NPORT-EX 2 tstmarchpartf063021.htm PART F
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