Portfolio of Investments
Touchstone Flexible Income Fund – December 31, 2022 (Unaudited)
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 28.4% | ||||
$ 47,252,906 | FHLMC Multifamily Structured Pass Through Certificates, Ser K109, Class X1, 1.583%, 4/25/30(A)(B)(C) | $ 4,084,560 | ||
34,470,791 | FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class X1, 1.697%, 4/25/30(A)(B)(C) | 3,148,907 | ||
7,005,157 | FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class X3, 3.404%, 6/25/48(A)(B)(C) | 1,301,315 | ||
28,800,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class XAM, 1.868%, 4/25/30(A)(B)(C) | 3,072,203 | ||
34,652,032 | FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class X1, 1.572%, 5/25/30(A)(B)(C) | 3,079,467 | ||
19,436,545 | FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class X3, 3.178%, 4/25/48(A)(B)(C) | 3,430,953 | ||
35,663,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class XAM, 1.798%, 5/25/30(A)(B)(C) | 3,811,376 | ||
66,776,810 | FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class X1, 1.434%, 5/25/30(A)(B)(C) | 5,436,921 | ||
15,300,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class X3, 3.004%, 7/25/48(A)(B)(C) | 2,480,542 | ||
10,630,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class XAM, 1.665%, 5/25/30(A)(B)(C) | 1,048,591 | ||
10,743,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K113, Class XAM, 1.585%, 6/25/30(A)(B)(C) | 1,020,004 | ||
19,500,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K114, Class X3, 2.736%, 8/25/48(A)(B)(C) | 2,924,130 | ||
21,702,896 | FHLMC Multifamily Structured Pass Through Certificates, Ser K115, Class X3, 2.958%, 9/25/48(A)(B)(C) | 3,524,177 | ||
26,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K116, Class X3, 3.021%, 9/25/47(A)(B)(C) | 4,402,120 | ||
39,700,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K117, Class XAM, 1.433%, 9/25/30(A)(B)(C) | 3,477,144 | ||
24,368,853 | FHLMC Multifamily Structured Pass Through Certificates, Ser K118, Class X3, 2.693%, 10/25/48(A)(B)(C) | 3,617,083 | ||
4,900,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K119, Class X3, 2.728%, 9/25/48(A)(B)(C) | 744,982 | ||
11,576,808 | FHLMC Multifamily Structured Pass Through Certificates, Ser K120, Class X3, 2.740%, 11/25/48(A)(B)(C) | 1,785,043 | ||
16,073,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K121, Class X3, 2.771%, 11/25/48(A)(B)(C) | 2,560,011 | ||
9,700,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K122, Class X3, 2.631%, 1/25/49(A)(B)(C) | 1,458,761 | ||
7,569,056 | FHLMC Multifamily Structured Pass Through Certificates, Ser K123, Class X3, 2.628%, 2/25/49(A)(B)(C) | 1,140,071 |
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 28.4% (Continued) | ||||
$ 9,255,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K124, Class X3, 2.620%, 2/25/49(A)(B)(C) | $ 1,400,000 | ||
16,150,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K125, Class X3, 2.653%, 2/25/49(A)(B)(C) | 2,457,076 | ||
38,058,448 | FHLMC Multifamily Structured Pass Through Certificates, Ser K127, Class X3, 2.653%, 3/25/49(A)(B)(C) | 5,924,292 | ||
18,230,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K128, Class X3, 2.782%, 4/25/31(A)(B)(C) | 2,977,648 | ||
10,595,456 | FHLMC Multifamily Structured Pass Through Certificates, Ser K130, Class X3, 3.096%, 8/25/48(A)(B)(C) | 2,029,971 | ||
41,864,611 | FHLMC Multifamily Structured Pass Through Certificates, Ser K130, Class XAM, 1.214%, 7/25/31(A)(B)(C) | 3,447,597 | ||
10,451,281 | FHLMC Multifamily Structured Pass Through Certificates, Ser K131, Class X3, 2.947%, 9/25/31(A)(B)(C) | 1,907,178 | ||
29,501,666 | FHLMC Multifamily Structured Pass Through Certificates, Ser K132, Class X3, 2.888%, 8/25/31(A)(B)(C) | 5,313,513 | ||
9,413,138 | FHLMC Multifamily Structured Pass Through Certificates, Ser K134, Class X3, 2.660%, 10/25/49(A)(B)(C) | 1,575,408 | ||
219,834,628 | FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class X1, 0.398%, 12/25/31(A)(B)(C) | 5,542,690 | ||
21,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class X3, 2.825%, 12/25/31(A)(B)(C) | 3,775,622 | ||
96,675,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class XAM, 0.567%, 12/25/31(A)(B)(C) | 3,822,578 | ||
19,801,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K137, Class X3, 2.879%, 1/25/49(A)(B)(C) | 3,623,779 | ||
31,585,759 | FHLMC Multifamily Structured Pass Through Certificates, Ser K139, Class X3, 3.036%, 2/25/49(A)(B)(C) | 6,138,414 | ||
97,300,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K139, Class XAM, 0.767%, 2/25/32(A)(B)(C) | 5,362,417 | ||
31,370,856 | FHLMC Multifamily Structured Pass Through Certificates, Ser K140, Class X3, 2.945%, 3/25/49(A)(B)(C) | 5,907,979 | ||
10,400,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K143, Class X3, 3.140%, 4/25/50(A)(B)(C) | 2,042,703 | ||
5,835,659 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1515, Class X3, 3.680%, 3/25/38(A)(B)(C) | 1,626,098 | ||
18,435,033 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1516, Class X3, 3.456%, 10/25/38(A)(B)(C) | 4,620,247 | ||
34,251,826 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1517, Class X1, 1.324%, 7/25/35(A)(B)(C) | 3,601,860 | ||
52,485,811 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1517, Class X3, 3.284%, 8/25/38(A)(B)(C) | 13,547,811 |
1
Touchstone Flexible Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 28.4% (Continued) | ||||
$ 11,201,391 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1519, Class X3, 2.800%, 12/25/38(A)(B)(C) | $ 2,555,697 | ||
54,885,370 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1520, Class X1, 0.472%, 2/25/36(A)(B)(C) | 2,239,855 | ||
5,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1520, Class X3, 3.092%, 4/25/39(A)(B)(C) | 1,257,974 | ||
53,964,429 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1521, Class X1, 0.980%, 8/25/36(A)(B)(C) | 4,488,146 | ||
15,100,238 | FHLMC Multifamily Structured Pass Through Certificates, Ser K739, Class X3, 2.806%, 11/25/48(A)(B)(C) | 1,581,330 | ||
16,196,664 | FHLMC Multifamily Structured Pass Through Certificates, Ser K741, Class X3, 2.448%, 3/25/49(A)(B)(C) | 1,568,619 | ||
16,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K742, Class X3, 2.595%, 4/25/28(A)(B)(C) | 1,722,858 | ||
9,500,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K743, Class X3, 2.954%, 6/25/49(A)(B)(C) | 1,196,085 | ||
39,018,396 | FHLMC Multifamily Structured Pass Through Certificates, Ser K744, Class X3, 2.967%, 8/25/49(A)(B)(C) | 5,160,909 | ||
47,774,075 | FHLMC Multifamily Structured Pass Through Certificates, Ser K745, Class X3, 2.674%, 9/25/49(A)(B)(C) | 5,843,171 | ||
146,903,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K745, Class XAM, 1.011%, 9/25/28(A)(B)(C) | 7,071,102 | ||
155,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K746, Class XAM, 0.586%, 10/25/28(A)(B)(C) | 4,469,611 | ||
52,159,495 | FHLMC Multifamily Structured Pass Through Certificates, Ser K747, Class X3, 2.550%, 12/25/49(A)(B)(C) | 6,312,066 | ||
30,629,690 | FRESB Mortgage Trust, Ser 2020-SB79, Class X1, 1.089%, 7/25/40(A)(B)(C) | 1,296,200 | ||
42,752,037 | FRESB Mortgage Trust, Ser 2020-SB81, Class X1, 1.046%, 10/25/40(A)(B)(C) | 1,791,020 | ||
35,818,997 | FRESB Mortgage Trust, Ser 2021-SB82, Class X1, 1.080%, 10/25/40(A)(B)(C) | 1,240,963 | ||
51,070,129 | FRESB Mortgage Trust, Ser 2021-SB83, Class X1, 0.867%, 1/25/41(A)(B)(C) | 1,767,553 | ||
28,931,875 | FRESB Mortgage Trust, Ser 2021-SB84, Class X1, 0.505%, 1/25/41(A)(B)(C) | 691,483 | ||
71,520,575 | FRESB Mortgage Trust, Ser 2021-SB85, Class X1, 0.392%, 3/25/41(A)(B)(C) | 1,713,247 | ||
82,233,354 | FRESB Mortgage Trust, Ser 2021-SB87, Class X1, 0.649%, 4/25/41(A)(B)(C) | 2,394,660 | ||
82,693,992 | FRESB Mortgage Trust, Ser 2021-SB88, Class X1, 0.716%, 5/25/41(A)(B)(C) | 2,479,555 | ||
131,967,511 | FRESB Mortgage Trust, Ser 2022-SB94, Class X1, 0.057%, 11/25/41(A)(B)(C) | 2,257,515 | ||
140,364,647 | FRESB Multifamily Structured Pass Through Certificates, Ser 2021-SB86, Class X1, 0.352%, 3/25/41(A)(B)(C) | 3,119,955 | ||
63,947,109 | FRESB Multifamily Structured Pass Through Certificates, Ser 2021-SB89, Class X1, 0.596%, 6/25/41(A)(B)(C) | 1,769,544 |
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 28.4% (Continued) | ||||
$ 3,850,965 | GNMA, Ser 2012-147, Class IO, 0.552%, 4/16/54(A)(B)(C) | $ 49,518 | ||
9,443,555 | GNMA, Ser 2016-110, Class IO, 0.925%, 5/16/58(A)(B)(C) | 389,708 | ||
19,983,904 | GNMA, Ser 2016-158, Class IO, 0.759%, 6/16/58(A)(B)(C) | 697,378 | ||
12,734,371 | GNMA, Ser 2016-52, Class IO, 0.767%, 3/16/58(A)(B)(C) | 428,178 | ||
15,284,519 | GNMA, Ser 2017-76, Class IO, 0.791%, 12/16/56(A)(B)(C) | 643,481 | ||
16,113,423 | GNMA, Ser 2017-94, Class IO, 0.586%, 2/16/59(A)(B)(C) | 561,005 | ||
Total Agency Collateralized Mortgage Obligations | $212,951,628 | |||
Corporate Bonds — 25.2% | ||||
Financials — 13.9% | ||||
9,249,000 | Ally Financial, Inc., Ser B, 4.700%(D) | 6,185,269 | ||
17,267,000 | Ally Financial, Inc., Ser C, 4.700%(D) | 10,813,459 | ||
3,363,000 | Bank of New York Mellon Corp. (The), Ser G, 4.700%(D) | 3,228,917 | ||
20,701,000 | Charles Schwab Corp. (The), Ser G, 5.375%(D)(E) | 20,245,578 | ||
2,616,000 | Citigroup, Inc., 5.950%(D) | 2,590,494 | ||
4,427,000 | Citigroup, Inc., Ser W, 4.000%(D) | 3,856,448 | ||
12,218,000 | Citizens Financial Group, Inc., Ser F, 5.650%(D) | 11,700,294 | ||
6,427,000 | Fifth Third Bancorp, Ser L, 4.500%(D) | 5,970,795 | ||
5,132,000 | FS KKR Capital Corp., 2.625%, 1/15/27 | 4,290,515 | ||
7,907,000 | Lincoln National Corp., Ser C, 9.250%(D) | 8,328,599 | ||
13,854,000 | Regions Financial Corp., Ser D, 5.750%(D) | 13,503,909 | ||
13,687,000 | UBS Group AG (Switzerland), 144a, 4.490%, 8/5/25 | 13,458,740 | ||
290,000 | Wells Fargo & Co., Ser BB, 3.900%(D) | 253,827 | ||
104,426,844 | ||||
Utilities — 5.0% | ||||
15,329,000 | Edison International, Ser A, 5.375%(D) | 12,952,419 | ||
26,607,000 | Sempra Energy, 4.875%(D)(E) | 24,602,961 | ||
37,555,380 | ||||
Energy — 4.9% | ||||
26,637,000 | BP Capital Markets PLC (United Kingdom), 4.875%(D) | 23,307,375 | ||
4,101,000 | Enbridge, Inc. (Canada), 2.150%, 2/16/24 | 3,958,459 | ||
6,207,000 | Energy Transfer LP, (3M LIBOR +3.018%), 7.457%, 11/1/66(B) | 4,792,424 | ||
5,566,000 | Energy Transfer LP, Ser G, 7.125%(D) | 4,647,610 | ||
36,705,868 | ||||
Consumer Discretionary — 1.1% | ||||
4,896,000 | General Motors Financial Co., Inc., 6.050%, 10/10/25 | 4,976,985 | ||
3,304,000 | Magallanes, Inc., 144a, 3.428%, 3/15/24 | 3,207,896 | ||
8,184,881 | ||||
Consumer Staples — 0.3% | ||||
3,093,000 | Macy's Retail Holdings LLC, 4.300%, 2/15/43 | 1,864,151 | ||
Information Technology — 0.0% | ||||
483,000 | Micron Technology, Inc., 3.477%, 11/1/51 | 302,169 | ||
Total Corporate Bonds | $189,039,293 |
Shares | ||||
Preferred Stocks — 8.9% | ||||
Financials — 7.4% | ||||
641,287 | AGNC Investment Corp. REIT, Ser F, 6.125%(D)(E) | 12,364,013 | ||
500,190 | Annaly Capital Management, Inc. REIT, Ser I, 6.750%(D) | 11,184,249 | ||
132,000 | Athene Holding Ltd., Ser E, 7.750%(D)† | 3,397,680 | ||
293,475 | Lincoln National Corp., Ser D, 9.000%(D) | 8,003,063 | ||
4,392 | Morgan Stanley, Ser E, 7.125%(D) | 110,459 |
2
Touchstone Flexible Income Fund (Unaudited) (Continued)
Shares | MarketValue | |||
Preferred Stocks — 8.9% (Continued) | ||||
Financials — (Continued) | ||||
211,179 | National Rural Utilities Cooperative Finance Corp., Ser US, 5.500%, 5/15/64 | $ 5,085,190 | ||
133,775 | Reinsurance Group of America, Inc., 7.125%, 10/15/52 | 3,471,461 | ||
290,000 | Rithm Capital Corp. REIT, Ser D, 7.000%(D) | 5,237,400 | ||
135,574 | Stifel Financial Corp., 5.200%, 10/15/47† | 2,734,528 | ||
189,212 | Virtus Convertible & Income Fund, Ser A, 5.625%(D) | 4,014,171 | ||
55,602,214 | ||||
Utilities — 1.2% | ||||
349,698 | Brookfield Renewable Partners LP (Canada), Ser 17, 5.250%(D) | 6,588,310 | ||
128,895 | Entergy Louisiana LLC, 4.875%, 9/1/66 | 2,612,702 | ||
1,065 | Entergy Mississippi LLC, 4.900%, 10/1/66 | 21,694 | ||
670 | Entergy New Orleans LLC, 5.000%, 12/1/52 | 14,780 | ||
9,237,486 | ||||
Energy — 0.3% | ||||
87,656 | Enbridge, Inc. (Canada), Ser 5, 5.375%(D) | 1,652,316 | ||
32,865 | Enbridge, Inc. (Canada), Ser L, 5.858%(D) | 631,665 | ||
2,283,981 | ||||
Total Preferred Stocks | $67,123,681 | |||
Investment Funds — 6.7% | ||||
241,449 | Allspring Income Opportunities± | 1,542,859 | ||
626,101 | BlackRock Corporate High Yield Fund, Inc.± | 5,472,123 | ||
67,704 | BlackRock Credit Allocation Income Trust± | 683,810 | ||
90,324 | BlackRock Ltd. Duration Income Trust±† | 1,180,535 | ||
153,268 | BlackRock MuniHoldings Fund, Inc.± | 1,860,673 | ||
503,770 | BlackRock MuniVest Fund, Inc.±† | 3,531,428 | ||
170,640 | BlackRock MuniYield Quality Fund III, Inc.±† | 1,912,874 | ||
56,040 | Cohen & Steers Ltd. Duration Preferred & Income Fund, Inc.± | 1,065,881 | ||
187,997 | Eaton Vance Municipal Bond Fund±† | 1,953,289 | ||
89,857 | First Trust High Income Long/Short Fund±† | 1,028,863 | ||
1,766 | First Trust Intermediate Duration Preferred & Income Fund± | 29,792 | ||
507,523 | Invesco Municipal Opportunity Trust±† | 5,029,553 | ||
238,789 | Invesco Municipal Trust± | 2,364,011 | ||
401,616 | Invesco Trust for Investment Grade Municipals± | 4,036,241 | ||
560,062 | Nuveen AMT-Free Quality Municipal Income Fund±† | 6,367,905 | ||
267,781 | Nuveen Preferred & Income Opportunities Fund± | 1,949,446 | ||
132,955 | Nuveen Preferred & Income Securities Fund± | 904,094 | ||
345,598 | Nuveen Quality Municipal Income Fund± | 4,078,056 | ||
875,943 | Western Asset High Income Opportunity Fund, Inc.± | 3,459,975 | ||
122,046 | Western Asset High Yield Defined Opportunity Fund, Inc.± | 1,523,134 | ||
Total Investment Funds | $49,974,542 |
Principal Amount | ||||
Asset-Backed Securities — 1.5% | ||||
$ 339,063 | ARI Fleet Lease Trust, Ser 2018-B, Class A3, 144a, 3.430%, 8/16/27 | 338,924 | ||
408,136 | Carmax Auto Owner Trust, Ser 2021-1, Class A3, 0.340%, 12/15/25 | 394,534 | ||
14,898 | Dell Equipment Finance Trust, Ser 2021-1, Class A2, 144a, 0.330%, 5/22/26 | 14,860 | ||
15,489 | Flagship Credit Auto Trust, Ser 2021-1, Class A, 144a, 0.310%, 6/16/25 | 15,410 | ||
705,000 | GLS Auto Receivables Issuer Trust, Ser 2021-2A, Class C, 144a, 1.080%, 6/15/26 | 674,823 | ||
214,232 | Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40 | 212,963 |
Principal Amount | MarketValue | |||
Asset-Backed Securities — 1.5% (Continued) | ||||
$ 3,227,186 | Mountain View CLO X Ltd. (Cayman Islands), Ser 2015-10A, Class AR, 144a, (3M LIBOR +0.820%), 4.761%, 10/13/27(B) | $ 3,222,429 | ||
750,000 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-1A, Class B, 144a, (3M LIBOR +1.800%), 6.043%, 4/20/29(B) | 722,460 | ||
3,000,000 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-1A, Class D, 144a, (3M LIBOR +6.000%), 10.243%, 4/20/29(B) | 2,772,771 | ||
307,402 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-3A, Class A1, 144a, (3M LIBOR +0.800%), 5.043%, 7/20/29(B) | 303,091 | ||
65,000 | Tesla Auto Lease Trust, Ser 2020-A, Class A4, 144a, 0.780%, 12/20/23 | 64,768 | ||
709,849 | Verizon Owner Trust, Ser 2020-A, Class A1A, 1.850%, 7/22/24 | 707,188 | ||
620,456 | Welk Resorts LLC, Ser 2017-AA, Class A, 144a, 2.820%, 6/15/33 | 616,562 | ||
1,234,976 | Westlake Automobile Receivables Trust, Ser 2021-2A, 144a, 0.320%, 4/15/25 | 1,222,011 | ||
Total Asset-Backed Securities | $11,282,794 | |||
Non-Agency Collateralized Mortgage Obligations — 0.7% | ||||
55,306 | Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34(B)(C) | 46,124 | ||
4,858 | Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (12M LIBOR +1.625%), 7.178%, 12/25/32(B) | 4,480 | ||
107,287 | Morgan Stanley Mortgage Loan Trust, Ser 2004-7AR, Class 2A6, 3.705%, 9/25/34(B)(C) | 104,641 | ||
9,746 | RALI Series Trust, Ser 2004-QS6, Class A1, 5.000%, 5/25/19 | 9,065 | ||
5,308,570 | Redwood Funding Trust, Ser 2020-1, Class A, 144a, 4.750%, 7/27/59(B)(C) | 5,228,090 | ||
Total Non-Agency Collateralized Mortgage Obligations | $5,392,400 | |||
Commercial Mortgage-Backed Securities — 0.2% | ||||
29,613,777 | BANK, Ser 2020-BN26, Class XA, 1.225%, 3/15/63(A)(B)(C) | 1,825,266 |
Shares | ||||
Exchange-Traded Fund — 0.2% | ||||
22,248 | iShares iBoxx High Yield Corporate Bond ETF | 1,638,120 |
Number of Contracts | Notional Amount | |||
Purchased Options — 0.0% | ||||
Purchased Put Options — 0.0% | ||||
5,000 | Rithm Capital Corp., Strike @7.00, Exp 02/23(E)* | $500,000 | 50,000 | |
Total Purchased Options | $50,000 |
Principal Amount | ||||
Short-Term U.S. Treasury Obligations — 17.2% | ||||
$ 25,000,000 | U.S. Treasury Bills, 1.144%, 2/23/23(E)# | 24,849,546 | ||
25,000,000 | U.S. Treasury Bills, 3.954%, 2/7/23# | 24,904,969 | ||
15,000,000 | U.S. Treasury Bills, 4.255%, 3/23/23# | 14,860,388 | ||
25,000,000 | U.S. Treasury Bills, 4.284%, 3/16/23# | 24,792,675 | ||
40,000,000 | U.S. Treasury Bills, 4.393%, 3/30/23# | 39,590,246 | ||
Total Short-Term U.S. Treasury Obligations | $128,997,824 |
3
Touchstone Flexible Income Fund (Unaudited) (Continued)
Shares | MarketValue | |||
Short-Term Investment Funds — 10.2% | ||||
75,017,574 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | $ 75,017,574 | ||
1,451,421 | Invesco Government & Agency Portfolio, Institutional Class, 4.22%∞Ω** | 1,451,421 | ||
Total Short-Term Investment Funds | $76,468,995 | |||
Total Short-Term Securities | $205,466,819 | |||
Total Long Positions—99.2% (Cost $838,236,858) | $744,744,543 | |||
Securities Sold Short — (4.7)% | ||||
U.S. Treasury Obligations — (4.7)% | ||||
(35,000,000) | U.S. Treasury Bond, 4.000%, 11/15/52 | (35,360,937) | ||
Total Securities Sold Short (Proceeds $36,272,231) | $(35,360,937) | |||
Total Investment Securities—94.5% | $709,383,606 | |||
Other Assets in Excess of Liabilities — 5.5% | 41,670,206 | |||
Net Assets — 100.0% | $751,053,812 |
(A) | 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. |
(B) | Variable rate security - Rate reflected is the rate in effect as of December 31, 2022. |
(C) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(D) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
(E) | All or a portion of these securities are pledged as collateral for securities sold short. The total value of the securities pledged as collateral as of December 31, 2022 was $60,209,534. |
± | Closed-end Fund. |
* | Non-income producing security. |
** | Represents collateral for securities loaned. |
† | All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2022 was $1,441,582. |
# | Zero coupon bond - Rate shown reflects effective yield to maturity at time of purchase. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2022. |
Portfolio Abbreviations: |
CLO – Collateralized Loan Obligation |
ETF – Exchange-Traded Fund |
FHLMC – Federal Home Loan Mortgage Corporation |
FRESB – Freddie Mac Multifamily Securitization Small Balance Loan |
GNMA – Government National Mortgage Association |
IO – Interest Only |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LP – Limited Partnership |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities were valued at $31,862,835 or 4.2% 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: | ||||
Agency Collateralized Mortgage Obligations | $— | $212,951,628 | $— | $212,951,628 |
Corporate Bonds | — | 189,039,293 | — | 189,039,293 |
Preferred Stocks | 67,123,681 | — | — | 67,123,681 |
Investment Funds | 49,974,542 | — | — | 49,974,542 |
Asset-Backed Securities | — | 11,282,794 | — | 11,282,794 |
Non-Agency Collateralized Mortgage Obligations | — | 5,392,400 | — | 5,392,400 |
Commercial Mortgage-Backed Securities | — | 1,825,266 | — | 1,825,266 |
Exchange-Traded Fund | 1,638,120 | — | — | 1,638,120 |
Purchased Put Options | ||||
Equity contracts | 50,000 | — | — | 50,000 |
Short-Term U.S. Treasury Obligations | — | 128,997,824 | — | 128,997,824 |
Short-Term Investment Funds | 76,468,995 | — | — | 76,468,995 |
Total Assets | $195,255,338 | $549,489,205 | $— | $744,744,543 |
Liabilities: | ||||
Securities Sold Short | ||||
U.S. Treasury Obligations | $— | $(35,360,937) | $— | $(35,360,937) |
Total Liabilities | $— | $(35,360,937) | $— | $(35,360,937) |
Total | $195,255,338 | $514,128,268 | $— | $709,383,606 |
See accompanying Notes to Portfolios of Investments.
4
Portfolio of Investments
Touchstone Focused Fund – December 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 93.9% | ||||
Information Technology — 23.8% | ||||
432,791 | Apple, Inc. | $ 56,232,535 | ||
293,550 | Microsoft Corp. | 70,399,161 | ||
257,624 | Oracle Corp. | 21,058,186 | ||
116,335 | PayPal Holdings, Inc.* | 8,285,379 | ||
129,288 | Salesforce, Inc.* | 17,142,296 | ||
183,412 | SS&C Technologies Holdings, Inc. | 9,548,429 | ||
114,131 | Texas Instruments, Inc. | 18,856,724 | ||
100,160 | Visa, Inc. - Class A | 20,809,241 | ||
67,768 | Workday, Inc. - Class A* | 11,339,619 | ||
233,671,570 | ||||
Health Care — 17.4% | ||||
136,341 | AmerisourceBergen Corp. | 22,593,067 | ||
196,209 | BioMarin Pharmaceutical, Inc.* | 20,305,669 | ||
281,562 | Bristol-Myers Squibb Co. | 20,258,386 | ||
86,671 | HCA Healthcare, Inc. | 20,797,573 | ||
191,981 | Johnson & Johnson | 33,913,444 | ||
207,917 | Medtronic PLC | 16,159,309 | ||
69,722 | UnitedHealth Group, Inc. | 36,965,210 | ||
170,992,658 | ||||
Financials — 12.6% | ||||
748,902 | Bank of America Corp. | 24,803,634 | ||
153,382 | Berkshire Hathaway, Inc. - Class B* | 47,379,700 | ||
77,076 | Goldman Sachs Group, Inc. (The) | 26,466,357 | ||
35,430 | LPL Financial Holdings, Inc. | 7,658,903 | ||
13,475 | Markel Corp.* | 17,753,178 | ||
124,061,772 | ||||
Consumer Discretionary — 9.7% | ||||
82,496 | Airbnb, Inc. - Class A* | 7,053,408 | ||
72,279 | Alibaba Group Holding Ltd. (China) ADR* | 6,367,057 | ||
315,140 | Amazon.com, Inc.* | 26,471,760 | ||
206,190 | Choice Hotels International, Inc. | 23,225,242 | ||
101,262 | Cracker Barrel Old Country Store, Inc. | 9,593,562 | ||
99,985 | Floor & Decor Holdings, Inc. - Class A* | 6,961,955 | ||
259,594 | Frontdoor, Inc.* | 5,399,555 | ||
77,297 | Hilton Worldwide Holdings, Inc. | 9,767,249 | ||
94,839,788 | ||||
Communication Services — 9.0% | ||||
461,834 | Alphabet, Inc. - Class C* | 40,978,531 | ||
428,212 | Comcast Corp. - Class A | 14,974,573 | ||
114,411 | Fox Corp. - Class A | 3,474,662 | ||
150,647 | Meta Platforms, Inc. - Class A* | 18,128,860 | ||
36,268 | Netflix, Inc.* | 10,694,708 | ||
88,251,334 | ||||
Industrials — 7.8% | ||||
134,971 | Allegiant Travel Co.* | 9,176,678 | ||
79,697 | Boeing Co. (The)* | 15,181,482 | ||
17,286 | Deere & Co. | 7,411,545 |
Shares | Market Value | |||
Industrials — (Continued) | ||||
81,477 | Hubbell, Inc. | $ 19,121,022 | ||
253,431 | Raytheon Technologies Corp. | 25,576,257 | ||
76,466,984 | ||||
Consumer Staples — 6.7% | ||||
326,549 | Coca-Cola Femsa SAB de CV (Mexico) ADR | 22,166,146 | ||
212,153 | Monster Beverage Corp.* | 21,539,894 | ||
213,062 | Philip Morris International, Inc. | 21,564,005 | ||
65,270,045 | ||||
Energy — 2.8% | ||||
251,542 | Exxon Mobil Corp. | 27,745,083 | ||
Real Estate — 2.5% | ||||
460,165 | Americold Realty Trust, Inc. REIT | 13,027,271 | ||
70,700 | Jones Lang LaSalle, Inc.* | 11,267,459 | ||
24,294,730 | ||||
Materials — 1.6% | ||||
227,014 | DuPont de Nemours, Inc. | 15,579,971 | ||
Total Common Stocks | $921,173,935 | |||
Short-Term Investment Fund — 6.2% | ||||
60,837,474 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 60,837,474 | ||
Total Investment Securities—100.1% (Cost $644,523,981) | $982,011,409 | |||
Liabilities in Excess of Other Assets — (0.1%) | (1,067,907) | |||
Net Assets — 100.0% | $980,943,502 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
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 | $921,173,935 | $— | $— | $921,173,935 |
Short-Term Investment Fund | 60,837,474 | — | — | 60,837,474 |
Total | $982,011,409 | $— | $— | $982,011,409 |
See accompanying Notes to Portfolios of Investments.
5
Portfolio of Investments
Touchstone Growth Opportunities Fund – December 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 98.8% | ||||
Information Technology — 39.4% | ||||
63,510 | Apple, Inc. | $ 8,251,854 | ||
11,406 | Applied Materials, Inc. | 1,110,716 | ||
10,799 | Atlassian Corp. - Class A* | 1,389,615 | ||
23,281 | Ceridian HCM Holding, Inc.* | 1,493,476 | ||
29,367 | Fortinet, Inc.* | 1,435,753 | ||
21,994 | Global Payments, Inc. | 2,184,444 | ||
4,949 | HubSpot, Inc.* | 1,430,904 | ||
51,803 | Marvell Technology, Inc. | 1,918,783 | ||
28,392 | Microsoft Corp. | 6,808,969 | ||
3,546 | MongoDB, Inc.* | 697,995 | ||
2,975 | Monolithic Power Systems, Inc. | 1,051,990 | ||
7,603 | NVIDIA Corp. | 1,111,102 | ||
24,179 | Okta, Inc.* | 1,652,151 | ||
16,890 | QUALCOMM, Inc. | 1,856,887 | ||
13,396 | Salesforce, Inc.* | 1,776,176 | ||
5,985 | ServiceNow, Inc.* | 2,323,796 | ||
17,455 | Visa, Inc. - Class A | 3,626,451 | ||
11,272 | Workday, Inc. - Class A* | 1,886,144 | ||
42,007,206 | ||||
Health Care — 17.6% | ||||
73,178 | Alkermes PLC* | 1,912,141 | ||
25,590 | Ascendis Pharma A/S (Denmark) ADR* | 3,125,307 | ||
4,067 | Bio-Rad Laboratories, Inc. - Class A* | 1,710,133 | ||
6,952 | Eli Lilly & Co. | 2,543,319 | ||
10,403 | ICON PLC* | 2,020,783 | ||
3,783 | IDEXX Laboratories, Inc.* | 1,543,313 | ||
4,563 | Thermo Fisher Scientific, Inc. | 2,512,798 | ||
6,454 | UnitedHealth Group, Inc. | 3,421,782 | ||
18,789,576 | ||||
Consumer Discretionary — 12.4% | ||||
47,961 | Amazon.com, Inc.* | 4,028,724 | ||
1,242 | Chipotle Mexican Grill, Inc.* | 1,723,263 | ||
9,500 | Home Depot, Inc. (The) | 3,000,670 | ||
4,652 | Lululemon Athletica, Inc.* | 1,490,408 | ||
55,321 | MGM Resorts International | 1,854,913 | ||
9,230 | Tesla, Inc.* | 1,136,951 | ||
13,234,929 | ||||
Industrials — 10.7% | ||||
14,950 | Advanced Drainage Systems, Inc. | 1,225,451 | ||
14,416 | AMETEK, Inc. | 2,014,204 | ||
22,539 | ITT, Inc. | 1,827,913 | ||
4,300 | TransDigm Group, Inc. | 2,707,495 | ||
9,866 | Union Pacific Corp. | 2,042,953 | ||
12,475 | WESCO International, Inc.* | 1,561,870 | ||
11,379,886 | ||||
Communication Services — 7.1% | ||||
74,515 | Alphabet, Inc. - Class A* | 6,574,458 | ||
14,385 | Live Nation Entertainment, Inc.* | 1,003,210 | ||
7,577,668 |
Shares | Market Value | |||
Financials — 3.5% | ||||
8,794 | Arthur J Gallagher & Co. | $ 1,658,021 | ||
35,382 | Brookfield Corp. (Canada) | 1,113,118 | ||
24,818 | First Interstate BancSystem, Inc. - Class A | 959,215 | ||
3,730,354 | ||||
Consumer Staples — 2.7% | ||||
6,219 | Costco Wholesale Corp. | 2,838,973 | ||
Real Estate — 2.1% | ||||
55,587 | Spirit Realty Capital, Inc. REIT | 2,219,589 | ||
Materials — 1.8% | ||||
11,008 | Vulcan Materials Co. | 1,927,611 | ||
Energy — 1.5% | ||||
26,255 | Devon Energy Corp. | 1,614,945 | ||
Total Common Stocks | $105,320,737 | |||
Short-Term Investment Fund — 0.9% | ||||
915,053 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 915,053 | ||
Total Investment Securities—99.7% (Cost $80,804,742) | $106,235,790 | |||
Other Assets in Excess of Liabilities — 0.3% | 369,023 | |||
Net Assets — 100.0% | $106,604,813 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
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 | $105,320,737 | $— | $— | $105,320,737 |
Short-Term Investment Fund | 915,053 | — | — | 915,053 |
Total | $106,235,790 | $— | $— | $106,235,790 |
See accompanying Notes to Portfolios of Investments.
6
Portfolio of Investments
Touchstone Mid Cap Growth Fund – December 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.4% | ||||
Information Technology — 23.7% | ||||
302,618 | Ceridian HCM Holding, Inc.* | $ 19,412,945 | ||
529,839 | Fortinet, Inc.* | 25,903,829 | ||
366,047 | Genpact Ltd. | 16,955,297 | ||
185,129 | Global Payments, Inc. | 18,387,012 | ||
73,448 | HubSpot, Inc.* | 21,236,020 | ||
575,709 | Lightspeed Commerce, Inc. (Canada)* | 8,232,639 | ||
481,367 | Marvell Technology, Inc. | 17,829,834 | ||
312,117 | Microchip Technology, Inc. | 21,926,219 | ||
87,254 | MongoDB, Inc.* | 17,175,077 | ||
310,294 | NetApp, Inc. | 18,636,258 | ||
86,626 | Nice Ltd. (Israel) ADR* | 16,658,180 | ||
183,347 | Palo Alto Networks, Inc.* | 25,584,240 | ||
41,876 | Teledyne Technologies, Inc.* | 16,746,631 | ||
89,867 | Zscaler, Inc.* | 10,056,117 | ||
254,740,298 | ||||
Health Care — 20.0% | ||||
273,960 | Ascendis Pharma A/S (Denmark) ADR* | 33,458,735 | ||
783,552 | Avantor, Inc.* | 16,525,112 | ||
61,211 | Cooper Cos., Inc. (The) | 20,240,641 | ||
301,206 | DexCom, Inc.* | 34,108,567 | ||
163,519 | ICON PLC* | �� 31,763,566 | ||
62,478 | IDEXX Laboratories, Inc.* | 25,488,525 | ||
60,408 | Insulet Corp.* | 17,783,511 | ||
125,158 | Quest Diagnostics, Inc. | 19,579,717 | ||
121,967 | Sarepta Therapeutics, Inc.* | 15,804,484 | ||
214,752,858 | ||||
Industrials — 18.6% | ||||
166,120 | AMETEK, Inc. | 23,210,286 | ||
315,771 | Copart, Inc. * | 19,227,296 | ||
234,544 | CoStar Group, Inc.* | 18,125,560 | ||
68,596 | FTI Consulting, Inc.* | 10,893,045 | ||
92,979 | IDEX Corp. | 21,229,895 | ||
109,396 | Rockwell Automation, Inc. | 28,177,128 | ||
45,518 | TransDigm Group, Inc. | 28,660,409 | ||
134,096 | Waste Connections, Inc. | 17,775,766 | ||
262,987 | WESCO International, Inc.* | 32,925,972 | ||
200,225,357 | ||||
Consumer Discretionary — 15.5% | ||||
171,207 | Aptiv PLC* | 15,944,508 | ||
19,617 | Chipotle Mexican Grill, Inc.* | 27,218,391 | ||
174,083 | Etsy, Inc.* | 20,851,662 | ||
216,336 | Hilton Worldwide Holdings, Inc. | 27,336,217 | ||
100,926 | Lululemon Athletica, Inc.* | 32,334,672 | ||
574,896 | Tapestry, Inc. | 21,892,040 | ||
90,192 | Vail Resorts, Inc. | 21,497,263 | ||
167,074,753 | ||||
Financials — 8.7% | ||||
118,168 | Arthur J Gallagher & Co. | 22,279,395 | ||
112,599 | First Republic Bank | 13,724,692 |
Shares | Market Value | |||
Financials — (Continued) | ||||
80,737 | LPL Financial Holdings, Inc. | $ 17,452,917 | ||
50,685 | MSCI, Inc. | 23,577,142 | ||
122,710 | The Allstate Corp. | 16,639,476 | ||
93,673,622 | ||||
Materials — 3.4% | ||||
165,568 | Celanese Corp. | 16,927,672 | ||
111,964 | Vulcan Materials Co. | 19,606,016 | ||
36,533,688 | ||||
Real Estate — 3.2% | ||||
96,228 | Essex Property Trust, Inc. REIT | 20,392,638 | ||
101,938 | Sun Communities, Inc. REIT | 14,577,134 | ||
34,969,772 | ||||
Energy — 3.0% | ||||
530,198 | Devon Energy Corp. | 32,612,479 | ||
Communication Services — 1.3% | ||||
200,670 | Live Nation Entertainment, Inc.* | 13,994,726 | ||
Total Common Stocks | $1,048,577,553 | |||
Short-Term Investment Fund — 2.6% | ||||
27,325,490 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 27,325,490 | ||
Total Investment Securities—100.0% (Cost $971,856,635) | $1,075,903,043 | |||
Other Assets in Excess of Liabilities — 0.0% | 408,787 | |||
Net Assets — 100.0% | $1,076,311,830 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
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 | $1,048,577,553 | $— | $— | $1,048,577,553 |
Short-Term Investment Fund | 27,325,490 | — | — | 27,325,490 |
Total | $1,075,903,043 | $— | $— | $1,075,903,043 |
See accompanying Notes to Portfolios of Investments.
7
Portfolio of Investments
Touchstone Non-US ESG Equity Fund – December 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 96.8% | ||||
France — 17.9% | ||||
Energy — 6.6% | ||||
518,357 | TotalEnergies SE ADR | $ 32,179,602 | ||
Financials — 1.5% | ||||
132,091 | BNP Paribas SA | 7,521,155 | ||
Industrials — 6.1% | ||||
292,590 | Cie de Saint-Gobain | 14,313,750 | ||
112,964 | Schneider Electric SE | 15,864,060 | ||
Materials — 3.7% | ||||
127,430 | Air Liquide SA | 18,086,833 | ||
Total France | 87,965,400 | |||
Japan — 16.8% | ||||
Communication Services — 2.3% | ||||
270,000 | Nintendo Co. Ltd. | 11,352,577 | ||
Consumer Discretionary — 8.0% | ||||
182,300 | Denso Corp. | 8,939,960 | ||
1,436,100 | Panasonic Corp. | 12,018,752 | ||
242,300 | Sony Group Corp. | 18,468,499 | ||
Industrials — 4.2% | ||||
323,600 | Hitachi Ltd. | 16,282,348 | ||
326,500 | Kubota Corp.† | 4,460,460 | ||
Information Technology — 2.3% | ||||
37,700 | Tokyo Electron Ltd. | 11,077,343 | ||
Total Japan | 82,599,939 | |||
United Kingdom — 11.1% | ||||
Financials — 6.4% | ||||
33,647,158 | Lloyds Banking Group PLC | 18,361,725 | ||
153,082 | London Stock Exchange Group PLC | 13,152,989 | ||
Industrials — 4.7% | ||||
172,930 | Ashtead Group PLC | 9,823,253 | ||
489,813 | RELX PLC | 13,542,365 | ||
Total United Kingdom | 54,880,332 | |||
Sweden — 9.2% | ||||
Financials — 6.2% | ||||
1,360,587 | Svenska Handelsbanken AB - Class A | 13,698,382 | ||
989,787 | Swedbank AB - Class A | 16,835,354 | ||
Industrials — 3.0% | ||||
810,625 | Epiroc AB - Class A | 14,760,761 | ||
Total Sweden | 45,294,497 | |||
Singapore — 5.8% | ||||
Financials — 3.6% | ||||
1,935,400 | Oversea-Chinese Banking Corp. Ltd. | 17,604,473 | ||
Real Estate — 2.2% | ||||
7,049,700 | CapitaLand Integrated Commercial Trust REIT | 10,752,287 | ||
Total Singapore | 28,356,760 | |||
Germany — 5.5% | ||||
Communication Services — 2.6% | ||||
634,066 | Deutsche Telekom AG | 12,615,749 | ||
Industrials — 2.9% | ||||
385,567 | Deutsche Post AG | 14,430,490 | ||
Total Germany | 27,046,239 | |||
Switzerland — 4.9% | ||||
Health Care — 2.4% | ||||
38,174 | Roche Holding AG | 11,995,705 |
Shares | Market Value | |||
Switzerland — (Continued) | ||||
Industrials — 2.5% | ||||
403,414 | ABB Ltd. ADR | $ 12,287,990 | ||
Total Switzerland | 24,283,695 | |||
United States — 4.7% | ||||
Information Technology — 4.7% | ||||
37,164 | Apple, Inc. | 4,828,719 | ||
40,257 | Applied Materials, Inc. | 3,920,227 | ||
44,153 | Microsoft Corp. | 10,588,772 | ||
17,492 | Visa, Inc. - Class A | 3,634,138 | ||
Total United States | 22,971,856 | |||
South Korea — 4.3% | ||||
Communication Services — 3.6% | ||||
431,999 | KT Corp. ADR* | 5,831,986 | ||
452,638 | KT Corp.* | 12,114,989 | ||
Information Technology — 0.7% | ||||
7,463 | Samsung SDI Co. Ltd.* | 3,504,196 | ||
Total South Korea | 21,451,171 | |||
India — 4.0% | ||||
Financials — 4.0% | ||||
906,007 | ICICI Bank Ltd. ADR | 19,832,493 | ||
Taiwan — 3.1% | ||||
Information Technology — 3.1% | ||||
208,029 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 15,496,080 | ||
Hong Kong — 2.2% | ||||
Financials — 2.2% | ||||
1,001,800 | AIA Group Ltd. | 11,063,270 | ||
Canada — 1.8% | ||||
Financials — 1.0% | ||||
32,334 | Intact Financial Corp. | 4,654,520 | ||
Industrials — 0.8% | ||||
129,951 | ATS Corp.* | 4,039,614 | ||
Total Canada | 8,694,134 | |||
Denmark — 1.6% | ||||
Industrials — 1.6% | ||||
262,919 | Vestas Wind Systems A/S | 7,669,522 | ||
Netherlands — 1.5% | ||||
Health Care — 1.5% | ||||
477,977 | Koninklijke Philips NV | 7,192,226 | ||
Ireland — 1.4% | ||||
Industrials — 1.4% | ||||
118,764 | AerCap Holdings N.V.* | 6,926,317 | ||
Thailand — 1.0% | ||||
Industrials — 1.0% | ||||
2,342,300 | Airports of Thailand PCL* | 5,069,856 | ||
Total Common Stocks | $476,793,787 | |||
Preferred Stocks — 2.2% | ||||
Germany — 2.2% | ||||
Consumer Discretionary — 2.2% | ||||
86,451 | Volkswagen AG, 5.796%(A) | 10,724,220 |
8
Touchstone Non-US ESG Equity Fund (Unaudited) (Continued)
Shares | Market Value | |||
Short-Term Investment Funds — 1.8% | ||||
4,635,732 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | $ 4,635,732 | ||
4,444,808 | Invesco Government & Agency Portfolio, Institutional Class, 4.22%∞Ω** | 4,444,808 | ||
Total Short-Term Investment Funds | $9,080,540 | |||
Total Investment Securities — 100.8% (Cost $457,213,908) | $496,598,547 | |||
Liabilities in Excess of Other Assets — (0.8)% | (3,950,659) | |||
Net Assets — 100.0% | $492,647,888 |
(A) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
* | Non-income producing security. |
** | Represents collateral for securities loaned. |
† | All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2022 was $4,237,437. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
PCL – Public Company Limited |
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 | ||||
France | $32,179,602 | $55,785,798 | $— | $87,965,400 |
Japan | — | 82,599,939 | — | 82,599,939 |
United Kingdom | — | 54,880,332 | — | 54,880,332 |
Sweden | — | 45,294,497 | — | 45,294,497 |
Singapore | — | 28,356,760 | — | 28,356,760 |
Germany | — | 27,046,239 | — | 27,046,239 |
Switzerland | 12,287,990 | 11,995,705 | — | 24,283,695 |
United States | 22,971,856 | — | — | 22,971,856 |
South Korea | 5,831,986 | 15,619,185 | — | 21,451,171 |
India | 19,832,493 | — | — | 19,832,493 |
Taiwan | 15,496,080 | — | — | 15,496,080 |
Hong Kong | — | 11,063,270 | — | 11,063,270 |
Canada | 8,694,134 | — | — | 8,694,134 |
Denmark | — | 7,669,522 | — | 7,669,522 |
Netherlands | — | 7,192,226 | — | 7,192,226 |
Ireland | 6,926,317 | — | — | 6,926,317 |
Thailand | — | 5,069,856 | — | 5,069,856 |
Preferred Stocks | — | 10,724,220 | — | 10,724,220 |
Short-Term Investment Funds | 9,080,540 | — | — | 9,080,540 |
Total | $133,300,998 | $363,297,549 | $— | $496,598,547 |
See accompanying Notes to Portfolios of Investments.
9
Portfolio of Investments
Touchstone Sands Capital Emerging Markets Growth Fund – December 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 96.8% | ||||
India — 34.2% | ||||
Consumer Discretionary — 5.3% | ||||
7,209,451 | Jubilant Foodworks Ltd. | $ 44,448,395 | ||
2,122,553 | Titan Co. Ltd. | 66,597,858 | ||
Consumer Staples — 3.9% | ||||
1,569,542 | Britannia Industries Ltd. | 81,644,388 | ||
Energy — 3.0% | ||||
2,013,536 | Reliance Industries Ltd. | 61,816,791 | ||
Financials — 14.1% | ||||
1,443,564 | Bajaj Finance Ltd. | 114,351,616 | ||
8,457,185 | Bandhan Bank Ltd., 144a* | 23,868,521 | ||
5,077,413 | HDFC Bank Ltd. | 99,586,131 | ||
10,338,605 | ICICI Prudential Life Insurance Co. Ltd., 144a | 56,245,080 | ||
Health Care — 4.8% | ||||
1,849,395 | Apollo Hospitals Enterprise Ltd. | 99,937,851 | ||
Information Technology — 0.9% | ||||
487,734 | Tata Consultancy Services Ltd. | 19,181,173 | ||
Materials — 2.2% | ||||
1,239,700 | Asian Paints Ltd. | 46,087,302 | ||
Total India | 713,765,106 | |||
China — 22.3% | ||||
Communication Services — 5.9% | ||||
1,047,020 | Kanzhun Ltd. ADR* | 21,327,797 | ||
2,405,242 | Tencent Holdings Ltd. | 101,983,136 | ||
Consumer Discretionary — 9.5% | ||||
4,399,074 | Alibaba Group Holding Ltd.* | 48,270,658 | ||
6,537,723 | ANTA Sports Products Ltd. | 85,034,585 | ||
12,860,000 | Haidilao International Holding Ltd., 144a*† | 36,677,515 | ||
1,661,269 | JD Health International, Inc., 144a* | 15,001,345 | ||
1,308,497 | NIO, Inc. ADR* | 12,757,846 | ||
Consumer Staples — 2.9% | ||||
5,209,006 | Foshan Haitian Flavouring & Food Co. Ltd. - Class A | 59,508,453 | ||
Health Care — 4.0% | ||||
4,332,442 | Hangzhou Tigermed Consulting Co. Ltd. Class H, 144a | 49,822,111 | ||
4,555,010 | Wuxi Biologics Cayman, Inc., 144a* | 34,499,240 | ||
Total China | 464,882,686 | |||
Brazil — 14.5% | ||||
Consumer Discretionary — 6.3% | ||||
154,287 | MercadoLibre, Inc.* | 130,563,831 | ||
Consumer Staples — 2.0% | ||||
9,119,200 | Raia Drogasil SA | 40,969,255 | ||
Financials — 3.6% | ||||
9,829,280 | NU Holdings Ltd. - Class A* | 40,005,170 | ||
2,308,642 | XP, Inc. - Class A* | 35,414,568 | ||
Industrials — 2.0% | ||||
4,160,715 | Localiza Rent a Car SA | 41,924,341 | ||
Information Technology — 0.6% | ||||
1,467,561 | Pagseguro Digital Ltd. - Class A* | 12,826,483 | ||
Total Brazil | 301,703,648 | |||
Taiwan — 8.1% | ||||
Communication Services — 3.2% | ||||
1,282,061 | Sea Ltd. ADR* | 66,705,634 |
Shares | Market Value | |||
Taiwan — (Continued) | ||||
Information Technology — 4.9% | ||||
1,374,589 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | $ 102,393,134 | ||
Total Taiwan | 169,098,768 | |||
Hong Kong — 4.0% | ||||
Consumer Discretionary — 0.1% | ||||
1,331,100 | Super Hi International Holding Ltd.* | 1,695,115 | ||
Financials — 3.9% | ||||
7,487,331 | AIA Group Ltd. | 82,685,528 | ||
Total Hong Kong | 84,380,643 | |||
Indonesia — 3.2% | ||||
Financials — 3.2% | ||||
122,027,300 | Bank Central Asia Tbk PT | 66,912,238 | ||
Argentina — 2.5% | ||||
Information Technology — 2.5% | ||||
313,128 | Globant SA* | 52,655,605 | ||
South Korea — 2.3% | ||||
Communication Services — 0.6% | ||||
94,303 | NAVER Corp. | 13,411,872 | ||
Consumer Discretionary — 1.4% | ||||
2,055,051 | Coupang, Inc.* | 30,229,800 | ||
Information Technology — 0.3% | ||||
122,999 | Kakaopay Corp.*† | 5,339,301 | ||
Total South Korea | 48,980,973 | |||
United States — 2.1% | ||||
Information Technology — 2.1% | ||||
101,969 | Lam Research Corp. | 42,857,571 | ||
Thailand — 1.9% | ||||
Consumer Staples — 1.9% | ||||
20,062,800 | CP ALL PCL | 39,522,052 | ||
Kazakhstan — 1.7% | ||||
Financials — 1.7% | ||||
504,472 | Kaspi.KZ JSC GDR | 36,069,747 | ||
Total Common Stocks | $2,020,829,037 |
Number of Rights | ||||
Rights — 0.0% | ||||
Brazil — 0.0% | ||||
Industrials — 0.0% | ||||
18,436 | Localiza Rent a Car SA* | 37,571 | ||
Total Rights | $37,571 |
10
Touchstone Sands Capital Emerging Markets Growth Fund (Unaudited) (Continued)
Shares | MarketValue | |||
Short-Term Investment Funds — 4.4% | ||||
58,169,013 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | $ 58,169,013 | ||
33,544,664 | Invesco Government & Agency Portfolio, Institutional Class, 4.22%∞Ω** | 33,544,664 | ||
Total Short-Term Investment Funds | $91,713,677 | |||
Total Investment Securities — 101.2% (Cost $1,953,880,601) | $2,112,580,285 | |||
Liabilities in Excess of Other Assets — (1.2)% | (24,535,712) | |||
Net Assets — 100.0% | $2,088,044,573 |
* | 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 December 31, 2022 was $31,766,627. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
GDR – Global Depositary Receipt |
JSC – Joint Stock Company |
PCL – Public Company Limited |
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 December 31, 2022, these securities were valued at $216,113,812 or 10.4% 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 | ||||
India | $— | $713,765,106 | $— | $713,765,106 |
China | 34,085,643 | 430,797,043 | — | 464,882,686 |
Brazil | 301,703,648 | — | — | 301,703,648 |
Taiwan | 169,098,768 | — | — | 169,098,768 |
Hong Kong | 1,695,115 | 82,685,528 | — | 84,380,643 |
Indonesia | — | 66,912,238 | — | 66,912,238 |
Argentina | 52,655,605 | — | — | 52,655,605 |
South Korea | 30,229,800 | 18,751,173 | — | 48,980,973 |
United States | 42,857,571 | — | — | 42,857,571 |
Thailand | — | 39,522,052 | — | 39,522,052 |
Kazakhstan | 36,069,747 | — | — | 36,069,747 |
Rights | 37,571 | — | — | 37,571 |
Short-Term Investment Funds | 91,713,677 | — | — | 91,713,677 |
Total | $760,147,145 | $1,352,433,140 | $— | $2,112,580,285 |
See accompanying Notes to Portfolios of Investments.
11
Portfolio of Investments
Touchstone Strategic Income Opportunities Fund – December 31, 2022 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 51.4% | ||||
Financials — 11.3% | ||||
$ 1,847,000 | Allstate Corp. (The), Ser B, 5.750%, 8/15/53 | $ 1,736,180 | ||
2,657,000 | Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | 1,938,282 | ||
1,971,000 | Barclays PLC (United Kingdom), 2.894%, 11/24/32 | 1,506,948 | ||
818,000 | Charles Schwab Corp. (The), 5.000%(A) | 746,833 | ||
818,000 | Charles Schwab Corp. (The), Ser H, 4.000%(A) | 652,314 | ||
1,921,000 | Citigroup, Inc., Ser W, 4.000%(A) | 1,673,422 | ||
1,111,000 | Corestates Capital III, 144a, (3M LIBOR +0.570%), 5.176%, 2/15/27(B) | 1,034,794 | ||
860,000 | Credit Acceptance Corp., 6.625%, 3/15/26 | 814,968 | ||
1,699,000 | First Maryland Capital II, (3M LIBOR +0.850%), 5.290%, 2/1/27(B) | 1,570,600 | ||
343,000 | FirstCash, Inc., 144a, 4.625%, 9/1/28 | 301,141 | ||
1,930,000 | Golub Capital BDC, Inc., 2.050%, 2/15/27 | 1,571,613 | ||
1,014,000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.250%, 5/15/27 | 928,418 | ||
825,000 | JPMorgan Chase & Co., 5.717%, 9/14/33 | 811,256 | ||
1,420,000 | Morgan Stanley, 5.297%, 4/20/37 | 1,302,605 | ||
1,407,000 | PNC Capital Trust, (3M LIBOR +0.570%), 5.331%, 6/1/28(B) | 1,297,089 | ||
1,363,000 | Prudential Financial, Inc., 5.125%, 3/1/52 | 1,240,330 | ||
890,000 | Sabra Health Care LP REIT, 3.900%, 10/15/29 | 746,526 | ||
1,824,000 | Sixth Street Specialty Lending, Inc., 2.500%, 8/1/26 | 1,597,582 | ||
1,678,000 | STORE Capital Corp. REIT, 2.750%, 11/18/30 | 1,291,816 | ||
1,824,000 | Truist Bank, Ser A, (3M LIBOR +0.670%), 5.320%, 5/15/27(B) | 1,690,358 | ||
1,363,000 | Truist Financial Corp., Ser Q, 5.100%(A) | 1,260,775 | ||
25,713,850 | ||||
Industrials — 7.5% | ||||
802,000 | ADT Security Corp. (The), 144a, 4.875%, 7/15/32 | 681,563 | ||
1,051,000 | American Axle & Manufacturing, Inc., 6.500%, 4/1/27 | 948,212 | ||
1,056,000 | Amsted Industries, Inc., 144a, 4.625%, 5/15/30 | 900,240 | ||
773,000 | Boeing Co. (The), 5.805%, 5/1/50 | 719,687 | ||
948,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25 | 830,619 | ||
1,236,000 | Cimpress PLC (Ireland), 144a, 7.000%, 6/15/26 | 854,447 | ||
910,000 | Fortress Transportation & Infrastructure Investors LLC, 144a, 6.500%, 10/1/25 | 855,586 | ||
1,699,000 | General Electric Co., Ser D, (3M LIBOR +3.330%), 8.099%(A) | 1,669,170 | ||
1,291,000 | Granite US Holdings Corp., 144a, 11.000%, 10/1/27 | 1,360,391 | ||
2,046,000 | Mohawk Industries, Inc., 3.625%, 5/15/30 | 1,767,731 | ||
1,765,000 | Oshkosh Corp., 3.100%, 3/1/30 | 1,493,152 | ||
1,269,000 | Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC, 144a, 4.000%, 10/15/27 | 1,124,776 | ||
912,000 | Seaspan Corp. (Hong Kong), 144a, 5.500%, 8/1/29 | 691,114 | ||
869,000 | Stericycle, Inc., 144a, 3.875%, 1/15/29 | 758,203 | ||
813,000 | TransDigm, Inc., 144a, 6.250%, 3/15/26 | 801,772 | ||
1,716,000 | Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | 1,523,616 | ||
16,980,279 | ||||
Consumer Discretionary — 7.4% | ||||
1,895,000 | Brunswick Corp., 4.400%, 9/15/32 | 1,605,163 | ||
938,000 | Carriage Services, Inc., 144a, 4.250%, 5/15/29 | 744,466 | ||
995,000 | Churchill Downs, Inc., 144a, 4.750%, 1/15/28 | 890,525 | ||
1,124,000 | Coty, Inc. / HFC Prestige Products, Inc. / HFC Prestige International US LLC, 144a, 4.750%, 1/15/29 | 1,017,220 | ||
1,636,000 | Ferguson Finance PLC, 144a, 4.650%, 4/20/32 | 1,493,839 | ||
315,000 | Ford Motor Co., 4.750%, 1/15/43 | 226,244 | ||
460,000 | Ford Motor Credit Co. LLC, 4.125%, 8/17/27 | 411,700 |
Principal Amount | Market Value | |||
Consumer Discretionary — (Continued) | ||||
$ 730,000 | GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC (United Arab Emirates), 7.125%, 7/31/26 | $ 701,389 | ||
2,794,000 | General Motors Financial Co., Inc., 3.100%, 1/12/32 | 2,197,014 | ||
1,665,000 | GENM Capital Labuan Ltd. (Malaysia), 144a, 3.882%, 4/19/31 | 1,247,426 | ||
1,781,000 | Imperial Brands Finance PLC (United Kingdom), 144a, 3.500%, 7/26/26 | 1,638,807 | ||
983,000 | Royal Caribbean Cruises Ltd., 144a, 5.375%, 7/15/27 | 795,936 | ||
1,629,000 | Toll Brothers Finance Corp., 3.800%, 11/1/29 | 1,392,462 | ||
355,000 | Warnermedia Holdings, Inc., 144a, 4.279%, 3/15/32 | 292,829 | ||
1,636,000 | Warnermedia Holdings, Inc., 144a, 5.141%, 3/15/52 | 1,195,126 | ||
1,076,000 | Wynn Macau Ltd. (Macao), 144a, 4.875%, 10/1/24 | 1,015,892 | ||
16,866,038 | ||||
Energy — 5.7% | ||||
1,222,000 | Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37 | 1,118,188 | ||
1,010,000 | CQP Holdco LP / BIP-V Chinook Holdco LLC, 144a, 5.500%, 6/15/31 | 882,245 | ||
1,200,000 | DCP Midstream Operating LP, 144a, 5.850%, 5/21/43 | 1,170,624 | ||
520,000 | Genesis Energy LP / Genesis Energy Finance Corp., 5.625%, 6/15/24 | 501,797 | ||
171,000 | Genesis Energy LP / Genesis Energy Finance Corp., 6.500%, 10/1/25 | 162,415 | ||
201,000 | Genesis Energy LP / Genesis Energy Finance Corp., 8.000%, 1/15/27 | 189,487 | ||
149,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | 132,620 | ||
903,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 2/1/31 | 778,890 | ||
1,124,000 | MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | 927,115 | ||
405,000 | Mesquite Energy, Inc., 7.250%, 2/15/23 | 5,569 | ||
1,310,000 | Murphy Oil Corp., 6.375%, 7/15/28 | 1,260,942 | ||
1,605,000 | NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | 1,676,836 | ||
784,000 | Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | 654,162 | ||
350,000 | Petroleos Mexicanos (Mexico), 6.375%, 1/23/45 | 216,869 | ||
750,000 | Petroleos Mexicanos (Mexico), 6.625%, 6/15/35 | 544,426 | ||
1,060,000 | Petroleos Mexicanos (Mexico), 6.750%, 9/21/47 | 675,990 | ||
1,110,000 | Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | 1,033,417 | ||
1,185,000 | YPF SA (Argentina), 9.000%, 2/12/26 | 1,134,637 | ||
13,066,229 | ||||
Communication Services — 4.3% | ||||
945,000 | Arches Buyer, Inc., 144a, 4.250%, 6/1/28 | 739,086 | ||
473,000 | Belo Corp., 7.750%, 6/1/27 | 461,766 | ||
1,023,000 | British Telecommunications PLC (United Kingdom), 5.125%, 12/4/28 | 995,122 | ||
809,000 | British Telecommunications PLC (United Kingdom), 144a, 3.250%, 11/8/29 | 691,092 | ||
1,820,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 1,459,849 | ||
1,417,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | 1,283,282 | ||
812,000 | Connect Finco SARL / Connect US Finco LLC (United Kingdom), 144a, 6.750%, 10/1/26 | 752,529 | ||
1,038,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 573,553 | ||
1,056,000 | Gray Escrow II, Inc., 144a, 5.375%, 11/15/31 | 761,006 | ||
1,279,000 | Paramount Global, 4.200%, 5/19/32 | 1,050,508 | ||
814,000 | Stagwell Global, 144a, 5.625%, 8/15/29 | 671,208 | ||
437,000 | TEGNA, Inc., 5.000%, 9/15/29 | 414,626 | ||
9,853,627 |
12
Touchstone Strategic Income Opportunities Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 51.4% (Continued) | ||||
Utilities — 4.3% | ||||
$ 1,636,000 | CMS Energy Corp., 4.750%, 6/1/50 | $ 1,415,074 | ||
1,155,000 | Edison International, 4.125%, 3/15/28 | 1,073,325 | ||
1,075,000 | Edison International, Ser B, 5.000%(A) | 903,000 | ||
850,000 | Eskom Holdings SOC Ltd. (South Africa), 144a, 8.450%, 8/10/28 | 744,265 | ||
554,000 | FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44 | 518,390 | ||
1,750,000 | Minejesa Capital BV (Indonesia), 4.625%, 8/10/30 | 1,531,600 | ||
1,155,000 | Pacific Gas & Electric Co., 2.500%, 2/1/31 | 902,502 | ||
1,110,000 | PPL Capital Funding, Inc., Ser A, (3M LIBOR +2.665%), 7.395%, 3/30/67(B) | 954,045 | ||
2,049,000 | WEC Energy Group, Inc., (3M LIBOR +2.112%), 6.719%, 5/15/67(B) | 1,714,071 | ||
9,756,272 | ||||
Materials — 3.7% | ||||
2,000,000 | Braskem Netherlands Finance BV (Brazil), 144a, 5.875%, 1/31/50 | 1,549,228 | ||
1,502,000 | Celanese US Holdings LLC, 6.165%, 7/15/27 | 1,483,611 | ||
1,700,000 | Freeport Indonesia PT (Indonesia), 144a, 5.315%, 4/14/32 | 1,559,298 | ||
1,750,000 | GCC SAB de CV, 144a, 3.614%, 4/20/32 | 1,456,415 | ||
228,000 | Hudbay Minerals, Inc. (Canada), 144a, 4.500%, 4/1/26 | 207,101 | ||
2,200,000 | Metinvest BV (Ukraine), 144a, 7.750%, 10/17/29 | 1,100,000 | ||
1,270,000 | OCP SA (Morocco), 3.750%, 6/23/31 | 1,061,720 | ||
8,417,373 | ||||
Consumer Staples — 2.6% | ||||
950,000 | Coruripe Netherlands BV (Brazil), 144a, 10.000%, 2/10/27 | 760,000 | ||
1,319,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 6.500%, 12/1/52 | 1,255,116 | ||
1,002,000 | QVC, Inc., 4.375%, 9/1/28 | 598,695 | ||
1,127,000 | Turning Point Brands, Inc., 144a, 5.625%, 2/15/26 | 972,049 | ||
1,500,000 | Ulker Biskuvi Sanayi AS (Turkey), 144a, 6.950%, 10/30/25 | 1,257,675 | ||
1,252,000 | United Rentals North America, Inc., 3.750%, 1/15/32 | 1,021,419 | ||
5,864,954 | ||||
Health Care — 2.0% | ||||
1,259,000 | CVS Health Corp., 5.050%, 3/25/48 | 1,135,733 | ||
860,000 | Medline Borrower LP, 144a, 3.875%, 4/1/29 | 692,197 | ||
1,401,000 | Mylan, Inc., 4.550%, 4/15/28 | 1,300,036 | ||
862,000 | Pediatrix Medical Group, Inc., 144a, 5.375%, 2/15/30† | 749,051 | ||
860,000 | US Acute Care Solutions LLC, 144a, 6.375%, 3/1/26 | 763,184 | ||
4,640,201 | ||||
Real Estate — 1.6% | ||||
860,000 | Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/27 | 790,856 | ||
1,000,000 | Logan Group Co. Ltd. (China), 7.500%, 8/25/23 | 219,800 | ||
992,000 | RHP Hotel Properties LP / RHP Finance Corp. REIT, 144a, 4.500%, 2/15/29 | 855,693 | ||
1,681,000 | SBA Tower Trust REIT, 144a, 6.599%, 1/15/28 | 1,686,334 | ||
3,552,683 | ||||
Information Technology — 1.0% | ||||
904,000 | Clarivate Science Holdings Corp., 144a, 4.875%, 7/1/29 | 768,717 | ||
1,326,000 | Micron Technology, Inc., 2.703%, 4/15/32 | 999,570 | ||
586,000 | Micron Technology, Inc., 6.750%, 11/1/29 | 597,285 | ||
2,365,572 | ||||
Total Corporate Bonds | $117,077,078 | |||
Asset-Backed Securities — 16.1% | ||||
2,000,000 | AB BSL CLO 3, Ltd. (Cayman Islands), Ser 2021-3A, Class D, 144a, (3M LIBOR +3.200%), 7.443%, 10/20/34(B) | 1,820,462 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 16.1% (Continued) | ||||
$ 4,267,750 | AB Issuer LLC, Ser 2021-1, Class A2, 144a, 3.734%, 7/30/51 | $ 3,401,478 | ||
3,750,000 | Birch Grove CLO 2, Ltd. (Cayman Islands), Ser 2021-2A, Class C, 144a, (3M LIBOR +2.250%), 6.477%, 10/19/34(B) | 3,466,710 | ||
3,940,000 | Hardee's Funding LLC, Ser 2021-1A, Class A2, 144a, 2.865%, 6/20/51 | 3,138,848 | ||
2,100,000 | Medalist Partners Corporate Finance CLO VI, Ltd. (Cayman Islands), Ser 2020-1A, Class B, 144a, (3M LIBOR +2.700%), 6.779%, 4/17/33(B) | 1,945,308 | ||
3,750,000 | Mill City Mortgage Loan Trust, Ser 2017-2, Class B2, 144a, 3.911%, 7/25/59(B)(C) | 3,194,102 | ||
4,925,000 | Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | 3,938,380 | ||
3,750,000 | New Mountain CLO 3, Ltd. (Cayman Islands), Ser CLO-3A, Class C, 144a, (3M LIBOR +2.100%), 6.343%, 10/20/34(B) | 3,487,339 | ||
2,250,000 | Palmer Square CLO, Ltd. (Cayman Islands), Ser 2021-4A, Class D, 144a, (3M LIBOR +2.950%), 7.029%, 10/15/34(B) | 2,106,405 | ||
3,717,000 | STWD, Ltd. (Cayman Islands), Ser 2021-FL2, Class D, 144a, (1M LIBOR +2.800%), 7.126%, 4/18/38(B) | 3,386,376 | ||
3,300,000 | TRTX Issuer, Ltd. (Cayman Islands), Ser 2019-FL3, Class C, 144a, (SOFR30A +2.214%), 6.540%, 10/15/34(B) | 3,217,541 | ||
3,750,000 | Whitebox CLO I, Ltd. (Cayman Islands), Ser 2019-1A, Class BR, 144a, (3M LIBOR +2.050%), 6.375%, 7/24/32(B) | 3,522,079 | ||
Total Asset-Backed Securities | $36,625,028 | |||
U.S. Treasury Obligations — 11.9% | ||||
2,965,396 | U.S. Treasury Bond, 0.125%, 2/15/52 | 1,920,209 | ||
9,110,000 | U.S. Treasury Bond, 2.375%, 2/15/42 | 7,005,448 | ||
11,000,000 | U.S. Treasury Note, 0.500%, 11/30/23 | 10,583,203 | ||
8,260,000 | U.S. Treasury Note, 2.750%, 8/15/32 | 7,548,866 | ||
Total U.S. Treasury Obligations | $27,057,726 |
Shares | ||||
Common Stocks — 5.3% | ||||
Financials — 1.5% | ||||
25,150 | Bank of America Corp. | 832,968 | ||
2,465 | Goldman Sachs Group, Inc. (The) | 846,432 | ||
44 | Hi-Crush, Inc.(D) | 1,717,459 | ||
3,396,859 | ||||
Industrials — 0.9% | ||||
1,920 | Lockheed Martin Corp. | 934,061 | ||
9,710 | Raytheon Technologies Corp. | 979,933 | ||
1,913,994 | ||||
Information Technology — 0.8% | ||||
6,349 | International Business Machines Corp. | 894,511 | ||
5,357 | Texas Instruments, Inc. | 885,083 | ||
1,779,594 | ||||
Materials — 0.6% | ||||
39,560 | Covia | 514,280 | ||
13,541 | DuPont de Nemours, Inc. | 929,319 | ||
1,443,599 | ||||
Consumer Staples — 0.4% | ||||
9,741 | Philip Morris International, Inc. | 985,886 | ||
Health Care — 0.4% | ||||
5,552 | Johnson & Johnson | 980,761 |
13
Touchstone Strategic Income Opportunities Fund (Unaudited) (Continued)
Shares | MarketValue | |||
Common Stocks — 5.3% (Continued) | ||||
Energy — 0.4% | ||||
8,379 | Exxon Mobil Corp. | $ 924,204 | ||
Communication Services — 0.3% | ||||
41,944 | AT&T, Inc. | 772,189 | ||
Total Common Stocks | $12,197,086 |
Principal Amount | ||||
Sovereign Government Obligations — 4.9% | ||||
$ 1,350,000 | Angolan Government International Bond, 144a, 8.000%, 11/26/29 | 1,182,006 | ||
1,222,000 | Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | 931,907 | ||
1,177,000 | Chile Government International Bond, 3.100%, 5/7/41 | 843,881 | ||
1,295,000 | Colombia Government International Bond, 3.125%, 4/15/31 | 961,523 | ||
320,000 | Colombia Government International Bond, 10.375%, 1/28/33 | 352,400 | ||
1,350,000 | Dominican Republic International Bond, 4.875%, 9/23/32 | 1,120,601 | ||
1,530,000 | Ecuador Government International Bond, 144a, 2.500%, 7/31/35 | 703,399 | ||
657,000 | Ecuador Government International Bond, 144a, 5.500%, 7/31/30 | 422,167 | ||
1,350,000 | Egypt Government International Bond, 8.500%, 1/31/47 | 897,313 | ||
955,000 | Gabon Government International Bond, 144a, 6.625%, 2/6/31 | 779,758 | ||
1,350,000 | Ghana Government International Bond, 144a, 8.627%, 6/16/49 | 465,075 | ||
1,000,000 | Nigeria Government International Bond, 144a, 7.625%, 11/28/47 | 641,620 | ||
985,000 | Republic of Uzbekistan International Bond, 144a, 3.700%, 11/25/30 | 822,995 | ||
1,200,000 | Serbia International Bond, 2.125%, 12/1/30 | 860,640 | ||
200,000 | Ukraine Government International Bond, 144a, 7.253%, 3/15/35 | 35,997 | ||
1,020,000 | Ukraine Government International Bond, 7.253%, 3/15/35 | 183,586 | ||
Total Sovereign Government Obligations | $11,204,868 | |||
Commercial Mortgage-Backed Securities — 4.0% | ||||
4,500,000 | BX Commercial Mortgage Trust, Ser 2020-VIV2, Class C, 144a, 3.542%, 3/9/44(B)(C) | 3,525,339 | ||
5,000,000 | CGMS Commercial Mortgage Trust, Ser 2017-B1, Class D, 144a, 3.000%, 8/15/50 | 3,525,857 | ||
2,202,000 | GS Mortgage Securities Corp. Trust, Ser 2017-SLP, Class E, 144a, 4.591%, 10/10/32(B)(C) | 2,096,349 | ||
Total Commercial Mortgage-Backed Securities | $9,147,545 | |||
Non-Agency Collateralized Mortgage Obligations — 2.9% | ||||
1,405,000 | Connecticut Avenue Securities Trust, Ser 2022-R04, Class 1M2, 144a, (SOFR30A +3.100%), 7.028%, 3/25/42(B) | 1,399,747 | ||
3,250,000 | Freddie Mac STACR REMIC Trust, Ser 2022-DNA3, Class M1B, 144a, (SOFR30A +2.900%), 6.828%, 4/25/42(B) | 3,211,432 | ||
2,375,000 | Towd Point Mortgage Trust, Ser 2015-2, Class 1B3, 144a, 3.436%, 11/25/60(B)(C) | 1,950,565 | ||
Total Non-Agency Collateralized Mortgage Obligations | $6,561,744 |
Shares | MarketValue | |||
Preferred Stocks — 0.9% | ||||
Financials — 0.9% | ||||
95,203 | First Republic Bank, Ser K, 4.125%(A) | $ 1,523,248 | ||
31,753 | US Bancorp, Ser L, 3.750%(A) | 492,171 | ||
Total Preferred Stocks | $2,015,419 |
Principal Amount | ||||
Agency Collateralized Mortgage Obligations — 0.5% | ||||
$25,184,591 | FRESB Mortgage Trust, Ser 2020-SB78, Class X1, 1.137%, 6/25/40(B)(C)(E) | 1,118,002 |
Number of Rights | ||||
Rights — 0.0% | ||||
Energy — 0.0% | ||||
27,942 | Vistra Energy Corp. Tax Return Rights, 12/6/26* | 33,530 |
Shares | ||||
Short-Term Investment Funds — 1.4% | ||||
2,896,551 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 2,896,551 | ||
214,599 | Invesco Government & Agency Portfolio, Institutional Class, 4.22%∞Ω** | 214,599 | ||
Total Short-Term Investment Funds | $3,111,150 | |||
Total Investment Securities—99.3% (Cost $258,371,733) | $226,149,176 | |||
Other Assets in Excess of Liabilities — 0.7% | 1,640,567 | |||
Net Assets — 100.0% | $227,789,743 |
(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 December 31, 2022. |
(C) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(D) | Level 3- For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments. |
(E) | Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding. |
* | Non-income producing security. |
** | Represents collateral for securities loaned. |
† | All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2022 was $200,732. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2022. |
Portfolio Abbreviations: |
CLO – Collateralized Loan Obligation |
FRESB – Freddie Mac Multifamily Securitization Small Balance Loan |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LP – Limited Partnership |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
REMIC – Real Estate Mortgage Investment Conduit |
SOC – State-Owned Company |
SOFR30A – Secured Overnight Financing Rate 30 Day Average |
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 December 31, 2022, these securities were valued at $110,959,370 or 48.7% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
14
Touchstone Strategic Income Opportunities 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 |
Corporate Bonds | $— | $117,077,078 | $— | $117,077,078 |
Asset-Backed Securities | — | 36,625,028 | — | 36,625,028 |
U.S. Treasury Obligations | — | 27,057,726 | — | 27,057,726 |
Common Stocks | 9,965,347 | 514,280 | 1,717,459 | 12,197,086 |
Sovereign Government Obligations | — | 11,204,868 | — | 11,204,868 |
Commercial Mortgage-Backed Securities | — | 9,147,545 | — | 9,147,545 |
Non-Agency Collateralized Mortgage Obligations | — | 6,561,744 | — | 6,561,744 |
Preferred Stocks | 2,015,419 | — | — | 2,015,419 |
Agency Collateralized Mortgage Obligations | — | 1,118,002 | — | 1,118,002 |
Rights | — | 33,530 | — | 33,530 |
Short-Term Investment Funds | 3,111,150 | — | — | 3,111,150 |
Total | $15,091,916 | $209,339,801 | $1,717,459 | $226,149,176 |
Measurements Using Unobservable Inputs (Level 3) | |
Assets | Common Stocks |
Beginning balance, March 31, 2022 | $22,379 |
Change in unrealized appreciation (depreciation) | 1,695,080 |
Ending balance, December 31, 2022 | $1,717,459 |
Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at December 31, 2022 | $1,695,080 |
Common Stocks | Fair Value | Valuation Technique | Unobservable Input |
Hi-Crush, Inc. | 1,717,459 | Market Value | N/A |
15
Notes to Portfolios of Investments
December 31, 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 December 31, 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, credit quality and/or sector allocation. The Strategic Income Opportunities Fund held Level 3 categorized securities during the period ended December 31, 2022. Refer to the Portfolio of Investments for a reconciliation of Level 3 holdings.
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.
16
Notes to Portfolios of Investments (Unaudited) (Continued)
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.
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.
17