021), and Executive Vice President and Chief Operating Officer (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021), The Merger Fund®, The Merger Fund® VL and Virtus Event Opportunities Trust; Executive Vice President (since 2021), Virtus Mutual Fund Family, Virtus Investment Trust, Virtus Strategy Trust, Virtus Global Multi-Sector Income Fund, and Virtus Total Return Fund Inc.; Executive Vice President (May to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
8015 | 11-21 |
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(b) | Effective October 1, 2021, the code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions was amended. A copy of the currently applicable code is included as an exhibit. |
(d) | The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of the instructions for completion of this Item. |
Item 3. Audit Committee Financial Expert.
(a)(1) | The Registrants Board of Trustees has determined that the Registrant has an audit committee financial expert serving on its Audit Committee. |
(a)(2) | The Registrants Board of Trustees has determined that each of Donald C. Burke, Connie D. McDaniel and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an audit committee financial expert. Each such individual is an independent trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. |
(a)(3) | Not applicable. |
Item 4. Principal Accountant Fees and Services.
| Registrant may incorporate the following information by reference, if this information has been disclosed in the registrants definitive proxy statement or definitive information statement. The proxy statement or information statement must be filed no later than 120 days after the end of the fiscal year covered by the Annual Report. |
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrants annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for fiscal years ended September 30, 2020 and September 30, 2021 are $210,889 and $274,360, respectively. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrants financial statements and are not reported under paragraph (a) of this Item for fiscal years ended September 30, 2020 and September 30, 2021 are $17,185 and $20,402, respectively. Such audit-related fees include out of pocket expenses. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning for fiscal years ended September 30, 2020 and September 30, 2021 are $45,725 and $77,550, respectively. |
Tax Fees are those primarily associated with review of the Trusts tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trusts financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Funds federal income tax returns.
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are for fiscal years ended September 30, 2020 and September 30, 2021 are $0 and $0, respectively. |
(e)(1) | Disclose the audit committees pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
The Board of Trustees of Virtus Equity Trust (the Fund) has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Funds Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SECs auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis (general pre-approval).
The Audit Committee has determined that Ms. Connie D. McDaniel, Chair of the Audit Committee, may provide pre-approval for such services that meet the above requirements in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of, and ratifies, each service approved subject to general pre-approval at the next regularly scheduled in-person Audit Committee meeting.
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) 0%
(c) 0%
(d) N/A
(f) | The percentage of hours expended on the principal accountants engagement to audit the registrants financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountants full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for fiscal years ended September 30, 2020 and September 30, 2021 are $62,910 and $97,952, respectively. |
(h) | The registrants audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountants independence. |
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)(2)(1) Not applicable.
(a)(2)(2) Not applicable.
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Virtus Equity Trust |
By (Signature and Title)* | /s/ George R. Aylward | |
George R. Aylward, President | ||
(principal executive officer) |
Date | 12/7/21 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ George R. Aylward | |
George R. Aylward, President | ||
(principal executive officer) |
Date 12/7/21
By (Signature and Title)* | /s/ W. Patrick Bradley | |
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer | ||
(principal financial officer) |
Date 12/7/21
* | Print the name and title of each signing officer under his or her signature. |