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 811-08104
Touchstone Funds Group Trust
(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: September 30
Date of reporting period: March 31, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) | The Report to Shareholders is attached herewith. |
Touchstone Funds Group Trust |
Touchstone Active Bond Fund |
Touchstone Ares Credit Opportunities Fund |
Touchstone Dividend Equity Fund |
Touchstone High Yield Fund |
Touchstone Impact Bond Fund |
Touchstone International ESG Equity Fund |
Touchstone Mid Cap Fund |
Touchstone Mid Cap Value Fund |
Touchstone Sands Capital Select Growth Fund |
Touchstone Small Cap Fund |
Touchstone Small Cap Value Fund |
Touchstone Ultra Short Duration Fixed Income Fund |
![](https://capedge.com/proxy/N-CSRS/0001104659-23-066387/tm2316639d1semiannuali001.gif)
Credit Quality*(% of Fixed Income Securities) | |
AAA/Aaa | 39.1% |
AA/Aa | 8.5 |
A/A | 14.2 |
BBB/Baa | 27.0 |
BB/Ba | 2.0 |
B/B | 1.6 |
CCC | 0.4 |
CC | 0.1 |
Not Rated | 5.0 |
Cash Equivalents | 2.1 |
Total | 100.0% |
Credit Quality*(% of Fixed Income Securities) | |
BBB/Baa | 8.5% |
BB/Ba | 39.0 |
B/B | 32.1 |
CCC | 11.3 |
CC | 0.4 |
C or Lower | 0.1 |
Not Rated | 6.1 |
Cash Equivalents | 2.5 |
Total | 100.0% |
Sector Allocation**(% of Net Assets) | |
Long Positions | |
Corporate Bonds | |
Energy | 12.9% |
Consumer Discretionary | 9.8 |
Communication Services | 8.0 |
Consumer Staples | 7.9 |
Industrials | 7.0 |
Financials | 6.8 |
Materials | 4.0 |
Real Estate | 3.9 |
Health Care | 3.3 |
Utilities | 2.3 |
Information Technology | 2.2 |
Bank Loans | 17.2 |
Asset-Backed Securities | 9.5 |
Common Stocks | |
Energy | 1.0 |
Health Care | 0.5 |
Industrials | 0.0 |
Exchange-Traded Fund | 0.4 |
Purchased Call Options | 0.0 |
Short-Term Investment Funds | 2.8 |
Other Assets/Liabilities (Net) | 0.9 |
100.4% | |
Short Positions | |
Corporate Bonds | (0.4) |
Written Call Options | (0.0) |
Total | 100.0% |
Sector Allocation*(% of Net Assets) | |
Information Technology | 22.6% |
Financials | 14.9 |
Health Care | 12.8 |
Industrials | 10.6 |
Consumer Staples | 9.3 |
Consumer Discretionary | 7.6 |
Communication Services | 7.2 |
Energy | 5.4 |
Utilities | 3.6 |
Real Estate | 2.9 |
Materials | 2.8 |
Short-Term Investment Fund | 0.0 |
Other Assets/Liabilities (Net) | 0.3 |
Total | 100.0% |
Credit Quality**(% of Fixed Income Securities) | |
AAA/Aaa | 3.9% |
A/A | 0.5 |
BBB/Baa | 8.2 |
BB/Ba | 57.1 |
B/B | 24.5 |
CCC | 3.6 |
Cash Equivalents | 2.2 |
Total | 100.0% |
Credit Quality**(% of Fixed Income Securities) | |
AAA/Aaa | 63.8% |
AA/Aa | 14.0 |
A/A | 13.5 |
BBB/Baa | 7.5 |
BB/Ba | 0.6 |
Cash Equivalents | 0.6 |
Total | 100.0% |
Geographic Allocation(% of Net Assets) | |
Common Stocks | |
France | 17.5% |
Japan | 13.7 |
United Kingdom | 12.5 |
Sweden | 6.6 |
Germany | 5.7 |
Switzerland | 4.6 |
India | 3.9 |
Taiwan | 3.7 |
South Korea | 3.4 |
Singapore | 3.4 |
Spain | 2.3 |
Hong Kong | 1.9 |
Ireland | 1.8 |
Netherlands | 1.6 |
Denmark | 1.4 |
Canada | 1.2 |
Preferred Stocks | 2.1 |
Short-Term Investment Funds | 20.7 |
Other Assets/Liabilities (Net) | (8.0) |
Total | 100.0% |
Sector Allocation*(% of Net Assets) | |
Industrials | 29.2% |
Consumer Staples | 15.4 |
Information Technology | 15.0 |
Materials | 11.4 |
Consumer Discretionary | 10.8 |
Financials | 6.8 |
Health Care | 5.3 |
Real Estate | 2.7 |
Short-Term Investment Fund | 3.4 |
Other Assets/Liabilities (Net) | (0.0) |
Total | 100.0% |
Sector Allocation*(% of Net Assets) | |
Industrials | 17.8% |
Financials | 14.6 |
Consumer Staples | 13.8 |
Materials | 9.8 |
Utilities | 9.6 |
Health Care | 9.1 |
Consumer Discretionary | 7.1 |
Energy | 5.9 |
Information Technology | 5.2 |
Real Estate | 4.4 |
Exchange-Traded Fund | 0.7 |
Short-Term Investment Fund | 2.1 |
Other Assets/Liabilities (Net) | (0.1) |
Total | 100.0% |
Sector Allocation*(% of Net Assets) | |
Information Technology | 38.9% |
Communication Services | 13.1 |
Health Care | 13.1 |
Consumer Discretionary | 13.1 |
Financials | 11.9 |
Industrials | 6.7 |
Short-Term Investment Fund | 3.5 |
Other Assets/Liabilities (Net) | (0.3) |
Total | 100.0% |
Sector Allocation*(% of Net Assets) | |
Industrials | 23.4% |
Consumer Discretionary | 16.6 |
Financials | 14.4 |
Information Technology | 12.8 |
Materials | 7.3 |
Real Estate | 7.1 |
Health Care | 6.1 |
Consumer Staples | 5.5 |
Energy | 1.2 |
Short-Term Investment Fund | 5.5 |
Other Assets/Liabilities (Net) | 0.1 |
Total | 100.0% |
Sector Allocation*(% of Net Assets) | |
Industrials | 23.8% |
Financials | 18.6 |
Health Care | 9.5 |
Consumer Discretionary | 8.7 |
Materials | 8.5 |
Consumer Staples | 7.7 |
Information Technology | 6.9 |
Utilities | 4.9 |
Energy | 4.7 |
Real Estate | 4.7 |
Communication Services | 0.5 |
Short-Term Investment Fund | 0.7 |
Other Assets/Liabilities (Net) | 0.8 |
Total | 100.0% |
Credit Quality**(% of Fixed Income Securities) | |
AAA/Aaa | 56.8% |
AA/Aa | 10.7 |
A/A | 20.4 |
BBB/Baa | 11.8 |
Cash Equivalents | 0.3 |
Total | 100.0% |
Principal Amount | Market Value | |||
Corporate Bonds — 39.6% | ||||
Financials — 11.0% | ||||
$1,123,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.450%, 10/29/26 | $ 1,009,038 | ||
921,000 | Allstate Corp. (The), Ser B, 5.750%, 8/15/53 | 896,850 | ||
905,000 | Ares Capital Corp., 3.250%, 7/15/25 | 826,202 | ||
897,000 | Bank of America Corp., 2.687%, 4/22/32 | 748,074 | ||
647,000 | Bank of America Corp., 3.705%, 4/24/28 | 611,216 | ||
775,000 | Bank of Montreal (Canada), 3.803%, 12/15/32 | 699,190 | ||
862,000 | Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | 919,868 | ||
1,395,000 | Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | 1,021,750 | ||
1,282,000 | Barclays PLC (United Kingdom), 2.894%, 11/24/32 | 1,027,247 | ||
522,000 | Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | 479,522 | ||
565,000 | Citigroup, Inc., 3.200%, 10/21/26 | 532,518 | ||
883,000 | Citizens Bank NA, 4.575%, 8/9/28 | 802,692 | ||
888,000 | Cooperatieve Rabobank UA (Netherlands), 144a, 1.106%, 2/24/27 | 784,869 | ||
1,717,000 | Corestates Capital III, 144a, (3M LIBOR +0.570%), 5.434%, 2/15/27(A) | 1,605,908 | ||
415,000 | Credit Suisse AG (Switzerland), 3.700%, 2/21/25 | 392,768 | ||
1,031,000 | Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | 859,228 | ||
1,865,000 | Goldman Sachs Group, Inc. (The), 3.615%, 3/15/28 | 1,766,184 | ||
454,000 | Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | 429,705 | ||
982,000 | Huntington Bancshares, Inc., 2.550%, 2/4/30 | 779,453 | ||
1,083,000 | JPMorgan Chase & Co., 2.956%, 5/13/31 | 935,608 | ||
831,000 | JPMorgan Chase & Co., 3.509%, 1/23/29 | 777,650 | ||
798,000 | Lloyds Banking Group PLC (United Kingdom), 3.574%, 11/7/28 | 729,270 | ||
1,055,000 | Mastercard, Inc., 2.000%, 11/18/31 | 889,341 | ||
813,000 | Morgan Stanley, 3.950%, 4/23/27 | 784,110 | ||
705,000 | Morgan Stanley, 5.297%, 4/20/37 | 663,912 | ||
802,000 | New York Life Global Funding, 144a, 4.550%, 1/28/33 | 792,990 | ||
835,000 | Northern Trust Corp., 6.125%, 11/2/32 | 889,323 | ||
1,022,292 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | 815,368 | ||
1,509,000 | PNC Capital Trust, (3M LIBOR +0.570%), 5.532%, 6/1/28(A) | 1,358,650 | ||
685,000 | Prudential Financial, Inc., 5.125%, 3/1/52 | 603,547 | ||
1,625,000 | Truist Bank, Ser A, (3M LIBOR +0.670%), 5.530%, 5/15/27(A) | 1,477,884 | ||
926,000 | US Bancorp, 4.967%, 7/22/33 | 872,732 | ||
27,782,667 | ||||
Consumer Discretionary — 4.3% | ||||
1,050,000 | 7-Eleven, Inc., 144a, 1.800%, 2/10/31 | 831,293 | ||
1,115,000 | BAT Capital Corp. (United Kingdom), 3.557%, 8/15/27 | 1,035,879 | ||
894,000 | Brunswick Corp., 4.400%, 9/15/32 | 777,454 | ||
571,000 | Ford Motor Co., 3.250%, 2/12/32 | 448,909 | ||
300,000 | GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC (United Arab Emirates), 7.125%, 7/31/26 | 292,122 | ||
1,550,000 | General Motors Financial Co., Inc., 3.100%, 1/12/32 | 1,261,975 | ||
383,000 | General Motors Financial Co., Inc., 5.650%, 1/17/29 | 386,660 | ||
200,000 | GENM Capital Labuan Ltd. (Malaysia), 144a, 3.882%, 4/19/31 | 155,298 | ||
481,000 | Home Depot, Inc. (The), 5.950%, 4/1/41 | 535,065 | ||
637,000 | Imperial Brands Finance PLC (United Kingdom), 144a, 6.125%, 7/27/27 | 652,575 | ||
1,239,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 2.500%, 1/15/27 | 1,100,232 | ||
393,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 4.375%, 2/2/52 | 282,630 | ||
953,000 | Lowe's Cos., Inc., 4.500%, 4/15/30 | 941,319 | ||
992,000 | Toll Brothers Finance Corp., 3.800%, 11/1/29 | 889,897 |
Principal Amount | Market Value | |||
Consumer Discretionary — (Continued) | ||||
$ 593,000 | Warnermedia Holdings, Inc., 144a, 4.279%, 3/15/32 | $ 528,558 | ||
1,081,000 | Warnermedia Holdings, Inc., 144a, 5.141%, 3/15/52 | 872,802 | ||
10,992,668 | ||||
Industrials — 4.0% | ||||
200,000 | Adani Ports & Special Economic Zone Ltd. (India), 3.375%, 7/24/24 | 185,100 | ||
1,057,000 | Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | 886,047 | ||
559,000 | Boeing Co. (The), 5.805%, 5/1/50 | 560,651 | ||
853,000 | Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | 916,304 | ||
200,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25 | 181,756 | ||
547,000 | Carrier Global Corp., 3.577%, 4/5/50 | 412,510 | ||
200,000 | Cemex SAB de CV (Mexico), 144a, 9.125%(B) | 201,060 | ||
320,000 | DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/28 | 287,622 | ||
771,000 | FedEx Corp., 5.100%, 1/15/44 | 732,047 | ||
842,000 | John Deere Capital Corp., MTN, 2.450%, 1/9/30 | 748,356 | ||
300,000 | MISC Capital Two Labuan Ltd. (Malaysia), 144a, 3.625%, 4/6/25 | 291,093 | ||
766,000 | Mohawk Industries, Inc., 3.625%, 5/15/30† | 693,932 | ||
692,000 | Norfolk Southern Corp., 4.837%, 10/1/41 | 646,559 | ||
724,000 | Parker-Hannifin Corp., 4.250%, 9/15/27 | 709,817 | ||
594,000 | Roper Technologies, Inc., 2.950%, 9/15/29 | 530,750 | ||
1,574,000 | Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | 1,416,829 | ||
570,000 | WestRock MWV LLC, 8.200%, 1/15/30 | 664,677 | ||
10,065,110 | ||||
Utilities — 3.7% | ||||
326,000 | AEP Transmission Co. LLC, 5.400%, 3/15/53 | 337,762 | ||
1,297,000 | CMS Energy Corp., 4.750%, 6/1/50 | 1,120,582 | ||
616,000 | Duke Energy Progress LLC, 4.150%, 12/1/44 | 530,922 | ||
614,000 | Edison International, 4.125%, 3/15/28 | 582,528 | ||
806,000 | Electricite de France SA (France), 144a, 4.875%, 9/21/38 | 716,138 | ||
200,000 | Eskom Holdings SOC Ltd. (South Africa), 144a, 6.350%, 8/10/28 | 188,760 | ||
200,000 | Eskom Holdings SOC Ltd. (South Africa), 144a, 7.125%, 2/11/25 | 195,812 | ||
1,075,000 | FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44 | 1,026,949 | ||
200,000 | Lamar Funding Ltd. (Oman), 3.958%, 5/7/25 | 190,000 | ||
250,000 | Minejesa Capital BV (Indonesia), 4.625%, 8/10/30 | 219,647 | ||
250,000 | Mong Duong Finance Holdings BV (Vietnam), 5.125%, 5/7/29 | 211,184 | ||
656,000 | NextEra Energy Capital Holdings, Inc., (3M LIBOR +2.067%), 7.244%, 10/1/66(A) | 551,266 | ||
200,000 | NPC Ukrenergo (Ukraine), 144a, 6.875%, 11/9/28* | 31,664 | ||
959,000 | Ohio Power Co., Ser R, 2.900%, 10/1/51 | 652,228 | ||
1,054,000 | Pacific Gas and Electric Co., 3.500%, 8/1/50 | 693,251 | ||
738,000 | PacifiCorp., 5.750%, 4/1/37 | 786,170 | ||
200,000 | Perusahaan Listrik Negara PT (Indonesia), 144a, 4.875%, 7/17/49 | 163,120 | ||
1,589,000 | WEC Energy Group, Inc., (3M LIBOR +2.112%), 6.976%, 5/15/67(A) | 1,277,020 | ||
9,475,003 | ||||
Health Care — 3.4% | ||||
692,000 | AbbVie, Inc., 4.450%, 5/14/46 | 625,025 | ||
777,000 | Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | 612,585 | ||
910,000 | Amgen, Inc., 5.150%, 3/2/28 | 928,379 | ||
654,000 | Becton Dickinson & Co., 4.685%, 12/15/44 | 607,472 | ||
723,000 | CommonSpirit Health, 4.187%, 10/1/49 | 590,971 |
Principal Amount | Market Value | |||
Corporate Bonds — 39.6% (Continued) | ||||
Health Care — (Continued) | ||||
$ 661,000 | CVS Health Corp., 5.125%, 7/20/45 | $ 626,059 | ||
884,000 | DH Europe Finance II Sarl, 3.250%, 11/15/39 | 736,366 | ||
795,000 | Elevance Health, Inc., 4.750%, 2/15/33 | 798,566 | ||
700,000 | Eli Lilly & Co., 4.875%, 2/27/53 | 720,031 | ||
899,000 | HCA, Inc., 5.375%, 9/1/26 | 901,187 | ||
779,000 | Mylan, Inc., 4.550%, 4/15/28 | 745,928 | ||
911,000 | UnitedHealth Group, Inc., 3.500%, 8/15/39 | 774,120 | ||
8,666,689 | ||||
Energy — 3.3% | ||||
634,000 | Boardwalk Pipelines LP, 4.800%, 5/3/29 | 618,703 | ||
531,000 | Canadian Natural Resources Ltd. (Canada), 6.250%, 3/15/38 | 553,194 | ||
623,000 | Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37 | 587,943 | ||
1,138,000 | Cheniere Energy, Inc., 4.625%, 10/15/28 | 1,080,076 | ||
564,000 | Continental Resources, Inc., 144a, 5.750%, 1/15/31 | 541,668 | ||
320,000 | Ecopetrol SA (Colombia), 6.875%, 4/29/30 | 294,400 | ||
200,000 | Energo-Pro AS (Czechia), 8.500%, 2/4/27 | 191,750 | ||
200,000 | FS Luxembourg Sarl (Brazil), 144a, 10.000%, 12/15/25 | 198,783 | ||
150,000 | Heritage Petroleum Co. Ltd. (Trinidad and Tobago), 144a, 9.000%, 8/12/29 | 156,375 | ||
580,717 | MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | 454,766 | ||
682,000 | Midwest Connector Capital Co. LLC, 144a, 3.900%, 4/1/24 | 670,063 | ||
689,000 | MPLX LP, 4.950%, 3/14/52 | 596,883 | ||
834,000 | NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | 918,199 | ||
100,000 | Petroleos del Peru SA (Peru), 144a, 4.750%, 6/19/32 | 74,350 | ||
100,000 | Petroleos del Peru SA (Peru), 144a, 5.625%, 6/19/47 | 63,750 | ||
375,000 | Petroleos Mexicanos (Mexico), 6.625%, 6/15/35 | 273,528 | ||
403,000 | Petroleos Mexicanos (Mexico), 6.700%, 2/16/32 | 320,815 | ||
250,000 | Petroleos Mexicanos (Mexico), 6.750%, 9/21/47 | 162,520 | ||
401,000 | Petroleos Mexicanos (Mexico), 7.690%, 1/23/50 | 282,963 | ||
350,000 | YPF, SA (Argentina), 144a, 6.950%, 7/21/27 | 259,875 | ||
8,300,604 | ||||
Information Technology — 2.6% | ||||
543,000 | Apple, Inc., 4.650%, 2/23/46 | 545,873 | ||
1,188,000 | Broadcom, Inc., 4.150%, 11/15/30 | 1,101,126 | ||
620,000 | Fortinet, Inc., 2.200%, 3/15/31 | 514,861 | ||
1,098,000 | Marvell Technology, Inc., 2.950%, 4/15/31 | 916,348 | ||
1,011,000 | Microchip Technology, Inc., 0.983%, 9/1/24 | 953,944 | ||
566,000 | Micron Technology, Inc., 2.703%, 4/15/32 | 452,952 | ||
236,000 | Micron Technology, Inc., 6.750%, 11/1/29 | 250,728 | ||
736,000 | NXP BV / NXP Funding LLC (China), 5.350%, 3/1/26 | 737,597 | ||
332,000 | Oracle Corp., 3.600%, 4/1/40 | 257,161 | ||
266,000 | Oracle Corp., 4.300%, 7/8/34 | 242,959 | ||
540,000 | Visa, Inc., 4.150%, 12/14/35 | 530,408 | ||
6,503,957 | ||||
Communication Services — 2.1% | ||||
536,000 | AT&T, Inc., 4.500%, 5/15/35 | 502,809 | ||
1,002,000 | British Telecommunications PLC (United Kingdom), 144a, 3.250%, 11/8/29 | 902,997 | ||
602,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | 569,577 | ||
673,000 | Comcast Corp., 4.000%, 3/1/48 | 568,236 | ||
714,000 | Netflix, Inc., 6.375%, 5/15/29 | 766,657 | ||
664,000 | Paramount Global, 4.200%, 5/19/32 | 569,855 | ||
991,000 | T-Mobile USA, Inc., 3.875%, 4/15/30 | 929,327 | ||
932,000 | Verizon Communications, Inc., 2.987%, 10/30/56 | 603,994 | ||
5,413,452 |
Principal Amount | Market Value | |||
Real Estate — 2.0% | ||||
$ 837,000 | Crown Castle International Corp. REIT, 3.650%, 9/1/27 | $ 793,205 | ||
931,000 | Host Hotels & Resorts LP REIT, Ser F, 4.500%, 2/1/26 | 901,866 | ||
1,017,000 | Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | 911,268 | ||
140,000 | Kawasan Industri Jababeka Tbk PT (Indonesia), 144a, 7.000%, 12/15/27 | 96,600 | ||
275,000 | Kilroy Realty LP REIT, 2.650%, 11/15/33 | 170,934 | ||
200,000 | Logan Group Co. Ltd. (China), 5.250%, 2/23/24 | 45,464 | ||
595,000 | Sabra Health Care LP REIT, 5.125%, 8/15/26 | 557,333 | ||
782,000 | SBA Tower Trust REIT, 144a, 6.599%, 1/15/28 | 824,605 | ||
303,000 | STORE Capital Corp. REIT, 4.500%, 3/15/28 | 268,518 | ||
635,000 | STORE Capital Corp. REIT, 4.625%, 3/15/29 | 562,523 | ||
5,132,316 | ||||
Consumer Staples — 2.0% | ||||
1,011,000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | 986,341 | ||
842,000 | Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | 781,643 | ||
200,000 | Coruripe Netherlands BV (Brazil), 144a, 10.000%, 2/10/27 | 140,000 | ||
536,000 | Kroger Co. (The), 5.000%, 4/15/42 | 502,043 | ||
795,000 | Mars, Inc., 144a, 3.875%, 4/1/39 | 696,527 | ||
910,000 | PepsiCo, Inc., 4.450%, 2/15/33 | 933,300 | ||
568,000 | Starbucks Corp., 3.350%, 3/12/50 | 421,375 | ||
141,411 | TransJamaican Highway Ltd. (Jamaica), 5.750%, 10/10/36 | 117,042 | ||
400,000 | Ulker Biskuvi Sanayi AS (Turkey), 144a, 6.950%, 10/30/25 | 347,032 | ||
4,925,303 | ||||
Materials — 1.2% | ||||
200,000 | Braskem Idesa SAPI (Mexico), 144a, 6.990%, 2/20/32 | 150,884 | ||
788,000 | Braskem Netherlands Finance BV (Brazil), 144a, 4.500%, 1/31/30 | 669,216 | ||
421,000 | Braskem Netherlands Finance BV (Brazil), 144a, 5.875%, 1/31/50 | 316,060 | ||
907,000 | Celanese US Holdings LLC, 6.165%, 7/15/27 | 915,368 | ||
200,000 | Metinvest BV (Ukraine), 144a, 7.750%, 10/17/29 | 109,000 | ||
200,000 | OCP SA (Morocco), 3.750%, 6/23/31 | 162,760 | ||
683,000 | Sherwin-Williams Co. (The), 4.500%, 6/1/47 | 600,506 | ||
200,000 | Stillwater Mining Co. (South Africa), 144a, 4.500%, 11/16/29 | 164,128 | ||
3,087,922 | ||||
Total Corporate Bonds | $100,345,691 | |||
U.S. Treasury Obligations — 19.8% | ||||
560,000 | U.S. Treasury Bond, 1.750%, 8/15/41 | 404,753 | ||
2,476,000 | U.S. Treasury Bond, 2.250%, 2/15/52 | 1,837,850 | ||
1,035,000 | U.S. Treasury Bond, 2.375%, 2/15/42 | 830,830 | ||
2,905,000 | U.S. Treasury Bond, 2.875%, 5/15/52 | 2,474,129 | ||
9,345,000 | U.S. Treasury Bond, 4.000%, 11/15/42 | 9,584,466 | ||
1,211,000 | U.S. Treasury Bond, 4.000%, 11/15/52 | 1,279,876 | ||
5,203,347 | U.S. Treasury Inflation Indexed Notes, 1.500%, 2/15/53 | 5,277,738 | ||
7,655,000 | U.S. Treasury Note, 0.750%, 5/31/26 | 6,957,677 | ||
2,460,000 | U.S. Treasury Note, 2.750%, 8/15/32 | 2,312,784 | ||
5,585,000 | U.S. Treasury Note, 3.500%, 2/15/33 | 5,589,363 | ||
7,730,000 | U.S. Treasury Note, 4.000%, 2/29/28 | 7,862,256 | ||
5,455,000 | U.S. Treasury Note, 4.125%, 11/15/32 | 5,726,898 | ||
Total U.S. Treasury Obligations | $50,138,620 | |||
Commercial Mortgage-Backed Securities — 8.5% | ||||
1,000,000 | Austin Fairmont Hotel Trust, Ser 2019-FAIR, Class C, 144a, (1M LIBOR +1.450%), 6.134%, 9/15/32(A) | 964,697 | ||
500,000 | BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | 468,207 |
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 8.5% (Continued) | ||||
$ 970,000 | BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | $ 813,466 | ||
1,230,000 | BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55 | 1,035,129 | ||
930,000 | BBCMS Mortgage Trust, Ser 2021-C11, Class A5, 2.322%, 9/15/54 | 751,539 | ||
2,745,000 | BBCMS Mortgage Trust, Ser 2021-C12, Class A5, 2.689%, 11/15/54 | 2,276,233 | ||
720,000 | BBCMS Mortgage Trust, Ser 2022-C14, Class A5, 2.946%, 2/15/55(A)(C) | 608,097 | ||
1,000,000 | BPR Trust, Ser 2021-KEN, Class B, 144a, (1M LIBOR +1.950%), 6.891%, 2/15/29(A) | 975,021 | ||
830,000 | Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | 709,417 | ||
1,234,572 | COMM Mortgage Trust, Ser 2014-CR14, Class A2, 3.147%, 2/10/47 | 1,223,372 | ||
1,600,000 | CSMC, Ser 2021-B33, Class A1, 144a, 3.052%, 10/10/43 | 1,370,239 | ||
550,000 | Eleven Madison Trust Mortgage Trust, Ser 2015-11MD, Class C, 144a, 3.555%, 9/10/35(A)(C) | 421,590 | ||
595,000 | GS Mortgage Securities Corp. II, Ser 2017-SLP, Class B, 144a, 3.772%, 10/10/32 | 572,095 | ||
750,000 | GS Mortgage Securities Corp. Trust, Ser 2020-UPTN, Class E, 144a, 3.246%, 2/10/37(A)(C) | 639,550 | ||
1,750,000 | GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.541%, 1/10/43(A)(C) | 1,500,363 | ||
1,325,000 | GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | 1,096,150 | ||
765,000 | HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (1M LIBOR +1.450%), 6.134%, 10/15/36(A) | 722,017 | ||
528,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2016-NINE, Class B, 144a, 2.854%, 9/6/38(A)(C) | 451,676 | ||
755,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | 697,551 | ||
1,200,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (1M LIBOR +1.27%), 5.954%, 11/15/35(A) | 1,147,477 | ||
1,210,000 | Morgan Stanley Capital I Trust, Ser 2018-H3, Class A5, 4.177%, 7/15/51 | 1,141,932 | ||
2,380,000 | Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | 2,081,246 | ||
Total Commercial Mortgage-Backed Securities | $21,667,064 | |||
U.S. Government Mortgage-Backed Obligations — 7.8% | ||||
47,761 | FHLMC, Pool #1Q0339, (12M LIBOR +1.889%), 3.515%, 4/1/37(A) | 46,937 | ||
6,765 | FHLMC, Pool #A12886, 5.000%, 8/1/33 | 6,896 | ||
45,387 | FHLMC, Pool #A13842, 6.000%, 9/1/33 | 46,335 | ||
4,613 | FHLMC, Pool #A21415, 5.000%, 5/1/34 | 4,714 | ||
9,476 | FHLMC, Pool #A35682, 5.000%, 7/1/35 | 9,637 | ||
4,028 | FHLMC, Pool #A36523, 5.000%, 8/1/35 | 4,070 | ||
18,572 | FHLMC, Pool #A46590, 5.000%, 8/1/35 | 18,666 | ||
2,511 | FHLMC, Pool #A64971, 5.500%, 8/1/37 | 2,608 | ||
1,486,469 | FHLMC, Pool #A89148, 4.000%, 10/1/39 | 1,454,488 | ||
39,105 | FHLMC, Pool #A96485, 4.500%, 1/1/41 | 39,228 | ||
259,734 | FHLMC, Pool #A97897, 4.500%, 4/1/41 | 261,226 | ||
11,088 | FHLMC, Pool #C62740, 7.000%, 1/1/32 | 11,331 | ||
7,874 | FHLMC, Pool #C72254, 6.500%, 7/1/32 | 8,184 | ||
11,741 | FHLMC, Pool #C90986, 7.000%, 6/1/26 | 11,774 | ||
7,587 | FHLMC, Pool #G02184, 5.000%, 4/1/36 | 7,752 | ||
1,304,373 | FHLMC, Pool #G05624, 4.500%, 9/1/39 | 1,311,868 | ||
120,766 | FHLMC, Pool #G05733, 5.000%, 11/1/39 | 123,403 | ||
24,170 | FHLMC, Pool #J13584, 3.500%, 11/1/25 | 23,771 | ||
850,444 | FHLMC REMIC, Pool #SD1436, 4.500%, 8/1/52 | 833,159 | ||
801,523 | FHLMC REMIC, Pool #SD1620, 5.000%, 9/1/52 | 800,200 |
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 7.8% (Continued) | ||||
$ 10,020 | FNMA, Pool #255628, 5.500%, 2/1/25 | $ 10,112 | ||
3,901 | FNMA, Pool #426830, 8.000%, 11/1/24 | 3,895 | ||
3,689 | FNMA, Pool #540040, 7.500%, 6/1/28 | 3,675 | ||
7,121 | FNMA, Pool #561741, 7.500%, 1/1/31 | 7,373 | ||
13,837 | FNMA, Pool #640291, 7.000%, 8/1/32 | 13,865 | ||
13,259 | FNMA, Pool #670402, 6.500%, 6/1/32 | 13,879 | ||
76,608 | FNMA, Pool #745257, 6.000%, 1/1/36 | 79,707 | ||
48,990 | FNMA, Pool #748895, 6.000%, 12/1/33 | 48,962 | ||
16,973 | FNMA, Pool #758564, 6.000%, 9/1/24 | 17,307 | ||
32,241 | FNMA, Pool #810049, 5.500%, 3/1/35 | 32,548 | ||
29,353 | FNMA, Pool #819297, 6.000%, 9/1/35 | 30,466 | ||
535,944 | FNMA, Pool #881279, 5.000%, 11/1/36 | 544,462 | ||
16,856 | FNMA, Pool #889060, 6.000%, 1/1/38 | 18,035 | ||
38,608 | FNMA, Pool #889061, 6.000%, 1/1/38 | 40,512 | ||
3,470 | FNMA, Pool #895657, 6.500%, 8/1/36 | 3,556 | ||
58,466 | FNMA, Pool #905049, 5.500%, 11/1/36 | 59,006 | ||
193,650 | FNMA, Pool #928553, 5.500%, 8/1/37 | 197,233 | ||
112,657 | FNMA, Pool #931535, 5.500%, 7/1/39 | 112,609 | ||
88,193 | FNMA, Pool #AA3467, 4.500%, 4/1/39 | 88,604 | ||
147,380 | FNMA, Pool #AA4584, 4.500%, 4/1/39 | 148,066 | ||
34,320 | FNMA, Pool #AB1800, 4.000%, 11/1/40 | 33,591 | ||
45,151 | FNMA, Pool #AB2452, 4.000%, 3/1/26 | 44,865 | ||
10,054 | FNMA, Pool #AD3775, 4.500%, 3/1/25 | 10,072 | ||
23,873 | FNMA, Pool #AD6193, 5.000%, 6/1/40 | 24,080 | ||
48,433 | FNMA, Pool #AE1568, 4.000%, 9/1/40 | 47,341 | ||
263,185 | FNMA, Pool #AE2497, 4.500%, 9/1/40 | 264,410 | ||
29,597 | FNMA, Pool #AE5441, 5.000%, 10/1/40 | 30,138 | ||
76,865 | FNMA, Pool #AH1135, 5.000%, 1/1/41 | 78,270 | ||
24,400 | FNMA, Pool #AH3671, 4.000%, 2/1/26 | 24,200 | ||
266,821 | FNMA, Pool #AH6622, 4.000%, 3/1/41 | 264,835 | ||
249,691 | FNMA, Pool #AL0150, 4.000%, 2/1/41 | 244,439 | ||
41,850 | FNMA, Pool #AL0211, 5.000%, 4/1/41 | 42,716 | ||
301,015 | FNMA, Pool #AS0779, 4.000%, 10/1/43 | 296,641 | ||
2,061,845 | FNMA, Pool #BT7156, 2.000%, 8/1/51 | 1,706,077 | ||
1,455,329 | FNMA, Pool #FM4660, 2.000%, 10/1/35 | 1,318,102 | ||
1,447,766 | FNMA, Pool #FM4702, 2.500%, 10/1/50 | 1,250,749 | ||
2,134,749 | FNMA, Pool #FM5085, 2.000%, 12/1/50 | 1,768,607 | ||
1,030,302 | FNMA, Pool #FM8360, 2.500%, 8/1/51 | 890,968 | ||
1,026,777 | FNMA, Pool #FM8361, 2.500%, 8/1/51 | 885,908 | ||
1,135,965 | FNMA, Pool #FM9905, 2.500%, 12/1/51 | 979,309 | ||
1,123,458 | FNMA, Pool #FM9907, 2.500%, 12/1/51 | 969,134 | ||
826,752 | FNMA, Pool #FS2906, 5.000%, 9/1/52 | 825,175 | ||
892,166 | FNMA, Pool #MA4128, 2.000%, 9/1/40 | 748,189 | ||
629,287 | GNMA, Pool #4424, 5.000%, 4/20/39 | 645,733 | ||
Total U.S. Government Mortgage-Backed Obligations | $19,893,668 | |||
Asset-Backed Securities — 6.2% | ||||
1,100,000 | AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (3M LIBOR +1.650%), 6.442%, 4/15/34(A) | 1,058,555 | ||
1,924,849 | Adams Outdoor Advertising LP, Ser 2018-1, Class A, 144a, 4.810%, 11/15/48 | 1,836,358 | ||
1,000,000 | Aimco CLO 11 Ltd. (Cayman Islands), Ser 2020-11A, Class AR, 144a, (3M LIBOR +1.130%), 5.922%, 10/17/34(A) | 973,728 | ||
947,632 | CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | 859,999 | ||
1,301 | CIT Home Equity Loan Trust, Ser 2002-1, Class AF5, 7.210%, 2/25/33(A)(C) | 1,287 | ||
1,319,500 | Coinstar Funding LLC, Ser 2017-1A, Class A2, 144a, 5.216%, 4/25/47 | 1,010,093 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 6.2% (Continued) | ||||
$1,259,063 | Driven Brands Funding LLC, Ser 2021-1A, Class A2, 144a, 2.791%, 10/20/51 | $ 1,028,430 | ||
103,215 | FHLMC Structured Pass Through Securities, Ser T-20, Class A5, 8.370%, 12/25/29(A)(C) | 109,013 | ||
4,981 | FNMA REMIC Trust, Ser 2001-W2, Class AF6, 6.089%, 10/25/31(A)(C) | 5,007 | ||
1,127,000 | Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | 1,012,327 | ||
962,725 | Jersey Mike's Funding, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50 | 893,055 | ||
1,425,000 | Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1, 144a, (3M LIBOR +1.700%), 6.498%, 10/19/34(A) | 1,373,498 | ||
474,799 | Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40 | 471,716 | ||
947,979 | Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58(A)(C) | 803,314 | ||
1,179,000 | Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | 1,000,040 | ||
40,536 | Orange Lake Timeshare Trust, Ser 2016-A, Class A, 144a, 2.610%, 3/8/29 | 39,016 | ||
1,113,750 | Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51 | 997,830 | ||
958,750 | TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | 854,482 | ||
1,572,000 | Wendy's Funding LLC, Ser 2021-1A, Class A2II, 144a, 2.775%, 6/15/51 | 1,266,067 | ||
Total Asset-Backed Securities | $15,593,815 | |||
Non-Agency Collateralized Mortgage Obligations — 6.1% | ||||
1,187 | Adjustable Rate Mortgage Trust, Ser 2004-4, Class 3A1, 3.993%, 3/25/35(A)(C) | 1,149 | ||
1,166,430 | Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.648%, 10/25/45(A)(C) | 1,077,314 | ||
1,817,813 | Agate Bay Mortgage Trust, Ser 2015-7, Class B2, 144a, 3.648%, 10/25/45(A)(C) | 1,672,197 | ||
399,288 | CSMC Trust, Ser 2013-7, Class B3, 144a, 3.532%, 8/25/43(A)(C) | 362,132 | ||
483,643 | CSMC Trust, Ser 2014-OAK1, Class B4, 144a, 3.643%, 11/25/44(A)(C) | 454,453 | ||
878,855 | CSMC Trust, Ser 2015-1, Class B3, 144a, 3.906%, 1/25/45(A)(C) | 820,801 | ||
915,637 | CSMC Trust, Ser 2015-2, Class B4, 144a, 3.886%, 2/25/45(A)(C) | 838,860 | ||
762,766 | CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.772%, 12/25/44(A)(C) | 712,073 | ||
1,202,744 | Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67(A)(C) | 1,136,666 | ||
1,202,527 | EverBank Mortgage Loan Trust, Ser 2018-1, Class B2, 144a, 3.576%, 2/25/48(A)(C) | 1,030,984 | ||
29,836 | Galton Funding Mortgage Trust, Ser 2019-1, Class A22, 144a, 4.000%, 2/25/59(A)(C) | 28,498 | ||
318,950 | GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ3, Class A14, 144a, 3.000%, 10/25/50(A)(C) | 272,605 | ||
17,499 | JP Morgan Mortgage Trust, Ser 2005-A1, Class 2A1, 3.951%, 2/25/35(A)(C) | 16,342 | ||
6,712 | JP Morgan Mortgage Trust, Ser 2005-A2, Class 7CB1, 3.799%, 4/25/35(A)(C) | 6,632 | ||
17,295 | JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 3.472%, 6/25/36(A)(C) | 12,421 | ||
368,422 | JP Morgan Mortgage Trust, Ser 2015-IVR2, Class B3, 144a, 6.043%, 1/25/45(A)(C) | 329,135 | ||
1,557,685 | JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.448%, 1/25/47(A)(C) | 1,322,419 |
Principal Amount | Market Value | |||
Non-Agency Collateralized Mortgage Obligations — 6.1% (Continued) | ||||
$ 266,706 | JP Morgan Mortgage Trust, Ser 2019-INV1, Class A15, 144a, 4.000%, 10/25/49(A)(C) | $ 248,610 | ||
1,243,581 | JP Morgan Mortgage Trust, Ser 2021-11, Class A3, 144a, 2.500%, 1/25/52(A)(C) | 1,003,220 | ||
17,725 | MASTR Alternative Loan Trust, Ser 2004-7, Class 10A1, 6.000%, 6/25/34 | 16,562 | ||
1,100,000 | Mill City Mortgage Loan Trust, Ser 2016-1, Class B2, 144a, 3.834%, 4/25/57(A)(C) | 1,008,155 | ||
136,095 | Residential Asset Securitization Trust, Ser 2006-A1, Class 1A3, 6.000%, 4/25/36 | 65,336 | ||
118,834 | Sequoia Mortgage Trust, Ser 2013-10, Class B2, 144a, 3.534%, 8/25/43(A)(C) | 111,936 | ||
119,153 | Sequoia Mortgage Trust, Ser 2013-5, Class B1, 144a, 3.494%, 5/25/43(A)(C) | 110,665 | ||
596,391 | Sequoia Mortgage Trust, Ser 2017-2, Class A1, 144a, 3.500%, 2/25/47(A)(C) | 532,170 | ||
23,487 | Sequoia Mortgage Trust, Ser 2018-CH4, Class A13, 144a, 4.500%, 10/25/48(A)(C) | 23,255 | ||
1,000,000 | Towd Point Mortgage Trust, Ser 2017-1, Class B1, 144a, 3.800%, 10/25/56(A)(C) | 883,127 | ||
800,000 | Towd Point Mortgage Trust, Ser 2017-4, Class B1, 144a, 3.505%, 6/25/57(A)(C) | 661,731 | ||
800,000 | Towd Point Mortgage Trust, Ser 2019-4, Class A2, 144a, 3.250%, 10/25/59(A)(C) | 711,088 | ||
44,598 | Washington Mutual Mortgage Pass-Through Certificates, Ser 2005-9, Class 2A4, 5.500%, 11/25/35 | 40,878 | ||
Total Non-Agency Collateralized Mortgage Obligations | $15,511,414 | |||
Agency Collateralized Mortgage Obligations — 4.9% | ||||
2,085,000 | FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | 1,552,618 | ||
2,850,000 | FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | 2,171,262 | ||
111,827 | FNMA REMIC, Ser 2003-32, Class BZ, 6.000%, 11/25/32 | 115,580 | ||
11,048 | FNMA REMIC, Ser 2015-51, Class KC, 3.000%, 6/25/45 | 10,480 | ||
350,279 | FNMA REMIC, Ser 2017-90, Class KA, 3.000%, 11/25/47 | 326,183 | ||
1,800,000 | FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | 1,496,348 | ||
2,500,000 | FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | 1,946,549 | ||
2,550,000 | FNMA REMIC, Ser 2022-17, Class UV, 3.000%, 7/25/42 | 2,151,854 | ||
40,745 | FNMA Trust, Ser 2004-W15, Class 2AF, (1M LIBOR +0.250%), 5.095%, 8/25/44(A) | 40,294 | ||
766,549 | GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40 | 759,374 | ||
4,088,646 | GNMA, Ser 2012-147, Class IO, 0.550%, 4/16/54(A)(C)(D) | 51,965 | ||
1,469,864 | GNMA, Ser 2016-113, Class IO, 1.181%, 2/16/58(A)(C)(D) | 76,522 | ||
8,495,367 | GNMA, Ser 2016-140, Class IO, 0.748%, 5/16/58(A)(C)(D) | 297,690 | ||
1,700,000 | GNMA, Ser 2022-50, Class KV, 3.000%, 6/20/42 | 1,406,968 | ||
Total Agency Collateralized Mortgage Obligations | $12,403,687 | |||
Sovereign Government Obligations — 3.8% | ||||
200,000 | Angolan Government International Bond, 144a, 8.750%, 4/14/32 | 168,750 | ||
275,000 | Angolan Government International Bond, 144a, 8.250%, 5/9/28 | 242,866 | ||
12,043 | Argentine Republic Government International Bond, 1.000%, 7/9/29 | 3,375 | ||
242,500 | Argentine Republic Government International Bond, 1.500%, 7/9/35(A)(C) | 62,977 | ||
382,000 | Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | 286,743 |
Principal Amount | Market Value | |||
Sovereign Government Obligations — 3.8% (Continued) | ||||
$ 100,000 | Bahamas Government International Bond, 144a, 8.950%, 10/15/32 | $ 79,848 | ||
200,000 | Bahamas Government International Bond, 144a, 9.000%, 6/16/29 | 170,317 | ||
50,000 | Banque Centrale de Tunisie International Bond, 8.250%, 9/19/27 | 29,168 | ||
697,000 | Chile Government International Bond, 3.100%, 1/22/61 | 452,719 | ||
375,000 | Colombia Government International Bond, 3.250%, 4/22/32 | 278,363 | ||
200,000 | Colombia Government International Bond, 4.125%, 5/15/51 | 123,032 | ||
200,000 | Colombia Government International Bond, 5.200%, 5/15/49 | 139,311 | ||
250,000 | Colombia Government International Bond, 6.125%, 1/18/41 | 203,616 | ||
200,000 | Dominican Republic International Bond, 144a, 5.500%, 2/22/29 | 188,084 | ||
200,000 | Dominican Republic International Bond, 144a, 4.875%, 9/23/32 | 169,551 | ||
150,000 | Dominican Republic International Bond, 144a, 5.950%, 1/25/27 | 147,461 | ||
100,000 | Dominican Republic International Bond, 144a, 6.850%, 1/27/45 | 89,009 | ||
27,500 | Ecuador Government International Bond, 7/31/30# | 8,220 | ||
127,150 | Ecuador Government International Bond, 144a, 1.500%, 7/31/40(A)(C) | 37,967 | ||
372,885 | Ecuador Government International Bond, 144a, 2.500%, 7/31/35(A)(C) | 123,900 | ||
631,050 | Ecuador Government International Bond, 144a, 5.500%, 7/31/30(A)(C) | 293,338 | ||
200,000 | Egypt Government International Bond, 144a, 7.625%, 5/29/32 | 126,580 | ||
350,000 | Egypt Government International Bond, 144a, 5.750%, 5/29/24 | 316,429 | ||
400,000 | Egypt Government International Bond, 144a, 5.800%, 9/30/27 | 279,872 | ||
200,000 | Egypt Government International Bond, 144a, 8.150%, 11/20/59 | 110,904 | ||
100,000 | El Salvador Government International Bond, 144a, 6.375%, 1/18/27 | 55,545 | ||
100,000 | El Salvador Government International Bond, 144a, 7.650%, 6/15/35 | 46,887 | ||
75,000 | El Salvador Government International Bond, 144a, 8.625%, 2/28/29 | 39,949 | ||
585,000 | Ghana Government International Bond, 144a, 7.625%, 5/16/29 | 202,293 | ||
200,000 | Ghana Government International Bond, 144a, 8.950%, 3/26/51 | 67,000 | ||
200,000 | Guatemala Government Bond, 144a, 5.250%, 8/10/29 | 194,886 | ||
200,000 | Guatemala Government Bond, 144a, 6.125%, 6/1/50 | 188,907 | ||
200,000 | Hungary Government International Bond, 144a, 5.500%, 6/16/34 | 192,267 | ||
300,000 | Hungary Government International Bond, 144a, 3.125%, 9/21/51 | 183,601 | ||
200,000 | Lebanese Republic Government International Bond, MTN, 6.650%, 2/26/30 | 12,400 | ||
878,000 | Mexico Government International Bond, 3.771%, 5/24/61 | 591,330 | ||
225,000 | Mexico Government International Bond, 4.280%, 8/14/41 | 183,701 | ||
200,000 | Mexico Government International Bond, 6.350%, 2/9/35 | 212,273 |
Principal Amount | Market Value | |||
Sovereign Government Obligations — 3.8% (Continued) | ||||
$ 200,000 | Mongolia Government International Bond, 144a, 5.625%, 5/1/23 | $ 198,340 | ||
200,000 | Morocco Government International Bond, 144a, 5.500%, 12/11/42 | 172,654 | ||
200,000 | Nigeria Government International Bond, 7.375%, 9/28/33 | 141,260 | ||
200,000 | Nigeria Government International Bond, 144a, 6.125%, 9/28/28 | 155,456 | ||
200,000 | Oman Government International Bond, 144a, 6.500%, 3/8/47 | 183,750 | ||
200,000 | Oman Government International Bond, 144a, 5.375%, 3/8/27 | 197,736 | ||
200,000 | Oman Sovereign Sukuk Co., 4.397%, 6/1/24 | 196,956 | ||
300,000 | Pakistan Government International Bond, 144a, 7.875%, 3/31/36 | 102,000 | ||
200,000 | Papua New Guinea Government International Bond, 8.375%, 10/4/28 | 182,233 | ||
100,000 | Paraguay Government International Bond, 5.400%, 3/30/50 | 85,547 | ||
216,000 | Paraguay Government International Bond, 144a, 2.739%, 1/29/33 | 173,253 | ||
200,000 | Peruvian Government International Bond, 3.300%, 3/11/41 | 149,578 | ||
200,000 | Republic of South Africa Government International Bond, 5.750%, 9/30/49 | 146,508 | ||
200,000 | Romanian Government International Bond, 3.000%, 2/27/27 | 181,796 | ||
200,000 | Romanian Government International Bond, 6.000%, 5/25/34 | 195,160 | ||
250,000 | Serbia International Bond, 144a, 6.250%, 5/26/28 | 252,425 | ||
200,000 | Sri Lanka Government International Bond, 144a, 6.125%, 6/3/25 | 73,448 | ||
350,000 | Turkey Government International Bond, 4.875%, 4/16/43 | 231,437 | ||
200,000 | Turkey Government International Bond, 5.750%, 5/11/47 | 141,400 | ||
200,000 | Ukraine Government International Bond, 7.750%, 9/1/28* | 36,084 | ||
400,000 | Ukraine Government International Bond, 144a, 7.375%, 9/25/34* | 68,575 | ||
Total Sovereign Government Obligations | $9,569,035 |
Shares | ||||
Short-Term Investment Funds — 2.4% | ||||
5,363,564 | Dreyfus Government Cash Management, Institutional Shares, 4.71%∞Ω | 5,363,564 | ||
705,219 | Invesco Government & Agency Portfolio, Institutional Class, 4.73%∞Ω** | 705,219 | ||
Total Short-Term Investment Funds | $6,068,783 | |||
Total Investment Securities—99.1% (Cost $274,359,488) | $251,191,777 | |||
Other Assets in Excess of Liabilities — 0.9% | 2,251,518 | |||
Net Assets — 100.0% | $253,443,295 |
(A) | Variable rate security - Rate reflected is the rate in effect as of March 31, 2023. |
(B) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
(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) | 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 March 31, 2023 was $686,956. |
# | 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 March 31, 2023. |
Portfolio Abbreviations: |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
FHLMC – Federal Home Loan Mortgage Corporation |
FNMA – Federal National Mortgage Association |
GNMA – Government National Mortgage Association |
ICE – Intercontinental Exchange, Inc. |
IO – Interest Only |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LP – Limited Partnership |
MTN – Medium Term Note |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
REMIC – Real Estate Mortgage Investment Conduit |
SOC – State-Owned 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 March 31, 2023, these securities were valued at $66,689,012 or 26.3% 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 | $— | $100,345,691 | $— | $100,345,691 |
U.S. Treasury Obligations | — | 50,138,620 | — | 50,138,620 |
Commercial Mortgage-Backed Securities | — | 21,667,064 | — | 21,667,064 |
U.S. Government Mortgage-Backed Obligations | — | 19,893,668 | — | 19,893,668 |
Asset-Backed Securities | — | 15,593,815 | — | 15,593,815 |
Non-Agency Collateralized Mortgage Obligations | — | 15,511,414 | — | 15,511,414 |
Agency Collateralized Mortgage Obligations | — | 12,403,687 | — | 12,403,687 |
Sovereign Government Obligations | — | 9,569,035 | — | 9,569,035 |
Short-Term Investment Funds | 6,068,783 | — | — | 6,068,783 |
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | — | 101,425 | — | 101,425 |
Total Assets | $6,068,783 | $245,224,419 | $— | $251,293,202 |
Liabilities: | ||||
Other Financial Instruments | ||||
Futures | ||||
Interest rate contracts | $(89,904) | $— | $— | $(89,904) |
Total Liabilities | $(89,904) | $— | $— | $(89,904) |
Total | $5,978,879 | $245,224,419 | $— | $251,203,298 |
Description | Expiration Date | Number of Contracts | Notional Value | Unrealized Depreciation |
Short Futures: | ||||
10-Year U.S. Ultra Long Term Treasury Bond | 6/21/2023 | 99 | $11,992,922 | $(83,014) |
Long Futures: | ||||
2-Year U.S. Treasury Note | 6/30/2023 | 240 | 49,548,750 | (6,890) |
$(89,904) |
Counterparty | Termination Date | Notional Amount(2) | Pay Fixed Rate | Clearinghouse | Underlying Bond | Value(3) | Premiums Paid/ (Received) | Unrealized Appreciation |
Buy Protection: | ||||||||
Wells Fargo | 12/20/27 | $(10,215,000) | 5.000% | ICE | Markit CDX North America High Yield Series 39 5Y Index | $(120,554) | $(221,979) | $101,425 |
(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. |
Principal Amount | Market Value | |||
Corporate Bonds — 68.1% | ||||
Energy — 12.9% | ||||
$ 2,867,000 | Apache Corp., 5.100%, 9/1/40(A) | $ 2,429,782 | ||
897,000 | Archrock Partners LP / Archrock Partners Finance Corp., 144a, 6.250%, 4/1/28 | 865,157 | ||
184,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 5.875%, 6/30/29 | 162,380 | ||
1,229,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 7.000%, 11/1/26 | 1,187,951 | ||
187,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 8.250%, 12/31/28 | 180,862 | ||
2,849,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.625%, 12/15/25 | 2,820,510 | ||
160,000 | Cheniere Energy Partners LP, 3.250%, 1/31/32 | 131,986 | ||
239,000 | Cheniere Energy Partners LP, 4.000%, 3/1/31 | 212,696 | ||
382,000 | Cheniere Energy Partners LP, 4.500%, 10/1/29 | 356,796 | ||
1,722,000 | Citgo Holding, Inc., 144a, 9.250%, 8/1/24 | 1,725,255 | ||
1,716,000 | CITGO Petroleum Corp., 144a, 6.375%, 6/15/26 | 1,673,100 | ||
320,000 | Cullinan Holdco Scsp (Luxembourg), 4.625%, 10/15/26 | 304,562 | ||
680,000 | Cullinan Holdco Scsp (Luxembourg), 144a, 4.625%, 10/15/26 | 647,195 | ||
928,000 | EnLink Midstream LLC, 5.375%, 6/1/29 | 893,200 | ||
2,047,000 | Enviva Partners LP / Enviva Partners Finance Corp., 144a, 6.500%, 1/15/26 | 1,862,770 | ||
2,835,000 | EQM Midstream Partners LP, 6.500%, 7/15/48 | 2,183,914 | ||
2,738,000 | ITT Holdings LLC, 144a, 6.500%, 8/1/29 | 2,311,748 | ||
2,098,000 | Moss Creek Resources Holdings, Inc., 144a, 7.500%, 1/15/26 | 1,945,895 | ||
36,000 | Moss Creek Resources Holdings, Inc., 144a, 10.500%, 5/15/27 | 34,225 | ||
2,402,000 | New Fortress Energy, Inc., 144a, 6.500%, 9/30/26 | 2,209,840 | ||
2,212,000 | NGL Energy Partners LP / NGL Energy Finance Corp., 6.125%, 3/1/25 | 1,964,415 | ||
1,595,426 | Rockcliff Energy II LLC, 144a, 5.500%, 10/15/29 | 1,408,761 | ||
690,000 | Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.750%, 4/15/25 | 574,369 | ||
1,779,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 12/31/30 | 1,589,946 | ||
645,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 9/1/31 | 570,352 | ||
1,957,000 | TerraForm Power Operating LLC, 144a, 5.000%, 1/31/28 | 1,859,029 | ||
517,000 | Transocean, Inc., 6.800%, 3/15/38 | 354,145 | ||
897,000 | Transocean, Inc., 144a, 7.250%, 11/1/25 | 847,665 | ||
667,000 | Transocean, Inc., 144a, 11.500%, 1/30/27 | 688,878 | ||
2,050,000 | Western Midstream Operating LP, 5.500%, 2/1/50 | 1,752,442 | ||
35,749,826 | ||||
Consumer Discretionary — 9.8% | ||||
928,000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144a, 5.500%, 4/20/26 | 913,322 | ||
565,000 | Asbury Automotive Group, Inc., 4.500%, 3/1/28 | 514,150 | ||
1,255,000 | Asbury Automotive Group, Inc., 144a, 4.625%, 11/15/29 | 1,123,225 | ||
804,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 4.625%, 8/1/29 | 651,240 | ||
1,025,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 6.625%, 1/15/28 | 929,174 | ||
28,000 | Bath & Body Works, Inc., 6.694%, 1/15/27 | 27,930 | ||
300,000 | Bath & Body Works, Inc., 6.750%, 7/1/36 | 265,500 | ||
961,000 | Bath & Body Works, Inc., 6.875%, 11/1/35 | 866,297 | ||
92,000 | Bath & Body Works, Inc., 7.500%, 6/15/29 | 93,890 | ||
532,000 | Caesars Entertainment, Inc., 144a, 4.625%, 10/15/29 | 465,234 | ||
780,000 | Caesars Entertainment, Inc., 144a, 7.000%, 2/15/30 | 795,600 | ||
697,000 | Carvana Co., 144a, 4.875%, 9/1/29 | 282,682 | ||
500,000 | Carvana Co., 144a, 5.625%, 10/1/25 | 345,025 |
Principal Amount | Market Value | |||
Consumer Discretionary — (Continued) | ||||
$ 233,000 | Carvana Co., 144a, 5.875%, 10/1/28 | $ 103,641 | ||
55,000 | Carvana Co., 144a, 10.250%, 5/1/30 | 31,292 | ||
179,000 | Century Communities, Inc., 6.750%, 6/1/27 | 178,628 | ||
125,000 | Clarios Global LP, 144a, 6.750%, 5/15/25 | 126,331 | ||
837,000 | Clarios Global LP / Clarios US Finance Co., 144a, 8.500%, 5/15/27 | 840,139 | ||
227,000 | Clarios Global LP / Clarios US Finance Co., 144a, 6.250%, 5/15/26 | 225,298 | ||
363,000 | Colt Merger Sub, Inc., 144a, 5.750%, 7/1/25 | 363,055 | ||
147,000 | Dana, Inc., 5.375%, 11/15/27 | 137,081 | ||
156,000 | Delta Air Lines, Inc., 4.375%, 4/19/28 | 144,940 | ||
399,000 | Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.750%, 10/20/28 | 384,542 | ||
11,000 | Ford Motor Credit Co. LLC, 3.810%, 1/9/24 | 10,870 | ||
610,000 | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | 546,712 | ||
2,077,000 | Ford Motor Credit Co. LLC, 4.063%, 11/1/24 | 2,005,481 | ||
462,000 | Ford Motor Credit Co. LLC, 4.125%, 8/17/27 | 422,961 | ||
55,000 | Ford Motor Credit Co. LLC, 5.125%, 6/16/25 | 53,843 | ||
1,601,231 | Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144a, 5.750%, 1/20/26 | 1,520,137 | ||
2,326,000 | Hilton Domestic Operating Co., Inc., 144a, 3.750%, 5/1/29 | 2,075,955 | ||
129,000 | Lithia Motors, Inc., 144a, 3.875%, 6/1/29 | 111,424 | ||
1,222,000 | Lithia Motors, Inc., 144a, 4.375%, 1/15/31 | 1,052,447 | ||
934,000 | Live Nation Entertainment, Inc., 144a, 4.750%, 10/15/27 | 863,950 | ||
217,000 | Live Nation Entertainment, Inc., 144a, 4.875%, 11/1/24 | 212,660 | ||
���204,000 | Live Nation Entertainment, Inc., 144a, 5.625%, 3/15/26 | 197,370 | ||
550,000 | MGM Resorts International, 6.750%, 5/1/25 | 554,182 | ||
1,610,000 | Nissan Motor Co. Ltd. (Japan), 144a, 4.345%, 9/17/27 | 1,512,555 | ||
1,964,000 | Six Flags Entertainment Corp., 144a, 4.875%, 7/31/24 | 1,934,605 | ||
59,000 | Six Flags Theme Parks, Inc., 144a, 7.000%, 7/1/25 | 59,610 | ||
1,138,000 | SRS Distribution, Inc., 144a, 6.000%, 12/1/29 | 939,613 | ||
845,000 | United Airlines, Inc., 144a, 4.375%, 4/15/26(A) | 809,330 | ||
208,000 | United Airlines, Inc., 144a, 4.625%, 4/15/29 | 188,508 | ||
2,491,000 | Viking Cruises Ltd., 144a, 5.875%, 9/15/27 | 2,152,025 | ||
27,032,454 | ||||
Communication Services — 8.0% | ||||
2,479,000 | Altice Financing SA (Luxembourg), 144a, 5.000%, 1/15/28 | 2,042,944 | ||
1,586,000 | Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | 1,213,290 | ||
1,939,000 | ANGI Group LLC, 144a, 3.875%, 8/15/28 | 1,473,134 | ||
3,130,000 | Avaya, Inc., 144a, 6.125%, 9/15/28 | 297,350 | ||
72,000 | Belo Corp., 7.250%, 9/15/27 | 67,500 | ||
675,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 559,946 | ||
310,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.000%, 2/1/28 | 285,975 | ||
2,085,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.500%, 8/15/30(A) | 1,761,825 | ||
460,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.125%, 5/1/27 | 434,700 | ||
1,418,000 | CommScope, Inc., 144a, 8.250%, 3/1/27† | 1,130,855 | ||
310,000 | CommScope, Inc., 144a, 6.000%, 3/1/26(A) | 299,181 | ||
205,000 | CSC Holdings LLC, 144a, 3.375%, 2/15/31 | 141,788 | ||
76,000 | CSC Holdings LLC, 144a, 4.500%, 11/15/31 | 54,797 | ||
315,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 155,327 | ||
890,000 | CSC Holdings LLC, 144a, 5.750%, 1/15/30 | 468,607 | ||
2,891,000 | Diamond Sports Group LLC / Diamond Sports Finance Co., 144a, 5.375%, 8/15/26 | 159,005 |
Principal Amount | Market Value | |||
Corporate Bonds — 68.1% (Continued) | ||||
Communication Services — (Continued) | ||||
$ 1,000,000 | Diamond Sports Group LLC/Diamond Sports Finance Co., 144a, 6.625%, 8/15/27 | $ 12,500 | ||
1,085,000 | DISH DBS Corp., 5.125%, 6/1/29 | 579,108 | ||
496,000 | DISH DBS Corp., 7.750%, 7/1/26 | 326,333 | ||
415,000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144a, 3.500%, 3/1/29 | 358,821 | ||
600,000 | Level 3 Financing, Inc., 144a, 3.625%, 1/15/29 | 330,252 | ||
273,000 | Level 3 Financing, Inc., 144a, 4.250%, 7/1/28 | 154,027 | ||
411,000 | Level 3 Financing, Inc., 144a, 4.625%, 9/15/27(A) | 247,114 | ||
322,000 | Lumen Technologies, Inc., 144a, 4.000%, 2/15/27 | 212,520 | ||
1,781,000 | Nexstar Media, Inc., 144a, 4.750%, 11/1/28 | 1,583,968 | ||
1,442,000 | Scripps Escrow II, Inc., 144a, 3.875%, 1/15/29 | 1,131,483 | ||
934,000 | Sirius XM Radio, Inc., 144a, 4.125%, 7/1/30 | 765,880 | ||
20,000 | Sirius XM Radio, Inc., 144a, 5.000%, 8/1/27 | 18,724 | ||
240,000 | Sirius XM Radio, Inc., 144a, 5.500%, 7/1/29 | 218,400 | ||
750,000 | Summer BC Holdco B SARL (Luxembourg), 144a, 5.750%, 10/31/26 | 707,636 | ||
891,000 | TEGNA, Inc., 4.625%, 3/15/28 | 781,853 | ||
350,000 | Tele Columbus AG (Germany), 144a, 3.875%, 5/2/25 | 281,645 | ||
1,200,000 | Telenet Finance Luxembourg Notes Sarl (Belgium), 144a, 5.500%, 3/1/28 | 1,104,000 | ||
1,969,000 | Telesat Canada / Telesat LLC (Canada), 144a, 5.625%, 12/6/26 | 1,017,523 | ||
338,000 | Virgin Media Finance PLC (United Kingdom), 144a, 5.000%, 7/15/30 | 279,367 | ||
131,000 | Virgin Media Secured Finance PLC (United Kingdom), 144a, 4.500%, 8/15/30 | 112,635 | ||
1,090,000 | Virgin Media Vendor Financing Notes IV DAC (Ireland), 144a, 5.000%, 7/15/28 | 968,737 | ||
400,000 | Vmed O2 UK Financing I PLC (United Kingdom), 144a, 4.250%, 1/31/31 | 340,312 | ||
22,079,062 | ||||
Consumer Staples — 7.9% | ||||
405,000 | Bath & Body Works, Inc., 144a, 6.625%, 10/1/30 | 394,826 | ||
1,880,000 | BCPE Ulysses Intermediate, Inc., 144a, 7.750%, 4/1/27(B) | 1,475,800 | ||
219,000 | Chobani LLC / Chobani Finance Corp., Inc., 144a, 4.625%, 11/15/28 | 199,564 | ||
2,366,000 | Chobani LLC / Chobani Finance Corp., Inc., 144a, 7.500%, 4/15/25 | 2,306,885 | ||
2,198,000 | eG Global Finance PLC (United Kingdom), 144a, 6.750%, 2/7/25 | 2,033,150 | ||
385,455 | eG Global Finance PLC (United Kingdom), 144a, 8.500%, 10/30/25 | 360,794 | ||
578,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 5.500%, 1/15/30 | 551,782 | ||
2,695,000 | Korn Ferry, 144a, 4.625%, 12/15/27 | 2,546,775 | ||
2,039,000 | LBM Acquisition LLC, 144a, 6.250%, 1/15/29 | 1,560,509 | ||
1,469,000 | LCM Investments Holdings II LLC, 144a, 4.875%, 5/1/29 | 1,228,965 | ||
1,586,000 | Legacy LifePoint Health LLC, 144a, 4.375%, 2/15/27 | 1,298,560 | ||
1,617,000 | Paysafe Finance PLC / Paysafe Holdings US Corp., 144a, 4.000%, 6/15/29 | 1,226,549 | ||
2,375,000 | Specialty Building Products Holdings LLC / SBP Finance Corp., 144a, 6.375%, 9/30/26 | 2,173,125 | ||
666,000 | SRS Distribution, Inc., 144a, 6.125%, 7/1/29 | 561,911 | ||
2,213,000 | Team Health Holdings, Inc., 144a, 6.375%, 2/1/25 | 1,331,429 | ||
1,247,000 | United Rentals North America, Inc., 144a, 6.000%, 12/15/29 | 1,264,171 | ||
1,658,000 | Wolverine World Wide, Inc., 144a, 4.000%, 8/15/29 | 1,347,241 | ||
21,862,036 |
Principal Amount | Market Value | |||
Industrials — 7.0% | ||||
$ 464,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 8/15/27 | $ 365,834 | ||
1,296,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 8/15/27 | 1,021,812 | ||
412,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 4/30/25 | 405,820 | ||
1,000,000 | BCP V Modular Services Finance II PLC (United Kingdom), 144a, 4.750%, 11/30/28 | 920,868 | ||
1,124,000 | Chart Industries, Inc., 144a, 9.500%, 1/1/31 | 1,185,820 | ||
2,438,676 | CP Atlas Buyer, Inc., 144a, 7.000%, 12/1/28 | 1,792,427 | ||
958,000 | GFL Environmental, Inc. (Canada), 144a, 3.500%, 9/1/28 | 866,082 | ||
142,000 | GFL Environmental, Inc. (Canada), 144a, 3.750%, 8/1/25 | 136,462 | ||
1,713,271 | GFL Environmental, Inc. (Canada), 144a, 4.375%, 8/15/29 | 1,547,632 | ||
2,184,000 | H&E Equipment Services, Inc., 144a, 3.875%, 12/15/28 | 1,913,916 | ||
500,000 | Kleopatra Finco Sarl (Luxembourg), 144a, 4.250%, 3/1/26 | 451,116 | ||
1,065,000 | Mauser Packaging Solutions Holding Co., 144a, 9.250%, 4/15/27 | 984,049 | ||
1,818,000 | OI European Group BV, 144a, 4.750%, 2/15/30 | 1,651,795 | ||
529,000 | Owens-Brockway Glass Container, Inc., 144a, 5.375%, 1/15/25 | 519,743 | ||
51,000 | Owens-Brockway Glass Container, Inc., 144a, 6.625%, 5/13/27 | 51,058 | ||
1,126,000 | Standard Industries, Inc., 144a, 4.375%, 7/15/30 | 979,620 | ||
602,000 | Summit Materials LLC / Summit Materials Finance Corp., 144a, 5.250%, 1/15/29 | 570,789 | ||
160,000 | TransDigm, Inc., 144a, 6.750%, 8/15/28 | 161,800 | ||
1,000,000 | TransDigm, Inc., 144a, 6.250%, 3/15/26 | 1,002,385 | ||
928,000 | Trident TPI Holdings, Inc., 144a, 9.250%, 8/1/24 | 918,627 | ||
2,568,000 | Tutor Perini Corp., 144a, 6.875%, 5/1/25 | 1,810,440 | ||
19,258,095 | ||||
Financials — 6.8% | ||||
431,000 | Acrisure LLC / Acrisure Finance, Inc., 144a, 4.250%, 2/15/29 | 366,544 | ||
1,766,000 | Acrisure LLC / Acrisure Finance, Inc., 144a, 10.125%, 8/1/26 | 1,756,799 | ||
1,440,000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 6.750%, 10/15/27 | 1,338,264 | ||
1,879,000 | Blackstone Private Credit Fund, 2.625%, 12/15/26 | 1,577,104 | ||
479,000 | LPL Holdings, Inc., 144a, 4.375%, 5/15/31 | 423,489 | ||
2,126,000 | LPL Holdings, Inc., 144a, 4.625%, 11/15/27 | 1,996,989 | ||
657,441 | Midcap Financial Issuer Trust, 144a, 5.625%, 1/15/30 | 519,385 | ||
1,765,000 | Midcap Financial Issuer Trust, 144a, 6.500%, 5/1/28 | 1,501,450 | ||
1,066,000 | Nationstar Mortgage Holdings, Inc., 144a, 5.500%, 8/15/28 | 914,095 | ||
503,000 | Navient Corp., 5.000%, 3/15/27 | 442,745 | ||
599,000 | OneMain Finance Corp., 3.500%, 1/15/27 | 502,369 | ||
392,000 | OneMain Finance Corp., 3.875%, 9/15/28 | 310,660 | ||
1,507,000 | OneMain Finance Corp., 4.000%, 9/15/30 | 1,130,250 | ||
1,666,000 | Owl Rock Capital Corp., 3.400%, 7/15/26 | 1,469,834 | ||
2,369,000 | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 144a, 3.625%, 3/1/29 | 2,033,905 | ||
331,000 | United Wholesale Mortgage LLC, 144a, 5.500%, 11/15/25 | 313,262 | ||
198,000 | United Wholesale Mortgage LLC, 144a, 5.500%, 4/15/29 | 165,330 |
Principal Amount | Market Value | |||
Corporate Bonds — 68.1% (Continued) | ||||
Financials — (Continued) | ||||
$ 695,000 | United Wholesale Mortgage LLC, 144a, 5.750%, 6/15/27 | $ 618,150 | ||
1,647,000 | VistaJet Malta Finance PLC / XO Management Holding, Inc. (Switzerland), 144a, 6.375%, 2/1/30 | 1,467,866 | ||
18,848,490 | ||||
Materials — 4.0% | ||||
759,636 | ASP Unifrax Holdings, Inc., 144a, 5.250%, 9/30/28 | 606,991 | ||
1,833,000 | Ball Corp., 2.875%, 8/15/30 | 1,526,807 | ||
1,492,000 | CF Industries, Inc., 5.150%, 3/15/34 | 1,429,216 | ||
250,000 | Chemours Co. (The), 144a, 4.625%, 11/15/29 | 206,128 | ||
1,752,000 | Chemours Co. (The), 144a, 5.750%, 11/15/28 | 1,564,076 | ||
272,000 | First Quantum Minerals Ltd. (Zambia), 144a, 7.500%, 4/1/25 | 271,777 | ||
417,000 | Freeport-McMoRan, Inc., 4.625%, 8/1/30 | 393,377 | ||
300,000 | Freeport-McMoRan, Inc., 5.000%, 9/1/27 | 293,485 | ||
420,000 | Freeport-McMoRan, Inc., 5.400%, 11/14/34(A) | 409,780 | ||
63,000 | Freeport-McMoRan, Inc., 5.450%, 3/15/43(A) | 58,932 | ||
878,000 | Martin Marietta Materials, Inc., 2.400%, 7/15/31 | 718,526 | ||
249,000 | SCIH Salt Holdings, Inc., 144a, 4.875%, 5/1/28 | 222,003 | ||
2,119,000 | SCIH Salt Holdings, Inc., 144a, 6.625%, 5/1/29† | 1,753,472 | ||
2,044,000 | Tronox, Inc., 144a, 4.625%, 3/15/29 | 1,708,375 | ||
11,162,945 | ||||
Real Estate — 3.9% | ||||
2,640,000 | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 4.500%, 4/1/27 | 2,120,897 | ||
138,000 | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 5.750%, 5/15/26 | 123,427 | ||
834,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.375%, 6/15/26 | 723,495 | ||
512,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.750%, 9/15/30 | 386,560 | ||
1,386,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 6.000%, 4/15/25 | 1,330,678 | ||
250,000 | Iron Mountain UK PLC REIT, 144a, 3.875%, 11/15/25 | 292,552 | ||
465,000 | Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29(A) | 417,085 | ||
656,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 3/15/28 | 624,906 | ||
1,105,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | 990,400 | ||
1,676,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 4.250%, 2/1/27 | 1,324,040 | ||
754,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 4.750%, 6/15/29 | 548,535 | ||
1,810,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 3.750%, 2/15/27 | 1,670,929 | ||
201,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.125%, 8/15/30 | 177,540 | ||
46,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.625%, 12/1/29 | 41,929 | ||
10,772,973 | ||||
Health Care — 3.3% | ||||
1,600,000 | Acadia Healthcare Co., Inc., 144a, 5.000%, 4/15/29 | 1,504,000 | ||
4,531,000 | Air Methods Corp., 144a, 8.000%, 5/15/25 | 271,860 | ||
2,935,000 | Global Medical Response, Inc., 144a, 6.500%, 10/1/25 | 2,142,550 | ||
1,442,000 | Grifols Escrow Issuer SA (Spain), 144a, 4.750%, 10/15/28 | 1,180,637 | ||
1,000,000 | IQVIA, Inc., 144a, 2.875%, 6/15/28 | 971,983 | ||
691,000 | LifePoint Health, Inc., 144a, 5.375%, 1/15/29 | 422,426 | ||
1,506,000 | Molina Healthcare, Inc., 144a, 4.375%, 6/15/28 | 1,401,017 | ||
1,654,000 | Syneos Health, Inc., 144a, 3.625%, 1/15/29 | 1,361,826 | ||
9,256,299 |
Principal Amount | Market Value | |||
Utilities — 2.3% | ||||
$ 731,000 | Calpine Corp., 144a, 4.625%, 2/1/29 | $ 631,066 | ||
1,492,000 | NRG Energy, Inc., 144a, 3.625%, 2/15/31(A) | 1,195,586 | ||
160,000 | NRG Energy, Inc., 144a, 3.875%, 2/15/32 | 128,000 | ||
145,000 | NRG Energy, Inc., 144a, 7.000%, 3/15/33 | 150,208 | ||
1,736,000 | Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144a, 4.500%, 8/15/28 | 1,588,196 | ||
1,000,000 | Vistra Operations Co. LLC, 144a, 5.000%, 7/31/27 | 945,500 | ||
1,350,000 | Vistra Operations Co. LLC, 144a, 5.625%, 2/15/27 | 1,310,191 | ||
466,000 | Vistra Operations Co. LLC, 144a, 4.300%, 7/15/29(A) | 414,704 | ||
6,363,451 | ||||
Information Technology — 2.2% | ||||
2,707,000 | Ahead DB Holdings LLC, 144a, 6.625%, 5/1/28 | 2,241,780 | ||
500,000 | Entegris, Inc., 144a, 3.625%, 5/1/29† | 432,225 | ||
1,494,000 | II-VI, Inc., 144a, 5.000%, 12/15/29 | 1,356,104 | ||
440,000 | Seagate HDD Cayman, 3.125%, 7/15/29 | 348,622 | ||
398,000 | Seagate HDD Cayman, 3.375%, 7/15/31 | 295,690 | ||
1,802,000 | Synaptics, Inc., 144a, 4.000%, 6/15/29 | 1,551,697 | ||
6,226,118 | ||||
Total Corporate Bonds | $188,611,749 | |||
Bank Loans — 17.2%(C) | ||||
Communication Services — 3.7% | ||||
599,325 | Cable One Inc., Incremental Term B-4 Loan, (1M LIBOR + 2.000%), 5.115%, 5/03/28 | 582,844 | ||
898,758 | CenturyLink Inc, Term Loan A, (1M LIBOR + 2.000%), 6.635%, 1/31/25(D) | 823,487 | ||
185,270 | Charter Communications Operating LLC, Term Loan B2, (1M LIBOR + 1.750%), 4.870%, 2/01/27 | 183,330 | ||
92,881 | CSC Holdings LLC, 2017 Refinancing Term Loan, (1M LIBOR + 2.250%), 5.068%, 7/17/25 | 88,392 | ||
394,757 | CSC Holdings LLC, 2022 Refinancing Term Loan, (1M SOFR + 4.500%), 8.822%, 1/17/28 | 364,558 | ||
1,656,404 | Delta TopCo Inc., Second Lien Initial Term Loan, (6M LIBOR + 7.250%), 9.336%, 12/01/28 | 1,403,803 | ||
614,512 | E.W. Scripps Company, The, Tranche B-2 Term Loan, (1M LIBOR + 2.563%), 5.678%, 5/01/26 | 598,191 | ||
382,593 | Go Daddy Operating Company, LLC, Tranche B-5 Term Loan, (1M SOFR + 3.250%), 7.042%, 11/09/29 | 381,877 | ||
1,007,627 | Gray Television Inc, Term Loan E, (1M SOFR + 2.500%), 7.358%, 1/02/26 | 988,109 | ||
462,376 | MH Sub I, LLC, 2020 June New Term Loan, (1M LIBOR + 3.750%), 6.865%, 9/13/24 | 453,998 | ||
506,627 | NEP Group Inc., First Lien Initial Dollar Term Loan, (1M LIBOR + 3.250%), 6.365%, 10/20/25 | 470,529 | ||
295,450 | Nexstar Broadcasting Inc., Term B-4 Loan, (1M LIBOR + 2.500%), 5.615%, 9/18/26 | 294,416 | ||
898,625 | Proofpoint Inc., Initial Term Loan, (3M LIBOR + 3.250%), 6.320%, 8/31/28 | 876,905 | ||
370,000 | Telenet Financing USD LLC, Term Loan AR Facility, (1M LIBOR + 2.000%), 4.818%, 4/28/28 | 362,215 | ||
1,368,279 | Univision Communications Inc, 2021 Replacement Term Loan, (1M LIBOR + 3.250%), 7.885%, 3/15/26(D) | 1,359,535 | ||
715,000 | UPC Financing Partnership, Facility AX, (1M LIBOR + 2.925%), 5.743%, 1/31/29 | 699,063 | ||
480,000 | Virgin Media Bristol LLC, Facility Q Advance, (1M LIBOR + 3.250%), 6.068%, 1/31/29 | 474,062 | ||
10,405,314 | ||||
Information Technology — 3.3% | ||||
417,768 | Cloud Software Group Inc, Term Loan, (1M SOFR + 7.100%), 10.653%, 9/28/29 | 415,942 |
Principal Amount | Market Value | |||
Bank Loans — 17.2%(C) (Continued) | ||||
Information Technology — (Continued) | ||||
$ 374,781 | Epicor Software Corporation, Term C Loan, (1M LIBOR + 3.250%), 6.365%, 7/30/27 | $ 367,453 | ||
1,863,798 | Finastra USA Inc., First Lien Dollar Term Loan, (6M LIBOR + 3.500%), 6.871%, 6/13/24(D) | 1,737,824 | ||
1,169,220 | Hyland Software Inc., 2018 Refinancing Term Loan, (1M LIBOR + 3.500%), 6.615%, 7/01/24 | 1,154,278 | ||
470,800 | Hyland Software Inc., 2021-1 Incremental Term Facility, (1M LIBOR + 6.250%), 9.365%, 7/07/25 | 448,103 | ||
1,157,100 | Open Text Corporation, Term Loan, (1M SOFR + 3.600%), 8.161%, 1/31/30 | 1,152,518 | ||
1,164,762 | Polaris Newco LLC, First Lien Dollar Term Loan, (3M LIBOR + 4.000%), 8.730%, 6/02/28(D) | 1,059,607 | ||
1,252,865 | Quest Software, Inc., Second Lien Initial Term Loan, (3M SOFR + 7.650%), 10.227%, 2/01/30(D) | 751,719 | ||
203,745 | SS&C Technologies Inc., Term B-3 Loan, (1M LIBOR + 1.750%), 4.865%, 4/16/25 | 203,038 | ||
180,909 | SS&C Technologies Inc., Term B-4 Loan, (1M LIBOR + 1.750%), 4.865%, 4/16/25 | 180,281 | ||
701,875 | SS&C Technologies Inc., Term B-5 Loan, (1M LIBOR + 1.750%), 4.865%, 4/16/25 | 699,440 | ||
951,215 | Tempo Acquisition LLC, Additional Initial Term B-1 Loan, (1M SOFR + 3.000%), 6.034%, 8/31/28 | 949,237 | ||
9,119,440 | ||||
Consumer Discretionary — 2.9% | ||||
705,000 | American Airlines Inc., Initial Term Loan, (3M LIBOR + 4.750%), 7.460%, 4/20/28 | 714,891 | ||
596,904 | Aramark Services Inc., US Term B-3 Loan, (1M LIBOR + 1.750%), 4.865%, 3/11/25 | 594,666 | ||
973,824 | Brightview Landscapes LLC, Initial Term Loan, (1M SOFR + 3.250%), 6.284%, 4/20/29 | 948,670 | ||
2,746,524 | ClubCorp Holdings Inc., First Lien Term B Loan , (3M LIBOR + 2.750%), 6.424%, 9/18/24(D) | 2,615,488 | ||
603,250 | Delta Air Lines Inc., Initial Term Loan, (3M LIBOR + 3.750%), 6.460%, 10/20/27 | 624,291 | ||
396,324 | Station Casinos LLC, Term B-1 Facility Loan, (1M LIBOR + 2.250%), 5.370%, 2/08/27 | 392,539 | ||
965,300 | United AirLines, Inc., Class B Term Loan, (3M LIBOR + 3.750%), 6.533%, 4/21/28 | 956,854 | ||
866,706 | Whatabrands LLC, Initial Term B Loan, (1M LIBOR + 3.250%), 6.365%, 8/03/28 | 856,358 | ||
322,442 | William Morris Endeavor Entertainment LLC, New Term Loan B-1, (1M LIBOR + 2.750%), 5.870%, 5/18/25 | 319,353 | ||
8,023,110 | ||||
Health Care — 2.3% | ||||
980,000 | AlixPartners LLP, Initial Dollar Term Loan, (1M LIBOR + 2.750%), 5.865%, 2/04/28 | 975,404 | ||
891,337 | Avantor Funding Inc., Incremental B-5 Dollar Term Loan, (1M LIBOR + 2.250%), 5.365%, 11/08/27 | 889,527 | ||
574,500 | Belron Finance US LLC, First Incremental Loan, (3M LIBOR + 2.250%), 5.188%, 11/13/25 | 573,782 | ||
632,125 | Froneri US Inc., Facility B2, (1M LIBOR + 2.250%), 5.365%, 1/29/27 | 622,276 | ||
679,950 | Gainwell Acquisition Corp, Term B Loan, (3M LIBOR + 4.000%), 7.674%, 10/01/27 | 647,653 | ||
792,412 | Organon & Co, Senior Secured Dollar Term Loan, (3M LIBOR + 3.000%), 6.188%, 6/02/28 | 791,089 | ||
970,200 | Sunshine Luxembourg VII SARL, Term Loan B3 (USD), (3M LIBOR + 3.750%), 7.424%, 10/01/26 | 959,896 |
Principal Amount | Market Value | |||
Health Care — (Continued) | ||||
$ 634,077 | Surgery Center Holdings, Inc., 2021 New Term Loan, (1M LIBOR + 3.750%), 7.070%, 8/31/26 | $ 629,468 | ||
262,902 | Team Health Holdings Inc., Initial Term Loan, (1M LIBOR + 2.750%), 5.865%, 2/06/24 | 223,249 | ||
6,312,344 | ||||
Energy — 1.5% | ||||
1,405,617 | Freeport LNG Investments, LLP, Initial Term B Loan, (3M LIBOR + 3.500%), 7.743%, 12/21/28 | 1,358,431 | ||
2,832,344 | Gulf Finance, LLC, Term Loan, (1M LIBOR + 6.750%), 9.870%, 8/25/26 | 2,742,785 | ||
834,975 | PES Holdings LLC, Tranche C Loan Non-PIK, 6.990%, 12/29/23 | 20,874 | ||
4,122,090 | ||||
Materials — 1.3% | ||||
967,198 | Numericable U.S. LLC, (Usd) B14 Term Loan, (2M SOFR + 5.500%), 10.170%, 8/15/28 | 918,838 | ||
729,432 | Titan Acquisition Limited(861), Initial Term Loan, 3/28/25(D) | 689,620 | ||
1,604,883 | Traverse Midstream Partners LLC, Advance, (1M SOFR + 3.850%), 8.400%, 2/16/28 | 1,575,465 | ||
452,464 | Tronox Finance LLC, First Lien Term Loan B, (3M LIBOR + 2.250%), 5.924%, 3/10/28 | 441,528 | ||
3,625,451 | ||||
Financials — 0.9% | ||||
671,705 | Freeport LNG Investments, LLP, Tla Term Loan, (3M LIBOR + 3.000%), 7.808%, 11/16/26 | 646,516 | ||
324,171 | HUB International Ltd, B-3 Incremental term Loan, (1M LIBOR + 3.250%), 7.949%, 4/25/25(D) | 323,072 | ||
938,212 | HUB International Ltd, Initial Term Loan, (3M LIBOR + 3.000%), 5.766%, 4/25/25 | 934,338 | ||
653,158 | NFP Corp, Closing Date Term Loan, (1M LIBOR + 3.250%), 6.365%, 2/15/27 | 635,876 | ||
2,539,802 | ||||
Industrials — 0.9% | ||||
194,056 | CP Atlas Buyer Inc., Term B Loan, (1M LIBOR + 3.500%), 6.615%, 11/23/27 | 171,532 | ||
841,629 | Transdigm Inc, Tranche I Term Loan, (1M SOFR + 3.250%), 7.825%, 8/24/28 | 838,473 | ||
708,850 | Vertical Midco Gmbh, Term Loan B, (6M LIBOR + 3.500%), 6.871%, 7/30/27 | 689,576 | ||
790,541 | Wilsonart LLC, Tranche E Term Loan, (3M LIBOR + 3.250%), 6.930%, 12/31/26 | 759,417 | ||
2,458,998 | ||||
Consumer Staples — 0.4% | ||||
1,012,443 | IRB Holding Corp, 2022 Replacement Term B Loan, (1M SOFR + 3.100%), 7.687%, 12/15/27 | 993,885 | ||
Total Bank Loans | $47,600,434 | |||
Asset-Backed Securities — 9.5% | ||||
1,000,000 | Aimco CLO 11 Ltd. (Cayman Islands), Ser 2020-11A, Class ER, 144a, (3M LIBOR +6.200%), 10.992%, 10/17/34(E) | 908,174 | ||
575,000 | AIMCO CLO 16 Ltd. (Cayman Islands), Ser 2021-16A, Class SUB, 144a, 1/17/35(E)(F) | 459,035 | ||
325,000 | Atrium XIII (Cayman Islands), Ser 13A, Class E, 144a, (3M LIBOR +6.050%), 10.865%, 11/21/30(E) | 286,799 | ||
340,000 | Atrium XV (Cayman Islands), Ser 15A, Class SUB, 144a, 1/23/31(E)(F) | 176,664 | ||
1,250,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2019-2A, Class ER, 144a, (3M LIBOR +6.320%), 11.112%, 10/17/32(E) | 1,066,195 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 9.5% (Continued) | ||||
$ 620,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2021-2A, Class SUB, 144a, 7/16/34(E)(F) | $ 379,322 | ||
850,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2022-1A, Class SUB, 144a, 4/18/35(E)(F) | 507,810 | ||
1,000,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-10A, Class E, 144a, (3M LIBOR +6.500%), 11.308%, 10/20/34(E) | 880,366 | ||
1,000,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-11A, Class E, 144a, (3M LIBOR +6.400%), 11.218%, 1/25/33(E) | 873,490 | ||
500,000 | Cedar Funding IV CLO Ltd. (Cayman Islands), Ser 2014-4A, Class ERR, 144a, (3M LIBOR +6.610%), 11.425%, 7/23/34(E) | 433,274 | ||
714,286 | Cedar Funding XIV CLO Ltd. (Cayman Islands), Ser 2021-14A, Class E, 144a, (3M LIBOR +6.340%), 11.132%, 7/15/33(E) | 621,283 | ||
1,500,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2015-4A, Class SUB, 144a, 4/20/34(E)(F) | 533,194 | ||
1,000,000 | CIFC Funding Ltd., Ser 2019-4A, Class DR, 144a, (3M LIBOR +6.600%), 11.392%, 10/15/34(E) | 905,828 | ||
500,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2020-3A, Class SUB, 144a, 10/20/34(E)(F) | 385,684 | ||
1,046,139 | CIFC Funding Ltd. (Cayman Islands), Ser 2021-7A, Class E, 144a, (3M LIBOR +6.350%), 11.165%, 1/23/35(E) | 917,748 | ||
250,000 | Dryden 45 Senior Loan Fund (Cayman Islands), Ser 2016-45A, Class ER, 144a, (3M LIBOR +5.850%), 10.642%, 10/15/30(E) | 206,786 | ||
250,000 | Dryden 57 CLO Ltd. (Cayman Islands), Ser 2018-57A, Class E, 144a, (3M LIBOR +5.200%), 10.064%, 5/15/31(E) | 199,747 | ||
1,000,000 | Dryden 76 CLO Ltd. (Cayman Islands), Ser 2019-76A, Class ER, 144a, (3M LIBOR +6.500%), 11.308%, 10/20/34(E) | 861,022 | ||
250,000 | Dryden 78 CLO Ltd. (Cayman Islands), Ser 2020-78A, Class SUB, 144a, 4/17/33(E)(F) | 172,990 | ||
650,000 | Dryden 98 CLO Ltd. (Cayman Islands), Ser 2022-98X, Class SUB, 4/20/35(F) | 483,759 | ||
250,000 | Elmwood CLO 22 Ltd. (Cayman Islands), Ser 2023-1A, Class E, 144a, (TSFR3M +7.650%), 12.428%, 4/17/36 | 247,551 | ||
250,000 | Elmwood CLO 23 Ltd. (Cayman Islands), Ser 2023-2A, Class E, 144a, (TSFR3M +8.000%), 4/16/36 | 247,505 | ||
250,000 | Elmwood CLO VIII Ltd. (Cayman Islands), Ser 2021-1A, Class F1, 144a, (3M LIBOR +8.000%), 12.808%, 1/20/34(E) | 208,727 | ||
588,235 | Elmwood CLO VIII Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 1/20/34(E)(F) | 448,202 | ||
1,000,000 | Fillmore Park CLO Ltd. (Cayman Islands), Ser 2018-1A, Class E, 144a, (3M LIBOR +5.400%), 10.192%, 7/15/30(E) | 855,701 | ||
1,000,000 | ICG US CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/17/34(E)(F) | 600,864 | ||
750,000 | Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class SUB, 144a, 10/22/34(E)(F) | 491,023 | ||
75,000 | Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class Y, 144a, 10/22/34(E)(F) | 21,779 | ||
250,000 | Invesco US CLO Ltd. (Jersey), Ser 2023-2A, Class E, 144a, (TSFR3M +7.830%), 12.686%, 4/21/36 | 248,434 | ||
625,000 | Madison Park Funding LIII Ltd. (Cayman Islands), Ser 2022-53A, Class SUB, 144a, 4/21/35(E)(F) | 516,115 | ||
1,000,000 | Madison Park Funding LIX Ltd. (Cayman Islands), Ser 2021-59X, Class SUB, 1/18/34(E)(F) | 777,425 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 9.5% (Continued) | ||||
$ 300,000 | Madison Park Funding XII Ltd. (Cayman Islands), Ser 2014-12A, Class SUB, 144a, 7/20/26(E)(F) | $ 267 | ||
500,000 | Madison Park Funding XXII Ltd. (Cayman Islands), Ser 2016-22A, Class ER, 144a, (3M LIBOR +6.700%), 11.492%, 1/15/33(E) | 449,922 | ||
1,000,000 | Madison Park Funding XXII Ltd. (Cayman Islands), Ser 2016-22A, Class SUB, 144a, 1/15/33(E)(F) | 585,694 | ||
500,000 | Madison Park Funding XXVIII Ltd. (Cayman Islands), Ser 2018-28A, Class SUB, 144a, 7/15/30(E)(F) | 285,716 | ||
250,000 | Madison Park Funding XXXI Ltd. (Cayman Islands), Ser 2018-31A, Class SUB, 144a, 1/23/48(E)(F) | 159,728 | ||
540,000 | Madison Park Funding XXXVII Ltd. (Cayman Islands), Ser 2019-37A, Class SUB, 144a, 7/15/49(E)(F) | 395,285 | ||
1,000,000 | Magnetite XXIII Ltd. (Cayman Islands), Ser 2019-23A, Class ER, 144a, (3M LIBOR +6.300%), 11.118%, 1/25/35(E) | 899,367 | ||
250,000 | Niagara Park CLO Ltd. (Cayman Islands), Ser 2019-1A, Class ER, 144a, (3M LIBOR +5.950%), 10.742%, 7/17/32(E) | 219,801 | ||
250,000 | Oaktree CLO Ltd. (Cayman Islands), Ser 2019-2A, Class D, 144a, (3M LIBOR +6.770%), 11.562%, 4/15/31(E) | 213,330 | ||
250,000 | Oaktree CLO Ltd. (Cayman Islands), Ser 2022-2A, Class E, 144a, (3M Term SOFR +8.340%), 12.998%, 7/15/33(E) | 244,776 | ||
250,000 | Octagon Loan Funding Ltd. (Cayman Islands), Ser 2014-1A, Class DRR, 144a, (3M LIBOR +2.900%), 7.815%, 11/18/31(E) | 227,720 | ||
825,000 | OHA Credit Funding 4 Ltd. (Cayman Islands), Ser 2019-4A, Class ER, 144a, (3M LIBOR +6.400%), 11.215%, 10/22/36(E) | 757,637 | ||
350,000 | OHA Loan Funding Ltd. (Cayman Islands), Ser 2016-1A, Class SUB, 144a, 1/20/33(E)(F) | 221,203 | ||
1,000,000 | REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class M2, 144a, 10/15/34(E)(F) | 36,875 | ||
1,000,000 | REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class SUB, 144a, 10/15/34(E)(F) | 541,829 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M1, 144a, 4/20/34(E)(F) | 5,564 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M2, 144a, 4/20/34(E)(F) | 12,981 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/20/34(E)(F) | 466,444 | ||
500,000 | RR 6 Ltd. (Cayman Islands), Ser 2019-6A, Class SUB, 144a, 4/15/36(E)(F) | 396,044 | ||
500,000 | Steele Creek CLO Ltd. (Cayman Islands), Ser 2019-2A, Class E, 144a, (3M LIBOR +7.700%), 12.492%, 7/15/32(E) | 423,913 | ||
250,000 | TCI-Flatiron CLO Ltd. (Cayman Islands), Ser 2017-1A, Class D, 144a, (3M LIBOR +2.750%), 7.627%, 11/18/30(E) | 231,956 | ||
500,000 | Thompson Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class E, 144a, (3M LIBOR +6.310%), 11.102%, 4/15/34(E) | 443,306 | ||
525,000 | Thompson Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/15/34(F) | 400,022 | ||
300,000 | TICP CLO XII Ltd. (Cayman Islands), Ser 2018-12A, Class ER, 144a, (3M LIBOR +6.250%), 11.042%, 7/15/34(E) | 267,389 | ||
250,000 | Voya CLO Ltd. (Cayman Islands), Ser 2019-4X, Class ER, (3M LIBOR +6.710%), 11.502%, 1/15/35(E) | 216,679 | ||
1,000,000 | Voya CLO Ltd., Ser 2020-3A, Class ER, 144a, (3M LIBOR +6.400%), 11.208%, 10/20/34(E) | 870,806 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 9.5% (Continued) | ||||
$ 850,000 | Voya CLO Ltd. (Cayman Islands), Ser 2021-1A, Class E, 144a, (3M LIBOR +6.350%), 11.142%, 7/15/34(E) | $ 742,330 | ||
250,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2018-3A, Class D, 144a, (3M LIBOR +6.250%), 11.058%, 1/20/32(E) | 182,862 | ||
250,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2018-3A, Class SUB, 144a, 1/20/32(E)(F) | 63,933 | ||
250,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2019-1A, Class D, 144a, (3M LIBOR +6.900%), 11.708%, 7/20/32(E) | 192,600 | ||
280,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2020-1A, Class SUB, 144a, 4/15/33(E)(F) | 133,355 | ||
Total Asset-Backed Securities | $26,211,830 |
Shares | ||||
Common Stocks — 1.5% | ||||
Energy — 1.0% | ||||
14,309 | AFG Holdings, Inc. | 7,154 | ||
55,000 | Antero Resources Corp.* | 1,269,950 | ||
187,384 | Ascent Resources Marcellus Holdings, LLC(G) | 0 | ||
10,000 | Chesapeake Energy Corp. | 760,400 | ||
45,000 | Summit Midstream Partners LP* | 690,750 | ||
2,728,254 | ||||
Health Care — 0.5% | ||||
162,858 | Bausch Health Cos., Inc.*† | 1,319,150 | ||
Industrials — 0.0% | ||||
28,087 | Tutor Perini Corp.* | 173,297 | ||
Total Common Stocks | $4,220,701 | |||
Exchange-Traded Fund — 0.4% | ||||
32,000 | Alerian MLP ETF | 1,236,800 |
Number of Contracts | Notional Amount | |||
Purchased Options — 0.0% | ||||
Purchased Call Options — 0.0% | ||||
200 | VIX US 04/19/23 C30, Strike @, Exp 04/23 | $20,000 | 6,800 | |
Total Purchased Options | $6,800 |
Shares | ||||
Short-Term Investment Funds — 2.8% | ||||
3,889,108 | Dreyfus Government Cash Management, Institutional Shares, 4.71%∞Ω | 3,889,108 | ||
3,895,185 | Invesco Government & Agency Portfolio, Institutional Class, 4.73%∞Ω** | 3,895,185 | ||
Total Short-Term Investment Funds | $7,784,293 | |||
Total Long Positions—99.5% (Cost $306,079,393) | $275,672,607 |
Securities Sold Short — (0.4)% |
Principal Amount | Market Value | |||
Corporate Bonds — (0.4)% | ||||
Consumer Discretionary — (0.2)% | ||||
$(1,000,000) | At Home Group, Inc., 7.125%, 7/15/29 | $ (572,500) | ||
Energy — (0.2)% | ||||
(675,000) | Chesapeake Energy Corp., 6.750%, 4/15/29 | (670,113) | ||
Total Corporate Bonds | $(1,242,613) | |||
Total Securities Sold Short (Proceeds $1,303,823) | $(1,242,613) |
Number of Contracts | Notional Amount | MarketValue | ||
Written Options — (0.0)% | ||||
Written Call Options — (0.0)% | ||||
200 | VIX US 04/19/23 C40, Strike @0.00, Exp 04/23 | $20,000 | $ (2,400) | |
Total Written Options (Premiums received $9,400) | $(2,400) | |||
Total Investment Securities—99.1% | $274,427,594 | |||
Other Assets in Excess of Liabilities — 0.9% | 2,601,739 | |||
Net Assets — 100.0% | $277,029,333 |
(A) | All or a portion of these securities are pledged as collateral for securities sold short. The total value of the securities pledged as collateral as of March 31, 2023 was $3,054,890. |
(B) | Represents a payment-in-kind (“PIK”) security, which may pay interest in additional principal amounts. |
(C) | Bank loans pay interest at rates which adjust periodically unless otherwise indicated. The interest rates shown are the current interest rates as of March 31, 2023. |
(D) | All or a portion of this position has not settled. Full contract rates do not take effect until settlement date. |
(E) | Variable rate security - Rate reflected is the rate in effect as of March 31, 2023. |
(F) | Security has no stated coupon and is considered an equity position in the collateralized loan obligation (“CLO”). CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. |
(G) | 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. Level 3 securities were not considered significant to the Fund. |
* | 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 March 31, 2023 was $3,883,085. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2023. |
Portfolio Abbreviations: |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
ETF – Exchange-Traded Fund |
EUR – Euro |
GBP – Great Britain Pound |
ICE – Intercontinental Exchange, Inc. |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LLLP – Limited Liability Limited Partnership |
LP – Limited Partnership |
MLP – Master Limited Partnership |
PIK – Payment In Kind |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
SOFR – Secured Overnight Financing Rate |
TSFR3M – Three Month Term Secured Overnight Financing Rate |
USD – United States Dollar |
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 March 31, 2023, these securities were valued at $182,460,140 or 65.9% 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 | $— | $188,611,749 | $— | $188,611,749 |
Bank Loans | — | 47,600,434 | — | 47,600,434 |
Asset-Backed Securities | — | 26,211,830 | — | 26,211,830 |
Common Stocks | 4,213,547 | 7,154 | — | 4,220,701 |
Exchange-Traded Fund | 1,236,800 | — | — | 1,236,800 |
Purchased Call Options | ||||
Equity contracts | 6,800 | — | — | 6,800 |
Short-Term Investment Funds | 7,784,293 | — | — | 7,784,293 |
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | — | 30,083 | — | 30,083 |
Total Assets | $13,241,440 | $262,461,250 | $— | $275,702,690 |
Liabilities: | ||||
Securities Sold Short | ||||
Corporate Bonds | $— | $(1,242,613) | $— | $(1,242,613) |
Other Financial Instruments | ||||
Written Call Options | ||||
Equity contracts | (2,400) | — | — | (2,400) |
Foreign currency exchange contracts | — | (127,530) | — | (127,530) |
Total Liabilities | $(2,400) | $(1,370,143) | $— | $(1,372,543) |
Total | $13,239,040 | $261,091,107 | $— | $274,330,147 |
Counterparty | Termination Date | Notional Amount(2) | Pay Fixed Rate | Clearinghouse | Underlying Bond | Value(3) | Premiums Paid/ (Received) | Unrealized Appreciation |
Buy Protection: | ||||||||
Wells Fargo | 12/20/25 | $(568,538) | 5.000% | ICE | Markit CDX North America High Yield Series 35 5Y Index | $(16,036) | $(32,455) | $16,419 |
Sell Protection: | ||||||||
Wells Fargo | 12/20/24 | $500,000 | 1.000% | ICE | Transocean, Inc., CDS USD SR 2Y D14 12/20/2024 | $(37,534) | $(51,198) | $13,664 |
(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. |
Contract to | ||||||
Counterparty | Expiration Date | Receive | Deliver | Unrealized Depreciation | ||
Wells Fargo | 4/14/2023 | USD | 5,112,735 | EUR | 4,822,470 | $(121,295) |
Wells Fargo | 4/14/2023 | USD | 287,309 | GBP | 237,888 | (6,235) |
$(127,530) |
Shares | Market Value | |||
Common Stocks — 99.7% | ||||
Information Technology — 22.6% | ||||
48,217 | Accenture PLC - Class A | $ 13,780,901 | ||
107,670 | Analog Devices, Inc. | 21,234,677 | ||
350,565 | Apple, Inc. | 57,808,169 | ||
85,424 | Broadcom, Inc. | 54,802,913 | ||
996,274 | Cisco Systems, Inc. | 52,080,223 | ||
1,009,348 | Intel Corp. | 32,975,399 | ||
359,961 | International Business Machines Corp. | 47,187,288 | ||
127,544 | KLA Corp. | 50,911,738 | ||
213,631 | Micron Technology, Inc. | 12,890,495 | ||
374,967 | Microsoft Corp. | 108,102,986 | ||
706,996 | Oracle Corp. | 65,694,068 | ||
400,360 | QUALCOMM, Inc. | 51,077,929 | ||
230,915 | Texas Instruments, Inc. | 42,952,499 | ||
611,499,285 | ||||
Financials — 14.9% | ||||
110,555 | Arthur J Gallagher & Co. | 21,150,277 | ||
1,328,161 | Bank of America Corp. | 37,985,405 | ||
78,563 | BlackRock, Inc. | 52,568,075 | ||
123,045 | Goldman Sachs Group, Inc. (The) | 40,249,250 | ||
213,539 | JPMorgan Chase & Co. | 27,826,267 | ||
325,310 | Principal Financial Group, Inc. | 24,177,039 | ||
312,547 | Prudential Financial, Inc. | 25,860,139 | ||
136,847 | T Rowe Price Group, Inc. | 15,450,026 | ||
954,721 | Truist Financial Corp. | 32,555,986 | ||
976,014 | US Bancorp | 35,185,305 | ||
266,642 | Visa, Inc. - Class A | 60,117,105 | ||
835,461 | Wells Fargo & Co. | 31,229,532 | ||
404,354,406 | ||||
Health Care — 12.8% | ||||
160,873 | AbbVie, Inc. | 25,638,330 | ||
174,272 | AmerisourceBergen Corp. | 27,902,690 | ||
340,035 | Bristol-Myers Squibb Co. | 23,567,826 | ||
444,934 | CVS Health Corp. | 33,063,045 | ||
198,968 | Gilead Sciences, Inc. | 16,508,375 | ||
349,977 | Johnson & Johnson | 54,246,435 | ||
663,340 | Medtronic PLC | 53,478,471 | ||
435,860 | Merck & Co., Inc. | 46,371,145 | ||
552,216 | Pfizer, Inc. | 22,530,413 | ||
93,257 | UnitedHealth Group, Inc. | 44,072,326 | ||
347,379,056 | ||||
Industrials — 10.6% | ||||
212,062 | 3M Co. | 22,289,837 | ||
122,752 | Automatic Data Processing, Inc. | 27,328,278 | ||
122,484 | Caterpillar, Inc. | 28,029,239 | ||
121,078 | Eaton Corp. PLC | 20,745,504 | ||
587,897 | Fortune Brands Innovations, Inc. | 34,527,191 | ||
83,743 | Lockheed Martin Corp. | 39,587,828 | ||
241,373 | Paychex, Inc. | 27,658,932 | ||
407,492 | Raytheon Technologies Corp. | 39,905,692 | ||
592,004 | Stanley Black & Decker, Inc. | 47,703,682 | ||
287,776,183 | ||||
Consumer Staples — 9.3% | ||||
391,282 | Coca-Cola Co. (The) | 24,271,222 | ||
112,634 | Constellation Brands, Inc. - Class A | 25,442,894 | ||
146,835 | Dollar General Corp. | 30,902,894 | ||
207,476 | PepsiCo, Inc. | 37,822,875 | ||
446,456 | Philip Morris International, Inc. | 43,417,846 | ||
415,325 | Sysco Corp. | 32,075,550 |
Shares | Market Value | |||
Consumer Staples — (Continued) | ||||
183,536 | Target Corp. | $ 30,399,068 | ||
186,263 | Walmart, Inc. | 27,464,479 | ||
251,796,828 | ||||
Consumer Discretionary — 7.6% | ||||
149,868 | Home Depot, Inc. (The) | 44,229,044 | ||
119,063 | McDonald's Corp. | 33,291,205 | ||
500,360 | Starbucks Corp. | 52,102,487 | ||
555,468 | VF Corp. | 12,725,772 | ||
105,078 | Whirlpool Corp. | 13,872,398 | ||
379,648 | Yum! Brands, Inc. | 50,143,908 | ||
206,364,814 | ||||
Communication Services — 7.2% | ||||
1,614,351 | AT&T, Inc. | 31,076,257 | ||
1,257,419 | Comcast Corp. - Class A | 47,668,754 | ||
822,283 | Fox Corp. - Class A | 27,998,736 | ||
599,746 | Interpublic Group of Cos., Inc. (The) | 22,334,541 | ||
249,797 | Omnicom Group, Inc. | 23,565,849 | ||
1,052,254 | Verizon Communications, Inc. | 40,922,158 | ||
193,566,295 | ||||
Energy — 5.4% | ||||
254,811 | Chevron Corp. | 41,574,963 | ||
429,349 | Exxon Mobil Corp. | 47,082,411 | ||
287,799 | Phillips 66 | 29,177,063 | ||
211,144 | Valero Energy Corp. | 29,475,702 | ||
147,310,139 | ||||
Utilities — 3.6% | ||||
460,521 | Dominion Energy, Inc. | 25,747,729 | ||
397,508 | Duke Energy Corp. | 38,347,597 | ||
428,303 | NextEra Energy, Inc. | 33,013,595 | ||
97,108,921 | ||||
Real Estate — 2.9% | ||||
188,701 | Alexandria Real Estate Equities, Inc. REIT | 23,698,958 | ||
155,764 | American Tower Corp. REIT | 31,828,816 | ||
199,193 | Simon Property Group, Inc. REIT | 22,303,640 | ||
77,831,414 | ||||
Materials — 2.8% | ||||
96,227 | Air Products & Chemicals, Inc. | 27,637,357 | ||
671,430 | DuPont de Nemours, Inc. | 48,188,531 | ||
75,825,888 | ||||
Total Common Stocks | $2,700,813,229 | |||
Short-Term Investment Fund — 0.0% | ||||
1,529,940 | Dreyfus Government Cash Management, Institutional Shares, 4.71%∞Ω | 1,529,940 | ||
Total Investment Securities—99.7% (Cost $2,714,903,570) | $2,702,343,169 | |||
Other Assets in Excess of Liabilities — 0.3% | 7,174,845 | |||
Net Assets — 100.0% | $2,709,518,014 |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2023. |
Portfolio Abbreviations: |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $2,700,813,229 | $— | $— | $2,700,813,229 |
Short-Term Investment Fund | 1,529,940 | — | — | 1,529,940 |
Total | $2,702,343,169 | $— | $— | $2,702,343,169 |
Principal Amount | Market Value | |||
Corporate Bonds — 92.1% | ||||
Consumer Discretionary — 16.9% | ||||
$ 415,000 | Bath & Body Works, Inc., 5.250%, 2/1/28 | $ 396,325 | ||
496,000 | Beazer Homes USA, Inc., 6.750%, 3/15/25 | 487,327 | ||
829,000 | Carnival Corp., 144a, 6.000%, 5/1/29 | 659,984 | ||
532,000 | Carnival Corp., 144a, 9.875%, 8/1/27 | 546,976 | ||
222,000 | Carnival Corp., 144a, 10.500%, 2/1/26 | 231,093 | ||
1,239,000 | Carriage Services, Inc., 144a, 4.250%, 5/15/29 | 1,020,496 | ||
678,000 | Dana, Inc., 4.250%, 9/1/30 | 543,421 | ||
523,000 | Dana, Inc., 5.625%, 6/15/28 | 491,157 | ||
764,000 | Ford Motor Co., 4.750%, 1/15/43 | 585,858 | ||
1,318,000 | Ford Motor Credit Co. LLC, 2.900%, 2/10/29 | 1,090,601 | ||
1,111,000 | Ford Motor Credit Co. LLC, 3.375%, 11/13/25 | 1,041,329 | ||
455,000 | Ford Motor Credit Co. LLC, 3.664%, 9/8/24 | 436,549 | ||
664,000 | Ford Motor Credit Co. LLC, 7.350%, 11/4/27 | 685,580 | ||
1,142,000 | Forestar Group, Inc., 144a, 3.850%, 5/15/26 | 1,027,384 | ||
406,000 | Hanesbrands, Inc., 144a, 4.875%, 5/15/26 | 384,685 | ||
1,009,000 | International Game Technology PLC, 144a, 6.250%, 1/15/27 | 1,020,351 | ||
692,000 | JB Poindexter & Co., Inc., 144a, 7.125%, 4/15/26 | 648,750 | ||
94,000 | Michaels Cos., Inc. (The), 144a, 5.250%, 5/1/28 | 78,344 | ||
177,000 | Michaels Cos., Inc. (The), 144a, 7.875%, 5/1/29 | 124,507 | ||
298,000 | Royal Caribbean Cruises Ltd., 144a, 5.375%, 7/15/27 | 266,956 | ||
16,000 | Royal Caribbean Cruises Ltd., 144a, 7.250%, 1/15/30 | 16,120 | ||
172,000 | Royal Caribbean Cruises Ltd., 7.500%, 10/15/27 | 160,820 | ||
133,000 | Royal Caribbean Cruises Ltd., 144a, 8.250%, 1/15/29 | 138,959 | ||
970,000 | Royal Caribbean Cruises Ltd., 144a, 11.625%, 8/15/27 | 1,041,339 | ||
773,000 | Sands China Ltd. (Macao), 5.625%, 8/8/25 | 752,405 | ||
500,000 | Sands China Ltd. (Macao), 5.900%, 8/8/28 | 474,573 | ||
706,000 | Sonic Automotive, Inc., 144a, 4.625%, 11/15/29 | 591,655 | ||
733,000 | Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | 672,160 | ||
671,000 | Thor Industries, Inc., 144a, 4.000%, 10/15/29 | 554,722 | ||
1,610,000 | Wynn Macau Ltd. (Macao), 144a, 4.875%, 10/1/24 | 1,561,700 | ||
17,732,126 | ||||
Energy — 14.3% | ||||
1,026,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 6.625%, 7/15/26 | 995,220 | ||
213,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.625%, 12/15/25 | 210,870 | ||
380,000 | Callon Petroleum Co., 6.375%, 7/1/26† | 361,000 | ||
161,000 | Callon Petroleum Co., 144a, 7.500%, 6/15/30 | 151,340 | ||
315,000 | Callon Petroleum Co., 144a, 8.000%, 8/1/28 | 312,071 | ||
830,000 | Civitas Resources, Inc., 144a, 5.000%, 10/15/26 | 780,417 | ||
549,000 | CNX Resources Corp., 144a, 7.375%, 1/15/31 | 542,689 | ||
1,957,000 | CQP Holdco LP / BIP-V Chinook Holdco LLC, 144a, 5.500%, 6/15/31 | 1,759,049 | ||
711,000 | Crescent Energy Finance LLC, 144a, 7.250%, 5/1/26 | 668,624 | ||
126,000 | Crescent Energy Finance LLC, 144a, 9.250%, 2/15/28 | 120,803 | ||
467,000 | CVR Energy, Inc., 144a, 5.250%, 2/15/25 | 448,284 | ||
1,078,000 | DCP Midstream Operating LP, 144a, 5.850%, 5/21/43 | 1,052,968 | ||
625,000 | Earthstone Energy Holdings LLC, 144a, 8.000%, 4/15/27 | 606,455 | ||
586,000 | Genesis Energy LP / Genesis Energy Finance Corp., 6.250%, 5/15/26 | 559,335 | ||
445,000 | Genesis Energy LP / Genesis Energy Finance Corp., 8.875%, 4/15/30 | 452,387 | ||
414,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | 381,094 | ||
201,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 4/15/30 | 185,244 | ||
534,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.250%, 11/1/28 | 506,754 | ||
1,067,000 | Murphy Oil Corp., 6.375%, 7/15/28 | 1,050,576 |
Principal Amount | Market Value | |||
Energy — (Continued) | ||||
$ 424,000 | Nabors Industries, Inc., 144a, 7.375%, 5/15/27 | $ 414,460 | ||
572,000 | NuStar Logistics LP, 5.625%, 4/28/27 | 541,617 | ||
531,000 | NuStar Logistics LP, 6.000%, 6/1/26 | 520,492 | ||
923,000 | Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | 820,122 | ||
611,000 | Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | 554,482 | ||
600,000 | Sunnova Energy Corp., 144a, 5.875%, 9/1/26† | 508,500 | ||
544,000 | Vermilion Energy, Inc. (Canada), 144a, 6.875%, 5/1/30 | 495,804 | ||
15,000,657 | ||||
Communication Services — 13.7% | ||||
666,000 | Altice Financing SA (Luxembourg), 144a, 5.750%, 8/15/29 | 529,470 | ||
483,000 | Altice Financing SA (Luxembourg), 144a, 5.000%, 1/15/28 | 398,040 | ||
540,000 | Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | 413,100 | ||
514,000 | Altice France SA (France), 144a, 5.125%, 7/15/29 | 386,785 | ||
446,000 | Altice France SA (France), 144a, 5.500%, 10/15/29 | 340,842 | ||
506,000 | Belo Corp., 7.250%, 9/15/27 | 474,375 | ||
749,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 621,333 | ||
641,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 6.375%, 9/1/29 | 612,155 | ||
315,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 7.375%, 3/1/31 | 310,078 | ||
593,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.125%, 5/1/27 | 560,385 | ||
836,000 | Connect Finco SARL / Connect US Finco LLC (United Kingdom), 144a, 6.750%, 10/1/26 | 785,840 | ||
360,000 | CSC Holdings LLC, 144a, 3.375%, 2/15/31 | 248,994 | ||
1,268,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 625,251 | ||
1,073,000 | CSC Holdings LLC, 144a, 5.750%, 1/15/30 | 564,961 | ||
574,000 | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 144a, 5.875%, 8/15/27 | 516,857 | ||
607,000 | DISH DBS Corp., 144a, 5.250%, 12/1/26 | 481,047 | ||
287,000 | DISH DBS Corp., 7.750%, 7/1/26 | 188,826 | ||
191,000 | DISH Network Corp., 144a, 11.750%, 11/15/27 | 183,838 | ||
909,000 | GoTo Group, Inc., 144a, 5.500%, 9/1/27 | 466,617 | ||
797,000 | Gray Television, Inc., 144a, 7.000%, 5/15/27 | 667,300 | ||
1,089,000 | Match Group Holdings II LLC, 144a, 4.625%, 6/1/28 | 1,006,214 | ||
345,000 | Photo Holdings Merger Sub, Inc., 144a, 8.500%, 10/1/26 | 149,175 | ||
652,000 | Scripps Escrow, Inc., 144a, 5.875%, 7/15/27 | 480,231 | ||
1,161,000 | Sirius XM Radio, Inc., 144a, 3.125%, 9/1/26 | 1,043,449 | ||
408,000 | Sprint Capital Corp., 6.875%, 11/15/28 | 439,212 | ||
1,543,000 | Stagwell Global, 144a, 5.625%, 8/15/29 | 1,353,114 | ||
612,000 | Station Casinos LLC, 144a, 4.625%, 12/1/31 | 516,834 | ||
14,364,323 | ||||
Industrials — 13.3% | ||||
627,000 | Air Canada (Canada), 144a, 3.875%, 8/15/26 | 569,583 | ||
79,000 | American Axle & Manufacturing, Inc., 6.250%, 3/15/26 | 75,847 | ||
862,000 | American Axle & Manufacturing, Inc., 6.500%, 4/1/27† | 793,040 | ||
1,194,000 | American Builders & Contractors Supply Co., Inc., 144a, 3.875%, 11/15/29 | 1,019,509 | ||
1,132,000 | BWX Technologies, Inc., 144a, 4.125%, 6/30/28 | 1,019,264 | ||
578,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25 | 525,275 | ||
697,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.875%, 11/15/29 | 564,098 | ||
1,382,000 | Cimpress PLC (Ireland), 7.000%, 6/15/26 | 1,129,205 | ||
1,109,000 | Dycom Industries, Inc., 144a, 4.500%, 4/15/29 | 1,000,872 | ||
937,000 | H&E Equipment Services, Inc., 144a, 3.875%, 12/15/28 | 821,126 |
Principal Amount | Market Value | |||
Corporate Bonds — 92.1% (Continued) | ||||
Industrials — (Continued) | ||||
$1,165,000 | Imola Merger Corp., 144a, 4.750%, 5/15/29 | $ 1,042,197 | ||
1,009,000 | JELD-WEN, Inc., 144a, 6.250%, 5/15/25 | 1,006,477 | ||
207,000 | New Enterprise Stone & Lime Co., Inc., 144a, 5.250%, 7/15/28 | 182,966 | ||
221,000 | OI European Group BV, 144a, 4.750%, 2/15/30 | 200,796 | ||
495,000 | Owens-Brockway Glass Container, Inc., 144a, 6.625%, 5/13/27 | 495,564 | ||
799,000 | Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC, 144a, 4.000%, 10/15/27 | 717,502 | ||
193,000 | Standard Industries, Inc., 144a, 5.000%, 2/15/27 | 183,832 | ||
782,000 | Stericycle, Inc., 144a, 3.875%, 1/15/29 | 682,673 | ||
1,110,000 | TK Elevator US Newco, Inc. (Germany), 144a, 5.250%, 7/15/27 | 1,047,951 | ||
1,000,000 | TransDigm, Inc., 4.625%, 1/15/29 | 887,500 | ||
13,965,277 | ||||
Financials — 8.5% | ||||
317,000 | Credit Acceptance Corp., 144a, 5.125%, 12/31/24 | 301,299 | ||
440,000 | FirstCash, Inc., 144a, 4.625%, 9/1/28 | 390,626 | ||
328,000 | FirstCash, Inc., 144a, 5.625%, 1/1/30 | 302,580 | ||
544,000 | goeasy Ltd. (Canada), 144a, 5.375%, 12/1/24 | 512,557 | ||
611,000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.250%, 5/15/27 | 573,307 | ||
1,043,000 | Jane Street Group / JSG Finance, Inc., 144a, 4.500%, 11/15/29 | 938,700 | ||
400,000 | MGIC Investment Corp., 5.250%, 8/15/28 | 380,200 | ||
559,000 | National Rural Utilities Cooperative Finance Corp., 4.750%, 4/30/43 | 538,703 | ||
692,000 | Navient Corp., 5.875%, 10/25/24 | 672,175 | ||
430,000 | Navient Corp., 6.750%, 6/25/25 | 417,873 | ||
315,000 | OneMain Finance Corp., 3.875%, 9/15/28 | 249,638 | ||
228,000 | OneMain Finance Corp., 4.000%, 9/15/30 | 171,000 | ||
399,000 | OneMain Finance Corp., 6.625%, 1/15/28 | 365,807 | ||
250,000 | OneMain Finance Corp., 8.250%, 10/1/23 | 250,775 | ||
273,000 | PennyMac Financial Services, Inc., 144a, 5.375%, 10/15/25 | 254,982 | ||
414,000 | PennyMac Financial Services, Inc., 144a, 5.750%, 9/15/31 | 327,572 | ||
1,035,000 | Prime Security Services Borrower LLC / Prime Finance, Inc., 144a, 5.750%, 4/15/26 | 1,027,237 | ||
718,000 | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144a, 2.875%, 10/15/26 | 645,022 | ||
661,000 | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144a, 3.875%, 3/1/31 | 548,062 | ||
8,868,115 | ||||
Health Care — 5.4% | ||||
592,000 | AdaptHealth LLC, 144a, 4.625%, 8/1/29 | 492,908 | ||
293,000 | AdaptHealth LLC, 144a, 5.125%, 3/1/30 | 248,559 | ||
330,000 | AdaptHealth LLC, 144a, 6.125%, 8/1/28 | 302,990 | ||
300,000 | Herbalife Nutrition Ltd. / HLF Financing, Inc., 144a, 7.875%, 9/1/25 | 282,924 | ||
265,000 | HLF Financing Sarl LLC / Herbalife International, Inc., 144a, 4.875%, 6/1/29 | 201,400 | ||
777,000 | Medline Borrower LP, 144a, 3.875%, 4/1/29 | 673,216 | ||
412,000 | Medline Borrower LP, 144a, 5.250%, 10/1/29 | 357,457 | ||
1,123,000 | MEDNAX, Inc., 144a, 5.375%, 2/15/30† | 1,016,315 | ||
1,224,000 | Molina Healthcare, Inc., 144a, 3.875%, 5/15/32 | 1,029,035 | ||
729,000 | Teva Pharmaceutical Finance Netherlands III BV (Israel), 3.150%, 10/1/26 | 659,745 | ||
452,000 | Teva Pharmaceutical Finance Netherlands III BV (Israel), 4.750%, 5/9/27 | 421,909 | ||
5,686,458 |
Principal Amount | Market Value | |||
Consumer Staples — 5.4% | ||||
$ 580,000 | 1011778 BC ULC / New Red Finance, Inc. (Canada), 144a, 4.000%, 10/15/30 | $ 497,350 | ||
970,000 | AHP Health Partners, Inc., 144a, 5.750%, 7/15/29 | 814,800 | ||
1,163,000 | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144a, 5.875%, 2/15/28 | 1,155,853 | ||
126,000 | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144a, 6.500%, 2/15/28 | 126,315 | ||
699,000 | Gap, Inc. (The), 144a, 3.875%, 10/1/31 | 485,015 | ||
280,000 | Macy's Retail Holdings LLC, 144a, 5.875%, 4/1/29 | 258,997 | ||
1,166,000 | Primo Water Holdings, Inc. (Canada), 144a, 4.375%, 4/30/29 | 1,016,966 | ||
684,000 | QVC, Inc., 4.375%, 9/1/28 | 277,020 | ||
448,000 | QVC, Inc., 4.750%, 2/15/27 | 188,160 | ||
955,000 | Turning Point Brands, Inc., 144a, 5.625%, 2/15/26 | 864,847 | ||
5,685,323 | ||||
Real Estate — 4.7% | ||||
1,202,000 | CTR Partnership LP / CareTrust Capital Corp. REIT, 144a, 3.875%, 6/30/28 | 1,027,710 | ||
1,039,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 6.000%, 4/15/25 | 997,529 | ||
132,000 | Iron Mountain, Inc. REIT, 144a, 4.500%, 2/15/31 | 113,432 | ||
674,000 | Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29 | 604,549 | ||
112,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 3/15/28 | 106,691 | ||
660,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | 591,551 | ||
562,000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer REIT, 144a, 5.875%, 10/1/28 | 517,461 | ||
1,078,000 | RHP Hotel Properties LP / RHP Finance Corp. REIT, 4.750%, 10/15/27 | 1,010,299 | ||
4,969,222 | ||||
Materials — 4.6% | ||||
355,000 | Arconic Corp., 144a, 6.125%, 2/15/28 | 349,627 | ||
998,000 | Celanese US Holdings LLC, 6.379%, 7/15/32 | 1,011,013 | ||
938,000 | Clearwater Paper Corp., 144a, 4.750%, 8/15/28 | 842,699 | ||
1,041,000 | INEOS Finance PLC (Luxembourg), 144a, 6.750%, 5/15/28 | 1,005,086 | ||
443,000 | Kaiser Aluminum Corp., 144a, 4.500%, 6/1/31 | 363,796 | ||
243,000 | Kaiser Aluminum Corp., 144a, 4.625%, 3/1/28 | 216,410 | ||
976,000 | Mineral Resources Ltd. (Australia), 144a, 8.000%, 11/1/27 | 1,003,787 | ||
4,792,418 | ||||
Information Technology — 3.5% | ||||
442,000 | Amkor Technology, Inc., 144a, 6.625%, 9/15/27 | 442,034 | ||
587,000 | Clarivate Science Holdings Corp., 144a, 4.875%, 7/1/29 | 530,865 | ||
555,000 | Consensus Cloud Solutions, Inc., 144a, 6.000%, 10/15/26 | 482,163 | ||
897,000 | NCR Corp., 144a, 5.125%, 4/15/29 | 776,189 | ||
448,000 | Open Text Corp. (Canada), 144a, 3.875%, 12/1/29 | 377,443 | ||
560,000 | Open Text Corp. (Canada), 144a, 3.875%, 2/15/28 | 499,800 | ||
291,000 | SS&C Technologies, Inc., 144a, 5.500%, 9/30/27 | 281,467 | ||
361,000 | Ziff Davis, Inc., 144a, 4.625%, 10/15/30 | 311,456 | ||
3,701,417 | ||||
Utilities — 1.8% | ||||
1,033,000 | Edison International, Ser B, 5.000%(A) | 856,101 | ||
582,000 | South Jersey Industries, Inc., 5.020%, 4/15/31 | 493,689 | ||
561,000 | Vistra Operations Co. LLC, 144a, 4.375%, 5/1/29 | 496,570 | ||
1,846,360 | ||||
Total Corporate Bonds | $96,611,696 |
Principal Amount | Market Value | |||
U.S. Treasury Obligations — 3.9% | ||||
$2,000,000 | U.S. Treasury Note, 3.500%, 2/15/33 | $ 2,001,562 | ||
2,000,000 | U.S. Treasury Note, 4.000%, 2/29/28 | 2,034,219 | ||
Total U.S. Treasury Obligations | $4,035,781 |
Shares | ||||
Common Stocks — 0.3% | ||||
Energy — 0.3% | ||||
8,127 | Unit Corp. | 354,744 | ||
Short-Term Investment Funds — 3.8% | ||||
1,902,947 | Dreyfus Government Cash Management, Institutional Shares, 4.71%∞Ω | 1,902,947 | ||
2,043,580 | Invesco Government & Agency Portfolio, Institutional Class, 4.73%∞Ω** | 2,043,580 | ||
Total Short-Term Investment Funds | $3,946,527 | |||
Total Investment Securities—100.1% (Cost $113,751,730) | $104,948,748 | |||
Liabilities in Excess of Other Assets — (0.1%) | (75,589) | |||
Net Assets — 100.0% | $104,873,159 |
(A) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
** | 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 March 31, 2023 was $1,973,945. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2023. |
Portfolio Abbreviations: |
LLC – Limited Liability Company |
LP – Limited Partnership |
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 March 31, 2023, these securities were valued at $73,454,925 or 70.0% 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 |
Corporate Bonds | $— | $96,611,696 | $— | $96,611,696 |
U.S. Treasury Obligations | — | 4,035,781 | — | 4,035,781 |
Common Stocks | 354,744 | — | — | 354,744 |
Short-Term Investment Funds | 3,946,527 | — | — | 3,946,527 |
Total | $4,301,271 | $100,647,477 | $— | $104,948,748 |
Principal Amount | Market Value | |||
Corporate Bonds — 31.5% | ||||
Financials — 10.2% | ||||
$ 3,000,000 | American Express Co., 4.050%, 5/3/29 | $ 2,922,841 | ||
3,000,000 | Bank of America Corp., 6.204%, 11/10/28 | 3,137,955 | ||
1,299,374 | Fishers Lane Associates LLC, 144a, 3.666%, 8/5/30 | 1,254,326 | ||
710,000 | Fishers Lane Associates LLC, 144a, 5.477%, 8/5/40 | 726,326 | ||
2,599,000 | Globe Life, Inc., 4.550%, 9/15/28 | 2,565,691 | ||
2,400,000 | KeyBank NA, 4.150%, 8/8/25 | 2,267,752 | ||
1,179,000 | KeyCorp, 2.550%, 10/1/29 | 941,154 | ||
2,000,000 | MassMutual Global Funding II, 144a, 0.850%, 6/9/23 | 1,983,496 | ||
1,500,000 | Metropolitan Life Global Funding I, 144a, 3.050%, 6/17/29 | 1,356,943 | ||
2,000,000 | Metropolitan Life Global Funding I, 144a, 4.300%, 8/25/29 | 1,941,285 | ||
2,386,000 | National Rural Utilities Cooperative Finance Corp., 3.400%, 11/15/23 | 2,327,159 | ||
1,500,000 | Nationwide Mutual Insurance Co., 144a, 4.350%, 4/30/50 | 1,182,069 | ||
1,334,000 | Nationwide Mutual Insurance Co., 144a, 9.375%, 8/15/39 | 1,811,298 | ||
1,300,000 | New York Life Global Funding, 144a, 1.450%, 1/14/25 | 1,227,538 | ||
1,000,000 | Northwestern Mutual Global Funding, 144a, 0.600%, 3/25/24 | 956,396 | ||
2,350,000 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.625%, 9/30/59 | 1,720,235 | ||
3,605,000 | Pacific Life Global Funding II, 144a, 1.375%, 4/14/26 | 3,230,122 | ||
3,500,000 | PNC Bank NA, 2.700%, 10/22/29 | 3,003,438 | ||
1,500,000 | Progressive Corp. (The), 4.200%, 3/15/48 | 1,305,635 | ||
1,104,000 | Protective Life Corp., 8.450%, 10/15/39 | 1,347,374 | ||
3,500,000 | Protective Life Global Funding, 144a, 1.170%, 7/15/25 | 3,197,896 | ||
2,610,000 | Reliance Standard Life Global Funding II, 144a, 2.750%, 1/21/27 | 2,371,019 | ||
1,700,000 | SBA Tower Trust REIT, 144a, 1.884%, 1/15/26 | 1,534,703 | ||
1,500,000 | SBA Tower Trust REIT, 144a, 2.836%, 1/15/25 | 1,420,354 | ||
2,802,000 | Teachers Insurance & Annuity Association of America, 144a, 4.900%, 9/15/44 | 2,584,956 | ||
1,100,000 | Unum Group, 7.190%, 2/1/28 | 1,139,176 | ||
844,000 | Unum Group, 7.250%, 3/15/28 | 892,260 | ||
1,405,000 | US Bancorp, 5.727%, 10/21/26 | 1,410,107 | ||
2,000,000 | USB Capital IX, (3M LIBOR +1.020%), 5.812%(A)(B) | 1,536,000 | ||
53,295,504 | ||||
Utilities — 8.3% | ||||
3,600,000 | American Water Capital Corp., 2.950%, 9/1/27 | 3,387,647 | ||
2,250,000 | Avista Corp., 4.350%, 6/1/48 | 2,009,251 | ||
1,500,000 | Brazos Securitization LLC, 144a, 5.243%, 9/1/40 | 1,542,726 | ||
1,623,000 | California Water Service Co., 5.500%, 12/1/40 | 1,669,707 | ||
3,270,000 | Cleco Securitization I LLC, Ser A-2, 4.646%, 9/1/42 | 3,189,861 | ||
2,008,000 | Commonwealth Edison Co., 5.900%, 3/15/36 | 2,165,638 | ||
2,163,000 | Dominion Energy South Carolina, Inc., 4.600%, 6/15/43 | 1,997,318 | ||
1,900,000 | Duke Energy Florida Project Finance LLC, Ser 2032, 2.858%, 3/1/33 | 1,650,128 | ||
2,328,000 | Duke Energy Progress LLC, 6.300%, 4/1/38 | 2,598,399 | ||
2,532,000 | Entergy Louisiana LLC, 4.440%, 1/15/26 | 2,485,404 | ||
3,000,000 | Essential Utilities, Inc., 4.276%, 5/1/49 | 2,500,424 | ||
1,642,000 | Georgia Power Co., 4.750%, 9/1/40 | 1,510,735 | ||
3,828,000 | Idaho Power Co., MTN, 5.500%, 3/15/53 | 3,959,947 | ||
3,415,000 | Kentucky Utilities Co., 5.125%, 11/1/40 | 3,346,703 | ||
2,000,000 | NextEra Energy Capital Holdings, Inc., (3M LIBOR +2.067%), 7.244%, 10/1/66(B) | 1,680,690 | ||
2,080,000 | PG&E Wildfire Recovery Funding LLC, Ser A-5, 5.099%, 6/1/52 | 2,109,757 | ||
3,490,000 | SCE Recovery Funding LLC, Ser A-2, 2.943%, 11/15/42 | 2,875,209 |
Principal Amount | Market Value | |||
Utilities — (Continued) | ||||
$ 1,110,000 | Sierra Pacific Power Co., 2.600%, 5/1/26 | $ 1,046,469 | ||
1,889,631 | Southaven Combined Cycle Generation LLC, 3.846%, 8/15/33 | 1,769,475 | ||
43,495,488 | ||||
Industrials — 4.6% | ||||
155,680 | Burlington Northern and Santa Fe Railway Co. 2005-4 Pass Through Trust, 4.967%, 4/1/23 | 155,650 | ||
2,355,000 | Burlington Northern Santa Fe LLC, 6.700%, 8/1/28 | 2,578,241 | ||
1,000,000 | CSX Corp., 6.150%, 5/1/37 | 1,101,969 | ||
2,000,000 | FedEx Corp., 4.250%, 5/15/30 | 1,941,828 | ||
2,109,485 | FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 2/20/34 | 1,773,803 | ||
1,075,000 | GATX Corp., 1.900%, 6/1/31 | 836,140 | ||
2,823,000 | GATX Corp., 3.250%, 3/30/25 | 2,700,257 | ||
1,180,000 | Kansas City Southern, 3.000%, 5/15/23 | 1,175,616 | ||
1,625,000 | Kansas City Southern, 3.125%, 6/1/26 | 1,548,242 | ||
2,750,000 | Republic Services, Inc., 2.300%, 3/1/30 | 2,379,186 | ||
625,000 | TOTE Maritime Alaska LLC, 6.365%, 4/15/28 | 648,498 | ||
2,322,000 | Tote Shipholdings LLC, 3.400%, 10/16/40 | 2,148,643 | ||
1,960,000 | Union Pacific Corp., 2.891%, 4/6/36 | 1,613,179 | ||
413,513 | Union Pacific Railroad Co. 2006 Pass Through Trust, 5.866%, 7/2/30 | 430,493 | ||
1,209,696 | Union Pacific Railroad Co. 2014-1 Pass Through Trust, 3.227%, 5/14/26 | 1,154,457 | ||
2,100,000 | Waste Management, Inc., 3.900%, 3/1/35 | 1,903,511 | ||
24,089,713 | ||||
Consumer Discretionary — 2.8% | ||||
3,610,760 | American Airlines 2016-3 Class AA Pass Through Trust, 3.000%, 10/15/28 | 3,189,681 | ||
1,372,164 | American Airlines Group, Inc. Pass-Through Trust, 4.400%, 9/22/23 | 1,348,925 | ||
558,641 | Continental Airlines 2012-2 Class A Pass Through Trust, 4.000%, 10/29/24 | 539,707 | ||
5,000,000 | Delta Air Lines 2019-1 Class AA Pass Through Trust, 3.204%, 4/25/24 | 4,894,990 | ||
1,785,000 | PulteGroup, Inc., 7.875%, 6/15/32 | 2,063,278 | ||
2,570,000 | Smithsonian Institution, 2.645%, 9/1/39 | 1,900,033 | ||
576,781 | United Airlines, Inc. Pass-Through Trust, 2.875%, 10/7/28 | 513,089 | ||
14,449,703 | ||||
Health Care — 2.4% | ||||
3,500,000 | Banner Health, 2.480%, 1/1/32 | 2,913,511 | ||
1,162,998 | CVS Pass Through Trust Series 2013, 144a, 4.704%, 1/10/36 | 1,093,159 | ||
2,115,488 | CVS Pass-Through Trust, 6.036%, 12/10/28 | 2,157,881 | ||
3,405,000 | HCA, Inc., 5.250%, 4/15/25 | 3,399,100 | ||
3,955,000 | Piedmont Healthcare, Inc., 2.044%, 1/1/32 | 3,131,537 | ||
12,695,188 | ||||
Real Estate — 0.9% | ||||
2,500,000 | American Tower Corp. REIT, 3.125%, 1/15/27 | 2,325,916 | ||
2,000,000 | Crown Castle International Corp. REIT, 4.300%, 2/15/29 | 1,928,087 | ||
805,000 | SBA Tower Trust REIT, 144a, 1.631%, 11/15/26 | 704,363 | ||
4,958,366 | ||||
Communication Services — 0.9% | ||||
1,500,000 | AT&T, Inc., 4.850%, 7/15/45 | 1,356,476 | ||
1,000,000 | AT&T, Inc., 6.250%, 3/29/41 | 1,048,909 | ||
1,200,000 | Verizon Communications, Inc., 2.100%, 3/22/28 | 1,067,656 | ||
1,185,000 | Verizon Communications, Inc., 4.862%, 8/21/46 | 1,126,710 | ||
4,599,751 |
Principal Amount | Market Value | |||
Corporate Bonds — 31.5% (Continued) | ||||
Consumer Staples — 0.8% | ||||
$ 1,000,000 | Kroger Co. (The), 4.500%, 1/15/29 | $ 993,837 | ||
1,265,000 | Kroger Co. (The), Ser B, 7.700%, 6/1/29 | 1,460,597 | ||
1,600,000 | United Rentals North America, Inc., 4.875%, 1/15/28 | 1,530,000 | ||
3,984,434 | ||||
Energy — 0.3% | ||||
1,405,000 | Texas Eastern Transmission LP, 7.000%, 7/15/32 | 1,609,548 | ||
Information Technology — 0.3% | ||||
1,900,000 | Lam Research Corp., 1.900%, 6/15/30 | 1,599,956 | ||
Total Corporate Bonds | $164,777,651 | |||
U.S. Government Agency Obligations — 20.5% | ||||
2,041,000 | Canal Barge Co., Inc., 4.500%, 11/12/34 | 2,004,872 | ||
421,485 | Export-Import Bank of the United States, 1.581%, 11/16/24 | 409,111 | ||
550,000 | Petroleos Mexicanos (Mexico), 2.290%, 2/15/24 | 540,431 | ||
1,502,210 | Reliance Industries Ltd. (India), 1.870%, 1/15/26 | 1,424,661 | ||
1,023,101 | SBA Small Business Investment Cos, Ser 2017-10A, Class 1, 2.845%, 3/10/27 | 989,245 | ||
1,587,397 | SBA Small Business Investment Cos, Ser 2017-10B, Class 1, 2.518%, 9/10/27 | 1,486,864 | ||
1,031 | Small Business Administration Participation Certificates, Ser 2003-20D, Class 1, 4.760%, 4/1/23 | 1,031 | ||
12,915 | Small Business Administration Participation Certificates, Ser 2004-20D, Class 1, 4.770%, 4/1/24 | 12,773 | ||
33,299 | Small Business Administration Participation Certificates, Ser 2004-20K, Class 1, 4.880%, 11/1/24 | 32,827 | ||
30,528 | Small Business Administration Participation Certificates, Ser 2005-20H, Class 1, 5.110%, 8/1/25 | 30,270 | ||
145,003 | Small Business Administration Participation Certificates, Ser 2006-20H, Class 1, 5.700%, 8/1/26 | 144,803 | ||
75,760 | Small Business Administration Participation Certificates, Ser 2006-20K, Class 1, 5.360%, 11/1/26 | 75,535 | ||
127,121 | Small Business Administration Participation Certificates, Ser 2006-20L, Class 1, 5.120%, 12/1/26 | 126,841 | ||
124,834 | Small Business Administration Participation Certificates, Ser 2007-20A, Class 1, 5.320%, 1/1/27 | 124,540 | ||
191,020 | Small Business Administration Participation Certificates, Ser 2007-20E, Class 1, 5.310%, 5/1/27 | 189,277 | ||
331,563 | Small Business Administration Participation Certificates, Ser 2007-20F, Class 1, 5.710%, 6/1/27 | 327,790 | ||
360,866 | Small Business Administration Participation Certificates, Ser 2007-20L, Class 1, 5.290%, 12/1/27 | 360,040 | ||
142,313 | Small Business Administration Participation Certificates, Ser 2008-20A, Class 1, 5.170%, 1/1/28 | 140,970 | ||
169,374 | Small Business Administration Participation Certificates, Ser 2008-20K, Class 1, 6.770%, 11/1/28 | 170,786 | ||
334,327 | Small Business Administration Participation Certificates, Ser 2009-20C, Class 1, 4.660%, 3/1/29 | 330,958 | ||
189,148 | Small Business Administration Participation Certificates, Ser 2009-20D, Class 1, 4.310%, 4/1/29 | 186,541 | ||
424,729 | Small Business Administration Participation Certificates, Ser 2009-20E, Class 1, 4.430%, 5/1/29 | 415,911 | ||
171,423 | Small Business Administration Participation Certificates, Ser 2009-20F, Class 1, 4.950%, 6/1/29 | 168,688 | ||
460,423 | Small Business Administration Participation Certificates, Ser 2009-20J, Class 1, 3.920%, 10/1/29 | 448,738 |
Principal Amount | Market Value | |||
U.S. Government Agency Obligations — 20.5% (Continued) | ||||
$ 720,562 | Small Business Administration Participation Certificates, Ser 2010-20F, Class 1, 3.880%, 6/1/30 | $ 707,242 | ||
1,383,490 | Small Business Administration Participation Certificates, Ser 2010-20I, Class 1, 3.210%, 9/1/30 | 1,310,627 | ||
3,429,471 | Small Business Administration Participation Certificates, Ser 2013-20C, Class 1, 2.220%, 3/1/33 | 3,134,927 | ||
2,744,952 | Small Business Administration Participation Certificates, Ser 2013-20E, Class 1, 2.070%, 5/1/33 | 2,513,676 | ||
1,438,086 | Small Business Administration Participation Certificates, Ser 2013-20G, Class 1, 3.150%, 7/1/33 | 1,367,912 | ||
1,893,719 | Small Business Administration Participation Certificates, Ser 2014-20H, Class 1, 2.880%, 8/1/34 | 1,769,706 | ||
2,714,971 | Small Business Administration Participation Certificates, Ser 2014-20I, Class 1, 2.920%, 9/1/34 | 2,542,499 | ||
2,403,306 | Small Business Administration Participation Certificates, Ser 2014-20K, Class 1, 2.800%, 11/1/34 | 2,245,601 | ||
1,619,528 | Small Business Administration Participation Certificates, Ser 2015-20I, Class 1, 2.820%, 9/1/35 | 1,509,933 | ||
1,879,685 | Small Business Administration Participation Certificates, Ser 2016-20A, Class 1, 2.780%, 1/1/36 | 1,756,282 | ||
2,585,529 | Small Business Administration Participation Certificates, Ser 2016-20B, Class 1, 2.270%, 2/1/36 | 2,361,013 | ||
3,058,682 | Small Business Administration Participation Certificates, Ser 2016-20F, Class 1, 2.180%, 6/1/36 | 2,772,883 | ||
3,485,437 | Small Business Administration Participation Certificates, Ser 2017-20E, Class 1, 2.880%, 5/1/37 | 3,247,916 | ||
2,910,479 | Small Business Administration Participation Certificates, Ser 2017-20F, Class 1, 2.810%, 6/1/37 | 2,700,587 | ||
3,774,635 | Small Business Administration Participation Certificates, Ser 2017-20K, Class 1, 2.790%, 11/1/37 | 3,496,455 | ||
1,831,673 | Small Business Administration Participation Certificates, Ser 2017-20L, Class 1, 2.780%, 12/1/37 | 1,694,239 | ||
4,279,381 | Small Business Administration Participation Certificates, Ser 2018-20A, Class 1, 2.920%, 1/1/38 | 3,981,593 | ||
4,223,320 | Small Business Administration Participation Certificates, Ser 2018-20C, Class 1, 3.200%, 3/1/38 | 3,998,077 | ||
3,241,223 | Small Business Administration Participation Certificates, Ser 2018-20K, Class 1, 3.870%, 11/1/38 | 3,122,201 | ||
1,773,829 | Small Business Administration Participation Certificates, Ser 2018-25D, Class 1, 3.890%, 10/1/43 | 1,716,847 | ||
1,947,196 | Small Business Administration Participation Certificates, Ser 2019-25B, Class 1, 3.450%, 2/1/44 | 1,827,294 | ||
2,455,786 | Small Business Administration Participation Certificates, Ser 2019-25E, Class 1, 3.070%, 5/1/44 | 2,279,220 | ||
3,648,754 | Small Business Administration Participation Certificates, Ser 2020-25I, Class 1, 1.150%, 9/1/45 | 2,924,877 | ||
3,341,146 | Small Business Administration Participation Certificates, Ser 2022-25C, Class 1, 2.750%, 3/1/47 | 2,970,642 | ||
2,206,867 | Small Business Administration Participation Certificates, Ser 2022-25D, Class 1, 3.500%, 4/1/47 | 2,069,659 | ||
2,945,757 | Small Business Administration Participation Certificates, Ser 2022-25G, Class 1, 3.930%, 7/1/47 | 2,852,211 | ||
3,944,819 | Small Business Administration Participation Certificates, Ser 2022-25H, Class 1, 3.800%, 8/1/47 | 3,762,711 | ||
9,512,146 | Small Business Administration Participation Certificates, Ser 2022-25I, Class 1, 4.260%, 9/1/47 | 9,420,844 | ||
5,000,000 | Small Business Administration Participation Certificates, Ser 2023-10A, Class 1, 5.168%, 3/10/33 | 5,036,411 |
Principal Amount | Market Value | |||
U.S. Government Agency Obligations — 20.5% (Continued) | ||||
$ 2,000,000 | Small Business Administration Participation Certificates, Ser 2023-25C, Class 1, 4.930%, 3/1/48 | $ 2,038,717 | ||
2,482,000 | Tennessee Valley Auth., 4.650%, 6/15/35 | 2,546,832 | ||
2,290,869 | United States International Development Finance Corp., 1.870%, 11/20/37 | 1,909,992 | ||
5,216,887 | United States of America Executive Branch, Ser 2021-25L, Class 1, 1.850%, 12/1/46 | 4,410,104 | ||
1,794,874 | United States Small Business Administration, Ser 2019-20A, Class 1, 3.370%, 1/1/39 | 1,695,493 | ||
3,004,000 | Vessel Management Services, Inc., 5.125%, 4/16/35 | 3,014,021 | ||
Total U.S. Government Agency Obligations | $106,852,747 | |||
Agency Collateralized Mortgage Obligations — 12.1% | ||||
2,304,770 | Fannie Mae-Aces, Ser 2017-M15, Class ATS2, 3.154%, 11/25/27(B)(C) | 2,207,722 | ||
3,325,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1511, Class A3, 3.542%, 3/25/34 | 3,088,591 | ||
3,760,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KG02, Class A2, 2.412%, 8/25/29 | 3,386,866 | ||
2,878,594 | FHLMC Multifamily Structured Pass Through Certificates, Ser KG03, Class A1, 0.704%, 4/25/29(B)(C) | 2,549,125 | ||
2,732,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KSG1, Class A2, 1.503%, 9/25/30 | 2,267,650 | ||
1,650,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KSG2, Class A2, 2.091%, 11/25/31(B)(C) | 1,395,603 | ||
2,266,930 | FHLMC Multifamily Structured Pass Through Certificates, Ser KW03, Class A1, 2.617%, 12/25/26 | 2,201,707 | ||
3,060,000 | FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1513, Class A3, 2.797%, 8/25/34 | 2,615,159 | ||
2,600,000 | FREMF Mortgage Trust, Ser 2013-K30, Class B, 144a, 3.775%, 6/25/45(B)(C) | 2,585,247 | ||
1,930,000 | FREMF Mortgage Trust, Ser 2014-K38, Class B, 144a, 4.221%, 6/25/47(B)(C) | 1,895,818 | ||
2,515,000 | FREMF Mortgage Trust, Ser 2014-K40, Class B, 144a, 4.075%, 11/25/47(B)(C) | 2,459,059 | ||
2,000,000 | FREMF Mortgage Trust, Ser 2014-K41, Class B, 144a, 3.834%, 11/25/47(B)(C) | 1,943,775 | ||
2,180,000 | FREMF Mortgage Trust, Ser 2015-K49, Class B, 144a, 3.725%, 10/25/48(B)(C) | 2,102,835 | ||
2,200,000 | FREMF Mortgage Trust, Ser 2017-K61, Class B, 144a, 3.695%, 12/25/49(B)(C) | 2,075,130 | ||
750,000 | FREMF Mortgage Trust, Ser 2018-K74, Class B, 144a, 4.094%, 2/25/51(B)(C) | 699,780 | ||
733,910 | FRESB Mortgage Trust, Ser 2015-SB9, Class A5, (1M LIBOR +0.700%), 5.369%, 11/25/35(B) | 730,459 | ||
184,964 | FRESB Mortgage Trust, Ser 2016-SB17, Class A5H, (1M LIBOR +0.700%), 5.369%, 5/25/36(B) | 184,132 | ||
677,058 | FRESB Mortgage Trust, Ser 2017-SB27, Class A10F, 3.090%, 1/25/27(B)(C) | 646,931 | ||
1,546,852 | FRESB Mortgage Trust, Ser 2018-SB46, Class A10F, 3.300%, 12/25/27(B)(C) | 1,478,172 | ||
2,265,312 | FRESB Mortgage Trust, Ser 2018-SB54, Class A10F, 3.520%, 5/25/28(B)(C) | 2,173,965 | ||
2,860,095 | FRESB Mortgage Trust, Ser 2018-SB55, Class A10F, 3.750%, 9/25/28(B)(C) | 2,737,525 | ||
1,597,247 | GNMA, Pool #785631, 4.650%, 5/20/67(B)(C) | 1,586,460 | ||
517,647 | GNMA, Ser 2012-46, Class C, 3.176%, 5/16/50(B)(C) | 506,323 | ||
939,909 | GNMA, Ser 2013-121, Class AB, 2.940%, 8/16/44(B)(C) | 882,591 | ||
242,056 | GNMA, Ser 2013-40, Class AC, 1.584%, 1/16/46 | 230,264 | ||
19,664 | GNMA, Ser 2013-59, Class A, 1.750%, 7/16/45 | 18,350 | ||
2,540,000 | GNMA, Ser 2015-32, Class HG, 3.000%, 9/16/49(B)(C) | 2,164,833 | ||
414,531 | GNMA, Ser 2015-37, Class AD, 2.600%, 11/16/55 | 390,556 |
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 12.1% (Continued) | ||||
$ 1,539,778 | GNMA, Ser 2015-73, Class B, 2.700%, 10/16/55(B)(C) | $ 1,412,228 | ||
970,964 | GNMA, Ser 2017-46, Class AB, 2.600%, 1/16/52 | 850,083 | ||
1,024,031 | GNMA, Ser 2017-H11, Class FV, (1M LIBOR +0.500%), 5.066%, 5/20/67(B) | 1,015,964 | ||
1,117,925 | GNMA, Ser 2019-H15, Class GA, 2.250%, 8/20/69 | 1,065,918 | ||
3,846,109 | GNMA, Ser 2020-113, Class AF, 2.000%, 10/1/62 | 2,812,024 | ||
4,879,628 | GNMA, Ser 2020-118, Class AB, 2.250%, 4/16/62 | 4,110,593 | ||
2,241,474 | GNMA, Ser 2021-21, Class AF, 1.750%, 6/16/63 | 1,685,550 | ||
3,653,871 | GNMA, Ser 2021-22, Class AD, 1.350%, 10/16/62 | 2,919,136 | ||
Total Agency Collateralized Mortgage Obligations | $63,076,124 | |||
U.S. Government Mortgage-Backed Obligations — 10.3% | ||||
1,244,935 | FHLMC, Pool #SD8186, 3.500%, 11/1/51 | 1,156,792 | ||
639,012 | FHLMC, Pool #W30008, 7.645%, 5/1/25 | 645,371 | ||
548,702 | FNMA, Pool #888829, 5.888%, 6/1/37(B)(C) | 548,716 | ||
508,364 | FNMA, Pool #AH8854, 4.500%, 4/1/41 | 509,411 | ||
4,000,000 | FNMA, Pool #AM9682, 3.810%, 8/1/45 | 3,396,146 | ||
2,848,551 | FNMA, Pool #AN0897, 3.440%, 2/1/32 | 2,695,274 | ||
3,000,000 | FNMA, Pool #AN8089, 3.330%, 1/1/38 | 2,613,134 | ||
1,420,193 | FNMA, Pool #AS8650, 3.000%, 1/1/47 | 1,293,164 | ||
181,094 | FNMA, Pool #AT0924, 2.000%, 3/1/28 | 169,968 | ||
526,328 | FNMA, Pool #BC0153, 4.000%, 1/1/46 | 512,494 | ||
3,860,363 | FNMA, Pool #BL3622, 2.600%, 8/1/26 | 3,628,380 | ||
3,469,201 | FNMA, Pool #BS5630, 3.790%, 11/1/32 | 3,340,500 | ||
3,287,352 | FNMA, Pool #CB0455, 2.500%, 5/1/51 | 2,837,001 | ||
1,556,985 | FNMA, Pool #FM3442, 3.000%, 6/1/50 | 1,406,439 | ||
7,888,988 | FNMA, Pool #FS1887, 3.000%, 5/1/47 | 7,116,464 | ||
4,142,029 | FNMA, Pool #MA4269, 2.500%, 2/1/41 | 3,640,728 | ||
1,480,817 | FNMA, Pool #MA4416, 3.500%, 9/1/51 | 1,375,801 | ||
5,109,974 | FNMA, Pool #MA4709, 5.000%, 7/1/52 | 5,094,303 | ||
6,164,137 | FNMA, Pool #MA4783, 4.000%, 10/1/52 | 5,887,717 | ||
6,077,295 | FNMA, Pool #MA4784, 4.500%, 10/1/52 | 5,947,868 | ||
Total U.S. Government Mortgage-Backed Obligations | $53,815,671 | |||
Municipal Bonds — 8.7% | ||||
California — 3.9% | ||||
1,000,000 | California Health Facilities Financing Authority, 2.704%, 6/1/30 | 879,545 | ||
2,000,000 | California Health Facilities Financing Authority, 2.229%, 6/1/32 | 1,624,829 | ||
875,000 | California Health Facilities Financing Authority, 4.140%, 6/1/34 | 821,412 | ||
1,575,000 | California Municipal Finance Authority, Revenue, 2.519%, 10/1/35 | 1,176,652 | ||
1,465,000 | City of San Francisco Public Utilities Commission Water Revenue, Build America Bonds, 6.950%, 11/1/50 | 1,797,196 | ||
2,345,000 | East Bay Municipal Utility District Water System Revenue, Build America Bonds Sub, 5.874%, 6/1/40 | 2,636,259 | ||
2,010,000 | Los Angeles Department of Water & Power Water System Revenue, Revenue, Build America Bonds, 6.008%, 7/1/39 | 2,226,042 | ||
3,500,000 | Los Angeles Unified School District, Build America Bonds Ser RY, UTGO, 6.758%, 7/1/34 | 4,051,383 | ||
2,500,000 | State of California, Build America Bonds, UTGO, 7.300%, 10/1/39 | 3,102,095 | ||
1,975,000 | Tuolumne Wind Project Auth., Build America Bonds, Revenue, 6.918%, 1/1/34 | 2,197,953 | ||
20,513,366 | ||||
Texas — 1.1% | ||||
1,770,000 | Dallas Area Rapid Transit, Revenue, Build America Bonds, 5.999%, 12/1/44 | 2,010,446 |
Principal Amount | Market Value | |||
Municipal Bonds — 8.7% (Continued) | ||||
Texas — (Continued) | ||||
$ 2,640,000 | Texas State Transportation Commission Highway Authority, Build America Bonds, 5.178%, 4/1/30 | $ 2,730,583 | ||
1,281,000 | Travis County Housing Finance Corp, Revenue, 2.550%, 7/1/42 | 914,954 | ||
5,655,983 | ||||
Oklahoma — 0.6% | ||||
3,000,000 | Oklahoma Development Finance Auth., Revenue, 5.087%, 2/1/52 | 3,069,638 | ||
Indiana — 0.6% | ||||
2,750,000 | Indianapolis Local Public Improvement Bond Bank, Build America Bonds, 6.116%, 1/15/40 | 3,041,871 | ||
Virginia — 0.6% | ||||
1,076,949 | Virginia Housing Development Authority, 2.950%, 10/25/49 | 963,090 | ||
2,665,020 | Virginia Housing Development Authority, 2.125%, 7/25/51 | 2,041,407 | ||
3,004,497 | ||||
Minnesota — 0.6% | ||||
3,540,646 | Minnesota Housing Finance Agency, Revenue, 1.580%, 2/1/51 | 2,872,706 | ||
New York — 0.5% | ||||
1,135,000 | Port Authority of New York & New Jersey, 4.960%, 8/1/46 | 1,151,816 | ||
1,400,000 | Port Authority of New York and New Jersey, Cons One Hundred Sixty-Eight, 4.926%, 10/1/51 | 1,421,204 | ||
2,573,020 | ||||
Nevada — 0.3% | ||||
1,951,652 | Nevada Housing Division, Revenue, 1.900%, 11/1/44 | 1,816,194 | ||
Washington — 0.3% | ||||
1,600,000 | State of Washington, Build America Bonds, UTGO, 5.481%, 8/1/39 | 1,695,741 | ||
Ohio — 0.1% | ||||
770,000 | Ohio State HFA, Revenue, 2.650%, 11/1/41 | 652,463 | ||
Louisiana — 0.1% | ||||
657,536 | Louisiana Housing Corp., 2.875%, 11/1/38 | 603,278 | ||
Total Municipal Bonds | $45,498,757 | |||
U.S. Treasury Obligations — 6.8% | ||||
5,200,000 | U.S. Treasury Bond, 1.375%, 11/15/40 | 3,576,016 | ||
4,850,000 | U.S. Treasury Bond, 1.875%, 2/15/51 | 3,298,000 | ||
8,108,900 | U.S. Treasury Bond, 2.875%, 5/15/52 | 6,906,185 | ||
4,250,000 | U.S. Treasury Note, 2.875%, 6/15/25 | 4,147,568 | ||
10,000,000 | U.S. Treasury Note, 4.125%, 11/15/32 | 10,498,438 | ||
10,429,000 | U.S. Treasury Strip, Principal, 5/15/43(D) | 4,803,911 | ||
5,379,000 | U.S. Treasury Strip, Principal, 5/15/45(D) | 2,280,061 | ||
Total U.S. Treasury Obligations | $35,510,179 | |||
Asset-Backed Securities — 5.3% | ||||
866,496 | 321 Henderson Receivables I LLC, Ser 2012-1A, Class A, 144a, 4.210%, 2/16/65 | 811,991 | ||
1,036,671 | 321 Henderson Receivables I LLC, Ser 2012-2A, Class A, 144a, 3.840%, 10/15/59 | 952,087 | ||
3,079,190 | 321 Henderson Receivables I LLC, Ser 2015-2A, Class A, 144a, 3.870%, 3/15/58 | 2,801,998 | ||
2,309,273 | CF Hippolyta Issuer LLC, Ser 2021-1A, Class A1, 144a, 1.530%, 3/15/61 | 2,036,467 | ||
2,686,026 | JG Wentworth XLII LLC, Ser 2018-2A, Class A, 144a, 3.960%, 10/15/75 | 2,446,288 | ||
1,465,582 | JGWPT XXXI LLC, Ser 2014-1A, Class A, 144a, 3.960%, 3/15/63 | 1,352,970 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 5.3% (Continued) | ||||
$ 1,182,829 | JGWPT XXXIV LLC, Ser 2015-1A, Class A, 144a, 3.260%, 9/15/72 | $ 1,027,223 | ||
4,445,000 | Louisiana Local Government Environmental Fac. & Community Development Auth, Ser 2022-ELL, Class A2, 4.145%, 2/1/33 | 4,335,626 | ||
1,000,000 | Oklahoma Development Finance Authority, Ser 2022-ONG, Class A1, 3.877%, 5/1/37 | 973,280 | ||
3,993,090 | Small Business Administration Participation Certificates, Ser 2021-10B, Class 1, 1.304%, 9/10/31 | 3,480,770 | ||
5,103,898 | Small Business Administration Participation Certificates, Ser 2021-25I, Class 1, 1.560%, 9/1/46 | 4,205,243 | ||
101,296 | Tesla Auto Lease Trust, Ser 2021-A, Class A2, 144a, 0.360%, 3/20/25 | 100,959 | ||
290,000 | Tesla Auto Lease Trust, Ser 2021-B, Class A4, 144a, 0.630%, 9/22/25 | 275,163 | ||
2,710,000 | T-Mobile US Trust, Ser 2022-1A, Class A, 144a, 4.910%, 5/22/28 | 2,720,803 | ||
Total Asset-Backed Securities | $27,520,868 | |||
Commercial Mortgage-Backed Securities — 3.2% | ||||
19,941 | CD Mortgage Trust, Ser 2006-CD3, Class AJ, 5.688%, 10/15/48 | 17,800 | ||
2,979,161 | Citigroup Commercial Mortgage Trust, Ser 2020-555, Class A, 144a, 2.647%, 12/10/41 | 2,527,885 | ||
2,300,000 | COMM Mortgage Trust, Ser 2020-SBX, Class A, 144a, 1.670%, 1/10/38 | 2,068,891 | ||
2,440,000 | DOLP Trust, Ser 2021-NYC, Class A, 144a, 2.956%, 5/10/41 | 1,940,505 | ||
2,000,000 | FREMF Mortgage Trust, Ser 2015-K45, Class B, 144a, 3.610%, 4/25/48(B)(C) | 1,940,144 | ||
2,500,000 | FREMF Mortgage Trust, Ser 2015-K50, Class B, 144a, 3.780%, 10/25/48(B)(C) | 2,413,187 | ||
245,000 | FREMF Mortgage Trust, Ser 2015-K51, Class B, 144a, 3.951%, 10/25/48(B)(C) | 237,337 | ||
2,585,702 | Logistics 1 MI TN VA Senior Notes CTL Pass-Through Trust, 144a, 2.654%, 10/10/42 | 2,100,856 | ||
2,550,000 | MKT Mortgage Trust, Ser 2020-525M, Class A, 144a, 2.694%, 2/12/40 | 2,014,195 | ||
2,125,000 | SLG Office Trust, Ser 2021-OVA, Class A, 144a, 2.585%, 7/15/41 | 1,690,701 | ||
Total Commercial Mortgage-Backed Securities | $16,951,501 | |||
Non-Agency Collateralized Mortgage Obligations — 0.1% | ||||
455,175 | Virginia Housing Development Authority, Ser 2013-B, Class A, 2.750%, 4/25/42 | 408,250 |
Shares | ||||
Short-Term Investment Fund — 0.6% | ||||
3,260,398 | Dreyfus Government Cash Management, Institutional Shares, 4.71%∞Ω | 3,260,399 | ||
Total Investment Securities—99.1% (Cost $568,798,313) | $517,672,147 | |||
Other Assets in Excess of Liabilities — 0.9% | 4,495,190 | |||
Net Assets — 100.0% | $522,167,337 |
(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 March 31, 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) | Strip Security- Separate trading of Registered Interest and Principal. Holders of a principal strip security are entitled to the portion of the payment representing principal only. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2023. |
Portfolio Abbreviations: |
FHLMC – Federal Home Loan Mortgage Corporation |
FNMA – Federal National Mortgage Association |
FREMF – Freddie Mac Multifamily Securitization |
FRESB – Freddie Mac Multifamily Securitization Small Balance Loan |
GNMA – Government National Mortgage Association |
HFA – Housing Finance Authority/Agency |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LP – Limited Partnership |
MTN – Medium Term Note |
REIT – Real Estate Investment Trust |
UTGO – Unlimited Tax General Obligation |
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 March 31, 2023, these securities were valued at $77,060,504 or 14.8% 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 | $— | $164,777,651 | $— | $164,777,651 |
U.S. Government Agency Obligations | — | 106,852,747 | — | 106,852,747 |
Agency Collateralized Mortgage Obligations | — | 63,076,124 | — | 63,076,124 |
U.S. Government Mortgage-Backed Obligations | — | 53,815,671 | — | 53,815,671 |
Municipal Bonds | — | 45,498,757 | — | 45,498,757 |
U.S. Treasury Obligations | — | 35,510,179 | — | 35,510,179 |
Asset-Backed Securities | — | 27,520,868 | — | 27,520,868 |
Commercial Mortgage-Backed Securities | — | 16,951,501 | — | 16,951,501 |
Non-Agency Collateralized Mortgage Obligations | — | 408,250 | — | 408,250 |
Short-Term Investment Fund | 3,260,399 | — | — | 3,260,399 |
Total | $3,260,399 | $514,411,748 | $— | $517,672,147 |
Shares | Market Value | |||
Common Stocks — 85.2% | ||||
France — 17.5% | ||||
Energy — 6.3% | ||||
37,743 | TotalEnergies SE ADR | $ 2,228,724 | ||
Financials — 1.9% | ||||
11,136 | BNP Paribas SA | 665,015 | ||
Industrials — 6.1% | ||||
17,431 | Cie de Saint-Gobain | 990,841 | ||
6,817 | Schneider Electric SE | 1,139,284 | ||
Materials — 3.2% | ||||
6,681 | Air Liquide SA | 1,118,324 | ||
Total France | 6,142,188 | |||
Japan — 13.7% | ||||
Communication Services — 1.9% | ||||
17,000 | Nintendo Co. Ltd. | 660,307 | ||
Consumer Discretionary — 5.6% | ||||
11,200 | Denso Corp. | 632,212 | ||
14,800 | Sony Group Corp. | 1,348,034 | ||
Industrials — 3.8% | ||||
19,200 | Hitachi Ltd. | 1,055,245 | ||
18,500 | Kubota Corp. | 280,485 | ||
Information Technology — 2.4% | ||||
6,900 | Tokyo Electron Ltd. | 842,946 | ||
Total Japan | 4,819,229 | |||
United Kingdom — 12.5% | ||||
Financials — 6.0% | ||||
1,958,280 | Lloyds Banking Group PLC | 1,151,368 | ||
9,666 | London Stock Exchange Group PLC | 938,856 | ||
Industrials — 6.5% | ||||
9,578 | Ashtead Group PLC | 588,136 | ||
29,573 | RELX PLC | 957,779 | ||
101,083 | Rentokil Initial PLC | 738,770 | ||
Total United Kingdom | 4,374,909 | |||
Sweden — 6.6% | ||||
Financials — 4.8% | ||||
82,454 | Svenska Handelsbanken AB - Class A† | 714,123 | ||
59,277 | Swedbank AB - Class A† | 974,788 | ||
Industrials — 1.8% | ||||
30,872 | Epiroc AB - Class A | 612,810 | ||
Total Sweden | 2,301,721 | |||
Germany — 5.7% | ||||
Communication Services — 2.6% | ||||
38,238 | Deutsche Telekom AG | 926,594 | ||
Industrials — 3.1% | ||||
22,964 | Deutsche Post AG | 1,075,534 | ||
Total Germany | 2,002,128 | |||
Switzerland — 4.6% | ||||
Health Care — 2.1% | ||||
2,534 | Roche Holding AG | 724,072 | ||
Industrials — 2.5% | ||||
26,004 | ABB Ltd. ADR | 891,937 | ||
Total Switzerland | 1,616,009 | |||
India — 3.9% | ||||
Financials — 3.9% | ||||
63,131 | ICICI Bank Ltd. ADR | 1,362,367 |
Shares | Market Value | |||
Taiwan — 3.7% | ||||
Information Technology — 3.7% | ||||
13,991 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | $ 1,301,443 | ||
South Korea — 3.4% | ||||
Communication Services — 2.6% | ||||
24,292 | KT Corp. ADR* | 275,471 | ||
28,558 | KT Corp. | 645,687 | ||
Information Technology — 0.8% | ||||
489 | Samsung SDI Co. Ltd. | 277,771 | ||
Total South Korea | 1,198,929 | |||
Singapore — 3.4% | ||||
Financials — 2.5% | ||||
95,900 | Oversea-Chinese Banking Corp. Ltd. | 893,959 | ||
Real Estate — 0.9% | ||||
201,100 | CapitaLand Integrated Commercial Trust REIT | 299,927 | ||
Total Singapore | 1,193,886 | |||
Spain — 2.3% | ||||
Consumer Discretionary — 2.3% | ||||
12,284 | Amadeus IT Group SA* | 824,054 | ||
Hong Kong — 1.9% | ||||
Financials — 1.9% | ||||
62,200 | AIA Group Ltd. | 652,314 | ||
Ireland — 1.8% | ||||
Industrials — 1.8% | ||||
11,325 | AerCap Holdings N.V.* | 636,805 | ||
Netherlands — 1.6% | ||||
Health Care — 1.6% | ||||
30,581 | Koninklijke Philips NV | 561,678 | ||
Denmark — 1.4% | ||||
Industrials — 1.4% | ||||
16,895 | Vestas Wind Systems A/S | 492,395 | ||
Canada — 1.2% | ||||
Industrials — 1.2% | ||||
9,830 | ATS Corp.* | 411,602 | ||
Total Common Stocks | $29,891,657 | |||
Preferred Stocks — 2.1% | ||||
Germany — 2.1% | ||||
Consumer Discretionary — 2.1% | ||||
5,342 | Volkswagen AG, 5.796%(A) | 729,035 | ||
Short-Term Investment Funds — 20.7% | ||||
5,354,082 | Dreyfus Government Cash Management, Institutional Shares, 4.71%∞Ω | 5,354,082 | ||
1,912,935 | Invesco Government & Agency Portfolio, Institutional Class, 4.73%∞Ω** | 1,912,935 | ||
Total Short-Term Investment Funds | $7,267,017 | |||
Total Investment Securities — 108.0% (Cost $33,795,073) | $37,887,709 | |||
Liabilities in Excess of Other Assets — (8.0)% | (2,808,737) | |||
Net Assets — 100.0% | $35,078,972 |
(A) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
* | 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 March 31, 2023 was $1,666,705. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 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 | ||||
France | $2,228,724 | $3,913,464 | $— | $6,142,188 |
Japan | — | 4,819,229 | — | 4,819,229 |
United Kingdom | — | 4,374,909 | — | 4,374,909 |
Sweden | — | 2,301,721 | — | 2,301,721 |
Germany | — | 2,002,128 | — | 2,002,128 |
Switzerland | 891,937 | 724,072 | — | 1,616,009 |
India | 1,362,367 | — | — | 1,362,367 |
Taiwan | 1,301,443 | — | — | 1,301,443 |
South Korea | 275,471 | 923,458 | — | 1,198,929 |
Singapore | — | 1,193,886 | — | 1,193,886 |
Spain | — | 824,054 | — | 824,054 |
Hong Kong | — | 652,314 | — | 652,314 |
Ireland | 636,805 | — | — | 636,805 |
Netherlands | — | 561,678 | — | 561,678 |
Denmark | — | 492,395 | — | 492,395 |
Canada | 411,602 | — | — | 411,602 |
Preferred Stocks | — | 729,035 | — | 729,035 |
Short-Term Investment Funds | 7,267,017 | — | — | 7,267,017 |
Total | $14,375,366 | $23,512,343 | $— | $37,887,709 |
Shares | Market Value | |||
Common Stocks — 96.6% | ||||
Industrials — 29.2% | ||||
3,171,078 | AerCap Holdings N.V. (Ireland)* | $ 178,309,716 | ||
2,358,463 | Allison Transmission Holdings, Inc. | 106,696,866 | ||
1,840,997 | Armstrong World Industries, Inc. | 131,152,626 | ||
3,247,673 | Copart, Inc. * | 244,257,486 | ||
641,224 | Lennox International, Inc. | 161,126,767 | ||
519,332 | Old Dominion Freight Line, Inc. | 177,009,119 | ||
2,070,777 | Otis Worldwide Corp. | 174,773,579 | ||
702,400 | UniFirst Corp. | 123,783,952 | ||
1,297,110,111 | ||||
Consumer Staples — 15.4% | ||||
2,180,528 | BellRing Brands, Inc.* | 74,137,952 | ||
1,343,625 | Brown-Forman Corp. - Class B | 86,354,779 | ||
1,234,341 | Dollar Tree, Inc.* | 177,189,650 | ||
1,841,400 | Lamb Weston Holdings, Inc. | 192,463,128 | ||
1,720,045 | Post Holdings, Inc.* | 154,580,444 | ||
684,725,953 | ||||
Information Technology — 15.0% | ||||
1,467,385 | Amphenol Corp. - Class A | 119,914,702 | ||
2,938,169 | Black Knight, Inc.* | 169,121,008 | ||
2,242,174 | Entegris, Inc. | 183,880,690 | ||
1,664,470 | Skyworks Solutions, Inc. | 196,374,170 | ||
669,290,570 | ||||
Materials — 11.4% | ||||
1,022,781 | AptarGroup, Inc. | 120,882,487 | ||
1,741,521 | Ball Corp. | 95,975,222 | ||
302,165 | NewMarket Corp. | 110,284,182 | ||
1,043,795 | Vulcan Materials Co. | 179,073,470 | ||
506,215,361 | ||||
Consumer Discretionary — 10.8% | ||||
1,468,319 | CarMax, Inc.* | 94,383,545 | ||
589,385 | Churchill Downs, Inc. | 151,501,414 | ||
1,893,776 | Hasbro, Inc. | 101,676,834 | ||
387,878 | Pool Corp. | 132,824,942 | ||
480,386,735 | ||||
Financials — 6.8% | ||||
757,979 | Cincinnati Financial Corp. | 84,954,286 | ||
900,421 | M&T Bank Corp. | 107,663,339 | ||
2,813,797 | Moelis & Co. - Class A | 108,162,357 | ||
300,779,982 |
Shares | Market Value | |||
Health Care — 5.3% | ||||
2,208,083 | Perrigo Co. PLC | $ 79,203,937 | ||
831,768 | STERIS PLC | 159,100,583 | ||
238,304,520 | ||||
Real Estate — 2.7% | ||||
1,633,708 | CBRE Group, Inc. - Class A* | 118,950,280 | ||
Total Common Stocks | $4,295,763,512 | |||
Short-Term Investment Fund — 3.4% | ||||
151,024,100 | Dreyfus Government Cash Management, Institutional Shares, 4.71%∞Ω | 151,024,100 | ||
Total Investment Securities—100.0% (Cost $3,850,431,693) | $4,446,787,612 | |||
Liabilities in Excess of Other Assets — (0.0%) | (2,073,658) | |||
Net Assets — 100.0% | $4,444,713,954 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2023. |
Portfolio Abbreviations: |
PLC – Public Limited Company |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $4,295,763,512 | $— | $— | $4,295,763,512 |
Short-Term Investment Fund | 151,024,100 | — | — | 151,024,100 |
Total | $4,446,787,612 | $— | $— | $4,446,787,612 |
Shares | Market Value | |||
Common Stocks — 97.3% | ||||
Industrials — 17.8% | ||||
207,498 | AerCap Holdings N.V. (Ireland)* | $ 11,667,613 | ||
142,187 | Clean Harbors, Inc. * | 20,270,179 | ||
116,814 | Dover Corp. | 17,748,719 | ||
266,199 | Genpact Ltd. | 12,303,718 | ||
170,654 | Hexcel Corp. | 11,647,136 | ||
24,825 | Huntington Ingalls Industries, Inc. | 5,139,272 | ||
81,373 | Leidos Holdings, Inc. | 7,491,198 | ||
31,727 | Parker-Hannifin Corp. | 10,663,762 | ||
137,917 | Regal Rexnord Corp. | 19,409,059 | ||
51,132 | Snap-on, Inc. | 12,623,979 | ||
123,353 | Westinghouse Air Brake Technologies Corp. | 12,466,054 | ||
141,430,689 | ||||
Financials — 14.6% | ||||
266,956 | American International Group, Inc. | 13,443,904 | ||
41,857 | Ameriprise Financial, Inc. | 12,829,171 | ||
964,712 | Chimera Investment Corp. REIT | 5,440,976 | ||
413,480 | First Horizon Corp. | 7,351,674 | ||
115,225 | Global Payments, Inc. | 12,126,279 | ||
102,656 | Pinnacle Financial Partners, Inc. | 5,662,505 | ||
131,116 | Progressive Corp. (The) | 18,757,455 | ||
135,909 | Reinsurance Group of America, Inc. | 18,043,279 | ||
136,082 | The Allstate Corp. | 15,079,246 | ||
174,128 | Webster Financial Corp. | 6,864,126 | ||
115,598,615 | ||||
Consumer Staples — 13.8% | ||||
44,950 | Casey's General Stores, Inc. | 9,729,877 | ||
54,289 | Constellation Brands, Inc. - Class A | 12,263,342 | ||
279,182 | Darling Ingredients, Inc.* | 16,304,229 | ||
96,529 | Dollar Tree, Inc.* | 13,856,738 | ||
161,357 | Hain Celestial Group, Inc. (The)* | 2,767,272 | ||
147,557 | Ingredion, Inc. | 15,010,974 | ||
151,773 | Lamb Weston Holdings, Inc. | 15,863,314 | ||
269,370 | TreeHouse Foods, Inc.* | 13,584,329 | ||
165,807 | Tyson Foods, Inc. - Class A | 9,835,671 | ||
109,215,746 | ||||
Materials — 9.8% | ||||
427,323 | Axalta Coating Systems Ltd. * | 12,943,614 | ||
211,342 | Berry Global Group, Inc. | 12,448,044 | ||
138,880 | FMC Corp. | 16,961,414 | ||
82,103 | International Flavors & Fragrances, Inc. | 7,550,192 | ||
532,178 | Livent Corp.* | 11,558,906 | ||
54,777 | Scotts Miracle-Gro Co. (The) | 3,820,148 | ||
371,007 | Valvoline, Inc. | 12,962,984 | ||
78,245,302 | ||||
Utilities — 9.6% | ||||
506,977 | CenterPoint Energy, Inc. | 14,935,543 | ||
118,306 | DTE Energy Co. | 12,959,239 | ||
115,322 | Entergy Corp. | 12,424,792 | ||
151,064 | Evergy, Inc. | 9,233,032 | ||
462,742 | NiSource, Inc. | 12,938,266 | ||
145,721 | WEC Energy Group, Inc. | 13,812,894 | ||
76,303,766 | ||||
Health Care — 9.1% | ||||
84,798 | AmerisourceBergen Corp. | 13,577,008 | ||
182,865 | Centene Corp.* | 11,558,896 | ||
253,569 | Encompass Health Corp. | 13,718,083 | ||
254,469 | Envista Holdings Corp.* | 10,402,693 |
Shares | Market Value | |||
Health Care — (Continued) | ||||
44,466 | Laboratory Corp. of America Holdings | $ 10,201,390 | ||
97,307 | Zimmer Biomet Holdings, Inc. | 12,572,064 | ||
72,030,134 | ||||
Consumer Discretionary — 7.1% | ||||
281,115 | BorgWarner, Inc. | 13,805,558 | ||
76,919 | Carter's, Inc. | 5,532,014 | ||
126,166 | Columbia Sportswear Co. | 11,385,220 | ||
178,458 | Hasbro, Inc. | 9,581,410 | ||
281,115 | LKQ Corp. | 15,956,087 | ||
56,260,289 | ||||
Energy — 5.9% | ||||
382,903 | ChampionX Corp. | 10,388,158 | ||
428,573 | Coterra Energy, Inc. | 10,517,181 | ||
86,503 | Pioneer Natural Resources | 17,667,373 | ||
60,251 | Valero Energy Corp. | 8,411,040 | ||
46,983,752 | ||||
Information Technology — 5.2% | ||||
130,827 | Akamai Technologies, Inc.* | 10,243,754 | ||
77,544 | F5 Networks, Inc.* | 11,297,385 | ||
76,919 | PTC, Inc.* | 9,863,324 | ||
94,886 | Qorvo, Inc.* | 9,637,571 | ||
41,042,034 | ||||
Real Estate — 4.4% | ||||
95,891 | Alexandria Real Estate Equities, Inc. REIT | 12,042,951 | ||
95,732 | Digital Realty Trust, Inc. REIT | 9,411,413 | ||
36,802 | Essex Property Trust, Inc. REIT | 7,696,770 | ||
371,783 | Host Hotels & Resorts, Inc. REIT | 6,130,702 | ||
35,281,836 | ||||
Total Common Stocks | $772,392,163 | |||
Exchange-Traded Fund — 0.7% | ||||
48,625 | iShares Russell Mid-Cap Value ETF | 5,163,975 | ||
Short-Term Investment Fund — 2.1% | ||||
16,914,877 | Dreyfus Government Cash Management, Institutional Shares, 4.71%∞Ω | 16,914,877 | ||
Total Investment Securities—100.1% (Cost $625,417,778) | $794,471,015 | |||
Liabilities in Excess of Other Assets — (0.1%) | (860,175) | |||
Net Assets — 100.0% | $793,610,840 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2023. |
Portfolio Abbreviations: |
ETF – Exchange-Traded Fund |
REIT – Real Estate Investment Trust |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $772,392,163 | $— | $— | $772,392,163 |
Exchange-Traded Fund | 5,163,975 | — | — | 5,163,975 |
Short-Term Investment Fund | 16,914,877 | — | — | 16,914,877 |
Total | $794,471,015 | $— | $— | $794,471,015 |
Shares | Market Value | |||
Common Stocks — 96.8% | ||||
Information Technology — 38.9% | ||||
519,180 | Atlassian Corp. - Class A* | $ 88,868,041 | ||
1,186,303 | Cloudflare, Inc. - Class A* | 73,147,443 | ||
701,733 | Datadog, Inc.* | 50,987,920 | ||
563,459 | Entegris, Inc. | 46,209,273 | ||
161,927 | Intuit, Inc. | 72,191,914 | ||
145,688 | Lam Research Corp. | 77,232,123 | ||
248,851 | Microsoft Corp. | 71,743,743 | ||
363,653 | NVIDIA Corp. | 101,011,894 | ||
351,516 | ServiceNow, Inc.* | 163,356,515 | ||
2,194,306 | Shopify, Inc. (Canada) - Class A* | 105,195,030 | ||
471,319 | Snowflake, Inc. - Class A* | 72,719,808 | ||
922,663,704 | ||||
Communication Services — 13.1% | ||||
85,777 | Charter Communications, Inc. - Class A* | 30,674,713 | ||
1,143,212 | Match Group, Inc.* | 43,887,909 | ||
289,618 | Netflix, Inc.* | 100,057,227 | ||
839,112 | Sea Ltd. (Singapore) ADR* | 72,625,143 | ||
1,924,353 | Warner Music Group Corp. - Class A | 64,215,660 | ||
311,460,652 | ||||
Health Care — 13.1% | ||||
717,723 | 10X Genomics, Inc. - Class A* | 40,041,766 | ||
199,478 | Align Technology, Inc.* | 66,653,579 | ||
1,253,379 | DexCom, Inc.* | 145,617,572 | ||
446,833 | Edwards Lifesciences Corp.* | 36,966,494 | ||
160,804 | Sarepta Therapeutics, Inc.* | 22,163,616 | ||
311,443,027 | ||||
Consumer Discretionary — 13.1% | ||||
318,212 | Airbnb, Inc. - Class A* | 39,585,573 | ||
1,505,250 | Amazon.com, Inc.* | 155,477,272 | ||
835,029 | DoorDash, Inc. - Class A* | 53,074,443 | ||
626,558 | Floor & Decor Holdings, Inc. - Class A* | 61,540,527 | ||
309,677,815 | ||||
Financials — 11.9% | ||||
1,676,849 | Block, Inc.* | 115,115,684 | ||
740,033 | Visa, Inc. - Class A | 166,847,840 | ||
281,963,524 |
Shares | Market Value | |||
Industrials — 6.7% | ||||
1,388,528 | CoStar Group, Inc.* | $ 95,600,153 | ||
2,005,695 | Uber Technologies, Inc.* | 63,580,531 | ||
159,180,684 | ||||
Total Common Stocks | $2,296,389,406 | |||
Short-Term Investment Fund — 3.5% | ||||
82,877,415 | Dreyfus Government Cash Management, Institutional Shares, 4.71%∞Ω | 82,877,415 | ||
Total Investment Securities—100.3% (Cost $1,928,960,860) | $2,379,266,821 | |||
Liabilities in Excess of Other Assets — (0.3%) | (6,202,770) | |||
Net Assets — 100.0% | $2,373,064,051 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2023. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $2,296,389,406 | $— | $— | $2,296,389,406 |
Short-Term Investment Fund | 82,877,415 | — | — | 82,877,415 |
Total | $2,379,266,821 | $— | $— | $2,379,266,821 |
Shares | Market Value | |||
Common Stocks — 94.4% | ||||
Industrials — 23.4% | ||||
37,835 | Armstrong World Industries, Inc. | $ 2,695,365 | ||
106,999 | Evoqua Water Technologies Corp.* | 5,319,990 | ||
36,041 | Landstar System, Inc. | 6,460,710 | ||
58,395 | Masonite International Corp. * | 5,300,514 | ||
51,194 | Matson, Inc. | 3,054,746 | ||
41,903 | Ritchie Bros Auctioneers, Inc. (Canada) | 2,358,720 | ||
13,450 | UniFirst Corp. | 2,370,294 | ||
27,560,339 | ||||
Consumer Discretionary — 16.6% | ||||
69,091 | Acushnet Holdings Corp. | 3,519,495 | ||
4,063 | Graham Holdings Co. - Class B | 2,420,898 | ||
44,551 | Malibu Boats, Inc. - Class A* | 2,514,904 | ||
13,240 | Murphy USA, Inc. | 3,416,582 | ||
194,893 | Tempur Sealy International, Inc. | 7,696,325 | ||
19,568,204 | ||||
Financials — 14.4% | ||||
77,216 | Atlantic Union Bankshares Corp. | 2,706,421 | ||
98,444 | Cannae Holdings, Inc.* | 1,986,600 | ||
24,778 | Hanover Insurance Group, Inc. (The) | 3,183,973 | ||
90,685 | Moelis & Co. - Class A | 3,485,931 | ||
4,108 | White Mountains Insurance Group Ltd. | 5,658,729 | ||
17,021,654 | ||||
Information Technology — 12.8% | ||||
95,653 | ACI Worldwide, Inc.* | 2,580,718 | ||
91,233 | CTS Corp. | 4,512,384 | ||
32,409 | Qualys, Inc.* | 4,213,818 | ||
139,829 | Vontier Corp. | 3,822,925 | ||
15,129,845 | ||||
Materials — 7.3% | ||||
58,971 | Ingevity Corp.* | 4,217,606 | ||
11,044 | NewMarket Corp. | 4,030,839 | ||
45,804 | Tredegar Corp. | 418,191 | ||
8,666,636 | ||||
Real Estate — 7.1% | ||||
133,506 | Alexander & Baldwin, Inc. REIT | 2,524,599 | ||
140,707 | Essential Properties Realty Trust, Inc. REIT | 3,496,569 | ||
43,627 | First Industrial Realty Trust, Inc. REIT | 2,320,956 | ||
8,342,124 | ||||
Health Care — 6.1% | ||||
62,960 | Enovis Corp.* | 3,367,730 |
Shares | Market Value | |||
Health Care — (Continued) | ||||
27,331 | Haemonetics Corp.* | $ 2,261,640 | ||
36,325 | LivaNova PLC* | 1,583,044 | ||
7,212,414 | ||||
Consumer Staples — 5.5% | ||||
20,770 | Lancaster Colony Corp. | 4,213,818 | ||
31,942 | PriceSmart, Inc. | 2,283,214 | ||
6,497,032 | ||||
Energy — 1.2% | ||||
47,250 | Dril-Quip, Inc. * | 1,355,602 | ||
Total Common Stocks | $111,353,850 | |||
Short-Term Investment Fund — 5.5% | ||||
6,539,241 | Dreyfus Government Cash Management, Institutional Shares, 4.71%∞Ω | 6,539,241 | ||
Total Investment Securities—99.9% (Cost $97,863,656) | $117,893,091 | |||
Other Assets in Excess of Liabilities — 0.1% | 111,559 | |||
Net Assets — 100.0% | $118,004,650 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2023. |
Portfolio Abbreviations: |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $111,353,850 | $— | $— | $111,353,850 |
Short-Term Investment Fund | 6,539,241 | — | — | 6,539,241 |
Total | $117,893,091 | $— | $— | $117,893,091 |
Shares | Market Value | |||
Common Stocks — 98.5% | ||||
Industrials — 23.8% | ||||
48,972 | AZEK Co., Inc. (The)* | $ 1,152,801 | ||
27,433 | BWX Technologies, Inc. | 1,729,376 | ||
6,453 | CACI International, Inc. - Class A* | 1,911,895 | ||
35,929 | CIRCOR International, Inc. * | 1,118,110 | ||
16,112 | Clean Harbors, Inc. * | 2,296,927 | ||
11,902 | EMCOR Group, Inc. | 1,935,146 | ||
32,822 | Enerpac Tool Group Corp. | 836,961 | ||
14,414 | EnPro Industries, Inc. | 1,497,470 | ||
9,938 | ExlService Holdings, Inc.* | 1,608,267 | ||
79,854 | Gates Industrial Corp. PLC* | 1,109,172 | ||
51,346 | Harsco Corp.* | 350,693 | ||
17,264 | Hexcel Corp. | 1,178,268 | ||
38,943 | Huron Consulting Group, Inc.* | 3,129,849 | ||
24,295 | ITT, Inc. | 2,096,659 | ||
27,273 | Korn/Ferry International | 1,411,105 | ||
16,000 | Masonite International Corp. * | 1,452,320 | ||
10,754 | Regal Rexnord Corp. | 1,513,410 | ||
14,438 | Standex International Corp. | 1,767,789 | ||
6,417 | Valmont Industries, Inc. | 2,048,820 | ||
30,145,038 | ||||
Financials — 18.6% | ||||
192,368 | Chimera Investment Corp. REIT | 1,084,956 | ||
9,672 | City Holding Co. | 878,991 | ||
101,428 | Columbia Banking System, Inc. | 2,172,588 | ||
25,100 | First American Financial Corp. | 1,397,066 | ||
71,845 | First Interstate BancSystem, Inc. - Class A | 2,145,292 | ||
12,212 | Hanover Insurance Group, Inc. (The) | 1,569,242 | ||
28,378 | Independent Bank Corp. | 1,862,164 | ||
76,237 | MGIC Investment Corp. | 1,023,101 | ||
18,462 | National Bank Holdings Corp. - Class A | 617,739 | ||
33,520 | NMI Holdings, Inc. - Class A* | 748,502 | ||
120,860 | Old National Bancorp | 1,742,801 | ||
26,227 | Pinnacle Financial Partners, Inc. | 1,446,681 | ||
12,785 | Primerica, Inc. | 2,202,088 | ||
44,273 | Univest Financial Corp. | 1,051,041 | ||
146,988 | Valley National Bancorp | 1,358,169 | ||
30,234 | Wintrust Financial Corp. | 2,205,570 | ||
23,505,991 | ||||
Health Care — 9.5% | ||||
17,439 | Amedisys, Inc.* | 1,282,638 | ||
39,334 | Encompass Health Corp. | 2,127,969 | ||
40,096 | Envista Holdings Corp.* | 1,639,125 | ||
34,773 | Integra LifeSciences Holdings Corp.* | 1,996,318 | ||
22,239 | NuVasive, Inc.* | 918,693 | ||
41,406 | Premier, Inc. - Class A | 1,340,312 | ||
43,817 | Prestige Consumer Healthcare, Inc.* | 2,744,259 | ||
12,049,314 | ||||
Consumer Discretionary — 8.7% | ||||
69,794 | American Eagle Outfitters, Inc. | 938,031 | ||
6,780 | Carter's, Inc. | 487,618 | ||
24,947 | Cheesecake Factory, Inc. (The) | 874,392 | ||
15,271 | Dorman Products, Inc.* | 1,317,276 | ||
69,923 | Goodyear Tire & Rubber Co. (The)* | 770,551 | ||
7,050 | Murphy USA, Inc. | 1,819,253 | ||
6,739 | Oxford Industries, Inc. | 711,571 | ||
34,132 | Steven Madden Ltd. | 1,228,752 | ||
60,380 | Topgolf Callaway Brands Corp.* | 1,305,416 | ||
35,355 | Urban Outfitters, Inc.* | 980,041 | ||
13,616 | YETI Holdings, Inc.* | 544,640 | ||
10,977,541 |
Shares | Market Value | |||
Materials — 8.5% | ||||
44,000 | Axalta Coating Systems Ltd. * | $ 1,332,760 | ||
12,814 | Cabot Corp. | 982,065 | ||
20,439 | Ingevity Corp.* | 1,461,797 | ||
7,662 | Innospec, Inc. | 786,657 | ||
90,555 | Livent Corp.* | 1,966,855 | ||
61,617 | O-I Glass, Inc.* | 1,399,322 | ||
17,739 | Silgan Holdings, Inc. | 952,052 | ||
53,039 | Valvoline, Inc. | 1,853,183 | ||
10,734,691 | ||||
Consumer Staples — 7.7% | ||||
45,318 | Hain Celestial Group, Inc. (The)* | 777,204 | ||
53,238 | Hostess Brands, Inc.* | 1,324,562 | ||
17,784 | Ingredion, Inc. | 1,809,166 | ||
5,607 | Lancaster Colony Corp. | 1,137,548 | ||
9,218 | MGP Ingredients, Inc. | 891,565 | ||
26,435 | Performance Food Group Co.* | 1,595,088 | ||
43,226 | TreeHouse Foods, Inc.* | 2,179,887 | ||
9,715,020 | ||||
Information Technology — 6.9% | ||||
15,660 | Belden, Inc. | 1,358,818 | ||
137,823 | Harmonic, Inc.* | 2,010,838 | ||
29,385 | Lumentum Holdings, Inc.* | 1,587,084 | ||
10,092 | MACOM Technology Solutions Holdings, Inc.* | 714,917 | ||
27,335 | National Instruments Corp. | 1,432,627 | ||
147,135 | Viavi Solutions, Inc.* | 1,593,472 | ||
8,697,756 | ||||
Utilities — 4.9% | ||||
18,568 | Black Hills Corp. | 1,171,641 | ||
14,941 | IDACORP, Inc. | 1,618,559 | ||
51,281 | Portland General Electric Co. | 2,507,128 | ||
13,501 | Spire, Inc. | 946,960 | ||
6,244,288 | ||||
Energy — 4.7% | ||||
31,201 | Cactus, Inc. - Class A | 1,286,417 | ||
54,507 | ChampionX Corp. | 1,478,775 | ||
19,201 | Civitas Resources, Inc. | 1,312,196 | ||
30,213 | PDC Energy, Inc. | 1,939,071 | ||
6,016,459 | ||||
Real Estate — 4.7% | ||||
50,841 | Corporate Office Properties Trust REIT | 1,205,440 | ||
36,509 | National Storage Affiliates Trust REIT | 1,525,346 | ||
164,285 | Newmark Group, Inc. - Class A | 1,163,138 | ||
59,073 | STAG Industrial, Inc. REIT | 1,997,849 | ||
5,891,773 | ||||
Communication Services — 0.5% | ||||
41,019 | TEGNA, Inc. | 693,631 | ||
Total Common Stocks | $124,671,502 | |||
Short-Term Investment Fund — 0.7% | ||||
954,715 | Dreyfus Government Cash Management, Institutional Shares, 4.71%∞Ω | 954,715 | ||
Total Investment Securities—99.2% (Cost $113,908,427) | $125,626,217 | |||
Other Assets in Excess of Liabilities — 0.8% | 970,019 | |||
Net Assets — 100.0% | $126,596,236 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2023. |
Portfolio Abbreviations: |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $124,671,502 | $— | $— | $124,671,502 |
Short-Term Investment Fund | 954,715 | — | — | 954,715 |
Total | $125,626,217 | $— | $— | $125,626,217 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 40.1% | ||||
$ 905,127 | ACC Auto Trust, Ser 2021-A, Class A, 144a, 1.080%, 4/15/27 | $ 898,051 | ||
6,000,000 | AFG ABS I LLC, Ser 2023-1, Class A1, 144a, 5.462%, 2/15/24 | 6,003,374 | ||
6,681,818 | AGL Static CLO 18 Ltd. (Cayman Islands), Ser 2022-18A, Class A1, 144a, (TSFR3M +1.320%), 5.973%, 4/21/31(A) | 6,602,632 | ||
12,250,000 | American Credit Acceptance Receivables Trust, Ser 2019-4, Class E, 144a, 3.850%, 12/12/25 | 12,126,444 | ||
13,600,000 | Americredit Automobile Receivables Trust, Ser 2019-1, Class D, 3.620%, 3/18/25 | 13,436,718 | ||
8,250,000 | Anchorage Capital CLO Ltd. (Cayman Islands), Ser 2013-1A, Class A1R, 144a, (3M LIBOR +1.250%), 6.065%, 10/13/30(A) | 8,169,579 | ||
4,967,655 | Ares XL CLO Ltd. (Cayman Islands), Ser 2016-40A, Class A1RR, 144a, (3M LIBOR +0.870%), 5.662%, 1/15/29(A) | 4,927,029 | ||
3,889,172 | Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Ser 2006-HE3, Class A5, (1M LIBOR +0.540%), 2.928%, 3/25/36(A) | 3,689,690 | ||
7,700,000 | AUF Funding LLC, Ser 2022-1A, Class A1LN, 144a, (TSFR3M +2.500%), 7.058%, 1/20/31(A) | 7,699,500 | ||
6,048,000 | BDS Ltd. (Cayman Islands), Ser 2020-FL5, Class B, 144a, (SOFR30A +1.914%), 6.606%, 2/16/37(A) | 5,949,447 | ||
154,188 | Bear Stearns Asset Backed Securities Trust, Ser 2006-SD2, Class M1, (1M LIBOR +0.825%), 5.670%, 6/25/36(A) | 154,039 | ||
5,107,682 | Black Diamond CLO Ltd. (Cayman Islands), Ser 2017-1A, Class A1AR, 144a, (3M LIBOR +1.050%), 5.866%, 4/24/29(A) | 5,062,377 | ||
1,133,752 | CarNow Auto Receivables Trust, Ser 2021-2A, Class B, 144a, 1.300%, 1/15/26 | 1,118,681 | ||
1,812,021 | CIFC Funding Ltd. (Cayman Islands), Ser 2012-2RA, Class A1, 144a, (3M LIBOR +0.800%), 5.608%, 1/20/28(A) | 1,801,778 | ||
468,297 | CPS Auto Receivables Trust, Ser 2019-A, Class D, 144a, 4.350%, 12/16/24 | 467,977 | ||
4,560,378 | CPS Auto Receivables Trust, Ser 2020-B, Class D, 144a, 4.750%, 4/15/26 | 4,541,489 | ||
45,183 | Crossroads Asset Trust, Ser 2021-A, Class A2, 144a, 0.820%, 3/20/24 | 45,059 | ||
3,750,000 | Dell Equipment Finance Trust, Ser 2021-2, Class A3, 144a, 0.530%, 12/22/26 | 3,636,250 | ||
10,750,000 | Dewolf Park CLO Ltd., Ser 2017-1A, Class AR, 144a, (3M LIBOR +0.920%), 5.712%, 10/15/30(A) | 10,609,282 | ||
5,620,000 | DT Auto Owner Trust, Ser 2019-1A, Class E, 144a, 4.940%, 2/17/26 | 5,616,290 | ||
1,262,927 | DT Auto Owner Trust, Ser 2020-1A, Class C, 144a, 2.290%, 11/17/25 | 1,259,937 | ||
1,326,755 | Elara HGV Timeshare Issuer LLC, Ser 2016-A, Class A, 144a, 2.730%, 4/25/28 | 1,323,796 | ||
6,450,000 | Exeter Automobile Receivables Trust, Ser 2018-4A, Class E, 144a, 5.380%, 7/15/25 | 6,428,598 | ||
440,148 | Exeter Automobile Receivables Trust, Ser 2019-1A, Class D, 144a, 4.130%, 12/16/24 | 439,457 | ||
4,218,560 | Exeter Automobile Receivables Trust, Ser 2021-3A, Class B, 0.690%, 1/15/26 | 4,169,649 | ||
1,990,083 | FCI Funding LLC, Ser 2021-1A, Class A, 144a, 1.130%, 4/15/33 | 1,935,615 | ||
468,472 | Flagship Credit Auto Trust, Ser 2019-1, Class D, 144a, 4.080%, 2/18/25 | 464,346 | ||
2,407,144 | FNA VI LLC, Ser 2021-1A, Class A, 144a, 1.350%, 1/10/32 | 2,190,282 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 40.1% (Continued) | ||||
$ 130,059 | FNMA REMIC Trust, Ser 2001-W4, Class AF5, 5.614%, 2/25/32(A)(B) | $ 132,985 | ||
1,651,096 | GLS Auto Receivables Issuer Trust, Ser 2020-4A, Class C, 144a, 1.140%, 11/17/25 | 1,628,326 | ||
433,022 | HPEFS Equipment Trust, Ser 2020-2A, Class C, 144a, 2.000%, 7/22/30 | 432,209 | ||
3,276,098 | LAD Auto Receivables Trust, Ser 2021-1A, Class A, 144a, 1.300%, 8/17/26 | 3,179,388 | ||
3,270,747 | Madison Park Funding XI Ltd. (Cayman Islands), Ser 2013-11A, Class AR2, 144a, (3M LIBOR +0.900%), 5.715%, 7/23/29(A) | 3,221,640 | ||
4,719,295 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class A, 144a, (SOFR30A +1.814%), 6.474%, 11/15/35(A) | 4,709,159 | ||
4,000,000 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class AS, 144a, (SOFR30A +2.214%), 6.874%, 11/15/35(A) | 3,985,991 | ||
10,219,000 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class C, 144a, (SOFR30A +3.714%), 8.374%, 11/15/35(A) | 10,185,357 | ||
4,075,164 | Monroe Capital Mml CLO Ltd. (Cayman Islands), Ser 2017-1A, Class AR, 144a, (3M LIBOR +1.300%), 6.115%, 4/22/29(A) | 4,043,614 | ||
1,082,810 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2020-1A, Class A1, 144a, (3M LIBOR +1.025%), 5.475%, 2/20/28(A) | 1,077,855 | ||
8,480,074 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-4A, Class A1, 144a, (3M LIBOR +0.800%), 5.592%, 10/15/29(A) | 8,372,225 | ||
2,436,649 | Peaks CLO 1 Ltd. (Cayman Islands), Ser 2014-1A, Class A2R, 144a, (3M LIBOR +1.410%), 6.331%, 7/25/30(A) | 2,415,029 | ||
1,030,367 | Prestige Auto Receivables Trust, Ser 2018-1A, Class D, 144a, 4.140%, 10/15/24 | 1,028,648 | ||
9,020,000 | Prestige Auto Receivables Trust, Ser 2019-1A, Class D, 144a, 3.010%, 8/15/25 | 8,953,216 | ||
1,640,000 | Prestige Auto Receivables Trust, Ser 2020-1A, Class D, 144a, 1.620%, 11/16/26 | 1,608,197 | ||
9,700,000 | Progress Residential Trust, Ser 2019-SFR3, Class B, 144a, 2.571%, 9/17/36 | 9,287,718 | ||
260,213 | RAMP Series Trust, Ser 2005-RS6, Class M4, (1M LIBOR +0.975%), 5.820%, 6/25/35(A) | 259,312 | ||
1,892,144 | Sierra Timeshare Receivables Funding LLC, Ser 2018-2A, Class B, 144a, 3.650%, 6/20/35 | 1,855,417 | ||
275,719 | Sierra Timeshare Receivables Funding LLC, Ser 2019-1A, Class B, 144a, 3.420%, 1/20/36 | 263,842 | ||
7,519,321 | Symphony Static CLO I Ltd. (Cayman Islands), Ser 2021-1A, Class A, 144a, (3M LIBOR +0.830%), 5.648%, 10/25/29(A) | 7,407,817 | ||
2,461,231 | Towd Point Mortgage Trust, Ser 2015-5, Class M1, 144a, 3.500%, 5/25/55(A)(B) | 2,435,394 | ||
1,491,043 | Towd Point Mortgage Trust, Ser 2017-1, Class A1, 144a, 2.750%, 10/25/56(A)(B) | 1,462,342 | ||
4,020,056 | Towd Point Mortgage Trust, Ser 2017-5, Class A1, 144a, (1M LIBOR +0.600%), 4.208%, 2/25/57(A) | 4,002,226 | ||
2,338,808 | Towd Point Mortgage Trust, Ser 2019-HY1, Class A1, 144a, (1M LIBOR +1.000%), 5.845%, 10/25/48(A) | 2,326,503 | ||
827,424 | Towd Point Mortgage Trust, Ser 2019-MH1, Class A1, 144a, 3.000%, 11/25/58(A)(B) | 813,522 | ||
4,407,625 | Tricon American Homes Trust, Ser 2017-SFR2, Class A, 144a, 2.928%, 1/17/36 | 4,306,398 | ||
3,800,000 | Tricon American Homes Trust, Ser 2017-SFR2, Class D, 144a, 3.672%, 1/17/36 | 3,717,698 | ||
5,859,386 | United Auto Credit Securitization Trust, Ser 2022-1, Class B, 144a, 2.100%, 3/10/25 | 5,812,858 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 40.1% (Continued) | ||||
$ 905,615 | Westlake Automobile Receivables Trust, Ser 2019-2A, Class D, 144a, 3.200%, 11/15/24 | $ 904,536 | ||
1,789,063 | Westlake Automobile Receivables Trust, Ser 2020-2A, Class C, 144a, 2.010%, 7/15/25 | 1,778,570 | ||
Total Asset-Backed Securities | $222,375,358 | |||
Commercial Mortgage-Backed Securities — 20.9% | ||||
81,452 | AREIT Trust, Ser 2019-CRE3, Class A, 144a, (SOFR30A +1.384%), 6.044%, 9/14/36(A) | 79,326 | ||
10,793,000 | AREIT Trust, Ser 2020-CRE4, Class C, 144a, (SOFR30A +3.222%), 7.781%, 4/15/37(A) | 10,590,311 | ||
4,800,000 | Austin Fairmont Hotel Trust, Ser 2019-FAIR, Class C, 144a, (1M LIBOR +1.450%), 6.134%, 9/15/32(A) | 4,630,545 | ||
7,700,000 | BFLD Trust, Ser 2020-OBRK, Class A, 144a, (1M LIBOR +2.050%), 6.991%, 11/15/28(A) | 7,628,369 | ||
8,145,000 | BHMS, Ser 2018-ATLS, Class A, 144a, (1M LIBOR +1.250%), 5.934%, 7/15/35(A) | 7,833,032 | ||
2,295,000 | BPR Trust, Ser 2021-KEN, Class A, 144a, (1M LIBOR +1.250%), 6.191%, 2/15/29(A) | 2,241,353 | ||
8,900,000 | BPR Trust, Ser 2021-KEN, Class B, 144a, (1M LIBOR +1.950%), 6.891%, 2/15/29(A) | 8,677,690 | ||
5,648,708 | BX Commercial Mortgage Trust, Ser 2019-XL, Class A, 144a, (1M LIBOR +0.920%), 5.862%, 10/15/36(A) | 5,584,616 | ||
86,686 | BX Trust, Ser 2019-RP, Class A, 144a, (1M LIBOR +1.045%), 5.729%, 6/15/34(A) | 85,188 | ||
8,495,000 | BXMT LTD (Cayman Islands), Ser 2020-FL2, Class AS, 144a, (SOFR30A +1.264%), 6.008%, 2/15/38(A) | 8,132,558 | ||
4,977,571 | BXMT Ltd. (Cayman Islands), Ser 2020-FL2, Class A, 144a, (SOFR30A +1.014%), 5.758%, 2/15/38(A) | 4,877,510 | ||
7,200,000 | BXP Trust, Ser 2017-CQHP, Class A, 144a, (1M LIBOR +0.850%), 5.534%, 11/15/34(A) | 6,936,671 | ||
2,700,000 | CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Class C, 144a, (1M LIBOR +1.450%), 6.134%, 12/15/37(A) | 2,635,534 | ||
1,026,729 | Citigroup Commercial Mortgage Trust, Ser 2015-GC35, Class A2, 3.063%, 11/10/48 | 971,695 | ||
56,000,000 | Citigroup Commercial Mortgage Trust, Ser 2021-PRM2, Class XCP, 144a, 10/15/22(A)(B)(C) | 56 | ||
7,500,000 | COMM Mortgage Trust, Ser 2013-CR8, Class B, 144a, 3.969%, 6/10/46(A)(B) | 7,108,280 | ||
33,529,391 | COMM Mortgage Trust, Ser 2014-UBS3, Class XA, 1.051%, 6/10/47(A)(B)(C) | 247,876 | ||
2,680,000 | CSMC Trust, Ser 2017-CHOP, Class A, 144a, (1M LIBOR +0.750%), 5.434%, 7/15/32(A) | 2,507,759 | ||
6,080,000 | CSMC Trust, Ser 2017-PFHP, Class A, 144a, (1M LIBOR +0.950%), 5.634%, 12/15/30(A) | 5,735,715 | ||
10,020,322 | DBGS Mortgage Trust, Ser 2018-BIOD, Class B, 144a, (1M LIBOR +0.888%), 5.572%, 5/15/35(A) | 9,793,247 | ||
8,659,473 | GS Mortgage Securities Corp. II, Ser 2017-SLP, Class XA, 144a, 1.180%, 10/10/32(A)(B)(C) | 87,313 | ||
705,000 | GS Mortgage Securities Corp. Trust, Ser 2017-GPTX, Class A, 144a, 2.856%, 5/10/34 | 641,550 | ||
4,279,000 | GS Mortgage Securities Corp. Trust, Ser 2018-HART, Class A, 144a, (1M LIBOR +1.090%), 5.780%, 10/15/31(A) | 3,979,942 | ||
2,361,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Class AS, 3.216%, 4/15/46 | 2,163,014 | ||
1,300,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2018-WPT, Class BFX, 144a, 4.549%, 7/5/33 | 1,118,000 |
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 20.9% (Continued) | ||||
$ 2,750,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2019-MFP, Class C, 144a, (1M LIBOR +1.360%), 6.044%, 7/15/36(A) | $ 2,679,243 | ||
483,357 | JPMBB Commercial Mortgage Securities Trust, Ser 2014-C24, Class A2, 2.940%, 11/15/47 | 465,128 | ||
61,733 | Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C10, Class A3FL, 144a, (1M LIBOR +1.000%), 5.709%, 7/15/46(A) | 61,709 | ||
5,661,653 | Morgan Stanley Capital I Trust, Ser 2018-BOP, Class A, 144a, (1M LIBOR +0.850%), 5.534%, 8/15/33(A) | 4,812,405 | ||
238,289 | ReadyCap Commercial Mortgage Trust, Ser 2018-4, Class A, 144a, 3.390%, 2/27/51 | 229,105 | ||
3,442,841 | Tharaldson Hotel Portfolio Trust, Ser 2018-THL, Class A, 144a, (1M LIBOR +1.050%), 5.760%, 11/11/34(A) | 3,376,205 | ||
Total Commercial Mortgage-Backed Securities | $115,910,945 | |||
Corporate Bonds — 19.7% | ||||
Utilities — 5.0% | ||||
4,000,000 | American Electric Power Co., Inc., 2.031%, 3/15/24 | 3,869,594 | ||
7,225,000 | Dominion Energy, Inc., (3M LIBOR +0.530%), 5.396%, 9/15/23(A) | 7,198,217 | ||
2,000,000 | Jersey Central Power & Light Co., 144a, 4.700%, 4/1/24 | 1,986,749 | ||
6,000,000 | Metropolitan Edison Co., 144a, 4.000%, 4/15/25 | 5,716,288 | ||
6,000,000 | Pacific Gas and Electric Co., 4.250%, 8/1/23 | 5,964,583 | ||
3,000,000 | Southern California Gas Co., (3M LIBOR +0.350%), 5.488%, 9/14/23(A) | 2,979,146 | ||
27,714,577 | ||||
Financials — 3.5% | ||||
4,367,000 | Comerica, Inc., 3.700%, 7/31/23 | 4,187,242 | ||
1,500,000 | Metropolitan Life Insurance Co., 144a, 7.875%, 2/15/24 | 1,527,018 | ||
3,800,000 | Mitsubishi UFJ Financial Group, Inc. (Japan), 0.848%, 9/15/24 | 3,713,698 | ||
1,000,000 | NatWest Markets PLC (United Kingdom), 144a, 2.375%, 5/21/23 | 994,710 | ||
2,800,000 | Sumitomo Mitsui Trust Bank Ltd. (Japan), 144a, 0.800%, 9/12/23 | 2,741,988 | ||
2,500,000 | Synovus Financial Corp., 5.200%, 8/11/25 | 2,194,311 | ||
4,000,000 | UBS Group AG (Switzerland), 144a, 1.008%, 7/30/24 | 3,919,450 | ||
19,278,417 | ||||
Consumer Discretionary — 3.4% | ||||
3,500,000 | American Honda Finance Corp., MTN, 0.875%, 7/7/23 | 3,461,282 | ||
6,000,000 | Hyundai Capital America, 144a, 0.800%, 1/8/24 | 5,780,016 | ||
5,000,000 | Toyota Motor Corp. (Japan), 0.681%, 3/25/24 | 4,797,083 | ||
5,000,000 | Warnermedia Holdings, Inc., 144a, (SOFRINDX +1.780%), 6.599%, 3/15/24(A) | 5,016,577 | ||
19,054,958 | ||||
Consumer Staples — 2.2% | ||||
2,500,000 | Coca-Cola Europacific Partners PLC (United Kingdom), 144a, 0.500%, 5/5/23 | 2,487,834 | ||
5,500,000 | Nestle Holdings, Inc., 144a, 0.375%, 1/15/24 | 5,312,566 | ||
4,500,000 | Triton Container International Ltd. (Bermuda), 144a, 0.800%, 8/1/23 | 4,397,217 | ||
12,197,617 | ||||
Information Technology — 1.8% | ||||
4,000,000 | Microchip Technology, Inc., 4.250%, 9/1/25 | 3,930,673 |
Principal Amount | Market Value | |||
Corporate Bonds — 19.7% (Continued) | ||||
Information Technology — (Continued) | ||||
$ 1,500,000 | NXP BV / NXP Funding LLC (China), 4.875%, 3/1/24 | $ 1,488,814 | ||
5,000,000 | SK Hynix, Inc. (South Korea), 144a, 1.000%, 1/19/24 | 4,818,338 | ||
10,237,825 | ||||
Industrials — 1.8% | ||||
1,450,000 | CNH Industrial NV (United Kingdom), 4.500%, 8/15/23 | 1,442,795 | ||
8,380,000 | Huntington Ingalls Industries, Inc., 0.670%, 8/16/23 | 8,240,798 | ||
9,683,593 | ||||
Energy — 1.1% | ||||
1,000,000 | ANR Pipeline Co., 7.375%, 2/15/24 | 1,006,920 | ||
5,000,000 | Energy Transfer Partners LP / Regency Energy Finance Corp., 4.500%, 11/1/23 | 4,956,848 | ||
5,963,768 | ||||
Materials — 0.9% | ||||
5,000,000 | Nutrien Ltd. (Canada), 1.900%, 5/13/23 | 4,977,593 | ||
Total Corporate Bonds | $109,108,348 | |||
Non-Agency Collateralized Mortgage Obligations — 12.3% | ||||
584,040 | Bear Stearns ARM Trust, Ser 2003-1, Class 5A1, 4.065%, 4/25/33(A)(B)†† | 567,887 | ||
108,626 | Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34(A)(B)†† | 91,866 | ||
9,838,648 | Cascade Funding Mortgage Trust, Ser 2021-HB6, Class A, 144a, 0.898%, 6/25/36(A)(B) | 9,328,672 | ||
2,751,140 | CFMT LLC, Ser 2020-HB4, Class A, 144a, 0.946%, 12/26/30(A)(B) | 2,677,206 | ||
4,130,298 | CFMT LLC, Ser 2021-EBO1, Class A, 144a, 0.985%, 11/25/50(A)(B) | 3,905,440 | ||
4,691,814 | CFMT LLC, Ser 2021-HB7, Class A, 144a, 1.151%, 10/27/31(A)(B) | 4,400,086 | ||
1,289,986 | CIM Trust, Ser 2018-R3, Class A1, 144a, 5.000%, 12/25/57 | 1,264,545 | ||
5,111 | Community Program Loan Trust, Ser 1987-A, Class A5, 4.500%, 4/1/29 | 4,987 | ||
9,712,521 | CSMC Trust, Ser 2018-RPL9, Class A1, 144a, 3.850%, 9/25/57(A)(B) | 9,340,955 | ||
1,157,811 | GSR Mortgage Loan Trust, Ser 2003-13, Class 1A1, 4.121%, 10/25/33(A)(B) | 1,111,300 | ||
54,478 | JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 3.472%, 6/25/36(A)(B) | 39,125 | ||
2,606,285 | JP Morgan Mortgage Trust, Ser 2019-HYB1, Class A5A, 144a, 3.000%, 10/25/49(A)(B) | 2,371,782 | ||
35,310 | Merrill Lynch Mortgage Investors Trust, Ser 2004-1, Class 1A, 3.922%, 12/25/34(A)(B) | 32,499 | ||
15,281 | Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (12M LIBOR +1.625%), 7.316%, 12/25/32(A) | 14,174 | ||
656,332 | Mill City Mortgage Loan Trust, Ser 2018-2, Class A1, 144a, 3.500%, 5/25/58(A)(B) | 639,414 | ||
238,520 | RFMSI Trust, Ser 2007-SA1, Class 1A1, 3.082%, 2/25/37(A)(B) | 182,211 | ||
8,017,900 | RMF Proprietary Issuance Trust, Ser 2019-1, Class A, 144a, 2.750%, 10/25/63(A)(B) | 6,560,383 | ||
1,646,429 | Sequoia Mortgage Trust, Ser 2013-7, Class B2, 3.502%, 6/25/43(A)(B) | 1,542,591 | ||
75,625 | Sequoia Mortgage Trust, Ser 2018-CH4, Class A13, 144a, 4.500%, 10/25/48(A)(B) | 74,877 | ||
1,239,749 | Sequoia Mortgage Trust, Ser 2019-CH3, Class A13, 144a, 4.000%, 9/25/49(A)(B) | 1,164,460 | ||
6,608,878 | Starwood Mortgage Residential Trust, Ser 2020-3, Class A1, 144a, 1.486%, 4/25/65(A)(B) | 6,183,101 | ||
3,799,725 | Towd Point HE Trust, Ser 2021-HE1, Class A1, 144a, 0.918%, 2/25/63(A)(B) | 3,539,432 |
Principal Amount | Market Value | |||
Non-Agency Collateralized Mortgage Obligations — 12.3% (Continued) | ||||
$ 7,940,000 | Towd Point Mortgage Trust, Ser 2015-6, Class M1, 144a, 3.750%, 4/25/55(A)(B) | $ 7,729,609 | ||
5,844,440 | Towd Point Mortgage Trust, Ser 2021-SJ2, Class A1A, 144a, 2.250%, 12/25/61(A)(B) | 5,385,383 | ||
Total Non-Agency Collateralized Mortgage Obligations | $68,151,985 | |||
Commercial Paper — 5.5% | ||||
750,000 | Arizona Public Service, 5.002%, 4/3/23(D) | 749,686 | ||
9,200,000 | Dollar General Corp., 4.952%, 4/3/23(D) | 9,196,105 | ||
1,000,000 | Elevance Health, Inc., 5.002%, 4/3/23(D) | 999,548 | ||
2,800,000 | Leggett & Platt, Inc., 5.104%, 4/5/23(D) | 2,798,017 | ||
650,000 | Montana-Dakota Utilities, 5.302%, 4/3/23(D) | 649,726 | ||
15,635,000 | Pinnacle West Capital, 5.002%, 4/3/23(D) | 15,628,381 | ||
468,000 | Vulcan Materials Co., 5.159%, 4/12/23(D) | 467,087 | ||
Total Commercial Paper | $30,488,550 | |||
Municipal Bonds — 1.2% | ||||
Other Territory — 1.1% | ||||
840,000 | Taxable Municipal Funding Trust, Rev., 144a, 5.020%, 5/15/56(A)(B) | 840,000 | ||
2,449,000 | Taxable Municipal Funding Trust, Rev., 144a, 5.020%, 12/15/25(A)(B) | 2,449,000 | ||
2,400,000 | Taxable Municipal Funding Trust, Txbl Floaters Ser 2020 11, (LOC - Barclays Bank PLC), 144a, 5.020%, 9/1/30(A)(B) | 2,400,000 | ||
5,689,000 | ||||
California — 0.1% | ||||
670,000 | CA St Enterprise Dev Authority, Txbl Variable J Harris Indl Wt, (LOC - City National Bank), 144a, 5.240%, 9/1/41(A)(B) | 670,000 | ||
Total Municipal Bonds | $6,359,000 | |||
U.S. Government Agency Obligations — 1.0% | ||||
1,143 | Small Business Administration Participation Certificates, Ser 2003-20E, Class 1, 4.640%, 5/1/23 | 1,141 | ||
35,860 | Small Business Administration Pools, Pool #508374, (Prime Rate -2.500%), 5.000%, 4/25/28(A) | 35,352 | ||
4,171,000 | United States International Development Finance Corp., 4.950%, 7/5/38(A)(B) | 4,171,000 | ||
1,430,000 | United States International Development Finance Corp., 5.100%, 5/15/26(A)(B) | 1,430,000 | ||
Total U.S. Government Agency Obligations | $5,637,493 | |||
U.S. Government Mortgage-Backed Obligations — 0.8% | ||||
98,920 | FHLMC, Pool #1B7189, (12M LIBOR +2.470%), 4.634%, 3/1/36(A) | 97,577 | ||
93,954 | FHLMC, Pool #1H1354, (1 Year CMT Rate +2.250%), 4.336%, 11/1/36(A) | 96,375 | ||
30,170 | FHLMC, Pool #1J1813, (12M LIBOR +1.925%), 4.175%, 8/1/37(A) | 30,097 | ||
82,444 | FHLMC, Pool #1L0147, (1 Year CMT Rate +2.290%), 4.290%, 7/1/35(A) | 81,123 | ||
34,667 | FHLMC, Pool #1Q0080, (12M LIBOR +1.648%), 3.648%, 1/1/36(A) | 34,842 | ||
84,351 | FHLMC, Pool #1Q0119, (12M LIBOR +1.853%), 3.938%, 9/1/36(A) | 85,512 | ||
63,156 | FHLMC, Pool #1Q0187, (12M LIBOR +1.756%), 4.039%, 12/1/36(A) | 62,259 | ||
42,854 | FHLMC, Pool #1Q0339, (12M LIBOR +1.889%), 3.515%, 4/1/37(A) | 42,114 |
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 0.8% (Continued) | ||||
$ 65,204 | FHLMC, Pool #1Q1303, (1 Year CMT Rate +2.250%), 4.146%, 11/1/36(A) | $ 65,743 | ||
131,022 | FHLMC, Pool #781515, (1 Year CMT Rate +2.250%), 2.988%, 4/1/34(A) | 132,872 | ||
47,519 | FHLMC, Pool #782760, (1 Year CMT Rate +2.250%), 4.304%, 11/1/36(A) | 48,580 | ||
64,350 | FHLMC, Pool #847795, (1 Year CMT Rate +2.279%), 4.222%, 4/1/35(A) | 63,107 | ||
164,489 | FHLMC, Pool #848539, (1 Year CMT Rate +2.293%), 4.033%, 4/1/37(A) | 165,169 | ||
343,645 | FHLMC, Pool #848583, (1 Year CMT Rate +2.315%), 3.783%, 1/1/36(A) | 349,572 | ||
4,152 | FHLMC, Pool #A92646, 5.500%, 6/1/40 | 4,305 | ||
5,292 | FHLMC, Pool #C03505, 5.500%, 6/1/40 | 5,496 | ||
15,456 | FHLMC, Pool #G01840, 5.000%, 7/1/35 | 15,792 | ||
46,674 | FNMA, Pool #254868, 5.000%, 9/1/33 | 47,611 | ||
12,713 | FNMA, Pool #256272, 5.500%, 6/1/26 | 12,830 | ||
28,096 | FNMA, Pool #256852, 6.000%, 8/1/27 | 28,649 | ||
7,616 | FNMA, Pool #323832, 7.500%, 7/1/29 | 7,890 | ||
37 | FNMA, Pool #334593, 7.000%, 5/1/24 | 37 | ||
17,268 | FNMA, Pool #665773, 7.500%, 6/1/31 | 17,204 | ||
65,109 | FNMA, Pool #679742, (1 Year CMT Rate +2.584%), 3.312%, 1/1/40(A) | 63,534 | ||
56,729 | FNMA, Pool #725424, 5.500%, 4/1/34 | 57,659 | ||
201,034 | FNMA, Pool #725490, (12M LIBOR +1.597%), 3.153%, 4/1/34(A) | 196,727 | ||
8,833 | FNMA, Pool #735484, 5.000%, 5/1/35 | 9,016 | ||
49,490 | FNMA, Pool #813170, (12M LIBOR +1.575%), 4.023%, 1/1/35(A) | 48,799 | ||
187,578 | FNMA, Pool #815323, (6M LIBOR +1.532%), 5.343%, 1/1/35(A) | 187,632 | ||
53,175 | FNMA, Pool #820364, (12M LIBOR +0.827%), 2.202%, 4/1/35(A) | 51,868 | ||
58,057 | FNMA, Pool #827787, (6M LIBOR +1.550%), 4.827%, 5/1/35(A) | 58,580 | ||
33,712 | FNMA, Pool #889060, 6.000%, 1/1/38 | 36,071 | ||
34,254 | FNMA, Pool #889061, 6.000%, 1/1/38 | 35,943 | ||
2,166 | FNMA, Pool #889382, 5.500%, 4/1/38 | 2,247 | ||
69,677 | FNMA, Pool #922674, (12M LIBOR +1.905%), 3.815%, 4/1/36(A) | 70,641 | ||
20,276 | FNMA, Pool #960376, 5.500%, 12/1/37 | 21,034 | ||
20,719 | FNMA, Pool #995405, 5.500%, 10/1/23 | 20,660 | ||
3,573 | FNMA, Pool #AD0941, 5.500%, 4/1/40 | 3,721 | ||
24,998 | FNMA, Pool #AE0363, 5.000%, 7/1/37 | 25,514 | ||
29,597 | FNMA, Pool #AE5441, 5.000%, 10/1/40 | 30,138 | ||
24,482 | FNMA, Pool #AI6588, 4.000%, 7/1/26 | 24,327 | ||
39,165 | FNMA, Pool #AI8506, 4.000%, 8/1/26 | 38,916 | ||
41,850 | FNMA, Pool #AL0211, 5.000%, 4/1/41 | 42,716 | ||
236 | FNMA, Pool #AL0302, 5.000%, 4/1/24 | 237 | ||
220,647 | FNMA, Pool #AL0478, (12M LIBOR +1.764%), 3.755%, 4/1/36(A) | 223,156 | ||
94,197 | FNMA, Pool #AL0543, 5.000%, 7/1/41 | 96,150 | ||
40,319 | FNMA, Pool #AL1105, 4.500%, 12/1/40 | 40,506 | ||
10,036 | FNMA, Pool #AL2591, 5.500%, 5/1/38 | 10,068 | ||
203,685 | FNMA, Pool #AL5275, (6M LIBOR +1.508%), 3.546%, 9/1/37(A) | 203,815 | ||
577,554 | FNMA, Pool #AL7396, (6M LIBOR +1.528%), 4.727%, 2/1/37(A) | 581,126 | ||
1,956 | GNMA, Pool #345123, 8.000%, 12/15/23 | 1,952 | ||
145,211 | GNMA, Pool #80826, (1 Year CMT Rate +1.500%), 2.625%, 2/20/34(A) | 144,150 |
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 0.8% (Continued) | ||||
$ 63,177 | GNMA, Pool #80889, (1 Year CMT Rate +1.500%), 2.875%, 4/20/34(A) | $ 62,386 | ||
144,127 | GNMA, Pool #81016, (1 Year CMT Rate +1.500%), 2.625%, 8/20/34(A) | 141,645 | ||
150,833 | GNMA, Pool #82760, (1 Year CMT Rate +1.500%), 2.625%, 3/20/41(A) | 150,361 | ||
21,945 | GNMA, Pool #MA2392, (1 Year CMT Rate +1.500%), 2.750%, 11/20/44(A) | 21,522 | ||
204,750 | GNMA, Pool #MA2466, (1 Year CMT Rate +1.500%), 2.750%, 12/20/44(A) | 200,765 | ||
Total U.S. Government Mortgage-Backed Obligations | $4,398,338 | |||
Agency Collateralized Mortgage Obligations — 0.4% | ||||
132,282,985 | FHLMC Multifamily Structured Pass Through Certificates, Ser K038, Class X1, 1.076%, 3/25/24(A)(B)(C) | 936,392 | ||
59,627,188 | FHLMC Multifamily Structured Pass Through Certificates, Ser K040, Class X1, 0.694%, 9/25/24(A)(B)(C) | 467,030 | ||
124,079 | FHLMC REMIC, Ser 2770, Class FH, (1M LIBOR +0.400%), 5.084%, 3/15/34(A) | 122,995 | ||
514,393 | FHLMC REMIC, Ser 4238, Class TL, 1.250%, 8/15/27 | 481,792 | ||
24,388 | FNMA REMIC, Ser 2003-33, Class AM, 4.250%, 5/25/33 | 23,794 | ||
14,341 | FNMA REMIC, Ser 2003-42, Class CA, 4.000%, 5/25/33 | 14,105 | ||
88,557 | FNMA REMIC, Ser 2003-81, Class FE, (1M LIBOR +0.500%), 5.345%, 9/25/33(A) | 88,127 | ||
172,736 | FNMA REMIC, Ser 2009-32, Class BH, 5.250%, 5/25/39 | 169,190 | ||
19 | FNMA REMIC, Ser 2011-15, Class HC, 2.500%, 3/25/26 | 18 | ||
29,355 | FNMA REMIC, Ser 2012-102, Class NA, 1.500%, 9/25/27 | 27,868 | ||
33,830 | GNMA, Ser 2002-72, Class AB, 4.500%, 10/20/32 | 33,729 | ||
11,114 | GNMA, Ser 2011-57, Class BA, 3.000%, 5/20/40 | 10,833 | ||
Total Agency Collateralized Mortgage Obligations | $2,375,873 |
Shares | ||||
Short-Term Investment Fund — 0.0% | ||||
194,451 | Dreyfus Government Cash Management, Institutional Shares, 4.71%∞Ω | 194,451 | ||
Total Investment Securities—101.9% (Cost $579,555,349) | $565,000,341 | |||
Liabilities in Excess of Other Assets — (1.9%) | (10,459,432) | |||
Net Assets — 100.0% | $554,540,909 |
(A) | Variable rate security - Rate reflected is the rate in effect as of March 31, 2023. |
(B) | 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. |
(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) | Rate reflects yield at the time of purchase. |
†† | The issuers and/or sponsors of certain mortgage-backed securities may no longer exist; however, the securities held by the Fund are separate legal entities organized as trusts and publicly traded. The Fund receives principal and interest payments directly from these trusts. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2023. |
Portfolio Abbreviations: |
ABS – Asset-Backed Security |
ARM – Adjustable Rate Mortgage |
CLO – Collateralized Loan Obligation |
CMT – Constant Maturity Treasury |
FHLMC – Federal Home Loan Mortgage Corporation |
FNMA – Federal National Mortgage Association |
GNMA – Government National Mortgage Association |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LOC – Letter of Credit |
LP – Limited Partnership |
MTN – Medium Term Note |
PLC – Public Limited Company |
REMIC – Real Estate Mortgage Investment Conduit |
SOFR30A – Secured Overnight Financing Rate 30 Day Average |
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 March 31, 2023, these securities were valued at $428,219,293 or 77.2% 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 |
Asset-Backed Securities | $— | $222,375,358 | $— | $222,375,358 |
Commercial Mortgage-Backed Securities | — | 115,910,945 | — | 115,910,945 |
Corporate Bonds | — | 109,108,348 | — | 109,108,348 |
Non-Agency Collateralized Mortgage Obligations | — | 68,151,985 | — | 68,151,985 |
Commercial Paper | — | 30,488,550 | — | 30,488,550 |
Municipal Bonds | — | 6,359,000 | — | 6,359,000 |
U.S. Government Agency Obligations | — | 5,637,493 | — | 5,637,493 |
U.S. Government Mortgage-Backed Obligations | — | 4,398,338 | — | 4,398,338 |
Agency Collateralized Mortgage Obligations | — | 2,375,873 | — | 2,375,873 |
Short-Term Investment Fund | 194,451 | — | — | 194,451 |
Total | $194,451 | $564,805,890 | $— | $565,000,341 |
Touchstone Active Bond Fund | Touchstone Ares Credit Opportunities Fund | Touchstone Dividend Equity Fund | Touchstone High Yield Fund | Touchstone Impact Bond Fund | Touchstone International ESG Equity Fund | |
Assets | ||||||
Investments, at cost | $274,359,488 | $306,079,393 | $2,714,903,570 | $113,751,730 | $568,798,313 | $33,795,073 |
Investments, at market value * | $251,191,777 | $275,672,607 | $2,702,343,169 | $104,948,748 | $517,672,147 | $37,887,709 |
Cash | — | 1,905,803 | — | — | 991 | — |
Cash deposits held at prime broker (A) | 1,050,485 | 1,558,415 | — | — | — | — |
Foreign currency † | 114 | 400,442 | — | — | — | 175 |
Dividends and interest receivable | 2,045,681 | 3,899,063 | 3,049,375 | 1,700,923 | 4,003,028 | 158,330 |
Loan receivable from affiliates(B) | — | — | — | — | — | — |
Receivable for capital shares sold | 1,363,990 | 531,065 | 690,214 | 19,600 | 1,687,821 | 58,601 |
Receivable for investments sold | 247 | 3,849,831 | 14,322,550 | 365,773 | — | — |
Receivable for securities lending income | 493 | 8,887 | 76,910 | 2,864 | — | 2,292 |
Tax reclaim receivable | 6,838 | 2,301 | 107,039 | 5,697 | — | 58,150 |
Other assets | 25,360 | 37,040 | 60,843 | 14,974 | 35,831 | 16,872 |
Total Assets | 255,684,985 | 287,865,454 | 2,720,650,100 | 107,058,579 | 523,399,818 | 38,182,129 |
Liabilities | ||||||
Due to custodian | 46,483 | — | — | — | — | — |
Written options, at market value ‡ | — | 2,400 | — | — | — | — |
Unrealized depreciation on forward foreign currency contracts | — | 127,530 | — | — | — | — |
Dividends payable | — | — | 546 | — | — | — |
Securities sold short** | — | 1,242,613 | — | — | — | — |
Dividend and interest payable on securities sold short | — | 35,828 | — | — | — | — |
Payable for return of collateral for securities on loan | 705,219 | 3,895,185 | — | 2,043,580 | — | 1,912,935 |
Loan payable to affiliates(B) | — | — | 2,751,888 | — | — | — |
Payable for capital shares redeemed | 858,769 | 1,403,865 | 4,779,130 | 20,465 | 878,793 | 94,354 |
Payable for investments purchased | 174,243 | 3,653,653 | — | — | — | 1,027,452 |
Payable to Investment Adviser | 64,119 | 125,774 | 1,178,354 | 34,581 | 95,136 | 3,216 |
Payable to other affiliates | 43,667 | 47,032 | 930,485 | 12,721 | 61,244 | 4,022 |
Payable to Trustees | 12,847 | 12,847 | 12,847 | 12,847 | 12,847 | 12,847 |
Payable for professional services | 28,371 | 36,248 | 75,491 | 22,622 | 29,284 | 25,051 |
Payable for reports to shareholders | 8,088 | 11,542 | 104,607 | 3,720 | 6,727 | 3,945 |
Payable for transfer agent services | 128,713 | 144,308 | 1,288,700 | 26,559 | 141,202 | 18,096 |
Payable for variation margin on futures contracts | 20,391 | — | — | — | — | — |
Payable for variation margin on swap agreements | 120,554 | 53,569 | — | — | — | — |
Other accrued expenses and liabilities | 30,226 | 43,727 | 10,038 | 8,325 | 7,248 | 1,239 |
Total Liabilities | 2,241,690 | 10,836,121 | 11,132,086 | 2,185,420 | 1,232,481 | 3,103,157 |
Net Assets | $253,443,295 | $277,029,333 | $2,709,518,014 | $104,873,159 | $522,167,337 | $35,078,972 |
Net assets consist of: | ||||||
Par value | 270,501 | 313,850 | 1,674,713 | 143,233 | 575,301 | 47,795 |
Paid-in capital | 392,273,255 | 378,115,288 | 2,692,970,161 | 133,691,935 | 582,501,780 | 34,206,222 |
Distributable earnings (deficit) | (139,100,461) | (101,399,805) | 14,873,140 | (28,962,009) | (60,909,744) | 824,955 |
Net Assets | $253,443,295 | $277,029,333 | $2,709,518,014 | $104,873,159 | $522,167,337 | $35,078,972 |
*Includes market value of securities on loan of: | $686,956 | $3,883,085 | $— | $1,973,945 | $— | $1,666,705 |
†Cost of foreign currency: | $123 | $392,467 | $— | $— | $— | $178 |
‡Premiums received from written options: | $— | $9,400 | $— | $— | $— | $— |
**Proceeds received for securities sold short: | $— | $1,303,823 | $— | $— | $— | $— |
(A) | Represents segregated cash for futures contracts, swap agreements and/or securities sold short. |
(B) | See Note 5 in Notes to Financial Statements. |
Touchstone Mid Cap Fund | Touchstone Mid Cap Value Fund | Touchstone Sands Capital Select Growth Fund | Touchstone Small Cap Fund | Touchstone Small Cap Value Fund | Touchstone Ultra Short Duration Fixed Income Fund |
$3,850,431,693 | $625,417,778 | $1,928,960,860 | $97,863,656 | $113,908,427 | $579,555,349 |
$4,446,787,612 | $794,471,015 | $2,379,266,821 | $117,893,091 | $125,626,217 | $565,000,341 |
— | — | 3 | 114 | — | 960 |
— | — | — | — | — | — |
— | — | — | — | — | — |
2,469,977 | 1,064,796 | 253,620 | 114,160 | 159,268 | 2,474,036 |
2,751,888 | — | — | — | — | �� |
14,204,377 | 758,822 | 1,352,236 | 289,721 | 370,279 | 891,519 |
— | 1,847,830 | 11,430,812 | — | 2,791,731 | 14,715 |
291 | — | — | 200 | — | — |
— | — | — | — | — | 2,611 |
144,274 | 44,564 | 63,103 | 26,337 | 34,424 | 92,803 |
4,466,358,419 | 798,187,027 | 2,392,366,595 | 118,323,623 | 128,981,919 | 568,476,985 |
— | — | — | — | 294,975 | — |
— | — | — | — | — | — |
— | — | — | — | — | — |
— | — | — | — | — | 208,884 |
— | — | — | — | — | — |
— | — | — | — | — | — |
— | — | — | — | — | — |
— | — | — | — | — | — |
16,354,945 | 1,421,709 | 2,584,070 | 173,614 | 161,128 | 13,234,672 |
— | 1,997,066 | 13,992,490 | — | 1,757,278 | — |
2,446,345 | 394,318 | 1,152,456 | 59,564 | 75,026 | 94,301 |
621,715 | 95,985 | 470,960 | 14,055 | 17,975 | 112,789 |
12,847 | 12,847 | 12,847 | 12,847 | 12,847 | 12,847 |
100,692 | 30,753 | 61,905 | 17,429 | 18,919 | 35,113 |
143,009 | 53,995 | 78,514 | 5,164 | 1,047 | 12,526 |
1,934,594 | 554,704 | 885,541 | 34,589 | 33,205 | 216,311 |
— | — | — | — | — | — |
— | — | — | — | — | — |
30,318 | 14,810 | 63,761 | 1,711 | 13,283 | 8,633 |
21,644,465 | 4,576,187 | 19,302,544 | 318,973 | 2,385,683 | 13,936,076 |
$4,444,713,954 | $793,610,840 | $2,373,064,051 | $118,004,650 | $126,596,236 | $554,540,909 |
1,014,694 | 382,535 | 2,180,989 | 90,744 | 39,664 | 615,783 |
3,795,704,175 | 633,709,433 | 2,401,417,379 | 94,838,289 | 123,283,627 | 679,885,697 |
647,995,085 | 159,518,872 | (30,534,317) | 23,075,617 | 3,272,945 | (125,960,571) |
$4,444,713,954 | $793,610,840 | $2,373,064,051 | $118,004,650 | $126,596,236 | $554,540,909 |
$— | $— | $— | $— | $— | $— |
$— | $— | $— | $— | $— | $— |
$— | $— | $— | $— | $— | $— |
$— | $— | $— | $— | $— | $— |
Touchstone Active Bond Fund | Touchstone Ares Credit Opportunities Fund | Touchstone Dividend Equity Fund | Touchstone High Yield Fund | Touchstone Impact Bond Fund | Touchstone International ESG Equity Fund | |
Pricing of Class A Shares | ||||||
Net assets applicable to Class A shares | $132,832,087 | $113,571,914 | $1,496,545,427 | $11,915,473 | $11,597,033 | $7,831,724 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | 14,150,287 | 12,943,394 | 92,326,026 | 1,672,635 | 1,279,463 | 1,067,737 |
Net asset value price per share* | $9.39 | $8.77 | $16.21 | $7.12 | $9.06 | $7.33 |
Maximum sales charge - Class A shares | 3.25% | 3.25% | 5.00% | 3.25% | 3.25% | 5.00% |
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares | $9.71 | $9.06 | $17.06 | $7.36 | $9.36 | $7.72 |
Pricing of Class C Shares | ||||||
Net assets applicable to Class C shares | $4,002,572 | $18,192,673 | $438,770,952 | $742,116 | $1,674,554 | $975,240 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | 467,893 | 2,149,391 | 27,293,883 | 104,577 | 184,861 | 130,976 |
Net asset value and offering price per share** | $8.55 | $8.46 | $16.08 | $7.10 | $9.06 | $7.45 |
Pricing of Class S Shares | ||||||
Net assets applicable to Class S shares | $— | $— | $— | $— | $— | $— |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | — | — | — | — | — | — |
Net asset value, offering price and redemption price per share | $— | $— | $— | $— | $— | $— |
Pricing of Class Y Shares | ||||||
Net assets applicable to Class Y shares | $51,288,440 | $141,339,986 | $771,370,578 | $24,055,825 | $238,581,181 | $14,720,184 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | 5,467,664 | 15,855,116 | 47,676,337 | 3,271,640 | 26,284,159 | 2,004,830 |
Net asset value, offering price and redemption price per share | $9.38 | $8.91 | $16.18 | $7.35 | $9.08 | $7.34 |
Pricing of Class Z Shares | ||||||
Net assets applicable to Class Z shares | $— | $— | $— | $— | $— | $— |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | — | — | — | — | — | — |
Net asset value, offering price and redemption price per share | $— | $— | $— | $— | $— | $— |
Pricing of Institutional Class Shares | ||||||
Net assets applicable to Institutional Class shares | $65,320,196 | $3,924,760 | $1,392,339 | $68,159,745 | $250,288,283 | $11,551,824 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | 6,964,236 | 437,136 | 86,111 | 9,274,426 | 27,574,868 | 1,575,961 |
Net asset value, offering price and redemption price per share | $9.38 | $8.98 | $16.17 | $7.35 | $9.08 | $7.33 |
Pricing of Class R6 Shares | ||||||
Net assets applicable to Class R6 shares | $— | $— | $1,438,718 | $— | $20,026,286 | $— |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | — | — | 88,948 | — | 2,206,701 | — |
Net asset value, offering price and redemption price per share | $— | $— | $16.17 | $— | $9.08 | $— |
* | There is no sales load on subscriptions of $1 million or more for all funds except for Active Bond Fund, Ares Credit Opportunities Fund, High Yield Fund, Impact Bond Fund and Ultra Short Duration Fixed Income Fund. There is no sales load on subscriptions of $500,000 or more for Active Bond Fund, Ares Credit Opportunities Fund, High Yield Fund, Impact Bond Fund and Ultra Short Duration Fixed Income Fund. Redemptions that were part of a $500,000 or $1million 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. |
^ | The Shares of beneficial interest outstanding and Net asset value and offering price per share were updated to reflect the effect of a 1 for 0.796098 reverse stock split for Class C shares on October 14, 2022 (See Note 10 in the Notes to Financial Statements). |
Touchstone Mid Cap Fund | Touchstone Mid Cap Value Fund | Touchstone Sands Capital Select Growth Fund^ | Touchstone Small Cap Fund | Touchstone Small Cap Value Fund | Touchstone Ultra Short Duration Fixed Income Fund |
$120,503,094 | $15,957,649 | $347,178,325 | $4,420,255 | $22,893,777 | $76,521,635 |
2,800,240 | 776,591 | 35,038,959 | 346,439 | 721,231 | 8,498,548 |
$43.03 | $20.55 | $9.91 | $12.76 | $31.74 | $9.00 |
5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 2.00% |
$45.29 | $21.63 | $10.43 | $13.43 | $33.41 | $9.18 |
$67,902,581 | $4,039,582 | $20,385,514 | $253,400 | $273,427 | $3,743,619 |
1,722,924 | 205,519 | 2,064,612 | 22,577 | 9,092 | 415,417 |
$39.41 | $19.66 | $9.87 | $11.22 | $30.07 | $9.01 |
$— | $— | $— | $— | $— | $38,063,535 |
— | — | — | — | — | 4,225,406 |
$— | $— | $— | $— | $— | $9.01 |
$3,116,252,530 | $395,750,432 | $627,821,543 | $75,290,866 | $37,434,982 | $224,489,785 |
71,049,516 | 19,127,992 | 56,193,181 | 5,776,186 | 1,172,920 | 24,917,828 |
$43.86 | $20.69 | $11.17 | $13.03 | $31.92 | $9.01 |
$39,119,423 | $— | $209,694,201 | $— | $— | $44,656,499 |
915,957 | — | 21,140,019 | — | — | 4,958,092 |
$42.71 | $— | $9.92 | $— | $— | $9.01 |
$445,829,892 | $377,863,177 | $840,632,838 | $38,040,129 | $65,994,050 | $167,065,836 |
10,122,889 | 18,143,413 | 75,083,457 | 2,929,177 | 2,063,190 | 18,562,968 |
$44.04 | $20.83 | $11.20 | $12.99 | $31.99 | $9.00 |
$655,106,434 | $— | $327,351,630 | $— | $— | $— |
14,857,834 | — | 29,215,368 | — | — | — |
$44.09 | $— | $11.20 | $— | $— | $— |
Touchstone Active Bond Fund | Touchstone Ares Credit Opportunities Fund | Touchstone Dividend Equity Fund | Touchstone High Yield Fund | |
Investment Income | ||||
Dividends* | $87,097 | $— | $40,324,357 | $159,507 |
Interest** | 5,462,000 | 11,250,935 | — | 3,248,069 |
Income from securities loaned | 660 | 60,942 | 77,378 | 15,499 |
Total Investment Income | 5,549,757 | 11,311,877 | 40,401,735 | 3,423,075 |
Expenses | ||||
Investment advisory fees | 461,023 | 823,407 | 7,322,140 | 285,300 |
Administration fees | 176,384 | 190,459 | 1,963,159 | 72,272 |
Compliance fees and expenses | 1,695 | 1,695 | 1,695 | 1,695 |
Custody fees | 21,099 | 26,830 | 16,910 | 18,624 |
Professional fees | 19,433 | 30,667 | 48,859 | 15,333 |
Transfer Agent fees, Class A | 71,158 | 54,181 | 647,179 | 8,328 |
Transfer Agent fees, Class C | 2,764 | 8,197 | 232,295 | 412 |
Transfer Agent fees, Class S | — | — | — | — |
Transfer Agent fees, Class Y | 27,974 | 63,937 | 333,927 | 13,170 |
Transfer Agent fees, Class Z | — | — | — | — |
Transfer Agent fees, Institutional Class | 4,592 | 229 | 328 | 235 |
Transfer Agent fees, Class R6 | — | — | 18 | — |
Registration fees, Class A | 9,568 | 9,680 | 17,513 | 5,716 |
Registration fees, Class C | 6,112 | 6,710 | 9,700 | 3,339 |
Registration fees, Class S | — | — | — | — |
Registration fees, Class Y | 7,196 | 21,472 | 10,604 | 6,092 |
Registration fees, Class Z | — | — | — | — |
Registration fees, Institutional Class | 6,091 | 2,721 | 2,062 | 6,502 |
Registration fees, Class R6 | — | — | 3,783 | — |
Interest expense on securities sold short | — | 62,712 | — | — |
Reports to Shareholders, Class A | 5,243 | 4,893 | 46,760 | 1,501 |
Reports to Shareholders, Class C | 1,234 | 1,539 | 24,647 | 990 |
Reports to Shareholders, Class S | — | — | — | — |
Reports to Shareholders, Class Y | 2,327 | 5,792 | 26,846 | 1,341 |
Reports to Shareholders, Class Z | — | — | — | — |
Reports to Shareholders, Institutional Class | 1,332 | 1,009 | 951 | 1,020 |
Reports to Shareholders, Class R6 | — | — | 928 | — |
Shareholder servicing fees, Class Z | — | — | — | — |
Distribution and shareholder servicing expenses, Class A | 167,379 | 144,353 | 1,910,368 | 15,375 |
Distribution and shareholder servicing expenses, Class C | 20,854 | 90,347 | 2,412,049 | 3,699 |
Distribution expenses, Class S | — | — | — | — |
Trustee fees | 12,974 | 12,974 | 12,974 | 12,974 |
Other expenses | 54,573 | 40,095 | 257,625 | 21,073 |
Total Expenses | 1,081,005 | 1,603,899 | 15,303,320 | 494,991 |
Fees waived and/or reimbursed by the Adviser and/or Affiliates(A) | (180,308) | (233,815) | (419,851) | (86,433) |
Net Expenses | 900,697 | 1,370,084 | 14,883,469 | 408,558 |
Net Investment Income (Loss) | 4,649,060 | 9,941,793 | 25,518,266 | 3,014,517 |
Realized and Unrealized Gains (Losses) on Investments | ||||
Net realized gains (losses) on investments(B) | (8,434,091) | (6,525,461) | 20,905,473 | (4,312,954) |
Net realized gains on securities sold short | — | 625,685 | — | — |
Net realized losses on written options | — | (5,206) | — | — |
Net realized gains on futures contracts | 366,563 | — | — | — |
Net realized gains (losses) on swap agreements | (86,053) | 100,991 | — | — |
Net realized losses on forward foreign currency contracts | — | (437,860) | — | — |
Net realized gains on foreign currency transactions | — | 15,178 | — | — |
Net change in unrealized appreciation (depreciation) on investments | 18,483,681 | 10,720,133 | 350,240,366 | 9,664,694 |
Net change in unrealized appreciation (depreciation) on securities sold short | — | (136,682) | — | — |
Net change in unrealized appreciation (depreciation) on written options | — | 7,000 | — | — |
Net change in unrealized appreciation (depreciation) on futures contracts | (98,948) | — | — | — |
Net change in unrealized appreciation (depreciation) on swap agreements | 101,425 | (10,694) | — | — |
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | — | 5,937 | — | — |
Net change in unrealized appreciation (depreciation) on foreign currency transactions | (3) | 110,954 | — | — |
Net Realized and Unrealized Gains (Losses) on Investments | 10,332,574 | 4,469,975 | 371,145,839 | 5,351,740 |
Change in Net Assets Resulting from Operations | $14,981,634 | $14,411,768 | $396,664,105 | $8,366,257 |
*Net of foreign tax withholding of: | $— | $— | $— | $— |
**Net of foreign tax withholding of: | $2,721 | $4,777 | $— | $— |
(A) | See Note 4 in Notes to Financial Statements. |
(B) | Net realized gains (losses) on investments includes the realized gains (losses) of $(3,435,015), $35,573,075, $933,094, $95,878,484, $663,829 and $1,135,735 for the Dividend Equity Fund, Mid Cap Fund, Mid Cap Value Fund, Sands Capital Select Growth Fund, Small Cap Fund and Small Cap Value Fund, respectively, for redemption-in-kind activity, which will not be realized by the Fund for tax purposes. |
Touchstone Impact Bond Fund | Touchstone International ESG Equity Fund | Touchstone Mid Cap Fund | Touchstone Mid Cap Value Fund | Touchstone Sands Capital Select Growth Fund | Touchstone Small Cap Fund | Touchstone Small Cap Value Fund | Touchstone Ultra Short Duration Fixed Income Fund |
$— | $424,598 | $27,376,645 | $8,253,655 | $3,823,489 | $686,618 | $987,048 | $45,240 |
8,656,413 | — | 19,880 | — | 757 | — | — | 12,859,093 |
— | 2,725 | 291 | 140 | 28 | 823 | 218 | — |
8,656,413 | 427,323 | 27,396,816 | 8,253,795 | 3,824,274 | 687,441 | 987,266 | 12,904,333 |
637,435 | 97,986 | 14,308,312 | 3,019,018 | 7,347,107 | 445,383 | 485,347 | 839,217 |
347,040 | 20,921 | 3,020,938 | 558,620 | 1,570,795 | 72,705 | 79,185 | 465,917 |
1,695 | 1,695 | 1,695 | 1,695 | 1,695 | 1,695 | 1,695 | 1,695 |
8,319 | 8,867 | 32,125 | 8,112 | 16,558 | 3,090 | 4,426 | 49,841 |
20,434 | 18,342 | 65,813 | 21,752 | 44,301 | 12,442 | 13,451 | 23,846 |
6,738 | 4,224 | 87,466 | 9,198 | 192,113 | 3,228 | 9,523 | 42,882 |
666 | 681 | 31,416 | 1,777 | 14,544 | 189 | 249 | 1,259 |
— | — | — | — | — | — | — | 10,754 |
86,199 | 9,695 | 1,648,588 | 474,634 | 283,140 | 28,325 | 15,719 | 88,332 |
— | — | 27,724 | — | 155,579 | — | — | 21,469 |
55,615 | 14 | 116,496 | 65,074 | 209,687 | 3,396 | 4,204 | 34,850 |
10 | — | 188 | — | 83 | — | — | — |
7,710 | 7,332 | 9,174 | 6,383 | 12,444 | 5,628 | 7,473 | 8,838 |
4,342 | 4,087 | 7,497 | 4,861 | 7,925 | 3,655 | 3,239 | 4,539 |
— | — | — | — | — | — | — | 6,357 |
13,855 | 9,109 | 50,912 | 14,246 | 24,532 | 10,345 | 9,882 | 17,506 |
— | — | 7,423 | — | 9,220 | — | — | 7,542 |
9,749 | 626 | 12,466 | 14,806 | 26,433 | 6,316 | 8,293 | 10,876 |
2,066 | — | 5,505 | — | 18,025 | — | — | — |
— | — | — | — | — | — | — | — |
1,373 | 1,287 | 4,232 | 1,990 | 14,227 | 1,207 | 1,922 | 2,354 |
972 | 1,038 | 3,706 | 1,101 | 2,475 | 981 | 986 | 974 |
— | — | — | — | — | — | — | 1,804 |
4,175 | 1,645 | 130,488 | 37,326 | 31,606 | 3,536 | 2,066 | 5,513 |
— | — | 2,547 | — | 9,092 | — | — | 2,845 |
2,131 | 958 | 7,360 | 17,094 | 16,021 | 1,060 | 1,494 | 1,241 |
926 | — | 5,612 | — | 3,587 | — | — | — |
— | — | 49,096 | — | 249,811 | — | — | 58,875 |
14,242 | 9,305 | 147,133 | 19,112 | 409,899 | 5,408 | 29,222 | 148,873 |
7,693 | 5,581 | 341,129 | 21,511 | 100,668 | 1,008 | 1,485 | 15,956 |
— | — | — | — | — | — | — | 99,516 |
12,974 | 12,974 | 12,974 | 12,974 | 12,974 | 12,974 | 12,974 | 12,974 |
24,214 | 12,870 | 358,582 | 40,903 | 637,510 | 15,187 | 24,545 | 40,137 |
1,270,573 | 229,237 | 20,496,597 | 4,352,187 | 11,422,051 | 637,758 | 717,380 | 2,026,782 |
(103,717) | (77,980) | (74,011) | (643,533) | (768,318) | (122,347) | (70,007) | (278,178) |
1,166,856 | 151,257 | 20,422,586 | 3,708,654 | 10,653,733 | 515,411 | 647,373 | 1,748,604 |
7,489,557 | 276,066 | 6,974,230 | 4,545,141 | (6,829,459) | 172,030 | 339,893 | 11,155,729 |
(985,797) | (2,196,575) | 108,016,614 | 582,581 | 128,724,590 | 3,491,108 | (160,450) | (471,805) |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | 5,658 | — | — | — | — | — | — |
14,090,688 | 8,846,864 | 387,508,654 | 59,023,638 | 279,989,387 | 12,731,434 | 3,782,317 | 1,337,827 |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
(1) | 2,620 | — | — | — | — | — | — |
13,104,890 | 6,658,567 | 495,525,268 | 59,606,219 | 408,713,977 | 16,222,542 | 3,621,867 | 866,022 |
$20,594,447 | $6,934,633 | $502,499,498 | $64,151,360 | $401,884,518 | $16,394,572 | $3,961,760 | $12,021,751 |
$— | $73,971 | $— | $— | $— | $— | $— | $— |
$— | $— | $— | $— | $— | $— | $— | $— |
Touchstone Active Bond Fund | Touchstone Ares Credit Opportunities Fund | Touchstone Dividend Equity Fund | ||||
For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | |
From Operations | ||||||
Net investment income | $4,649,060 | $7,877,820 | $9,941,793 | $14,650,196 | $25,518,266 | $53,646,220 |
Net realized gains (losses) on investments, securities sold short, written options, futures contracts, swap agreements, forward foreign currency contracts and foreign currency transactions | (8,153,581) | (15,153,603) | (6,226,673) | (6,369,406) | 20,905,473 | 129,178,514 |
Net change in unrealized appreciation (depreciation) on investments, securities sold short, written options, futures contracts, swap agreements, forward foreign currency contracts and foreign currency transactions | 18,486,155 | (50,644,803) | 10,696,648 | (42,262,705) | 350,240,366 | (443,882,482) |
Change in Net Assets from Operations | 14,981,634 | (57,920,586) | 14,411,768 | (33,981,915) | 396,664,105 | (261,057,748) |
Distributions to Shareholders: | ||||||
Distributed earnings, Class A | (2,552,282) | (4,486,138) | (4,357,422) | (10,184,185) | (65,114,258) | (60,517,485) |
Distributed earnings, Class C | (71,795) | (155,959) | (677,592) | (1,894,704) | (19,065,112) | (20,012,156) |
Distributed earnings, Class Y | (1,076,300) | (2,209,120) | (5,300,359) | (10,225,969) | (35,631,042) | (39,811,139) |
Distributed earnings, Class Z | — | — | — | — | — | — |
Distributed earnings, Institutional Class | (1,314,626) | (2,857,397) | (109,181) | (296,585) | (133,479) | (26,606) |
Distributed earnings, Class R6 | — | — | — | — | (73,807) | (18,155) |
Return of capital, Class A | — | — | — | (208,087) | — | — |
Return of capital, Class C | — | — | — | (38,713) | — | — |
Return of capital, Class Y | — | — | — | (208,942) | — | — |
Return of capital, Institutional Class | — | — | — | (6,060) | — | — |
Total Distributions | (5,015,003) | (9,708,614) | (10,444,554) | (23,063,245) | (120,017,698) | (120,385,541) |
Change in Net Assets from Share Transactions(A) | (20,592,435) | (56,833,680) | 1,972,555 | 50,868,017 | (211,841,873) | (680,140,322) |
Total Increase (Decrease) in Net Assets | (10,625,804) | (124,462,880) | 5,939,769 | (6,177,143) | 64,804,534 | (1,061,583,611) |
Net Assets | ||||||
Beginning of period | 264,069,099 | 388,531,979 | 271,089,564 | 277,266,707 | 2,644,713,480 | 3,706,297,091 |
End of period | $253,443,295 | $264,069,099 | $277,029,333 | $271,089,564 | $2,709,518,014 | $2,644,713,480 |
(A) | For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity. |
Touchstone High Yield Fund | Touchstone Impact Bond Fund | Touchstone International ESG Equity Fund | Touchstone Mid Cap Fund | ||||
For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 |
$3,014,517 | $5,441,675 | $7,489,557 | $9,442,187 | $276,066 | $744,534 | $6,974,230 | $7,967,043 |
(4,312,954) | (2,307,010) | (985,797) | (1,804,552) | (2,190,917) | (1,296,139) | 108,016,614 | 210,920,205 |
9,664,694 | (21,160,954) | 14,090,687 | (78,265,538) | 8,849,484 | (11,946,812) | 387,508,654 | (859,804,305) |
8,366,257 | (18,026,289) | 20,594,447 | (70,627,903) | 6,934,633 | (12,498,417) | 502,499,498 | (640,917,057) |
(351,810) | (635,363) | (175,839) | (308,245) | (165,048) | (698,433) | (1,555,315) | (4,115,987) |
(18,815) | (35,370) | (17,612) | (19,672) | — | (136,481) | (876,818) | (2,578,283) |
(686,851) | (1,361,171) | (3,797,427) | (4,857,585) | (393,842) | (1,412,733) | (41,788,857) | (94,122,984) |
— | — | — | — | — | — | (529,661) | (1,548,497) |
(2,005,320) | (3,489,266) | (4,303,873) | (5,592,885) | (163,206) | (251) | (6,240,039) | (17,280,598) |
— | — | (150,480) | (54) | — | — | (9,120,342) | (18,048,845) |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
(3,062,796) | (5,521,170) | (8,445,231) | (10,778,441) | (722,096) | (2,247,898) | (60,111,032) | (137,695,194) |
(3,024,535) | (13,278,170) | 27,465,373 | 128,133,121 | 711,669 | 9,517,569 | (4,965,993) | (44,043,632) |
2,278,926 | (36,825,629) | 39,614,589 | 46,726,777 | 6,924,206 | (5,228,746) | 437,422,473 | (822,655,883) |
102,594,233 | 139,419,862 | 482,552,748 | 435,825,971 | 28,154,766 | 33,383,512 | 4,007,291,481 | 4,829,947,364 |
$104,873,159 | $102,594,233 | $522,167,337 | $482,552,748 | $35,078,972 | $28,154,766 | $4,444,713,954 | $4,007,291,481 |
Touchstone Mid Cap Value Fund | Touchstone Sands Capital Select Growth Fund | Touchstone Small Cap Fund | ||||
For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | |
From Operations | ||||||
Net investment income (loss) | $4,545,141 | $8,047,452 | $(6,829,459) | $(32,342,865) | $172,030 | $202,298 |
Net realized gains (losses) on investments | 582,581 | 46,743,638 | 128,724,590 | (272,720,741) | 3,491,108 | 4,588,403 |
Net change in unrealized appreciation (depreciation) on investments | 59,023,638 | (127,460,280) | 279,989,387 | (2,963,008,595) | 12,731,434 | (15,184,808) |
Change in Net Assets from Operations | 64,151,360 | (72,669,190) | 401,884,518 | (3,268,072,201) | 16,394,572 | (10,394,107) |
Distributions to Shareholders: | ||||||
Distributed earnings, Class A | (815,662) | (1,024,882) | — | (87,728,652) | (78,224) | (678,527) |
Distributed earnings, Class C | (235,497) | (262,128) | — | (8,735,300) | (3,981) | (28,748) |
Distributed earnings, Class S | — | — | — | — | — | — |
Distributed earnings, Class Y | (21,489,426) | (29,429,809) | — | (165,283,847) | (1,085,775) | (6,589,242) |
Distributed earnings, Class Z | — | — | — | (59,112,671) | — | — |
Distributed earnings, Institutional Class | (20,979,995) | (34,105,495) | — | (241,831,240) | (672,297) | (4,725,275) |
Distributed earnings, Class R6 | — | — | — | (49,261,002) | — | — |
Return of capital, Class A | — | — | — | — | — | — |
Return of capital, Class C | — | — | — | — | — | — |
Return of capital, Class Y | — | — | — | — | — | — |
Return of capital, Institutional Class | — | — | — | — | — | — |
Total Distributions | (43,520,580) | (64,822,314) | — | (611,952,712) | (1,840,277) | (12,021,792) |
Change in Net Assets from Share Transactions(A) | 11,075,569 | 24,201,005 | (295,994,327) | (204,998,792) | 12,947,633 | 17,957,994 |
Total Increase (Decrease) in Net Assets | 31,706,349 | (113,290,499) | 105,890,191 | (4,085,023,705) | 27,501,928 | (4,457,905) |
Net Assets | ||||||
Beginning of period | 761,904,491 | 875,194,990 | 2,267,173,860 | 6,352,197,565 | 90,502,722 | 94,960,627 |
End of period | $793,610,840 | $761,904,491 | $2,373,064,051 | $2,267,173,860 | $118,004,650 | $90,502,722 |
(A) | For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity. |
Touchstone Small Cap Value Fund | Touchstone Ultra Short Duration Fixed Income Fund | ||
For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 |
$339,893 | $123,824 | $11,155,729 | $9,015,200 |
(160,450) | 6,334,093 | (471,805) | (566,755) |
3,782,317 | (14,047,386) | 1,337,827 | (14,699,448) |
3,961,760 | (7,589,469) | 12,021,751 | (6,251,003) |
(4,121) | (40,652) | (2,068,704) | (1,908,884) |
— | (365) | (62,952) | (34,489) |
— | — | (639,368) | (521,248) |
(30,685) | (93,549) | (4,720,923) | (4,538,648) |
— | — | (815,137) | (887,969) |
(70,904) | (25,873) | (3,871,803) | (5,753,399) |
— | — | — | — |
— | (53,341) | — | — |
— | (480) | — | — |
— | (122,749) | — | — |
— | (33,949) | — | — |
(105,710) | (370,958) | (12,178,887) | (13,644,637) |
59,889,198 | (5,338,603) | (148,972,997) | (349,436,215) |
63,745,248 | (13,299,030) | (149,130,133) | (369,331,855) |
62,850,988 | 76,150,018 | 703,671,042 | 1,073,002,897 |
$126,596,236 | $62,850,988 | $554,540,909 | $703,671,042 |
Touchstone Active Bond Fund | Touchstone Ares Credit Opportunities Fund | |||||||
For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | |||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |
Class A | ||||||||
Proceeds from Shares issued | 372,114 | $3,427,422 | 957,583 | $9,919,979 | 553,357 | $4,878,375 | 2,639,584 | $25,845,071 |
Reinvestment of distributions | 250,897 | 2,307,977 | 395,728 | 4,046,156 | 432,326 | 3,795,984 | 921,673 | 8,914,419 |
Cost of Shares redeemed | (1,423,966) | (13,106,697) | (3,202,683) | (32,795,091) | (1,402,410) | (12,361,308) | (3,723,221) | (35,720,836) |
Change from Class A Share Transactions | (800,955) | (7,371,298) | (1,849,372) | (18,828,956) | (416,727) | (3,686,949) | (161,964) | (961,346) |
Class C | ||||||||
Proceeds from Shares issued | 29,137 | 246,726 | 79,703 | 743,810 | 455,803 | 3,887,874 | 401,575 | 3,728,162 |
Reinvestment of distributions | 8,419 | 70,641 | 16,301 | 153,510 | 77,170 | 653,989 | 195,986 | 1,843,314 |
Cost of Shares redeemed | (135,829) | (1,143,087) | (436,459) | (4,114,643) | (488,405) | (4,162,292) | (1,613,128) | (14,997,904) |
Change from Class C Share Transactions | (98,273) | (825,720) | (340,455) | (3,217,323) | 44,568 | 379,571 | (1,015,567) | (9,426,428) |
Class Y | ||||||||
Proceeds from Shares issued | 395,072 | 3,682,650 | 855,970 | 8,911,215 | 4,440,742 | 39,936,252 | 13,774,144 | 135,923,029 |
Reinvestment of distributions | 110,965 | 1,019,823 | 190,004 | 1,942,507 | 590,783 | 5,268,976 | 1,067,587 | 10,399,285 |
Cost of Shares redeemed | (1,245,184) | (11,517,530) | (3,198,427) | (33,186,132) | (4,660,011) | (41,679,186) | (8,938,113) | (85,234,791) |
Change from Class Y Share Transactions | (739,147) | (6,815,057) | (2,152,453) | (22,332,410) | 371,514 | 3,526,042 | 5,903,618 | 61,087,523 |
Institutional Class | ||||||||
Proceeds from Shares issued | 1,325,132 | 12,364,052 | 2,468,132 | 25,699,815 | 215,049 | 1,933,945 | 262,123 | 2,736,235 |
Reinvestment of distributions | 131,413 | 1,207,881 | 244,595 | 2,496,364 | 12,154 | 109,130 | 30,343 | 302,575 |
Cost of Shares redeemed | (2,073,890) | (19,152,293) | (4,095,927) | (40,651,170) | (32,169) | (289,184) | (296,440) | (2,870,542) |
Change from Institutional Class Share Transactions | (617,345) | (5,580,360) | (1,383,200) | (12,454,991) | 195,034 | 1,753,891 | (3,974) | 168,268 |
Class R6 | ||||||||
Proceeds from Shares issued | — | — | — | — | — | — | — | — |
Reinvestment of distributions | — | — | — | — | — | — | — | — |
Cost of Shares redeemed | — | — | — | — | — | — | — | — |
Change from Class R6 Share Transactions | — | — | — | — | — | — | — | — |
Change from Share Transactions | (2,255,720) | $(20,592,435) | (5,725,480) | $(56,833,680) | 194,389 | $1,972,555 | 4,722,113 | $50,868,017 |
Touchstone Dividend Equity Fund | Touchstone High Yield Fund | ||||||
For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | ||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars |
4,877,126 | $79,706,267 | 11,750,580 | $203,025,882 | 599,605 | $4,224,188 | 1,703,585 | $13,262,426 |
3,262,137 | 53,121,365 | 2,841,172 | 48,934,804 | 44,298 | 313,305 | 72,853 | 555,192 |
(11,039,364) | (180,105,749) | (22,337,515) | (384,510,078) | (716,966) | (5,062,149) | (1,841,082) | (14,290,976) |
(2,900,101) | (47,278,117) | (7,745,763) | (132,549,392) | (73,063) | (524,656) | (64,644) | (473,358) |
228,500 | 3,688,854 | 537,535 | 9,218,520 | 18,258 | 128,836 | 81,683 | 676,334 |
1,129,034 | 18,243,551 | 1,099,871 | 18,952,270 | 1,530 | 10,797 | 2,706 | 20,722 |
(6,425,224) | (103,997,930) | (17,454,612) | (298,835,024) | (18,982) | (135,320) | (81,164) | (647,943) |
(5,067,690) | (82,065,525) | (15,817,206) | (270,664,234) | 806 | 4,313 | 3,225 | 49,113 |
2,070,165 | 33,754,362 | 4,261,170 | 73,385,940 | 633,197 | 4,602,069 | 286,693 | 2,317,767 |
1,727,647 | 28,084,383 | 1,816,271 | 31,267,102 | 93,390 | 681,296 | 171,525 | 1,351,066 |
(8,865,828) | (144,456,403) | (22,291,593) | (384,019,103) | (747,045) | (5,442,128) | (1,414,473) | (11,332,097) |
(5,068,016) | (82,617,658) | (16,214,152) | (279,366,061) | (20,458) | (158,763) | (956,255) | (7,663,264) |
3,153,576 | 51,396,731 | 74,586 | 1,304,989 | 13,091 | 97,907 | 1,854,683 | 14,764,264 |
3,595 | 58,404 | 1,580 | 26,607 | 273,454 | 1,994,606 | 441,962 | 3,460,147 |
(3,131,484) | (51,100,854) | (34,338) | (595,734) | (620,012) | (4,437,942) | (2,839,482) | (23,415,072) |
25,687 | 354,281 | 41,828 | 735,862 | (333,467) | (2,345,429) | (542,837) | (5,190,661) |
53 | 848 | 109,749 | 1,818,544 | — | — | — | — |
4,524 | 73,549 | 1,165 | 18,155 | — | — | — | — |
(18,697) | (309,251) | (7,991) | (133,196) | — | — | — | — |
(14,120) | (234,854) | 102,923 | 1,703,503 | — | — | — | — |
(13,024,240) | $(211,841,873) | (39,632,370) | $(680,140,322) | (426,182) | $(3,024,535) | (1,560,511) | $(13,278,170) |
Touchstone Impact Bond Fund | Touchstone International ESG Equity Fund | |||||||
For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022(A) | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | |||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |
Class A | ||||||||
Proceeds from Shares issued | 110,555 | $994,561 | 377,375 | $3,620,779 | 49,040 | $347,209 | 116,562 | $954,882 |
Reinvestment of distributions | 14,006 | 124,785 | 18,750 | 184,581 | 22,885 | 154,471 | 73,968 | 649,137 |
Cost of Shares redeemed | (176,065) | (1,571,206) | (767,068) | (7,359,721) | (108,395) | (750,713) | (209,255) | (1,607,984) |
Change from Class A Share Transactions | (51,504) | (451,860) | (370,943) | (3,554,361) | (36,470) | (249,033) | (18,725) | (3,965) |
Class C | ||||||||
Proceeds from Shares issued | 27,226 | 243,802 | 44,867 | 420,512 | 3,161 | 20,738 | 8,247 | 68,824 |
Reinvestment of distributions | 1,797 | 15,989 | 1,705 | 16,769 | — | — | 15,724 | 136,482 |
Cost of Shares redeemed | (4,222) | (38,290) | (41,260) | (395,172) | (54,781) | (390,585) | (144,085) | (1,170,984) |
Change from Class C Share Transactions | 24,801 | 221,501 | 5,312 | 42,109 | (51,620) | (369,847) | (120,114) | (965,678) |
Class Y | ||||||||
Proceeds from Shares issued | 4,629,414 | 41,533,538 | 12,496,494 | 119,881,821 | 140,083 | 974,251 | 882,406 | 6,984,426 |
Reinvestment of distributions | 412,159 | 3,677,131 | 473,335 | 4,616,308 | 57,249 | 386,433 | 157,788 | 1,385,068 |
Cost of Shares redeemed | (4,200,808) | (37,515,648) | (6,343,321) | (61,579,622) | (622,593) | (4,312,385) | (856,963) | (6,436,665) |
Change from Class Y Share Transactions | 840,765 | 7,695,021 | 6,626,508 | 62,918,507 | (425,261) | (2,951,701) | 183,231 | 1,932,829 |
Class Z | ||||||||
Proceeds from Shares issued | — | — | — | — | — | — | — | — |
Reinvestment of distributions | — | — | — | — | — | — | — | — |
Cost of Shares redeemed | — | — | — | — | — | — | — | — |
Change from Class Z Share Transactions | — | — | — | — | — | — | — | — |
Institutional Class | ||||||||
Proceeds from Shares issued | 5,139,106 | 45,812,907 | 12,052,534 | 116,919,483 | 697,797 | 5,086,978 | 1,100,440 | 9,428,318 |
Reinvestment of distributions | 356,985 | 3,184,822 | 478,417 | 4,684,703 | 24,215 | 163,206 | 29 | 251 |
Cost of Shares redeemed | (5,448,083) | (48,752,600) | (5,487,283) | (52,879,874) | (135,361) | (967,934) | (111,545) | (874,186) |
Change from Institutional Class Share Transactions | 48,008 | 245,129 | 7,043,668 | 68,724,312 | 586,651 | 4,282,250 | 988,924 | 8,554,383 |
Class R6 | ||||||||
Proceeds from Shares issued | 2,236,948 | 20,031,829 | 237 | 2,500 | — | — | — | — |
Reinvestment of distributions | 7,665 | 68,393 | 6 | 54 | — | — | — | — |
Cost of Shares redeemed | (38,155) | (344,640) | — | — | — | — | — | — |
Change from Class R6 Share Transactions | 2,206,458 | 19,755,582 | 243 | 2,554 | — | — | — | — |
Change from Share Transactions | 3,068,528 | $27,465,373 | 13,304,788 | $128,133,121 | 73,300 | $711,669 | 1,033,316 | $9,517,569 |
(A) | Represents the period from commencement of operations (November 22, 2021) through September 30, 2022 for Class R6 shares. |
Touchstone Mid Cap Fund | Touchstone Mid Cap Value Fund | ||||||
For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | ||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars |
311,508 | $13,233,330 | 806,631 | $36,571,813 | 167,295 | $3,584,098 | 178,116 | $4,123,820 |
32,166 | 1,324,422 | 71,397 | 3,424,450 | 34,260 | 711,225 | 37,968 | 887,520 |
(369,723) | (15,562,739) | (1,010,446) | (44,572,673) | (71,470) | (1,515,084) | (145,632) | (3,318,663) |
(26,049) | (1,004,987) | (132,418) | (4,576,410) | 130,085 | 2,780,239 | 70,452 | 1,692,677 |
114,894 | 4,434,865 | 231,373 | 9,571,863 | 24,499 | 498,633 | 67,979 | 1,494,741 |
21,600 | 818,513 | 54,254 | 2,397,489 | 11,712 | 232,769 | 11,605 | 260,768 |
(260,282) | (9,992,977) | (540,733) | (22,486,612) | (39,235) | (798,713) | (54,422) | (1,197,286) |
(123,788) | (4,739,599) | (255,106) | (10,517,260) | (3,024) | (67,311) | 25,162 | 558,223 |
9,577,109 | 410,473,339 | 22,336,268 | 1,015,673,212 | 2,612,748 | 55,400,689 | 3,289,801 | 76,964,313 |
924,879 | 38,740,908 | 1,751,887 | 85,423,942 | 1,019,703 | 21,305,963 | 1,239,623 | 29,116,578 |
(10,050,969) | (432,042,982) | (22,546,804) | (1,030,111,093) | (1,863,818) | (39,905,017) | (4,051,666) | (93,632,765) |
451,019 | 17,171,265 | 1,541,351 | 70,986,061 | 1,768,633 | 36,801,635 | 477,758 | 12,448,126 |
51,649 | 2,173,753 | 130,091 | 5,766,393 | — | — | — | — |
12,847 | 525,007 | 32,503 | 1,546,815 | — | — | — | — |
(121,023) | (5,062,915) | (368,822) | (16,442,723) | — | — | — | — |
(56,527) | (2,364,155) | (206,228) | (9,129,515) | — | — | — | — |
4,546,180 | 197,533,749 | 11,899,790 | 549,099,520 | 1,901,717 | 41,079,088 | 4,801,311 | 112,469,588 |
131,954 | 5,549,935 | 284,657 | 13,929,716 | 815,810 | 17,149,947 | 1,156,963 | 27,326,336 |
(4,820,641) | (207,802,725) | (16,217,258) | (752,215,758) | (4,072,095) | (86,668,029) | (5,581,086) | (130,293,945) |
(142,507) | (4,719,041) | (4,032,811) | (189,186,522) | (1,354,568) | (28,438,994) | 377,188 | 9,501,979 |
1,486,312 | 63,625,978 | 4,712,206 | 214,624,639 | — | — | — | — |
30,863 | 1,299,020 | 44,138 | 2,160,530 | — | — | — | — |
(1,728,910) | (74,234,474) | (2,621,084) | (118,405,155) | — | — | — | — |
(211,735) | (9,309,476) | 2,135,260 | 98,380,014 | — | — | — | — |
(109,587) | $(4,965,993) | (949,952) | $(44,043,632) | 541,126 | $11,075,569 | 950,560 | $24,201,005 |
Touchstone Sands Capital Select Growth Fund^ | Touchstone Small Cap Fund | |||||||
For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | |||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |
Class A | ||||||||
Proceeds from Shares issued | 1,032,816 | $9,393,677 | 3,523,376 | $53,585,937 | 20,783 | $257,799 | 29,607 | $398,907 |
Reinvestment of distributions | — | — | 4,519,112 | 78,722,927 | 5,950 | 71,156 | 47,532 | 622,960 |
Cost of Shares redeemed | (4,540,570) | (40,402,137) | (10,318,484) | (133,480,712) | (45,415) | (546,980) | (86,799) | (1,094,775) |
Change from Class A Share Transactions | (3,507,754) | (31,008,460) | (2,275,996) | (1,171,848) | (18,682) | (218,025) | (9,660) | (72,908) |
Class C | ||||||||
Proceeds from Shares issued | 71,930 | 641,694 | 251,663 | 3,430,566 | 7,772 | 86,544 | 9,171 | 104,830 |
Reinvestment of distributions | — | — | 490,793 | 8,587,815 | 378 | 3,981 | 2,469 | 28,748 |
Cost of Shares redeemed | (1,129,885) | (4,392,361) | (1,782,102) | (25,452,609) | (2,154) | (22,821) | (10,560) | (116,965) |
Change from Class C Share Transactions | (1,057,955) | (3,750,667) | (1,039,646) | (13,434,228) | 5,996 | 67,704 | 1,080 | 16,613 |
Class S | ||||||||
Proceeds from Shares issued | — | — | — | — | — | — | — | — |
Reinvestment of distributions | — | — | — | — | — | — | — | — |
Cost of Shares redeemed | — | — | — | — | — | — | — | — |
Change from Class S Share Transactions | — | — | — | — | — | — | — | — |
Class Y | ||||||||
Proceeds from Shares issued | 7,229,906 | 71,983,865 | 22,865,882 | 333,989,648 | 1,434,208 | 18,434,964 | 1,316,326 | 16,731,539 |
Reinvestment of distributions | — | — | 7,425,758 | 145,396,335 | 88,364 | 1,078,094 | 488,405 | 6,524,237 |
Cost of Shares redeemed | (16,607,827) | (166,291,472) | (42,774,802) | (610,441,703) | (503,226) | (6,333,562) | (537,971) | (6,903,222) |
Change from Class Y Share Transactions | (9,377,921) | (94,307,607) | (12,483,162) | (131,055,720) | 1,019,346 | 13,179,496 | 1,266,760 | 16,352,554 |
Class Z | ||||||||
Proceeds from Shares issued | 286,753 | 2,609,615 | 1,962,538 | 26,430,355 | — | — | — | — |
Reinvestment of distributions | — | — | 3,380,155 | 58,949,906 | — | — | — | — |
Cost of Shares redeemed | (3,650,127) | (32,148,894) | (8,475,809) | (107,741,495) | — | — | — | — |
Change from Class Z Share Transactions | (3,363,374) | (29,539,279) | (3,133,116) | (22,361,234) | — | — | — | — |
Institutional Class | ||||||||
Proceeds from Shares issued | 30,464,556 | 303,979,969 | 91,188,349 | 1,146,837,317 | 241,085 | 2,931,262 | 674,179 | 8,378,000 |
Reinvestment of distributions | — | — | 11,423,614 | 223,902,843 | 55,124 | 670,169 | 355,283 | 4,724,892 |
Cost of Shares redeemed | (45,054,663) | (444,519,265) | (125,778,987) | (1,548,133,917) | (298,474) | (3,682,973) | (885,718) | (11,441,157) |
Change from Institutional Class Share Transactions | (14,590,107) | (140,539,296) | (23,167,024) | (177,393,757) | (2,265) | (81,542) | 143,744 | 1,661,735 |
Class R6 | ||||||||
Proceeds from Shares issued | 3,340,350 | 33,180,620 | 19,742,464 | 266,770,160 | — | — | — | — |
Reinvestment of distributions | — | — | 2,425,351 | 47,536,886 | — | — | — | — |
Cost of Shares redeemed | (2,988,948) | (30,029,638) | (15,112,322) | (173,889,051) | — | — | — | — |
Change from Class R6 Share Transactions | 351,402 | 3,150,982 | 7,055,493 | 140,417,995 | — | — | — | — |
Change from Share Transactions | (31,545,709) | $(295,994,327) | (35,043,451) | $(204,998,792) | 1,004,395 | $12,947,633 | 1,401,924 | $17,957,994 |
^ | The March 31, 2023 and September 30, 2022 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 0.796098 reverse stock split for Class C shares on October 14, 2022 (See Note 10 in the Notes to Financial Statements). |
Touchstone Small Cap Value Fund | Touchstone Ultra Short Duration Fixed Income Fund | ||||||
For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | For the Six Months Ended March 31, 2023 (Unaudited) | For the Year Ended September 30, 2022 | ||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars |
8,299 | $270,257 | 24,852 | $818,331 | 1,444,795 | $13,010,679 | 4,600,658 | $41,866,137 |
128 | 4,019 | 2,627 | 91,456 | 220,313 | 1,984,223 | 200,685 | 1,821,816 |
(17,503) | (564,954) | (54,906) | (1,801,263) | (7,055,510) | (63,585,502) | (6,573,211) | (59,713,757) |
(9,076) | (290,678) | (27,427) | (891,476) | (5,390,402) | (48,590,600) | (1,771,868) | (16,025,804) |
844 | 26,063 | 981 | 30,476 | 127,971 | 1,152,432 | 443,252 | 4,024,638 |
— | — | 25 | 845 | 5,527 | 49,829 | 2,359 | 21,374 |
(1,689) | (51,609) | (9,147) | (285,716) | (273,990) | (2,466,847) | (350,793) | (3,188,945) |
(845) | (25,546) | (8,141) | (254,395) | (140,492) | (1,264,586) | 94,818 | 857,067 |
— | — | — | — | 13,891 | 125,039 | 14,097 | 128,000 |
— | — | — | — | 68,623 | 618,344 | 55,818 | 506,788 |
— | — | — | — | (595,747) | (5,364,906) | (1,026,930) | (9,373,454) |
— | — | — | — | (513,233) | (4,621,523) | (957,015) | (8,738,666) |
79,694 | 2,628,702 | 211,395 | 6,709,161 | 11,280,725 | 101,582,942 | 23,384,051 | 213,007,246 |
970 | 30,495 | 6,268 | 214,254 | 462,428 | 4,167,821 | 398,408 | 3,620,579 |
(87,959) | (2,894,477) | (318,952) | (10,279,221) | (14,614,803) | (131,720,153) | (28,167,532) | (256,261,950) |
(7,295) | (235,280) | (101,289) | (3,355,806) | (2,871,650) | (25,969,390) | (4,385,073) | (39,634,125) |
— | — | — | — | 119,816 | 1,079,141 | 1,547,953 | 14,110,958 |
— | — | — | — | 90,057 | 811,337 | 97,336 | 884,392 |
— | — | — | — | (823,549) | (7,416,812) | (4,224,808) | (38,428,153) |
— | — | — | — | (613,676) | (5,526,334) | (2,579,519) | (23,432,803) |
2,277,242 | 75,835,851 | 38,296 | 1,271,519 | 3,776,101 | 34,029,685 | 12,899,131 | 118,098,349 |
2,085 | 65,643 | 700 | 23,622 | 372,431 | 3,352,166 | 575,348 | 5,232,249 |
(471,034) | (15,460,792) | (64,963) | (2,132,067) | (11,149,717) | (100,382,415) | (42,326,295) | (385,792,482) |
1,808,293 | 60,440,702 | (25,967) | (836,926) | (7,001,185) | (63,000,564) | (28,851,816) | (262,461,884) |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
1,791,077 | $59,889,198 | (162,824) | $(5,338,603) | (16,530,638) | $(148,972,997) | (38,450,473) | $(349,436,215) |
Touchstone Active Bond 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 | Ratio of gross expenses to average net assets | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | ||||||||||||||
Class A | ||||||||||||||||||||||||||||
09/30/18 | $10.47 | $0.23 | $(0.43) | $(0.20) | $(0.26) | $ — (2) | $(0.26) | $10.01 | (1.87)% | $133,083 | 0.90% | 0.97% | 2.34% | 448%(3) | ||||||||||||||
09/30/19 | 10.01 | 0.27 | 0.68 | 0.95 | (0.28) | — | (0.28) | 10.68 | 9.68 | 127,502 | 0.90 | 1.00 | 2.68 | 235 | ||||||||||||||
09/30/20 | 10.68 | 0.28(4) | 0.55 | 0.83 | (0.28) | — | (0.28) | 11.23 | 7.91 | 128,086 | 0.90 | 0.95 | 2.54 | 261 | ||||||||||||||
09/30/21 | 11.23 | 0.22(4) | (0.10) | 0.12 | (0.23) | — | (0.23) | 11.12 | 1.10 | 186,813 | 0.90 | 0.93 | 1.99 | 144(5) | ||||||||||||||
09/30/22 | 11.12 | 0.23(4) | (2.04) | (1.81) | (0.25) | (0.03) | (0.28) | 9.03 | (16.52) | 135,000 | 0.85 | 0.93 | 2.20 | 159 | ||||||||||||||
03/31/23(6) | 9.03 | 0.16(4) | 0.38 | 0.54 | (0.18) | — | (0.18) | 9.39 | 6.00(7) | 132,832 | 0.83(8) | 0.97(8) | 3.54(8) | 80(7) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
09/30/18 | $9.68 | $0.20 | $(0.46) | $(0.26) | $(0.19) | $ — (2) | $(0.19) | $9.23 | (2.64)% | $23,807 | 1.65% | 1.79% | 1.59% | 448%(3) | ||||||||||||||
09/30/19 | 9.23 | 0.12 | 0.68 | 0.80 | (0.21) | — | (0.21) | 9.82 | 8.83 | 11,743 | 1.65 | 1.85 | 1.93 | 235 | ||||||||||||||
09/30/20 | 9.82 | 0.18(4) | 0.51 | 0.69 | (0.21) | — | (0.21) | 10.30 | 7.11 | 5,618 | 1.65 | 1.93 | 1.79 | 261 | ||||||||||||||
09/30/21 | 10.30 | 0.13(4) | (0.09) | 0.04 | (0.16) | — | (0.16) | 10.18 | 0.39 | 9,229 | 1.64 | 1.93 | 1.25 | 144(5) | ||||||||||||||
09/30/22 | 10.18 | 0.14(4) | (1.87) | (1.73) | (0.18) | (0.03) | (0.21) | 8.24 | (17.17) | 4,667 | 1.58 | 1.89 | 1.46 | 159 | ||||||||||||||
03/31/23(6) | 8.24 | 0.12(4) | 0.34 | 0.46 | (0.15) | — | (0.15) | 8.55 | 5.58(7) | 4,003 | 1.56(8) | 2.07(8) | 2.81(8) | 80(7) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
09/30/18 | $10.46 | $0.26 | $(0.43) | $(0.17) | $(0.29) | $ — (2) | $(0.29) | $10.00 | (1.62)% | $165,937 | 0.65% | 0.70% | 2.59% | 448%(3) | ||||||||||||||
09/30/19 | 10.00 | 0.31 | 0.67 | 0.98 | (0.31) | — | (0.31) | 10.67 | 9.96 | 90,336 | 0.65 | 0.73 | 2.93 | 235 | ||||||||||||||
09/30/20 | 10.67 | 0.30(4) | 0.56 | 0.86 | (0.31) | — | (0.31) | 11.22 | 8.18 | 90,235 | 0.65 | 0.73 | 2.79 | 261 | ||||||||||||||
09/30/21 | 11.22 | 0.25(4) | (0.10) | 0.15 | (0.26) | — | (0.26) | 11.11 | 1.35 | 92,882 | 0.65 | 0.70 | 2.24 | 144(5) | ||||||||||||||
09/30/22 | 11.11 | 0.25(4) | (2.03) | (1.78) | (0.28) | (0.03) | (0.31) | 9.02 | (16.32) | 56,003 | 0.60 | 0.68 | 2.44 | 159 | ||||||||||||||
03/31/23(6) | 9.02 | 0.17(4) | 0.38 | 0.55 | (0.19) | — | (0.19) | 9.38 | 6.14(7) | 51,288 | 0.58(8) | 0.73(8) | 3.79(8) | 80(7) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
09/30/18 | $10.46 | $0.27 | $(0.43) | $(0.16) | $(0.30) | $ — (2) | $(0.30) | $10.00 | (1.54)% | $38,715 | 0.57% | 0.66% | 2.67% | 448%(3) | ||||||||||||||
09/30/19 | 10.00 | 0.30 | 0.69 | 0.99 | (0.32) | — | (0.32) | 10.67 | 10.06 | 96,477 | 0.57 | 0.66 | 3.01 | 235 | ||||||||||||||
09/30/20 | 10.67 | 0.31(4) | 0.56 | 0.87 | (0.32) | — | (0.32) | 11.22 | 8.23 | 134,659 | 0.57 | 0.63 | 2.87 | 261 | ||||||||||||||
09/30/21 | 11.22 | 0.26(4) | (0.10) | 0.16 | (0.27) | — | (0.27) | 11.11 | 1.43 | 99,607 | 0.57 | 0.61 | 2.32 | 144(5) | ||||||||||||||
09/30/22 | 11.11 | 0.26(4) | (2.04) | (1.78) | (0.28) | (0.03) | (0.31) | 9.02 | (16.26) | 68,399 | 0.52 | 0.59 | 2.53 | 159 | ||||||||||||||
03/31/23(6) | 9.02 | 0.18(4) | 0.37 | 0.55 | (0.19) | — | (0.19) | 9.38 | 6.18(7) | 65,320 | 0.50(8) | 0.63(8) | 3.87(8) | 80(7) |
(1) | Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower. |
(2) | Less than $0.005 per share. |
(3) | Portfolio turnover excludes the purchases and sales of securities by the Sentinel Government Securities Fund and Sentinel Total Return Bond Fund acquired on October 27, 2017. If these transactions were included, portfolio turnover would have been higher. |
(4) | The net investment income per share was based on average shares outstanding for the period. |
(5) | Portfolio turnover excludes the purchases and sales of securities of the AIG U.S. Government Securities Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher. |
(6) | Unaudited. |
(7) | Not annualized. |
(8) | Annualized. |
Touchstone Ares Credit Opportunities 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 | Return of capital | 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 | ||||||||||||||||||||||||||||||
06/30/18 | $10.41 | $0.49 | $(0.13) | $0.36 | $(0.53) | $ (0.28) | $— | $(0.81) | $9.96 | 3.50% | $153 | 1.76% | 10.00% | 5.00% | 70% | |||||||||||||||
06/30/19 | 9.96 | 0.52 | 0.12 | 0.64 | (0.54) | (0.11) | — | (0.65) | 9.95 | 6.69 | 226 | 1.55 | 7.56 | 5.46 | 94 | |||||||||||||||
09/30/19(4) | 9.95 | 0.20 | 0.04 | 0.24 | (0.12) | (0.04) | — | (0.16) | 10.03 | 1.40(5) | 7,239 | 1.18(6) | 2.55(6) | 5.43(6) | 28(5)(7) | |||||||||||||||
09/30/20 | 10.03 | 0.57 | (0.61) | (0.04) | (0.54) | — | — | (0.54) | 9.45 | (0.29) | 5,597 | 1.18 | 1.61 | 5.90 | 115 | |||||||||||||||
09/30/21 | 9.45 | 0.47(8) | 1.07 | 1.54 | (0.53) | — | — | (0.53) | 10.46 | 16.67 | 141,422 | 1.09 | 1.32 | 4.45 | 135(9) | |||||||||||||||
09/30/22 | 10.46 | 0.47(8) | (1.53) | (1.06) | (0.43) | (0.32) | (0.01) | (0.76) | 8.64 | (10.60) | 115,483 | 1.07 | 1.26 | 4.87 | 72 | |||||||||||||||
03/31/23(10) | 8.64 | 0.32(8) | 0.14 | 0.46 | (0.33) | — | — | (0.33) | 8.77 | 5.30(5) | 113,572 | 1.08(6) | 1.24(6) | 7.17(6) | 26(5) | |||||||||||||||
Class C | ||||||||||||||||||||||||||||||
06/30/18 | $10.44 | $0.44 | $(0.15) | $0.29 | $(0.45) | $ (0.28) | $— | $(0.73) | $10.00 | 2.69% | $22 | 2.51% | 34.60% | 4.25% | 70% | |||||||||||||||
06/30/19 | 10.00 | 0.43 | 0.14 | 0.57 | (0.48) | (0.11) | — | (0.59) | 9.98 | 5.97 | 127 | 2.26 | 11.81 | 4.75 | 94 | |||||||||||||||
09/30/19(4) | 9.98 | 0.19 | (0.27) | (0.08) | (0.11) | (0.04) | — | (0.15) | 9.75 | 1.15(5) | 4,538 | 1.93(6) | 3.62(6) | 4.68(6) | 28(5)(7) | |||||||||||||||
09/30/20 | 9.75 | 0.52 | (0.62) | (0.10) | (0.47) | — | — | (0.47) | 9.18 | (0.98) | 2,246 | 1.93 | 2.61 | 5.15 | 115 | |||||||||||||||
09/30/21 | 9.18 | 0.40(8) | 1.02 | 1.42 | (0.47) | — | — | (0.47) | 10.13 | 15.79 | 31,605 | 1.56 | 2.17 | 3.98 | 135(9) | |||||||||||||||
09/30/22 | 10.13 | 0.42(8) | (1.47) | (1.05) | (0.40) | (0.32) | (0.01) | (0.73) | 8.35 | (11.01) | 17,575 | 1.47 | 2.05 | 4.47 | 72 | |||||||||||||||
03/31/23(10) | 8.35 | 0.29(8) | 0.14 | 0.43 | (0.32) | — | — | (0.32) | 8.46 | 5.17(5) | 18,193 | 1.48(6) | 2.05(6) | 6.77(6) | 26(5) | |||||||||||||||
Class Y | ||||||||||||||||||||||||||||||
06/30/18 | $10.41 | $0.50 | $(0.12) | $0.38 | $(0.55) | $ (0.28) | $— | $(0.83) | $9.96 | 3.73% | $444 | 1.51% | 4.29% | 5.25% | 70% | |||||||||||||||
06/30/19 | 9.96 | 0.60 | 0.06 | 0.66 | (0.56) | (0.11) | — | (0.67) | 9.95 | 7.05 | 11,356 | 1.09 | 1.71 | 5.93 | 94 | |||||||||||||||
09/30/19(4) | 9.95 | 0.17 | 0.21 | 0.38 | (0.13) | (0.04) | — | (0.17) | 10.16 | 1.54(5) | 47,483 | 0.93(6) | 1.60(6) | 5.68(6) | 28(5)(7) | |||||||||||||||
09/30/20 | 10.16 | 0.59 | (0.62) | (0.03) | (0.56) | — | — | (0.56) | 9.57 | (0.13) | 36,558 | 0.93 | 1.20 | 6.15 | 115 | |||||||||||||||
09/30/21 | 9.57 | 0.48(8) | 1.11 | 1.59 | (0.55) | — | — | (0.55) | 10.61 | 16.98 | 101,613 | 0.88 | 1.07 | 4.66 | 135(9) | |||||||||||||||
09/30/22 | 10.61 | 0.49(8) | (1.54) | (1.05) | (0.45) | (0.32) | (0.01) | (0.78) | 8.78 | (10.47) | 135,892 | 0.87 | 1.02 | 5.07 | 72 | |||||||||||||||
03/31/23(10) | 8.78 | 0.33(8) | 0.14 | 0.47 | (0.34) | — | — | (0.34) | 8.91 | 5.44(5) | 141,340 | 0.88(6) | 1.00(6) | 7.37(6) | 26(5) | |||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||
06/30/18 | $10.41 | $0.55 | $(0.16) | $0.39 | $(0.56) | $ (0.28) | $— | $(0.84) | $9.96 | 3.85% | $51,715 | 1.41% | 1.59% | 5.35% | 70% | |||||||||||||||
06/30/19 | 9.96 | 0.58 | 0.09 | 0.67 | (0.57) | (0.11) | — | (0.68) | 9.95 | 7.04 | 47,531 | 1.24 | 1.50 | 5.78 | 94 | |||||||||||||||
09/30/19(4) | 9.95 | 0.15 | 0.29 | 0.44 | (0.13) | (0.04) | — | (0.17) | 10.22 | 1.57(5) | 48,158 | 0.83(6) | 1.36(6) | 5.78(6) | 28(5)(7) | |||||||||||||||
09/30/20 | 10.22 | 0.61 | (0.63) | (0.02) | (0.57) | — | — | (0.57) | 9.63 | (0.02) | 42,982 | 0.83 | 1.06 | 6.25 | 115 | |||||||||||||||
09/30/21 | 9.63 | 0.49(8) | 1.12 | 1.61 | (0.56) | — | — | (0.56) | 10.68 | 17.07 | 2,627 | 0.78 | 0.97 | 4.76 | 135(9) | |||||||||||||||
09/30/22 | 10.68 | 0.51(8) | (1.56) | (1.05) | (0.46) | (0.32) | (0.01) | (0.79) | 8.84 | (10.39) | 2,139 | 0.77 | 1.15 | 5.17 | 72 | |||||||||||||||
03/31/23(10) | 8.84 | 0.33(8) | 0.16 | 0.49 | (0.35) | — | — | (0.35) | 8.98 | 5.57(5) | 3,925 | 0.78(6) | 1.15(6) | 7.47(6) | 26(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 1.03%, 1.03%, 1.04%, 1.08%, 1.08%, 1.45% and 1.69%, for Class C was 1.43%, 1.43%, 1.51%, 1.83%, 1.83%, 2.16% and 2.44%, for Class Y was 0.83%, 0.83%, 0.83%, 0.83%, 0.83%, 0.99% and 1.44%, and for Institutional Class was 0.73%, 0.73% 0.73%, 0.73%, 0.73%, 1.14% and 1.34% for the six months ended March 31, 2023 and for the years ended September 30, 2022, 2021 and 2020, for the period ended September 30, 2019, and the years ended June 30, 2019 and 2018, respectively. |
(3) | The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short for Class A was 1.19%, 1.22%, 1.27%, 1.51%, 2.45%, 7.46% and 9.93%, for Class C was 2.00%, 2.01%, 2.12%, 2.51%, 3.52%, 11.71% and 34.53%, for Class Y was 0.95%, 0.98%, 1.02%, 1.10%, 1.50%, 1.61% and 4.22%, and for Institutional Class was 1.10%, 1.11%, 0.92%, 0.96%, 1.26%, 1.40% and 1.52% for the six months ended March 31, 2023 and for the years ended September 30, 2022, 2021 and 2020, for the period ended September 30, 2019, and the years ended June 30, 2019 and 2018, respectively. |
(4) | The Fund changed its fiscal year end from June 30 to September 30. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | Portfolio turnover excludes the purchases and sales of securities by the Touchstone Ares Credit Opportunities Fund acquired on September 6, 2019. If these transactions were included, portfolio turnover would have been higher. |
(8) | The net investment income per share was based on average shares outstanding for the period. |
(9) | Portfolio turnover excludes the purchases and sales of securities by the Touchstone Dynamic Diversified Income Fund and the AIG Senior Floating Rate Fund acquired on June 25, 2021 and July 16, 2021, respectively. If these transactions were included, portfolio turnover would have been higher. |
(10) | Unaudited. |
Touchstone Dividend Equity 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 | 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 | ||||||||||||||||||||||||||||
10/31/17 | $16.66 | $0.45 | $2.28 | $2.73 | $(0.54) | $ (0.04) | $(0.58) | $18.81 | 16.57% | $4,598,192 | 1.04% | 1.04% | 2.52% | 45% | ||||||||||||||
10/31/18 | 18.81 | 0.47 | 0.15 | 0.62 | (0.44) | (1.44) | (1.88) | 17.55 | 3.03 | 3,570,189 | 1.04 | 1.04 | 2.57 | 38 | ||||||||||||||
10/31/19 | 17.55 | 0.50 | 0.39 | 0.89 | (0.49) | (0.78) | (1.27) | 17.17 | 5.42 | 2,381,987 | 1.05 | 1.05 | 2.90 | 37 | ||||||||||||||
10/31/20 | 17.17 | 0.55 | (2.42) | (1.87) | (0.60) | (0.58) | (1.18) | 14.12 | (11.33) | 1,666,379 | 1.09 | 1.09 | 3.60 | 68 | ||||||||||||||
09/30/21(5) | 14.12 | 0.29 | 2.83 | 3.12 | (0.36) | — | (0.36) | 16.88 | 22.13(6) | 1,737,804 | 1.09(7) | 1.09(7) | 1.91(7) | 83(6)(8) | ||||||||||||||
09/30/22 | 16.88 | 0.28 | (1.87) | (1.59) | (0.30) | (0.31) | (0.61) | 14.68 | (9.90) | 1,398,059 | 0.99 | 1.00 | 1.64 | 12 | ||||||||||||||
03/31/23(9) | 14.68 | 0.15 | 2.08 | 2.23 | (0.11) | (0.59) | (0.70) | 16.21 | 15.20(6) | 1,496,545 | 1.00(7) | 1.02(7) | 1.86(7) | 6(6)(10) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
10/31/17 | $16.53 | $0.33 | $2.26 | $2.59 | $(0.43) | $ (0.04) | $(0.47) | $18.65 | 15.80% | $3,682,928 | 1.69% | 1.69% | 1.87% | 45% | ||||||||||||||
10/31/18 | 18.65 | 0.35 | 0.14 | 0.49 | (0.32) | (1.44) | (1.76) | 17.38 | 2.31 | 3,142,587 | 1.69 | 1.69 | 1.92 | 38 | ||||||||||||||
10/31/19 | 17.38 | 0.38 | 0.39 | 0.77 | (0.37) | (0.78) | (1.15) | 17.00 | 4.78 | 2,421,728 | 1.70 | 1.70 | 2.27 | 37 | ||||||||||||||
10/31/20 | 17.00 | 0.47 | (2.40) | (1.93) | (0.50) | (0.58) | (1.08) | 13.99 | (11.89) | 1,117,141 | 1.74 | 1.74 | 2.99 | 68 | ||||||||||||||
09/30/21(5) | 13.99 | 0.19 | 2.80 | 2.99 | (0.24) | — | (0.24) | 16.74 | 21.38(6) | 806,336 | 1.75(7) | 1.77(7) | 1.27(7) | 83(6)(8) | ||||||||||||||
09/30/22 | 16.74 | 0.16 | (1.86) | (1.70) | (0.17) | (0.31) | (0.48) | 14.56 | (10.54) | 471,273 | 1.69 | 1.76 | 0.94 | 12 | ||||||||||||||
03/31/23(9) | 14.56 | 0.09 | 2.07 | 2.16 | (0.05) | (0.59) | (0.64) | 16.08 | 14.84(6) | 438,771 | 1.70(7) | 1.79(7) | 1.16(7) | 6(6)(10) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
10/31/17 | $16.65 | $0.47 | $2.29 | $2.76 | $(0.58) | $ (0.04) | $(0.62) | $18.79 | 16.80% | $5,499,586 | 0.84% | 0.84% | 2.67% | 45% | ||||||||||||||
10/31/18 | 18.79 | 0.51 | 0.15 | 0.66 | (0.49) | (1.44) | (1.93) | 17.52 | 3.21 | 5,289,972 | 0.84 | 0.84 | 2.77 | 38 | ||||||||||||||
10/31/19 | 17.52 | 0.53 | 0.39 | 0.92 | (0.52) | (0.78) | (1.30) | 17.14 | 5.66 | 4,094,116 | 0.85 | 0.85 | 3.13 | 37 | ||||||||||||||
10/31/20 | 17.14 | 0.61 | (2.44) | (1.83) | (0.63) | (0.58) | (1.21) | 14.10 | (11.11) | 1,691,794 | 0.88 | 0.88 | 3.83 | 68 | ||||||||||||||
09/30/21(5)(11) | 14.10 | 0.33 | 2.81 | 3.14 | (0.39) | — | (0.39) | 16.85 | 22.33(6) | 1,161,841 | 0.88(7) | 0.88(7) | 2.14(7) | 83(6)(8) | ||||||||||||||
09/30/22 | 16.85 | 0.32 | (1.86) | (1.54) | (0.34) | (0.31) | (0.65) | 14.66 | (9.69) | 772,987 | 0.74 | 0.74 | 1.89 | 12 | ||||||||||||||
03/31/23(9) | 14.66 | 0.17 | 2.07 | 2.24 | (0.13) | (0.59) | (0.72) | 16.18 | 15.36(6) | 771,371 | 0.77(7) | 0.77(7) | 2.08(7) | 6(6)(10) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
09/30/21(5)(12) | $17.02 | $0.07 | $(0.17) | $(0.10) | $(0.08) | $ — | $(0.08) | $16.84 | (0.61)%(6) | $313 | 0.67%(7) | 3.37%(7) | 2.01%(7) | 83%(6)(8) | ||||||||||||||
09/30/22 | 16.84 | 0.33 | (1.85) | (1.52) | (0.36) | (0.31) | (0.67) | 14.65 | (9.62) | 885 | 0.67 | 1.80 | 1.97 | 12 | ||||||||||||||
03/31/23(9) | 14.65 | 0.17 | 2.08 | 2.25 | (0.14) | (0.59) | (0.73) | 16.17 | 15.34(6) | 1,392 | 0.68(7) | 0.92(7) | 2.18(7) | 6(6)(10) | ||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
09/30/21(5)(13) | $17.34 | $0.06 | $(0.48) | $(0.42) | $(0.08) | $ — | $(0.08) | $16.84 | (2.44)%(6) | $2 | 0.65%(7) | 359.78%(7) | 2.26%(7) | 83%(6)(8) | ||||||||||||||
09/30/22 | 16.84 | 0.32 | (1.84) | (1.52) | (0.36) | (0.31) | (0.67) | 14.65 | (9.56) | 1,510 | 0.65 | 1.76 | 1.99 | 12 | ||||||||||||||
03/31/23(9) | 14.65 | 0.18 | 2.07 | 2.25 | (0.14) | (0.59) | (0.73) | 16.17 | 15.36(6) | 1,439 | 0.66(7) | 1.27(7) | 2.20(7) | 6(6)(10) |
(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) | The ratio of net expenses to average net assets excluding liquidity provider expenses for Class A was 0.99%, for Class C was 1.69%, for Class Y was 0.76%, for Institutional Class was 0.67% and for Class R6 was 0.65% for the six months ended March 31, 2023. |
(4) | The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A was 1.01%, for Class C was 1.78%, for Class Y was 0.76%, for Institutional Class was and 0.91% and for Class R6 was 1.26% for the six months ended March 31, 2023. |
(5) | The Fund changed its fiscal year end from October 31 to September 30. |
(6) | Not annualized. |
(7) | Annualized. |
(8) | Portfolio turnover excludes the purchases and sales of securities by the AIG Select Dividend Growth Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher. |
(9) | Unaudited. |
(10) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(11) | Effective July 16, 2021, Class W shares of the AIG Focused Dividend Strategy Fund were reorganized into Class Y shares of the Fund. |
(12) | Represents the period from commencement of operations (July 19, 2021) through September 30, 2021. |
(13) | Represents the period from commencement of operations (August 2, 2021) through September 30, 2021. |
Touchstone High Yield 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 | 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 | ||||||||||||||||||||||||||
09/30/18 | $8.43 | $0.41 | $(0.31) | $0.10 | $(0.41) | $(0.41) | $8.12 | 1.24% | $12,457 | 1.05% | 1.29% | 4.76% | 59% | |||||||||||||
09/30/19 | 8.12 | 0.40 | 0.16 | 0.56 | (0.41) | (0.41) | 8.27 | 7.08 | 14,642 | 1.05 | 1.28 | 4.95 | 63 | |||||||||||||
09/30/20 | 8.27 | 0.39 | (0.41) | (0.02) | (0.39) | (0.39) | 7.86 | (0.13) | 14,578 | 1.05 | 1.25 | 4.84 | 89 | |||||||||||||
09/30/21 | 7.86 | 0.36 | 0.48 | 0.84 | (0.37) | (0.37) | 8.33 | 10.84 | 15,081 | 1.05 | 1.21 | 4.35 | 96 | |||||||||||||
09/30/22 | 8.33 | 0.33 | (1.54) | (1.21) | (0.35) | (0.35) | 6.77 | (14.88) | 11,824 | 1.05 | 1.26 | 4.33 | 57 | |||||||||||||
03/31/23(2) | 6.77 | 0.19 | 0.36 | 0.55 | (0.20) | (0.20) | 7.12 | 8.25(3) | 11,915 | 1.05(4) | 1.32(4) | 5.52(4) | 41(3) | |||||||||||||
Class C | ||||||||||||||||||||||||||
09/30/18 | $8.41 | $0.34 | $(0.30) | $0.04 | $(0.35) | $(0.35) | $8.10 | 0.50% | $9,444 | 1.80% | 2.00% | 4.01% | 59% | |||||||||||||
09/30/19 | 8.10 | 0.34 | 0.16 | 0.50 | (0.35) | (0.35) | 8.25 | 6.31 | 4,582 | 1.80 | 2.10 | 4.20 | 63 | |||||||||||||
09/30/20 | 8.25 | 0.29 | (0.37) | (0.08) | (0.33) | (0.33) | 7.84 | (0.89) | 1,250 | 1.80 | 2.35 | 4.09 | 89 | |||||||||||||
09/30/21 | 7.84 | 0.26 | 0.52 | 0.78 | (0.31) | (0.31) | 8.31 | 10.07 | 835 | 1.80 | 2.83 | 3.60 | 96 | |||||||||||||
09/30/22 | 8.31 | 0.28 | (1.54) | (1.26) | (0.30) | (0.30) | 6.75 | (15.55) | 700 | 1.80 | 2.82 | 3.58 | 57 | |||||||||||||
03/31/23(2) | 6.75 | 0.17 | 0.36 | 0.53 | (0.18) | (0.18) | 7.10 | 7.87(3) | 742 | 1.80(4) | 3.10(4) | 4.77(4) | 41(3) | |||||||||||||
Class Y | ||||||||||||||||||||||||||
09/30/18 | $8.67 | $0.44 | $(0.32) | $0.12 | $(0.44) | $(0.44) | $8.35 | 1.44% | $63,983 | 0.80% | 0.88% | 5.01% | 59% | |||||||||||||
09/30/19 | 8.35 | 0.47 | 0.14 | 0.61 | (0.44) | (0.44) | 8.52 | 7.52 | 44,030 | 0.80 | 0.91 | 5.20 | 63 | |||||||||||||
09/30/20 | 8.52 | 0.44 | (0.45) | (0.01) | (0.42) | (0.42) | 8.09 | 0.02 | 33,694 | 0.80 | 0.89 | 5.09 | 89 | |||||||||||||
09/30/21 | 8.09 | 0.39 | 0.50 | 0.89 | (0.40) | (0.40) | 8.58 | 11.18 | 36,447 | 0.80 | 0.89 | 4.60 | 96 | |||||||||||||
09/30/22 | 8.58 | 0.39 | (1.62) | (1.23) | (0.37) | (0.37) | 6.98 | (14.70) | 22,994 | 0.80 | 0.96 | 4.58 | 57 | |||||||||||||
03/31/23(2) | 6.98 | 0.21 | 0.37 | 0.58 | (0.21) | (0.21) | 7.35 | 8.42(3) | 24,056 | 0.80(4) | 1.00(4) | 5.77(4) | 41(3) | |||||||||||||
Institutional Class | ||||||||||||||||||||||||||
09/30/18 | $8.66 | $0.44 | $(0.30) | $0.14 | $(0.45) | $(0.45) | $8.35 | 1.63% | $111,705 | 0.72% | 0.76% | 5.09% | 59% | |||||||||||||
09/30/19 | 8.35 | 0.44 | 0.16 | 0.60 | (0.44) | (0.44) | 8.51 | 7.47 | 135,328 | 0.72 | 0.77 | 5.28 | 63 | |||||||||||||
09/30/20 | 8.51 | 0.43 | (0.42) | 0.01 | (0.43) | (0.43) | 8.09 | 0.21 | 135,974 | 0.72 | 0.75 | 5.17 | 89 | |||||||||||||
09/30/21 | 8.09 | 0.40 | 0.50 | 0.90 | (0.41) | (0.41) | 8.58 | 11.27 | 87,056 | 0.72 | 0.75 | 4.68 | 96 | |||||||||||||
09/30/22 | 8.58 | 0.37 | (1.59) | (1.22) | (0.38) | (0.38) | 6.98 | (14.63) | 67,076 | 0.72 | 0.82 | 4.66 | 57 | |||||||||||||
03/31/23(2) | 6.98 | 0.22 | 0.37 | 0.59 | (0.22) | (0.22) | 7.35 | 8.46(3) | 68,160 | 0.72(4) | 0.84(4) | 5.85(4) | 41(3) |
(1) | Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower. |
(2) | Unaudited. |
(3) | Not annualized. |
(4) | Annualized. |
Touchstone Impact Bond 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 | 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 | ||||||||||||||||||||||||||
09/30/18 | $10.13 | $0.22 | $(0.33) | $(0.11) | $(0.25) | $(0.25) | $9.77 | (1.07)% | $5,697 | 0.85% | 1.30% | 2.25% | 40% | |||||||||||||
09/30/19 | 9.77 | 0.23 | 0.69 | 0.92 | (0.25) | (0.25) | 10.44 | 9.59 | 10,083 | 0.85 | 1.19 | 2.28 | 22 | |||||||||||||
09/30/20 | 10.44 | 0.19 | 0.37 | 0.56 | (0.20) | (0.20) | 10.80 | 5.46 | 16,509 | 0.85 | 1.03 | 1.83 | 21 | |||||||||||||
09/30/21 | 10.80 | 0.15 | (0.21) | (0.06) | (0.17) | (0.17) | 10.57 | (0.57) | 17,997 | 0.84 | 0.93 | 1.43 | 24 | |||||||||||||
09/30/22 | 10.57 | 0.18 | (1.70) | (1.52) | (0.20) | (0.20) | 8.85 | (14.52) | 11,777 | 0.76 | 0.93 | 1.79 | 19 | |||||||||||||
03/31/23(2) | 8.85 | 0.13 | 0.22 | 0.35 | (0.14) | (0.14) | 9.06 | 3.97(3) | 11,597 | 0.76(4) | 0.95(4) | 2.70(4) | 8(3) | |||||||||||||
Class C | ||||||||||||||||||||||||||
09/30/18 | $10.12 | $0.16 | $(0.35) | $(0.19) | $(0.18) | $(0.18) | $9.75 | (1.94)% | $1,087 | 1.60% | 2.78% | 1.50% | 40% | |||||||||||||
09/30/19 | 9.75 | 0.16 | 0.70 | 0.86 | (0.18) | (0.18) | 10.43 | 8.89 | 1,475 | 1.60 | 2.94 | 1.53 | 22 | |||||||||||||
09/30/20 | 10.43 | 0.12 | 0.37 | 0.49 | (0.13) | (0.13) | 10.79 | 4.69 | 1,737 | 1.60 | 2.55 | 1.08 | 21 | |||||||||||||
09/30/21 | 10.79 | 0.07 | (0.21) | (0.14) | (0.09) | (0.09) | 10.56 | (1.32) | 1,635 | 1.59 | 2.37 | 0.68 | 24 | |||||||||||||
09/30/22 | 10.56 | 0.10 | (1.69) | (1.59) | (0.13) | (0.13) | 8.84 | (15.18) | 1,415 | 1.51 | 2.25 | 1.04 | 19 | |||||||||||||
03/31/23(2) | 8.84 | 0.08 | 0.24 | 0.32 | (0.10) | (0.10) | 9.06 | 3.66(3) | 1,675 | 1.51(4) | 2.20(4) | 1.95(4) | 8(3) | |||||||||||||
Class Y | ||||||||||||||||||||||||||
09/30/18 | $10.15 | $0.24 | $(0.33) | $(0.09) | $(0.28) | $(0.28) | $9.78 | (0.92)% | $54,895 | 0.60% | 0.67% | 2.50% | 40% | |||||||||||||
09/30/19 | 9.78 | 0.26 | 0.69 | 0.95 | (0.28) | (0.28) | 10.45 | 9.84 | 95,218 | 0.60 | 0.68 | 2.53 | 22 | |||||||||||||
09/30/20 | 10.45 | 0.22 | 0.38 | 0.60 | (0.23) | (0.23) | 10.82 | 5.81 | 145,821 | 0.60 | 0.64 | 2.08 | 21 | |||||||||||||
09/30/21 | 10.82 | 0.19 | (0.22) | (0.03) | (0.20) | (0.20) | 10.59 | (0.32) | 199,280 | 0.59 | 0.60 | 1.68 | 24 | |||||||||||||
09/30/22 | 10.59 | 0.20 | (1.70) | (1.50) | (0.23) | (0.23) | 8.86 | (14.37) | 225,457 | 0.51 | 0.52 | 2.04 | 19 | |||||||||||||
03/31/23(2) | 8.86 | 0.13 | 0.24 | 0.37 | (0.15) | (0.15) | 9.08 | 4.21(3) | 238,581 | 0.51(4) | 0.51(4) | 2.95(4) | 8(3) | |||||||||||||
Institutional Class | ||||||||||||||||||||||||||
09/30/18 | $10.14 | $0.26 | $(0.33) | $(0.07) | $(0.29) | $(0.29) | $9.78 | (0.72)% | $191,224 | 0.50% | 0.60% | 2.60% | 40% | |||||||||||||
09/30/19 | 9.78 | 0.27 | 0.69 | 0.96 | (0.29) | (0.29) | 10.45 | 9.95 | 207,462 | 0.50 | 0.60 | 2.63 | 22 | |||||||||||||
09/30/20 | 10.45 | 0.23 | 0.38 | 0.61 | (0.24) | (0.24) | 10.82 | 5.92 | 227,734 | 0.50 | 0.59 | 2.18 | 21 | |||||||||||||
09/30/21 | 10.82 | 0.19 | (0.21) | (0.02) | (0.21) | (0.21) | 10.59 | (0.22) | 216,914 | 0.49 | 0.57 | 1.78 | 24 | |||||||||||||
09/30/22 | 10.59 | 0.21 | (1.70) | (1.49) | (0.24) | (0.24) | 8.86 | (14.29) | 243,902 | 0.41 | 0.49 | 2.14 | 19 | |||||||||||||
03/31/23(2) | 8.86 | 0.13 | 0.24 | 0.37 | (0.15) | (0.15) | 9.08 | 4.26(3) | 250,288 | 0.41(4) | 0.47(4) | 3.05(4) | 8(3) | |||||||||||||
Class R6 | ||||||||||||||||||||||||||
09/30/22(5) | $10.51 | $0.19 | $(1.61) | $(1.42) | $(0.23) | $(0.23) | $8.86 | (13.72)%(3) | $2 | 0.37%(4) | 238.46%(4) | 2.18%(4) | 19% | |||||||||||||
03/31/23(2) | 8.86 | 0.11 | 0.26 | 0.37 | (0.15) | (0.15) | 9.08 | 4.27(3) | 20,026 | 0.37(4) | 0.50(4) | 3.09(4) | 8(3) |
(1) | Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower. |
(2) | Unaudited. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Represents the period from commencement of operations (November 22, 2021) through September 30, 2022. |
Touchstone International 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 | Ratio of gross expenses to average net assets | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | ||||||||||||||
Class A | ||||||||||||||||||||||||||||
09/30/18 | $9.40 | $0.24 | $0.35 | $0.59 | $(0.23) | $ (0.18) | $(0.41) | $9.58 | 6.41% | $11,984 | 1.20% | 1.41% | 2.16% | 68% | ||||||||||||||
09/30/19 | 9.58 | 0.15 | (0.29) | (0.14) | (0.17) | (0.77) | (0.94) | 8.50 | (0.81) | 10,333 | 1.20 | 1.52 | 1.71 | 123 | ||||||||||||||
09/30/20 | 8.50 | 0.03 | 0.62 | 0.65 | (0.02) | (1.69) | (1.71) | 7.44 | 7.93 | 11,719 | 1.17 | 1.81 | 0.68 | 80 | ||||||||||||||
09/30/21 | 7.44 | 0.12 | 1.57 | 1.69 | (0.03) | — | (0.03) | 9.10 | 22.73 | 10,218 | 1.17 | 1.64 | 1.06 | 52 | ||||||||||||||
09/30/22 | 9.10 | 0.15 | (2.66) | (2.51) | (0.12) | (0.50) | (0.62) | 5.97 | (29.67) | 6,595 | 1.17 | 1.59 | 1.94 | 32 | ||||||||||||||
03/31/23(2) | 5.97 | 0.07 | 1.45 | 1.52 | (0.16) | — | (0.16) | 7.33 | 25.82(3) | 7,832 | 1.17(4) | 1.75(4) | 1.66(4) | 23(3) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
09/30/18 | $9.39 | $0.14 | $0.38 | $0.52 | $(0.16) | $ (0.18) | $(0.34) | $9.57 | 5.62% | $19,455 | 1.95% | 2.07% | 1.41% | 68% | ||||||||||||||
09/30/19 | 9.57 | 0.09 | (0.30) | (0.21) | (0.11) | (0.77) | (0.88) | 8.48 | (1.61) | 10,691 | 1.95 | 2.16 | 1.05 | 123 | ||||||||||||||
09/30/20 | 8.48 | (0.03) | 0.64 | 0.61 | (—)(5) | (1.69) | (1.69) | 7.40 | 7.35 | 4,066 | 1.95 | 2.56 | (0.10) | 80 | ||||||||||||||
09/30/21 | 7.40 | — | 1.61 | 1.61 | — | — | — | 9.01 | 21.76 | 2,727 | 1.95 | 2.56 | 0.28 | 52 | ||||||||||||||
09/30/22 | 9.01 | 0.08 | (2.64) | (2.56) | — | (0.50) | (0.50) | 5.95 | (30.16) | 1,086 | 1.95 | 2.72 | 1.16 | 32 | ||||||||||||||
03/31/23(2) | 5.95 | 0.10 | 1.40 | 1.50 | — | — | — | 7.45 | 25.21(3) | 975 | 1.95(4) | 3.19(4) | 0.88(4) | 23(3) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
09/30/18 | $9.38 | $0.23 | $0.37 | $0.60 | $(0.25) | $ (0.18) | $(0.43) | $9.55 | 6.59% | $56,185 | 0.95% | 0.99% | 2.41% | 68% | ||||||||||||||
09/30/19 | 9.55 | 0.18 | (0.30) | (0.12) | (0.19) | (0.77) | (0.96) | 8.47 | (0.57) | 16,554 | 0.95 | 1.09 | 2.17 | 123 | ||||||||||||||
09/30/20 | 8.47 | 0.07 | 0.61 | 0.68 | (0.03) | (1.69) | (1.72) | 7.43 | 8.32 | 11,550 | 0.90 | 1.49 | 0.95 | 80 | ||||||||||||||
09/30/21 | 7.43 | 0.10 | 1.61 | 1.71 | (0.05) | — | (0.05) | 9.09 | 23.07 | 20,434 | 0.90 | 1.34 | 1.33 | 52 | ||||||||||||||
09/30/22 | 9.09 | 0.18 | (2.66) | (2.48) | (0.12) | (0.50) | (0.62) | 5.99 | (29.43) | 14,560 | 0.90 | 1.30 | 2.21 | 32 | ||||||||||||||
03/31/23(2) | 5.99 | 0.09 | 1.44 | 1.53 | (0.18) | — | (0.18) | 7.34 | 25.84(3) | 14,720 | 0.90(4) | 1.42(4) | 1.93(4) | 23(3) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
09/30/19(6) | $8.05(7) | $(0.01) | $0.45 | $0.44 | $(0.01) | $ — | $(0.01) | $8.48 | 5.46%(3) | $3 | 0.89%(4) | 2,643.52%(4) | (0.97)%(4) | 123% | ||||||||||||||
09/30/20 | 8.48 | 0.07 | 0.60 | 0.67 | (0.03) | (1.69) | (1.72) | 7.43 | 8.30 | 3 | 0.89 | 314.41 | 0.96 | 80 | ||||||||||||||
09/30/21 | 7.43 | 0.12 | 1.60 | 1.72 | (0.05) | — | (0.05) | 9.10 | 23.21 | 4 | 0.89 | 255.65 | 1.34 | 52 | ||||||||||||||
09/30/22 | 9.10 | 0.22 | (2.70) | (2.48) | (0.14) | (0.50) | (0.64) | 5.98 | (29.41) | 5,913 | 0.89 | 1.18 | 2.22 | 32 | ||||||||||||||
03/31/23(2) | 5.98 | 0.06 | 1.47 | 1.53 | (0.18) | — | (0.18) | 7.33 | 25.77(3) | 11,552 | 0.89(4) | 1.20(4) | 1.94(4) | 23(3) |
(1) | Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower. |
(2) | Unaudited. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Less than $0.005 per share. |
(6) | Represents the period from commencement of operations (August 23, 2019) through September 30, 2019. |
(7) | Net asset value at the beginning of period is based on the net asset value of Class Y shares on August 23, 2019. |
Touchstone Mid Cap 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 | ||||||||||||||||||||||||||||
09/30/18 | $30.50 | $0.01(4) | $4.79 | $4.80 | $— | $ (0.31) | $(0.31) | $34.99 | 15.83% | $36,824 | 1.24% | 1.35% | 0.04% | 46% | ||||||||||||||
09/30/19 | 34.99 | 0.05 | 5.00 | 5.05 | (0.02) | (1.15) | (1.17) | 38.87 | 15.34 | 61,772 | 1.23 | 1.36 | 0.19 | 25 | ||||||||||||||
09/30/20 | 38.87 | 0.03(4) | 1.27 | 1.30 | (0.24) | (0.89) | (1.13) | 39.04 | 3.32 | 103,964 | 1.21 | 1.29 | 0.08 | 18 | ||||||||||||||
09/30/21 | 39.04 | (0.07)(4) | 8.33 | 8.26 | (0.13) | (0.70) | (0.83) | 46.47 | 21.34 | 137,477 | 1.22 | 1.23 | (0.15) | 21(5) | ||||||||||||||
09/30/22 | 46.47 | (0.05)(4) | (6.26) | (6.31) | (0.15) | (1.21) | (1.36) | 38.80 | (14.13) | 109,653 | 1.23 | 1.23 | (0.11) | 15(5) | ||||||||||||||
03/31/23(6) | 38.80 | 0.01(4) | 4.78 | 4.79 | (0.12) | (0.44) | (0.56) | 43.03 | 12.42(7) | 120,503 | 1.22(8) | 1.24(8) | 0.04(8) | 10(5)(7) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
09/30/18 | $29.02 | $(0.22)(4) | $4.52 | $4.30 | $— | $ (0.31) | $(0.31) | $33.01 | 14.91% | $56,274 | 1.99% | 2.08% | (0.71)% | 46% | ||||||||||||||
09/30/19 | 33.01 | (0.17) | 4.65 | 4.48 | — | (1.15) | (1.15) | 36.34 | 14.48 | 66,855 | 1.98 | 2.07 | (0.56) | 25 | ||||||||||||||
09/30/20 | 36.34 | (0.23)(4) | 1.16 | 0.93 | — | (0.89) | (0.89) | 36.38 | 2.54 | 78,959 | 1.96 | 2.00 | (0.67) | 18 | ||||||||||||||
09/30/21 | 36.38 | (0.36)(4) | 7.74 | 7.38 | (0.06) | (0.70) | (0.76) | 43.00 | 20.47 | 90,388 | 1.93 | 1.93 | (0.86) | 21(5) | ||||||||||||||
09/30/22 | 43.00 | (0.34)(4) | (5.74) | (6.08) | (0.07) | (1.21) | (1.28) | 35.64 | (14.71) | 65,812 | 1.93 | 1.93 | (0.81) | 15(5) | ||||||||||||||
03/31/23(6) | 35.64 | (0.13)(4) | 4.39 | 4.26 | (0.05) | (0.44) | (0.49) | 39.41 | 12.02(7) | 67,903 | 1.94(8) | 1.94(8) | (0.68)(8) | 10(5)(7) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
09/30/18 | $30.77 | $0.10(4) | $4.82 | $4.92 | $(0.05) | $ (0.31) | $(0.36) | $35.33 | 16.09% | $712,578 | 0.99% | 1.05% | 0.29% | 46% | ||||||||||||||
09/30/19 | 35.33 | 0.14 | 5.05 | 5.19 | (0.04) | (1.15) | (1.19) | 39.33 | 15.62 | 1,194,001 | 0.98 | 1.07 | 0.44 | 25 | ||||||||||||||
09/30/20 | 39.33 | 0.12(4) | 1.28 | 1.40 | (0.29) | (0.89) | (1.18) | 39.55 | 3.57 | 2,443,232 | 0.96 | 1.00 | 0.33 | 18 | ||||||||||||||
09/30/21 | 39.55 | 0.05(4) | 8.44 | 8.49 | (0.16) | (0.70) | (0.86) | 47.18 | 21.64 | 3,258,367 | 0.97(9) | 0.93 | 0.10 | 21(5) | ||||||||||||||
09/30/22 | 47.18 | 0.08(4) | (6.36) | (6.28) | (0.18) | (1.21) | (1.39) | 39.51 | (13.87) | 2,789,008 | 0.94(9) | 0.95 | 0.17 | 15(5) | ||||||||||||||
03/31/23(6) | 39.51 | 0.07(4) | 4.87 | 4.94 | (0.15) | (0.44) | (0.59) | 43.86 | 12.58(7) | 3,116,253 | 0.93(8) | 0.93(8) | 0.32(8) | 10(5)(7) | ||||||||||||||
Class Z | ||||||||||||||||||||||||||||
09/30/18 | $30.32 | $0.01(4) | $4.76 | $4.77 | $— | $ (0.31) | $(0.31) | $34.78 | 15.83% | $20,464 | 1.24% | 1.40% | 0.04% | 46% | ||||||||||||||
09/30/19 | 34.78 | 0.05 | 4.96 | 5.01 | (0.02) | (1.15) | (1.17) | 38.62 | 15.32 | 61,657 | 1.22 | 1.37 | 0.19 | 25 | ||||||||||||||
09/30/20 | 38.62 | 0.03(4) | 1.25 | 1.28 | (0.26) | (0.89) | (1.15) | 38.75 | 3.30 | 77,184 | 1.21 | 1.30 | 0.08 | 18 | ||||||||||||||
09/30/21 | 38.75 | (—)(4) | 8.20 | 8.20 | (0.13) | (0.70) | (0.83) | 46.12 | 21.33 | 54,368 | 1.22 | 1.25 | (0.15) | 21(5) | ||||||||||||||
09/30/22 | 46.12 | (0.05)(4) | (6.21) | (6.26) | (0.14) | (1.21) | (1.35) | 38.51 | (14.12) | 37,449 | 1.23 | 1.26 | (0.11) | 15(5) | ||||||||||||||
03/31/23(6) | 38.51 | 0.01(4) | 4.75 | 4.76 | (0.12) | (0.44) | (0.56) | 42.71 | 12.43(7) | 39,119 | 1.22(8) | 1.26(8) | 0.04(8) | 10(5)(7) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
09/30/18 | $30.81 | $0.12(4) | $4.83 | $4.95 | $(0.07) | $ (0.31) | $(0.38) | $35.38 | 16.18% | $129,284 | 0.92% | 0.97% | 0.36% | 46% | ||||||||||||||
09/30/19 | 35.38 | 0.15 | 5.08 | 5.23 | (0.05) | (1.15) | (1.20) | 39.41 | 15.71 | 245,418 | 0.91 | 0.97 | 0.51 | 25 | ||||||||||||||
09/30/20 | 39.41 | 0.15(4) | 1.29 | 1.44 | (0.32) | (0.89) | (1.21) | 39.64 | 3.64 | 1,142,677 | 0.89(9) | 0.89 | 0.40 | 18 | ||||||||||||||
09/30/21 | 39.64 | 0.10(4) | 8.46 | 8.56 | (0.16) | (0.70) | (0.86) | 47.34 | 21.80 | 676,846 | 0.85(9) | 0.84 | 0.22 | 21(5) | ||||||||||||||
09/30/22 | 47.34 | 0.11(4) | (6.39) | (6.28) | (0.19) | (1.21) | (1.40) | 39.66 | (13.82) | 407,132 | 0.87 | 0.87 | 0.25 | 15(5) | ||||||||||||||
03/31/23(6) | 39.66 | 0.08(4) | 4.89 | 4.97 | (0.15) | (0.44) | (0.59) | 44.04 | 12.62(7) | 445,830 | 0.88(8) | 0.88(8) | 0.38(8) | 10(5)(7) | ||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
09/30/21(10) | $45.92 | $0.07(4) | $1.36 | $1.43 | $— | $ — | $— | $47.35 | 3.11%(7) | $612,500 | 0.80%(8) | 0.82%(8) | 0.27%(8) | 21%(5) | ||||||||||||||
09/30/22 | 47.35 | 0.14(4) | (6.39) | (6.25) | (0.19) | (1.21) | (1.40) | 39.70 | (13.76) | 598,238 | 0.81 | 0.82 | 0.31 | 15(5) | ||||||||||||||
03/31/23(6) | 39.70 | 0.10(4) | 4.89 | 4.99 | (0.16) | (0.44) | (0.60) | 44.09 | 12.66(7) | 655,106 | 0.80(8) | 0.82(8) | 0.46(8) | 10(5)(7) |
(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 1.21%, 1.21% and 1.21%, for Class C was 1.93%, 1.91% and 1.92%, for Class Y was 0.92%, 0.92% and 0.96%, for Class Z was 1.21%, 1.21% and 1.21%, for Institutional Class was 0.87%, 0.85% and 0.84% and for Class R6 was 0.79%, 0.79%, and 0.79% for the six months ended March 31, 2023 and for the years ended September 30, 2022 and 2021. |
(3) | The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A was 1.23%, 1.21% and 1.22%, for Class C was 1.93%, 1.91% and 1.92%, for Class Y was 0.92%, 0.93% and 0.92%, for Class Z was 1.25%, 1.24% and 1.24%, for Institutional Class was 0.87%, 0.85% and 0.83% and for Class R6 was 0.81%, 0.80%, and 0.81% for the six months ended March 31, 2023 and for the years ended September 30, 2022 and 2021. |
(4) | The net investment income 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) | Net expenses include amounts recouped by the Adviser. |
(10) | Represents the period from commencement of operations (February 22, 2021) through September 30, 2021. |
Touchstone Mid Cap Value 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 | ||||||||||||||||||||||||||||
09/30/18 | $19.36 | $0.07 | $0.48 | $0.55 | $(0.06) | $ (1.14) | $(1.20) | $18.71 | 2.80% | $17,217 | 1.25% | 1.48% | 0.32% | 31% | ||||||||||||||
09/30/19 | 18.71 | 0.12 | (0.06) | 0.06 | (0.10) | (0.76) | (0.86) | 17.91 | 0.81 | 10,866 | 1.22 | 1.53 | 0.59 | 34 | ||||||||||||||
09/30/20 | 17.91 | 0.09 | (1.20) | (1.11) | (0.09) | — | (0.09) | 16.71 | (6.20) | 9,864 | 1.22 | 1.59 | 0.50 | 37 | ||||||||||||||
09/30/21 | 16.71 | 0.01(4) | 6.93 | 6.94 | (0.03) | — | (0.03) | 23.62 | 41.59 | 13,605 | 1.23 | 1.55 | 0.06 | 33(5) | ||||||||||||||
09/30/22 | 23.62 | 0.14(4) | (2.05) | (1.91) | (0.19) | (1.49) | (1.68) | 20.03 | (9.04) | 12,950 | 1.22 | 1.44 | 0.59 | 27 | ||||||||||||||
03/31/23(6) | 20.03 | 0.09(4) | 1.61 | 1.70 | (0.06) | (1.12) | (1.18) | 20.55 | 8.44(7) | 15,958 | 1.22(8) | 1.39(8) | 0.83(8) | 13(5)(7) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
09/30/18 | $18.94 | $(0.13) | $0.53 | $0.40 | $— | $ (1.14) | $(1.14) | $18.20 | 2.04% | $7,755 | 2.01% | 2.31% | (0.43)% | 31% | ||||||||||||||
09/30/19 | 18.20 | (0.12) | 0.05 | (0.07) | — | (0.76) | (0.76) | 17.37 | 0.06 | 5,378 | 1.97 | 2.40 | (0.17) | 34 | ||||||||||||||
09/30/20 | 17.37 | (0.24) | (0.96) | (1.20) | — | — | — | 16.17 | (6.91) | 3,296 | 1.97 | 2.57 | (0.25) | 37 | ||||||||||||||
09/30/21 | 16.17 | (0.15)(4) | 6.71 | 6.56 | — | — | — | 22.73 | 40.57 | 4,167 | 1.98 | 2.36 | (0.69) | 33(5) | ||||||||||||||
09/30/22 | 22.73 | (0.03)(4) | (1.97) | (2.00) | — | (1.49) | (1.49) | 19.24 | (9.73) | 4,013 | 1.97 | 2.26 | (0.16) | 27 | ||||||||||||||
03/31/23(6) | 19.24 | 0.01(4) | 1.55 | 1.56 | (0.02) | (1.12) | (1.14) | 19.66 | 8.06(7) | 4,040 | 1.97(8) | 2.27(8) | 0.08(8) | 13(5)(7) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
09/30/18 | $19.45 | $0.11 | $0.48 | $0.59 | $(0.11) | $ (1.14) | $(1.25) | $18.79 | 3.00% | $337,247 | 1.00% | 1.05% | 0.57% | 31% | ||||||||||||||
09/30/19 | 18.79 | 0.14 | (0.04) | 0.10 | (0.14) | (0.76) | (0.90) | 17.99 | 1.08 | 286,407 | 0.97 | 1.19 | 0.84 | 34 | ||||||||||||||
09/30/20 | 17.99 | 0.12 | (1.20) | (1.08) | (0.13) | — | (0.13) | 16.78 | (5.97) | 299,596 | 0.97 | 1.22 | 0.75 | 37 | ||||||||||||||
09/30/21 | 16.78 | 0.07(4) | 6.96 | 7.03 | (0.06) | — | (0.06) | 23.75 | 41.97 | 400,865 | 0.98 | 1.16 | 0.31 | 33(5) | ||||||||||||||
09/30/22 | 23.75 | 0.20(4) | (2.06) | (1.86) | (0.25) | (1.49) | (1.74) | 20.15 | (8.81) | 349,756 | 0.97 | 1.16 | 0.84 | 27 | ||||||||||||||
03/31/23(6) | 20.15 | 0.12(4) | 1.61 | 1.73 | (0.07) | (1.12) | (1.19) | 20.69 | 8.55(7) | 395,750 | 0.97(8) | 1.18(8) | 1.08(8) | 13(5)(7) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
09/30/18 | $19.54 | $0.12 | $0.50 | $0.62 | $(0.13) | $ (1.14) | $(1.27) | $18.89 | 3.17% | $431,412 | 0.87% | 0.99% | 0.70% | 31% | ||||||||||||||
09/30/19 | 18.89 | 0.17 | (0.04) | 0.13 | (0.17) | (0.76) | (0.93) | 18.09 | 1.20 | 453,198 | 0.84 | 0.97 | 0.97 | 34 | ||||||||||||||
09/30/20 | 18.09 | 0.15 | (1.22) | (1.07) | (0.15) | — | (0.15) | 16.87 | (5.86) | 370,247 | 0.84 | 0.98 | 0.88 | 37 | ||||||||||||||
09/30/21 | 16.87 | 0.10(4) | 7.00 | 7.10 | (0.09) | — | (0.09) | 23.88 | 42.16 | 456,557 | 0.85 | 0.97 | 0.44 | 33(5) | ||||||||||||||
09/30/22 | 23.88 | 0.23(4) | (2.07) | (1.84) | (0.28) | (1.49) | (1.77) | 20.27 | (8.68) | 395,187 | 0.84 | 0.95 | 0.97 | 27 | ||||||||||||||
03/31/23(6) | 20.27 | 0.13(4) | 1.63 | 1.76 | (0.08) | (1.12) | (1.20) | 20.83 | 8.64(7) | 377,863 | 0.84(8) | 0.96(8) | 1.21(8) | 13(5)(7) |
(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 1.22%, for Class C was 1.97%, for Class Y was 0.97% and for Institutional Class was 0.84% for the year ended September 30, 2021 . |
(3) | The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A was 1.54%, for Class C was 2.35%, for Class Y was 1.15% and for Institutional Class was 0.96% for the year ended September 30, 2021. |
(4) | The net investment income 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. |
Touchstone Sands Capital Select Growth Fund | ||||||||||||||||||||||||||
Period ended | Net asset value at beginning of period | Net investment loss | Net realized and unrealized gains (losses) on investments | Total from investment operations | 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 | ||||||||||||||||||||||||||
09/30/18 | $16.58 | $(0.21) | $4.72 | $4.51 | $ (3.36) | $(3.36) | $17.73 | 33.03% | $97,583 | 1.43% | 1.43% | (1.28)% | 21%(4) | |||||||||||||
09/30/19 | 17.73 | (0.06) | (0.72) | (0.78) | (3.83) | (3.83) | 13.12 | (1.75) | 89,299 | 1.44 | 1.44 | (1.23) | 25(4) | |||||||||||||
09/30/20 | 13.12 | (0.11)(5) | 6.58 | 6.47 | (2.37) | (2.37) | 17.22 | 58.43 | 163,697 | 1.25(6) | 1.24 | (0.85) | 41(4) | |||||||||||||
09/30/21 | 17.22 | (0.19)(5) | 5.43 | 5.24 | (1.85) | (1.85) | 20.61 | 32.30 | 841,243 | 1.06(6) | 1.06 | (0.96) | 35(4)(7) | |||||||||||||
09/30/22 | 20.61 | (0.13)(5) | (10.02) | (10.15) | (2.16) | (2.16) | 8.30 | (54.73) | 319,960 | 1.13 | 1.13 | (0.98) | 45(4) | |||||||||||||
03/31/23(8) | 8.30 | (0.04)(5) | 1.65 | 1.61 | — | — | 9.91 | 19.40(9) | 347,178 | 1.17(10) | 1.23(10) | (0.84)(10) | 11(4)(9) | |||||||||||||
Class C | ||||||||||||||||||||||||||
09/30/18^ | $19.48 | $(0.30) | $5.39 | $5.09 | $ (4.22) | $(4.22) | $20.35 | 32.11% | $80,444 | 2.18% | 2.19% | (2.03)% | 21%(4) | |||||||||||||
09/30/19^ | 20.35 | (0.64) | (0.43) | (1.07) | (4.81) | (4.81) | 14.47 | (2.44) | 50,079 | 2.19 | 2.21 | (1.98) | 25(4) | |||||||||||||
09/30/20^ | 14.47 | (0.23)(5) | 7.03 | 6.80 | (2.98) | (2.98) | 18.29 | 57.27 | 36,065 | 2.01 | 2.04 | (1.56) | 41(4) | |||||||||||||
09/30/21^ | 18.29 | (0.35)(5) | 5.67 | 5.32 | (2.32) | (2.32) | 21.29 | 31.14 | 75,082 | 1.86 | 1.87 | (1.75) | 35(4)(7) | |||||||||||||
09/30/22^ | 21.29 | (0.23)(5) | (10.05) | (10.28) | (2.71) | (2.71) | 8.30 | (55.02) | 20,623 | 1.78 | 1.94 | (1.63) | 45(4) | |||||||||||||
03/31/23^(8) | 8.30 | (0.06)(5) | 1.63 | 1.57 | — | — | 9.87 | 19.05(9) | 20,386 | 1.78(10) | 2.09(10) | (1.45)(10) | 11(4)(9) | |||||||||||||
Class Y | ||||||||||||||||||||||||||
09/30/18 | $17.29 | $(0.18) | $4.98 | $4.80 | $ (3.36) | $(3.36) | $18.73 | 33.36% | $1,556,324 | 1.18%(6) | 1.17% | (1.03)% | 21%(4) | |||||||||||||
09/30/19 | 18.73 | (0.14) | (0.62) | (0.76) | (3.83) | (3.83) | 14.14 | (1.45) | 1,089,979 | 1.19(6) | 1.18 | (0.98) | 25(4) | |||||||||||||
09/30/20 | 14.14 | (0.09)(5) | 7.21 | 7.12 | (2.37) | (2.37) | 18.89 | 58.86 | 1,565,333 | 1.00(6) | 0.99 | (0.58) | 41(4) | |||||||||||||
09/30/21 | 18.89 | (0.16)(5) | 5.98 | 5.82 | (1.85) | (1.85) | 22.86 | 32.53 | 1,784,643 | 0.85 | 0.85 | (0.74) | 35(4)(7) | |||||||||||||
09/30/22 | 22.86 | (0.11)(5) | (11.24) | (11.35) | (2.16) | (2.16) | 9.35 | (54.59) | 613,010 | 0.88 | 0.88 | (0.72) | 45(4) | |||||||||||||
03/31/23(8) | 9.35 | (0.03)(5) | 1.85 | 1.82 | — | — | 11.17 | 19.47(9) | 627,822 | 0.94(10) | 0.96(10) | (0.61)(10) | 11(4)(9) | |||||||||||||
Class Z | ||||||||||||||||||||||||||
09/30/18 | $16.58 | �� | $(0.20) | $4.73 | $4.53 | $ (3.36) | $(3.36) | $17.75 | 33.10% | $611,071 | 1.42% | 1.47% | (1.27)% | 21%(4) | ||||||||||||
09/30/19 | 17.75 | (0.17) | (0.61) | (0.78) | (3.83) | (3.83) | 13.14 | (1.69) | 458,996 | 1.43 | 1.49 | (1.22) | 25(4) | |||||||||||||
09/30/20 | 13.14 | (0.11)(5) | 6.59 | 6.48 | (2.37) | (2.37) | 17.25 | 58.42 | 491,741 | 1.24 | 1.31 | (0.82) | 41(4) | |||||||||||||
09/30/21 | 17.25 | (0.20)(5) | 5.43 | 5.23 | (1.85) | (1.85) | 20.63 | 32.17 | 570,206 | 1.16(6) | 1.16 | (1.05) | 35(4)(7) | |||||||||||||
09/30/22 | 20.63 | (0.14)(5) | (10.02) | (10.16) | (2.16) | (2.16) | 8.31 | (54.73) | 203,620 | 1.18 | 1.19 | (1.03) | 45(4) | |||||||||||||
03/31/23(8) | 8.31 | (0.04)(5) | 1.65 | 1.61 | — | — | 9.92 | 19.37(9) | 209,694 | 1.18(10) | 1.26(10) | (0.85)(10) | 11(4)(9) | |||||||||||||
Institutional Class | ||||||||||||||||||||||||||
09/30/20(11) | $19.81(12) | $(0.01)(5) | $(0.91) | $(0.92) | $ — | $— | $18.89 | (4.64)%(9) | $2 | 0.81%(10) | 1,344.66%(10) | (0.81)%(10) | 41%(4) | |||||||||||||
09/30/21 | 18.89 | (0.15)(5) | 5.99 | 5.84 | (1.85) | (1.85) | 22.88 | 32.65 | 2,582,030 | 0.79(6) | 0.79 | (0.69) | 35(4)(7) | |||||||||||||
09/30/22 | 22.88 | (0.10)(5) | (11.26) | (11.36) | (2.16) | (2.16) | 9.36 | (54.58) | 839,599 | 0.82 | 0.83 | (0.67) | 45(4) | |||||||||||||
03/31/23(8) | 9.36 | (0.02)(5) | 1.86 | 1.84 | — | — | 11.20 | 19.66(9) | 840,633 | 0.82(10) | 0.91(10) | (0.49)(10) | 11(4)(9) | |||||||||||||
Class R6 | ||||||||||||||||||||||||||
09/30/20(11) | $19.81(12) | $(0.01)(5) | $(0.91) | $(0.92) | $ — | $— | $18.89 | (4.64)%(9) | $2 | 0.75%(10) | 3.55%(10) | (0.73)%(10) | 41%(4) | |||||||||||||
09/30/21 | 18.89 | (0.14)(5) | 5.98 | 5.84 | (1.85) | (1.85) | 22.88 | 32.65 | 498,994 | 0.74 | 0.75 | (0.65) | 35(4)(7) | |||||||||||||
09/30/22 | 22.88 | (0.09)(5) | (11.26) | (11.35) | (2.16) | (2.16) | 9.37 | (54.58) | 270,361 | 0.76 | 0.79 | (0.61) | 45(4) | |||||||||||||
03/31/23(8) | 9.37 | (0.02)(5) | 1.85 | 1.83 | — | — | 11.20 | 19.66(9) | 327,352 | 0.76(10) | 0.86(10) | (0.43)(10) | 11(4)(9) |
^ | Updated to reflect the effect of a 1 for 0.796098 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 1.13%, 1.09%, 1.04%, 1.22%, 1.40% and 1.42%, for Class C was 1.74%, 1.74%, 1.84%, 1.98%, 2.15% and 2.17%, for Class Y was 0.90%, 0.84%, 0.83%, 0.97%, 1.15% and 1.17% and for Class Z was 1.14%, 1.14%, 1.14%, 1.21%, 1.39% and 1.41% for the six months ended March 31,2023 and the years ended September 30, 2022, 2021, 2020, 2019 and 2018, respectively. The ratio of net expenses to average net assets excluding liquidity provider expenses for Institutional Class was 0.78%, 0.78%, 0.77% and 0.78% and for Class R6 was 0.72%, 0.72%, 0.72% and 0.72% for the six months ended March 31, 2023 and the years ended September 30, 2022, 2021 and 2020, respectively. |
(3) | The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A was 1.19%, 1.09%, 1.04%, 1.21%, 1.40% and 1.42%, for Class C was 2.05%, 1.90%, 1.85%, 2.01%, 2.17% and 2.18%, for Class Y was 0.92%, 0.84%, 0.83%, 0.96%, 1.14% and 1.16% and for Class Z was 1.22%, 1.15%, 1.14%, 1.28%, 1.45% and 1.46% for the six months ended March 31,2023 and the years ended September 30, 2022, 2021, 2020, 2019 and 2018, respectively. The ratio of gross expenses to average net assets excluding liquidity provider expenses for Institutional Class was 0.87%, 0.79%, 0.77% and 1,344.63% and for Class R6 was 0.82%, 0.75%, 0.73% and 3.52% for the six months ended March 31,2023 and the years ended September 30, 2022, 2021 and 2020, respectively. |
(4) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(5) | The net investment income per share was based on average shares outstanding for the period. |
(6) | Net expenses include amounts recouped by the Adviser. |
(7) | Portfolio turnover excludes the purchases and sales of securities by the Touchstone Sands Capital Institutional Growth Fund and the AIG Focused Growth Fund acquired on December 11, 2020 and July 16, 2021, respectively. If these transactions were included, portfolio turnover would have been higher. |
(8) | Unaudited. |
(9) | Not annualized. |
(10) | Annualized. |
(11) | Represents the period from commencement of operations (September 1, 2020) through September 30, 2020. |
(12) | Net asset value at the beginning of period is based on the net asset value of Class Y shares on September 1, 2020. |
Touchstone Small Cap 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 | ||||||||||||||||||||||||||||
09/30/18 | $17.73 | $0.32(4)(5) | $1.52 | $1.84 | $(0.34) | $ (2.99) | $(3.33) | $16.24 | 12.14% | $8,142 | 1.39% | 1.65% | 1.99%(5) | 29%(6) | ||||||||||||||
09/30/19 | 16.24 | —(7) | (0.49) | (0.49) | — | (3.40) | (3.40) | 12.35 | 0.22 | 3,750 | 1.39 | 2.01 | 0.02 | 17(6) | ||||||||||||||
09/30/20 | 12.35 | 0.01(4) | (0.98) | (0.97) | — | (1.09) | (1.09) | 10.29 | (8.92) | 4,313 | 1.27 | 2.09 | 0.08 | 22(6) | ||||||||||||||
09/30/21 | 10.29 | 0.05(4) | 3.91 | 3.96 | — | (0.20) | (0.20) | 14.05 | 38.68 | 5,266 | 1.27 | 1.78 | 0.39 | 33(6) | ||||||||||||||
09/30/22 | 14.05 | (0.01)(4) | (1.21) | (1.22) | (0.03) | (1.78) | (1.81) | 11.02 | (10.75) | 4,022 | 1.25 | 1.77 | (0.05) | 18(6) | ||||||||||||||
03/31/23(8) | 11.02 | —(4)(7) | 1.96 | 1.96 | (0.01) | (0.21) | (0.22) | 12.76 | 17.91(9) | 4,420 | 1.25(10) | 1.79(10) | 0.06(10) | 5(6)(9) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
09/30/18 | $16.94 | $0.19(4)(5) | $1.45 | $1.64 | $(0.19) | $ (2.99) | $(3.18) | $15.40 | 11.33% | $6,299 | 2.14% | 2.40% | 1.24%(5) | 29%(6) | ||||||||||||||
09/30/19 | 15.40 | (0.10) | (0.49) | (0.59) | — | (3.40) | (3.40) | 11.41 | (0.58) | 3,356 | 2.14 | 2.64 | (0.73) | 17(6) | ||||||||||||||
09/30/20 | 11.41 | (0.07)(4) | (0.87) | (0.94) | — | (1.09) | (1.09) | 9.38 | (9.43) | 295 | 2.02 | 3.10 | (0.68) | 22(6) | ||||||||||||||
09/30/21 | 9.38 | (0.04)(4) | 3.55 | 3.51 | — | (0.20) | (0.20) | 12.69 | 37.62 | 197 | 2.02 | 4.51 | (0.36) | 33(6) | ||||||||||||||
09/30/22 | 12.69 | (0.09)(4) | (1.07) | (1.16) | (0.01) | (1.78) | (1.79) | 9.74 | (11.45) | 162 | 2.00 | 6.81 | (0.80) | 18(6) | ||||||||||||||
03/31/23(8) | 9.74 | (0.04)(4) | 1.73 | 1.69 | — | (0.21) | (0.21) | 11.22 | 17.47(9) | 253 | 2.00(10) | 6.86(10) | (0.69)(10) | 5(6)(9) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
09/30/18 | $17.94 | $0.37(4)(5) | $1.53 | $1.90 | $(0.40) | $ (2.99) | $(3.39) | $16.45 | 12.44% | $51,218 | 1.14% | 1.17% | 2.24%(5) | 29%(6) | ||||||||||||||
09/30/19 | 16.45 | 0.04 | (0.50) | (0.46) | — | (3.40) | (3.40) | 12.59 | 0.44 | 34,709 | 1.14 | 1.31 | 0.27 | 17(6) | ||||||||||||||
09/30/20 | 12.59 | 0.04(4) | (1.00) | (0.96) | (0.02) | (1.09) | (1.11) | 10.52 | (8.65) | 35,573 | 1.02 | 1.32 | 0.33 | 22(6) | ||||||||||||||
09/30/21 | 10.52 | 0.09(4) | 3.98 | 4.07 | (0.11) | (0.20) | (0.31) | 14.28 | 39.02 | 49,842 | 1.02 | 1.25 | 0.64 | 33(6) | ||||||||||||||
09/30/22 | 14.28 | 0.02(4) | (1.24) | (1.22) | (0.04) | (1.78) | (1.82) | 11.24 | (10.58) | 53,485 | 1.00 | 1.23 | 0.20 | 18(6) | ||||||||||||||
03/31/23(8) | 11.24 | 0.02(4) | 2.00 | 2.02 | (0.02) | (0.21) | (0.23) | 13.03 | 18.08(9) | 75,291 | 1.00(10) | 1.21(10) | 0.31(10) | 5(6)(9) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
09/30/18 | $17.93 | $0.38(4)(5) | $1.53 | $1.91 | $(0.45) | $ (2.99) | $(3.44) | $16.40 | 12.52% | $93,636 | 1.06% | 1.10% | 2.32%(5) | 29%(6) | ||||||||||||||
09/30/19 | 16.40 | 0.06 | (0.51) | (0.45) | — | (3.40) | (3.40) | 12.55 | 0.54 | 36,691 | 1.06 | 1.20 | 0.35 | 17(6) | ||||||||||||||
09/30/20 | 12.55 | 0.04(4) | (0.97) | (0.93) | (0.04) | (1.09) | (1.13) | 10.49 | (8.57) | 33,201 | 0.94 | 1.21 | 0.41 | 22(6) | ||||||||||||||
09/30/21 | 10.49 | 0.10(4) | 3.97 | 4.07 | (0.13) | (0.20) | (0.33) | 14.23 | 39.13 | 39,656 | 0.94 | 1.16 | 0.72 | 33(6) | ||||||||||||||
09/30/22 | 14.23 | 0.04(4) | (1.25) | (1.21) | (0.04) | (1.78) | (1.82) | 11.20 | (10.52) | 32,834 | 0.92 | 1.14 | 0.28 | 18(6) | ||||||||||||||
03/31/23(8) | 11.20 | 0.02(4) | 2.00 | 2.02 | (0.02) | (0.21) | (0.23) | 12.99 | 18.17(9) | 38,040 | 0.92(10) | 1.13(10) | 0.39(10) | 5(6)(9) |
(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%, 1.24%, 1.34% and 1.38%, for Class C was 1.99%, 1.99%, 1.99%, 1.99%, 2.09% and 2.13%, for Class Y was 0.99%, 0.99%, 0.99%, 0.99%, 1.09% and 1.13% and for Institutional Class was 0.91%, 0.91%, 0.91%, 0.91%, 1.01% and 1.05% for the six months ended March 31, 2023 and for the years ended September 30, 2022, 2021, 2020, 2019 and 2018, respectively. |
(3) | The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A was 1.78%, 1.76%, 1.75%, 2.06%, 1.96% and 1.64%, for Class C was 6.85%, 6.80%, 4.48%, 3.07%, 2.59% and 2.39%, for Class Y was 1.20%, 1.22%, 1.22%, 1.29%, 1.26% and 1.16% and for Institutional Class was 1.12%, 1.13%, 1.13%, 1.18%, 1.15% and 1.09% for the six months ended March 31, 2023 and for the years ended September 30, 2022, 2021, 2020, 2019 and 2018, respectively. |
(4) | The net investment income per share was based on average shares outstanding for the period. |
(5) | Includes impact of special dividend from Alexander & Baldwin Inc. in January, 2018 as part of the company's conversion to a real estate investment trust. This special dividend enhanced the net investment income per share and ratio of net investment income by $0.34 and 2.10%, respectively, for Class A, Class Y and Institutional Class and by $0.32 and 2.10%, respectively, for Class C. |
(6) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(7) | Less than $0.005 per share. |
(8) | Unaudited. |
(9) | Not annualized. |
(10) | Annualized. |
Touchstone Small Cap Value 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 | Return of capital | 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 | ||||||||||||||||||||||||||||||
09/30/18 | $26.06 | $0.02 | $1.83 | $1.85 | $—(5) | $ — | $— | $—(5) | $27.91 | 7.12% | $83,139 | 1.38% | 1.75% | 0.09% | 49%(4)(6) | |||||||||||||||
09/30/19 | 27.91 | 0.11 | (2.29) | (2.18) | (0.03) | (1.70) | — | (1.73) | 24.00 | (7.37) | 24,389 | 1.38 | 1.68 | 0.19 | 28 | |||||||||||||||
09/30/20 | 24.00 | 0.03(7) | (3.34) | (3.31) | (0.04) | — | (0.02) | (0.06) | 20.63 | (13.83) | 16,552 | 1.38 | 1.58 | 0.12 | 41 | |||||||||||||||
09/30/21 | 20.63 | (—)(7) | 11.98 | 11.98 | (0.08) | — | (0.04) | (0.12) | 32.49 | 57.95 | 24,620 | 1.38 | 1.55 | (0.02) | 29 | |||||||||||||||
09/30/22 | 32.49 | (0.01)(7) | (3.55) | (3.56) | (0.06) | �� | — | (0.07) | (0.13) | 28.80 | (11.04) | 21,034 | 1.38 | 1.57 | (0.02) | 35 | ||||||||||||||
03/31/23(8) | 28.80 | 0.05(7) | 2.90 | 2.95 | (0.01) | — | — | (0.01) | 31.74 | 10.23(9) | 22,894 | 1.40(10) | 1.50(10) | 0.33(10) | 18(4)(9) | |||||||||||||||
Class C | ||||||||||||||||||||||||||||||
09/30/18 | $25.60 | $(0.11) | $1.73 | $1.62 | $— | $ — | $— | $— | $27.22 | 6.29% | $1,433 | 2.13% | 3.66% | (0.66)% | 49%(4)(6) | |||||||||||||||
09/30/19 | 27.22 | (0.41) | (1.90) | (2.31) | — | (1.70) | — | (1.70) | 23.21 | (8.07) | 788 | 2.13 | 3.57 | (0.56) | 28 | |||||||||||||||
09/30/20 | 23.21 | (0.13)(7) | (3.22) | (3.35) | (0.02) | — | —(5) | (0.02) | 19.84 | (14.46) | 453 | 2.13 | 4.50 | (0.63) | 41 | |||||||||||||||
09/30/21 | 19.84 | (0.22)(7) | 11.50 | 11.28 | (0.04) | — | (0.02) | (0.06) | 31.06 | 56.81 | 562 | 2.13 | 3.71 | (0.77) | 29 | |||||||||||||||
09/30/22 | 31.06 | (0.24)(7) | (3.38) | (3.62) | (0.03) | — | (0.03) | (0.06) | 27.38 | (11.73) | 272 | 2.13 | 4.21 | (0.77) | 35 | |||||||||||||||
03/31/23(8) | 27.38 | (0.06)(7) | 2.75 | 2.69 | — | — | — | — | 30.07 | 9.83(9) | 273 | 2.15(10) | 5.10(10) | (0.42)(10) | 18(4)(9) | |||||||||||||||
Class Y | ||||||||||||||||||||||||||||||
09/30/18 | $26.14 | $0.15 | $1.78 | $1.93 | $(0.11) | $ — | $— | $(0.11) | $27.96 | 7.41% | $41,365 | 1.13% | 1.71% | 0.34% | 49%(4)(6) | |||||||||||||||
09/30/19 | 27.96 | 0.10 | (2.23) | (2.13) | (0.08) | (1.70) | — | (1.78) | 24.05 | (7.16) | 24,921 | 1.13 | 1.30 | 0.44 | 28 | |||||||||||||||
09/30/20 | 24.05 | 0.08(7) | (3.34) | (3.26) | (0.09) | — | (0.03) | (0.12) | 20.67 | (13.60) | 28,435 | 1.13 | 1.31 | 0.37 | 41 | |||||||||||||||
09/30/21 | 20.67 | 0.07(7) | 12.01 | 12.08 | (0.09) | — | (0.05) | (0.14) | 32.61 | 58.32 | 41,793 | 1.13 | 1.26 | 0.23 | 29 | |||||||||||||||
09/30/22 | 32.61 | 0.08(7) | (3.58) | (3.50) | (0.07) | — | (0.10) | (0.17) | 28.94 | (10.81) | 34,156 | 1.13 | 1.27 | 0.23 | 35 | |||||||||||||||
03/31/23(8) | 28.94 | 0.09(7) | 2.92 | 3.01 | (0.03) | — | — | (0.03) | 31.92 | 10.39(9) | 37,435 | 1.15(10) | 1.23(10) | 0.58(10) | 18(4)(9) | |||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||
09/30/18 | $26.14 | $0.28 | $1.69 | $1.97 | $(0.17) | $ — | $— | $(0.17) | $27.94 | 7.53% | $29,279 | 0.98% | 1.27% | 0.49% | 49%(4)(6) | |||||||||||||||
09/30/19 | 27.94 | 0.18 | (2.27) | (2.09) | (0.11) | (1.70) | — | (1.81) | 24.04 | (6.98) | 40,104 | 0.98 | 1.17 | 0.59 | 28 | |||||||||||||||
09/30/20 | 24.04 | 0.12(7) | (3.33) | (3.21) | (0.11) | — | (0.04) | (0.15) | 20.68 | (13.42) | 7,825 | 0.98 | 1.19 | 0.52 | 41 | |||||||||||||||
09/30/21 | 20.68 | 0.11(7) | 12.03 | 12.14 | (0.10) | — | (0.05) | (0.15) | 32.67 | 58.59 | 9,176 | 0.98 | 1.25 | 0.38 | 29 | |||||||||||||||
09/30/22 | 32.67 | 0.13(7) | (3.59) | (3.46) | (0.10) | — | (0.12) | (0.22) | 28.99 | (10.67) | 7,389 | 0.98 | 1.26 | 0.38 | 35 | |||||||||||||||
03/31/23(8) | 28.99 | 0.12(7) | 2.91 | 3.03 | (0.03) | — | — | (0.03) | 31.99 | 10.47(9) | 65,994 | 1.00(10) | 1.14(10) | 0.73(10) | 18(4)(9) |
(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 1.38%, for Class C was 2.13%, for Class Y was 1.13% and for Institutional Class was 0.98% for the six months ended March 31, 2023. |
(3) | The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A was 1.48%, for Class C was 5.08%, for Class Y was 1.21% and for Institutional Class was 1.12% for the six months ended March 31, 2023. |
(4) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(5) | Less than $0.005 per share. |
(6) | Portfolio turnover excludes the purchases and sales of securities of the Touchstone Small Cap Value Opportunities Fund acquired on September 21, 2018. If these transactions were included, portfolio turnover would have been higher. |
(7) | The net investment income per share was based on average shares outstanding for the period. |
(8) | Unaudited. |
(9) | Not annualized. |
(10) | Annualized. |
Touchstone Ultra Short Duration Fixed Income 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 | ||||||||||||||||||||||||||
09/30/18 | $9.29 | $0.16 | $(0.01) | $0.15 | $(0.19) | $(0.19) | $9.25 | 1.50% | $76,623 | 0.69% | 0.81% | 1.88% | 143%(2) | |||||||||||||
09/30/19 | 9.25 | 0.23 | 0.04 | 0.27 | (0.23) | (0.23) | 9.29 | 2.95 | 71,684 | 0.69 | 0.80 | 2.43 | 91 | |||||||||||||
09/30/20 | 9.29 | 0.18 | (0.06) | 0.12 | (0.18) | (0.18) | 9.23 | 1.32 | 124,233 | 0.69 | 0.80 | 1.84 | 72 | |||||||||||||
09/30/21 | 9.23 | 0.04 | 0.02 | 0.06 | (0.08) | (0.08) | 9.21 | 0.67 | 144,172 | 0.69 | 0.74 | 0.40 | 113 | |||||||||||||
09/30/22 | 9.21 | 0.08 | (0.15) | (0.07) | (0.13) | (0.13) | 9.01 | (0.80) | 125,115 | 0.69 | 0.74 | 0.81 | 52 | |||||||||||||
03/31/23(3) | 9.01 | 0.14 | 0.01 | 0.15 | (0.16) | (0.16) | 9.00 | 1.63(4) | 76,522 | 0.69(5) | 0.77(5) | 3.15(5) | 14(4) | |||||||||||||
Class C | ||||||||||||||||||||||||||
09/30/18 | $9.29 | $0.13 | $(0.03) | $0.10 | $(0.14) | $(0.14) | $9.25 | 1.00% | $4,492 | 1.19% | 1.67% | 1.38% | 143%(2) | |||||||||||||
09/30/19 | 9.25 | 0.18 | 0.04 | 0.22 | (0.18) | (0.18) | 9.29 | 2.45 | 4,225 | 1.19 | 1.71 | 1.93 | 91 | |||||||||||||
09/30/20 | 9.29 | 0.12 | (0.04) | 0.08 | (0.13) | (0.13) | 9.24 | 0.93 | 5,276 | 1.19 | 1.60 | 1.33 | 72 | |||||||||||||
09/30/21 | 9.24 | (0.01) | 0.02 | 0.01 | (0.04) | (0.04) | 9.21 | 0.07 | 4,249 | 1.19 | 1.47 | (0.10) | 113 | |||||||||||||
09/30/22 | 9.21 | 0.03 | (0.14) | (0.11) | (0.08) | (0.08) | 9.02 | (1.18) | 5,013 | 1.19 | 1.48 | 0.31 | 52 | |||||||||||||
03/31/23(3) | 9.02 | 0.12 | —(6) | 0.12 | (0.13) | (0.13) | 9.01 | 1.37(4) | 3,744 | 1.19(5) | 1.50(5) | 2.65(5) | 14(4) | |||||||||||||
Class S | ||||||||||||||||||||||||||
09/30/18(7) | $9.29 | $0.13 | $(0.02) | $0.11 | $(0.15) | $(0.15) | $9.25 | 1.24%(4) | $141,918 | 0.94%(5) | 0.99%(5) | 1.63%(5) | 143%(2) | |||||||||||||
09/30/19 | 9.25 | 0.21 | 0.03 | 0.24 | (0.21) | (0.21) | 9.28 | 2.59 | 135,565 | 0.94 | 0.99 | 2.18 | 91 | |||||||||||||
09/30/20 | 9.28 | 0.12 | (0.01) | 0.11 | (0.16) | (0.16) | 9.23 | 1.18 | 61,464 | 0.94 | 0.99 | 1.58 | 72 | |||||||||||||
09/30/21 | 9.23 | 0.01 | 0.03 | 0.04 | (0.06) | (0.06) | 9.21 | 0.42 | 52,456 | 0.94 | 0.99 | 0.15 | 113 | |||||||||||||
09/30/22 | 9.21 | 0.05 | (0.15) | (0.10) | (0.10) | (0.10) | 9.01 | (1.05) | 42,709 | 0.94 | 0.99 | 0.56 | 52 | |||||||||||||
03/31/23(3) | 9.01 | 0.13 | 0.01 | 0.14 | (0.14) | (0.14) | 9.01 | 1.61(4) | 38,064 | 0.94(5) | 1.02(5) | 2.90(5) | 14(4) | |||||||||||||
Class Y | ||||||||||||||||||||||||||
09/30/18 | $9.29 | $0.20 | $(0.03) | $0.17 | $(0.21) | $(0.21) | $9.25 | 1.75% | $262,571 | 0.44% | 0.50% | 2.13% | 143%(2) | |||||||||||||
09/30/19 | 9.25 | 0.25 | 0.04 | 0.29 | (0.25) | (0.25) | 9.29 | 3.21 | 305,997 | 0.44 | 0.51 | 2.68 | 91 | |||||||||||||
09/30/20 | 9.29 | 0.19 | (0.05) | 0.14 | (0.20) | (0.20) | 9.23 | 1.57 | 292,708 | 0.44 | 0.51 | 2.09 | 72 | |||||||||||||
09/30/21 | 9.23 | 0.06 | 0.03 | 0.09 | (0.11) | (0.11) | 9.21 | 0.92 | 296,363 | 0.44 | 0.50 | 0.65 | 113 | |||||||||||||
09/30/22 | 9.21 | 0.10 | (0.15) | (0.05) | (0.15) | (0.15) | 9.01 | (0.55) | 250,473 | 0.44 | 0.50 | 1.06 | 52 | |||||||||||||
03/31/23(3) | 9.01 | 0.15 | 0.02 | 0.17 | (0.17) | (0.17) | 9.01 | 1.87(4) | 224,490 | 0.44(5) | 0.51(5) | 3.40(5) | 14(4) | |||||||||||||
Class Z | ||||||||||||||||||||||||||
09/30/18 | $9.29 | $0.18 | $(0.03) | $0.15 | $(0.19) | $(0.19) | $9.25 | 1.50% | $163,898 | 0.69% | 0.78% | 1.88% | 143%(2) | |||||||||||||
09/30/19 | 9.25 | 0.23 | 0.04 | 0.27 | (0.23) | (0.23) | 9.29 | 2.95 | 128,199 | 0.69 | 0.77 | 2.43 | 91 | |||||||||||||
09/30/20 | 9.29 | 0.17 | (0.05) | 0.12 | (0.18) | (0.18) | 9.23 | 1.32 | 86,018 | 0.69 | 0.79 | 1.83 | 72 | |||||||||||||
09/30/21 | 9.23 | 0.03 | 0.03 | 0.06 | (0.08) | (0.08) | 9.21 | 0.68 | 75,058 | 0.69 | 0.78 | 0.40 | 113 | |||||||||||||
09/30/22 | 9.21 | 0.10 | (0.17) | (0.07) | (0.13) | (0.13) | 9.01 | (0.80) | 50,209 | 0.69 | 0.79 | 0.81 | 52 | |||||||||||||
03/31/23(3) | 9.01 | 0.15 | 0.01 | 0.16 | (0.16) | (0.16) | 9.01 | 1.74(4) | 44,656 | 0.69(5) | 0.81(5) | 3.15(5) | 14(4) | |||||||||||||
Institutional Class | ||||||||||||||||||||||||||
09/30/18 | $9.29 | $0.21 | $(0.03) | $0.18 | $(0.22) | $(0.22) | $9.25 | 1.80% | $275,561 | 0.39% | 0.46% | 2.18% | 143%(2) | |||||||||||||
09/30/19 | 9.25 | 0.26 | 0.03 | 0.29 | (0.26) | (0.26) | 9.28 | 3.17 | 362,921 | 0.39 | 0.46 | 2.73 | 91 | |||||||||||||
09/30/20 | 9.28 | 0.20 | (0.05) | 0.15 | (0.21) | (0.21) | 9.22 | 1.63 | 417,011 | 0.39 | 0.46 | 2.13 | 72 | |||||||||||||
09/30/21 | 9.22 | 0.07 | 0.02 | 0.09 | (0.11) | (0.11) | 9.20 | 0.98 | 500,705 | 0.39 | 0.45 | 0.70 | 113 | |||||||||||||
09/30/22 | 9.20 | 0.13 | (0.18) | (0.05) | (0.15) | (0.15) | 9.00 | (0.50) | 230,153 | 0.39 | 0.46 | 1.11 | 52 | |||||||||||||
03/31/23(3) | 9.00 | 0.16 | 0.01 | 0.17 | (0.17) | (0.17) | 9.00 | 1.89(4) | 167,066 | 0.39(5) | 0.47(5) | 3.45(5) | 14(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) | Portfolio turnover excludes the purchases and sales of securities of the Sentinel Low Duration Bond Fund acquired on October 27, 2017. If these transactions were included, portfolio turnover would have been higher. |
(3) | Unaudited. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Less than $0.005 per share. |
(7) | Represents the period from commencement of operations (October 27, 2017) through September 30, 2018. |
Touchstone Active Bond Fund ("Active Bond Fund”) |
Touchstone Ares Credit Opportunities Fund ("Ares Credit Opportunities Fund”) |
Touchstone Dividend Equity Fund ("Dividend Equity Fund”) |
Touchstone High Yield Fund ("High Yield Fund”) |
Touchstone Impact Bond Fund ("Impact Bond Fund”) |
Touchstone International ESG Equity Fund ("International ESG Equity Fund”) |
Touchstone Mid Cap Fund ("Mid Cap Fund”) |
Touchstone Mid Cap Value Fund ("Mid Cap Value Fund”) |
Touchstone Sands Capital Select Growth Fund ("Sands Capital Select Growth Fund”) |
Touchstone Small Cap Fund ("Small Cap Fund”) |
Touchstone Small Cap Value Fund ("Small Cap Value Fund”) |
Touchstone Ultra Short Duration Fixed Income Fund ("Ultra Short Duration Fixed Income Fund”) |
Class A | Class C | Class S | Class Y | Class Z | Institutional Class | Class R6 | |
Active Bond Fund | X | X | X | X | |||
Ares Credit Opportunities Fund | X | X | X | X | |||
Dividend Equity Fund | X | X | X | X | X | ||
High Yield Fund | X | X | X | X | |||
Impact Bond Fund | X | X | X | X | X | ||
International ESG Equity Fund | X | X | X | X | |||
Mid Cap Fund | X | X | X | X | X | X | |
Mid Cap Value Fund | X | X | X | X | |||
Sands Capital Select Growth Fund | X | X | X | X | X | X | |
Small Cap Fund | X | X | X | X | |||
Small Cap Value Fund | X | X | X | X | |||
Ultra Short Duration Fixed Income Fund | X | X | 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. |
Assets | Liabilities | ||
Ares Credit Opportunities Fund | |||
Forwards - Foreign Currency Contracts | $— | $127,530 | |
Total | $— | $127,530 |
Counterparty | Derivative Type | Gross Amount of Recognized Liabilities | Gross Amount Available for Offset in Statement of Assets and Liabilities | Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Amount(A) |
Wells Fargo | Forward-Foreign Currency Contracts | $127,530 | $— | $— | $— | $127,530 |
(A) | Net amount represents the net amount payable to the counterparty in the event of default. |
Fund | Derivatives not accounted for as hedging instruments under ASC 815 | Asset Derivatives | Liability Derivatives |
Active Bond Fund | Swap Agreements - Credit Contracts* | $101,425 | $— |
Futures Contracts - Interest Rate Contracts** | — | 89,904 | |
Ares Credit Opportunities Fund | Purchased Options - Equity Contracts*** | 6,800 | — |
Written Options - Equity Contracts**** | — | 2,400 | |
Forwards - Foreign Currency Contracts***** | — | 127,530 | |
Swap Agreements - Credit Contracts* | 30,083 | — |
* | 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: Payable 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. |
*** | Statements of Assets and Liabilities Location: Investments, at market value. |
**** | Statements of Assets and Liabilities Location: Written options, at market value. |
***** | Statements of Assets and Liabilities Location: Unrealized appreciation (depreciation) on forward foreign currency contracts. |
Fund | Derivatives not accounted for as hedging instruments under ASC 815 | Realized Gains (Losses) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives |
Active Bond Fund | Futures - Interest Rate Contracts* | $366,563 | $(98,948) |
Swap Agreements - Credit Contracts** | (86,053) | 101,425 | |
Ares Credit Opportunities Fund | Purchased Options - Equity Contracts*** | (46,213) | — |
Written Options - Equity Contracts**** | (5,206) | 7,000 | |
Forwards - Foreign Currency Exchange Contracts***** | (437,860) | 5,937 | |
Swap Agreements - Credit Contracts** | 100,991 | (10,694) |
* | Statements of Operations Location: Net realized gains on futures contracts and net change in unrealized appreciation (depreciation) on futures contracts, respectively. |
** | Statements of Operations Location: Net realized gains (losses) on swap agreements and net change in unrealized appreciation (depreciation) on swap agreements, respectively. |
*** | Statements of Operations Location: Net realized gains (losses) on investments and net change in unrealized appreciation (depreciation) on investments, respectively. |
**** | Statements of Operations Location: Net realized losses on written options and net change in unrealized appreciation (depreciation) on written options, respectively. |
***** | Statements of Operations Location: Net realized losses on forward foreign currency contracts and net change in unrealized appreciation (depreciation) on forward foreign currency contracts, respectively. |
Active Bond Fund | Ares Credit Opportunities Fund | |
Equity Contracts: | ||
Purchased Options - Cost | $— | $6,600 |
Written Options - Premiums received | — | 3,133 |
Credit Contracts: | ||
Credit Default Swaps (buy protection) - Notional value | 3,405,000 | 901,871 |
Credit Default Swaps (sell protection) - Notional value | — | 416,667 |
Forward currency exchange contracts: | ||
U.S. dollar amount received | — | 6,132,899 |
Interest Rate Contracts: | ||
Futures Contracts (long) - Notional Value | 28,347,281 | — |
Futures Contracts (short) - Notional Value | 5,380,290 | — |
Fund | Security Type | Market Value of Securities Loaned* | Market Value of Collateral Received** | Net Amount*** |
Active Bond Fund | Corporate Bonds | $686,956 | $705,219 | $18,263 |
Ares Credit Opportunities Fund | Common Stocks | 652,860 | 636,740 | (16,120) |
Corporate Bonds | 3,230,225 | 3,258,445 | 28,220 | |
Total Ares Credit Opportunities Fund | 3,883,085 | 3,895,185 | 12,100 | |
High Yield Fund | Corporate Bonds | 1,973,945 | 2,043,580 | 69,635 |
International ESG Equity Fund | Common Stocks | 1,666,705 | 1,912,935 | 246,230 |
* | 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 (received from) the borrower in the event of default. |
Active Bond Fund | Ares Credit Opportunities Fund | Dividend Equity Fund* | High Yield Fund | Impact Bond Fund | |
Purchases of investment securities | $28,691,892 | $70,127,540 | $177,650,999 | $37,557,385 | $34,768,896 |
Proceeds from sales and maturities | $46,010,017 | $67,054,549 | $437,837,139 | $45,713,851 | $12,745,646 |
International ESG Equity Fund | Mid Cap Fund* | Mid Cap Value Fund* | Sands Capital Select Growth Fund* | Small Cap Fund* | |
Purchases of investment securities | $7,008,958 | $418,544,987 | $104,903,422 | $236,573,529 | $16,027,062 |
Proceeds from sales and maturities | $10,742,802 | $463,481,602 | $139,222,674 | $320,558,864 | $4,660,070 |
Small Cap Value Fund* | Ultra Short Duration Fixed Income Fund | |
Purchases of investment securities | $82,646,725 | $79,490,264 |
Proceeds from sales and maturities | $20,022,730 | $190,545,821 |
* | The Dividend Equity Fund, Mid Cap Fund, Mid Cap Value Fund, Sands Capital Select Growth Fund, Small Cap Fund and Small Cap Value Fund had redemptions-in-kinds out of the Fund of $47,216,480, $112,056,978, $2,573,758, $264,549,632, $1,972,377 and $3,739,901, respectively, which are excluded from the proceeds from sales and maturities. |
Active Bond Fund | 0.38% on the first $200 million 0.30% on such assets over $200 million |
Ares Credit Opportunities Fund | 0.60% |
Dividend Equity Fund | 0.55% on the first $1 billion 0.50% on such assets over $1 billion |
High Yield Fund | 0.60% on the first $50 million 0.50% on the next $250 million 0.45% on such assets over $300 million |
Impact Bond Fund | 0.30% on the first $200 million 0.225% on such assets over $200 million |
International ESG Equity Fund | 0.65% on the first $1 billion 0.60% on such assets over $1 billion |
Mid Cap Fund | 0.80% on the first $1 billion 0.70% on the next $500 million 0.60% on such assets over $1.5 billion |
Mid Cap Value Fund | 0.75% |
Sands Capital Select Growth Fund | 0.70% on the first $1 billion 0.65% on the next $500 million 0.60% on the next $500 million 0.55% on such assets over $2 billion |
Small Cap Fund | 0.85% on the first $250 million 0.80% on the next $250 million 0.70% on such assets over $500 million |
Small Cap Value Fund | 0.85% |
Ultra Short Duration Fixed Income Fund | 0.25% |
Ares Capital Management II LLC | The London Company |
Ares Credit Opportunities Fund | Mid Cap Fund |
EARNEST Partners LLC | Small Cap Fund |
Impact Bond Fund | Rockefeller & Co. LLC |
Fort Washington Investment Advisors, Inc.* | International ESG Equity Fund |
Active Bond Fund | Sands Capital Management, LLC |
Dividend Equity Fund | Sands Capital Select Growth Fund |
High Yield Fund | |
Ultra Short Duration Fixed Income Fund | |
Leeward Investments, LLC | |
Mid Cap Value Fund | |
Small Cap Value Fund |
Class A | Class C | Class S | Class Y | Class Z | Institutional Class | Class R6 | Termination Date | |
Active Bond Fund | 0.83% | 1.56% | — | 0.58% | — | 0.50% | — | January 29, 2024 |
Ares Credit Opportunities Fund | 1.03% | 1.43% | — | 0.83% | — | 0.73% | — | January 29, 2024 |
Dividend Equity Fund | 0.99% | 1.69% | — | 0.77% | — | 0.67% | 0.65% | January 29, 2024 |
High Yield Fund | 1.05% | 1.80% | — | 0.80% | — | 0.72% | — | January 29, 2024 |
Impact Bond Fund | 0.76% | 1.51% | — | 0.51% | — | 0.41% | 0.37% | January 29, 2024 |
International ESG Equity Fund | 1.17% | 1.95% | — | 0.90% | — | 0.89% | — | January 29, 2024 |
Mid Cap Fund | 1.21% | 1.96% | — | 0.96% | 1.21% | 0.89% | 0.79% | January 29, 2024 |
Mid Cap Value Fund | 1.22% | 1.97% | — | 0.97% | — | 0.84% | — | January 29, 2024 |
Sands Capital Select Growth Fund | 1.13% | 1.74% | — | 0.90% | 1.14% | 0.78% | 0.72% | January 29, 2024 |
Small Cap Fund | 1.24% | 1.99% | — | 0.99% | — | 0.91% | — | January 29, 2024 |
Small Cap Value Fund | 1.38% | 2.13% | — | 1.13% | — | 0.98% | — | January 29, 2024 |
Ultra Short Duration Fixed Income Fund | 0.69% | 1.19% | 0.94% | 0.44% | 0.69% | 0.39% | — | January 29, 2024 |
Fund | Investment Advisory Fees Waived | Administration Fees Waived | Other Operating Expenses Reimbursed/ Waived | Total |
Active Bond Fund | $— | $29,466 | $150,842 | $180,308 |
Ares Credit Opportunities Fund | — | 1,269 | 232,546 | 233,815 |
Dividend Equity Fund | — | 199 | 419,652 | 419,851 |
High Yield Fund | — | 36,468 | 49,965 | 86,433 |
Impact Bond Fund | — | 15,080 | 88,637 | 103,717 |
International ESG Equity Fund | — | 14,981 | 62,999 | 77,980 |
Mid Cap Fund | — | 46,295 | 27,716 | 74,011 |
Mid Cap Value Fund | — | 128,089 | 515,444 | 643,533 |
Sands Capital Select Growth Fund | — | 231,503 | 536,815 | 768,318 |
Small Cap Fund | — | 49,641 | 72,706 | 122,347 |
Small Cap Value Fund | — | 23,471 | 46,536 | 70,007 |
Ultra Short Duration Fixed Income Fund | — | 38,099 | 240,079 | 278,178 |
Fund | Expires on or before September 30, 2023 | Expires on or before September 30, 2024 | Expires on or before September 30, 2025 | Expires on or before September 30, 2026 | Total |
Active Bond Fund | $69,570 | $91,314 | $129,291 | $78,978 | $369,153 |
Ares Credit Opportunities Fund | 103,937 | 179,639 | 220,343 | 89,987 | 593,906 |
Dividend Equity Fund | — | 2,947 | 15,147 | 8,270 | 26,364 |
High Yield Fund | 38,763 | 72,946 | 124,409 | 67,359 | 303,477 |
Impact Bond Fund | 125,619 | 185,879 | 199,976 | 87,709 | 599,183 |
International ESG Equity Fund | 63,892 | 110,488 | 107,560 | 63,094 | 345,034 |
Mid Cap Fund | 51,828 | 7,225 | 77,736 | 64,706 | 201,495 |
Mid Cap Value Fund | 636,620 | 1,228,808 | 1,249,338 | 624,541 | 3,739,307 |
Fund | Expires on or before September 30, 2023 | Expires on or before September 30, 2024 | Expires on or before September 30, 2025 | Expires on or before September 30, 2026 | Total |
Sands Capital Select Growth Fund | $113,695 | $17,026 | $415,611 | $639,554 | $1,185,886 |
Small Cap Fund | 106,223 | 217,704 | 223,917 | 115,930 | 663,774 |
Small Cap Value Fund | 64,121 | 78,571 | 88,081 | 56,627 | 287,400 |
Ultra Short Duration Fixed Income Fund | 299,855 | 480,103 | 473,831 | 208,782 | 1,462,571 |
Fund | Amount |
Active Bond Fund | $ 2,752 |
Ares Credit Opportunities Fund | 1,692 |
Dividend Equity Fund | 11,940 |
High Yield Fund | 616 |
Impact Bond Fund | 175 |
International ESG Equity Fund | 111 |
Mid Cap Fund | 7,866 |
Mid Cap Value Fund | 1,401 |
Sands Capital Select Growth Fund | 6,945 |
Small Cap Fund | 553 |
Small Cap Value Fund | 80 |
Ultra Short Duration Fixed Income Fund | 1,844 |
Fund | Class A | Class C |
Active Bond Fund | $ 120 | $ 136 |
Ares Credit Opportunities Fund | — | 393 |
Dividend Equity Fund | 32 | 990 |
Mid Cap Fund | 7 | 26 |
Mid Cap Value Fund | — | 3 |
Sands Capital Select Growth Fund | — | 108 |
Ultra Short Duration Fixed Income Fund | — | 356 |
Fund | Shares ReFlow Subscribed to | Redemptions-in-kind |
Dividend Equity Fund | 3,121,379 | $ 47,216,480 |
Mid Cap Fund | 3,349,847 | 112,056,978 |
Mid Cap Value Fund | 362,003 | 2,573,758 |
Sands Capital Select Growth Fund | 25,626,441 | 250,203,032 |
Small Cap Fund | 205,544 | 1,972,377 |
Small Cap Value Fund | 150,980 | 3,739,901 |
Fund | Daily Average Amount Loaned | Weighted Average Interest Rate | Interest Income* |
Mid Cap Fund | $ 852,556 | 4.57% | $ 19,880 |
Sands Capital Select Growth Fund | $ 33,775 | 4.39% | $ 757 |
* | Included in Interest in the Statements of Operations. |
Fund | Daily Average Amount Borrowed | Weighted Average Interest Rate | Interest Expense* |
Active Bond Fund | $ 45,880 | 4.39% | $ 1,030 |
Dividend Equity Fund | $ 848,247 | 4.68% | $ 20,548 |
Impact Bond Fund | $ 11,599 | 4.33% | $ 256 |
Mid Cap Value Fund | $ 120,401 | 3.56% | $ 2,187 |
* | Included in Other expenses in the Statements of Operations. |
Active Bond Fund | Ares Credit Opportunities Fund | |||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
From ordinary income | $9,708,614 | $8,289,924 | $22,601,443 | $7,374,305 |
From return of capital | — | — | 461,802 | — |
Total distributions | $9,708,614 | $8,289,924 | $23,063,245 | $7,374,305 |
Dividend Equity Fund | |||
Year Ended September 30, 2022 | Eleven Months Ended September 30, 2021 | Year Ended October 31, 2020 | |
From ordinary income | $62,270,650 | $87,137,356 | $550,058,395 |
From long-term capital gains | 58,114,891 | 1,447,901 | — |
Total distributions | $120,385,541 | $88,585,257 | $550,058,395 |
High Yield Fund | Impact Bond Fund | International ESG Equity Fund | ||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
From ordinary income | $5,521,170 | $8,886,935 | $10,778,441 | $7,703,948 | $422,795 | $128,987 |
From long-term capital gains | — | — | — | — | 1,825,103 | — |
Total distributions | $5,521,170 | $8,886,935 | $10,778,441 | $7,703,948 | $2,247,898 | $128,987 |
Mid Cap Fund | Mid Cap Value Fund | Sands Capital Select Growth Fund | ||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
From ordinary income | $78,196,511 | $51,726,485 | $18,385,395 | $3,019,722 | $59,079,674 | $— |
From long-term capital gains | 59,498,683 | 36,196,104 | 46,436,919 | — | 552,873,038 | 227,023,467 |
Total distributions | $137,695,194 | $87,922,589 | $64,822,314 | $3,019,722 | $611,952,712 | $227,023,467 |
Small Cap Fund | Small Cap Value Fund | Ultra Short Duration Fixed Income Fund | ||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
From ordinary income | $1,344,611 | $807,183 | $160,439 | $114,334 | $13,644,637 | $11,769,916 |
From long-term capital gains | 10,677,181 | 1,317,935 | — | — | — | — |
From return of capital | — | — | 210,519 | 105,494 | — | — |
Total distributions | $12,021,792 | $2,125,118 | $370,958 | $219,828 | $13,644,637 | $11,769,916 |
Active Bond Fund | Ares Credit Opportunities Fund | Dividend Equity Fund | High Yield Fund | |
Tax cost of portfolio investments | $308,319,392 | $320,043,483 | $3,011,865,719 | $121,153,260 |
Gross unrealized appreciation on investments | 500,418 | 1,321,437 | 153,368,605 | 125,934 |
Gross unrealized depreciation on investments | (42,848,352) | (43,306,874) | (516,513,247) | (18,755,925) |
Net unrealized appreciation (depreciation) on investments | (42,347,934) | (41,985,437) | (363,144,642) | (18,629,991) |
Gross unrealized appreciation on short sales, derivatives and foreign currency transactions | — | 227,727 | — | — |
Gross unrealized depreciation on short sales, derivatives and foreign currency transactions | (7) | (134,303) | — | — |
Net unrealized appreciation (depreciation) on short sales, derivatives and foreign currency transactions | (7) | 93,424 | — | — |
Capital loss carryforwards | (107,111,541) | (63,475,006) | — | (15,689,200) |
Undistributed ordinary income | 395,445 | — | 75,002,463 | 53,721 |
Undistributed capital gains | — | — | 26,368,912 | — |
Other temporary differences | (3,055) | — | — | — |
Accumulated earnings (deficit) | $(149,067,092) | $(105,367,019) | $(261,773,267) | $(34,265,470) |
Impact Bond Fund | International ESG Equity Fund | Mid Cap Fund | Mid Cap Value Fund | |
Tax cost of portfolio investments | $543,421,983 | $33,729,349 | $3,805,759,773 | $662,106,684 |
Gross unrealized appreciation on investments | 72,029 | 2,842,177 | 548,112,972 | 167,799,186 |
Gross unrealized depreciation on investments | (65,406,774) | (7,697,200) | (344,328,397) | (64,741,308) |
Net unrealized appreciation (depreciation) on investments | (65,334,745) | (4,855,023) | 203,784,575 | 103,057,878 |
Gross unrealized appreciation on foreign currency transactions | 1 | — | — | — |
Gross unrealized depreciation on foreign currency transactions | — | (3,986) | — | — |
Net unrealized appreciation (depreciation) on foreign currency transactions | 1 | (3,986) | — | — |
Capital loss carryforwards | (8,542,672) | (1,250,666) | — | — |
Undistributed ordinary income | 818,456 | 722,093 | — | 118,923 |
Undistributed capital gains | — | — | 1,822,044 | 35,711,291 |
Accumulated earnings (deficit) | $(73,058,960) | $(5,387,582) | $205,606,619 | $138,888,092 |
Sands Capital Select Growth Fund | Small Cap Fund | Small Cap Value Fund | Ultra Short Duration Fixed Income Fund | |
Tax cost of portfolio investments | $2,119,629,746 | $86,134,332 | $55,903,989 | $718,233,045 |
Gross unrealized appreciation on investments | 525,682,972 | 16,130,692 | 13,154,806 | 587,590 |
Gross unrealized depreciation on investments | (386,652,124) | (9,343,754) | (6,173,554) | (16,534,659) |
Net unrealized appreciation (depreciation) on investments | 139,030,848 | 6,786,938 | 6,981,252 | (15,947,069) |
Capital loss carryforwards | — | — | (7,564,357) | (110,201,636) |
Qualified late year losses | (571,449,683) | — | — | — |
Undistributed ordinary income | — | 493,679 | — | 529,879 |
Undistributed capital gains | — | 1,240,705 | — | — |
Other temporary differences | — | — | — | (184,609) |
Accumulated earnings (deficit) | $(432,418,835) | $8,521,322 | $(583,105) | $(125,803,435) |
Fund | No Expiration Short Term | No Expiration Long Term | Total |
Active Bond Fund* | $ 60,739,139 | $ 46,372,402 | $ 107,111,541 |
Ares Credit Opportunities Fund* | 9,747,722 | 53,727,284 | 63,475,006 |
High Yield Fund | 1,273,520 | 14,415,680 | 15,689,200 |
Impact Bond Fund | 565,256 | 7,977,416 | 8,542,672 |
International ESG Equity Fund | 849,977 | 400,689 | 1,250,666 |
Small Cap Value Fund | 6,261,517 | 1,302,840 | 7,564,357 |
Ultra Short Duration Fixed Income Fund* | 36,923,149 | 73,278,487 | 110,201,636 |
* | Future utilization is limited under current tax law. |
Fund | Utilized |
Small Cap Value Fund | $ 6,234,265 |
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) |
Active Bond Fund | $274,359,488 | $1,634,330 | $(24,802,041) | $101,425 | $(89,913) | $(23,156,199) |
Ares Credit Opportunities Fund | 306,079,393 | 2,276,442 | (32,683,228) | 109,889 | (132,638) | (30,429,535) |
Dividend Equity Fund | 2,714,903,570 | 294,174,787 | (306,735,188) | — | — | (12,560,401) |
High Yield Fund | 113,751,730 | 677,392 | (9,480,374) | — | — | (8,802,982) |
Impact Bond Fund | 568,798,313 | 1,629,872 | (52,756,038) | — | — | (51,126,166) |
International ESG Equity Fund | 33,795,073 | 5,370,760 | (1,278,124) | 74 | (1,439) | 4,091,271 |
Mid Cap Fund | 3,850,431,693 | 871,690,980 | (275,335,061) | — | — | 596,355,919 |
Mid Cap Value Fund | 625,417,778 | 206,760,221 | (37,706,984) | — | — | 169,053,237 |
Sands Capital Select Growth Fund | 1,928,960,860 | 665,802,458 | (215,496,497) | — | — | 450,305,961 |
Small Cap Fund | 97,863,656 | 25,603,201 | (5,573,766) | — | — | 20,029,435 |
Small Cap Value Fund | 113,908,427 | 17,778,700 | (6,060,910) | — | — | 11,717,790 |
Ultra Short Duration Fixed Income Fund | 579,555,349 | 477,911 | (15,032,919) | — | — | (14,555,008) |
(A) | Other includes Short Sales, Derivatives and Foreign Currency Transactions. |
Net Expense Ratio Annualized March 31, 2023 | Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Expenses Paid During the Six Months Ended March 31, 2023* | ||
Active Bond Fund | |||||
Class A | Actual | 0.83% | $1,000.00 | $1,060.00 | $4.26 |
Class A | Hypothetical | 0.83% | $1,000.00 | $1,020.79 | $4.18 |
Class C | Actual | 1.56% | $1,000.00 | $1,055.80 | $8.00 |
Class C | Hypothetical | 1.56% | $1,000.00 | $1,017.15 | $7.85 |
Class Y | Actual | 0.58% | $1,000.00 | $1,061.40 | $2.98 |
Net Expense Ratio Annualized March 31, 2023 | Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Expenses Paid During the Six Months Ended March 31, 2023* | ||
Class Y | Hypothetical | 0.58% | $1,000.00 | $1,022.04 | $2.92 |
Institutional Class | Actual | 0.50% | $1,000.00 | $1,061.80 | $2.57 |
Institutional Class | Hypothetical | 0.50% | $1,000.00 | $1,022.44 | $2.52 |
Ares Credit Opportunities Fund | |||||
Class A | Actual | 1.08% | $1,000.00 | $1,053.00 | $5.53** |
Class A | Hypothetical | 1.08% | $1,000.00 | $1,019.55 | $5.44** |
Class C | Actual | 1.48% | $1,000.00 | $1,051.70 | $7.57** |
Class C | Hypothetical | 1.48% | $1,000.00 | $1,017.55 | $7.44** |
Class Y | Actual | 0.88% | $1,000.00 | $1,054.40 | $4.51** |
Class Y | Hypothetical | 0.88% | $1,000.00 | $1,020.54 | $4.43** |
Institutional Class | Actual | 0.78% | $1,000.00 | $1,055.70 | $4.00** |
Institutional Class | Hypothetical | 0.78% | $1,000.00 | $1,021.04 | $3.93** |
Dividend Equity Fund | |||||
Class A | Actual | 1.00% | $1,000.00 | $1,152.00 | $5.37*** |
Class A | Hypothetical | 1.00% | $1,000.00 | $1,019.95 | $5.04*** |
Class C | Actual | 1.70% | $1,000.00 | $1,148.40 | $9.11*** |
Class C | Hypothetical | 1.70% | $1,000.00 | $1,016.45 | $8.55*** |
Class Y | Actual | 0.77% | $1,000.00 | $1,153.60 | $4.13*** |
Class Y | Hypothetical | 0.77% | $1,000.00 | $1,021.09 | $3.88*** |
Institutional Class | Actual | 0.68% | $1,000.00 | $1,153.40 | $3.65*** |
Institutional Class | Hypothetical | 0.68% | $1,000.00 | $1,021.54 | $3.43*** |
Class R6 | Actual | 0.66% | $1,000.00 | $1,153.60 | $3.54*** |
Class R6 | Hypothetical | 0.66% | $1,000.00 | $1,021.64 | $3.33*** |
High Yield Fund | |||||
Class A | Actual | 1.05% | $1,000.00 | $1,082.50 | $5.45 |
Class A | Hypothetical | 1.05% | $1,000.00 | $1,019.70 | $5.29 |
Class C | Actual | 1.80% | $1,000.00 | $1,078.70 | $9.33 |
Class C | Hypothetical | 1.80% | $1,000.00 | $1,015.96 | $9.05 |
Class Y | Actual | 0.80% | $1,000.00 | $1,084.20 | $4.16 |
Class Y | Hypothetical | 0.80% | $1,000.00 | $1,020.94 | $4.03 |
Institutional Class | Actual | 0.72% | $1,000.00 | $1,084.60 | $3.74 |
Institutional Class | Hypothetical | 0.72% | $1,000.00 | $1,021.34 | $3.63 |
Impact Bond Fund | |||||
Class A | Actual | 0.76% | $1,000.00 | $1,039.70 | $3.86 |
Class A | Hypothetical | 0.76% | $1,000.00 | $1,021.14 | $3.83 |
Class C | Actual | 1.51% | $1,000.00 | $1,036.60 | $7.67 |
Class C | Hypothetical | 1.51% | $1,000.00 | $1,017.40 | $7.59 |
Class Y | Actual | 0.51% | $1,000.00 | $1,042.10 | $2.60 |
Class Y | Hypothetical | 0.51% | $1,000.00 | $1,022.39 | $2.57 |
Institutional Class | Actual | 0.41% | $1,000.00 | $1,042.60 | $2.09 |
Institutional Class | Hypothetical | 0.41% | $1,000.00 | $1,022.89 | $2.07 |
Class R6 | Actual | 0.37% | $1,000.00 | $1,042.70 | $1.88 |
Class R6 | Hypothetical | 0.37% | $1,000.00 | $1,023.09 | $1.87 |
International ESG Equity Fund | |||||
Class A | Actual | 1.17% | $1,000.00 | $1,258.20 | $6.59 |
Class A | Hypothetical | 1.17% | $1,000.00 | $1,019.10 | $5.89 |
Class C | Actual | 1.95% | $1,000.00 | $1,252.10 | $10.95 |
Class C | Hypothetical | 1.95% | $1,000.00 | $1,015.21 | $9.80 |
Class Y | Actual | 0.90% | $1,000.00 | $1,258.40 | $5.07 |
Class Y | Hypothetical | 0.90% | $1,000.00 | $1,020.44 | $4.53 |
Institutional Class | Actual | 0.89% | $1,000.00 | $1,257.70 | $5.01 |
Institutional Class | Hypothetical | 0.89% | $1,000.00 | $1,020.49 | $4.48 |
Mid Cap Fund | |||||
Class A | Actual | 1.21% | $1,000.00 | $1,124.20 | $6.41**** |
Class A | Hypothetical | 1.21% | $1,000.00 | $1,018.90 | $6.09**** |
Class C | Actual | 1.94% | $1,000.00 | $1,120.20 | $10.25**** |
Class C | Hypothetical | 1.94% | $1,000.00 | $1,015.26 | $9.75**** |
Class Y | Actual | 0.94% | $1,000.00 | $1,125.80 | $4.98**** |
Class Y | Hypothetical | 0.94% | $1,000.00 | $1,020.24 | $4.73**** |
Class Z | Actual | 1.22% | $1,000.00 | $1,124.30 | $6.46**** |
Class Z | Hypothetical | 1.22% | $1,000.00 | $1,018.85 | $6.14**** |
Institutional Class | Actual | 0.88% | $1,000.00 | $1,126.20 | $4.66**** |
Institutional Class | Hypothetical | 0.88% | $1,000.00 | $1,020.54 | $4.43**** |
Class R6 | Actual | 0.80% | $1,000.00 | $1,126.60 | $4.24**** |
Class R6 | Hypothetical | 0.80% | $1,000.00 | $1,020.94 | $4.03**** |
Net Expense Ratio Annualized March 31, 2023 | Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Expenses Paid During the Six Months Ended March 31, 2023* | ||
Mid Cap Value Fund | |||||
Class A | Actual | 1.22% | $1,000.00 | $1,084.40 | $6.34 |
Class A | Hypothetical | 1.22% | $1,000.00 | $1,018.85 | $6.14 |
Class C | Actual | 1.97% | $1,000.00 | $1,080.60 | $10.22 |
Class C | Hypothetical | 1.97% | $1,000.00 | $1,015.11 | $9.90 |
Class Y | Actual | 0.97% | $1,000.00 | $1,085.50 | $5.04 |
Class Y | Hypothetical | 0.97% | $1,000.00 | $1,020.09 | $4.89 |
Institutional Class | Actual | 0.84% | $1,000.00 | $1,086.40 | $4.37 |
Institutional Class | Hypothetical | 0.84% | $1,000.00 | $1,020.74 | $4.23 |
Sands Capital Select Growth Fund | |||||
Class A | Actual | 1.17% | $1,000.00 | $1,194.00 | $6.40***** |
Class A | Hypothetical | 1.17% | $1,000.00 | $1,019.10 | $5.89***** |
Class C | Actual | 1.78% | $1,000.00 | $1,190.50 | $9.72***** |
Class C | Hypothetical | 1.78% | $1,000.00 | $1,016.06 | $8.95***** |
Class Y | Actual | 0.94% | $1,000.00 | $1,194.70 | $5.14***** |
Class Y | Hypothetical | 0.94% | $1,000.00 | $1,020.24 | $4.73***** |
Class Z | Actual | 1.18% | $1,000.00 | $1,193.70 | $6.45***** |
Class Z | Hypothetical | 1.18% | $1,000.00 | $1,019.05 | $5.94***** |
Institutional Class | Actual | 0.82% | $1,000.00 | $1,196.60 | $4.49***** |
Institutional Class | Hypothetical | 0.82% | $1,000.00 | $1,020.84 | $4.13***** |
Class R6 | Actual | 0.76% | $1,000.00 | $1,196.60 | $4.16***** |
Class R6 | Hypothetical | 0.76% | $1,000.00 | $1,021.14 | $3.83***** |
Small Cap Fund | |||||
Class A | Actual | 1.25% | $1,000.00 | $1,179.10 | $6.79****** |
Class A | Hypothetical | 1.25% | $1,000.00 | $1,018.70 | $6.29****** |
Class C | Actual | 2.00% | $1,000.00 | $1,174.70 | $10.84****** |
Class C | Hypothetical | 2.00% | $1,000.00 | $1,014.96 | $10.05****** |
Class Y | Actual | 1.00% | $1,000.00 | $1,180.80 | $5.44****** |
Class Y | Hypothetical | 1.00% | $1,000.00 | $1,019.95 | $5.04****** |
Institutional Class | Actual | 0.92% | $1,000.00 | $1,181.70 | $5.00****** |
Institutional Class | Hypothetical | 0.92% | $1,000.00 | $1,020.34 | $4.63****** |
Small Cap Value Fund | |||||
Class A | Actual | 1.40% | $1,000.00 | $1,102.30 | $7.34******* |
Class A | Hypothetical | 1.40% | $1,000.00 | $1,017.95 | $7.04******* |
Class C | Actual | 2.15% | $1,000.00 | $1,098.30 | $11.25******* |
Class C | Hypothetical | 2.15% | $1,000.00 | $1,014.21 | $10.80******* |
Class Y | Actual | 1.15% | $1,000.00 | $1,103.90 | $6.03******* |
Class Y | Hypothetical | 1.15% | $1,000.00 | $1,019.20 | $5.79******* |
Institutional Class | Actual | 1.00% | $1,000.00 | $1,104.70 | $5.25******* |
Institutional Class | Hypothetical | 1.00% | $1,000.00 | $1,019.95 | $5.04******* |
Ultra Short Duration Fixed Income Fund | |||||
Class A | Actual | 0.69% | $1,000.00 | $1,016.30 | $3.47 |
Class A | Hypothetical | 0.69% | $1,000.00 | $1,021.49 | $3.48 |
Class C | Actual | 1.19% | $1,000.00 | $1,013.70 | $5.97 |
Class C | Hypothetical | 1.19% | $1,000.00 | $1,019.00 | $5.99 |
Class S | Actual | 0.94% | $1,000.00 | $1,016.10 | $4.72 |
Class S | Hypothetical | 0.94% | $1,000.00 | $1,020.24 | $4.73 |
Class Y | Actual | 0.44% | $1,000.00 | $1,018.70 | $2.21 |
Class Y | Hypothetical | 0.44% | $1,000.00 | $1,022.74 | $2.22 |
Class Z | Actual | 0.69% | $1,000.00 | $1,017.40 | $3.47 |
Class Z | Hypothetical | 0.69% | $1,000.00 | $1,021.49 | $3.48 |
Institutional Class | Actual | 0.39% | $1,000.00 | $1,018.90 | $1.96 |
Institutional Class | Hypothetical | 0.39% | $1,000.00 | $1,022.99 | $1.97 |
* | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
** | Excluding interest and dividend expenses on securities sold short, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $5.53, $7.57, $4.51 and $4.00, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $5.44, $7.44, $4.43 and $3.93, respectively. |
*** | Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y, Institutional Class and Class R6 would be $5.31, $9.05, $4.08, $3.60 and $3.49, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y, Institutional Class and Class R6 would be $4.99 $8.50, $3.83, $3.38 and $3.28, respectively. |
**** | Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y, Class Z, Institutional Class and Class R6 would be $5.80, $8.96, $4.35, $5.66, $3.98 and $3.74, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y, Class Z, Institutional Class and Class R6 would be $6.28 $9.70, $4.71, $6.12, $4.31 and $4.05, respectively. |
***** | Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y, Class Z, Institutional Class and Class R6 would be $6.18, $9.50, $4.92, $6.23, $4.27 and $3.94, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y, Class Z, Institutional Class and Class R6 would be $5.69, $8.75, $4.53, $5.74, $3.93 and $3.63, respectively. |
****** | Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.74, $10.79, $5.38 and $4.95, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.24, $10.00, $4.99 and $4.58, respectively. |
******* | Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $7.23, $11.14, $5.93 and $5.14, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.94, $10.70, $5.69 and $4.94, respectively. |
![](https://capedge.com/proxy/N-CSRS/0001104659-23-066387/tm2316639d1semiannuali002.jpg)
![](https://capedge.com/proxy/N-CSRS/0001104659-23-066387/tm2316639d1semiannuali003.gif)
303 Broadway
Cincinnati, Ohio 45202-4203
800.638.8194
www.touchstoneinvestments.com
303 Broadway
Cincinnati, Ohio 45202-4203
4400 Computer Drive
Westborough, Massachusetts 01581
(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 Funds Group Trust |
By (Signature and Title)* | /s/ E. Blake Moore, Jr. | |
E. Blake Moore, Jr., President | ||
(principal executive officer) |
Date: | 5/31/2023 |
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: | 5/31/2023 |
By (Signature and Title)* | /s/ Terrie A. Wiedenheft | |
Terrie A. Wiedenheft, Controller and Treasurer | ||
(principal financial officer) |
Date: | 5/31/2023 |
* Print the name and title of each signing officer under his or her signature