NPORT-EX 2 tstjunepartf093023.htm PART F
Portfolio of Investments
Touchstone Balanced Fund – September 30, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 61.6%  
  Information Technology — 16.2%  
    217,560 Apple, Inc. $ 37,248,448
     53,688 International Business Machines Corp.   7,532,426
    140,613 Microsoft Corp.  44,398,555
    119,074 Oracle Corp.  12,612,318
     57,012 Salesforce, Inc.*  11,560,893
     59,302 Texas Instruments, Inc.   9,429,611
     33,490 Workday, Inc. - Class A*   7,195,327
        129,977,578
  Health Care — 10.0%  
    108,095 BioMarin Pharmaceutical, Inc.*   9,564,246
    115,178 Bristol-Myers Squibb Co.   6,684,931
     65,880 Cencora, Inc.  11,856,424
     45,085 HCA Healthcare, Inc.  11,090,008
     93,696 Johnson & Johnson  14,593,152
    123,668 Medtronic PLC   9,690,624
     32,291 UnitedHealth Group, Inc.  16,280,799
         79,760,184
  Financials — 9.0%  
    226,643 Bank of America Corp.   6,205,485
     71,331 Berkshire Hathaway, Inc. - Class B*  24,987,249
     54,730 Charles Schwab Corp. (The)   3,004,677
     35,137 Goldman Sachs Group, Inc. (The)  11,369,279
      6,339 Markel Group, Inc.*   9,334,114
     65,367 PayPal Holdings, Inc.*   3,821,355
     56,869 Visa, Inc. - Class A  13,080,439
         71,802,598
  Communication Services — 8.5%  
    214,937 Alphabet, Inc. - Class C*  28,339,444
    196,354 Comcast Corp. - Class A   8,706,336
     72,764 Meta Platforms, Inc. - Class A*  21,844,480
     16,271 Netflix, Inc.*   6,143,930
     42,324 Walt Disney Co. (The)*   3,430,360
         68,464,550
  Consumer Discretionary — 5.5%  
     42,643 Airbnb, Inc. - Class A*   5,851,046
     35,184 Alibaba Group Holding Ltd. (China) ADR*   3,051,860
    181,305 Amazon.com, Inc.*  23,047,492
     40,497 Hilton Worldwide Holdings, Inc.   6,081,840
     64,894 Starbucks Corp.   5,922,875
         43,955,113
  Industrials — 5.2%  
     39,393 Boeing Co. (The)*   7,550,850
     17,118 FedEx Corp.   4,534,901
     27,788 Hubbell, Inc.   8,709,037
     96,838 RTX Corp.   6,969,431
    162,613 Southwest Airlines Co.   4,401,934
    105,250 SS&C Technologies Holdings, Inc.   5,529,835
     46,252 Stanley Black & Decker, Inc.   3,865,742
         41,561,730
  Energy — 2.6%  
    110,577 Exxon Mobil Corp.  13,001,643
    136,219 Schlumberger NV   7,941,568
         20,943,211
  Consumer Staples — 2.5%  
    192,794 Monster Beverage Corp.*  10,208,443
    104,833 Philip Morris International, Inc.   9,705,439
         19,913,882
Shares       Market
Value
     
  Materials — 1.5%  
    107,398 DuPont de Nemours, Inc. $  8,010,817
     65,020 International Flavors & Fragrances, Inc.   4,432,413
         12,443,230
  Real Estate — 0.6%  
     31,755 Jones Lang LaSalle, Inc.*   4,483,171
  Total Common Stocks $493,305,247
Principal
Amount
       
  U.S. Treasury Obligations — 14.0%
$  5,355,000 U.S. Treasury Bond, 1.750%, 8/15/41       3,332,232
   1,600,000 U.S. Treasury Bond, 2.375%, 2/15/42       1,105,063
   5,015,000 U.S. Treasury Bond, 3.250%, 5/15/42       3,993,390
   7,890,000 U.S. Treasury Bond, 4.000%, 11/15/42       6,998,368
   8,594,000 U.S. Treasury Bond, 4.000%, 11/15/52       7,609,047
   7,478,518 U.S. Treasury Inflation Indexed Note, 1.375%, 7/15/33       6,914,562
   5,404,137 U.S. Treasury Inflation Indexed Note, 1.500%, 2/15/53       4,454,508
   7,000,000 U.S. Treasury Note, 0.250%, 10/31/25       6,347,578
   6,834,000 U.S. Treasury Note, 0.750%, 5/31/26       6,137,786
       1,000 U.S. Treasury Note, 2.750%, 8/15/32             866
  18,619,000 U.S. Treasury Note, 3.375%, 5/15/33      16,893,833
  21,405,000 U.S. Treasury Note, 3.500%, 2/15/33      19,642,432
  10,914,000 U.S. Treasury Note, 3.625%, 5/31/28      10,462,945
  12,045,000 U.S. Treasury Note, 4.000%, 2/29/28      11,735,876
   3,199,000 U.S. Treasury Note, 4.125%, 11/15/32       3,085,786
  3,275,000 U.S. Treasury Note, 4.375%, 10/31/24       3,238,412
  Total U.S. Treasury Obligations $111,952,684
  Corporate Bonds — 11.2%  
  Financials — 3.2%  
   1,217,000 AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.450%, 10/29/26   1,090,358
   1,181,000 American Express Co., 5.282%, 7/27/29   1,151,567
   1,219,000 American Tower Corp. REIT, 5.900%, 11/15/33   1,191,707
     820,000 Ares Capital Corp., 3.250%, 7/15/25     768,175
     479,000 Bank of America Corp., 2.687%, 4/22/32     376,777
     753,000 Bank of America Corp., 3.705%, 4/24/28     693,565
     828,000 Bank of Montreal (Canada), 3.803%, 12/15/32     723,401
     790,000 Bank of New York Mellon Corp. (The), 5.834%, 10/25/33     776,630
   1,290,000 Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81     920,620
   1,092,000 Barclays PLC (United Kingdom), 2.894%, 11/24/32     822,034
     520,000 Berkshire Hathaway Finance Corp., 4.250%, 1/15/49     425,656
     699,000 Citigroup, Inc., 3.200%, 10/21/26     645,381
     576,000 Citigroup, Inc., 6.174%, 5/25/34     551,125
     790,000 Citizens Bank NA, 4.575%, 8/9/28     721,597
     856,000 Cooperatieve Rabobank UA (Netherlands), 144a, 1.106%, 2/24/27     760,264
   1,255,000 Corestates Capital III, 144a, (TSFR3M + 0.832%), 6.196%, 2/15/27(A)   1,197,225
     796,000 Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32     621,839
     674,000 Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28     621,238
   1,175,000 Huntington Bancshares, Inc., 2.550%, 2/4/30     928,159
     876,000 JPMorgan Chase & Co., 2.956%, 5/13/31     719,895
     902,000 JPMorgan Chase & Co., 3.509%, 1/23/29     818,283
   1,147,000 Mastercard, Inc., 2.000%, 11/18/31     900,369
     998,000 Morgan Stanley, 3.950%, 4/23/27     927,443
     663,000 Morgan Stanley, 5.297%, 4/20/37     591,739
     779,000 New York Life Global Funding, 144a, 4.550%, 1/28/33      714,410
 
1

Touchstone Balanced Fund (Unaudited) (Continued)
Principal
Amount
      MarketValue
  Corporate Bonds — 11.2% (Continued)  
  Financials — (Continued)  
$    764,000 Northern Trust Corp., 6.125%, 11/2/32 $    754,620
   1,087,708 Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47     770,174
   1,226,000 PNC Capital Trust, (TSFR3M + 0.832%), 6.241%, 6/1/28(A)   1,152,614
     387,000 Prudential Financial, Inc., 5.125%, 3/1/52     333,146
   1,000,000 Royal Bank of Canada (Canada), MTN, 5.200%, 8/1/28     973,283
   1,368,000 Truist Bank, Ser A, (TSFR3M + 0.932%), 6.300%, 5/15/27(A)   1,270,945
    669,000 US Bancorp, 4.967%, 7/22/33     584,173
         25,498,412
  Consumer Discretionary — 1.2%  
     967,000 7-Eleven, Inc., 144a, 1.800%, 2/10/31     734,152
      74,700 Air Canada 2015-1 Class A Pass Through Trust (Canada), 144a, 3.600%, 3/15/27      69,057
   1,037,000 BAT Capital Corp. (United Kingdom), 3.557%, 8/15/27     948,833
     765,000 Brunswick Corp., 4.400%, 9/15/32     622,582
   1,461,000 General Motors Financial Co., Inc., 3.100%, 1/12/32   1,133,795
     550,000 General Motors Financial Co., Inc., 5.650%, 1/17/29     533,483
     605,000 Home Depot, Inc. (The), 5.950%, 4/1/41     618,534
     573,000 Imperial Brands Finance PLC (United Kingdom), 144a, 6.125%, 7/27/27     571,532
     881,000 Lowe's Cos., Inc., 4.500%, 4/15/30     822,241
   1,021,000 Toll Brothers Finance Corp., 3.800%, 11/1/29     890,607
   1,208,000 Toyota Motor Corp. (Japan), 5.118%, 7/13/28   1,201,763
     644,000 Warnermedia Holdings, Inc., 4.279%, 3/15/32     546,727
    954,000 Warnermedia Holdings, Inc., 5.141%, 3/15/52     707,572
          9,400,878
  Health Care — 1.1%  
     774,000 AbbVie, Inc., 4.450%, 5/14/46     632,066
     679,000 Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49     480,730
     876,000 Amgen, Inc., 5.150%, 3/2/28     861,652
     700,000 Becton Dickinson & Co., 4.685%, 12/15/44     590,852
     734,000 CommonSpirit Health, 4.187%, 10/1/49     547,091
     686,000 CVS Health Corp., 5.125%, 7/20/45     580,409
     847,000 DH Europe Finance II Sarl, 3.250%, 11/15/39     635,510
     768,000 Elevance Health, Inc., 4.750%, 2/15/33     715,039
     668,000 Eli Lilly & Co., 4.875%, 2/27/53     612,740
     812,000 HCA, Inc., 5.375%, 9/1/26     796,946
     762,000 Thermo Fisher Scientific, Inc., 5.404%, 8/10/43     727,639
     871,000 UnitedHealth Group, Inc., 3.500%, 8/15/39     670,141
    950,000 Viatris, Inc., 2.700%, 6/22/30     742,745
          8,593,560
  Industrials — 1.0%  
     792,000 Amcor Flexibles North America, Inc., 2.630%, 6/19/30     639,546
     469,000 Boeing Co. (The), 5.805%, 5/1/50     427,477
     887,000 Burlington Northern Santa Fe LLC, 5.750%, 5/1/40     879,982
     603,000 Carrier Global Corp., 3.577%, 4/5/50     406,504
     595,000 FedEx Corp., 5.100%, 1/15/44     513,920
     859,000 John Deere Capital Corp., MTN, 2.450%, 1/9/30     729,996
     743,000 Norfolk Southern Corp., 4.837%, 10/1/41     643,275
     547,000 Roper Technologies, Inc., 2.950%, 9/15/29     474,201
   1,188,000 Waste Management, Inc., 4.875%, 2/15/34   1,124,680
   1,533,000 Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26   1,377,760
    520,000 WestRock MWV LLC, 8.200%, 1/15/30     572,435
          7,789,776
  Utilities — 0.9%  
  1,251,000 CMS Energy Corp., 4.750%, 6/1/50   1,067,178
Principal
Amount
      MarketValue
     
  Utilities — (Continued)  
$    502,000 Duke Energy Progress LLC, 4.150%, 12/1/44 $    384,523
     504,000 Edison International, 4.125%, 3/15/28     464,302
     823,000 Electricite de France SA (France), 144a, 4.875%, 9/21/38     669,309
   1,041,000 FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44     910,847
   1,055,000 NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.329%), 7.724%, 10/1/66(A)     947,178
   1,040,000 Ohio Power Co., Ser R, 2.900%, 10/1/51     615,874
     909,000 Pacific Gas and Electric Co., 3.500%, 8/1/50     541,083
     739,000 PacifiCorp., 5.750%, 4/1/37     699,305
  1,457,000 WEC Energy Group, Inc., (TSFR3M + 2.374%), 7.739%, 5/15/67(A)   1,304,036
          7,603,635
  Energy — 0.9%  
     690,000 Aker BP ASA (Norway), 144a, 6.000%, 6/13/33     667,055
     224,000 Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37     200,584
   1,136,000 Cheniere Energy, Inc., 4.625%, 10/15/28   1,047,803
     620,000 Continental Resources, Inc., 144a, 5.750%, 1/15/31     582,543
     656,000 DCP Midstream Operating LP, 144a, 6.750%, 9/15/37     665,931
     600,042 MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31     460,166
   1,090,000 Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29     996,407
     763,000 MPLX LP, 4.950%, 3/14/52     597,163
     745,000 NGPL PipeCo LLC, 144a, 7.768%, 12/15/37     766,531
     393,000 Occidental Petroleum Corp., 7.950%, 6/15/39     426,026
    663,000 Petroleos Mexicanos (Mexico), 6.625%, 6/15/35     444,124
          6,854,333
  Information Technology — 0.8%  
     580,000 Apple, Inc., 4.650%, 2/23/46     518,029
   1,309,000 Broadcom, Inc., 4.150%, 11/15/30   1,160,528
   1,048,000 Marvell Technology, Inc., 2.950%, 4/15/31     848,131
   1,064,000 Microchip Technology, Inc., 0.983%, 9/1/24   1,015,678
     544,000 Micron Technology, Inc., 2.703%, 4/15/32     415,523
     194,000 Micron Technology, Inc., 6.750%, 11/1/29     196,964
   1,003,000 Microsoft Corp., 2.525%, 6/1/50     611,281
     446,000 Microsoft Corp., 3.500%, 2/12/35     389,452
     365,000 Oracle Corp., 3.600%, 4/1/40     263,663
     247,000 Oracle Corp., 4.300%, 7/8/34     212,514
    630,000 Visa, Inc., 4.150%, 12/14/35     570,118
          6,201,881
  Real Estate — 0.6%  
     856,000 Crown Castle International Corp. REIT, 3.650%, 9/1/27     785,886
     948,000 Host Hotels & Resorts LP REIT, Ser F, 4.500%, 2/1/26     909,157
     939,000 Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32     808,075
     413,000 Kilroy Realty LP REIT, 2.650%, 11/15/33     279,056
     449,000 Kilroy Realty LP REIT, 3.050%, 2/15/30     352,829
     671,000 Sabra Health Care LP REIT, 5.125%, 8/15/26     642,249
     593,000 SBA Tower Trust REIT, 144a, 6.599%, 1/15/28     594,668
     363,000 STORE Capital Corp. REIT, 2.700%, 12/1/31     247,928
     196,000 STORE Capital Corp. REIT, 2.750%, 11/18/30     140,400
    552,000 STORE Capital Corp. REIT, 4.625%, 3/15/29     472,242
          5,232,490
  Consumer Staples — 0.6%  
     664,000 Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46     585,053
     884,000 Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28      803,834
 
2

Touchstone Balanced Fund (Unaudited) (Continued)
Principal
Amount
      MarketValue
  Corporate Bonds — 11.2% (Continued)  
  Consumer Staples — (Continued)  
$  1,240,000 JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 2.500%, 1/15/27 $  1,095,317
     398,000 JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 4.375%, 2/2/52     264,548
     301,000 Kroger Co. (The), 5.000%, 4/15/42     253,926
     850,000 Mars, Inc., 144a, 3.875%, 4/1/39     674,538
   1,188,000 Philip Morris International, Inc., 5.375%, 2/15/33   1,126,388
    484,000 Starbucks Corp., 3.350%, 3/12/50     317,761
          5,121,365
  Communication Services — 0.6%  
     433,000 AT&T, Inc., 4.500%, 5/15/35     370,960
   1,084,000 British Telecommunications PLC (United Kingdom), 144a, 3.250%, 11/8/29     935,912
     577,000 Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45     503,789
     692,000 Comcast Corp., 4.000%, 3/1/48     518,358
     632,000 Paramount Global, 4.200%, 5/19/32     502,572
     943,000 T-Mobile USA, Inc., 3.875%, 4/15/30     835,963
     566,000 T-Mobile USA, Inc., 5.750%, 1/15/54     521,729
    877,000 Verizon Communications, Inc., 2.987%, 10/30/56     486,291
          4,675,574
  Materials — 0.3%  
     600,000 Braskem Netherlands Finance BV (Brazil), 144a, 4.500%, 1/31/30     489,058
     531,000 Braskem Netherlands Finance BV (Brazil), 144a, 5.875%, 1/31/50     382,579
     833,000 Celanese US Holdings LLC, 6.165%, 7/15/27     821,491
    846,000 Sherwin-Williams Co. (The), 4.500%, 6/1/47     675,965
          2,369,093
  Total Corporate Bonds  $89,340,997
  Commercial Mortgage-Backed Securities — 2.5%
     825,000 BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60         749,072
  26,280,406 BANK, Ser 2019-BN21, Class XA, 0.959%, 10/17/52(A)(B)(C)         985,460
     905,000 BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63         729,947
   1,150,000 BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55(A)(C)         924,199
     870,000 BBCMS Mortgage Trust, Ser 2021-C11, Class A5, 2.322%, 9/15/54         672,485
   2,520,000 BBCMS Mortgage Trust, Ser 2021-C12, Class A5, 2.689%, 11/15/54       1,998,839
     670,000 BBCMS Mortgage Trust, Ser 2022-C14, Class A5, 2.946%, 2/15/55(A)(C)         539,865
     900,000 BPR Trust, Ser 2021-KEN, Class B, 144a, (TSFR1M + 2.064%), 7.396%, 2/15/29(A)         888,851
   1,500,000 BX Commercial Mortgage Trust, Ser 2020-VIV3, Class B, 144a, 3.662%, 3/9/44(A)(C)       1,247,480
   1,500,000 BX Commercial Mortgage Trust, Ser 2020-VIV4, Class A, 144a, 2.843%, 3/9/44       1,219,550
     755,000 Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53         621,979
   1,220,000 COMM Mortgage Trust, Ser 2018-HOME, Class A, 144a, 3.942%, 4/10/33(A)(C)       1,089,254
     700,000 GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.659%, 1/10/43(A)(C)         561,741
   1,205,000 GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53         967,679
  1,000,000 HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (TSFR1M + 1.564%), 6.897%, 10/15/36(A)          940,912
Principal
Amount
      MarketValue
  Commercial Mortgage-Backed Securities — 2.5% (Continued)
$562,000,000 Independence Plaza Trust, Ser 2018-INDP, Class XCP, 144a, 7/10/35(A)(B)(C)     $        562
     885,000 JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50         794,846
     500,000 JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (TSFR1M + 1.317%), 6.649%, 11/15/35(A)         479,485
   1,100,000 Morgan Stanley Capital I Trust, Ser 2018-H3, Class A5, 4.177%, 7/15/51       1,016,856
     825,000 SG Commercial Mortgage Securities Trust, Ser 2019-787E, Class A, 144a, 4.163%, 2/15/41         707,361
     770,000 Wells Fargo Commercial Mortgage Trust, Ser 2018-AUS, Class B, 144a, 4.194%, 8/17/36(A)(C)         665,554
  2,220,000 Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52       1,876,458
  Total Commercial Mortgage-Backed Securities  $19,678,435
  U.S. Government Mortgage-Backed Obligations — 2.0%
       1,237 FHLMC, Pool #G08062, 5.000%, 6/1/35           1,214
     117,093 FHLMC, Pool #G08637, 4.000%, 4/1/45         107,189
     725,820 FHLMC, Pool #Q02664, 4.500%, 8/1/41         686,992
   1,262,399 FHLMC, Pool #Q29056, 4.000%, 10/1/44       1,155,614
     624,299 FHLMC, Pool #Q29260, 4.000%, 10/1/44         571,495
   1,420,970 FHLMC REMIC, Pool #SD8148, 3.000%, 5/1/51       1,181,186
     250,976 FNMA, Pool #725423, 5.500%, 5/1/34         249,858
     222,509 FNMA, Pool #725610, 5.500%, 7/1/34         221,516
      46,252 FNMA, Pool #748895, 6.000%, 12/1/33          45,681
      90,303 FNMA, Pool #AD9193, 5.000%, 9/1/40          88,330
     231,998 FNMA, Pool #AH8925, 4.500%, 3/1/41         219,283
     275,666 FNMA, Pool #AR9195, 3.000%, 3/1/43         235,935
     471,996 FNMA, Pool #BC1809, 3.500%, 5/1/46         414,417
   1,735,478 FNMA, Pool #BT7156, 2.000%, 8/1/51       1,326,409
   1,897,513 FNMA, Pool #CB1336, 2.000%, 8/1/41       1,526,496
   1,795,078 FNMA, Pool #FM5085, 2.000%, 12/1/50       1,374,447
     555,092 FNMA, Pool #FM5166, 3.000%, 12/1/50         462,704
     475,038 FNMA, Pool #FM5279, 3.500%, 11/1/50         413,619
     377,887 FNMA, Pool #FM5468, 2.500%, 1/1/36         334,366
     539,794 FNMA, Pool #FM5682, 2.500%, 1/1/51         432,284
   1,487,901 FNMA, Pool #FM7913, 2.000%, 4/1/36       1,281,637
   1,873,783 FNMA, Pool #FM8360, 2.500%, 8/1/51       1,497,277
   1,833,313 FNMA, Pool #FM8361, 2.500%, 8/1/51       1,462,213
     616,345 FNMA, Pool #MA4166, 3.000%, 10/1/40         528,064
    413,698 GNMA, Pool #5175, 4.500%, 9/20/41         392,702
  Total U.S. Government Mortgage-Backed Obligations  $16,210,928
  Asset-Backed Securities — 2.0%
   1,000,000 AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (TSFR3M + 1.912%), 7.220%, 4/15/34(A)         984,159
   1,500,000 AB BSL CLO 3, Ltd. (Cayman Islands), Ser 2021-3A, Class B, 144a, (TSFR3M + 1.962%), 7.288%, 10/20/34(A)       1,475,310
     337,295 CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60         306,406
   1,113,875 CLI Funding VI LLC, Ser 2020-3A, Class A, 144a, 2.070%, 10/18/45         967,003
     835,625 Driven Brands Funding LLC, Ser 2019-1A, Class A2, 144a, 4.641%, 4/20/49         787,022
     254,458 Elara HGV Timeshare Issuer LLC, Ser 2019-A, Class B, 144a, 2.910%, 1/25/34         236,635
  1,014,000 Jack in the Box Funding LLC, Ser 2019-1A, Class A2II, 144a, 4.476%, 8/25/49          941,421
 
3

Touchstone Balanced Fund (Unaudited) (Continued)
Principal
Amount
      MarketValue
  Asset-Backed Securities — 2.0% (Continued)
$    970,000 Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52     $    867,821
     375,165 Jersey Mike's Funding, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50         344,263
   1,150,000 Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1, 144a, (TSFR3M + 1.962%), 7.282%, 10/19/34(A)       1,138,777
     830,875 Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51         692,623
   1,500,000 Palmer Square CLO, Ltd. (Cayman Islands), Ser 2021-4A, Class B, 144a, (TSFR3M + 1.912%), 7.220%, 10/15/34(A)       1,478,934
     985,000 Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51         880,341
   1,500,000 Rockford Tower CLO, Ltd. (Cayman Islands), Ser 2021-3A, Class B, 144a, (TSFR3M + 2.012%), 7.338%, 10/20/34(A)(D)       1,467,615
     332,225 TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45         291,904
   1,250,000 Textainer Marine Containers, Ltd. (China), Ser 2021-3A, Class A, 144a, 1.940%, 8/20/46       1,024,063
   1,400,000 Towd Point Mortgage Trust, Ser 2015-6, Class B1, 144a, 3.823%, 4/25/55(A)(C)       1,261,590
  1,140,000 Towd Point Mortgage Trust, Ser 2019-4, Class M1B, 144a, 3.000%, 10/25/59(A)(C)         868,779
  Total Asset-Backed Securities  $16,014,666
Shares        
  Exchange-Traded Fund — 1.4%  
    133,451 iShares JP Morgan USD Emerging Markets Bond ETF  11,012,377
Principal
Amount
       
  Non-Agency Collateralized Mortgage Obligations — 1.1%
$     86,952 Agate Bay Mortgage Trust, Ser 2013-1, Class B3, 144a, 3.555%, 7/25/43(A)(C)          80,662
     276,667 Agate Bay Mortgage Trust, Ser 2015-4, Class B2, 144a, 3.501%, 6/25/45(A)(C)         260,317
     385,695 Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.645%, 10/25/45(A)(C)         348,022
     169,501 CSMC Trust, Ser 2013-IVR3, Class B2, 144a, 3.404%, 5/25/43(A)(C)         160,665
     287,808 CSMC Trust, Ser 2015-1, Class B3, 144a, 3.902%, 1/25/45(A)(C)         264,080
     289,146 CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.769%, 12/25/44(A)(C)         266,625
     982,583 Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67(A)(C)         900,255
   1,209,696 GS Mortgage-Backed Securities Trust, Ser 2021-PJ8, Class A8, 144a, 2.500%, 1/25/52(A)(C)       1,017,827
     637,147 JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.449%, 1/25/47(A)(C)         538,123
   1,092,247 JP Morgan Mortgage Trust, Ser 2020-5, Class B1, 144a, 3.578%, 12/25/50(A)(C)         886,483
     573,777 Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58(A)(C)         466,923
   1,397,426 Mill City Mortgage Loan Trust, Ser 2019-1, Class M1, 144a, 3.500%, 10/25/69(A)(C)       1,221,555
     143,650 Sequoia Mortgage Trust, Ser 2015-2, Class A19, 144a, 3.500%, 5/25/45(A)(C)         123,464
     875,544 Sequoia Mortgage Trust, Ser 2018-CH3, Class B1B, 144a, 4.763%, 8/25/48(A)(C)          800,115
Principal
Amount
      MarketValue
  Non-Agency Collateralized Mortgage Obligations — 1.1%
(Continued)
$    794,374 Sequoia Mortgage Trust, Ser 2018-CH3, Class B2B, 144a, 4.763%, 8/25/48(A)(C)     $    725,937
  1,199,273 Wells Fargo Mortgage Backed Securities Trust, Ser 2021-2, Class A3, 144a, 2.500%, 6/25/51(A)(C)       1,009,634
  Total Non-Agency Collateralized Mortgage Obligations   $9,070,687
  Agency Collateralized Mortgage Obligations — 0.7%
     515,000 FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50         342,331
   1,650,000 FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40       1,134,425
   1,500,000 FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49       1,105,168
   2,150,000 FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49       1,487,064
   1,370,000 FREMF Mortgage Trust, Ser 2019-K103, Class B, 144a, 3.574%, 12/25/51(A)(C)       1,182,782
     186,651 GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40         180,305
  3,583,085 GNMA, Ser 2012-147, Class IO, 0.548%, 4/16/54(A)(B)(C)          43,314
  Total Agency Collateralized Mortgage Obligations   $5,475,389
  Sovereign Government Obligations — 0.3%
     674,000 Bahamas Government International Bond, 144a, 6.000%, 11/21/28         554,524
     750,000 Chile Government International Bond, 3.100%, 1/22/61         428,701
     663,000 Colombia Government International Bond, 3.250%, 4/22/32         477,880
     725,000 Ecuador Government International Bond, 144a, 6.000%, 7/31/30(A)(C)         368,590
     680,000 Ghana Government International Bond, 144a, 7.625%, 5/16/29#         300,111
    728,000 Mexico Government International Bond, 3.771%, 5/24/61         426,017
  Total Sovereign Government Obligations   $2,555,823
Shares        
  Short-Term Investment Funds — 2.9%  
 23,076,905 Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω  23,076,905
    496,831 Invesco Government & Agency Portfolio, Institutional Class, 5.26%∞Ω**     496,831
  Total Short-Term Investment Funds  $23,573,736
  Total Investment Securities—99.7%
(Cost $691,070,238)
$798,190,969
  Other Assets in Excess of Liabilities — 0.3%   2,103,020
  Net Assets — 100.0% $800,293,989
(A) Variable rate security - Rate reflected is the rate in effect as of September 30, 2023.
(B) 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.
(C) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(D) Security has no stated coupon and is considered an equity position in the collateralized loan obligation (“CLO”). CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses.
 
4

Touchstone Balanced Fund (Unaudited) (Continued)
# The issuer is in default of certain debt covenants. Income is not being accrued.
* 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 September 30, 2023 was $477,443.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of September 30, 2023.
Portfolio Abbreviations:
ADR – American Depositary Receipt
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
ETF – Exchange-Traded Fund
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
FREMF – Freddie Mac Multifamily Securitization
GNMA – Government National Mortgage Association
ICE – Intercontinental Exchange, Inc.
IO – Interest Only
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
TSFR1M – One Month Term Secured Overnight Financing Rate
TSFR3M – Three Month Term Secured Overnight Financing Rate
USD – United States Dollar
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2023, these securities were valued at $51,566,792 or 6.4% 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
Assets:        
Common Stocks $493,305,247 $$— $493,305,247
U.S. Treasury Obligations 111,952,684 111,952,684
Corporate Bonds 89,340,997 89,340,997
Commercial Mortgage-Backed Securities 19,678,435 19,678,435
U.S. Government Mortgage-Backed Obligations 16,210,928 16,210,928
Asset-Backed Securities 16,014,666 16,014,666
Exchange-Traded Fund 11,012,377 11,012,377
Non-Agency Collateralized Mortgage Obligations 9,070,687 9,070,687
Agency Collateralized Mortgage Obligations 5,475,389 5,475,389
Sovereign Government Obligations 2,555,823 2,555,823
Short-Term Investment Funds 23,573,736 23,573,736
Other Financial Instruments        
Futures        
Interest rate contracts 221,490 221,490
Total Assets $528,112,850 $270,299,609 $— $798,412,459
Liabilities:        
Other Financial Instruments        
Swap Agreements        
Credit contracts $$(31,790) $— $(31,790)
Futures        
Interest rate contracts (102,922) (102,922)
Total Liabilities $(102,922) $(31,790) $— $(134,712)
Total $528,009,928 $270,267,819 $— $798,277,747
 
5

Touchstone Balanced Fund (Unaudited) (Continued)
Futures Contracts
At September 30, 2023, $88,750 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at September 30, 2023: 
Description Expiration Date Number of
Contracts
Notional Value Unrealized
Appreciation/
Depreciation
Short Futures:        
30-Year U.S. Ultra Treasury Bond 12/19/2023 35 $4,154,063 $221,490
Long Futures:        
5-Year U.S. Treasury Note 12/29/2023 170 17,911,095 (102,922)
        $118,568
 Centrally Cleared Credit Default Swaps on Credit Indices(1)
Counterparty Termination
Date
Notional
Amount(2)
Pay Fixed
Rate
Clearinghouse Underlying
Bond
Value(3) Premiums
Paid/
(Received)
Unrealized
Depreciation
Buy Protection:                
Wells Fargo 6/20/28 $10,220,000 5.000% ICE Markit CDX North America High Yield
Series 40 5Y Index
$(160,187) $(128,397) $(31,790)
(1) If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.
(2) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(3) The quoted market prices and resulting values for credit default swap agreements on the underlying bond serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
See accompanying Notes to Portfolios of Investments.
6

Portfolio of Investments
Touchstone Core Municipal Bond Fund – September 30, 2023 (Unaudited)
Principal
Amount
      Market
Value
  Fixed Rate Revenue Bonds – 76.3%
$  550,000 Barry County, MO, COP, 5.000%, 10/01/37 $   544,180
   500,000 Chicago O'Hare International Airport, Revenue Ser A, 5.000%, 01/01/31    515,694
   500,000 Chicago, IL, Wastewater Transmission Revenue Ser C, 5.000%, 01/01/26    504,992
   525,000 Citizens Property Insurance, Inc., Revenue Ser A1, 5.000%, 06/01/25    529,043
   450,000 City of Erie Higher Education Building Authority, Revenue, 5.000%, 05/01/47    392,991
   500,000 Cleveland County Educational Fac. Auth., Revenue, 5.000%, 06/01/25    508,272
   500,000 Cleveland, OH, Airport System Rev. Ser B, 5.000%, 01/01/37    517,145
   500,000 Cobb County Kennestone Hospital Auth., Revenue, 4.000%, 04/01/52    412,549
   500,000 Colorado Health Fac. Auth., Revenue, 5.000%, 11/01/28    517,293
   500,000 Colorado River Municipal Water District, Revenue, 5.000%, 01/01/25    505,987
   500,000 Connecticut State Health & Educational Fac. Auth., Revenue, 5.000%, 07/01/48    495,222
   500,000 County of Miami-Dade FL Transit System, Revenue, 5.000%, 07/01/32    508,066
   500,000 County of Nez Perce, COP, 5.000%, 03/01/52    482,329
   685,000 DeKalb-Jackson Water Supply District Inc, Revenue Ser A, 5.000%, 07/01/32    723,635
   500,000 Ferris State University, Revenue Ser A, 5.000%, 10/01/23    500,000
   500,000 Florida Development Finance Corp., Revenue Ser A, 5.000%, 06/15/30    504,227
   425,000 Georgetown, TX, Utility System Revenue, 5.000%, 08/15/35    450,293
   500,000 Greater Jasper School Building Corp., Revenue, 5.000%, 07/15/29    522,698
   510,000 Greater Texas Cultural Education Fac. Finance Corp., Revenue, 5.000%, 03/01/28    535,745
   350,000 Guam Power Auth., Revenue Ser A, 5.000%, 10/01/26    354,424
   500,000 Hamilton County, OH, 5.000%, 08/15/40    500,156
1,000,000 Hamilton County, OH EDR, 5.000%, 06/01/33  1,011,188
   465,000 Harris County Cultural Education Fac. Finance Corp., Revenue Ser A, 5.000%, 07/01/52    438,994
   500,000 Health Care Auth. for Baptist Health/The, Revenue Ser A, 5.000%, 11/15/32    523,414
   500,000 Hospitals & Higher Education Fac. Auth. of Philadelphia/The, Revenue, 5.000%, 07/01/37    509,806
   500,000 Illinois Finance Auth., Revenue Ser A, 5.000%, 08/15/47    495,918
   675,000 Illinois State Toll Highway Authority, Revenue Ser A, 5.000%, 01/01/46    686,597
   500,000 Iowa Higher Education Loan Auth., Revenue, 5.375%, 10/01/52    485,570
   500,000 Kentucky Asset Liability Commission, Revenue Ser A, 5.000%, 09/01/25    508,826
   595,000 Kentucky Public Energy Auth., Revenue Ser 1, 4.000%, 02/01/30    563,495
   500,000 Kentucky State Property & Building Commission, Revenue Ser A, 5.000%, 11/01/23    500,266
   500,000 Kentucky State Property & Building Commission, Revenue Ser B, 5.000%, 11/01/23    500,266
   500,000 Los Angeles, CA, Wastewater System Revenue Ser C, 5.000%, 06/01/25    512,484
   500,000 Louisiana Local Government Environmental Fac. & Community Development Auth, Revenue, 5.000%, 08/15/30    513,522
  500,000 Louisiana Public Fac. Auth., Revenue Ser A, 5.000%, 10/15/37     522,512
Principal
Amount
      Market
Value
   
$  500,000 Louisville/Jefferson County Metropolitan Government, Revenue Ser A, 5.000%, 05/15/52 $   464,639
   500,000 Medford Hospital Fac. Auth., Revenue Ser A, 5.000%, 08/15/27    517,620
   500,000 Metropolitan Government Nashville & Davidson County Sports Auth., Revenue Ser A, 5.250%, 07/01/53    514,879
   500,000 Michigan Finance Auth., Revenue, 5.000%, 04/15/28    523,706
   500,000 Michigan Finance Authority, Revenue Ser C, 5.000%, 06/01/32    532,764
   500,000 Michigan State Building Auth., Revenue Ser I, 5.000%, 04/15/34    509,950
   500,000 Missouri Joint Municipal Electric Utility Commission, Revenue, 5.000%, 12/01/36    519,552
   500,000 Monroeville Finance Auth., Revenue Ser B, 5.000%, 02/15/29    525,935
   575,000 Montrose Redevelopment Auth., 5.000%, 09/01/26    587,574
   500,000 Municipal Electric Authority of Georgia Ser A, 5.000%, 07/01/52    487,537
   500,000 New Hampshire Business Finance Auth., Revenue Ser A, 5.250%, 06/01/51    518,164
   500,000 New Jersey Economic Development Auth., Revenue EDR, 5.000%, 03/01/28    521,579
   500,000 New Jersey Transportation Trust Fund Authority, Revenue Ser AA, 5.000%, 06/15/45    507,479
   500,000 New York State Dormitory Auth., Revenue, 5.000%, 07/01/29    508,407
   500,000 New York State Dormitory Auth., Revenue, 5.000%, 05/01/52    498,310
   500,000 Newark Higher Education Finance Corp., Revenue Ser A, 4.000%, 04/01/57    387,645
   500,000 North Kent Sewer Auth., Revenue, 5.000%, 11/01/23    500,318
   500,000 Ohio Higher Educational Fac. Commission, 5.000%, 03/01/34    474,397
   500,000 Oregon State Fac. Auth., Revenue Ser A, 5.000%, 06/01/52    474,941
   500,000 Ozark Reorg School District No R-6, COP, 5.000%, 04/01/45    484,614
   500,000 Pasco County School Board, COP Ser B, 5.000%, 08/01/46    499,728
   500,000 Pennsylvania Economic Development Financing Auth., Revenue EDR Ser 2, 5.000%, 07/01/38    489,247
   500,000 Pennsylvania Higher Educational Fac. Auth., Revenue Ser A, 5.000%, 05/01/32    529,487
   500,000 Philadelphia Auth. for Industrial Development, Revenue, 5.250%, 11/01/47    503,802
   500,000 Polaris Career Center COP, 5.000%, 11/01/35    506,582
   500,000 Pulaski County, AR, Revenue, 5.250%, 03/01/53    510,154
   500,000 Regional Transportation District, Revenue Ser A, 5.000%, 01/15/29    518,336
   500,000 Regional Transportation District, Revenue Ser A, 5.000%, 01/15/31    522,048
   500,000 Rhode Island Health and Educational Building Corp., Revenue Ser A, 5.000%, 05/15/48    510,975
   520,000 South Carolina Public Service Auth., Revenue Ser A, 4.000%, 12/01/52    422,740
   585,000 South Wayne County Water and Sewer Authority, Revenue, 4.000%, 02/15/37    558,656
   500,000 St Lucie County School Board, COP Ser A, 5.000%, 07/01/48    506,787
   510,000 State Board of Higher Education of the State of North Dakota, Revenue Ser A, 5.000%, 04/01/29    526,995
   500,000 State of Illinois Sales Tax Revenue Ser B, 5.000%, 06/15/33    509,870
   500,000 Tobacco Settlement Financing Corp, Revenue Ser A, 5.000%, 06/01/30    516,556
  500,000 Town of Upland, Revenue EDR, 4.000%, 09/01/43     412,616
 
7

Touchstone Core Municipal Bond Fund (Unaudited) (Continued)
Principal
Amount
      Market
Value
  Fixed Rate Revenue Bonds – 76.3% (Continued)
$  500,000 Troy Capital Resource Corp., Revenue, 5.000%, 09/01/30 $   525,697
   620,000 Walton County District School Board, COP, 5.000%, 07/01/25    626,803
   500,000 Wisconsin Health & Educational Fac. Auth., Revenue, 5.000%, 03/15/53    431,477
   500,000 Wisconsin Health & Educational Fac. Auth., Revenue Ser B, 5.250%, 12/01/48    498,891
  240,000 Yamhill County, OR, Revenue, 4.000%, 12/01/41    204,966
  Total Fixed Rate Revenue Bonds $38,690,222
  General Obligation Bonds – 21.8%
   500,000 Albuquerque Municipal School District No 12, UTGO Ser A, 5.000%, 08/01/35    534,713
   500,000 Bartholomew Consolidated School Corp., LTGO, 6.000%, 01/15/26    521,680
   500,000 Bexar County Hospital District, LTGO, 5.000%, 02/15/48    510,030
   500,000 Chicago Board of Education, UTGO Ser A, 4.000%, 12/01/47    388,408
   500,000 Chicago, IL, UTGO Ser A, 5.000%, 01/01/34    513,473
   150,000 Detroit, MI, UTGO Ser C, 6.000%, 05/01/43    158,143
   505,000 Ecorse Public School District, UTGO, 5.000%, 05/01/27    526,253
   150,000 Gold Hill Mesa Metropolitan District No 2, LTGO Ser A, 5.000%, 12/01/29    156,990
   500,000 Grand Rapids Public Schools, UTGO, 5.000%, 05/01/25    506,532
   500,000 Hudsonville Public Schools, UTGO, 5.000%, 05/01/53    499,481
   500,000 Indianapolis Board of School Commissioners, LTGO, 5.000%, 07/15/24    503,526
   500,000 Jackson, MS, UTGO, 5.000%, 03/01/28    500,625
   610,000 Milwaukee, WI, UTGO Ser N3, 5.000%, 04/01/29    634,659
   500,000 North Pine Vistas Metropolitan District No 2, LTGO, 5.250%, 12/01/42    518,810
   450,000 School District of Philadelphia/The, LTGO Ser B, 5.000%, 09/01/30    473,957
   440,000 School District of Philadelphia/The, LTGO Ser D, 5.000%, 09/01/25    446,795
   500,000 St Louis, MO, UTGO Ser A, 5.000%, 02/15/43    506,549
   500,000 State of Illinois, UTGO Ser B, 5.500%, 05/01/47    518,704
1,000,000 Toledo, OH, LTGO, 4.000%, 12/01/35    970,863
  500,000 Town of Millbury, 5.000%, 08/30/24     505,673
Principal
Amount
      Market
Value
   
$  500,000 Whispering Pines Metropolitan District No 1, LTGO, 5.000%, 12/01/52 $   489,677
  650,000 Wichita Falls Independent School District, UTGO, 4.000%, 02/01/26    652,896
  Total General Obligation Bonds $11,038,437
Shares        
  Short-Term Investment Fund — 1.7%
  861,327 Dreyfus Government Cash Management Institutional Shares, 5.22%∞Ω    861,327
  Total Investment Securities—99.8%
(Cost $54,000,977)
$50,589,986
  Other Assets in Excess of Liabilities — 0.2%     $81,866
  Net Assets — 100.0% $50,671,852
Open-End Fund.
Ω Represents the 7-Day SEC yield as of September 30, 2023.
Portfolio Abbreviations:
COP–Certificates of Participation
EDR–Economic Development Revenue
LTGO–Limited Tax General Obligation
UTGO–Unlimited Tax General Obligation
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
Municipal Bonds $$49,728,659 $— $49,728,659
Short-Term Investment Fund 861,327 861,327
Total $861,327 $49,728,659 $— $50,589,986
See accompanying Notes to Portfolios of Investments.
 
8

Portfolio of Investments
Touchstone International Equity Fund – September 30, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 92.2%  
  France — 20.3%  
  Communication Services — 2.2%  
  142,000 JCDecaux SE* $  2,402,579
  Consumer Discretionary — 7.5%  
   91,700 Accor SA   3,084,278
  113,100 Cie Generale des Etablissements Michelin SCA   3,461,648
    1,900 LVMH Moet Hennessy Louis Vuitton SE   1,434,178
  Consumer Staples — 1.5%  
    9,700 Pernod Ricard SA   1,614,953
  Energy — 3.7%  
   60,200 TotalEnergies SE   3,958,111
  Financials — 2.5%  
   42,500 Edenred SE   2,658,631
  Health Care — 2.9%  
   29,000 Sanofi   3,113,883
  Total France  21,728,261
  United Kingdom — 13.2%  
  Communication Services — 2.2%  
  340,200 Rightmove PLC   2,321,627
  Health Care — 3.7%  
1,497,049 ConvaTec Group PLC, 144a   3,967,287
  Industrials — 5.5%  
   52,500 Bunzl PLC   1,869,724
  178,300 Howden Joinery Group PLC   1,595,347
  640,000 Rotork PLC   2,424,598
  Information Technology — 1.8%  
   47,900 Spectris PLC   1,983,548
  Total United Kingdom  14,162,131
  Switzerland — 10.4%  
  Consumer Staples — 2.6%  
   25,000 Nestle SA   2,829,900
  Health Care — 7.8%  
   31,300 Alcon, Inc.   2,415,341
   32,500 Novartis AG   3,319,181
    9,700 Roche Holding AG   2,648,111
  Total Switzerland  11,212,533
  Germany — 10.1%  
  Communication Services — 1.7%  
   27,200 Scout24 SE, 144a   1,886,009
  Health Care — 2.5%  
   87,900 Fresenius SE & Co. KGaA   2,730,194
  Industrials — 1.5%  
   20,700 Brenntag SE   1,601,698
  Information Technology — 2.1%  
   17,100 SAP SE   2,213,459
  Materials — 2.3%  
   76,400 FUCHS SE   2,446,483
  Total Germany  10,877,843
  Japan — 5.8%  
  Consumer Discretionary — 2.7%  
  173,300 USS Co. Ltd.   2,864,883
  Health Care — 1.5%  
  122,600 Olympus Corp.   1,591,776
Shares       Market
Value
     
  Japan — (Continued)  
  Industrials — 1.6%  
   66,500 FANUC Corp. $  1,729,494
  Total Japan   6,186,153
  United States — 5.2%  
  Health Care — 3.1%  
   42,800 Medtronic PLC   3,353,808
  Industrials — 2.1%  
   69,200 Experian PLC   2,263,364
  Total United States   5,617,172
  Canada — 4.5%  
  Materials — 4.5%  
   52,700 Agnico Eagle Mines Ltd.   2,394,732
  169,300 Barrick Gold Corp.   2,459,259
  Total Canada   4,853,991
  Netherlands — 4.0%  
  Health Care — 2.8%  
  151,112 Koninklijke Philips NV*   3,015,025
  Information Technology — 1.2%  
    2,200 ASML Holding NV   1,295,251
  Total Netherlands   4,310,276
  Mexico — 3.4%  
  Communication Services — 1.8%  
  873,398 Megacable Holdings SAB de CV   1,929,469
  Consumer Staples — 1.6%  
  859,200 Kimberly-Clark de Mexico SAB de CV - Class A   1,710,758
  Total Mexico   3,640,227
  Hong Kong — 3.1%  
  Consumer Discretionary — 3.1%  
  548,000 Galaxy Entertainment Group Ltd.   3,279,024
  Greece — 2.4%  
  Consumer Discretionary — 2.4%  
  156,000 OPAP SA   2,611,702
  Brazil — 2.0%  
  Financials — 2.0%  
  243,800 Pagseguro Digital Ltd. - Class A*   2,099,118
  South Korea — 1.9%  
  Information Technology — 1.9%  
   39,700 Samsung Electronics Co. Ltd.   2,006,999
  Norway — 1.8%  
  Energy — 1.8%  
  142,900 TGS ASA   1,950,526
  Tanzania — 1.4%  
  Communication Services — 1.4%  
1,710,000 Helios Towers PLC*   1,531,396
  Taiwan — 1.4%  
  Information Technology — 1.4%  
   16,900 Taiwan Semiconductor Manufacturing Co. Ltd. ADR   1,468,610
  Spain — 1.2%  
  Industrials — 1.2%  
   41,800 Befesa SA, 144a   1,274,103
 
9

Touchstone International Equity Fund (Unaudited) (Continued)
Shares       Market
Value
  Common Stocks — 92.2% (Continued)  
  China — 0.1%  
  Consumer Discretionary — 0.1%  
    5,190 Meituan - Class B, 144a* $     75,131
  Total Common Stocks  $98,885,196
  Short-Term Investment Fund — 7.0%  
7,447,740 Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω   7,447,740
  Total Investment Securities — 99.2%
(Cost $97,804,131)
$106,332,936
  Other Assets in Excess of Liabilities — 0.8%     891,354
  Net Assets — 100.0% $107,224,290
* Non-income producing security.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of September 30, 2023.
Portfolio Abbreviations:
ADR – American Depositary Receipt
PLC – Public Limited Company
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2023, these securities were valued at $7,202,530 or 6.7% 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        
France $$21,728,261 $— $21,728,261
United Kingdom 1,983,548 12,178,583 14,162,131
Switzerland 11,212,533 11,212,533
Germany 10,877,843 10,877,843
Japan 6,186,153 6,186,153
United States 3,353,808 2,263,364 5,617,172
Canada 4,853,991 4,853,991
Netherlands 4,310,276 4,310,276
Mexico 3,640,227 3,640,227
Hong Kong 3,279,024 3,279,024
Greece 2,611,702 2,611,702
Brazil 2,099,118 2,099,118
South Korea 2,006,999 2,006,999
Norway 1,950,526 1,950,526
Tanzania 1,531,396 1,531,396
Taiwan 1,468,610 1,468,610
Spain 1,274,103 1,274,103
China 75,131 75,131
Short-Term Investment Fund 7,447,740 7,447,740
Total $26,378,438 $79,954,498 $— $106,332,936
See accompanying Notes to Portfolios of Investments.
10

Portfolio of Investments
Touchstone International Growth Fund – September 30, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 95.7%  
  United States — 16.4%  
  Information Technology — 16.4%  
    5,220 Accenture PLC - Class A $ 1,603,114
   10,455 Arista Networks, Inc.*  1,922,988
    8,570 Microsoft Corp.  2,705,978
    6,570 NVIDIA Corp.  2,857,884
  Total United States  9,089,964
  India — 12.8%  
  Financials — 8.9%  
   29,360 HDFC Bank Ltd. ADR  1,732,533
  137,690 ICICI Bank Ltd. ADR  3,183,393
  Information Technology — 3.9%  
   19,755 LTIMindtree Ltd., 144a  1,234,318
   21,545 Tata Consultancy Services Ltd.    912,263
  Total India  7,062,507
  Switzerland — 8.1%  
  Consumer Staples — 2.9%  
   59,040 Coca-Cola HBC AG  1,614,377
  Health Care — 5.2%  
   23,710 Alcon, Inc.  1,829,640
    8,070 Straumann Holding AG  1,027,141
  Total Switzerland  4,471,158
  Canada — 8.0%  
  Consumer Discretionary — 4.2%  
   33,345 Dollarama, Inc.  2,297,387
  Industrials — 3.8%  
   65,695 CAE, Inc.*  1,533,730
    7,760 Canadian Pacific Kansas City Ltd.    576,808
  Total Canada  4,407,925
  United Kingdom — 6.0%  
  Consumer Discretionary — 2.6%  
  125,215 Entain PLC  1,420,166
  Health Care — 2.0%  
    8,280 AstraZeneca PLC  1,116,844
  Information Technology — 1.4%  
   54,740 Kainos Group PLC    767,397
  Total United Kingdom  3,304,407
  France — 5.9%  
  Information Technology — 5.9%  
   18,680 Capgemini SE  3,259,544
  Germany — 5.6%  
  Communication Services — 2.2%  
   27,205 Stroeer SE & Co. KGaA  1,209,551
  Information Technology — 3.4%  
   14,385 SAP SE  1,862,024
  Total Germany  3,071,575
  Spain — 5.1%  
  Consumer Discretionary — 1.8%  
   16,370 Amadeus IT Group SA    988,792
  Health Care — 3.3%  
  141,345 Grifols SA*  1,830,686
  Total Spain  2,819,478
Shares       Market
Value
     
  Israel — 4.3%  
  Information Technology — 4.3%  
   14,065 Nice Ltd. ADR* $ 2,391,050
  Argentina — 4.3%  
  Information Technology — 4.3%  
   12,055 Globant SA*  2,385,082
  Netherlands — 4.2%  
  Information Technology — 4.2%  
    3,984 ASML Holding NV  2,345,581
  Sweden — 3.9%  
  Consumer Discretionary — 3.9%  
   21,630 Evolution AB, 144a  2,182,668
  Singapore — 3.2%  
  Financials — 3.2%  
   71,100 DBS Group Holdings Ltd.  1,746,191
  Taiwan — 2.7%  
  Information Technology — 2.7%  
   17,050 Taiwan Semiconductor Manufacturing Co. Ltd. ADR  1,481,645
  Indonesia — 2.5%  
  Financials — 2.5%  
3,525,000 Bank Mandiri Persero Tbk PT  1,372,025
  Italy — 1.5%  
  Financials — 1.5%  
  134,530 Nexi SpA, 144a*    819,702
  Poland — 1.2%  
  Consumer Staples — 1.2%  
    8,520 Dino Polska SA, 144a*    690,492
  Total Common Stocks $52,900,994
  Short-Term Investment Fund — 4.4%  
2,420,388 Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω  2,420,388
  Total Investment Securities — 100.1%
(Cost $53,256,413)
$55,321,382
  Liabilities in Excess of Other Assets — (0.1)%    (65,499)
  Net Assets — 100.0% $55,255,883
* Non-income producing security.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of September 30, 2023.
Portfolio Abbreviations:
ADR – American Depositary Receipt
PLC – Public Limited Company
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2023, these securities were valued at $4,927,180 or 8.9% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.
 
11

Touchstone International Growth Fund (Unaudited) (Continued)
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks        
United States $9,089,964 $$— $9,089,964
India 4,915,926 2,146,581 7,062,507
Switzerland 4,471,158 4,471,158
Canada 4,407,925 4,407,925
United Kingdom 767,397 2,537,010 3,304,407
France 3,259,544 3,259,544
Germany 3,071,575 3,071,575
Spain 2,819,478 2,819,478
Israel 2,391,050 2,391,050
Argentina 2,385,082 2,385,082
Netherlands 2,345,581 2,345,581
Sweden 2,182,668 2,182,668
Singapore 1,746,191 1,746,191
Taiwan 1,481,645 1,481,645
Indonesia 1,372,025 1,372,025
Italy 819,702 819,702
Poland 690,492 690,492
Short-Term Investment Fund 2,420,388 2,420,388
Total $27,859,377 $27,462,005 $— $55,321,382
See accompanying Notes to Portfolios of Investments.
12

Portfolio of Investments
Touchstone Large Cap Focused Fund – September 30, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 93.5%  
  Information Technology — 24.3%  
  1,192,750 Apple, Inc. $  204,210,727
    278,071 International Business Machines Corp.    39,013,361
    757,177 Microsoft Corp.   239,078,638
    597,489 Oracle Corp.    63,286,035
    308,737 Salesforce, Inc.*    62,605,689
    315,055 Texas Instruments, Inc.    50,096,896
    174,337 Workday, Inc. - Class A*    37,456,304
          695,747,650
  Health Care — 15.2%  
    596,094 BioMarin Pharmaceutical, Inc.*    52,742,397
    615,801 Bristol-Myers Squibb Co.    35,741,090
    342,035 Cencora, Inc.    61,556,039
    244,688 HCA Healthcare, Inc.    60,188,354
    517,873 Johnson & Johnson    80,658,720
    676,738 Medtronic PLC    53,029,190
    179,842 UnitedHealth Group, Inc.    90,674,538
          434,590,328
  Financials — 14.2%  
  1,968,763 Bank of America Corp.    53,904,731
    386,061 Berkshire Hathaway, Inc. - Class B*   135,237,168
    303,965 Charles Schwab Corp. (The)    16,687,679
    193,410 Goldman Sachs Group, Inc. (The)    62,581,674
     33,943 Markel Group, Inc.*    49,980,728
    341,804 PayPal Holdings, Inc.*    19,981,862
    292,038 Visa, Inc. - Class A    67,171,660
          405,545,502
  Communication Services — 12.9%  
  1,167,554 Alphabet, Inc. - Class C*   153,941,995
  1,034,614 Comcast Corp. - Class A    45,874,785
    387,355 Meta Platforms, Inc. - Class A*   116,287,844
     87,632 Netflix, Inc.*    33,089,843
    236,159 Walt Disney Co. (The)*    19,140,687
          368,335,154
  Consumer Discretionary — 8.0%  
    222,780 Airbnb, Inc. - Class A*    30,567,644
    180,099 Alibaba Group Holding Ltd. (China) ADR*    15,621,787
    955,520 Amazon.com, Inc.*   121,465,702
    206,817 Hilton Worldwide Holdings, Inc.    31,059,777
    327,273 Starbucks Corp.    29,870,207
          228,585,117
  Industrials — 7.6%  
    197,301 Boeing Co. (The)*    37,818,656
     94,428 FedEx Corp.    25,015,866
    133,501 Hubbell, Inc.    41,840,548
    545,667 RTX Corp.    39,271,654
    820,086 Southwest Airlines Co.    22,199,728
    597,739 SS&C Technologies Holdings, Inc.    31,405,207
    254,999 Stanley Black & Decker, Inc.    21,312,816
          218,864,475
Shares       Market
Value
     
  Energy — 4.0%  
    614,529 Exxon Mobil Corp. $   72,256,320
    753,307 Schlumberger NV    43,917,798
          116,174,118
  Consumer Staples — 3.9%  
  1,047,244 Monster Beverage Corp.*    55,451,570
    594,112 Philip Morris International, Inc.    55,002,889
          110,454,459
  Materials — 2.5%  
    613,323 DuPont de Nemours, Inc.    45,747,763
    361,806 International Flavors & Fragrances, Inc.    24,664,315
           70,412,078
  Real Estate — 0.9%  
    188,994 Jones Lang LaSalle, Inc.*    26,682,173
  Total Common Stocks $2,675,391,054
  Short-Term Investment Fund — 6.5%  
187,152,121 Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω   187,152,121
  Total Investment Securities—100.0%
(Cost $1,811,191,738)
$2,862,543,175
  Liabilities in Excess of Other Assets — (0.0%)      (582,820)
  Net Assets — 100.0% $2,861,960,355
* Non-income producing security.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of September 30, 2023.
Portfolio Abbreviations:
ADR – American Depositary Receipt
PLC – Public Limited Company
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks $2,675,391,054 $— $— $2,675,391,054
Short-Term Investment Fund 187,152,121 187,152,121
Total $2,862,543,175 $— $— $2,862,543,175
See accompanying Notes to Portfolios of Investments.
 
13

Portfolio of Investments
Touchstone Large Cap Fund – September 30, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 98.1%  
  Financials — 24.6%  
   49,562 Berkshire Hathaway, Inc. - Class B* $ 17,361,569
   16,535 BlackRock, Inc.  10,689,712
  146,665 Charles Schwab Corp. (The)   8,051,908
   72,454 Fiserv, Inc.*   8,184,404
   67,741 Progressive Corp. (The)   9,436,321
   44,255 Visa, Inc. - Class A  10,179,093
         63,903,007
  Consumer Discretionary — 13.5%  
   62,649 CarMax, Inc.*   4,431,164
   29,823 Home Depot, Inc. (The)   9,011,317
   25,555 Lowe's Cos., Inc.   5,311,351
    8,744 O'Reilly Automotive, Inc.*   7,947,072
   92,052 Starbucks Corp.   8,401,586
         35,102,490
  Materials — 12.6%  
   25,821 Air Products & Chemicals, Inc.   7,317,672
   39,110 Albemarle Corp.   6,650,264
   25,935 Martin Marietta Materials, Inc.  10,645,799
   18,005 NewMarket Corp.   8,192,995
         32,806,730
  Information Technology — 12.6%  
  104,593 Apple, Inc.  17,907,368
  117,071 Cisco Systems, Inc.   6,293,737
   53,741 Texas Instruments, Inc.   8,545,356
         32,746,461
  Industrials — 12.5%  
   35,425 FedEx Corp.   9,384,791
   35,412 Norfolk Southern Corp.   6,973,685
   20,932 Old Dominion Freight Line, Inc.   8,564,119
   52,553 Republic Services, Inc.   7,489,328
         32,411,923
  Consumer Staples — 8.7%  
  179,361 Altria Group, Inc.   7,542,130
   83,197 Church & Dwight Co., Inc.   7,623,341
   67,211 Nestle SA (Switzerland) ADR   7,606,269
         22,771,740
Shares       Market
Value
     
  Communication Services — 6.1%  
  120,975 Alphabet, Inc. - Class C* $ 15,950,554
  Health Care — 4.1%  
   41,290 Johnson & Johnson   6,430,917
  126,852 Pfizer, Inc.   4,207,681
         10,638,598
  Energy — 3.4%  
   52,082 Chevron Corp.   8,782,067
  Total Common Stocks $255,113,570
  Short-Term Investment Fund — 1.9%  
4,922,598 Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω   4,922,598
  Total Investment Securities—100.0%
(Cost $166,657,075)
$260,036,168
  Other Assets in Excess of Liabilities — 0.0%       6,287
  Net Assets — 100.0% $260,042,455
* Non-income producing security.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of September 30, 2023.
Portfolio Abbreviations:
ADR – American Depositary Receipt
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks $255,113,570 $— $— $255,113,570
Short-Term Investment Fund 4,922,598 4,922,598
Total $260,036,168 $— $— $260,036,168
See accompanying Notes to Portfolios of Investments.
 
14

Portfolio of Investments
Touchstone Large Company Growth Fund – September 30, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 99.6%  
  Information Technology — 53.4%  
17,717 Accenture PLC - Class A $  5,441,068
13,601 Adobe, Inc.*   6,935,150
28,833 Arista Networks, Inc.*   5,303,254
 6,773 ASML Holding NV (Netherlands)   3,986,994
22,524 Autodesk, Inc.*   4,660,441
18,967 Entegris, Inc.   1,781,191
17,663 EPAM Systems, Inc.*   4,516,252
12,618 Intuit, Inc.   6,447,041
45,772 Microsoft Corp.  14,452,509
21,935 NVIDIA Corp.   9,541,506
         63,065,406
  Financials — 16.4%  
48,523 Charles Schwab Corp. (The)   2,663,913
28,865 Fiserv, Inc.*   3,260,590
11,027 FleetCor Technologies, Inc.*   2,815,634
 5,820 Mastercard, Inc. - Class A   2,304,196
50,072 PayPal Holdings, Inc.*   2,927,209
23,460 Visa, Inc. - Class A   5,396,035
         19,367,577
  Communication Services — 8.3%  
74,663 Alphabet, Inc. - Class A*   9,770,400
  Consumer Discretionary — 8.2%  
66,128 Amazon.com, Inc.*   8,406,191
   727 Chipotle Mexican Grill, Inc.*   1,331,741
          9,737,932
  Health Care — 6.1%  
53,512 Boston Scientific Corp.*   2,825,434
26,534 Neurocrine Biosciences, Inc.*   2,985,075
 2,668 Thermo Fisher Scientific, Inc.   1,350,461
          7,160,970
  Industrials — 3.6%  
10,718 Automatic Data Processing, Inc.   2,578,536
 6,561 Paycom Software, Inc.   1,701,070
          4,279,606
Shares       Market
Value
     
  Materials — 2.0%  
 6,385 Linde PLC $  2,377,455
  Consumer Staples — 1.6%  
36,197 Monster Beverage Corp.*   1,916,631
  Total Common Stocks $117,675,977
  Short-Term Investment Fund — 0.1%  
85,109 Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω      85,109
  Total Investment Securities—99.7%
(Cost $82,771,860)
$117,761,086
  Other Assets in Excess of Liabilities — 0.3%     386,978
  Net Assets — 100.0% $118,148,064
* Non-income producing security.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of September 30, 2023.
Portfolio Abbreviations:
PLC – Public Limited Company
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks $117,675,977 $— $— $117,675,977
Short-Term Investment Fund 85,109 85,109
Total $117,761,086 $— $— $117,761,086
See accompanying Notes to Portfolios of Investments.
 
15

Portfolio of Investments
Touchstone Small Company Fund – September 30, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 97.7%  
  Industrials — 21.1%  
   157,572 ASGN, Inc.* $ 12,870,481
    75,705 Clean Harbors, Inc. *  12,669,989
   140,612 Crane Co.  12,491,970
    62,078 Curtiss-Wright Corp.  12,144,319
    58,317 EMCOR Group, Inc.  12,269,314
   121,148 ESCO Technologies, Inc.  12,652,697
   441,635 ExlService Holdings, Inc.*  12,383,445
   212,319 Federal Signal Corp.  12,681,814
   205,352 ITT, Inc.  20,106,014
   292,679 KBR, Inc.  17,250,500
   230,656 MAXIMUS, Inc.  17,225,390
   276,590 WNS Holdings Ltd. (India) ADR*  18,935,352
   440,834 Zurn Elkay Water Solutions Corp.  12,352,169
        186,033,454
  Information Technology — 19.0%  
   120,089 Advanced Energy Industries, Inc.  12,383,578
   498,147 Box, Inc. - Class A*  12,060,139
 1,712,750 CCC Intelligent Solutions Holdings, Inc.*  22,865,212
   262,370 Ciena Corp.*  12,399,606
   181,325 CommVault Systems, Inc.*  12,259,383
   203,667 Crane NXT Co.  11,317,775
   435,327 Digi International, Inc.*  11,753,829
   141,751 Onto Innovation, Inc.*  18,076,088
   562,940 PowerSchool Holdings, Inc. - Class A*  12,756,220
    90,690 Qualys, Inc.*  13,834,759
    71,526 SPS Commerce, Inc.*  12,203,051
   288,200 Tower Semiconductor Ltd. (Israel)*   7,078,192
   342,245 Verint Systems, Inc.*   7,868,213
        166,856,045
  Health Care — 15.5%  
   178,760 Bio-Techne Corp.  12,168,193
    24,370 Chemed Corp.  12,665,089
   178,252 Encompass Health Corp.  11,971,404
   190,983 Ensign Group, Inc. (The)  17,748,050
   251,097 Globus Medical, Inc. - Class A*  12,466,966
   182,354 Merit Medical Systems, Inc.*  12,586,073
   550,534 Premier, Inc. - Class A  11,836,481
   357,493 Progyny, Inc.*  12,161,912
   170,367 QuidelOrtho Corp.*  12,443,606
   442,820 R1 RCM, Inc.*   6,673,298
 1,019,221 Veradigm, Inc.*  13,392,564
        136,113,636
  Consumer Discretionary — 13.4%  
   394,496 Frontdoor, Inc.*  12,067,633
   388,140 Gentex Corp.  12,630,076
   111,425 Grand Canyon Education, Inc.*  13,023,354
   258,853 Malibu Boats, Inc. - Class A*  12,688,974
   130,603 Oxford Industries, Inc.  12,554,866
   189,957 Skyline Champion Corp.*  12,104,060
   569,616 Steven Madden Ltd.  18,096,700
   129,460 Texas Roadhouse, Inc.  12,441,106
    48,927 TopBuild Corp.*  12,310,033
        117,916,802
  Financials — 9.7%  
   413,399 Atlantic Union Bankshares Corp.  11,897,623
    89,070 Evercore, Inc. - Class A  12,280,972
 1,652,851 FNB Corp.  17,834,262
Shares       Market
Value
     
  Financials — (Continued)  
   580,652 Home BancShares, Inc. $ 12,158,853
   183,885 SouthState Corp.  12,386,493
   466,100 Webster Financial Corp.  18,788,491
         85,346,694
  Real Estate — 9.4%  
   311,057 Agree Realty Corp. REIT  17,182,789
   774,630 Apple Hospitality REIT, Inc.  11,882,824
   122,764 Colliers International Group, Inc. (Canada)  11,693,271
   726,598 COPT Defense Properties REIT  17,314,830
   557,761 Kite Realty Group Trust REIT  11,947,241
   360,229 STAG Industrial, Inc. REIT  12,431,503
         82,452,458
  Materials — 4.2%  
   148,628 Ashland, Inc.  12,139,935
    74,042 Eagle Materials, Inc.  12,329,474
   289,963 Silgan Holdings, Inc.  12,500,305
         36,969,714
  Communication Services — 2.7%  
   690,591 Cargurus, Inc.*  12,099,154
   189,491 Ziff Davis, Inc.*  12,068,682
         24,167,836
  Energy — 2.7%  
   235,190 Cactus, Inc. - Class A  11,808,890
   324,768 ChampionX Corp.  11,568,236
         23,377,126
  Total Common Stocks $859,233,765
  Short-Term Investment Fund — 3.0%  
26,882,022 Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω  26,882,022
  Total Investment Securities—100.7%
(Cost $723,726,526)
$886,115,787
  Liabilities in Excess of Other Assets — (0.7%)  (6,282,108)
  Net Assets — 100.0% $879,833,679
* Non-income producing security.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of September 30, 2023.
Portfolio Abbreviations:
ADR – American Depositary Receipt
REIT – Real Estate Investment Trust
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Portfolios of Investments.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks $859,233,765 $— $— $859,233,765
Short-Term Investment Fund 26,882,022 26,882,022
Total $886,115,787 $— $— $886,115,787
See accompanying Notes to Portfolios of Investments.
 
16

Portfolio of Investments
Touchstone Value Fund – September 30, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 99.3%  
  Financials — 17.4%  
   41,303 American Express Co. $  6,161,995
  159,709 American International Group, Inc.   9,678,365
  274,603 Fidelity National Information Services, Inc.  15,177,308
   90,820 M&T Bank Corp.  11,484,189
   79,965 Northern Trust Corp.   5,555,968
   87,832 The Allstate Corp.   9,785,363
  212,474 US Bancorp   7,024,390
  301,053 Wells Fargo & Co.  12,301,026
   29,569 Willis Towers Watson PLC   6,178,738
         83,347,342
  Health Care — 13.6%  
  504,745 Avantor, Inc.*  10,640,025
  131,031 CVS Health Corp.   9,148,585
   30,279 Elevance Health, Inc.  13,184,082
   91,092 Medtronic PLC   7,137,969
  123,035 Merck & Co., Inc.  12,666,453
   24,433 UnitedHealth Group, Inc.  12,318,874
         65,095,988
  Energy — 13.5%  
  325,285 Enbridge, Inc. (Canada)  10,796,209
  372,087 Halliburton Co.  15,069,524
   83,364 Hess Corp.  12,754,692
  101,813 Phillips 66  12,232,832
   60,291 Pioneer Natural Resources  13,839,799
         64,693,056
  Consumer Discretionary — 11.0%  
  148,008 Aptiv PLC*  14,592,109
  276,994 Aramark   9,611,692
  320,022 Las Vegas Sands Corp.  14,669,809
   32,086 Lithia Motors, Inc.   9,475,958
   49,669 Wynn Resorts Ltd.   4,589,912
         52,939,480
  Industrials — 10.6%  
   52,827 AECOM   4,386,754
   66,766 JB Hunt Transport Services, Inc.  12,586,726
  205,857 Southwest Airlines Co.   5,572,549
   75,058 Stanley Black & Decker, Inc.   6,273,348
  587,458 Vertiv Holdings Co.  21,853,437
         50,672,814
  Information Technology — 9.7%  
   18,169 Broadcom, Inc.  15,090,808
   84,886 Cognizant Technology Solutions Corp. - Class A   5,750,177
   88,228 Oracle Corp.   9,345,110
   89,429 QUALCOMM, Inc.   9,931,985
   66,005 Skyworks Solutions, Inc.   6,507,433
         46,625,513
  Materials — 7.3%  
   51,913 Air Products & Chemicals, Inc.  14,712,144
  314,823 Axalta Coating Systems Ltd. *   8,468,739
Shares       Market
Value
     
  Materials — (Continued)  
   85,780 CRH PLC $  4,694,740
   98,721 DuPont de Nemours, Inc.   7,363,599
         35,239,222
  Communication Services — 6.7%  
   62,794 Alphabet, Inc. - Class A*   8,217,223
  383,870 Comcast Corp. - Class A  17,020,796
   55,525 Electronic Arts, Inc.   6,685,210
         31,923,229
  Real Estate — 3.4%  
   18,378 Public Storage REIT   4,842,971
  402,313 VICI Properties, Inc. REIT  11,707,308
         16,550,279
  Utilities — 3.1%  
   76,704 Entergy Corp.   7,095,120
  102,881 Pinnacle West Capital Corp.   7,580,272
         14,675,392
  Consumer Staples — 3.0%  
  155,493 Philip Morris International, Inc.  14,395,542
  Total Common Stocks $476,157,857
  Short-Term Investment Fund — 1.7%  
8,060,485 Dreyfus Government Cash Management, Institutional Shares, 5.22%∞Ω   8,060,485
  Total Investment Securities—101.0%
(Cost $407,903,205)
$484,218,342
  Liabilities in Excess of Other Assets — (1.0%)  (4,916,078)
  Net Assets — 100.0% $479,302,264
* Non-income producing security.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of September 30, 2023.
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
Common Stocks $476,157,857 $— $— $476,157,857
Short-Term Investment Fund 8,060,485 8,060,485
Total $484,218,342 $— $— $484,218,342
See accompanying Notes to Portfolios of Investments.
 
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Notes to Portfolios of Investments
September 30, 2023 (Unaudited)
Security valuation and fair value measurements — U.S. generally accepted accounting principles (“U.S. GAAP”) defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.  All investments in securities are recorded at their fair value. The Funds define the term “market value”, as used throughout this report, as the estimated fair value. The Funds use various methods to measure fair value of their portfolio securities on a recurring basis. U.S. GAAP fair value measurement standards require disclosure of a hierarchy that prioritizes inputs to valuation methods. These inputs are summarized in the three broad levels listed below:
•  Level 1 − quoted prices in active markets for identical securities
•  Level 2 − other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•  Level 3 − significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The aggregate value by input level, as of September 30, 2023, for each Fund’s investments, is included in each Fund’s Portfolio of Investments, which also includes a breakdown of the Fund’s investments by geographic, or sector allocation. The Funds did not hold or transfer any Level 3 categorized securities during the period ended September 30, 2023.
Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.
The Funds' portfolio securities are valued as of the close of the regular session of trading on the New York Stock Exchange (“NYSE”) (currently 4:00 p.m., Eastern Time or at the time as of which the NYSE establishes official closing prices). Portfolio securities traded on stock exchanges are valued at the last reported sale price, official close price, or last bid price if no sales are reported. Portfolio securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) or from the primary exchange on which the security trades. To the extent these securities are actively traded, they are categorized in Level 1 of the fair value hierarchy. Options and futures are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long option positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price on the valuation date and are categorized in Level 1. Shares of mutual funds in which the Funds invest are valued at their respective net asset value (“NAV”) as reported by the underlying funds and are categorized in Level 1.
Debt securities held by the Funds are valued at their evaluated bid by an independent pricing service or at their last broker-quoted bid prices as obtained from one or more of the major market makers for such securities. Independent pricing services use information provided by market makers or estimates of market values through accepted market modeling conventions. Observable inputs to the models may include prepayment speeds, pricing spread, yield, trade information, dealer quotes, market color, cash flow models, the securities’ terms and conditions, among others, and are generally categorized in Level 2. Investments in asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche, and are generally categorized in Level 2. Debt securities with remaining maturities of 60 days or less may be valued at amortized cost, provided such amount approximates market value and are categorized in Level 2. While this method provides consistency in valuation (and may only be used if it approximates market value), it may result in periods during which fair value, as determined by amortized cost, is higher or lower than the price that would be received if the Fund sold the investment.
Securities mainly traded on a non-U.S. exchange or denominated in foreign currencies are generally valued according to the preceding closing values on that exchange, translated to U.S. dollars using currency exchange rates as of the close of regular trading on the NYSE, and are generally categorized in Level 1. However, if an event that may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, but before the close of regular trading on the NYSE, the security may be priced based on fair value and is generally categorized in Level 2. This may cause the value of the security, if held on the books of a Fund, to be different from the closing value on the non-U.S. exchange and may affect the calculation of that Fund’s NAV. The Funds may use fair value pricing under the following circumstances, among others:
•  If the value of a security has been materially affected by events occurring before the Funds' pricing time but after the close of the primary markets on which the security is traded.
•  If the exchange on which a portfolio security is principally traded closes early or if trading in a particular portfolio security was halted during the day and did not resume prior to the Funds' NAV calculation.
•  If a security is so thinly traded that reliable market quotations are unavailable due to infrequent trading.
•  If the validity of market quotations is not reliable.
Securities held by the Funds that do not have readily available market quotations, significant observable inputs, or securities for which the available market quotations are not reliable, are priced at their estimated fair value using procedures approved by the Funds’ Board of Trustees and are generally categorized in Level 3.
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Notes to Portfolios of Investments (Unaudited) (Continued)
Each Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.
Security transactions—Security transactions are reflected for financial reporting purposes as of the trade date.
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