Portfolio of Investments
Touchstone Flexible Income Fund – June 30, 2021 (Unaudited)
| Principal Amount | Market Value | |||
| Corporate Bonds — 31.7% | ||||
| Financials — 14.7% | ||||
| $ 8,484,000 | Ally Financial, Inc., Ser B, 4.700%(A) | $ 8,761,427 | ||
| 12,484,000 | Ally Financial, Inc., Ser C, 4.700%(A) | 12,643,795 | ||
| 3,378,000 | Bank of New York Mellon Corp. (The), Ser G, 4.700%(A) | 3,686,242 | ||
| 18,593,000 | Charles Schwab Corp. (The), Ser G, 5.375%(A) | 20,550,843 | ||
| 4,775,000 | Citigroup, Inc., Ser V, 4.700%(A) | 4,927,084 | ||
| 6,134,000 | Citigroup, Inc., Ser W, 4.000%(A) | 6,324,154 | ||
| 12,391,000 | Citizens Financial Group, Inc., Ser F, 5.650%(A) | 13,692,055 | ||
| 5,506,000 | Fifth Third Bancorp, Ser L, 4.500%(A) | 5,974,010 | ||
| 7,844,000 | FS KKR Capital Corp., 2.625%, 1/15/27 | 7,773,630 | ||
| 4,423,000 | Huntington Bancshares, Inc., Ser F, 5.625%(A) | 5,136,209 | ||
| 740,000 | JPMorgan Chase & Co., Ser KK, 3.650%(A) | 741,036 | ||
| 13,936,000 | Regions Financial Corp., Ser D, 5.750%(A) | 15,573,480 | ||
| 11,043,000 | Truist Financial Corp., Ser Q, 5.100%(A) | 12,409,571 | ||
| 5,172,000 | Wells Fargo & Co., Ser BB, 3.900%(A) | 5,354,572 | ||
| 123,548,108 | ||||
| Energy — 7.5% | ||||
| 25,504,000 | BP Capital Markets PLC (United Kingdom), 4.875%(A) | 27,941,162 | ||
| 4,302,000 | Energy Transfer LP, (3M LIBOR +3.018%), 3.193%, 11/1/66(B) | 3,455,990 | ||
| 5,566,000 | Energy Transfer LP, Ser G, 7.125%(A) | 5,746,895 | ||
| 9,624,000 | Energy Transfer LP, Ser H, 6.500%(A) | 9,761,431 | ||
| 15,270,000 | MPLX LP, Ser B, 144a, 6.875%(A) | 15,554,022 | ||
| 62,459,500 | ||||
| Utilities — 5.2% | ||||
| 15,630,000 | Edison International, Ser A, 5.375%(A) | 15,744,099 | ||
| 25,813,000 | Sempra Energy, 4.875%(A) | 28,007,105 | ||
| 43,751,204 | ||||
| Consumer Discretionary — 4.3% | ||||
| 24,491,000 | Macy's, Inc., 144a, 8.375%, 6/15/25 | 26,969,489 | ||
| 8,434,000 | Marriott Ownership Resorts, Inc., 144a, 6.125%, 9/15/25 | 8,969,137 | ||
| 35,938,626 | ||||
| Total Corporate Bonds | $265,697,438 | |||
| Agency Collateralized Mortgage Obligations — 23.5% | ||||
| 27,747,223 | FHLMC Multifamily Structured Pass Through Certificates, Ser K104, Class X1, 1.248%, 2/25/52(B)(C)(D) | 2,334,549 | ||
| 47,432,043 | FHLMC Multifamily Structured Pass Through Certificates, Ser K109, Class X1, 1.699%, 4/25/30(B)(C)(D) | 5,671,293 | ||
| 34,551,183 | FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class X1, 1.815%, 4/25/30(B)(C)(D) | 4,415,686 | ||
| 7,005,157 | FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class X3, 3.521%, 6/25/48(B)(C)(D) | 1,773,885 | ||
| 28,800,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class XAM, 1.985%, 4/25/30(B)(C)(D) | 4,337,804 | ||
| 34,764,469 | FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class X1, 1.681%, 5/25/30(B)(C)(D) | 4,231,987 | ||
| 15,310,315 | FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class X3, 3.286%, 4/25/48(B)(C)(D) | 3,683,074 | ||
| 35,663,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class XAM, 1.906%, 5/25/30(B)(C)(D) | 5,203,485 | ||
| 66,947,337 | FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class X1, 1.536%, 5/25/30(B)(C)(D) | 7,489,619 | ||
| Principal Amount | Market Value | |||
| Agency Collateralized Mortgage Obligations — 23.5% (Continued) | ||||
| $15,300,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class X3, 3.105%, 7/25/48(B)(C)(D) | $ 3,478,531 | ||
| 10,630,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class XAM, 1.766%, 5/25/30(B)(C)(D) | 1,434,876 | ||
| 55,697,449 | FHLMC Multifamily Structured Pass Through Certificates, Ser K113, Class X1, 1.490%, 6/25/30(B)(C)(D) | 6,028,608 | ||
| 10,743,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K113, Class XAM, 1.693%, 6/25/30(B)(C)(D) | 1,399,309 | ||
| 19,500,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K114, Class X3, 2.830%, 8/25/48(B)(C)(D) | 3,979,334 | ||
| 21,702,896 | FHLMC Multifamily Structured Pass Through Certificates, Ser K115, Class X3, 3.060%, 9/25/48(B)(C)(D) | 4,817,900 | ||
| 26,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K116, Class X3, 3.125%, 9/25/47(B)(C)(D) | 6,001,315 | ||
| 39,700,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K117, Class XAM, 1.533%, 9/25/30(B)(C)(D) | 4,760,387 | ||
| 24,034,533 | FHLMC Multifamily Structured Pass Through Certificates, Ser K118, Class X3, 2.786%, 10/25/48(B)(C)(D) | 4,985,601 | ||
| 11,576,808 | FHLMC Multifamily Structured Pass Through Certificates, Ser K120, Class X3, 2.835%, 11/25/48(B)(C)(D) | 2,460,285 | ||
| 16,073,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K121, Class X3, 2.868%, 11/25/53(B)(C)(D) | 3,527,127 | ||
| 9,700,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K122, Class X3, 2.722%, 1/25/49(B)(C)(D) | 1,991,855 | ||
| 7,569,056 | FHLMC Multifamily Structured Pass Through Certificates, Ser K123, Class X3, 2.719%, 2/25/54(B)(C)(D) | 1,561,780 | ||
| 9,255,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K124, Class X3, 2.711%, 2/25/49(B)(C)(D) | 1,908,707 | ||
| 16,150,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K125, Class X3, 2.746%, 2/25/49(B)(C)(D) | 3,421,122 | ||
| 38,058,448 | FHLMC Multifamily Structured Pass Through Certificates, Ser K127, Class X3, 2.746%, 3/25/49(B)(C)(D) | 8,081,533 | ||
| 14,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K128, Class X3, 2.886%, 4/25/31(B)(C)(D) | 3,160,489 | ||
| 35,453,024 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1515, Class X1, 1.639%, 2/25/35(B)(C)(D) | 5,678,525 | ||
| 5,835,659 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1515, Class X3, 3.806%, 3/25/38(B)(C)(D) | 2,194,817 | ||
| 47,397,643 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1516, Class X1, 1.631%, 5/25/35(B)(C)(D) | 7,907,614 | ||
| 18,435,033 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1516, Class X3, 3.575%, 10/25/38(B)(C)(D) | 6,667,680 | ||
1
Touchstone Flexible Income Fund (Unaudited) (Continued)
| Principal Amount | Market Value | |||
| Agency Collateralized Mortgage Obligations — 23.5% (Continued) | ||||
| $34,974,368 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1517, Class X1, 1.447%, 7/25/35(B)(C)(D) | $ 5,127,375 | ||
| 52,485,811 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1517, Class X3, 3.397%, 8/25/38(B)(C)(D) | 17,876,751 | ||
| 11,201,391 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1519, Class X3, 2.897%, 12/25/38(B)(C)(D) | 3,367,520 | ||
| 54,988,840 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1520, 0.578%, 2/25/36(B)(C)(D) | 2,962,991 | ||
| 5,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K-1520, Class X3, 3.198%, 4/25/39(B)(C)(D) | 1,665,195 | ||
| 15,100,238 | FHLMC Multifamily Structured Pass Through Certificates, Ser K739, Class X3, 2.947%, 11/25/48(B)(C)(D) | 2,310,881 | ||
| 16,196,664 | FHLMC Multifamily Structured Pass Through Certificates, Ser K741, Class X3, 2.533%, 3/25/49(B)(C)(D) | 2,235,180 | ||
| 16,000,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K742, Class X3, 2.685%, 4/25/28(B)(C)(D) | 2,479,446 | ||
| 9,500,000 | FHLMC Multifamily Structured Pass Through Certificates, Ser K743, Class X3, 2.955%, 5/25/28(B)(C)(D) | 1,699,267 | ||
| 53,305,373 | FRESB 2020-SB81Mortgage Trust, Ser 2020-SB81, Class X1, 1.078%, 10/25/40(B)(C)(D) | 4,439,517 | ||
| 33,366,038 | FRESB Mortgage Trust, Ser 2020-SB79, Class X1, 1.236%, 7/25/40(B)(C)(D) | 2,421,931 | ||
| 45,556,350 | FRESB Mortgage Trust, Ser 2021-SB82, Class X1, 1.136%, 10/25/40(B)(C)(D) | 3,331,472 | ||
| 57,315,110 | FRESB Mortgage Trust, Ser 2021-SB83, Class X1, 0.980%, 1/25/41(B)(C)(D) | 3,873,166 | ||
| 34,189,987 | FRESB Mortgage Trust, Ser 2021-SB84, Class X1, 0.672%, 1/25/41(B)(C)(D) | 1,839,295 | ||
| 57,936,500 | FRESB Mortgage Trust, Ser 2021-SB85, Class X1, 0.406%, 3/25/41(B)(C)(D) | 2,780,193 | ||
| 70,000,000 | FRESB Mortgage Trust, Ser 2021-SB87, Class X1, 0.685%, 4/25/41(B)(C)(D) | 3,999,219 | ||
| 67,389,614 | FRESB Multifamily Structured Pass Through Certificates, Ser 2021-SB86, Class X1, 0.471%, 3/25/41(B)(C)(D) | 3,115,678 | ||
| 5,069,082 | GNMA, Ser 2012-147, Class IO, 0.567%, 4/16/54(B)(C)(D) | 97,670 | ||
| 20,215,824 | GNMA, Ser 2016-110, Class IO, 0.941%, 5/16/58(B)(C)(D) | 1,095,423 | ||
| 26,300,211 | GNMA, Ser 2016-158, Class IO, 0.784%, 6/16/58(B)(C)(D) | 1,254,123 | ||
| 32,068,665 | GNMA, Ser 2016-52, Class IO, 0.814%, 3/16/58(B)(C)(D) | 1,458,486 | ||
| 30,021,514 | GNMA, Ser 2017-76, Class IO, 0.889%, 12/16/56(B)(C)(D) | 1,670,613 | ||
| 22,571,458 | GNMA, Ser 2017-94, Class IO, 0.560%, 2/16/59(B)(C)(D) | 978,184 | ||
| Total Agency Collateralized Mortgage Obligations | $196,668,353 | |||
| Shares | ||||
| Preferred Stocks — 10.6% | ||||
| Financials — 7.5% | ||||
| 597,440 | AGNC Investment Corp., Ser F, 6.125%(A) | 14,965,872 | ||
| 493,052 | Annaly Capital Management, Inc., Ser I, 6.750%(A) | 13,041,225 | ||
| 128,065 | Bank of America Corp., Ser GG, 6.000%(A) | 3,506,420 | ||
| 143,024 | GMAC Capital Trust I, Ser 2, (3M LIBOR +5.785%), 5.941%, 2/15/40(B) | 3,619,937 | ||
| Shares | MarketValue | |||
| Financials — (Continued) | ||||
| 113,837 | Hartford Financial Services Group, Inc. (The), 7.875%, 4/15/42 | $ 3,033,756 | ||
| 62,822 | JPMorgan Chase & Co., Ser LL, 4.625%(A) | 1,672,950 | ||
| 254,594 | National Rural Utilities Cooperative Finance Corp., Ser US, 5.500%, 5/15/64 | 6,970,784 | ||
| 190,088 | Reinsurance Group of America, Inc., 6.200%, 9/15/42 | 5,176,096 | ||
| 136,380 | Stifel Financial Corp., 5.200%, 10/15/47 | 3,609,979 | ||
| 190,829 | Virtus AllianzGI Convertible & Income Fund, Ser A, 5.625%(A) | 5,056,968 | ||
| 70,650 | Wells Fargo & Co., Ser Z, 4.750%(A) | 1,847,498 | ||
| 62,501,485 | ||||
| Utilities — 2.3% | ||||
| 349,698 | Brookfield Renewable Partners LP (Canada), Ser 17, 5.250%(A) | 9,162,088 | ||
| 241,181 | Duke Energy Corp., Ser A, 5.750%(A) | 6,929,130 | ||
| 126,633 | Entergy Louisiana LLC, 4.875%, 9/1/66 | 3,230,408 | ||
| 670 | Entergy New Orleans LLC, 5.000%, 12/1/52 | 17,118 | ||
| 19,338,744 | ||||
| Energy — 0.6% | ||||
| 22,839 | Enbridge, Inc. (Canada), Ser 1, 5.949%(A) | 511,594 | ||
| 90,996 | Enbridge, Inc. (Canada), Ser 5, 5.375%(A) | 1,956,414 | ||
| 46,849 | Enbridge, Inc. (Canada), Ser J, 4.887%(A) | 994,604 | ||
| 32,865 | Enbridge, Inc. (Canada), Ser L, 4.959%(A) | 701,339 | ||
| 40,477 | Energy Transfer LP, Ser E, 7.600%(A) | 1,011,925 | ||
| 5,175,876 | ||||
| Communication Services — 0.2% | ||||
| 69,235 | AT&T, Inc. , 5.350%, 11/1/66 | 1,852,036 | ||
| Total Preferred Stocks | $88,868,141 | |||
| Investment Funds — 9.0% | ||||
| 631,461 | BlackRock Corporate High Yield Fund, Inc.±† | 7,779,600 | ||
| 73,745 | BlackRock Credit Allocation Income Trust±† | 1,149,685 | ||
| 85,719 | BlackRock Debt Strategies Fund, Inc.±† | 981,483 | ||
| 94,038 | BlackRock Ltd. Duration Income Trust±† | 1,600,527 | ||
| 42,634 | BlackRock Municipal Income Trust±† | 658,269 | ||
| 110,000 | BlackRock MuniHoldings Fund, Inc.± | 1,845,800 | ||
| 444,552 | BlackRock MuniVest Fund, Inc.±† | 4,276,590 | ||
| 87,952 | BlackRock MuniYield Quality Fund III, Inc.±† | 1,306,087 | ||
| 12,837 | Cohen & Steers Ltd. Duration Preferred & Income Fund, Inc.±† | 351,605 | ||
| 149,291 | Eaton Vance Municipal Bond Fund± | 2,042,301 | ||
| 99,219 | First Trust High Income Long/Short Fund±† | 1,562,699 | ||
| 26,692 | First Trust Intermediate Duration Preferred & Income Fund±† | 670,236 | ||
| 482,714 | Invesco Municipal Opportunity Trust±† | 6,564,910 | ||
| 151,087 | Invesco Municipal Trust±† | 2,072,914 | ||
| 1,501,838 | Invesco Senior Income Trust±† | 6,698,197 | ||
| 392,823 | Invesco Trust for Investment Grade Municipals± | 5,507,378 | ||
| 325,786 | Nuveen AMT-Free Quality Municipal Income Fund±† | 5,114,840 | ||
| 1,538,241 | Nuveen Credit Strategies Income Fund±† | 10,383,127 | ||
| 104,375 | Nuveen Preferred & Income Opportunities Fund±† | 1,041,662 | ||
| 115,860 | Nuveen Preferred & Income Securities Fund±† | 1,153,966 | ||
| 262,331 | Nuveen Quality Municipal Income Fund±† | 4,199,919 | ||
| 248,476 | Wells Fargo Income Opportunities Fund± | 2,184,104 | ||
| 924,038 | Western Asset High Income Opportunity Fund, Inc.± | 4,878,921 | ||
| 117,465 | Western Asset High Yield Defined Opportunity Fund, Inc.±† | 1,843,026 | ||
| Total Investment Funds | $75,867,846 | |||
2
Touchstone Flexible Income Fund (Unaudited) (Continued)
| Principal Amount | MarketValue | |||
| U.S. Treasury Obligations — 8.5% | ||||
| $70,000,000 | U.S. Treasury Note, 2.500%, 1/15/22 | $ 70,916,016 | ||
| Commercial Mortgage-Backed Securities — 3.0% | ||||
| 29,904,794 | BANK, Ser 2020-BN26, Class XA, 1.351%, 3/15/63(B)(C)(D) | 2,580,251 | ||
| 2,675,881 | Harvest Commercial Capital Loan Trust, Ser 2019-1, Class A, 144a, 3.290%, 9/25/46(B)(D) | 2,689,535 | ||
| 4,887,795 | Sutherland Commercial Mortgage Trust, Ser 2021-SB10, Class A, 144a, 1.550%, 12/25/41(B)(D) | 4,903,423 | ||
| 4,932,004 | VCC Trust, Ser 2020-MC1, Class A, 144a, 4.500%, 6/25/45(B)(D) | 4,941,250 | ||
| 4,646,931 | Velocity Commercial Capital Loan Trust, Ser 2019-2, Class A, 144a, 3.130%, 7/25/49(B)(D) | 4,732,155 | ||
| 5,124,719 | Velocity Commercial Capital Loan Trust, Ser 2020-1, Class AFX, 144a, 2.610%, 2/25/50(B)(D) | 5,218,156 | ||
| Total Commercial Mortgage-Backed Securities | $25,064,770 | |||
| Asset-Backed Securities — 2.3% | ||||
| 276,441 | Arivo Acceptance Auto Loan Receivables Trust, Ser 2019-1, Class A, 144a, 2.990%, 7/15/24 | 279,458 | ||
| 5,000,000 | Carvana Auto Receivables Trust, Ser 2021-P2, Class A1, 0.129%, 7/10/22 | 4,999,699 | ||
| 60,078 | Conseco Finance Corp., Ser 1998-4, Class A7, 6.870%, 4/1/30(B)(D) | 60,685 | ||
| 345,262 | Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40 | 381,821 | ||
| 3,000,000 | Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-1A, Class D, 144a, (3M LIBOR +6.000%), 6.155%, 4/20/29(B) | 3,013,830 | ||
| 5,327,911 | PRPM LLC, Ser 2020-1A, Class A1, 144a, 2.981%, 2/25/25(B)(D) | 5,351,636 | ||
| 4,781,871 | VCAT LLC, Ser 2020-NPL1, Class A1, 144a, 3.671%, 8/25/50(B)(D) | 4,804,926 | ||
| Total Asset-Backed Securities | $18,892,055 | |||
| Non-Agency Collateralized Mortgage Obligations — 2.2% | ||||
| 67,432 | Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34(B)(D) | 68,406 | ||
| 5,480 | Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (12M LIBOR +1.625%), 1.874%, 12/25/32(B) | 5,460 | ||
| 147,371 | Morgan Stanley Mortgage Loan Trust, Ser 2004-7AR, Class 2A6, 2.529%, 9/25/34(B)(D) | 151,702 | ||
| 4,582,964 | New Residential Mortgage Loan Trust, Ser 2020-RPL2, Class A1, 144a, 3.578%, 8/25/25(B)(D) | 4,668,023 | ||
| 2,640,749 | PRPM LLC, Ser 2020-2, Class A1, 144a, 3.671%, 8/25/25(B)(D) | 2,658,593 | ||
| 9,768 | RALI Series Trust, Ser 2004-QS6, Class A1, 5.000%, 5/25/19 | 9,193 | ||
| 11,108,542 | Redwood Funding Trust, Ser 2020-1, Class A, 144a, 4.750%, 7/27/59(B)(D) | 11,139,852 | ||
| Total Non-Agency Collateralized Mortgage Obligations | $18,701,229 | |||
| Shares | MarketValue | |||
| Short-Term Investment Funds — 8.7% | ||||
| 69,588,613 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | $ 69,588,613 | ||
| 3,540,008 | Invesco Government & Agency Portfolio, Institutional Class, 0.03%∞Ω** | 3,540,008 | ||
| Total Short-Term Investment Funds | $73,128,621 | |||
| Total Investment Securities—99.5% (Cost $800,179,524) | $833,804,469 | |||
| Other Assets in Excess of Liabilities — 0.5% | 4,231,285 | |||
| Net Assets — 100.0% | $838,035,754 | |||
| (A) | Perpetual Bond - A bond or preferred stock with no definite maturity date. |
| (B) | Variable rate security - Rate reflected is the rate in effect as of June 30, 2021. |
| (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) | 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. |
| ± | Closed-end Fund. |
| ** | 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, 2021 was $3,422,459. |
| ∞ | Open-End Fund. |
| Ω | Represents the 7-Day SEC yield as of June 30, 2021. |
| Portfolio Abbreviations: |
| FHLMC – Federal Home Loan Mortgage Corporation |
| FRESB – Freddie Mac Multifamily Securitization Small Balance Loan |
| GNMA – Government National Mortgage Association |
| IO – Interest Only |
| LIBOR – London Interbank Offered Rate |
| LLC – Limited Liability Company |
| LP – Limited Partnership |
| 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, 2021, these securities were valued at $105,893,485 or 12.6% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
3
Touchstone Flexible Income Fund (Unaudited) (Continued)
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
| Valuation Inputs at Reporting Date: | ||||
| Description | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $— | $265,697,438 | $— | $265,697,438 |
| Agency Collateralized Mortgage Obligations | — | 196,668,353 | — | 196,668,353 |
| Preferred Stocks | 88,356,547 | 511,594 | — | 88,868,141 |
| Investment Funds | 75,867,846 | — | — | 75,867,846 |
| U.S. Treasury Obligations | — | 70,916,016 | — | 70,916,016 |
| Commercial Mortgage-Backed Securities | — | 25,064,770 | — | 25,064,770 |
| Asset-Backed Securities | — | 18,892,055 | — | 18,892,055 |
| Non-Agency Collateralized Mortgage Obligations | — | 18,701,229 | — | 18,701,229 |
| Short-Term Investment Funds | 73,128,621 | — | — | 73,128,621 |
| Total | $237,353,014 | $596,451,455 | $— | $833,804,469 |
See accompanying Notes to Portfolios of Investments.
4
Portfolio of Investments
Touchstone Focused Fund – June 30, 2021 (Unaudited)
| Shares | Market Value | |||
| Common Stocks — 98.3% | ||||
| Information Technology — 22.5% | ||||
| 433,946 | Apple, Inc. | $ 59,433,244 | ||
| 115,125 | International Business Machines Corp. | 16,876,174 | ||
| 300,854 | Microsoft Corp. | 81,501,349 | ||
| 301,029 | Oracle Corp. | 23,432,098 | ||
| 131,486 | salesforce.com, Inc.* | 32,118,085 | ||
| 194,754 | Smartsheet, Inc. - Class A* | 14,084,609 | ||
| 183,412 | SS&C Technologies Holdings, Inc. | 13,216,669 | ||
| 114,131 | Texas Instruments, Inc. | 21,947,391 | ||
| 73,664 | Workday, Inc. - Class A* | 17,586,543 | ||
| 280,196,162 | ||||
| Communication Services — 16.6% | ||||
| 30,247 | Alphabet, Inc. - Class C* | 75,808,661 | ||
| 471,905 | Comcast Corp. - Class A | 26,908,023 | ||
| 205,333 | Facebook, Inc. - Class A* | 71,396,338 | ||
| 289,405 | Fox Corp. - Class A | 10,745,608 | ||
| 39,402 | Netflix, Inc.* | 20,812,530 | ||
| 205,671,160 | ||||
| Consumer Discretionary — 15.3% | ||||
| 81,610 | Alibaba Group Holding Ltd. (China) ADR* | 18,507,516 | ||
| 15,338 | Amazon.com, Inc.* | 52,765,174 | ||
| 184,959 | Choice Hotels International, Inc. | 21,984,227 | ||
| 101,262 | Cracker Barrel Old Country Store, Inc. | 15,033,356 | ||
| 124,091 | Floor & Decor Holdings, Inc. - Class A* | 13,116,419 | ||
| 339,477 | frontdoor, Inc.* | 16,912,744 | ||
| 161,163 | Hilton Worldwide Holdings, Inc.* | 19,439,481 | ||
| 198,186 | JD.com, Inc. (China) ADR* | 15,817,225 | ||
| 465,105 | Trip.com Group Ltd. (China) ADR* | 16,492,623 | ||
| 190,068,765 | ||||
| Financials — 12.8% | ||||
| 861,071 | Bank of America Corp. | 35,501,957 | ||
| 152,113 | Berkshire Hathaway, Inc. - Class B* | 42,275,245 | ||
| 120,012 | Goldman Sachs Group, Inc. (The) | 45,548,155 | ||
| 88,194 | LPL Financial Holdings, Inc. | 11,904,426 | ||
| 97,938 | Signature Bank | 24,058,470 | ||
| 159,288,253 | ||||
| Health Care — 10.3% | ||||
| 126,709 | AmerisourceBergen Corp. | 14,506,913 | ||
| 315,628 | Bristol-Myers Squibb Co. | 21,090,263 | ||
| 147,455 | HCA Healthcare, Inc. | 30,484,847 | ||
| 191,981 | Johnson & Johnson | 31,626,950 | ||
| 76,711 | UnitedHealth Group, Inc. | 30,718,153 | ||
| 128,427,126 | ||||
| Industrials — 10.2% | ||||
| 115,742 | Allegiant Travel Co.* | 22,453,948 | ||
| 50,188 | Deere & Co. | 17,701,810 | ||
| 284,923 | Hexcel Corp.* | 17,779,195 | ||
| 119,016 | Hubbell, Inc. | 22,236,949 | ||
| Shares | Market Value | |||
| Industrials — (Continued) | ||||
| 55,696 | Parker-Hannifin Corp. | $ 17,104,799 | ||
| 344,391 | Raytheon Technologies Corp. | 29,379,996 | ||
| 126,656,697 | ||||
| Consumer Staples — 4.1% | ||||
| 170,953 | Coca-Cola Femsa SAB de CV (Mexico) ADR | 9,048,542 | ||
| 223,361 | Monster Beverage Corp.* | 20,404,027 | ||
| 213,062 | Philip Morris International, Inc. | 21,116,575 | ||
| 50,569,144 | ||||
| Real Estate — 3.8% | ||||
| 314,841 | Americold Realty Trust REIT | 11,916,732 | ||
| 181,925 | Jones Lang LaSalle, Inc.* | 35,559,060 | ||
| 47,475,792 | ||||
| Materials — 1.4% | ||||
| 227,014 | DuPont de Nemours, Inc. | 17,573,154 | ||
| Energy — 1.3% | ||||
| 251,542 | Exxon Mobil Corp. | 15,867,269 | ||
| Total Common Stocks | $1,221,793,522 | |||
| Short-Term Investment Fund — 1.6% | ||||
| 20,056,036 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | 20,056,036 | ||
| Total Investment Securities—99.9% (Cost $640,647,582) | $1,241,849,558 | |||
| Other Assets in Excess of Liabilities — 0.1% | 750,101 | |||
| Net Assets — 100.0% | $1,242,599,659 | |||
| * | Non-income producing security. |
| ∞ | Open-End Fund. |
| Ω | Represents the 7-Day SEC yield as of June 30, 2021. |
| Portfolio Abbreviations: |
| ADR – American Depositary Receipt |
| 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 | $1,221,793,522 | $— | $— | $1,221,793,522 |
| Short-Term Investment Fund | 20,056,036 | — | — | 20,056,036 |
| Total | $1,241,849,558 | $— | $— | $1,241,849,558 |
See accompanying Notes to Portfolios of Investments.
5
Portfolio of Investments
Touchstone Global ESG Equity Fund – June 30, 2021 (Unaudited)
| Shares | Market Value | |||
| Common Stocks — 99.3% | ||||
| United States — 54.6% | ||||
| Communication Services — 3.6% | ||||
| 73,292 | Facebook, Inc. - Class A* | $ 25,484,361 | ||
| Consumer Discretionary — 3.4% | ||||
| 3,143 | Amazon.com, Inc.* | 10,812,423 | ||
| 112,312 | Kohl's Corp. | 6,189,514 | ||
| 61,847 | Ralph Lauren Corp. | 7,286,195 | ||
| Financials — 12.8% | ||||
| 234,129 | Arch Capital Group Ltd.* | 9,116,983 | ||
| 213,613 | Discover Financial Services | 25,268,282 | ||
| 642,699 | First Horizon Corp. | 11,105,839 | ||
| 129,401 | Globe Life, Inc. | 12,325,445 | ||
| 150,733 | Reinsurance Group of America, Inc. | 17,183,562 | ||
| 69,561 | Willis Towers Watson PLC | 16,000,421 | ||
| Health Care — 9.2% | ||||
| 32,764 | Alnylam Pharmaceuticals, Inc.* | 5,554,153 | ||
| 69,500 | Becton Dickinson & Co. | 16,901,705 | ||
| 59,356 | BioMarin Pharmaceutical, Inc.* | 4,952,665 | ||
| 71,052 | Bridgebio Pharma, Inc.* | 4,331,330 | ||
| 44,748 | Eli Lilly & Co. | 10,270,561 | ||
| 108,267 | Ionis Pharmaceuticals, Inc.* | 4,318,771 | ||
| 71,636 | Medtronic PLC | 8,892,177 | ||
| 50,355 | Neurocrine Biosciences, Inc.* | 4,900,548 | ||
| 10,438 | Regeneron Pharmaceuticals, Inc.* | 5,830,040 | ||
| Industrials — 4.9% | ||||
| 223,366 | Carrier Global Corp. | 10,855,588 | ||
| 41,054 | Deere & Co. | 14,480,156 | ||
| 29,287 | United Rentals, Inc.* | 9,342,846 | ||
| Information Technology — 18.4% | ||||
| 93,484 | Apple, Inc. | 12,803,569 | ||
| 101,958 | Applied Materials, Inc. | 14,518,819 | ||
| 77,065 | Fidelity National Information Services, Inc. | 10,917,799 | ||
| 42,589 | First Solar, Inc.* | 3,854,730 | ||
| 86,710 | II-VI, Inc.* | 6,294,279 | ||
| 41,502 | Keysight Technologies, Inc.* | 6,408,324 | ||
| 147,270 | Micron Technology, Inc.* | 12,515,005 | ||
| 131,689 | Microsoft Corp. | 35,674,550 | ||
| 63,857 | New Relic, Inc.* | 4,276,503 | ||
| 74,213 | TE Connectivity Ltd. | 10,034,340 | ||
| 44,770 | Visa, Inc. - Class A | 10,468,121 | ||
| 16,282 | WEX, Inc.* | 3,157,080 | ||
| Materials — 1.2% | ||||
| 24,545 | Martin Marietta Materials, Inc. | 8,635,177 | ||
| Real Estate — 1.1% | ||||
| 397,932 | Medical Properties Trust, Inc. REIT | 7,998,433 | ||
| Total United States | 388,960,294 | |||
| Germany — 8.4% | ||||
| Consumer Discretionary — 1.5% | ||||
| 73,449 | Continental AG* | 10,805,902 | ||
| Industrials — 3.1% | ||||
| 320,845 | Deutsche Post AG | 21,851,059 | ||
| Materials — 2.0% | ||||
| 169,292 | HeidelbergCement AG | 14,534,826 | ||
| Real Estate — 1.8% | ||||
| 195,351 | Vonovia SE | 12,624,663 | ||
| Total Germany | 59,816,450 | |||
| Shares | Market Value | |||
| France — 6.4% | ||||
| Industrials — 5.6% | ||||
| 259,574 | Cie de Saint-Gobain | $ 17,130,805 | ||
| 143,724 | Schneider Electric SE | 22,657,301 | ||
| Materials — 0.8% | ||||
| 33,528 | Air Liquide SA | 5,879,136 | ||
| Total France | 45,667,242 | |||
| Japan — 6.3% | ||||
| Communication Services — 0.8% | ||||
| 10,100 | Nintendo Co. Ltd. | 5,844,597 | ||
| Consumer Discretionary — 4.2% | ||||
| 100,700 | Denso Corp. | 6,866,885 | ||
| 787,100 | Panasonic Corp. | 9,063,081 | ||
| 146,200 | Sony Group Corp. | 14,176,614 | ||
| Information Technology — 1.3% | ||||
| 155,400 | Hitachi Ltd. | 8,905,536 | ||
| Total Japan | 44,856,713 | |||
| Sweden — 4.4% | ||||
| Communication Services — 1.3% | ||||
| 692,080 | Tele2 AB - Class B† | 9,435,781 | ||
| Financials — 3.1% | ||||
| 1,091,632 | Svenska Handelsbanken AB - Class A | 12,322,286 | ||
| 498,226 | Swedbank AB - Class A | 9,275,438 | ||
| Total Sweden | 31,033,505 | |||
| South Korea — 2.9% | ||||
| Communication Services — 1.9% | ||||
| 435,175 | KT Corp. ADR | 6,070,692 | ||
| 254,670 | KT Corp. | 7,187,474 | ||
| Financials — 1.0% | ||||
| 150,939 | KB Financial Group, Inc. | 7,491,109 | ||
| Total South Korea | 20,749,275 | |||
| United Kingdom — 2.8% | ||||
| Financials — 1.8% | ||||
| 19,581,420 | Lloyds Banking Group PLC | 12,666,386 | ||
| Industrials — 1.0% | ||||
| 279,561 | RELX PLC | 7,413,035 | ||
| Total United Kingdom | 20,079,421 | |||
| Italy — 2.5% | ||||
| Utilities — 2.5% | ||||
| 1,899,183 | Enel SpA | 17,648,872 | ||
| China — 2.0% | ||||
| Consumer Discretionary — 2.0% | ||||
| 61,916 | Alibaba Group Holding Ltd. ADR* | 14,041,311 | ||
| Switzerland — 1.7% | ||||
| Health Care — 1.7% | ||||
| 32,586 | Roche Holding AG | 12,279,647 | ||
| India — 1.7% | ||||
| Financials — 1.7% | ||||
| 709,024 | ICICI Bank Ltd. ADR* | 12,124,310 | ||
| Canada — 1.5% | ||||
| Financials — 1.0% | ||||
| 52,195 | Intact Financial Corp. | 7,091,126 | ||
6
Touchstone Global ESG Equity Fund (Unaudited) (Continued)
| Shares | Market Value | |||
| Common Stocks — 99.3% (Continued) | ||||
| Canada — (Continued) | ||||
| Materials — 0.5% | ||||
| 63,794 | Agnico Eagle Mines Ltd. | $ 3,856,347 | ||
| Total Canada | 10,947,473 | |||
| Singapore — 1.5% | ||||
| Financials — 0.7% | ||||
| 567,800 | Oversea-Chinese Banking Corp. Ltd. | 5,060,088 | ||
| Real Estate — 0.8% | ||||
| 3,573,700 | CapitaLand Integrated Commercial Trust REIT | 5,563,964 | ||
| Total Singapore | 10,624,052 | |||
| Netherlands — 1.4% | ||||
| Health Care — 1.4% | ||||
| 207,065 | Koninklijke Philips NV | 10,277,502 | ||
| Thailand — 0.6% | ||||
| Industrials — 0.6% | ||||
| 2,343,300 | Airports of Thailand PCL | 4,538,636 | ||
| Denmark — 0.6% | ||||
| Industrials — 0.6% | ||||
| 105,767 | Vestas Wind Systems A/S | 4,128,644 | ||
| Total Common Stocks | $707,773,347 | |||
| Short-Term Investment Funds — 1.8% | ||||
| 3,267,669 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | 3,267,669 | ||
| 9,784,071 | Invesco Government & Agency Portfolio, Institutional Class, 0.03%∞Ω** | 9,784,071 | ||
| Total Short-Term Investment Funds | $13,051,740 | |||
| Total Investment Securities — 101.1% (Cost $495,986,275) | $720,825,087 | |||
| Liabilities in Excess of Other Assets — (1.1)% | (7,995,385) | |||
| Net Assets — 100.0% | $712,829,702 | |||
| * | 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, 2021 was $9,341,420. |
| ∞ | Open-End Fund. |
| Ω | Represents the 7-Day SEC yield as of June 30, 2021. |
| Portfolio Abbreviations: |
| ADR – American Depositary Receipt |
| PCL – Public Company Limited |
| PLC – Public Limited Company |
| REIT – Real Estate Investment Trust |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
| Valuation inputs at Reporting Date: | ||||
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | ||||
| United States | $388,960,294 | $— | $— | $388,960,294 |
| Germany | — | 59,816,450 | — | 59,816,450 |
| France | — | 45,667,242 | — | 45,667,242 |
| Japan | — | 44,856,713 | — | 44,856,713 |
| Sweden | — | 31,033,505 | — | 31,033,505 |
| South Korea | 6,070,692 | 14,678,583 | — | 20,749,275 |
| United Kingdom | — | 20,079,421 | — | 20,079,421 |
| Italy | — | 17,648,872 | — | 17,648,872 |
| China | 14,041,311 | — | — | 14,041,311 |
| Switzerland | — | 12,279,647 | — | 12,279,647 |
| India | 12,124,310 | — | — | 12,124,310 |
| Canada | 10,947,473 | — | — | 10,947,473 |
| Singapore | — | 10,624,052 | — | 10,624,052 |
| Netherlands | — | 10,277,502 | — | 10,277,502 |
| Thailand | — | 4,538,636 | — | 4,538,636 |
| Denmark | 4,128,644 | — | — | 4,128,644 |
| Short-Term Investment Funds | 13,051,740 | — | — | 13,051,740 |
| Total | $449,324,464 | $271,500,623 | $— | $720,825,087 |
See accompanying Notes to Portfolios of Investments.
7
Portfolio of Investments
Touchstone Growth Opportunities Fund – June 30, 2021 (Unaudited)
| Shares | Market Value | |||
| Common Stocks — 99.6% | ||||
| Information Technology — 41.6% | ||||
| 112,648 | Apple, Inc. | $ 15,428,270 | ||
| 20,770 | Applied Materials, Inc. | 2,957,648 | ||
| 21,949 | Fidelity National Information Services, Inc. | 3,109,515 | ||
| 13,597 | Global Payments, Inc. | 2,549,981 | ||
| 41,560 | Lumentum Holdings, Inc.* | 3,409,167 | ||
| 21,150 | Micron Technology, Inc.* | 1,797,327 | ||
| 36,409 | Microsoft Corp. | 9,863,198 | ||
| 4,542 | NVIDIA Corp. | 3,634,054 | ||
| 15,600 | PayPal Holdings, Inc.* | 4,547,088 | ||
| 17,218 | salesforce.com, Inc.* | 4,205,841 | ||
| 7,671 | ServiceNow, Inc.* | 4,215,598 | ||
| 6,250 | Twilio, Inc. - Class A* | 2,463,500 | ||
| 22,402 | Visa, Inc. - Class A | 5,238,036 | ||
| 22,190 | Western Digital Corp.* | 1,579,262 | ||
| 12,750 | Workday, Inc. - Class A* | 3,043,935 | ||
| 29,218 | Zendesk, Inc.* | 4,217,326 | ||
| 72,259,746 | ||||
| Health Care — 14.0% | ||||
| 17,795 | Ascendis Pharma A/S (Denmark) ADR* | 2,340,932 | ||
| 4,525 | Bio-Rad Laboratories, Inc. - Class A* | 2,915,412 | ||
| 57,910 | Boston Scientific Corp.* | 2,476,232 | ||
| 5,300 | DexCom, Inc.* | 2,263,100 | ||
| 22,280 | Haemonetics Corp.* | 1,484,739 | ||
| 7,450 | Humana, Inc. | 3,298,264 | ||
| 13,400 | ICON PLC (Ireland)* | 2,769,914 | ||
| 31,540 | Pacira BioSciences, Inc.* | 1,913,847 | ||
| 5,772 | Thermo Fisher Scientific, Inc. | 2,911,801 | ||
| 25,160 | Turning Point Therapeutics, Inc.* | 1,962,983 | ||
| 24,337,224 | ||||
| Communication Services — 13.6% | ||||
| 4,446 | Alphabet, Inc. - Class A* | 10,856,198 | ||
| 24,909 | Facebook, Inc. - Class A* | 8,661,108 | ||
| 27,530 | Live Nation Entertainment, Inc.* | 2,411,353 | ||
| 168,600 | Zynga, Inc. - Class A* | 1,792,218 | ||
| 23,720,877 | ||||
| Consumer Discretionary — 13.2% | ||||
| 3,667 | Amazon.com, Inc.* | 12,615,067 | ||
| 18,790 | Darden Restaurants, Inc. | 2,743,152 | ||
| 59,500 | MGM Resorts International | 2,537,675 | ||
| 58,081 | National Vision Holdings, Inc.* | 2,969,681 | ||
| 47,740 | Tapestry, Inc.* | 2,075,735 | ||
| 22,941,310 | ||||
| Industrials — 8.5% | ||||
| 22,790 | Advanced Drainage Systems, Inc. | 2,656,630 | ||
| 18,791 | AMETEK, Inc. | 2,508,599 | ||
| 32,099 | ITT, Inc. | 2,939,947 | ||
| Shares | Market Value | |||
| Industrials — (Continued) | ||||
| 4,723 | TransDigm Group, Inc.* | $ 3,057,151 | ||
| 16,247 | Union Pacific Corp. | 3,573,203 | ||
| 14,735,530 | ||||
| Financials — 4.6% | ||||
| 21,327 | American Financial Group, Inc. | 2,659,904 | ||
| 27,860 | Morgan Stanley | 2,554,483 | ||
| 57,690 | Synchrony Financial | 2,799,119 | ||
| 8,013,506 | ||||
| Consumer Staples — 1.7% | ||||
| 7,280 | Costco Wholesale Corp. | 2,880,478 | ||
| Real Estate — 1.6% | ||||
| 58,730 | Spirit Realty Capital, Inc. REIT | 2,809,643 | ||
| Energy — 0.8% | ||||
| 47,140 | Devon Energy Corp. | 1,376,017 | ||
| Total Common Stocks | $173,074,331 | |||
| Short-Term Investment Fund — 0.5% | ||||
| 941,703 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | 941,703 | ||
| Total Investment Securities—100.1% (Cost $93,747,090) | $174,016,034 | |||
| Liabilities in Excess of Other Assets — (0.1%) | (154,641) | |||
| Net Assets — 100.0% | $173,861,393 | |||
| * | Non-income producing security. |
| ∞ | Open-End Fund. |
| Ω | Represents the 7-Day SEC yield as of June 30, 2021. |
| Portfolio Abbreviations: |
| ADR – American Depositary Receipt |
| 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 | $173,074,331 | $— | $— | $173,074,331 |
| Short-Term Investment Fund | 941,703 | — | — | 941,703 |
| Total | $174,016,034 | $— | $— | $174,016,034 |
See accompanying Notes to Portfolios of Investments.
8
Portfolio of Investments
Touchstone Mid Cap Growth Fund – June 30, 2021 (Unaudited)
| Shares | Market Value | |||
| Common Stocks — 99.1% | ||||
| Information Technology — 32.2% | ||||
| 267,912 | Cognizant Technology Solutions Corp. - Class A | $ 18,555,585 | ||
| 103,925 | FleetCor Technologies, Inc.* | 26,611,036 | ||
| 151,372 | Fortinet, Inc.* | 36,055,297 | ||
| 162,247 | Global Payments, Inc. | 30,427,802 | ||
| 46,924 | HubSpot, Inc.* | 27,343,553 | ||
| 637,093 | Juniper Networks, Inc. | 17,424,494 | ||
| 382,144 | Lightspeed POS, Inc. (Canada)* | 31,951,060 | ||
| 190,718 | Microchip Technology, Inc. | 28,558,113 | ||
| 109,445 | Nice Ltd. (Israel) ADR* | 27,083,260 | ||
| 719,518 | Nutanix, Inc. - Class A* | 27,499,978 | ||
| 85,269 | Palo Alto Networks, Inc.* | 31,639,062 | ||
| 176,984 | Splunk, Inc.* | 25,588,347 | ||
| 140,636 | Teradyne, Inc. | 18,839,599 | ||
| 77,118 | Twilio, Inc. - Class A* | 30,396,831 | ||
| 295,767 | Western Digital Corp.* | 21,049,737 | ||
| 182,127 | Xilinx, Inc. | 26,342,849 | ||
| 329,922 | Zendesk, Inc.* | 47,620,941 | ||
| 472,987,544 | ||||
| Health Care — 19.6% | ||||
| 205,591 | Ascendis Pharma A/S (Denmark) ADR* | 27,045,496 | ||
| 240,364 | BioMarin Pharmaceutical, Inc.* | 20,055,972 | ||
| 49,748 | Cooper Cos., Inc. (The) | 19,713,640 | ||
| 59,945 | DexCom, Inc.* | 25,596,515 | ||
| 160,530 | ICON PLC (Ireland)* | 33,183,156 | ||
| 52,848 | IDEXX Laboratories, Inc.* | 33,376,155 | ||
| 90,846 | Insulet Corp.* | 24,938,136 | ||
| 14,107 | Mettler-Toledo International, Inc.* | 19,542,991 | ||
| 342,226 | Oak Street Health, Inc.* | 20,044,177 | ||
| 164,387 | Quest Diagnostics, Inc. | 21,694,152 | ||
| 249,791 | Rocket Pharmaceuticals, Inc.* | 11,063,243 | ||
| 200,011 | Seagen, Inc.* | 31,577,737 | ||
| 287,831,370 | ||||
| Industrials — 16.6% | ||||
| 179,270 | AMETEK, Inc. | 23,932,545 | ||
| 446,815 | AZEK Co., Inc. (The)* | 18,971,765 | ||
| 220,187 | Copart, Inc. * | 29,027,252 | ||
| 99,720 | IDEX Corp. | 21,943,386 | ||
| 102,872 | Rockwell Automation, Inc. | 29,423,449 | ||
| 44,781 | Teledyne Technologies, Inc.* | 18,755,626 | ||
| 167,827 | Trane Technologies PLC | 30,903,664 | ||
| 48,644 | TransDigm Group, Inc.* | 31,486,775 | ||
| 181,418 | TransUnion | 19,921,511 | ||
| 169,536 | Waste Connections, Inc. | 20,247,684 | ||
| 244,613,657 | ||||
| Consumer Discretionary — 12.2% | ||||
| 30,978 | Chipotle Mexican Grill, Inc.* | 48,026,433 | ||
| 112,166 | Expedia Group, Inc.* | 18,362,696 | ||
| 244,508 | Ross Stores, Inc. | 30,318,992 | ||
| 745,201 | Tapestry, Inc.* | 32,401,339 | ||
| 79,865 | Ulta Beauty, Inc.* | 27,614,921 | ||
| 2,372 | Vail Resorts, Inc.* | 750,785 | ||
| 136,781 | Williams-Sonoma, Inc. | 21,837,087 | ||
| 179,312,253 | ||||
| Shares | Market Value | |||
| Financials — 7.3% | ||||
| 196,581 | Arthur J Gallagher & Co. | $ 27,537,066 | ||
| 152,319 | LPL Financial Holdings, Inc. | 20,560,019 | ||
| 52,647 | MSCI, Inc. | 28,065,063 | ||
| 648,111 | Synchrony Financial | 31,446,346 | ||
| 107,608,494 | ||||
| Communication Services — 6.6% | ||||
| 642,367 | Fox Corp. - Class A | 23,851,087 | ||
| 305,030 | Live Nation Entertainment, Inc.* | 26,717,577 | ||
| 53,652 | Roku, Inc.* | 24,639,681 | ||
| 125,047 | Take-Two Interactive Software, Inc.* | 22,135,820 | ||
| 97,344,165 | ||||
| Real Estate — 1.7% | ||||
| 82,552 | Essex Property Trust, Inc. REIT | 24,766,426 | ||
| Energy — 1.5% | ||||
| 772,992 | Devon Energy Corp. | 22,563,636 | ||
| Materials — 1.4% | ||||
| 132,772 | Celanese Corp. | 20,128,235 | ||
| Total Common Stocks | $1,457,155,780 | |||
| Short-Term Investment Fund — 1.0% | ||||
| 15,336,673 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | 15,336,673 | ||
| Total Investment Securities—100.1% (Cost $987,743,362) | $1,472,492,453 | |||
| Liabilities in Excess of Other Assets — (0.1%) | (1,625,463) | |||
| Net Assets — 100.0% | $1,470,866,990 | |||
| * | Non-income producing security. |
| ∞ | Open-End Fund. |
| Ω | Represents the 7-Day SEC yield as of June 30, 2021. |
| Portfolio Abbreviations: |
| ADR – American Depositary Receipt |
| 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 | $1,457,155,780 | $— | $— | $1,457,155,780 |
| Short-Term Investment Fund | 15,336,673 | — | — | 15,336,673 |
| Total | $1,472,492,453 | $— | $— | $1,472,492,453 |
See accompanying Notes to Portfolios of Investments.
9
Portfolio of Investments
Touchstone Sands Capital Emerging Markets Growth Fund – June 30, 2021 (Unaudited)
| Shares | Market Value | |||
| Common Stocks — 98.8% | ||||
| China — 32.3% | ||||
| Communication Services — 8.8% | ||||
| 1,039,652 | Kanzhun Ltd. ADR*† | $ 41,222,202 | ||
| 4,508,300 | Tencent Holdings Ltd. | 339,441,223 | ||
| 3,591,328 | Tencent Music Entertainment Group ADR* | 55,593,758 | ||
| Consumer Discretionary — 16.3% | ||||
| 1,345,062 | Alibaba Group Holding Ltd. ADR* | 305,033,161 | ||
| 8,904,500 | ANTA Sports Products Ltd. | 208,995,081 | ||
| 7,551,000 | Haidilao International Holding Ltd., 144a† | 39,761,165 | ||
| 2,282,619 | JD Health International, Inc., 144a*† | 32,602,679 | ||
| 6,781,269 | New Oriental Education & Technology Group, Inc. ADR* | 55,538,593 | ||
| 941,068 | Prosus NV | 92,194,173 | ||
| 2,247,598 | Trip.com Group Ltd. ADR* | 79,699,825 | ||
| Consumer Staples — 1.5% | ||||
| 3,782,353 | Foshan Haitian Flavouring & Food Co. Ltd. - Class A | 75,396,746 | ||
| Health Care — 5.7% | ||||
| 3,699,150 | Hangzhou Tigermed Consulting Co. Ltd., 144a | 86,696,953 | ||
| 10,782,000 | Wuxi Biologics Cayman, Inc., 144a* | 197,421,579 | ||
| Total China | 1,609,597,138 | |||
| India — 22.0% | ||||
| Consumer Discretionary — 4.3% | ||||
| 3,131,527 | Jubilant Foodworks Ltd.* | 129,925,770 | ||
| 3,682,246 | Titan Co. Ltd. | 85,941,754 | ||
| Consumer Staples — 2.3% | ||||
| 2,352,976 | Britannia Industries Ltd. | 115,631,782 | ||
| Financials — 9.8% | ||||
| 2,206,109 | Bajaj Finance Ltd.* | 178,934,766 | ||
| 11,620,302 | Bandhan Bank Ltd., 144a* | 51,742,745 | ||
| 6,976,444 | HDFC Bank Ltd. | 140,909,271 | ||
| 14,205,402 | ICICI Prudential Life Insurance Co. Ltd., 144a | 117,210,833 | ||
| Health Care — 4.2% | ||||
| 4,251,364 | Apollo Hospitals Enterprise Ltd. | 207,174,346 | ||
| Materials — 1.4% | ||||
| 1,703,367 | Asian Paints Ltd. | 68,671,252 | ||
| Total India | 1,096,142,519 | |||
| Taiwan — 15.3% | ||||
| Communication Services — 9.0% | ||||
| 1,622,700 | Sea Ltd. ADR* | 445,593,420 | ||
| Information Technology — 6.3% | ||||
| 2,620,670 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 314,899,707 | ||
| Total Taiwan | 760,493,127 | |||
| Argentina — 8.4% | ||||
| Consumer Discretionary — 6.7% | ||||
| 212,959 | MercadoLibre, Inc.* | 331,745,401 | ||
| Information Technology — 1.7% | ||||
| 394,488 | Globant SA* | 86,463,880 | ||
| Total Argentina | 418,209,281 | |||
| Brazil — 6.9% | ||||
| Consumer Staples — 0.9% | ||||
| 9,187,600 | Raia Drogasil SA | 45,810,543 | ||
| Financials — 2.4% | ||||
| 2,798,519 | XP, Inc. - Class A* | 121,875,503 | ||
| Industrials — 1.3% | ||||
| 5,026,915 | Localiza Rent a Car SA | 64,683,453 | ||
| Shares | Market Value | |||
| Brazil — (Continued) | ||||
| Information Technology — 2.3% | ||||
| 2,025,642 | Pagseguro Digital Ltd. - Class A* | $ 113,273,901 | ||
| Total Brazil | 345,643,400 | |||
| Russia — 4.1% | ||||
| Communication Services — 4.1% | ||||
| 2,905,229 | Yandex NV - Class A* | 205,544,952 | ||
| Hong Kong — 3.6% | ||||
| Financials — 2.5% | ||||
| 10,287,600 | AIA Group Ltd. | 127,623,632 | ||
| Health Care — 1.1% | ||||
| 1,347,208 | Hutchison China Ltd. ADR* | 52,904,858 | ||
| Total Hong Kong | 180,528,490 | |||
| Kazakhstan — 2.1% | ||||
| Financials — 2.1% | ||||
| 972,038 | Kaspi.KZ JSC GDR | 103,036,028 | ||
| Indonesia — 1.4% | ||||
| Financials — 1.4% | ||||
| 33,240,300 | Bank Central Asia Tbk PT | 69,129,981 | ||
| Poland — 1.1% | ||||
| Communication Services — 0.4% | ||||
| 414,291 | CD Projekt SA | 20,126,927 | ||
| Consumer Discretionary — 0.7% | ||||
| 2,067,191 | Allegro.eu SA, 144a* | 35,575,419 | ||
| Total Poland | 55,702,346 | |||
| Thailand — 1.0% | ||||
| Consumer Staples — 1.0% | ||||
| 27,325,600 | CP ALL PCL | 51,191,286 | ||
| Vietnam — 0.6% | ||||
| Real Estate — 0.6% | ||||
| 20,458,144 | Vincom Retail JSC* | 28,227,083 | ||
| Total Common Stocks | $4,923,445,631 | |||
| Principal Amount | ||||
| Corporate Bonds — 0.0% | ||||
| India — 0.0% | ||||
| Consumer Staples — 0.0% | ||||
| $66,757,420 | Britannia Industries Ltd., 5.500%, 6/3/24 | 908,325 | ||
| Shares | ||||
| Short-Term Investment Funds — 3.4% | ||||
| 121,405,730 | Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω | 121,405,730 | ||
| 47,418,335 | Invesco Government & Agency Portfolio, Institutional Class, 0.03%∞Ω** | 47,418,335 | ||
| Total Short-Term Investment Funds | $168,824,065 | |||
| Total Investment Securities — 102.2% (Cost $3,489,869,170) | $5,093,178,021 | |||
| Liabilities in Excess of Other Assets — (2.2)% | (108,399,599) | |||
| Net Assets — 100.0% | $4,984,778,422 | |||
| * | Non-income producing security. |
| ** | Represents collateral for securities loaned. |
10
Touchstone Sands Capital Emerging Markets Growth Fund (Unaudited) (Continued)
| † | All or a portion of the security is on loan. The total market value of the securities on loan as of June 30, 2021 was $45,553,011. |
| ∞ | Open-End Fund. |
| Ω | Represents the 7-Day SEC yield as of June 30, 2021. |
| Portfolio Abbreviations: |
| ADR – American Depositary Receipt |
| GDR – Global Depositary Receipt |
| JSC – Joint Stock Company |
| PCL – Public Company Limited |
| 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, 2021, these securities were valued at $561,011,373 or 11.3% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
| Valuation inputs at Reporting Date: | ||||
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | ||||
| China | $537,087,538 | $1,072,509,599 | $— | $1,609,597,137 |
| India | — | 1,096,142,520 | — | 1,096,142,520 |
| Taiwan | 760,493,127 | — | — | 760,493,127 |
| Argentina | 418,209,281 | — | — | 418,209,281 |
| Brazil | 345,643,400 | — | — | 345,643,400 |
| Russia | 205,544,952 | — | — | 205,544,952 |
| Hong Kong | 52,904,858 | 127,623,632 | — | 180,528,490 |
| Kazakhstan | 103,036,028 | — | — | 103,036,028 |
| Indonesia | — | 69,129,981 | — | 69,129,981 |
| Poland | 35,575,419 | 20,126,927 | — | 55,702,346 |
| Thailand | — | 51,191,286 | — | 51,191,286 |
| Vietnam | — | 28,227,083 | — | 28,227,083 |
| Corporate Bonds | — | 908,325 | — | 908,325 |
| Short-Term Investment Funds | 168,824,065 | — | — | 168,824,065 |
| Total | $2,627,318,668 | $2,465,859,353 | $— | $5,093,178,021 |
See accompanying Notes to Portfolios of Investments.
11
Notes to Portfolios of Investments
June 30, 2021 (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, 2021, for each Fund’s investments, is included in each Fund’s Portfolio of Investments, which also includes a breakdown of the Fund’s investments by geographic, portfolio or sector allocation. The Funds did not hold or transfer any Level 3 categorized securities during the period ended June 30, 2021.
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 (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.
• If the validity of market quotations is not reliable.
12
Notes to Portfolios of Investments (Unaudited) (Continued)
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