Portfolio of Investments
Touchstone Active Bond Fund – June 30, 2024 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 39.7% | ||||
Financials — 10.2% | ||||
$ 340,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.450%, 10/29/26 | $ 317,190 | ||
783,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.000%, 10/29/28 | 711,932 | ||
1,107,000 | American Express Co., 5.282%, 7/27/29 | 1,109,757 | ||
876,000 | American Tower Corp. REIT, 5.900%, 11/15/33 | 898,618 | ||
905,000 | Ares Capital Corp., 3.250%, 7/15/25 | 879,258 | ||
897,000 | Bank of America Corp., 2.687%, 4/22/32 | 759,328 | ||
647,000 | Bank of America Corp., 3.705%, 4/24/28 | 619,776 | ||
775,000 | Bank of Montreal (Canada), 3.803%, 12/15/32 | 728,320 | ||
862,000 | Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | 894,037 | ||
853,000 | Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | 721,774 | ||
1,282,000 | Barclays PLC (United Kingdom), 2.894%, 11/24/32 | 1,062,559 | ||
522,000 | Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | 447,858 | ||
565,000 | Citigroup, Inc., 3.200%, 10/21/26 | 538,686 | ||
550,000 | Citigroup, Inc., 6.174%, 5/25/34 | 560,103 | ||
883,000 | Citizens Bank NA, 4.575%, 8/9/28 | 852,809 | ||
1,172,000 | Corestates Capital III, 144a, (TSFR3M + 0.832%), 6.154%, 2/15/27(A) | 1,146,037 | ||
1,031,000 | Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | 868,797 | ||
454,000 | Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | 434,539 | ||
1,083,000 | JPMorgan Chase & Co., 2.956%, 5/13/31 | 949,944 | ||
831,000 | JPMorgan Chase & Co., 3.509%, 1/23/29 | 786,198 | ||
741,000 | Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.400%, 3/26/29 | 753,718 | ||
1,055,000 | Mastercard, Inc., 2.000%, 11/18/31 | 868,762 | ||
813,000 | Morgan Stanley, 3.950%, 4/23/27 | 785,293 | ||
705,000 | Morgan Stanley, 5.297%, 4/20/37 | 675,837 | ||
802,000 | New York Life Global Funding, 144a, 4.550%, 1/28/33 | 764,689 | ||
1,022,292 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | 777,795 | ||
1,392,000 | PNC Capital Trust, (TSFR3M + 0.832%), 6.178%, 6/1/28(A) | 1,321,163 | ||
940,000 | Royal Bank of Canada (Canada), MTN, 5.200%, 8/1/28 | 946,620 | ||
1,250,000 | State Street Corp., (TSFR3M + 1.262%), 6.601%, 6/15/47(A) | 1,076,563 | ||
1,625,000 | Truist Bank, Ser A, (TSFR3M + 0.932%), 6.254%, 5/15/27(A) | 1,593,170 | ||
684,000 | US Bancorp, 4.967%, 7/22/33 | 646,132 | ||
25,497,262 | ||||
Industrials — 4.8% | ||||
1,057,000 | Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | 907,664 | ||
526,000 | Boeing Co. (The), 144a, 6.528%, 5/1/34 | 539,556 | ||
853,000 | Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | 878,379 | ||
547,000 | Carrier Global Corp., 3.577%, 4/5/50 | 399,298 | ||
771,000 | FedEx Corp., 5.100%, 1/15/44 | 708,018 | ||
1,085,000 | Ingersoll Rand, Inc., 5.176%, 6/15/29 | 1,085,630 | ||
1,214,000 | John Deere Capital Corp., MTN, 5.100%, 4/11/34 | 1,212,858 | ||
692,000 | Norfolk Southern Corp., 4.837%, 10/1/41 | 633,258 | ||
580,000 | Penske Truck Leasing Co. LP / PTL Finance Corp., 144a, 5.350%, 1/12/27 | 579,003 | ||
1,272,000 | Textron Financial Corp., 144a, (TSFR3M + 1.997%), 7.319%, 2/15/42(A) | 1,118,521 | ||
752,000 | Timken Co. (The), 4.500%, 12/15/28 | 729,475 | ||
1,110,000 | Waste Management, Inc., 4.875%, 2/15/34 | 1,090,652 | ||
1,574,000 | Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | 1,477,218 | ||
570,000 | WestRock MWV LLC, 8.200%, 1/15/30 | 650,765 | ||
12,010,295 | ||||
Consumer Discretionary — 4.4% | ||||
1,534,000 | 7-Eleven, Inc., 144a, 1.800%, 2/10/31 | 1,230,739 |
Principal Amount | Market Value | |||
Corporate Bonds — 39.7% (Continued) | ||||
Consumer Discretionary — 4.4% (Continued) | ||||
$ 936,000 | BAT Capital Corp. (United Kingdom), 3.557%, 8/15/27 | $ 889,190 | ||
317,000 | Brunswick Corp., 4.400%, 9/15/32 | 282,902 | ||
1,550,000 | General Motors Financial Co., Inc., 3.100%, 1/12/32 | 1,304,928 | ||
383,000 | General Motors Financial Co., Inc., 5.650%, 1/17/29 | 385,122 | ||
481,000 | Home Depot, Inc. (The), 5.950%, 4/1/41 | 510,636 | ||
847,000 | Hyundai Capital America, 144a, 5.350%, 3/19/29 | 846,033 | ||
637,000 | Imperial Brands Finance PLC (United Kingdom), 144a, 6.125%, 7/27/27 | 648,155 | ||
953,000 | Lowe's Cos., Inc., 4.500%, 4/15/30 | 925,480 | ||
604,000 | Mattel, Inc., 5.450%, 11/1/41 | 542,307 | ||
1,222,000 | Meritage Homes Corp., 144a, 3.875%, 4/15/29 | 1,124,997 | ||
992,000 | Toll Brothers Finance Corp., 3.800%, 11/1/29 | 918,154 | ||
580,000 | Toyota Motor Credit Corp., MTN, 4.650%, 1/5/29 | 573,221 | ||
1,081,000 | Warnermedia Holdings, Inc., 5.141%, 3/15/52 | 845,734 | ||
11,027,598 | ||||
Consumer Staples — 3.7% | ||||
617,000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | 571,110 | ||
722,000 | Archer-Daniels-Midland Co., 5.375%, 9/15/35 | 732,467 | ||
352,000 | Archer-Daniels-Midland Co., 5.935%, 10/1/32 | 376,122 | ||
1,052,000 | Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | 994,368 | ||
1,617,000 | Coca-Cola Co. (The), 2.500%, 3/15/51 | 987,249 | ||
200,000 | Coruripe Netherlands BV (Brazil), 144a, 10.000%, 2/10/27 | 175,397 | ||
536,000 | Kroger Co. (The), 5.000%, 4/15/42 | 489,519 | ||
795,000 | Mars, Inc., 144a, 3.875%, 4/1/39 | 677,456 | ||
1,668,000 | Pernod Ricard International Finance LLC, 144a, 1.625%, 4/1/31 | 1,331,940 | ||
1,149,000 | Philip Morris International, Inc., 5.375%, 2/15/33 | 1,143,120 | ||
568,000 | Starbucks Corp., 3.350%, 3/12/50 | 388,666 | ||
134,877 | TransJamaican Highway Ltd. (Jamaica), 5.750%, 10/10/36 | 118,807 | ||
687,000 | Tyson Foods, Inc., 5.400%, 3/15/29 | 688,507 | ||
686,000 | Walmart, Inc., 4.500%, 9/9/52 | 610,945 | ||
9,285,673 | ||||
Energy — 3.6% | ||||
200,000 | 3R Lux Sarl (Brazil), 144a, 9.750%, 2/5/31 | 209,838 | ||
1,103,000 | BP Capital Markets America, Inc., 4.970%, 10/17/29 | 1,100,604 | ||
954,000 | Cheniere Energy Partners LP, 3.250%, 1/31/32 | 814,142 | ||
300,000 | Cheniere Energy Partners LP, 4.000%, 3/1/31 | 272,873 | ||
1,054,000 | DCP Midstream Operating LP, 144a, 6.750%, 9/15/37 | 1,138,367 | ||
747,000 | HF Sinclair Corp., 144a, 5.000%, 2/1/28 | 723,968 | ||
558,119 | MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | 494,608 | ||
988,000 | Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 | 959,500 | ||
1,052,000 | NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | 1,216,760 | ||
887,000 | Occidental Petroleum Corp., 7.950%, 6/15/39 | 1,024,370 | ||
100,000 | Petroleos del Peru SA (Peru), 144a, 4.750%, 6/19/32 | 74,535 | ||
100,000 | Petroleos del Peru SA (Peru), 144a, 5.625%, 6/19/47 | 63,521 | ||
827,000 | Western Midstream Operating LP, 5.250%, 2/1/50 | 726,375 | ||
100,000 | YPF, SA (Argentina), 144a, 6.950%, 7/21/27 | 90,569 | ||
8,910,030 | ||||
Health Care — 3.4% | ||||
692,000 | AbbVie, Inc., 4.450%, 5/14/46 | 603,290 | ||
777,000 | Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | 587,429 | ||
910,000 | Amgen, Inc., 5.150%, 3/2/28 | 910,169 | ||
654,000 | Becton Dickinson & Co., 4.685%, 12/15/44 | 578,527 |
1
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 39.7% (Continued) | ||||
Health Care — 3.4% (Continued) | ||||
$ 723,000 | CommonSpirit Health, 4.187%, 10/1/49 | $ 580,489 | ||
661,000 | CVS Health Corp., 5.125%, 7/20/45 | 584,367 | ||
884,000 | DH Europe Finance II Sarl, 3.250%, 11/15/39 | 701,010 | ||
795,000 | Elevance Health, Inc., 4.750%, 2/15/33 | 767,910 | ||
899,000 | HCA, Inc., 5.375%, 9/1/26† | 896,732 | ||
708,000 | Thermo Fisher Scientific, Inc., 5.404%, 8/10/43 | 710,131 | ||
911,000 | UnitedHealth Group, Inc., 3.500%, 8/15/39 | 738,626 | ||
922,000 | Viatris, Inc., 2.700%, 6/22/30 | 782,702 | ||
8,441,382 | ||||
Information Technology — 2.7% | ||||
1,203,000 | Apple, Inc., 4.650%, 2/23/46 | 1,114,324 | ||
1,188,000 | Broadcom, Inc., 4.150%, 11/15/30 | 1,123,357 | ||
1,442,000 | Cisco Systems, Inc., 4.850%, 2/26/29 | 1,442,191 | ||
1,098,000 | Marvell Technology, Inc., 2.950%, 4/15/31 | 948,687 | ||
566,000 | Micron Technology, Inc., 2.703%, 4/15/32 | 469,701 | ||
236,000 | Micron Technology, Inc., 6.750%, 11/1/29 | 251,171 | ||
1,482,000 | Microsoft Corp., 2.525%, 6/1/50 | 941,407 | ||
332,000 | Oracle Corp., 3.600%, 4/1/40 | 256,138 | ||
266,000 | Oracle Corp., 4.300%, 7/8/34 | 242,786 | ||
6,789,762 | ||||
Communication Services — 2.3% | ||||
677,000 | AT&T, Inc., 3.800%, 12/1/57 | 474,888 | ||
536,000 | AT&T, Inc., 4.500%, 5/15/35 | 494,789 | ||
432,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.384%, 10/23/35 | 422,126 | ||
602,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | 551,712 | ||
673,000 | Comcast Corp., 4.000%, 3/1/48 | 531,635 | ||
328,000 | Paramount Global, 4.200%, 5/19/32 | 268,417 | ||
1,148,000 | Rogers Communications, Inc. (Canada), 5.300%, 2/15/34 | 1,129,051 | ||
991,000 | T-Mobile USA, Inc., 3.875%, 4/15/30 | 927,000 | ||
472,000 | T-Mobile USA, Inc., 5.750%, 1/15/54 | 472,052 | ||
932,000 | Verizon Communications, Inc., 2.987%, 10/30/56 | 574,411 | ||
5,846,081 | ||||
Utilities — 2.0% | ||||
1,297,000 | CMS Energy Corp., 4.750%, 6/1/50 | 1,187,388 | ||
616,000 | Duke Energy Progress LLC, 4.150%, 12/1/44 | 498,417 | ||
614,000 | Edison International, 4.125%, 3/15/28 | 586,718 | ||
763,000 | Electricite de France SA (France), 144a, 4.875%, 9/21/38 | 685,081 | ||
959,000 | Ohio Power Co., Ser R, 2.900%, 10/1/51 | 589,677 | ||
1,054,000 | Pacific Gas and Electric Co., 3.500%, 8/1/50 | 691,862 | ||
738,000 | PacifiCorp., 5.750%, 4/1/37 | 733,819 | ||
4,972,962 | ||||
Real Estate — 1.7% | ||||
837,000 | Crown Castle International Corp. REIT, 3.650%, 9/1/27 | 795,698 | ||
931,000 | Host Hotels & Resorts LP REIT, Ser F, 4.500%, 2/1/26 | 914,211 | ||
1,017,000 | Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | 929,441 | ||
595,000 | Sabra Health Care LP REIT, 5.125%, 8/15/26 | 585,570 | ||
374,000 | Store Capital LLC REIT, 2.700%, 12/1/31 | 300,041 | ||
116,000 | Store Capital LLC REIT, 2.750%, 11/18/30 | 96,202 | ||
635,000 | Store Capital LLC REIT, 4.625%, 3/15/29 | 600,098 | ||
4,221,261 | ||||
Materials — 0.9% | ||||
421,000 | Braskem America Finance Co. (Brazil), 144a, 7.125%, 7/22/41 | 378,201 |
Principal Amount | Market Value | |||
Corporate Bonds — 39.7% (Continued) | ||||
Materials — 0.9% (Continued) | ||||
$ 200,000 | Braskem Idesa SAPI (Mexico), 144a, 6.990%, 2/20/32 | $ 151,703 | ||
886,000 | Celanese US Holdings LLC, 6.379%, 7/15/32 | 911,991 | ||
683,000 | Sherwin-Williams Co. (The), 4.500%, 6/1/47 | 578,356 | ||
200,000 | WE Soda Investments Holding PLC (Turkey), 144a, 9.500%, 10/6/28 | 204,575 | ||
2,224,826 | ||||
Total Corporate Bonds | $99,227,132 | |||
U.S. Treasury Obligations — 22.5% | ||||
2,180,000 | U.S. Treasury Bond, 2.250%, 2/15/52 | 1,398,266 | ||
1,730,000 | U.S. Treasury Bond, 2.875%, 5/15/52 | 1,276,213 | ||
3,620,000 | U.S. Treasury Bond, 4.750%, 11/15/43 | 3,683,915 | ||
2,900,000 | U.S. Treasury Note, 3.375%, 5/15/33 | 2,692,922 | ||
7,830,000 | U.S. Treasury Note, 4.000%, 1/31/29 | 7,714,079 | ||
9,255,000 | U.S. Treasury Note, 4.000%, 2/15/34 | 9,003,380 | ||
4,750,000 | U.S. Treasury Note, 4.375%, 11/30/28 | 4,751,670 | ||
10,350,000 | U.S. Treasury Note, 4.375%, 5/15/34 | 10,375,875 | ||
10,590,000 | U.S. Treasury Note, 4.625%, 4/30/29 | 10,718,238 | ||
4,580,000 | U.S. Treasury Note, 4.875%, 5/31/26 | 4,589,124 | ||
Total U.S. Treasury Obligations | $56,203,682 | |||
Non-Agency Collateralized Mortgage Obligations — 8.3% | ||||
935 | Adjustable Rate Mortgage Trust, Ser 2004-4, Class 3A1, 4.994%, 3/25/35(A)(B) | 908 | ||
1,019,538 | Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.643%, 10/25/45(A)(B) | 936,702 | ||
1,588,890 | Agate Bay Mortgage Trust, Ser 2015-7, Class B2, 144a, 3.643%, 10/25/45(A)(B) | 1,457,228 | ||
765,769 | Angel Oak Mortgage Trust, Ser 2024-1, Class A1, 144a, 5.210%, 8/25/68(A)(B) | 750,794 | ||
520,581 | COLT Mortgage Loan Trust, Ser 2022-6, Class A1, 144a, 4.650%, 6/27/67(A)(B) | 509,107 | ||
337,768 | CSMC Trust, Ser 2013-7, Class B3, 144a, 3.546%, 8/25/43(A)(B) | 306,586 | ||
397,374 | CSMC Trust, Ser 2014-OAK1, Class B4, 144a, 3.641%, 11/25/44(A)(B) | 374,237 | ||
702,184 | CSMC Trust, Ser 2015-1, Class B3, 144a, 3.897%, 1/25/45(A)(B) | 655,511 | ||
766,303 | CSMC Trust, Ser 2015-2, Class B4, 144a, 3.886%, 2/25/45(A)(B) | 706,323 | ||
669,183 | CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.769%, 12/25/44(A)(B) | 625,376 | ||
760,501 | CSMC Trust Trust, Ser 2018-J1, Class B2, 144a, 3.580%, 2/25/48(A)(B) | 680,690 | ||
1,004,453 | Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67(A)(B) | 952,975 | ||
1,134,791 | EverBank Mortgage Loan Trust, Ser 2018-1, Class B2, 144a, 3.576%, 2/25/48(A)(B) | 997,731 | ||
20,626 | Galton Funding Mortgage Trust, Ser 2019-1, Class A22, 144a, 4.000%, 2/25/59(A)(B) | 19,094 | ||
1,055,259 | GCAT Trust, Ser 2022-NQM2, Class A1, 144a, 4.210%, 2/25/67(A)(B) | 1,014,588 | ||
276,416 | GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ3, Class A14, 144a, 3.000%, 10/25/50(A)(B) | 233,280 | ||
702,589 | GS Mortgage-Backed Securities Trust, Ser 2022-PJ1, Class A8, 144a, 2.500%, 5/28/52(A)(B) | 600,592 | ||
14,312 | JP Morgan Mortgage Trust, Ser 2005-A1, Class 2A1, 5.747%, 2/25/35(A)(B) | 13,647 | ||
3,431 | JP Morgan Mortgage Trust, Ser 2005-A2, Class 7CB1, 5.480%, 4/25/35(A)(B) | 3,447 | ||
14,818 | JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 5.824%, 6/25/36(A)(B) | 10,276 |
2
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Non-Agency Collateralized Mortgage Obligations — 8.3% (Continued) | ||||
$ 368,422 | JP Morgan Mortgage Trust, Ser 2015-IVR2, Class B3, 144a, 6.881%, 1/25/45(A)(B) | $ 369,435 | ||
1,445,195 | JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.449%, 1/25/47(A)(B) | 1,267,917 | ||
189,211 | JP Morgan Mortgage Trust, Ser 2019-INV1, Class A15, 144a, 4.000%, 10/25/49(A)(B) | 173,884 | ||
1,136,971 | JP Morgan Mortgage Trust, Ser 2021-11, Class A3, 144a, 2.500%, 1/25/52(A)(B) | 905,490 | ||
15,281 | MASTR Alternative Loan Trust, Ser 2004-7, Class 10A1, 6.000%, 6/25/34 | 13,827 | ||
744,362 | Mello Mortgage Capital Acceptance, Ser 2022-INV2, Class A15, 144a, 3.000%, 4/25/52(A)(B) | 610,144 | ||
1,100,000 | Mill City Mortgage Loan Trust, Ser 2016-1, Class B2, 144a, 4.023%, 4/25/57(A)(B) | 1,007,606 | ||
947,979 | Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58(A)(B) | 815,370 | ||
135,589 | Residential Asset Securitization Trust, Ser 2006-A1, Class 1A3, 6.000%, 4/25/36 | 57,806 | ||
88,950 | Sequoia Mortgage Trust, Ser 2013-10, Class B2, 144a, 3.535%, 8/25/43(A)(B) | 84,266 | ||
90,124 | Sequoia Mortgage Trust, Ser 2013-5, Class B1, 144a, 3.494%, 5/25/43(A)(B) | 85,428 | ||
536,748 | Sequoia Mortgage Trust, Ser 2017-2, Class A1, 144a, 3.500%, 2/25/47(A)(B) | 471,850 | ||
1,000,000 | Towd Point Mortgage Trust, Ser 2017-1, Class B1, 144a, 3.855%, 10/25/56(A)(B) | 896,960 | ||
800,000 | Towd Point Mortgage Trust, Ser 2017-4, Class B1, 144a, 3.668%, 6/25/57(A)(B) | 677,700 | ||
800,000 | Towd Point Mortgage Trust, Ser 2019-4, Class A2, 144a, 3.250%, 10/25/59(A)(B) | 704,912 | ||
844,477 | Verus Securitization Trust, Ser 2022-3, Class A1, 144a, 4.130%, 2/25/67(A)(B) | 787,035 | ||
40,252 | Washington Mutual Mortgage Pass-Through Certificates, Ser 2005-9, Class 2A4, 5.500%, 11/25/35 | 34,486 | ||
922,777 | Wells Fargo Mortgage Backed Securities Trust, Ser 2021-RR1, Class A3, 144a, 2.500%, 12/25/50(A)(B) | 802,440 | ||
Total Non-Agency Collateralized Mortgage Obligations | $20,615,648 | |||
Commercial Mortgage-Backed Securities — 7.1% | ||||
1,000,000 | Austin Fairmont Hotel Trust, Ser 2019-FAIR, Class C, 144a, (TSFR1M + 1.497%), 6.826%, 9/15/32(A) | 997,839 | ||
500,000 | BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | 474,854 | ||
970,000 | BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | 827,250 | ||
1,230,000 | BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55(A)(B) | 1,046,808 | ||
525,000 | BBCMS Mortgage Trust, Ser 2024-5C27, Class AS, 6.410%, 7/15/57(A)(B) | 539,918 | ||
305,000 | Citigroup Commercial Mortgage Trust, Ser 2017-P8, Class AS, 3.789%, 9/15/50(A)(B) | 283,239 | ||
830,000 | Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | 726,238 | ||
1,600,000 | CSMC, Ser 2021-B33, Class A1, 144a, 3.053%, 10/10/43 | 1,457,060 | ||
550,000 | Eleven Madison Trust Mortgage Trust, Ser 2015-11MD, Class C, 144a, 3.673%, 9/10/35(A)(B) | 474,087 | ||
171,212 | GS Mortgage Securities Corp. II, Ser 2017-SLP, Class B, 144a, 3.772%, 10/10/32 | 168,023 | ||
750,000 | GS Mortgage Securities Corp. Trust, Ser 2020-UPTN, Class E, 144a, 3.354%, 2/10/37(A)(B) | 706,245 | ||
1,750,000 | GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.659%, 1/10/43(A)(B) | 1,490,355 |
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 7.1% (Continued) | ||||
$ 1,325,000 | GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | $ 1,127,003 | ||
765,000 | HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (TSFR1M + 1.564%), 6.893%, 10/15/36(A) | 732,316 | ||
528,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2016-NINE, Class B, 144a, 2.949%, 9/6/38(A)(B) | 486,152 | ||
755,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | 701,758 | ||
515,000 | JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Class AS, 4.065%, 11/15/47 | 484,934 | ||
1,200,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (TSFR1M + 1.317%), 6.646%, 11/15/35(A) | 1,141,443 | ||
1,210,000 | Morgan Stanley Capital I Trust, Ser 2018-H3, Class A5, 4.177%, 7/15/51 | 1,150,460 | ||
340,000 | UBS Commercial Mortgage Trust, Ser 2017-C1, Class AS, 3.724%, 6/15/50 | 316,872 | ||
385,000 | Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Class AS, 4.013%, 12/15/48 | 372,393 | ||
2,380,000 | Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | 2,136,853 | ||
Total Commercial Mortgage-Backed Securities | $17,842,100 | |||
U.S. Government Mortgage-Backed Obligations — 6.7% | ||||
43,054 | FHLMC, Pool #1Q0339, (RFUCCT1Y + 1.889%), 6.765%, 4/1/37(A) | 43,452 | ||
5,695 | FHLMC, Pool #A12886, 5.000%, 8/1/33 | 5,643 | ||
41,103 | FHLMC, Pool #A13842, 6.000%, 9/1/33 | 41,664 | ||
3,493 | FHLMC, Pool #A21415, 5.000%, 5/1/34 | 3,456 | ||
8,579 | FHLMC, Pool #A35682, 5.000%, 7/1/35 | 8,461 | ||
3,717 | FHLMC, Pool #A36523, 5.000%, 8/1/35 | 3,669 | ||
17,204 | FHLMC, Pool #A46590, 5.000%, 8/1/35 | 17,070 | ||
1,900 | FHLMC, Pool #A64971, 5.500%, 8/1/37 | 1,912 | ||
1,282,010 | FHLMC, Pool #A89148, 4.000%, 10/1/39 | 1,213,412 | ||
33,970 | FHLMC, Pool #A96485, 4.500%, 1/1/41 | 33,094 | ||
215,251 | FHLMC, Pool #A97897, 4.500%, 4/1/41 | 209,696 | ||
9,808 | FHLMC, Pool #C62740, 7.000%, 1/1/32 | 10,101 | ||
7,012 | FHLMC, Pool #C72254, 6.500%, 7/1/32 | 7,150 | ||
3,040 | FHLMC, Pool #C90986, 7.000%, 6/1/26 | 3,131 | ||
6,281 | FHLMC, Pool #G02184, 5.000%, 4/1/36 | 6,216 | ||
1,119,431 | FHLMC, Pool #G05624, 4.500%, 9/1/39 | 1,090,560 | ||
101,158 | FHLMC, Pool #G05733, 5.000%, 11/1/39 | 100,331 | ||
9,065 | FHLMC, Pool #J13584, 3.500%, 11/1/25 | 8,940 | ||
799,078 | FHLMC REMIC, Pool #SD1436, 4.500%, 8/1/52 | 755,754 | ||
731,545 | FHLMC REMIC, Pool #SD1620, 5.000%, 9/1/52 | 709,832 | ||
1,717 | FNMA, Pool #255628, 5.500%, 2/1/25 | 1,696 | ||
252 | FNMA, Pool #426830, 8.000%, 11/1/24 | 251 | ||
1,730 | FNMA, Pool #540040, 7.500%, 6/1/28 | 1,723 | ||
5,905 | FNMA, Pool #561741, 7.500%, 1/1/31 | 5,992 | ||
10,389 | FNMA, Pool #640291, 7.000%, 8/1/32 | 10,689 | ||
8,907 | FNMA, Pool #670402, 6.500%, 6/1/32 | 9,073 | ||
62,266 | FNMA, Pool #745257, 6.000%, 1/1/36 | 63,632 | ||
42,000 | FNMA, Pool #748895, 6.000%, 12/1/33 | 41,641 | ||
979 | FNMA, Pool #758564, 6.000%, 9/1/24 | 976 | ||
29,270 | FNMA, Pool #810049, 5.500%, 3/1/35 | 29,412 | ||
21,234 | FNMA, Pool #819297, 6.000%, 9/1/35 | 21,703 | ||
443,786 | FNMA, Pool #881279, 5.000%, 11/1/36 | 439,815 | ||
14,026 | FNMA, Pool #889060, 6.000%, 1/1/38 | 14,725 | ||
31,401 | FNMA, Pool #889061, 6.000%, 1/1/38 | 32,250 | ||
1,001 | FNMA, Pool #895657, 6.500%, 8/1/36 | 1,005 | ||
54,467 | FNMA, Pool #905049, 5.500%, 11/1/36 | 55,008 | ||
148,698 | FNMA, Pool #928553, 5.500%, 8/1/37 | 150,174 |
3
Touchstone Active Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 6.7% (Continued) | ||||
$ 106,715 | FNMA, Pool #931535, 5.500%, 7/1/39 | $ 105,542 | ||
77,796 | FNMA, Pool #AA3467, 4.500%, 4/1/39 | 75,693 | ||
123,648 | FNMA, Pool #AA4584, 4.500%, 4/1/39 | 120,304 | ||
28,907 | FNMA, Pool #AB1800, 4.000%, 11/1/40 | 27,325 | ||
18,853 | FNMA, Pool #AB2452, 4.000%, 3/1/26 | 18,568 | ||
2,368 | FNMA, Pool #AD3775, 4.500%, 3/1/25 | 2,357 | ||
22,323 | FNMA, Pool #AD6193, 5.000%, 6/1/40 | 21,864 | ||
42,153 | FNMA, Pool #AE1568, 4.000%, 9/1/40 | 39,846 | ||
224,962 | FNMA, Pool #AE2497, 4.500%, 9/1/40 | 218,875 | ||
27,767 | FNMA, Pool #AE5441, 5.000%, 10/1/40 | 27,475 | ||
72,272 | FNMA, Pool #AH1135, 5.000%, 1/1/41 | 71,588 | ||
9,920 | FNMA, Pool #AH3671, 4.000%, 2/1/26 | 9,772 | ||
223,145 | FNMA, Pool #AH6622, 4.000%, 3/1/41 | 210,931 | ||
219,762 | FNMA, Pool #AL0150, 4.000%, 2/1/41 | 207,734 | ||
38,032 | FNMA, Pool #AL0211, 5.000%, 4/1/41 | 37,656 | ||
262,098 | FNMA, Pool #AS0779, 4.000%, 10/1/43 | 248,121 | ||
1,851,278 | FNMA, Pool #BT7156, 2.000%, 8/1/51 | 1,471,401 | ||
1,288,717 | FNMA, Pool #FM4660, 2.000%, 10/1/35 | 1,142,379 | ||
1,248,967 | FNMA, Pool #FM4702, 2.500%, 10/1/50 | 1,038,432 | ||
1,892,268 | FNMA, Pool #FM5085, 2.000%, 12/1/50 | 1,499,833 | ||
886,653 | FNMA, Pool #FM8360, 2.500%, 8/1/51 | 736,537 | ||
890,768 | FNMA, Pool #FM8361, 2.500%, 8/1/51 | 738,161 | ||
1,077,506 | FNMA, Pool #FM9905, 2.500%, 12/1/51 | 883,572 | ||
951,991 | FNMA, Pool #FM9907, 2.500%, 12/1/51 | 782,286 | ||
737,156 | FNMA, Pool #FS2906, 5.000%, 9/1/52 | 714,955 | ||
802,640 | FNMA, Pool #MA4128, 2.000%, 9/1/40 | 677,455 | ||
539,748 | GNMA, Pool #4424, 5.000%, 4/20/39 | 540,263 | ||
Total U.S. Government Mortgage-Backed Obligations | $16,822,234 | |||
Agency Collateralized Mortgage Obligations — 6.7% | ||||
2,085,000 | FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | 1,452,641 | ||
2,850,000 | FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | 2,029,550 | ||
79,313 | FNMA REMIC, Ser 2003-32, Class BZ, 6.000%, 11/25/32 | 80,248 | ||
7,438 | FNMA REMIC, Ser 2015-51, Class KC, 3.000%, 6/25/45 | 6,940 | ||
1,420,000 | FNMA REMIC, Ser 2017-37, Class AY, 3.000%, 5/25/47 | 1,089,001 | ||
296,221 | FNMA REMIC, Ser 2017-90, Class KA, 3.000%, 11/25/47 | 272,061 | ||
1,800,000 | FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | 1,398,463 | ||
2,500,000 | FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | 1,868,508 | ||
2,550,000 | FNMA REMIC, Ser 2022-17, Class UV, 3.000%, 7/25/42 | 2,087,130 | ||
504,316 | FNMA REMIC, Ser 2023-9, Class BZ, 4.500%, 3/25/53 | 436,842 | ||
32,662 | FNMA Trust, Ser 2004-W15, Class 2AF, (SOFR30A + 0.364%), 5.700%, 8/25/44(A) | 32,336 | ||
565,991 | GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40 | 555,927 | ||
3,753,214 | GNMA, Ser 2012-147, Class IO, 0.542%, 4/16/54(A)(B)(C) | 39,100 | ||
1,356,175 | GNMA, Ser 2016-113, Class IO, 1.170%, 2/16/58(A)(B)(C) | 86,250 | ||
7,230,497 | GNMA, Ser 2016-140, Class IO, 0.737%, 5/16/58(A)(B)(C) | 258,636 | ||
1,650,000 | GNMA, Ser 2016-83, Class PB, 3.000%, 6/20/46 | 1,279,287 | ||
2,500,000 | GNMA, Ser 2018-112, Class YC, 3.500%, 8/20/48 | 1,993,417 | ||
350,000 | GNMA, Ser 2022-200, Class PL, 5.500%, 9/20/52 | 351,961 | ||
1,700,000 | GNMA, Ser 2022-50, Class KV, 3.000%, 6/20/42 | 1,362,550 | ||
Total Agency Collateralized Mortgage Obligations | $16,680,848 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 5.9% | ||||
$ 1,100,000 | AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (TSFR3M + 1.912%), 7.240%, 4/15/34(A) | $ 1,101,459 | ||
1,000,000 | Aimco CLO 11 Ltd. (Cayman Islands), Ser 2020-11A, Class AR, 144a, (TSFR3M + 1.392%), 6.709%, 10/17/34(A) | 1,000,833 | ||
944,425 | CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | 894,949 | ||
848 | CIT Home Equity Loan Trust, Ser 2002-1, Class AF5, 7.210%, 2/25/33(A)(B) | 838 | ||
1,302,000 | Coinstar Funding LLC, Ser 2017-1A, Class A2, 144a, 5.216%, 4/25/47 | 1,136,083 | ||
1,243,125 | Driven Brands Funding LLC, Ser 2021-1A, Class A2, 144a, 2.791%, 10/20/51 | 1,086,664 | ||
86,657 | FHLMC Structured Pass Through Securities, Ser T-20, Class A5, 8.370%, 12/25/29(A)(B) | 88,892 | ||
2,651 | FNMA REMIC Trust, Ser 2001-W2, Class AF6, 6.089%, 10/25/31(A)(B) | 2,644 | ||
1,098,250 | Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | 1,022,941 | ||
962,725 | Jersey Mike's Funding LLC, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50 | 925,353 | ||
1,425,000 | Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1, 144a, (TSFR3M + 1.962%), 7.288%, 10/19/34(A) | 1,427,082 | ||
304,138 | Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40 | 303,191 | ||
1,164,000 | Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | 1,041,450 | ||
1,099,688 | Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51 | 1,032,167 | ||
788,125 | TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | 719,202 | ||
950,000 | Trimaran Cavu Ltd. (Cayman Islands), Ser 2019-1A, Class C2, 144a, 5.539%, 7/20/32 | 906,120 | ||
800,000 | Verdelite Static CLO Ltd. (Jersey), Ser 2024-1A, Class B, 144a, (TSFR3M + 1.650%), 7/20/32(A) | 800,000 | ||
1,551,996 | Wendy's Funding LLC, Ser 2021-1A, Class A2II, 144a, 2.775%, 6/15/51 | 1,296,256 | ||
Total Asset-Backed Securities | $14,786,124 | |||
Sovereign Government Obligations — 1.1% | ||||
382,000 | Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | 333,772 | ||
697,000 | Chile Government International Bond, 3.100%, 1/22/61 | 431,374 | ||
200,000 | Egypt Government International Bond, 144a, 5.800%, 9/30/27 | 180,000 | ||
200,000 | Egypt Government International Bond, 144a, 8.150%, 11/20/59 | 142,460 | ||
200,000 | Ghana Government International Bond, 144a, 7.625%, 5/16/29 | 101,052 | ||
200,000 | Ghana Government International Bond, 144a, 8.950%, 3/26/51 | 102,250 | ||
878,000 | Mexico Government International Bond, 3.771%, 5/24/61 | 536,571 | ||
200,000 | Nigeria Government International Bond, 8.250%, 9/28/51 | 153,000 | ||
736,000 | Republic of Poland Government International Bond, 5.500%, 3/18/54 | 714,748 | ||
Total Sovereign Government Obligations | $2,695,227 |
4
Touchstone Active Bond Fund (Unaudited) (Continued)
Shares | MarketValue | |||
Short-Term Investment Funds — 1.4% | ||||
3,397,691 | Dreyfus Government Cash Management, Institutional Shares, 5.19%∞Ω | $ 3,397,691 | ||
7,245 | Invesco Government & Agency Portfolio, Institutional Class, 5.23%∞Ω** | 7,245 | ||
Total Short-Term Investment Funds | $3,404,936 | |||
Total Investment Securities—99.4% (Cost $264,476,197) | $248,277,931 | |||
Other Assets in Excess of Liabilities — 0.6% | 1,590,288 | |||
Net Assets — 100.0% | $249,868,219 |
(A) | Variable rate security - Rate reflected is the rate in effect as of June 30, 2024. |
(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. |
** | Represents collateral for securities loaned. |
† | All or a portion of the security is on loan. The total market value of the securities on loan as of June 30, 2024 was $6,982. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2024. |
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 |
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 June 30, 2024, these securities were valued at $64,549,141 or 25.8% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Corporate Bonds | $— | $99,227,132 | $— | $99,227,132 |
U.S. Treasury Obligations | — | 56,203,682 | — | 56,203,682 |
Non-Agency Collateralized Mortgage Obligations | — | 20,615,648 | — | 20,615,648 |
Commercial Mortgage-Backed Securities | — | 17,842,100 | — | 17,842,100 |
U.S. Government Mortgage-Backed Obligations | — | 16,822,234 | — | 16,822,234 |
Agency Collateralized Mortgage Obligations | — | 16,680,848 | — | 16,680,848 |
Asset-Backed Securities | — | 14,786,124 | — | 14,786,124 |
Sovereign Government Obligations | — | 2,695,227 | — | 2,695,227 |
Short-Term Investment Funds | 3,404,936 | — | — | 3,404,936 |
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | — | 63,007 | — | 63,007 |
Futures | ||||
Interest rate contracts | 124,525 | — | — | 124,525 |
Total Assets | $3,529,461 | $244,936,002 | $— | $248,465,463 |
Liabilities: | ||||
Other Financial Instruments | ||||
Futures | ||||
Interest rate contracts | $(199,099) | $— | $— | $(199,099) |
Total Liabilities | $(199,099) | $— | $— | $(199,099) |
Total | $3,330,362 | $244,936,002 | $— | $248,266,364 |
Futures Contracts
At June 30, 2024, $413,980 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at June 30, 2024:
Description | Expiration Date | Number of Contracts | Notional Value | Unrealized Appreciation/ Depreciation |
Short Futures: | ||||
30-Year U.S. Ultra Treasury Bond | 9/19/2024 | 86 | $10,779,563 | $(199,099) |
Long Futures: | ||||
2-Year U.S. Treasury Note | 9/30/2024 | 254 | 51,871,563 | 82,664 |
5-Year U.S. Treasury Note | 9/30/2024 | 181 | 19,290,642 | 41,861 |
$(74,574) |
5
Touchstone Active Bond 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 Appreciation |
Buy Protection: | ||||||||
Wells Fargo | 6/20/29 | $10,215,000 | 5.000% | ICE | Markit CDX North America High Yield Series 42 5Y Index | $(637,726) | $(700,733) | $63,007 |
(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.
6
Portfolio of Investments
Touchstone Ares Credit Opportunities Fund – June 30, 2024 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 75.3% | ||||
Communication Services — 12.0% | ||||
$ 3,199,000 | Altice Financing SA (Luxembourg), 144a, 5.000%, 1/15/28 | $ 2,432,614 | ||
6,331,000 | Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | 2,525,878 | ||
4,430,000 | ANGI Group LLC, 144a, 3.875%, 8/15/28 | 3,805,989 | ||
72,000 | Belo Corp., 7.250%, 9/15/27 | 72,357 | ||
675,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 551,044 | ||
4,584,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.000%, 2/1/28 | 4,285,378 | ||
5,440,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.500%, 8/15/30(A) | 4,605,455 | ||
2,337,000 | CommScope, Inc., 144a, 6.000%, 3/1/26(A) | 2,056,560 | ||
2,650,000 | CommScope, Inc., 144a, 4.750%, 9/1/29 | 1,829,093 | ||
205,000 | CSC Holdings LLC, 144a, 3.375%, 2/15/31 | 127,820 | ||
76,000 | CSC Holdings LLC, 144a, 4.500%, 11/15/31 | 49,027 | ||
1,129,000 | CSC Holdings LLC, 144a, 6.500%, 2/1/29 | 823,898 | ||
1,315,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 478,923 | ||
4,215,000 | CSC Holdings LLC, 144a, 5.750%, 1/15/30 | 1,583,477 | ||
416,000 | CSC Holdings LLC, 144a, 4.125%, 12/1/30 | 268,881 | ||
2,298,000 | DISH DBS Corp., 5.875%, 11/15/24 | 2,181,381 | ||
496,000 | DISH DBS Corp., 7.750%, 7/1/26 | 308,126 | ||
3,387,000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144a, 3.500%, 3/1/29 | 3,059,236 | ||
5,469,000 | Gray Television, Inc., 144a, 4.750%, 10/15/30 | 3,282,491 | ||
508,000 | Gray Television, Inc., 144a, 10.500%, 7/15/29 | 510,893 | ||
5,346,000 | Level 3 Financing, Inc., 144a, 4.875%, 6/15/29 | 3,047,506 | ||
1,586,000 | Level 3 Financing, Inc., 144a, 11.000%, 11/15/29 | 1,623,098 | ||
2,841,000 | Nexstar Media, Inc., 144a, 4.750%, 11/1/28 | 2,526,145 | ||
128,000 | Nexstar Media, Inc., 144a, 5.625%, 7/15/27 | 121,608 | ||
5,599,000 | Scripps Escrow II, Inc., 144a, 3.875%, 1/15/29 | 3,886,861 | ||
1,800,000 | Sirius XM Radio, Inc., 144a, 3.125%, 9/1/26 | 1,693,554 | ||
749,000 | Sirius XM Radio, Inc., 144a, 4.125%, 7/1/30 | 639,772 | ||
526,000 | Sirius XM Radio, Inc., 144a, 5.000%, 8/1/27 | 503,548 | ||
240,000 | Sirius XM Radio, Inc., 144a, 5.500%, 7/1/29 | 225,474 | ||
1,500,000 | Summer BC Holdco B SARL (Luxembourg), 144a, 5.750%, 10/31/26 | 1,588,353 | ||
3,303,000 | TEGNA, Inc., 4.625%, 3/15/28 | 2,975,431 | ||
350,000 | Tele Columbus AG (Germany), 144a, 10.000%, 1/1/29(B) | 278,313 | ||
1,200,000 | Telenet Finance Luxembourg Notes Sarl (Belgium), 144a, 5.500%, 3/1/28 | 1,136,764 | ||
5,645,000 | Telesat Canada / Telesat LLC (Canada), 144a, 5.625%, 12/6/26 | 2,644,498 | ||
1,000,000 | United Group BV (Slovenia), 144a, 3.625%, 2/15/28 | 1,006,693 | ||
1,036,000 | Univision Communications, Inc., 144a, 4.500%, 5/1/29 | 870,948 | ||
338,000 | Virgin Media Finance PLC (United Kingdom), 144a, 5.000%, 7/15/30 | 278,576 | ||
131,000 | Virgin Media Secured Finance PLC (United Kingdom), 144a, 4.500%, 8/15/30 | 111,063 | ||
1,090,000 | Virgin Media Vendor Financing Notes IV DAC (United Kingdom), 144a, 5.000%, 7/15/28 | 970,049 | ||
400,000 | Vmed O2 UK Financing I PLC (United Kingdom), 144a, 4.250%, 1/31/31 | 332,188 | ||
4,556,000 | Zayo Group Holdings, Inc., 144a, 4.000%, 3/1/27 | 3,621,974 | ||
64,920,937 | ||||
Energy — 11.2% | ||||
4,218,000 | Apache Corp., 5.100%, 9/1/40(A) | 3,612,530 | ||
1,577,000 | Archrock Partners LP / Archrock Partners Finance Corp., 144a, 6.250%, 4/1/28 | 1,561,744 | ||
111,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 5.875%, 6/30/29 | 108,473 |
Principal Amount | Market Value | |||
Corporate Bonds — 75.3% (Continued) | ||||
Energy — 11.2% (Continued) | ||||
$ 2,527,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 7.000%, 11/1/26 | $ 2,528,471 | ||
187,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 8.250%, 12/31/28 | 191,581 | ||
2,560,000 | Cheniere Energy Partners LP, 3.250%, 1/31/32 | 2,184,701 | ||
239,000 | Cheniere Energy Partners LP, 4.000%, 3/1/31 | 217,388 | ||
4,741,000 | CITGO Petroleum Corp., 144a, 6.375%, 6/15/26 | 4,714,066 | ||
680,000 | Cullinan Holdco Scsp (Luxembourg), 144a, 4.625%, 10/15/26 | 608,085 | ||
900,000 | Cullinan Holdco Scsp (Luxembourg), 144a, (EUR003M + 4.750%), 8.656%, 10/15/26(C) | 855,518 | ||
928,000 | EnLink Midstream LLC, 5.375%, 6/1/29 | 908,605 | ||
4,234,000 | EnLink Midstream Partners LP, 5.450%, 6/1/47 | 3,675,794 | ||
208,000 | EnLink Midstream Partners LP, 5.600%, 4/1/44 | 184,734 | ||
5,880,000 | Enviva Partners LP / Enviva Partners Finance Corp., 144a, 6.500%, 1/15/26 | 2,607,668 | ||
4,785,000 | EQM Midstream Partners LP, 6.500%, 7/15/48 | 4,830,620 | ||
4,889,000 | ITT Holdings LLC, 144a, 6.500%, 8/1/29 | 4,432,520 | ||
860,000 | Kodiak Gas Services LLC, 144a, 7.250%, 2/15/29 | 881,625 | ||
4,052,000 | Moss Creek Resources Holdings, Inc., 144a, 7.500%, 1/15/26 | 4,058,252 | ||
36,000 | Moss Creek Resources Holdings, Inc., 144a, 10.500%, 5/15/27 | 36,897 | ||
4,734,426 | Rockcliff Energy II LLC, 144a, 5.500%, 10/15/29 | 4,432,131 | ||
1,220,000 | Sunoco LP, 144a, 7.250%, 5/1/32 | 1,261,769 | ||
2,779,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 12/31/30 | 2,594,856 | ||
1,045,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 9/1/31 | 976,640 | ||
1,000,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 7.375%, 2/15/29 | 1,004,956 | ||
2,582,000 | TerraForm Power Operating LLC, 144a, 5.000%, 1/31/28 | 2,468,019 | ||
1,750,000 | TerraForm Power Operating LLC, 144a, 4.750%, 1/15/30 | 1,596,069 | ||
4,800,000 | Transocean, Inc., 6.800%, 3/15/38 | 3,971,543 | ||
4,445,000 | Western Midstream Operating LP, 5.250%, 2/1/50 | 3,904,155 | ||
60,409,410 | ||||
Consumer Discretionary — 8.9% | ||||
1,045,000 | Allison Transmission, Inc., 144a, 4.750%, 10/1/27 | 1,009,204 | ||
480,000 | Asbury Automotive Group, Inc., 4.500%, 3/1/28 | 454,873 | ||
2,340,000 | Asbury Automotive Group, Inc., 144a, 4.625%, 11/15/29 | 2,163,359 | ||
804,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 4.625%, 8/1/29 | 724,995 | ||
1,039,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 4.625%, 4/1/30 | 928,740 | ||
1,025,000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 6.625%, 1/15/28 | 1,023,598 | ||
1,750,000 | Bath & Body Works, Inc., 6.750%, 7/1/36 | 1,741,795 | ||
2,711,000 | Bath & Body Works, Inc., 6.875%, 11/1/35 | 2,733,970 | ||
92,000 | Bath & Body Works, Inc., 7.500%, 6/15/29 | 94,766 | ||
1,800,000 | Boyne USA, Inc., 144a, 4.750%, 5/15/29 | 1,679,597 | ||
1,882,000 | Caesars Entertainment, Inc., 144a, 4.625%, 10/15/29 | 1,725,170 | ||
780,000 | Caesars Entertainment, Inc., 144a, 7.000%, 2/15/30 | 796,903 | ||
957,000 | Caesars Entertainment, Inc., 144a, 8.125%, 7/1/27 | 976,448 | ||
837,000 | Clarios Global LP / Clarios US Finance Co., 144a, 8.500%, 5/15/27 | 841,528 | ||
1,227,000 | Clarios Global LP / Clarios US Finance Co., 144a, 6.250%, 5/15/26 | 1,225,716 | ||
977,000 | Cougar JV Subsidiary LLC, 144a, 8.000%, 5/15/32 | 1,010,225 | ||
1,000,000 | Ford Motor Co., 4.750%, 1/15/43 | 811,790 | ||
610,000 | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | 572,334 | ||
462,000 | Ford Motor Credit Co. LLC, 4.125%, 8/17/27(A) | 439,061 |
7
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 75.3% (Continued) | ||||
Consumer Discretionary — 8.9% (Continued) | ||||
$ 55,000 | Ford Motor Credit Co. LLC, 5.125%, 6/16/25 | $ 54,582 | ||
3,531,000 | Hilton Domestic Operating Co., Inc., 144a, 3.750%, 5/1/29 | 3,237,512 | ||
129,000 | Lithia Motors, Inc., 144a, 3.875%, 6/1/29 | 115,913 | ||
1,222,000 | Lithia Motors, Inc., 144a, 4.375%, 1/15/31 | 1,087,339 | ||
1,803,000 | Live Nation Entertainment, Inc., 144a, 4.750%, 10/15/27(A) | 1,727,776 | ||
1,125,000 | Live Nation Entertainment, Inc., 144a, 6.500%, 5/15/27 | 1,131,433 | ||
3,449,000 | MGM Resorts International, 4.750%, 10/15/28 | 3,280,301 | ||
2,006,000 | MGM Resorts International, 6.500%, 4/15/32 | 1,996,873 | ||
1,110,000 | Nissan Motor Co. Ltd. (Japan), 144a, 4.345%, 9/17/27 | 1,060,254 | ||
2,492,000 | Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 144a, 8.000%, 9/20/25 | 1,816,063 | ||
1,868,000 | Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 144a, 8.000%, 9/20/25 | 1,361,319 | ||
512,000 | United Airlines, Inc., 144a, 4.375%, 4/15/26(A) | 494,579 | ||
208,000 | United Airlines, Inc., 144a, 4.625%, 4/15/29 | 193,671 | ||
3,390,000 | Victoria's Secret & Co., 144a, 4.625%, 7/15/29 | 2,818,585 | ||
2,973,000 | Viking Cruises Ltd., 144a, 5.875%, 9/15/27 | 2,942,285 | ||
909,000 | VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland), 144a, 9.500%, 6/1/28 | 797,018 | ||
3,056,000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144a, 5.250%, 5/15/27 | 2,981,063 | ||
48,050,638 | ||||
Industrials — 8.3% | ||||
1,496,000 | ARD Finance SA (Luxembourg), 144a, 6.500%, 6/30/27(B) | 370,410 | ||
1,775,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 4.125%, 8/15/26 | 1,540,641 | ||
2,214,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 8/15/27 | 1,372,950 | ||
3,839,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 8/15/27 | 2,380,648 | ||
1,000,000 | BCP V Modular Services Finance II PLC (United Kingdom), 144a, 4.750%, 11/30/28 | 996,091 | ||
2,297,000 | Builders FirstSource, Inc., 144a, 6.375%, 3/1/34 | 2,275,433 | ||
1,440,000 | BWX Technologies, Inc., 144a, 4.125%, 4/15/29 | 1,331,183 | ||
2,589,000 | Chart Industries, Inc., 144a, 9.500%, 1/1/31 | 2,805,531 | ||
1,000,000 | Clean Harbors, Inc., 144a, 4.875%, 7/15/27 | 967,871 | ||
2,768,676 | CP Atlas Buyer, Inc., 144a, 7.000%, 12/1/28 | 2,369,063 | ||
1,579,000 | EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.625%, 12/15/30 | 1,593,265 | ||
590,000 | Gates Corp., 144a, 6.875%, 7/1/29 | 600,366 | ||
958,000 | GFL Environmental, Inc. (Canada), 144a, 3.500%, 9/1/28 | 884,081 | ||
1,742,000 | GFL Environmental, Inc. (Canada), 144a, 3.750%, 8/1/25 | 1,726,497 | ||
713,271 | GFL Environmental, Inc. (Canada), 144a, 4.375%, 8/15/29 | 657,389 | ||
4,434,000 | H&E Equipment Services, Inc., 144a, 3.875%, 12/15/28 | 4,003,258 | ||
665,000 | Hertz Corp. (The), 144a, 12.625%, 7/15/29 | 688,428 | ||
411,000 | LABL, Inc., 144a, 10.500%, 7/15/27 | 402,043 | ||
2,728,000 | OI European Group BV, 144a, 4.750%, 2/15/30 | 2,493,865 | ||
51,000 | Owens-Brockway Glass Container, Inc., 144a, 6.625%, 5/13/27 | 50,907 | ||
4,243,000 | Sealed Air Corp/Sealed Air Corp. US, 144a, 6.125%, 2/1/28 | 4,233,329 | ||
2,849,000 | Sensata Technologies BV, 144a, 4.000%, 4/15/29 | 2,615,802 | ||
535,000 | Sensata Technologies, Inc., 144a, 6.625%, 7/15/32 | 538,819 | ||
3,993,000 | Standard Industries, Inc., 144a, 4.375%, 7/15/30 | 3,610,215 | ||
450,000 | Summit Materials LLC / Summit Materials Finance Corp., 144a, 5.250%, 1/15/29 | 433,714 |
Principal Amount | Market Value | |||
Corporate Bonds — 75.3% (Continued) | ||||
Industrials — 8.3% (Continued) | ||||
$ 1,234,000 | Summit Materials LLC / Summit Materials Finance Corp., 144a, 7.250%, 1/15/31 | $ 1,278,030 | ||
160,000 | TransDigm, Inc., 144a, 6.750%, 8/15/28 | 161,953 | ||
1,967,000 | Trident TPI Holdings, Inc., 144a, 12.750%, 12/31/28 | 2,148,607 | ||
44,530,389 | ||||
Financials — 7.9% | ||||
1,766,000 | Acrisure LLC / Acrisure Finance, Inc., 144a, 10.125%, 8/1/26† | 1,819,759 | ||
1,257,000 | Acrisure LLC / Acrisure Finance, Inc., 144a, 7.500%, 11/6/30 | 1,259,326 | ||
500,000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 4.250%, 10/15/27 | 468,207 | ||
3,451,000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 7.000%, 1/15/31 | 3,490,956 | ||
1,689,000 | Ally Financial, Inc., 4.750%, 6/9/27 | 1,647,573 | ||
1,095,000 | AmWINS Group, Inc., 144a, 6.375%, 2/15/29 | 1,098,031 | ||
4,079,000 | Blackstone Private Credit Fund, 2.625%, 12/15/26 | 3,731,615 | ||
3,497,000 | GGAM Finance Ltd. (Ireland), 144a, 6.875%, 4/15/29 | 3,558,197 | ||
1,935,000 | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC (United Kingdom), 144a, 7.250%, 2/15/31 | 1,927,209 | ||
1,052,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 5.250%, 10/1/25 | 1,042,946 | ||
1,229,000 | LPL Holdings, Inc., 144a, 4.375%, 5/15/31 | 1,128,968 | ||
1,601,000 | LPL Holdings, Inc., 144a, 4.625%, 11/15/27 | 1,549,453 | ||
341,000 | Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.400%, 3/26/29 | 346,853 | ||
341,000 | Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.500%, 3/26/31 | 350,821 | ||
657,441 | Midcap Financial Issuer Trust, 144a, 5.625%, 1/15/30 | 568,478 | ||
3,566,000 | Midcap Financial Issuer Trust, 144a, 6.500%, 5/1/28 | 3,372,402 | ||
4,006,000 | Nationstar Mortgage Holdings, Inc., 144a, 5.500%, 8/15/28 | 3,849,631 | ||
1,349,000 | OneMain Finance Corp., 3.500%, 1/15/27 | 1,264,223 | ||
392,000 | OneMain Finance Corp., 3.875%, 9/15/28 | 351,494 | ||
2,684,000 | OneMain Finance Corp., 4.000%, 9/15/30 | 2,303,791 | ||
441,000 | OneMain Finance Corp., 9.000%, 1/15/29 | 465,168 | ||
1,666,000 | Owl Rock Capital Corp., 3.400%, 7/15/26 | 1,569,823 | ||
1,242,000 | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 144a, 3.625%, 3/1/29 | 1,126,894 | ||
373,000 | United Wholesale Mortgage LLC, 144a, 5.500%, 11/15/25 | 370,268 | ||
4,822,000 | VistaJet Malta Finance PLC / XO Management Holding, Inc. (Switzerland), 144a, 6.375%, 2/1/30 | 3,794,933 | ||
42,457,019 | ||||
Materials — 6.1% | ||||
4,864,000 | Ball Corp., 2.875%, 8/15/30 | 4,132,531 | ||
3,262,000 | CF Industries, Inc., 5.150%, 3/15/34 | 3,134,299 | ||
1,379,000 | Chemours Co. (The), 144a, 4.625%, 11/15/29 | 1,190,922 | ||
3,277,000 | Chemours Co. (The), 144a, 5.750%, 11/15/28 | 3,025,689 | ||
4,045,000 | Compass Minerals International, Inc., 144a, 6.750%, 12/1/27 | 3,863,660 | ||
2,174,000 | Freeport-McMoRan, Inc., 5.400%, 11/14/34(A) | 2,138,403 | ||
2,330,000 | Freeport-McMoRan, Inc., 5.450%, 3/15/43(A) | 2,213,634 | ||
740,000 | OCI NV (Netherlands), 144a, 4.625%, 10/15/25 | 726,613 | ||
3,280,000 | OCI NV (Netherlands), 144a, 6.700%, 3/16/33 | 3,243,517 | ||
2,186,000 | Polar US Borrower LLC / Schenectady International Group, Inc., 144a, 6.750%, 5/15/26 | 612,080 | ||
649,000 | SCIH Salt Holdings, Inc., 144a, 4.875%, 5/1/28 | 603,418 | ||
1,648,000 | SCIH Salt Holdings, Inc., 144a, 6.625%, 5/1/29 | 1,547,352 | ||
3,806,000 | Tronox, Inc., 144a, 4.625%, 3/15/29 | 3,435,799 |
8
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 75.3% (Continued) | ||||
Materials — 6.1% (Continued) | ||||
$ 3,107,000 | WR Grace Holdings LLC, 144a, 5.625%, 8/15/29 | $ 2,864,996 | ||
100,000 | WR Grace Holdings LLC, 144a, 4.875%, 6/15/27 | 96,448 | ||
32,829,361 | ||||
Information Technology — 5.1% | ||||
1,612,000 | Ahead DB Holdings LLC, 144a, 6.625%, 5/1/28 | 1,521,325 | ||
464,000 | Cloud Software Group, Inc., 144a, 8.250%, 6/30/32 | 472,935 | ||
3,279,000 | Elastic NV, 144a, 4.125%, 7/15/29 | 2,995,501 | ||
500,000 | Entegris, Inc., 144a, 3.625%, 5/1/29 | 448,772 | ||
2,275,000 | Entegris, Inc., 144a, 4.750%, 4/15/29 | 2,176,899 | ||
1,217,000 | II-VI, Inc., 144a, 5.000%, 12/15/29 | 1,151,697 | ||
1,583,000 | McAfee Corp., 144a, 7.375%, 2/15/30 | 1,462,720 | ||
4,204,000 | ON Semiconductor Corp., 144a, 3.875%, 9/1/28 | 3,880,032 | ||
4,227,000 | Open Text Holdings, Inc. (Canada), 144a, 4.125%, 2/15/30 | 3,812,567 | ||
745,000 | Picard Midco, Inc., 144a, 6.500%, 3/31/29 | 714,439 | ||
1,284,000 | Rocket Software, Inc., 144a, 9.000%, 11/28/28 | 1,304,882 | ||
440,000 | Seagate HDD Cayman, 3.125%, 7/15/29 | 376,847 | ||
2,467,000 | Seagate HDD Cayman, 3.375%, 7/15/31 | 1,980,034 | ||
1,332,000 | SS&C Technologies, Inc., 144a, 6.500%, 6/1/32 | 1,344,999 | ||
4,327,000 | Synaptics, Inc., 144a, 4.000%, 6/15/29 | 3,922,893 | ||
27,566,542 | ||||
Consumer Staples — 5.1% | ||||
405,000 | Bath & Body Works, Inc., 144a, 6.625%, 10/1/30 | 406,235 | ||
500,000 | BCP V Modular Services Finance PLC (United Kingdom), 144a, 6.750%, 11/30/29 | 451,138 | ||
1,200,000 | Iceland Bondco PLC (United Kingdom), 144a, 4.375%, 5/15/28 | 1,268,350 | ||
2,798,000 | Korn Ferry, 144a, 4.625%, 12/15/27 | 2,663,909 | ||
3,976,000 | Lamb Weston Holdings, Inc., 144a, 4.125%, 1/31/30 | 3,614,564 | ||
2,548,000 | LBM Acquisition LLC, 144a, 6.250%, 1/15/29 | 2,252,013 | ||
2,643,000 | LCM Investments Holdings II LLC, 144a, 4.875%, 5/1/29 | 2,470,991 | ||
4,100,000 | Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 144a, 4.625%, 3/1/29 | 3,605,180 | ||
4,447,000 | Specialty Building Products Holdings LLC / SBP Finance Corp., 144a, 6.375%, 9/30/26 | 4,368,726 | ||
2,761,000 | Team Health Holdings, Inc., 144a, 6.375%, 2/1/25 | 2,629,853 | ||
4,536,000 | Wolverine World Wide, Inc., 144a, 4.000%, 8/15/29 | 3,789,403 | ||
27,520,362 | ||||
Health Care — 4.7% | ||||
3,920,000 | Acadia Healthcare Co., Inc., 144a, 5.000%, 4/15/29 | 3,726,103 | ||
3,669,000 | Charles River Laboratories International, Inc., 144a, 4.250%, 5/1/28 | 3,465,200 | ||
4,203,000 | CHS/Community Health Systems, Inc., 144a, 5.625%, 3/15/27 | 3,914,133 | ||
982,000 | Fortrea Holdings, Inc., 144a, 7.500%, 7/1/30 | 976,524 | ||
2,334,000 | Grifols Escrow Issuer SA (Spain), 144a, 4.750%, 10/15/28 | 2,013,608 | ||
953,000 | HCA, Inc., 3.500%, 9/1/30 | 860,703 | ||
1,000,000 | IQVIA, Inc., 144a, 2.875%, 6/15/28 | 1,009,596 | ||
497,000 | LifePoint Health, Inc., 144a, 5.375%, 1/15/29 | 436,746 | ||
1,509,000 | LifePoint Health, Inc., 144a, 9.875%, 8/15/30 | 1,609,399 | ||
2,236,000 | Medline Borrower LP, 144a, 3.875%, 4/1/29 | 2,058,943 | ||
3,306,000 | Molina Healthcare, Inc., 144a, 4.375%, 6/15/28 | 3,111,721 | ||
2,390,000 | Option Care Health, Inc., 144a, 4.375%, 10/31/29 | 2,194,706 | ||
25,377,382 | ||||
Real Estate — 3.6% | ||||
4,538,000 | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 4.500%, 4/1/27 | 4,223,384 |
Principal Amount | Market Value | |||
Corporate Bonds — 75.3% (Continued) | ||||
Real Estate — 3.6% (Continued) | ||||
$ 40,000 | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 5.750%, 5/15/26 | $ 39,178 | ||
999,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.375%, 6/15/26 | 942,570 | ||
688,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.750%, 9/15/30 | 600,064 | ||
1,136,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 6.000%, 4/15/25 | 1,134,862 | ||
293,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 8.000%, 6/15/27 | 304,596 | ||
250,000 | Iron Mountain UK PLC REIT, 144a, 3.875%, 11/15/25 | 308,483 | ||
700,000 | Iron Mountain, Inc. REIT, 144a, 4.500%, 2/15/31 | 631,898 | ||
4,621,000 | Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29(A) | 4,354,154 | ||
1,505,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | 1,430,213 | ||
2,156,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 4.250%, 2/1/27 | 2,042,088 | ||
1,810,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 3.750%, 2/15/27 | 1,719,446 | ||
1,801,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.125%, 8/15/30 | 1,638,040 | ||
46,000 | VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.625%, 12/1/29 | 43,516 | ||
19,412,492 | ||||
Utilities — 2.4% | ||||
1,076,000 | Calpine Corp., 144a, 4.625%, 2/1/29 | 998,035 | ||
2,200,000 | Calpine Corp., 144a, 4.500%, 2/15/28 | 2,090,211 | ||
3,242,000 | NRG Energy, Inc., 144a, 3.625%, 2/15/31 | 2,780,992 | ||
15,000 | NRG Energy, Inc., 144a, 3.875%, 2/15/32 | 12,883 | ||
645,000 | NRG Energy, Inc., 144a, 7.000%, 3/15/33 | 680,899 | ||
2,856,000 | Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144a, 4.500%, 8/15/28 | 2,644,308 | ||
2,200,000 | Vistra Operations Co. LLC, 144a, 5.000%, 7/31/27 | 2,128,175 | ||
1,350,000 | Vistra Operations Co. LLC, 144a, 5.625%, 2/15/27 | 1,327,229 | ||
466,000 | Vistra Operations Co. LLC, 144a, 4.300%, 7/15/29(A) | 440,535 | ||
13,103,267 | ||||
Total Corporate Bonds | $406,177,799 | |||
Bank Loans — 14.3%(D) | ||||
Information Technology — 4.3% | ||||
3,277,175 | Access CIG LLC, 2023 Refinancing Term Loan, (3M SOFR + 5.000%), 10.388%, 8/18/28 | 3,292,544 | ||
1,442,839 | Avaya Inc., Exit Term Loan, (1M SOFR + 8.500%), 13.840%, 8/01/28(E) | 1,239,644 | ||
1,477,332 | Cloud Software Group Inc., Term Loan B, (1M SOFR + 4.000%), 9.330%, 3/30/29(E) | 1,475,116 | ||
1,750,000 | Cloud Software Group Inc., Third Amendment Term Loan, (3M SOFR + 4.600%), 9.929%, 3/19/31 | 1,753,553 | ||
3,491,250 | Dun & Bradstreet Corporation (The), Incremental Term B-2, (1M SOFR + 2.750%), 8.082%, 1/18/29 | 3,491,250 | ||
1,296,750 | Genesys Cloud Services Holdings II LLC (f/k/a Greeneden US Holdings II LLC), 2024 Incremental Dollar Term Loans, (1M SOFR + 3.864%), 9.191%, 12/01/27 | 1,304,855 | ||
2,244,731 | MKS Instruments Inc., 2023-1 Dollar Term B Loan, (1M SOFR + 2.500%), 7.848%, 8/17/29 | 2,244,260 | ||
1,865,089 | Quest Software US Holdings Inc., First Lien Initial Term Loan, (3M SOFR + 4.400%), 9.730%, 2/01/29 | 1,378,095 | ||
939,337 | Tempo Acquisition LLC, Sixth Incremental Term Loans, (1M SOFR + 2.250%), 7.590%, 8/31/28 | 941,018 |
9
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Bank Loans — 14.3%(D) (Continued) | ||||
Information Technology — (Continued) | ||||
$ 3,487,440 | VeriFone Systems Inc., First Lien Initial Term Loan, (3M SOFR + 4.262%), 9.600%, 8/20/25(E) | $ 2,844,949 | ||
3,117,187 | Zelis Cost Management Buyer Inc., Term B-2 Loans, (1M SOFR + 2.750%), 8.090%, 9/28/29 | 3,113,790 | ||
23,079,074 | ||||
Consumer Discretionary — 3.1% | ||||
3,300,065 | AlixPartners LLP, Initial Dollar Term Loan, (1M SOFR + 2.864%), 8.181%, 2/04/28 | 3,300,527 | ||
1,200,000 | Armorica Lux Sarl, Facility B Loan, (3M EURIBOR + 4.925%), 8.837%, 7/28/28 | 1,224,096 | ||
981,368 | AVSC Holding Corp, Term Loan B1, (1M SOFR + 3.600%), 8.920%, 3/03/25 | 972,231 | ||
140,397 | AVSC Holding Corp., Term Loan B2, (1M SOFR + 3.600%), 1.000%, 10/15/26 | 140,089 | ||
1,516,200 | Caesars Entertainment Inc., Incremental Term B-1 Loan, (3M SOFR + 2.750%), 8.040%, 2/06/31 | 1,514,775 | ||
1,015,000 | Cedar Fair LP, Initial Term B Loans, (1M SOFR + 2.000%), 7.313%, 5/01/31 | 1,011,833 | ||
1,363,021 | ClubCorp Holdings Inc., Term Loan, (2M SOFR + 5.262%), 10.649%, 9/18/26 | 1,368,133 | ||
624,000 | Froneri US Inc., Facility B2, (1M SOFR + 2.350%), 7.666%, 1/29/27 | 623,345 | ||
780,000 | Grant Thornton Advisors LLC, Initial Term Loan, (3M SOFR + 3.250%), 8.597%, 6/02/31 | 781,958 | ||
879,808 | Johnstone Supply LLC, Initial Term Loans, (1M SOFR + 3.000%), 8.328%, 5/16/31(E) | 880,635 | ||
3,719,438 | Station Casinos LLC, Term B Facility Loans, (1M SOFR + 2.250%), 7.590%, 3/14/31(E) | 3,715,123 | ||
1,376,238 | The Hertz Corporation, Initial Term B Loan, 3.250%, 6/30/28(E) | 1,241,903 | ||
267,390 | The Hertz Corporation, Initial Term C Loan, 3.250%, 6/30/28(E) | 241,290 | ||
17,015,938 | ||||
Health Care — 1.8% | ||||
1,847,714 | Curia Global Inc., Term Loan, (3M SOFR + 3.850%), 9.233%, 8/30/26 | 1,737,054 | ||
1,404,477 | eResearch Technology Inc., Tranche B-1 Term Loan, (1M SOFR + 4.000%), 9.322%, 2/04/27 | 1,410,741 | ||
2,004,503 | Gainwell Acquisition Corp., Term B Loan, (3M SOFR + 4.100%), 9.490%, 10/01/27 | 1,938,514 | ||
2,263,526 | Grifols Worldwide Operations USA Inc., Dollar Tranche B Term Loan, (3M SOFR + 2.150%), 7.538%, 11/15/27 | 2,223,552 | ||
609,952 | Medline Borrower LP, Term Loan B, (1M SOFR + 2.864%), 8.082%, 10/23/28 | 610,769 | ||
889,376 | Packaging Coordinators Midco Inc., 2024 Replacement Term Loan, (3M SOFR + 3.250%), 8.580%, 11/30/27 | 891,600 | ||
994,297 | Team Health Holdings Inc., Extended Term Loan, (3M SOFR + 5.250%), 10.576%, 3/02/27 | 923,205 | ||
9,735,435 | ||||
Financials — 1.5% | ||||
997,418 | AmWINS Group Inc., Term Loan, (1M SOFR + 2.364%), 7.680%, 2/19/28 | 996,101 | ||
1,370,000 | Cpi Holdco B, LLC, Initial Term Loans, (1M SOFR + 2.000%), 7.321%, 5/16/31 | 1,367,863 | ||
1,800,488 | Hyperion Refinance S.A R.L., 2024 Dollar Term Loans, (1M SOFR + 3.500%), 8.818%, 2/15/31 | 1,802,918 | ||
3,750,000 | Wec US Holdings Ltd., Initial Term Loan, (1M SOFR + 2.750%), 8.090%, 1/27/31 | 3,750,825 | ||
7,917,707 |
Principal Amount | Market Value | |||
Bank Loans — 14.3%(D) (Continued) | ||||
Industrials — 1.3% | ||||
$ 1,452,435 | Coherent Corp (f/k/a II-VI Inc.), Term Loan B-1, (1M SOFR + 2.500%), 7.829%, 7/02/29 | $ 1,451,346 | ||
1,527,319 | CP Atlas Buyer Inc., Term B Loan, (1M SOFR + 3.850%), 9.183%, 11/23/27 | 1,487,746 | ||
1,500,000 | HOME VI, Additional Senior Facility 2 Loan, 4.000%, 10/31/26(E) | 1,558,634 | ||
990,860 | LABL Inc., Initial Dollar Term Loan, (1M SOFR + 5.100%), 10.433%, 10/29/28 | 977,027 | ||
965,000 | Ovation Parent Inc., Initial Term Loan, (3M SOFR + 3.500%), 8.830%, 3/26/31 | 969,825 | ||
835,317 | Transdigm Inc., Term Loan I, (3M SOFR + 2.750%), 8.080%, 8/24/28 | 836,988 | ||
7,281,566 | ||||
Energy — 1.2% | ||||
391,440 | Enviva Partners, LP, Term Loan A, (1M SOFR + 8.000%), 6.500%, 12/13/24 | 450,155 | ||
652,399 | Enviva Partners, LP, Term Loan B1 Ddtl, 12/13/24(E) | 659,465 | ||
3,954,989 | Freeport LNG Investments, LLP, Tla Term Loan, (3M SOFR + 3.262%), 8.588%, 11/16/26 | 3,933,079 | ||
903,603 | Gulf Finance, LLC, Term Loan, (6M SOFR + 7.178%), 12.631%, 8/25/26 | 908,347 | ||
875,828 | PES Holdings LLC, Tranche C Loan, (1M SOFR + 2.000%), 9.750%, 12/31/24 | 8,758 | ||
291,240 | Prairie ECI Acquiror LP, Initial Term Loan B-2, (1M SOFR + 4.750%), 10.090%, 2/22/29 | 291,059 | ||
6,250,863 | ||||
Communication Services — 0.6% | ||||
2,666,350 | NEP Group Inc., Term Loan PIK, (1M SOFR + 4.864%), 10.222%, 8/19/26 | 2,511,915 | ||
370,000 | Telenet Financing USD LLC, Term Loan AR Facility, (1M SOFR + 2.114%), 7.447%, 4/30/28 | 351,422 | ||
480,000 | Virgin Media Bristol LLC, Facility Q Advance, (1M SOFR + 3.364%), 8.697%, 1/31/29 | 457,800 | ||
3,321,137 | ||||
Materials — 0.5% | ||||
3,231,463 | Schenectady International Group Inc., Initial Term Loan, (3M SOFR + 4.850%), 10.180%, 10/15/25 | 2,548,816 | ||
Total Bank Loans | $77,150,536 | |||
Asset-Backed Securities — 5.2% | ||||
1,000,000 | Aimco CLO 11 Ltd. (Cayman Islands), Ser 2020-11A, Class ER, 144a, (TSFR3M + 6.462%), 11.779%, 10/17/34(C) | 1,002,743 | ||
603,924 | Aimco CLO 16 Ltd. (Cayman Islands), Ser 2021-16A, Class SUB, 144a, 1/17/35(C)(F) | 461,226 | ||
340,000 | Atrium XV (Cayman Islands), Ser 15A, Class SUB, 144a, 1/23/31(C)(F) | 165,667 | ||
1,250,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2019-2A, Class ER, 144a, (3M LIBOR +6.320%), 11.899%, 10/17/32(C) | 1,190,519 | ||
620,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2021-2A, Class SUB, 144a, 7/16/34(C)(F) | 302,107 | ||
850,000 | Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2022-1A, Class SUB, 144a, 4/18/35(C)(F) | 506,357 | ||
1,000,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-10A, Class E, 144a, (TSFR3M + 6.762%), 12.086%, 10/20/34(C) | 1,001,382 | ||
1,000,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-11A, Class E, 144a, (TSFR3M + 6.662%), 11.985%, 1/25/33(C) | 998,876 | ||
750,000 | Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-5A, Class SUB, 144a, 7/20/34(C)(F) | 451,534 |
10
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Asset-Backed Securities — 5.2% (Continued) | ||||
$ 1,000,000 | CARLYLE US CLO Ltd. (Cayman Islands), Ser 2021-4A, Class SUB, 144a, 4/20/34(C)(F) | $ 693,318 | ||
500,000 | Cedar Funding IV CLO Ltd. (Cayman Islands), Ser 2014-4A, Class ERR, 144a, (TSFR3M + 6.872%), 12.198%, 7/23/34(C) | 486,099 | ||
1,500,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2015-4A, Class SUB, 144a, 4/20/34(C)(F) | 492,423 | ||
1,000,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2019-4A, Class DR, 144a, (TSFR3M + 6.862%), 12.190%, 10/15/34(C) | 1,003,140 | ||
500,000 | CIFC Funding Ltd. (Cayman Islands), Ser 2020-3A, Class SUB, 144a, 10/20/34(C)(F) | 374,650 | ||
1,046,139 | CIFC Funding Ltd. (Cayman Islands), Ser 2021-7A, Class E, 144a, (TSFR3M + 6.612%), 11.938%, 1/23/35(C) | 1,049,840 | ||
500,000 | Dryden 106 CLO Ltd. (Cayman Islands), Ser 2022-106A, Class E, 144a, (TSFR3M + 8.870%), 14.199%, 10/15/35(C) | 510,689 | ||
1,000,000 | Dryden 76 CLO Ltd. (Cayman Islands), Ser 2019-76A, Class ER, 144a, (TSFR3M + 6.762%), 12.086%, 10/20/34(C) | 954,450 | ||
293,899 | Dryden 78 CLO Ltd. (Cayman Islands), Ser 2020-78A, Class SUB, 144a, 4/17/33(C)(F) | 161,841 | ||
650,000 | Dryden 98 CLO Ltd. (Cayman Islands), Ser 2022-98X, Class SUB, 4/20/35(C)(F) | 416,431 | ||
250,000 | Elmwood CLO 22 Ltd. (Cayman Islands), Ser 2023-1A, Class E, 144a, (TSFR3M + 7.650%), 12.967%, 4/17/36(C) | 258,019 | ||
250,000 | Elmwood CLO 23 Ltd. (Cayman Islands), Ser 2023-2A, Class E, 144a, (TSFR3M + 8.000%), 13.328%, 4/16/36(C) | 258,414 | ||
555,000 | Elmwood CLO 24 Ltd. (Cayman Islands), Ser 2023-3A, Class E, 144a, (TSFR3M +7.570%), 12.903%, 12/11/33(C) | 566,575 | ||
1,945,000 | Elmwood CLO 24 Ltd. (Cayman Islands), Ser 2023-3A, Class SUB, 144a, 12/11/33(C)(F) | 1,686,342 | ||
588,235 | Elmwood CLO VIII Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 1/20/34(C)(F) | 385,886 | ||
750,000 | Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class SUB, 144a, 10/22/34(C)(F) | 419,244 | ||
75,000 | Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class Y, 144a, 10/22/34(C)(F) | 19,340 | ||
250,000 | Invesco US CLO Ltd. (Jersey), Ser 2023-2A, Class E, 144a, (TSFR3M + 7.83%), 13.155%, 4/21/36(C) | 258,394 | ||
625,000 | Madison Park Funding LIII Ltd. (Cayman Islands), Ser 2022-53A, Class SUB, 144a, 4/21/35(C)(F) | 478,654 | ||
227,540 | Madison Park Funding LIX Ltd. (Cayman Islands), Ser 2021-59A, Class SUB, 144a, 4/18/37(C)(F) | 175,127 | ||
1,000,000 | Madison Park Funding LIX Ltd. (Cayman Islands), Ser 2021-59X, Class SUB, 4/18/37(C)(F) | 769,652 | ||
300,000 | Madison Park Funding XII Ltd. (Cayman Islands), Ser 2014-12A, Class SUB, 144a, 7/20/26(C)(F) | 66 | ||
1,500,000 | Madison Park Funding XXII Ltd. (Cayman Islands), Ser 2016-22A, Class SUB, 144a, 1/15/33(C)(F) | 769,590 | ||
250,000 | Madison Park Funding XXXI Ltd. (Cayman Islands), Ser 2018-31A, Class SUB, 144a, 7/23/37(C)(F) | 132,306 | ||
540,000 | Madison Park Funding XXXVII Ltd. (Cayman Islands), Ser 2019-37A, Class SUB, 144a, 4/15/37(C)(F) | 408,577 | ||
500,000 | Madison Park Funding XXXVIII Ltd. (Cayman Islands), Ser 2021-38A, Class SUB, 144a, 7/17/34(C)(F) | 367,531 | ||
1,000,000 | Magnetite XXIII Ltd. (Cayman Islands), Ser 2019-23A, Class ER, 144a, (TSFR3M + 6.562%), 11.885%, 1/25/35(C) | 1,007,264 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 5.2% (Continued) | ||||
$ 250,000 | Niagara Park CLO Ltd. (Cayman Islands), Ser 2019-1A, Class ER, 144a, (TSFR3M + 6.212%), 11.529%, 7/17/32(C) | $ 250,606 | ||
250,000 | Oaktree CLO Ltd. (Cayman Islands), Ser 2022-2A, Class ER, 144a, (TSFR3M +7.750%), 13.079%, 7/15/33(C) | 250,474 | ||
250,000 | Octagon Loan Funding Ltd. (Cayman Islands), Ser 2014-1A, Class DRR, 144a, (TSFR3M + 3.162%), 8.487%, 11/18/31(C) | 248,164 | ||
825,000 | OHA Credit Funding 4 Ltd. (Cayman Islands), Ser 2019-4A, Class ER, 144a, (TSFR3M + 6.662%), 11.986%, 10/22/36(C) | 832,708 | ||
389,058 | OHA Loan Funding Ltd. (Cayman Islands), Ser 2016-1A, Class SUB, 144a, 7/20/37(C)(F) | 299,989 | ||
1,000,000 | REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class M2, 144a, 10/15/34(C)(F) | 31,990 | ||
1,000,000 | REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class SUB, 144a, 10/15/34(C)(F) | 564,981 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M1, 144a, 4/20/34(C)(F) | 5,058 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M2, 144a, 4/20/34(C)(F) | 11,801 | ||
750,000 | Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/20/34(C)(F) | 497,581 | ||
3,999,999 | RR 26 Ltd. (Cayman Islands), Ser 2023-26A, Class SUB, 144a, 4/15/38(C)(F) | 3,116,143 | ||
500,000 | RR 6 Ltd. (Cayman Islands), Ser 2019-6A, Class SUB, 144a, 4/15/36(C)(F) | 367,184 | ||
500,000 | Steele Creek CLO Ltd. (Cayman Islands), Ser 2019-2A, Class E, 144a, (TSFR3M + 7.962%), 13.290%, 7/15/32(C) | 492,912 | ||
500,000 | Thompson Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class E, 144a, (TSFR3M + 6.572%), 11.900%, 4/15/34(C) | 501,382 | ||
525,000 | Thompson Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 4/15/34(C)(F) | 418,905 | ||
280,000 | Wellfleet CLO Ltd. (Cayman Islands), Ser 2020-1A, Class SUB, 144a, 4/15/33(C)(F) | 111,485 | ||
Total Asset-Backed Securities | $28,185,636 |
Shares | ||||
Common Stocks — 0.8% | ||||
Information Technology — 0.5% | ||||
377,962 | Avaya Holdings Corp., 1145 shares(G)* | 2,456,753 | ||
21,007 | Avaya Holdings Corp., 144A shares(G)* | 136,545 | ||
3,406 | Avaya Holdings Corp., A shares(G)* | 22,139 | ||
8,415 | Avaya Holdings Corp., Reg S shares(G)* | 54,698 | ||
2,670,135 | ||||
Energy — 0.3% | ||||
14,309 | AFG Holdings, Inc.* | 143 | ||
187,384 | Ascent Resources Marcellus Holdings, LLC* | 46,846 | ||
35,000 | Summit Midstream Partners LP* | 1,244,600 | ||
1,291,589 | ||||
Total Common Stocks | $3,961,724 | |||
Warrants — 0.1% | ||||
Financials — 0.1% | ||||
7,180 | CHPPR Holdings, Inc.* | 276,430 | ||
9,949 | CHPPR Holdings, Inc., Class B, Exp 6/28/29* | 498 | ||
4,713 | CHPPR Holdings, Inc., Class A, Exp 6/28/29* | 47 | ||
11,649 | CHPPR Holdings, Inc. 4(A)(2)DOT Warrant(G)* | 276,885 | ||
2,622 | CHPPR Holdings, Inc. 1145 DOT Warrant(G)* | 62,322 | ||
Total Warrants | $616,182 |
11
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Number of Contracts | Notional Amount | MarketValue | ||
Purchased Options — 0.0% | ||||
Purchased Call Options — 0.0% | ||||
200 | Chicago Board Options Exchange Volatility Index, Strike @30.00, Exp 07/24 | $20,000 | $ 2,000 | |
Total Purchased Options | $2,000 |
Shares | ||||
Short-Term Investment Funds — 2.9% | ||||
14,974,522 | Dreyfus Government Cash Management, Institutional Shares, 5.19%∞Ω | 14,974,522 | ||
326,310 | Invesco Government & Agency Portfolio, Institutional Class, 5.23%∞Ω** | 326,310 | ||
Total Short-Term Investment Funds | $15,300,832 | |||
Total Long Positions—98.6% (Cost $543,515,699) | $531,394,709 |
Number of Contracts | Notional Amount | |||
Written Options — (0.0)% | ||||
Written Call Options — (0.0)% | ||||
200 | Chicago Board Options Exchange Volatility Index, Strike @40.00, Exp 07/24 | $20,000 | (1,000) | |
Total Written Options (Premiums received $3,800) | $(1,000) | |||
Total Investment Securities—98.6% | $531,393,709 | |||
Other Assets in Excess of Liabilities — 1.4% | 7,777,292 | |||
Net Assets — 100.0% | $539,171,001 |
(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 June 30, 2024 was $3,700,325. |
(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 June 30, 2024. |
(D) | Bank loans pay interest at rates which adjust periodically unless otherwise indicated. The interest rates shown are the current interest rates as of June 30, 2024. |
(E) | All or a portion of this position has not settled. Full contract rates do not take effect until settlement date. |
(F) | 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. |
(G) | Level 3- For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments. |
* | Non-income producing security. |
** | Represents collateral for securities loaned. |
† | All or a portion of the security is on loan. The total market value of the securities on loan as of June 30, 2024 was $307,071. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2024. |
Portfolio Abbreviations: |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
EUR – Euro |
EURIBOR – Euro Interbank Offered Rate |
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 |
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 June 30, 2024, these securities were valued at $365,799,504 or 67.8% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Corporate Bonds | $— | $406,177,799 | $— | $406,177,799 |
Bank Loans | — | 77,150,536 | — | 77,150,536 |
Asset-Backed Securities | — | 28,185,636 | — | 28,185,636 |
Common Stocks | 1,244,600 | 46,989 | 2,670,135 | 3,961,724 |
Warrants | — | 276,975 | 339,207 | 616,182 |
Purchased Call Options | ||||
Equity contracts | 2,000 | — | — | 2,000 |
Short-Term Investment Funds | 15,300,832 | — | — | 15,300,832 |
Other Financial Instruments | ||||
Foreign currency exchange contracts | — | 184,828 | — | 184,828 |
Total Assets | $16,547,432 | $512,022,763 | $3,009,342 | $531,579,537 |
Liabilities: | ||||
Other Financial Instruments | ||||
Swap Agreements | ||||
Credit contracts | $— | $(5,497) | $— | $(5,497) |
Written Call Options | ||||
Equity contracts | (1,000) | — | — | (1,000) |
Total Liabilities | $(1,000) | $(5,497) | $— | $(6,497) |
Total | $16,546,432 | $512,017,266 | $3,009,342 | $531,573,040 |
12
Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)
Measurements Using Unobservable Inputs (Level 3) | |
Assets | |
Beginning balance, September 30, 2023 | $— |
Transfer into Level 3 | 713,935 |
Purchases | 2,156,743 |
Change in unrealized appreciation (depreciation) | 138,664 |
Ending balance, June 30, 2024 | $3,009,342 |
Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at June 30, 2024 | $138,664 |
Security | Fair Value | Valuation Technique | Unobservable Input | Value or range of inputs | Impact to valuation from an increase to the input |
Avaya Holdings Corp. | 136,545 | Cost | N/A | N/A | N/A |
Avaya Holdings Corp. | 2,456,753 | Cost | N/A | N/A | N/A |
Avaya Holdings Corp. | 22,139 | Cost | N/A | N/A | N/A |
Avaya Holdings Corp. | 54,698 | Cost | N/A | N/A | N/A |
CHPPR Holdings, Inc. 4(A)(2)DOT Warrant | 276,885 | Cost | N/A | N/A | N/A |
CHPPR Holdings, Inc. 1145 DOT Warrant | 62,322 | Cost | N/A | N/A | N/A |
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 | 12/20/28 | $569,250 | 5.000% | ICE | Markit CDX North America High Yield Series 41 5Y Index | $(36,148) | $(30,651) | $(5,497) |
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(3) | The quoted market prices and resulting values for credit default swap agreements on the underlying bond serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
Forward Foreign Currency Contracts
Contract to | ||||||
Counterparty | Expiration Date | Receive | Deliver | Unrealized Appreciation | ||
Wells Fargo | 7/15/2024 | USD | 12,409,523 | EUR | 11,431,554 | $156,914 |
Wells Fargo | 7/15/2024 | USD | 1,726,998 | GBP | 1,343,967 | 27,914 |
$184,828 |
See accompanying Notes to Portfolios of Investments.
14
Portfolio of Investments
Touchstone Dividend Equity Fund – June 30, 2024 (Unaudited)
Shares | Market Value | |||
Common Stocks — 99.2% | ||||
Information Technology — 24.8% | ||||
67,702 | Accenture PLC - Class A | $ 20,541,464 | ||
131,226 | Analog Devices, Inc. | 29,953,647 | ||
246,441 | Apple, Inc. | 51,905,403 | ||
35,632 | Broadcom, Inc. | 57,208,245 | ||
819,170 | Cisco Systems, Inc. | 38,918,767 | ||
762,664 | Intel Corp. | 23,619,704 | ||
231,082 | International Business Machines Corp. | 39,965,632 | ||
58,263 | KLA Corp. | 48,038,426 | ||
294,065 | Micron Technology, Inc. | 38,678,369 | ||
224,272 | Microsoft Corp. | 100,238,370 | ||
343,569 | Oracle Corp. | 48,511,943 | ||
224,378 | QUALCOMM, Inc. | 44,691,610 | ||
55,628 | Salesforce, Inc. | 14,301,959 | ||
234,004 | Texas Instruments, Inc. | 45,520,798 | ||
602,094,337 | ||||
Financials — 14.5% | ||||
101,976 | Arthur J Gallagher & Co. | 26,443,396 | ||
897,632 | Bank of America Corp. | 35,698,825 | ||
53,401 | BlackRock, Inc. | 42,043,675 | ||
323,275 | Charles Schwab Corp. (The) | 23,822,135 | ||
76,524 | Goldman Sachs Group, Inc. (The) | 34,613,336 | ||
68,356 | JPMorgan Chase & Co. | 13,825,685 | ||
231,001 | Principal Financial Group, Inc. | 18,122,028 | ||
183,738 | Prudential Financial, Inc. | 21,532,256 | ||
136,847 | T Rowe Price Group, Inc. | 15,779,828 | ||
705,714 | Truist Financial Corp. | 27,416,989 | ||
822,567 | US Bancorp | 32,655,910 | ||
96,989 | Visa, Inc. - Class A | 25,456,703 | ||
605,196 | Wells Fargo & Co. | 35,942,590 | ||
353,353,356 | ||||
Health Care — 13.4% | ||||
143,084 | AbbVie, Inc. | 24,541,768 | ||
40,227 | Amgen, Inc. | 12,568,926 | ||
104,604 | Becton Dickinson & Co. | 24,447,001 | ||
484,450 | Bristol-Myers Squibb Co. | 20,119,209 | ||
75,254 | Cencora, Inc. | 16,954,726 | ||
508,605 | CVS Health Corp. | 30,038,211 | ||
198,968 | Gilead Sciences, Inc. | 13,651,194 | ||
282,003 | Johnson & Johnson | 41,217,558 | ||
584,608 | Medtronic PLC | 46,014,496 | ||
262,516 | Merck & Co., Inc. | 32,499,481 | ||
975,294 | Pfizer, Inc. | 27,288,726 | ||
69,658 | UnitedHealth Group, Inc. | 35,474,033 | ||
324,815,329 | ||||
Industrials — 8.5% | ||||
212,062 | 3M Co. | 21,670,616 | ||
71,594 | Automatic Data Processing, Inc. | 17,088,772 | ||
84,376 | Caterpillar, Inc. | 28,105,645 | ||
57,282 | Lockheed Martin Corp. | 26,756,422 | ||
169,544 | Paychex, Inc. | 20,101,137 | ||
293,684 | RTX Corp. | 29,482,937 | ||
803,806 | Southwest Airlines Co. | 22,996,890 | ||
508,078 | Stanley Black & Decker, Inc. | 40,590,351 | ||
206,792,770 | ||||
Consumer Discretionary — 8.0% | ||||
4,831 | Booking Holdings, Inc. | 19,138,006 | ||
113,715 | Home Depot, Inc. (The) | 39,145,252 | ||
458,164 | Las Vegas Sands Corp. | 20,273,757 | ||
90,021 | McDonald's Corp. | 22,940,952 |
Shares | Market Value | |||
Common Stocks — 99.2% (Continued) | ||||
Consumer Discretionary — 8.0% (Continued) | ||||
179,062 | NIKE, Inc. - Class B | $ 13,495,903 | ||
409,692 | Starbucks Corp. | 31,894,522 | ||
555,468 | VF Corp. | 7,498,818 | ||
105,078 | Whirlpool Corp. | 10,738,972 | ||
223,173 | Yum! Brands, Inc. | 29,561,495 | ||
194,687,677 | ||||
Communication Services — 7.1% | ||||
1,678,538 | AT&T, Inc. | 32,076,861 | ||
870,150 | Comcast Corp. - Class A | 34,075,074 | ||
423,322 | Fox Corp. - Class A | 14,549,577 | ||
599,746 | Interpublic Group of Cos., Inc. (The) | 17,446,611 | ||
38,568 | Meta Platforms, Inc. - Class A | 19,446,757 | ||
249,797 | Omnicom Group, Inc. | 22,406,791 | ||
800,820 | Verizon Communications, Inc. | 33,025,817 | ||
173,027,488 | ||||
Consumer Staples — 6.8% | ||||
112,634 | Constellation Brands, Inc. - Class A | 28,978,476 | ||
146,835 | Dollar General Corp. | 19,415,992 | ||
177,371 | PepsiCo, Inc. | 29,253,799 | ||
341,394 | Philip Morris International, Inc. | 34,593,454 | ||
415,325 | Sysco Corp. | 29,650,052 | ||
161,101 | Target Corp. | 23,849,392 | ||
165,741,165 | ||||
Energy — 5.5% | ||||
226,803 | Chevron Corp. | 35,476,525 | ||
335,556 | Exxon Mobil Corp. | 38,629,207 | ||
208,970 | Phillips 66 | 29,500,295 | ||
188,402 | Valero Energy Corp. | 29,533,897 | ||
133,139,924 | ||||
Utilities — 3.8% | ||||
296,070 | Duke Energy Corp. | 29,675,096 | ||
286,677 | Entergy Corp. | 30,674,439 | ||
443,033 | NextEra Energy, Inc. | 31,371,167 | ||
91,720,702 | ||||
Materials — 3.5% | ||||
96,227 | Air Products & Chemicals, Inc. | 24,831,377 | ||
379,811 | DuPont de Nemours, Inc. | 30,570,987 | ||
313,726 | International Flavors & Fragrances, Inc. | 29,869,853 | ||
85,272,217 | ||||
Real Estate — 3.3% | ||||
282,760 | Alexandria Real Estate Equities, Inc. REIT | 33,074,437 | ||
179,568 | American Tower Corp. REIT | 34,904,428 | ||
82,108 | Simon Property Group, Inc. REIT | 12,463,995 | ||
80,442,860 | ||||
Total Common Stocks | $2,411,087,825 | |||
Short-Term Investment Fund — 0.8% | ||||
20,705,774 | Dreyfus Government Cash Management, Institutional Shares, 5.19%∞Ω | 20,705,774 | ||
Total Investment Securities—100.0% (Cost $2,240,842,526) | $2,431,793,599 | |||
Liabilities in Excess of Other Assets — (0.0%) | (399,740) | |||
Net Assets — 100.0% | $2,431,393,859 |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2024. |
15
Touchstone Dividend Equity Fund (Unaudited) (Continued)
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 | $2,411,087,825 | $— | $— | $2,411,087,825 |
Short-Term Investment Fund | 20,705,774 | — | — | 20,705,774 |
Total | $2,431,793,599 | $— | $— | $2,431,793,599 |
See accompanying Notes to Portfolios of Investments.
16
Portfolio of Investments
Touchstone High Yield Fund – June 30, 2024 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 96.5% | ||||
Energy — 16.2% | ||||
$ 950,000 | Baytex Energy Corp. (Canada), 144a, 8.500%, 4/30/30 | $ 993,425 | ||
1,026,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 6.625%, 7/15/26 | 1,025,628 | ||
259,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.000%, 7/15/29 | 263,781 | ||
187,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.250%, 7/15/32 | 192,014 | ||
415,000 | Civitas Resources, Inc., 144a, 5.000%, 10/15/26 | 403,909 | ||
477,000 | Civitas Resources, Inc., 144a, 8.375%, 7/1/28 | 499,788 | ||
308,000 | Civitas Resources, Inc., 144a, 8.625%, 11/1/30 | 330,514 | ||
1,957,000 | CQP Holdco LP / BIP-V Chinook Holdco LLC, 144a, 5.500%, 6/15/31 | 1,855,117 | ||
361,000 | Crescent Energy Finance LLC, 144a, 9.250%, 2/15/28 | 382,035 | ||
478,000 | Crescent Energy Finance LLC, 144a, 7.625%, 4/1/32 | 487,168 | ||
1,030,000 | Enbridge, Inc. (Canada), Ser NC5, 8.250%, 1/15/84 | 1,073,223 | ||
1,143,000 | EQM Midstream Partners LP, 144a, 4.500%, 1/15/29 | 1,078,895 | ||
242,000 | Genesis Energy LP / Genesis Energy Finance Corp., 7.875%, 5/15/32 | 244,135 | ||
445,000 | Genesis Energy LP / Genesis Energy Finance Corp., 8.875%, 4/15/30 | 468,144 | ||
414,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | 400,657 | ||
201,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 4/15/30 | 194,151 | ||
534,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.250%, 11/1/28 | 527,429 | ||
243,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.875%, 5/15/34 | 240,366 | ||
1,062,000 | Nabors Industries Ltd., 144a, 7.500%, 1/15/28 | 1,013,365 | ||
307,000 | NuStar Logistics LP, 6.000%, 6/1/26 | 306,552 | ||
923,000 | Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | 844,573 | ||
74,000 | Prairie Acquiror LP, 144a, 9.000%, 8/1/29 | 76,264 | ||
1,031,000 | Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | 1,019,763 | ||
1,053,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 7.375%, 2/15/29 | 1,058,219 | ||
993,000 | Valaris Ltd., 144a, 8.375%, 4/30/30 | 1,028,019 | ||
1,064,000 | Vermilion Energy, Inc. (Canada), 144a, 6.875%, 5/1/30 | 1,045,707 | ||
17,052,841 | ||||
Consumer Discretionary — 14.3% | ||||
522,529 | American Airlines Group, Inc. Pass-Through Trust, Ser 2013-1, A, 3.950%, 11/15/25 | 510,309 | ||
829,000 | Carnival Corp., 144a, 6.000%, 5/1/29 | 819,168 | ||
232,000 | Carnival Corp., 144a, 7.625%, 3/1/26 | 234,303 | ||
1,239,000 | Carriage Services, Inc., 144a, 4.250%, 5/15/29 | 1,106,698 | ||
678,000 | Dana, Inc., 4.250%, 9/1/30 | 591,696 | ||
523,000 | Dana, Inc., 5.625%, 6/15/28 | 507,331 | ||
1,318,000 | Ford Motor Credit Co. LLC, 2.900%, 2/10/29 | 1,162,742 | ||
1,111,000 | Ford Motor Credit Co. LLC, 3.375%, 11/13/25 | 1,075,171 | ||
1,142,000 | Forestar Group, Inc., 144a, 3.850%, 5/15/26 | 1,092,783 | ||
623,000 | Gap, Inc. (The), 144a, 3.625%, 10/1/29 | 539,197 | ||
1,098,000 | Hanesbrands, Inc., 144a, 4.875%, 5/15/26 | 1,074,214 | ||
710,000 | JB Poindexter & Co., Inc., 144a, 8.750%, 12/15/31 | 735,615 | ||
919,000 | Michaels Cos., Inc. (The), 144a, 5.250%, 5/1/28 | 734,900 | ||
356,000 | Michaels Cos., Inc. (The), 144a, 7.875%, 5/1/29 | 230,046 | ||
298,000 | Royal Caribbean Cruises Ltd., 144a, 5.375%, 7/15/27 | 293,464 | ||
16,000 | Royal Caribbean Cruises Ltd., 144a, 7.250%, 1/15/30 | 16,568 | ||
172,000 | Royal Caribbean Cruises Ltd., 7.500%, 10/15/27 | 180,745 | ||
133,000 | Royal Caribbean Cruises Ltd., 144a, 8.250%, 1/15/29 | 140,433 | ||
61,000 | Royal Caribbean Cruises Ltd., 144a, 6.250%, 3/15/32 | 61,514 | ||
773,000 | Sands China Ltd. (Macao), 5.125%, 8/8/25 | 766,224 | ||
500,000 | Sands China Ltd. (Macao), 5.400%, 8/8/28 | 489,617 |
Principal Amount | Market Value | |||
Corporate Bonds — 96.5% (Continued) | ||||
Consumer Discretionary — 14.3% (Continued) | ||||
$1,100,000 | Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | $ 1,046,994 | ||
1,610,000 | Wynn Macau Ltd. (Macao), 144a, 4.875%, 10/1/24 | 1,603,735 | ||
15,013,467 | ||||
Industrials — 12.9% | ||||
580,000 | Bombardier, Inc. (Canada), 144a, 7.250%, 7/1/31 | 595,729 | ||
1,132,000 | BWX Technologies, Inc., 144a, 4.125%, 6/30/28 | 1,056,040 | ||
578,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25 | 556,059 | ||
697,000 | Canpack SA / Canpack US LLC (Poland), 144a, 3.875%, 11/15/29 | 624,781 | ||
1,382,000 | Cimpress PLC (Ireland), 7.000%, 6/15/26 | 1,380,894 | ||
616,000 | EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.625%, 12/15/30 | 621,565 | ||
641,000 | Fortress Transportation and Infrastructure Investors LLC, 144a, 7.000%, 5/1/31 | 655,195 | ||
308,000 | Fortress Transportation and Infrastructure Investors LLC, 144a, 7.000%, 6/15/32 | 312,400 | ||
937,000 | H&E Equipment Services, Inc., 144a, 3.875%, 12/15/28 | 845,975 | ||
1,165,000 | Imola Merger Corp., 144a, 4.750%, 5/15/29 | 1,089,241 | ||
799,000 | Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC, 144a, 4.000%, 10/15/27 | 748,564 | ||
1,093,000 | Stericycle, Inc., 144a, 3.875%, 1/15/29 | 1,021,262 | ||
1,110,000 | TK Elevator US Newco, Inc. (Germany), 144a, 5.250%, 7/15/27 | 1,075,760 | ||
1,000,000 | TransDigm, Inc., 4.625%, 1/15/29 | 930,636 | ||
519,000 | TransDigm, Inc., 144a, 6.375%, 3/1/29 | 521,616 | ||
507,000 | TransDigm, Inc., 144a, 6.625%, 3/1/32 | 512,121 | ||
1,000,000 | Trinity Industries, Inc., 144a, 7.750%, 7/15/28 | 1,035,257 | ||
13,583,095 | ||||
Financials — 11.7% | ||||
1,337,000 | Boost Newco Borrower LLC, 144a, 7.500%, 1/15/31 | 1,394,284 | ||
946,000 | Credit Acceptance Corp., 144a, 9.250%, 12/15/28 | 999,845 | ||
440,000 | FirstCash, Inc., 144a, 4.625%, 9/1/28 | 413,484 | ||
328,000 | FirstCash, Inc., 144a, 5.625%, 1/1/30 | 310,670 | ||
311,000 | FirstCash, Inc., 144a, 6.875%, 3/1/32 | 311,035 | ||
922,000 | goeasy Ltd. (Canada), 144a, 9.250%, 12/1/28 | 978,571 | ||
1,043,000 | Jane Street Group / JSG Finance, Inc., 144a, 4.500%, 11/15/29 | 978,276 | ||
420,000 | National Rural Utilities Cooperative Finance Corp., (TSFR3M + 3.172%), 8.501%, 4/30/43(A) | 420,000 | ||
1,028,000 | Nationstar Mortgage Holdings, Inc., 144a, 7.125%, 2/1/32 | 1,033,991 | ||
707,000 | Navient Corp., 5.000%, 3/15/27 | 674,800 | ||
692,000 | Navient Corp., 5.875%, 10/25/24 | 690,738 | ||
315,000 | OneMain Finance Corp., 3.875%, 9/15/28 | 282,451 | ||
228,000 | OneMain Finance Corp., 4.000%, 9/15/30 | 195,702 | ||
399,000 | OneMain Finance Corp., 6.625%, 1/15/28 | 400,424 | ||
370,000 | PennyMac Financial Services, Inc., 144a, 4.250%, 2/15/29 | 336,968 | ||
273,000 | PennyMac Financial Services, Inc., 144a, 5.375%, 10/15/25 | 270,549 | ||
414,000 | PennyMac Financial Services, Inc., 144a, 5.750%, 9/15/31 | 387,819 | ||
198,000 | PennyMac Financial Services, Inc., 144a, 7.875%, 12/15/29 | 204,163 | ||
1,000,000 | PRA Group, Inc., 144a, 7.375%, 9/1/25 | 1,001,201 | ||
1,035,000 | Prime Security Services Borrower LLC / Prime Finance, Inc., 144a, 5.750%, 4/15/26 | 1,027,218 | ||
12,312,189 |
17
Touchstone High Yield Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 96.5% (Continued) | ||||
Communication Services — 10.6% | ||||
$ 666,000 | Altice Financing SA (Luxembourg), 144a, 5.750%, 8/15/29 | $ 483,554 | ||
483,000 | Altice Financing SA (Luxembourg), 144a, 5.000%, 1/15/28 | 367,287 | ||
540,000 | Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | 215,444 | ||
514,000 | Altice France SA (France), 144a, 5.125%, 7/15/29 | 338,044 | ||
446,000 | Altice France SA (France), 144a, 5.500%, 10/15/29 | 293,953 | ||
192,000 | Belo Corp., 7.250%, 9/15/27 | 192,949 | ||
1,898,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | 1,549,454 | ||
641,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 6.375%, 9/1/29 | 609,310 | ||
315,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 7.375%, 3/1/31 | 310,729 | ||
360,000 | CSC Holdings LLC, 144a, 3.375%, 2/15/31 | 224,464 | ||
256,000 | CSC Holdings LLC, 144a, 11.250%, 5/15/28 | 222,962 | ||
1,268,000 | CSC Holdings LLC, 144a, 4.625%, 12/1/30 | 461,806 | ||
1,073,000 | CSC Holdings LLC, 144a, 5.750%, 1/15/30 | 403,101 | ||
200,000 | CSC Holdings LLC, 144a, 11.750%, 1/31/29 | 170,497 | ||
1,176,000 | Gray Television, Inc., 144a, 7.000%, 5/15/27 | 1,082,653 | ||
6,438 | Shutterfly Finance LLC, 144a, 8.500%, 10/1/27(B) | 5,585 | ||
1 | Shutterfly Finance LLC, 144a, 9.750%, 10/1/27 | 1 | ||
1,217,000 | Sirius XM Radio, Inc., 144a, 4.000%, 7/15/28 | 1,099,357 | ||
408,000 | Sprint Capital Corp., 6.875%, 11/15/28 | 432,544 | ||
570,000 | Sprint Corp., 7.625%, 2/15/25 | 573,583 | ||
1,643,000 | Stagwell Global, 144a, 5.625%, 8/15/29 | 1,519,755 | ||
612,000 | Station Casinos LLC, 144a, 4.625%, 12/1/31 | 545,611 | ||
11,102,643 | ||||
Health Care — 7.2% | ||||
592,000 | AdaptHealth LLC, 144a, 4.625%, 8/1/29 | 512,920 | ||
293,000 | AdaptHealth LLC, 144a, 5.125%, 3/1/30 | 256,296 | ||
330,000 | AdaptHealth LLC, 144a, 6.125%, 8/1/28 | 315,099 | ||
993,000 | Fortrea Holdings, Inc., 144a, 7.500%, 7/1/30 | 987,463 | ||
150,000 | Herbalife Nutrition Ltd. / HLF Financing, Inc., 144a, 7.875%, 9/1/25 | 147,297 | ||
777,000 | Medline Borrower LP, 144a, 3.875%, 4/1/29 | 715,473 | ||
412,000 | Medline Borrower LP, 144a, 5.250%, 10/1/29 | 393,194 | ||
1,123,000 | MEDNAX, Inc., 144a, 5.375%, 2/15/30 | 992,968 | ||
1,224,000 | Molina Healthcare, Inc., 144a, 3.875%, 5/15/32 | 1,060,929 | ||
1,084,000 | Tenet Healthcare Corp., 6.125%, 10/1/28 | 1,078,463 | ||
729,000 | Teva Pharmaceutical Finance Netherlands III BV (Israel), 3.150%, 10/1/26 | 684,196 | ||
452,000 | Teva Pharmaceutical Finance Netherlands III BV (Israel), 4.750%, 5/9/27 | 435,576 | ||
7,579,874 | ||||
Utilities — 5.2% | ||||
1,178,000 | Algonquin Power & Utilities Corp. (Canada), 4.750%, 1/18/82 | 1,077,531 | ||
1,033,000 | Edison International, Ser B, 5.000%(C) | 982,614 | ||
1,283,000 | South Jersey Industries, Inc., 5.020%, 4/15/31 | 1,010,635 | ||
1,253,000 | Talen Energy Supply LLC, 144a, 8.625%, 6/1/30 | 1,335,972 | ||
1,054,000 | Vistra Corp., 144a, 8.000%(C) | 1,062,960 | ||
5,469,712 | ||||
Real Estate — 4.8% | ||||
1,202,000 | CTR Partnership LP / CareTrust Capital Corp. REIT, 144a, 3.875%, 6/30/28 | 1,104,716 | ||
1,039,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 6.000%, 4/15/25 | 1,037,960 |
Principal Amount | Market Value | |||
Corporate Bonds — 96.5% (Continued) | ||||
Real Estate — 4.8% (Continued) | ||||
$ 390,000 | HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 8.000%, 6/15/27 | $ 405,435 | ||
132,000 | Iron Mountain, Inc. REIT, 144a, 4.500%, 2/15/31 | 119,158 | ||
674,000 | Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29 | 635,079 | ||
112,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 3/15/28 | 108,377 | ||
660,000 | Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | 627,203 | ||
1,078,000 | RHP Hotel Properties LP / RHP Finance Corp. REIT, 4.750%, 10/15/27 | 1,038,253 | ||
5,076,181 | ||||
Materials — 4.7% | ||||
998,000 | Celanese US Holdings LLC, 6.379%, 7/15/32 | 1,027,277 | ||
938,000 | Clearwater Paper Corp., 144a, 4.750%, 8/15/28 | 867,749 | ||
1,041,000 | INEOS Finance PLC (Luxembourg), 144a, 6.750%, 5/15/28 | 1,042,400 | ||
976,000 | Mineral Resources Ltd. (Australia), 144a, 8.000%, 11/1/27 | 998,538 | ||
1,138,000 | Novelis Corp., 144a, 4.750%, 1/30/30 | 1,055,676 | ||
4,991,640 | ||||
Information Technology — 4.6% | ||||
1,037,000 | Amkor Technology, Inc., 144a, 6.625%, 9/15/27 | 1,039,748 | ||
1,133,000 | Consensus Cloud Solutions, Inc., 144a, 6.000%, 10/15/26 | 1,105,094 | ||
448,000 | Open Text Corp. (Canada), 144a, 3.875%, 12/1/29 | 401,194 | ||
560,000 | Open Text Corp. (Canada), 144a, 3.875%, 2/15/28 | 518,351 | ||
738,000 | Seagate HDD Cayman, 8.250%, 12/15/29 | 791,505 | ||
203,000 | Zebra Technologies Corp., 144a, 6.500%, 6/1/32 | 205,552 | ||
873,000 | Ziff Davis, Inc., 144a, 4.625%, 10/15/30 | 789,381 | ||
4,850,825 | ||||
Consumer Staples — 4.3% | ||||
1,229,000 | AHP Health Partners, Inc., 144a, 5.750%, 7/15/29 | 1,167,518 | ||
699,000 | Gap, Inc. (The), 144a, 3.875%, 10/1/31 | 583,394 | ||
684,000 | QVC, Inc., 4.375%, 9/1/28 | 500,504 | ||
252,000 | QVC, Inc., 4.750%, 2/15/27 | 212,709 | ||
1,185,000 | Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 144a, 4.625%, 3/1/29 | 1,041,985 | ||
1,029,000 | Turning Point Brands, Inc., 144a, 5.625%, 2/15/26 | 1,019,735 | ||
4,525,845 | ||||
Total Corporate Bonds | $101,558,312 |
Shares | ||||
Short-Term Investment Fund — 1.9% | ||||
2,047,854 | Dreyfus Government Cash Management, Institutional Shares, 5.19%∞Ω | 2,047,854 | ||
Total Investment Securities—98.4% (Cost $107,188,354) | $103,606,166 | |||
Other Assets in Excess of Liabilities — 1.6% | 1,656,475 | |||
Net Assets — 100.0% | $105,262,641 |
(A) | Variable rate security - Rate reflected is the rate in effect as of June 30, 2024. |
(B) | Represents a payment-in-kind (“PIK”) security, which may pay interest in additional principal amounts. |
(C) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2024. |
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 June 30, 2024, these securities were valued at $79,168,439 or 75.2% 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 |
Corporate Bonds | $— | $101,558,312 | $— | $101,558,312 |
Short-Term Investment Fund | 2,047,854 | — | — | 2,047,854 |
Total | $2,047,854 | $101,558,312 | $— | $103,606,166 |
See accompanying Notes to Portfolios of Investments.
19
Portfolio of Investments
Touchstone Impact Bond Fund – June 30, 2024 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 28.1% | ||||
Financials — 9.9% | ||||
$ 4,000,000 | Bank of America Corp., 6.204%, 11/10/28 | $ 4,119,206 | ||
2,000,000 | Fifth Third Bancorp, 5.631%, 1/29/32 | 1,984,462 | ||
1,000,000 | Fifth Third Bancorp, 6.339%, 7/27/29 | 1,025,547 | ||
1,104,395 | Fishers Lane Associates LLC, 144a, 3.666%, 8/5/30 | 1,039,108 | ||
710,000 | Fishers Lane Associates LLC, 144a, 5.477%, 8/5/40 | 717,894 | ||
2,599,000 | Globe Life, Inc., 4.550%, 9/15/28 | 2,477,134 | ||
5,000,000 | JPMorgan Chase & Co., 2.580%, 4/22/32 | 4,229,361 | ||
2,400,000 | KeyBank NA, 4.150%, 8/8/25 | 2,353,544 | ||
1,500,000 | KeyCorp, 2.550%, 10/1/29 | 1,272,185 | ||
1,500,000 | Metropolitan Life Global Funding I, 144a, 3.050%, 6/17/29 | 1,361,960 | ||
2,000,000 | Metropolitan Life Global Funding I, 144a, 4.300%, 8/25/29 | 1,926,022 | ||
1,000,000 | National Rural Utilities Cooperative Finance Corp., 5.800%, 1/15/33 | 1,029,568 | ||
1,500,000 | Nationwide Mutual Insurance Co., 144a, 4.350%, 4/30/50 | 1,157,714 | ||
1,919,000 | Nationwide Mutual Insurance Co., 144a, 9.375%, 8/15/39 | 2,435,069 | ||
2,350,000 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.625%, 9/30/59 | 1,605,173 | ||
3,605,000 | Pacific Life Global Funding II, 144a, 1.375%, 4/14/26 | 3,367,063 | ||
3,500,000 | PNC Bank NA, 2.700%, 10/22/29 | 3,054,891 | ||
1,335,000 | Progressive Corp. (The), 4.200%, 3/15/48 | 1,103,799 | ||
1,274,000 | Protective Life Corp., 8.450%, 10/15/39 | 1,576,400 | ||
3,500,000 | Protective Life Global Funding, 144a, 1.170%, 7/15/25 | 3,348,733 | ||
1,075,000 | Reliance Standard Life Global Funding II, 144a, 5.243%, 2/2/26 | 1,063,455 | ||
2,610,000 | Reliance Standard Life Global Funding II, 144a, 2.750%, 1/21/27 | 2,419,793 | ||
1,700,000 | SBA Tower Trust REIT, 144a, 1.884%, 1/15/26 | 1,598,748 | ||
1,500,000 | SBA Tower Trust REIT, 144a, 2.836%, 1/15/25 | 1,473,654 | ||
2,802,000 | Teachers Insurance & Annuity Association of America, 144a, 4.900%, 9/15/44 | 2,487,493 | ||
1,100,000 | Unum Group, 7.190%, 2/1/28 | 1,141,859 | ||
2,292,000 | Unum Group, 7.250%, 3/15/28 | 2,400,898 | ||
1,405,000 | US Bancorp, 5.727%, 10/21/26 | 1,407,343 | ||
1,500,000 | US Bancorp, 5.850%, 10/21/33 | 1,526,074 | ||
56,704,150 | ||||
Utilities — 7.4% | ||||
3,600,000 | American Water Capital Corp., 2.950%, 9/1/27 | 3,371,620 | ||
2,818,788 | Atmos Energy Kansas Securitization I LLC, 5.155%, 3/1/33 | 2,814,754 | ||
3,250,000 | Avista Corp., 4.350%, 6/1/48 | 2,699,440 | ||
1,500,000 | Brazos Securitization LLC, 144a, 5.243%, 9/1/40 | 1,496,531 | ||
1,623,000 | California Water Service Co., 5.500%, 12/1/40 | 1,530,630 | ||
3,270,000 | Cleco Securitization I LLC, Ser A-2, 4.646%, 9/1/42 | 3,061,104 | ||
2,008,000 | Commonwealth Edison Co., 5.900%, 3/15/36 | 2,084,772 | ||
2,163,000 | Dominion Energy South Carolina, Inc., 4.600%, 6/15/43 | 1,885,143 | ||
1,900,000 | Duke Energy Florida Project Finance LLC, Ser 2032, 2.858%, 3/1/33 | 1,634,212 | ||
2,328,000 | Duke Energy Progress LLC, 6.300%, 4/1/38 | 2,475,719 | ||
1,500,000 | Empire District Bondco LLC, Ser A-1, 4.943%, 1/1/33 | 1,489,197 | ||
2,532,000 | Entergy Louisiana LLC, 4.440%, 1/15/26 | 2,501,754 | ||
3,000,000 | Essential Utilities, Inc., 4.276%, 5/1/49 | 2,382,752 | ||
1,642,000 | Georgia Power Co., 4.750%, 9/1/40 | 1,485,904 | ||
3,828,000 | Idaho Power Co., MTN, 5.500%, 3/15/53 | 3,668,086 | ||
3,415,000 | Kentucky Utilities Co., 5.125%, 11/1/40 | 3,223,297 | ||
2,080,000 | PG&E Wildfire Recovery Funding LLC, Ser A-5, 5.099%, 6/1/52 | 2,000,479 |
Principal Amount | Market Value | |||
Corporate Bonds — 28.1% (Continued) | ||||
Utilities — 7.4% (Continued) | ||||
$ 1,110,000 | Sierra Pacific Power Co., 2.600%, 5/1/26 | $ 1,058,589 | ||
1,740,442 | Southaven Combined Cycle Generation LLC, 3.846%, 8/15/33 | 1,583,475 | ||
42,447,458 | ||||
Industrials — 3.4% | ||||
641,637 | BNSF Railway Co. Pass-Through Trust, 144a, 3.442%, 6/16/28 | 610,298 | ||
2,355,000 | Burlington Northern Santa Fe LLC, 6.700%, 8/1/28 | 2,520,722 | ||
1,625,000 | Canadian Pacific Railway Co. (Canada), 3.125%, 6/1/26 | 1,555,883 | ||
1,500,000 | CSX Corp., 6.150%, 5/1/37 | 1,611,250 | ||
1,979,280 | FedEx Corp. Pass-Through Trust, 1.875%, 2/20/34 | 1,643,523 | ||
1,075,000 | GATX Corp., 1.900%, 6/1/31 | 862,121 | ||
2,823,000 | GATX Corp., 3.250%, 3/30/25 | 2,770,149 | ||
2,750,000 | Republic Services, Inc., 2.300%, 3/1/30 | 2,379,474 | ||
474,000 | TOTE Maritime Alaska LLC, 6.365%, 4/15/28 | 481,632 | ||
2,129,000 | Tote Shipholdings LLC, 3.400%, 10/16/40 | 1,724,906 | ||
334,057 | Union Pacific Railroad Co. 2006 Pass Through Trust, 5.866%, 7/2/30 | 336,695 | ||
1,094,869 | Union Pacific Railroad Co. 2014-1 Pass Through Trust, 3.227%, 5/14/26 | 1,056,845 | ||
2,225,000 | Waste Management, Inc., 3.900%, 3/1/35 | 1,985,261 | ||
19,538,759 | ||||
Health Care — 2.1% | ||||
3,500,000 | Banner Health, 2.480%, 1/1/32 | 2,898,755 | ||
1,077,968 | CVS Pass Through Trust Series 2013, 144a, 4.704%, 1/10/36 | 980,339 | ||
1,698,700 | CVS Pass-Through Trust, 6.036%, 12/10/28 | 1,703,119 | ||
3,405,000 | HCA, Inc., 5.250%, 4/15/25 | 3,388,632 | ||
3,955,000 | Piedmont Healthcare, Inc., 2.044%, 1/1/32 | 3,197,274 | ||
12,168,119 | ||||
Consumer Discretionary — 1.9% | ||||
3,237,896 | American Airlines 2016-3 Class AA Pass Through Trust, 3.000%, 10/15/28 | 2,978,316 | ||
483,596 | Continental Airlines 2012-2 Class A Pass Through Trust, 4.000%, 10/29/24 | 483,545 | ||
1,785,000 | PulteGroup, Inc., 7.875%, 6/15/32 | 2,045,572 | ||
2,570,000 | Smithsonian Institution, 2.645%, 9/1/39 | 1,916,396 | ||
535,819 | United Airlines, Inc. Pass-Through Trust, 2.875%, 10/7/28 | 488,436 | ||
3,000,000 | United Airlines, Inc. Pass-Through Trust, Ser 2023-1, A, 5.800%, 1/15/36 | 3,049,945 | ||
10,962,210 | ||||
Real Estate — 1.2% | ||||
2,500,000 | American Tower Corp. REIT, 3.125%, 1/15/27 | 2,368,875 | ||
3,000,000 | Crown Castle International Corp. REIT, 4.300%, 2/15/29 | 2,867,566 | ||
2,050,000 | SBA Tower Trust REIT, 144a, 1.631%, 11/15/26 | 1,862,092 | ||
7,098,533 | ||||
Communication Services — 1.0% | ||||
1,500,000 | AT&T, Inc., 4.850%, 7/15/45 | 1,331,096 | ||
1,000,000 | AT&T, Inc., 6.250%, 3/29/41 | 1,022,201 | ||
1,025,000 | Crown Castle Towers LLC, 144a, 4.241%, 7/15/28 | 975,169 | ||
1,200,000 | Verizon Communications, Inc., 2.100%, 3/22/28 | 1,079,629 | ||
1,185,000 | Verizon Communications, Inc., 4.862%, 8/21/46 | 1,078,858 | ||
5,486,953 | ||||
Consumer Staples — 0.9% | ||||
1,000,000 | Kroger Co. (The), 4.500%, 1/15/29 | 981,583 | ||
1,265,000 | Kroger Co. (The), Ser B, 7.700%, 6/1/29 | 1,397,302 |
20
Touchstone Impact Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 28.1% (Continued) | ||||
Consumer Staples — 0.9% (Continued) | ||||
$ 1,600,000 | United Rentals North America, Inc., 4.875%, 1/15/28 | $ 1,550,570 | ||
1,300,000 | United Rentals North America, Inc., 144a, 6.000%, 12/15/29 | 1,306,077 | ||
5,235,532 | ||||
Energy — 0.3% | ||||
1,405,000 | Texas Eastern Transmission LP, 7.000%, 7/15/32 | 1,535,150 | ||
Total Corporate Bonds | $161,176,864 | |||
U.S. Government Agency Obligations — 20.7% | ||||
1,786,000 | Canal Barge Co., Inc., 4.500%, 11/12/34 | 1,720,194 | ||
121,704 | Export-Import Bank of the United States, 1.581%, 11/16/24 | 120,416 | ||
1,001,474 | Reliance Industries Ltd. (India), 1.870%, 1/15/26 | 967,966 | ||
746,837 | SBA Small Business Investment Cos, Ser 2017-10A, Class 1, 2.845%, 3/10/27 | 713,702 | ||
1,169,376 | SBA Small Business Investment Cos, Ser 2017-10B, Class 1, 2.518%, 9/10/27 | 1,094,359 | ||
6,514 | Small Business Administration Participation Certificates, Ser 2004-20K, Class 1, 4.880%, 11/1/24 | 6,475 | ||
15,355 | Small Business Administration Participation Certificates, Ser 2005-20H, Class 1, 5.110%, 8/1/25 | 15,227 | ||
108,359 | Small Business Administration Participation Certificates, Ser 2006-20H, Class 1, 5.700%, 8/1/26 | 107,343 | ||
41,635 | Small Business Administration Participation Certificates, Ser 2006-20K, Class 1, 5.360%, 11/1/26 | 41,158 | ||
65,352 | Small Business Administration Participation Certificates, Ser 2006-20L, Class 1, 5.120%, 12/1/26 | 64,593 | ||
78,110 | Small Business Administration Participation Certificates, Ser 2007-20A, Class 1, 5.320%, 1/1/27 | 77,219 | ||
117,002 | Small Business Administration Participation Certificates, Ser 2007-20E, Class 1, 5.310%, 5/1/27 | 114,846 | ||
236,163 | Small Business Administration Participation Certificates, Ser 2007-20F, Class 1, 5.710%, 6/1/27 | 234,860 | ||
228,919 | Small Business Administration Participation Certificates, Ser 2007-20L, Class 1, 5.290%, 12/1/27 | 225,787 | ||
104,104 | Small Business Administration Participation Certificates, Ser 2008-20A, Class 1, 5.170%, 1/1/28 | 102,174 | ||
107,539 | Small Business Administration Participation Certificates, Ser 2008-20K, Class 1, 6.770%, 11/1/28 | 108,756 | ||
282,950 | Small Business Administration Participation Certificates, Ser 2009-20C, Class 1, 4.660%, 3/1/29 | 277,204 | ||
127,877 | Small Business Administration Participation Certificates, Ser 2009-20D, Class 1, 4.310%, 4/1/29 | 124,863 | ||
291,038 | Small Business Administration Participation Certificates, Ser 2009-20E, Class 1, 4.430%, 5/1/29 | 284,406 | ||
128,824 | Small Business Administration Participation Certificates, Ser 2009-20F, Class 1, 4.950%, 6/1/29 | 126,696 | ||
300,999 | Small Business Administration Participation Certificates, Ser 2009-20J, Class 1, 3.920%, 10/1/29 | 290,039 | ||
510,974 | Small Business Administration Participation Certificates, Ser 2010-20F, Class 1, 3.880%, 6/1/30 | 495,335 | ||
1,144,723 | Small Business Administration Participation Certificates, Ser 2010-20I, Class 1, 3.210%, 9/1/30 | 1,087,407 | ||
2,888,985 | Small Business Administration Participation Certificates, Ser 2013-20C, Class 1, 2.220%, 3/1/33 | 2,618,244 | ||
2,059,433 | Small Business Administration Participation Certificates, Ser 2013-20E, Class 1, 2.070%, 5/1/33 | 1,849,134 |
Principal Amount | Market Value | |||
U.S. Government Agency Obligations — 20.7% (Continued) | ||||
$ 1,206,626 | Small Business Administration Participation Certificates, Ser 2013-20G, Class 1, 3.150%, 7/1/33 | $ 1,126,902 | ||
1,570,320 | Small Business Administration Participation Certificates, Ser 2014-20H, Class 1, 2.880%, 8/1/34 | 1,442,810 | ||
2,308,539 | Small Business Administration Participation Certificates, Ser 2014-20I, Class 1, 2.920%, 9/1/34 | 2,122,543 | ||
2,547,756 | Small Business Administration Participation Certificates, Ser 2014-20K, Class 1, 2.800%, 11/1/34 | 2,329,358 | ||
1,419,340 | Small Business Administration Participation Certificates, Ser 2015-20I, Class 1, 2.820%, 9/1/35 | 1,294,010 | ||
2,598,400 | Small Business Administration Participation Certificates, Ser 2016-20A, Class 1, 2.780%, 1/1/36 | 2,373,598 | ||
2,300,666 | Small Business Administration Participation Certificates, Ser 2016-20B, Class 1, 2.270%, 2/1/36 | 2,025,319 | ||
2,397,612 | Small Business Administration Participation Certificates, Ser 2016-20E, Class 1, 2.270%, 5/1/36 | 2,097,377 | ||
2,469,319 | Small Business Administration Participation Certificates, Ser 2016-20F, Class 1, 2.180%, 6/1/36 | 2,176,163 | ||
3,887,951 | Small Business Administration Participation Certificates, Ser 2016-20L, Class 1, 2.810%, 12/1/36 | 3,506,508 | ||
2,938,014 | Small Business Administration Participation Certificates, Ser 2017-20E, Class 1, 2.880%, 5/1/37 | 2,653,638 | ||
2,914,313 | Small Business Administration Participation Certificates, Ser 2017-20F, Class 1, 2.810%, 6/1/37 | 2,619,952 | ||
3,259,351 | Small Business Administration Participation Certificates, Ser 2017-20K, Class 1, 2.790%, 11/1/37 | 2,923,425 | ||
1,578,152 | Small Business Administration Participation Certificates, Ser 2017-20L, Class 1, 2.780%, 12/1/37 | 1,418,520 | ||
3,631,370 | Small Business Administration Participation Certificates, Ser 2018-20A, Class 1, 2.920%, 1/1/38 | 3,287,601 | ||
3,701,457 | Small Business Administration Participation Certificates, Ser 2018-20C, Class 1, 3.200%, 3/1/38 | 3,399,105 | ||
2,883,008 | Small Business Administration Participation Certificates, Ser 2018-20K, Class 1, 3.870%, 11/1/38 | 2,678,717 | ||
1,546,336 | Small Business Administration Participation Certificates, Ser 2018-25D, Class 1, 3.890%, 10/1/43 | 1,426,274 | ||
1,826,482 | Small Business Administration Participation Certificates, Ser 2019-25B, Class 1, 3.450%, 2/1/44 | 1,640,693 | ||
2,210,497 | Small Business Administration Participation Certificates, Ser 2019-25E, Class 1, 3.070%, 5/1/44 | 1,948,212 | ||
3,343,324 | Small Business Administration Participation Certificates, Ser 2020-25I, Class 1, 1.150%, 9/1/45 | 2,588,832 | ||
3,166,823 | Small Business Administration Participation Certificates, Ser 2022-25C, Class 1, 2.750%, 3/1/47 | 2,699,383 | ||
2,252,247 | Small Business Administration Participation Certificates, Ser 2022-25D, Class 1, 3.500%, 4/1/47 | 2,019,881 | ||
3,095,138 | Small Business Administration Participation Certificates, Ser 2022-25G, Class 1, 3.930%, 7/1/47 | 2,872,480 | ||
3,808,263 | Small Business Administration Participation Certificates, Ser 2022-25H, Class 1, 3.800%, 8/1/47 | 3,531,754 | ||
9,209,578 | Small Business Administration Participation Certificates, Ser 2022-25I, Class 1, 4.260%, 9/1/47 | 8,692,255 | ||
4,793,244 | Small Business Administration Participation Certificates, Ser 2023-10A, Class 1, 5.168%, 3/10/33 | 4,798,495 | ||
2,389,250 | Small Business Administration Participation Certificates, Ser 2023-20E, Class 1, 4.600%, 5/1/43 | 2,311,403 |
21
Touchstone Impact Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
U.S. Government Agency Obligations — 20.7% (Continued) | ||||
$ 1,939,301 | Small Business Administration Participation Certificates, Ser 2023-25C, Class 1, 4.930%, 3/1/48 | $ 1,920,019 | ||
5,821,465 | Small Business Administration Participation Certificates, Ser 2023-25F, Class 1, 4.930%, 6/1/48 | 5,762,511 | ||
2,575,000 | Small Business Administration Participation Certificates, Ser 2024-10A, Class 1, 5.035%, 3/10/34 | 2,563,306 | ||
6,000,000 | Small Business Administration Participation Certificates, Ser 2024-25A, Class 1, 5.050%, 1/1/49 | 5,972,212 | ||
5,500,000 | Small Business Administration Participation Certificates, Ser 2024-25B, Class 1, 5.070%, 2/1/49 | 5,507,103 | ||
2,146,661 | United States International Development Finance Corp., 1.870%, 11/20/37 | 1,738,730 | ||
5,009,686 | United States of America Executive Branch, Ser 2021-25L, Class 1, 1.850%, 12/1/46 | 4,060,662 | ||
1,793,994 | United States Small Business Administration, Ser 2019-20A, Class 1, 3.370%, 1/1/39 | 1,642,652 | ||
2,643,000 | Vessel Management Services, Inc., 5.125%, 4/16/35 | 2,661,885 | ||
Total U.S. Government Agency Obligations | $118,702,691 | |||
U.S. Government Mortgage-Backed Obligations — 17.0% | ||||
1,061,272 | FHLMC, Pool #SD8186, 3.500%, 11/1/51 | 948,293 | ||
5,602,884 | FHLMC, Pool #SD8257, 4.500%, 10/1/52 | 5,295,244 | ||
283,985 | FHLMC, Pool #W30008, 7.645%, 5/1/25 | 284,485 | ||
3,358,000 | FHLMC, Pool #WN2314, 4.650%, 1/1/33 | 3,258,984 | ||
5,499,333 | FHLMC REMIC, Pool #RA8086, 5.000%, 10/1/52 | 5,346,866 | ||
2,761,865 | FHLMC REMIC, Pool #SD8256, 4.000%, 10/1/52 | 2,531,751 | ||
2,000,000 | FHLMC REMIC, Pool #WN2381, 4.450%, 4/1/30 | 1,955,250 | ||
517,252 | FNMA, Pool #888829, 5.888%, 6/1/37(A)(B) | 515,253 | ||
419,661 | FNMA, Pool #AH8854, 4.500%, 4/1/41 | 408,304 | ||
4,000,000 | FNMA, Pool #AM9682, 3.810%, 8/1/45 | 3,410,639 | ||
2,791,235 | FNMA, Pool #AN0897, 3.440%, 2/1/32 | 2,566,410 | ||
1,438,849 | FNMA, Pool #AN6828, 3.060%, 9/1/32 | 1,342,945 | ||
3,000,000 | FNMA, Pool #AN8089, 3.330%, 1/1/38 | 2,510,885 | ||
138,331 | FNMA, Pool #AT0924, 2.000%, 3/1/28 | 130,074 | ||
3,860,363 | FNMA, Pool #BL3622, 2.600%, 8/1/26 | 3,659,505 | ||
3,421,015 | FNMA, Pool #BS5630, 3.790%, 11/1/32 | 3,193,816 | ||
2,991,870 | FNMA, Pool #BZ0544, 5.380%, 12/1/31 | 3,050,111 | ||
3,011,372 | FNMA, Pool #CB0455, 2.500%, 5/1/51 | 2,480,583 | ||
1,381,112 | FNMA, Pool #FM3442, 3.000%, 6/1/50 | 1,193,397 | ||
7,230,299 | FNMA, Pool #FS1887, 3.000%, 5/1/47 | 6,245,191 | ||
2,997,077 | FNMA, Pool #FS7798, 6.000%, 6/1/54 | 3,018,284 | ||
3,614,253 | FNMA, Pool #MA4269, 2.500%, 2/1/41 | 3,156,780 | ||
1,283,132 | FNMA, Pool #MA4416, 3.500%, 9/1/51 | 1,145,493 | ||
3,394,232 | FNMA, Pool #MA4624, 3.000%, 6/1/52 | 2,896,949 | ||
5,365,942 | FNMA, Pool #MA4654, 3.500%, 7/1/52 | 4,761,763 | ||
4,647,956 | FNMA, Pool #MA4709, 5.000%, 7/1/52 | 4,511,084 | ||
5,736,521 | FNMA, Pool #MA4783, 4.000%, 10/1/52 | 5,258,798 | ||
5,782,598 | FNMA, Pool #MA4784, 4.500%, 10/1/52 | 5,468,633 | ||
4,994,737 | FNMA, Pool #MA5073, 6.000%, 7/1/53 | 5,017,521 | ||
2,496,887 | FNMA, Pool #MA5106, 5.000%, 8/1/53 | 2,418,339 | ||
3,719,703 | FNMA, Pool #MA5107, 5.500%, 8/1/53 | 3,673,597 | ||
5,905,867 | GNMA, Pool #MA9171, 5.500%, 9/20/53 | 5,869,251 | ||
Total U.S. Government Mortgage-Backed Obligations | $97,524,478 | |||
Agency Collateralized Mortgage Obligations — 9.0% | ||||
2,283,725 | Fannie Mae-Aces, Ser 2017-M15, Class ATS2, 3.205%, 11/25/27(A)(B) | 2,178,082 | ||
3,325,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1511, Class A3, 3.542%, 3/25/34 | 2,980,341 | ||
1,650,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser KSG2, Class A2, 2.091%, 11/25/31(A)(B) | 1,379,890 |
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 9.0% (Continued) | ||||
$ 527,633 | FHLMC Multifamily Structured Pass Through Certificates, Ser KW03, Class A1, 2.617%, 12/25/26 | $ 511,403 | ||
3,060,000 | FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1513, Class A3, 2.797%, 8/25/34 | 2,573,909 | ||
6,075,000 | Freddie Mac Multiclass Certificates Series, Ser 2024-P015, Class A, 4.306%, 1/25/33(A)(B) | 5,795,506 | ||
2,615,000 | FREMF Mortgage Trust, Ser 2014-K40, Class B, 144a, 4.184%, 11/25/47(A)(B) | 2,596,187 | ||
2,000,000 | FREMF Mortgage Trust, Ser 2014-K41, Class B, 144a, 3.965%, 11/25/47(A)(B) | 1,980,919 | ||
2,600,000 | FREMF Mortgage Trust, Ser 2015-K49, Class B, 144a, 3.849%, 10/25/48(A)(B) | 2,540,217 | ||
2,450,000 | FREMF Mortgage Trust, Ser 2017-K61, Class B, 144a, 3.822%, 12/25/49(A)(B) | 2,339,251 | ||
750,000 | FREMF Mortgage Trust, Ser 2018-K74, Class B, 144a, 4.230%, 2/25/51(A)(B) | 713,587 | ||
649,004 | FRESB Mortgage Trust, Ser 2015-SB9, Class A5, (SOFR30A + 0.814%), 6.139%, 11/25/35(A) | 640,740 | ||
92,595 | FRESB Mortgage Trust, Ser 2016-SB17, Class A5H, (SOFR30A + 0.814%), 6.139%, 5/25/36(A) | 92,183 | ||
398,978 | FRESB Mortgage Trust, Ser 2017-SB27, Class A10F, 3.090%, 1/25/27(A)(B) | 386,431 | ||
2,073,280 | FRESB Mortgage Trust, Ser 2018-SB46, Class A10F, 3.300%, 12/25/27(A)(B) | 1,977,286 | ||
2,353,973 | FRESB Mortgage Trust, Ser 2018-SB54, Class A10F, 3.520%, 5/25/28(A)(B) | 2,233,121 | ||
2,635,839 | FRESB Mortgage Trust, Ser 2018-SB55, Class A10F, 3.770%, 9/25/28(A)(B) | 2,525,593 | ||
700,228 | GNMA, Pool #785631, 4.655%, 5/20/67(A)(B) | 687,206 | ||
397,939 | GNMA, Ser 2012-46, Class C, 3.176%, 5/16/50(A)(B) | 388,150 | ||
795,424 | GNMA, Ser 2013-121, Class AB, 2.952%, 8/16/44(A)(B) | 731,109 | ||
146,770 | GNMA, Ser 2013-40, Class AC, 1.584%, 1/16/46 | 139,551 | ||
17,845 | GNMA, Ser 2013-59, Class A, 1.750%, 7/16/45 | 16,436 | ||
2,540,000 | GNMA, Ser 2015-32, Class HG, 3.000%, 9/16/49(A)(B) | 2,036,478 | ||
376,305 | GNMA, Ser 2015-37, Class AD, 2.600%, 11/16/55 | 348,506 | ||
1,303,687 | GNMA, Ser 2015-73, Class B, 2.700%, 10/16/55(A)(B) | 1,164,689 | ||
815,550 | GNMA, Ser 2017-46, Class AB, 2.600%, 1/16/52 | 686,165 | ||
823,700 | GNMA, Ser 2017-H11, Class FV, (TSFR1M + 0.614%), 5.937%, 5/20/67(A) | 822,525 | ||
754,912 | GNMA, Ser 2019-H15, Class GA, 2.250%, 8/20/69 | 720,738 | ||
3,772,985 | GNMA, Ser 2020-113, Class AF, 2.000%, 10/1/62 | 2,613,800 | ||
4,763,378 | GNMA, Ser 2020-118, Class AB, 2.250%, 4/16/62 | 3,783,211 | ||
2,189,739 | GNMA, Ser 2021-21, Class AF, 1.750%, 6/16/63 | 1,531,245 | ||
3,619,653 | GNMA, Ser 2021-22, Class AD, 1.350%, 10/16/62 | 2,671,799 | ||
Total Agency Collateralized Mortgage Obligations | $51,786,254 | |||
Asset-Backed Securities — 7.0% | ||||
1,823,826 | 321 Henderson Receivables I LLC, Ser 2012-1A, Class A, 144a, 4.210%, 2/16/65 | 1,694,638 | ||
908,658 | 321 Henderson Receivables I LLC, Ser 2012-2A, Class A, 144a, 3.840%, 10/15/59 | 827,428 | ||
2,779,668 | 321 Henderson Receivables I LLC, Ser 2015-2A, Class A, 144a, 3.870%, 3/15/58 | 2,511,625 | ||
2,301,457 | CF Hippolyta Issuer LLC, Ser 2021-1A, Class A1, 144a, 1.530%, 3/15/61 | 2,108,021 | ||
3,126,966 | JG Wentworth XLII LLC, Ser 2018-2A, Class A, 144a, 3.960%, 10/15/75 | 2,852,013 | ||
1,433,117 | JGWPT XXVII LLC, Ser 2012-3A, Class A, 144a, 3.220%, 9/15/65 | 1,279,214 | ||
1,314,312 | JGWPT XXXI LLC, Ser 2014-1A, Class A, 144a, 3.960%, 3/15/63 | 1,203,407 | ||
1,066,452 | JGWPT XXXIV LLC, Ser 2015-1A, Class A, 144a, 3.260%, 9/15/72 | 926,258 |
22
Touchstone Impact Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Asset-Backed Securities — 7.0% (Continued) | ||||
$ 4,445,000 | Louisiana Local Government Environmental Fac. & Community Development Auth, Revenue, Ser 2022-ELL, Class A2, 4.145%, 2/1/33 | $ 4,256,848 | ||
837,474 | Oklahoma Development Finance Auth., Ser 2022-ONG, Class A1, 3.877%, 5/1/37 | 798,743 | ||
3,974,271 | Small Business Administration Participation Certificates, Ser 2021-10B, Class 1, 1.304%, 9/10/31 | 3,369,545 | ||
4,795,423 | Small Business Administration Participation Certificates, Ser 2021-25I, Class 1, 1.560%, 9/1/46 | 3,831,120 | ||
2,441,354 | Small Business Administration Participation Certificates, Ser 2023-10B, Class 1, 5.688%, 9/10/33 | 2,499,570 | ||
3,563,462 | Small Business Administration Participation Certificates, Ser 2023-25G, Class 1, 5.180%, 7/1/48 | 3,585,887 | ||
2,963,672 | Small Business Administration Participation Certificates, Ser 2023-25H, Class 1, 5.150%, 8/1/48 | 2,980,160 | ||
478,033 | Sunnova Hestia I Issuer LLC, Ser 2023-GRID1, Class 1A, 144a, 5.750%, 12/20/50 | 481,355 | ||
2,825,000 | Sunnova Hestia II Issuer LLC, Ser 2024-GRID1, Class 1A, 144a, 5.630%, 7/20/51 | 2,827,311 | ||
1,799,207 | Tesla Auto Lease Trust, Ser 2023-A, Class A2, 144a, 5.860%, 8/20/25 | 1,800,283 | ||
Total Asset-Backed Securities | $39,833,426 | |||
U.S. Treasury Obligations — 6.9% | ||||
9,300,000 | U.S. Treasury Bond, 1.875%, 2/15/51 | 5,469,563 | ||
18,140,000 | U.S. Treasury Bond, 2.875%, 5/15/52 | 13,381,793 | ||
4,300,000 | U.S. Treasury Note, 4.000%, 10/31/29 | 4,230,125 | ||
21,540,000 | U.S. Treasury Strip, Principal, 5/15/43(C) | 9,043,336 | ||
19,894,000 | U.S. Treasury Strip, Principal, 5/15/45(C) | 7,604,744 | ||
Total U.S. Treasury Obligations | $39,729,561 | |||
Municipal Bonds — 6.3% | ||||
California — 2.5% | ||||
1,000,000 | California Health Facilities Financing Authority, 2.704%, 6/1/30 | 892,031 | ||
2,000,000 | California Health Facilities Financing Authority, 2.229%, 6/1/32 | 1,649,866 | ||
875,000 | California Health Facilities Financing Authority, 4.140%, 6/1/34 | 812,789 | ||
1,545,000 | California Municipal Finance Authority, Revenue, 2.519%, 10/1/35 | 1,124,768 | ||
1,465,000 | City of San Francisco Public Utilities Commission Water Revenue, Build America Bonds, 6.950%, 11/1/50 | 1,652,579 | ||
2,345,000 | East Bay Municipal Utility District Water System Revenue, Build America Bonds Sub, 5.874%, 6/1/40 | 2,444,863 | ||
2,675,000 | State of California, Build America Bonds, UTGO, 7.300%, 10/1/39 | 3,060,307 | ||
2,540,000 | Tuolumne Wind Project Auth., Build America Bonds, Revenue, 6.918%, 1/1/34 | 2,750,880 | ||
14,388,083 | ||||
Texas — 0.9% | ||||
1,770,000 | Dallas Area Rapid Transit, Revenue, Build America Bonds, 5.999%, 12/1/44 | 1,834,715 | ||
2,640,000 | Texas Department of Transportation State Highway Fund, Build America Bonds, Revenue, 5.178%, 4/1/30 | 2,642,447 | ||
1,281,000 | Travis County Housing Finance Corp, Revenue, 2.550%, 7/1/42 | 838,918 | ||
5,316,080 | ||||
Oklahoma — 0.5% | ||||
3,000,000 | Oklahoma Development Finance Auth., Revenue, 5.087%, 2/1/52 | 2,948,178 |
Principal Amount | Market Value | |||
Municipal Bonds — 6.3% (Continued) | ||||
Indiana — 0.5% | ||||
$ 2,750,000 | Indianapolis Local Public Improvement Bond Bank, Build America Bonds, 6.116%, 1/15/40 | $ 2,884,781 | ||
Virginia — 0.5% | ||||
966,223 | Virginia Housing Development Authority, 2.950%, 10/25/49 | 845,461 | ||
2,410,309 | Virginia Housing Development Authority, 2.125%, 7/25/51 | 1,849,308 | ||
2,694,769 | ||||
New York — 0.4% | ||||
1,135,000 | Port Authority of New York & New Jersey, 4.960%, 8/1/46 | 1,088,279 | ||
1,400,000 | Port Authority of New York and New Jersey, Cons One Hundred Sixty-Eight, 4.926%, 10/1/51 | 1,337,734 | ||
2,426,013 | ||||
Minnesota — 0.4% | ||||
3,230,351 | Minnesota Housing Finance Agency, Revenue, 1.580%, 2/1/51 | 2,425,477 | ||
Nevada — 0.3% | ||||
1,721,723 | Nevada Housing Division, Revenue, 1.900%, 11/1/44 | 1,550,953 | ||
Ohio — 0.2% | ||||
1,388,000 | Ohio State HFA, Revenue, 2.650%, 11/1/41 | 1,177,465 | ||
Louisiana — 0.1% | ||||
505,903 | Louisiana Housing Corp., 2.875%, 11/1/38 | 435,827 | ||
Total Municipal Bonds | $36,247,626 | |||
Commercial Mortgage-Backed Securities — 3.9% | ||||
17,585 | CD Mortgage Trust, Ser 2006-CD3, Class AJ, 5.688%, 10/15/48 | 15,970 | ||
2,979,161 | Citigroup Commercial Mortgage Trust, Ser 2020-555, Class A, 144a, 2.647%, 12/10/41 | 2,531,832 | ||
2,300,000 | COMM Mortgage Trust, Ser 2020-SBX, Class A, 144a, 1.670%, 1/10/38 | 2,095,808 | ||
2,440,000 | DOLP Trust, Ser 2021-NYC, Class A, 144a, 2.956%, 5/10/41 | 2,033,058 | ||
3,550,000 | FREMF Mortgage Trust, Ser 2015-K45, Class B, 144a, 3.723%, 4/25/48(A)(B) | 3,494,598 | ||
500,000 | FREMF Mortgage Trust, Ser 2015-K48, Class B, 144a, 3.771%, 8/25/48(A)(B) | 488,515 | ||
2,500,000 | FREMF Mortgage Trust, Ser 2015-K50, Class B, 144a, 3.906%, 10/25/48(A)(B) | 2,443,105 | ||
245,000 | FREMF Mortgage Trust, Ser 2015-K51, Class B, 144a, 4.086%, 10/25/48(A)(B) | 239,169 | ||
1,725,000 | FREMF Mortgage Trust, Ser 2016-K52, Class B, 144a, 4.068%, 1/25/49(A)(B) | 1,678,012 | ||
1,450,000 | FREMF Mortgage Trust, Ser 2017-K65, Class B, 144a, 4.221%, 7/25/50(A)(B) | 1,394,141 | ||
2,482,874 | Logistics 1 MI TN VA Senior Notes CTL Pass-Through Trust, 144a, 2.654%, 10/10/42 | 1,972,409 | ||
2,550,000 | MKT Mortgage Trust, Ser 2020-525M, Class A, 144a, 2.694%, 2/12/40 | 2,056,524 | ||
2,185,000 | SLG Office Trust, Ser 2021-OVA, Class A, 144a, 2.585%, 7/15/41 | 1,784,400 | ||
Total Commercial Mortgage-Backed Securities | $22,227,541 | |||
Non-Agency Collateralized Mortgage Obligations — 0.1% | ||||
392,271 | Virginia Housing Development Auth., Revenue, Ser 2013-B, Class A, 2.750%, 4/25/42 | 331,502 |
23
Touchstone Impact Bond Fund (Unaudited) (Continued)
Shares | MarketValue | |||
Short-Term Investment Fund — 0.2% | ||||
944,000 | Dreyfus Government Cash Management, Institutional Shares, 5.19%∞Ω | $ 944,000 | ||
Total Investment Securities—99.2% (Cost $620,976,073) | $568,503,943 | |||
Other Assets in Excess of Liabilities — 0.8% | 4,637,443 | |||
Net Assets — 100.0% | $573,141,386 |
(A) | Variable rate security - Rate reflected is the rate in effect as of June 30, 2024. |
(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) | Strip Security- Separate trading of Registered Interest and Principal. Holders of a principal strip security are entitled to the portion of the payment representing principal only. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2024. |
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 |
REMIC – Real Estate Mortgage Investment Conduit |
SOFR30A – Secured Overnight Financing Rate 30 Day Average |
TSFR1M – One 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 June 30, 2024, these securities were valued at $84,125,670 or 14.7% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $— | $161,176,864 | $— | $161,176,864 |
U.S. Government Agency Obligations | — | 118,702,691 | — | 118,702,691 |
U.S. Government Mortgage-Backed Obligations | — | 97,524,478 | — | 97,524,478 |
Agency Collateralized Mortgage Obligations | — | 51,786,254 | — | 51,786,254 |
Asset-Backed Securities | — | 39,833,426 | — | 39,833,426 |
U.S. Treasury Obligations | — | 39,729,561 | — | 39,729,561 |
Municipal Bonds | — | 36,247,626 | — | 36,247,626 |
Commercial Mortgage-Backed Securities | — | 22,227,541 | — | 22,227,541 |
Non-Agency Collateralized Mortgage Obligations | — | 331,502 | — | 331,502 |
Short-Term Investment Fund | 944,000 | — | — | 944,000 |
Total | $944,000 | $567,559,943 | $— | $568,503,943 |
See accompanying Notes to Portfolios of Investments.
24
Portfolio of Investments
Touchstone Mid Cap Fund – June 30, 2024 (Unaudited)
Shares | Market Value | |||
Common Stocks — 98.3% | ||||
Industrials — 25.7% | ||||
2,450,813 | AerCap Holdings N.V. (Ireland) | $ 228,415,772 | ||
2,351,337 | Allison Transmission Holdings, Inc. | 178,466,478 | ||
1,835,377 | Armstrong World Industries, Inc. | 207,838,091 | ||
3,379,979 | Copart, Inc. * | 183,059,663 | ||
354,723 | Lennox International, Inc. | 189,769,711 | ||
646,044 | Old Dominion Freight Line, Inc. | 114,091,370 | ||
2,064,389 | Otis Worldwide Corp. | 198,718,085 | ||
700,154 | UniFirst Corp. | 120,097,416 | ||
1,420,456,586 | ||||
Information Technology — 14.7% | ||||
2,925,234 | Amphenol Corp. - Class A | 197,073,015 | ||
2,235,465 | Entegris, Inc. | 302,681,961 | ||
1,027,002 | Keysight Technologies, Inc.* | 140,442,523 | ||
1,659,382 | Skyworks Solutions, Inc. | 176,856,934 | ||
817,054,433 | ||||
Consumer Discretionary — 12.5% | ||||
1,463,710 | CarMax, Inc.* | 107,348,491 | ||
1,574,117 | Churchill Downs, Inc. | 219,746,733 | ||
1,887,847 | Hasbro, Inc. | 110,439,050 | ||
494,098 | Pool Corp. | 151,851,138 | ||
2,173,156 | Tempur Sealy International, Inc. | 102,877,205 | ||
692,262,617 | ||||
Financials — 11.7% | ||||
1,005,686 | Cincinnati Financial Corp. | 118,771,517 | ||
2,689,663 | Fidelity National Information Services, Inc. | 202,693,004 | ||
1,092,590 | M&T Bank Corp. | 165,374,422 | ||
2,804,989 | Moelis & Co. - Class A | 159,491,674 | ||
646,330,617 | ||||
Consumer Staples — 10.7% | ||||
1,218,301 | BellRing Brands, Inc.* | 69,613,719 | ||
1,339,639 | Brown-Forman Corp. - Class B | 57,859,008 | ||
1,230,326 | Dollar Tree, Inc.* | 131,361,907 | ||
1,839,203 | Lamb Weston Holdings, Inc. | 154,640,188 | ||
1,714,585 | Post Holdings, Inc.* | 178,591,174 | ||
592,065,996 | ||||
Materials — 10.1% | ||||
1,019,350 | AptarGroup, Inc. | 143,534,673 | ||
1,735,901 | Ball Corp. | 104,188,778 | ||
255,247 | NewMarket Corp. | 131,597,696 | ||
719,831 | Vulcan Materials Co. | 179,007,573 | ||
558,328,720 |
Shares | Market Value | |||
Common Stocks — 98.3% (Continued) | ||||
Health Care — 7.5% | ||||
1,716,225 | Bruker Corp. | $ 109,512,317 | ||
829,144 | STERIS PLC | 182,030,274 | ||
433,975 | Waters Corp.* | 125,904,827 | ||
417,447,418 | ||||
Real Estate — 5.4% | ||||
1,627,681 | CBRE Group, Inc. - Class A* | 145,042,654 | ||
1,570,291 | Crown Castle, Inc. REIT | 153,417,431 | ||
298,460,085 | ||||
Total Common Stocks | $5,442,406,472 | |||
Short-Term Investment Fund — 1.8% | ||||
97,368,019 | Dreyfus Government Cash Management, Institutional Shares, 5.19%∞Ω | 97,368,019 | ||
Total Investment Securities—100.1% (Cost $4,229,505,009) | $5,539,774,491 | |||
Liabilities in Excess of Other Assets — (0.1%) | (5,204,929) | |||
Net Assets — 100.0% | $5,534,569,562 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2024. |
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 | $5,442,406,472 | $— | $— | $5,442,406,472 |
Short-Term Investment Fund | 97,368,019 | — | — | 97,368,019 |
Total | $5,539,774,491 | $— | $— | $5,539,774,491 |
See accompanying Notes to Portfolios of Investments.
25
Portfolio of Investments
Touchstone Mid Cap Value Fund – June 30, 2024 (Unaudited)
Shares | Market Value | |||
Common Stocks — 99.3% | ||||
Industrials — 19.6% | ||||
143,964 | AerCap Holdings N.V. (Ireland) | $ 13,417,445 | ||
102,742 | Clean Harbors, Inc.* | 23,235,103 | ||
62,251 | Dover Corp. | 11,233,193 | ||
241,737 | Genpact Ltd. | 7,781,514 | ||
94,732 | Hexcel Corp. | 5,916,013 | ||
35,914 | L3Harris Technologies, Inc. | 8,065,566 | ||
132,797 | Leidos Holdings, Inc. | 19,372,426 | ||
20,467 | Parker-Hannifin Corp. | 10,352,413 | ||
123,884 | Regal Rexnord Corp. | 16,751,595 | ||
41,504 | Snap-on, Inc. | 10,848,731 | ||
90,336 | WESCO International, Inc. | 14,320,063 | ||
62,414 | Westinghouse Air Brake Technologies Corp. | 9,864,533 | ||
151,158,595 | ||||
Financials — 17.0% | ||||
185,791 | American International Group, Inc. | 13,793,124 | ||
37,967 | Ameriprise Financial, Inc. | 16,219,123 | ||
288,927 | Chimera Investment Corp. REIT | 3,698,270 | ||
95,456 | Discover Financial Services | 12,486,599 | ||
792,640 | First Horizon Corp. | 12,499,933 | ||
118,613 | Global Payments, Inc. | 11,469,877 | ||
92,196 | Pinnacle Financial Partners, Inc. | 7,379,368 | ||
73,254 | Reinsurance Group of America, Inc. | 15,036,848 | ||
123,047 | The Allstate Corp. | 19,645,684 | ||
156,422 | Webster Financial Corp. | 6,818,435 | ||
45,255 | Willis Towers Watson PLC | 11,863,146 | ||
130,910,407 | ||||
Health Care — 10.3% | ||||
59,352 | Cencora, Inc. | 13,372,006 | ||
195,188 | Encompass Health Corp. | 16,745,179 | ||
228,599 | Envista Holdings Corp.* | 3,801,601 | ||
133,090 | Hologic, Inc.* | 9,881,932 | ||
37,194 | Humana, Inc. | 13,897,538 | ||
61,661 | Labcorp Holdings, Inc.* | 12,548,630 | ||
88,101 | Zimmer Biomet Holdings, Inc. | 9,561,602 | ||
79,808,488 | ||||
Consumer Staples — 10.1% | ||||
20,816 | Casey's General Stores, Inc. | 7,942,553 | ||
38,910 | Constellation Brands, Inc. - Class A | 10,010,765 | ||
250,897 | Darling Ingredients, Inc.* | 9,220,464 | ||
65,992 | Dollar Tree, Inc.* | 7,045,966 | ||
93,507 | Ingredion, Inc. | 10,725,253 | ||
116,311 | Lamb Weston Holdings, Inc. | 9,779,429 | ||
241,981 | TreeHouse Foods, Inc.* | 8,866,184 | ||
249,227 | Tyson Foods, Inc. - Class A | 14,240,831 | ||
77,831,445 | ||||
Consumer Discretionary — 9.6% | ||||
43,128 | Advance Auto Parts, Inc. | 2,731,296 | ||
227,317 | Aramark | 7,733,324 | ||
158,853 | BorgWarner, Inc. | 5,121,421 | ||
69,059 | Carter's, Inc. | 4,279,586 | ||
113,403 | Columbia Sportswear Co. | 8,967,909 | ||
275,626 | Gentex Corp. | 9,291,352 | ||
162,087 | Hasbro, Inc. | 9,482,090 | ||
367,444 | LKQ Corp. | 15,281,996 | ||
257,214 | Valvoline, Inc.* | 11,111,645 | ||
74,000,619 | ||||
Utilities — 8.5% | ||||
373,564 | CenterPoint Energy, Inc. | 11,573,013 | ||
107,256 | DTE Energy Co. | 11,906,489 |
Shares | Market Value | |||
Common Stocks — 99.3% (Continued) | ||||
Utilities — 8.5% (Continued) | ||||
121,660 | Entergy Corp. | $ 13,017,620 | ||
137,021 | Evergy, Inc. | 7,258,002 | ||
415,742 | NiSource, Inc. | 11,977,527 | ||
130,876 | WEC Energy Group, Inc. | 10,268,531 | ||
66,001,182 | ||||
Information Technology — 7.5% | ||||
117,497 | Akamai Technologies, Inc.* | 10,584,130 | ||
54,858 | F5 Networks, Inc.* | 9,448,193 | ||
80,915 | Keysight Technologies, Inc.* | 11,065,126 | ||
69,059 | PTC, Inc.* | 12,545,949 | ||
123,263 | Qorvo, Inc.* | 14,303,438 | ||
57,946,836 | ||||
Energy — 6.4% | ||||
344,045 | ChampionX Corp. | 11,425,734 | ||
387,665 | Coterra Energy, Inc. | 10,339,025 | ||
57,105 | Diamondback Energy, Inc. | 11,431,850 | ||
667,450 | Permian Resources Corp. | 10,779,317 | ||
36,196 | Valero Energy Corp. | 5,674,085 | ||
49,650,011 | ||||
Materials — 6.1% | ||||
1,044,081 | Arcadium Lithium PLC (Jersey)* | 3,508,112 | ||
310,174 | Axalta Coating Systems Ltd.* | 10,598,646 | ||
139,010 | Berry Global Group, Inc. | 8,180,738 | ||
197,381 | FMC Corp. | 11,359,277 | ||
105,877 | International Flavors & Fragrances, Inc. | 10,080,549 | ||
49,176 | Scotts Miracle-Gro Co. (The) | 3,199,391 | ||
46,926,713 | ||||
Real Estate — 4.2% | ||||
132,337 | Agree Realty Corp. REIT | 8,196,954 | ||
86,532 | Alexandria Real Estate Equities, Inc. REIT | 10,121,648 | ||
33,029 | Essex Property Trust, Inc. REIT | 8,990,494 | ||
264,164 | Host Hotels & Resorts, Inc. REIT | 4,749,668 | ||
32,058,764 | ||||
Total Common Stocks | $766,293,060 | |||
Short-Term Investment Fund — 0.7% | ||||
5,064,343 | Dreyfus Government Cash Management, Institutional Shares, 5.19%∞Ω | 5,064,343 | ||
Total Investment Securities—100.0% (Cost $620,603,169) | $771,357,403 | |||
Other Assets in Excess of Liabilities — 0.0% | 268,924 | |||
Net Assets — 100.0% | $771,626,327 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2024. |
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 | $766,293,060 | $— | $— | $766,293,060 |
Short-Term Investment Fund | 5,064,343 | — | — | 5,064,343 |
Total | $771,357,403 | $— | $— | $771,357,403 |
See accompanying Notes to Portfolios of Investments.
27
Portfolio of Investments
Touchstone Sands Capital International Growth Equity Fund – June 30, 2024 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.0% | ||||
Japan — 14.0% | ||||
Industrials — 6.3% | ||||
76,200 | Recruit Holdings Co. Ltd. | $ 4,100,106 | ||
4,700 | SMC Corp. | 2,239,348 | ||
Information Technology — 7.7% | ||||
10,300 | Keyence Corp. | 4,508,086 | ||
14,600 | Lasertec Corp. | 3,277,413 | ||
Total Japan | 14,124,953 | |||
Netherlands — 12.6% | ||||
Financials — 3.4% | ||||
2,910 | Adyen NV, 144a* | 3,456,137 | ||
Industrials — 2.6% | ||||
18,530 | IMCD NV | 2,554,313 | ||
Information Technology — 6.6% | ||||
6,521 | ASML Holding NV | 6,669,222 | ||
Total Netherlands | 12,679,672 | |||
Switzerland — 9.7% | ||||
Health Care — 2.6% | ||||
4,798 | Lonza Group AG | 2,612,055 | ||
Industrials — 3.8% | ||||
6,861 | VAT Group AG, 144a | 3,874,112 | ||
Materials — 3.3% | ||||
11,611 | Sika AG | 3,314,473 | ||
Total Switzerland | 9,800,640 | |||
Canada — 8.4% | ||||
Consumer Discretionary — 1.5% | ||||
16,614 | Dollarama, Inc. | 1,516,944 | ||
Information Technology — 6.9% | ||||
1,301 | Constellation Software, Inc. | 3,748,683 | ||
48,419 | Shopify, Inc. - Class A* | 3,198,075 | ||
Total Canada | 8,463,702 | |||
Brazil — 7.9% | ||||
Consumer Discretionary — 5.4% | ||||
3,299 | MercadoLibre, Inc.* | 5,421,576 | ||
Industrials — 2.5% | ||||
340,200 | WEG SA | 2,564,539 | ||
Total Brazil | 7,986,115 | |||
India — 7.8% | ||||
Consumer Discretionary — 2.2% | ||||
54,094 | Titan Co. Ltd. | 2,204,465 | ||
Financials — 5.6% | ||||
26,607 | Bajaj Finance Ltd. | 2,267,531 | ||
168,300 | HDFC Bank Ltd. | 3,398,685 | ||
Total India | 7,870,681 | |||
Sweden — 6.8% | ||||
Industrials — 3.5% | ||||
142,352 | AddTech AB - Class B | 3,549,917 | ||
Information Technology — 3.3% | ||||
288,287 | Hexagon AB - Class B | 3,266,645 | ||
Total Sweden | 6,816,562 | |||
Germany — 5.6% | ||||
Communication Services — 3.8% | ||||
45,583 | CTS Eventim AG & Co. KGaA | 3,794,757 |
Shares | Market Value | |||
Common Stocks — 97.0% (Continued) | ||||
Germany — (Continued) | ||||
Consumer Discretionary — 1.8% | ||||
79,037 | Zalando SE, 144a* | $ 1,855,363 | ||
Total Germany | 5,650,120 | |||
Taiwan — 5.1% | ||||
Information Technology — 5.1% | ||||
29,826 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5,184,057 | ||
Italy — 4.8% | ||||
Consumer Discretionary — 3.0% | ||||
7,504 | Ferrari NV | 3,064,409 | ||
Health Care — 1.8% | ||||
99,242 | Stevanato Group SpA | 1,820,098 | ||
Total Italy | 4,884,507 | |||
Singapore — 3.4% | ||||
Communication Services — 3.4% | ||||
47,930 | Sea Ltd. ADR* | 3,423,161 | ||
United Kingdom — 2.6% | ||||
Consumer Discretionary — 2.6% | ||||
14,273 | Flutter Entertainment PLC* | 2,602,824 | ||
Poland — 2.5% | ||||
Consumer Staples — 2.5% | ||||
25,189 | Dino Polska SA, 144a* | 2,541,645 | ||
United States — 2.5% | ||||
Communication Services — 2.5% | ||||
35,363 | Liberty Media Corp.-Liberty Formula One - Class C* | 2,540,478 | ||
Denmark — 1.8% | ||||
Health Care — 1.8% | ||||
7,439 | Genmab A/S* | 1,864,165 | ||
France — 1.5% | ||||
Health Care — 1.5% | ||||
8,962 | Sartorius Stedim Biotech | 1,481,073 | ||
Total Common Stocks | $97,914,355 | |||
Short-Term Investment Fund — 2.7% | ||||
2,768,585 | Dreyfus Government Cash Management, Institutional Shares, 5.19%∞Ω | 2,768,585 | ||
Total Investment Securities — 99.7% (Cost $93,651,067) | $100,682,940 | |||
Other Assets in Excess of Liabilities — 0.3% | 282,480 | |||
Net Assets — 100.0% | $100,965,420 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2024. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
PLC – Public Limited Company |
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2024, these securities were valued at $11,727,257 or 11.6% 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 | ||||
Japan | $— | $14,124,953 | $— | $14,124,953 |
Netherlands | 6,669,222 | 6,010,450 | — | 12,679,672 |
Switzerland | — | 9,800,640 | — | 9,800,640 |
Canada | 8,463,702 | — | — | 8,463,702 |
Brazil | 7,986,115 | — | — | 7,986,115 |
India | — | 7,870,681 | — | 7,870,681 |
Sweden | — | 6,816,562 | — | 6,816,562 |
Germany | — | 5,650,120 | — | 5,650,120 |
Taiwan | 5,184,057 | — | — | 5,184,057 |
Italy | 4,884,507 | — | — | 4,884,507 |
Singapore | 3,423,161 | — | — | 3,423,161 |
United Kingdom | 2,602,824 | — | — | 2,602,824 |
Poland | 2,541,645 | — | — | 2,541,645 |
United States | 2,540,478 | — | — | 2,540,478 |
Denmark | — | 1,864,165 | — | 1,864,165 |
France | — | 1,481,073 | — | 1,481,073 |
Short-Term Investment Fund | 2,768,585 | — | — | 2,768,585 |
Total | $47,064,296 | $53,618,644 | $— | $100,682,940 |
See accompanying Notes to Portfolios of Investments.
29
Portfolio of Investments
Touchstone Sands Capital Select Growth Fund – June 30, 2024 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.7% | ||||
Information Technology — 53.5% | ||||
234,843 | Apple, Inc. | $ 49,462,633 | ||
115,162 | ASML Holding NV (Netherlands) | 117,779,632 | ||
427,068 | Atlassian Corp. - Class A* | 75,539,788 | ||
302,214 | Cloudflare, Inc. - Class A* | 25,032,385 | ||
775,014 | Datadog, Inc. - Class A* | 100,511,566 | ||
490,918 | Entegris, Inc. | 66,470,297 | ||
61,268 | Lam Research Corp. | 65,241,230 | ||
493,189 | Microsoft Corp. | 220,430,823 | ||
2,546,535 | NVIDIA Corp. | 314,598,934 | ||
738,176 | Okta, Inc.* | 69,100,655 | ||
1,212,461 | Samsara, Inc. - Class A* | 40,859,936 | ||
179,354 | ServiceNow, Inc.* | 141,092,411 | ||
1,170,338 | Shopify, Inc. (Canada) - Class A* | 77,300,825 | ||
414,431 | Snowflake, Inc. - Class A* | 55,985,484 | ||
1,419,406,599 | ||||
Consumer Discretionary — 13.3% | ||||
241,810 | Airbnb, Inc. - Class A* | 36,665,650 | ||
1,184,855 | Amazon.com, Inc.* | 228,973,229 | ||
443,679 | DoorDash, Inc. - Class A* | 48,263,401 | ||
387,009 | Floor & Decor Holdings, Inc. - Class A* | 38,472,565 | ||
352,374,845 | ||||
Communication Services — 11.7% | ||||
351,831 | Meta Platforms, Inc. - Class A | 177,400,227 | ||
94,119 | Netflix, Inc.* | 63,519,031 | ||
970,992 | Sea Ltd. (Singapore) ADR* | 69,348,248 | ||
310,267,506 | ||||
Health Care — 9.1% | ||||
433,967 | 10X Genomics, Inc. - Class A* | 8,440,658 | ||
100,155 | Align Technology, Inc.* | 24,180,422 | ||
895,473 | DexCom, Inc.* | 101,528,729 | ||
674,774 | Edwards Lifesciences Corp.* | 62,328,874 | ||
1,082,366 | Ultragenyx Pharmaceutical, Inc.* | 44,485,243 | ||
240,963,926 | ||||
Financials — 8.6% | ||||
1,059,514 | Block, Inc.* | 68,328,058 |
Shares | Market Value | |||
Common Stocks — 97.7% (Continued) | ||||
Financials — 8.6% (Continued) | ||||
8,468,600 | NU Holdings Ltd. (Brazil) - Class A* | $ 109,160,254 | ||
188,714 | Visa, Inc. - Class A | 49,531,764 | ||
227,020,076 | ||||
Industrials — 1.5% | ||||
552,285 | Uber Technologies, Inc.* | 40,140,074 | ||
Total Common Stocks | $2,590,173,026 | |||
Short-Term Investment Fund — 1.6% | ||||
43,885,213 | Dreyfus Government Cash Management, Institutional Shares, 5.19%∞Ω | 43,885,213 | ||
Total Investment Securities—99.3% (Cost $1,712,268,412) | $2,634,058,239 | |||
Other Assets in Excess of Liabilities — 0.7% | 18,269,252 | |||
Net Assets — 100.0% | $2,652,327,491 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2024. |
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 | $2,590,173,026 | $— | $— | $2,590,173,026 |
Short-Term Investment Fund | 43,885,213 | — | — | 43,885,213 |
Total | $2,634,058,239 | $— | $— | $2,634,058,239 |
See accompanying Notes to Portfolios of Investments.
30
Portfolio of Investments
Touchstone Small Cap Fund – June 30, 2024 (Unaudited)
Shares | Market Value | |||
Common Stocks — 98.7% | ||||
Industrials — 22.1% | ||||
88,043 | Armstrong World Industries, Inc. | $ 9,969,989 | ||
75,077 | Casella Waste Systems, Inc. - Class A* | 7,449,140 | ||
447,451 | Gates Industrial Corp. PLC* | 7,074,200 | ||
68,975 | Landstar System, Inc. | 12,724,508 | ||
291,175 | Marten Transport Ltd. | 5,372,179 | ||
76,314 | Matson, Inc. | 9,994,845 | ||
25,747 | UniFirst Corp. | 4,416,383 | ||
57,001,244 | ||||
Information Technology — 18.8% | ||||
265,799 | ACI Worldwide, Inc.* | 10,522,983 | ||
174,602 | CTS Corp. | 8,840,099 | ||
274,024 | DoubleVerify Holdings, Inc.* | 5,335,247 | ||
88,909 | ePlus, Inc.* | 6,550,815 | ||
49,185 | Qualys, Inc.* | 7,013,781 | ||
267,613 | Vontier Corp. | 10,222,817 | ||
48,485,742 | ||||
Financials — 16.8% | ||||
267,531 | Atlantic Union Bankshares Corp. | 8,788,393 | ||
253,925 | Cannae Holdings, Inc. | 4,606,199 | ||
47,413 | Hanover Insurance Group, Inc. (The) | 5,947,487 | ||
173,551 | Moelis & Co. - Class A | 9,868,110 | ||
7,875 | White Mountains Insurance Group Ltd. | 14,312,419 | ||
43,522,608 | ||||
Consumer Discretionary — 14.5% | ||||
132,240 | Acushnet Holdings Corp. | 8,394,595 | ||
7,772 | Graham Holdings Co. - Class B | 5,436,903 | ||
18,718 | Murphy USA, Inc. | 8,787,352 | ||
332,713 | Revolve Group, Inc.* | 5,293,464 | ||
201,565 | Tempur Sealy International, Inc. | 9,542,087 | ||
37,454,401 | ||||
Health Care — 7.7% | ||||
477,939 | Certara, Inc.* | 6,619,455 | ||
142,403 | Enovis Corp.* | 6,436,616 | ||
84,147 | Haemonetics Corp.* | 6,961,481 | ||
20,017,552 | ||||
Real Estate — 6.7% | ||||
255,492 | Alexander & Baldwin, Inc. REIT | 4,333,144 | ||
321,746 | Essential Properties Realty Trust, Inc. REIT | 8,915,582 | ||
83,508 | First Industrial Realty Trust, Inc. REIT | 3,967,465 | ||
17,216,191 | ||||
Materials — 5.1% | ||||
112,863 | Ingevity Corp.* | 4,933,241 |
Shares | Market Value | |||
Common Stocks — 98.7% (Continued) | ||||
Materials — 5.1% (Continued) | ||||
15,254 | NewMarket Corp. | $ 7,864,505 | ||
87,672 | Tredegar Corp. | 419,949 | ||
13,217,695 | ||||
Consumer Staples — 4.8% | ||||
39,744 | Lancaster Colony Corp. | 7,510,424 | ||
61,142 | PriceSmart, Inc. | 4,964,730 | ||
12,475,154 | ||||
Communication Services — 1.5% | ||||
11,173 | Cable One, Inc. | 3,955,241 | ||
Energy — 0.7% | ||||
90,434 | Dril-Quip, Inc. * | 1,682,073 | ||
Total Common Stocks | $255,027,901 | |||
Short-Term Investment Fund — 1.4% | ||||
3,466,403 | Dreyfus Government Cash Management, Institutional Shares, 5.19%∞Ω | 3,466,403 | ||
Total Investment Securities—100.1% (Cost $225,569,034) | $258,494,304 | |||
Liabilities in Excess of Other Assets — (0.1%) | (206,647) | |||
Net Assets — 100.0% | $258,287,657 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2024. |
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 | $255,027,901 | $— | $— | $255,027,901 |
Short-Term Investment Fund | 3,466,403 | — | — | 3,466,403 |
Total | $258,494,304 | $— | $— | $258,494,304 |
See accompanying Notes to Portfolios of Investments.
31
Portfolio of Investments
Touchstone Small Cap Value Fund – June 30, 2024 (Unaudited)
Shares | Market Value | |||
Common Stocks — 97.5% | ||||
Industrials — 21.7% | ||||
40,253 | AZEK Co., Inc. (The)* | $ 1,695,859 | ||
17,933 | BWX Technologies, Inc. | 1,703,635 | ||
7,557 | CACI International, Inc. - Class A* | 3,250,492 | ||
16,914 | Clean Harbors, Inc.* | 3,825,101 | ||
9,555 | EMCOR Group, Inc. | 3,488,339 | ||
44,415 | Enerpac Tool Group Corp. | 1,695,765 | ||
19,680 | EnPro Industries, Inc. | 2,864,818 | ||
69,462 | Enviri Corp.* | 599,457 | ||
53,898 | ExlService Holdings, Inc.* | 1,690,241 | ||
181,863 | Gates Industrial Corp. PLC* | 2,875,254 | ||
18,548 | Hexcel Corp. | 1,158,323 | ||
32,875 | Huron Consulting Group, Inc.* | 3,238,187 | ||
28,970 | ITT, Inc. | 3,742,345 | ||
36,905 | Korn/Ferry International | 2,477,802 | ||
13,546 | Regal Rexnord Corp. | 1,831,690 | ||
19,528 | Standex International Corp. | 3,146,937 | ||
7,994 | Valmont Industries, Inc. | 2,193,953 | ||
41,478,198 | ||||
Financials — 20.5% | ||||
86,746 | Chimera Investment Corp. REIT | 1,110,353 | ||
13,135 | City Holding Co. | 1,395,594 | ||
137,633 | Columbia Banking System, Inc. | 2,737,520 | ||
34,231 | First American Financial Corp. | 1,846,762 | ||
187,924 | First Horizon Corp. | 2,963,562 | ||
97,188 | First Interstate BancSystem, Inc. - Class A | 2,698,911 | ||
22,704 | Hanover Insurance Group, Inc. (The) | 2,847,990 | ||
38,738 | Independent Bank Corp. | 1,964,791 | ||
103,144 | MGIC Investment Corp. | 2,222,753 | ||
33,662 | National Bank Holdings Corp. - Class A | 1,314,501 | ||
45,348 | NMI Holdings, Inc. - Class A* | 1,543,646 | ||
165,008 | Old National Bancorp | 2,836,488 | ||
35,455 | Pinnacle Financial Partners, Inc. | 2,837,818 | ||
9,588 | Primerica, Inc. | 2,268,329 | ||
59,900 | Univest Financial Corp. | 1,367,517 | ||
280,493 | Valley National Bancorp | 1,957,841 | ||
25,218 | Westamerica BanCorp | 1,223,830 | ||
40,882 | Wintrust Financial Corp. | 4,029,330 | ||
39,167,536 | ||||
Consumer Discretionary — 11.1% | ||||
51,741 | American Eagle Outfitters, Inc. | 1,032,750 | ||
9,172 | Carter's, Inc. | 568,389 | ||
34,059 | Cheesecake Factory, Inc. (The) | 1,338,178 | ||
20,679 | Dorman Products, Inc.* | 1,891,715 | ||
68,330 | Gentex Corp. | 2,303,404 | ||
69,918 | Goodyear Tire & Rubber Co. (The)* | 793,569 | ||
8,391 | Murphy USA, Inc. | 3,939,239 | ||
9,112 | Oxford Industries, Inc. | 912,567 | ||
46,189 | Steven Madden Ltd. | 1,953,795 | ||
99,266 | Topgolf Callaway Brands Corp.* | 1,518,770 | ||
47,850 | Urban Outfitters, Inc.* | 1,964,243 | ||
53,600 | Valvoline, Inc.* | 2,315,520 | ||
18,423 | YETI Holdings, Inc.* | 702,837 | ||
21,234,976 | ||||
Health Care — 8.9% | ||||
47,711 | Encompass Health Corp. | 4,093,127 | ||
54,248 | Envista Holdings Corp.* | 902,144 | ||
34,661 | Globus Medical, Inc. - Class A* | 2,373,932 | ||
88,579 | Integra LifeSciences Holdings Corp.* | 2,581,192 | ||
64,108 | Option Care Health, Inc.* | 1,775,792 |
Shares | Market Value | |||
Common Stocks — 97.5% (Continued) | ||||
Health Care — 8.9% (Continued) | ||||
59,979 | Prestige Consumer Healthcare, Inc.* | $ 4,129,554 | ||
34,046 | QuidelOrtho Corp.* | 1,131,008 | ||
16,986,749 | ||||
Real Estate — 7.6% | ||||
48,776 | Agree Realty Corp. REIT | 3,021,185 | ||
86,150 | COPT Defense Properties REIT | 2,156,335 | ||
50,391 | Healthpeak Properties, Inc. REIT | 987,664 | ||
61,236 | National Storage Affiliates Trust REIT | 2,524,148 | ||
281,658 | Newmark Group, Inc. - Class A | 2,881,361 | ||
79,970 | STAG Industrial, Inc. REIT | 2,883,718 | ||
14,454,411 | ||||
Information Technology — 6.6% | ||||
10,806 | Belden, Inc. | 1,013,603 | ||
291,882 | Harmonic, Inc.* | 3,435,451 | ||
55,717 | Lumentum Holdings, Inc.* | 2,837,110 | ||
17,013 | Rogers Corp.* | 2,051,938 | ||
13,215 | Silicon Laboratories, Inc.* | 1,461,975 | ||
252,767 | Viavi Solutions, Inc.* | 1,736,509 | ||
12,536,586 | ||||
Energy — 6.2% | ||||
42,205 | Cactus, Inc. - Class A | 2,225,892 | ||
73,743 | ChampionX Corp. | 2,449,005 | ||
49,835 | Civitas Resources, Inc. | 3,438,615 | ||
231,320 | Permian Resources Corp. | 3,735,818 | ||
11,849,330 | ||||
Materials — 5.6% | ||||
316,220 | Arcadium Lithium PLC (Jersey)* | 1,062,499 | ||
71,652 | Axalta Coating Systems Ltd.* | 2,448,349 | ||
25,510 | Cabot Corp. | 2,344,114 | ||
30,175 | Ingevity Corp.* | 1,318,949 | ||
10,376 | Innospec, Inc. | 1,282,370 | ||
97,115 | O-I Glass, Inc.* | 1,080,890 | ||
25,516 | Silgan Holdings, Inc. | 1,080,092 | ||
10,617,263 | ||||
Consumer Staples — 5.1% | ||||
61,336 | Hain Celestial Group, Inc. (The)* | 423,832 | ||
20,547 | Ingredion, Inc. | 2,356,741 | ||
7,676 | Lancaster Colony Corp. | 1,450,534 | ||
12,474 | MGP Ingredients, Inc. | 928,065 | ||
36,779 | Performance Food Group Co.* | 2,431,460 | ||
58,510 | TreeHouse Foods, Inc.* | 2,143,806 | ||
9,734,438 | ||||
Utilities — 4.2% | ||||
25,139 | Black Hills Corp. | 1,367,059 | ||
20,236 | IDACORP, Inc. | 1,884,983 | ||
81,770 | Portland General Electric Co. | 3,535,735 | ||
18,277 | Spire, Inc. | 1,109,962 | ||
7,897,739 | ||||
Total Common Stocks | $185,957,226 |
32
Touchstone Small Cap Value Fund (Unaudited) (Continued)
Shares | Market Value | |||
Short-Term Investment Fund — 4.7% | ||||
9,067,351 | Dreyfus Government Cash Management, Institutional Shares, 5.19%∞Ω | $ 9,067,351 | ||
Total Investment Securities—102.2% (Cost $181,239,097) | $195,024,577 | |||
Liabilities in Excess of Other Assets — (2.2%) | (4,214,044) | |||
Net Assets — 100.0% | $190,810,533 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2024. |
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 | $185,957,226 | $— | $— | $185,957,226 |
Short-Term Investment Fund | 9,067,351 | — | — | 9,067,351 |
Total | $195,024,577 | $— | $— | $195,024,577 |
See accompanying Notes to Portfolios of Investments.
33
Portfolio of Investments
Touchstone Ultra Short Duration Fixed Income Fund – June 30, 2024 (Unaudited)
Principal Amount | Market Value | |||
Asset-Backed Securities — 47.2% | ||||
$ 7,730,000 | American Credit Acceptance Receivables Trust, Ser 2021-3, Class E, 144a, 2.560%, 11/15/27 | $ 7,507,471 | ||
2,155,000 | American Credit Acceptance Receivables Trust, Ser 2023-1, Class C, 144a, 5.590%, 4/12/29 | 2,147,731 | ||
3,426,695 | American Credit Acceptance Receivables Trust, Ser 2024-2, Class A, 144a, 5.900%, 2/12/27 | 3,427,881 | ||
785,000 | AmeriCredit Automobile Receivables Trust, Ser 2020-2, Class D, 2.130%, 3/18/26 | 775,574 | ||
5,200,000 | AmeriCredit Automobile Receivables Trust, Ser 2021-2, Class C, 1.010%, 1/19/27 | 4,954,165 | ||
5,170,196 | AmeriCredit Automobile Receivables Trust, Ser 2023-2, Class A2, 6.190%, 4/19/27 | 5,181,649 | ||
1,759,233 | Ares XL CLO Ltd. (Cayman Islands), Ser 2016-40A, Class A1RR, 144a, (TSFR3M + 1.132%), 6.460%, 1/15/29(A) | 1,759,459 | ||
3,083,935 | Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Ser 2006-HE3, Class A5, (TSFR1M + 0.654%), 2.894%, 3/25/36(A) | 2,970,215 | ||
3,658,026 | AUF Funding LLC, Ser 2022-1A, Class A1LN, 144a, (TSFR3M + 2.500%), 7.825%, 1/20/31(A) | 3,659,694 | ||
5,230,000 | Avis Budget Rental Car Funding AESOP LLC, Ser 2020-2A, Class A, 144a, 2.020%, 2/20/27 | 4,964,858 | ||
3,636,154 | Barings Private Credit Corp. CLO Ltd. (Bermuda), Ser 2023-1A, Class A1, 144a, (TSFR3M + 2.400%), 7.729%, 7/15/31(A) | 3,637,856 | ||
727,793 | Benefit Street Partners CLO XV Ltd. (Cayman Islands), Ser 2018-15A, Class A1, 144a, (TSFR3M +1.412%), 6.739%, 7/18/31(A) | 728,469 | ||
1,414,853 | Black Diamond CLO Ltd. (Cayman Islands), Ser 2017-1A, Class A1AR, 144a, (TSFR3M + 1.312%), 6.635%, 4/24/29(A) | 1,415,154 | ||
1,500,000 | Credit Acceptance Auto Loan Trust, Ser 2022-3A, Class A, 144a, 6.570%, 10/15/32 | 1,507,935 | ||
5,000,000 | Credit Acceptance Auto Loan Trust, Ser 2023-1A, Class A, 144a, 6.480%, 3/15/33 | 5,041,963 | ||
4,860,000 | Credit Acceptance Auto Loan Trust, Ser 2023-2A, Class A, 144a, 5.920%, 5/16/33 | 4,856,864 | ||
5,788,343 | DB Master Finance LLC, Ser 2019-1A, Class A2II, 144a, 4.021%, 5/20/49 | 5,602,942 | ||
4,050,000 | Dell Equipment Finance Trust, Ser 2022-1, Class B, 144a, 2.720%, 8/23/27 | 4,034,158 | ||
7,900,000 | Dell Equipment Finance Trust, Ser 2022-1, Class C, 144a, 2.940%, 8/23/27 | 7,865,152 | ||
817,751 | Dell Equipment Finance Trust, Ser 2022-2, Class A3, 144a, 4.140%, 7/22/27 | 812,804 | ||
2,705,000 | Dell Equipment Finance Trust, Ser 2022-2, Class B, 144a, 4.400%, 7/22/27 | 2,677,945 | ||
4,700,000 | Dell Equipment Finance Trust, Ser 2022-2, Class C, 144a, 4.740%, 7/22/27 | 4,651,932 | ||
4,206,845 | Dewolf Park CLO Ltd., Ser 2017-1A, Class AR, 144a, (TSFR3M + 1.182%), 6.510%, 10/15/30(A) | 4,210,825 | ||
8,254,750 | Domino's Pizza Master Issuer LLC, Ser 2015-1A, Class A2II, 144a, 4.474%, 10/25/45 | 8,093,451 | ||
3,400,000 | DT Auto Owner Trust, Ser 2020-2A, Class E, 144a, 7.170%, 6/15/27 | 3,411,474 | ||
6,765,819 | DT Auto Owner Trust, Ser 2021-4A, Class C, 144a, 1.500%, 9/15/27 | 6,638,696 | ||
5,000,000 | Exeter Automobile Receivables Trust, Ser 2019-4A, Class E, 144a, 3.560%, 10/15/26 | 4,993,313 | ||
8,160,000 | Exeter Automobile Receivables Trust, Ser 2022-4A, Class C, 4.920%, 12/15/28 | 8,102,755 | ||
489,728 | FCI Funding LLC, Ser 2021-1A, Class A, 144a, 1.130%, 4/15/33 | 482,925 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 47.2% (Continued) | ||||
$ 1,724,168 | FNA VI LLC, Ser 2021-1A, Class A, 144a, 1.350%, 1/10/32 | $ 1,582,215 | ||
105,207 | FNMA REMIC Trust, Ser 2001-W4, Class AF5, 5.614%, 2/25/32(A)(B) | 104,549 | ||
6,110,000 | Galaxy XXVI CLO Ltd. (Cayman Islands), Ser 2018-26A, Class AR, 144a, (TSFR3M + 1.170%), 6.497%, 11/22/31(A) | 6,111,796 | ||
1,928,705 | Generate CLO 2 Ltd. (Cayman Islands), Ser 2A, Class AR, 144a, (TSFR3M + 1.412%), 6.736%, 1/22/31(A) | 1,930,167 | ||
8,546,578 | GLS Auto Receivables Issuer Trust, Ser 2020-1A, Class D, 144a, 3.680%, 11/16/26 | 8,522,519 | ||
7,500,000 | GLS Auto Receivables Issuer Trust, Ser 2020-3A, Class E, 144a, 4.310%, 7/15/27 | 7,437,110 | ||
5,110,534 | GLS Auto Receivables Issuer Trust, Ser 2021-1A, Class D, 144a, 1.680%, 1/15/27 | 5,003,405 | ||
5,100,000 | GLS Auto Select Receivables Trust, Ser 2024-3A, Class A2, 144a, 5.590%, 10/15/29 | 5,098,182 | ||
4,850,000 | GreatAmerica Leasing Receivables Funding LLC Series, Ser 2022-1, Class C, 144a, 5.980%, 7/15/30 | 4,887,936 | ||
1,444,962 | Hilton Grand Vacations Trust, Ser 2018-AA, Class A, 144a, 3.540%, 2/25/32 | 1,419,238 | ||
1,057,678 | Hilton Grand Vacations Trust, Ser 2020-AA, Class A, 144a, 2.740%, 2/25/39 | 1,009,123 | ||
1,322,098 | Hilton Grand Vacations Trust, Ser 2020-AA, Class B, 144a, 4.220%, 2/25/39 | 1,285,493 | ||
3,000,000 | Hpefs Equipment Trust, Ser 2022-2A, Class D, 144a, 4.940%, 3/20/30 | 2,966,249 | ||
254,613 | LAD Auto Receivables Trust, Ser 2021-1A, Class A, 144a, 1.300%, 8/17/26 | 253,836 | ||
5,050,000 | Madison Park Funding XXIV Ltd. (Cayman Islands), Ser 2016-24A, Class AR2, 144a, (TSFR3M + 1.120%), 6.449%, 10/20/29(A) | 5,052,156 | ||
2,549,624 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class A, 144a, (TSFR1M + 1.814%), 7.143%, 11/15/35(A) | 2,549,605 | ||
5,219,000 | MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class C, 144a, (TSFR1M + 3.714%), 9.043%, 11/15/35(A) | 5,219,427 | ||
834,175 | Monroe Capital Mml CLO Ltd. (Cayman Islands), Ser 2017-1A, Class AR, 144a, (TSFR3M + 1.562%), 6.886%, 4/22/29(A) | 834,082 | ||
3,900,000 | OCP CLO Ltd. (Cayman Islands), Ser 2014-6A, Class A1R2, 144a, (TSFR3M + 1.150%), 6.467%, 10/17/30(A) | 3,900,772 | ||
3,838,165 | OneMain Direct Auto Receivables Trust, Ser 2019-1A, Class A, 144a, 3.630%, 9/14/27 | 3,783,664 | ||
4,455,000 | OneMain Financial Issuance Trust, Ser 2022-2A, Class A, 144a, 4.890%, 10/14/34 | 4,420,238 | ||
3,000,000 | OneMain Financial Issuance Trust, Ser 2022-3A, Class A, 144a, 5.940%, 5/15/34 | 3,007,916 | ||
6,276,949 | OZLM IX Ltd. (Cayman Islands), Ser 2014-9A, Class A1A4, 144a, (TSFR3M + 1.200%), 6.525%, 10/20/31(A) | 6,279,585 | ||
4,854,945 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-4A, Class A1, 144a, (TSFR3M + 1.062%), 6.390%, 10/15/29(A) | 4,855,906 | ||
472,587 | Peaks CLO 1 Ltd. (Cayman Islands), Ser 2014-1A, Class A2R, 144a, (TSFR3M + 1.672%), 6.995%, 7/25/30(A) | 472,666 | ||
574,234 | Prestige Auto Receivables Trust, Ser 2020-1A, Class D, 144a, 1.620%, 11/16/26 | 571,347 | ||
5,050,000 | Regatta XIV Funding Ltd. (Cayman Islands), Ser 2018-3A, Class AR, 144a, (TSFR3M + 1.100%), 6.433%, 10/25/31(A) | 5,055,050 |
34
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Asset-Backed Securities — 47.2% (Continued) | ||||
$ 1,467,143 | Romark WM-R Ltd. (Cayman Islands), Ser 2018-1A, Class A1, 144a, (TSFR3M +1.292%), 6.616%, 4/20/31(A) | $ 1,467,783 | ||
5,000,000 | Santander Drive Auto Receivables Trust, Ser 2022-7, Class B, 5.950%, 1/17/28 | 5,007,771 | ||
1,010,000 | SBA Tower Trust, Ser 2014-2A, Class C, 144a, 3.869%, 10/15/49(A)(B) | 1,003,468 | ||
3,825,000 | SCF Equipment Leasing LLC, Ser 2024-1A, Class A2, 144a, 5.880%, 11/20/29 | 3,828,779 | ||
5,014,661 | Symphony Static CLO I Ltd. (Cayman Islands), Ser 2021-1A, Class A, 144a, (TSFR3M + 1.092%), 6.415%, 10/25/29(A) | 5,015,252 | ||
523,592 | TCI-Flatiron CLO Ltd. (Cayman Islands), Ser 2017-1A, Class AR, 144a, (TSFR3M + 1.222%), 6.551%, 11/18/30(A) | 524,128 | ||
1,771,074 | Towd Point Mortgage Trust, Ser 2017-5, Class A1, 144a, (TSFR1M + 0.714%), 6.060%, 2/25/57(A) | 1,810,344 | ||
1,666,023 | Towd Point Mortgage Trust, Ser 2019-HY1, Class A1, 144a, (TSFR1M + 1.114%), 6.460%, 10/25/48(A) | 1,690,829 | ||
2,882,281 | Westgate Resorts LLC, Ser 2022-1A, Class A, 144a, 1.788%, 8/20/36 | 2,767,619 | ||
5,325,000 | Westlake Automobile Receivables Trust, Ser 2021-1A, Class E, 144a, 2.330%, 8/17/26 | 5,176,909 | ||
4,295,000 | Westlake Automobile Receivables Trust, Ser 2021-2A, Class E, 144a, 2.380%, 3/15/27 | 4,130,657 | ||
Total Asset-Backed Securities | $242,153,081 | |||
Commercial Mortgage-Backed Securities — 18.9% | ||||
4,800,000 | Austin Fairmont Hotel Trust, Ser 2019-FAIR, Class C, 144a, (TSFR1M + 1.497%), 6.826%, 9/15/32(A) | 4,789,628 | ||
6,450,000 | BAMLL Commercial Mortgage Securities Trust, Ser 2017-SCH, Class AF, 144a, (TSFR1M + 1.047%), 6.376%, 11/15/33(A) | 6,431,667 | ||
8,145,000 | BHMS, Ser 2018-ATLS, Class A, 144a, (TSFR1M + 1.547%), 6.876%, 7/15/35(A) | 8,133,255 | ||
3,282,293 | BXMT Ltd. (Cayman Islands), Ser 2020-FL2, Class A, 144a, (TSFR1M + 1.014%), 6.343%, 2/15/38(A) | 3,118,178 | ||
8,495,000 | BXMT Ltd. (Cayman Islands), Ser 2020-FL2, Class AS, 144a, (TSFR1M + 1.264%), 6.593%, 2/15/38(A) | 7,815,400 | ||
7,200,000 | BXP Trust, Ser 2017-CQHP, Class A, 144a, (TSFR1M + 0.897%), 6.226%, 11/15/34(A) | 6,680,131 | ||
4,190,000 | CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Class A, 144a, (TSFR1M + 1.367%), 6.696%, 12/15/37(A) | 4,194,538 | ||
2,700,000 | CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Class C, 144a, (TSFR1M + 1.497%), 7.076%, 12/15/37(A) | 2,695,787 | ||
579,064 | Citigroup Commercial Mortgage Trust, Ser 2015-GC35, Class A2, 3.063%, 11/10/48 | 563,064 | ||
56,000,000 | Citigroup Commercial Mortgage Trust, Ser 2021-PRM2, Class XCP, 144a, 10/15/22(A)(B)(C) | 56 | ||
2,826,098 | Cold Storage Trust, Ser 2020-ICE5, Class A, 144a, (TSFR1M + 1.014%), 6.341%, 11/15/37(A) | 2,815,500 | ||
2,406,410 | COMM Mortgage Trust, Ser 2013-CR8, Class B, 144a, 3.658%, 6/10/46(A)(B) | 2,342,684 | ||
4,926,000 | COMM Mortgage Trust, Ser 2014-LC17, Class A5, 3.917%, 10/10/47 | 4,904,745 | ||
9,278,873 | COMM Mortgage Trust, Ser 2014-UBS3, Class XA, 0.899%, 6/10/47(A)(B)(C) | 558 | ||
4,250,000 | COMM Mortgage Trust, Ser 2015-CR22, Class A5, 3.309%, 3/10/48 | 4,164,070 | ||
1,874,000 | COMM Mortgage Trust, Ser 2015-CR27, Class A4, 3.612%, 10/10/48 | 1,821,772 | ||
2,054,470 | CSMC, Ser 2020-NET, Class A, 144a, 2.257%, 8/15/37 | 1,943,250 |
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 18.9% (Continued) | ||||
$ 638,069 | CSMC Trust, Ser 2017-CHOP, Class A, 144a, (Prime Rate -2.306%), 6.194%, 7/15/32(A) | $ 623,681 | ||
6,080,000 | CSMC Trust, Ser 2017-PFHP, Class A, 144a, (TSFR1M + 0.997%), 6.326%, 12/15/30(A) | 5,856,837 | ||
5,451,508 | DBGS Mortgage Trust, Ser 2018-BIOD, Class B, 144a, (TSFR1M + 1.184%), 6.513%, 5/15/35(A) | 5,407,342 | ||
2,950,332 | Extended Stay America Trust, Ser 2021-ESH, Class B, 144a, (TSFR1M + 1.494%), 6.823%, 7/15/38(A) | 2,938,390 | ||
617,476 | GS Mortgage Securities Corp. Trust, Ser 2017-GPTX, Class A, 144a, 2.856%, 5/10/34 | 475,457 | ||
2,365,000 | GS Mortgage Securities Trust, Ser 2015-GC28, Class B, 3.980%, 2/10/48 | 2,314,004 | ||
956,815 | GS Mortgage Securities Trust, Ser 2015-GC34, Class AAB, 3.278%, 10/10/48 | 939,113 | ||
629,358 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Class AS, 3.216%, 4/15/46 | 577,622 | ||
1,300,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2018-WPT, Class BFX, 144a, 4.549%, 7/5/33 | 1,118,015 | ||
1,800,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2020-ACE, Class A, 144a, 3.287%, 1/10/37 | 1,766,486 | ||
2,807,570 | Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Class A4, 3.249%, 2/15/48 | 2,771,443 | ||
5,214,202 | Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19, Ser 2014-C19, Class A3, 3.246%, 12/15/47 | 5,187,306 | ||
5,661,653 | Morgan Stanley Capital I Trust, Ser 2018-BOP, Class A, 144a, (TSFR1M + 0.897%), 6.226%, 8/15/33(A) | 4,627,269 | ||
169,640 | ReadyCap Commercial Mortgage Trust, Ser 2018-4, Class A, 144a, 3.390%, 2/27/51 | 163,959 | ||
Total Commercial Mortgage-Backed Securities | $97,181,207 | |||
Corporate Bonds — 17.2% | ||||
Financials — 4.0% | ||||
1,500,000 | Huntington National Bank (The), 5.699%, 11/18/25 | 1,497,695 | ||
2,982,000 | JPMorgan Chase & Co., Ser b, (TSFR3M + 0.762%), 6.088%, 2/1/27(A) | 2,862,720 | ||
6,050,000 | SBA Tower Trust REIT, 144a, 2.836%, 1/15/25 | 5,943,739 | ||
2,500,000 | Synovus Financial Corp., 5.200%, 8/11/25 | 2,463,906 | ||
8,000,000 | Toronto-Dominion Bank (The) (Canada), MTN, (Secured Overnight Financing Rate + 0.480%), 5.835%, 10/10/25(A) | 8,005,115 | ||
20,773,175 | ||||
Consumer Discretionary — 3.0% | ||||
2,520,000 | Brunswick Corp., 0.850%, 8/18/24 | 2,501,981 | ||
7,500,000 | Daimler Truck Finance North America LLC (Germany), 144a, 5.600%, 8/8/25 | 7,507,528 | ||
5,350,000 | Hyundai Capital America, 144a, 5.250%, 1/8/27 | 5,328,987 | ||
15,338,496 | ||||
Energy — 2.7% | ||||
1,000,000 | Boardwalk Pipelines LP, 4.950%, 12/15/24 | 996,121 | ||
7,500,000 | Columbia Pipeline Group, Inc., 4.500%, 6/1/25 | 7,407,970 | ||
2,308,000 | Florida Gas Transmission Co. LLC, 144a, 4.350%, 7/15/25 | 2,272,267 | ||
1,000,000 | HF Sinclair Corp., 144a, 6.375%, 4/15/27 | 1,002,092 | ||
2,096,000 | Plains All American Pipeline LP / PAA Finance Corp., 3.600%, 11/1/24 | 2,080,346 | ||
13,758,796 |
35
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 17.2% (Continued) | ||||
Industrials — 2.1% | ||||
$ 4,250,000 | L3Harris Technologies, Inc., 5.400%, 1/15/27 | $ 4,268,053 | ||
6,700,000 | WRKCo, Inc., 3.000%, 9/15/24 | 6,658,662 | ||
10,926,715 | ||||
Real Estate — 2.0% | ||||
5,500,000 | Public Storage Operating Co. REIT, (SOFRINDX + 0.700%), 6.055%, 4/16/27(A) | 5,520,872 | ||
5,000,000 | WEA Finance LLC / Westfield UK & Europe Finance PLC REIT (France), 144a, 3.750%, 9/17/24 | 4,962,737 | ||
10,483,609 | ||||
Consumer Staples — 1.4% | ||||
2,000,000 | BAT Capital Corp. (United Kingdom), 3.222%, 8/15/24 | 1,992,492 | ||
5,000,000 | Imperial Brands Finance PLC (United Kingdom), 144a, 3.125%, 7/26/24 | 4,990,488 | ||
6,982,980 | ||||
Utilities — 1.2% | ||||
6,000,000 | FirstEnergy Pennsylvania Electric Co., 144a, 4.000%, 4/15/25 | 5,904,543 | ||
Information Technology — 0.8% | ||||
4,000,000 | Microchip Technology, Inc., 4.250%, 9/1/25 | 3,937,786 | ||
Total Corporate Bonds | $88,106,100 | |||
Commercial Paper — 8.3% | ||||
10,000,000 | Avangrid, Inc., 5.412%, 7/1/24(D) | 9,995,480 | ||
16,750,000 | Montana-Dakota Utilities Co., 5.503%, 7/1/24(D) | 16,742,429 | ||
8,950,000 | Realty Income Corp., 5.452%, 7/1/24(D) | 8,945,838 | ||
7,200,000 | Williams Companies, Inc, 5.452%, 7/1/24(D) | 7,196,745 | ||
Total Commercial Paper | $42,880,492 | |||
Non-Agency Collateralized Mortgage Obligations — 7.3% | ||||
460,452 | Bear Stearns ARM Trust, Ser 2003-1, Class 5A1, 6.253%, 4/25/33(A)(B)†† | 453,566 | ||
102,519 | Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34(A)(B)†† | 83,995 | ||
739,064 | CFMT LLC, Ser 2021-EBO1, Class A, 144a, 0.985%, 11/25/50(A)(B) | 723,528 | ||
594,933 | CIM Trust, Ser 2018-R3, Class A1, 144a, 5.000%, 12/25/57(A)(B) | 587,572 | ||
1,290 | Community Program Loan Trust, Ser 1987-A, Class A5, 4.500%, 4/1/29 | 1,272 | ||
7,638,961 | CSMC Trust, Ser 2018-RPL9, Class A1, 144a, 3.850%, 9/25/57(A)(B) | 7,388,062 | ||
1,075,588 | GSR Mortgage Loan Trust, Ser 2003-13, Class 1A1, 5.609%, 10/25/33(A)(B) | 1,043,875 | ||
46,676 | JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 5.824%, 6/25/36(A)(B) | 32,369 | ||
1,974,697 | JP Morgan Mortgage Trust, Ser 2019-HYB1, Class A5A, 144a, 3.000%, 10/25/49(A)(B) | 1,913,696 | ||
32,282 | Merrill Lynch Mortgage Investors Trust, Ser 2004-1, Class 1A, 6.689%, 12/25/34(A)(B) | 30,344 | ||
10,870 | Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (TSFR12M + 2.340%), 7.568%, 12/25/32(A) | 10,551 | ||
287,812 | Mill City Mortgage Loan Trust, Ser 2018-2, Class A1, 144a, 3.500%, 5/25/58(A)(B) | 283,542 | ||
187,451 | RFMSI Trust, Ser 2007-SA1, Class 1A1, 3.200%, 2/25/37(A)(B) | 151,419 | ||
6,783,411 | RMF Proprietary Issuance Trust, Ser 2019-1, Class A, 144a, 2.750%, 10/25/63(A)(B) | 5,897,596 | ||
1,276,635 | Sequoia Mortgage Trust, Ser 2013-7, Class B2, 3.507%, 6/25/43(A)(B) | 1,199,003 | ||
1,069,868 | Sequoia Mortgage Trust, Ser 2019-CH3, Class A13, 144a, 4.000%, 9/25/49(A)(B) | 978,321 |
Principal Amount | Market Value | |||
Non-Agency Collateralized Mortgage Obligations — 7.3% (Continued) | ||||
$ 4,707,175 | Starwood Mortgage Residential Trust, Ser 2020-3, Class A1, 144a, 1.486%, 4/25/65(A)(B) | $ 4,479,701 | ||
1,945,891 | Towd Point HE Trust, Ser 2021-HE1, Class A1, 144a, 0.918%, 2/25/63(A)(B) | 1,866,468 | ||
922,983 | Towd Point Mortgage Trust, Ser 2015-2, Class 1M2, 144a, 3.757%, 11/25/60(A)(B) | 915,259 | ||
3,549,108 | Towd Point Mortgage Trust, Ser 2015-6, Class M1, 144a, 3.750%, 4/25/55(A)(B) | 3,502,098 | ||
2,284,750 | Towd Point Mortgage Trust, Ser 2017-1, Class A2, 144a, 3.500%, 10/25/56(A)(B) | 2,240,711 | ||
3,860,620 | Towd Point Mortgage Trust, Ser 2021-SJ2, Class A1A, 144a, 2.250%, 12/25/61(A)(B) | 3,669,445 | ||
Total Non-Agency Collateralized Mortgage Obligations | $37,452,393 | |||
Municipal Bonds — 1.1% | ||||
Other Territory — 1.0% | ||||
835,000 | Taxable Municipal Funding Trust, Rev., 144a, 5.630%, 5/15/56(A)(B) | 835,000 | ||
1,945,000 | Taxable Municipal Funding Trust, Rev., 144a, 5.630%, 12/15/25(A)(B) | 1,945,000 | ||
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 | ||
5,180,000 | ||||
California — 0.1% | ||||
235,000 | CA St Enterprise Dev Authority, Txbl Variable J Harris Indl Wt, (LOC - City National Bank), 144a, 5.780%, 9/1/41(A)(B) | 235,000 | ||
Total Municipal Bonds | $5,415,000 | |||
U.S. Government Mortgage-Backed Obligations — 0.7% | ||||
84,792 | FHLMC, Pool #1B7189, (RFUCCT1Y + 2.470%), 6.867%, 3/1/36(A) | 86,084 | ||
72,126 | FHLMC, Pool #1H1354, (1 Year CMT Rate +2.250%), 6.328%, 11/1/36(A) | 73,521 | ||
26,526 | FHLMC, Pool #1J1813, (RFUCCT1Y + 1.925%), 6.175%, 8/1/37(A) | 26,909 | ||
76,265 | FHLMC, Pool #1L0147, (1 Year CMT Rate +2.290%), 6.290%, 7/1/35(A) | 77,501 | ||
29,399 | FHLMC, Pool #1Q0080, (RFUCCT1Y + 1.661%), 6.270%, 1/1/36(A) | 29,936 | ||
77,488 | FHLMC, Pool #1Q0119, (RFUCCT1Y + 1.850%), 6.155%, 9/1/36(A) | 79,702 | ||
59,050 | FHLMC, Pool #1Q0187, (RFUCCT1Y + 1.789%), 6.039%, 12/1/36(A) | 59,469 | ||
38,630 | FHLMC, Pool #1Q0339, (RFUCCT1Y + 1.889%), 6.765%, 4/1/37(A) | 38,987 | ||
50,656 | FHLMC, Pool #1Q1303, (1 Year CMT Rate +2.250%), 6.494%, 11/1/36(A) | 51,641 | ||
82,573 | FHLMC, Pool #781515, (1 Year CMT Rate +2.250%), 6.711%, 4/1/34(A) | 84,517 | ||
33,345 | FHLMC, Pool #782760, (1 Year CMT Rate +2.250%), 6.294%, 11/1/36(A) | 34,293 | ||
47,088 | FHLMC, Pool #847795, (1 Year CMT Rate +2.275%), 6.492%, 4/1/35(A) | 47,004 | ||
117,492 | FHLMC, Pool #848539, (1 Year CMT Rate +2.288%), 6.556%, 4/1/37(A) | 119,223 | ||
245,397 | FHLMC, Pool #848583, (1 Year CMT Rate +2.303%), 6.655%, 1/1/36(A) | 251,388 | ||
3,429 | FHLMC, Pool #A92646, 5.500%, 6/1/40 | 3,454 | ||
4,737 | FHLMC, Pool #C03505, 5.500%, 6/1/40 | 4,766 | ||
12,628 | FHLMC, Pool #G01840, 5.000%, 7/1/35 | 12,494 |
36
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
U.S. Government Mortgage-Backed Obligations — 0.7% (Continued) | ||||
$ 37,060 | FNMA, Pool #254868, 5.000%, 9/1/33 | $ 36,600 | ||
5,412 | FNMA, Pool #256272, 5.500%, 6/1/26 | 5,345 | ||
16,085 | FNMA, Pool #256852, 6.000%, 8/1/27 | 16,148 | ||
4,365 | FNMA, Pool #323832, 7.500%, 7/1/29 | 4,425 | ||
12,790 | FNMA, Pool #665773, 7.500%, 6/1/31 | 12,776 | ||
42,286 | FNMA, Pool #679742, (1 Year CMT Rate +2.480%), 5.785%, 1/1/40(A) | 42,238 | ||
45,875 | FNMA, Pool #725424, 5.500%, 4/1/34 | 46,098 | ||
183,319 | FNMA, Pool #725490, (RFUCCT1Y + 1.597%), 6.738%, 4/1/34(A) | 183,513 | ||
7,220 | FNMA, Pool #735484, 5.000%, 5/1/35 | 7,134 | ||
37,227 | FNMA, Pool #813170, (RFUCCT1Y + 1.575%), 6.039%, 1/1/35(A) | 37,371 | ||
137,429 | FNMA, Pool #815323, (RFUCCT6M + 1.529%), 7.331%, 1/1/35(A) | 139,036 | ||
48,895 | FNMA, Pool #820364, (RFUCCT1Y + 0.827%), 6.202%, 4/1/35(A) | 48,215 | ||
53,453 | FNMA, Pool #827787, (RFUCCT6M + 1.55%), 7.175%, 5/1/35(A) | 54,225 | ||
28,052 | FNMA, Pool #889060, 6.000%, 1/1/38 | 29,450 | ||
27,859 | FNMA, Pool #889061, 6.000%, 1/1/38 | 28,613 | ||
1,792 | FNMA, Pool #889382, 5.500%, 4/1/38 | 1,802 | ||
52,641 | FNMA, Pool #922674, (RFUCCT1Y + 1.905%), 6.429%, 4/1/36(A) | 54,144 | ||
17,785 | FNMA, Pool #960376, 5.500%, 12/1/37 | 17,872 | ||
2,843 | FNMA, Pool #AD0941, 5.500%, 4/1/40 | 2,871 | ||
20,020 | FNMA, Pool #AE0363, 5.000%, 7/1/37 | 19,781 | ||
27,767 | FNMA, Pool #AE5441, 5.000%, 10/1/40 | 27,475 | ||
10,590 | FNMA, Pool #AI6588, 4.000%, 7/1/26 | 10,404 | ||
21,167 | FNMA, Pool #AI8506, 4.000%, 8/1/26 | 20,792 | ||
38,032 | FNMA, Pool #AL0211, 5.000%, 4/1/41 | 37,656 | ||
178,204 | FNMA, Pool #AL0478, (RFUCCT1Y + 1.777%), 6.491%, 4/1/36(A) | 183,574 | ||
80,458 | FNMA, Pool #AL0543, 5.000%, 7/1/41 | 79,621 | ||
34,893 | FNMA, Pool #AL1105, 4.500%, 12/1/40 | 33,949 | ||
8,790 | FNMA, Pool #AL2591, 5.500%, 5/1/38 | 8,720 | ||
187,570 | FNMA, Pool #AL5275, (RFUCCT6M + 1.505%), 6.200%, 9/1/37(A) | 190,366 | ||
461,231 | FNMA, Pool #AL7396, (RFUCCT6M + 1.532%), 7.188%, 2/1/37(A) | 468,792 | ||
122,586 | GNMA, Pool #80826, (1 Year CMT Rate +1.500%), 4.625%, 2/20/34(A) | 121,885 | ||
54,345 | GNMA, Pool #80889, (1 Year CMT Rate +1.500%), 3.875%, 4/20/34(A) | 54,226 | ||
120,111 | GNMA, Pool #81016, (1 Year CMT Rate +1.500%), 3.625%, 8/20/34(A) | 119,084 | ||
127,493 | GNMA, Pool #82760, (1 Year CMT Rate +1.500%), 4.625%, 3/20/41(A) | 127,352 | ||
18,083 | GNMA, Pool #MA2392, (1 Year CMT Rate +1.500%), 3.750%, 11/20/44(A) | 17,762 | ||
173,686 | GNMA, Pool #MA2466, (1 Year CMT Rate +1.500%), 3.750%, 12/20/44(A) | 172,629 | ||
Total U.S. Government Mortgage-Backed Obligations | $3,542,833 | |||
Agency Collateralized Mortgage Obligations — 0.1% | ||||
44,147,636 | FHLMC Multifamily Structured Pass Through Certificates, Ser K040, Class X1, 0.773%, 9/25/24(A)(B)(C) | 19,778 | ||
95,841 | FHLMC REMIC, Ser 2770, Class FH, (SOFR30A + 0.514%), 5.848%, 3/15/34(A) | 95,314 | ||
258,932 | FHLMC REMIC, Ser 4238, Class TL, 1.250%, 8/15/27 | 245,920 |
Principal Amount | Market Value | |||
Agency Collateralized Mortgage Obligations — 0.1% (Continued) | ||||
$ 18,976 | FNMA REMIC, Ser 2003-33, Class AM, 4.250%, 5/25/33 | $ 18,171 | ||
7,996 | FNMA REMIC, Ser 2003-42, Class CA, 4.000%, 5/25/33 | 7,798 | ||
70,065 | FNMA REMIC, Ser 2003-81, Class FE, (SOFR30A + 0.614%), 5.950%, 9/25/33(A) | 69,914 | ||
148,520 | FNMA REMIC, Ser 2009-32, Class BH, 5.250%, 5/25/39 | 149,177 | ||
14,273 | FNMA REMIC, Ser 2012-102, Class NA, 1.500%, 9/25/27 | 13,721 | ||
5,396 | GNMA, Ser 2011-57, Class BA, 3.000%, 5/20/40 | 5,301 | ||
Total Agency Collateralized Mortgage Obligations | $625,094 | |||
U.S. Government Agency Obligations — 0.0% | ||||
27,841 | Small Business Administration Pools, Pool #508374, (Prime Rate -2.500%), 6.000%, 4/25/28(A) | 27,652 |
Shares | ||||
Short-Term Investment Fund — 0.0% | ||||
82,244 | Dreyfus Government Cash Management, Institutional Shares, 5.19%∞Ω | 82,244 | ||
Total Investment Securities—100.8% (Cost $522,324,575) | $517,466,096 | |||
Liabilities in Excess of Other Assets — (0.8%) | (4,129,336) | |||
Net Assets — 100.0% | $513,336,760 |
(A) | Variable rate security - Rate reflected is the rate in effect as of June 30, 2024. |
(B) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(C) | Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding. |
(D) | Rate reflects yield at the time of purchase. |
†† | The issuers and/or sponsors of certain mortgage-backed securities may no longer exist; however, the securities held by the Fund are separate legal entities organized as trusts and publicly traded. The Fund receives principal and interest payments directly from these trusts. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of June 30, 2024. |
37
Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)
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 June 30, 2024, these securities were valued at $366,767,293 or 71.4% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Asset-Backed Securities | $— | $242,153,081 | $— | $242,153,081 |
Commercial Mortgage-Backed Securities | — | 97,181,207 | — | 97,181,207 |
Corporate Bonds | — | 88,106,100 | — | 88,106,100 |
Commercial Paper | — | 42,880,492 | — | 42,880,492 |
Non-Agency Collateralized Mortgage Obligations | — | 37,452,393 | — | 37,452,393 |
Municipal Bonds | — | 5,415,000 | — | 5,415,000 |
U.S. Government Mortgage-Backed Obligations | — | 3,542,833 | — | 3,542,833 |
Agency Collateralized Mortgage Obligations | — | 625,094 | — | 625,094 |
U.S. Government Agency Obligations | — | 27,652 | — | 27,652 |
Short-Term Investment Fund | 82,244 | — | — | 82,244 |
Total | $82,244 | $517,383,852 | $— | $517,466,096 |
See accompanying Notes to Portfolios of Investments.
38
Notes to Portfolios of Investments
June 30, 2024 (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 June 30, 2024, for each Fund’s investments, is included in each Fund’s Portfolio of Investments. The Ares Credit Opportunities Fund held Level 3 categorized securities during the period ended June 30, 2024. Refer to the Portfolio of Investments for a reconciliation of Level 3 holdings.
Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.
The Funds' portfolio securities are valued as of the close of the regular session of trading on the New York Stock Exchange (“NYSE”) (currently 4:00 p.m., Eastern Time or at the time as of which the NYSE establishes official closing prices). Portfolio securities traded on stock exchanges are valued at the last reported sale price, official close price, or last bid price if no sales are reported. Portfolio securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) or from the primary exchange on which the security trades. To the extent these securities are actively traded, they are categorized in Level 1 of the fair value hierarchy. Options and futures are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long option positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price on the valuation date and are categorized in Level 1. Shares of mutual funds in which the Funds invest are valued at their respective net asset value (“NAV”) as reported by the underlying funds and are categorized in Level 1.
Debt securities held by the Funds are valued at their evaluated bid by an independent pricing service or at their last broker-quoted bid prices as obtained from one or more of the major market makers for such securities. Independent pricing services use information provided by market makers or estimates of market values through accepted market modeling conventions. Observable inputs to the models may include prepayment speeds, pricing spread, yield, trade information, dealer quotes, market color, cash flow models, the securities’ terms and conditions, among others, and are generally categorized in Level 2. Investments in 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.
39
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.
40