Portfolio of Investments
Touchstone Active Bond Fund – December 31, 2023 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 40.3% | ||||
Financials — 10.8% | ||||
$ 1,123,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.450%, 10/29/26 | $ 1,039,918 | ||
1,107,000 | American Express Co., 5.282%, 7/27/29 | 1,131,099 | ||
1,101,000 | American Tower Corp. REIT, 5.900%, 11/15/33 | 1,167,957 | ||
905,000 | Ares Capital Corp., 3.250%, 7/15/25 | 865,911 | ||
897,000 | Bank of America Corp., 2.687%, 4/22/32 | 758,732 | ||
647,000 | Bank of America Corp., 3.705%, 4/24/28 | 618,327 | ||
775,000 | Bank of Montreal (Canada), 3.803%, 12/15/32 | 713,447 | ||
862,000 | Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | 915,250 | ||
1,395,000 | Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | 1,071,222 | ||
1,282,000 | Barclays PLC (United Kingdom), 2.894%, 11/24/32 | 1,052,570 | ||
522,000 | Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | 488,254 | ||
572,000 | Capital One Financial Corp., 7.149%, 10/29/27 | 594,079 | ||
565,000 | Citigroup, Inc., 3.200%, 10/21/26 | 539,174 | ||
550,000 | Citigroup, Inc., 6.174%, 5/25/34 | 570,145 | ||
883,000 | Citizens Bank NA, 4.575%, 8/9/28 | 838,930 | ||
888,000 | Cooperatieve Rabobank UA (Netherlands), 144a, 1.106%, 2/24/27 | 813,395 | ||
1,172,000 | Corestates Capital III, 144a, (TSFR3M + 0.832%), 6.211%, 2/15/27(A) | 1,116,353 | ||
1,031,000 | Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | 866,924 | ||
454,000 | Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | 434,080 | ||
461,000 | Huntington Bancshares, Inc., 2.550%, 2/4/30 | 394,989 | ||
1,083,000 | JPMorgan Chase & Co., 2.956%, 5/13/31 | 953,215 | ||
831,000 | JPMorgan Chase & Co., 3.509%, 1/23/29 | 788,210 | ||
1,055,000 | Mastercard, Inc., 2.000%, 11/18/31 | 891,394 | ||
813,000 | Morgan Stanley, 3.950%, 4/23/27 | 789,629 | ||
705,000 | Morgan Stanley, 5.297%, 4/20/37 | 687,319 | ||
802,000 | New York Life Global Funding, 144a, 4.550%, 1/28/33 | 792,079 | ||
835,000 | Northern Trust Corp., 6.125%, 11/2/32 | 898,242 | ||
1,022,292 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | 821,437 | ||
1,457,000 | PNC Capital Trust, (TSFR3M + 0.832%), 6.209%, 6/1/28(A) | 1,355,351 | ||
940,000 | Royal Bank of Canada (Canada), MTN, 5.200%, 8/1/28 | 959,709 | ||
1,625,000 | Truist Bank, Ser A, (TSFR3M + 0.932%), 6.311%, 5/15/27(A) | 1,526,794 | ||
684,000 | US Bancorp, 4.967%, 7/22/33 | 649,501 | ||
27,103,636 | ||||
Consumer Discretionary — 4.3% | ||||
1,050,000 | 7-Eleven, Inc., 144a, 1.800%, 2/10/31 | 854,634 | ||
936,000 | BAT Capital Corp. (United Kingdom), 3.557%, 8/15/27 | 893,806 | ||
964,000 | Brunswick Corp., 4.400%, 9/15/32 | 880,145 | ||
616,000 | Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.750%, 10/20/28 | 606,008 | ||
1,550,000 | General Motors Financial Co., Inc., 3.100%, 1/12/32 | 1,321,919 | ||
383,000 | General Motors Financial Co., Inc., 5.650%, 1/17/29 | 392,657 | ||
200,000 | GENM Capital Labuan Ltd. (Malaysia), 144a, 3.882%, 4/19/31 | 170,897 | ||
481,000 | Home Depot, Inc. (The), 5.950%, 4/1/41 | 539,320 | ||
637,000 | Imperial Brands Finance PLC (United Kingdom), 144a, 6.125%, 7/27/27 | 654,535 | ||
953,000 | Lowe's Cos., Inc., 4.500%, 4/15/30 | 948,810 | ||
604,000 | Mattel, Inc., 5.450%, 11/1/41 | 541,115 | ||
992,000 | Toll Brothers Finance Corp., 3.800%, 11/1/29 | 930,460 | ||
1,142,000 | Toyota Motor Corp. (Japan), 5.118%, 7/13/28 | 1,182,440 | ||
1,081,000 | Warnermedia Holdings, Inc., 5.141%, 3/15/52 | 932,748 | ||
10,849,494 | ||||
Industrials — 3.9% | ||||
1,057,000 | Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | 915,917 | ||
559,000 | Boeing Co. (The), 5.805%, 5/1/50 | 581,198 |
Principal Amount | Market Value | |||
Industrials — 3.9% (Continued) | ||||
$ 853,000 | Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | $ 930,799 | ||
200,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25 | 189,506 | ||
547,000 | Carrier Global Corp., 3.577%, 4/5/50 | 428,256 | ||
200,000 | Cemex SAB de CV (Mexico), 144a, 9.125%(B) | 212,959 | ||
320,000 | DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/28 | 294,250 | ||
771,000 | FedEx Corp., 5.100%, 1/15/44 | 749,320 | ||
200,000 | IHS Holding Ltd. (Nigeria), 5.625%, 11/29/26 | 173,548 | ||
842,000 | John Deere Capital Corp., MTN, 2.450%, 1/9/30 | 755,586 | ||
692,000 | Norfolk Southern Corp., 4.837%, 10/1/41 | 668,710 | ||
594,000 | Roper Technologies, Inc., 2.950%, 9/15/29 | 544,884 | ||
1,110,000 | Waste Management, Inc., 4.875%, 2/15/34 | 1,134,283 | ||
1,574,000 | Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | 1,463,869 | ||
570,000 | WestRock MWV LLC, 8.200%, 1/15/30 | 657,225 | ||
9,700,310 | ||||
Utilities — 3.8% | ||||
1,297,000 | CMS Energy Corp., 4.750%, 6/1/50 | 1,171,101 | ||
616,000 | Duke Energy Progress LLC, 4.150%, 12/1/44 | 526,003 | ||
614,000 | Edison International, 4.125%, 3/15/28 | 593,310 | ||
1,213,000 | Electricite de France SA (France), 144a, 4.875%, 9/21/38 | 1,123,910 | ||
200,000 | Eskom Holdings SOC Ltd. (South Africa), 144a, 6.350%, 8/10/28 | 194,279 | ||
1,075,000 | FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44 | 1,041,864 | ||
250,000 | Minejesa Capital BV (Indonesia), 4.625%, 8/10/30 | 237,187 | ||
230,573 | Mong Duong Finance Holdings BV (Vietnam), 5.125%, 5/7/29 | 213,563 | ||
1,071,000 | NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.329%), 7.659%, 10/1/66(A) | 968,947 | ||
959,000 | Ohio Power Co., Ser R, 2.900%, 10/1/51 | 652,453 | ||
1,054,000 | Pacific Gas and Electric Co., 3.500%, 8/1/50 | 730,234 | ||
738,000 | PacifiCorp., 5.750%, 4/1/37 | 755,820 | ||
1,453,000 | WEC Energy Group, Inc., (TSFR3M + 2.374%), 7.754%, 5/15/67(A) | 1,299,713 | ||
9,508,384 | ||||
Health Care — 3.5% | ||||
692,000 | AbbVie, Inc., 4.450%, 5/14/46 | 637,536 | ||
777,000 | Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | 629,300 | ||
910,000 | Amgen, Inc., 5.150%, 3/2/28 | 930,989 | ||
654,000 | Becton Dickinson & Co., 4.685%, 12/15/44 | 613,240 | ||
723,000 | CommonSpirit Health, 4.187%, 10/1/49 | 611,746 | ||
661,000 | CVS Health Corp., 5.125%, 7/20/45 | 627,353 | ||
884,000 | DH Europe Finance II Sarl, 3.250%, 11/15/39 | 735,653 | ||
795,000 | Elevance Health, Inc., 4.750%, 2/15/33 | 796,318 | ||
899,000 | HCA, Inc., 5.375%, 9/1/26 | 903,605 | ||
708,000 | Thermo Fisher Scientific, Inc., 5.404%, 8/10/43 | 750,967 | ||
911,000 | UnitedHealth Group, Inc., 3.500%, 8/15/39 | 776,602 | ||
922,000 | Viatris, Inc., 2.700%, 6/22/30 | 780,134 | ||
8,793,443 | ||||
Energy — 3.4% | ||||
660,000 | Aker BP ASA (Norway), 144a, 6.000%, 6/13/33 | 686,809 | ||
234,000 | Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37 | 221,407 | ||
1,138,000 | Cheniere Energy, Inc., 4.625%, 10/15/28 | 1,109,508 | ||
564,000 | Continental Resources, Inc., 144a, 5.750%, 1/15/31 | 560,715 | ||
1,054,000 | DCP Midstream Operating LP, 144a, 6.750%, 9/15/37 | 1,158,914 | ||
70,000 | Ecopetrol SA (Colombia), 6.875%, 4/29/30 | 69,355 | ||
200,000 | Energo-Pro AS (Czechia), 8.500%, 2/4/27 | 195,914 |
1
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 40.3% (Continued) | ||||
Energy — 3.4% (Continued) | ||||
$ 150,000 | Heritage Petroleum Co. Ltd. (Trinidad and Tobago), 144a, 9.000%, 8/12/29 | $ 157,575 | ||
575,729 | MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | 451,228 | ||
988,000 | Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 | 952,183 | ||
689,000 | MPLX LP, 4.950%, 3/14/52 | 615,332 | ||
834,000 | NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | 927,597 | ||
529,000 | Occidental Petroleum Corp., 7.950%, 6/15/39 | 616,285 | ||
100,000 | Petroleos del Peru SA (Peru), 144a, 4.750%, 6/19/32 | 71,414 | ||
100,000 | Petroleos del Peru SA (Peru), 144a, 5.625%, 6/19/47 | 61,250 | ||
375,000 | Petroleos Mexicanos (Mexico), 6.625%, 6/15/35 | 287,682 | ||
401,000 | Petroleos Mexicanos (Mexico), 7.690%, 1/23/50 | 285,134 | ||
100,000 | YPF, SA (Argentina), 144a, 6.950%, 7/21/27 | 89,477 | ||
8,517,779 | ||||
Information Technology — 2.8% | ||||
1,203,000 | Apple, Inc., 4.650%, 2/23/46 | 1,190,394 | ||
1,188,000 | Broadcom, Inc., 4.150%, 11/15/30 | 1,136,397 | ||
1,098,000 | Marvell Technology, Inc., 2.950%, 4/15/31 | 961,066 | ||
1,011,000 | Microchip Technology, Inc., 0.983%, 9/1/24 | 979,519 | ||
566,000 | Micron Technology, Inc., 2.703%, 4/15/32 | 476,122 | ||
236,000 | Micron Technology, Inc., 6.750%, 11/1/29 | 255,316 | ||
1,482,000 | Microsoft Corp., 2.525%, 6/1/50 | 1,016,904 | ||
332,000 | Oracle Corp., 3.600%, 4/1/40 | 265,765 | ||
266,000 | Oracle Corp., 4.300%, 7/8/34 | 249,058 | ||
540,000 | Visa, Inc., 4.150%, 12/14/35 | 529,931 | ||
7,060,472 | ||||
Consumer Staples — 2.6% | ||||
617,000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | 605,148 | ||
842,000 | Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | 792,963 | ||
200,000 | Coruripe Netherlands BV (Brazil), 144a, 10.000%, 2/10/27 | 153,500 | ||
548,000 | J M Smucker Co. (The), 6.500%, 11/15/53 | 634,943 | ||
1,239,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 2.500%, 1/15/27 | 1,140,964 | ||
393,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 4.375%, 2/2/52 | 292,655 | ||
536,000 | Kroger Co. (The), 5.000%, 4/15/42 | 504,019 | ||
795,000 | Mars, Inc., 144a, 3.875%, 4/1/39 | 698,672 | ||
1,149,000 | Philip Morris International, Inc., 5.375%, 2/15/33 | 1,179,820 | ||
568,000 | Starbucks Corp., 3.350%, 3/12/50 | 425,727 | ||
137,822 | TransJamaican Highway Ltd. (Jamaica), 5.750%, 10/10/36 | 120,594 | ||
6,549,005 | ||||
Real Estate — 2.1% | ||||
837,000 | Crown Castle International Corp. REIT, 3.650%, 9/1/27 | 796,189 | ||
931,000 | Host Hotels & Resorts LP REIT, Ser F, 4.500%, 2/1/26 | 913,226 | ||
1,017,000 | Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | 936,419 | ||
460,000 | Kilroy Realty LP REIT, 3.050%, 2/15/30 | 391,378 | ||
200,000 | Logan Group Co. Ltd. (China), 5.250%, 2/23/23 | 13,000 | ||
595,000 | Sabra Health Care LP REIT, 5.125%, 8/15/26 | 584,554 | ||
585,000 | SBA Tower Trust REIT, 144a, 6.599%, 1/15/28 | 601,662 | ||
374,000 | STORE Capital Corp. REIT, 2.700%, 12/1/31 | 283,781 | ||
116,000 | STORE Capital Corp. REIT, 2.750%, 11/18/30 | 91,204 | ||
635,000 | STORE Capital Corp. REIT, 4.625%, 3/15/29 | 587,199 | ||
5,198,612 |
Principal Amount | Market Value | |||
Communication Services — 2.0% | ||||
$ 536,000 | AT&T, Inc., 4.500%, 5/15/35 | $ 508,761 | ||
1,002,000 | British Telecommunications PLC (United Kingdom), 144a, 3.250%, 11/8/29 | 916,005 | ||
602,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | 593,551 | ||
673,000 | Comcast Corp., 4.000%, 3/1/48 | 567,178 | ||
328,000 | Paramount Global, 4.200%, 5/19/32 | 293,487 | ||
991,000 | T-Mobile USA, Inc., 3.875%, 4/15/30 | 940,560 | ||
472,000 | T-Mobile USA, Inc., 5.750%, 1/15/54 | 501,582 | ||
932,000 | Verizon Communications, Inc., 2.987%, 10/30/56 | 618,987 | ||
4,940,111 | ||||
Materials — 1.1% | ||||
100,000 | Braskem America Finance Co. (Brazil), 144a, 7.125%, 7/22/41 | 77,302 | ||
200,000 | Braskem Idesa SAPI (Mexico), 144a, 6.990%, 2/20/32 | 113,000 | ||
588,000 | Braskem Netherlands Finance BV (Brazil), 144a, 4.500%, 1/31/30 | 456,465 | ||
321,000 | Braskem Netherlands Finance BV (Brazil), 144a, 5.875%, 1/31/50 | 222,413 | ||
907,000 | Celanese US Holdings LLC, 6.165%, 7/15/27 | 929,966 | ||
683,000 | Sherwin-Williams Co. (The), 4.500%, 6/1/47 | 627,496 | ||
200,000 | Stillwater Mining Co. (South Africa), 144a, 4.500%, 11/16/29 | 157,930 | ||
200,000 | WE Soda Investments Holding PLC (Turkey), 144a, 9.500%, 10/6/28 | 205,960 | ||
2,790,532 | ||||
Total Corporate Bonds | $101,011,778 | |||
U.S. Treasury Obligations — 19.2% | ||||
560,000 | U.S. Treasury Bond, 1.750%, 8/15/41 | 391,059 | ||
2,180,000 | U.S. Treasury Bond, 2.250%, 2/15/52 | 1,519,102 | ||
3,535,000 | U.S. Treasury Bond, 2.375%, 2/15/42 | 2,723,055 | ||
1,730,000 | U.S. Treasury Bond, 2.875%, 5/15/52 | 1,384,270 | ||
2,425,000 | U.S. Treasury Bond, 4.000%, 11/15/42 | 2,365,322 | ||
555,000 | U.S. Treasury Bond, 4.000%, 11/15/52 | 550,166 | ||
700,000 | U.S. Treasury Bond, 4.125%, 8/15/53 | 710,938 | ||
3,055,000 | U.S. Treasury Note, 3.375%, 5/15/33 | 2,938,051 | ||
1,665,000 | U.S. Treasury Note, 3.500%, 2/15/33 | 1,617,782 | ||
5,295,000 | U.S. Treasury Note, 3.625%, 5/31/28 | 5,243,498 | ||
5,115,000 | U.S. Treasury Note, 3.875%, 8/15/33 | 5,118,996 | ||
5,370,000 | U.S. Treasury Note, 4.000%, 2/29/28 | 5,392,025 | ||
13,355,000 | U.S. Treasury Note, 4.375%, 11/30/28 | 13,679,485 | ||
4,460,000 | U.S. Treasury Note, 4.875%, 11/30/25 | 4,507,213 | ||
Total U.S. Treasury Obligations | $48,140,962 | |||
Commercial Mortgage-Backed Securities — 8.3% | ||||
1,000,000 | Austin Fairmont Hotel Trust, Ser 2019-FAIR, Class C, 144a, (TSFR1M + 1.497%), 6.859%, 9/15/32(A) | 984,717 | ||
500,000 | BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | 479,055 | ||
970,000 | BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | 826,542 | ||
1,230,000 | BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55(A)(C) | 1,061,455 | ||
930,000 | BBCMS Mortgage Trust, Ser 2021-C11, Class A5, 2.322%, 9/15/54 | 773,762 | ||
2,745,000 | BBCMS Mortgage Trust, Ser 2021-C12, Class A5, 2.689%, 11/15/54 | 2,336,540 | ||
720,000 | BBCMS Mortgage Trust, Ser 2022-C14, Class A5, 2.946%, 2/15/55(A)(C) | 621,230 | ||
1,000,000 | BPR Trust, Ser 2021-KEN, Class B, 144a, (TSFR1M + 2.064%), 7.426%, 2/15/29(A) | 996,838 |
2
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 8.3% (Continued) | ||||
$ 830,000 | Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | $ 716,534 | ||
1,600,000 | CSMC, Ser 2021-B33, Class A1, 144a, 3.053%, 10/10/43 | 1,371,089 | ||
550,000 | Eleven Madison Trust Mortgage Trust, Ser 2015-11MD, Class C, 144a, 3.555%, 9/10/35(A)(C) | 438,445 | ||
583,235 | GS Mortgage Securities Corp. II, Ser 2017-SLP, Class B, 144a, 3.772%, 10/10/32 | 562,566 | ||
750,000 | GS Mortgage Securities Corp. Trust, Ser 2020-UPTN, Class E, 144a, 3.246%, 2/10/37(A)(C) | 670,028 | ||
1,750,000 | GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.541%, 1/10/43(A)(C) | 1,463,520 | ||
1,325,000 | GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | 1,117,392 | ||
765,000 | HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (TSFR1M + 1.564%), 6.926%, 10/15/36(A) | 724,792 | ||
528,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2016-NINE, Class B, 144a, 2.854%, 9/6/38(A)(C) | 466,928 | ||
755,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | 695,045 | ||
1,200,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (TSFR1M + 1.317%), 6.679%, 11/15/35(A) | 1,140,330 | ||
1,210,000 | Morgan Stanley Capital I Trust, Ser 2018-H3, Class A5, 4.177%, 7/15/51 | 1,146,701 | ||
2,380,000 | Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | 2,132,355 | ||
Total Commercial Mortgage-Backed Securities | $20,725,864 | |||
U.S. Government Mortgage-Backed Obligations — 7.3% | ||||
45,667 | FHLMC, Pool #1Q0339, (RFUCCT1Y + 1.889%), 5.238%, 4/1/37(A) | 45,609 | ||
6,056 | FHLMC, Pool #A12886, 5.000%, 8/1/33 | 6,169 | ||
42,859 | FHLMC, Pool #A13842, 6.000%, 9/1/33 | 44,491 | ||
3,750 | FHLMC, Pool #A21415, 5.000%, 5/1/34 | 3,820 | ||
8,971 | FHLMC, Pool #A35682, 5.000%, 7/1/35 | 9,090 | ||
3,855 | FHLMC, Pool #A36523, 5.000%, 8/1/35 | 3,907 | ||
17,763 | FHLMC, Pool #A46590, 5.000%, 8/1/35 | 18,095 | ||
1,963 | FHLMC, Pool #A64971, 5.500%, 8/1/37 | 2,026 | ||
1,350,360 | FHLMC, Pool #A89148, 4.000%, 10/1/39 | 1,320,384 | ||
35,982 | FHLMC, Pool #A96485, 4.500%, 1/1/41 | 36,027 | ||
232,957 | FHLMC, Pool #A97897, 4.500%, 4/1/41 | 233,249 | ||
10,335 | FHLMC, Pool #C62740, 7.000%, 1/1/32 | 10,675 | ||
7,364 | FHLMC, Pool #C72254, 6.500%, 7/1/32 | 7,747 | ||
8,196 | FHLMC, Pool #C90986, 7.000%, 6/1/26 | 8,465 | ||
6,746 | FHLMC, Pool #G02184, 5.000%, 4/1/36 | 6,872 | ||
1,214,535 | FHLMC, Pool #G05624, 4.500%, 9/1/39 | 1,215,678 | ||
106,876 | FHLMC, Pool #G05733, 5.000%, 11/1/39 | 108,880 | ||
14,253 | FHLMC, Pool #J13584, 3.500%, 11/1/25 | 14,028 | ||
823,892 | FHLMC REMIC, Pool #SD1436, 4.500%, 8/1/52 | 799,762 | ||
775,718 | FHLMC REMIC, Pool #SD1620, 5.000%, 9/1/52 | 768,610 | ||
4,523 | FNMA, Pool #255628, 5.500%, 2/1/25 | 4,543 | ||
1,758 | FNMA, Pool #426830, 8.000%, 11/1/24 | 1,753 | ||
2,603 | FNMA, Pool #540040, 7.500%, 6/1/28 | 2,596 | ||
6,386 | FNMA, Pool #561741, 7.500%, 1/1/31 | 6,524 | ||
11,910 | FNMA, Pool #640291, 7.000%, 8/1/32 | 12,288 | ||
11,395 | FNMA, Pool #670402, 6.500%, 6/1/32 | 11,851 | ||
68,465 | FNMA, Pool #745257, 6.000%, 1/1/36 | 71,569 | ||
44,840 | FNMA, Pool #748895, 6.000%, 12/1/33 | 44,639 | ||
7,532 | FNMA, Pool #758564, 6.000%, 9/1/24 | 7,654 | ||
30,487 | FNMA, Pool #810049, 5.500%, 3/1/35 | 31,421 | ||
21,945 | FNMA, Pool #819297, 6.000%, 9/1/35 | 22,938 |
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 7.3% (Continued) | ||||
$ 456,474 | FNMA, Pool #881279, 5.000%, 11/1/36 | $ 464,360 | ||
14,601 | FNMA, Pool #889060, 6.000%, 1/1/38 | 15,637 | ||
33,494 | FNMA, Pool #889061, 6.000%, 1/1/38 | 35,014 | ||
1,040 | FNMA, Pool #895657, 6.500%, 8/1/36 | 1,044 | ||
56,264 | FNMA, Pool #905049, 5.500%, 11/1/36 | 57,991 | ||
154,347 | FNMA, Pool #928553, 5.500%, 8/1/37 | 159,082 | ||
108,832 | FNMA, Pool #931535, 5.500%, 7/1/39 | 108,423 | ||
81,929 | FNMA, Pool #AA3467, 4.500%, 4/1/39 | 81,848 | ||
133,827 | FNMA, Pool #AA4584, 4.500%, 4/1/39 | 133,694 | ||
31,062 | FNMA, Pool #AB1800, 4.000%, 11/1/40 | 30,330 | ||
26,714 | FNMA, Pool #AB2452, 4.000%, 3/1/26 | 26,230 | ||
5,078 | FNMA, Pool #AD3775, 4.500%, 3/1/25 | 5,050 | ||
22,954 | FNMA, Pool #AD6193, 5.000%, 6/1/40 | 23,040 | ||
45,652 | FNMA, Pool #AE1568, 4.000%, 9/1/40 | 44,577 | ||
235,844 | FNMA, Pool #AE2497, 4.500%, 9/1/40 | 235,803 | ||
28,533 | FNMA, Pool #AE5441, 5.000%, 10/1/40 | 28,999 | ||
74,206 | FNMA, Pool #AH1135, 5.000%, 1/1/41 | 75,488 | ||
17,935 | FNMA, Pool #AH3671, 4.000%, 2/1/26 | 17,611 | ||
242,174 | FNMA, Pool #AH6622, 4.000%, 3/1/41 | 236,319 | ||
233,188 | FNMA, Pool #AL0150, 4.000%, 2/1/41 | 227,695 | ||
39,084 | FNMA, Pool #AL0211, 5.000%, 4/1/41 | 39,743 | ||
275,042 | FNMA, Pool #AS0779, 4.000%, 10/1/43 | 267,878 | ||
1,932,898 | FNMA, Pool #BT7156, 2.000%, 8/1/51 | 1,583,245 | ||
1,347,151 | FNMA, Pool #FM4660, 2.000%, 10/1/35 | 1,217,256 | ||
1,299,262 | FNMA, Pool #FM4702, 2.500%, 10/1/50 | 1,119,581 | ||
1,987,878 | FNMA, Pool #FM5085, 2.000%, 12/1/50 | 1,641,466 | ||
955,595 | FNMA, Pool #FM8360, 2.500%, 8/1/51 | 822,049 | ||
960,040 | FNMA, Pool #FM8361, 2.500%, 8/1/51 | 823,691 | ||
1,107,781 | FNMA, Pool #FM9905, 2.500%, 12/1/51 | 943,068 | ||
992,667 | FNMA, Pool #FM9907, 2.500%, 12/1/51 | 845,666 | ||
782,143 | FNMA, Pool #FS2906, 5.000%, 9/1/52 | 776,607 | ||
835,784 | FNMA, Pool #MA4128, 2.000%, 9/1/40 | 719,761 | ||
572,817 | GNMA, Pool #4424, 5.000%, 4/20/39 | 584,034 | ||
Total U.S. Government Mortgage-Backed Obligations | $18,273,640 | |||
Non-Agency Collateralized Mortgage Obligations — 6.7% | ||||
1,010 | Adjustable Rate Mortgage Trust, Ser 2004-4, Class 3A1, 4.820%, 3/25/35(A)(C) | 985 | ||
1,047,739 | Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.644%, 10/25/45(A)(C) | 976,442 | ||
1,632,840 | Agate Bay Mortgage Trust, Ser 2015-7, Class B2, 144a, 3.644%, 10/25/45(A)(C) | 1,518,925 | ||
366,146 | CSMC Trust, Ser 2013-7, Class B3, 144a, 3.544%, 8/25/43(A)(C) | 335,234 | ||
428,722 | CSMC Trust, Ser 2014-OAK1, Class B4, 144a, 3.643%, 11/25/44(A)(C) | 406,234 | ||
744,431 | CSMC Trust, Ser 2015-1, Class B3, 144a, 3.900%, 1/25/45(A)(C) | 703,280 | ||
826,544 | CSMC Trust, Ser 2015-2, Class B4, 144a, 3.887%, 2/25/45(A)(C) | 765,741 | ||
699,093 | CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.771%, 12/25/44(A)(C) | 659,550 | ||
1,091,289 | Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67(A)(C) | 1,037,503 | ||
1,159,951 | EverBank Mortgage Loan Trust, Ser 2018-1, Class B2, 144a, 3.576%, 2/25/48(A)(C) | 1,007,797 | ||
26,193 | Galton Funding Mortgage Trust, Ser 2019-1, Class A22, 144a, 4.000%, 2/25/59(A)(C) | 24,379 | ||
288,049 | GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ3, Class A14, 144a, 3.000%, 10/25/50(A)(C) | 239,906 |
3
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Non-Agency Collateralized Mortgage Obligations — 6.7% (Continued) | ||||
$ 15,223 | JP Morgan Mortgage Trust, Ser 2005-A1, Class 2A1, 4.610%, 2/25/35(A)(C) | $ 14,606 | ||
5,317 | JP Morgan Mortgage Trust, Ser 2005-A2, Class 7CB1, 4.794%, 4/25/35(A)(C) | 5,337 | ||
15,784 | JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 4.856%, 6/25/36(A)(C) | 11,375 | ||
368,422 | JP Morgan Mortgage Trust, Ser 2015-IVR2, Class B3, 144a, 6.896%, 1/25/45(A)(C) | 363,120 | ||
1,483,982 | JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.450%, 1/25/47(A)(C) | 1,324,975 | ||
217,160 | JP Morgan Mortgage Trust, Ser 2019-INV1, Class A15, 144a, 3.993%, 10/25/49(A)(C) | 202,506 | ||
1,179,842 | JP Morgan Mortgage Trust, Ser 2021-11, Class A3, 144a, 2.500%, 1/25/52(A)(C) | 967,102 | ||
15,537 | MASTR Alternative Loan Trust, Ser 2004-7, Class 10A1, 6.000%, 6/25/34 | 14,349 | ||
768,887 | Mello Mortgage Capital Acceptance, Ser 2022-INV2, Class A15, 144a, 3.000%, 4/25/52(A)(C) | 637,575 | ||
1,100,000 | Mill City Mortgage Loan Trust, Ser 2016-1, Class B2, 144a, 3.975%, 4/25/57(A)(C) | 1,015,027 | ||
947,979 | Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58(A)(C) | 803,348 | ||
135,589 | Residential Asset Securitization Trust, Ser 2006-A1, Class 1A3, 6.000%, 4/25/36 | 58,358 | ||
98,382 | Sequoia Mortgage Trust, Ser 2013-10, Class B2, 144a, 3.532%, 8/25/43(A)(C) | 93,560 | ||
101,080 | Sequoia Mortgage Trust, Ser 2013-5, Class B1, 144a, 3.494%, 5/25/43(A)(C) | 95,870 | ||
546,650 | Sequoia Mortgage Trust, Ser 2017-2, Class A1, 144a, 3.500%, 2/25/47(A)(C) | 482,283 | ||
1,000,000 | Towd Point Mortgage Trust, Ser 2017-1, Class B1, 144a, 3.857%, 10/25/56(A)(C) | 893,191 | ||
800,000 | Towd Point Mortgage Trust, Ser 2017-4, Class B1, 144a, 3.635%, 6/25/57(A)(C) | 666,524 | ||
800,000 | Towd Point Mortgage Trust, Ser 2019-4, Class A2, 144a, 3.250%, 10/25/59(A)(C) | 701,210 | ||
896,901 | Verus Securitization Trust, Ser 2022-3, Class A1, 144a, 4.130%, 2/25/67(A)(C) | 842,275 | ||
41,017 | Washington Mutual Mortgage Pass-Through Certificates, Ser 2005-9, Class 2A4, 5.500%, 11/25/35 | 35,577 | ||
Total Non-Agency Collateralized Mortgage Obligations | $16,904,144 | |||
Agency Collateralized Mortgage Obligations — 6.5% | ||||
2,085,000 | FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | 1,466,890 | ||
2,850,000 | FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | 2,113,753 | ||
84,495 | FNMA REMIC, Ser 2003-32, Class BZ, 6.000%, 11/25/32 | 86,151 | ||
8,912 | FNMA REMIC, Ser 2015-51, Class KC, 3.000%, 6/25/45 | 8,379 | ||
1,420,000 | FNMA REMIC, Ser 2017-37, Class AY, 3.000%, 5/25/47 | 1,130,221 | ||
319,109 | FNMA REMIC, Ser 2017-90, Class KA, 3.000%, 11/25/47 | 296,221 | ||
1,800,000 | FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | 1,429,957 | ||
2,500,000 | FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | 1,890,951 | ||
2,550,000 | FNMA REMIC, Ser 2022-17, Class UV, 3.000%, 7/25/42 | 2,100,070 | ||
36,166 | FNMA Trust, Ser 2004-W15, Class 2AF, (SOFR30A + 0.364%), 5.702%, 8/25/44(A) | �� | 35,792 |
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 6.5% (Continued) | ||||
$ 644,694 | GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40 | $ 642,028 | ||
3,802,846 | GNMA, Ser 2012-147, Class IO, 0.546%, 4/16/54(A)(C)(D) | 40,104 | ||
1,429,816 | GNMA, Ser 2016-113, Class IO, 1.182%, 2/16/58(A)(C)(D) | 74,872 | ||
7,871,522 | GNMA, Ser 2016-140, Class IO, 0.742%, 5/16/58(A)(C)(D) | 263,239 | ||
1,650,000 | GNMA, Ser 2016-83, Class PB, 3.000%, 6/20/46 | 1,311,826 | ||
2,500,000 | GNMA, Ser 2018-112, Class YC, 3.500%, 8/20/48 | 2,056,084 | ||
1,700,000 | GNMA, Ser 2022-50, Class KV, 3.000%, 6/20/42 | 1,352,237 | ||
Total Agency Collateralized Mortgage Obligations | $16,298,775 | |||
Asset-Backed Securities — 5.6% | ||||
1,100,000 | AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (TSFR3M + 1.912%), 7.305%, 4/15/34(A) | 1,092,764 | ||
1,000,000 | Aimco CLO 11 Ltd. (Cayman Islands), Ser 2020-11A, Class AR, 144a, (TSFR3M + 1.392%), 6.794%, 10/17/34(A) | 999,268 | ||
944,425 | CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | 872,894 | ||
1,032 | CIT Home Equity Loan Trust, Ser 2002-1, Class AF5, 7.210%, 2/25/33(A)(C) | 1,026 | ||
1,309,000 | Coinstar Funding LLC, Ser 2017-1A, Class A2, 144a, 5.216%, 4/25/47 | 1,134,275 | ||
1,249,500 | Driven Brands Funding LLC, Ser 2021-1A, Class A2, 144a, 2.791%, 10/20/51 | 1,069,116 | ||
92,142 | FHLMC Structured Pass Through Securities, Ser T-20, Class A5, 8.370%, 12/25/29(A)(C) | 96,288 | ||
3,790 | FNMA REMIC Trust, Ser 2001-W2, Class AF6, 6.089%, 10/25/31(A)(C) | 3,796 | ||
1,109,750 | Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | 1,021,230 | ||
962,725 | Jersey Mike's Funding, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50 | 911,832 | ||
1,425,000 | Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1, 144a, (TSFR3M + 1.962%), 7.358%, 10/19/34(A) | 1,420,038 | ||
363,732 | Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40 | 362,235 | ||
1,170,000 | Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | 1,015,720 | ||
23,807 | Orange Lake Timeshare Trust, Ser 2016-A, Class A, 144a, 2.610%, 3/8/29 | 23,197 | ||
1,105,313 | Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51 | 1,024,413 | ||
856,375 | TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | 777,493 | ||
950,000 | Trimaran Cavu Ltd. (Cayman Islands), Ser 2019-1A, Class C2, 144a, 5.539%, 7/20/32 | 911,227 | ||
1,559,999 | Wendy's Funding LLC, Ser 2021-1A, Class A2II, 144a, 2.775%, 6/15/51 | 1,303,326 | ||
Total Asset-Backed Securities | $14,040,138 | |||
Sovereign Government Obligations — 2.2% | ||||
200,000 | Angolan Government International Bond, 144a, 8.750%, 4/14/32 | 175,597 | ||
12,043 | Argentine Republic Government International Bond, 1.000%, 7/9/29 | 4,781 | ||
242,500 | Argentine Republic Government International Bond, 3.625%, 7/9/35(A)(C) | 82,769 | ||
382,000 | Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | 336,160 |
4
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Sovereign Government Obligations — 2.2% (Continued) | ||||
$ 100,000 | Bahamas Government International Bond, 144a, 8.950%, 10/15/32 | $ 93,816 | ||
50,000 | Banque Centrale de Tunisie International Bond, 8.250%, 9/19/27 | 36,739 | ||
697,000 | Chile Government International Bond, 3.100%, 1/22/61 | 467,136 | ||
375,000 | Colombia Government International Bond, 3.250%, 4/22/32 | 297,630 | ||
200,000 | Colombia Government International Bond, 4.125%, 5/15/51 | 132,713 | ||
200,000 | Costa Rica Government International Bond, 144a, 7.300%, 11/13/54 | 217,000 | ||
150,000 | Dominican Republic International Bond, 144a, 5.950%, 1/25/27 | 150,322 | ||
100,000 | Dominican Republic International Bond, 144a, 6.850%, 1/27/45 | 99,375 | ||
38,775 | Ecuador Government International Bond, 144a, 2.500%, 7/31/40(A)(C) | 12,214 | ||
45,885 | Ecuador Government International Bond, 144a, 3.500%, 7/31/35(A)(C) | 16,305 | ||
471,050 | Ecuador Government International Bond, 144a, 6.000%, 7/31/30(A)(C) | 217,771 | ||
200,000 | Egypt Government International Bond, 144a, 5.800%, 9/30/27 | 153,740 | ||
200,000 | Egypt Government International Bond, 144a, 8.150%, 11/20/59 | 122,473 | ||
25,000 | El Salvador Government International Bond, 144a, 6.375%, 1/18/27 | 22,024 | ||
100,000 | El Salvador Government International Bond, 144a, 7.650%, 6/15/35 | 77,750 | ||
585,000 | Ghana Government International Bond, 144a, 7.625%, 5/16/29 | 252,840 | ||
200,000 | Ghana Government International Bond, 144a, 8.950%, 3/26/51 | 85,776 | ||
200,000 | Guatemala Government Bond, 144a, 6.125%, 6/1/50 | 189,200 | ||
200,000 | Lebanese Republic Government International Bond, MTN, 6.650%, 2/26/30 | 11,964 | ||
878,000 | Mexico Government International Bond, 3.771%, 5/24/61 | 594,709 | ||
200,000 | Morocco Government International Bond, 144a, 5.500%, 12/11/42 | 181,500 | ||
200,000 | Nigeria Government International Bond, 8.250%, 9/28/51 | 163,940 | ||
300,000 | Pakistan Government International Bond, 144a, 7.875%, 3/31/36 | 187,287 | ||
200,000 | Papua New Guinea Government International Bond, 8.375%, 10/4/28 | 189,800 | ||
100,000 | Paraguay Government International Bond, 5.400%, 3/30/50 | 88,800 | ||
200,000 | Paraguay Government International Bond, 144a, 5.850%, 8/21/33 | 203,161 | ||
200,000 | Republic of South Africa Government International Bond, 5.750%, 9/30/49 | 159,440 | ||
200,000 | Romanian Government International Bond, 7.125%, 1/17/33 | 215,348 | ||
250,000 | Serbia International Bond, 144a, 6.250%, 5/26/28 | 255,625 | ||
200,000 | Sri Lanka Government International Bond, 144a, 6.125%, 6/3/25 | 101,996 | ||
200,000 | Ukraine Government International Bond, 7.750%, 9/1/28* | 54,919 | ||
Total Sovereign Government Obligations | $5,652,620 |
Shares | MarketValue | |||
Short-Term Investment Fund — 2.7% | ||||
6,815,372 | Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω | $ 6,815,372 | ||
Total Investment Securities—98.8% (Cost $264,545,621) | $247,863,293 | |||
Other Assets in Excess of Liabilities — 1.2% | 3,046,328 | |||
Net Assets — 100.0% | $250,909,621 |
(A) | Variable rate security - Rate reflected is the rate in effect as of December 31, 2023. |
(B) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
(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, 2023. |
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 |
ICE – Intercontinental Exchange, Inc. |
IO – Interest Only |
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 |
RFUCCT1Y – Refinitiv USD LIBOR Consumer Cash Fallbacks Term One year |
SOC – State-Owned Company |
SOFR30A – Secured Overnight Financing Rate 30 Day Average |
TSFR1M – One Month Term Secured Overnight Financing Rate |
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, 2023, these securities were valued at $62,509,594 or 24.9% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
5
Touchstone Active Bond Fund (Unaudited) (Continued)
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Corporate Bonds | $— | $101,011,778 | $— | $101,011,778 |
U.S. Treasury Obligations | — | 48,140,962 | — | 48,140,962 |
Commercial Mortgage-Backed Securities | — | 20,725,864 | — | 20,725,864 |
U.S. Government Mortgage-Backed Obligations | — | 18,273,640 | — | 18,273,640 |
Non-Agency Collateralized Mortgage Obligations | — | 16,904,144 | — | 16,904,144 |
Agency Collateralized Mortgage Obligations | — | 16,298,775 | — | 16,298,775 |
Asset-Backed Securities | — | 14,040,138 | — | 14,040,138 |
Sovereign Government Obligations | — | 5,652,620 | — | 5,652,620 |
Short-Term Investment Fund | 6,815,372 | — | — | 6,815,372 |
Other Financial Instruments | ||||
Futures | ||||
Interest rate contracts | 152,464 | — | — | 152,464 |
Total Assets | $6,967,836 | $241,047,921 | $— | $248,015,757 |
Liabilities: | ||||
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | $— | $(601,685) | $— | $(601,685) |
Futures | ||||
Interest rate contracts | (1,005,468) | — | — | (1,005,468) |
Total Liabilities | $(1,005,468) | $(601,685) | $— | $(1,607,153) |
Total | $5,962,368 | $240,446,236 | $— | $246,408,604 |
6
Touchstone Active Bond Fund (Unaudited) (Continued)
Futures Contracts
At December 31, 2023, $564,557 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at December 31, 2023:
Description | Expiration Date | Number of Contracts | Notional Value | Unrealized Appreciation/ Depreciation |
Short Futures: | ||||
30-Year U.S. Ultra Treasury Bond | 3/19/2024 | 105 | $14,027,344 | $(1,005,468) |
Long Futures: | ||||
5 Year U.S. Treasury Note | 3/28/2024 | 143 | 15,554,602 | 66,649 |
2-Year U.S. Treasury Note | 3/28/2024 | 242 | 49,831,203 | 85,815 |
$(853,004) |
Centrally Cleared Credit Default Swaps on Credit Indices(1)
Counterparty | Termination Date | Notional Amount(2) | Pay Fixed Rate | Clearinghouse | Underlying Bond | Value(3) | Premiums Paid/ (Received) | Unrealized Depreciation |
Buy Protection: | ||||||||
Wells Fargo | 12/20/28 | $10,112,850 | 5.000% | ICE | Markit CDX North America High Yield Series 41 5Y Index | $(589,911) | $11,774 | $(601,685) |
(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. |
See accompanying Notes to Portfolios of Investments.
7
Portfolio of Investments
Touchstone Ares Credit Opportunities Fund – December 31, 2023 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 78.4% | ||||
Communication Services — 12.2% | ||||
$ 2,317,000 | Altice Financing SA (Luxembourg), 144a, 5.000%, 1/15/28 | $ 2,098,953 | ||
3,521,000 | Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | 2,280,267 | ||
3,430,000 | ANGI Group LLC, 144a, 3.875%, 8/15/28 | 2,897,804 | ||
72,000 | Belo Corp., 7.250%, 9/15/27 | 72,394 | ||
675,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 589,976 | ||
199,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.000%, 2/1/28 | 190,470 | ||
2,085,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.500%, 8/15/30(A) | 1,879,708 | ||
460,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.125%, 5/1/27 | 443,909 | ||
333,000 | CommScope Technologies LLC, 144a, 6.000%, 6/15/25 | 271,395 | ||
670,000 | CommScope, Inc., 144a, 8.250%, 3/1/27 | 353,760 | ||
1,254,000 | CommScope, Inc., 144a, 6.000%, 3/1/26(A) | 1,117,916 | ||
205,000 | CSC Holdings LLC, 144a, 3.375%, 2/15/31 | 149,623 | ||
76,000 | CSC Holdings LLC, 144a, 4.500%, 11/15/31 | 57,461 | ||
315,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 189,771 | ||
3,469,000 | CSC Holdings LLC, 144a, 5.750%, 1/15/30 | 2,159,453 | ||
2,891,000 | Diamond Sports Group LLC / Diamond Sports Finance Co., 144a, 5.375%, 8/15/26 | 144,550 | ||
1,000,000 | Diamond Sports Group LLC/Diamond Sports Finance Co., 144a, 6.625%, 8/15/27 | 50,000 | ||
933,000 | DISH DBS Corp., 5.875%, 11/15/24 | 874,933 | ||
496,000 | DISH DBS Corp., 7.750%, 7/1/26 | 345,469 | ||
415,000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144a, 3.500%, 3/1/29 | 377,373 | ||
428,000 | Gray Escrow II, Inc., 144a, 5.375%, 11/15/31 | 324,227 | ||
1,766,000 | Gray Television, Inc., 144a, 4.750%, 10/15/30 | 1,329,818 | ||
600,000 | Level 3 Financing, Inc., 144a, 3.625%, 1/15/29 | 252,000 | ||
273,000 | Level 3 Financing, Inc., 144a, 4.250%, 7/1/28 | 135,135 | ||
4,096,000 | Level 3 Financing, Inc., 144a, 4.625%, 9/15/27(A) | 2,457,600 | ||
3,065,000 | Nexstar Media, Inc., 144a, 4.750%, 11/1/28 | 2,824,484 | ||
3,242,000 | Scripps Escrow II, Inc., 144a, 3.875%, 1/15/29 | 2,867,322 | ||
1,800,000 | Sirius XM Radio, Inc., 144a, 3.125%, 9/1/26 | 1,692,038 | ||
749,000 | Sirius XM Radio, Inc., 144a, 4.125%, 7/1/30 | 666,441 | ||
526,000 | Sirius XM Radio, Inc., 144a, 5.000%, 8/1/27 | 507,754 | ||
240,000 | Sirius XM Radio, Inc., 144a, 5.500%, 7/1/29 | 232,039 | ||
750,000 | Summer BC Holdco B SARL (Luxembourg), 144a, 5.750%, 10/31/26 | 792,471 | ||
1,083,472 | Summer BidCo BV (Netherlands), 144a, 9.000%, 11/15/25(B) | 1,186,396 | ||
3,012,000 | TEGNA, Inc., 4.625%, 3/15/28 | 2,813,419 | ||
350,000 | Tele Columbus AG (Germany), 144a, 3.875%, 5/2/25 | 244,580 | ||
1,200,000 | Telenet Finance Luxembourg Notes Sarl (Belgium), 144a, 5.500%, 3/1/28 | 1,122,000 | ||
3,545,000 | Telesat Canada / Telesat LLC (Canada), 144a, 5.625%, 12/6/26 | 2,218,957 | ||
1,036,000 | Univision Communications, Inc., 144a, 4.500%, 5/1/29 | 927,011 | ||
338,000 | Virgin Media Finance PLC (United Kingdom), 144a, 5.000%, 7/15/30 | 298,305 | ||
131,000 | Virgin Media Secured Finance PLC (United Kingdom), 144a, 4.500%, 8/15/30 | 116,629 | ||
1,090,000 | Virgin Media Vendor Financing Notes IV DAC (United Kingdom), 144a, 5.000%, 7/15/28 | 1,023,727 | ||
400,000 | Vmed O2 UK Financing I PLC (United Kingdom), 144a, 4.250%, 1/31/31 | 349,258 | ||
725,000 | VZ Secured Financing BV (Netherlands), 144a, 5.000%, 1/15/32 | 616,967 |
Principal Amount | Market Value | |||
Communication Services — 12.2% (Continued) | ||||
$ 3,427,000 | Zayo Group Holdings, Inc., 144a, 4.000%, 3/1/27 | $ 2,747,926 | ||
881,000 | Ziggo Bond Co. BV (Netherlands), 144a, 6.000%, 1/15/27 | 857,441 | ||
45,149,130 | ||||
Energy — 12.1% | ||||
783,000 | Antero Resources Corp., 144a, 5.375%, 3/1/30 | 750,419 | ||
2,218,000 | Apache Corp., 5.100%, 9/1/40(A) | 1,900,405 | ||
2,138,000 | Archrock Partners LP / Archrock Partners Finance Corp., 144a, 6.250%, 4/1/28 | 2,105,930 | ||
111,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 5.875%, 6/30/29 | 103,089 | ||
2,527,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 7.000%, 11/1/26 | 2,544,689 | ||
187,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 8.250%, 12/31/28 | 188,031 | ||
1,583,000 | Callon Petroleum Co., 144a, 7.500%, 6/15/30† | 1,596,725 | ||
250,000 | Callon Petroleum Co., 144a, 8.000%, 8/1/28 | 255,540 | ||
2,560,000 | Cheniere Energy Partners LP, 3.250%, 1/31/32 | 2,181,282 | ||
239,000 | Cheniere Energy Partners LP, 4.000%, 3/1/31 | 216,927 | ||
382,000 | Cheniere Energy Partners LP, 4.500%, 10/1/29 | 364,601 | ||
2,741,000 | CITGO Petroleum Corp., 144a, 6.375%, 6/15/26 | 2,732,040 | ||
680,000 | Cullinan Holdco Scsp (Luxembourg), 144a, 4.625%, 10/15/26 | 583,658 | ||
928,000 | EnLink Midstream LLC, 5.375%, 6/1/29 | 908,103 | ||
2,762,000 | Enviva Partners LP / Enviva Partners Finance Corp., 144a, 6.500%, 1/15/26 | 1,360,232 | ||
3,277,000 | EQM Midstream Partners LP, 6.500%, 7/15/48 | 3,349,976 | ||
2,989,000 | ITT Holdings LLC, 144a, 6.500%, 8/1/29 | 2,644,189 | ||
2,552,000 | Moss Creek Resources Holdings, Inc., 144a, 7.500%, 1/15/26 | 2,545,813 | ||
36,000 | Moss Creek Resources Holdings, Inc., 144a, 10.500%, 5/15/27 | 36,924 | ||
2,768,000 | New Fortress Energy, Inc., 144a, 6.500%, 9/30/26 | 2,657,874 | ||
855,000 | NGL Energy Partners LP / NGL Energy Finance Corp., 6.125%, 3/1/25 | 849,458 | ||
2,468,426 | Rockcliff Energy II LLC, 144a, 5.500%, 10/15/29 | 2,332,916 | ||
1,829,000 | Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144a, 12.000%, 10/15/26 | 1,764,985 | ||
1,779,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 12/31/30 | 1,653,971 | ||
1,045,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 9/1/31 | 965,349 | ||
2,582,000 | TerraForm Power Operating LLC, 144a, 5.000%, 1/31/28 | 2,505,136 | ||
3,621,000 | Transocean, Inc., 6.800%, 3/15/38 | 2,902,431 | ||
914,000 | Transocean, Inc., 144a, 7.250%, 11/1/25 | 900,290 | ||
144,000 | Transocean, Inc., 144a, 11.500%, 1/30/27 | 150,480 | ||
1,804,000 | Western Midstream Operating LP, 5.250%, 2/1/50 | 1,618,090 | ||
44,669,553 | ||||
Consumer Discretionary — 11.1% | ||||
1,045,000 | Allison Transmission, Inc., 144a, 4.750%, 10/1/27 | 1,009,611 | ||
480,000 | Asbury Automotive Group, Inc., 4.500%, 3/1/28 | 455,880 | ||
2,340,000 | Asbury Automotive Group, Inc., 144a, 4.625%, 11/15/29 | 2,166,598 | ||
804,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 4.625%, 8/1/29 | 714,959 | ||
1,025,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 6.625%, 1/15/28 | 994,403 | ||
1,750,000 | Bath & Body Works, Inc., 6.750%, 7/1/36 | 1,763,412 | ||
1,711,000 | Bath & Body Works, Inc., 6.875%, 11/1/35 | 1,732,694 | ||
92,000 | Bath & Body Works, Inc., 7.500%, 6/15/29 | 95,594 | ||
1,882,000 | Caesars Entertainment, Inc., 144a, 4.625%, 10/15/29 | 1,697,084 | ||
780,000 | Caesars Entertainment, Inc., 144a, 7.000%, 2/15/30 | 799,541 |
8
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 78.4% (Continued) | ||||
Consumer Discretionary — 11.1% (Continued) | ||||
$ 957,000 | Caesars Entertainment, Inc., 144a, 8.125%, 7/1/27 | $ 981,285 | ||
125,000 | Clarios Global LP, 144a, 6.750%, 5/15/25 | 126,100 | ||
837,000 | Clarios Global LP / Clarios US Finance Co., 144a, 8.500%, 5/15/27 | 839,893 | ||
1,227,000 | Clarios Global LP / Clarios US Finance Co., 144a, 6.250%, 5/15/26 | 1,228,482 | ||
1,877,000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144a, 6.750%, 1/15/30 | 1,650,283 | ||
1,000,000 | Ford Motor Co., 4.750%, 1/15/43 | 828,554 | ||
11,000 | Ford Motor Credit Co. LLC, 3.810%, 1/9/24 | 10,995 | ||
610,000 | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | 569,830 | ||
2,077,000 | Ford Motor Credit Co. LLC, 4.063%, 11/1/24 | 2,040,145 | ||
462,000 | Ford Motor Credit Co. LLC, 4.125%, 8/17/27(A) | 437,800 | ||
55,000 | Ford Motor Credit Co. LLC, 5.125%, 6/16/25 | 54,288 | ||
3,031,000 | Hilton Domestic Operating Co., Inc., 144a, 3.750%, 5/1/29 | 2,810,716 | ||
129,000 | Lithia Motors, Inc., 144a, 3.875%, 6/1/29 | 116,494 | ||
1,222,000 | Lithia Motors, Inc., 144a, 4.375%, 1/15/31 | 1,110,590 | ||
934,000 | Live Nation Entertainment, Inc., 144a, 4.750%, 10/15/27(A) | 895,552 | ||
1,125,000 | Live Nation Entertainment, Inc., 144a, 6.500%, 5/15/27 | 1,144,673 | ||
1,949,000 | MGM Resorts International, 4.750%, 10/15/28 | 1,856,947 | ||
1,250,000 | Michaels Cos., Inc. (The), 144a, 5.250%, 5/1/28 | 1,000,500 | ||
1,110,000 | Nissan Motor Co. Ltd. (Japan), 144a, 4.345%, 9/17/27 | 1,062,608 | ||
1,985,000 | Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 144a, 8.000%, 9/20/25 | 1,413,159 | ||
965,000 | SRS Distribution, Inc., 144a, 6.000%, 12/1/29 | 899,772 | ||
512,000 | United Airlines, Inc., 144a, 4.375%, 4/15/26(A) | 499,167 | ||
208,000 | United Airlines, Inc., 144a, 4.625%, 4/15/29 | 194,541 | ||
3,164,000 | Victoria's Secret & Co., 144a, 4.625%, 7/15/29 | 2,642,491 | ||
2,373,000 | Viking Cruises Ltd., 144a, 5.875%, 9/15/27 | 2,289,945 | ||
759,000 | Viking Cruises Ltd., 144a, 9.125%, 7/15/31 | 808,874 | ||
1,108,000 | VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland), 144a, 9.500%, 6/1/28 | 937,719 | ||
1,055,000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144a, 5.250%, 5/15/27 | 1,026,415 | ||
40,907,594 | ||||
Industrials — 9.4% | ||||
486,000 | ARD Finance SA (Luxembourg), (##.###% PIK), 144a, 6.500%, 6/30/27(B) | 227,050 | ||
750,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 8/15/27 | 582,052 | ||
2,567,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 8/15/27 | 1,992,170 | ||
1,162,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 4/30/25 | 1,130,072 | ||
1,000,000 | BCP V Modular Services Finance II PLC (United Kingdom), 144a, 4.750%, 11/30/28 | 1,019,765 | ||
2,043,000 | Chart Industries, Inc., 144a, 9.500%, 1/1/31 | 2,219,286 | ||
1,000,000 | Clean Harbors, Inc., 144a, 4.875%, 7/15/27 | 980,100 | ||
1,824,676 | CP Atlas Buyer, Inc., 144a, 7.000%, 12/1/28 | 1,588,435 | ||
1,511,000 | Emerald Debt Merger Sub LLC, 144a, 6.375%, 12/15/30 | 1,781,581 | ||
2,213,000 | Emerald Debt Merger Sub LLC, 144a, 6.625%, 12/15/30 | 2,260,292 | ||
958,000 | GFL Environmental, Inc. (Canada), 144a, 3.500%, 9/1/28 | 885,312 | ||
142,000 | GFL Environmental, Inc. (Canada), 144a, 3.750%, 8/1/25 | 138,660 | ||
713,271 | GFL Environmental, Inc. (Canada), 144a, 4.375%, 8/15/29 | 658,698 | ||
2,434,000 | H&E Equipment Services, Inc., 144a, 3.875%, 12/15/28 | 2,212,056 | ||
1,361,000 | Madison IAQ LLC, 144a, 5.875%, 6/30/29 | 1,199,529 | ||
2,488,000 | OI European Group BV, 144a, 4.750%, 2/15/30 | 2,327,020 |
Principal Amount | Market Value | |||
Industrials — 9.4% (Continued) | ||||
$ 51,000 | Owens-Brockway Glass Container, Inc., 144a, 6.625%, 5/13/27 | $ 51,002 | ||
1,294,000 | Sealed Air Corp/Sealed Air Corp. US, 144a, 6.125%, 2/1/28 | 1,304,664 | ||
1,150,000 | SPX FLOW, Inc., 144a, 8.750%, 4/1/30 | 1,150,000 | ||
3,793,000 | Standard Industries, Inc., 144a, 4.375%, 7/15/30 | 3,490,260 | ||
450,000 | Summit Materials LLC / Summit Materials Finance Corp., 144a, 5.250%, 1/15/29 | 435,375 | ||
1,234,000 | Summit Materials LLC / Summit Materials Finance Corp., 144a, 7.250%, 1/15/31 | 1,298,614 | ||
160,000 | TransDigm, Inc., 144a, 6.750%, 8/15/28 | 163,682 | ||
2,378,000 | Trident TPI Holdings, Inc., 144a, 12.750%, 12/31/28 | 2,544,460 | ||
3,332,000 | Tutor Perini Corp., 144a, 6.875%, 5/1/25† | 3,251,207 | ||
34,891,342 | ||||
Financials — 7.6% | ||||
1,766,000 | Acrisure LLC / Acrisure Finance, Inc., 144a, 10.125%, 8/1/26 | 1,845,322 | ||
1,689,000 | Ally Financial, Inc., 4.750%, 6/9/27 | 1,631,001 | ||
3,079,000 | Blackstone Private Credit Fund, 2.625%, 12/15/26 | 2,788,706 | ||
1,052,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 5.250%, 10/1/25 | 1,037,766 | ||
1,229,000 | LPL Holdings, Inc., 144a, 4.375%, 5/15/31 | 1,112,897 | ||
1,601,000 | LPL Holdings, Inc., 144a, 4.625%, 11/15/27 | 1,546,213 | ||
657,441 | Midcap Financial Issuer Trust, 144a, 5.625%, 1/15/30 | 568,686 | ||
2,566,000 | Midcap Financial Issuer Trust, 144a, 6.500%, 5/1/28 | 2,406,266 | ||
3,006,000 | Nationstar Mortgage Holdings, Inc., 144a, 5.500%, 8/15/28 | 2,896,612 | ||
2,156,000 | NFP Corp., 144a, 6.875%, 8/15/28 | 2,191,304 | ||
1,349,000 | OneMain Finance Corp., 3.500%, 1/15/27 | 1,248,428 | ||
392,000 | OneMain Finance Corp., 3.875%, 9/15/28 | 346,873 | ||
1,684,000 | OneMain Finance Corp., 4.000%, 9/15/30 | 1,440,816 | ||
441,000 | OneMain Finance Corp., 9.000%, 1/15/29 | 466,491 | ||
1,666,000 | Owl Rock Capital Corp., 3.400%, 7/15/26 | 1,549,155 | ||
1,242,000 | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 144a, 3.625%, 3/1/29 | 1,124,110 | ||
373,000 | United Wholesale Mortgage LLC, 144a, 5.500%, 11/15/25 | 370,852 | ||
137,000 | United Wholesale Mortgage LLC, 144a, 5.500%, 4/15/29 | 129,699 | ||
1,581,000 | United Wholesale Mortgage LLC, 144a, 5.750%, 6/15/27 | 1,549,554 | ||
2,740,000 | VistaJet Malta Finance PLC / XO Management Holding, Inc. (Switzerland), 144a, 6.375%, 2/1/30 | 1,912,005 | ||
28,162,756 | ||||
Materials — 6.4% | ||||
3,913,000 | Ball Corp., 2.875%, 8/15/30 | 3,358,077 | ||
3,262,000 | CF Industries, Inc., 5.150%, 3/15/34 | 3,233,190 | ||
229,000 | Chemours Co. (The), 144a, 4.625%, 11/15/29 | 201,012 | ||
2,277,000 | Chemours Co. (The), 144a, 5.750%, 11/15/28 | 2,168,878 | ||
3,416,000 | Compass Minerals International, Inc., 144a, 6.750%, 12/1/27 | 3,381,840 | ||
1,087,000 | First Quantum Minerals Ltd. (Canada), 144a, 7.500%, 4/1/25 | 1,038,538 | ||
2,223,000 | First Quantum Minerals Ltd. (Zambia), 144a, 8.625%, 6/1/31 | 1,884,837 | ||
417,000 | Freeport-McMoRan, Inc., 4.625%, 8/1/30 | 407,060 | ||
374,000 | Freeport-McMoRan, Inc., 5.400%, 11/14/34(A) | 375,930 | ||
��� 1,913,000 | Freeport-McMoRan, Inc., 5.450%, 3/15/43(A) | 1,860,770 | ||
249,000 | SCIH Salt Holdings, Inc., 144a, 4.875%, 5/1/28 | 233,035 | ||
1,648,000 | SCIH Salt Holdings, Inc., 144a, 6.625%, 5/1/29 | 1,539,052 |
9
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 78.4% (Continued) | ||||
Materials — 6.4% (Continued) | ||||
$ 2,233,000 | Tronox, Inc., 144a, 4.625%, 3/15/29 | $ 1,977,132 | ||
2,307,000 | WR Grace Holdings LLC, 144a, 5.625%, 8/15/29 | 2,038,234 | ||
23,697,585 | ||||
Consumer Staples — 5.3% | ||||
405,000 | Bath & Body Works, Inc., 144a, 6.625%, 10/1/30 | 414,271 | ||
2,798,000 | Korn Ferry, 144a, 4.625%, 12/15/27 | 2,696,387 | ||
3,076,000 | Lamb Weston Holdings, Inc., 144a, 4.125%, 1/31/30 | 2,838,736 | ||
2,923,000 | LBM Acquisition LLC, 144a, 6.250%, 1/15/29 | 2,610,093 | ||
1,893,000 | LCM Investments Holdings II LLC, 144a, 4.875%, 5/1/29 | 1,758,123 | ||
185,000 | Legacy LifePoint Health LLC, 144a, 4.375%, 2/15/27 | 171,011 | ||
2,960,000 | Specialty Building Products Holdings LLC / SBP Finance Corp., 144a, 6.375%, 9/30/26 | 2,903,048 | ||
1,331,000 | SRS Distribution, Inc., 144a, 6.125%, 7/1/29 | 1,261,828 | ||
2,761,000 | Team Health Holdings, Inc., 144a, 6.375%, 2/1/25 | 2,312,337 | ||
3,504,000 | Wolverine World Wide, Inc., 144a, 4.000%, 8/15/29 | 2,750,640 | ||
19,716,474 | ||||
Information Technology — 4.3% | ||||
2,565,000 | Ahead DB Holdings LLC, 144a, 6.625%, 5/1/28 | 2,234,756 | ||
2,057,000 | Elastic NV, 144a, 4.125%, 7/15/29 | 1,888,834 | ||
2,275,000 | Entegris Escrow Corp., 144a, 4.750%, 4/15/29 | 2,190,971 | ||
500,000 | Entegris, Inc., 144a, 3.625%, 5/1/29† | 451,615 | ||
1,217,000 | II-VI, Inc., 144a, 5.000%, 12/15/29 | 1,155,852 | ||
2,404,000 | ON Semiconductor Corp., 144a, 3.875%, 9/1/28 | 2,229,774 | ||
2,425,000 | Open Text Holdings, Inc. (Canada), 144a, 4.125%, 2/15/30 | 2,194,701 | ||
300,000 | Picard Midco, Inc., 144a, 6.500%, 3/31/29 | 285,851 | ||
440,000 | Seagate HDD Cayman, 3.125%, 7/15/29 | 356,391 | ||
523,000 | Seagate HDD Cayman, 3.375%, 7/15/31 | 391,345 | ||
2,627,000 | Synaptics, Inc., 144a, 4.000%, 6/15/29 | 2,356,382 | ||
15,736,472 | ||||
Real Estate — 3.9% | ||||
3,038,000 | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 4.500%, 4/1/27 | 2,734,200 | ||
40,000 | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 5.750%, 5/15/26 | 38,780 | ||
999,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.375%, 6/15/26 | 938,922 | ||
512,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.750%, 9/15/30 | 431,028 | ||
1,136,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 6.000%, 4/15/25 | 1,132,666 | ||
250,000 | Iron Mountain UK PLC REIT, 144a, 3.875%, 11/15/25 | 306,007 | ||
700,000 | Iron Mountain, Inc. REIT, 144a, 4.500%, 2/15/31 | 638,091 | ||
1,820,000 | Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29(A) | 1,723,766 | ||
1,105,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | 1,055,989 | ||
2,063,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 4.250%, 2/1/27 | 1,943,592 | ||
1,810,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 3.750%, 2/15/27 | 1,709,103 | ||
1,801,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.125%, 8/15/30 | 1,640,576 | ||
46,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.625%, 12/1/29 | 43,357 | ||
14,336,077 | ||||
Health Care — 3.3% | ||||
1,078,000 | Acadia Healthcare Co., Inc., 144a, 5.000%, 4/15/29 | 1,034,859 | ||
4,477,000 | Air Methods Corp., 144a, 8.000%, 5/15/25 | 61,559 | ||
769,000 | Charles River Laboratories International, Inc., 144a, 4.250%, 5/1/28 | 731,137 |
Principal Amount | Market Value | |||
Health Care — 3.3% (Continued) | ||||
$ 1,602,000 | CHS/Community Health Systems, Inc., 144a, 5.625%, 3/15/27 | $ 1,488,624 | ||
953,000 | HCA, Inc., 3.500%, 9/1/30 | 864,696 | ||
1,000,000 | IQVIA, Inc., 144a, 2.875%, 6/15/28 | 1,050,201 | ||
721,000 | LifePoint Health, Inc., 144a, 5.375%, 1/15/29 | 534,272 | ||
509,000 | LifePoint Health, Inc., 144a, 9.875%, 8/15/30 | 514,283 | ||
1,336,000 | Medline Borrower LP, 144a, 3.875%, 4/1/29 | 1,207,746 | ||
1,386,000 | Medline Borrower LP, 144a, 5.250%, 10/1/29 | 1,306,128 | ||
2,506,000 | Molina Healthcare, Inc., 144a, 4.375%, 6/15/28 | 2,371,123 | ||
1,236,000 | Option Care Health, Inc., 144a, 4.375%, 10/31/29 | 1,117,162 | ||
12,281,790 | ||||
Utilities — 2.8% | ||||
1,076,000 | Calpine Corp., 144a, 4.625%, 2/1/29 | 998,212 | ||
2,200,000 | Calpine Corp., 144a, 4.500%, 2/15/28 | 2,090,885 | ||
1,492,000 | NRG Energy, Inc., 144a, 3.625%, 2/15/31 | 1,281,984 | ||
15,000 | NRG Energy, Inc., 144a, 3.875%, 2/15/32 | 12,841 | ||
375,000 | NRG Energy, Inc., 6.625%, 1/15/27 | 375,751 | ||
645,000 | NRG Energy, Inc., 144a, 7.000%, 3/15/33 | 682,552 | ||
1,736,000 | Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144a, 4.500%, 8/15/28 | 1,642,012 | ||
1,700,000 | Vistra Operations Co. LLC, 144a, 5.000%, 7/31/27 | 1,655,356 | ||
1,350,000 | Vistra Operations Co. LLC, 144a, 5.625%, 2/15/27 | 1,331,594 | ||
466,000 | Vistra Operations Co. LLC, 144a, 4.300%, 7/15/29(A) | 436,471 | ||
10,507,658 | ||||
Total Corporate Bonds | $290,056,431 | |||
Asset-Backed Securities — 9.1% | ||||
1,000,000 | Aimco CLO 11 Ltd. (Cayman Islands), Ser 2020-11A, Class ER, 144a, (TSFR3M + 6.462%), 11.864%, 10/17/34(C) | 993,370 | ||
575,000 | Aimco CLO 16 Ltd. (Cayman Islands), Ser 2021-16A, Class SUB, 144a, 1/17/35(C)(D) | 435,037 | ||
340,000 | Atrium XV (Cayman Islands), Ser 15A, Class SUB, 144a, 1/23/31(C)(D) | 164,204 | ||
1,250,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2019-2A, Class ER, 144a, (3M LIBOR +6.320%), 11.984%, 10/17/32(C) | 1,202,692 | ||
620,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2021-2A, Class SUB, 144a, 7/16/34(C)(D) | 342,588 | ||
850,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2022-1A, Class SUB, 144a, 4/18/35(C)(D) | 569,500 | ||
1,000,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-10A, Class E, 144a, (TSFR3M + 6.762%), 12.177%, 10/20/34(C) | 966,468 | ||
1,000,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-11A, Class E, 144a, (TSFR3M + 6.662%), 12.040%, 1/25/33(C) | 967,910 | ||
750,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-5A, Class SUB, 144a, 7/20/34(C)(D) | 473,302 | ||
500,000 | Cedar Funding IV CLO Ltd. (Cayman Islands), Ser 2014-4A, Class ERR, 144a, (TSFR3M + 6.872%), 12.284%, 7/23/34(C) | 457,487 | ||
714,286 | Cedar Funding XIV CLO Ltd. (Cayman Islands), Ser 2021-14A, Class E, 144a, (TSFR3M + 6.602%), 11.995%, 7/15/33(C) | 689,185 | ||
1,500,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2015-4A, Class SUB, 144a, 4/20/34(C)(D) | 505,894 | ||
1,000,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2019-4A, Class DR, 144a, (TSFR3M + 6.862%), 12.255%, 10/15/34(C) | 991,294 | ||
500,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2020-3A, Class SUB, 144a, 10/20/34(C)(D) | 400,462 |
10
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Asset-Backed Securities — 9.1% (Continued) | ||||
$ 1,046,139 | CIFC Funding Ltd. (Cayman Islands), Ser 2021-7A, Class E, 144a, (TSFR3M + 6.612%), 12.024%, 1/23/35(C) | $ 1,021,930 | ||
500,000 | Dryden 106 CLO Ltd. (Cayman Islands), Ser 2022-106A, Class E, 144a, (TSFR3M + 8.870%), 14.264%, 10/15/35(C) | 506,361 | ||
250,000 | Dryden 45 Senior Loan Fund (Cayman Islands), Ser 2016-45A, Class ER, 144a, (TSFR3M + 6.112%), 11.505%, 10/15/30(C) | 230,440 | ||
250,000 | Dryden 57 CLO Ltd. (Cayman Islands), Ser 2018-57A, Class E, 144a, (TSFR3M + 5.462%), 10.841%, 5/15/31(C) | 218,366 | ||
1,000,000 | Dryden 76 CLO Ltd. (Cayman Islands), Ser 2019-76A, Class ER, 144a, (TSFR3M + 6.762%), 12.177%, 10/20/34(C) | 952,684 | ||
250,000 | Dryden 78 CLO Ltd. (Cayman Islands), Ser 2020-78A, Class SUB, 144a, 4/17/33(C)(D) | 151,449 | ||
650,000 | Dryden 98 CLO Ltd. (Cayman Islands), Ser 2022-98X, Class SUB, 4/20/35(C)(D) | 436,420 | ||
250,000 | Elmwood CLO 22 Ltd. (Cayman Islands), Ser 2023-1A, Class E, 144a, (TSFR3M + 7.650%), 13.053%, 4/17/36(C) | 252,890 | ||
250,000 | Elmwood CLO 23 Ltd. (Cayman Islands), Ser 2023-2A, Class E, 144a, (TSFR3M + 8.000%), 13.394%, 4/16/36(C) | 253,513 | ||
555,000 | Elmwood CLO 24 Ltd. (Cayman Islands), Ser 2023-3A, Class E, 144a, (TSFR3M +7.570%), 12.914%, 12/11/33(C) | 554,126 | ||
1,945,000 | Elmwood CLO 24 Ltd. (Cayman Islands), Ser 2023-3A, Class SUB, 144a, 12/11/33(C)(D) | 1,695,186 | ||
250,000 | Elmwood CLO VIII Ltd. (Cayman Islands), Ser 2021-1A, Class F1, 144a, (TSFR3M + 8.262%), 13.677%, 1/20/34(C) | 244,903 | ||
588,235 | Elmwood CLO VIII Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 1/20/34(C)(D) | 454,409 | ||
1,000,000 | Fillmore Park CLO Ltd. (Cayman Islands), Ser 2018-1A, Class E, 144a, (TSFR3M + 5.662%), 11.055%, 7/15/30(C) | 954,738 | ||
1,000,000 | ICG US CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/17/34(C)(D) | 404,183 | ||
750,000 | Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class SUB, 144a, 10/22/34(C)(D) | 448,630 | ||
75,000 | Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class Y, 144a, 10/22/34(C)(D) | 20,524 | ||
250,000 | Invesco US CLO Ltd. (Jersey), Ser 2023-2A, Class E, 144a, (TSFR3M + 7.83%), 13.242%, 4/21/36(C) | 253,116 | ||
625,000 | Madison Park Funding LIII Ltd. (Cayman Islands), Ser 2022-53A, Class SUB, 144a, 4/21/35(C)(D) | 469,619 | ||
1,000,000 | Madison Park Funding LIX Ltd. (Cayman Islands), Ser 2021-59X, Class SUB, 1/18/34(C)(D) | 669,538 | ||
300,000 | Madison Park Funding XII Ltd. (Cayman Islands), Ser 2014-12A, Class SUB, 144a, 7/20/26(C)(D) | 117 | ||
500,000 | Madison Park Funding XXII Ltd. (Cayman Islands), Ser 2016-22A, Class ER, 144a, (TSFR3M + 6.962%), 12.355%, 1/15/33(C) | 490,353 | ||
1,000,000 | Madison Park Funding XXII Ltd. (Cayman Islands), Ser 2016-22A, Class SUB, 144a, 1/15/33(C)(D) | 556,718 | ||
500,000 | Madison Park Funding XXVIII Ltd. (Cayman Islands), Ser 2018-28A, Class SUB, 144a, 7/15/30(C)(D) | 231,615 | ||
250,000 | Madison Park Funding XXXI Ltd. (Cayman Islands), Ser 2018-31A, Class SUB, 144a, 1/23/48(C)(D) | 144,790 | ||
540,000 | Madison Park Funding XXXVII Ltd. (Cayman Islands), Ser 2019-37A, Class SUB, 144a, 7/15/49(C)(D) | 360,598 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 9.1% (Continued) | ||||
$ 500,000 | Madison Park Funding XXXVIII Ltd. (Cayman Islands), Ser 2021-38A, Class SUB, 144a, 7/17/34(C)(D) | $ 363,808 | ||
1,000,000 | Magnetite XXIII Ltd. (Cayman Islands), Ser 2019-23A, Class ER, 144a, (TSFR3M + 6.562%), 11.940%, 1/25/35(C) | 991,016 | ||
250,000 | Niagara Park CLO Ltd. (Cayman Islands), Ser 2019-1A, Class ER, 144a, (TSFR3M + 6.212%), 11.614%, 7/17/32(C) | 244,460 | ||
250,000 | Oaktree CLO Ltd. (Cayman Islands), Ser 2019-2A, Class D, 144a, (TSFR3M + 7.032%), 12.425%, 4/15/31(C) | 238,740 | ||
250,000 | Oaktree CLO Ltd. (Cayman Islands), Ser 2022-2A, Class E, 144a, (TSFR3M + 8.340%), 13.734%, 7/15/33(C) | 249,302 | ||
250,000 | Oaktree CLO Ltd. (Cayman Islands), Ser 2022-2A, Class ER, 144a, (TSFR3M +7.750%), 7/15/33(C) | 250,000 | ||
250,000 | Octagon Loan Funding Ltd. (Cayman Islands), Ser 2014-1A, Class DRR, 144a, (TSFR3M + 3.162%), 8.529%, 11/18/31(C) | 243,773 | ||
825,000 | OHA Credit Funding 4 Ltd. (Cayman Islands), Ser 2019-4A, Class ER, 144a, (TSFR3M + 6.662%), 12.074%, 10/22/36(C) | 824,936 | ||
350,000 | OHA Loan Funding Ltd. (Cayman Islands), Ser 2016-1A, Class SUB, 144a, 1/20/33(C)(D) | 232,720 | ||
1,000,000 | REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class M2, 144a, 10/15/34(C)(D) | 33,882 | ||
1,000,000 | REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class SUB, 144a, 10/15/34(C)(D) | 575,225 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M1, 144a, 4/20/34(C)(D) | 5,285 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M2, 144a, 4/20/34(C)(D) | 12,332 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/20/34(C)(D) | 503,216 | ||
3,999,999 | RR 26 Ltd. (Cayman Islands), Ser 2023-26A, Class SUB, 144a, 4/15/38(C)(D) | 2,954,903 | ||
500,000 | RR 6 Ltd. (Cayman Islands), Ser 2019-6A, Class SUB, 144a, 4/15/36(C)(D) | 399,268 | ||
500,000 | Steele Creek CLO Ltd. (Cayman Islands), Ser 2019-2A, Class E, 144a, (TSFR3M + 7.962%), 13.355%, 7/15/32(C) | 472,603 | ||
250,000 | TCI-Flatiron CLO Ltd. (Cayman Islands), Ser 2017-1A, Class D, 144a, (TSFR3M + 3.012%), 8.381%, 11/18/30(C) | 250,000 | ||
500,000 | Thompson Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class E, 144a, (TSFR3M + 6.572%), 11.965%, 4/15/34(C) | 495,348 | ||
525,000 | Thompson Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/15/34(C)(D) | 425,657 | ||
300,000 | TICP CLO XII Ltd. (Cayman Islands), Ser 2018-12A, Class ER, 144a, (TSFR3M + 6.512%), 11.905%, 7/15/34(C) | 290,902 | ||
250,000 | Voya CLO Ltd. (Cayman Islands), Ser 2019-4X, Class ER, (TSFR3M + 6.972%), 12.365%, 1/15/35(C) | 235,152 | ||
1,000,000 | Voya CLO Ltd. (Cayman Islands), Ser 2020-3A, Class ER, 144a, (TSFR3M + 6.662%), 12.077%, 10/20/34(C) | 919,569 | ||
850,000 | Voya CLO Ltd. (Cayman Islands), Ser 2021-1A, Class E, 144a, (TSFR3M + 6.612%), 12.005%, 7/15/34(C) | 809,490 | ||
250,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2018-3A, Class D, 144a, (TSFR3M + 6.512%), 11.927%, 1/20/32(C) | 221,406 |
11
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Asset-Backed Securities — 9.1% (Continued) | ||||
$ 250,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2018-3A, Class SUB, 144a, 1/20/32(C)(D) | $ 40,889 | ||
280,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2020-1A, Class SUB, 144a, 4/15/33(C)(D) | 141,434 | ||
Total Asset-Backed Securities | $33,561,925 | |||
Bank Loans — 8.6%(E) | ||||
Health Care — 2.5% | ||||
2,167,123 | AlixPartners LLP, Initial Dollar Term Loan, (1M SOFR + 2.864%), 8.181%, 2/04/28 | 2,171,327 | ||
1,857,984 | Curia Global Inc., Term Loan, (1M SOFR + 3.750%), 9.095%, 8/30/26 | 1,657,099 | ||
1,414,375 | eResearch Technology Inc., First Lien Initial Term Loan, (1M SOFR + 4.614%), 9.963%, 2/04/27 | 1,410,839 | ||
627,250 | Froneri US Inc., Facility B2, (1M SOFR + 2.350%), 7.666%, 1/29/27 | 627,501 | ||
674,733 | Gainwell Acquisition Corp, Term B Loan, (3M SOFR + 4.100%), 9.490%, 10/01/27 | 654,492 | ||
1,777,662 | Grifols Worldwide Operations USA Inc., Dollar Tranche B Term Loan, (3M SOFR + 2.000%), 7.370%, 11/15/27 | 1,775,440 | ||
962,775 | Sunshine Luxembourg VII SARL, Term Loan B3 (USD), (3M SOFR + 3.850%), 9.240%, 10/01/26 | 966,905 | ||
9,263,603 | ||||
Information Technology — 1.7% | ||||
1,232,507 | Avaya Inc., Exit Term Loan, (1M SOFR + 7.500%), 7.000%, 8/01/28 | 1,084,089 | ||
1,055,000 | Cloud Software Group Inc., Dollar Term B Loan (2022), (1M SOFR + 4.500%), 9.855%, 3/30/29 | 1,028,498 | ||
597,608 | Commscope Inc., Initial Term Loan, (1M SOFR + 3.364%), 8.681%, 4/06/26 | 532,619 | ||
1,560,000 | Quest Software, Inc., First Lien Initial Term Loan, (3M SOFR + 4.400%), 9.783%, 2/01/29 | 1,185,163 | ||
944,063 | Tempo Acquisition LLC, Fifth Incremental Term, (1M SOFR + 2.750%), 8.066%, 8/31/28 | 947,433 | ||
1,336,096 | VeriFone Systems Inc., First Lien Initial Term Loan, (3M SOFR + 4.262%), 9.653%, 8/20/25 | 1,289,520 | ||
6,067,322 | ||||
Communication Services — 1.2% | ||||
2,940,138 | NEP Group Inc., First Lien Initial Dollar Term Loan, (1M SOFR + 3.364%), 8.681%, 10/20/25 | 2,769,845 | ||
370,000 | Telenet Financing USD LLC, Term Loan AR Facility, (1M SOFR + 2.114%), 7.447%, 4/28/28 | 367,317 | ||
846,569 | Univision Communications Inc, 2021 Replacement Term Loan, (1M SOFR + 3.364%), 8.681%, 3/15/26 | 847,314 | ||
480,000 | Virgin Media Bristol LLC, Facility Q Advance, (1M SOFR + 3.364%), 8.697%, 1/31/29 | 478,416 | ||
4,462,892 | ||||
Consumer Discretionary — 0.9% | ||||
986,966 | AVSC Holding Corp, Term Loan B1, (1M SOFR + 3.500%), 0.250%, 3/03/25 | 964,453 | ||
140,628 | AVSC Holding Corp, Term Loan B2, (1M SOFR + 5.500%), 1.000%, 10/15/26 | 137,347 | ||
1,556,729 | ClubCorp Holdings Inc., Term Loan, (2M SOFR + 5.262%), 10.649%, 9/18/26 | 1,497,386 | ||
762,420 | United AirLines, Inc., Class B Term Loan, (1M SOFR + 3.864%), 9.182%, 4/21/28 | 764,113 | ||
3,363,299 | ||||
Financials — 0.8% | ||||
3,020,476 | Freeport LNG Investments, LLP, Tla Term Loan, (3M SOFR + 3.262%), 8.588%, 11/16/26 | 2,994,047 |
Principal Amount | Market Value | |||
Industrials — 0.8% | ||||
$ 1,761,947 | ASP Unifrax Holdings Inc., First Lien Usd Term Loan, (3M SOFR + 3.900%), 9.290%, 12/12/25 | $ 1,638,294 | ||
455,420 | Pretium PKG Holdings Inc., Third Amendment Tranche A Term Loans, (3M SOFR + 5.000%), 10.395%, 10/02/28 | 445,460 | ||
835,317 | Transdigm Inc, Tranche I Term Loan, (3M SOFR + 3.250%), 8.640%, 8/24/28 | 838,450 | ||
2,922,204 | ||||
Energy — 0.4% | ||||
1,390,571 | Gulf Finance, LLC, Term Loan, (6M SOFR + 7.178%), 12.631%, 8/25/26 | 1,389,181 | ||
862,799 | PES Holdings LLC, Tranche C Loan Non-PIK, (3M LIBOR + 4.000%), 6.990%, 12/29/23 | 8,628 | ||
1,397,809 | ||||
Materials — 0.3% | ||||
1,817,593 | Schenectady International Group Inc., Initial Term Loan, (6M SOFR + 4.750%), 4.750%, 10/15/25 | 1,230,510 | ||
Total Bank Loans | $31,701,686 |
Shares | ||||
Common Stocks — 0.9% | ||||
Health Care — 0.3% | ||||
162,858 | Bausch Health Cos., Inc.* | 1,306,121 | ||
Energy — 0.3% | ||||
14,309 | AFG Holdings, Inc. | 143 | ||
187,384 | Ascent Resources Marcellus Holdings, LLC | 46,846 | ||
60,000 | Summit Midstream Partners LP* | 1,074,600 | ||
1,121,589 | ||||
Information Technology — 0.2% | ||||
6,269 | Avaya Holdings Corp. | 40,749 | ||
103,977 | Avaya Holdings Corp. | 675,850 | ||
716,599 | ||||
Industrials — 0.1% | ||||
28,087 | Tutor Perini Corp.* | 255,592 | ||
Total Common Stocks | $3,399,901 | |||
Exchange-Traded Fund — 0.3% | ||||
32,000 | Alerian MLP ETF | 1,360,640 |
Number of Contracts | Notional Amount | |||
Purchased Options — 0.0% | ||||
Purchased Call Options — 0.0% | ||||
1,300 | U.S. Oil Fund LP, Strike @102.00, Exp 04/24 | $130,000 | 3,900 | |
Total Purchased Options | $3,900 |
Shares | ||||
Short-Term Investment Funds — 4.1% | ||||
10,980,525 | Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω | 10,980,525 | ||
4,028,874 | Invesco Government & Agency Portfolio, Institutional Class, 5.28%∞Ω** | 4,028,874 | ||
Total Short-Term Investment Funds | $15,009,399 | |||
Total Long Positions—101.4% (Cost $385,030,634) | $375,093,882 |
12
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Securities Sold Short — (0.3)% |
Principal Amount | Market Value | |||
Corporate Bonds — (0.3)% | ||||
Consumer Discretionary — (0.3)% | ||||
$(1,250,000) | Staples, Inc., 7.500%, 4/15/26 | $ (1,162,826) | ||
Total Securities Sold Short (Proceeds $1,036,588) | $(1,162,826) | |||
Total Investment Securities—101.1% | $373,931,056 | |||
Liabilities in Excess of Other Assets — (1.1%) | (3,930,311) | |||
Net Assets — 100.0% | $370,000,745 |
(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, 2023 was $3,985,739. |
(B) | Represents a payment-in-kind (“PIK”) security, which may pay interest in additional principal amounts. |
(C) | Variable rate security - Rate reflected is the rate in effect as of December 31, 2023. |
(D) | 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. |
(E) | 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, 2023. |
* | 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, 2023 was $3,913,335. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2023. |
Portfolio Abbreviations: |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
ETF – Exchange-Traded Fund |
EUR – Euro |
GBP – Great Britain Pound |
ICE – Intercontinental Exchange, Inc. |
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 |
TSFR3M – Three Month Term 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, 2023, these securities were valued at $273,338,939 or 73.9% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Corporate Bonds | $— | $290,056,431 | $— | $290,056,431 |
Asset-Backed Securities | — | 33,561,925 | — | 33,561,925 |
Bank Loans | — | 31,701,686 | — | 31,701,686 |
Common Stocks | 2,636,313 | 763,588 | — | 3,399,901 |
Exchange-Traded Fund | 1,360,640 | — | — | 1,360,640 |
Purchased Call Options | ||||
Equity contracts | — | 3,900 | — | 3,900 |
Short-Term Investment Funds | 15,009,399 | — | — | 15,009,399 |
Total Assets | $19,006,352 | $356,087,530 | $— | $375,093,882 |
Liabilities: | ||||
Securities Sold Short | ||||
Corporate Bonds | $— | $(1,162,826) | $— | $(1,162,826) |
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | — | (8,988) | — | (8,988) |
Foreign currency exchange contracts | — | (135,509) | — | (135,509) |
Total Liabilities | $— | $(1,307,323) | $— | $(1,307,323) |
Total | $19,006,352 | $354,780,207 | $— | $373,786,559 |
13
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 Paid/ (Received) | Unrealized Depreciation |
Buy Protection: | ||||||||
Wells Fargo | 12/20/25 | $557,053 | 5.000% | ICE | Markit CDX North America High Yield Series 35 5Y Index | $(31,990) | $(23,002) | $(8,988) |
(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 | 1/16/2024 | USD | 8,418,451 | EUR | 7,739,151 | $(131,488) |
Wells Fargo | 1/16/2024 | USD | 317,735 | GBP | 252,401 | (4,021) |
$(135,509) |
See accompanying Notes to Portfolios of Investments.
14
Portfolio of Investments
Touchstone Dividend Equity Fund – December 31, 2023 (Unaudited)
Shares | Market Value | |||
Common Stocks — 99.6% | ||||
Information Technology — 22.6% | ||||
67,702 | Accenture PLC - Class A | $ 23,757,309 | ||
68,816 | Analog Devices, Inc. | 13,664,105 | ||
260,951 | Apple, Inc. | 50,240,896 | ||
44,104 | Broadcom, Inc. | 49,231,090 | ||
877,292 | Cisco Systems, Inc. | 44,320,792 | ||
823,089 | Intel Corp. | 41,360,222 | ||
287,304 | International Business Machines Corp. | 46,988,569 | ||
72,775 | KLA Corp. | 42,304,107 | ||
313,532 | Micron Technology, Inc. | 26,756,821 | ||
286,221 | Microsoft Corp. | 107,630,545 | ||
427,921 | Oracle Corp. | 45,115,711 | ||
309,573 | QUALCOMM, Inc. | 44,773,543 | ||
190,723 | Texas Instruments, Inc. | 32,510,643 | ||
568,654,353 | ||||
Financials — 15.3% | ||||
101,976 | Arthur J Gallagher & Co. | 22,932,363 | ||
1,161,443 | Bank of America Corp. | 39,105,786 | ||
62,022 | BlackRock, Inc. | 50,349,460 | ||
323,275 | Charles Schwab Corp. (The) | 22,241,320 | ||
106,634 | Goldman Sachs Group, Inc. (The) | 41,136,198 | ||
86,080 | JPMorgan Chase & Co. | 14,642,208 | ||
245,536 | Principal Financial Group, Inc. | 19,316,317 | ||
191,910 | Prudential Financial, Inc. | 19,902,986 | ||
136,847 | T Rowe Price Group, Inc. | 14,737,054 | ||
796,583 | Truist Financial Corp. | 29,409,844 | ||
992,702 | US Bancorp | 42,964,143 | ||
96,989 | Visa, Inc. - Class A | 25,251,086 | ||
835,461 | Wells Fargo & Co. | 41,121,390 | ||
383,110,155 | ||||
Health Care — 13.4% | ||||
160,873 | AbbVie, Inc. | 24,930,489 | ||
484,450 | Bristol-Myers Squibb Co. | 24,857,129 | ||
119,888 | Cencora, Inc. | 24,622,597 | ||
508,605 | CVS Health Corp. | 40,159,451 | ||
198,968 | Gilead Sciences, Inc. | 16,118,398 | ||
305,616 | Johnson & Johnson | 47,902,252 | ||
595,878 | Medtronic PLC | 49,088,429 | ||
310,883 | Merck & Co., Inc. | 33,892,465 | ||
1,087,103 | Pfizer, Inc. | 31,297,695 | ||
82,006 | UnitedHealth Group, Inc. | 43,173,699 | ||
336,042,604 | ||||
Industrials — 10.3% | ||||
212,062 | 3M Co. | 23,182,618 | ||
71,594 | Automatic Data Processing, Inc. | 16,679,254 | ||
108,738 | Caterpillar, Inc. | 32,150,564 | ||
419,285 | Fortune Brands Innovations, Inc. | 31,924,360 | ||
57,282 | Lockheed Martin Corp. | 25,962,494 | ||
169,544 | Paychex, Inc. | 20,194,386 | ||
407,492 | RTX Corp. | 34,286,377 | ||
803,806 | Southwest Airlines Co. | 23,213,917 | ||
524,657 | Stanley Black & Decker, Inc. | 51,468,852 | ||
259,062,822 | ||||
Consumer Staples — 7.7% | ||||
112,634 | Constellation Brands, Inc. - Class A | 27,229,270 | ||
146,835 | Dollar General Corp. | 19,962,218 | ||
207,476 | PepsiCo, Inc. | 35,237,724 | ||
446,456 | Philip Morris International, Inc. | 42,002,580 | ||
415,325 | Sysco Corp. | 30,372,717 |
Shares | Market Value | |||
Consumer Staples — 7.7% (Continued) | ||||
183,536 | Target Corp. | $ 26,139,197 | ||
85,215 | Walmart, Inc. | 13,434,145 | ||
194,377,851 | ||||
Consumer Discretionary — 7.0% | ||||
129,135 | Home Depot, Inc. (The) | 44,751,734 | ||
107,864 | McDonald's Corp. | 31,982,755 | ||
409,692 | Starbucks Corp. | 39,334,529 | ||
555,468 | VF Corp. | 10,442,798 | ||
105,078 | Whirlpool Corp. | 12,795,348 | ||
279,401 | Yum! Brands, Inc. | 36,506,535 | ||
175,813,699 | ||||
Communication Services — 6.7% | ||||
1,875,936 | AT&T, Inc. | 31,478,206 | ||
990,627 | Comcast Corp. - Class A | 43,438,994 | ||
454,200 | Fox Corp. - Class A | 13,476,114 | ||
599,746 | Interpublic Group of Cos., Inc. (The) | 19,575,709 | ||
249,797 | Omnicom Group, Inc. | 21,609,939 | ||
1,052,254 | Verizon Communications, Inc. | 39,669,976 | ||
169,248,938 | ||||
Energy — 5.2% | ||||
226,803 | Chevron Corp. | 33,829,935 | ||
390,338 | Exxon Mobil Corp. | 39,025,993 | ||
238,613 | Phillips 66 | 31,768,935 | ||
206,602 | Valero Energy Corp. | 26,858,260 | ||
131,483,123 | ||||
Utilities — 4.0% | ||||
397,508 | Duke Energy Corp. | 38,574,176 | ||
333,753 | Entergy Corp. | 33,772,466 | ||
443,033 | NextEra Energy, Inc. | 26,909,825 | ||
99,256,467 | ||||
Materials — 3.7% | ||||
96,227 | Air Products & Chemicals, Inc. | 26,346,953 | ||
429,252 | DuPont de Nemours, Inc. | 33,022,356 | ||
406,606 | International Flavors & Fragrances, Inc. | 32,922,888 | ||
92,292,197 | ||||
Real Estate — 3.7% | ||||
282,760 | Alexandria Real Estate Equities, Inc. REIT | 35,845,485 | ||
179,568 | American Tower Corp. REIT | 38,765,140 | ||
122,772 | Simon Property Group, Inc. REIT | 17,512,198 | ||
92,122,823 | ||||
Total Common Stocks | $2,501,465,032 | |||
Short-Term Investment Fund — 0.1% | ||||
1,141,526 | Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω | 1,141,526 | ||
Total Investment Securities—99.7% (Cost $2,378,204,835) | $2,502,606,558 | |||
Other Assets in Excess of Liabilities — 0.3% | 8,436,592 | |||
Net Assets — 100.0% | $2,511,043,150 |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2023. |
Portfolio Abbreviations: |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
15
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 | $2,501,465,032 | $— | $— | $2,501,465,032 |
Short-Term Investment Fund | 1,141,526 | — | — | 1,141,526 |
Total | $2,502,606,558 | $— | $— | $2,502,606,558 |
See accompanying Notes to Portfolios of Investments.
16
Portfolio of Investments
Touchstone High Yield Fund – December 31, 2023 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 95.1% | ||||
Consumer Discretionary — 16.3% | ||||
$ 829,000 | Carnival Corp., 144a, 6.000%, 5/1/29 | $ 797,419 | ||
232,000 | Carnival Corp., 144a, 7.625%, 3/1/26 | 236,203 | ||
532,000 | Carnival Corp., 144a, 9.875%, 8/1/27 | 558,636 | ||
1,239,000 | Carriage Services, Inc., 144a, 4.250%, 5/15/29 | 1,100,405 | ||
678,000 | Dana, Inc., 4.250%, 9/1/30 | 600,930 | ||
523,000 | Dana, Inc., 5.625%, 6/15/28† | 515,636 | ||
764,000 | Ford Motor Co., 4.750%, 1/15/43 | 633,015 | ||
1,318,000 | Ford Motor Credit Co. LLC, 2.900%, 2/10/29 | 1,155,423 | ||
1,111,000 | Ford Motor Credit Co. LLC, 3.375%, 11/13/25 | 1,063,496 | ||
455,000 | Ford Motor Credit Co. LLC, 3.664%, 9/8/24 | 447,714 | ||
1,142,000 | Forestar Group, Inc., 144a, 3.850%, 5/15/26 | 1,085,745 | ||
623,000 | Gap, Inc. (The), 144a, 3.625%, 10/1/29 | 532,620 | ||
1,098,000 | Hanesbrands, Inc., 144a, 4.875%, 5/15/26 | 1,058,995 | ||
710,000 | JB Poindexter & Co., Inc., 144a, 8.750%, 12/15/31 | 723,987 | ||
1,000,000 | MGM China Holdings Ltd. (Macao), 144a, 5.375%, 5/15/24 | 994,940 | ||
467,000 | Michaels Cos., Inc. (The), 144a, 5.250%, 5/1/28 | 373,787 | ||
177,000 | Michaels Cos., Inc. (The), 144a, 7.875%, 5/1/29 | 111,437 | ||
298,000 | Royal Caribbean Cruises Ltd., 144a, 5.375%, 7/15/27 | 295,036 | ||
16,000 | Royal Caribbean Cruises Ltd., 144a, 7.250%, 1/15/30 | 16,714 | ||
172,000 | Royal Caribbean Cruises Ltd., 7.500%, 10/15/27 | 180,916 | ||
133,000 | Royal Caribbean Cruises Ltd., 144a, 8.250%, 1/15/29 | 141,345 | ||
970,000 | Royal Caribbean Cruises Ltd., 144a, 11.625%, 8/15/27 | 1,055,510 | ||
773,000 | Sands China Ltd. (Macao), 5.375%, 8/8/25 | 762,346 | ||
500,000 | Sands China Ltd. (Macao), 5.650%, 8/8/28 | 496,058 | ||
733,000 | Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | 688,091 | ||
1,610,000 | Wynn Macau Ltd. (Macao), 144a, 4.875%, 10/1/24 | 1,588,404 | ||
17,214,808 | ||||
Communication Services — 14.3% | ||||
666,000 | Altice Financing SA (Luxembourg), 144a, 5.750%, 8/15/29 | 591,595 | ||
483,000 | Altice Financing SA (Luxembourg), 144a, 5.000%, 1/15/28 | 437,546 | ||
540,000 | Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | 349,714 | ||
514,000 | Altice France SA (France), 144a, 5.125%, 7/15/29 | 399,169 | ||
446,000 | Altice France SA (France), 144a, 5.500%, 10/15/29 | 349,535 | ||
1,117,000 | Belo Corp., 7.250%, 9/15/27 | 1,123,118 | ||
1,239,000 | Block Communications, Inc., 144a, 4.875%, 3/1/28 | 1,084,125 | ||
1,898,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 1,658,925 | ||
641,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 6.375%, 9/1/29 | 632,235 | ||
315,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 7.375%, 3/1/31 | 323,096 | ||
360,000 | CSC Holdings LLC, 144a, 3.375%, 2/15/31 | 262,753 | ||
256,000 | CSC Holdings LLC, 144a, 11.250%, 5/15/28 | 263,772 | ||
1,268,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 763,904 | ||
1,073,000 | CSC Holdings LLC, 144a, 5.750%, 1/15/30 | 667,942 | ||
607,000 | DISH DBS Corp., 144a, 5.250%, 12/1/26 | 520,047 | ||
1,176,000 | Gray Television, Inc., 144a, 7.000%, 5/15/27 | 1,117,788 | ||
316,804 | Shutterfly Finance LLC, 144a, 8.500%, 10/1/27(A) | 226,638 | ||
37,643 | Shutterfly Finance LLC, 144a, 9.750%, 10/1/27 | 37,267 | ||
1,217,000 | Sirius XM Radio, Inc., 144a, 4.000%, 7/15/28 | 1,124,738 | ||
408,000 | Sprint Capital Corp., 6.875%, 11/15/28 | 441,806 | ||
570,000 | Sprint Corp., 7.625%, 2/15/25 | 579,950 | ||
1,643,000 | Stagwell Global, 144a, 5.625%, 8/15/29 | 1,511,338 | ||
612,000 | Station Casinos LLC, 144a, 4.625%, 12/1/31 | 551,825 | ||
15,018,826 |
Principal Amount | Market Value | |||
Energy — 13.7% | ||||
$ 950,000 | Baytex Energy Corp. (Canada), 144a, 8.500%, 4/30/30 | $ 982,911 | ||
1,026,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 6.625%, 7/15/26 | 1,015,740 | ||
213,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.625%, 12/15/25 | 215,761 | ||
415,000 | Civitas Resources, Inc., 144a, 5.000%, 10/15/26 | 402,424 | ||
477,000 | Civitas Resources, Inc., 144a, 8.375%, 7/1/28 | 497,995 | ||
308,000 | Civitas Resources, Inc., 144a, 8.625%, 11/1/30 | 326,625 | ||
1,957,000 | CQP Holdco LP / BIP-V Chinook Holdco LLC, 144a, 5.500%, 6/15/31 | 1,854,101 | ||
721,000 | Crescent Energy Finance LLC, 144a, 9.250%, 2/15/28 | 748,088 | ||
1,143,000 | EQM Midstream Partners LP, 144a, 4.500%, 1/15/29 | 1,080,241 | ||
586,000 | Genesis Energy LP / Genesis Energy Finance Corp., 6.250%, 5/15/26 | 585,429 | ||
445,000 | Genesis Energy LP / Genesis Energy Finance Corp., 8.875%, 4/15/30 | 459,964 | ||
414,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | 400,138 | ||
201,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 4/15/30 | 195,022 | ||
534,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.250%, 11/1/28 | 531,887 | ||
1,042,000 | Nabors Industries Ltd., 144a, 7.250%, 1/15/26 | 1,001,581 | ||
531,000 | NuStar Logistics LP, 6.000%, 6/1/26 | 530,065 | ||
923,000 | Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | 845,902 | ||
625,000 | Permian Resources Operating LLC, 144a, 8.000%, 4/15/27 | 647,184 | ||
662,000 | Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | 638,386 | ||
1,148,000 | Sunnova Energy Corp., 144a, 5.875%, 9/1/26 | 977,246 | ||
544,000 | Vermilion Energy, Inc. (Canada), 144a, 6.875%, 5/1/30 | 522,086 | ||
14,458,776 | ||||
Financials — 11.8% | ||||
1,070,000 | Aviation Capital Group LLC, 144a, 6.375%, 7/15/30 | 1,103,833 | ||
667,000 | Credit Acceptance Corp., 144a, 9.250%, 12/15/28 | 711,289 | ||
440,000 | FirstCash, Inc., 144a, 4.625%, 9/1/28 | 410,750 | ||
328,000 | FirstCash, Inc., 144a, 5.625%, 1/1/30 | 314,039 | ||
922,000 | goeasy Ltd. (Canada), 144a, 9.250%, 12/1/28 | 984,668 | ||
1,337,000 | GTCR W-2 Merger Sub LLC, 144a, 7.500%, 1/15/31 | 1,412,838 | ||
1,043,000 | Jane Street Group / JSG Finance, Inc., 144a, 4.500%, 11/15/29 | 972,611 | ||
420,000 | National Rural Utilities Cooperative Finance Corp., (TSFR3M + 3.172%), 8.562%, 4/30/43(B) | 415,609 | ||
707,000 | Navient Corp., 5.000%, 3/15/27 | 682,502 | ||
692,000 | Navient Corp., 5.875%, 10/25/24 | 691,848 | ||
315,000 | OneMain Finance Corp., 3.875%, 9/15/28 | 278,737 | ||
228,000 | OneMain Finance Corp., 4.000%, 9/15/30 | 195,075 | ||
399,000 | OneMain Finance Corp., 6.625%, 1/15/28 | 402,862 | ||
370,000 | PennyMac Financial Services, Inc., 144a, 4.250%, 2/15/29 | 333,038 | ||
273,000 | PennyMac Financial Services, Inc., 144a, 5.375%, 10/15/25 | 269,800 | ||
414,000 | PennyMac Financial Services, Inc., 144a, 5.750%, 9/15/31 | 383,335 | ||
198,000 | PennyMac Financial Services, Inc., 144a, 7.875%, 12/15/29 | 203,841 | ||
1,000,000 | PRA Group, Inc., 144a, 7.375%, 9/1/25 | 990,051 | ||
1,035,000 | Prime Security Services Borrower LLC / Prime Finance, Inc., 144a, 5.750%, 4/15/26 | 1,039,441 | ||
718,000 | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144a, 2.875%, 10/15/26 | 662,355 | ||
12,458,522 |
17
Touchstone High Yield Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 95.1% (Continued) | ||||
Industrials — 11.2% | ||||
$ 627,000 | Air Canada (Canada), 144a, 3.875%, 8/15/26 | $ 598,961 | ||
1,132,000 | BWX Technologies, Inc., 144a, 4.125%, 6/30/28 | 1,049,692 | ||
578,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25 | 547,671 | ||
697,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.875%, 11/15/29 | 597,413 | ||
1,382,000 | Cimpress PLC (Ireland), 7.000%, 6/15/26 | 1,350,905 | ||
616,000 | Emerald Debt Merger Sub LLC, 144a, 6.625%, 12/15/30 | 629,164 | ||
1,000,000 | Fortress Transportation & Infrastructure Investors LLC, 144a, 6.500%, 10/1/25 | 996,806 | ||
937,000 | H&E Equipment Services, Inc., 144a, 3.875%, 12/15/28 | 851,560 | ||
1,165,000 | Imola Merger Corp., 144a, 4.750%, 5/15/29 | 1,107,241 | ||
799,000 | Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC, 144a, 4.000%, 10/15/27 | 745,952 | ||
782,000 | Stericycle, Inc., 144a, 3.875%, 1/15/29 | 709,563 | ||
1,110,000 | TK Elevator US Newco, Inc. (Germany), 144a, 5.250%, 7/15/27 | 1,090,773 | ||
1,000,000 | TransDigm, Inc., 4.625%, 1/15/29 | 938,875 | ||
570,000 | TransDigm, Inc., 144a, 6.250%, 3/15/26 | 568,980 | ||
11,783,556 | ||||
Health Care — 6.8% | ||||
592,000 | AdaptHealth LLC, 144a, 4.625%, 8/1/29 | 456,728 | ||
293,000 | AdaptHealth LLC, 144a, 5.125%, 3/1/30 | 228,698 | ||
330,000 | AdaptHealth LLC, 144a, 6.125%, 8/1/28 | 284,783 | ||
300,000 | Herbalife Nutrition Ltd. / HLF Financing, Inc., 144a, 7.875%, 9/1/25 | 296,254 | ||
265,000 | HLF Financing Sarl LLC / Herbalife International, Inc., 144a, 4.875%, 6/1/29 | 208,081 | ||
777,000 | Medline Borrower LP, 144a, 3.875%, 4/1/29 | 702,410 | ||
412,000 | Medline Borrower LP, 144a, 5.250%, 10/1/29 | 388,257 | ||
1,123,000 | MEDNAX, Inc., 144a, 5.375%, 2/15/30 | 999,574 | ||
356,000 | ModivCare, Inc., 144a, 5.875%, 11/15/25 | 351,550 | ||
1,224,000 | Molina Healthcare, Inc., 144a, 3.875%, 5/15/32 | 1,069,937 | ||
1,084,000 | Tenet Healthcare Corp., 6.125%, 10/1/28 | 1,080,932 | ||
729,000 | Teva Pharmaceutical Finance Netherlands III BV (Israel), 3.150%, 10/1/26 | 675,021 | ||
452,000 | Teva Pharmaceutical Finance Netherlands III BV (Israel), 4.750%, 5/9/27 | 432,788 | ||
7,175,013 | ||||
Real Estate — 4.8% | ||||
1,202,000 | CTR Partnership LP / CareTrust Capital Corp. REIT, 144a, 3.875%, 6/30/28 | 1,098,015 | ||
1,039,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 6.000%, 4/15/25 | 1,035,951 | ||
390,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 8.000%, 6/15/27 | 406,101 | ||
132,000 | Iron Mountain, Inc. REIT, 144a, 4.500%, 2/15/31 | 120,326 | ||
674,000 | Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29 | 638,362 | ||
112,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 3/15/28 | 108,884 | ||
660,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | 630,726 | ||
1,078,000 | RHP Hotel Properties LP / RHP Finance Corp. REIT, 4.750%, 10/15/27 | 1,041,224 | ||
5,079,589 | ||||
Information Technology — 4.4% | ||||
1,037,000 | Amkor Technology, Inc., 144a, 6.625%, 9/15/27 | 1,050,008 | ||
1,133,000 | Consensus Cloud Solutions, Inc., 144a, 6.000%, 10/15/26 | 1,077,313 | ||
448,000 | Open Text Corp. (Canada), 144a, 3.875%, 12/1/29 | 401,674 | ||
560,000 | Open Text Corp. (Canada), 144a, 3.875%, 2/15/28 | 520,651 |
Principal Amount | Market Value | |||
Information Technology — 4.4% (Continued) | ||||
$ 738,000 | Seagate HDD Cayman, 144a, 8.250%, 12/15/29 | $ 795,955 | ||
873,000 | Ziff Davis, Inc., 144a, 4.625%, 10/15/30 | 800,898 | ||
4,646,499 | ||||
Materials — 4.3% | ||||
998,000 | Celanese US Holdings LLC, 6.379%, 7/15/32 | 1,055,335 | ||
938,000 | Clearwater Paper Corp., 144a, 4.750%, 8/15/28 | 869,457 | ||
1,041,000 | INEOS Finance PLC (Luxembourg), 144a, 6.750%, 5/15/28 | 1,024,280 | ||
443,000 | Kaiser Aluminum Corp., 144a, 4.500%, 6/1/31 | 381,894 | ||
243,000 | Kaiser Aluminum Corp., 144a, 4.625%, 3/1/28 | 224,735 | ||
976,000 | Mineral Resources Ltd. (Australia), 144a, 8.000%, 11/1/27 | 1,000,680 | ||
4,556,381 | ||||
Consumer Staples — 4.3% | ||||
1,229,000 | AHP Health Partners, Inc., 144a, 5.750%, 7/15/29 | 1,064,621 | ||
699,000 | Gap, Inc. (The), 144a, 3.875%, 10/1/31 | 575,171 | ||
1,166,000 | Primo Water Holdings, Inc. (Canada), 144a, 4.375%, 4/30/29 | 1,074,344 | ||
684,000 | QVC, Inc., 4.375%, 9/1/28 | 493,835 | ||
448,000 | QVC, Inc., 4.750%, 2/15/27 | 354,623 | ||
1,029,000 | Turning Point Brands, Inc., 144a, 5.625%, 2/15/26 | 960,140 | ||
4,522,734 | ||||
Utilities — 3.2% | ||||
1,033,000 | Edison International, Ser B, 5.000%(C) | 961,830 | ||
1,283,000 | South Jersey Industries, Inc., 5.020%, 4/15/31 | 1,031,358 | ||
1,253,000 | Talen Energy Supply LLC, 144a, 8.625%, 6/1/30 | 1,336,862 | ||
3,330,050 | ||||
Total Corporate Bonds | $100,244,754 | |||
Asset-Backed Securities — 1.0% | ||||
1,000,000 | OHA Credit Partners XII Ltd., Ser 2015-12A, Class DR, 144a, (TSFR3M + 3.162%), 8.574%, 7/23/30(B) | 991,347 |
Shares | ||||
Short-Term Investment Funds — 2.8% | ||||
2,596,469 | Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω | 2,596,469 | ||
395,920 | Invesco Government & Agency Portfolio, Institutional Class, 5.28%∞Ω** | 395,920 | ||
Total Short-Term Investment Funds | $2,992,389 | |||
Total Investment Securities—98.9% (Cost $106,864,413) | $104,228,490 | |||
Other Assets in Excess of Liabilities — 1.1% | 1,140,859 | |||
Net Assets — 100.0% | $105,369,349 |
(A) | Represents a payment-in-kind (“PIK”) security, which may pay interest in additional principal amounts. |
(B) | Variable rate security - Rate reflected is the rate in effect as of December 31, 2023. |
(C) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
** | 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, 2023 was $386,480. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2023. |
18
Touchstone High Yield Fund (Unaudited) (Continued)
Portfolio Abbreviations: |
LLC – Limited Liability Company |
LP – Limited Partnership |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
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, 2023, these securities were valued at $79,576,876 or 75.5% 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 |
Corporate Bonds | $— | $100,244,754 | $— | $100,244,754 |
Asset-Backed Securities | — | 991,347 | — | 991,347 |
Short-Term Investment Funds | 2,992,389 | — | — | 2,992,389 |
Total | $2,992,389 | $101,236,101 | $— | $104,228,490 |
See accompanying Notes to Portfolios of Investments.
19
Portfolio of Investments
Touchstone Impact Bond Fund – December 31, 2023 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 30.2% | ||||
Financials — 9.4% | ||||
$ 3,000,000 | American Express Co., 4.050%, 5/3/29 | $ 2,972,816 | ||
4,000,000 | Bank of America Corp., 6.204%, 11/10/28 | 4,175,064 | ||
1,183,435 | Fishers Lane Associates LLC, 144a, 3.666%, 8/5/30 | 1,113,408 | ||
710,000 | Fishers Lane Associates LLC, 144a, 5.477%, 8/5/40 | 743,732 | ||
2,599,000 | Globe Life, Inc., 4.550%, 9/15/28 | 2,580,444 | ||
2,400,000 | KeyBank NA, 4.150%, 8/8/25 | 2,326,881 | ||
1,509,000 | KeyCorp, 2.550%, 10/1/29 | 1,285,047 | ||
1,500,000 | Metropolitan Life Global Funding I, 144a, 3.050%, 6/17/29 | 1,363,978 | ||
2,000,000 | Metropolitan Life Global Funding I, 144a, 4.300%, 8/25/29 | 1,949,604 | ||
1,500,000 | Nationwide Mutual Insurance Co., 144a, 4.350%, 4/30/50 | 1,207,488 | ||
1,819,000 | Nationwide Mutual Insurance Co., 144a, 9.375%, 8/15/39 | 2,406,888 | ||
2,350,000 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.625%, 9/30/59 | 1,749,578 | ||
3,605,000 | Pacific Life Global Funding II, 144a, 1.375%, 4/14/26 | 3,331,088 | ||
3,500,000 | PNC Bank NA, 2.700%, 10/22/29 | 3,072,059 | ||
1,500,000 | Progressive Corp. (The), 4.200%, 3/15/48 | 1,340,837 | ||
1,274,000 | Protective Life Corp., 8.450%, 10/15/39 | 1,602,804 | ||
3,500,000 | Protective Life Global Funding, 144a, 1.170%, 7/15/25 | 3,297,629 | ||
670,000 | Reliance Standard Life Global Funding II, 144a, 5.243%, 2/2/26 | 664,219 | ||
2,610,000 | Reliance Standard Life Global Funding II, 144a, 2.750%, 1/21/27 | 2,398,662 | ||
1,700,000 | SBA Tower Trust REIT, 144a, 1.884%, 1/15/26 | 1,577,581 | ||
1,500,000 | SBA Tower Trust REIT, 144a, 2.836%, 1/15/25 | 1,448,511 | ||
2,802,000 | Teachers Insurance & Annuity Association of America, 144a, 4.900%, 9/15/44 | 2,651,773 | ||
1,100,000 | Unum Group, 7.190%, 2/1/28 | 1,153,753 | ||
2,000,000 | Unum Group, 7.250%, 3/15/28 | 2,131,089 | ||
1,405,000 | US Bancorp, 5.727%, 10/21/26 | 1,414,135 | ||
2,000,000 | USB Capital IX, (TSFR3M + 1.282%), 6.675%(A)(B) | 1,587,500 | ||
51,546,568 | ||||
Utilities — 8.1% | ||||
3,600,000 | American Water Capital Corp., 2.950%, 9/1/27 | 3,407,568 | ||
3,000,000 | Atmos Energy Kansas Securitization I LLC, 5.155%, 3/1/33 | 3,034,008 | ||
3,250,000 | Avista Corp., 4.350%, 6/1/48 | 2,752,860 | ||
1,500,000 | Brazos Securitization LLC, 144a, 5.243%, 9/1/40 | 1,553,909 | ||
1,623,000 | California Water Service Co., 5.500%, 12/1/40 | 1,608,009 | ||
3,270,000 | Cleco Securitization I LLC, Ser A-2, 4.646%, 9/1/42 | 3,191,457 | ||
2,008,000 | Commonwealth Edison Co., 5.900%, 3/15/36 | 2,175,937 | ||
2,163,000 | Dominion Energy South Carolina, Inc., 4.600%, 6/15/43 | 1,979,496 | ||
1,900,000 | Duke Energy Florida Project Finance LLC, Ser 2032, 2.858%, 3/1/33 | 1,671,159 | ||
2,328,000 | Duke Energy Progress LLC, 6.300%, 4/1/38 | 2,572,284 | ||
2,532,000 | Entergy Louisiana LLC, 4.440%, 1/15/26 | 2,523,736 | ||
3,000,000 | Essential Utilities, Inc., 4.276%, 5/1/49 | 2,498,036 | ||
1,642,000 | Georgia Power Co., 4.750%, 9/1/40 | 1,526,568 | ||
3,828,000 | Idaho Power Co., MTN, 5.500%, 3/15/53 | 3,970,244 | ||
3,415,000 | Kentucky Utilities Co., 5.125%, 11/1/40 | 3,327,964 | ||
2,000,000 | NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.329%), 7.659%, 10/1/66(B) | 1,809,426 | ||
2,080,000 | PG&E Wildfire Recovery Funding LLC, Ser A-5, 5.099%, 6/1/52 | 2,088,967 | ||
1,110,000 | Sierra Pacific Power Co., 2.600%, 5/1/26 | 1,058,546 | ||
1,815,747 | Southaven Combined Cycle Generation LLC, 3.846%, 8/15/33 | 1,707,828 | ||
44,458,002 |
Principal Amount | Market Value | |||
Industrials — 4.4% | ||||
$ 659,879 | BNSF Railway Co. Pass-Through Trust, 144a, 3.442%, 6/16/28 | $ 631,235 | ||
2,355,000 | Burlington Northern Santa Fe LLC, 6.700%, 8/1/28 | 2,534,027 | ||
1,625,000 | Canadian Pacific Railway Co. (Canada), 3.125%, 6/1/26 | 1,556,929 | ||
1,500,000 | CSX Corp., 6.150%, 5/1/37 | 1,677,233 | ||
2,000,000 | FedEx Corp., 4.250%, 5/15/30 | 1,957,104 | ||
2,044,383 | FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 2/20/34 | 1,701,096 | ||
1,075,000 | GATX Corp., 1.900%, 6/1/31 | 855,294 | ||
2,823,000 | GATX Corp., 3.250%, 3/30/25 | 2,747,310 | ||
2,750,000 | Republic Services, Inc., 2.300%, 3/1/30 | 2,424,362 | ||
526,000 | TOTE Maritime Alaska LLC, 6.365%, 4/15/28 | 534,822 | ||
2,194,000 | Tote Shipholdings LLC, 3.400%, 10/16/40 | 2,045,608 | ||
1,960,000 | Union Pacific Corp., 2.891%, 4/6/36 | 1,659,068 | ||
413,363 | Union Pacific Railroad Co. 2006 Pass Through Trust, 5.866%, 7/2/30 | 425,126 | ||
1,152,282 | Union Pacific Railroad Co. 2014-1 Pass Through Trust, 3.227%, 5/14/26 | 1,109,187 | ||
2,225,000 | Waste Management, Inc., 3.900%, 3/1/35 | 2,015,068 | ||
23,873,469 | ||||
Consumer Discretionary — 2.4% | ||||
3,361,183 | American Airlines 2016-3 Class AA Pass Through Trust, 3.000%, 10/15/28 | 3,033,771 | ||
508,830 | Continental Airlines 2012-2 Class A Pass Through Trust, 4.000%, 10/29/24 | 497,527 | ||
5,000,000 | Delta Air Lines 2019-1 Class AA Pass Through Trust, 3.204%, 4/25/24 | 4,959,702 | ||
1,785,000 | PulteGroup, Inc., 7.875%, 6/15/32 | 2,100,901 | ||
2,570,000 | Smithsonian Institution, 2.645%, 9/1/39 | 1,948,148 | ||
553,032 | United Airlines, Inc. Pass-Through Trust, 2.875%, 10/7/28 | 494,486 | ||
13,034,535 | ||||
Health Care — 2.3% | ||||
3,500,000 | Banner Health, 2.480%, 1/1/32 | 2,896,921 | ||
1,112,580 | CVS Pass Through Trust Series 2013, 144a, 4.704%, 1/10/36 | 1,034,517 | ||
1,872,812 | CVS Pass-Through Trust, 6.036%, 12/10/28 | 1,892,494 | ||
3,405,000 | HCA, Inc., 5.250%, 4/15/25 | 3,401,466 | ||
3,955,000 | Piedmont Healthcare, Inc., 2.044%, 1/1/32 | 3,183,083 | ||
12,408,481 | ||||
Real Estate — 1.3% | ||||
2,500,000 | American Tower Corp. REIT, 3.125%, 1/15/27 | 2,364,389 | ||
3,000,000 | Crown Castle International Corp. REIT, 4.300%, 2/15/29 | 2,889,900 | ||
2,050,000 | SBA Tower Trust REIT, 144a, 1.631%, 11/15/26 | 1,831,178 | ||
7,085,467 | ||||
Communication Services — 1.0% | ||||
1,500,000 | AT&T, Inc., 4.850%, 7/15/45 | 1,366,270 | ||
1,000,000 | AT&T, Inc., 6.250%, 3/29/41 | 1,061,526 | ||
1,025,000 | Crown Castle Towers LLC, 144a, 4.241%, 7/15/28 | 972,542 | ||
1,200,000 | Verizon Communications, Inc., 2.100%, 3/22/28 | 1,086,501 | ||
1,185,000 | Verizon Communications, Inc., 4.862%, 8/21/46 | 1,134,810 | ||
5,621,649 | ||||
Consumer Staples — 1.0% | ||||
1,000,000 | Kroger Co. (The), 4.500%, 1/15/29 | 994,468 | ||
1,265,000 | Kroger Co. (The), Ser B, 7.700%, 6/1/29 | 1,429,055 | ||
1,600,000 | United Rentals North America, Inc., 4.875%, 1/15/28 | 1,560,421 | ||
1,300,000 | United Rentals North America, Inc., 144a, 6.000%, 12/15/29 | 1,319,978 | ||
5,303,922 |
20
Touchstone Impact Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 30.2% (Continued) | ||||
Energy — 0.3% | ||||
$ 1,405,000 | Texas Eastern Transmission LP, 7.000%, 7/15/32 | $ 1,579,411 | ||
Total Corporate Bonds | $164,911,504 | |||
U.S. Government Agency Obligations — 18.6% | ||||
1,871,000 | Canal Barge Co., Inc., 4.500%, 11/12/34 | 1,810,666 | ||
242,379 | Export-Import Bank of the United States, 1.581%, 11/16/24 | 237,893 | ||
275,000 | Petroleos Mexicanos (Mexico), 2.290%, 2/15/24 | 272,312 | ||
1,251,842 | Reliance Industries Ltd. (India), 1.870%, 1/15/26 | 1,207,615 | ||
794,044 | SBA Small Business Investment Cos, Ser 2017-10A, Class 1, 2.845%, 3/10/27 | 764,521 | ||
1,414,990 | SBA Small Business Investment Cos, Ser 2017-10B, Class 1, 2.518%, 9/10/27 | 1,330,567 | ||
3,566 | Small Business Administration Participation Certificates, Ser 2004-20D, Class 1, 4.770%, 4/1/24 | 3,549 | ||
13,689 | Small Business Administration Participation Certificates, Ser 2004-20K, Class 1, 4.880%, 11/1/24 | 13,562 | ||
22,646 | Small Business Administration Participation Certificates, Ser 2005-20H, Class 1, 5.110%, 8/1/25 | 22,437 | ||
122,407 | Small Business Administration Participation Certificates, Ser 2006-20H, Class 1, 5.700%, 8/1/26 | 121,649 | ||
50,351 | Small Business Administration Participation Certificates, Ser 2006-20K, Class 1, 5.360%, 11/1/26 | 50,007 | ||
86,837 | Small Business Administration Participation Certificates, Ser 2006-20L, Class 1, 5.120%, 12/1/26 | 86,282 | ||
97,451 | Small Business Administration Participation Certificates, Ser 2007-20A, Class 1, 5.320%, 1/1/27 | 96,718 | ||
137,736 | Small Business Administration Participation Certificates, Ser 2007-20E, Class 1, 5.310%, 5/1/27 | 135,930 | ||
274,018 | Small Business Administration Participation Certificates, Ser 2007-20F, Class 1, 5.710%, 6/1/27 | 274,661 | ||
268,716 | Small Business Administration Participation Certificates, Ser 2007-20L, Class 1, 5.290%, 12/1/27 | 267,173 | ||
120,397 | Small Business Administration Participation Certificates, Ser 2008-20A, Class 1, 5.170%, 1/1/28 | 118,923 | ||
124,529 | Small Business Administration Participation Certificates, Ser 2008-20K, Class 1, 6.770%, 11/1/28 | 127,461 | ||
286,864 | Small Business Administration Participation Certificates, Ser 2009-20C, Class 1, 4.660%, 3/1/29 | 283,687 | ||
146,608 | Small Business Administration Participation Certificates, Ser 2009-20D, Class 1, 4.310%, 4/1/29 | 144,534 | ||
320,050 | Small Business Administration Participation Certificates, Ser 2009-20E, Class 1, 4.430%, 5/1/29 | 313,415 | ||
133,891 | Small Business Administration Participation Certificates, Ser 2009-20F, Class 1, 4.950%, 6/1/29 | 133,160 | ||
346,754 | Small Business Administration Participation Certificates, Ser 2009-20J, Class 1, 3.920%, 10/1/29 | 337,434 | ||
560,313 | Small Business Administration Participation Certificates, Ser 2010-20F, Class 1, 3.880%, 6/1/30 | 549,624 | ||
1,282,641 | Small Business Administration Participation Certificates, Ser 2010-20I, Class 1, 3.210%, 9/1/30 | 1,231,138 | ||
3,133,630 | Small Business Administration Participation Certificates, Ser 2013-20C, Class 1, 2.220%, 3/1/33 | 2,887,020 | ||
2,248,864 | Small Business Administration Participation Certificates, Ser 2013-20E, Class 1, 2.070%, 5/1/33 | 2,046,140 | ||
1,230,483 | Small Business Administration Participation Certificates, Ser 2013-20G, Class 1, 3.150%, 7/1/33 | 1,168,708 |
Principal Amount | Market Value | |||
U.S. Government Agency Obligations — 18.6% (Continued) | ||||
$ 1,712,037 | Small Business Administration Participation Certificates, Ser 2014-20H, Class 1, 2.880%, 8/1/34 | $ 1,597,964 | ||
2,543,082 | Small Business Administration Participation Certificates, Ser 2014-20I, Class 1, 2.920%, 9/1/34 | 2,375,965 | ||
2,207,521 | Small Business Administration Participation Certificates, Ser 2014-20K, Class 1, 2.800%, 11/1/34 | 2,051,870 | ||
1,523,908 | Small Business Administration Participation Certificates, Ser 2015-20I, Class 1, 2.820%, 9/1/35 | 1,413,133 | ||
1,802,213 | Small Business Administration Participation Certificates, Ser 2016-20A, Class 1, 2.780%, 1/1/36 | 1,674,621 | ||
2,327,583 | Small Business Administration Participation Certificates, Ser 2016-20B, Class 1, 2.270%, 2/1/36 | 2,081,695 | ||
2,697,433 | Small Business Administration Participation Certificates, Ser 2016-20F, Class 1, 2.180%, 6/1/36 | 2,418,899 | ||
3,108,164 | Small Business Administration Participation Certificates, Ser 2017-20E, Class 1, 2.880%, 5/1/37 | 2,860,443 | ||
2,716,349 | Small Business Administration Participation Certificates, Ser 2017-20F, Class 1, 2.810%, 6/1/37 | 2,488,540 | ||
3,402,372 | Small Business Administration Participation Certificates, Ser 2017-20K, Class 1, 2.790%, 11/1/37 | 3,110,318 | ||
1,676,127 | Small Business Administration Participation Certificates, Ser 2017-20L, Class 1, 2.780%, 12/1/37 | 1,536,079 | ||
3,933,330 | Small Business Administration Participation Certificates, Ser 2018-20A, Class 1, 2.920%, 1/1/38 | 3,628,319 | ||
3,863,163 | Small Business Administration Participation Certificates, Ser 2018-20C, Class 1, 3.200%, 3/1/38 | 3,618,187 | ||
3,048,855 | Small Business Administration Participation Certificates, Ser 2018-20K, Class 1, 3.870%, 11/1/38 | 2,891,886 | ||
1,584,251 | Small Business Administration Participation Certificates, Ser 2018-25D, Class 1, 3.890%, 10/1/43 | 1,498,062 | ||
1,881,078 | Small Business Administration Participation Certificates, Ser 2019-25B, Class 1, 3.450%, 2/1/44 | 1,731,174 | ||
2,260,185 | Small Business Administration Participation Certificates, Ser 2019-25E, Class 1, 3.070%, 5/1/44 | 2,042,241 | ||
3,499,821 | Small Business Administration Participation Certificates, Ser 2020-25I, Class 1, 1.150%, 9/1/45 | 2,789,710 | ||
3,268,972 | Small Business Administration Participation Certificates, Ser 2022-25C, Class 1, 2.750%, 3/1/47 | 2,844,728 | ||
2,111,956 | Small Business Administration Participation Certificates, Ser 2022-25D, Class 1, 3.500%, 4/1/47 | 1,938,059 | ||
2,881,206 | Small Business Administration Participation Certificates, Ser 2022-25G, Class 1, 3.930%, 7/1/47 | 2,731,043 | ||
3,871,315 | Small Business Administration Participation Certificates, Ser 2022-25H, Class 1, 3.800%, 8/1/47 | 3,632,257 | ||
9,388,258 | Small Business Administration Participation Certificates, Ser 2022-25I, Class 1, 4.260%, 9/1/47 | 9,160,100 | ||
4,952,552 | Small Business Administration Participation Certificates, Ser 2023-10A, Class 1, 5.168%, 3/10/33 | 4,971,242 | ||
1,970,854 | Small Business Administration Participation Certificates, Ser 2023-25C, Class 1, 4.930%, 3/1/48 | 1,988,413 | ||
5,897,108 | Small Business Administration Participation Certificates, Ser 2023-25F, Class 1, 4.930%, 6/1/48 | 5,910,491 | ||
2,198,222 | United States International Development Finance Corp., 1.870%, 11/20/37 | 1,816,679 | ||
5,079,720 | United States of America Executive Branch, Ser 2021-25L, Class 1, 1.850%, 12/1/46 | 4,155,884 |
21
Touchstone Impact Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
U.S. Government Agency Obligations — 18.6% (Continued) | ||||
$ 1,680,669 | United States Small Business Administration, Ser 2019-20A, Class 1, 3.370%, 1/1/39 | $ 1,569,813 | ||
2,764,000 | Vessel Management Services, Inc., 5.125%, 4/16/35 | 2,847,113 | ||
Total U.S. Government Agency Obligations | $101,411,714 | |||
U.S. Government Mortgage-Backed Obligations — 14.0% | ||||
1,145,849 | FHLMC, Pool #SD8186, 3.500%, 11/1/51 | 1,057,971 | ||
5,623,520 | FHLMC, Pool #SD8257, 4.500%, 10/1/52 | 5,458,819 | ||
430,290 | FHLMC, Pool #W30008, 7.645%, 5/1/25 | 431,184 | ||
3,358,000 | FHLMC, Pool #WN2314, 4.650%, 1/1/33 | 3,248,303 | ||
530,133 | FNMA, Pool #888829, 5.888%, 6/1/37(B)(C) | 528,027 | ||
429,222 | FNMA, Pool #AH8854, 4.500%, 4/1/41 | 429,149 | ||
4,000,000 | FNMA, Pool #AM9682, 3.810%, 8/1/45 | 3,402,320 | ||
2,814,600 | FNMA, Pool #AN0897, 3.440%, 2/1/32 | 2,635,652 | ||
1,522,786 | FNMA, Pool #AN6828, 3.060%, 9/1/32 | 1,438,523 | ||
3,000,000 | FNMA, Pool #AN8089, 3.330%, 1/1/38 | 2,576,512 | ||
1,336,855 | FNMA, Pool #AS8650, 3.000%, 1/1/47 | 1,213,305 | ||
158,487 | FNMA, Pool #AT0924, 2.000%, 3/1/28 | 150,110 | ||
478,893 | FNMA, Pool #BC0153, 4.000%, 1/1/46 | 462,275 | ||
3,860,363 | FNMA, Pool #BL3622, 2.600%, 8/1/26 | 3,659,814 | ||
3,440,879 | FNMA, Pool #BS5630, 3.790%, 11/1/32 | 3,271,114 | ||
3,124,376 | FNMA, Pool #CB0455, 2.500%, 5/1/51 | 2,665,198 | ||
1,434,674 | FNMA, Pool #FM3442, 3.000%, 6/1/50 | 1,282,705 | ||
7,434,466 | FNMA, Pool #FS1887, 3.000%, 5/1/47 | 6,647,521 | ||
3,798,126 | FNMA, Pool #MA4269, 2.500%, 2/1/41 | 3,384,784 | ||
1,343,184 | FNMA, Pool #MA4416, 3.500%, 9/1/51 | 1,239,082 | ||
4,640,907 | FNMA, Pool #MA4654, 3.500%, 7/1/52 | 4,263,748 | ||
4,831,313 | FNMA, Pool #MA4709, 5.000%, 7/1/52 | 4,786,699 | ||
5,925,296 | FNMA, Pool #MA4783, 4.000%, 10/1/52 | 5,611,691 | ||
5,799,081 | FNMA, Pool #MA4784, 4.500%, 10/1/52 | 5,629,238 | ||
5,226,269 | FNMA, Pool #MA5073, 6.000%, 7/1/53 | 5,310,610 | ||
5,965,003 | GNMA, Pool #MA9171, 5.500%, 9/20/53 | 6,005,659 | ||
Total U.S. Government Mortgage-Backed Obligations | $76,790,013 | |||
Agency Collateralized Mortgage Obligations — 9.6% | ||||
2,292,303 | Fannie Mae-Aces, Ser 2017-M15, Class ATS2, 3.155%, 11/25/27(B)(C) | 2,199,251 | ||
3,325,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1511, Class A3, 3.542%, 3/25/34 | 3,072,998 | ||
2,732,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KSG1, Class A2, 1.503%, 9/25/30 | 2,289,635 | ||
1,650,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KSG2, Class A2, 2.091%, 11/25/31(B)(C) | 1,396,955 | ||
2,090,372 | FHLMC Multifamily Structured Pass Through Certificates, Ser KW03, Class A1, 2.617%, 12/25/26 | 2,052,017 | ||
3,060,000 | FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1513, Class A3, 2.797%, 8/25/34 | 2,606,354 | ||
1,930,000 | FREMF Mortgage Trust, Ser 2014-K38, Class B, 144a, 4.196%, 6/25/47(B)(C) | 1,913,802 | ||
2,615,000 | FREMF Mortgage Trust, Ser 2014-K40, Class B, 144a, 4.052%, 11/25/47(B)(C) | 2,574,165 | ||
2,000,000 | FREMF Mortgage Trust, Ser 2014-K41, Class B, 144a, 3.834%, 11/25/47(B)(C) | 1,963,273 | ||
2,600,000 | FREMF Mortgage Trust, Ser 2015-K49, Class B, 144a, 3.721%, 10/25/48(B)(C) | 2,521,796 | ||
2,450,000 | FREMF Mortgage Trust, Ser 2017-K61, Class B, 144a, 3.695%, 12/25/49(B)(C) | 2,350,415 | ||
750,000 | FREMF Mortgage Trust, Ser 2018-K74, Class B, 144a, 4.094%, 2/25/51(B)(C) | 713,347 | ||
724,314 | FRESB Mortgage Trust, Ser 2015-SB9, Class A5, (SOFR30A + 0.814%), 6.145%, 11/25/35(B) | 714,053 |
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 9.6% (Continued) | ||||
$ 93,685 | FRESB Mortgage Trust, Ser 2016-SB17, Class A5H, (SOFR30A + 0.814%), 6.145%, 5/25/36(B) | $ 93,249 | ||
403,974 | FRESB Mortgage Trust, Ser 2017-SB27, Class A10F, 3.090%, 1/25/27(B)(C) | 388,985 | ||
1,410,740 | FRESB Mortgage Trust, Ser 2018-SB46, Class A10F, 3.300%, 12/25/27(B)(C) | 1,343,989 | ||
1,984,589 | FRESB Mortgage Trust, Ser 2018-SB54, Class A10F, 3.520%, 5/25/28(B)(C) | 1,890,525 | ||
2,783,260 | FRESB Mortgage Trust, Ser 2018-SB55, Class A10F, 3.751%, 9/25/28(B)(C) | 2,651,339 | ||
1,124,729 | GNMA, Pool #785631, 4.631%, 5/20/67(B)(C) | 1,108,685 | ||
446,473 | GNMA, Ser 2012-46, Class C, 3.176%, 5/16/50(B)(C) | 435,685 | ||
846,033 | GNMA, Ser 2013-121, Class AB, 2.951%, 8/16/44(B)(C) | 782,596 | ||
160,791 | GNMA, Ser 2013-40, Class AC, 1.584%, 1/16/46 | 153,670 | ||
18,581 | GNMA, Ser 2013-59, Class A, 1.750%, 7/16/45 | 17,165 | ||
2,540,000 | GNMA, Ser 2015-32, Class HG, 3.000%, 9/16/49(B)(C) | 2,082,218 | ||
386,457 | GNMA, Ser 2015-37, Class AD, 2.600%, 11/16/55 | 359,956 | ||
1,480,345 | GNMA, Ser 2015-73, Class B, 2.700%, 10/16/55(B)(C) | 1,330,690 | ||
840,277 | GNMA, Ser 2017-46, Class AB, 2.600%, 1/16/52 | 719,357 | ||
912,244 | GNMA, Ser 2017-H11, Class FV, (TSFR1M + 0.614%), 5.937%, 5/20/67(B) | 906,979 | ||
895,456 | GNMA, Ser 2019-H15, Class GA, 2.250%, 8/20/69 | 855,810 | ||
3,802,613 | GNMA, Ser 2020-113, Class AF, 2.000%, 10/1/62 | 2,723,302 | ||
4,805,045 | GNMA, Ser 2020-118, Class AB, 2.250%, 4/16/62 | 3,917,965 | ||
2,210,637 | GNMA, Ser 2021-21, Class AF, 1.750%, 6/16/63 | 1,581,221 | ||
3,596,440 | GNMA, Ser 2021-22, Class AD, 1.350%, 10/16/62 | 2,720,874 | ||
Total Agency Collateralized Mortgage Obligations | $52,432,321 | |||
Municipal Bonds — 8.3% | ||||
California — 3.8% | ||||
1,000,000 | California Health Facilities Financing Authority, 2.704%, 6/1/30 | 896,723 | ||
2,000,000 | California Health Facilities Financing Authority, 2.229%, 6/1/32 | 1,656,649 | ||
875,000 | California Health Facilities Financing Authority, 4.140%, 6/1/34 | 825,748 | ||
1,560,000 | California Municipal Finance Authority, Revenue, 2.519%, 10/1/35 | 1,149,202 | ||
1,465,000 | City of San Francisco Public Utilities Commission Water Revenue, Build America Bonds, 6.950%, 11/1/50 | 1,812,317 | ||
2,345,000 | East Bay Municipal Utility District Water System Revenue, Build America Bonds Sub, 5.874%, 6/1/40 | 2,570,821 | ||
2,270,000 | Los Angeles Department of Water & Power Water System Revenue, Revenue, Build America Bonds, 6.008%, 7/1/39 | 2,444,619 | ||
3,500,000 | Los Angeles Unified School District, Build America Bonds Ser RY, UTGO, 6.758%, 7/1/34 | 3,953,383 | ||
2,675,000 | State of California, Build America Bonds, UTGO, 7.300%, 10/1/39 | 3,234,060 | ||
1,975,000 | Tuolumne Wind Project Auth., Build America Bonds, Revenue, 6.918%, 1/1/34 | 2,213,472 | ||
20,756,994 | ||||
Texas — 1.0% | ||||
1,770,000 | Dallas Area Rapid Transit, Revenue, Build America Bonds, 5.999%, 12/1/44 | 1,978,054 | ||
2,640,000 | Texas State Transportation Commission Highway Authority, Build America Bonds, 5.178%, 4/1/30 | 2,700,901 | ||
1,281,000 | Travis County Housing Finance Corp, Revenue, 2.550%, 7/1/42 | 879,945 | ||
5,558,900 |
22
Touchstone Impact Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Municipal Bonds — 8.3% (Continued) | ||||
Oklahoma — 0.6% | ||||
$ 3,000,000 | Oklahoma Development Finance Auth., Revenue, 5.087%, 2/1/52 | $ 3,107,111 | ||
Indiana — 0.5% | ||||
2,750,000 | Indianapolis Local Public Improvement Bond Bank, Build America Bonds, 6.116%, 1/15/40 | 2,992,899 | ||
Virginia — 0.5% | ||||
999,324 | Virginia Housing Development Authority, 2.950%, 10/25/49 | 886,776 | ||
2,511,921 | Virginia Housing Development Authority, 2.125%, 7/25/51 | 1,907,999 | ||
2,794,775 | ||||
Minnesota — 0.5% | ||||
3,374,680 | Minnesota Housing Finance Agency, Revenue, 1.580%, 2/1/51 | 2,548,370 | ||
New York — 0.5% | ||||
1,135,000 | Port Authority of New York & New Jersey, 4.960%, 8/1/46 | 1,105,434 | ||
1,400,000 | Port Authority of New York and New Jersey, Cons One Hundred Sixty-Eight, 4.926%, 10/1/51 | 1,408,419 | ||
2,513,853 | ||||
Washington — 0.3% | ||||
1,600,000 | State of Washington, Build America Bonds, UTGO, 5.481%, 8/1/39 | 1,695,671 | ||
Nevada — 0.3% | ||||
1,770,271 | Nevada Housing Division, Revenue, 1.900%, 11/1/44 | 1,604,517 | ||
Ohio — 0.2% | ||||
1,483,000 | Ohio State HFA, Revenue, 2.650%, 11/1/41 | 1,264,833 | ||
Louisiana — 0.1% | ||||
574,287 | Louisiana Housing Corp., 2.875%, 11/1/38 | 519,659 | ||
Total Municipal Bonds | $45,357,582 | |||
Asset-Backed Securities — 7.3% | ||||
1,912,693 | 321 Henderson Receivables I LLC, Ser 2012-1A, Class A, 144a, 4.210%, 2/16/65 | 1,746,012 | ||
958,614 | 321 Henderson Receivables I LLC, Ser 2012-2A, Class A, 144a, 3.840%, 10/15/59 | 850,016 | ||
2,870,657 | 321 Henderson Receivables I LLC, Ser 2015-2A, Class A, 144a, 3.870%, 3/15/58 | 2,526,054 | ||
2,301,457 | CF Hippolyta Issuer LLC, Ser 2021-1A, Class A1, 144a, 1.530%, 3/15/61 | 2,057,653 | ||
491,920 | Helios Issuer LLC, Ser 2023-GRID1, Class 1A, 144a, 5.750%, 12/20/50 | 504,585 | ||
2,544,002 | JG Wentworth XLII LLC, Ser 2018-2A, Class A, 144a, 3.960%, 10/15/75 | 2,250,718 | ||
1,529,525 | JGWPT XXVII LLC, Ser 2012-3A, Class A, 144a, 3.220%, 9/15/65 | 1,331,729 | ||
1,364,675 | JGWPT XXXI LLC, Ser 2014-1A, Class A, 144a, 3.960%, 3/15/63 | 1,219,559 | ||
1,111,753 | JGWPT XXXIV LLC, Ser 2015-1A, Class A, 144a, 3.260%, 9/15/72 | 935,891 | ||
4,445,000 | Louisiana Local Government Environmental Fac. & Community Development Auth, Ser 2022-ELL, Class A2, 4.145%, 2/1/33 | �� 4,375,214 | ||
882,072 | Oklahoma Development Finance Authority, Ser 2022-ONG, Class A1, 3.877%, 5/1/37 | 852,850 | ||
3,974,271 | Small Business Administration Participation Certificates, Ser 2021-10B, Class 1, 1.304%, 9/10/31 | 3,350,070 | ||
4,957,390 | Small Business Administration Participation Certificates, Ser 2021-25I, Class 1, 1.560%, 9/1/46 | 4,030,238 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 7.3% (Continued) | ||||
$ 2,500,000 | Small Business Administration Participation Certificates, Ser 2023-10B, Class 1, 5.688%, 9/10/33 | $ 2,602,516 | ||
2,500,000 | Small Business Administration Participation Certificates, Ser 2023-25G, Class 1, 5.180%, 7/1/48 | 2,548,713 | ||
3,000,000 | Small Business Administration Participation Certificates, Ser 2023-25H, Class 1, 5.150%, 8/1/48 | 3,058,346 | ||
2,704,890 | Tesla Auto Lease Trust, Ser 2021-B, Class A3, 144a, 0.600%, 9/22/25 | 2,667,150 | ||
290,000 | Tesla Auto Lease Trust, Ser 2021-B, Class A4, 144a, 0.630%, 9/22/25 | 284,746 | ||
2,550,000 | Tesla Auto Lease Trust, Ser 2023-A, Class A2, 144a, 5.860%, 8/20/25 | 2,554,745 | ||
Total Asset-Backed Securities | $39,746,805 | |||
U.S. Treasury Obligations — 6.7% | ||||
9,300,000 | U.S. Treasury Bond, 1.875%, 2/15/51 | 5,928,750 | ||
16,639,900 | U.S. Treasury Bond, 2.875%, 5/15/52 | 13,314,520 | ||
21,540,000 | U.S. Treasury Strip, Principal, 4.711%, 5/15/43(D) | 9,556,050 | ||
19,894,000 | U.S. Treasury Strip, Principal, 4.974%, 5/15/45(D) | 8,093,220 | ||
Total U.S. Treasury Obligations | $36,892,540 | |||
Commercial Mortgage-Backed Securities — 3.5% | ||||
18,545 | CD Mortgage Trust, Ser 2006-CD3, Class AJ, 5.688%, 10/15/48 | 16,572 | ||
2,979,161 | Citigroup Commercial Mortgage Trust, Ser 2020-555, Class A, 144a, 2.647%, 12/10/41 | 2,464,186 | ||
2,300,000 | COMM Mortgage Trust, Ser 2020-SBX, Class A, 144a, 1.670%, 1/10/38 | 2,055,410 | ||
2,440,000 | DOLP Trust, Ser 2021-NYC, Class A, 144a, 2.956%, 5/10/41 | 2,012,095 | ||
2,000,000 | FREMF Mortgage Trust, Ser 2015-K45, Class B, 144a, 3.609%, 4/25/48(B)(C) | 1,951,243 | ||
500,000 | FREMF Mortgage Trust, Ser 2015-K48, Class B, 144a, 3.646%, 8/25/48(B)(C) | 487,242 | ||
2,500,000 | FREMF Mortgage Trust, Ser 2015-K50, Class B, 144a, 3.779%, 10/25/48(B)(C) | 2,425,899 | ||
245,000 | FREMF Mortgage Trust, Ser 2015-K51, Class B, 144a, 3.951%, 10/25/48(B)(C) | 238,252 | ||
425,000 | FREMF Mortgage Trust, Ser 2016-K52, Class B, 144a, 3.931%, 1/25/49(B)(C) | 412,091 | ||
1,450,000 | FREMF Mortgage Trust, Ser 2017-K65, Class B, 144a, 4.079%, 7/25/50(B)(C) | 1,393,034 | ||
2,524,820 | Logistics 1 MI TN VA Senior Notes CTL Pass-Through Trust, 144a, 2.654%, 10/10/42 | 2,061,592 | ||
2,550,000 | MKT Mortgage Trust, Ser 2020-525M, Class A, 144a, 2.694%, 2/12/40 | 1,943,161 | ||
2,185,000 | SLG Office Trust, Ser 2021-OVA, Class A, 144a, 2.585%, 7/15/41 | 1,808,186 | ||
Total Commercial Mortgage-Backed Securities | $19,268,963 | |||
Non-Agency Collateralized Mortgage Obligations — 0.1% | ||||
424,671 | Virginia Housing Development Authority, Ser 2013-B, Class A, 2.750%, 4/25/42 | 370,611 |
23
Touchstone Impact Bond Fund (Unaudited) (Continued)
Shares | MarketValue | |||
Short-Term Investment Fund — 0.9% | ||||
5,110,380 | Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω | $ 5,110,380 | ||
Total Investment Securities—99.2% (Cost $588,430,413) | $542,292,433 | |||
Other Assets in Excess of Liabilities — 0.8% | 4,101,745 | |||
Net Assets — 100.0% | $546,394,178 |
(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, 2023. |
(C) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(D) | Strip Security- Separate trading of Registered Interest and Principal. Holders of a principal strip security are entitled to the portion of the payment representing principal only. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2023. |
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 |
LLC – Limited Liability Company |
LP – Limited Partnership |
MTN – Medium Term Note |
REIT – Real Estate Investment Trust |
SOFR30A – Secured Overnight Financing Rate 30 Day Average |
TSFR1M – One Month Term Secured Overnight Financing Rate |
TSFR3M – Three Month Term Secured Overnight Financing Rate |
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, 2023, these securities were valued at $83,465,545 or 15.3% 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 | $— | $164,911,504 | $— | $164,911,504 |
U.S. Government Agency Obligations | — | 101,411,714 | — | 101,411,714 |
U.S. Government Mortgage-Backed Obligations | — | 76,790,013 | — | 76,790,013 |
Agency Collateralized Mortgage Obligations | — | 52,432,321 | — | 52,432,321 |
Municipal Bonds | — | 45,357,582 | — | 45,357,582 |
Asset-Backed Securities | — | 39,746,805 | — | 39,746,805 |
U.S. Treasury Obligations | — | 36,892,540 | — | 36,892,540 |
Commercial Mortgage-Backed Securities | — | 19,268,963 | — | 19,268,963 |
Non-Agency Collateralized Mortgage Obligations | — | 370,611 | — | 370,611 |
Short-Term Investment Fund | 5,110,380 | — | — | 5,110,380 |
Total | $5,110,380 | $537,182,053 | $— | $542,292,433 |
See accompanying Notes to Portfolios of Investments.
24
Portfolio of Investments
Touchstone Mid Cap Fund – December 31, 2023 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.4% | ||||
Industrials — 26.6% | ||||
3,082,834 | AerCap Holdings N.V. (Ireland)* | $ 229,116,223 | ||
2,292,939 | Allison Transmission Holdings, Inc. | 133,334,403 | ||
1,789,793 | Armstrong World Industries, Inc. | 175,972,448 | ||
3,802,609 | Copart, Inc. * | 186,327,841 | ||
347,259 | Lennox International, Inc. | 155,405,348 | ||
504,746 | Old Dominion Freight Line, Inc. | 204,588,696 | ||
2,013,116 | Otis Worldwide Corp. | 180,113,488 | ||
682,765 | UniFirst Corp. | 124,884,546 | ||
1,389,742,993 | ||||
Information Technology — 14.2% | ||||
1,426,291 | Amphenol Corp. - Class A | 141,388,227 | ||
2,179,944 | Entegris, Inc. | 261,200,890 | ||
1,005,506 | Keysight Technologies, Inc.* | 159,965,949 | ||
1,618,169 | Skyworks Solutions, Inc. | 181,914,559 | ||
744,469,625 | ||||
Consumer Staples — 13.5% | ||||
2,119,715 | BellRing Brands, Inc.* | 117,495,802 | ||
1,306,367 | Brown-Forman Corp. - Class B | 74,593,556 | ||
1,199,769 | Dollar Tree, Inc.* | 170,427,187 | ||
1,793,523 | Lamb Weston Holdings, Inc. | 193,861,901 | ||
1,672,000 | Post Holdings, Inc.* | 147,236,320 | ||
703,614,766 | ||||
Materials — 11.7% | ||||
994,034 | AptarGroup, Inc. | 122,882,483 | ||
1,692,788 | Ball Corp. | 97,369,166 | ||
293,680 | NewMarket Corp. | 160,299,355 | ||
1,014,820 | Vulcan Materials Co. | 230,374,288 | ||
610,925,292 | ||||
Financials — 10.7% | ||||
980,709 | Cincinnati Financial Corp. | 101,464,153 | ||
2,622,861 | Fidelity National Information Services, Inc. | 157,555,260 | ||
1,065,454 | M&T Bank Corp. | 146,052,435 | ||
2,735,323 | Moelis & Co. - Class A | 153,533,680 | ||
558,605,528 | ||||
Consumer Discretionary — 10.5% | ||||
1,427,357 | CarMax, Inc.* | 109,535,376 | ||
1,145,937 | Churchill Downs, Inc. | 154,621,279 | ||
1,840,960 | Hasbro, Inc. | 93,999,418 | ||
483,863 | Pool Corp. | 192,921,017 | ||
551,077,090 |
Shares | Market Value | |||
Health Care — 7.4% | ||||
2,146,365 | Perrigo Co. PLC | $ 69,070,026 | ||
808,552 | STERIS PLC | 177,760,157 | ||
423,198 | Waters Corp.* | 139,329,477 | ||
386,159,660 | ||||
Real Estate — 2.8% | ||||
1,587,255 | CBRE Group, Inc. - Class A* | 147,757,568 | ||
Total Common Stocks | $5,092,352,522 | |||
Short-Term Investment Fund — 2.6% | ||||
135,854,435 | Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω | 135,854,435 | ||
Total Investment Securities—100.0% (Cost $3,951,836,132) | $5,228,206,957 | |||
Other Assets in Excess of Liabilities — 0.0% | 438,520 | |||
Net Assets — 100.0% | $5,228,645,477 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2023. |
Portfolio Abbreviations: |
PLC – Public Limited Company |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $5,092,352,522 | $— | $— | $5,092,352,522 |
Short-Term Investment Fund | 135,854,435 | — | — | 135,854,435 |
Total | $5,228,206,957 | $— | $— | $5,228,206,957 |
See accompanying Notes to Portfolios of Investments.
25
Portfolio of Investments
Touchstone Mid Cap Value Fund – December 31, 2023 (Unaudited)
Shares | Market Value | |||
Common Stocks — 98.9% | ||||
Industrials — 20.3% | ||||
181,374 | AerCap Holdings N.V. (Ireland)* | $ 13,479,716 | ||
99,706 | Clean Harbors, Inc. * | 17,399,694 | ||
84,542 | Dover Corp. | 13,003,405 | ||
235,560 | Genpact Ltd. | 8,176,288 | ||
149,487 | Hexcel Corp. | 11,024,666 | ||
35,099 | L3Harris Technologies, Inc. | 7,392,551 | ||
128,183 | Leidos Holdings, Inc. | 13,874,528 | ||
23,189 | Parker-Hannifin Corp. | 10,683,172 | ||
120,817 | Regal Rexnord Corp. | 17,883,332 | ||
49,127 | Snap-on, Inc. | 14,189,843 | ||
61,909 | WESCO International, Inc. | 10,764,737 | ||
79,425 | Westinghouse Air Brake Technologies Corp. | 10,079,033 | ||
147,950,965 | ||||
Financials — 18.3% | ||||
233,863 | American International Group, Inc. | 15,844,218 | ||
37,029 | Ameriprise Financial, Inc. | 14,064,725 | ||
845,267 | Chimera Investment Corp. REIT | 4,217,882 | ||
51,763 | Discover Financial Services | 5,818,161 | ||
771,530 | First Horizon Corp. | 10,924,865 | ||
115,670 | Global Payments, Inc. | 14,690,090 | ||
89,912 | Pinnacle Financial Partners, Inc. | 7,842,125 | ||
75,353 | Progressive Corp. (The) | 12,002,226 | ||
101,709 | Reinsurance Group of America, Inc. | 16,454,482 | ||
119,998 | The Allstate Corp. | 16,797,320 | ||
152,545 | Webster Financial Corp. | 7,743,184 | ||
30,890 | Willis Towers Watson PLC | 7,450,668 | ||
133,849,946 | ||||
Consumer Staples — 11.0% | ||||
24,782 | Casey's General Stores, Inc. | 6,808,607 | ||
37,950 | Constellation Brands, Inc. - Class A | 9,174,413 | ||
244,672 | Darling Ingredients, Inc.* | 12,194,452 | ||
63,636 | Dollar Tree, Inc.* | 9,039,494 | ||
90,244 | Ingredion, Inc. | 9,794,181 | ||
108,105 | Lamb Weston Holdings, Inc. | 11,685,069 | ||
235,978 | TreeHouse Foods, Inc.* | 9,781,288 | ||
219,848 | Tyson Foods, Inc. - Class A | 11,816,830 | ||
80,294,334 | ||||
Utilities — 8.6% | ||||
444,203 | CenterPoint Energy, Inc. | 12,690,880 | ||
104,602 | DTE Energy Co. | 11,533,417 | ||
101,078 | Entergy Corp. | 10,228,083 | ||
133,627 | Evergy, Inc. | 6,975,329 | ||
405,424 | NiSource, Inc. | 10,764,007 | ||
127,631 | WEC Energy Group, Inc. | 10,742,701 | ||
62,934,417 | ||||
Health Care — 8.5% | ||||
74,287 | Cencora, Inc. | 15,257,064 | ||
189,635 | Encompass Health Corp. | 12,652,447 | ||
222,932 | Envista Holdings Corp.* | 5,363,744 | ||
63,524 | Hologic, Inc.* | 4,538,790 | ||
59,438 | Laboratory Corp. of America Holdings | 13,509,663 | ||
85,919 | Zimmer Biomet Holdings, Inc. | 10,456,342 | ||
61,778,050 | ||||
Information Technology — 8.1% | ||||
114,584 | Akamai Technologies, Inc.* | 13,561,017 | ||
67,935 | F5 Networks, Inc.* | 12,159,006 | ||
79,099 | Keysight Technologies, Inc.* | 12,583,860 |
Shares | Market Value | |||
Information Technology — 8.1% (Continued) | ||||
67,348 | PTC, Inc.* | $ 11,783,206 | ||
83,093 | Qorvo, Inc.* | 9,357,103 | ||
59,444,192 | ||||
Consumer Discretionary — 7.4% | ||||
42,061 | Advance Auto Parts, Inc. | 2,566,983 | ||
155,743 | BorgWarner, Inc. | 5,583,386 | ||
67,348 | Carter's, Inc. | 5,043,692 | ||
110,593 | Columbia Sportswear Co. | 8,796,567 | ||
157,926 | Hasbro, Inc. | 8,063,702 | ||
304,897 | LKQ Corp. | 14,571,028 | ||
249,343 | Valvoline, Inc.* | 9,370,310 | ||
53,995,668 | ||||
Materials — 6.3% | ||||
428,357 | Axalta Coating Systems Ltd. * | 14,551,287 | ||
134,057 | Berry Global Group, Inc. | 9,034,101 | ||
96,133 | FMC Corp. | 6,061,186 | ||
71,935 | International Flavors & Fragrances, Inc. | 5,824,577 | ||
421,553 | Livent Corp.*† | 7,579,523 | ||
47,958 | Scotts Miracle-Gro Co. (The) | 3,057,323 | ||
46,107,997 | ||||
Energy — 5.6% | ||||
335,506 | ChampionX Corp. | 9,800,130 | ||
378,047 | Coterra Energy, Inc. | 9,647,759 | ||
650,651 | Permian Resources Corp. | 8,848,854 | ||
36,091 | Pioneer Natural Resources | 8,116,144 | ||
35,272 | Valero Energy Corp. | 4,585,360 | ||
40,998,247 | ||||
Real Estate — 4.8% | ||||
84,386 | Alexandria Real Estate Equities, Inc. REIT | 10,697,613 | ||
84,155 | Digital Realty Trust, Inc. REIT | 11,325,580 | ||
32,216 | Essex Property Trust, Inc. REIT | 7,987,635 | ||
254,981 | Host Hotels & Resorts, Inc. REIT | 4,964,480 | ||
34,975,308 | ||||
Total Common Stocks | $722,329,124 | |||
Short-Term Investment Funds — 2.7% | ||||
12,326,470 | Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω | 12,326,470 | ||
7,600,000 | Invesco Government & Agency Portfolio, Institutional Class, 5.28%∞Ω** | 7,600,000 | ||
Total Short-Term Investment Funds | $19,926,470 | |||
Total Investment Securities—101.6% (Cost $577,436,408) | $742,255,594 | |||
Liabilities in Excess of Other Assets — (1.6%) | (11,778,801) | |||
Net Assets — 100.0% | $730,476,793 |
* | 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, 2023 was $7,192,000. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2023. |
Portfolio Abbreviations: |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
26
Touchstone Mid Cap Value Fund (Unaudited) (Continued)
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $722,329,124 | $— | $— | $722,329,124 |
Short-Term Investment Funds | 19,926,470 | — | — | 19,926,470 |
Total | $742,255,594 | $— | $— | $742,255,594 |
See accompanying Notes to Portfolios of Investments.
27
Portfolio of Investments
Touchstone Sands Capital International Growth Equity Fund – December 31, 2023 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.3% | ||||
Netherlands — 14.4% | ||||
Financials — 5.5% | ||||
1,735 | Adyen NV, 144a* | $ 2,239,783 | ||
Industrials — 2.1% | ||||
5,041 | IMCD NV | 877,959 | ||
Information Technology — 6.8% | ||||
3,695 | ASML Holding NV | 2,796,819 | ||
Total Netherlands | 5,914,561 | |||
Japan — 14.1% | ||||
Health Care — 1.5% | ||||
37,200 | M3, Inc. | 613,886 | ||
Industrials — 3.6% | ||||
16,000 | MonotaRO Co. Ltd. | 174,100 | ||
31,800 | Recruit Holdings Co. Ltd. | 1,329,594 | ||
Information Technology — 9.0% | ||||
4,300 | Keyence Corp. | 1,889,233 | ||
6,900 | Lasertec Corp. | 1,811,433 | ||
Total Japan | 5,818,246 | |||
Switzerland — 9.9% | ||||
Health Care — 2.1% | ||||
2,000 | Lonza Group AG | 843,173 | ||
Industrials — 4.0% | ||||
3,265 | VAT Group AG, 144a | 1,639,872 | ||
Materials — 3.8% | ||||
4,839 | Sika AG | 1,577,883 | ||
Total Switzerland | 4,060,928 | |||
Brazil — 8.9% | ||||
Consumer Discretionary — 6.3% | ||||
1,630 | MercadoLibre, Inc.* | 2,561,610 | ||
Industrials — 2.6% | ||||
141,800 | WEG SA | 1,077,454 | ||
Total Brazil | 3,639,064 | |||
Canada — 7.1% | ||||
Information Technology — 7.1% | ||||
546 | Constellation Software, Inc. | 1,353,728 | ||
20,309 | Shopify, Inc. - Class A* | 1,582,071 | ||
Total Canada | 2,935,799 | |||
India — 7.0% | ||||
Financials — 7.0% | ||||
15,443 | Bajaj Finance Ltd. | 1,358,850 | ||
22,942 | HDFC Bank Ltd. ADR | 1,539,638 | ||
Total India | 2,898,488 | |||
Sweden — 6.7% | ||||
Industrials — 3.2% | ||||
59,330 | AddTech AB - Class B | 1,305,413 | ||
Information Technology — 3.5% | ||||
120,154 | Hexagon AB - Class B | 1,443,207 | ||
Total Sweden | 2,748,620 | |||
United States — 6.2% | ||||
Communication Services — 2.3% | ||||
14,833 | Liberty Media Corp.-Liberty Formula One - Class C* | 936,407 | ||
Information Technology — 3.9% | ||||
6,867 | Atlassian Corp. - Class A* | 1,633,385 | ||
Total United States | 2,569,792 |
Shares | Market Value | |||
Italy — 5.4% | ||||
Consumer Discretionary — 2.6% | ||||
3,148 | Ferrari NV | $ 1,065,378 | ||
Health Care — 2.8% | ||||
41,626 | Stevanato Group SpA | 1,135,973 | ||
Total Italy | 2,201,351 | |||
Germany — 4.6% | ||||
Communication Services — 3.2% | ||||
18,998 | CTS Eventim AG & Co. KGaA | 1,314,002 | ||
Consumer Discretionary — 1.4% | ||||
24,652 | Zalando SE, 144a* | 583,624 | ||
Total Germany | 1,897,626 | |||
Taiwan — 3.2% | ||||
Information Technology — 3.2% | ||||
12,510 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 1,301,040 | ||
Poland — 3.0% | ||||
Consumer Staples — 3.0% | ||||
10,498 | Dino Polska SA, 144a* | 1,229,162 | ||
France — 2.4% | ||||
Health Care — 2.4% | ||||
3,735 | Sartorius Stedim Biotech | 990,457 | ||
Denmark — 2.4% | ||||
Health Care — 2.4% | ||||
3,101 | Genmab A/S* | 988,763 | ||
Singapore — 2.0% | ||||
Communication Services — 2.0% | ||||
20,104 | Sea Ltd. ADR* | 814,212 | ||
Total Common Stocks | $40,008,109 | |||
Short-Term Investment Fund — 2.5% | ||||
1,049,270 | Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω | 1,049,270 | ||
Total Investment Securities — 99.8% (Cost $36,347,599) | $41,057,379 | |||
Other Assets in Excess of Liabilities — 0.2% | 68,165 | |||
Net Assets — 100.0% | $41,125,544 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2023. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
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, 2023, these securities were valued at $5,692,441 or 13.8% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
28
Touchstone Sands Capital International Growth 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 | ||||
Netherlands | $2,796,819 | $3,117,742 | $— | $5,914,561 |
Japan | — | 5,818,246 | — | 5,818,246 |
Switzerland | 1,577,883 | 2,483,045 | — | 4,060,928 |
Brazil | 3,639,064 | — | — | 3,639,064 |
Canada | 2,935,799 | — | — | 2,935,799 |
India | 1,539,638 | 1,358,850 | — | 2,898,488 |
Sweden | — | 2,748,620 | — | 2,748,620 |
United States | 2,569,792 | — | — | 2,569,792 |
Italy | 2,201,351 | — | — | 2,201,351 |
Germany | — | 1,897,626 | — | 1,897,626 |
Taiwan | 1,301,040 | — | — | 1,301,040 |
Poland | — | 1,229,162 | — | 1,229,162 |
France | — | 990,457 | — | 990,457 |
Denmark | 988,763 | — | — | 988,763 |
Singapore | 814,212 | — | — | 814,212 |
Short-Term Investment Fund | 1,049,270 | — | — | 1,049,270 |
Total | $21,413,631 | $19,643,748 | $— | $41,057,379 |
See accompanying Notes to Portfolios of Investments.
29
Portfolio of Investments
Touchstone Sands Capital Select Growth Fund – December 31, 2023 (Unaudited)
Shares | Market Value | |||
Common Stocks — 99.5% | ||||
Information Technology — 46.6% | ||||
400,072 | Atlassian Corp. - Class A* | $ 95,161,126 | ||
631,743 | Cloudflare, Inc. - Class A* | 52,598,922 | ||
812,637 | Datadog, Inc. - Class A* | 98,637,879 | ||
620,330 | Entegris, Inc. | 74,327,941 | ||
106,182 | Lam Research Corp. | 83,168,113 | ||
559,012 | Microsoft Corp. | 210,210,872 | ||
288,198 | NVIDIA Corp. | 142,721,414 | ||
630,774 | Okta, Inc.* | 57,103,970 | ||
258,944 | ServiceNow, Inc.* | 182,941,347 | ||
1,151,252 | Shopify, Inc. (Canada) - Class A* | 89,682,531 | ||
616,605 | Snowflake, Inc. - Class A* | 122,704,395 | ||
1,209,258,510 | ||||
Consumer Discretionary — 13.4% | ||||
274,084 | Airbnb, Inc. - Class A* | 37,313,796 | ||
1,342,990 | Amazon.com, Inc.* | 204,053,900 | ||
583,362 | DoorDash, Inc. - Class A* | 57,688,668 | ||
438,660 | Floor & Decor Holdings, Inc. - Class A* | 48,936,910 | ||
347,993,274 | ||||
Health Care — 13.2% | ||||
726,830 | 10X Genomics, Inc. - Class A* | 40,673,407 | ||
113,524 | Align Technology, Inc.* | 31,105,576 | ||
1,395,250 | DexCom, Inc.* | 173,136,572 | ||
747,510 | Edwards Lifesciences Corp.* | 56,997,637 | ||
824,258 | Ultragenyx Pharmaceutical, Inc.* | 39,416,018 | ||
341,329,210 | ||||
Financials — 10.9% | ||||
1,444,587 | Block, Inc.* | 111,738,804 | ||
7,581,342 | NU Holdings Ltd. (Brazil) - Class A* | 63,152,579 | ||
419,768 | Visa, Inc. - Class A | 109,286,599 | ||
284,177,982 | ||||
Communication Services — 10.2% | ||||
984,709 | Match Group, Inc.* | 35,941,878 | ||
359,710 | Meta Platforms, Inc. - Class A* | 127,322,952 | ||
149,009 | Netflix, Inc.* | 72,549,502 | ||
723,838 | Sea Ltd. (Singapore) ADR* | 29,315,439 | ||
265,129,771 |
Shares | Market Value | |||
Industrials — 3.0% | ||||
1,255,452 | Uber Technologies, Inc.* | $ 77,298,180 | ||
Real Estate — 2.2% | ||||
647,548 | CoStar Group, Inc.* | 56,589,220 | ||
Total Common Stocks | $2,581,776,147 | |||
Short-Term Investment Fund — 0.7% | ||||
17,163,706 | Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω | 17,163,706 | ||
Total Investment Securities—100.2% (Cost $1,793,219,941) | $2,598,939,853 | |||
Liabilities in Excess of Other Assets — (0.2%) | (3,934,454) | |||
Net Assets — 100.0% | $2,595,005,399 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2023. |
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 | $2,581,776,147 | $— | $— | $2,581,776,147 |
Short-Term Investment Fund | 17,163,706 | — | — | 17,163,706 |
Total | $2,598,939,853 | $— | $— | $2,598,939,853 |
See accompanying Notes to Portfolios of Investments.
30
Portfolio of Investments
Touchstone Small Cap Fund – December 31, 2023 (Unaudited)
Shares | Market Value | |||
Common Stocks — 96.7% | ||||
Industrials — 22.6% | ||||
53,013 | Armstrong World Industries, Inc. | $ 5,212,238 | ||
45,198 | Casella Waste Systems, Inc. - Class A* | 3,862,621 | ||
41,534 | Landstar System, Inc. | 8,043,059 | ||
130,092 | Marten Transport Ltd. | 2,729,330 | ||
67,283 | Masonite International Corp. * | 5,696,179 | ||
58,991 | Matson, Inc. | 6,465,414 | ||
15,499 | UniFirst Corp. | 2,834,922 | ||
34,843,763 | ||||
Consumer Discretionary — 17.9% | ||||
79,621 | Acushnet Holdings Corp. | 5,029,658 | ||
4,677 | Graham Holdings Co. - Class B | 3,257,624 | ||
51,330 | Malibu Boats, Inc. - Class A* | 2,813,911 | ||
11,276 | Murphy USA, Inc. | 4,020,570 | ||
200,322 | Revolve Group, Inc.* | 3,321,339 | ||
180,540 | Tempur Sealy International, Inc. | 9,202,124 | ||
27,645,226 | ||||
Information Technology — 15.7% | ||||
110,226 | ACI Worldwide, Inc.* | 3,372,915 | ||
105,131 | CTS Corp. | 4,598,430 | ||
42,919 | ePlus, Inc.* | 3,426,653 | ||
37,346 | Qualys, Inc.* | 7,330,273 | ||
161,127 | Vontier Corp. | 5,566,938 | ||
24,295,209 | ||||
Financials — 15.4% | ||||
137,156 | Atlantic Union Bankshares Corp. | 5,011,680 | ||
113,447 | Cannae Holdings, Inc.* | 2,213,351 | ||
28,553 | Hanover Insurance Group, Inc. (The) | 3,466,905 | ||
104,498 | Moelis & Co. - Class A | 5,865,473 | ||
4,737 | White Mountains Insurance Group Ltd. | 7,129,233 | ||
23,686,642 | ||||
Materials — 6.8% | ||||
67,951 | Ingevity Corp.* | 3,208,646 | ||
12,731 | NewMarket Corp. | 6,948,962 | ||
52,786 | Tredegar Corp. | 285,572 | ||
10,443,180 | ||||
Real Estate — 6.3% | ||||
153,836 | Alexander & Baldwin, Inc. REIT | 2,925,961 | ||
162,141 | Essential Properties Realty Trust, Inc. REIT | 4,144,324 | ||
50,280 | First Industrial Realty Trust, Inc. REIT | 2,648,247 | ||
9,718,532 |
Shares | Market Value | |||
Consumer Staples — 4.4% | ||||
23,935 | Lancaster Colony Corp. | $ 3,982,545 | ||
36,810 | PriceSmart, Inc. | 2,789,462 | ||
6,772,007 | ||||
Health Care — 4.4% | ||||
72,545 | Enovis Corp.* | 4,063,971 | ||
31,488 | Haemonetics Corp.* | 2,692,539 | ||
6,756,510 | ||||
Communication Services — 2.4% | ||||
6,730 | Cable One, Inc. | 3,745,851 | ||
Energy — 0.8% | ||||
54,445 | Dril-Quip, Inc. * | 1,266,935 | ||
Total Common Stocks | $149,173,855 | |||
Short-Term Investment Fund — 3.2% | ||||
4,941,387 | Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω | 4,941,387 | ||
Total Investment Securities—99.9% (Cost $119,366,318) | $154,115,242 | |||
Other Assets in Excess of Liabilities — 0.1% | 211,426 | |||
Net Assets — 100.0% | $154,326,668 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2023. |
Portfolio Abbreviations: |
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 | $149,173,855 | $— | $— | $149,173,855 |
Short-Term Investment Fund | 4,941,387 | — | — | 4,941,387 |
Total | $154,115,242 | $— | $— | $154,115,242 |
See accompanying Notes to Portfolios of Investments.
31
Portfolio of Investments
Touchstone Small Cap Value Fund – December 31, 2023 (Unaudited)
Shares | Market Value | |||
Common Stocks — 98.8% | ||||
Financials — 22.8% | ||||
168,254 | Chimera Investment Corp. REIT | $ 839,587 | ||
8,499 | City Holding Co. | 937,100 | ||
88,988 | Columbia Banking System, Inc. | 2,374,200 | ||
22,139 | First American Financial Corp. | 1,426,637 | ||
121,047 | First Horizon Corp. | 1,714,026 | ||
62,842 | First Interstate BancSystem, Inc. - Class A | 1,932,392 | ||
12,268 | Hanover Insurance Group, Inc. (The) | 1,489,581 | ||
25,051 | Independent Bank Corp. | 1,648,606 | ||
66,691 | MGIC Investment Corp. | 1,286,469 | ||
21,685 | National Bank Holdings Corp. - Class A | 806,465 | ||
29,326 | NMI Holdings, Inc. - Class A* | 870,396 | ||
106,687 | Old National Bancorp | 1,801,943 | ||
22,928 | Pinnacle Financial Partners, Inc. | 1,999,780 | ||
11,180 | Primerica, Inc. | 2,300,397 | ||
38,733 | Univest Financial Corp. | 853,288 | ||
180,676 | Valley National Bancorp | 1,962,141 | ||
16,238 | Westamerica BanCorp | 915,986 | ||
26,439 | Wintrust Financial Corp. | 2,452,217 | ||
27,611,211 | ||||
Industrials — 21.5% | ||||
29,031 | AZEK Co., Inc. (The)* | 1,110,436 | ||
13,065 | BWX Technologies, Inc. | 1,002,477 | ||
4,894 | CACI International, Inc. - Class A* | 1,584,971 | ||
11,752 | Clean Harbors, Inc. * | 2,050,842 | ||
8,045 | EMCOR Group, Inc. | 1,733,134 | ||
28,720 | Enerpac Tool Group Corp. | 892,905 | ||
12,730 | EnPro Industries, Inc. | 1,995,300 | ||
44,910 | Enviri Corp.* | 404,190 | ||
35,179 | ExlService Holdings, Inc.* | 1,085,272 | ||
117,356 | Gates Industrial Corp. PLC* | 1,574,918 | ||
15,230 | Hexcel Corp. | 1,123,212 | ||
22,361 | Huron Consulting Group, Inc.* | 2,298,711 | ||
20,268 | ITT, Inc. | 2,418,378 | ||
23,864 | Korn/Ferry International | 1,416,328 | ||
10,749 | Masonite International Corp. * | 910,010 | ||
8,767 | Regal Rexnord Corp. | 1,297,691 | ||
12,633 | Standex International Corp. | 2,000,815 | ||
5,166 | Valmont Industries, Inc. | 1,206,313 | ||
26,105,903 | ||||
Consumer Discretionary — 10.1% | ||||
46,911 | American Eagle Outfitters, Inc. | 992,637 | ||
5,938 | Carter's, Inc. | 444,697 | ||
22,028 | Cheesecake Factory, Inc. (The) | 771,200 | ||
13,374 | Dorman Products, Inc.* | 1,115,525 | ||
45,209 | Goodyear Tire & Rubber Co. (The)* | 647,393 | ||
6,852 | Murphy USA, Inc. | 2,443,149 | ||
5,898 | Oxford Industries, Inc. | 589,800 | ||
29,868 | Steven Madden Ltd. | 1,254,456 | ||
64,186 | Topgolf Callaway Brands Corp.* | 920,427 | ||
30,943 | Urban Outfitters, Inc.* | 1,104,356 | ||
34,660 | Valvoline, Inc.* | 1,302,523 | ||
11,918 | YETI Holdings, Inc.* | 617,114 | ||
12,203,277 | ||||
Health Care — 9.0% | ||||
15,383 | Amedisys, Inc.* | 1,462,308 | ||
30,852 | Encompass Health Corp. | 2,058,445 | ||
35,079 | Envista Holdings Corp.* | 844,001 | ||
17,425 | Globus Medical, Inc. - Class A* | 928,578 | ||
37,161 | Integra LifeSciences Holdings Corp.* | 1,618,362 |
Shares | Market Value | |||
Health Care — 9.0% (Continued) | ||||
38,783 | Prestige Consumer Healthcare, Inc.* | $ 2,374,295 | ||
21,949 | QuidelOrtho Corp.* | 1,617,641 | ||
10,903,630 | ||||
Materials — 6.9% | ||||
53,552 | Axalta Coating Systems Ltd. * | 1,819,161 | ||
11,216 | Cabot Corp. | 936,536 | ||
28,404 | Ingevity Corp.* | 1,341,237 | ||
6,715 | Innospec, Inc. | 827,557 | ||
84,973 | Livent Corp.*† | 1,527,814 | ||
44,158 | O-I Glass, Inc.* | 723,308 | ||
26,472 | Silgan Holdings, Inc. | 1,197,858 | ||
8,373,471 | ||||
Real Estate — 6.6% | ||||
55,699 | COPT Defense Properties REIT | 1,427,566 | ||
31,971 | National Storage Affiliates Trust REIT | 1,325,837 | ||
184,028 | Newmark Group, Inc. - Class A | 2,016,947 | ||
94,777 | Physicians Realty Trust REIT | 1,261,482 | ||
51,709 | STAG Industrial, Inc. REIT | 2,030,095 | ||
8,061,927 | ||||
Information Technology — 6.3% | ||||
6,979 | Belden, Inc. | 539,128 | ||
190,112 | Harmonic, Inc.* | 2,479,060 | ||
35,947 | Lumentum Holdings, Inc.* | 1,884,342 | ||
8,553 | Silicon Laboratories, Inc.* | 1,131,305 | ||
163,424 | Viavi Solutions, Inc.* | 1,645,680 | ||
7,679,515 | ||||
Consumer Staples — 5.7% | ||||
39,663 | Hain Celestial Group, Inc. (The)* | 434,310 | ||
13,426 | Ingredion, Inc. | 1,457,124 | ||
4,972 | Lancaster Colony Corp. | 827,291 | ||
8,072 | MGP Ingredients, Inc. | 795,253 | ||
26,600 | Performance Food Group Co.* | 1,839,390 | ||
37,835 | TreeHouse Foods, Inc.* | 1,568,261 | ||
6,921,629 | ||||
Energy — 5.1% | ||||
27,296 | Cactus, Inc. - Class A | 1,239,238 | ||
47,684 | ChampionX Corp. | 1,392,850 | ||
22,902 | Civitas Resources, Inc. | 1,566,039 | ||
151,017 | Permian Resources Corp. | 2,053,831 | ||
6,251,958 | ||||
Utilities — 4.3% | ||||
16,262 | Black Hills Corp. | 877,335 | ||
13,090 | IDACORP, Inc. | 1,287,009 | ||
52,868 | Portland General Electric Co. | 2,291,299 | ||
11,824 | Spire, Inc. | 737,108 | ||
5,192,751 | ||||
Communication Services — 0.5% | ||||
36,233 | TEGNA, Inc. | 554,365 | ||
Total Common Stocks | $119,859,637 |
32
Touchstone Small Cap Value Fund (Unaudited) (Continued)
Shares | Market Value | |||
Short-Term Investment Funds — 2.5% | ||||
1,480,459 | Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω | $ 1,480,459 | ||
1,527,600 | Invesco Government & Agency Portfolio, Institutional Class, 5.28%∞Ω** | 1,527,600 | ||
Total Short-Term Investment Funds | $3,008,059 | |||
Total Investment Securities—101.3% (Cost $106,634,029) | $122,867,696 | |||
Liabilities in Excess of Other Assets — (1.3%) | (1,538,707) | |||
Net Assets — 100.0% | $121,328,989 |
* | 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, 2023 was $1,445,592. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of December 31, 2023. |
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 | $119,859,637 | $— | $— | $119,859,637 |
Short-Term Investment Funds | 3,008,059 | — | — | 3,008,059 |
Total | $122,867,696 | $— | $— | $122,867,696 |
See accompanying Notes to Portfolios of Investments.
33
Portfolio of Investments
Touchstone Ultra Short Duration Fixed Income Fund – December 31, 2023 (Unaudited)
Principal Amount | Market Value | |||
Asset-Backed Securities — 37.9% | ||||
$ 5,727,273 | AGL Static CLO 18 Ltd. (Jersey), Ser 2022-18A, Class A1, 144a, (TSFR3M + 1.320%), 6.732%, 4/21/31(A) | $ 5,712,221 | ||
785,000 | AmeriCredit Automobile Receivables Trust, Ser 2020-2, Class D, 2.130%, 3/18/26 | 757,367 | ||
7,500,000 | AmeriCredit Automobile Receivables Trust, Ser 2023-2, Class A2, 6.190%, 4/19/27 | 7,532,299 | ||
5,377,722 | Anchorage Capital CLO Ltd. (Cayman Islands), Ser 2013-1A, Class A1R, 144a, (TSFR3M + 1.512%), 6.905%, 10/13/30(A) | 5,378,023 | ||
3,216,468 | Ares XL CLO Ltd. (Cayman Islands), Ser 2016-40A, Class A1RR, 144a, (TSFR3M + 1.132%), 6.525%, 1/15/29(A) | 3,211,672 | ||
3,368,903 | Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Ser 2006-HE3, Class A5, (TSFR1M + 0.654%), 2.918%, 3/25/36(A) | 3,233,668 | ||
6,541,638 | AUF Funding LLC, Ser 2022-1A, Class A1LN, 144a, (TSFR3M + 2.500%), 7.916%, 1/20/31(A) | 6,544,987 | ||
4,500,000 | Barings Private Credit Corp. CLO Ltd. (Bermuda), Ser 2023-1A, Class A1, 144a, (TSFR3M + 2.400%), 7.807%, 7/15/31(A) | 4,500,198 | ||
6,048,000 | BDS Ltd. (Cayman Islands), Ser 2020-FL5, Class B, 144a, (TSFR1M + 1.914%), 7.273%, 2/16/37(A) | 5,981,927 | ||
873,308 | Benefit Street Partners CLO XV Ltd. (Cayman Islands), Ser 2018-15A, Class A1, 144a, (TSFR3M +1.412%), 6.807%, 7/18/31(A) | 873,318 | ||
3,377,230 | Black Diamond CLO Ltd. (Cayman Islands), Ser 2017-1A, Class A1AR, 144a, (TSFR3M + 1.312%), 6.710%, 4/24/29(A) | 3,375,214 | ||
574,924 | CPS Auto Receivables Trust, Ser 2020-B, Class D, 144a, 4.750%, 4/15/26 | 574,434 | ||
4,050,000 | Dell Equipment Finance Trust, Ser 2022-1, Class B, 144a, 2.720%, 8/23/27 | 3,968,961 | ||
7,900,000 | Dell Equipment Finance Trust, Ser 2022-1, Class C, 144a, 2.940%, 8/23/27 | 7,736,269 | ||
1,000,000 | Dell Equipment Finance Trust, Ser 2022-2, Class A3, 144a, 4.140%, 7/22/27 | 990,694 | ||
2,705,000 | Dell Equipment Finance Trust, Ser 2022-2, Class B, 144a, 4.400%, 7/22/27 | 2,670,834 | ||
4,759,106 | Dewolf Park CLO Ltd., Ser 2017-1A, Class AR, 144a, (TSFR3M + 1.182%), 6.575%, 10/15/30(A) | 4,751,268 | ||
3,400,000 | DT Auto Owner Trust, Ser 2020-2A, Class E, 144a, 7.170%, 6/15/27 | 3,417,137 | ||
7,875,000 | DT Auto Owner Trust, Ser 2021-4A, Class C, 144a, 1.500%, 9/15/27 | 7,576,912 | ||
5,000,000 | Exeter Automobile Receivables Trust, Ser 2019-4A, Class E, 144a, 3.560%, 10/15/26 | 4,927,554 | ||
8,160,000 | Exeter Automobile Receivables Trust, Ser 2022-4A, Class C, 4.920%, 12/15/28 | 8,058,408 | ||
864,572 | FCI Funding LLC, Ser 2021-1A, Class A, 144a, 1.130%, 4/15/33 | 852,472 | ||
91,738 | Flagship Credit Auto Trust, Ser 2019-1, Class D, 144a, 4.080%, 2/18/25 | 91,534 | ||
1,945,102 | FNA VI LLC, Ser 2021-1A, Class A, 144a, 1.350%, 1/10/32 | 1,774,984 | ||
119,124 | FNMA REMIC Trust, Ser 2001-W4, Class AF5, 5.614%, 2/25/32(A)(B) | 119,986 | ||
10,250,000 | GLS Auto Receivables Issuer Trust, Ser 2020-1A, Class D, 144a, 3.680%, 11/16/26 | 10,066,670 | ||
7,500,000 | GLS Auto Receivables Issuer Trust, Ser 2020-3A, Class E, 144a, 4.310%, 7/15/27 | 7,378,033 | ||
105,911 | GLS Auto Receivables Issuer Trust, Ser 2020-4A, Class C, 144a, 1.140%, 11/17/25 | 105,686 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 37.9% (Continued) | ||||
$ 7,300,000 | GLS Auto Receivables Issuer Trust, Ser 2021-1A, Class D, 144a, 1.680%, 1/15/27 | $ 7,091,389 | ||
1,796,731 | Hilton Grand Vacations Trust, Ser 2018-AA, Class A, 144a, 3.540%, 2/25/32 | 1,748,152 | ||
1,265,884 | LAD Auto Receivables Trust, Ser 2021-1A, Class A, 144a, 1.300%, 8/17/26 | 1,250,460 | ||
3,179,666 | Madison Park Funding XI Ltd. (Cayman Islands), Ser 2013-11A, Class AR2, 144a, (TSFR3M + 1.162%), 6.574%, 7/23/29(A) | 3,176,496 | ||
3,668,695 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class A, 144a, (TSFR1M + 1.814%), 7.176%, 11/15/35(A) | 3,668,951 | ||
5,219,000 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class C, 144a, (TSFR1M + 3.714%), 9.076%, 11/15/35(A) | 5,218,807 | ||
2,763,564 | Monroe Capital Mml CLO Ltd. (Cayman Islands), Ser 2017-1A, Class AR, 144a, (TSFR3M + 1.562%), 6.974%, 4/22/29(A) | 2,753,107 | ||
5,000,000 | OneMain Direct Auto Receivables Trust, Ser 2019-1A, Class A, 144a, 3.630%, 9/14/27 | 4,896,101 | ||
6,932,161 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-4A, Class A1, 144a, (TSFR3M + 1.062%), 6.455%, 10/15/29(A) | 6,912,952 | ||
1,196,714 | Peaks CLO 1 Ltd. (Cayman Islands), Ser 2014-1A, Class A2R, 144a, (TSFR3M + 1.672%), 7.050%, 7/25/30(A) | 1,191,293 | ||
6,088,693 | Prestige Auto Receivables Trust, Ser 2019-1A, Class D, 144a, 3.010%, 8/15/25 | 6,064,926 | ||
1,520,430 | Prestige Auto Receivables Trust, Ser 2020-1A, Class D, 144a, 1.620%, 11/16/26 | 1,501,522 | ||
9,700,000 | Progress Residential Trust, Ser 2019-SFR3, Class B, 144a, 2.571%, 9/17/36 | 9,449,038 | ||
1,692,330 | Romark WM-R Ltd. (Cayman Islands), Ser 2018-1A, Class A1, 144a, (TSFR3M +1.292%), 6.707%, 4/20/31(A) | 1,690,646 | ||
1,010,000 | SBA Tower Trust, Ser 2014-2A, Class C, 144a, 3.869%, 10/15/24(A)(B) | 993,084 | ||
191,474 | Sierra Timeshare Receivables Funding LLC, Ser 2019-1A, Class B, 144a, 3.420%, 1/20/36 | 189,606 | ||
6,345,198 | Symphony Static CLO I Ltd. (Cayman Islands), Ser 2021-1A, Class A, 144a, (TSFR3M + 1.092%), 6.470%, 10/25/29(A) | 6,318,180 | ||
763,679 | TCI-Flatiron CLO Ltd. (Cayman Islands), Ser 2017-1A, Class AR, 144a, (TSFR3M + 1.222%), 6.591%, 11/18/30(A) | 762,946 | ||
356,747 | Towd Point Mortgage Trust, Ser 2017-1, Class A1, 144a, 2.750%, 10/25/56(A)(B) | 354,326 | ||
2,633,685 | Towd Point Mortgage Trust, Ser 2017-5, Class A1, 144a, (TSFR1M + 0.714%), 5.755%, 2/25/57(A) | 2,659,879 | ||
1,903,187 | Towd Point Mortgage Trust, Ser 2019-HY1, Class A1, 144a, (TSFR1M + 1.114%), 6.470%, 10/25/48(A) | 1,918,199 | ||
140,296 | Towd Point Mortgage Trust, Ser 2019-MH1, Class A1, 144a, 3.000%, 11/25/58(A)(B) | 139,532 | ||
Total Asset-Backed Securities | $182,112,322 | |||
Corporate Bonds — 21.7% | ||||
Financials — 5.0% | ||||
5,000,000 | BNP Paribas SA (France), 144a, 3.800%, 1/10/24 | 4,997,800 | ||
4,000,000 | Goldman Sachs Group, Inc. (The), MTN, 0.700%, 6/17/24 | 3,895,285 | ||
5,500,000 | John Hancock Life Insurance Co., 144a, 7.375%, 2/15/24 | 5,506,803 | ||
1,500,000 | Metropolitan Life Insurance Co., 144a, 7.875%, 2/15/24 | 1,501,712 | ||
6,050,000 | SBA Tower Trust REIT, 144a, 2.836%, 1/15/25 | 5,842,329 | ||
2,500,000 | Synovus Financial Corp., 5.200%, 8/11/25 | 2,459,233 | ||
24,203,162 |
34
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 21.7% (Continued) | ||||
Consumer Discretionary — 3.8% | ||||
$ 7,500,000 | Daimler Truck Finance North America LLC (Germany), 144a, 5.600%, 8/8/25 | $ 7,549,594 | ||
6,000,000 | Hyundai Capital America, 144a, 0.800%, 1/8/24 | 5,995,842 | ||
5,000,000 | Toyota Motor Corp. (Japan), 0.681%, 3/25/24 | 4,945,007 | ||
18,490,443 | ||||
Industrials — 3.1% | ||||
4,250,000 | L3Harris Technologies, Inc., 5.400%, 1/15/27 | 4,340,452 | ||
4,000,000 | Timken Co. (The), 3.875%, 9/1/24 | 3,943,287 | ||
6,700,000 | WRKCo, Inc., 3.000%, 9/15/24 | 6,571,984 | ||
14,855,723 | ||||
Consumer Staples — 2.6% | ||||
2,000,000 | Coca-Cola Europacific Partners PLC (United Kingdom), 144a, 0.800%, 5/3/24 | 1,962,062 | ||
5,000,000 | Imperial Brands Finance PLC (United Kingdom), 144a, 3.125%, 7/26/24 | 4,917,138 | ||
5,500,000 | Nestle Holdings, Inc., 144a, 0.375%, 1/15/24 | 5,490,666 | ||
12,369,866 | ||||
Utilities — 2.4% | ||||
4,000,000 | American Electric Power Co., Inc., 2.031%, 3/15/24 | 3,967,142 | ||
2,000,000 | Jersey Central Power & Light Co., 144a, 4.700%, 4/1/24 | 1,992,753 | ||
6,000,000 | Metropolitan Edison Co., 144a, 4.000%, 4/15/25 | 5,855,948 | ||
11,815,843 | ||||
Information Technology — 2.2% | ||||
4,000,000 | Microchip Technology, Inc., 4.250%, 9/1/25 | 3,940,433 | ||
1,500,000 | NXP BV / NXP Funding LLC (China), 4.875%, 3/1/24 | 1,497,097 | ||
5,000,000 | SK Hynix, Inc. (South Korea), 144a, 1.000%, 1/19/24 | 4,989,700 | ||
10,427,230 | ||||
Energy — 1.6% | ||||
1,000,000 | ANR Pipeline Co., 7.375%, 2/15/24 | 1,001,140 | ||
1,000,000 | Boardwalk Pipelines LP, 4.950%, 12/15/24 | 992,435 | ||
5,574,000 | Midwest Connector Capital Co. LLC, 144a, 3.900%, 4/1/24 | 5,542,011 | ||
7,535,586 | ||||
Communication Services — 1.0% | ||||
4,692,000 | Sprint LLC, 7.125%, 6/15/24 | 4,712,288 | ||
Total Corporate Bonds | $104,410,141 | |||
Commercial Mortgage-Backed Securities — 19.8% | ||||
5,319,315 | AREIT Trust, Ser 2020-CRE4, Class C, 144a, (TSFR1M + 3.222%), 8.581%, 4/15/37(A) | 5,160,129 | ||
4,800,000 | Austin Fairmont Hotel Trust, Ser 2019-FAIR, Class C, 144a, (TSFR1M + 1.497%), 6.859%, 9/15/32(A) | 4,726,640 | ||
8,145,000 | BHMS, Ser 2018-ATLS, Class A, 144a, (TSFR1M + 1.547%), 6.909%, 7/15/35(A) | 8,082,003 | ||
2,295,000 | BPR Trust, Ser 2021-KEN, Class A, 144a, (TSFR1M + 1.364%), 6.726%, 2/15/29(A) | 2,291,298 | ||
8,900,000 | BPR Trust, Ser 2021-KEN, Class B, 144a, (TSFR1M + 2.064%), 7.426%, 2/15/29(A) | 8,871,855 | ||
8,495,000 | BXMT LTD (Cayman Islands), Ser 2020-FL2, Class AS, 144a, (TSFR1M + 1.264%), 6.626%, 2/15/38(A) | 8,078,843 | ||
4,401,797 | BXMT Ltd. (Cayman Islands), Ser 2020-FL2, Class A, 144a, (TSFR1M + 1.014%), 6.376%, 2/15/38(A) | 4,217,750 | ||
7,200,000 | BXP Trust, Ser 2017-CQHP, Class A, 144a, (TSFR1M + 0.897%), 6.259%, 11/15/34(A) | 6,494,399 | ||
2,700,000 | CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Class C, 144a, (TSFR1M + 1.497%), 7.109%, 12/15/37(A) | 2,672,825 | ||
5,695,000 | CGDB Commercial Mortgage Trust, Ser 2019-MOB, Class A, 144a, (TSFR1M +1.064%), 6.426%, 11/15/36(A) | 5,590,154 |
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 19.8% (Continued) | ||||
$ 579,064 | Citigroup Commercial Mortgage Trust, Ser 2015-GC35, Class A2, 3.063%, 11/10/48 | $ 557,691 | ||
56,000,000 | Citigroup Commercial Mortgage Trust, Ser 2021-PRM2, Class XCP, 144a, 10/15/22(A)(B)(C) | 56 | ||
6,991,958 | COMM Mortgage Trust, Ser 2013-CR8, Class B, 144a, 3.599%, 6/10/46(A)(B) | 6,462,400 | ||
4,926,000 | COMM Mortgage Trust, Ser 2014-LC17, Class A5, 3.917%, 10/10/47 | 4,843,003 | ||
31,908,943 | COMM Mortgage Trust, Ser 2014-UBS3, Class XA, 1.041%, 6/10/47(A)(B)(C) | 6,573 | ||
1,187,073 | CSMC Trust, Ser 2017-CHOP, Class A, 144a, (Prime Rate -2.306%), 6.194%, 7/15/32(A) | 1,132,851 | ||
6,080,000 | CSMC Trust, Ser 2017-PFHP, Class A, 144a, (TSFR1M + 0.997%), 6.359%, 12/15/30(A) | 5,752,847 | ||
5,451,508 | DBGS Mortgage Trust, Ser 2018-BIOD, Class B, 144a, (TSFR1M + 1.184%), 6.546%, 5/15/35(A) | 5,382,717 | ||
4,443,000 | Great Wolf Trust, Ser 2019-WOLF, Class A, 144a, (TSFR1M +1.148%), 6.710%, 12/15/36(A) | 4,426,126 | ||
683,119 | GS Mortgage Securities Corp. Trust, Ser 2017-GPTX, Class A, 144a, 2.856%, 5/10/34 | 478,730 | ||
2,963,863 | GS Mortgage Securities Corp. Trust, Ser 2018-HART, Class A, 144a, (TSFR1M + 1.143%), 6.513%, 10/15/31(A) | 2,698,573 | ||
722,137 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Class AS, 3.216%, 4/15/46 | 662,560 | ||
1,300,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2018-WPT, Class BFX, 144a, 4.549%, 7/5/33 | 1,062,847 | ||
713,716 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2019-MFP, Class C, 144a, (TSFR1M + 1.407%), 6.769%, 7/15/36(A) | 697,088 | ||
5,661,653 | Morgan Stanley Capital I Trust, Ser 2018-BOP, Class A, 144a, (TSFR1M + 0.897%), 6.259%, 8/15/33(A) | 4,685,161 | ||
197,652 | ReadyCap Commercial Mortgage Trust, Ser 2018-4, Class A, 144a, 3.390%, 2/27/51 | 191,011 | ||
Total Commercial Mortgage-Backed Securities | $95,226,130 | |||
Non-Agency Collateralized Mortgage Obligations — 11.4% | ||||
488,626 | Bear Stearns ARM Trust, Ser 2003-1, Class 5A1, 4.828%, 4/25/33(A)(B)†† | 484,419 | ||
104,895 | Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34(A)(B)†† | 91,657 | ||
6,809,354 | Cascade Funding Mortgage Trust, Ser 2021-HB6, Class A, 144a, 0.898%, 6/25/36(A)(B) | 6,497,010 | ||
3,194,024 | CFMT LLC, Ser 2021-EBO1, Class A, 144a, 0.985%, 11/25/50(A)(B) | 3,029,136 | ||
3,548,583 | CFMT LLC, Ser 2021-HB7, Class A, 144a, 1.151%, 10/27/31(A)(B) | 3,425,845 | ||
873,950 | CIM Trust, Ser 2018-R3, Class A1, 144a, 5.000%, 12/25/57(A)(B) | 861,814 | ||
2,361 | Community Program Loan Trust, Ser 1987-A, Class A5, 4.500%, 4/1/29 | 2,331 | ||
8,438,148 | CSMC Trust, Ser 2018-RPL9, Class A1, 144a, 3.850%, 9/25/57(A)(B) | 8,173,547 | ||
1,107,616 | GSR Mortgage Loan Trust, Ser 2003-13, Class 1A1, 5.615%, 10/25/33(A)(B) | 1,081,977 | ||
49,721 | JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 4.856%, 6/25/36(A)(B) | 35,830 | ||
2,289,348 | JP Morgan Mortgage Trust, Ser 2019-HYB1, Class A5A, 144a, 3.000%, 10/25/49(A)(B) | 2,203,381 | ||
33,431 | Merrill Lynch Mortgage Investors Trust, Ser 2004-1, Class 1A, 5.688%, 12/25/34(A)(B) | 31,609 |
35
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Non-Agency Collateralized Mortgage Obligations — 11.4% (Continued) | ||||
$ 14,269 | Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (TSFR12M + 2.340%), 7.553%, 12/25/32(A) | $ 13,557 | ||
437,002 | Mill City Mortgage Loan Trust, Ser 2018-2, Class A1, 144a, 3.500%, 5/25/58(A)(B) | 429,641 | ||
190,898 | RFMSI Trust, Ser 2007-SA1, Class 1A1, 3.200%, 2/25/37(A)(B) | 156,900 | ||
7,258,821 | RMF Proprietary Issuance Trust, Ser 2019-1, Class A, 144a, 2.750%, 10/25/63(A)(B) | 6,381,268 | ||
1,401,160 | Sequoia Mortgage Trust, Ser 2013-7, Class B2, 3.509%, 6/25/43(A)(B) | 1,326,753 | ||
1,121,295 | Sequoia Mortgage Trust, Ser 2019-CH3, Class A13, 144a, 4.000%, 9/25/49(A)(B) | 1,033,292 | ||
5,681,417 | Starwood Mortgage Residential Trust, Ser 2020-3, Class A1, 144a, 1.486%, 4/25/65(A)(B) | 5,277,997 | ||
2,607,921 | Towd Point HE Trust, Ser 2021-HE1, Class A1, 144a, 0.918%, 2/25/63(A)(B) | 2,468,867 | ||
2,020,820 | Towd Point Mortgage Trust, Ser 2015-2, Class 1M2, 144a, 3.676%, 11/25/60(A)(B) | 1,991,215 | ||
194,827 | Towd Point Mortgage Trust, Ser 2015-5, Class M1, 144a, 3.500%, 5/25/55(A)(B) | 194,014 | ||
5,519,640 | Towd Point Mortgage Trust, Ser 2015-6, Class M1, 144a, 3.750%, 4/25/55(A)(B) | 5,417,232 | ||
4,577,877 | Towd Point Mortgage Trust, Ser 2021-SJ2, Class A1A, 144a, 2.250%, 12/25/61(A)(B) | 4,304,453 | ||
Total Non-Agency Collateralized Mortgage Obligations | $54,913,745 | |||
Commercial Paper — 6.4% | ||||
20,000,000 | Ameren Illinois, Co., 5.403%, 1/2/24(D) | 19,987,943 | ||
10,800,000 | Peoples Gas Light and Coke Co,, 5.405%, 1/4/24(D) | 10,790,231 | ||
Total Commercial Paper | $30,778,174 | |||
Municipal Bonds — 1.2% | ||||
Other Territory — 1.1% | ||||
835,000 | Taxable Municipal Funding Trust, Rev., 144a, 5.630%, 5/15/56(A)(B) | 835,000 | ||
1,949,000 | Taxable Municipal Funding Trust, Rev., 144a, 5.630%, 12/15/25(A)(B) | 1,949,000 | ||
2,400,000 | Taxable Municipal Funding Trust, Txbl Floaters Ser 2020 11, (LOC - Barclays Bank PLC), 144a, 5.630%, 9/1/30(A)(B) | 2,400,000 | ||
5,184,000 | ||||
California — 0.1% | ||||
380,000 | CA St Enterprise Dev Authority, Txbl Variable J Harris Indl Wt, (LOC - City National Bank), 144a, 5.780%, 9/1/41(A)(B) | 380,000 | ||
Total Municipal Bonds | $5,564,000 | |||
U.S. Government Mortgage-Backed Obligations — 0.8% | ||||
91,292 | FHLMC, Pool #1B7189, (RFUCCT1Y + 2.470%), 5.633%, 3/1/36(A) | 91,532 | ||
73,919 | FHLMC, Pool #1H1354, (1 Year CMT Rate +2.250%), 6.328%, 11/1/36(A) | 75,275 | ||
28,060 | FHLMC, Pool #1J1813, (RFUCCT1Y + 1.925%), 6.175%, 8/1/37(A) | 28,236 | ||
78,913 | FHLMC, Pool #1L0147, (1 Year CMT Rate +2.290%), 6.290%, 7/1/35(A) | 78,398 | ||
32,663 | FHLMC, Pool #1Q0080, (RFUCCT1Y + 1.661%), 5.644%, 1/1/36(A) | 33,245 | ||
80,327 | FHLMC, Pool #1Q0119, (RFUCCT1Y + 1.850%), 5.937%, 9/1/36(A) | 82,674 | ||
60,528 | FHLMC, Pool #1Q0187, (RFUCCT1Y + 1.789%), 6.038%, 12/1/36(A) | 60,490 |
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 0.8% (Continued) | ||||
$ 40,975 | FHLMC, Pool #1Q0339, (RFUCCT1Y + 1.889%), 5.238%, 4/1/37(A) | $ 40,923 | ||
53,333 | FHLMC, Pool #1Q1303, (1 Year CMT Rate +2.250%), 6.176%, 11/1/36(A) | 54,291 | ||
105,453 | FHLMC, Pool #781515, (1 Year CMT Rate +2.250%), 4.832%, 4/1/34(A) | 107,603 | ||
35,845 | FHLMC, Pool #782760, (1 Year CMT Rate +2.250%), 6.293%, 11/1/36(A) | 36,707 | ||
54,520 | FHLMC, Pool #847795, (1 Year CMT Rate +2.275%), 5.808%, 4/1/35(A) | 54,063 | ||
129,267 | FHLMC, Pool #848539, (1 Year CMT Rate +2.288%), 5.534%, 4/1/37(A) | 130,925 | ||
258,978 | FHLMC, Pool #848583, (1 Year CMT Rate +2.303%), 5.190%, 1/1/36(A) | 263,868 | ||
3,691 | FHLMC, Pool #A92646, 5.500%, 6/1/40 | 3,810 | ||
4,950 | FHLMC, Pool #C03505, 5.500%, 6/1/40 | 5,109 | ||
13,671 | FHLMC, Pool #G01840, 5.000%, 7/1/35 | 13,926 | ||
40,429 | FNMA, Pool #254868, 5.000%, 9/1/33 | 41,103 | ||
8,120 | FNMA, Pool #256272, 5.500%, 6/1/26 | 8,157 | ||
20,152 | FNMA, Pool #256852, 6.000%, 8/1/27 | 20,477 | ||
5,353 | FNMA, Pool #323832, 7.500%, 7/1/29 | 5,461 | ||
14,936 | FNMA, Pool #665773, 7.500%, 6/1/31 | 14,924 | ||
45,931 | FNMA, Pool #679742, (1 Year CMT Rate +2.480%), 4.947%, 1/1/40(A) | 45,286 | ||
50,021 | FNMA, Pool #725424, 5.500%, 4/1/34 | 51,552 | ||
190,269 | FNMA, Pool #725490, (RFUCCT1Y + 1.597%), 4.739%, 4/1/34(A) | 188,462 | ||
7,813 | FNMA, Pool #735484, 5.000%, 5/1/35 | 7,948 | ||
38,624 | FNMA, Pool #813170, (RFUCCT1Y + 1.575%), 4.039%, 1/1/35(A) | 38,521 | ||
155,204 | FNMA, Pool #815323, (RFUCCT6M + 1.529%), 7.052%, 1/1/35(A) | 157,181 | ||
50,576 | FNMA, Pool #820364, (RFUCCT1Y + 0.827%), 4.202%, 4/1/35(A) | 49,902 | ||
55,254 | FNMA, Pool #827787, (RFUCCT6M + 1.55%), 7.425%, 5/1/35(A) | 56,144 | ||
29,202 | FNMA, Pool #889060, 6.000%, 1/1/38 | 31,274 | ||
29,716 | FNMA, Pool #889061, 6.000%, 1/1/38 | 31,065 | ||
1,921 | FNMA, Pool #889382, 5.500%, 4/1/38 | 1,980 | ||
63,280 | FNMA, Pool #922674, (RFUCCT1Y + 1.905%), 4.955%, 4/1/36(A) | 65,150 | ||
18,301 | FNMA, Pool #960376, 5.500%, 12/1/37 | 18,862 | ||
3,116 | FNMA, Pool #AD0941, 5.500%, 4/1/40 | 3,212 | ||
21,958 | FNMA, Pool #AE0363, 5.000%, 7/1/37 | 22,336 | ||
28,533 | FNMA, Pool #AE5441, 5.000%, 10/1/40 | 28,999 | ||
15,549 | FNMA, Pool #AI6588, 4.000%, 7/1/26 | 15,271 | ||
29,486 | FNMA, Pool #AI8506, 4.000%, 8/1/26 | 29,059 | ||
39,084 | FNMA, Pool #AL0211, 5.000%, 4/1/41 | 39,743 | ||
199,310 | FNMA, Pool #AL0478, (RFUCCT1Y + 1.777%), 5.480%, 4/1/36(A) | 204,852 | ||
86,824 | FNMA, Pool #AL0543, 5.000%, 7/1/41 | 88,246 | ||
36,328 | FNMA, Pool #AL1105, 4.500%, 12/1/40 | 36,322 | ||
9,191 | FNMA, Pool #AL2591, 5.500%, 5/1/38 | 9,175 | ||
195,017 | FNMA, Pool #AL5275, (RFUCCT6M + 1.505%), 5.202%, 9/1/37(A) | 197,089 | ||
507,039 | FNMA, Pool #AL7396, (RFUCCT6M + 1.532%), 7.289%, 2/1/37(A) | 515,978 | ||
132,771 | GNMA, Pool #80826, (1 Year CMT Rate +1.500%), 3.625%, 2/20/34(A) | 133,541 | ||
58,513 | GNMA, Pool #80889, (1 Year CMT Rate +1.500%), 3.875%, 4/20/34(A) | 58,173 |
36
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 0.8% (Continued) | ||||
$ 135,357 | GNMA, Pool #81016, (1 Year CMT Rate +1.500%), 3.625%, 8/20/34(A) | $ 133,781 | ||
135,033 | GNMA, Pool #82760, (1 Year CMT Rate +1.500%), 3.625%, 3/20/41(A) | 136,689 | ||
18,442 | GNMA, Pool #MA2392, (1 Year CMT Rate +1.500%), 2.750%, 11/20/44(A) | 17,707 | ||
182,671 | GNMA, Pool #MA2466, (1 Year CMT Rate +1.500%), 2.750%, 12/20/44(A) | 181,100 | ||
Total U.S. Government Mortgage-Backed Obligations | $3,845,797 | |||
U.S. Government Agency Obligations — 0.2% | ||||
31,637 | Small Business Administration Pools, Pool #508374, (Prime Rate -2.500%), 6.000%, 4/25/28(A) | 31,196 | ||
1,100,000 | United States International Development Finance Corp., 5.530%, 5/15/26(A)(B) | 1,100,000 | ||
Total U.S. Government Agency Obligations | $1,131,196 | |||
Agency Collateralized Mortgage Obligations — 0.2% | ||||
89,757,704 | FHLMC Multifamily Structured Pass Through Certificates, Ser K038, Class X1, 1.051%, 3/25/24(A)(B)(C) | 48,541 | ||
56,770,287 | FHLMC Multifamily Structured Pass Through Certificates, Ser K040, Class X1, 0.649%, 9/25/24(A)(B)(C) | 169,011 | ||
108,789 | FHLMC REMIC, Ser 2770, Class FH, (SOFR30A + 0.514%), 5.853%, 3/15/34(A) | 108,399 | ||
354,964 | FHLMC REMIC, Ser 4238, Class TL, 1.250%, 8/15/27 | 335,075 | ||
21,002 | FNMA REMIC, Ser 2003-33, Class AM, 4.250%, 5/25/33 | 20,329 | ||
10,504 | FNMA REMIC, Ser 2003-42, Class CA, 4.000%, 5/25/33 | 10,277 | ||
77,647 | FNMA REMIC, Ser 2003-81, Class FE, (SOFR30A + 0.614%), 5.952%, 9/25/33(A) | 77,636 | ||
153,639 | FNMA REMIC, Ser 2009-32, Class BH, 5.250%, 5/25/39 | 149,315 | ||
20,908 | FNMA REMIC, Ser 2012-102, Class NA, 1.500%, 9/25/27 | 19,972 | ||
8,014 | GNMA, Ser 2011-57, Class BA, 3.000%, 5/20/40 | 7,814 | ||
Total Agency Collateralized Mortgage Obligations | $946,369 |
Shares | ||||
Short-Term Investment Fund — 0.0% | ||||
57,184 | Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω | 57,184 | ||
Total Investment Securities—99.6% (Cost $486,854,086) | $478,985,058 | |||
Other Assets in Excess of Liabilities — 0.4% | 1,811,844 | |||
Net Assets — 100.0% | $480,796,902 |
(A) | Variable rate security - Rate reflected is the rate in effect as of December 31, 2023. |
(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, 2023. |
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 |
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 |
RFUCCT1Y – Refinitiv USD LIBOR Consumer Cash Fallbacks Term One year |
RFUCCT6M – Refinitiv USD LIBOR Consumer Cash Fallbacks Term Six months |
SOFR30A – Secured Overnight Financing Rate 30 Day Average |
TSFR12M – Twelve Month Term Secured Overnight Financing Rate |
TSFR1M – One Month Term Secured Overnight Financing Rate |
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, 2023, these securities were valued at $370,963,967 or 77.2% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Asset-Backed Securities | $— | $182,112,322 | $— | $182,112,322 |
Corporate Bonds | — | 104,410,141 | — | 104,410,141 |
Commercial Mortgage-Backed Securities | — | 95,226,130 | — | 95,226,130 |
Non-Agency Collateralized Mortgage Obligations | — | 54,913,745 | — | 54,913,745 |
Commercial Paper | — | 30,778,174 | — | 30,778,174 |
Municipal Bonds | — | 5,564,000 | — | 5,564,000 |
U.S. Government Mortgage-Backed Obligations | — | 3,845,797 | — | 3,845,797 |
U.S. Government Agency Obligations | — | 1,131,196 | — | 1,131,196 |
Agency Collateralized Mortgage Obligations | — | 946,369 | — | 946,369 |
Short-Term Investment Fund | 57,184 | — | — | 57,184 |
Total | $57,184 | $478,927,874 | $— | $478,985,058 |
See accompanying Notes to Portfolios of Investments.
37
Notes to Portfolios of Investments
December 31, 2023 (Unaudited)
Security valuation and fair value measurements — U.S. generally accepted accounting principles (“U.S. GAAP”) defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. All investments in securities are recorded at their fair value. The Funds define the term “market value”, as used throughout this report, as the estimated fair value. The Funds use various methods to measure fair value of their portfolio securities on a recurring basis. U.S. GAAP fair value measurement standards require disclosure of a hierarchy that prioritizes inputs to valuation methods. These inputs are summarized in the three broad levels listed below:
• Level 1 − quoted prices in active markets for identical securities
• Level 2 − other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 − significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The aggregate value by input level, as of December 31, 2023, for each Fund’s investments, is included in each Fund’s Portfolio of Investments, which also includes a breakdown of the Fund’s investments by geographic, portfolio or sector allocation. The Funds did not hold or transfer any Level 3 categorized securities during the period ended December 31, 2023.
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 “Adviser”) 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 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.
38
Notes to Portfolios of Investments (Unaudited) (Continued)
• 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.
39