Portfolio of Investments
Touchstone Balanced Fund – September 30, 2021 (Unaudited)
Shares | Market Value | |||
Common Stocks — 62.0% | ||||
Information Technology — 15.8% | ||||
11,242 | Accenture PLC - Class A | $ 3,596,541 | ||
213,221 | Apple, Inc. | 30,170,771 | ||
54,320 | International Business Machines Corp. | 7,546,678 | ||
154,402 | Microsoft Corp. | 43,529,012 | ||
133,039 | Oracle Corp. | 11,591,688 | ||
59,669 | salesforce.com, Inc.* | 16,183,426 | ||
93,878 | SS&C Technologies Holdings, Inc. | 6,515,133 | ||
60,000 | Texas Instruments, Inc. | 11,532,600 | ||
40,264 | Visa, Inc. - Class A | 8,968,806 | ||
34,721 | Workday, Inc. - Class A* | 8,676,431 | ||
148,311,086 | ||||
Communication Services — 11.7% | ||||
14,317 | Alphabet, Inc. - Class C* | 38,159,243 | ||
184,897 | AT&T, Inc. | 4,994,068 | ||
220,706 | Comcast Corp. - Class A | 12,344,087 | ||
92,823 | Facebook, Inc. - Class A* | 31,503,198 | ||
147,081 | Fox Corp. - Class A | 5,899,419 | ||
18,419 | Netflix, Inc.* | 11,241,853 | ||
31,985 | Walt Disney Co. (The)* | 5,410,902 | ||
109,552,770 | ||||
Health Care — 8.1% | ||||
5,751 | Alcon, Inc. (Switzerland) | 462,783 | ||
57,733 | AmerisourceBergen Corp. | 6,896,207 | ||
13,000 | Becton Dickinson & Co. | 3,195,660 | ||
75,617 | BioMarin Pharmaceutical, Inc.* | 5,844,438 | ||
177,716 | Bristol-Myers Squibb Co. | 10,515,456 | ||
10,000 | CVS Health Corp. | 848,600 | ||
52,314 | HCA Healthcare, Inc. | 12,697,654 | ||
94,799 | Johnson & Johnson | 15,310,038 | ||
31,591 | Merck & Co., Inc. | 2,372,800 | ||
10,047 | Stryker Corp. | 2,649,595 | ||
37,355 | UnitedHealth Group, Inc. | 14,596,093 | ||
75,389,324 | ||||
Financials — 7.8% | ||||
20,384 | American Express Co. | 3,414,932 | ||
226,643 | Bank of America Corp. | 9,620,995 | ||
68,360 | Berkshire Hathaway, Inc. - Class B* | 18,658,178 | ||
10,160 | CME Group, Inc. | 1,964,741 | ||
55,164 | Goldman Sachs Group, Inc. (The) | 20,853,647 | ||
39,000 | JPMorgan Chase & Co. | 6,383,910 | ||
44,829 | Signature Bank | 12,206,040 | ||
73,102,443 | ||||
Consumer Discretionary — 6.3% | ||||
35,598 | Alibaba Group Holding Ltd. (China) ADR* | 5,270,284 | ||
8,860 | Amazon.com, Inc.* | 29,105,454 | ||
101,636 | Hilton Worldwide Holdings, Inc.* | 13,427,132 | ||
34,936 | Starbucks Corp. | 3,853,790 | ||
232,818 | Trip.com Group Ltd. (China) ADR* | 7,159,154 | ||
58,815,814 | ||||
Industrials — 5.9% | ||||
10,646 | Boeing Co. (The)* | 2,341,481 | ||
23,439 | Deere & Co. | 7,853,706 | ||
17,319 | FedEx Corp. | 3,797,884 | ||
26,682 | Honeywell International, Inc. | 5,664,055 | ||
57,917 | Hubbell, Inc. | 10,463,864 | ||
27,212 | Parker-Hannifin Corp. | 7,609,019 | ||
172,025 | Raytheon Technologies Corp. | 14,787,269 | ||
56,990 | Southwest Airlines Co.* | 2,930,996 | ||
55,448,274 |
Shares | Market Value | |||
Consumer Staples — 2.4% | ||||
110,390 | Monster Beverage Corp.* | $ 9,805,943 | ||
8,485 | PepsiCo, Inc. | 1,276,229 | ||
106,067 | Philip Morris International, Inc. | 10,054,091 | ||
12,856 | Procter & Gamble Co. (The) | 1,797,269 | ||
22,933,532 | ||||
Real Estate — 1.8% | ||||
66,656 | Jones Lang LaSalle, Inc.* | 16,536,687 | ||
Energy — 1.4% | ||||
20,000 | Chevron Corp. | 2,029,000 | ||
111,879 | Exxon Mobil Corp. | 6,580,723 | ||
146,582 | Schlumberger NV | 4,344,690 | ||
12,954,413 | ||||
Materials — 0.8% | ||||
108,662 | DuPont de Nemours, Inc. | 7,387,929 | ||
Total Common Stocks | $580,432,272 |
Principal Amount | ||||
U.S. Treasury Obligations — 13.3% | ||||
$ 10,005,000 | U.S. Treasury Bond, 1.750%, 8/15/41 | 9,540,706 | ||
7,902,000 | U.S. Treasury Bond, 1.875%, 2/15/41 | 7,711,858 | ||
41,935,000 | U.S. Treasury Note, 0.125%, 4/30/23 | 41,877,667 | ||
7,610,000 | U.S. Treasury Note, 0.250%, 10/31/25 | 7,433,127 | ||
42,060,000 | U.S. Treasury Note, 0.750%, 5/31/26 | 41,690,332 | ||
4,565,000 | U.S. Treasury Note, 1.125%, 2/28/22 | 4,584,972 | ||
11,802,000 | U.S. Treasury Note, 1.625%, 5/15/31 | 11,925,552 | ||
Total U.S. Treasury Obligations | $124,764,214 | |||
Corporate Bonds — 11.8% | ||||
Financials — 3.3% | ||||
1,009,000 | Allstate Corp. (The), 1.450%, 12/15/30 | 962,740 | ||
2,116,421 | American Financial Group, Inc., 5.250%, 4/2/30 | 2,567,155 | ||
876,000 | Ares Capital Corp., 3.250%, 7/15/25 | 920,991 | ||
511,000 | Bank of America Corp., 2.687%, 4/22/32 | 521,125 | ||
804,000 | Bank of America Corp., 3.705%, 4/24/28 | 883,131 | ||
1,212,000 | Bank of America Corp., MTN, 4.000%, 1/22/25 | 1,316,831 | ||
884,000 | Bank of Montreal (Canada), 3.803%, 12/15/32 | 968,027 | ||
1,216,000 | Bank of Nova Scotia (The) (Canada), Ser 2, 3.625%, 10/27/81 | 1,209,981 | ||
555,000 | Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | 679,539 | ||
661,000 | BNP Paribas SA (France), 144a, 4.625%, 3/13/27 | 742,641 | ||
1,409,000 | Charles Schwab Corp. (The), 1.150%, 5/13/26 | 1,410,893 | ||
868,000 | Citigroup, Inc., 0.981%, 5/1/25 | 870,693 | ||
747,000 | Citigroup, Inc., 3.200%, 10/21/26 | 805,043 | ||
446,000 | Citigroup, Inc., 4.750%, 5/18/46 | 560,229 | ||
914,000 | Cooperatieve Rabobank UA (Netherlands), 144a, 1.106%, 2/24/27 | 900,503 | ||
1,177,000 | Corestates Capital III, 144a, (3M LIBOR +0.570%), 0.695%, 2/15/27(A) | 1,147,717 | ||
850,000 | Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | 858,687 | ||
720,000 | Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | 792,125 | ||
758,000 | HSBC Holdings PLC (United Kingdom), 3.900%, 5/25/26 | 834,550 | ||
1,255,000 | Huntington Bancshares, Inc., 2.550%, 2/4/30 | 1,296,256 | ||
936,000 | JPMorgan Chase & Co., 2.956%, 5/13/31 | 972,162 | ||
963,000 | JPMorgan Chase & Co., 3.509%, 1/23/29 | 1,048,123 | ||
942,000 | Lloyds Banking Group PLC (United Kingdom), 3.574%, 11/7/28 | 1,024,757 | ||
1,066,000 | Morgan Stanley, 3.950%, 4/23/27 | 1,185,277 | ||
824,000 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | 938,052 |
1
Touchstone Balanced Fund (Unaudited) (Continued)
Principal Amount | MarketValue | |||
Corporate Bonds — 11.8% (Continued) | ||||
Financials — (Continued) | ||||
$ 1,161,000 | NTC Capital I, Ser A, (3M LIBOR +0.520%), 0.646%, 1/15/27(A) | $ 1,160,856 | ||
370,000 | PNC Bank NA, 2.700%, 11/1/22 | 378,811 | ||
1,117,000 | PNC Capital Trust, (3M LIBOR +0.570%), 0.690%, 6/1/28(A) | 1,083,059 | ||
984,000 | Toronto-Dominion Bank (The) (Canada), MTN, 1.150%, 6/12/25 | 985,828 | ||
1,554,000 | Truist Bank, Ser A, (3M LIBOR +0.670%), 0.790%, 5/15/27(A) | 1,521,509 | ||
380,000 | Truist Financial Corp., MTN, 2.850%, 10/26/24 | 403,908 | ||
63,000 | Wells Fargo & Co., MTN, 4.100%, 6/3/26 | 70,126 | ||
31,021,325 | ||||
Industrials — 1.3% | ||||
804,000 | Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | 820,067 | ||
240,000 | Boeing Co. (The), 5.040%, 5/1/27 | 275,948 | ||
321,000 | Boeing Co. (The), 5.805%, 5/1/50 | 426,362 | ||
947,000 | Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | 1,324,897 | ||
1,180,000 | CNH Industrial Capital LLC, 1.450%, 7/15/26 | 1,174,324 | ||
635,000 | FedEx Corp., 5.100%, 1/15/44 | 804,237 | ||
479,000 | General Electric Co., 4.125%, 10/9/42 | 546,995 | ||
917,000 | John Deere Capital Corp., MTN, 2.450%, 1/9/30 | 953,559 | ||
793,000 | Norfolk Southern Corp., 4.837%, 10/1/41 | 1,007,631 | ||
846,000 | Roper Technologies, Inc., 2.950%, 9/15/29 | 896,511 | ||
1,689,000 | Waste Management, Inc., 2.500%, 11/15/50 | 1,558,147 | ||
1,364,000 | Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | 1,376,964 | ||
752,000 | Xylem, Inc., 1.950%, 1/30/28 | 755,955 | ||
11,921,597 | ||||
Communication Services — 1.0% | ||||
362,000 | Alphabet, Inc., 1.900%, 8/15/40 | 324,277 | ||
856,000 | AT&T, Inc., 3.850%, 6/1/60 | 882,671 | ||
462,000 | AT&T, Inc., 4.500%, 5/15/35 | 540,075 | ||
1,158,000 | British Telecommunications PLC (United Kingdom), 144a, 3.250%, 11/8/29 | 1,210,356 | ||
633,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | 859,010 | ||
739,000 | Comcast Corp., 4.000%, 3/1/48 | 844,415 | ||
335,000 | Deutsche Telekom International Finance BV (Germany), 8.750%, 6/15/30 | 496,397 | ||
927,000 | Netflix, Inc., 144a, 4.875%, 6/15/30 | 1,091,543 | ||
1,007,000 | T-Mobile USA, Inc., 3.875%, 4/15/30 | 1,113,651 | ||
1,003,000 | Verizon Communications, Inc., 2.987%, 10/30/56 | 931,314 | ||
219,000 | Verizon Communications, Inc., 4.672%, 3/15/55 | 273,775 | ||
635,000 | ViacomCBS, Inc., 4.950%, 5/19/50† | 793,208 | ||
9,360,692 | ||||
Information Technology — 1.0% | ||||
1,513,000 | Apple, Inc., 2.750%, 1/13/25 | 1,601,981 | ||
619,000 | Apple, Inc., 4.650%, 2/23/46 | 803,852 | ||
903,000 | Fiserv, Inc., 3.500%, 7/1/29 | 983,374 | ||
915,000 | Hewlett Packard Enterprise Co., 4.650%, 10/1/24 | 1,010,651 | ||
1,136,000 | Microchip Technology, Inc., 144a, 0.983%, 9/1/24 | 1,134,452 | ||
476,000 | Microsoft Corp., 3.500%, 2/12/35 | 547,272 | ||
974,000 | NXP BV / NXP Funding LLC (China), 144a, 5.350%, 3/1/26 | 1,125,916 | ||
590,000 | Oracle Corp., 2.650%, 7/15/26 | 621,499 | ||
673,000 | Visa, Inc., 4.150%, 12/14/35 | 809,848 | ||
683,000 | VMware, Inc., 1.400%, 8/15/26 | 679,562 | ||
9,318,407 |
Principal Amount | MarketValue | |||
Energy — 0.9% | ||||
$ 801,000 | Aker BP ASA (Norway), 144a, 3.000%, 1/15/25 | $ 842,953 | ||
712,000 | Boardwalk Pipelines LP, 4.800%, 5/3/29 | 814,467 | ||
613,000 | Canadian Natural Resources Ltd. (Canada), 6.250%, 3/15/38 | 813,874 | ||
635,000 | Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37 | 755,543 | ||
1,158,000 | Cheniere Corpus Christi Holdings LLC, 7.000%, 6/30/24 | 1,309,574 | ||
858,000 | Diamondback Energy, Inc., 3.125%, 3/24/31 | 889,930 | ||
754,000 | Enable Midstream Partners LP, 4.150%, 9/15/29 | 816,521 | ||
810,000 | NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | 1,159,040 | ||
605,000 | Ovintiv Exploration, Inc., 5.375%, 1/1/26 | 683,806 | ||
903,000 | Phillips 66 Partners LP, 3.150%, 12/15/29 | 942,863 | ||
9,028,571 | ||||
Utilities — 0.9% | ||||
579,000 | American Water Capital Corp., 6.593%, 10/15/37 | 847,062 | ||
1,127,000 | Cleveland Electric Illuminating Co. (The), 144a, 4.550%, 11/15/30 | 1,312,713 | ||
536,000 | Duke Energy Progress LLC, 4.150%, 12/1/44 | 630,043 | ||
538,000 | Edison International, 4.125%, 3/15/28 | 573,154 | ||
879,000 | Electricite de France SA (France), 144a, 4.875%, 9/21/38 | 1,074,999 | ||
167,000 | Metropolitan Edison Co., 144a, 4.300%, 1/15/29 | 186,995 | ||
971,000 | Pacific Gas and Electric Co., 3.500%, 8/1/50 | 878,748 | ||
789,000 | PacifiCorp., 5.750%, 4/1/37 | 1,062,702 | ||
628,000 | Virginia Electric & Power Co., 3.300%, 12/1/49 | 666,428 | ||
1,615,000 | WEC Energy Group, Inc., (3M LIBOR +2.112%), 2.237%, 5/15/67(A) | 1,520,603 | ||
8,753,447 | ||||
Health Care — 0.9% | ||||
827,000 | AbbVie, Inc., 4.450%, 5/14/46 | 994,446 | ||
725,000 | Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | 803,531 | ||
798,000 | Becton Dickinson and Co., 4.685%, 12/15/44 | 992,239 | ||
679,000 | Bristol-Myers Squibb Co., 5.000%, 8/15/45 | 910,550 | ||
784,000 | CommonSpirit Health, 4.187%, 10/1/49 | 893,213 | ||
733,000 | CVS Health Corp., 5.125%, 7/20/45 | 942,734 | ||
904,000 | DH Europe Finance II Sarl, 3.250%, 11/15/39 | 962,183 | ||
725,000 | Mylan, Inc., 4.550%, 4/15/28 | 826,870 | ||
930,000 | UnitedHealth Group, Inc., 3.500%, 8/15/39 | 1,028,879 | ||
8,354,645 | ||||
Real Estate — 0.8% | ||||
914,000 | Crown Castle International Corp. REIT, 3.650%, 9/1/27 | 1,004,409 | ||
730,000 | Equinix, Inc. REIT, 2.900%, 11/18/26 | 773,803 | ||
898,000 | Healthcare Realty Trust, Inc. REIT, 2.400%, 3/15/30 | 900,172 | ||
1,012,000 | Host Hotels & Resorts LP REIT, 4.500%, 2/1/26 | 1,108,018 | ||
654,000 | Mid-America Apartments LP REIT, 3.750%, 6/15/24 | 701,185 | ||
717,000 | Sabra Health Care LP REIT, 5.125%, 8/15/26 | 802,731 | ||
314,000 | STORE Capital Corp. REIT, 4.500%, 3/15/28 | 353,744 | ||
589,000 | STORE Capital Corp. REIT, 4.625%, 3/15/29 | 666,700 | ||
820,000 | VEREIT Operating Partnership LP, 4.600%, 2/6/24 | 884,831 | ||
7,195,593 | ||||
Consumer Staples — 0.8% | ||||
1,077,000 | 7-Eleven, Inc., 144a, 0.950%, 2/10/26 | 1,057,297 | ||
1,164,000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | 1,444,270 | ||
1,077,000 | Imperial Brands Finance PLC (United Kingdom), 144a, 4.250%, 7/21/25 | 1,173,781 | ||
321,000 | Kroger Co. (The), 5.000%, 4/15/42 | 406,424 | ||
908,000 | Mars, Inc., 144a, 3.875%, 4/1/39 | 1,049,570 |
2
Touchstone Balanced Fund (Unaudited) (Continued)
Principal Amount | MarketValue | |||
Corporate Bonds — 11.8% (Continued) | ||||
Consumer Staples — (Continued) | ||||
$ 1,374,000 | Reynolds American, Inc. (United Kingdom), 4.450%, 6/12/25 | $ 1,515,734 | ||
517,000 | Starbucks Corp., 3.350%, 3/12/50 | 535,717 | ||
7,182,793 | ||||
Consumer Discretionary — 0.7% | ||||
86,280 | Air Canada 2015-1 Class A Pass Through Trust (Canada), 144a, 3.600%, 3/15/27 | 87,731 | ||
498,000 | Ford Motor Credit Co. LLC, 3.664%, 9/8/24 | 514,807 | ||
587,000 | General Motors Financial Co., Inc., 5.650%, 1/17/29 | 705,871 | ||
646,000 | Home Depot, Inc. (The), 5.950%, 4/1/41 | 921,280 | ||
949,000 | Hyundai Capital America, 144a, 2.650%, 2/10/25 | 986,008 | ||
941,000 | Lowe's Cos, Inc., 4.500%, 4/15/30 | 1,102,002 | ||
1,596,000 | Procter & Gamble Co. (The), 1.200%, 10/29/30 | 1,516,480 | ||
893,000 | Walmart, Inc., 2.850%, 7/8/24 | 946,387 | ||
6,780,566 | ||||
Materials — 0.2% | ||||
535,000 | Braskem America Finance Co. (Brazil), 144a, 7.125%, 7/22/41 | 691,488 | ||
903,000 | Sherwin-Williams Co. (The), 4.500%, 6/1/47 | 1,092,216 | ||
1,783,704 | ||||
Total Corporate Bonds | $110,701,340 | |||
U.S. Government Mortgage-Backed Obligations — 3.0% | ||||
1,894 | FHLMC, Pool #G08062, 5.000%, 6/1/35 | 2,162 | ||
193,806 | FHLMC, Pool #G08637, 4.000%, 4/1/45 | 212,602 | ||
1,010,537 | FHLMC, Pool #Q02664, 4.500%, 8/1/41 | 1,123,353 | ||
1,615,909 | FHLMC, Pool #Q29056, 4.000%, 10/1/44 | 1,772,609 | ||
902,646 | FHLMC, Pool #Q29260, 4.000%, 10/1/44 | 997,816 | ||
2,158,804 | FHLMC REMIC, Pool #SD8148, 3.000%, 5/1/51 | 2,269,956 | ||
438 | FNMA, Pool #690305, 5.500%, 3/1/33 | 490 | ||
379,053 | FNMA, Pool #725423, 5.500%, 5/1/34 | 437,204 | ||
333,241 | FNMA, Pool #725610, 5.500%, 7/1/34 | 385,478 | ||
56,660 | FNMA, Pool #748895, 6.000%, 12/1/33 | 60,459 | ||
143,161 | FNMA, Pool #AD9193, 5.000%, 9/1/40 | 162,769 | ||
367,405 | FNMA, Pool #AH8925, 4.500%, 3/1/41 | 407,445 | ||
207,728 | FNMA, Pool #AL5718, 3.500%, 9/1/44 | 226,730 | ||
375,743 | FNMA, Pool #AR9195, 3.000%, 3/1/43 | 403,598 | ||
706,834 | FNMA, Pool #BC1809, 3.500%, 5/1/46 | 759,447 | ||
2,146,011 | FNMA, Pool #BT7156, 2.000%, 8/1/51 | 2,151,980 | ||
2,235,837 | FNMA, Pool #CB1336, 2.000%, 8/1/41 | 2,273,804 | ||
754,480 | FNMA, Pool #FM4996, 2.000%, 12/1/50 | 758,903 | ||
2,160,605 | FNMA, Pool #FM5085, 2.000%, 12/1/50 | 2,172,172 | ||
853,122 | FNMA, Pool #FM5166, 3.000%, 12/1/50 | 896,029 | ||
779,967 | FNMA, Pool #FM5279, 3.500%, 11/1/50 | 825,468 | ||
641,294 | FNMA, Pool #FM5468, 2.500%, 1/1/36 | 672,644 | ||
713,652 | FNMA, Pool #FM5682, 2.500%, 1/1/51 | 738,154 | ||
2,182,386 | FNMA, Pool #FM7913, 2.000%, 4/1/36 | 2,263,069 | ||
2,196,135 | FNMA, Pool #FM8360, 2.500%, 8/1/51 | 2,273,521 | ||
2,246,185 | FNMA, Pool #FM8361, 2.500%, 8/1/51 | 2,317,359 | ||
976,518 | FNMA, Pool #MA4166, 3.000%, 10/1/40 | 1,022,919 | ||
584,386 | GNMA, Pool #5175, 4.500%, 9/20/41 | 652,990 | ||
Total U.S. Government Mortgage-Backed Obligations | $28,241,130 | |||
Asset-Backed Securities — 2.7% | ||||
1,000,000 | AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (3M LIBOR +1.650%), 1.780%, 4/15/34(A) | 1,000,599 | ||
1,500,000 | AB BSL CLO 3, Ltd. (Cayman Islands), Ser 2021-3A, Class B, 144a, (3M LIBOR +1.700%), 1.838%, 10/20/34(A) | 1,499,997 |
Principal Amount | MarketValue | |||
Asset-Backed Securities — 2.7% (Continued) | ||||
$ 371,864 | Adams Outdoor Advertising LP, Ser 2018-1, Class A, 144a, 4.810%, 11/15/48 | $ 390,657 | ||
450,000 | Apidos CLO XVIII (Cayman Islands), Ser 2018-18A, Class A1, 144a, (3M LIBOR +1.140%), 1.278%, 10/22/30(A) | 450,015 | ||
575,000 | Benefit Street Partners CLO XIX Ltd. (Cayman Islands), Ser 2019-19A, Class B, 144a, (3M LIBOR +2.000%), 2.126%, 1/15/33(A) | 575,347 | ||
355,795 | CF Hippolyta LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | 360,531 | ||
465,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2016-1A, Class A1R, 144a, (3M LIBOR +1.350%), 1.484%, 10/21/31(A) | 465,165 | ||
1,479,583 | CLI Funding VI LLC, Ser 2020-3A, Class A, 144a, 2.070%, 10/18/45 | 1,486,965 | ||
853,125 | Driven Brands Funding LLC, Ser 2019-1A, Class A2, 144a, 4.641%, 4/20/49 | 912,432 | ||
476,271 | Elara HGV Timeshare Issuer LLC, Ser 2019-A, Class B, 144a, 2.910%, 1/25/34 | 482,393 | ||
1,032,200 | Jack in the Box Funding LLC, Ser 2019-1A, Class A2II, 144a, 4.476%, 8/25/49 | 1,080,895 | ||
694,750 | Jack In The Box Funding LLC, Ser 2019-1A, Class A2I, 144a, 3.982%, 8/25/49 | 708,942 | ||
378,000 | Jersey Mike's Funding, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50 | 401,086 | ||
850,000 | Madison Park Funding XVIII Ltd. (Cayman Islands), Ser 2015-18A, Class BR, 144a, (3M LIBOR +1.600%), 1.734%, 10/21/30(A) | 850,066 | ||
465,000 | Madison Park Funding XXXV Ltd. (Cayman Islands), Ser 2019-35A, Class A2AR, 144a, (3M LIBOR +1.200%), 1.334%, 4/20/32(A) | 465,206 | ||
573,777 | Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58(A)(B) | 594,507 | ||
847,875 | Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | 873,183 | ||
525,000 | New Mountain CLO 1 Ltd. (Cayman Islands), Ser CLO-1A, Class A1, 144a, (3M LIBOR +1.550%), 1.676%, 10/15/32(A) | 525,644 | ||
575,000 | OHA Loan Funding Ltd. (Cayman Islands), Ser 2015-1A, Class B1R2, 144a, (3M LIBOR +1.900%), 2.025%, 11/15/32(A) | 575,121 | ||
1,500,000 | Palmer Square CLO, Ltd. (Cayman Islands), Ser 2021-4A, Class B, 144a, (3M LIBOR +1.650%), 1.786%, 10/15/34(A) | 1,500,073 | ||
1,000,000 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-2A, Class A2, 144a, (3M LIBOR +1.250%), 1.381%, 5/20/29(A) | 1,000,445 | ||
1,500,000 | Rockford Tower CLO, Ltd. (Cayman Islands), Ser 2021-3A, Class B, 144a, (3M LIBOR +1.750%), 10/20/34(A)(C) | 1,500,000 | ||
915,000 | STWD Ltd. (Cayman Islands), Ser 2019-FL1, Class A, 144a, (1M LIBOR +1.080%), 1.244%, 7/15/38(A) | 915,000 | ||
434,075 | TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | 436,926 | ||
1,490,000 | Textainer Marine Containers, Ltd., Ser 2021-3A, Class A, 144a, 1.940%, 8/20/46 | 1,474,894 | ||
1,400,000 | Towd Point Mortgage Trust, Ser 2015-6, Class B1, 144a, 3.846%, 4/25/55(A)(B) | 1,477,766 | ||
456,878 | Towd Point Mortgage Trust, Ser 2019-1, Class A1, 144a, 3.705%, 3/25/58(A)(B) | 481,165 | ||
1,140,000 | Towd Point Mortgage Trust, Ser 2019-4, Class M1B, 144a, 3.000%, 10/25/59(A)(B) | 1,186,228 |
3
Touchstone Balanced Fund (Unaudited) (Continued)
Principal Amount | MarketValue | |||
Asset-Backed Securities — 2.7% (Continued) | ||||
$ 465,000 | Voya CLO Ltd. (Cayman Islands), Ser 2019-2A, Class A, 144a, (3M LIBOR +1.270%), 1.404%, 7/20/32(A) | $ 465,022 | ||
1,500,000 | Whitebox CLO I, Ltd. (Cayman Islands), Ser 2019-1A, Class ANBR, 144a, (3M LIBOR +1.700%), 1.801%, 7/24/32(A) | 1,499,968 | ||
Total Asset-Backed Securities | $25,636,238 | |||
Commercial Mortgage-Backed Securities — 1.7% | ||||
825,000 | BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | 920,059 | ||
27,911,882 | BANK, Ser 2019-BN21, Class XA, 0.991%, 10/17/52(A)(B) | 1,635,954 | ||
915,000 | BHMS, Ser 2018-ATLS, Class A, 144a, (1M LIBOR +1.250%), 1.334%, 7/15/35(A) | 917,434 | ||
900,000 | BPR Trust, Ser 2021-KEN, Class B, 144a, (1M LIBOR +1.950%), 2.034%, 2/15/29(A) | 900,422 | ||
1,500,000 | BX Commercial Mortgage Trust, Ser 2020-VIV3, Class B, 144a, 3.662%, 3/9/44(A)(B) | 1,607,427 | ||
1,500,000 | BX Commercial Mortgage Trust, Ser 2020-VIV4, Class A, 144a, 2.843%, 3/9/44 | 1,561,503 | ||
1,000,000 | COMM Mortgage Trust, Ser 2018-HOME, Class A, 144a, 3.942%, 4/10/33(A)(B) | 1,098,793 | ||
700,000 | GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.659%, 1/10/43(A)(B) | 751,685 | ||
1,500,000 | HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (1M LIBOR +1.450%), 1.550%, 10/15/36(A) | 1,499,982 | ||
562,000,000 | Independence Plaza Trust, Ser 2018-INDP, Class XCP, 144a, 0.249%, 7/10/35(A)(B) | 1,585,964 | ||
500,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (1M LIBOR +1.020%), 2.020%, 11/15/35(A) | 502,011 | ||
825,000 | SG Commercial Mortgage Securities Trust, Ser 2019-787E, Class A, 144a, 4.163%, 2/15/41 | 934,652 | ||
770,000 | Wells Fargo Commercial Mortgage Trust, Ser 2018-AUS, Class B, 144a, 4.194%, 8/17/36(A)(B) | 832,442 | ||
980,167 | WFRBS Commercial Mortgage Trust, Ser 2014-C19, Class A3, 3.660%, 3/15/47 | 972,125 | ||
Total Commercial Mortgage-Backed Securities | $15,720,453 |
Shares | ||||
Exchange-Traded Fund — 1.6% | ||||
133,451 | iShares JP Morgan USD Emerging Markets Bond ETF | 14,687,617 |
Principal Amount | ||||
Non-Agency Collateralized Mortgage Obligations — 1.5% | ||||
$ 192,944 | Agate Bay Mortgage Trust, Ser 2013-1, Class B3, 144a, 3.597%, 7/25/43(A)(B) | 195,137 | ||
473,083 | Agate Bay Mortgage Trust, Ser 2015-4, Class B2, 144a, 3.543%, 6/25/45(A)(B) | 479,183 | ||
524,719 | Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.698%, 10/25/45(A)(B) | 534,259 | ||
328,524 | CSMC Trust, Ser 2013-IVR3, Class B2, 144a, 3.400%, 5/25/43(A)(B) | 332,059 | ||
439,799 | CSMC Trust, Ser 2015-1, Class B3, 144a, 3.938%, 1/25/45(A)(B) | 444,262 | ||
502,697 | CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.817%, 12/25/44(A)(B) | 505,704 | ||
458,525 | CSMC Trust, Ser 2018-RPL9, Class A, 144a, 3.850%, 9/25/57(A)(B) | 482,604 | ||
612,043 | GS Mortgage-Backed Securities Trust, Ser 2021-PJ6, Class A2, 144a, 2.500%, 11/25/51(A)(B) | 619,000 | ||
1,476,044 | GS Mortgage-Backed Securities Trust, Ser 2021-PJ8, Class A8, 144a, 2.500%, 1/25/52(A)(B) | 1,500,627 |
Principal Amount | MarketValue | |||
Non-Agency Collateralized Mortgage Obligations — 1.5% (Continued) | ||||
$ 714,343 | JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.480%, 1/25/47(A)(B) | $ 716,874 | ||
1,146,130 | JP Morgan Mortgage Trust, Ser 2020-5, Class B1, 144a, 3.642%, 12/25/50(A)(B) | 1,174,913 | ||
1,670,603 | JP Morgan Mortgage Trust, Ser 2021-10, Class A4, 144a, 2.500%, 12/25/51(A)(B) | 1,697,424 | ||
1,397,426 | Mill City Mortgage Loan Trust, Ser 2019-1, Class M1, 144a, 3.500%, 10/25/69(A)(B) | 1,487,161 | ||
209,556 | Sequoia Mortgage Trust, Ser 2015-2, Class A19, 144a, 3.500%, 5/25/45(A)(B) | 211,736 | ||
911,598 | Sequoia Mortgage Trust, Ser 2018-CH3, Class B1B, 144a, 4.782%, 8/25/48(A)(B) | 944,296 | ||
827,086 | Sequoia Mortgage Trust, Ser 2018-CH3, Class B2B, 144a, 4.782%, 8/25/48(A)(B) | 854,216 | ||
1,500,000 | Wells Fargo Mortgage Backed Securities Trust, Ser 2021-2, Class A3, 144a, 2.500%, 6/25/51(A)(B) | 1,527,715 | ||
Total Non-Agency Collateralized Mortgage Obligations | $13,707,170 | |||
Agency Collateralized Mortgage Obligations — 0.3% | ||||
641,934 | FHLMC REMIC, Ser 3859, Class JB, 5.000%, 5/15/41 | 718,661 | ||
1,370,000 | FREMF Mortgage Trust, Ser 2019-K103, Class B, 144a, 3.572%, 12/25/51(A)(B) | 1,456,125 | ||
316,590 | GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40 | 347,641 | ||
4,755,755 | GNMA, Ser 2012-147, Class IO, 0.566%, 4/16/54(A)(B)(D) | 85,362 | ||
Total Agency Collateralized Mortgage Obligations | $2,607,789 | |||
Sovereign Government Obligations — 0.2% | ||||
506,000 | Colombia Government International Bond, 5.000%, 6/15/45 | 492,075 | ||
494,000 | Mexico Government International Bond, 3.771%, 5/24/61 | 438,193 | ||
1,268,000 | Peruvian Government International Bond, 2.780%, 12/1/60 | 1,068,594 | ||
Total Sovereign Government Obligations | $1,998,862 |
Shares | ||||
Short-Term Investment Funds — 2.0% | ||||
18,171,800 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | 18,171,800 | ||
494,000 | Invesco Government & Agency Portfolio, Institutional Class, 0.03%∞Ω** | 494,000 | ||
Total Short-Term Investment Funds | $18,665,800 | |||
Total Investment Securities—100.1% (Cost $735,845,625) | $937,162,885 | |||
Liabilities in Excess of Other Assets — (0.1%) | (626,993) | |||
Net Assets — 100.0% | $936,535,892 |
(A) | Variable rate security - Rate reflected is the rate in effect as of September 30, 2021. |
(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) | 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. |
(D) | Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding. |
4
Touchstone Balanced Fund (Unaudited) (Continued)
* | Non-income producing security. |
** | Represents collateral for securities loaned. |
† | All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2021 was $474,676. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2021. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
CLO – Collateralized Loan Obligation |
ETF – Exchange-Traded Fund |
FHLMC – Federal Home Loan Mortgage Corporation |
FNMA – Federal National Mortgage Association |
FREMF – Freddie Mac Multifamily Securitization |
GNMA – Government National Mortgage Association |
IO – Interest Only |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LP – Limited Partnership |
MTN – Medium Term Note |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
REMIC – Real Estate Mortgage Investment Conduit |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021, these securities were valued at $73,086,098 or 7.8% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $580,432,272 | $— | $— | $580,432,272 |
U.S. Treasury Obligations | — | 124,764,214 | — | 124,764,214 |
Corporate Bonds | — | 110,701,340 | — | 110,701,340 |
U.S. Government Mortgage-Backed Obligations | — | 28,241,130 | — | 28,241,130 |
Asset-Backed Securities | — | 25,636,238 | — | 25,636,238 |
Commercial Mortgage-Backed Securities | — | 15,720,453 | — | 15,720,453 |
Exchange-Traded Fund | 14,687,617 | — | — | 14,687,617 |
Non-Agency Collateralized Mortgage Obligations | — | 13,707,170 | — | 13,707,170 |
Agency Collateralized Mortgage Obligations | — | 2,607,789 | — | 2,607,789 |
Sovereign Government Obligations | — | 1,998,862 | — | 1,998,862 |
Short-Term Investment Funds | 18,665,800 | — | — | 18,665,800 |
Total | $613,785,689 | $323,377,196 | $— | $937,162,885 |
See accompanying Notes to Portfolios of Investments.
5
Portfolio of Investments
Touchstone International Equity Fund – September 30, 2021 (Unaudited)
Shares | Market Value | |||
Common Stocks — 92.5% | ||||
Switzerland — 13.8% | ||||
Consumer Staples — 2.9% | ||||
31,500 | Nestle SA | $ 3,795,437 | ||
Health Care — 6.4% | ||||
50,200 | Novartis AG | 4,116,360 | ||
12,300 | Roche Holding AG | 4,489,131 | ||
Industrials — 2.6% | ||||
70,000 | Adecco Group AG | 3,507,401 | ||
Materials — 1.9% | ||||
52,400 | LafargeHolcim Ltd. | 2,538,051 | ||
Total Switzerland | 18,446,380 | |||
France — 13.0% | ||||
Communication Services — 3.2% | ||||
162,600 | JCDecaux SA* | 4,320,697 | ||
Consumer Discretionary — 6.3% | ||||
127,100 | Accor SA* | 4,532,034 | ||
25,500 | Cie Generale des Etablissements Michelin SCA | 3,910,182 | ||
Energy — 3.5% | ||||
97,800 | TOTAL SE | 4,674,640 | ||
Total France | 17,437,553 | |||
United Kingdom — 11.5% | ||||
Consumer Staples — 2.8% | ||||
48,400 | Reckitt Benckiser Group PLC | 3,802,315 | ||
Health Care — 2.4% | ||||
1,100,000 | ConvaTec Group PLC, 144a | 3,201,422 | ||
Industrials — 1.9% | ||||
75,800 | Bunzl PLC | 2,507,363 | ||
Information Technology — 1.8% | ||||
47,000 | Spectris PLC | 2,439,281 | ||
Real Estate — 2.6% | ||||
1,750,000 | Foxtons Group PLC | 1,178,975 | ||
127,000 | Savills PLC | 2,311,829 | ||
Total United Kingdom | 15,441,185 | |||
Japan — 10.8% | ||||
Communication Services — 3.1% | ||||
150,400 | Nippon Telegraph & Telephone Corp. | 4,167,459 | ||
Consumer Discretionary — 3.6% | ||||
284,000 | USS Co. Ltd. | 4,834,345 | ||
Consumer Staples — 2.2% | ||||
120,000 | Calbee, Inc. | 2,920,353 | ||
Industrials — 1.9% | ||||
11,300 | FANUC Corp. | 2,477,660 | ||
Total Japan | 14,399,817 | |||
Germany — 8.3% | ||||
Health Care — 3.2% | ||||
87,900 | Fresenius SE & Co. KGaA | 4,207,349 | ||
Industrials — 3.2% | ||||
19,000 | Brenntag SE | 1,764,999 | ||
60,700 | Norma Group SE | 2,574,820 | ||
Information Technology — 1.9% | ||||
18,800 | SAP SE | 2,542,309 | ||
Total Germany | 11,089,477 |
Shares | Market Value | |||
Mexico — 6.0% | ||||
Consumer Staples — 6.0% | ||||
340,000 | Gruma SAB de CV - Class B | $ 3,886,326 | ||
2,492,100 | Kimberly-Clark de Mexico SAB de CV - Class A | 4,092,832 | ||
Total Mexico | 7,979,158 | |||
Canada — 4.2% | ||||
Materials — 4.2% | ||||
134,800 | Barrick Gold Corp. | 2,433,978 | ||
327,000 | Pretium Resources, Inc.* | 3,152,280 | ||
Total Canada | 5,586,258 | |||
India — 4.0% | ||||
Communication Services — 2.2% | ||||
690,000 | Indus Towers Ltd. | 2,852,285 | ||
Consumer Discretionary — 0.5% | ||||
1,980,000 | PC Jeweller Ltd.* | 704,689 | ||
Financials — 1.3% | ||||
200,000 | Indian Energy Exchange Ltd., 144a | 1,732,286 | ||
Total India | 5,289,260 | |||
South Korea — 3.1% | ||||
Information Technology — 3.1% | ||||
68,000 | Samsung Electronics Co. Ltd. | 4,215,633 | ||
China — 3.1% | ||||
Communication Services — 2.0% | ||||
44,300 | Tencent Holdings Ltd. | 2,644,655 | ||
Consumer Discretionary — 1.1% | ||||
1,050,000 | Nayuki Holdings, Ltd.* | 1,517,755 | ||
Total China | 4,162,410 | |||
Greece — 2.9% | ||||
Consumer Discretionary — 2.9% | ||||
255,400 | OPAP SA | 3,951,257 | ||
Brazil — 2.9% | ||||
Industrials — 2.9% | ||||
1,640,000 | Boa Vista Servicos SA | 3,833,669 | ||
Hong Kong — 2.6% | ||||
Consumer Discretionary — 2.6% | ||||
676,000 | Galaxy Entertainment Group Ltd.* | 3,468,577 | ||
United States — 2.3% | ||||
Health Care — 2.3% | ||||
24,100 | Medtronic PLC | 3,020,935 | ||
Tanzania — 1.7% | ||||
Communication Services — 1.7% | ||||
930,000 | Helios Towers PLC* | 2,268,078 | ||
Norway — 1.2% | ||||
Energy — 1.2% | ||||
156,300 | TGS NOPEC Geophysical Co. ASA | 1,653,278 | ||
Spain — 1.1% | ||||
Industrials — 1.1% | ||||
20,000 | Befesa SA, 144a | 1,526,705 | ||
Total Common Stocks | $123,769,630 | |||
Exchange-Traded Fund — 2.5% | ||||
43,000 | iShares MSCI EAFE ETF | 3,354,430 | ||
Total Exchange-Traded Fund | $3,354,430 |
6
Touchstone International Equity Fund (Unaudited) (Continued)
Shares | Market Value | |||
Short-Term Investment Fund — 4.4% | ||||
5,837,901 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | $ 5,837,901 | ||
Total Investment Securities — 99.4% (Cost $118,948,452) | $132,961,961 | |||
Other Assets in Excess of Liabilities — 0.6% | 787,210 | |||
Net Assets — 100.0% | $133,749,171 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2021. |
Portfolio Abbreviations: |
ETF – Exchange-Traded Fund |
MSCI – Morgan Stanley Capital International |
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 September 30, 2021, these securities were valued at $6,460,413 or 4.8% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 Portfolios of Investments.
Valuation inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Switzerland | $2,538,051 | $15,908,329 | $— | $18,446,380 |
France | 4,320,697 | 13,116,856 | — | 17,437,553 |
United Kingdom | 9,199,589 | 6,241,596 | — | 15,441,185 |
Japan | — | 14,399,817 | — | 14,399,817 |
Germany | 2,574,820 | 8,514,657 | — | 11,089,477 |
Mexico | 7,979,158 | — | — | 7,979,158 |
Canada | 5,586,258 | — | — | 5,586,258 |
India | — | 5,289,260 | — | 5,289,260 |
South Korea | — | 4,215,633 | — | 4,215,633 |
China | — | 4,162,410 | — | 4,162,410 |
Greece | — | 3,951,257 | — | 3,951,257 |
Brazil | 3,833,669 | — | — | 3,833,669 |
Hong Kong | — | 3,468,577 | — | 3,468,577 |
United States | 3,020,935 | — | — | 3,020,935 |
Tanzania | 2,268,078 | — | — | 2,268,078 |
Norway | — | 1,653,278 | — | 1,653,278 |
Spain | 1,526,705 | — | — | 1,526,705 |
Exchange-Traded Fund | 3,354,430 | — | — | 3,354,430 |
Short-Term Investment Fund | 5,837,901 | — | — | 5,837,901 |
Total | $52,040,291 | $80,921,670 | $— | $132,961,961 |
See accompanying Notes to Portfolios of Investments.
7
Portfolio of Investments
Touchstone International Growth Fund – September 30, 2021 (Unaudited)
Shares | Market Value | |||
Common Stocks — 99.4% | ||||
France — 15.2% | ||||
Consumer Discretionary — 1.8% | ||||
2,346 | Kering SA | $ 1,666,273 | ||
Industrials — 4.7% | ||||
19,225 | Safran SA | 2,431,590 | ||
4,560 | Teleperformance | 1,796,434 | ||
Information Technology — 8.7% | ||||
28,200 | Capgemini SE | 5,848,026 | ||
25,555 | Worldline SA, 144a* | 1,947,957 | ||
Total France | 13,690,280 | |||
United Kingdom — 11.9% | ||||
Consumer Discretionary — 3.6% | ||||
111,120 | Entain PLC* | 3,173,766 | ||
Health Care — 4.9% | ||||
36,650 | AstraZeneca PLC | 4,416,975 | ||
Information Technology — 3.4% | ||||
22,595 | Endava PLC ADR* | 3,069,531 | ||
Total United Kingdom | 10,660,272 | |||
India — 9.9% | ||||
Financials — 7.5% | ||||
54,140 | HDFC Bank Ltd. ADR | 3,957,093 | ||
148,260 | ICICI Bank Ltd. ADR | 2,797,666 | ||
Information Technology — 2.4% | ||||
27,580 | Larsen & Toubro Infotech Ltd., 144a | 2,132,600 | ||
Total India | 8,887,359 | |||
China — 9.5% | ||||
Consumer Discretionary — 7.7% | ||||
9,230 | Alibaba Group Holding Ltd. ADR* | 1,366,501 | ||
81,000 | ANTA Sports Products Ltd. | 1,529,562 | ||
23,265 | JD.com, Inc. ADR* | 1,680,664 | ||
963,600 | Tongcheng-Elong Holdings Ltd.* | 2,326,874 | ||
Consumer Staples — 1.8% | ||||
49,200 | Wuliangye Yibin Co. Ltd. - Class A | 1,665,193 | ||
Total China | 8,568,794 | |||
United States — 6.9% | ||||
Communication Services — 4.8% | ||||
850 | Alphabet, Inc. - Class A* | 2,272,492 | ||
5,875 | Facebook, Inc. - Class A* | 1,993,916 | ||
Information Technology — 2.1% | ||||
6,725 | Microsoft Corp. | 1,895,912 | ||
Total United States | 6,162,320 | |||
Switzerland — 6.6% | ||||
Consumer Staples — 1.7% | ||||
48,200 | Coca-Cola HBC AG | 1,553,206 | ||
Health Care — 4.9% | ||||
25,666 | Alcon, Inc. | 2,078,195 | ||
6,180 | Sonova Holding AG | 2,335,473 | ||
Total Switzerland | 5,966,874 | |||
Canada — 6.2% | ||||
Consumer Discretionary — 3.0% | ||||
63,360 | Dollarama, Inc. | 2,748,301 | ||
Industrials — 3.2% | ||||
43,940 | Canadian Pacific Railway Ltd. | 2,859,176 | ||
Total Canada | 5,607,477 |
Shares | Market Value | |||
Germany — 5.1% | ||||
Communication Services — 2.8% | ||||
30,844 | Stroeer SE & Co. KGaA | $ 2,547,417 | ||
Consumer Discretionary — 2.3% | ||||
6,490 | adidas AG | 2,039,525 | ||
Total Germany | 4,586,942 | |||
Israel — 5.1% | ||||
Information Technology — 5.1% | ||||
16,050 | Nice Ltd. ADR* | 4,558,842 | ||
Japan — 4.5% | ||||
Communication Services — 2.3% | ||||
63,200 | Kakaku.com, Inc. | 2,040,920 | ||
Industrials — 2.2% | ||||
32,200 | Recruit Holdings Co. Ltd. | 1,968,253 | ||
Total Japan | 4,009,173 | |||
Sweden — 3.7% | ||||
Consumer Discretionary — 3.7% | ||||
21,940 | Evolution AB, 144a | 3,322,579 | ||
Italy — 3.4% | ||||
Information Technology — 3.4% | ||||
165,855 | Nexi SpA, 144a* | 3,092,810 | ||
Singapore — 2.9% | ||||
Financials — 2.9% | ||||
117,300 | DBS Group Holdings Ltd. | 2,599,206 | ||
South Korea — 2.8% | ||||
Communication Services — 2.8% | ||||
7,645 | NAVER Corp. | 2,480,550 | ||
Spain — 2.0% | ||||
Health Care — 2.0% | ||||
74,789 | Grifols SA | 1,826,199 | ||
Thailand — 1.5% | ||||
Consumer Staples — 1.5% | ||||
2,786,300 | Thai Beverage PCL | 1,338,183 | ||
Denmark — 1.2% | ||||
Information Technology — 1.2% | ||||
9,183 | Netcompany Group A/S, 144a | 1,059,210 | ||
Taiwan — 1.0% | ||||
Information Technology — 1.0% | ||||
7,660 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 855,239 | ||
Total Common Stocks | $89,272,309 | |||
Short-Term Investment Fund — 0.7% | ||||
584,078 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | 584,079 | ||
Total Investment Securities — 100.1% (Cost $71,702,632) | $89,856,388 | |||
Liabilities in Excess of Other Assets — (0.1)% | (53,076) | |||
Net Assets — 100.0% | $89,803,312 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2021. |
8
Touchstone International Growth Fund (Unaudited) (Continued)
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
PCL – Public Company Limited |
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 September 30, 2021, these securities were valued at $11,555,156 or 12.9% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 Portfolios of Investments.
Valuation inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
France | $1,796,434 | $11,893,846 | $— | $13,690,280 |
United Kingdom | 3,069,531 | 7,590,741 | — | 10,660,272 |
India | 6,754,759 | 2,132,600 | — | 8,887,359 |
China | 3,047,165 | 5,521,629 | — | 8,568,794 |
United States | 6,162,320 | — | — | 6,162,320 |
Switzerland | — | 5,966,874 | — | 5,966,874 |
Canada | 5,607,477 | — | — | 5,607,477 |
Germany | 2,547,417 | 2,039,525 | — | 4,586,942 |
Israel | 4,558,842 | — | — | 4,558,842 |
Japan | — | 4,009,173 | — | 4,009,173 |
Sweden | — | 3,322,579 | — | 3,322,579 |
Italy | — | 3,092,810 | — | 3,092,810 |
Singapore | — | 2,599,206 | — | 2,599,206 |
South Korea | — | 2,480,550 | — | 2,480,550 |
Spain | 1,826,199 | — | — | 1,826,199 |
Thailand | — | 1,338,183 | — | 1,338,183 |
Denmark | — | 1,059,210 | — | 1,059,210 |
Taiwan | 855,239 | — | — | 855,239 |
Short-Term Investment Fund | 584,079 | — | — | 584,079 |
Total | $36,809,462 | $53,046,926 | $— | $89,856,388 |
See accompanying Notes to Portfolios of Investments.
9
Portfolio of Investments
Touchstone Large Cap Focused Fund – September 30, 2021 (Unaudited)
Shares | Market Value | |||
Common Stocks — 96.6% | ||||
Information Technology — 25.8% | ||||
1,201,107 | Apple, Inc. | $ 169,956,640 | ||
278,071 | International Business Machines Corp. | 38,632,404 | ||
836,344 | Microsoft Corp. | 235,782,100 | ||
701,356 | Oracle Corp. | 61,109,148 | ||
321,608 | salesforce.com, Inc.* | 87,226,522 | ||
571,750 | SS&C Technologies Holdings, Inc. | 39,679,450 | ||
315,055 | Texas Instruments, Inc. | 60,556,722 | ||
256,013 | Visa, Inc. - Class A | 57,026,896 | ||
188,822 | Workday, Inc. - Class A* | 47,184,730 | ||
797,154,612 | ||||
Communication Services — 19.1% | ||||
66,596 | Alphabet, Inc. - Class C* | 177,498,985 | ||
1,011,459 | AT&T, Inc. | 27,319,507 | ||
1,202,961 | Comcast Corp. - Class A | 67,281,609 | ||
551,977 | Facebook, Inc. - Class A* | 187,335,474 | ||
802,853 | Fox Corp. - Class A | 32,202,434 | ||
99,520 | Netflix, Inc.* | 60,741,037 | ||
220,347 | Walt Disney Co. (The)* | 37,276,102 | ||
589,655,148 | ||||
Financials — 12.1% | ||||
2,142,802 | Bank of America Corp. | 90,961,945 | ||
372,001 | Berkshire Hathaway, Inc. - Class B* | 101,533,953 | ||
298,804 | Goldman Sachs Group, Inc. (The) | 112,956,876 | ||
247,021 | Signature Bank | 67,258,878 | ||
372,711,652 | ||||
Health Care — 11.6% | ||||
329,419 | AmerisourceBergen Corp. | 39,349,100 | ||
396,143 | BioMarin Pharmaceutical, Inc.* | 30,617,892 | ||
928,980 | Bristol-Myers Squibb Co. | 54,967,747 | ||
284,637 | HCA Healthcare, Inc. | 69,087,093 | ||
517,873 | Johnson & Johnson | 83,636,489 | ||
204,648 | UnitedHealth Group, Inc. | 79,964,159 | ||
357,622,480 | ||||
Consumer Discretionary — 10.2% | ||||
192,099 | Alibaba Group Holding Ltd. (China) ADR* | 28,440,257 | ||
47,660 | Amazon.com, Inc.* | 156,565,006 | ||
518,650 | Hilton Worldwide Holdings, Inc.* | 68,518,851 | ||
198,238 | Starbucks Corp. | 21,867,634 | ||
1,238,868 | Trip.com Group Ltd. (China) ADR* | 38,095,191 | ||
313,486,939 | ||||
Industrials — 8.2% | ||||
125,584 | Deere & Co. | 42,079,431 | ||
94,428 | FedEx Corp. | 20,707,116 | ||
301,108 | Hubbell, Inc. | 54,401,182 | ||
146,151 | Parker-Hannifin Corp. | 40,866,743 |
Shares | Market Value | |||
Industrials — (Continued) | ||||
922,580 | Raytheon Technologies Corp. | $ 79,304,977 | ||
297,816 | Southwest Airlines Co.* | 15,316,677 | ||
252,676,126 | ||||
Consumer Staples — 3.5% | ||||
582,968 | Monster Beverage Corp.* | 51,785,047 | ||
594,112 | Philip Morris International, Inc. | 56,315,877 | ||
108,100,924 | ||||
Real Estate — 2.9% | ||||
357,121 | Jones Lang LaSalle, Inc.* | 88,598,149 | ||
Energy — 1.9% | ||||
614,529 | Exxon Mobil Corp. | 36,146,596 | ||
801,837 | Schlumberger NV | 23,766,448 | ||
59,913,044 | ||||
Materials — 1.3% | ||||
613,323 | DuPont de Nemours, Inc. | 41,699,831 | ||
Total Common Stocks | $2,981,618,905 | |||
Short-Term Investment Fund — 3.1% | ||||
95,115,062 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | 95,115,062 | ||
Total Investment Securities—99.7% (Cost $1,804,078,483) | $3,076,733,967 | |||
Other Assets in Excess of Liabilities — 0.3% | 10,142,575 | |||
Net Assets — 100.0% | $3,086,876,542 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2021. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $2,981,618,905 | $— | $— | $2,981,618,905 |
Short-Term Investment Fund | 95,115,062 | — | — | 95,115,062 |
Total | $3,076,733,967 | $— | $— | $3,076,733,967 |
See accompanying Notes to Portfolios of Investments.
10
Portfolio of Investments
Touchstone Large Cap Fund – September 30, 2021 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.8% | ||||
Information Technology — 21.3% | ||||
148,202 | Apple, Inc. | $ 20,970,583 | ||
165,899 | Cisco Systems, Inc. | 9,029,883 | ||
66,372 | Citrix Systems, Inc. | 7,126,362 | ||
102,893 | Fiserv, Inc.* | 11,163,890 | ||
76,134 | Texas Instruments, Inc. | 14,633,716 | ||
62,705 | Visa, Inc. - Class A | 13,967,539 | ||
76,891,973 | ||||
Financials — 16.2% | ||||
88,201 | Berkshire Hathaway, Inc. - Class B* | 24,073,581 | ||
12,627 | BlackRock, Inc. | 10,589,760 | ||
208,288 | Charles Schwab Corp. (The) | 15,171,698 | ||
95,985 | Progressive Corp. (The) | 8,676,084 | ||
58,511,123 | ||||
Consumer Discretionary — 12.8% | ||||
88,966 | CarMax, Inc.* | 11,384,089 | ||
42,255 | Home Depot, Inc. (The) | 13,870,626 | ||
36,214 | Lowe's Cos., Inc. | 7,346,372 | ||
22,527 | O'Reilly Automotive, Inc.* | 13,765,349 | ||
46,366,436 | ||||
Communication Services — 12.1% | ||||
8,566 | Alphabet, Inc. - Class C* | 22,831,046 | ||
36,214 | Facebook, Inc. - Class A* | 12,290,669 | ||
159,790 | Verizon Communications, Inc. | 8,630,258 | ||
43,751,973 | ||||
Consumer Staples — 10.0% | ||||
319,156 | Altria Group, Inc. | 14,527,981 | ||
117,881 | Church & Dwight Co., Inc. | 9,733,434 | ||
96,940 | Nestle SA (Switzerland) ADR | 11,653,158 | ||
35,914,573 | ||||
Industrials — 8.7% | ||||
50,191 | FedEx Corp. | 11,006,385 | ||
50,177 | Norfolk Southern Corp. | 12,004,847 | ||
29,655 | Old Dominion Freight Line, Inc. | 8,480,737 | ||
31,491,969 | ||||
Materials — 8.5% | ||||
36,582 | Air Products & Chemicals, Inc. | 9,369,016 | ||
36,760 | Martin Marietta Materials, Inc. | 12,560,157 | ||
25,497 | NewMarket Corp. | 8,637,618 | ||
30,566,791 |
Shares | Market Value | |||
Health Care — 4.8% | ||||
58,506 | Johnson & Johnson | $ 9,448,719 | ||
179,751 | Pfizer, Inc. | 7,731,090 | ||
17,179,809 | ||||
Real Estate — 3.4% | ||||
387,446 | STORE Capital Corp. REIT | 12,409,895 | ||
Total Common Stocks | $353,084,542 | |||
Short-Term Investment Fund — 2.1% | ||||
7,406,821 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | 7,406,821 | ||
Total Investment Securities—99.9% (Cost $229,838,770) | $360,491,363 | |||
Other Assets in Excess of Liabilities — 0.1% | 371,456 | |||
Net Assets — 100.0% | $360,862,819 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2021. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
REIT – Real Estate Investment Trust |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $353,084,542 | $— | $— | $353,084,542 |
Short-Term Investment Fund | 7,406,821 | — | — | 7,406,821 |
Total | $360,491,363 | $— | $— | $360,491,363 |
See accompanying Notes to Portfolios of Investments.
11
Portfolio of Investments
Touchstone Large Company Growth Fund – September 30, 2021 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.5% | ||||
Information Technology — 44.5% | ||||
29,935 | Adobe, Inc.* | $ 17,234,178 | ||
27,605 | Automatic Data Processing, Inc. | 5,518,792 | ||
34,850 | Fiserv, Inc.* | 3,781,225 | ||
22,050 | FleetCor Technologies, Inc.* | 5,761,003 | ||
35,675 | Global Payments, Inc. | 5,621,667 | ||
18,439 | Intuit, Inc. | 9,948,025 | ||
16,475 | Mastercard, Inc. - Class A | 5,728,028 | ||
97,475 | Microsoft Corp. | 27,480,152 | ||
38,625 | NVIDIA Corp. | 8,001,555 | ||
45,600 | PayPal Holdings, Inc.* | 11,865,576 | ||
50,214 | Visa, Inc. - Class A | 11,185,168 | ||
112,125,369 | ||||
Communication Services — 23.0% | ||||
9,540 | Alphabet, Inc. - Class A* | 25,505,381 | ||
59,875 | Facebook, Inc. - Class A* | 20,320,976 | ||
19,825 | Netflix, Inc.* | 12,099,991 | ||
57,926,348 | ||||
Consumer Discretionary — 8.4% | ||||
6,435 | Amazon.com, Inc.* | 21,139,232 | ||
Health Care — 7.9% | ||||
133,350 | Boston Scientific Corp.* | 5,786,056 | ||
45,550 | Neurocrine Biosciences, Inc.* | 4,368,701 | ||
14,175 | UnitedHealth Group, Inc. | 5,538,739 | ||
22,150 | Zoetis, Inc. | 4,300,201 | ||
19,993,697 | ||||
Financials — 6.9% | ||||
21,575 | Aon PLC - Class A | 6,165,488 | ||
155,425 | Charles Schwab Corp. (The) | 11,321,157 | ||
17,486,645 | ||||
Consumer Staples — 4.0% | ||||
110,100 | Keurig Dr Pepper, Inc. | 3,761,016 | ||
70,475 | Monster Beverage Corp.* | 6,260,294 | ||
10,021,310 |
Shares | Market Value | |||
Industrials — 1.8% | ||||
25,825 | United Parcel Service, Inc. - Class B | $ 4,702,733 | ||
Materials — 1.0% | ||||
8,575 | Linde PLC (United Kingdom) | 2,515,734 | ||
Total Common Stocks | $245,911,068 | |||
Short-Term Investment Fund — 3.1% | ||||
7,772,916 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | 7,772,916 | ||
Total Investment Securities—100.6% (Cost $146,222,203) | $253,683,984 | |||
Liabilities in Excess of Other Assets — (0.6%) | (1,548,942) | |||
Net Assets — 100.0% | $252,135,042 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2021. |
Portfolio Abbreviations: |
PLC – Public Limited Company |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $245,911,068 | $— | $— | $245,911,068 |
Short-Term Investment Fund | 7,772,916 | — | — | 7,772,916 |
Total | $253,683,984 | $— | $— | $253,683,984 |
See accompanying Notes to Portfolios of Investments.
12
Portfolio of Investments
Touchstone Ohio Tax-Free Bond Fund – September 30, 2021 (Unaudited)
Principal Amount | Market Value | |||
Fixed Rate Revenue Bonds – 50.5% | ||||
$ 315,000 | Akron, OH, Income Tax Rev., 4.000%, 12/01/41 | $ 351,556 | ||
1,000,000 | Allen County, OH, Hospital Fac. Rev. Ser I, 4.000%, 12/01/40 | 1,171,710 | ||
1,000,000 | Butler County, OH Ser X, 5.000%, 05/15/30 | 1,299,394 | ||
1,085,000 | Cincinnati, OH Ser B, 5.000%, 11/01/35 | 1,265,328 | ||
410,000 | City of Cleveland OH Income Tax Rev. Ser A, 3.000%, 10/01/35 | 447,807 | ||
200,000 | Clermont County Port Auth. Ser W, 5.000%, 12/01/35 | 231,847 | ||
500,000 | Cleveland, OH, Airport System Rev. Ser B, 5.000%, 01/01/37 | 616,908 | ||
750,000 | Cleveland, OH, Income Tax Rev. Ser B, 5.000%, 10/01/29 | 875,096 | ||
340,000 | Confluence Community Auth., 4.000%, 05/01/39 | 386,916 | ||
1,000,000 | Cuyahoga County, OH COP, 5.000%, 12/01/32 | 1,095,498 | ||
250,000 | Cuyahoga Metropolitan Housing Authority, Rev., 2.000%, 12/01/31 | 251,313 | ||
200,000 | Dayton, OH, Water System Rev., 4.000%, 12/01/30 | 229,939 | ||
935,000 | Delaware County Library District, Rev., 3.000%, 12/01/33 | 1,025,227 | ||
550,000 | Franklin County, OH, 4.000%, 11/01/36 | 636,873 | ||
970,000 | Franklin County, OH, Sales Tax Rev., 4.000%, 06/01/33 | 1,136,730 | ||
1,000,000 | Green, OH, 4.000%, 12/01/30 | 1,041,023 | ||
500,000 | Hamilton County, OH, 5.000%, 02/01/30 | 547,272 | ||
1,080,000 | Hamilton County, OH, 5.000%, 05/15/33 | 1,206,427 | ||
625,000 | Hamilton County, OH, 5.000%, 05/15/34 | 697,817 | ||
500,000 | Hamilton County, OH, 5.000%, 08/15/40 | 628,909 | ||
245,000 | Hamilton County, OH, 5.000%, 09/15/40 | 304,339 | ||
1,000,000 | Hamilton County, OH EDR, 5.000%, 06/01/33 | 1,146,026 | ||
400,000 | Mahoning County, Mahoning , Mahoning, Rev., 3.000%, 12/01/35 | 437,988 | ||
570,000 | Miami University, 5.000%, 09/01/35 | 678,680 | ||
500,000 | New Albany Community Auth. Ser C, 5.000%, 10/01/24 | 523,112 | ||
100,000 | Ohio Higher Educational Fac. Commission, 4.000%, 02/01/41 | 115,674 | ||
500,000 | Ohio Higher Educational Fac. Commission, 5.000%, 03/01/34 | 585,151 | ||
500,000 | Ohio Higher Educational Fac. Commission, 5.000%, 04/01/36 | 553,403 | ||
250,000 | Ohio Higher Educational Fac. Commission, 5.000%, 11/01/39 | 309,289 | ||
290,000 | Ohio Higher Educational Fac. Commission Ser A, 4.000%, 12/01/35 | 332,863 | ||
265,000 | Ohio Higher Educational Fac. Commission Ser C, 5.000%, 05/01/33 | 298,812 | ||
200,000 | Ohio Higher Educational Fac. Commission Ser F, 4.000%, 11/01/40 | 234,985 | ||
630,000 | Ohio Higher Educational Fac. Commission Ser F, 5.000%, 05/01/32 | 805,703 | ||
1,000,000 | OHIO ST HOSP REVENUE, 4.000%, 01/15/46 | 1,137,690 | ||
500,000 | Ohio State University (The) Ser A, 4.000%, 12/01/32 | 546,121 | ||
525,000 | Ohio State University (The) Ser A, 4.000%, 12/01/33 | 572,477 | ||
2,000,000 | Ohio State University/The, Rev. Ser A, 4.000%, 12/01/42 | 2,394,831 | ||
150,000 | Ohio Univ. Ser A, 5.000%, 12/01/32 | 180,414 | ||
300,000 | Ohio Water Development Auth., Rev., 5.000%, 12/01/34 | 386,696 | ||
500,000 | Polaris Career Center COP, 5.000%, 11/01/35 | 581,354 | ||
390,000 | Port of Greater Cincinnati Development Auth., 4.000%, 12/01/32 | 456,684 | ||
300,000 | Port of Greater Cincinnati Development Auth. Ser A, 4.000%, 04/01/33 | 353,067 | ||
1,000,000 | State of Ohio, 4.000%, 01/01/40 | 1,163,855 | ||
400,000 | State of Ohio, 4.000%, 11/15/40 | 450,886 | ||
1,000,000 | State of Ohio Ser A, 5.000%, 12/01/36 | 1,242,960 | ||
1,060,000 | State of Ohio EDR, 4.750%, 12/01/32 | 1,063,711 | ||
375,000 | Univ. of Akron (The) Ser A, 5.000%, 01/01/28 | 409,810 | ||
1,000,000 | Univ. of Cincinnati Ser A, 5.000%, 06/01/37 | 1,230,341 |
Principal Amount | Market Value | |||
$ 350,000 | Upper Arlington , OH, Nontax Rev. Ser A, 3.000%, 12/01/39 | $ 378,532 | ||
475,000 | Upper Arlington , OH, Nontax Rev. Ser A, 3.000%, 12/01/41 | 510,928 | ||
160,000 | Warren County, OH Ser A, 4.000%, 07/01/39 | 183,513 | ||
Total Fixed Rate Revenue Bonds | $34,713,485 | |||
General Obligation Bonds – 24.9% | ||||
400,000 | Athens CSD UTGO Ser A, 4.000%, 12/01/40 | 463,072 | ||
500,000 | Cuyahoga County, OH LTGO Ser A, 3.000%, 12/01/35 | 546,459 | ||
525,000 | Dayton Metro Library, UTGO, 3.000%, 12/01/36 | 572,662 | ||
500,000 | Dublin, OH LTGO Ser A, 5.000%, 12/01/35 | 626,566 | ||
500,000 | Greene County Vocational School District UTGO, 4.000%, 12/01/37 | 578,708 | ||
1,000,000 | Hamilton County, OH LTGO Ser A, 5.000%, 12/01/37 | 1,229,686 | ||
500,000 | Indian Hill Exempted Village School District, UTGO, 3.000%, 12/01/45 | 535,555 | ||
500,000 | Indian Hill Exempted Village School District, UTGO, 3.000%, 12/01/46 | 534,825 | ||
345,000 | Keystone LSD, UTGO Ser A, 3.000%, 12/01/37 | 378,951 | ||
2,000,000 | Lakewood, OH LTGO, 4.000%, 12/01/46 | 2,386,791 | ||
500,000 | Lakewood, OH LTGO, 5.000%, 12/01/36 | 599,356 | ||
300,000 | Lexington LSD UTGO Ser A, 4.000%, 10/01/39 | 351,435 | ||
830,000 | Licking Heights LSD UTGO, 6.400%, 12/01/28 | 1,021,494 | ||
1,170,000 | Maumee, OH LTGO, 3.000%, 12/01/31 | 1,323,754 | ||
435,000 | Miami Trace LSD UTGO, 5.000%, 12/01/35 | 510,080 | ||
700,000 | Miami Valley Career Technology Center UTGO, 4.000%, 12/01/34 | 814,774 | ||
200,000 | Milford Exempt Village School District UTGO, 5.000%, 12/01/35 | 230,611 | ||
455,000 | North Ridgeville CSD, UTGO Ser N, 4.000%, 12/01/33 | 559,417 | ||
250,000 | North Ridgeville CSD, UTGO Ser N, 4.000%, 12/01/34 | 306,278 | ||
250,000 | Parma, OH LTGO, 3.000%, 12/01/32 | 273,862 | ||
455,000 | Seven Hills, OH LTGO, 3.000%, 12/01/37 | 498,455 | ||
500,000 | Three Rivers LSD UTGO, 5.000%, 12/01/34 | 568,131 | ||
1,000,000 | Toledo, OH, LTGO, 4.000%, 12/01/35 | 1,163,242 | ||
300,000 | Upper Arlington, OH LTGO, 4.000%, 12/01/32 | 338,213 | ||
350,000 | Xenia Community School District, UTGO, 4.000%, 12/01/35 | 425,285 | ||
200,000 | Xenia Community School District, UTGO, 4.000%, 12/01/36 | 242,571 | ||
Total General Obligation Bonds | $17,080,233 | |||
Pre-refunded/Escrowed to Maturity(A) — 13.3% | ||||
345,000 | Bowling Green CSD UTGO Pre-refunded @ 100, 5.000%, 12/01/34 | 402,439 | ||
750,000 | Brecksville-Broadview Heights CSD UTGO Pre-refunded @ 100, 5.000%, 12/01/38 | 826,976 | ||
2,000,000 | Cincinnati, OH EDR Ser U, 5.000%, 11/01/33 | 2,007,331 | ||
475,000 | Cincinnati, OH, Water System Rev. Pre-refunded @ 100, 5.000%, 12/01/35 | 563,934 | ||
265,000 | Cleveland Department of Public Utilities Division of Water Ser Y, 4.000%, 01/01/34 | 287,013 | ||
500,000 | Cuyahoga County, OH Pre-refunded @ 100, 5.000%, 12/01/34 | 573,643 | ||
1,000,000 | Hamilton County, OH Pre-refunded @ 100, 5.250%, 06/01/32 | 1,033,340 | ||
1,000,000 | Kent State Univ. Pre-refunded @ 100, 4.500%, 05/01/32 | 1,025,109 | ||
250,000 | Lakewood CSD UTGO Pre-refunded @ 100, 5.000%, 11/01/33 | 263,047 | ||
620,000 | Montgomery County, OH Pre-refunded @ 100, 5.250%, 05/01/29 | 679,980 |
13
Touchstone Ohio Tax-Free Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Pre-refunded/Escrowed to Maturity—13.3% (Continued) | ||||
$ 335,000 | Montgomery County, OH Pre-refunded @ 100, 5.250%, 05/01/29 | $ 368,033 | ||
1,000,000 | Toledo CSD UTGO Pre-refunded @ 100, 5.000%, 12/01/32 | 1,102,635 | ||
Total Pre-refunded/Escrowed to Maturity | $9,133,480 | |||
Variable Rate Demand Notes(B)(C)(D) — 12.2% | ||||
2,000,000 | Allen County, OH, Hospital Fac. Rev. Ser C, 0.060%, 06/01/34 | 2,000,000 | ||
835,000 | Franklin County, OH, Rev. Ser B, 0.060%, 12/01/28 | 835,000 | ||
500,000 | Hamilton County, OH EDR, 0.080%, 12/01/28 | 500,000 | ||
450,000 | Montgomery County, OH, Rev. Ser C, 0.080%, 11/15/45 | 450,000 | ||
2,300,000 | Ohio Higher Educational Fac. Commission Ser B, 0.080%, 01/01/39 | 2,300,000 | ||
1,100,000 | Ohio Higher Educational Fac. Commission, Rev. Ser B, 0.080%, 01/01/43 | 1,100,000 | ||
1,195,000 | State of Ohio, Rev. Ser F, 0.070%, 01/01/52 | 1,195,000 | ||
Total Variable Rate Demand Notes | $8,380,000 | |||
Total Investment Securities—100.9% (Cost $66,101,615) | $69,307,198 | |||
Liabilities in Excess of Other Assets — (0.9%) | $(622,933) | |||
Net Assets — 100.0% | $68,684,265 |
(A) | Bonds denoted as pre-refunded are anticipated to be redeemed prior to their scheduled maturity. The dates indicated are the stipulated pre-refunded dates. |
(B) | Demand Feature - Maturities shown are the final maturities, not the date on which principal could be recovered through the demand feature. |
(C) | Floating and variable rate demand notes (“put bonds”) earn interest at a coupon rate which fluctuates at specified intervals, usually daily, monthly or semi-annually. The interest rates shown are the coupon rates in effect at September 30, 2021. Put bonds may be redeemed at the discretion of the holder on specified dates prior to maturity. Mandatory put bonds are automatically redeemed at a specified put date unless action is taken by the holder to prevent redemption. |
(D) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
Portfolio Abbreviations: |
COP–Certificates of Participation |
CSD–City School District |
EDR–Economic Development Revenue |
LSD–Local School District |
LTGO–Limited Tax General Obligation |
UTGO–Unlimited Tax General Obligation |
As of September 30, 2021, the Touchstone Ohio Tax-Free Bond Fund was invested exclusively in debt obligations issued by the State of Ohio and its political subdivisions, agencies, authorities and instrumentalities and by other issuers, the interest from which is exempt from Ohio personal income tax. The Touchstone Ohio Tax-Free Bond Fund is a non-diversified Fund under the Investment Company Act of 1940. Thus, the Fund may invest in fewer issuers than those of a diversified fund. As of September 30, 2021, there were no investments of 10% or greater in any one issuer held by the Fund.
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $— | $69,307,198 | $— | $69,307,198 |
See accompanying Notes to Portfolios of Investments.
14
Portfolio of Investments
Touchstone Small Company Fund – September 30, 2021 (Unaudited)
Shares | Market Value | |||
Common Stocks — 96.8% | ||||
Health Care — 19.5% | ||||
82,731 | Addus HomeCare Corp.* | $ 6,597,797 | ||
814,823 | Allscripts Healthcare Solutions, Inc.* | 10,894,184 | ||
285,036 | Anika Therapeutics, Inc.* | 12,131,132 | ||
20,748 | Bio-Techne Corp. | 10,053,858 | ||
24,128 | Chemed Corp. | 11,222,415 | ||
282,261 | Encompass Health Corp. | 21,180,865 | ||
145,599 | Ensign Group, Inc. (The) | 10,903,909 | ||
139,050 | Globus Medical, Inc. - Class A* | 10,654,011 | ||
170,099 | Integra LifeSciences Holdings Corp.* | 11,648,380 | ||
54,128 | ModivCare, Inc.* | 9,830,727 | ||
187,903 | NuVasive, Inc.* | 11,245,995 | ||
72,733 | Omnicell, Inc.* | 10,795,759 | ||
624,993 | Premier, Inc. - Class A | 24,224,729 | ||
157,650 | Progyny, Inc.* | 8,828,400 | ||
224,771 | Tactile Systems Technology, Inc.* | 9,991,071 | ||
217,355 | Vocera Communications, Inc.* | 9,946,165 | ||
190,149,397 | ||||
Information Technology — 19.2% | ||||
452,578 | 8x8, Inc.* | 10,585,799 | ||
761,107 | Box, Inc. - Class A* | 18,015,403 | ||
458,103 | Cognyte Software Ltd. (Israel)* | 9,414,017 | ||
148,710 | CommVault Systems, Inc.* | 11,199,350 | ||
462,200 | Digi International, Inc.* | 9,715,444 | ||
84,219 | ExlService Holdings, Inc.* | 10,369,043 | ||
122,390 | J2 Global, Inc.* | 16,720,922 | ||
128,501 | MAXIMUS, Inc. | 10,691,283 | ||
242,589 | Methode Electronics, Inc. | 10,200,867 | ||
247,978 | Onto Innovation, Inc.* | 17,916,410 | ||
100,217 | Qualys, Inc.* | 11,153,150 | ||
65,557 | SPS Commerce, Inc.* | 10,575,000 | ||
586,693 | Tower Semiconductor Ltd. (Israel)* | 17,542,121 | ||
255,178 | Verint Systems, Inc.* | 11,429,423 | ||
135,732 | WNS Holdings Ltd. (India) ADR* | 11,102,878 | ||
186,631,110 | ||||
Industrials — 17.9% | ||||
104,231 | ASGN, Inc.* | 11,792,695 | ||
195,348 | Clean Harbors, Inc. * | 20,290,797 | ||
217,844 | Crane Co. | 20,653,789 | ||
91,480 | Curtiss-Wright Corp. | 11,542,946 | ||
128,582 | Forward Air Corp. | 10,674,878 | ||
761,568 | Great Lakes Dredge & Dock Corp.* | 11,492,061 | ||
127,292 | ITT, Inc. | 10,926,745 | ||
422,768 | JELD-WEN Holding, Inc.* | 10,581,883 | ||
72,851 | John Bean Technologies Corp. | 10,239,208 | ||
271,422 | KBR, Inc. | 10,694,027 | ||
85,206 | Quanta Services, Inc. | 9,698,147 | ||
51,909 | RBC Bearings, Inc.* | 11,015,090 | ||
240,673 | SkyWest, Inc.* | 11,874,806 | ||
190,734 | Zurn Water Solutions Corp. | 12,262,289 | ||
173,739,361 | ||||
Consumer Discretionary — 14.9% | ||||
372,082 | American Eagle Outfitters, Inc. | 9,599,716 | ||
329,508 | Aritzia, Inc. (Canada)* | 10,489,312 | ||
278,514 | Foot Locker, Inc. | 12,716,949 | ||
64,168 | Fox Factory Holding Corp.* | 9,274,843 | ||
360,937 | Frontdoor, Inc.* | 15,123,260 | ||
120,134 | Grand Canyon Education, Inc.* | 10,566,987 | ||
143,848 | Malibu Boats, Inc. - Class A* | 10,066,483 | ||
116,132 | Oxford Industries, Inc. | 10,471,622 | ||
161,763 | Skyline Champion Corp.* | 9,715,486 |
Shares | Market Value | |||
Consumer Discretionary — (Continued) | ||||
282,754 | Steven Madden Ltd. | $ 11,355,401 | ||
115,656 | Texas Roadhouse, Inc. | 10,562,862 | ||
47,558 | TopBuild Corp.* | 9,740,354 | ||
376,258 | Zumiez, Inc.* | 14,960,018 | ||
144,643,293 | ||||
Financials — 14.3% | ||||
230,505 | Ameris Bancorp | 11,958,599 | ||
75,222 | Evercore, Inc. - Class A | 10,054,925 | ||
987,827 | FNB Corp. | 11,478,550 | ||
155,239 | Independent Bank Group, Inc. | 11,028,179 | ||
281,250 | Pacific Premier Bancorp, Inc. | 11,655,000 | ||
115,413 | Pinnacle Financial Partners, Inc. | 10,858,055 | ||
141,580 | PJT Partners, Inc. - Class A | 11,200,394 | ||
259,274 | PROG Holdings, Inc. | 10,892,101 | ||
657,805 | Umpqua Holdings Corp. | 13,320,551 | ||
868,576 | Valley National Bancorp | 11,560,746 | ||
224,503 | Webster Financial Corp. | 12,226,433 | ||
116,863 | Western Alliance Bancorp | 12,717,032 | ||
138,950,565 | ||||
Real Estate — 5.5% | ||||
148,451 | Agree Realty Corp. REIT | 9,831,910 | ||
852,975 | Corporate Office Properties Trust REIT | 23,013,266 | ||
351,598 | Healthcare Realty Trust, Inc. REIT | 10,470,588 | ||
256,612 | STAG Industrial, Inc. REIT | 10,072,021 | ||
53,387,785 | ||||
Communication Services — 2.5% | ||||
410,431 | Cargurus, Inc.* | 12,891,638 | ||
640,030 | QuinStreet, Inc.* | 11,238,927 | ||
24,130,565 | ||||
Materials — 2.0% | ||||
114,800 | Ashland Global Holdings, Inc. | 10,230,976 | ||
73,358 | Eagle Materials, Inc. | 9,621,635 | ||
19,852,611 | ||||
Consumer Staples — 1.0% | ||||
543,280 | Mission Produce, Inc.* | 9,985,486 | ||
Total Common Stocks | $941,470,173 | |||
Short-Term Investment Fund — 3.9% | ||||
37,659,584 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | 37,659,584 | ||
Total Investment Securities—100.7% (Cost $705,094,463) | $979,129,757 | |||
Liabilities in Excess of Other Assets — (0.7%) | (6,393,999) | |||
Net Assets — 100.0% | $972,735,758 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2021. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
REIT – Real Estate Investment Trust |
15
Touchstone Small Company Fund (Unaudited) (Continued)
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $941,470,173 | $— | $— | $941,470,173 |
Short-Term Investment Fund | 37,659,584 | — | — | 37,659,584 |
Total | $979,129,757 | $— | $— | $979,129,757 |
See accompanying Notes to Portfolios of Investments.
16
Portfolio of Investments
Touchstone Value Fund – September 30, 2021 (Unaudited)
Shares | Market Value | |||
Common Stocks — 96.9% | ||||
Financials — 20.9% | ||||
57,350 | American Express Co. | $ 9,607,845 | ||
344,040 | American International Group, Inc. | 18,884,356 | ||
40,166 | Chubb Ltd. | 6,967,998 | ||
95,192 | Citigroup, Inc. | 6,680,574 | ||
30,453 | Goldman Sachs Group, Inc. (The) | 11,512,148 | ||
64,640 | JPMorgan Chase & Co. | 10,580,922 | ||
101,780 | Northern Trust Corp. | 10,972,902 | ||
259,359 | US Bancorp | 15,416,299 | ||
391,415 | Wells Fargo & Co. | 18,165,570 | ||
45,842 | Willis Towers Watson PLC | 10,656,431 | ||
119,445,045 | ||||
Industrials — 16.3% | ||||
212,861 | AECOM* | 13,442,172 | ||
44,220 | Deere & Co. | 14,816,795 | ||
57,412 | General Dynamics Corp. | 11,254,474 | ||
30,179 | Jacobs Engineering Group, Inc. | 3,999,623 | ||
87,452 | JB Hunt Transport Services, Inc. | 14,623,724 | ||
66,031 | Quanta Services, Inc. | 7,515,648 | ||
179,627 | Raytheon Technologies Corp. | 15,440,737 | ||
68,737 | Stanley Black & Decker, Inc. | 12,050,284 | ||
93,143,457 | ||||
Consumer Discretionary — 14.7% | ||||
91,418 | Advance Auto Parts, Inc. | 19,096,306 | ||
339,797 | Aramark | 11,165,729 | ||
69,014 | Dollar General Corp. | 14,640,630 | ||
166,897 | Las Vegas Sands Corp.* | 6,108,430 | ||
59,816 | Lennar Corp. - Class A | 5,603,563 | ||
75,603 | Lowe's Cos., Inc. | 15,336,825 | ||
108,945 | Ralph Lauren Corp. | 12,097,253 | ||
84,048,736 | ||||
Health Care — 12.0% | ||||
46,040 | Anthem, Inc. | 17,163,712 | ||
164,506 | CVS Health Corp. | 13,959,979 | ||
66,497 | Medtronic PLC | 8,335,399 | ||
225,204 | Merck & Co., Inc. | 16,915,072 | ||
30,704 | UnitedHealth Group, Inc. | 11,997,281 | ||
68,371,443 | ||||
Energy — 8.4% | ||||
224,947 | Hess Corp. | 17,570,610 | ||
219,816 | Phillips 66 | 15,393,714 | ||
60,264 | Pioneer Natural Resources | 10,034,559 | ||
73,196 | Valero Energy Corp. | 5,165,442 | ||
48,164,325 | ||||
Information Technology — 8.2% | ||||
31,259 | Broadcom, Inc. | 15,158,427 | ||
163,441 | Cognizant Technology Solutions Corp. - Class A | 12,128,956 | ||
81,594 | Oracle Corp. | 7,109,285 | ||
54,110 | QUALCOMM, Inc. | 6,979,108 | ||
28,852 | Texas Instruments, Inc. | 5,545,643 | ||
46,921,419 |
Shares | Market Value | |||
Materials — 5.3% | ||||
311,639 | Corteva, Inc. | $ 13,113,769 | ||
129,127 | International Flavors & Fragrances, Inc. | 17,266,863 | ||
30,380,632 | ||||
Communication Services — 5.3% | ||||
506,461 | Altice USA, Inc. - Class A* | 10,493,872 | ||
256,541 | Comcast Corp. - Class A | 14,348,338 | ||
41,626 | T-Mobile US, Inc.* | 5,318,138 | ||
30,160,348 | ||||
Consumer Staples — 2.1% | ||||
223,307 | Coca-Cola Europacific Partners PLC (United Kingdom) | 12,346,644 | ||
Real Estate — 2.1% | ||||
317,579 | MGM Growth Properties LLC - Class A REIT | 12,163,276 | ||
Utilities — 1.6% | ||||
186,215 | Exelon Corp. | 9,001,633 | ||
Total Common Stocks | $554,146,958 | |||
Short-Term Investment Fund — 3.0% | ||||
17,199,421 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | 17,199,421 | ||
Total Investment Securities—99.9% (Cost $464,075,931) | $571,346,379 | |||
Other Assets in Excess of Liabilities — 0.1% | 288,785 | |||
Net Assets — 100.0% | $571,635,164 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2021. |
Portfolio Abbreviations: |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $554,146,958 | $— | $— | $554,146,958 |
Short-Term Investment Fund | 17,199,421 | — | — | 17,199,421 |
Total | $571,346,379 | $— | $— | $571,346,379 |
See accompanying Notes to Portfolios of Investments.
17
Notes to Portfolios of Investments
September 30, 2021 (Unaudited)
Security valuation and fair value measurements — U.S. generally accepted accounting principles (“U.S. GAAP”) defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. All investments in securities are recorded at their fair value. The Funds define the term “market value”, as used throughout this report, as the estimated fair value. The Funds use various methods to measure fair value of their portfolio securities on a recurring basis. U.S. GAAP fair value measurement standards require disclosure of a hierarchy that prioritizes inputs to valuation methods. These inputs are summarized in the three broad levels listed below:
• Level 1 − quoted prices in active markets for identical securities
• Level 2 − other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 − significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The aggregate value by input level, as of September 30, 2021, for each Fund’s investments, is included in each Fund’s Portfolio of Investments, which also includes a breakdown of the Fund’s investments by geographic, portfolio or sector allocation. The Funds did not hold or transfer any Level 3 categorized securities during the period ended September 30,2021.
Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.
The Funds' portfolio securities are valued as of the close of the regular session of trading on the New York Stock Exchange (“NYSE”) (currently 4:00 p.m., Eastern Time or at the time as of which the NYSE establishes official closing prices). Portfolio securities traded on stock exchanges are valued at the last reported sale price, official close price, or last bid price if no sales are reported. Portfolio securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) or from the primary exchange on which the security trades. To the extent these securities are actively traded, they are categorized in Level 1 of the fair value hierarchy. Options and futures are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long option positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price on the valuation date and are categorized in Level 1. Shares of mutual funds in which the Funds invest are valued at their respective net asset value (“NAV”) as reported by the underlying funds (the “Underlying Funds”) and are categorized in Level 1.
Debt securities held by the Funds are valued at their evaluated bid by an independent pricing service or at their last broker-quoted bid prices as obtained from one or more of the major market makers for such securities. Independent pricing services use information provided by market makers or estimates of market values through accepted market modeling conventions. Observable inputs to the models may include prepayment speeds, pricing spread, yield, trade information, dealer quotes, market color, cash flow models, the securities’ terms and conditions, among others, and are generally categorized in Level 2. Investments in asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche, and are generally categorized in Level 2. Debt securities with remaining maturities of 60 days or less may be valued at amortized cost, provided such amount approximates market value and are categorized in Level 2. While this method provides consistency in valuation (and may only be used if it approximates market value), it may result in periods during which fair value, as determined by amortized cost, is higher or lower than the price that would be received if the Fund sold the investment.
Securities mainly traded on a non-U.S. exchange or denominated in foreign currencies are generally valued according to the preceding closing values on that exchange, translated to U.S. dollars using currency exchange rates as of the close of regular trading on the NYSE, and are generally categorized in Level 1. However, if an event that may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, but before the close of regular trading on the NYSE, the security may be priced based on fair value and is generally categorized in Level 2. This may cause the value of the security, if held on the books of a Fund, to be different from the closing value on the non-U.S. exchange and may affect the calculation of that Fund’s NAV. The Funds may use fair value pricing under the following circumstances, among others:
• If the value of a security has been materially affected by events occurring before the Funds' pricing time but after the close of the primary markets on which the security is traded.
• If the exchange on which a portfolio security is principally traded closes early or if trading in a particular portfolio security was halted during the day and did not resume prior to the Funds' NAV calculation.
• If a security is so thinly traded that reliable market quotations are unavailable due to infrequent trading.
• If the validity of market quotations is not reliable.
Securities held by the Funds that do not have readily available market quotations, significant observable inputs, or securities for which the available market quotations are not reliable, are priced at their estimated fair value using procedures approved by the Funds’ Board of Trustees and are generally categorized in Level 3.
18
Notes to Portfolios of Investments (Unaudited) (Continued)
Each Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.
Security transactions—Security transactions are reflected for financial reporting purposes as of the trade date.
19