Portfolio of Investments
Touchstone Balanced Fund – September 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 63.5% | ||||
Information Technology — 18.0% | ||||
6,138 | Accenture PLC - Class A | $ 1,579,307 | ||
220,570 | Apple, Inc. | 30,482,774 | ||
54,320 | International Business Machines Corp. | 6,453,759 | ||
154,402 | Microsoft Corp. | 35,960,226 | ||
133,039 | Oracle Corp. | 8,124,692 | ||
60,853 | PayPal Holdings, Inc.* | 5,237,618 | ||
62,590 | salesforce, Inc.* | 9,002,946 | ||
101,750 | SS&C Technologies Holdings, Inc. | 4,858,562 | ||
60,000 | Texas Instruments, Inc. | 9,286,800 | ||
57,538 | Visa, Inc. - Class A | 10,221,626 | ||
33,884 | Workday, Inc. - Class A* | 5,157,822 | ||
126,366,132 | ||||
Health Care — 11.3% | ||||
5,751 | Alcon, Inc. (Switzerland) | 334,593 | ||
66,655 | AmerisourceBergen Corp. | 9,020,421 | ||
10,765 | Becton Dickinson & Co. | 2,398,765 | ||
103,668 | BioMarin Pharmaceutical, Inc.* | 8,787,936 | ||
157,376 | Bristol-Myers Squibb Co. | 11,187,860 | ||
10,000 | CVS Health Corp. | 953,700 | ||
2,153 | Embecta Corp. | 61,985 | ||
49,687 | HCA Healthcare, Inc. | 9,131,974 | ||
94,799 | Johnson & Johnson | 15,486,365 | ||
31,591 | Merck & Co., Inc. | 2,720,617 | ||
10,047 | Stryker Corp. | 2,034,919 | ||
34,685 | UnitedHealth Group, Inc. | 17,517,312 | ||
79,636,447 | ||||
Communication Services — 7.9% | ||||
256,700 | Alphabet, Inc. - Class C* | 24,681,705 | ||
184,897 | AT&T, Inc. | 2,836,320 | ||
211,054 | Comcast Corp. - Class A | 6,190,214 | ||
43,677 | Fox Corp. - Class A | 1,340,010 | ||
88,558 | Meta Platforms, Inc. - Class A* | 12,015,549 | ||
19,479 | Netflix, Inc.* | 4,586,136 | ||
31,985 | Walt Disney Co. (The)* | 3,017,145 | ||
44,729 | Warner Bros Discovery, Inc.* | 514,384 | ||
55,181,463 | ||||
Financials — 7.0% | ||||
226,643 | Bank of America Corp. | 6,844,619 | ||
77,164 | Berkshire Hathaway, Inc. - Class B* | 20,604,331 | ||
1,410 | CME Group, Inc. | 249,754 | ||
47,404 | Goldman Sachs Group, Inc. (The) | 13,891,742 | ||
6,787 | Markel Corp.* | 7,358,601 | ||
48,949,047 | ||||
Consumer Discretionary — 5.9% | ||||
42,282 | Airbnb, Inc. - Class A* | 4,441,301 | ||
35,598 | Alibaba Group Holding Ltd. (China) ADR* | 2,847,484 | ||
188,220 | Amazon.com, Inc.* | 21,268,860 | ||
61,986 | Hilton Worldwide Holdings, Inc. | 7,476,752 | ||
65,658 | Starbucks Corp. | 5,532,343 | ||
41,566,740 | ||||
Industrials — 5.9% | ||||
37,661 | Boeing Co. (The)* | 4,559,994 | ||
12,358 | Deere & Co. | 4,126,212 | ||
17,319 | FedEx Corp. | 2,571,352 | ||
4,260 | Honeywell International, Inc. | 711,292 | ||
57,917 | Hubbell, Inc. | 12,915,491 | ||
137,571 | Raytheon Technologies Corp. | 11,261,562 | ||
164,527 | Southwest Airlines Co.* | 5,074,013 | ||
41,219,916 |
Shares | Market Value | |||
Consumer Staples — 3.0% | ||||
110,390 | Monster Beverage Corp.* | $ 9,599,514 | ||
8,485 | PepsiCo, Inc. | 1,385,261 | ||
106,067 | Philip Morris International, Inc. | 8,804,622 | ||
12,856 | Procter & Gamble Co. (The) | 1,623,070 | ||
21,412,467 | ||||
Energy — 2.5% | ||||
20,000 | Chevron Corp. | 2,873,400 | ||
111,879 | Exxon Mobil Corp. | 9,768,155 | ||
146,582 | Schlumberger NV | 5,262,294 | ||
17,903,849 | ||||
Real Estate — 1.2% | ||||
54,038 | Jones Lang LaSalle, Inc.* | 8,163,521 | ||
Materials — 0.8% | ||||
108,662 | DuPont de Nemours, Inc. | 5,476,565 | ||
Total Common Stocks | $445,876,147 |
Principal Amount | ||||
Corporate Bonds — 12.6% | ||||
Financials — 4.1% | ||||
$ 1,217,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.450%, 10/29/26 | 1,027,076 | ||
496,000 | Allstate Corp. (The), 1.450%, 12/15/30 | 374,455 | ||
254,000 | Allstate Corp. (The), Ser B, 5.750%, 8/15/53 | 233,853 | ||
1,981,421 | American Financial Group, Inc., 5.250%, 4/2/30 | 1,899,262 | ||
820,000 | Ares Capital Corp., 3.250%, 7/15/25 | 749,117 | ||
479,000 | Bank of America Corp., 2.687%, 4/22/32 | 373,109 | ||
753,000 | Bank of America Corp., 3.705%, 4/24/28 | 685,489 | ||
1,135,000 | Bank of America Corp., MTN, 4.000%, 1/22/25 | 1,098,700 | ||
828,000 | Bank of Montreal (Canada), 3.803%, 12/15/32 | 718,339 | ||
1,199,000 | Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | 869,275 | ||
1,092,000 | Barclays PLC (United Kingdom), 2.894%, 11/24/32 | 789,111 | ||
520,000 | Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | 432,210 | ||
405,000 | BNP Paribas SA (France), 144a, 4.625%, 3/13/27 | 374,388 | ||
695,000 | Charles Schwab Corp. (The), 5.000%(A) | 624,631 | ||
813,000 | Citigroup, Inc., 0.981%, 5/1/25 | 753,453 | ||
699,000 | Citigroup, Inc., 3.200%, 10/21/26 | 640,590 | ||
418,000 | Citigroup, Inc., 4.750%, 5/18/46 | 333,158 | ||
790,000 | Citizens Bank NA, 4.575%, 8/9/28 | 752,177 | ||
856,000 | Cooperatieve Rabobank UA (Netherlands), 144a, 1.106%, 2/24/27 | 733,036 | ||
1,187,000 | Corestates Capital III, 144a, (3M LIBOR +0.570%), 3.475%, 2/15/27(B) | 1,118,748 | ||
807,000 | Credit Suisse AG (Switzerland), 3.700%, 2/21/25 | 757,576 | ||
796,000 | Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | 617,780 | ||
1,509,000 | Goldman Sachs Group, Inc. (The), 3.615%, 3/15/28 | 1,373,866 | ||
674,000 | Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | 610,546 | ||
710,000 | HSBC Holdings PLC (United Kingdom), 3.900%, 5/25/26 | 665,665 | ||
1,175,000 | Huntington Bancshares, Inc., 2.550%, 2/4/30 | 948,274 | ||
876,000 | JPMorgan Chase & Co., 2.956%, 5/13/31 | 693,532 | ||
902,000 | JPMorgan Chase & Co., 3.509%, 1/23/29 | 798,266 | ||
792,000 | JPMorgan Chase & Co., 5.717%, 9/14/33 | 748,435 | ||
882,000 | Lloyds Banking Group PLC (United Kingdom), 3.574%, 11/7/28 | 773,890 | ||
1,147,000 | Mastercard, Inc., 2.000%, 11/18/31 | 907,139 | ||
998,000 | Morgan Stanley, 3.950%, 4/23/27 | 927,836 | ||
663,000 | Morgan Stanley, 5.297%, 4/20/37 | 594,586 | ||
1,087,708 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | 819,604 |
1
Touchstone Balanced Fund (Unaudited) (Continued)
Principal Amount | MarketValue | |||
Corporate Bonds — 12.6% (Continued) | ||||
Financials — (Continued) | ||||
$ 959,000 | PNC Capital Trust, (3M LIBOR +0.570%), 3.652%, 6/1/28(B) | $ 891,919 | ||
1,044,000 | Prudential Financial, Inc., 5.125%, 3/1/52 | 905,085 | ||
1,368,000 | Truist Bank, Ser A, (3M LIBOR +0.670%), 3.580%, 5/15/27(B) | 1,268,821 | ||
28,882,997 | ||||
Consumer Discretionary — 1.6% | ||||
80,490 | Air Canada 2015-1 Class A Pass Through Trust (Canada), 144a, 3.600%, 3/15/27 | 71,664 | ||
1,316,000 | BAT Capital Corp. (United Kingdom), 3.557%, 8/15/27 | 1,155,390 | ||
629,000 | Brunswick Corp., 4.400%, 9/15/32 | 508,464 | ||
184,000 | Expedia Group, Inc., 2.950%, 3/15/31 | 142,682 | ||
616,000 | Ford Motor Co., 3.250%, 2/12/32 | 442,288 | ||
466,000 | Ford Motor Credit Co. LLC, 3.664%, 9/8/24 | 437,453 | ||
1,461,000 | General Motors Financial Co., Inc., 3.100%, 1/12/32 | 1,101,422 | ||
550,000 | General Motors Financial Co., Inc., 5.650%, 1/17/29 | 519,942 | ||
605,000 | Home Depot, Inc. (The), 5.950%, 4/1/41 | 630,104 | ||
889,000 | Hyundai Capital America, 144a, 2.650%, 2/10/25 | 828,525 | ||
573,000 | Imperial Brands Finance PLC (United Kingdom), 144a, 6.125%, 7/27/27 | 564,865 | ||
1,240,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 2.500%, 1/15/27 | 1,062,779 | ||
398,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 4.375%, 2/2/52 | 266,764 | ||
881,000 | Lowe's Cos., Inc., 4.500%, 4/15/30 | 822,520 | ||
1,495,000 | Procter & Gamble Co. (The), 1.200%, 10/29/30 | 1,153,306 | ||
1,021,000 | Toll Brothers Finance Corp., 3.800%, 11/1/29 | 826,186 | ||
644,000 | Warnermedia Holdings, Inc., 144a, 4.279%, 3/15/32 | 529,706 | ||
644,000 | Warnermedia Holdings, Inc., 144a, 5.141%, 3/15/52 | 467,254 | ||
11,531,314 | ||||
Industrials — 1.2% | ||||
792,000 | Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | 635,933 | ||
469,000 | Boeing Co. (The), 5.805%, 5/1/50 | 408,511 | ||
887,000 | Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | 896,635 | ||
603,000 | Carrier Global Corp., 3.577%, 4/5/50 | 417,624 | ||
1,105,000 | CNH Industrial Capital LLC, 1.450%, 7/15/26 | 956,322 | ||
595,000 | FedEx Corp., 5.100%, 1/15/44 | 502,858 | ||
859,000 | John Deere Capital Corp., MTN, 2.450%, 1/9/30 | 724,777 | ||
753,000 | Mohawk Industries, Inc., 3.625%, 5/15/30 | 626,304 | ||
743,000 | Norfolk Southern Corp., 4.837%, 10/1/41 | 661,389 | ||
867,000 | Parker-Hannifin Corp., 4.250%, 9/15/27 | 826,171 | ||
547,000 | Roper Technologies, Inc., 2.950%, 9/15/29 | 460,323 | ||
1,277,000 | Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | 1,073,273 | ||
8,190,120 | ||||
Utilities — 0.9% | ||||
953,000 | CMS Energy Corp., 4.750%, 6/1/50 | 805,285 | ||
502,000 | Duke Energy Progress LLC, 4.150%, 12/1/44 | 404,892 | ||
504,000 | Edison International, 4.125%, 3/15/28 | 449,873 | ||
823,000 | Electricite de France SA (France), 144a, 4.875%, 9/21/38 | 676,061 | ||
841,000 | FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44 | 760,673 | ||
1,040,000 | Ohio Power Co., Ser R, 2.900%, 10/1/51 | 649,949 | ||
909,000 | Pacific Gas and Electric Co., 3.500%, 8/1/50 | 553,262 | ||
739,000 | PacifiCorp., 5.750%, 4/1/37 | 702,209 | ||
1,598,000 | WEC Energy Group, Inc., (3M LIBOR +2.112%), 5.018%, 5/15/67(B) | 1,326,340 | ||
6,328,544 | ||||
Energy — 0.8% | ||||
667,000 | Boardwalk Pipelines LP, 4.800%, 5/3/29 | 612,322 |
Principal Amount | MarketValue | |||
Energy — (Continued) | ||||
$ 574,000 | Canadian Natural Resources Ltd. (Canada), 6.250%, 3/15/38 | $ 553,674 | ||
595,000 | Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37 | 520,979 | ||
620,000 | Continental Resources, Inc., 144a, 5.750%, 1/15/31 | 560,392 | ||
706,000 | Energy Transfer LP, 4.150%, 9/15/29 | 616,129 | ||
621,000 | MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | 467,303 | ||
757,000 | Midwest Connector Capital Co. LLC, 144a, 3.900%, 4/1/24 | 731,464 | ||
763,000 | MPLX LP, 4.950%, 3/14/52 | 597,183 | ||
745,000 | NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | 752,606 | ||
663,000 | Petroleos Mexicanos (Mexico), 6.625%, 6/15/35 | 423,657 | ||
5,835,709 | ||||
Health Care — 0.8% | ||||
774,000 | AbbVie, Inc., 4.450%, 5/14/46 | 629,111 | ||
679,000 | Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | 486,252 | ||
700,000 | Becton Dickinson and Co., 4.685%, 12/15/44 | 597,910 | ||
734,000 | CommonSpirit Health, 4.187%, 10/1/49 | 549,082 | ||
686,000 | CVS Health Corp., 5.125%, 7/20/45 | 600,636 | ||
847,000 | DH Europe Finance II Sarl, 3.250%, 11/15/39 | 642,246 | ||
812,000 | HCA Inc., 5.375%, 9/1/26 | 786,964 | ||
679,000 | Mylan, Inc., 4.550%, 4/15/28 | 600,062 | ||
871,000 | UnitedHealth Group, Inc., 3.500%, 8/15/39 | 684,963 | ||
5,577,226 | ||||
Communication Services — 0.8% | ||||
433,000 | AT&T, Inc., 4.500%, 5/15/35 | 374,296 | ||
1,084,000 | British Telecommunications PLC (United Kingdom), 144a, 3.250%, 11/8/29 | 883,967 | ||
892,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | 783,999 | ||
692,000 | Comcast Corp., 4.000%, 3/1/48 | 529,120 | ||
1,319,000 | Netflix, Inc., 6.375%, 5/15/29 | 1,309,126 | ||
315,000 | Paramount Global, 4.950%, 5/19/50 | 223,883 | ||
943,000 | T-Mobile USA, Inc., 3.875%, 4/15/30 | 836,135 | ||
877,000 | Verizon Communications, Inc., 2.987%, 10/30/56 | 521,397 | ||
5,461,923 | ||||
Information Technology — 0.8% | ||||
580,000 | Apple, Inc., 4.650%, 2/23/46 | 538,230 | ||
1,309,000 | Broadcom, Inc., 4.150%, 11/15/30 | 1,132,542 | ||
1,064,000 | Microchip Technology, Inc., 0.983%, 9/1/24 | 979,664 | ||
544,000 | Micron Technology, Inc., 2.703%, 4/15/32 | 395,101 | ||
446,000 | Microsoft Corp., 3.500%, 2/12/35 | 400,498 | ||
912,000 | NXP BV / NXP Funding LLC (China), 5.350%, 3/1/26 | 900,946 | ||
365,000 | Oracle Corp., 3.600%, 4/1/40 | 247,764 | ||
247,000 | Oracle Corp., 4.300%, 7/8/34 | 201,209 | ||
630,000 | Visa, Inc., 4.150%, 12/14/35 | 573,586 | ||
5,369,540 | ||||
Real Estate — 0.7% | ||||
856,000 | Crown Castle International Corp. REIT, 3.650%, 9/1/27 | 775,056 | ||
684,000 | Equinix, Inc. REIT, 2.900%, 11/18/26 | 613,934 | ||
948,000 | Host Hotels & Resorts LP REIT, Ser F, 4.500%, 2/1/26 | 900,508 | ||
755,000 | Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | 637,732 | ||
612,000 | Mid-America Apartments LP REIT, 3.750%, 6/15/24 | 598,507 | ||
671,000 | Sabra Health Care LP REIT, 5.125%, 8/15/26 | 629,773 | ||
294,000 | STORE Capital Corp. REIT, 4.500%, 3/15/28 | 280,049 | ||
552,000 | STORE Capital Corp. REIT, 4.625%, 3/15/29 | 527,550 | ||
4,963,109 |
2
Touchstone Balanced Fund (Unaudited) (Continued)
Principal Amount | MarketValue | |||
Corporate Bonds — 12.6% (Continued) | ||||
Consumer Staples — 0.6% | ||||
$ 1,009,000 | 7-Eleven, Inc., 144a, 0.950%, 2/10/26 | $ 870,500 | ||
1,090,000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | 944,654 | ||
884,000 | Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | 772,868 | ||
301,000 | Kroger Co. (The), 5.000%, 4/15/42 | 265,653 | ||
850,000 | Mars, Inc., 144a, 3.875%, 4/1/39 | 701,019 | ||
484,000 | Starbucks Corp., 3.350%, 3/12/50 | 330,031 | ||
3,884,725 | ||||
Materials — 0.3% | ||||
501,000 | Braskem America Finance Co. (Brazil), 144a, 7.125%, 7/22/41 | 438,587 | ||
531,000 | Braskem Netherlands Finance BV (Brazil), 144a, 5.875%, 1/31/50 | 376,214 | ||
833,000 | Celanese US Holdings LLC, 6.165%, 7/15/27 | 785,899 | ||
846,000 | Sherwin-Williams Co. (The), 4.500%, 6/1/47 | 686,304 | ||
2,287,004 | ||||
Total Corporate Bonds | $88,312,211 | |||
U.S. Treasury Obligations — 7.0% | ||||
7,295,000 | U.S. Treasury Bond, 1.750%, 8/15/41 | 4,990,236 | ||
2,020,000 | U.S. Treasury Bond, 2.250%, 2/15/52 | 1,467,341 | ||
2,410,000 | U.S. Treasury Bond, 2.875%, 5/15/52 | 2,021,387 | ||
4,495,000 | U.S. Treasury Bond, 3.250%, 5/15/42 | 3,990,015 | ||
15,064,000 | U.S. Treasury Note, 0.750%, 5/31/26 | 13,307,514 | ||
3,195,000 | U.S. Treasury Note, 1.625%, 1/31/27 | 2,865,391 | ||
22,240,000 | U.S. Treasury Note, 2.750%, 8/15/32 | 20,325,275 | ||
Total U.S. Treasury Obligations | $48,967,159 | |||
Commercial Mortgage-Backed Securities — 3.0% | ||||
825,000 | BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | 769,302 | ||
26,714,663 | BANK, Ser 2019-BN21, Class XA, 0.966%, 10/17/52(B)(C)(D) | 1,172,149 | ||
905,000 | BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | 745,833 | ||
1,150,000 | BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55 | 956,932 | ||
870,000 | BBCMS Mortgage Trust, Ser 2021-C11, Class A5, 2.322%, 9/15/54 | 691,595 | ||
2,520,000 | BBCMS Mortgage Trust, Ser 2021-C12, Class A5, 2.689%, 11/15/54 | 2,060,232 | ||
670,000 | BBCMS Mortgage Trust, Ser 2022-C14, Class A5, 2.946%, 2/15/55(B)(D) | 558,757 | ||
900,000 | BPR Trust, Ser 2021-KEN, Class B, 144a, (1M LIBOR +1.950%), 4.768%, 2/15/29(B) | 872,814 | ||
1,500,000 | BX Commercial Mortgage Trust, Ser 2020-VIV3, Class B, 144a, 3.662%, 3/9/44(B)(D) | 1,251,282 | ||
1,500,000 | BX Commercial Mortgage Trust, Ser 2020-VIV4, Class A, 144a, 2.843%, 3/9/44 | 1,211,773 | ||
755,000 | Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | 632,957 | ||
1,220,000 | COMM Mortgage Trust, Ser 2018-HOME, Class A, 144a, 3.942%, 4/10/33(B)(D) | 1,115,095 | ||
700,000 | GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.659%, 1/10/43(B)(D) | 596,917 | ||
1,205,000 | GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | 985,603 | ||
1,000,000 | HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (1M LIBOR +1.450%), 4.268%, 10/15/36(B) | 950,009 | ||
562,000,000 | Independence Plaza Trust, Ser 2018-INDP, Class XCP, 144a, 0.249%, 7/10/35(B)(C)(D) | 643,378 | ||
885,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | 814,942 |
Principal Amount | MarketValue | |||
Commercial Mortgage-Backed Securities — 3.0% (Continued) | ||||
$ 500,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (1M LIBOR +1.27%), 4.088%, 11/15/35(B) | $ 479,433 | ||
1,100,000 | Morgan Stanley Capital I Trust, Ser 2018-H3, Class AS, 4.177%, 7/15/51 | 1,034,262 | ||
825,000 | SG Commercial Mortgage Securities Trust, Ser 2019-787E, Class A, 144a, 4.163%, 2/15/41 | 731,721 | ||
770,000 | Wells Fargo Commercial Mortgage Trust, Ser 2018-AUS, Class B, 144a, 4.194%, 8/17/36(B)(D) | 681,271 | ||
2,220,000 | Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | 1,913,613 | ||
Total Commercial Mortgage-Backed Securities | $20,869,870 | |||
U.S. Government Mortgage-Backed Obligations — 2.7% | ||||
1,459 | FHLMC, Pool #G08062, 5.000%, 6/1/35 | 1,474 | ||
133,940 | FHLMC, Pool #G08637, 4.000%, 4/1/45 | 127,438 | ||
785,413 | FHLMC, Pool #Q02664, 4.500%, 8/1/41 | 770,501 | ||
1,339,742 | FHLMC, Pool #Q29056, 4.000%, 10/1/44 | 1,274,735 | ||
728,089 | FHLMC, Pool #Q29260, 4.000%, 10/1/44 | 692,762 | ||
1,556,113 | FHLMC REMIC, Pool #SD8148, 3.000%, 5/1/51 | 1,363,945 | ||
241 | FNMA, Pool #690305, 5.500%, 3/1/33 | 240 | ||
298,059 | FNMA, Pool #725423, 5.500%, 5/1/34 | 307,121 | ||
266,394 | FNMA, Pool #725610, 5.500%, 7/1/34 | 274,701 | ||
51,650 | FNMA, Pool #748895, 6.000%, 12/1/33 | 51,819 | ||
105,614 | FNMA, Pool #AD9193, 5.000%, 9/1/40 | 106,574 | ||
287,648 | FNMA, Pool #AH8925, 4.500%, 3/1/41 | 281,891 | ||
308,763 | FNMA, Pool #AR9195, 3.000%, 3/1/43 | 276,964 | ||
522,336 | FNMA, Pool #BC1809, 3.500%, 5/1/46 | 479,870 | ||
1,865,623 | FNMA, Pool #BT7156, 2.000%, 8/1/51 | 1,517,526 | ||
2,090,119 | FNMA, Pool #CB1336, 2.000%, 8/1/41 | 1,752,020 | ||
1,971,515 | FNMA, Pool #FM5085, 2.000%, 12/1/50 | 1,607,556 | ||
612,686 | FNMA, Pool #FM5166, 3.000%, 12/1/50 | 538,047 | ||
524,752 | FNMA, Pool #FM5279, 3.500%, 11/1/50 | 476,964 | ||
443,389 | FNMA, Pool #FM5468, 2.500%, 1/1/36 | 403,248 | ||
604,506 | FNMA, Pool #FM5682, 2.500%, 1/1/51 | 512,430 | ||
1,703,587 | FNMA, Pool #FM7913, 2.000%, 4/1/36 | 1,503,442 | ||
2,033,040 | FNMA, Pool #FM8360, 2.500%, 8/1/51 | 1,722,639 | ||
1,967,439 | FNMA, Pool #FM8361, 2.500%, 8/1/51 | 1,663,236 | ||
723,161 | FNMA, Pool #MA4166, 3.000%, 10/1/40 | 640,021 | ||
462,388 | GNMA, Pool #5175, 4.500%, 9/20/41 | 456,858 | ||
Total U.S. Government Mortgage-Backed Obligations | $18,804,022 | |||
Asset-Backed Securities — 2.4% | ||||
1,000,000 | AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (3M LIBOR +1.650%), 4.162%, 4/15/34(B) | 932,229 | ||
1,500,000 | AB BSL CLO 3, Ltd. (Cayman Islands), Ser 2021-3A, Class B, 144a, (3M LIBOR +1.700%), 4.410%, 10/20/34(B) | 1,397,547 | ||
352,391 | Adams Outdoor Advertising LP, Ser 2018-1, Class A, 144a, 4.810%, 11/15/48 | 333,437 | ||
345,189 | CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | 306,677 | ||
1,295,333 | CLI Funding VI LLC, Ser 2020-3A, Class A, 144a, 2.070%, 10/18/45 | 1,127,003 | ||
844,375 | Driven Brands Funding LLC, Ser 2019-1A, Class A2, 144a, 4.641%, 4/20/49 | 782,910 | ||
356,856 | Elara HGV Timeshare Issuer LLC, Ser 2019-A, Class B, 144a, 2.910%, 1/25/34 | 326,708 | ||
1,024,400 | Jack in the Box Funding LLC, Ser 2019-1A, Class A2II, 144a, 4.476%, 8/25/49 | 932,498 | ||
990,000 | Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | 860,181 |
3
Touchstone Balanced Fund (Unaudited) (Continued)
Principal Amount | MarketValue | |||
Asset-Backed Securities — 2.4% (Continued) | ||||
$ 375,165 | Jersey Mike's Funding, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50 | $ 341,016 | ||
1,150,000 | Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1, 144a, (3M LIBOR +1.700%), 4.438%, 10/19/34(B) | 1,080,886 | ||
573,777 | Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58(B)(D) | 477,566 | ||
839,375 | Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | 696,480 | ||
1,500,000 | Palmer Square CLO, Ltd. (Cayman Islands), Ser 2021-4A, Class B, 144a, (3M LIBOR +1.650%), 4.162%, 10/15/34(B) | 1,404,981 | ||
995,000 | Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51 | 867,829 | ||
1,500,000 | Rockford Tower CLO, Ltd. (Cayman Islands), Ser 2021-3A, Class B, 144a, (3M LIBOR +1.750%), 4.460%, 10/20/34(B)(E) | 1,392,353 | ||
383,150 | TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | 335,631 | ||
1,370,000 | Textainer Marine Containers, Ltd. (China), Ser 2021-3A, Class A, 144a, 1.940%, 8/20/46 | 1,129,945 | ||
1,400,000 | Towd Point Mortgage Trust, Ser 2015-6, Class B1, 144a, 3.777%, 4/25/55(B)(D) | 1,252,623 | ||
1,140,000 | Towd Point Mortgage Trust, Ser 2019-4, Class M1B, 144a, 3.000%, 10/25/59(B)(D) | 912,114 | ||
Total Asset-Backed Securities | $16,890,614 |
Shares | ||||
Exchange-Traded Fund — 1.5% | ||||
133,451 | iShares JP Morgan USD Emerging Markets Bond ETF | 10,596,009 |
Principal Amount | ||||
Non-Agency Collateralized Mortgage Obligations — 1.3% | ||||
$ 108,591 | Agate Bay Mortgage Trust, Ser 2013-1, Class B3, 144a, 3.564%, 7/25/43(B)(D) | 105,459 | ||
368,567 | Agate Bay Mortgage Trust, Ser 2015-4, Class B2, 144a, 3.522%, 6/25/45(B)(D) | 348,672 | ||
448,740 | Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.651%, 10/25/45(B)(D) | 407,770 | ||
210,806 | CSMC Trust, Ser 2013-IVR3, Class B2, 144a, 3.406%, 5/25/43(B)(D) | 202,649 | ||
335,507 | CSMC Trust, Ser 2015-1, Class B3, 144a, 3.914%, 1/25/45(B)(D) | 308,832 | ||
350,835 | CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.781%, 12/25/44(B)(D) | 323,273 | ||
1,088,376 | Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67 | 1,033,119 | ||
1,307,197 | GS Mortgage-Backed Securities Trust, Ser 2021-PJ8, Class A8, 144a, 2.500%, 1/25/52(B)(D) | 1,129,872 | ||
674,170 | JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.450%, 1/25/47(B)(D) | 564,820 | ||
1,119,993 | JP Morgan Mortgage Trust, Ser 2020-5, Class B1, 144a, 3.598%, 12/25/50(B)(D) | 918,831 | ||
1,397,426 | Mill City Mortgage Loan Trust, Ser 2019-1, Class M1, 144a, 3.500%, 10/25/69(B)(D) | 1,224,315 | ||
157,939 | Sequoia Mortgage Trust, Ser 2015-2, Class A19, 144a, 3.500%, 5/25/45(B)(D) | 140,555 | ||
894,289 | Sequoia Mortgage Trust, Ser 2018-CH3, Class B1B, 144a, 4.770%, 8/25/48(B)(D) | 855,171 |
Principal Amount | MarketValue | |||
Non-Agency Collateralized Mortgage Obligations — 1.3% (Continued) | ||||
$ 811,381 | Sequoia Mortgage Trust, Ser 2018-CH3, Class B2B, 144a, 4.770%, 8/25/48(B)(D) | $ 775,890 | ||
1,302,505 | Wells Fargo Mortgage Backed Securities Trust, Ser 2021-2, Class A3, 144a, 2.500%, 6/25/51(B)(D) | 1,121,624 | ||
Total Non-Agency Collateralized Mortgage Obligations | $9,460,852 | |||
Agency Collateralized Mortgage Obligations — 0.8% | ||||
515,000 | FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | 374,558 | ||
1,650,000 | FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | 1,234,808 | ||
1,500,000 | FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | 1,218,980 | ||
2,150,000 | FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | 1,622,558 | ||
1,370,000 | FREMF Mortgage Trust, Ser 2019-K103, Class B, 144a, 3.574%, 12/25/51(B)(D) | 1,184,275 | ||
233,283 | GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40 | 231,173 | ||
4,003,421 | GNMA, Ser 2012-147, Class IO, 0.553%, 4/16/54(B)(C)(D) | 55,139 | ||
Total Agency Collateralized Mortgage Obligations | $5,921,491 | |||
Sovereign Government Obligations — 0.5% | ||||
674,000 | Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | 404,411 | ||
609,000 | Chile Government International Bond, 3.100%, 5/7/41 | 413,885 | ||
750,000 | Chile Government International Bond, 3.100%, 1/22/61 | 438,174 | ||
663,000 | Colombia Government International Bond, 3.250%, 4/22/32 | 448,077 | ||
725,000 | Ecuador Government International Bond, 144a, 5.500%, 7/31/30 | 341,342 | ||
680,000 | Egypt Government International Bond, 144a, 7.625%, 5/29/32 | 409,150 | ||
680,000 | Ghana Government International Bond, 144a, 7.625%, 5/16/29 | 258,400 | ||
728,000 | Mexico Government International Bond, 3.771%, 5/24/61 | 430,167 | ||
655,000 | Nigeria Government International Bond, 144a, 7.625%, 11/28/47 | 363,525 | ||
650,000 | Republic of Uzbekistan International Bond, 144a, 3.700%, 11/25/30 | 463,554 | ||
Total Sovereign Government Obligations | $3,970,685 |
Shares | ||||
Preferred Stocks — 0.1% | ||||
Financials — 0.1% | ||||
4,055 | Bank of America Corp., Ser NN, 4.375%(A) | 74,126 | ||
3,615 | US Bancorp, Ser L, 3.750%(A) | 58,093 | ||
7,910 | Wells Fargo & Co., Ser AA, 4.700%(A) | 146,572 | ||
11,825 | Wells Fargo & Co., Ser DD, 4.250%(A) | 203,272 | ||
Total Preferred Stocks | $482,063 |
4
Touchstone Balanced Fund (Unaudited) (Continued)
Shares | MarketValue | |||
Short-Term Investment Fund — 4.1% | ||||
28,691,131 | Dreyfus Government Cash Management, Institutional Shares, 2.75%∞Ω | $ 28,691,131 | ||
Total Investment Securities—99.5% (Cost $671,512,287) | $698,842,254 | |||
Other Assets in Excess of Liabilities — 0.5% | 3,223,133 | |||
Net Assets — 100.0% | $702,065,387 |
(A) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
(B) | Variable rate security - Rate reflected is the rate in effect as of September 30, 2022. |
(C) | Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding. |
(D) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(E) | 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. |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
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, 2022, these securities were valued at $54,698,328 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 |
Assets: | ||||
Common Stocks | $445,876,147 | $— | $— | $445,876,147 |
Corporate Bonds | — | 88,312,211 | — | 88,312,211 |
U.S. Treasury Obligations | — | 48,967,159 | — | 48,967,159 |
Commercial Mortgage-Backed Securities | — | 20,869,870 | — | 20,869,870 |
U.S. Government Mortgage-Backed Obligations | — | 18,804,022 | — | 18,804,022 |
Asset-Backed Securities | — | 16,890,614 | — | 16,890,614 |
Exchange-Traded Fund | 10,596,009 | — | — | 10,596,009 |
Non-Agency Collateralized Mortgage Obligations | — | 9,460,852 | — | 9,460,852 |
Agency Collateralized Mortgage Obligations | — | 5,921,491 | — | 5,921,491 |
Sovereign Government Obligations | — | 3,970,685 | — | 3,970,685 |
Preferred Stocks | 482,063 | — | — | 482,063 |
Short-Term Investment Fund | 28,691,131 | — | — | 28,691,131 |
Other Financial Instruments | ||||
Futures | ||||
Interest rate contracts | 150,522 | — | — | 150,522 |
Total Assets | $485,795,872 | $213,196,904 | $— | $698,992,776 |
Liabilities: | ||||
Other Financial Instruments | ||||
Futures | ||||
Interest rate contracts | $(143,718) | $— | $— | $(143,718) |
Total Liabilities | $(143,718) | $— | $— | $(143,718) |
Total | $485,652,154 | $213,196,904 | $— | $698,849,058 |
Futures Contracts
At September 30, 2022, $229,875 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at September 30, 2022:
Description | Expiration Date | Number of Contracts | Notional Value | Unrealized Appreciation/ (Depreciation) |
Short Futures: | ||||
30-Year U.S. Ultra Long Term Treasury Bond | 12/20/2022 | 25 | $3,575,522 | $150,522 |
Long Futures: | ||||
2-Year U.S. Treasury Note | 12/30/2022 | 149 | 30,746,922 | (143,718) |
$6,804 |
See accompanying Notes to Portfolios of Investments.
5
Portfolio of Investments
Touchstone Core Municipal Bond Fund – September 30, 2022 (Unaudited)
Principal Amount | Market Value | |||
Fixed Rate Revenue Bonds – 72.8% | ||||
$ 500,000 | Alaska Municipal Bond Bank Auth., Revenue, 5.000%, 12/01/33 | $ 534,464 | ||
500,000 | American Municipal Power Inc, Revenue, 5.000%, 02/15/35 | 533,512 | ||
500,000 | Brevard County Health Fac. Auth., Revenue, 5.000%, 04/01/52 | 492,132 | ||
450,000 | City of Erie Higher Education Building Authority, Revenue, 5.000%, 05/01/47 | 431,124 | ||
550,000 | City of Lake Worth Beach FL Consolidated Utility Revenue, 4.000%, 10/01/52 | 486,624 | ||
500,000 | City of Panama City Beach, 4.000%, 11/01/44 | 439,214 | ||
500,000 | Cleveland, OH, Airport System Rev. Ser B, 5.000%, 01/01/37 | 519,662 | ||
500,000 | Cobb County Kennestone Hospital Auth., Revenue, 4.000%, 04/01/52 | 417,715 | ||
500,000 | Colorado Health Fac. Auth., Revenue Ser A, 5.000%, 05/15/25 | 520,123 | ||
500,000 | Colorado River Municipal Water District, Revenue, 5.000%, 01/01/25 | 518,083 | ||
500,000 | Connecticut State Health & Educational Fac. Auth., Revenue, 5.000%, 07/01/26 | 521,661 | ||
700,000 | County of Miami-Dade FL Aviation Revenue, Revenue Ser A, 5.000%, 10/01/33 | 736,227 | ||
1,000,000 | Cuyahoga County, OH COP, 5.000%, 12/01/32 | 1,013,669 | ||
350,000 | Dallas Fort Worth International Airport, Revenue Ser B, 5.000%, 11/01/24 | 361,350 | ||
500,000 | Dallas Fort Worth International Airport, Revenue Ser B, 5.000%, 11/01/25 | 523,382 | ||
685,000 | DeKalb-Jackson Water Supply District Inc, Revenue Ser A, 5.000%, 07/01/32 | 733,994 | ||
500,000 | Florida Development Finance Corp., Revenue Ser A, 5.000%, 06/15/30 | 510,179 | ||
510,000 | Florida Governmental Utility Auth., Revenue Ser A, 5.000%, 10/01/25 | 533,268 | ||
500,000 | Fort Pierce Utilities Auth., Revenue, 4.000%, 10/01/52 | 434,432 | ||
500,000 | Georgetown, TX, Utility System Revenue, 5.000%, 08/15/25 | 520,507 | ||
425,000 | Georgetown, TX, Utility System Revenue, 5.000%, 08/15/35 | 453,144 | ||
500,000 | Greater Jasper School Building Corp., Revenue, 5.000%, 07/15/29 | 539,359 | ||
350,000 | Guam Power Auth., Revenue Ser A, 5.000%, 10/01/26 | 361,866 | ||
500,000 | Hamilton County, OH, 5.000%, 02/01/30 | 503,769 | ||
1,080,000 | Hamilton County, OH, 5.000%, 05/15/33 | 1,100,306 | ||
500,000 | Hamilton County, OH, 5.000%, 08/15/40 | 498,969 | ||
1,000,000 | Hamilton County, OH EDR, 5.000%, 06/01/33 | 1,032,125 | ||
465,000 | Harris County Cultural Education Fac. Finance Corp., Revenue Ser A, 5.000%, 07/01/52 | 458,322 | ||
500,000 | Hospitals & Higher Education Fac. Auth. of Philadelphia/The, Revenue, 5.000%, 07/01/37 | 512,354 | ||
675,000 | Illinois State Toll Highway Authority, Revenue Ser A, 5.000%, 01/01/46 | 690,797 | ||
500,000 | Iowa Higher Education Loan Auth., Revenue, 5.375%, 10/01/52 | 498,608 | ||
525,000 | Jacksonville, FL, Revenue Ser R, 5.000%, 10/01/35 | 563,421 | ||
500,000 | JEA Electric System Revenue, 5.000%, 10/01/28 | 538,114 | ||
595,000 | Kentucky Public Energy Auth., Revenue Ser 1, 4.000%, 02/01/30 | 573,941 | ||
500,000 | Kentucky State Property & Building Commission, Revenue Ser A, 5.000%, 11/01/23 | 508,860 | ||
500,000 | Kentucky State Property & Building Commission, Revenue Ser B, 5.000%, 11/01/23 | 508,860 | ||
500,000 | Lancaster School District Ser A, 4.125%, 11/01/50 | 454,983 |
Principal Amount | Market Value | |||
$ 500,000 | Lehigh County, PA, Revenue, 5.000%, 07/01/28 | $ 524,801 | ||
500,000 | Louisville/Jefferson County Metropolitan Government, Revenue Ser A, 5.000%, 05/15/52 | 490,595 | ||
500,000 | Maryland Stadium Auth., Revenue, 5.000%, 06/01/28 | 537,861 | ||
555,000 | Massachusetts School Building Auth., Revenue Ser A, 5.000%, 08/15/45 | 581,354 | ||
575,000 | Metropolitan Transportation Authority, Revenue, 5.000%, 11/15/22 | 576,111 | ||
485,000 | Michigan Finance Auth., Revenue Ser A, 5.000%, 12/01/34 | 512,680 | ||
500,000 | Michigan Finance Authority, Revenue, 5.000%, 06/01/32 | 517,791 | ||
500,000 | Monroeville Finance Auth., Revenue Ser B, 5.000%, 02/15/29 | 522,697 | ||
500,000 | Municipal Electric Authority of Georgia, 5.000%, 07/01/52 | 482,432 | ||
500,000 | New Jersey Transportation Trust Fund Authority, Revenue, 5.000%, 06/15/45 | 494,500 | ||
500,000 | New York State Dormitory Auth., Revenue, 5.000%, 07/01/29 | 513,099 | ||
500,000 | New York State Dormitory Auth., Revenue, 5.000%, 05/01/52 | 494,363 | ||
500,000 | Newark Higher Education Finance Corp., Revenue Ser A, 4.000%, 04/01/57 | 388,353 | ||
500,000 | North Kent Sewer Auth., Revenue, 5.000%, 11/01/23 | 508,860 | ||
650,000 | North Sumter County Utility Dependent District, Revenue Ser N, 5.000%, 10/01/49 | 643,514 | ||
500,000 | Ohio Higher Educational Fac. Commission, 5.000%, 03/01/34 | 480,496 | ||
525,000 | Ohio State University (The) Ser A, 4.000%, 12/01/33 | 525,631 | ||
500,000 | Oregon State Fac. Auth., Revenue Ser A, 5.000%, 06/01/52 | 492,833 | ||
500,000 | Pasco County School Board, COP Ser B, 5.000%, 08/01/46 | 510,190 | ||
500,000 | Pennsylvania Higher Educational Fac. Auth., Revenue Ser A, 5.000%, 05/01/32 | 536,392 | ||
695,000 | Pennsylvania Turnpike Commission, Revenue, 5.000%, 12/01/44 | 686,735 | ||
500,000 | Pittsburg Successor Agency Redevelopment Agency, 5.000%, 08/01/23 | 506,980 | ||
500,000 | Polaris Career Center COP, 5.000%, 11/01/35 | 517,905 | ||
500,000 | Regional Transportation District, Revenue, 5.000%, 01/15/29 | 513,006 | ||
555,000 | School District of Broward County, COP Ser B, 5.000%, 07/01/36 | 589,632 | ||
580,000 | South Carolina Jobs-Economic Development Auth., Revenue Ser A, 4.000%, 04/01/52 | 492,175 | ||
520,000 | South Carolina Public Service Auth., Revenue Ser A, 4.000%, 12/01/52 | 419,095 | ||
305,000 | South Carolina Public Service Authority, Revenue Ser B, 5.000%, 12/01/43 | 300,972 | ||
585,000 | South Wayne County Water and Sewer Authority, Revenue Ser S, 4.000%, 02/15/37 | 555,293 | ||
200,000 | St Johns County School Board, COP Ser A, 5.000%, 07/01/25 | 209,051 | ||
510,000 | State Board of Higher Education of the State of North Dakota, Revenue Ser A, 5.000%, 04/01/29 | 537,623 | ||
400,000 | State of Ohio, 4.000%, 11/15/40 | 338,782 | ||
500,000 | Tobacco Settlement Financing Corp, Revenue, 5.000%, 06/01/30 | 515,897 | ||
500,000 | Town of Upland, Revenue EDR, 4.000%, 09/01/43 | 423,121 | ||
500,000 | Wisconsin Health & Educational Fac. Auth., Revenue, 5.000%, 10/01/28 | 538,952 | ||
500,000 | Wisconsin Health & Educational Fac. Auth., Revenue, 5.000%, 12/01/38 | 516,419 | ||
240,000 | Yamhill County, OR, Revenue, 4.000%, 12/01/41 | 206,507 | ||
Total Fixed Rate Revenue Bonds | $38,781,818 |
6
Touchstone Core Municipal Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
General Obligation Bonds – 24.5% | ||||
$ 500,000 | Albuquerque Municipal School District No 12, UTGO Ser A, 5.000%, 08/01/35 | $ 538,170 | ||
500,000 | Chicago Board of Education, UTGO, 4.000%, 12/01/47 | 393,542 | ||
500,000 | Clark County School District, LTGO Ser D, 5.000%, 06/15/24 | 512,175 | ||
500,000 | Farmington Independent School District No 192, UTGO Ser C, 5.000%, 02/01/23 | 503,083 | ||
700,000 | Fort Zumwalt School District, UTGO, 5.000%, 03/01/32 | 750,877 | ||
485,000 | Fowler Public School District, UTGO Ser II, 4.000%, 05/01/50 | 432,814 | ||
100,000 | Gold Hill Mesa Metropolitan District No 2, LTGO Ser A, 5.000%, 12/01/28 | 103,325 | ||
150,000 | Gold Hill Mesa Metropolitan District No 2, LTGO Ser A, 5.000%, 12/01/29 | 155,051 | ||
500,000 | Indianapolis Board of School Commissioners, LTGO, 5.000%, 07/15/24 | 514,914 | ||
500,000 | Jackson, MS, UTGO, 5.000%, 03/01/28 | 539,994 | ||
500,000 | Maricopa County Special Health Care District, UTGO, 5.000%, 07/01/28 | 540,769 | ||
500,000 | Maui County, HI, UTGO, 5.000%, 03/01/24 | 513,000 | ||
610,000 | Milwaukee, WI, UTGO Ser N3, 5.000%, 04/01/29 | 659,389 | ||
500,000 | Nassau County, NY, LTGO Ser A, 5.000%, 04/01/29 | 545,926 | ||
510,000 | Novi Community School District, UTGO Ser I, 5.000%, 05/01/42 | 534,558 | ||
250,000 | Prairiestar Metropolitan District No 2, LTGO Ser A, 5.000%, 12/01/46 | 258,635 | ||
650,000 | Romulus Community Schools, Revenue Ser A, 4.000%, 05/01/23 | 652,875 | ||
500,000 | Salem, OR, UTGO, 5.000%, 06/01/24 | 515,178 | ||
450,000 | School District of Philadelphia/The, LTGO Ser B, 5.000%, 09/01/30 | 475,754 | ||
440,000 | School District of Philadelphia/The, LTGO Ser D, 5.000%, 09/01/25 | 455,841 | ||
500,000 | State of New Jersey, UTGO, 5.000%, 06/01/29 | 541,327 | ||
500,000 | Sterling Heights, MI, LTGO, 5.000%, 04/01/29 | 543,499 | ||
1,000,000 | Toledo, OH, LTGO, 4.000%, 12/01/35 | 986,468 | ||
585,000 | Town of Stratford, UTGO, 5.000%, 05/15/33 | 624,020 |
Principal Amount | Market Value | |||
$ 300,000 | Upper Arlington, OH LTGO, 4.000%, 12/01/32 | $ 304,208 | ||
535,000 | Washington Township Health Care District, UTGO Ser A, 4.000%, 08/01/38 | 492,828 | ||
Total General Obligation Bonds | $13,088,220 |
Shares | ||||
Short-Term Investment Fund — 1.5% | ||||
776,504 | Dreyfus Government Cash Management Institutional Shares, 2.750%∞Ω | 776,504 | ||
Total Investment Securities—98.8% (Cost $57,429,453) | $52,646,542 | |||
Other Assets in Excess of Liabilities — 1.2% | $655,488 | |||
Net Assets — 100.0% | $53,302,030 |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2022. |
Portfolio Abbreviations: |
COP–Certificates of Participation |
EDR–Economic Development Revenue |
LTGO–Limited Tax General Obligation |
UTGO–Unlimited Tax General Obligation |
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 | $— | $51,870,038 | $— | $51,870,038 |
Short-Term Investment Fund | 776,504 | — | — | 776,504 |
Total | $776,504 | $51,870,038 | $— | $52,646,542 |
See accompanying Notes to Portfolios of Investments.
7
Portfolio of Investments
Touchstone International Equity Fund – September 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 89.9% | ||||
France — 15.1% | ||||
Communication Services — 2.5% | ||||
189,700 | JCDecaux SA* | $ 2,225,821 | ||
Consumer Discretionary — 7.2% | ||||
117,100 | Accor SA* | 2,451,560 | ||
113,100 | Cie Generale des Etablissements Michelin SCA | 2,534,085 | ||
2,500 | LVMH Moet Hennessy Louis Vuitton SE | 1,473,937 | ||
Energy — 3.4% | ||||
64,600 | TotalEnergies SE | 3,030,682 | ||
Health Care — 2.0% | ||||
23,200 | Sanofi | 1,766,599 | ||
Total France | 13,482,684 | |||
Switzerland — 14.3% | ||||
Consumer Staples — 3.0% | ||||
25,000 | Nestle SA | 2,703,933 | ||
Health Care — 6.0% | ||||
31,500 | Novartis AG | 2,401,465 | ||
9,000 | Roche Holding AG | 2,929,795 | ||
Industrials — 2.8% | ||||
89,100 | Adecco Group AG | 2,459,122 | ||
Materials — 2.5% | ||||
55,200 | Holcim AG | 2,262,127 | ||
Total Switzerland | 12,756,442 | |||
United Kingdom — 13.8% | ||||
Consumer Staples — 2.2% | ||||
29,800 | Reckitt Benckiser Group PLC | 1,975,189 | ||
Health Care — 3.1% | ||||
1,203,400 | ConvaTec Group PLC, 144a | 2,734,813 | ||
Industrials — 4.2% | ||||
43,500 | Bunzl PLC | 1,329,055 | ||
138,000 | Howden Joinery Group PLC | 770,943 | ||
628,000 | Rotork PLC | 1,642,195 | ||
Information Technology — 2.3% | ||||
68,000 | Spectris PLC | 2,054,814 | ||
Real Estate — 2.0% | ||||
1,046,437 | Foxtons Group PLC | 353,441 | ||
165,900 | Savills PLC | 1,456,286 | ||
Total United Kingdom | 12,316,736 | |||
Germany — 8.5% | ||||
Health Care — 2.1% | ||||
87,900 | Fresenius SE & Co. KGaA | 1,873,606 | ||
Industrials — 2.2% | ||||
32,600 | Brenntag SE | 1,970,735 | ||
Information Technology — 2.1% | ||||
22,800 | SAP SE | 1,858,090 | ||
Materials — 2.1% | ||||
86,400 | FUCHS PETROLUB SE | 1,903,925 | ||
Total Germany | 7,606,356 | |||
Mexico — 5.2% | ||||
Communication Services — 1.5% | ||||
650,687 | Megacable Holdings SAB de CV | 1,310,776 | ||
Consumer Staples — 3.7% | ||||
2,492,100 | Kimberly-Clark de Mexico SAB de CV - Class A | 3,311,333 | ||
Total Mexico | 4,622,109 |
Shares | Market Value | |||
Canada — 4.6% | ||||
Materials — 4.6% | ||||
24,200 | Agnico Eagle Mines Ltd. | $ 1,022,414 | ||
199,100 | Barrick Gold Corp. | 3,085,917 | ||
Total Canada | 4,108,331 | |||
Brazil — 4.1% | ||||
Industrials — 2.2% | ||||
1,772,200 | Boa Vista Servicos SA | 1,941,606 | ||
Information Technology — 1.9% | ||||
127,800 | Pagseguro Digital Ltd. - Class A* | 1,690,794 | ||
Total Brazil | 3,632,400 | |||
Japan — 4.0% | ||||
Consumer Discretionary — 1.9% | ||||
113,000 | USS Co. Ltd. | 1,745,186 | ||
Industrials — 2.1% | ||||
13,300 | FANUC Corp. | 1,867,510 | ||
Total Japan | 3,612,696 | |||
United States — 3.3% | ||||
Health Care — 3.3% | ||||
37,000 | Medtronic PLC | 2,987,750 | ||
Hong Kong — 2.8% | ||||
Consumer Discretionary — 2.8% | ||||
428,000 | Galaxy Entertainment Group Ltd. | 2,515,738 | ||
South Korea — 2.8% | ||||
Information Technology — 2.8% | ||||
68,000 | Samsung Electronics Co. Ltd. | 2,496,909 | ||
India — 2.3% | ||||
Communication Services — 2.3% | ||||
855,900 | Indus Towers Ltd. | 2,066,054 | ||
Greece — 2.1% | ||||
Consumer Discretionary — 2.1% | ||||
156,000 | OPAP SA | 1,870,825 | ||
China — 2.0% | ||||
Communication Services — 2.0% | ||||
51,900 | Tencent Holdings Ltd. | 1,752,991 | ||
Norway — 1.4% | ||||
Energy — 1.4% | ||||
102,900 | TGS ASA | 1,257,680 | ||
Tanzania — 1.3% | ||||
Communication Services — 1.3% | ||||
930,000 | Helios Towers PLC* | 1,172,344 | ||
Netherlands — 1.3% | ||||
Information Technology — 1.3% | ||||
2,800 | ASML Holding NV | 1,159,981 | ||
Spain — 1.0% | ||||
Industrials — 1.0% | ||||
29,000 | Befesa SA, 144a | 880,074 | ||
Total Common Stocks | $80,298,100 |
8
Touchstone International Equity Fund (Unaudited) (Continued)
Shares | Market Value | |||
Short-Term Investment Fund — 9.8% | ||||
8,780,488 | Dreyfus Government Cash Management, Institutional Shares, 2.75%∞Ω | $ 8,780,488 | ||
Total Investment Securities — 99.7% (Cost $104,050,112) | $89,078,588 | |||
Other Assets in Excess of Liabilities — 0.3% | 241,001 | |||
Net Assets — 100.0% | $89,319,589 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2022. |
Portfolio Abbreviations: |
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, 2022, these securities were valued at $3,614,887 or 4.0% 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 | $— | $13,482,684 | $— | $13,482,684 |
Switzerland | — | 12,756,442 | — | 12,756,442 |
United Kingdom | 1,995,636 | 10,321,100 | — | 12,316,736 |
Germany | — | 7,606,356 | — | 7,606,356 |
Mexico | 4,622,109 | — | — | 4,622,109 |
Canada | 4,108,331 | — | — | 4,108,331 |
Brazil | 3,632,400 | — | — | 3,632,400 |
Japan | — | 3,612,696 | — | 3,612,696 |
United States | 2,987,750 | — | — | 2,987,750 |
Hong Kong | — | 2,515,738 | — | 2,515,738 |
South Korea | — | 2,496,909 | — | 2,496,909 |
India | — | 2,066,054 | — | 2,066,054 |
Greece | — | 1,870,825 | — | 1,870,825 |
China | — | 1,752,991 | — | 1,752,991 |
Norway | — | 1,257,680 | — | 1,257,680 |
Tanzania | 1,172,344 | — | — | 1,172,344 |
Netherlands | — | 1,159,981 | — | 1,159,981 |
Spain | — | 880,074 | — | 880,074 |
Short-Term Investment Fund | 8,780,488 | — | — | 8,780,488 |
Total | $27,299,058 | $61,779,530 | $— | $89,078,588 |
See accompanying Notes to Portfolios of Investments.
9
Portfolio of Investments
Touchstone International Growth Fund – September 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 96.3% | ||||
Canada — 15.5% | ||||
Consumer Discretionary — 3.6% | ||||
34,250 | Dollarama, Inc. | $ 1,966,211 | ||
Financials — 8.0% | ||||
21,050 | Bank of Montreal | 1,844,951 | ||
6,440 | Royal Bank of Canada | 579,826 | ||
31,039 | Toronto-Dominion Bank (The) | 1,903,646 | ||
Industrials — 1.7% | ||||
60,200 | CAE, Inc.* | 923,472 | ||
Real Estate — 2.2% | ||||
24,220 | Granite Real Estate Investment Trust REIT | 1,168,963 | ||
Total Canada | 8,387,069 | |||
India — 15.2% | ||||
Financials — 11.8% | ||||
54,420 | HDFC Bank Ltd. ADR | 3,179,216 | ||
153,710 | ICICI Bank Ltd. ADR | 3,223,299 | ||
Information Technology — 3.4% | ||||
21,900 | Larsen & Toubro Infotech Ltd., 144a | 1,186,367 | ||
17,730 | Tata Consultancy Services Ltd. | 649,785 | ||
Total India | 8,238,667 | |||
United Kingdom — 12.4% | ||||
Consumer Discretionary — 2.5% | ||||
114,675 | Entain PLC | 1,371,108 | ||
Health Care — 7.0% | ||||
34,360 | AstraZeneca PLC | 3,777,177 | ||
Information Technology — 2.9% | ||||
��� 6,360 | Endava PLC ADR* | 512,807 | ||
74,130 | Kainos Group PLC | 1,065,248 | ||
Total United Kingdom | 6,726,340 | |||
France — 9.9% | ||||
Industrials — 2.0% | ||||
4,230 | Teleperformance | 1,073,082 | ||
Information Technology — 7.9% | ||||
26,950 | Capgemini SE | 4,314,710 | ||
Total France | 5,387,792 | |||
United States — 7.0% | ||||
Communication Services — 1.7% | ||||
9,400 | Alphabet, Inc. - Class A* | 899,110 | ||
Financials — 2.1% | ||||
16,140 | Charles Schwab Corp. (The) | 1,159,982 | ||
Information Technology — 3.2% | ||||
3,590 | Accenture PLC - Class A | 923,707 | ||
3,475 | Microsoft Corp. | 809,327 | ||
Total United States | 3,792,126 | |||
Switzerland — 4.9% | ||||
Health Care — 4.9% | ||||
23,850 | Alcon, Inc. | 1,385,338 | ||
5,650 | Sonova Holding AG | 1,243,344 | ||
Total Switzerland | 2,628,682 | |||
Israel — 4.6% | ||||
Information Technology — 4.6% | ||||
13,355 | Nice Ltd. ADR* | 2,513,945 |
Shares | Market Value | |||
Singapore — 4.1% | ||||
Financials — 4.1% | ||||
94,900 | DBS Group Holdings Ltd. | $ 2,195,357 | ||
Sweden — 3.6% | ||||
Consumer Discretionary — 3.6% | ||||
24,480 | Evolution AB, 144a | 1,935,084 | ||
Taiwan — 3.2% | ||||
Information Technology — 3.2% | ||||
24,970 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 1,711,943 | ||
Germany — 2.9% | ||||
Communication Services — 1.5% | ||||
21,170 | Stroeer SE & Co. KGaA | 797,377 | ||
Information Technology — 1.4% | ||||
9,350 | SAP SE | 761,980 | ||
Total Germany | 1,559,357 | |||
Italy — 2.3% | ||||
Information Technology — 2.3% | ||||
154,700 | Nexi SpA, 144a* | 1,249,685 | ||
Netherlands — 2.2% | ||||
Information Technology — 2.2% | ||||
2,929 | ASML Holding NV | 1,213,423 | ||
South Korea — 2.2% | ||||
Communication Services — 2.2% | ||||
8,860 | NAVER Corp. | 1,180,296 | ||
Thailand — 1.9% | ||||
Consumer Staples — 1.9% | ||||
2,521,200 | Thai Beverage PCL | 1,049,613 | ||
Japan — 1.8% | ||||
Communication Services — 1.8% | ||||
58,700 | Kakaku.com, Inc.† | 994,741 | ||
Spain — 1.5% | ||||
Health Care — 1.5% | ||||
94,650 | Grifols SA* | 817,714 | ||
Indonesia — 1.1% | ||||
Financials — 1.1% | ||||
999,800 | Bank Mandiri Persero Tbk PT | 613,918 | ||
Total Common Stocks | $52,195,752 | |||
Short-Term Investment Funds — 5.7% | ||||
2,072,072 | Dreyfus Government Cash Management, Institutional Shares, 2.75%∞Ω | 2,072,072 | ||
1,039,060 | Invesco Government & Agency Portfolio, Institutional Class, 2.88%∞Ω** | 1,039,060 | ||
Total Short-Term Investment Funds | $3,111,132 | |||
Total Investment Securities — 102.0% (Cost $65,599,816) | $55,306,884 | |||
Liabilities in Excess of Other Assets — (2.0)% | (1,080,433) | |||
Net Assets — 100.0% | $54,226,451 |
* | 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, 2022 was $984,794. |
∞ | Open-End Fund. |
10
Touchstone International Growth Fund (Unaudited) (Continued)
Ω | Represents the 7-Day SEC yield as of September 30, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
PCL – Public Company Limited |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2022, these securities were valued at $4,371,136 or 8.1% 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 | ||||
Canada | $8,387,069 | $— | $— | $8,387,069 |
India | 6,402,515 | 1,836,152 | — | 8,238,667 |
United Kingdom | 1,578,055 | 5,148,285 | — | 6,726,340 |
France | — | 5,387,792 | — | 5,387,792 |
United States | 3,792,126 | — | — | 3,792,126 |
Switzerland | — | 2,628,682 | — | 2,628,682 |
Israel | 2,513,945 | — | — | 2,513,945 |
Singapore | — | 2,195,357 | — | 2,195,357 |
Sweden | — | 1,935,084 | — | 1,935,084 |
Taiwan | 1,711,943 | — | — | 1,711,943 |
Germany | — | 1,559,357 | — | 1,559,357 |
Italy | — | 1,249,685 | — | 1,249,685 |
Netherlands | — | 1,213,423 | — | 1,213,423 |
South Korea | — | 1,180,296 | — | 1,180,296 |
Thailand | — | 1,049,613 | — | 1,049,613 |
Japan | — | 994,741 | — | 994,741 |
Spain | — | 817,714 | — | 817,714 |
Indonesia | — | 613,918 | — | 613,918 |
Short-Term Investment Funds | 3,111,132 | — | — | 3,111,132 |
Total | $27,496,785 | $27,810,099 | $— | $55,306,884 |
See accompanying Notes to Portfolios of Investments.
11
Portfolio of Investments
Touchstone Large Cap Focused Fund – September 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 94.7% | ||||
Information Technology — 28.2% | ||||
1,201,107 | Apple, Inc. | $ 165,992,987 | ||
278,071 | International Business Machines Corp. | 33,037,615 | ||
824,262 | Microsoft Corp. | 191,970,620 | ||
701,356 | Oracle Corp. | 42,831,811 | ||
302,023 | PayPal Holdings, Inc.* | 25,995,120 | ||
321,608 | salesforce, Inc.* | 46,260,095 | ||
571,750 | SS&C Technologies Holdings, Inc. | 27,301,062 | ||
315,055 | Texas Instruments, Inc. | 48,764,213 | ||
292,038 | Visa, Inc. - Class A | 51,880,551 | ||
174,337 | Workday, Inc. - Class A* | 26,537,578 | ||
660,571,652 | ||||
Health Care — 15.9% | ||||
348,761 | AmerisourceBergen Corp. | 47,197,826 | ||
526,434 | BioMarin Pharmaceutical, Inc.* | 44,625,810 | ||
747,649 | Bristol-Myers Squibb Co. | 53,150,368 | ||
244,688 | HCA Healthcare, Inc. | 44,971,208 | ||
517,873 | Johnson & Johnson | 84,599,733 | ||
190,852 | UnitedHealth Group, Inc. | 96,387,894 | ||
370,932,839 | ||||
Communication Services — 11.9% | ||||
1,252,702 | Alphabet, Inc. - Class C* | 120,447,297 | ||
1,011,459 | AT&T, Inc. | 15,515,781 | ||
1,091,924 | Comcast Corp. - Class A | 32,026,131 | ||
246,424 | Fox Corp. - Class A | 7,560,288 | ||
418,579 | Meta Platforms, Inc. - Class A* | 56,792,799 | ||
96,805 | Netflix, Inc.* | 22,791,769 | ||
220,347 | Walt Disney Co. (The)* | 20,785,333 | ||
244,689 | Warner Bros Discovery, Inc.* | 2,813,923 | ||
278,733,321 | ||||
Financials — 11.2% | ||||
1,968,763 | Bank of America Corp. | 59,456,643 | ||
390,709 | Berkshire Hathaway, Inc. - Class B* | 104,327,117 | ||
211,846 | Goldman Sachs Group, Inc. (The) | 62,081,470 | ||
33,943 | Markel Corp.* | 36,801,680 | ||
262,666,910 | ||||
Consumer Discretionary — 8.6% | ||||
209,864 | Airbnb, Inc. - Class A* | 22,044,115 | ||
180,099 | Alibaba Group Holding Ltd. (China) ADR* | 14,406,119 | ||
955,520 | Amazon.com, Inc.* | 107,973,760 | ||
244,592 | Hilton Worldwide Holdings, Inc. | 29,502,687 | ||
327,273 | Starbucks Corp. | 27,576,023 | ||
201,502,704 | ||||
Industrials — 8.5% | ||||
186,493 | Boeing Co. (The)* | 22,580,573 | ||
58,789 | Deere & Co. | 19,629,059 | ||
94,428 | FedEx Corp. | 14,019,725 |
Shares | Market Value | |||
Industrials — (Continued) | ||||
293,590 | Hubbell, Inc. | $ 65,470,570 | ||
633,218 | Raytheon Technologies Corp. | 51,835,226 | ||
820,086 | Southwest Airlines Co.* | 25,291,452 | ||
198,826,605 | ||||
Consumer Staples — 4.2% | ||||
554,764 | Monster Beverage Corp.* | 48,242,278 | ||
594,112 | Philip Morris International, Inc. | 49,317,237 | ||
97,559,515 | ||||
Energy — 3.5% | ||||
614,529 | Exxon Mobil Corp. | 53,654,527 | ||
801,837 | Schlumberger NV | 28,785,948 | ||
82,440,475 | ||||
Real Estate — 1.4% | ||||
212,535 | Jones Lang LaSalle, Inc.* | 32,107,662 | ||
Materials — 1.3% | ||||
613,323 | DuPont de Nemours, Inc. | 30,911,479 | ||
Total Common Stocks | $2,216,253,162 | |||
Short-Term Investment Fund — 5.4% | ||||
127,868,661 | Dreyfus Government Cash Management, Institutional Shares, 2.75%∞Ω | 127,868,661 | ||
Total Investment Securities—100.1% (Cost $1,748,963,555) | $2,344,121,823 | |||
Liabilities in Excess of Other Assets — (0.1%) | (3,263,024) | |||
Net Assets — 100.0% | $2,340,858,799 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2022. |
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 | $2,216,253,162 | $— | $— | $2,216,253,162 |
Short-Term Investment Fund | 127,868,661 | — | — | 127,868,661 |
Total | $2,344,121,823 | $— | $— | $2,344,121,823 |
See accompanying Notes to Portfolios of Investments.
12
Portfolio of Investments
Touchstone Large Cap Fund – September 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 98.9% | ||||
Financials — 19.1% | ||||
61,588 | Berkshire Hathaway, Inc. - Class B* | $ 16,445,228 | ||
18,613 | BlackRock, Inc. | 10,242,361 | ||
165,136 | Charles Schwab Corp. (The) | 11,868,324 | ||
76,265 | Progressive Corp. (The) | 8,862,756 | ||
47,418,669 | ||||
Information Technology — 19.0% | ||||
117,766 | Apple, Inc. | 16,275,261 | ||
131,819 | Cisco Systems, Inc. | 5,272,760 | ||
81,575 | Fiserv, Inc.* | 7,632,973 | ||
60,504 | Texas Instruments, Inc. | 9,364,809 | ||
49,830 | Visa, Inc. - Class A | 8,852,300 | ||
47,398,103 | ||||
Consumer Discretionary — 15.4% | ||||
70,540 | CarMax, Inc.* | 4,657,051 | ||
33,581 | Home Depot, Inc. (The) | 9,266,341 | ||
28,772 | Lowe's Cos., Inc. | 5,403,669 | ||
17,904 | O'Reilly Automotive, Inc.* | 12,592,778 | ||
75,710 | Starbucks Corp. | 6,379,325 | ||
38,299,164 | ||||
Communication Services — 9.6% | ||||
136,211 | Alphabet, Inc. - Class C* | 13,096,688 | ||
43,718 | Meta Platforms, Inc. - Class A* | 5,931,658 | ||
126,969 | Verizon Communications, Inc. | 4,821,013 | ||
23,849,359 | ||||
Consumer Staples — 9.3% | ||||
201,953 | Altria Group, Inc. | 8,154,862 | ||
93,667 | Church & Dwight Co., Inc. | 6,691,570 | ||
78,116 | Nestle SA (Switzerland) ADR | 8,406,063 | ||
23,252,495 | ||||
Materials — 8.9% | ||||
29,065 | Air Products & Chemicals, Inc. | 6,764,298 | ||
29,204 | Martin Marietta Materials, Inc. | 9,406,316 | ||
20,266 | NewMarket Corp. | 6,096,621 | ||
22,267,235 | ||||
Industrials — 8.1% | ||||
39,878 | FedEx Corp. | 5,920,687 | ||
39,865 | Norfolk Southern Corp. | 8,357,697 | ||
23,561 | Old Dominion Freight Line, Inc. | 5,861,270 | ||
20,139,654 |
Shares | Market Value | |||
Health Care — 5.6% | ||||
46,493 | Johnson & Johnson | $ 7,595,096 | ||
142,827 | Pfizer, Inc. | 6,250,110 | ||
13,845,206 | ||||
Real Estate — 3.9% | ||||
307,876 | STORE Capital Corp. REIT | 9,645,755 | ||
Total Common Stocks | $246,115,640 | |||
Short-Term Investment Fund — 1.0% | ||||
2,425,202 | Dreyfus Government Cash Management, Institutional Shares, 2.75%∞Ω | 2,425,202 | ||
Total Investment Securities—99.9% (Cost $179,665,983) | $248,540,842 | |||
Other Assets in Excess of Liabilities — 0.1% | 246,715 | |||
Net Assets — 100.0% | $248,787,557 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2022. |
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 | $246,115,640 | $— | $— | $246,115,640 |
Short-Term Investment Fund | 2,425,202 | — | — | 2,425,202 |
Total | $248,540,842 | $— | $— | $248,540,842 |
See accompanying Notes to Portfolios of Investments.
13
Portfolio of Investments
Touchstone Large Company Growth Fund – September 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.1% | ||||
Information Technology — 45.9% | ||||
19,950 | Accenture PLC - Class A | $ 5,133,135 | ||
13,431 | Adobe, Inc.* | 3,696,211 | ||
7,900 | ASML Holding NV (Netherlands) | 3,281,265 | ||
4,175 | Autodesk, Inc.* | 779,890 | ||
9,190 | Automatic Data Processing, Inc. | 2,078,686 | ||
8,875 | Entegris, Inc. | 736,803 | ||
14,350 | EPAM Systems, Inc.* | 5,197,427 | ||
40,911 | Fiserv, Inc.* | 3,828,042 | ||
24,210 | FleetCor Technologies, Inc.* | 4,265,076 | ||
12,700 | Intuit, Inc. | 4,918,964 | ||
9,151 | Mastercard, Inc. - Class A | 2,601,995 | ||
71,225 | Microsoft Corp. | 16,588,302 | ||
18,108 | NVIDIA Corp. | 2,198,130 | ||
71,200 | PayPal Holdings, Inc.* | 6,128,184 | ||
3,025 | SolarEdge Technologies, Inc.* | 700,167 | ||
40,260 | Visa, Inc. - Class A | 7,152,189 | ||
69,284,466 | ||||
Health Care — 13.7% | ||||
61,250 | AstraZeneca PLC (United Kingdom) ADR | 3,358,950 | ||
184,778 | Boston Scientific Corp.* | 7,156,452 | ||
36,034 | Neurocrine Biosciences, Inc.* | 3,827,171 | ||
12,498 | UnitedHealth Group, Inc. | 6,311,990 | ||
20,654,563 | ||||
Communication Services — 10.9% | ||||
139,790 | Alphabet, Inc. - Class A* | 13,370,913 | ||
22,125 | Meta Platforms, Inc. - Class A* | 3,001,920 | ||
16,372,833 | ||||
Financials — 9.9% | ||||
12,828 | Aon PLC - Class A | 3,436,236 | ||
159,288 | Charles Schwab Corp. (The) | 11,448,029 | ||
14,884,265 | ||||
Consumer Discretionary — 9.0% | ||||
81,845 | Amazon.com, Inc.* | 9,248,485 | ||
5,750 | Burlington Stores, Inc.* | 643,368 | ||
5,350 | O'Reilly Automotive, Inc.* | 3,762,922 | ||
13,654,775 |
Shares | Market Value | |||
Consumer Staples — 5.7% | ||||
129,505 | Keurig Dr Pepper, Inc. | $ 4,638,869 | ||
45,960 | Monster Beverage Corp.* | 3,996,682 | ||
8,635,551 | ||||
Materials — 2.0% | ||||
10,994 | Linde PLC (United Kingdom) | 2,963,872 | ||
Total Common Stocks | $146,450,325 | |||
Short-Term Investment Fund — 2.0% | ||||
2,950,069 | Dreyfus Government Cash Management, Institutional Shares, 2.75%∞Ω | 2,950,069 | ||
Total Investment Securities—99.1% (Cost $121,458,620) | $149,400,394 | |||
Other Assets in Excess of Liabilities — 0.9% | 1,406,853 | |||
Net Assets — 100.0% | $150,807,247 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
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 | $146,450,325 | $— | $— | $146,450,325 |
Short-Term Investment Fund | 2,950,069 | — | — | 2,950,069 |
Total | $149,400,394 | $— | $— | $149,400,394 |
See accompanying Notes to Portfolios of Investments.
14
Portfolio of Investments
Touchstone Small Company Fund – September 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 98.6% | ||||
Industrials — 19.9% | ||||
84,381 | ASGN, Inc.* | $ 7,625,511 | ||
173,339 | Clean Harbors, Inc. * | 19,063,823 | ||
87,295 | Crane Holdings Co. | 7,641,804 | ||
78,667 | Curtiss-Wright Corp. | 10,947,300 | ||
93,720 | EMCOR Group, Inc. | 10,822,786 | ||
101,543 | ESCO Technologies, Inc. | 7,457,318 | ||
282,457 | Federal Signal Corp. | 10,541,295 | ||
116,002 | Forward Air Corp. | 10,470,341 | ||
649,177 | Great Lakes Dredge & Dock Corp.* | 4,920,762 | ||
112,774 | ITT, Inc. | 7,368,653 | ||
82,990 | John Bean Technologies Corp. | 7,137,140 | ||
380,120 | KBR, Inc. | 16,428,786 | ||
56,470 | Quanta Services, Inc. | 7,193,713 | ||
78,848 | Regal Rexnord Corp. | 11,067,105 | ||
408,923 | Zurn Elkay Water Solutions Corp. | 10,018,614 | ||
148,704,951 | ||||
Health Care — 19.7% | ||||
678,010 | Allscripts Healthcare Solutions, Inc.* | 10,326,092 | ||
76,040 | Amedisys, Inc.* | 7,359,912 | ||
315,046 | Anika Therapeutics, Inc.* | 7,498,095 | ||
24,998 | Bio-Techne Corp. | 7,099,432 | ||
17,812 | Chemed Corp. | 7,776,007 | ||
219,431 | Encompass Health Corp. | 9,924,864 | ||
130,957 | Ensign Group, Inc. (The) | 10,411,081 | ||
181,940 | Globus Medical, Inc. - Class A* | 10,838,166 | ||
189,267 | Integra LifeSciences Holdings Corp.* | 8,017,350 | ||
181,987 | Merit Medical Systems, Inc.* | 10,284,085 | ||
491,230 | NextGen Healthcare, Inc.* | 8,694,771 | ||
178,943 | NuVasive, Inc.* | 7,839,493 | ||
88,563 | Omnicell, Inc.* | 7,707,638 | ||
547,002 | Premier, Inc. - Class A | 18,565,248 | ||
197,600 | Progyny, Inc.* | 7,323,056 | ||
313,836 | Vericel Corp.* | 7,280,995 | ||
146,946,285 | ||||
Consumer Discretionary — 16.6% | ||||
731,602 | American Eagle Outfitters, Inc.† | 7,118,487 | ||
242,818 | Aritzia, Inc. (Canada)* | 7,978,795 | ||
127,328 | Fox Factory Holding Corp.* | 10,069,098 | ||
350,784 | Frontdoor, Inc.* | 7,152,486 | ||
101,586 | Grand Canyon Education, Inc.* | 8,355,449 | ||
572,670 | Leslie's, Inc.*† | 8,423,976 | ||
309,419 | Malibu Boats, Inc. - Class A* | 14,849,018 | ||
99,206 | Oxford Industries, Inc. | 8,906,715 | ||
208,561 | Skyline Champion Corp.* | 11,026,620 | ||
525,541 | Steven Madden Ltd. | 14,016,178 | ||
124,076 | Texas Roadhouse, Inc. | 10,826,872 | ||
46,281 | TopBuild Corp.* | 7,626,183 | ||
329,462 | Zumiez, Inc.* | 7,093,317 | ||
123,443,194 | ||||
Information Technology — 15.1% | ||||
127,534 | Advanced Energy Industries, Inc. | 9,872,407 | ||
682,340 | Box, Inc. - Class A* | 16,642,273 | ||
152,891 | CommVault Systems, Inc.* | 8,109,339 | ||
248,369 | Digi International, Inc.* | 8,586,116 | ||
54,442 | ExlService Holdings, Inc.* | 8,022,573 | ||
568,623 | KnowBe4, Inc. - Class A* | 11,833,045 | ||
133,740 | MAXIMUS, Inc. | 7,739,534 | ||
230,890 | Onto Innovation, Inc.* | 14,788,504 | ||
66,542 | SPS Commerce, Inc.* | 8,266,513 |
Shares | Market Value | |||
Information Technology — (Continued) | ||||
223,828 | Verint Systems, Inc.* | $ 7,516,144 | ||
137,492 | WNS Holdings Ltd. (India) ADR* | 11,252,345 | ||
112,628,793 | ||||
Financials — 12.2% | ||||
185,830 | Banner Corp. | 10,978,836 | ||
93,722 | Evercore, Inc. - Class A | 7,708,635 | ||
979,289 | FNB Corp. | 11,359,753 | ||
488,650 | Home BancShares, Inc. | 10,999,512 | ||
351,940 | Pacific Premier Bancorp, Inc. | 10,896,062 | ||
135,823 | Pinnacle Financial Partners, Inc. | 11,015,245 | ||
405,420 | Webster Financial Corp. | 18,324,984 | ||
149,730 | Western Alliance Bancorp | 9,843,250 | ||
91,126,277 | ||||
Real Estate — 7.6% | ||||
149,850 | Agree Realty Corp. REIT | 10,126,863 | ||
794,394 | Corporate Office Properties Trust REIT | 18,453,773 | ||
372,838 | Healthcare Realty Trust, Inc. REIT | 7,773,672 | ||
582,940 | Kite Realty Group Trust REIT | 10,038,227 | ||
361,951 | STAG Industrial, Inc. REIT | 10,290,267 | ||
56,682,802 | ||||
Materials — 4.2% | ||||
81,883 | Ashland, Inc. | 7,776,428 | ||
66,903 | Eagle Materials, Inc. | 7,170,664 | ||
395,758 | Silgan Holdings, Inc. | 16,637,666 | ||
31,584,758 | ||||
Communication Services — 2.0% | ||||
514,317 | Cargurus, Inc.* | 7,287,872 | ||
108,442 | Ziff Davis, Inc.* | 7,426,108 | ||
14,713,980 | ||||
Energy — 1.3% | ||||
506,220 | ChampionX Corp. | 9,906,725 | ||
Total Common Stocks | $735,737,765 | |||
Short-Term Investment Funds — 3.3% | ||||
12,068,305 | Dreyfus Government Cash Management, Institutional Shares, 2.75%∞Ω | 12,068,305 | ||
12,367,480 | Invesco Government & Agency Portfolio, Institutional Class, 2.88%∞Ω** | 12,367,480 | ||
Total Short-Term Investment Funds | $24,435,785 | |||
Total Investment Securities—101.9% (Cost $682,433,772) | $760,173,550 | |||
Liabilities in Excess of Other Assets — (1.9%) | (13,866,006) | |||
Net Assets — 100.0% | $746,307,544 |
* | 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, 2022 was $11,758,770. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2022. |
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 | $735,737,765 | $— | $— | $735,737,765 |
Short-Term Investment Funds | 24,435,785 | — | — | 24,435,785 |
Total | $760,173,550 | $— | $— | $760,173,550 |
See accompanying Notes to Portfolios of Investments.
16
Portfolio of Investments
Touchstone Value Fund – September 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.5% | ||||
Health Care — 17.0% | ||||
125,544 | CVS Health Corp. | $ 11,973,131 | ||
39,061 | Elevance Health, Inc. | 17,743,069 | ||
101,048 | Medtronic PLC | 8,159,626 | ||
213,066 | Merck & Co., Inc. | 18,349,244 | ||
298,815 | Perrigo Co. PLC | 10,655,743 | ||
30,636 | UnitedHealth Group, Inc. | 15,472,405 | ||
82,353,218 | ||||
Financials — 16.7% | ||||
52,414 | American Express Co. | 7,071,173 | ||
199,218 | American International Group, Inc. | 9,458,871 | ||
82,608 | M&T Bank Corp. | 14,565,443 | ||
103,975 | Northern Trust Corp. | 8,896,101 | ||
86,615 | The Allstate Corp. | 10,786,166 | ||
145,251 | US Bancorp | 5,856,520 | ||
357,733 | Wells Fargo & Co. | 14,388,021 | ||
47,943 | Willis Towers Watson PLC | 9,633,666 | ||
80,655,961 | ||||
Energy — 12.4% | ||||
246,545 | Halliburton Co. | 6,069,938 | ||
180,385 | Hess Corp. | 19,660,161 | ||
208,250 | Phillips 66 | 16,809,940 | ||
56,489 | Pioneer Natural Resources | 12,231,563 | ||
48,696 | Valero Energy Corp. | 5,203,168 | ||
59,974,770 | ||||
Consumer Discretionary — 11.4% | ||||
71,206 | Advance Auto Parts, Inc. | 11,132,346 | ||
43,349 | Aptiv PLC* | 3,390,325 | ||
325,511 | Aramark | 10,155,943 | ||
67,830 | Dollar General Corp. | 16,269,704 | ||
244,317 | Las Vegas Sands Corp.* | 9,166,774 | ||
23,085 | Lithia Motors, Inc. | 4,952,887 | ||
55,067,979 | ||||
Industrials — 10.6% | ||||
130,281 | AECOM | 8,907,312 | ||
44,120 | Deere & Co. | 14,731,227 | ||
90,909 | JB Hunt Transport Services, Inc. | 14,219,986 | ||
82,633 | Stanley Black & Decker, Inc. | 6,214,828 | ||
763,095 | Vertiv Holdings Co. | 7,417,283 | ||
51,490,636 | ||||
Information Technology — 8.4% | ||||
25,863 | Broadcom, Inc. | 11,483,431 | ||
127,463 | Cognizant Technology Solutions Corp. - Class A | 7,321,475 | ||
152,410 | Fidelity National Information Services, Inc. | 11,517,624 | ||
88,707 | Oracle Corp. | 5,417,336 | ||
46,174 | QUALCOMM, Inc. | 5,216,738 | ||
40,956,604 | ||||
Materials — 8.2% | ||||
67,066 | Air Products & Chemicals, Inc. | 15,608,270 |
Shares | Market Value | |||
Materials — (Continued) | ||||
367,442 | Axalta Coating Systems Ltd. * | $ 7,738,329 | ||
121,400 | DuPont de Nemours, Inc. | 6,118,560 | ||
112,042 | International Flavors & Fragrances, Inc. | 10,176,775 | ||
39,641,934 | ||||
Communication Services — 5.6% | ||||
356,262 | Altice USA, Inc. - Class A* | 2,077,007 | ||
273,664 | Comcast Corp. - Class A | 8,026,565 | ||
65,712 | Electronic Arts, Inc. | 7,603,536 | ||
71,801 | T-Mobile US, Inc.* | 9,633,540 | ||
27,340,648 | ||||
Real Estate — 2.9% | ||||
465,985 | VICI Properties, Inc. REIT | 13,909,652 | ||
Consumer Staples — 2.5% | ||||
112,304 | Coca-Cola Europacific Partners PLC (United Kingdom) | 4,786,397 | ||
88,311 | Philip Morris International, Inc. | 7,330,696 | ||
12,117,093 | ||||
Utilities — 1.8% | ||||
133,295 | Pinnacle West Capital Corp. | 8,598,860 | ||
Total Common Stocks | $472,107,355 | |||
Short-Term Investment Fund — 2.4% | ||||
11,453,545 | Dreyfus Government Cash Management, Institutional Shares, 2.75%∞Ω | 11,453,545 | ||
Total Investment Securities—99.9% (Cost $468,933,505) | $483,560,900 | |||
Other Assets in Excess of Liabilities — 0.1% | 374,010 | |||
Net Assets — 100.0% | $483,934,910 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of September 30, 2022. |
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 | $472,107,355 | $— | $— | $472,107,355 |
Short-Term Investment Fund | 11,453,545 | — | — | 11,453,545 |
Total | $483,560,900 | $— | $— | $483,560,900 |
See accompanying Notes to Portfolios of Investments.
17
Notes to Portfolios of Investments
September 30, 2022 (Unaudited)
Security valuation and fair value measurements — U.S. generally accepted accounting principles (“U.S. GAAP”) define 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, 2022, 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, 2022.
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 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