Portfolio of Investments
Touchstone Active Bond Fund – June 30, 2022 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 41.2% | ||||
Financials — 12.1% | ||||
$ 1,500,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.450%, 10/29/26 | $ 1,307,869 | ||
1,104,000 | Allstate Corp. (The), 1.450%, 12/15/30 | 879,451 | ||
833,000 | American Financial Group, Inc., 5.250%, 4/2/30 | 837,216 | ||
1,216,000 | Ares Capital Corp., 3.250%, 7/15/25 | 1,125,209 | ||
200,000 | Banco Nacional de Panama (Panama), 144a, 2.500%, 8/11/30 | 158,750 | ||
1,158,000 | Bank of America Corp., 2.687%, 4/22/32 | 974,764 | ||
873,000 | Bank of America Corp., 3.705%, 4/24/28 | 833,579 | ||
1,158,000 | Bank of America Corp., MTN, 4.000%, 1/22/25 | 1,153,781 | ||
1,038,000 | Bank of Montreal (Canada), 3.803%, 12/15/32 | 963,642 | ||
1,410,000 | Bank of Nova Scotia (The) (Canada), Ser 2, 3.625%, 10/27/81 | 1,067,621 | ||
1,282,000 | Barclays PLC (United Kingdom), 2.894%, 11/24/32 | 1,033,316 | ||
709,000 | Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | 657,167 | ||
503,000 | BNP Paribas SA (France), 144a, 4.625%, 3/13/27 | 492,990 | ||
1,283,000 | Charles Schwab Corp. (The), 5.000%(A) | 1,148,989 | ||
1,290,000 | Citigroup, Inc., 0.981%, 5/1/25 | 1,209,537 | ||
770,000 | Citigroup, Inc., 3.200%, 10/21/26 | 733,648 | ||
494,000 | Citigroup, Inc., 4.750%, 5/18/46 | 443,542 | ||
1,187,000 | Cooperatieve Rabobank UA (Netherlands), 144a, 1.106%, 2/24/27 | 1,048,250 | ||
1,676,000 | Corestates Capital III, 144a, (3M LIBOR +0.570%), 1.981%, 2/15/27(B) | 1,553,671 | ||
1,034,000 | Credit Suisse AG (Switzerland), 3.700%, 2/21/25 | 1,011,811 | ||
1,376,000 | Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | 1,145,471 | ||
1,865,000 | Goldman Sachs Group, Inc. (The), 3.615%, 3/15/28 | 1,767,556 | ||
608,000 | Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | 577,399 | ||
833,000 | HSBC Holdings PLC (United Kingdom), 3.900%, 5/25/26 | 815,091 | ||
1,327,000 | Huntington Bancshares, Inc., 2.550%, 2/4/30 | 1,137,674 | ||
1,447,000 | JPMorgan Chase & Co., 2.956%, 5/13/31 | 1,252,315 | ||
1,113,000 | JPMorgan Chase & Co., 3.509%, 1/23/29 | 1,042,732 | ||
1,069,000 | Lloyds Banking Group PLC (United Kingdom), 3.574%, 11/7/28 | 1,001,811 | ||
1,410,000 | Mastercard, Inc., 2.000%, 11/18/31 | 1,192,022 | ||
1,106,000 | Morgan Stanley, 3.950%, 4/23/27 | 1,073,440 | ||
750,000 | Morgan Stanley, 5.297%, 4/20/37 | 728,221 | ||
1,370,000 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | 1,144,305 | ||
1,372,000 | PNC Capital Trust, (3M LIBOR +0.570%), 2.150%, 6/1/28(B) | 1,275,948 | ||
1,263,000 | Prudential Financial, Inc., 5.125%, 3/1/52 | 1,165,938 | ||
1,348,000 | Toronto-Dominion Bank (The) (Canada), MTN, 1.150%, 6/12/25† | 1,244,858 | ||
2,158,000 | Truist Bank, Ser A, (3M LIBOR +0.670%), 2.080%, 5/15/27(B) | 1,985,361 | ||
37,184,945 | ||||
Consumer Discretionary — 4.3% | ||||
1,493,000 | BAT Capital Corp. (United Kingdom), 3.557%, 8/15/27 | 1,367,921 | ||
802,000 | Brunswick Corp., 4.400%, 9/15/32 | 694,879 | ||
764,000 | Ford Motor Co., 3.250%, 2/12/32 | 566,525 | ||
615,000 | Ford Motor Credit Co. LLC, 3.664%, 9/8/24 | 586,458 | ||
1,715,000 | General Motors Financial Co., Inc., 3.100%, 1/12/32 | 1,382,275 | ||
643,000 | General Motors Financial Co., Inc., 4.350%, 4/9/25 | 635,619 | ||
528,000 | General Motors Financial Co., Inc., 5.650%, 1/17/29 | 527,718 | ||
200,000 | Genm Capital Labuan Ltd. (Malaysia), 144a, 3.882%, 4/19/31 | 158,698 | ||
645,000 | Home Depot, Inc. (The), 5.950%, 4/1/41 | 736,713 | ||
1,068,000 | Hyundai Capital America, 144a, 2.650%, 2/10/25 | 1,019,578 | ||
1,274,000 | Lowe's Cos., Inc., 4.500%, 4/15/30 | 1,261,797 | ||
792,000 | Magallanes, Inc., 144a, 4.279%, 3/15/32 | 710,403 |
Principal Amount | Market Value | |||
Consumer Discretionary — (Continued) | ||||
$ 792,000 | Magallanes, Inc., 144a, 5.141%, 3/15/52 | $ 669,117 | ||
1,842,000 | Procter & Gamble Co. (The), 1.200%, 10/29/30 | 1,508,262 | ||
200,000 | Prosus NV (China), 144a, 3.257%, 1/19/27 | 174,051 | ||
1,326,000 | Toll Brothers Finance Corp., 3.800%, 11/1/29 | 1,126,921 | ||
13,126,935 | ||||
Industrials — 4.1% | ||||
200,000 | Aeropuerto Internacional de Tocumen SA (Panama), 144a, 4.000%, 8/11/41 | 162,659 | ||
1,094,000 | Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | 899,226 | ||
748,000 | Boeing Co. (The), 5.805%, 5/1/50 | 692,177 | ||
899,000 | Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | 990,464 | ||
200,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25 | 173,884 | ||
730,000 | Carrier Global Corp., 3.577%, 4/5/50 | 556,108 | ||
1,422,000 | CNH Industrial Capital LLC, 1.450%, 7/15/26 | 1,257,430 | ||
1,034,000 | FedEx Corp., 5.100%, 1/15/44 | 1,000,533 | ||
1,123,000 | John Deere Capital Corp., MTN, 2.450%, 1/9/30 | 1,007,670 | ||
300,000 | Misc Capital Two Labuan Ltd. (Malaysia), 144a, 3.625%, 4/6/25 | 292,128 | ||
1,023,000 | Mohawk Industries, Inc., 3.625%, 5/15/30 | 914,957 | ||
923,000 | Norfolk Southern Corp., 4.837%, 10/1/41 | 906,599 | ||
1,228,000 | Parker-Hannifin Corp., 4.250%, 9/15/27 | 1,223,530 | ||
795,000 | Roper Technologies, Inc., 2.950%, 9/15/29 | 703,759 | ||
375,000 | Transnet SOC Ltd. (South Africa), 144a, 4.000%, 7/26/22 | 357,637 | ||
1,588,000 | Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | 1,397,798 | ||
12,536,559 | ||||
Energy — 3.9% | ||||
1,010,000 | Boardwalk Pipelines LP, 4.800%, 5/3/29 | 980,522 | ||
712,000 | Canadian Natural Resources Ltd. (Canada), 6.250%, 3/15/38 | 755,677 | ||
832,000 | Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37 | 815,702 | ||
753,000 | Continental Resources, Inc., 144a, 5.750%, 1/15/31 | 725,659 | ||
220,000 | Ecopetrol SA (Colombia), 5.875%, 11/2/51 | 143,407 | ||
320,000 | Ecopetrol SA (Colombia), 6.875%, 4/29/30 | 282,880 | ||
300,000 | EIG Pearl Holdings Sarl (Saudi Arabia), 144a, 3.545%, 8/31/36 | 255,750 | ||
200,000 | EIG Pearl Holdings Sarl (Saudi Arabia), 144a, 4.387%, 11/30/46 | 158,035 | ||
1,268,000 | Energy Transfer LP, 4.150%, 9/15/29 | 1,163,151 | ||
200,000 | FS Luxembourg Sarl (Brazil), 144a, 10.000%, 12/15/25 | 201,621 | ||
350,000 | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates), 144a, 2.625%, 3/31/36 | 283,376 | ||
150,000 | Heritage Petroleum Co. Ltd. (Trinidad and Tobago), 144a, 9.000%, 8/12/29 | 153,938 | ||
300,000 | KazMunayGas National Co. JSC (Kazakhstan), 144a, 4.750%, 4/19/27 | 265,728 | ||
200,000 | KazMunayGas National Co. JSC (Kazakhstan), 144a, 5.750%, 4/19/47 | 152,928 | ||
601,000 | MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | 477,609 | ||
912,000 | Midwest Connector Capital Co. LLC, 144a, 3.900%, 4/1/24 | 895,629 | ||
799,000 | NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | 872,321 | ||
300,000 | Oil and Gas Holding Co. BSCC (The) (Bahrain), 144a, 7.500%, 10/25/27 | 302,316 | ||
200,000 | Petroleos del Peru SA (Peru), 144a, 4.750%, 6/19/32 | 154,350 | ||
200,000 | Petroleos del Peru SA (Peru), 144a, 5.625%, 6/19/47 | 135,000 | ||
375,000 | Petroleos Mexicanos (Mexico), 6.625%, 6/15/35 | 255,986 | ||
403,000 | Petroleos Mexicanos (Mexico), 6.700%, 2/16/32 | 307,287 | ||
250,000 | Petroleos Mexicanos (Mexico), 6.750%, 9/21/47 | 154,375 |
1
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 41.2% (Continued) | ||||
Energy — (Continued) | ||||
$ 301,000 | Petroleos Mexicanos (Mexico), 7.690%, 1/23/50 | $ 203,927 | ||
380,000 | Petronas Capital Ltd. (Malaysia), 144a, 2.480%, 1/28/32 | 323,376 | ||
400,000 | Qatar Petroleum (Qatar), 144a, 3.125%, 7/12/41 | 313,400 | ||
250,000 | SA Global Sukuk Ltd. (Saudi Arabia), 144a, 2.694%, 6/17/31 | 219,450 | ||
200,000 | Sinopec Group Overseas Development 2018 Ltd. (China), 144a, 3.350%, 5/13/50 | 149,708 | ||
668,000 | Valero Energy Corp., 4.000%, 6/1/52 | 536,353 | ||
350,000 | YPF, SA (Argentina), 144a, 6.950%, 7/21/27 | 198,625 | ||
11,838,086 | ||||
Utilities — 3.2% | ||||
199,461 | Alfa Desarrollo SpA (Chile), 144a, 4.550%, 9/27/51 | 143,113 | ||
1,152,000 | CMS Energy Corp., 4.750%, 6/1/50 | 1,009,406 | ||
825,000 | Duke Energy Progress LLC, 4.150%, 12/1/44 | 741,655 | ||
819,000 | Edison International, 4.125%, 3/15/28 | 764,770 | ||
1,068,000 | Electricite de France SA (France), 144a, 4.875%, 9/21/38 | 949,236 | ||
200,000 | Eskom Holdings SOC Ltd. (South Africa), 144a, 7.125%, 2/11/25 | 168,164 | ||
1,038,000 | FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44 | 968,939 | ||
250,000 | Minejesa Capital BV (Indonesia), 4.625%, 8/10/30 | 223,975 | ||
200,000 | NPC Ukrenergo (Ukraine), 144a, 6.875%, 11/9/26 | 49,788 | ||
1,281,000 | Ohio Power Co., Ser R, 2.900%, 10/1/51 | 922,651 | ||
1,409,000 | Pacific Gas and Electric Co., 3.500%, 8/1/50 | 947,102 | ||
988,000 | PacifiCorp., 5.750%, 4/1/37 | 1,049,117 | ||
200,000 | Perusahaan Listrik Negara PT (Indonesia), 144a, 4.875%, 7/17/49 | 155,500 | ||
2,199,000 | WEC Energy Group, Inc., (3M LIBOR +2.112%), 3.524%, 5/15/67(B) | 1,697,474 | ||
9,790,890 | ||||
Communication Services — 2.8% | ||||
1,000,000 | AT&T, Inc., 3.850%, 6/1/60 | 778,505 | ||
700,000 | AT&T, Inc., 4.500%, 5/15/35 | 665,859 | ||
1,340,000 | British Telecommunications PLC (United Kingdom), 144a, 3.250%, 11/8/29 | 1,198,002 | ||
1,081,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | 1,053,452 | ||
899,000 | Comcast Corp., 4.000%, 3/1/48 | 786,683 | ||
1,587,000 | Netflix, Inc., 6.375%, 5/15/29 | 1,595,094 | ||
512,000 | Paramount Global, 4.950%, 5/19/50 | 432,006 | ||
1,325,000 | T-Mobile USA, Inc., 3.875%, 4/15/30 | 1,239,940 | ||
1,246,000 | Verizon Communications, Inc., 2.987%, 10/30/56 | 871,734 | ||
8,621,275 | ||||
Health Care — 2.6% | ||||
927,000 | AbbVie, Inc., 4.450%, 5/14/46 | 846,297 | ||
1,038,000 | Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | 829,648 | ||
848,000 | Becton Dickinson and Co., 4.685%, 12/15/44 | 787,316 | ||
966,000 | CommonSpirit Health, 4.187%, 10/1/49 | 816,293 | ||
883,000 | CVS Health Corp., 5.125%, 7/20/45 | 854,759 | ||
1,180,000 | DH Europe Finance II Sarl, 3.250%, 11/15/39 | 983,522 | ||
670,000 | HCA Inc., 5.375%, 9/1/26 | 664,362 | ||
1,042,000 | Mylan, Inc., 4.550%, 4/15/28 | 994,976 | ||
1,214,000 | UnitedHealth Group, Inc., 3.500%, 8/15/39 | 1,063,397 | ||
7,840,570 | ||||
Consumer Staples — 2.5% | ||||
1,401,000 | 7-Eleven, Inc., 144a, 0.950%, 2/10/26 | 1,237,406 | ||
1,358,000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | 1,283,569 |
Principal Amount | Market Value | |||
Consumer Staples — (Continued) | ||||
$ 1,125,000 | Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | $ 1,017,066 | ||
200,000 | Coruripe Netherlands BV (Brazil), 144a, 10.000%, 2/10/27 | 172,010 | ||
1,410,000 | JBS Finance Luxembourg Sarl, 144a, 2.500%, 1/15/27 | 1,223,513 | ||
447,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 4.375%, 2/2/52 | 316,127 | ||
717,000 | Kroger Co. (The), 5.000%, 4/15/42 | 696,201 | ||
1,065,000 | Mars, Inc., 144a, 3.875%, 4/1/39 | 967,206 | ||
756,000 | Starbucks Corp., 3.350%, 3/12/50 | 575,767 | ||
400,000 | Ulker Biskuvi Sanayi AS (Turkey), 144a, 6.950%, 10/30/25 | 307,040 | ||
7,795,905 | ||||
Information Technology — 2.3% | ||||
729,000 | Apple, Inc., 4.650%, 2/23/46 | 754,142 | ||
1,588,000 | Broadcom, Inc., 4.150%, 11/15/30 | 1,458,479 | ||
1,351,000 | Microchip Technology, Inc., 0.983%, 9/1/24 | 1,261,043 | ||
535,000 | Microsoft Corp., 3.500%, 2/12/35 | 514,445 | ||
987,000 | NXP BV / NXP Funding LLC (China), 5.350%, 3/1/26 | 1,006,803 | ||
444,000 | Oracle Corp., 3.600%, 4/1/40 | 332,301 | ||
723,000 | Visa, Inc., 4.150%, 12/14/35 | 721,192 | ||
1,248,000 | VMware, Inc., 1.400%, 8/15/26 | 1,105,550 | ||
7,153,955 | ||||
Real Estate — 2.2% | ||||
1,119,000 | Crown Castle International Corp. REIT, 3.650%, 9/1/27 | 1,057,741 | ||
954,000 | Equinix, Inc. REIT, 2.900%, 11/18/26 | 887,774 | ||
1,244,000 | Host Hotels & Resorts LP REIT, Ser F, 4.500%, 2/1/26 | 1,223,695 | ||
1,150,000 | Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | 1,047,000 | ||
200,000 | Logan Group Co. Ltd. (China), 5.250%, 2/23/23 | 40,050 | ||
525,000 | Mid-America Apartments LP REIT, 3.750%, 6/15/24 | 523,573 | ||
800,000 | Sabra Health Care LP REIT, 5.125%, 8/15/26 | 779,332 | ||
406,000 | STORE Capital Corp. REIT, 4.500%, 3/15/28 | 396,659 | ||
828,000 | STORE Capital Corp. REIT, 4.625%, 3/15/29 | 809,414 | ||
6,765,238 | ||||
Materials — 1.2% | ||||
773,000 | Braskem America Finance Co. (Brazil), 144a, 7.125%, 7/22/41 | 724,562 | ||
200,000 | Braskem Idesa SAPI (Mexico), 144a, 6.990%, 2/20/32 | 154,388 | ||
421,000 | Braskem Netherlands Finance BV (Brazil), 144a, 5.875%, 1/31/50 | 332,552 | ||
200,000 | Braskem Netherlands Finance BV (Brazil), 144a, 4.500%, 1/10/28 | 179,650 | ||
200,000 | Freeport Indonesia PT (Indonesia), 144a, 4.763%, 4/14/27 | 191,400 | ||
200,000 | Freeport Indonesia PT (Indonesia), 144a, 5.315%, 4/14/32 | 181,300 | ||
200,000 | Indonesia Asahan Aluminium Persero PT (Indonesia), 144a, 5.800%, 5/15/50 | 161,024 | ||
200,000 | Indonesia Asahan Aluminium Persero PT (Indonesia), 6.757%, 11/15/48 | 180,500 | ||
200,000 | Metinvest BV (Ukraine), 144a, 7.750%, 10/17/29 | 109,000 | ||
200,000 | OCP SA (Morocco), 144a, 5.125%, 6/23/51 | 132,255 | ||
300,000 | Sasol Financing USA LLC (South Africa), 5.500%, 3/18/31 | 230,850 | ||
914,000 | Sherwin-Williams Co. (The), 4.500%, 6/1/47 | 813,792 | ||
200,000 | Stillwater Mining Co. (South Africa), 144a, 4.500%, 11/16/29 | 158,000 | ||
3,549,273 | ||||
Total Corporate Bonds | $126,203,631 |
2
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
U.S. Treasury Obligations — 20.0% | ||||
$ 1,035,000 | U.S. Treasury Bond, 1.750%, 8/15/41 | $ 791,977 | ||
6,920,000 | U.S. Treasury Bond, 2.250%, 2/15/52 | 5,743,600 | ||
14,925,000 | U.S. Treasury Bond, 2.375%, 2/15/42 | 12,725,895 | ||
2,000,000 | U.S. Treasury Bond, 3.000%, 5/15/42 | 1,884,609 | ||
6,444,265 | U.S. Treasury Inflation Indexed Bond, 0.125%, 2/15/52 | 5,118,492 | ||
15,220,000 | U.S. Treasury Note, 0.250%, 10/31/25 | 13,885,277 | ||
14,045,000 | U.S. Treasury Note, 0.750%, 5/31/26 | 12,867,085 | ||
5,500,000 | U.S. Treasury Note, 1.125%, 2/15/31 | 4,737,734 | ||
3,800,000 | U.S. Treasury Note, 1.875%, 2/15/32 | 3,452,063 | ||
Total U.S. Treasury Obligations | $61,206,732 | |||
Commercial Mortgage-Backed Securities — 9.9% | ||||
1,000,000 | Austin Fairmont Hotel Trust, Ser 2019-FAIR, Class C, 144a, (1M LIBOR +1.450%), 2.774%, 9/15/32(B) | 964,779 | ||
500,000 | BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | 491,484 | ||
970,000 | BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | 851,410 | ||
1,230,000 | BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55 | 1,105,726 | ||
930,000 | BBCMS Mortgage Trust, Ser 2021-C11, Class A5, 2.322%, 9/15/54 | 791,599 | ||
2,745,000 | BBCMS Mortgage Trust, Ser 2021-C12, Class A5, 2.689%, 11/15/54 | 2,403,471 | ||
720,000 | BBCMS Mortgage Trust, Ser 2022-C14, Class A5, 2.946%, 2/15/55 | 643,525 | ||
1,000,000 | BPR Trust, Ser 2021-KEN, Class B, 144a, (1M LIBOR +1.950%), 3.274%, 2/15/29(B) | 986,648 | ||
830,000 | Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | 740,530 | ||
1,234,572 | COMM Mortgage Trust, Ser 2014-CR14, Class A2, 3.147%, 2/10/47 | 1,228,272 | ||
1,315,000 | COMM Mortgage Trust, Ser 2015-DC1, Class A5, 3.350%, 2/10/48 | 1,286,544 | ||
1,600,000 | CSMC, Ser 2021-B33, Class A1, 144a, 3.052%, 10/10/43 | 1,439,467 | ||
580,000 | DBUBS Mortgage Trust, Ser 2017-BRBK, Class B, 144a, 3.648%, 10/10/34(B)(C) | 560,150 | ||
550,000 | Eleven Madison Trust Mortgage Trust, Ser 2015-11MD, Class C, 144a, 3.673%, 9/10/35(B)(C) | 514,099 | ||
595,000 | GS Mortgage Securities Corp. II, Ser 2017-SLP, Class B, 144a, 3.772%, 10/10/32 | 592,735 | ||
750,000 | GS Mortgage Securities Corp. Trust, Ser 2020-UPTN, Class E, 144a, 3.354%, 2/10/37 | 666,133 | ||
1,750,000 | GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.659%, 1/10/43(B)(C) | 1,578,584 | ||
1,325,000 | GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | 1,153,992 | ||
765,000 | HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (1M LIBOR +1.450%), 2.774%, 10/15/36(B) | 737,281 | ||
3,000,000 | Hudson Yards Mortgage Trust, Ser 2016-10HY, Class A, 144a, 2.835%, 8/10/38 | 2,778,693 | ||
528,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2016-NINE, Class B, 144a, 2.949%, 9/6/38(B)(C) | 477,421 | ||
2,755,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | 2,652,178 | ||
1,200,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (1M LIBOR +1.27%), 2.594%, 11/15/35(B) | 1,183,741 | ||
290,540 | Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C5, Class B, 4.443%, 8/15/45(B)(C) | 290,267 | ||
1,210,000 | Morgan Stanley Capital I Trust, Ser 2018-H3, Class AS, 4.177%, 7/15/51 | 1,197,295 |
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 9.9% (Continued) | ||||
$ 2,380,000 | Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | $ 2,182,796 | ||
695,000 | WFRBS Commercial Mortgage Trust, Ser 2013-C12, Class B, 3.863%, 3/15/48(B)(C) | 690,111 | ||
Total Commercial Mortgage-Backed Securities | $30,188,931 | |||
U.S. Government Mortgage-Backed Obligations — 8.2% | ||||
50,035 | FHLMC, Pool #1Q0339, (12M LIBOR +1.889%), 2.768%, 4/1/37(B) | 51,131 | ||
7,618 | FHLMC, Pool #A12886, 5.000%, 8/1/33 | 7,996 | ||
47,793 | FHLMC, Pool #A13842, 6.000%, 9/1/33 | 50,372 | ||
4,956 | FHLMC, Pool #A21415, 5.000%, 5/1/34 | 5,220 | ||
11,016 | FHLMC, Pool #A35682, 5.000%, 7/1/35 | 11,618 | ||
5,158 | FHLMC, Pool #A36523, 5.000%, 8/1/35 | 5,336 | ||
19,348 | FHLMC, Pool #A46590, 5.000%, 8/1/35 | 19,803 | ||
2,601 | FHLMC, Pool #A64971, 5.500%, 8/1/37 | 2,798 | ||
1,645,519 | FHLMC, Pool #A89148, 4.000%, 10/1/39 | 1,667,807 | ||
46,573 | FHLMC, Pool #A96485, 4.500%, 1/1/41 | 48,051 | ||
275,176 | FHLMC, Pool #A97897, 4.500%, 4/1/41 | 284,663 | ||
14,557 | FHLMC, Pool #C62740, 7.000%, 1/1/32 | 15,341 | ||
12,009 | FHLMC, Pool #C72254, 6.500%, 7/1/32 | 12,675 | ||
17,498 | FHLMC, Pool #C90986, 7.000%, 6/1/26 | 17,940 | ||
8,460 | FHLMC, Pool #G02184, 5.000%, 4/1/36 | 8,911 | ||
1,479,794 | FHLMC, Pool #G05624, 4.500%, 9/1/39 | 1,530,783 | ||
138,594 | FHLMC, Pool #G05733, 5.000%, 11/1/39 | 146,158 | ||
38,282 | FHLMC, Pool #J13584, 3.500%, 11/1/25 | 38,197 | ||
3,093,145 | FHLMC REMIC, Pool #QD2143, 2.000%, 12/1/51 | 2,702,672 | ||
800,410 | FHLMC REMIC, Pool #RA2970, 2.500%, 7/1/50 | 725,184 | ||
16,624 | FNMA, Pool #255628, 5.500%, 2/1/25 | 17,276 | ||
5,912 | FNMA, Pool #426830, 8.000%, 11/1/24 | 5,944 | ||
4,712 | FNMA, Pool #540040, 7.500%, 6/1/28 | 4,721 | ||
7,826 | FNMA, Pool #561741, 7.500%, 1/1/31 | 8,331 | ||
15,492 | FNMA, Pool #640291, 7.000%, 8/1/32 | 15,516 | ||
14,575 | FNMA, Pool #670402, 6.500%, 6/1/32 | 15,690 | ||
82,616 | FNMA, Pool #745257, 6.000%, 1/1/36 | 90,535 | ||
52,940 | FNMA, Pool #748895, 6.000%, 12/1/33 | 54,133 | ||
25,965 | FNMA, Pool #758564, 6.000%, 9/1/24 | 27,272 | ||
33,918 | FNMA, Pool #810049, 5.500%, 3/1/35 | 35,291 | ||
31,221 | FNMA, Pool #819297, 6.000%, 9/1/35 | 33,621 | ||
555,759 | FNMA, Pool #881279, 5.000%, 11/1/36 | 584,270 | ||
19,008 | FNMA, Pool #889060, 6.000%, 1/1/38 | 21,353 | ||
44,404 | FNMA, Pool #889061, 6.000%, 1/1/38 | 48,708 | ||
3,606 | FNMA, Pool #895657, 6.500%, 8/1/36 | 3,787 | ||
60,569 | FNMA, Pool #905049, 5.500%, 11/1/36 | 63,010 | ||
248,085 | FNMA, Pool #928553, 5.500%, 8/1/37 | 262,039 | ||
115,570 | FNMA, Pool #931535, 5.500%, 7/1/39 | 118,014 | ||
97,568 | FNMA, Pool #AA3467, 4.500%, 4/1/39 | 100,832 | ||
163,354 | FNMA, Pool #AA4584, 4.500%, 4/1/39 | 168,822 | ||
37,869 | FNMA, Pool #AB1800, 4.000%, 11/1/40 | 38,346 | ||
62,748 | FNMA, Pool #AB2452, 4.000%, 3/1/26 | 63,460 | ||
17,120 | FNMA, Pool #AD3775, 4.500%, 3/1/25 | 17,515 | ||
24,756 | FNMA, Pool #AD6193, 5.000%, 6/1/40 | 25,562 | ||
50,507 | FNMA, Pool #AE1568, 4.000%, 9/1/40 | 51,140 | ||
304,391 | FNMA, Pool #AE2497, 4.500%, 9/1/40 | 314,585 | ||
32,721 | FNMA, Pool #AE5441, 5.000%, 10/1/40 | 34,360 | ||
100,786 | FNMA, Pool #AH1135, 5.000%, 1/1/41 | 106,134 | ||
38,610 | FNMA, Pool #AH3671, 4.000%, 2/1/26 | 39,056 | ||
290,287 | FNMA, Pool #AH6622, 4.000%, 3/1/41 | 293,946 | ||
272,760 | FNMA, Pool #AL0150, 4.000%, 2/1/41 | 276,189 | ||
49,576 | FNMA, Pool #AL0211, 5.000%, 4/1/41 | 52,214 | ||
1,527,260 | FNMA, Pool #AL5718, 3.500%, 9/1/44 | 1,503,205 | ||
322,786 | FNMA, Pool #AS0779, 4.000%, 10/1/43 | 325,573 | ||
2,193,642 | FNMA, Pool #BT7156, 2.000%, 8/1/51 | 1,916,631 |
3
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 8.2% (Continued) | ||||
$ 1,584,385 | FNMA, Pool #FM4660, 2.000%, 10/1/35 | $ 1,486,532 | ||
1,565,444 | FNMA, Pool #FM4702, 2.500%, 10/1/50 | 1,414,666 | ||
579,078 | FNMA, Pool #FM4996, 2.000%, 12/1/50 | 506,874 | ||
2,292,100 | FNMA, Pool #FM5085, 2.000%, 12/1/50 | 2,003,180 | ||
1,097,135 | FNMA, Pool #FM8360, 2.500%, 8/1/51 | 992,926 | ||
1,083,105 | FNMA, Pool #FM8361, 2.500%, 8/1/51 | 978,009 | ||
1,176,045 | FNMA, Pool #FM9905, 2.500%, 12/1/51 | 1,061,915 | ||
1,186,461 | FNMA, Pool #FM9907, 2.500%, 12/1/51 | 1,071,197 | ||
957,429 | FNMA, Pool #MA4128, 2.000%, 9/1/40 | 858,209 | ||
689,397 | GNMA, Pool #4424, 5.000%, 4/20/39 | 733,066 | ||
Total U.S. Government Mortgage-Backed Obligations | $25,196,311 | |||
Asset-Backed Securities — 7.0% | ||||
1,100,000 | AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (3M LIBOR +1.650%), 2.694%, 4/15/34(B) | 1,035,483 | ||
2,010,874 | Adams Outdoor Advertising LP, Ser 2018-1, Class A, 144a, 4.810%, 11/15/48 | 1,981,012 | ||
1,400,000 | Aimco CLO 11 Ltd. (Cayman Islands), Ser 2020-11A, Class AR, 144a, (3M LIBOR +1.130%), 2.174%, 10/17/34(B) | 1,345,723 | ||
966,529 | CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | 876,653 | ||
1,654 | CIT Home Equity Loan Trust, Ser 2002-1, Class AF5, 7.000%, 2/25/33(B)(C) | 1,557 | ||
2,850,000 | Coinstar Funding LLC, Ser 2017-1A, Class A2, 144a, 5.216%, 4/25/47 | 2,810,689 | ||
1,268,625 | Driven Brands Funding LLC, Ser 2021-1A, Class A2, 144a, 2.791%, 10/20/51 | 1,070,369 | ||
108,646 | FHLMC Structured Pass Through Securities, Ser T-20, Class A5, 8.370%, 12/25/29(B)(C) | 119,012 | ||
7,628 | FNMA REMIC Trust, Ser 2001-W2, Class AF6, 6.089%, 10/25/31(B)(C) | 7,852 | ||
677,513 | Hilton Grand Vacations Trust, Ser 2020-AA, Class A, 144a, 2.740%, 2/25/39 | 653,279 | ||
1,144,250 | Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | 1,043,778 | ||
965,150 | Jersey Mike's Funding, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50 | 918,396 | ||
1,100,000 | Jimmy Johns Funding LLC, Ser 2022-1A, Class A2I, 144a, 4.077%, 4/30/52 | 1,027,211 | ||
1,425,000 | Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1, 144a, (3M LIBOR +1.700%), 2.744%, 10/19/34(B) | 1,354,866 | ||
610,827 | Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40 | 614,076 | ||
947,979 | Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58(B)(C) | 839,057 | ||
1,188,000 | Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | 1,031,095 | ||
1,400,000 | New Mountain CLO 1 Ltd. (Cayman Islands), Ser CLO-1A, Class AR, 144a, (3M LIBOR +1.200%), 2.244%, 10/15/34(B) | 1,345,247 | ||
61,397 | Orange Lake Timeshare Trust, Ser 2016-A, Class A, 144a, 2.610%, 3/8/29 | 59,537 | ||
1,122,188 | Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51 | 1,005,358 | ||
1,061,125 | TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | 963,180 | ||
1,584,000 | Wendy's Funding LLC, Ser 2021-1A, Class A2II, 144a, 2.775%, 6/15/51 | 1,320,582 | ||
Total Asset-Backed Securities | $21,424,012 |
Principal Amount | Market Value | |||
Non-Agency Collateralized Mortgage Obligations — 5.6% | ||||
$ 1,646 | Adjustable Rate Mortgage Trust, Ser 2004-4, Class 3A1, 2.801%, 3/25/35(B)(C) | $ 1,642 | ||
1,255,312 | Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.655%, 10/25/45(B)(C) | 1,213,058 | ||
1,956,330 | Agate Bay Mortgage Trust, Ser 2015-7, Class B2, 144a, 3.655%, 10/25/45(B)(C) | 1,886,834 | ||
462,073 | CSMC Trust, Ser 2013-7, Class B3, 144a, 3.541%, 8/25/43(B)(C) | 442,117 | ||
578,439 | CSMC Trust, Ser 2014-OAK1, Class B4, 144a, 3.656%, 11/25/44(B)(C) | 561,033 | ||
963,199 | CSMC Trust, Ser 2015-1, Class B3, 144a, 3.931%, 1/25/45(B)(C) | 935,090 | ||
991,106 | CSMC Trust, Ser 2015-2, Class B4, 144a, 3.904%, 2/25/45(B)(C) | 952,089 | ||
954,647 | CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.792%, 12/25/44(B)(C) | 924,616 | ||
1,229,521 | EverBank Mortgage Loan Trust, Ser 2018-1, Class B2, 144a, 3.579%, 2/25/48 | 1,124,244 | ||
42,625 | Galton Funding Mortgage Trust, Ser 2019-1, Class A22, 144a, 4.000%, 2/25/59(B)(C) | 42,065 | ||
338,708 | GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ3, Class A14, 144a, 3.000%, 10/25/50(B)(C) | 303,780 | ||
943,888 | GS Mortgage-Backed Securities Trust, Ser 2021-PJ6, Class A2, 144a, 2.500%, 11/25/51(B)(C) | 808,241 | ||
19,115 | JP Morgan Mortgage Trust, Ser 2005-A1, Class 2A1, 2.142%, 2/25/35(B)(C) | 18,987 | ||
8,175 | JP Morgan Mortgage Trust, Ser 2005-A2, Class 7CB1, 2.736%, 4/25/35(B)(C) | 8,185 | ||
18,020 | JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 2.743%, 6/25/36(B)(C) | 13,816 | ||
613,361 | JP Morgan Mortgage Trust, Ser 2015-IVR2, Class B3, 144a, 2.449%, 1/25/45(B)(C) | 604,653 | ||
1,628,536 | JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.458%, 1/25/47(B)(C) | 1,497,327 | ||
321,033 | JP Morgan Mortgage Trust, Ser 2019-INV1, Class A15, 144a, 4.000%, 10/25/49(B)(C) | 316,047 | ||
1,406,080 | JP Morgan Mortgage Trust, Ser 2021-10, Class A4, 144a, 2.500%, 12/25/51(B)(C) | 1,272,064 | ||
18,175 | MASTR Alternative Loan Trust, Ser 2004-7, Class 10A1, 6.000%, 6/25/34 | 17,176 | ||
138,145 | Residential Asset Securitization Trust, Ser 2006-A1, Class 1A3, 6.000%, 4/25/36 | 75,358 | ||
134,396 | Sequoia Mortgage Trust, Ser 2013-10, Class B2, 144a, 3.532%, 8/25/43(B)(C) | 131,557 | ||
139,260 | Sequoia Mortgage Trust, Ser 2013-5, Class B1, 144a, 3.495%, 5/25/43(B)(C) | 136,320 | ||
662,056 | Sequoia Mortgage Trust, Ser 2017-2, Class A1, 144a, 3.500%, 2/25/47(B)(C) | 613,105 | ||
131,433 | Sequoia Mortgage Trust, Ser 2018-CH4, Class A13, 144a, 4.500%, 10/25/48(B)(C) | 130,507 | ||
1,542,608 | Sequoia Mortgage Trust, Ser 2021-9, Class A1, 144a, 2.500%, 1/25/52(B)(C) | 1,319,911 | ||
1,000,000 | Towd Point Mortgage Trust, Ser 2017-1, Class B1, 144a, 3.768%, 10/25/56 | 931,428 | ||
800,000 | Towd Point Mortgage Trust, Ser 2019-4, Class A2, 144a, 3.250%, 10/25/59 | 728,773 | ||
46,284 | Washington Mutual Mortgage Pass-Through Certificates, Ser 2005-9, Class 2A4, 5.500%, 11/25/35 | 43,293 | ||
Total Non-Agency Collateralized Mortgage Obligations | $17,053,316 | |||
Agency Collateralized Mortgage Obligations — 4.0% | ||||
2,472,001 | FHLMC REMIC, Ser 3331, Class PE, 6.000%, 6/15/37 | 2,674,479 |
4
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 4.0% (Continued) | ||||
$ 633,617 | FHLMC REMIC, Ser 3859, Class JB, 5.000%, 5/15/41 | $ 661,765 | ||
885,000 | FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | 700,774 | ||
2,850,000 | FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | 2,306,717 | ||
128,607 | FNMA REMIC, Ser 2003-32, Class BZ, 6.000%, 11/25/32 | 138,033 | ||
12,786 | FNMA REMIC, Ser 2015-51, Class KC, 3.000%, 6/25/45 | 12,536 | ||
402,217 | FNMA REMIC, Ser 2017-90, Class KA, 3.000%, 11/25/47 | 393,983 | ||
1,800,000 | FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | 1,597,832 | ||
2,500,000 | FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | 2,083,189 | ||
47,676 | FNMA Trust, Ser 2004-W15, Class 2AF, (1M LIBOR +0.250%), 1.874%, 8/25/44(B) | 47,455 | ||
921,679 | GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40 | 943,977 | ||
4,303,058 | GNMA, Ser 2012-147, Class IO, 0.555%, 4/16/54(B)(C)(D) | 62,721 | ||
1,893,150 | GNMA, Ser 2016-113, Class IO, 1.091%, 2/16/58(B)(C)(D) | 101,693 | ||
8,658,287 | GNMA, Ser 2016-140, Class IO, 0.751%, 5/16/58(B)(C)(D) | 345,271 | ||
Total Agency Collateralized Mortgage Obligations | $12,070,425 | |||
Sovereign Government Obligations — 3.5% | ||||
200,000 | Angolan Government International Bond, 144a, 8.750%, 4/14/32 | 159,330 | ||
200,000 | Angolan Government International Bond, 144a, 9.125%, 11/26/49 | 141,080 | ||
275,000 | Angolan Government International Bond, 144a, 8.250%, 5/9/28 | 227,810 | ||
12,043 | Argentine Republic Government International Bond, 1.000%, 7/9/29 | 2,738 | ||
242,500 | Argentine Republic Government International Bond, 1.125%, 7/9/35(B)(C) | 52,228 | ||
382,000 | Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | 270,517 | ||
100,000 | Bahamas Government International Bond, 144a, 8.950%, 10/15/32 | 69,405 | ||
200,000 | Bahamas Government International Bond, 144a, 9.000%, 6/16/29 | 160,000 | ||
50,000 | Banque Centrale de Tunisie International Bond, 8.250%, 9/19/27 | 30,713 | ||
368,000 | Chile Government International Bond, 3.100%, 5/7/41 | 279,993 | ||
933,000 | Chile Government International Bond, 3.100%, 1/22/61 | 630,793 | ||
200,000 | Chile Government International Bond, 3.500%, 1/31/34 | 177,809 | ||
375,000 | Colombia Government International Bond, 3.250%, 4/22/32 | 270,970 | ||
200,000 | Colombia Government International Bond, 5.200%, 5/15/49 | 135,410 | ||
250,000 | Colombia Government International Bond, 6.125%, 1/18/41 | 195,723 | ||
200,000 | Dominican Republic International Bond, 144a, 5.500%, 2/22/29 | 173,833 | ||
200,000 | Dominican Republic International Bond, 144a, 4.875%, 9/23/32 | 153,846 | ||
150,000 | Dominican Republic International Bond, 144a, 5.950%, 1/25/27 | 143,196 | ||
100,000 | Dominican Republic International Bond, 144a, 6.850%, 1/27/45 | 78,827 |
Principal Amount | Market Value | |||
Sovereign Government Obligations — 3.5% (Continued) | ||||
$ 247,150 | Ecuador Government International Bond, 144a, 0.500%, 7/31/40(B)(C) | $ 100,564 | ||
372,885 | Ecuador Government International Bond, 144a, 1.000%, 7/31/35(B)(C) | 179,751 | ||
631,050 | Ecuador Government International Bond, 144a, 5.000%, 7/31/30(B)(C) | 406,252 | ||
350,000 | Egypt Government International Bond, 144a, 5.750%, 5/29/24 | 311,738 | ||
200,000 | Egypt Government International Bond, 144a, 5.800%, 9/30/27 | 140,732 | ||
585,000 | Egypt Government International Bond, 144a, 5.875%, 2/16/31 | 362,891 | ||
200,000 | Egypt Government International Bond, 144a, 7.500%, 1/31/27 | 155,516 | ||
200,000 | Egypt Government International Bond, 144a, 7.500%, 2/16/61 | 110,838 | ||
200,000 | Egypt Government International Bond, 144a, 8.150%, 11/20/59 | 115,288 | ||
25,000 | El Salvador Government International Bond, 144a, 5.875%, 1/30/25 | 8,839 | ||
100,000 | El Salvador Government International Bond, 144a, 6.375%, 1/18/27 | 33,402 | ||
100,000 | El Salvador Government International Bond, 144a, 7.650%, 6/15/35 | 31,946 | ||
75,000 | El Salvador Government International Bond, 144a, 8.625%, 2/28/29 | 24,491 | ||
585,000 | Ghana Government International Bond, 144a, 7.625%, 5/16/29 | 284,193 | ||
200,000 | Ghana Government International Bond, 144a, 8.950%, 3/26/51 | 93,900 | ||
200,000 | Guatemala Government Bond, 144a, 6.125%, 6/1/50 | 167,161 | ||
200,000 | Hungary Government International Bond, 144a, 5.500%, 6/16/34 | 193,760 | ||
300,000 | Hungary Government International Bond, 144a, 3.125%, 9/21/51 | 197,606 | ||
200,000 | Lebanese Republic Government International Bond, MTN, 6.650%, 2/26/30 | 12,040 | ||
1,173,000 | Mexico Government International Bond, 3.771%, 5/24/61 | 746,626 | ||
225,000 | Mexico Government International Bond, 4.280%, 8/14/41 | 175,688 | ||
200,000 | Mexico Government International Bond, 4.400%, 2/12/52 | 148,350 | ||
200,000 | Mexico Government International Bond, 4.750%, 4/27/32 | 191,060 | ||
200,000 | Mongolia Government International Bond, 144a, 5.625%, 5/1/23 | 196,750 | ||
200,000 | Morocco Government International Bond, 144a, 5.500%, 12/11/42 | 145,407 | ||
370,000 | Nigeria Government International Bond, 144a, 7.625%, 11/28/47 | 221,075 | ||
200,000 | Nigeria Government International Bond, 144a, 6.125%, 9/28/28 | 141,500 | ||
200,000 | Nigeria Government International Bond, 144a, 7.875%, 2/16/32 | 138,700 | ||
200,000 | Oman Government International Bond, 144a, 6.000%, 8/1/29 | 192,444 | ||
200,000 | Oman Government International Bond, 144a, 6.500%, 3/8/47 | 167,528 | ||
200,000 | Oman Government International Bond, 144a, 5.375%, 3/8/27 | 194,134 | ||
300,000 | Pakistan Government International Bond, 144a, 7.875%, 3/31/36 | 179,244 |
5
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Sovereign Government Obligations — 3.5% (Continued) | ||||
$ 200,000 | Papua New Guinea Government International Bond, 8.375%, 10/4/28 | $ 172,007 | ||
216,000 | Paraguay Government International Bond, 144a, 2.739%, 1/29/33 | 160,416 | ||
100,000 | Paraguay Government International Bond, 144a, 5.600%, 3/13/48 | 78,804 | ||
100,000 | Province of Santa Fe (Argentina), 144a, 7.000%, 3/23/23 | 94,300 | ||
200,000 | Republic of Belarus International Bond, 144a, 6.875%, 2/28/23 | 35,000 | ||
200,000 | Republic of South Africa Government International Bond, 5.750%, 9/30/49 | 136,402 | ||
360,000 | Republic of Uzbekistan International Bond, 144a, 3.700%, 11/25/30 | 259,782 | ||
200,000 | Sri Lanka Government International Bond, 144a, 6.125%, 6/3/25 | 64,638 | ||
350,000 | Turkey Government International Bond, 4.875%, 4/16/43 | 206,364 | ||
200,000 | Turkey Government International Bond, 5.750%, 5/11/47 | 122,834 | ||
200,000 | Ukraine Government International Bond, 7.750%, 9/1/26 | 52,000 | ||
400,000 | Ukraine Government International Bond, 144a, 7.375%, 9/25/32 | 98,224 | ||
Total Sovereign Government Obligations | $10,604,406 |
Shares | ||||
Preferred Stocks — 1.0% | ||||
Financials — 0.9% | ||||
21,266 | Bank of America Corp., Ser NN, 4.375%(A)† | 405,968 | ||
22,305 | Bank of America Corp., Ser QQ, 4.250%(A) | 412,643 | ||
32,075 | JPMorgan Chase & Co., Ser JJ, 4.550%(A)† | 629,311 | ||
23,122 | JPMorgan Chase & Co., Ser MM, 4.200%(A) | 428,682 | ||
8,077 | US Bancorp, Ser L, 3.750%(A) | 139,600 | ||
28,247 | US Bancorp, Ser M, 4.000%(A) | 524,264 | ||
8,981 | Wells Fargo & Co., Ser AA, 4.700%(A) | 173,603 | ||
13,426 | Wells Fargo & Co., Ser DD, 4.250%(A)† | 236,029 | ||
2,950,100 | ||||
Real Estate — 0.1% | ||||
12,274 | Public Storage REIT, Ser P, 4.000%(A) | 224,246 | ||
Total Preferred Stocks | $3,174,346 | |||
Short-Term Investment Funds — 1.1% | ||||
1,405,309 | Dreyfus Government Cash Management, Institutional Shares, 1.35%∞Ω | 1,405,309 | ||
2,126,466 | Invesco Government & Agency Portfolio, Institutional Class, 1.38%∞Ω** | 2,126,466 | ||
Total Short-Term Investment Funds | $3,531,775 | |||
Total Investment Securities—101.5% (Cost $345,787,604) | $310,653,885 | |||
Liabilities in Excess of Other Assets — (1.5%) | (4,643,318) | |||
Net Assets — 100.0% | $306,010,567 |
(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 June 30, 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) | 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. |
** | 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 June 30, 2022 was $2,082,170. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2022. |
Portfolio Abbreviations: |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
FHLMC – Federal Home Loan Mortgage Corporation |
FNMA – Federal National Mortgage Association |
GNMA – Government National Mortgage Association |
IO – Interest Only |
JSC – Joint Stock Company |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LP – Limited Partnership |
MTN – Medium Term Note |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
REMIC – Real Estate Mortgage Investment Conduit |
SOC – State-Owned Company |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2022, these securities were valued at $84,680,390 or 27.7% 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 |
Corporate Bonds | $— | $126,203,631 | $— | $126,203,631 |
U.S. Treasury Obligations | — | 61,206,732 | — | 61,206,732 |
Commercial Mortgage-Backed Securities | — | 30,188,931 | — | 30,188,931 |
U.S. Government Mortgage-Backed Obligations | — | 25,196,311 | — | 25,196,311 |
Asset-Backed Securities | — | 21,424,012 | — | 21,424,012 |
Non-Agency Collateralized Mortgage Obligations | — | 17,053,316 | — | 17,053,316 |
Agency Collateralized Mortgage Obligations | — | 12,070,425 | — | 12,070,425 |
Sovereign Government Obligations | — | 10,604,406 | — | 10,604,406 |
Preferred Stocks | 3,174,346 | — | — | 3,174,346 |
Short-Term Investment Funds | 3,531,775 | — | — | 3,531,775 |
Total | $6,706,121 | $303,947,764 | $— | $310,653,885 |
See accompanying Notes to Portfolios of Investments.
6
Portfolio of Investments
Touchstone Anti-Benchmark® International Core Equity Fund – June 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.5% | ||||
Japan — 29.7% | ||||
Communication Services — 2.0% | ||||
1,500 | CyberAgent, Inc. | $ 15,028 | ||
4,700 | Nexon Co. Ltd. | 96,513 | ||
2,000 | Square Enix Holdings Co. Ltd. | 88,774 | ||
Consumer Discretionary — 4.4% | ||||
8,500 | Pan Pacific International Holdings Corp. | 135,518 | ||
1,800 | Shimamura Co. Ltd. | 158,157 | ||
300 | Shimano, Inc. | 50,537 | ||
2,800 | Skylark Holdings Co. Ltd.* | 32,834 | ||
15,000 | Yamada Holdings Co. Ltd. | 53,942 | ||
Consumer Staples — 9.0% | ||||
1,900 | Kobayashi Pharmaceutical Co. Ltd. | 117,669 | ||
11,000 | Lion Corp. | 121,782 | ||
1,500 | MatsukiyoCocokara & Co. | 60,659 | ||
1,500 | MEIJI Holdings Co. Ltd. | 73,707 | ||
1,000 | Nissin Foods Holdings Co. Ltd. | 69,071 | ||
7,100 | Pigeon Corp. | 97,685 | ||
3,600 | Sundrug Co. Ltd. | 80,509 | ||
4,800 | Welcia Holdings Co. Ltd. | 96,501 | ||
12,900 | Yamazaki Baking Co. Ltd. | 157,542 | ||
Energy — 2.3% | ||||
700 | Cosmo Energy Holdings Co. Ltd. | 19,303 | ||
2,800 | Idemitsu Kosan Co. Ltd. | 66,888 | ||
8,600 | Inpex Corp. | 92,194 | ||
1,100 | Iwatani Corp. | 42,454 | ||
Financials — 1.2% | ||||
7,500 | Shinsei Bank Ltd. | 113,018 | ||
Health Care — 1.3% | ||||
3,000 | Eisai Co. Ltd. | 126,840 | ||
Industrials — 3.9% | ||||
1,600 | Hitachi Transport System Ltd. | 101,106 | ||
1,000 | Kawasaki Kisen Kaisha Ltd. | 61,190 | ||
1,000 | Kyushu Railway Co. | 20,850 | ||
2,800 | MonotaRO Co. Ltd.† | 41,758 | ||
2,300 | SG Holdings Co. Ltd. | 38,893 | ||
2,400 | West Japan Railway Co. | 88,292 | ||
2,000 | Yamato Holdings Co. Ltd. | 32,006 | ||
Information Technology — 0.5% | ||||
6,700 | Ricoh Co. Ltd. | 52,308 | ||
Real Estate — 2.3% | ||||
77 | GLP J-Reit | 94,361 | ||
53 | Nippon Prologis REIT, Inc. | 130,537 | ||
Utilities — 2.8% | ||||
5,100 | Toho Gas Co. Ltd. | 123,194 | ||
26,400 | Tokyo Electric Power Co. Holdings, Inc.* | 110,437 | ||
2,000 | Tokyo Gas Co. Ltd. | 41,448 | ||
Total Japan | 2,903,505 | |||
Hong Kong — 8.7% | ||||
Consumer Staples — 0.5% | ||||
57,000 | WH Group Ltd., 144a | 44,117 | ||
Financials — 1.8% | ||||
5,600 | Hang Seng Bank Ltd. | 99,237 | ||
1,600 | Hong Kong Exchanges & Clearing Ltd. | 79,130 | ||
Industrials — 2.4% | ||||
2,600 | Jardine Matheson Holdings Ltd. | 136,614 |
Shares | Market Value | |||
Hong Kong — (Continued) | ||||
Industrials — (Continued) | ||||
118,000 | Pacific Basin Shipping Ltd. | $ 45,366 | ||
20,000 | Xinyi Glass Holdings, Ltd. | 48,255 | ||
Information Technology — 1.0% | ||||
11,900 | ASM Pacific Technology Ltd. | 101,284 | ||
Real Estate — 1.9% | ||||
2,000 | CK Asset Holdings Ltd. | 14,211 | ||
11,000 | Henderson Land Development Co. Ltd. | 41,342 | ||
16,500 | Link REIT | 134,828 | ||
Utilities — 1.1% | ||||
6,000 | CK Infrastructure Holdings Ltd. | 36,858 | ||
61,000 | Hong Kong & China Gas Co. Ltd. | 65,832 | ||
Total Hong Kong | 847,074 | |||
United Kingdom — 8.6% | ||||
Communication Services — 1.8% | ||||
26,521 | BT Group PLC | 60,276 | ||
12,341 | Pearson PLC | 113,011 | ||
Consumer Staples — 3.1% | ||||
51,553 | J Sainsbury PLC | 128,298 | ||
8,115 | Ocado Group PLC* | 77,358 | ||
719 | Reckitt Benckiser Group PLC | 54,077 | ||
1,000 | Unilever PLC | 45,580 | ||
Financials — 0.9% | ||||
7,806 | Hiscox Ltd. | 89,549 | ||
Health Care — 1.5% | ||||
50,927 | ConvaTec Group PLC, 144a | 139,590 | ||
Industrials — 0.8% | ||||
1,884 | HomeServe PLC | 26,879 | ||
16,264 | Royal Mail PLC | 53,727 | ||
Information Technology — 0.5% | ||||
572 | Endava PLC ADR* | 50,491 | ||
Total United Kingdom | 838,836 | |||
Denmark — 5.1% | ||||
Health Care — 1.4% | ||||
784 | Ascendis Pharma A/S ADR* | 72,881 | ||
540 | Coloplast A/S - Class B | 61,700 | ||
Industrials — 0.7% | ||||
3,390 | Vestas Wind Systems A/S | 72,078 | ||
Materials — 1.9% | ||||
2,088 | Chr Hansen Holding A/S | 152,419 | ||
509 | Novozymes A/S - Class B | 30,633 | ||
Utilities — 1.1% | ||||
1,036 | Orsted AS, 144a | 109,116 | ||
Total Denmark | 498,827 | |||
Spain — 4.5% | ||||
Communication Services — 1.4% | ||||
1,915 | Cellnex Telecom SA, 144a | 74,528 | ||
13,217 | Telefonica SA | 67,480 | ||
Financials — 1.9% | ||||
36,080 | Banco de Sabadell SA | 28,930 | ||
16,163 | Bankinter SA | 101,097 | ||
14,870 | CaixaBank SA | 52,076 |
7
Touchstone Anti-Benchmark® International Core Equity Fund (Unaudited) (Continued)
Shares | Market Value | |||
Common Stocks — 97.5% (Continued) | ||||
Spain — (Continued) | ||||
Health Care — 1.2% | ||||
6,026 | Grifols SA | $ 114,279 | ||
Total Spain | 438,390 | |||
Switzerland — 4.0% | ||||
Communication Services — 1.5% | ||||
266 | Swisscom AG | 147,130 | ||
Consumer Staples — 0.9% | ||||
9 | Chocoladefabriken Lindt & Spruengli AG | 91,639 | ||
Health Care — 0.9% | ||||
247 | Roche Holding AG | 82,572 | ||
Real Estate — 0.7% | ||||
626 | PSP Swiss Property AG | 69,695 | ||
Total Switzerland | 391,036 | |||
Australia — 3.8% | ||||
Consumer Discretionary — 1.1% | ||||
2,341 | Domino's Pizza Enterprises Ltd. | 110,041 | ||
Consumer Staples — 1.1% | ||||
14,247 | Treasury Wine Estates Ltd. | 111,728 | ||
Energy — 0.4% | ||||
1,675 | Woodside Energy Group Ltd.* | 36,814 | ||
Health Care — 0.4% | ||||
2,214 | Ansell Ltd. | 34,031 | ||
Materials — 0.8% | ||||
15,577 | Evolution Mining Ltd. | 25,452 | ||
2,882 | Newcrest Mining Ltd. | 41,057 | ||
2,856 | Northern Star Resources Ltd. | 13,397 | ||
Total Australia | 372,520 | |||
Israel — 3.7% | ||||
Financials — 1.5% | ||||
11,985 | Bank Hapoalim BM | 100,641 | ||
5,651 | Bank Leumi Le-Israel BM | 50,554 | ||
Health Care — 0.9% | ||||
11,899 | Teva Pharmaceutical Industries Ltd.* | 90,074 | ||
Information Technology — 0.8% | ||||
380 | Nice Ltd.* | 73,328 | ||
Materials — 0.5% | ||||
5,036 | ICL Group Ltd. | 46,004 | ||
Total Israel | 360,601 | |||
France — 3.6% | ||||
Consumer Staples — 1.4% | ||||
7,511 | Carrefour SA | 133,330 | ||
Health Care — 1.1% | ||||
1,111 | BioMerieux | 108,938 | ||
Real Estate — 1.1% | ||||
893 | Covivio REIT | 49,890 | ||
2,966 | Klepierre SA REIT | 57,398 | ||
Total France | 349,556 | |||
Norway — 3.2% | ||||
Consumer Staples — 0.2% | ||||
882 | Mowi ASA | 20,169 | ||
Energy — 3.0% | ||||
2,419 | Aker BP ASA | 83,777 |
Shares | Market Value | |||
Norway — (Continued) | ||||
Energy — (Continued) | ||||
2,353 | Aker BP ASA | $ 95,935 | ||
3,314 | Equinor ASA | 115,478 | ||
Total Norway | 315,359 | |||
Finland — 3.2% | ||||
Communication Services — 1.5% | ||||
2,670 | Elisa Oyj | 150,314 | ||
Health Care — 1.7% | ||||
3,674 | Orion Oyj - Class B | 164,428 | ||
Total Finland | 314,742 | |||
Germany — 3.2% | ||||
Consumer Discretionary — 0.2% | ||||
14,505 | TUI AG* | 23,550 | ||
Consumer Staples — 0.2% | ||||
550 | HelloFresh SE* | 17,944 | ||
Health Care — 0.4% | ||||
728 | Fresenius Medical Care AG & Co. KGaA | 36,474 | ||
Industrials — 1.6% | ||||
1,096 | Knorr-Bremse AG | 62,773 | ||
412 | Rheinmetall AG | 95,075 | ||
Materials — 0.8% | ||||
3,168 | K+S AG | 77,102 | ||
Total Germany | 312,918 | |||
Netherlands — 3.1% | ||||
Communication Services — 1.2% | ||||
31,267 | Koninklijke KPN NV | 111,252 | ||
Consumer Staples — 1.4% | ||||
5,272 | Koninklijke Ahold Delhaize NV | 137,225 | ||
Financials — 0.3% | ||||
402 | Euronext NV, 144a | 32,969 | ||
Materials — 0.2% | ||||
533 | OCI NV | 17,534 | ||
Total Netherlands | 298,980 | |||
China — 3.0% | ||||
Consumer Discretionary — 0.8% | ||||
40,400 | Chow Tai Fook Jewellery Group Ltd. | 76,311 | ||
Consumer Staples — 1.5% | ||||
47,800 | Budweiser Brewing Co. APAC Ltd., 144a | 143,433 | ||
Industrials — 0.7% | ||||
14,000 | SITC International Holdings Co., Ltd. | 39,819 | ||
47,200 | Yangzijiang Shipbuilding Holdings Ltd. | 31,606 | ||
Total China | 291,169 | |||
Portugal — 2.0% | ||||
Consumer Staples — 1.6% | ||||
7,338 | Jeronimo Martins SGPS SA | 159,076 | ||
Energy — 0.4% | ||||
3,542 | Galp Energia SGPS SA | 41,445 | ||
Total Portugal | 200,521 | |||
United States — 1.7% | ||||
Energy — 0.2% | ||||
1,622 | Tenaris SA | 20,833 |
8
Touchstone Anti-Benchmark® International Core Equity Fund (Unaudited) (Continued)
Shares | Market Value | |||
Common Stocks — 97.5% (Continued) | ||||
United States — (Continued) | ||||
Health Care — 1.5% | ||||
3,130 | QIAGEN NV* | $ 147,167 | ||
Total United States | 168,000 | |||
Belgium — 1.4% | ||||
Health Care — 0.5% | ||||
608 | UCB SA | 51,522 | ||
Materials — 0.9% | ||||
2,501 | Umicore SA | 87,670 | ||
Total Belgium | 139,192 | |||
Ireland — 1.2% | ||||
Consumer Staples — 1.2% | ||||
1,276 | Kerry Group PLC - Class A | 122,138 | ||
Luxembourg — 1.1% | ||||
Health Care — 1.1% | ||||
1,354 | Eurofins Scientific SE | 106,936 | ||
New Zealand — 0.8% | ||||
Health Care — 0.8% | ||||
6,180 | Fisher & Paykel Healthcare Corp. Ltd. | 76,989 | ||
Singapore — 0.7% | ||||
Real Estate — 0.7% | ||||
55,900 | Suntec Real Estate Investment Trust REIT | 65,220 | ||
Sweden — 0.6% | ||||
Consumer Staples — 0.5% | ||||
1,720 | Essity AB | 44,962 | ||
Energy — 0.0% | ||||
2,474 | Lundin Energy AB | 1,682 | ||
Industrials — 0.1% | ||||
343 | Saab AB | 14,184 | ||
Total Sweden | 60,828 | |||
Jordan — 0.5% | ||||
Health Care — 0.5% | ||||
2,522 | Hikma Pharmaceuticals PLC | 49,761 | ||
Austria — 0.1% | ||||
Utilities — 0.1% | ||||
121 | Verbund AG | 11,837 | ||
United Arab Emirates — 0.0% | ||||
Health Care — 0.0% | ||||
15,156 | NMC Health PLC(A) | 0 | ||
Total Common Stocks | $9,534,935 |
Shares | Market Value | |||
Short-Term Investment Funds — 2.1% | ||||
159,909 | Dreyfus Government Cash Management, Institutional Shares, 1.35%∞Ω | $ 159,909 | ||
42,883 | Invesco Government & Agency Portfolio, Institutional Class, 1.38%∞Ω** | 42,883 | ||
Total Short-Term Investment Funds | $202,792 | |||
Total Investment Securities — 99.6% (Cost $10,483,935) | $9,737,727 | |||
Other Assets in Excess of Liabilities — 0.4% | 37,704 | |||
Net Assets — 100.0% | $9,775,431 |
(A) | 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. |
* | 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 June 30, 2022 was $41,341. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
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 June 30, 2022, these securities were valued at $543,753 or 5.6% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
9
Touchstone Anti-Benchmark® International Core Equity 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 | ||||
Japan | $157,542 | $2,745,963 | $— | $2,903,505 |
Hong Kong | — | 847,074 | — | 847,074 |
United Kingdom | 166,919 | 671,917 | — | 838,836 |
Denmark | 72,881 | 425,946 | — | 498,827 |
Spain | — | 438,390 | — | 438,390 |
Switzerland | — | 391,036 | — | 391,036 |
Australia | — | 372,520 | — | 372,520 |
Israel | — | 360,601 | — | 360,601 |
France | — | 349,556 | — | 349,556 |
Norway | — | 315,359 | — | 315,359 |
Finland | — | 314,742 | — | 314,742 |
Germany | — | 312,918 | — | 312,918 |
Netherlands | — | 298,980 | — | 298,980 |
China | — | 291,169 | — | 291,169 |
Portugal | — | 200,521 | — | 200,521 |
United States | — | 168,000 | — | 168,000 |
Belgium | — | 139,192 | — | 139,192 |
Ireland | 122,138 | — | — | 122,138 |
Luxembourg | — | 106,936 | — | 106,936 |
New Zealand | — | 76,989 | — | 76,989 |
Singapore | — | 65,220 | — | 65,220 |
Sweden | — | 60,828 | — | 60,828 |
Jordan | — | 49,761 | — | 49,761 |
Austria | 11,837 | — | — | 11,837 |
United Arab Emirates | — | — | 0 | 0 |
Short-Term Investment Funds | 202,792 | — | — | 202,792 |
Total | $734,109 | $9,003,618 | $0 | $9,737,727 |
Measurements Using Unobservable Inputs (Level 3) | |
Assets | Common Stocks |
Beginning balance, September 30, 2021 | $0 |
Net realized gain (loss) | — |
Change in unrealized appreciation (depreciation) | — |
Ending balance, June 30, 2022 | $0 |
Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at June 30, 2022 | $— |
See accompanying Notes to Portfolios of Investments.
10
Portfolio of Investments
Touchstone Ares Credit Opportunities Fund (formerly Touchstone Credit Opportunities Fund) – June 30, 2022 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 67.3% | ||||
Energy — 11.2% | ||||
$ 341,000 | Antero Resources Corp., 144a, 7.625%, 2/1/29 | $ 346,889 | ||
2,367,000 | Apache Corp., 5.100%, 9/1/40 | 1,998,647 | ||
2,334,000 | Archrock Partners LP / Archrock Partners Finance Corp., 144a, 6.250%, 4/1/28 | 2,066,290 | ||
88,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 5.875%, 6/30/29 | 77,440 | ||
190,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 7.000%, 11/1/26 | 176,700 | ||
187,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 8.250%, 12/31/28 | 178,171 | ||
2,399,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.625%, 12/15/25 | 2,294,548 | ||
160,000 | Cheniere Energy Partners LP, 144a, 3.250%, 1/31/32 | 126,000 | ||
239,000 | Cheniere Energy Partners LP, 4.000%, 3/1/31 | 203,222 | ||
382,000 | Cheniere Energy Partners LP, 4.500%, 10/1/29 | 340,920 | ||
1,722,000 | Citgo Holding, Inc., 144a, 9.250%, 8/1/24 | 1,666,035 | ||
1,210,000 | CITGO Petroleum Corp., 144a, 6.375%, 6/15/26 | 1,117,036 | ||
446,000 | CrownRock LP / CrownRock Finance, Inc., 144a, 5.625%, 10/15/25 | 419,240 | ||
320,000 | Cullinan Holdco Scsp (Luxembourg), 4.625%, 10/15/26 | 270,265 | ||
480,000 | Cullinan Holdco Scsp (Luxembourg), 144a, 4.625%, 10/15/26 | 405,398 | ||
968,000 | EnLink Midstream LLC, 5.375%, 6/1/29 | 847,078 | ||
489,000 | Enviva Partners LP / Enviva Partners Finance Corp., 144a, 6.500%, 1/15/26 | 472,496 | ||
2,716,000 | EQM Midstream Partners LP, 6.500%, 7/15/48 | 2,064,160 | ||
810,000 | EQT Corp., 7.500%, 2/1/30 | 864,651 | ||
1,477,000 | Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25 | 1,399,457 | ||
2,633,000 | ITT Holdings LLC, 144a, 6.500%, 8/1/29 | 2,106,400 | ||
1,577,000 | Moss Creek Resources Holdings, Inc., 144a, 7.500%, 1/15/26 | 1,400,415 | ||
36,000 | Moss Creek Resources Holdings, Inc., 144a, 10.500%, 5/15/27 | 34,020 | ||
2,235,000 | New Fortress Energy, Inc., 144a, 6.500%, 9/30/26 | 2,023,130 | ||
461,000 | NGL Energy Partners LP / NGL Energy Finance Corp., 6.125%, 3/1/25† | 345,750 | ||
1,741,000 | NGL Energy Partners LP / NGL Energy Finance Corp., 7.500%, 11/1/23† | 1,575,605 | ||
475,000 | Occidental Petroleum Corp., 6.450%, 9/15/36 | 486,875 | ||
85,000 | Occidental Petroleum Corp., 8.000%, 7/15/25 | 89,463 | ||
1,253,426 | Rockcliff Energy II LLC, 144a, 5.500%, 10/15/29 | 1,140,618 | ||
672,000 | Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.750%, 4/15/25 | 525,840 | ||
924,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 12/31/30 | 766,920 | ||
645,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 9/1/31 | 532,125 | ||
1,957,000 | TerraForm Power Operating LLC, 144a, 5.000%, 1/31/28 | 1,772,533 | ||
1,817,000 | Western Midstream Operating LP, 5.750%, 2/1/50 | 1,460,608 | ||
31,594,945 | ||||
Communication Services — 10.2% | ||||
2,682,000 | Altice Financing SA (Luxembourg), 144a, 5.000%, 1/15/28 | 2,134,012 | ||
1,640,000 | Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | 1,365,051 | ||
1,281,000 | ANGI Group LLC, 144a, 3.875%, 8/15/28 | 975,211 | ||
2,968,000 | Avaya, Inc., 144a, 6.125%, 9/15/28 | 1,936,620 | ||
72,000 | Belo Corp., 7.250%, 9/15/27 | 70,560 | ||
500,000 | Belo Corp., 7.750%, 6/1/27 | 495,000 | ||
675,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 550,125 |
Principal Amount | Market Value | |||
Communication Services — (Continued) | ||||
$ 310,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.000%, 2/1/28 | $ 285,327 | ||
2,085,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.500%, 8/15/30 | 1,734,025 | ||
460,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.125%, 5/1/27 | 434,125 | ||
1,737,000 | CommScope, Inc., 144a, 8.250%, 3/1/27 | 1,373,098 | ||
310,000 | CommScope, Inc., 144a, 6.000%, 3/1/26 | 284,963 | ||
300,000 | CSC Holdings LLC, 144a, 3.375%, 2/15/31 | 221,793 | ||
76,000 | CSC Holdings LLC, 144a, 4.500%, 11/15/31 | 58,421 | ||
950,000 | CSC Holdings LLC, 144a, 6.500%, 2/1/29 | 855,143 | ||
430,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 288,100 | ||
890,000 | CSC Holdings LLC, 144a, 5.750%, 1/15/30 | 647,475 | ||
980,000 | Diamond Sports Group LLC / Diamond Sports Finance Co., 144a, 5.375%, 8/15/26 | 245,000 | ||
1,000,000 | Diamond Sports Group LLC/Diamond Sports Finance Co., 144a, 6.625%, 8/15/27 | 120,000 | ||
940,000 | DISH DBS Corp., 5.125%, 6/1/29 | 567,924 | ||
496,000 | DISH DBS Corp., 7.750%, 7/1/26 | 388,120 | ||
250,000 | DKT Finance ApS (Denmark), 7.000%, 6/17/23 | 248,888 | ||
650,000 | DKT Finance ApS (Denmark), 144a, 7.000%, 6/17/23 | 647,109 | ||
158,000 | Gray Escrow II, Inc., 144a, 5.375%, 11/15/31 | 126,598 | ||
1,114,000 | Gray Television, Inc., 144a, 4.750%, 10/15/30 | 877,275 | ||
600,000 | Level 3 Financing, Inc., 144a, 3.625%, 1/15/29 | 462,610 | ||
273,000 | Level 3 Financing, Inc., 144a, 4.250%, 7/1/28 | 220,617 | ||
411,000 | Level 3 Financing, Inc., 144a, 4.625%, 9/15/27 | 350,378 | ||
1,379,000 | Lumen Technologies, Inc., 144a, 4.000%, 2/15/27 | 1,167,850 | ||
565,000 | Lumen Technologies, Inc., 144a, 5.125%, 12/15/26 | 475,628 | ||
1,781,000 | Nexstar Media, Inc., 144a, 4.750%, 11/1/28 | 1,527,207 | ||
132,000 | Nexstar Media, Inc., 144a, 5.625%, 7/15/27 | 120,450 | ||
1,461,000 | Scripps Escrow II, Inc., 144a, 3.875%, 1/15/29 | 1,212,630 | ||
1,197,000 | Sirius XM Radio, Inc., 144a, 4.000%, 7/15/28 | 1,035,405 | ||
934,000 | Sirius XM Radio, Inc., 144a, 4.125%, 7/1/30 | 780,114 | ||
20,000 | Sirius XM Radio, Inc., 144a, 5.000%, 8/1/27 | 18,502 | ||
240,000 | Sirius XM Radio, Inc., 144a, 5.500%, 7/1/29 | 218,700 | ||
491,000 | TEGNA, Inc., 4.625%, 3/15/28 | 460,548 | ||
1,400,000 | Telenet Finance Luxembourg Notes Sarl (Belgium), 144a, 5.500%, 3/1/28 | 1,235,360 | ||
1,755,000 | Telesat Canada / Telesat LLC (Canada), 144a, 5.625%, 12/6/26 | 1,109,119 | ||
515,000 | Telesat Canada / Telesat LLC (Canada), 144a, 6.500%, 10/15/27 | 216,390 | ||
132,000 | Virgin Media Finance PLC (United Kingdom), 144a, 5.000%, 7/15/30 | 104,610 | ||
131,000 | Virgin Media Secured Finance PLC (United Kingdom), 144a, 4.500%, 8/15/30 | 107,646 | ||
910,000 | Virgin Media Vendor Financing Notes IV DAC (Ireland), 144a, 5.000%, 7/15/28 | 752,997 | ||
400,000 | Vmed O2 UK Financing I PLC (United Kingdom), 144a, 4.250%, 1/31/31 | 321,500 | ||
28,828,224 | ||||
Consumer Discretionary — 9.1% | ||||
416,000 | Allison Transmission, Inc., 144a, 4.750%, 10/1/27 | 380,484 | ||
152,594 | American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 144a, 5.750%, 4/20/29 | 130,615 | ||
565,000 | Asbury Automotive Group, Inc., 4.500%, 3/1/28 | 490,138 | ||
1,255,000 | Asbury Automotive Group, Inc., 144a, 4.625%, 11/15/29 | 1,036,944 | ||
1,291,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 4.625%, 8/1/29 | 968,250 | ||
653,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 6.625%, 1/15/28 | 555,050 |
11
Touchstone Ares Credit Opportunities Fund (formerly Touchstone Credit Opportunities Fund) (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 67.3% (Continued) | ||||
Consumer Discretionary — (Continued) | ||||
$ 28,000 | Bath & Body Works, Inc., 6.694%, 1/15/27 | $ 26,175 | ||
300,000 | Bath & Body Works, Inc., 6.750%, 7/1/36 | 240,363 | ||
961,000 | Bath & Body Works, Inc., 6.875%, 11/1/35 | 772,702 | ||
92,000 | Bath & Body Works, Inc., 7.500%, 6/15/29 | 83,725 | ||
250,000 | Boyd Gaming Corp., 4.750%, 12/1/27 | 226,863 | ||
625,000 | Boyne USA, Inc., 144a, 4.750%, 5/15/29 | 541,212 | ||
580,000 | Caesars Entertainment, Inc., 144a, 8.125%, 7/1/27 | 560,425 | ||
982,000 | Carvana Co., 144a, 4.875%, 9/1/29 | 558,433 | ||
608,000 | Carvana Co., 144a, 5.500%, 4/15/27 | 390,794 | ||
233,000 | Carvana Co., 144a, 5.875%, 10/1/28 | 147,935 | ||
555,000 | Carvana Co., 144a, 10.250%, 5/1/30† | 447,263 | ||
463,000 | Century Communities, Inc., 144a, 3.875%, 8/15/29 | 362,159 | ||
179,000 | Century Communities, Inc., 6.750%, 6/1/27 | 170,721 | ||
125,000 | Clarios Global LP, 144a, 6.750%, 5/15/25 | 123,806 | ||
700,000 | Clarios Global LP / Clarios US Finance Co., 144a, 8.500%, 5/15/27 | 676,532 | ||
364,000 | Clarios Global LP / Clarios US Finance Co., 144a, 6.250%, 5/15/26 | 350,350 | ||
148,000 | Dana, Inc., 4.250%, 9/1/30 | 114,878 | ||
147,000 | Dana, Inc., 5.375%, 11/15/27 | 127,282 | ||
333,000 | Dana, Inc., 5.625%, 6/15/28 | 286,632 | ||
11,000 | Ford Motor Credit Co. LLC, 3.810%, 1/9/24 | 10,672 | ||
610,000 | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | 518,500 | ||
1,227,000 | Ford Motor Credit Co. LLC, 4.063%, 11/1/24 | 1,160,627 | ||
462,000 | Ford Motor Credit Co. LLC, 4.125%, 8/17/27 | 406,791 | ||
55,000 | Ford Motor Credit Co. LLC, 5.125%, 6/16/25 | 52,773 | ||
750,000 | Hanesbrands, Inc., 144a, 4.875%, 5/15/26 | 694,695 | ||
1,733,000 | Hanesbrands, Inc., 144a, 4.625%, 5/15/24 | 1,696,451 | ||
1,859,231 | Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144a, 5.750%, 1/20/26 | 1,654,158 | ||
320,000 | Lithia Motors, Inc., 144a, 3.875%, 6/1/29 | 271,802 | ||
1,041,000 | Lithia Motors, Inc., 144a, 4.375%, 1/15/31 | 887,452 | ||
934,000 | Live Nation Entertainment, Inc., 144a, 4.750%, 10/15/27 | 835,986 | ||
217,000 | Live Nation Entertainment, Inc., 144a, 4.875%, 11/1/24 | 207,235 | ||
204,000 | Live Nation Entertainment, Inc., 144a, 5.625%, 3/15/26 | 193,800 | ||
622,000 | Meritage Homes Corp., 144a, 3.875%, 4/15/29 | 515,582 | ||
1,797,000 | Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In, 144a, 8.500%, 11/15/27 | 1,886,850 | ||
1,675,000 | Six Flags Entertainment Corp., 144a, 4.875%, 7/31/24 | 1,591,250 | ||
115,000 | Six Flags Theme Parks, Inc., 144a, 7.000%, 7/1/25 | 116,418 | ||
177,000 | Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 144a, 8.000%, 9/20/25 | 181,650 | ||
610,000 | SRS Distribution, Inc., 144a, 6.000%, 12/1/29 | 478,990 | ||
1,043,000 | Station Casinos LLC, 144a, 4.500%, 2/15/28 | 880,928 | ||
600,000 | Stonegate Pub Co. Financing 2019 PLC (United Kingdom), 144a, 8.250%, 7/31/25 | 667,018 | ||
845,000 | United Airlines, Inc., 144a, 4.375%, 4/15/26 | 754,162 | ||
208,000 | United Airlines, Inc., 144a, 4.625%, 4/15/29 | 175,110 | ||
25,608,631 | ||||
Industrials — 8.1% | ||||
1,511,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 4.125%, 8/15/26 | 1,280,361 | ||
417,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 4/30/25 | 385,173 | ||
2,292,983 | Artera Services LLC, 144a, 9.033%, 12/4/25 | 1,847,686 | ||
630,000 | BWX Technologies, Inc., 144a, 4.125%, 4/15/29 | 552,825 | ||
758,000 | BWX Technologies, Inc., 144a, 4.125%, 6/30/28 | 674,620 | ||
1,235,000 | Cargo Aircraft Management, Inc., 144a, 4.750%, 2/1/28 | 1,126,246 | ||
2,829,676 | CP Atlas Buyer, Inc., 144a, 7.000%, 12/1/28 | 2,043,535 | ||
958,000 | GFL Environmental, Inc. (Canada), 144a, 3.500%, 9/1/28 | 821,485 | ||
142,000 | GFL Environmental, Inc. (Canada), 144a, 3.750%, 8/1/25 | 131,705 |
Principal Amount | Market Value | |||
Industrials — (Continued) | ||||
$2,192,271 | GFL Environmental, Inc. (Canada), 144a, 4.375%, 8/15/29 | $ 1,764,778 | ||
3,068,000 | H&E Equipment Services, Inc., 144a, 3.875%, 12/15/28 | 2,481,245 | ||
2,614,000 | Mauser Packaging Solutions Holding Co., 144a, 7.250%, 4/15/25 | 2,280,715 | ||
1,818,000 | OI European Group BV, 144a, 4.750%, 2/15/30 | 1,522,575 | ||
529,000 | Owens-Brockway Glass Container, Inc., 144a, 5.375%, 1/15/25 | 497,260 | ||
51,000 | Owens-Brockway Glass Container, Inc., 144a, 6.625%, 5/13/27 | 47,598 | ||
600,000 | Schenck Process Holding GmbH/Darmstadt (Germany), 144a, 5.375%, 6/15/23 | 604,914 | ||
723,000 | Sensata Technologies, Inc., 144a, 3.750%, 2/15/31 | 579,456 | ||
397,000 | Sensata Technologies, Inc., 144a, 4.375%, 2/15/30 | 337,232 | ||
458,000 | Summit Materials LLC / Summit Materials Finance Corp., 144a, 5.250%, 1/15/29 | 399,605 | ||
1,000,000 | TransDigm, Inc., 144a, 6.250%, 3/15/26 | 964,700 | ||
175,000 | TransDigm, Inc., 144a, 8.000%, 12/15/25 | 176,969 | ||
346,000 | Trident TPI Holdings, Inc., 144a, 9.250%, 8/1/24 | 316,535 | ||
2,404,000 | Tutor Perini Corp., 144a, 6.875%, 5/1/25† | 1,964,693 | ||
22,801,911 | ||||
Consumer Staples — 5.4% | ||||
484,000 | American Builders & Contractors Supply Co., Inc., 144a, 4.000%, 1/15/28 | 414,551 | ||
405,000 | Bath & Body Works, Inc., 144a, 6.625%, 10/1/30 | 346,408 | ||
638,000 | BCPE Ulysses Intermediate, Inc., 144a, 7.750%, 4/1/27(A) | 392,370 | ||
219,000 | Chobani LLC / Chobani Finance Corp., Inc., 144a, 4.625%, 11/15/28 | 185,055 | ||
226,000 | Chobani LLC / Chobani Finance Corp., Inc., 144a, 7.500%, 4/15/25 | 207,555 | ||
1,595,000 | eG Global Finance PLC (United Kingdom), 144a, 6.750%, 2/7/25 | 1,503,901 | ||
385,455 | eG Global Finance PLC (United Kingdom), 144a, 8.500%, 10/30/25 | 373,409 | ||
663,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 5.500%, 1/15/30 | 628,712 | ||
2,570,000 | Korn Ferry, 144a, 4.625%, 12/15/27 | 2,306,575 | ||
1,907,000 | LBM Acquisition LLC, 144a, 6.250%, 1/15/29 | 1,227,754 | ||
1,407,000 | LCM Investments Holdings II LLC, 144a, 4.875%, 5/1/29 | 1,070,868 | ||
894,000 | Legacy LifePoint Health LLC, 144a, 4.375%, 2/15/27 | 765,997 | ||
792,000 | Paysafe Finance PLC / Paysafe Holdings US Corp., 144a, 4.000%, 6/15/29 | 570,935 | ||
2,203,000 | Specialty Building Products Holdings LLC / SBP Finance Corp., 144a, 6.375%, 9/30/26 | 1,790,987 | ||
760,000 | SRS Distribution, Inc., 144a, 4.625%, 7/1/28 | 665,000 | ||
364,000 | SRS Distribution, Inc., 144a, 6.125%, 7/1/29 | 286,995 | ||
1,832,000 | Team Health Holdings, Inc., 144a, 6.375%, 2/1/25 | 1,280,021 | ||
1,326,000 | Wolverine World Wide, Inc., 144a, 4.000%, 8/15/29 | 1,063,903 | ||
15,080,996 | ||||
Financials — 5.3% | ||||
2,251,000 | Acrisure LLC / Acrisure Finance, Inc., 144a, 4.250%, 2/15/29 | 1,819,741 | ||
575,000 | Acrisure LLC / Acrisure Finance, Inc., 144a, 10.125%, 8/1/26 | 558,440 | ||
652,000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 6.750%, 10/15/27 | 578,572 | ||
479,000 | LPL Holdings, Inc., 144a, 4.375%, 5/15/31 | 409,250 | ||
2,126,000 | LPL Holdings, Inc., 144a, 4.625%, 11/15/27 | 1,985,235 | ||
657,441 | Midcap Financial Issuer Trust, 144a, 5.625%, 1/15/30 | 512,955 | ||
1,944,000 | Midcap Financial Issuer Trust, 144a, 6.500%, 5/1/28 | 1,671,840 | ||
435,000 | Nationstar Mortgage Holdings, Inc., 144a, 5.500%, 8/15/28 | 348,951 |
12
Touchstone Ares Credit Opportunities Fund (formerly Touchstone Credit Opportunities Fund) (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 67.3% (Continued) | ||||
Financials — (Continued) | ||||
$ 300,000 | Navient Corp., 4.875%, 3/15/28 | $ 233,594 | ||
1,394,000 | Navient Corp., 5.000%, 3/15/27 | 1,149,693 | ||
490,000 | NFP Corp., 144a, 4.875%, 8/15/28 | 419,670 | ||
392,000 | OneMain Finance Corp., 3.875%, 9/15/28 | 299,880 | ||
1,690,000 | OneMain Finance Corp., 4.000%, 9/15/30 | 1,251,124 | ||
2,475,000 | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 144a, 3.625%, 3/1/29 | 1,946,142 | ||
2,152,000 | VistaJet Malta Finance PLC / XO Management Holding, Inc. (Switzerland), 144a, 6.375%, 2/1/30 | 1,721,600 | ||
14,906,687 | ||||
Materials — 4.2% | ||||
1,289,636 | ASP Unifrax Holdings, Inc., 144a, 5.250%, 9/30/28 | 1,028,994 | ||
1,410,000 | Chemours Co. (The), 144a, 4.625%, 11/15/29 | 1,108,937 | ||
1,200,000 | Chemours Co. (The), 144a, 5.750%, 11/15/28 | 1,022,676 | ||
272,000 | First Quantum Minerals Ltd. (Zambia), 144a, 7.500%, 4/1/25 | 257,166 | ||
1,760,000 | First Quantum Minerals Ltd. (Zambia), 144a, 6.500%, 3/1/24 | 1,692,077 | ||
417,000 | Freeport-McMoRan, Inc., 4.625%, 8/1/30 | 386,884 | ||
300,000 | Freeport-McMoRan, Inc., 5.000%, 9/1/27 | 297,660 | ||
597,000 | Freeport-McMoRan, Inc., 5.400%, 11/14/34 | 582,618 | ||
63,000 | Freeport-McMoRan, Inc., 5.450%, 3/15/43 | 58,278 | ||
601,000 | SCIH Salt Holdings, Inc., 144a, 4.875%, 5/1/28 | 498,902 | ||
1,956,000 | SCIH Salt Holdings, Inc., 144a, 6.625%, 5/1/29† | 1,537,276 | ||
1,462,000 | Tronox, Inc., 144a, 4.625%, 3/15/29 | 1,176,605 | ||
2,480,000 | Venator Finance Sarl / Venator Materials LLC, 144a, 5.750%, 7/15/25 | 1,986,028 | ||
215,000 | Venator Finance Sarl / Venator Materials LLC, 144a, 9.500%, 7/1/25 | 215,000 | ||
11,849,101 | ||||
Health Care — 4.2% | ||||
2,242,000 | Acadia Healthcare Co., Inc., 144a, 5.000%, 4/15/29 | 2,031,162 | ||
2,586,000 | Air Methods Corp., 144a, 8.000%, 5/15/25† | 1,693,830 | ||
2,509,000 | Global Medical Response, Inc., 144a, 6.500%, 10/1/25 | 2,235,469 | ||
244,000 | HCA, Inc., 5.625%, 9/1/28 | 240,022 | ||
1,000,000 | IQVIA, Inc., 144a, 2.875%, 6/15/28 | 890,386 | ||
1,644,000 | LifePoint Health, Inc., 144a, 5.375%, 1/15/29 | 1,219,586 | ||
1,920,000 | Molina Healthcare, Inc., 144a, 4.375%, 6/15/28 | 1,717,070 | ||
2,008,000 | Syneos Health, Inc., 144a, 3.625%, 1/15/29 | 1,700,179 | ||
11,727,704 | ||||
Real Estate — 3.6% | ||||
2,467,000 | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 4.500%, 4/1/27 | 2,045,761 | ||
215,000 | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 5.750%, 5/15/26 | 195,461 | ||
834,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.375%, 6/15/26 | 717,240 | ||
875,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.750%, 9/15/30 | 697,813 | ||
1,386,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 6.000%, 4/15/25 | 1,327,095 | ||
390,000 | Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29 | 334,156 | ||
531,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 3/15/28 | 475,554 | ||
1,105,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | 960,681 | ||
1,111,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 4.250%, 2/1/27 | 896,876 | ||
963,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 4.750%, 6/15/29 | 740,908 | ||
1,810,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 3.750%, 2/15/27 | 1,592,026 |
Principal Amount | Market Value | |||
Real Estate — (Continued) | ||||
$ 201,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.125%, 8/15/30 | $ 173,447 | ||
46,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.625%, 12/1/29 | 41,122 | ||
10,198,140 | ||||
Information Technology — 3.4% | ||||
1,785,000 | Ahead DB Holdings LLC, 144a, 6.625%, 5/1/28 | 1,479,372 | ||
751,000 | Condor Merger Sub, Inc., 144a, 7.375%, 2/15/30 | 613,473 | ||
1,864,000 | II-VI, Inc., 144a, 5.000%, 12/15/29 | 1,626,340 | ||
1,481,000 | PTC, Inc., 144a, 4.000%, 2/15/28 | 1,336,914 | ||
1,787,000 | Science Applications International Corp., 144a, 4.875%, 4/1/28 | 1,666,377 | ||
440,000 | Seagate HDD Cayman, 3.125%, 7/15/29 | 348,586 | ||
746,000 | Seagate HDD Cayman, 3.375%, 7/15/31 | 579,769 | ||
500,000 | SS&C Technologies, Inc., 144a, 5.500%, 9/30/27 | 466,250 | ||
1,651,000 | Synaptics, Inc., 144a, 4.000%, 6/15/29 | 1,340,579 | ||
9,457,660 | ||||
Utilities — 2.6% | ||||
2,534,000 | Calpine Corp., 144a, 4.500%, 2/15/28 | 2,298,696 | ||
1,492,000 | NRG Energy, Inc., 144a, 3.625%, 2/15/31 | 1,169,713 | ||
160,000 | NRG Energy, Inc., 144a, 3.875%, 2/15/32 | 127,085 | ||
88,000 | NRG Energy, Inc., 6.625%, 1/15/27 | 86,185 | ||
1,249,000 | Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144a, 4.500%, 8/15/28 | 1,094,124 | ||
1,000,000 | Vistra Operations Co. LLC, 144a, 5.000%, 7/31/27 | 906,250 | ||
1,350,000 | Vistra Operations Co. LLC, 144a, 5.625%, 2/15/27 | 1,265,720 | ||
268,000 | Vistra Operations Co. LLC, 144a, 4.300%, 7/15/29 | 243,212 | ||
7,190,985 | ||||
Total Corporate Bonds | $189,244,984 | |||
Bank Loans — 19.1%(B) | ||||
Consumer Discretionary — 4.5% | ||||
850,951 | Alpha Topco Limited - Delta 2 (Lux) Sarl, 2018 Incremental New Facility B3 Loan, (1M LIBOR + 2.500%), 4.166%, 2/01/24 | 827,975 | ||
505,000 | American Airlines Inc., Initial Term Loan, (3M LIBOR + 4.750%), 5.813%, 4/20/28 | 480,831 | ||
596,904 | Aramark Services Inc., US Term B-3 Loan, (1M LIBOR + 1.750%), 3.416%, 3/11/25 | 571,685 | ||
981,183 | Brightview Landscapes LLC, Initial Term Loan, 4.775%, 4/20/29 | 932,124 | ||
1,771,480 | Caesars Resort Collection LLC, Term B Loan, (1M LIBOR + 2.750%), 4.416%, 12/23/24 | 1,702,463 | ||
830,213 | Caesars Resort Collection LLC, Term B-1 Loan, (1M LIBOR + 3.500%), 5.166%, 7/21/25 | 798,457 | ||
2,267,579 | ClubCorp Holdings Inc., First Lien Term B Loan, (3M LIBOR + 2.750%), 5.000%, 9/18/24 | 2,084,155 | ||
635,000 | Delta Air Lines Inc., Initial Term Loan, (3M LIBOR + 3.750%), 4.750%, 10/20/27 | 630,434 | ||
1,141,600 | Enterprise Development Authority, Term B Loan, (1M LIBOR + 4.250%), 5.916%, 2/28/28(C) | 1,085,947 | ||
544,500 | Hayward Industries Inc., First Lien Initial Term Loan, (1M LIBOR + 2.500%), 4.166%, 5/30/28 | 517,106 | ||
573,624 | LBM Acquisition LLC, First Lien Initial Term Loan, (1M LIBOR + 3.750%), 5.537%, 12/17/27 | 468,759 | ||
399,425 | Station Casinos LLC, Term B-1 Facility Loan, (1M LIBOR + 2.250%), 3.920%, 2/08/27 | 374,904 | ||
972,688 | United AirLines, Inc., Class B Term Loan, (1M LIBOR + 3.750%), 5.392%, 4/21/28 | 901,565 |
13
Touchstone Ares Credit Opportunities Fund (formerly Touchstone Credit Opportunities Fund) (Unaudited) (Continued)
Principal Amount | Market Value | |||
Bank Loans — 19.1%(B) (Continued) | ||||
Consumer Discretionary — (Continued) | ||||
$ 873,289 | Whatabrands LLC, Initial Term B Loan, (1M LIBOR + 3.250%), 4.916%, 8/03/28 | $ 816,525 | ||
388,743 | William Morris Endeavor Entertainment LLC, New Term Loan B-1, (1M LIBOR + 2.750%), 4.420%, 5/18/25 | 364,863 | ||
12,557,793 | ||||
Health Care — 3.0% | ||||
987,500 | AlixPartners LLP, Initial Dollar Term Loan, (1M LIBOR + 2.750%), 4.416%, 2/04/28 | 936,733 | ||
627,053 | Avantor Funding Inc., Incremental B-5 Dollar Term Loan, (1M LIBOR + 2.250%), 3.310%, 11/08/27 | 601,482 | ||
579,000 | Belron Finance US LLC, First Incremental Loan, (3M LIBOR + 2.250%), 3.688%, 11/13/25 | 558,735 | ||
807,907 | Change Healthcare Holdings LLC, Closing Date Term Loan, (3M LIBOR + 2.500%), 3.500%, 3/01/24 | 784,582 | ||
739,884 | Elanco Animal Health Inc., Term Loan, (1M LIBOR + 1.750%), 2.812%, 8/01/27 | 697,341 | ||
709,782 | EyeCare Partners LLC, First Lien Initial Term Loan, (3M LIBOR + 3.750%), 6.000%, 2/18/27 | 654,774 | ||
637,000 | Froneri US Inc., Facility B2, (1M LIBOR + 2.250%), 3.916%, 1/29/27 | 584,715 | ||
685,167 | Gainwell Acquisition Corp, Term B Loan, (3M LIBOR + 4.000%), 5.006%, 10/01/27 | 646,627 | ||
870,329 | Organon & Co, Senior Secured Dollar Term Loan, (3M LIBOR + 3.000%), 4.798%, 6/02/28 | 835,881 | ||
375,250 | Packaging Coordinators Midco Inc., First Lien Term B Loan, (3M LIBOR + 3.750%), 4.506%, 11/30/27 | 353,831 | ||
977,625 | Sunshine Luxembourg VII SARL, Term Loan B3 (USD), (3M LIBOR + 3.750%), 6.000%, 10/01/26 | 902,553 | ||
705,180 | Surgery Center Holdings, Inc., 2021 New Term Loan, (1M LIBOR + 3.750%), 4.950%, 8/31/26 | 655,598 | ||
403,342 | Trans Union LLC, Term B-5 Loan, (1M LIBOR + 1.750%), 3.416%, 11/16/26 | 379,815 | ||
8,592,667 | ||||
Information Technology — 3.0% | ||||
1,700,000 | Applied Systems Inc., Term B Loan, (1M LIBOR + 3.250%), 5.150%, 9/19/24 | 1,627,750 | ||
985,546 | Dun & Bradstreet Corporation (The), Term Loan B, (1M LIBOR + 3.250%), 4.874%, 2/06/26 | 927,951 | ||
377,663 | Epicor Software Corporation, Term C Loan, (1M LIBOR + 3.250%), 5.037%, 7/30/27 | 355,646 | ||
2,640,393 | Hyland Software Inc., 2018 Refinancing Term Loan, (1M LIBOR + 3.500%), 5.166%, 7/01/24 | 2,542,118 | ||
470,800 | Hyland Software Inc., 2021-1 Incremental Term Facility, (1M LIBOR + 6.250%), 7.916%, 7/07/25 | 460,598 | ||
517,216 | Quest Software, Inc., Second Lien Initial Term Loan, (3M SOFR + 7.650%), 8.724%, 2/01/30 | 460,968 | ||
230,958 | SS&C Technologies Inc., Term B-3 Loan, (1M LIBOR + 1.750%), 3.416%, 4/16/25 | ��� 218,978 | ||
187,488 | SS&C Technologies Inc., Term B-4 Loan, (1M LIBOR + 1.750%), 3.416%, 4/16/25 | 177,763 | ||
729,684 | SS&C Technologies Inc., Term B-5 Loan, (1M LIBOR + 1.750%), 3.416%, 4/16/25 | 691,835 | ||
958,440 | Tempo Acquisition LLC, Additional Initial Term B-1 Loan, 4.525%, 8/31/28 | 906,924 | ||
8,370,531 | ||||
Communication Services — 3.0% | ||||
603,900 | Cable One Inc., Incremental Term B-4 Loan, (1M LIBOR + 2.000%), 3.060%, 5/03/28 | 579,744 | ||
186,710 | Charter Communications Operating LLC, Term Loan B2, (1M LIBOR + 1.750%), 3.420%, 2/01/27 | 177,608 |
Principal Amount | Market Value | |||
Communication Services — (Continued) | ||||
$ 485,094 | CSC Holdings LLC, 2017 Refinancing Term Loan, (1M LIBOR + 2.250%), 3.574%, 7/17/25 | $ 450,167 | ||
896,443 | Delta TopCo Inc., Second Lien Initial Term Loan, (6M LIBOR + 7.250%), 9.336%, 12/01/28 | 761,977 | ||
30,871 | Diamond Sports Group LLC, Term Loan, (1M LIBOR + 8.000%), 9.181%, 5/25/26 | 30,665 | ||
619,288 | E.W. Scripps Company, The, Tranche B-2 Term Loan, (1M LIBOR + 2.563%), 4.229%, 5/01/26 | 591,575 | ||
384,909 | Go Daddy Operating Company, LLC (GD Finance Co, Inc.), Tranche B-2 Term Loan, (1M LIBOR + 1.750%), 3.416%, 2/15/24 | 371,368 | ||
1,007,627 | Gray Television Inc., Term C Loan, (1M LIBOR + 2.500%), 3.562%, 1/02/26 | 969,085 | ||
465,942 | MH Sub I, LLC, 2020 June New Term Loan, (1M LIBOR + 3.750%), 5.416%, 9/13/24 | 437,869 | ||
510,595 | NEP Group Inc., First Lien Initial Dollar Term Loan, (1M LIBOR + 3.250%), 4.916%, 10/20/25 | 473,393 | ||
325,349 | Nexstar Broadcasting Inc., Term B-4 Loan, (1M LIBOR + 2.500%), 4.166%, 9/18/26 | 320,017 | ||
974,853 | Numericable U.S. LLC, USD TLB-12 Term Loan, (3M LIBOR + 3.688%), 4.732%, 1/31/26 | 884,679 | ||
905,450 | Proofpoint Inc., Initial Term Loan, 5.037%, 8/31/28(C) | 839,479 | ||
370,000 | Telenet Financing USD LLC, Term Loan AR Facility, (1M LIBOR + 2.000%), 3.324%, 4/28/28 | 341,632 | ||
715,000 | UPC Financing Partnership, Facility AX, (1M LIBOR + 3.000%), 4.324%, 1/31/29 | 678,056 | ||
480,000 | Virgin Media Bristol LLC, Facility Q Advance, (1M LIBOR + 3.250%), 4.574%, 1/31/29 | 458,827 | ||
8,366,141 | ||||
Financials — 2.2% | ||||
648,093 | Deerfield Dakota Holding LLC, First Lien Initial Dollar Term Loan, (1M LIBOR + 3.750%), 5.275%, 4/09/27 | 605,157 | ||
801,677 | HighTower Holding LLC, Initial Term Loan, (3M LIBOR + 4.000%), 4.750%, 4/21/28 | 742,890 | ||
948,063 | HUB International Ltd, Initial Term Loan, (3M LIBOR + 3.000%), 3.125%, 4/25/25 | 895,824 | ||
658,208 | NFP Corp, Closing Date Term Loan, (1M LIBOR + 3.250%), 4.916%, 2/15/27 | 606,868 | ||
1,132,028 | Sedgwick Claims Management Services Inc., Term Loan, (1M LIBOR + 3.250%), 4.916%, 12/31/25 | 1,060,710 | ||
2,318,007 | USI Inc., Term Loan B, (3M LIBOR + 3.000%), 5.250%, 5/16/24 | 2,218,055 | ||
6,129,504 | ||||
Energy — 1.5% | ||||
2,403,599 | Gulf Finance LLC, (1M LIBOR + 6.750%), 7.870%, 8/25/26 | 1,768,160 | ||
852,145 | PES Holdings LLC, Tranche C Loan Non-PIK, (3M PRIME + 6.990%), 6.311%, 12/31/22 | 26,630 | ||
261,140 | Traverse Midstream Partners LLC, (3M Term SOFR + 4.250%), 5.737%, 9/27/24 | 248,519 | ||
560,000 | Traverse Midstream Partners LLC, Advance, (1M LIBOR + 5.500%), 5.384%, 9/27/24 | 532,935 | ||
1,717,714 | Woodford Express LLC, Initial Term Loan, (3M LIBOR + 5.000%), 7.250%, 1/27/25 | 1,676,918 | ||
4,253,162 | ||||
Industrials — 1.1% | ||||
439,528 | CP Atlas Buyer Inc., Term B Loan, (3M LIBOR + 3.750%), 4.250%, 11/23/27 | 384,771 | ||
845,968 | Transdigm Inc., Tranche F Refinancing Term Loan, (1M LIBOR + 2.250%), 3.916%, 12/09/25 | 800,378 |
14
Touchstone Ares Credit Opportunities Fund (formerly Touchstone Credit Opportunities Fund) (Unaudited) (Continued)
Principal Amount | Market Value | |||
Bank Loans — 19.1%(B) (Continued) | ||||
Industrials — (Continued) | ||||
$ 712,407 | Vertical Midco Gmbh, Term Loan B, (3M LIBOR + 3.500%), 4.019%, 7/30/27 | $ 665,659 | ||
1,492,986 | Wilsonart LLC, Tranche E Term Loan, (3M LIBOR + 3.250%), 5.510%, 12/31/26 | 1,318,501 | ||
3,169,309 | ||||
Consumer Staples — 0.4% | ||||
1,207,545 | IRB Holding Corp., (1M LIBOR + 2.750%), 4.416%, 2/05/25 | 1,142,640 | ||
Materials — 0.4% | ||||
500,078 | BWay Holding Company, Initial Term Loan, (3M LIBOR + 3.250%), 4.781%, 4/03/24 | 469,343 | ||
452,464 | Tronox Finance LLC, First Lien Term Loan B, (3M LIBOR + 2.250%), 4.500%, 3/10/28 | 429,841 | ||
257,198 | Venator Finance Sarl, (1M LIBOR + 3.000%), 4.060%, 8/08/24 | 241,124 | ||
1,140,308 | ||||
Total Bank Loans | $53,722,055 | |||
Asset-Backed Securities — 9.0% | ||||
1,000,000 | Aimco CLO 11 Ltd. (Cayman Islands), Ser 2020-11A, Class ER, 144a, (3M LIBOR +6.200%), 7.244%, 10/17/34(D) | 851,569 | ||
575,000 | AIMCO CLO 16 Ltd. (Cayman Islands), Ser 2021-16A, Class SUB, 144a, 1/17/35(D)(E) | 443,109 | ||
340,000 | Atrium XV (Cayman Islands), Ser 15A, Class SUB, 144a, 1/23/31(D)(E) | 191,311 | ||
1,250,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2019-2A, Class ER, 144a, (3M LIBOR +6.320%), 7.364%, 10/17/32(D) | 1,085,391 | ||
620,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2021-2A, Class SUB, 144a, 7/16/34(D)(E) | 379,648 | ||
850,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2022-1A, Class SUB, 144a, 4/18/35(D)(E) | 663,845 | ||
1,000,000 | Barings CLO Ltd. (Cayman Islands), Ser 2021-2A, Class SUB, 144a, 7/15/34(D)(E) | 837,194 | ||
1,000,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-10A, Class E, 144a, (3M LIBOR +6.500%), 7.563%, 10/20/34(D) | 894,916 | ||
1,000,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-11A, Class E, 144a, (3M LIBOR +6.400%), 6.653%, 1/25/33(D) | 895,453 | ||
500,000 | Cedar Funding IV CLO Ltd. (Cayman Islands), Ser 2014-4A, Class ERR, 144a, (3M LIBOR +6.610%), 7.794%, 7/23/34(D) | 436,982 | ||
1,500,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2015-4A, Class SUB, 144a, 4/20/34(D)(E) | 618,550 | ||
1,000,000 | CIFC Funding Ltd., Ser 2019-4A, Class DR, 144a, (3M LIBOR +6.600%), 7.644%, 10/15/34(D) | 900,472 | ||
500,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2020-3A, Class SUB, 144a, 10/20/34(D)(E) | 414,743 | ||
1,000,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2021-7A, Class E, 144a, (3M LIBOR +6.350%), 7.534%, 1/23/35(D) | 885,000 | ||
250,000 | Dryden 45 Senior Loan Fund (Cayman Islands), Ser 2016-45A, Class ER, 144a, (3M LIBOR +5.850%), 6.894%, 10/15/30(D) | 216,133 | ||
250,000 | Dryden 57 CLO Ltd. (Cayman Islands), Ser 2018-57A, Class E, 144a, (3M LIBOR +5.200%), 6.611%, 5/15/31(D) | 212,197 | ||
1,000,000 | Dryden 76 CLO Ltd. (Cayman Islands), Ser 2019-76A, Class ER, 144a, (3M LIBOR +6.500%), 7.563%, 10/20/34(D) | 888,677 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 9.0% (Continued) | ||||
$ 250,000 | Dryden 78 CLO Ltd. (Cayman Islands), Ser 2020-78A, Class SUB, 144a, 4/17/33(D)(E) | $ 172,060 | ||
650,000 | Dryden 98 CLO Ltd. (Cayman Islands), Ser 2022-98X, Class SUB, 4/20/35(E) | 528,490 | ||
250,000 | Elmwood CLO VIII Ltd. (Cayman Islands), Ser 2021-1A, Class F1, 144a, (3M LIBOR +8.000%), 9.063%, 1/20/34(D) | 224,221 | ||
588,235 | Elmwood CLO VIII Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 1/20/34(D)(E) | 425,396 | ||
1,000,000 | Fillmore Park CLO Ltd. (Cayman Islands), Ser 2018-1A, Class E, 144a, (3M LIBOR +5.400%), 6.444%, 7/15/30(D) | 881,570 | ||
1,000,000 | ICG US CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/17/34(D)(E) | 660,921 | ||
750,000 | Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class SUB, 144a, 10/22/34(D)(E) | 485,060 | ||
75,000 | Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class Y, 144a, 10/22/34(D)(E) | 18,112 | ||
625,000 | Madison Park Funding LIII Ltd. (Cayman Islands), Ser 2022-53A, Class SUB, 144a, 4/21/35(D)(E) | 494,023 | ||
1,000,000 | Madison Park Funding LIX Ltd. (Cayman Islands), Ser 2021-59X, Class SUB, 1/18/34(D)(E) | 781,878 | ||
300,000 | Madison Park Funding XII Ltd. (Cayman Islands), Ser 2014-12A, Class SUB, 144a, 7/20/26(D)(E) | 11,100 | ||
500,000 | Madison Park Funding XXII Ltd. (Cayman Islands), Ser 2016-22A, Class ER, 144a, (3M LIBOR +6.700%), 7.744%, 1/15/33(D) | 445,853 | ||
1,000,000 | Madison Park Funding XXII Ltd. (Cayman Islands), Ser 2016-22A, Class SUB, 144a, 1/15/33(D)(E) | 515,875 | ||
500,000 | Madison Park Funding XXVIII Ltd. (Cayman Islands), Ser 2018-28A, Class SUB, 144a, 7/15/30(D)(E) | 282,870 | ||
250,000 | Madison Park Funding XXXI Ltd. (Cayman Islands), Ser 2018-31A, Class SUB, 144a, 1/23/48(D)(E) | 155,635 | ||
540,000 | Madison Park Funding XXXVII Ltd. (Cayman Islands), Ser 2019-37A, Class SUB, 144a, 7/15/49(D)(E) | 436,824 | ||
1,000,000 | Magnetite XXIII Ltd. (Cayman Islands), Ser 2019-23A, Class ER, 144a, (3M LIBOR +6.300%), 7.484%, 1/25/35(D) | 882,391 | ||
500,000 | Oaktree CLO Ltd. (Cayman Islands), Ser 2018-1A, Class SUB, 144a, 10/20/30(D)(E) | 164,611 | ||
250,000 | Oaktree CLO Ltd. (Cayman Islands), Ser 2019-2A, Class D, 144a, (3M LIBOR +6.770%), 7.814%, 4/15/31(D) | 207,736 | ||
250,000 | Oaktree CLO Ltd. (Cayman Islands), Ser 2022-2A, Class E, 144a, (3M Term SOFR +8.340%), 0.001%, 7/15/33 | 247,500 | ||
250,000 | Octagon Loan Funding Ltd. (Cayman Islands), Ser 2014-1A, Class DRR, 144a, (3M LIBOR +2.900%), 4.355%, 11/18/31(D) | 220,205 | ||
825,000 | OHA Credit Funding 4 Ltd. (Cayman Islands), Ser 2019-4A, Class ER, 144a, (3M LIBOR +6.400%), 7.536%, 10/22/36(D) | 733,406 | ||
350,000 | OHA Loan Funding Ltd. (Cayman Islands), Ser 2016-1A, Class SUB, 144a, 1/20/33(D)(E) | 223,034 | ||
1,000,000 | REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class M2, 144a, 10/15/34(D)(E) | 36,793 | ||
1,000,000 | REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class SUB, 144a, 10/15/34(D)(E) | 639,739 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M1, 144a, 4/20/34(D)(E) | 3,323 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M2, 144a, 4/20/34(D)(E) | 7,754 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/20/34(D)(E) | 524,747 |
15
Touchstone Ares Credit Opportunities Fund (formerly Touchstone Credit Opportunities Fund) (Unaudited) (Continued)
Principal Amount | Market Value | |||
Asset-Backed Securities — 9.0% (Continued) | ||||
$ 500,000 | RR 6 Ltd. (Cayman Islands), Ser 2019-6A, Class SUB, 144a, 4/15/36(D)(E) | $ 397,839 | ||
500,000 | Steele Creek CLO Ltd. (Cayman Islands), Ser 2019-2A, Class E, 144a, (3M LIBOR +7.700%), 8.744%, 7/15/32(D) | 432,725 | ||
250,000 | TCI-Flatiron CLO Ltd. (Cayman Islands), Ser 2017-1A, Class D, 144a, (3M LIBOR +2.750%), 4.194%, 11/18/30(D) | 230,509 | ||
500,000 | Thompson Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class E, 144a, (3M LIBOR +6.310%), 7.354%, 4/15/34(D) | 440,518 | ||
250,000 | Voya CLO Ltd. (Cayman Islands), Ser 2019-4X, Class ER, (3M LIBOR +6.710%), 7.754%, 1/15/35(D) | 218,606 | ||
1,000,000 | Voya CLO Ltd., Ser 2020-3A, Class ER, 144a, (3M LIBOR +6.400%), 7.463%, 10/20/34(D) | 859,703 | ||
850,000 | Voya CLO Ltd. (Cayman Islands), Ser 2021-1A, Class E, 144a, (3M LIBOR +6.350%), 7.394%, 7/15/34(D) | 729,989 | ||
250,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2018-3A, Class D, 144a, (3M LIBOR +6.250%), 7.313%, 1/20/32(D) | 213,235 | ||
250,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2018-3A, Class SUB, 144a, 1/20/32(D)(E) | 98,297 | ||
250,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2019-1A, Class D, 144a, (3M LIBOR +6.900%), 7.963%, 7/20/32 | 219,981 | ||
280,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2020-1A, Class SUB, 144a, 4/15/33(D)(E) | 155,574 | ||
Total Asset-Backed Securities | $25,223,293 |
Shares | ||||
Common Stocks — 0.9% | ||||
Energy — 0.8% | ||||
14,309 | AFG Holdings, Inc. | 14,309 | ||
60,000 | Antero Resources Corp.* | 1,839,000 | ||
187,384 | Ascent Resources Marcellus Holdings, LLC | 0 | ||
45,000 | Summit Midstream Partners LP* | 572,850 | ||
2,426,159 | ||||
Industrials — 0.1% | ||||
28,087 | Tutor Perini Corp.* | 246,604 | ||
Total Common Stocks | $2,672,763 | |||
Exchange-Traded Fund — 0.4% | ||||
32,000 | Alerian MLP ETF† | 1,102,400 | ||
Warrants — 0.0% | ||||
Energy — 0.0% | ||||
48,515 | Ascent Resources Marcellus Holdings, LLC, Exp 3/30/23, Price 0.00* | 0 | ||
Total Warrants | $0 |
Shares | MarketValue | |||
Short-Term Investment Funds — 4.5% | ||||
6,642,811 | Dreyfus Government Cash Management, Institutional Shares, 1.35%∞Ω | $ 6,642,811 | ||
6,032,784 | Invesco Government & Agency Portfolio, Institutional Class, 1.38%∞Ω** | 6,032,784 | ||
Total Short-Term Investment Funds | $12,675,595 | |||
Total Investment Securities—101.2% (Cost $325,121,461) | $284,641,090 | |||
Liabilities in Excess of Other Assets — (1.2%) | (3,466,431) | |||
Net Assets — 100.0% | $281,174,659 |
(A) | Represents a payment-in-kind (“PIK”) security, which may pay interest in additional principal amounts. |
(B) | Bank loans pay interest at rates which adjust periodically unless otherwise indicated. The interest rates shown are the current interest rates as of June 30, 2022. |
(C) | All or a portion of this position has not settled. Full contract rates do not take effect until settlement date. |
(D) | Variable rate security - Rate reflected is the rate in effect as of June 30, 2022. |
(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. |
** | 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 June 30, 2022 was $5,721,640. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2022. |
Portfolio Abbreviations: |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
ETF – Exchange-Traded Fund |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LLLP – Limited Liability Limited Partnership |
LP – Limited Partnership |
MLP – Master Limited Partnership |
PIK – Payment In Kind |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
SOFR – Secured Overnight Financing Rate |
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 June 30, 2022, these securities were valued at $188,032,587 or 66.9% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
16
Touchstone Ares Credit Opportunities Fund (formerly Touchstone Credit 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 |
Assets: | ||||
Corporate Bonds | $— | $189,244,984 | $— | $189,244,984 |
Bank Loans | — | 53,722,055 | — | 53,722,055 |
Asset-Backed Securities | — | 25,223,293 | — | 25,223,293 |
Common Stocks | 2,658,454 | 14,309 | — | 2,672,763 |
Exchange-Traded Fund | 1,102,400 | — | — | 1,102,400 |
Warrants | — | 0 | — | 0 |
Short-Term Investment Funds | 12,675,595 | — | — | 12,675,595 |
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | — | 43,747 | — | 43,747 |
Foreign currency exchange contracts | — | 19,566 | — | 19,566 |
Total Assets | $16,436,449 | $268,267,954 | $— | $284,704,403 |
Liabilities: | ||||
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | $— | $(2,134) | $— | $(2,134) |
Total Liabilities | $— | $(2,134) | $— | $(2,134) |
Total | $16,436,449 | $268,265,820 | $— | $284,702,269 |
Measurements Using Unobservable Inputs (Level 3) | |
Assets | |
Beginning balance, September 30, 2021 | $1 |
Transfer out of Level 3 | 494,023 |
Purchases and Sales | 562,499 |
Change in unrealized appreciation (depreciation) | (68,477) |
Ending balance, June 30, 2022 | $— |
Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at June 30, 2022 | $— |
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection(1)
Counterparty | Termination Date | Notional Amount(2) | Pay Fixed Rate | Clearinghouse | Underlying Bond | Value(3) | Premiums (Received) | Unrealized Appreciation/ Depreciation |
Goldman Sachs Bank USA | 6/20/25 | $(500,000) | 5.000% | ICE | American Axle & Manufacturing Inc. USD SR 5Y D14 | $(2,134) | $(2,489) | $(2,134) |
Wells Fargo | 12/20/25 | $(568,538) | 5.000% | ICE | Markit CDX North America High Yield Series 35 5Y Index | $43,747 | $(41,401) | $43,747 |
$41,613 |
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(3) | The quoted market prices and resulting values for credit default swap agreements on the underlying bond serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
Forward Foreign Currency Contracts
Contract to | ||||||
Counterparty | Expiration Date | Receive | Deliver | Unrealized Appreciation | ||
Wells Fargo | 7/27/2022 | USD | 4,855,978 | EUR | 4,607,385 | $19,117 |
Wells Fargo | 7/27/2022 | USD | 731,154 | GBP | 600,000 | 437 |
Wells Fargo | 7/27/2022 | GBP | 38,424 | USD | 31,561 | 12 |
$19,566 |
See accompanying Notes to Portfolios of Investments.
17
Portfolio of Investments
Touchstone Dividend Equity Fund – June 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 99.5% | ||||
Information Technology — 24.0% | ||||
158,927 | Analog Devices, Inc. | $ 23,217,645 | ||
382,991 | Apple, Inc. | 52,362,530 | ||
159,678 | Automatic Data Processing, Inc. | 33,538,767 | ||
103,501 | Broadcom, Inc. | 50,281,821 | ||
1,172,487 | Cisco Systems, Inc. | 49,994,846 | ||
1,138,323 | Intel Corp. | 42,584,663 | ||
439,651 | International Business Machines Corp. | 62,074,325 | ||
161,454 | KLA Corp. | 51,516,742 | ||
392,790 | Microsoft Corp. | 100,880,256 | ||
853,077 | Oracle Corp. | 59,604,490 | ||
357,010 | Paychex, Inc. | 40,652,729 | ||
340,741 | QUALCOMM, Inc. | 43,526,255 | ||
285,206 | Texas Instruments, Inc. | 43,821,902 | ||
308,954 | Visa, Inc. - Class A | 60,829,953 | ||
714,886,924 | ||||
Health Care — 13.5% | ||||
160,873 | AbbVie, Inc. | 24,639,309 | ||
174,272 | AmerisourceBergen Corp. | 24,656,003 | ||
638,919 | Bristol-Myers Squibb Co. | 49,196,763 | ||
409,169 | CVS Health Corp. | 37,913,599 | ||
265,968 | Gilead Sciences, Inc. | 16,439,482 | ||
349,977 | Johnson & Johnson | 62,124,417 | ||
474,942 | Medtronic PLC | 42,626,044 | ||
535,152 | Merck & Co., Inc. | 48,789,808 | ||
646,597 | Pfizer, Inc. | 33,901,081 | ||
118,868 | UnitedHealth Group, Inc. | 61,054,171 | ||
401,340,677 | ||||
Financials — 12.4% | ||||
164,556 | Arthur J Gallagher & Co. | 26,829,210 | ||
1,159,084 | Bank of America Corp. | 36,082,285 | ||
75,608 | BlackRock, Inc. | 46,048,296 | ||
166,279 | Goldman Sachs Group, Inc. (The) | 49,388,188 | ||
2,461,800 | Huntington Bancshares, Inc. | 29,615,454 | ||
250,545 | JPMorgan Chase & Co. | 28,213,872 | ||
407,211 | Principal Financial Group, Inc. | 27,197,623 | ||
352,084 | Prudential Financial, Inc. | 33,687,397 | ||
136,847 | T Rowe Price Group, Inc. | 15,547,188 | ||
418,053 | Truist Financial Corp. | 19,828,254 | ||
408,383 | US Bancorp | 18,793,786 | ||
973,523 | Wells Fargo & Co. | 38,132,896 | ||
369,364,449 | ||||
Consumer Discretionary — 10.5% | ||||
215,491 | Dollar General Corp. | 52,890,111 | ||
149,868 | Home Depot, Inc. (The) | 41,104,296 | ||
224,129 | McDonald's Corp. | 55,332,968 | ||
601,380 | Starbucks Corp. | 45,939,418 | ||
131,296 | Target Corp. | 18,542,934 | ||
555,468 | VF Corp. | 24,535,022 | ||
153,381 | Whirlpool Corp. | 23,754,116 | ||
452,383 | Yum! Brands, Inc. | 51,349,994 | ||
313,448,859 | ||||
Industrials — 9.3% | ||||
259,941 | 3M Co. | 33,638,965 | ||
174,471 | Caterpillar, Inc. | 31,188,436 | ||
78,717 | Cummins, Inc. | 15,234,101 | ||
68,328 | Deere & Co. | 20,462,186 | ||
173,263 | Eaton Corp. PLC | 21,829,406 | ||
125,866 | Lockheed Martin Corp. | 54,117,345 | ||
60,325 | Parker-Hannifin Corp. | 14,842,966 |
Shares | Market Value | |||
Industrials — (Continued) | ||||
518,755 | Raytheon Technologies Corp. | $ 49,857,543 | ||
347,996 | Stanley Black & Decker, Inc. | 36,490,861 | ||
277,661,809 | ||||
Communication Services — 7.9% | ||||
1,985,582 | AT&T, Inc. | 41,617,799 | ||
1,257,419 | Comcast Corp. - Class A | 49,341,122 | ||
822,283 | Fox Corp. - Class A | 26,444,621 | ||
989,372 | Interpublic Group of Cos., Inc. (The) | 27,237,411 | ||
423,110 | Omnicom Group, Inc. | 26,914,027 | ||
1,124,685 | Verizon Communications, Inc. | 57,077,764 | ||
480,346 | Warner Bros Discovery, Inc.* | 6,446,243 | ||
235,078,987 | ||||
Consumer Staples — 7.0% | ||||
649,993 | Coca-Cola Co. (The) | 40,891,059 | ||
246,994 | PepsiCo, Inc. | 41,164,020 | ||
548,311 | Philip Morris International, Inc. | 54,140,228 | ||
484,201 | Sysco Corp. | 41,016,667 | ||
266,031 | Walmart, Inc. | 32,344,049 | ||
209,556,023 | ||||
Energy — 5.5% | ||||
286,926 | Chevron Corp. | 41,541,146 | ||
479,565 | Exxon Mobil Corp. | 41,069,947 | ||
476,983 | Phillips 66 | 39,107,836 | ||
383,246 | Valero Energy Corp. | 40,731,385 | ||
162,450,314 | ||||
Utilities — 4.0% | ||||
659,259 | Dominion Energy, Inc. | 52,615,461 | ||
265,761 | Duke Energy Corp. | 28,492,237 | ||
492,677 | NextEra Energy, Inc. | 38,162,760 | ||
119,270,458 | ||||
Materials — 2.8% | ||||
151,927 | Air Products & Chemicals, Inc. | 36,535,405 | ||
857,156 | DuPont de Nemours, Inc. | 47,640,730 | ||
84,176,135 | ||||
Real Estate — 2.6% | ||||
153,567 | Alexandria Real Estate Equities, Inc. REIT | 22,271,822 | ||
134,756 | American Tower Corp. REIT | 34,442,286 | ||
199,193 | Simon Property Group, Inc. REIT | 18,907,400 | ||
75,621,508 | ||||
Total Common Stocks | $2,962,856,143 | |||
Short-Term Investment Fund — 0.7% | ||||
20,806,682 | Dreyfus Government Cash Management, Institutional Shares, 1.35%∞Ω | 20,806,682 | ||
Total Investment Securities—100.2% (Cost $3,115,034,798) | $2,983,662,825 | |||
Liabilities in Excess of Other Assets — (0.2%) | (4,862,485) | |||
Net Assets — 100.0% | $2,978,800,340 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2022. |
Portfolio Abbreviations: |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
18
Touchstone Dividend Equity 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 | $2,962,856,143 | $— | $— | $2,962,856,143 |
Short-Term Investment Fund | 20,806,682 | — | — | 20,806,682 |
Total | $2,983,662,825 | $— | $— | $2,983,662,825 |
See accompanying Notes to Portfolios of Investments.
19
Portfolio of Investments
Touchstone High Yield Fund – June 30, 2022 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 94.6% | ||||
Communication Services — 18.1% | ||||
$ 666,000 | Altice Financing SA (Luxembourg), 144a, 5.750%, 8/15/29 | $ 534,465 | ||
483,000 | Altice Financing SA (Luxembourg), 144a, 5.000%, 1/15/28 | 384,313 | ||
540,000 | Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | 449,468 | ||
514,000 | Altice France SA (France), 144a, 5.125%, 7/15/29 | 388,070 | ||
446,000 | Altice France SA (France), 144a, 5.500%, 10/15/29 | 340,655 | ||
478,000 | Belo Corp., 7.250%, 9/15/27 | 468,440 | ||
434,000 | Cars.com, Inc., 144a, 6.375%, 11/1/28 | 365,632 | ||
1,091,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 889,165 | ||
398,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.375%, 6/1/29 | 355,713 | ||
836,000 | Connect Finco SARL / Connect US Finco LLC (United Kingdom), 144a, 6.750%, 10/1/26 | 747,175 | ||
1,212,000 | CSC Holdings LLC, 144a, 3.375%, 2/15/31 | 896,044 | ||
1,268,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 849,560 | ||
720,000 | CSC Holdings LLC, 144a, 5.750%, 1/15/30 | 523,800 | ||
1,227,000 | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 144a, 5.875%, 8/15/27 | 1,054,723 | ||
607,000 | DISH DBS Corp., 144a, 5.250%, 12/1/26 | 473,615 | ||
574,000 | DISH DBS Corp., 7.750%, 7/1/26 | 449,155 | ||
500,000 | Frontier Communications Holdings LLC, 144a, 8.750%, 5/15/30 | 508,148 | ||
351,000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144a, 3.500%, 3/1/29 | 295,314 | ||
1,175,000 | Gray Escrow II, Inc., 144a, 5.375%, 11/15/31 | 941,469 | ||
330,000 | Gray Television, Inc., 144a, 7.000%, 5/15/27 | 316,305 | ||
245,000 | LCPR Senior Secured Financing DAC, 144a, 5.125%, 7/15/29 | 204,575 | ||
400,000 | LCPR Senior Secured Financing DAC, 144a, 6.750%, 10/15/27 | 373,132 | ||
909,000 | LogMeIn, Inc., 144a, 5.500%, 9/1/27 | 632,905 | ||
266,000 | Lumen Technologies, Inc., 144a, 5.375%, 6/15/29 | 210,612 | ||
267,000 | Netflix, Inc., 4.875%, 4/15/28 | 251,850 | ||
240,000 | Nexstar Media, Inc., 144a, 4.750%, 11/1/28 | 205,800 | ||
855,000 | Nexstar Media, Inc., 144a, 5.625%, 7/15/27 | 780,188 | ||
608,000 | Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 144a, 4.750%, 4/30/27 | 500,811 | ||
691,000 | Photo Holdings Merger Sub, Inc., 144a, 8.500%, 10/1/26 | 521,677 | ||
408,000 | Sprint Capital Corp., 6.875%, 11/15/28 | 429,020 | ||
1,543,000 | Stagwell Global, 144a, 5.625%, 8/15/29 | 1,239,847 | ||
612,000 | Station Casinos LLC, 144a, 4.625%, 12/1/31 | 477,360 | ||
172,000 | TEGNA, Inc., 5.000%, 9/15/29 | 161,626 | ||
230,000 | Telecom Italia Capital SA (Italy), 6.000%, 9/30/34 | 173,482 | ||
562,000 | Telecom Italia Capital SA (Italy), 6.375%, 11/15/33 | 433,976 | ||
334,000 | T-Mobile USA, Inc., 144a, 3.375%, 4/15/29 | 291,979 | ||
61,000 | Univision Communications, Inc., 144a, 7.375%, 6/30/30 | 59,881 | ||
376,000 | Vmed O2 UK Financing I PLC (United Kingdom), 144a, 4.250%, 1/31/31 | 302,210 | ||
324,000 | VZ Secured Financing BV (Netherlands), 144a, 5.000%, 1/15/32 | 268,920 | ||
450,000 | Ziggo Bond Co. BV (Netherlands), 144a, 5.125%, 2/28/30 | 352,985 | ||
19,104,065 | ||||
Industrials — 16.8% | ||||
79,000 | American Axle & Manufacturing, Inc., 6.250%, 3/15/26 | 72,487 | ||
862,000 | American Axle & Manufacturing, Inc., 6.500%, 4/1/27 | 762,870 |
Principal Amount | Market Value | |||
Industrials — (Continued) | ||||
$ 683,000 | American Builders & Contractors Supply Co., Inc., 144a, 3.875%, 11/15/29 | $ 546,053 | ||
206,000 | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144a, 6.000%, 6/15/27 | 203,425 | ||
486,000 | BWX Technologies, Inc., 144a, 4.125%, 6/30/28 | 432,540 | ||
697,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.875%, 11/15/29 | 543,785 | ||
1,382,000 | Cimpress PLC (Ireland), 144a, 7.000%, 6/15/26 | 1,101,039 | ||
293,000 | Covanta Holding Corp., 144a, 4.875%, 12/1/29 | 238,610 | ||
415,000 | Delta Air Lines, Inc., 3.750%, 10/28/29† | 328,382 | ||
748,000 | Dycom Industries, Inc., 144a, 4.500%, 4/15/29 | 653,973 | ||
976,000 | Fortress Transportation & Infrastructure Investors LLC, 144a, 6.500%, 10/1/25 | 918,689 | ||
789,000 | FXI Holdings, Inc., 144a, 7.875%, 11/1/24 | 684,458 | ||
348,000 | GFL Environmental, Inc. (Canada), 144a, 3.500%, 9/1/28 | 298,410 | ||
1,413,000 | Granite US Holdings Corp., 144a, 11.000%, 10/1/27 | 1,328,220 | ||
937,000 | H&E Equipment Services, Inc., 144a, 3.875%, 12/15/28 | 757,799 | ||
467,000 | Howmet Aerospace, Inc., 3.000%, 1/15/29 | 388,845 | ||
86,000 | Howmet Aerospace, Inc., 5.950%, 2/1/37 | 81,098 | ||
214,000 | Howmet Aerospace, Inc., 6.750%, 1/15/28 | 214,000 | ||
1,165,000 | Imola Merger Corp., 144a, 4.750%, 5/15/29 | 974,709 | ||
685,000 | Meritor, Inc., 144a, 4.500%, 12/15/28 | 659,532 | ||
159,000 | Meritor, Inc., 144a, 6.250%, 6/1/25 | 163,063 | ||
684,000 | MIWD Holdco II LLC / MIWD Finance Corp., 144a, 5.500%, 2/1/30 | 550,458 | ||
606,000 | Moog, Inc., 144a, 4.250%, 12/15/27 | 525,093 | ||
652,000 | New Enterprise Stone & Lime Co., Inc., 144a, 5.250%, 7/15/28 | 535,967 | ||
221,000 | OI European Group BV, 144a, 4.750%, 2/15/30 | 185,088 | ||
364,000 | Owens-Brockway Glass Container, Inc., 144a, 6.625%, 5/13/27 | 339,721 | ||
970,000 | Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC, 144a, 4.000%, 10/15/27 | 829,350 | ||
700,000 | PECF USS Intermediate Holding III Corp., 144a, 8.000%, 11/15/29 | 554,750 | ||
479,000 | Seaspan Corp. (Hong Kong), 144a, 5.500%, 8/1/29 | 382,301 | ||
313,000 | SPCM SA (France), 144a, 3.125%, 3/15/27 | 263,652 | ||
226,000 | Spirit AeroSystems, Inc., 144a, 7.500%, 4/15/25 | 209,898 | ||
412,000 | Standard Industries, Inc., 144a, 3.375%, 1/15/31 | 304,300 | ||
193,000 | Standard Industries, Inc., 144a, 5.000%, 2/15/27 | 172,401 | ||
319,000 | Stericycle, Inc., 144a, 3.875%, 1/15/29 | 260,783 | ||
495,000 | TK Elevator US Newco, Inc. (Germany), 144a, 5.250%, 7/15/27 | 441,325 | ||
1,000,000 | TransDigm, Inc., 4.625%, 1/15/29 | 807,850 | ||
17,714,924 | ||||
Energy — 14.6% | ||||
510,000 | Antero Resources Corp., 144a, 7.625%, 2/1/29 | 518,808 | ||
1,026,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 6.625%, 7/15/26 | 923,466 | ||
458,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.625%, 12/15/25 | 438,059 | ||
297,000 | Bristow Group, Inc., 144a, 6.875%, 3/1/28 | 260,955 | ||
691,000 | California Resources Corp., 144a, 7.125%, 2/1/26 | 675,680 | ||
830,000 | Civitas Resources, Inc., 144a, 5.000%, 10/15/26 | 744,925 | ||
1,662,000 | CQP Holdco LP / BIP-V Chinook Holdco LLC, 144a, 5.500%, 6/15/31 | 1,410,041 | ||
610,000 | Crescent Energy Finance LLC, 144a, 7.250%, 5/1/26 | 555,100 | ||
467,000 | CVR Energy, Inc., 144a, 5.250%, 2/15/25 | 427,309 | ||
432,000 | DCP Midstream Operating LP, 144a, 5.850%, 5/21/43 | 362,944 | ||
625,000 | Earthstone Energy Holdings LLC, 144a, 8.000%, 4/15/27 | 591,406 | ||
67,000 | EQM Midstream Partners LP, 144a, 7.500%, 6/1/27 | 64,765 |
20
Touchstone High Yield Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 94.6% (Continued) | ||||
Energy — (Continued) | ||||
$1,277,000 | Genesis Energy LP / Genesis Energy Finance Corp., 5.625%, 6/15/24 | $ 1,196,274 | ||
414,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | 363,550 | ||
201,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 4/15/30 | 174,870 | ||
534,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.250%, 11/1/28 | 497,010 | ||
268,000 | Holly Energy Partners LP / Holly Energy Finance Corp., 144a, 6.375%, 4/15/27 | 252,590 | ||
566,000 | Kinetik Holdings LP, 144a, 5.875%, 6/15/30 | 539,180 | ||
724,000 | Murphy Oil Corp., 6.375%, 7/15/28 | 675,195 | ||
326,000 | Nabors Industries, Inc., 144a, 7.375%, 5/15/27 | 309,700 | ||
861,000 | NuStar Logistics LP, 5.625%, 4/28/27 | 766,779 | ||
531,000 | NuStar Logistics LP, 6.000%, 6/1/26 | 496,485 | ||
923,000 | Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | 748,670 | ||
756,000 | Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | 676,620 | ||
245,000 | Rockies Express Pipeline LLC, 144a, 4.950%, 7/15/29 | 209,475 | ||
165,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 5.500%, 1/15/28 | 140,497 | ||
782,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 12/31/30 | 649,060 | ||
584,000 | TerraForm Power Operating LLC, 144a, 5.000%, 1/31/28 | 528,952 | ||
331,000 | Vermilion Energy, Inc. (Canada), 144a, 6.875%, 5/1/30 | 296,245 | ||
15,494,610 | ||||
Consumer Discretionary — 10.4% | ||||
617,000 | Adient Global Holdings Ltd., 144a, 4.875%, 8/15/26 | 541,516 | ||
415,000 | Bath & Body Works, Inc., 5.250%, 2/1/28 | 350,136 | ||
829,000 | Carnival Corp., 144a, 6.000%, 5/1/29 | 579,264 | ||
532,000 | Carnival Corp., 144a, 9.875%, 8/1/27 | 515,375 | ||
449,000 | Carriage Services, Inc., 144a, 4.250%, 5/15/29 | 365,151 | ||
1,200,000 | Coty, Inc. / HFC Prestige Products, Inc. / HFC Prestige International US LLC, 144a, 4.750%, 1/15/29 | 1,036,500 | ||
423,000 | Dana, Inc., 4.250%, 9/1/30 | 328,334 | ||
381,000 | Ford Motor Co., 3.250%, 2/12/32 | 282,521 | ||
1,318,000 | Ford Motor Credit Co. LLC, 2.900%, 2/10/29 | 1,031,335 | ||
372,000 | Hilton Domestic Operating Co., Inc., 144a, 3.625%, 2/15/32 | 295,740 | ||
445,000 | International Game Technology PLC, 144a, 6.250%, 1/15/27 | 432,818 | ||
692,000 | JB Poindexter & Co., Inc., 144a, 7.125%, 4/15/26 | 664,320 | ||
617,000 | KB Home, 4.000%, 6/15/31 | 472,618 | ||
298,000 | Royal Caribbean Cruises Ltd., 144a, 5.375%, 7/15/27 | 212,936 | ||
172,000 | Royal Caribbean Cruises Ltd., 7.500%, 10/15/27 | 135,880 | ||
622,000 | Sands China Ltd. (Macao), 5.125%, 8/8/25 | 523,369 | ||
706,000 | Sonic Automotive, Inc., 144a, 4.625%, 11/15/29 | 547,016 | ||
568,000 | Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | 501,869 | ||
485,000 | Tempur Sealy International, Inc., 144a, 3.875%, 10/15/31 | 363,750 | ||
671,000 | Thor Industries, Inc., 144a, 4.000%, 10/15/29 | 531,432 | ||
340,000 | United Airlines, Inc., 144a, 4.625%, 4/15/29 | 286,238 | ||
238,000 | WW International, Inc., 144a, 4.500%, 4/15/29 | 158,496 | ||
1,108,000 | Wynn Macau Ltd. (Macao), 144a, 4.875%, 10/1/24 | 823,925 | ||
10,980,539 | ||||
Consumer Staples — 7.9% | ||||
580,000 | 1011778 BC ULC / New Red Finance, Inc. (Canada), 144a, 4.000%, 10/15/30 | 470,998 | ||
446,000 | ACCO Brands Corp., 144a, 4.250%, 3/15/29 | 365,542 | ||
407,000 | AHP Health Partners, Inc., 144a, 5.750%, 7/15/29 | 299,023 |
Principal Amount | Market Value | |||
Consumer Staples — (Continued) | ||||
$1,163,000 | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144a, 5.875%, 2/15/28 | $ 1,086,975 | ||
328,000 | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 5.750%, 7/15/27 | 293,724 | ||
795,000 | BellRing Brands, Inc., 144a, 7.000%, 3/15/30 | 749,287 | ||
699,000 | Gap, Inc. (The), 144a, 3.875%, 10/1/31 | 487,553 | ||
280,000 | Macy's Retail Holdings LLC, 144a, 5.875%, 4/1/29 | 238,350 | ||
1,017,000 | Performance Food Group, Inc., 144a, 4.250%, 8/1/29 | 847,710 | ||
314,000 | Post Holdings, Inc., 144a, 4.625%, 4/15/30 | 264,938 | ||
908,000 | Primo Water Holdings, Inc. (Canada), 144a, 4.375%, 4/30/29 | 741,591 | ||
684,000 | QVC, Inc., 4.375%, 9/1/28 | 506,160 | ||
448,000 | QVC, Inc., 4.750%, 2/15/27 | 353,920 | ||
61,000 | SEG Holding LLC / SEG Finance Corp., 144a, 5.625%, 10/15/28 | 54,662 | ||
1,374,000 | Turning Point Brands, Inc., 144a, 5.625%, 2/15/26 | 1,220,510 | ||
298,000 | US Foods, Inc., 144a, 4.625%, 6/1/30 | 253,795 | ||
147,000 | Wolverine World Wide, Inc., 144a, 4.000%, 8/15/29 | 117,944 | ||
8,352,682 | ||||
Health Care — 7.4% | ||||
592,000 | AdaptHealth LLC, 144a, 4.625%, 8/1/29 | 486,920 | ||
293,000 | AdaptHealth LLC, 144a, 5.125%, 3/1/30 | 246,972 | ||
607,000 | Avantor Funding, Inc., 144a, 3.875%, 11/1/29 | 530,913 | ||
464,000 | Bausch Health Americas, Inc., 144a, 8.500%, 1/31/27† | 325,380 | ||
264,000 | Bausch Health Cos., Inc., 144a, 4.875%, 6/1/28 | 205,432 | ||
373,000 | Bausch Health Cos., Inc., 144a, 5.250%, 2/15/31 | 191,312 | ||
187,000 | Bausch Health Cos., Inc., 144a, 7.000%, 1/15/28 | 107,057 | ||
339,000 | CHS / Community Health Systems, Inc., 144a, 5.250%, 5/15/30 | 257,556 | ||
400,000 | HLF Financing Sarl LLC / Herbalife International, Inc., 144a, 4.875%, 6/1/29 | 276,000 | ||
413,000 | Medline Borrower LP, 144a, 3.875%, 4/1/29 | 352,165 | ||
412,000 | Medline Borrower LP, 144a, 5.250%, 10/1/29 | 340,806 | ||
1,105,000 | MEDNAX, Inc., 144a, 5.375%, 2/15/30 | 946,720 | ||
330,000 | ModivCare, Inc., 144a, 5.875%, 11/15/25 | 303,600 | ||
692,000 | Molina Healthcare, Inc., 144a, 3.875%, 5/15/32 | 579,650 | ||
522,000 | Option Care Health, Inc., 144a, 4.375%, 10/31/29 | 447,615 | ||
444,000 | Tenet Healthcare Corp., 144a, 4.250%, 6/1/29 | 374,954 | ||
730,000 | Tenet Healthcare Corp., 144a, 4.375%, 1/15/30 | 617,602 | ||
266,000 | Tenet Healthcare Corp., 144a, 6.125%, 6/15/30 | 250,710 | ||
729,000 | Teva Pharmaceutical Finance Netherlands III BV (Israel), 3.150%, 10/1/26 | 597,780 | ||
452,000 | Teva Pharmaceutical Finance Netherlands III BV (Israel), 4.750%, 5/9/27 | 386,155 | ||
7,825,299 | ||||
Financials — 6.8% | ||||
504,000 | Deutsche Bank AG (Germany), 4.296%, 5/24/28 | 451,981 | ||
440,000 | FirstCash, Inc., 144a, 4.625%, 9/1/28 | 379,984 | ||
328,000 | FirstCash, Inc., 144a, 5.625%, 1/1/30 | 283,225 | ||
611,000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.250%, 5/15/27 | 541,248 | ||
807,000 | Jane Street Group / JSG Finance, Inc., 144a, 4.500%, 11/15/29 | 718,230 | ||
400,000 | MGIC Investment Corp., 5.250%, 8/15/28 | 358,180 | ||
692,000 | Navient Corp., 5.875%, 10/25/24 | 636,328 | ||
382,000 | Nielsen Finance LLC / Nielsen Finance Co., 144a, 4.750%, 7/15/31 | 344,278 | ||
315,000 | OneMain Finance Corp., 3.875%, 9/15/28 | 240,975 | ||
228,000 | OneMain Finance Corp., 4.000%, 9/15/30 | 168,791 | ||
399,000 | OneMain Finance Corp., 6.625%, 1/15/28 | 357,261 |
21
Touchstone High Yield Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 94.6% (Continued) | ||||
Financials — (Continued) | ||||
$ 89,000 | PennyMac Financial Services, Inc., 144a, 4.250%, 2/15/29 | $ 65,415 | ||
273,000 | PennyMac Financial Services, Inc., 144a, 5.375%, 10/15/25 | 237,999 | ||
414,000 | PennyMac Financial Services, Inc., 144a, 5.750%, 9/15/31 | 308,751 | ||
1,035,000 | Prime Security Services Borrower LLC / Prime Finance, Inc., 144a, 5.750%, 4/15/26 | 965,137 | ||
718,000 | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144a, 2.875%, 10/15/26 | 593,362 | ||
661,000 | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144a, 3.875%, 3/1/31 | 495,750 | ||
7,146,895 | ||||
Materials — 4.7% | ||||
355,000 | Arconic Corp., 144a, 6.125%, 2/15/28 | 327,345 | ||
938,000 | Clearwater Paper Corp., 144a, 4.750%, 8/15/28 | 808,869 | ||
650,000 | Cleveland-Cliffs, Inc., 144a, 4.875%, 3/1/31† | 573,085 | ||
233,000 | Hudbay Minerals, Inc. (Canada), 144a, 4.500%, 4/1/26 | 194,970 | ||
356,000 | Hudbay Minerals, Inc. (Canada), 144a, 6.125%, 4/1/29 | 288,732 | ||
275,000 | INEOS Quattro Finance 2 PLC (United Kingdom), 144a, 3.375%, 1/15/26 | 230,928 | ||
443,000 | Kaiser Aluminum Corp., 144a, 4.500%, 6/1/31 | 336,445 | ||
243,000 | Kaiser Aluminum Corp., 144a, 4.625%, 3/1/28 | 202,302 | ||
448,000 | Mercer International, Inc. (Germany), 5.125%, 2/1/29 | 385,280 | ||
705,000 | Mineral Resources Ltd. (Australia), 144a, 8.000%, 11/1/27 | 690,273 | ||
636,000 | NOVA Chemicals Corp. (Canada), 144a, 4.250%, 5/15/29 | 501,550 | ||
596,000 | Tronox, Inc., 144a, 4.625%, 3/15/29 | 479,656 | ||
5,019,435 | ||||
Information Technology — 3.3% | ||||
482,000 | Booz Allen Hamilton, Inc., 144a, 4.000%, 7/1/29 | 427,356 | ||
587,000 | Clarivate Science Holdings Corp., 144a, 4.875%, 7/1/29 | 481,927 | ||
251,000 | Consensus Cloud Solutions, Inc., 144a, 6.000%, 10/15/26 | 215,935 | ||
145,000 | NCR Corp., 144a, 5.125%, 4/15/29 | 122,632 | ||
299,000 | NCR Corp., 144a, 5.750%, 9/1/27 | 265,371 | ||
448,000 | Open Text Corp. (Canada), 144a, 3.875%, 12/1/29 | 381,360 | ||
560,000 | Open Text Corp. (Canada), 144a, 3.875%, 2/15/28 | 498,081 | ||
986,000 | TTM Technologies, Inc., 144a, 4.000%, 3/1/29 | 828,558 | ||
361,000 | Ziff Davis, Inc., 144a, 4.625%, 10/15/30 | 307,733 | ||
3,528,953 | ||||
Real Estate — 3.0% | ||||
450,000 | CTR Partnership LP / CareTrust Capital Corp. REIT, 144a, 3.875%, 6/30/28 | 378,000 | ||
535,000 | Diversified Healthcare Trust REIT, 4.750%, 2/15/28 | 393,894 | ||
325,000 | Howard Hughes Corp. (The), 144a, 4.375%, 2/1/31 | 240,822 | ||
132,000 | Iron Mountain, Inc. REIT, 144a, 4.500%, 2/15/31 | 107,863 | ||
674,000 | Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29 | 577,490 | ||
112,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 3/15/28 | 100,305 | ||
660,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | 573,801 | ||
515,000 | RHP Hotel Properties LP / RHP Finance Corp. REIT, 144a, 4.500%, 2/15/29 | 436,668 | ||
420,000 | Service Properties Trust REIT, 4.650%, 3/15/24 | 361,060 | ||
3,169,903 | ||||
Utilities — 1.6% | ||||
380,000 | AmeriGas Partners LP / AmeriGas Finance Corp., 5.750%, 5/20/27 | 347,841 |
Principal Amount | Market Value | |||
Utilities — (Continued) | ||||
$ 425,000 | Calpine Corp., 144a, 4.500%, 2/15/28 | $ 385,535 | ||
615,000 | Edison International, 5.000%(A) | 489,313 | ||
561,000 | Vistra Operations Co. LLC, 144a, 4.375%, 5/1/29 | 469,349 | ||
1,692,038 | ||||
Total Corporate Bonds | $100,029,343 |
Shares | ||||
Common Stocks — 2.0% | ||||
Energy — 2.0% | ||||
41,410 | Unit Corp.*† | 2,097,002 | ||
Short-Term Investment Funds — 3.7% | ||||
2,155,579 | Dreyfus Government Cash Management, Institutional Shares, 1.35%∞Ω | 2,155,579 | ||
1,782,330 | Invesco Government & Agency Portfolio, Institutional Class, 1.38%∞Ω** | 1,782,330 | ||
Total Short-Term Investment Funds | $3,937,909 | |||
Total Investment Securities—100.3% (Cost $124,428,300) | $106,064,254 | |||
Liabilities in Excess of Other Assets — (0.3%) | (352,910) | |||
Net Assets — 100.0% | $105,711,344 |
(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 June 30, 2022 was $1,648,717. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2022. |
Portfolio Abbreviations: |
DAC – Designated Activity Company |
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 June 30, 2022, these securities were valued at $82,171,169 or 77.7% 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 |
Corporate Bonds | $— | $100,029,343 | $— | $100,029,343 |
Common Stocks | 2,097,002 | — | — | 2,097,002 |
Short-Term Investment Funds | 3,937,909 | — | — | 3,937,909 |
Total | $6,034,911 | $100,029,343 | $— | $106,064,254 |
See accompanying Notes to Portfolios of Investments.
22
Portfolio of Investments
Touchstone Impact Bond Fund – June 30, 2022 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 28.9% | ||||
Financials — 8.1% | ||||
$ 2,444,000 | Aflac, Inc., 3.250%, 3/17/25 | $ 2,409,842 | ||
2,250,000 | American Express Co., 4.050%, 5/3/29 | 2,214,957 | ||
1,351,419 | Fishers Lane Associates LLC, 144a, 3.666%, 8/5/30 | 1,341,831 | ||
545,000 | Fishers Lane Associates LLC, 144a, 5.477%, 8/5/40 | 566,071 | ||
1,398,000 | Globe Life, Inc., 3.800%, 9/15/22 | 1,398,906 | ||
1,191,000 | Globe Life, Inc., 4.550%, 9/15/28 | 1,176,094 | ||
2,000,000 | MassMutual Global Funding II, 144a, 0.850%, 6/9/23 | 1,954,266 | ||
2,386,000 | National Rural Utilities Cooperative Finance Corp., 3.400%, 11/15/23 | 2,384,189 | ||
1,000,000 | Nationwide Mutual Insurance Co., 144a, 4.350%, 4/30/50 | 847,095 | ||
1,149,000 | Nationwide Mutual Insurance Co., 144a, 9.375%, 8/15/39 | 1,578,064 | ||
1,300,000 | New York Life Global Funding, 144a, 1.450%, 1/14/25 | 1,228,353 | ||
1,000,000 | Northwestern Mutual Global Funding, 144a, 0.600%, 3/25/24 | 951,280 | ||
2,350,000 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.625%, 9/30/59 | 1,761,530 | ||
2,750,000 | Pacific Life Global Funding II, 144a, 1.375%, 4/14/26 | 2,479,269 | ||
2,750,000 | PNC Bank NA, 2.700%, 10/22/29 | 2,401,802 | ||
1,500,000 | Progressive Corp. (The), 4.200%, 3/15/48 | 1,385,043 | ||
2,500,000 | Protective Life Global Funding, 144a, 1.170%, 7/15/25 | 2,297,825 | ||
2,610,000 | Reliance Standard Life Global Funding II, 144a, 2.750%, 1/21/27 | 2,425,833 | ||
1,500,000 | SBA Tower Trust REIT, 144a, 2.836%, 1/15/25 | 1,448,934 | ||
1,218,000 | Teachers Insurance & Annuity Association of America, 144a, 4.900%, 9/15/44 | 1,173,606 | ||
1,100,000 | Unum Group, 7.190%, 2/1/28 | 1,181,478 | ||
844,000 | Unum Group, 7.250%, 3/15/28 | 912,111 | ||
2,000,000 | USB Capital IX, (3M LIBOR +1.020%), 3.500%(A)(B) | 1,401,600 | ||
36,919,979 | ||||
Utilities — 7.4% | ||||
2,500,000 | American Water Capital Corp., 2.950%, 9/1/27 | 2,349,509 | ||
2,250,000 | Avista Corp., 4.350%, 6/1/48 | 2,134,552 | ||
1,623,000 | California Water Service Co., 5.500%, 12/1/40 | 1,763,955 | ||
3,115,000 | Cleco Securitization I LLC, Ser A-2, 4.646%, 9/1/42 | 3,125,061 | ||
2,008,000 | Commonwealth Edison Co., 5.900%, 3/15/36 | 2,255,060 | ||
2,163,000 | Dominion Energy South Carolina, Inc., 4.600%, 6/15/43 | 2,048,832 | ||
1,750,000 | Duke Energy Florida Project Finance LLC, Ser 2032, 2.858%, 3/1/33 | 1,638,785 | ||
2,080,000 | Duke Energy Progress LLC, 6.300%, 4/1/38 | 2,384,249 | ||
2,532,000 | Entergy Louisiana LLC, 4.440%, 1/15/26 | 2,552,137 | ||
3,000,000 | Essential Utilities, Inc., 4.276%, 5/1/49 | 2,643,759 | ||
1,642,000 | Georgia Power Co., 4.750%, 9/1/40 | 1,510,972 | ||
2,085,000 | Kentucky Utilities Co., 5.125%, 11/1/40 | 2,093,993 | ||
2,000,000 | NextEra Energy Capital Holdings, Inc., (3M LIBOR +2.067%), 4.345%, 10/1/66(B) | 1,497,219 | ||
2,926,000 | PacifiCorp., 8.050%, 9/1/22 | 2,944,703 | ||
2,750,000 | SCE Recovery Funding LLC, Ser A-2, 2.943%, 11/15/42 | 2,450,434 | ||
33,393,220 | ||||
Industrials — 5.6% | ||||
6,665 | Burlington Northern and Santa Fe Railway Co. 2005-3 Pass Through Trust, 4.830%, 1/15/23 | 6,633 | ||
161,997 | Burlington Northern and Santa Fe Railway Co. 2005-4 Pass Through Trust, 4.967%, 4/1/23 | 161,663 | ||
2,355,000 | Burlington Northern Santa Fe LLC, 6.700%, 8/1/28 | 2,632,158 | ||
1,000,000 | CSX Corp., 6.150%, 5/1/37 | 1,125,738 | ||
1,453,229 | CSX Transportation, Inc., 6.251%, 1/15/23 | 1,471,859 | ||
2,239,691 | FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 2/20/34 | 1,946,891 | ||
2,823,000 | GATX Corp., 3.250%, 3/30/25 | 2,751,121 |
Principal Amount | Market Value | |||
Industrials — (Continued) | ||||
$ 1,180,000 | Kansas City Southern, 3.000%, 5/15/23 | $ 1,176,392 | ||
1,625,000 | Kansas City Southern, 3.125%, 6/1/26 | 1,568,892 | ||
1,941,000 | Norfolk Southern Corp., 2.903%, 2/15/23 | 1,934,297 | ||
2,750,000 | Republic Services, Inc., 2.300%, 3/1/30 | 2,365,238 | ||
588,000 | TOTE Maritime Alaska LLC, 6.365%, 4/15/28 | 636,439 | ||
2,386,000 | Tote Shipholdings LLC, 3.400%, 10/16/40 | 2,310,380 | ||
1,960,000 | Union Pacific Corp., 2.891%, 4/6/36 | 1,641,821 | ||
53,822 | Union Pacific Railroad Co. 2003 Pass Through Trust, 4.698%, 1/2/24 | 54,081 | ||
559,813 | Union Pacific Railroad Co. 2006 Pass Through Trust, 5.866%, 7/2/30 | 599,108 | ||
1,209,696 | Union Pacific Railroad Co. 2014-1 Pass Through Trust, 3.227%, 5/14/26 | 1,188,300 | ||
2,100,000 | Waste Management, Inc., 3.900%, 3/1/35 | 1,933,334 | ||
25,504,345 | ||||
Consumer Discretionary — 2.8% | ||||
2,311,307 | American Airlines 2016-3 Class AA Pass Through Trust, 3.000%, 10/15/28 | 2,097,873 | ||
583,190 | Continental Airlines 2012-2 Class A Pass Through Trust, 4.000%, 10/29/24 | 560,725 | ||
3,900,000 | Delta Air Lines 2019-1 Class AA Pass Through Trust, 3.204%, 4/25/24 | 3,772,073 | ||
1,785,000 | PulteGroup, Inc., 7.875%, 6/15/32 | 2,015,429 | ||
1,300,000 | Royal Caribbean Cruises Ltd., 5.250%, 11/15/22 | 1,290,900 | ||
2,570,000 | Smithsonian Institution, 2.645%, 9/1/39 | 2,087,832 | ||
184,478 | Southwest Airlines Co. 2007-1 Pass Through Trust, 6.150%, 8/1/22 | 184,662 | ||
597,503 | United Airlines, Inc. Pass-Through Trust, 2.875%, 10/7/28 | 545,681 | ||
12,555,175 | ||||
Health Care — 1.4% | ||||
735,789 | CVS Pass Through Trust Series 2013, 144a, 4.704%, 1/10/36 | 706,803 | ||
2,131,909 | CVS Pass-Through Trust, 6.036%, 12/10/28 | 2,190,269 | ||
3,405,000 | HCA, Inc., 5.250%, 4/15/25 | 3,413,217 | ||
6,310,289 | ||||
Real Estate — 1.2% | ||||
1,800,000 | American Tower Corp. REIT, 3.125%, 1/15/27 | 1,673,233 | ||
1,350,000 | American Tower Trust #1 REIT, 144a, 3.070%, 3/15/48 | 1,344,199 | ||
2,000,000 | Crown Castle International Corp. REIT, 4.300%, 2/15/29 | 1,924,052 | ||
805,000 | SBA Tower Trust REIT, 144a, 1.631%, 11/15/26 | 721,100 | ||
5,662,584 | ||||
Consumer Staples — 0.9% | ||||
1,000,000 | Kroger Co. (The), 4.500%, 1/15/29 | 997,193 | ||
1,265,000 | Kroger Co. (The), Ser B, 7.700%, 6/1/29 | 1,488,930 | ||
1,600,000 | United Rentals North America, Inc., 4.875%, 1/15/28 | 1,507,672 | ||
3,993,795 | ||||
Communication Services — 0.8% | ||||
1,500,000 | AT&T, Inc., 4.850%, 7/15/45 | 1,390,069 | ||
1,200,000 | Verizon Communications, Inc., 2.100%, 3/22/28 | 1,068,123 | ||
1,185,000 | Verizon Communications, Inc., 4.862%, 8/21/46 | 1,178,048 | ||
3,636,240 | ||||
Information Technology — 0.4% | ||||
1,900,000 | Lam Research Corp., 1.900%, 6/15/30 | 1,605,581 | ||
Energy — 0.3% | ||||
1,405,000 | Texas Eastern Transmission LP, 7.000%, 7/15/32 | 1,597,735 | ||
Total Corporate Bonds | $131,178,943 |
23
Touchstone Impact Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
U.S. Government Agency Obligations — 21.6% | ||||
$ 1,983,600 | Canal Barge Co., Inc., 4.500%, 11/12/34 | $ 2,037,575 | ||
598,326 | Export-Import Bank of the United States, 1.581%, 11/16/24 | 585,255 | ||
1,619,223 | Helios Leasing I LLC, 1.734%, 7/24/24 | 1,594,168 | ||
848,000 | Matson Navigation Co., Inc., 5.337%, 9/4/28 | 886,517 | ||
1,100,000 | Petroleos Mexicanos (Mexico), 2.290%, 2/15/24 | 1,092,392 | ||
2,002,947 | Reliance Industries Ltd. (India), 1.870%, 1/15/26 | 1,952,349 | ||
1,702,986 | SBA Small Business Investment Cos, Ser 2017-10A, Class 1, 2.845%, 3/10/27 | 1,672,412 | ||
2,185,909 | SBA Small Business Investment Cos, Ser 2017-10B, Class 1, 2.518%, 9/10/27 | 2,108,606 | ||
3,864 | Small Business Administration Participation Certificates, Ser 2002-20H, Class 1, 5.310%, 8/1/22 | 3,872 | ||
2,608 | Small Business Administration Participation Certificates, Ser 2003-20D, Class 1, 4.760%, 4/1/23 | 2,616 | ||
18,933 | Small Business Administration Participation Certificates, Ser 2004-20D, Class 1, 4.770%, 4/1/24 | 18,873 | ||
44,981 | Small Business Administration Participation Certificates, Ser 2004-20K, Class 1, 4.880%, 11/1/24 | 44,921 | ||
44,397 | Small Business Administration Participation Certificates, Ser 2005-20H, Class 1, 5.110%, 8/1/25 | 44,372 | ||
94,195 | Small Business Administration Participation Certificates, Ser 2006-20H, Class 1, 5.700%, 8/1/26 | 95,935 | ||
91,188 | Small Business Administration Participation Certificates, Ser 2006-20K, Class 1, 5.360%, 11/1/26 | 91,578 | ||
169,419 | Small Business Administration Participation Certificates, Ser 2006-20L, Class 1, 5.120%, 12/1/26 | 169,041 | ||
161,855 | Small Business Administration Participation Certificates, Ser 2007-20A, Class 1, 5.320%, 1/1/27 | 162,954 | ||
206,325 | Small Business Administration Participation Certificates, Ser 2007-20E, Class 1, 5.310%, 5/1/27 | 209,055 | ||
423,377 | Small Business Administration Participation Certificates, Ser 2007-20F, Class 1, 5.710%, 6/1/27 | 431,474 | ||
425,846 | Small Business Administration Participation Certificates, Ser 2007-20L, Class 1, 5.290%, 12/1/27 | 436,897 | ||
188,533 | Small Business Administration Participation Certificates, Ser 2008-20A, Class 1, 5.170%, 1/1/28 | 191,436 | ||
208,510 | Small Business Administration Participation Certificates, Ser 2008-20K, Class 1, 6.770%, 11/1/28 | 216,504 | ||
459,750 | Small Business Administration Participation Certificates, Ser 2009-20C, Class 1, 4.660%, 3/1/29 | 468,647 | ||
241,810 | Small Business Administration Participation Certificates, Ser 2009-20D, Class 1, 4.310%, 4/1/29 | 245,694 | ||
255,244 | Small Business Administration Participation Certificates, Ser 2009-20E, Class 1, 4.430%, 5/1/29 | 256,965 | ||
202,451 | Small Business Administration Participation Certificates, Ser 2009-20F, Class 1, 4.950%, 6/1/29 | 204,568 | ||
529,288 | Small Business Administration Participation Certificates, Ser 2009-20J, Class 1, 3.920%, 10/1/29 | 529,779 | ||
851,377 | Small Business Administration Participation Certificates, Ser 2010-20F, Class 1, 3.880%, 6/1/30 | 862,720 | ||
1,844,594 | Small Business Administration Participation Certificates, Ser 2010-20I, Class 1, 3.210%, 9/1/30 | 1,795,714 | ||
4,308,881 | Small Business Administration Participation Certificates, Ser 2013-20C, Class 1, 2.220%, 3/1/33 | 4,061,961 | ||
2,976,214 | Small Business Administration Participation Certificates, Ser 2013-20E, Class 1, 2.070%, 5/1/33 | 2,808,642 |
Principal Amount | Market Value | |||
U.S. Government Agency Obligations — 21.6% (Continued) | ||||
$ 1,752,461 | Small Business Administration Participation Certificates, Ser 2013-20G, Class 1, 3.150%, 7/1/33 | $ 1,706,491 | ||
2,225,243 | Small Business Administration Participation Certificates, Ser 2014-20H, Class 1, 2.880%, 8/1/34 | 2,151,513 | ||
3,474,950 | Small Business Administration Participation Certificates, Ser 2014-20I, Class 1, 2.920%, 9/1/34 | 3,406,917 | ||
2,655,122 | Small Business Administration Participation Certificates, Ser 2014-20K, Class 1, 2.800%, 11/1/34 | 2,557,978 | ||
1,694,681 | Small Business Administration Participation Certificates, Ser 2015-20I, Class 1, 2.820%, 9/1/35 | 1,643,855 | ||
2,389,079 | Small Business Administration Participation Certificates, Ser 2016-20A, Class 1, 2.780%, 1/1/36 | 2,316,256 | ||
3,019,602 | Small Business Administration Participation Certificates, Ser 2016-20B, Class 1, 2.270%, 2/1/36 | 2,861,511 | ||
3,459,938 | Small Business Administration Participation Certificates, Ser 2016-20F, Class 1, 2.180%, 6/1/36 | 3,244,804 | ||
3,704,728 | Small Business Administration Participation Certificates, Ser 2017-20E, Class 1, 2.880%, 5/1/37 | 3,588,510 | ||
3,006,547 | Small Business Administration Participation Certificates, Ser 2017-20F, Class 1, 2.810%, 6/1/37 | 2,892,556 | ||
3,893,610 | Small Business Administration Participation Certificates, Ser 2017-20K, Class 1, 2.790%, 11/1/37 | 3,740,034 | ||
1,950,730 | Small Business Administration Participation Certificates, Ser 2017-20L, Class 1, 2.780%, 12/1/37 | 1,878,150 | ||
5,028,836 | Small Business Administration Participation Certificates, Ser 2018-20A, Class 1, 2.920%, 1/1/38 | 4,869,415 | ||
4,917,116 | Small Business Administration Participation Certificates, Ser 2018-20C, Class 1, 3.200%, 3/1/38 | 4,847,079 | ||
3,586,140 | Small Business Administration Participation Certificates, Ser 2018-20K, Class 1, 3.870%, 11/1/38 | 3,620,723 | ||
1,882,760 | Small Business Administration Participation Certificates, Ser 2018-25D, Class 1, 3.890%, 10/1/43 | 1,898,537 | ||
2,114,800 | Small Business Administration Participation Certificates, Ser 2019-25B, Class 1, 3.450%, 2/1/44 | 2,101,983 | ||
2,545,961 | Small Business Administration Participation Certificates, Ser 2019-25E, Class 1, 3.070%, 5/1/44 | 2,501,289 | ||
3,743,347 | Small Business Administration Participation Certificates, Ser 2020-25I, Class 1, 1.150%, 9/1/45 | 3,189,794 | ||
3,500,000 | Small Business Administration Participation Certificates, Ser 2022-25C, Class 1, 2.750%, 3/1/47 | 3,327,150 | ||
2,000,000 | Small Business Administration Participation Certificates, Ser 2022-25D, Class 1, 3.500%, 4/1/47 | 1,965,013 | ||
2,482,000 | Tennessee Valley Auth., 4.650%, 6/15/35 | 2,676,805 | ||
2,312,359 | United States International Development Finance Corp., 1.870%, 11/20/37 | 1,993,636 | ||
5,162,413 | United States of America Executive Branch, Ser 2021-25L, Class 1, 1.850%, 12/1/46 | 4,574,337 | ||
1,972,735 | United States Small Business Administration, Ser 2019-20A, Class 1, 3.370%, 1/1/39 | 1,952,557 | ||
1,025,000 | Vessel Management Services, Inc., 5.125%, 4/16/35 | 1,083,553 | ||
Total U.S. Government Agency Obligations | $97,873,938 | |||
Agency Collateralized Mortgage Obligations — 14.6% | ||||
2,447,181 | Fannie Mae-Aces, Ser 2017-M15, Class ATS2, 3.209%, 11/25/27(B)(C) | 2,407,323 | ||
3,325,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1511, Class A3, 3.542%, 3/25/34 | 3,206,007 | ||
3,760,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KG02, Class A2, 2.412%, 8/25/29 | 3,475,010 |
24
Touchstone Impact Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 14.6% (Continued) | ||||
$ 2,997,943 | FHLMC Multifamily Structured Pass Through Certificates, Ser KG03, Class A1, 0.704%, 4/25/29(B)(C) | $ 2,680,173 | ||
2,712,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KSG1, Class A2, 1.503%, 9/25/30 | 2,316,944 | ||
1,650,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KSG2, Class A2, 2.091%, 11/25/31(B)(C) | 1,450,514 | ||
2,828,285 | FHLMC Multifamily Structured Pass Through Certificates, Ser KW03, Class A1, 2.617%, 12/25/26 | 2,804,053 | ||
3,060,000 | FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1513, Class A3, 2.797%, 8/25/34 | 2,726,702 | ||
3,350,000 | FREMF Mortgage Trust, Ser 2012-K23, Class B, 144a, 3.752%, 10/25/45(B)(C) | 3,347,462 | ||
2,600,000 | FREMF Mortgage Trust, Ser 2013-K30, Class B, 144a, 3.669%, 6/25/45(B)(C) | 2,592,409 | ||
890,000 | FREMF Mortgage Trust, Ser 2014-K38, Class B, 144a, 4.376%, 6/25/47(B)(C) | 889,940 | ||
1,765,000 | FREMF Mortgage Trust, Ser 2014-K40, Class B, 144a, 4.210%, 11/25/47(B)(C) | 1,759,060 | ||
2,000,000 | FREMF Mortgage Trust, Ser 2014-K41, Class B, 144a, 3.964%, 11/25/47(B)(C) | 1,968,037 | ||
1,955,000 | FREMF Mortgage Trust, Ser 2015-K49, Class B, 144a, 3.851%, 10/25/48(B)(C) | 1,918,422 | ||
2,000,000 | FREMF Mortgage Trust, Ser 2017-K61, Class B, 144a, 3.815%, 12/25/49(B)(C) | 1,949,553 | ||
750,000 | FREMF Mortgage Trust, Ser 2018-K74, Class B, 144a, 4.228%, 2/25/51(B)(C) | 729,865 | ||
856,798 | FRESB Mortgage Trust, Ser 2015-SB9, Class A5, (1M LIBOR +0.700%), 1.820%, 11/25/35(B) | 854,673 | ||
213,737 | FRESB Mortgage Trust, Ser 2016-SB17, Class A5H, (1M LIBOR +0.700%), 1.820%, 5/25/36(B) | 213,333 | ||
842,421 | FRESB Mortgage Trust, Ser 2017-SB27, Class A10F, 3.090%, 1/25/27(B)(C) | 816,751 | ||
1,763,633 | FRESB Mortgage Trust, Ser 2018-SB46, Class A10F, 3.300%, 12/25/27(B)(C) | 1,720,271 | ||
2,234,065 | GNMA, Pool #785631, 4.663%, 5/20/67(B)(C) | 2,260,493 | ||
207,012 | GNMA, Ser 2011-142, Class B, 3.373%, 2/16/44(B)(C) | 206,584 | ||
1,000,197 | GNMA, Ser 2012-46, Class C, 3.176%, 5/16/50(B)(C) | 985,013 | ||
26,958 | GNMA, Ser 2012-53, Class AC, 2.381%, 12/16/43 | 26,915 | ||
1,217,487 | GNMA, Ser 2013-121, Class AB, 2.856%, 8/16/44(B)(C) | 1,170,419 | ||
331,036 | GNMA, Ser 2013-40, Class AC, 1.584%, 1/16/46 | 321,369 | ||
2,540,000 | GNMA, Ser 2015-32, Class HG, 3.000%, 9/16/49(B)(C) | 2,247,173 | ||
802,663 | GNMA, Ser 2015-37, Class AD, 2.600%, 11/16/55 | 771,257 | ||
2,081,559 | GNMA, Ser 2015-73, Class B, 2.700%, 10/16/55(B)(C) | 1,979,215 | ||
1,098,576 | GNMA, Ser 2017-46, Class AB, 2.600%, 1/16/52 | 1,017,909 | ||
1,121,860 | GNMA, Ser 2017-H11, Class FV, (1M LIBOR +0.500%), 1.303%, 5/20/67(B) | 1,109,961 | ||
1,256,435 | GNMA, Ser 2019-H15, Class GA, 2.250%, 8/20/69 | 1,214,526 | ||
3,898,774 | GNMA, Ser 2020-113, Class AF, 2.000%, 10/1/62 | 3,213,273 | ||
5,018,094 | GNMA, Ser 2020-118, Class AB, 2.250%, 4/16/62 | 4,558,196 | ||
2,347,050 | GNMA, Ser 2021-21, Class AF, 1.750%, 6/16/63 | 1,832,917 | ||
3,797,116 | GNMA, Ser 2021-22, Class AD, 1.350%, 10/16/62 | 3,276,769 | ||
Total Agency Collateralized Mortgage Obligations | $66,018,491 | |||
U.S. Treasury Obligations — 9.3% | ||||
9,970,000 | U.S. Treasury Bond, 1.375%, 11/15/40 | 7,222,408 | ||
9,500,000 | U.S. Treasury Bond, 1.875%, 2/15/51 | 7,188,457 | ||
6,500,000 | U.S. Treasury Bond, 2.875%, 5/15/52 | 6,190,234 | ||
12,000,000 | U.S. Treasury Note, 2.875%, 6/15/25 | 11,963,438 | ||
10,429,000 | U.S. Treasury Strip, Principal, 5/15/43(D) | 5,036,562 |
Principal Amount | Market Value | |||
U.S. Treasury Obligations — 9.3% (Continued) | ||||
$ 5,379,000 | U.S. Treasury Strip, Principal, 5/15/45(D) | $ 2,438,772 | ||
4,862,000 | U.S. Treasury Strip, Principal, 5/15/48(D) | 2,109,941 | ||
Total U.S. Treasury Obligations | $42,149,812 | |||
U.S. Government Mortgage-Backed Obligations — 8.5% | ||||
1,392,486 | FHLMC, Pool #SD8186, 3.500%, 11/1/51 | 1,344,039 | ||
835,523 | FHLMC, Pool #W30008, 7.645%, 5/1/25 | 867,698 | ||
566,406 | FNMA, Pool #888829, 5.888%, 6/1/37(B)(C) | 572,691 | ||
536,824 | FNMA, Pool #AH8854, 4.500%, 4/1/41 | 550,702 | ||
4,000,000 | FNMA, Pool #AM9682, 3.810%, 8/1/45 | 3,804,006 | ||
2,792,454 | FNMA, Pool #AN0897, 3.440%, 2/1/32 | 2,740,929 | ||
3,000,000 | FNMA, Pool #AN8089, 3.330%, 1/1/38 | 2,844,599 | ||
1,533,397 | FNMA, Pool #AS8650, 3.000%, 1/1/47 | 1,445,604 | ||
448,654 | FNMA, Pool #AT0924, 2.000%, 3/1/28 | 419,074 | ||
587,255 | FNMA, Pool #BC0153, 4.000%, 1/1/46 | 590,908 | ||
3,742,545 | FNMA, Pool #BL3622, 2.600%, 8/1/26 | 3,680,705 | ||
3,497,360 | FNMA, Pool #BS5630, 3.790%, 11/1/32 | 3,560,131 | ||
3,448,226 | FNMA, Pool #CB0455, 2.500%, 5/1/51 | 3,113,586 | ||
1,687,666 | FNMA, Pool #FM3442, 3.000%, 6/1/50 | 1,578,519 | ||
4,452,779 | FNMA, Pool #MA4269, 2.500%, 2/1/41 | 4,037,832 | ||
1,708,691 | FNMA, Pool #MA4416, 3.500%, 9/1/51 | 1,648,978 | ||
5,435,000 | FNMA, Pool #MA4709, 5.000%, 7/1/52 | 5,557,518 | ||
Total U.S. Government Mortgage-Backed Obligations | $38,357,519 | |||
Municipal Bonds — 8.1% | ||||
California — 3.3% | ||||
1,000,000 | California Health Facilities Financing Authority, 2.704%, 6/1/30 | 902,144 | ||
2,000,000 | California Health Facilities Financing Authority, 2.229%, 6/1/32 | 1,665,106 | ||
875,000 | California Health Facilities Financing Authority, 4.140%, 6/1/34 | 847,875 | ||
1,595,000 | California Municipal Finance Authority, Revenue, 2.519%, 10/1/35 | 1,225,150 | ||
1,465,000 | City of San Francisco Public Utilities Commission Water Revenue, Build America Bonds, 6.950%, 11/1/50 | 1,967,564 | ||
2,345,000 | East Bay Municipal Utility District Water System Revenue, Build America Bonds Sub, 5.874%, 6/1/40 | 2,754,906 | ||
2,010,000 | Los Angeles Department of Water & Power Water System Revenue, Revenue, Build America Bonds, 6.008%, 7/1/39 | 2,256,604 | ||
2,700,000 | Los Angeles Unified School District, Build America Bonds Ser RY, UTGO, 6.758%, 7/1/34 | 3,225,365 | ||
14,844,714 | ||||
Texas — 1.3% | ||||
1,770,000 | Dallas Area Rapid Transit, Revenue, Build America Bonds, 5.999%, 12/1/44 | 2,136,235 | ||
2,640,000 | Texas State Transportation Commission Highway Authority, Build America Bonds, 5.178%, 4/1/30 | 2,818,335 | ||
1,281,000 | Travis County Housing Finance Corp, Revenue, 2.550%, 7/1/42 | 1,019,612 | ||
5,974,182 | ||||
Virginia — 0.7% | ||||
1,176,773 | Virginia Housing Development Authority, 2.950%, 10/25/49 | 1,127,199 | ||
2,388,396 | Virginia Housing Development Authority, 2.125%, 7/25/51 | 2,133,325 | ||
3,260,524 | ||||
Minnesota — 0.7% | ||||
3,585,996 | Minnesota Housing Finance Agency, Revenue, 1.580%, 2/1/51 | 3,142,447 |
25
Touchstone Impact Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Municipal Bonds — 8.1% (Continued) | ||||
New York — 0.6% | ||||
$ 1,135,000 | Port Authority of New York & New Jersey, 4.960%, 8/1/46 | $ 1,183,013 | ||
1,400,000 | Port Authority of New York and New Jersey, Cons One Hundred Sixty-Eight, 4.926%, 10/1/51 | 1,494,033 | ||
2,677,046 | ||||
Nevada — 0.4% | ||||
2,144,161 | Nevada Housing Division, Revenue, 1.900%, 11/1/44 | 2,014,509 | ||
Washington — 0.4% | ||||
1,600,000 | State of Washington, Build America Bonds, UTGO, 5.481%, 8/1/39 | 1,766,045 | ||
Indiana — 0.3% | ||||
1,200,000 | Indianapolis Local Public Improvement Bond Bank, Build America Bonds, 6.116%, 1/15/40 | 1,395,437 | ||
Ohio — 0.2% | ||||
815,000 | Ohio State HFA, Revenue, 2.650%, 11/1/41 | 804,881 | ||
Louisiana — 0.2% | ||||
716,290 | Louisiana Housing Corp., 2.875%, 11/1/38 | 695,359 | ||
Total Municipal Bonds | $36,575,144 | |||
Asset-Backed Securities — 4.7% | ||||
917,271 | 321 Henderson Receivables I LLC, Ser 2012-1A, Class A, 144a, 4.210%, 2/16/65 | 900,969 | ||
1,129,310 | 321 Henderson Receivables I LLC, Ser 2012-2A, Class A, 144a, 3.840%, 10/15/59 | 1,084,169 | ||
1,578,735 | 321 Henderson Receivables I LLC, Ser 2015-2A, Class A, 144a, 3.870%, 3/15/58 | 1,498,784 | ||
2,258,872 | CF Hippolyta Issuer LLC, Ser 2021-1A, Class A1, 144a, 1.530%, 3/15/61 | 1,993,572 | ||
2,534,131 | JG Wentworth XLII LLC, Ser 2018-2A, Class A, 144a, 3.960%, 10/15/75 | 2,415,844 | ||
463,902 | JGWPT XXXIV LLC, Ser 2015-1A, Class A, 144a, 3.260%, 9/15/72 | 421,083 | ||
4,445,000 | Louisiana Local Government Environmental Fac. & Community Development Auth, Ser 2022-ELL, Class A2, 4.145%, 2/1/33 | 4,446,574 | ||
3,998,412 | Small Business Administration Participation Certificates, Ser 2021-10B, Class 1, 1.304%, 9/10/31 | 3,629,779 | ||
4,367,303 | Small Business Administration Participation Certificates, Ser 2021-25I, Class 1, 1.560%, 9/1/46 | 3,841,141 | ||
1,040,007 | Tesla Auto Lease Trust, Ser 2021-A, Class A2, 144a, 0.360%, 3/20/25 | 1,023,825 | ||
290,000 | Tesla Auto Lease Trust, Ser 2021-B, Class A4, 144a, 0.630%, 9/22/25 | 272,973 | ||
Total Asset-Backed Securities | $21,528,713 | |||
Commercial Mortgage-Backed Securities — 2.3% | ||||
21,324 | CD Mortgage Trust, Ser 2006-CD3, Class AJ, 5.688%, 10/15/48 | 19,352 | ||
2,300,000 | COMM Mortgage Trust, Ser 2020-SBX, Class A, 144a, 1.670%, 1/10/38 | 2,098,555 | ||
2,440,000 | DOLP Trust, Ser 2021-NYC, Class A, 144a, 2.956%, 5/10/41 | 2,140,254 | ||
2,333,828 | Logistics 1 MI TN VA Senior Notes CTL Pass-Through Trust, 144a, 2.654%, 10/10/42 | 1,969,746 | ||
2,550,000 | MKT Mortgage Trust, Ser 2020-525M, Class A, 144a, 2.694%, 2/12/40 | 2,198,491 | ||
2,125,000 | SLG Office Trust, Ser 2021-OVA, Class A, 144a, 2.585%, 7/15/41 | 1,807,176 | ||
Total Commercial Mortgage-Backed Securities | $10,233,574 |
Principal Amount | Market Value | |||
Non-Agency Collateralized Mortgage Obligations — 0.1% | ||||
$ 473,070 | Virginia Housing Development Authority, Ser 2013-B, Class A, 2.750%, 4/25/42 | $ 455,812 |
Shares | ||||
Short-Term Investment Fund — 1.1% | ||||
5,300,148 | Dreyfus Government Cash Management, Institutional Shares, 1.35%∞Ω | $ 5,300,147 | ||
Total Investment Securities—99.2% (Cost $490,554,910) | $449,672,093 | |||
Other Assets in Excess of Liabilities — 0.8% | 3,421,520 | |||
Net Assets — 100.0% | $453,093,613 |
(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 June 30, 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) | Strip Security- Separate trading of Registered Interest and Principal. Holders of a principal strip security are entitled to the portion of the payment representing principal only. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2022. |
Portfolio Abbreviations: |
FHLMC – Federal Home Loan Mortgage Corporation |
FNMA – Federal National Mortgage Association |
FREMF – Freddie Mac Multifamily Securitization |
FRESB – Freddie Mac Multifamily Securitization Small Balance Loan |
GNMA – Government National Mortgage Association |
HFA – Housing Finance Authority/Agency |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LP – Limited Partnership |
REIT – Real Estate Investment Trust |
UTGO – Unlimited Tax General Obligation |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2022, these securities were valued at $57,806,248 or 12.8% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
26
Touchstone Impact Bond 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 | $— | $131,178,943 | $— | $131,178,943 |
U.S. Government Agency Obligations | — | 97,873,938 | — | 97,873,938 |
Agency Collateralized Mortgage Obligations | — | 66,018,491 | — | 66,018,491 |
U.S. Treasury Obligations | — | 42,149,812 | — | 42,149,812 |
U.S. Government Mortgage-Backed Obligations | — | 38,357,519 | — | 38,357,519 |
Municipal Bonds | — | 36,575,144 | — | 36,575,144 |
Asset-Backed Securities | — | 21,528,713 | — | 21,528,713 |
Commercial Mortgage-Backed Securities | — | 10,233,574 | — | 10,233,574 |
Non-Agency Collateralized Mortgage Obligations | — | 455,812 | — | 455,812 |
Short-Term Investment Fund | 5,300,147 | — | — | 5,300,147 |
Total | $5,300,147 | $444,371,946 | $— | $449,672,093 |
Measurements Using Unobservable Inputs (Level 3) | |
Assets | Corporate Bonds |
Beginning balance, September 30, 2021 | $2,330,817 |
Transfer out of Level 3 | 2,330,817 |
Change in unrealized appreciation (depreciation) | — |
Ending balance, June 30, 2022 | $— |
Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at June 30, 2022 | $— |
See accompanying Notes to Portfolios of Investments.
27
Portfolio of Investments
Touchstone International ESG Equity Fund – June 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 96.8% | ||||
Japan — 18.1% | ||||
Communication Services — 3.0% | ||||
2,300 | Nintendo Co. Ltd. | $ 989,130 | ||
Consumer Discretionary — 8.9% | ||||
13,300 | Denso Corp. | 702,007 | ||
104,200 | Panasonic Corp. | 841,330 | ||
17,200 | Sony Group Corp. | 1,402,777 | ||
Industrials — 4.4% | ||||
23,200 | Hitachi Ltd. | 1,103,626 | ||
24,000 | Kubota Corp. | 359,666 | ||
Information Technology — 1.8% | ||||
1,900 | Tokyo Electron Ltd. | 620,147 | ||
Total Japan | 6,018,683 | |||
France — 15.9% | ||||
Energy — 4.7% | ||||
29,451 | TotalEnergies SE ADR | 1,550,301 | ||
Financials — 1.7% | ||||
26,310 | SCOR SE | 566,694 | ||
Industrials — 5.7% | ||||
21,420 | Cie de Saint-Gobain | 925,542 | ||
8,237 | Schneider Electric SE | 981,484 | ||
Materials — 3.8% | ||||
9,278 | Air Liquide SA | 1,248,845 | ||
Total France | 5,272,866 | |||
United Kingdom — 9.1% | ||||
Financials — 4.7% | ||||
3,022,903 | Lloyds Banking Group PLC | 1,555,303 | ||
Industrials — 4.4% | ||||
12,716 | Ashtead Group PLC | 534,944 | ||
33,660 | RELX PLC | 913,915 | ||
Total United Kingdom | 3,004,162 | |||
South Korea — 8.9% | ||||
Communication Services — 4.2% | ||||
32,200 | KT Corp. ADR | 449,512 | ||
33,162 | KT Corp. | 932,458 | ||
Consumer Staples — 1.2% | ||||
4,808 | E-MART, Inc. | 392,023 | ||
Financials — 2.8% | ||||
25,426 | KB Financial Group, Inc. | 949,491 | ||
Information Technology — 0.7% | ||||
553 | Samsung SDI Co. Ltd. | 228,049 | ||
Total South Korea | 2,951,533 | |||
Sweden — 8.1% | ||||
Financials — 5.3% | ||||
99,591 | Svenska Handelsbanken AB - Class A | 854,880 | ||
72,317 | Swedbank AB - Class A | 917,167 | ||
Industrials — 2.8% | ||||
59,326 | Epiroc AB - Class A | 919,853 | ||
Total Sweden | 2,691,900 | |||
Singapore — 5.9% | ||||
Financials — 3.5% | ||||
139,600 | Oversea-Chinese Banking Corp. Ltd. | 1,145,145 |
Shares | Market Value | |||
Singapore — (Continued) | ||||
Real Estate — 2.4% | ||||
516,900 | CapitaLand Integrated Commercial Trust REIT | $ 808,029 | ||
Total Singapore | 1,953,174 | |||
Germany — 5.5% | ||||
Consumer Discretionary — 2.3% | ||||
10,731 | Continental AG | 753,195 | ||
Industrials — 3.2% | ||||
28,174 | Deutsche Post AG | 1,063,742 | ||
Total Germany | 1,816,937 | |||
China — 5.1% | ||||
Communication Services — 2.6% | ||||
19,000 | Tencent Holdings Ltd. | 860,038 | ||
Consumer Discretionary — 2.5% | ||||
7,296 | Alibaba Group Holding Ltd. ADR* | 829,409 | ||
Total China | 1,689,447 | |||
Switzerland — 3.8% | ||||
Health Care — 1.8% | ||||
1,798 | Roche Holding AG | 601,071 | ||
Industrials — 2.0% | ||||
24,752 | ABB Ltd. ADR | 661,621 | ||
Total Switzerland | 1,262,692 | |||
Taiwan — 3.7% | ||||
Information Technology — 3.7% | ||||
15,209 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 1,243,336 | ||
Canada — 3.5% | ||||
Financials — 3.5% | ||||
8,305 | Intact Financial Corp. | 1,171,423 | ||
India — 3.5% | ||||
Financials — 3.5% | ||||
65,952 | ICICI Bank Ltd. ADR | 1,169,988 | ||
Netherlands — 2.3% | ||||
Health Care — 2.3% | ||||
35,513 | Koninklijke Philips NV | 761,702 | ||
Thailand — 2.1% | ||||
Industrials — 2.1% | ||||
347,600 | Airports of Thailand PCL* | 698,732 | ||
Denmark — 1.3% | ||||
Industrials — 1.3% | ||||
19,611 | Vestas Wind Systems A/S | 416,969 | ||
Total Common Stocks | $32,123,544 | |||
Preferred Stocks — 2.6% | ||||
Germany — 2.6% | ||||
Consumer Discretionary — 2.6% | ||||
6,321 | Volkswagen AG | 851,058 |
28
Touchstone International ESG Equity Fund (Unaudited) (Continued)
Shares | Market Value | |||
Short-Term Investment Fund — 0.1% | ||||
46,416 | Dreyfus Government Cash Management, Institutional Shares, 1.35%∞Ω | $ 46,416 | ||
Total Investment Securities — 99.5% (Cost $35,771,506) | $33,021,018 | |||
Other Assets in Excess of Liabilities — 0.5% | 165,249 | |||
Net Assets — 100.0% | $33,186,267 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 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 | ||||
Japan | $— | $6,018,683 | $— | $6,018,683 |
France | 1,550,301 | 3,722,565 | — | 5,272,866 |
United Kingdom | — | 3,004,162 | — | 3,004,162 |
South Korea | 449,512 | 2,502,021 | — | 2,951,533 |
Sweden | — | 2,691,900 | — | 2,691,900 |
Singapore | — | 1,953,174 | — | 1,953,174 |
Germany | — | 1,816,937 | — | 1,816,937 |
China | 829,409 | 860,038 | — | 1,689,447 |
Switzerland | 661,621 | 601,071 | — | 1,262,692 |
Taiwan | 1,243,336 | — | — | 1,243,336 |
Canada | 1,171,423 | — | — | 1,171,423 |
India | 1,169,988 | — | — | 1,169,988 |
Netherlands | — | 761,702 | — | 761,702 |
Thailand | — | 698,732 | — | 698,732 |
Denmark | — | 416,969 | — | 416,969 |
Preferred Stocks | — | 851,058 | — | 851,058 |
Short-Term Investment Fund | 46,416 | — | — | 46,416 |
Total | $7,122,006 | $25,899,012 | $— | $33,021,018 |
See accompanying Notes to Portfolios of Investments.
29
Portfolio of Investments
Touchstone Mid Cap Fund – June 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 95.8% | ||||
Industrials — 23.3% | ||||
2,499,801 | AerCap Holdings N.V. (Ireland)* | $ 102,341,853 | ||
2,418,308 | Allison Transmission Holdings, Inc. | 92,983,943 | ||
1,704,329 | Armstrong World Industries, Inc. | 127,756,502 | ||
1,665,091 | Copart, Inc. * | 180,928,788 | ||
351,495 | Lennox International, Inc. | 72,615,352 | ||
447,750 | Old Dominion Freight Line, Inc. | 114,749,370 | ||
2,123,329 | Otis Worldwide Corp. | 150,055,660 | ||
628,094 | Sensata Technologies Holding PLC | 25,946,563 | ||
649,363 | UniFirst Corp. | 111,807,321 | ||
979,185,352 | ||||
Information Technology — 15.8% | ||||
1,504,632 | Amphenol Corp. - Class A | 96,868,208 | ||
1,792,900 | Black Knight, Inc.* | 117,237,731 | ||
1,132,063 | Citrix Systems, Inc. | 110,002,562 | ||
1,941,848 | Entegris, Inc. | 178,902,456 | ||
1,704,454 | Skyworks Solutions, Inc. | 157,900,619 | ||
660,911,576 | ||||
Consumer Discretionary — 14.5% | ||||
1,505,620 | CarMax, Inc.* | 136,228,498 | ||
604,344 | Churchill Downs, Inc. | 115,750,006 | ||
1,265,676 | Dollar Tree, Inc.* | 197,255,605 | ||
1,941,856 | Hasbro, Inc. | 158,999,169 | ||
608,233,278 | ||||
Financials — 12.1% | ||||
199,215 | Alleghany Corp.* | 165,966,016 | ||
772,376 | Cincinnati Financial Corp. | 91,897,296 | ||
923,274 | M&T Bank Corp. | 147,160,643 | ||
2,582,133 | Moelis & Co. - Class A | 101,606,934 | ||
506,630,889 | ||||
Consumer Staples — 11.5% | ||||
2,235,817 | BellRing Brands, Inc.* | 55,649,485 | ||
1,377,734 | Brown-Forman Corp. - Class B | 96,661,818 | ||
2,578,768 | Lamb Weston Holdings, Inc. | 184,278,761 | ||
1,763,731 | Post Holdings, Inc.* | 145,243,248 | ||
481,833,312 | ||||
Materials — 10.9% | ||||
1,048,748 | AptarGroup, Inc. | 108,241,281 | ||
1,538,625 | Ball Corp. | 105,811,241 | ||
309,837 | NewMarket Corp. | 93,248,544 | ||
1,070,292 | Vulcan Materials Co. | 152,088,493 | ||
459,389,559 |
Shares | Market Value | |||
Health Care — 5.5% | ||||
2,264,120 | Perrigo Co. PLC | $ 91,855,348 | ||
677,132 | STERIS PLC | 139,590,762 | ||
231,446,110 | ||||
Real Estate — 2.2% | ||||
3,479,089 | STORE Capital Corp. REIT | 90,734,641 | ||
Total Common Stocks | $4,018,364,717 | |||
Short-Term Investment Fund — 4.5% | ||||
188,203,438 | Dreyfus Government Cash Management, Institutional Shares, 1.35%∞Ω | 188,203,438 | ||
Total Investment Securities—100.3% (Cost $3,829,083,582) | $4,206,568,155 | |||
Liabilities in Excess of Other Assets — (0.3%) | (12,486,081) | |||
Net Assets — 100.0% | $4,194,082,074 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 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 | $4,018,364,717 | $— | $— | $4,018,364,717 |
Short-Term Investment Fund | 188,203,438 | — | — | 188,203,438 |
Total | $4,206,568,155 | $— | $— | $4,206,568,155 |
See accompanying Notes to Portfolios of Investments.
30
Portfolio of Investments
Touchstone Mid Cap Value Fund – June 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 99.1% | ||||
Financials — 17.8% | ||||
245,266 | American International Group, Inc. | $ 12,540,451 | ||
68,008 | Ameriprise Financial, Inc. | 16,164,141 | ||
365,394 | Arch Capital Group Ltd.* | 16,621,773 | ||
922,973 | Chimera Investment Corp. REIT | 8,140,622 | ||
96,092 | Hartford Financial Services Group, Inc. (The) | 6,287,300 | ||
196,587 | PacWest Bancorp | 5,241,009 | ||
108,529 | Pinnacle Financial Partners, Inc. | 7,847,732 | ||
152,058 | Progressive Corp. (The) | 17,679,784 | ||
143,506 | Reinsurance Group of America, Inc. | 16,831,819 | ||
87,212 | Signature Bank | 15,629,262 | ||
76,155 | Webster Financial Corp. | 3,209,933 | ||
231,737 | Western Alliance Bancorp | 16,360,632 | ||
142,554,458 | ||||
Industrials — 13.8% | ||||
181,761 | AerCap Holdings N.V. (Ireland)* | 7,441,295 | ||
196,587 | Clean Harbors, Inc. * | 17,234,782 | ||
114,382 | Dover Corp. | 13,876,824 | ||
180,192 | Hexcel Corp. | 9,425,844 | ||
26,212 | Huntington Ingalls Industries, Inc. | 5,709,498 | ||
85,921 | Leidos Holdings, Inc. | 8,653,104 | ||
33,498 | Parker-Hannifin Corp. | 8,242,183 | ||
161,217 | Regal Rexnord Corp. | 18,301,354 | ||
53,992 | Snap-on, Inc. | 10,638,044 | ||
130,248 | Westinghouse Air Brake Technologies Corp. | 10,690,756 | ||
110,213,684 | ||||
Utilities — 11.0% | ||||
596,238 | CenterPoint Energy, Inc. | 17,636,720 | ||
98,622 | DTE Energy Co. | 12,500,339 | ||
151,046 | Entergy Corp. | 17,013,821 | ||
181,761 | Evergy, Inc. | 11,859,905 | ||
488,608 | NiSource, Inc. | 14,409,050 | ||
145,986 | WEC Energy Group, Inc. | 14,692,031 | ||
88,111,866 | ||||
Consumer Staples — 10.2% | ||||
47,464 | Casey's General Stores, Inc. | 8,779,891 | ||
51,512 | Constellation Brands, Inc. - Class A | 12,005,387 | ||
223,358 | Darling Ingredients, Inc.* | 13,356,808 | ||
170,375 | Hain Celestial Group, Inc. (The)* | 4,044,703 | ||
201,040 | Ingredion, Inc. | 17,723,686 | ||
160,255 | Lamb Weston Holdings, Inc. | 11,451,822 | ||
349,910 | TreeHouse Foods, Inc.* | 14,633,236 | ||
81,995,533 | ||||
Health Care — 10.0% | ||||
51,209 | AmerisourceBergen Corp. | 7,245,049 | ||
299,713 | Centene Corp.* | 25,358,717 | ||
32,164 | Charles River Laboratories International, Inc.* | 6,882,131 | ||
195,980 | Encompass Health Corp. | 10,984,679 | ||
268,694 | Envista Holdings Corp.* | 10,355,467 | ||
43,235 | Laboratory Corp. of America Holdings | 10,132,555 | ||
85,972 | Zimmer Biomet Holdings, Inc. | 9,032,218 | ||
79,990,816 | ||||
Consumer Discretionary — 9.0% | ||||
4,099 | AutoZone, Inc.* | 8,809,243 | ||
296,829 | BorgWarner, Inc. | 9,905,184 | ||
81,216 | Carter's, Inc. | 5,724,104 | ||
115,372 | Columbia Sportswear Co. | 8,258,328 | ||
93,111 | Dollar Tree, Inc.* | 14,511,349 |
Shares | Market Value | |||
Consumer Discretionary — (Continued) | ||||
129,894 | Hasbro, Inc. | $ 10,635,721 | ||
296,829 | LKQ Corp. | 14,571,335 | ||
72,415,264 | ||||
Materials — 7.8% | ||||
451,214 | Axalta Coating Systems Ltd. * | 9,976,341 | ||
223,153 | Berry Global Group, Inc.* | 12,193,080 | ||
146,643 | FMC Corp. | 15,692,267 | ||
555,871 | Livent Corp.* | 12,612,713 | ||
57,838 | Scotts Miracle-Gro Co. (The) | 4,568,624 | ||
252,249 | Valvoline, Inc. | 7,272,339 | ||
62,315,364 | ||||
Information Technology — 7.3% | ||||
138,142 | Akamai Technologies, Inc.* | 12,616,509 | ||
63,859 | F5 Networks, Inc.* | 9,772,981 | ||
111,583 | Global Payments, Inc. | 12,345,543 | ||
81,216 | PTC, Inc.* | 8,636,510 | ||
100,191 | Qorvo, Inc.* | 9,450,015 | ||
776,633 | Rackspace Technology, Inc.* | 5,568,459 | ||
58,390,017 | ||||
Energy — 6.9% | ||||
404,306 | ChampionX Corp. | 8,025,474 | ||
643,247 | Coterra Energy, Inc. | 16,589,340 | ||
91,336 | Pioneer Natural Resources | 20,375,235 | ||
93,158 | Valero Energy Corp. | 9,900,832 | ||
54,890,881 | ||||
Real Estate — 5.3% | ||||
84,403 | Alexandria Real Estate Equities, Inc. REIT | 12,240,967 | ||
74,283 | Boston Properties, Inc. REIT | 6,609,701 | ||
53,739 | Digital Realty Trust, Inc. REIT | 6,976,934 | ||
38,862 | Essex Property Trust, Inc. REIT | 10,162,802 | ||
392,567 | Host Hotels & Resorts, Inc. REIT | 6,155,451 | ||
42,145,855 | ||||
Total Common Stocks | $793,023,738 | |||
Short-Term Investment Fund — 1.1% | ||||
8,691,760 | Dreyfus Government Cash Management, Institutional Shares, 1.35%∞Ω | 8,691,760 | ||
Total Investment Securities—100.2% (Cost $666,992,599) | $801,715,498 | |||
Liabilities in Excess of Other Assets — (0.2%) | (1,622,384) | |||
Net Assets — 100.0% | $800,093,114 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2022. |
Portfolio Abbreviations: |
REIT – Real Estate Investment Trust |
31
Touchstone Mid Cap Value 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 | $793,023,738 | $— | $— | $793,023,738 |
Short-Term Investment Fund | 8,691,760 | — | — | 8,691,760 |
Total | $801,715,498 | $— | $— | $801,715,498 |
See accompanying Notes to Portfolios of Investments.
32
Portfolio of Investments
Touchstone Sands Capital Select Growth Fund – June 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.7% | ||||
Information Technology — 45.5% | ||||
625,793 | Atlassian Corp. PLC - Class A* | $ 117,273,608 | ||
1,950,091 | Block, Inc.* | 119,852,593 | ||
1,191,486 | Cloudflare, Inc. - Class A* | 52,127,513 | ||
426,564 | Datadog, Inc.* | 40,625,955 | ||
278,622 | Intuit, Inc. | 107,392,064 | ||
118,363 | Lam Research Corp. | 50,440,392 | ||
313,281 | NVIDIA Corp. | 47,490,267 | ||
562,066 | ServiceNow, Inc.* | 267,273,624 | ||
1,963,100 | Shopify, Inc. (Canada) - Class A* | 61,327,244 | ||
515,241 | Snowflake, Inc. - Class A* | 71,649,414 | ||
423,705 | Twilio, Inc. - Class A* | 35,510,716 | ||
1,186,791 | Visa, Inc. - Class A | 233,667,280 | ||
1,204,630,670 | ||||
Communication Services — 16.9% | ||||
129,675 | Charter Communications, Inc. - Class A* | 60,756,628 | ||
1,475,445 | Match Group, Inc.* | 102,823,762 | ||
335,540 | Meta Platforms, Inc. - Class A* | 54,105,825 | ||
294,884 | Netflix, Inc.* | 51,566,365 | ||
1,774,403 | Sea Ltd. (Taiwan) ADR* | 118,636,584 | ||
2,488,352 | Warner Music Group Corp. - Class A | 60,616,255 | ||
448,505,419 | ||||
Health Care — 14.1% | ||||
770,983 | 10X Genomics, Inc. - Class A* | 34,886,981 | ||
202,259 | Align Technology, Inc.* | 47,868,638 | ||
1,991,985 | DexCom, Inc.* | 148,462,642 | ||
877,160 | Edwards Lifesciences Corp.* | 83,409,144 | ||
791,130 | Sarepta Therapeutics, Inc.* | 59,303,105 | ||
373,930,510 | ||||
Consumer Discretionary — 14.0% | ||||
537,223 | Airbnb, Inc. - Class A* | 47,855,825 | ||
1,985,667 | Amazon.com, Inc.* | 210,897,692 | ||
703,009 | DoorDash, Inc. - Class A* | 45,112,088 | ||
347,278 | Fiverr International Ltd. (Israel)*† | 11,942,890 | ||
884,416 | Floor & Decor Holdings, Inc. - Class A* | 55,682,831 | ||
371,491,326 | ||||
Industrials — 7.2% | ||||
1,792,053 | CoStar Group, Inc.* | 108,257,922 | ||
3,974,771 | Uber Technologies, Inc.* | 81,323,814 | ||
189,581,736 | ||||
Total Common Stocks | $2,588,139,661 |
Shares | Market Value | |||
Short-Term Investment Funds — 2.9% | ||||
73,813,295 | Dreyfus Government Cash Management, Institutional Shares, 1.35%∞Ω | $ 73,813,295 | ||
4,039,170 | Invesco Government & Agency Portfolio, Institutional Class, 1.38%∞Ω** | 4,039,170 | ||
Total Short-Term Investment Funds | $77,852,465 | |||
Total Investment Securities—100.6% (Cost $2,801,955,628) | $2,665,992,126 | |||
Liabilities in Excess of Other Assets — (0.6%) | (16,955,836) | |||
Net Assets — 100.0% | $2,649,036,290 |
* | 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 June 30, 2022 was $3,762,266. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 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 | $2,588,139,661 | $— | $— | $2,588,139,661 |
Short-Term Investment Funds | 77,852,465 | — | — | 77,852,465 |
Total | $2,665,992,126 | $— | $— | $2,665,992,126 |
See accompanying Notes to Portfolios of Investments.
33
Portfolio of Investments
Touchstone Small Cap Fund – June 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 96.0% | ||||
Industrials — 24.9% | ||||
32,980 | Armstrong World Industries, Inc. | $ 2,472,181 | ||
93,270 | Evoqua Water Technologies Corp.* | 3,032,208 | ||
31,417 | Landstar System, Inc. | 4,568,660 | ||
26,695 | ManTech International Corp. - Class A | 2,548,038 | ||
50,902 | Masonite International Corp. * | 3,910,801 | ||
44,625 | Matson, Inc. | 3,252,270 | ||
11,725 | UniFirst Corp. | 2,018,810 | ||
21,802,968 | ||||
Consumer Discretionary — 19.2% | ||||
60,226 | Acushnet Holdings Corp. | 2,510,219 | ||
3,541 | Graham Holdings Co. - Class B | 2,007,180 | ||
38,835 | Malibu Boats, Inc. - Class A* | 2,046,993 | ||
18,010 | Murphy USA, Inc. | 4,193,989 | ||
22,707 | Penske Automotive Group, Inc. | 2,377,196 | ||
169,886 | Tempur Sealy International, Inc. | 3,630,464 | ||
16,766,041 | ||||
Financials — 13.2% | ||||
67,309 | Atlantic Union Bankshares Corp. | 2,283,121 | ||
85,813 | Cannae Holdings, Inc.* | 1,659,623 | ||
79,049 | Moelis & Co. - Class A | 3,110,578 | ||
3,581 | White Mountains Insurance Group Ltd. | 4,462,392 | ||
11,515,714 | ||||
Materials — 10.9% | ||||
94,331 | GCP Applied Technologies, Inc.* | 2,950,673 | ||
51,405 | Ingevity Corp.* | 3,245,712 | ||
9,627 | NewMarket Corp. | 2,897,342 | ||
39,927 | Tredegar Corp. | 399,270 | ||
9,492,997 | ||||
Information Technology — 9.6% | ||||
83,380 | ACI Worldwide, Inc.* | 2,158,708 | ||
79,528 | CTS Corp. | 2,707,929 | ||
28,251 | Qualys, Inc.* | 3,563,581 | ||
8,430,218 | ||||
Real Estate — 7.0% | ||||
116,376 | Alexander & Baldwin, Inc. REIT | 2,088,949 | ||
80,580 | Essential Properties Realty Trust, Inc. REIT | 1,731,664 | ||
38,029 | First Industrial Realty Trust, Inc. REIT | 1,805,617 | ||
30,811 | Tejon Ranch Co.* | 478,187 | ||
6,104,417 |
Shares | Market Value | |||
Consumer Staples — 6.0% | ||||
32,502 | Energizer Holdings, Inc. | $ 921,431 | ||
18,105 | Lancaster Colony Corp. | 2,331,562 | ||
27,844 | PriceSmart, Inc. | 1,994,466 | ||
5,247,459 | ||||
Health Care — 4.0% | ||||
23,824 | Haemonetics Corp.* | 1,552,848 | ||
31,664 | LivaNova PLC* | 1,978,050 | ||
3,530,898 | ||||
Energy — 1.2% | ||||
41,187 | Dril-Quip, Inc. * | 1,062,625 | ||
Total Common Stocks | $83,953,337 | |||
Short-Term Investment Fund — 4.3% | ||||
3,753,110 | Dreyfus Government Cash Management, Institutional Shares, 1.35%∞Ω | 3,753,110 | ||
Total Investment Securities—100.3% (Cost $78,708,772) | $87,706,447 | |||
Liabilities in Excess of Other Assets — (0.3%) | (286,430) | |||
Net Assets — 100.0% | $87,420,017 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 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 | $83,953,337 | $— | $— | $83,953,337 |
Short-Term Investment Fund | 3,753,110 | — | — | 3,753,110 |
Total | $87,706,447 | $— | $— | $87,706,447 |
See accompanying Notes to Portfolios of Investments.
34
Portfolio of Investments
Touchstone Small Cap Value Fund – June 30, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.3% | ||||
Industrials — 23.1% | ||||
24,360 | Altra Industrial Motion Corp. | $ 858,690 | ||
18,043 | BWX Technologies, Inc. | 993,989 | ||
3,676 | CACI International, Inc. - Class A* | 1,035,823 | ||
20,459 | CIRCOR International, Inc. * | 335,323 | ||
14,354 | Clean Harbors, Inc. * | 1,258,415 | ||
6,781 | EMCOR Group, Inc. | 698,172 | ||
18,698 | Enerpac Tool Group Corp. | 355,636 | ||
10,581 | EnPro Industries, Inc. | 866,901 | ||
45,487 | Gates Industrial Corp. PLC* | 491,714 | ||
29,242 | Harsco Corp.* | 207,911 | ||
12,200 | Hexcel Corp. | 638,182 | ||
8,103 | Hillenbrand, Inc. | 331,899 | ||
25,231 | Huron Consulting Group, Inc.* | 1,639,763 | ||
13,836 | ITT, Inc. | 930,333 | ||
19,934 | Kelly Services, Inc. - Class A | 395,291 | ||
15,536 | Korn/Ferry International | 901,399 | ||
9,114 | Masonite International Corp. * | 700,228 | ||
13,608 | Regal Rexnord Corp. | 1,544,780 | ||
8,221 | Standex International Corp. | 696,976 | ||
2,855 | Valmont Industries, Inc. | 641,319 | ||
15,522,744 | ||||
Financials — 20.1% | ||||
33,145 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 1,033,793 | ||
37,148 | BankUnited, Inc. | 1,321,354 | ||
97,830 | Chimera Investment Corp. REIT | 862,861 | ||
22,682 | Dynex Capital, Inc. REIT | 361,097 | ||
40,914 | First Interstate BancSystem, Inc. - Class A | 1,559,232 | ||
4,014 | Hanover Insurance Group, Inc. (The) | 587,047 | ||
54,068 | MGIC Investment Corp. | 681,257 | ||
27,372 | NMI Holdings, Inc. - Class A* | 455,744 | ||
24,927 | PacWest Bancorp | 664,554 | ||
14,925 | Pinnacle Financial Partners, Inc. | 1,079,227 | ||
72,683 | Umpqua Holdings Corp. | 1,218,894 | ||
25,216 | Univest Financial Corp. | 641,495 | ||
6,643 | Webster Financial Corp. | 280,002 | ||
19,552 | Western Alliance Bancorp | 1,380,371 | ||
17,211 | Wintrust Financial Corp. | 1,379,462 | ||
13,506,390 | ||||
Consumer Discretionary — 8.8% | ||||
39,763 | American Eagle Outfitters, Inc. | 444,550 | ||
28,999 | Callaway Golf Co. * | 591,580 | ||
3,861 | Carter's, Inc. | 272,123 | ||
5,959 | Dorman Products, Inc.* | 653,762 | ||
39,815 | Goodyear Tire & Rubber Co. (The)* | 426,419 | ||
8,591 | Murphy USA, Inc. | 2,000,586 | ||
5,022 | Oxford Industries, Inc. | 445,652 | ||
12,217 | Steven Madden Ltd. | 393,510 | ||
20,143 | Urban Outfitters, Inc.* | 375,868 | ||
7,754 | YETI Holdings, Inc.* | 335,516 | ||
5,939,566 | ||||
Information Technology — 7.9% | ||||
11,186 | Belden, Inc. | 595,878 | ||
5,662 | ExlService Holdings, Inc.* | 834,182 | ||
78,430 | Harmonic, Inc.* | 679,988 | ||
8,012 | Lumentum Holdings, Inc.* | 636,313 | ||
8,115 | MACOM Technology Solutions Holdings, Inc.* | 374,102 | ||
87,289 | Rackspace Technology, Inc.* | 625,862 | ||
2,034 | Rogers Corp.* | 533,091 | ||
77,339 | Viavi Solutions, Inc.* | 1,023,195 | ||
5,302,611 |
Shares | Market Value | |||
Materials — 7.7% | ||||
25,062 | Axalta Coating Systems Ltd. * | $ 554,121 | ||
7,298 | Cabot Corp. | 465,539 | ||
8,311 | Ingevity Corp.* | 524,757 | ||
5,399 | Innospec, Inc. | 517,170 | ||
45,246 | Livent Corp.* | 1,026,632 | ||
61,548 | O-I Glass, Inc.* | 861,672 | ||
11,677 | Silgan Holdings, Inc. | 482,844 | ||
25,658 | Valvoline, Inc. | 739,720 | ||
5,172,455 | ||||
Consumer Staples — 7.6% | ||||
13,750 | Hain Celestial Group, Inc. (The)* | 326,425 | ||
49,792 | Hostess Brands, Inc.* | 1,056,088 | ||
12,837 | Ingredion, Inc. | 1,131,710 | ||
3,962 | Lancaster Colony Corp. | 510,227 | ||
5,912 | MGP Ingredients, Inc. | 591,732 | ||
8,265 | Performance Food Group Co.* | 380,025 | ||
26,776 | TreeHouse Foods, Inc.* | 1,119,772 | ||
5,115,979 | ||||
Health Care — 7.4% | ||||
4,718 | Amedisys, Inc.* | 495,956 | ||
8,459 | Encompass Health Corp. | 474,127 | ||
22,837 | Envista Holdings Corp.* | 880,138 | ||
14,527 | Integra LifeSciences Holdings Corp.* | 784,894 | ||
12,674 | NuVasive, Inc.* | 623,054 | ||
29,166 | Prestige Consumer Healthcare, Inc.* | 1,714,961 | ||
4,973,130 | ||||
Utilities — 5.4% | ||||
10,583 | Black Hills Corp. | 770,125 | ||
8,517 | IDACORP, Inc. | 902,121 | ||
29,229 | Portland General Electric Co. | 1,412,638 | ||
7,696 | Spire, Inc. | 572,351 | ||
3,657,235 | ||||
Energy — 4.6% | ||||
13,208 | Cactus, Inc. - Class A | 531,886 | ||
31,045 | ChampionX Corp. | 616,243 | ||
16,331 | Helmerich & Payne, Inc. | 703,213 | ||
17,207 | PDC Energy, Inc. | 1,060,123 | ||
22,324 | Select Energy Services, Inc. - Class A* | 152,250 | ||
3,063,715 | ||||
Real Estate — 3.6% | ||||
10,895 | American Campus Communities, Inc. REIT | 702,401 | ||
17,525 | Corporate Office Properties Trust REIT | 458,980 | ||
37,813 | LXP Industrial Trust REIT | 406,111 | ||
88,042 | Newmark Group, Inc. - Class A | 851,366 | ||
2,418,858 | ||||
Communication Services — 1.1% | ||||
33,661 | TEGNA, Inc. | 705,871 | ||
Total Common Stocks | $65,378,554 | |||
Exchange-Traded Fund — 0.8% | ||||
3,905 | iShares Russell 2000 Value ETF | 531,666 |
35
Touchstone Small Cap Value Fund (Unaudited) (Continued)
Shares | Market Value | |||
Short-Term Investment Fund — 2.1% | ||||
1,428,754 | Dreyfus Government Cash Management, Institutional Shares, 1.35%∞Ω | $ 1,428,754 | ||
Total Investment Securities—100.2% (Cost $56,086,020) | $67,338,974 | |||
Liabilities in Excess of Other Assets — (0.2%) | (134,088) | |||
Net Assets — 100.0% | $67,204,886 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2022. |
Portfolio Abbreviations: |
ETF – Exchange-Traded Fund |
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 | $65,378,554 | $— | $— | $65,378,554 |
Exchange-Traded Fund | 531,666 | — | — | 531,666 |
Short-Term Investment Fund | 1,428,754 | — | — | 1,428,754 |
Total | $67,338,974 | $— | $— | $67,338,974 |
See accompanying Notes to Portfolios of Investments.
36
Portfolio of Investments
Touchstone Ultra Short Duration Fixed Income Fund – June 30, 2022 (Unaudited)
Principal Amount | Market Value | |||
Asset-Backed Securities — 38.5% | ||||
$ 3,763,465 | ACC Auto Trust, Ser 2021-A, Class A, 144a, 1.080%, 4/15/27 | $ 3,700,476 | ||
182,919 | Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificate, Ser 2005-4, Class M1, (1M LIBOR +0.675%), 2.299%, 10/25/35(A) | 182,503 | ||
7,000,000 | AGL Static CLO 18 Ltd. (Cayman Islands), Ser 2022-18A, Class A1, 144a, (TSFR3M +1.320%), 2.438%, 4/21/31(A) | 6,795,856 | ||
4,200,000 | American Credit Acceptance Receivables Trust, Ser 2018-2, Class E, 144a, 5.160%, 9/10/24 | 4,202,993 | ||
7,990,106 | American Credit Acceptance Receivables Trust, Ser 2018-3, Class E, 144a, 5.170%, 10/15/24 | 7,996,411 | ||
9,500,000 | American Credit Acceptance Receivables Trust, Ser 2018-4, Class E, 144a, 5.380%, 1/13/25 | 9,552,557 | ||
6,020,394 | American Credit Acceptance Receivables Trust, Ser 2019-1, Class D, 144a, 3.810%, 4/14/25 | 6,028,292 | ||
2,890,979 | American Credit Acceptance Receivables Trust, Ser 2020-1, Class C, 144a, 2.190%, 3/13/26 | 2,888,156 | ||
8,250,000 | Anchorage Capital CLO Ltd. (Cayman Islands), Ser 2013-1A, Class A1R, 144a, (3M LIBOR +1.250%), 2.271%, 10/13/30(A) | 8,129,748 | ||
5,831,295 | Ares XL CLO Ltd. (Cayman Islands), Ser 2016-40A, Class A1RR, 144a, (3M LIBOR +0.870%), 1.914%, 1/15/29(A) | 5,742,134 | ||
4,464,947 | Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Ser 2006-HE3, Class A5, (1M LIBOR +0.540%), 2.164%, 3/25/36(A) | 4,312,766 | ||
2,719,812 | Avid Automobile Receivables Trust, Ser 2021-1, Class A, 144a, 0.610%, 1/15/25 | 2,672,039 | ||
3,750,000 | Barings CLO Ltd. (Cayman Islands), Ser 2013-IA, Class BR, 144a, (3M LIBOR +1.250%), 2.313%, 1/20/28(A) | 3,666,799 | ||
6,048,000 | BDS Ltd. (Cayman Islands), Ser 2020-FL5, Class B, 144a, (SOFR30A +1.914%), 3.421%, 2/16/37(A) | 5,837,199 | ||
539,977 | Bear Stearns Asset Backed Securities Trust, Ser 2006-SD2, Class M1, (1M LIBOR +0.825%), 2.449%, 6/25/36(A) | 538,813 | ||
6,829,171 | Black Diamond CLO Ltd. (Cayman Islands), Ser 2017-1A, Class A1AR, 144a, (3M LIBOR +1.050%), 2.234%, 4/24/29(A) | 6,751,817 | ||
201,873 | BSPRT Issuer Ltd. (Cayman Islands), Ser 2019-FL5, Class A, 144a, (1M LIBOR +1.150%), 2.474%, 5/15/29(A) | 200,596 | ||
1,355,225 | CarNow Auto Receivables Trust, Ser 2021-2A, Class A, 144a, 0.730%, 9/15/23 | 1,349,351 | ||
3,126,207 | CIFC Funding Ltd. (Cayman Islands), Ser 2012-2RA, Class A1, 144a, (3M LIBOR +0.800%), 1.863%, 1/20/28(A) | 3,084,729 | ||
3,343,390 | Conn's Receivables Funding LLC, Ser 2021-A, Class A, 144a, 1.050%, 5/15/26 | 3,322,841 | ||
1,072,390 | CPS Auto Receivables Trust, Ser 2018-C, Class D, 144a, 4.400%, 6/17/24 | 1,074,807 | ||
6,507,390 | CPS Auto Receivables Trust, Ser 2019-A, Class D, 144a, 4.350%, 12/16/24 | 6,525,964 | ||
2,125,836 | Crossroads Asset Trust, Ser 2021-A, Class A2, 144a, 0.820%, 3/20/24 | 2,092,407 | ||
10,750,000 | Dewolf Park CLO Ltd. (Cayman Islands), Ser 2017-1A, Class AR, 144a, (3M LIBOR +0.920%), 1.964%, 10/15/30(A) | 10,536,269 | ||
1,024,323 | Drive Auto Receivables Trust, Ser 2018-2, Class D, 4.140%, 8/15/24 | 1,025,595 | ||
5,299,902 | DT Auto Owner Trust, Ser 2018-3A, Class D, 144a, 4.190%, 7/15/24 | 5,306,362 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 38.5% (Continued) | ||||
$ 483,793 | DT Auto Owner Trust, Ser 2019-3A, Class C, 144a, 2.740%, 4/15/25 | $ 483,652 | ||
8,539,553 | DT Auto Owner Trust, Ser 2020-1A, Class C, 144a, 2.290%, 11/17/25 | 8,487,074 | ||
640,019 | DT Auto Owner Trust, Ser 2021-1A, Class A, 144a, 0.350%, 1/15/25 | 637,494 | ||
1,872,293 | Elara HGV Timeshare Issuer LLC, Ser 2016-A, Class A, 144a, 2.730%, 4/25/28 | 1,847,291 | ||
408,701 | Encina Equipment Finance LLC, Ser 2021-1A, Class A1, 144a, 0.500%, 9/15/25 | 408,367 | ||
1,577,275 | Exeter Automobile Receivables Trust, Ser 2018-2A, Class D, 144a, 4.040%, 3/15/24 | 1,578,921 | ||
1,499,107 | Exeter Automobile Receivables Trust, Ser 2019-1A, Class D, 144a, 4.130%, 12/16/24 | 1,503,156 | ||
1,949,020 | Exeter Automobile Receivables Trust, Ser 2020-1A, Class C, 144a, 2.490%, 1/15/25 | 1,948,651 | ||
4,239,388 | FCI Funding LLC, Ser 2021-1A, Class A, 144a, 1.130%, 4/15/33 | 4,148,191 | ||
7,698,488 | Flagship Credit Auto Trust, Ser 2019-1, Class C, 144a, 3.600%, 2/18/25 | 7,711,158 | ||
3,123,820 | FNA VI LLC, Ser 2021-1A, Class A, 144a, 1.350%, 1/10/32 | 2,919,781 | ||
138,768 | FNMA REMIC Trust, Ser 2001-W4, Class AF5, 5.614%, 2/25/32(A)(B) | 145,814 | ||
2,717,438 | Foursight Capital Automobile Receivables Trust, Ser 2018-2, Class D, 144a, 4.330%, 7/15/24 | 2,717,920 | ||
1,454,998 | GLS Auto Receivables Issuer Trust, Ser 2019-4A, Class B, 144a, 2.780%, 9/16/24 | 1,454,925 | ||
5,100,000 | GPMT Ltd. (Cayman Islands), Ser 2019-FL2, Class AS, 144a, (1M LIBOR +1.600%), 3.226%, 2/22/36(A) | 5,082,908 | ||
6,217,463 | LAD Auto Receivables Trust, Ser 2021-1A, Class A, 144a, 1.300%, 8/17/26 | 6,016,638 | ||
3,380,873 | Madison Park Funding XI Ltd. (Cayman Islands), Ser 2013-11A, Class AR2, 144a, (3M LIBOR +0.900%), 2.084%, 7/23/29(A) | 3,328,821 | ||
2,967,459 | Magnetite XVI Ltd. (Cayman Islands), Ser 2015-16A, Class AR, 144a, (3M LIBOR +0.800%), 1.844%, 1/18/28(A) | 2,931,081 | ||
7,175,000 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class A, 144a, (SOFR30A +1.814%), 3.148%, 11/15/35(A) | 7,120,214 | ||
4,000,000 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class AS, 144a, (SOFR30A +2.214%), 3.548%, 11/15/35(A) | 3,921,128 | ||
10,219,000 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class C, 144a, (SOFR30A +3.714%), 5.048%, 11/15/35(A) | 9,955,503 | ||
85,468 | Mill City Mortgage Loan Trust, Ser 2017-1, Class A1, 144a, 2.750%, 11/25/58(A)(B) | 85,332 | ||
6,225,343 | Monroe Capital Mml CLO Ltd. (Cayman Islands), Ser 2017-1A, Class AR, 144a, (3M LIBOR +1.300%), 2.436%, 4/22/29(A) | 6,137,578 | ||
6,250,000 | Neuberger Berman CLO XV (Cayman Islands), Ser 2013-15A, Class A1R2, 144a, (3M LIBOR +0.920%), 1.964%, 10/15/29(A) | 6,145,006 | ||
2,058,267 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2019-3A, Class A1, 144a, (3M LIBOR +0.850%), 2.328%, 8/20/27(A) | 2,045,637 | ||
1,900,374 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2020-1A, Class A1, 144a, (3M LIBOR +1.025%), 2.278%, 2/20/28(A) | 1,865,174 | ||
9,599,222 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-4A, Class A1, 144a, (3M LIBOR +0.800%), 1.844%, 10/15/29(A) | 9,423,681 |
37
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Asset-Backed Securities — 38.5% (Continued) | ||||
$ 2,927,098 | Peaks CLO 1 Ltd. (Cayman Islands), Ser 2014-1A, Class A2R, 144a, (3M LIBOR +1.410%), 2.594%, 7/25/30(A) | $ 2,870,204 | ||
113,473 | Prestige Auto Receivables Trust, Ser 2018-1A, Class C, 144a, 3.750%, 10/15/24 | 113,494 | ||
2,250,000 | Prestige Auto Receivables Trust, Ser 2018-1A, Class D, 144a, 4.140%, 10/15/24 | 2,250,929 | ||
9,700,000 | Progress Residential Trust, Ser 2019-SFR3, Class B, 144a, 2.571%, 9/17/36 | 9,305,173 | ||
1,177,669 | RAMP Series Trust, Ser 2005-RS6, Class M4, (1M LIBOR +0.975%), 2.599%, 6/25/35(A) | 1,172,117 | ||
724,446 | RAMP Trust, Ser 2005-RS5, Class M4, (1M LIBOR +0.640%), 2.584%, 5/25/35(A) | 723,043 | ||
395,256 | Sierra Timeshare Receivables Funding LLC, Ser 2019-1A, Class B, 144a, 3.420%, 1/20/36 | 385,239 | ||
1,287,202 | Symphony CLO XIV Ltd. (Cayman Islands), Ser 2014-14A, Class AR, 144a, (3M LIBOR +0.950%), 1.988%, 7/14/26(A) | 1,283,791 | ||
8,301,705 | Symphony Static CLO I Ltd. (Cayman Islands), Ser 2021-1A, Class A, 144a, (3M LIBOR +0.830%), 2.014%, 10/25/29(A) | 8,167,134 | ||
8,217,086 | TICP CLO III-2 Ltd. (Cayman Islands), Ser 2018-3R, Class A, 144a, (3M LIBOR +0.840%), 1.903%, 4/20/28(A) | 8,152,377 | ||
4,912,582 | Towd Point Mortgage Trust, Ser 2015-5, Class M1, 144a, 3.500%, 5/25/55(A)(B) | 4,885,224 | ||
2,983,853 | Towd Point Mortgage Trust, Ser 2017-1, Class A1, 144a, 2.750%, 10/25/56(A)(B) | 2,959,915 | ||
5,785,151 | Towd Point Mortgage Trust, Ser 2017-5, Class A1, 144a, (1M LIBOR +0.600%), 2.224%, 2/25/57(A) | 5,725,711 | ||
2,780,292 | Towd Point Mortgage Trust, Ser 2019-HY1, Class A1, 144a, (1M LIBOR +1.000%), 2.624%, 10/25/48(A) | 2,747,686 | ||
1,627,137 | Towd Point Mortgage Trust, Ser 2019-MH1, Class A1, 144a, 3.000%, 11/25/58(A)(B) | 1,606,975 | ||
4,807,603 | Tricon American Homes Trust, Ser 2017-SFR2, Class A, 144a, 2.928%, 1/17/36 | 4,750,555 | ||
3,800,000 | Tricon American Homes Trust, Ser 2017-SFR2, Class D, 144a, 3.672%, 1/17/36 | 3,748,713 | ||
6,000,000 | United Auto Credit Securitization Trust, Ser 2022-1, Class B, 144a, 2.100%, 3/10/25 | 5,856,786 | ||
8,200,000 | Westlake Automobile Receivables Trust, Ser 2019-1A, Class E, 144a, 4.490%, 7/15/24 | 8,231,519 | ||
9,784,039 | Westlake Automobile Receivables Trust, Ser 2019-2A, Class D, 144a, 3.200%, 11/15/24 | 9,786,323 | ||
Total Asset-Backed Securities | $298,291,484 | |||
Commercial Mortgage-Backed Securities — 19.3% | ||||
338,994 | AREIT Trust, Ser 2019-CRE3, Class A, 144a, (SOFR30A +1.384%), 2.718%, 9/14/36(A) | 331,343 | ||
10,793,000 | AREIT Trust, Ser 2020-CRE4, Class C, 144a, (SOFR30A +3.222%), 3.996%, 4/15/37(A) | 10,243,628 | ||
4,800,000 | Austin Fairmont Hotel Trust, Ser 2019-FAIR, Class C, 144a, (1M LIBOR +1.450%), 2.774%, 9/15/32(A) | 4,630,939 | ||
8,145,000 | BHMS, Ser 2018-ATLS, Class A, 144a, (1M LIBOR +1.250%), 2.574%, 7/15/35(A) | 7,830,765 | ||
977,000 | BPR Trust, Ser 2021-KEN, Class A, 144a, (1M LIBOR +1.250%), 2.574%, 2/15/29(A) | 963,572 | ||
8,900,000 | BPR Trust, Ser 2021-KEN, Class B, 144a, (1M LIBOR +1.950%), 3.274%, 2/15/29(A) | 8,781,170 | ||
5,669,472 | BX Commercial Mortgage Trust, Ser 2019-XL, Class A, 144a, (1M LIBOR +0.920%), 2.244%, 10/15/36(A) | 5,569,642 |
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 19.3% (Continued) | ||||
$ 1,526,628 | BX Trust, Ser 2019-RP, Class A, 144a, (1M LIBOR +1.045%), 2.369%, 6/15/34(A) | $ 1,499,519 | ||
8,495,000 | BXMT LTD (Cayman Islands), Ser 2020-FL2, Class AS, 144a, (SOFR30A +1.264%), 2.742%, 2/15/38(A) | 8,237,110 | ||
6,494,000 | BXMT Ltd. (Cayman Islands), Ser 2020-FL2, Class A, 144a, (SOFR30A +1.014%), 2.492%, 2/15/38(A) | 6,374,773 | ||
7,200,000 | BXP Trust, Ser 2017-CQHP, Class A, 144a, (1M LIBOR +0.850%), 2.174%, 11/15/34(A) | 6,883,900 | ||
2,700,000 | CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Class C, 144a, (1M LIBOR +1.450%), 2.774%, 12/15/37(A) | 2,605,032 | ||
839,284 | Citigroup Commercial Mortgage Trust, Ser 2013-GC11, Class AAB, 2.690%, 4/10/46 | 838,807 | ||
1,026,729 | Citigroup Commercial Mortgage Trust, Ser 2015-GC35, Class A2, 3.063%, 11/10/48 | 1,017,527 | ||
56,000,000 | Citigroup Commercial Mortgage Trust, Ser 2021-PRM2, Class XCP, 144a, 0.720%, 10/15/36(A)(B)(C) | 142,671 | ||
2,768,985 | COMM Mortgage Trust, Ser 2013-LC6, Class AM, 3.282%, 1/10/46 | 2,757,302 | ||
34,271,934 | COMM Mortgage Trust, Ser 2014-UBS3, Class XA, 1.219%, 6/10/47(A)(B)(C) | 522,880 | ||
2,680,000 | CSMC Trust, Ser 2017-CHOP, Class A, 144a, (1M LIBOR +0.750%), 2.074%, 7/15/32(A) | 2,540,718 | ||
6,080,000 | CSMC Trust, Ser 2017-PFHP, Class A, 144a, (1M LIBOR +0.950%), 2.274%, 12/15/30(A) | 6,026,855 | ||
10,020,322 | DBGS Mortgage Trust, Ser 2018-BIOD, Class B, 144a, (1M LIBOR +0.888%), 2.078%, 5/15/35(A) | 9,831,331 | ||
118,906,000 | GS Mortgage Securities Corp. II, Ser 2017-SLP, Class XA, 144a, 1.325%, 10/10/32(A)(B)(C) | 3,734 | ||
705,000 | GS Mortgage Securities Corp. Trust, Ser 2017-GPTX, Class A, 144a, 2.856%, 5/10/34 | 703,843 | ||
3,859,000 | GS Mortgage Securities Trust, Ser 2018-HART, Class A, 144a, (1M LIBOR +1.090%), 2.420%, 10/15/31(A) | 3,761,069 | ||
94,257,000 | HONO Mortgage Trust, Ser 2021-LULU, Class XCP, 144a, 0.508%, 10/15/36(A)(B)(C) | 129,952 | ||
2,750,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2019-MFP, Class C, 144a, (1M LIBOR +1.360%), 2.684%, 7/15/36(A) | 2,668,254 | ||
412,833 | JPMBB Commercial Mortgage Securities Trust, Ser 2014-C24, Class A2, 2.940%, 11/15/47 | 405,717 | ||
5,000,000 | MF1 Ltd. (Cayman Islands), Ser 2020-FL3, Class AS, 144a, (SOFR30A +2.964%), 4.243%, 7/15/35(A) | 4,907,515 | ||
4,404,859 | Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C6, Class A4, 2.858%, 11/15/45 | 4,399,090 | ||
547,265 | Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C10, Class A3FL, 144a, (1M LIBOR +1.000%), 2.523%, 7/15/46(A) | 547,431 | ||
537,786 | Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C8, Class ASB, 2.699%, 12/15/48 | 537,263 | ||
1,411,000 | Morgan Stanley Capital I Trust, Ser 2017-CLS, Class A, 144a, (1M LIBOR +0.700%), 2.024%, 11/15/34(A) | 1,397,105 | ||
8,700,000 | Morgan Stanley Capital I Trust, Ser 2017-CLS, Class B, 144a, (1M LIBOR +0.850%), 2.174%, 11/15/34(A) | 8,592,904 | ||
7,191,263 | Morgan Stanley Capital I Trust, Ser 2018-BOP, Class A, 144a, (1M LIBOR +0.850%), 2.174%, 8/15/33(A) | 7,106,806 | ||
582,096 | ReadyCap Commercial Mortgage Trust, Ser 2018-4, Class A, 144a, 3.390%, 2/27/51 | 558,790 |
38
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 19.3% (Continued) | ||||
$ 3,442,841 | Tharaldson Hotel Portfolio Trust, Ser 2018-THL, Class A, 144a, (1M LIBOR +1.050%), 2.170%, 11/11/34(A) | $ 3,339,709 | ||
730,539 | UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, Class A4, 3.525%, 5/10/63 | 729,255 | ||
7,000,000 | Wells Fargo Commercial Mortgage Trust, Ser 2012-LC5, Class AS, 3.539%, 10/15/45 | 6,992,468 | ||
5,000,000 | WFRBS Commercial Mortgage Trust, Ser 2012-C9, Class AS, 3.388%, 11/15/45 | 4,994,483 | ||
10,450,000 | WFRBS Commercial Mortgage Trust, Ser 2013-C12, Class D, 144a, 4.530%, 3/15/48(A)(B) | 10,074,836 | ||
122,209 | WFRBS Commercial Mortgage Trust, Ser 2014-C19, Class A3, 3.660%, 3/15/47 | 121,844 | ||
Total Commercial Mortgage-Backed Securities | $149,601,552 | |||
Corporate Bonds — 15.7% | ||||
Utilities — 4.8% | ||||
4,000,000 | American Electric Power Co., Inc., 2.031%, 3/15/24 | 3,872,224 | ||
4,596,000 | CenterPoint Energy Resources Corp., (3M LIBOR +0.500%), 2.111%, 3/2/23(A) | 4,583,128 | ||
7,225,000 | Dominion Energy, Inc., (3M LIBOR +0.530%), 2.359%, 9/15/23(A) | 7,192,548 | ||
10,000,000 | NextEra Energy Capital Holdings, Inc., (3M LIBOR +0.270%), 1.775%, 2/22/23(A) | 9,937,530 | ||
7,500,000 | ONE Gas, Inc., (3M LIBOR +0.610%), 2.331%, 3/11/23(A) | 7,468,626 | ||
1,500,000 | Pacific Gas and Electric Co., (SOFRRATE + 1.150%), 2.371%, 11/14/22(A) | 1,493,901 | ||
3,000,000 | Southern California Gas Co., (3M LIBOR +0.350%), 2.095%, 9/14/23(A) | 2,981,366 | ||
37,529,323 | ||||
Financials — 3.3% | ||||
4,367,000 | Comerica, Inc., 3.700%, 7/31/23 | 4,366,136 | ||
4,000,000 | FNB Corp., 2.200%, 2/24/23 | 3,955,384 | ||
3,800,000 | Mitsubishi UFJ Financial Group, Inc. (Japan), 0.848%, 9/15/24 | 3,660,196 | ||
7,000,000 | National Bank of Canada (Canada), 0.900%, 8/15/23 | 6,974,358 | ||
2,800,000 | Sumitomo Mitsui Trust Bank Ltd. (Japan), 144a, 0.800%, 9/12/23 | 2,707,563 | ||
4,000,000 | UBS Group AG (Switzerland), 144a, 1.008%, 7/30/24 | 3,874,992 | ||
25,538,629 | ||||
Consumer Discretionary — 2.0% | ||||
3,500,000 | American Honda Finance Corp., MTN, 0.875%, 7/7/23 | 3,414,524 | ||
5,000,000 | Hyundai Capital America, 144a, 0.800%, 1/8/24 | 4,750,891 | ||
2,500,000 | Hyundai Capital America, 144a, 2.375%, 2/10/23 | 2,468,084 | ||
5,000,000 | Toyota Motor Corp. (Japan), 0.681%, 3/25/24 | 4,774,108 | ||
15,407,607 | ||||
Consumer Staples — 1.2% | ||||
5,500,000 | Nestle Holdings, Inc., 144a, 0.375%, 1/15/24 | 5,266,957 | ||
4,500,000 | Triton Container International Ltd. (Bermuda), 144a, 0.800%, 8/1/23 | 4,266,087 | ||
9,533,044 | ||||
Information Technology — 1.1% | ||||
4,000,000 | Microchip Technology, Inc., 4.250%, 9/1/25 | 3,897,831 | ||
5,000,000 | SK Hynix, Inc. (South Korea), 144a, 1.000%, 1/19/24 | 4,776,300 | ||
8,674,131 | ||||
Industrials — 1.1% | ||||
8,380,000 | Huntington Ingalls Industries, Inc., 0.670%, 8/16/23 | 8,083,782 | ||
Health Care — 0.9% | ||||
7,225,000 | Dignity Health, 3.125%, 11/1/22 | 7,230,283 |
Principal Amount | Market Value | |||
Energy — 0.7% | ||||
$ 5,000,000 | Energy Transfer Partners LP / Regency Energy Finance Corp., 4.500%, 11/1/23 | $ 5,027,578 | ||
Materials — 0.6% | ||||
5,000,000 | Nutrien Ltd. (Canada), 1.900%, 5/13/23 | 4,920,615 | ||
Total Corporate Bonds | $121,944,992 | |||
Non-Agency Collateralized Mortgage Obligations — 11.7% | ||||
637,194 | Bear Stearns ARM Trust, Ser 2003-1, Class 5A1, 2.066%, 4/25/33(A)(B)†† | 643,712 | ||
116,183 | Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34(A)(B)†† | 104,203 | ||
2,798,400 | BRAVO Residential Funding Trust, Ser 2019-NQM2, Class A1, 144a, 2.748%, 11/25/59(A)(B) | 2,726,482 | ||
12,254,532 | Cascade Funding Mortgage Trust, Ser 2021-HB6, Class A, 144a, 0.898%, 6/25/36(A)(B) | 12,014,918 | ||
4,403,390 | CFMT LLC, Ser 2020-HB4, Class A, 144a, 0.946%, 12/26/30(A)(B) | 4,345,706 | ||
5,943,087 | CFMT LLC, Ser 2021-EBO1, Class A, 144a, 0.985%, 11/25/50(A)(B) | 5,809,737 | ||
5,614,815 | CFMT LLC, Ser 2021-HB7, Class A, 144a, 1.151%, 10/27/31(A)(B) | 5,493,933 | ||
6,672 | Community Program Loan Trust, Ser 1987-A, Class A5, 4.500%, 4/1/29 | 6,470 | ||
11,518,346 | CSMC Trust, Ser 2018-RPL9, Class A1, 144a, 3.850%, 9/25/57(A)(B) | 11,337,847 | ||
1,379,510 | GSR Mortgage Loan Trust, Ser 2003-13, Class 1A1, 2.633%, 10/25/33(A)(B) | 1,398,081 | ||
56,764 | JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 2.743%, 6/25/36(A)(B) | 43,522 | ||
3,000,180 | JP Morgan Mortgage Trust, Ser 2019-HYB1, Class A5A, 144a, 3.000%, 10/25/49(A)(B) | 2,845,966 | ||
41,818 | Merrill Lynch Mortgage Investors Trust, Ser 2004-1, Class 1A, 2.610%, 12/25/34(A)(B) | 40,348 | ||
16,110 | Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (12M LIBOR +1.625%), 4.321%, 12/25/32(A) | 15,314 | ||
1,000,928 | Mill City Mortgage Loan Trust, Ser 2018-2, Class A1, 144a, 3.500%, 5/25/58(A)(B) | 992,507 | ||
244,558 | RFMSI Trust, Ser 2007-SA1, Class 1A1, 3.368%, 2/25/37(A)(B) | 203,486 | ||
9,152,511 | RMF Proprietary Issuance Trust, Ser 2019-1, Class A, 144a, 2.750%, 10/25/63(A)(B) | 8,958,468 | ||
1,966,403 | Sequoia Mortgage Trust, Ser 2013-7, Class B2, 3.505%, 6/25/43(A)(B) | 1,921,055 | ||
423,197 | Sequoia Mortgage Trust, Ser 2018-CH4, Class A13, 144a, 4.500%, 10/25/48(A)(B) | 420,216 | ||
1,580,294 | Sequoia Mortgage Trust, Ser 2019-CH3, Class A13, 144a, 4.000%, 9/25/49(A)(B) | 1,556,906 | ||
284,112 | Starwood Mortgage Residential Trust, Ser 2019-INV1, Class A1, 144a, 2.610%, 9/27/49(A)(B) | 283,668 | ||
8,519,472 | Starwood Mortgage Residential Trust, Ser 2020-3, Class A1, 144a, 1.486%, 4/25/65(A)(B) | 8,293,355 | ||
5,189,008 | Towd Point HE Trust, Ser 2021-HE1, Class A1, 144a, 0.918%, 2/25/63(A)(B) | 4,934,339 | ||
8,829,910 | Towd Point Mortgage Trust, Ser 2018-2, Class A1, 144a, 3.250%, 3/25/58(A)(B) | 8,647,834 | ||
7,446,998 | Towd Point Mortgage Trust, Ser 2021-SJ2, Class A1A, 144a, 2.250%, 12/25/61(A)(B) | 7,272,080 | ||
Total Non-Agency Collateralized Mortgage Obligations | $90,310,153 | |||
Commercial Paper — 8.2% | ||||
25,000,000 | Dairy Farmers of America, 1.900%, 7/1/22(D) | 24,998,733 | ||
8,400,000 | Hyundai Capital America, 1.830%, 7/5/22(D) | 8,397,810 |
39
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Commercial Paper — 8.2% (Continued) | ||||
24,400,000 | Kellogg Company, 1.700%, 7/1/22(D) | $ 24,398,778 | ||
6,150,000 | Orange & Rockland Utilities, Inc., 1.830%, 7/6/22(D) | 6,148,108 | ||
Total Commercial Paper | $63,943,429 | |||
U.S. Government Agency Obligations — 2.7% | ||||
$ 2,396 | Small Business Administration Participation Certificates, Ser 2003-20E, Class 1, 4.640%, 5/1/23 | 2,400 | ||
50,642 | Small Business Administration Pools, Pool #508374, (Prime Rate -2.500%), 1.000%, 4/25/28(A) | 50,150 | ||
9,545,455 | United States International Development Finance Corp., 1.700%, 9/30/27(A)(B) | 9,545,455 | ||
4,282,800 | United States International Development Finance Corp., 1.710%, 7/5/38(A)(B) | 4,282,800 | ||
1,760,000 | United States International Development Finance Corp., 1.720%, 5/15/26(A)(B) | 1,760,000 | ||
5,640,000 | United States International Development Finance Corp., 1.750%, 4/20/35(A)(B) | 5,640,000 | ||
Total U.S. Government Agency Obligations | $21,280,805 | |||
Municipal Bonds — 2.5% | ||||
Other Territory — 2.4% | ||||
1,495,000 | Taxable Municipal Funding Trust, Rev., 144a, 1.890%, 11/1/24(A)(B) | 1,495,000 | ||
840,000 | Taxable Municipal Funding Trust, Rev., 144a, 1.890%, 5/15/56(A)(B) | 840,000 | ||
9,050,000 | Taxable Municipal Funding Trust, Rev., 144a, 1.890%, 12/15/25(A)(B) | 9,050,000 | ||
6,800,000 | Taxable Municipal Funding Trust, Txbl Floaters Ser 2020 11, (LOC - Barclays Bank PLC), 144a, 1.890%, 9/1/30(A)(B) | 6,800,000 | ||
18,185,000 | ||||
California — 0.1% | ||||
815,000 | CA St Enterprise Dev Authority, Txbl Variable J Harris Indl Wt, (LOC - City National Bank), 144a, 1.960%, 9/1/41(A)(B) | 815,000 | ||
Total Municipal Bonds | $19,000,000 | |||
Agency Collateralized Mortgage Obligations — 0.7% | ||||
135,067,180 | FHLMC Multifamily Structured Pass Through Certificates, Ser K038, Class X1, 1.243%, 3/25/24(A)(B)(C) | 2,118,002 | ||
60,717,624 | FHLMC Multifamily Structured Pass Through Certificates, Ser K040, Class X1, 0.837%, 9/25/24(A)(B)(C) | 746,566 | ||
143,539 | FHLMC REMIC, Ser 2770, Class FH, (1M LIBOR +0.400%), 1.724%, 3/15/34(A) | 143,137 | ||
719,434 | FHLMC REMIC, Ser 4238, Class TL, 1.250%, 8/15/27 | 685,595 | ||
10,734 | FNMA REMIC, Ser 2003-119, Class PU, 4.000%, 11/25/33 | 10,764 | ||
29,050 | FNMA REMIC, Ser 2003-33, Class AM, 4.250%, 5/25/33 | 29,399 | ||
18,344 | FNMA REMIC, Ser 2003-42, Class CA, 4.000%, 5/25/33 | 18,594 | ||
100,248 | FNMA REMIC, Ser 2003-81, Class FE, (1M LIBOR +0.500%), 2.124%, 9/25/33(A) | 100,379 | ||
240,031 | FNMA REMIC, Ser 2009-32, Class BH, 5.250%, 5/25/39 | 243,878 | ||
96 | FNMA REMIC, Ser 2011-15, Class HC, 2.500%, 3/25/26 | 95 | ||
48,320 | FNMA REMIC, Ser 2012-102, Class NA, 1.500%, 9/25/27 | 46,922 |
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 0.7% (Continued) | ||||
$ 800,000 | FREMF Mortgage Trust, Ser 2012-K23, Class B, 144a, 3.752%, 10/25/45(A)(B) | $ 799,394 | ||
435,000 | FREMF Mortgage Trust, Ser 2013-K25, Class B, 144a, 3.719%, 11/25/45(A)(B) | 435,012 | ||
41,433 | GNMA, Ser 2002-72, Class AB, 4.500%, 10/20/32 | 41,413 | ||
15,390 | GNMA, Ser 2011-57, Class BA, 3.000%, 5/20/40 | 15,347 | ||
20,416 | GNMA, Ser 2012-27, Class A, 1.614%, 7/16/39 | 20,252 | ||
Total Agency Collateralized Mortgage Obligations | $5,454,749 | |||
U.S. Government Mortgage-Backed Obligations — 0.7% | ||||
105,870 | FHLMC, Pool #1B7189, (12M LIBOR +2.470%), 2.876%, 3/1/36(A) | 109,818 | ||
97,913 | FHLMC, Pool #1H1354, (1 Year CMT Rate +2.250%), 2.362%, 11/1/36(A) | 101,336 | ||
60,841 | FHLMC, Pool #1J1813, (12M LIBOR +1.925%), 2.175%, 8/1/37(A) | 63,172 | ||
86,156 | FHLMC, Pool #1L0147, (1 Year CMT Rate +2.290%), 2.290%, 7/1/35(A) | 85,550 | ||
43,762 | FHLMC, Pool #1Q0080, (12M LIBOR +1.648%), 2.180%, 1/1/36(A) | 44,743 | ||
103,652 | FHLMC, Pool #1Q0119, (12M LIBOR +1.853%), 2.149%, 9/1/36(A) | 107,048 | ||
82,537 | FHLMC, Pool #1Q0187, (12M LIBOR +1.756%), 2.005%, 12/1/36(A) | 83,764 | ||
44,895 | FHLMC, Pool #1Q0339, (12M LIBOR +1.889%), 2.768%, 4/1/37(A) | 45,878 | ||
84,528 | FHLMC, Pool #1Q1303, (1 Year CMT Rate +2.250%), 2.554%, 11/1/36(A) | 86,820 | ||
158,077 | FHLMC, Pool #781515, (1 Year CMT Rate +2.250%), 2.833%, 4/1/34(A) | 162,381 | ||
60,607 | FHLMC, Pool #782760, (1 Year CMT Rate +2.250%), 2.307%, 11/1/36(A) | 62,770 | ||
71,852 | FHLMC, Pool #847795, (1 Year CMT Rate +2.279%), 2.497%, 4/1/35(A) | 71,222 | ||
193,936 | FHLMC, Pool #848539, (1 Year CMT Rate +2.293%), 2.562%, 4/1/37(A) | 199,169 | ||
394,882 | FHLMC, Pool #848583, (1 Year CMT Rate +2.315%), 2.693%, 1/1/36(A) | 406,880 | ||
5,174 | FHLMC, Pool #A92646, 5.500%, 6/1/40 | 5,548 | ||
6,528 | FHLMC, Pool #C03505, 5.500%, 6/1/40 | 7,007 | ||
77 | FHLMC, Pool #G00100, 8.000%, 2/1/23 | 78 | ||
17,568 | FHLMC, Pool #G01840, 5.000%, 7/1/35 | 18,509 | ||
1,340 | FNMA, Pool #175123, 7.450%, 8/1/22 | 1,340 | ||
54,045 | FNMA, Pool #254868, 5.000%, 9/1/33 | 56,201 | ||
18,033 | FNMA, Pool #256272, 5.500%, 6/1/26 | 18,741 | ||
36,046 | FNMA, Pool #256852, 6.000%, 8/1/27 | 37,913 | ||
9,435 | FNMA, Pool #323832, 7.500%, 7/1/29 | 10,109 | ||
213 | FNMA, Pool #334593, 7.000%, 5/1/24 | 216 | ||
19,745 | FNMA, Pool #665773, 7.500%, 6/1/31 | 19,783 | ||
72,628 | FNMA, Pool #679742, (1 Year CMT Rate +2.584%), 2.722%, 1/1/40(A) | 72,138 | ||
64,179 | FNMA, Pool #725424, 5.500%, 4/1/34 | 66,829 | ||
213,043 | FNMA, Pool #725490, (12M LIBOR +1.597%), 2.736%, 4/1/34(A) | 215,824 | ||
10,131 | FNMA, Pool #735484, 5.000%, 5/1/35 | 10,660 | ||
70,478 | FNMA, Pool #813170, (12M LIBOR +1.575%), 2.004%, 1/1/35(A) | 71,272 | ||
221,188 | FNMA, Pool #815323, (6M LIBOR +1.532%), 1.952%, 1/1/35(A) | 226,402 | ||
68,305 | FNMA, Pool #820364, (12M LIBOR +0.827%), 2.202%, 4/1/35(A) | 68,062 |
40
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 0.7% (Continued) | ||||
$ 99,622 | FNMA, Pool #827787, (6M LIBOR +1.550%), 2.768%, 5/1/35(A) | $ 101,937 | ||
38,016 | FNMA, Pool #889060, 6.000%, 1/1/38 | 42,705 | ||
39,396 | FNMA, Pool #889061, 6.000%, 1/1/38 | 43,215 | ||
2,412 | FNMA, Pool #889382, 5.500%, 4/1/38 | 2,593 | ||
84,852 | FNMA, Pool #922674, (12M LIBOR +1.905%), 2.397%, 4/1/36(A) | 87,298 | ||
22,807 | FNMA, Pool #960376, 5.500%, 12/1/37 | 24,506 | ||
135,336 | FNMA, Pool #995405, 5.500%, 10/1/23 | 136,459 | ||
4,056 | FNMA, Pool #AD0941, 5.500%, 4/1/40 | 4,360 | ||
28,625 | FNMA, Pool #AE0363, 5.000%, 7/1/37 | 30,118 | ||
32,721 | FNMA, Pool #AE5441, 5.000%, 10/1/40 | 34,360 | ||
33,024 | FNMA, Pool #AI6588, 4.000%, 7/1/26 | 33,461 | ||
50,988 | FNMA, Pool #AI8506, 4.000%, 8/1/26 | 51,666 | ||
49,576 | FNMA, Pool #AL0211, 5.000%, 4/1/41 | 52,214 | ||
1,558 | FNMA, Pool #AL0302, 5.000%, 4/1/24 | 1,600 | ||
261,550 | FNMA, Pool #AL0478, (12M LIBOR +1.764%), 2.467%, 4/1/36(A) | 268,636 | ||
97,320 | FNMA, Pool #AL0543, 5.000%, 7/1/41 | 102,522 | ||
43,918 | FNMA, Pool #AL1105, 4.500%, 12/1/40 | 45,380 | ||
10,979 | FNMA, Pool #AL2591, 5.500%, 5/1/38 | 11,255 | ||
232,719 | FNMA, Pool #AL5275, (6M LIBOR +1.508%), 2.238%, 9/1/37(A) | 236,670 | ||
692,327 | FNMA, Pool #AL7396, (6M LIBOR +1.528%), 2.256%, 2/1/37(A) | 707,414 | ||
578 | GNMA, Pool #344233, 8.000%, 2/15/23 | 581 | ||
4,297 | GNMA, Pool #345123, 8.000%, 12/15/23 | 4,308 | ||
33 | GNMA, Pool #780322, 8.000%, 11/15/22 | 33 | ||
178,774 | GNMA, Pool #80826, (1 Year CMT Rate +1.500%), 2.625%, 2/20/34(A) | 180,352 | ||
76,983 | GNMA, Pool #80889, (1 Year CMT Rate +1.500%), 1.875%, 4/20/34(A) | 77,077 | ||
153,989 | GNMA, Pool #81016, (1 Year CMT Rate +1.500%), 1.625%, 8/20/34(A) | 152,942 | ||
170,470 | GNMA, Pool #82760, (1 Year CMT Rate +1.500%), 2.625%, 3/20/41(A) | 172,892 | ||
33,099 | GNMA, Pool #MA2392, (1 Year CMT Rate +1.500%), 1.750%, 11/20/44(A) | 32,775 | ||
261,871 | GNMA, Pool #MA2466, (1 Year CMT Rate +1.500%), 1.750%, 12/20/44(A) | 258,883 | ||
Total U.S. Government Mortgage-Backed Obligations | $5,435,395 |
Shares | ||||
Short-Term Investment Fund — 0.1% | ||||
521,231 | Dreyfus Government Cash Management, Institutional Shares, 1.35%∞Ω | 521,231 | ||
Total Investment Securities—100.1% (Cost $791,404,444) | $775,783,790 | |||
Liabilities in Excess of Other Assets — (0.1%) | (556,590) | |||
Net Assets — 100.0% | $775,227,200 |
(A) | Variable rate security - Rate reflected is the rate in effect as of June 30, 2022. |
(B) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(C) | Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding. |
(D) | Rate reflects yield at the time of purchase. |
†† | The issuers and/or sponsors of certain mortgage-backed securities may no longer exist; however, the securities held by the Fund are separate legal entities organized as trusts and publicly traded. The Fund receives principal and interest payments directly from these trusts. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2022. |
Portfolio Abbreviations: |
ARM – Adjustable Rate Mortgage |
CLO – Collateralized Loan Obligation |
CMT – Constant Maturity Treasury |
FHLMC – Federal Home Loan Mortgage Corporation |
FNMA – Federal National Mortgage Association |
FREMF – Freddie Mac Multifamily Securitization |
GNMA – Government National Mortgage Association |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LOC – Letter of Credit |
LP – Limited Partnership |
MTN – Medium Term Note |
PLC – Public Limited Company |
REMIC – Real Estate Mortgage Investment Conduit |
SOFR30A – Secured Overnight Financing Rate 30 Day Average |
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 June 30, 2022, these securities were valued at $550,754,991 or 71.0% 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 |
Asset-Backed Securities | $— | $298,291,484 | $— | $298,291,484 |
Commercial Mortgage-Backed Securities | — | 149,601,552 | — | 149,601,552 |
Corporate Bonds | — | 121,944,992 | — | 121,944,992 |
Non-Agency Collateralized Mortgage Obligations | — | 90,310,153 | — | 90,310,153 |
Commercial Paper | — | 63,943,429 | — | 63,943,429 |
U.S. Government Agency Obligations | — | 21,280,805 | — | 21,280,805 |
Municipal Bonds | — | 19,000,000 | — | 19,000,000 |
Agency Collateralized Mortgage Obligations | — | 5,454,749 | — | 5,454,749 |
U.S. Government Mortgage-Backed Obligations | — | 5,435,395 | — | 5,435,395 |
Short-Term Investment Fund | 521,231 | — | — | 521,231 |
Total | $521,231 | $775,262,559 | $— | $775,783,790 |
See accompanying Notes to Portfolios of Investments.
41
Notes to Portfolios of Investments
June 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 June 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 Anti-Benchmark®International Core Equity Fund, the Ares Credit Opportunities Fund, and the Impact Bond Fund held Level 3 categorized securities during the period ended June 30, 2022. Refer to the Porfolio 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 bank loans are normally valued at the bid quotation obtained from dealers in loans by an independent pricing service in accordance with the Funds' valuation policies and procedures approved by the Funds' Board of Trustees (the “Board”), 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.
Foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of regular trading on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available and are categorized in Level 2.
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
42
Notes to Portfolios of Investments (Unaudited) (Continued)
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 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.
43