Portfolio of Investments
Touchstone Active Bond Fund – December 31, 2022 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 45.7% | ||||
Financials — 13.7% | ||||
$ 1,304,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.450%, 10/29/26 | $ 1,141,615 | ||
1,070,000 | Allstate Corp. (The), Ser B, 5.750%, 8/15/53 | 1,005,800 | ||
1,057,000 | Ares Capital Corp., 3.250%, 7/15/25 | 973,399 | ||
200,000 | Banco Nacional de Panama (Panama), 144a, 2.500%, 8/11/30 | 160,300 | ||
1,007,000 | Bank of America Corp., 2.687%, 4/22/32 | 808,619 | ||
759,000 | Bank of America Corp., 3.705%, 4/24/28 | 703,393 | ||
903,000 | Bank of Montreal (Canada), 3.803%, 12/15/32 | 796,408 | ||
1,002,000 | Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | 1,042,193 | ||
1,735,000 | Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | 1,265,683 | ||
1,282,000 | Barclays PLC (United Kingdom), 2.894%, 11/24/32 | 980,166 | ||
617,000 | Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | 553,825 | ||
733,000 | Charles Schwab Corp. (The), 5.000%(A) | 669,228 | ||
1,122,000 | Citigroup, Inc., 0.981%, 5/1/25 | 1,050,195 | ||
670,000 | Citigroup, Inc., 3.200%, 10/21/26 | 620,524 | ||
1,026,000 | Citizens Bank NA, 4.575%, 8/9/28 | 992,058 | ||
1,032,000 | Cooperatieve Rabobank UA (Netherlands), 144a, 1.106%, 2/24/27 | 902,539 | ||
1,457,000 | Corestates Capital III, 144a, (3M LIBOR +0.570%), 5.176%, 2/15/27(B) | 1,357,061 | ||
899,000 | Credit Suisse AG (Switzerland), 3.700%, 2/21/25 | 829,527 | ||
1,197,000 | Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | 955,268 | ||
1,865,000 | Goldman Sachs Group, Inc. (The), 3.615%, 3/15/28 | 1,735,611 | ||
529,000 | Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | 491,449 | ||
724,000 | HSBC Holdings PLC (United Kingdom), 3.900%, 5/25/26 | 690,353 | ||
1,154,000 | Huntington Bancshares, Inc., 2.550%, 2/4/30 | 951,941 | ||
1,258,000 | JPMorgan Chase & Co., 2.956%, 5/13/31 | 1,039,551 | ||
968,000 | JPMorgan Chase & Co., 3.509%, 1/23/29 | 879,971 | ||
898,000 | JPMorgan Chase & Co., 5.717%, 9/14/33 | 883,040 | ||
930,000 | Lloyds Banking Group PLC (United Kingdom), 3.574%, 11/7/28 | 838,866 | ||
1,226,000 | Mastercard, Inc., 2.000%, 11/18/31 | 987,631 | ||
962,000 | Morgan Stanley, 3.950%, 4/23/27 | 910,037 | ||
820,000 | Morgan Stanley, 5.297%, 4/20/37 | 752,208 | ||
970,000 | Northern Trust Corp., 6.125%, 11/2/32 | 1,026,180 | ||
1,190,292 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | 914,595 | ||
1,193,000 | PNC Capital Trust, (3M LIBOR +0.570%), 5.331%, 6/1/28(B) | 1,099,806 | ||
1,098,000 | Prudential Financial, Inc., 5.125%, 3/1/52 | 999,180 | ||
1,877,000 | Truist Bank, Ser A, (3M LIBOR +0.670%), 5.320%, 5/15/27(B) | 1,739,475 | ||
1,076,000 | US Bancorp, 4.967%, 7/22/33 | 1,024,350 | ||
33,772,045 | ||||
Consumer Discretionary — 5.4% | ||||
1,221,000 | 7-Eleven, Inc., 144a, 1.800%, 2/10/31 | 933,347 | ||
1,298,000 | BAT Capital Corp. (United Kingdom), 3.557%, 8/15/27 | 1,185,773 | ||
1,039,000 | Brunswick Corp., 4.400%, 9/15/32 | 880,087 | ||
664,000 | Ford Motor Co., 3.250%, 2/12/32 | 498,033 | ||
535,000 | Ford Motor Credit Co. LLC, 3.664%, 9/8/24 | 509,941 | ||
300,000 | GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC (United Arab Emirates), 7.125%, 7/31/26 | 288,242 | ||
1,630,000 | General Motors Financial Co., Inc., 3.100%, 1/12/32 | 1,281,722 | ||
459,000 | General Motors Financial Co., Inc., 5.650%, 1/17/29 | 451,338 | ||
200,000 | GENM Capital Labuan Ltd. (Malaysia), 144a, 3.882%, 4/19/31 | 149,841 | ||
561,000 | Home Depot, Inc. (The), 5.950%, 4/1/41 | 612,360 | ||
929,000 | Hyundai Capital America, 144a, 2.650%, 2/10/25 | 874,167 |
Principal Amount | Market Value | |||
Consumer Discretionary — (Continued) | ||||
$ 740,000 | Imperial Brands Finance PLC (United Kingdom), 144a, 6.125%, 7/27/27 | $ 737,499 | ||
1,410,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 2.500%, 1/15/27 | 1,233,355 | ||
447,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 4.375%, 2/2/52 | 315,065 | ||
1,108,000 | Lowe's Cos., Inc., 4.500%, 4/15/30 | 1,064,697 | ||
200,000 | Prosus NV (China), 144a, 3.257%, 1/19/27 | 179,037 | ||
1,153,000 | Toll Brothers Finance Corp., 3.800%, 11/1/29 | 985,580 | ||
689,000 | Warnermedia Holdings, Inc., 144a, 4.279%, 3/15/32 | 568,336 | ||
689,000 | Warnermedia Holdings, Inc., 144a, 5.141%, 3/15/52 | 503,326 | ||
13,251,746 | ||||
Energy — 4.8% | ||||
878,000 | Boardwalk Pipelines LP, 4.800%, 5/3/29 | 828,303 | ||
619,000 | Canadian Natural Resources Ltd. (Canada), 6.250%, 3/15/38 | 615,479 | ||
723,000 | Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37 | 661,579 | ||
1,322,000 | Cheniere Energy, Inc., 4.625%, 10/15/28 | 1,194,990 | ||
655,000 | Continental Resources, Inc., 144a, 5.750%, 1/15/31 | 609,921 | ||
320,000 | Ecopetrol SA (Colombia), 6.875%, 4/29/30 | 290,107 | ||
300,000 | EIG Pearl Holdings Sarl (Saudi Arabia), 144a, 3.545%, 8/31/36 | 251,072 | ||
200,000 | EIG Pearl Holdings Sarl (Saudi Arabia), 144a, 4.387%, 11/30/46 | 153,511 | ||
1,103,000 | Energy Transfer LP, 4.150%, 9/15/29 | 998,935 | ||
200,000 | FS Luxembourg Sarl (Brazil), 144a, 10.000%, 12/15/25 | 200,886 | ||
150,000 | Heritage Petroleum Co. Ltd. (Trinidad and Tobago), 144a, 9.000%, 8/12/29 | 156,075 | ||
601,000 | MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | 495,726 | ||
793,000 | Midwest Connector Capital Co. LLC, 144a, 3.900%, 4/1/24 | 768,068 | ||
801,000 | MPLX LP, 4.950%, 3/14/52 | 658,843 | ||
969,000 | NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | 1,012,370 | ||
200,000 | Petroleos del Peru SA (Peru), 144a, 4.750%, 6/19/32 | 154,580 | ||
200,000 | Petroleos del Peru SA (Peru), 144a, 5.625%, 6/19/47 | 130,690 | ||
375,000 | Petroleos Mexicanos (Mexico), 6.625%, 6/15/35 | 272,213 | ||
403,000 | Petroleos Mexicanos (Mexico), 6.700%, 2/16/32 | 316,515 | ||
250,000 | Petroleos Mexicanos (Mexico), 6.750%, 9/21/47 | 159,432 | ||
501,000 | Petroleos Mexicanos (Mexico), 7.690%, 1/23/50 | 346,699 | ||
380,000 | Petronas Capital Ltd. (Malaysia), 144a, 2.480%, 1/28/32 | 313,819 | ||
200,000 | Petronas Capital Ltd. (Malaysia), 4.500%, 3/18/45 | 178,835 | ||
400,000 | QatarEnergy Trading LLC (Qatar), 144a, 3.300%, 7/12/51 | 295,000 | ||
400,000 | QatarEnergy Trading LLC (Qatar), 144a, 3.125%, 7/12/41 | 307,365 | ||
250,000 | SA Global Sukuk Ltd. (Saudi Arabia), 144a, 2.694%, 6/17/31 | 213,393 | ||
350,000 | YPF, SA (Argentina), 144a, 6.950%, 7/21/27 | 247,947 | ||
11,832,353 | ||||
Industrials — 4.6% | ||||
200,000 | Aeropuerto Internacional de Tocumen SA (Panama), 144a, 4.000%, 8/11/41 | 165,392 | ||
1,228,000 | Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | 1,001,085 | ||
650,000 | Boeing Co. (The), 5.805%, 5/1/50 | 605,171 | ||
782,000 | Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | 822,739 | ||
200,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25 | 175,236 | ||
635,000 | Carrier Global Corp., 3.577%, 4/5/50 | 455,955 | ||
1,237,000 | CNH Industrial Capital LLC, 1.450%, 7/15/26 | 1,092,891 | ||
320,000 | DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/28 | 283,200 | ||
899,000 | FedEx Corp., 5.100%, 1/15/44 | 801,657 |
1
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 45.7% (Continued) | ||||
Industrials — (Continued) | ||||
$ 977,000 | John Deere Capital Corp., MTN, 2.450%, 1/9/30 | $ 844,098 | ||
300,000 | Misc Capital Two Labuan Ltd. (Malaysia), 144a, 3.625%, 4/6/25 | 285,366 | ||
890,000 | Mohawk Industries, Inc., 3.625%, 5/15/30 | 768,954 | ||
803,000 | Norfolk Southern Corp., 4.837%, 10/1/41 | 741,720 | ||
808,000 | Parker-Hannifin Corp., 4.250%, 9/15/27 | 784,835 | ||
691,000 | Roper Technologies, Inc., 2.950%, 9/15/29 | 600,117 | ||
1,381,000 | Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | 1,226,174 | ||
662,000 | WestRock MWV LLC, 8.200%, 1/15/30 | 748,310 | ||
11,402,900 | ||||
Utilities — 3.6% | ||||
1,117,000 | CMS Energy Corp., 4.750%, 6/1/50 | 966,159 | ||
717,000 | Duke Energy Progress LLC, 4.150%, 12/1/44 | 600,847 | ||
712,000 | Edison International, 4.125%, 3/15/28 | 661,652 | ||
929,000 | Electricite de France SA (France), 144a, 4.875%, 9/21/38 | 758,827 | ||
200,000 | Eskom Holdings SOC Ltd. (South Africa), 144a, 6.350%, 8/10/28 | 184,500 | ||
200,000 | Eskom Holdings SOC Ltd. (South Africa), 144a, 7.125%, 2/11/25 | 181,584 | ||
903,000 | FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44 | 844,957 | ||
200,000 | Lamar Funding Ltd. (Oman), 3.958%, 5/7/25 | 189,222 | ||
250,000 | Minejesa Capital BV (Indonesia), 4.625%, 8/10/30 | 218,800 | ||
250,000 | Mong Duong Finance Holdings BV (Vietnam), 5.125%, 5/7/29 | 207,520 | ||
200,000 | NPC Ukrenergo (Ukraine), 144a, 6.875%, 11/9/28* | 34,536 | ||
1,114,000 | Ohio Power Co., Ser R, 2.900%, 10/1/51 | 731,448 | ||
1,225,000 | Pacific Gas and Electric Co., 3.500%, 8/1/50 | 774,103 | ||
859,000 | PacifiCorp., 5.750%, 4/1/37 | 877,039 | ||
200,000 | Perusahaan Listrik Negara PT (Indonesia), 144a, 4.875%, 7/17/49 | 157,862 | ||
1,860,000 | WEC Energy Group, Inc., (3M LIBOR +2.112%), 6.719%, 5/15/67(B) | 1,555,964 | ||
8,945,020 | ||||
Health Care — 2.8% | ||||
806,000 | AbbVie, Inc., 4.450%, 5/14/46 | 697,092 | ||
903,000 | Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | 690,582 | ||
744,000 | Becton Dickinson and Co., 4.685%, 12/15/44 | 667,613 | ||
840,000 | CommonSpirit Health, 4.187%, 10/1/49 | 658,834 | ||
768,000 | CVS Health Corp., 5.125%, 7/20/45 | 696,868 | ||
1,026,000 | DH Europe Finance II Sarl, 3.250%, 11/15/39 | 824,920 | ||
1,045,000 | HCA, Inc., 5.375%, 9/1/26 | 1,034,311 | ||
906,000 | Mylan, Inc., 4.550%, 4/15/28 | 840,708 | ||
1,056,000 | UnitedHealth Group, Inc., 3.500%, 8/15/39 | 867,588 | ||
6,978,516 | ||||
Real Estate — 2.7% | ||||
973,000 | Crown Castle International Corp. REIT, 3.650%, 9/1/27 | 905,200 | ||
830,000 | Equinix, Inc. REIT, 2.900%, 11/18/26 | 759,187 | ||
1,082,000 | Host Hotels & Resorts LP REIT, Ser F, 4.500%, 2/1/26 | 1,038,057 | ||
1,182,000 | Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | 1,037,624 | ||
140,000 | Kawasan Industri Jababeka Tbk PT (Indonesia), 144a, 7.000%, 12/15/27 | 84,000 | ||
200,000 | Logan Group Co. Ltd. (China), 5.250%, 2/23/23 | 44,198 | ||
696,000 | Sabra Health Care LP REIT, 5.125%, 8/15/26 | 663,349 | ||
1,116,000 | SBA Tower Trust REIT, 144a, 6.599%, 1/15/28 | 1,119,541 | ||
353,000 | STORE Capital Corp. REIT, 4.500%, 3/15/28 | 318,905 | ||
720,000 | STORE Capital Corp. REIT, 4.625%, 3/15/29 | 646,966 | ||
6,617,027 |
Principal Amount | Market Value | |||
Information Technology — 2.5% | ||||
$ 634,000 | Apple, Inc., 4.650%, 2/23/46 | $ 601,013 | ||
1,381,000 | Broadcom, Inc., 4.150%, 11/15/30 | 1,239,176 | ||
1,175,000 | Microchip Technology, Inc., 0.983%, 9/1/24 | 1,088,493 | ||
658,000 | Micron Technology, Inc., 2.703%, 4/15/32 | 496,016 | ||
274,000 | Micron Technology, Inc., 6.750%, 11/1/29 | 279,277 | ||
465,000 | Microsoft Corp., 3.500%, 2/12/35 | 422,387 | ||
858,000 | NXP BV / NXP Funding LLC (China), 5.350%, 3/1/26 | 853,975 | ||
386,000 | Oracle Corp., 3.600%, 4/1/40 | 286,913 | ||
309,000 | Oracle Corp., 4.300%, 7/8/34 | 271,901 | ||
629,000 | Visa, Inc., 4.150%, 12/14/35 | 596,110 | ||
6,135,261 | ||||
Communication Services — 2.4% | ||||
609,000 | AT&T, Inc., 4.500%, 5/15/35 | 554,561 | ||
1,165,000 | British Telecommunications PLC (United Kingdom), 144a, 3.250%, 11/8/29 | 995,207 | ||
940,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | 851,295 | ||
782,000 | Comcast Corp., 4.000%, 3/1/48 | 625,076 | ||
830,000 | Netflix, Inc., 6.375%, 5/15/29 | 854,309 | ||
445,000 | Paramount Global, 4.950%, 5/19/50 | 325,814 | ||
1,152,000 | T-Mobile USA, Inc., 3.875%, 4/15/30 | 1,046,258 | ||
1,083,000 | Verizon Communications, Inc., 2.987%, 10/30/56 | 665,146 | ||
5,917,666 | ||||
Consumer Staples — 1.6% | ||||
629,000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | 576,501 | ||
978,000 | Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | 894,298 | ||
200,000 | Coruripe Netherlands BV (Brazil), 144a, 10.000%, 2/10/27 | 160,000 | ||
623,000 | Kroger Co. (The), 5.000%, 4/15/42 | 568,389 | ||
926,000 | Mars, Inc., 144a, 3.875%, 4/1/39 | 790,014 | ||
657,000 | Starbucks Corp., 3.350%, 3/12/50 | 467,629 | ||
142,860 | TransJamaican Highway Ltd. (Jamaica), 5.750%, 10/10/36 | 114,003 | ||
400,000 | Ulker Biskuvi Sanayi AS (Turkey), 144a, 6.950%, 10/30/25 | 335,380 | ||
3,906,214 | ||||
Materials — 1.6% | ||||
200,000 | Braskem Idesa SAPI (Mexico), 144a, 6.990%, 2/20/32 | 141,686 | ||
884,000 | Braskem Netherlands Finance BV (Brazil), 144a, 4.500%, 1/31/30 | 752,580 | ||
421,000 | Braskem Netherlands Finance BV (Brazil), 144a, 5.875%, 1/31/50 | 326,113 | ||
1,054,000 | Celanese US Holdings LLC, 6.165%, 7/15/27 | 1,041,096 | ||
200,000 | Freeport Indonesia PT (Indonesia), 144a, 4.763%, 4/14/27 | 192,000 | ||
200,000 | Freeport Indonesia PT (Indonesia), 144a, 5.315%, 4/14/32 | 183,447 | ||
200,000 | Indonesia Asahan Aluminium Persero PT (Indonesia), 144a, 5.800%, 5/15/50 | 167,651 | ||
200,000 | Metinvest BV (Ukraine), 144a, 7.750%, 10/17/29 | 100,000 | ||
200,000 | OCP SA (Morocco), 3.750%, 6/23/31 | 167,200 | ||
795,000 | Sherwin-Williams Co. (The), 4.500%, 6/1/47 | 672,206 | ||
200,000 | Stillwater Mining Co. (South Africa), 144a, 4.500%, 11/16/29 | 160,000 | ||
3,903,979 | ||||
Total Corporate Bonds | $112,662,727 |
2
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
U.S. Treasury Obligations — 13.9% | ||||
$ 6,487,472 | U.S. Treasury Bond, 0.125%, 2/15/52 | $ 4,200,892 | ||
560,000 | U.S. Treasury Bond, 1.750%, 8/15/41 | 386,072 | ||
2,539,000 | U.S. Treasury Bond, 2.250%, 2/15/52 | 1,782,854 | ||
1,035,000 | U.S. Treasury Bond, 2.375%, 2/15/42 | 795,899 | ||
2,905,000 | U.S. Treasury Bond, 2.875%, 5/15/52 | 2,349,419 | ||
4,705,000 | U.S. Treasury Bond, 4.000%, 11/15/42 | 4,636,631 | ||
3,595,000 | U.S. Treasury Bond, 4.000%, 11/15/52 | 3,632,073 | ||
12,205,000 | U.S. Treasury Note, 0.750%, 5/31/26 | 10,898,207 | ||
2,460,000 | U.S. Treasury Note, 2.750%, 8/15/32 | 2,248,209 | ||
3,270,000 | U.S. Treasury Note, 4.375%, 10/31/24 | 3,262,208 | ||
Total U.S. Treasury Obligations | $34,192,464 | |||
Commercial Mortgage-Backed Securities — 9.1% | ||||
1,000,000 | Austin Fairmont Hotel Trust, Ser 2019-FAIR, Class C, 144a, (1M LIBOR +1.450%), 5.768%, 9/15/32(B) | 967,254 | ||
500,000 | BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | 469,424 | ||
970,000 | BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | 812,461 | ||
1,230,000 | BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55 | 1,041,306 | ||
930,000 | BBCMS Mortgage Trust, Ser 2021-C11, Class A5, 2.322%, 9/15/54 | 751,800 | ||
2,745,000 | BBCMS Mortgage Trust, Ser 2021-C12, Class A5, 2.689%, 11/15/54 | 2,279,591 | ||
720,000 | BBCMS Mortgage Trust, Ser 2022-C14, Class A5, 2.946%, 2/15/55(B)(C) | 609,463 | ||
1,000,000 | BPR Trust, Ser 2021-KEN, Class B, 144a, (1M LIBOR +1.950%), 6.268%, 2/15/29(B) | 970,817 | ||
830,000 | Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | 702,283 | ||
1,234,572 | COMM Mortgage Trust, Ser 2014-CR14, Class A2, 3.147%, 2/10/47 | 1,221,979 | ||
1,600,000 | CSMC, Ser 2021-B33, Class A1, 144a, 3.052%, 10/10/43 | 1,349,500 | ||
550,000 | Eleven Madison Trust Mortgage Trust, Ser 2015-11MD, Class C, 144a, 3.555%, 9/10/35(B)(C) | 489,739 | ||
595,000 | GS Mortgage Securities Corp. II, Ser 2017-SLP, Class B, 144a, 3.772%, 10/10/32 | 579,174 | ||
750,000 | GS Mortgage Securities Corp. Trust, Ser 2020-UPTN, Class E, 144a, 3.246%, 2/10/37(B)(C) | 640,711 | ||
1,750,000 | GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.541%, 1/10/43(B)(C) | 1,476,297 | ||
1,325,000 | GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | 1,096,598 | ||
765,000 | HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (1M LIBOR +1.450%), 5.768%, 10/15/36(B) | 717,126 | ||
528,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2016-NINE, Class B, 144a, 2.854%, 9/6/38(B)(C) | 444,533 | ||
755,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | 696,573 | ||
1,200,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (1M LIBOR +1.27%), 5.588%, 11/15/35(B) | 1,145,612 | ||
1,210,000 | Morgan Stanley Capital I Trust, Ser 2018-H3, Class AS, 4.177%, 7/15/51 | 1,142,015 | ||
2,380,000 | Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | 2,079,182 | ||
695,000 | WFRBS Commercial Mortgage Trust, Ser 2013-C12, Class B, 3.863%, 3/15/48(B)(C) | 689,315 | ||
Total Commercial Mortgage-Backed Securities | $22,372,753 | |||
U.S. Government Mortgage-Backed Obligations — 8.2% | ||||
48,491 | FHLMC, Pool #1Q0339, (12M LIBOR +1.889%), 3.236%, 4/1/37(B) | 48,256 | ||
7,033 | FHLMC, Pool #A12886, 5.000%, 8/1/33 | 7,162 |
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 8.2% (Continued) | ||||
$ 46,202 | FHLMC, Pool #A13842, 6.000%, 9/1/33 | $ 46,987 | ||
4,727 | FHLMC, Pool #A21415, 5.000%, 5/1/34 | 4,836 | ||
9,620 | FHLMC, Pool #A35682, 5.000%, 7/1/35 | 9,774 | ||
4,084 | FHLMC, Pool #A36523, 5.000%, 8/1/35 | 4,101 | ||
18,834 | FHLMC, Pool #A46590, 5.000%, 8/1/35 | 18,805 | ||
2,542 | FHLMC, Pool #A64971, 5.500%, 8/1/37 | 2,641 | ||
1,534,583 | FHLMC, Pool #A89148, 4.000%, 10/1/39 | 1,477,229 | ||
39,628 | FHLMC, Pool #A96485, 4.500%, 1/1/41 | 39,255 | ||
262,684 | FHLMC, Pool #A97897, 4.500%, 4/1/41 | 260,966 | ||
13,844 | FHLMC, Pool #C62740, 7.000%, 1/1/32 | 14,130 | ||
8,039 | FHLMC, Pool #C72254, 6.500%, 7/1/32 | 8,281 | ||
13,040 | FHLMC, Pool #C90986, 7.000%, 6/1/26 | 13,068 | ||
7,819 | FHLMC, Pool #G02184, 5.000%, 4/1/36 | 8,001 | ||
1,322,839 | FHLMC, Pool #G05624, 4.500%, 9/1/39 | 1,313,680 | ||
124,760 | FHLMC, Pool #G05733, 5.000%, 11/1/39 | 126,717 | ||
28,391 | FHLMC, Pool #J13584, 3.500%, 11/1/25 | 27,926 | ||
870,226 | FHLMC REMIC, Pool #SD1436, 4.500%, 8/1/52 | 839,129 | ||
811,754 | FHLMC REMIC, Pool #SD1620, 5.000%, 9/1/52 | 801,030 | ||
11,904 | FNMA, Pool #255628, 5.500%, 2/1/25 | 11,944 | ||
4,586 | FNMA, Pool #426830, 8.000%, 11/1/24 | 4,582 | ||
4,037 | FNMA, Pool #540040, 7.500%, 6/1/28 | 4,028 | ||
7,309 | FNMA, Pool #561741, 7.500%, 1/1/31 | 7,532 | ||
14,399 | FNMA, Pool #640291, 7.000%, 8/1/32 | 14,362 | ||
13,680 | FNMA, Pool #670402, 6.500%, 6/1/32 | 14,232 | ||
78,114 | FNMA, Pool #745257, 6.000%, 1/1/36 | 80,955 | ||
50,328 | FNMA, Pool #748895, 6.000%, 12/1/33 | 50,176 | ||
20,019 | FNMA, Pool #758564, 6.000%, 9/1/24 | 20,332 | ||
32,808 | FNMA, Pool #810049, 5.500%, 3/1/35 | 32,937 | ||
30,124 | FNMA, Pool #819297, 6.000%, 9/1/35 | 31,147 | ||
542,658 | FNMA, Pool #881279, 5.000%, 11/1/36 | 550,611 | ||
17,070 | FNMA, Pool #889060, 6.000%, 1/1/38 | 18,192 | ||
40,361 | FNMA, Pool #889061, 6.000%, 1/1/38 | 42,159 | ||
3,515 | FNMA, Pool #895657, 6.500%, 8/1/36 | 3,574 | ||
59,178 | FNMA, Pool #905049, 5.500%, 11/1/36 | 59,379 | ||
196,746 | FNMA, Pool #928553, 5.500%, 8/1/37 | 199,188 | ||
113,644 | FNMA, Pool #931535, 5.500%, 7/1/39 | 113,009 | ||
90,695 | FNMA, Pool #AA3467, 4.500%, 4/1/39 | 89,907 | ||
150,535 | FNMA, Pool #AA4584, 4.500%, 4/1/39 | 149,208 | ||
35,211 | FNMA, Pool #AB1800, 4.000%, 11/1/40 | 33,862 | ||
49,871 | FNMA, Pool #AB2452, 4.000%, 3/1/26 | 48,705 | ||
11,821 | FNMA, Pool #AD3775, 4.500%, 3/1/25 | 11,800 | ||
24,170 | FNMA, Pool #AD6193, 5.000%, 6/1/40 | 24,286 | ||
49,089 | FNMA, Pool #AE1568, 4.000%, 9/1/40 | 47,202 | ||
271,711 | FNMA, Pool #AE2497, 4.500%, 9/1/40 | 269,629 | ||
30,013 | FNMA, Pool #AE5441, 5.000%, 10/1/40 | 30,336 | ||
83,560 | FNMA, Pool #AH1135, 5.000%, 1/1/41 | 84,688 | ||
29,442 | FNMA, Pool #AH3671, 4.000%, 2/1/26 | 28,753 | ||
274,306 | FNMA, Pool #AH6622, 4.000%, 3/1/41 | 268,247 | ||
257,096 | FNMA, Pool #AL0150, 4.000%, 2/1/41 | 247,247 | ||
43,761 | FNMA, Pool #AL0211, 5.000%, 4/1/41 | 44,351 | ||
305,642 | FNMA, Pool #AS0779, 4.000%, 10/1/43 | 296,288 | ||
2,102,204 | FNMA, Pool #BT7156, 2.000%, 8/1/51 | 1,717,107 | ||
1,494,779 | FNMA, Pool #FM4660, 2.000%, 10/1/35 | 1,338,217 | ||
1,488,571 | FNMA, Pool #FM4702, 2.500%, 10/1/50 | 1,268,812 | ||
2,180,322 | FNMA, Pool #FM5085, 2.000%, 12/1/50 | 1,788,656 | ||
1,040,626 | FNMA, Pool #FM8360, 2.500%, 8/1/51 | 887,099 | ||
1,043,587 | FNMA, Pool #FM8361, 2.500%, 8/1/51 | 887,460 | ||
1,144,736 | FNMA, Pool #FM9905, 2.500%, 12/1/51 | 972,956 | ||
1,130,252 | FNMA, Pool #FM9907, 2.500%, 12/1/51 | 960,876 | ||
830,143 | FNMA, Pool #FS2906, 5.000%, 9/1/52 | 819,315 |
3
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 8.2% (Continued) | ||||
$ 908,619 | FNMA, Pool #MA4128, 2.000%, 9/1/40 | $ 775,170 | ||
646,800 | GNMA, Pool #4424, 5.000%, 4/20/39 | 658,206 | ||
Total U.S. Government Mortgage-Backed Obligations | $20,078,696 | |||
Asset-Backed Securities — 6.3% | ||||
1,100,000 | AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (3M LIBOR +1.650%), 5.729%, 4/15/34(B) | 1,047,736 | ||
1,953,524 | Adams Outdoor Advertising LP, Ser 2018-1, Class A, 144a, 4.810%, 11/15/48 | 1,853,331 | ||
1,000,000 | Aimco CLO 11 Ltd. (Cayman Islands), Ser 2020-11A, Class AR, 144a, (3M LIBOR +1.130%), 5.209%, 10/17/34(B) | 973,409 | ||
953,717 | CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | 851,928 | ||
1,401 | CIT Home Equity Loan Trust, Ser 2002-1, Class AF5, 7.210%, 2/25/33(B)(C) | 1,326 | ||
1,323,000 | Coinstar Funding LLC, Ser 2017-1A, Class A2, 144a, 5.216%, 4/25/47 | 1,013,084 | ||
1,262,250 | Driven Brands Funding LLC, Ser 2021-1A, Class A2, 144a, 2.791%, 10/20/51 | 1,000,398 | ||
104,253 | FHLMC Structured Pass Through Securities, Ser T-20, Class A5, 8.370%, 12/25/29(B)(C) | 109,368 | ||
5,469 | FNMA REMIC Trust, Ser 2001-W2, Class AF6, 6.089%, 10/25/31(B)(C) | 5,499 | ||
1,132,750 | Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | 981,648 | ||
962,725 | Jersey Mike's Funding, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50 | 864,199 | ||
1,425,000 | Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1, 144a, (3M LIBOR +1.700%), 5.927%, 10/19/34(B) | 1,364,567 | ||
511,570 | Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40 | 508,541 | ||
947,979 | Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58(B)(C) | 786,900 | ||
1,182,000 | Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | 945,211 | ||
46,822 | Orange Lake Timeshare Trust, Ser 2016-A, Class A, 144a, 2.610%, 3/8/29 | 44,891 | ||
1,116,563 | Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51 | 970,431 | ||
992,875 | TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | 871,755 | ||
1,576,000 | Wendy's Funding LLC, Ser 2021-1A, Class A2II, 144a, 2.775%, 6/15/51 | 1,227,192 | ||
Total Asset-Backed Securities | $15,421,414 | |||
Non-Agency Collateralized Mortgage Obligations — 5.7% | ||||
1,218 | Adjustable Rate Mortgage Trust, Ser 2004-4, Class 3A1, 3.711%, 3/25/35(B)(C) | 1,195 | ||
1,220,609 | Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.650%, 10/25/45(B)(C) | 1,105,033 | ||
1,902,248 | Agate Bay Mortgage Trust, Ser 2015-7, Class B2, 144a, 3.650%, 10/25/45(B)(C) | 1,719,298 | ||
415,427 | CSMC Trust, Ser 2013-7, Class B3, 144a, 3.530%, 8/25/43(B)(C) | 375,122 | ||
498,937 | CSMC Trust, Ser 2014-OAK1, Class B4, 144a, 3.643%, 11/25/44(B)(C) | 463,893 | ||
891,124 | CSMC Trust, Ser 2015-1, Class B3, 144a, 3.907%, 1/25/45(B)(C) | 817,833 | ||
939,209 | CSMC Trust, Ser 2015-2, Class B4, 144a, 3.888%, 2/25/45(B)(C) | 796,192 |
Principal Amount | Market Value | |||
Non-Agency Collateralized Mortgage Obligations — 5.7% (Continued) | ||||
$ 850,830 | CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.783%, 12/25/44(B)(C) | $ 782,358 | ||
1,225,003 | Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67(B)(C) | 1,152,536 | ||
1,211,649 | EverBank Mortgage Loan Trust, Ser 2018-1, Class B2, 144a, 3.577%, 2/25/48(B)(C) | 1,018,427 | ||
30,804 | Galton Funding Mortgage Trust, Ser 2019-1, Class A22, 144a, 4.000%, 2/25/59(B)(C) | 29,823 | ||
325,347 | GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ3, Class A14, 144a, 3.000%, 10/25/50(B)(C) | 270,663 | ||
18,356 | JP Morgan Mortgage Trust, Ser 2005-A1, Class 2A1, 2.872%, 2/25/35(B)(C) | 17,499 | ||
6,890 | JP Morgan Mortgage Trust, Ser 2005-A2, Class 7CB1, 3.416%, 4/25/35(B)(C) | 6,867 | ||
17,423 | JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 3.357%, 6/25/36(B)(C) | 12,715 | ||
417,896 | JP Morgan Mortgage Trust, Ser 2015-IVR2, Class B3, 144a, 5.078%, 1/25/45(B)(C) | 380,125 | ||
1,583,471 | JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.449%, 1/25/47(B)(C) | 1,314,705 | ||
284,970 | JP Morgan Mortgage Trust, Ser 2019-INV1, Class A15, 144a, 4.000%, 10/25/49(B)(C) | 255,523 | ||
17,889 | MASTR Alternative Loan Trust, Ser 2004-7, Class 10A1, 6.000%, 6/25/34 | 16,040 | ||
1,100,000 | Mill City Mortgage Loan Trust, Ser 2016-1, Class B2, 144a, 3.737%, 4/25/57(B)(C) | 989,422 | ||
136,230 | Residential Asset Securitization Trust, Ser 2006-A1, Class 1A3, 6.000%, 4/25/36 | 65,473 | ||
125,418 | Sequoia Mortgage Trust, Ser 2013-10, Class B2, 144a, 3.534%, 8/25/43(B)(C) | 117,850 | ||
124,695 | Sequoia Mortgage Trust, Ser 2013-5, Class B1, 144a, 3.495%, 5/25/43(B)(C) | 115,523 | ||
601,420 | Sequoia Mortgage Trust, Ser 2017-2, Class A1, 144a, 3.500%, 2/25/47(B)(C) | 522,302 | ||
37,111 | Sequoia Mortgage Trust, Ser 2018-CH4, Class A13, 144a, 4.500%, 10/25/48(B)(C) | 36,730 | ||
1,000,000 | Towd Point Mortgage Trust, Ser 2017-1, Class B1, 144a, 3.786%, 10/25/56(B)(C) | 875,554 | ||
800,000 | Towd Point Mortgage Trust, Ser 2019-4, Class A2, 144a, 3.250%, 10/25/59(B)(C) | 674,250 | ||
44,898 | Washington Mutual Mortgage Pass-Through Certificates, Ser 2005-9, Class 2A4, 5.500%, 11/25/35 | 40,075 | ||
Total Non-Agency Collateralized Mortgage Obligations | $13,973,026 | |||
Sovereign Government Obligations — 5.3% | ||||
200,000 | Angolan Government International Bond, 144a, 8.750%, 4/14/32 | 172,860 | ||
275,000 | Angolan Government International Bond, 144a, 8.250%, 5/9/28 | 249,920 | ||
12,043 | Argentine Republic Government International Bond, 1.000%, 7/9/29 | 3,199 | ||
242,500 | Argentine Republic Government International Bond, 1.500%, 7/9/35(B)(C) | 61,472 | ||
382,000 | Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | 291,316 | ||
100,000 | Bahamas Government International Bond, 144a, 8.950%, 10/15/32 | 80,177 | ||
200,000 | Bahamas Government International Bond, 144a, 9.000%, 6/16/29 | 170,964 | ||
50,000 | Banque Centrale de Tunisie International Bond, 8.250%, 9/19/27 | 35,201 |
4
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Sovereign Government Obligations — 5.3% (Continued) | ||||
$ 368,000 | Chile Government International Bond, 3.100%, 5/7/41 | $ 263,847 | ||
811,000 | Chile Government International Bond, 3.100%, 1/22/61 | 503,620 | ||
200,000 | Chile Government International Bond, 3.500%, 1/31/34 | 170,203 | ||
300,000 | Chile Government International Bond, 4.000%, 1/31/52 | 231,268 | ||
375,000 | Colombia Government International Bond, 3.250%, 4/22/32 | 272,631 | ||
200,000 | Colombia Government International Bond, 4.125%, 5/15/51 | 119,598 | ||
200,000 | Colombia Government International Bond, 5.200%, 5/15/49 | 136,137 | ||
250,000 | Colombia Government International Bond, 6.125%, 1/18/41 | 198,860 | ||
200,000 | Dominican Republic International Bond, 144a, 5.500%, 2/22/29 | 183,399 | ||
200,000 | Dominican Republic International Bond, 144a, 4.875%, 9/23/32 | 166,015 | ||
150,000 | Dominican Republic International Bond, 144a, 5.950%, 1/25/27 | 146,739 | ||
100,000 | Dominican Republic International Bond, 144a, 6.850%, 1/27/45 | 86,679 | ||
247,150 | Ecuador Government International Bond, 144a, 1.500%, 7/31/40(B)(C) | 100,857 | ||
372,885 | Ecuador Government International Bond, 144a, 2.500%, 7/31/35(B)(C) | 171,429 | ||
631,050 | Ecuador Government International Bond, 144a, 5.500%, 7/31/30(B)(C) | 405,493 | ||
585,000 | Egypt Government International Bond, 144a, 7.625%, 5/29/32 | 432,023 | ||
200,000 | Egypt Government International Bond, 144a, 8.875%, 5/29/50 | 134,848 | ||
350,000 | Egypt Government International Bond, 144a, 5.750%, 5/29/24 | 332,955 | ||
400,000 | Egypt Government International Bond, 144a, 5.800%, 9/30/27 | 329,788 | ||
200,000 | Egypt Government International Bond, 144a, 8.150%, 11/20/59 | 130,483 | ||
100,000 | El Salvador Government International Bond, 144a, 6.375%, 1/18/27 | 43,750 | ||
100,000 | El Salvador Government International Bond, 144a, 7.650%, 6/15/35 | 39,821 | ||
75,000 | El Salvador Government International Bond, 144a, 8.625%, 2/28/29 | 32,506 | ||
585,000 | Ghana Government International Bond, 144a, 7.625%, 5/16/29 | 215,280 | ||
200,000 | Ghana Government International Bond, 144a, 8.950%, 3/26/51 | 69,460 | ||
200,000 | Guatemala Government Bond, 144a, 5.250%, 8/10/29 | 191,980 | ||
200,000 | Guatemala Government Bond, 144a, 6.125%, 6/1/50 | 187,953 | ||
200,000 | Hungary Government International Bond, 144a, 5.500%, 6/16/34 | 187,360 | ||
300,000 | Hungary Government International Bond, 144a, 3.125%, 9/21/51 | 180,127 | ||
500,000 | Indonesia Government International Bond, 5.450%, 9/20/52 | 486,900 | ||
200,000 | Lebanese Republic Government International Bond, MTN, 6.650%, 2/26/30 | 11,420 | ||
1,020,000 | Mexico Government International Bond, 3.771%, 5/24/61 | 643,145 |
Principal Amount | Market Value | |||
Sovereign Government Obligations — 5.3% (Continued) | ||||
$ 225,000 | Mexico Government International Bond, 4.280%, 8/14/41 | $ 173,079 | ||
200,000 | Mexico Government International Bond, 4.875%, 5/19/33 | 183,635 | ||
200,000 | Mongolia Government International Bond, 144a, 5.625%, 5/1/23 | 192,080 | ||
200,000 | Morocco Government International Bond, 144a, 5.500%, 12/11/42 | 171,425 | ||
370,000 | Nigeria Government International Bond, 144a, 7.625%, 11/28/47 | 237,399 | ||
200,000 | Nigeria Government International Bond, 144a, 6.125%, 9/28/28 | 154,272 | ||
200,000 | Nigeria Government International Bond, 144a, 7.875%, 2/16/32 | 150,346 | ||
200,000 | Oman Government International Bond, 144a, 6.500%, 3/8/47 | 181,870 | ||
200,000 | Oman Government International Bond, 144a, 5.375%, 3/8/27 | 195,564 | ||
200,000 | Oman Sovereign Sukuk Co., 4.397%, 6/1/24 | 196,288 | ||
300,000 | Pakistan Government International Bond, 144a, 7.875%, 3/31/36 | 105,000 | ||
200,000 | Panama Government International Bond, 6.400%, 2/14/35 | 202,852 | ||
200,000 | Papua New Guinea Government International Bond, 8.375%, 10/4/28 | 173,600 | ||
216,000 | Paraguay Government International Bond, 144a, 2.739%, 1/29/33 | 172,868 | ||
100,000 | Paraguay Government International Bond, 144a, 5.600%, 3/13/48 | 87,182 | ||
200,000 | Peruvian Government International Bond, 3.300%, 3/11/41 | 145,335 | ||
200,000 | Republic of Belarus International Bond, 144a, 6.875%, 2/28/23 | 138,000 | ||
930,000 | Republic of Poland Government International Bond, 5.750%, 11/16/32 | 989,619 | ||
200,000 | Republic of South Africa Government International Bond, 5.750%, 9/30/49 | 146,340 | ||
360,000 | Republic of Uzbekistan International Bond, 144a, 3.700%, 11/25/30 | 300,790 | ||
200,000 | Romanian Government International Bond, 3.000%, 2/27/27 | 176,946 | ||
200,000 | Romanian Government International Bond, 6.000%, 5/25/34 | 186,786 | ||
200,000 | Sri Lanka Government International Bond, 144a, 6.125%, 6/3/25 | 63,973 | ||
350,000 | Turkey Government International Bond, 4.875%, 4/16/43 | 226,995 | ||
200,000 | Turkey Government International Bond, 5.750%, 5/11/47 | 136,000 | ||
200,000 | Ukraine Government International Bond, 7.750%, 9/1/28* | 41,208 | ||
400,000 | Ukraine Government International Bond, 144a, 7.375%, 9/25/34* | 72,520 | ||
Total Sovereign Government Obligations | $13,073,655 | |||
Agency Collateralized Mortgage Obligations — 4.9% | ||||
2,085,000 | FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | 1,504,151 | ||
2,850,000 | FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | 2,117,410 | ||
118,270 | FNMA REMIC, Ser 2003-32, Class BZ, 6.000%, 11/25/32 | 121,286 | ||
11,743 | FNMA REMIC, Ser 2015-51, Class KC, 3.000%, 6/25/45 | 10,950 | ||
361,827 | FNMA REMIC, Ser 2017-90, Class KA, 3.000%, 11/25/47 | 336,078 |
5
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 4.9% (Continued) | ||||
$ 1,800,000 | FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | $ 1,458,258 | ||
2,500,000 | FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | 1,872,886 | ||
2,550,000 | FNMA REMIC, Ser 2022-17, Class UV, 3.000%, 7/25/42 | 2,081,045 | ||
43,144 | FNMA Trust, Ser 2004-W15, Class 2AF, (1M LIBOR +0.250%), 4.639%, 8/25/44(B) | 42,662 | ||
807,830 | GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40 | 797,448 | ||
4,114,730 | GNMA, Ser 2012-147, Class IO, 0.552%, 4/16/54(B)(C)(D) | 52,910 | ||
1,477,399 | GNMA, Ser 2016-113, Class IO, 1.182%, 2/16/58(B)(C)(D) | 77,943 | ||
8,541,845 | GNMA, Ser 2016-140, Class IO, 0.748%, 5/16/58(B)(C)(D) | 304,233 | ||
1,700,000 | GNMA, Ser 2022-50, Class KV, 3.000%, 6/20/42 | 1,361,353 | ||
Total Agency Collateralized Mortgage Obligations | $12,138,613 |
Shares | ||||
Short-Term Investment Fund — 0.4% | ||||
1,119,053 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 1,119,053 | ||
Total Investment Securities—99.5% (Cost $277,263,080) | $245,032,401 | |||
Other Assets in Excess of Liabilities — 0.5% | 1,207,629 | |||
Net Assets — 100.0% | $246,240,030 |
(A) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
(B) | Variable rate security - Rate reflected is the rate in effect as of December 31, 2022. |
(C) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(D) | Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding. |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 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 |
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 December 31, 2022, these securities were valued at $69,593,900 or 28.3% 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 | $— | $112,662,727 | $— | $112,662,727 |
U.S. Treasury Obligations | — | 34,192,464 | — | 34,192,464 |
Commercial Mortgage-Backed Securities | — | 22,372,753 | — | 22,372,753 |
U.S. Government Mortgage-Backed Obligations | — | 20,078,696 | — | 20,078,696 |
Asset-Backed Securities | — | 15,421,414 | — | 15,421,414 |
Non-Agency Collateralized Mortgage Obligations | — | 13,973,026 | — | 13,973,026 |
Sovereign Government Obligations | — | 13,073,655 | — | 13,073,655 |
Agency Collateralized Mortgage Obligations | — | 12,138,613 | — | 12,138,613 |
Short-Term Investment Fund | 1,119,053 | — | — | 1,119,053 |
Total | $1,119,053 | $243,913,348 | $— | $245,032,401 |
See accompanying Notes to Portfolios of Investments.
6
Portfolio of Investments
Touchstone Anti-Benchmark® International Core Equity Fund – December 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 99.7% | ||||
Japan — 29.3% | ||||
Communication Services — 1.2% | ||||
1,900 | Nexon Co. Ltd. | $ 42,656 | ||
1,500 | Square Enix Holdings Co. Ltd. | 69,638 | ||
Consumer Discretionary — 5.7% | ||||
1,900 | Isetan Mitsukoshi Holdings Ltd. | 20,658 | ||
12,800 | Mitsubishi Motors Corp.* | 48,609 | ||
6,400 | Pan Pacific International Holdings Corp. | 118,874 | ||
1,600 | Shimamura Co. Ltd. | 159,708 | ||
2,000 | Skylark Holdings Co. Ltd.* | 23,205 | ||
1,700 | Takashimaya Co. Ltd. | 23,672 | ||
40,000 | Yamada Holdings Co. Ltd. | 141,991 | ||
Consumer Staples — 12.7% | ||||
3,300 | Calbee, Inc. | 75,233 | ||
1,400 | Kobayashi Pharmaceutical Co. Ltd. | 95,960 | ||
11,800 | Lion Corp. | 135,729 | ||
1,900 | MatsukiyoCocokara & Co. | 95,501 | ||
1,200 | MEIJI Holdings Co. Ltd. | 61,510 | ||
1,800 | Nissin Foods Holdings Co. Ltd. | 142,550 | ||
7,200 | Pigeon Corp. | 118,000 | ||
800 | Rohto Pharmaceutical Co. Ltd. | 14,052 | ||
3,900 | Sundrug Co. Ltd. | 115,895 | ||
2,000 | Toyo Suisan Kaisha Ltd. | 77,052 | ||
5,200 | Welcia Holdings Co. Ltd. | 121,214 | ||
12,000 | Yamazaki Baking Co. Ltd. | 143,919 | ||
Energy — 1.3% | ||||
800 | Cosmo Energy Holdings Co. Ltd. | 21,176 | ||
9,600 | Inpex Corp. | 103,156 | ||
Financials — 1.4% | ||||
8,300 | Shinsei Bank Ltd. | 134,862 | ||
Health Care — 1.8% | ||||
1,400 | Daiichi Sankyo Co. Ltd. | 45,061 | ||
1,600 | Eisai Co. Ltd. | 105,523 | ||
1,200 | Medipal Holdings Corp. | 15,861 | ||
Industrials — 0.3% | ||||
1,200 | Kyushu Railway Co. | 26,572 | ||
Information Technology — 1.0% | ||||
3,400 | Alps Alpine Co. Ltd. | 30,732 | ||
8,400 | Ricoh Co. Ltd. | 63,934 | ||
Real Estate — 0.9% | ||||
21 | GLP J-Reit | 24,185 | ||
26 | Nippon Prologis REIT, Inc. | 60,959 | ||
Utilities — 3.0% | ||||
5,100 | Toho Gas Co. Ltd. | 97,069 | ||
22,400 | Tokyo Electric Power Co. Holdings, Inc.* | 80,672 | ||
5,300 | Tokyo Gas Co. Ltd. | 103,773 | ||
Total Japan | 2,759,161 | |||
Hong Kong — 8.9% | ||||
Consumer Discretionary — 0.3% | ||||
4,000 | Galaxy Entertainment Group Ltd. | 26,299 | ||
Consumer Staples — 0.5% | ||||
85,000 | WH Group Ltd., 144a | 49,575 | ||
Financials — 1.4% | ||||
8,000 | Hang Seng Bank Ltd. | 132,692 | ||
Industrials — 2.6% | ||||
2,700 | Jardine Matheson Holdings Ltd. | 137,430 | ||
2,500 | MTR Corp. Ltd. | 13,222 |
Shares | Market Value | |||
Hong Kong — (Continued) | ||||
Industrials — (Continued) | ||||
166,000 | Pacific Basin Shipping Ltd. | $ 55,923 | ||
20,000 | Xinyi Glass Holdings, Ltd. | 36,951 | ||
Information Technology — 0.9% | ||||
12,200 | ASMPT Ltd. | 86,647 | ||
Real Estate — 1.3% | ||||
7,000 | Henderson Land Development Co. Ltd. | 24,368 | ||
2,700 | Hongkong Land Holdings Ltd. | 12,422 | ||
12,200 | Link REIT | 89,272 | ||
Utilities — 1.9% | ||||
12,500 | CK Infrastructure Holdings Ltd. | 65,225 | ||
114,000 | Hong Kong & China Gas Co. Ltd. | 108,119 | ||
Total Hong Kong | 838,145 | |||
United Kingdom — 7.7% | ||||
Communication Services — 0.8% | ||||
53,549 | BT Group PLC | 72,306 | ||
Consumer Discretionary — 1.2% | ||||
10,573 | Pearson PLC | 119,388 | ||
Consumer Staples — 4.3% | ||||
49,466 | J Sainsbury PLC | 129,740 | ||
4,797 | Ocado Group PLC* | 35,608 | ||
1,483 | Reckitt Benckiser Group PLC | 102,796 | ||
2,721 | Unilever PLC | 137,378 | ||
Energy — 0.4% | ||||
9,990 | Harbour Energy PLC | 36,866 | ||
Financials — 0.3% | ||||
1,983 | Hiscox Ltd. | 26,145 | ||
Health Care — 0.7% | ||||
24,176 | ConvaTec Group PLC, 144a | 67,709 | ||
Total United Kingdom | 727,936 | |||
Switzerland — 6.0% | ||||
Communication Services — 1.5% | ||||
258 | Swisscom AG | 141,335 | ||
Consumer Staples — 0.9% | ||||
8 | Chocoladefabriken Lindt & Spruengli AG | 81,520 | ||
Health Care — 3.1% | ||||
815 | Galenica AG, 144a | 66,496 | ||
1,073 | Novartis AG | 97,104 | ||
423 | Roche Holding AG | 132,923 | ||
Real Estate — 0.5% | ||||
389 | PSP Swiss Property AG | 45,697 | ||
Total Switzerland | 565,075 | |||
France — 5.6% | ||||
Communication Services — 0.5% | ||||
4,541 | Orange SA | 45,056 | ||
Consumer Staples — 1.4% | ||||
7,942 | Carrefour SA | 132,838 | ||
Energy — 0.3% | ||||
298 | Gaztransport Et Technigaz SA | 31,848 | ||
Financials — 0.2% | ||||
755 | SCOR SE | 17,396 | ||
Health Care — 2.1% | ||||
635 | BioMerieux | 66,715 |
7
Touchstone Anti-Benchmark® International Core Equity Fund (Unaudited) (Continued)
Shares | Market Value | |||
Common Stocks — 99.7% (Continued) | ||||
France — (Continued) | ||||
Health Care — (Continued) | ||||
393 | Ipsen SA | $ 42,271 | ||
885 | Sanofi | 85,338 | ||
Industrials — 1.1% | ||||
62 | Dassault Aviation SA | 10,515 | ||
401 | Teleperformance | 95,865 | ||
Total France | 527,842 | |||
Netherlands — 5.1% | ||||
Communication Services — 1.4% | ||||
42,973 | Koninklijke KPN NV | 133,012 | ||
Consumer Staples — 1.4% | ||||
4,580 | Koninklijke Ahold Delhaize NV | 131,681 | ||
Health Care — 1.2% | ||||
289 | Argenx SE* | 108,492 | ||
Materials — 1.1% | ||||
2,890 | OCI NV | 103,325 | ||
Total Netherlands | 476,510 | |||
Israel — 4.6% | ||||
Communication Services — 0.7% | ||||
37,657 | Bezeq The Israeli Telecommunication Corp. Ltd. | 64,601 | ||
Financials — 0.8% | ||||
9,097 | Bank Hapoalim BM | 81,909 | ||
Health Care — 0.9% | ||||
9,037 | Teva Pharmaceutical Industries Ltd.* | 83,336 | ||
Information Technology — 1.1% | ||||
198 | Check Point Software Technologies Ltd.* | 24,979 | ||
349 | Nice Ltd.* | 67,140 | ||
113 | Wix.com Ltd.* | 8,682 | ||
Materials — 1.1% | ||||
14,392 | ICL Group Ltd. | 103,989 | ||
Total Israel | 434,636 | |||
Spain — 4.5% | ||||
Communication Services — 1.1% | ||||
1,336 | Cellnex Telecom SA, 144a | 44,317 | ||
16,719 | Telefonica SA | 60,524 | ||
Financials — 2.5% | ||||
110,883 | Banco de Sabadell SA | 104,226 | ||
19,206 | Bankinter SA | 128,671 | ||
Health Care — 0.8% | ||||
6,223 | Grifols SA* | 71,866 | ||
Utilities — 0.1% | ||||
726 | Red Electrica Corp. SA | 12,624 | ||
Total Spain | 422,228 | |||
China — 4.3% | ||||
Consumer Discretionary — 1.1% | ||||
51,800 | Chow Tai Fook Jewellery Group Ltd. | 105,266 | ||
Consumer Staples — 1.3% | ||||
37,200 | Budweiser Brewing Co. APAC Ltd., 144a | 116,287 | ||
Industrials — 1.7% | ||||
20,000 | SITC International Holdings Co., Ltd. | 44,329 | ||
112,900 | Yangzijiang Shipbuilding Holdings Ltd. | 114,684 |
Shares | Market Value | |||
China — (Continued) | ||||
Real Estate — 0.2% | ||||
7,000 | Wharf Holdings Ltd. (The) | $ 20,534 | ||
Total China | 401,100 | |||
Denmark — 3.0% | ||||
Health Care — 1.2% | ||||
718 | Ascendis Pharma A/S ADR* | 87,689 | ||
180 | Novo Nordisk A/S - Class B | 24,447 | ||
Industrials — 0.7% | ||||
2,372 | Vestas Wind Systems A/S | 69,193 | ||
Utilities — 1.1% | ||||
1,143 | Orsted AS, 144a | 103,334 | ||
Total Denmark | 284,663 | |||
Finland — 2.7% | ||||
Communication Services — 1.2% | ||||
2,139 | Elisa Oyj | 113,378 | ||
Health Care — 1.5% | ||||
2,607 | Orion Oyj - Class B | 142,924 | ||
Total Finland | 256,302 | |||
Norway — 2.3% | ||||
Energy — 2.3% | ||||
3,317 | Aker BP ASA | 103,102 | ||
3,122 | Equinor ASA | 112,205 | ||
Total Norway | 215,307 | |||
Portugal — 2.2% | ||||
Consumer Staples — 1.4% | ||||
6,325 | Jeronimo Martins SGPS SA | 136,845 | ||
Energy — 0.8% | ||||
5,569 | Galp Energia SGPS SA | 75,129 | ||
Total Portugal | 211,974 | |||
Sweden — 2.2% | ||||
Consumer Staples — 1.1% | ||||
3,821 | Essity AB | 100,061 | ||
Industrials — 1.1% | ||||
2,672 | Saab AB | 105,297 | ||
Total Sweden | 205,358 | |||
Australia — 2.0% | ||||
Consumer Discretionary — 0.6% | ||||
1,248 | Domino's Pizza Enterprises Ltd. | 56,202 | ||
Consumer Staples — 0.5% | ||||
4,926 | Treasury Wine Estates Ltd. | 45,509 | ||
Financials — 0.3% | ||||
17,159 | Medibank Pvt Ltd. | 34,233 | ||
Materials — 0.6% | ||||
26,873 | Evolution Mining Ltd. | 54,942 | ||
Total Australia | 190,886 | |||
Germany — 1.9% | ||||
Health Care — 1.0% | ||||
2,920 | Fresenius Medical Care AG & Co. KGaA | 95,375 | ||
Materials — 0.9% | ||||
4,337 | K+S AG | 85,499 | ||
Total Germany | 180,874 |
8
Touchstone Anti-Benchmark® International Core Equity Fund (Unaudited) (Continued)
Shares | Market Value | |||
Common Stocks — 99.7% (Continued) | ||||
United States — 1.7% | ||||
Energy — 0.2% | ||||
1,242 | Tenaris SA | $ 21,782 | ||
Health Care — 1.5% | ||||
2,776 | GSK PLC | 47,978 | ||
1,743 | QIAGEN NV* | 87,622 | ||
Total United States | 157,382 | |||
Belgium — 1.5% | ||||
Health Care — 1.5% | ||||
1,830 | UCB SA | 144,192 | ||
Ireland — 0.9% | ||||
Consumer Staples — 0.9% | ||||
991 | Kerry Group PLC - Class A | 89,517 | ||
Singapore — 0.8% | ||||
Real Estate — 0.8% | ||||
76,900 | Suntec Real Estate Investment Trust REIT | 79,212 | ||
Austria — 0.8% | ||||
Utilities — 0.8% | ||||
846 | Verbund AG | 71,115 | ||
Macao — 0.7% | ||||
Consumer Discretionary — 0.7% | ||||
20,400 | Sands China Ltd.* | 66,917 | ||
New Zealand — 0.6% | ||||
Health Care — 0.6% | ||||
4,205 | Fisher & Paykel Healthcare Corp. Ltd.† | 60,165 | ||
Luxembourg — 0.4% | ||||
Health Care — 0.4% | ||||
537 | Eurofins Scientific SE | 38,556 | ||
United Arab Emirates — 0.0% | ||||
Health Care — 0.0% | ||||
15,156 | NMC Health PLC(A) | 0 | ||
Total Common Stocks | $9,405,053 | |||
Short-Term Investment Funds — 0.7% | ||||
290 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 290 | ||
60,922 | Invesco Government & Agency Portfolio, Institutional Class, 4.22%∞Ω** | 60,922 | ||
Total Short-Term Investment Funds | $61,212 | |||
Total Investment Securities — 100.4% (Cost $9,552,883) | $9,466,265 | |||
Liabilities in Excess of Other Assets — (0.4)% | (36,940) | |||
Net Assets — 100.0% | $9,429,325 |
(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 December 31, 2022 was $58,463. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities were valued at $447,718 or 4.7% 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 |
Common Stocks | ||||
Japan | $378,860 | $2,380,301 | $— | $2,759,161 |
Hong Kong | 137,430 | 700,715 | — | 838,145 |
United Kingdom | — | 727,936 | — | 727,936 |
Switzerland | — | 565,075 | — | 565,075 |
France | — | 527,842 | — | 527,842 |
Netherlands | — | 476,510 | — | 476,510 |
Israel | 33,661 | 400,975 | — | 434,636 |
Spain | — | 422,228 | — | 422,228 |
China | — | 401,100 | — | 401,100 |
Denmark | 87,689 | 196,974 | — | 284,663 |
Finland | — | 256,302 | — | 256,302 |
Norway | — | 215,307 | — | 215,307 |
Portugal | — | 211,974 | — | 211,974 |
Sweden | — | 205,358 | — | 205,358 |
Australia | — | 190,886 | — | 190,886 |
Germany | — | 180,874 | — | 180,874 |
United States | — | 157,382 | — | 157,382 |
Belgium | — | 144,192 | — | 144,192 |
Ireland | — | 89,517 | — | 89,517 |
Singapore | — | 79,212 | — | 79,212 |
Austria | — | 71,115 | — | 71,115 |
Macao | — | 66,917 | — | 66,917 |
New Zealand | — | 60,165 | — | 60,165 |
Luxembourg | — | 38,556 | — | 38,556 |
United Arab Emirates | — | — | 0 | 0 |
Short-Term Investment Funds | 61,212 | — | — | 61,212 |
Total | $698,852 | $8,767,413 | $0 | $9,466,265 |
Measurements Using Unobservable Inputs (Level 3) | |
Assets | Common Stocks |
Beginning balance, September 30, 2022 | $0 |
Change in unrealized appreciation (depreciation) | — |
Ending balance, December 31, 2022 | $0 |
Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at December 31, 2022 | $— |
See accompanying Notes to Portfolios of Investments.
9
Portfolio of Investments
Touchstone Ares Credit Opportunities Fund – December 31, 2022 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 67.0% | ||||
Energy — 13.1% | ||||
$ 2,867,000 | Apache Corp., 5.100%, 9/1/40(A) | $ 2,375,919 | ||
2,442,000 | Archrock Partners LP / Archrock Partners Finance Corp., 144a, 6.250%, 4/1/28 | 2,234,466 | ||
252,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 5.875%, 6/30/29 | 224,691 | ||
1,229,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 7.000%, 11/1/26 | 1,192,154 | ||
187,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 8.250%, 12/31/28 | 183,297 | ||
2,399,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.625%, 12/15/25 | 2,381,137 | ||
160,000 | Cheniere Energy Partners LP, 3.250%, 1/31/32 | 127,212 | ||
239,000 | Cheniere Energy Partners LP, 4.000%, 3/1/31 | 203,475 | ||
382,000 | Cheniere Energy Partners LP, 4.500%, 10/1/29 | 343,717 | ||
1,722,000 | Citgo Holding, Inc., 144a, 9.250%, 8/1/24 | 1,717,991 | ||
1,410,000 | CITGO Petroleum Corp., 144a, 6.375%, 6/15/26 | 1,358,048 | ||
320,000 | Cullinan Holdco Scsp (Luxembourg), 4.625%, 10/15/26 | 299,114 | ||
480,000 | Cullinan Holdco Scsp (Luxembourg), 144a, 4.625%, 10/15/26 | 448,671 | ||
665,000 | Enerflex Ltd. (Canada), 144a, 9.000%, 10/15/27 | 663,168 | ||
928,000 | EnLink Midstream LLC, 5.375%, 6/1/29 | 858,660 | ||
989,000 | Enviva Partners LP / Enviva Partners Finance Corp., 144a, 6.500%, 1/15/26 | 931,480 | ||
2,835,000 | EQM Midstream Partners LP, 6.500%, 7/15/48 | 2,124,683 | ||
810,000 | EQT Corp., 7.000%, 2/1/30 | 840,067 | ||
2,738,000 | ITT Holdings LLC, 144a, 6.500%, 8/1/29 | 2,305,779 | ||
1,904,000 | Moss Creek Resources Holdings, Inc., 144a, 7.500%, 1/15/26 | 1,714,019 | ||
36,000 | Moss Creek Resources Holdings, Inc., 144a, 10.500%, 5/15/27 | 34,030 | ||
2,402,000 | New Fortress Energy, Inc., 144a, 6.500%, 9/30/26 | 2,230,737 | ||
1,214,000 | NGL Energy Partners LP / NGL Energy Finance Corp., 6.125%, 3/1/25 | 989,410 | ||
1,190,000 | NGL Energy Partners LP / NGL Energy Finance Corp., 7.500%, 11/1/23 | 1,158,840 | ||
1,420,426 | Rockcliff Energy II LLC, 144a, 5.500%, 10/15/29 | 1,299,619 | ||
964,000 | Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.750%, 4/15/25 | 816,018 | ||
979,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 12/31/30 | 846,571 | ||
645,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 9/1/31 | 554,560 | ||
1,957,000 | TerraForm Power Operating LLC, 144a, 5.000%, 1/31/28 | 1,751,116 | ||
127,000 | Transocean, Inc., 6.800%, 3/15/38 | 80,072 | ||
909,000 | Transocean, Inc., 144a, 7.250%, 11/1/25 | 803,757 | ||
768,000 | Transocean, Inc., 144a, 11.500%, 1/30/27 | 769,920 | ||
2,050,000 | Western Midstream Operating LP, 5.500%, 2/1/50 | 1,670,369 | ||
35,532,767 | ||||
Consumer Discretionary — 9.4% | ||||
928,000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144a, 5.500%, 4/20/26 | 892,159 | ||
565,000 | Asbury Automotive Group, Inc., 4.500%, 3/1/28 | 497,426 | ||
1,255,000 | Asbury Automotive Group, Inc., 144a, 4.625%, 11/15/29 | 1,057,513 | ||
804,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 4.625%, 8/1/29 | 643,787 | ||
763,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 6.625%, 1/15/28 | 671,303 | ||
28,000 | Bath & Body Works, Inc., 6.694%, 1/15/27 | 27,799 | ||
300,000 | Bath & Body Works, Inc., 6.750%, 7/1/36 | 263,670 | ||
961,000 | Bath & Body Works, Inc., 6.875%, 11/1/35 | 854,233 | ||
92,000 | Bath & Body Works, Inc., 7.500%, 6/15/29 | 90,822 |
Principal Amount | Market Value | |||
Consumer Discretionary — (Continued) | ||||
$ 565,000 | Caesars Entertainment, Inc., 144a, 8.125%, 7/1/27 | $ 555,141 | ||
697,000 | Carvana Co., 144a, 4.875%, 9/1/29 | 268,527 | ||
500,000 | Carvana Co., 144a, 5.625%, 10/1/25 | 224,668 | ||
233,000 | Carvana Co., 144a, 5.875%, 10/1/28 | 90,936 | ||
55,000 | Carvana Co., 144a, 10.250%, 5/1/30 | 25,844 | ||
179,000 | Century Communities, Inc., 6.750%, 6/1/27 | 170,941 | ||
125,000 | Clarios Global LP, 144a, 6.750%, 5/15/25 | 125,167 | ||
837,000 | Clarios Global LP / Clarios US Finance Co., 144a, 8.500%, 5/15/27 | 820,230 | ||
227,000 | Clarios Global LP / Clarios US Finance Co., 144a, 6.250%, 5/15/26 | 221,808 | ||
147,000 | Dana, Inc., 5.375%, 11/15/27 | 136,360 | ||
333,000 | Dana, Inc., 5.625%, 6/15/28 | 302,794 | ||
399,000 | Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.750%, 10/20/28 | 375,583 | ||
11,000 | Ford Motor Credit Co. LLC, 3.810%, 1/9/24 | 10,698 | ||
610,000 | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | 537,575 | ||
2,077,000 | Ford Motor Credit Co. LLC, 4.063%, 11/1/24 | 1,995,284 | ||
462,000 | Ford Motor Credit Co. LLC, 4.125%, 8/17/27 | 413,490 | ||
55,000 | Ford Motor Credit Co. LLC, 5.125%, 6/16/25 | 52,856 | ||
1,500,000 | Hanesbrands Finance Luxembourg SCA, 144a, 3.500%, 6/15/24 | 1,551,082 | ||
550,000 | Hanesbrands, Inc., 144a, 4.625%, 5/15/24 | 532,690 | ||
1,601,231 | Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144a, 5.750%, 1/20/26 | 1,449,114 | ||
1,626,000 | Hilton Domestic Operating Co., Inc., 144a, 3.750%, 5/1/29 | 1,406,490 | ||
320,000 | Lithia Motors, Inc., 144a, 3.875%, 6/1/29 | 263,075 | ||
1,041,000 | Lithia Motors, Inc., 144a, 4.375%, 1/15/31 | 846,963 | ||
934,000 | Live Nation Entertainment, Inc., 144a, 4.750%, 10/15/27 | 832,913 | ||
217,000 | Live Nation Entertainment, Inc., 144a, 4.875%, 11/1/24 | 210,109 | ||
204,000 | Live Nation Entertainment, Inc., 144a, 5.625%, 3/15/26 | 192,920 | ||
503,000 | Meritage Homes Corp., 144a, 3.875%, 4/15/29 | 423,778 | ||
550,000 | MGM Resorts International, 6.750%, 5/1/25 | 552,898 | ||
1,484,000 | Nissan Motor Co. Ltd. (Japan), 144a, 4.345%, 9/17/27 | 1,347,069 | ||
2,446,000 | Six Flags Entertainment Corp., 144a, 4.875%, 7/31/24 | 2,355,070 | ||
59,000 | Six Flags Theme Parks, Inc., 144a, 7.000%, 7/1/25 | 59,449 | ||
610,000 | SRS Distribution, Inc., 144a, 6.000%, 12/1/29 | 485,470 | ||
371,000 | Station Casinos LLC, 144a, 4.500%, 2/15/28 | 322,541 | ||
845,000 | United Airlines, Inc., 144a, 4.375%, 4/15/26(A) | 783,252 | ||
208,000 | United Airlines, Inc., 144a, 4.625%, 4/15/29 | 181,105 | ||
540,000 | Viking Cruises Ltd., 144a, 5.875%, 9/15/27 | 440,189 | ||
25,562,791 | ||||
Communication Services — 8.7% | ||||
2,682,000 | Altice Financing SA (Luxembourg), 144a, 5.000%, 1/15/28 | 2,159,010 | ||
1,586,000 | Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | 1,209,325 | ||
1,729,000 | ANGI Group LLC, 144a, 3.875%, 8/15/28 | 1,283,065 | ||
3,130,000 | Avaya, Inc., 144a, 6.125%, 9/15/28 | 954,650 | ||
72,000 | Belo Corp., 7.250%, 9/15/27 | 68,328 | ||
500,000 | Belo Corp., 7.750%, 6/1/27 | 488,125 | ||
675,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 541,428 | ||
310,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.000%, 2/1/28 | 280,163 | ||
2,085,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.500%, 8/15/30(A) | 1,722,533 | ||
460,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.125%, 5/1/27 | 426,802 | ||
1,463,000 | CommScope, Inc., 144a, 8.250%, 3/1/27 | 1,133,825 |
10
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 67.0% (Continued) | ||||
Communication Services — (Continued) | ||||
$ 310,000 | CommScope, Inc., 144a, 6.000%, 3/1/26(A) | $ 284,925 | ||
205,000 | CSC Holdings LLC, 144a, 3.375%, 2/15/31 | 133,688 | ||
76,000 | CSC Holdings LLC, 144a, 4.500%, 11/15/31 | 52,730 | ||
430,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 237,599 | ||
890,000 | CSC Holdings LLC, 144a, 5.750%, 1/15/30 | 501,951 | ||
2,891,000 | Diamond Sports Group LLC / Diamond Sports Finance Co., 144a, 5.375%, 8/15/26 | 339,692 | ||
1,000,000 | Diamond Sports Group LLC/Diamond Sports Finance Co., 144a, 6.625%, 8/15/27 | 7,500 | ||
1,085,000 | DISH DBS Corp., 5.125%, 6/1/29 | 700,042 | ||
496,000 | DISH DBS Corp., 7.750%, 7/1/26 | 400,867 | ||
250,000 | DKT Finance ApS (Denmark), 7.000%, 6/17/23 | 265,089 | ||
650,000 | DKT Finance ApS (Denmark), 144a, 7.000%, 6/17/23 | 689,231 | ||
600,000 | Level 3 Financing, Inc., 144a, 3.625%, 1/15/29 | 439,345 | ||
273,000 | Level 3 Financing, Inc., 144a, 4.250%, 7/1/28 | 215,042 | ||
411,000 | Level 3 Financing, Inc., 144a, 4.625%, 9/15/27(A) | 342,157 | ||
1,781,000 | Nexstar Media, Inc., 144a, 4.750%, 11/1/28 | 1,540,565 | ||
1,580,000 | Scripps Escrow II, Inc., 144a, 3.875%, 1/15/29 | 1,267,950 | ||
1,197,000 | Sirius XM Radio, Inc., 144a, 4.000%, 7/15/28 | 1,041,749 | ||
934,000 | Sirius XM Radio, Inc., 144a, 4.125%, 7/1/30 | 770,746 | ||
20,000 | Sirius XM Radio, Inc., 144a, 5.000%, 8/1/27 | 18,489 | ||
240,000 | Sirius XM Radio, Inc., 144a, 5.500%, 7/1/29 | 219,067 | ||
397,000 | TEGNA, Inc., 4.625%, 3/15/28 | 376,586 | ||
1,200,000 | Telenet Finance Luxembourg Notes Sarl (Belgium), 144a, 5.500%, 3/1/28 | 1,080,000 | ||
1,755,000 | Telesat Canada / Telesat LLC (Canada), 144a, 5.625%, 12/6/26 | 807,340 | ||
338,000 | Virgin Media Finance PLC (United Kingdom), 144a, 5.000%, 7/15/30 | 270,798 | ||
131,000 | Virgin Media Secured Finance PLC (United Kingdom), 144a, 4.500%, 8/15/30 | 109,441 | ||
1,090,000 | Virgin Media Vendor Financing Notes IV DAC (Ireland), 144a, 5.000%, 7/15/28 | 953,352 | ||
400,000 | Vmed O2 UK Financing I PLC (United Kingdom), 144a, 4.250%, 1/31/31 | 323,806 | ||
23,657,001 | ||||
Industrials — 7.1% | ||||
635,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 8/15/27 | 474,976 | ||
583,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 4/30/25 | 555,224 | ||
1,503,983 | Artera Services LLC, 144a, 9.033%, 12/4/25 | 1,252,953 | ||
805,000 | Chart Industries, Inc., 144a, 9.500%, 1/1/31 | 824,191 | ||
2,423,676 | CP Atlas Buyer, Inc., 144a, 7.000%, 12/1/28† | 1,799,978 | ||
958,000 | GFL Environmental, Inc. (Canada), 144a, 3.500%, 9/1/28 | 842,238 | ||
142,000 | GFL Environmental, Inc. (Canada), 144a, 3.750%, 8/1/25 | 134,190 | ||
1,713,271 | GFL Environmental, Inc. (Canada), 144a, 4.375%, 8/15/29 | 1,451,912 | ||
2,884,000 | H&E Equipment Services, Inc., 144a, 3.875%, 12/15/28 | 2,456,562 | ||
2,114,000 | Mauser Packaging Solutions Holding Co., 144a, 7.250%, 4/15/25 | 1,954,702 | ||
1,818,000 | OI European Group BV, 144a, 4.750%, 2/15/30 | 1,592,023 | ||
529,000 | Owens-Brockway Glass Container, Inc., 144a, 5.375%, 1/15/25 | 508,184 | ||
51,000 | Owens-Brockway Glass Container, Inc., 144a, 6.625%, 5/13/27 | 49,494 | ||
602,000 | Summit Materials LLC / Summit Materials Finance Corp., 144a, 5.250%, 1/15/29 | 560,477 | ||
1,000,000 | TransDigm, Inc., 144a, 6.250%, 3/15/26 | 986,190 | ||
175,000 | TransDigm, Inc., 144a, 8.000%, 12/15/25 | 177,521 |
Principal Amount | Market Value | |||
Industrials — (Continued) | ||||
$ 1,663,000 | Trident TPI Holdings, Inc., 144a, 9.250%, 8/1/24 | $ 1,580,901 | ||
2,404,000 | Tutor Perini Corp., 144a, 6.875%, 5/1/25 | 2,103,492 | ||
19,305,208 | ||||
Consumer Staples — 6.6% | ||||
405,000 | Bath & Body Works, Inc., 144a, 6.625%, 10/1/30 | 380,053 | ||
687,000 | BCPE Ulysses Intermediate, Inc., 144a, 7.750%, 4/1/27(B) | 424,505 | ||
219,000 | Chobani LLC / Chobani Finance Corp., Inc., 144a, 4.625%, 11/15/28 | 190,664 | ||
1,641,000 | Chobani LLC / Chobani Finance Corp., Inc., 144a, 7.500%, 4/15/25 | 1,597,924 | ||
2,018,000 | eG Global Finance PLC (United Kingdom), 144a, 6.750%, 2/7/25 | 1,761,775 | ||
385,455 | eG Global Finance PLC (United Kingdom), 144a, 8.500%, 10/30/25 | 359,099 | ||
802,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 5.500%, 1/15/30 | 763,119 | ||
2,695,000 | Korn Ferry, 144a, 4.625%, 12/15/27 | 2,482,122 | ||
1,889,000 | LBM Acquisition LLC, 144a, 6.250%, 1/15/29 | 1,204,872 | ||
1,407,000 | LCM Investments Holdings II LLC, 144a, 4.875%, 5/1/29 | 1,126,710 | ||
1,286,000 | Legacy LifePoint Health LLC, 144a, 4.375%, 2/15/27 | 1,087,724 | ||
817,000 | Paysafe Finance PLC / Paysafe Holdings US Corp., 144a, 4.000%, 6/15/29 | 631,132 | ||
2,539,000 | Specialty Building Products Holdings LLC / SBP Finance Corp., 144a, 6.375%, 9/30/26 | 2,037,471 | ||
411,000 | SRS Distribution, Inc., 144a, 6.125%, 7/1/29 | 332,302 | ||
2,024,000 | Team Health Holdings, Inc., 144a, 6.375%, 2/1/25 | 1,166,310 | ||
1,247,000 | United Rentals North America, Inc., 144a, 6.000%, 12/15/29 | 1,239,206 | ||
1,590,000 | Wolverine World Wide, Inc., 144a, 4.000%, 8/15/29 | 1,204,520 | ||
17,989,508 | ||||
Financials — 6.1% | ||||
431,000 | Acrisure LLC / Acrisure Finance, Inc., 144a, 4.250%, 2/15/29 | 355,753 | ||
666,000 | Acrisure LLC / Acrisure Finance, Inc., 144a, 10.125%, 8/1/26 | 647,759 | ||
1,340,000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 6.750%, 10/15/27 | 1,204,472 | ||
1,879,000 | Blackstone Private Credit Fund, 2.625%, 12/15/26 | 1,557,389 | ||
479,000 | LPL Holdings, Inc., 144a, 4.375%, 5/15/31 | 407,222 | ||
2,126,000 | LPL Holdings, Inc., 144a, 4.625%, 11/15/27 | 1,985,857 | ||
657,441 | Midcap Financial Issuer Trust, 144a, 5.625%, 1/15/30 | 532,422 | ||
1,915,000 | Midcap Financial Issuer Trust, 144a, 6.500%, 5/1/28 | 1,640,322 | ||
300,000 | Navient Corp., 4.875%, 3/15/28 | 246,725 | ||
1,151,000 | Navient Corp., 5.000%, 3/15/27 | 1,007,600 | ||
599,000 | OneMain Finance Corp., 3.500%, 1/15/27 | 495,954 | ||
392,000 | OneMain Finance Corp., 3.875%, 9/15/28 | 311,726 | ||
1,690,000 | OneMain Finance Corp., 4.000%, 9/15/30 | 1,260,976 | ||
1,036,000 | Owl Rock Capital Corp., 3.400%, 7/15/26 | 905,849 | ||
2,771,000 | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 144a, 3.625%, 3/1/29 | 2,195,846 | ||
2,252,000 | VistaJet Malta Finance PLC / XO Management Holding, Inc. (Switzerland), 144a, 6.375%, 2/1/30 | 1,803,424 | ||
16,559,296 | ||||
Materials — 5.0% | ||||
1,027,636 | ASP Unifrax Holdings, Inc., 144a, 5.250%, 9/30/28 | 826,835 | ||
1,705,000 | Ball Corp., 2.875%, 8/15/30 | 1,359,593 | ||
1,643,000 | CF Industries, Inc., 5.150%, 3/15/34 | 1,561,594 | ||
250,000 | Chemours Co. (The), 144a, 4.625%, 11/15/29 | 204,375 | ||
1,200,000 | Chemours Co. (The), 144a, 5.750%, 11/15/28 | 1,077,876 |
11
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 67.0% (Continued) | ||||
Materials — (Continued) | ||||
$ 272,000 | First Quantum Minerals Ltd. (Zambia), 144a, 7.500%, 4/1/25 | $ 264,749 | ||
1,818,000 | First Quantum Minerals Ltd. (Zambia), 144a, 6.500%, 3/1/24 | 1,778,486 | ||
417,000 | Freeport-McMoRan, Inc., 4.625%, 8/1/30 | 388,490 | ||
300,000 | Freeport-McMoRan, Inc., 5.000%, 9/1/27 | 293,473 | ||
822,000 | Freeport-McMoRan, Inc., 5.400%, 11/14/34(A) | 776,203 | ||
63,000 | Freeport-McMoRan, Inc., 5.450%, 3/15/43(A) | 56,828 | ||
1,302,000 | Martin Marietta Materials, Inc., 2.400%, 7/15/31 | 1,045,259 | ||
429,000 | SCIH Salt Holdings, Inc., 144a, 4.875%, 5/1/28 | 367,129 | ||
2,031,000 | SCIH Salt Holdings, Inc., 144a, 6.625%, 5/1/29† | 1,635,929 | ||
2,044,000 | Tronox, Inc., 144a, 4.625%, 3/15/29 | 1,699,075 | ||
165,000 | Venator Finance Sarl / Venator Materials LLC, 144a, 9.500%, 7/1/25 | 118,800 | ||
13,454,694 | ||||
Real Estate — 4.1% | ||||
2,544,000 | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 4.500%, 4/1/27 | 2,126,314 | ||
138,000 | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 5.750%, 5/15/26 | 125,779 | ||
834,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.375%, 6/15/26 | 724,579 | ||
939,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.750%, 9/15/30 | 689,992 | ||
1,386,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 6.000%, 4/15/25 | 1,342,036 | ||
465,000 | Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29(A) | 405,573 | ||
656,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 3/15/28 | 603,520 | ||
1,105,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | 960,245 | ||
1,676,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 4.250%, 2/1/27 | 1,408,317 | ||
963,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 4.750%, 6/15/29 | 777,488 | ||
1,810,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 3.750%, 2/15/27 | 1,643,018 | ||
201,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.125%, 8/15/30 | 175,908 | ||
46,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.625%, 12/1/29 | 41,860 | ||
11,024,629 | ||||
Health Care — 2.8% | ||||
2,242,000 | Acadia Healthcare Co., Inc., 144a, 5.000%, 4/15/29 | 2,061,967 | ||
2,199,000 | Air Methods Corp., 144a, 8.000%, 5/15/25 | 109,950 | ||
2,935,000 | Global Medical Response, Inc., 144a, 6.500%, 10/1/25 | 2,100,609 | ||
1,000,000 | IQVIA, Inc., 144a, 2.875%, 6/15/28 | 952,700 | ||
897,000 | LifePoint Health, Inc., 144a, 5.375%, 1/15/29 | 506,895 | ||
1,506,000 | Molina Healthcare, Inc., 144a, 4.375%, 6/15/28 | 1,374,361 | ||
751,000 | Syneos Health, Inc., 144a, 3.625%, 1/15/29 | 604,180 | ||
7,710,662 | ||||
Information Technology — 2.3% | ||||
2,707,000 | Ahead DB Holdings LLC, 144a, 6.625%, 5/1/28 | 2,175,751 | ||
500,000 | Entegris, Inc., 144a, 3.625%, 5/1/29† | 407,125 | ||
1,225,000 | II-VI, Inc., 144a, 5.000%, 12/15/29 | 1,056,477 | ||
440,000 | Seagate HDD Cayman, 3.125%, 7/15/29 | 337,221 | ||
398,000 | Seagate HDD Cayman, 3.375%, 7/15/31 | 301,215 | ||
1,802,000 | Synaptics, Inc., 144a, 4.000%, 6/15/29 | 1,518,273 | ||
417,768 | TIBCO Software Inc., Term Loan (), (1M SOFR + 7.100%), 9.000%, 9/28/29 | 415,942 | ||
6,212,004 |
Principal Amount | Market Value | |||
Utilities — 1.8% | ||||
$ 1,492,000 | NRG Energy, Inc., 144a, 3.625%, 2/15/31(A) | $ 1,134,965 | ||
160,000 | NRG Energy, Inc., 144a, 3.875%, 2/15/32 | 120,168 | ||
1,260,000 | Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144a, 4.500%, 8/15/28 | 1,130,600 | ||
1,000,000 | Vistra Operations Co. LLC, 144a, 5.000%, 7/31/27 | 925,699 | ||
1,350,000 | Vistra Operations Co. LLC, 144a, 5.625%, 2/15/27 | 1,282,208 | ||
466,000 | Vistra Operations Co. LLC, 144a, 4.300%, 7/15/29(A) | 420,627 | ||
5,014,267 | ||||
Total Corporate Bonds | $182,022,827 | |||
Bank Loans — 16.9%(C) | ||||
Consumer Discretionary — 3.6% | ||||
705,000 | American Airlines Inc., Initial Term Loan, (3M LIBOR + 4.750%), 7.460%, 4/20/28 | 701,144 | ||
596,904 | Aramark Services Inc., US Term B-3 Loan, (1M LIBOR + 1.750%), 4.865%, 3/11/25 | 592,242 | ||
976,277 | Brightview Landscapes LLC, Initial Term Loan, (1M SOFR + 3.250%), 6.284%, 4/20/29 | 938,447 | ||
1,495,967 | Caesars Resort Collection LLC, Term B Loan, (1M LIBOR + 2.750%), 5.865%, 12/23/24 | 1,491,225 | ||
471,557 | Caesars Resort Collection LLC, Term B-1 Loan, (1M LIBOR + 3.500%), 6.615%, 7/21/25 | 469,949 | ||
2,253,790 | ClubCorp Holdings Inc., First Lien Term B Loan , (3M LIBOR + 2.750%), 6.424%, 9/18/24 | 2,023,633 | ||
635,000 | Delta Air Lines Inc., Initial Term Loan, (3M LIBOR + 3.750%), 6.460%, 10/20/27 | 646,430 | ||
569,285 | LBM Acquisition LLC, First Lien Initial Term Loan, (6M LIBOR + 3.750%), 7.121%, 12/17/27 | 492,255 | ||
397,357 | Station Casinos LLC, Term B-1 Facility Loan, (1M LIBOR + 2.250%), 5.370%, 2/08/27 | 387,217 | ||
967,763 | United AirLines, Inc., Class B Term Loan, (3M LIBOR + 3.750%), 6.533%, 4/21/28 | 953,788 | ||
868,901 | Whatabrands LLC, Initial Term B Loan, (1M LIBOR + 3.250%), 6.365%, 8/03/28 | 838,672 | ||
323,499 | William Morris Endeavor Entertainment LLC, New Term Loan B-1, (1M LIBOR + 2.750%), 5.870%, 5/18/25 | 315,896 | ||
9,850,898 | ||||
Communication Services — 3.1% | ||||
600,850 | Cable One Inc., Incremental Term B-4 Loan, (1M LIBOR + 2.000%), 5.115%, 5/03/28 | 585,228 | ||
185,750 | Charter Communications Operating LLC, Term Loan B2, (1M LIBOR + 1.750%), 4.870%, 2/01/27 | 181,140 | ||
261,413 | CSC Holdings LLC, 2017 Refinancing Term Loan, (1M LIBOR + 2.250%), 5.068%, 7/17/25 | 246,382 | ||
394,757 | CSC Holdings LLC, 2022 Refinancing Term Loan, 9.012%, 4/15/27 | 369,591 | ||
865,441 | Delta TopCo Inc., Second Lien Initial Term Loan, (6M LIBOR + 7.250%), 9.336%, 12/01/28 | 673,962 | ||
616,104 | E.W. Scripps Company, The, Tranche B-2 Term Loan, (1M LIBOR + 2.563%), 5.678%, 5/01/26 | 604,398 | ||
383,552 | Go Daddy Operating Company, LLC, Tranche B-5 Term Loan, (1M SOFR + 3.250%), 7.042%, 11/09/29 | 382,539 | ||
1,007,627 | Gray Television Inc., Term C Loan, (1M LIBOR + 2.500%), 5.628%, 1/02/26 | 978,940 | ||
463,565 | MH Sub I, LLC, 2020 June New Term Loan, (1M LIBOR + 3.750%), 6.865%, 9/13/24 | 449,825 | ||
507,949 | NEP Group Inc., First Lien Initial Dollar Term Loan, (1M LIBOR + 3.250%), 6.365%, 10/20/25 | 434,932 | ||
295,450 | Nexstar Broadcasting Inc., Term B-4 Loan, (1M LIBOR + 2.500%), 5.615%, 9/18/26 | 292,717 | ||
969,750 | Numericable U.S. LLC, USD TLB-12 Term Loan, (3M LIBOR + 3.688%), 6.200%, 1/31/26 | 896,213 |
12
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Bank Loans — 16.9%(C) (Continued) | ||||
Communication Services — (Continued) | ||||
$ 900,900 | Proofpoint Inc., Initial Term Loan, (3M LIBOR + 3.250%), 6.320%, 8/31/28 | $ 864,359 | ||
370,000 | Telenet Financing USD LLC, Term Loan AR Facility, (1M LIBOR + 2.000%), 4.818%, 4/28/28 | 359,455 | ||
715,000 | UPC Financing Partnership, Facility AX, (1M LIBOR + 2.925%), 5.743%, 1/31/29 | 697,125 | ||
480,000 | Virgin Media Bristol LLC, Facility Q Advance, (1M LIBOR + 3.250%), 6.068%, 1/31/29 | 474,840 | ||
8,491,646 | ||||
Information Technology — 2.8% | ||||
953,848 | Dun & Bradstreet Corporation (The), Term Loan B, (1M LIBOR + 3.250%), 6.330%, 2/06/26 | 943,461 | ||
375,741 | Epicor Software Corporation, Term C Loan, (1M LIBOR + 3.250%), 6.365%, 7/30/27 | 360,028 | ||
883,904 | Finastra USA Inc., First Lien Dollar Term Loan, (6M LIBOR + 3.500%), 6.871%, 6/13/24 | 779,674 | ||
1,389,473 | Hyland Software Inc., 2018 Refinancing Term Loan, (1M LIBOR + 3.500%), 6.615%, 7/01/24 | 1,368,978 | ||
470,800 | Hyland Software Inc., 2021-1 Incremental Term Facility, (1M LIBOR + 6.250%), 9.365%, 7/07/25 | 444,200 | ||
1,160,000 | Open Text Corp., 8.038%, 11/16/29 | 1,131,870 | ||
804,255 | Quest Software, Inc., Second Lien Initial Term Loan, (3M SOFR + 7.650%), 10.227%, 2/01/30 | 483,896 | ||
223,791 | SS&C Technologies Inc., Term B-3 Loan, (1M LIBOR + 1.750%), 4.865%, 4/16/25 | 219,657 | ||
181,936 | SS&C Technologies Inc., Term B-4 Loan, (1M LIBOR + 1.750%), 4.865%, 4/16/25 | 178,576 | ||
703,729 | SS&C Technologies Inc., Term B-5 Loan, (1M LIBOR + 1.750%), 4.865%, 4/16/25 | 690,731 | ||
953,623 | Tempo Acquisition LLC, Additional Initial Term B-1 Loan, (1M SOFR + 3.000%), 6.034%, 8/31/28 | 949,809 | ||
7,550,880 | ||||
Health Care — 2.7% | ||||
982,500 | AlixPartners LLP, Initial Dollar Term Loan, (1M LIBOR + 2.750%), 5.865%, 2/04/28 | 973,029 | ||
490,237 | Avantor Funding Inc., Incremental B-5 Dollar Term Loan, (1M LIBOR + 2.250%), 5.365%, 11/08/27 | 487,242 | ||
576,000 | Belron Finance US LLC, First Incremental Loan, (3M LIBOR + 2.250%), 5.188%, 11/13/25 | 572,400 | ||
712,992 | Elanco Animal Health Inc., Term Loan, (1M LIBOR + 1.750%), 4.878%, 8/01/27 | 683,467 | ||
633,750 | Froneri US Inc., Facility B2, (1M LIBOR + 2.250%), 5.365%, 1/29/27 | 615,707 | ||
681,689 | Gainwell Acquisition Corp, Term B Loan, (3M LIBOR + 4.000%), 7.674%, 10/01/27 | 638,232 | ||
870,329 | Organon & Co, Senior Secured Dollar Term Loan, (3M LIBOR + 3.000%), 6.188%, 6/02/28 | 860,538 | ||
373,350 | Packaging Coordinators Midco Inc., First Lien Term B Loan, (3M LIBOR + 3.750%), 7.424%, 11/30/27 | 353,282 | ||
972,675 | Sunshine Luxembourg VII SARL, Term Loan B3 (USD), (3M LIBOR + 3.750%), 7.424%, 10/01/26 | 929,984 | ||
634,077 | Surgery Center Holdings, Inc., 2021 New Term Loan, (1M LIBOR + 3.750%), 7.070%, 8/31/26 | 625,289 | ||
263,602 | Team Health Holdings Inc., Initial Term Loan, (1M LIBOR + 2.750%), 5.865%, 2/06/24 | 224,646 | ||
400,985 | Trans Union LLC, Term B-5 Loan, (1M LIBOR + 1.750%), 4.865%, 11/16/26 | 394,898 | ||
7,358,714 | ||||
Energy — 1.9% | ||||
316,156 | Freeport LNG Investments, LLP, Initial Term B Loan, (3M LIBOR + 3.500%), 7.743%, 12/21/28 | 299,953 |
Principal Amount | Market Value | |||
Energy — (Continued) | ||||
$ 2,839,514 | Gulf Finance, LLC, Term Loan, (1M LIBOR + 6.750%), 9.870%, 8/25/26 | $ 2,662,044 | ||
856,423 | PES Holdings LLC, Tranche C Loan Non-PIK, (3M PRIME + 6.990%), 3.000%, 12/31/22 | 23,552 | ||
2,070,388 | Traverse Midstream Partners LLC, (6M SOFR + 4.250%), 5.950%, 9/27/24 | 2,063,265 | ||
5,048,814 | ||||
Financials — 1.2% | ||||
678,758 | Freeport LNG Investments, LLP, Tla Term Loan, 7.674%, 11/16/26 | 640,292 | ||
940,675 | HUB International Ltd, Initial Term Loan, (3M LIBOR + 3.000%), 5.766%, 4/25/25 | 929,312 | ||
654,842 | NFP Corp, Closing Date Term Loan, (1M LIBOR + 3.250%), 6.365%, 2/15/27 | 625,256 | ||
1,126,163 | Sedgwick Claims Management Services Inc., Term Loan, (1M LIBOR + 3.250%), 6.365%, 12/31/25 | 1,093,965 | ||
3,288,825 | ||||
Industrials — 1.1% | ||||
437,358 | CP Atlas Buyer Inc., Term B Loan, (1M LIBOR + 3.500%), 6.615%, 11/23/27 | 381,901 | ||
841,629 | Transdigm Inc., Tranche F Refinancing Term Loan, (3M LIBOR + 2.250%), 5.924%, 12/09/25 | 830,335 | ||
708,850 | Vertical Midco Gmbh, Term Loan B, (6M LIBOR + 3.500%), 6.871%, 7/30/27 | 680,942 | ||
1,007,264 | Wilsonart LLC, Tranche E Term Loan, (3M LIBOR + 3.250%), 6.930%, 12/31/26 | 956,398 | ||
2,849,576 | ||||
Consumer Staples — 0.3% | ||||
952,661 | IRB Holding Corp, Term B Loan, (1M LIBOR + 2.750%), 5.865%, 2/05/25 | 942,982 | ||
Materials — 0.2% | ||||
452,464 | Tronox Finance LLC, First Lien Term Loan B, (3M LIBOR + 2.250%), 5.924%, 3/10/28 | 437,053 | ||
255,848 | Venator Materials LLC, Initial Term Loan, (1M LIBOR + 3.000%), 6.115%, 8/08/24 | 183,812 | ||
620,865 | ||||
Total Bank Loans | $46,003,200 | |||
Asset-Backed Securities — 9.5% | ||||
1,000,000 | Aimco CLO 11 Ltd. (Cayman Islands), Ser 2020-11A, Class ER, 144a, (3M LIBOR +6.200%), 10.279%, 10/17/34(D) | 913,358 | ||
575,000 | AIMCO CLO 16 Ltd. (Cayman Islands), Ser 2021-16A, Class SUB, 144a, 1/17/35(D)(E) | 433,344 | ||
325,000 | Atrium XIII (Cayman Islands), Ser 13A, Class E, 144a, (3M LIBOR +6.050%), 10.375%, 11/21/30(D) | 286,171 | ||
340,000 | Atrium XV (Cayman Islands), Ser 15A, Class SUB, 144a, 1/23/31(D)(E) | 184,469 | ||
1,250,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2019-2A, Class ER, 144a, (3M LIBOR +6.320%), 10.399%, 10/17/32(D) | 1,080,140 | ||
620,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2021-2A, Class SUB, 144a, 7/16/34(D)(E) | 366,602 | ||
850,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2022-1A, Class SUB, 144a, 4/18/35(D)(E) | 618,511 | ||
1,000,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-10A, Class E, 144a, (3M LIBOR +6.500%), 10.743%, 10/20/34(D) | 883,570 | ||
1,000,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-11A, Class E, 144a, (3M LIBOR +6.400%), 10.758%, 1/25/33(D) | 853,986 |
13
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Asset-Backed Securities — 9.5% (Continued) | ||||
$ 500,000 | Cedar Funding IV CLO Ltd. (Cayman Islands), Ser 2014-4A, Class ERR, 144a, (3M LIBOR +6.610%), 10.935%, 7/23/34(D) | $ 433,772 | ||
714,286 | Cedar Funding XIV CLO Ltd. (Cayman Islands), Ser 2021-14A, Class E, 144a, (3M LIBOR +6.340%), 10.419%, 7/15/33(D) | 646,493 | ||
1,500,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2015-4A, Class SUB, 144a, 4/20/34(D)(E) | 526,918 | ||
1,000,000 | CIFC Funding Ltd., Ser 2019-4A, Class DR, 144a, (3M LIBOR +6.600%), 10.679%, 10/15/34(D) | 914,817 | ||
500,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2020-3A, Class SUB, 144a, 10/20/34(D)(E) | 381,070 | ||
1,046,139 | CIFC Funding Ltd. (Cayman Islands), Ser 2021-7A, Class E, 144a, (3M LIBOR +6.350%), 10.675%, 1/23/35(D) | 910,602 | ||
250,000 | Dryden 45 Senior Loan Fund (Cayman Islands), Ser 2016-45A, Class ER, 144a, (3M LIBOR +5.850%), 9.929%, 10/15/30(D) | 201,967 | ||
250,000 | Dryden 57 CLO Ltd. (Cayman Islands), Ser 2018-57A, Class E, 144a, (3M LIBOR +5.200%), 9.806%, 5/15/31(D) | 198,970 | ||
1,000,000 | Dryden 76 CLO Ltd. (Cayman Islands), Ser 2019-76A, Class ER, 144a, (3M LIBOR +6.500%), 10.743%, 10/20/34(D) | 820,238 | ||
250,000 | Dryden 78 CLO Ltd. (Cayman Islands), Ser 2020-78A, Class SUB, 144a, 4/17/33(D)(E) | 177,372 | ||
650,000 | Dryden 98 CLO Ltd. (Cayman Islands), Ser 2022-98X, Class SUB, 4/20/35(E) | 536,368 | ||
250,000 | Elmwood CLO VIII Ltd. (Cayman Islands), Ser 2021-1A, Class F1, 144a, (3M LIBOR +8.000%), 12.243%, 1/20/34(D) | 221,403 | ||
588,235 | Elmwood CLO VIII Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 1/20/34(D)(E) | 437,840 | ||
1,000,000 | Fillmore Park CLO Ltd. (Cayman Islands), Ser 2018-1A, Class E, 144a, (3M LIBOR +5.400%), 9.479%, 7/15/30(D) | 885,027 | ||
1,000,000 | ICG US CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/17/34(D)(E) | 629,474 | ||
750,000 | Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class SUB, 144a, 10/22/34(D)(E) | 490,560 | ||
75,000 | Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class Y, 144a, 10/22/34(D)(E) | 20,888 | ||
625,000 | Madison Park Funding LIII Ltd. (Cayman Islands), Ser 2022-53A, Class SUB, 144a, 4/21/35(D)(E) | 498,922 | ||
1,000,000 | Madison Park Funding LIX Ltd. (Cayman Islands), Ser 2021-59X, Class SUB, 1/18/34(D)(E) | 798,594 | ||
300,000 | Madison Park Funding XII Ltd. (Cayman Islands), Ser 2014-12A, Class SUB, 144a, 7/20/26(D)(E) | 8,100 | ||
500,000 | Madison Park Funding XXII Ltd. (Cayman Islands), Ser 2016-22A, Class ER, 144a, (3M LIBOR +6.700%), 10.779%, 1/15/33(D) | 435,327 | ||
1,000,000 | Madison Park Funding XXII Ltd. (Cayman Islands), Ser 2016-22A, Class SUB, 144a, 1/15/33(D)(E) | 595,460 | ||
500,000 | Madison Park Funding XXVIII Ltd. (Cayman Islands), Ser 2018-28A, Class SUB, 144a, 7/15/30(D)(E) | 297,571 | ||
250,000 | Madison Park Funding XXXI Ltd. (Cayman Islands), Ser 2018-31A, Class SUB, 144a, 1/23/48(D)(E) | 165,447 | ||
540,000 | Madison Park Funding XXXVII Ltd. (Cayman Islands), Ser 2019-37A, Class SUB, 144a, 7/15/49(D)(E) | 417,949 | ||
1,000,000 | Magnetite XXIII Ltd. (Cayman Islands), Ser 2019-23A, Class ER, 144a, (3M LIBOR +6.300%), 10.658%, 1/25/35(D) | 894,640 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 9.5% (Continued) | ||||
$ 250,000 | Niagara Park CLO Ltd. (Cayman Islands), Ser 2019-1A, Class ER, 144a, (3M LIBOR +5.950%), 10.029%, 7/17/32(D) | $ 225,640 | ||
250,000 | Oaktree CLO Ltd. (Cayman Islands), Ser 2019-2A, Class D, 144a, (3M LIBOR +6.770%), 10.849%, 4/15/31(D) | 215,271 | ||
250,000 | Oaktree CLO Ltd. (Cayman Islands), Ser 2022-2A, Class E, 144a, (3M Term SOFR +8.340%), 11.165%, 7/15/33(D) | 236,963 | ||
250,000 | Octagon Loan Funding Ltd. (Cayman Islands), Ser 2014-1A, Class DRR, 144a, (3M LIBOR +2.900%), 7.574%, 11/18/31(D) | 218,902 | ||
825,000 | OHA Credit Funding 4 Ltd. (Cayman Islands), Ser 2019-4A, Class ER, 144a, (3M LIBOR +6.400%), 10.725%, 10/22/36(D) | 752,185 | ||
350,000 | OHA Loan Funding Ltd. (Cayman Islands), Ser 2016-1A, Class SUB, 144a, 1/20/33(D)(E) | 223,493 | ||
1,000,000 | REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class M2, 144a, 10/15/34(D)(E) | 40,119 | ||
1,000,000 | REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class SUB, 144a, 10/15/34(D)(E) | 534,332 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M1, 144a, 4/20/34(D)(E) | 5,625 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M2, 144a, 4/20/34(D)(E) | 13,125 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/20/34(D)(E) | 450,605 | ||
500,000 | RR 6 Ltd. (Cayman Islands), Ser 2019-6A, Class SUB, 144a, 4/15/36(D)(E) | 414,889 | ||
500,000 | Steele Creek CLO Ltd. (Cayman Islands), Ser 2019-2A, Class E, 144a, (3M LIBOR +7.700%), 11.779%, 7/15/32(D) | 411,888 | ||
250,000 | TCI-Flatiron CLO Ltd. (Cayman Islands), Ser 2017-1A, Class D, 144a, (3M LIBOR +2.750%), 7.400%, 11/18/30(D) | 228,851 | ||
500,000 | Thompson Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class E, 144a, (3M LIBOR +6.310%), 10.389%, 4/15/34(D) | 439,869 | ||
525,000 | Thompson Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/15/34(E) | 426,402 | ||
300,000 | TICP CLO XII Ltd. (Cayman Islands), Ser 2018-12A, Class ER, 144a, (3M LIBOR +6.250%), 10.329%, 7/15/34(D) | 268,799 | ||
250,000 | Voya CLO Ltd. (Cayman Islands), Ser 2019-4X, Class ER, (3M LIBOR +6.710%), 10.789%, 1/15/35(D) | 217,099 | ||
1,000,000 | Voya CLO Ltd., Ser 2020-3A, Class ER, 144a, (3M LIBOR +6.400%), 10.643%, 10/20/34(D) | 882,251 | ||
850,000 | Voya CLO Ltd. (Cayman Islands), Ser 2021-1A, Class E, 144a, (3M LIBOR +6.350%), 10.429%, 7/15/34(D) | 750,510 | ||
250,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2018-3A, Class D, 144a, (3M LIBOR +6.250%), 10.493%, 1/20/32(D) | 185,700 | ||
250,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2018-3A, Class SUB, 144a, 1/20/32(D)(E) | 55,861 | ||
250,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2019-1A, Class D, 144a, (3M LIBOR +6.900%), 11.143%, 7/20/32(D) | 198,128 | ||
280,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2020-1A, Class SUB, 144a, 4/15/33(D)(E) | 128,897 | ||
Total Asset-Backed Securities | $25,691,344 |
14
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Shares | MarketValue | |||
Common Stocks — 1.8% | ||||
Energy — 1.3% | ||||
14,309 | AFG Holdings, Inc. | $ 7,155 | ||
55,000 | Antero Resources Corp.* | 1,704,450 | ||
187,384 | Ascent Resources Marcellus Holdings, LLC | 0 | ||
10,000 | Chesapeake Energy Corp. | 943,700 | ||
45,000 | Summit Midstream Partners LP* | 750,600 | ||
3,405,905 | ||||
Health Care — 0.4% | ||||
184,286 | Bausch Health Cos., Inc.*† | 1,157,316 | ||
Industrials — 0.1% | ||||
28,087 | Tutor Perini Corp.* | 212,057 | ||
Total Common Stocks | $4,775,278 | |||
Exchange-Traded Fund — 0.4% | ||||
32,000 | Alerian MLP ETF† | 1,218,240 | ||
Warrants — 0.0% | ||||
Energy — 0.0% | ||||
48,515 | Ascent Resources Marcellus Holdings, LLC, Exp 3/30/23, Price 0.00* | 0 | ||
Total Warrants | $0 | |||
Short-Term Investment Funds — 3.8% | ||||
4,617,879 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 4,617,879 | ||
5,576,911 | Invesco Government & Agency Portfolio, Institutional Class, 4.22%∞Ω** | 5,576,911 | ||
Total Short-Term Investment Funds | $10,194,790 | |||
Total Long Positions—99.4% (Cost $304,251,501) | $269,905,679 | |||
Securities Sold Short — (1.0)% |
Principal Amount | ||||
Corporate Bonds — (1.0)% | ||||
Consumer Discretionary — (0.2)% | ||||
$(1,000,000) | WW International, Inc., 4.500%, 4/15/29 | (499,590) | ||
Energy — (0.3)% | ||||
(675,000) | Chesapeake Energy Corp., 6.750%, 4/15/29 | (657,180) | ||
Consumer Staples — (0.5)% | ||||
(2,000,000) | QVC, Inc., 4.750%, 2/15/27 | (1,413,420) | ||
Total Corporate Bonds | $(2,570,190) | |||
Total Securities Sold Short (Proceeds $2,922,576) | $(2,570,190) | |||
Total Investment Securities—98.4% | $267,335,489 | |||
Other Assets in Excess of Liabilities — 1.6% | 4,255,028 | |||
Net Assets — 100.0% | $271,590,517 |
(A) | All or a portion of these securities are pledged as collateral for securities sold short. The total value of the securities pledged as collateral as of December 31, 2022 was $1,707,101. |
(B) | Represents a payment-in-kind (“PIK”) security, which may pay interest in additional principal amounts. |
(C) | Bank loans pay interest at rates which adjust periodically unless otherwise indicated. The interest rates shown are the current interest rates as of December 31, 2022. |
(D) | Variable rate security - Rate reflected is the rate in effect as of December 31, 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 December 31, 2022 was $5,444,471. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 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 |
USD – United States Dollar |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities were valued at $172,589,864 or 63.5% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Corporate Bonds | $— | $182,022,827 | $— | $182,022,827 |
Bank Loans | — | 46,003,200 | — | 46,003,200 |
Asset-Backed Securities | — | 25,691,344 | — | 25,691,344 |
Common Stocks | 4,768,123 | 7,155 | — | 4,775,278 |
Exchange-Traded Fund | 1,218,240 | — | — | 1,218,240 |
Warrants | — | 0 | — | 0 |
Short-Term Investment Funds | 10,194,790 | — | — | 10,194,790 |
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | — | 81,702 | — | 81,702 |
Total Assets | $16,181,153 | $253,806,228 | $— | $269,987,381 |
Liabilities: | ||||
Securities Sold Short | ||||
Corporate Bonds | $— | $(2,570,190) | $— | $(2,570,190) |
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | — | (8,169) | — | (8,169) |
Foreign currency exchange contracts | — | (21,514) | — | (21,514) |
Total Liabilities | $— | $(2,599,873) | $— | $(2,599,873) |
Total | $16,181,153 | $251,206,355 | $— | $267,387,508 |
15
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Centrally Cleared Credit Default Swaps on Credit Indices(1)
Counterparty | Termination Date | Notional Amount(2) | Pay Fixed Rate | Clearinghouse | Underlying Bond | Value(3) | Premiums (Received) | Unrealized Appreciation/ Depreciation |
Buy Protection: | ||||||||
Goldman Sachs Bank USA | 6/20/25 | $500,000 | 5.000% | ICE | American Axle & Manufacturing Inc. USD SR 5Y D14 | $(10,236) | $(2,067) | $(8,169) |
Wells Fargo | 12/20/25 | $568,538 | 5.000% | ICE | Markit CDX North America High Yield Series 35 5Y Index | $(15,679) | $(35,393) | $19,714 |
$11,545 | ||||||||
Sell Protection: | ||||||||
Wells Fargo | 12/20/24 | $750,000 | 1.000% | ICE | RIGINC CDS USD SR 2Y D14 12/20/2024 | $(108,426) | $(170,414) | $61,988 |
(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 Depreciation | ||
Wells Fargo | 1/17/2023 | USD | 5,185,959 | EUR | 4,858,587 | $(21,514) |
See accompanying Notes to Portfolios of Investments.
16
Portfolio of Investments
Touchstone Dividend Equity Fund – December 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 99.9% | ||||
Information Technology — 23.4% | ||||
130,389 | Analog Devices, Inc. | $ 21,387,708 | ||
350,565 | Apple, Inc. | 45,548,911 | ||
140,078 | Automatic Data Processing, Inc. | 33,459,031 | ||
85,424 | Broadcom, Inc. | 47,763,121 | ||
996,274 | Cisco Systems, Inc. | 47,462,493 | ||
1,138,323 | Intel Corp. | 30,085,877 | ||
386,183 | International Business Machines Corp. | 54,409,323 | ||
134,886 | KLA Corp. | 50,856,069 | ||
356,049 | Microsoft Corp. | 85,387,671 | ||
820,395 | Oracle Corp. | 67,059,087 | ||
316,292 | Paychex, Inc. | 36,550,704 | ||
400,360 | QUALCOMM, Inc. | 44,015,578 | ||
256,606 | Texas Instruments, Inc. | 42,396,443 | ||
291,770 | Visa, Inc. - Class A | 60,618,135 | ||
667,000,151 | ||||
Health Care — 13.9% | ||||
160,873 | AbbVie, Inc. | 25,998,686 | ||
174,272 | AmerisourceBergen Corp. | 28,878,613 | ||
340,035 | Bristol-Myers Squibb Co. | 24,465,518 | ||
444,934 | CVS Health Corp. | 41,463,399 | ||
198,968 | Gilead Sciences, Inc. | 17,081,403 | ||
349,977 | Johnson & Johnson | 61,823,437 | ||
707,537 | Medtronic PLC | 54,989,776 | ||
519,977 | Merck & Co., Inc. | 57,691,448 | ||
646,597 | Pfizer, Inc. | 33,131,630 | ||
93,257 | UnitedHealth Group, Inc. | 49,442,996 | ||
394,966,906 | ||||
Financials — 12.5% | ||||
148,273 | Arthur J Gallagher & Co. | 27,955,391 | ||
1,328,161 | Bank of America Corp. | 43,988,692 | ||
78,563 | BlackRock, Inc. | 55,672,099 | ||
135,184 | Goldman Sachs Group, Inc. (The) | 46,419,482 | ||
213,539 | JPMorgan Chase & Co. | 28,635,580 | ||
325,310 | Principal Financial Group, Inc. | 27,300,015 | ||
352,084 | Prudential Financial, Inc. | 35,018,275 | ||
136,847 | T Rowe Price Group, Inc. | 14,924,534 | ||
533,375 | Truist Financial Corp. | 22,951,126 | ||
408,383 | US Bancorp | 17,809,582 | ||
835,461 | Wells Fargo & Co. | 34,496,185 | ||
355,170,961 | ||||
Consumer Discretionary — 9.8% | ||||
146,835 | Dollar General Corp. | 36,158,119 | ||
149,868 | Home Depot, Inc. (The) | 47,337,307 | ||
130,498 | McDonald's Corp. | 34,390,138 | ||
531,833 | Starbucks Corp. | 52,757,834 | ||
183,536 | Target Corp. | 27,354,205 | ||
555,468 | VF Corp. | 15,336,471 | ||
105,078 | Whirlpool Corp. | 14,864,334 | ||
402,004 | Yum! Brands, Inc. | 51,488,672 | ||
279,687,080 | ||||
Industrials — 9.7% | ||||
212,062 | 3M Co. | 25,430,475 | ||
155,387 | Caterpillar, Inc. | 37,224,510 | ||
60,978 | Deere & Co. | 26,144,927 | ||
153,663 | Eaton Corp. PLC | 24,117,408 | ||
506,216 | Fortune Brands Innovations, Inc. | 28,909,996 | ||
91,453 | Lockheed Martin Corp. | 44,490,970 |
Shares | Market Value | |||
Industrials — (Continued) | ||||
458,407 | Raytheon Technologies Corp. | $ 46,262,434 | ||
592,004 | Stanley Black & Decker, Inc. | 44,471,341 | ||
277,052,061 | ||||
Communication Services — 7.1% | ||||
1,614,351 | AT&T, Inc. | 29,720,202 | ||
1,257,419 | Comcast Corp. - Class A | 43,971,942 | ||
822,283 | Fox Corp. - Class A | 24,972,735 | ||
857,243 | Interpublic Group of Cos., Inc. (The) | 28,554,764 | ||
423,110 | Omnicom Group, Inc. | 34,513,083 | ||
1,052,254 | Verizon Communications, Inc. | 41,458,808 | ||
203,191,534 | ||||
Consumer Staples — 7.1% | ||||
537,697 | Coca-Cola Co. (The) | 34,202,906 | ||
59,455 | Constellation Brands, Inc. - Class A | 13,778,696 | ||
229,060 | PepsiCo, Inc. | 41,381,980 | ||
493,678 | Philip Morris International, Inc. | 49,965,151 | ||
415,325 | Sysco Corp. | 31,751,596 | ||
222,366 | Walmart, Inc. | 31,529,275 | ||
202,609,604 | ||||
Energy — 6.3% | ||||
265,368 | Chevron Corp. | 47,630,902 | ||
429,349 | Exxon Mobil Corp. | 47,357,195 | ||
396,873 | Phillips 66 | 41,306,542 | ||
347,437 | Valero Energy Corp. | 44,075,858 | ||
180,370,497 | ||||
Utilities — 3.7% | ||||
460,521 | Dominion Energy, Inc. | 28,239,147 | ||
397,508 | Duke Energy Corp. | 40,939,349 | ||
428,303 | NextEra Energy, Inc. | 35,806,131 | ||
104,984,627 | ||||
Materials — 3.5% | ||||
133,036 | Air Products & Chemicals, Inc. | 41,009,678 | ||
832,829 | DuPont de Nemours, Inc. | 57,157,054 | ||
98,166,732 | ||||
Real Estate — 2.9% | ||||
188,701 | Alexandria Real Estate Equities, Inc. REIT | 27,488,075 | ||
155,764 | American Tower Corp. REIT | 33,000,161 | ||
199,193 | Simon Property Group, Inc. REIT | 23,401,193 | ||
83,889,429 | ||||
Total Common Stocks | $2,847,089,582 | |||
Short-Term Investment Fund — 0.2% | ||||
6,216,918 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 6,216,918 | ||
Total Investment Securities—100.1% (Cost $2,844,415,692) | $2,853,306,500 | |||
Liabilities in Excess of Other Assets — (0.1%) | (3,014,065) | |||
Net Assets — 100.0% | $2,850,292,435 |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2022. |
Portfolio Abbreviations: |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
17
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 | $2,847,089,582 | $— | $— | $2,847,089,582 |
Short-Term Investment Fund | 6,216,918 | — | — | 6,216,918 |
Total | $2,853,306,500 | $— | $— | $2,853,306,500 |
See accompanying Notes to Portfolios of Investments.
18
Portfolio of Investments
Touchstone High Yield Fund – December 31, 2022 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 96.6% | ||||
Communication Services — 16.0% | ||||
$ 666,000 | Altice Financing SA (Luxembourg), 144a, 5.750%, 8/15/29 | $ 523,851 | ||
483,000 | Altice Financing SA (Luxembourg), 144a, 5.000%, 1/15/28 | 388,815 | ||
540,000 | Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | 411,750 | ||
514,000 | Altice France SA (France), 144a, 5.125%, 7/15/29 | 385,368 | ||
446,000 | Altice France SA (France), 144a, 5.500%, 10/15/29 | 340,088 | ||
506,000 | Belo Corp., 7.250%, 9/15/27 | 480,194 | ||
434,000 | Cars.com, Inc., 144a, 6.375%, 11/1/28 | 385,604 | ||
749,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 600,784 | ||
641,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 6.375%, 9/1/29 | 602,373 | ||
836,000 | Connect Finco SARL / Connect US Finco LLC (United Kingdom), 144a, 6.750%, 10/1/26 | 774,771 | ||
360,000 | CSC Holdings LLC, 144a, 3.375%, 2/15/31 | 234,769 | ||
1,268,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 700,640 | ||
1,073,000 | CSC Holdings LLC, 144a, 5.750%, 1/15/30 | 605,161 | ||
312,000 | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 144a, 5.875%, 8/15/27 | 279,134 | ||
607,000 | DISH DBS Corp., 144a, 5.250%, 12/1/26 | 511,297 | ||
574,000 | DISH DBS Corp., 7.750%, 7/1/26 | 463,907 | ||
500,000 | Frontier Communications Holdings LLC, 144a, 8.750%, 5/15/30 | 508,375 | ||
351,000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144a, 3.500%, 3/1/29 | 293,854 | ||
909,000 | GoTo Group, Inc., 144a, 5.500%, 9/1/27 | 488,880 | ||
1,175,000 | Gray Escrow II, Inc., 144a, 5.375%, 11/15/31 | 846,764 | ||
330,000 | Gray Television, Inc., 144a, 7.000%, 5/15/27 | 292,641 | ||
245,000 | LCPR Senior Secured Financing DAC, 144a, 5.125%, 7/15/29 | 202,960 | ||
400,000 | LCPR Senior Secured Financing DAC, 144a, 6.750%, 10/15/27 | 374,000 | ||
56,000 | Nexstar Media, Inc., 144a, 4.750%, 11/1/28 | 48,440 | ||
608,000 | Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 144a, 4.750%, 4/30/27 | 534,956 | ||
455,000 | Outfront Media Capital LLC / Outfront Media Capital Corp., 144a, 4.250%, 1/15/29 | 377,527 | ||
345,000 | Photo Holdings Merger Sub, Inc., 144a, 8.500%, 10/1/26 | 198,969 | ||
619,000 | Sinclair Television Group, Inc., 144a, 5.125%, 2/15/27 | 504,864 | ||
408,000 | Sprint Capital Corp., 6.875%, 11/15/28 | 424,315 | ||
1,543,000 | Stagwell Global, 144a, 5.625%, 8/15/29 | 1,272,327 | ||
612,000 | Station Casinos LLC, 144a, 4.625%, 12/1/31 | 490,930 | ||
472,000 | TEGNA, Inc., 5.000%, 9/15/29 | 447,834 | ||
230,000 | Telecom Italia Capital SA (Italy), 6.000%, 9/30/34 | 173,811 | ||
201,000 | Telecom Italia Capital SA (Italy), 6.375%, 11/15/33 | 164,436 | ||
467,000 | Videotron Ltd. (Canada), 144a, 5.125%, 4/15/27 | 441,096 | ||
376,000 | Vmed O2 UK Financing I PLC (United Kingdom), 144a, 4.250%, 1/31/31 | 304,378 | ||
324,000 | VZ Secured Financing BV (Netherlands), 144a, 5.000%, 1/15/32 | 263,289 | ||
16,343,152 | ||||
Industrials — 15.3% | ||||
457,000 | Air Canada (Canada), 144a, 3.875%, 8/15/26 | 404,717 | ||
79,000 | American Axle & Manufacturing, Inc., 6.250%, 3/15/26 | 73,767 | ||
862,000 | American Axle & Manufacturing, Inc., 6.500%, 4/1/27† | 777,696 | ||
683,000 | American Builders & Contractors Supply Co., Inc., 144a, 3.875%, 11/15/29 | 558,318 | ||
388,000 | Bombardier, Inc. (Canada), 144a, 7.875%, 4/15/27 | 376,358 |
Principal Amount | Market Value | |||
Industrials — (Continued) | ||||
$ 486,000 | BWX Technologies, Inc., 144a, 4.125%, 6/30/28 | $ 436,793 | ||
578,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25 | 506,432 | ||
697,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.875%, 11/15/29 | 549,181 | ||
296,000 | Cascades, Inc. / Cascades USA, Inc. (Canada), 144a, 5.375%, 1/15/28 | 258,939 | ||
1,382,000 | Cimpress PLC (Ireland), 144a, 7.000%, 6/15/26 | 955,377 | ||
293,000 | Covanta Holding Corp., 144a, 4.875%, 12/1/29 | 240,046 | ||
415,000 | Delta Air Lines, Inc., 3.750%, 10/28/29† | 344,956 | ||
748,000 | Dycom Industries, Inc., 144a, 4.500%, 4/15/29 | 651,055 | ||
348,000 | GFL Environmental, Inc. (Canada), 144a, 3.500%, 9/1/28 | 305,949 | ||
1,413,000 | Granite US Holdings Corp., 144a, 11.000%, 10/1/27 | 1,488,949 | ||
937,000 | H&E Equipment Services, Inc., 144a, 3.875%, 12/15/28 | 798,127 | ||
467,000 | Howmet Aerospace, Inc., 3.000%, 1/15/29 | 396,950 | ||
86,000 | Howmet Aerospace, Inc., 5.950%, 2/1/37 | 83,505 | ||
214,000 | Howmet Aerospace, Inc., 6.750%, 1/15/28 | 216,675 | ||
1,165,000 | Imola Merger Corp., 144a, 4.750%, 5/15/29 | 1,010,721 | ||
346,000 | MIWD Holdco II LLC / MIWD Finance Corp., 144a, 5.500%, 2/1/30 | 275,468 | ||
606,000 | Moog, Inc., 144a, 4.250%, 12/15/27 | 560,550 | ||
652,000 | New Enterprise Stone & Lime Co., Inc., 144a, 5.250%, 7/15/28 | 578,957 | ||
221,000 | OI European Group BV, 144a, 4.750%, 2/15/30 | 193,530 | ||
495,000 | Owens-Brockway Glass Container, Inc., 144a, 6.625%, 5/13/27 | 480,382 | ||
799,000 | Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC, 144a, 4.000%, 10/15/27 | 708,192 | ||
479,000 | Seaspan Corp. (Hong Kong), 144a, 5.500%, 8/1/29 | 362,986 | ||
412,000 | Standard Industries, Inc., 144a, 3.375%, 1/15/31 | 310,559 | ||
193,000 | Standard Industries, Inc., 144a, 5.000%, 2/15/27 | 178,087 | ||
319,000 | Stericycle, Inc., 144a, 3.875%, 1/15/29 | 278,328 | ||
495,000 | TK Elevator US Newco, Inc. (Germany), 144a, 5.250%, 7/15/27 | 437,917 | ||
1,000,000 | TransDigm, Inc., 4.625%, 1/15/29 | 879,270 | ||
15,678,737 | ||||
Energy — 14.8% | ||||
1,026,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 6.625%, 7/15/26 | 993,137 | ||
213,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.625%, 12/15/25 | 211,414 | ||
297,000 | Bristow Group, Inc., 144a, 6.875%, 3/1/28 | 273,339 | ||
380,000 | Callon Petroleum Co., 6.375%, 7/1/26† | 354,177 | ||
161,000 | Callon Petroleum Co., 144a, 7.500%, 6/15/30 | 147,315 | ||
830,000 | Civitas Resources, Inc., 144a, 5.000%, 10/15/26 | 758,832 | ||
549,000 | CNX Resources Corp., 144a, 7.375%, 1/15/31 | 526,211 | ||
1,662,000 | CQP Holdco LP / BIP-V Chinook Holdco LLC, 144a, 5.500%, 6/15/31 | 1,451,774 | ||
610,000 | Crescent Energy Finance LLC, 144a, 7.250%, 5/1/26 | 574,827 | ||
467,000 | CVR Energy, Inc., 144a, 5.250%, 2/15/25 | 429,640 | ||
1,078,000 | DCP Midstream Operating LP, 144a, 5.850%, 5/21/43 | 1,051,611 | ||
625,000 | Earthstone Energy Holdings LLC, 144a, 8.000%, 4/15/27 | 596,918 | ||
209,000 | EQM Midstream Partners LP, 5.500%, 7/15/28 | 186,879 | ||
1,024,000 | Genesis Energy LP / Genesis Energy Finance Corp., 5.625%, 6/15/24 | 988,154 | ||
414,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | 368,488 | ||
201,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 4/15/30 | 178,744 | ||
534,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.250%, 11/1/28 | 483,270 |
19
Touchstone High Yield Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 96.6% (Continued) | ||||
Energy — (Continued) | ||||
$ 268,000 | Holly Energy Partners LP / Holly Energy Finance Corp., 144a, 6.375%, 4/15/27 | $ 263,308 | ||
274,000 | Kinetik Holdings LP, 144a, 5.875%, 6/15/30 | 256,953 | ||
1,067,000 | Murphy Oil Corp., 6.375%, 7/15/28 | 1,027,042 | ||
424,000 | Nabors Industries, Inc., 144a, 7.375%, 5/15/27 | 410,727 | ||
572,000 | NuStar Logistics LP, 5.625%, 4/28/27 | 534,799 | ||
531,000 | NuStar Logistics LP, 6.000%, 6/1/26 | 511,304 | ||
923,000 | Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | 770,142 | ||
611,000 | Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | 568,845 | ||
245,000 | Rockies Express Pipeline LLC, 144a, 4.950%, 7/15/29 | 219,851 | ||
165,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 5.500%, 1/15/28 | 146,329 | ||
207,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 12/31/30 | 178,999 | ||
249,000 | TerraForm Power Operating LLC, 144a, 5.000%, 1/31/28 | 222,804 | ||
544,000 | Vermilion Energy, Inc. (Canada), 144a, 6.875%, 5/1/30 | 497,676 | ||
15,183,509 | ||||
Consumer Discretionary — 14.5% | ||||
617,000 | Adient Global Holdings Ltd., 144a, 4.875%, 8/15/26 | 574,415 | ||
415,000 | Bath & Body Works, Inc., 5.250%, 2/1/28 | 385,390 | ||
496,000 | Beazer Homes USA, Inc., 6.750%, 3/15/25 | 478,547 | ||
829,000 | Carnival Corp., 144a, 6.000%, 5/1/29 | 552,431 | ||
532,000 | Carnival Corp., 144a, 9.875%, 8/1/27 | 502,740 | ||
449,000 | Carriage Services, Inc., 144a, 4.250%, 5/15/29 | 356,359 | ||
755,000 | Coty, Inc. / HFC Prestige Products, Inc. / HFC Prestige International US LLC, 144a, 4.750%, 1/15/29 | 683,275 | ||
423,000 | Dana, Inc., 4.250%, 9/1/30 | 340,777 | ||
764,000 | Ford Motor Co., 4.750%, 1/15/43 | 548,732 | ||
1,318,000 | Ford Motor Credit Co. LLC, 2.900%, 2/10/29 | 1,052,766 | ||
664,000 | Ford Motor Credit Co. LLC, 7.350%, 11/4/27 | 680,401 | ||
372,000 | Hilton Domestic Operating Co., Inc., 144a, 3.625%, 2/15/32 | 297,898 | ||
445,000 | International Game Technology PLC, 144a, 6.250%, 1/15/27 | 441,662 | ||
692,000 | JB Poindexter & Co., Inc., 144a, 7.125%, 4/15/26 | 667,780 | ||
617,000 | KB Home, 4.000%, 6/15/31 | 495,975 | ||
94,000 | Michaels Cos., Inc. (The), 144a, 5.250%, 5/1/28 | 75,626 | ||
177,000 | Michaels Cos., Inc. (The), 144a, 7.875%, 5/1/29 | 118,266 | ||
403,000 | Newell Brands, Inc., 6.375%, 9/15/27 | 400,626 | ||
298,000 | Royal Caribbean Cruises Ltd., 144a, 5.375%, 7/15/27 | 241,291 | ||
172,000 | Royal Caribbean Cruises Ltd., 7.500%, 10/15/27 | 146,370 | ||
133,000 | Royal Caribbean Cruises Ltd., 144a, 8.250%, 1/15/29 | 133,648 | ||
970,000 | Royal Caribbean Cruises Ltd., 144a, 11.625%, 8/15/27 | 972,425 | ||
773,000 | Sands China Ltd. (Macao), 5.625%, 8/8/25 | 740,418 | ||
500,000 | Sands China Ltd. (Macao), 5.900%, 8/8/28 | 469,246 | ||
706,000 | Sonic Automotive, Inc., 144a, 4.625%, 11/15/29 | 565,300 | ||
733,000 | Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | 650,436 | ||
485,000 | Tempur Sealy International, Inc., 144a, 3.875%, 10/15/31 | 379,323 | ||
671,000 | Thor Industries, Inc., 144a, 4.000%, 10/15/29 | 526,965 | ||
340,000 | United Airlines, Inc., 144a, 4.625%, 4/15/29 | 296,036 | ||
1,108,000 | Wynn Macau Ltd. (Macao), 144a, 4.875%, 10/1/24 | 1,046,105 | ||
14,821,229 | ||||
Financials — 9.1% | ||||
580,000 | Allstate Corp. (The), Ser B, 5.750%, 8/15/53 | 545,200 | ||
654,000 | Ally Financial, Inc., 7.100%, 11/15/27 | 666,591 | ||
317,000 | Credit Acceptance Corp., 144a, 5.125%, 12/31/24 | 297,910 | ||
504,000 | Deutsche Bank AG (Germany), 4.296%, 5/24/28 | 474,198 | ||
440,000 | FirstCash, Inc., 144a, 4.625%, 9/1/28 | 386,303 | ||
328,000 | FirstCash, Inc., 144a, 5.625%, 1/1/30 | 291,941 |
Principal Amount | Market Value | |||
Financials — (Continued) | ||||
$ 611,000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.250%, 5/15/27 | $ 559,432 | ||
807,000 | Jane Street Group / JSG Finance, Inc., 144a, 4.500%, 11/15/29 | 694,020 | ||
400,000 | MGIC Investment Corp., 5.250%, 8/15/28 | 368,834 | ||
559,000 | National Rural Utilities Cooperative Finance Corp., 4.750%, 4/30/43 | 518,473 | ||
692,000 | Navient Corp., 5.875%, 10/25/24 | 669,545 | ||
430,000 | Navient Corp., 6.750%, 6/25/25 | 412,760 | ||
315,000 | OneMain Finance Corp., 3.875%, 9/15/28 | 250,494 | ||
228,000 | OneMain Finance Corp., 4.000%, 9/15/30 | 170,120 | ||
399,000 | OneMain Finance Corp., 6.625%, 1/15/28 | 367,411 | ||
273,000 | PennyMac Financial Services, Inc., 144a, 5.375%, 10/15/25 | 246,034 | ||
414,000 | PennyMac Financial Services, Inc., 144a, 5.750%, 9/15/31 | 328,308 | ||
1,035,000 | Prime Security Services Borrower LLC / Prime Finance, Inc., 144a, 5.750%, 4/15/26 | 993,215 | ||
718,000 | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144a, 2.875%, 10/15/26 | 618,399 | ||
661,000 | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144a, 3.875%, 3/1/31 | 504,523 | ||
9,363,711 | ||||
Health Care — 6.5% | ||||
592,000 | AdaptHealth LLC, 144a, 4.625%, 8/1/29 | 495,652 | ||
293,000 | AdaptHealth LLC, 144a, 5.125%, 3/1/30 | 249,428 | ||
349,000 | Avantor Funding, Inc., 144a, 3.875%, 11/1/29 | 293,073 | ||
339,000 | CHS / Community Health Systems, Inc., 144a, 5.250%, 5/15/30 | 255,619 | ||
300,000 | Herbalife Nutrition Ltd. / HLF Financing, Inc., 144a, 7.875%, 9/1/25 | 266,697 | ||
400,000 | HLF Financing Sarl LLC / Herbalife International, Inc., 144a, 4.875%, 6/1/29 | 275,508 | ||
413,000 | Medline Borrower LP, 144a, 3.875%, 4/1/29 | 332,415 | ||
412,000 | Medline Borrower LP, 144a, 5.250%, 10/1/29 | 327,239 | ||
795,000 | MEDNAX, Inc., 144a, 5.375%, 2/15/30† | 690,830 | ||
330,000 | ModivCare, Inc., 144a, 5.875%, 11/15/25 | 309,978 | ||
432,000 | Molina Healthcare, Inc., 144a, 3.875%, 5/15/32 | 358,750 | ||
522,000 | Option Care Health, Inc., 144a, 4.375%, 10/31/29 | 456,599 | ||
444,000 | Tenet Healthcare Corp., 144a, 4.250%, 6/1/29 | 384,637 | ||
730,000 | Tenet Healthcare Corp., 144a, 4.375%, 1/15/30 | 631,862 | ||
266,000 | Tenet Healthcare Corp., 144a, 6.125%, 6/15/30 | 253,445 | ||
729,000 | Teva Pharmaceutical Finance Netherlands III BV (Israel), 3.150%, 10/1/26 | 637,510 | ||
452,000 | Teva Pharmaceutical Finance Netherlands III BV (Israel), 4.750%, 5/9/27 | 408,563 | ||
6,627,805 | ||||
Consumer Staples — 6.4% | ||||
580,000 | 1011778 BC ULC / New Red Finance, Inc. (Canada), 144a, 4.000%, 10/15/30 | 469,313 | ||
446,000 | ACCO Brands Corp., 144a, 4.250%, 3/15/29 | 367,950 | ||
407,000 | AHP Health Partners, Inc., 144a, 5.750%, 7/15/29 | 317,969 | ||
1,163,000 | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144a, 5.875%, 2/15/28 | 1,105,641 | ||
201,000 | Ashtead Capital, Inc. (United Kingdom), 144a, 2.450%, 8/12/31 | 155,274 | ||
787,000 | BellRing Brands, Inc., 144a, 7.000%, 3/15/30 | 757,291 | ||
699,000 | Gap, Inc. (The), 144a, 3.875%, 10/1/31 | 487,633 | ||
280,000 | Macy's Retail Holdings LLC, 144a, 5.875%, 4/1/29 | 247,913 | ||
314,000 | Post Holdings, Inc., 144a, 4.625%, 4/15/30 | 269,974 |
20
Touchstone High Yield Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 96.6% (Continued) | ||||
Consumer Staples — (Continued) | ||||
$ 908,000 | Primo Water Holdings, Inc. (Canada), 144a, 4.375%, 4/30/29 | $ 784,141 | ||
684,000 | QVC, Inc., 4.375%, 9/1/28 | 408,690 | ||
448,000 | QVC, Inc., 4.750%, 2/15/27 | 316,606 | ||
955,000 | Turning Point Brands, Inc., 144a, 5.625%, 2/15/26 | 823,697 | ||
6,512,092 | ||||
Materials — 5.8% | ||||
355,000 | Arconic Corp., 144a, 6.125%, 2/15/28 | 333,084 | ||
311,000 | Avient Corp., 144a, 7.125%, 8/1/30 | 304,005 | ||
685,000 | Celanese US Holdings LLC, 6.379%, 7/15/32† | 653,468 | ||
938,000 | Clearwater Paper Corp., 144a, 4.750%, 8/15/28 | 825,454 | ||
650,000 | Cleveland-Cliffs, Inc., 144a, 4.875%, 3/1/31† | 573,944 | ||
233,000 | Hudbay Minerals, Inc. (Canada), 144a, 4.500%, 4/1/26 | 211,643 | ||
443,000 | Kaiser Aluminum Corp., 144a, 4.500%, 6/1/31 | 356,061 | ||
243,000 | Kaiser Aluminum Corp., 144a, 4.625%, 3/1/28 | 212,048 | ||
705,000 | Mineral Resources Ltd. (Australia), 144a, 8.000%, 11/1/27 | 720,877 | ||
636,000 | NOVA Chemicals Corp. (Canada), 144a, 4.250%, 5/15/29 | 519,930 | ||
596,000 | Tronox, Inc., 144a, 4.625%, 3/15/29 | 495,425 | ||
654,000 | Yara International ASA (Brazil), 144a, 7.378%, 11/14/32 | 684,385 | ||
5,890,324 | ||||
Information Technology — 3.2% | ||||
482,000 | Booz Allen Hamilton, Inc., 144a, 4.000%, 7/1/29 | 424,229 | ||
587,000 | Clarivate Science Holdings Corp., 144a, 4.875%, 7/1/29 | 499,155 | ||
555,000 | Consensus Cloud Solutions, Inc., 144a, 6.000%, 10/15/26 | 519,059 | ||
145,000 | NCR Corp., 144a, 5.125%, 4/15/29 | 121,300 | ||
299,000 | NCR Corp., 144a, 5.750%, 9/1/27 | 286,120 | ||
448,000 | Open Text Corp. (Canada), 144a, 3.875%, 12/1/29 | 360,312 | ||
560,000 | Open Text Corp. (Canada), 144a, 3.875%, 2/15/28 | 480,553 | ||
291,000 | SS&C Technologies, Inc., 144a, 5.500%, 9/30/27 | 273,113 | ||
361,000 | Ziff Davis, Inc., 144a, 4.625%, 10/15/30 | 305,471 | ||
3,269,312 | ||||
Real Estate — 2.7% | ||||
450,000 | CTR Partnership LP / CareTrust Capital Corp. REIT, 144a, 3.875%, 6/30/28 | 380,262 | ||
535,000 | Diversified Healthcare Trust REIT, 4.750%, 2/15/28 | 304,281 | ||
325,000 | Howard Hughes Corp. (The), 144a, 4.375%, 2/1/31 | 262,947 | ||
132,000 | Iron Mountain, Inc. REIT, 144a, 4.500%, 2/15/31 | 108,496 | ||
674,000 | Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29 | 587,863 | ||
112,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 3/15/28 | 103,040 | ||
660,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | 573,540 | ||
515,000 | RHP Hotel Properties LP / RHP Finance Corp. REIT, 144a, 4.500%, 2/15/29 | 444,236 | ||
2,764,665 | ||||
Utilities — 2.3% | ||||
311,000 | Atlantica Sustainable Infrastructure PLC (Spain), 144a, 4.125%, 6/15/28 | 275,558 | ||
331,000 | Calpine Corp., 144a, 5.125%, 3/15/28 | 295,553 | ||
453,000 | DPL, Inc., 4.350%, 4/15/29 | 407,147 | ||
1,033,000 | Edison International, Ser B, 5.000%(A) | 867,720 | ||
561,000 | Vistra Operations Co. LLC, 144a, 4.375%, 5/1/29 | 484,020 | ||
2,329,998 | ||||
Total Corporate Bonds | $98,784,534 |
Shares | MarketValue | |||
Common Stocks — 0.9% | ||||
Energy — 0.9% | ||||
16,397 | Unit Corp.* | $ 948,730 | ||
Short-Term Investment Funds — 4.0% | ||||
916,986 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 916,986 | ||
3,199,147 | Invesco Government & Agency Portfolio, Institutional Class, 4.22%∞Ω** | 3,199,147 | ||
Total Short-Term Investment Funds | $4,116,133 | |||
Total Investment Securities—101.5% (Cost $117,463,438) | $103,849,397 | |||
Liabilities in Excess of Other Assets — (1.5%) | (1,565,078) | |||
Net Assets — 100.0% | $102,284,319 |
(A) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
* | Non-income producing security. |
** | Represents collateral for securities loaned. |
† | All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2022 was $3,061,003. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 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 December 31, 2022, these securities were valued at $75,508,572 or 73.8% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $— | $98,784,534 | $— | $98,784,534 |
Common Stocks | 948,730 | — | — | 948,730 |
Short-Term Investment Funds | 4,116,133 | — | — | 4,116,133 |
Total | $5,064,863 | $98,784,534 | $— | $103,849,397 |
See accompanying Notes to Portfolios of Investments.
21
Portfolio of Investments
Touchstone Impact Bond Fund – December 31, 2022 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 31.4% | ||||
Financials — 10.4% | ||||
$ 3,000,000 | American Express Co., 4.050%, 5/3/29 | $ 2,862,724 | ||
3,000,000 | Bank of America Corp., 6.204%, 11/10/28 | 3,093,165 | ||
1,337,353 | Fishers Lane Associates LLC, 144a, 3.666%, 8/5/30 | 1,274,323 | ||
710,000 | Fishers Lane Associates LLC, 144a, 5.477%, 8/5/40 | 708,450 | ||
2,599,000 | Globe Life, Inc., 4.550%, 9/15/28 | 2,523,408 | ||
2,400,000 | KeyBank NA, 4.150%, 8/8/25 | 2,348,031 | ||
2,000,000 | MassMutual Global Funding II, 144a, 0.850%, 6/9/23 | 1,963,081 | ||
1,500,000 | Metropolitan Life Global Funding I, 144a, 3.050%, 6/17/29 | 1,332,976 | ||
2,000,000 | Metropolitan Life Global Funding I, 144a, 4.300%, 8/25/29 | 1,903,957 | ||
2,386,000 | National Rural Utilities Cooperative Finance Corp., 3.400%, 11/15/23 | 2,353,420 | ||
1,500,000 | Nationwide Mutual Insurance Co., 144a, 4.350%, 4/30/50 | 1,128,308 | ||
1,334,000 | Nationwide Mutual Insurance Co., 144a, 9.375%, 8/15/39 | 1,723,136 | ||
1,300,000 | New York Life Global Funding, 144a, 1.450%, 1/14/25 | 1,211,858 | ||
1,000,000 | Northwestern Mutual Global Funding, 144a, 0.600%, 3/25/24 | 947,779 | ||
2,350,000 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.625%, 9/30/59 | 1,630,915 | ||
3,500,000 | Pacific Life Global Funding II, 144a, 1.375%, 4/14/26 | 3,089,716 | ||
3,500,000 | PNC Bank NA, 2.700%, 10/22/29 | 2,960,356 | ||
1,500,000 | Progressive Corp. (The), 4.200%, 3/15/48 | 1,266,376 | ||
1,104,000 | Protective Life Corp., 8.450%, 10/15/39 | 1,304,253 | ||
3,500,000 | Protective Life Global Funding, 144a, 1.170%, 7/15/25 | 3,152,754 | ||
2,610,000 | Reliance Standard Life Global Funding II, 144a, 2.750%, 1/21/27 | 2,355,943 | ||
1,700,000 | SBA Tower Trust REIT, 144a, 1.884%, 1/15/26 | 1,496,584 | ||
1,500,000 | SBA Tower Trust REIT, 144a, 2.836%, 1/15/25 | 1,414,573 | ||
2,802,000 | Teachers Insurance & Annuity Association of America, 144a, 4.900%, 9/15/44 | 2,576,965 | ||
1,100,000 | Unum Group, 7.190%, 2/1/28 | 1,163,125 | ||
844,000 | Unum Group, 7.250%, 3/15/28 | 888,122 | ||
1,405,000 | US Bancorp, 5.727%, 10/21/26 | 1,431,631 | ||
2,000,000 | USB Capital IX, (3M LIBOR +1.020%), 5.099%(A)(B) | 1,574,999 | ||
51,680,928 | ||||
Utilities — 7.4% | ||||
3,600,000 | American Water Capital Corp., 2.950%, 9/1/27 | 3,325,014 | ||
2,250,000 | Avista Corp., 4.350%, 6/1/48 | 1,879,947 | ||
1,623,000 | California Water Service Co., 5.500%, 12/1/40 | 1,663,240 | ||
3,270,000 | Cleco Securitization I LLC, Ser A-2, 4.646%, 9/1/42 | 3,003,699 | ||
2,008,000 | Commonwealth Edison Co., 5.900%, 3/15/36 | 2,103,673 | ||
2,163,000 | Dominion Energy South Carolina, Inc., 4.600%, 6/15/43 | 1,936,955 | ||
1,900,000 | Duke Energy Florida Project Finance LLC, Ser 2032, 2.858%, 3/1/33 | 1,600,862 | ||
2,328,000 | Duke Energy Progress LLC, 6.300%, 4/1/38 | 2,513,574 | ||
2,532,000 | Entergy Louisiana LLC, 4.440%, 1/15/26 | 2,457,062 | ||
3,000,000 | Essential Utilities, Inc., 4.276%, 5/1/49 | 2,434,051 | ||
1,642,000 | Georgia Power Co., 4.750%, 9/1/40 | 1,490,915 | ||
3,415,000 | Kentucky Utilities Co., 5.125%, 11/1/40 | 3,250,377 | ||
2,000,000 | NextEra Energy Capital Holdings, Inc., (3M LIBOR +2.067%), 6.821%, 10/1/66(B) | 1,660,000 | ||
2,080,000 | PG&E Wildfire Recovery Funding LLC, Ser A-5, 5.099%, 6/1/52 | 1,969,803 | ||
3,490,000 | SCE Recovery Funding LLC, Ser A-2, 2.943%, 11/15/42 | 2,741,152 | ||
1,110,000 | Sierra Pacific Power Co., 2.600%, 5/1/26 | 1,032,030 | ||
2,024,023 | Southaven Combined Cycle Generation LLC, 3.846%, 8/15/33 | 1,888,207 | ||
36,950,561 |
Principal Amount | Market Value | |||
Industrials — 5.5% | ||||
$ 6,665 | Burlington Northern and Santa Fe Railway Co. 2005-3 Pass Through Trust, 4.830%, 1/15/23 | $ 6,663 | ||
155,680 | Burlington Northern and Santa Fe Railway Co. 2005-4 Pass Through Trust, 4.967%, 4/1/23 | 154,984 | ||
2,355,000 | Burlington Northern Santa Fe LLC, 6.700%, 8/1/28 | 2,522,656 | ||
1,000,000 | CSX Corp., 6.150%, 5/1/37 | 1,074,599 | ||
1,347,391 | CSX Transportation, Inc., 6.251%, 1/15/23 | 1,347,839 | ||
2,000,000 | FedEx Corp., 4.250%, 5/15/30 | 1,886,283 | ||
2,174,588 | FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 2/20/34 | 1,786,601 | ||
1,075,000 | GATX Corp., 1.900%, 6/1/31 | 798,115 | ||
2,823,000 | GATX Corp., 3.250%, 3/30/25 | 2,697,693 | ||
1,180,000 | Kansas City Southern, 3.000%, 5/15/23 | 1,169,582 | ||
1,625,000 | Kansas City Southern, 3.125%, 6/1/26 | 1,527,591 | ||
1,941,000 | Norfolk Southern Corp., 2.903%, 2/15/23 | 1,938,436 | ||
2,750,000 | Republic Services, Inc., 2.300%, 3/1/30 | 2,312,365 | ||
625,000 | TOTE Maritime Alaska LLC, 6.365%, 4/15/28 | 651,486 | ||
2,322,000 | Tote Shipholdings LLC, 3.400%, 10/16/40 | 2,076,537 | ||
1,960,000 | Union Pacific Corp., 2.891%, 4/6/36 | 1,565,317 | ||
53,822 | Union Pacific Railroad Co. 2003 Pass Through Trust, 4.698%, 1/2/24 | 53,694 | ||
559,508 | Union Pacific Railroad Co. 2006 Pass Through Trust, 5.866%, 7/2/30 | 575,990 | ||
1,209,696 | Union Pacific Railroad Co. 2014-1 Pass Through Trust, 3.227%, 5/14/26 | 1,149,132 | ||
2,100,000 | Waste Management, Inc., 3.900%, 3/1/35 | 1,840,828 | ||
27,136,391 | ||||
Consumer Discretionary — 2.9% | ||||
3,610,760 | American Airlines 2016-3 Class AA Pass Through Trust, 3.000%, 10/15/28 | 3,133,487 | ||
1,488,595 | American Airlines Group, Inc. Pass-Through Trust, 4.400%, 9/22/23 | 1,463,053 | ||
558,641 | Continental Airlines 2012-2 Class A Pass Through Trust, 4.000%, 10/29/24 | 533,192 | ||
5,000,000 | Delta Air Lines 2019-1 Class AA Pass Through Trust, 3.204%, 4/25/24 | 4,873,887 | ||
1,785,000 | PulteGroup, Inc., 7.875%, 6/15/32 | 1,994,426 | ||
2,570,000 | Smithsonian Institution, 2.645%, 9/1/39 | 1,894,900 | ||
576,781 | United Airlines, Inc. Pass-Through Trust, 2.875%, 10/7/28 | 491,194 | ||
14,384,139 | ||||
Real Estate — 1.6% | ||||
2,500,000 | American Tower Corp. REIT, 3.125%, 1/15/27 | 2,293,423 | ||
3,225,000 | American Tower Trust #1 REIT, Ser 13, Class 2A, 144a, 3.070%, 3/15/48 | 3,206,944 | ||
2,000,000 | Crown Castle International Corp. REIT, 4.300%, 2/15/29 | 1,893,388 | ||
805,000 | SBA Tower Trust REIT, 144a, 1.631%, 11/15/26 | 684,567 | ||
8,078,322 | ||||
Health Care — 1.3% | ||||
1,179,414 | CVS Pass Through Trust Series 2013, 144a, 4.704%, 1/10/36 | 1,062,649 | ||
2,193,873 | CVS Pass-Through Trust, 6.036%, 12/10/28 | 2,163,064 | ||
3,405,000 | HCA, Inc., 5.250%, 4/15/25 | 3,387,660 | ||
6,613,373 | ||||
Communication Services — 0.9% | ||||
1,500,000 | AT&T, Inc., 4.850%, 7/15/45 | 1,293,774 | ||
1,000,000 | AT&T, Inc., 6.250%, 3/29/41 | 976,737 | ||
1,200,000 | Verizon Communications, Inc., 2.100%, 3/22/28 | 1,043,359 | ||
1,185,000 | Verizon Communications, Inc., 4.862%, 8/21/46 | 1,069,676 | ||
4,383,546 |
22
Touchstone Impact Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 31.4% (Continued) | ||||
Consumer Staples — 0.8% | ||||
$ 1,000,000 | Kroger Co. (The), 4.500%, 1/15/29 | $ 965,543 | ||
1,265,000 | Kroger Co. (The), Ser B, 7.700%, 6/1/29 | 1,396,545 | ||
1,600,000 | United Rentals North America, Inc., 4.875%, 1/15/28 | 1,516,240 | ||
3,878,328 | ||||
Information Technology — 0.3% | ||||
1,900,000 | Lam Research Corp., 1.900%, 6/15/30 | 1,552,725 | ||
Energy — 0.3% | ||||
1,405,000 | Texas Eastern Transmission LP, 7.000%, 7/15/32 | 1,538,339 | ||
Total Corporate Bonds | $156,196,652 | |||
U.S. Government Agency Obligations — 20.9% | ||||
2,041,000 | Canal Barge Co., Inc., 4.500%, 11/12/34 | 2,004,775 | ||
480,682 | Export-Import Bank of the United States, 1.581%, 11/16/24 | 464,350 | ||
1,265,340 | Helios Leasing I LLC, 1.734%, 7/24/24 | 1,232,083 | ||
892,000 | Matson Navigation Co., Inc., 5.337%, 9/4/28 | 902,307 | ||
825,000 | Petroleos Mexicanos (Mexico), 2.290%, 2/15/24 | 811,172 | ||
1,752,579 | Reliance Industries Ltd. (India), 1.870%, 1/15/26 | 1,668,085 | ||
1,273,169 | SBA Small Business Investment Cos, Ser 2017-10A, Class 1, 2.845%, 3/10/27 | 1,196,470 | ||
1,913,566 | SBA Small Business Investment Cos, Ser 2017-10B, Class 1, 2.518%, 9/10/27 | 1,781,174 | ||
1,031 | Small Business Administration Participation Certificates, Ser 2003-20D, Class 1, 4.760%, 4/1/23 | 1,028 | ||
12,915 | Small Business Administration Participation Certificates, Ser 2004-20D, Class 1, 4.770%, 4/1/24 | 12,725 | ||
33,299 | Small Business Administration Participation Certificates, Ser 2004-20K, Class 1, 4.880%, 11/1/24 | 32,718 | ||
36,185 | Small Business Administration Participation Certificates, Ser 2005-20H, Class 1, 5.110%, 8/1/25 | 35,843 | ||
73,435 | Small Business Administration Participation Certificates, Ser 2006-20H, Class 1, 5.700%, 8/1/26 | 73,204 | ||
75,760 | Small Business Administration Participation Certificates, Ser 2006-20K, Class 1, 5.360%, 11/1/26 | 75,345 | ||
127,121 | Small Business Administration Participation Certificates, Ser 2006-20L, Class 1, 5.120%, 12/1/26 | 123,780 | ||
162,674 | Small Business Administration Participation Certificates, Ser 2007-20A, Class 1, 5.320%, 1/1/27 | 161,643 | ||
191,020 | Small Business Administration Participation Certificates, Ser 2007-20E, Class 1, 5.310%, 5/1/27 | 188,326 | ||
331,563 | Small Business Administration Participation Certificates, Ser 2007-20F, Class 1, 5.710%, 6/1/27 | 330,670 | ||
360,866 | Small Business Administration Participation Certificates, Ser 2007-20L, Class 1, 5.290%, 12/1/27 | 358,736 | ||
167,633 | Small Business Administration Participation Certificates, Ser 2008-20A, Class 1, 5.170%, 1/1/28 | 165,174 | ||
169,374 | Small Business Administration Participation Certificates, Ser 2008-20K, Class 1, 6.770%, 11/1/28 | 169,970 | ||
375,205 | Small Business Administration Participation Certificates, Ser 2009-20C, Class 1, 4.660%, 3/1/29 | 369,719 | ||
189,148 | Small Business Administration Participation Certificates, Ser 2009-20D, Class 1, 4.310%, 4/1/29 | 185,703 | ||
424,729 | Small Business Administration Participation Certificates, Ser 2009-20E, Class 1, 4.430%, 5/1/29 | 412,340 | ||
171,423 | Small Business Administration Participation Certificates, Ser 2009-20F, Class 1, 4.950%, 6/1/29 | 167,327 |
Principal Amount | Market Value | |||
U.S. Government Agency Obligations — 20.9% (Continued) | ||||
$ 460,423 | Small Business Administration Participation Certificates, Ser 2009-20J, Class 1, 3.920%, 10/1/29 | $ 445,147 | ||
720,562 | Small Business Administration Participation Certificates, Ser 2010-20F, Class 1, 3.880%, 6/1/30 | 703,135 | ||
1,587,930 | Small Business Administration Participation Certificates, Ser 2010-20I, Class 1, 3.210%, 9/1/30 | 1,492,667 | ||
3,772,429 | Small Business Administration Participation Certificates, Ser 2013-20C, Class 1, 2.220%, 3/1/33 | 3,417,696 | ||
2,744,952 | Small Business Administration Participation Certificates, Ser 2013-20E, Class 1, 2.070%, 5/1/33 | 2,477,583 | ||
1,577,077 | Small Business Administration Participation Certificates, Ser 2013-20G, Class 1, 3.150%, 7/1/33 | 1,491,641 | ||
2,130,869 | Small Business Administration Participation Certificates, Ser 2014-20H, Class 1, 2.880%, 8/1/34 | 1,979,690 | ||
3,078,010 | Small Business Administration Participation Certificates, Ser 2014-20I, Class 1, 2.920%, 9/1/34 | 2,874,909 | ||
2,403,306 | Small Business Administration Participation Certificates, Ser 2014-20K, Class 1, 2.800%, 11/1/34 | 2,222,822 | ||
1,755,547 | Small Business Administration Participation Certificates, Ser 2015-20I, Class 1, 2.820%, 9/1/35 | 1,619,261 | ||
2,020,629 | Small Business Administration Participation Certificates, Ser 2016-20A, Class 1, 2.780%, 1/1/36 | 1,878,363 | ||
2,788,553 | Small Business Administration Participation Certificates, Ser 2016-20B, Class 1, 2.270%, 2/1/36 | 2,534,063 | ||
3,058,682 | Small Business Administration Participation Certificates, Ser 2016-20F, Class 1, 2.180%, 6/1/36 | 2,739,972 | ||
3,485,437 | Small Business Administration Participation Certificates, Ser 2017-20E, Class 1, 2.880%, 5/1/37 | 3,219,584 | ||
2,910,479 | Small Business Administration Participation Certificates, Ser 2017-20F, Class 1, 2.810%, 6/1/37 | 2,662,692 | ||
3,750,250 | Small Business Administration Participation Certificates, Ser 2017-20K, Class 1, 2.790%, 11/1/37 | 3,433,348 | ||
1,831,673 | Small Business Administration Participation Certificates, Ser 2017-20L, Class 1, 2.780%, 12/1/37 | 1,675,271 | ||
4,721,676 | Small Business Administration Participation Certificates, Ser 2018-20A, Class 1, 2.920%, 1/1/38 | 4,350,747 | ||
4,419,850 | Small Business Administration Participation Certificates, Ser 2018-20C, Class 1, 3.200%, 3/1/38 | 4,165,092 | ||
3,241,223 | Small Business Administration Participation Certificates, Ser 2018-20K, Class 1, 3.870%, 11/1/38 | 3,103,174 | ||
1,773,829 | Small Business Administration Participation Certificates, Ser 2018-25D, Class 1, 3.890%, 10/1/43 | 1,688,422 | ||
2,061,123 | Small Business Administration Participation Certificates, Ser 2019-25B, Class 1, 3.450%, 2/1/44 | 1,906,363 | ||
2,455,786 | Small Business Administration Participation Certificates, Ser 2019-25E, Class 1, 3.070%, 5/1/44 | 2,260,205 | ||
3,812,499 | Small Business Administration Participation Certificates, Ser 2020-25I, Class 1, 1.150%, 9/1/45 | 3,027,652 | ||
3,437,962 | Small Business Administration Participation Certificates, Ser 2022-25C, Class 1, 2.750%, 3/1/47 | 3,016,105 | ||
2,206,867 | Small Business Administration Participation Certificates, Ser 2022-25D, Class 1, 3.500%, 4/1/47 | 2,032,128 | ||
3,000,000 | Small Business Administration Participation Certificates, Ser 2022-25G, Class 1, 3.930%, 7/1/47 | 2,860,110 | ||
3,205,000 | Small Business Administration Participation Certificates, Ser 2022-25H, Class 1, 3.800%, 8/1/47 | 3,020,802 | ||
9,640,000 | Small Business Administration Participation Certificates, Ser 2022-25I, Class 1, 4.260%, 9/1/47 | 9,317,579 |
23
Touchstone Impact Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
U.S. Government Agency Obligations — 20.9% (Continued) | ||||
$ 2,482,000 | Tennessee Valley Auth., 4.650%, 6/15/35 | $ 2,460,242 | ||
2,290,869 | United States International Development Finance Corp., 1.870%, 11/20/37 | 1,855,983 | ||
5,216,887 | United States of America Executive Branch, Ser 2021-25L, Class 1, 1.850%, 12/1/46 | 4,256,998 | ||
1,931,211 | United States Small Business Administration, Ser 2019-20A, Class 1, 3.370%, 1/1/39 | 1,815,082 | ||
3,004,000 | Vessel Management Services, Inc., 5.125%, 4/16/35 | 3,039,170 | ||
Total U.S. Government Agency Obligations | $103,968,365 | |||
Agency Collateralized Mortgage Obligations — 12.6% | ||||
2,309,024 | Fannie Mae-Aces, Ser 2017-M15, Class ATS2, 3.158%, 11/25/27(B)(C) | 2,191,691 | ||
3,325,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1511, Class A3, 3.542%, 3/25/34 | 2,975,675 | ||
3,760,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KG02, Class A2, 2.412%, 8/25/29 | 3,323,544 | ||
2,919,451 | FHLMC Multifamily Structured Pass Through Certificates, Ser KG03, Class A1, 0.704%, 4/25/29(B)(C) | 2,544,882 | ||
2,732,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KSG1, Class A2, 1.503%, 9/25/30 | 2,215,953 | ||
1,650,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KSG2, Class A2, 2.091%, 11/25/31(B)(C) | 1,366,071 | ||
2,326,875 | FHLMC Multifamily Structured Pass Through Certificates, Ser KW03, Class A1, 2.617%, 12/25/26 | 2,249,969 | ||
3,060,000 | FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1513, Class A3, 2.797%, 8/25/34 | 2,537,114 | ||
2,600,000 | FREMF Mortgage Trust, Ser 2013-K30, Class B, 144a, 3.547%, 6/25/45(B)(C) | 2,572,180 | ||
1,930,000 | FREMF Mortgage Trust, Ser 2014-K38, Class B, 144a, 4.221%, 6/25/47(B)(C) | 1,882,597 | ||
1,765,000 | FREMF Mortgage Trust, Ser 2014-K40, Class B, 144a, 4.074%, 11/25/47(B)(C) | 1,712,378 | ||
2,000,000 | FREMF Mortgage Trust, Ser 2014-K41, Class B, 144a, 3.833%, 11/25/47(B)(C) | 1,925,102 | ||
2,180,000 | FREMF Mortgage Trust, Ser 2015-K49, Class B, 144a, 3.724%, 10/25/48(B)(C) | 2,063,499 | ||
2,200,000 | FREMF Mortgage Trust, Ser 2017-K61, Class B, 144a, 3.694%, 12/25/49(B)(C) | 2,030,732 | ||
750,000 | FREMF Mortgage Trust, Ser 2018-K74, Class B, 144a, 4.094%, 2/25/51(B)(C) | 690,159 | ||
737,795 | FRESB Mortgage Trust, Ser 2015-SB9, Class A5, (1M LIBOR +0.700%), 4.842%, 11/25/35(B) | 733,216 | ||
183,962 | FRESB Mortgage Trust, Ser 2016-SB17, Class A5H, (1M LIBOR +0.700%), 4.842%, 5/25/36(B) | 183,071 | ||
596,607 | FRESB Mortgage Trust, Ser 2017-SB27, Class A10F, 3.090%, 1/25/27(B)(C) | 566,157 | ||
1,554,562 | FRESB Mortgage Trust, Ser 2018-SB46, Class A10F, 3.300%, 12/25/27(B)(C) | 1,481,227 | ||
2,313,578 | FRESB Mortgage Trust, Ser 2018-SB54, Class A10F, 3.520%, 5/25/28(B)(C) | 2,192,684 | ||
2,873,268 | FRESB Mortgage Trust, Ser 2018-SB55, Class A10F, 3.749%, 9/25/28(B)(C) | 2,727,779 | ||
1,841,157 | GNMA, Pool #785631, 4.656%, 5/20/67(B)(C) | 1,815,404 | ||
156,750 | GNMA, Ser 2011-142, Class B, 3.373%, 2/16/44(B)(C) | 155,886 | ||
540,947 | GNMA, Ser 2012-46, Class C, 3.176%, 5/16/50(B)(C) | 528,159 | ||
972,738 | GNMA, Ser 2013-121, Class AB, 2.940%, 8/16/44(B)(C) | 906,408 | ||
249,134 | GNMA, Ser 2013-40, Class AC, 1.584%, 1/16/46 | 237,822 | ||
20,020 | GNMA, Ser 2013-59, Class A, 1.750%, 7/16/45 | 18,755 | ||
2,540,000 | GNMA, Ser 2015-32, Class HG, 3.000%, 9/16/49(B)(C) | 2,105,063 | ||
419,489 | GNMA, Ser 2015-37, Class AD, 2.600%, 11/16/55 | 395,266 | ||
1,661,369 | GNMA, Ser 2015-73, Class B, 2.700%, 10/16/55(B)(C) | 1,512,312 |
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 12.6% (Continued) | ||||
$ 979,072 | GNMA, Ser 2017-46, Class AB, 2.600%, 1/16/52 | $ 851,087 | ||
1,040,100 | GNMA, Ser 2017-H11, Class FV, (1M LIBOR +0.500%), 4.342%, 5/20/67(B) | 1,028,624 | ||
1,165,073 | GNMA, Ser 2019-H15, Class GA, 2.250%, 8/20/69 | 1,104,930 | ||
3,859,936 | GNMA, Ser 2020-113, Class AF, 2.000%, 10/1/62 | 2,904,051 | ||
4,904,087 | GNMA, Ser 2020-118, Class AB, 2.250%, 4/16/62 | 4,151,776 | ||
2,251,619 | GNMA, Ser 2021-21, Class AF, 1.750%, 6/16/63 | 1,645,237 | ||
3,672,618 | GNMA, Ser 2021-22, Class AD, 1.350%, 10/16/62 | 2,959,273 | ||
Total Agency Collateralized Mortgage Obligations | $62,485,733 | |||
U.S. Government Mortgage-Backed Obligations — 10.8% | ||||
1,283,136 | FHLMC, Pool #SD8186, 3.500%, 11/1/51 | 1,169,909 | ||
705,836 | FHLMC, Pool #W30008, 7.645%, 5/1/25 | 713,048 | ||
554,698 | FNMA, Pool #888829, 5.888%, 6/1/37(B)(C) | 548,122 | ||
526,416 | FNMA, Pool #AH8854, 4.500%, 4/1/41 | 520,869 | ||
4,000,000 | FNMA, Pool #AM9682, 3.810%, 8/1/45 | 3,398,687 | ||
2,860,180 | FNMA, Pool #AN0897, 3.440%, 2/1/32 | 2,644,370 | ||
3,000,000 | FNMA, Pool #AN8089, 3.330%, 1/1/38 | 2,469,037 | ||
1,449,344 | FNMA, Pool #AS8650, 3.000%, 1/1/47 | 1,293,070 | ||
189,456 | FNMA, Pool #AT0924, 2.000%, 3/1/28 | 175,846 | ||
529,866 | FNMA, Pool #BC0153, 4.000%, 1/1/46 | 508,160 | ||
3,860,363 | FNMA, Pool #BL3622, 2.600%, 8/1/26 | 3,584,953 | ||
3,479,343 | FNMA, Pool #BS5630, 3.790%, 11/1/32 | 3,301,026 | ||
3,316,391 | FNMA, Pool #CB0455, 2.500%, 5/1/51 | 2,820,806 | ||
1,576,575 | FNMA, Pool #FM3442, 3.000%, 6/1/50 | 1,394,250 | ||
8,010,414 | FNMA, Pool #FS1887, 3.000%, 5/1/47 | 7,078,492 | ||
4,223,476 | FNMA, Pool #MA4269, 2.500%, 2/1/41 | 3,655,332 | ||
1,504,515 | FNMA, Pool #MA4416, 3.500%, 9/1/51 | 1,371,578 | ||
5,176,836 | FNMA, Pool #MA4709, 5.000%, 7/1/52 | 5,108,440 | ||
6,225,114 | FNMA, Pool #MA4783, 4.000%, 10/1/52 | 5,846,839 | ||
6,151,293 | FNMA, Pool #MA4784, 4.500%, 10/1/52 | 5,927,201 | ||
Total U.S. Government Mortgage-Backed Obligations | $53,530,035 | |||
Municipal Bonds — 8.6% | ||||
California — 3.6% | ||||
1,000,000 | California Health Facilities Financing Authority, 2.704%, 6/1/30 | 854,457 | ||
2,000,000 | California Health Facilities Financing Authority, 2.229%, 6/1/32 | 1,570,458 | ||
875,000 | California Health Facilities Financing Authority, 4.140%, 6/1/34 | 795,212 | ||
1,580,000 | California Municipal Finance Authority, Revenue, 2.519%, 10/1/35 | 1,113,130 | ||
1,465,000 | City of San Francisco Public Utilities Commission Water Revenue, Build America Bonds, 6.950%, 11/1/50 | 1,775,498 | ||
2,345,000 | East Bay Municipal Utility District Water System Revenue, Build America Bonds Sub, 5.874%, 6/1/40 | 2,560,149 | ||
2,010,000 | Los Angeles Department of Water & Power Water System Revenue, Revenue, Build America Bonds, 6.008%, 7/1/39 | 2,171,583 | ||
3,500,000 | Los Angeles Unified School District, Build America Bonds Ser RY, UTGO, 6.758%, 7/1/34 | 3,915,480 | ||
2,500,000 | State of California, Build America Bonds, UTGO, 7.300%, 10/1/39 | 3,037,186 | ||
17,793,153 | ||||
Texas — 1.1% | ||||
1,770,000 | Dallas Area Rapid Transit, Revenue, Build America Bonds, 5.999%, 12/1/44 | 1,936,172 |
24
Touchstone Impact Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Municipal Bonds — 8.6% (Continued) | ||||
Texas — (Continued) | ||||
$ 2,640,000 | Texas State Transportation Commission Highway Authority, Build America Bonds, 5.178%, 4/1/30 | $ 2,690,062 | ||
1,281,000 | Travis County Housing Finance Corp, Revenue, 2.550%, 7/1/42 | 882,762 | ||
5,508,996 | ||||
Virginia — 0.6% | ||||
1,098,244 | Virginia Housing Development Authority, 2.950%, 10/25/49 | 978,069 | ||
2,700,915 | Virginia Housing Development Authority, 2.125%, 7/25/51 | 2,243,773 | ||
3,221,842 | ||||
Minnesota — 0.6% | ||||
3,579,495 | Minnesota Housing Finance Agency, Revenue, 1.580%, 2/1/51 | 3,023,649 | ||
Indiana — 0.6% | ||||
2,750,000 | Indianapolis Local Public Improvement Bond Bank, Build America Bonds, 6.116%, 1/15/40 | 2,972,823 | ||
Oklahoma — 0.6% | ||||
3,000,000 | Oklahoma Development Finance Auth., Revenue, 5.087%, 2/1/52 | 2,821,682 | ||
New York — 0.5% | ||||
1,135,000 | Port Authority of New York & New Jersey, 4.960%, 8/1/46 | 1,101,480 | ||
1,400,000 | Port Authority of New York and New Jersey, Cons One Hundred Sixty-Eight, 4.926%, 10/1/51 | 1,319,919 | ||
2,421,399 | ||||
Nevada — 0.4% | ||||
1,989,176 | Nevada Housing Division, Revenue, 1.900%, 11/1/44 | 1,824,896 | ||
Washington — 0.3% | ||||
1,600,000 | State of Washington, Build America Bonds, UTGO, 5.481%, 8/1/39 | 1,673,773 | ||
Ohio — 0.2% | ||||
790,000 | Ohio State HFA, Revenue, 2.650%, 11/1/41 | 750,902 | ||
Louisiana — 0.1% | ||||
708,821 | Louisiana Housing Corp., 2.875%, 11/1/38 | 670,309 | ||
Total Municipal Bonds | $42,683,424 | |||
U.S. Treasury Obligations — 6.2% | ||||
7,870,000 | U.S. Treasury Bond, 1.375%, 11/15/40 | 5,155,157 | ||
4,850,000 | U.S. Treasury Bond, 1.875%, 2/15/51 | 3,112,904 | ||
9,227,000 | U.S. Treasury Bond, 2.875%, 5/15/52 | 7,462,336 | ||
3,000,000 | U.S. Treasury Note, 1.250%, 8/15/31 | 2,440,899 | ||
6,250,000 | U.S. Treasury Note, 2.875%, 6/15/25 | 6,045,410 | ||
10,429,000 | U.S. Treasury Strip, Principal, 5/15/43(D) | 4,480,166 | ||
5,379,000 | U.S. Treasury Strip, Principal, 5/15/45(D) | 2,138,844 | ||
Total U.S. Treasury Obligations | $30,835,716 | |||
Asset-Backed Securities — 4.9% | ||||
883,938 | 321 Henderson Receivables I LLC, Ser 2012-1A, Class A, 144a, 4.210%, 2/16/65 | 774,521 | ||
1,069,253 | 321 Henderson Receivables I LLC, Ser 2012-2A, Class A, 144a, 3.840%, 10/15/59 | 950,714 | ||
1,961,578 | 321 Henderson Receivables I LLC, Ser 2015-2A, Class A, 144a, 3.870%, 3/15/58 | 1,699,884 | ||
2,324,101 | CF Hippolyta Issuer LLC, Ser 2021-1A, Class A1, 144a, 1.530%, 3/15/61 | 2,011,701 | ||
2,743,496 | JG Wentworth XLII LLC, Ser 2018-2A, Class A, 144a, 3.960%, 10/15/75 | 2,401,456 | ||
1,206,529 | JGWPT XXXIV LLC, Ser 2015-1A, Class A, 144a, 3.260%, 9/15/72 | 1,002,277 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 4.9% (Continued) | ||||
$ 4,445,000 | Louisiana Local Government Environmental Fac. & Community Development Auth, Ser 2022-ELL, Class A2, 4.145%, 2/1/33 | $ 4,209,815 | ||
1,000,000 | Oklahoma Development Finance Authority, Ser 2022-ONG, Class A1, 3.877%, 5/1/37 | 947,015 | ||
3,993,090 | Small Business Administration Participation Certificates, Ser 2021-10B, Class 1, 1.304%, 9/10/31 | 3,453,840 | ||
4,500,254 | Small Business Administration Participation Certificates, Ser 2021-25I, Class 1, 1.560%, 9/1/46 | 3,633,146 | ||
453,418 | Tesla Auto Lease Trust, Ser 2021-A, Class A2, 144a, 0.360%, 3/20/25 | 449,522 | ||
290,000 | Tesla Auto Lease Trust, Ser 2021-B, Class A4, 144a, 0.630%, 9/22/25 | 271,531 | ||
2,500,000 | T-Mobile US Trust, Ser 2022-1A, Class A, 144a, 4.910%, 5/22/28 | 2,497,431 | ||
Total Asset-Backed Securities | $24,302,853 | |||
Commercial Mortgage-Backed Securities — 3.3% | ||||
20,389 | CD Mortgage Trust, Ser 2006-CD3, Class AJ, 5.688%, 10/15/48 | 17,923 | ||
2,979,161 | Citigroup Commercial Mortgage Trust, Ser 2020-555, Class A, 144a, 2.647%, 12/10/41 | 2,448,825 | ||
2,300,000 | COMM Mortgage Trust, Ser 2020-SBX, Class A, 144a, 1.670%, 1/10/38 | 2,021,053 | ||
2,440,000 | DOLP Trust, Ser 2021-NYC, Class A, 144a, 2.956%, 5/10/41 | 1,943,679 | ||
2,000,000 | FREMF Mortgage Trust, Ser 2015-K45, Class B, 144a, 3.610%, 4/25/48(B)(C) | 1,909,906 | ||
2,500,000 | FREMF Mortgage Trust, Ser 2015-K50, Class B, 144a, 3.779%, 10/25/48(B)(C) | 2,370,128 | ||
245,000 | FREMF Mortgage Trust, Ser 2015-K51, Class B, 144a, 3.951%, 10/25/48(B)(C) | 233,690 | ||
2,605,493 | Logistics 1 MI TN VA Senior Notes CTL Pass-Through Trust, 144a, 2.654%, 10/10/42 | 2,059,543 | ||
2,550,000 | MKT Mortgage Trust, Ser 2020-525M, Class A, 144a, 2.694%, 2/12/40 | 1,998,996 | ||
2,125,000 | SLG Office Trust, Ser 2021-OVA, Class A, 144a, 2.585%, 7/15/41 | 1,700,428 | ||
Total Commercial Mortgage-Backed Securities | $16,704,171 | |||
Non-Agency Collateralized Mortgage Obligations — 0.1% | ||||
462,787 | Virginia Housing Development Authority, Ser 2013-B, Class A, 2.750%, 4/25/42 | 419,323 |
Shares | ||||
Short-Term Investment Fund — 0.7% | ||||
3,383,091 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 3,383,091 | ||
Total Investment Securities—99.5% (Cost $556,666,208) | $494,509,363 | |||
Other Assets in Excess of Liabilities — 0.5% | 2,600,567 | |||
Net Assets — 100.0% | $497,109,930 |
(A) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
(B) | Variable rate security - Rate reflected is the rate in effect as of December 31, 2022. |
(C) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(D) | 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. |
25
Touchstone Impact Bond Fund (Unaudited) (Continued)
Ω | Represents the 7-Day SEC yield as of December 31, 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 December 31, 2022, these securities were valued at $74,487,410 or 15.0% 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 |
Corporate Bonds | $— | $156,196,652 | $— | $156,196,652 |
U.S. Government Agency Obligations | — | 103,968,365 | — | 103,968,365 |
Agency Collateralized Mortgage Obligations | — | 62,485,733 | — | 62,485,733 |
U.S. Government Mortgage-Backed Obligations | — | 53,530,035 | — | 53,530,035 |
Municipal Bonds | — | 42,683,424 | — | 42,683,424 |
U.S. Treasury Obligations | — | 30,835,716 | — | 30,835,716 |
Asset-Backed Securities | — | 24,302,853 | — | 24,302,853 |
Commercial Mortgage-Backed Securities | — | 16,704,171 | — | 16,704,171 |
Non-Agency Collateralized Mortgage Obligations | — | 419,323 | — | 419,323 |
Short-Term Investment Fund | 3,383,091 | — | — | 3,383,091 |
Total | $3,383,091 | $491,126,272 | $— | $494,509,363 |
See accompanying Notes to Portfolios of Investments.
26
Portfolio of Investments
Touchstone International ESG Equity Fund – December 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.6% | ||||
France — 19.3% | ||||
Energy — 7.1% | ||||
33,992 | TotalEnergies SE ADR | $ 2,110,224 | ||
Financials — 1.7% | ||||
8,662 | BNP Paribas SA | 493,207 | ||
Industrials — 6.7% | ||||
19,421 | Cie de Saint-Gobain | 950,092 | ||
7,480 | Schneider Electric SE | 1,050,451 | ||
Materials — 3.8% | ||||
8,049 | Air Liquide SA | 1,142,438 | ||
Total France | 5,746,412 | |||
Japan — 17.9% | ||||
Communication Services — 2.5% | ||||
17,900 | Nintendo Co. Ltd. | 752,634 | ||
Consumer Discretionary — 8.5% | ||||
11,800 | Denso Corp. | 578,670 | ||
92,200 | Panasonic Corp. | 771,624 | ||
15,600 | Sony Group Corp. | 1,189,057 | ||
Industrials — 4.5% | ||||
21,400 | Hitachi Ltd. | 1,076,768 | ||
19,500 | Kubota Corp.† | 266,398 | ||
Information Technology — 2.4% | ||||
2,400 | Tokyo Electron Ltd. | 705,189 | ||
Total Japan | 5,340,340 | |||
United Kingdom — 11.5% | ||||
Financials — 6.7% | ||||
2,060,898 | Lloyds Banking Group PLC | 1,124,661 | ||
10,173 | London Stock Exchange Group PLC | 874,076 | ||
Industrials — 4.8% | ||||
10,080 | Ashtead Group PLC | 572,592 | ||
31,123 | RELX PLC | 860,490 | ||
Total United Kingdom | 3,431,819 | |||
Sweden — 10.0% | ||||
Financials — 6.7% | ||||
86,775 | Svenska Handelsbanken AB - Class A | 873,650 | ||
65,519 | Swedbank AB - Class A | 1,114,417 | ||
Industrials — 3.3% | ||||
53,754 | Epiroc AB - Class A | 978,813 | ||
Total Sweden | 2,966,880 | |||
Singapore — 6.0% | ||||
Financials — 3.8% | ||||
125,700 | Oversea-Chinese Banking Corp. Ltd. | 1,143,372 | ||
Real Estate — 2.2% | ||||
426,900 | CapitaLand Integrated Commercial Trust REIT | 651,113 | ||
Total Singapore | 1,794,485 | |||
Germany — 6.0% | ||||
Communication Services — 2.8% | ||||
42,106 | Deutsche Telekom AG | 837,766 | ||
Industrials — 3.2% | ||||
25,537 | Deutsche Post AG | 955,765 | ||
Total Germany | 1,793,531 | |||
Switzerland — 5.4% | ||||
Health Care — 2.7% | ||||
2,534 | Roche Holding AG | 796,278 |
Shares | Market Value | |||
Switzerland — (Continued) | ||||
Industrials — 2.7% | ||||
26,801 | ABB Ltd. ADR | $ 816,358 | ||
Total Switzerland | 1,612,636 | |||
South Korea — 4.8% | ||||
Communication Services — 4.0% | ||||
29,184 | KT Corp. ADR* | 393,984 | ||
30,055 | KT Corp.* | 804,431 | ||
Information Technology — 0.8% | ||||
514 | Samsung SDI Co. Ltd.* | 241,345 | ||
Total South Korea | 1,439,760 | |||
India — 4.4% | ||||
Financials — 4.4% | ||||
59,753 | ICICI Bank Ltd. ADR | 1,307,993 | ||
Taiwan — 3.0% | ||||
Information Technology — 3.0% | ||||
11,793 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 878,461 | ||
Hong Kong — 2.4% | ||||
Financials — 2.4% | ||||
65,600 | AIA Group Ltd. | 724,447 | ||
Denmark — 1.8% | ||||
Industrials — 1.8% | ||||
17,781 | Vestas Wind Systems A/S | 518,684 | ||
Netherlands — 1.6% | ||||
Health Care — 1.6% | ||||
32,184 | Koninklijke Philips NV | 484,280 | ||
Ireland — 1.5% | ||||
Industrials — 1.5% | ||||
7,788 | AerCap Holdings N.V.* | 454,196 | ||
Thailand — 1.1% | ||||
Industrials — 1.1% | ||||
155,100 | Airports of Thailand PCL* | 335,710 | ||
Canada — 0.9% | ||||
Industrials — 0.9% | ||||
8,851 | ATS Corp.* | 275,139 | ||
Total Common Stocks | $29,104,773 | |||
Preferred Stocks — 2.4% | ||||
Germany — 2.4% | ||||
Consumer Discretionary — 2.4% | ||||
5,621 | Volkswagen AG, 5.796%(A) | 697,283 | ||
Short-Term Investment Funds — 0.9% | ||||
51 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 51 | ||
276,641 | Invesco Government & Agency Portfolio, Institutional Class, 4.22%∞Ω** | 276,641 | ||
Total Short-Term Investment Funds | $276,692 | |||
Total Investment Securities — 100.9% (Cost $28,434,278) | $30,078,748 | |||
Liabilities in Excess of Other Assets — (0.9)% | (263,214) | |||
Net Assets — 100.0% | $29,815,534 |
(A) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
* | Non-income producing security. |
27
Touchstone International ESG Equity Fund (Unaudited) (Continued)
** | Represents collateral for securities loaned. |
† | All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2022 was $263,734. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
PCL – Public Company Limited |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
France | $2,110,224 | $3,636,188 | $— | $5,746,412 |
Japan | — | 5,340,340 | — | 5,340,340 |
United Kingdom | — | 3,431,819 | — | 3,431,819 |
Sweden | — | 2,966,880 | — | 2,966,880 |
Singapore | — | 1,794,485 | — | 1,794,485 |
Germany | — | 1,793,531 | — | 1,793,531 |
Switzerland | 816,358 | 796,278 | — | 1,612,636 |
South Korea | 393,984 | 1,045,776 | — | 1,439,760 |
India | 1,307,993 | — | — | 1,307,993 |
Taiwan | 878,461 | — | — | 878,461 |
Hong Kong | — | 724,447 | — | 724,447 |
Denmark | — | 518,684 | — | 518,684 |
Netherlands | — | 484,280 | — | 484,280 |
Ireland | 454,196 | — | — | 454,196 |
Thailand | — | 335,710 | — | 335,710 |
Canada | 275,139 | — | — | 275,139 |
Preferred Stocks | — | 697,283 | — | 697,283 |
Short-Term Investment Funds | 276,692 | — | — | 276,692 |
Total | $6,513,047 | $23,565,701 | $— | $30,078,748 |
See accompanying Notes to Portfolios of Investments.
28
Portfolio of Investments
Touchstone Mid Cap Fund – December 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 95.6% | ||||
Industrials — 28.8% | ||||
3,198,695 | AerCap Holdings N.V. (Ireland)* | $ 186,547,892 | ||
2,375,147 | Allison Transmission Holdings, Inc. | 98,806,115 | ||
1,862,744 | Armstrong World Industries, Inc. | 127,765,611 | ||
3,270,658 | Copart, Inc. * | 199,150,366 | ||
645,753 | Lennox International, Inc. | 154,483,490 | ||
523,057 | Old Dominion Freight Line, Inc. | 148,433,116 | ||
2,085,452 | Otis Worldwide Corp. | 163,311,746 | ||
710,873 | UniFirst Corp. | 137,191,380 | ||
1,215,689,716 | ||||
Consumer Discretionary — 14.8% | ||||
1,478,723 | CarMax, Inc.* | 90,039,443 | ||
593,541 | Churchill Downs, Inc. | 125,492,374 | ||
1,243,060 | Dollar Tree, Inc.* | 175,818,406 | ||
1,907,173 | Hasbro, Inc. | 116,356,625 | ||
392,906 | Pool Corp. | 118,787,271 | ||
626,494,119 | ||||
Consumer Staples — 12.5% | ||||
2,195,945 | BellRing Brands, Inc.* | 56,304,030 | ||
1,353,129 | Brown-Forman Corp. - Class B | 88,873,513 | ||
2,532,595 | Lamb Weston Holdings, Inc. | 226,312,689 | ||
1,732,128 | Post Holdings, Inc.* | 156,341,873 | ||
527,832,105 | ||||
Information Technology — 12.4% | ||||
1,477,763 | Amphenol Corp. - Class A | 112,516,875 | ||
1,760,827 | Black Knight, Inc.* | 108,731,067 | ||
2,257,890 | Entegris, Inc. | 148,095,005 | ||
1,676,351 | Skyworks Solutions, Inc. | 152,765,867 | ||
522,108,814 | ||||
Materials — 11.4% | ||||
1,030,022 | AptarGroup, Inc. | 113,281,820 | ||
1,761,960 | Ball Corp. | 90,106,635 | ||
304,294 | NewMarket Corp. | 94,668,906 | ||
1,051,166 | Vulcan Materials Co. | 184,069,678 | ||
482,127,039 | ||||
Financials — 7.6% | ||||
763,326 | Cincinnati Financial Corp. | 78,156,949 | ||
906,785 | M&T Bank Corp. | 131,538,232 | ||
2,848,035 | Moelis & Co. - Class A | 109,279,103 | ||
318,974,284 |
Shares | Market Value | |||
Health Care — 5.5% | ||||
2,223,602 | Perrigo Co. PLC | $ 75,802,592 | ||
837,767 | STERIS PLC | 154,727,187 | ||
230,529,779 | ||||
Real Estate — 2.6% | ||||
3,416,777 | STORE Capital Corp. REIT | 109,541,871 | ||
Total Common Stocks | $4,033,297,727 | |||
Short-Term Investment Fund — 4.5% | ||||
190,865,032 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 190,865,032 | ||
Total Investment Securities—100.1% (Cost $3,844,120,302) | $4,224,162,759 | |||
Liabilities in Excess of Other Assets — (0.1%) | (5,273,825) | |||
Net Assets — 100.0% | $4,218,888,934 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 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 | $4,033,297,727 | $— | $— | $4,033,297,727 |
Short-Term Investment Fund | 190,865,032 | — | — | 190,865,032 |
Total | $4,224,162,759 | $— | $— | $4,224,162,759 |
See accompanying Notes to Portfolios of Investments.
29
Portfolio of Investments
Touchstone Mid Cap Value Fund – December 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 98.6% | ||||
Financials — 17.1% | ||||
272,301 | American International Group, Inc. | $ 17,220,315 | ||
58,831 | Ameriprise Financial, Inc. | 18,318,209 | ||
976,420 | Chimera Investment Corp. REIT | 5,370,310 | ||
104,712 | Pinnacle Financial Partners, Inc. | 7,685,861 | ||
146,895 | Progressive Corp. (The) | 19,053,750 | ||
138,632 | Reinsurance Group of America, Inc. | 19,698,221 | ||
84,126 | Signature Bank | 9,692,998 | ||
117,985 | The Allstate Corp. | 15,998,766 | ||
177,616 | Webster Financial Corp. | 8,408,341 | ||
224,077 | Western Alliance Bancorp | 13,346,026 | ||
134,792,797 | ||||
Industrials — 15.2% | ||||
175,589 | AerCap Holdings N.V. (Ireland)* | 10,240,351 | ||
158,258 | Clean Harbors, Inc. * | 18,060,403 | ||
117,312 | Dover Corp. | 15,885,218 | ||
174,074 | Hexcel Corp. | 10,244,255 | ||
25,321 | Huntington Ingalls Industries, Inc. | 5,841,048 | ||
83,004 | Leidos Holdings, Inc. | 8,731,191 | ||
32,363 | Parker-Hannifin Corp. | 9,417,633 | ||
140,505 | Regal Rexnord Corp. | 16,857,790 | ||
52,156 | Snap-on, Inc. | 11,917,124 | ||
125,825 | Westinghouse Air Brake Technologies Corp. | 12,558,593 | ||
119,753,606 | ||||
Consumer Staples — 10.7% | ||||
45,851 | Casey's General Stores, Inc. | 10,286,672 | ||
49,765 | Constellation Brands, Inc. - Class A | 11,533,039 | ||
284,068 | Darling Ingredients, Inc.* | 17,779,816 | ||
164,591 | Hain Celestial Group, Inc. (The)* | 2,663,082 | ||
149,344 | Ingredion, Inc. | 14,625,258 | ||
154,814 | Lamb Weston Holdings, Inc. | 13,834,179 | ||
270,920 | TreeHouse Foods, Inc.* | 13,378,030 | ||
84,100,076 | ||||
Utilities — 10.2% | ||||
517,138 | CenterPoint Energy, Inc. | 15,508,968 | ||
101,570 | DTE Energy Co. | 11,937,522 | ||
117,632 | Entergy Corp. | 13,233,600 | ||
200,945 | Evergy, Inc. | 12,645,469 | ||
472,016 | NiSource, Inc. | 12,942,679 | ||
148,641 | WEC Energy Group, Inc. | 13,936,580 | ||
80,204,818 | ||||
Health Care — 9.6% | ||||
86,497 | AmerisourceBergen Corp. | 14,333,418 | ||
153,748 | Centene Corp.* | 12,608,873 | ||
258,649 | Encompass Health Corp. | 15,469,797 | ||
259,568 | Envista Holdings Corp.* | 8,739,655 | ||
58,821 | Laboratory Corp. of America Holdings | 13,851,169 | ||
83,053 | Zimmer Biomet Holdings, Inc. | 10,589,257 | ||
75,592,169 | ||||
Materials — 9.5% | ||||
435,887 | Axalta Coating Systems Ltd. * | 11,102,042 | ||
215,576 | Berry Global Group, Inc. | 13,027,258 | ||
141,662 | FMC Corp. | 17,679,417 | ||
82,385 | International Flavors & Fragrances, Inc. | 8,637,243 | ||
534,009 | Livent Corp.* | 10,610,759 | ||
55,874 | Scotts Miracle-Gro Co. (The) | 2,714,918 | ||
333,258 | Valvoline, Inc. | 10,880,874 | ||
74,652,511 | ||||
Consumer Discretionary — 8.3% | ||||
286,748 | BorgWarner, Inc. | 11,541,607 |
Shares | Market Value | |||
Consumer Discretionary — (Continued) | ||||
78,459 | Carter's, Inc. | $ 5,853,826 | ||
126,703 | Columbia Sportswear Co. | 11,096,649 | ||
98,463 | Dollar Tree, Inc.* | 13,926,607 | ||
125,481 | Hasbro, Inc. | 7,655,596 | ||
286,748 | LKQ Corp. | 15,315,210 | ||
65,389,495 | ||||
Energy — 6.9% | ||||
390,576 | ChampionX Corp. | 11,322,798 | ||
621,401 | Coterra Energy, Inc. | 15,267,823 | ||
88,237 | Pioneer Natural Resources | 20,152,449 | ||
61,047 | Valero Energy Corp. | 7,744,422 | ||
54,487,492 | ||||
Information Technology — 6.6% | ||||
133,449 | Akamai Technologies, Inc.* | 11,249,751 | ||
79,097 | F5 Networks, Inc.* | 11,351,211 | ||
116,620 | Global Payments, Inc. | 11,582,698 | ||
78,459 | PTC, Inc.* | 9,418,218 | ||
96,787 | Qorvo, Inc.* | 8,772,774 | ||
52,374,652 | ||||
Real Estate — 4.5% | ||||
81,538 | Alexandria Real Estate Equities, Inc. REIT | 11,877,640 | ||
96,061 | Digital Realty Trust, Inc. REIT | 9,632,036 | ||
37,539 | Essex Property Trust, Inc. REIT | 7,955,265 | ||
379,235 | Host Hotels & Resorts, Inc. REIT | 6,086,722 | ||
35,551,663 | ||||
Total Common Stocks | $776,899,279 | |||
Exchange-Traded Fund — 0.8% | ||||
56,621 | iShares Russell Mid-Cap Value ETF | 5,964,456 | ||
Short-Term Investment Fund — 0.4% | ||||
3,431,835 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 3,431,835 | ||
Total Investment Securities—99.8% (Cost $623,670,463) | $786,295,570 | |||
Other Assets in Excess of Liabilities — 0.2% | 1,679,936 | |||
Net Assets — 100.0% | $787,975,506 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2022. |
Portfolio Abbreviations: |
ETF – Exchange-Traded Fund |
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 | $776,899,279 | $— | $— | $776,899,279 |
Exchange-Traded Fund | 5,964,456 | — | — | 5,964,456 |
Short-Term Investment Fund | 3,431,835 | — | — | 3,431,835 |
Total | $786,295,570 | $— | $— | $786,295,570 |
See accompanying Notes to Portfolios of Investments.
30
Portfolio of Investments
Touchstone Sands Capital Select Growth Fund – December 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.1% | ||||
Information Technology — 46.8% | ||||
544,130 | Atlassian Corp. - Class A* | $ 70,018,648 | ||
1,757,445 | Block, Inc.* | 110,437,844 | ||
1,243,321 | Cloudflare, Inc. - Class A* | 56,210,542 | ||
735,459 | Datadog, Inc.* | 54,056,237 | ||
226,259 | Intuit, Inc. | 88,064,528 | ||
152,688 | Lam Research Corp. | 64,174,766 | ||
290,107 | NVIDIA Corp. | 42,396,237 | ||
410,888 | ServiceNow, Inc.* | 159,535,484 | ||
2,299,775 | Shopify, Inc. (Canada) - Class A* | 79,825,190 | ||
454,563 | Snowflake, Inc. - Class A* | 65,247,973 | ||
938,172 | Visa, Inc. - Class A | 194,914,615 | ||
984,882,064 | ||||
Health Care — 15.9% | ||||
626,089 | 10X Genomics, Inc. - Class A* | 22,814,683 | ||
247,138 | Align Technology, Inc.* | 52,121,404 | ||
1,523,464 | DexCom, Inc.* | 172,517,063 | ||
468,308 | Edwards Lifesciences Corp.* | 34,940,460 | ||
404,718 | Sarepta Therapeutics, Inc.* | 52,443,359 | ||
334,836,969 | ||||
Communication Services — 13.7% | ||||
89,897 | Charter Communications, Inc. - Class A* | 30,484,073 | ||
1,198,159 | Match Group, Inc.* | 49,711,617 | ||
338,946 | Netflix, Inc.* | 99,948,396 | ||
741,207 | Sea Ltd. (Taiwan) ADR* | 38,565,000 | ||
2,016,847 | Warner Music Group Corp. - Class A | 70,629,982 | ||
289,339,068 | ||||
Consumer Discretionary — 12.0% | ||||
333,505 | Airbnb, Inc. - Class A* | 28,514,677 | ||
1,577,598 | Amazon.com, Inc.* | 132,518,232 | ||
875,161 | DoorDash, Inc. - Class A* | 42,725,360 | ||
718,204 | Floor & Decor Holdings, Inc. - Class A* | 50,008,545 | ||
253,766,814 |
Shares | Market Value | |||
Industrials — 8.7% | ||||
1,455,265 | CoStar Group, Inc.* | $ 112,462,879 | ||
2,867,843 | Uber Technologies, Inc.* | 70,921,758 | ||
183,384,637 | ||||
Total Common Stocks | $2,046,209,552 | |||
Short-Term Investment Fund — 3.3% | ||||
68,641,673 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 68,641,674 | ||
Total Investment Securities—100.4% (Cost $1,958,189,071) | $2,114,851,226 | |||
Liabilities in Excess of Other Assets — (0.4%) | (8,531,270) | |||
Net Assets — 100.0% | $2,106,319,956 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
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 | $2,046,209,552 | $— | $— | $2,046,209,552 |
Short-Term Investment Fund | 68,641,674 | — | — | 68,641,674 |
Total | $2,114,851,226 | $— | $— | $2,114,851,226 |
See accompanying Notes to Portfolios of Investments.
31
Portfolio of Investments
Touchstone Small Cap Fund – December 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 95.0% | ||||
Industrials — 24.0% | ||||
34,463 | Armstrong World Industries, Inc. | $ 2,363,817 | ||
97,464 | Evoqua Water Technologies Corp.* | 3,859,574 | ||
72,677 | IAA, Inc.* | 2,907,080 | ||
32,830 | Landstar System, Inc. | 5,348,007 | ||
53,191 | Masonite International Corp. * | 4,287,727 | ||
46,632 | Matson, Inc. | 2,914,966 | ||
12,252 | UniFirst Corp. | 2,364,514 | ||
24,045,685 | ||||
Consumer Discretionary — 19.2% | ||||
62,934 | Acushnet Holdings Corp. | 2,672,178 | ||
3,701 | Graham Holdings Co. - Class B | 2,236,181 | ||
40,581 | Malibu Boats, Inc. - Class A* | 2,162,967 | ||
12,060 | Murphy USA, Inc. | 3,371,252 | ||
23,728 | Penske Automotive Group, Inc. | 2,727,059 | ||
177,526 | Tempur Sealy International, Inc. | 6,094,468 | ||
19,264,105 | ||||
Financials — 15.8% | ||||
70,335 | Atlantic Union Bankshares Corp. | 2,471,572 | ||
89,671 | Cannae Holdings, Inc.* | 1,851,706 | ||
22,570 | Hanover Insurance Group, Inc. (The) | 3,049,884 | ||
82,604 | Moelis & Co. - Class A | 3,169,515 | ||
3,742 | White Mountains Insurance Group Ltd. | 5,292,423 | ||
15,835,100 | ||||
Information Technology — 11.0% | ||||
87,129 | ACI Worldwide, Inc.* | 2,003,967 | ||
83,104 | CTS Corp. | 3,275,960 | ||
29,521 | Qualys, Inc.* | 3,313,142 | ||
127,368 | Vontier Corp. | 2,462,023 | ||
11,055,092 | ||||
Materials — 7.3% | ||||
53,716 | Ingevity Corp.* | 3,783,755 | ||
10,060 | NewMarket Corp. | 3,129,767 | ||
41,723 | Tredegar Corp. | 426,409 | ||
7,339,931 | ||||
Real Estate — 7.2% | ||||
121,609 | Alexander & Baldwin, Inc. REIT | 2,277,737 | ||
128,168 | Essential Properties Realty Trust, Inc. REIT | 3,008,103 | ||
39,739 | First Industrial Realty Trust, Inc. REIT | 1,917,804 | ||
7,203,644 |
Shares | Market Value | |||
Consumer Staples — 5.5% | ||||
18,919 | Lancaster Colony Corp. | $ 3,732,719 | ||
29,096 | PriceSmart, Inc. | 1,768,455 | ||
5,501,174 | ||||
Health Care — 3.8% | ||||
24,895 | Haemonetics Corp.* | 1,957,992 | ||
33,088 | LivaNova PLC* | 1,837,707 | ||
3,795,699 | ||||
Energy — 1.2% | ||||
43,040 | Dril-Quip, Inc. * | 1,169,397 | ||
Total Common Stocks | $95,209,827 | |||
Short-Term Investment Fund — 4.9% | ||||
4,915,551 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | 4,915,551 | ||
Total Investment Securities—99.9% (Cost $84,568,212) | $100,125,378 | |||
Other Assets in Excess of Liabilities — 0.1% | 149,851 | |||
Net Assets — 100.0% | $100,275,229 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 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 | $95,209,827 | $— | $— | $95,209,827 |
Short-Term Investment Fund | 4,915,551 | — | — | 4,915,551 |
Total | $100,125,378 | $— | $— | $100,125,378 |
See accompanying Notes to Portfolios of Investments.
32
Portfolio of Investments
Touchstone Small Cap Value Fund – December 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 98.1% | ||||
Industrials — 23.3% | ||||
27,908 | Altra Industrial Motion Corp. | $ 1,667,503 | ||
50,425 | AZEK Co., Inc. (The)* | 1,024,636 | ||
28,258 | BWX Technologies, Inc. | 1,641,225 | ||
6,645 | CACI International, Inc. - Class A* | 1,997,421 | ||
36,994 | CIRCOR International, Inc. * | 886,376 | ||
16,592 | Clean Harbors, Inc. * | 1,893,479 | ||
12,260 | EMCOR Group, Inc. | 1,815,829 | ||
33,809 | Enerpac Tool Group Corp. | 860,439 | ||
14,844 | EnPro Industries, Inc. | 1,613,394 | ||
82,247 | Gates Industrial Corp. PLC* | 938,438 | ||
52,874 | Harsco Corp.* | 332,578 | ||
22,059 | Hexcel Corp. | 1,298,172 | ||
14,651 | Hillenbrand, Inc. | 625,158 | ||
40,110 | Huron Consulting Group, Inc.* | 2,911,986 | ||
25,018 | ITT, Inc. | 2,028,960 | ||
34,815 | Kelly Services, Inc. - Class A | 588,374 | ||
28,092 | Korn/Ferry International | 1,422,017 | ||
16,479 | Masonite International Corp. * | 1,328,372 | ||
13,080 | Regal Rexnord Corp. | 1,569,338 | ||
14,864 | Standex International Corp. | 1,522,222 | ||
6,609 | Valmont Industries, Inc. | 2,185,398 | ||
30,151,315 | ||||
Financials — 19.4% | ||||
67,170 | BankUnited, Inc. | 2,281,765 | ||
198,096 | Chimera Investment Corp. REIT | 1,089,528 | ||
73,979 | First Interstate BancSystem, Inc. - Class A | 2,859,288 | ||
24,601 | Independent Bank Corp. | 2,077,063 | ||
78,517 | MGIC Investment Corp. | 1,020,721 | ||
34,519 | NMI Holdings, Inc. - Class A* | 721,447 | ||
101,744 | Old National Bancorp | 1,829,357 | ||
45,072 | PacWest Bancorp | 1,034,402 | ||
26,987 | Pinnacle Financial Partners, Inc. | 1,980,846 | ||
13,166 | Primerica, Inc. | 1,867,202 | ||
131,422 | Umpqua Holdings Corp. | 2,345,883 | ||
45,595 | Univest Financial Corp. | 1,191,397 | ||
35,353 | Western Alliance Bancorp | 2,105,625 | ||
31,121 | Wintrust Financial Corp. | 2,630,347 | ||
25,034,871 | ||||
Health Care — 9.5% | ||||
13,937 | Amedisys, Inc.* | 1,164,297 | ||
40,516 | Encompass Health Corp. | 2,423,262 | ||
41,292 | Envista Holdings Corp.* | 1,390,302 | ||
35,819 | Integra LifeSciences Holdings Corp.* | 2,008,371 | ||
22,906 | NuVasive, Inc.* | 944,643 | ||
30,235 | Premier, Inc. - Class A | 1,057,620 | ||
52,736 | Prestige Consumer Healthcare, Inc.* | 3,301,274 | ||
12,289,769 | ||||
Consumer Discretionary — 7.9% | ||||
71,899 | American Eagle Outfitters, Inc. | 1,003,710 | ||
6,982 | Carter's, Inc. | 520,927 | ||
6,596 | Cheesecake Factory, Inc. (The) | 209,159 | ||
15,729 | Dorman Products, Inc.* | 1,272,004 | ||
71,992 | Goodyear Tire & Rubber Co. (The)* | 730,719 | ||
7,261 | Murphy USA, Inc. | 2,029,740 | ||
6,937 | Oxford Industries, Inc. | 646,389 | ||
35,158 | Steven Madden Ltd. | 1,123,650 | ||
62,176 | Topgolf Callaway Brands Corp.* | 1,227,976 | ||
36,422 | Urban Outfitters, Inc.* | 868,665 | ||
14,021 | YETI Holdings, Inc.* | 579,207 | ||
10,212,146 |
Shares | Market Value | |||
Materials — 7.8% | ||||
45,315 | Axalta Coating Systems Ltd. * | $ 1,154,173 | ||
13,196 | Cabot Corp. | 882,021 | ||
19,202 | Ingevity Corp.* | 1,352,589 | ||
7,892 | Innospec, Inc. | 811,771 | ||
93,267 | Livent Corp.* | 1,853,215 | ||
106,773 | O-I Glass, Inc.* | 1,769,229 | ||
15,334 | Silgan Holdings, Inc. | 794,914 | ||
46,393 | Valvoline, Inc. | 1,514,731 | ||
10,132,643 | ||||
Information Technology — 7.6% | ||||
18,040 | Belden, Inc. | 1,297,076 | ||
10,238 | ExlService Holdings, Inc.* | 1,734,624 | ||
141,815 | Harmonic, Inc.* | 1,857,776 | ||
25,881 | Lumentum Holdings, Inc.* | 1,350,212 | ||
10,397 | MACOM Technology Solutions Holdings, Inc.* | 654,803 | ||
40,281 | National Instruments Corp. | 1,486,369 | ||
139,841 | Viavi Solutions, Inc.* | 1,469,729 | ||
9,850,589 | ||||
Consumer Staples — 7.3% | ||||
46,691 | Hain Celestial Group, Inc. (The)* | 755,460 | ||
54,848 | Hostess Brands, Inc.* | 1,230,789 | ||
18,320 | Ingredion, Inc. | 1,794,078 | ||
4,028 | Lancaster Colony Corp. | 794,724 | ||
9,494 | MGP Ingredients, Inc. | 1,009,972 | ||
27,222 | Performance Food Group Co.* | 1,589,493 | ||
44,539 | TreeHouse Foods, Inc.* | 2,199,336 | ||
9,373,852 | ||||
Energy — 5.5% | ||||
32,128 | Cactus, Inc. - Class A | 1,614,753 | ||
56,134 | ChampionX Corp. | 1,627,325 | ||
22,427 | Helmerich & Payne, Inc. | 1,111,706 | ||
31,112 | PDC Energy, Inc. | 1,974,990 | ||
80,038 | Select Energy Services, Inc. - Class A | 739,551 | ||
7,068,325 | ||||
Utilities — 5.1% | ||||
19,136 | Black Hills Corp. | 1,346,026 | ||
15,401 | IDACORP, Inc. | 1,660,998 | ||
52,870 | Portland General Electric Co. | 2,590,630 | ||
13,915 | Spire, Inc. | 958,187 | ||
6,555,841 | ||||
Real Estate — 4.4% | ||||
52,364 | Corporate Office Properties Trust REIT | 1,358,322 | ||
37,633 | National Storage Affiliates Trust REIT | 1,359,304 | ||
126,126 | Newmark Group, Inc. - Class A | 1,005,224 | ||
60,876 | STAG Industrial, Inc. REIT | 1,966,904 | ||
5,689,754 | ||||
Communication Services — 0.3% | ||||
17,468 | TEGNA, Inc. | 370,147 | ||
Total Common Stocks | $126,729,252 | |||
Exchange-Traded Fund — 1.0% | ||||
9,138 | iShares Russell 2000 Value ETF | 1,267,167 |
33
Touchstone Small Cap Value Fund (Unaudited) (Continued)
Shares | Market Value | |||
Short-Term Investment Fund — 0.7% | ||||
882,206 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | $ 882,206 | ||
Total Investment Securities—99.8% (Cost $117,581,673) | $128,878,625 | |||
Other Assets in Excess of Liabilities — 0.2% | 278,470 | |||
Net Assets — 100.0% | $129,157,095 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 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 | $126,729,252 | $— | $— | $126,729,252 |
Exchange-Traded Fund | 1,267,167 | — | — | 1,267,167 |
Short-Term Investment Fund | 882,206 | — | — | 882,206 |
Total | $128,878,625 | $— | $— | $128,878,625 |
See accompanying Notes to Portfolios of Investments.
34
Portfolio of Investments
Touchstone Ultra Short Duration Fixed Income Fund – December 31, 2022 (Unaudited)
Principal Amount | Market Value | |||
Asset-Backed Securities — 31.6% | ||||
$ 1,699,047 | ACC Auto Trust, Ser 2021-A, Class A, 144a, 1.080%, 4/15/27 | $ 1,677,150 | ||
6,840,909 | AGL Static CLO 18 Ltd. (Cayman Islands), Ser 2022-18A, Class A1, 144a, (TSFR3M +1.320%), 5.308%, 4/21/31(A) | 6,737,543 | ||
482,763 | American Credit Acceptance Receivables Trust, Ser 2019-1, Class D, 144a, 3.810%, 4/14/25 | 482,563 | ||
8,250,000 | Anchorage Capital CLO Ltd. (Cayman Islands), Ser 2013-1A, Class A1R, 144a, (3M LIBOR +1.250%), 5.191%, 10/13/30(A) | 8,158,079 | ||
5,251,305 | Ares XL CLO Ltd. (Cayman Islands), Ser 2016-40A, Class A1RR, 144a, (3M LIBOR +0.870%), 4.949%, 1/15/29(A) | 5,185,417 | ||
4,077,737 | Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Ser 2006-HE3, Class A5, (1M LIBOR +0.540%), 2.892%, 3/25/36(A) | 3,863,776 | ||
544,071 | Avid Automobile Receivables Trust, Ser 2021-1, Class A, 144a, 0.610%, 1/15/25 | 542,400 | ||
3,750,000 | Barings CLO Ltd. (Cayman Islands), Ser 2013-IA, Class BR, 144a, (3M LIBOR +1.250%), 5.493%, 1/20/28(A) | 3,685,676 | ||
6,048,000 | BDS Ltd. (Cayman Islands), Ser 2020-FL5, Class B, 144a, (SOFR30A +1.914%), 6.239%, 2/16/37(A) | 5,862,484 | ||
253,266 | Bear Stearns Asset Backed Securities Trust, Ser 2006-SD2, Class M1, (1M LIBOR +0.825%), 5.214%, 6/25/36(A) | 252,911 | ||
5,558,776 | Black Diamond CLO Ltd. (Cayman Islands), Ser 2017-1A, Class A1AR, 144a, (3M LIBOR +1.050%), 5.375%, 4/24/29(A) | 5,477,307 | ||
1,612,798 | CarNow Auto Receivables Trust, Ser 2021-2A, Class B, 144a, 1.300%, 1/15/26 | 1,584,084 | ||
2,705,479 | CIFC Funding Ltd. (Cayman Islands), Ser 2012-2RA, Class A1, 144a, (3M LIBOR +0.800%), 5.043%, 1/20/28(A) | 2,685,913 | ||
6,667 | Conn's Receivables Funding LLC, Ser 2021-A, Class A, 144a, 1.050%, 5/15/26 | 6,650 | ||
2,402,143 | CPS Auto Receivables Trust, Ser 2019-A, Class D, 144a, 4.350%, 12/16/24 | 2,400,523 | ||
755,180 | Crossroads Asset Trust, Ser 2021-A, Class A2, 144a, 0.820%, 3/20/24 | 749,624 | ||
10,750,000 | Dewolf Park CLO Ltd., Ser 2017-1A, Class AR, 144a, (3M LIBOR +0.920%), 4.999%, 10/15/30(A) | 10,606,617 | ||
5,620,000 | DT Auto Owner Trust, Ser 2019-1A, Class E, 144a, 4.940%, 2/17/26 | 5,597,681 | ||
3,401,180 | DT Auto Owner Trust, Ser 2020-1A, Class C, 144a, 2.290%, 11/17/25 | 3,387,592 | ||
1,480,933 | Elara HGV Timeshare Issuer LLC, Ser 2016-A, Class A, 144a, 2.730%, 4/25/28 | 1,467,783 | ||
492,765 | Exeter Automobile Receivables Trust, Ser 2018-2A, Class D, 144a, 4.040%, 3/15/24 | 492,527 | ||
6,450,000 | Exeter Automobile Receivables Trust, Ser 2018-4A, Class E, 144a, 5.380%, 7/15/25 | 6,431,492 | ||
753,215 | Exeter Automobile Receivables Trust, Ser 2019-1A, Class D, 144a, 4.130%, 12/16/24 | 752,191 | ||
6,650,020 | Exeter Automobile Receivables Trust, Ser 2021-3A, Class B, 0.690%, 1/15/26 | 6,544,546 | ||
2,658,673 | FCI Funding LLC, Ser 2021-1A, Class A, 144a, 1.130%, 4/15/33 | 2,596,530 | ||
1,187,382 | Flagship Credit Auto Trust, Ser 2019-1, Class C, 144a, 3.600%, 2/18/25 | 1,186,738 | ||
2,592,807 | FNA VI LLC, Ser 2021-1A, Class A, 144a, 1.350%, 1/10/32 | 2,359,360 | ||
131,786 | FNMA REMIC Trust, Ser 2001-W4, Class AF5, 5.614%, 2/25/32(A)(B) | 133,667 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 31.6% (Continued) | ||||
$ 2,260,050 | GLS Auto Receivables Issuer Trust, Ser 2020-4A, Class C, 144a, 1.140%, 11/17/25 | $ 2,221,845 | ||
4,065,673 | LAD Auto Receivables Trust, Ser 2021-1A, Class A, 144a, 1.300%, 8/17/26 | 3,951,039 | ||
3,337,176 | Madison Park Funding XI Ltd. (Cayman Islands), Ser 2013-11A, Class AR2, 144a, (3M LIBOR +0.900%), 5.225%, 7/23/29(A) | 3,294,780 | ||
2,368,783 | Magnetite XVI Ltd. (Cayman Islands), Ser 2015-16A, Class AR, 144a, (3M LIBOR +0.800%), 4.994%, 1/18/28(A) | 2,351,207 | ||
5,195,601 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class A, 144a, (SOFR30A +1.814%), 6.150%, 11/15/35(A) | 5,092,257 | ||
4,000,000 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class AS, 144a, (SOFR30A +2.214%), 6.550%, 11/15/35(A) | 3,880,444 | ||
10,219,000 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class C, 144a, (SOFR30A +3.714%), 8.050%, 11/15/35(A) | 9,709,832 | ||
4,562,478 | Monroe Capital Mml CLO Ltd. (Cayman Islands), Ser 2017-1A, Class AR, 144a, (3M LIBOR +1.300%), 5.625%, 4/22/29(A) | 4,489,835 | ||
6,250,000 | Neuberger Berman CLO XV (Cayman Islands), Ser 2013-15A, Class A1R2, 144a, (3M LIBOR +0.920%), 4.999%, 10/15/29(A) | 6,173,400 | ||
1,492,087 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2020-1A, Class A1, 144a, (3M LIBOR +1.025%), 5.475%, 2/20/28(A) | 1,481,657 | ||
8,852,860 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-4A, Class A1, 144a, (3M LIBOR +0.800%), 4.879%, 10/15/29(A) | 8,739,136 | ||
2,733,660 | Peaks CLO 1 Ltd. (Cayman Islands), Ser 2014-1A, Class A2R, 144a, (3M LIBOR +1.410%), 5.768%, 7/25/30(A) | 2,673,309 | ||
1,486,662 | Prestige Auto Receivables Trust, Ser 2018-1A, Class D, 144a, 4.140%, 10/15/24 | 1,484,211 | ||
9,020,000 | Prestige Auto Receivables Trust, Ser 2019-1A, Class D, 144a, 3.010%, 8/15/25 | 8,925,967 | ||
1,640,000 | Prestige Auto Receivables Trust, Ser 2020-1A, Class D, 144a, 1.620%, 11/16/26 | 1,601,545 | ||
9,700,000 | Progress Residential Trust, Ser 2019-SFR3, Class B, 144a, 2.571%, 9/17/36 | 9,197,326 | ||
549,826 | RAMP Series Trust, Ser 2005-RS6, Class M4, (1M LIBOR +0.975%), 5.364%, 6/25/35(A) | 547,500 | ||
75,206 | RAMP Trust, Ser 2005-RS5, Class M4, (1M LIBOR +0.640%), 5.349%, 5/25/35(A) | 75,097 | ||
2,121,065 | Sierra Timeshare Receivables Funding LLC, Ser 2018-2A, Class B, 144a, 3.650%, 6/20/35 | 2,042,302 | ||
311,268 | Sierra Timeshare Receivables Funding LLC, Ser 2019-1A, Class B, 144a, 3.420%, 1/20/36 | 294,682 | ||
340,200 | Symphony CLO XIV Ltd. (Cayman Islands), Ser 2014-14A, Class AR, 144a, (3M LIBOR +0.950%), 4.961%, 7/14/26(A) | 340,047 | ||
7,776,555 | Symphony Static CLO I Ltd. (Cayman Islands), Ser 2021-1A, Class A, 144a, (3M LIBOR +0.830%), 5.188%, 10/25/29(A) | 7,662,123 | ||
5,566,331 | TICP CLO III-2 Ltd. (Cayman Islands), Ser 2018-3R, Class A, 144a, (3M LIBOR +0.840%), 5.083%, 4/20/28(A) | 5,547,367 | ||
3,194,773 | Towd Point Mortgage Trust, Ser 2015-5, Class M1, 144a, 3.500%, 5/25/55(A)(B) | 3,157,134 | ||
1,855,867 | Towd Point Mortgage Trust, Ser 2017-1, Class A1, 144a, 2.750%, 10/25/56(A)(B) | 1,824,655 | ||
4,492,543 | Towd Point Mortgage Trust, Ser 2017-5, Class A1, 144a, (1M LIBOR +0.600%), 3.773%, 2/25/57(A) | 4,445,916 |
35
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Asset-Backed Securities — 31.6% (Continued) | ||||
$ 2,317,351 | Towd Point Mortgage Trust, Ser 2019-HY1, Class A1, 144a, (1M LIBOR +1.000%), 5.389%, 10/25/48(A) | $ 2,298,694 | ||
1,069,929 | Towd Point Mortgage Trust, Ser 2019-MH1, Class A1, 144a, 3.000%, 11/25/58(A)(B) | 1,048,464 | ||
4,582,686 | Tricon American Homes Trust, Ser 2017-SFR2, Class A, 144a, 2.928%, 1/17/36 | 4,443,439 | ||
3,800,000 | Tricon American Homes Trust, Ser 2017-SFR2, Class D, 144a, 3.672%, 1/17/36 | 3,684,606 | ||
6,000,000 | United Auto Credit Securitization Trust, Ser 2022-1, Class B, 144a, 2.100%, 3/10/25 | 5,909,423 | ||
3,500,109 | Westlake Automobile Receivables Trust, Ser 2019-2A, Class D, 144a, 3.200%, 11/15/24 | 3,492,755 | ||
Total Asset-Backed Securities | $212,990,818 | |||
Commercial Mortgage-Backed Securities — 19.0% | ||||
91,696 | AREIT Trust, Ser 2019-CRE3, Class A, 144a, (SOFR30A +1.384%), 5.710%, 9/14/36(A) | 90,057 | ||
10,793,000 | AREIT Trust, Ser 2020-CRE4, Class C, 144a, (SOFR30A +3.222%), 7.031%, 4/15/37(A) | 10,566,370 | ||
4,800,000 | Austin Fairmont Hotel Trust, Ser 2019-FAIR, Class C, 144a, (1M LIBOR +1.450%), 5.768%, 9/15/32(A) | 4,642,821 | ||
7,700,000 | BFLD Trust, Ser 2020-OBRK, Class A, 144a, (1M LIBOR +2.050%), 6.368%, 11/15/28(A) | 7,609,948 | ||
8,145,000 | BHMS, Ser 2018-ATLS, Class A, 144a, (1M LIBOR +1.250%), 5.568%, 7/15/35(A) | 7,819,762 | ||
2,295,000 | BPR Trust, Ser 2021-KEN, Class A, 144a, (1M LIBOR +1.250%), 5.568%, 2/15/29(A) | 2,232,163 | ||
8,900,000 | BPR Trust, Ser 2021-KEN, Class B, 144a, (1M LIBOR +1.950%), 6.268%, 2/15/29(A) | 8,640,274 | ||
5,648,708 | BX Commercial Mortgage Trust, Ser 2019-XL, Class A, 144a, (1M LIBOR +0.920%), 5.370%, 10/15/36(A) | 5,579,064 | ||
86,686 | BX Trust, Ser 2019-RP, Class A, 144a, (1M LIBOR +1.045%), 5.363%, 6/15/34(A) | 85,064 | ||
8,495,000 | BXMT LTD (Cayman Islands), Ser 2020-FL2, Class AS, 144a, (SOFR30A +1.264%), 5.590%, 2/15/38(A) | 8,291,176 | ||
4,992,474 | BXMT Ltd. (Cayman Islands), Ser 2020-FL2, Class A, 144a, (SOFR30A +1.014%), 5.340%, 2/15/38(A) | 4,910,497 | ||
7,200,000 | BXP Trust, Ser 2017-CQHP, Class A, 144a, (1M LIBOR +0.850%), 5.168%, 11/15/34(A) | 6,891,520 | ||
2,700,000 | CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Class C, 144a, (1M LIBOR +1.450%), 5.768%, 12/15/37(A) | 2,622,643 | ||
1,026,729 | Citigroup Commercial Mortgage Trust, Ser 2015-GC35, Class A2, 3.063%, 11/10/48 | 966,360 | ||
7,500,000 | COMM Mortgage Trust, Ser 2013-CR8, Class B, 144a, 3.903%, 6/10/46(A)(B) | 7,365,167 | ||
33,903,086 | COMM Mortgage Trust, Ser 2014-UBS3, Class XA, 1.056%, 6/10/47(A)(B)(C) | 338,177 | ||
2,680,000 | CSMC Trust, Ser 2017-CHOP, Class A, 144a, (1M LIBOR +0.750%), 5.068%, 7/15/32(A) | 2,522,048 | ||
6,080,000 | CSMC Trust, Ser 2017-PFHP, Class A, 144a, (1M LIBOR +0.950%), 5.268%, 12/15/30(A) | 5,832,748 | ||
10,020,322 | DBGS Mortgage Trust, Ser 2018-BIOD, Class B, 144a, (1M LIBOR +0.888%), 5.124%, 5/15/35(A) | 9,720,952 | ||
33,542,536 | GS Mortgage Securities Corp. II, Ser 2017-SLP, Class XA, 144a, 1.172%, 10/10/32(A)(B)(C) | 433,571 | ||
705,000 | GS Mortgage Securities Corp. Trust, Ser 2017-GPTX, Class A, 144a, 2.856%, 5/10/34 | 655,650 | ||
4,279,000 | GS Mortgage Securities Trust, Ser 2018-HART, Class A, 144a, (1M LIBOR +1.090%), 5.410%, 10/15/31(A) | 4,056,014 |
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 19.0% (Continued) | ||||
$ 2,361,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Class AS, 3.216%, 4/15/46 | $ 2,324,909 | ||
1,300,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2018-WPT, Class BFX, 144a, 4.549%, 7/5/33 | 1,154,951 | ||
2,750,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2019-MFP, Class C, 144a, (1M LIBOR +1.360%), 5.678%, 7/15/36(A) | 2,637,242 | ||
482,186 | JPMBB Commercial Mortgage Securities Trust, Ser 2014-C24, Class A2, 2.940%, 11/15/47 | 463,090 | ||
167,883 | Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C10, Class A3FL, 144a, (1M LIBOR +1.000%), 5.326%, 7/15/46(A) | 167,734 | ||
5,661,653 | Morgan Stanley Capital I Trust, Ser 2018-BOP, Class A, 144a, (1M LIBOR +0.850%), 5.168%, 8/15/33(A) | 5,368,642 | ||
396,713 | ReadyCap Commercial Mortgage Trust, Ser 2018-4, Class A, 144a, 3.390%, 2/27/51 | 376,003 | ||
3,442,841 | Tharaldson Hotel Portfolio Trust, Ser 2018-THL, Class A, 144a, (1M LIBOR +1.050%), 5.268%, 11/11/34(A) | 3,346,266 | ||
10,450,000 | WFRBS Commercial Mortgage Trust, Ser 2013-C12, Class D, 144a, 4.470%, 3/15/48(A)(B) | 10,244,814 | ||
Total Commercial Mortgage-Backed Securities | $127,955,697 | |||
Corporate Bonds — 18.6% | ||||
Utilities — 4.1% | ||||
4,000,000 | American Electric Power Co., Inc., 2.031%, 3/15/24 | 3,857,995 | ||
4,596,000 | CenterPoint Energy Resources Corp., (3M LIBOR +0.500%), 5.279%, 3/2/23(A) | 4,593,659 | ||
7,225,000 | Dominion Energy, Inc., (3M LIBOR +0.530%), 5.299%, 9/15/23(A) | 7,210,714 | ||
6,000,000 | Metropolitan Edison Co., 144a, 4.000%, 4/15/25 | 5,744,570 | ||
3,000,000 | National Fuel Gas Co., 3.750%, 3/1/23 | 2,991,930 | ||
3,000,000 | Southern California Gas Co., (3M LIBOR +0.350%), 5.103%, 9/14/23(A) | 2,991,456 | ||
27,390,324 | ||||
Financials — 3.4% | ||||
4,367,000 | Comerica, Inc., 3.700%, 7/31/23 | 4,334,786 | ||
4,000,000 | FNB Corp., 2.200%, 2/24/23 | 3,979,874 | ||
1,500,000 | Metropolitan Life Insurance Co., 144a, 7.875%, 2/15/24 | 1,532,420 | ||
3,800,000 | Mitsubishi UFJ Financial Group, Inc. (Japan), 0.848%, 9/15/24 | 3,668,163 | ||
2,800,000 | Sumitomo Mitsui Trust Bank Ltd. (Japan), 144a, 0.800%, 9/12/23 | 2,715,914 | ||
2,500,000 | Synovus Financial Corp., 5.200%, 8/11/25 | 2,468,293 | ||
4,000,000 | UBS Group AG (Switzerland), 144a, 1.008%, 7/30/24 | 3,889,995 | ||
22,589,445 | ||||
Consumer Discretionary — 3.0% | ||||
3,500,000 | American Honda Finance Corp., MTN, 0.875%, 7/7/23 | 3,428,678 | ||
5,000,000 | Hyundai Capital America, 144a, 0.800%, 1/8/24 | 4,757,864 | ||
2,500,000 | Hyundai Capital America, 144a, 2.375%, 2/10/23 | 2,494,366 | ||
5,000,000 | Toyota Motor Corp. (Japan), 0.681%, 3/25/24 | 4,744,356 | ||
5,000,000 | Warnermedia Holdings, Inc., 144a, (SOFRINDX +1.780%), 6.092%, 3/15/24(A) | 4,984,475 | ||
20,409,739 | ||||
Industrials — 2.2% | ||||
5,000,000 | Air Lease Corp., 2.750%, 1/15/23 | 4,994,114 |
36
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 18.6% (Continued) | ||||
Industrials — (Continued) | ||||
$ 1,450,000 | CNH Industrial NV (United Kingdom), 4.500%, 8/15/23 | $ 1,440,788 | ||
8,380,000 | Huntington Ingalls Industries, Inc., 0.670%, 8/16/23 | 8,136,461 | ||
14,571,363 | ||||
Consumer Staples — 1.8% | ||||
2,500,000 | Coca-Cola Europacific Partners PLC (United Kingdom), 144a, 0.500%, 5/5/23 | 2,459,243 | ||
5,500,000 | Nestle Holdings, Inc., 144a, 0.375%, 1/15/24 | 5,250,008 | ||
4,500,000 | Triton Container International Ltd. (Bermuda), 144a, 0.800%, 8/1/23 | 4,342,680 | ||
12,051,931 | ||||
Information Technology — 1.3% | ||||
4,000,000 | Microchip Technology, Inc., 4.250%, 9/1/25 | 3,886,159 | ||
5,000,000 | SK Hynix, Inc. (South Korea), 144a, 1.000%, 1/19/24 | 4,750,193 | ||
8,636,352 | ||||
Health Care — 1.1% | ||||
2,625,000 | Elevance Health, Inc., 0.450%, 3/15/23 | 2,603,199 | ||
5,000,000 | Mylan, Inc., 144a, 3.125%, 1/15/23 | 4,996,159 | ||
7,599,358 | ||||
Energy — 0.7% | ||||
5,000,000 | Energy Transfer Partners LP / Regency Energy Finance Corp., 4.500%, 11/1/23 | 4,962,980 | ||
Materials — 0.7% | ||||
5,000,000 | Nutrien Ltd. (Canada), 1.900%, 5/13/23 | 4,942,812 | ||
Real Estate — 0.3% | ||||
2,000,000 | American Tower Trust #1 REIT, Ser 13, Class 2A, 144a, 3.070%, 3/15/48 | 1,988,802 | ||
Total Corporate Bonds | $125,143,106 | |||
Commercial Paper — 14.2% | ||||
24,000,000 | Ameren Illinois Co., 4.502%, 1/3/23(D) | 23,987,883 | ||
6,850,000 | American Electric Power Co. 1/6/23(D) | 6,843,913 | ||
20,000,000 | BAT INTL Finance PLC 1/3/23(D) | 19,989,902 | ||
20,000,000 | Union Electric Co., 4.502%, 1/3/23(D) | 19,989,902 | ||
14,100,000 | Walgreens Boots 2/6/23(D) | 14,028,307 | ||
11,100,000 | Western Union Co. 1/3/23(D) | 11,094,396 | ||
Total Commercial Paper | $95,934,303 | |||
Non-Agency Collateralized Mortgage Obligations — 10.7% | ||||
601,239 | Bear Stearns ARM Trust, Ser 2003-1, Class 5A1, 2.842%, 4/25/33(A)(B)†† | 592,246 | ||
111,164 | Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34(A)(B)†† | 92,710 | ||
10,505,614 | Cascade Funding Mortgage Trust, Ser 2021-HB6, Class A, 144a, 0.898%, 6/25/36(A)(B) | 9,938,955 | ||
3,208,864 | CFMT LLC, Ser 2020-HB4, Class A, 144a, 0.946%, 12/26/30(A)(B) | 3,111,011 | ||
4,414,319 | CFMT LLC, Ser 2021-EBO1, Class A, 144a, 0.985%, 11/25/50(A)(B) | 4,214,352 | ||
5,007,622 | CFMT LLC, Ser 2021-HB7, Class A, 144a, 1.151%, 10/27/31(A)(B) | 4,697,448 | ||
1,421,797 | CIM Trust, Ser 2018-R3, Class A1, 144a, 5.000%, 12/25/57 | 1,393,625 | ||
5,111 | Community Program Loan Trust, Ser 1987-A, Class A5, 4.500%, 4/1/29 | 4,947 | ||
10,208,198 | CSMC Trust, Ser 2018-RPL9, Class A1, 144a, 3.850%, 9/25/57(A)(B) | 9,796,387 | ||
1,175,149 | GSR Mortgage Loan Trust, Ser 2003-13, Class 1A1, 4.124%, 10/25/33(A)(B) | 1,144,760 | ||
54,883 | JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 3.357%, 6/25/36(A)(B) | 40,053 |
Principal Amount | Market Value | |||
Non-Agency Collateralized Mortgage Obligations — 10.7% (Continued) | ||||
$ 2,716,875 | JP Morgan Mortgage Trust, Ser 2019-HYB1, Class A5A, 144a, 3.000%, 10/25/49(A)(B) | $ 2,464,826 | ||
35,956 | Merrill Lynch Mortgage Investors Trust, Ser 2004-1, Class 1A, 3.687%, 12/25/34(A)(B) | 33,556 | ||
15,448 | Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (12M LIBOR +1.625%), 7.178%, 12/25/32(A) | 14,246 | ||
729,116 | Mill City Mortgage Loan Trust, Ser 2018-2, Class A1, 144a, 3.500%, 5/25/58(A)(B) | 714,540 | ||
240,565 | RFMSI Trust, Ser 2007-SA1, Class 1A1, 3.082%, 2/25/37(A)(B) | 187,531 | ||
8,066,077 | RMF Proprietary Issuance Trust, Ser 2019-1, Class A, 144a, 2.750%, 10/25/63(A)(B) | 7,410,815 | ||
1,721,014 | Sequoia Mortgage Trust, Ser 2013-7, Class B2, 3.502%, 6/25/43(A)(B) | 1,608,015 | ||
119,493 | Sequoia Mortgage Trust, Ser 2018-CH4, Class A13, 144a, 4.500%, 10/25/48(A)(B) | 118,266 | ||
1,353,853 | Sequoia Mortgage Trust, Ser 2019-CH3, Class A13, 144a, 4.000%, 9/25/49(A)(B) | 1,259,900 | ||
7,146,100 | Starwood Mortgage Residential Trust, Ser 2020-3, Class A1, 144a, 1.486%, 4/25/65(A)(B) | 6,541,878 | ||
4,157,968 | Towd Point HE Trust, Ser 2021-HE1, Class A1, 144a, 0.918%, 2/25/63(A)(B) | 3,887,992 | ||
7,504,291 | Towd Point Mortgage Trust, Ser 2018-2, Class A1, 144a, 3.250%, 3/25/58(A)(B) | 7,184,033 | ||
6,294,766 | Towd Point Mortgage Trust, Ser 2021-SJ2, Class A1A, 144a, 2.250%, 12/25/61(A)(B) | 5,760,573 | ||
Total Non-Agency Collateralized Mortgage Obligations | $72,212,665 | |||
U.S. Government Agency Obligations — 3.0% | ||||
1,143 | Small Business Administration Participation Certificates, Ser 2003-20E, Class 1, 4.640%, 5/1/23 | 1,137 | ||
46,072 | Small Business Administration Pools, Pool #508374, (Prime Rate -2.500%), 3.750%, 4/25/28(A) | 45,476 | ||
1,540,000 | United States International Development Finance Corp., 4.343%, 5/15/26(A)(B) | 1,540,000 | ||
8,636,364 | United States International Development Finance Corp., 4.343%, 9/30/27(A)(B) | 8,636,363 | ||
5,510,400 | United States International Development Finance Corp., 4.343%, 4/20/35(A)(B) | 5,510,400 | ||
4,171,000 | United States International Development Finance Corp., 4.343%, 7/5/38(A)(B) | 4,171,000 | ||
Total U.S. Government Agency Obligations | $19,904,376 | |||
Municipal Bonds — 1.6% | ||||
Other Territory — 1.5% | ||||
2,645,000 | Taxable Municipal Funding Trust, Rev., 144a, 4.560%, 11/1/24(A)(B) | 2,645,000 | ||
840,000 | Taxable Municipal Funding Trust, Rev., 144a, 4.560%, 5/15/56(A)(B) | 840,000 | ||
2,749,000 | Taxable Municipal Funding Trust, Rev., 144a, 4.560%, 12/15/25(A)(B) | 2,749,000 | ||
4,200,000 | Taxable Municipal Funding Trust, Txbl Floaters Ser 2020 11, (LOC - Barclays Bank PLC), 144a, 4.560%, 9/1/30(A)(B) | 4,200,000 | ||
10,434,000 |
37
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Municipal Bonds — 1.6% (Continued) | ||||
California — 0.1% | ||||
$ 670,000 | CA St Enterprise Dev Authority, Txbl Variable J Harris Indl Wt, (LOC - City National Bank), 144a, 4.710%, 9/1/41(A)(B) | $ 670,000 | ||
Total Municipal Bonds | $11,104,000 | |||
U.S. Government Mortgage-Backed Obligations — 0.7% | ||||
101,880 | FHLMC, Pool #1B7189, (12M LIBOR +2.470%), 3.669%, 3/1/36(A) | 101,974 | ||
95,146 | FHLMC, Pool #1H1354, (1 Year CMT Rate +2.250%), 4.336%, 11/1/36(A) | 97,024 | ||
30,999 | FHLMC, Pool #1J1813, (12M LIBOR +1.925%), 4.175%, 8/1/37(A) | 31,435 | ||
83,655 | FHLMC, Pool #1L0147, (1 Year CMT Rate +2.290%), 4.290%, 7/1/35(A) | 82,158 | ||
35,295 | FHLMC, Pool #1Q0080, (12M LIBOR +1.648%), 3.649%, 1/1/36(A) | 35,551 | ||
96,832 | FHLMC, Pool #1Q0119, (12M LIBOR +1.853%), 3.959%, 9/1/36(A) | 98,453 | ||
63,933 | FHLMC, Pool #1Q0187, (12M LIBOR +1.756%), 4.039%, 12/1/36(A) | 63,714 | ||
43,509 | FHLMC, Pool #1Q0339, (12M LIBOR +1.889%), 3.236%, 4/1/37(A) | 43,298 | ||
72,232 | FHLMC, Pool #1Q1303, (1 Year CMT Rate +2.250%), 4.164%, 11/1/36(A) | 72,958 | ||
136,431 | FHLMC, Pool #781515, (1 Year CMT Rate +2.250%), 2.854%, 4/1/34(A) | 137,538 | ||
49,457 | FHLMC, Pool #782760, (1 Year CMT Rate +2.250%), 4.303%, 11/1/36(A) | 50,419 | ||
66,096 | FHLMC, Pool #847795, (1 Year CMT Rate +2.279%), 3.820%, 4/1/35(A) | 64,710 | ||
172,600 | FHLMC, Pool #848539, (1 Year CMT Rate +2.293%), 3.388%, 4/1/37(A) | 174,262 | ||
358,571 | FHLMC, Pool #848583, (1 Year CMT Rate +2.315%), 3.323%, 1/1/36(A) | 363,062 | ||
4,380 | FHLMC, Pool #A92646, 5.500%, 6/1/40 | 4,535 | ||
5,725 | FHLMC, Pool #C03505, 5.500%, 6/1/40 | 5,941 | ||
5 | FHLMC, Pool #G00100, 8.000%, 2/1/23 | 5 | ||
16,019 | FHLMC, Pool #G01840, 5.000%, 7/1/35 | 16,391 | ||
48,774 | FNMA, Pool #254868, 5.000%, 9/1/33 | 49,258 | ||
13,953 | FNMA, Pool #256272, 5.500%, 6/1/26 | 14,001 | ||
30,588 | FNMA, Pool #256852, 6.000%, 8/1/27 | 31,066 | ||
8,213 | FNMA, Pool #323832, 7.500%, 7/1/29 | 8,477 | ||
73 | FNMA, Pool #334593, 7.000%, 5/1/24 | 73 | ||
18,111 | FNMA, Pool #665773, 7.500%, 6/1/31 | 18,070 | ||
67,606 | FNMA, Pool #679742, (1 Year CMT Rate +2.584%), 3.310%, 1/1/40(A) | 65,764 | ||
58,962 | FNMA, Pool #725424, 5.500%, 4/1/34 | 59,970 | ||
204,940 | FNMA, Pool #725490, (12M LIBOR +1.597%), 2.738%, 4/1/34(A) | 202,820 | ||
9,233 | FNMA, Pool #735484, 5.000%, 5/1/35 | 9,436 | ||
50,513 | FNMA, Pool #813170, (12M LIBOR +1.575%), 2.022%, 1/1/35(A) | 50,087 | ||
198,639 | FNMA, Pool #815323, (6M LIBOR +1.532%), 3.712%, 1/1/35(A) | 199,928 | ||
54,077 | FNMA, Pool #820364, (12M LIBOR +0.827%), 2.202%, 4/1/35(A) | 52,985 | ||
68,903 | FNMA, Pool #827787, (6M LIBOR +1.550%), 4.851%, 5/1/35(A) | 69,325 | ||
34,141 | FNMA, Pool #889060, 6.000%, 1/1/38 | 36,383 | ||
35,809 | FNMA, Pool #889061, 6.000%, 1/1/38 | 37,404 | ||
2,222 | FNMA, Pool #889382, 5.500%, 4/1/38 | 2,306 | ||
77,124 | FNMA, Pool #922674, (12M LIBOR +1.905%), 2.923%, 4/1/36(A) | 78,231 |
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 0.7% (Continued) | ||||
$ 21,465 | FNMA, Pool #960376, 5.500%, 12/1/37 | $ 22,275 | ||
46,596 | FNMA, Pool #995405, 5.500%, 10/1/23 | 46,443 | ||
3,695 | FNMA, Pool #AD0941, 5.500%, 4/1/40 | 3,835 | ||
25,880 | FNMA, Pool #AE0363, 5.000%, 7/1/37 | 26,451 | ||
30,013 | FNMA, Pool #AE5441, 5.000%, 10/1/40 | 30,336 | ||
27,331 | FNMA, Pool #AI6588, 4.000%, 7/1/26 | 26,692 | ||
43,176 | FNMA, Pool #AI8506, 4.000%, 8/1/26 | 42,167 | ||
43,761 | FNMA, Pool #AL0211, 5.000%, 4/1/41 | 44,351 | ||
540 | FNMA, Pool #AL0302, 5.000%, 4/1/24 | 543 | ||
229,448 | FNMA, Pool #AL0478, (12M LIBOR +1.764%), 3.422%, 4/1/36(A) | 232,506 | ||
95,233 | FNMA, Pool #AL0543, 5.000%, 7/1/41 | 96,518 | ||
40,873 | FNMA, Pool #AL1105, 4.500%, 12/1/40 | 40,560 | ||
10,489 | FNMA, Pool #AL2591, 5.500%, 5/1/38 | 10,471 | ||
206,910 | FNMA, Pool #AL5275, (6M LIBOR +1.508%), 3.203%, 9/1/37(A) | 206,713 | ||
597,896 | FNMA, Pool #AL7396, (6M LIBOR +1.528%), 4.200%, 2/1/37(A) | 603,057 | ||
2,753 | GNMA, Pool #345123, 8.000%, 12/15/23 | 2,752 | ||
152,252 | GNMA, Pool #80826, (1 Year CMT Rate +1.500%), 2.625%, 2/20/34(A) | 149,282 | ||
64,809 | GNMA, Pool #80889, (1 Year CMT Rate +1.500%), 2.875%, 4/20/34(A) | 63,563 | ||
147,299 | GNMA, Pool #81016, (1 Year CMT Rate +1.500%), 2.625%, 8/20/34(A) | 142,961 | ||
154,364 | GNMA, Pool #82760, (1 Year CMT Rate +1.500%), 2.625%, 3/20/41(A) | 152,519 | ||
27,269 | GNMA, Pool #MA2392, (1 Year CMT Rate +1.500%), 1.750%, 11/20/44(A) | 26,549 | ||
206,571 | GNMA, Pool #MA2466, (1 Year CMT Rate +1.500%), 1.750%, 12/20/44(A) | 200,996 | ||
Total U.S. Government Mortgage-Backed Obligations | $4,600,552 | |||
Agency Collateralized Mortgage Obligations — 0.4% | ||||
133,199,449 | FHLMC Multifamily Structured Pass Through Certificates, Ser K038, Class X1, 1.078%, 3/25/24(A)(B)(C) | 1,276,530 | ||
60,002,047 | FHLMC Multifamily Structured Pass Through Certificates, Ser K040, Class X1, 0.695%, 9/25/24(A)(B)(C) | 515,123 | ||
128,115 | FHLMC REMIC, Ser 2770, Class FH, (1M LIBOR +0.400%), 4.718%, 3/15/34(A) | 126,280 | ||
570,178 | FHLMC REMIC, Ser 4238, Class TL, 1.250%, 8/15/27 | 531,308 | ||
25,915 | FNMA REMIC, Ser 2003-33, Class AM, 4.250%, 5/25/33 | 25,107 | ||
15,689 | FNMA REMIC, Ser 2003-42, Class CA, 4.000%, 5/25/33 | 15,381 | ||
91,563 | FNMA REMIC, Ser 2003-81, Class FE, (1M LIBOR +0.500%), 4.889%, 9/25/33(A) | 90,618 | ||
232,520 | FNMA REMIC, Ser 2009-32, Class BH, 5.250%, 5/25/39 | 226,056 | ||
36 | FNMA REMIC, Ser 2011-15, Class HC, 2.500%, 3/25/26 | 35 | ||
33,787 | FNMA REMIC, Ser 2012-102, Class NA, 1.500%, 9/25/27 | 31,923 | ||
36,075 | GNMA, Ser 2002-72, Class AB, 4.500%, 10/20/32 | 35,989 | ||
12,034 | GNMA, Ser 2011-57, Class BA, 3.000%, 5/20/40 | 11,736 | ||
Total Agency Collateralized Mortgage Obligations | $2,886,086 |
38
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Shares | MarketValue | |||
Short-Term Investment Fund — 0.0% | ||||
46,206 | Dreyfus Government Cash Management, Institutional Shares, 4.19%∞Ω | $ 46,206 | ||
Total Investment Securities—99.8% (Cost $688,710,954) | $672,777,809 | |||
Other Assets in Excess of Liabilities — 0.2% | 1,437,187 | |||
Net Assets — 100.0% | $674,214,996 |
(A) | Variable rate security - Rate reflected is the rate in effect as of December 31, 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 December 31, 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 |
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 |
REIT – Real Estate Investment Trust |
REMIC – Real Estate Mortgage Investment Conduit |
SOFR30A – Secured Overnight Financing Rate 30 Day Average |
TSFR3M – Three Month Term Secured Overnight Financing Rate |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities were valued at $454,941,772 or 67.5% 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 | $— | $212,990,818 | $— | $212,990,818 |
Commercial Mortgage-Backed Securities | — | 127,955,697 | — | 127,955,697 |
Corporate Bonds | — | 125,143,106 | — | 125,143,106 |
Commercial Paper | — | 95,934,303 | — | 95,934,303 |
Non-Agency Collateralized Mortgage Obligations | — | 72,212,665 | — | 72,212,665 |
U.S. Government Agency Obligations | — | 19,904,376 | — | 19,904,376 |
Municipal Bonds | — | 11,104,000 | — | 11,104,000 |
U.S. Government Mortgage-Backed Obligations | — | 4,600,552 | — | 4,600,552 |
Agency Collateralized Mortgage Obligations | — | 2,886,086 | — | 2,886,086 |
Short-Term Investment Fund | 46,206 | — | — | 46,206 |
Total | $46,206 | $672,731,603 | $— | $672,777,809 |
See accompanying Notes to Portfolios of Investments.
39
Notes to Portfolios of Investments
December 31, 2022 (Unaudited)
Security valuation and fair value measurements — U.S. generally accepted accounting principles (“U.S. GAAP”) define fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. All investments in securities are recorded at their fair value. The Funds define the term “market value”, as used throughout this report, as the estimated fair value. The Funds use various methods to measure fair value of their portfolio securities on a recurring basis. U.S. GAAP fair value measurement standards require disclosure of a hierarchy that prioritizes inputs to valuation methods. These inputs are summarized in the three broad levels listed below:
• Level 1 − quoted prices in active markets for identical securities
• Level 2 − other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 − significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The aggregate value by input level, as of December 31, 2022, for each Fund’s investments, is included in each Fund’s Portfolio of Investments, which also includes a breakdown of the Fund’s investments by geographic, credit quality and/or sector allocation. The Anti-Benchmark®International Core Equity Fund held Level 3 categorized securities during the period ended December 31, 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 established by Touchstone Advisors, Inc. (the “Advisor”) and adopted 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
40
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 established by the Adviser and adopted 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.
41