Touchstone Variable Series Trust NPORT-P Touchstone Variable Series Trust-Aggressive ETF Fund (Mar 2020 report)

Portfolio of Investments

Touchstone Balanced Fund – March 31, 2020 (Unaudited)

Shares			Market Value
		Common Stocks — 58.9%
		Information Technology — 14.0%
	1,809	Apple, Inc.	$	460,011
	3,214	Avnet, Inc.		80,671
	1,250	International Business Machines Corp.		138,663
	4,162	Microsoft Corp.		656,389
	4,802	Oracle Corp.		232,079
	2,151	salesforce.com, Inc.*		309,701
	1,171	Texas Instruments, Inc.		117,018
	703	Workday, Inc. - Class A*		91,545
				2,086,077
		Communication Services — 12.0%
	433	Alphabet, Inc. - Class C*		503,497
	4,776	AT&T, Inc.		139,220
	357	Charter Communications, Inc. - Class A*		155,763
	6,110	Comcast Corp. - Class A		210,062
	2,225	Facebook, Inc. - Class A*		371,130
	3,262	Fox Corp. - Class A		77,081
	398	Netflix, Inc.*		149,449
	1,885	Walt Disney Co. (The)		182,091
				1,788,293
		Financials — 9.0%
	9,312	Bank of America Corp.		197,694
	4,115	Berkshire Hathaway, Inc. - Class B*		752,345
	1,580	Brookfield Asset Management, Inc. (Canada) - Class A		69,915
	1,243	Goldman Sachs Group, Inc. (The)		192,155
	1,623	Signature Bank/NewYork NY		130,473
				1,342,582
		Consumer Discretionary — 7.7%
	751	Alibaba Group Holding Ltd. (China) ADR*		146,054
	301	Amazon.com, Inc.*		586,866
	4,760	JD.com, Inc. (China) ADR*		192,780
	1,124	Starbucks Corp.		73,892
	2,403	Trip.com Group Ltd. (China) ADR*		56,350
	1,972	Yum China Holdings, Inc. (China)		84,066
				1,140,008
		Health Care — 6.2%
	1,264	AmerisourceBergen Corp.		111,864
	3,773	Bristol-Myers Squibb Co.		210,307
	2,248	Johnson & Johnson		294,780
	1,200	Novartis AG (Switzerland) ADR		98,940
	845	UnitedHealth Group, Inc.		210,726
				926,617
		Industrials — 5.6%
	1,144	Deere & Co.		158,055
	633	FedEx Corp.		76,758
	5,086	General Electric Co.		40,383
	1,208	Hubbell, Inc.		138,606
	416	Parker-Hannifin Corp.		53,968
	1,210	Union Pacific Corp.		170,658
	2,069	United Technologies Corp.*		195,169
				833,597
		Consumer Staples — 1.8%
	2,761	Monster Beverage Corp.*		155,334
	1,526	Philip Morris International, Inc.		111,337
				266,671
		Real Estate — 1.2%
	1,715	Jones Lang LaSalle, Inc. REIT		173,181

Shares			Market Value
		Energy — 0.9%
	2,491	Exxon Mobil Corp.	$	94,583
	3,317	Schlumberger Ltd.		44,746
				139,329
		Materials — 0.5%
	1,946	DuPont de Nemours, Inc.		66,359
		Total Common Stocks	$	8,762,714
Principal Amount
		Corporate Bonds — 15.0%
		Financials — 3.8%
$	15,000	Allstate Corp. (The), Ser B, 5.750%, 8/15/53		13,350
	24,000	American Express Co., 3.000%, 10/30/24		24,550
	18,000	American Financial Group, Inc., 5.250%, 4/2/30		17,491
	24,000	Ares Capital Corp., 3.250%, 7/15/25		19,048
	50,000	Bank of America Corp. MTN, 4.000%, 1/22/25		52,620
	24,000	Bank of Montreal (Canada), 3.803%, 12/15/32		23,311
	24,000	Bank of NewYork Mellon Corp. (The) MTN, 2.950%, 1/29/23		24,536
	14,000	Berkshire Hathaway Finance Corp., 4.250%, 1/15/49		17,216
	18,000	Citigroup, Inc., 3.200%, 10/21/26		18,639
	11,000	Citigroup, Inc., 4.750%, 5/18/46		12,305
	22,000	Corestates Capital III, 144a, (3M LIBOR +0.570%), 2.262%, 2/15/27(A)		18,480
	32,000	Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28		32,856
	20,000	Goldman Sachs Group, Inc. (The), (3M LIBOR +1.000%), 2.801%, 7/24/23(A)		18,956
	30,000	Huntington Bancshares, Inc., 2.550%, 2/4/30		26,783
	15,000	JPMorgan Chase & Co., 3.250%, 9/23/22		15,470
	10,000	JPMorgan Chase & Co., (3M LIBOR +0.730%), 2.536%, 4/23/24(A)		9,409
	25,000	JPMorgan Chase & Co., 3.509%, 1/23/29(A)		25,738
	16,000	Mastercard, Inc., 3.300%, 3/26/27		17,432
	25,000	Morgan Stanley, 3.950%, 4/23/27		26,329
	25,000	NewYork Life Global Funding, 144a, 3.000%, 1/10/28		25,591
	18,000	Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47		15,218
	26,000	PNC Capital Trust, (3M LIBOR +0.570%), 2.150%, 6/1/28(A)		20,853
	10,000	State Street Corp., 144a, 2.825%, 3/30/23		10,094
	34,000	Truist Bank, Ser A, (3M LIBOR +0.670%), 2.360%, 5/15/27(A)		28,220
	22,000	Truist Financial Corp. MTN, 2.850%, 10/26/24		22,251
	30,000	Wells Fargo & Co., 4.125%, 8/15/23		30,866
				567,612
		Information Technology — 1.7%
	22,000	Adobe, Inc., 1.900%, 2/1/25		22,191
	75,000	Apple, Inc., 2.750%, 1/13/25		79,107
	24,000	Apple, Inc., 4.650%, 2/23/46		31,831
	18,000	Fiserv, Inc., 3.500%, 7/1/29		18,723
	23,000	Global Payments, Inc., 2.650%, 2/15/25		22,582
	11,000	Microsoft Corp., 3.500%, 2/12/35		12,936
	20,000	NXP BV / NXP Funding LLC (Netherlands), 144a, 5.350%, 3/1/26		21,624
	20,000	Oracle Corp., 2.650%, 7/15/26		20,412
	17,000	Visa, Inc., 4.150%, 12/14/35		21,268
				250,674
		Health Care — 1.5%
	7,000	Abbott Laboratories, 3.750%, 11/30/26		7,812

1

Touchstone Balanced Fund (Unaudited) (Continued)

Principal Amount			Market Value
		Corporate Bonds — 15.0% (Continued)
		Health Care — (Continued)
$	20,000	AbbVie, Inc., 4.450%, 5/14/46	$	21,227
	15,000	Allergan Funding SCS, 3.800%, 3/15/25		15,358
	18,000	Allergan Sales LLC, 144a, 5.000%, 12/15/21		18,650
	17,000	Bristol-Myers Squibb Co., 144a, 5.000%, 8/15/45		22,733
	16,000	Cigna Corp., 4.375%, 10/15/28		17,171
	7,000	CommonSpirit Health, 4.187%, 10/1/49		6,575
	23,000	CVS Health Corp., 4.300%, 3/25/28		24,602
	13,000	CVS Health Corp., 5.125%, 7/20/45		14,958
	18,000	DH Europe Finance II Sarl, 3.250%, 11/15/39		17,794
	30,000	Johnson & Johnson, 2.900%, 1/15/28		32,927
	18,000	Mylan, Inc., 4.550%, 4/15/28		17,606
				217,413
		Consumer Staples — 1.4%
	28,000	Anheuser-Busch Cos, LLC / Anheuser-Busch InBev Worldwide, Inc., (Belgium), 4.900%, 2/1/46		30,497
	19,000	Kraft Heinz Foods Co., 6.875%, 1/26/39		21,733
	16,000	Kroger Co. (The), 5.000%, 4/15/42		18,095
	22,000	Mars, Inc., 144a, 3.875%, 4/1/39		23,357
	15,000	McDonald’s Corp. MTN, 3.500%, 7/1/27		15,758
	25,000	Mondelez International, Inc., 3.625%, 5/7/23		26,233
	6,000	Moody’s Corp., 2.750%, 12/15/21		5,956
	20,000	Reynolds American, Inc. (United Kingdom), 4.450%, 6/12/25		20,119
	13,000	Starbucks Corp., 3.350%, 3/12/50		12,253
	14,000	Sysco Corp., 5.950%, 4/1/30		14,698
	16,000	UnitedHealth Group, Inc., 3.500%, 8/15/39		17,255
				205,954
		Utilities — 1.2%
	14,000	AmericanWater Capital Corp., 6.593%, 10/15/37		19,953
	26,000	DTE Energy Co. Ser D, 3.700%, 8/1/23		26,204
	15,000	Duke Energy Progress LLC, 4.150%, 12/1/44		16,852
	13,000	Edison International, 4.125%, 3/15/28		12,434
	8,000	Florida Power & Light Co., 2.850%, 4/1/25		8,341
	11,000	Fortis, Inc. (Canada), 3.055%, 10/4/26		10,535
	16,000	Oncor Electric Delivery Co. LLC, 3.800%, 9/30/47		16,011
	27,000	PacifiCorp., 5.750%, 4/1/37		35,010
	13,000	Virginia Electric & Power Co., 3.300%, 12/1/49		12,980
	25,000	WEC Energy Group, Inc., (3M LIBOR +2.113%), 3.804%, 5/15/67(A)		20,094
				178,414
		Communication Services — 1.1%
	10,000	AT&T, Inc., 4.500%, 5/15/35		10,658
	24,000	Booking Holdings, Inc., 3.600%, 6/1/26		23,407
	16,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45		19,301
	14,000	Comcast Corp., 4.000%, 3/1/48		16,519
	15,000	Comcast Corp., 4.150%, 10/15/28		16,842
	14,000	Cox Communications, Inc., 144a, 3.350%, 9/15/26		14,129
	8,000	Deutsche Telekom International Finance BV (Germany), 8.750%, 6/15/30		10,800
	25,000	Verizon Communications, Inc., 5.012%, 4/15/49		33,596
	18,000	Walt Disney Co. (The), 1.750%, 8/30/24		18,036
				163,288
		Industrials — 1.1%
	15,000	3M Co., 2.650%, 4/15/25		15,454
	25,000	Burlington Northern Santa Fe LLC, 5.750%, 5/1/40		31,835
	23,000	Eagle Materials, Inc., 4.500%, 8/1/26		21,039

Principal Amount			Market Value
		Industrials — (Continued)
$	12,000	Embraer Netherlands Finance BV (Brazil), 5.050%, 6/15/25	$	10,590
	7,000	Embraer Netherlands Finance BV (Brazil), 5.400%, 2/1/27		6,167
	21,000	FedEx Corp., 5.100%, 1/15/44		20,831
	12,000	General Electric Co., 4.125%, 10/9/42		11,329
	26,000	John Deere Capital Corp. MTN, 2.450%, 1/9/30		26,247
	14,000	Norfolk Southern Corp., 4.837%, 10/1/41		16,378
				159,870
		Real Estate — 1.0%
	14,000	American Homes 4 Rent LP REIT, 4.250%, 2/15/28		13,873
	24,000	Boston Properties LP REIT, 3.200%, 1/15/25		24,221
	23,000	Crown Castle International Corp. REIT, 3.650%, 9/1/27		23,294
	14,000	Equinix, Inc. REIT, 2.900%, 11/18/26		12,821
	22,000	Healthcare Realty Trust, Inc. REIT, 2.400%, 3/15/30		19,509
	15,000	Mid-America Apartments LP REIT, 3.750%, 6/15/24		14,779
	17,000	Sabra Health Care LP REIT, 5.125%, 8/15/26		16,076
	16,000	STORE Capital Corp. REIT, 4.625%, 3/15/29		15,166
	17,000	VEREIT Operating Partnership LP REIT, 4.600%, 2/6/24		16,777
				156,516
		Consumer Discretionary — 1.0%
	8,000	Ford Motor Credit Co. LLC, 4.542%, 8/1/26		7,000
	10,000	Ford Motor Credit Co. LLC, 5.584%, 3/18/24		9,500
	12,000	General Motors Financial Co., Inc., 3.950%, 4/13/24		10,874
	20,000	Home Depot, Inc. (The), 5.950%, 4/1/41		27,955
	24,000	Hyundai Capital America, 144a, 2.650%, 2/10/25		22,865
	24,000	Lowe’s Cos, Inc., 4.500%, 4/15/30		26,449
	18,000	Marriott International, Inc., 2.125%, 10/3/22		16,201
	8,000	NIKE, Inc., 3.375%, 3/27/50		8,727
	22,000	Walmart, Inc., 2.850%, 7/8/24		23,128
				152,699
		Energy — 0.9%
	23,000	Boardwalk Pipelines LP, 4.450%, 7/15/27		17,243
	14,000	Canadian Natural Resources Ltd. (Canada), 6.250%, 3/15/38		10,897
	14,000	Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37		6,225
	16,000	Columbia Pipeline Group, Inc., 4.500%, 6/1/25		15,763
	18,000	Diamondback Energy, Inc., 2.875%, 12/1/24		12,573
	21,000	Energy Transfer Partners LP, 4.950%, 6/15/28		17,370
	18,000	EQT Corp., 6.125%, 2/1/25		13,862
	20,000	NGPL PipeCo LLC, 144a, 7.768%, 12/15/37		19,910
	15,000	Petroleos Mexicanos (Mexico), 144a, 6.840%, 1/23/30		10,853
	20,000	Sabine Pass Liquefaction LLC, 5.000%, 3/15/27		16,994
				141,690
		Materials — 0.3%
	16,000	Ecolab, Inc., 4.800%, 3/24/30		17,973
	19,000	Sherwin-Williams Co. (The), 4.500%, 6/1/47		20,331
				38,304
		Total Corporate Bonds	$	2,232,434
		U.S. Treasury Obligations — 12.3%
	5,000	U.S. Treasury Bond, 2.250%, 8/15/49		6,091
	311,057	U.S. Treasury Inflation Indexed Bond, 0.250%, 2/15/50		320,561
	350,000	U.S. Treasury Note, 1.375%, 1/31/22		357,438
	105,000	U.S. Treasury Note, 1.500%, 9/30/21		107,047
	775,000	U.S. Treasury Note, 1.500%, 11/30/24		816,081

2

Touchstone Balanced Fund (Unaudited) (Continued)

Principal Amount			Market Value
		U.S. Treasury Obligations — 12.3% (Continued)
$	225,000	U.S. Treasury Note, 2.500%, 5/31/20	$	225,889
		Total U.S. Treasury Obligations	$	1,833,107
		U.S. Government Mortgage-Backed Obligations — 7.3%
	224,563	FHLMC, Pool #G05624, 4.500%, 9/1/39		245,731
	152,580	FHLMC, Pool #Q29260, 4.000%, 10/1/44		164,959
	85,619	FNMA, Pool #725423, 5.500%, 5/1/34		96,710
	82,254	FNMA, Pool #725610, 5.500%, 7/1/34		92,913
	21,346	FNMA, Pool #890310, 4.500%, 12/1/40		23,386
	84,390	FNMA, Pool #AD9193, 5.000%, 9/1/40		93,538
	337,957	FNMA, Pool #AL5718, 3.500%, 9/1/44		362,311
		Total U.S. Government Mortgage-Backed Obligations	$	1,079,548
Shares
		Exchange-Traded Fund — 1.8%
	2,738	iShares JP Morgan USD Emerging Markets Bond ETF	$	264,710
		Short-Term Investment Fund — 2.4%
	352,256	Dreyfus Government Cash Management, Institutional Shares, 0.29%¥W	$	352,256
		Total Investment Securities — 97.7% (Cost $13,341,902)	$	14,524,769
		Other Assets in Excess of Liabilities — 2.3%		336,848
		Net Assets — 100.0%	$	14,861,617

^(A)  Variable rate security - Rate reflected is the rate in effect as of March 31, 2020.

* Non-income producing security.

¥  Open-End Fund.

W  Represents the7-day SEC yield as of March 31, 2020.

Portfolio Abbreviations:

ADR - American Depositary Receipt

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

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

USD - United States Dollar

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities were valued at $223,504 or 1.5% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Other Information:

The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.

Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	8,762,714	$	—	$	—	$	8,762,714
Corporate Bonds		—		2,232,434		—		2,232,434
U.S. Treasury Obligations		—		1,833,107		—		1,833,107
U.S. Government Mortgage-Backed Obligations		—		1,079,548		—		1,079,548
Exchange-Traded Fund		264,710		—		—		264,710
Short-Term Investment Fund		352,256		—		—		352,256
Total	$	9,379,680	$	5,145,089	$	—	$	14,524,769

See accompanying Notes to Portfolios of Investments.

3

Portfolio of Investments

Touchstone Bond Fund – March 31, 2020 (Unaudited)

Principal Amount			Market Value
		Corporate Bonds — 41.3%
		Financials — 9.7%
$	196,000	Allstate Corp. (The), Ser B, 5.750%, 8/15/53(A)	$	174,440
	342,000	American Express Co., 3.000%, 10/30/24		349,834
	215,000	American Financial Group, Inc., 5.250%, 4/2/30		208,926
	276,000	Ares Capital Corp., 3.250%, 7/15/25		219,050
	244,000	Bank of America Corp., 3.705%, 4/24/28		249,483
	390,000	Bank of America Corp. MTN, 4.000%, 1/22/25		410,433
	326,000	Bank of Montreal (Canada), 3.803%, 12/15/32		316,645
	336,000	Bank of NewYork Mellon Corp. (The) MTN, 2.950%, 1/29/23		343,510
	230,000	Bank of Nova Scotia (The), (Canada), (3M LIBOR +0.620%), 1.672%, 9/19/22(B)		220,206
	316,000	Barclays PLC (United Kingdom), 4.610%, 2/15/23(A)(B)		319,559
	172,000	Berkshire Hathaway Finance Corp., 4.250%, 1/15/49		211,515
	320,000	Citigroup, Inc., (3M LIBOR +1.430%), 3.010%, 9/1/23(B)		312,798
	219,000	Citigroup, Inc., 3.200%, 10/21/26		226,775
	138,000	Citigroup, Inc., 4.750%, 5/18/46		154,369
	118,000	Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc. (Canada), 144a, 8.500%, 12/15/22		116,230
	338,000	Corestates Capital III, 144a, (3M LIBOR +0.570%), 2.262%, 2/15/27(B)		283,920
	72,000	Credit Acceptance Corp., 6.625%, 3/15/26		68,378
	171,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/35		182,471
	45,000	goeasy Ltd. (Canada), 144a, 5.375%, 12/1/24		41,949
	398,000	Goldman Sachs Group, Inc. (The), (3M LIBOR +1.000%), 2.801%, 7/24/23(B)		377,222
	177,000	Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28(A)		181,737
	262,000	Goldman Sachs Group, Inc. (The), 5.250%, 7/27/21		270,404
	200,000	HSBC Holdings PLC (United Kingdom), 3.900%, 5/25/26		203,435
	200,000	Huntington Bancshares, Inc., 2.550%, 2/4/30		178,554
	250,000	JPMorgan Chase & Co., (3M LIBOR +0.730%), 2.536%, 4/23/24(B)		235,230
	219,000	JPMorgan Chase & Co., 3.250%, 9/23/22		225,857
	327,000	JPMorgan Chase & Co., 3.509%, 1/23/29(A)(B)		336,654
	334,000	Lloyds Banking Group PLC (United Kingdom), 3.574%, 11/7/28(A)(B)		331,402
	200,000	Mastercard, Inc., 3.300%, 3/26/27		217,904
	303,000	Morgan Stanley, 3.950%, 4/23/27		319,101
	51,000	Navient Corp., 5.500%, 1/25/23		47,940
	51,000	Navient Corp., 7.250%, 9/25/23		49,473
	369,000	NewYork Life Global Funding, 144a, 3.000%, 1/10/28		377,729
	235,000	Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47		198,681
	292,000	PNC Capital Trust, (3M LIBOR +0.570%), 2.150%, 6/1/28(B)		234,190
	54,000	Prime Security Services Borrower LLC / Prime Finance, Inc., 144a, 5.750%, 4/15/26		52,920
	76,000	Quicken Loans, Inc., 144a, 5.250%, 1/15/28		74,313
	117,000	State Street Corp., 144a, (SOFRRATE +2.690%), 2.825%, 3/30/23		118,095
	491,000	Truist Bank, Ser A, (3M LIBOR +0.670%), 2.360%, 5/15/27(B)		407,530
	210,000	Truist Financial Corp. MTN, 2.850%, 10/26/24		212,393
	73,000	Wells Fargo & Co., 4.125%, 8/15/23		75,107
				9,136,362
		Consumer Staples — 5.1%
	60,000	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144a, 4.625%, 1/15/27		59,700

Principal Amount			Market Value
		Consumer Staples — (Continued)
$	42,000	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144a, 4.875%, 2/15/30	$	41,895
	79,000	American Builders & Contractors Supply Co., Inc., 144a, 4.000%, 1/15/28		71,890
	427,000	Anheuser-Busch Cos, LLC / Anheuser-Busch InBev Worldwide, Inc., (Belgium), 4.900%, 2/1/46		465,073
	60,000	Cardtronics, Inc. / Cardtronics USA, Inc., 144a, 5.500%, 5/1/25		57,000
	94,000	Carriage Services, Inc., 144a, 6.625%, 6/1/26		92,355
	144,000	Cimpress PLC (Ireland), 144a, 7.000%, 6/15/26		126,720
	311,000	Grupo Bimbo SAB de CV (Mexico), 144a, 4.500%, 1/25/22		312,269
	422,000	Imperial Brands Finance PLC (United Kingdom), 144a, 4.250%, 7/21/25		410,524
	104,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 5.500%, 1/15/30		107,380
	296,000	Kraft Heinz Foods Co., 6.875%, 1/26/39		338,572
	20,000	Kraft Heinz Foods Co., 144a, 4.875%, 2/15/25		20,045
	213,000	Kroger Co. (The), 5.000%, 4/15/42		240,896
	327,000	Mars, Inc., 144a, 3.875%, 4/1/39		347,175
	94,000	Mattel, Inc., 144a, 6.750%, 12/31/25		95,589
	194,000	McDonald’s Corp. MTN, 3.500%, 7/1/27		203,801
	400,000	Mondelez International Holdings Netherlands BV, 144a, 2.125%, 9/19/22		396,289
	155,000	Moody’s Corp., 2.750%, 12/15/21		153,869
	112,000	Pilgrim’s Pride Corp., 144a, 5.750%, 3/15/25		112,840
	11,000	Post Holdings, Inc., 144a, 5.000%, 8/15/26		11,321
	57,000	QVC, Inc., 4.750%, 2/15/27		50,418
	286,000	Reynolds American, Inc. (United Kingdom), 4.450%, 6/12/25		287,708
	124,000	Staples, Inc., 144a, 7.500%, 4/15/26		109,585
	160,000	Starbucks Corp., 3.350%, 3/12/50		150,803
	49,000	Superior Plus LP / Superior General Partner, Inc., 144a, 7.000%, 7/15/26		47,775
	14,000	Sysco Corp., 5.650%, 4/1/25		14,575
	154,000	Sysco Corp., 5.950%, 4/1/30		161,675
	304,000	UnitedHealth Group, Inc., 3.500%, 8/15/39		327,844
	10,000	Yum! Brands, Inc., 144a, 7.750%, 4/1/25		10,500
				4,826,086
		Health Care — 4.2%
	58,000	Abbott Laboratories, 3.750%, 11/30/26		64,728
	276,000	AbbVie, Inc., 4.450%, 5/14/46		292,927
	73,000	Acadia Healthcare Co., Inc., 5.125%, 7/1/22		69,578
	32,000	Acadia Healthcare Co., Inc., 5.625%, 2/15/23		30,156
	226,000	Alcon Finance Corp., 144a, 3.800%, 9/23/49		225,468
	163,000	Allergan Funding SCS, 3.800%, 3/15/25		166,887
	289,000	Allergan Sales LLC, 144a, 5.000%, 12/15/21		299,429
	60,000	AMN Healthcare, Inc., 144a, 5.125%, 10/1/24		57,750
	117,000	Bausch Health Cos, Inc., 144a, 6.125%, 4/15/25		115,245
	117,000	Bausch Health Cos, Inc., 144a, 6.500%, 3/15/22		118,170
	223,000	Bristol-Myers Squibb Co., 144a, 5.000%, 8/15/45		298,209
	249,000	Cigna Corp., 4.375%, 10/15/28		267,225
	117,000	CommonSpirit Health, 4.187%, 10/1/49		109,901
	185,000	CommonSpirit Health, 4.200%, 8/1/23		191,801
	320,000	CVS Health Corp., 4.300%, 3/25/28		342,286
	191,000	CVS Health Corp., 5.125%, 7/20/45		219,767
	50,000	DaVita, Inc., 5.125%, 7/15/24		49,850
	285,000	DH Europe Finance II Sarl, 3.250%, 11/15/39		281,731
	44,000	HCA, Inc., 3.500%, 9/1/30		39,917
	90,000	HCA, Inc., 5.375%, 2/1/25		92,025

4

Touchstone Bond Fund (Unaudited) (Continued)

Principal Amount			Market Value
		Corporate Bonds — 41.3% (Continued)
		Health Care — (Continued)
$	74,000	HLF Financing Sarl LLC / Herbalife International, Inc., 144a, 7.250%, 8/15/26	$	62,900
	140,000	MEDNAX, Inc., 144a, 5.250%, 12/1/23		114,100
	39,000	Medtronic Global Holdings SCA, 3.350%, 4/1/27		41,548
	228,000	Mylan, Inc., 4.550%, 4/15/28		223,009
	70,000	Select Medical Corp., 144a, 6.250%, 8/15/26		70,000
	54,000	Teleflex, Inc., 4.875%, 6/1/26		53,460
	57,000	Tenet Healthcare Corp., 5.125%, 5/1/25		54,435
				3,952,502
		Communication Services — 4.1%
	232,000	AT&T, Inc., 4.500%, 5/15/35		247,259
	104,000	CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.750%, 3/1/30		103,480
	71,000	CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.125%, 5/1/27		71,185
	137,000	CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.375%, 6/1/29		140,781
	72,000	CenturyLink, Inc., Ser S, 6.450%, 6/15/21		73,080
	192,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45		231,613
	203,000	Comcast Corp., 4.000%, 3/1/48		239,528
	248,000	Comcast Corp., 4.150%, 10/15/28		278,458
	70,000	CommScope, Inc., 144a, 5.500%, 3/1/24		70,840
	222,000	Cox Communications, Inc., 144a, 3.350%, 9/15/26		224,050
	121,000	Deutsche Telekom International Finance BV (Germany), 8.750%, 6/15/30		163,346
	53,000	Diamond Sports Group LLC / Diamond Sports Finance Co., 144a, 5.375%, 8/15/26		43,064
	187,000	DISH DBS Corp., 6.750%, 6/1/21		189,618
	37,000	EW Scripps Co. (The), 144a, 5.125%, 5/15/25		32,560
	78,000	GrubHub Holdings, Inc., 144a, 5.500%, 7/1/27		69,030
	27,000	Level 3 Financing, Inc., 144a, 4.625%, 9/15/27		26,835
	83,000	Netflix, Inc., 4.875%, 4/15/28		85,490
	74,000	Nexstar Broadcasting, Inc., 144a, 5.625%, 8/1/24		69,652
	111,000	Photo Holdings Merger Sub, Inc., 144a, 8.500%, 10/1/26		89,910
	42,000	Qualitytech LP / QTS Finance Corp., 144a, 4.750%, 11/15/25		40,530
	63,000	Sirius XM Radio, Inc., 144a, 5.500%, 7/1/29		64,260
	189,000	Sprint Corp., 144a, 7.250%, 2/1/28		189,945
	85,000	TEGNA, Inc., 144a, 5.000%, 9/15/29		76,738
	56,000	Telecom Italia Capital SA, 6.000%, 9/30/34		55,440
	31,000	Telecom Italia Capital SA, 6.375%, 11/15/33		31,465
	31,000	T-Mobile USA, Inc., 4.500%, 2/1/26		31,697
	59,000	T-Mobile USA, Inc., 6.000%, 3/1/23		59,325
	57,000	VeriSign, Inc., 5.250%, 4/1/25		58,710
	410,000	Verizon Communications, Inc., 5.012%, 4/15/49		550,975
	290,000	Walt Disney Co. (The), 1.750%, 8/30/24		290,577
				3,899,441
		Industrials — 3.3%
	194,000	3M Co., 2.650%, 4/15/25		199,873
	14,000	AECOM Global II LLC / URS Fox US LP, 5.000%, 4/1/22		13,020
	73,000	Amsted Industries, Inc., 144a, 5.625%, 7/1/27		71,023
	39,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 6.000%, 2/15/25		39,109
	265,000	Burlington Northern Santa Fe LLC, 5.750%, 5/1/40		337,453
	119,000	Cascades, Inc./Cascades USA, Inc. (Canada), 144a, 5.375%, 1/15/28		113,645

Principal Amount			Market Value
		Industrials — (Continued)
$	330,000	CRH America Finance, Inc. (Ireland), 144a, 4.500%, 4/4/48	$	309,222
	400,000	Eagle Materials, Inc., 4.500%, 8/1/26		365,899
	138,000	Embraer Netherlands Finance BV (Brazil), 5.050%, 6/15/25		121,785
	140,000	Embraer Netherlands Finance BV (Brazil), 5.400%, 2/1/27		123,341
	331,000	FedEx Corp., 5.100%, 1/15/44		328,331
	133,000	Fortress Transportation & Infrastructure Investors LLC, 144a, 6.750%, 3/15/22		123,101
	290,000	John Deere Capital Corp. MTN, 2.450%, 1/9/30		292,753
	57,000	Moog, Inc., 144a, 4.250%, 12/15/27		51,442
	49,000	New Enterprise Stone & Lime Co., Inc., 144a, 6.250%, 3/15/26		45,080
	186,000	Norfolk Southern Corp., 4.837%, 10/1/41		217,591
	78,000	Plastipak Holdings, Inc., 144a, 6.250%, 10/15/25		69,810
	47,000	TransDigm, Inc., 144a, 6.250%, 3/15/26		46,824
	1,743	United Airlines2014-2 Class B Pass Through Trust, 4.625%, 9/3/22		1,630
	238,000	Vulcan Materials Co., 4.500%, 4/1/25		250,080
				3,121,012
		Consumer Discretionary — 2.9%
	80,000	1011778 BC ULC / New Red Finance, Inc. (Canada), 144a, 5.000%, 10/15/25		76,399
	97,000	Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 5.250%, 3/15/25		76,155
	65,000	Beacon Roofing Supply, Inc., 144a, 4.875%, 11/1/25		58,662
	138,000	Ford Motor Credit Co. LLC, 4.542%, 8/1/26		120,750
	156,000	Ford Motor Credit Co. LLC, 5.584%, 3/18/24		148,200
	90,000	General Motors Financial Co., Inc., 3.950%, 4/13/24		81,558
	221,000	Home Depot, Inc. (The), 5.950%, 4/1/41		308,904
	316,000	Hyundai Capital America, 144a, 2.650%, 2/10/25		301,060
	126,000	JB Poindexter & Co., Inc., 144a, 7.125%, 4/15/26		116,602
	117,000	Lennar Corp., 4.750%, 4/1/21		115,830
	300,000	Lowe’s Cos, Inc., 4.500%, 4/15/30		330,607
	292,000	Marriott International, Inc., 2.125%, 10/3/22		262,809
	45,000	Meritage Homes Corp., 6.000%, 6/1/25		41,512
	88,000	NIKE, Inc., 3.375%, 3/27/50		95,999
	71,000	Quad/Graphics, Inc., 7.000%, 5/1/22		58,575
	114,000	Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 144a, 5.625%, 3/1/24		107,160
	102,000	United Rentals North America, Inc., 5.875%, 9/15/26		103,306
	324,000	Walmart, Inc., 2.850%, 7/8/24		340,616
	11,000	Wyndham Hotels & Resorts, Inc., 144a, 5.375%, 4/15/26		9,570
				2,754,274
		Real Estate — 2.8%
	166,000	American Homes 4 Rent LP REIT, 4.250%, 2/15/28		164,499
	320,000	Boston Properties LP REIT, 3.200%, 1/15/25		322,944
	84,000	CoreCivic, Inc. REIT, 5.000%, 10/15/22		79,223
	351,000	Crown Castle International Corp. REIT, 3.650%, 9/1/27		355,479
	230,000	Equinix, Inc. REIT, 2.900%, 11/18/26		210,638
	59,000	GEO Group, Inc. (The) REIT, 5.875%, 1/15/22		53,100
	51,000	GLP Capital LP / GLP Financing II, Inc. REIT, 5.375%, 4/15/26		45,206
	278,000	Healthcare Realty Trust, Inc. REIT, 2.400%, 3/15/30		246,527
	150,000	Iron Mountain US Holdings, Inc. REIT, 144a, 5.375%, 6/1/26		151,500
	86,000	MGM Growth Properties Operating Partnership LP / MGP Finance Co.-Issuer, Inc. REIT, 5.625%, 5/1/24		82,560

5

Touchstone Bond Fund (Unaudited) (Continued)

Principal Amount			Market Value
		Corporate Bonds — 41.3% (Continued)
		Real Estate — (Continued)
$	181,000	Mid-America Apartments LP REIT, 3.750%, 6/15/24	$	178,331
	84,000	MPT Operating Partnership LP / MPT Finance Corp. REIT, 5.250%, 8/1/26		82,409
	282,000	Sabra Health Care LP REIT, 5.125%, 8/15/26		266,678
	180,000	STORE Capital Corp. REIT, 4.625%, 3/15/29		170,615
	244,000	VEREIT Operating Partnership LP REIT, 4.600%, 2/6/24		240,798
				2,650,507
		Information Technology — 2.8%
	244,000	Adobe, Inc., 1.900%, 2/1/25		246,124
	335,000	Apple, Inc., 2.750%, 1/13/25		353,345
	228,000	Apple, Inc., 4.650%, 2/23/46		302,395
	282,000	Fiserv, Inc., 3.500%, 7/1/29		293,334
	350,000	Global Payments, Inc., 2.650%, 2/15/25		343,634
	144,000	Microsoft Corp., 3.500%, 2/12/35		169,344
	319,000	NXP BV / NXP Funding LLC (Netherlands), 144a, 5.350%, 3/1/26		344,903
	170,000	Oracle Corp., 2.650%, 7/15/26		173,501
	73,000	SS&C Technologies, Inc., 144a, 5.500%, 9/30/27		76,081
	214,000	Visa, Inc., 4.150%, 12/14/35		267,725
	41,000	Western Digital Corp., 4.750%, 2/15/26		41,615
				2,612,001
		Energy — 2.6%
	270,000	Aker BP ASA (Norway), 144a, 3.000%, 1/15/25		214,326
	357,000	Boardwalk Pipelines LP, 4.450%, 7/15/27		267,639
	221,000	Canadian Natural Resources Ltd. (Canada), 6.250%, 3/15/38		172,022
	202,000	Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37		89,822
	297,000	Cheniere Corpus Christi Holdings LLC, 7.000%, 6/30/24		260,637
	69,000	Cheniere Energy Partners LP, 5.625%, 10/1/26		63,480
	251,000	Columbia Pipeline Group, Inc., 4.500%, 6/1/25		247,284
	47,000	Delek Logistics Partners LP / Delek Logistics Finance Corp., 6.750%, 5/15/25		45,708
	328,000	Energy Transfer Partners LP, 4.950%, 6/15/28		271,308
	198,000	EQT Corp., 6.125%, 2/1/25		152,480
	56,000	Genesis Energy LP / Genesis Energy Finance Corp., 6.000%, 5/15/23		40,620
	70,000	Montage Resources Corp., 8.875%, 7/15/23		47,250
	116,000	NGPL PipeCo LLC, 144a, 7.768%, 12/15/37		115,480
	130,000	NuStar Logistics LP, 5.625%, 4/28/27		99,944
	96,000	PDC Energy, Inc., 5.750%, 5/15/26		53,760
	222,000	Petroleos Mexicanos (Mexico), 144a, 6.840%, 1/23/30		160,621
	112,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 5.500%, 9/15/24		61,600
	119,000	TerraForm Power Operating LLC, 144a, 4.750%, 1/15/30		115,430
				2,479,411
		Utilities — 2.5%
	213,000	AmericanWater Capital Corp., 6.593%, 10/15/37		303,572
	140,000	DPL, Inc., 144a, 4.350%, 4/15/29		133,073
	354,000	DTE Energy Co. Ser D Series D, 3.700%, 8/1/23		356,778
	91,000	Duke Energy Progress LLC, 4.150%, 12/1/44		102,235
	202,000	Edison International, 4.125%, 3/15/28		193,205
	218,000	Electricite de France SA (France), 144a, 4.500%, 9/21/28		240,022
	100,000	Florida Power & Light Co., 2.850%, 4/1/25		104,260
	85,000	Fortis, Inc. (Canada), 3.055%, 10/4/26		81,409

Principal Amount			Market Value
		Utilities — (Continued)
$	234,000	Oncor Electric Delivery Co. LLC, 3.800%, 9/30/47	$	234,164
	124,000	PacifiCorp., 5.750%, 4/1/37		160,788
	69,000	Talen Energy Supply LLC, 144a, 7.250%, 5/15/27		62,355
	198,000	Virginia Electric & Power Co., 3.300%, 12/1/49		197,701
	309,000	WEC Energy Group, Inc., (3M LIBOR +2.113%), 3.804%, 5/15/67(B)		248,367
				2,417,929
		Materials — 1.3%
	112,000	Alcoa Nederland Holding BV, 144a, 7.000%, 9/30/26		104,160
	83,000	Braskem America Finance Co. (Brazil), 144a, 7.125%, 7/22/41		73,248
	42,000	Commercial Metals Co., 5.750%, 4/15/26		39,203
	51,000	CVR Partners LP / CVR Nitrogen Finance Corp., 144a, 9.250%, 6/15/23		40,887
	196,000	Ecolab, Inc., 4.800%, 3/24/30		220,164
	36,000	FMG Resources August 2006 Pty Ltd. (Australia), 144a, 4.750%, 5/15/22		35,865
	89,000	Freeport-McMoRan, Inc., 3.875%, 3/15/23		84,105
	115,000	Freeport-McMoRan, Inc., 5.000%, 9/1/27		106,772
	88,000	Hudbay Minerals, Inc., 144a, 7.625%, 1/15/25		76,560
	49,000	Novelis Corp., 144a, 5.875%, 9/30/26		48,087
	62,000	Nufarm Australia Ltd. / Nufarm Americas, Inc., 144a, 5.750%, 4/30/26		53,630
	293,000	Sherwin-Williams Co. (The), 4.500%, 6/1/47		313,530
				1,196,211
		Total Corporate Bonds	$	39,045,736
		U.S. Treasury Obligations — 14.1%
	972,000	U.S. Treasury Bond, 2.250%, 8/15/49		1,184,131
	4,741,112	U.S. Treasury Inflation Indexed Bond, 0.250%, 2/15/50		4,885,972
	780,000	U.S. Treasury Note, 1.500%, 10/31/24		820,310
	2,515,000	U.S. Treasury Note, 1.500%, 11/30/24		2,648,315
	3,415,000	U.S. Treasury Note, 1.750%, 11/15/29		3,751,698
		Total U.S. Treasury Obligations	$	13,290,426
		Asset-Backed Securities — 11.1%
	375,000	Apidos CLO XVIII (Cayman Islands), Ser2015-23A, Class AR, 144a, (3M LIBOR +1.220%), 2.821%, 4/15/33(B)		347,853
	265,000	Apidos CLO XVIII (Cayman Islands), Ser2018-18A, Class A1, 144a, (3M LIBOR +1.140%), 2.942%, 10/22/30(B)		250,511
	400,000	Benefit Street Partners CLO XIX Ltd. (Cayman Islands), Ser2019-19A, Class B, 144a, (3M LIBOR +2.000%), 3.878%, 1/15/33(B)		345,503
	275,000	CIFC Funding Ltd. (Cayman Islands), Ser2016-1A, Class A1R, 144a, (3M LIBOR +1.350%), 3.169%, 10/21/31(B)		255,120
	144,670	Domino’s Pizza Master Issuer LLC, Ser2017-1A, Class A2II, 144a, 3.082%, 7/25/47		139,654
	717,750	Driven Brands Funding LLC, Ser2019-1A, Class A2, 144a, 4.641%, 4/20/49		686,643
	638,257	Elara HGV Timeshare Issuer LLC, Ser2019-A, Class B, 144a, 2.910%, 1/25/34		613,268
	510,601	GLS Auto Receivables Issuer Trust, Ser2019-3A, Class A, 144a, 2.580%, 7/17/23		505,459
	740,000	Hertz Vehicle Financing II LP, Ser2016-2A, Class B, 144a, 3.940%, 3/25/22		733,625
	550,000	Hertz Vehicle Financing II LP, Ser2016-4A, Class A, 144a, 2.650%, 7/25/22		532,256

6

Touchstone Bond Fund (Unaudited) (Continued)

Principal Amount			Market Value
		Asset-Backed Securities — 11.1% (Continued)
$	250,000	Hertz Vehicle Financing II LP, Ser2019-1A, Class A, 144a, 3.710%, 3/25/23	$	242,655
	299,250	Jack In The Box Funding LLC, Ser2019-1A, Class A2I, 144a, 3.982%, 8/25/49		276,420
	268,000	Jersey Mike’s Funding, Ser2019-1A, Class A2, 144a, 4.433%, 2/15/50		237,461
	258,375	Jimmy Johns Funding LLC, Ser2017-1A, Class A2I, 144a, 3.610%, 7/30/47		255,200
	243,750	Jimmy Johns Funding LLC, Ser2017-1A, Class A2II, 144a, 4.846%, 7/30/47		244,408
	500,000	Kabbage Funding LLC, Ser2019-1, Class A, 144a, 3.825%, 3/15/24		486,250
	700,000	Madison Park Funding XXXV Ltd. (Cayman Islands), Ser2015-18A, Class BR, 144a, (3M LIBOR +1.600%), 3.419%, 10/21/30(B)		637,696
	275,000	Madison Park Funding XXXV Ltd. (Cayman Islands), Ser2019-35A, Class A2A, 144a, (3M LIBOR +1.650%), 3.469%, 4/20/31(B)		256,542
	400,000	OHA Loan Funding Ltd. (Cayman Islands), Ser2015-1A, Class B1R2, 144a, (3M LIBOR +1.900%), 3.592%, 11/15/32(B)		355,299
	750,000	STWD Ltd. (Cayman Islands), Ser2019-FL1, Class A, 144a, (1M LIBOR +1.080%), 1.785%, 7/15/38(B)		672,454
	325,000	Towd Point Mortgage Trust, Ser2015-3, Class A2, 144a, 4.000%, 3/25/54(A)(B)		321,502
	418,435	Towd Point Mortgage Trust, Ser2019-1, Class A1, 144a, 3.750%, 3/25/58(A)(B)		429,580
	380,000	Voya CLO Ltd. (Cayman Islands), Ser2017-4A, Class A1, 144a, (3M LIBOR +1.130%), 2.961%, 10/15/30(B)		361,713
	275,000	Voya CLO Ltd. (Cayman Islands), Ser2019-2A, Class A, 144a, (3M LIBOR +1.270%), 3.089%, 7/20/32(B)		257,334
	904,188	Wendys Funding LLC, Ser2018-1A, Class A2I, 144a, 3.573%, 3/15/48		825,198
	257,000	Westlake Automobile Receivables Trust, Ser2017-1A, Class E, 144a, 5.050%, 8/15/24		257,005
		Total Asset-Backed Securities	$	10,526,609
		U.S. Government Mortgage-Backed Obligations — 8.2%
	98,429	FHLMC, Pool #A95946, 4.000%, 1/1/41		106,264
	74,759	FHLMC, Pool #A96485, 4.500%, 1/1/41		81,880
	17,679	FHLMC, Pool #G03217, 5.500%, 9/1/37		19,557
	11,003	FHLMC, Pool #G03781, 6.000%, 1/1/38		12,637
	421,056	FHLMC, Pool #G05624, 4.500%, 9/1/39		460,745
	564,913	FHLMC, Pool #Q29056, 4.000%, 10/1/44		610,788
	250,062	FHLMC, Pool #Q29260, 4.000%, 10/1/44		270,349
	5,114	FNMA, Pool #561741, 7.500%, 1/1/31		5,952
	322,196	FNMA, Pool #725423, 5.500%, 5/1/34		363,934
	304,646	FNMA, Pool #725610, 5.500%, 7/1/34		344,121
	7,223	FNMA, Pool #889734, 5.500%, 6/1/37		8,177
	50,219	FNMA, Pool #AB1149, 5.000%, 6/1/40		55,663
	51,351	FNMA, Pool #AB1800, 4.000%, 11/1/40		55,721
	84,729	FNMA, Pool #AD3795, 4.500%, 4/1/40		92,833
	118,636	FNMA, Pool #AD9150, 5.000%, 8/1/40		131,496
	281,301	FNMA, Pool #AD9193, 5.000%, 9/1/40		311,794
	162,353	FNMA, Pool #AE0548, 4.500%, 11/1/40		177,913
	124,095	FNMA, Pool #AE4429, 4.000%, 10/1/40		134,041
	7,664	FNMA, Pool #AH2666, 4.000%, 1/1/26		8,061
	14,311	FNMA, Pool #AH3493, 4.000%, 2/1/26		15,096
	210,368	FNMA, Pool #AJ5457, 4.000%, 11/1/41		227,445
	196,572	FNMA, Pool #AL0054, 4.500%, 2/1/41		215,387
	418,663	FNMA, Pool #AL5718, 3.500%, 9/1/44		448,834

Principal Amount			Market Value
		U.S. Government Mortgage-Backed Obligations — 8.2% (Continued)
$	426,634	FNMA, Pool #AR9195, 3.000%, 3/1/43	$	450,981
	196,213	FNMA, Pool #AS7813, 4.000%, 8/1/46		211,749
	471,585	FNMA, Pool #AT2016, 3.000%, 4/1/43		500,044
	545,911	FNMA, Pool #BC1158, 3.500%, 2/1/46		582,144
	252,774	FNMA, Pool #MA1175, 3.000%, 9/1/42		267,179
	126,700	FNMA, Pool #MA2177, 4.000%, 2/1/35		138,118
	180,380	GNMA, Pool #4853, 4.000%, 11/20/40		196,643
	123,228	GNMA, Pool #4883, 4.500%, 12/20/40		135,752
	477,268	GNMA, Pool #5175, 4.500%, 9/20/41		525,737
	18,135	GNMA, Pool #679437, 6.000%, 11/15/22		18,293
	62,772	GNMA, Pool #736696, 4.500%, 5/15/40		69,188
	244,376	GNMA, Pool #AD1745, 3.000%, 2/20/43		262,419
	185,254	GNMA, Pool #MA1157, 3.500%, 7/20/43		198,138
		Total U.S. Government Mortgage-Backed Obligations	$	7,715,073
		Non-Agency Collateralized Mortgage Obligations — 4.9%
$	236,636	Agate Bay Mortgage Trust, Ser2013-1, Class B3, 144a, 3.604%, 7/25/43(A)(B)		222,949
	717,557	Agate Bay Mortgage Trust, Ser2015-4, Class B2, 144a, 3.573%, 6/25/45(A)(B)		708,554
	499,836	Agate Bay Mortgage Trust, Ser2015-7, Class B1, 144a, 3.752%, 10/25/45(A)(B)		477,571
	658,744	CSMC Trust, Ser 2013-IVR3, Class B2, 144a, 3.442%, 5/25/43(A)(B)		621,197
	497,890	CSMC Trust, Ser2015-1, Class B3, 144a, 3.938%, 1/25/45(A)(B)		459,736
	331,582	CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.867%, 12/25/44(A)(B)		309,629
	198,481	CSMC Trust, Ser 2018-RPL9, Class A, 144a, 3.850%, 9/25/57(A)(B)		199,985
	1,982	DeutscheALT-A Securities, Inc. Alternate Loan Trust, Ser2003-2XS, Class A6, 5.470%, 9/25/33(A)(B)		1,994
	377,781	EverBank Mortgage Loan Trust, Ser2013-1, Class B1, 144a, 3.510%, 3/25/43(A)(B)		363,516
	535,178	JP Morgan Mortgage Trust, Ser2017-1, Class B2, 144a, 3.529%, 1/25/47(A)(B)		491,146
	91,688	Residential Asset Securitization Trust, Ser2006-A1, Class 1A3, 6.000%, 4/25/36		58,849
	225,280	Sequoia Mortgage Trust, Ser2013-1, Class B1, 3.651%, 2/25/43(A)(B)		215,448
	220,928	Sequoia Mortgage Trust, Ser2013-10, Class B2, 144a, 3.557%, 8/25/43(A)(B)		209,375
	307,924	Sequoia Mortgage Trust, Ser2013-5, Class B1, 144a, 3.506%, 5/25/43(A)(B)		292,462
	39,815	Washington Mutual Alternative Mortgage Pass-Through Certificates, Ser2005-9, Class 2A4, 5.500%, 11/25/35		36,272
		TotalNon-Agency Collateralized Mortgage Obligations	$	4,668,683
Shares
		Exchange-Traded Fund — 4.7%
	45,431	iShares JP Morgan USD Emerging Markets Bond ETF	$	4,392,269

7

Touchstone Bond Fund (Unaudited) (Continued)

Principal Amount			Market Value
		Commercial Mortgage-Backed Securities — 3.4%
$	675,000	BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60	$	748,424
	750,000	BHMS, Ser 2018-ATLS, Class A, 144a, (1M LIBOR +1.250%), 1.955%, 7/15/35(B)		627,439
	360,000	DBUBS Mortgage Trust, Ser 2017-BRBK, Class B, 144a, 3.530%, 10/10/34(A)(B)		341,735
	375,000	GS Mortgage Securities Corp. II, Ser2017-SLP, Class B, 144a, 3.772%, 10/10/32		346,917
	250,000	GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.541%, 1/10/43(A)(B)		220,591
	350,000	JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (1M LIBOR +1.020%), 2.679%, 11/15/35(B)		297,375
	675,000	SG Commercial Mortgage Securities Trust, Ser 2019-787E, Class A, 144a, 4.163%, 2/15/41		666,014
		Total Commercial Mortgage-Backed Securities	$	3,248,495
		Agency Collateralized Mortgage Obligations — 1.8%
	953,046	FHLMC REMIC, Ser 3859, Class JB, 5.000%, 5/15/41		1,111,073
	67,505	FNMA REMIC, Ser2015-51, Class KC, 3.000%, 6/25/45		71,911
	444,800	FNMA REMIC, Ser2017-90, Class KA, 3.000%, 11/25/47		473,389
		Total Agency Collateralized Mortgage Obligations	$	1,656,373
		Municipal Bond — 0.4%
		NewYork — 0.4%
	320,000	NY Housing Development Corp., Ref 8 Spruce Street Class B, 3.864%, 2/15/48	$	332,150
Shares
		Short-Term Investment Fund — 5.9%
	5,609,262	Dreyfus Government Cash Management, Institutional Shares, 0.29%¥W	$	5,609,262
		Total Investment Securities —95.8% (Cost $91,092,404)	$	90,485,076
		Other Assets in Excess of Liabilities — 4.2%		3,953,150
		Net Assets — 100.0%	$	94,438,226

^(A)  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.

^(B)  Variable rate security - Rate reflected is the rate in effect as of March 31, 2020.

¥  Open-End Fund.

W  Represents the7-day SEC yield as of March 31, 2020.

Portfolio Abbreviations

CLO - Collateralized Loan Obligation

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

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities were valued at $27,474,314 or 29.1% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Other Information:

The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.

Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Assets:
Corporate Bonds	$	—	$	39,045,736	$	—	$	39,045,736
U.S. Treasury Obligations		—		13,290,426		—		13,290,426
Asset-Backed Securities		—		10,526,609		—		10,526,609
U.S. Government Mortgage-Backed Obligations		—		7,715,073		—		7,715,073
Non-Agency Collateralized Mortgage Obligations		—		4,668,683		—		4,668,683
Exchange-Traded Fund		4,392,269		—		—		4,392,269
Commercial Mortgage-Backed Securities		—		3,248,495		—		3,248,495
Agency Collateralized Mortgage Obligations		—		1,656,373		—		1,656,373
Municipal Bond		—		332,150		—		332,150
Short-Term Investment Fund		5,609,262		—		—		5,609,262
Total Assets	$	10,001,531	$	80,483,545	$	—	$	90,485,076

See accompanying Notes to Portfolios of Investments.

8

Portfolio of Investments

Touchstone Common Stock Fund – March 31, 2020 (Unaudited)

	Shares		Market Value
Common Stocks — 100.0%
Information Technology — 24.3%
Apple, Inc.		36,489	$	9,278,788
Avnet, Inc.		62,054		1,557,555
International Business Machines Corp.		22,843		2,533,974
Microsoft Corp.		81,627		12,873,394
Oracle Corp.		95,850		4,632,430
salesforce.com, Inc.*		45,597		6,565,056
Texas Instruments, Inc.		23,314		2,329,768
Workday, Inc. - Class A*		13,898		1,809,796
				41,580,761
Communication Services — 21.7%
Alphabet, Inc. - Class C*		9,023		10,492,035
AT&T, Inc.		94,964		2,768,201
Baidu, Inc. (China) ADR*		9,353		942,689
Charter Communications, Inc. - Class A*		6,410		2,796,747
Comcast Corp. - Class A		134,365		4,619,469
Facebook, Inc. - Class A*		49,473		8,252,096
Fox Corp. - Class A		67,213		1,588,243
Netflix, Inc.*		7,955		2,987,102
Walt Disney Co. (The)		27,958		2,700,743
				37,147,325
Financials — 16.3%
Bank of America Corp.		197,849		4,200,334
Berkshire Hathaway, Inc. - Class B*		87,010		15,908,038
Brookfield Asset Management, Inc. (Canada) - Class A		34,386		1,521,580
Goldman Sachs Group, Inc. (The)		23,820		3,682,334
Signature Bank/NewYork NY		32,789		2,635,908
				27,948,194
Health Care — 11.0%
AmerisourceBergen Corp.		23,296		2,061,696
Bristol-Myers Squibb Co.		78,717		4,387,686
Johnson & Johnson		43,542		5,709,662
Novartis AG (Switzerland) ADR		30,566		2,520,167
UnitedHealth Group, Inc.		16,842		4,200,058
				18,879,269
Consumer Discretionary — 10.9%
Alibaba Group Holding Ltd. (China) ADR*		16,143		3,139,491
Amazon.com, Inc.*		4,783		9,325,511
JD.com, Inc. (China) ADR*		53,709		2,175,214
Starbucks Corp.		21,885		1,438,720
Trip.com Group Ltd. (China) ADR*		48,731		1,142,742
Yum China Holdings, Inc. (China)		33,561		1,430,705
				18,652,383
Industrials — 8.6%
Deere & Co.		21,696		2,997,519
FedEx Corp.		11,492		1,393,520
General Electric Co.		103,640		822,902
Hubbell, Inc.		22,844		2,621,121
Parker-Hannifin Corp.		7,992		1,036,802
Union Pacific Corp.		19,390		2,734,766
United Technologies Corp.*		32,326		3,049,312
				14,655,942
Consumer Staples — 2.9%
Monster Beverage Corp.*		48,551		2,731,479
Philip Morris International, Inc.		29,908		2,182,088
				4,913,567

	Shares		Market Value
Real Estate — 1.9%
Jones Lang LaSalle, Inc.		32,714	$	3,303,460
Energy — 1.6%
Exxon Mobil Corp.		50,133		1,903,550
Schlumberger Ltd.		67,838		915,135
				2,818,685
Materials — 0.8%
DuPont de Nemours, Inc.		39,628		1,351,315
Total Common Stocks			$	171,250,901
Short-Term Investment Fund — 0.0%
Dreyfus Government Cash Management, Institutional Shares, 0.29%¥W		104,480	$	104,480
Total Investment Securities — 100.0% (Cost $148,987,818)			$	171,355,381
Liabilities in Excess of Other Assets — 0.0%				(57,309	)
Net Assets — 100.0%			$	171,298,072

* Non-income producing security.

¥  Open-End Fund.

W  Represents the7-day SEC yield as of March 31, 2020.

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	$	171,250,901	$	—	$	—	$	171,250,901
Short-Term Investment Fund		104,480		—		—		104,480
Total	$	171,355,381	$	—	$	—	$	171,355,381

See accompanying Notes to Portfolios of Investments.

9

Portfolio of Investments

Touchstone Small Company Fund – March 31, 2020 (Unaudited)

	Shares		Market Value
Common Stocks — 94.1%
Health Care — 23.2%
Addus HomeCare Corp.*		7,400	$	500,240
Allscripts Healthcare Solutions, Inc.*		74,437		524,036
Bio-Rad Laboratories, Inc. - Class A*		1,596		559,494
Bio-Techne Corp.		2,836		537,762
Chemed Corp.		2,310		1,000,692
Encompass Health Corp.		8,683		555,973
Globus Medical, Inc. - Class A*		22,168		942,805
Haemonetics Corp.*		5,540		552,116
HMS Holdings Corp.*		32,400		818,748
Integra LifeSciences Holdings Corp.*		12,292		549,084
NuVasive, Inc.*		10,297		521,646
Omnicell, Inc.*		7,731		506,999
Premier, Inc. - Class A*		36,518		1,194,869
Providence Service Corp. (The)*		9,331		512,085
Tactile Systems Technology, Inc.*		13,300		534,128
Vericel Corp.*		45,800		419,986
				10,230,663
Information Technology — 22.2%
8x8, Inc.*		28,200		390,852
Aspen Technology, Inc.*		5,358		509,385
Avaya Holdings Corp.*†		51,305		415,057
Cerence, Inc.*		29,299		451,205
Envestnet, Inc.*		8,200		440,996
ExlService Holdings, Inc.*		9,187		478,000
j2 Global, Inc.		15,585		1,166,537
KBR, Inc.		25,570		528,788
MAXIMUS, Inc.		8,987		523,043
Nice Ltd. (Israel) ADR*		3,268		469,154
Nuance Communications, Inc.*		30,998		520,146
Onto Innovation, Inc.*		37,908		1,124,730
Qualys, Inc.*		12,628		1,098,510
SPS Commerce, Inc.*		11,700		544,167
Verint Systems, Inc.*		26,100		1,122,300
				9,782,870
Industrials — 18.4%
ASGN, Inc.*		15,117		533,933
Clean Harbors, Inc.*		10,300		528,802
Comfort Systems USA, Inc.		14,056		513,747
Crane Co.		10,882		535,177
Curtiss-Wright Corp.		9,700		896,377
ITT, Inc.		19,448		882,161
John Bean Technologies Corp.		5,900		438,193
Quanta Services, Inc.		35,133		1,114,770
RBC Bearings, Inc.*		4,200		473,718
Rexnord Corp.		38,780		879,143
SkyWest, Inc.		17,100		447,849
WattsWater Technologies, Inc. - Class A		6,105		516,788
Woodward, Inc.		6,461		384,042
				8,144,700
Consumer Discretionary — 14.0%
1-800-Flowers.com, Inc. - Class A*		32,100		424,683
Aritzia, Inc. (Canada)*		27,800		243,173
Bloomin’ Brands, Inc.		58,872		420,346
Designer Brands, Inc. - Class A		42,843		213,358
Fox Factory Holding Corp.*		10,700		449,400
frontdoor, Inc.*		40,696		1,415,407
Oxford Industries, Inc.		12,500		453,250
Steven Madden Ltd.		21,264		493,963
Strategic Education, Inc.		8,000		1,118,080

	Shares		Market Value
Consumer Discretionary — (Continued)
Texas Roadhouse, Inc.		10,178	$	420,351
TopBuild Corp.*		7,300		522,972
				6,174,983
Financials — 9.4%
Evercore, Inc. - Class A		18,700		861,322
Glacier Bancorp, Inc.		15,092		513,204
TCF Financial Corp.		37,500		849,750
Webster Financial Corp.		21,473		491,732
Western Alliance Bancorp		30,277		926,779
WSFS Financial Corp.		20,600		513,352
				4,156,139
Communication Services — 3.4%
Cargurus, Inc.*		25,400		481,076
Cogent Communications Holdings, Inc.		5,961		488,623
QuinStreet, Inc.*		67,680		544,824
				1,514,523
Real Estate — 2.4%
Corporate Office Properties Trust REIT		48,845		1,080,940
Energy — 1.1%
Cactus, Inc. - Class A		40,484		469,614
Total Common Stocks			$	41,554,432
Short-Term Investment Funds — 8.5%
Dreyfus Government Cash Management, Institutional Shares, 0.29%¥W		3,288,704	$	3,288,704
Invesco Government & Agency Portfolio, Institutional Class, 0.43%**¥W		449,500		449,500
Total Short-Term Investment Funds			$	3,738,204
Total Investment Securities — 102.6% (Cost $48,294,772)			$	45,292,636
Liabilities in Excess of Other Assets — (2.6%)				(1,147,605	)
Net Assets — 100.0%			$	44,145,031

* 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 March 31, 2020 was $410,899.

¥  Open-End Fund.

W  Represents the7-day SEC yield as of March 31, 2020.

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	$	41,554,432	$	—	$	—	$	41,554,432
Short-Term Investment Funds		3,738,204		—		—		3,738,204
Total	$	45,292,636	$	—	$	—	$	45,292,636

See accompanying Notes to Portfolios of Investments.

10

Portfolio of Investments

Touchstone Aggressive ETF Fund – March 31, 2020 (Unaudited)

	Shares		Market Value
Exchange-Traded Funds — 97.2%
Equity Funds — 80.6%
iShares Core S&PSmall-Cap ETF		6,820	$	382,670
Vanguard Extended Market ETF†		17,940		1,624,288
Vanguard FTSE Developed Markets ETF		98,445		3,282,156
Vanguard FTSE Emerging Markets ETF		29,380		985,699
Vanguard S&P 500 ETF		21,615		5,118,864
Vanguard Value ETF†		10,800		961,848
				12,355,525
Fixed Income Funds — 16.6%
iShares Core Total USD Bond Market ETF		14,430		757,575
iShares Core US Aggregate Bond ETF		9,070		1,046,406
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		5,410		154,023
Vanguard Intermediate-Term Corporate Bond ETF		5,295		461,142
Vanguard Total International Bond ETF		2,320		130,523
				2,549,669
Total Exchange-Traded Funds			$	14,905,194
Short-Term Investment Funds — 14.5%
Dreyfus Government Cash Management, Institutional Shares, 0.29%¥W		490,811		490,811
Invesco Government & Agency Portfolio, Institutional Class, 0.43%**¥W		1,735,200		1,735,200
Total Short-Term Investment Funds			$	2,226,011
Total Investment Securities — 111.7% (Cost $17,482,324)			$	17,131,205
Liabilities in Excess of Other Assets — (11.7%)				(1,790,709	)
Net Assets — 100.0%			$	15,340,496

** 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 March 31, 2020 was $ 1,676,348.

¥  Open-End Fund.

W  Represents the7-day SEC yield as of March 31, 2020.

Portfolio Abbreviations:

ETF - Exchange-Traded Fund

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
Exchange-Traded Funds	$	14,905,194	$	—	$	—	$	14,905,194
Short-Term Investment Funds		2,226,011		—		—		2,226,011
Total	$	17,131,205	$	—	$	—	$	17,131,205

See accompanying Notes to Portfolios of Investments.

11

Portfolio of Investments

Touchstone Conservative ETF Fund – March 31, 2020 (Unaudited)

	Shares		Market Value
Exchange-Traded Funds — 98.7%
Fixed Income Funds — 57.7%
iShares Core Total USD Bond Market ETF		49,645	$	2,606,362
iShares Core US Aggregate Bond ETF		26,305		3,034,808
iShares iBoxx $ High Yield Corporate Bond ETF†		4,865		374,946
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		8,610		245,127
Vanguard Intermediate-Term Corporate Bond ETF		8,430		734,169
Vanguard Total International Bond ETF		4,190		235,729
				7,231,141
Equity Funds — 41.0%
iShares Core S&PSmall-Cap ETF		3,345		187,688
Vanguard Extended Market ETF		7,530		681,766
Vanguard FTSE Developed Markets ETF		38,245		1,275,088
Vanguard FTSE Emerging Markets ETF		9,395		315,202
Vanguard S&P 500 ETF		9,495		2,248,606
Vanguard Value ETF		4,920		438,175
				5,146,525
Total Exchange-Traded Funds			$	12,377,666
Short-Term Investment Funds — 4.7%
Dreyfus Government Cash Management, Institutional Shares, 0.29%¥W		209,361		209,361
Invesco Government & Agency Portfolio, Institutional Class, 0.43%**¥W		380,400		380,400
Total Short-Term Investment Funds			$	589,761
Total Investment Securities — 103.4% (Cost $12,483,552)			$	12,967,427
Liabilities in Excess of Other Assets — (3.4%)				(427,074	)
Net Assets — 100.0%			$	12,540,353

** 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 March 31, 2020 was $369,936.

¥  Open-End Fund.

W  Represents the7-day SEC yield as of March 31, 2020.

Portfolio Abbreviations:

ETF - Exchange-Traded Fund

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
Exchange-Traded Funds	$	12,377,666	$	—	$	—	$	12,377,666
Short-Term Investment Funds		589,761		—		—		589,761
Total	$	12,967,427	$	—	$	—	$	12,967,427

See accompanying Notes to Portfolios of Investments.

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Portfolio of Investments

Touchstone Moderate ETF Fund – March 31, 2020 (Unaudited)

	Shares		Market Value
Exchange-Traded Funds — 98.1%
Equity Funds — 61.3%
iShares Core S&PSmall-Cap ETF		5,560	$	311,972
Vanguard Extended Market ETF†		13,820		1,251,263
Vanguard FTSE Developed Markets ETF		71,005		2,367,307
Vanguard FTSE Emerging Markets ETF		20,660		693,143
Vanguard S&P 500 ETF		17,100		4,049,622
Vanguard Value ETF		8,505		757,455
				9,430,762
Fixed Income Funds — 36.8%
iShares Core Total USD Bond Market ETF		35,235		1,849,838
iShares Core US Aggregate Bond ETF		19,895		2,295,286
iShares iBoxx $ High Yield Corporate Bond ETF†		4,065		313,290
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		8,090		230,322
Vanguard Intermediate-Term Corporate Bond ETF		8,705		758,118
Vanguard Total International Bond ETF		3,640		204,786
				5,651,640
Total Exchange-Traded Funds			$	15,082,402
Short-Term Investment Funds — 12.6%
Dreyfus Government Cash Management, Institutional Shares, 0.29%¥W		343,700		343,700
Invesco Government & Agency Portfolio, Institutional Class, 0.43%**¥W		1,588,600		1,588,600
Total Short-Term Investment Funds			$	1,932,300
Total Investment Securities — 110.7% (Cost $17,277,110)			$	17,014,702
Liabilities in Excess of Other Assets — (10.7%)				(1,640,590	)
Net Assets — 100.0%			$	15,374,112

** 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 March 31, 2020 was $1,539,624.

¥  Open-End Fund.

W  Represents the7-day SEC yield as of March 31, 2020.

Portfolio Abbreviations:

ETF - Exchange-Traded Fund

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
Exchange-Traded Funds	$	15,082,402	$	—	$	—	$	15,082,402
Short-Term Investment Funds		1,932,300		—		—		1,932,300
Total	$	17,014,702	$	—	$	—	$	17,014,702

See accompanying Notes to Portfolios of Investments.

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Notes to Portfolios of Investments

March 31, 2020 (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, 2020, for each Fund’s investments, is included in each Fund’s Portfolio of Investments, which also includes a breakdown of the Funds’ investments by portfolio or sector allocation. The Funds did not hold or transfer any Level 3 categorized securities during the period ended March 31, 2020.

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The Funds’ portfolio securities are valued as of the close of the regular session of trading on the New York Stock Exchange (“NYSE”) (currently 4:00 p.m., Eastern Time or at the time as of which the NYSE establishes official closing prices). Portfolio securities traded on stock exchanges are valued at the last reported sale price, official close price, or last bid price if no sales are reported. Portfolio securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) or from the primary exchange on which the security trades. To the extent these securities are actively traded, they are categorized in Level 1 of the fair value hierarchy. Options and futures are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long option positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price on the valuation date and are categorized in Level 1. Shares of mutual funds in which the Funds invest are valued at their respective net asset value (“NAV”) as reported by the underlying funds and are categorized in Level 1.

Debt securities held by the Funds are valued at their evaluated bid by an independent pricing service or at their last broker-quoted bid prices as obtained from one or more of the major market makers for such securities. Independent pricing services use information provided by market makers or estimates of market values through accepted market modeling conventions. Observable inputs to the models may include prepayment speeds, pricing spread, yield, trade information, dealer quotes, market color, cash flow models, the securities’ terms and conditions, among others, and are generally categorized in Level 2. Investments in 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 anon-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 thenon-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 thenon-U.S. exchange and may affect the calculation of that Fund’s NAV. The Funds may use fair value pricing under the following circumstances, among others:

• If the value of a security has been materially affected by events occurring before the Funds’ pricing time but after the close of the primary markets on which the security is traded.

• If the exchange on which a portfolio security is principally traded closes early or if trading in a particular portfolio security was halted during the day and did not resume prior to the Funds’ NAV calculation.

• If a security is so thinly traded that reliable market quotations are unavailable due to infrequent trading.

• If the validity of market quotations is not reliable.

Securities held by the Funds that do not have readily available market quotations, significant observable inputs, or securities for which the available market quotations are not reliable, are priced at their estimated fair value using procedures approved by the Funds’ Board of Trustees and are generally categorized in Level 3.

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Notes to Portfolios of Investments (Unaudited) (Continued)

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.

15