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, 2024
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 Mid Cap Fund |
Touchstone Mid Cap Value Fund |
Touchstone Sands Capital International Growth Equity Fund |
Touchstone Sands Capital Select Growth Fund |
Touchstone Small Cap Fund |
Touchstone Small Cap Value Fund |
Touchstone Ultra Short Duration Fixed Income Fund |
Credit Quality*(% of Fixed Income Securities) | |
AAA/Aaa | 42.8% |
AA/Aa | 7.4 |
A/A | 13.8 |
BBB/Baa | 25.4 |
BB/Ba | 0.6 |
B/B | 0.6 |
CC | 0.1 |
Not Rated | 6.1 |
Cash Equivalents | 3.2 |
Total | 100.0% |
Credit Quality*(% of Fixed Income Securities) | |
BBB/Baa | 8.3% |
BB/Ba | 37.7 |
B/B | 34.3 |
CCC | 11.3 |
CC | 0.5 |
C or Lower | 0.5 |
Not Rated | 5.0 |
Cash Equivalents | 2.4 |
Total | 100.0% |
Sector Allocation**(% of Net Assets) | |
Long Positions | |
Corporate Bonds | |
Communication Services | 10.2% |
Energy | 9.7 |
Consumer Discretionary | 9.0 |
Industrials | 8.9 |
Financials | 8.1 |
Materials | 6.1 |
Consumer Staples | 5.4 |
Health Care | 4.5 |
Information Technology | 4.5 |
Real Estate | 3.6 |
Utilities | 2.3 |
Bank Loans | 14.0 |
Asset-Backed Securities | 6.3 |
Common Stocks | |
Energy | 0.3 |
Information Technology | 0.2 |
Exchange-Traded Fund | 0.3 |
Warrants | 0.1 |
Purchased Call Options | 0.0 |
Short-Term Investment Funds | 7.5 |
Other Assets/Liabilities (Net) | (1.0) |
100.0% | |
Written Call Options | (0.0) |
Total | 100.0% |
Sector Allocation*(% of Net Assets) | |
Information Technology | 22.1% |
Financials | 15.0 |
Health Care | 14.4 |
Industrials | 9.0 |
Consumer Discretionary | 8.5 |
Consumer Staples | 7.3 |
Communication Services | 7.0 |
Energy | 5.5 |
Utilities | 3.8 |
Materials | 3.6 |
Real Estate | 3.3 |
Short-Term Investment Fund | 0.9 |
Other Assets/Liabilities (Net) | (0.4) |
Total | 100.0% |
Credit Quality**(% of Fixed Income Securities) | |
A/A | 0.9% |
BBB/Baa | 11.3 |
BB/Ba | 62.0 |
B/B | 19.8 |
CCC | 3.3 |
Cash Equivalents | 2.7 |
Total | 100.0% |
Credit Quality**(% of Fixed Income Securities) | |
AAA/Aaa | 67.4% |
AA/Aa | 12.6 |
A/A | 11.9 |
BBB/Baa | 7.0 |
BB/Ba | 0.3 |
Cash Equivalents | 0.8 |
Total | 100.0% |
Sector Allocation*(% of Net Assets) | |
Industrials | 26.0% |
Information Technology | 14.0 |
Consumer Staples | 11.6 |
Materials | 11.6 |
Financials | 10.9 |
Consumer Discretionary | 9.8 |
Health Care | 8.5 |
Real Estate | 5.5 |
Short-Term Investment Fund | 2.2 |
Other Assets/Liabilities (Net) | (0.1) |
Total | 100.0% |
Sector Allocation*(% of Net Assets) | |
Industrials | 20.3% |
Financials | 18.2 |
Health Care | 10.2 |
Consumer Staples | 10.1 |
Consumer Discretionary | 8.8 |
Utilities | 8.1 |
Information Technology | 7.7 |
Energy | 6.4 |
Materials | 5.7 |
Real Estate | 3.0 |
Short-Term Investment Fund | 2.5 |
Other Assets/Liabilities (Net) | (1.0) |
Total | 100.0% |
Geographic Allocation(% of Net Assets) | |
Common Stocks | |
Japan | 13.5% |
Netherlands | 13.2 |
Switzerland | 9.9 |
Brazil | 7.2 |
Canada | 6.9 |
India | 6.7 |
Sweden | 6.3 |
Italy | 6.1 |
Germany | 5.5 |
United States | 5.2 |
Taiwan | 3.9 |
United Kingdom | 2.7 |
Singapore | 2.4 |
France | 2.4 |
Poland | 2.3 |
Denmark | 2.1 |
Short-Term Investment Fund | 3.5 |
Other Assets/Liabilities (Net) | 0.2 |
Total | 100.0% |
Sector Allocation*(% of Net Assets) | |
Information Technology | 46.8% |
Consumer Discretionary | 14.3 |
Financials | 11.6 |
Communication Services | 11.2 |
Health Care | 10.6 |
Industrials | 2.7 |
Real Estate | 2.1 |
Short-Term Investment Fund | 1.0 |
Other Assets/Liabilities (Net) | (0.3) |
Total | 100.0% |
Sector Allocation*(% of Net Assets) | |
Industrials | 22.9% |
Consumer Discretionary | 17.2 |
Financials | 15.4 |
Information Technology | 14.5 |
Health Care | 7.4 |
Materials | 7.0 |
Real Estate | 5.7 |
Consumer Staples | 4.9 |
Communication Services | 1.7 |
Energy | 0.7 |
Short-Term Investment Fund | 2.5 |
Other Assets/Liabilities (Net) | 0.1 |
Total | 100.0% |
Sector Allocation*(% of Net Assets) | |
Industrials | 22.7% |
Financials | 20.7 |
Consumer Discretionary | 11.5 |
Health Care | 8.5 |
Information Technology | 6.7 |
Materials | 6.3 |
Energy | 6.1 |
Real Estate | 6.1 |
Consumer Staples | 5.3 |
Utilities | 3.9 |
Communication Services | 0.4 |
Short-Term Investment Fund | 13.8 |
Other Assets/Liabilities (Net) | (12.0) |
Total | 100.0% |
Credit Quality**(% of Fixed Income Securities) | |
AAA/Aaa | 47.5% |
AA/Aa | 12.8 |
A/A | 19.0 |
BBB/Baa | 11.4 |
Not Rated | 0.4 |
Cash Equivalents | 8.9 |
Total | 100.0% |
Principal Amount | Market Value | |||
Corporate Bonds — 38.7% | ||||
Financials — 10.5% | ||||
$ 1,123,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.450%, 10/29/26 | $ 1,042,566 | ||
1,107,000 | American Express Co., 5.282%, 7/27/29 | 1,113,799 | ||
876,000 | American Tower Corp. REIT, 5.900%, 11/15/33 | 907,792 | ||
905,000 | Ares Capital Corp., 3.250%, 7/15/25 | 874,367 | ||
897,000 | Bank of America Corp., 2.687%, 4/22/32 | 760,852 | ||
647,000 | Bank of America Corp., 3.705%, 4/24/28 | 619,351 | ||
775,000 | Bank of Montreal (Canada), 3.803%, 12/15/32 | 722,949 | ||
862,000 | Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | 900,740 | ||
853,000 | Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | 679,558 | ||
1,282,000 | Barclays PLC (United Kingdom), 2.894%, 11/24/32 | 1,065,565 | ||
522,000 | Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | 467,102 | ||
565,000 | Citigroup, Inc., 3.200%, 10/21/26 | 538,132 | ||
550,000 | Citigroup, Inc., 6.174%, 5/25/34 | 557,897 | ||
883,000 | Citizens Bank NA, 4.575%, 8/9/28 | 845,425 | ||
888,000 | Cooperatieve Rabobank UA (Netherlands), 144a, 1.106%, 2/24/27 | 817,821 | ||
1,172,000 | Corestates Capital III, 144a, (TSFR3M + 0.832%), 6.139%, 2/15/27(A) | 1,151,856 | ||
1,031,000 | Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | 865,063 | ||
454,000 | Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | 434,526 | ||
1,083,000 | JPMorgan Chase & Co., 2.956%, 5/13/31 | 946,066 | ||
831,000 | JPMorgan Chase & Co., 3.509%, 1/23/29 | 786,186 | ||
741,000 | Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.400%, 3/26/29 | 752,611 | ||
1,055,000 | Mastercard, Inc., 2.000%, 11/18/31 | 871,307 | ||
813,000 | Morgan Stanley, 3.950%, 4/23/27 | 784,955 | ||
705,000 | Morgan Stanley, 5.297%, 4/20/37 | 676,635 | ||
802,000 | New York Life Global Funding, 144a, 4.550%, 1/28/33 | 774,649 | ||
835,000 | Northern Trust Corp., 6.125%, 11/2/32 | 882,660 | ||
1,022,292 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | 801,680 | ||
1,392,000 | PNC Capital Trust, (TSFR3M + 0.832%), 6.173%, 6/1/28(A) | 1,326,925 | ||
940,000 | Royal Bank of Canada (Canada), MTN, 5.200%, 8/1/28 | 949,453 | ||
1,625,000 | Truist Bank, Ser A, (TSFR3M + 0.932%), 6.239%, 5/15/27(A) | 1,544,562 | ||
616,000 | UBS Group AG (Switzerland), 144a, 5.699%, 2/8/35 | 619,804 | ||
684,000 | US Bancorp, 4.967%, 7/22/33 | 647,100 | ||
26,729,954 | ||||
Consumer Discretionary — 4.5% | ||||
1,534,000 | 7-Eleven, Inc., 144a, 1.800%, 2/10/31 | 1,232,790 | ||
936,000 | BAT Capital Corp. (United Kingdom), 3.557%, 8/15/27 | 886,387 | ||
693,000 | Brunswick Corp., 4.400%, 9/15/32 | 630,901 | ||
1,550,000 | General Motors Financial Co., Inc., 3.100%, 1/12/32 | 1,313,862 | ||
383,000 | General Motors Financial Co., Inc., 5.650%, 1/17/29 | 387,144 | ||
481,000 | Home Depot, Inc. (The), 5.950%, 4/1/41 | 518,185 | ||
847,000 | Hyundai Capital America, 144a, 5.350%, 3/19/29 | 849,725 | ||
637,000 | Imperial Brands Finance PLC (United Kingdom), 144a, 6.125%, 7/27/27 | 650,145 | ||
953,000 | Lowe's Cos., Inc., 4.500%, 4/15/30 | 932,647 | ||
604,000 | Mattel, Inc., 5.450%, 11/1/41 | 559,306 | ||
1,013,000 | Meritage Homes Corp., 144a, 3.875%, 4/15/29 | 931,165 | ||
992,000 | Toll Brothers Finance Corp., 3.800%, 11/1/29 | 925,440 | ||
580,000 | Toyota Motor Credit Corp., MTN, 4.650%, 1/5/29 | 576,304 | ||
1,081,000 | Warnermedia Holdings, Inc., 5.141%, 3/15/52 | 897,719 | ||
11,291,720 | ||||
Industrials — 3.6% | ||||
1,057,000 | Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | 910,838 | ||
853,000 | Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | 901,847 | ||
547,000 | Carrier Global Corp., 3.577%, 4/5/50 | 407,611 |
Principal Amount | Market Value | |||
Industrials — 3.6% (Continued) | ||||
$ 771,000 | FedEx Corp., 5.100%, 1/15/44 | $ 725,412 | ||
692,000 | Norfolk Southern Corp., 4.837%, 10/1/41 | 652,478 | ||
580,000 | Penske Truck Leasing Co. LP / PTL Finance Corp., 144a, 5.350%, 1/12/27 | 580,638 | ||
1,024,000 | Textron Financial Corp., 144a, (TSFR3M + 1.997%), 7.304%, 2/15/42(A) | 891,118 | ||
752,000 | Timken Co. (The), 4.500%, 12/15/28 | 737,388 | ||
1,110,000 | Waste Management, Inc., 4.875%, 2/15/34 | 1,102,311 | ||
1,574,000 | Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | 1,461,422 | ||
570,000 | WestRock MWV LLC, 8.200%, 1/15/30 | 651,129 | ||
9,022,192 | ||||
Health Care — 3.4% | ||||
692,000 | AbbVie, Inc., 4.450%, 5/14/46 | 621,512 | ||
777,000 | Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | 605,760 | ||
910,000 | Amgen, Inc., 5.150%, 3/2/28 | 916,298 | ||
654,000 | Becton Dickinson & Co., 4.685%, 12/15/44 | 592,698 | ||
723,000 | CommonSpirit Health, 4.187%, 10/1/49 | 602,066 | ||
661,000 | CVS Health Corp., 5.125%, 7/20/45 | 609,755 | ||
884,000 | DH Europe Finance II Sarl, 3.250%, 11/15/39 | 714,780 | ||
795,000 | Elevance Health, Inc., 4.750%, 2/15/33 | 775,696 | ||
899,000 | HCA, Inc., 5.375%, 9/1/26 | 899,000 | ||
708,000 | Thermo Fisher Scientific, Inc., 5.404%, 8/10/43 | 724,785 | ||
911,000 | UnitedHealth Group, Inc., 3.500%, 8/15/39 | 751,464 | ||
922,000 | Viatris, Inc., 2.700%, 6/22/30 | 782,159 | ||
8,595,973 | ||||
Consumer Staples — 3.1% | ||||
617,000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | 585,200 | ||
223,000 | Archer-Daniels-Midland Co., 5.375%, 9/15/35 | 228,275 | ||
352,000 | Archer-Daniels-Midland Co., 5.935%, 10/1/32 | 373,088 | ||
842,000 | Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | 791,354 | ||
200,000 | Coruripe Netherlands BV (Brazil), 144a, 10.000%, 2/10/27 | 181,178 | ||
548,000 | J M Smucker Co. (The), 6.500%, 11/15/53 | 608,750 | ||
393,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 4.375%, 2/2/52 | 285,201 | ||
536,000 | Kroger Co. (The), 5.000%, 4/15/42 | 504,947 | ||
795,000 | Mars, Inc., 144a, 3.875%, 4/1/39 | 689,182 | ||
1,668,000 | Pernod Ricard International Finance LLC, 144a, 1.625%, 4/1/31 | 1,331,906 | ||
1,149,000 | Philip Morris International, Inc., 5.375%, 2/15/33 | 1,158,649 | ||
568,000 | Starbucks Corp., 3.350%, 3/12/50 | 405,714 | ||
136,194 | TransJamaican Highway Ltd. (Jamaica), 5.750%, 10/10/36 | 120,532 | ||
687,000 | Tyson Foods, Inc., 5.400%, 3/15/29 | 693,073 | ||
7,957,049 | ||||
Energy — 3.1% | ||||
200,000 | 3R Lux Sarl (Brazil), 144a, 9.750%, 2/5/31 | 209,330 | ||
954,000 | Cheniere Energy Partners LP, 3.250%, 1/31/32 | 812,890 | ||
300,000 | Cheniere Energy Partners LP, 4.000%, 3/1/31 | 272,428 | ||
1,054,000 | DCP Midstream Operating LP, 144a, 6.750%, 9/15/37 | 1,145,269 | ||
747,000 | HF Sinclair Corp., 144a, 5.000%, 2/1/28 | 725,723 | ||
571,402 | MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | 517,844 | ||
988,000 | Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 | 954,332 | ||
1,052,000 | NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | 1,173,319 |
Principal Amount | Market Value | |||
Corporate Bonds — 38.7% (Continued) | ||||
Energy — 3.1% (Continued) | ||||
$ 887,000 | Occidental Petroleum Corp., 7.950%, 6/15/39 | $ 1,040,249 | ||
100,000 | Petroleos del Peru SA (Peru), 144a, 4.750%, 6/19/32 | 78,714 | ||
100,000 | Petroleos del Peru SA (Peru), 144a, 5.625%, 6/19/47 | 66,777 | ||
827,000 | Western Midstream Operating LP, 5.250%, 2/1/50 | 739,209 | ||
100,000 | YPF, SA (Argentina), 144a, 6.950%, 7/21/27 | 90,267 | ||
7,826,351 | ||||
Utilities — 3.1% | ||||
1,297,000 | CMS Energy Corp., 4.750%, 6/1/50 | 1,194,084 | ||
616,000 | Duke Energy Progress LLC, 4.150%, 12/1/44 | 511,333 | ||
614,000 | Edison International, 4.125%, 3/15/28 | 588,549 | ||
1,213,000 | Electricite de France SA (France), 144a, 4.875%, 9/21/38 | 1,086,654 | ||
1,075,000 | FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44 | 1,022,597 | ||
238,000 | NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.329%), 7.631%, 10/1/66(A) | 226,356 | ||
959,000 | Ohio Power Co., Ser R, 2.900%, 10/1/51 | 617,103 | ||
1,054,000 | Pacific Gas and Electric Co., 3.500%, 8/1/50 | 722,386 | ||
738,000 | PacifiCorp., 5.750%, 4/1/37 | 750,213 | ||
1,129,000 | WEC Energy Group, Inc., (TSFR3M + 2.374%), 7.681%, 5/15/67(A) | 1,095,124 | ||
7,814,399 | ||||
Information Technology — 2.7% | ||||
1,203,000 | Apple, Inc., 4.650%, 2/23/46 | 1,157,581 | ||
1,188,000 | Broadcom, Inc., 4.150%, 11/15/30 | 1,124,246 | ||
1,442,000 | Cisco Systems, Inc., 4.850%, 2/26/29 | 1,453,339 | ||
1,098,000 | Marvell Technology, Inc., 2.950%, 4/15/31 | 947,822 | ||
566,000 | Micron Technology, Inc., 2.703%, 4/15/32 | 472,916 | ||
236,000 | Micron Technology, Inc., 6.750%, 11/1/29 | 253,438 | ||
1,482,000 | Microsoft Corp., 2.525%, 6/1/50 | 972,500 | ||
332,000 | Oracle Corp., 3.600%, 4/1/40 | 261,885 | ||
266,000 | Oracle Corp., 4.300%, 7/8/34 | 245,501 | ||
6,889,228 | ||||
Communication Services — 2.1% | ||||
536,000 | AT&T, Inc., 4.500%, 5/15/35 | 501,309 | ||
602,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | 558,545 | ||
424,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.650%, 2/1/34 | 435,164 | ||
673,000 | Comcast Corp., 4.000%, 3/1/48 | 546,838 | ||
328,000 | Paramount Global, 4.200%, 5/19/32 | 272,755 | ||
1,148,000 | Rogers Communications, Inc. (Canada), 5.300%, 2/15/34 | 1,138,827 | ||
991,000 | T-Mobile USA, Inc., 3.875%, 4/15/30 | 928,169 | ||
472,000 | T-Mobile USA, Inc., 5.750%, 1/15/54 | 489,647 | ||
932,000 | Verizon Communications, Inc., 2.987%, 10/30/56 | 597,067 | ||
5,468,321 | ||||
Real Estate — 1.7% | ||||
837,000 | Crown Castle International Corp. REIT, 3.650%, 9/1/27 | 793,708 | ||
931,000 | Host Hotels & Resorts LP REIT, Ser F, 4.500%, 2/1/26 | 911,877 | ||
1,017,000 | Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | 931,224 | ||
595,000 | Sabra Health Care LP REIT, 5.125%, 8/15/26 | 588,892 | ||
374,000 | Store Capital LLC REIT, 2.700%, 12/1/31 | 294,386 | ||
116,000 | Store Capital LLC REIT, 2.750%, 11/18/30 | 93,268 | ||
635,000 | Store Capital LLC REIT, 4.625%, 3/15/29 | 597,731 | ||
4,211,086 | ||||
Materials — 0.9% | ||||
421,000 | Braskem America Finance Co. (Brazil), 144a, 7.125%, 7/22/41 | 378,447 |
Principal Amount | Market Value | |||
Materials — 0.9% (Continued) | ||||
$ 200,000 | Braskem Idesa SAPI (Mexico), 144a, 6.990%, 2/20/32 | $ 155,329 | ||
907,000 | Celanese US Holdings LLC, 6.165%, 7/15/27 | 924,034 | ||
683,000 | Sherwin-Williams Co. (The), 4.500%, 6/1/47 | 597,501 | ||
200,000 | WE Soda Investments Holding PLC (Turkey), 144a, 9.500%, 10/6/28 | 207,187 | ||
2,262,498 | ||||
Total Corporate Bonds | $98,068,771 | |||
U.S. Treasury Obligations — 23.1% | ||||
2,180,000 | U.S. Treasury Bond, 2.250%, 2/15/52 | 1,436,842 | ||
1,730,000 | U.S. Treasury Bond, 2.875%, 5/15/52 | 1,311,556 | ||
210,000 | U.S. Treasury Bond, 4.125%, 8/15/53 | 202,191 | ||
4,735,000 | U.S. Treasury Bond, 4.750%, 11/15/43 | 4,919,221 | ||
7,936,419 | U.S. Treasury Inflation Indexed Bond, 1.750%, 1/15/34 | 7,847,009 | ||
2,879,124 | U.S. Treasury Inflation Indexed Bond, 2.125%, 2/15/54 | 2,918,198 | ||
2,900,000 | U.S. Treasury Note, 3.375%, 5/15/33 | 2,719,203 | ||
4,095,000 | U.S. Treasury Note, 3.625%, 5/31/28 | 3,993,265 | ||
7,830,000 | U.S. Treasury Note, 4.000%, 1/31/29 | 7,753,535 | ||
5,124,000 | U.S. Treasury Note, 4.000%, 2/15/34 | 5,043,938 | ||
14,640,000 | U.S. Treasury Note, 4.375%, 11/30/28 | 14,725,209 | ||
5,560,000 | U.S. Treasury Note, 4.625%, 2/28/26 | 5,556,742 | ||
Total U.S. Treasury Obligations | $58,426,909 | |||
Non-Agency Collateralized Mortgage Obligations — 7.2% | ||||
953 | Adjustable Rate Mortgage Trust, Ser 2004-4, Class 3A1, 4.858%, 3/25/35(A)(B) | 924 | ||
1,032,881 | Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.644%, 10/25/45(A)(B) | 951,858 | ||
1,609,685 | Agate Bay Mortgage Trust, Ser 2015-7, Class B2, 144a, 3.644%, 10/25/45(A)(B) | 1,480,458 | ||
535,039 | COLT Mortgage Loan Trust, Ser 2022-6, Class A1, 144a, 4.650%, 6/27/67(A)(B) | 522,788 | ||
351,992 | CSMC Trust, Ser 2013-7, Class B3, 144a, 3.536%, 8/25/43(A)(B) | 320,726 | ||
414,300 | CSMC Trust, Ser 2014-OAK1, Class B4, 144a, 3.641%, 11/25/44(A)(B) | 390,327 | ||
715,702 | CSMC Trust, Ser 2015-1, Class B3, 144a, 3.898%, 1/25/45(A)(B) | 669,920 | ||
799,751 | CSMC Trust, Ser 2015-2, Class B4, 144a, 3.884%, 2/25/45(A)(B) | 738,490 | ||
686,774 | CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.648%, 12/25/44(A)(B) | 643,265 | ||
1,048,567 | Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67(A)(B) | 1,000,393 | ||
1,149,786 | EverBank Mortgage Loan Trust, Ser 2018-1, Class B2, 144a, 3.575%, 2/25/48(A)(B) | 1,009,547 | ||
20,780 | Galton Funding Mortgage Trust, Ser 2019-1, Class A22, 144a, 4.000%, 2/25/59(A)(B) | 19,371 | ||
1,102,741 | GCAT Trust, Ser 2022-NQM2, Class A1, 144a, 4.210%, 2/25/67(A)(B) | 1,052,797 | ||
286,013 | GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ3, Class A14, 144a, 3.000%, 10/25/50(A)(B) | 241,725 | ||
14,562 | JP Morgan Mortgage Trust, Ser 2005-A1, Class 2A1, 5.749%, 2/25/35(A)(B) | 13,908 | ||
3,554 | JP Morgan Mortgage Trust, Ser 2005-A2, Class 7CB1, 5.147%, 4/25/35(A)(B) | 3,574 | ||
15,228 | JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 4.995%, 6/25/36(A)(B) | 10,708 | ||
368,422 | JP Morgan Mortgage Trust, Ser 2015-IVR2, Class B3, 144a, 6.895%, 1/25/45(A)(B) | 368,433 |
Principal Amount | Market Value | |||
Non-Agency Collateralized Mortgage Obligations — 7.2% (Continued) | ||||
$ 1,464,711 | JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.452%, 1/25/47(A)(B) | $ 1,291,662 | ||
199,537 | JP Morgan Mortgage Trust, Ser 2019-INV1, Class A15, 144a, 4.000%, 10/25/49(A)(B) | 184,515 | ||
1,167,130 | JP Morgan Mortgage Trust, Ser 2021-11, Class A3, 144a, 2.500%, 1/25/52(A)(B) | 936,349 | ||
15,410 | MASTR Alternative Loan Trust, Ser 2004-7, Class 10A1, 6.000%, 6/25/34 | 14,080 | ||
755,721 | Mello Mortgage Capital Acceptance, Ser 2022-INV2, Class A15, 144a, 3.000%, 4/25/52(A)(B) | 626,097 | ||
1,100,000 | Mill City Mortgage Loan Trust, Ser 2016-1, Class B2, 144a, 4.001%, 4/25/57(A)(B) | 1,006,883 | ||
947,979 | Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58(A)(B) | 813,139 | ||
135,589 | Residential Asset Securitization Trust, Ser 2006-A1, Class 1A3, 6.000%, 4/25/36 | 57,833 | ||
91,786 | Sequoia Mortgage Trust, Ser 2013-10, Class B2, 144a, 3.535%, 8/25/43(A)(B) | 87,025 | ||
95,103 | Sequoia Mortgage Trust, Ser 2013-5, Class B1, 144a, 3.495%, 5/25/43(A)(B) | 89,780 | ||
541,721 | Sequoia Mortgage Trust, Ser 2017-2, Class A1, 144a, 3.500%, 2/25/47(A)(B) | 479,272 | ||
1,000,000 | Towd Point Mortgage Trust, Ser 2017-1, Class B1, 144a, 3.834%, 10/25/56(A)(B) | 894,700 | ||
800,000 | Towd Point Mortgage Trust, Ser 2017-4, Class B1, 144a, 3.658%, 6/25/57(A)(B) | 676,306 | ||
800,000 | Towd Point Mortgage Trust, Ser 2019-4, Class A2, 144a, 3.250%, 10/25/59(A)(B) | 704,557 | ||
871,331 | Verus Securitization Trust, Ser 2022-3, Class A1, 144a, 4.130%, 2/25/67(A)(B) | 816,116 | ||
40,645 | Washington Mutual Mortgage Pass-Through Certificates, Ser 2005-9, Class 2A4, 5.500%, 11/25/35 | 34,956 | ||
Total Non-Agency Collateralized Mortgage Obligations | $18,152,482 | |||
U.S. Government Mortgage-Backed Obligations — 6.9% | ||||
44,996 | FHLMC, Pool #1Q0339, (RFUCCT1Y + 1.889%), 5.511%, 4/1/37(A) | 45,019 | ||
5,886 | FHLMC, Pool #A12886, 5.000%, 8/1/33 | 5,929 | ||
41,988 | FHLMC, Pool #A13842, 6.000%, 9/1/33 | 42,949 | ||
3,611 | FHLMC, Pool #A21415, 5.000%, 5/1/34 | 3,637 | ||
8,783 | FHLMC, Pool #A35682, 5.000%, 7/1/35 | 8,796 | ||
3,794 | FHLMC, Pool #A36523, 5.000%, 8/1/35 | 3,799 | ||
17,486 | FHLMC, Pool #A46590, 5.000%, 8/1/35 | 17,614 | ||
1,932 | FHLMC, Pool #A64971, 5.500%, 8/1/37 | 1,976 | ||
1,307,846 | FHLMC, Pool #A89148, 4.000%, 10/1/39 | 1,243,470 | ||
34,511 | FHLMC, Pool #A96485, 4.500%, 1/1/41 | 33,918 | ||
224,323 | FHLMC, Pool #A97897, 4.500%, 4/1/41 | 220,473 | ||
10,074 | FHLMC, Pool #C62740, 7.000%, 1/1/32 | 10,400 | ||
7,190 | FHLMC, Pool #C72254, 6.500%, 7/1/32 | 7,480 | ||
5,561 | FHLMC, Pool #C90986, 7.000%, 6/1/26 | 5,740 | ||
6,516 | FHLMC, Pool #G02184, 5.000%, 4/1/36 | 6,564 | ||
1,162,629 | FHLMC, Pool #G05624, 4.500%, 9/1/39 | 1,142,679 | ||
103,445 | FHLMC, Pool #G05733, 5.000%, 11/1/39 | 103,503 | ||
11,478 | FHLMC, Pool #J13584, 3.500%, 11/1/25 | 11,295 | ||
813,967 | FHLMC REMIC, Pool #SD1436, 4.500%, 8/1/52 | 776,188 | ||
750,743 | FHLMC REMIC, Pool #SD1620, 5.000%, 9/1/52 | 734,728 | ||
2,974 | FNMA, Pool #255628, 5.500%, 2/1/25 | 2,961 | ||
1,013 | FNMA, Pool #426830, 8.000%, 11/1/24 | 1,010 | ||
2,128 | FNMA, Pool #540040, 7.500%, 6/1/28 | 2,119 | ||
6,137 | FNMA, Pool #561741, 7.500%, 1/1/31 | 6,210 | ||
11,061 | FNMA, Pool #640291, 7.000%, 8/1/32 | 11,407 |
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 6.9% (Continued) | ||||
$ 10,842 | FNMA, Pool #670402, 6.500%, 6/1/32 | $ 11,176 | ||
64,651 | FNMA, Pool #745257, 6.000%, 1/1/36 | 67,011 | ||
43,459 | FNMA, Pool #748895, 6.000%, 12/1/33 | 43,119 | ||
4,282 | FNMA, Pool #758564, 6.000%, 9/1/24 | 4,323 | ||
29,883 | FNMA, Pool #810049, 5.500%, 3/1/35 | 30,524 | ||
21,592 | FNMA, Pool #819297, 6.000%, 9/1/35 | 22,378 | ||
450,173 | FNMA, Pool #881279, 5.000%, 11/1/36 | 452,906 | ||
14,387 | FNMA, Pool #889060, 6.000%, 1/1/38 | 15,291 | ||
32,324 | FNMA, Pool #889061, 6.000%, 1/1/38 | 33,506 | ||
1,020 | FNMA, Pool #895657, 6.500%, 8/1/36 | 1,024 | ||
55,507 | FNMA, Pool #905049, 5.500%, 11/1/36 | 56,700 | ||
151,679 | FNMA, Pool #928553, 5.500%, 8/1/37 | 154,938 | ||
107,782 | FNMA, Pool #931535, 5.500%, 7/1/39 | 106,752 | ||
80,093 | FNMA, Pool #AA3467, 4.500%, 4/1/39 | 78,620 | ||
130,059 | FNMA, Pool #AA4584, 4.500%, 4/1/39 | 127,666 | ||
29,806 | FNMA, Pool #AB1800, 4.000%, 11/1/40 | 28,275 | ||
22,832 | FNMA, Pool #AB2452, 4.000%, 3/1/26 | 22,451 | ||
3,591 | FNMA, Pool #AD3775, 4.500%, 3/1/25 | 3,573 | ||
22,641 | FNMA, Pool #AD6193, 5.000%, 6/1/40 | 22,401 | ||
42,809 | FNMA, Pool #AE1568, 4.000%, 9/1/40 | 40,614 | ||
228,608 | FNMA, Pool #AE2497, 4.500%, 9/1/40 | 224,401 | ||
28,185 | FNMA, Pool #AE5441, 5.000%, 10/1/40 | 28,121 | ||
73,118 | FNMA, Pool #AH1135, 5.000%, 1/1/41 | 73,021 | ||
13,053 | FNMA, Pool #AH3671, 4.000%, 2/1/26 | 12,838 | ||
234,501 | FNMA, Pool #AH6622, 4.000%, 3/1/41 | 224,019 | ||
225,507 | FNMA, Pool #AL0150, 4.000%, 2/1/41 | 213,917 | ||
38,489 | FNMA, Pool #AL0211, 5.000%, 4/1/41 | 38,422 | ||
267,975 | FNMA, Pool #AS0779, 4.000%, 10/1/43 | 256,436 | ||
1,913,301 | FNMA, Pool #BT7156, 2.000%, 8/1/51 | 1,521,971 | ||
1,319,009 | FNMA, Pool #FM4660, 2.000%, 10/1/35 | 1,178,163 | ||
1,290,771 | FNMA, Pool #FM4702, 2.500%, 10/1/50 | 1,083,136 | ||
1,922,148 | FNMA, Pool #FM5085, 2.000%, 12/1/50 | 1,540,065 | ||
930,877 | FNMA, Pool #FM8360, 2.500%, 8/1/51 | 780,544 | ||
938,224 | FNMA, Pool #FM8361, 2.500%, 8/1/51 | 784,572 | ||
1,087,706 | FNMA, Pool #FM9905, 2.500%, 12/1/51 | 902,461 | ||
979,993 | FNMA, Pool #FM9907, 2.500%, 12/1/51 | 813,301 | ||
757,012 | FNMA, Pool #FS2906, 5.000%, 9/1/52 | 739,694 | ||
820,290 | FNMA, Pool #MA4128, 2.000%, 9/1/40 | 694,350 | ||
556,106 | GNMA, Pool #4424, 5.000%, 4/20/39 | 561,249 | ||
Total U.S. Government Mortgage-Backed Obligations | $17,443,793 | |||
Commercial Mortgage-Backed Securities — 6.9% | ||||
1,000,000 | Austin Fairmont Hotel Trust, Ser 2019-FAIR, Class C, 144a, (TSFR1M + 1.497%), 6.823%, 9/15/32(A) | 991,250 | ||
500,000 | BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | 478,232 | ||
970,000 | BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | 832,867 | ||
1,230,000 | BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55(A)(B) | 1,061,355 | ||
305,000 | Citigroup Commercial Mortgage Trust, Ser 2017-P8, Class AS, 3.789%, 9/15/50(A)(B) | 282,930 | ||
830,000 | Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | 727,588 | ||
1,600,000 | CSMC, Ser 2021-B33, Class A1, 144a, 3.053%, 10/10/43 | 1,456,503 | ||
550,000 | Eleven Madison Trust Mortgage Trust, Ser 2015-11MD, Class C, 144a, 3.555%, 9/10/35(A)(B) | 459,166 | ||
187,660 | GS Mortgage Securities Corp. II, Ser 2017-SLP, Class B, 144a, 3.772%, 10/10/32 | 183,119 | ||
750,000 | GS Mortgage Securities Corp. Trust, Ser 2020-UPTN, Class E, 144a, 3.246%, 2/10/37(A)(B) | 692,108 |
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 6.9% (Continued) | ||||
$ 1,750,000 | GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.541%, 1/10/43(A)(B) | $ 1,481,679 | ||
1,325,000 | GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | 1,129,419 | ||
765,000 | HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (TSFR1M + 1.564%), 6.890%, 10/15/36(A) | 729,141 | ||
528,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2016-NINE, Class B, 144a, 2.854%, 9/6/38(A)(B) | 484,034 | ||
755,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | 698,443 | ||
245,000 | JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Class AS, 4.065%, 11/15/47 | 227,759 | ||
1,200,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (TSFR1M + 1.317%), 6.642%, 11/15/35(A) | 1,141,750 | ||
1,210,000 | Morgan Stanley Capital I Trust, Ser 2018-H3, Class A5, 4.177%, 7/15/51 | 1,159,777 | ||
340,000 | UBS Commercial Mortgage Trust, Ser 2017-C1, Class AS, 3.724%, 6/15/50 | 316,426 | ||
340,000 | WB Commercial Mortgage Trust, Ser 2024-HQ, Class A, 144a, 6.134%, 3/15/40(A)(B) | 342,000 | ||
385,000 | Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Class AS, 4.013%, 12/15/48 | 371,786 | ||
2,380,000 | Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | 2,144,153 | ||
Total Commercial Mortgage-Backed Securities | $17,391,485 | |||
Agency Collateralized Mortgage Obligations — 6.3% | ||||
2,085,000 | FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | 1,467,908 | ||
2,850,000 | FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | 2,047,864 | ||
81,954 | FNMA REMIC, Ser 2003-32, Class BZ, 6.000%, 11/25/32 | 83,260 | ||
8,714 | FNMA REMIC, Ser 2015-51, Class KC, 3.000%, 6/25/45 | 8,090 | ||
1,420,000 | FNMA REMIC, Ser 2017-37, Class AY, 3.000%, 5/25/47 | 1,091,763 | ||
305,773 | FNMA REMIC, Ser 2017-90, Class KA, 3.000%, 11/25/47 | 279,816 | ||
1,800,000 | FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | 1,384,918 | ||
2,500,000 | FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | 1,833,964 | ||
2,550,000 | FNMA REMIC, Ser 2022-17, Class UV, 3.000%, 7/25/42 | 2,040,683 | ||
34,458 | FNMA Trust, Ser 2004-W15, Class 2AF, (SOFR30A + 0.364%), 5.685%, 8/25/44(A) | 34,107 | ||
609,451 | GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40 | 600,273 | ||
3,786,379 | GNMA, Ser 2012-147, Class IO, 0.544%, 4/16/54(A)(B)(C) | 40,044 | ||
1,422,087 | GNMA, Ser 2016-113, Class IO, 1.181%, 2/16/58(A)(B)(C) | 78,920 | ||
7,273,010 | GNMA, Ser 2016-140, Class IO, 0.738%, 5/16/58(A)(B)(C) | 254,936 | ||
1,650,000 | GNMA, Ser 2016-83, Class PB, 3.000%, 6/20/46 | 1,297,721 | ||
2,500,000 | GNMA, Ser 2018-112, Class YC, 3.500%, 8/20/48 | 2,025,098 | ||
1,700,000 | GNMA, Ser 2022-50, Class KV, 3.000%, 6/20/42 | 1,314,356 | ||
Total Agency Collateralized Mortgage Obligations | $15,883,721 | |||
Asset-Backed Securities — 5.5% | ||||
1,100,000 | AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (TSFR3M + 1.912%), 7.226%, 4/15/34(A) | 1,100,010 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 5.5% (Continued) | ||||
$ 1,000,000 | Aimco CLO 11 Ltd. (Cayman Islands), Ser 2020-11A, Class AR, 144a, (TSFR3M + 1.392%), 6.708%, 10/17/34(A) | $ 999,314 | ||
944,425 | CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | 883,001 | ||
949 | CIT Home Equity Loan Trust, Ser 2002-1, Class AF5, 7.210%, 2/25/33(A)(B) | 941 | ||
1,305,500 | Coinstar Funding LLC, Ser 2017-1A, Class A2, 144a, 5.216%, 4/25/47 | 1,159,509 | ||
1,246,313 | Driven Brands Funding LLC, Ser 2021-1A, Class A2, 144a, 2.791%, 10/20/51 | 1,085,574 | ||
89,778 | FHLMC Structured Pass Through Securities, Ser T-20, Class A5, 8.370%, 12/25/29(A)(B) | 92,470 | ||
2,993 | FNMA REMIC Trust, Ser 2001-W2, Class AF6, 6.089%, 10/25/31(A)(B) | 2,989 | ||
1,104,000 | Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | 1,023,985 | ||
962,725 | Jersey Mike's Funding, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50 | 921,575 | ||
1,425,000 | Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1, 144a, (TSFR3M + 1.962%), 7.271%, 10/19/34(A) | 1,425,256 | ||
340,386 | Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40 | 339,181 | ||
1,167,000 | Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | 1,036,142 | ||
1,102,500 | Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51 | 1,029,596 | ||
822,250 | TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | 747,752 | ||
950,000 | Trimaran Cavu Ltd. (Cayman Islands), Ser 2019-1A, Class C2, 144a, 5.539%, 7/20/32 | 906,049 | ||
1,555,997 | Wendy's Funding LLC, Ser 2021-1A, Class A2II, 144a, 2.775%, 6/15/51 | 1,307,990 | ||
Total Asset-Backed Securities | $14,061,334 | |||
Sovereign Government Obligations — 1.1% | ||||
382,000 | Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | 342,649 | ||
697,000 | Chile Government International Bond, 3.100%, 1/22/61 | 437,948 | ||
200,000 | Egypt Government International Bond, 144a, 5.800%, 9/30/27 | 180,052 | ||
200,000 | Egypt Government International Bond, 144a, 8.150%, 11/20/59 | 152,720 | ||
25,000 | El Salvador Government International Bond, 144a, 6.375%, 1/18/27 | 21,713 | ||
100,000 | El Salvador Government International Bond, 144a, 7.650%, 6/15/35 | 75,805 | ||
200,000 | Ghana Government International Bond, 144a, 7.625%, 5/16/29 | 102,266 | ||
200,000 | Ghana Government International Bond, 144a, 8.950%, 3/26/51 | 101,500 | ||
878,000 | Mexico Government International Bond, 3.771%, 5/24/61 | 569,485 | ||
200,000 | Nigeria Government International Bond, 8.250%, 9/28/51 | 163,548 | ||
736,000 | Republic of Poland Government International Bond, 5.500%, 3/18/54 | 730,980 | ||
Total Sovereign Government Obligations | $2,878,666 |
Shares | MarketValue | |||
Short-Term Investment Fund — 3.2% | ||||
8,036,820 | Dreyfus Government Cash Management, Institutional Shares, 5.20%∞Ω | $ 8,036,820 | ||
Total Investment Securities—98.9% (Cost $266,017,273) | $250,343,981 | |||
Other Assets in Excess of Liabilities — 1.1% | 2,789,932 | |||
Net Assets — 100.0% | $253,133,913 |
(A) | Variable rate security - Rate reflected is the rate in effect as of March 31, 2024. |
(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. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2024. |
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 |
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 |
RFUCCT1Y – Refinitiv USD LIBOR Consumer Cash Fallbacks Term One year |
SOFR30A – Secured Overnight Financing Rate 30 Day Average |
TSFR1M – One Month Term Secured Overnight Financing Rate |
TSFR3M – Three Month Term Secured Overnight Financing Rate |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2024, these securities were valued at $63,506,300 or 25.1% 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 | $— | $98,068,771 | $— | $98,068,771 |
U.S. Treasury Obligations | — | 58,426,909 | — | 58,426,909 |
Non-Agency Collateralized Mortgage Obligations | — | 18,152,482 | — | 18,152,482 |
U.S. Government Mortgage-Backed Obligations | — | 17,443,793 | — | 17,443,793 |
Commercial Mortgage-Backed Securities | — | 17,391,485 | — | 17,391,485 |
Agency Collateralized Mortgage Obligations | — | 15,883,721 | — | 15,883,721 |
Asset-Backed Securities | — | 14,061,334 | — | 14,061,334 |
Sovereign Government Obligations | — | 2,878,666 | — | 2,878,666 |
Short-Term Investment Fund | 8,036,820 | — | — | 8,036,820 |
Other Financial Instruments | ||||
Futures | ||||
Interest rate contracts | 30,716 | — | — | 30,716 |
Total Assets | $8,067,536 | $242,307,161 | $— | $250,374,697 |
Liabilities: | ||||
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | $— | $(755,696) | $— | $(755,696) |
Futures | ||||
Interest rate contracts | (158,875) | — | — | (158,875) |
Total Liabilities | $(158,875) | $(755,696) | $— | $(914,571) |
Total | $7,908,661 | $241,551,465 | $— | $249,460,126 |
Description | Expiration Date | Number of Contracts | Notional Value | Unrealized Appreciation/ Depreciation |
Short Futures: | ||||
30-Year U.S. Ultra Treasury Bond | 6/18/2024 | 86 | $11,094,000 | $(116,568) |
Long Futures: | ||||
5-Year U.S. Treasury Note | 6/28/2024 | 200 | 21,403,126 | 30,716 |
2-Year U.S. Treasury Note | 6/28/2024 | 232 | 47,440,375 | (42,307) |
$(128,159) |
Counterparty | Termination Date | Notional Amount(2) | Pay Fixed Rate | Clearinghouse | Underlying Bond | Value(3) | Premiums Paid/ (Received) | Unrealized Depreciation |
Buy Protection: | ||||||||
Wells Fargo | 12/20/28 | $10,112,850 | 5.000% | ICE | Markit CDX North America High Yield Series 41 5Y Index | $(744,513) | $11,183 | $(755,696) |
(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 — 72.3% | ||||
Communication Services — 10.2% | ||||
$ 2,579,000 | Altice Financing SA (Luxembourg), 144a, 5.000%, 1/15/28 | $ 2,121,203 | ||
5,031,000 | Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | 1,862,257 | ||
750,000 | Altice France SA (France), 144a, 2.125%, 2/15/25 | 722,641 | ||
3,930,000 | ANGI Group LLC, 144a, 3.875%, 8/15/28 | 3,413,537 | ||
72,000 | Belo Corp., 7.250%, 9/15/27 | 73,295 | ||
675,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 551,522 | ||
199,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.000%, 2/1/28 | 185,318 | ||
1,060,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.500%, 8/15/30(A) | 892,047 | ||
460,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.125%, 5/1/27 | 437,651 | ||
670,000 | CommScope, Inc., 144a, 8.250%, 3/1/27 | 312,393 | ||
1,587,000 | CommScope, Inc., 144a, 6.000%, 3/1/26(A) | 1,452,105 | ||
1,040,000 | CommScope, Inc., 144a, 4.750%, 9/1/29 | 743,600 | ||
205,000 | CSC Holdings LLC, 144a, 3.375%, 2/15/31 | 139,339 | ||
76,000 | CSC Holdings LLC, 144a, 4.500%, 11/15/31 | 53,798 | ||
315,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 159,956 | ||
3,469,000 | CSC Holdings LLC, 144a, 5.750%, 1/15/30 | 1,836,510 | ||
1,848,000 | DISH DBS Corp., 5.875%, 11/15/24 | 1,768,893 | ||
496,000 | DISH DBS Corp., 7.750%, 7/1/26 | 331,917 | ||
415,000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144a, 3.500%, 3/1/29 | 374,368 | ||
3,765,000 | Gray Television, Inc., 144a, 4.750%, 10/15/30 | 2,470,451 | ||
428,000 | Gray Television, Inc., 144a, 5.375%, 11/15/31 | 280,721 | ||
600,000 | Level 3 Financing, Inc., 144a, 3.625%, 1/15/29 | 268,422 | ||
273,000 | Level 3 Financing, Inc., 144a, 4.250%, 7/1/28 | 130,844 | ||
4,096,000 | Level 3 Financing, Inc., 144a, 4.625%, 9/15/27 | 2,723,840 | ||
750,000 | Level 3 Financing, Inc., 144a, 11.000%, 11/15/29 | 780,000 | ||
3,841,000 | Nexstar Media, Inc., 144a, 4.750%, 11/1/28 | 3,499,818 | ||
128,000 | Nexstar Media, Inc., 144a, 5.625%, 7/15/27 | 122,860 | ||
3,242,000 | Scripps Escrow II, Inc., 144a, 3.875%, 1/15/29 | 2,578,152 | ||
1,800,000 | Sirius XM Radio, Inc., 144a, 3.125%, 9/1/26 | 1,686,543 | ||
749,000 | Sirius XM Radio, Inc., 144a, 4.125%, 7/1/30 | 654,699 | ||
526,000 | Sirius XM Radio, Inc., 144a, 5.000%, 8/1/27 | 506,116 | ||
240,000 | Sirius XM Radio, Inc., 144a, 5.500%, 7/1/29 | 228,566 | ||
1,500,000 | Summer BC Holdco B SARL (Luxembourg), 144a, 5.750%, 10/31/26 | 1,585,909 | ||
1,000,000 | Summer BidCo BV (Slovenia), 144a, 10.000%, 2/15/29(B) | 1,093,015 | ||
3,012,000 | TEGNA, Inc., 4.625%, 3/15/28 | 2,754,866 | ||
350,000 | Tele Columbus AG (Germany), 144a, 10.000%, 3/19/29(B) | 259,032 | ||
1,200,000 | Telenet Finance Luxembourg Notes Sarl (Belgium), 144a, 5.500%, 3/1/28 | 1,125,756 | ||
5,116,000 | Telesat Canada / Telesat LLC (Canada), 144a, 5.625%, 12/6/26 | 3,029,871 | ||
1,036,000 | Univision Communications, Inc., 144a, 4.500%, 5/1/29 | 925,685 | ||
338,000 | Virgin Media Finance PLC (United Kingdom), 144a, 5.000%, 7/15/30 | 285,715 | ||
131,000 | Virgin Media Secured Finance PLC (United Kingdom), 144a, 4.500%, 8/15/30 | 113,395 | ||
1,090,000 | Virgin Media Vendor Financing Notes IV DAC (United Kingdom), 144a, 5.000%, 7/15/28 | 1,000,475 | ||
400,000 | Vmed O2 UK Financing I PLC (United Kingdom), 144a, 4.250%, 1/31/31 | 337,740 | ||
4,556,000 | Zayo Group Holdings, Inc., 144a, 4.000%, 3/1/27 | 3,749,280 | ||
881,000 | Ziggo Bond Co. BV (Netherlands), 144a, 6.000%, 1/15/27 | 868,189 | ||
50,492,310 |
Principal Amount | Market Value | |||
Energy — 9.7% | ||||
$ 3,468,000 | Apache Corp., 5.100%, 9/1/40(A) | $ 2,975,316 | ||
1,577,000 | Archrock Partners LP / Archrock Partners Finance Corp., 144a, 6.250%, 4/1/28 | 1,559,889 | ||
111,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 5.875%, 6/30/29 | 105,849 | ||
2,527,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 7.000%, 11/1/26 | 2,535,021 | ||
187,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 8.250%, 12/31/28 | 192,131 | ||
654,000 | Callon Petroleum Co., 144a, 8.000%, 8/1/28 | 683,430 | ||
2,560,000 | Cheniere Energy Partners LP, 3.250%, 1/31/32 | 2,181,340 | ||
239,000 | Cheniere Energy Partners LP, 4.000%, 3/1/31 | 217,034 | ||
2,741,000 | CITGO Petroleum Corp., 144a, 6.375%, 6/15/26 | 2,749,135 | ||
680,000 | Cullinan Holdco Scsp (Luxembourg), 144a, 4.625%, 10/15/26 | 654,569 | ||
900,000 | Cullinan Holdco Scsp (Luxembourg), 144a, (EUR003M + 4.750%), 8.682%, 10/15/26(C) | 922,766 | ||
928,000 | EnLink Midstream LLC, 5.375%, 6/1/29 | 910,604 | ||
1,789,000 | EnLink Midstream Partners LP, 5.450%, 6/1/47 | 1,557,181 | ||
208,000 | EnLink Midstream Partners LP, 5.600%, 4/1/44 | 185,382 | ||
5,880,000 | Enviva Partners LP / Enviva Partners Finance Corp., 144a, 6.500%, 1/15/26 | 2,587,200 | ||
1,285,000 | EQM Midstream Partners LP, 6.500%, 7/15/48 | 1,288,427 | ||
3,889,000 | ITT Holdings LLC, 144a, 6.500%, 8/1/29 | 3,547,985 | ||
860,000 | Kodiak Gas Services LLC, 144a, 7.250%, 2/15/29 | 876,280 | ||
2,552,000 | Moss Creek Resources Holdings, Inc., 144a, 7.500%, 1/15/26 | 2,550,059 | ||
36,000 | Moss Creek Resources Holdings, Inc., 144a, 10.500%, 5/15/27 | 37,129 | ||
4,218,426 | Rockcliff Energy II LLC, 144a, 5.500%, 10/15/29 | 3,947,060 | ||
1,829,000 | Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144a, 12.000%, 10/15/26 | 1,829,014 | ||
2,779,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 12/31/30 | 2,640,159 | ||
1,045,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 9/1/31 | 975,250 | ||
1,000,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 7.375%, 2/15/29 | 1,005,125 | ||
2,582,000 | TerraForm Power Operating LLC, 144a, 5.000%, 1/31/28 | 2,459,144 | ||
1,750,000 | TerraForm Power Operating LLC, 144a, 4.750%, 1/15/30 | 1,603,797 | ||
3,810,000 | Transocean, Inc., 6.800%, 3/15/38 | 3,192,035 | ||
725,000 | Transocean, Inc., 144a, 7.250%, 11/1/25 | 722,050 | ||
144,000 | Transocean, Inc., 144a, 11.500%, 1/30/27 | 150,078 | ||
1,445,000 | Western Midstream Operating LP, 5.250%, 2/1/50 | 1,291,604 | ||
48,132,043 | ||||
Consumer Discretionary — 9.0% | ||||
1,045,000 | Allison Transmission, Inc., 144a, 4.750%, 10/1/27 | 1,007,010 | ||
480,000 | Asbury Automotive Group, Inc., 4.500%, 3/1/28 | 457,162 | ||
2,340,000 | Asbury Automotive Group, Inc., 144a, 4.625%, 11/15/29 | 2,159,548 | ||
804,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 4.625%, 8/1/29 | 741,874 | ||
1,039,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 4.625%, 4/1/30 | 949,565 | ||
1,025,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 6.625%, 1/15/28 | 1,028,317 | ||
1,750,000 | Bath & Body Works, Inc., 6.750%, 7/1/36 | 1,767,472 | ||
1,711,000 | Bath & Body Works, Inc., 6.875%, 11/1/35 | 1,750,262 | ||
92,000 | Bath & Body Works, Inc., 7.500%, 6/15/29 | 95,622 | ||
1,500,000 | Boyne USA, Inc., 144a, 4.750%, 5/15/29 | 1,390,062 | ||
1,882,000 | Caesars Entertainment, Inc., 144a, 4.625%, 10/15/29 | 1,715,875 | ||
780,000 | Caesars Entertainment, Inc., 144a, 7.000%, 2/15/30 | 800,497 |
Principal Amount | Market Value | |||
Corporate Bonds — 72.3% (Continued) | ||||
Consumer Discretionary — 9.0% (Continued) | ||||
$ 957,000 | Caesars Entertainment, Inc., 144a, 8.125%, 7/1/27 | $ 980,239 | ||
125,000 | Clarios Global LP, 144a, 6.750%, 5/15/25 | 125,128 | ||
837,000 | Clarios Global LP / Clarios US Finance Co., 144a, 8.500%, 5/15/27 | 838,099 | ||
1,227,000 | Clarios Global LP / Clarios US Finance Co., 144a, 6.250%, 5/15/26 | 1,225,964 | ||
1,274,000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144a, 6.750%, 1/15/30 | 1,143,507 | ||
1,000,000 | Ford Motor Co., 4.750%, 1/15/43 | 829,050 | ||
610,000 | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | 571,697 | ||
462,000 | Ford Motor Credit Co. LLC, 4.125%, 8/17/27(A) | 438,549 | ||
55,000 | Ford Motor Credit Co. LLC, 5.125%, 6/16/25 | 54,515 | ||
3,531,000 | Hilton Domestic Operating Co., Inc., 144a, 3.750%, 5/1/29 | 3,239,081 | ||
129,000 | Lithia Motors, Inc., 144a, 3.875%, 6/1/29 | 116,282 | ||
1,222,000 | Lithia Motors, Inc., 144a, 4.375%, 1/15/31 | 1,092,214 | ||
1,334,000 | Live Nation Entertainment, Inc., 144a, 4.750%, 10/15/27(A) | 1,273,952 | ||
1,125,000 | Live Nation Entertainment, Inc., 144a, 6.500%, 5/15/27 | 1,137,285 | ||
3,449,000 | MGM Resorts International, 4.750%, 10/15/28 | 3,279,632 | ||
1,110,000 | Nissan Motor Co. Ltd. (Japan), 144a, 4.345%, 9/17/27 | 1,055,216 | ||
2,492,000 | Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 144a, 8.000%, 9/20/25 | 1,892,702 | ||
1,868,000 | Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 144a, 8.000%, 9/20/25 | 1,418,767 | ||
965,000 | SRS Distribution, Inc., 144a, 6.000%, 12/1/29 | 984,633 | ||
512,000 | United Airlines, Inc., 144a, 4.375%, 4/15/26(A) | 495,227 | ||
208,000 | United Airlines, Inc., 144a, 4.625%, 4/15/29 | 193,614 | ||
3,390,000 | Victoria's Secret & Co., 144a, 4.625%, 7/15/29 | 2,780,925 | ||
2,373,000 | Viking Cruises Ltd., 144a, 5.875%, 9/15/27 | 2,328,916 | ||
1,004,000 | VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland), 144a, 9.500%, 6/1/28 | 853,714 | ||
2,555,000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144a, 5.250%, 5/15/27 | 2,505,745 | ||
44,717,919 | ||||
Industrials — 8.9% | ||||
796,000 | ARD Finance SA (Luxembourg), 144a, 6.500%, 6/30/27(B) | 266,376 | ||
700,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 4.125%, 8/15/26 | 633,759 | ||
1,742,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 8/15/27 | 1,097,460 | ||
3,473,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 8/15/27 | 2,187,990 | ||
699,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 4/30/25 | 675,894 | ||
1,000,000 | BCP V Modular Services Finance II PLC (United Kingdom), 144a, 4.750%, 11/30/28 | 1,008,725 | ||
1,440,000 | BWX Technologies, Inc., 144a, 4.125%, 4/15/29 | 1,328,635 | ||
2,966,000 | Chart Industries, Inc., 144a, 9.500%, 1/1/31 | 3,229,361 | ||
1,000,000 | Clean Harbors, Inc., 144a, 4.875%, 7/15/27 | 970,043 | ||
1,824,676 | CP Atlas Buyer, Inc., 144a, 7.000%, 12/1/28 | 1,711,649 | ||
1,511,000 | EMRLD Borrower LP / Emerald Co-Issuer, Inc, 144a, 6.375%, 12/15/30 | 1,711,323 | ||
2,213,000 | EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.625%, 12/15/30 | 2,234,903 | ||
958,000 | GFL Environmental, Inc. (Canada), 144a, 3.500%, 9/1/28 | 876,503 | ||
142,000 | GFL Environmental, Inc. (Canada), 144a, 3.750%, 8/1/25 | 138,254 | ||
713,271 | GFL Environmental, Inc. (Canada), 144a, 4.375%, 8/15/29 | 657,293 | ||
4,434,000 | H&E Equipment Services, Inc., 144a, 3.875%, 12/15/28 | 4,058,879 |
Principal Amount | Market Value | |||
Industrials — 8.9% (Continued) | ||||
$ 411,000 | LABL, Inc., 144a, 10.500%, 7/15/27 | $ 407,545 | ||
1,096,000 | Madison IAQ LLC, 144a, 5.875%, 6/30/29 | 1,003,171 | ||
3,488,000 | OI European Group BV, 144a, 4.750%, 2/15/30 | 3,210,414 | ||
51,000 | Owens-Brockway Glass Container, Inc., 144a, 6.625%, 5/13/27 | 51,029 | ||
2,194,000 | Sealed Air Corp/Sealed Air Corp. US, 144a, 6.125%, 2/1/28 | 2,199,867 | ||
2,849,000 | Sensata Technologies BV, 144a, 4.000%, 4/15/29 | 2,601,505 | ||
3,993,000 | Standard Industries, Inc., 144a, 4.375%, 7/15/30 | 3,588,409 | ||
450,000 | Summit Materials LLC / Summit Materials Finance Corp., 144a, 5.250%, 1/15/29 | 438,447 | ||
1,234,000 | Summit Materials LLC / Summit Materials Finance Corp., 144a, 7.250%, 1/15/31 | 1,282,884 | ||
160,000 | TransDigm, Inc., 144a, 6.750%, 8/15/28 | 162,304 | ||
2,282,000 | Trident TPI Holdings, Inc., 144a, 12.750%, 12/31/28 | 2,434,559 | ||
3,932,000 | Tutor Perini Corp., 144a, 6.875%, 5/1/25† | 3,891,716 | ||
44,058,897 | ||||
Financials — 8.1% | ||||
1,766,000 | Acrisure LLC / Acrisure Finance, Inc., 144a, 10.125%, 8/1/26 | 1,833,285 | ||
3,451,000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 7.000%, 1/15/31 | 3,486,773 | ||
1,689,000 | Ally Financial, Inc., 4.750%, 6/9/27 | 1,641,257 | ||
1,095,000 | AmWINS Group, Inc., 144a, 6.375%, 2/15/29 | 1,101,351 | ||
4,079,000 | Blackstone Private Credit Fund, 2.625%, 12/15/26 | 3,723,191 | ||
1,017,000 | GGAM Finance Ltd. (Ireland), 144a, 6.875%, 4/15/29 | 1,026,367 | ||
1,935,000 | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC (United Kingdom), 144a, 7.250%, 2/15/31 | 1,942,308 | ||
1,052,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 5.250%, 10/1/25 | 1,033,153 | ||
1,229,000 | LPL Holdings, Inc., 144a, 4.375%, 5/15/31 | 1,119,086 | ||
1,601,000 | LPL Holdings, Inc., 144a, 4.625%, 11/15/27 | 1,535,504 | ||
341,000 | Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.400%, 3/26/29 | 346,343 | ||
341,000 | Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.500%, 3/26/31 | 347,154 | ||
657,441 | Midcap Financial Issuer Trust, 144a, 5.625%, 1/15/30 | 565,926 | ||
2,566,000 | Midcap Financial Issuer Trust, 144a, 6.500%, 5/1/28 | 2,367,188 | ||
4,006,000 | Nationstar Mortgage Holdings, Inc., 144a, 5.500%, 8/15/28 | 3,835,070 | ||
2,156,000 | NFP Corp., 144a, 6.875%, 8/15/28 | 2,182,823 | ||
1,349,000 | OneMain Finance Corp., 3.500%, 1/15/27 | 1,252,141 | ||
392,000 | OneMain Finance Corp., 3.875%, 9/15/28 | 349,710 | ||
2,684,000 | OneMain Finance Corp., 4.000%, 9/15/30 | 2,298,058 | ||
441,000 | OneMain Finance Corp., 9.000%, 1/15/29 | 467,848 | ||
1,666,000 | Owl Rock Capital Corp., 3.400%, 7/15/26 | 1,569,915 | ||
1,242,000 | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 144a, 3.625%, 3/1/29 | 1,117,074 | ||
373,000 | United Wholesale Mortgage LLC, 144a, 5.500%, 11/15/25 | 369,685 | ||
137,000 | United Wholesale Mortgage LLC, 144a, 5.500%, 4/15/29 | 129,610 | ||
1,581,000 | United Wholesale Mortgage LLC, 144a, 5.750%, 6/15/27 | 1,537,558 | ||
3,951,000 | VistaJet Malta Finance PLC / XO Management Holding, Inc. (Switzerland), 144a, 6.375%, 2/1/30 | 2,920,239 | ||
40,098,617 | ||||
Materials — 6.1% | ||||
4,213,000 | Ball Corp., 2.875%, 8/15/30 | 3,594,538 | ||
3,262,000 | CF Industries, Inc., 5.150%, 3/15/34 | 3,211,378 |
Principal Amount | Market Value | |||
Corporate Bonds — 72.3% (Continued) | ||||
Materials — 6.1% (Continued) | ||||
$ 1,379,000 | Chemours Co. (The), 144a, 4.625%, 11/15/29 | $ 1,186,170 | ||
3,277,000 | Chemours Co. (The), 144a, 5.750%, 11/15/28 | 3,021,778 | ||
3,416,000 | Compass Minerals International, Inc., 144a, 6.750%, 12/1/27 | 3,303,575 | ||
1,683,000 | First Quantum Minerals Ltd. (Zambia), 144a, 8.625%, 6/1/31 | 1,635,819 | ||
1,697,000 | First Quantum Minerals Ltd. (Zambia), 144a, 9.375%, 3/1/29 | 1,756,642 | ||
417,000 | Freeport-McMoRan, Inc., 4.625%, 8/1/30 | 400,612 | ||
1,374,000 | Freeport-McMoRan, Inc., 5.400%, 11/14/34(A) | 1,358,962 | ||
1,913,000 | Freeport-McMoRan, Inc., 5.450%, 3/15/43(A) | 1,830,882 | ||
2,186,000 | Polar US Borrower LLC / Schenectady International Group, Inc., 144a, 6.750%, 5/15/26 | 513,710 | ||
649,000 | SCIH Salt Holdings, Inc., 144a, 4.875%, 5/1/28 | 604,541 | ||
1,648,000 | SCIH Salt Holdings, Inc., 144a, 6.625%, 5/1/29 | 1,525,538 | ||
3,806,000 | Tronox, Inc., 144a, 4.625%, 3/15/29 | 3,414,274 | ||
3,107,000 | WR Grace Holdings LLC, 144a, 5.625%, 8/15/29 | 2,779,218 | ||
30,137,637 | ||||
Consumer Staples — 5.4% | ||||
405,000 | Bath & Body Works, Inc., 144a, 6.625%, 10/1/30 | 413,780 | ||
500,000 | BCP V Modular Services Finance PLC (United Kingdom), 144a, 6.750%, 11/30/29 | 473,399 | ||
1,200,000 | Iceland Bondco PLC (United Kingdom), 144a, 4.375%, 5/15/28 | 1,279,850 | ||
2,798,000 | Korn Ferry, 144a, 4.625%, 12/15/27 | 2,665,824 | ||
3,976,000 | Lamb Weston Holdings, Inc., 144a, 4.125%, 1/31/30 | 3,628,097 | ||
2,729,000 | LBM Acquisition LLC, 144a, 6.250%, 1/15/29 | 2,558,128 | ||
2,643,000 | LCM Investments Holdings II LLC, 144a, 4.875%, 5/1/29 | 2,428,906 | ||
3,450,000 | Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 144a, 4.625%, 3/1/29 | 3,045,128 | ||
3,104,000 | Specialty Building Products Holdings LLC / SBP Finance Corp., 144a, 6.375%, 9/30/26 | 3,081,908 | ||
1,331,000 | SRS Distribution, Inc., 144a, 6.125%, 7/1/29 | 1,358,052 | ||
2,761,000 | Team Health Holdings, Inc., 144a, 6.375%, 2/1/25 | 2,547,299 | ||
4,136,000 | Wolverine World Wide, Inc., 144a, 4.000%, 8/15/29 | 3,319,628 | ||
26,799,999 | ||||
Health Care — 4.5% | ||||
3,920,000 | Acadia Healthcare Co., Inc., 144a, 5.000%, 4/15/29 | 3,728,680 | ||
3,669,000 | Charles River Laboratories International, Inc., 144a, 4.250%, 5/1/28 | 3,462,453 | ||
4,203,000 | CHS/Community Health Systems, Inc., 144a, 5.625%, 3/15/27 | 3,864,711 | ||
1,074,000 | Grifols Escrow Issuer SA (Spain), 144a, 4.750%, 10/15/28 | 888,681 | ||
953,000 | HCA, Inc., 3.500%, 9/1/30 | 862,183 | ||
1,000,000 | IQVIA, Inc., 144a, 2.875%, 6/15/28 | 1,013,539 | ||
721,000 | LifePoint Health, Inc., 144a, 5.375%, 1/15/29 | 594,247 | ||
509,000 | LifePoint Health, Inc., 144a, 9.875%, 8/15/30 | 532,339 | ||
2,236,000 | Medline Borrower LP, 144a, 3.875%, 4/1/29 | 2,037,471 | ||
3,306,000 | Molina Healthcare, Inc., 144a, 4.375%, 6/15/28 | 3,107,722 | ||
2,390,000 | Option Care Health, Inc., 144a, 4.375%, 10/31/29 | 2,192,678 | ||
22,284,704 | ||||
Information Technology — 4.5% | ||||
2,565,000 | Ahead DB Holdings LLC, 144a, 6.625%, 5/1/28 | 2,330,944 | ||
3,357,000 | Elastic NV, 144a, 4.125%, 7/15/29 | 3,022,545 | ||
500,000 | Entegris, Inc., 144a, 3.625%, 5/1/29 | 449,150 | ||
2,275,000 | Entegris, Inc., 144a, 4.750%, 4/15/29 | 2,178,606 | ||
1,217,000 | II-VI, Inc., 144a, 5.000%, 12/15/29 | 1,145,685 | ||
3,204,000 | ON Semiconductor Corp., 144a, 3.875%, 9/1/28 | 2,944,954 |
Principal Amount | Market Value | |||
Information Technology — 4.5% (Continued) | ||||
$ 4,227,000 | Open Text Holdings, Inc. (Canada), 144a, 4.125%, 2/15/30 | $ 3,786,299 | ||
745,000 | Picard Midco, Inc., 144a, 6.500%, 3/31/29 | 707,222 | ||
440,000 | Seagate HDD Cayman, 3.125%, 7/15/29 | 370,212 | ||
2,467,000 | Seagate HDD Cayman, 3.375%, 7/15/31 | 1,936,747 | ||
3,579,000 | Synaptics, Inc., 144a, 4.000%, 6/15/29 | 3,221,382 | ||
22,093,746 | ||||
Real Estate — 3.6% | ||||
4,538,000 | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 4.500%, 4/1/27 | 4,142,600 | ||
40,000 | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 5.750%, 5/15/26 | 39,282 | ||
999,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.375%, 6/15/26 | 941,087 | ||
688,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.750%, 9/15/30 | 577,932 | ||
1,136,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 6.000%, 4/15/25 | 1,131,400 | ||
293,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 8.000%, 6/15/27 | 305,499 | ||
250,000 | Iron Mountain UK PLC REIT, 144a, 3.875%, 11/15/25 | 305,676 | ||
700,000 | Iron Mountain, Inc. REIT, 144a, 4.500%, 2/15/31 | 631,684 | ||
3,620,000 | Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29(A) | 3,400,147 | ||
1,105,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | 1,045,310 | ||
2,263,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 4.250%, 2/1/27 | 2,117,892 | ||
1,810,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 3.750%, 2/15/27 | 1,715,725 | ||
1,801,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.125%, 8/15/30 | 1,637,796 | ||
46,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.625%, 12/1/29 | 43,497 | ||
18,035,527 | ||||
Utilities — 2.3% | ||||
1,076,000 | Calpine Corp., 144a, 4.625%, 2/1/29 | 995,844 | ||
2,200,000 | Calpine Corp., 144a, 4.500%, 2/15/28 | 2,087,370 | ||
2,742,000 | NRG Energy, Inc., 144a, 3.625%, 2/15/31 | 2,363,604 | ||
15,000 | NRG Energy, Inc., 144a, 3.875%, 2/15/32 | 12,856 | ||
375,000 | NRG Energy, Inc., 6.625%, 1/15/27 | 375,291 | ||
645,000 | NRG Energy, Inc., 144a, 7.000%, 3/15/33 | 688,110 | ||
1,736,000 | Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144a, 4.500%, 8/15/28 | 1,617,162 | ||
1,700,000 | Vistra Operations Co. LLC, 144a, 5.000%, 7/31/27 | 1,646,247 | ||
1,350,000 | Vistra Operations Co. LLC, 144a, 5.625%, 2/15/27 | 1,329,374 | ||
466,000 | Vistra Operations Co. LLC, 144a, 4.300%, 7/15/29(A) | 437,263 | ||
11,553,121 | ||||
Total Corporate Bonds | $358,404,520 | |||
Bank Loans — 14.0%(D) | ||||
Information Technology — 4.5% | ||||
3,285,429 | Access CIG LLC, 2023 Refinancing Term Loan, (3M SOFR + 5.000%), 10.388%, 8/18/28 | 3,285,429 | ||
1,052,332 | Cloud Software Group Inc., Dollar Term B Loan (2022), (3M SOFR + 4.600%), 9.948%, 3/30/29 | 1,046,765 | ||
1,483,554 | Coherent Corp (f/k/a II-VI Inc.), Term Loan B, (1M SOFR + 2.864%), 8.197%, 7/02/29 | 1,483,554 | ||
596,048 | Commscope Inc., Initial Term Loan, (1M SOFR + 3.364%), 8.681%, 4/06/26 | 539,424 | ||
3,500,000 | Dun & Bradstreet Corporation (The), Incremental Term B-2, 1.750%, 1/18/29(E) | 3,498,355 |
Principal Amount | Market Value | |||
Bank Loans — 14.0%(D) (Continued) | ||||
Information Technology — (Continued) | ||||
$ 1,300,000 | Genesys Cloud Services Holdings II LLC, 2024 Incremental Dollar Term Loans, (1M SOFR + 3.864%), 9.191%, 12/01/27 | $ 1,304,069 | ||
3,290,290 | MKS Instruments Inc., 2023-1 Dollar Term B Loan, (1M SOFR + 2.500%), 7.848%, 8/17/29 | 3,287,559 | ||
1,556,051 | Quest Software US Holdings Inc., First Lien Initial Term Loan, (3M SOFR + 4.400%), 9.783%, 2/01/29 | 1,176,188 | ||
941,691 | Tempo Acquisition LLC, Fifth Incremental Term, (1M SOFR + 2.750%), 8.066%, 8/31/28 | 944,045 | ||
2,946,944 | VeriFone Systems Inc., First Lien Initial Term Loan, (3M SOFR + 4.262%), 9.653%, 8/20/25 | 2,599,588 | ||
3,125,000 | Zelis Cost Management Buyer Inc., Term B-2 Loans, (3M SOFR + 2.750%), 8.067%, 9/28/29 | 3,123,250 | ||
22,288,226 | ||||
Health Care — 3.5% | ||||
3,308,594 | AlixPartners LLP, Initial Dollar Term Loan, (1M SOFR + 2.864%), 8.181%, 2/04/28 | 3,311,274 | ||
1,852,476 | Curia Global Inc., Term Loan, (3M SOFR + 3.850%), 9.233%, 8/30/26 | 1,759,555 | ||
1,408,135 | eResearch Technology Inc., First Lien Initial Term Loan, (1M SOFR + 4.614%), 9.963%, 2/04/27 | 1,411,782 | ||
625,625 | Froneri US Inc., Facility B2, (1M SOFR + 2.350%), 7.666%, 1/29/27 | 625,750 | ||
3,884,696 | Gainwell Acquisition Corp, Term B Loan, (3M SOFR + 4.100%), 9.490%, 10/01/27 | 3,707,942 | ||
2,269,451 | Grifols Worldwide Operations USA Inc., Dollar Tranche B Term Loan, (3M SOFR + 2.150%), 7.538%, 11/15/27 | 2,194,832 | ||
1,500,000 | HomeVI, Additional Senior Term Facility Loan, 4.000%, 10/31/26(E) | 1,495,561 | ||
1,213,461 | Medline Borrower LP, Term Loan B, (1M SOFR + 3.114%), 8.441%, 10/23/28 | 1,216,070 | ||
859,376 | Packaging Coordinators Midco Inc., First Lien Term B Loan, (3M SOFR + 3.762%), 9.110%, 11/30/27 | 860,571 | ||
997,149 | Team Health Holdings Inc., Extended Term Loan, (1M SOFR + 5.250%), 10.576%, 3/02/27 | 881,230 | ||
17,464,567 | ||||
Financials — 1.8% | ||||
2,987,733 | Freeport LNG Investments, LLP, Tla Term Loan, (3M SOFR + 3.262%), 8.588%, 11/16/26 | 2,952,507 | ||
1,805,000 | Hyperion Refinance S.A R.L., 2024 Dollar Term Loans, (1M SOFR + 3.489%), 8.807%, 2/15/31 | 1,805,162 | ||
291,970 | Prairie ECI Acquiror LP, Initial Term Loan B-2, (1M SOFR + 4.750%), 10.071%, 8/01/29 | 290,667 | ||
3,750,000 | Wec US Holdings Ltd., Initial Term Loan, (1M SOFR + 2.750%), 8.076%, 1/27/31 | 3,744,563 | ||
8,792,899 | ||||
Communication Services — 1.3% | ||||
2,976,877 | Arches Buyer Inc., Refinancing Term Loan, (1M SOFR + 3.350%), 8.683%, 12/06/27 | 2,880,545 | ||
2,981,105 | NEP Group Inc., Term Loan PIK, (1M SOFR + 4.864%), 10.222%, 8/19/26 | 2,830,201 | ||
370,000 | Telenet Financing USD LLC, Term Loan AR Facility, (1M SOFR + 2.114%), 7.447%, 4/30/28 | 359,207 | ||
480,000 | Virgin Media Bristol LLC, Facility Q Advance, (1M SOFR + 3.364%), 8.697%, 1/31/29 | 474,773 | ||
6,544,726 | ||||
Consumer Discretionary — 1.1% | ||||
1,200,000 | Armorica Lux Sarl, Facility B Loan, (3M EURIBOR + 4.925%), 8.837%, 7/28/28 | 1,244,453 | ||
983,332 | AVSC Holding Corp, Term Loan B1, (1M SOFR + 3.600%), 0.250%, 3/03/25 | 984,011 |
Principal Amount | Market Value | |||
Consumer Discretionary — (Continued) | ||||
$ 140,389 | AVSC Holding Corp, Term Loan B2, (1M SOFR + 5.600%), 1.000%, 10/15/26 | $ 140,624 | ||
1,520,000 | Caesars Entertainment Inc., Incremental Term B-1 Loan, (3M SOFR + 2.750%), 8.040%, 2/06/31 | 1,520,000 | ||
1,531,444 | ClubCorp Holdings Inc., Term Loan, (2M SOFR + 5.262%), 10.649%, 9/18/26 | 1,532,684 | ||
5,421,772 | ||||
Industrials — 0.7% | ||||
1,531,160 | CP Atlas Buyer Inc., Term B Loan, (1M SOFR + 3.850%), 9.183%, 11/23/27 | 1,510,795 | ||
965,000 | LJ Ruby Holdings LLC, Term Loan, 4.250%, 3/27/31(E) | 965,608 | ||
835,317 | Transdigm Inc, Term Loan I, (3M SOFR + 3.250%), 8.640%, 8/24/28 | 837,932 | ||
3,314,335 | ||||
Materials — 0.6% | ||||
994,012 | LABL Inc., Initial Dollar Term Loan, (1M SOFR + 5.100%), 10.433%, 10/27/28 | 972,214 | ||
2,931,463 | Schenectady International Group Inc., Initial Term Loan, (3M SOFR + 4.850%), 10.244%, 10/15/25 | 2,207,772 | ||
3,179,986 | ||||
Energy — 0.5% | ||||
850,667 | Enviva Partners, LP, Revolving Loan, 2.250%, 6/30/27(E) | 852,794 | ||
391,439 | Enviva, Inc. DIP Tranche A, 6.500%, 12/13/24(E) | 393,396 | ||
1,385,489 | Gulf Finance, LLC, Term Loan, (6M SOFR + 7.178%), 12.631%, 8/25/26 | 1,385,240 | ||
871,323 | PES Holdings LLC, Tranche C Loan Non-PIK, 6.990%, 12/31/24(E) | 8,713 | ||
2,640,143 | ||||
Total Bank Loans | $69,646,654 | |||
Asset-Backed Securities — 6.3% | ||||
1,000,000 | Aimco CLO 11 Ltd. (Cayman Islands), Ser 2020-11A, Class ER, 144a, (TSFR3M + 6.462%), 11.778%, 10/17/34(C) | 999,908 | ||
575,000 | Aimco CLO 16 Ltd. (Cayman Islands), Ser 2021-16A, Class SUB, 144a, 1/17/35(C)(F) | 446,089 | ||
340,000 | Atrium XV (Cayman Islands), Ser 15A, Class SUB, 144a, 1/23/31(C)(F) | 166,531 | ||
1,250,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2019-2A, Class ER, 144a, (3M LIBOR +6.320%), 11.898%, 10/17/32(C) | 1,177,644 | ||
620,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2021-2A, Class SUB, 144a, 7/16/34(C)(F) | 314,205 | ||
850,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2022-1A, Class SUB, 144a, 4/18/35(C)(F) | 513,932 | ||
1,000,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-10A, Class E, 144a, (TSFR3M + 6.762%), 12.079%, 10/20/34(C) | 995,722 | ||
1,000,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-11A, Class E, 144a, (TSFR3M + 6.662%), 11.986%, 1/25/33(C) | 974,094 | ||
750,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-5A, Class SUB, 144a, 7/20/34(C)(F) | 469,977 | ||
500,000 | Cedar Funding IV CLO Ltd. (Cayman Islands), Ser 2014-4A, Class ERR, 144a, (TSFR3M + 6.872%), 12.187%, 7/23/34(C) | 484,274 | ||
714,286 | Cedar Funding XIV CLO Ltd. (Cayman Islands), Ser 2021-14A, Class E, 144a, (TSFR3M + 6.602%), 11.916%, 7/15/33(C) | 714,659 | ||
1,500,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2015-4A, Class SUB, 144a, 4/20/34(C)(F) | 491,295 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 6.3% (Continued) | ||||
$ 1,000,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2019-4A, Class DR, 144a, (TSFR3M + 6.862%), 12.176%, 10/15/34(C) | $ 1,000,011 | ||
500,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2020-3A, Class SUB, 144a, 10/20/34(C)(F) | 396,021 | ||
1,046,139 | CIFC Funding Ltd. (Cayman Islands), Ser 2021-7A, Class E, 144a, (TSFR3M + 6.612%), 11.927%, 1/23/35(C) | 1,040,987 | ||
500,000 | Dryden 106 CLO Ltd. (Cayman Islands), Ser 2022-106A, Class E, 144a, (TSFR3M + 8.870%), 14.184%, 10/15/35(C) | 505,590 | ||
250,000 | Dryden 45 Senior Loan Fund (Cayman Islands), Ser 2016-45A, Class ER, 144a, (TSFR3M + 6.112%), 11.426%, 10/15/30(C) | 242,928 | ||
250,000 | Dryden 57 CLO Ltd. (Cayman Islands), Ser 2018-57A, Class E, 144a, (TSFR3M + 5.462%), 10.769%, 5/15/31(C) | 237,275 | ||
1,000,000 | Dryden 76 CLO Ltd. (Cayman Islands), Ser 2019-76A, Class ER, 144a, (TSFR3M + 6.762%), 12.079%, 10/20/34(C) | 930,333 | ||
250,000 | Dryden 78 CLO Ltd. (Cayman Islands), Ser 2020-78A, Class SUB, 144a, 4/17/33(C)(F) | 138,176 | ||
650,000 | Dryden 98 CLO Ltd. (Cayman Islands), Ser 2022-98X, Class SUB, 4/20/35(C)(F) | 436,861 | ||
250,000 | Elmwood CLO 22 Ltd. (Cayman Islands), Ser 2023-1A, Class E, 144a, (TSFR3M + 7.650%), 12.967%, 4/17/36(C) | 254,321 | ||
250,000 | Elmwood CLO 23 Ltd. (Cayman Islands), Ser 2023-2A, Class E, 144a, (TSFR3M + 8.000%), 13.314%, 4/16/36(C) | 254,929 | ||
555,000 | Elmwood CLO 24 Ltd. (Cayman Islands), Ser 2023-3A, Class E, 144a, (TSFR3M +7.570%), 12.914%, 12/11/33(C) | 558,413 | ||
1,945,000 | Elmwood CLO 24 Ltd. (Cayman Islands), Ser 2023-3A, Class SUB, 144a, 12/11/33(C)(F) | 1,703,622 | ||
588,235 | Elmwood CLO VIII Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 1/20/34(C)(F) | 406,663 | ||
891,304 | ICG US CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/17/34(C)(F) | 331,820 | ||
750,000 | Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class SUB, 144a, 10/22/34(C)(F) | 422,165 | ||
75,000 | Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class Y, 144a, 10/22/34(C)(F) | 20,553 | ||
250,000 | Invesco US CLO Ltd. (Jersey), Ser 2023-2A, Class E, 144a, (TSFR3M + 7.83%), 13.148%, 4/21/36(C) | 254,505 | ||
625,000 | Madison Park Funding LIII Ltd. (Cayman Islands), Ser 2022-53A, Class SUB, 144a, 4/21/35(C)(F) | 455,144 | ||
1,000,000 | Madison Park Funding LIX Ltd. (Cayman Islands), Ser 2021-59X, Class SUB, 1/18/34(C)(F) | 678,629 | ||
300,000 | Madison Park Funding XII Ltd. (Cayman Islands), Ser 2014-12A, Class SUB, 144a, 7/20/26(C)(F) | 105 | ||
1,500,000 | Madison Park Funding XXII Ltd. (Cayman Islands), Ser 2016-22A, Class SUB, 144a, 1/15/33(C)(F) | 770,016 | ||
250,000 | Madison Park Funding XXXI Ltd. (Cayman Islands), Ser 2018-31A, Class SUB, 144a, 1/23/48(C)(F) | 142,473 | ||
540,000 | Madison Park Funding XXXVII Ltd. (Cayman Islands), Ser 2019-37A, Class SUB, 144a, 7/15/49(C)(F) | 382,597 | ||
500,000 | Madison Park Funding XXXVIII Ltd. (Cayman Islands), Ser 2021-38A, Class SUB, 144a, 7/17/34(C)(F) | 343,446 | ||
1,000,000 | Magnetite XXIII Ltd. (Cayman Islands), Ser 2019-23A, Class ER, 144a, (TSFR3M + 6.562%), 11.886%, 1/25/35(C) | 997,747 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 6.3% (Continued) | ||||
$ 250,000 | Niagara Park CLO Ltd. (Cayman Islands), Ser 2019-1A, Class ER, 144a, (TSFR3M + 6.212%), 11.528%, 7/17/32(C) | $ 248,402 | ||
250,000 | Oaktree CLO Ltd. (Cayman Islands), Ser 2019-2A, Class D, 144a, (TSFR3M + 7.032%), 12.346%, 4/15/31(C) | 245,695 | ||
250,000 | Oaktree CLO Ltd. (Cayman Islands), Ser 2022-2A, Class ER, 144a, (TSFR3M +7.750%), 13.064%, 7/15/33(C) | 249,958 | ||
250,000 | Octagon Loan Funding Ltd. (Cayman Islands), Ser 2014-1A, Class DRR, 144a, (TSFR3M + 3.162%), 8.481%, 11/18/31(C) | 249,978 | ||
825,000 | OHA Credit Funding 4 Ltd. (Cayman Islands), Ser 2019-4A, Class ER, 144a, (TSFR3M + 6.662%), 11.979%, 10/22/36(C) | 824,956 | ||
350,000 | OHA Loan Funding Ltd. (Cayman Islands), Ser 2016-1A, Class SUB, 144a, 1/20/33(C)(F) | 230,336 | ||
1,000,000 | REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class M2, 144a, 10/15/34(C)(F) | 32,814 | ||
1,000,000 | REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class SUB, 144a, 10/15/34(C)(F) | 541,770 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M1, 144a, 4/20/34(C)(F) | 5,172 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M2, 144a, 4/20/34(C)(F) | 12,068 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/20/34(C)(F) | 499,933 | ||
3,999,999 | RR 26 Ltd. (Cayman Islands), Ser 2023-26A, Class SUB, 144a, 4/15/38(C)(F) | 3,083,963 | ||
500,000 | RR 6 Ltd. (Cayman Islands), Ser 2019-6A, Class SUB, 144a, 4/15/36(C)(F) | 370,536 | ||
500,000 | Steele Creek CLO Ltd. (Cayman Islands), Ser 2019-2A, Class E, 144a, (TSFR3M + 7.962%), 13.276%, 7/15/32(C) | 481,688 | ||
500,000 | Thompson Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class E, 144a, (TSFR3M + 6.572%), 11.886%, 4/15/34(C) | 500,022 | ||
525,000 | Thompson Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/15/34(C)(F) | 437,747 | ||
300,000 | TICP CLO XII Ltd. (Cayman Islands), Ser 2018-12A, Class ER, 144a, (TSFR3M + 6.512%), 11.826%, 7/15/34(C) | 298,741 | ||
250,000 | Voya CLO Ltd. (Cayman Islands), Ser 2019-4X, Class ER, (TSFR3M + 6.972%), 12.286%, 1/15/35(C) | 240,000 | ||
1,000,000 | Voya CLO Ltd. (Cayman Islands), Ser 2020-3A, Class ER, 144a, (TSFR3M + 6.662%), 11.979%, 10/20/34(C) | 944,416 | ||
850,000 | Voya CLO Ltd. (Cayman Islands), Ser 2021-1A, Class E, 144a, (TSFR3M + 6.612%), 11.926%, 7/15/34(C) | 839,540 | ||
280,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2020-1A, Class SUB, 144a, 4/15/33(C)(F) | 114,970 | ||
Total Asset-Backed Securities | $31,106,365 |
Shares | ||||
Common Stocks — 0.5% | ||||
Energy — 0.3% | ||||
14,309 | AFG Holdings, Inc.* | 143 | ||
187,384 | Ascent Resources Marcellus Holdings, LLC* | 46,846 | ||
40,000 | Summit Midstream Partners LP* | 1,122,800 | ||
1,169,789 | ||||
Information Technology — 0.2% | ||||
177,521 | Avaya Holdings Corp., 1145 shares(G)* | 976,365 |
Shares | MarketValue | |||
Common Stocks — 0.5% (Continued) | ||||
Information Technology — 0.2% (Continued) | ||||
14,187 | Avaya Holdings Corp., 144A shares(G)* | $ 78,029 | ||
3,406 | Avaya Holdings Corp., A shares(G)* | 22,139 | ||
676 | Avaya Holdings Corp., Reg S shares(G)* | 4,394 | ||
1,080,927 | ||||
Total Common Stocks | $2,250,716 | |||
Exchange-Traded Fund — 0.3% | ||||
32,000 | Alerian MLP ETF | 1,518,720 | ||
Warrants — 0.1% | ||||
Financials — 0.1% | ||||
7,180 | CHPPR Holdings, Inc.(G)* | 170,661 | ||
9,949 | CHPPR Holdings, Inc., Class B, Exp 6/28/29(G)* | 145,608 | ||
4,713 | CHPPR Holdings, Inc., Class A, Exp 6/28/29(G)* | 50,716 | ||
11,649 | CHPPR Holdings, Inc. 4(A)(2)DOT Warrant(G)* | 276,885 | ||
2,622 | CHPPR Holdings, Inc. 1145 DOT Warrant(G)* | 62,322 | ||
Total Warrants | $706,192 |
Number of Contracts | Notional Amount | |||
Purchased Options — 0.0% | ||||
Purchased Call Options — 0.0% | ||||
200 | Chicago Board Options Exchange Volatility Index, Strike @30.00, Exp 05/24 | $ 20,000 | 6,800 | |
1,300 | U.S. Oil Fund LP, Strike @102.00, Exp 04/24 | 130,000 | 0 | |
Total Purchased Options | $6,800 |
Shares | ||||
Short-Term Investment Funds — 7.5% | ||||
32,882,443 | Dreyfus Government Cash Management, Institutional Shares, 5.20%∞Ω | 32,882,443 | ||
4,045,367 | Invesco Government & Agency Portfolio, Institutional Class, 5.24%∞Ω** | 4,045,367 | ||
Total Short-Term Investment Funds | $36,927,810 | |||
Total Long Positions—101.0% (Cost $509,574,228) | $500,567,777 |
Number of Contracts | Notional Amount | |||
Written Options — (0.0)% | ||||
Written Call Options — (0.0)% | ||||
200 | Chicago Board Options Exchange Volatility Index, Strike @40.00, Exp 05/24 | $ 20,000 | (4,400) | |
Total Written Options (Premiums received $4,200) | $(4,400) | |||
Total Investment Securities—101.0% | $500,563,377 | |||
Liabilities in Excess of Other Assets — (1.0%) | (4,912,501) | |||
Net Assets — 100.0% | $495,650,876 |
(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, 2024 was $3,707,147. |
(B) | Represents a payment-in-kind (“PIK”) security, which may pay interest in additional principal amounts. |
(C) | Variable rate security - Rate reflected is the rate in effect as of March 31, 2024. |
(D) | 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, 2024. |
(E) | All or a portion of this position has not settled. Full contract rates do not take effect until settlement date. |
(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. |
* | 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, 2024 was $3,852,720. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2024. |
Portfolio Abbreviations: |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
ETF – Exchange-Traded Fund |
EUR – Euro |
EURIBOR – Euro Interbank Offered Rate |
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, 2024, these securities were valued at $335,018,644 or 67.6% 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 | $— | $358,404,520 | $— | $358,404,520 |
Bank Loans | — | 69,646,654 | — | 69,646,654 |
Asset-Backed Securities | — | 31,106,365 | — | 31,106,365 |
Common Stocks | 1,122,800 | 46,989 | 1,080,927 | 2,250,716 |
Exchange-Traded Fund | 1,518,720 | — | — | 1,518,720 |
Warrants | — | 0 | 706,192 | 706,192 |
Purchased Call Options | ||||
Equity contracts | 6,800 | — | — | 6,800 |
Short-Term Investment Funds | 36,927,810 | — | — | 36,927,810 |
Other Financial Instruments | ||||
Foreign currency exchange contracts | — | 214,185 | — | 214,185 |
Total Assets | $39,576,130 | $459,418,713 | $1,787,119 | $500,781,962 |
Liabilities: | ||||
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | $— | $(9,549) | $— | $(9,549) |
Written Call Options | ||||
Equity contracts | (4,400) | — | — | (4,400) |
Total Liabilities | $(4,400) | $(9,549) | $— | $(13,949) |
Total | $39,571,730 | $459,409,164 | $1,787,119 | $500,768,013 |
Measurements Using Unobservable Inputs (Level 3) | |
Assets | |
Beginning balance, September 30, 2023 | $— |
Transfer into Level 3 | 713,935 |
Purchases and Sales | 1,319,132 |
Change in unrealized appreciation (depreciation) | (245,947) |
Ending balance, March 31, 2024 | $1,787,120 |
Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at March 31, 2024 | $(245,947) |
Security | Fair Value | Valuation Technique | Unobservable Input | Value or range of inputs | Impact to valuation from an increase to the input |
Avaya Holdings Corp. | $78,029 | Cost | N/A | N/A | N/A |
Avaya Holdings Corp. | 976,365 | Cost | N/A | N/A | N/A |
Avaya Holdings Corp. | 22,139 | Cost | N/A | N/A | N/A |
Avaya Holdings Corp. | 4,394 | Cost | N/A | N/A | N/A |
CHPPR Holdings, Inc. | 170,662 | Cost | N/A | N/A | N/A |
CHPPR Holdings, Inc., 4(A)(2) DOT Warrant | 276,885 | Cost | N/A | N/A | N/A |
CHPPR Holdings, Inc., 1145 DOT Warrant | 62,322 | Cost | N/A | N/A | N/A |
CHPPR Holdings, Inc., Class B, Exp 6/28/29 | 145,608 | Cost | N/A | N/A | N/A |
CHPPR Holdings, Inc., Class A, Exp 6/28/29 | 50,716 | Cost | N/A | N/A | N/A |
Counterparty | Termination Date | Notional Amount(2) | Pay Fixed Rate | Clearinghouse | Underlying Bond | Value(3) | Premiums Paid/ (Received) | Unrealized Depreciation |
Buy Protection: | ||||||||
Wells Fargo | 12/20/28 | $569,250 | 5.000% | ICE | Markit CDX North America High Yield Series 41 5Y Index | $(41,908) | $(32,359) | $(9,549) |
(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 Appreciation | ||
Wells Fargo | 4/15/2024 | USD | 12,100,506 | EUR | 11,032,957 | $189,287 |
Wells Fargo | 4/15/2024 | USD | 1,693,094 | GBP | 1,321,584 | 24,898 |
$214,185 |
Shares | Market Value | |||
Common Stocks — 99.5% | ||||
Information Technology — 22.1% | ||||
67,702 | Accenture PLC - Class A | $ 23,466,190 | ||
131,226 | Analog Devices, Inc. | 25,955,190 | ||
246,441 | Apple, Inc. | 42,259,703 | ||
36,507 | Broadcom, Inc. | 48,386,743 | ||
877,292 | Cisco Systems, Inc. | 43,785,644 | ||
762,664 | Intel Corp. | 33,686,869 | ||
231,082 | International Business Machines Corp. | 44,127,419 | ||
63,065 | KLA Corp. | 44,055,317 | ||
349,504 | Micron Technology, Inc. | 41,203,027 | ||
224,272 | Microsoft Corp. | 94,355,716 | ||
372,355 | Oracle Corp. | 46,771,511 | ||
238,595 | QUALCOMM, Inc. | 40,394,133 | ||
234,004 | Texas Instruments, Inc. | 40,765,837 | ||
569,213,299 | ||||
Financials — 15.0% | ||||
101,976 | Arthur J Gallagher & Co. | 25,498,079 | ||
1,014,893 | Bank of America Corp. | 38,484,743 | ||
53,401 | BlackRock, Inc. | 44,520,414 | ||
323,275 | Charles Schwab Corp. (The) | 23,385,713 | ||
96,577 | Goldman Sachs Group, Inc. (The) | 40,339,247 | ||
68,356 | JPMorgan Chase & Co. | 13,691,707 | ||
231,001 | Principal Financial Group, Inc. | 19,937,696 | ||
183,738 | Prudential Financial, Inc. | 21,570,841 | ||
136,847 | T Rowe Price Group, Inc. | 16,684,386 | ||
796,583 | Truist Financial Corp. | 31,050,805 | ||
955,398 | US Bancorp | 42,706,291 | ||
96,989 | Visa, Inc. - Class A | 27,067,690 | ||
720,808 | Wells Fargo & Co. | 41,778,032 | ||
386,715,644 | ||||
Health Care — 14.4% | ||||
143,084 | AbbVie, Inc. | 26,055,596 | ||
104,604 | Becton Dickinson & Co. | 25,884,260 | ||
484,450 | Bristol-Myers Squibb Co. | 26,271,723 | ||
119,888 | Cencora, Inc. | 29,131,585 | ||
508,605 | CVS Health Corp. | 40,566,335 | ||
198,968 | Gilead Sciences, Inc. | 14,574,406 | ||
282,003 | Johnson & Johnson | 44,610,055 | ||
595,878 | Medtronic PLC | 51,930,768 | ||
310,883 | Merck & Co., Inc. | 41,021,012 | ||
1,087,103 | Pfizer, Inc. | 30,167,108 | ||
82,006 | UnitedHealth Group, Inc. | 40,568,368 | ||
370,781,216 | ||||
Industrials — 9.0% | ||||
212,062 | 3M Co. | 22,493,416 | ||
71,594 | Automatic Data Processing, Inc. | 17,879,886 | ||
84,376 | Caterpillar, Inc. | 30,917,898 | ||
57,282 | Lockheed Martin Corp. | 26,055,863 | ||
169,544 | Paychex, Inc. | 20,820,003 | ||
407,492 | RTX Corp. | 39,742,695 | ||
803,806 | Southwest Airlines Co. | 23,463,097 | ||
508,078 | Stanley Black & Decker, Inc. | 49,756,079 | ||
231,128,937 | ||||
Consumer Discretionary — 8.5% | ||||
3,523 | Booking Holdings, Inc. | 12,781,021 | ||
113,715 | Home Depot, Inc. (The) | 43,621,074 | ||
458,164 | Las Vegas Sands Corp. | 23,687,079 | ||
90,021 | McDonald's Corp. | 25,381,421 | ||
179,062 | NIKE, Inc. - Class B | 16,828,247 | ||
409,692 | Starbucks Corp. | 37,441,752 |
Shares | Market Value | |||
Consumer Discretionary — 8.5% (Continued) | ||||
555,468 | VF Corp. | $ 8,520,879 | ||
105,078 | Whirlpool Corp. | 12,570,481 | ||
279,401 | Yum! Brands, Inc. | 38,738,948 | ||
219,570,902 | ||||
Consumer Staples — 7.3% | ||||
112,634 | Constellation Brands, Inc. - Class A | 30,609,416 | ||
146,835 | Dollar General Corp. | 22,915,070 | ||
177,371 | PepsiCo, Inc. | 31,041,699 | ||
400,601 | Philip Morris International, Inc. | 36,703,064 | ||
415,325 | Sysco Corp. | 33,716,083 | ||
183,536 | Target Corp. | 32,524,414 | ||
187,509,746 | ||||
Communication Services — 7.0% | ||||
1,875,936 | AT&T, Inc. | 33,016,474 | ||
870,150 | Comcast Corp. - Class A | 37,721,002 | ||
423,322 | Fox Corp. - Class A | 13,237,279 | ||
599,746 | Interpublic Group of Cos., Inc. (The) | 19,569,712 | ||
25,652 | Meta Platforms, Inc. - Class A | 12,456,098 | ||
249,797 | Omnicom Group, Inc. | 24,170,358 | ||
947,004 | Verizon Communications, Inc. | 39,736,288 | ||
179,907,211 | ||||
Energy — 5.5% | ||||
226,803 | Chevron Corp. | 35,775,905 | ||
335,556 | Exxon Mobil Corp. | 39,005,030 | ||
208,970 | Phillips 66 | 34,133,160 | ||
188,402 | Valero Energy Corp. | 32,158,337 | ||
141,072,432 | ||||
Utilities — 3.8% | ||||
354,700 | Duke Energy Corp. | 34,303,037 | ||
333,753 | Entergy Corp. | 35,271,017 | ||
443,033 | NextEra Energy, Inc. | 28,314,239 | ||
97,888,293 | ||||
Materials — 3.6% | ||||
96,227 | Air Products & Chemicals, Inc. | 23,312,915 | ||
429,252 | DuPont de Nemours, Inc. | 32,910,751 | ||
406,606 | International Flavors & Fragrances, Inc. | 34,964,050 | ||
91,187,716 | ||||
Real Estate — 3.3% | ||||
282,760 | Alexandria Real Estate Equities, Inc. REIT | 36,450,592 | ||
179,568 | American Tower Corp. REIT | 35,480,841 | ||
82,108 | Simon Property Group, Inc. REIT | 12,849,081 | ||
84,780,514 | ||||
Total Common Stocks | $2,559,755,910 | |||
Short-Term Investment Fund — 0.9% | ||||
21,741,439 | Dreyfus Government Cash Management, Institutional Shares, 5.20%∞Ω | 21,741,439 | ||
Total Investment Securities—100.4% (Cost $2,338,474,524) | $2,581,497,349 | |||
Liabilities in Excess of Other Assets — (0.4%) | (9,363,889) | |||
Net Assets — 100.0% | $2,572,133,460 |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2024. |
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 | $2,559,755,910 | $— | $— | $2,559,755,910 |
Short-Term Investment Fund | 21,741,439 | — | — | 21,741,439 |
Total | $2,581,497,349 | $— | $— | $2,581,497,349 |
Principal Amount | Market Value | |||
Corporate Bonds — 94.8% | ||||
Energy — 15.5% | ||||
$ 950,000 | Baytex Energy Corp. (Canada), 144a, 8.500%, 4/30/30 | $ 990,679 | ||
1,026,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 6.625%, 7/15/26 | 1,023,949 | ||
213,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.625%, 12/15/25 | 214,191 | ||
415,000 | Civitas Resources, Inc., 144a, 5.000%, 10/15/26 | 406,121 | ||
477,000 | Civitas Resources, Inc., 144a, 8.375%, 7/1/28 | 502,234 | ||
308,000 | Civitas Resources, Inc., 144a, 8.625%, 11/1/30 | 330,733 | ||
1,957,000 | CQP Holdco LP / BIP-V Chinook Holdco LLC, 144a, 5.500%, 6/15/31 | 1,848,821 | ||
721,000 | Crescent Energy Finance LLC, 144a, 9.250%, 2/15/28 | 761,404 | ||
122,000 | Crescent Energy Finance LLC, 144a, 7.625%, 4/1/32 | 122,954 | ||
1,030,000 | Enbridge, Inc. (Canada), Ser NC5, 8.250%, 1/15/84 | 1,072,292 | ||
1,143,000 | EQM Midstream Partners LP, 144a, 4.500%, 1/15/29 | 1,071,550 | ||
586,000 | Genesis Energy LP / Genesis Energy Finance Corp., 6.250%, 5/15/26 | 582,303 | ||
445,000 | Genesis Energy LP / Genesis Energy Finance Corp., 8.875%, 4/15/30 | 465,763 | ||
414,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | 403,911 | ||
201,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 4/15/30 | 196,811 | ||
534,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.250%, 11/1/28 | 533,308 | ||
1,042,000 | Nabors Industries Ltd., 144a, 7.250%, 1/15/26 | 1,035,566 | ||
531,000 | NuStar Logistics LP, 6.000%, 6/1/26 | 528,582 | ||
923,000 | Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | 853,831 | ||
662,000 | Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | 660,770 | ||
1,053,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 7.375%, 2/15/29 | 1,058,397 | ||
993,000 | Valaris Ltd., 144a, 8.375%, 4/30/30 | 1,025,556 | ||
544,000 | Vermilion Energy, Inc. (Canada), 144a, 6.875%, 5/1/30 | 532,703 | ||
16,222,429 | ||||
Consumer Discretionary — 14.5% | ||||
568,787 | American Airlines Group, Inc. Pass-Through Trust, Ser 2013-1, A, 3.950%, 11/15/25 | 555,172 | ||
829,000 | Carnival Corp., 144a, 6.000%, 5/1/29 | 817,639 | ||
232,000 | Carnival Corp., 144a, 7.625%, 3/1/26 | 234,886 | ||
1,239,000 | Carriage Services, Inc., 144a, 4.250%, 5/15/29 | 1,099,508 | ||
678,000 | Dana, Inc., 4.250%, 9/1/30 | 599,248 | ||
523,000 | Dana, Inc., 5.625%, 6/15/28† | 510,433 | ||
1,318,000 | Ford Motor Credit Co. LLC, 2.900%, 2/10/29 | 1,162,796 | ||
1,111,000 | Ford Motor Credit Co. LLC, 3.375%, 11/13/25 | 1,069,062 | ||
1,142,000 | Forestar Group, Inc., 144a, 3.850%, 5/15/26 | 1,094,381 | ||
623,000 | Gap, Inc. (The), 144a, 3.625%, 10/1/29 | 545,769 | ||
1,098,000 | Hanesbrands, Inc., 144a, 4.875%, 5/15/26 | 1,069,479 | ||
710,000 | JB Poindexter & Co., Inc., 144a, 8.750%, 12/15/31 | 733,843 | ||
1,000,000 | MGM China Holdings Ltd. (Macao), 144a, 5.375%, 5/15/24 | 997,016 | ||
467,000 | Michaels Cos., Inc. (The), 144a, 5.250%, 5/1/28 | 398,091 | ||
177,000 | Michaels Cos., Inc. (The), 144a, 7.875%, 5/1/29 | 132,773 | ||
298,000 | Royal Caribbean Cruises Ltd., 144a, 5.375%, 7/15/27 | 293,753 | ||
16,000 | Royal Caribbean Cruises Ltd., 144a, 7.250%, 1/15/30 | 16,637 | ||
172,000 | Royal Caribbean Cruises Ltd., 7.500%, 10/15/27 | 181,190 | ||
133,000 | Royal Caribbean Cruises Ltd., 144a, 8.250%, 1/15/29 | 140,827 | ||
61,000 | Royal Caribbean Cruises Ltd., 144a, 6.250%, 3/15/32 | 61,520 | ||
773,000 | Sands China Ltd. (Macao), 5.125%, 8/8/25 | 762,631 | ||
500,000 | Sands China Ltd. (Macao), 5.400%, 8/8/28 | 490,462 |
Principal Amount | Market Value | |||
Consumer Discretionary — 14.5% (Continued) | ||||
$ 733,000 | Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | $ 697,819 | ||
1,610,000 | Wynn Macau Ltd. (Macao), 144a, 4.875%, 10/1/24 | 1,591,070 | ||
15,256,005 | ||||
Communication Services — 12.9% | ||||
666,000 | Altice Financing SA (Luxembourg), 144a, 5.750%, 8/15/29 | 533,543 | ||
483,000 | Altice Financing SA (Luxembourg), 144a, 5.000%, 1/15/28 | 397,263 | ||
540,000 | Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | 199,884 | ||
514,000 | Altice France SA (France), 144a, 5.125%, 7/15/29 | 347,604 | ||
446,000 | Altice France SA (France), 144a, 5.500%, 10/15/29 | 302,065 | ||
1,000,000 | AMC Networks, Inc., 4.750%, 8/1/25 | 999,530 | ||
1,117,000 | Belo Corp., 7.250%, 9/15/27 | 1,137,092 | ||
1,898,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 1,550,797 | ||
641,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 6.375%, 9/1/29 | 608,065 | ||
315,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 7.375%, 3/1/31 | 308,985 | ||
360,000 | CSC Holdings LLC, 144a, 3.375%, 2/15/31 | 244,694 | ||
256,000 | CSC Holdings LLC, 144a, 11.250%, 5/15/28 | 253,680 | ||
1,268,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 643,888 | ||
1,073,000 | CSC Holdings LLC, 144a, 5.750%, 1/15/30 | 568,053 | ||
200,000 | CSC Holdings LLC, 144a, 11.750%, 1/31/29 | 200,283 | ||
1,176,000 | Gray Television, Inc., 144a, 7.000%, 5/15/27† | 1,094,965 | ||
6,517 | Shutterfly Finance LLC, 144a, 8.500%, 10/1/27(A) | 5,148 | ||
1 | Shutterfly Finance LLC, 144a, 9.750%, 10/1/27 | 1 | ||
1,217,000 | Sirius XM Radio, Inc., 144a, 4.000%, 7/15/28 | 1,113,431 | ||
408,000 | Sprint Capital Corp., 6.875%, 11/15/28 | 434,251 | ||
570,000 | Sprint Corp., 7.625%, 2/15/25 | 577,171 | ||
1,643,000 | Stagwell Global, 144a, 5.625%, 8/15/29 | 1,491,754 | ||
612,000 | Station Casinos LLC, 144a, 4.625%, 12/1/31 | 549,835 | ||
13,561,982 | ||||
Financials — 12.2% | ||||
1,070,000 | Aviation Capital Group LLC, 144a, 6.375%, 7/15/30 | 1,102,254 | ||
1,337,000 | Boost Newco Borrower LLC, 144a, 7.500%, 1/15/31 | 1,400,276 | ||
667,000 | Credit Acceptance Corp., 144a, 9.250%, 12/15/28 | 717,797 | ||
440,000 | FirstCash, Inc., 144a, 4.625%, 9/1/28 | 414,394 | ||
328,000 | FirstCash, Inc., 144a, 5.625%, 1/1/30 | 311,775 | ||
311,000 | FirstCash, Inc., 144a, 6.875%, 3/1/32 | 310,833 | ||
922,000 | goeasy Ltd. (Canada), 144a, 9.250%, 12/1/28 | 983,013 | ||
1,043,000 | Jane Street Group / JSG Finance, Inc., 144a, 4.500%, 11/15/29 | 965,146 | ||
420,000 | National Rural Utilities Cooperative Finance Corp., (TSFR3M + 3.172%), 8.489%, 4/30/43(B) | 418,951 | ||
707,000 | Navient Corp., 5.000%, 3/15/27 | 677,359 | ||
692,000 | Navient Corp., 5.875%, 10/25/24 | 690,941 | ||
315,000 | OneMain Finance Corp., 3.875%, 9/15/28 | 281,017 | ||
228,000 | OneMain Finance Corp., 4.000%, 9/15/30 | 195,215 | ||
399,000 | OneMain Finance Corp., 6.625%, 1/15/28 | 400,194 | ||
370,000 | PennyMac Financial Services, Inc., 144a, 4.250%, 2/15/29 | 337,636 | ||
273,000 | PennyMac Financial Services, Inc., 144a, 5.375%, 10/15/25 | 269,870 | ||
414,000 | PennyMac Financial Services, Inc., 144a, 5.750%, 9/15/31 | 384,487 | ||
198,000 | PennyMac Financial Services, Inc., 144a, 7.875%, 12/15/29 | 203,473 | ||
1,000,000 | PRA Group, Inc., 144a, 7.375%, 9/1/25 | 998,220 |
Principal Amount | Market Value | |||
Corporate Bonds — 94.8% (Continued) | ||||
Financials — 12.2% (Continued) | ||||
$1,035,000 | Prime Security Services Borrower LLC / Prime Finance, Inc., 144a, 5.750%, 4/15/26 | $ 1,031,865 | ||
718,000 | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144a, 2.875%, 10/15/26 | 663,540 | ||
12,758,256 | ||||
Industrials — 11.7% | ||||
580,000 | Bombardier, Inc. (Canada), 144a, 7.250%, 7/1/31 | 581,753 | ||
1,132,000 | BWX Technologies, Inc., 144a, 4.125%, 6/30/28 | 1,055,380 | ||
578,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25 | 555,811 | ||
697,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.875%, 11/15/29 | 616,850 | ||
1,382,000 | Cimpress PLC (Ireland), 7.000%, 6/15/26 | 1,383,244 | ||
616,000 | EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.625%, 12/15/30 | 622,097 | ||
1,000,000 | Fortress Transportation & Infrastructure Investors LLC, 144a, 6.500%, 10/1/25 | 998,439 | ||
937,000 | H&E Equipment Services, Inc., 144a, 3.875%, 12/15/28 | 857,729 | ||
1,165,000 | Imola Merger Corp., 144a, 4.750%, 5/15/29 | 1,092,519 | ||
799,000 | Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC, 144a, 4.000%, 10/15/27 | 745,143 | ||
782,000 | Stericycle, Inc., 144a, 3.875%, 1/15/29 | 708,979 | ||
1,110,000 | TK Elevator US Newco, Inc. (Germany), 144a, 5.250%, 7/15/27 | 1,072,650 | ||
1,000,000 | TransDigm, Inc., 4.625%, 1/15/29 | 928,925 | ||
519,000 | TransDigm, Inc., 144a, 6.375%, 3/1/29 | 521,273 | ||
507,000 | TransDigm, Inc., 144a, 6.625%, 3/1/32 | 512,400 | ||
12,253,192 | ||||
Health Care — 6.9% | ||||
592,000 | AdaptHealth LLC, 144a, 4.625%, 8/1/29 | 509,340 | ||
293,000 | AdaptHealth LLC, 144a, 5.125%, 3/1/30 | 255,474 | ||
330,000 | AdaptHealth LLC, 144a, 6.125%, 8/1/28 | 309,910 | ||
300,000 | Herbalife Nutrition Ltd. / HLF Financing, Inc., 144a, 7.875%, 9/1/25 | 299,568 | ||
265,000 | HLF Financing Sarl LLC / Herbalife International, Inc., 144a, 4.875%, 6/1/29 | 184,294 | ||
777,000 | Medline Borrower LP, 144a, 3.875%, 4/1/29 | 708,012 | ||
412,000 | Medline Borrower LP, 144a, 5.250%, 10/1/29 | 389,343 | ||
1,123,000 | MEDNAX, Inc., 144a, 5.375%, 2/15/30 | 1,020,285 | ||
356,000 | ModivCare, Inc., 144a, 5.875%, 11/15/25 | 346,689 | ||
1,224,000 | Molina Healthcare, Inc., 144a, 3.875%, 5/15/32 | 1,066,221 | ||
1,084,000 | Tenet Healthcare Corp., 6.125%, 10/1/28 | 1,081,401 | ||
729,000 | Teva Pharmaceutical Finance Netherlands III BV (Israel), 3.150%, 10/1/26 | 681,274 | ||
452,000 | Teva Pharmaceutical Finance Netherlands III BV (Israel), 4.750%, 5/9/27 | 437,556 | ||
7,289,367 | ||||
Real Estate — 4.8% | ||||
1,202,000 | CTR Partnership LP / CareTrust Capital Corp. REIT, 144a, 3.875%, 6/30/28 | 1,113,584 | ||
1,039,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 6.000%, 4/15/25 | 1,034,793 | ||
390,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 8.000%, 6/15/27 | 406,637 | ||
132,000 | Iron Mountain, Inc. REIT, 144a, 4.500%, 2/15/31 | 119,117 | ||
674,000 | Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29 | 633,066 | ||
112,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 3/15/28 | 108,372 | ||
660,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | 624,348 | ||
1,078,000 | RHP Hotel Properties LP / RHP Finance Corp. REIT, 4.750%, 10/15/27 | 1,038,016 | ||
5,077,933 |
Principal Amount | Market Value | |||
Information Technology — 4.4% | ||||
$1,037,000 | Amkor Technology, Inc., 144a, 6.625%, 9/15/27 | $ 1,042,178 | ||
1,133,000 | Consensus Cloud Solutions, Inc., 144a, 6.000%, 10/15/26 | 1,076,752 | ||
448,000 | Open Text Corp. (Canada), 144a, 3.875%, 12/1/29 | 399,391 | ||
560,000 | Open Text Corp. (Canada), 144a, 3.875%, 2/15/28 | 518,882 | ||
738,000 | Seagate HDD Cayman, 144a, 8.250%, 12/15/29 | 793,172 | ||
873,000 | Ziff Davis, Inc., 144a, 4.625%, 10/15/30 | 786,519 | ||
4,616,894 | ||||
Consumer Staples — 4.4% | ||||
1,229,000 | AHP Health Partners, Inc., 144a, 5.750%, 7/15/29 | 1,118,391 | ||
699,000 | Gap, Inc. (The), 144a, 3.875%, 10/1/31 | 591,247 | ||
1,166,000 | Primo Water Holdings, Inc. (Canada), 144a, 4.375%, 4/30/29 | 1,072,322 | ||
684,000 | QVC, Inc., 4.375%, 9/1/28 | 548,189 | ||
252,000 | QVC, Inc., 4.750%, 2/15/27 | 224,350 | ||
1,029,000 | Turning Point Brands, Inc., 144a, 5.625%, 2/15/26 | 1,009,283 | ||
4,563,782 | ||||
Materials — 4.3% | ||||
998,000 | Celanese US Holdings LLC, 6.379%, 7/15/32 | 1,035,775 | ||
938,000 | Clearwater Paper Corp., 144a, 4.750%, 8/15/28 | 869,738 | ||
1,041,000 | INEOS Finance PLC (Luxembourg), 144a, 6.750%, 5/15/28 | 1,028,032 | ||
443,000 | Kaiser Aluminum Corp., 144a, 4.500%, 6/1/31 | 392,036 | ||
243,000 | Kaiser Aluminum Corp., 144a, 4.625%, 3/1/28 | 228,041 | ||
976,000 | Mineral Resources Ltd. (Australia), 144a, 8.000%, 11/1/27 | 997,285 | ||
4,550,907 | ||||
Utilities — 3.2% | ||||
1,033,000 | Edison International, Ser B, 5.000%(C) | 978,666 | ||
1,283,000 | South Jersey Industries, Inc., 5.020%, 4/15/31 | 1,014,416 | ||
1,253,000 | Talen Energy Supply LLC, 144a, 8.625%, 6/1/30 | 1,339,900 | ||
3,332,982 | ||||
Total Corporate Bonds | $99,483,729 | |||
Asset-Backed Securities — 1.0% | ||||
1,000,000 | OHA Credit Partners XII Ltd., Ser 2015-12A, Class DR, 144a, (TSFR3M + 3.162%), 8.477%, 7/23/30(B) | 1,000,170 |
Shares | ||||
Short-Term Investment Funds — 4.5% | ||||
3,191,723 | Dreyfus Government Cash Management, Institutional Shares, 5.20%∞Ω | 3,191,723 | ||
1,531,015 | Invesco Government & Agency Portfolio, Institutional Class, 5.24%∞Ω** | 1,531,015 | ||
Total Short-Term Investment Funds | $4,722,738 | |||
Total Investment Securities—100.3% (Cost $108,211,393) | $105,206,637 | |||
Liabilities in Excess of Other Assets — (0.3%) | (295,691) | |||
Net Assets — 100.0% | $104,910,946 |
(A) | Represents a payment-in-kind (“PIK”) security, which may pay interest in additional principal amounts. |
(B) | Variable rate security - Rate reflected is the rate in effect as of March 31, 2024. |
(C) | 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, 2024 was $1,466,558. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2024. |
Portfolio Abbreviations: |
LLC – Limited Liability Company |
LP – Limited Partnership |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
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, 2024, these securities were valued at $77,340,432 or 73.7% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $— | $99,483,729 | $— | $99,483,729 |
Asset-Backed Securities | — | 1,000,170 | — | 1,000,170 |
Short-Term Investment Funds | 4,722,738 | — | — | 4,722,738 |
Total | $4,722,738 | $100,483,899 | $— | $105,206,637 |
Principal Amount | Market Value | |||
Corporate Bonds — 29.5% | ||||
Financials — 9.9% | ||||
$ 4,000,000 | Bank of America Corp., 6.204%, 11/10/28 | $ 4,139,987 | ||
2,000,000 | Fifth Third Bancorp, 5.631%, 1/29/32 | 2,003,731 | ||
1,000,000 | Fifth Third Bancorp, 6.339%, 7/27/29 | 1,031,251 | ||
1,144,069 | Fishers Lane Associates LLC, 144a, 3.666%, 8/5/30 | 1,078,607 | ||
710,000 | Fishers Lane Associates LLC, 144a, 5.477%, 8/5/40 | 723,551 | ||
2,599,000 | Globe Life, Inc., 4.550%, 9/15/28 | 2,547,153 | ||
5,000,000 | JPMorgan Chase & Co., 2.580%, 4/22/32 | 4,224,314 | ||
2,400,000 | KeyBank NA, 4.150%, 8/8/25 | 2,333,226 | ||
1,500,000 | KeyCorp, 2.550%, 10/1/29 | 1,268,675 | ||
1,500,000 | Metropolitan Life Global Funding I, 144a, 3.050%, 6/17/29 | 1,361,700 | ||
2,000,000 | Metropolitan Life Global Funding I, 144a, 4.300%, 8/25/29 | 1,927,614 | ||
1,000,000 | National Rural Utilities Cooperative Finance Corp., 5.800%, 1/15/33 | 1,039,539 | ||
1,500,000 | Nationwide Mutual Insurance Co., 144a, 4.350%, 4/30/50 | 1,189,849 | ||
1,819,000 | Nationwide Mutual Insurance Co., 144a, 9.375%, 8/15/39 | 2,361,172 | ||
2,350,000 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.625%, 9/30/59 | 1,656,612 | ||
3,605,000 | Pacific Life Global Funding II, 144a, 1.375%, 4/14/26 | 3,338,217 | ||
3,500,000 | PNC Bank NA, 2.700%, 10/22/29 | 3,039,399 | ||
1,500,000 | Progressive Corp. (The), 4.200%, 3/15/48 | 1,301,861 | ||
1,274,000 | Protective Life Corp., 8.450%, 10/15/39 | 1,569,892 | ||
3,500,000 | Protective Life Global Funding, 144a, 1.170%, 7/15/25 | 3,318,066 | ||
1,075,000 | Reliance Standard Life Global Funding II, 144a, 5.243%, 2/2/26 | 1,063,938 | ||
2,610,000 | Reliance Standard Life Global Funding II, 144a, 2.750%, 1/21/27 | 2,403,279 | ||
1,700,000 | SBA Tower Trust REIT, 144a, 1.884%, 1/15/26 | 1,587,187 | ||
1,500,000 | SBA Tower Trust REIT, 144a, 2.836%, 1/15/25 | 1,464,039 | ||
2,802,000 | Teachers Insurance & Annuity Association of America, 144a, 4.900%, 9/15/44 | 2,568,289 | ||
1,100,000 | Unum Group, 7.190%, 2/1/28 | 1,143,531 | ||
2,000,000 | Unum Group, 7.250%, 3/15/28 | 2,117,629 | ||
1,405,000 | US Bancorp, 5.727%, 10/21/26 | 1,412,768 | ||
506,000 | USB Capital IX, (TSFR3M + 1.282%), 6.596%(A)(B) | 411,818 | ||
55,626,894 | ||||
Utilities — 7.8% | ||||
3,600,000 | American Water Capital Corp., 2.950%, 9/1/27 | 3,370,476 | ||
2,818,788 | Atmos Energy Kansas Securitization I LLC, 5.155%, 3/1/33 | 2,818,673 | ||
3,250,000 | Avista Corp., 4.350%, 6/1/48 | 2,692,133 | ||
1,500,000 | Brazos Securitization LLC, 144a, 5.243%, 9/1/40 | 1,519,222 | ||
1,623,000 | California Water Service Co., 5.500%, 12/1/40 | 1,558,757 | ||
3,270,000 | Cleco Securitization I LLC, Ser A-2, 4.646%, 9/1/42 | 3,094,047 | ||
2,008,000 | Commonwealth Edison Co., 5.900%, 3/15/36 | 2,131,166 | ||
2,163,000 | Dominion Energy South Carolina, Inc., 4.600%, 6/15/43 | 1,933,041 | ||
1,900,000 | Duke Energy Florida Project Finance LLC, Ser 2032, 2.858%, 3/1/33 | 1,640,278 | ||
2,328,000 | Duke Energy Progress LLC, 6.300%, 4/1/38 | 2,520,065 | ||
1,500,000 | Empire District Bondco LLC, Ser A-1, 4.943%, 1/1/33 | 1,494,688 | ||
2,532,000 | Entergy Louisiana LLC, 4.440%, 1/15/26 | 2,498,585 | ||
3,000,000 | Essential Utilities, Inc., 4.276%, 5/1/49 | 2,450,055 | ||
1,642,000 | Georgia Power Co., 4.750%, 9/1/40 | 1,512,622 | ||
3,828,000 | Idaho Power Co., MTN, 5.500%, 3/15/53 | 3,800,578 | ||
3,415,000 | Kentucky Utilities Co., 5.125%, 11/1/40 | 3,271,215 | ||
947,000 | NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.329%), 7.631%, 10/1/66(B) | 900,669 |
Principal Amount | Market Value | |||
Utilities — 7.8% (Continued) | ||||
$ 2,080,000 | PG&E Wildfire Recovery Funding LLC, Ser A-5, 5.099%, 6/1/52 | $ 2,060,914 | ||
1,110,000 | Sierra Pacific Power Co., 2.600%, 5/1/26 | 1,054,929 | ||
1,740,442 | Southaven Combined Cycle Generation LLC, 3.846%, 8/15/33 | 1,637,324 | ||
43,959,437 | ||||
Industrials — 3.9% | ||||
659,879 | BNSF Railway Co. Pass-Through Trust, 144a, 3.442%, 6/16/28 | 627,287 | ||
2,355,000 | Burlington Northern Santa Fe LLC, 6.700%, 8/1/28 | 2,521,184 | ||
1,625,000 | Canadian Pacific Railway Co. (Canada), 3.125%, 6/1/26 | 1,551,360 | ||
1,500,000 | CSX Corp., 6.150%, 5/1/37 | 1,638,805 | ||
2,000,000 | FedEx Corp., 4.250%, 5/15/30 | 1,935,799 | ||
1,979,280 | FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 2/20/34 | 1,633,519 | ||
1,075,000 | GATX Corp., 1.900%, 6/1/31 | 854,298 | ||
2,823,000 | GATX Corp., 3.250%, 3/30/25 | 2,754,571 | ||
2,750,000 | Republic Services, Inc., 2.300%, 3/1/30 | 2,379,567 | ||
526,000 | TOTE Maritime Alaska LLC, 6.365%, 4/15/28 | 536,156 | ||
2,194,000 | Tote Shipholdings LLC, 3.400%, 10/16/40 | 1,915,216 | ||
334,057 | Union Pacific Railroad Co. 2006 Pass Through Trust, 5.866%, 7/2/30 | 338,020 | ||
1,152,282 | Union Pacific Railroad Co. 2014-1 Pass Through Trust, 3.227%, 5/14/26 | 1,108,328 | ||
2,225,000 | Waste Management, Inc., 3.900%, 3/1/35 | 1,984,316 | ||
21,778,426 | ||||
Consumer Discretionary — 2.3% | ||||
3,361,183 | American Airlines 2016-3 Class AA Pass Through Trust, 3.000%, 10/15/28 | 3,062,004 | ||
508,830 | Continental Airlines 2012-2 Class A Pass Through Trust, 4.000%, 10/29/24 | 502,576 | ||
5,000,000 | Delta Air Lines 2019-1 Class AA Pass Through Trust, 3.204%, 4/25/24 | 4,996,167 | ||
1,785,000 | PulteGroup, Inc., 7.875%, 6/15/32 | 2,072,005 | ||
2,570,000 | Smithsonian Institution, 2.645%, 9/1/39 | 1,806,534 | ||
553,032 | United Airlines, Inc. Pass-Through Trust, 2.875%, 10/7/28 | 501,153 | ||
12,940,439 | ||||
Health Care — 2.2% | ||||
3,500,000 | Banner Health, 2.480%, 1/1/32 | 2,856,427 | ||
1,095,375 | CVS Pass Through Trust Series 2013, 144a, 4.704%, 1/10/36 | 1,002,487 | ||
1,789,576 | CVS Pass-Through Trust, 6.036%, 12/10/28 | 1,807,641 | ||
3,405,000 | HCA, Inc., 5.250%, 4/15/25 | 3,391,412 | ||
3,955,000 | Piedmont Healthcare, Inc., 2.044%, 1/1/32 | 3,205,489 | ||
12,263,456 | ||||
Real Estate — 1.2% | ||||
2,500,000 | American Tower Corp. REIT, 3.125%, 1/15/27 | 2,364,349 | ||
3,000,000 | Crown Castle International Corp. REIT, 4.300%, 2/15/29 | 2,876,925 | ||
2,050,000 | SBA Tower Trust REIT, 144a, 1.631%, 11/15/26 | 1,855,539 | ||
7,096,813 | ||||
Communication Services — 1.0% | ||||
1,500,000 | AT&T, Inc., 4.850%, 7/15/45 | 1,356,869 | ||
1,000,000 | AT&T, Inc., 6.250%, 3/29/41 | 1,044,531 | ||
1,025,000 | Crown Castle Towers LLC, 144a, 4.241%, 7/15/28 | 977,357 | ||
1,200,000 | Verizon Communications, Inc., 2.100%, 3/22/28 | 1,080,386 | ||
1,185,000 | Verizon Communications, Inc., 4.862%, 8/21/46 | 1,114,975 | ||
5,574,118 |
Principal Amount | Market Value | |||
Corporate Bonds — 29.5% (Continued) | ||||
Consumer Staples — 0.9% | ||||
$ 1,000,000 | Kroger Co. (The), 4.500%, 1/15/29 | $ 986,282 | ||
1,265,000 | Kroger Co. (The), Ser B, 7.700%, 6/1/29 | 1,415,099 | ||
1,600,000 | United Rentals North America, Inc., 4.875%, 1/15/28 | 1,557,218 | ||
1,300,000 | United Rentals North America, Inc., 144a, 6.000%, 12/15/29 | 1,308,757 | ||
5,267,356 | ||||
Energy — 0.3% | ||||
1,405,000 | Texas Eastern Transmission LP, 7.000%, 7/15/32 | 1,558,782 | ||
Total Corporate Bonds | $166,065,721 | |||
U.S. Government Agency Obligations — 19.9% | ||||
1,871,000 | Canal Barge Co., Inc., 4.500%, 11/12/34 | 1,813,128 | ||
182,170 | Export-Import Bank of the United States, 1.581%, 11/16/24 | 179,573 | ||
1,001,474 | Reliance Industries Ltd. (India), 1.870%, 1/15/26 | 962,060 | ||
746,837 | SBA Small Business Investment Cos, Ser 2017-10A, Class 1, 2.845%, 3/10/27 | 713,044 | ||
1,169,376 | SBA Small Business Investment Cos, Ser 2017-10B, Class 1, 2.518%, 9/10/27 | 1,103,188 | ||
3,566 | Small Business Administration Participation Certificates, Ser 2004-20D, Class 1, 4.770%, 4/1/24 | 3,565 | ||
13,689 | Small Business Administration Participation Certificates, Ser 2004-20K, Class 1, 4.880%, 11/1/24 | 13,609 | ||
15,355 | Small Business Administration Participation Certificates, Ser 2005-20H, Class 1, 5.110%, 8/1/25 | 15,194 | ||
108,359 | Small Business Administration Participation Certificates, Ser 2006-20H, Class 1, 5.700%, 8/1/26 | 107,362 | ||
50,351 | Small Business Administration Participation Certificates, Ser 2006-20K, Class 1, 5.360%, 11/1/26 | 49,837 | ||
86,837 | Small Business Administration Participation Certificates, Ser 2006-20L, Class 1, 5.120%, 12/1/26 | 85,938 | ||
78,110 | Small Business Administration Participation Certificates, Ser 2007-20A, Class 1, 5.320%, 1/1/27 | 77,237 | ||
137,736 | Small Business Administration Participation Certificates, Ser 2007-20E, Class 1, 5.310%, 5/1/27 | 135,411 | ||
274,018 | Small Business Administration Participation Certificates, Ser 2007-20F, Class 1, 5.710%, 6/1/27 | 272,890 | ||
268,716 | Small Business Administration Participation Certificates, Ser 2007-20L, Class 1, 5.290%, 12/1/27 | 265,497 | ||
104,104 | Small Business Administration Participation Certificates, Ser 2008-20A, Class 1, 5.170%, 1/1/28 | 102,245 | ||
126,771 | Small Business Administration Participation Certificates, Ser 2008-20K, Class 1, 6.770%, 11/1/28 | 128,454 | ||
282,950 | Small Business Administration Participation Certificates, Ser 2009-20C, Class 1, 4.660%, 3/1/29 | 277,633 | ||
146,608 | Small Business Administration Participation Certificates, Ser 2009-20D, Class 1, 4.310%, 4/1/29 | 143,516 | ||
320,050 | Small Business Administration Participation Certificates, Ser 2009-20E, Class 1, 4.430%, 5/1/29 | 313,591 | ||
143,277 | Small Business Administration Participation Certificates, Ser 2009-20F, Class 1, 4.950%, 6/1/29 | 141,261 | ||
346,754 | Small Business Administration Participation Certificates, Ser 2009-20J, Class 1, 3.920%, 10/1/29 | 335,117 | ||
560,313 | Small Business Administration Participation Certificates, Ser 2010-20F, Class 1, 3.880%, 6/1/30 | 544,883 | ||
1,144,723 | Small Business Administration Participation Certificates, Ser 2010-20I, Class 1, 3.210%, 9/1/30 | 1,087,190 |
Principal Amount | Market Value | |||
U.S. Government Agency Obligations — 19.9% (Continued) | ||||
$ 2,888,985 | Small Business Administration Participation Certificates, Ser 2013-20C, Class 1, 2.220%, 3/1/33 | $ 2,615,569 | ||
2,248,864 | Small Business Administration Participation Certificates, Ser 2013-20E, Class 1, 2.070%, 5/1/33 | 2,031,138 | ||
1,206,626 | Small Business Administration Participation Certificates, Ser 2013-20G, Class 1, 3.150%, 7/1/33 | 1,128,033 | ||
1,570,320 | Small Business Administration Participation Certificates, Ser 2014-20H, Class 1, 2.880%, 8/1/34 | 1,444,536 | ||
2,308,539 | Small Business Administration Participation Certificates, Ser 2014-20I, Class 1, 2.920%, 9/1/34 | 2,125,523 | ||
2,725,213 | Small Business Administration Participation Certificates, Ser 2014-20K, Class 1, 2.800%, 11/1/34 | 2,507,095 | ||
1,419,340 | Small Business Administration Participation Certificates, Ser 2015-20I, Class 1, 2.820%, 9/1/35 | 1,295,518 | ||
1,718,987 | Small Business Administration Participation Certificates, Ser 2016-20A, Class 1, 2.780%, 1/1/36 | 1,572,028 | ||
2,300,666 | Small Business Administration Participation Certificates, Ser 2016-20B, Class 1, 2.270%, 2/1/36 | 2,023,590 | ||
2,697,433 | Small Business Administration Participation Certificates, Ser 2016-20F, Class 1, 2.180%, 6/1/36 | 2,395,530 | ||
3,108,164 | Small Business Administration Participation Certificates, Ser 2017-20E, Class 1, 2.880%, 5/1/37 | 2,828,782 | ||
3,044,629 | Small Business Administration Participation Certificates, Ser 2017-20F, Class 1, 2.810%, 6/1/37 | 2,758,301 | ||
3,402,372 | Small Business Administration Participation Certificates, Ser 2017-20K, Class 1, 2.790%, 11/1/37 | 3,075,773 | ||
1,676,127 | Small Business Administration Participation Certificates, Ser 2017-20L, Class 1, 2.780%, 12/1/37 | 1,518,451 | ||
3,631,370 | Small Business Administration Participation Certificates, Ser 2018-20A, Class 1, 2.920%, 1/1/38 | 3,292,839 | ||
3,701,457 | Small Business Administration Participation Certificates, Ser 2018-20C, Class 1, 3.200%, 3/1/38 | 3,408,018 | ||
3,048,855 | Small Business Administration Participation Certificates, Ser 2018-20K, Class 1, 3.870%, 11/1/38 | 2,854,302 | ||
1,584,251 | Small Business Administration Participation Certificates, Ser 2018-25D, Class 1, 3.890%, 10/1/43 | 1,474,915 | ||
1,826,482 | Small Business Administration Participation Certificates, Ser 2019-25B, Class 1, 3.450%, 2/1/44 | 1,648,113 | ||
2,260,185 | Small Business Administration Participation Certificates, Ser 2019-25E, Class 1, 3.070%, 5/1/44 | 2,012,573 | ||
3,343,324 | Small Business Administration Participation Certificates, Ser 2020-25I, Class 1, 1.150%, 9/1/45 | 2,587,857 | ||
3,166,823 | Small Business Administration Participation Certificates, Ser 2022-25C, Class 1, 2.750%, 3/1/47 | 2,715,300 | ||
2,299,685 | Small Business Administration Participation Certificates, Ser 2022-25D, Class 1, 3.500%, 4/1/47 | 2,085,874 | ||
3,095,138 | Small Business Administration Participation Certificates, Ser 2022-25G, Class 1, 3.930%, 7/1/47 | 2,887,963 | ||
3,808,263 | Small Business Administration Participation Certificates, Ser 2022-25H, Class 1, 3.800%, 8/1/47 | 3,515,003 | ||
9,209,578 | Small Business Administration Participation Certificates, Ser 2022-25I, Class 1, 4.260%, 9/1/47 | 8,759,936 | ||
4,793,244 | Small Business Administration Participation Certificates, Ser 2023-10A, Class 1, 5.168%, 3/10/33 | 4,806,893 | ||
2,456,316 | Small Business Administration Participation Certificates, Ser 2023-20E, Class 1, 4.600%, 5/1/43 | 2,397,747 | ||
1,939,301 | Small Business Administration Participation Certificates, Ser 2023-25C, Class 1, 4.930%, 3/1/48 | 1,922,148 |
Principal Amount | Market Value | |||
U.S. Government Agency Obligations — 19.9% (Continued) | ||||
$ 5,897,108 | Small Business Administration Participation Certificates, Ser 2023-25F, Class 1, 4.930%, 6/1/48 | $ 5,852,376 | ||
6,000,000 | Small Business Administration Participation Certificates, Ser 2024-25A, Class 1, 5.050%, 1/1/49 | 5,996,412 | ||
5,500,000 | Small Business Administration Participation Certificates, Ser 2024-25B, Class 1, 5.070%, 2/1/49 | 5,523,384 | ||
2,198,222 | United States International Development Finance Corp., 1.870%, 11/20/37 | 1,795,483 | ||
5,125,483 | United States of America Executive Branch, Ser 2021-25L, Class 1, 1.850%, 12/1/46 | 4,207,649 | ||
1,793,994 | United States Small Business Administration, Ser 2019-20A, Class 1, 3.370%, 1/1/39 | 1,646,868 | ||
2,764,000 | Vessel Management Services, Inc., 5.125%, 4/16/35 | 2,753,732 | ||
Total U.S. Government Agency Obligations | $112,336,675 | |||
U.S. Government Mortgage-Backed Obligations — 15.9% | ||||
1,109,834 | FHLMC, Pool #SD8186, 3.500%, 11/1/51 | 998,698 | ||
5,701,898 | FHLMC, Pool #SD8257, 4.500%, 10/1/52 | 5,434,607 | ||
357,873 | FHLMC, Pool #W30008, 7.645%, 5/1/25 | 359,184 | ||
3,358,000 | FHLMC, Pool #WN2314, 4.650%, 1/1/33 | 3,226,420 | ||
5,577,774 | FHLMC REMIC, Pool #RA8086, 5.000%, 10/1/52 | 5,472,940 | ||
2,790,012 | FHLMC REMIC, Pool #SD8256, 4.000%, 10/1/52 | 2,586,357 | ||
523,744 | FNMA, Pool #888829, 5.888%, 6/1/37(B)(C) | 521,706 | ||
424,475 | FNMA, Pool #AH8854, 4.500%, 4/1/41 | 416,662 | ||
4,000,000 | FNMA, Pool #AM9682, 3.810%, 8/1/45 | 3,428,460 | ||
2,802,817 | FNMA, Pool #AN0897, 3.440%, 2/1/32 | 2,594,380 | ||
1,474,948 | FNMA, Pool #AN6828, 3.060%, 9/1/32 | 1,376,969 | ||
3,000,000 | FNMA, Pool #AN8089, 3.330%, 1/1/38 | 2,551,787 | ||
1,313,080 | FNMA, Pool #AS8650, 3.000%, 1/1/47 | 1,155,845 | ||
147,012 | FNMA, Pool #AT0924, 2.000%, 3/1/28 | 137,910 | ||
466,112 | FNMA, Pool #BC0153, 4.000%, 1/1/46 | 441,919 | ||
3,860,363 | FNMA, Pool #BL3622, 2.600%, 8/1/26 | 3,651,525 | ||
3,430,729 | FNMA, Pool #BS5630, 3.790%, 11/1/32 | 3,210,769 | ||
2,997,195 | FNMA, Pool #BZ0544, 5.380%, 12/1/31 | 3,074,719 | ||
3,089,071 | FNMA, Pool #CB0455, 2.500%, 5/1/51 | 2,568,545 | ||
1,418,262 | FNMA, Pool #FM3442, 3.000%, 6/1/50 | 1,235,164 | ||
7,330,324 | FNMA, Pool #FS1887, 3.000%, 5/1/47 | 6,378,608 | ||
3,725,919 | FNMA, Pool #MA4269, 2.500%, 2/1/41 | 3,251,947 | ||
1,311,629 | FNMA, Pool #MA4416, 3.500%, 9/1/51 | 1,179,219 | ||
5,380,096 | FNMA, Pool #MA4654, 3.500%, 7/1/52 | 4,823,257 | ||
4,759,514 | FNMA, Pool #MA4709, 5.000%, 7/1/52 | 4,651,737 | ||
5,840,060 | FNMA, Pool #MA4783, 4.000%, 10/1/52 | 5,421,606 | ||
5,922,174 | FNMA, Pool #MA4784, 4.500%, 10/1/52 | 5,644,557 | ||
5,101,678 | FNMA, Pool #MA5073, 6.000%, 7/1/53 | 5,152,099 | ||
2,531,519 | FNMA, Pool #MA5106, 5.000%, 8/1/53 | 2,471,842 | ||
6,012,906 | GNMA, Pool #MA9171, 5.500%, 9/20/53 | 6,012,791 | ||
Total U.S. Government Mortgage-Backed Obligations | $89,432,229 | |||
Agency Collateralized Mortgage Obligations — 8.9% | ||||
2,287,982 | Fannie Mae-Aces, Ser 2017-M15, Class ATS2, 3.155%, 11/25/27(B)(C) | 2,174,071 | ||
3,325,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1511, Class A3, 3.542%, 3/25/34 | 3,017,201 | ||
2,732,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KSG1, Class A2, 1.503%, 9/25/30 | 2,273,338 | ||
1,650,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KSG2, Class A2, 2.091%, 11/25/31(B)(C) | 1,382,816 | ||
950,825 | FHLMC Multifamily Structured Pass Through Certificates, Ser KW03, Class A1, 2.617%, 12/25/26 | 927,410 | ||
3,060,000 | FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1513, Class A3, 2.797%, 8/25/34 | 2,571,773 |
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 8.9% (Continued) | ||||
$ 1,291,908 | FREMF Mortgage Trust, Ser 2014-K38, Class B, 144a, 4.148%, 6/25/47(B)(C) | $ 1,286,509 | ||
2,615,000 | FREMF Mortgage Trust, Ser 2014-K40, Class B, 144a, 4.052%, 11/25/47(B)(C) | 2,584,116 | ||
2,000,000 | FREMF Mortgage Trust, Ser 2014-K41, Class B, 144a, 3.834%, 11/25/47(B)(C) | 1,971,084 | ||
2,600,000 | FREMF Mortgage Trust, Ser 2015-K49, Class B, 144a, 3.721%, 10/25/48(B)(C) | 2,530,484 | ||
2,450,000 | FREMF Mortgage Trust, Ser 2017-K61, Class B, 144a, 3.695%, 12/25/49(B)(C) | 2,338,768 | ||
750,000 | FREMF Mortgage Trust, Ser 2018-K74, Class B, 144a, 4.094%, 2/25/51(B)(C) | 714,943 | ||
683,068 | FRESB Mortgage Trust, Ser 2015-SB9, Class A5, (SOFR30A + 0.814%), 6.134%, 11/25/35(B) | 674,177 | ||
93,107 | FRESB Mortgage Trust, Ser 2016-SB17, Class A5H, (SOFR30A + 0.814%), 6.134%, 5/25/36(B) | 92,682 | ||
401,460 | FRESB Mortgage Trust, Ser 2017-SB27, Class A10F, 3.090%, 1/25/27(B)(C) | 386,168 | ||
1,456,220 | FRESB Mortgage Trust, Ser 2018-SB46, Class A10F, 3.300%, 12/25/27(B)(C) | 1,373,563 | ||
2,367,162 | FRESB Mortgage Trust, Ser 2018-SB54, Class A10F, 3.520%, 5/25/28(B)(C) | 2,234,508 | ||
2,648,382 | FRESB Mortgage Trust, Ser 2018-SB55, Class A10F, 3.752%, 9/25/28(B)(C) | 2,494,321 | ||
899,464 | GNMA, Pool #785631, 4.619%, 5/20/67(B)(C) | 884,100 | ||
422,316 | GNMA, Ser 2012-46, Class C, 3.176%, 5/16/50(B)(C) | 412,351 | ||
818,673 | GNMA, Ser 2013-121, Class AB, 2.952%, 8/16/44(B)(C) | 755,872 | ||
153,805 | GNMA, Ser 2013-40, Class AC, 1.584%, 1/16/46 | 147,239 | ||
18,215 | GNMA, Ser 2013-59, Class A, 1.750%, 7/16/45 | 16,800 | ||
2,540,000 | GNMA, Ser 2015-32, Class HG, 3.000%, 9/16/49(B)(C) | 2,045,833 | ||
381,405 | GNMA, Ser 2015-37, Class AD, 2.600%, 11/16/55 | 355,633 | ||
1,319,428 | GNMA, Ser 2015-73, Class B, 2.700%, 10/16/55(B)(C) | 1,190,466 | ||
827,523 | GNMA, Ser 2017-46, Class AB, 2.600%, 1/16/52 | 707,725 | ||
875,887 | GNMA, Ser 2017-H11, Class FV, (TSFR1M + 0.614%), 5.944%, 5/20/67(B) | 874,582 | ||
848,768 | GNMA, Ser 2019-H15, Class GA, 2.250%, 8/20/69 | 810,356 | ||
3,787,853 | GNMA, Ser 2020-113, Class AF, 2.000%, 10/1/62 | 2,640,931 | ||
4,812,854 | GNMA, Ser 2020-118, Class AB, 2.250%, 4/16/62 | 3,872,261 | ||
2,200,223 | GNMA, Ser 2021-21, Class AF, 1.750%, 6/16/63 | 1,550,887 | ||
3,644,099 | GNMA, Ser 2021-22, Class AD, 1.350%, 10/16/62 | 2,721,687 | ||
Total Agency Collateralized Mortgage Obligations | $50,014,655 | |||
Municipal Bonds — 7.9% | ||||
California — 3.7% | ||||
1,000,000 | California Health Facilities Financing Authority, 2.704%, 6/1/30 | 900,456 | ||
2,000,000 | California Health Facilities Financing Authority, 2.229%, 6/1/32 | 1,666,823 | ||
875,000 | California Health Facilities Financing Authority, 4.140%, 6/1/34 | 828,566 | ||
1,550,000 | California Municipal Finance Authority, Revenue, 2.519%, 10/1/35 | 1,122,281 | ||
1,465,000 | City of San Francisco Public Utilities Commission Water Revenue, Build America Bonds, 6.950%, 11/1/50 | 1,713,100 | ||
2,345,000 | East Bay Municipal Utility District Water System Revenue, Build America Bonds Sub, 5.874%, 6/1/40 | 2,512,905 | ||
2,270,000 | Los Angeles Department of Water & Power Water System Revenue, Revenue, Build America Bonds, 6.008%, 7/1/39 | 2,394,119 | ||
3,500,000 | Los Angeles Unified School District, Build America Bonds Ser RY, UTGO, 6.758%, 7/1/34 | 3,861,862 |
Principal Amount | Market Value | |||
Municipal Bonds — 7.9% (Continued) | ||||
California — (Continued) | ||||
$ 2,675,000 | State of California, Build America Bonds, UTGO, 7.300%, 10/1/39 | $ 3,146,427 | ||
2,540,000 | Tuolumne Wind Project Auth., Build America Bonds, Revenue, 6.918%, 1/1/34 | 2,801,641 | ||
20,948,180 | ||||
Texas — 1.0% | ||||
1,770,000 | Dallas Area Rapid Transit, Revenue, Build America Bonds, 5.999%, 12/1/44 | 1,899,406 | ||
2,640,000 | Texas State Transportation Commission Highway Authority, Build America Bonds, 5.178%, 4/1/30 | 2,635,830 | ||
1,281,000 | Travis County Housing Finance Corp, Revenue, 2.550%, 7/1/42 | 853,950 | ||
5,389,186 | ||||
Oklahoma — 0.5% | ||||
3,000,000 | Oklahoma Development Finance Auth., Revenue, 5.087%, 2/1/52 | 2,984,240 | ||
Indiana — 0.5% | ||||
2,750,000 | Indianapolis Local Public Improvement Bond Bank, Build America Bonds, 6.116%, 1/15/40 | 2,895,921 | ||
Virginia — 0.5% | ||||
982,141 | Virginia Housing Development Authority, 2.950%, 10/25/49 | 860,301 | ||
2,472,508 | Virginia Housing Development Authority, 2.125%, 7/25/51 | 1,894,117 | ||
2,754,418 | ||||
Minnesota — 0.4% | ||||
3,311,564 | Minnesota Housing Finance Agency, Revenue, 1.580%, 2/1/51 | 2,477,076 | ||
New York — 0.4% | ||||
1,135,000 | Port Authority of New York & New Jersey, 4.960%, 8/1/46 | 1,084,706 | ||
1,400,000 | Port Authority of New York and New Jersey, Cons One Hundred Sixty-Eight, 4.926%, 10/1/51 | 1,363,375 | ||
2,448,081 | ||||
Washington — 0.3% | ||||
1,600,000 | State of Washington, Build America Bonds, UTGO, 5.481%, 8/1/39 | 1,642,935 | ||
Nevada — 0.3% | ||||
1,748,011 | Nevada Housing Division, Revenue, 1.900%, 11/1/44 | 1,579,689 | ||
Ohio — 0.2% | ||||
1,433,000 | Ohio State HFA, Revenue, 2.650%, 11/1/41 | 1,212,031 | ||
Louisiana — 0.1% | ||||
535,744 | Louisiana Housing Corp., 2.875%, 11/1/38 | 479,227 | ||
Total Municipal Bonds | $44,810,984 | |||
Asset-Backed Securities — 6.8% | ||||
1,858,505 | 321 Henderson Receivables I LLC, Ser 2012-1A, Class A, 144a, 4.210%, 2/16/65 | 1,743,709 | ||
932,854 | 321 Henderson Receivables I LLC, Ser 2012-2A, Class A, 144a, 3.840%, 10/15/59 | 855,413 | ||
2,840,105 | 321 Henderson Receivables I LLC, Ser 2015-2A, Class A, 144a, 3.870%, 3/15/58 | 2,589,164 | ||
2,301,457 | CF Hippolyta Issuer LLC, Ser 2021-1A, Class A1, 144a, 1.530%, 3/15/61 | 2,081,604 | ||
488,358 | Helios Issuer LLC, Ser 2023-GRID1, Class 1A, 144a, 5.750%, 12/20/50 | 495,886 | ||
2,494,197 | JG Wentworth XLII LLC, Ser 2018-2A, Class A, 144a, 3.960%, 10/15/75 | 2,280,057 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 6.8% (Continued) | ||||
$ 1,478,812 | JGWPT XXVII LLC, Ser 2012-3A, Class A, 144a, 3.220%, 9/15/65 | $ 1,329,041 | ||
1,339,192 | JGWPT XXXI LLC, Ser 2014-1A, Class A, 144a, 3.960%, 3/15/63 | 1,237,324 | ||
1,083,908 | JGWPT XXXIV LLC, Ser 2015-1A, Class A, 144a, 3.260%, 9/15/72 | 945,162 | ||
4,445,000 | Louisiana Local Government Environmental Fac. & Community Development Auth, Ser 2022-ELL, Class A2, 4.145%, 2/1/33 | 4,311,328 | ||
882,072 | Oklahoma Development Finance Authority, Ser 2022-ONG, Class A1, 3.877%, 5/1/37 | 847,303 | ||
3,974,271 | Small Business Administration Participation Certificates, Ser 2021-10B, Class 1, 1.304%, 9/10/31 | 3,331,652 | ||
4,795,423 | Small Business Administration Participation Certificates, Ser 2021-25I, Class 1, 1.560%, 9/1/46 | 3,837,240 | ||
2,441,354 | Small Business Administration Participation Certificates, Ser 2023-10B, Class 1, 5.688%, 9/10/33 | 2,500,442 | ||
3,563,462 | Small Business Administration Participation Certificates, Ser 2023-25G, Class 1, 5.180%, 7/1/48 | 3,585,455 | ||
2,963,672 | Small Business Administration Participation Certificates, Ser 2023-25H, Class 1, 5.150%, 8/1/48 | 2,973,677 | ||
809,473 | Tesla Auto Lease Trust, Ser 2021-B, Class A3, 144a, 0.600%, 9/22/25 | 808,284 | ||
290,000 | Tesla Auto Lease Trust, Ser 2021-B, Class A4, 144a, 0.630%, 9/22/25 | 289,004 | ||
2,158,869 | Tesla Auto Lease Trust, Ser 2023-A, Class A2, 144a, 5.860%, 8/20/25 | 2,161,724 | ||
Total Asset-Backed Securities | $38,203,469 | |||
U.S. Treasury Obligations — 6.3% | ||||
9,300,000 | U.S. Treasury Bond, 1.875%, 2/15/51 | 5,614,149 | ||
16,639,900 | U.S. Treasury Bond, 2.875%, 5/15/52 | 12,615,124 | ||
21,540,000 | U.S. Treasury Strip, Principal, 5/15/43(D) | 9,222,509 | ||
19,894,000 | U.S. Treasury Strip, Principal, 5/15/45(D) | 7,791,620 | ||
Total U.S. Treasury Obligations | $35,243,402 | |||
Commercial Mortgage-Backed Securities — 3.6% | ||||
18,069 | CD Mortgage Trust, Ser 2006-CD3, Class AJ, 5.688%, 10/15/48 | 16,427 | ||
2,979,161 | Citigroup Commercial Mortgage Trust, Ser 2020-555, Class A, 144a, 2.647%, 12/10/41 | 2,536,916 | ||
2,300,000 | COMM Mortgage Trust, Ser 2020-SBX, Class A, 144a, 1.670%, 1/10/38 | 2,064,911 | ||
2,440,000 | DOLP Trust, Ser 2021-NYC, Class A, 144a, 2.956%, 5/10/41 | 2,048,896 | ||
2,000,000 | FREMF Mortgage Trust, Ser 2015-K45, Class B, 144a, 3.601%, 4/25/48(B)(C) | 1,958,398 | ||
500,000 | FREMF Mortgage Trust, Ser 2015-K48, Class B, 144a, 3.646%, 8/25/48(B)(C) | 487,090 | ||
2,500,000 | FREMF Mortgage Trust, Ser 2015-K50, Class B, 144a, 3.779%, 10/25/48(B)(C) | 2,433,157 | ||
245,000 | FREMF Mortgage Trust, Ser 2015-K51, Class B, 144a, 3.951%, 10/25/48(B)(C) | 238,798 | ||
1,225,000 | FREMF Mortgage Trust, Ser 2016-K52, Class B, 144a, 3.934%, 1/25/49(B)(C) | 1,190,046 | ||
1,450,000 | FREMF Mortgage Trust, Ser 2017-K65, Class B, 144a, 4.079%, 7/25/50(B)(C) | 1,391,795 | ||
2,503,916 | Logistics 1 MI TN VA Senior Notes CTL Pass-Through Trust, 144a, 2.654%, 10/10/42 | 2,007,482 |
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 3.6% (Continued) | ||||
$ 2,550,000 | MKT Mortgage Trust, Ser 2020-525M, Class A, 144a, 2.694%, 2/12/40 | $ 2,089,529 | ||
2,185,000 | SLG Office Trust, Ser 2021-OVA, Class A, 144a, 2.585%, 7/15/41 | 1,807,540 | ||
Total Commercial Mortgage-Backed Securities | $20,270,985 | |||
Non-Agency Collateralized Mortgage Obligations — 0.1% | ||||
414,541 | Virginia Housing Development Authority, Ser 2013-B, Class A, 2.750%, 4/25/42 | 349,560 |
Shares | ||||
Short-Term Investment Fund — 1.4% | ||||
8,204,492 | Dreyfus Government Cash Management, Institutional Shares, 5.20%∞Ω | 8,204,492 | ||
Total Investment Securities—100.3% (Cost $616,887,462) | $564,932,172 | |||
Liabilities in Excess of Other Assets — (0.3%) | (1,781,846) | |||
Net Assets — 100.0% | $563,150,326 |
(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, 2024. |
(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, 2024. |
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 |
LLC – Limited Liability Company |
LP – Limited Partnership |
MTN – Medium Term Note |
REIT – Real Estate Investment Trust |
REMIC – Real Estate Mortgage Investment Conduit |
SOFR30A – Secured Overnight Financing Rate 30 Day Average |
TSFR1M – One Month Term Secured Overnight Financing Rate |
TSFR3M – Three Month Term Secured Overnight Financing Rate |
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, 2024, these securities were valued at $81,829,603 or 14.5% 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 | $— | $166,065,721 | $— | $166,065,721 |
U.S. Government Agency Obligations | — | 112,336,675 | — | 112,336,675 |
U.S. Government Mortgage-Backed Obligations | — | 89,432,229 | — | 89,432,229 |
Agency Collateralized Mortgage Obligations | — | 50,014,655 | — | 50,014,655 |
Municipal Bonds | — | 44,810,984 | — | 44,810,984 |
Asset-Backed Securities | — | 38,203,469 | — | 38,203,469 |
U.S. Treasury Obligations | — | 35,243,402 | — | 35,243,402 |
Commercial Mortgage-Backed Securities | — | 20,270,985 | — | 20,270,985 |
Non-Agency Collateralized Mortgage Obligations | — | 349,560 | — | 349,560 |
Short-Term Investment Fund | 8,204,492 | — | — | 8,204,492 |
Total | $8,204,492 | $556,727,680 | $— | $564,932,172 |
Shares | Market Value | |||
Common Stocks — 97.9% | ||||
Industrials — 26.0% | ||||
2,424,247 | AerCap Holdings N.V. (Ireland)* | $ 210,691,307 | ||
2,325,850 | Allison Transmission Holdings, Inc. | 188,765,986 | ||
1,815,482 | Armstrong World Industries, Inc. | 225,519,174 | ||
3,842,896 | Copart, Inc. * | 222,580,536 | ||
350,878 | Lennox International, Inc. | 171,495,131 | ||
764,470 | Old Dominion Freight Line, Inc. | 167,655,916 | ||
2,042,012 | Otis Worldwide Corp. | 202,710,531 | ||
692,565 | UniFirst Corp. | 120,111,548 | ||
1,509,530,129 | ||||
Information Technology — 14.0% | ||||
1,446,763 | Amphenol Corp. - Class A | 166,884,112 | ||
2,211,233 | Entegris, Inc. | 310,766,686 | ||
1,015,870 | Keysight Technologies, Inc.* | 158,861,751 | ||
1,641,395 | Skyworks Solutions, Inc. | 177,795,906 | ||
814,308,455 | ||||
Consumer Staples — 11.6% | ||||
1,205,095 | BellRing Brands, Inc.* | 71,136,758 | ||
1,325,118 | Brown-Forman Corp. - Class B | 68,402,591 | ||
1,216,989 | Dollar Tree, Inc.* | 162,042,085 | ||
1,819,267 | Lamb Weston Holdings, Inc. | 193,806,514 | ||
1,696,000 | Post Holdings, Inc.* | 180,250,880 | ||
675,638,828 | ||||
Materials — 11.6% | ||||
1,008,301 | AptarGroup, Inc. | 145,084,431 | ||
1,717,085 | Ball Corp. | 115,662,845 | ||
297,895 | NewMarket Corp. | 189,050,125 | ||
816,913 | Vulcan Materials Co. | 222,951,896 | ||
672,749,297 | ||||
Financials — 10.9% | ||||
994,785 | Cincinnati Financial Corp. | 123,522,453 | ||
2,660,508 | Fidelity National Information Services, Inc. | 197,356,483 | ||
1,080,747 | M&T Bank Corp. | 157,183,844 | ||
2,774,584 | Moelis & Co. - Class A | 157,513,134 | ||
635,575,914 | ||||
Consumer Discretionary — 9.8% | ||||
1,447,844 | CarMax, Inc.* | 126,121,691 | ||
1,162,384 | Churchill Downs, Inc. | 143,845,020 | ||
1,867,384 | Hasbro, Inc. | 105,544,544 | ||
488,742 | Pool Corp. | 197,207,397 | ||
572,718,652 |
Shares | Market Value | |||
Health Care — 8.5% | ||||
1,697,622 | Bruker Corp. | $ 159,474,611 | ||
820,157 | STERIS PLC | 184,387,697 | ||
429,271 | Waters Corp.* | 147,767,956 | ||
491,630,264 | ||||
Real Estate — 5.5% | ||||
1,610,037 | CBRE Group, Inc. - Class A* | 156,559,998 | ||
1,553,270 | Crown Castle, Inc. REIT | 164,382,564 | ||
320,942,562 | ||||
Total Common Stocks | $5,693,094,101 | |||
Short-Term Investment Fund — 2.2% | ||||
128,990,439 | Dreyfus Government Cash Management, Institutional Shares, 5.20%∞Ω | 128,990,439 | ||
Total Investment Securities—100.1% (Cost $4,094,123,447) | $5,822,084,540 | |||
Liabilities in Excess of Other Assets — (0.1%) | (4,527,544) | |||
Net Assets — 100.0% | $5,817,556,996 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2024. |
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 | $5,693,094,101 | $— | $— | $5,693,094,101 |
Short-Term Investment Fund | 128,990,439 | — | — | 128,990,439 |
Total | $5,822,084,540 | $— | $— | $5,822,084,540 |
Shares | Market Value | |||
Common Stocks — 98.5% | ||||
Industrials — 20.3% | ||||
190,024 | AerCap Holdings N.V. (Ireland)* | $ 16,514,986 | ||
104,971 | Clean Harbors, Inc. * | 21,131,712 | ||
63,599 | Dover Corp. | 11,269,107 | ||
246,992 | Genpact Ltd. | 8,138,386 | ||
156,617 | Hexcel Corp. | 11,409,549 | ||
36,689 | L3Harris Technologies, Inc. | 7,818,426 | ||
135,680 | Leidos Holdings, Inc. | 17,786,291 | ||
20,908 | Parker-Hannifin Corp. | 11,620,457 | ||
126,574 | Regal Rexnord Corp. | 22,795,977 | ||
42,401 | Snap-on, Inc. | 12,560,024 | ||
92,295 | WESCO International, Inc. | 15,808,288 | ||
83,832 | Westinghouse Air Brake Technologies Corp. | 12,212,646 | ||
169,065,849 | ||||
Financials — 18.2% | ||||
189,827 | American International Group, Inc. | 14,838,777 | ||
38,788 | Ameriprise Financial, Inc. | 17,006,211 | ||
885,634 | Chimera Investment Corp. REIT | 4,082,773 | ||
97,528 | Discover Financial Services | 12,784,945 | ||
809,883 | First Horizon Corp. | 12,472,198 | ||
121,187 | Global Payments, Inc. | 16,197,854 | ||
94,194 | Pinnacle Financial Partners, Inc. | 8,089,381 | ||
42,783 | Progressive Corp. (The) | 8,848,380 | ||
74,842 | Reinsurance Group of America, Inc. | 14,435,525 | ||
125,718 | The Allstate Corp. | 21,750,471 | ||
159,819 | Webster Financial Corp. | 8,114,011 | ||
46,234 | Willis Towers Watson PLC | 12,714,350 | ||
151,334,876 | ||||
Health Care — 10.2% | ||||
77,821 | Cencora, Inc. | 18,909,725 | ||
199,429 | Encompass Health Corp. | 16,468,847 | ||
233,568 | Envista Holdings Corp.* | 4,993,684 | ||
135,980 | Hologic, Inc.* | 10,601,001 | ||
23,713 | Humana, Inc. | 8,221,771 | ||
62,995 | Laboratory Corp. of America Holdings | 13,761,887 | ||
90,011 | Zimmer Biomet Holdings, Inc. | 11,879,652 | ||
84,836,567 | ||||
Consumer Staples — 10.1% | ||||
26,156 | Casey's General Stores, Inc. | 8,329,378 | ||
39,751 | Constellation Brands, Inc. - Class A | 10,802,732 | ||
256,349 | Darling Ingredients, Inc.* | 11,922,792 | ||
67,421 | Dollar Tree, Inc.* | 8,977,106 | ||
95,536 | Ingredion, Inc. | 11,163,382 | ||
92,031 | Lamb Weston Holdings, Inc. | 9,804,062 | ||
247,240 | TreeHouse Foods, Inc.* | 9,629,998 | ||
231,500 | Tyson Foods, Inc. - Class A | 13,595,995 | ||
84,225,445 | ||||
Consumer Discretionary — 8.8% | ||||
44,059 | Advance Auto Parts, Inc. | 3,748,980 | ||
162,305 | BorgWarner, Inc. | 5,638,476 | ||
70,554 | Carter's, Inc. | 5,974,513 | ||
115,864 | Columbia Sportswear Co. | 9,405,839 | ||
281,618 | Gentex Corp. | 10,172,042 | ||
165,607 | Hasbro, Inc. | 9,360,108 | ||
317,353 | LKQ Corp. | 16,949,824 | ||
262,806 | Valvoline, Inc.* | 11,713,263 | ||
72,963,045 | ||||
Utilities — 8.1% | ||||
465,413 | CenterPoint Energy, Inc. | 13,259,616 | ||
109,585 | DTE Energy Co. | 12,288,862 |
Shares | Market Value | |||
Utilities — 8.1% (Continued) | ||||
105,892 | Entergy Corp. | $ 11,190,667 | ||
139,997 | Evergy, Inc. | 7,473,040 | ||
424,783 | NiSource, Inc. | 11,749,498 | ||
133,717 | WEC Energy Group, Inc. | 10,980,840 | ||
66,942,523 | ||||
Information Technology — 7.7% | ||||
120,048 | Akamai Technologies, Inc.* | 13,056,420 | ||
56,046 | F5 Networks, Inc.* | 10,625,761 | ||
82,669 | Keysight Technologies, Inc.* | 12,927,778 | ||
70,554 | PTC, Inc.* | 13,330,473 | ||
125,938 | Qorvo, Inc.* | 14,461,461 | ||
64,401,893 | ||||
Energy — 6.4% | ||||
351,524 | ChampionX Corp. | 12,616,196 | ||
396,095 | Coterra Energy, Inc. | 11,043,128 | ||
58,340 | Diamondback Energy, Inc. | 11,561,238 | ||
681,971 | Permian Resources Corp. | 12,043,608 | ||
36,978 | Valero Energy Corp. | 6,311,775 | ||
53,575,945 | ||||
Materials — 5.7% | ||||
1,066,796 | Arcadium Lithium PLC (Jersey)* | 4,597,891 | ||
316,920 | Axalta Coating Systems Ltd. * | 10,898,879 | ||
142,029 | Berry Global Group, Inc. | 8,589,914 | ||
157,598 | FMC Corp. | 10,038,993 | ||
108,176 | International Flavors & Fragrances, Inc. | 9,302,054 | ||
50,238 | Scotts Miracle-Gro Co. (The) | 3,747,252 | ||
47,174,983 | ||||
Real Estate — 3.0% | ||||
88,406 | Alexandria Real Estate Equities, Inc. REIT | 11,396,418 | ||
33,741 | Essex Property Trust, Inc. REIT | 8,260,134 | ||
269,905 | Host Hotels & Resorts, Inc. REIT | 5,581,635 | ||
25,238,187 | ||||
Total Common Stocks | $819,759,313 | |||
Short-Term Investment Fund — 2.5% | ||||
20,710,994 | Dreyfus Government Cash Management, Institutional Shares, 5.20%∞Ω | 20,710,994 | ||
Total Investment Securities—101.0% (Cost $635,184,734) | $840,470,307 | |||
Liabilities in Excess of Other Assets — (1.0%) | (8,399,423) | |||
Net Assets — 100.0% | $832,070,884 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2024. |
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 | $819,759,313 | $— | $— | $819,759,313 |
Short-Term Investment Fund | 20,710,994 | — | — | 20,710,994 |
Total | $840,470,307 | $— | $— | $840,470,307 |
Shares | Market Value | |||
Common Stocks — 96.3% | ||||
Japan — 13.5% | ||||
Health Care — 1.2% | ||||
38,700 | M3, Inc. | $ 556,945 | ||
Industrials — 3.2% | ||||
33,100 | Recruit Holdings Co. Ltd. | 1,453,315 | ||
Information Technology — 9.1% | ||||
4,500 | Keyence Corp. | 2,089,174 | ||
7,200 | Lasertec Corp. | 2,052,218 | ||
Total Japan | 6,151,652 | |||
Netherlands — 13.2% | ||||
Financials — 4.7% | ||||
1,264 | Adyen NV, 144a* | 2,135,069 | ||
Industrials — 2.0% | ||||
5,254 | IMCD NV | 924,757 | ||
Information Technology — 6.5% | ||||
3,067 | ASML Holding NV | 2,976,432 | ||
Total Netherlands | 6,036,258 | |||
Switzerland — 9.9% | ||||
Health Care — 2.7% | ||||
2,084 | Lonza Group AG | 1,245,396 | ||
Industrials — 3.9% | ||||
3,403 | VAT Group AG, 144a | 1,757,969 | ||
Materials — 3.3% | ||||
5,044 | Sika AG | 1,500,844 | ||
Total Switzerland | 4,504,209 | |||
Brazil — 7.2% | ||||
Consumer Discretionary — 4.7% | ||||
1,433 | MercadoLibre, Inc.* | 2,166,639 | ||
Industrials — 2.5% | ||||
147,800 | WEG SA | 1,128,966 | ||
Total Brazil | 3,295,605 | |||
Canada — 6.9% | ||||
Information Technology — 6.9% | ||||
565 | Constellation Software, Inc. | 1,543,317 | ||
21,033 | Shopify, Inc. - Class A* | 1,623,117 | ||
Total Canada | 3,166,434 | |||
India — 6.7% | ||||
Consumer Discretionary — 2.4% | ||||
23,498 | Titan Co. Ltd. | 1,074,143 | ||
Financials — 4.3% | ||||
11,558 | Bajaj Finance Ltd. | 1,009,231 | ||
54,907 | HDFC Bank Ltd. | 957,447 | ||
Total India | 3,040,821 | |||
Sweden — 6.3% | ||||
Industrials — 3.1% | ||||
61,838 | AddTech AB - Class B | 1,406,825 | ||
Information Technology — 3.2% | ||||
125,232 | Hexagon AB - Class B | 1,480,359 | ||
Total Sweden | 2,887,184 | |||
Italy — 6.1% | ||||
Consumer Discretionary — 3.1% | ||||
3,260 | Ferrari NV | 1,421,164 |
Shares | Market Value | |||
Italy — (Continued) | ||||
Health Care — 3.0% | ||||
43,111 | Stevanato Group SpA | $ 1,383,863 | ||
Total Italy | 2,805,027 | |||
Germany — 5.5% | ||||
Communication Services — 3.9% | ||||
19,801 | CTS Eventim AG & Co. KGaA | 1,760,564 | ||
Consumer Discretionary — 1.6% | ||||
25,694 | Zalando SE, 144a* | 734,727 | ||
Total Germany | 2,495,291 | |||
United States — 5.2% | ||||
Communication Services — 2.2% | ||||
15,362 | Liberty Media Corp.-Liberty Formula One - Class C* | 1,007,747 | ||
Information Technology — 3.0% | ||||
7,112 | Atlassian Corp. - Class A* | 1,387,622 | ||
Total United States | 2,395,369 | |||
Taiwan — 3.9% | ||||
Information Technology — 3.9% | ||||
12,956 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 1,762,664 | ||
United Kingdom — 2.7% | ||||
Consumer Discretionary — 2.7% | ||||
6,200 | Flutter Entertainment PLC* | 1,224,438 | ||
Singapore — 2.4% | ||||
Communication Services — 2.4% | ||||
20,821 | Sea Ltd. ADR* | 1,118,296 | ||
France — 2.4% | ||||
Health Care — 2.4% | ||||
3,893 | Sartorius Stedim Biotech | 1,110,387 | ||
Poland — 2.3% | ||||
Consumer Staples — 2.3% | ||||
10,942 | Dino Polska SA, 144a* | 1,062,067 | ||
Denmark — 2.1% | ||||
Health Care — 2.1% | ||||
3,232 | Genmab A/S* | 969,046 | ||
Total Common Stocks | $44,024,748 | |||
Short-Term Investment Fund — 3.5% | ||||
1,612,312 | Dreyfus Government Cash Management, Institutional Shares, 5.20%∞Ω | 1,612,312 | ||
Total Investment Securities — 99.8% (Cost $38,817,443) | $45,637,060 | |||
Other Assets in Excess of Liabilities — 0.2% | 73,647 | |||
Net Assets — 100.0% | $45,710,707 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2024. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
PLC – Public Limited 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, 2024, these securities were valued at $5,689,832 or 12.4% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Valuation inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Japan | $— | $6,151,652 | $— | $6,151,652 |
Netherlands | 2,976,432 | 3,059,826 | — | 6,036,258 |
Switzerland | — | 4,504,209 | — | 4,504,209 |
Brazil | 3,295,605 | — | — | 3,295,605 |
Canada | 3,166,434 | — | — | 3,166,434 |
India | — | 3,040,821 | — | 3,040,821 |
Sweden | — | 2,887,184 | — | 2,887,184 |
Italy | 2,805,027 | — | — | 2,805,027 |
Germany | — | 2,495,291 | — | 2,495,291 |
United States | 2,395,369 | — | — | 2,395,369 |
Taiwan | 1,762,664 | — | — | 1,762,664 |
United Kingdom | 1,224,438 | — | — | 1,224,438 |
Singapore | 1,118,296 | — | — | 1,118,296 |
France | — | 1,110,387 | — | 1,110,387 |
Poland | 1,062,067 | — | — | 1,062,067 |
Denmark | — | 969,046 | — | 969,046 |
Short-Term Investment Fund | 1,612,312 | — | — | 1,612,312 |
Total | $21,418,644 | $24,218,416 | $— | $45,637,060 |
Shares | Market Value | |||
Common Stocks — 99.3% | ||||
Information Technology — 46.8% | ||||
124,699 | ASML Holding NV (Netherlands) | $ 121,016,638 | ||
383,614 | Atlassian Corp. - Class A* | 74,846,928 | ||
326,873 | Cloudflare, Inc. - Class A* | 31,651,113 | ||
779,203 | Datadog, Inc. - Class A* | 96,309,491 | ||
580,221 | Entegris, Inc. | 81,544,259 | ||
86,087 | Lam Research Corp. | 83,639,547 | ||
536,014 | Microsoft Corp. | 225,511,810 | ||
229,470 | NVIDIA Corp. | 207,339,913 | ||
799,304 | Okta, Inc.* | 83,623,184 | ||
213,616 | ServiceNow, Inc.* | 162,860,838 | ||
908,559 | Shopify, Inc. (Canada) - Class A* | 70,113,498 | ||
576,921 | Snowflake, Inc. - Class A* | 93,230,434 | ||
1,331,687,653 | ||||
Consumer Discretionary — 14.3% | ||||
262,810 | Airbnb, Inc. - Class A* | 43,353,138 | ||
1,287,735 | Amazon.com, Inc.* | 232,281,639 | ||
559,363 | DoorDash, Inc. - Class A* | 77,035,472 | ||
420,616 | Floor & Decor Holdings, Inc. - Class A* | 54,520,246 | ||
407,190,495 | ||||
Financials — 11.6% | ||||
1,145,941 | Block, Inc.* | 96,923,690 | ||
9,167,740 | NU Holdings Ltd. (Brazil) - Class A* | 109,371,138 | ||
442,725 | Visa, Inc. - Class A | 123,555,693 | ||
329,850,521 | ||||
Communication Services — 11.2% | ||||
396,310 | Meta Platforms, Inc. - Class A | 192,440,210 | ||
117,197 | Netflix, Inc.* | 71,177,254 | ||
1,051,398 | Sea Ltd. (Singapore) ADR* | 56,470,586 | ||
320,088,050 | ||||
Health Care — 10.6% | ||||
696,927 | 10X Genomics, Inc. - Class A* | 26,155,670 | ||
108,856 | Align Technology, Inc.* | 35,696,060 | ||
971,589 | DexCom, Inc.* | 134,759,394 | ||
716,755 | Edwards Lifesciences Corp.* | 68,493,108 | ||
790,346 | Ultragenyx Pharmaceutical, Inc.* | 36,901,255 | ||
302,005,487 |
Shares | Market Value | |||
Industrials — 2.7% | ||||
1,008,097 | Uber Technologies, Inc.* | $ 77,613,388 | ||
Real Estate — 2.1% | ||||
620,907 | CoStar Group, Inc.* | 59,979,616 | ||
Total Common Stocks | $2,828,415,210 | |||
Short-Term Investment Fund — 1.0% | ||||
28,255,098 | Dreyfus Government Cash Management, Institutional Shares, 5.20%∞Ω | 28,255,098 | ||
Total Investment Securities—100.3% (Cost $1,739,764,422) | $2,856,670,308 | |||
Liabilities in Excess of Other Assets — (0.3%) | (9,337,292) | |||
Net Assets — 100.0% | $2,847,333,016 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2024. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $2,828,415,210 | $— | $— | $2,828,415,210 |
Short-Term Investment Fund | 28,255,098 | — | — | 28,255,098 |
Total | $2,856,670,308 | $— | $— | $2,856,670,308 |
Shares | Market Value | |||
Common Stocks — 97.4% | ||||
Industrials — 22.9% | ||||
85,359 | Armstrong World Industries, Inc. | $ 10,603,295 | ||
72,775 | Casella Waste Systems, Inc. - Class A* | 7,195,264 | ||
66,877 | Landstar System, Inc. | 12,891,211 | ||
209,469 | Marten Transport Ltd. | 3,870,987 | ||
108,337 | Masonite International Corp. * | 14,240,899 | ||
73,986 | Matson, Inc. | 8,316,026 | ||
24,956 | UniFirst Corp. | 4,328,119 | ||
61,445,801 | ||||
Consumer Discretionary — 17.2% | ||||
128,202 | Acushnet Holdings Corp. | 8,454,922 | ||
7,531 | Graham Holdings Co. - Class B | 5,781,398 | ||
82,650 | Malibu Boats, Inc. - Class A* | 3,577,092 | ||
18,155 | Murphy USA, Inc. | 7,610,576 | ||
322,552 | Revolve Group, Inc.* | 6,828,426 | ||
241,746 | Tempur Sealy International, Inc. | 13,736,007 | ||
45,988,421 | ||||
Financials — 15.4% | ||||
220,843 | Atlantic Union Bankshares Corp. | 7,797,966 | ||
182,668 | Cannae Holdings, Inc.* | 4,062,536 | ||
45,975 | Hanover Insurance Group, Inc. (The) | 6,260,416 | ||
168,259 | Moelis & Co. - Class A | 9,552,064 | ||
7,627 | White Mountains Insurance Group Ltd. | 13,685,126 | ||
41,358,108 | ||||
Information Technology — 14.5% | ||||
177,481 | ACI Worldwide, Inc.* | 5,894,144 | ||
169,278 | CTS Corp. | 7,920,518 | ||
69,106 | ePlus, Inc.* | 5,427,585 | ||
47,684 | Qualys, Inc.* | 7,957,029 | ||
259,440 | Vontier Corp. | 11,768,198 | ||
38,967,474 | ||||
Health Care — 7.4% | ||||
463,357 | Certara, Inc.* | 8,284,823 | ||
116,809 | Enovis Corp.* | 7,294,722 | ||
50,701 | Haemonetics Corp.* | 4,327,331 | ||
19,906,876 | ||||
Materials — 7.0% | ||||
109,413 | Ingevity Corp.* | 5,219,000 | ||
20,499 | NewMarket Corp. | 13,009,075 | ||
84,994 | Tredegar Corp. | 554,161 | ||
18,782,236 | ||||
Real Estate — 5.7% | ||||
247,701 | Alexander & Baldwin, Inc. REIT | 4,079,636 |
Shares | Market Value | |||
Real Estate — 5.7% (Continued) | ||||
261,073 | Essential Properties Realty Trust, Inc. REIT | $ 6,960,206 | ||
80,960 | First Industrial Realty Trust, Inc. REIT | 4,253,638 | ||
15,293,480 | ||||
Consumer Staples — 4.9% | ||||
38,539 | Lancaster Colony Corp. | 8,001,853 | ||
59,269 | PriceSmart, Inc. | 4,978,596 | ||
12,980,449 | ||||
Communication Services — 1.7% | ||||
10,836 | Cable One, Inc. | 4,585,037 | ||
Energy — 0.7% | ||||
87,665 | Dril-Quip, Inc. * | 1,975,092 | ||
Total Common Stocks | $261,282,974 | |||
Short-Term Investment Fund — 2.5% | ||||
6,895,457 | Dreyfus Government Cash Management, Institutional Shares, 5.20%∞Ω | 6,895,457 | ||
Total Investment Securities—99.9% (Cost $216,087,509) | $268,178,431 | |||
Other Assets in Excess of Liabilities — 0.1% | 149,141 | |||
Net Assets — 100.0% | $268,327,572 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2024. |
Portfolio Abbreviations: |
REIT – Real Estate Investment Trust |
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $261,282,974 | $— | $— | $261,282,974 |
Short-Term Investment Fund | 6,895,457 | — | — | 6,895,457 |
Total | $268,178,431 | $— | $— | $268,178,431 |
Shares | Market Value | |||
Common Stocks — 98.2% | ||||
Industrials — 22.7% | ||||
34,329 | AZEK Co., Inc. (The)* | $ 1,724,002 | ||
15,294 | BWX Technologies, Inc. | 1,569,470 | ||
6,445 | CACI International, Inc. - Class A* | 2,441,559 | ||
14,425 | Clean Harbors, Inc. * | 2,903,897 | ||
8,149 | EMCOR Group, Inc. | 2,853,780 | ||
37,878 | Enerpac Tool Group Corp. | 1,350,730 | ||
16,783 | EnPro Industries, Inc. | 2,832,467 | ||
59,239 | Enviri Corp.* | 542,037 | ||
45,965 | ExlService Holdings, Inc.* | 1,461,687 | ||
155,097 | Gates Industrial Corp. PLC* | 2,746,768 | ||
20,079 | Hexcel Corp. | 1,462,755 | ||
28,036 | Huron Consulting Group, Inc.* | 2,708,838 | ||
24,707 | ITT, Inc. | 3,360,893 | ||
31,473 | Korn/Ferry International | 2,069,665 | ||
14,329 | Masonite International Corp. * | 1,883,547 | ||
11,552 | Regal Rexnord Corp. | 2,080,515 | ||
16,654 | Standex International Corp. | 3,034,692 | ||
6,817 | Valmont Industries, Inc. | 1,556,185 | ||
38,583,487 | ||||
Financials — 20.7% | ||||
221,938 | Chimera Investment Corp. REIT | 1,023,134 | ||
11,202 | City Holding Co. | 1,167,472 | ||
117,377 | Columbia Banking System, Inc. | 2,271,245 | ||
29,193 | First American Financial Corp. | 1,782,233 | ||
160,267 | First Horizon Corp. | 2,468,112 | ||
82,885 | First Interstate BancSystem, Inc. - Class A | 2,255,301 | ||
16,180 | Hanover Insurance Group, Inc. (The) | 2,203,231 | ||
33,036 | Independent Bank Corp. | 1,718,533 | ||
87,964 | MGIC Investment Corp. | 1,966,875 | ||
28,708 | National Bank Holdings Corp. - Class A | 1,035,498 | ||
38,674 | NMI Holdings, Inc. - Class A* | 1,250,717 | ||
140,724 | Old National Bancorp | 2,450,005 | ||
30,237 | Pinnacle Financial Partners, Inc. | 2,596,753 | ||
13,206 | Primerica, Inc. | 3,340,590 | ||
51,084 | Univest Financial Corp. | 1,063,569 | ||
239,212 | Valley National Bancorp | 1,904,127 | ||
21,507 | Westamerica BanCorp | 1,051,262 | ||
34,865 | Wintrust Financial Corp. | 3,639,557 | ||
35,188,214 | ||||
Consumer Discretionary — 11.5% | ||||
44,126 | American Eagle Outfitters, Inc. | 1,138,010 | ||
7,822 | Carter's, Inc. | 662,367 | ||
29,047 | Cheesecake Factory, Inc. (The) | 1,050,049 | ||
17,636 | Dorman Products, Inc.* | 1,699,934 | ||
58,274 | Gentex Corp. | 2,104,857 | ||
59,628 | Goodyear Tire & Rubber Co. (The)* | 818,692 | ||
9,086 | Murphy USA, Inc. | 3,808,851 | ||
7,771 | Oxford Industries, Inc. | 873,460 | ||
39,391 | Steven Madden Ltd. | 1,665,452 | ||
84,657 | Topgolf Callaway Brands Corp.* | 1,368,904 | ||
40,807 | Urban Outfitters, Inc.* | 1,771,840 | ||
45,712 | Valvoline, Inc.* | 2,037,384 | ||
15,711 | YETI Holdings, Inc.* | 605,659 | ||
19,605,459 | ||||
Health Care — 8.5% | ||||
13,674 | Amedisys, Inc.* | 1,260,196 | ||
40,689 | Encompass Health Corp. | 3,360,098 | ||
46,265 | Envista Holdings Corp.* | 989,146 | ||
29,560 | Globus Medical, Inc. - Class A* | 1,585,598 | ||
60,170 | Integra LifeSciences Holdings Corp.* | 2,133,026 |
Shares | Market Value | |||
Health Care — 8.5% (Continued) | ||||
51,152 | Prestige Consumer Healthcare, Inc.* | $ 3,711,589 | ||
29,035 | QuidelOrtho Corp.* | 1,391,938 | ||
14,431,591 | ||||
Information Technology — 6.7% | ||||
9,216 | Belden, Inc. | 853,494 | ||
248,925 | Harmonic, Inc.* | 3,345,552 | ||
47,517 | Lumentum Holdings, Inc.* | 2,249,930 | ||
10,762 | Rogers Corp.* | 1,277,342 | ||
11,270 | Silicon Laboratories, Inc.* | 1,619,724 | ||
215,566 | Viavi Solutions, Inc.* | 1,959,495 | ||
11,305,537 | ||||
Materials — 6.3% | ||||
269,681 | Arcadium Lithium PLC (Jersey)* | 1,162,325 | ||
61,107 | Axalta Coating Systems Ltd. * | 2,101,470 | ||
21,755 | Cabot Corp. | 2,005,811 | ||
37,517 | Ingevity Corp.* | 1,789,561 | ||
8,849 | Innospec, Inc. | 1,140,990 | ||
82,822 | O-I Glass, Inc.* | 1,374,017 | ||
21,761 | Silgan Holdings, Inc. | 1,056,714 | ||
10,630,888 | ||||
Energy — 6.1% | ||||
35,994 | Cactus, Inc. - Class A | 1,802,939 | ||
62,890 | ChampionX Corp. | 2,257,122 | ||
36,394 | Civitas Resources, Inc. | 2,762,669 | ||
197,276 | Permian Resources Corp. | 3,483,894 | ||
10,306,624 | ||||
Real Estate — 6.1% | ||||
73,471 | COPT Defense Properties REIT | 1,775,794 | ||
84,256 | Healthpeak Properties, Inc. REIT | 1,579,800 | ||
42,162 | National Storage Affiliates Trust REIT | 1,651,064 | ||
240,205 | Newmark Group, Inc. - Class A | 2,663,873 | ||
68,200 | STAG Industrial, Inc. REIT | 2,621,608 | ||
10,292,139 | ||||
Consumer Staples — 5.3% | ||||
52,309 | Hain Celestial Group, Inc. (The)* | 411,149 | ||
17,523 | Ingredion, Inc. | 2,047,562 | ||
6,546 | Lancaster Colony Corp. | 1,359,146 | ||
10,638 | MGP Ingredients, Inc. | 916,251 | ||
31,366 | Performance Food Group Co.* | 2,341,158 | ||
49,899 | TreeHouse Foods, Inc.* | 1,943,566 | ||
9,018,832 | ||||
Utilities — 3.9% | ||||
21,439 | Black Hills Corp. | 1,170,569 | ||
17,258 | IDACORP, Inc. | 1,603,096 | ||
69,735 | Portland General Electric Co. | 2,928,870 | ||
15,587 | Spire, Inc. | 956,574 | ||
6,659,109 | ||||
Communication Services — 0.4% | ||||
47,783 | TEGNA, Inc. | 713,878 | ||
Total Common Stocks | $166,735,758 |
Shares | Market Value | |||
Short-Term Investment Fund — 13.8% | ||||
23,442,810 | Dreyfus Government Cash Management, Institutional Shares, 5.20%∞Ω | $ 23,442,810 | ||
Total Investment Securities—112.0% (Cost $168,608,921) | $190,178,568 | |||
Liabilities in Excess of Other Assets — (12.0%) | (20,428,172) | |||
Net Assets — 100.0% | $169,750,396 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2024. |
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 | $166,735,758 | $— | $— | $166,735,758 |
Short-Term Investment Fund | 23,442,810 | — | — | 23,442,810 |
Total | $190,178,568 | $— | $— | $190,178,568 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 46.5% | ||||
$ 2,155,000 | American Credit Acceptance Receivables Trust, Ser 2023-1, Class C, 144a, 5.590%, 4/12/29 | $ 2,145,764 | ||
785,000 | AmeriCredit Automobile Receivables Trust, Ser 2020-2, Class D, 2.130%, 3/18/26 | 766,590 | ||
5,200,000 | AmeriCredit Automobile Receivables Trust, Ser 2021-2, Class C, 1.010%, 1/19/27 | 4,892,650 | ||
6,752,553 | AmeriCredit Automobile Receivables Trust, Ser 2023-2, Class A2, 6.190%, 4/19/27 | 6,774,036 | ||
4,137,224 | Anchorage Capital CLO Ltd. (Cayman Islands), Ser 2013-1A, Class A1R, 144a, (TSFR3M + 1.512%), 6.826%, 10/13/30(A) | 4,137,683 | ||
2,793,872 | Ares XL CLO Ltd. (Cayman Islands), Ser 2016-40A, Class A1RR, 144a, (TSFR3M + 1.132%), 6.446%, 1/15/29(A) | 2,793,185 | ||
3,306,576 | Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Ser 2006-HE3, Class A5, (TSFR1M + 0.654%), 2.892%, 3/25/36(A) | 3,175,982 | ||
5,865,007 | AUF Funding LLC, Ser 2022-1A, Class A1LN, 144a, (TSFR3M + 2.500%), 7.818%, 1/20/31(A) | 5,871,928 | ||
5,230,000 | Avis Budget Rental Car Funding AESOP LLC, Ser 2020-2A, Class A, 144a, 2.020%, 2/20/27 | 4,936,623 | ||
4,427,268 | Barings Private Credit Corp. CLO Ltd. (Bermuda), Ser 2023-1A, Class A1, 144a, (TSFR3M + 2.400%), 7.714%, 7/15/31(A) | 4,437,664 | ||
3,888,200 | BDS Ltd. (Cayman Islands), Ser 2020-FL5, Class B, 144a, (TSFR1M + 1.914%), 7.241%, 2/16/37(A) | 3,892,574 | ||
813,616 | Benefit Street Partners CLO XV Ltd. (Cayman Islands), Ser 2018-15A, Class A1, 144a, (TSFR3M +1.412%), 6.710%, 7/18/31(A) | 813,699 | ||
2,354,003 | Black Diamond CLO Ltd. (Cayman Islands), Ser 2017-1A, Class A1AR, 144a, (TSFR3M + 1.312%), 6.630%, 4/24/29(A) | 2,353,940 | ||
1,500,000 | Credit Acceptance Auto Loan Trust, Ser 2022-3A, Class A, 144a, 6.570%, 10/15/32 | 1,509,147 | ||
5,000,000 | Credit Acceptance Auto Loan Trust, Ser 2023-1A, Class A, 144a, 6.480%, 3/15/33 | 5,054,523 | ||
4,860,000 | Credit Acceptance Auto Loan Trust, Ser 2023-2A, Class A, 144a, 5.920%, 5/16/33 | 4,878,989 | ||
5,803,535 | DB Master Finance LLC, Ser 2019-1A, Class A2II, 144a, 4.021%, 5/20/49 | 5,617,889 | ||
4,050,000 | Dell Equipment Finance Trust, Ser 2022-1, Class B, 144a, 2.720%, 8/23/27 | 4,003,966 | ||
7,900,000 | Dell Equipment Finance Trust, Ser 2022-1, Class C, 144a, 2.940%, 8/23/27 | 7,808,781 | ||
1,000,000 | Dell Equipment Finance Trust, Ser 2022-2, Class A3, 144a, 4.140%, 7/22/27 | 991,165 | ||
2,705,000 | Dell Equipment Finance Trust, Ser 2022-2, Class B, 144a, 4.400%, 7/22/27 | 2,670,281 | ||
4,700,000 | Dell Equipment Finance Trust, Ser 2022-2, Class C, 144a, 4.740%, 7/22/27 | 4,646,224 | ||
4,312,624 | Dewolf Park CLO Ltd., Ser 2017-1A, Class AR, 144a, (TSFR3M + 1.182%), 6.496%, 10/15/30(A) | 4,313,797 | ||
4,637,500 | Domino's Pizza Master Issuer LLC, Ser 2015-1A, Class A2II, 144a, 4.474%, 10/25/45 | 4,548,319 | ||
3,400,000 | DT Auto Owner Trust, Ser 2020-2A, Class E, 144a, 7.170%, 6/15/27 | 3,415,667 | ||
7,875,000 | DT Auto Owner Trust, Ser 2021-4A, Class C, 144a, 1.500%, 9/15/27 | 7,661,579 | ||
5,000,000 | Exeter Automobile Receivables Trust, Ser 2019-4A, Class E, 144a, 3.560%, 10/15/26 | 4,963,118 | ||
8,160,000 | Exeter Automobile Receivables Trust, Ser 2022-4A, Class C, 4.920%, 12/15/28 | 8,095,760 | ||
597,286 | FCI Funding LLC, Ser 2021-1A, Class A, 144a, 1.130%, 4/15/33 | 591,537 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 46.5% (Continued) | ||||
$ 1,834,211 | FNA VI LLC, Ser 2021-1A, Class A, 144a, 1.350%, 1/10/32 | $ 1,692,143 | ||
107,884 | FNMA REMIC Trust, Ser 2001-W4, Class AF5, 5.614%, 2/25/32(A)(B) | 107,502 | ||
2,361,394 | Generate CLO 2 Ltd. (Cayman Islands), Ser 2A, Class AR, 144a, (TSFR3M + 1.412%), 6.729%, 1/22/31(A) | 2,361,840 | ||
10,250,000 | GLS Auto Receivables Issuer Trust, Ser 2020-1A, Class D, 144a, 3.680%, 11/16/26 | 10,174,278 | ||
7,500,000 | GLS Auto Receivables Issuer Trust, Ser 2020-3A, Class E, 144a, 4.310%, 7/15/27 | 7,407,590 | ||
6,588,691 | GLS Auto Receivables Issuer Trust, Ser 2021-1A, Class D, 144a, 1.680%, 1/15/27 | 6,416,694 | ||
1,612,082 | Hilton Grand Vacations Trust, Ser 2018-AA, Class A, 144a, 3.540%, 2/25/32 | 1,579,272 | ||
1,149,617 | Hilton Grand Vacations Trust, Ser 2020-AA, Class A, 144a, 2.740%, 2/25/39 | 1,095,304 | ||
1,437,021 | Hilton Grand Vacations Trust, Ser 2020-AA, Class B, 144a, 4.220%, 2/25/39 | 1,397,836 | ||
741,467 | LAD Auto Receivables Trust, Ser 2021-1A, Class A, 144a, 1.300%, 8/17/26 | 735,899 | ||
3,081,852 | Madison Park Funding XI Ltd. (Cayman Islands), Ser 2013-11A, Class AR2, 144a, (TSFR3M + 1.162%), 6.477%, 7/23/29(A) | 3,081,846 | ||
3,193,950 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class A, 144a, (TSFR1M + 1.814%), 7.140%, 11/15/35(A) | 3,195,946 | ||
5,219,000 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class C, 144a, (TSFR1M + 3.714%), 9.040%, 11/15/35(A) | 5,219,083 | ||
1,783,612 | Monroe Capital Mml CLO Ltd. (Cayman Islands), Ser 2017-1A, Class AR, 144a, (TSFR3M + 1.562%), 6.879%, 4/22/29(A) | 1,781,755 | ||
5,000,000 | OneMain Direct Auto Receivables Trust, Ser 2019-1A, Class A, 144a, 3.630%, 9/14/27 | 4,930,507 | ||
4,455,000 | OneMain Financial Issuance Trust, Ser 2022-2A, Class A, 144a, 4.890%, 10/14/34 | 4,423,302 | ||
3,000,000 | OneMain Financial Issuance Trust, Ser 2022-3A, Class A, 144a, 5.940%, 5/15/34 | 3,016,450 | ||
7,000,000 | OZLM IX Ltd. (Cayman Islands), Ser 2014-9A, Class A1A4, 144a, (TSFR3M + 1.200%), 6.521%, 10/20/31(A) | 6,999,888 | ||
6,112,983 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-4A, Class A1, 144a, (TSFR3M + 1.062%), 6.376%, 10/15/29(A) | 6,105,164 | ||
842,018 | Peaks CLO 1 Ltd. (Cayman Islands), Ser 2014-1A, Class A2R, 144a, (TSFR3M + 1.672%), 6.996%, 7/25/30(A) | 842,017 | ||
4,595,336 | Prestige Auto Receivables Trust, Ser 2019-1A, Class D, 144a, 3.010%, 8/15/25 | 4,588,392 | ||
1,041,171 | Prestige Auto Receivables Trust, Ser 2020-1A, Class D, 144a, 1.620%, 11/16/26 | 1,032,214 | ||
1,535,346 | Romark WM-R Ltd. (Cayman Islands), Ser 2018-1A, Class A1, 144a, (TSFR3M +1.292%), 6.609%, 4/20/31(A) | 1,535,962 | ||
5,000,000 | Santander Drive Auto Receivables Trust, Ser 2022-7, Class B, 5.950%, 1/17/28 | 5,021,792 | ||
1,010,000 | SBA Tower Trust, Ser 2014-2A, Class C, 144a, 3.869%, 10/15/49(A)(B) | 997,985 | ||
5,926,136 | Symphony Static CLO I Ltd. (Cayman Islands), Ser 2021-1A, Class A, 144a, (TSFR3M + 1.092%), 6.416%, 10/25/29(A) | 5,926,509 | ||
676,064 | TCI-Flatiron CLO Ltd. (Cayman Islands), Ser 2017-1A, Class AR, 144a, (TSFR3M + 1.222%), 6.541%, 11/18/30(A) | 676,025 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 46.5% (Continued) | ||||
$ 63,299 | Towd Point Mortgage Trust, Ser 2017-1, Class A1, 144a, 2.750%, 10/25/56(A)(B) | $ 63,031 | ||
2,200,160 | Towd Point Mortgage Trust, Ser 2017-5, Class A1, 144a, (TSFR1M + 0.714%), 6.044%, 2/25/57(A) | 2,235,636 | ||
1,784,305 | Towd Point Mortgage Trust, Ser 2019-HY1, Class A1, 144a, (TSFR1M + 1.114%), 6.444%, 10/25/48(A) | 1,810,439 | ||
5,325,000 | Westlake Automobile Receivables Trust, Ser 2021-1A, Class E, 144a, 2.330%, 8/17/26 | 5,143,858 | ||
4,295,000 | Westlake Automobile Receivables Trust, Ser 2021-2A, Class E, 144a, 2.380%, 3/15/27 | 4,096,688 | ||
Total Asset-Backed Securities | $223,455,907 | |||
Commercial Mortgage-Backed Securities — 17.5% | ||||
4,976,341 | AREIT Trust, Ser 2020-CRE4, Class C, 144a, (TSFR1M + 3.222%), 8.549%, 4/15/37(A) | 4,865,869 | ||
4,800,000 | Austin Fairmont Hotel Trust, Ser 2019-FAIR, Class C, 144a, (TSFR1M + 1.497%), 6.823%, 9/15/32(A) | 4,758,000 | ||
8,145,000 | BHMS, Ser 2018-ATLS, Class A, 144a, (TSFR1M + 1.547%), 6.872%, 7/15/35(A) | 8,134,375 | ||
8,495,000 | BXMT LTD (Cayman Islands), Ser 2020-FL2, Class AS, 144a, (TSFR1M + 1.264%), 6.590%, 2/15/38(A) | 7,851,725 | ||
3,290,251 | BXMT Ltd. (Cayman Islands), Ser 2020-FL2, Class A, 144a, (TSFR1M + 1.014%), 6.340%, 2/15/38(A) | 3,164,465 | ||
7,200,000 | BXP Trust, Ser 2017-CQHP, Class A, 144a, (TSFR1M + 0.897%), 6.223%, 11/15/34(A) | 6,715,054 | ||
2,700,000 | CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Class C, 144a, (TSFR1M + 1.497%), 7.073%, 12/15/37(A) | 2,698,313 | ||
5,695,000 | CGDB Commercial Mortgage Trust, Ser 2019-MOB, Class A, 144a, (TSFR1M +1.064%), 6.390%, 11/15/36(A) | 5,623,813 | ||
579,064 | Citigroup Commercial Mortgage Trust, Ser 2015-GC35, Class A2, 3.063%, 11/10/48 | 560,847 | ||
56,000,000 | Citigroup Commercial Mortgage Trust, Ser 2021-PRM2, Class XCP, 144a, 10/15/22(A)(B)(C) | 56 | ||
3,276,797 | COMM Mortgage Trust, Ser 2013-CR8, Class B, 144a, 3.566%, 6/10/46(A)(B) | 3,180,083 | ||
4,926,000 | COMM Mortgage Trust, Ser 2014-LC17, Class A5, 3.917%, 10/10/47 | 4,875,550 | ||
20,185,930 | COMM Mortgage Trust, Ser 2014-UBS3, Class XA, 0.994%, 6/10/47(A)(B)(C) | 1,663 | ||
4,250,000 | COMM Mortgage Trust, Ser 2015-CR22, Class A5, 3.309%, 3/10/48 | 4,148,412 | ||
1,874,000 | COMM Mortgage Trust, Ser 2015-CR27, Class A4, 3.612%, 10/10/48 | 1,816,224 | ||
638,069 | CSMC Trust, Ser 2017-CHOP, Class A, 144a, (Prime Rate -2.306%), 6.194%, 7/15/32(A) | 614,274 | ||
6,080,000 | CSMC Trust, Ser 2017-PFHP, Class A, 144a, (TSFR1M + 0.997%), 6.323%, 12/15/30(A) | 5,816,683 | ||
5,451,508 | DBGS Mortgage Trust, Ser 2018-BIOD, Class B, 144a, (TSFR1M + 1.184%), 6.509%, 5/15/35(A) | 5,417,436 | ||
1,307,044 | Great Wolf Trust, Ser 2019-WOLF, Class A, 144a, (TSFR1M +1.148%), 6.673%, 12/15/36(A) | 1,306,636 | ||
683,119 | GS Mortgage Securities Corp. Trust, Ser 2017-GPTX, Class A, 144a, 2.856%, 5/10/34 | 478,422 | ||
653,366 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Class AS, 3.216%, 4/15/46 | 602,097 | ||
1,300,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2018-WPT, Class BFX, 144a, 4.549%, 7/5/33 | 1,118,596 | ||
713,716 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2019-MFP, Class C, 144a, (TSFR1M + 1.407%), 6.733%, 7/15/36(A) | 706,694 |
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 17.5% (Continued) | ||||
$ 1,800,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2020-ACE, Class A, 144a, 3.287%, 1/10/37 | $ 1,753,916 | ||
2,807,570 | Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Class A4, 3.249%, 2/15/48 | 2,750,786 | ||
5,661,653 | Morgan Stanley Capital I Trust, Ser 2018-BOP, Class A, 144a, (TSFR1M + 0.897%), 6.223%, 8/15/33(A) | 4,665,202 | ||
183,739 | ReadyCap Commercial Mortgage Trust, Ser 2018-4, Class A, 144a, 3.390%, 2/27/51 | 177,543 | ||
Total Commercial Mortgage-Backed Securities | $83,802,734 | |||
Corporate Bonds — 16.7% | ||||
Consumer Discretionary — 3.2% | ||||
2,520,000 | Brunswick Corp., 0.850%, 8/18/24 | 2,472,518 | ||
7,500,000 | Daimler Truck Finance North America LLC (Germany), 144a, 5.600%, 8/8/25 | 7,505,644 | ||
5,350,000 | Hyundai Capital America, 144a, 5.250%, 1/8/27 | 5,346,918 | ||
15,325,080 | ||||
Financials — 3.2% | ||||
4,000,000 | Goldman Sachs Group, Inc. (The), MTN, 0.700%, 6/17/24 | 3,918,003 | ||
2,982,000 | JPMorgan Chase & Co., Ser b, (TSFR3M + 0.762%), 6.068%, 2/1/27(A) | 2,891,833 | ||
6,050,000 | SBA Tower Trust REIT, 144a, 2.836%, 1/15/25 | 5,904,955 | ||
2,500,000 | Synovus Financial Corp., 5.200%, 8/11/25 | 2,475,983 | ||
15,190,774 | ||||
Industrials — 3.1% | ||||
4,250,000 | L3Harris Technologies, Inc., 5.400%, 1/15/27 | 4,282,288 | ||
4,000,000 | Timken Co. (The), 3.875%, 9/1/24 | 3,972,473 | ||
6,700,000 | WRKCo, Inc., 3.000%, 9/15/24 | 6,615,634 | ||
14,870,395 | ||||
Utilities — 1.6% | ||||
6,000,000 | FirstEnergy Pennsylvania Electric Co., 144a, 4.000%, 4/15/25 | 5,846,461 | ||
2,000,000 | Jersey Central Power & Light Co., 144a, 4.700%, 4/1/24 | 2,000,000 | ||
7,846,461 | ||||
Consumer Staples — 1.4% | ||||
2,000,000 | Coca-Cola Europacific Partners PLC (United Kingdom), 144a, 0.800%, 5/3/24 | 1,991,131 | ||
5,000,000 | Imperial Brands Finance PLC (United Kingdom), 144a, 3.125%, 7/26/24 | 4,956,478 | ||
6,947,609 | ||||
Energy — 1.4% | ||||
1,000,000 | Boardwalk Pipelines LP, 4.950%, 12/15/24 | 994,025 | ||
5,574,000 | Midwest Connector Capital Co. LLC, 144a, 3.900%, 4/1/24 | 5,574,000 | ||
6,568,025 | ||||
Real Estate — 1.0% | ||||
5,000,000 | WEA Finance LLC / Westfield UK & Europe Finance PLC REIT (France), 144a, 3.750%, 9/17/24 | 4,934,699 | ||
Communication Services — 1.0% | ||||
4,692,000 | Sprint LLC, 7.125%, 6/15/24 | 4,699,141 | ||
Information Technology — 0.8% | ||||
4,000,000 | Microchip Technology, Inc., 4.250%, 9/1/25 | 3,934,877 | ||
Total Corporate Bonds | $80,317,061 | |||
Commercial Paper — 10.4% | ||||
2,300,000 | Chevron Phillips Chemical Co., 5.373%, 4/1/24(D) | 2,298,615 | ||
13,000,000 | CVS Health Corp., 5.403%, 4/1/24(D) | 12,992,206 |
Principal Amount | Market Value | |||
Commercial Paper — 10.4% (Continued) | ||||
$12,000,000 | JM Smucker Co., 5.403%, 4/1/24(D) | $ 11,992,766 | ||
12,900,000 | Montana-Dakota Utilities, 5.453%, 4/1/24(D) | 12,892,223 | ||
10,000,000 | Orange & Rockland Utilities, Inc., 5.393%, 4/1/24(D) | 9,993,971 | ||
Total Commercial Paper | $50,169,781 | |||
Non-Agency Collateralized Mortgage Obligations — 8.9% | ||||
473,461 | Bear Stearns ARM Trust, Ser 2003-1, Class 5A1, 6.262%, 4/25/33(A)(B)†† | 467,391 | ||
104,716 | Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34(A)(B)†† | 88,616 | ||
1,786,681 | CFMT LLC, Ser 2021-EBO1, Class A, 144a, 0.985%, 11/25/50(A)(B) | 1,717,163 | ||
3,200,472 | CFMT LLC, Ser 2021-HB7, Class A, 144a, 1.151%, 10/27/31(A)(B) | 3,114,982 | ||
752,928 | CIM Trust, Ser 2018-R3, Class A1, 144a, 5.000%, 12/25/57(A)(B) | 742,181 | ||
2,361 | Community Program Loan Trust, Ser 1987-A, Class A5, 4.500%, 4/1/29 | 2,339 | ||
8,033,605 | CSMC Trust, Ser 2018-RPL9, Class A1, 144a, 3.850%, 9/25/57(A)(B) | 7,756,887 | ||
1,090,622 | GSR Mortgage Loan Trust, Ser 2003-13, Class 1A1, 5.606%, 10/25/33(A)(B) | 1,060,312 | ||
47,969 | JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 4.995%, 6/25/36(A)(B) | 33,731 | ||
2,102,506 | JP Morgan Mortgage Trust, Ser 2019-HYB1, Class A5A, 144a, 3.000%, 10/25/49(A)(B) | 2,026,042 | ||
32,837 | Merrill Lynch Mortgage Investors Trust, Ser 2004-1, Class 1A, 5.922%, 12/25/34(A)(B) | 30,936 | ||
13,880 | Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (TSFR12M + 2.340%), 7.433%, 12/25/32(A) | 13,114 | ||
352,539 | Mill City Mortgage Loan Trust, Ser 2018-2, Class A1, 144a, 3.500%, 5/25/58(A)(B) | 346,976 | ||
189,230 | RFMSI Trust, Ser 2007-SA1, Class 1A1, 3.200%, 2/25/37(A)(B) | 153,964 | ||
6,996,516 | RMF Proprietary Issuance Trust, Ser 2019-1, Class A, 144a, 2.750%, 10/25/63(A)(B) | 5,851,857 | ||
1,351,075 | Sequoia Mortgage Trust, Ser 2013-7, Class B2, 3.507%, 6/25/43(A)(B) | 1,272,033 | ||
1,114,269 | Sequoia Mortgage Trust, Ser 2019-CH3, Class A13, 144a, 4.000%, 9/25/49(A)(B) | 1,025,968 | ||
5,317,208 | Starwood Mortgage Residential Trust, Ser 2020-3, Class A1, 144a, 1.486%, 4/25/65(A)(B) | 4,971,084 | ||
2,295,774 | Towd Point HE Trust, Ser 2021-HE1, Class A1, 144a, 0.918%, 2/25/63(A)(B) | 2,197,653 | ||
1,384,859 | Towd Point Mortgage Trust, Ser 2015-2, Class 1M2, 144a, 3.698%, 11/25/60(A)(B) | 1,369,565 | ||
4,687,739 | Towd Point Mortgage Trust, Ser 2015-6, Class M1, 144a, 3.750%, 4/25/55(A)(B) | 4,610,218 | ||
4,233,391 | Towd Point Mortgage Trust, Ser 2021-SJ2, Class A1A, 144a, 2.250%, 12/25/61(A)(B) | 3,984,373 | ||
Total Non-Agency Collateralized Mortgage Obligations | $42,837,385 | |||
Municipal Bonds — 1.2% | ||||
Other Territory — 1.1% | ||||
835,000 | Taxable Municipal Funding Trust, Rev., 144a, 5.620%, 5/15/56(A)(B) | 835,000 | ||
1,949,000 | Taxable Municipal Funding Trust, Rev., 144a, 5.620%, 12/15/25(A)(B) | 1,949,000 | ||
2,400,000 | Taxable Municipal Funding Trust, Txbl Floaters Ser 2020 11, (LOC - Barclays Bank PLC), 144a, 5.620%, 9/1/30(A)(B) | 2,400,000 | ||
5,184,000 |
Principal Amount | Market Value | |||
California — 0.1% | ||||
$ 380,000 | CA St Enterprise Dev Authority, Txbl Variable J Harris Indl Wt, (LOC - City National Bank), 144a, 5.780%, 9/1/41(A)(B) | $ 380,000 | ||
Total Municipal Bonds | $5,564,000 | |||
U.S. Government Mortgage-Backed Obligations — 0.8% | ||||
86,241 | FHLMC, Pool #1B7189, (RFUCCT1Y + 2.470%), 6.620%, 3/1/36(A) | 86,618 | ||
73,092 | FHLMC, Pool #1H1354, (1 Year CMT Rate +2.250%), 6.328%, 11/1/36(A) | 74,393 | ||
27,342 | FHLMC, Pool #1J1813, (RFUCCT1Y + 1.925%), 6.175%, 8/1/37(A) | 27,538 | ||
77,791 | FHLMC, Pool #1L0147, (1 Year CMT Rate +2.290%), 6.290%, 7/1/35(A) | 77,307 | ||
30,021 | FHLMC, Pool #1Q0080, (RFUCCT1Y + 1.661%), 5.618%, 1/1/36(A) | 30,576 | ||
78,926 | FHLMC, Pool #1Q0119, (RFUCCT1Y + 1.850%), 5.936%, 9/1/36(A) | 81,113 | ||
59,769 | FHLMC, Pool #1Q0187, (RFUCCT1Y + 1.789%), 6.038%, 12/1/36(A) | 59,772 | ||
40,373 | FHLMC, Pool #1Q0339, (RFUCCT1Y + 1.889%), 5.511%, 4/1/37(A) | 40,394 | ||
52,505 | FHLMC, Pool #1Q1303, (1 Year CMT Rate +2.250%), 6.177%, 11/1/36(A) | 53,439 | ||
101,033 | FHLMC, Pool #781515, (1 Year CMT Rate +2.250%), 4.988%, 4/1/34(A) | 103,333 | ||
35,239 | FHLMC, Pool #782760, (1 Year CMT Rate +2.250%), 6.292%, 11/1/36(A) | 36,180 | ||
50,212 | FHLMC, Pool #847795, (1 Year CMT Rate +2.275%), 6.216%, 4/1/35(A) | 49,757 | ||
121,589 | FHLMC, Pool #848539, (1 Year CMT Rate +2.288%), 6.022%, 4/1/37(A) | 123,223 | ||
251,534 | FHLMC, Pool #848583, (1 Year CMT Rate +2.303%), 5.703%, 1/1/36(A) | 257,335 | ||
3,633 | FHLMC, Pool #A92646, 5.500%, 6/1/40 | 3,715 | ||
4,892 | FHLMC, Pool #C03505, 5.500%, 6/1/40 | 5,003 | ||
13,146 | FHLMC, Pool #G01840, 5.000%, 7/1/35 | 13,242 | ||
38,736 | FNMA, Pool #254868, 5.000%, 9/1/33 | 38,949 | ||
6,712 | FNMA, Pool #256272, 5.500%, 6/1/26 | 6,683 | ||
18,242 | FNMA, Pool #256852, 6.000%, 8/1/27 | 18,417 | ||
4,778 | FNMA, Pool #323832, 7.500%, 7/1/29 | 4,841 | ||
13,722 | FNMA, Pool #665773, 7.500%, 6/1/31 | 13,704 | ||
44,135 | FNMA, Pool #679742, (1 Year CMT Rate +2.480%), 4.947%, 1/1/40(A) | 43,610 | ||
48,014 | FNMA, Pool #725424, 5.500%, 4/1/34 | 49,044 | ||
186,670 | FNMA, Pool #725490, (RFUCCT1Y + 1.597%), 5.154%, 4/1/34(A) | 185,336 | ||
7,522 | FNMA, Pool #735484, 5.000%, 5/1/35 | 7,568 | ||
37,946 | FNMA, Pool #813170, (RFUCCT1Y + 1.575%), 6.039%, 1/1/35(A) | 37,886 | ||
142,851 | FNMA, Pool #815323, (RFUCCT6M + 1.529%), 7.368%, 1/1/35(A) | 144,581 | ||
49,771 | FNMA, Pool #820364, (RFUCCT1Y + 0.827%), 4.202%, 4/1/35(A) | 49,232 | ||
54,354 | FNMA, Pool #827787, (RFUCCT6M + 1.55%), 7.425%, 5/1/35(A) | 55,171 | ||
28,774 | FNMA, Pool #889060, 6.000%, 1/1/38 | 30,581 | ||
28,679 | FNMA, Pool #889061, 6.000%, 1/1/38 | 29,727 | ||
1,883 | FNMA, Pool #889382, 5.500%, 4/1/38 | 1,924 | ||
57,608 | FNMA, Pool #922674, (RFUCCT1Y + 1.905%), 5.780%, 4/1/36(A) | 59,104 | ||
18,051 | FNMA, Pool #960376, 5.500%, 12/1/37 | 18,439 | ||
2,976 | FNMA, Pool #AD0941, 5.500%, 4/1/40 | 3,040 |
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 0.8% (Continued) | ||||
$ 20,790 | FNMA, Pool #AE0363, 5.000%, 7/1/37 | $ 20,916 | ||
28,185 | FNMA, Pool #AE5441, 5.000%, 10/1/40 | 28,121 | ||
12,613 | FNMA, Pool #AI6588, 4.000%, 7/1/26 | 12,382 | ||
24,593 | FNMA, Pool #AI8506, 4.000%, 8/1/26 | 24,180 | ||
38,489 | FNMA, Pool #AL0211, 5.000%, 4/1/41 | 38,422 | ||
183,147 | FNMA, Pool #AL0478, (RFUCCT1Y + 1.777%), 5.760%, 4/1/36(A) | 188,226 | ||
84,132 | FNMA, Pool #AL0543, 5.000%, 7/1/41 | 83,934 | ||
35,555 | FNMA, Pool #AL1105, 4.500%, 12/1/40 | 34,901 | ||
9,063 | FNMA, Pool #AL2591, 5.500%, 5/1/38 | 9,003 | ||
190,648 | FNMA, Pool #AL5275, (RFUCCT6M + 1.505%), 5.546%, 9/1/37(A) | 193,253 | ||
488,596 | FNMA, Pool #AL7396, (RFUCCT6M + 1.532%), 7.364%, 2/1/37(A) | 496,749 | ||
125,526 | GNMA, Pool #80826, (1 Year CMT Rate +1.500%), 3.625%, 2/20/34(A) | 126,274 | ||
57,202 | GNMA, Pool #80889, (1 Year CMT Rate +1.500%), 3.875%, 4/20/34(A) | 56,834 | ||
127,324 | GNMA, Pool #81016, (1 Year CMT Rate +1.500%), 3.625%, 8/20/34(A) | 125,726 | ||
131,707 | GNMA, Pool #82760, (1 Year CMT Rate +1.500%), 3.625%, 3/20/41(A) | 133,301 | ||
18,260 | GNMA, Pool #MA2392, (1 Year CMT Rate +1.500%), 3.750%, 11/20/44(A) | 17,881 | ||
181,127 | GNMA, Pool #MA2466, (1 Year CMT Rate +1.500%), 3.750%, 12/20/44(A) | 179,223 | ||
Total U.S. Government Mortgage-Backed Obligations | $3,690,101 | |||
U.S. Government Agency Obligations — 0.2% | ||||
30,026 | Small Business Administration Pools, Pool #508374, (Prime Rate -2.500%), 6.000%, 4/25/28(A) | 29,606 | ||
990,000 | United States International Development Finance Corp., 5.500%, 5/15/26(A)(B) | 990,000 | ||
Total U.S. Government Agency Obligations | $1,019,606 | |||
Agency Collateralized Mortgage Obligations — 0.2% | ||||
56,397,144 | FHLMC Multifamily Structured Pass Through Certificates, Ser K040, Class X1, 0.646%, 9/25/24(A)(B)(C) | 84,985 | ||
102,911 | FHLMC REMIC, Ser 2770, Class FH, (SOFR30A + 0.514%), 5.833%, 3/15/34(A) | 102,300 | ||
312,278 | FHLMC REMIC, Ser 4238, Class TL, 1.250%, 8/15/27 | 295,475 | ||
20,006 | FNMA REMIC, Ser 2003-33, Class AM, 4.250%, 5/25/33 | 19,209 | ||
9,234 | FNMA REMIC, Ser 2003-42, Class CA, 4.000%, 5/25/33 | 9,000 | ||
74,037 | FNMA REMIC, Ser 2003-81, Class FE, (SOFR30A + 0.614%), 5.935%, 9/25/33(A) | 73,849 | ||
151,094 | FNMA REMIC, Ser 2009-32, Class BH, 5.250%, 5/25/39 | 150,750 | ||
17,321 | FNMA REMIC, Ser 2012-102, Class NA, 1.500%, 9/25/27 | 16,573 | ||
7,137 | GNMA, Ser 2011-57, Class BA, 3.000%, 5/20/40 | 6,987 | ||
Total Agency Collateralized Mortgage Obligations | $759,128 |
Shares | MarketValue | |||
Short-Term Investment Fund — 0.1% | ||||
131,453 | Dreyfus Government Cash Management, Institutional Shares, 5.20%∞Ω | $ 131,453 | ||
Total Investment Securities—102.5% (Cost $497,458,674) | $491,747,156 | |||
Liabilities in Excess of Other Assets — (2.5%) | (11,778,702) | |||
Net Assets — 100.0% | $479,968,454 |
(A) | Variable rate security - Rate reflected is the rate in effect as of March 31, 2024. |
(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, 2024. |
Portfolio Abbreviations: |
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 |
LLC – Limited Liability Company |
LOC – Letter of Credit |
LP – Limited Partnership |
MTN – Medium Term Note |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
REMIC – Real Estate Mortgage Investment Conduit |
RFUCCT1Y – Refinitiv USD LIBOR Consumer Cash Fallbacks Term One year |
RFUCCT6M – Refinitiv USD LIBOR Consumer Cash Fallbacks Term Six months |
SOFR30A – Secured Overnight Financing Rate 30 Day Average |
TSFR12M – Twelve Month Term Secured Overnight Financing Rate |
TSFR1M – One Month Term Secured Overnight Financing Rate |
TSFR3M – Three Month Term Secured Overnight Financing Rate |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2024, these securities were valued at $353,007,985 or 73.5% 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 | $— | $223,455,907 | $— | $223,455,907 |
Commercial Mortgage-Backed Securities | — | 83,802,734 | — | 83,802,734 |
Corporate Bonds | — | 80,317,061 | — | 80,317,061 |
Commercial Paper | — | 50,169,781 | — | 50,169,781 |
Non-Agency Collateralized Mortgage Obligations | — | 42,837,385 | — | 42,837,385 |
Municipal Bonds | — | 5,564,000 | — | 5,564,000 |
U.S. Government Mortgage-Backed Obligations | — | 3,690,101 | — | 3,690,101 |
U.S. Government Agency Obligations | — | 1,019,606 | — | 1,019,606 |
Agency Collateralized Mortgage Obligations | — | 759,128 | — | 759,128 |
Short-Term Investment Fund | 131,453 | — | — | 131,453 |
Total | $131,453 | $491,615,703 | $— | $491,747,156 |
Touchstone Active Bond Fund | Touchstone Ares Credit Opportunities Fund | Touchstone Dividend Equity Fund | Touchstone High Yield Fund | Touchstone Impact Bond Fund | Touchstone Mid Cap Fund | |
Assets | ||||||
Investments, at cost | $266,017,273 | $509,574,228 | $2,338,474,524 | $108,211,393 | $616,887,462 | $4,094,123,447 |
Investments, at market value * | $250,343,981 | $500,567,777 | $2,581,497,349 | $105,206,637 | $564,932,172 | $5,822,084,540 |
Cash | 26,125 | 5,512,381 | — | 122,000 | 1,821 | — |
Cash deposits held at prime broker (A) | 1,572,178 | 69,508 | — | — | — | — |
Foreign currency † | 130 | 1,496,275 | — | — | — | — |
Unrealized appreciation on forward foreign currency contracts | — | 214,185 | — | — | — | — |
Dividends and interest receivable | 2,152,909 | 6,253,596 | 3,764,400 | 1,710,534 | 4,363,203 | 4,135,384 |
Receivable for capital shares sold | 746,143 | 13,349,789 | 1,508,658 | 100,131 | 1,266,064 | 11,555,636 |
Receivable for investments sold | 386 | 1,517,010 | — | 222,304 | 610,041 | — |
Receivable for securities lending income | 78 | — | — | 775 | — | — |
Tax reclaim receivable | 8,925 | 5,450 | 107,039 | 9,674 | — | — |
Unrealized appreciation on unfunded commitments | — | 178,688 | — | — | — | — |
Other assets | 4,752 | 27,753 | 20,091 | 8,613 | 11,442 | 88,406 |
Total Assets | 254,855,607 | 529,192,412 | 2,586,897,537 | 107,380,668 | 571,184,743 | 5,837,863,966 |
Liabilities | ||||||
Due to custodian | — | — | — | — | — | — |
Due to prime broker(A) | — | 548,678 | — | — | — | — |
Written options, at market value ‡ | — | 4,400 | — | — | — | — |
Dividends payable | 58,561 | 85,117 | 2,121,641 | 6,395 | 253,902 | — |
Payable for return of collateral for securities on loan | — | 4,045,367 | — | 1,531,015 | — | — |
Payable for capital shares redeemed | 554,534 | 1,578,380 | 3,562,670 | 128,211 | 2,914,771 | 14,746,569 |
Payable for investments purchased | — | 26,749,340 | 6,235,312 | 700,550 | 4,532,014 | — |
Payable to Investment Adviser | 62,313 | 217,191 | 1,111,981 | 35,450 | 105,309 | 3,104,371 |
Payable to other affiliates | 40,539 | 73,247 | 816,792 | 13,011 | 66,528 | 778,769 |
Payable to Trustees | 14,539 | 14,539 | 14,539 | 14,539 | 14,539 | 14,539 |
Payable for professional services | 22,321 | 23,311 | 46,542 | 21,701 | 23,425 | 77,033 |
Payable for reports to shareholders | 3,764 | 6,307 | 79,116 | 478 | 5,475 | 141,916 |
Payable for transfer agent services | 85,447 | 110,057 | 758,675 | 13,583 | 117,353 | 1,413,602 |
Payable for variation margin on futures contracts | 110,873 | — | — | — | — | — |
Payable for variation margin on swap agreements | 744,513 | 41,908 | — | — | — | — |
Other accrued expenses and liabilities | 24,290 | 43,694 | 16,809 | 4,789 | 1,101 | 30,171 |
Total Liabilities | 1,721,694 | 33,541,536 | 14,764,077 | 2,469,722 | 8,034,417 | 20,306,970 |
Net Assets | $253,133,913 | $495,650,876 | $2,572,133,460 | $104,910,946 | $563,150,326 | $5,817,556,996 |
Net assets consist of: | ||||||
Par value | 272,540 | 542,295 | 1,408,880 | 137,707 | 628,252 | 1,020,579 |
Paid-in capital | 394,643,203 | 586,178,426 | 2,261,213,269 | 129,629,522 | 629,725,912 | 3,969,146,086 |
Distributable earnings (deficit) | (141,781,830) | (91,069,845) | 309,511,311 | (24,856,283) | (67,203,838) | 1,847,390,331 |
Net Assets | $253,133,913 | $495,650,876 | $2,572,133,460 | $104,910,946 | $563,150,326 | $5,817,556,996 |
*Includes market value of securities on loan of: | $— | $3,852,720 | $— | $1,466,558 | $— | $— |
†Cost of foreign currency: | $140 | $1,508,267 | $— | $— | $— | $— |
‡Premiums received from written options: | $— | $4,200 | $— | $— | $— | $— |
(A) | Represents segregated cash for futures contracts, swap agreement, and/or securities sold short. |
Touchstone Mid Cap Value Fund | Touchstone Sands Capital International Growth Equity Fund | Touchstone Sands Capital Select Growth Fund | Touchstone Small Cap Fund | Touchstone Small Cap Value Fund | Touchstone Ultra Short Duration Fixed Income Fund |
$635,184,734 | $38,817,443 | $1,739,764,422 | $216,087,509 | $168,608,921 | $497,458,674 |
$840,470,307 | $45,637,060 | $2,856,670,308 | $268,178,431 | $190,178,568 | $491,747,156 |
— | — | 13,219 | — | 682,566 | — |
— | — | — | — | — | — |
— | 601 | — | — | — | — |
— | — | — | — | — | — |
1,072,119 | 41,826 | 174,253 | 308,844 | 233,921 | 2,174,005 |
717,453 | 23,814 | 1,364,074 | 260,188 | 241,583 | 744,614 |
— | — | — | — | — | 13,364 |
— | — | — | — | — | — |
— | 43,552 | — | — | — | 550 |
— | — | — | — | — | — |
14,628 | 49,583 | 35,478 | 29,391 | 6,817 | 16,243 |
842,274,507 | 45,796,436 | 2,858,257,332 | 268,776,854 | 191,343,455 | 494,695,932 |
— | — | — | — | — | 5,863 |
— | — | — | — | — | — |
— | — | — | — | — | — |
— | — | — | — | — | 195,885 |
— | — | — | — | — | — |
1,035,661 | 23,783 | 8,085,750 | 185,279 | 298,808 | 2,141,765 |
8,280,683 | — | — | — | 21,129,107 | 12,114,613 |
411,235 | 7,607 | 1,463,241 | 162,479 | 79,864 | 32,967 |
94,851 | 6,211 | 596,181 | 30,584 | 18,602 | 93,231 |
14,539 | 14,539 | 14,539 | 14,539 | 14,539 | 14,539 |
24,244 | 21,548 | 45,982 | 17,254 | 18,998 | 25,407 |
54,185 | 1,676 | 57,349 | — | 847 | 8,277 |
272,952 | 9,156 | 587,153 | 38,113 | 31,221 | 92,023 |
— | — | — | — | — | — |
— | — | — | — | — | — |
15,273 | 1,209 | 74,121 | 1,034 | 1,073 | 2,908 |
10,203,623 | 85,729 | 10,924,316 | 449,282 | 21,593,059 | 14,727,478 |
$832,070,884 | $45,710,707 | $2,847,333,016 | $268,327,572 | $169,750,396 | $479,968,454 |
349,333 | 52,950 | 1,769,862 | 175,468 | 46,393 | 523,339 |
592,511,889 | 38,875,900 | 2,004,245,352 | 215,216,282 | 152,296,629 | 596,541,612 |
239,209,662 | 6,781,857 | 841,317,802 | 52,935,822 | 17,407,374 | (117,096,497) |
$832,070,884 | $45,710,707 | $2,847,333,016 | $268,327,572 | $169,750,396 | $479,968,454 |
$— | $— | $— | $— | $— | $— |
$— | $606 | $— | $— | $— | $— |
$— | $— | $— | $— | $— | $— |
Touchstone Active Bond Fund | Touchstone Ares Credit Opportunities Fund | Touchstone Dividend Equity Fund | Touchstone High Yield Fund | Touchstone Impact Bond Fund | Touchstone Mid Cap Fund | |
Pricing of Class A Shares | ||||||
Net assets applicable to Class A shares | $118,881,836 | $114,039,542 | $1,542,407,091 | $11,845,135 | $16,586,120 | $166,333,866 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | 12,778,748 | 12,621,061 | 84,356,440 | 1,600,944 | 1,852,845 | 2,971,943 |
Net asset value price per share* | $9.30 | $9.04 | $18.28 | $7.40 | $8.95 | $55.97 |
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 | $9.61 | $9.34 | $19.24 | $7.65 | $9.25 | $58.92 |
Pricing of Class C Shares | ||||||
Net assets applicable to Class C shares | $2,930,047 | $21,635,217 | $301,998,344 | $432,776 | $1,491,080 | $82,908,766 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | 346,963 | 2,490,356 | 16,653,929 | 58,728 | 166,679 | 1,628,495 |
Net asset value and offering price per share** | $8.44 | $8.69 | $18.13 | $7.37 | $8.95 | $50.91 |
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 | $49,432,770 | $310,801,122 | $724,918,274 | $19,215,336 | $255,694,187 | $4,111,554,339 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | 5,317,946 | 33,811,164 | 39,723,551 | 2,511,617 | 28,522,956 | 72,032,539 |
Net asset value, offering price and redemption price per share | $9.30 | $9.19 | $18.25 | $7.65 | $8.96 | $57.08 |
Pricing of Class Z Shares | ||||||
Net assets applicable to Class Z shares | $— | $— | $— | $— | $— | $48,418,246 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | — | — | — | — | — | 871,642 |
Net asset value, offering price and redemption price per share | $— | $— | $— | $— | $— | $55.55 |
Pricing of Institutional Class Shares | ||||||
Net assets applicable to Institutional Class shares | $81,889,260 | $49,174,995 | $2,004,585 | $73,417,699 | $263,320,418 | $639,071,460 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | 8,810,368 | 5,306,915 | 109,928 | 9,599,393 | 29,375,258 | 11,149,216 |
Net asset value, offering price and redemption price per share | $9.29 | $9.27 | $18.24 | $7.65 | $8.96 | $57.32 |
Pricing of Class R6 Shares | ||||||
Net assets applicable to Class R6 shares | $— | $— | $805,166 | $— | $26,058,521 | $769,270,319 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | — | — | 44,135 | — | 2,907,474 | 13,404,037 |
Net asset value, offering price and redemption price per share | $— | $— | $18.24 | $— | $8.96 | $57.39 |
* | 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. |
Touchstone Mid Cap Value Fund | Touchstone Sands Capital International Growth Equity Fund | Touchstone Sands Capital Select Growth Fund | Touchstone Small Cap Fund | Touchstone Small Cap Value Fund | Touchstone Ultra Short Duration Fixed Income Fund |
$16,884,869 | $8,308,663 | $437,219,599 | $18,670,981 | $25,018,541 | $79,100,037 |
717,958 | 964,151 | 29,786,371 | 1,246,055 | 689,400 | 8,626,787 |
$23.52 | $8.62 | $14.68 | $14.98 | $36.29 | $9.17 |
5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 2.00% |
$24.76 | $9.07 | $15.45 | $15.77 | $38.20 | $9.36 |
$2,344,935 | $468,012 | $22,174,789 | $1,124,300 | $400,071 | $3,514,178 |
104,905 | 53,073 | 1,525,448 | 86,241 | 11,708 | 382,915 |
$22.35 | $8.82 | $14.54 | $13.04 | $34.17 | $9.18 |
$— | $— | $— | $— | $— | $32,580,644 |
— | — | — | — | — | 3,551,629 |
$— | $— | $— | $— | $— | $9.17 |
$364,118,120 | $18,398,057 | $710,431,398 | $204,851,620 | $40,209,160 | $215,773,404 |
15,344,887 | 2,132,216 | 42,815,214 | 13,355,882 | 1,099,806 | 23,519,016 |
$23.73 | $8.63 | $16.59 | $15.34 | $36.56 | $9.17 |
$— | $— | $264,748,388 | $— | $— | $40,738,885 |
— | — | 18,018,501 | — | — | 4,441,693 |
$— | $— | $14.69 | $— | $— | $9.17 |
$448,722,960 | $3,834 | $926,507,013 | $43,680,671 | $104,122,624 | $108,261,306 |
18,765,591 | 444 | 55,665,227 | 2,858,630 | 2,838,342 | 11,811,817 |
$23.91 | $8.64 | $16.64 | $15.28 | $36.68 | $9.17 |
$— | $18,532,141 | $486,251,829 | $— | $— | $— |
— | 2,145,095 | 29,175,444 | — | — | — |
$— | $8.64 | $16.67 | $— | $— | $— |
Touchstone Active Bond Fund | Touchstone Ares Credit Opportunities Fund | Touchstone Dividend Equity Fund | Touchstone High Yield Fund | |
Investment Income | ||||
Dividends* | $144,647 | $— | $36,279,148 | $76,919 |
Interest** | 5,764,585 | 17,329,691 | — | 3,448,537 |
Income from securities loaned | 636 | 101,241 | — | 4,172 |
Total Investment Income | 5,909,868 | 17,430,932 | 36,279,148 | 3,529,628 |
Expenses | ||||
Investment advisory fees | 454,198 | 1,148,886 | 6,394,897 | 283,748 |
Administration fees | 170,514 | 261,463 | 1,679,638 | 70,731 |
Compliance fees and expenses | 2,085 | 2,085 | 2,085 | 2,085 |
Custody fees | 22,653 | 27,884 | 15,874 | 17,878 |
Professional fees | 19,859 | 31,066 | 54,583 | 15,795 |
Transfer Agent fees, Class A | 64,525 | 51,101 | 616,719 | 7,562 |
Transfer Agent fees, Class C | 1,793 | 7,466 | 159,789 | 334 |
Transfer Agent fees, Class S | — | — | — | — |
Transfer Agent fees, Class Y | 21,922 | 78,902 | 275,231 | 11,469 |
Transfer Agent fees, Class Z | — | — | — | — |
Transfer Agent fees, Institutional Class | 6,510 | 1,851 | 283 | 403 |
Transfer Agent fees, Class R6 | — | — | 22 | — |
Registration fees, Class A | 10,767 | 10,918 | 16,980 | 7,529 |
Registration fees, Class C | 7,921 | 9,818 | 11,855 | 4,708 |
Registration fees, Class S | — | — | — | — |
Registration fees, Class Y | 8,354 | 19,205 | 11,986 | 8,046 |
Registration fees, Class Z | — | — | — | — |
Registration fees, Institutional Class | 8,142 | 5,064 | 2,419 | 7,231 |
Registration fees, Class R6 | — | — | 3,132 | — |
Interest expense on securities sold short | — | 29,124 | — | — |
Reports to Shareholders, Class A | 6,684 | 6,598 | 38,928 | 1,797 |
Reports to Shareholders, Class C | 1,388 | 1,877 | 16,221 | 1,239 |
Reports to Shareholders, Class S | — | — | — | — |
Reports to Shareholders, Class Y | 2,424 | 8,138 | 19,534 | 1,490 |
Reports to Shareholders, Class Z | — | — | — | — |
Reports to Shareholders, Institutional Class | 1,524 | 1,303 | 1,237 | 1,278 |
Reports to Shareholders, Class R6 | — | — | 1,215 | — |
Shareholder servicing fees, Class Z | — | — | — | — |
Distribution and shareholder servicing expenses, Class A | 149,809 | 140,112 | 1,808,413 | 14,456 |
Distribution and shareholder servicing expenses, Class C | 15,077 | 94,709 | 1,592,084 | 2,344 |
Distribution expenses, Class S | — | — | — | — |
Trustee fees | 14,932 | 14,932 | 14,932 | 14,932 |
Other expenses | 58,465 | 53,086 | 196,000 | 21,629 |
Total Expenses | 1,049,546 | 2,005,588 | 12,934,057 | 496,684 |
Fees waived and/or reimbursed by the Adviser and/or Affiliates(A) | (192,422) | (225,281) | (381,834) | (94,603) |
Fees eligible for recoupment by the Adviser(A) | — | — | — | — |
Net Expenses | 857,124 | 1,780,307 | 12,552,223 | 402,081 |
Net Investment Income (Loss) | 5,052,744 | 15,650,625 | 23,726,925 | 3,127,547 |
Realized and Unrealized Gains (Losses) on Investments | ||||
Net realized gains (losses) on investments(B) | (5,231,693) | (4,713,559) | 70,370,939 | (185,213) |
Net realized losses on securities sold short | — | (127,854) | — | — |
Net realized gains on written options | — | 10,700 | — | — |
Net realized losses on futures contracts | (542,346) | — | — | — |
Net realized losses on swap agreements | (86,440) | (15,166) | — | — |
Net realized losses on forward foreign currency contracts | — | (192,977) | — | — |
Net realized losses on foreign currency transactions | — | (4,640) | — | — |
Net change in unrealized appreciation (depreciation) on investments | 17,893,971 | 17,549,314 | 354,570,614 | 4,984,014 |
Net change in unrealized appreciation (depreciation) on securities sold short | — | (19,760) | — | — |
Net change in unrealized appreciation (depreciation) on written options | — | (1,800) | — | — |
Net change in unrealized appreciation (depreciation) on futures contracts | (233,998) | — | — | — |
Net change in unrealized appreciation (depreciation) on swap agreements | (723,922) | (17,486) | — | — |
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | — | 80,780 | — | — |
Net change in unrealized appreciation (depreciation) on foreign currency transactions | 1 | (13,745) | — | — |
Net change in unrealized appreciation (depreciation) on unfunded commitments | — | 178,688 | — | — |
Net Realized and Unrealized Gains (Losses) on Investments | 11,075,573 | 12,712,495 | 424,941,553 | 4,798,801 |
Change in Net Assets Resulting from Operations | $16,128,317 | $28,363,120 | $448,668,478 | $7,926,348 |
*Net of foreign tax withholding of: | $— | $— | $— | $— |
**Net of foreign tax withholding of: | $597 | $314 | $— | $— |
(A) | See Note 4 in Notes to Financial Statements. |
(B) | Net realized gains on investments includes the realized gains of $24,771,767, $15,313,063, $106,506,860, $286,332 and $854,935 for the Mid Cap Fund, the Mid Cap Value Fund, the Sand Capital Select Growth Fund, the Small Cap Fund and the Small Cap Value Fund, respectively, for redemption-in-kind activity, which will not be recognized by the Fund for tax purposes. |
Touchstone Impact Bond Fund | Touchstone Mid Cap Fund | Touchstone Mid Cap Value Fund | Touchstone Sands Capital International Growth Equity Fund | Touchstone Sands Capital Select Growth Fund | Touchstone Small Cap Fund | Touchstone Small Cap Value Fund | Touchstone Ultra Short Duration Fixed Income Fund |
$— | $28,661,883 | $6,848,641 | $102,543 | $3,404,245 | $1,080,605 | $1,092,626 | $30,182 |
10,830,406 | 18,821 | — | — | — | — | — | 13,382,160 |
— | — | 7,992 | 9 | — | 298 | 1,572 | — |
10,830,406 | 28,680,704 | 6,856,633 | 102,552 | 3,404,245 | 1,080,903 | 1,094,198 | 13,412,342 |
684,803 | 16,396,723 | 2,749,548 | 128,017 | 8,176,963 | 736,105 | 499,016 | 430,804 |
370,406 | 3,447,860 | 500,793 | 26,901 | 1,751,182 | 118,116 | 80,206 | 327,248 |
2,085 | 2,085 | 2,085 | 2,085 | 2,085 | 2,085 | 2,085 | 2,086 |
9,673 | 25,883 | 11,281 | 10,052 | 16,523 | 3,529 | 6,857 | 41,398 |
23,438 | 95,933 | 23,805 | 26,233 | 54,034 | 13,572 | 13,925 | 23,177 |
6,563 | 87,952 | 10,988 | 3,754 | 192,014 | 5,664 | 9,499 | 26,066 |
650 | 29,837 | 1,424 | 412 | 11,150 | 224 | 206 | 931 |
— | — | — | — | — | — | — | 9,639 |
83,305 | 1,778,002 | 452,395 | 8,603 | 239,375 | 48,274 | 15,473 | 71,946 |
— | 29,694 | — | — | 154,704 | — | — | 20,012 |
61,712 | 128,202 | 58,735 | 9 | 152,122 | 4,118 | 12,276 | 22,017 |
30 | 1,631 | — | 18 | 79 | — | — | — |
9,373 | 10,927 | 8,756 | 10,348 | 12,894 | 10,242 | 9,822 | 10,572 |
6,053 | 9,239 | 7,230 | 5,653 | 9,122 | 5,034 | 4,276 | 5,534 |
— | — | — | — | — | — | — | 8,206 |
14,526 | 64,507 | 17,621 | 11,299 | 19,073 | 14,326 | 11,238 | 16,484 |
— | 12,345 | — | — | 11,923 | — | — | 9,565 |
11,784 | 13,801 | 15,163 | 1,996 | 16,036 | 9,004 | 16,933 | 9,478 |
3,274 | 21,057 | — | 3,959 | 23,150 | — | — | — |
— | — | — | — | — | — | — | 1,310 |
1,912 | 4,462 | 2,627 | 1,671 | 16,967 | 1,599 | 1,978 | 2,928 |
1,252 | 3,791 | 1,348 | 1,287 | 2,305 | 1,237 | 1,251 | 1,252 |
— | — | — | — | — | — | — | 2,247 |
5,316 | 133,808 | 36,945 | 2,125 | 22,785 | 4,689 | 2,255 | 6,024 |
— | 2,693 | — | — | 7,629 | — | — | 2,774 |
2,307 | 6,758 | 17,572 | 1,222 | 11,920 | 1,299 | 3,577 | 1,536 |
1,207 | 10,101 | — | 835 | 2,735 | — | — | — |
— | 54,443 | — | — | 286,675 | — | — | 51,501 |
17,068 | 181,759 | 19,057 | 9,243 | 487,740 | 15,162 | 28,870 | 98,338 |
7,455 | 366,880 | 13,034 | 2,164 | 102,456 | 2,094 | 1,734 | 12,493 |
— | — | — | — | — | — | — | 84,664 |
14,932 | 14,932 | 14,932 | 14,932 | 14,932 | 14,932 | 14,932 | 14,932 |
30,486 | 225,997 | 101,269 | 19,723 | 441,721 | 15,786 | 24,954 | 64,941 |
1,369,610 | 23,161,302 | 4,066,608 | 292,541 | 12,240,294 | 1,027,091 | 761,363 | 1,380,103 |
(115,689) | (59,478) | (651,753) | (106,599) | (524,749) | (164,197) | (104,865) | (203,804) |
2,166 | — | — | — | — | — | — | — |
1,256,087 | 23,101,824 | 3,414,855 | 185,942 | 11,715,545 | 862,894 | 656,498 | 1,176,299 |
9,574,319 | 5,578,880 | 3,441,778 | (83,390) | (8,311,300) | 218,009 | 437,700 | 12,236,043 |
(3,759,863) | 132,111,685 | 38,516,003 | 125,903 | 226,901,563 | 1,620,155 | 3,680,839 | 16,996 |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | 5,034 | — | — | — | — |
27,342,036 | 948,950,424 | 84,962,202 | 9,301,025 | 664,193,183 | 32,788,454 | 14,370,790 | 4,759,488 |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | 303 | — | — | — | — |
— | — | — | — | — | — | — | — |
23,582,173 | 1,081,062,109 | 123,478,205 | 9,432,265 | 891,094,746 | 34,408,609 | 18,051,629 | 4,776,484 |
$33,156,492 | $1,086,640,989 | $126,919,983 | $9,348,875 | $882,783,446 | $34,626,618 | $18,489,329 | $17,012,527 |
$— | $— | $— | $8,145 | $— | $— | $17 | $— |
$— | $— | $— | $— | $— | $— | $— | $1,980 |
Touchstone Active Bond Fund | Touchstone Ares Credit Opportunities Fund | Touchstone Dividend Equity Fund | ||||
For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | |
From Operations | ||||||
Net investment income | $5,052,744 | $9,719,592 | $15,650,625 | $22,075,288 | $23,726,925 | $49,643,111 |
Net realized gains (losses) on investments, securities sold short, written options, futures contracts, swap agreements, forward foreign currency contracts and foreign currency transactions | (5,860,479) | (11,755,686) | (5,043,496) | (11,886,997) | 70,370,939 | 65,622,199 |
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 | 16,936,052 | 8,149,145 | 17,755,991 | 14,731,238 | 354,570,614 | 251,252,978 |
Change in Net Assets from Operations | 16,128,317 | 6,113,051 | 28,363,120 | 24,919,529 | 448,668,478 | 366,518,288 |
Distributions to Shareholders: | ||||||
Distributed earnings, Class A | (2,360,649) | (4,845,457) | (4,798,029) | (8,742,821) | (55,803,551) | (78,944,932) |
Distributed earnings, Class C | (54,214) | (128,800) | (810,725) | (1,355,946) | (11,271,438) | (21,219,539) |
Distributed earnings, Class Y | (1,018,601) | (2,051,260) | (10,380,580) | (11,913,987) | (27,479,663) | (43,345,420) |
Distributed earnings, Class Z | — | — | — | — | — | — |
Distributed earnings, Institutional Class | (1,679,822) | (2,817,303) | (740,493) | (266,808) | (80,605) | (156,753) |
Distributed earnings, Class R6 | — | — | — | — | (32,634) | (86,001) |
Total Distributions | (5,113,286) | (9,842,820) | (16,729,827) | (22,279,562) | (94,667,891) | (143,752,645) |
Change in Net Assets from Share Transactions(A) | (9,481,416) | (8,739,032) | 138,420,875 | 71,867,177 | (188,143,246) | (461,203,004) |
Total Increase (Decrease) in Net Assets | 1,533,615 | (12,468,801) | 150,054,168 | 74,507,144 | 165,857,341 | (238,437,361) |
Net Assets | ||||||
Beginning of period | 251,600,298 | 264,069,099 | 345,596,708 | 271,089,564 | 2,406,276,119 | 2,644,713,480 |
End of period | $253,133,913 | $251,600,298 | $495,650,876 | $345,596,708 | $2,572,133,460 | $2,406,276,119 |
(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 Mid Cap Fund | Touchstone Mid Cap Value Fund | ||||
For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 |
$3,127,547 | $6,087,145 | $9,574,319 | $15,982,211 | $5,578,880 | $14,559,362 | $3,441,778 | $7,474,745 |
(185,213) | (5,774,897) | (3,759,863) | (2,239,646) | 132,111,685 | 190,084,208 | 38,516,003 | 36,760,330 |
4,984,014 | 10,478,906 | 27,342,036 | (14,080,473) | 948,950,424 | 570,163,404 | 84,962,202 | 10,293,772 |
7,926,348 | 10,791,154 | 33,156,492 | (337,908) | 1,086,640,989 | 774,806,974 | 126,919,983 | 54,528,847 |
(349,021) | (697,795) | (237,069) | (342,282) | (1,041,503) | (1,555,315) | (265,672) | (815,662) |
(12,363) | (35,389) | (19,726) | (35,048) | (488,588) | (876,818) | (44,229) | (235,497) |
(596,944) | (1,321,672) | (4,525,998) | (7,568,779) | (33,202,497) | (41,788,857) | (6,087,272) | (21,489,426) |
— | — | — | — | (304,095) | (529,661) | — | — |
(2,213,700) | (4,081,431) | (4,775,803) | (8,476,076) | (5,518,854) | (6,240,039) | (6,531,520) | (20,979,995) |
— | — | (470,792) | (511,889) | (7,734,788) | (9,120,342) | — | — |
(3,172,028) | (6,136,287) | (10,029,388) | (16,934,074) | (48,290,325) | (60,111,032) | (12,928,693) | (43,520,580) |
(517,252) | (6,575,222) | 19,750,975 | 54,991,481 | 235,327,260 | (178,108,351) | 20,711,456 | (75,544,620) |
4,237,068 | (1,920,355) | 42,878,079 | 37,719,499 | 1,273,677,924 | 536,587,591 | 134,702,746 | (64,536,353) |
100,673,878 | 102,594,233 | 520,272,247 | 482,552,748 | 4,543,879,072 | 4,007,291,481 | 697,368,138 | 761,904,491 |
$104,910,946 | $100,673,878 | $563,150,326 | $520,272,247 | $5,817,556,996 | $4,543,879,072 | $832,070,884 | $697,368,138 |
Touchstone Sands Capital International Growth Equity Fund | Touchstone Sands Capital Select Growth Fund | Touchstone Small Cap Fund | ||||
For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | |
From Operations | ||||||
Net investment income (loss) | $(83,390) | $595,023 | $(8,311,300) | $(13,882,480) | $218,009 | $401,392 |
Net realized gains on investments and foreign currency transactions | 130,937 | 2,364,001 | 226,901,563 | 258,369,602 | 1,620,155 | 5,144,859 |
Net change in unrealized appreciation on investments and foreign currency transactions | 9,301,328 | 2,278,193 | 664,193,183 | 282,396,129 | 32,788,454 | 12,004,467 |
Change in Net Assets from Operations | 9,348,875 | 5,237,217 | 882,783,446 | 526,883,251 | 34,626,618 | 17,550,718 |
Distributions to Shareholders: | ||||||
Distributed earnings, Class A | (303,567) | (165,048) | — | — | (336,427) | (78,224) |
Distributed earnings, Class C | (11,058) | — | — | — | (9,828) | (3,981) |
Distributed earnings, Class S | — | — | — | — | — | — |
Distributed earnings, Class Y | (670,405) | (393,842) | — | — | (3,207,156) | (1,085,775) |
Distributed earnings, Class Z | — | — | — | — | — | — |
Distributed earnings, Institutional Class | (142) | (163,206) | — | — | (1,293,778) | (672,297) |
Distributed earnings, Class R6 | (688,890) | — | — | — | — | — |
Total Distributions | (1,674,062) | (722,096) | — | — | (4,847,189) | (1,840,277) |
Change in Net Assets from Share Transactions(A) | 2,099,052 | 3,266,955 | (334,559,615) | (494,947,926) | 108,279,030 | 24,055,950 |
Total Increase (Decrease) in Net Assets | 9,773,865 | 7,782,076 | 548,223,831 | 31,935,325 | 138,058,459 | 39,766,391 |
Net Assets | ||||||
Beginning of period | 35,936,842 | 28,154,766 | 2,299,109,185 | 2,267,173,860 | 130,269,113 | 90,502,722 |
End of period | $45,710,707 | $35,936,842 | $2,847,333,016 | $2,299,109,185 | $268,327,572 | $130,269,113 |
(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, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 |
$437,700 | $661,459 | $12,236,043 | $22,070,958 |
3,680,839 | 3,803,428 | 16,996 | (1,029,657) |
14,370,790 | (736,616) | 4,759,488 | 5,421,829 |
18,489,329 | 3,728,271 | 17,012,527 | 26,463,130 |
(127,359) | (4,121) | (1,884,717) | (3,631,172) |
(1,388) | — | (71,409) | (123,431) |
— | — | (769,204) | (1,338,680) |
(222,106) | (30,685) | (5,144,670) | (9,003,755) |
— | — | (986,561) | (1,688,907) |
(354,784) | (70,904) | (2,985,057) | (7,141,156) |
— | — | — | — |
(705,637) | (105,710) | (11,841,618) | (22,927,101) |
39,653,969 | 45,839,186 | (11,942,063) | (220,467,463) |
57,437,661 | 49,461,747 | (6,771,154) | (216,931,434) |
112,312,735 | 62,850,988 | 486,739,608 | 703,671,042 |
$169,750,396 | $112,312,735 | $479,968,454 | $486,739,608 |
Touchstone Active Bond Fund | Touchstone Ares Credit Opportunities Fund | |||||||
For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | |||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |
Class A | ||||||||
Proceeds from Shares issued | 315,039 | $2,886,423 | 701,985 | $6,482,853 | 751,662 | $6,720,036 | 1,048,381 | $9,244,118 |
Reinvestment of distributions | 233,326 | 2,141,266 | 477,923 | 4,391,995 | 478,447 | 4,271,828 | 870,945 | 7,647,604 |
Cost of Shares redeemed | (1,301,349) | (11,881,517) | (2,599,418) | (23,908,984) | (1,350,241) | (12,011,678) | (2,538,254) | (22,362,163) |
Change from Class A Share Transactions | (752,984) | (6,853,828) | (1,419,510) | (13,034,136) | (120,132) | (1,019,814) | (618,928) | (5,470,441) |
Class C | ||||||||
Proceeds from Shares issued | 32,462 | 267,353 | 33,062 | 279,528 | 694,370 | 5,974,275 | 613,812 | 5,232,276 |
Reinvestment of distributions | 6,477 | 53,974 | 15,191 | 127,251 | 91,399 | 785,677 | 154,389 | 1,307,591 |
Cost of Shares redeemed | (98,320) | (803,943) | (208,075) | (1,755,105) | (381,065) | (3,254,391) | (787,372) | (6,697,572) |
Change from Class C Share Transactions | (59,381) | (482,616) | (159,822) | (1,348,326) | 404,704 | 3,505,561 | (19,171) | (157,705) |
Class Y | ||||||||
Proceeds from Shares issued | 622,883 | 5,700,649 | 1,110,746 | 10,282,846 | 15,894,300 | 144,678,619 | 14,458,165 | 129,795,693 |
Reinvestment of distributions | 106,779 | 979,400 | 211,257 | 1,939,470 | 1,138,406 | 10,347,376 | 1,326,671 | 11,841,076 |
Cost of Shares redeemed | (913,639) | (8,326,160) | (2,026,891) | (18,739,214) | (6,924,635) | (62,233,266) | (7,565,345) | (67,640,669) |
Change from Class Y Share Transactions | (183,977) | (1,646,111) | (704,888) | (6,516,898) | 10,108,071 | 92,792,729 | 8,219,491 | 73,996,100 |
Institutional Class | ||||||||
Proceeds from Shares issued | 2,364,496 | 21,596,397 | 3,674,786 | 34,110,952 | 4,695,614 | 43,307,601 | 551,587 | 4,977,060 |
Reinvestment of distributions | 169,320 | 1,551,494 | 284,519 | 2,610,512 | 80,525 | 740,435 | 29,674 | 266,705 |
Cost of Shares redeemed | (2,600,909) | (23,646,752) | (2,663,425) | (24,561,136) | (98,940) | (905,637) | (193,647) | (1,744,542) |
Change from Institutional Class Share Transactions | (67,093) | (498,861) | 1,295,880 | 12,160,328 | 4,677,199 | 43,142,399 | 387,614 | 3,499,223 |
Class R6 | ||||||||
Proceeds from Shares issued | — | — | — | — | — | — | — | — |
Reinvestment of distributions | — | — | — | — | — | — | — | — |
Cost of Shares redeemed | — | — | — | — | — | — | — | — |
Change from Class R6 Share Transactions | — | — | — | — | — | — | — | — |
Change from Share Transactions | (1,063,435) | $(9,481,416) | (988,340) | $(8,739,032) | 15,069,842 | $138,420,875 | 7,969,006 | $71,867,177 |
Touchstone Dividend Equity Fund | Touchstone High Yield Fund | ||||||
For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | ||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars |
4,612,901 | $77,914,645 | 9,133,770 | $149,424,859 | 98,074 | $716,008 | 960,683 | $6,804,663 |
2,718,779 | 46,678,627 | 3,968,436 | 64,495,430 | 43,239 | 315,275 | 88,296 | 626,553 |
(10,706,978) | (179,989,821) | (20,596,595) | (337,257,289) | (141,516) | (1,025,867) | (1,193,530) | (8,470,386) |
(3,375,298) | (55,396,549) | (7,494,389) | (123,337,000) | (203) | 5,416 | (144,551) | (1,039,170) |
127,807 | 2,156,079 | 375,934 | 6,095,130 | 264 | 1,905 | 20,211 | 142,797 |
640,085 | 10,845,370 | 1,258,395 | 20,312,459 | 1,280 | 9,301 | 2,946 | 20,841 |
(5,715,604) | (95,414,684) | (12,394,261) | (200,934,264) | (27,064) | (193,157) | (42,680) | (303,663) |
(4,947,712) | (82,413,235) | (10,759,932) | (174,526,675) | (25,520) | (181,951) | (19,523) | (140,025) |
1,792,578 | 30,164,546 | 3,630,133 | 59,307,296 | 395,679 | 3,011,101 | 1,325,741 | 9,704,717 |
1,274,494 | 21,856,156 | 2,108,464 | 34,206,319 | 78,642 | 592,717 | 179,191 | 1,311,911 |
(6,078,885) | (101,774,616) | (15,747,586) | (257,199,586) | (580,877) | (4,425,122) | (2,178,857) | (15,989,945) |
(3,011,813) | (49,753,914) | (10,008,989) | (163,685,971) | (106,556) | (821,304) | (673,925) | (4,973,317) |
3,376 | 58,077 | 3,205,037 | 52,232,159 | 302,979 | 2,303,203 | 205,109 | 1,515,683 |
3,160 | 54,183 | 4,606 | 74,646 | 293,311 | 2,209,364 | 554,680 | 4,060,544 |
(24,087) | (412,099) | (3,142,588) | (51,282,405) | (532,955) | (4,031,980) | (831,624) | (5,998,937) |
(17,551) | (299,839) | 67,055 | 1,024,400 | 63,335 | 480,587 | (71,835) | (422,710) |
87 | 1,483 | 10,123 | 165,596 | — | — | — | — |
1,903 | 32,634 | 5,282 | 85,743 | — | — | — | — |
(19,500) | (313,826) | (56,828) | (929,097) | — | — | — | — |
(17,510) | (279,709) | (41,423) | (677,758) | — | — | — | — |
(11,369,884) | $(188,143,246) | (28,237,678) | $(461,203,004) | (68,944) | $(517,252) | (909,834) | $(6,575,222) |
Touchstone Impact Bond Fund | Touchstone Mid Cap Fund | |||||||
For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | |||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |
Class A | ||||||||
Proceeds from Shares issued | 698,939 | $6,228,728 | 210,089 | $1,872,361 | 377,019 | $18,547,348 | 649,060 | $28,826,970 |
Reinvestment of distributions | 20,110 | 178,462 | 27,227 | 241,722 | 17,917 | 900,468 | 32,166 | 1,324,422 |
Cost of Shares redeemed | (143,527) | (1,262,088) | (290,960) | (2,585,064) | (282,297) | (13,990,748) | (648,211) | (28,358,687) |
Change from Class A Share Transactions | 575,522 | 5,145,102 | (53,644) | (470,981) | 112,639 | 5,457,068 | 33,015 | 1,792,705 |
Class C | ||||||||
Proceeds from Shares issued | 1,988 | 17,680 | 27,502 | 246,250 | 168,327 | 7,715,104 | 262,542 | 10,711,065 |
Reinvestment of distributions | 2,057 | 18,180 | 3,612 | 32,028 | 10,095 | 460,113 | 21,600 | 818,513 |
Cost of Shares redeemed | (10,042) | (88,551) | (18,498) | (163,584) | (227,964) | (10,099,865) | (452,817) | (18,059,531) |
Change from Class C Share Transactions | (5,997) | (52,691) | 12,616 | 114,694 | (49,542) | (1,924,648) | (168,675) | (6,529,953) |
Class Y | ||||||||
Proceeds from Shares issued | 4,197,485 | 36,841,754 | 8,716,760 | 78,032,049 | 11,828,861 | 600,058,465 | 18,711,876 | 837,891,526 |
Reinvestment of distributions | 497,061 | 4,401,227 | 825,222 | 7,335,072 | 597,357 | 30,830,297 | 924,879 | 38,740,907 |
Cost of Shares redeemed | (3,412,386) | (30,055,137) | (7,744,580) | (69,165,993) | (8,444,286) | (426,648,468) | (22,184,645) | (986,903,115) |
Change from Class Y Share Transactions | 1,282,160 | 11,187,844 | 1,797,402 | 16,201,128 | 3,981,932 | 204,240,294 | (2,547,890) | (110,270,682) |
Class Z | ||||||||
Proceeds from Shares issued | — | — | — | — | 90,036 | 4,433,912 | 121,238 | 5,343,875 |
Reinvestment of distributions | — | — | — | — | 6,046 | 301,347 | 12,847 | 525,007 |
Cost of Shares redeemed | — | — | — | — | (110,827) | (5,529,193) | (220,182) | (9,632,951) |
Change from Class Z Share Transactions | — | — | — | — | (14,745) | (793,934) | (86,097) | (3,764,069) |
Institutional Class | ||||||||
Proceeds from Shares issued | 4,406,843 | 38,895,517 | 9,007,849 | 80,101,204 | 4,126,741 | 211,694,542 | 10,157,506 | 452,106,954 |
Reinvestment of distributions | 435,956 | 3,858,893 | 720,494 | 6,403,344 | 96,042 | 4,982,269 | 131,954 | 5,549,935 |
Cost of Shares redeemed | (4,662,667) | (40,922,337) | (8,060,077) | (71,717,690) | (3,018,161) | (155,733,492) | (10,610,262) | (468,696,627) |
Change from Institutional Class Share Transactions | 180,132 | 1,832,073 | 1,668,266 | 14,786,858 | 1,204,622 | 60,943,319 | (320,802) | (11,039,738) |
Class R6 | ||||||||
Proceeds from Shares issued | 454,011 | 4,032,008 | 2,968,049 | 26,523,017 | 1,673,360 | 83,824,656 | 3,316,011 | 149,069,605 |
Reinvestment of distributions | 9,109 | 80,655 | 15,496 | 137,717 | 28,590 | 1,486,549 | 30,863 | 1,299,019 |
Cost of Shares redeemed | (282,451) | (2,474,016) | (256,983) | (2,300,952) | (2,297,382) | (117,906,044) | (4,416,974) | (198,665,238) |
Change from Class R6 Share Transactions | 180,669 | 1,638,647 | 2,726,562 | 24,359,782 | (595,432) | (32,594,839) | (1,070,100) | (48,296,614) |
Change from Share Transactions | 2,212,486 | $19,750,975 | 6,151,202 | $54,991,481 | 4,639,474 | $235,327,260 | (4,160,549) | $(178,108,351) |
(A) | Represents the period from commencement of operations (August 31, 2023) through September 30, 2023 for Class R6 shares. |
Touchstone Mid Cap Value Fund | Touchstone Sands Capital International Growth Equity Fund | ||||||
For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023(A) | ||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars |
63,506 | $1,349,998 | 237,934 | $5,073,860 | 124,004 | $1,025,027 | 110,039 | $812,323 |
10,515 | 228,631 | 34,260 | 711,225 | 35,641 | 284,067 | 22,885 | 154,471 |
(76,744) | (1,614,168) | (198,019) | (4,164,561) | (215,956) | (1,649,599) | (216,669) | (1,569,311) |
(2,723) | (35,539) | 74,175 | 1,620,524 | (56,311) | (340,505) | (83,745) | (602,517) |
6,386 | 129,492 | 28,244 | 572,306 | — | — | 3,174 | 20,838 |
2,086 | 43,134 | 11,712 | 232,769 | 1,385 | 11,058 | — | — |
(57,098) | (1,165,054) | (94,968) | (1,917,691) | (4,252) | (32,562) | (129,830) | (969,135) |
(48,626) | (992,428) | (55,012) | (1,112,616) | (2,867) | (21,504) | (126,656) | (948,297) |
919,607 | 19,777,034 | 3,528,173 | 74,591,975 | 1,043,058 | 8,572,117 | 255,485 | 1,846,988 |
275,686 | 6,045,932 | 1,019,703 | 21,305,963 | 82,239 | 657,103 | 57,249 | 386,433 |
(1,837,775) | (39,399,416) | (5,919,866) | (123,438,369) | (960,575) | (7,457,191) | (775,331) | (5,466,599) |
(642,482) | (13,576,450) | (1,371,990) | (27,540,431) | 164,722 | 1,772,029 | (462,597) | (3,233,178) |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
6,696,655 | 145,046,989 | 6,143,322 | 130,109,089 | — | — | 697,797 | 5,086,978 |
250,359 | 5,531,892 | 815,809 | 17,149,947 | 18 | 142 | 24,215 | 163,206 |
(5,364,724) | (115,263,008) | (9,273,811) | (195,771,133) | — | — | (1,710,896) | (12,784,237) |
1,582,290 | 35,315,873 | (2,314,680) | (48,512,097) | 18 | 142 | (988,884) | (7,534,053) |
— | — | — | — | — | — | 2,058,781 | 15,585,000 |
— | — | — | — | 86,314 | 688,890 | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | 86,314 | 688,890 | 2,058,781 | 15,585,000 |
888,459 | $20,711,456 | (3,667,507) | $(75,544,620) | 191,876 | $2,099,052 | 396,899 | $3,266,955 |
Touchstone Sands Capital Select Growth Fund^ | Touchstone Small Cap Fund | |||||||
For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | |||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |
Class A | ||||||||
Proceeds from Shares issued | 668,663 | $8,485,367 | 1,817,428 | $17,756,652 | 720,265 | $9,913,338 | 282,898 | $3,741,430 |
Reinvestment of distributions | — | — | — | — | 23,746 | 322,069 | 5,950 | 71,156 |
Cost of Shares redeemed | (4,013,005) | (49,455,213) | (7,233,428) | (69,188,926) | (60,562) | (824,141) | (91,363) | (1,150,402) |
Change from Class A Share Transactions | (3,344,342) | (40,969,846) | (5,416,000) | (51,432,274) | 683,449 | 9,411,266 | 197,485 | 2,662,184 |
Class C | ||||||||
Proceeds from Shares issued | 55,405 | 680,291 | 133,400 | 1,305,737 | 64,243 | 806,716 | 11,810 | 130,998 |
Reinvestment of distributions | — | — | — | — | 832 | 9,829 | 378 | 3,981 |
Cost of Shares redeemed | (299,414) | (3,738,145) | (849,812) | (8,113,817) | (3,135) | (36,851) | (4,468) | (50,099) |
Change from Class C Share Transactions | (244,009) | (3,057,854) | (716,412) | (6,808,080) | 61,940 | 779,694 | 7,720 | 84,880 |
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 | 2,127,185 | 30,024,934 | 10,684,298 | 113,318,127 | 7,279,834 | 104,188,434 | 2,942,642 | 38,124,552 |
Reinvestment of distributions | — | — | — | — | 227,584 | 3,165,014 | 88,365 | 1,078,094 |
Cost of Shares redeemed | (10,494,793) | (154,474,727) | (25,072,578) | (268,598,210) | (909,133) | (12,799,611) | (1,030,250) | (13,477,272) |
Change from Class Y Share Transactions | (8,367,608) | (124,449,793) | (14,388,280) | (155,280,083) | 6,598,285 | 94,553,837 | 2,000,757 | 25,725,374 |
Class Z | ||||||||
Proceeds from Shares issued | 764,757 | 9,358,663 | 453,854 | 4,430,287 | — | — | — | — |
Reinvestment of distributions | — | — | — | — | — | — | — | — |
Cost of Shares redeemed | (2,035,381) | (25,573,178) | (5,668,122) | (53,642,802) | — | — | — | — |
Change from Class Z Share Transactions | (1,270,624) | (16,214,515) | (5,214,268) | (49,212,515) | — | — | — | — |
Institutional Class | ||||||||
Proceeds from Shares issued | 21,470,414 | 308,518,700 | 48,862,372 | 525,452,758 | 396,587 | 5,526,263 | 318,407 | 3,953,747 |
Reinvestment of distributions | — | — | — | — | 93,132 | 1,292,343 | 55,124 | 670,169 |
Cost of Shares redeemed | (32,415,943) | (447,797,117) | (71,925,180) | (767,936,700) | (230,680) | (3,284,373) | (705,382) | (9,040,404) |
Change from Institutional Class Share Transactions | (10,945,529) | (139,278,417) | (23,062,808) | (242,483,942) | 259,039 | 3,534,233 | (331,851) | (4,416,488) |
Class R6 | ||||||||
Proceeds from Shares issued | 1,940,515 | 27,365,968 | 8,081,234 | 89,264,784 | — | — | — | — |
Cost of Shares redeemed | (2,610,032) | (37,955,158) | (7,100,239) | (78,995,816) | — | — | — | — |
Change from Class R6 Share Transactions | (669,517) | (10,589,190) | 980,995 | 10,268,968 | — | — | — | — |
Change from Share Transactions | (24,841,629) | $(334,559,615) | (47,816,773) | $(494,947,926) | 7,602,713 | $108,279,030 | 1,874,111 | $24,055,950 |
^ | The September 30, 2023 Class C share amounts relating to Proceeds from Shares issued, Reinvestment of distributions, Cost of Shares redeemed, and Change from Class C Share Transactions as well as Change from Share transactions were updated to reflect the effect of a 1 for 0.796098 reverse stock split for Class C shares on October 14, 2022. |
Touchstone Small Cap Value Fund | Touchstone Ultra Short Duration Fixed Income Fund | ||||||
For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | For the Six Months Ended March 31, 2024 (Unaudited) | For the Year Ended September 30, 2023 | ||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars |
3,618 | $122,250 | 14,025 | $456,553 | 1,180,117 | $10,743,452 | 2,255,294 | $20,324,438 |
3,545 | 124,284 | 129 | 4,019 | 195,943 | 1,789,425 | 382,000 | 3,445,484 |
(23,109) | (768,451) | (39,115) | (1,258,663) | (1,077,385) | (9,833,398) | (8,198,132) | (73,903,505) |
(15,946) | (521,917) | (24,961) | (798,091) | 298,675 | 2,699,479 | (5,560,838) | (50,133,583) |
1,233 | 40,270 | 3,244 | 98,563 | 153,777 | 1,404,207 | 173,382 | 1,563,481 |
42 | 1,388 | — | — | 5,989 | 54,744 | 10,468 | 94,530 |
(413) | (13,801) | (2,335) | (71,329) | (139,451) | (1,274,509) | (377,159) | (3,399,049) |
862 | 27,857 | 909 | 27,234 | 20,315 | 184,442 | (193,309) | (1,741,038) |
— | — | — | — | 6,167 | 56,051 | 15,966 | 143,784 |
— | — | — | — | 82,224 | 751,172 | 143,348 | 1,294,155 |
— | — | — | — | (459,620) | (4,192,078) | (975,095) | (8,791,629) |
— | — | — | — | (371,229) | (3,384,855) | (815,781) | (7,353,690) |
46,431 | 1,556,449 | 119,524 | 3,902,207 | 9,591,039 | 87,582,656 | 15,457,511 | 139,351,355 |
6,245 | 220,390 | 970 | 30,495 | 520,310 | 4,754,060 | 887,509 | 8,012,776 |
(67,133) | (2,193,804) | (186,446) | (6,060,333) | (7,932,976) | (72,430,407) | (22,793,855) | (205,592,385) |
(14,457) | (416,965) | (65,952) | (2,127,631) | 2,178,373 | 19,906,309 | (6,448,835) | (58,228,254) |
— | — | — | — | 135,477 | 1,234,319 | 311,298 | 2,810,054 |
— | — | — | — | 108,162 | 988,018 | 185,731 | 1,676,437 |
— | — | — | — | (408,900) | (3,729,832) | (1,461,843) | (13,182,828) |
— | — | — | — | (165,261) | (1,507,495) | (964,814) | (8,696,337) |
1,481,824 | 52,355,185 | 2,744,901 | 91,191,122 | 1,508,966 | 13,780,883 | 5,200,345 | 46,884,763 |
9,443 | 334,285 | 2,085 | 65,643 | 258,982 | 2,362,868 | 669,285 | 6,034,088 |
(365,209) | (12,124,476) | (1,289,599) | (42,519,091) | (5,048,387) | (45,983,694) | (16,341,527) | (147,233,412) |
1,126,058 | 40,564,994 | 1,457,387 | 48,737,674 | (3,280,439) | (29,839,943) | (10,471,897) | (94,314,561) |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
— | — | — | — | — | — | — | — |
1,096,517 | $39,653,969 | 1,367,383 | $45,839,186 | (1,319,566) | $(11,942,063) | (24,455,474) | $(220,467,463) |
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 | ||||||||||||||||||||||||||||
09/30/19 | $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(2) | 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(2) | (0.10) | 0.12 | (0.23) | — | (0.23) | 11.12 | 1.10 | 186,813 | 0.90 | 0.93 | 1.99 | 144(3) | ||||||||||||||
09/30/22 | 11.12 | 0.23(2) | (2.04) | (1.81) | (0.25) | (0.03) | (0.28) | 9.03 | (16.52) | 135,000 | 0.85 | 0.93 | 2.20 | 159 | ||||||||||||||
09/30/23 | 9.03 | 0.34(2) | (0.13) | 0.21 | (0.34) | — | (0.34) | 8.90 | 2.29 | 120,437 | 0.83 | 0.97 | 3.66 | 146 | ||||||||||||||
03/31/24(4) | 8.90 | 0.18(2) | 0.40 | 0.58 | (0.18) | — | (0.18) | 9.30 | 6.57(5) | 118,882 | 0.83(6) | 0.98(6) | 3.91(6) | 81(5) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
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(2) | 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(2) | (0.09) | 0.04 | (0.16) | — | (0.16) | 10.18 | 0.39 | 9,229 | 1.64 | 1.93 | 1.25 | 144(3) | ||||||||||||||
09/30/22 | 10.18 | 0.14(2) | (1.87) | (1.73) | (0.18) | (0.03) | (0.21) | 8.24 | (17.17) | 4,667 | 1.58 | 1.89 | 1.46 | 159 | ||||||||||||||
09/30/23 | 8.24 | 0.25(2) | (0.11) | 0.14 | (0.28) | — | (0.28) | 8.10 | 1.65 | 3,290 | 1.56 | 2.15 | 2.93 | 146 | ||||||||||||||
03/31/24(4) | 8.10 | 0.13(2) | 0.36 | 0.49 | (0.15) | — | (0.15) | 8.44 | 6.10(5) | 2,930 | 1.56(6) | 2.33(6) | 3.18(6) | 81(5) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
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(2) | 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(2) | (0.10) | 0.15 | (0.26) | — | (0.26) | 11.11 | 1.35 | 92,882 | 0.65 | 0.70 | 2.24 | 144(3) | ||||||||||||||
09/30/22 | 11.11 | 0.25(2) | (2.03) | (1.78) | (0.28) | (0.03) | (0.31) | 9.02 | (16.32) | 56,003 | 0.60 | 0.68 | 2.44 | 159 | ||||||||||||||
09/30/23 | 9.02 | 0.36(2) | (0.13) | 0.23 | (0.36) | — | (0.36) | 8.89 | 2.55 | 48,931 | 0.58 | 0.72 | 3.91 | 146 | ||||||||||||||
03/31/24(4) | 8.89 | 0.19(2) | 0.41 | 0.60 | (0.19) | — | (0.19) | 9.30 | 6.83(5) | 49,433 | 0.58(6) | 0.73(6) | 4.16(6) | 81(5) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
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(2) | 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(2) | (0.10) | 0.16 | (0.27) | — | (0.27) | 11.11 | 1.43 | 99,607 | 0.57 | 0.61 | 2.32 | 144(3) | ||||||||||||||
09/30/22 | 11.11 | 0.26(2) | (2.04) | (1.78) | (0.28) | (0.03) | (0.31) | 9.02 | (16.26) | 68,399 | 0.52 | 0.59 | 2.53 | 159 | ||||||||||||||
09/30/23 | 9.02 | 0.37(2) | (0.13) | 0.24 | (0.37) | — | (0.37) | 8.89 | 2.63 | 78,943 | 0.50 | 0.63 | 3.99 | 146 | ||||||||||||||
03/31/24(4) | 8.89 | 0.19(2) | 0.41 | 0.60 | (0.20) | — | (0.20) | 9.29 | 6.76(5) | 81,889 | 0.50(6) | 0.64(6) | 4.24(6) | 81(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 net investment income per share was based on average shares outstanding for the period. |
(3) | 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. |
(4) | Unaudited. |
(5) | Not annualized. |
(6) | 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(2) | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | |||||||||||||||
Class A | ||||||||||||||||||||||||||||||
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(3) | 9.95 | 0.20 | 0.04 | 0.24 | (0.12) | (0.04) | — | (0.16) | 10.03 | 1.40(4) | 7,239 | 1.18(5) | 2.55(5) | 5.43(5) | 28(4)(6) | |||||||||||||||
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(7) | 1.07 | 1.54 | (0.53) | — | — | (0.53) | 10.46 | 16.67 | 141,422 | 1.09 | 1.32 | 4.45 | 135(8) | |||||||||||||||
09/30/22 | 10.46 | 0.47(7) | (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 | |||||||||||||||
09/30/23 | 8.64 | 0.67(7) | 0.12 | 0.79 | (0.68) | — | — | (0.68) | 8.75 | 9.31 | 111,502 | 1.07 | 1.26 | 7.59 | 54 | |||||||||||||||
03/31/24(9) | 8.75 | 0.36(7) | 0.31 | 0.67 | (0.38) | — | — | (0.38) | 9.04 | 7.83(4) | 114,040 | 1.05(5) | 1.20(5) | 8.06(5) | 25(4) | |||||||||||||||
Class C | ||||||||||||||||||||||||||||||
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(3) | 9.98 | 0.19 | (0.27) | (0.08) | (0.11) | (0.04) | — | (0.15) | 9.75 | 1.15(4) | 4,538 | 1.93(5) | 3.62(5) | 4.68(5) | 28(4)(6) | |||||||||||||||
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(7) | 1.02 | 1.42 | (0.47) | — | — | (0.47) | 10.13 | 15.79 | 31,605 | 1.56 | 2.17 | 3.98 | 135(8) | |||||||||||||||
09/30/22 | 10.13 | 0.42(7) | (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 | |||||||||||||||
09/30/23 | 8.35 | 0.61(7) | 0.11 | 0.72 | (0.64) | — | — | (0.64) | 8.43 | 8.91 | 17,580 | 1.47 | 2.07 | 7.19 | 54 | |||||||||||||||
03/31/24(9) | 8.43 | 0.33(7) | 0.30 | 0.63 | (0.37) | — | — | (0.37) | 8.69 | 7.56(4) | 21,635 | 1.45(5) | 2.03(5) | 7.66(5) | 25(4) | |||||||||||||||
Class Y | ||||||||||||||||||||||||||||||
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(3) | 9.95 | 0.17 | 0.21 | 0.38 | (0.13) | (0.04) | — | (0.17) | 10.16 | 1.54(4) | 47,483 | 0.93(5) | 1.60(5) | 5.68(5) | 28(4)(6) | |||||||||||||||
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(7) | 1.11 | 1.59 | (0.55) | — | — | (0.55) | 10.61 | 16.98 | 101,613 | 0.88 | 1.07 | 4.66 | 135(8) | |||||||||||||||
09/30/22 | 10.61 | 0.49(7) | (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 | |||||||||||||||
09/30/23 | 8.78 | 0.70(7) | 0.12 | 0.82 | (0.70) | — | — | (0.70) | 8.90 | 9.55 | 210,871 | 0.87 | 1.00 | 7.79 | 54 | |||||||||||||||
03/31/24(9) | 8.90 | 0.37(7) | 0.31 | 0.68 | (0.39) | — | — | (0.39) | 9.19 | 7.80(4) | 310,801 | 0.85(5) | 0.91(5) | 8.26(5) | 25(4) | |||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||
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(3) | 9.95 | 0.15 | 0.29 | 0.44 | (0.13) | (0.04) | — | (0.17) | 10.22 | 1.57(4) | 48,158 | 0.83(5) | 1.36(5) | 5.78(5) | 28(4)(6) | |||||||||||||||
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(7) | 1.12 | 1.61 | (0.56) | — | — | (0.56) | 10.68 | 17.07 | 2,627 | 0.78 | 0.97 | 4.76 | 135(8) | |||||||||||||||
09/30/22 | 10.68 | 0.51(7) | (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 | |||||||||||||||
09/30/23 | 8.84 | 0.71(7) | 0.11 | 0.82 | (0.70) | — | — | (0.70) | 8.96 | 9.59 | 5,644 | 0.77 | 1.21 | 7.89 | 54 | |||||||||||||||
03/31/24(9) | 8.96 | 0.37(7) | 0.33 | 0.70 | (0.39) | — | — | (0.39) | 9.27 | 8.00(4) | 49,175 | 0.75(5) | 0.94(5) | 8.36(5) | 25(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) | The ratio of net and gross expenses to average net assets excluding dividend and interest expense on securities sold short would have been lower by 0.02%, 0.04%, 0.04%, 0.05%, 0.10%, 0.10% and 0.10% for the six months ended March 31, 2024, for the years ended September 30, 2023, 2022, 2021, 2020, for the period ended September 30, 2019, and for the year ended June 30, 2019, respectively. |
(3) | The Fund changed its fiscal year end from June 30 to September 30. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | 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. |
(7) | The net investment income per share was based on average shares outstanding for the period. |
(8) | 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. |
(9) | 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 | Ratio of gross expenses to average net assets | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | ||||||||||||||
Class A | ||||||||||||||||||||||||||||
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(3) | 14.12 | 0.29 | 2.83 | 3.12 | (0.36) | — | (0.36) | 16.88 | 22.13(4) | 1,737,804 | 1.09(5) | 1.09(5) | 1.91(5) | 83(4)(6) | ||||||||||||||
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 | ||||||||||||||
09/30/23 | 14.68 | 0.31 | 1.70 | 2.01 | (0.27) | (0.59) | (0.86) | 15.83 | 13.59 | 1,388,830 | 0.99 | 1.02 | 1.87 | 13(7) | ||||||||||||||
03/31/24(8) | 15.83 | 0.17 | 2.94 | 3.11 | (0.23) | (0.43) | (0.66) | 18.28 | 19.95(4) | 1,542,407 | 0.99(5) | 1.02(5) | 1.96(5) | 5(4) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
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(3) | 13.99 | 0.19 | 2.80 | 2.99 | (0.24) | — | (0.24) | 16.74 | 21.38(4) | 806,336 | 1.75(5) | 1.77(5) | 1.27(5) | 83(4)(6) | ||||||||||||||
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 | ||||||||||||||
09/30/23 | 14.56 | 0.19 | 1.69 | 1.88 | (0.15) | (0.59) | (0.74) | 15.70 | 12.79 | 339,231 | 1.69 | 1.78 | 1.17 | 13(7) | ||||||||||||||
03/31/24(8) | 15.70 | 0.11 | 2.91 | 3.02 | (0.16) | (0.43) | (0.59) | 18.13 | 19.56(4) | 301,998 | 1.69(5) | 1.79(5) | 1.26(5) | 5(4) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
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(3)(9) | 14.10 | 0.33 | 2.81 | 3.14 | (0.39) | — | (0.39) | 16.85 | 22.33(4) | 1,161,841 | 0.88(5) | 0.88(5) | 2.14(5) | 83(4)(6) | ||||||||||||||
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 | ||||||||||||||
09/30/23 | 14.66 | 0.34 | 1.70 | 2.04 | (0.31) | (0.59) | (0.90) | 15.80 | 13.89 | 675,229 | 0.76 | 0.76 | 2.10 | 13(7) | ||||||||||||||
03/31/24(8) | 15.80 | 0.18 | 2.95 | 3.13 | (0.25) | (0.43) | (0.68) | 18.25 | 20.12(4) | 724,918 | 0.76(5) | 0.76(5) | 2.18(5) | 5(4) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
09/30/21(3)(10) | $17.02 | $0.07 | $(0.17) | $(0.10) | $(0.08) | $ — | $(0.08) | $16.84 | (0.61)%(4) | $313 | 0.67%(5) | 3.37%(5) | 2.01%(5) | 83%(4)(6) | ||||||||||||||
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 | ||||||||||||||
09/30/23 | 14.65 | 0.35 | 1.70 | 2.05 | (0.32) | (0.59) | (0.91) | 15.79 | 13.91 | 2,013 | 0.67 | 0.96 | 2.19 | 13(7) | ||||||||||||||
03/31/24(8) | 15.79 | 0.19 | 2.94 | 3.13 | (0.25) | (0.43) | (0.68) | 18.24 | 20.18(4) | 2,005 | 0.67(5) | 1.07(5) | 2.28(5) | 5(4) | ||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
09/30/21(3)(11) | $17.34 | $0.06 | $(0.48) | $(0.42) | $(0.08) | $ — | $(0.08) | $16.84 | (2.44)%(4) | $2 | 0.65%(5) | 359.78%(5) | 2.26%(5) | 83%(4)(6) | ||||||||||||||
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 | ||||||||||||||
09/30/23 | 14.65 | 0.36 | 1.70 | 2.06 | (0.33) | (0.59) | (0.92) | 15.79 | 13.94 | 974 | 0.65 | 1.39 | 2.20 | 13(7) | ||||||||||||||
03/31/24(8) | 15.79 | 0.19 | 2.95 | 3.14 | (0.26) | (0.43) | (0.69) | 18.24 | 20.19(4) | 805 | 0.65(5) | 1.77(5) | 2.30(5) | 5(4) |
(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 Fund changed its fiscal year end from October 31 to September 30. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | 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. |
(7) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(8) | Unaudited. |
(9) | Effective July 16, 2021, Class W shares of the AIG Focused Dividend Strategy Fund were reorganized into Class Y shares of the Fund. |
(10) | Represents the period from commencement of operations (July 19, 2021) through September 30, 2021. |
(11) | 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 | ||||||||||||||||||||||||||
09/30/19 | $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 | |||||||||||||
09/30/23 | 6.77 | 0.40(2) | 0.31 | 0.71 | (0.41) | (0.41) | 7.07 | 10.69 | 11,322 | 1.05 | 1.35 | 5.60 | 70 | |||||||||||||
03/31/24(3) | 7.07 | 0.21(2) | 0.34 | 0.55 | (0.22) | (0.22) | 7.40 | 7.87(4) | 11,845 | 1.05(5) | 1.37(5) | 5.77(5) | 12(4) | |||||||||||||
Class C | ||||||||||||||||||||||||||
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 | |||||||||||||
09/30/23 | 6.75 | 0.34(2) | 0.31 | 0.65 | (0.36) | (0.36) | 7.04 | 9.74 | 593 | 1.80 | 3.26 | 4.85 | 70 | |||||||||||||
03/31/24(3) | 7.04 | 0.18(2) | 0.34 | 0.52 | (0.19) | (0.19) | 7.37 | 7.50(4) | 433 | 1.80(5) | 4.50(5) | 5.02(5) | 12(4) | |||||||||||||
Class Y | ||||||||||||||||||||||||||
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 | |||||||||||||
09/30/23 | 6.98 | 0.43(2) | 0.32 | 0.75 | (0.43) | (0.43) | 7.30 | 10.92 | 19,125 | 0.80 | 0.99 | 5.85 | 70 | |||||||||||||
03/31/24(3) | 7.30 | 0.23(2) | 0.35 | 0.58 | (0.23) | (0.23) | 7.65 | 8.03(4) | 19,215 | 0.80(5) | 1.04(5) | 6.02(5) | 12(4) | |||||||||||||
Institutional Class | ||||||||||||||||||||||||||
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 | |||||||||||||
09/30/23 | 6.98 | 0.43(2) | 0.33 | 0.76 | (0.44) | (0.44) | 7.30 | 11.01 | 69,633 | 0.72 | 0.85 | 5.93 | 70 | |||||||||||||
03/31/24(3) | 7.30 | 0.23(2) | 0.35 | 0.58 | (0.23) | (0.23) | 7.65 | 8.08(4) | 73,418 | 0.72(5) | 0.85(5) | 6.10(5) | 12(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) | The net investment income per share was based on average shares outstanding for the period. |
(3) | Unaudited. |
(4) | Not annualized. |
(5) | 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 | ||||||||||||||||||||||||||
09/30/19 | $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 | |||||||||||||
09/30/23 | 8.85 | 0.26 | (0.27) | (0.01) | (0.27) | (0.27) | 8.57 | (0.20) | 10,949 | 0.76 | 0.96 | 2.82 | 15 | |||||||||||||
03/31/24(2) | 8.57 | 0.14(3) | 0.39 | 0.53 | (0.15) | (0.15) | 8.95 | 6.22(4) | 16,586 | 0.76(5) | 0.93(5) | 3.24(5) | 9(4) | |||||||||||||
Class C | ||||||||||||||||||||||||||
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 | |||||||||||||
09/30/23 | 8.84 | 0.18 | (0.25) | (0.07) | (0.20) | (0.20) | 8.57 | (0.87) | 1,479 | 1.51 | 2.25 | 2.07 | 15 | |||||||||||||
03/31/24(2) | 8.57 | 0.11(3) | 0.39 | 0.50 | (0.12) | (0.12) | 8.95 | 5.82(4) | 1,491 | 1.51(5) | 2.49(5) | 2.49(5) | 9(4) | |||||||||||||
Class Y | ||||||||||||||||||||||||||
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 | |||||||||||||
09/30/23 | 8.86 | 0.27 | (0.26) | 0.01 | (0.29) | (0.29) | 8.58 | 0.05 | 233,839 | 0.51 | 0.51 | 3.07 | 15 | |||||||||||||
03/31/24(2) | 8.58 | 0.15(3) | 0.39 | 0.54 | (0.16) | (0.16) | 8.96 | 6.35(4) | 255,694 | 0.50(5) | 0.50(5) | 3.49(5) | 9(4) | |||||||||||||
Institutional Class | ||||||||||||||||||||||||||
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 | |||||||||||||
09/30/23 | 8.86 | 0.28 | (0.26) | 0.02 | (0.30) | (0.30) | 8.58 | 0.15 | 250,604 | 0.41 | 0.48 | 3.17 | 15 | |||||||||||||
03/31/24(2) | 8.58 | 0.16(3) | 0.39 | 0.55 | (0.17) | (0.17) | 8.96 | 6.40(4) | 263,320 | 0.41(5) | 0.48(5) | 3.59(5) | 9(4) | |||||||||||||
Class R6 | ||||||||||||||||||||||||||
09/30/22(6) | $10.51 | $0.19 | $(1.61) | $(1.42) | $(0.23) | $(0.23) | $8.86 | (13.72)%(4) | $2 | 0.37%(5) | 238.46%(5) | 2.18%(5) | 19% | |||||||||||||
09/30/23 | 8.86 | 0.26 | (0.24) | 0.02 | (0.30) | (0.30) | 8.58 | 0.18 | 23,402 | 0.37 | 0.46 | 3.21 | 15 | |||||||||||||
03/31/24(2) | 8.58 | 0.16(3) | 0.39 | 0.55 | (0.17) | (0.17) | 8.96 | 6.42(4) | 26,059 | 0.37(5) | 0.45(5) | 3.63(5) | 9(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) | Unaudited. |
(3) | The net investment income per share was based on average shares outstanding for the period. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Represents the period from commencement of operations (November 22, 2021) through September 30, 2022. |
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(2) | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | ||||||||||||||
Class A | ||||||||||||||||||||||||||||
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(3) | 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)(3) | 8.33 | 8.26 | (0.13) | (0.70) | (0.83) | 46.47 | 21.34 | 137,477 | 1.22 | 1.23 | (0.15) | 21(4) | ||||||||||||||
09/30/22 | 46.47 | (0.05)(3) | (6.26) | (6.31) | (0.15) | (1.21) | (1.36) | 38.80 | (14.13) | 109,653 | 1.23 | 1.23 | (0.11) | 15(4) | ||||||||||||||
09/30/23 | 38.80 | 0.02(3) | 7.50 | 7.52 | (0.12) | (0.44) | (0.56) | 45.76 | 19.55 | 130,846 | 1.22 | 1.23 | 0.04 | 18(4) | ||||||||||||||
03/31/24(5) | 45.76 | (0.01)(3) | 10.58 | 10.57 | (0.05) | (0.31) | (0.36) | 55.97 | 23.18(6) | 166,334 | 1.20(7) | 1.20(7) | (0.06)(7) | 9(4)(6) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
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)(3) | 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)(3) | 7.74 | 7.38 | (0.06) | (0.70) | (0.76) | 43.00 | 20.47 | 90,388 | 1.93 | 1.93 | (0.86) | 21(4) | ||||||||||||||
09/30/22 | 43.00 | (0.34)(3) | (5.74) | (6.08) | (0.07) | (1.21) | (1.28) | 35.64 | (14.71) | 65,812 | 1.93 | 1.93 | (0.81) | 15(4) | ||||||||||||||
09/30/23 | 35.64 | (0.27)(3) | 6.88 | 6.61 | (0.05) | (0.44) | (0.49) | 41.76 | 18.70 | 70,076 | 1.94 | 1.94 | (0.67) | 18(4) | ||||||||||||||
03/31/24(5) | 41.76 | (0.18)(3) | 9.64 | 9.46 | — | (0.31) | (0.31) | 50.91 | 22.72(6) | 82,909 | 1.92(7) | 1.92(7) | (0.78)(7) | 9(4)(6) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
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(3) | 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(3) | 8.44 | 8.49 | (0.16) | (0.70) | (0.86) | 47.18 | 21.64 | 3,258,367 | 0.97(8) | 0.93 | 0.10 | 21(4) | ||||||||||||||
09/30/22 | 47.18 | 0.08(3) | (6.36) | (6.28) | (0.18) | (1.21) | (1.39) | 39.51 | (13.87) | 2,789,008 | 0.94(8) | 0.95 | 0.17 | 15(4) | ||||||||||||||
09/30/23 | 39.51 | 0.15(3) | 7.64 | 7.79 | (0.15) | (0.44) | (0.59) | 46.71 | 19.90 | 3,178,397 | 0.94 | 0.94 | 0.33 | 18(4) | ||||||||||||||
03/31/24(5) | 46.71 | 0.06(3) | 10.79 | 10.85 | (0.17) | (0.31) | (0.48) | 57.08 | 23.34(6) | 4,111,554 | 0.92(7) | 0.92(7) | 0.22(7) | 9(4)(6) | ||||||||||||||
Class Z | ||||||||||||||||||||||||||||
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(3) | 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 | (—)(3) | 8.20 | 8.20 | (0.13) | (0.70) | (0.83) | 46.12 | 21.33 | 54,368 | 1.22 | 1.25 | (0.15) | 21(4) | ||||||||||||||
09/30/22 | 46.12 | (0.05)(3) | (6.21) | (6.26) | (0.14) | (1.21) | (1.35) | 38.51 | (14.12) | 37,449 | 1.23 | 1.26 | (0.11) | 15(4) | ||||||||||||||
09/30/23 | 38.51 | 0.02(3) | 7.45 | 7.47 | (0.12) | (0.44) | (0.56) | 45.42 | 19.56 | 40,257 | 1.22 | 1.26 | 0.04 | 18(4) | ||||||||||||||
03/31/24(5) | 45.42 | (0.02)(3) | 10.50 | 10.48 | (0.04) | (0.31) | (0.35) | 55.55 | 23.15(6) | 48,418 | 1.22(7) | 1.26(7) | (0.08)(7) | 9(4)(6) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
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(3) | 1.29 | 1.44 | (0.32) | (0.89) | (1.21) | 39.64 | 3.64 | 1,142,677 | 0.89(8) | 0.89 | 0.40 | 18 | ||||||||||||||
09/30/21 | 39.64 | 0.10(3) | 8.46 | 8.56 | (0.16) | (0.70) | (0.86) | 47.34 | 21.80 | 676,846 | 0.85(8) | 0.84 | 0.22 | 21(4) | ||||||||||||||
09/30/22 | 47.34 | 0.11(3) | (6.39) | (6.28) | (0.19) | (1.21) | (1.40) | 39.66 | (13.82) | 407,132 | 0.87 | 0.87 | 0.25 | 15(4) | ||||||||||||||
09/30/23 | 39.66 | 0.17(3) | 7.67 | 7.84 | (0.15) | (0.44) | (0.59) | 46.91 | 19.96 | 466,528 | 0.88 | 0.88 | 0.38 | 18(4) | ||||||||||||||
03/31/24(5) | 46.91 | 0.07(3) | 10.85 | 10.92 | (0.20) | (0.31) | (0.51) | 57.32 | 23.39(6) | 639,071 | 0.86(7) | 0.86(7) | 0.28(7) | 9(4)(6) | ||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
09/30/21(9) | $45.92 | $0.07(3) | $1.36 | $1.43 | $— | $ — | $— | $47.35 | 3.11%(6) | $612,500 | 0.80%(7) | 0.82%(7) | 0.27%(7) | 21%(4) | ||||||||||||||
09/30/22 | 47.35 | 0.14(3) | (6.39) | (6.25) | (0.19) | (1.21) | (1.40) | 39.70 | (13.76) | 598,238 | 0.81 | 0.82 | 0.31 | 15(4) | ||||||||||||||
09/30/23 | 39.70 | 0.21(3) | 7.68 | 7.89 | (0.16) | (0.44) | (0.60) | 46.99 | 20.07 | 657,775 | 0.80 | 0.83 | 0.46 | 18(4) | ||||||||||||||
03/31/24(5) | 46.99 | 0.09(3) | 10.86 | 10.95 | (0.24) | (0.31) | (0.55) | 57.39 | 23.41(6) | 769,270 | 0.80(7) | 0.81(7) | 0.34(7) | 9(4)(6) |
(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 and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.01%, 0.02% and 0.01% for the six months ended March 31, 2024 and for the years ended September 30, 2023, 2022 and 2021, respectively. |
(3) | The net investment income per share was based on average shares outstanding for the period. |
(4) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(5) | Unaudited. |
(6) | Not annualized. |
(7) | Annualized. |
(8) | Net expenses include amounts recouped by the Adviser. |
(9) | 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(2) | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | ||||||||||||||
Class A | ||||||||||||||||||||||||||||
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(3) | 6.93 | 6.94 | (0.03) | — | (0.03) | 23.62 | 41.59 | 13,605 | 1.23 | 1.55 | 0.06 | 33(4) | ||||||||||||||
09/30/22 | 23.62 | 0.14(3) | (2.05) | (1.91) | (0.19) | (1.49) | (1.68) | 20.03 | (9.04) | 12,950 | 1.22 | 1.44 | 0.59 | 27 | ||||||||||||||
09/30/23 | 20.03 | 0.14(3) | 1.26 | 1.40 | (0.06) | (1.12) | (1.18) | 20.25 | 6.86 | 14,596 | 1.24 | 1.51 | 0.66 | 21(4) | ||||||||||||||
03/31/24(5) | 20.25 | 0.07(3) | 3.58 | 3.65 | (0.20) | (0.18) | (0.38) | 23.52 | 18.17(6) | 16,885 | 1.24(7) | 1.47(7) | 0.63(7) | 12(4)(6) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
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)(3) | 6.71 | 6.56 | — | — | — | 22.73 | 40.57 | 4,167 | 1.98 | 2.36 | (0.69) | 33(4) | ||||||||||||||
09/30/22 | 22.73 | (0.03)(3) | (1.97) | (2.00) | — | (1.49) | (1.49) | 19.24 | (9.73) | 4,013 | 1.97 | 2.26 | (0.16) | 27 | ||||||||||||||
09/30/23 | 19.24 | (0.02)(3) | 1.22 | 1.20 | (0.02) | (1.12) | (1.14) | 19.30 | 6.08 | 2,963 | 1.99 | 2.38 | (0.09) | 21(4) | ||||||||||||||
03/31/24(5) | 19.30 | (0.01)(3) | 3.40 | 3.39 | (0.16) | (0.18) | (0.34) | 22.35 | 17.69(6) | 2,345 | 1.99(7) | 2.70(7) | (0.12)(7) | 12(4)(6) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
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(3) | 6.96 | 7.03 | (0.06) | — | (0.06) | 23.75 | 41.97 | 400,865 | 0.98 | 1.16 | 0.31 | 33(4) | ||||||||||||||
09/30/22 | 23.75 | 0.20(3) | (2.06) | (1.86) | (0.25) | (1.49) | (1.74) | 20.15 | (8.81) | 349,756 | 0.97 | 1.16 | 0.84 | 27 | ||||||||||||||
09/30/23 | 20.15 | 0.19(3) | 1.27 | 1.46 | (0.07) | (1.12) | (1.19) | 20.42 | 7.14 | 326,424 | 0.99 | 1.20 | 0.91 | 21(4) | ||||||||||||||
03/31/24(5) | 20.42 | 0.09(3) | 3.61 | 3.70 | (0.21) | (0.18) | (0.39) | 23.73 | 18.29(6) | 364,118 | 0.99(7) | 1.23(7) | 0.88(7) | 12(4)(6) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
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(3) | 7.00 | 7.10 | (0.09) | — | (0.09) | 23.88 | 42.16 | 456,557 | 0.85 | 0.97 | 0.44 | 33(4) | ||||||||||||||
09/30/22 | 23.88 | 0.23(3) | (2.07) | (1.84) | (0.28) | (1.49) | (1.77) | 20.27 | (8.68) | 395,187 | 0.84 | 0.95 | 0.97 | 27 | ||||||||||||||
09/30/23 | 20.27 | 0.22(3) | 1.28 | 1.50 | (0.08) | (1.12) | (1.20) | 20.57 | 7.29 | 353,386 | 0.86 | 0.97 | 1.04 | 21(4) | ||||||||||||||
03/31/24(5) | 20.57 | 0.11(3) | 3.63 | 3.74 | (0.22) | (0.18) | (0.40) | 23.91 | 18.34(6) | 448,723 | 0.86(7) | 0.98(7) | 1.01(7) | 12(4)(6) |
(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 and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.02%, 0.02% and 0.01% for the six months ended March 31, 2024 and for the years ended September 30, 2023 and 2021, respectively. |
(3) | The net investment income per share was based on average shares outstanding for the period. |
(4) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(5) | Unaudited. |
(6) | Not annualized. |
(7) | Annualized. |
Touchstone Sands Capital International Growth Equity Fund | ||||||||||||||||||||||||||||
Period ended | Net asset value at beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Distributions from net investment income | Distributions from realized capital gains | Total distributions | Net asset value at end of period | Total return(1) | Net assets at end of period (000's) | Ratio of net expenses to average net assets(2) | Ratio of gross expenses to average net assets(2) | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | ||||||||||||||
Class A | ||||||||||||||||||||||||||||
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 | ||||||||||||||
09/30/23 | 5.97 | 0.14(3) | 1.08 | 1.22 | (0.16) | — | (0.16) | 7.03 | 20.50 | 7,177 | 1.17 | 1.79 | 1.93 | 171 | ||||||||||||||
03/31/24(4) | 7.03 | (0.03)(3) | 1.95 | 1.92 | (0.12) | (0.21) | (0.33) | 8.62 | 27.76(5) | 8,309 | 1.19(6) | 1.84(6) | (0.66)(6) | 31(5) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
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 | (—)(7) | (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 | ||||||||||||||
09/30/23 | 5.95 | 0.08(3) | 1.08 | 1.16 | — | — | — | 7.11 | 19.50 | 398 | 1.95 | 3.62 | 1.15 | 171 | ||||||||||||||
03/31/24(4) | 7.11 | (0.06)(3) | 1.98 | 1.92 | — | (0.21) | (0.21) | 8.82 | 27.27(5) | 468 | 1.97(6) | 5.56(6) | (1.44)(6) | 31(5) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
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 | ||||||||||||||
09/30/23 | 5.99 | 0.16(3) | 1.08 | 1.24 | (0.18) | — | (0.18) | 7.05 | 20.86 | 13,870 | 0.90 | 1.46 | 2.20 | 171 | ||||||||||||||
03/31/24(4) | 7.05 | (0.02)(3) | 1.95 | 1.93 | (0.14) | (0.21) | (0.35) | 8.63 | 27.86(5) | 18,398 | 0.92(6) | 1.46(6) | (0.39)(6) | 31(5) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
09/30/19(8) | $8.05(9) | $(0.01) | $0.45 | $0.44 | $(0.01) | $ — | $(0.01) | $8.48 | 5.46%(5) | $3 | 0.89%(6) | 2,643.52%(6) | (0.97)%(6) | 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 | ||||||||||||||
09/30/23 | 5.98 | 0.16(3) | 1.08 | 1.24 | (0.18) | — | (0.18) | 7.04 | 20.79 | 3 | 0.89 | 1.27 | 2.17 | 171 | ||||||||||||||
03/31/24(4) | 7.04 | (0.01)(3) | 1.94 | 1.93 | (0.12) | (0.21) | (0.33) | 8.64 | 27.85(5) | 4 | 0.88(6) | 189.71(6) | (0.36)(6) | 31(5) | ||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
09/30/23(10) | $7.66(11) | $0.01(3) | $(0.63) | $(0.62) | $— | $ — | $— | $7.04 | (8.09)%(5) | $14,490 | 0.82%(6) | 1.56%(6) | 2.27%(6) | 171% | ||||||||||||||
03/31/24(4) | 7.04 | (0.01)(3) | 1.94 | 1.93 | (0.12) | (0.21) | (0.33) | 8.64 | 27.87(5) | 18,532 | 0.84(6) | 1.22(6) | (0.31)(6) | 31(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 and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.02% for the six months ended March 31, 2024. |
(3) | The net investment income per share was based on average shares outstanding for the period. |
(4) | Unaudited. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | Less than $0.005 per share. |
(8) | Represents the period from commencement of operations (August 23, 2019) through September 30, 2019. |
(9) | Net asset value at the beginning of period is based on the net asset value of Class Y shares on August 23, 2019. |
(10) | Represents the period from commencement of operations (August 31, 2023) through September 30, 2023. |
(11) | Net asset value at the beginning of period is based on the net asset value of Institutional Class shares on August 31, 2023. |
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(2) | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | |||||||||||||
Class A | ||||||||||||||||||||||||||
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%(3) | |||||||||||||
09/30/20 | 13.12 | (0.11)(4) | 6.58 | 6.47 | (2.37) | (2.37) | 17.22 | 58.43 | 163,697 | 1.25(5) | 1.24 | (0.85) | 41(3) | |||||||||||||
09/30/21 | 17.22 | (0.19)(4) | 5.43 | 5.24 | (1.85) | (1.85) | 20.61 | 32.30 | 841,243 | 1.06(5) | 1.06 | (0.96) | 35(3)(6) | |||||||||||||
09/30/22 | 20.61 | (0.13)(4) | (10.02) | (10.15) | (2.16) | (2.16) | 8.30 | (54.73) | 319,960 | 1.13 | 1.13 | (0.98) | 45(3) | |||||||||||||
09/30/23 | 8.30 | (0.08)(4) | 2.17 | 2.09 | — | — | 10.39 | 25.18 | 344,359 | 1.16 | 1.20 | (0.83) | 27(3) | |||||||||||||
03/31/24(7) | 10.39 | (0.06)(4) | 4.35 | 4.29 | — | — | 14.68 | 41.29(8) | 437,220 | 1.16(9) | 1.18(9) | (0.89)(9) | 19(3)(8) | |||||||||||||
Class C | ||||||||||||||||||||||||||
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%(3) | |||||||||||||
09/30/20^ | 14.47 | (0.23)(4) | 7.03 | 6.80 | (2.98) | (2.98) | 18.29 | 57.27 | 36,065 | 2.01 | 2.04 | (1.56) | 41(3) | |||||||||||||
09/30/21^ | 18.29 | (0.35)(4) | 5.67 | 5.32 | (2.32) | (2.32) | 21.29 | 31.14 | 75,082 | 1.86 | 1.87 | (1.75) | 35(3)(6) | |||||||||||||
09/30/22^ | 21.29 | (0.23)(4) | (10.05) | (10.28) | (2.71) | (2.71) | 8.30 | (55.02) | 20,623 | 1.78 | 1.94 | (1.63) | 45(3) | |||||||||||||
09/30/23^ | 8.30 | (0.14)(4) | 2.16 | 2.02 | — | — | 10.32 | 24.48 | 18,269 | 1.77 | 2.05 | (1.44) | 27(3) | |||||||||||||
03/31/24(7) | 10.32 | (0.09)(4) | 4.31 | 4.22 | — | — | 14.54 | 40.89(8) | 22,175 | 1.77(9) | 2.04(9) | (1.50)(9) | 19(3)(8) | |||||||||||||
Class Y | ||||||||||||||||||||||||||
09/30/19 | $18.73 | $(0.14) | $(0.62) | $(0.76) | $ (3.83) | $(3.83) | $14.14 | (1.45)% | $1,089,979 | 1.19%(5) | 1.18% | (0.98)% | 25%(3) | |||||||||||||
09/30/20 | 14.14 | (0.09)(4) | 7.21 | 7.12 | (2.37) | (2.37) | 18.89 | 58.86 | 1,565,333 | 1.00(5) | 0.99 | (0.58) | 41(3) | |||||||||||||
09/30/21 | 18.89 | (0.16)(4) | 5.98 | 5.82 | (1.85) | (1.85) | 22.86 | 32.53 | 1,784,643 | 0.85 | 0.85 | (0.74) | 35(3)(6) | |||||||||||||
09/30/22 | 22.86 | (0.11)(4) | (11.24) | (11.35) | (2.16) | (2.16) | 9.35 | (54.59) | 613,010 | 0.88 | 0.88 | (0.72) | 45(3) | |||||||||||||
09/30/23 | 9.35 | (0.06)(4) | 2.44 | 2.38 | — | — | 11.73 | 25.46 | 600,614 | 0.92 | 0.92 | (0.58) | 27(3) | |||||||||||||
03/31/24(7) | 11.73 | (0.04)(4) | 4.90 | 4.86 | — | — | 16.59 | 41.43(8) | 710,431 | 0.90(9) | 0.90(9) | (0.63)(9) | 19(3)(8) | |||||||||||||
Class Z | ||||||||||||||||||||||||||
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%(3) | |||||||||||||
09/30/20 | 13.14 | (0.11)(4) | 6.59 | 6.48 | (2.37) | (2.37) | 17.25 | 58.42 | 491,741 | 1.24 | 1.31 | (0.82) | 41(3) | |||||||||||||
09/30/21 | 17.25 | (0.20)(4) | 5.43 | 5.23 | (1.85) | (1.85) | 20.63 | 32.17 | 570,206 | 1.16(5) | 1.16 | (1.05) | 35(3)(6) | |||||||||||||
09/30/22 | 20.63 | (0.14)(4) | (10.02) | (10.16) | (2.16) | (2.16) | 8.31 | (54.73) | 203,620 | 1.18 | 1.19 | (1.03) | 45(3) | |||||||||||||
09/30/23 | 8.31 | (0.08)(4) | 2.17 | 2.09 | — | — | 10.40 | 25.15 | 200,700 | 1.17 | 1.25 | (0.84) | 27(3) | |||||||||||||
03/31/24(7) | 10.40 | (0.06)(4) | 4.35 | 4.29 | — | — | 14.69 | 41.25(8) | 264,748 | 1.17(9) | 1.21(9) | (0.90)(9) | 19(3)(8) | |||||||||||||
Institutional Class | ||||||||||||||||||||||||||
09/30/20(10) | $19.81(11) | $(0.01)(4) | $(0.91) | $(0.92) | $ — | $— | $18.89 | (4.64)%(8) | $2 | 0.81%(9) | 1,344.66%(9) | (0.81)%(9) | 41%(3) | |||||||||||||
09/30/21 | 18.89 | (0.15)(4) | 5.99 | 5.84 | (1.85) | (1.85) | 22.88 | 32.65 | 2,582,030 | 0.79(5) | 0.79 | (0.69) | 35(3)(6) | |||||||||||||
09/30/22 | 22.88 | (0.10)(4) | (11.26) | (11.36) | (2.16) | (2.16) | 9.36 | (54.58) | 839,599 | 0.82 | 0.83 | (0.67) | 45(3) | |||||||||||||
09/30/23 | 9.36 | (0.05)(4) | 2.45 | 2.40 | — | — | 11.76 | 25.64 | 783,666 | 0.81 | 0.88 | (0.48) | 27(3) | |||||||||||||
03/31/24(7) | 11.76 | (0.04)(4) | 4.92 | 4.88 | — | — | 16.64 | 41.50(8) | 926,507 | 0.81(9) | 0.86(9) | (0.54)(9) | 19(3)(8) | |||||||||||||
Class R6 | ||||||||||||||||||||||||||
09/30/20(10) | $19.81(11) | $(0.01)(4) | $(0.91) | $(0.92) | $ — | $— | $18.89 | (4.64)%(8) | $2 | 0.75%(9) | 3.55%(9) | (0.73)%(9) | 41%(3) | |||||||||||||
09/30/21 | 18.89 | (0.14)(4) | 5.98 | 5.84 | (1.85) | (1.85) | 22.88 | 32.65 | 498,994 | 0.74 | 0.75 | (0.65) | 35(3)(6) | |||||||||||||
09/30/22 | 22.88 | (0.09)(4) | (11.26) | (11.35) | (2.16) | (2.16) | 9.37 | (54.58) | 270,361 | 0.76 | 0.79 | (0.61) | 45(3) | |||||||||||||
09/30/23 | 9.37 | (0.05)(4) | 2.46 | 2.41 | — | — | 11.78 | 25.76 | 351,501 | 0.75 | 0.84 | (0.42) | 27(3) | |||||||||||||
03/31/24(7) | 11.78 | (0.03)(4) | 4.92 | 4.89 | — | — | 16.67 | 41.51(8) | 486,252 | 0.75(9) | 0.83(9) | (0.48)(9) | 19(3)(8) |
^ | 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 and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.03%, 0.03%, 0.04%, 0.02%, 0.03% and 0.04% for the six months ended March 31, 2024 and for the years ended September 30, 2023, 2022, 2021, 2020 and 2019, respectively. |
(3) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(4) | The net investment income per share was based on average shares outstanding for the period. |
(5) | Net expenses include amounts recouped by the Adviser. |
(6) | 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. |
(7) | Unaudited. |
(8) | Not annualized. |
(9) | Annualized. |
(10) | Represents the period from commencement of operations (September 1, 2020) through September 30, 2020. |
(11) | 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(2) | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | ||||||||||||||
Class A | ||||||||||||||||||||||||||||
09/30/19 | $16.24 | $—(3) | $(0.49) | $(0.49) | $— | $ (3.40) | $(3.40) | $12.35 | 0.22% | $3,750 | 1.39% | 2.01% | 0.02% | 17%(4) | ||||||||||||||
09/30/20 | 12.35 | 0.01(5) | (0.98) | (0.97) | — | (1.09) | (1.09) | 10.29 | (8.92) | 4,313 | 1.27 | 2.09 | 0.08 | 22(4) | ||||||||||||||
09/30/21 | 10.29 | 0.05(5) | 3.91 | 3.96 | — | (0.20) | (0.20) | 14.05 | 38.68 | 5,266 | 1.27 | 1.78 | 0.39 | 33(4) | ||||||||||||||
09/30/22 | 14.05 | (0.01)(5) | (1.21) | (1.22) | (0.03) | (1.78) | (1.81) | 11.02 | (10.75) | 4,022 | 1.25 | 1.77 | (0.05) | 18(4) | ||||||||||||||
09/30/23 | 11.02 | 0.01(5) | 2.03 | 2.04 | (0.01) | (0.21) | (0.22) | 12.84 | 18.65 | 7,223 | 1.24 | 1.82 | 0.08 | 14(4) | ||||||||||||||
03/31/24(6) | 12.84 | —(3)(5) | 2.58 | 2.58 | (0.01) | (0.43) | (0.44) | 14.98 | 20.51(7) | 18,671 | 1.24(8) | 1.58(8) | —(3)(8) | 6(4)(7) | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
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%(4) | ||||||||||||||
09/30/20 | 11.41 | (0.07)(5) | (0.87) | (0.94) | — | (1.09) | (1.09) | 9.38 | (9.43) | 295 | 2.02 | 3.10 | (0.68) | 22(4) | ||||||||||||||
09/30/21 | 9.38 | (0.04)(5) | 3.55 | 3.51 | — | (0.20) | (0.20) | 12.69 | 37.62 | 197 | 2.02 | 4.51 | (0.36) | 33(4) | ||||||||||||||
09/30/22 | 12.69 | (0.09)(5) | (1.07) | (1.16) | (0.01) | (1.78) | (1.79) | 9.74 | (11.45) | 162 | 2.00 | 6.81 | (0.80) | 18(4) | ||||||||||||||
09/30/23 | 9.74 | (0.07)(5) | 1.79 | 1.72 | — | (0.21) | (0.21) | 11.25 | 17.78 | 273 | 1.99 | 6.48 | (0.67) | 14(4) | ||||||||||||||
03/31/24(6) | 11.25 | (0.04)(5) | 2.26 | 2.22 | — | (0.43) | (0.43) | 13.04 | 20.17(7) | 1,124 | 1.99(8) | 5.14(8) | (0.75)(8) | 6(4)(7) | ||||||||||||||
Class Y | ||||||||||||||||||||||||||||
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%(4) | ||||||||||||||
09/30/20 | 12.59 | 0.04(5) | (1.00) | (0.96) | (0.02) | (1.09) | (1.11) | 10.52 | (8.65) | 35,573 | 1.02 | 1.32 | 0.33 | 22(4) | ||||||||||||||
09/30/21 | 10.52 | 0.09(5) | 3.98 | 4.07 | (0.11) | (0.20) | (0.31) | 14.28 | 39.02 | 49,842 | 1.02 | 1.25 | 0.64 | 33(4) | ||||||||||||||
09/30/22 | 14.28 | 0.02(5) | (1.24) | (1.22) | (0.04) | (1.78) | (1.82) | 11.24 | (10.58) | 53,485 | 1.00 | 1.23 | 0.20 | 18(4) | ||||||||||||||
09/30/23 | 11.24 | 0.04(5) | 2.08 | 2.12 | (0.02) | (0.21) | (0.23) | 13.13 | 18.99 | 88,745 | 0.99 | 1.21 | 0.33 | 14(4) | ||||||||||||||
03/31/24(6) | 13.13 | 0.02(5) | 2.65 | 2.67 | (0.03) | (0.43) | (0.46) | 15.34 | 20.73(7) | 204,852 | 0.99(8) | 1.15(8) | 0.25(8) | 6(4)(7) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
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%(4) | ||||||||||||||
09/30/20 | 12.55 | 0.04(5) | (0.97) | (0.93) | (0.04) | (1.09) | (1.13) | 10.49 | (8.57) | 33,201 | 0.94 | 1.21 | 0.41 | 22(4) | ||||||||||||||
09/30/21 | 10.49 | 0.10(5) | 3.97 | 4.07 | (0.13) | (0.20) | (0.33) | 14.23 | 39.13 | 39,656 | 0.94 | 1.16 | 0.72 | 33(4) | ||||||||||||||
09/30/22 | 14.23 | 0.04(5) | (1.25) | (1.21) | (0.04) | (1.78) | (1.82) | 11.20 | (10.52) | 32,834 | 0.92 | 1.14 | 0.28 | 18(4) | ||||||||||||||
09/30/23 | 11.20 | 0.05(5) | 2.07 | 2.12 | (0.02) | (0.21) | (0.23) | 13.09 | 19.08 | 34,027 | 0.91 | 1.13 | 0.41 | 14(4) | ||||||||||||||
03/31/24(6) | 13.09 | 0.02(5) | 2.64 | 2.66 | (0.04) | (0.43) | (0.47) | 15.28 | 20.74(7) | 43,681 | 0.91(8) | 1.11(8) | 0.33(8) | 6(4)(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 and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.03%, 0.03% and 0.05% for the years ended September 30, 2022, 2021, 2020 and 2019, respectively. |
(3) | Less than $0.005 per share or 0.005%. |
(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) | Unaudited. |
(7) | Not annualized. |
(8) | 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(2) | Ratio of net investment income (loss) to average net assets | Portfolio turnover rate | |||||||||||||||
Class A | ||||||||||||||||||||||||||||||
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(3) | (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 | (—)(3) | 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)(3) | (3.55) | (3.56) | (0.06) | — | (0.07) | (0.13) | 28.80 | (11.04) | 21,034 | 1.38 | 1.57 | (0.02) | 35 | |||||||||||||||
09/30/23 | 28.80 | 0.09(3) | 2.61 | 2.70 | (0.01) | — | — | (0.01) | 31.49 | 9.36 | 22,214 | 1.40 | 1.53 | 0.29 | 31(4) | |||||||||||||||
03/31/24(5) | 31.49 | 0.08(3) | 4.90 | 4.98 | (0.18) | — | — | (0.18) | 36.29 | 15.81(6) | 25,019 | 1.39(7) | 1.53(7) | 0.47(7) | 8(4)(6) | |||||||||||||||
Class C | ||||||||||||||||||||||||||||||
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)(3) | (3.22) | (3.35) | (0.02) | — | —(8) | (0.02) | 19.84 | (14.46) | 453 | 2.13 | 4.50 | (0.63) | 41 | |||||||||||||||
09/30/21 | 19.84 | (0.22)(3) | 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)(3) | (3.38) | (3.62) | (0.03) | — | (0.03) | (0.06) | 27.38 | (11.73) | 272 | 2.13 | 4.21 | (0.77) | 35 | |||||||||||||||
09/30/23 | 27.38 | (0.14)(3) | 2.49 | 2.35 | — | — | — | — | 29.73 | 8.58 | 322 | 2.15 | 5.19 | (0.46) | 31(4) | |||||||||||||||
03/31/24(5) | 29.73 | (0.04)(3) | 4.61 | 4.57 | (0.13) | — | — | (0.13) | 34.17 | 15.35(6) | 400 | 2.14(7) | 5.40(7) | (0.28)(7) | 8(4)(6) | |||||||||||||||
Class Y | ||||||||||||||||||||||||||||||
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(3) | (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(3) | 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(3) | (3.58) | (3.50) | (0.07) | — | (0.10) | (0.17) | 28.94 | (10.81) | 34,156 | 1.13 | 1.27 | 0.23 | 35 | |||||||||||||||
09/30/23 | 28.94 | 0.17(3) | 2.63 | 2.80 | (0.03) | — | — | (0.03) | 31.71 | 9.66 | 35,328 | 1.15 | 1.26 | 0.54 | 31(4) | |||||||||||||||
03/31/24(5) | 31.71 | 0.12(3) | 4.93 | 5.05 | (0.20) | — | — | (0.20) | 36.56 | 15.93(6) | 40,209 | 1.14(7) | 1.25(7) | 0.72(7) | 8(4)(6) | |||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||
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(3) | (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(3) | 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(3) | (3.59) | (3.46) | (0.10) | — | (0.12) | (0.22) | 28.99 | (10.67) | 7,389 | 0.98 | 1.26 | 0.38 | 35 | |||||||||||||||
09/30/23 | 28.99 | 0.22(3) | 2.62 | 2.84 | (0.03) | — | — | (0.03) | 31.80 | 9.81 | 54,449 | 1.00 | 1.20 | 0.69 | 31(4) | |||||||||||||||
03/31/24(5) | 31.80 | 0.15(3) | 4.95 | 5.10 | (0.22) | — | — | (0.22) | 36.68 | 16.02(6) | 104,123 | 0.99(7) | 1.21(7) | 0.87(7) | 8(4)(6) |
(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 and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01% and 0.02% for the six months ended March 31, 2024 and for the year ended September 30, 2023, respectively. |
(3) | The net investment income per share was based on average shares outstanding for the period. |
(4) | Portfolio turnover excludes securities delivered from processing redemptions-in-kind. |
(5) | Unaudited. |
(6) | Not annualized. |
(7) | Annualized. |
(8) | Less than $0.005 per share. |
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 | ||||||||||||||||||||||||||
09/30/19 | $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 | |||||||||||||
09/30/23 | 9.01 | 0.33 | 0.07 | 0.40 | (0.34) | (0.34) | 9.07 | 4.51 | 75,540 | 0.69 | 0.76 | 3.57 | 29 | |||||||||||||
03/31/24(2) | 9.07 | 0.23 | 0.09 | 0.32 | (0.22) | (0.22) | 9.17 | 3.56(3) | 79,100 | 0.65(4) | 0.73(4) | 4.95(4) | 41(3) | |||||||||||||
Class C | ||||||||||||||||||||||||||
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 | |||||||||||||
09/30/23 | 9.02 | 0.28 | 0.07 | 0.35 | (0.29) | (0.29) | 9.08 | 3.99 | 3,292 | 1.19 | 1.61 | 3.07 | 29 | |||||||||||||
03/31/24(2) | 9.08 | 0.21 | 0.09 | 0.30 | (0.20) | (0.20) | 9.18 | 3.30(3) | 3,514 | 1.15(4) | 1.59(4) | 4.45(4) | 41(3) | |||||||||||||
Class S | ||||||||||||||||||||||||||
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 | |||||||||||||
09/30/23 | 9.01 | 0.30 | 0.08 | 0.38 | (0.32) | (0.32) | 9.07 | 4.28 | 35,599 | 0.94 | 1.04 | 3.32 | 29 | |||||||||||||
03/31/24(2) | 9.07 | 0.20 | 0.11 | 0.31 | (0.21) | (0.21) | 9.17 | 3.31(3) | 32,581 | 0.90(4) | 1.00(4) | 4.70(4) | 41(3) | |||||||||||||
Class Y | ||||||||||||||||||||||||||
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 | |||||||||||||
09/30/23 | 9.01 | 0.35 | 0.08 | 0.43 | (0.36) | (0.36) | 9.08 | 4.88 | 193,680 | 0.44 | 0.52 | 3.82 | 29 | |||||||||||||
03/31/24(2) | 9.08 | 0.23 | 0.09 | 0.32 | (0.23) | (0.23) | 9.17 | 3.57(3) | 215,773 | 0.40(4) | 0.47(4) | 5.20(4) | 41(3) | |||||||||||||
Class Z | ||||||||||||||||||||||||||
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 | |||||||||||||
09/30/23 | 9.01 | 0.32 | 0.08 | 0.40 | (0.34) | (0.34) | 9.07 | 4.51 | 41,800 | 0.69 | 0.81 | 3.57 | 29 | |||||||||||||
03/31/24(2) | 9.07 | 0.26 | 0.06 | 0.32 | (0.22) | (0.22) | 9.17 | 3.56(3) | 40,739 | 0.65(4) | 0.79(4) | 4.95(4) | 41(3) | |||||||||||||
Institutional Class | ||||||||||||||||||||||||||
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 | |||||||||||||
09/30/23 | 9.00 | 0.36 | 0.08 | 0.44 | (0.37) | (0.37) | 9.07 | 4.94 | 136,828 | 0.39 | 0.47 | 3.87 | 29 | |||||||||||||
03/31/24(2) | 9.07 | 0.17 | 0.16 | 0.33 | (0.23) | (0.23) | 9.17 | 3.71(3) | 108,261 | 0.35(4) | 0.43(4) | 5.25(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 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 Mid Cap Fund ("Mid Cap Fund”) |
Touchstone Mid Cap Value Fund ("Mid Cap Value Fund”) |
Touchstone Sands Capital International Growth Equity Fund ("Sands Capital International Growth Equity 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 | ||
Mid Cap Fund | X | X | X | X | X | X | |
Mid Cap Value Fund | X | X | X | X | |||
Sands Capital International Growth Equity Fund | X | 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 | $214,185 | $— | |
Total | $214,185 | $— |
Counterparty | Derivative Type | Gross Amount of Recognized Assets | Gross Amount Available for Offset in Statement of Assets and Liabilities | Non-Cash Collateral Received | Cash Collateral Received | Net Amount(A) |
Wells Fargo | Forward-Foreign Currency Contracts | $214,185 | $— | $— | $— | $214,185 |
(A) | Net amount represents the net amount receivable from 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* | $— | $755,696 |
Futures Contracts - Interest Rate Contracts** | 30,716 | 158,875 | |
Ares Credit Opportunities Fund | Purchased Options - Equity Contracts*** | 6,800 | — |
Written Options - Equity Contracts**** | — | 4,400 | |
Forwards - Foreign Currency Contracts***** | 214,185 | — | |
Swap Agreements - Credit Contracts* | — | 9,549 |
* | 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* | $(542,346) | $(233,998) |
Swap Agreements - Credit Contracts** | (86,440) | (723,922) | |
Ares Credit Opportunities Fund | Purchased Options - Equity Contracts*** | 37,958 | — |
Written Options - Equity Contracts**** | 10,700 | (1,800) | |
Forwards - Foreign Currency Exchange Contracts***** | (192,977) | 80,780 | |
Swap Agreements - Credit Contracts** | (15,166) | (17,486) |
* | Statements of Operations Location: Net realized losses on futures contracts and Net change in unrealized appreciation (depreciation) on futures contracts, respectively. |
** | Statements of Operations Location: Net realized losses on swap agreements and Net change in unrealized appreciation (depreciation) on swap agreements, respectively. |
*** | Statements of Operations Location: Net realized gains (losses) on investments and Net change in unrealized appreciation (depreciation) on investments, respectively. |
**** | Statements of Operations Location: Net realized gains 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 | $— | $72,956 |
Written Options - Premiums received | — | 3,000 |
Credit Contracts: | ||
Credit Default Swaps (buy protection) - Notional value | 10,146,900 | 563,033 |
Forward currency exchange contracts: | ||
U.S. dollar amount received | — | 10,248,043 |
Interest Rate Contracts: | ||
Futures Contracts (long) - Notional Value | 49,975,951 | — |
Futures Contracts (short) - Notional Value | 9,600,219 | — |
Fund | Security Type | Market Value of Securities Loaned* | Market Value of Collateral Received** | Net Amount*** |
Ares Credit Opportunities Fund | Corporate Bonds | $3,852,720 | $4,045,367 | $192,647 |
High Yield Fund | Corporate Bonds | 1,466,558 | 1,531,015 | 64,457 |
* | 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 | Mid Cap Fund* | |
Purchases of investment securities | $26,664,345 | $205,519,738 | $131,552,942 | $11,702,532 | $24,387,713 | $724,823,056 |
Proceeds from sales and maturities | $40,785,789 | $92,350,445 | $397,621,414 | $13,589,773 | $27,185,138 | $460,747,351 |
Mid Cap Value Fund* | Sands Capital International Growth Equity Fund | Sands Capital Select Growth Fund* | Small Cap Fund* | Small Cap Value Fund* | Ultra Short Duration Fixed Income Fund | |
Purchases of investment securities | $147,298,647 | $11,704,112 | $473,741,398 | $111,256,744 | $52,307,357 | $172,796,263 |
Proceeds from sales and maturities | $90,246,019 | $12,346,469 | $562,806,360 | $9,821,689 | $9,273,052 | $166,456,695 |
* | The Mid Cap Fund, the Mid Cap Value Fund, the Sands Capital Select Growth Fund, the Small Cap Fund and the Small Cap Value Fund had redemption-in-kinds out of the Fund of $63,384,768, $48,570,608, $227,854,812, $672,616 and $3,169,461, 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% on all assets |
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 |
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% on all assets |
Sands Capital International Growth Equity Fund | 0.65% on the first $1 billion 0.60% on such assets over $1 billion |
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% on all assets |
Ultra Short Duration Fixed Income Fund | 0.18% on the first $500 million 0.16% on such assets over $500 million |
Ares Capital Management II LLC | The London Company |
Ares Credit Opportunities Fund | Mid Cap Fund |
EARNEST Partners LLC | Small Cap Fund |
Impact Bond Fund | Sands Capital Management, LLC |
Fort Washington Investment Advisors, Inc.* | Sands Capital International Growth Equity Fund |
Active Bond Fund | Sands Capital Select Growth Fund |
Dividend Equity 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, 2025 |
Ares Credit Opportunities Fund | 1.03% | 1.43% | — | 0.83% | — | 0.73% | — | January 29, 2025 |
Dividend Equity Fund | 0.99% | 1.69% | — | 0.77% | — | 0.67% | 0.65% | January 29, 2025 |
High Yield Fund | 1.05% | 1.80% | — | 0.80% | — | 0.72% | — | January 29, 2025 |
Impact Bond Fund | 0.76% | 1.51% | — | 0.51% | — | 0.41% | 0.37% | January 29, 2025 |
Mid Cap Fund | 1.21% | 1.96% | — | 0.96% | 1.21% | 0.89% | 0.79% | January 29, 2025 |
Mid Cap Value Fund | 1.22% | 1.97% | — | 0.97% | — | 0.84% | — | January 29, 2025 |
Sands Capital International Growth Equity Fund | 1.17% | 1.95% | — | 0.90% | — | 0.86% | 0.82% | January 29, 2025 |
Sands Capital Select Growth Fund | 1.13% | 1.74% | — | 0.90% | 1.14% | 0.78% | 0.72% | January 29, 2025 |
Small Cap Fund | 1.24% | 1.99% | — | 0.99% | — | 0.91% | — | January 29, 2025 |
Small Cap Value Fund | 1.38% | 2.13% | — | 1.13% | — | 0.98% | — | January 29, 2025 |
Ultra Short Duration Fixed Income Fund | 0.65% | 1.15% | 0.90% | 0.40% | 0.65% | 0.35% | — | January 29, 2025 |
Fund | Investment Advisory Fees Waived | Administration Fees Waived | Other Operating Expenses Reimbursed/ Waived | Total |
Active Bond Fund | $— | $40,844 | $151,578 | $192,422 |
Ares Credit Opportunities Fund | — | 5,194 | 220,087 | 225,281 |
Dividend Equity Fund | — | 163 | 381,671 | 381,834 |
High Yield Fund | — | 40,024 | 54,579 | 94,603 |
Impact Bond Fund | — | 16,526 | 99,163 | 115,689 |
Mid Cap Fund | — | 17,877 | 41,601 | 59,478 |
Mid Cap Value Fund | — | 129,834 | 521,919 | 651,753 |
Sands Capital International Growth Equity Fund | — | 21,556 | 85,043 | 106,599 |
Sands Capital Select Growth Fund | — | 191,694 | 333,055 | 524,749 |
Small Cap Fund | — | 55,366 | 108,831 | 164,197 |
Small Cap Value Fund | — | 29,846 | 75,019 | 104,865 |
Ultra Short Duration Fixed Income Fund | — | 15,886 | 187,918 | 203,804 |
Fund | Expires on or before September 30, 2024 | Expires on or before September 30, 2025 | Expires on or before September 30, 2026 | Expires on or before September 30, 2027 | Total |
Active Bond Fund | $41,481 | $129,291 | $163,390 | $89,720 | $423,882 |
Ares Credit Opportunities Fund | 85,292 | 220,343 | 209,014 | 88,667 | 603,316 |
Dividend Equity Fund | 2,947 | 15,147 | 17,239 | 8,471 | 43,804 |
High Yield Fund | 32,863 | 124,409 | 138,443 | 77,803 | 373,518 |
Impact Bond Fund | 90,672 | 199,976 | 188,451 | 96,841 | 575,940 |
Mid Cap Fund | 6,295 | 77,736 | 191,897 | 59,478 | 335,406 |
Mid Cap Value Fund | 638,740 | 1,249,338 | 1,215,259 | 624,857 | 3,728,194 |
Sands Capital International Growth Equity Fund | 52,569 | 107,560 | 138,906 | 95,192 | 394,227 |
Sands Capital Select Growth Fund | 1,024 | 415,611 | 1,015,554 | 449,722 | 1,881,911 |
Small Cap Fund | 104,668 | 223,917 | 267,374 | 146,941 | 742,900 |
Fund | Expires on or before September 30, 2024 | Expires on or before September 30, 2025 | Expires on or before September 30, 2026 | Expires on or before September 30, 2027 | Total |
Small Cap Value Fund | $28,863 | $88,081 | $163,082 | $87,119 | $367,145 |
Ultra Short Duration Fixed Income Fund | 276,118 | 473,831 | 405,681 | 131,568 | 1,287,198 |
Fund | Amount |
Active Bond Fund | $ 2,251 |
Ares Credit Opportunities Fund | 4,692 |
Dividend Equity Fund | 9,514 |
High Yield Fund | 1,106 |
Impact Bond Fund | 142 |
Mid Cap Fund | 10,653 |
Mid Cap Value Fund | 439 |
Sands Capital International Growth Equity Fund | 54 |
Sands Capital Select Growth Fund | 6,161 |
Small Cap Fund | 577 |
Small Cap Value Fund | 55 |
Ultra Short Duration Fixed Income Fund | 709 |
Fund | Class A | Class C |
Active Bond Fund | $ 79 | $ 19 |
Ares Credit Opportunities Fund | — | 433 |
Dividend Equity Fund | — | 483 |
Impact Bond Fund | 850 | — |
Mid Cap Fund | — | 388 |
Mid Cap Value Fund | — | 31 |
Sands Capital Select Growth Fund | — | 111 |
Ultra Short Duration Fixed Income Fund | — | 165 |
Fund | Shares ReFlow Subscribed to | Redemptions-in-kind |
Mid Cap Fund | 1,902,501 | $ 63,384,768 |
Mid Cap Value Fund | 2,413,760 | 48,570,608 |
Sands Capital Select Growth Fund | 16,278,106 | 227,854,812 |
Small Cap Fund | 160,721 | 672,616 |
Small Cap Value Fund | 115,627 | 3,169,461 |
Fund | Daily Average Amount Loaned | Weighted Average Interest Rate | Interest Income* |
Mid Cap Fund | $ 628,516 | 5.89% | $ 18,821 |
* | Included in Interest in the Statements of Operations. |
Fund | Daily Average Amount Borrowed | Weighted Average Interest Rate | Interest Expense* |
Active Bond Fund | $ 11,071 | 5.90% | $ 332 |
Dividend Equity Fund | $ 1,760,958 | 5.89% | $ 52,734 |
Impact Bond Fund | $ 74,555 | 5.90% | $ 2,236 |
Sands Capital International Growth Equity Fund | $ 101,988 | 5.89% | $ 3,051 |
Sands Capital Select Growth Fund | $ 33,296 | 5.90% | $ 999 |
* | Included in Other expenses in the Statements of Operations. |
Active Bond Fund | Ares Credit Opportunities Fund | Dividend Equity Fund | ||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
From ordinary income | $9,842,820 | $9,708,614 | $22,279,562 | $22,601,443 | $117,383,591 | $62,270,650 |
From long-term capital gains | — | — | — | — | 26,369,054 | 58,114,891 |
From return of capital | — | — | — | 461,802 | — | — |
Total distributions | $9,842,820 | $9,708,614 | $22,279,562 | $23,063,245 | $143,752,645 | $120,385,541 |
High Yield Fund | Impact Bond Fund | Mid Cap Fund | ||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
From ordinary income | $6,136,287 | $5,521,170 | $16,934,074 | $10,778,441 | $14,955,024 | $78,196,511 |
From long-term capital gains | — | — | — | — | 45,156,008 | 59,498,683 |
Total distributions | $6,136,287 | $5,521,170 | $16,934,074 | $10,778,441 | $60,111,032 | $137,695,194 |
Mid Cap Value Fund | Sands Capital International Growth Equity Fund | Sands Capital Select Growth Fund | ||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
From ordinary income | $2,817,232 | $18,385,395 | $722,096 | $422,795 | $— | $59,079,674 |
From long-term capital gains | 40,703,348 | 46,436,919 | — | 1,825,103 | — | 552,873,038 |
Total distributions | $43,520,580 | $64,822,314 | $722,096 | $2,247,898 | $— | $611,952,712 |
Small Cap Fund | Small Cap Value Fund | Ultra Short Duration Fixed Income Fund | ||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
From ordinary income | $599,565 | $1,344,611 | $105,710 | $160,439 | $22,927,101 | $13,644,637 |
From long-term capital gains | 1,240,712 | 10,677,181 | — | — | — | — |
From return of capital | — | — | — | 210,519 | — | — |
Total distributions | $1,840,277 | $12,021,792 | $105,710 | $370,958 | $22,927,101 | $13,644,637 |
Active Bond Fund | Ares Credit Opportunities Fund | Dividend Equity Fund | High Yield Fund | |
Tax cost of portfolio investments | $284,449,693 | $378,813,863 | $2,521,605,779 | $110,744,361 |
Gross unrealized appreciation on investments | 423,656 | 3,176,896 | 274,039,377 | 393,881 |
Gross unrealized depreciation on investments | (35,228,547) | (30,703,633) | (386,890,401) | (8,474,129) |
Net unrealized appreciation (depreciation) on investments | (34,804,891) | (27,526,737) | (112,851,024) | (8,080,248) |
Gross unrealized appreciation on short sales, derivatives and foreign currency transactions | 1 | 24,856 | — | — |
Gross unrealized depreciation on foreign currency transactions | (12) | (4,981) | — | — |
Net unrealized appreciation (depreciation) on short sales and foreign currency transactions | (11) | 19,875 | — | — |
Capital loss carryforwards | (118,201,459) | (75,016,201) | — | (21,561,376) |
Undistributed ordinary income | 209,535 | 263,664 | 8,894,756 | 31,021 |
Undistributed capital gains | — | — | 59,467,603 | — |
Other temporary differences | (35) | (443,739) | (611) | — |
Accumulated earnings (deficit) | $(152,796,861) | $(102,703,138) | $(44,489,276) | $(29,610,603) |
Impact Bond Fund | Mid Cap Fund | Mid Cap Value Fund | Sands Capital International Growth Equity Fund | |
Tax cost of portfolio investments | $595,140,165 | $3,770,308,527 | $582,308,982 | $38,503,794 |
Gross unrealized appreciation on investments | 23,732 | 984,264,065 | 162,982,249 | 664,654 |
Gross unrealized depreciation on investments | (79,446,270) | (208,773,819) | (47,429,157) | (3,231,786) |
Net unrealized appreciation (depreciation) on investments | (79,422,538) | 775,490,246 | 115,553,092 | (2,567,132) |
Gross unrealized appreciation on foreign currency transactions | — | — | — | 158 |
Gross unrealized depreciation on foreign currency transactions | — | — | — | (10) |
Net unrealized appreciation (depreciation) on foreign currency transactions | — | — | — | 148 |
Capital loss carryforwards | (11,302,287) | — | — | — |
Undistributed ordinary income | 393,883 | 19,647,237 | 5,034,989 | 656,188 |
Undistributed capital gains | — | 13,902,184 | 4,630,291 | 1,017,840 |
Accumulated earnings (deficit) | $(90,330,942) | $809,039,667 | $125,218,372 | $(892,956) |
Sands Capital Select Growth Fund | Small Cap Fund | Small Cap Value Fund | Ultra Short Duration Fixed Income Fund | |
Tax cost of portfolio investments | $1,879,930,342 | $112,026,846 | $106,489,029 | $495,856,556 |
Gross unrealized appreciation on investments | 670,051,613 | 28,932,867 | 17,351,257 | 669,344 |
Gross unrealized depreciation on investments | (248,797,306) | (10,623,453) | (10,639,039) | (11,208,712) |
Net unrealized appreciation (depreciation) on investments | 421,254,307 | 18,309,414 | 6,712,218 | (10,539,368) |
Capital loss carryforwards | (452,451,365) | — | (7,625,623) | (112,408,883) |
Qualified late year losses | (10,268,586) | — | — | — |
Undistributed ordinary income | — | 815,180 | 537,087 | 927,604 |
Undistributed capital gains | — | 4,031,799 | — | — |
Other temporary differences | — | — | — | (246,759) |
Accumulated earnings (deficit) | $(41,465,644) | $23,156,393 | $(376,318) | $(122,267,406) |
Fund | No Expiration Short Term | No Expiration Long Term | Total |
Active Bond Fund* | $ 62,546,545 | $ 55,654,914 | $ 118,201,459 |
Ares Credit Opportunities Fund* | 10,437,624 | 64,578,577 | 75,016,201 |
High Yield Fund | 1,759,351 | 19,802,025 | 21,561,376 |
Impact Bond Fund | 1,063,700 | 10,238,587 | 11,302,287 |
Sands Capital Select Growth Fund | 368,696,543 | 83,754,822 | 452,451,365 |
Small Cap Value Fund | 7,211,287 | 414,336 | 7,625,623 |
Ultra Short Duration Fixed Income Fund* | 37,103,933 | 75,304,950 | 112,408,883 |
* | Future utilization may be limited under current tax laws. |
Fund | Utilized |
Sands Capital International Growth Equity Fund | $ 1,250,666 |
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 | $266,017,273 | $1,558,517 | $(17,231,809) | $30,716 | $(914,581) | $(16,557,157) |
Ares Credit Opportunities Fund | 509,574,228 | 9,302,348 | (18,308,799) | 214,185 | (21,740) | (8,793,709) |
Dividend Equity Fund | 2,338,474,524 | 450,516,997 | (207,494,172) | — | — | 243,022,825 |
High Yield Fund | 108,211,393 | 1,603,845 | (4,608,601) | — | — | (3,004,756) |
Impact Bond Fund | 616,887,462 | 1,011,651 | (52,966,941) | — | — | (51,955,290) |
Mid Cap Fund | 4,094,123,447 | 1,818,728,769 | (90,767,676) | — | — | 1,727,961,093 |
Mid Cap Value Fund | 635,184,734 | 228,951,386 | (23,665,813) | — | — | 205,285,573 |
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) |
Sands Capital International Growth Equity Fund | $38,817,443 | $7,445,608 | $(625,991) | $462 | $(12) | $6,820,067 |
Sands Capital Select Growth Fund | 1,739,764,422 | 1,172,394,457 | (55,488,571) | — | — | 1,116,905,886 |
Small Cap Fund | 216,087,509 | 59,567,546 | (7,476,624) | — | — | 52,090,922 |
Small Cap Value Fund | 168,608,921 | 30,793,665 | (9,224,018) | — | — | 21,569,647 |
Ultra Short Duration Fixed Income Fund | 497,458,674 | 1,238,264 | (6,949,782) | — | — | (5,711,518) |
(A) | Other includes Derivatives and Foreign Currency Transactions. |
Net Expense Ratio Annualized March 31, 2024 | Beginning Account Value October 1, 2023 | Ending Account Value March 31, 2024 | Expenses Paid During the Six Months Ended March 31, 2024* | ||
Active Bond Fund | |||||
Class A | Actual | 0.83% | $1,000.00 | $1,065.70 | $4.29 |
Class A | Hypothetical | 0.83% | $1,000.00 | $1,020.85 | $4.19 |
Class C | Actual | 1.56% | $1,000.00 | $1,061.00 | $8.04 |
Class C | Hypothetical | 1.56% | $1,000.00 | $1,017.20 | $7.87 |
Class Y | Actual | 0.58% | $1,000.00 | $1,068.30 | $3.00 |
Net Expense Ratio Annualized March 31, 2024 | Beginning Account Value October 1, 2023 | Ending Account Value March 31, 2024 | Expenses Paid During the Six Months Ended March 31, 2024* | ||
Class Y | Hypothetical | 0.58% | $1,000.00 | $1,022.10 | $2.93 |
Institutional Class | Actual | 0.50% | $1,000.00 | $1,067.60 | $2.58 |
Institutional Class | Hypothetical | 0.50% | $1,000.00 | $1,022.50 | $2.53 |
Ares Credit Opportunities Fund | |||||
Class A | Actual | 1.05% | $1,000.00 | $1,078.30 | $5.46 |
Class A | Hypothetical | 1.05% | $1,000.00 | $1,019.75 | $5.30 |
Class C | Actual | 1.45% | $1,000.00 | $1,075.60 | $7.52 |
Class C | Hypothetical | 1.45% | $1,000.00 | $1,017.75 | $7.31 |
Class Y | Actual | 0.85% | $1,000.00 | $1,078.00 | $4.42 |
Class Y | Hypothetical | 0.85% | $1,000.00 | $1,020.75 | $4.29 |
Institutional Class | Actual | 0.75% | $1,000.00 | $1,080.00 | $3.90 |
Institutional Class | Hypothetical | 0.75% | $1,000.00 | $1,021.25 | $3.79 |
Dividend Equity Fund | |||||
Class A | Actual | 0.99% | $1,000.00 | $1,199.50 | $5.44 |
Class A | Hypothetical | 0.99% | $1,000.00 | $1,020.05 | $5.00 |
Class C | Actual | 1.69% | $1,000.00 | $1,195.60 | $9.28 |
Class C | Hypothetical | 1.69% | $1,000.00 | $1,016.55 | $8.52 |
Class Y | Actual | 0.76% | $1,000.00 | $1,201.20 | $4.18 |
Class Y | Hypothetical | 0.76% | $1,000.00 | $1,021.20 | $3.84 |
Institutional Class | Actual | 0.67% | $1,000.00 | $1,201.80 | $3.69 |
Institutional Class | Hypothetical | 0.67% | $1,000.00 | $1,021.65 | $3.39 |
Class R6 | Actual | 0.65% | $1,000.00 | $1,201.90 | $3.58 |
Class R6 | Hypothetical | 0.65% | $1,000.00 | $1,021.75 | $3.29 |
High Yield Fund | |||||
Class A | Actual | 1.05% | $1,000.00 | $1,078.70 | $5.46 |
Class A | Hypothetical | 1.05% | $1,000.00 | $1,019.75 | $5.30 |
Class C | Actual | 1.80% | $1,000.00 | $1,075.00 | $9.34 |
Class C | Hypothetical | 1.80% | $1,000.00 | $1,016.00 | $9.07 |
Class Y | Actual | 0.80% | $1,000.00 | $1,080.30 | $4.16 |
Class Y | Hypothetical | 0.80% | $1,000.00 | $1,021.00 | $4.04 |
Institutional Class | Actual | 0.72% | $1,000.00 | $1,080.80 | $3.75 |
Institutional Class | Hypothetical | 0.72% | $1,000.00 | $1,021.40 | $3.64 |
Impact Bond Fund | |||||
Class A | Actual | 0.76% | $1,000.00 | $1,062.20 | $3.92 |
Class A | Hypothetical | 0.76% | $1,000.00 | $1,021.20 | $3.84 |
Class C | Actual | 1.51% | $1,000.00 | $1,058.20 | $7.77 |
Class C | Hypothetical | 1.51% | $1,000.00 | $1,017.45 | $7.62 |
Class Y | Actual | 0.50% | $1,000.00 | $1,063.50 | $2.58 |
Class Y | Hypothetical | 0.50% | $1,000.00 | $1,022.50 | $2.53 |
Institutional Class | Actual | 0.41% | $1,000.00 | $1,064.00 | $2.12 |
Institutional Class | Hypothetical | 0.41% | $1,000.00 | $1,022.95 | $2.07 |
Class R6 | Actual | 0.37% | $1,000.00 | $1,064.20 | $1.91 |
Class R6 | Hypothetical | 0.37% | $1,000.00 | $1,023.15 | $1.87 |
Mid Cap Fund | |||||
Class A | Actual | 1.20% | $1,000.00 | $1,231.80 | $6.70** |
Class A | Hypothetical | 1.20% | $1,000.00 | $1,019.00 | $6.06** |
Class C | Actual | 1.92% | $1,000.00 | $1,227.20 | $10.69** |
Class C | Hypothetical | 1.92% | $1,000.00 | $1,015.40 | $9.67** |
Class Y | Actual | 0.92% | $1,000.00 | $1,233.40 | $5.14** |
Class Y | Hypothetical | 0.92% | $1,000.00 | $1,020.40 | $4.65** |
Class Z | Actual | 1.22% | $1,000.00 | $1,231.50 | $6.81** |
Class Z | Hypothetical | 1.22% | $1,000.00 | $1,018.90 | $6.16** |
Institutional Class | Actual | 0.86% | $1,000.00 | $1,233.90 | $4.80** |
Institutional Class | Hypothetical | 0.86% | $1,000.00 | $1,020.70 | $4.34** |
Class R6 | Actual | 0.80% | $1,000.00 | $1,234.10 | $4.47** |
Class R6 | Hypothetical | 0.80% | $1,000.00 | $1,021.00 | $4.04** |
Mid Cap Value Fund | |||||
Class A | Actual | 1.24% | $1,000.00 | $1,181.70 | $6.76*** |
Class A | Hypothetical | 1.24% | $1,000.00 | $1,018.80 | $6.26*** |
Class C | Actual | 1.99% | $1,000.00 | $1,176.90 | $10.83*** |
Class C | Hypothetical | 1.99% | $1,000.00 | $1,015.05 | $10.02*** |
Class Y | Actual | 0.99% | $1,000.00 | $1,182.90 | $5.40*** |
Class Y | Hypothetical | 0.99% | $1,000.00 | $1,020.05 | $5.00*** |
Institutional Class | Actual | 0.86% | $1,000.00 | $1,183.40 | $4.69*** |
Institutional Class | Hypothetical | 0.86% | $1,000.00 | $1,020.70 | $4.34*** |
Net Expense Ratio Annualized March 31, 2024 | Beginning Account Value October 1, 2023 | Ending Account Value March 31, 2024 | Expenses Paid During the Six Months Ended March 31, 2024* | ||
Sands Capital International Growth Equity Fund | |||||
Class A | Actual | 1.19% | $1,000.00 | $1,277.60 | $6.78**** |
Class A | Hypothetical | 1.19% | $1,000.00 | $1,019.05 | $6.01**** |
Class C | Actual | 1.97% | $1,000.00 | $1,272.70 | $11.19**** |
Class C | Hypothetical | 1.97% | $1,000.00 | $1,015.15 | $9.92**** |
Class Y | Actual | 0.92% | $1,000.00 | $1,278.60 | $5.24**** |
Class Y | Hypothetical | 0.92% | $1,000.00 | $1,020.40 | $4.65**** |
Institutional Class | Actual | 0.88% | $1,000.00 | $1,278.50 | $5.01**** |
Institutional Class | Hypothetical | 0.88% | $1,000.00 | $1,020.60 | $4.45**** |
Class R6 | Actual | 0.84% | $1,000.00 | $1,278.70 | $4.79**** |
Class R6 | Hypothetical | 0.84% | $1,000.00 | $1,020.80 | $4.24**** |
Sands Capital Select Growth Fund | |||||
Class A | Actual | 1.16% | $1,000.00 | $1,412.90 | $7.00***** |
Class A | Hypothetical | 1.16% | $1,000.00 | $1,019.20 | $5.86***** |
Class C | Actual | 1.77% | $1,000.00 | $1,408.90 | $10.66***** |
Class C | Hypothetical | 1.77% | $1,000.00 | $1,016.15 | $8.92***** |
Class Y | Actual | 0.90% | $1,000.00 | $1,414.30 | $5.43***** |
Class Y | Hypothetical | 0.90% | $1,000.00 | $1,020.50 | $4.55***** |
Class Z | Actual | 1.17% | $1,000.00 | $1,412.50 | $7.06***** |
Class Z | Hypothetical | 1.17% | $1,000.00 | $1,019.15 | $5.91***** |
Institutional Class | Actual | 0.81% | $1,000.00 | $1,415.00 | $4.89***** |
Institutional Class | Hypothetical | 0.81% | $1,000.00 | $1,020.95 | $4.09***** |
Class R6 | Actual | 0.75% | $1,000.00 | $1,415.10 | $4.53***** |
Class R6 | Hypothetical | 0.75% | $1,000.00 | $1,021.25 | $3.79***** |
Small Cap Fund | |||||
Class A | Actual | 1.24% | $1,000.00 | $1,205.10 | $6.84 |
Class A | Hypothetical | 1.24% | $1,000.00 | $1,018.80 | $6.26 |
Class C | Actual | 1.99% | $1,000.00 | $1,201.70 | $10.95 |
Class C | Hypothetical | 1.99% | $1,000.00 | $1,015.05 | $10.02 |
Class Y | Actual | 0.99% | $1,000.00 | $1,207.30 | $5.46 |
Class Y | Hypothetical | 0.99% | $1,000.00 | $1,020.05 | $5.00 |
Institutional Class | Actual | 0.91% | $1,000.00 | $1,207.40 | $5.02 |
Institutional Class | Hypothetical | 0.91% | $1,000.00 | $1,020.45 | $4.60 |
Small Cap Value Fund | |||||
Class A | Actual | 1.39% | $1,000.00 | $1,158.10 | $7.50****** |
Class A | Hypothetical | 1.39% | $1,000.00 | $1,018.05 | $7.01****** |
Class C | Actual | 2.14% | $1,000.00 | $1,153.50 | $11.52****** |
Class C | Hypothetical | 2.14% | $1,000.00 | $1,014.30 | $10.78****** |
Class Y | Actual | 1.14% | $1,000.00 | $1,159.30 | $6.15****** |
Class Y | Hypothetical | 1.14% | $1,000.00 | $1,019.30 | $5.76****** |
Institutional Class | Actual | 0.99% | $1,000.00 | $1,160.20 | $5.35****** |
Institutional Class | Hypothetical | 0.99% | $1,000.00 | $1,020.05 | $5.00****** |
Ultra Short Duration Fixed Income Fund | |||||
Class A | Actual | 0.65% | $1,000.00 | $1,035.60 | $3.31 |
Class A | Hypothetical | 0.65% | $1,000.00 | $1,021.75 | $3.29 |
Class C | Actual | 1.15% | $1,000.00 | $1,033.00 | $5.84 |
Class C | Hypothetical | 1.15% | $1,000.00 | $1,019.25 | $5.81 |
Class S | Actual | 0.90% | $1,000.00 | $1,033.10 | $4.57 |
Class S | Hypothetical | 0.90% | $1,000.00 | $1,020.50 | $4.55 |
Class Y | Actual | 0.40% | $1,000.00 | $1,035.70 | $2.04 |
Class Y | Hypothetical | 0.40% | $1,000.00 | $1,023.00 | $2.02 |
Class Z | Actual | 0.64% | $1,000.00 | $1,035.60 | $3.26 |
Class Z | Hypothetical | 0.64% | $1,000.00 | $1,021.80 | $3.23 |
Institutional Class | Actual | 0.35% | $1,000.00 | $1,037.10 | $1.78 |
Institutional Class | Hypothetical | 0.35% | $1,000.00 | $1,023.25 | $1.77 |
* | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period). |
** | Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y, Class Z, Institutional Class and Class R6 would be $6.64, $10.63, $5.08, $6.75, $4.75 and $4.41, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y, Class Z, Institutional Class and Class R6 would be $6.01, $9.62, $4.60, $6.11, $4.29 and $3.99, respectively. |
*** | Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.65, $10.72, $5.29 and $4.59, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.16, $9.92, $4.90 and $4.24, respectively. |
**** | Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y, Institutional Class and Class R6 would be $6.66, $11.08, $5.13, $4.90 and $4.67, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y, Institutional Class and Class R6 would be $5.91, $9.82, $4.55, $4.34 and $4.14, 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 $6.82, $10.48, $5.25, $6.88, $4.71 and $4.35, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y, Class Z, Institutional Class and Class R6 would be $5.70, $8.77, $4.39, $5.76, $3.94 and $3.64, respectively. |
****** | Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $7.45, $11.47, $6.10 and $5.29, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.96, $10.73, $5.70 and $4.95, respectively. |
303 Broadway
Cincinnati, Ohio 45202-4203
800.638.8194
www.touchstoneinvestments.com
303 Broadway
Cincinnati, Ohio 45202-4203
P.O. Box 534467
Pittsburgh, PA 15253-4467
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(2)(1) | Not applicable. |
(a)(2)(2) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Touchstone Funds Group Trust | |||
By (Signature and Title)* | /s/ E. Blake Moore, Jr. | |||
E. Blake Moore, Jr., President | ||||
(principal executive officer) | ||||
Date: | June 3, 2024 |
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: | June 3, 2024 | |||
By (Signature and Title)* | /s/ Terrie A. Wiedenheft | |||
Terrie A. Wiedenheft, Controller and Treasurer | ||||
(principal financial officer) | ||||
Date: | June 3, 2024 |
* Print the name and title of each signing officer under his or her signature