NPORT-EX 2 tstmarchpartf123123.htm PART F
Portfolio of Investments
Touchstone Flexible Income Fund – December 31, 2023 (Unaudited)
Principal
Amount 		      Market
Value
  Corporate Bonds — 32.7%  
  Financials — 16.9%  
$  7,712,000 Ally Financial, Inc., Ser B, 4.700%(A) $    5,779,692
  18,935,000 Ally Financial, Inc., Ser C, 4.700%(A)    12,849,840
   5,108,000 American Express Co., 3.550%(A)     4,379,088
   3,771,000 Arch Capital Group Ltd., 3.635%, 6/30/50     2,890,263
   5,259,000 Athene Holding Ltd., 3.950%, 5/25/51     3,965,471
   3,410,000 Bank of America Corp., 6.250%(A)     3,382,193
   9,957,000 Bank of America Corp., MTN, 0.981%, 9/25/25     9,610,540
   3,811,000 Bank of New York Mellon Corp. (The), Ser G, 4.700%(A)     3,714,777
   1,711,000 Barclays PLC (United Kingdom), 3.330%, 11/24/42     1,268,537
   8,651,000 Brookfield Finance, Inc. (Canada), 6.350%, 1/5/34     9,219,516
  23,008,000 Charles Schwab Corp. (The), Ser G, 5.375%(A)    22,698,725
   4,126,000 Citigroup, Inc., 5.000%(A)     4,013,099
   7,004,000 Citigroup, Inc., Ser W, 4.000%(A)     6,463,326
   7,902,000 Citizens Financial Group, Inc., Ser F, 5.650%(A)     7,491,331
   2,140,000 Goldman Sachs Group, Inc. (The), 3.210%, 4/22/42     1,644,210
  28,938,000 JPMorgan Chase & Co., 3.220%, 3/1/25    28,819,769
   8,988,000 Lincoln National Corp., Ser C, 9.250%(A)†     9,815,238
   4,923,000 Morgan Stanley, 2.484%, 9/16/36     3,911,273
  12,359,000 Morgan Stanley, 3.620%, 4/17/25    12,284,843
   4,983,000 Nasdaq, Inc., 3.250%, 4/28/50     3,525,102
   9,582,000 Regions Financial Corp., Ser D, 5.750%(A)     9,304,646
   1,763,000 UBS Group AG (Switzerland), 144a, 9.250%(A)     1,902,249
  22,999,000 Wells Fargo & Co., MTN, 2.406%, 10/30/25    22,374,699
  3,706,000 Wells Fargo & Co., Ser S, 5.900%(A)     3,664,396
          194,972,823
  Utilities — 4.7%  
   2,625,000 American Electric Power Co., Inc., 3.250%, 3/1/50     1,875,537
   2,087,000 Berkshire Hathaway Energy Co., 2.850%, 5/15/51     1,416,210
   4,935,000 Duke Energy Corp., 3.300%, 6/15/41     3,789,893
  16,342,000 Edison International, Ser A, 5.375%(A)    15,456,244
   2,123,000 NextEra Energy Capital Holdings, Inc., 4.255%, 9/1/24     2,102,198
   4,804,000 Pacific Gas and Electric Co., 3.500%, 8/1/50     3,328,316
 26,815,000 Sempra Energy, 4.875%(A)    26,236,927
           54,205,325
  Energy — 4.4%  
   2,184,000 BP Capital Markets America, Inc., 3.001%, 3/17/52     1,538,391
  27,956,000 BP Capital Markets PLC (United Kingdom), 4.875%(A)    26,572,192
   4,255,000 Enbridge, Inc. (Canada), 2.150%, 2/16/24     4,235,718
   1,808,000 Enbridge, Inc. (Canada), 8.500%, 1/15/84     1,923,180
   6,595,000 Energy Transfer LP, (TSFR3M + 3.279%), 8.656%, 11/1/66(B)     5,503,780
   3,749,000 Energy Transfer LP, Ser G, 7.125%(A)     3,454,623
   3,804,000 Kinder Morgan, Inc., 3.250%, 8/1/50     2,558,945
   2,625,000 Valero Energy Corp., 3.650%, 12/1/51     1,912,922
  4,651,000 Williams Cos., Inc. (The), 3.500%, 10/15/51     3,407,711
           51,107,462
  Consumer Discretionary — 1.9%  
  14,741,000 NCL Corp. Ltd., 144a, 8.375%, 2/1/28    15,620,625
   3,777,000 Starbucks Corp., 3.500%, 11/15/50     2,943,757
  3,316,000 Warnermedia Holdings, Inc., 3.428%, 3/15/24     3,298,462
           21,862,844
  Industrials — 1.6%  
   5,227,000 3M Co., MTN, 3.125%, 9/19/46     3,826,032
   7,050,000 Boeing Co. (The), 3.750%, 2/1/50     5,494,039
   5,623,000 Neptune Bidco US, Inc., 144a, 9.290%, 4/15/29     5,242,097
  5,076,000 RTX Corp., 3.030%, 3/15/52     3,516,938
           18,079,106
Principal
Amount 		      Market
Value
     
  Information Technology — 1.0%  
$  5,648,000 Micron Technology, Inc., 3.477%, 11/1/51 $    4,111,281
   5,629,000 Oracle Corp., 3.600%, 4/1/40     4,505,993
  3,853,000 Oracle Corp., 3.850%, 4/1/60     2,806,495
           11,423,769
  Communication Services — 0.7%  
   2,894,000 Alibaba Group Holding Ltd. (Cayman Islands), 3.150%, 2/9/51     1,904,602
   4,520,000 Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 6/1/41     3,204,270
  5,122,000 Verizon Communications, Inc., 2.875%, 11/20/50     3,490,799
            8,599,671
  Real Estate — 0.5%  
   2,107,000 American Tower Corp. REIT, 2.950%, 1/15/51     1,410,004
  5,270,000 Simon Property Group LP REIT, 3.250%, 9/13/49     3,821,077
            5,231,081
  Materials — 0.4%  
  5,878,000 LYB International Finance III LLC, 3.625%, 4/1/51     4,289,514
  Health Care — 0.3%  
  5,521,000 Biogen, Inc., 3.150%, 5/1/50     3,892,541
  Consumer Staples — 0.3%  
  4,651,000 Macy's Retail Holdings LLC, 4.300%, 2/15/43     3,395,345
  Total Corporate Bonds   $377,059,481
  Agency Collateralized Mortgage Obligations — 17.3%
  47,011,406 FHLMC Multifamily Structured Pass Through Certificates, Ser K109, Class X1, 1.579%, 4/25/30(B)(C)(D)         3,670,321
  34,368,268 FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class X1, 1.696%, 4/25/30(B)(C)(D)         2,791,459
   7,005,157 FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class X3, 3.404%, 6/25/48(B)(C)(D)         1,177,184
  28,800,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class XAM, 1.868%, 4/25/30(B)(C)(D)         2,775,266
  34,554,301 FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class X1, 1.570%, 5/25/30(B)(C)(D)         2,695,429
  19,436,545 FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class X3, 3.178%, 4/25/48(B)(C)(D)         3,120,063
  35,663,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class XAM, 1.798%, 5/25/30(B)(C)(D)         3,371,880
  66,586,604 FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class X1, 1.433%, 5/25/30(B)(C)(D)         4,869,252
  15,300,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class X3, 3.004%, 7/25/48(B)(C)(D)         2,322,554
  10,630,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class XAM, 1.665%, 5/25/30(B)(C)(D)           948,067
  10,743,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K113, Class XAM, 1.585%, 6/25/30(B)(C)(D)           919,063
 19,500,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K114, Class X3, 2.735%, 8/25/48(B)(C)(D)          2,680,363
 
1
Touchstone Flexible Income Fund (Unaudited) (Continued)
Principal
Amount 		      Market
Value
  Agency Collateralized Mortgage Obligations — 17.3%
(Continued)
$ 21,702,896 FHLMC Multifamily Structured Pass Through Certificates, Ser K115, Class X3, 2.958%, 9/25/48(B)(C)(D)     $    3,257,559
  26,000,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K116, Class X3, 3.021%, 9/25/47(B)(C)(D)         4,042,784
  39,700,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K117, Class XAM, 1.432%, 9/25/30(B)(C)(D)         3,127,070
  24,368,853 FHLMC Multifamily Structured Pass Through Certificates, Ser K118, Class X3, 2.693%, 10/25/48(B)(C)(D)         3,404,560
   4,900,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K119, Class X3, 2.728%, 9/25/48(B)(C)(D)           699,686
  11,576,808 FHLMC Multifamily Structured Pass Through Certificates, Ser K120, Class X3, 2.741%, 11/25/48(B)(C)(D)         1,668,506
  16,073,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K121, Class X3, 2.772%, 11/25/48(B)(C)(D)         2,394,589
   9,700,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K122, Class X3, 2.631%, 1/25/49(B)(C)(D)         1,351,185
   7,569,056 FHLMC Multifamily Structured Pass Through Certificates, Ser K123, Class X3, 2.627%, 2/25/49(B)(C)(D)         1,064,617
   9,255,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K124, Class X3, 2.620%, 2/25/49(B)(C)(D)         1,308,987
  16,150,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K125, Class X3, 2.653%, 2/25/49(B)(C)(D)         2,368,236
  38,058,448 FHLMC Multifamily Structured Pass Through Certificates, Ser K127, Class X3, 2.652%, 3/25/49(B)(C)(D)         5,518,368
  18,230,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K128, Class X3, 2.781%, 4/25/31(B)(C)(D)         2,790,005
  10,595,456 FHLMC Multifamily Structured Pass Through Certificates, Ser K130, Class X3, 3.097%, 8/25/48(B)(C)(D)         1,888,180
  41,864,611 FHLMC Multifamily Structured Pass Through Certificates, Ser K130, Class XAM, 1.215%, 7/25/31(B)(C)(D)         3,158,149
  10,451,281 FHLMC Multifamily Structured Pass Through Certificates, Ser K131, Class X3, 2.947%, 9/25/31(B)(C)(D)         1,767,901
  29,501,666 FHLMC Multifamily Structured Pass Through Certificates, Ser K132, Class X3, 2.888%, 8/25/31(B)(C)(D)         4,932,068
   9,413,138 FHLMC Multifamily Structured Pass Through Certificates, Ser K134, Class X3, 2.660%, 10/25/49(B)(C)(D)         1,471,282
219,325,419 FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class X1, 0.397%, 12/25/31(B)(C)(D)         4,935,217
  21,000,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class X3, 2.826%, 12/25/31(B)(C)(D)         3,517,599
 96,839,687 FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class XAM, 0.568%, 12/25/31(B)(C)(D)          3,496,184
Principal
Amount 		      Market
Value
  Agency Collateralized Mortgage Obligations — 17.3%
(Continued)
$ 20,601,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K137, Class X3, 2.879%, 1/25/49(B)(C)(D)     $    3,512,098
  31,585,759 FHLMC Multifamily Structured Pass Through Certificates, Ser K139, Class X3, 3.036%, 2/25/49(B)(C)(D)         5,748,169
  97,300,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K139, Class XAM, 0.767%, 2/25/32(B)(C)(D)         4,959,576
  31,370,856 FHLMC Multifamily Structured Pass Through Certificates, Ser K140, Class X3, 2.945%, 3/25/49(B)(C)(D)         5,521,688
  10,400,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K143, Class X3, 3.140%, 4/25/50(B)(C)(D)         1,971,338
   5,835,659 FHLMC Multifamily Structured Pass Through Certificates, Ser K-1515, Class X3, 3.679%, 3/25/38(B)(C)(D)         1,588,351
  18,435,033 FHLMC Multifamily Structured Pass Through Certificates, Ser K-1516, Class X3, 3.457%, 10/25/38(B)(C)(D)         4,846,814
  34,214,898 FHLMC Multifamily Structured Pass Through Certificates, Ser K-1517, Class X1, 1.323%, 7/25/35(B)(C)(D)         3,539,028
  52,485,811 FHLMC Multifamily Structured Pass Through Certificates, Ser K-1517, Class X3, 3.284%, 8/25/38(B)(C)(D)        13,006,750
  11,201,391 FHLMC Multifamily Structured Pass Through Certificates, Ser K-1519, Class X3, 2.800%, 12/25/38(B)(C)(D)         2,419,796
  54,782,276 FHLMC Multifamily Structured Pass Through Certificates, Ser K-1520, Class X1, 0.471%, 2/25/36(B)(C)(D)         2,093,253
   5,000,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K-1520, Class X3, 3.093%, 4/25/39(B)(C)(D)         1,198,892
  53,776,858 FHLMC Multifamily Structured Pass Through Certificates, Ser K-1521, Class X1, 0.980%, 8/25/36(B)(C)(D)         4,386,955
  15,100,238 FHLMC Multifamily Structured Pass Through Certificates, Ser K739, Class X3, 2.805%, 11/25/48(B)(C)(D)         1,291,785
  16,196,664 FHLMC Multifamily Structured Pass Through Certificates, Ser K741, Class X3, 2.447%, 3/25/49(B)(C)(D)         1,283,931
  16,000,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K742, Class X3, 2.595%, 4/25/28(B)(C)(D)         1,451,709
   9,500,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K743, Class X3, 2.954%, 6/25/49(B)(C)(D)         1,004,524
  39,018,396 FHLMC Multifamily Structured Pass Through Certificates, Ser K744, Class X3, 2.967%, 8/25/49(B)(C)(D)         4,370,677
  47,774,075 FHLMC Multifamily Structured Pass Through Certificates, Ser K745, Class X3, 2.673%, 9/25/49(B)(C)(D)         4,985,889
146,903,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K745, Class XAM, 1.010%, 9/25/28(B)(C)(D)         5,913,007
155,000,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K746, Class XAM, 0.586%, 10/25/28(B)(C)(D)          3,742,800
 
2
Touchstone Flexible Income Fund (Unaudited) (Continued)
Principal
Amount 		      Market
Value
  Agency Collateralized Mortgage Obligations — 17.3%
(Continued)
$ 52,159,495 FHLMC Multifamily Structured Pass Through Certificates, Ser K747, Class X3, 2.549%, 12/25/49(B)(C)(D)     $    5,442,176
  19,560,000 FHLMC Multifamily Structured Pass Through Certificates, Ser K751, Class X3, 4.843%, 3/25/56(B)(C)(D)         4,800,621
  29,555,585 FRESB Mortgage Trust, Ser 2020-SB79, Class X1, 1.083%, 7/25/40(B)(C)(D)         1,049,938
  73,232,946 FRESB Mortgage Trust, Ser 2020-SB81, Class X1, 1.034%, 10/25/40(B)(C)(D)         2,487,306
  34,444,456 FRESB Mortgage Trust, Ser 2021-SB82, Class X1, 1.061%, 10/25/40(B)(C)(D)           969,904
  49,515,782 FRESB Mortgage Trust, Ser 2021-SB83, Class X1, 0.865%, 1/25/41(B)(C)(D)         1,433,150
  27,779,838 FRESB Mortgage Trust, Ser 2021-SB84, Class X1, 0.500%, 1/25/41(B)(C)(D)           573,923
  68,218,748 FRESB Mortgage Trust, Ser 2021-SB85, Class X1, 0.388%, 3/25/41(B)(C)(D)         1,330,736
  80,383,989 FRESB Mortgage Trust, Ser 2021-SB87, Class X1, 0.647%, 4/25/41(B)(C)(D)         2,277,785
  80,879,409 FRESB Mortgage Trust, Ser 2021-SB88, Class X1, 0.708%, 5/25/41(B)(C)(D)         2,592,209
126,067,673 FRESB Mortgage Trust, Ser 2022-SB94, Class X1, 0.051%, 11/25/41(B)(C)(D)         1,512,799
128,945,902 FRESB Multifamily Structured Pass Through Certificates, Ser 2021-SB86, Class X1, 0.295%, 3/25/41(B)(C)(D)         2,492,228
  61,051,219 FRESB Multifamily Structured Pass Through Certificates, Ser 2021-SB89, Class X1, 0.577%, 6/25/41(B)(C)(D)         1,501,469
   3,559,074 GNMA, Ser 2012-147, Class IO, 0.546%, 4/16/54(B)(C)(D)            37,533
   8,988,694 GNMA, Ser 2016-110, Class IO, 0.906%, 5/16/58(B)(C)(D)           343,398
  19,515,619 GNMA, Ser 2016-158, Class IO, 0.755%, 6/16/58(B)(C)(D)           644,394
  12,129,184 GNMA, Ser 2016-52, Class IO, 0.763%, 3/16/58(B)(C)(D)           398,787
  14,945,164 GNMA, Ser 2017-76, Class IO, 0.791%, 12/16/56(B)(C)(D)           617,446
 15,427,771 GNMA, Ser 2017-94, Class IO, 0.584%, 2/16/59(B)(C)(D)           473,012
  Total Agency Collateralized Mortgage Obligations   $199,319,477
  Asset-Backed Securities — 8.9%
     700,000 American Homes 4 Rent Trust, Ser 2014-SFR2, Class D, 144a, 5.149%, 10/17/36           692,809
   3,000,000 American Homes 4 Rent Trust, Ser 2014-SFR2, Class E, 144a, 6.231%, 10/17/36         2,987,325
   8,348,000 American Homes 4 Rent Trust, Ser 2015-SFR1, Class F, 144a, 5.885%, 4/17/52         8,296,752
     600,000 AMSR Trust, Ser 2020-SFR1, Class C, 144a, 2.419%, 4/17/37           571,895
     951,966 B2R Mortgage Trust, Ser 2015-1, Class C, 144a, 4.272%, 5/15/48           942,252
   1,600,000 B2R Mortgage Trust, Ser 2015-1, Class D, 144a, 4.831%, 5/15/48(B)(D)         1,574,730
   3,300,000 BA Credit Card Trust, Ser 2021-A1, Class A1, 0.440%, 9/15/26         3,251,873
     148,881 Carmax Auto Owner Trust, Ser 2021-1, Class A3, 0.340%, 12/15/25            146,146
Principal
Amount 		      Market
Value
  Asset-Backed Securities — 8.9% (Continued)
$  7,200,000 FirstKey Homes Trust, Ser 2020-SFR2, Class D, 144a, 1.968%, 10/19/37     $    6,674,070
     428,645 GLS Auto Receivables Issuer Trust, Ser 2021-2A, Class C, 144a, 1.080%, 6/15/26           421,479
   1,323,823 Home Partners of America Trust, Ser 2019-1, Class C, 144a, 3.256%, 9/17/39         1,195,588
   1,351,834 JPMorgan Chase Bank NA - CACLN, Ser 2021-1, Class B, 144a, 0.875%, 9/25/28         1,327,536
   3,277,562 JPMorgan Chase Bank NA - CACLN, Ser 2021-2, Class B, 144a, 0.889%, 12/26/28         3,203,994
     152,321 Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40           151,694
     750,000 Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-1A, Class B, 144a, (TSFR3M + 2.062%), 7.477%, 4/20/29(B)           750,098
   3,000,000 Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-1A, Class D, 144a, (TSFR3M + 6.262%), 11.677%, 4/20/29(B)         2,999,478
     250,000 Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-2A, Class B, 144a, (TSFR3M + 1.662%), 7.029%, 5/20/29(B)           247,876
     351,273 Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-3A, Class A1, 144a, (TSFR3M + 1.062%), 6.477%, 7/20/29(B)           350,614
   2,050,000 Progress Residential, Ser 2021-SFR1, Class B, 144a, 1.303%, 4/17/38         1,855,740
   1,776,000 Progress Residential, Ser 2021-SFR1, Class C, 144a, 1.555%, 4/17/38         1,610,642
   6,900,000 Progress Residential, Ser 2021-SFR1, Class D, 144a, 1.805%, 4/17/38         6,266,029
     975,000 Progress Residential, Ser 2021-SFR3, Class B, 144a, 1.888%, 5/17/26           887,790
   5,330,000 Progress Residential, Ser 2021-SFR4, Class B, 144a, 1.808%, 5/17/38         4,849,473
     200,000 Progress Residential Trust, Ser 2019-SFR3, Class B, 144a, 2.571%, 9/17/36           194,826
   1,075,000 Progress Residential Trust, Ser 2019-SFR3, Class D, 144a, 2.871%, 9/17/36         1,047,493
   3,300,000 Progress Residential Trust, Ser 2019-SFR3, Class E, 144a, 3.369%, 9/17/36         3,222,986
   1,420,000 Progress Residential Trust, Ser 2019-SFR4, Class D, 144a, 3.136%, 10/17/36         1,383,037
   4,200,000 Progress Residential Trust, Ser 2019-SFR4, Class E, 144a, 3.435%, 10/17/36         4,095,184
     250,000 Progress Residential Trust, Ser 2020-SFR1, Class D, 144a, 2.383%, 4/17/37           237,619
     750,000 Progress Residential Trust, Ser 2020-SFR2, Class C, 144a, 3.077%, 6/17/37           718,306
   2,500,000 Progress Residential Trust, Ser 2020-SFR2, Class D, 144a, 3.874%, 6/17/37         2,415,336
   2,200,000 Progress Residential Trust, Ser 2020-SFR3, Class C, 144a, 1.695%, 10/17/27         2,034,498
   3,950,000 Progress Residential Trust, Ser 2021-SFR5, Class D, 144a, 2.109%, 7/17/38         3,556,104
  10,557,318 Redwood Funding Trust, Ser 2023-1, Class A, 144a, 7.500%, 7/25/59(B)(D)        10,369,271
  16,350,000 Tricon American Homes Trust, Ser 2018-SFR1, Class C, 144a, 4.044%, 5/17/37        15,936,901
   2,700,000 Tricon American Homes Trust, Ser 2018-SFR1, Class E, 144a, 4.564%, 5/17/37         2,626,368
  3,750,000 US Bank NA, Ser 2023-1, Class B, 144a, 6.789%, 8/25/32         3,759,465
  Total Asset-Backed Securities   $102,853,277
 
3
Touchstone Flexible Income Fund (Unaudited) (Continued)
Shares       MarketValue
  Investment Funds — 6.3%  
    124,136 Allspring Income Opportunities± $      809,367
    471,630 BlackRock Corporate High Yield Fund, Inc.±†     4,447,471
     46,957 BlackRock Ltd. Duration Income Trust±†       656,459
    286,654 BlackRock MuniHoldings Fund, Inc.±†     3,414,049
    391,899 BlackRock MuniVest Fund, Inc.±     2,790,321
    463,976 BlackRock MuniYield Quality Fund III, Inc.±†     5,400,681
    493,939 Eaton Vance Municipal Bond Fund±†     5,003,602
     54,239 First Trust High Income Long/Short Fund±       655,749
    881,778 Invesco Municipal Opportunity Trust±†     8,473,887
    454,626 Invesco Municipal Trust±†     4,332,586
    468,655 Invesco Trust for Investment Grade Municipals±     4,634,998
  1,154,774 Nuveen AMT-Free Quality Municipal Income Fund±    12,702,514
  1,250,376 Nuveen Quality Municipal Income Fund±    14,316,805
    838,978 Western Asset High Income Opportunity Fund, Inc.±†     3,238,455
    121,627 Western Asset High Yield Defined Opportunity Fund, Inc.±     1,470,470
  Total Investment Funds    $72,347,414
  Preferred Stocks — 5.3%  
  Financials — 4.4%  
    647,712 AGNC Investment Corp. REIT, Ser F, 6.125%(A)    14,094,213
    146,575 Allstate Corp. (The), Ser J, 7.375%(A)     3,957,525
    401,079 Annaly Capital Management, Inc. REIT, Ser I, 6.750%(A)     9,742,209
    265,794 Lincoln National Corp., Ser D, 9.000%(A)     7,253,518
    130,237 Reinsurance Group of America, Inc., 7.125%, 10/15/52     3,396,581
    290,000 Rithm Capital Corp. REIT, Ser D, 7.000%(A)     6,327,800
     94,840 Stifel Financial Corp., 5.200%, 10/15/47     1,948,962
    192,309 Virtus Convertible & Income Fund, Ser A, 5.625%(A)†     4,134,663
           50,855,471
  Utilities — 0.7%  
    316,505 Brookfield Renewable Partners LP (Canada), Ser 17, 5.250%(A)     5,396,410
     86,225 Entergy Louisiana LLC, 4.875%, 9/1/66     1,833,144
            7,229,554
  Energy — 0.2%  
     87,656 Enbridge, Inc. (Canada), Ser 5, 5.375%(A)     1,905,641
     32,865 Enbridge, Inc. (Canada), Ser L, 5.858%(A)       625,750
            2,531,391
  Total Preferred Stocks    $60,616,416
Principal
Amount 		       
  Non-Agency Collateralized Mortgage Obligations — 3.2%
$     52,187 Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34(B)(D)            45,601
     677,365 Fannie Mae Connecticut Avenue Securities, Ser 2014-C01, Class M2, (SOFR30A + 4.514%), 9.852%, 1/25/24(B)           679,255
     403,497 Fannie Mae Connecticut Avenue Securities, Ser 2014-C04, Class 1M2, (SOFR30A + 5.014%), 10.352%, 11/25/24(B)           416,006
     597,468 Freddie Mac Structured Agency Credit Risk Debt Notes, Ser 2014-DN2, Class M3, (SOFR30A + 3.714%), 9.052%, 4/25/24(B)           603,453
  19,067,486 LSTAR Securities Investment Ltd., Ser 2023-1, Class A1, 144a, (SOFR + 3.500%), 8.830%, 1/1/28(B)        19,035,413
       4,487 Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (TSFR12M + 2.340%), 7.553%, 12/25/32(B)              4,264
Principal
Amount 		      MarketValue
  Non-Agency Collateralized Mortgage Obligations — 3.2%
(Continued)
$     75,447 Morgan Stanley Mortgage Loan Trust, Ser 2004-7AR, Class 2A6, 5.663%, 9/25/34(B)(D)     $       73,792
   1,637,828 New Residential Mortgage Loan Trust, Ser 2015-1A, Class B3, 144a, 5.235%, 5/28/52(B)(D)         1,581,101
       9,731 RALI Series Trust, Ser 2004-QS6, Class A1, 5.000%, 5/25/19             9,018
   1,622,148 Sequoia Mortgage Trust, Ser 2004-3, Class M1, (TSFR1M + 0.864%), 6.222%, 5/20/34(B)         1,613,895
     816,912 Towd Point Mortgage Trust, Ser 2015-5, Class M1, 144a, 3.500%, 5/25/55(B)(D)           813,504
 12,269,215 Western Mortgage Reference Notes Series, Ser 2021-CL2, Class M1, 144a, (SOFR30A + 3.150%), 8.487%, 7/25/59(B)        12,224,669
  Total Non-Agency Collateralized Mortgage Obligations    $37,099,971
Shares        
  Exchange-Traded Fund — 2.1%  
    581,388 iShares 0-5 Year High Yield Corporate Bond ETF    24,546,201
Principal
Amount 		       
  Commercial Mortgage-Backed Securities — 0.1%
$ 29,202,323 BANK, Ser 2020-BN26, Class XA, 1.209%, 3/15/63(B)(C)(D)     1,582,138
  Short-Term U.S. Treasury Obligations — 16.3%  
100,015,000 U.S. Treasury Bills, 5.280%, 1/11/24#        99,884,309
  30,307,000 U.S. Treasury Bills, 5.280%, 2/22/24#        30,081,705
 60,024,000 U.S. Treasury Bills, 5.310%, 6/6/24#        58,710,475
  Total Short-Term U.S. Treasury Obligations   $188,676,489
Shares        
  Short-Term Investment Funds — 6.4%  
 68,184,160 Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω    68,184,160
  5,538,342 Invesco Government & Agency Portfolio, Institutional Class, 5.28%∞Ω**     5,538,342
  Total Short-Term Investment Funds    $73,722,502
  Total Short-Term Securities   $262,398,991
  Total Investment Securities—98.6%
(Cost $1,179,877,762) 		$1,137,823,366
  Other Assets in Excess of Liabilities — 1.4%    16,287,771
  Net Assets — 100.0% $1,154,111,137
(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 December 31, 2023.
(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 December 31, 2023 was $5,413,957.
# Zero coupon bond - Rate shown reflects effective yield to maturity at time of purchase.
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2023.
 
4
Touchstone Flexible Income Fund (Unaudited) (Continued)
Portfolio Abbreviations:
ETF – Exchange-Traded Fund
FHLMC – Federal Home Loan Mortgage Corporation
FRESB – Freddie Mac Multifamily Securitization Small Balance Loan
GNMA – Government National Mortgage Association
IO – Interest Only
LLC – Limited Liability Company
LP – Limited Partnership
MTN – Medium Term Note
PLC – Public Limited Company
REIT – Real Estate Investment Trust
SOFR – Secured Overnight Financing Rate
SOFR30A – Secured Overnight Financing Rate 30 Day Average
TSFR12M – Twelve Month Term Secured Overnight Financing Rate
TSFR1M – One Month Term Secured Overnight Financing Rate
TSFR3M – Three Month Term Secured Overnight Financing Rate
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2023, these securities were valued at $155,723,222 or 13.5% 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
Corporate Bonds $— $377,059,481 $— $377,059,481
Agency Collateralized Mortgage Obligations — 199,319,477 — 199,319,477
Asset-Backed Securities — 102,853,277 — 102,853,277
Investment Funds 72,347,414 — — 72,347,414
Preferred Stocks 60,616,416 — — 60,616,416
Non-Agency Collateralized Mortgage Obligations — 37,099,971 — 37,099,971
Exchange-Traded Fund 24,546,201 — — 24,546,201
Commercial Mortgage-Backed Securities — 1,582,138 — 1,582,138
Short-Term U.S. Treasury Obligations — 188,676,489 — 188,676,489
Short-Term Investment Funds 73,722,502 — — 73,722,502
Total $231,232,533 $906,590,833 $— $1,137,823,366
See accompanying Notes to Portfolios of Investments.
5
Portfolio of Investments
Touchstone Focused Fund – December 31, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 93.8%  
  Information Technology — 23.2%  
   429,876 Apple, Inc. $   82,764,026
   271,026 Microsoft Corp.   101,916,617
   227,939 Oracle Corp.    24,031,609
   113,560 Salesforce, Inc.*    29,882,179
   114,131 Texas Instruments, Inc.    19,454,770
    67,768 Workday, Inc. - Class A*    18,708,034
          276,757,235
  Health Care — 14.4%  
   208,319 BioMarin Pharmaceutical, Inc.*    20,086,118
   317,839 Bristol-Myers Squibb Co.    16,308,319
   107,787 Cencora, Inc.    22,137,294
    86,671 HCA Healthcare, Inc.    23,460,106
   191,981 Johnson & Johnson    30,091,102
   289,786 Medtronic PLC    23,872,571
    67,427 UnitedHealth Group, Inc.    35,498,293
          171,453,803
  Financials — 14.2%  
   748,902 Bank of America Corp.    25,215,530
   147,991 Berkshire Hathaway, Inc. - Class B*    52,782,470
    77,076 Goldman Sachs Group, Inc. (The)    29,733,609
    35,430 LPL Financial Holdings, Inc.     8,064,577
    13,475 Markel Group, Inc.*    19,133,152
   134,732 PayPal Holdings, Inc.*     8,273,892
   100,160 Visa, Inc. - Class A    26,076,656
          169,279,886
  Communication Services — 11.7%  
   422,311 Alphabet, Inc. - Class C*    59,516,289
   415,250 Comcast Corp. - Class A    18,208,713
   143,175 Meta Platforms, Inc. - Class A*    50,678,223
    21,850 Netflix, Inc.*    10,638,328
          139,041,553
  Consumer Discretionary — 10.3%  
    88,487 Airbnb, Inc. - Class A*    12,046,620
    72,279 Alibaba Group Holding Ltd. (China) ADR     5,602,345
   315,140 Amazon.com, Inc.*    47,882,372
   206,190 Choice Hotels International, Inc.†    23,361,327
   101,262 Cracker Barrel Old Country Store, Inc.     7,805,275
    92,657 Floor & Decor Holdings, Inc. - Class A*    10,336,815
   190,459 Frontdoor, Inc.*     6,707,966
    48,188 Hilton Worldwide Holdings, Inc.     8,774,553
          122,517,273
  Industrials — 7.2%  
   134,971 Allegiant Travel Co.    11,149,954
    79,697 Boeing Co. (The)*    20,773,820
    39,237 Hubbell, Inc.    12,906,227
   219,215 RTX Corp.    18,444,750
   198,319 SS&C Technologies Holdings, Inc.    12,119,274
   100,327 Stanley Black & Decker, Inc.     9,842,079
           85,236,104
  Consumer Staples — 6.0%  
   320,404 Coca-Cola Femsa SAB de CV (Mexico) ADR     30,323,035
Shares       Market
Value
     
  Consumer Staples — 6.0% (Continued)  
   360,553 Monster Beverage Corp.* $   20,771,458
   219,156 Philip Morris International, Inc.    20,618,196
           71,712,689
  Materials — 2.4%  
   227,014 DuPont de Nemours, Inc.    17,464,187
   140,564 International Flavors & Fragrances, Inc.    11,381,467
           28,845,654
  Real Estate — 2.3%  
   460,165 Americold Realty Trust, Inc. REIT    13,929,194
    70,700 Jones Lang LaSalle, Inc.*    13,353,109
           27,282,303
  Energy — 2.1%  
   251,542 Exxon Mobil Corp.    25,149,169
  Total Common Stocks $1,117,275,669
  Short-Term Investment Funds — 8.1%  
74,641,632 Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω    74,641,632
22,100,342 Invesco Government & Agency Portfolio, Institutional Class, 5.28%∞Ω**    22,100,342
  Total Short-Term Investment Funds    $96,741,974
  Total Investment Securities—101.9%
(Cost $675,687,494) 		$1,214,017,643
  Liabilities in Excess of Other Assets — (1.9%)   (22,403,199)
  Net Assets — 100.0% $1,191,614,444
* 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 December 31, 2023 was $21,730,940.
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2023.
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 $1,117,275,669 $— $— $1,117,275,669
Short-Term Investment Funds 96,741,974 — — 96,741,974
Total $1,214,017,643 $— $— $1,214,017,643
See accompanying Notes to Portfolios of Investments.
 
6
Portfolio of Investments
Touchstone Growth Opportunities Fund – December 31, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 97.2%  
  Information Technology — 32.2%  
   48,676 Apple, Inc. $  9,371,590
    2,073 Broadcom, Inc.   2,313,986
    2,861 HubSpot, Inc.*   1,660,925
   40,890 Marvell Technology, Inc.   2,466,076
   30,087 Microsoft Corp.  11,313,916
   12,607 NVIDIA Corp.   6,243,239
   11,628 Salesforce, Inc.*   3,059,792
    5,198 ServiceNow, Inc.*   3,672,335
    9,784 Workday, Inc. - Class A*   2,700,971
         42,802,830
  Health Care — 14.2%  
   13,413 AbbVie, Inc.   2,078,613
   27,439 Ascendis Pharma A/S (Denmark) ADR*   3,455,942
   16,406 DexCom, Inc.*   2,035,820
    2,829 Eli Lilly & Co.   1,649,081
    7,142 ICON PLC*   2,021,686
    8,538 Inspire Medical Systems, Inc.*   1,736,885
   10,861 Masimo Corp.*   1,273,018
    8,771 UnitedHealth Group, Inc.   4,617,668
         18,868,713
  Consumer Discretionary — 13.6%  
   52,450 Amazon.com, Inc.*   7,969,253
    1,206 Chipotle Mexican Grill, Inc.*   2,758,074
    9,028 Home Depot, Inc. (The)   3,128,653
   55,581 MGM Resorts International   2,483,359
    6,939 Tesla, Inc.*   1,724,203
         18,063,542
  Industrials — 12.6%  
   12,517 AMETEK, Inc.   2,063,928
    9,408 Builders FirstSource, Inc.*   1,570,571
   18,644 Ceridian HCM Holding, Inc.*   1,251,385
    9,121 JB Hunt Transport Services, Inc.   1,821,829
   36,384 Sensata Technologies Holding PLC   1,366,947
    2,208 TransDigm Group, Inc.   2,233,613
   30,284 Uber Technologies, Inc.*   1,864,586
    9,669 Union Pacific Corp.   2,374,900
   34,671 WNS Holdings Ltd. (India) ADR*   2,191,207
         16,738,966
  Communication Services — 11.0%  
   69,059 Alphabet, Inc. - Class A*   9,646,852
   13,994 Meta Platforms, Inc. - Class A*   4,953,316
         14,600,168
  Financials — 7.4%  
   13,557 Apollo Global Management, Inc.   1,263,377
Shares       Market
Value
     
  Financials — 7.4% (Continued)  
    7,491 Arthur J Gallagher & Co. $  1,684,576
   19,325 Global Payments, Inc.   2,454,275
   17,369 Visa, Inc. - Class A   4,522,019
          9,924,247
  Consumer Staples — 4.1%  
    7,725 Constellation Brands, Inc. - Class A   1,867,519
    5,405 Costco Wholesale Corp.   3,567,732
          5,435,251
  Materials — 1.2%  
   10,540 Celanese Corp.   1,637,600
  Energy — 0.9%  
    7,954 Diamondback Energy, Inc.   1,233,506
  Total Common Stocks $129,304,823
  Short-Term Investment Fund — 2.7%  
3,620,054 Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω   3,620,054
  Total Investment Securities—99.9%
(Cost $77,385,954) 		$132,924,877
  Other Assets in Excess of Liabilities — 0.1%      67,314
  Net Assets — 100.0% $132,992,191
* Non-income producing security.
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2023.
Portfolio Abbreviations:
ADR – American Depositary Receipt
PLC – Public Limited Company
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 $129,304,823 $— $— $129,304,823
Short-Term Investment Fund 3,620,054 — — 3,620,054
Total $132,924,877 $— $— $132,924,877
See accompanying Notes to Portfolios of Investments.
 
7
Portfolio of Investments
Touchstone Mid Cap Growth Fund – December 31, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 99.8%  
  Information Technology — 23.6%  
  109,895 CDW Corp. $   24,981,331
  171,333 Datadog, Inc. - Class A*    20,796,400
  105,296 Enphase Energy, Inc.*    13,913,813
   25,410 Fair Isaac Corp.*    29,577,494
   51,133 HubSpot, Inc.*    29,684,752
  311,002 Marvell Technology, Inc.    18,756,531
  168,288 Microchip Technology, Inc.    15,176,212
  132,319 MKS Instruments, Inc.    13,611,656
   49,417 MongoDB, Inc.*    20,204,140
   82,997 Nice Ltd. (Israel) ADR*    16,558,731
   76,319 Palo Alto Networks, Inc.*    22,504,947
  292,113 Procore Technologies, Inc.*    20,220,062
  310,423 Western Digital Corp.*    16,256,852
   47,961 Zebra Technologies Corp. - Class A*    13,109,180
  119,062 Zscaler, Inc.*    26,379,377
          301,731,478
  Industrials — 22.4%  
  138,710 AMETEK, Inc.    22,871,892
   89,484 Axon Enterprise, Inc.*    23,116,402
  181,642 Builders FirstSource, Inc.*    30,323,315
  329,509 Ceridian HCM Holding, Inc.*    22,116,644
  610,356 Copart, Inc. *    29,907,444
  468,979 Genpact Ltd.    16,278,261
  116,390 JB Hunt Transport Services, Inc.    23,247,739
  103,986 Rockwell Automation, Inc.    32,285,573
   43,315 TransDigm Group, Inc.    43,817,454
  127,453 Waste Connections, Inc.    19,024,909
   54,189 Watsco, Inc.    23,218,361
          286,207,994
  Health Care — 20.2%  
   58,765 Align Technology, Inc.*    16,101,610
  260,625 Ascendis Pharma A/S (Denmark) ADR*    32,825,719
  925,607 Avantor, Inc.*    21,131,608
   58,193 Cooper Cos., Inc. (The)    22,022,559
  320,542 DexCom, Inc.*    39,776,057
  270,551 GE HealthCare Technologies, Inc.    20,919,003
   80,520 ICON PLC*    22,792,796
   53,495 IDEXX Laboratories, Inc.*    29,692,400
  110,094 Insulet Corp.*    23,888,196
  287,341 Legend Biotech Corp. ADR*    17,289,308
  107,038 Masimo Corp.*    12,545,924
          258,985,180
  Consumer Discretionary — 10.7%  
  162,944 Aptiv PLC*    14,619,336
    9,140 Chipotle Mexican Grill, Inc.*    20,902,814
  497,980 DraftKings, Inc. - Class A*    17,553,795
  130,503 Hilton Worldwide Holdings, Inc.    23,763,291
   27,860 Lululemon Athletica, Inc.*    14,244,539
  247,649 Ross Stores, Inc.    34,272,145
  329,508 Tapestry, Inc.    12,129,190
          137,485,110
  Financials — 9.9%  
  356,600 American International Group, Inc.    24,159,650
   33,553 Ameriprise Financial, Inc.    12,744,436
  203,960 Ares Management Corp. - Class A     24,254,923
Shares       Market
Value
     
  Financials — 9.9% (Continued)  
   74,034 Arthur J Gallagher & Co. $   16,648,766
  191,179 Global Payments, Inc.    24,279,733
   43,367 MSCI, Inc.    24,530,544
          126,618,052
  Materials — 3.3%  
  117,535 Celanese Corp.    18,261,413
  106,843 Vulcan Materials Co.    24,254,429
           42,515,842
  Energy — 3.3%  
  356,984 Devon Energy Corp.    16,171,375
   92,350 Diamondback Energy, Inc.    14,321,638
  325,684 Halliburton Co.    11,773,477
           42,266,490
  Real Estate — 3.1%  
  245,559 CoStar Group, Inc.*    21,459,401
   70,937 SBA Communications Corp. REIT    17,996,007
           39,455,408
  Consumer Staples — 2.3%  
  120,968 Constellation Brands, Inc. - Class A    29,244,014
  Communication Services — 1.0%  
  141,381 Live Nation Entertainment, Inc.*    13,233,262
  Total Common Stocks $1,277,742,830
  Short-Term Investment Fund — 0.5%  
6,468,318 Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω     6,468,318
  Total Investment Securities—100.3%
(Cost $987,719,645) 		$1,284,211,148
  Liabilities in Excess of Other Assets — (0.3%)    (3,627,470)
  Net Assets — 100.0% $1,280,583,678
* Non-income producing security.
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2023.
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 $1,277,742,830 $— $— $1,277,742,830
Short-Term Investment Fund 6,468,318 — — 6,468,318
Total $1,284,211,148 $— $— $1,284,211,148
See accompanying Notes to Portfolios of Investments.
 
8
Portfolio of Investments
Touchstone Non-US ESG Equity Fund – December 31, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 99.5%  
  Japan — 17.9%  
  Communication Services — 3.4%  
   378,400 Nintendo Co. Ltd. $ 19,689,625
  Consumer Discretionary — 6.2%  
   746,400 Denso Corp.  11,205,214
   262,200 Sony Group Corp.  24,812,750
  Financials — 1.4%  
   979,100 Mitsubishi UFJ Financial Group, Inc.   8,402,770
  Industrials — 3.4%  
   279,900 Hitachi Ltd.  20,133,133
  Information Technology — 3.5%  
   115,800 Tokyo Electron Ltd.  20,582,277
  Total Japan 104,825,769
  United Kingdom — 13.4%  
  Financials — 6.4%  
31,229,569 Lloyds Banking Group PLC  18,941,893
   156,740 London Stock Exchange Group PLC  18,528,478
  Industrials — 7.0%  
   141,295 Ashtead Group PLC   9,821,017
   435,817 RELX PLC  17,290,525
 2,454,153 Rentokil Initial PLC  13,832,257
  Total United Kingdom  78,414,170
  France — 11.2%  
  Energy — 2.2%  
   193,089 TotalEnergies SE ADR†  13,010,337
  Financials — 2.3%  
   197,513 BNP Paribas SA  13,716,430
  Industrials — 2.8%  
   221,473 Cie de Saint-Gobain SA  16,333,038
  Materials — 3.9%  
   115,866 Air Liquide SA  22,558,579
  Total France  65,618,384
  Sweden — 8.5%  
  Financials — 6.7%  
 1,666,385 Svenska Handelsbanken AB - Class A  18,109,339
 1,049,491 Swedbank AB - Class A  21,218,252
  Industrials — 1.8%  
   529,483 Epiroc AB - Class A  10,657,908
  Total Sweden  49,985,499
  Netherlands — 7.9%  
  Energy — 3.5%  
   309,279 Shell PLC ADR  20,350,558
  Financials — 2.2%  
    10,038 Adyen NV, 144a*  12,958,466
  Health Care — 2.2%  
   565,694 Koninklijke Philips NV*  13,238,501
  Total Netherlands  46,547,525
  Germany — 7.5%  
  Communication Services — 2.7%  
   649,213 Deutsche Telekom AG  15,609,225
  Health Care — 1.7%  
    63,359 Merck KGaA  10,087,674
Shares       Market
Value
     
  Germany — (Continued)  
  Industrials — 3.1%  
   365,160 Deutsche Post AG $ 18,073,984
  Total Germany  43,770,883
  Switzerland — 4.6%  
  Health Care — 2.5%  
    49,866 Roche Holding AG  14,495,725
  Industrials — 2.1%  
   287,369 ABB Ltd. ADR  12,730,447
  Total Switzerland  27,226,172
  Taiwan — 3.8%  
  Information Technology — 3.8%  
   213,000 Taiwan Semiconductor Manufacturing Co. Ltd. ADR  22,152,000
  India — 3.8%  
  Financials — 3.8%  
   927,650 ICICI Bank Ltd. ADR  22,115,176
  Singapore — 3.7%  
  Financials — 2.8%  
 1,672,600 Oversea-Chinese Banking Corp. Ltd.  16,457,400
  Real Estate — 0.9%  
 3,487,200 CapitaLand Integrated Commercial Trust REIT   5,435,823
  Total Singapore  21,893,223
  United States — 3.5%  
  Industrials — 3.5%  
   103,447 Schneider Electric SE  20,824,518
  South Korea — 3.5%  
  Communication Services — 3.0%  
   431,999 KT Corp. ADR*   5,806,066
   452,638 KT Corp.*  12,068,954
  Information Technology — 0.5%  
     7,642 Samsung SDI Co. Ltd.*   2,782,382
  Total South Korea  20,657,402
  Ireland — 3.1%  
  Industrials — 3.1%  
   240,883 AerCap Holdings N.V.*  17,902,425
  Spain — 2.3%  
  Consumer Discretionary — 2.3%  
   189,046 Amadeus IT Group SA  13,577,578
  Denmark — 1.6%  
  Industrials — 1.6%  
   299,127 Vestas Wind Systems A/S*   9,464,894
  Hong Kong — 1.5%  
  Financials — 1.5%  
 1,025,800 AIA Group Ltd.   8,927,417
  Canada — 1.0%  
  Industrials — 1.0%  
   133,057 ATS Corp.*   5,734,791
  Chile — 0.7%  
  Industrials — 0.7%  
    72,547 Sociedad Quimica y Minera de Chile SA ADR†   4,368,780
  Total Common Stocks $584,006,606
 
9
Touchstone Non-US ESG Equity Fund (Unaudited) (Continued)
Shares       Market
Value
  Short-Term Investment Funds — 3.3%  
 2,393,969 Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω $  2,393,969
16,842,679 Invesco Government & Agency Portfolio, Institutional Class, 5.28%∞Ω**  16,842,679
  Total Short-Term Investment Funds  $19,236,648
  Total Investment Securities — 102.8%
(Cost $480,097,063) 		$603,243,254
  Liabilities in Excess of Other Assets — (2.8)% (16,563,199)
  Net Assets — 100.0% $586,680,055
* 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 December 31, 2023 was $16,472,960.
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2023.
Portfolio Abbreviations:
ADR – American Depositary Receipt
PLC – Public Limited Company
REIT – Real Estate Investment Trust
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2023, these securities were valued at $12,958,466 or 2.2% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks        
Japan $— $104,825,769 $— $104,825,769
United Kingdom — 78,414,170 — 78,414,170
France 13,010,337 52,608,047 — 65,618,384
Sweden — 49,985,499 — 49,985,499
Netherlands 20,350,558 26,196,967 — 46,547,525
Germany — 43,770,883 — 43,770,883
Switzerland 12,730,447 14,495,725 — 27,226,172
Taiwan 22,152,000 — — 22,152,000
India 22,115,176 — — 22,115,176
Singapore — 21,893,223 — 21,893,223
United States — 20,824,518 — 20,824,518
South Korea 5,806,066 14,851,336 — 20,657,402
Ireland 17,902,425 — — 17,902,425
Spain — 13,577,578 — 13,577,578
Denmark — 9,464,894 — 9,464,894
Hong Kong — 8,927,417 — 8,927,417
Canada 5,734,791 — — 5,734,791
Chile 4,368,780 — — 4,368,780
Short-Term Investment Funds 19,236,648 — — 19,236,648
Total $143,407,228 $459,836,026 $— $603,243,254
See accompanying Notes to Portfolios of Investments.
10
Portfolio of Investments
Touchstone Sands Capital Emerging Markets Growth Fund – December 31, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 96.8%  
  India — 32.8%  
  Consumer Discretionary — 5.9%  
  6,862,917 Jubilant Foodworks Ltd. $   46,575,970
  2,020,529 Titan Co. Ltd.    89,180,085
  Consumer Staples — 3.9%  
  1,397,120 Britannia Industries Ltd.    89,630,083
  Energy — 2.9%  
  2,106,887 Reliance Industries Ltd.    65,393,456
  Financials — 13.2%  
  1,374,177 Bajaj Finance Ltd.   120,915,687
  8,050,677 Bandhan Bank Ltd., 144a    23,330,361
  5,394,629 HDFC Bank Ltd.   110,460,540
  2,988,019 HDFC Life Insurance Co. Ltd., 144a    23,217,345
  3,466,207 ICICI Prudential Life Insurance Co. Ltd., 144a    22,257,788
  Health Care — 3.6%  
  1,185,847 Apollo Hospitals Enterprise Ltd.    81,235,593
  Information Technology — 1.2%  
    602,377 Tata Consultancy Services Ltd.    27,434,597
  Materials — 2.1%  
  1,180,112 Asian Paints Ltd.    48,227,127
  Total India   747,858,632
  Brazil — 20.5%  
  Consumer Discretionary — 6.8%  
     98,238 MercadoLibre, Inc.*   154,384,946
  Consumer Staples — 2.4%  
  9,018,756 Raia Drogasil SA    54,584,862
  Financials — 7.2%  
 10,841,518 NU Holdings Ltd. - Class A*    90,309,845
  2,827,587 XP, Inc. - Class A    73,715,193
  Industrials — 4.1%  
  4,410,615 Localiza Rent a Car SA    57,747,677
  4,890,100 WEG SA    37,156,948
  Total Brazil   467,899,471
  China — 13.8%  
  Communication Services — 4.3%  
  1,431,536 Kanzhun Ltd. ADR    23,777,813
  1,960,342 Tencent Holdings Ltd.    74,012,464
  Consumer Discretionary — 5.1%  
  3,348,474 Alibaba Group Holding Ltd.    32,254,319
  6,223,723 ANTA Sports Products Ltd.    60,490,296
 12,242,000 Haidilao International Holding Ltd., 144a    22,837,227
  Consumer Staples — 1.7%  
  7,340,767 Foshan Haitian Flavouring & Food Co. Ltd. - Class A    39,293,280
  Health Care — 1.9%  
  4,124,242 Hangzhou Tigermed Consulting Co. Ltd. Class H, 144a†    18,676,001
  6,301,510 Wuxi Biologics Cayman, Inc., 144a*    23,833,910
  Industrials — 0.8%  
    836,394 Contemporary Amperex Technology Co. Ltd. - Class A    19,254,264
  Total China   314,429,574
  Taiwan — 6.0%  
  Information Technology — 6.0%  
  1,315,753 Taiwan Semiconductor Manufacturing Co. Ltd. ADR   136,838,312
Shares       Market
Value
     
  Argentina — 3.5%  
  Information Technology — 3.5%  
    330,397 Globant SA* $   78,627,878
  United States — 3.4%  
  Information Technology — 3.4%  
     97,529 Lam Research Corp.    76,390,565
  Indonesia — 3.1%  
  Financials — 3.1%  
116,161,900 Bank Central Asia Tbk PT    70,940,029
  Hong Kong — 3.1%  
  Financials — 3.1%  
  8,101,931 AIA Group Ltd.    70,510,153
  Netherlands — 2.7%  
  Information Technology — 2.7%  
     80,942 ASML Holding NV    61,266,619
  South Korea — 2.4%  
  Consumer Discretionary — 1.6%  
  2,292,223 Coupang, Inc.*    37,111,090
  Information Technology — 0.8%  
     49,924 Samsung SDI Co. Ltd.*    18,176,870
  Total South Korea    55,287,960
  Poland — 2.2%  
  Consumer Staples — 2.2%  
    430,512 Dino Polska SA, 144a*    50,406,667
  Kazakhstan — 1.9%  
  Financials — 1.9%  
    480,224 Kaspi.KZ JSC GDR    44,180,608
  Singapore — 1.4%  
  Communication Services — 1.4%  
    769,865 Sea Ltd. ADR*    31,179,532
  Total Common Stocks $2,205,816,000
Number
of
Rights 		       
  Rights — 0.0%  
  Brazil — 0.0%  
  Industrials — 0.0%  
     15,825 Localiza Rent a Car SA*        65,155
  Total Rights        $65,155
Shares        
  Short-Term Investment Funds — 3.6%  
 80,432,395 Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω    80,432,395
  1,132,880 Invesco Government & Agency Portfolio, Institutional Class, 5.28%∞Ω**     1,132,880
  Total Short-Term Investment Funds    $81,565,275
  Total Investment Securities — 100.4%
(Cost $1,876,142,409) 		$2,287,446,430
  Liabilities in Excess of Other Assets — (0.4)%    (9,428,455)
  Net Assets — 100.0% $2,278,017,975
* Non-income producing security.
** Represents collateral for securities loaned.
 
11
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 December 31, 2023 was $1,077,747.
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2023.
Portfolio Abbreviations:
ADR – American Depositary Receipt
GDR – Global Depositary Receipt
JSC – Joint Stock 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 December 31, 2023, these securities were valued at $184,559,299 or 8.1% 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
Common Stocks        
India $89,630,083 $658,228,549 $— $747,858,632
Brazil 467,899,471 — — 467,899,471
China 23,777,813 290,651,761 — 314,429,574
Taiwan 136,838,312 — — 136,838,312
Argentina 78,627,878 — — 78,627,878
United States 76,390,565 — — 76,390,565
Indonesia — 70,940,029 — 70,940,029
Hong Kong — 70,510,153 — 70,510,153
Netherlands 61,266,619 — — 61,266,619
South Korea 37,111,090 18,176,870 — 55,287,960
Poland — 50,406,667 — 50,406,667
Kazakhstan 44,180,608 — — 44,180,608
Singapore 31,179,532 — — 31,179,532
Rights 65,155 — — 65,155
Short-Term Investment Funds 81,565,275 — — 81,565,275
Total $1,128,532,401 $1,158,914,029 $— $2,287,446,430
See accompanying Notes to Portfolios of Investments.
12
Portfolio of Investments
Touchstone Strategic Income Opportunities Fund – December 31, 2023 (Unaudited)
Principal
Amount 		      Market
Value
  Corporate Bonds — 45.0%  
  Financials — 9.7%  
$ 1,657,000 Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 $  1,272,412
  1,971,000 Barclays PLC (United Kingdom), 2.894%, 11/24/32   1,618,265
    818,000 Charles Schwab Corp. (The), Ser H, 4.000%(A)     645,986
  1,421,000 Citigroup, Inc., Ser W, 4.000%(A)   1,311,306
  1,321,000 Corestates Capital III, 144a, (TSFR3M + 0.832%), 6.211%, 2/15/27(B)   1,258,278
    408,000 Credit Acceptance Corp., 144a, 9.250%, 12/15/28     435,091
  1,199,000 First Maryland Capital II, (TSFR3M + 1.112%), 6.489%, 2/1/27(B)   1,087,536
    343,000 FirstCash, Inc., 144a, 4.625%, 9/1/28     320,198
    531,000 goeasy Ltd. (Canada), 144a, 9.250%, 12/1/28     567,092
  1,100,000 Goldman Sachs Group, Inc. (The), 6.561%, 10/24/34   1,212,538
  1,430,000 Golub Capital BDC, Inc., 2.050%, 2/15/27   1,256,576
    634,000 Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.250%, 5/15/27     570,604
  1,420,000 Morgan Stanley, 5.297%, 4/20/37   1,384,387
    688,000 OneMain Finance Corp., 9.000%, 1/15/29     727,769
    448,000 PennyMac Financial Services, Inc., 144a, 7.875%, 12/15/29     461,216
  1,318,000 PNC Capital Trust, (TSFR3M + 0.832%), 6.209%, 6/1/28(B)   1,226,048
    589,000 PRA Group, Inc., 144a, 7.375%, 9/1/25     583,140
    890,000 Sabra Health Care LP REIT, 3.900%, 10/15/29     801,329
  1,324,000 Sixth Street Specialty Lending, Inc., 2.500%, 8/1/26   1,210,870
 1,824,000 Truist Bank, Ser A, (TSFR3M + 0.932%), 6.311%, 5/15/27(B)   1,713,767
         19,664,408
  Consumer Discretionary — 7.7%  
  1,717,000 Brunswick Corp., 4.400%, 9/15/32   1,567,644
    633,000 Carriage Services, Inc., 144a, 4.250%, 5/15/29     562,193
    315,000 Ford Motor Co., 4.750%, 1/15/43     260,995
    460,000 Ford Motor Credit Co. LLC, 4.125%, 8/17/27     435,905
    810,000 Forestar Group, Inc., 144a, 3.850%, 5/15/26     770,099
    896,000 Gap, Inc. (The), 144a, 3.625%, 10/1/29     766,015
    730,000 GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC (United Arab Emirates), 7.125%, 7/31/26     718,426
  2,034,000 General Motors Financial Co., Inc., 3.100%, 1/12/32   1,734,699
  1,155,000 GENM Capital Labuan Ltd. (Malaysia), 144a, 3.882%, 4/19/31     986,928
  1,252,000 Mattel, Inc., 5.450%, 11/1/41   1,121,648
  1,097,000 Meritage Homes Corp., 144a, 3.875%, 4/15/29   1,008,083
    757,000 MGM China Holdings Ltd. (Macao), 144a, 5.375%, 5/15/24     753,170
    628,000 Royal Caribbean Cruises Ltd., 144a, 5.375%, 7/15/27     621,753
    660,000 Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27     619,563
  1,629,000 Toll Brothers Finance Corp., 3.800%, 11/1/29   1,527,942
  1,636,000 Warnermedia Holdings, Inc., 5.141%, 3/15/52   1,411,634
   661,000 Wynn Macau Ltd. (Macao), 144a, 4.875%, 10/1/24     652,133
         15,518,830
  Utilities — 5.5%  
  1,636,000 CMS Energy Corp., 4.750%, 6/1/50   1,477,194
  1,155,000 Edison International, 4.125%, 3/15/28   1,116,080
  1,075,000 Edison International, Ser B, 5.000%(A)   1,000,936
    600,000 Eskom Holdings SOC Ltd. (South Africa), 144a, 8.450%, 8/10/28     607,800
    554,000 FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44     536,924
  1,345,000 Minejesa Capital BV (Indonesia), 4.625%, 8/10/30   1,276,069
 1,395,000 NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.387%), 7.771%, 6/15/67(B)   1,248,144
Principal
Amount 		      Market
Value
     
  Utilities — 5.5% (Continued)  
$ 1,155,000 Pacific Gas & Electric Co., 2.500%, 2/1/31 $    954,677
  1,110,000 PPL Capital Funding, Inc., Ser A, (TSFR3M + 2.927%), 8.275%, 3/30/67(B)   1,034,895
 1,979,000 WEC Energy Group, Inc., (TSFR3M + 2.374%), 7.754%, 5/15/67(B)   1,770,222
         11,022,941
  Energy — 5.4%  
  1,000,000 Aker BP ASA (Norway), 144a, 6.000%, 6/13/33   1,040,620
    624,000 Baytex Energy Corp. (Canada), 144a, 8.500%, 4/30/30     645,617
    459,000 Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37     434,298
    616,000 Civitas Resources, Inc., 144a, 8.375%, 7/1/28     643,113
    735,000 CQP Holdco LP / BIP-V Chinook Holdco LLC, 144a, 5.500%, 6/15/31     696,354
    630,000 Ecopetrol SA (Colombia), 8.625%, 1/19/29     671,317
    201,000 Genesis Energy LP / Genesis Energy Finance Corp., 8.000%, 1/15/27     204,500
     88,000 Genesis Energy LP / Genesis Energy Finance Corp., 8.250%, 1/15/29      90,451
    149,000 Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29     144,011
    433,000 Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 2/1/31     417,656
    607,341 MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31     476,004
    405,000 Mesquite Energy, Inc., 7.250%, 2/15/24      30,375
  1,619,000 Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29   1,560,308
  1,130,000 NGPL PipeCo LLC, 144a, 7.768%, 12/15/37   1,256,816
    784,000 Parkland Corp. (Canada), 144a, 4.500%, 10/1/29     718,512
    350,000 Petroleos Mexicanos (Mexico), 6.375%, 1/23/45     228,103
    750,000 Petroleos Mexicanos (Mexico), 6.625%, 6/15/35     575,364
    804,000 Plains All American Pipeline LP, (TSFR3M + 4.372%), 9.751%(A)(B)     776,865
   378,000 Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29     364,517
         10,974,801
  Industrials — 5.0%  
    726,000 Amsted Industries, Inc., 144a, 4.625%, 5/15/30     664,450
    773,000 Boeing Co. (The), 5.805%, 5/1/50     803,697
    948,000 Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25     898,257
  1,190,000 Cemex SAB de CV (Mexico), 144a, 5.125%(A)   1,128,773
    686,000 Cimpress PLC (Ireland), 7.000%, 6/15/26     670,565
    635,000 Fortress Transportation & Infrastructure Investors LLC, 144a, 6.500%, 10/1/25     632,972
    715,000 IHS Holding Ltd. (Nigeria), 5.625%, 11/29/26     620,434
    784,000 Imola Merger Corp., 144a, 4.750%, 5/15/29     745,130
    869,000 Stericycle, Inc., 144a, 3.875%, 1/15/29     788,504
    812,000 TK Elevator Holdco GmbH (Germany), 144a, 7.625%, 7/15/28     797,620
    813,000 TransDigm, Inc., 144a, 6.250%, 3/15/26     811,545
 1,716,000 Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26   1,595,934
         10,157,881
  Consumer Staples — 2.5%  
    950,000 Coruripe Netherlands BV (Brazil), 144a, 10.000%, 2/10/27     729,125
    697,000 JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.500%, 12/1/52     701,864
  1,376,000 Philip Morris International, Inc., 5.375%, 2/15/33   1,412,910
 1,002,000 QVC, Inc., 4.375%, 9/1/28      723,424
 
13
Touchstone Strategic Income Opportunities Fund (Unaudited) (Continued)
Principal
Amount 		      Market
Value
  Corporate Bonds — 45.0% (Continued)  
  Consumer Staples — 2.5% (Continued)  
$ 1,076,000 Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 144a, 4.625%, 3/1/29 $    931,746
   632,000 Turning Point Brands, Inc., 144a, 5.625%, 2/15/26     589,707
          5,088,776
  Health Care — 2.4%  
  1,259,000 CVS Health Corp., 5.050%, 3/25/48   1,182,991
    807,000 Herbalife Nutrition Ltd. / HLF Financing, Inc., 144a, 7.875%, 9/1/25     796,922
    860,000 Medline Borrower LP, 144a, 3.875%, 4/1/29     777,442
    862,000 MEDNAX, Inc., 144a, 5.375%, 2/15/30†     767,260
 1,470,000 Viatris, Inc., 2.700%, 6/22/30   1,243,815
          4,768,430
  Communication Services — 2.3%  
    900,000 Block Communications, Inc., 144a, 4.875%, 3/1/28     787,500
  1,262,000 CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31   1,103,036
  1,038,000 CSC Holdings LLC, 144a, 4.625%, 12/1/30     625,341
  1,056,000 Gray Escrow II, Inc., 144a, 5.375%, 11/15/31     799,961
    568,000 Paramount Global, 4.200%, 5/19/32     508,234
   814,000 Stagwell Global, 144a, 5.625%, 8/15/29     748,770
          4,572,842
  Real Estate — 1.9%  
    725,000 Kilroy Realty LP REIT, 3.050%, 2/15/30     616,846
    647,000 RHP Hotel Properties LP / RHP Finance Corp. REIT, 144a, 4.500%, 2/15/29     601,736
  1,024,000 SBA Tower Trust REIT, 144a, 6.599%, 1/15/28   1,053,166
 2,068,000 STORE Capital Corp. REIT, 2.750%, 11/18/30   1,625,947
          3,897,695
  Information Technology — 1.5%  
  1,326,000 Micron Technology, Inc., 2.703%, 4/15/32   1,115,438
    586,000 Micron Technology, Inc., 6.750%, 11/1/29     633,962
    594,000 Open Text Corp. (Canada), 144a, 3.875%, 12/1/29     532,577
   806,000 Xerox Holdings Corp., 144a, 5.000%, 8/15/25     789,458
          3,071,435
  Materials — 1.1%  
    693,000 Braskem Idesa SAPI (Mexico), 144a, 6.990%, 2/20/32     391,545
    723,000 Braskem Netherlands Finance BV (Brazil), 144a, 7.250%, 2/13/33     608,814
 1,102,000 Celanese US Holdings LLC, 6.165%, 7/15/27   1,129,904
          2,130,263
  Total Corporate Bonds  $90,868,302
  U.S. Treasury Obligations — 23.8%
  3,610,000 U.S. Treasury Bond, 2.375%, 2/15/42       2,780,828
  7,000,000 U.S. Treasury Bond, 3.875%, 5/15/43       6,698,125
  5,440,000 U.S. Treasury Bond, 4.000%, 11/15/52       5,392,612
  8,400,000 U.S. Treasury Bond, 4.375%, 8/15/43       8,606,063
  5,036,383 U.S. Treasury Inflation Indexed Note, 1.250%, 4/15/28       4,910,720
  6,974,849 U.S. Treasury Inflation Indexed Note, 1.375%, 7/15/33       6,784,312
  6,000,000 U.S. Treasury Note, 3.000%, 6/30/24       5,937,188
 6,870,000 U.S. Treasury Note, 4.000%, 2/29/28       6,898,178
  Total U.S. Treasury Obligations  $48,008,026
  Asset-Backed Securities — 12.0%
 2,000,000 AB BSL CLO 3, Ltd. (Cayman Islands), Ser 2021-3A, Class D, 144a, (TSFR3M + 3.462%), 8.877%, 10/20/34(B)       1,999,840
Principal
Amount 		      Market
Value
  Asset-Backed Securities — 12.0% (Continued)
$ 2,554,500 AB Issuer LLC, Ser 2021-1, Class A2, 144a, 3.734%, 7/30/51     $  2,223,856
  2,100,000 Apex Credit CLO 2020-II LLC (Cayman Islands), Ser 2020-2A, Class B, 144a, (TSFR3M + 2.962%), 8.364%, 4/17/33(B)       2,063,088
  2,250,000 Birch Grove CLO 2, Ltd. (Cayman Islands), Ser 2021-2A, Class C, 144a, (TSFR3M + 2.512%), 7.908%, 10/19/34(B)       2,229,091
  2,632,500 Hardee's Funding LLC, Ser 2021-1A, Class A2, 144a, 2.865%, 6/20/51       2,175,198
  2,535,000 Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51       2,200,727
  2,250,000 New Mountain CLO 3, Ltd. (Cayman Islands), Ser CLO-3A, Class C, 144a, (TSFR3M + 2.362%), 7.777%, 10/20/34(B)       2,238,745
  2,250,000 Palmer Square CLO, Ltd. (Cayman Islands), Ser 2021-4A, Class D, 144a, (TSFR3M + 3.212%), 8.605%, 10/15/34(B)       2,237,033
  2,417,000 STWD, Ltd. (Cayman Islands), Ser 2021-FL2, Class D, 144a, (TSFR1M + 2.914%), 8.273%, 4/18/38(B)       2,114,561
  2,595,410 TRTX Issuer, Ltd. (Cayman Islands), Ser 2019-FL3, Class C, 144a, (TSFR1M + 2.214%), 7.576%, 10/15/34(B)       2,492,629
 2,250,000 Whitebox CLO I, Ltd. (Cayman Islands), Ser 2019-1A, Class BR, 144a, (TSFR3M + 2.312%), 7.710%, 7/24/32(B)       2,237,063
  Total Asset-Backed Securities  $24,211,831
  Non-Agency Collateralized Mortgage Obligations — 5.0%
  1,405,000 Connecticut Avenue Securities Trust, Ser 2022-R04, Class 1M2, 144a, (SOFR30A + 3.10%), 8.437%, 3/25/42(B)       1,449,572
  3,250,000 Freddie Mac STACR REMIC Trust, Ser 2022-DNA3, Class M1B, 144a, (SOFR30A + 2.900%), 8.237%, 4/25/42(B)       3,337,037
  3,750,000 Mill City Mortgage Loan Trust, Ser 2017-2, Class B2, 144a, 4.284%, 7/25/59(B)(C)       3,217,668
 2,375,000 Towd Point Mortgage Trust, Ser 2015-2, Class 1B3, 144a, 3.676%, 11/25/60(B)(C)       2,025,145
  Total Non-Agency Collateralized Mortgage Obligations  $10,029,422
Shares        
  Common Stocks — 4.2%  
  Financials — 1.5%  
    19,200 Bank of America Corp.     646,464
     1,704 Goldman Sachs Group, Inc. (The)     657,352
        44 Hi-Crush, Inc.(D)*   1,687,997
          2,991,813
  Information Technology — 0.6%  
     4,352 International Business Machines Corp.     711,770
     3,439 Texas Instruments, Inc.     586,212
          1,297,982
  Industrials — 0.6%  
     1,351 Lockheed Martin Corp.     612,327
     6,936 RTX Corp.     583,595
          1,195,922
  Communication Services — 0.3%  
    41,944 AT&T, Inc.     703,821
  Consumer Staples — 0.3%  
     6,351 Philip Morris International, Inc.     597,502
 
14
Touchstone Strategic Income Opportunities Fund (Unaudited) (Continued)
Shares       MarketValue
  Common Stocks — 4.2% (Continued)  
  Materials — 0.3%  
    39,560 Covia* $    573,620
  Energy — 0.3%  
     5,698 Exxon Mobil Corp.     569,686
  Health Care — 0.3%  
     3,626 Johnson & Johnson     568,339
  Total Common Stocks   $8,498,685
Principal
Amount 		       
  Commercial Mortgage-Backed Securities — 3.7%
$ 2,700,000 BX Commercial Mortgage Trust, Ser 2020-VIV2, Class C, 144a, 3.542%, 3/9/44(B)(C)       2,309,279
  5,000,000 CGMS Commercial Mortgage Trust, Ser 2017-B1, Class D, 144a, 3.000%, 8/15/50       3,238,617
 2,202,000 GS Mortgage Securities Corp. Trust, Ser 2017-SLP, Class E, 144a, 4.591%, 10/10/32(B)(C)       2,004,560
  Total Commercial Mortgage-Backed Securities   $7,552,456
  Sovereign Government Obligations — 2.3%
    850,000 Angolan Government International Bond, 144a, 8.000%, 11/26/29         753,865
    697,000 Bahamas Government International Bond, 144a, 6.000%, 11/21/28         613,360
  1,000,000 Egypt Government International Bond, 8.500%, 1/31/47         619,916
    705,000 Gabon Government International Bond, 144a, 6.625%, 2/6/31         587,276
  1,350,000 Ghana Government International Bond, 144a, 8.627%, 6/16/49         573,024
    650,000 Republic of Uzbekistan International Bond, 144a, 3.700%, 11/25/30         545,350
    900,000 Serbia International Bond, 2.125%, 12/1/30         720,000
    200,000 Ukraine Government International Bond, 144a, 7.253%, 3/15/35          47,000
 1,020,000 Ukraine Government International Bond, 7.253%, 3/15/35         239,700
  Total Sovereign Government Obligations   $4,699,491
  Agency Collateralized Mortgage Obligations — 0.5%
24,035,760 FRESB Mortgage Trust, Ser 2020-SB78, Class X1, 1.138%, 6/25/40(B)(C)(E)     900,341
Number of
Rights 		       
  Rights — 0.0%  
  Energy — 0.0%  
    27,942 Vistra Energy Corp. Tax Return Rights, 12/6/26*      36,045
Shares        
  Preferred Stocks — 0.0%  
  Financials — 0.0%  
    95,203 First Republic Bank, Ser K, 13.930%(A)       8,568
Shares       MarketValue
  Short-Term Investment Funds — 2.5%  
 4,739,857 Dreyfus Government Cash Management, Institutional Shares, 5.25%∞Ω $  4,739,857
   217,140 Invesco Government & Agency Portfolio, Institutional Class, 5.28%∞Ω**     217,140
  Total Short-Term Investment Funds   $4,956,997
  Total Investment Securities—99.0%
(Cost $211,583,969) 		$199,770,164
  Other Assets in Excess of Liabilities — 1.0%   2,008,489
  Net Assets — 100.0% $201,778,653
(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 December 31, 2023.
(C) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(D) Level 3- For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
(E) 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.
* 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 December 31, 2023 was $205,611.
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2023.
Portfolio Abbreviations:
CLO – Collateralized Loan Obligation
FRESB – Freddie Mac Multifamily Securitization Small Balance Loan
ICE – Intercontinental Exchange, Inc.
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
REIT – Real Estate Investment Trust
REMIC – Real Estate Mortgage Investment Conduit
SOC – State-Owned Company
SOFR30A – Secured Overnight Financing Rate 30 Day Average
STACR – Structured Agency Credit Risk
TSFR1M – One Month Term Secured Overnight Financing Rate
TSFR3M – Three Month Term Secured Overnight Financing Rate
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2023, these securities were valued at $85,084,079 or 42.2% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.
 
15
Touchstone Strategic Income Opportunities Fund (Unaudited) (Continued)
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Assets:        
Corporate Bonds $— $90,868,302 $— $90,868,302
U.S. Treasury Obligations — 48,008,026 — 48,008,026
Asset-Backed Securities — 24,211,831 — 24,211,831
Non-Agency Collateralized Mortgage Obligations — 10,029,422 — 10,029,422
Common Stocks 6,237,068 573,620 1,687,997 8,498,685
Commercial Mortgage-Backed Securities — 7,552,456 — 7,552,456
Sovereign Government Obligations — 4,699,491 — 4,699,491
Agency Collateralized Mortgage Obligations — 900,341 — 900,341
Rights — 36,045 — 36,045
Preferred Stocks 8,568 — — 8,568
Short-Term Investment Funds 4,956,997 — — 4,956,997
Other Financial Instruments        
Futures        
Interest rate contracts 332,859 — — 332,859
Total Assets $11,535,492 $186,879,534 $1,687,997 $200,103,023
Liabilities:        
Other Financial Instruments        
Swap Agreements        
Credit contracts $— $(550,440) $— $(550,440)
Futures        
Interest rate contracts (80,568) — — (80,568)
Total Liabilities $(80,568) $(550,440) $— $(631,008)
Total $11,454,924 $186,329,094 $1,687,997 $199,472,015
Measurements Using Unobservable Inputs (Level 3)  
Assets Common Stocks
Beginning balance, March 31, 2023 $1,662,191
Change in unrealized appreciation (depreciation) 25,806
Ending balance, December 31, 2023 $1,687,997
Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at December 31, 2023 $25,806
Common
Stocks  		Fair Value Valuation
Technique 		Unobservable
Input 		Value or
range of
input 		Impact to
valuation from
an increase to
the input
Hi-Crush, Inc. $1,687,997 Market
Approach 		Transaction
Price 		$47,500 N/A
 
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Touchstone Strategic Income Opportunities Fund (Unaudited) (Continued)
Futures Contracts
At December 31, 2023, $184,137 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at December 31, 2023: 
Description Expiration Date Number of
Contracts 		Notional Value Unrealized
Appreciation/
Depreciation
Short Futures:        
30-Year U.S. Ultra Treasury Bond 3/19/2024 23 $3,072,656 $(80,568)
Long Futures:        
2-Year U.S. Treasury Note 3/28/2024 158 32,534,422 332,859
        $252,291
 Centrally Cleared Credit Default Swaps on Credit Indices(1)
Counterparty Termination
Date 		Notional
Amount(2) 		Pay Fixed
Rate 		Clearinghouse Underlying
Bond 		Value(3) Premiums
Paid/
(Received) 		Unrealized
Depreciation
Buy Protection:                
Wells Fargo 12/20/28 $9,251,550 5.000% ICE Markit CDX North America High Yield
Series 41 5Y Index 		$(539,669) $10,771 $(550,440)
(1) If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.
(2) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(3) The quoted market prices and resulting values for credit default swap agreements on the underlying bond serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
17
Notes to Portfolios of Investments
December 31, 2023 (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 December 31, 2023, 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 Strategic Income Opportunities Fund held Level 3 categorized securities during the period ended December 31, 2023. Refer to the Portfolio of Investments for a reconciliation of Level 3 holdings.
Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.
The Funds' portfolio securities are valued as of the close of the regular session of trading on the New York Stock Exchange (“NYSE”) (currently 4:00 p.m., Eastern Time or at the time as of which the NYSE establishes official closing prices). Portfolio securities traded on stock exchanges are valued at the last reported sale price, official close price, or last bid price if no sales are reported. Portfolio securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) or from the primary exchange on which the security trades. To the extent these securities are actively traded, they are categorized in Level 1 of the fair value hierarchy. Options and futures are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long option positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price on the valuation date and are categorized in Level 1. Shares of mutual funds in which the Funds invest are valued at their respective net asset value (“NAV”) as reported by the underlying funds and are categorized in Level 1.
Debt securities held by the Funds are valued at their evaluated bid by an independent pricing service or at their last broker-quoted bid prices as obtained from one or more of the major market makers for such securities. Independent pricing services use information provided by market makers or estimates of market values through accepted market modeling conventions. Observable inputs to the models may include prepayment speeds, pricing spread, yield, trade information, dealer quotes, market color, cash flow models, the securities’ terms and conditions, among others, and are generally categorized in Level 2. Investments in 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.
18
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 established by the Adviser and adopted 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.
19