Portfolio of Investments
Touchstone Balanced Fund – March 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 64.7% | ||||
Information Technology — 19.1% | ||||
17,617 | Apple, Inc. | $ 3,076,105 | ||
4,367 | International Business Machines Corp. | 567,797 | ||
12,059 | Microsoft Corp. | 3,717,910 | ||
11,246 | Oracle Corp. | 930,382 | ||
3,762 | PayPal Holdings, Inc.* | 435,075 | ||
5,146 | salesforce, Inc.* | 1,092,599 | ||
8,036 | SS&C Technologies Holdings, Inc. | 602,861 | ||
5,122 | Texas Instruments, Inc. | 939,785 | ||
4,468 | Visa, Inc. - Class A | 990,868 | ||
2,796 | Workday, Inc. - Class A* | 669,530 | ||
13,022,912 | ||||
Communication Services — 9.7% | ||||
1,000 | Alphabet, Inc. - Class C* | 2,792,990 | ||
9,870 | AT&T, Inc. | 233,229 | ||
15,413 | Comcast Corp. - Class A | 721,637 | ||
11,397 | Fox Corp. - Class A | 449,612 | ||
6,673 | Meta Platforms, Inc. - Class A* | 1,483,808 | ||
1,377 | Netflix, Inc.* | 515,810 | ||
3,151 | Walt Disney Co. (The)* | 432,191 | ||
6,629,277 | ||||
Health Care — 9.2% | ||||
5,185 | AmerisourceBergen Corp. | 802,171 | ||
8,055 | BioMarin Pharmaceutical, Inc.* | 621,041 | ||
16,566 | Bristol-Myers Squibb Co. | 1,209,815 | ||
3,411 | HCA Healthcare, Inc. | 854,865 | ||
7,614 | Johnson & Johnson | 1,349,429 | ||
2,825 | UnitedHealth Group, Inc. | 1,440,665 | ||
6,277,986 | ||||
Financials — 7.4% | ||||
28,524 | Bank of America Corp. | 1,175,759 | ||
5,607 | Berkshire Hathaway, Inc. - Class B* | 1,978,767 | ||
3,522 | Goldman Sachs Group, Inc. (The) | 1,162,612 | ||
297 | Markel Corp.* | 438,146 | ||
989 | Signature Bank | 290,262 | ||
5,045,546 | ||||
Consumer Discretionary — 7.0% | ||||
3,019 | Airbnb, Inc. - Class A* | 518,543 | ||
3,142 | Alibaba Group Holding Ltd. (China) ADR* | 341,850 | ||
731 | Amazon.com, Inc.* | 2,383,023 | ||
7,922 | Hilton Worldwide Holdings, Inc.* | 1,202,084 | ||
3,984 | Starbucks Corp. | 362,425 | ||
4,807,925 | ||||
Industrials — 5.4% | ||||
1,134 | Deere & Co. | 471,132 | ||
1,118 | FedEx Corp. | 258,694 | ||
4,447 | Hubbell, Inc. | 817,225 | ||
1,269 | Parker-Hannifin Corp. | 360,091 | ||
12,231 | Raytheon Technologies Corp. | 1,211,725 | ||
12,061 | Southwest Airlines Co.* | 552,394 | ||
3,671,261 | ||||
Consumer Staples — 2.3% | ||||
9,646 | Monster Beverage Corp.* | 770,715 | ||
8,556 | Philip Morris International, Inc. | 803,751 | ||
1,574,466 | ||||
Energy — 2.0% | ||||
10,485 | Exxon Mobil Corp. | 865,956 | ||
11,589 | Schlumberger NV | 478,742 | ||
1,344,698 |
Shares | Market Value | |||
Real Estate — 1.6% | ||||
4,451 | Jones Lang LaSalle, Inc.* | $ 1,065,837 | ||
Materials — 1.0% | ||||
9,297 | DuPont de Nemours, Inc. | 684,073 | ||
Total Common Stocks | $44,123,981 |
Principal Amount | ||||
Corporate Bonds — 14.9% | ||||
Financials — 4.7% | ||||
$ 150,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.450%, 10/29/26 | 138,710 | ||
130,000 | Allstate Corp. (The), 1.450%, 12/15/30 | 112,398 | ||
74,000 | American Express Co., 2.250%, 3/4/25 | 72,768 | ||
60,000 | American Financial Group, Inc., 5.250%, 4/2/30 | 64,723 | ||
112,000 | Ares Capital Corp., 3.250%, 7/15/25 | 108,778 | ||
81,000 | Bank of America Corp., 2.687%, 4/22/32 | 74,501 | ||
82,000 | Bank of America Corp., 3.705%, 4/24/28 | 82,648 | ||
119,000 | Bank of America Corp., MTN, 4.000%, 1/22/25 | 121,304 | ||
94,000 | Bank of Montreal (Canada), 3.803%, 12/15/32 | 93,047 | ||
70,000 | Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | 76,617 | ||
142,000 | Charles Schwab Corp. (The), 1.150%, 5/13/26 | 132,399 | ||
94,000 | Charles Schwab Corp. (The), 5.000%(A) | 93,647 | ||
128,000 | Citigroup, Inc., 0.981%, 5/1/25 | 122,114 | ||
77,000 | Citigroup, Inc., 3.200%, 10/21/26 | 76,498 | ||
45,000 | Citigroup, Inc., 4.750%, 5/18/46 | 48,374 | ||
138,000 | Corestates Capital III, 144a, (3M LIBOR +0.570%), 1.076%, 2/15/27(B) | 132,487 | ||
122,000 | Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | 110,897 | ||
105,000 | Goldman Sachs Group, Inc. (The), 3.615%, 3/15/28 | 104,950 | ||
55,000 | Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | 55,147 | ||
126,000 | Huntington Bancshares, Inc., 2.550%, 2/4/30 | 118,289 | ||
128,000 | JPMorgan Chase & Co., 2.956%, 5/13/31 | 119,785 | ||
100,000 | JPMorgan Chase & Co., 3.509%, 1/23/29 | 99,708 | ||
200,000 | Lloyds Banking Group PLC (United Kingdom), 3.574%, 11/7/28 | 195,681 | ||
112,000 | Mastercard, Inc., 2.000%, 11/18/31 | 102,122 | ||
109,000 | Morgan Stanley, 3.950%, 4/23/27 | 110,926 | ||
77,000 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | 75,109 | ||
132,000 | PNC Capital Trust, (3M LIBOR +0.570%), 1.093%, 6/1/28(B) | 123,432 | ||
92,000 | Prudential Financial, Inc., 5.125%, 3/1/52 | 93,003 | ||
120,000 | Toronto-Dominion Bank (The) (Canada), MTN, 1.150%, 6/12/25 | 113,388 | ||
197,000 | Truist Bank, Ser A, (3M LIBOR +0.670%), 1.180%, 5/15/27(B) | 187,867 | ||
22,000 | Truist Financial Corp., MTN, 2.850%, 10/26/24 | 22,004 | ||
3,183,321 | ||||
Consumer Discretionary — 1.5% | ||||
135,000 | BAT Capital Corp. (United Kingdom), 3.557%, 8/15/27 | 131,596 | ||
58,000 | Brunswick Corp., 4.400%, 9/15/32 | 57,350 | ||
60,000 | Ford Motor Co., 3.250%, 2/12/32 | 53,498 | ||
105,000 | General Motors Financial Co., Inc., 3.100%, 1/12/32 | 94,390 | ||
56,000 | General Motors Financial Co., Inc., 5.650%, 1/17/29 | 60,560 | ||
59,000 | Home Depot, Inc. (The), 5.950%, 4/1/41 | 76,265 | ||
94,000 | Hyundai Capital America, 144a, 2.650%, 2/10/25 | 91,170 | ||
113,000 | Lowe's Cos., Inc., 4.500%, 4/15/30 | 120,934 | ||
58,000 | Magallanes, Inc., 144a, 4.279%, 3/15/32 | 58,347 | ||
58,000 | Magallanes, Inc., 144a, 5.141%, 3/15/52 | 59,354 | ||
142,000 | Procter & Gamble Co. (The), 1.200%, 10/29/30 | 123,688 | ||
26,000 | Toll Brothers Finance Corp., 3.800%, 11/1/29 | 25,142 | ||
95,000 | Walmart, Inc., 2.850%, 7/8/24 | 96,144 | ||
1,048,438 |
1
Touchstone Balanced Fund (Unaudited) (Continued)
Principal Amount | MarketValue | |||
Corporate Bonds — 14.9% (Continued) | ||||
Industrials — 1.3% | ||||
$ 98,000 | Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | $ 90,324 | ||
53,000 | Boeing Co. (The), 5.805%, 5/1/50 | 61,172 | ||
81,000 | Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | 101,026 | ||
54,000 | Carrier Global Corp., 3.577%, 4/5/50 | 49,386 | ||
118,000 | CNH Industrial Capital LLC, 1.450%, 7/15/26 | 108,493 | ||
94,000 | FedEx Corp., 5.100%, 1/15/44 | 105,063 | ||
99,000 | John Deere Capital Corp., MTN, 2.450%, 1/9/30 | 94,635 | ||
81,000 | Norfolk Southern Corp., 4.837%, 10/1/41 | 91,293 | ||
103,000 | Roper Technologies, Inc., 2.950%, 9/15/29 | 99,293 | ||
117,000 | Xylem, Inc., 1.950%, 1/30/28 | 108,474 | ||
909,159 | ||||
Utilities — 1.2% | ||||
52,000 | American Water Capital Corp., 6.593%, 10/15/37 | 67,506 | ||
83,000 | CMS Energy Corp., 4.750%, 6/1/50 | 82,170 | ||
74,000 | Duke Energy Progress LLC, 4.150%, 12/1/44 | 76,227 | ||
72,000 | Edison International, 4.125%, 3/15/28 | 71,524 | ||
82,000 | FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44 | 89,481 | ||
104,000 | Ohio Power Co., Ser R, 2.900%, 10/1/51 | 86,132 | ||
126,000 | Pacific Gas and Electric Co., 3.500%, 8/1/50 | 100,619 | ||
89,000 | PacifiCorp., 5.750%, 4/1/37 | 104,768 | ||
188,000 | WEC Energy Group, Inc., (3M LIBOR +2.112%), 2.619%, 5/15/67(B) | 159,424 | ||
837,851 | ||||
Communication Services — 1.2% | ||||
42,000 | Alphabet, Inc., 1.900%, 8/15/40 | 34,178 | ||
76,000 | AT&T, Inc., 3.850%, 6/1/60 | 67,987 | ||
54,000 | AT&T, Inc., 4.500%, 5/15/35 | 57,136 | ||
79,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | 90,014 | ||
74,000 | Comcast Corp., 4.000%, 3/1/48 | 75,735 | ||
36,000 | Deutsche Telekom International Finance BV (Germany), 8.750%, 6/15/30 | 48,308 | ||
122,000 | Netflix, Inc., 144a, 4.875%, 6/15/30 | 129,625 | ||
51,000 | Paramount Global, 4.950%, 5/19/50 | 53,146 | ||
118,000 | T-Mobile USA, Inc., 3.875%, 4/15/30 | 118,467 | ||
141,000 | Verizon Communications, Inc., 2.987%, 10/30/56 | 115,980 | ||
790,576 | ||||
Health Care — 1.2% | ||||
84,000 | AbbVie, Inc., 4.450%, 5/14/46 | 89,906 | ||
76,000 | Becton Dickinson and Co., 4.685%, 12/15/44 | 81,693 | ||
86,000 | CommonSpirit Health, 4.187%, 10/1/49 | 85,530 | ||
100,000 | CommonSpirit Health, 4.200%, 8/1/23 | 101,579 | ||
73,000 | CVS Health Corp., 5.125%, 7/20/45 | 82,487 | ||
104,000 | DH Europe Finance II Sarl, 3.250%, 11/15/39 | 99,752 | ||
45,000 | Johnson & Johnson, 2.900%, 1/15/28 | 45,272 | ||
93,000 | Mylan, Inc., 4.550%, 4/15/28 | 94,181 | ||
107,000 | UnitedHealth Group, Inc., 3.500%, 8/15/39 | 106,240 | ||
786,640 | ||||
Information Technology — 1.0% | ||||
67,000 | Apple, Inc., 4.650%, 2/23/46 | 79,240 | ||
116,000 | Broadcom, Inc., 4.150%, 11/15/30 | 117,580 | ||
112,000 | Microchip Technology, Inc., 144a, 0.983%, 9/1/24 | 106,133 | ||
49,000 | Microsoft Corp., 3.500%, 2/12/35 | 51,326 | ||
90,000 | NXP BV / NXP Funding LLC (China), 144a, 5.350%, 3/1/26 | 95,584 | ||
46,000 | Oracle Corp., 2.650%, 7/15/26 | 44,167 | ||
32,000 | Oracle Corp., 3.600%, 4/1/40 | 27,785 | ||
65,000 | Visa, Inc., 4.150%, 12/14/35 | 70,696 | ||
96,000 | VMware, Inc., 1.400%, 8/15/26 | 88,253 | ||
680,764 |
Principal Amount | MarketValue | |||
Energy — 1.0% | ||||
$ 78,000 | Boardwalk Pipelines LP, 4.800%, 5/3/29 | $ 80,675 | ||
65,000 | Canadian Natural Resources Ltd. (Canada), 6.250%, 3/15/38 | 77,730 | ||
74,000 | Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37 | 80,178 | ||
60,000 | Continental Resources, Inc., 144a, 5.750%, 1/15/31 | 65,628 | ||
115,000 | Energy Transfer LP, 4.150%, 9/15/29 | 115,353 | ||
66,000 | Midwest Connector Capital Co. LLC, 144a, 3.900%, 4/1/24 | 66,253 | ||
93,000 | NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | 116,738 | ||
20,000 | Sabine Pass Liquefaction LLC, 5.000%, 3/15/27 | 21,188 | ||
48,000 | Valero Energy Corp., 4.000%, 6/1/52 | 45,086 | ||
668,829 | ||||
Real Estate — 0.9% | ||||
100,000 | Crown Castle International Corp. REIT, 3.650%, 9/1/27 | 99,432 | ||
84,000 | Equinix, Inc. REIT, 2.900%, 11/18/26 | 81,462 | ||
122,000 | Host Hotels & Resorts LP REIT, Ser F, 4.500%, 2/1/26 | 124,927 | ||
88,000 | Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | 89,885 | ||
55,000 | Mid-America Apartments LP REIT, 3.750%, 6/15/24 | 55,833 | ||
74,000 | Sabra Health Care LP REIT, 5.125%, 8/15/26 | 75,788 | ||
37,000 | STORE Capital Corp. REIT, 4.500%, 3/15/28 | 37,993 | ||
63,000 | STORE Capital Corp. REIT, 4.625%, 3/15/29 | 65,388 | ||
630,708 | ||||
Consumer Staples — 0.8% | ||||
127,000 | 7-Eleven, Inc., 144a, 0.950%, 2/10/26 | 115,568 | ||
121,000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | 134,507 | ||
33,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 4.375%, 2/2/52 | 28,699 | ||
64,000 | Kroger Co. (The), 5.000%, 4/15/42 | 71,072 | ||
96,000 | Mars, Inc., 144a, 3.875%, 4/1/39 | 97,142 | ||
55,000 | PepsiCo, Inc., 1.625%, 5/1/30 | 49,457 | ||
65,000 | Starbucks Corp., 3.350%, 3/12/50 | 58,491 | ||
554,936 | ||||
Materials — 0.1% | ||||
83,000 | Sherwin-Williams Co. (The), 4.500%, 6/1/47 | 87,860 | ||
Total Corporate Bonds | $10,179,082 | |||
U.S. Treasury Obligations — 14.2% | ||||
1,175,000 | U.S. Treasury Bond, 1.750%, 8/15/41 | 1,019,496 | ||
15,000 | U.S. Treasury Bond, 1.875%, 2/15/51 | 13,113 | ||
360,000 | U.S. Treasury Bond, 2.250%, 2/15/52 | 345,094 | ||
3,170,000 | U.S. Treasury Note, 0.125%, 4/30/23 | 3,114,401 | ||
1,805,000 | U.S. Treasury Note, 0.250%, 10/31/25 | 1,666,029 | ||
1,650,000 | U.S. Treasury Note, 0.750%, 5/31/26 | 1,536,434 | ||
935,000 | U.S. Treasury Note, 0.875%, 1/31/24 | 911,808 | ||
1,106,000 | U.S. Treasury Note, 1.625%, 5/15/31 | 1,041,886 | ||
Total U.S. Treasury Obligations | $9,648,261 |
Shares | ||||
Exchange-Traded Fund — 2.1% | ||||
14,788 | iShares JP Morgan USD Emerging Markets Bond ETF | 1,445,675 |
Principal Amount | ||||
Commercial Mortgage-Backed Securities — 1.4% | ||||
$ 60,000 | BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | 56,046 | ||
75,000 | BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55 | 72,414 | ||
55,000 | BBCMS Mortgage Trust, Ser 2021-C11, Class A5, 2.322%, 9/15/54 | 50,510 | ||
165,000 | BBCMS Mortgage Trust, Ser 2021-C12, Class A5, 2.689%, 11/15/54 | 156,176 |
2
Touchstone Balanced Fund (Unaudited) (Continued)
Principal Amount | MarketValue | |||
Commercial Mortgage-Backed Securities — 1.4% (Continued) | ||||
$ 45,000 | BBCMS Mortgage Trust, Ser 2022-C14, Class A5, 2.946%, 2/15/55 | $ 43,698 | ||
50,000 | Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | 47,598 | ||
80,000 | COMM Mortgage Trust, Ser 2015-DC1, Class A5, 3.350%, 2/10/48 | 79,933 | ||
80,000 | GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | 74,288 | ||
170,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | 170,943 | ||
75,000 | Morgan Stanley Capital I Trust, Ser 2018-H3, Class AS, 4.177%, 7/15/51 | 77,591 | ||
145,000 | Wells Fargo Commercial Mortgage Trust, Ser 2019-C54, Class A4, 3.040%, 10/15/52 | 141,651 | ||
Total Commercial Mortgage-Backed Securities | $970,848 | |||
U.S. Government Mortgage-Backed Obligations — 0.8% | ||||
119,071 | FHLMC, Pool #G05624, 4.500%, 9/1/39 | 126,610 | ||
87,985 | FHLMC, Pool #Q29260, 4.000%, 10/1/44 | 91,949 | ||
52,924 | FNMA, Pool #725423, 5.500%, 5/1/34 | 57,385 | ||
48,090 | FNMA, Pool #725610, 5.500%, 7/1/34 | 52,672 | ||
9,571 | FNMA, Pool #890310, 4.500%, 12/1/40 | 10,185 | ||
34,948 | FNMA, Pool #AD9193, 5.000%, 9/1/40 | 37,613 | ||
167,783 | FNMA, Pool #AL5718, 3.500%, 9/1/44 | 171,257 | ||
Total U.S. Government Mortgage-Backed Obligations | $547,671 |
Shares | ||||
Preferred Stocks — 0.3% | ||||
Financials — 0.2% | ||||
470 | Bank of America Corp., Ser NN, 4.375%(A) | 10,175 | ||
1,634 | Bank of America Corp., Ser QQ, 4.250%(A) | 35,278 | ||
1,880 | JPMorgan Chase & Co., Ser JJ, 4.550%(A) | 41,097 | ||
1,694 | JPMorgan Chase & Co., Ser MM, 4.200%(A) | 35,709 | ||
592 | US Bancorp, Ser L, 3.750%(A) | 11,668 | ||
620 | US Bancorp, Ser M, 4.000%(A) | 12,822 | ||
940 | Wells Fargo & Co., Ser DD, 4.250%(A) | 19,449 | ||
166,198 | ||||
Real Estate — 0.1% | ||||
2,050 | Public Storage REIT, Ser P, 4.000%(A) | 42,005 | ||
Total Preferred Stocks | $208,203 |
Principal Amount | ||||
Sovereign Government Obligations — 0.2% | ||||
$ 146,000 | Peruvian Government International Bond, 2.780%, 12/1/60 | 113,943 |
Shares | ||||
Short-Term Investment Fund — 2.8% | ||||
1,878,167 | Dreyfus Government Cash Management, Institutional Shares, 0.19%∞Ω | 1,878,167 | ||
Total Investment Securities—101.4% (Cost $61,330,666) | $69,115,831 | |||
Liabilities in Excess of Other Assets — (1.4%) | (928,062) | |||
Net Assets — 100.0% | $68,187,769 |
(A) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
(B) | Variable rate security - Rate reflected is the rate in effect as of March 31, 2022. |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
DAC – Designated Activity Company |
ETF – Exchange-Traded Fund |
FHLMC – Federal Home Loan Mortgage Corporation |
FNMA – Federal National Mortgage Association |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LP – Limited Partnership |
MTN – Medium Term Note |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
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 March 31, 2022, these securities were valued at $1,327,318 or 1.9% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $44,123,981 | $— | $— | $44,123,981 |
Corporate Bonds | — | 10,179,082 | — | 10,179,082 |
U.S. Treasury Obligations | — | 9,648,261 | — | 9,648,261 |
Exchange-Traded Fund | 1,445,675 | — | — | 1,445,675 |
Commercial Mortgage-Backed Securities | — | 970,848 | — | 970,848 |
U.S. Government Mortgage-Backed Obligations | — | 547,671 | — | 547,671 |
Preferred Stocks | 208,203 | — | — | 208,203 |
Sovereign Government Obligations | — | 113,943 | — | 113,943 |
Short-Term Investment Fund | 1,878,167 | — | — | 1,878,167 |
Total | $47,656,026 | $21,459,805 | $— | $69,115,831 |
See accompanying Notes to Portfolios of Investments.
3
Portfolio of Investments
Touchstone Bond Fund – March 31, 2022 (Unaudited)
Principal Amount | Market Value | |||
Corporate Bonds — 36.2% | ||||
Financials — 11.4% | ||||
$ 400,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.450%, 10/29/26 | $ 369,892 | ||
378,000 | Allstate Corp. (The), 1.450%, 12/15/30 | 326,819 | ||
280,000 | American Express Co., 2.250%, 3/4/25 | 275,337 | ||
572,579 | American Financial Group, Inc., 5.250%, 4/2/30 | 617,653 | ||
283,000 | Ares Capital Corp., 3.250%, 7/15/25 | 274,859 | ||
200,000 | Bank of America Corp., 2.687%, 4/22/32 | 183,954 | ||
250,000 | Bank of America Corp., 3.705%, 4/24/28 | 251,976 | ||
401,000 | Bank of America Corp., MTN, 4.000%, 1/22/25 | 408,763 | ||
335,000 | Bank of Montreal (Canada), 3.803%, 12/15/32 | 331,604 | ||
230,000 | Bank of Nova Scotia (The) (Canada), (3M LIBOR +0.620%), 1.548%, 9/19/22(A) | 230,340 | ||
374,000 | Bank of Nova Scotia (The) (Canada), Ser 2, 3.625%, 10/27/81 | 322,186 | ||
377,000 | Barclays PLC (United Kingdom), 2.894%, 11/24/32 | 342,003 | ||
176,000 | Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | 192,637 | ||
134,000 | BNP Paribas SA (France), 144a, 4.625%, 3/13/27 | 137,244 | ||
464,000 | Charles Schwab Corp. (The), 1.150%, 5/13/26 | 432,626 | ||
350,000 | Charles Schwab Corp. (The), 5.000%(B) | 348,688 | ||
323,000 | Citigroup, Inc., 0.981%, 5/1/25 | 308,146 | ||
225,000 | Citigroup, Inc., 3.200%, 10/21/26 | 223,533 | ||
141,000 | Citigroup, Inc., 4.750%, 5/18/46 | 151,571 | ||
318,000 | Cooperatieve Rabobank UA (Netherlands), 144a, 1.106%, 2/24/27 | 291,148 | ||
365,000 | Corestates Capital III, 144a, (3M LIBOR +0.570%), 1.076%, 2/15/27(A) | 350,420 | ||
352,000 | Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | 319,965 | ||
510,000 | Goldman Sachs Group, Inc. (The), 3.615%, 3/15/28 | 509,760 | ||
182,000 | Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | 182,487 | ||
205,000 | HSBC Holdings PLC (United Kingdom), 3.900%, 5/25/26 | 207,219 | ||
349,000 | Huntington Bancshares, Inc., 2.550%, 2/4/30 | 327,641 | ||
256,000 | JPMorgan Chase & Co., 2.956%, 5/13/31 | 239,569 | ||
336,000 | JPMorgan Chase & Co., 3.509%, 1/23/29 | 335,019 | ||
343,000 | Lloyds Banking Group PLC (United Kingdom), 3.574%, 11/7/28 | 335,593 | ||
374,000 | Mastercard, Inc., 2.000%, 11/18/31 | 341,014 | ||
311,000 | Morgan Stanley, 3.950%, 4/23/27 | 316,495 | ||
273,000 | Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | 266,297 | ||
356,000 | PNC Capital Trust, (3M LIBOR +0.570%), 1.093%, 6/1/28(A) | 332,893 | ||
345,000 | Prudential Financial, Inc., 5.125%, 3/1/52 | 348,760 | ||
304,000 | Toronto-Dominion Bank (The) (Canada), MTN, 1.150%, 6/12/25 | 287,251 | ||
551,000 | Truist Bank, Ser A, (3M LIBOR +0.670%), 1.180%, 5/15/27(A) | 525,455 | ||
210,000 | Truist Financial Corp., MTN, 2.850%, 10/26/24 | 210,034 | ||
11,456,851 | ||||
Consumer Discretionary — 4.0% | ||||
464,000 | BAT Capital Corp. (United Kingdom), 3.557%, 8/15/27 | 452,302 | ||
218,000 | Brunswick Corp., 4.400%, 9/15/32 | 215,556 | ||
202,000 | Ford Motor Co., 3.250%, 2/12/32 | 180,111 | ||
505,000 | General Motors Financial Co., Inc., 3.100%, 1/12/32 | 453,970 | ||
169,000 | General Motors Financial Co., Inc., 5.650%, 1/17/29 | 182,761 | ||
318,000 | GSK Consumer Healthcare Capital US LLC, 144a, 3.375%, 3/24/27 | 318,585 | ||
227,000 | Home Depot, Inc. (The), 5.950%, 4/1/41 | 293,427 | ||
316,000 | Hyundai Capital America, 144a, 2.650%, 2/10/25 | 306,488 | ||
308,000 | Lowe's Cos., Inc., 4.500%, 4/15/30 | 329,624 | ||
218,000 | Magallanes, Inc., 144a, 4.279%, 3/15/32 | 219,305 | ||
218,000 | Magallanes, Inc., 144a, 5.141%, 3/15/52 | 223,089 |
Principal Amount | Market Value | |||
Consumer Discretionary — (Continued) | ||||
$ 490,000 | Procter & Gamble Co. (The), 1.200%, 10/29/30 | $ 426,809 | ||
100,000 | Toll Brothers Finance Corp., 3.800%, 11/1/29 | 96,699 | ||
1,199 | United Airlines 2014-2 Class B Pass Through Trust, Ser B, 4.625%, 9/3/22 | 1,206 | ||
333,000 | Walmart, Inc., 2.850%, 7/8/24 | 337,010 | ||
4,036,942 | ||||
Communication Services — 2.9% | ||||
104,000 | Alphabet, Inc., 1.900%, 8/15/40 | 84,631 | ||
266,000 | AT&T, Inc., 3.850%, 6/1/60 | 237,955 | ||
238,000 | AT&T, Inc., 4.500%, 5/15/35 | 251,821 | ||
355,000 | British Telecommunications PLC (United Kingdom), 144a, 3.250%, 11/8/29 | 336,434 | ||
293,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | 333,850 | ||
243,000 | Comcast Corp., 4.000%, 3/1/48 | 248,696 | ||
124,000 | Deutsche Telekom International Finance BV (Germany), 8.750%, 6/15/30 | 166,396 | ||
434,000 | Netflix, Inc., 144a, 4.875%, 6/15/30 | 461,125 | ||
100,000 | Paramount Global, 4.950%, 5/19/50 | 104,208 | ||
335,000 | T-Mobile USA, Inc., 3.875%, 4/15/30 | 336,327 | ||
439,000 | Verizon Communications, Inc., 2.987%, 10/30/56 | 361,100 | ||
2,922,543 | ||||
Industrials — 2.9% | ||||
250,000 | Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | 230,419 | ||
153,000 | Boeing Co. (The), 5.805%, 5/1/50 | 176,591 | ||
272,000 | Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | 339,248 | ||
200,000 | Carrier Global Corp., 3.577%, 4/5/50 | 182,909 | ||
384,000 | CNH Industrial Capital LLC, 1.450%, 7/15/26 | 353,060 | ||
340,000 | FedEx Corp., 5.100%, 1/15/44 | 380,017 | ||
298,000 | John Deere Capital Corp., MTN, 2.450%, 1/9/30 | 284,860 | ||
243,000 | Norfolk Southern Corp., 4.837%, 10/1/41 | 273,878 | ||
285,000 | Roper Technologies, Inc., 2.950%, 9/15/29 | 274,744 | ||
423,000 | Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | 395,551 | ||
2,891,277 | ||||
Information Technology — 2.7% | ||||
344,000 | Apple, Inc., 2.750%, 1/13/25 | 344,891 | ||
234,000 | Apple, Inc., 4.650%, 2/23/46 | 276,748 | ||
432,000 | Broadcom, Inc., 4.150%, 11/15/30 | 437,883 | ||
370,000 | Microchip Technology, Inc., 144a, 0.983%, 9/1/24 | 350,619 | ||
148,000 | Microsoft Corp., 3.500%, 2/12/35 | 155,027 | ||
328,000 | NXP BV / NXP Funding LLC (China), 144a, 5.350%, 3/1/26 | 348,353 | ||
174,000 | Oracle Corp., 2.650%, 7/15/26 | 167,065 | ||
120,000 | Oracle Corp., 3.600%, 4/1/40 | 104,194 | ||
220,000 | Visa, Inc., 4.150%, 12/14/35 | 239,277 | ||
332,000 | VMware, Inc., 1.400%, 8/15/26 | 305,209 | ||
2,729,266 | ||||
Utilities — 2.7% | ||||
222,000 | American Water Capital Corp., 6.593%, 10/15/37 | 288,198 | ||
315,000 | CMS Energy Corp., 4.750%, 6/1/50 | 311,850 | ||
93,000 | Duke Energy Progress LLC, 4.150%, 12/1/44 | 95,799 | ||
207,000 | Edison International, 4.125%, 3/15/28 | 205,630 | ||
224,000 | Electricite de France SA (France), 144a, 4.875%, 9/21/38 | 236,182 | ||
278,000 | FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44 | 303,363 | ||
85,000 | Fortis, Inc. (Canada), 3.055%, 10/4/26 | 84,105 | ||
338,000 | Ohio Power Co., Ser R, 2.900%, 10/1/51 | 279,928 | ||
372,000 | Pacific Gas and Electric Co., 3.500%, 8/1/50 | 297,066 |
4
Touchstone Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Corporate Bonds — 36.2% (Continued) | ||||
Utilities — (Continued) | ||||
$ 127,000 | PacifiCorp., 5.750%, 4/1/37 | $ 149,501 | ||
532,000 | WEC Energy Group, Inc., (3M LIBOR +2.112%), 2.619%, 5/15/67(A) | 451,136 | ||
2,702,758 | ||||
Energy — 2.5% | ||||
333,000 | Boardwalk Pipelines LP, 4.800%, 5/3/29 | 344,422 | ||
227,000 | Canadian Natural Resources Ltd. (Canada), 6.250%, 3/15/38 | 271,457 | ||
207,000 | Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37 | 224,282 | ||
200,000 | Continental Resources, Inc., 144a, 5.750%, 1/15/31 | 218,760 | ||
395,000 | Energy Transfer LP, 4.150%, 9/15/29 | 396,212 | ||
193,000 | MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | 177,309 | ||
248,000 | Midwest Connector Capital Co. LLC, 144a, 3.900%, 4/1/24 | 248,950 | ||
251,000 | NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | 315,068 | ||
206,000 | Petroleos Mexicanos (Mexico), 6.625%, 6/15/35 | 184,629 | ||
182,000 | Valero Energy Corp., 4.000%, 6/1/52 | 170,950 | ||
2,552,039 | ||||
Health Care — 2.3% | ||||
283,000 | AbbVie, Inc., 4.450%, 5/14/46 | 302,897 | ||
232,000 | Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | 216,076 | ||
221,000 | Becton Dickinson and Co., 4.685%, 12/15/44 | 237,555 | ||
263,000 | CommonSpirit Health, 4.187%, 10/1/49 | 261,563 | ||
190,000 | CommonSpirit Health, 4.200%, 8/1/23 | 193,000 | ||
240,000 | CVS Health Corp., 5.125%, 7/20/45 | 271,188 | ||
293,000 | DH Europe Finance II Sarl, 3.250%, 11/15/39 | 281,032 | ||
234,000 | Mylan, Inc., 4.550%, 4/15/28 | 236,973 | ||
312,000 | UnitedHealth Group, Inc., 3.500%, 8/15/39 | 309,784 | ||
2,310,068 | ||||
Real Estate — 2.2% | ||||
361,000 | Crown Castle International Corp. REIT, 3.650%, 9/1/27 | 358,951 | ||
236,000 | Equinix, Inc. REIT, 2.900%, 11/18/26 | 228,870 | ||
338,000 | Host Hotels & Resorts LP REIT, Ser F, 4.500%, 2/1/26 | 346,110 | ||
256,000 | Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | 261,483 | ||
186,000 | Mid-America Apartments LP REIT, 3.750%, 6/15/24 | 188,816 | ||
250,000 | Realty Income Corp. REIT, 4.600%, 2/6/24 | 256,307 | ||
290,000 | Sabra Health Care LP REIT, 5.125%, 8/15/26 | 297,005 | ||
96,000 | STORE Capital Corp. REIT, 4.500%, 3/15/28 | 98,577 | ||
188,000 | STORE Capital Corp. REIT, 4.625%, 3/15/29 | 195,125 | ||
2,231,244 | ||||
Consumer Staples — 2.0% | ||||
380,000 | 7-Eleven, Inc., 144a, 0.950%, 2/10/26 | 345,795 | ||
439,000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | 488,005 | ||
374,000 | JBS Finance Luxembourg Sarl, 144a, 2.500%, 1/15/27 | 347,356 | ||
120,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 4.375%, 2/2/52 | 104,360 | ||
213,000 | Kroger Co. (The), 5.000%, 4/15/42 | 236,536 | ||
336,000 | Mars, Inc., 144a, 3.875%, 4/1/39 | 339,996 | ||
164,000 | Starbucks Corp., 3.350%, 3/12/50 | 147,577 | ||
2,009,625 | ||||
Materials — 0.6% | ||||
83,000 | Braskem America Finance Co. (Brazil), 144a, 7.125%, 7/22/41 | 91,301 |
Principal Amount | Market Value | |||
Materials — (Continued) | ||||
$ 176,000 | Braskem Netherlands Finance BV (Brazil), 144a, 5.875%, 1/31/50 | $ 174,592 | ||
301,000 | Sherwin-Williams Co. (The), 4.500%, 6/1/47 | 318,626 | ||
584,519 | ||||
Total Corporate Bonds | $36,427,132 | |||
U.S. Treasury Obligations — 25.7% | ||||
6,200,000 | U.S. Treasury Bond, 1.750%, 8/15/41 | 5,379,469 | ||
485,000 | U.S. Treasury Bond, 2.250%, 2/15/52 | 464,918 | ||
825,000 | U.S. Treasury Note, 0.250%, 10/31/25 | 761,482 | ||
3,685,000 | U.S. Treasury Note, 0.750%, 5/31/26 | 3,431,368 | ||
6,760,000 | U.S. Treasury Note, 0.875%, 1/31/24 | 6,592,320 | ||
66,000 | U.S. Treasury Note, 1.250%, 8/15/31 | 60,029 | ||
1,385,000 | U.S. Treasury Note, 1.375%, 11/15/31 | 1,271,387 | ||
4,670,000 | U.S. Treasury Note, 1.500%, 1/31/27 | 4,469,336 | ||
3,613,000 | U.S. Treasury Note, 1.625%, 5/15/31 | 3,403,559 | ||
Total U.S. Treasury Obligations | $25,833,868 | |||
Commercial Mortgage-Backed Securities — 9.9% | ||||
675,000 | BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | 694,645 | ||
285,000 | BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | 266,218 | ||
365,000 | BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55 | 352,415 | ||
275,000 | BBCMS Mortgage Trust, Ser 2021-C11, Class A5, 2.322%, 9/15/54 | 252,551 | ||
810,000 | BBCMS Mortgage Trust, Ser 2021-C12, Class A5, 2.689%, 11/15/54 | 766,680 | ||
210,000 | BBCMS Mortgage Trust, Ser 2022-C14, Class A5, 2.946%, 2/15/55(A)(C) | 203,926 | ||
750,000 | BHMS, Ser 2018-ATLS, Class A, 144a, (1M LIBOR +1.250%), 1.647%, 7/15/35(A) | 742,227 | ||
500,000 | BPR Trust, Ser 2021-KEN, Class B, 144a, (1M LIBOR +1.950%), 2.347%, 2/15/29(A) | 497,259 | ||
250,000 | Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | 237,990 | ||
352,034 | COMM Mortgage Trust, Ser 2014-CR14, Class A2, 3.147%, 2/10/47 | 348,093 | ||
390,000 | COMM Mortgage Trust, Ser 2015-DC1, Class A5, 3.350%, 2/10/48 | 389,672 | ||
360,000 | DBUBS Mortgage Trust, Ser 2017-BRBK, Class B, 144a, 3.530%, 10/10/34(A)(C) | 355,645 | ||
375,000 | GS Mortgage Securities Corp. II, Ser 2017-SLP, Class B, 144a, 3.772%, 10/10/32 | 375,005 | ||
250,000 | GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.541%, 1/10/43(A)(C) | 241,613 | ||
390,000 | GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | 362,155 | ||
315,000 | HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (1M LIBOR +1.450%), 1.847%, 10/15/36(A) | 309,993 | ||
805,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | 809,464 | ||
350,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (1M LIBOR +1.020%), 2.270%, 11/15/35(A) | 349,031 | ||
355,000 | Morgan Stanley Capital I Trust, Ser 2018-H3, Class AS, 4.177%, 7/15/51 | 367,263 | ||
320,000 | New York City Housing Development Corp., Ser 2014-8SPR, Class B, 3.864%, 2/15/48 | 327,464 | ||
675,000 | SG Commercial Mortgage Securities Trust, Ser 2019-787E, Class A, 144a, 4.163%, 2/15/41 | 689,383 |
5
Touchstone Bond Fund (Unaudited) (Continued)
Principal Amount | Market Value | |||
Commercial Mortgage-Backed Securities — 9.9% (Continued) | ||||
$ 700,000 | Wells Fargo Commercial Mortgage Trust, Ser 2019-C54, Class A4, 3.040%, 10/15/52 | $ 683,834 | ||
393,215 | WFRBS Commercial Mortgage Trust, Ser 2014-C19, Class A3, 3.660%, 3/15/47 | 392,071 | ||
Total Commercial Mortgage-Backed Securities | $10,014,597 | |||
U.S. Government Mortgage-Backed Obligations — 8.1% | ||||
46,587 | FHLMC, Pool #A95946, 4.000%, 1/1/41 | 48,811 | ||
35,190 | FHLMC, Pool #A96485, 4.500%, 1/1/41 | 37,418 | ||
11,939 | FHLMC, Pool #G03217, 5.500%, 9/1/37 | 12,855 | ||
6,284 | FHLMC, Pool #G03781, 6.000%, 1/1/38 | 7,024 | ||
223,258 | FHLMC, Pool #G05624, 4.500%, 9/1/39 | 237,394 | ||
289,763 | FHLMC, Pool #Q29056, 4.000%, 10/1/44 | 302,823 | ||
144,197 | FHLMC, Pool #Q29260, 4.000%, 10/1/44 | 150,694 | ||
588,443 | FHLMC REMIC, Pool #QD2143, 2.000%, 12/1/51 | 547,130 | ||
645,293 | FHLMC REMIC, Pool #SD0881, 2.500%, 2/1/52 | 617,315 | ||
3,389 | FNMA, Pool #561741, 7.500%, 1/1/31 | 3,659 | ||
199,160 | FNMA, Pool #725423, 5.500%, 5/1/34 | 215,947 | ||
178,110 | FNMA, Pool #725610, 5.500%, 7/1/34 | 195,083 | ||
4,272 | FNMA, Pool #889734, 5.500%, 6/1/37 | 4,696 | ||
27,020 | FNMA, Pool #AB1149, 5.000%, 6/1/40 | 29,258 | ||
26,605 | FNMA, Pool #AB1800, 4.000%, 11/1/40 | 27,858 | ||
45,262 | FNMA, Pool #AD3795, 4.500%, 4/1/40 | 48,086 | ||
60,951 | FNMA, Pool #AD9150, 5.000%, 8/1/40 | 65,621 | ||
116,495 | FNMA, Pool #AD9193, 5.000%, 9/1/40 | 125,376 | ||
76,248 | FNMA, Pool #AE0548, 4.500%, 11/1/40 | 81,210 | ||
65,755 | FNMA, Pool #AE4429, 4.000%, 10/1/40 | 68,830 | ||
2,857 | FNMA, Pool #AH2666, 4.000%, 1/1/26 | 2,945 | ||
5,374 | FNMA, Pool #AH3493, 4.000%, 2/1/26 | 5,547 | ||
107,154 | FNMA, Pool #AJ5457, 4.000%, 11/1/41 | 112,182 | ||
100,925 | FNMA, Pool #AL0054, 4.500%, 2/1/41 | 107,500 | ||
207,850 | FNMA, Pool #AL5718, 3.500%, 9/1/44 | 212,154 | ||
273,108 | FNMA, Pool #AR9195, 3.000%, 3/1/43 | 272,563 | ||
85,510 | FNMA, Pool #AS7813, 4.000%, 8/1/46 | 89,350 | ||
223,507 | FNMA, Pool #AT2016, 3.000%, 4/1/43 | 223,713 | ||
178,399 | FNMA, Pool #BC1158, 3.500%, 2/1/46 | 181,440 | ||
625,000 | FNMA, Pool #BV4148, 3.000%, 3/1/52 | 613,032 | ||
351,640 | FNMA, Pool #FM4996, 2.000%, 12/1/50 | 327,823 | ||
346,585 | FNMA, Pool #FM5166, 3.000%, 12/1/50 | 340,186 | ||
309,286 | FNMA, Pool #FM5279, 3.500%, 11/1/50 | 310,914 | ||
250,376 | FNMA, Pool #FM5468, 2.500%, 1/1/36 | 247,880 | ||
318,505 | FNMA, Pool #FM5682, 2.500%, 1/1/51 | 304,965 | ||
103,405 | FNMA, Pool #MA1175, 3.000%, 9/1/42 | 103,422 | ||
67,500 | FNMA, Pool #MA2177, 4.000%, 2/1/35 | 70,324 | ||
405,829 | FNMA, Pool #MA4166, 3.000%, 10/1/40 | 402,241 | ||
685,516 | FNMA, Pool #MA4571, 2.500%, 3/1/42 | 663,548 | ||
84,113 | GNMA, Pool #4853, 4.000%, 11/20/40 | 88,432 | ||
63,133 | GNMA, Pool #4883, 4.500%, 12/20/40 | 67,266 | ||
254,646 | GNMA, Pool #5175, 4.500%, 9/20/41 | 271,558 | ||
20,690 | GNMA, Pool #736696, 4.500%, 5/15/40 | 22,198 | ||
150,215 | GNMA, Pool #AD1745, 3.000%, 2/20/43 | 148,848 | ||
93,797 | GNMA, Pool #MA1157, 3.500%, 7/20/43 | 96,382 | ||
Total U.S. Government Mortgage-Backed Obligations | $8,113,501 | |||
Asset-Backed Securities — 5.2% | ||||
400,000 | Benefit Street Partners CLO XIX Ltd. (Cayman Islands), Ser 2019-19A, Class B, 144a, (3M LIBOR +2.000%), 2.241%, 1/15/33(A) | 399,998 | ||
230,126 | CF Hippolyta LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | 217,653 | ||
703,250 | Driven Brands Funding LLC, Ser 2019-1A, Class A2, 144a, 4.641%, 4/20/49 | 701,308 |
Principal Amount | Market Value | |||
Asset-Backed Securities — 5.2% (Continued) | ||||
$ 349,125 | Driven Brands Funding LLC, Ser 2021-1A, Class A2, 144a, 2.791%, 10/20/51 | $ 313,907 | ||
325,390 | Elara HGV Timeshare Issuer LLC, Ser 2019-A, Class B, 144a, 2.910%, 1/25/34 | 313,556 | ||
300,000 | Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | 283,467 | ||
267,330 | Jersey Mike's Funding, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50 | 264,209 | ||
153,750 | Jimmy Johns Funding LLC, Ser 2017-1A, Class A2II, 144a, 4.846%, 7/30/47 | 154,506 | ||
300,000 | Jimmy Johns Funding LLC, Ser 2022-1A, Class A2I, 144a, 4.077%, 4/30/52 | 293,250 | ||
375,000 | Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1, 144a, (3M LIBOR +1.700%), 1.819%, 10/19/34(A) | 371,513 | ||
289,383 | Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58(A)(C) | 275,792 | ||
350,000 | New Mountain CLO 1 Ltd. (Cayman Islands), Ser CLO-1A, Class AR, 144a, (3M LIBOR +1.200%), 1.441%, 10/15/34(A) | 346,838 | ||
414,950 | Planet Fitness Master Issuer LLC, Ser 2018-1A, Class A2II, 144a, 4.666%, 9/5/48 | 413,222 | ||
300,000 | Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51 | 285,505 | ||
278,025 | TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | 260,762 | ||
380,000 | Voya CLO Ltd. (Cayman Islands), Ser 2017-4A, Class A1, 144a, (3M LIBOR +1.130%), 1.371%, 10/15/30(A) | 378,841 | ||
Total Asset-Backed Securities | $5,274,327 |
Shares | ||||
Exchange-Traded Fund — 4.4% | ||||
45,431 | iShares JP Morgan USD Emerging Markets Bond ETF | 4,441,335 |
Principal Amount | ||||
Non-Agency Collateralized Mortgage Obligations — 4.0% | ||||
$ 81,060 | Agate Bay Mortgage Trust, Ser 2013-1, Class B3, 144a, 3.578%, 7/25/43(A)(C) | 81,126 | ||
325,359 | Agate Bay Mortgage Trust, Ser 2015-4, Class B2, 144a, 3.535%, 6/25/45(A)(C) | 325,551 | ||
309,906 | Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.665%, 10/25/45(A)(C) | 308,695 | ||
195,620 | CSMC Trust, Ser 2013-IVR3, Class B2, 144a, 3.389%, 5/25/43(A)(C) | 195,900 | ||
250,968 | CSMC Trust, Ser 2015-1, Class B3, 144a, 3.935%, 1/25/45(A)(C) | 250,834 | ||
162,762 | CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.811%, 12/25/44(A)(C) | 162,246 | ||
428 | Deutsche ALT-A Securities, Inc. ALT, Ser 2003-2XS, Class A6, 5.470%, 9/25/33(A)(C) | 424 | ||
74,282 | EverBank Mortgage Loan Trust, Ser 2013-1, Class B1, 144a, 3.474%, 3/25/43(A)(C) | 74,640 | ||
421,823 | EverBank Mortgage Loan Trust, Ser 2018-1, Class B2, 144a, 3.582%, 2/25/48(A)(C) | 410,128 | ||
297,855 | GS Mortgage-Backed Securities Trust, Ser 2021-PJ6, Class A2, 144a, 2.500%, 11/25/51(A)(C) | 276,350 | ||
503,536 | JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.460%, 1/25/47(A)(C) | 491,565 | ||
443,495 | JP Morgan Mortgage Trust, Ser 2022-2, Class A25A, 144a, 2.500%, 8/25/52(A)(C) | 405,325 | ||
78,679 | Residential Asset Securitization Trust, Ser 2006-A1, Class 1A3, 6.000%, 4/25/36 | 48,282 |
6
Touchstone Bond Fund (Unaudited) (Continued)
Principal Amount | MarketValue | |||
Non-Agency Collateralized Mortgage Obligations — 4.0% (Continued) | ||||
$ 65,849 | Sequoia Mortgage Trust, Ser 2013-10, Class B2, 144a, 3.536%, 8/25/43(A)(C) | $ 65,782 | ||
98,484 | Sequoia Mortgage Trust, Ser 2013-5, Class B1, 144a, 3.502%, 5/25/43(A)(C) | 98,487 | ||
451,521 | Sequoia Mortgage Trust, Ser 2018-CH3, Class B1B, 144a, 4.747%, 8/25/48(A)(C) | 452,425 | ||
409,191 | Sequoia Mortgage Trust, Ser 2018-CH3, Class B2B, 144a, 4.747%, 8/25/48(A)(C) | 409,783 | ||
23,159 | Washington Mutual Mortgage Pass-Through Certificates, Ser 2005-9, Class 2A4, 5.500%, 11/25/35 | 22,866 | ||
Total Non-Agency Collateralized Mortgage Obligations | $4,080,409 | |||
Sovereign Government Obligations — 1.8% | ||||
210,000 | Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | 162,490 | ||
202,000 | Chile Government International Bond, 3.100%, 5/7/41 | 178,340 | ||
306,000 | Chile Government International Bond, 3.100%, 1/22/61 | 252,432 | ||
206,000 | Colombia Government International Bond, 3.250%, 4/22/32 | 172,092 | ||
226,000 | Ecuador Government International Bond, 144a, 5.000%, 7/31/30 | 188,712 | ||
210,000 | Egypt Government International Bond, 144a, 5.875%, 2/16/31 | 175,913 | ||
210,000 | Ghana Government International Bond, 144a, 7.625%, 5/16/29 | 152,040 | ||
205,000 | Nigeria Government International Bond, 144a, 7.625%, 11/28/47 | 170,335 | ||
153,000 | Panama Government International Bond, 4.300%, 4/29/53 | 147,054 | ||
200,000 | Republic of Uzbekistan International Bond, 144a, 3.700%, 11/25/30 | 172,500 | ||
Total Sovereign Government Obligations | $1,771,908 | |||
Agency Collateralized Mortgage Obligations — 0.9% | ||||
565,547 | FHLMC REMIC, Ser 3859, Class JB, 5.000%, 5/15/41 | 595,813 | ||
14,461 | FNMA REMIC, Ser 2015-51, Class KC, 3.000%, 6/25/45 | 13,916 | ||
273,309 | FNMA REMIC, Ser 2017-90, Class KA, 3.000%, 11/25/47 | 269,996 | ||
Total Agency Collateralized Mortgage Obligations | $879,725 |
Shares | ||||
Preferred Stocks — 0.8% | ||||
Financials — 0.6% | ||||
1,750 | Bank of America Corp., Ser NN, 4.375%(B) | 37,888 | ||
6,085 | Bank of America Corp., Ser QQ, 4.250%(B) | 131,375 | ||
7,000 | JPMorgan Chase & Co., Ser JJ, 4.550%(B) | 153,020 | ||
6,309 | JPMorgan Chase & Co., Ser MM, 4.200%(B) | 132,994 | ||
2,203 | US Bancorp, Ser L, 3.750%(B) | 43,421 | ||
2,306 | US Bancorp, Ser M, 4.000%(B) | 47,688 | ||
3,500 | Wells Fargo & Co., Ser DD, 4.250%(B) | 72,415 | ||
618,801 | ||||
Real Estate — 0.2% | ||||
7,631 | Public Storage REIT, Ser P, 4.000%(B) | 156,359 | ||
Total Preferred Stocks | $775,160 |
Shares | MarketValue | |||
Short-Term Investment Fund — 2.9% | ||||
2,902,856 | Dreyfus Government Cash Management, Institutional Shares, 0.19%∞Ω | $ 2,902,856 | ||
Total Investment Securities—99.9% (Cost $104,314,642) | $100,514,818 | |||
Other Assets in Excess of Liabilities — 0.1% | 60,050 | |||
Net Assets — 100.0% | $100,574,868 |
(A) | Variable rate security - Rate reflected is the rate in effect as of March 31, 2022. |
(B) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
(C) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2022. |
Portfolio Abbreviations: |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
ETF – Exchange-Traded Fund |
FHLMC – Federal Home Loan Mortgage Corporation |
FNMA – Federal National Mortgage Association |
GNMA – Government National Mortgage Association |
LIBOR – London Interbank Offered Rate |
LLC – Limited Liability Company |
LP – Limited Partnership |
MTN – Medium Term Note |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
REMIC – Real Estate Mortgage Investment Conduit |
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 March 31, 2022, these securities were valued at $20,989,076 or 20.9% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
7
Touchstone Bond Fund (Unaudited) (Continued)
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Corporate Bonds | $— | $36,427,132 | $— | $36,427,132 |
U.S. Treasury Obligations | — | 25,833,868 | — | 25,833,868 |
Commercial Mortgage-Backed Securities | — | 10,014,597 | — | 10,014,597 |
U.S. Government Mortgage-Backed Obligations | — | 8,113,501 | — | 8,113,501 |
Asset-Backed Securities | — | 5,274,327 | — | 5,274,327 |
Exchange-Traded Fund | 4,441,335 | — | — | 4,441,335 |
Non-Agency Collateralized Mortgage Obligations | — | 4,080,409 | — | 4,080,409 |
Sovereign Government Obligations | — | 1,771,908 | — | 1,771,908 |
Agency Collateralized Mortgage Obligations | — | 879,725 | — | 879,725 |
Preferred Stocks | 775,160 | — | — | 775,160 |
Short-Term Investment Fund | 2,902,856 | — | — | 2,902,856 |
Other Financial Instruments* | ||||
Futures | ||||
Interest rate contracts | 28,602 | — | — | 28,602 |
Total Assets | $8,147,953 | $92,395,467 | $— | $100,543,420 |
Liabilities: | ||||
Other Financial Instruments* | ||||
Futures | ||||
Interest rate contracts | $(70,968) | $— | $— | $(70,968) |
Total Liabilities | $(70,968) | $— | $— | $(70,968) |
Total | $8,076,985 | $92,395,467 | $— | $100,472,452 |
* | Other Financial Instruments are derivative instruments not reflected in total investments. Amounts shown represent unrealized appreciation (depreciation) on futures contracts and is included in Receivable for variation margin on futures contracts. |
Futures Contracts
At March 31, 2022, $40,215 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at March 31, 2022:
Description | Expiration Date | Number of Contracts | Notional Value | Unrealized Appreciation/ (Depreciation) |
Short Futures: | ||||
10-Year Ultra Long U.S. Treasury Bond | 6/21/2022 | 42 | $5,718,290 | $28,602 |
Long Futures: | ||||
5-Year U.S. Treasury Note | 6/30/2022 | 102 | 11,769,093 | (70,968) |
$(42,366) |
See accompanying Notes to Portfolios of Investments.
8
Portfolio of Investments
Touchstone Common Stock Fund – March 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 100.0% | ||||
Information Technology — 29.2% | ||||
95,876 | Apple, Inc. | $ 16,740,908 | ||
22,843 | International Business Machines Corp. | 2,970,047 | ||
66,368 | Microsoft Corp. | 20,461,918 | ||
58,641 | Oracle Corp. | 4,851,370 | ||
19,650 | PayPal Holdings, Inc.* | 2,272,522 | ||
27,302 | salesforce, Inc.* | 5,796,761 | ||
41,743 | SS&C Technologies Holdings, Inc. | 3,131,560 | ||
25,987 | Texas Instruments, Inc. | 4,768,095 | ||
22,768 | Visa, Inc. - Class A | 5,049,259 | ||
14,663 | Workday, Inc. - Class A* | 3,511,202 | ||
69,553,642 | ||||
Communication Services — 15.0% | ||||
5,119 | Alphabet, Inc. - Class C* | 14,297,316 | ||
88,597 | AT&T, Inc. | 2,093,547 | ||
85,993 | Comcast Corp. - Class A | 4,026,192 | ||
67,213 | Fox Corp. - Class A | 2,651,553 | ||
36,968 | Meta Platforms, Inc. - Class A* | 8,220,205 | ||
7,382 | Netflix, Inc.* | 2,765,223 | ||
13,272 | Walt Disney Co. (The)* | 1,820,388 | ||
35,874,424 | ||||
Health Care — 14.6% | ||||
28,055 | AmerisourceBergen Corp. | 4,340,389 | ||
41,078 | BioMarin Pharmaceutical, Inc.* | 3,167,114 | ||
96,298 | Bristol-Myers Squibb Co. | 7,032,643 | ||
19,313 | HCA Healthcare, Inc. | 4,840,224 | ||
41,371 | Johnson & Johnson | 7,332,183 | ||
15,756 | UnitedHealth Group, Inc. | 8,035,087 | ||
34,747,640 | ||||
Financials — 11.5% | ||||
150,470 | Bank of America Corp. | 6,202,373 | ||
32,185 | Berkshire Hathaway, Inc. - Class B* | 11,358,408 | ||
18,676 | Goldman Sachs Group, Inc. (The) | 6,164,948 | ||
1,512 | Markel Corp.* | 2,230,563 | ||
5,282 | Signature Bank | 1,550,214 | ||
27,506,506 | ||||
Consumer Discretionary — 10.7% | ||||
15,429 | Airbnb, Inc. - Class A* | 2,650,085 | ||
17,029 | Alibaba Group Holding Ltd. (China) ADR* | 1,852,755 | ||
3,978 | Amazon.com, Inc.* | 12,968,081 | ||
41,460 | Hilton Worldwide Holdings, Inc.* | 6,291,140 | ||
20,218 | Starbucks Corp. | 1,839,232 | ||
25,601,293 | ||||
Industrials — 8.7% | ||||
6,341 | Deere & Co. | 2,634,432 | ||
7,486 | FedEx Corp. | 1,732,186 | ||
24,564 | Hubbell, Inc. | 4,514,126 |
Shares | Market Value | |||
Industrials — (Continued) | ||||
6,720 | Parker-Hannifin Corp. | $ 1,906,867 | ||
71,176 | Raytheon Technologies Corp. | 7,051,406 | ||
62,675 | Southwest Airlines Co.* | 2,870,515 | ||
20,709,532 | ||||
Consumer Staples — 3.5% | ||||
48,551 | Monster Beverage Corp.* | 3,879,225 | ||
46,964 | Philip Morris International, Inc. | 4,411,798 | ||
8,291,023 | ||||
Energy — 2.9% | ||||
50,133 | Exxon Mobil Corp. | 4,140,484 | ||
67,838 | Schlumberger NV | 2,802,388 | ||
6,942,872 | ||||
Real Estate — 2.4% | ||||
23,427 | Jones Lang LaSalle, Inc.* | 5,609,830 | ||
Materials — 1.5% | ||||
50,117 | DuPont de Nemours, Inc. | 3,687,609 | ||
Total Common Stocks | $238,524,371 | |||
Short-Term Investment Fund — 0.1% | ||||
229,471 | Dreyfus Government Cash Management, Institutional Shares, 0.19%∞Ω | 229,471 | ||
Total Investment Securities—100.1% (Cost $124,001,913) | $238,753,842 | |||
Liabilities in Excess of Other Assets — (0.1%) | (197,855) | |||
Net Assets — 100.0% | $238,555,987 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date: | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $238,524,371 | $— | $— | $238,524,371 |
Short-Term Investment Fund | 229,471 | — | — | 229,471 |
Total | $238,753,842 | $— | $— | $238,753,842 |
See accompanying Notes to Portfolios of Investments.
9
Portfolio of Investments
Touchstone Small Company Fund – March 31, 2022 (Unaudited)
Shares | Market Value | |||
Common Stocks — 98.6% | ||||
Health Care — 19.1% | ||||
39,170 | Allscripts Healthcare Solutions, Inc.* | $ 882,108 | ||
23,082 | Anika Therapeutics, Inc.* | 579,589 | ||
1,816 | Bio-Techne Corp. | 786,401 | ||
1,580 | Chemed Corp. | 800,349 | ||
43,532 | Covetrus, Inc.* | 730,902 | ||
11,693 | Encompass Health Corp. | 831,489 | ||
10,110 | Ensign Group, Inc. (The) | 910,001 | ||
11,528 | Globus Medical, Inc. - Class A* | 850,536 | ||
11,672 | Integra LifeSciences Holdings Corp.* | 750,043 | ||
5,956 | LHC Group, Inc.* | 1,004,181 | ||
15,347 | NuVasive, Inc.* | 870,175 | ||
5,881 | Omnicell, Inc.* | 761,531 | ||
40,218 | Premier, Inc. - Class A | 1,431,359 | ||
15,580 | Progyny, Inc.* | 800,812 | ||
24,400 | Tactile Systems Technology, Inc.* | 491,904 | ||
14,615 | Vericel Corp.* | 558,585 | ||
13,039,965 | ||||
Information Technology — 18.0% | ||||
47,590 | 8x8, Inc.* | 599,158 | ||
9,222 | Advanced Energy Industries, Inc. | 793,830 | ||
60,770 | Box, Inc. - Class A* | 1,765,976 | ||
12,910 | CommVault Systems, Inc.* | 856,578 | ||
34,408 | Digi International, Inc.* | 740,460 | ||
7,137 | ExlService Holdings, Inc.* | 1,022,518 | ||
44,306 | KnowBe4, Inc. - Class A* | 1,019,924 | ||
13,077 | MAXIMUS, Inc. | 980,121 | ||
15,802 | Onto Innovation, Inc.* | 1,373,036 | ||
5,564 | SPS Commerce, Inc.* | 729,997 | ||
15,430 | Tower Semiconductor Ltd. (Israel)* | 746,812 | ||
16,151 | Verint Systems, Inc.* | 835,007 | ||
10,040 | WNS Holdings Ltd. (India) ADR* | 858,320 | ||
12,321,737 | ||||
Consumer Discretionary — 17.1% | ||||
40,430 | American Eagle Outfitters, Inc. | 679,224 | ||
20,282 | Aritzia, Inc. (Canada)* | 827,893 | ||
8,080 | Fox Factory Holding Corp.* | 791,436 | ||
25,816 | Frontdoor, Inc.* | 770,608 | ||
8,750 | Grand Canyon Education, Inc.* | 849,713 | ||
68,440 | Leslie's, Inc.* | 1,324,998 | ||
22,394 | Malibu Boats, Inc. - Class A* | 1,299,076 | ||
8,800 | Oxford Industries, Inc. | 796,400 | ||
12,760 | Skyline Champion Corp.* | 700,269 | ||
34,252 | Steven Madden Ltd. | 1,323,497 | ||
9,328 | Texas Roadhouse, Inc. | 781,033 | ||
3,830 | TopBuild Corp.* | 694,724 | ||
22,176 | Zumiez, Inc.* | 847,345 | ||
11,686,216 | ||||
Industrials — 17.0% | ||||
8,467 | ASGN, Inc.* | 988,185 | ||
12,759 | Clean Harbors, Inc. * | 1,424,415 | ||
13,275 | Crane Co. | 1,437,417 | ||
5,610 | Curtiss-Wright Corp. | 842,398 | ||
8,930 | Forward Air Corp. | 873,175 | ||
16,678 | Gibraltar Industries, Inc.* | 716,320 | ||
51,129 | Great Lakes Dredge & Dock Corp.* | 717,340 | ||
11,778 | ITT, Inc. | 885,823 | ||
16,430 | KBR, Inc. | 899,214 | ||
5,633 | Quanta Services, Inc. | 741,359 |
Shares | Market Value | |||
Industrials — (Continued) | ||||
5,317 | Regal Rexnord Corp. | $ �� 791,063 | ||
36,090 | Zurn Water Solutions Corp. | 1,277,586 | ||
11,594,295 | ||||
Financials — 11.3% | ||||
8,166 | Evercore, Inc. - Class A | 909,039 | ||
75,110 | FNB Corp. | 935,119 | ||
21,910 | Pacific Premier Bancorp, Inc. | 774,518 | ||
28,558 | PacWest Bancorp | 1,231,707 | ||
9,263 | Pinnacle Financial Partners, Inc. | 852,937 | ||
61,910 | Valley National Bancorp | 806,068 | ||
23,523 | Webster Financial Corp. | 1,320,111 | ||
10,817 | Western Alliance Bancorp | 895,864 | ||
7,725,363 | ||||
Real Estate — 6.0% | ||||
13,810 | Agree Realty Corp. REIT | 916,432 | ||
57,715 | Corporate Office Properties Trust REIT | 1,647,186 | ||
24,950 | Healthcare Realty Trust, Inc. REIT | 685,626 | ||
21,420 | STAG Industrial, Inc. REIT | 885,717 | ||
4,134,961 | ||||
Materials — 5.1% | ||||
9,429 | Ashland Global Holdings, Inc. | 927,908 | ||
29,790 | Axalta Coating Systems Ltd. * | 732,238 | ||
6,541 | Eagle Materials, Inc. | 839,603 | ||
21,620 | Silgan Holdings, Inc. | 999,492 | ||
3,499,241 | ||||
Communication Services — 3.9% | ||||
30,374 | Cargurus, Inc.* | 1,289,680 | ||
43,390 | QuinStreet, Inc.* | 503,324 | ||
8,855 | Ziff Davis, Inc.* | 856,987 | ||
2,649,991 | ||||
Energy — 1.1% | ||||
31,860 | ChampionX Corp.* | 779,933 | ||
Total Common Stocks | $67,431,702 | |||
Short-Term Investment Fund — 1.8% | ||||
1,192,060 | Dreyfus Government Cash Management, Institutional Shares, 0.19%∞Ω | 1,192,060 | ||
Total Investment Securities—100.4% (Cost $51,489,151) | $68,623,762 | |||
Liabilities in Excess of Other Assets — (0.4%) | (244,678) | |||
Net Assets — 100.0% | $68,379,084 |
* | Non-income producing security. |
∞ | Open-End Fund. |
Ω | Represents the 7-Day SEC yield as of March 31, 2022. |
Portfolio Abbreviations: |
ADR – American Depositary Receipt |
REIT – Real Estate Investment Trust |
10
Touchstone Small Company 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 | $67,431,702 | $— | $— | $67,431,702 |
Short-Term Investment Fund | 1,192,060 | — | — | 1,192,060 |
Total | $68,623,762 | $— | $— | $68,623,762 |
See accompanying Notes to Portfolios of Investments.
11
Notes to Portfolio of Investments
March 31, 2022 (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 March 31, 2022, for each Fund’s investments, is included in each Fund’s Portfolio of Investments, which also includes a breakdown of the Fund’s investments by portfolio or sector allocation. The Funds did not hold or transfer any Level 3 categorized securities during the period ended March 31, 2022.
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. Options and futures are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long option positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price on the valuation date and are categorized in Level 1. Shares of mutual funds in which the Funds invest are valued at their respective net asset value (“NAV”) as reported by the underlying funds and are categorized in Level 1.
Debt securities held by the Funds are valued at their evaluated bid by an independent pricing service or at their last broker-quoted bid prices as obtained from one or more of the major market makers for such securities. Independent pricing services use information provided by market makers or estimates of market values through accepted market modeling conventions. Observable inputs to the models may include prepayment speeds, pricing spread, yield, trade information, dealer quotes, market color, cash flow models, the securities’ terms and conditions, among others, and are generally categorized in Level 2. Investments in asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche, and are generally categorized in Level 2. Debt securities with remaining maturities of 60 days or less may be valued at amortized cost, provided such amount approximates market value and are categorized in Level 2. While this method provides consistency in valuation (and may only be used if it approximates market value), it may result in periods during which fair value, as determined by amortized cost, is higher or lower than the price that would be received if the Fund sold the investment.
Securities mainly traded on a non-U.S. exchange or denominated in foreign currencies are generally valued according to the preceding closing values on that exchange, translated to U.S. dollars using currency exchange rates as of the close of regular trading on the NYSE, and are generally categorized in Level 1. However, if an event that may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, but before the close of regular trading on the NYSE, the security may be priced based on fair value and is generally categorized in Level 2. This may cause the value of the security, if held on the books of a Fund, to be different from the closing value on the non-U.S. exchange and may affect the calculation of that Fund’s NAV. The Funds may use fair value pricing under the following circumstances, among others:
• If the value of a security has been materially affected by events occurring before the Funds' pricing time but after the close of the primary markets on which the security is traded.
• If the exchange on which a portfolio security is principally traded closes early or if trading in a particular portfolio security was halted during the day and did not resume prior to the Funds' NAV calculation.
• If a security is so thinly traded that reliable market quotations are unavailable due to infrequent trading.
12
Notes to Portfolio of Investments (Unaudited) (Continued)
• If the validity of market quotations is not reliable.
Securities held by the Funds that do not have readily available market quotations, significant observable inputs, or securities for which the available market quotations are not reliable, are priced at their estimated fair value using procedures approved by the Funds’ Board of Trustees and are generally categorized in Level 3.
Each Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.
Security transactions—Security transactions are reflected for financial reporting purposes as of the trade date.
13