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 811-03651
Touchstone Strategic Trust - March Funds
(Exact name of registrant as specified in charter)
303 Broadway, Suite 1100
Cincinnati, Ohio 45202-4203
(Address of principal executive offices) (Zip code)
E. Blake Moore Jr.
303 Broadway, Suite 1100
Cincinnati, Ohio 45202-4203
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-638-8194
Date of fiscal year end: March 31
Date of reporting period: September 30, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) | The Report to Shareholders is attached herewith. |
Touchstone Strategic Trust |
Touchstone Flexible Income Fund |
Touchstone Focused Fund |
Touchstone Growth Opportunities Fund |
Touchstone Mid Cap Growth Fund |
Touchstone Non-US ESG Equity Fund |
Touchstone Sands Capital Emerging Markets Growth Fund |
Touchstone Strategic Income Opportunities Fund |
![](https://capedge.com/proxy/N-CSRS/0001104659-23-121885/tm2331306d2ncsri001.gif)
Credit Quality*(% of Fixed Income Securities) | |
AAA/Aaa | 44.6% |
AA/Aa | 5.6 |
A/A | 6.3 |
BBB/Baa | 9.5 |
BB/Ba | 4.7 |
B/B | 1.0 |
Not Rated | 28.3 |
Total | 100.0% |
Credit Quality*(% of Preferred Stocks) | |
A/A | 5.3% |
BBB/Baa | 64.2 |
BB/Ba | 16.0 |
Not Rated | 14.5 |
Total | 100.0% |
Sector Allocation**(% of Net Assets) | |
Fixed Income Securities | 59.1% |
Preferred Stocks | |
Financials | 5.4 |
Utilities | 0.9 |
Energy | 0.3 |
Investment Funds | 5.4 |
Short-Term U.S. Treasury Obligations | 26.5 |
Short-Term Investment Funds | 0.8 |
Other Assets/Liabilities (Net) | 1.6 |
Total | 100.0% |
Sector Allocation**(% of Net Assets) | |
Information Technology | 21.9% |
Health Care | 15.2 |
Financials | 14.3 |
Communication Services | 11.7 |
Consumer Discretionary | 10.2 |
Industrials | 6.9 |
Consumer Staples | 6.0 |
Energy | 2.7 |
Materials | 2.4 |
Real Estate | 2.2 |
Short-Term Investment Fund | 6.6 |
Other Assets/Liabilities (Net) | (0.1) |
Total | 100.0% |
Sector Allocation**(% of Net Assets) | |
Information Technology | 33.1% |
Health Care | 14.1 |
Consumer Discretionary | 13.5 |
Communication Services | 11.2 |
Industrials | 10.5 |
Financials | 7.9 |
Consumer Staples | 4.2 |
Energy | 1.4 |
Materials | 1.4 |
Real Estate | 1.0 |
Short-Term Investment Fund | 3.1 |
Other Assets/Liabilities (Net) | (1.4) |
Total | 100.0% |
be used.Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.
** Sector classifications are based upon the Global Industry Classification Standard (GICS®).
Sector Allocation*(% of Net Assets) | |
Industrials | 22.7% |
Information Technology | 22.4 |
Health Care | 20.6 |
Financials | 11.7 |
Consumer Discretionary | 7.1 |
Energy | 3.7 |
Materials | 3.6 |
Consumer Staples | 2.7 |
Real Estate | 2.3 |
Communication Services | 1.0 |
Short-Term Investment Funds | 2.2 |
Other Assets/Liabilities (Net) | (0.0) |
Total | 100.0% |
Geographic Allocation(% of Net Assets) | |
Common Stocks | |
Japan | 16.7% |
United Kingdom | 13.9 |
France | 10.9 |
Sweden | 8.3 |
Netherlands | 7.8 |
Germany | 7.7 |
Switzerland | 4.5 |
India | 4.0 |
Singapore | 3.8 |
South Korea | 3.7 |
Taiwan | 3.5 |
United States | 3.2 |
Ireland | 2.8 |
Spain | 2.0 |
Canada | 2.0 |
Hong Kong | 1.6 |
Denmark | 1.2 |
Thailand | 0.9 |
Chile | 0.8 |
Short-Term Investment Funds | 2.2 |
Other Assets/Liabilities (Net) | (1.5) |
Total | 100.0% |
Geographic Allocation(% of Net Assets) | |
Common Stocks | |
India | 32.9% |
Brazil | 19.0 |
China | 16.6 |
Taiwan | 5.4 |
Singapore | 3.4 |
Indonesia | 3.1 |
Hong Kong | 3.1 |
Argentina | 3.1 |
United States | 2.9 |
South Korea | 2.7 |
Kazakhstan | 2.2 |
Poland | 1.2 |
Netherlands | 0.9 |
Rights | 0.0 |
Short-Term Investment Fund | 3.9 |
Other Assets/Liabilities (Net) | (0.4) |
Total | 100.0% |
Credit Quality*(% of Fixed Income Securities) | |
AAA/Aaa | 25.1% |
AA/Aa | 2.4 |
A/A | 14.6 |
BBB/Baa | 35.0 |
BB/Ba | 13.9 |
B/B | 6.8 |
CCC | 1.4 |
CC | 0.3 |
Not Rated | 0.5 |
Total | 100.0% |
Sector Allocation**(% of Net Assets) | |
Corporate Bonds | 44.9% |
U.S. Treasury Obligations | 23.1 |
Asset-Backed Securities | 12.1 |
Non-Agency Collateralized Mortgage Obligations | 4.8 |
Common Stocks | |
Financials | 1.6 |
Information Technology | 0.6 |
Industrials | 0.5 |
Energy | 0.3 |
Communication Services | 0.3 |
Consumer Staples | 0.3 |
Health Care | 0.3 |
Materials | 0.3 |
Commercial Mortgage-Backed Securities | 3.7 |
Sovereign Government Obligations | 2.7 |
Agency Collateralized Mortgage Obligations | 0.5 |
Rights | 0.0 |
Preferred Stocks | |
Financials | 0.0 |
Short-Term Investment Funds | 2.9 |
Other Assets/Liabilities (Net) | 1.1 |
Total | 100.0% |
Principal Amount | Market Value | |||
Corporate Bonds — 24.1% | ||||
Financials — 10.6% | ||||
$ 6,843,000 | Ally Financial, Inc., Ser B, 4.700%(A) | $ 4,689,489 | ||
17,466,000 | Ally Financial, Inc., Ser C, 4.700%(A) | 10,937,146 | ||
4,228,000 | American Express Co., 3.550%(A) | 3,356,516 | ||
606,000 | Arch Capital Group Ltd., 3.635%, 6/30/50 | 407,355 | ||
2,463,000 | Athene Holding Ltd., 3.950%, 5/25/51 | 1,614,339 | ||
3,410,000 | Bank of America Corp., 6.250%(A) | 3,358,224 | ||
3,565,000 | Bank of New York Mellon Corp. (The), Ser G, 4.700%(A) | 3,431,122 | ||
21,620,000 | Charles Schwab Corp. (The), Ser G, 5.375%(A) | 20,771,986 | ||
3,588,000 | Citigroup, Inc., 5.000%(A) | 3,411,863 | ||
2,077,000 | Citigroup, Inc., 7.375%(A) | 2,015,067 | ||
3,959,000 | Citigroup, Inc., 7.625%(A) | 3,870,267 | ||
4,764,000 | Citigroup, Inc., Ser W, 4.000%(A) | 4,165,641 | ||
6,841,000 | Citizens Financial Group, Inc., Ser F, 5.650%(A) | 6,249,630 | ||
629,000 | Goldman Sachs Group, Inc. (The), 3.210%, 4/22/42 | 426,875 | ||
6,849,000 | JPMorgan Chase & Co., 3.220%, 3/1/25 | 6,759,191 | ||
8,648,000 | Lincoln National Corp., Ser C, 9.250%(A)† | 8,908,027 | ||
2,560,000 | Morgan Stanley, 2.484%, 9/16/36 | 1,859,818 | ||
2,462,000 | Nasdaq, Inc., 3.250%, 4/28/50 | 1,536,470 | ||
9,374,000 | Regions Financial Corp., Ser D, 5.750%(A) | 8,894,223 | ||
2,686,000 | Wells Fargo & Co., Ser S, 5.900%(A) | 2,632,040 | ||
99,295,289 | ||||
Utilities — 4.6% | ||||
606,000 | American Electric Power Co., Inc., 3.250%, 3/1/50 | 371,939 | ||
2,466,000 | Duke Energy Corp., 3.300%, 6/15/41 | 1,688,497 | ||
15,987,000 | Edison International, Ser A, 5.375%(A) | 14,104,000 | ||
290,000 | NextEra Energy Capital Holdings, Inc., 4.255%, 9/1/24 | 285,258 | ||
2,464,000 | Pacific Gas and Electric Co., 3.500%, 8/1/50 | 1,466,696 | ||
26,784,000 | Sempra Energy, 4.875%(A) | 25,380,607 | ||
43,296,997 | ||||
Energy — 4.5% | ||||
27,232,000 | BP Capital Markets PLC (United Kingdom), 4.875%(A) | 24,339,599 | ||
4,255,000 | Enbridge, Inc. (Canada), 2.150%, 2/16/24 | 4,194,089 | ||
1,808,000 | Enbridge, Inc. (Canada), 8.500%, 1/15/84 | 1,785,334 | ||
6,313,000 | Energy Transfer LP, (TSFR3M + 3.279%), 8.651%, 11/1/66(B) | 5,222,114 | ||
3,749,000 | Energy Transfer LP, Ser G, 7.125%(A) | 3,225,009 | ||
2,464,000 | Kinder Morgan, Inc., 3.250%, 8/1/50 | 1,464,158 | ||
2,463,000 | Williams Cos., Inc. (The), 3.500%, 10/15/51 | 1,569,789 | ||
41,800,092 | ||||
Consumer Discretionary — 1.8% | ||||
13,008,000 | NCL Corp. Ltd., 144a, 8.375%, 2/1/28 | 13,192,162 | ||
3,304,000 | Warnermedia Holdings, Inc., 3.428%, 3/15/24 | 3,261,923 | ||
16,454,085 | ||||
Industrials — 0.8% | ||||
2,463,000 | 3M Co., MTN, 3.125%, 9/19/46 | 1,565,253 | ||
6,514,000 | Neptune Bidco US, Inc., 144a, 9.290%, 4/15/29 | 5,903,803 | ||
7,469,056 | ||||
Information Technology — 0.5% | ||||
3,062,000 | Micron Technology, Inc., 3.477%, 11/1/51 | 1,870,679 | ||
2,462,000 | Oracle Corp., 3.600%, 4/1/40 | 1,778,459 | ||
2,464,000 | Oracle Corp., 3.850%, 4/1/60 | 1,570,487 | ||
5,219,625 | ||||
Communication Services — 0.5% | ||||
2,462,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 6/1/41 | 1,554,455 | ||
2,464,000 | Paramount Global, 4.375%, 3/15/43 | 1,593,366 | ||
2,462,000 | Verizon Communications, Inc., 2.875%, 11/20/50 | 1,426,467 | ||
4,574,288 |
Principal Amount | Market Value | |||
Consumer Staples — 0.2% | ||||
$ 3,809,000 | Macy's Retail Holdings LLC, 4.300%, 2/15/43 | $ 2,122,818 | ||
Materials — 0.2% | ||||
2,462,000 | LYB International Finance III LLC, 3.625%, 4/1/51 | 1,566,401 | ||
Real Estate — 0.2% | ||||
2,462,000 | Simon Property Group LP REIT, 3.250%, 9/13/49 | 1,522,959 | ||
Health Care — 0.2% | ||||
2,463,000 | Biogen, Inc., 3.150%, 5/1/50 | 1,502,961 | ||
Total Corporate Bonds | $224,824,571 | |||
Agency Collateralized Mortgage Obligations — 21.4% | ||||
47,083,572 | FHLMC Multifamily Structured Pass Through Certificates, Ser K109, Class X1, 1.696%, 4/25/30(B)(C)(D) | 3,713,830 | ||
34,400,854 | FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class X1, 1.813%, 4/25/30(B)(C)(D) | 2,843,805 | ||
7,005,157 | FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class X3, 3.521%, 6/25/48(B)(C)(D) | 1,181,256 | ||
28,800,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class XAM, 1.985%, 4/25/30(B)(C)(D) | 2,810,134 | ||
34,583,217 | FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class X1, 1.680%, 5/25/30(B)(C)(D) | 2,760,699 | ||
19,436,545 | FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class X3, 3.287%, 4/25/48(B)(C)(D) | 3,125,136 | ||
35,663,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class XAM, 1.907%, 5/25/30(B)(C)(D) | 3,441,437 | ||
66,642,086 | FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class X1, 1.537%, 5/25/30(B)(C)(D) | 4,913,514 | ||
15,300,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class X3, 3.108%, 7/25/48(B)(C)(D) | 2,326,233 | ||
10,630,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class XAM, 1.769%, 5/25/30(B)(C)(D) | 953,486 | ||
10,743,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K113, Class XAM, 1.688%, 6/25/30(B)(C)(D) | 936,281 | ||
19,500,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K114, Class X3, 2.830%, 8/25/48(B)(C)(D) | 2,685,928 | ||
21,702,896 | FHLMC Multifamily Structured Pass Through Certificates, Ser K115, Class X3, 3.060%, 9/25/48(B)(C)(D) | 3,261,717 | ||
26,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K116, Class X3, 3.125%, 9/25/47(B)(C)(D) | 4,043,829 | ||
39,700,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K117, Class XAM, 1.532%, 9/25/30(B)(C)(D) | 3,155,650 | ||
24,368,853 | FHLMC Multifamily Structured Pass Through Certificates, Ser K118, Class X3, 2.786%, 10/25/48(B)(C)(D) | 3,403,159 | ||
4,900,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K119, Class X3, 2.822%, 9/25/48(B)(C)(D) | 698,925 |
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 21.4% (Continued) | ||||
$ 11,576,808 | FHLMC Multifamily Structured Pass Through Certificates, Ser K120, Class X3, 2.835%, 11/25/48(B)(C)(D) | $ 1,666,164 | ||
16,073,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K121, Class X3, 2.867%, 11/25/48(B)(C)(D) | 2,387,188 | ||
9,700,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K122, Class X3, 2.722%, 1/25/49(B)(C)(D) | 1,348,513 | ||
7,569,056 | FHLMC Multifamily Structured Pass Through Certificates, Ser K123, Class X3, 2.718%, 2/25/49(B)(C)(D) | 1,061,621 | ||
9,255,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K124, Class X3, 2.711%, 2/25/49(B)(C)(D) | 1,304,506 | ||
16,150,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K125, Class X3, 2.745%, 2/25/49(B)(C)(D) | 2,309,655 | ||
38,058,448 | FHLMC Multifamily Structured Pass Through Certificates, Ser K127, Class X3, 2.745%, 3/25/49(B)(C)(D) | 5,488,980 | ||
18,230,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K128, Class X3, 2.878%, 4/25/31(B)(C)(D) | 2,776,639 | ||
10,595,456 | FHLMC Multifamily Structured Pass Through Certificates, Ser K130, Class X3, 3.203%, 8/25/48(B)(C)(D) | 1,864,425 | ||
41,864,611 | FHLMC Multifamily Structured Pass Through Certificates, Ser K130, Class XAM, 1.321%, 7/25/31(B)(C)(D) | 3,173,321 | ||
10,451,281 | FHLMC Multifamily Structured Pass Through Certificates, Ser K131, Class X3, 3.048%, 9/25/31(B)(C)(D) | 1,753,325 | ||
29,501,666 | FHLMC Multifamily Structured Pass Through Certificates, Ser K132, Class X3, 2.987%, 8/25/31(B)(C)(D) | 4,888,376 | ||
9,413,138 | FHLMC Multifamily Structured Pass Through Certificates, Ser K134, Class X3, 2.752%, 10/25/49(B)(C)(D) | 1,456,613 | ||
219,461,645 | FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class X1, 0.495%, 12/25/31(B)(C)(D) | 4,987,749 | ||
21,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class X3, 2.923%, 12/25/31(B)(C)(D) | 3,480,656 | ||
96,839,687 | FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class XAM, 0.665%, 12/25/31(B)(C)(D) | 3,497,423 | ||
20,601,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K137, Class X3, 2.978%, 1/25/49(B)(C)(D) | 3,444,949 | ||
31,585,759 | FHLMC Multifamily Structured Pass Through Certificates, Ser K139, Class X3, 3.140%, 2/25/49(B)(C)(D) | 5,629,445 | ||
97,300,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K139, Class XAM, 0.871%, 2/25/32(B)(C)(D) | 4,954,895 | ||
31,370,856 | FHLMC Multifamily Structured Pass Through Certificates, Ser K140, Class X3, 3.046%, 3/25/49(B)(C)(D) | 5,408,502 | ||
10,400,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K143, Class X3, 3.248%, 4/25/50(B)(C)(D) | 1,927,347 |
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 21.4% (Continued) | ||||
$ 5,835,659 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1515, Class X3, 3.805%, 3/25/38(B)(C)(D) | $ 1,523,154 | ||
18,435,033 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1516, Class X3, 3.575%, 10/25/38(B)(C)(D) | 4,603,536 | ||
34,224,293 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1517, Class X1, 1.436%, 7/25/35(B)(C)(D) | 3,486,097 | ||
52,485,811 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1517, Class X3, 3.397%, 8/25/38(B)(C)(D) | 11,966,571 | ||
11,201,391 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1519, Class X3, 2.897%, 12/25/38(B)(C)(D) | 2,377,180 | ||
54,809,962 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1520, Class X1, 0.578%, 2/25/36(B)(C)(D) | 2,059,451 | ||
5,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1520, Class X3, 3.199%, 4/25/39(B)(C)(D) | 1,171,014 | ||
53,824,566 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1521, Class X1, 1.095%, 8/25/36(B)(C)(D) | 4,299,738 | ||
15,100,238 | FHLMC Multifamily Structured Pass Through Certificates, Ser K739, Class X3, 2.902%, 11/25/48(B)(C)(D) | 1,351,915 | ||
16,196,664 | FHLMC Multifamily Structured Pass Through Certificates, Ser K741, Class X3, 2.532%, 3/25/49(B)(C)(D) | 1,334,616 | ||
16,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K742, Class X3, 2.685%, 4/25/28(B)(C)(D) | 1,489,336 | ||
9,500,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K743, Class X3, 3.056%, 6/25/49(B)(C)(D) | 1,034,515 | ||
39,018,396 | FHLMC Multifamily Structured Pass Through Certificates, Ser K744, Class X3, 3.069%, 8/25/49(B)(C)(D) | 4,497,003 | ||
47,774,075 | FHLMC Multifamily Structured Pass Through Certificates, Ser K745, Class X3, 2.766%, 9/25/49(B)(C)(D) | 5,115,318 | ||
146,903,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K745, Class XAM, 1.103%, 9/25/28(B)(C)(D) | 6,116,923 | ||
155,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K746, Class XAM, 0.674%, 10/25/28(B)(C)(D) | 3,870,815 | ||
52,159,495 | FHLMC Multifamily Structured Pass Through Certificates, Ser K747, Class X3, 2.638%, 12/25/49(B)(C)(D) | 5,561,151 | ||
19,560,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K751, Class X3, 5.008%, 3/25/56(B)(C)(D) | 4,641,506 | ||
30,075,545 | FRESB Mortgage Trust, Ser 2020-SB79, Class X1, 1.192%, 7/25/40(B)(C)(D) | 1,028,157 | ||
74,449,573 | FRESB Mortgage Trust, Ser 2020-SB81, Class X1, 1.147%, 10/25/40(B)(C)(D) | 3,055,262 | ||
34,605,768 | FRESB Mortgage Trust, Ser 2021-SB82, Class X1, 1.168%, 10/25/40(B)(C)(D) | 1,076,357 | ||
50,273,565 | FRESB Mortgage Trust, Ser 2021-SB83, Class X1, 0.972%, 1/25/41(B)(C)(D) | 1,581,707 |
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 21.4% (Continued) | ||||
$ 27,869,165 | FRESB Mortgage Trust, Ser 2021-SB84, Class X1, 0.603%, 1/25/41(B)(C)(D) | $ 578,857 | ||
68,680,537 | FRESB Mortgage Trust, Ser 2021-SB85, Class X1, 0.489%, 3/25/41(B)(C)(D) | 1,368,068 | ||
80,907,599 | FRESB Mortgage Trust, Ser 2021-SB87, Class X1, 0.754%, 4/25/41(B)(C)(D) | 2,317,129 | ||
81,880,227 | FRESB Mortgage Trust, Ser 2021-SB88, Class X1, 0.820%, 5/25/41(B)(C)(D) | 2,543,495 | ||
129,170,381 | FRESB Mortgage Trust, Ser 2022-SB94, Class X1, 0.156%, 11/25/41(B)(C)(D) | 1,654,195 | ||
129,340,462 | FRESB Multifamily Structured Pass Through Certificates, Ser 2021-SB86, Class X1, 0.398%, 3/25/41(B)(C)(D) | 2,455,231 | ||
61,486,174 | FRESB Multifamily Structured Pass Through Certificates, Ser 2021-SB89, Class X1, 0.681%, 6/25/41(B)(C)(D) | 1,495,762 | ||
3,582,059 | GNMA, Ser 2012-147, Class IO, 0.548%, 4/16/54(B)(C)(D) | 43,302 | ||
9,038,748 | GNMA, Ser 2016-110, Class IO, 0.909%, 5/16/58(B)(C)(D) | 346,537 | ||
19,634,135 | GNMA, Ser 2016-158, Class IO, 0.756%, 6/16/58(B)(C)(D) | 652,760 | ||
12,198,606 | GNMA, Ser 2016-52, Class IO, 0.764%, 3/16/58(B)(C)(D) | 390,250 | ||
15,031,119 | GNMA, Ser 2017-76, Class IO, 0.791%, 12/16/56(B)(C)(D) | 619,623 | ||
15,513,405 | GNMA, Ser 2017-94, Class IO, 0.584%, 2/16/59(B)(C)(D) | 522,248 | ||
Total Agency Collateralized Mortgage Obligations | $199,294,090 | |||
Asset-Backed Securities — 9.0% | ||||
450,000 | AMSR Trust, Ser 2020-SFR1, Class C, 144a, 2.419%, 4/17/37 | 422,876 | ||
1,311,831 | B2R Mortgage Trust, Ser 2015-1, Class C, 144a, 4.272%, 5/15/48 | 1,291,694 | ||
1,350,000 | B2R Mortgage Trust, Ser 2015-1, Class D, 144a, 4.831%, 5/15/48(B)(D) | 1,317,653 | ||
3,000,000 | BA Credit Card Trust, Ser 2021-A1, Class A1, 0.440%, 9/15/26 | 2,914,072 | ||
206,559 | Carmax Auto Owner Trust, Ser 2021-1, Class A3, 0.340%, 12/15/25 | 201,378 | ||
612,484 | GLS Auto Receivables Issuer Trust, Ser 2021-2A, Class C, 144a, 1.080%, 6/15/26 | 599,458 | ||
559,505 | Home Partners of America Trust, Ser 2019-1, Class C, 144a, 3.256%, 9/17/39 | 494,858 | ||
166,840 | Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40 | 164,525 | ||
750,000 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-1A, Class B, 144a, (TSFR3M + 2.062%), 7.388%, 4/20/29(B) | 749,771 | ||
3,000,000 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-1A, Class D, 144a, (TSFR3M + 6.262%), 11.588%, 4/20/29(B) | 2,948,757 | ||
250,000 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-2A, Class B, 144a, (TSFR3M + 1.662%), 7.041%, 5/20/29(B) | 249,270 | ||
404,000 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-3A, Class A1, 144a, (TSFR3M + 1.062%), 6.388%, 7/20/29(B) | 402,133 | ||
7,197,574 | Progress Residential, Ser 2021-SFR1, Class A, 144a, 1.052%, 4/17/38 | 6,341,221 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 9.0% (Continued) | ||||
$ 2,050,000 | Progress Residential, Ser 2021-SFR1, Class B, 144a, 1.303%, 4/17/38 | $ 1,805,674 | ||
1,596,000 | Progress Residential, Ser 2021-SFR1, Class C, 144a, 1.555%, 4/17/38 | 1,408,137 | ||
5,200,000 | Progress Residential, Ser 2021-SFR1, Class D, 144a, 1.805%, 4/17/38 | 4,584,529 | ||
975,000 | Progress Residential, Ser 2021-SFR3, Class B, 144a, 1.888%, 5/17/26 | 866,774 | ||
12,561,916 | Progress Residential, Ser 2021-SFR4, Class A, 144a, 1.558%, 5/17/38 | 11,165,225 | ||
5,330,000 | Progress Residential, Ser 2021-SFR4, Class B, 144a, 1.808%, 5/17/38 | 4,727,713 | ||
200,000 | Progress Residential Trust, Ser 2019-SFR3, Class B, 144a, 2.571%, 9/17/36 | 192,569 | ||
750,000 | Progress Residential Trust, Ser 2020-SFR2, Class C, 144a, 3.077%, 6/17/37 | 708,265 | ||
2,500,000 | Progress Residential Trust, Ser 2020-SFR2, Class D, 144a, 3.874%, 6/17/37 | 2,385,155 | ||
1,300,000 | Progress Residential Trust, Ser 2020-SFR3, Class B, 144a, 1.495%, 10/17/27 | 1,181,610 | ||
2,200,000 | Progress Residential Trust, Ser 2020-SFR3, Class C, 144a, 1.695%, 10/17/27 | 1,996,172 | ||
2,200,000 | Progress Residential Trust, Ser 2021-SFR5, Class D, 144a, 2.109%, 7/17/38 | 1,922,605 | ||
17,450,000 | Tricon American Homes Trust, Ser 2017-SFR2, Class F, 144a, 5.104%, 1/17/36 | 17,320,003 | ||
16,350,000 | Tricon American Homes Trust, Ser 2018-SFR1, Class C, 144a, 4.044%, 5/17/37 | 15,741,461 | ||
Total Asset-Backed Securities | $84,103,558 |
Shares | ||||
Preferred Stocks — 6.6% | ||||
Financials — 5.4% | ||||
647,712 | AGNC Investment Corp. REIT, Ser F, 6.125%(A) | 14,010,011 | ||
146,575 | Allstate Corp. (The), Ser J, 7.375%(A) | 3,860,785 | ||
401,079 | Annaly Capital Management, Inc. REIT, Ser I, 6.750%(A) | 9,525,626 | ||
265,794 | Lincoln National Corp., Ser D, 9.000%(A) | 7,051,515 | ||
130,237 | Reinsurance Group of America, Inc., 7.125%, 10/15/52 | 3,404,395 | ||
948 | Reinsurance Group of America, Inc., 5.750%, 6/15/56 | 23,709 | ||
290,000 | Rithm Capital Corp. REIT, Ser D, 7.000%(A) | 5,936,300 | ||
130,382 | Stifel Financial Corp., 5.200%, 10/15/47 | 2,803,213 | ||
192,309 | Virtus Convertible & Income Fund, Ser A, 5.625%(A)† | 4,060,028 | ||
50,675,582 | ||||
Utilities — 0.9% | ||||
316,505 | Brookfield Renewable Partners LP (Canada), Ser 17, 5.250%(A) | 5,760,391 | ||
635 | Entergy Arkansas LLC, 4.875%, 9/1/66 | 13,906 | ||
120,950 | Entergy Louisiana LLC, 4.875%, 9/1/66 | 2,699,604 | ||
325 | Entergy Mississippi LLC, 4.900%, 10/1/66 | 7,290 | ||
8,481,191 | ||||
Energy — 0.3% | ||||
87,656 | Enbridge, Inc. (Canada), Ser 5, 5.375%(A)† | 1,731,206 | ||
32,865 | Enbridge, Inc. (Canada), Ser L, 5.858%(A) | 575,138 | ||
2,306,344 | ||||
Total Preferred Stocks | $61,463,117 | |||
Investment Funds — 5.4% | ||||
241,449 | Allspring Income Opportunities±† | 1,472,839 | ||
478,737 | BlackRock Corporate High Yield Fund, Inc.± | 4,131,500 | ||
49,400 | BlackRock Credit Allocation Income Trust± | 478,192 | ||
89,571 | BlackRock Ltd. Duration Income Trust± | 1,153,674 | ||
244,634 | BlackRock MuniHoldings Fund, Inc.± | 2,522,177 | ||
472,804 | BlackRock MuniVest Fund, Inc.± | 2,865,192 |
Shares | MarketValue | |||
Investment Funds — 5.4% (Continued) | ||||
288,886 | BlackRock MuniYield Quality Fund III, Inc.± | $ 2,758,861 | ||
273,539 | Eaton Vance Municipal Bond Fund± | 2,450,909 | ||
102,551 | First Trust High Income Long/Short Fund± | 1,099,347 | ||
629,159 | Invesco Municipal Opportunity Trust±† | 5,177,979 | ||
345,339 | Invesco Municipal Trust± | 2,880,127 | ||
359,185 | Invesco Trust for Investment Grade Municipals± | 3,053,073 | ||
925,277 | Nuveen AMT-Free Quality Municipal Income Fund±† | 8,956,681 | ||
698,672 | Nuveen Quality Municipal Income Fund± | 7,084,534 | ||
893,251 | Western Asset High Income Opportunity Fund, Inc.± | 3,251,434 | ||
122,046 | Western Asset High Yield Defined Opportunity Fund, Inc.± | 1,402,309 | ||
Total Investment Funds | $50,738,828 |
Principal Amount | ||||
Non-Agency Collateralized Mortgage Obligations — 4.4% | ||||
$ 52,656 | Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34(B)(D) | 42,905 | ||
702,141 | Fannie Mae Connecticut Avenue Securities, Ser 2014-C01, Class M2, (SOFR30A + 4.514%), 9.829%, 1/25/24(B) | 708,670 | ||
420,668 | Fannie Mae Connecticut Avenue Securities, Ser 2014-C04, Class 1M2, (SOFR30A + 5.014%), 10.329%, 11/25/24(B) | 435,353 | ||
613,324 | Freddie Mac Structured Agency Credit Risk Debt Notes, Ser 2014-DN2, Class M3, (SOFR30A + 3.714%), 9.029%, 4/25/24(B) | 620,990 | ||
19,745,420 | LSTAR Securities Investment Ltd., Ser 2023-1, Class A1, 144a, (SOFR + 3.500%), 8.810%, 1/1/28(B) | 19,629,307 | ||
4,563 | Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (TSFR12M + 2.340%), 7.759%, 12/25/32(B) | 4,305 | ||
89,523 | Morgan Stanley Mortgage Loan Trust, Ser 2004-7AR, Class 2A6, 5.576%, 9/25/34(B)(D) | 86,984 | ||
1,710,151 | New Residential Mortgage Loan Trust, Ser 2015-1A, Class B3, 144a, 5.243%, 5/28/52(B)(D) | 1,610,956 | ||
9,735 | RALI Series Trust, Ser 2004-QS6, Class A1, 5.000%, 5/25/19 | 9,032 | ||
1,662,454 | Sequoia Mortgage Trust, Ser 2004-3, Class M1, (TSFR1M + 0.864%), 6.189%, 5/20/34(B) | 1,646,443 | ||
3,862,709 | Towd Point Mortgage Trust, Ser 2015-5, Class M1, 144a, 3.500%, 5/25/55(B)(D) | 3,837,501 | ||
12,453,169 | Western Mortgage Reference Notes Series, Ser 2021-CL2, Class M1, 144a, (SOFR30A + 3.150%), 8.465%, 7/25/59(B) | 12,453,048 | ||
Total Non-Agency Collateralized Mortgage Obligations | $41,085,494 | |||
Commercial Mortgage-Backed Securities — 0.2% | ||||
29,262,164 | BANK, Ser 2020-BN26, Class XA, 1.335%, 3/15/63(B)(C)(D) | 1,617,548 | ||
Short-Term U.S. Treasury Obligations — 26.5% | ||||
25,000,000 | U.S. Treasury Bills, 5.014%, 11/9/23# | 24,860,363 | ||
15,000,000 | U.S. Treasury Bills, 5.024%, 11/2/23# | 14,931,628 | ||
100,000,000 | U.S. Treasury Bills, 5.414%, 1/11/24# | 98,513,406 | ||
80,000,000 | U.S. Treasury Bills, 5.435%, 11/30/23# | 79,301,833 | ||
30,000,000 | U.S. Treasury Bills, 5.441%, 2/22/24# | 29,367,702 | ||
Total Short-Term U.S. Treasury Obligations | $246,974,932 |
Shares | MarketValue | |||
Short-Term Investment Funds — 0.8% | ||||
295,648 | Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω | $ 295,648 | ||
6,734,614 | Invesco Government & Agency Portfolio, Institutional Class, 5.26%∞Ω** | 6,734,614 | ||
Total Short-Term Investment Funds | $7,030,262 | |||
Total Short-Term Securities | $254,005,194 | |||
Total Investment Securities—98.4% (Cost $999,877,567) | $917,132,400 | |||
Other Assets in Excess of Liabilities — 1.6% | 15,092,366 | |||
Net Assets — 100.0% | $932,224,766 |
(A) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
(B) | Variable rate security - Rate reflected is the rate in effect as of September 30, 2023. |
(C) | Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding. |
(D) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
± | Closed-end Fund. |
** | Represents collateral for securities loaned. |
† | All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2023 was $6,550,451. |
# | Zero coupon bond - Rate shown reflects effective yield to maturity at time of purchase. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2023. |
Portfolio Abbreviations: |
FHLMC – Federal Home Loan Mortgage Corporation |
FRESB – Freddie Mac Multifamily Securitization Small Balance Loan |
GNMA – Government National Mortgage Association |
ICE – Intercontinental Exchange, Inc. |
IO – Interest Only |
LLC – Limited Liability Company |
LP – Limited Partnership |
MTN – Medium Term Note |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
SOFR – Secured Overnight Financing Rate |
SOFR30A – Secured Overnight Financing Rate 30 Day Average |
TSFR12M – Twelve Month Term Secured Overnight Financing Rate |
TSFR1M – One Month Term Secured Overnight Financing Rate |
TSFR3M – Three Month Term Secured Overnight Financing Rate |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2023, these securities were valued at $137,450,359 or 14.7% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $— | $224,824,571 | $— | $224,824,571 |
Agency Collateralized Mortgage Obligations | — | 199,294,090 | — | 199,294,090 |
Asset-Backed Securities | — | 84,103,558 | — | 84,103,558 |
Preferred Stocks | 61,463,117 | — | — | 61,463,117 |
Investment Funds | 50,738,828 | — | — | 50,738,828 |
Non-Agency Collateralized Mortgage Obligations | — | 41,085,494 | — | 41,085,494 |
Commercial Mortgage-Backed Securities | — | 1,617,548 | — | 1,617,548 |
Short-Term U.S. Treasury Obligations | — | 246,974,932 | — | 246,974,932 |
Short-Term Investment Funds | 7,030,262 | — | — | 7,030,262 |
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | — | 623,915 | — | 623,915 |
Total | $119,232,207 | $798,524,108 | $— | $917,756,315 |
Counterparty | Termination Date | Notional Amount(2) | Pay Fixed Rate | Clearinghouse | Underlying Bond | Value(3) | Premiums Paid/ (Received) | Unrealized Appreciation |
Buy Protection: | ||||||||
Wells Fargo | 6/20/28 | $70,000,000 | 5.000% | ICE | Markit CDX North America High Yield Series 40 5Y Index | $(1,097,169) | $(1,721,084) | $623,915 |
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(3) | The quoted market prices and resulting values for credit default swap agreements on the underlying bond serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
Shares | Market Value | |||
Common Stocks — 93.5% | ||||
Information Technology — 21.9% | ||||
431,577 | Apple, Inc. | $ 73,890,298 | ||
271,026 | Microsoft Corp. | 85,576,460 | ||
227,939 | Oracle Corp. | 24,143,299 | ||
122,739 | Salesforce, Inc.* | 24,889,014 | ||
114,131 | Texas Instruments, Inc. | 18,147,970 | ||
67,768 | Workday, Inc. - Class A* | 14,559,955 | ||
241,206,996 | ||||
Health Care — 15.2% | ||||
229,600 | BioMarin Pharmaceutical, Inc.* | 20,315,008 | ||
269,126 | Bristol-Myers Squibb Co. | 15,620,073 | ||
135,666 | Cencora, Inc. | 24,415,810 | ||
86,671 | HCA Healthcare, Inc. | 21,319,333 | ||
191,981 | Johnson & Johnson | 29,901,041 | ||
268,506 | Medtronic PLC | 21,040,130 | ||
67,427 | UnitedHealth Group, Inc. | 33,996,019 | ||
166,607,414 | ||||
Financials — 14.3% | ||||
748,902 | Bank of America Corp. | 20,504,937 | ||
150,861 | Berkshire Hathaway, Inc. - Class B* | 52,846,608 | ||
77,076 | Goldman Sachs Group, Inc. (The) | 24,939,481 | ||
35,430 | LPL Financial Holdings, Inc. | 8,419,939 | ||
13,475 | Markel Group, Inc.* | 19,841,803 | ||
134,732 | PayPal Holdings, Inc.* | 7,876,433 | ||
100,160 | Visa, Inc. - Class A | 23,037,802 | ||
157,467,003 | ||||
Communication Services — 11.7% | ||||
424,676 | Alphabet, Inc. - Class C* | 55,993,530 | ||
415,250 | Comcast Corp. - Class A | 18,412,185 | ||
143,175 | Meta Platforms, Inc. - Class A* | 42,982,567 | ||
29,171 | Netflix, Inc.* | 11,014,970 | ||
128,403,252 | ||||
Consumer Discretionary — 10.2% | ||||
88,487 | Airbnb, Inc. - Class A* | 12,141,301 | ||
72,279 | Alibaba Group Holding Ltd. (China) ADR* | 6,269,480 | ||
315,140 | Amazon.com, Inc.* | 40,060,597 | ||
206,190 | Choice Hotels International, Inc. | 25,260,337 | ||
101,262 | Cracker Barrel Old Country Store, Inc. | 6,804,806 | ||
92,657 | Floor & Decor Holdings, Inc. - Class A* | 8,385,459 | ||
190,459 | Frontdoor, Inc.* | 5,826,141 | ||
48,188 | Hilton Worldwide Holdings, Inc. | 7,236,874 | ||
111,984,995 | ||||
Industrials — 6.9% | ||||
134,971 | Allegiant Travel Co. | 10,373,871 | ||
79,697 | Boeing Co. (The)* | 15,276,321 | ||
48,895 | Hubbell, Inc. | 15,324,182 | ||
219,215 | RTX Corp. | 15,776,903 | ||
198,319 | SS&C Technologies Holdings, Inc. | 10,419,680 | ||
100,327 | Stanley Black & Decker, Inc. | 8,385,331 | ||
75,556,288 |
Shares | Market Value | |||
Consumer Staples — 6.0% | ||||
326,549 | Coca-Cola Femsa SAB de CV (Mexico) ADR | $ 25,614,504 | ||
381,560 | Monster Beverage Corp.* | 20,203,602 | ||
213,062 | Philip Morris International, Inc. | 19,725,280 | ||
65,543,386 | ||||
Energy — 2.7% | ||||
251,542 | Exxon Mobil Corp. | 29,576,308 | ||
Materials — 2.4% | ||||
227,014 | DuPont de Nemours, Inc. | 16,932,974 | ||
140,564 | International Flavors & Fragrances, Inc. | 9,582,248 | ||
26,515,222 | ||||
Real Estate — 2.2% | ||||
460,165 | Americold Realty Trust, Inc. REIT | 13,993,618 | ||
70,700 | Jones Lang LaSalle, Inc.* | 9,981,426 | ||
23,975,044 | ||||
Total Common Stocks | $1,026,835,908 | |||
Short-Term Investment Fund — 6.6% | ||||
72,221,835 | Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω | 72,221,835 | ||
Total Investment Securities—100.1% (Cost $656,666,637) | $1,099,057,743 | |||
Liabilities in Excess of Other Assets — (0.1%) | (834,094) | |||
Net Assets — 100.0% | $1,098,223,649 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2023. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $1,026,835,908 | $— | $— | $1,026,835,908 |
Short-Term Investment Fund | 72,221,835 | — | — | 72,221,835 |
Total | $1,099,057,743 | $— | $— | $1,099,057,743 |
Shares | Market Value | |||
Common Stocks — 98.3% | ||||
Information Technology — 33.1% | ||||
54,709 | Apple, Inc. | $ 9,366,728 | ||
6,830 | Arista Networks, Inc.* | 1,256,242 | ||
31,855 | Fortinet, Inc.* | 1,869,251 | ||
3,093 | HubSpot, Inc.* | 1,523,303 | ||
27,216 | Marvell Technology, Inc. | 1,473,202 | ||
26,808 | Microsoft Corp. | 8,464,626 | ||
15,212 | NVIDIA Corp. | 6,617,068 | ||
12,642 | Salesforce, Inc.* | 2,563,545 | ||
5,657 | ServiceNow, Inc.* | 3,162,037 | ||
20,745 | Splunk, Inc.* | 3,033,956 | ||
10,638 | Workday, Inc. - Class A* | 2,285,574 | ||
41,615,532 | ||||
Health Care — 14.1% | ||||
30,681 | Alkermes PLC* | 859,375 | ||
29,813 | Ascendis Pharma A/S (Denmark) ADR* | 2,791,690 | ||
18,544 | DexCom, Inc.* | 1,730,155 | ||
5,330 | Eli Lilly & Co. | 2,862,903 | ||
7,768 | ICON PLC* | 1,912,870 | ||
9,278 | Inspire Medical Systems, Inc.* | 1,841,126 | ||
13,990 | Legend Biotech Corp. ADR* | 939,708 | ||
9,538 | UnitedHealth Group, Inc. | 4,808,964 | ||
17,746,791 | ||||
Consumer Discretionary — 13.5% | ||||
57,013 | Amazon.com, Inc.* | 7,247,492 | ||
1,316 | Chipotle Mexican Grill, Inc.* | 2,410,688 | ||
8,966 | Home Depot, Inc. (The) | 2,709,167 | ||
3,283 | Lululemon Athletica, Inc.* | 1,265,958 | ||
39,457 | MGM Resorts International | 1,450,439 | ||
7,545 | Tesla, Inc.* | 1,887,910 | ||
16,971,654 | ||||
Communication Services — 11.2% | ||||
75,065 | Alphabet, Inc. - Class A* | 9,823,006 | ||
14,148 | Meta Platforms, Inc. - Class A* | 4,247,371 | ||
14,070,377 | ||||
Industrials — 10.5% | ||||
13,611 | AMETEK, Inc. | 2,011,161 | ||
10,236 | Builders FirstSource, Inc.* | 1,274,280 | ||
28,946 | Ceridian HCM Holding, Inc.* | 1,963,986 | ||
9,921 | JB Hunt Transport Services, Inc. | 1,870,307 | ||
2,999 | TransDigm Group, Inc.* | 2,528,547 | ||
10,483 | Union Pacific Corp. | 2,134,653 | ||
20,509 | WNS Holdings Ltd. (India) ADR* | 1,404,046 | ||
13,186,980 | ||||
Financials — 7.9% | ||||
14,751 | Apollo Global Management, Inc. | 1,324,050 |
Shares | Market Value | |||
Financials — (Continued) | ||||
8,152 | Arthur J Gallagher & Co. | $ 1,858,085 | ||
21,012 | Global Payments, Inc. | 2,424,575 | ||
18,906 | Visa, Inc. - Class A | 4,348,569 | ||
9,955,279 | ||||
Consumer Staples — 4.2% | ||||
5,879 | Costco Wholesale Corp. | 3,321,400 | ||
13,483 | Diageo PLC (United Kingdom) ADR | 2,011,394 | ||
5,332,794 | ||||
Energy — 1.4% | ||||
37,890 | Devon Energy Corp. | 1,807,353 | ||
Materials — 1.4% | ||||
13,548 | Celanese Corp. | 1,700,545 | ||
Real Estate — 1.0% | ||||
39,161 | Spirit Realty Capital, Inc. REIT | 1,313,068 | ||
Total Common Stocks | $123,700,373 | |||
Short-Term Investment Fund — 3.1% | ||||
3,906,501 | Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω | 3,906,501 | ||
Total Investment Securities—101.4% (Cost $82,913,476) | $127,606,874 | |||
Liabilities in Excess of Other Assets — (1.4%) | (1,743,593) | |||
Net Assets — 100.0% | $125,863,281 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2023. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $123,700,373 | $— | $— | $123,700,373 |
Short-Term Investment Fund | 3,906,501 | — | — | 3,906,501 |
Total | $127,606,874 | $— | $— | $127,606,874 |
Shares | Market Value | |||
Common Stocks — 97.8% | ||||
Industrials — 22.7% | ||||
147,728 | AMETEK, Inc. | $ 21,828,289 | ||
83,543 | Axon Enterprise, Inc.* | 16,624,222 | ||
153,116 | Builders FirstSource, Inc.* | 19,061,411 | ||
307,990 | Ceridian HCM Holding, Inc.* | 20,897,121 | ||
571,042 | Copart, Inc. * | 24,606,200 | ||
438,721 | Genpact Ltd. | 15,881,700 | ||
108,866 | JB Hunt Transport Services, Inc. | 20,523,418 | ||
97,251 | Rockwell Automation, Inc. | 27,801,143 | ||
40,381 | TransDigm Group, Inc.* | 34,046,433 | ||
119,131 | Waste Connections, Inc. | 15,999,293 | ||
50,786 | Watsco, Inc. | 19,182,888 | ||
35,766 | WESCO International, Inc. | 5,143,866 | ||
241,595,984 | ||||
Information Technology — 22.4% | ||||
46,105 | ARM Holdings PLC ADR*† | 2,467,540 | ||
90,353 | CDW Corp. | 18,229,621 | ||
160,406 | Datadog, Inc. - Class A* | 14,611,383 | ||
26,622 | Fair Isaac Corp.* | 23,122,006 | ||
292,862 | Fortinet, Inc.* | 17,185,142 | ||
42,067 | HubSpot, Inc.* | 20,717,997 | ||
248,555 | Marvell Technology, Inc. | 13,454,282 | ||
224,206 | Microchip Technology, Inc. | 17,499,278 | ||
46,108 | MongoDB, Inc.* | 15,946,913 | ||
171,820 | NetApp, Inc. | 13,037,702 | ||
77,567 | Nice Ltd. (Israel) ADR* | 13,186,390 | ||
92,208 | Palo Alto Networks, Inc.* | 21,617,243 | ||
202,581 | Splunk, Inc.* | 29,627,471 | ||
111,217 | Zscaler, Inc.* | 17,304,253 | ||
238,007,221 | ||||
Health Care — 20.6% | ||||
66,573 | Align Technology, Inc.* | 20,326,069 | ||
243,636 | Ascendis Pharma A/S (Denmark) ADR* | 22,814,075 | ||
651,530 | Avantor, Inc.* | 13,734,252 | ||
223,022 | Bio-Techne Corp. | 15,181,108 | ||
54,350 | Cooper Cos., Inc. (The) | 17,283,843 | ||
300,266 | DexCom, Inc.* | 28,014,818 | ||
253,868 | GE HealthCare Technologies, Inc. | 17,273,179 | ||
75,141 | ICON PLC* | 18,503,471 | ||
45,955 | IDEXX Laboratories, Inc.* | 20,094,743 | ||
86,274 | Insulet Corp.* | 13,759,840 | ||
201,287 | Legend Biotech Corp. ADR* | 13,520,448 | ||
69,751 | Masimo Corp.* | 6,115,768 | ||
106,949 | Sarepta Therapeutics, Inc.* | 12,964,358 | ||
219,585,972 | ||||
Financials — 11.7% | ||||
334,864 | American International Group, Inc. | 20,292,758 | ||
234,726 | Ares Management Corp. - Class A | 24,146,264 | ||
69,207 | Arthur J Gallagher & Co. | 15,774,351 | ||
178,689 | Global Payments, Inc. | 20,618,924 | ||
83,791 | LPL Financial Holdings, Inc. | 19,912,931 | ||
45,786 | MSCI, Inc. | 23,491,881 | ||
124,237,109 | ||||
Consumer Discretionary — 7.1% | ||||
152,274 | Aptiv PLC* | 15,012,694 | ||
9,689 | Chipotle Mexican Grill, Inc.* | 17,748,601 | ||
122,524 | Hilton Worldwide Holdings, Inc. | 18,400,654 | ||
39,981 | Lululemon Athletica, Inc.* | 15,417,073 | ||
308,500 | Tapestry, Inc. | 8,869,375 | ||
75,448,397 |
Shares | Market Value | |||
Energy — 3.7% | ||||
333,157 | Devon Energy Corp. | $ 15,891,589 | ||
86,680 | Diamondback Energy, Inc. | 13,424,998 | ||
241,787 | Halliburton Co. | 9,792,374 | ||
39,108,961 | ||||
Materials — 3.6% | ||||
148,576 | Celanese Corp. | 18,649,259 | ||
99,778 | Vulcan Materials Co. | 20,157,152 | ||
38,806,411 | ||||
Consumer Staples — 2.7% | ||||
113,069 | Constellation Brands, Inc. - Class A | 28,417,632 | ||
Real Estate — 2.3% | ||||
191,665 | CoStar Group, Inc.* | 14,737,122 | ||
48,124 | Essex Property Trust, Inc. REIT | 10,206,619 | ||
24,943,741 | ||||
Communication Services — 1.0% | ||||
132,083 | Live Nation Entertainment, Inc.* | 10,968,172 | ||
Total Common Stocks | $1,041,119,600 | |||
Short-Term Investment Funds — 2.2% | ||||
20,842,381 | Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω | 20,842,381 | ||
2,477,989 | Invesco Government & Agency Portfolio, Institutional Class, 5.26%∞Ω** | 2,477,989 | ||
Total Short-Term Investment Funds | $23,320,370 | |||
Total Investment Securities—100.0% (Cost $895,423,563) | $1,064,439,970 | |||
Liabilities in Excess of Other Assets — (0.0%) | (230,272) | |||
Net Assets — 100.0% | $1,064,209,698 |
* | Non-income producing security. |
** | Represents collateral for securities loaned. |
† | All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2023 was $2,336,951. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2023. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
ARM – Adjustable Rate Mortgage |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $1,041,119,600 | $— | $— | $1,041,119,600 |
Short-Term Investment Funds | 23,320,370 | — | — | 23,320,370 |
Total | $1,064,439,970 | $— | $— | $1,064,439,970 |
Shares | Market Value | |||
Common Stocks — 99.3% | ||||
Japan — 16.7% | ||||
Communication Services — 3.0% | ||||
378,400 | Nintendo Co. Ltd. | $ 15,723,642 | ||
Consumer Discretionary — 6.3% | ||||
746,400 | Denso Corp. | 11,976,645 | ||
262,200 | Sony Group Corp. | 21,441,558 | ||
Industrials — 4.4% | ||||
301,800 | Hitachi Ltd. | 18,704,834 | ||
334,300 | Kubota Corp. | 4,917,827 | ||
Information Technology — 3.0% | ||||
115,800 | Tokyo Electron Ltd. | 15,817,385 | ||
Total Japan | 88,581,891 | |||
United Kingdom — 13.9% | ||||
Financials — 6.1% | ||||
31,229,569 | Lloyds Banking Group PLC | 16,782,591 | ||
156,740 | London Stock Exchange Group PLC | 15,709,413 | ||
Industrials — 7.8% | ||||
141,295 | Ashtead Group PLC | 8,568,500 | ||
501,514 | RELX PLC | 16,921,049 | ||
2,132,846 | Rentokil Initial PLC | 15,835,557 | ||
Total United Kingdom | 73,817,110 | |||
France — 10.9% | ||||
Energy — 2.4% | ||||
193,089 | TotalEnergies SE ADR | 12,697,533 | ||
Financials — 2.3% | ||||
197,513 | BNP Paribas SA | 12,559,116 | ||
Industrials — 2.5% | ||||
221,473 | Cie de Saint-Gobain SA | 13,255,249 | ||
Materials — 3.7% | ||||
115,866 | Air Liquide SA | 19,515,494 | ||
Total France | 58,027,392 | |||
Sweden — 8.3% | ||||
Financials — 6.4% | ||||
1,666,385 | Svenska Handelsbanken AB - Class A | 14,827,317 | ||
1,049,491 | Swedbank AB - Class A | 19,291,117 | ||
Industrials — 1.9% | ||||
529,483 | Epiroc AB - Class A | 10,053,433 | ||
Total Sweden | 44,171,867 | |||
Netherlands — 7.8% | ||||
Energy — 4.3% | ||||
354,135 | Shell PLC ADR | 22,799,212 | ||
Financials — 1.4% | ||||
10,038 | Adyen NV, 144a* | 7,442,516 | ||
Health Care — 2.1% | ||||
565,694 | Koninklijke Philips NV* | 11,286,870 | ||
Total Netherlands | 41,528,598 | |||
Germany — 7.7% | ||||
Communication Services — 2.6% | ||||
649,213 | Deutsche Telekom AG | 13,618,415 | ||
Health Care — 2.0% | ||||
63,359 | Merck KGaA | 10,562,409 | ||
Industrials — 3.1% | ||||
406,235 | Deutsche Post AG | 16,483,203 | ||
Total Germany | 40,664,027 |
Shares | Market Value | |||
Switzerland — 4.5% | ||||
Health Care — 2.6% | ||||
49,866 | Roche Holding AG | $ 13,613,473 | ||
Industrials — 1.9% | ||||
287,369 | ABB Ltd. ADR | 10,227,463 | ||
Total Switzerland | 23,840,936 | |||
India — 4.0% | ||||
Financials — 4.0% | ||||
927,650 | ICICI Bank Ltd. ADR | 21,447,268 | ||
Singapore — 3.8% | ||||
Financials — 2.9% | ||||
1,672,600 | Oversea-Chinese Banking Corp. Ltd. | 15,642,246 | ||
Real Estate — 0.9% | ||||
3,487,200 | CapitaLand Integrated Commercial Trust REIT | 4,706,034 | ||
Total Singapore | 20,348,280 | |||
South Korea — 3.7% | ||||
Communication Services — 3.1% | ||||
431,999 | KT Corp. ADR† | 5,538,227 | ||
452,638 | KT Corp. | 11,145,708 | ||
Information Technology — 0.6% | ||||
7,642 | Samsung SDI Co. Ltd. | 2,888,008 | ||
Total South Korea | 19,571,943 | |||
Taiwan — 3.5% | ||||
Information Technology — 3.5% | ||||
213,000 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 18,509,700 | ||
United States — 3.2% | ||||
Industrials — 3.2% | ||||
103,447 | Schneider Electric SE | 17,047,258 | ||
Ireland — 2.8% | ||||
Industrials — 2.8% | ||||
240,883 | AerCap Holdings N.V.* | 15,096,138 | ||
Spain — 2.0% | ||||
Consumer Discretionary — 2.0% | ||||
179,669 | Amadeus IT Group SA | 10,852,492 | ||
Canada — 2.0% | ||||
Financials — 0.9% | ||||
32,334 | Intact Financial Corp. | 4,713,991 | ||
Industrials — 1.1% | ||||
133,057 | ATS Corp.* | 5,672,005 | ||
Total Canada | 10,385,996 | |||
Hong Kong — 1.6% | ||||
Financials — 1.6% | ||||
1,025,800 | AIA Group Ltd. | 8,295,795 | ||
Denmark — 1.2% | ||||
Industrials — 1.2% | ||||
299,127 | Vestas Wind Systems A/S* | 6,399,490 | ||
Thailand — 0.9% | ||||
Industrials — 0.9% | ||||
2,342,300 | Airports of Thailand PCL* | 4,481,323 | ||
Chile — 0.8% | ||||
Industrials — 0.8% | ||||
72,547 | Sociedad Quimica y Minera de Chile SA ADR† | 4,328,879 | ||
Total Common Stocks | $527,396,383 |
Shares | Market Value | |||
Short-Term Investment Funds — 2.2% | ||||
3,307,688 | Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω | $ 3,307,688 | ||
8,286,407 | Invesco Government & Agency Portfolio, Institutional Class, 5.26%∞Ω** | 8,286,407 | ||
Total Short-Term Investment Funds | $11,594,095 | |||
Total Investment Securities — 101.5% (Cost $484,016,097) | $538,990,478 | |||
Liabilities in Excess of Other Assets — (1.5)% | (7,919,878) | |||
Net Assets — 100.0% | $531,070,600 |
* | Non-income producing security. |
** | Represents collateral for securities loaned. |
† | All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2023 was $8,201,977. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2023. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
PCL – Public Company Limited |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2023, these securities were valued at $7,442,516 or 1.4% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Valuation inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Japan | $— | $88,581,891 | $— | $88,581,891 |
United Kingdom | — | 73,817,110 | — | 73,817,110 |
France | 12,697,533 | 45,329,859 | — | 58,027,392 |
Sweden | — | 44,171,867 | — | 44,171,867 |
Netherlands | 22,799,212 | 18,729,386 | — | 41,528,598 |
Germany | — | 40,664,027 | — | 40,664,027 |
Switzerland | 10,227,463 | 13,613,473 | — | 23,840,936 |
India | 21,447,268 | — | — | 21,447,268 |
Singapore | — | 20,348,280 | — | 20,348,280 |
South Korea | 5,538,227 | 14,033,716 | — | 19,571,943 |
Taiwan | 18,509,700 | — | — | 18,509,700 |
United States | — | 17,047,258 | — | 17,047,258 |
Ireland | 15,096,138 | — | — | 15,096,138 |
Spain | — | 10,852,492 | — | 10,852,492 |
Canada | 10,385,996 | — | — | 10,385,996 |
Hong Kong | — | 8,295,795 | — | 8,295,795 |
Denmark | — | 6,399,490 | — | 6,399,490 |
Thailand | — | 4,481,323 | — | 4,481,323 |
Chile | 4,328,879 | — | — | 4,328,879 |
Short-Term Investment Funds | 11,594,095 | — | — | 11,594,095 |
Total | $132,624,511 | $406,365,967 | $— | $538,990,478 |
Shares | Market Value | |||
Common Stocks — 96.5% | ||||
India — 32.9% | ||||
Consumer Discretionary — 5.7% | ||||
7,188,748 | Jubilant Foodworks Ltd. | $ 46,015,701 | ||
2,116,458 | Titan Co. Ltd. | 80,059,352 | ||
Consumer Staples — 3.8% | ||||
1,546,131 | Britannia Industries Ltd. | 84,434,326 | ||
Energy — 2.5% | ||||
2,007,754 | Reliance Industries Ltd. | 56,527,657 | ||
Financials — 13.7% | ||||
1,439,419 | Bajaj Finance Ltd. | 135,015,411 | ||
8,432,899 | Bandhan Bank Ltd., 144a | 25,469,122 | ||
5,062,832 | HDFC Bank Ltd. | 92,851,908 | ||
7,492,951 | ICICI Prudential Life Insurance Co. Ltd., 144a | 50,994,792 | ||
Health Care — 3.9% | ||||
1,418,056 | Apollo Hospitals Enterprise Ltd. | 87,562,878 | ||
Information Technology — 1.2% | ||||
630,976 | Tata Consultancy Services Ltd. | 26,716,910 | ||
Materials — 2.1% | ||||
1,236,140 | Asian Paints Ltd. | 46,983,695 | ||
Total India | 732,631,752 | |||
Brazil — 19.0% | ||||
Consumer Discretionary — 6.5% | ||||
113,556 | MercadoLibre, Inc.* | 143,975,381 | ||
Consumer Staples — 2.3% | ||||
9,456,756 | Raia Drogasil SA | 51,944,382 | ||
Financials — 6.5% | ||||
10,622,670 | NU Holdings Ltd. - Class A* | 77,014,358 | ||
2,965,845 | XP, Inc. - Class A | 68,362,727 | ||
Industrials — 3.7% | ||||
4,148,715 | Localiza Rent a Car SA | 48,448,652 | ||
4,778,000 | WEG SA | 34,543,080 | ||
Total Brazil | 424,288,580 | |||
China — 16.6% | ||||
Communication Services — 4.6% | ||||
1,499,501 | Kanzhun Ltd. ADR* | 22,747,430 | ||
2,053,342 | Tencent Holdings Ltd. | 79,595,666 | ||
Consumer Discretionary — 6.5% | ||||
3,507,474 | Alibaba Group Holding Ltd.* | 38,028,687 | ||
6,518,723 | ANTA Sports Products Ltd. | 72,940,230 | ||
12,823,000 | Haidilao International Holding Ltd., 144a | 34,190,409 | ||
Consumer Staples — 1.7% | ||||
7,340,767 | Foshan Haitian Flavouring & Food Co. Ltd. - Class A | 38,449,515 | ||
Health Care — 2.7% | ||||
4,320,042 | Hangzhou Tigermed Consulting Co. Ltd. Class H, 144a | 22,673,332 | ||
6,600,510 | Wuxi Biologics Cayman, Inc., 144a* | 38,361,227 | ||
Industrials — 1.1% | ||||
836,394 | Contemporary Amperex Technology Co. Ltd. - Class A | 23,362,739 | ||
Total China | 370,349,235 | |||
Taiwan — 5.4% | ||||
Information Technology — 5.4% | ||||
1,376,888 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 119,651,567 |
Shares | Market Value | |||
Singapore — 3.4% | ||||
Communication Services — 3.4% | ||||
1,714,999 | Sea Ltd. ADR* | $ 75,374,206 | ||
Indonesia — 3.1% | ||||
Financials — 3.1% | ||||
121,676,900 | Bank Central Asia Tbk PT | 69,323,579 | ||
Hong Kong — 3.1% | ||||
Financials — 3.1% | ||||
8,486,731 | AIA Group Ltd. | 68,633,441 | ||
Argentina — 3.1% | ||||
Information Technology — 3.1% | ||||
346,586 | Globant SA* | 68,572,040 | ||
United States — 2.9% | ||||
Information Technology — 2.9% | ||||
102,140 | Lam Research Corp. | 64,018,288 | ||
South Korea — 2.7% | ||||
Consumer Discretionary — 1.8% | ||||
2,399,402 | Coupang, Inc.* | 40,789,834 | ||
Information Technology — 0.9% | ||||
52,294 | Samsung SDI Co. Ltd. | 19,762,564 | ||
Total South Korea | 60,552,398 | |||
Kazakhstan — 2.2% | ||||
Financials — 2.2% | ||||
503,023 | Kaspi.KZ JSC GDR | 48,692,627 | ||
Poland — 1.2% | ||||
Consumer Staples — 1.2% | ||||
345,919 | Dino Polska SA, 144a* | 28,034,527 | ||
Netherlands — 0.9% | ||||
Information Technology — 0.9% | ||||
35,382 | ASML Holding NV | 20,827,968 | ||
Total Common Stocks | $2,150,950,208 |
Number of Rights | ||||
Rights — 0.0% | ||||
Brazil — 0.0% | ||||
Industrials — 0.0% | ||||
30,421 | Localiza Rent a Car SA* | 96,833 | ||
Total Rights | $96,833 |
Shares | ||||
Short-Term Investment Fund — 3.9% | ||||
87,583,238 | Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω | 87,583,238 | ||
Total Investment Securities — 100.4% (Cost $1,947,912,250) | $2,238,630,279 | |||
Liabilities in Excess of Other Assets — (0.4)% | (9,894,741) | |||
Net Assets — 100.0% | $2,228,735,538 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2023. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
GDR – Global Depositary Receipt |
JSC – Joint Stock Company |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2023, these securities were valued at $199,723,409 or 9.0% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Valuation inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
India | $— | $732,631,752 | $— | $732,631,752 |
Brazil | 424,288,580 | — | — | 424,288,580 |
China | 45,420,762 | 324,928,473 | — | 370,349,235 |
Taiwan | 119,651,567 | — | — | 119,651,567 |
Singapore | 75,374,206 | — | — | 75,374,206 |
Indonesia | — | 69,323,579 | — | 69,323,579 |
Hong Kong | — | 68,633,441 | — | 68,633,441 |
Argentina | 68,572,040 | — | — | 68,572,040 |
United States | 64,018,288 | — | — | 64,018,288 |
South Korea | 40,789,834 | 19,762,564 | — | 60,552,398 |
Kazakhstan | 48,692,627 | — | — | 48,692,627 |
Poland | — | 28,034,527 | — | 28,034,527 |
Netherlands | 20,827,968 | — | — | 20,827,968 |
Rights | — | 96,833 | — | 96,833 |
Short-Term Investment Fund | 87,583,238 | — | — | 87,583,238 |
Total | $995,219,110 | $1,243,411,169 | $— | $2,238,630,279 |
Principal Amount | Market Value | |||
Corporate Bonds — 44.9% | ||||
Financials — 9.4% | ||||
$ 1,657,000 | Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | $ 1,182,533 | ||
1,971,000 | Barclays PLC (United Kingdom), 2.894%, 11/24/32 | 1,483,727 | ||
818,000 | Charles Schwab Corp. (The), Ser H, 4.000%(A) | 576,861 | ||
1,421,000 | Citigroup, Inc., Ser W, 4.000%(A) | 1,242,522 | ||
1,321,000 | Corestates Capital III, 144a, (TSFR3M + 0.832%), 6.196%, 2/15/27(B) | 1,260,187 | ||
1,199,000 | First Maryland Capital II, (TSFR3M + 1.112%), 6.484%, 2/1/27(B) | 1,079,468 | ||
343,000 | FirstCash, Inc., 144a, 4.625%, 9/1/28 | 303,964 | ||
675,000 | goeasy Ltd. (Canada), 144a, 5.375%, 12/1/24 | 661,859 | ||
1,930,000 | Golub Capital BDC, Inc., 2.050%, 2/15/27 | 1,625,494 | ||
634,000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.250%, 5/15/27 | 557,273 | ||
1,420,000 | Morgan Stanley, 5.297%, 4/20/37 | 1,267,374 | ||
688,000 | OneMain Finance Corp., 9.000%, 1/15/29 | 685,778 | ||
1,818,000 | PNC Capital Trust, (TSFR3M + 0.832%), 6.241%, 6/1/28(B) | 1,709,177 | ||
589,000 | PRA Group, Inc., 144a, 7.375%, 9/1/25 | 573,542 | ||
697,000 | Prudential Financial, Inc., 5.125%, 3/1/52 | 600,007 | ||
890,000 | Sabra Health Care LP REIT, 3.900%, 10/15/29 | 739,187 | ||
1,824,000 | Sixth Street Specialty Lending, Inc., 2.500%, 8/1/26 | 1,609,035 | ||
1,824,000 | Truist Bank, Ser A, (TSFR3M + 0.932%), 6.300%, 5/15/27(B) | 1,694,594 | ||
18,852,582 | ||||
Consumer Discretionary — 6.5% | ||||
1,397,000 | Brunswick Corp., 4.400%, 9/15/32 | 1,136,924 | ||
633,000 | Carriage Services, Inc., 144a, 4.250%, 5/15/29 | 541,581 | ||
315,000 | Ford Motor Co., 4.750%, 1/15/43 | 229,935 | ||
460,000 | Ford Motor Credit Co. LLC, 4.125%, 8/17/27 | 418,190 | ||
810,000 | Forestar Group, Inc., 144a, 3.850%, 5/15/26 | 735,231 | ||
896,000 | Gap, Inc. (The), 144a, 3.625%, 10/1/29 | 662,962 | ||
730,000 | GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC (United Arab Emirates), 7.125%, 7/31/26 | 707,909 | ||
2,034,000 | General Motors Financial Co., Inc., 3.100%, 1/12/32 | 1,578,467 | ||
1,155,000 | GENM Capital Labuan Ltd. (Malaysia), 144a, 3.882%, 4/19/31 | 903,964 | ||
814,000 | Mattel, Inc., 5.450%, 11/1/41 | 671,682 | ||
757,000 | MGM China Holdings Ltd. (Macao), 144a, 5.375%, 5/15/24 | 746,281 | ||
628,000 | Royal Caribbean Cruises Ltd., 144a, 5.375%, 7/15/27 | 581,207 | ||
660,000 | Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | 598,950 | ||
1,629,000 | Toll Brothers Finance Corp., 3.800%, 11/1/29 | 1,420,958 | ||
355,000 | Warnermedia Holdings, Inc., 4.279%, 3/15/32 | 301,379 | ||
1,636,000 | Warnermedia Holdings, Inc., 5.141%, 3/15/52 | 1,213,405 | ||
661,000 | Wynn Macau Ltd. (Macao), 144a, 4.875%, 10/1/24 | 643,727 | ||
13,092,752 | ||||
Energy — 5.5% | ||||
1,000,000 | Aker BP ASA (Norway), 144a, 6.000%, 6/13/33 | 966,747 | ||
624,000 | Baytex Energy Corp. (Canada), 144a, 8.500%, 4/30/30 | 631,260 | ||
459,000 | Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37 | 411,017 | ||
616,000 | Civitas Resources, Inc., 144a, 8.375%, 7/1/28 | 626,780 | ||
735,000 | CQP Holdco LP / BIP-V Chinook Holdco LLC, 144a, 5.500%, 6/15/31 | 651,449 | ||
630,000 | Ecopetrol SA (Colombia), 8.625%, 1/19/29 | 632,813 | ||
171,000 | Genesis Energy LP / Genesis Energy Finance Corp., 6.500%, 10/1/25 | 168,055 | ||
201,000 | Genesis Energy LP / Genesis Energy Finance Corp., 8.000%, 1/15/27 | 193,730 |
Principal Amount | Market Value | |||
Energy — (Continued) | ||||
$ 149,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | $ 134,549 | ||
433,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 2/1/31 | 380,983 | ||
612,604 | MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | 469,800 | ||
405,000 | Mesquite Energy, Inc., 7.250%, 2/15/24 | 35,438 | ||
1,619,000 | Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 | 1,479,984 | ||
1,130,000 | NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | 1,162,658 | ||
784,000 | Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | 671,533 | ||
350,000 | Petroleos Mexicanos (Mexico), 6.375%, 1/23/45 | 204,401 | ||
750,000 | Petroleos Mexicanos (Mexico), 6.625%, 6/15/35 | 502,402 | ||
804,000 | Plains All American Pipeline LP, (TSFR3M + 4.372%), 9.736%(A)(B) | 757,964 | ||
635,000 | Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | 600,536 | ||
330,292 | YPF SA (Argentina), 9.000%, 2/12/26(B)(C) | 319,341 | ||
11,001,440 | ||||
Utilities — 5.3% | ||||
1,636,000 | CMS Energy Corp., 4.750%, 6/1/50 | 1,395,606 | ||
1,155,000 | Edison International, 4.125%, 3/15/28 | 1,064,026 | ||
1,075,000 | Edison International, Ser B, 5.000%(A) | 918,752 | ||
600,000 | Eskom Holdings SOC Ltd. (South Africa), 144a, 8.450%, 8/10/28 | 569,280 | ||
554,000 | FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44 | 484,735 | ||
1,345,000 | Minejesa Capital BV (Indonesia), 4.625%, 8/10/30 | 1,195,032 | ||
1,395,000 | NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.387%), 7.796%, 6/15/67(B) | 1,273,144 | ||
1,155,000 | Pacific Gas & Electric Co., 2.500%, 2/1/31 | 878,902 | ||
1,110,000 | PPL Capital Funding, Inc., Ser A, (TSFR3M + 2.927%), 8.317%, 3/30/67(B) | 1,015,858 | ||
1,979,000 | WEC Energy Group, Inc., (TSFR3M + 2.374%), 7.739%, 5/15/67(B) | 1,771,234 | ||
10,566,569 | ||||
Industrials — 5.0% | ||||
345,000 | Adani Ports & Special Economic Zone Ltd. (India), 3.375%, 7/24/24 | 334,310 | ||
726,000 | Amsted Industries, Inc., 144a, 4.625%, 5/15/30 | 614,733 | ||
773,000 | Boeing Co. (The), 5.805%, 5/1/50 | 704,562 | ||
948,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25 | 874,514 | ||
1,190,000 | Cemex SAB de CV (Mexico), 144a, 5.125%(A) | 1,114,188 | ||
686,000 | Cimpress PLC (Ireland), 7.000%, 6/15/26 | 642,034 | ||
635,000 | Fortress Transportation & Infrastructure Investors LLC, 144a, 6.500%, 10/1/25 | 624,084 | ||
715,000 | IHS Holding Ltd. (Nigeria), 5.625%, 11/29/26 | 588,316 | ||
784,000 | Imola Merger Corp., 144a, 4.750%, 5/15/29 | 687,156 | ||
7,000 | Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC, 144a, 4.000%, 10/15/27 | 6,212 | ||
869,000 | Stericycle, Inc., 144a, 3.875%, 1/15/29 | 749,382 | ||
812,000 | TK Elevator Holdco GmbH (Germany), 144a, 7.625%, 7/15/28 | 739,037 | ||
813,000 | TransDigm, Inc., 144a, 6.250%, 3/15/26 | 801,200 | ||
1,716,000 | Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | 1,542,228 | ||
10,021,956 | ||||
Communication Services — 3.9% | ||||
473,000 | Belo Corp., 7.750%, 6/1/27 | 470,162 | ||
900,000 | Block Communications, Inc., 144a, 4.875%, 3/1/28 | 744,750 | ||
1,023,000 | British Telecommunications PLC (United Kingdom), 5.125%, 12/4/28 | 983,836 |
Principal Amount | Market Value | |||
Corporate Bonds — 44.9% (Continued) | ||||
Communication Services — (Continued) | ||||
$ 809,000 | British Telecommunications PLC (United Kingdom), 144a, 3.250%, 11/8/29 | $ 698,481 | ||
808,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 643,171 | ||
1,417,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | 1,237,208 | ||
1,038,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 551,874 | ||
1,056,000 | Gray Escrow II, Inc., 144a, 5.375%, 11/15/31 | 691,091 | ||
1,279,000 | Paramount Global, 4.200%, 5/19/32 | 1,017,071 | ||
814,000 | Stagwell Global, 144a, 5.625%, 8/15/29 | 657,305 | ||
7,694,949 | ||||
Consumer Staples — 2.4% | ||||
950,000 | Coruripe Netherlands BV (Brazil), 144a, 10.000%, 2/10/27 | 695,875 | ||
697,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.500%, 12/1/52 | 625,025 | ||
1,376,000 | Philip Morris International, Inc., 5.375%, 2/15/33 | 1,304,638 | ||
1,002,000 | QVC, Inc., 4.375%, 9/1/28 | 526,832 | ||
292,000 | Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 144a, 4.625%, 3/1/29 | 239,539 | ||
632,000 | Turning Point Brands, Inc., 144a, 5.625%, 2/15/26 | 587,697 | ||
815,000 | Ulker Biskuvi Sanayi AS (Turkey), 144a, 6.950%, 10/30/25 | 763,573 | ||
4,743,179 | ||||
Health Care — 2.2% | ||||
1,259,000 | CVS Health Corp., 5.050%, 3/25/48 | 1,048,644 | ||
807,000 | Herbalife Nutrition Ltd. / HLF Financing, Inc., 144a, 7.875%, 9/1/25 | 769,232 | ||
860,000 | Medline Borrower LP, 144a, 3.875%, 4/1/29 | 727,112 | ||
862,000 | MEDNAX, Inc., 144a, 5.375%, 2/15/30† | 759,172 | ||
1,470,000 | Viatris, Inc., 2.700%, 6/22/30 | 1,149,300 | ||
4,453,460 | ||||
Real Estate — 2.0% | ||||
669,000 | Kilroy Realty LP REIT, 2.650%, 11/15/33 | 452,030 | ||
725,000 | Kilroy Realty LP REIT, 3.050%, 2/15/30 | 569,713 | ||
647,000 | RHP Hotel Properties LP / RHP Finance Corp. REIT, 144a, 4.500%, 2/15/29 | 553,280 | ||
1,024,000 | SBA Tower Trust REIT, 144a, 6.599%, 1/15/28 | 1,026,880 | ||
2,068,000 | STORE Capital Corp. REIT, 2.750%, 11/18/30 | 1,481,368 | ||
4,083,271 | ||||
Information Technology — 1.4% | ||||
1,326,000 | Micron Technology, Inc., 2.703%, 4/15/32 | 1,012,838 | ||
586,000 | Micron Technology, Inc., 6.750%, 11/1/29 | 594,953 | ||
594,000 | Open Text Corp. (Canada), 144a, 3.875%, 12/1/29 | 488,279 | ||
806,000 | Xerox Holdings Corp., 144a, 5.000%, 8/15/25 | 765,604 | ||
2,861,674 | ||||
Materials — 1.3% | ||||
693,000 | Braskem Idesa SAPI (Mexico), 144a, 6.990%, 2/20/32 | 416,661 | ||
723,000 | Braskem Netherlands Finance BV (Brazil), 144a, 7.250%, 2/13/33 | 666,287 | ||
1,502,000 | Celanese US Holdings LLC, 6.165%, 7/15/27 | 1,481,249 | ||
2,564,197 | ||||
Total Corporate Bonds | $89,936,029 | |||
U.S. Treasury Obligations — 23.1% | ||||
9,110,000 | U.S. Treasury Bond, 2.375%, 2/15/42 | 6,291,950 | ||
7,000,000 | U.S. Treasury Bond, 3.875%, 5/15/43 | 6,081,250 | ||
5,440,000 | U.S. Treasury Bond, 4.000%, 11/15/52 | 4,816,525 |
Principal Amount | Market Value | |||
U.S. Treasury Obligations — 23.1% (Continued) | ||||
$11,847,503 | U.S. Treasury Inflation Indexed Note, 1.250%, 4/15/28 | $ 11,267,507 | ||
11,549,932 | U.S. Treasury Inflation Indexed Note, 1.375%, 7/15/33 | 10,678,949 | ||
3,290,816 | U.S. Treasury Inflation Indexed Note, 1.500%, 2/15/53 | 2,712,545 | ||
4,470,000 | U.S. Treasury Note, 4.000%, 2/29/28 | 4,355,282 | ||
Total U.S. Treasury Obligations | $46,204,008 | |||
Asset-Backed Securities — 12.1% | ||||
2,000,000 | AB BSL CLO 3, Ltd. (Cayman Islands), Ser 2021-3A, Class D, 144a, (TSFR3M + 3.462%), 8.788%, 10/20/34(B) | 1,952,212 | ||
2,561,000 | AB Issuer LLC, Ser 2021-1, Class A2, 144a, 3.734%, 7/30/51 | 2,131,356 | ||
2,250,000 | Birch Grove CLO 2, Ltd. (Cayman Islands), Ser 2021-2A, Class C, 144a, (TSFR3M + 2.512%), 7.832%, 10/19/34(B) | 2,180,808 | ||
2,639,250 | Hardee's Funding LLC, Ser 2021-1A, Class A2, 144a, 2.865%, 6/20/51 | 2,072,862 | ||
2,100,000 | Medalist Partners Corporate Finance CLO VI, Ltd. (Cayman Islands), Ser 2020-1A, Class B, 144a, (TSFR3M + 2.962%), 8.270%, 4/17/33(B) | 2,043,966 | ||
2,541,500 | Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | 2,118,612 | ||
2,250,000 | New Mountain CLO 3, Ltd. (Cayman Islands), Ser CLO-3A, Class C, 144a, (TSFR3M + 2.362%), 7.688%, 10/20/34(B) | 2,209,203 | ||
2,250,000 | Palmer Square CLO, Ltd. (Cayman Islands), Ser 2021-4A, Class D, 144a, (TSFR3M + 3.212%), 8.520%, 10/15/34(B) | 2,164,255 | ||
2,417,000 | STWD, Ltd. (Cayman Islands), Ser 2021-FL2, Class D, 144a, (TSFR1M + 2.914%), 8.245%, 4/18/38(B) | 2,093,173 | ||
3,300,000 | TRTX Issuer, Ltd. (Cayman Islands), Ser 2019-FL3, Class C, 144a, (TSFR1M + 2.214%), 7.547%, 10/15/34(B) | 3,146,780 | ||
2,250,000 | Whitebox CLO I, Ltd. (Cayman Islands), Ser 2019-1A, Class BR, 144a, (TSFR3M + 2.312%), 7.657%, 7/24/32(B) | 2,223,688 | ||
Total Asset-Backed Securities | $24,336,915 | |||
Non-Agency Collateralized Mortgage Obligations — 4.8% | ||||
1,405,000 | Connecticut Avenue Securities Trust, Ser 2022-R04, Class 1M2, 144a, (SOFR30A + 3.10%), 8.415%, 3/25/42(B) | 1,425,204 | ||
3,250,000 | Freddie Mac STACR REMIC Trust, Ser 2022-DNA3, Class M1B, 144a, (SOFR30A + 2.900%), 8.215%, 4/25/42(B) | 3,319,775 | ||
3,750,000 | Mill City Mortgage Loan Trust, Ser 2017-2, Class B2, 144a, 4.260%, 7/25/59(B)(C) | 2,987,577 | ||
2,375,000 | Towd Point Mortgage Trust, Ser 2015-2, Class 1B3, 144a, 3.627%, 11/25/60(B)(C) | 1,905,647 | ||
Total Non-Agency Collateralized Mortgage Obligations | $9,638,203 |
Shares | ||||
Common Stocks — 4.2% | ||||
Financials — 1.6% | ||||
19,200 | Bank of America Corp. | 525,696 | ||
1,704 | Goldman Sachs Group, Inc. (The) | 551,363 | ||
44 | Hi-Crush, Inc.(D)* | 2,062,686 | ||
3,139,745 |
Shares | MarketValue | |||
Common Stocks — 4.2% (Continued) | ||||
Information Technology — 0.6% | ||||
4,352 | International Business Machines Corp. | $ 610,586 | ||
3,439 | Texas Instruments, Inc. | 546,835 | ||
1,157,421 | ||||
Industrials — 0.5% | ||||
1,351 | Lockheed Martin Corp. | 552,505 | ||
6,936 | RTX Corp. | 499,184 | ||
1,051,689 | ||||
Energy — 0.3% | ||||
5,698 | Exxon Mobil Corp. | 669,971 | ||
Communication Services — 0.3% | ||||
41,944 | AT&T, Inc. | 629,999 | ||
Consumer Staples — 0.3% | ||||
6,351 | Philip Morris International, Inc. | 587,976 | ||
Health Care — 0.3% | ||||
3,626 | Johnson & Johnson | 564,749 | ||
Materials — 0.3% | ||||
39,560 | Covia* | 527,453 | ||
Total Common Stocks | $8,329,003 |
Principal Amount | ||||
Commercial Mortgage-Backed Securities — 3.7% | ||||
$ 2,700,000 | BX Commercial Mortgage Trust, Ser 2020-VIV2, Class C, 144a, 3.660%, 3/9/44(B)(C) | 2,202,571 | ||
5,000,000 | CGMS Commercial Mortgage Trust, Ser 2017-B1, Class D, 144a, 3.000%, 8/15/50 | 3,102,186 | ||
2,202,000 | GS Mortgage Securities Corp. Trust, Ser 2017-SLP, Class E, 144a, 4.744%, 10/10/32(B)(C) | 2,078,529 | ||
Total Commercial Mortgage-Backed Securities | $7,383,286 | |||
Sovereign Government Obligations — 2.7% | ||||
850,000 | Angolan Government International Bond, 144a, 8.000%, 11/26/29 | 698,433 | ||
697,000 | Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | 573,447 | ||
1,350,000 | Dominican Republic International Bond, 4.875%, 9/23/32 | 1,095,841 | ||
1,000,000 | Egypt Government International Bond, 8.500%, 1/31/47 | 531,180 | ||
705,000 | Gabon Government International Bond, 144a, 6.625%, 2/6/31 | 522,581 | ||
1,350,000 | Ghana Government International Bond, 144a, 8.627%, 6/16/49 | 570,488 | ||
650,000 | Republic of Uzbekistan International Bond, 144a, 3.700%, 11/25/30 | 507,000 | ||
900,000 | Serbia International Bond, 2.125%, 12/1/30 | 659,785 | ||
200,000 | Ukraine Government International Bond, 144a, 7.253%, 3/15/35 | 51,971 | ||
1,020,000 | Ukraine Government International Bond, 7.253%, 3/15/35 | 265,053 | ||
Total Sovereign Government Obligations | $5,475,779 | |||
Agency Collateralized Mortgage Obligations — 0.5% | ||||
24,240,460 | FRESB Mortgage Trust, Ser 2020-SB78, Class X1, 1.248%, 6/25/40(B)(C)(E) | 914,799 |
Number of Rights | ||||
Rights — 0.0% | ||||
Energy — 0.0% | ||||
27,942 | Vistra Energy Corp. Tax Return Rights, 12/6/26* | 32,552 |
Shares | MarketValue | |||
Preferred Stocks — 0.0% | ||||
Financials — 0.0% | ||||
95,203 | First Republic Bank, Ser K, 13.930%(A) | $ 19 | ||
Short-Term Investment Funds — 2.9% | ||||
5,612,788 | Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω | 5,612,788 | ||
210,210 | Invesco Government & Agency Portfolio, Institutional Class, 5.26%∞Ω** | 210,210 | ||
Total Short-Term Investment Funds | $5,822,998 | |||
Total Investment Securities—98.9% (Cost $222,416,215) | $198,073,591 | |||
Other Assets in Excess of Liabilities — 1.1% | 2,229,326 | |||
Net Assets — 100.0% | $200,302,917 |
(A) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
(B) | Variable rate security - Rate reflected is the rate in effect as of September 30, 2023. |
(C) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(D) | Level 3- For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements. |
(E) | Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding. |
* | Non-income producing security. |
** | Represents collateral for securities loaned. |
† | All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2023 was $203,444. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2023. |
Portfolio Abbreviations: |
CLO – Collateralized Loan Obligation |
FRESB – Freddie Mac Multifamily Securitization Small Balance Loan |
ICE – Intercontinental Exchange, Inc. |
LLC – Limited Liability Company |
LP – Limited Partnership |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
REMIC – Real Estate Mortgage Investment Conduit |
SOC – State-Owned Company |
SOFR30A – Secured Overnight Financing Rate 30 Day Average |
STACR – Structured Agency Credit Risk |
TSFR1M – One Month Term Secured Overnight Financing Rate |
TSFR3M – Three Month Term Secured Overnight Financing Rate |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2023, these securities were valued at $81,524,670 or 40.7% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Corporate Bonds | $— | $89,936,029 | $— | $89,936,029 |
U.S. Treasury Obligations | — | 46,204,008 | — | 46,204,008 |
Asset-Backed Securities | — | 24,336,915 | — | 24,336,915 |
Non-Agency Collateralized Mortgage Obligations | — | 9,638,203 | — | 9,638,203 |
Common Stocks | 5,738,864 | 527,453 | 2,062,686 | 8,329,003 |
Commercial Mortgage-Backed Securities | — | 7,383,286 | — | 7,383,286 |
Sovereign Government Obligations | — | 5,475,779 | — | 5,475,779 |
Agency Collateralized Mortgage Obligations | — | 914,799 | — | 914,799 |
Rights | — | 32,552 | — | 32,552 |
Preferred Stocks | 19 | — | — | 19 |
Short-Term Investment Funds | 5,822,998 | — | — | 5,822,998 |
Total Assets | $11,561,881 | $184,449,024 | $2,062,686 | $198,073,591 |
Liabilities: | ||||
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | $— | $(29,068) | $— | $(29,068) |
Futures | ||||
Interest rate contracts | (107,812) | — | — | (107,812) |
Total Liabilities | $(107,812) | $(29,068) | $— | $(136,880) |
Total | $11,454,069 | $184,419,956 | $2,062,686 | $197,936,711 |
Measurements Using Unobservable Inputs (Level 3) | |
Assets | Common Stocks |
Beginning balance, March 31, 2023 | $1,662,191 |
Change in unrealized appreciation (depreciation) | 400,495 |
Ending balance, September 30, 2023 | $2,062,686 |
Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at September 30, 2023 | $400,495 |
Common Stocks | Fair Value | Valuation Technique | Unobservable Input | Value or range of input | Impact to valuation from an increase to the input |
Hi-Crush, Inc. | $2,062,686 | Market Approach | Transaction Price | $47,500 | N/A |
Description | Expiration Date | Number of Contracts | Notional Value | Unrealized Depreciation |
Long Futures: | ||||
2-Year U.S. Treasury Note | 12/29/2023 | 158 | $32,028,328 | $(107,812) |
Counterparty | Termination Date | Notional Amount(2) | Pay Fixed Rate | Clearinghouse | Underlying Bond | Value(3) | Premiums Paid/ (Received) | Unrealized Depreciation |
Buy Protection: | ||||||||
Wells Fargo | 6/20/28 | $9,345,000 | 5.000% | ICE | Markit CDX North America High Yield Series 40 5Y Index | $(146,472) | $(117,404) | $(29,068) |
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(3) | The quoted market prices and resulting values for credit default swap agreements on the underlying bond serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
Touchstone Flexible Income Fund | Touchstone Focused Fund | Touchstone Growth Opportunities Fund | Touchstone Mid Cap Growth Fund | Touchstone Non-US ESG Equity Fund | Touchstone Sands Capital Emerging Markets Growth Fund | Touchstone Strategic Income Opportunities Fund | |
Assets | |||||||
Investments, at cost | $999,877,567 | $656,666,637 | $82,913,476 | $895,423,563 | $484,016,097 | $1,947,912,250 | $222,416,215 |
Investments, at market value * | $917,132,400 | $1,099,057,743 | $127,606,874 | $1,064,439,970 | $538,990,478 | $2,238,630,279 | $198,073,591 |
Cash | 12,306,268 | — | — | — | — | — | — |
Cash deposits held at prime broker (A) | 7,082,067 | — | — | — | — | — | 914,930 |
Foreign currency † | — | — | — | — | 29,915 | 8,860,519 | 114 |
Dividends and interest receivable | 7,132,415 | 736,623 | 60,293 | 111,199 | 783,800 | 1,234,705 | 2,017,052 |
Receivable for capital shares sold | 1,359,716 | 1,070,655 | 9,394 | 1,708,010 | 97,749 | 4,285,788 | 45,680 |
Receivable for investments sold | 13,349,172 | — | 568,131 | 6,941,316 | — | 17,815,343 | — |
Receivable for variation margin on futures contracts | — | — | — | — | — | — | 19,564 |
Receivable for securities lending income | 37,848 | 253 | 42 | 568 | — | 21,111 | 727 |
Tax reclaim receivable | — | — | — | — | 385,352 | 18,843 | — |
Other assets | 27,995 | 19,737 | 13,837 | 18,842 | 17,455 | 26,401 | 16,690 |
Total Assets | 958,427,881 | 1,100,885,011 | 128,258,571 | 1,073,219,905 | 540,304,749 | 2,270,892,989 | 201,088,348 |
Liabilities | |||||||
Due to custodian | — | — | — | — | — | 14,068 | 10,615 |
Payable for return of collateral for securities on loan | 6,734,614 | — | — | 2,477,989 | 8,286,407 | — | 210,210 |
Deferred foreign capital gains tax | — | — | — | — | — | 16,934,799 | — |
Payable for capital shares redeemed | 2,370,765 | 1,505,864 | 25,396 | 1,880,781 | 269,558 | 2,503,549 | 122,931 |
Payable for investments purchased | 14,963,123 | — | 2,196,573 | 3,246,487 | — | 19,849,365 | — |
Payable to Investment Adviser | 409,533 | 579,677 | 68,709 | 615,873 | 283,552 | 1,856,579 | 82,639 |
Payable to other affiliates | 149,962 | 152,428 | 21,583 | 183,380 | 152,285 | 260,422 | 44,699 |
Payable to Trustees | 13,159 | 13,159 | 13,159 | 13,159 | 13,159 | 13,159 | 13,159 |
Payable for professional services | 31,855 | 35,173 | 19,018 | 36,985 | 29,512 | 82,084 | 17,565 |
Payable for reports to shareholders | 1,671 | 10,058 | 1,352 | 37,017 | 1,679 | 39,756 | 3,388 |
Payable for transfer agent services | 311,085 | 358,123 | 35,744 | 505,158 | 184,469 | 558,295 | 106,670 |
Payable for variation margin on swap agreements | 1,097,169 | — | — | — | — | — | 146,472 |
Other accrued expenses and liabilities | 120,179 | 6,880 | 13,756 | 13,378 | 13,528 | 45,375 | 27,083 |
Total Liabilities | 26,203,115 | 2,661,362 | 2,395,290 | 9,010,207 | 9,234,149 | 42,157,451 | 785,431 |
Net Assets | $932,224,766 | $1,098,223,649 | $125,863,281 | $1,064,209,698 | $531,070,600 | $2,228,735,538 | $200,302,917 |
Net assets consist of: | |||||||
Paid-in capital | 1,025,212,653 | 622,454,897 | 76,179,490 | 940,554,693 | 465,519,683 | 2,951,873,733 | 298,828,423 |
Distributable earnings (deficit) | (92,987,887) | 475,768,752 | 49,683,791 | 123,655,005 | 65,550,917 | (723,138,195) | (98,525,506) |
Net Assets | $932,224,766 | $1,098,223,649 | $125,863,281 | $1,064,209,698 | $531,070,600 | $2,228,735,538 | $200,302,917 |
*Includes market value of securities on loan of: | $6,550,451 | $— | $— | $2,336,951 | $8,201,977 | $— | $203,444 |
†Cost of foreign currency: | $— | $— | $— | $— | $30,064 | $8,878,580 | $126 |
(A) | Represents segregated cash for futures contracts and swap agreements. |
Touchstone Flexible Income Fund | Touchstone Focused Fund | Touchstone Growth Opportunities Fund | Touchstone Mid Cap Growth Fund | Touchstone Non-US ESG Equity Fund | Touchstone Sands Capital Emerging Markets Growth Fund | Touchstone Strategic Income Opportunities Fund | |
Pricing of Class A Shares | |||||||
Net assets applicable to Class A shares | $115,299,238 | $48,077,781 | $51,431,219 | $215,897,376 | $397,971,508 | $11,428,704 | $128,275,201 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 11,760,130 | 841,979 | 1,415,736 | 7,305,188 | 18,989,292 | 880,458 | 43,822,240 |
Net asset value price per share* | $9.80 | $57.10 | $36.33 | $29.55 | $20.96 | $12.98 | $2.93 |
Maximum sales charge - Class A shares | 3.25% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 3.25% |
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares | $10.13 | $60.11 | $38.24 | $31.11 | $22.06 | $13.66 | $3.03 |
Pricing of Class C Shares | |||||||
Net assets applicable to Class C shares | $31,218,524 | $12,003,987 | $1,047,108 | $13,399,323 | $2,807,039 | $5,804,506 | $18,725,477 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 3,240,062 | 233,875 | 29,063 | 457,587 | 133,379 | 460,426 | 6,369,639 |
Net asset value and offering price per share** | $9.64 | $51.33 | $36.03 | $29.28 | $21.05 | $12.61 | $2.94 |
Pricing of Class Y Shares | |||||||
Net assets applicable to Class Y shares | $748,752,670 | $1,015,228,897 | $29,343,032 | $568,459,510 | $107,905,559 | $578,746,224 | $52,098,098 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 76,095,225 | 17,473,207 | 759,339 | 17,987,078 | 4,910,652 | 44,135,084 | 17,851,468 |
Net asset value, offering price and redemption price per share | $9.84 | $58.10 | $38.64 | $31.60 | $21.97 | $13.11 | $2.92 |
Pricing of Institutional Class Shares | |||||||
Net assets applicable to Institutional Class shares | $36,954,334 | $22,912,984 | $44,041,922 | $182,391,870 | $22,386,494 | $888,200,196 | $1,204,141 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 3,756,730 | 392,072 | 1,112,811 | 5,668,862 | 1,017,870 | 67,296,686 | 413,765 |
Net asset value, offering price and redemption price per share | $9.84 | $58.44 | $39.58 | $32.17 | $21.99 | $13.20 | $2.91 |
Pricing of Class R6 Shares | |||||||
Net assets applicable to Class R6 shares | $— | $— | $— | $84,061,619 | $— | $744,555,908 | $— |
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | — | — | — | 2,604,484 | — | 56,380,091 | — |
Net asset value, offering price and redemption price per share | $— | $— | $— | $32.28 | $— | $13.21 | $— |
* | There is no sales load on subscriptions of $1 million or more for all funds except for Flexible Income Fund and Strategic Income Opportunities Fund. There is no sales load on subscriptions of $500,000 or more for Flexible Income Fund and Strategic Income Opportunities Fund. Redemptions that were part of a $500,000 or $1 million or more subscription, as applicable, may be subject to a contingent deferred sales load if redeemed within a one-year period from the date of purchase. |
** | Redemption price per share varies by length of time shares are held due to the terms of the contingent deferred sales charge. |
Touchstone Flexible Income Fund | Touchstone Focused Fund | Touchstone Growth Opportunities Fund | Touchstone Mid Cap Growth Fund | Touchstone Non-US ESG Equity Fund | Touchstone Sands Capital Emerging Markets Growth Fund | Touchstone Strategic Income Opportunities Fund | |
Investment Income | |||||||
Dividends* | $4,726,679 | $8,559,803 | $553,427 | $4,758,520 | $9,582,582 | $23,542,234 | $598,086 |
Interest** | 16,640,656 | — | — | — | — | — | 5,638,884 |
Income from securities loaned | 182,288 | 38,626 | 1,319 | 819 | 75,530 | 147,507 | 3,178 |
Total Investment Income | 21,549,623 | 8,598,429 | 554,746 | 4,759,339 | 9,658,112 | 23,689,741 | 6,240,148 |
Expenses | |||||||
Investment advisory fees | 2,486,387 | 3,502,207 | 498,367 | 3,941,610 | 1,794,025 | 11,456,105 | 581,081 |
Administration fees | 617,676 | 771,533 | 91,759 | 757,773 | 381,180 | 1,582,124 | 145,937 |
Compliance fees and expenses | 2,009 | 2,009 | 2,009 | 2,009 | 2,009 | 2,009 | 2,009 |
Custody fees | 22,206 | 7,835 | 4,969 | 10,645 | 28,059 | 290,883 | 18,814 |
Professional fees | 30,272 | 29,508 | 13,806 | 29,854 | 24,655 | 71,050 | 18,408 |
Transfer Agent fees, Class A | 44,154 | 17,864 | 20,771 | 115,725 | 147,512 | 8,042 | 64,638 |
Transfer Agent fees, Class C | 10,164 | 5,273 | 677 | 5,579 | 1,717 | 5,491 | 10,429 |
Transfer Agent fees, Class Y | 253,043 | 340,255 | 11,558 | 311,508 | 39,687 | 281,440 | 25,088 |
Transfer Agent fees, Institutional Class | 6,956 | 2,798 | 7,335 | 49,722 | 762 | 210,931 | 20 |
Transfer Agent fees, Class R6 | — | — | — | 288 | — | 766 | — |
Registration fees, Class A | 12,870 | 9,084 | 9,996 | 14,208 | 15,483 | 11,524 | 14,148 |
Registration fees, Class C | 10,115 | 6,795 | 6,478 | 9,217 | 7,568 | 8,313 | 8,914 |
Registration fees, Class Y | 35,230 | 25,021 | 11,102 | 29,123 | 12,158 | 28,474 | 11,890 |
Registration fees, Institutional Class | 9,439 | 9,217 | 9,269 | 16,468 | 5,762 | 23,014 | 2,758 |
Registration fees, Class R6 | — | — | — | 10,146 | — | 11,922 | — |
Reports to Shareholders, Class A | 3,414 | 2,000 | 2,077 | 5,637 | 5,960 | 1,649 | 4,836 |
Reports to Shareholders, Class C | 1,678 | 1,320 | 1,057 | 1,460 | 1,198 | 1,438 | 1,704 |
Reports to Shareholders, Class Y | 13,251 | 14,114 | 1,347 | 37,691 | 4,379 | 40,536 | 3,116 |
Reports to Shareholders, Institutional Class | 1,654 | 1,204 | 1,305 | 13,277 | 1,083 | 9,469 | 1,004 |
Reports to Shareholders, Class R6 | — | — | — | 2,766 | — | 9,455 | — |
Distribution and shareholder servicing expenses, Class A | 138,195 | 61,177 | 64,143 | 285,161 | 520,195 | 17,926 | 167,084 |
Distribution and shareholder servicing expenses, Class C | 156,078 | 65,126 | 5,592 | 68,852 | 16,622 | 30,860 | 108,489 |
Trustee fees | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 |
Other expenses | 40,038 | 130,057 | 36,240 | 132,100 | 90,983 | 58,299 | 47,981 |
Total Expenses | 3,907,812 | 5,017,380 | 812,840 | 5,863,802 | 3,113,980 | 14,174,703 | 1,251,331 |
Fees waived and/or reimbursed by the Adviser and/or Affiliates(A) | (98,067) | (12,868) | (96,271) | (154,886) | (32,586) | (18,595) | (187,811) |
Net Expenses | 3,809,745 | 5,004,512 | 716,569 | 5,708,916 | 3,081,394 | 14,156,108 | 1,063,520 |
Net Investment Income (Loss) | 17,739,878 | 3,593,917 | (161,823) | (949,577) | 6,576,718 | 9,533,633 | 5,176,628 |
Realized and Unrealized Gains (Losses) on Investments | |||||||
Net realized gains (losses) on investments(B)(C) | (5,755,111) | 15,482,442 | 6,296,406 | 47,625,774 | 14,507,971 | (1,283,428) | (6,671,960) |
Net realized losses on futures contracts | — | — | — | — | — | — | (1,058,143) |
Net realized losses on swap agreements | (2,789,688) | — | — | — | — | — | (112,035) |
Net realized losses on foreign currency transactions | — | — | — | — | (105,904) | (119,176) | — |
Net change in unrealized appreciation (depreciation) on investments† | 454,815 | 28,410,964 | 5,165,623 | (28,461,125) | (16,215,052) | (47,395,004) | 1,426,558 |
Net change in unrealized appreciation (depreciation) on futures contracts | — | — | — | — | — | — | (11,300) |
Net change in unrealized appreciation (depreciation) on swap agreements | 1,266,584 | — | — | — | — | — | (121,878) |
Net change in unrealized appreciation (depreciation) on foreign currency transactions | — | — | — | — | 25,076 | (32,754) | (3) |
Net Realized and Unrealized Gains (Losses) on Investments | (6,823,400) | 43,893,406 | 11,462,029 | 19,164,649 | (1,787,909) | (48,830,362) | (6,548,761) |
Change in Net Assets Resulting from Operations | $10,916,478 | $47,487,323 | $11,300,206 | $18,215,072 | $4,788,809 | $(39,296,729) | $(1,372,133) |
*Net of foreign tax withholding of: | $12,444 | $53,132 | $— | $9,320 | $941,231 | $1,661,511 | $— |
**Net of foreign tax withholding of: | $— | $— | $— | $— | $— | $— | $3,260 |
Touchstone Flexible Income Fund | Touchstone Focused Fund | Touchstone Growth Opportunities Fund | Touchstone Mid Cap Growth Fund | Touchstone Non-US ESG Equity Fund | Touchstone Sands Capital Emerging Markets Growth Fund | Touchstone Strategic Income Opportunities Fund | |
†Includes increase in deferred foreign capital gains tax of: | $— | $— | $— | $— | $— | $13,072,037 | $— |
(A) | See Note 4 in Notes to Financial Statements. |
(B) | Includes foreign capital gains taxes paid of $406,988 for the Sands Capital Emerging Markets Growth Fund. |
(C) | Net realized gains (losses) on investments includes the realized gains of $8,072,210, $4,161,817, $14,962,215 and $9,354,822 for the Focused Fund, the Growth Opportunities Fund, the Mid Cap Growth Fund and the Non-US ESG Equity Fund, respectively, for redemption-in-kind activity, which will not be recognized by the Fund for tax purposes. |
Touchstone Flexible Income Fund | Touchstone Focused Fund | Touchstone Growth Opportunities Fund | ||||
For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 | For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 | For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 | |
From Operations | ||||||
Net investment income (loss) | $17,739,878 | $28,062,891 | $3,593,917 | $4,415,455 | $(161,823) | $(112,728) |
Net realized gains (losses) on investments, securities sold short, written options, futures contracts, swap agreements and foreign currency transactions | (8,544,799) | 5,176,293 | 15,482,442 | 39,975,992 | 6,296,406 | 9,372,877 |
Net change in unrealized appreciation (depreciation) on investments, securities sold short, futures contracts, swap agreements and foreign currency transactions | 1,721,399 | (52,863,623) | 28,410,964 | (123,057,445) | 5,165,623 | (28,742,333) |
Change in Net Assets from Operations | 10,916,478 | (19,624,439) | 47,487,323 | (78,665,998) | 11,300,206 | (19,482,184) |
Distributions to Shareholders: | ||||||
Distributed earnings, Class A | (2,025,415) | (4,717,917) | — | (1,323,048) | — | (1,052,167) |
Distributed earnings, Class C | (466,022) | (1,135,312) | — | (479,642) | — | (31,591) |
Distributed earnings, Class Y | (14,009,919) | (28,330,515) | — | (29,342,137) | — | (445,615) |
Distributed earnings, Institutional Class | (738,205) | (1,678,942) | — | (460,302) | — | (1,065,373) |
Distributed earnings, Class R6 | — | — | — | — | — | — |
Return of capital, Class A | — | — | — | — | — | — |
Return of capital, Class C | — | — | — | — | — | — |
Return of capital, Class Y | — | — | — | — | — | — |
Return of capital, Institutional Class | — | — | — | — | — | — |
Total Distributions | (17,239,561) | (35,862,686) | — | (31,605,129) | — | (2,594,746) |
Change in Net Assets from Share Transactions(A) | 100,252,941 | 47,371,465 | (8,040,633) | (31,834,824) | (11,670,610) | (13,939,394) |
Total Increase (Decrease) in Net Assets | 93,929,858 | (8,115,660) | 39,446,690 | (142,105,951) | (370,404) | (36,016,324) |
Net Assets | ||||||
Beginning of period | 838,294,908 | 846,410,568 | 1,058,776,959 | 1,200,882,910 | 126,233,685 | 162,250,009 |
End of period | $932,224,766 | $838,294,908 | $1,098,223,649 | $1,058,776,959 | $125,863,281 | $126,233,685 |
(A) | For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity. |
Touchstone Mid Cap Growth Fund | Touchstone Non-US ESG Equity Fund | Touchstone Sands Capital Emerging Markets Growth Fund | Touchstone Strategic Income Opportunities Fund | ||||
For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 | For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 | For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 | For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 |
$(949,577) | $(1,039,331) | $6,576,718 | $7,945,884 | $9,533,633 | $(3,517,560) | $5,176,628 | $10,344,277 |
47,625,774 | (58,474,210) | 14,402,067 | 25,328,178 | (1,402,604) | (640,430,555) | (7,842,138) | (20,728,122) |
(28,461,125) | (116,074,744) | (16,189,976) | (61,542,218) | (47,427,758) | 95,810,893 | 1,293,377 | (3,940,789) |
18,215,072 | (175,588,285) | 4,788,809 | (28,268,156) | (39,296,729) | (548,137,222) | (1,372,133) | (14,324,634) |
— | (6,220,488) | — | (26,255,264) | — | — | (3,009,896) | (6,312,333) |
— | (345,866) | — | (213,268) | — | — | (403,332) | (1,030,344) |
— | (13,426,881) | — | (6,972,747) | — | — | (1,319,029) | (3,314,078) |
— | (4,640,652) | — | (560,443) | — | — | (9,226) | (9,886) |
— | (2,316,913) | — | — | — | (81,972) | — | — |
— | — | — | — | — | — | — | (270,472) |
— | — | — | — | — | — | — | (44,149) |
— | — | — | — | — | — | — | (142,003) |
— | — | — | — | — | — | — | (424) |
— | (26,950,800) | — | (34,001,722) | — | (81,972) | (4,741,483) | (11,123,689) |
(59,782,577) | (7,136,305) | (1,515,682) | (38,659,439) | 5,876,994 | (767,650,282) | (15,619,736) | (79,047,952) |
(41,567,505) | (209,675,390) | 3,273,127 | (100,929,317) | (33,419,735) | (1,315,869,476) | (21,733,352) | (104,496,275) |
1,105,777,203 | 1,315,452,593 | 527,797,473 | 628,726,790 | 2,262,155,273 | 3,578,024,749 | 222,036,269 | 326,532,544 |
$1,064,209,698 | $1,105,777,203 | $531,070,600 | $527,797,473 | $2,228,735,538 | $2,262,155,273 | $200,302,917 | $222,036,269 |
Touchstone Flexible Income Fund | Touchstone Focused Fund | |||||||
For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 | For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 | |||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |
Class A | ||||||||
Proceeds from Shares issued | 2,159,436 | $21,337,146 | 1,949,261 | $19,635,751 | 74,339 | $4,353,167 | 128,846 | $6,894,157 |
Reinvestment of distributions | 164,559 | 1,624,020 | 388,079 | 3,870,207 | — | — | 21,704 | 1,109,299 |
Cost of Shares redeemed | (1,106,928) | (10,939,293) | (2,571,462) | (25,778,622) | (68,656) | (4,001,789) | (192,440) | (10,429,070) |
Change from Class A Share Transactions | 1,217,067 | 12,021,873 | (234,122) | (2,272,664) | 5,683 | 351,378 | (41,890) | (2,425,614) |
Class C | ||||||||
Proceeds from Shares issued | 506,298 | 4,920,876 | 686,751 | 6,717,462 | 13,809 | 735,149 | 12,087 | 566,150 |
Reinvestment of distributions | 45,244 | 438,871 | 105,930 | 1,038,338 | — | — | 10,085 | 466,230 |
Cost of Shares redeemed | (419,797) | (4,077,482) | (1,251,828) | (12,380,274) | (41,978) | (2,203,870) | (125,785) | (6,107,575) |
Change from Class C Share Transactions | 131,745 | 1,282,265 | (459,147) | (4,624,474) | (28,169) | (1,468,721) | (103,613) | (5,075,195) |
Class Y | ||||||||
Proceeds from Shares issued | 16,974,620 | 168,429,533 | 36,287,791 | 364,040,727 | 467,065 | 27,853,481 | 255,735 | 13,694,394 |
Reinvestment of distributions | 1,327,491 | 13,145,794 | 2,639,690 | 26,420,909 | — | — | 545,270 | 28,289,601 |
Cost of Shares redeemed | (9,715,775) | (96,351,514) | (33,787,591) | (340,046,806) | (605,811) | (35,807,898) | (1,303,244) | (70,122,989) |
Change from Class Y Share Transactions | 8,586,336 | 85,223,813 | 5,139,890 | 50,414,830 | (138,746) | (7,954,417) | (502,239) | (28,138,994) |
Institutional Class | ||||||||
Proceeds from Shares issued | 627,993 | 6,233,409 | 1,696,154 | 17,228,989 | 392,402 | 23,392,346 | 1,175,646 | 63,746,078 |
Reinvestment of distributions | 44,662 | 442,138 | 103,315 | 1,033,361 | — | — | 8,766 | 457,231 |
Cost of Shares redeemed | (499,746) | (4,950,557) | (1,439,864) | (14,408,577) | (378,602) | (22,361,219) | (1,112,049) | (60,398,330) |
Change from Institutional Class Share Transactions | 172,909 | 1,724,990 | 359,605 | 3,853,773 | 13,800 | 1,031,127 | 72,363 | 3,804,979 |
Class R6 | ||||||||
Proceeds from Shares issued | — | — | — | — | — | — | — | — |
Reinvestment of distributions | — | — | — | — | — | — | — | — |
Cost of Shares redeemed | — | — | — | — | — | — | — | — |
Change from Class R6 Share Transactions | — | — | — | — | — | — | — | — |
Change from Share Transactions | 10,108,057 | $100,252,941 | 4,806,226 | $47,371,465 | (147,432) | $(8,040,633) | (575,379) | $(31,834,824) |
^ | The March 31, 2023 Class C share amounts relating to Proceeds from Shares issued, Reinvestment of distributions, Cost of Shares redeemed, and Change from Class C Share Transactions as well as Change from Share transactions were updated to reflect the effect of a 1 for 0.670946 and 1 for 0.466797 reverse stock split for Class C shares of the Growth Opportunities Fund and the Mid Cap Growth Fund, respectively, on October 14, 2022. |
Touchstone Growth Opportunities Fund^ | Touchstone Mid Cap Growth Fund^ | ||||||
For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 | For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 | ||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars |
49,189 | $1,769,743 | 49,105 | $1,557,953 | 156,929 | $4,734,973 | 1,149,040 | $33,283,073 |
— | — | 33,762 | 1,012,824 | — | — | 206,106 | 5,674,174 |
(74,541) | (2,651,949) | (220,816) | (6,887,557) | (892,764) | (26,489,938) | (1,999,047) | (57,232,400) |
(25,352) | (882,206) | (137,949) | (4,316,780) | (735,835) | (21,754,965) | (643,901) | (18,275,153) |
2,363 | 81,432 | 8,088 | 201,498 | 30,298 | 892,082 | 119,268 | 2,468,397 |
— | — | 1,042 | 31,195 | — | — | 12,265 | 336,791 |
(17,876) | (602,242) | (32,602) | (269,142) | (45,460) | (1,332,056) | (766,920) | (4,121,217) |
(15,513) | (520,810) | (23,472) | (36,449) | (15,162) | (439,974) | (635,387) | (1,316,029) |
107,309 | 4,024,900 | 295,225 | 10,151,873 | 2,131,843 | 67,998,967 | 5,400,605 | 167,527,333 |
— | — | 13,728 | 436,070 | — | — | 437,185 | 12,844,496 |
(95,562) | (3,701,036) | (192,365) | (6,432,763) | (1,767,134) | (56,625,034) | (6,112,004) | (187,858,638) |
11,747 | 323,864 | 116,588 | 4,155,180 | 364,709 | 11,373,933 | (274,214) | (7,486,809) |
283,772 | 11,269,115 | 557,663 | 19,561,366 | 2,034,381 | 66,119,520 | 5,821,988 | 178,438,935 |
— | — | 32,188 | 1,046,156 | — | — | 147,352 | 4,401,399 |
(543,035) | (21,860,573) | (974,175) | (34,348,867) | (2,974,893) | (97,090,674) | (5,502,276) | (168,175,053) |
(259,263) | (10,591,458) | (384,324) | (13,741,345) | (940,512) | (30,971,154) | 467,064 | 14,665,281 |
— | — | — | — | 331,812 | 10,714,174 | 1,424,522 | 44,665,985 |
— | — | — | — | — | — | 37,637 | 1,127,220 |
— | — | — | — | (875,606) | (28,704,591) | (1,300,742) | (40,516,800) |
— | — | — | — | (543,794) | (17,990,417) | 161,417 | 5,276,405 |
(288,381) | $(11,670,610) | (429,157) | $(13,939,394) | (1,870,594) | $(59,782,577) | (925,021) | $(7,136,305) |
Touchstone Non-US ESG Equity Fund^ | Touchstone Sands Capital Emerging Markets Growth Fund | |||||||
For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 | For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 | |||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |
Class A | ||||||||
Proceeds from Shares issued | 208,880 | $4,521,827 | 324,540 | $6,648,919 | 149,646 | $2,001,716 | 727,212 | $9,594,478 |
Reinvestment of distributions | — | — | 1,274,364 | 25,088,883 | — | — | — | — |
Cost of Shares redeemed | (778,957) | (16,792,263) | (1,887,005) | (38,297,224) | (493,707) | (6,656,852) | (760,944) | (9,905,638) |
Change from Class A Share Transactions | (570,077) | (12,270,436) | (288,101) | (6,559,422) | (344,061) | (4,655,136) | (33,732) | (311,160) |
Class C | ||||||||
Proceeds from Shares issued | 867 | 18,999 | 11,764 | 217,496 | 16,955 | 221,680 | 65,982 | 866,191 |
Reinvestment of distributions | — | — | 10,065 | 199,178 | — | — | — | — |
Cost of Shares redeemed | (37,050) | (811,816) | (152,377) | (1,851,951) | (33,557) | (437,309) | (181,352) | (2,307,945) |
Change from Class C Share Transactions | (36,183) | (792,817) | (130,548) | (1,435,277) | (16,602) | (215,629) | (115,370) | (1,441,754) |
Class Y | ||||||||
Proceeds from Shares issued | 443,961 | 10,009,274 | 1,077,190 | 22,970,937 | 6,685,885 | 90,484,371 | 27,441,714 | 368,247,321 |
Reinvestment of distributions | — | — | 314,912 | 6,488,402 | — | — | — | — |
Cost of Shares redeemed | (575,316) | (13,004,570) | (2,818,208) | (59,019,649) | (8,375,196) | (112,373,171) | (57,040,810) | (754,544,913) |
Change from Class Y Share Transactions | (131,355) | (2,995,296) | (1,426,106) | (29,560,310) | (1,689,311) | (21,888,800) | (29,599,096) | (386,297,592) |
Institutional Class | ||||||||
Proceeds from Shares issued | 1,304,142 | 29,288,391 | 2,540,392 | 52,559,863 | 5,196,939 | 69,852,258 | 22,896,832 | 306,059,299 |
Reinvestment of distributions | — | — | 17,720 | 366,206 | — | — | — | — |
Cost of Shares redeemed | (654,386) | (14,745,524) | (2,594,322) | (54,030,499) | (7,262,085) | (97,640,753) | (32,673,214) | (436,893,504) |
Change from Institutional Class Share Transactions | 649,756 | 14,542,867 | (36,210) | (1,104,430) | (2,065,146) | (27,788,495) | (9,776,382) | (130,834,205) |
Class R6 | ||||||||
Proceeds from Shares issued | — | — | — | — | 10,801,534 | 145,069,925 | 21,261,334 | 288,130,511 |
Reinvestment of distributions | — | — | — | — | — | — | 1,757 | 21,984 |
Cost of Shares redeemed | — | — | — | — | (6,275,000) | (84,644,871) | (39,532,909) | (536,918,066) |
Change from Class R6 Share Transactions | — | — | — | — | 4,526,534 | 60,425,054 | (18,269,818) | (248,765,571) |
Change from Share Transactions | (87,859) | $(1,515,682) | (1,880,965) | $(38,659,439) | 411,414 | $5,876,994 | (57,794,398) | $(767,650,282) |
^ | The March 31, 2023 Class C share amounts relating to Proceeds from Shares issued, Reinvestment of distributions, Cost of Shares redeemed, and Change from Class C Share Transactions as well as Change from Share transactions were updated to reflect the effect of a 1 for 0.801806 reverse stock split for Class C shares of the Non-US ESG Equity Fund on October 14, 2022. |
Touchstone Strategic Income Opportunities Fund | |||
For the Six Months Ended September 30, 2023 (Unaudited) | For the Year Ended March 31, 2023 | ||
Shares | Dollars | Shares | Dollars |
1,380,916 | $4,123,838 | 2,958,390 | $9,038,439 |
845,464 | 2,518,513 | 1,820,338 | 5,484,016 |
(4,197,275) | (12,573,018) | (13,275,414) | (40,112,375) |
(1,970,895) | (5,930,667) | (8,496,686) | (25,589,920) |
25,264 | 75,914 | 160,837 | 495,264 |
112,549 | 337,095 | 297,549 | 900,381 |
(1,843,008) | (5,539,564) | (5,189,258) | (15,898,080) |
(1,705,195) | (5,126,555) | (4,730,872) | (14,502,435) |
638,586 | 1,902,939 | 2,194,753 | 6,670,411 |
308,314 | 915,955 | 800,549 | 2,409,677 |
(2,806,797) | (8,385,853) | (15,971,682) | (48,014,829) |
(1,859,897) | (5,566,959) | (12,976,380) | (38,934,741) |
338,984 | 1,000,000 | 13,071 | 40,000 |
3,139 | 9,225 | 3,431 | 10,310 |
(1,641) | (4,780) | (23,909) | (71,166) |
340,482 | 1,004,445 | (7,407) | (20,856) |
— | — | — | — |
— | — | — | — |
— | — | — | — |
— | — | — | — |
(5,195,505) | $(15,619,736) | (26,211,345) | $(79,047,952) |
Touchstone Flexible Income Fund | ||||||||||||||||||||||||||||
Period ended | Net asset value at beginning of period | Net investment income | Net realized and unrealized gains (losses) on investments | Total from investment operations | Distributions from net investment income | Distributions from realized capital gains | Total distributions | Net asset value at end of period | Total return(1) | Net assets at end of period (000's) | Ratio of net expenses to average net assets(2) | Ratio of gross expenses to average net assets(3) | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | ||||||||||||||
Class A | ||||||||||||||||||||||||||||
03/31/19 | $10.81 | $0.39 | $(0.01) | $0.38 | $(0.38) | $ (0.06) | $(0.44) | $10.75 | 3.59% | $110,460 | 1.04% | 1.11% | 3.50% | 171% | ||||||||||||||
03/31/20 | 10.75 | 0.34 | (0.68) | (0.34) | (0.36) | — | (0.36) | 10.05 | (3.33) | 99,460 | 1.05 | 1.14 | 3.12 | 136 | ||||||||||||||
03/31/21 | 10.05 | 0.41 | 1.16 | 1.57 | (0.41) | (0.10) | (0.51) | 11.11 | 15.72 | 121,317 | 1.04 | 1.09 | 3.79 | 103 | ||||||||||||||
03/31/22 | 11.11 | 0.34 | (0.52) | (0.18) | (0.36) | — | (0.36) | 10.57 | (1.76) | 113,880 | 1.09 | 1.11 | 3.05 | 61 | ||||||||||||||
03/31/23 | 10.57 | 0.34 | (0.60) | (0.26) | (0.32) | (0.12) | (0.44) | 9.87 | (2.39) | 104,050 | 1.06 | 1.11 | 3.39 | 52 | ||||||||||||||
09/30/23(4) | 9.87 | 0.18 | (0.07) | 0.11 | (0.18) | — | (0.18) | 9.80 | 1.23(5) | 115,299 | 1.04(6) | 1.08(6) | 3.78(6) | 20(5) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
03/31/19 | $10.67 | $0.30 | $(0.01) | $0.29 | $(0.30) | $ (0.06) | $(0.36) | $10.60 | 2.77% | $66,926 | 1.79% | 1.86% | 2.75% | 171% | ||||||||||||||
03/31/20 | 10.60 | 0.24 | (0.66) | (0.42) | (0.28) | — | (0.28) | 9.90 | (4.09) | 50,767 | 1.80 | 1.91 | 2.37 | 136 | ||||||||||||||
03/31/21 | 9.90 | 0.32 | 1.15 | 1.47 | (0.33) | (0.10) | (0.43) | 10.94 | 14.89 | 44,389 | 1.79 | 1.85 | 3.04 | 103 | ||||||||||||||
03/31/22 | 10.94 | 0.25 | (0.51) | (0.26) | (0.28) | — | (0.28) | 10.40 | (2.52) | 37,087 | 1.84 | 1.87 | 2.30 | 61 | ||||||||||||||
03/31/23 | 10.40 | 0.26 | (0.60) | (0.34) | (0.24) | (0.12) | (0.36) | 9.70 | (3.16) | 30,158 | 1.81 | 1.88 | 2.64 | 52 | ||||||||||||||
09/30/23(4) | 9.70 | 0.15 | (0.07) | 0.08 | (0.14) | — | (0.14) | 9.64 | 0.88(5) | 31,219 | 1.79(6) | 1.86(6) | 3.03(6) | 20(5) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
03/31/19 | $10.85 | $0.42 | $(0.02) | $0.40 | $(0.41) | $ (0.06) | $(0.47) | $10.78 | 3.75% | $459,861 | 0.79% | 0.84% | 3.75% | 171% | ||||||||||||||
03/31/20 | 10.78 | 0.37 | (0.68) | (0.31) | (0.39) | — | (0.39) | 10.08 | (3.07) | 464,910 | 0.80 | 0.87 | 3.37 | 136 | ||||||||||||||
03/31/21 | 10.08 | 0.44 | 1.17 | 1.61 | (0.44) | (0.10) | (0.54) | 11.15 | 16.07 | 587,810 | 0.79 | 0.83 | 4.04 | 103 | ||||||||||||||
03/31/22 | 11.15 | 0.36 | (0.53) | (0.17) | (0.38) | — | (0.38) | 10.60 | (1.61) | 661,266 | 0.84 | 0.85 | 3.30 | 61 | ||||||||||||||
03/31/23 | 10.60 | 0.36 | (0.60) | (0.24) | (0.34) | (0.12) | (0.46) | 9.90 | (2.14) | 668,604 | 0.81 | 0.85 | 3.64 | 52 | ||||||||||||||
09/30/23(4) | 9.90 | 0.19 | (0.06) | 0.13 | (0.19) | — | (0.19) | 9.84 | 1.35(5) | 748,753 | 0.79(6) | 0.80(6) | 4.03(6) | 20(5) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
03/31/19 | $10.84 | $0.44 | $(0.02) | $0.42 | $(0.42) | $ (0.06) | $(0.48) | $10.78 | 3.95% | $59,138 | 0.69% | 0.82% | 3.85% | 171% | ||||||||||||||
03/31/20 | 10.78 | 0.40 | (0.70) | (0.30) | (0.40) | — | (0.40) | 10.08 | (3.02) | 25,798 | 0.70 | 0.88 | 3.47 | 136 | ||||||||||||||
03/31/21 | 10.08 | 0.45 | 1.16 | 1.61 | (0.45) | (0.10) | (0.55) | 11.14 | 16.19 | 36,136 | 0.69 | 0.84 | 4.14 | 103 | ||||||||||||||
03/31/22 | 11.14 | 0.37 | (0.52) | (0.15) | (0.39) | — | (0.39) | 10.60 | (1.45) | 34,177 | 0.74 | 0.84 | 3.40 | 61 | ||||||||||||||
03/31/23 | 10.60 | 0.37 | (0.60) | (0.23) | (0.35) | (0.12) | (0.47) | 9.90 | (2.04) | 35,484 | 0.71 | 0.83 | 3.74 | 52 | ||||||||||||||
09/30/23(4) | 9.90 | 0.20 | (0.06) | 0.14 | (0.20) | — | (0.20) | 9.84 | 1.40(5) | 36,954 | 0.69(6) | 0.82(6) | 4.13(6) | 20(5) |
(1) | Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower. |
(2) | The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short for Class A was 1.04%, 1.04% and 1.04%, for Class C was 1.79%, 1.79% and 1.79%, for Class Y was 0.79%, 0.79% and 0.79% and for Institutional Class was 0.69%, 0.69% and 0.69% for the years ended March 31, 2023, 2022 and 2020, respectively. |
(3) | The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short for Class A was 1.09%, 1.06% and 1.13%, for Class C was 1.86%, 1.82% and 1.90%, for Class Y was 0.83%, 0.80% and 0.86% and for Institutional Class was 0.81%, 0.79% and 0.87% for the years ended March 31, 2023, 2022 and 2020, respectively. |
(4) | Unaudited. |
(5) | Not annualized. |
(6) | Annualized. |
Touchstone Focused Fund | ||||||||||||||||||||||||||||
Period ended | Net asset value at beginning of period | Net investment income (loss)(1) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Distributions from net investment income | Distributions from realized capital gains | Total distributions | Net asset value at end of period | Total return(2) | Net assets at end of period (000's) | Ratio of net expenses to average net assets(3) | Ratio of gross expenses to average net assets(4) | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | ||||||||||||||
Class A | ||||||||||||||||||||||||||||
03/31/19 | $42.93 | $0.14 | $1.39 | $1.53 | $(0.01) | $ (1.77) | $(1.78) | $42.68 | 3.82% | $55,399 | 1.20% | 1.32% | 0.32% | 12% | ||||||||||||||
03/31/20 | 42.68 | 0.14 | (3.56) | (3.42) | (0.10) | (2.71) | (2.81) | 36.45 | (9.14) | 27,889 | 1.20(5) | 1.19 | 0.31 | 13 | ||||||||||||||
03/31/21 | 36.45 | (0.02) | 24.92 | 24.90 | — | (2.92) | (2.92) | 58.43 | 69.38 | 48,419 | 1.22 | 1.22 | (0.05) | 18(6) | ||||||||||||||
03/31/22 | 58.43 | (0.10) | 5.72 | 5.62 | (0.03) | (3.64) | (3.67) | 60.38 | 9.38 | 53,028 | 1.15 | 1.15 | (0.17) | 14(6) | ||||||||||||||
03/31/23 | 60.38 | 0.09 | (4.14) | (4.05) | — | (1.62) | (1.62) | 54.71 | (6.52) | 45,751 | 1.17 | 1.17 | 0.16 | 5(6) | ||||||||||||||
09/30/23(7) | 54.71 | 0.11 | 2.28 | 2.39 | — | — | — | 57.10 | 4.37(8) | 48,078 | 1.16(9) | 1.16(9) | 0.37(9) | 2(6)(8) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
03/31/19 | $40.89 | $(0.18) | $1.32 | $1.14 | $— | $ (1.77) | $(1.77) | $40.26 | 3.03% | $33,875 | 1.95% | 1.95% | (0.43)% | 12% | ||||||||||||||
03/31/20 | 40.26 | (0.18) | (3.31) | (3.49) | — | (2.71) | (2.71) | 34.06 | (9.80) | 21,961 | 1.95 | 1.98 | (0.44) | 13 | ||||||||||||||
03/31/21 | 34.06 | (0.36) | 23.19 | 22.83 | — | (2.92) | (2.92) | 53.97 | 68.10 | 25,241 | 1.96 | 1.96 | (0.79) | 18(6) | ||||||||||||||
03/31/22 | 53.97 | (0.53) | 5.30 | 4.77 | — | (3.64) | (3.64) | 55.10 | 8.58 | 20,147 | 1.91 | 1.91 | (0.92) | 14(6) | ||||||||||||||
03/31/23 | 55.10 | (0.30) | (3.81) | (4.11) | — | (1.62) | (1.62) | 49.37 | (7.26) | 12,937 | 1.96 | 1.96 | (0.62) | 5(6) | ||||||||||||||
09/30/23(7) | 49.37 | (0.11) | 2.07 | 1.96 | — | — | — | 51.33 | 3.97(8) | 12,004 | 1.95(9) | 2.00(9) | (0.42)(9) | 2(6)(8) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
03/31/19 | $43.50 | $0.27 | $1.39 | $1.66 | $(0.27) | $ (1.77) | $(2.04) | $43.12 | 4.13% | $879,704 | 0.91% | 0.91% | 0.61% | 12% | ||||||||||||||
03/31/20 | 43.12 | 0.26 | (3.58) | (3.32) | (0.27) | (2.71) | (2.98) | 36.82 | (8.86) | 680,934 | 0.91 | 0.91 | 0.60 | 13 | ||||||||||||||
03/31/21 | 36.82 | 0.13 | 25.21 | 25.34 | (0.14) | (2.92) | (3.06) | 59.10 | 69.89 | 1,058,713 | 0.91 | 0.91 | 0.27 | 18(6) | ||||||||||||||
03/31/22 | 59.10 | 0.08 | 5.80 | 5.88 | (0.12) | (3.64) | (3.76) | 61.22 | 9.71 | 1,108,883 | 0.86 | 0.86 | 0.12 | 14(6) | ||||||||||||||
03/31/23 | 61.22 | 0.25 | (4.21) | (3.96) | (0.06) | (1.62) | (1.68) | 55.58 | (6.26) | 978,944 | 0.88 | 0.88 | 0.45 | 5(6) | ||||||||||||||
09/30/23(7) | 55.58 | 0.20 | 2.32 | 2.52 | — | — | — | 58.10 | 4.53(8) | 1,015,229 | 0.87(9) | 0.87(9) | 0.67(9) | 2(6)(8) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
03/31/19 | $43.68 | $0.30 | $1.39 | $1.69 | $(0.30) | $ (1.77) | $(2.07) | $43.30 | 4.20% | $29,382 | 0.83% | 0.92% | 0.69% | 12% | ||||||||||||||
03/31/20 | 43.30 | 0.30 | (3.60) | (3.30) | (0.31) | (2.71) | (3.02) | 36.98 | (8.79) | 15,267 | 0.83 | 0.92 | 0.68 | 13 | ||||||||||||||
03/31/21 | 36.98 | 0.16 | 25.33 | 25.49 | (0.17) | (2.92) | (3.09) | 59.38 | 70.00 | 15,323 | 0.85 | 0.94 | 0.32 | 18(6) | ||||||||||||||
03/31/22 | 59.38 | 0.09 | 5.84 | 5.93 | (0.13) | (3.64) | (3.77) | 61.54 | 9.75 | 18,825 | 0.84 | 0.88 | 0.15 | 14(6) | ||||||||||||||
03/31/23 | 61.54 | 0.27 | (4.22) | (3.95) | (0.07) | (1.62) | (1.69) | 55.90 | (6.21) | 21,145 | 0.84 | 0.91 | 0.50 | 5(6) | ||||||||||||||
09/30/23(7) | 55.90 | 0.21 | 2.33 | 2.54 | — | — | — | 58.44 | 4.54(8) | 22,913 | 0.83(9) | 0.93(9) | 0.71(9) | 2(6)(8) |
(1) | The net investment income (loss) per share was based on average shares outstanding for the period. |
(2) | Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower. |
(3) | The ratio of net expenses to average net assets excluding liquidity provider expenses for Class A was 1.16%, 1.14% and 1.20% and for Class C was 1.95%, 1.90% and 1.94%, for Class Y was 0.87%, 0.85% and 0.89% and for Institutional Class was 0.83%, 0.83% and 0.83% for the years ended March 31, 2023, 2022 and 2021, respectively. |
(4) | The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A was 1.16%, 1.14% and 1.20% and for Class C was 1.95%, 1.90% and 1.94%, for Class Y was 0.87%, 0.85% and 0.89% and for Institutional Class was 0.90%, 0.87% and 0.92% for the years ended March 31, 2023, 2022 and 2021, respectively. |
(5) | Net expenses include amounts recouped by the Adviser. |
(6) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(7) | Unaudited. |
(8) | Not annualized. |
(9) | Annualized. |
Touchstone Growth Opportunities Fund | ||||||||||||||||||||||||||||
Period ended | Net asset value at beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Distributions from net investment income | Distributions from realized capital gains | Total distributions | Net asset value at end of period | Total return(1) | Net assets at end of period (000's) | Ratio of net expenses to average net assets(2) | Ratio of gross expenses to average net assets(3) | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | ||||||||||||||
Class A | ||||||||||||||||||||||||||||
03/31/19 | $32.79 | $(0.05) | $3.10 | $3.05 | $— | $ (3.13) | $(3.13) | $32.71 | 10.40% | $42,404 | 1.24% | 1.37% | (0.17)% | 94%(4) | ||||||||||||||
03/31/20 | 32.71 | (0.04) | 0.99 | 0.95 | — | (5.72) | (5.72) | 27.94 | 0.63 | 37,150 | 1.25 | 1.41 | (0.12) | 101(4) | ||||||||||||||
03/31/21 | 27.94 | (0.20) | 17.44 | 17.24 | — | (4.11) | (4.11) | 41.07 | 62.56 | 56,877 | 1.24 | 1.34 | (0.55) | 65 | ||||||||||||||
03/31/22 | 41.07 | (0.21)(5) | 4.97 | 4.76 | — | (7.19) | (7.19) | 38.64 | 10.48 | 61,006 | 1.25 | 1.31 | (0.48) | 47(4) | ||||||||||||||
03/31/23 | 38.64 | (0.09)(5) | (4.39) | (4.48) | —(6) | (0.69) | (0.69) | 33.47 | (11.34) | 48,229 | 1.26 | 1.37 | (0.27) | 55(4) | ||||||||||||||
09/30/23(7) | 33.47 | (0.08)(5) | 2.94 | 2.86 | — | — | — | 36.33 | 8.55(8) | 51,431 | 1.26(9) | 1.37(9) | (0.43)(9) | 26(4)(8) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
03/31/19^ | $40.37 | $(0.73) | $4.05 | $3.32 | $— | $ (4.67) | $(4.67) | $39.02 | 9.54% | $3,863 | 1.99% | 2.32% | (0.92)% | 94%(4) | ||||||||||||||
03/31/20^ | 39.02 | (0.34) | 1.43 | 1.09 | — | (8.53) | (8.53) | 31.58 | (0.09) | 2,724 | 2.00 | 2.61 | (0.87) | 101(4) | ||||||||||||||
03/31/21^ | 31.58 | (1.15) | 20.17 | 19.02 | — | (6.13) | (6.13) | 44.47 | 61.29 | 1,853 | 1.99 | 2.70 | (1.30) | 65 | ||||||||||||||
03/31/22^ | 44.47 | (0.57)(5) | 5.57 | 5.00 | — | (10.72) | (10.72) | 38.75 | 9.64 | 1,769 | 2.00 | 2.64 | (1.23) | 47(4) | ||||||||||||||
03/31/23^ | 38.75 | (0.26)(5) | (4.48) | (4.74) | — | (0.69) | (0.69) | 33.32 | (11.99) | 1,485 | 2.01 | 2.86 | (1.02) | 55(4) | ||||||||||||||
09/30/23(7) | 33.32 | (0.21)(5) | 2.92 | 2.71 | — | — | — | 36.03 | 8.13(8) | 1,047 | 2.01(9) | 3.46(9) | (1.18)(9) | 26(4)(8) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
03/31/19 | $33.69 | $0.03 | $3.19 | $3.22 | $— | $ (3.13) | $(3.13) | $33.78 | 10.67% | $43,703 | 0.99% | 1.08% | 0.08% | 94%(4) | ||||||||||||||
03/31/20 | 33.78 | 0.04 | 1.01 | 1.05 | — | (5.72) | (5.72) | 29.11 | 0.92 | 26,610 | 1.00 | 1.14 | 0.13 | 101(4) | ||||||||||||||
03/31/21 | 29.11 | (0.12) | 18.20 | 18.08 | — | (4.11) | (4.11) | 43.08 | 62.93 | 30,742 | 0.99 | 1.13 | (0.30) | 65 | ||||||||||||||
03/31/22 | 43.08 | (0.11)(5) | 5.19 | 5.08 | — | (7.19) | (7.19) | 40.97 | 10.75 | 25,851 | 1.00 | 1.10 | (0.23) | 47(4) | ||||||||||||||
03/31/23 | 40.97 | (0.01)(5) | (4.65) | (4.66) | (0.07) | (0.69) | (0.76) | 35.55 | (11.13) | 26,581 | 1.01 | 1.15 | (0.02) | 55(4) | ||||||||||||||
09/30/23(7) | 35.55 | (0.03)(5) | 3.12 | 3.09 | — | — | — | 38.64 | 8.69(8) | 29,343 | 1.01(9) | 1.15(9) | (0.18)(9) | 26(4)(8) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
03/31/19 | $34.08 | $0.09 | $3.21 | $3.30 | $(0.03) | $ (3.13) | $(3.16) | $34.22 | 10.79% | $71,406 | 0.89% | 1.01% | 0.18% | 94%(4) | ||||||||||||||
03/31/20 | 34.22 | 0.06 | 1.02 | 1.08 | — | (5.72) | (5.72) | 29.58 | 1.00 | 96,361 | 0.90 | 1.05 | 0.23 | 101(4) | ||||||||||||||
03/31/21 | 29.58 | (0.06) | 18.49 | 18.43 | — | (4.11) | (4.11) | 43.90 | 63.13 | 71,461 | 0.89 | 1.03 | (0.20) | 65 | ||||||||||||||
03/31/22 | 43.90 | (0.06)(5) | 5.27 | 5.21 | — | (7.19) | (7.19) | 41.92 | 10.84 | 73,624 | 0.90 | 1.02 | (0.13) | 47(4) | ||||||||||||||
03/31/23 | 41.92 | 0.03(5) | (4.76) | (4.73) | (0.10) | (0.69) | (0.79) | 36.40 | (11.02) | 49,939 | 0.91 | 1.06 | 0.08 | 55(4) | ||||||||||||||
09/30/23(7) | 36.40 | (0.02)(5) | 3.20 | 3.18 | — | — | — | 39.58 | 8.74(8) | 44,042 | 0.91(9) | 1.06(9) | (0.08)(9) | 26(4)(8) |
^ | Updated to reflect the effect of a 1 for 0.670946 reverse stock split for Class C shares on October 14, 2022. All historical per share information has been retroactively adjusted to reflect this reverse stock split. |
(1) | Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower. |
(2) | The ratio of net expenses to average net assets excluding liquidity provider expenses for Class A was 1.24%, 1.24%, 1.24% and 1.24%, for Class C was 1.99%, 1.99%, 1.99% and 1.99%, for Class Y was 0.99%, 0.99%, 0.99% and 0.99% and for Institutional Class was 0.89%, 0.89%, 0.89% and 0.89% for the six months ended September 30, 2023 and the years ended March 31, 2023, 2022 and 2020, respectively. |
(3) | The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A was 1.35%, 1.35%, 1.30% and 1.40%, for Class C was 3.44%, 2.84%, 2.63% and 2.60%, for Class Y was 1.13%, 1.13%,1.09% and 1.13% and for Institutional Class was 1.04%, 1.04% 1.01% and 1.04% for the six months ended September 30, 2023 and the years ended March 31, 2023, 2022 and 2020, respectively. |
(4) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(5) | The net investment income (loss) per share was based on average shares outstanding for the period. |
(6) | Less than $0.005 per share. |
(7) | Unaudited. |
(8) | Not annualized. |
(9) | Annualized. |
Touchstone Mid Cap Growth Fund | ||||||||||||||||||||||||||||
Period ended | Net asset value at beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Distributions from net investment income | Distributions from realized capital gains | Total distributions | Net asset value at end of period | Total return(1) | Net assets at end of period (000's) | Ratio of net expenses to average net assets(2) | Ratio of gross expenses to average net assets(3) | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | ||||||||||||||
Class A | ||||||||||||||||||||||||||||
03/31/19 | $28.05 | $(0.09) | $3.36 | $3.27 | $— | $ (2.06) | $(2.06) | $29.26 | 12.77% | $262,492 | 1.27% | 1.27% | (0.35)% | 71% | ||||||||||||||
03/31/20 | 29.26 | (0.07) | (2.06) | (2.13) | (0.01) | (2.23) | (2.24) | 24.89 | (8.78) | 234,307 | 1.25 | 1.25 | (0.24) | 82 | ||||||||||||||
03/31/21 | 24.89 | (0.28) | 15.64 | 15.36 | — | (2.54) | (2.54) | 37.71 | 61.98 | 322,432 | 1.23 | 1.23 | (0.75) | 65(4) | ||||||||||||||
03/31/22 | 37.71 | (0.26)(5) | 3.44 | 3.18 | — | (6.37) | (6.37) | 34.52 | 7.43 | 299,763 | 1.21 | 1.21 | (0.65) | 60(4) | ||||||||||||||
03/31/23 | 34.52 | (0.09)(5) | (4.56) | (4.65) | — | (0.73) | (0.73) | 29.14 | (13.36) | 234,325 | 1.26 | 1.26 | (0.31) | 56(4) | ||||||||||||||
09/30/23(6) | 29.14 | (0.06)(5) | 0.47 | 0.41 | — | — | — | 29.55 | 1.41(7) | 215,897 | 1.26(8) | 1.26(8) | (0.39)(8) | 31(4)(7) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
03/31/19^ | $39.14 | $(1.05) | $5.06 | $4.01 | $— | $ (4.41) | $(4.41) | $38.74 | 11.91% | $32,831 | 2.04% | 2.04% | (1.12)% | 71% | ||||||||||||||
03/31/20^ | 38.74 | (0.69) | (2.08) | (2.77) | — | (4.78) | (4.78) | 31.19 | (9.55) | 20,918 | 2.07 | 2.07 | (1.06) | 82 | ||||||||||||||
03/31/21^ | 31.19 | (1.67) | 20.46 | 18.79 | — | (5.44) | (5.44) | 44.54 | 60.65 | 18,939 | 2.07 | 2.07 | (1.59) | 65(4) | ||||||||||||||
03/31/22^ | 44.54 | (0.64)(5) | 4.39 | 3.75 | — | (13.65) | (13.65) | 34.64 | 6.53 | 17,918 | 2.04 | 2.04 | (1.48) | 60(4) | ||||||||||||||
03/31/23^ | 34.64 | (0.20)(5) | (4.71) | (4.91) | — | (0.73) | (0.73) | 29.00 | (14.07) | 13,709 | 2.10 | 2.10 | (1.15) | 56(4) | ||||||||||||||
09/30/23(6) | 29.00 | (0.19)(5) | 0.47 | 0.28 | — | — | — | 29.28 | 0.97(7) | 13,399 | 2.13(8) | 2.13(8) | (1.26)(8) | 31(4)(7) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
03/31/19 | $29.07 | $(0.03) | $3.52 | $3.49 | $— | $ (2.06) | $(2.06) | $30.50 | 13.05% | $452,407 | 1.02% | 1.02% | (0.10)% | 71% | ||||||||||||||
03/31/20 | 30.50 | (—)(9) | (2.17) | (2.17) | (0.06) | (2.23) | (2.29) | 26.04 | (8.58) | 424,403 | 1.01 | 1.01 | (—)(9) | 82 | ||||||||||||||
03/31/21 | 26.04 | (0.18) | 16.36 | 16.18 | — | (2.54) | (2.54) | 39.68 | 62.40 | 641,218 | 0.99 | 0.99 | (0.52) | 65(4) | ||||||||||||||
03/31/22 | 39.68 | (0.18)(5) | 3.59 | 3.41 | — | (6.37) | (6.37) | 36.72 | 7.65 | 657,182 | 0.99 | 0.99 | (0.43) | 60(4) | ||||||||||||||
03/31/23 | 36.72 | (0.02)(5) | (4.84) | (4.86) | — | (0.73) | (0.73) | 31.13 | (13.15) | 548,507 | 1.03 | 1.03 | (0.07) | 56(4) | ||||||||||||||
09/30/23(6) | 31.13 | (0.03)(5) | 0.50 | 0.47 | — | — | — | 31.60 | 1.54(7) | 568,460 | 1.03(8) | 1.03(8) | (0.16)(8) | 31(4)(7) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
03/31/19 | $29.32 | $(0.01) | $3.54 | $3.53 | $— | $ (2.06) | $(2.06) | $30.79 | 13.10% | $349,865 | 0.97%(10) | 0.97% | (0.06)% | 71% | ||||||||||||||
03/31/20 | 30.79 | 0.01 | (2.18) | (2.17) | (0.07) | (2.23) | (2.30) | 26.32 | (8.49) | 357,769 | 0.94 | 0.94 | 0.06 | 82 | ||||||||||||||
03/31/21 | 26.32 | (0.20) | 16.58 | 16.38 | — | (2.54) | (2.54) | 40.16 | 62.50 | 381,463 | 0.91 | 0.92 | (0.44) | 65(4) | ||||||||||||||
03/31/22 | 40.16 | (0.14)(5) | 3.64 | 3.50 | — | (6.37) | (6.37) | 37.29 | 7.79 | 229,028 | 0.88 | 0.91 | (0.32) | 60(4) | ||||||||||||||
03/31/23 | 37.29 | 0.02(5) | (4.92) | (4.90) | — | (0.73) | (0.73) | 31.66 | (13.03) | 209,280 | 0.88 | 0.96 | 0.07 | 56(4) | ||||||||||||||
09/30/23(6) | 31.66 | (—)(5)(9) | 0.51 | 0.51 | — | — | — | 32.17 | 1.61(7) | 182,392 | 0.88(8) | 0.98(8) | (0.01)(8) | 31(4)(7) | ||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
03/31/20(11) | $35.72(12) | $(—)(9) | $(9.40) | $(9.40) | $— | $ — | $— | $26.32 | (26.32)%(7) | $2 | 0.89%(8) | 1,279.20%(8) | (0.02)%(8) | 82% | ||||||||||||||
03/31/21 | 26.32 | (0.11) | 16.51 | 16.40 | — | (2.54) | (2.54) | 40.18 | 62.58 | 4,603 | 0.85 | 1.47 | (0.37) | 65(4) | ||||||||||||||
03/31/22 | 40.18 | (0.09)(5) | 3.63 | 3.54 | — | (6.37) | (6.37) | 37.35 | 7.89 | 111,561 | 0.79 | 0.88 | (0.23) | 60(4) | ||||||||||||||
03/31/23 | 37.35 | 0.05(5) | (4.92) | (4.87) | — | (0.73) | (0.73) | 31.75 | (12.93) | 99,956 | 0.79 | 0.91 | 0.16 | 56(4) | ||||||||||||||
09/30/23(6) | 31.75 | 0.01(5) | 0.52 | 0.53 | — | — | — | 32.28 | 1.67(7) | 84,062 | 0.79(8) | 0.92(8) | 0.08(8) | 31(4)(7) |
^ | Updated to reflect the effect of a 1 for 0.466797 reverse stock split for Class C shares on October 14, 2022. All historical per share information has been retroactively adjusted to reflect this reverse stock split. |
(1) | Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower. |
(2) | The ratio of net expenses to average net assets excluding liquidity provider expenses for Class A were 1.24%, 1.24%, 1.19% and 1.22%, for Class C were 2.11%, 2.08%, 2.02% and 2.06%, for Class Y were 1.01%, 1.01%, 0.97% and 0.98%, for Institutional Class were 0.86%, 0.86%, 0.86% and 0.90% and for Class R6 were 0.77%, 0.77%, 0.77% and 0.84%, for the six months ended September 30, 2023 and the years ended March 31, 2023, 2022 and 2021, respectively. |
(3) | The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A were 1.24%, 1.24%, 1.19% and 1.22%, for Class C were 2.11%, 2.08%, 2.02% and 2.06%, for Class Y were 1.01%, 1.01%, 0.97% and 0.98%, for Institutional Class were 0.96%, 0.94%, 0.89% and 0.91% and for Class R6 were 0.90%, 0.89%, 0.86% and 1.46% for the six months ended September 30, 2023 and the years ended March 31, 2023, 2022 and 2021, respectively. |
(4) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(5) | The net investment income (loss) per share was based on average shares outstanding for the period. |
(6) | Unaudited. |
(7) | Not annualized. |
(8) | Annualized. |
(9) | Less than $0.005 per share or 0.005%. |
(10) | Net expenses include amounts recouped by the Adviser. |
(11) | Represents the period from commencement of operations (February 10, 2020) through March 31, 2020. |
(12) | Net asset value at the beginning of period is based on the net asset value of Institutional Class shares on February 10, 2020. |
Touchstone Non-US ESG Equity Fund | ||||||||||||||||||||||||||||
Period ended | Net asset value at beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Distributions from net investment income | Distributions from realized capital gains | Total distributions | Net asset value at end of period | Total return(1) | Net assets at end of period (000's) | Ratio of net expenses to average net assets(2) | Ratio of gross expenses to average net assets(3) | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | ||||||||||||||
Class A | ||||||||||||||||||||||||||||
03/31/19 | $22.01 | $0.15 | $(0.29) | $(0.14) | $(0.17) | $ (1.76) | $(1.93) | $19.94 | (0.37)% | $445,608 | 1.17% | 1.17% | 0.70% | 40% | ||||||||||||||
03/31/20 | 19.94 | 0.17(4) | (2.78) | (2.61) | (0.15) | (0.34) | (0.49) | 16.84 | 13.61 | 347,021 | 1.17 | 1.18 | 0.84 | 60 | ||||||||||||||
03/31/21 | 16.84 | 0.14(4) | 9.26 | 9.40 | (0.08) | — | (0.08) | 26.16 | 55.86 | 496,574 | 1.12 | 1.12 | 0.63 | 62 | ||||||||||||||
03/31/22 | 26.16 | 0.18 | (0.27) | (0.09) | (0.23) | (2.78) | (3.01) | 23.06 | (0.98) | 457,750 | 1.09 | 1.09 | 0.74 | 32 | ||||||||||||||
03/31/23 | 23.06 | 0.29 | (1.19) | (0.90) | (0.26) | (1.12) | (1.38) | 20.78 | (3.50) | 406,506 | 1.18 | 1.18 | 1.45 | 110(5) | ||||||||||||||
09/30/23(6) | 20.78 | 0.25(4) | (0.07) | 0.18 | — | — | — | 20.96 | 0.87(7) | 397,972 | 1.18(8) | 1.18(8) | 2.32(8) | 11(5)(7) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
03/31/19^ | $23.30 | $(0.07) | $(0.26) | $(0.33) | $— | $ (2.20) | $(2.20) | $20.77 | (1.18)% | $14,926 | 1.99% | 2.03% | (0.12)% | 40% | ||||||||||||||
03/31/20^ | 20.77 | —(4)(9) | (2.88) | (2.88) | (0.05) | (0.42) | (0.47) | 17.42 | (14.34) | 8,099 | 1.99 | 2.14 | 0.02 | 60 | ||||||||||||||
03/31/21^ | 17.42 | (0.05)(4) | 9.56 | 9.51 | — | — | — | 26.93 | 54.55 | 7,782 | 1.99 | 2.14 | (0.24) | 62 | ||||||||||||||
03/31/22^ | 26.93 | (0.04) | (0.25) | (0.29) | (0.05) | (3.47) | (3.52) | 23.13 | (1.85) | 5,565 | 1.99 | 2.10 | (0.16) | 32 | ||||||||||||||
03/31/23^ | 23.13 | 0.19 | (1.25) | (1.06) | — | (1.12) | (1.12) | 20.95 | (4.26) | 3,553 | 1.99 | 2.29 | 0.64 | 110(5) | ||||||||||||||
09/30/23(6) | 20.95 | 0.17(4) | (0.07) | 0.10 | — | — | — | 21.05 | 0.48(7) | 2,807 | 1.96(8) | 2.48(8) | 1.54(8) | 11(5)(7) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
03/31/19 | $22.75 | $0.21 | $(0.31) | $(0.10) | $(0.23) | $ (1.76) | $(1.99) | $20.66 | (0.09)% | $207,080 | 0.90% | 0.93% | 0.97% | 40% | ||||||||||||||
03/31/20 | 20.66 | 0.24(4) | (2.88) | (2.64) | (0.20) | (0.34) | (0.54) | 17.48 | (13.37) | 136,239 | 0.90 | 0.94 | 1.11 | 60 | ||||||||||||||
03/31/21 | 17.48 | 0.20(4) | 9.62 | 9.82 | (0.14) | — | (0.14) | 27.16 | 56.22 | 182,806 | 0.90 | 0.93 | 0.85 | 62 | ||||||||||||||
03/31/22 | 27.16 | 0.25 | (0.28) | (0.03) | (0.28) | (2.78) | (3.06) | 24.07 | (0.74) | 155,664 | 0.90 | 0.90 | 0.93 | 32 | ||||||||||||||
03/31/23 | 24.07 | 0.42 | (1.31) | (0.89) | (0.30) | (1.12) | (1.42) | 21.76 | (3.27) | 109,722 | 0.92 | 0.95 | 1.71 | 110(5) | ||||||||||||||
09/30/23(6) | 21.76 | 0.29(4) | (0.08) | 0.21 | — | — | — | 21.97 | 0.97(7) | 107,906 | 0.91(8) | 0.95(8) | 2.59(8) | 11(5)(7) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
03/31/19 | $22.77 | $0.22 | $(0.32) | $(0.10) | $(0.23) | $ (1.76) | $(1.99) | $20.68 | (0.10)% | $44,382 | 0.89% | 0.93% | 0.98% | 40% | ||||||||||||||
03/31/20 | 20.68 | 0.24(4) | (2.88) | (2.64) | (0.20) | (0.34) | (0.54) | 17.50 | (13.35) | 21,739 | 0.89 | 0.95 | 1.12 | 60 | ||||||||||||||
03/31/21 | 17.50 | 0.19(4) | 9.64 | 9.83 | (0.13) | — | (0.13) | 27.20 | 56.21 | 13,271 | 0.89 | 0.97 | 0.86 | 62 | ||||||||||||||
03/31/22 | 27.20 | 0.29 | (0.32) | (0.03) | (0.28) | (2.78) | (3.06) | 24.11 | (0.74) | 9,747 | 0.89 | 0.94 | 0.94 | 32 | ||||||||||||||
03/31/23 | 24.11 | 0.24 | (1.14) | (0.90) | (0.31) | (1.12) | (1.43) | 21.78 | (3.31) | 8,018 | 0.91 | 1.01 | 1.72 | 110(5) | ||||||||||||||
09/30/23(6) | 21.78 | 0.29(4) | (0.08) | 0.21 | — | — | — | 21.99 | 0.97(7) | 22,386 | 0.90(8) | 0.93(8) | 2.60(8) | 11(5)(7) |
^ | Updated to reflect the effect of a 1 for 0.801806 reverse stock split for Class C shares on October 14, 2022. All historical per share information has been retroactively adjusted to reflect this reverse stock split. |
(1) | Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower. |
(2) | The ratio of net expenses to average net assets excluding liquidity provider expenses for Class A was 1.17% and 1.16%, for Class C was 1.95% and 1.97%, for Class Y was 0.90% and 0.90% and for Institutional Class was 0.89% and 0.89% for the six months ended September 30, 2023 and the year ended March 31, 2023. |
(3) | The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A was 1.17% and 1.16%, for Class C was 2.47% and 2.27%, for Class Y was 0.94% and 0.93% and for Institutional Class was 0.92% and 0.99% for the six months ended September 30, 2023 and the year ended March 31, 2023. |
(4) | The net investment income (loss) per share was based on average shares outstanding for the period. |
(5) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(6) | Unaudited. |
(7) | Not annualized. |
(8) | Annualized. |
(9) | Less than $0.005 per share. |
Touchstone Sands Capital Emerging Markets Growth Fund | ||||||||||||||||||||||||||
Period ended | Net asset value at beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Distributions from net investment income | Total distributions | Net asset value at end of period | Total return(1) | Net assets at end of period (000's) | Ratio of net expenses to average net assets | Ratio of gross expenses to average net assets | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | |||||||||||||
Class A | ||||||||||||||||||||||||||
03/31/19(2) | $11.21(3) | $(0.01) | $1.95 | $1.94 | $— | $— | $13.15 | 17.31%(4) | $1,349 | 1.60%(5) | 4.89%(5) | (0.94)%(5) | 31% | |||||||||||||
03/31/20 | 13.15 | 0.05(6) | (1.77) | (1.72) | (0.07) | (0.07) | 11.36 | (13.19) | 2,897 | 1.60 | 2.62 | 0.35 | 20 | |||||||||||||
03/31/21 | 11.36 | (0.13) | 10.02 | 9.89 | — | — | 21.25 | 87.06 | 20,369 | 1.60 | 1.77 | (1.22) | 27 | |||||||||||||
03/31/22 | 21.25 | (0.21) | (5.07) | (5.28) | (0.32) | (0.32) | 15.65 | (25.16) | 19,694 | 1.60 | 1.60 | (1.03) | 28(7) | |||||||||||||
03/31/23 | 15.65 | (0.07)(6) | (2.35) | (2.42) | — | — | 13.23 | (15.35) | 16,203 | 1.60 | 1.65 | (0.50) | 30(7) | |||||||||||||
09/30/23(8) | 13.23 | 0.03(6) | (0.28) | (0.25) | — | — | 12.98 | (1.96)(4) | 11,429 | 1.60(5) | 1.72(5) | 0.47(5) | 7(4) | |||||||||||||
Class C | ||||||||||||||||||||||||||
03/31/19(2) | $11.21(3) | $(0.04) | $1.94 | $1.90 | $— | $— | $13.11 | 16.95%(4) | $59 | 2.35%(5) | 57.88%(5) | (1.69)%(5) | 31% | |||||||||||||
03/31/20 | 13.11 | (0.05)(6) | (1.75) | (1.80) | (0.05) | (0.05) | 11.26 | (13.81) | 1,135 | 2.35 | 5.24 | (0.40) | 20 | |||||||||||||
03/31/21 | 11.26 | (0.14) | 9.79 | 9.65 | — | — | 20.91 | 85.70 | 9,637 | 2.35 | 2.82 | (1.97) | 27 | |||||||||||||
03/31/22 | 20.91 | (0.35) | (4.99) | (5.34) | (0.20) | (0.20) | 15.37 | (25.69) | 9,107 | 2.35 | 2.46 | (1.78) | 28(7) | |||||||||||||
03/31/23 | 15.37 | (0.16)(6) | (2.31) | (2.47) | — | — | 12.90 | (16.07) | 6,154 | 2.35 | 2.56 | (1.25) | 30(7) | |||||||||||||
09/30/23(8) | 12.90 | (0.02)(6) | (0.27) | (0.29) | — | — | 12.61 | (2.25)(4) | 5,805 | 2.35(5) | 2.67(5) | (0.28)(5) | 7(4) | |||||||||||||
Class Y | ||||||||||||||||||||||||||
03/31/19 | $13.56 | $(0.03) | $(0.37) | $(0.40) | $— | $— | $13.16 | (3.02)% | $318,093 | 1.35%(9) | 1.35% | (0.45)% | 31% | |||||||||||||
03/31/20 | 13.16 | 0.08(6) | (1.77) | (1.69) | (0.09) | (0.09) | 11.38 | (12.96) | 423,992 | 1.33(9) | 1.31 | 0.62 | 20 | |||||||||||||
03/31/21 | 11.38 | (0.11) | 10.09 | 9.98 | — | — | 21.36 | 87.71 | 1,460,473 | 1.26 | 1.26 | (0.88) | 27 | |||||||||||||
03/31/22 | 21.36 | (0.17) | (5.08) | (5.25) | (0.37) | (0.37) | 15.74 | (24.89) | 1,186,957 | 1.29 | 1.29 | (0.71) | 28(7) | |||||||||||||
03/31/23 | 15.74 | (0.03)(6) | (2.36) | (2.39) | — | — | 13.35 | (15.13) | 611,637 | 1.29 | 1.29 | (0.19) | 30(7) | |||||||||||||
09/30/23(8) | 13.35 | 0.05(6) | (0.29) | (0.24) | — | — | 13.11 | (1.80)(4) | 578,746 | 1.29(5) | 1.29(5) | 0.78(5) | 7(4) | |||||||||||||
Institutional Class | ||||||||||||||||||||||||||
03/31/19 | $13.61 | $(0.03) | $(0.37) | $(0.40) | $— | $— | $13.21 | (2.94)% | $524,670 | 1.25% | 1.27% | (0.35)% | 31% | |||||||||||||
03/31/20 | 13.21 | 0.09(6) | (1.77) | (1.68) | (0.10) | (0.10) | 11.43 | (12.87) | 883,508 | 1.25(9) | 1.24 | 0.70 | 20 | |||||||||||||
03/31/21 | 11.43 | (0.11) | 10.15 | 10.04 | — | — | 21.47 | 87.79 | 2,867,373 | 1.21(9) | 1.20 | (0.83) | 27 | |||||||||||||
03/31/22 | 21.47 | (0.29) | (4.97) | (5.26) | (0.38) | (0.38) | 15.83 | (24.81) | 1,252,461 | 1.20 | 1.20 | (0.62) | 28(7) | |||||||||||||
03/31/23 | 15.83 | (0.02)(6) | (2.38) | (2.40) | — | — | 13.43 | (15.11) | 931,523 | 1.23 | 1.23 | (0.13) | 30(7) | |||||||||||||
09/30/23(8) | 13.43 | 0.06(6) | (0.29) | (0.23) | — | — | 13.20 | (1.71)(4) | 888,200 | 1.23(5) | 1.23(5) | 0.84(5) | 7(4) | |||||||||||||
Class R6 | ||||||||||||||||||||||||||
03/31/22(10) | $22.37 | $0.15 | $(6.31) | $(6.16) | $(0.38) | $(0.38) | $15.83 | (27.85)%(4) | $1,109,805 | 1.17%(5) | 1.17%(5) | (0.59)%(5) | 28%(7) | |||||||||||||
03/31/23 | 15.83 | (0.01)(6) | (2.39) | (2.40) | —(11) | —(11) | 13.43 | (15.03) | 696,638 | 1.18 | 1.18 | (0.08) | 30(7) | |||||||||||||
09/30/23(8) | 13.43 | 0.06(6) | (0.28) | (0.22) | — | — | 13.21 | (1.71)(4) | 744,556 | 1.18(5) | 1.18(5) | 0.89(5) | 7(4) |
(1) | Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower. |
(2) | Represents the period from commencement of operations (November 16, 2018) through March 31, 2019. |
(3) | Net asset value at the beginning of period is based on the net asset value of Class Y shares on November 16, 2018. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | The net investment income (loss) per share was based on average shares outstanding for the period. |
(7) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(8) | Unaudited. |
(9) | Net expenses include amounts recouped by the Adviser. |
(10) | Represents the period from commencement of operations (April 26, 2021) through March 31, 2022. |
(11) | Less than $0.005 per share. |
Touchstone Strategic Income Opportunities Fund | ||||||||||||||||||||||||||||
Period ended | Net asset value at beginning of period | Net investment income(1) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Distributions from net investment income | Return of capital | Total distributions | Net asset value at end of period | Total return(2) | Net assets at end of period (000's) | Ratio of net expenses to average net assets | Ratio of gross expenses to average net assets | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | ||||||||||||||
Class A | ||||||||||||||||||||||||||||
03/31/19 | $3.38 | $0.13 | $(0.04) | $0.09 | $(0.16) | $— | $(0.16) | $3.31 | 2.86% | $153,979 | 1.14% | 1.37% | 3.89% | 123% | ||||||||||||||
03/31/20 | 3.31 | 0.11 | (0.15) | (0.04) | (0.12) | — | (0.12) | 3.15 | (1.37) | 143,815 | 1.10 | 1.37 | 3.14 | 85 | ||||||||||||||
03/31/21 | 3.15 | 0.10 | 0.33 | 0.43 | (0.11) | — | (0.11) | 3.47 | 13.87 | 173,600 | 1.10 | 1.37 | 2.91 | 111 | ||||||||||||||
03/31/22 | 3.47 | 0.08 | (0.19) | (0.11) | (0.09) | — | (0.09) | 3.27 | (3.22) | 177,574 | 1.03 | 1.14 | 2.38 | 155(3) | ||||||||||||||
03/31/23 | 3.27 | 0.12 | (0.24) | (0.12) | (0.12) | (0.01) | (0.13) | 3.02 | (3.44) | 138,096 | 1.00 | 1.12 | 4.01 | 78 | ||||||||||||||
09/30/23(4) | 3.02 | 0.07 | (0.09) | (0.02) | (0.07) | — | (0.07) | 2.93 | (0.75)(5) | 128,275 | 1.00(6) | 1.16(6) | 4.91(6) | 63(5) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
03/31/19 | $3.39 | $0.11 | $(0.04) | $0.07 | $(0.14) | $— | $(0.14) | $3.32 | 2.18% | $52,782 | 1.81% | 2.04% | 3.22% | 123% | ||||||||||||||
03/31/20 | 3.32 | 0.08 | (0.14) | (0.06) | (0.10) | — | (0.10) | 3.16 | (2.04) | 49,730 | 1.78 | 2.05 | 2.47 | 85 | ||||||||||||||
03/31/21 | 3.16 | 0.08 | 0.33 | 0.41 | (0.09) | — | (0.09) | 3.48 | 13.11 | 39,402 | 1.78 | 2.05 | 2.26 | 111 | ||||||||||||||
03/31/22 | 3.48 | 0.06 | (0.20) | (0.14) | (0.06) | — | (0.06) | 3.28 | (4.03) | 42,046 | 1.74 | 1.88 | 1.62 | 155(3) | ||||||||||||||
03/31/23 | 3.28 | 0.10 | (0.24) | (0.14) | (0.11) | —(7) | (0.11) | 3.03 | (4.12) | 24,451 | 1.71 | 1.90 | 3.30 | 78 | ||||||||||||||
09/30/23(4) | 3.03 | 0.06 | (0.09) | (0.03) | (0.06) | — | (0.06) | 2.94 | (1.11)(5) | 18,725 | 1.71(6) | 1.98(6) | 4.20(6) | 63(5) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
03/31/19 | $3.37 | $0.14 | $(0.03) | $0.11 | $(0.17) | $— | $(0.17) | $3.31 | 3.38% | $52,676 | 0.94% | 1.17% | 4.06% | 123% | ||||||||||||||
03/31/20 | 3.31 | 0.11 | (0.14) | (0.03) | (0.13) | — | (0.13) | 3.15 | (1.16) | 89,806 | 0.91 | 1.18 | 3.28 | 85 | ||||||||||||||
03/31/21 | 3.15 | 0.10 | 0.33 | 0.43 | (0.12) | — | (0.12) | 3.46 | 13.77 | 140,047 | 0.90 | 1.17 | 3.08 | 111 | ||||||||||||||
03/31/22(8) | 3.46 | 0.09 | (0.19) | (0.10) | (0.10) | — | (0.10) | 3.26 | (2.97) | 106,650 | 0.79 | 0.91 | 2.62 | 155(3) | ||||||||||||||
03/31/23 | 3.26 | 0.13 | (0.24) | (0.11) | (0.13) | (0.01) | (0.14) | 3.01 | (3.19) | 59,269 | 0.75 | 0.87 | 4.26 | 78 | ||||||||||||||
09/30/23(4) | 3.01 | 0.08 | (0.10) | (0.02) | (0.07) | — | (0.07) | 2.92 | (0.63)(5) | 52,098 | 0.75(6) | 0.93(6) | 5.16(6) | 63(5) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
03/31/22(9) | $3.50 | $0.06 | $(0.23) | $(0.17) | $(0.07) | $— | $(0.07) | $3.26 | (4.94)%(5) | $263 | 0.65%(6) | 3.91%(6) | 2.56%(6) | 155%(3) | ||||||||||||||
03/31/23 | 3.26 | 0.13 | (0.24) | (0.11) | (0.14) | (0.01) | (0.15) | 3.00 | (3.35) | 220 | 0.65 | 3.89 | 4.36 | 78 | ||||||||||||||
09/30/23(4) | 3.00 | 0.08 | (0.10) | (0.02) | (0.07) | — | (0.07) | 2.91 | (0.59)(5) | 1,204 | 0.65(6) | 2.94(6) | 5.26(6) | 63(5) |
(1) | The net investment income per share was based on average shares outstanding for the period. |
(2) | Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower. |
(3) | Portfolio turnover excludes the purchases and sales of securities of the AIG Flexible Credit Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher. |
(4) | Unaudited. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | Less than $0.005 per share. |
(8) | Effective July 16, 2021, Class W shares of the AIG Strategic Bond Fund were reorganized into Class Y shares of the Fund. |
(9) | Represents the period from commencement of operations (July 19, 2021) through March 31, 2022 for Institutional Class. |
Touchstone Flexible Income Fund ("Flexible Income Fund”) |
Touchstone Focused Fund ("Focused Fund”) |
Touchstone Growth Opportunities Fund ("Growth Opportunities Fund”) |
Touchstone Mid Cap Growth Fund ("Mid Cap Growth Fund”) |
Touchstone Non-US ESG Equity Fund ("Non-US ESG Equity Fund”) |
Touchstone Sands Capital Emerging Markets Growth Fund ("Sands Capital Emerging Markets Growth Fund”) |
Touchstone Strategic Income Opportunities Fund ("Strategic Income Opportunities Fund”) |
Class A | Class C | Class Y | Institutional Class | Class R6 | |
Flexible Income Fund | X | X | X | X | |
Focused Fund | X | X | X | X | |
Growth Opportunities Fund | X | X | X | X | |
Mid Cap Growth Fund | X | X | X | X | X |
Non-US ESG Equity Fund | X | X | X | X | |
Sands Capital Emerging Markets Growth Fund | X | X | X | X | X |
Strategic Income Opportunities Fund | X | X | X | X |
(1) | market value of investment securities, assets and liabilities at the current rate of exchange on the valuation date; and |
(2) | purchases and sales of investment securities, income, and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. |
Fund | Derivatives not accounted for as hedging instruments under ASC 815 | Asset Derivatives | Liability Derivatives |
Flexible Income Fund | Swap Agreements - Credit Contracts* | $623,915 | $— |
Strategic Income Opportunities Fund | Swap Agreements - Credit Contracts* | — | 29,068 |
Futures Contracts - Interest Rate Contracts** | — | 107,812 |
* | Statements of Assets and Liabilities Location: Payable for variation margin on swap agreements. Variation margin reported in the Portfolio of Investments and other tables in the Notes to the Financial Statements is the cumulative unrealized appreciation (depreciation). |
** | Statements of Assets and Liabilities Location: Receivable for variation margin on futures contracts. Only current day’s variation margin is reported within the payable/receivable on the Statement of Assets and Liabilities. Includes cumulative appreciation/(depreciation) on futures contracts as reported on the Portfolio of Investments and within the components of net assets section of the Statement of Assets and Liabilities. |
Fund | Derivatives not accounted for as hedging instruments under ASC 815 | Realized Gains (Losses) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives |
Flexible Income Fund | Purchased Options - Equity Contracts* | $(967,634) | $— |
Swap Agreements - Credit Contracts** | (2,789,688) | 1,266,584 | |
Strategic Income Opportunities Fund | Futures - Interest Rate Contracts*** | (1,058,143) | (11,300) |
Swap Agreements - Credit Contracts** | (112,035) | (121,878) |
* | Statements of Operations Location: Net realized gains (losses) on investments. |
** | Statements of Operations Location: Net realized losses on swap agreements and Net change in unrealized appreciation (depreciation) on swap agreements, respectively. |
*** | Statements of Operations Location: Net realized losses on futures contracts and Net change in unrealized appreciation (depreciation) on futures contracts, respectively. |
Flexible Income Fund | Strategic Income Opportunities Fund | |
Equity Contracts: | ||
Purchased Options - Cost | $—* | $— |
Written Options - Premiums received | —* | — |
Credit Contracts: | ||
Credit Default Swaps (buy protection) - Notional value | 69,600,000 | 9,345,000 |
Interest Rate Contracts: | ||
Futures Contracts (long) - Notional Value | — | 39,293,073 |
Futures Contracts (short) - Notional Value | — | 3,472,698 |
* | The balance at each quarter end was zero. |
Fund | Security Type | Market Value of Securities Loaned* | Market Value of Collateral Received** | Net Amount*** |
Flexible Income Fund | Corporate Bonds | $6,137,969 | $6,313,802 | $175,833 |
Investment Funds | 222,746 | 227,888 | 5,142 | |
Preferred Stocks | 189,736 | 192,924 | 3,188 | |
Total Flexible Income Fund | 6,550,451 | 6,734,614 | 184,163 | |
Mid Cap Growth Fund | Common Stocks | 2,336,951 | 2,477,989 | 141,038 |
Non-US ESG Equity Fund | Common Stocks | 8,201,977 | 8,286,407 | 84,430 |
Strategic Income Opportunities Fund | Corporate Bonds | 203,444 | 210,210 | 6,766 |
* | The remaining contractual maturity is overnight for all securities. |
** | Gross amount of recognized liabilities for securities lending included in the Statements of Assets and Liabilities. |
*** | Net amount represents the net amount payable due to the borrower in the event of default. |
Flexible Income Fund | Focused Fund* | Growth Opportunities Fund* | Mid Cap Growth Fund* | Non-US ESG Equity Fund* | Sands Capital Emerging Markets Growth Fund | Strategic Income Opportunities Fund | |
Purchases of investment securities | $205,311,858 | $20,919,972 | $33,018,285 | $334,640,896 | $81,130,289 | $162,141,703 | $16,494,781 |
Proceeds from sales and maturities | $83,617,089 | $20,006,017 | $34,351,871 | $342,275,204 | $61,221,846 | $161,083,463 | $51,646,872 |
* | The Focused Fund, the Growth Opportunities Fund, the Mid Cap Growth Fund and the Non-US ESG Equity Fund had redemption-in-kinds out of the Fund of $13,989,006, $8,506,666, $47,991,367 and $10,408,602, respectively, which are excluded from the proceeds from sales and maturities. |
Flexible Income Fund | 0.60% on the first $500 million 0.50% on such assets in excess of $500 million |
Focused Fund | 0.70% on the first $100 million 0.65% on the next $400 million 0.60% on such assets in excess of $500 million |
Growth Opportunities Fund | 0.75% on the first $500 million 0.70% on the next $500 million 0.65% on such assets in excess of $1 billion |
Mid Cap Growth Fund | 0.75% on the first $500 million 0.70% on the next $500 million 0.65% on the next $200 million 0.60% on such assets in excess of $1.2 billion |
Non-US ESG Equity Fund | 0.65% on the first $1 billion 0.60% on such assets in excess of $1 billion |
Sands Capital Emerging Markets Growth Fund | 1.00% on all assets |
Strategic Income Opportunities Fund | 0.55% on the first $250 million 0.50% on the next $250 million 0.45% on such assets in excess $500 million |
Bramshill Investments, LLC | Sands Capital Management, LLC |
Flexible Income Fund | Sands Capital Emerging Markets Growth Fund |
Fort Washington Investment Advisors, Inc.* | Westfield Capital Management Company, L.P. |
Focused Fund | Growth Opportunities Fund |
Strategic Income Opportunities Fund | Mid Cap Growth Fund |
Rockefeller & Co., LLC | |
Non-US ESG Equity Fund |
* | Affiliate of the Adviser and wholly-owned subsidiary of Western & Southern. |
Class A | Class C | Class Y | Institutional Class | Class R6 | Termination Date | |
Flexible Income Fund | 1.04% | 1.79% | 0.79% | 0.69% | — | July 29, 2024 |
Focused Fund | 1.20% | 1.95% | 0.95% | 0.83% | — | July 29, 2024 |
Growth Opportunities Fund | 1.24% | 1.99% | 0.99% | 0.89% | — | July 29, 2024 |
Mid Cap Growth Fund | 1.39% | 2.14% | 1.14% | 0.86% | 0.77% | July 29, 2024 |
Non-US ESG Equity Fund | 1.17% | 1.95% | 0.90% | 0.89% | — | July 29, 2024 |
Sands Capital Emerging Markets Growth Fund | 1.60% | 2.35% | 1.35% | 1.25% | 1.19% | July 29, 2024 |
Strategic Income Opportunities Fund | 1.00% | 1.71% | 0.75% | 0.65% | — | July 29, 2024 |
Fund | Investment Advisory Fees Waived | Administration Fees Waived | Other Operating Expenses Reimbursed/ Waived | Total |
Flexible Income Fund | $— | $5,097 | $92,970 | $98,067 |
Focused Fund | — | — | 12,868 | 12,868 |
Fund | Investment Advisory Fees Waived | Administration Fees Waived | Other Operating Expenses Reimbursed/ Waived | Total |
Growth Opportunities Fund | $— | $20,780 | $75,491 | $96,271 |
Mid Cap Growth Fund | — | 62,220 | 92,666 | 154,886 |
Non-US ESG Equity Fund | — | — | 32,586 | 32,586 |
Sands Capital Emerging Markets Growth Fund | — | — | 18,595 | 18,595 |
Strategic Income Opportunities Fund | — | 9,157 | 178,654 | 187,811 |
Fund | Expires on or before March 31, 2024 | Expires on or before March 31, 2025 | Expires on or before March 31, 2026 | Expires on or before March 31, 2027 | Total |
Flexible Income Fund | $110,047 | $140,862 | $286,441 | $66,827 | $604,177 |
Focused Fund | 5,416 | 10,171 | 11,518 | 9,687 | 36,792 |
Growth Opportunities Fund | 71,996 | 122,533 | 114,846 | 62,498 | 371,873 |
Mid Cap Growth Fund | 35,097 | 155,930 | 293,346 | 154,886 | 639,259 |
Non-US ESG Equity Fund | 11,450 | 12,644 | 45,205 | 23,965 | 93,264 |
Sands Capital Emerging Markets Growth Fund | — | — | — | — | — |
Strategic Income Opportunities Fund | — | 62,969 | 101,355 | 53,265 | 217,589 |
Fund | Amount |
Flexible Income Fund | $ 1,742 |
Focused Fund | 1,867 |
Growth Opportunities Fund | 1,919 |
Mid Cap Growth Fund | 9,860 |
Non-US ESG Equity Fund | 3,109 |
Sands Capital Emerging Markets Growth Fund | 943 |
Strategic Income Opportunities Fund | 701 |
Fund | Class A | Class C |
Flexible Income Fund | $ — | $ 22 |
Growth Opportunities Fund | — | 10 |
Non-US ESG Equity Fund | — | 25 |
Strategic Income Opportunities Fund | 41 | 111 |
Fund | Shares ReFlow Subscribed to | Redemptions-in-kind |
Focused Fund | 242,722 | $ 13,989,006 |
Growth Opportunities Fund | 247,981 | 8,506,666 |
Mid Cap Growth Fund | 1,684,944 | 47,991,367 |
Non-US ESG Equity Fund | 551,856 | 10,408,602 |
Fund | Daily Average Amount Borrowed | Weighted Average Interest Rate | Interest Expense* |
Mid Cap Growth Fund | $ 12,741 | 5.66% | $ 362 |
* | Included in Other expenses in the Statements of Operations. |
Flexible Income Fund | Focused Fund | Growth Opportunities Fund | ||||
Year Ended March 31, 2023 | Year Ended March 31, 2022 | Year Ended March 31, 2023 | Year Ended March 31, 2022 | Year Ended March 31, 2023 | Year Ended March 31, 2022 | |
From ordinary income | $34,918,465 | $29,223,650 | $1,277,618 | $8,186,308 | $1,038,217 | $10,829,312 |
From long-term capital gains | 944,221 | — | 30,327,511 | 63,791,908 | 1,556,529 | 15,315,202 |
Total distributions | $35,862,686 | $29,223,650 | $31,605,129 | $71,978,216 | $2,594,746 | $26,144,514 |
Mid Cap Growth Fund | Non-US ESG Equity Fund | Sands Capital Emerging Markets Growth Fund | ||||
Year Ended March 31, 2023 | Year Ended March 31, 2022 | Year Ended March 31, 2023 | Year Ended March 31, 2022 | Year Ended March 31, 2023 | Year Ended March 31, 2022 | |
From ordinary income | $7,444,034 | $63,548,224 | $6,761,704 | $13,578,798 | $81,972 | $83,985,024 |
From long-term capital gains | 19,506,766 | 143,676,973 | 27,240,018 | 62,529,954 | — | — |
Total distributions | $26,950,800 | $207,225,197 | $34,001,722 | $76,108,752 | $81,972 | $83,985,024 |
Strategic Income Opportunities Fund | ||
Year Ended March 31, 2023 | Year Ended March 31, 2022 | |
From ordinary income | $10,666,641 | $9,958,956 |
From return of capital | 457,048 | — |
Total distributions | $11,123,689 | $9,958,956 |
Flexible Income Fund | Focused Fund | Growth Opportunities Fund | |
Tax cost of portfolio investments | $945,545,571 | $645,304,725 | $89,094,751 |
Gross unrealized appreciation on investments | 1,323,233 | 446,236,965 | 42,588,908 |
Gross unrealized depreciation on investments | (85,319,267) | (32,256,823) | (3,572,223) |
Net unrealized appreciation (depreciation) on investments | (83,996,034) | 413,980,142 | 39,016,685 |
Gross unrealized depreciation on derivatives and foreign currency transactions | (1) | (1) | — |
Net unrealized appreciation (depreciation) on derivatives and foreign currency transactions | (1) | (1) | — |
Qualified late year losses | (4,027,992) | — | (633,100) |
Undistributed ordinary income | 1,564,068 | 4,415,446 | — |
Undistributed capital gains | — | 9,885,842 | — |
Other temporary differences | (204,845) | — | — |
Accumulated earnings (deficit) | $(86,664,804) | $428,281,429 | $38,383,585 |
Mid Cap Growth Fund | Non-US ESG Equity Fund | Sands Capital Emerging Markets Growth Fund | Strategic Income Opportunities Fund | |
Tax cost of portfolio investments | $927,437,977 | $487,173,421 | $2,022,016,595 | $245,655,368 |
Gross unrealized appreciation on investments | 247,883,501 | 85,735,347 | 536,406,219 | 4,428,719 |
Gross unrealized depreciation on investments | (56,520,843) | (18,026,322) | (283,056,189) | (29,928,659) |
Net unrealized appreciation (depreciation) on investments | 191,362,658 | 67,709,025 | 253,350,030 | (25,499,940) |
Gross unrealized appreciation on foreign currency transactions | — | — | 20,375 | — |
Gross unrealized depreciation on derivatives, foreign currency transactions and deferred foreign capital gains tax | — | (17,492) | (3,862,762) | (9) |
Net unrealized appreciation (depreciation) on derivatives, foreign currency transactions and deferred foreign capital gains tax | — | (17,492) | (3,842,387) | (9) |
Capital loss carryforwards | (85,568,308) | — | (915,847,471) | (66,375,824) |
Qualified late year losses | (354,417) | (9,234,255) | (17,501,638) | — |
Undistributed ordinary income | — | 2,304,830 | — | — |
Other temporary differences | — | — | — | (536,117) |
Accumulated earnings (deficit) | $105,439,933 | $60,762,108 | $(683,841,466) | $(92,411,890) |
Fund | No Expiration Short Term | No Expiration Long Term | Total |
Mid Cap Growth Fund | $ 85,568,308 | $ — | $ 85,568,308 |
Sands Capital Emerging Markets Growth Fund | 468,193,078 | 447,654,393 | 915,847,471 |
Fund | No Expiration Short Term | No Expiration Long Term | Total |
Strategic Income Opportunities Fund* | $6,475,725 | $59,900,099 | $66,375,824 |
* | Future utilization may be limited under current tax laws. |
Fund | Federal Tax Cost | Gross Unrealized Appreciation on Investments | Gross Unrealized Depreciation on Investments | Gross Unrealized Appreciation on Other(A) | Gross Unrealized Depreciation on Other(A) | Net Unrealized Appreciation (Depreciation) |
Flexible Income Fund | $999,877,567 | $2,432,209 | $(85,177,376) | $623,915 | $— | $(82,121,252) |
Focused Fund | 656,666,637 | 482,970,053 | (40,578,947) | — | — | 442,391,106 |
Growth Opportunities Fund | 82,913,476 | 47,208,455 | (2,515,057) | — | — | 44,693,398 |
Mid Cap Growth Fund | 895,423,563 | 218,305,251 | (49,288,844) | — | — | 169,016,407 |
Non-US ESG Equity Fund | 484,016,097 | 65,750,603 | (10,776,222) | 7,734 | (149) | 54,981,966 |
Sands Capital Emerging Markets Growth Fund | 1,947,912,250 | 490,555,972 | (199,837,943) | 13,401 | (25,408) | 290,706,022 |
Strategic Income Opportunities Fund | 222,416,215 | 3,190,166 | (27,532,790) | — | (136,892) | (24,479,516) |
(A) | Other includes Derivatives and Foreign Currency Transactions. |
Net Expense Ratio Annualized September 30, 2023 | Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Expenses Paid During the Six Months Ended September 30, 2023* | ||
Flexible Income Fund | |||||
Class A | Actual | 1.04% | $1,000.00 | $1,012.30 | $5.23 |
Class A | Hypothetical | 1.04% | $1,000.00 | $1,019.80 | $5.25 |
Class C | Actual | 1.79% | $1,000.00 | $1,008.80 | $8.99 |
Class C | Hypothetical | 1.79% | $1,000.00 | $1,016.05 | $9.02 |
Class Y | Actual | 0.79% | $1,000.00 | $1,013.50 | $3.98 |
Net Expense Ratio Annualized September 30, 2023 | Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Expenses Paid During the Six Months Ended September 30, 2023* | ||
Class Y | Hypothetical | 0.79% | $1,000.00 | $1,021.05 | $3.99 |
Institutional Class | Actual | 0.69% | $1,000.00 | $1,014.00 | $3.47 |
Institutional Class | Hypothetical | 0.69% | $1,000.00 | $1,021.55 | $3.49 |
Focused Fund | |||||
Class A | Actual | 1.16% | $1,000.00 | $1,043.70 | $5.93 |
Class A | Hypothetical | 1.16% | $1,000.00 | $1,019.20 | $5.86 |
Class C | Actual | 1.95% | $1,000.00 | $1,039.70 | $9.94 |
Class C | Hypothetical | 1.95% | $1,000.00 | $1,015.25 | $9.82 |
Class Y | Actual | 0.87% | $1,000.00 | $1,045.30 | $4.45 |
Class Y | Hypothetical | 0.87% | $1,000.00 | $1,020.65 | $4.39 |
Institutional Class | Actual | 0.83% | $1,000.00 | $1,045.40 | $4.24 |
Institutional Class | Hypothetical | 0.83% | $1,000.00 | $1,020.85 | $4.19 |
Growth Opportunities Fund | |||||
Class A | Actual | 1.26% | $1,000.00 | $1,085.50 | $6.57** |
Class A | Hypothetical | 1.26% | $1,000.00 | $1,018.70 | $6.36** |
Class C | Actual | 2.01% | $1,000.00 | $1,081.30 | $10.46** |
Class C | Hypothetical | 2.01% | $1,000.00 | $1,014.95 | $10.13** |
Class Y | Actual | 1.01% | $1,000.00 | $1,086.90 | $5.27** |
Class Y | Hypothetical | 1.01% | $1,000.00 | $1,019.95 | $5.10** |
Institutional Class | Actual | 0.91% | $1,000.00 | $1,087.40 | $4.75** |
Institutional Class | Hypothetical | 0.91% | $1,000.00 | $1,020.45 | $4.60** |
Mid Cap Growth Fund | |||||
Class A | Actual | 1.26% | $1,000.00 | $1,014.10 | $6.34*** |
Class A | Hypothetical | 1.26% | $1,000.00 | $1,018.70 | $6.36*** |
Class C | Actual | 2.13% | $1,000.00 | $1,009.70 | $10.70*** |
Class C | Hypothetical | 2.13% | $1,000.00 | $1,014.35 | $10.73*** |
Class Y | Actual | 1.03% | $1,000.00 | $1,015.40 | $5.19*** |
Class Y | Hypothetical | 1.03% | $1,000.00 | $1,019.85 | $5.20*** |
Institutional Class | Actual | 0.88% | $1,000.00 | $1,016.10 | $4.44*** |
Institutional Class | Hypothetical | 0.88% | $1,000.00 | $1,020.60 | $4.45*** |
Class R6 | Actual | 0.79% | $1,000.00 | $1,016.70 | $3.98*** |
Class R6 | Hypothetical | 0.79% | $1,000.00 | $1,021.05 | $3.99*** |
Non-US ESG Equity Fund | |||||
Class A | Actual | 1.18% | $1,000.00 | $1,008.70 | $5.93**** |
Class A | Hypothetical | 1.18% | $1,000.00 | $1,019.10 | $5.96**** |
Class C | Actual | 1.96% | $1,000.00 | $1,004.80 | $9.82**** |
Class C | Hypothetical | 1.96% | $1,000.00 | $1,015.20 | $9.87**** |
Class Y | Actual | 0.91% | $1,000.00 | $1,009.70 | $4.57**** |
Class Y | Hypothetical | 0.91% | $1,000.00 | $1,020.45 | $4.60**** |
Institutional Class | Actual | 0.90% | $1,000.00 | $1,009.70 | $4.52**** |
Institutional Class | Hypothetical | 0.90% | $1,000.00 | $1,020.50 | $4.55**** |
Sands Capital Emerging Markets Growth Fund | |||||
Class A | Actual | 1.60% | $1,000.00 | $980.40 | $7.92 |
Class A | Hypothetical | 1.60% | $1,000.00 | $1,017.00 | $8.07 |
Class C | Actual | 2.35% | $1,000.00 | $977.50 | $11.62 |
Class C | Hypothetical | 2.35% | $1,000.00 | $1,013.25 | $11.83 |
Class Y | Actual | 1.29% | $1,000.00 | $982.00 | $6.39 |
Class Y | Hypothetical | 1.29% | $1,000.00 | $1,018.55 | $6.51 |
Institutional Class | Actual | 1.23% | $1,000.00 | $982.90 | $6.10 |
Institutional Class | Hypothetical | 1.23% | $1,000.00 | $1,018.85 | $6.21 |
Class R6 | Actual | 1.18% | $1,000.00 | $982.90 | $5.85 |
Class R6 | Hypothetical | 1.18% | $1,000.00 | $1,019.10 | $5.96 |
Strategic Income Opportunities Fund | |||||
Class A | Actual | 1.00% | $1,000.00 | $992.50 | $4.98 |
Class A | Hypothetical | 1.00% | $1,000.00 | $1,020.00 | $5.05 |
Class C | Actual | 1.71% | $1,000.00 | $988.90 | $8.50 |
Class C | Hypothetical | 1.71% | $1,000.00 | $1,016.45 | $8.62 |
Class Y | Actual | 0.75% | $1,000.00 | $993.70 | $3.74 |
Net Expense Ratio Annualized September 30, 2023 | Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Expenses Paid During the Six Months Ended September 30, 2023* | ||
Class Y | Hypothetical | 0.75% | $1,000.00 | $1,021.25 | $3.79 |
Institutional Class | Actual | 0.65% | $1,000.00 | $994.10 | $3.24 |
Institutional Class | Hypothetical | 0.65% | $1,000.00 | $1,021.75 | $3.29 |
* | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period). |
** | Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.47, $10.35, $5.17 and $4.64, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.26, $10.02, $5.00 and $4.50, respectively. |
*** | Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y, Institutional Class and R6 would be $6.24, $10.60, $5.09, $4.33 and $3.88, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y, Institutional Class and R6 would be $6.26, $10.63, $5.10, $4.34, and $3.89, respectively. |
**** | Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $5.88, $9.77, $4.52 and $4.47, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $5.91, $9.82, $4.55 and $4.50, respectively. |
![](https://capedge.com/proxy/N-CSRS/0001104659-23-121885/tm2331306d2ncsri002.jpg)
![](https://capedge.com/proxy/N-CSRS/0001104659-23-121885/tm2331306d2ncsri003.gif)
303 Broadway
Cincinnati, Ohio 45202-4203
800.638.8194
www.touchstoneinvestments.com
303 Broadway
Cincinnati, Ohio 45202-4203
P.O. Box 534467
Pittsburgh, PA 15253-4467
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(2)(1) | Not applicable. |
(a)(2)(2) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Touchstone Strategic Trust |
By (Signature and Title)* | /s/ E. Blake Moore Jr. | |
E. Blake Moore Jr., President | ||
(principal executive officer) |
Date: | 11/29/2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ E. Blake Moore Jr. | |
E. Blake Moore Jr., President | ||
(principal executive officer) |
Date: | 11/29/2023 |
By (Signature and Title)* | /s/ Terrie A. Wiedenheft | |
Terrie A. Wiedenheft, Controller and Treasurer | ||
(principal financial officer) |
Date: | 11/29/2023 |
* Print the name and title of each signing officer under his or her signature.