Form NPORT-EX TOUCHSTONE FUNDS GROUP For: Jun 30

August 28, 2019 3:38 PM EDT

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Portfolio of Investments

Touchstone Active Bond Fund – June 30, 2019 (Unaudited)

 

Principal
Amount
          Market
Value
 
  

Corporate Bonds — 29.3%

  
  

Financials — 7.2%

  
$ 1,245,000     

Allstate Corp. (The), Ser B, 5.750%, 8/15/53

   $ 1,305,021  
  975,000     

American Express Co., 3.000%, 10/30/24

     999,443  
  754,000     

Bank of America Corp., 3.705%, 4/24/28

     792,229  
  1,000,000     

Bank of America Corp. MTN, 4.000%, 1/22/25

     1,051,807  
  896,000     

Bank of Montreal (Canada), 3.803%, 12/15/32

     908,643  
  972,000     

Bank of New York Mellon Corp. (The) MTN, 2.950%, 1/29/23

     992,350  
  917,000     

Barclays PLC (United Kingdom), 4.610%, 2/15/23

     948,800  
  665,000     

Citigroup, Inc., 3.200%, 10/21/26

     678,196  
  426,000     

Citigroup, Inc., 4.750%, 5/18/46

     481,833  
  649,000     

Credit Suisse AG (Switzerland) MTN, 3.625%, 9/9/24

     683,633  
  468,000     

GE Capital International Funding Co. Unlimited Co. (Ireland), 4.418%, 11/15/35

     463,206  
  928,000     

Goldman Sachs Group, Inc. (The), (3M LIBOR +1.000%), 3.581%, 7/24/23(A)

     929,580  
  525,000     

Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28

     542,203  
  710,000     

Goldman Sachs Group, Inc. (The), 5.250%, 7/27/21

     750,437  
  719,000     

HSBC Holdings PLC (United Kingdom), 3.900%, 5/25/26

     751,034  
  954,000     

Huntington Bancshares, Inc., 4.000%, 5/15/25

     1,017,814  
  505,000     

JPMorgan Chase & Co., 3.250%, 9/23/22

     518,802  
  630,000     

JPMorgan Chase & Co., (3M LIBOR +0.730%), 3.322%, 4/23/24(A)

     628,323  
  961,000     

JPMorgan Chase & Co., 3.509%, 1/23/29

     999,090  
  923,000     

Lloyds Banking Group PLC (United Kingdom), 3.574%, 11/7/28

     923,948  
  955,000     

Morgan Stanley, 3.950%, 4/23/27

     998,905  
  982,000     

New York Life Global Funding, 144a, 3.000%, 1/10/28

     1,004,280  
  629,000     

Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47

     649,331  
  952,000     

PNC Capital Trust C, (3M LIBOR +0.570%), 3.090%, 6/1/28(A)

     857,637  
  880,000     

SunTrust Banks, Inc., 4.000%, 5/1/25

     942,285  
  1,828,000     

SunTrust Capital I, Ser A, (3M LIBOR +0.670%), 3.190%, 5/15/27(A)

     1,677,190  
  550,000     

Wells Fargo & Co., 2.100%, 7/26/21

     547,018  
  535,000     

Wells Fargo & Co., 4.125%, 8/15/23

     565,012  
     

 

 

 
        23,608,050  
     

 

 

 
  

Energy — 4.4%

  
  962,000     

Boardwalk Pipelines LP, 4.450%, 7/15/27

     983,649  
Principal
Amount
          Market
Value
 
  

Energy — (Continued)

  
$ 1,051,000     

Buckeye Partners LP, 3.950%, 12/1/26

   $ 931,433  
  615,000     

Canadian Natural Resources Ltd. (Canada), 6.250%, 3/15/38

     759,347  
  993,000     

Cenovus Energy, Inc. (Canada), 4.250%, 4/15/27

     1,028,623  
  790,000     

Cheniere Corpus Christi Holdings LLC, 7.000%, 6/30/24

     908,579  
  350,000     

CNOOC Nexen Finance 2014 ULC (Canada), 4.250%, 4/30/24

     371,437  
  696,000     

Columbia Pipeline Group, Inc., 4.500%, 6/1/25

     749,041  
  890,000     

Energy Transfer Partners LP, 4.950%, 6/15/28

     973,054  
  500,000     

KazMunayGas National Co. JSC (Kazakhstan), 144a, 4.750%, 4/19/27

     536,194  
  400,000     

KazMunayGas National Co. JSC (Kazakhstan), 144a, 5.750%, 4/19/47

     452,420  
  1,292,000     

Midcontinent Express Pipeline LLC, 144a, 6.700%, 9/15/19

     1,298,011  
  701,000     

NGPL PipeCo LLC, 144a, 7.768%, 12/15/37

     890,270  
  200,000     

Pertamina Persero PT (Indonesia), 144a, 6.450%, 5/30/44

     244,746  
  200,000     

Petrobras Global Finance BV (Netherlands), 5.999%, 1/27/28

     212,600  
  200,000     

Petrobras Global Finance BV (Netherlands), 6.900%, 3/19/49

     213,000  
  550,000     

Petrobras Global Finance BV (Netherlands), 7.375%, 1/17/27

     629,200  
  200,000     

Petroleos del Peru SA (Peru), 144a, 4.750%, 6/19/32

     218,760  
  200,000     

Petroleos del Peru SA (Peru), 144a, 5.625%, 6/19/47

     227,500  
  675,000     

Petroleos Mexicanos (Mexico), 4.500%, 1/23/26

     619,772  
  200,000     

Petroleos Mexicanos (Mexico), 4.875%, 1/18/24

     195,490  
  450,000     

Petroleos Mexicanos (Mexico), 5.500%, 1/21/21

     455,175  
  265,000     

Petroleos Mexicanos (Mexico), 6.350%, 2/12/48

     227,503  
  200,000     

Petroleos Mexicanos (Mexico), 6.375%, 1/23/45

     172,000  
  200,000     

Saudi Arabian Oil Co. (Saudi Arabia), 144a, 4.250%, 4/16/39

     202,474  
  706,000     

Woodside Finance Ltd. (Australia), 144a, 4.500%, 3/4/29

     746,025  
  350,000     

YPF SA (Argentina), 144a, 6.950%, 7/21/27

     317,520  
     

 

 

 
        14,563,823  
     

 

 

 
  

Industrials — 3.0%

  
  954,000     

Avolon Holdings Funding Ltd. (Cayman Islands), 144a, 3.625%, 5/1/22

     966,974  
 

 

1


    

Touchstone Active Bond Fund (Unaudited) (Continued)

    

 

Principal
Amount
          Market
Value
 
  

Corporate Bonds — 29.3% (Continued)

  
  

Industrials — (Continued)

  
$ 776,000     

Burlington Northern Santa Fe LLC, 5.750%, 5/1/40

   $ 1,022,839  
  300,000     

Cemex SAB de CV (Mexico), 144a, 7.750%, 4/16/26

     330,003  
  1,021,000     

CRH America Finance, Inc., 144a, 4.500%, 4/4/48

     1,006,882  
  1,420,000     

Eagle Materials, Inc., 4.500%, 8/1/26

     1,450,038  
  369,000     

Embraer Netherlands Finance BV (Netherlands), 5.050%, 6/15/25

     398,062  
  363,000     

Embraer Netherlands Finance BV (Netherlands), 5.400%, 2/1/27

     402,571  
  893,000     

FedEx Corp., 5.100%, 1/15/44

     982,472  
  644,000     

Norfolk Southern Corp., 4.837%, 10/1/41

     745,756  
  946,000     

Parker-Hannifin Corp., 4.000%, 6/14/49

     1,000,950  
  375,000     

Transnet SOC Ltd. (South Africa), 144a, 4.000%, 7/26/22

     374,790  
  280,000     

Vulcan Materials Co., 4.500%, 4/1/25

     298,478  
  852,000     

Wabtec Corp., 4.950%, 9/15/28

     913,531  
     

 

 

 
        9,893,346  
     

 

 

 
  

Consumer Staples — 2.5%

  
  1,063,000     

Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 2/1/46

     1,183,578  
  1,267,000     

Ashtead Capital, Inc., 144a, 4.375%, 8/15/27

     1,268,584  
  873,000     

Grupo Bimbo SAB de CV (Mexico), 144a, 4.500%, 1/25/22

     903,255  
  1,018,000     

Imperial Brands Finance PLC (United Kingdom), 144a, 4.250%, 7/21/25

     1,068,255  
  200,000     

JBS USA LUX SA / JBS USA Finance, Inc., 144a, 6.750%, 2/15/28

     217,250  
  814,000     

Kraft Heinz Foods Co., 6.875%, 1/26/39

     977,570  
  717,000     

Kroger Co. (The), 5.000%, 4/15/42

     746,802  
  920,000     

Mars, Inc., 144a, 3.875%, 4/1/39

     974,167  
  740,000     

Reynolds American, Inc., 4.450%, 6/12/25

     784,696  
     

 

 

 
        8,124,157  
     

 

 

 
  

Communication Services — 2.4%

  
  801,000     

Activision Blizzard, Inc., 4.500%, 6/15/47

     829,724  
  305,000     

AT&T, Inc., 4.350%, 6/15/45

     304,901  
  604,000     

AT&T, Inc., 4.500%, 5/15/35

     632,271  
  628,000     

Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45

     739,978  
  507,000     

Comcast Corp., 4.000%, 3/1/48

     536,312  
  648,000     

Comcast Corp., 4.150%, 10/15/28

     714,193  
  631,000     

Cox Communications, Inc., 144a, 3.350%, 9/15/26

     637,181  
Principal
Amount
          Market
Value
 
  

Communication Services — (Continued)

  
$ 338,000     

Deutsche Telekom International Finance BV (Netherlands), 8.750%, 6/15/30

   $ 486,711  
  928,000     

Tencent Holdings Ltd. (Cayman Islands), 144a, 3.975%, 4/11/29

     969,681  
  617,000     

Verizon Communications, Inc., 5.012%, 4/15/49

     734,841  
  1,303,000     

Warner Media LLC, 3.800%, 2/15/27

     1,302,134  
     

 

 

 
        7,887,927  
     

 

 

 
  

Health Care — 2.1%

  
  800,000     

AbbVie, Inc., 4.450%, 5/14/46

     785,673  
  569,000     

Allergan Funding SCS (Luxembourg), 3.800%, 3/15/25

     590,493  
  662,000     

Allergan Sales LLC, 144a, 5.000%, 12/15/21

     692,271  
  639,000     

Celgene Corp., 5.000%, 8/15/45

     758,353  
  670,000     

Cigna Corp., 144a, 4.375%, 10/15/28

     722,840  
  380,000     

CommonSpirit Health, 4.200%, 8/1/23

     400,899  
  1,016,000     

CVS Health Corp., 4.300%, 3/25/28

     1,071,350  
  477,000     

CVS Health Corp., 5.125%, 7/20/45

     508,680  
  1,016,000     

Express Scripts Holding Co., 3.300%, 2/25/21

     1,029,489  
  426,000     

Shire Acquisitions Investments Ireland DAC (Ireland), 2.400%, 9/23/21

     425,477  
     

 

 

 
        6,985,525  
     

 

 

 
  

Real Estate — 2.0%

  
  881,000     

Boston Properties LP REIT, 3.200%, 1/15/25

     899,351  
  902,000     

Crown Castle International Corp. REIT, 3.650%, 9/1/27

     928,873  
  453,000     

Mid-America Apartments LP REIT, 3.750%, 6/15/24

     471,458  
  691,000     

Sabra Health Care LP REIT, 5.125%, 8/15/26

     719,296  
  880,000     

SL Green Operating Partnership LP REIT, 3.250%, 10/15/22

     891,747  
  821,000     

Spirit Realty LP REIT, 4.450%, 9/15/26

     859,665  
  1,087,000     

VEREIT Operating Partnership LP REIT, 4.600%, 2/6/24

     1,154,246  
  671,000     

Welltower, Inc. REIT, 4.250%, 4/1/26

     715,081  
     

 

 

 
        6,639,717  
     

 

 

 
  

Utilities — 1.8%

  
  313,000     

American Water Capital Corp., 6.593%, 10/15/37

     428,121  
  712,000     

Duke Energy Progress LLC, 4.150%, 12/1/44

     770,664  
  875,000     

Electricite de France SA (France), 144a, 4.500%, 9/21/28

     959,592  
  200,000     

Genneia SA (Argentina), 144a, 8.750%, 1/20/22

     186,000  
  700,000     

NextEra Energy Capital Holdings, Inc., 5.650%, 5/1/79

     722,041  
 

 

2


    

Touchstone Active Bond Fund (Unaudited) (Continued)

    

 

Principal
Amount
          Market
Value
 
  

Corporate Bonds — 29.3% (Continued)

  
  

Utilities — (Continued)

  
$ 656,000     

Oncor Electric Delivery Co. LLC, 3.800%, 9/30/47

   $ 686,038  
  853,000     

PacifiCorp., 5.750%, 4/1/37

     1,091,774  
  1,347,000     

WEC Energy Group, Inc., (3M LIBOR +2.113%), 4.631%, 5/15/67(A)

     1,111,275  
     

 

 

 
        5,955,505  
     

 

 

 
  

Information Technology — 1.8%

  
  779,000     

Apple, Inc., 2.750%, 1/13/25

     796,387  
  629,000     

Apple, Inc., 4.650%, 2/23/46

     746,047  
  1,300,000     

Broadcom, Inc., 144a, 3.125%, 4/15/21

     1,308,418  
  855,000     

International Business Machines Corp., 2.800%, 5/13/21

     865,294  
  462,000     

Microsoft Corp., 3.500%, 2/12/35

     492,953  
  852,000     

NXP BV / NXP Funding LLC (Netherlands), 144a, 5.350%, 3/1/26

     943,513  
  624,000     

Visa, Inc., 4.150%, 12/14/35

     717,114  
     

 

 

 
        5,869,726  
     

 

 

 
  

Consumer Discretionary — 1.5%

  
  718,000     

AutoNation, Inc., 5.500%, 2/1/20

     728,408  
  906,000     

Dollar General Corp., 3.250%, 4/15/23

     930,646  
  833,000     

Ford Motor Credit Co. LLC, 5.584%, 3/18/24

     894,124  
  555,000     

General Motors Financial Co., Inc., 4.350%, 4/9/25

     572,530  
  557,000     

Home Depot, Inc. (The), 5.950%, 4/1/41

     755,154  
  909,000     

Walmart, Inc., 2.850%, 7/8/24

     939,136  
     

 

 

 
        4,819,998  
     

 

 

 
  

Materials — 0.6%

  
  667,000     

Braskem America Finance Co., 144a, 7.125%, 7/22/41

     786,193  
  200,000     

Braskem Netherlands Finance BV (Netherlands), 144a, 4.500%, 1/10/28

     202,300  
  200,000     

Corp. Nacional del Cobre de Chile (Chile), 144a, 4.500%, 9/16/25

     217,006  
  789,000     

Sherwin-Williams Co. (The), 4.500%, 6/1/47

     841,544  
     

 

 

 
        2,047,043  
     

 

 

 
  

Total Corporate Bonds

   $ 96,394,817  
     

 

 

 
  

U.S. Treasury Obligations — 26.4%

  
  600,000     

U.S. Treasury Bond, 2.875%, 5/15/49

     643,687  
  255,000     

U.S. Treasury Bond, 3.000%, 8/15/48

     279,663  
  12,455,000     

U.S. Treasury Bond, 3.000%, 2/15/49

     13,679,093  
  20,403,130     

U.S. Treasury Inflation Indexed Bonds, 0.875%, 1/15/29

     21,475,540  
  973,000     

U.S. Treasury Note, 2.125%, 5/31/26

     989,267  
  17,020,000     

U.S. Treasury Note, 2.250%, 4/30/21

     17,162,941  
  554,000     

U.S. Treasury Note, 2.375%, 5/15/29

     572,503  
  18,042,000     

U.S. Treasury Note, 2.500%, 3/31/23

     18,545,203  
  13,005,000     

U.S. Treasury Note, 2.625%, 2/15/29

     13,714,179  
     

 

 

 
  

Total U.S. Treasury Obligations

   $ 87,062,076  
     

 

 

 
Principal
Amount
          Market
Value
 
  

U.S. Government Mortgage-Backed Obligations — 12.0%

  
$ 87,998     

FHLMC, Pool #1H1348, (1 Year CMT Rate +2.140%), 4.407%, 10/1/36(A)

   $ 92,440  
  171,966     

FHLMC, Pool #1Q0339, (12M LIBOR +1.911%), 4.871%, 4/1/37(A)

     178,712  
  16,450     

FHLMC, Pool #A12886, 5.000%, 8/1/33

     17,873  
  56,320     

FHLMC, Pool #A13842, 6.000%, 9/1/33

     61,717  
  10,574     

FHLMC, Pool #A21415, 5.000%, 5/1/34

     11,559  
  20,246     

FHLMC, Pool #A35682, 5.000%, 7/1/35

     21,669  
  12,062     

FHLMC, Pool #A36523, 5.000%, 8/1/35

     13,189  
  63,838     

FHLMC, Pool #A46590, 5.000%, 8/1/35

     67,516  
  6,315     

FHLMC, Pool #A64971, 5.500%, 8/1/37

     6,959  
  3,349,084     

FHLMC, Pool #A89148, 4.000%, 10/1/39

     3,533,832  
  111,576     

FHLMC, Pool #A96485, 4.500%, 1/1/41

     119,915  
  594,612     

FHLMC, Pool #A97897, 4.500%, 4/1/41

     645,434  
  18,298     

FHLMC, Pool #C62740, 7.000%, 1/1/32

     20,335  
  17,760     

FHLMC, Pool #C72254, 6.500%, 7/1/32

     19,850  
  60,716     

FHLMC, Pool #C90986, 7.000%, 6/1/26

     64,803  
  18,819     

FHLMC, Pool #G02184, 5.000%, 4/1/36

     20,588  
  3,274,548     

FHLMC, Pool #G05624, 4.500%, 9/1/39

     3,518,516  
  306,532     

FHLMC, Pool #G05733, 5.000%, 11/1/39

     333,268  
  149,944     

FHLMC, Pool #J13584, 3.500%, 11/1/25

     156,076  
  5,239,753     

FHLMC, Pool #Q32917, 3.000%, 4/1/45

     5,345,969  
  56,679     

FNMA, Pool #255628, 5.500%, 2/1/25

     60,415  
  12,793     

FNMA, Pool #426830, 8.000%, 11/1/24

     12,925  
  8,331     

FNMA, Pool #540040, 7.500%, 6/1/28

     8,339  
  14,516     

FNMA, Pool #561741, 7.500%, 1/1/31

     16,426  
  30,568     

FNMA, Pool #640291, 7.000%, 8/1/32

     30,983  
  30,040     

FNMA, Pool #653301, 6.500%, 7/1/32

     33,320  
  56,798     

FNMA, Pool #653502, 6.500%, 7/1/32

     63,000  
  30,794     

FNMA, Pool #670402, 6.500%, 6/1/32

     35,357  
  3,852     

FNMA, Pool #725906, (12M LIBOR +1.554%), 4.304%, 8/1/34(A)

     4,040  
  163,484     

FNMA, Pool #745257, 6.000%, 1/1/36

     185,179  
  1,503     

FNMA, Pool #745974, (12M LIBOR +1.876%), 4.707%, 10/1/36(A)

     1,588  
  66,675     

FNMA, Pool #748895, 6.000%, 12/1/33

     70,123  
  57,866     

FNMA, Pool #758564, 6.000%, 9/1/24

     63,342  
  62,375     

FNMA, Pool #810049, 5.500%, 3/1/35

     66,479  
  113,669     

FNMA, Pool #819297, 6.000%, 9/1/35

     128,750  
  796,283     

FNMA, Pool #881279, 5.000%, 11/1/36

     864,955  
  33,115     

FNMA, Pool #889060, 6.000%, 1/1/38

     37,498  
  79,336     

FNMA, Pool #889061, 6.000%, 1/1/38

     91,145  
  7,936     

FNMA, Pool #895657, 6.500%, 8/1/36

     8,748  
  149,201     

FNMA, Pool #905049, 5.500%, 11/1/36

     159,455  
  45,221     

FNMA, Pool #908944, 5.500%, 1/1/37

     48,196  
  508,391     

FNMA, Pool #928553, 5.500%, 8/1/37

     569,282  
  1,211,663     

FNMA, Pool #931535, 5.500%, 7/1/39

     1,342,937  
  223,375     

FNMA, Pool #AA3467, 4.500%, 4/1/39

     239,791  
  353,471     

FNMA, Pool #AA4584, 4.500%, 4/1/39

     379,495  
  87,059     

FNMA, Pool #AB1800, 4.000%, 11/1/40

     91,815  
  231,046     

FNMA, Pool #AB2452, 4.000%, 3/1/26

     241,487  
  3,192,286     

FNMA, Pool #AB7845, 3.000%, 2/1/43

     3,259,127  
  72,588     

FNMA, Pool #AD3775, 4.500%, 3/1/25

     75,953  
 

 

3


    

Touchstone Active Bond Fund (Unaudited) (Continued)

    

 

Principal
Amount
          Market
Value
 
  

U.S. Government Mortgage-Backed Obligations — 12.0% (Continued)

  
$ 102,022     

FNMA, Pool #AD6193, 5.000%, 6/1/40

   $ 110,868  
  163,649     

FNMA, Pool #AE1568, 4.000%, 9/1/40

     172,590  
  531,542     

FNMA, Pool #AE2497, 4.500%, 9/1/40

     574,875  
  66,442     

FNMA, Pool #AE5441, 5.000%, 10/1/40

     72,204  
  274,217     

FNMA, Pool #AH1135, 5.000%, 1/1/41

     298,000  
  330,358     

FNMA, Pool #AH3483, 3.500%, 2/1/26

     344,508  
  132,913     

FNMA, Pool #AH3671, 4.000%, 2/1/26

     139,360  
  479,712     

FNMA, Pool #AH6622, 4.000%, 3/1/41

     511,044  
  606,189     

FNMA, Pool #AL0150, 4.000%, 2/1/41

     639,312  
  127,532     

FNMA, Pool #AL0211, 5.000%, 4/1/41

     138,592  
  4,960,222     

FNMA, Pool #AL5718, 3.500%, 9/1/44

     5,165,202  
  715,364     

FNMA, Pool #AS0779, 4.000%, 10/1/43

     761,907  
  63,541     

FNMA, Pool #AS7813, 4.000%, 8/1/46

     66,538  
  3,765,163     

FNMA, Pool #AS8703, 2.500%, 2/1/32

     3,795,408  
  917,472     

FNMA, Pool #AS8855, 3.500%, 2/1/37

     945,126  
  976,113     

FNMA, Pool #BH6180, 4.000%, 7/1/47

     1,017,285  
  606,517     

FNMA, Pool #MA2832, 3.000%, 12/1/36

     617,697  
  1,533,568     

GNMA, Pool #4424, 5.000%, 4/20/39

     1,687,251  
     

 

 

 
  

Total U.S. Government Mortgage-Backed Obligations

   $ 39,498,137  
     

 

 

 
  

Asset-Backed Securities — 11.3%

  
  2,231,210     

Adams Outdoor Advertising LP, Ser 2018-1, Class A, 144a, 4.810%, 11/15/48

     2,373,931  
  1,450,000     

Apidos CLO XVIII (Cayman Islands), Ser 2018-18A, Class A1, 144a, (3M LIBOR +1.140%), 3.732%, 10/22/30(A)

     1,449,208  
  2,400,000     

Avis Budget Rental Car Funding AESOP LLC, Ser 2015-2A, Class B, 144a, 3.420%, 12/20/21

     2,416,971  
  825,000     

BSPRT Issuer Ltd. (Cayman Islands), Ser 2018-FL4, Class D, 144a, (1M LIBOR +2.750%), 5.144%, 9/15/35(A)

     827,582  
  2,816     

CIT Home Equity Loan Trust, Ser 2002-1, Class AF5, 7.140%, 2/25/33(A)(B)

     2,924  
  2,940,000     

Coinstar Funding LLC, Ser 2017-1A, Class A2, 144a, 5.216%, 4/25/47

     3,010,200  
  184,707     

FFMLT Trust, Ser 2005-FFA, Class M3, 6.017%, 3/25/25(A)(B)

     190,146  
  1,100,000     

Hertz Vehicle Financing II LP, Ser 2015-1A, Class B, 144a, 3.520%, 3/25/21

     1,106,051  
  3,350,000     

Hertz Vehicle Financing II LP, Ser 2016-4A, Class A, 144a, 2.650%, 7/25/22

     3,351,635  
  2,000,000     

Hertz Vehicle Financing II LP, Ser 2019-1A, Class A, 144a, 3.710%, 3/25/23

     2,052,672  
  1,650,000     

Jack In The Box Funding LLC, Ser 2019-1A, Class A2I, 144a, 3.982%, 8/25/49

     1,650,000  
Principal
Amount
          Market
Value
 
  

Asset-Backed Securities — 11.3% (Continued)

  
$ 1,684,988     

Jimmy Johns Funding LLC, Ser 2017-1A, Class A2I, 144a, 3.610%, 7/30/47

   $ 1,701,635  
  1,450,000     

Kabbage Funding LLC, Ser 2019-1, Class A, 144a, 3.825%, 3/15/24

     1,470,443  
  1,505,000     

Madison Park Funding XXXV Ltd. (Cayman Islands), Ser 2019-35A, Class A2A, 144a, (3M LIBOR +1.650%), 4.174%, 4/20/31(A)

     1,504,932  
  1,161,046     

Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40

     1,309,317  
  228,690     

Orange Lake Timeshare Trust, Ser 2016-A, Class A, 144a, 2.610%, 3/8/29

     229,408  
  755     

RASC Trust, Ser 2001-KS3, Class AI6, 5.960%, 9/25/31(A)(B)

     785  
  293,779     

Sonic Capital LLC, Ser 2016-1A, Class A2, 144a, 4.472%, 5/20/46

     298,254  
  3,100,000     

Tesla Auto Lease Trust, Ser 2018-B, Class C, 144a, 4.360%, 10/20/21

     3,178,445  
  700,000     

Towd Point Mortgage Trust, Ser 2015-3, Class A2, 144a, 4.000%, 3/25/54(A)(B)

     724,324  
  2,848,419     

Towd Point Mortgage Trust, Ser 2019-1, Class A1, 144a, 3.750%, 3/25/58(A)(B)

     2,974,540  
  600,000     

Voya CLO Ltd. (Cayman Islands), Ser 2017-4A, Class A1, 144a, (3M LIBOR +1.130%), 3.727%, 10/15/30(A)

     598,187  
  1,505,000     

Voya CLO Ltd. (Cayman Islands), Ser 2019-2A, Class A, 144a, (3M LIBOR +1.270%), 0.000%, 7/20/32(A)

     1,505,000  
  3,275,125     

Wendys Funding LLC, Ser 2018-1A, Class A2I, 144a, 3.573%, 3/15/48

     3,293,924  
     

 

 

 
  

Total Asset-Backed Securities

   $ 37,220,514  
     

 

 

 
  

Non-Agency Collateralized Mortgage Obligations — 8.5%

  
  3,007     

Adjustable Rate Mortgage Trust, Ser 2004-4, Class 3A1, 4.254%, 3/25/35(A)(B)

     3,046  
  2,108,341     

Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.764%, 10/25/45(A)(B)

     2,192,312  
  3,285,726     

Agate Bay Mortgage Trust, Ser 2015-7, Class B2, 144a, 3.764%, 10/25/45(A)(B)

     3,425,959  
  64,625     

Alternative Loan Trust, Ser 2004-30CB, Class 3A1, 5.000%, 2/25/20

     63,004  
  4,873     

Alternative Loan Trust, Ser 2005-J3, Class 3A1, 6.500%, 9/25/34

     4,660  
  25,698     

CSFB Mortgage-Backed Trust, Ser 2004-7, Class 6A1, 5.250%, 10/25/19

     25,761  
  1,487,015     

CSMC Trust, Ser 2013-7, Class B3, 144a, 3.576%, 8/25/43(A)(B)

     1,511,470  
  2,109,676     

CSMC Trust, Ser 2015-1, Class B3, 144a, 3.942%, 1/25/45(A)(B)

     2,129,383  
 

 

4


    

Touchstone Active Bond Fund (Unaudited) (Continued)

    

 

Principal
Amount
          Market
Value
 
  

Non-Agency Collateralized Mortgage Obligations — 8.5% (Continued)

  
$ 2,141,971     

CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.862%, 12/25/44(A)(B)

   $ 2,194,635  
  1,344,507     

CSMC Trust, Ser 2018-RPL9, Class A, 144a, 3.850%, 9/25/57(A)(B)

     1,389,696  
  540,464     

Galton Funding Mortgage Trust, Ser 2019-1, Class A22, 144a, 4.000%, 2/25/59(A)(B)

     551,837  
  60,945     

JP Morgan Mortgage Trust, Ser 2005-A1, Class 2A1, 4.640%, 2/25/35(A)(B)

     62,520  
  152,098     

JP Morgan Mortgage Trust, Ser 2005-A2, Class 7CB1, 4.451%, 4/25/35(A)(B)

     154,645  
  37,495     

JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 4.346%, 6/25/36(A)(B)

     34,305  
  26,632     

MASTR Alternative Loans Trust, Ser 2004-7, Class 10A1, 6.000%, 6/25/34

     27,419  
  1,980,475     

PMT Loan Trust, Ser 2013-J1, Class A11, 144a, 3.500%, 9/25/43(A)(B)

     2,008,936  
  2,880,691     

PMT Loan Trust, Ser 2013-J1, Class A7, 144a, 3.500%, 9/25/43(A)(B)

     2,933,980  
  171,346     

Residential Asset Securitization Trust, Ser 2006-A1, Class 1A3, 6.000%, 4/25/36

     125,127  
  293,144     

Sequoia Mortgage Trust, Ser 2013-1, Class B1, 3.647%, 2/25/43(A)(B)

     300,689  
  343,712     

Sequoia Mortgage Trust, Ser 2013-1, Class B2, 3.647%, 2/25/43(A)(B)

     352,002  
  543,498     

Sequoia Mortgage Trust, Ser 2013-10, Class B2, 144a, 3.565%, 8/25/43(A)(B)

     556,664  
  529,217     

Sequoia Mortgage Trust, Ser 2013-5, Class B1, 144a, 3.509%, 5/25/43(A)(B)

     541,307  
  1,118,885     

Sequoia Mortgage Trust, Ser 2014-2, Class B2, 144a, 4.081%, 7/25/44(A)(B)

     1,159,576  
  3,122,946     

Sequoia Mortgage Trust, Ser 2017-1, Class A4, 144a, 3.500%, 2/25/47(A)(B)

     3,176,623  
  3,058,768     

Sequoia Mortgage Trust, Ser 2017-2, Class A1, 144a, 3.500%, 2/25/47(A)(B)

     3,073,954  
  83,889     

Washington Mutual Alternative Mortgage Pass-Through Certificates, Ser 2005-9, Class 2A4, 5.500%, 11/25/35

     83,588  
  78,325     

Wells Fargo Mortgage Backed Securities Trust, Ser 2003-G, Class A1, 4.554%, 6/25/33(A)(B)

     80,611  
     

 

 

 
  

Total Non-Agency Collateralized Mortgage Obligations

   $ 28,163,709  
     

 

 

 
  

Sovereign Government Obligations — 4.9%

  
  575,000     

Angolan Government International Bond, 144a, 8.250%, 5/9/28

     615,319  
  250,000     

Argentine Republic Government International Bond, 7.125%, 6/28/17

     186,878  
  400,000     

Colombia Government International Bond, 4.000%, 2/26/24

     418,800  
Principal
Amount
          Market
Value
 
  

Sovereign Government Obligations — 4.9% (Continued)

  
$ 521,000     

Colombia Government International Bond, 5.000%, 6/15/45

   $ 574,924  
  250,000     

Colombia Government International Bond, 6.125%, 1/18/41

     309,378  
  200,000     

Costa Rica Government International Bond, 144a, 4.375%, 4/30/25

     191,502  
  200,000     

Costa Rica Government International Bond, 144a, 5.625%, 4/30/43

     172,752  
  300,000     

Croatia Government International Bond, 144a, 5.500%, 4/4/23

     331,800  
  200,000     

Dominican Republic International Bond, 144a, 5.875%, 4/18/24

     213,780  
  150,000     

Dominican Republic International Bond, 144a, 5.950%, 1/25/27

     161,625  
  100,000     

Dominican Republic International Bond, 144a, 6.850%, 1/27/45

     109,376  
  200,000     

Ecuador Government International Bond, 144a, 7.875%, 1/23/28

     197,752  
  300,000     

Ecuador Government International Bond, 144a, 10.500%, 3/24/20

     312,753  
  350,000     

Egypt Government International Bond, 144a, 6.125%, 1/31/22

     360,826  
  200,000     

Egypt Government International Bond, 144a, 7.500%, 1/31/27

     213,178  
  200,000     

Egypt Government International Bond, 144a, 8.500%, 1/31/47

     211,744  
  200,000     

El Salvador Government International Bond, 144a, 6.375%, 1/18/27

     199,502  
  200,000     

Ghana Government International Bond, 144a, 8.950%, 3/26/51

     207,041  
  750,000     

Hungary Government International Bond, 5.375%, 3/25/24

     845,475  
  300,000     

Indonesia Government International Bond, 144a, 3.850%, 7/18/27

     309,895  
  200,000     

Ivory Coast Government International Bond, 144a, 6.375%, 3/3/28

     197,895  
  150,000     

Jamaica Government International Bond, 8.000%, 3/15/39

     185,252  
  200,000     

Kenya Government International Bond, 144a, 7.250%, 2/28/28

     207,093  
  200,000     

Lebanese Republic Government International Bond MTN, 6.650%, 2/26/30

     153,915  
  200,000     

Mexico Government International Bond, 4.125%, 1/21/26

     209,500  
  200,000     

Mexico Government International Bond, 4.350%, 1/15/47

     198,252  
  200,000     

Mongolia Government International Bond, 144a, 5.625%, 5/1/23

     203,565  
  200,000     

Nigeria Government International Bond, 5.625%, 6/27/22

     206,600  
  200,000     

Nigeria Government International Bond, 144a, 6.375%, 7/12/23

     211,500  
 

 

5


    

Touchstone Active Bond Fund (Unaudited) (Continued)

    

 

Principal
Amount
          Market
Value
 
  

Sovereign Government Obligations — 4.9% (Continued)

  
$ 400,000     

Nigeria Government International Bond, 144a, 7.875%, 2/16/32

   $ 417,854  
  250,000     

Oman Government International Bond, 144a, 4.125%, 1/17/23

     242,769  
  200,000     

Oman Government International Bond, 144a, 5.375%, 3/8/27

     187,764  
  300,000     

Pakistan Government International Bond, 144a, 7.875%, 3/31/36

     301,560  
  200,000     

Panama Government International Bond, 3.750%, 3/16/25

     210,802  
  200,000     

Panama Government International Bond, 4.500%, 4/16/50

     224,252  
  200,000     

Papua New Guinea Government International Bond, 144a, 8.375%, 10/4/28

     213,000  
  200,000     

Paraguay Government International Bond, 144a, 4.625%, 1/25/23

     210,002  
  300,000     

Perusahaan Penerbit SBSN Indonesia III, 144a, 4.350%, 9/10/24

     316,203  
  1,333,000     

Province of Ontario Canada, 1.875%, 5/21/20

     1,329,883  
  300,000     

Province of Santa Fe, 144a, 7.000%, 3/23/23

     258,000  
  200,000     

Qatar Government International Bond, 144a, 4.000%, 3/14/29

     215,500  
  200,000     

Republic of Armenia International Bond, 144a, 6.000%, 9/30/20

     205,664  
  500,000     

Republic of Azerbaijan International Bond, 144a, 4.750%, 3/18/24

     525,510  
  200,000     

Republic of Belarus International Bond, 144a, 6.875%, 2/28/23

     215,088  
  300,000     

Republic of Poland Government International Bond, 3.250%, 4/6/26

     317,100  
  200,000     

Republic of Poland Government International Bond, 4.000%, 1/22/24

     215,194  
  300,000     

Republic of South Africa Government International Bond, 4.850%, 9/27/27

     309,000  
  250,000     

Romanian Government International Bond, 144a, 4.375%, 8/22/23

     264,875  
  375,000     

Sri Lanka Government International Bond, 144a, 6.125%, 6/3/25

     365,552  
  350,000     

Turkey Government International Bond, 4.875%, 4/16/43

     272,285  
  400,000     

Turkey Government International Bond, 5.125%, 3/25/22

     394,044  
  200,000     

Ukraine Government International Bond, 7.750%, 9/1/26

     205,926  
  200,000     

Ukraine Government International Bond, 144a, 7.375%, 9/25/32

     196,440  
  375,000     

Ukraine Government International Bond, 144a, 7.750%, 9/1/21

     391,395  
  200,000     

Uruguay Government International Bond, 4.375%, 1/23/31

     216,400  
     

 

 

 
  

Total Sovereign Government Obligations

   $ 16,139,934  
     

 

 

 
Principal
Amount
          Market
Value
 
  

Agency Collateralized Mortgage Obligations — 4.1%

  
$ 4,558,589     

FHLMC REMIC, Ser 3331 Class PE, 6.000%, 6/15/37

   $ 5,067,727  
  1,312,767     

FHLMC REMIC, Ser 3859 Class JB, 5.000%, 5/15/41

     1,441,733  
  775,000     

FHLMC REMIC, Ser 4092, Class AY, 3.000%, 8/15/32

     793,523  
  166,336     

FHLMC Structured Pass Through Securities, Ser T-20, Class A5, 7.870%, 12/25/29(A)(B)

     196,496  
  239,738     

FNMA REMIC, Ser 2003-32, Class BZ, 6.000%, 11/25/32

     270,438  
  1,397,524     

FNMA REMIC, Ser 2012-47, Class AI, 3.000%, 5/25/22(C)

     45,247  
  79,809     

FNMA REMIC, Ser 2015-51, Class KC, 3.000%, 6/25/45

     81,888  
  815,100     

FNMA REMIC, Ser 2017-90, Class KA, 3.000%, 11/25/47

     843,836  
  22,934     

FNMA REMIC Trust, Ser 2001-W2, Class AF6, 6.589%, 10/25/31(A)(B)

     24,479  
  92,557     

FNMA Trust, Ser 2004-W15, Class 2AF, (1M LIBOR +0.250%), 2.654%, 8/25/44(A)

     92,015  
  2,545,940     

GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40

     2,699,460  
  7,840,723     

GNMA, Ser 2012-147, Class IO,
0.561%, 4/16/54(A)(B)(C)

     267,082  
  4,276,495     

GNMA, Ser 2016-113, Class IO,
1.177%, 2/16/58(A)(B)(C)

     395,200  
  17,084,929     

GNMA, Ser 2016-140, Class IO,
0.934%, 5/16/58(A)(B)(C)

     1,189,518  
  82,347     

GNMA, Ser 2017-120, Class UZ, 4.000%, 8/20/47

     81,921  
     

 

 

 
  

Total Agency Collateralized Mortgage Obligations

   $ 13,490,563  
     

 

 

 
  

Commercial Mortgage-Backed Securities — 2.2%

  
  580,000     

DBUBS Mortgage Trust, Ser 2017-BRBK, Class B, 144a, 3.648%, 10/10/34(A)(B)

     604,266  
  550,000     

Eleven Madison Trust Mortgage Trust, Ser 2015-11MD, Class C, 144a, 3.673%, 9/10/35(A)(B)

     569,245  
  595,000     

GS Mortgage Securities Corp. II, Ser 2017-SLP, Class B, 144a, 3.772%, 10/10/32

     612,709  
  1,750,000     

GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.659%, 1/10/43(A)(B)

     1,803,642  
  3,000,000     

Hudson Yards 2016-10HY Mortgage Trust, Ser 2016-10HY, Class A, 144a, 2.835%, 8/10/38

     3,039,793  
 

 

6


    

Touchstone Active Bond Fund (Unaudited) (Continued)

    

 

Principal
Amount
          Market
Value
 
  

Commercial Mortgage-Backed Securities — 2.2% (Continued)

  
$ 528,000     

JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2016-NINE, Class B, 144a, 2.949%, 10/6/38(A)(B)

   $ 524,010  
     

 

 

 
  

Total Commercial Mortgage-Backed Securities

   $ 7,153,665  
     

 

 

 
Shares              
  

Short-Term Investment Fund — 1.1%

  
  3,733,512     

Dreyfus Government Cash Management, Institutional Shares, 2.25%¥W

   $ 3,733,512  
     

 

 

 
  

Total Investment Securities —99.8%
(Cost $321,207,862)

   $ 328,856,927  
  

Other Assets in
Excess of Liabilities — 0.2%

     754,166  
     

 

 

 
  

Net Assets — 100.0%

   $ 329,611,093  
     

 

 

 

 

(A) 

Variable rate security - Rate reflected is the rate in effect as of June 30, 2019.

(B)

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.

(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.

¥ 

Open-End Fund.

W 

Represents the 7-day SEC yield as of June 30, 2019.

Portfolio Abbreviations:

CLO - Collateralized Loan Obligation

CMT - Constant Maturity Treasury

DAC - Designated Activity Company

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

MTN - Medium Term Note

PLC - Public Limited Company

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2019, these securities were valued at $100,396,099 or 30.5% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Other Information:

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

 

Valuation inputs at Reporting Date:  

Description

   Level 1      Level 2      Level 3      Total  

Assets:

           

Corporate Bonds

   $ —        $ 96,394,817      $ —        $ 96,394,817  

U.S. Treasury Obligations

     —          87,062,076        —          87,062,076  

U.S. Government Mortgage-Backed Obligations

     —          39,498,137        —          39,498,137  

Asset-Backed Securities

     —          37,220,514        —          37,220,514  

Non-Agency Collateralized Mortgage Obligations

     —          28,163,709        —          28,163,709  

Sovereign Government Obligations

     —          16,139,934        —          16,139,934  

Agency Collateralized Mortgage Obligations

     —          13,490,563        —          13,490,563  

Commercial Mortgage-Backed Securities

     —          7,153,665        —          7,153,665  

Short-Term Investment Fund

     3,733,512        —          —          3,733,512  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Assets

   $ 3,733,512      $ 325,123,415      $ —        $ 328,856,927  
  

 

 

    

 

 

    

 

 

    

 

 

 

See accompanying Notes to Portfolios of Investments.

 

 

7


Portfolio of Investments

Touchstone Anti-Benchmark® International Core Equity Fund – June 30, 2019 (Unaudited)

 

     Shares      Market
Value
 

Common Stocks — 98.6%

 

Japan — 24.3%

 

Communication Services — 4.2%

     

DeNA Co. Ltd.

     3,000      $ 57,518  

Fuji Media Holdings, Inc.

     20,600        287,735  

KDDI Corp.

     21,200        539,470  

Nippon Telegraph & Telephone Corp.

     6,400        298,174  

NTT DOCOMO, Inc.

     15,000        349,979  
     

 

 

 

Consumer Discretionary — 9.5%

     

ABC-Mart, Inc.

     8,300        541,299  

Bandai Namco Holdings, Inc.

     9,500        460,984  

Fast Retailing Co. Ltd.

     300        181,590  

K’s Holdings Corp.

     37,600        355,035  

Pan Pacific International Holdings Corp.

     6,400        406,909  

Shimamura Co. Ltd.

     3,600        269,518  

Skylark Holdings Co. Ltd.†

     29,500        515,553  

Suzuki Motor Corp.

     7,100        334,028  

Yamada Denki Co. Ltd.†

     76,100        336,794  

ZOZO, Inc.

     2,700        50,671  
     

 

 

 

Consumer Staples — 6.6%

     

Ain Holdings, Inc.

     6,900        401,731  

Coca-Cola Bottlers Japan Holdings, Inc.

     4,000        101,456  

Ezaki Glico Co. Ltd.

     10,700        477,014  

FamilyMart UNY Holdings Co. Ltd.

     15,700        374,830  

Lawson, Inc.

     11,300        542,873  

Lion Corp.

     10,300        192,149  

NH Foods Ltd.

     5,200        222,949  

Yamazaki Baking Co. Ltd.

     6,800        102,957  
     

 

 

 

Energy — 0.5%

     

Idemitsu Kosan Co. Ltd.

     5,700        172,396  
     

 

 

 

Health Care — 2.3%

     

Nihon Kohden Corp.

     16,800        456,483  

Olympus Corp.

     10,900        121,305  

Sumitomo Dainippon Pharma Co. Ltd.

     14,100        268,431  
     

 

 

 

Industrials — 0.7%

     

Hoshizaki Corp.

     2,900        216,257  

Yamato Holdings Co. Ltd.

     2,600        52,997  
     

 

 

 

Real Estate — 0.2%

     

Daito Trust Construction Co. Ltd.

     500        63,765  
     

 

 

 

Utilities — 0.3%

     

Kansai Electric Power Co., Inc. (The)

     10,200        116,926  
     

 

 

 

Total Japan

        8,869,776  
     

 

 

 

Hong Kong — 10.2%

     

Communication Services — 1.4%

     

PCCW Ltd.

     871,000        502,634  
     

 

 

 
     Shares      Market
Value
 

Hong Kong — (Continued)

     

Consumer Discretionary — 1.1%

     

Yue Yuen Industrial Holdings Ltd.

     142,000      $ 389,006  
     

 

 

 

Consumer Staples — 2.7%

     

Dairy Farm International Holdings Ltd.

     51,300        366,795  

Sun Art Retail Group Ltd.

     338,000        320,317  

WH Group Ltd., 144a

     284,500        288,595  
     

 

 

 

Industrials — 2.5%

     

Jardine Matheson Holdings Ltd.

     8,300        523,066  

Jardine Strategic Holdings Ltd.

     10,200        389,204  
     

 

 

 

Information Technology — 0.6%

     

ASM Pacific Technology Ltd.

     22,800        233,755  
     

 

 

 

Real Estate — 1.9%

     

Link REIT

     44,000        541,438  

Swire Properties Ltd.

     38,600        156,049  
     

 

 

 

Total Hong Kong

        3,710,859  
     

 

 

 

United Kingdom — 9.9%

     

Communication Services — 1.7%

     

Cineworld Group PLC

     82,600        265,811  

Pearson PLC

     34,769        361,738  
     

 

 

 

Consumer Discretionary — 1.8%

     

Compass Group PLC

     11,539        276,520  

Next PLC

     5,387        377,235  
     

 

 

 

Consumer Staples — 0.5%

     

J Sainsbury PLC

     68,963        171,373  
     

 

 

 

Financials — 1.1%

     

IG Group Holdings PLC

     52,552        389,886  
     

 

 

 

Industrials — 2.7%

     

Cobham PLC*

     341,686        462,461  

easyJet PLC

     24,439        295,895  

Royal Mail PLC

     78,243        210,554  
     

 

 

 

Information Technology — 0.7%

     

Micro Focus International PLC

     10,416        273,941  
     

 

 

 

Utilities — 1.4%

     

Centrica PLC

     359,372        400,616  

United Utilities Group PLC

     11,542        114,888  
     

 

 

 

Total United Kingdom

        3,600,918  
     

 

 

 
 

 

8


    

Touchstone Anti-Benchmark® International Core Equity Fund (Unaudited) (Continued)

    

 

     Shares      Market
Value
 

Common Stocks — 98.6% (Continued)

     

Australia — 8.1%

     

Communication Services — 0.5%

     

Telstra Corp. Ltd.

     63,264      $ 171,073  
     

 

 

 

Consumer Discretionary — 1.1%

     

Domino’s Pizza Enterprises Ltd.

     14,843        392,269  
     

 

 

 

Consumer Staples — 0.3%

     

Metcash Ltd.

     69,921        126,464  
     

 

 

 

Financials — 0.5%

     

nib holdings Ltd.

     33,496        180,625  
     

 

 

 

Materials — 4.3%

     

Evolution Mining Ltd.

     134,686        412,786  

Fortescue Metals Group Ltd.

     20,355        129,449  

Newcrest Mining Ltd.

     25,811        579,876  

Northern Star Resources Ltd.

     49,927        409,593  

Saracen Mineral Holdings Ltd.*

     18,704        48,421  
     

 

 

 

Utilities — 1.4%

     

APA Group

     65,574        497,268  
     

 

 

 

Total Australia

        2,947,824  
     

 

 

 

Denmark — 7.6%

     

Consumer Discretionary — 0.8%

     

Pandora A/S

     8,758        311,540  
     

 

 

 

Consumer Staples — 0.9%

     

Royal Unibrew A/S

     4,512        329,853  
     

 

 

 

Health Care — 4.6%

     

Ambu A/S - Class B

     10,404        169,130  

Ascendis Pharma A/S ADR*

     1,364        157,065  

Coloplast A/S - Class B

     1,115        126,038  

Genmab A/S*

     1,222        224,698  

GN Store Nord A/S

     2,485        116,168  

H Lundbeck A/S

     9,737        385,675  

Novo Nordisk A/S - Class B

     9,571        488,860  
     

 

 

 

Industrials — 0.9%

     

Vestas Wind Systems A/S

     3,810        330,074  
     

 

 

 

Utilities — 0.4%

     

Orsted A/S, 144a

     1,648        142,502  
     

 

 

 

Total Denmark

        2,781,603  
     

 

 

 

Germany — 6.1%

     

Consumer Discretionary — 3.4%

     

adidas AG

     1,764        544,587  

Puma SE

     5,978        398,678  

Zalando SE, 144a*

     6,855        304,154  
     

 

 

 

Consumer Staples — 1.2%

     

METRO AG

     25,278        462,054  
     

 

 

 
     Shares      Market
Value
 

Germany — (Continued)

     

Industrials — 0.9%

     

Deutsche Lufthansa AG

     3,762      $ 64,466  

OSRAM Licht AG

     7,862        259,707  
     

 

 

 

Real Estate — 0.6%

     

Deutsche Wohnen SE

     2,090        76,584  

Vonovia SE

     2,807        134,090  
     

 

 

 

Total Germany

        2,244,320  
     

 

 

 

Ireland — 3.6%

     

Consumer Discretionary — 0.2%

     

Paddy Power Betfair PLC

     780        58,720  
     

 

 

 

Consumer Staples — 2.0%

     

Glanbia PLC

     12,512        203,452  

Kerry Group PLC - Class A

     4,491        536,205  
     

 

 

 

Financials — 0.9%

     

AIB Group PLC

     83,201        340,210  
     

 

 

 

Health Care — 0.2%

     

Amarin Corp. PLC ADR†

     3,200        62,048  
     

 

 

 

Materials — 0.3%

     

James Hardie Industries PLC

     7,422        97,705  
     

 

 

 

Total Ireland

        1,298,340  
     

 

 

 

France — 3.4%

     

Communication Services — 1.1%

     

Eutelsat Communications SA

     22,196        414,930  
     

 

 

 

Consumer Staples — 0.4%

     

Carrefour SA

     8,061        155,641  
     

 

 

 

Financials — 0.4%

     

SCOR SE

     3,155        138,336  
     

 

 

 

Industrials — 0.4%

     

Getlink SE

     8,661        138,764  
     

 

 

 

Information Technology — 1.1%

     

Ingenico Group SA

     4,472        395,520  
     

 

 

 

Total France

        1,243,191  
     

 

 

 

Sweden — 3.3%

     

Consumer Discretionary — 0.8%

     

Hennes & Mauritz AB

     15,450        275,121  
     

 

 

 

Consumer Staples — 1.5%

     

ICA Gruppen AB

     12,739        547,634  
     

 

 

 

Health Care — 0.2%

     

Elekta AB - Class B

     5,956        86,581  
     

 

 

 
 

 

9


    

Touchstone Anti-Benchmark® International Core Equity Fund (Unaudited) (Continued)

    

 

     Shares      Market
Value
 

Common Stocks — 98.6% (Continued)

     

Sweden — (Continued)

     

Information Technology — 0.8%

     

Telefonaktiebolaget LM Ericsson - Class B

     30,999      $ 294,234  
     

 

 

 

Total Sweden

        1,203,570  
     

 

 

 

Netherlands — 2.9%

     

Consumer Staples — 1.4%

     

Koninklijke Ahold Delhaize NV

     23,206        520,968  
     

 

 

 

Energy — 0.4%

     

SBM Offshore NV

     6,753        130,363  
     

 

 

 

Industrials — 1.1%

     

Signify NV, 144a

     13,347        394,599  
     

 

 

 

Total Netherlands

        1,045,930  
     

 

 

 

Israel — 2.8%

     

Financials — 1.0%

     

Bank Leumi Le-Israel BM

     49,930        360,896  
     

 

 

 

Health Care — 0.4%

     

Teva Pharmaceutical Industries Ltd.*

     14,573        133,585  
     

 

 

 

Information Technology — 1.4%

     

Nice Ltd.*

     3,802        520,477  
     

 

 

 

Total Israel

        1,014,958  
     

 

 

 

Belgium — 2.5%

     

Consumer Staples — 1.2%

     

Colruyt SA

     7,382        428,098  
     

 

 

 

Health Care — 1.3%

     

UCB SA

     5,973        495,697  
     

 

 

 

Total Belgium

        923,795  
     

 

 

 

Italy — 2.3%

     

Consumer Discretionary — 0.7%

     

PRADA SpA

     81,800        252,935  
     

 

 

 

Financials — 0.9%

     

Unione di Banche Italiane SpA

     127,300        347,561  
     

 

 

 

Industrials — 0.7%

     

Atlantia SpA

     9,938        259,147  
     

 

 

 

Total Italy

        859,643  
     

 

 

 

Switzerland — 2.1%

     

Communication Services — 0.4%

     

Sunrise Communications Group AG, 144a

     1,727        128,987  
     

 

 

 
     Shares      Market
Value
 

Switzerland — (Continued)

     

Consumer Staples — 1.4%

     

Chocoladefabriken Lindt & Spruengli AG

     49      $ 356,633  

Chocoladefabriken Lindt & Spruengli AG

     2        162,672  
     

 

 

 

Real Estate — 0.3%

     

PSP Swiss Property AG

     1,096        128,102  
     

 

 

 

Total Switzerland

        776,394  
     

 

 

 

Finland — 2.1%

     

Communication Services — 0.4%

     

Elisa OYJ

     2,645        129,057  
     

 

 

 

Energy — 1.0%

     

Neste Oyj

     10,513        357,415  
     

 

 

 

Health Care — 0.7%

     

Orion Oyj - Class B

     7,290        267,331  
     

 

 

 

Total Finland

        753,803  
     

 

 

 

New Zealand — 1.9%

     

Communication Services — 1.6%

     

Spark New Zealand Ltd.

     212,214        570,936  
     

 

 

 

Consumer Staples — 0.3%

     

a2 Milk Co. Ltd.*

     11,898        117,613  
     

 

 

 

Total New Zealand

        688,549  
     

 

 

 

Norway — 1.8%

     

Consumer Staples — 1.8%

     

Mowi ASA

     21,601        505,440  

Orkla ASA

     18,700        165,961  
     

 

 

 

Total Norway

        671,401  
     

 

 

 

Spain — 1.5%

     

Utilities — 1.5%

     

Endesa SA

     4,480        115,228  

Red Electrica Corp. SA

     20,260        421,978  
     

 

 

 

Total Spain

        537,206  
     

 

 

 

Luxembourg — 1.0%

     

Communication Services — 1.0%

     

SES SA

     23,088        360,984  
     

 

 

 

Singapore — 0.7%

     

Industrials — 0.7%

     

SATS Ltd.

     68,300        263,524  
     

 

 

 

United States — 0.5%

     

Industrials — 0.5%

     

Reliance Worldwide Corp. Ltd.

     71,832        177,749  
     

 

 

 

Total Common Stocks

      $ 35,974,337  
     

 

 

 
 

 

10


    

Touchstone Anti-Benchmark® International Core Equity Fund (Unaudited) (Continued)

    

 

     Shares      Market
Value
 

Short-Term Investment Funds — 3.3%

 

Dreyfus Government Cash Management, Institutional Shares, 2.25%¥W

     329,387      $ 329,387  

Invesco Government & Agency Portfolio, Institutional Class, 2.19%**¥W

     885,023        885,023  
     

 

 

 

Total Short-Term Investment Funds

      $ 1,214,410  
     

 

 

 

Total Investment Securities —101.9%
(Cost $36,916,783)

      $ 37,188,747  

Liabilities in Excess of Other Assets — (1.9%)

 

     (679,349
     

 

 

 

Net Assets — 100.0%

      $ 36,509,398  
     

 

 

 

 

*

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, 2019 was $846,537.

¥ 

Open-End Fund.

W 

Represents the 7-day SEC yield as of June 30, 2019.

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 June 30, 2019, these securities were valued at $1,258,837 or 3.4% 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

   $ —        $ 8,869,776      $ —        $ 8,869,776  

Hong Kong

     1,278,867        2,431,992        —          3,710,859  

United Kingdom

     1,142,771        2,458,147        —          3,600,918  

Australia

     —          2,947,824        —          2,947,824  

Denmark

     835,805        1,945,798        —          2,781,603  

Germany

     1,773,939        470,381        —          2,244,320  

Ireland

     1,200,635        97,705        —          1,298,340  

France

     1,243,191        —          —          1,243,191  

Sweden

     822,755        380,815        —          1,203,570  

Netherlands

     394,599        651,331        —          1,045,930  

Israel

     —          1,014,958        —          1,014,958  

Belgium

     428,098        495,697        —          923,795  

Italy

     —          859,643        —          859,643  

Switzerland

     647,407        128,987        —          776,394  

Finland

     129,057        624,746        —          753,803  

New Zealand

     —          688,549        —          688,549  

Norway

     —          671,401        —          671,401  

Spain

     —          537,206        —          537,206  

Luxembourg

     360,984        —          —          360,984  

Singapore

     —          263,524        —          263,524  

United States

     —          177,749        —          177,749  

Short-Term Investment Funds

     1,214,410        —          —          1,214,410  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 11,472,518      $ 25,716,229      $ —        $ 37,188,747  
  

 

 

    

 

 

    

 

 

    

 

 

 

See accompanying Notes to Portfolios of Investments.

 

 

11


Portfolio of Investments

Touchstone Anti-Benchmark® US Core Equity Fund – June 30, 2019 (Unaudited)

 

     Shares      Market
Value
 

Common Stocks — 98.9%

     

Consumer Discretionary — 19.7%

     

Advance Auto Parts, Inc.

     1,058      $ 163,080  

AutoZone, Inc.*

     639        702,561  

Chipotle Mexican Grill, Inc.*

     729        534,270  

Dollar Tree, Inc.*

     1,347        144,654  

Domino’s Pizza, Inc.

     693        192,848  

Etsy, Inc.*

     446        27,371  

Expedia Group, Inc.

     2,263        301,047  

Gap, Inc. (The)

     7,761        139,465  

General Motors Co.

     1,066        41,073  

GrubHub, Inc.*

     3,487        271,951  

H&R Block, Inc.

     17,348        508,296  

Hasbro, Inc.

     1,125        118,890  

Kohl’s Corp.

     971        46,171  

L Brands, Inc.

     2,475        64,598  

Lululemon Athletica, Inc. (Canada)*

     794        143,087  

Macy’s, Inc.

     5,772        123,867  

McDonald’s Corp.

     635        131,864  

Newell Brands, Inc.

     2,663        41,063  

NVR, Inc.*

     28        94,367  

Roku, Inc.*

     969        87,772  

ServiceMaster Global Holdings, Inc.*

     943        49,121  

Tesla, Inc.*†

     1,647        368,039  

Ulta Beauty, Inc.*

     1,350        468,302  

Wynn Resorts Ltd.

     1,469        182,141  

Yum China Holdings, Inc. (China)

     5,578        257,704  
     

 

 

 
        5,203,602  
     

 

 

 

Financials — 14.5%

     

AGNC Investment Corp.

     35,926        604,275  

Annaly Capital Management, Inc.

     71,717        654,776  

Cboe Global Markets, Inc.

     7,173        743,338  

CME Group, Inc.

     2,184        423,936  

Everest Re Group Ltd. (Bermuda)

     2,496        616,961  

MarketAxess Holdings, Inc.

     2,429        780,729  
     

 

 

 
        3,824,015  
     

 

 

 

Utilities — 13.8%

     

Aqua America, Inc.

     3,531        146,077  

CMS Energy Corp.

     1,293        74,878  

Consolidated Edison, Inc.

     8,846        775,617  

Dominion Energy, Inc.

     1,962        151,702  

Edison International

     9,140        616,127  

Eversource Energy

     9,884        748,812  

NextEra Energy, Inc.

     1,879        384,930  

PG&E Corp.*

     9,783        224,226  

Public Service Enterprise Group, Inc.

     1,220        71,760  

Sempra Energy

     3,297        453,140  
     

 

 

 
        3,647,269  
     

 

 

 

Consumer Staples — 13.5%

     

Bunge Ltd.

     7,823        435,819  

Campbell Soup Co.

     15,263        611,588  

Clorox Co. (The)

     1,513        231,655  

Coca-Cola European Partners PLC (United Kingdom)

     1,754        99,101  

General Mills, Inc.

     7,834        411,442  
     Shares      Market
Value
 

Consumer Staples — (Continued)

     

Hershey Co. (The)

     2,099      $ 281,329  

JM Smucker Co. (The)

     3,224        371,373  

Kellogg Co.

     2,112        113,140  

Kraft Heinz Co. (The)

     9,664        299,971  

Kroger Co. (The)

     18,014        391,084  

Lamb Weston Holdings, Inc.

     4,469        283,156  

Molson Coors Brewing Co. - Class B

     699        39,144  
     

 

 

 
        3,568,802  
     

 

 

 

Health Care — 12.4%

     

Alnylam Pharmaceuticals, Inc.*

     844        61,241  

Biogen, Inc.*

     1,803        421,668  

Bristol-Myers Squibb Co.

     4,153        188,339  

DENTSPLY SIRONA, Inc.

     6,701        391,070  

DexCom, Inc.*

     2,603        390,034  

Exact Sciences Corp.*

     592        69,880  

Humana, Inc.

     1,493        396,093  

Jazz Pharmaceuticals PLC (Ireland)*

     2,933        418,128  

Molina Healthcare, Inc.*

     1,030        147,434  

Nektar Therapeutics*

     9,328        331,890  

Neurocrine Biosciences, Inc.*

     3,650        308,170  

Sage Therapeutics, Inc.*

     500        91,545  

Universal Health Services, Inc. - Class B

     483        62,978  
     

 

 

 
        3,278,470  
     

 

 

 

Real Estate — 7.2%

     

American Tower Corp. REIT

     297        60,722  

Crown Castle International Corp. REIT

     1,238        161,373  

Extra Space Storage, Inc. REIT

     7,126        756,069  

Public Storage REIT

     3,194        760,715  

Ventas, Inc. REIT

     2,484        169,781  
     

 

 

 
        1,908,660  
     

 

 

 

Communication Services — 5.5%

     

Activision Blizzard, Inc.

     1,913        90,294  

Discovery, Inc. - Class C*

     4,589        130,557  

Fox Corp. - Class A

     2,911        106,659  

Fox Corp. - Class B

     1,181        43,142  

Snap, Inc. - Class A*

     22,678        324,295  

Verizon Communications, Inc.

     3,638        207,839  

Viacom, Inc. - Class B

     18,478        551,938  
     

 

 

 
        1,454,724  
     

 

 

 

Industrials — 4.8%

     

Equifax, Inc.

     384        51,932  

General Electric Co.

     48,041        504,431  

Nielsen Holdings PLC

     11,818        267,087  

WW Grainger, Inc.

     1,630        437,215  
     

 

 

 
        1,260,665  
     

 

 

 

Information Technology — 3.6%

     

Ciena Corp.*

     801        32,945  

Dell Technologies, Inc. - Class C*

     766        38,913  

QUALCOMM, Inc.

     3,008        228,819  

Symantec Corp.

     23,736        516,495  

Trade Desk, Inc. (The) - Class A*

     600        136,668  
     

 

 

 
        953,840  
     

 

 

 
 

 

12


    

Touchstone Anti-Benchmark® US Core Equity Fund (Unaudited) (Continued)

    

 

     Shares      Market
Value
 

Common Stocks — 98.9% (Continued)

     

Materials — 3.0%

     

Newmont Mining Corp.

     20,834      $ 801,484  
     

 

 

 

Energy — 0.9%

     

Baker Hughes a GE Co.

     7,711        189,922  

Cabot Oil & Gas Corp.

     1,336        30,675  
     

 

 

 
        220,597  
     

 

 

 

Total Common Stocks

      $ 26,122,128  
     

 

 

 

Short-Term Investment Funds — 2.2%

     

Dreyfus Government Cash Management, Institutional Shares, 2.25%¥W

     278,251      $ 278,251  

Invesco Government & Agency Portfolio, Institutional Class, 2.19%**¥W

     308,263        308,263  
     

 

 

 

Total Short-Term Investment Funds

      $ 586,514  
     

 

 

 

Total Investment Securities — 101.1%
(Cost $25,188,567)

      $ 26,708,642  

Liabilities in Excess of Other Assets — (1.1%)

 

     (296,084
     

 

 

 

Net Assets — 100.0%

      $ 26,412,558  
     

 

 

 

 

*

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, 2019 was $302,788.

¥ 

Open-End Fund.

W 

Represents the 7-day SEC yield as of June 30, 2019.

Portfolio Abbreviations:

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  

Assets:

           

Common Stocks

   $ 26,122,128      $ —        $ —        $ 26,122,128  

Short-Term Investment Funds

     586,514        —          —          586,514  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Assets

   $ 26,708,642      $ —        $ —        $ 26,708,642  
  

 

 

    

 

 

    

 

 

    

 

 

 

See accompanying Notes to Portfolios of Investments.

 

 

13


Portfolio of Investments

Touchstone Credit Opportunities II Fund (formerly known as Arbitrage Fund) – June 30, 2019 (Unaudited)

 

Principal
Amount
          Market
Value
 
  

Corporate Bonds — 86.0%

  
  

Industrials — 17.6%

  
$ 225,000     

Berry Global Escrow Corp., 144a, 4.875%, 7/15/26

   $ 229,781  
  625,000     

Berry Global, Inc., 144a, 4.500%, 2/15/26

     615,625  
  270,000     

Bombardier, Inc. (Canada), 144a, 6.000%, 10/15/22

     271,158  
  445,000     

Bombardier, Inc. (Canada), 144a, 7.500%, 12/1/24

     453,900  
  90,000     

Bombardier, Inc. (Canada), 144a, 7.875%, 4/15/27

     90,113  
  485,000     

Builders FirstSource, Inc., 144a, 5.625%, 9/1/24

     499,875  
  355,000     

Builders FirstSource, Inc., 144a, 6.750%, 6/1/27

     374,525  
  775,000     

BWAY Holding Co., 144a, 5.500%, 4/15/24

     775,387  
  224,000     

Clean Harbors, Inc., 144a, 4.875%, 7/15/27

     227,662  
  259,000     

Crown Americas LLC / Crown Americas Capital Corp. V, 4.250%, 9/30/26

     264,180  
  365,000     

GFL Environmental, Inc. (Canada), 144a, 7.000%, 6/1/26

     373,669  
  445,000     

Hillman Group, Inc. (The), 144a, 6.375%, 7/15/22

     394,938  
  225,000     

IAA, Inc., 144a, 5.500%, 6/15/27

     234,000  
  300,000     

JELD-WEN, Inc., 144a, 4.875%, 12/15/27

     290,250  
  715,000     

OI European Group BV (Netherlands), 144a, 4.000%, 3/15/23

     718,575  
  535,000     

RBS Global, Inc. / Rexnord LLC, 144a, 4.875%, 12/15/25

     541,688  
  715,000     

Sensata Technologies BV (Netherlands), 144a, 5.000%, 10/1/25

     745,387  
  483,000     

Summit Materials LLC / Summit Materials Finance Corp., 144a, 5.125%, 6/1/25

     484,208  
  765,000     

TransDigm, Inc., 144a, 6.250%, 3/15/26

     805,162  
  550,000     

Tutor Perini Corp., 144a, 6.875%, 5/1/25

     526,625  
  535,000     

United Rentals North America, Inc., 5.875%, 9/15/26

     569,775  
  445,000     

XPO Logistics, Inc., 144a, 6.750%, 8/15/24

     474,481  
     

 

 

 
        9,960,964  
     

 

 

 
  

Communication Services — 15.5%

  
  300,000     

AMC Networks, Inc., 4.750%, 8/1/25

     303,000  
  445,000     

CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.000%, 2/1/28

     454,434  
  270,000     

CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.125%, 5/1/27

     279,547  
Principal
Amount
          Market
Value
 
  

Corporate Bonds — 86.0% (Continued)

  
  

Communication Services — (Continued)

  
$ 180,000     

CommScope LLC, 144a, 5.500%, 3/1/24

   $ 184,725  
  180,000     

CommScope LLC, 144a, 6.000%, 3/1/26

     184,500  
  173,000     

Cumulus Media New Holdings, Inc., 144a, 6.750%, 7/1/26

     172,533  
  225,000     

Frontier Communications Corp., 11.000%, 9/15/25

     139,500  
  270,000     

Frontier Communications Corp., 144a, 8.500%, 4/1/26

     261,900  
  300,000     

Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144a, 5.250%, 12/1/27

     310,500  
  270,000     

Intelsat Jackson Holdings SA (Luxembourg), 5.500%, 8/1/23

     246,375  
  225,000     

Intelsat Luxembourg SA (Luxembourg), 8.125%, 6/1/23

     173,812  
  225,000     

Lee Enterprises, Inc., 144a, 9.500%, 3/15/22

     228,938  
  355,000     

Level 3 Financing, Inc., 5.250%, 3/15/26

     367,425  
  355,000     

Level 3 Financing, Inc., 5.375%, 1/15/24

     362,988  
  535,000     

Nexstar Broadcasting, Inc., 144a, 5.625%, 8/1/24

     554,239  
  95,000     

Nexstar Escrow, Inc., 144a, 5.625%, 7/15/27

     97,256  
  535,000     

Qwest Corp., 6.875%, 9/15/33

     534,429  
  355,000     

Sinclair Television Group, Inc., 144a, 5.125%, 2/15/27

     347,900  
  355,000     

Sinclair Television Group, Inc., 144a, 5.625%, 8/1/24

     362,987  
  445,000     

Sirius XM Radio, Inc., 144a, 5.375%, 7/15/26

     461,131  
  65,000     

Sirius XM Radio, Inc., 144a, 5.500%, 7/1/29

     66,638  
  260,000     

Sprint Corp., 7.625%, 2/15/25

     276,900  
  520,000     

Sprint Corp., 7.625%, 3/1/26

     554,320  
  535,000     

T-Mobile USA, Inc., 4.750%, 2/1/28

     550,435  
  550,000     

Townsquare Media, Inc., 144a, 6.500%, 4/1/23

     541,750  
  715,000     

Virgin Media Secured Finance PLC (United Kingdom), 144a, 5.500%, 8/15/26

     740,919  
     

 

 

 
        8,759,081  
     

 

 

 
  

Energy — 12.7%

  
  270,000     

Centennial Resource Production LLC, 144a, 5.375%, 1/15/26

     256,500  
  270,000     

Centennial Resource Production LLC, 144a, 6.875%, 4/1/27

     272,700  
  710,000     

CITGO Petroleum Corp., 144a, 6.250%, 8/15/22

     710,000  
 

 

14


    

Touchstone Credit Opportunities II Fund (formerly known as Arbitrage Fund) (Unaudited) (Continued)

    

 

Principal
Amount
          Market
Value
 
  

Corporate Bonds — 86.0% (Continued)

  
  

Energy — (Continued)

  
$ 225,000     

Covey Park Energy LLC / Covey Park Finance Corp., 144a, 7.500%, 5/15/25

   $ 162,000  
  527,000     

CrownRock LP / CrownRock Finance, Inc., 144a, 5.625%, 10/15/25

     528,318  
  550,000     

Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25

     558,937  
  265,000     

Great Western Petroleum LLC / Great Western Finance Corp., 144a, 9.000%, 9/30/21

     215,313  
  355,000     

Hess Infrastructure Partners LP / Hess Infrastructure Partners Finance Corp., 144a, 5.625%, 2/15/26

     365,206  
  270,000     

Laredo Petroleum, Inc., 6.250%, 3/15/23

     251,181  
  400,000     

NGL Energy Partners LP / NGL Energy Finance Corp., 6.125%, 3/1/25

     396,000  
  355,000     

Parsley Energy LLC / Parsley Finance Corp., 144a, 5.375%, 1/15/25

     363,875  
  355,000     

Parsley Energy LLC / Parsley Finance Corp., 144a, 6.250%, 6/1/24

     369,200  
  225,000     

Rowan Cos., Inc., 7.375%, 6/15/25

     174,375  
  225,000     

SRC Energy, Inc., 6.250%, 12/1/25

     204,750  
  310,000     

Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.500%, 8/15/22

     297,600  
  310,000     

Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.750%, 4/15/25

     271,250  
  535,000     

Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.875%, 4/15/26

     567,100  
  355,000     

TerraForm Power Operating LLC, 144a, 4.250%, 1/31/23

     354,556  
  355,000     

TerraForm Power Operating LLC, 144a, 5.000%, 1/31/28

     356,331  
  355,000     

Transocean Sentry Ltd. (Cayman Islands), 144a, 5.375%, 5/15/23

     355,444  
  225,000     

Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 144a, 9.750%, 4/15/23

     145,688  
     

 

 

 
        7,176,324  
     

 

 

 
  

Consumer Discretionary — 12.3%

  
  445,000     

Allison Transmission, Inc., 144a, 4.750%, 10/1/27

     441,663  
  504,000     

Century Communities, Inc., 144a, 6.750%, 6/1/27

     510,930  
  250,000     

Delphi Technologies PLC (Jersey), 144a, 5.000%, 10/1/25

     223,125  
  715,000     

IRB Holding Corp., 144a, 6.750%, 2/15/26

     711,425  
  180,000     

L Brands, Inc., 6.750%, 7/1/36

     154,800  
  180,000     

L Brands, Inc., 6.875%, 11/1/35

     160,085  
  86,000     

L Brands, Inc., 7.500%, 6/15/29

     85,991  
Principal
Amount
          Market
Value
 
  

Corporate Bonds — 86.0% (Continued)

  
  

Consumer Discretionary — (Continued)

  
$ 716,000     

Live Nation Entertainment, Inc., 144a, 4.875%, 11/1/24

   $ 736,585  
  310,000     

Live Nation Entertainment, Inc., 144a, 5.625%, 3/15/26

     325,112  
  300,000     

Newell Brands, Inc., 4.200%, 4/1/26

     298,150  
  270,000     

Panther BF Aggregator 2 LP / Panther Finance Co., Inc., 144a, 6.250%, 5/15/26

     280,463  
  270,000     

Panther BF Aggregator 2 LP / Panther Finance Co., Inc., 144a, 8.500%, 5/15/27

     278,100  
  355,000     

Penske Automotive Group, Inc., 5.500%, 5/15/26

     370,087  
  715,000     

Sabre GLBL, Inc., 144a, 5.250%, 11/15/23

     736,450  
  694,000     

Scientific Games International, Inc., 144a, 5.000%, 10/15/25

     700,940  
  445,000     

Six Flags Entertainment Corp., 144a, 4.875%, 7/31/24

     451,953  
  445,000     

Six Flags Entertainment Corp., 144a, 5.500%, 4/15/27

     462,800  
     

 

 

 
        6,928,659  
     

 

 

 
  

Consumer Staples — 6.0%

  
  433,000     

B&G Foods, Inc., 5.250%, 4/1/25

     437,330  
  535,000     

Core & Main LP, 144a, 6.125%, 8/15/25

     540,350  
  985,000     

First Quality Finance Co., Inc., 144a, 5.000%, 7/1/25

     992,387  
  895,000     

H&E Equipment Services, Inc., 5.625%, 9/1/25

     920,508  
  535,000     

Simmons Foods, Inc., 144a, 5.750%, 11/1/24

     486,850  
     

 

 

 
        3,377,425  
     

 

 

 
  

Real Estate — 5.4%

  
  715,000     

Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 5.750%, 5/15/26

     736,450  
  535,000     

ESH Hospitality, Inc. REIT, 144a, 5.250%, 5/1/25

     547,706  
  300,000     

GEO Group, Inc. (The) REIT, 5.125%, 4/1/23

     268,500  
  715,000     

Iron Mountain, Inc. REIT, 144a, 5.250%, 3/15/28

     715,894  
  544,000     

Realogy Group LLC / Realogy Co.-Issuer Corp., 144a, 4.875%, 6/1/23

     489,600  
  310,000     

WeWork Cos., Inc., 144a, 7.875%, 5/1/25

     305,846  
     

 

 

 
        3,063,996  
     

 

 

 
  

Health Care — 5.4%

  
  670,000     

Acadia Healthcare Co., Inc., 5.625%, 2/15/23

     680,887  
 

 

15


    

Touchstone Credit Opportunities II Fund (formerly known as Arbitrage Fund) (Unaudited) (Continued)

    

 

Principal
Amount
          Market
Value
 
  

Corporate Bonds — 86.0% (Continued)

  
  

Health Care — (Continued)

  
$ 13,000     

ASP AMC Merger Sub, Inc., 144a, 8.000%, 5/15/25

   $ 7,767  
  500,000     

BioScrip, Inc., 8.875%, 2/15/21

     506,250  
  225,000     

HCA, Inc., 5.625%, 9/1/28

     243,563  
  225,000     

HCA, Inc., 5.875%, 2/1/29

     246,656  
  225,000     

HCA, Inc., 7.690%, 6/15/25

     264,375  
  445,000     

Molina Healthcare, Inc., 144a, 4.875%, 6/15/25

     451,675  
  270,000     

RegionalCare Hospital Partners Holdings, Inc., 144a, 8.250%, 5/1/23

     287,381  
  355,000     

Sotera Health Holdings LLC, 144a, 6.500%, 5/15/23

     359,438  
     

 

 

 
        3,047,992  
     

 

 

 
  

Materials — 5.3%

  
  555,000     

Constellium NV (Netherlands), 144a, 5.750%, 5/15/24

     568,875  
  430,000     

Constellium NV (Netherlands), 144a, 5.875%, 2/15/26

     441,825  
  225,000     

Freeport-McMoRan, Inc., 3.875%, 3/15/23

     225,000  
  225,000     

Freeport-McMoRan, Inc., 5.400%, 11/14/34

     215,437  
  225,000     

Freeport-McMoRan, Inc., 5.450%, 3/15/43

     205,875  
  137,000     

Kraton Polymers LLC / Kraton Polymers Capital Corp., 144a, 7.000%, 4/15/25

     138,712  
  746,000     

New Gold, Inc. (Canada), 144a, 6.250%, 11/15/22

     695,645  
  299,000     

Novelis Corp., 144a, 5.875%, 9/30/26

     302,738  
  185,000     

Tronox Finance PLC (United Kingdom), 144a, 5.750%, 10/1/25

     179,450  
     

 

 

 
        2,973,557  
     

 

 

 
  

Information Technology — 2.7%

  
  325,000     

Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 144a, 10.000%, 11/30/24

     353,031  
  500,000     

NCR Corp., 5.000%, 7/15/22

     504,230  
  620,000     

Nuance Communications, Inc., 5.625%, 12/15/26

     646,536  
     

 

 

 
        1,503,797  
     

 

 

 
  

Financials — 1.8%

  
  270,000     

Acrisure LLC / Acrisure Finance, Inc., 144a, 7.000%, 11/15/25

     243,675  
  250,000     

Acrisure LLC / Acrisure Finance, Inc., 144a, 8.125%, 2/15/24

     258,125  
  535,000     

Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 144a, 8.250%, 8/1/23

     548,215  
     

 

 

 
        1,050,015  
     

 

 

 
Principal
Amount
          Market
Value
 
  

Corporate Bonds — 86.0% (Continued)

  
  

Utilities — 1.3%

  
$ 174,000     

NextEra Energy Operating Partners LP, 144a, 4.250%, 7/15/24

   $ 175,091  
  546,000     

Vistra Operations Co. LLC, 144a, 5.000%, 7/31/27

     565,792  
     

 

 

 
        740,883  
     

 

 

 
  

Total Corporate Bonds

   $ 48,582,693  
     

 

 

 
  

Bank Loans(A) — 9.7%

  
  

Energy — 3.1%

  
  339,135     

BCP Raptor LLC, Initial Term Loan (LIBOR +4.250%), 6/24/24(B)

     321,330  
  355,065     

Blackstone CQP Holdco LP, Initial Term Loan (LIBOR +3.500%), 6/20/24(B)

     355,420  
  379,043     

Brazos Delaware II LLC, Initial Term Loan (LIBOR +4.000%), 6.383%, 5/21/25(B)

     355,826  
  249,375     

Gulf Finance LLC, Tranche B Term Loan (LIBOR +5.250%), 8/25/23(B)

     203,136  
  339,226     

Ultra Resources, Inc., Senior Secured Term Loan (LIBOR +3.750%), 4/12/24(B)

     257,245  
  254,356     

Woodford Express LLC, Initial Term Loan (LIBOR +5.000%), 1/27/25

     249,480  
     

 

 

 
        1,742,437  
     

 

 

 
  

Communication Services — 1.8%

  
  244,377     

Frontier Communications Corp., Term B-1 Loan (LIBOR +3.750%), 6/17/24(B)

     239,286  
  170,000     

Intelsat Jackson Holdings SA, Tranche B-3 Term Loan (LIBOR +3.750%), 11/27/23(B)

     168,088  
  113,694     

Perforce Software, Inc., First Lien Term Loan (LIBOR +4.500%), 7/8/26(B)

     113,410  
  518,697     

Sprint Communications, Inc., 2018 Incremental Term Loan (LIBOR +3.000%), 2/2/24

     513,349  
     

 

 

 
        1,034,133  
     

 

 

 
  

Industrials — 1.7%

  
  218,064     

Cumulus Media New Holdings Inc., Exit Term Loan (LIBOR +4.500%), 5/13/22(B)

     217,791  
  418,923     

Forterra Finance LLC, Replacement Term Loan (LIBOR +3.000%), 10/25/23(B)

     385,992  
  334,148     

Sequa Mezzanine Holdings LLC, Initial Term Loan (First Lien) (LIBOR +0.000%), 11/28/21(B)

     326,352  
     

 

 

 
        930,135  
     

 

 

 
  

Consumer Discretionary — 1.4%

  
  398,922     

Golden Nugget, Inc., B Team Loan (LIBOR +2.750%), 10/4/23(B)

     395,252  
 

 

16


    

Touchstone Credit Opportunities II Fund (formerly known as Arbitrage Fund) (Unaudited) (Continued)

    

 

Principal
Amount
          Market
Value
 
  

Bank Loans(A) — 9.7% (Continued)

  
  

Consumer Discretionary — (Continued)

  
$ 325,000     

Petco Animal Supplies Inc., Term Loan (LIBOR +3.250%), 1/26/23(B)

   $ 251,244  
  171,600     

PetSmart, Inc., Tranche B-2 Loan (LIBOR +3.000%), 3/11/22(B)

     166,828  
     

 

 

 
        813,324  
     

 

 

 
  

Information Technology — 1.2%

  
  200,000     

Evergreen Skills Lux SARL, First Lien Initial Term Loan (Luxembourg) (LIBOR +4.750%), 4/28/21(B)

     172,084  
  520,000     

MA Financeco LLC, Tranche B-2 Term Loan (LIBOR +2.250%), 4.652%, 11/19/21

     513,718  
     

 

 

 
        685,802  
     

 

 

 
  

Health Care — 0.5%

  
  254,361     

LifePoint Health, Inc., First Lien Term B Loan (LIBOR +4.500%), 6.904%, 11/16/25

     252,680  
     

 

 

 
  

Total Bank Loans

   $ 5,458,511   
     

 

 

 

 

     Shares         

Short-Term Investment Fund — 14.2%

     

Dreyfus Government Cash Management, Institutional Shares, 2.25%¥W

     8,004,451      $ 8,004,451  
     

 

 

 

Total Investment Securities — 109.9%

      $ 62,045,655  

Liabilities in Excess of Other Assets — (9.9%)

        (5,598,863
     

 

 

 

Net Assets — 100.0%

      $ 56,446,792  
     

 

 

 

 

(A) 

Bank loans pay interest at rates which adjust periodically unless otherwise indicated. The interest rates shown are the current interest rates as of June 30, 2019.

(B) 

All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.

¥ 

Open-End Fund.

W 

Represents the 7-day SEC yield as of June 30, 2019.

Portfolio Abbreviations:

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

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 June 30, 2019, these securities were valued at $35,084,101 or 62.2% 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  

Assets:

           

Corporate Bonds

   $ —        $ 48,582,693      $ —        $ 48,582,693  

Bank Loans

     —          5,458,511        —          5,458,511  

Short-Term Investment Fund

     8,004,451        —          —          8,004,451  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 8,004,451      $ 54,041,204      $ —        $ 62,045,655  
  

 

 

    

 

 

    

 

 

    

 

 

 

See accompanying Notes to Portfolios of Investments.

 

 

17


Portfolio of Investments

Touchstone High Yield Fund – June 30, 2019 (Unaudited)

 

Principal
Amount
          Market
Value
 
  

Corporate Bonds — 98.0%

  
  

Communication Services — 18.3%

  
$ 1,499,000     

Altice Financing SA (Luxembourg), 144a, 6.625%, 2/15/23

   $ 1,536,475  
  463,000     

Altice Financing SA (Luxembourg), 144a, 7.500%, 5/15/26

     465,361  
  526,000     

Altice France SA (France), 144a, 6.250%, 5/15/24

     541,780  
  334,000     

Altice France SA (France), 144a, 7.375%, 5/1/26

     342,350  
  635,000     

Altice France SA (France), 144a, 8.125%, 2/1/27

     666,750  
  265,000     

AMC Networks, Inc., 4.750%, 8/1/25

     267,650  
  292,000     

AMC Networks, Inc., 5.000%, 4/1/24

     300,395  
  735,000     

Belo Corp., 7.250%, 9/15/27

     790,125  
  339,000     

Block Communications, Inc., 144a, 6.875%, 2/15/25

     353,408  
  337,000     

C&W Senior Financing DAC (Ireland), 144a, 6.875%, 9/15/27

     347,986  
  975,000     

C&W Senior Financing DAC (Ireland), 144a, 7.500%, 10/15/26

     1,016,437  
  769,000     

Cablevision Systems Corp., 5.875%, 9/15/22

     807,450  
  297,000     

CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.125%, 5/1/27

     307,502  
  505,000     

CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.375%, 5/1/25

     522,044  
  1,588,000     

CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.375%, 6/1/29

     1,639,610  
  975,000     

CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.750%, 2/15/26

     1,022,531  
  480,000     

CenturyLink, Inc., 5.625%, 4/1/25

     489,600  
  584,000     

CenturyLink, Inc., 5.800%, 3/15/22

     608,820  
  436,000     

CenturyLink, Inc., 6.450%, 6/15/21

     461,070  
  25,000     

CenturyLink, Inc., 6.750%, 12/1/23

     26,969  
  564,000     

CenturyLink, Inc., 6.875%, 1/15/28

     564,000  
  150,000     

CommScope LLC, 144a, 5.500%, 3/1/24

     153,938  
  741,000     

CommScope Technologies LLC, 144a, 5.000%, 3/15/27

     644,670  
  628,000     

CommScope Technologies LLC, 144a, 5.500%, 6/15/24

     599,112  
  966,000     

CSC Holdings LLC, 5.250%, 6/1/24

     1,003,432  
  400,000     

CSC Holdings LLC, 144a, 5.375%, 7/15/23

     411,000  
  561,000     

CSC Holdings LLC, 144a, 5.500%, 5/15/26

     587,619  
  533,000     

CSC Holdings LLC, 144a, 6.500%, 2/1/29

     581,636  
  1,086,000     

CSC Holdings LLC, 144a, 7.750%, 7/15/25

     1,174,943  
  1,723,000     

DISH DBS Corp., 5.875%, 7/15/22

     1,748,845  
  1,835,000     

DISH DBS Corp., 6.750%, 6/1/21

     1,924,456  
  1,137,000     

EW Scripps Co. (The), 144a, 5.125%, 5/15/25

     1,091,520  
  211,000     

GrubHub Holdings, Inc., 144a, 5.500%, 7/1/27

     216,564  
Principal
Amount
          Market
Value
 
  

Communication Services — (Continued)

 

$ 416,000     

Intelsat Jackson Holdings SA (Luxembourg), 5.500%, 8/1/23

   $ 379,600  
  274,000     

Netflix, Inc., 4.375%, 11/15/26

     280,247  
  1,153,000     

Netflix, Inc., 144a, 5.375%, 11/15/29

     1,224,705  
  673,000     

Nexstar Broadcasting, Inc., 144a, 5.625%, 8/1/24

     697,201  
  225,000     

Nexstar Escrow, Inc., 144a, 5.625%, 7/15/27

     230,344  
  237,000     

Nokia OYJ (Finland), 4.375%, 6/12/27

     243,221  
  552,000     

Qualitytech LP/QTS Finance Corp., 144a, 4.750%, 11/15/25

     546,480  
  480,000     

Sable International Finance Ltd. (Cayman Islands), 144a, 5.750%, 9/7/27

     483,300  
  485,000     

Sinclair Television Group, Inc., 144a, 5.875%, 3/15/26

     495,767  
  842,000     

Sirius XM Radio, Inc., 144a, 4.625%, 7/15/24

     861,602  
  248,000     

Sirius XM Radio, Inc., 144a, 5.375%, 7/15/26

     256,990  
  591,000     

Sirius XM Radio, Inc., 144a, 5.500%, 7/1/29

     605,893  
  955,000     

Sprint Capital Corp., 6.875%, 11/15/28

     981,549  
  2,149,000     

Sprint Corp., 7.125%, 6/15/24

     2,278,585  
  223,000     

Sprint Corp., 7.625%, 2/15/25

     237,495  
  293,000     

Sprint Corp., 7.625%, 3/1/26

     312,338  
  353,000     

Telecom Italia Capital SA (Luxembourg), 6.000%, 9/30/34

     360,060  
  865,000     

Telecom Italia Capital SA (Luxembourg), 6.375%, 11/15/33

     897,437  
  222,000     

Univision Communications, Inc., 144a, 5.125%, 5/15/23

     217,005  
  263,000     

Univision Communications, Inc., 144a, 5.125%, 2/15/25

     250,179  
  174,000     

UPCB Finance IV Ltd. (Cayman Islands), 144a, 5.375%, 1/15/25

     178,839  
  636,000     

ViaSat, Inc., 144a, 5.625%, 9/15/25

     624,870  
  667,000     

Virgin Media Secured Finance PLC (United Kingdom), 144a, 5.500%, 5/15/29

     676,805  
  575,000     

Zayo Group LLC / Zayo Capital, Inc., 144a, 5.750%, 1/15/27

     585,856  
     

 

 

 
        37,122,416  
     

 

 

 
  

Energy — 15.8%

  
  1,281,000     

Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 7.000%, 11/1/26

     1,168,912  
  584,000     

Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 6.125%, 11/15/22

     592,030  
  1,176,000     

Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 6.625%, 7/15/26

     1,184,820  
  542,000     

Buckeye Partners LP, 3.950%, 12/1/26

     480,340  
  511,000     

Carrizo Oil & Gas, Inc., 6.250%, 4/15/23†

     493,115  
 

 

18


    

Touchstone High Yield Fund (Unaudited) (Continued)

    

 

Principal
Amount
          Market
Value
 
  

Corporate Bonds — 98.0% (Continued)

  
  

Energy — (Continued)

  
$ 795,000     

Chesapeake Energy Corp., 4.875%, 4/15/22

   $ 751,275  
  761,000     

Chesapeake Energy Corp., 5.750%, 3/15/23

     713,437  
  171,000     

Chesapeake Energy Corp., 7.000%, 10/1/24

     153,473  
  725,000     

Delek Logistics Partners LP / Delek Logistics Finance Corp., 6.750%, 5/15/25

     717,750  
  823,000     

Ensco PLC (United Kingdom), 7.750%, 2/1/26

     613,135  
  598,000     

Ensign Drilling, Inc. (Canada), 144a, 9.250%, 4/15/24

     589,030  
  460,000     

Extraction Oil & Gas, Inc., 144a, 5.625%, 2/1/26

     371,450  
  997,000     

FTS International, Inc., 6.250%, 5/1/22

     924,717  
  1,002,000     

Genesis Energy LP / Genesis Energy Finance Corp., 5.625%, 6/15/24

     964,425  
  1,101,000     

Genesis Energy LP / Genesis Energy Finance Corp., 6.000%, 5/15/23

     1,092,742  
  506,000     

Genesis Energy LP / Genesis Energy Finance Corp., 6.250%, 5/15/26

     488,290  
  1,343,000     

Gulfport Energy Corp., 6.375%, 5/15/25

     1,039,146  
  417,000     

Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.000%, 12/1/24

     414,915  
  345,000     

Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 10/1/25

     345,863  
  435,000     

Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.250%, 11/1/28

     437,175  
  487,000     

Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 144a, 6.000%, 8/1/26

     496,740  
  1,161,000     

Montage Resources Corp., 8.875%, 7/15/23

     978,142  
  333,000     

Murphy Oil USA, Inc., 5.625%, 5/1/27

     346,320  
  646,000     

NGPL PipeCo LLC, 144a, 7.768%, 12/15/37

     820,420  
  531,000     

NuStar Logistics LP, 6.000%, 6/1/26

     549,585  
  1,338,000     

Parkland Fuel Corp. (Canada), 144a, 6.000%, 4/1/26

     1,368,105  
  421,000     

PDC Energy, Inc., 5.750%, 5/15/26

     413,633  
  1,012,000     

PDC Energy, Inc., 6.125%, 9/15/24

     1,012,000  
  343,000     

Peabody Energy Corp., 144a, 6.000%, 3/31/22

     351,146  
  1,053,000     

Peabody Energy Corp., 144a, 6.375%, 3/31/25

     1,066,162  
  477,000     

Precision Drilling Corp. (Canada), 7.750%, 12/15/23

     486,397  
  270,000     

Precision Drilling Corp. (Canada), 144a, 7.125%, 1/15/26

     261,225  
  340,000     

Range Resources Corp., 5.000%, 8/15/22

     322,575  
  479,000     

SemGroup Corp. / Rose Rock Finance Corp., 5.625%, 7/15/22

     472,179  
Principal
Amount
          Market
Value
 
  

Energy — (Continued)

  
$ 1,052,000     

SemGroup Corp. / Rose Rock Finance Corp., 5.625%, 11/15/23

   $ 1,004,660  
  1,379,000     

Shelf Drilling Holdings Ltd. (Cayman Islands), 144a, 8.250%, 2/15/25

     1,272,817  
  857,000     

Southwestern Energy Co., 6.200%, 1/23/25

     782,012  
  696,000     

Southwestern Energy Co., 7.500%, 4/1/26

     659,376  
  789,000     

Sunoco LP / Sunoco Finance Corp., 144a, 6.000%, 4/15/27

     828,450  
  580,000     

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 5.500%, 9/15/24

     598,850  
  253,000     

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 5.500%, 1/15/28

     255,846  
  313,000     

TerraForm Power Operating LLC, 144a, 4.250%, 1/31/23

     312,609  
  313,000     

TerraForm Power Operating LLC, 144a, 5.000%, 1/31/28

     314,174  
  554,000     

Tullow Oil PLC (United Kingdom), 144a, 7.000%, 3/1/25

     563,003  
  2,401,000     

Unit Corp., 6.625%, 5/15/21

     2,172,905  
  850,000     

Whiting Petroleum Corp., 6.250%, 4/1/23

     847,875  
     

 

 

 
        32,093,246  
     

 

 

 
  

Consumer Discretionary — 13.9%

  
  263,000     

1011778 BC ULC / New Red Finance, Inc. (Canada), 144a, 4.250%, 5/15/24

     265,959  
  700,000     

1011778 BC ULC / New Red Finance, Inc. (Canada), 144a, 5.000%, 10/15/25

     705,460  
  661,000     

ACCO Brands Corp., 144a, 5.250%, 12/15/24

     669,262  
  535,000     

Ahern Rentals, Inc., 144a, 7.375%, 5/15/23

     474,813  
  462,000     

AMN Healthcare, Inc., 144a, 5.125%, 10/1/24

     471,319  
  446,000     

Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.500%, 4/1/23

     455,478  
  505,000     

Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 5.750%, 7/15/27

     508,788  
  311,000     

Booz Allen Hamilton, Inc., 144a, 5.125%, 5/1/25

     315,665  
  555,000     

Brinker International, Inc., 3.875%, 5/15/23

     548,063  
  534,000     

Brinker International, Inc., 144a, 5.000%, 10/1/24

     544,013  
  249,000     

Brookfield Residential Properties, Inc. (Canada), 144a, 6.375%, 5/15/25

     251,490  
  247,000     

Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. (Canada), 144a, 6.125%, 7/1/22

     251,323  
  337,000     

Cedar Fair LP, 144a, 5.250%, 7/15/29

     343,844  
 

 

19


    

Touchstone High Yield Fund (Unaudited) (Continued)

    

 

Principal
Amount
          Market
Value
 
  

Corporate Bonds — 98.0% (Continued)

  
  

Consumer Discretionary — (Continued)

  
$ 231,000     

Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp., 5.375%, 6/1/24

   $ 237,353  
  453,000     

Central Garden & Pet Co., 5.125%, 2/1/28

     445,073  
  1,029,000     

Churchill Downs, Inc., 144a, 4.750%, 1/15/28

     1,033,888  
  395,000     

Downstream Development Authority of the Quapaw Tribe of Oklahoma, 144a, 10.500%, 2/15/23

     417,713  
  510,000     

GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26

     551,540  
  721,000     

Group 1 Automotive, Inc., 144a, 5.250%, 12/15/23

     738,124  
  481,000     

Hanesbrands, Inc., 144a, 4.625%, 5/15/24

     499,374  
  315,000     

Hertz Corp. (The), 5.875%, 10/15/20

     315,394  
  1,034,000     

Hertz Corp. (The), 7.375%, 1/15/21

     1,035,292  
  540,000     

Hertz Corp. (The), 144a, 7.625%, 6/1/22

     560,925  
  477,000     

Hilton Domestic Operating Co., Inc., 5.125%, 5/1/26

     497,869  
  551,000     

International Game Technology PLC (United Kingdom), 144a, 6.250%, 2/15/22

     581,994  
  445,000     

International Game Technology PLC (United Kingdom), 144a, 6.250%, 1/15/27

     486,719  
  402,000     

Lennar Corp., 4.750%, 5/30/25

     425,618  
  1,152,000     

Mattel, Inc., 144a, 6.750%, 12/31/25

     1,185,120  
  474,000     

MDC Partners, Inc. (Canada), 144a, 6.500%, 5/1/24

     435,587  
  644,000     

Meritage Homes Corp., 6.000%, 6/1/25

     692,300  
  245,000     

MGM China Holdings Ltd. (Cayman Islands), 144a, 5.375%, 5/15/24

     251,370  
  656,000     

MGM China Holdings Ltd. (Cayman Islands), 144a, 5.875%, 5/15/26

     674,040  
  682,000     

MGM Resorts International, 6.000%, 3/15/23

     739,117  
  546,000     

New Home Co., Inc. (The), 7.250%, 4/1/22

     514,605  
  1,492,000     

Party City Holdings, Inc., 144a, 6.625%, 8/1/26†

     1,447,240  
  193,000     

Penske Automotive Group, Inc., 5.375%, 12/1/24

     198,308  
  300,000     

PulteGroup, Inc., 5.500%, 3/1/26

     324,000  
  490,000     

PulteGroup, Inc., 6.000%, 2/15/35

     502,250  
  1,057,000     

Quad/Graphics, Inc., 7.000%, 5/1/22

     1,069,917  
  696,000     

ServiceMaster Co. LLC (The), 144a, 5.125%, 11/15/24

     716,010  
  426,000     

Shea Homes LP / Shea Homes Funding Corp., 144a, 5.875%, 4/1/23

     434,520  
  474,000     

Sonic Automotive, Inc., 5.000%, 5/15/23

     478,148  
Principal
Amount
          Market
Value
 
  

Consumer Discretionary — (Continued)

  
$ 212,000     

Sonic Automotive, Inc., 6.125%, 3/15/27

   $ 208,290  
  594,000     

Taylor Morrison Communities, Inc., 144a, 5.875%, 6/15/27

     604,395  
  1,003,000     

Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II Inc., 144a, 5.625%, 3/1/24

     1,035,597  
  168,000     

Toll Brothers Finance Corp., 4.875%, 3/15/27

     176,240  
  485,000     

Twin River Worldwide Holdings, Inc., 144a, 6.750%, 6/1/27

     505,613  
  353,000     

United Rentals North America, Inc., 4.625%, 10/15/25

     358,736  
  1,067,000     

United Rentals North America, Inc., 5.875%, 9/15/26

     1,136,355  
  220,000     

United Rentals North America, Inc., 6.500%, 12/15/26

     238,150  
  64,000     

William Carter Co. (The), 144a, 5.625%, 3/15/27

     67,040  
  632,000     

Wyndham Hotels & Resorts, Inc., 144a, 5.375%, 4/15/26

     661,230  
     

 

 

 
        28,286,531  
     

 

 

 
  

Health Care — 9.0%

  
  130,000     

Acadia Healthcare Co., Inc., 5.125%, 7/1/22

     130,650  
  1,194,000     

Acadia Healthcare Co., Inc., 5.625%, 2/15/23

     1,213,402  
  714,000     

Bausch Health Americas, Inc., 144a, 8.500%, 1/31/27

     785,057  
  708,000     

Bausch Health Cos, Inc. (Canada), 144a, 5.875%, 5/15/23

     716,227  
  1,519,000     

Bausch Health Cos, Inc. (Canada), 144a, 6.125%, 4/15/25

     1,551,233  
  772,000     

Bausch Health Cos, Inc. (Canada), 144a, 7.000%, 1/15/28

     797,144  
  544,000     

CHS/Community Health Systems, Inc., 6.250%, 3/31/23

     523,600  
  1,184,000     

DaVita, Inc., 5.125%, 7/15/24

     1,184,355  
  481,000     

Encompass Health Corp., 5.750%, 11/1/24

     489,802  
  325,000     

HCA, Inc., 5.375%, 9/1/26

     350,188  
  395,000     

HCA, Inc., 5.875%, 2/15/26

     436,475  
  228,000     

HCA, Inc., 5.875%, 2/1/29

     249,945  
  862,000     

HLF Financing Sarl LLC / Herbalife International, Inc., 144a, 7.250%, 8/15/26

     866,310  
  1,076,000     

Horizon Pharma USA, Inc., 144a, 8.750%, 11/1/24

     1,154,333  
  966,000     

Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Luxembourg), 144a, 4.875%, 4/15/20

     930,982  
  1,685,000     

Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Luxembourg), 144a, 5.750%, 8/1/22†

     1,449,100  
 

 

20


    

Touchstone High Yield Fund (Unaudited) (Continued)

    

 

Principal
Amount
          Market
Value
 
  

Corporate Bonds — 98.0% (Continued)

  
  

Health Care — (Continued)

  
$ 983,000     

MEDNAX, Inc., 144a, 5.250%, 12/1/23 $

     970,712  
  1,348,000     

MEDNAX, Inc., 144a, 6.250%, 1/15/27

     1,326,095  
  562,000     

Teleflex, Inc., 4.875%, 6/1/26

     583,075  
  705,000     

Tenet Healthcare Corp., 5.125%, 5/1/25

     708,525  
  238,000     

Tenet Healthcare Corp., 144a, 6.250%, 2/1/27

     246,330  
  1,389,000     

Teva Pharmaceutical Finance Netherlands III BV (Netherlands), 6.750%, 3/1/28

     1,271,152  
  225,000     

WellCare Health Plans, Inc., 144a, 5.375%, 8/15/26

     238,500  
     

 

 

 
        18,173,192  
     

 

 

 
  

Consumer Staples — 8.5%

  
  1,323,000     

Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s Inc. / Albertson’s LLC, 5.750%, 3/15/25

     1,333,319  
  370,000     

Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP / Albertson’s LLC, 144a, 7.500%, 3/15/26

     394,975  
  570,000     

American Builders & Contractors Supply Co., Inc., 144a, 5.875%, 5/15/26

     594,225  
  808,000     

Beacon Roofing Supply, Inc., 144a, 4.875%, 11/1/25

     799,920  
  458,000     

Cardtronics, Inc. / Cardtronics USA Inc., 144a, 5.500%, 5/1/25

     455,710  
  788,000     

Carriage Services, Inc., 144a, 6.625%, 6/1/26

     807,700  
  1,550,000     

Cimpress NV. (Netherlands), 144a, 7.000%, 6/15/26

     1,580,984  
  1,734,000     

Cott Holdings, Inc., 144a, 5.500%, 4/1/25

     1,766,512  
  374,000     

Cumberland Farms, Inc., 144a, 6.750%, 5/1/25

     396,440  
  648,000     

First Quality Finance Co., Inc., 144a, 5.000%, 7/1/25

     652,860  
  455,000     

H&E Equipment Services, Inc., 5.625%, 9/1/25

     467,968  
  219,000     

IAA, Inc., 144a, 5.500%, 6/15/27

     227,760  
  491,000     

Ingles Markets, Inc., 5.750%, 6/15/23

     502,048  
  319,000     

JBS USA LUX SA / JBS USA Finance, Inc., 144a, 5.875%, 7/15/24

     328,171  
  563,000     

JBS USA LUX SA / JBS USA Finance, Inc., 144a, 6.750%, 2/15/28

     611,559  
  781,000     

JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 6.500%, 4/15/29

     848,361  
  1,127,000     

Pilgrim’s Pride Corp., 144a, 5.750%, 3/15/25

     1,143,905  
  502,000     

Pilgrim’s Pride Corp., 144a, 5.875%, 9/30/27

     520,198  
  1,341,000     

Post Holdings, Inc., 144a, 5.000%, 8/15/26

     1,359,439  
Principal
Amount
          Market
Value
 
  

Consumer Staples — (Continued)

  
$ 151,000     

Post Holdings, Inc., 144a, 5.500%, 12/15/29

   $ 151,378  
  958,000     

Rite Aid Corp., 144a, 6.125%, 4/1/23

     808,312  
  1,568,000     

Staples, Inc., 144a, 7.500%, 4/15/26

     1,558,764  
     

 

 

 
        17,310,508  
     

 

 

 
  

Financials — 7.4%

  
  180,000     

Ally Financial, Inc., 5.750%, 11/20/25

     199,107  
  926,000     

Ally Financial, Inc., 8.000%, 11/1/31

     1,213,060  
  275,000     

Ally Financial, Inc., 8.000%, 11/1/31

     363,470  
  791,000     

Bank of America Corp., 6.100%(A)

     854,280  
  616,000     

Cooke Omega Investments, Inc. / Alpha VesselCo Holdings Inc. (Canada), 144a, 8.500%, 12/15/22

     599,060  
  651,000     

Credit Acceptance Corp., 7.375%, 3/15/23

     676,226  
  528,000     

Credit Acceptance Corp., 144a, 6.625%, 3/15/26

     555,060  
  455,000     

Fairstone Financial, Inc. (Canada), 144a, 7.875%, 7/15/24

     463,531  
  1,073,000     

GEO Group, Inc. (The), 5.875%, 1/15/22

     1,048,857  
  453,000     

goeasy Ltd. (Canada), 144a, 7.875%, 11/1/22

     474,518  
  1,595,000     

Goldman Sachs Group, Inc. (The)., Ser P, 5.000%(A)

     1,531,200  
  844,000     

MetLife, Inc., Ser C, 5.250%(A)

     853,411  
  730,000     

Navient Corp., 5.500%, 1/25/23

     750,075  
  1,113,000     

Navient Corp., 5.875%, 10/25/24

     1,125,521  
  459,000     

Navient Corp., 6.500%, 6/15/22

     487,568  
  1,057,000     

Quicken Loans, Inc., 144a, 5.250%, 1/15/28

     1,051,715  
  386,000     

Quicken Loans, Inc., 144a, 5.750%, 5/1/25

     398,063  
  430,000     

Radian Group, Inc., 4.500%, 10/1/24

     440,445  
  641,000     

Springleaf Finance Corp., 5.625%, 3/15/23

     681,062  
  293,000     

Springleaf Finance Corp., 6.125%, 3/15/24

     314,975  
  156,000     

Springleaf Finance Corp., 6.625%, 1/15/28

     163,800  
  382,000     

Springleaf Finance Corp., 6.875%, 3/15/25

     418,282  
  328,000     

Springleaf Finance Corp., 7.125%, 3/15/26

     359,365  
     

 

 

 
        15,022,651  
     

 

 

 
  

Industrials — 7.0%

  
  502,000     

Adient Global Holdings Ltd. (Jersey), 144a, 4.875%, 8/15/26

     399,090  
  877,000     

Adient US LLC, 144a, 7.000%, 5/15/26

     901,117  
  520,000     

AECOM Global II LLC / URS Fox US LP, 5.000%, 4/1/22

     534,300  
  509,000     

Allison Transmission, Inc., 144a, 5.000%, 10/1/24

     519,180  
  774,000     

Amsted Industries, Inc., 144a, 5.375%, 9/15/24

     792,382  
 

 

21


    

Touchstone High Yield Fund (Unaudited) (Continued)

    

 

Principal
Amount
          Market
Value
 
  

Corporate Bonds — 98.0% (Continued)

  
  

Industrials — (Continued)

  
$ 625,000     

Amsted Industries, Inc., 144a, 5.625%, 7/1/27

   $ 651,562  
  510,000     

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (Ireland), 144a, 6.000%, 2/15/25

     528,488  
  315,000     

Ball Corp., 4.875%, 3/15/26

     333,900  
  591,000     

Bombardier, Inc. (Canada), 144a, 6.000%, 10/15/22

     593,535  
  177,000     

Clean Harbors, Inc., 144a, 4.875%, 7/15/27

     179,894  
  622,000     

Crown Americas LLC / Crown Americas Capital Corp. VI, 4.750%, 2/1/26

     639,105  
  552,000     

Ford Motor Credit Co. LLC, 5.584%, 3/18/24

     592,505  
  796,000     

Fortress Transportation & Infrastructure Investors LLC, 144a, 6.750%, 3/15/22

     826,845  
  612,000     

JB Poindexter & Co., Inc., 144a, 7.125%, 4/15/26

     624,240  
  205,000     

Louisiana-Pacific Corp., 4.875%, 9/15/24

     208,331  
  701,000     

New Enterprise Stone & Lime Co., Inc., 144a, 6.250%, 3/15/26

     711,515  
  307,000     

Norbord, Inc. (Canada), 144a, 5.750%, 7/15/27

     308,919  
  1,077,000     

Plastipak Holdings, Inc., 144a, 6.250%, 10/15/25†

     974,685  
  450,000     

Silgan Holdings, Inc., 4.750%, 3/15/25

     453,375  
  989,000     

Standard Industries, Inc./NJ, 144a, 5.375%, 11/15/24

     1,023,615  
  549,000     

Standard Industries, Inc./NJ, 144a, 6.000%, 10/15/25

     582,626  
  439,000     

Triumph Group, Inc., 4.875%, 4/1/21

     432,415  
  270,000     

Triumph Group, Inc., 5.250%, 6/1/22

     264,600  
  982,000     

XPO Logistics, Inc., 144a, 6.750%, 8/15/24

     1,047,057  
     

 

 

 
        14,123,281  
     

 

 

 
  

Materials — 5.9%

  
  503,000     

Alcoa Nederland Holding BV (Netherlands), 144a, 6.125%, 5/15/28

     525,635  
  876,000     

Alcoa Nederland Holding BV (Netherlands), 144a, 7.000%, 9/30/26

     937,320  
  523,000     

Cascades, Inc. (Canada), 144a, 5.500%, 7/15/22

     524,961  
  441,000     

Cascades, Inc. (Canada), 144a, 5.750%, 7/15/23

     444,859  
  300,000     

Commercial Metals Co., 4.875%, 5/15/23

     302,250  
  453,000     

Commercial Metals Co., 5.750%, 4/15/26

     452,207  
Principal
Amount
          Market
Value
 
  

Materials — (Continued)

  
$ 761,000     

CVR Partners LP / CVR Nitrogen Finance Corp., 144a, 9.250%, 6/15/23

   $ 795,778  
  921,000     

Freeport-McMoRan, Inc., 3.875%, 3/15/23

     921,000  
  1,079,000     

Hudbay Minerals, Inc., 144a, 7.625%, 1/15/25

     1,114,067  
  910,000     

Kinross Gold Corp. (Canada), 4.500%, 7/15/27

     919,100  
  730,000     

NOVA Chemicals Corp. (Canada), 144a, 4.875%, 6/1/24

     755,550  
  873,000     

NOVA Chemicals Corp. (Canada), 144a, 5.250%, 8/1/23

     885,004  
  764,000     

Novelis Corp., 144a, 5.875%, 9/30/26

     773,550  
  191,000     

Novelis Corp., 144a, 6.250%, 8/15/24

     200,256  
  889,000     

Nufarm Australia Ltd. / Nufarm Americas, Inc. (Australia), 144a, 5.750%, 4/30/26

     844,550  
  284,000     

Olin Corp., 5.000%, 2/1/30

     281,500  
  394,000     

Steel Dynamics, Inc., 4.125%, 9/15/25

     392,030  
  251,000     

Steel Dynamics, Inc., 5.000%, 12/15/26

     261,668  
  588,000     

Teck Resources Ltd. (Canada), 6.250%, 7/15/41

     660,199  
     

 

 

 
        11,991,484  
     

 

 

 
  

Real Estate — 4.5%

  
  392,000     

Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 5.750%, 5/15/26

     403,760  
  1,087,000     

CoreCivic, Inc. REIT, 4.625%, 5/1/23

     1,057,107  
  549,000