# EDGAR Filing Document

**Accession Number:** 0000920547
**File Stem:** 0001104659-26-022210
**Filing Date:** 2026-3
**Character Count:** 304604
**Document Hash:** d86e825faa19a82094fbc36f7523f7cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-022210.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001104659-26-022210

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**EFFECTIVENESS DATE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOUCHSTONE VARIABLE SERIES TRUST
- **CENTRAL INDEX KEY:** 0000920547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08416
- **FILM NUMBER:** 26707144

**BUSINESS ADDRESS:**
- **STREET 1:** 303 BROADWAY
- **STREET 2:** SUITE 1100
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202-4203
- **BUSINESS PHONE:** 513-362-8000

**MAIL ADDRESS:**
- **STREET 1:** 303 BROADWAY
- **STREET 2:** SUITE 1100
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202-4203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SELECT ADVISORS VARIABLE INSURANCE TRUST
- **DATE OF NAME CHANGE:** 19950912

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IFS VARIABLE INSURANCE TRUST
- **DATE OF NAME CHANGE:** 19940318

## Series and Classes Contracts Data

### Touchstone Balanced Fund (Series ID: S000059066)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000193689 | Touchstone Balanced Fund - Class I |  |
| C000226678 | Class SC                           |  |

### Touchstone Bond Fund (Series ID: S000059067)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000193690 | Touchstone Bond Fund - Class I |  |
| C000213075 | Class SC                       |  |

### Touchstone Common Stock Fund (Series ID: S000059068)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000193691 | Touchstone Common Stock Fund - Class I |  |
| C000213076 | Class SC                               |  |

### Touchstone Small Company Fund (Series ID: S000059069)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000193692 | Touchstone Small Company Fund |  |

?xml version='1.0' encoding='ASCII'?

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-08416

#### Touchstone Variable Series Trust
(Exact name of registrant as specified in charter)

303 Broadway, Suite 1100

Cincinnati, Ohio 45202-4203

#### Registrant's telephone number, including area code: 800-638-8194

#### Date of fiscal year end: December 31

#### Date of reporting period: December 31, 2025
**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Touchstone Balanced Fund](#classname8bc29ac5-7695-407f-bcd0-f0ea00c4428d)<br> **[CLASS SC](#classname8bc29ac5-7695-407f-bcd0-f0ea00c4428d)**  |
|  [Touchstone Balanced Fund](#classnamecb175300-b6fb-4a9f-90fe-03e962a8d2b0)<br> **[CLASS I](#classnamecb175300-b6fb-4a9f-90fe-03e962a8d2b0)**  |
|  [Touchstone Bond Fund](#classname6f1b4d58-6f90-412d-b3f8-49765315bfd4)<br> **[CLASS SC](#classname6f1b4d58-6f90-412d-b3f8-49765315bfd4)**  |
|  [Touchstone Bond Fund](#classnamefecba901-09a0-4555-b538-3e3cdb9d5248)<br> **[CLASS I](#classnamefecba901-09a0-4555-b538-3e3cdb9d5248)**  |
|  [Touchstone Common Stock Fund](#classnamee8379dc4-0213-449c-b485-c7c4b7f0fa18)<br> **[CLASS SC](#classnamee8379dc4-0213-449c-b485-c7c4b7f0fa18)**  |
|  [Touchstone Common Stock Fund](#classname694c821d-4b87-48e7-a96a-615d4285b64b)<br> **[CLASS I](#classname694c821d-4b87-48e7-a96a-615d4285b64b)**  |
|  [Touchstone Small Company Fund](#classname13769397-169a-4d01-bdf1-8ab46a533395)<br> **[CLASS I](#classname13769397-169a-4d01-bdf1-8ab46a533395)**  |

---

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg015.jpg) | <br> **Touchstone Balanced Fund**<br> **[CLASS SC](#Toc)**<br>**ANNUAL SHAREHOLDER REPORT \| DECEMBER 31, 2025** |

---

This annual shareholder report contains important information about the Touchstone Balanced Fund ("Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage**<br> **of a $10,000 investment** |
|  Class SC | $85 | 0.79% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to achieve its investment goal of providing investors with capital appreciation and current income by generally investing in a diversified portfolio comprising approximately 60% equity securities and 40% fixed-income securities. With respect to equities, the Fund invests primarily in issuers having a market capitalization, at the time of purchase, above $5 billion. Equity securities include common stock and preferred stock. With respect to fixed-income, the Fund invests primarily in bonds, including mortgage-related securities, asset-backed securities, government securities (both U.S. government securities and foreign sovereign debt), and corporate debt securities.

The Fund's Class SC shares performance was 14.18% for the reporting period.

Over the past year, financial market volatility was elevated in the face of uncertainty related to changing monetary policy, mixed economic indicators, increased geopolitical risks, and shifting trade policy. However, economic growth remained strong, driven by robust consumer demand which, along with optimism around artificial intelligence, drove equity markets to all-time highs and kept credit spreads at levels tight relative to history. Interest rates moved lower and the curve steepened over the past 12 months as investors adjusted their expectations for the Federal Reserve (Fed) policy and the Fed cut rates in the final three meetings of the year.

The factors that contributed most to the Fund's performance during the period were:

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | OBSERVATIONS |
|  Allocation | Positive | The Fund was overweight equities relative to the blended benchmark comprised of 60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index in a period where equities outperformed fixed income. |
|  Equity | Positive | Equities had a positive impact on relative performance as the allocation outperformed the Russell 1000<sup>®</sup> Index due to strong sector allocation. |
|  Fixed Income | Positive | Fixed income was a positive contributor primarily due to positive sector allocation and interest rate management. |
|  Equity Selection | Negative | The selection impact within equities was negative, largely due to underperformance within the Technology sector. |

---

Equity markets retreated into bear market territory in April 2025 and the Fund used that opportunity to modestly increase the allocation to equities, which is primarily concentrated in US large cap securities. Thereafter, the Fund used periods of strong performance to trim equity exposure as valuations became stretched. The Fund's fixed income allocation was overweight risk within Investment Grade Credit and Securitized and added an allocation to high yield corporates in April 2025 due to attractive relative value amid tariff uncertainty.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm266682d1_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | 1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
|  Class SC<sup>1</sup> | 14.18% | 8.64% | 9.81% |
|  Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
|  Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
|  60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index | 13.73% | 8.18% | 9.85% |

---

*<sup>1</sup> The inception date was April 13, 2021. Performance information was calculated using the historical performance of Class I shares for the periods prior to April 13, 2021.* 

**Past performance is not a good predictor of how the Fund will perform in the future. Performance information does not reflect fees that are paid by the separate accounts through which shares of the Fund are sold. Inclusion of those fees would reduce figures for all periods.** 

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $47336510 |
|  Total number of portfolio holdings | 220 |
|  Total advisory fees paid | $261483 |
|  Portfolio turnover rate | 77% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| ASSET CATEGORY (% OF NET ASSETS) | ASSET CATEGORY (% OF NET ASSETS) |
|  Common Stocks | 64.4% |
|  Corporate Bonds | 17.8% |
|  U.S. Government Mortgage-Backed Obligations | 6.1% |
|  U.S. Treasury Obligations | 4.3% |
|  Non-Agency Collateralized Mortgage Obligations | 3.0% |
|  Commercial Mortgage-Backed Securities | 2.0% |
|  Exchange-Traded Fund | 0.9% |
|  Sovereign Government Obligations | 0.3% |
|  Short-Term Investment Funds | 2.6% |
|  Other Assets/Liabilities (Net) | (1.4)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** | **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** |
|  AAA/Aaa | 28.1% |
|  AA/Aa | 24.9% |
|  A/A | 20.6% |
|  BBB/Baa | 23.4% |
|  BB/Ba | 3.0% |
|  Total | 100.0% |

---

*\* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investor Service ("Moody's"). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.* 

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg002.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/resources</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TVST-AR-BALS-2512 3

------

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg015.jpg) | <br> **Touchstone Balanced Fund**<br> **[CLASS I](#Toc)**<br>**ANNUAL SHAREHOLDER REPORT \| DECEMBER 31, 2025** |

---

This annual shareholder report contains important information about the Touchstone Balanced Fund ("Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage**<br> **of a $10,000 investment** |
|  Class I | $85 | 0.79% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to achieve its investment goal of providing investors with capital appreciation and current income by generally investing in a diversified portfolio comprising approximately 60% equity securities and 40% fixed-income securities. With respect to equities, the Fund invests primarily in issuers having a market capitalization, at the time of purchase, above $5 billion. Equity securities include common stock and preferred stock. With respect to fixed-income, the Fund invests primarily in bonds, including mortgage-related securities, asset-backed securities, government securities (both U.S. government securities and foreign sovereign debt), and corporate debt securities.

The Fund's Class I shares performance was 14.16% for the reporting period.

Over the past year, financial market volatility was elevated in the face of uncertainty related to changing monetary policy, mixed economic indicators, increased geopolitical risks, and shifting trade policy. However, economic growth remained strong, driven by robust consumer demand which, along with optimism around artificial intelligence, drove equity markets to all-time highs and kept credit spreads at levels tight relative to history. Interest rates moved lower and the curve steepened over the past 12 months as investors adjusted their expectations for the Federal Reserve (Fed) policy and the Fed cut rates in the final three meetings of the year.

The factors that contributed most to the Fund's performance during the period were:

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | OBSERVATIONS |
|  Allocation | Positive | The Fund was overweight equities relative to the blended benchmark comprised of 60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index in a period where equities outperformed fixed income. |
|  Equity | Positive | Equities had a positive impact on relative performance as the allocation outperformed the Russell 1000<sup>®</sup> Index due to strong sector allocation. |
|  Fixed Income | Positive | Fixed income was a positive contributor primarily due to positive sector allocation and interest rate management. |
|  Equity Selection | Negative | The selection impact within equities was negative, largely due to underperformance within the Technology sector. |

---

Equity markets retreated into bear market territory in April 2025 and the Fund used that opportunity to modestly increase the allocation to equities, which is primarily concentrated in US large cap securities. Thereafter, the Fund used periods of strong performance to trim equity exposure as valuations became stretched. The Fund's fixed income allocation was overweight risk within Investment Grade Credit and Securitized and added an allocation to high yield corporates in April 2025 due to attractive relative value amid tariff uncertainty.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm266682d1_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | 1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
|  Class I | 14.16% | 8.64% | 9.81% |
|  Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
|  Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
|  60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index | 13.73% | 8.18% | 9.85% |

---

**Past performance is not a good predictor of how the Fund will perform in the future. Performance information does not reflect fees that are paid by the separate accounts through which shares of the Fund are sold. Inclusion of those fees would reduce figures for all periods.** 

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $47336510 |
|  Total number of portfolio holdings | 220 |
|  Total advisory fees paid | $261483 |
|  Portfolio turnover rate | 77% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| ASSET CATEGORY (% OF NET ASSETS) | ASSET CATEGORY (% OF NET ASSETS) |
|  Common Stocks | 64.4% |
|  Corporate Bonds | 17.8% |
|  U.S. Government Mortgage-Backed Obligations | 6.1% |
|  U.S. Treasury Obligations | 4.3% |
|  Non-Agency Collateralized Mortgage Obligations | 3.0% |
|  Commercial Mortgage-Backed Securities | 2.0% |
|  Exchange-Traded Fund | 0.9% |
|  Sovereign Government Obligations | 0.3% |
|  Short-Term Investment Funds | 2.6% |
|  Other Assets/Liabilities (Net) | (1.4)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** | **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** |
|  AAA/Aaa | 28.1% |
|  AA/Aa | 24.9% |
|  A/A | 20.6% |
|  BBB/Baa | 23.4% |
|  BB/Ba | 3.0% |
|  Total | 100.0% |

---

*\* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investor Service ("Moody's"). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.* 

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg004.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/resources</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TVST-AR-BALI-2512 2

------

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg015.jpg) | <br> **Touchstone Bond Fund**<br> **[CLASS SC](#Toc)**<br>**ANNUAL SHAREHOLDER REPORT \| DECEMBER 31, 2025** |

---

This annual shareholder report contains important information about the Touchstone Bond Fund ("Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage**<br> **of a $10,000 investment** |
|  Class SC | $94 | 0.91% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital. Capital appreciation is a secondary goal. Under normal circumstances, the Fund invests at least 80% of its assets in bonds. Bonds include mortgage-related securities, asset-backed securities, government securities (both U.S. Government and foreign sovereign debt) and corporate debt securities. The Fund primarily invests in investment-grade debt securities but may invest up to 30% of total assets in non-investment-grade debt securities rated as low as B by a Nationally Recognized Statistical Rating Organization.

The Fund's Class SC shares performance was 7.34% for the reporting period.

Over the past year, financial market volatility was elevated in the face of uncertainty related to changing monetary policy, mixed economic indicators, increased geopolitical risks, and shifting trade policy. Interest rates moved lower and the curve steepened over the reporting period as investors adjusted their expectations for the Federal Reserve (Fed) policy, and the Fed cut rates in the final three meetings of the year. Credit spreads were roughly unchanged over the period, but did briefly widen following tariff announcements (Liberation Day), and ended at levels tight relative to history.

The factors that contributed most to the Fund's performance during the period were:

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | OBSERVATIONS |
|  Interest Rate<br> Management | Positive | Interest rates were volatile and as a result the Fund tactically adjusted duration positioning over the past year. The aggregate impact from interest rate management contributed to performance. |
|  Corporate Bond Sector | Positive | The Fund maintained an overweight allocation to investment grade corporates and added high yield corporates in April 2025 amid tariff volatility, both contributed to performance. |
|  Investment Grade Corporate Bonds | Positive | Security selection within Investment Grade Corporates contributed to performance. |
|  CMBS | Negative | Security selection within Securitized (CMBS) detracted. |

---

In April 2025, the Fund increased its allocation to high yield corporates, amid volatility surrounding tariff announcements. The Fund also upgraded quality within investment grade corporates and securitized products amid historically tight spreads and unfavorable risk/reward.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and assumes maximum sales charges, if any.

#### GROWTH OF $10,000
![LOGO](tm266682d1_tsrimg005.jpg)

1<br>

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | 1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
|  Class SC<sup>1</sup> | 7.34% | -0.34% | 1.90% |
|  Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

*<sup>1</sup> The inception date was July 10, 2019. Performance information was calculated using the historical performance of Class I shares for the periods prior to July 10, 2019.* 

**Past performance is not a good predictor of how the Fund will perform in the future. Performance information does not reflect fees that are paid by the separate accounts through which shares of the Fund are sold. Inclusion of those fees would reduce figures for all periods.** 

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $48521594 |
|  Total number of portfolio holdings | 238 |
|  Total advisory fees paid | $186273 |
|  Portfolio turnover rate | 212% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| ASSET CATEGORY (% OF NET ASSETS) | ASSET CATEGORY (% OF NET ASSETS) |
|  Corporate Bonds | 36.6% |
|  U.S. Treasury Obligations | 27.1% |
|  U.S. Government Mortgage-Backed Obligations | 9.3% |
|  Commercial Mortgage-Backed Securities | 7.7% |
|  Non-Agency Collateralized Mortgage Obligations | 6.2% |
|  Agency Collateralized Mortgage Obligations | 3.7% |
|  Asset-Backed Securities | 3.1% |
|  Exchange-Traded Fund | 2.9% |
|  Sovereign Government Obligations | 0.4% |
|  Short-Term Investment Funds | 4.7% |
|  Other Assets/Liabilities (Net) | (1.7)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** | **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** |
|  AAA/Aaa | 40.5% |
|  AA/Aa | 17.7% |
|  A/A | 14.4% |
|  BBB/Baa | 19.3% |
|  BB/Ba | 0.3% |
|  B/B | 1.0% |
|  CCC | 0.1% |
|  Not Rated | 6.7% |
|  Total | 100.0% |

---

*\* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investor Service ("Moody's"). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.* 

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg006.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/resources</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TVST-AR-BNDS-2512 2

------

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg015.jpg) | <br> **Touchstone Bond Fund**<br> **[CLASS I](#Toc)**<br>**ANNUAL SHAREHOLDER REPORT \| DECEMBER 31, 2025** |

---

This annual shareholder report contains important information about the Touchstone Bond Fund ("Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage**<br> **of a $10,000 investment** |
|  Class I | $63 | 0.61% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital. Capital appreciation is a secondary goal. Under normal circumstances, the Fund invests at least 80% of its assets in bonds. Bonds include mortgage-related securities, asset-backed securities, government securities (both U.S. Government and foreign sovereign debt) and corporate debt securities. The Fund primarily invests in investment-grade debt securities but may invest up to 30% of total assets in non-investment-grade debt securities rated as low as B by a Nationally Recognized Statistical Rating Organization.

The Fund's Class I shares performance was 7.63% for the reporting period.

Over the past year, financial market volatility was elevated in the face of uncertainty related to changing monetary policy, mixed economic indicators, increased geopolitical risks, and shifting trade policy. Interest rates moved lower and the curve steepened over the reporting period as investors adjusted their expectations for the Federal Reserve (Fed) policy, and the Fed cut rates in the final three meetings of the year. Credit spreads were roughly unchanged over the period, but did briefly widen following tariff announcements (Liberation Day), and ended at levels tight relative to history.

The factors that contributed most to the Fund's performance during the period were:

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | OBSERVATIONS |
|  Interest Rate Management | Positive | Interest rates were volatile and as a result the Fund tactically adjusted duration positioning over the past year. The aggregate impact from interest rate management contributed to performance. |
|  Corporate Bond Sector | Positive | The Fund maintained an overweight allocation to investment grade corporates and added high yield corporates in April 2025 amid tariff volatility, both contributed to performance. |
|  Investment Grade Corporate Bonds | Positive | Security selection within Investment Grade Corporates contributed to performance. |
|  CMBS | Negative | Security selection within Securitized (CMBS) detracted. |

---

In April 2025, the Fund increased its allocation to high yield corporates, amid volatility surrounding tariff announcements. The Fund also upgraded quality within investment grade corporates and securitized products amid historically tight spreads and unfavorable risk/reward.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and assumes maximum sales charges, if any.

#### GROWTH OF $10,000
![LOGO](tm266682d1_tsrimg007.jpg)

1<br>

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | 1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
|  Class I | 7.63% | -0.14% | 2.13% |
|  Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

**Past performance is not a good predictor of how the Fund will perform in the future. Performance information does not reflect fees that are paid by the separate accounts through which shares of the Fund are sold. Inclusion of those fees would reduce figures for all periods.** 

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $48521594 |
|  Total number of portfolio holdings | 238 |
|  Total advisory fees paid | $186273 |
|  Portfolio turnover rate | 212% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| ASSET CATEGORY (% OF NET ASSETS) | ASSET CATEGORY (% OF NET ASSETS) |
|  Corporate Bonds | 36.6% |
|  U.S. Treasury Obligations | 27.1% |
|  U.S. Government Mortgage-Backed Obligations | 9.3% |
|  Commercial Mortgage-Backed Securities | 7.7% |
|  Non-Agency Collateralized Mortgage Obligations | 6.2% |
|  Agency Collateralized Mortgage Obligations | 3.7% |
|  Asset-Backed Securities | 3.1% |
|  Exchange-Traded Fund | 2.9% |
|  Sovereign Government Obligations | 0.4% |
|  Short-Term Investment Funds | 4.7% |
|  Other Assets/Liabilities (Net) | (1.7)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** | **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** |
|  AAA/Aaa | 40.5% |
|  AA/Aa | 17.7% |
|  A/A | 14.4% |
|  BBB/Baa | 19.3% |
|  BB/Ba | 0.3% |
|  B/B | 1.0% |
|  CCC | 0.1% |
|  Not Rated | 6.7% |
|  Total | 100.0% |

---

*\* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investor Service ("Moody's"). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.* 

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg008.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/resources</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TVST-AR-BNDI-2512 2

------

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg015.jpg) | <br> **Touchstone Common Stock Fund**<br> **[CLASS SC](#Toc)**<br>**ANNUAL SHAREHOLDER REPORT \| DECEMBER 31, 2025** |

---

This annual shareholder report contains important information about the Touchstone Common Stock Fund ("Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage**<br> **of a $10,000 investment** |
|  Class SC | $100 | 0.92% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide investors with capital appreciation. The Fund invests at least 80% of its assets in large capitalization equity securities. The Fund's sub-adviser, Fort Washington Investment Advisors, Inc., seeks to invest in companies that are trading below what is believed to be the estimate of the companies' intrinsic value and have a sustainable competitive advantage or a high barrier to entry in place.

The Fund's Class SC shares performance was 17.65% for the reporting period.

The U.S. equity market closed out 2025 with strong gains, completing a three-year run of double-digit returns. Volatility revolving around tariffs throughout the year alongside a record government shutdown late in the period were notable headwinds, but economic growth remained resilient amidst the Federal Reserve cutting rates three times and artificial intelligence (AI)-driven tech leadership boosting earnings.

The factors that contributed most to the Fund's performance during the period were:

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | OBSERVATIONS |
|  International stock<br> performance | Positive | Although an overall small allocation within the portfolio, stocks of companies domiciled outside the U.S. were positive contributors to performance. Stocks such as Taiwan Semiconductor ADR (Taiwan), Medtronic, PLC (Ireland), and Alibaba ADR (Hong Kong) all significantly outperformed the portfolio's U.S. – domiciled stocks. |
|  Communication Services<br> sector allocation | Positive | The largest strategy overweight, allocation to the sector was the highest contributor. |
|  Moat | Positive | The overweight allocation to holdings with high barriers to entry was a large contributor to performance. |
|  Information Technology<br> (IT) sector stock<br> performance | Negative | Stock selection within the sector was the largest detractor to performance. Salesforce, Workday, and Microsoft were the biggest detractors among the portfolio's IT stock exposure. |

---

The decrease in weight year to year in the Health Care sector relative to the Russell 1000<sup>®</sup> Index was the largest sector related change in the Fund during the period.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm266682d1_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | 1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
|  Class SC<sup>1</sup> | 17.65% | 13.58% | 13.93% |
|  Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
|  Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |

---

*<sup>1</sup> The inception date was July 10, 2019. Performance information was calculated using the historical performance of Class I shares for the periods prior to July 10, 2019.* 

**Past performance is not a good predictor of how the Fund will perform in the future. Performance information does not reflect fees that are paid by the separate accounts through which shares of the Fund are sold. Inclusion of those fees would reduce figures for all periods.**

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $206602356 |
|  Total number of portfolio holdings | 45 |
|  Total advisory fees paid | $1008928 |
|  Portfolio turnover rate | 5% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| SECTOR ALLOCATION (% OF NET ASSETS) | SECTOR ALLOCATION (% OF NET ASSETS) |
|  Information Technology | 34.1% |
|  Communication Services | 17.0% |
|  Financials | 14.1% |
|  Health Care | 10.1% |
|  Consumer Discretionary | 9.1% |
|  Industrials | 6.9% |
|  Consumer Staples | 4.0% |
|  Energy | 2.3% |
|  Real Estate | 1.6% |
|  Materials | 0.7% |
|  Short-Term Investment Fund | 0.2% |
|  Other Assets/Liabilities (Net) | (0.1)% |
|  Total | 100.0% |

---

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg010.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/resources</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TVST-AR-CMSS-2512 3

------

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg015.jpg) | <br> **Touchstone Common Stock Fund**<br> **[CLASS I](#Toc)**<br>**ANNUAL SHAREHOLDER REPORT \| DECEMBER 31, 2025** |

---

This annual shareholder report contains important information about the Touchstone Common Stock Fund ("Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage**<br> **of a $10,000 investment** |
|  Class I | $80 | 0.73% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide investors with capital appreciation. The Fund invests at least 80% of its assets in large capitalization equity securities. The Fund's sub-adviser, Fort Washington Investment Advisors, Inc., seeks to invest in companies that are trading below what is believed to be the estimate of the companies' intrinsic value and have a sustainable competitive advantage or a high barrier to entry in place.

The Fund's Class I shares performance was 17.83% for the reporting period.

The U.S. equity market closed out 2025 with strong gains, completing a three-year run of double-digit returns. Volatility revolving around tariffs throughout the year alongside a record government shutdown late in the period were notable headwinds, but economic growth remained resilient amidst the Federal Reserve cutting rates three times and artificial intelligence (AI)-driven tech leadership boosting earnings.

The factors that contributed most to the Fund's performance during the period were:

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | OBSERVATIONS |
|  International stock<br> performance | Positive | Although an overall small allocation within the portfolio, stocks of companies domiciled outside the U.S. were positive contributors to performance. Stocks such as Taiwan Semiconductor ADR (Taiwan), Medtronic, PLC (Ireland), and Alibaba ADR (Hong Kong) all significantly outperformed the portfolio's U.S. – domiciled stocks. |
|  Communication Services<br> sector allocation | Positive | The largest strategy overweight, allocation to the sector was the highest contributor. |
|  Moat | Positive | The overweight allocation to holdings with high barriers to entry was a large contributor to performance. |
|  Information Technology<br> (IT) sector stock<br> performance | Negative | Stock selection within the sector was the largest detractor to performance. Salesforce, Workday, and Microsoft were the biggest detractors among the portfolio's IT stock exposure. |

---

The decrease in weight year to year in the Health Care sector relative to the Russell 1000<sup>®</sup> Index was the largest sector related change in the Fund during the period.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm266682d1_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | 1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
|  Class I | 17.83% | 13.80% | 14.20% |
|  Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
|  Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |

---

**Past performance is not a good predictor of how the Fund will perform in the future. Performance information does not reflect fees that are paid by the separate accounts through which shares of the Fund are sold. Inclusion of those fees would reduce figures for all periods.** 

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $206602356 |
|  Total number of portfolio holdings | 45 |
|  Total advisory fees paid | $1008928 |
|  Portfolio turnover rate | 5% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| SECTOR ALLOCATION (% OF NET ASSETS) | SECTOR ALLOCATION (% OF NET ASSETS) |
|  Information Technology | 34.1% |
|  Communication Services | 17.0% |
|  Financials | 14.1% |
|  Health Care | 10.1% |
|  Consumer Discretionary | 9.1% |
|  Industrials | 6.9% |
|  Consumer Staples | 4.0% |
|  Energy | 2.3% |
|  Real Estate | 1.6% |
|  Materials | 0.7% |
|  Short-Term Investment Fund | 0.2% |
|  Other Assets/Liabilities (Net) | (0.1)% |
|  Total | 100.0% |

---

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg012.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/resources</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TVST-AR-CMSI-2512 2

------

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg015.jpg) | <br> **Touchstone Small Company Fund**<br> **[CLASS I](#Toc)**<br>**ANNUAL SHAREHOLDER REPORT \| DECEMBER 31, 2025** |

---

This annual shareholder report contains important information about the Touchstone Small Company Fund ("Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage**<br> **of a $10,000 investment** |
|  Class I | $80 | 0.76% |

---

#### Management's Discussion of Fund Performance
The Fund normally invests at least 80% of its assets in small-capitalization companies and seeks to provide investors with growth of capital by investing primarily in common stocks of small companies that the sub-adviser believes are high quality, have superior business models, solid management teams, sustainable growth potential and are attractively valued.

The Fund's Class I shares performance was 9.72% for the reporting period.

Small cap equity returns, measured by the Russell 2000<sup>®</sup> Index, was up 12.81% for the year ended December 31, 2025.

The factors that contributed most to the Fund's performance during the period were:

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | OBSERVATIONS |
|  Industrials and Financials stocks | Positive | Stocks in the Industrials and Financials sectors were the top two contributors. |
|  Health Care and Communication<br> Services stocks | Negative | Stocks in the Health Care and Communication Services sectors were the top two detractors. |
|  Consumer Staples and Health Care<br> sectors | Positive | The Consumer Staples underweight allocation and Health Care overweight allocation were the top two contributors. |
|  Materials and Consumer Discretionary<br> sectors | Negative | The Materials underweight allocation and Consumer Discretionary overweight allocation were the top two detractors. |

---

The portfolio purchased eleven new positions and exited seven positions. There were no material sector allocation changes over 3%.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.

#### GROWTH OF $10,000
![LOGO](tm266682d1_tsrimg013.jpg)

1<br>

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | 1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
|  Class I | 9.72% | 9.10% | 11.37% |
|  Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
|  Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

**Past performance is not a good predictor of how the Fund will perform in the future. Performance information does not reflect fees that are paid by the separate accounts through which shares of the Fund are sold. Inclusion of those fees would reduce figures for all periods.** 

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $60700656 |
|  Total number of portfolio holdings | 76 |
|  Total advisory fees paid | $295887 |
|  Portfolio turnover rate | 49% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| SECTOR ALLOCATION (% OF NET ASSETS) | SECTOR ALLOCATION (% OF NET ASSETS) |
|  Health Care | 20.9% |
|  Information Technology | 20.5% |
|  Industrials | 17.2% |
|  Consumer Discretionary | 14.5% |
|  Financials | 9.6% |
|  Energy | 6.1% |
|  Real Estate | 6.0% |
|  Communication Services | 3.0% |
|  Materials | 2.1% |
|  Short-Term Investment Funds | 1.3% |
|  Other Assets/Liabilities (Net) | (1.2)% |
|  Total | 100.0% |

---

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm266682d1_tsrimg014.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/resources</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TVST-AR-SMC-2512 2

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that
applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the Code of
Ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
party, and that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code
of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer
or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is filed as Exhibit 19(a)(1).

**Item 3. Audit Committee Financial Expert.**

The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Ms. Karen Carnahan is the registrant's audit committee financial expert and is an independent trustee within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act").

**Item 4. Principal Accountant Fees and Services.**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by
the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements for those fiscal years are $84,990 and $80,300 for the fiscal years
ended December 31, 2025 and December 31, 2024, respectively.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not
reported under paragraph (a) of this Item are $0 for the fiscal years ended December 31, 2025 and December 31, 2024, respectively.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning were $15,680 and $14,520 for the fiscal years ended December 31,
2025 and December 31, 2024, respectively. The fees relate to the preparation of federal income and excise tax returns, review of
capital gains distribution calculations and tax agent services.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $6,389 and $6,517 for
the fiscal years ended December 31, 2025 and December 31, 2024, respectively. The fees relate to the PFIC Analyzer, Rapid Security
Analyzer and Global Withholding Tax Reporter subscriptions.

---

| | |
|:---|:---|
| (e)(1) | The Audit Committee's pre-approval policies describe the types of audit, audit-related, tax and other services that have the general pre-approval of the Audit Committee. The pre-approval policies provide that annual audit service fees, tax services not specifically granted pre-approval, services exceeding pre-approved cost levels and other services that have not received general pre-approval will be subject to specific pre-approval by the Audit Committee. The pre-approval policies further provide that the Committee may grant general pre-approval to other audit services (statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings), audit-related services (accounting consultations related to accounting, financial reporting or disclosure matters not classified as "audit services," assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities, agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters and assistance with internal control reporting requirements under Form N-CSR), tax services that have historically been provided by the auditor that the Committee believes would not impair the independence of the auditor and are consistent with the SEC's rules on auditor independence and permissible non-audit services classified as "all other services" that are routine and recurring services. |

---

(e)(2) All of the services described in paragraphs (b) through (d) of Item 4 were approved by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial
statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time,
permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant was $2,596,378 and $2,274,258 for the fiscal years ended December 31,
2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee of the Board of Trustees has considered whether the provision of
non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by,
or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant
to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period
is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

The financial statements including the financial highlights are attached herewith.

December 31, 2025

Annual Financial Statements

---

| |
|:---|
| **Touchstone Variable Series Trust** |
| Touchstone Balanced Fund |
| Touchstone Bond Fund |
| Touchstone Common Stock Fund |
| Touchstone Small Company Fund |

---

![](tm266682d1financialsi001.gif)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | [Page](#xx_4b7ea59a-dc6f-4e92-80d8-435ed8d70321_1) |
| [Portfolios of Investments:](#xx_13571a46-0189-4259-ae17-0ade5490e865_1tm266682d1_financials) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Balanced Fund](#xx_13571a46-0189-4259-ae17-0ade5490e865_1tm266682d1_financials) | 3-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Bond Fund](#xx_8e2b5f57-e067-4c34-a53a-4187790df5aa_1tm266682d1_financials) | 7-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Common Stock Fund](#xx_6239299e-ee98-43f7-9adc-528cb6450706_1tm266682d1_financials) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Small Company Fund](#xx_6892915d-4ae8-4fff-af98-a711e761485e_1tm266682d1_financials) | 12-13 |
| [Statements of Assets and Liabilities](#xx_e2c48586-3937-4212-a9d3-ae75f60fbfe1_1tm266682d1_financials) | 14 |
| [Statements of Operations](#xx_ef2fc215-4611-41c1-8478-915686eccbb1_1tm266682d1_financials) | 15 |
| [Statements of Changes in Net Assets](#xx_e8a199d4-2205-4314-9f8e-bf3fafd7f8e4_1tm266682d1_financials) | 16-17 |
| [Financial Highlights](#xx_96d12f65-ac97-4bd6-af5c-705758e204d6_1tm266682d1_financials) | 18-19 |
| [Notes to Financial Statements](#xx_099b0ee4-2b53-4575-83a6-33a31c66b329_1tm266682d1_financials) | 20-30 |
| [Report of Independent Registered Public Accounting Firm](#xx_fac5af0e-48fe-49e0-991b-b399f057f7af_1tm266682d1_financials) | 31 |
| [Other Items (Unaudited)](#xx_322019f7-0eab-4a06-891b-a5114789c864_1tm266682d1_financials) | 32-35 |

---

This report identifies the Funds' investments on December 31, 2025. These holdings are subject to change. Not all investments in each Fund performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Portfolio of Investments

Touchstone Balanced Fund – December 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 64.4%** |  |
|  | &nbsp;&nbsp;**Information Technology — 21.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8461 | &nbsp;&nbsp;Apple, Inc. | $2300207 |
| &nbsp;&nbsp;&nbsp;&nbsp;1952 | &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp; 501645 |
| &nbsp;&nbsp;&nbsp;&nbsp;5768 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 2789520 |
| 10758 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 2006367 |
| &nbsp;&nbsp;&nbsp;&nbsp;2845 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 554519 |
| &nbsp;&nbsp;&nbsp;&nbsp;2427 | &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp; 642937 |
| &nbsp;&nbsp;&nbsp;&nbsp;2497 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR | &nbsp;&nbsp; 758813 |
| &nbsp;&nbsp;&nbsp;&nbsp;2584 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 448298 |
| &nbsp;&nbsp;&nbsp;&nbsp;1655 | &nbsp;&nbsp;Workday, Inc. - Class A\* | &nbsp;&nbsp; 355461 |
|  |  | &nbsp;&nbsp;10357767 |
|  | &nbsp;&nbsp;**Communication Services — 11.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8330 | &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp; 2613954 |
| &nbsp;&nbsp;&nbsp;&nbsp;9684 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 289455 |
| &nbsp;&nbsp;&nbsp;&nbsp;3001 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 1980930 |
| &nbsp;&nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 162205 |
| &nbsp;&nbsp;&nbsp;&nbsp;2504 | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp; 284880 |
|  |  | &nbsp;&nbsp; 5331424 |
|  | &nbsp;&nbsp;**Financials — 9.2%** |  |
| 15782 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 868010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | &nbsp;&nbsp; 425242 |
| &nbsp;&nbsp;&nbsp;&nbsp;7025 | &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp; 701868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 594204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp; 343955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;Markel Group, Inc.\* | &nbsp;&nbsp; 616949 |
| &nbsp;&nbsp;&nbsp;&nbsp;2268 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 795410 |
|  |  | &nbsp;&nbsp; 4345638 |
|  | &nbsp;&nbsp;**Health Care — 6.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2566 | &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp; 497984 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp; 178290 |
| &nbsp;&nbsp;&nbsp;&nbsp;7348 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 396351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp; 335206 |
| &nbsp;&nbsp;&nbsp;&nbsp;3025 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 626024 |
| &nbsp;&nbsp;&nbsp;&nbsp;6137 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 589520 |
| &nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 430463 |
|  |  | &nbsp;&nbsp; 3053838 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 5.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3824 | &nbsp;&nbsp;Airbnb, Inc. - Class A\* | &nbsp;&nbsp; 518993 |
| &nbsp;&nbsp;&nbsp;&nbsp;8010 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 1848868 |
| &nbsp;&nbsp;&nbsp;&nbsp;3870 | &nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp; 251898 |
| &nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 167073 |
|  |  | &nbsp;&nbsp; 2786832 |
|  | &nbsp;&nbsp;**Industrials — 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2694 | &nbsp;&nbsp;Boeing Co. (The)\* | &nbsp;&nbsp; 584921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 323571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp; 306880 |
| &nbsp;&nbsp;&nbsp;&nbsp;4766 | &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 416644 |
| &nbsp;&nbsp;&nbsp;&nbsp;3096 | &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 229971 |
| &nbsp;&nbsp;&nbsp;&nbsp;3060 | &nbsp;&nbsp;Uber Technologies, Inc.\* | &nbsp;&nbsp; 250033 |
|  |  | &nbsp;&nbsp; 2112020 |
|  | &nbsp;&nbsp;**Consumer Staples — 2.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;Diageo PLC (United Kingdom) ADR | &nbsp;&nbsp; 142000 |
| &nbsp;&nbsp;&nbsp;&nbsp;4251 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 325924 |
| &nbsp;&nbsp;&nbsp;&nbsp;4287 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 687635 |
|  |  | &nbsp;&nbsp; 1155559 |
|  | &nbsp;&nbsp;**Energy — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5663 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 681485 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 64.4% (Continued)** |  |
|  | &nbsp;&nbsp;**Real Estate — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | $471731 |
|  | &nbsp;&nbsp;**Materials — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3213 | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 216524 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $30512818 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  |  |
|  | &nbsp;&nbsp;**Corporate Bonds — 17.8%** |  |
|  | &nbsp;&nbsp;**Financials — 4.3%** |  |
| $85000 | &nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.000%, 10/29/28 | &nbsp;&nbsp; 82435 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;American Express Co., 5.282%, 7/27/29 | &nbsp;&nbsp; 95814 |
| &nbsp;&nbsp; 61000 | &nbsp;&nbsp;Bank of America Corp., 2.687%, 4/22/32 | &nbsp;&nbsp; 56033 |
| &nbsp;&nbsp; 67000 | &nbsp;&nbsp;Bank of America Corp., 3.705%, 4/24/28 | &nbsp;&nbsp; 66703 |
| &nbsp;&nbsp; 30000 | &nbsp;&nbsp;Bank of America Corp., 5.511%, 1/24/36 | &nbsp;&nbsp; 31365 |
| &nbsp;&nbsp; 77000 | &nbsp;&nbsp;Bank of Montreal (Canada), 3.803%, 12/15/32 | &nbsp;&nbsp; 76098 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | &nbsp;&nbsp; 70179 |
| &nbsp;&nbsp; 57000 | &nbsp;&nbsp;Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | &nbsp;&nbsp; 48011 |
| &nbsp;&nbsp;106000 | &nbsp;&nbsp;Citigroup, Inc., 4.542%, 9/19/30 | &nbsp;&nbsp; 106921 |
| &nbsp;&nbsp; 49000 | &nbsp;&nbsp;Citigroup, Inc., 6.174%, 5/25/34 | &nbsp;&nbsp; 52116 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;First Maryland Capital I, (TSFR3M + 1.262%), 5.166%, 1/15/27<sup>(A)</sup> | &nbsp;&nbsp; 51494 |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | &nbsp;&nbsp; 91266 |
| &nbsp;&nbsp; 45000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | &nbsp;&nbsp; 44765 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;Guardian Life Global Funding, 144a, 4.327%, 10/6/30 | &nbsp;&nbsp; 39106 |
| &nbsp;&nbsp;104000 | &nbsp;&nbsp;JPMorgan Chase & Co., 2.956%, 5/13/31 | &nbsp;&nbsp; 98191 |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;JPMorgan Chase & Co., 3.509%, 1/23/29 | &nbsp;&nbsp; 81239 |
| &nbsp;&nbsp; 70000 | &nbsp;&nbsp;Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.400%, 3/26/29 | &nbsp;&nbsp; 73404 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;Marsh & McLennan Cos., Inc., 5.350%, 11/15/44 | &nbsp;&nbsp; 51052 |
| &nbsp;&nbsp; 63000 | &nbsp;&nbsp;Morgan Stanley, 2.484%, 9/16/36 | &nbsp;&nbsp; 55465 |
| &nbsp;&nbsp; 89000 | &nbsp;&nbsp;Morgan Stanley, 3.950%, 4/23/27 | &nbsp;&nbsp; 88946 |
| &nbsp;&nbsp; 61000 | &nbsp;&nbsp;New York Life Global Funding, 144a, 4.550%, 1/28/33 | &nbsp;&nbsp; 60916 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | &nbsp;&nbsp; 72486 |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;PNC Capital Trust, (TSFR3M + 0.832%), 4.624%, 6/1/28<sup>(A)</sup> | &nbsp;&nbsp; 83653 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Royal Bank of Canada (Canada), 4.969%, 8/2/30 | &nbsp;&nbsp; 81997 |
| &nbsp;&nbsp;110000 | &nbsp;&nbsp;State Street Corp., (TSFR3M + 1.262%), 4.985%, 6/15/47<sup>(A)</sup> | &nbsp;&nbsp; 98281 |
| &nbsp;&nbsp;117000 | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America, 144a, 3.300%, 5/15/50 | &nbsp;&nbsp; 80520 |
| &nbsp;&nbsp;151000 | &nbsp;&nbsp;Truist Financial Corp., Ser A, (TSFR3M + 0.932%), 4.783%, 5/15/27<sup>(A)</sup> | &nbsp;&nbsp; 150069 |
| &nbsp;&nbsp; 56000 | &nbsp;&nbsp;US Bancorp, 4.967%, 7/22/33 | &nbsp;&nbsp; 56500 |
|  |  | &nbsp;&nbsp; 2045025 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.2%** |  |
| &nbsp;&nbsp;125000 | &nbsp;&nbsp;7-Eleven, Inc., 144a, 1.800%, 2/10/31 | &nbsp;&nbsp; 109564 |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;BMW US Capital LLC (Germany), 144a, 4.500%, 8/11/30 | &nbsp;&nbsp; 74427 |
| &nbsp;&nbsp; 70000 | &nbsp;&nbsp;Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.750%, 10/20/28 | &nbsp;&nbsp; 70432 |
| &nbsp;&nbsp; 54000 | &nbsp;&nbsp;Ferguson Enterprises, Inc., 4.350%, 3/15/31 | &nbsp;&nbsp; 53861 |
| &nbsp;&nbsp;131000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 3.100%, 1/12/32 | &nbsp;&nbsp; 119568 |
| &nbsp;&nbsp; 20000 | &nbsp;&nbsp;Gildan Activewear, Inc. (Canada), 144a, 4.700%, 10/7/30 | &nbsp;&nbsp; 19920 |
| &nbsp;&nbsp; 42000 | &nbsp;&nbsp;Gildan Activewear, Inc. (Canada), 144a, 5.400%, 10/7/35 | &nbsp;&nbsp; 41963 |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;Home Depot, Inc. (The), 5.950%, 4/1/41 | &nbsp;&nbsp; 51514 |
| &nbsp;&nbsp; 69000 | &nbsp;&nbsp;Hyundai Capital America, 144a, 5.350%, 3/19/29 | &nbsp;&nbsp; 71025 |
| &nbsp;&nbsp; 92000 | &nbsp;&nbsp;Lowe's Cos., Inc., 4.500%, 4/15/30 | &nbsp;&nbsp; 93236 |
| &nbsp;&nbsp; 62000 | &nbsp;&nbsp;Mattel, Inc., 5.450%, 11/1/41 | &nbsp;&nbsp; 58447 |
| &nbsp;&nbsp; 92000 | &nbsp;&nbsp;Meritage Homes Corp., 144a, 3.875%, 4/15/29 | &nbsp;&nbsp; 90419 |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;Polaris, Inc., 5.600%, 3/1/31 | &nbsp;&nbsp; 60671 |

---

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Touchstone Balanced Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 17.8% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.2% (Continued)** |  |
| $49000 | &nbsp;&nbsp;Toyota Motor Credit Corp., MTN, 4.650%, 1/5/29 | $49923 |
| &nbsp;&nbsp; 78000 | &nbsp;&nbsp;United Airlines, Inc., 144a, 4.625%, 4/15/29 | &nbsp;&nbsp; 77655 |
|  |  | &nbsp;&nbsp; 1042625 |
|  | &nbsp;&nbsp;**Consumer Staples — 2.1%** |  |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | &nbsp;&nbsp; 44599 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;BAT Capital Corp. (United Kingdom), 2.259%, 3/25/28 | &nbsp;&nbsp; 69301 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;Cargill, Inc., 144a, 4.760%, 11/23/45 | &nbsp;&nbsp; 57975 |
| &nbsp;&nbsp;126000 | &nbsp;&nbsp;Coca-Cola Co. (The), 2.500%, 3/15/51 | &nbsp;&nbsp; 75906 |
| &nbsp;&nbsp; 78000 | &nbsp;&nbsp;Element Fleet Management Corp. (Canada), 144a, 5.037%, 3/25/30 | &nbsp;&nbsp; 79794 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;ERAC USA Finance LLC, 144a, 4.200%, 11/1/46 | &nbsp;&nbsp; 53260 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;Global Payments, Inc., 5.200%, 11/15/32 | &nbsp;&nbsp; 72110 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;Kroger Co. (The), 5.000%, 4/15/42 | &nbsp;&nbsp; 48598 |
| &nbsp;&nbsp; 33000 | &nbsp;&nbsp;Mars, Inc., 144a, 3.600%, 4/1/34 | &nbsp;&nbsp; 30490 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;Mars, Inc., 144a, 5.200%, 3/1/35 | &nbsp;&nbsp; 74155 |
| &nbsp;&nbsp; 45000 | &nbsp;&nbsp;PepsiCo, Inc., 1.625%, 5/1/30 | &nbsp;&nbsp; 40791 |
| &nbsp;&nbsp; 97000 | &nbsp;&nbsp;Pernod Ricard International Finance LLC, 144a, 1.625%, 4/1/31 | &nbsp;&nbsp; 84405 |
| &nbsp;&nbsp;102000 | &nbsp;&nbsp;Philip Morris International, Inc., 5.375%, 2/15/33 | &nbsp;&nbsp; 106838 |
| &nbsp;&nbsp; 53000 | &nbsp;&nbsp;Starbucks Corp., 3.350%, 3/12/50 | &nbsp;&nbsp; 36297 |
| &nbsp;&nbsp; 57000 | &nbsp;&nbsp;Tyson Foods, Inc., 5.400%, 3/15/29 | &nbsp;&nbsp; 58906 |
| &nbsp;&nbsp; 51000 | &nbsp;&nbsp;Walmart, Inc., 4.500%, 9/9/52 | &nbsp;&nbsp; 45092 |
|  |  | &nbsp;&nbsp; 978517 |
|  | &nbsp;&nbsp;**Industrials — 1.6%** |  |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | &nbsp;&nbsp; 76108 |
| &nbsp;&nbsp; 68000 | &nbsp;&nbsp;Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | &nbsp;&nbsp; 72045 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Canadian Pacific Railway Co. (Canada), 3.000%, 12/2/41 | &nbsp;&nbsp; 59967 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;John Deere Capital Corp., MTN, 5.100%, 4/11/34 | &nbsp;&nbsp; 74579 |
| &nbsp;&nbsp; 66000 | &nbsp;&nbsp;Norfolk Southern Corp., 4.837%, 10/1/41 | &nbsp;&nbsp; 62380 |
| &nbsp;&nbsp; 44000 | &nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp., 144a, 5.350%, 1/12/27 | &nbsp;&nbsp; 44505 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;RTX Corp., 6.400%, 3/15/54 | &nbsp;&nbsp; 57389 |
| &nbsp;&nbsp;132000 | &nbsp;&nbsp;Textron Financial Corp., 144a, (TSFR3M + 1.997%), 5.848%, 2/15/42<sup>(A)</sup> | &nbsp;&nbsp; 118954 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Timken Co. (The), 4.500%, 12/15/28 | &nbsp;&nbsp; 80641 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;United Parcel Service, Inc., 5.950%, 5/14/55 | &nbsp;&nbsp; 74647 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;WestRock MWV LLC, 8.200%, 1/15/30 | &nbsp;&nbsp; 18221 |
|  |  | &nbsp;&nbsp; 739436 |
|  | &nbsp;&nbsp;**Energy — 1.6%** |  |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;BP Capital Markets America, Inc., 4.970%, 10/17/29 | &nbsp;&nbsp; 87524 |
| &nbsp;&nbsp; 71000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 3.250%, 1/31/32 | &nbsp;&nbsp; 65497 |
| &nbsp;&nbsp; 30000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 4.000%, 3/1/31 | &nbsp;&nbsp; 29244 |
| &nbsp;&nbsp; 87000 | &nbsp;&nbsp;DCP Midstream Operating LP, 144a, 6.750%, 9/15/37 | &nbsp;&nbsp; 94789 |
| &nbsp;&nbsp; 71000 | &nbsp;&nbsp;HF Sinclair Corp., 5.000%, 2/1/28 | &nbsp;&nbsp; 71014 |
| &nbsp;&nbsp; 78000 | &nbsp;&nbsp;Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 | &nbsp;&nbsp; 78148 |
| &nbsp;&nbsp; 79000 | &nbsp;&nbsp;NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | &nbsp;&nbsp; 91902 |
| &nbsp;&nbsp; 73000 | &nbsp;&nbsp;Occidental Petroleum Corp., 7.950%, 6/15/39 | &nbsp;&nbsp; 85848 |
| &nbsp;&nbsp; 86000 | &nbsp;&nbsp;Sempra Infrastructure Partners LP, 144a, 3.250%, 1/15/32 | &nbsp;&nbsp; 76216 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;Western Midstream Operating LP, 5.250%, 2/1/50 | &nbsp;&nbsp; 55787 |
|  |  | &nbsp;&nbsp; 735969 |
|  | &nbsp;&nbsp;**Communication Services — 1.4%** |  |
| &nbsp;&nbsp; 88000 | &nbsp;&nbsp;AT&T, Inc., 3.800%, 12/1/57 | &nbsp;&nbsp; 60767 |
| &nbsp;&nbsp; 44000 | &nbsp;&nbsp;AT&T, Inc., 4.500%, 5/15/35 | &nbsp;&nbsp; 42344 |
| &nbsp;&nbsp; 49000 | &nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | &nbsp;&nbsp; 46159 |
| &nbsp;&nbsp; 61000 | &nbsp;&nbsp;Comcast Corp., 4.000%, 3/1/48 | &nbsp;&nbsp; 46032 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Meta Platforms, Inc., 4.875%, 11/15/35 | &nbsp;&nbsp; 80027 |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;Rogers Communications, Inc. (Canada), 5.300%, 2/15/34 | &nbsp;&nbsp; 85811 |
| &nbsp;&nbsp; 96000 | &nbsp;&nbsp;T-Mobile USA, Inc., 3.875%, 4/15/30 | &nbsp;&nbsp; 94505 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 17.8% (Continued)** |  |
|  | &nbsp;&nbsp;**Communication Services — 1.4% (Continued)** |  |
| $35000 | &nbsp;&nbsp;T-Mobile USA, Inc., 5.750%, 1/15/54 | $34472 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Verizon Communications, Inc., 2.987%, 10/30/56 | &nbsp;&nbsp; 47822 |
| &nbsp;&nbsp; 30000 | &nbsp;&nbsp;Verizon Communications, Inc., 5.875%, 11/30/55 | &nbsp;&nbsp; 29726 |
| &nbsp;&nbsp; 98000 | &nbsp;&nbsp;Videotron Ltd. (Canada), 144a, 3.625%, 6/15/29 | &nbsp;&nbsp; 95369 |
|  |  | &nbsp;&nbsp; 663034 |
|  | &nbsp;&nbsp;**Health Care — 1.3%** |  |
| &nbsp;&nbsp; 69000 | &nbsp;&nbsp;AbbVie, Inc., 4.450%, 5/14/46 | &nbsp;&nbsp; 60130 |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;Amgen, Inc., 5.150%, 3/2/28 | &nbsp;&nbsp; 75757 |
| &nbsp;&nbsp; 55000 | &nbsp;&nbsp;Becton Dickinson & Co., 4.685%, 12/15/44 | &nbsp;&nbsp; 48851 |
| &nbsp;&nbsp; 70000 | &nbsp;&nbsp;CommonSpirit Health, 4.187%, 10/1/49 | &nbsp;&nbsp; 55109 |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;CVS Health Corp., 5.125%, 7/20/45 | &nbsp;&nbsp; 54330 |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;DH Europe Finance II Sarl, 3.250%, 11/15/39 | &nbsp;&nbsp; 69821 |
| &nbsp;&nbsp; 59000 | &nbsp;&nbsp;Elevance Health, Inc., 4.750%, 2/15/33 | &nbsp;&nbsp; 59265 |
| &nbsp;&nbsp; 76000 | &nbsp;&nbsp;HCA, Inc., 5.500%, 3/1/32 | &nbsp;&nbsp; 79314 |
| &nbsp;&nbsp; 59000 | &nbsp;&nbsp;Thermo Fisher Scientific, Inc., 5.404%, 8/10/43 | &nbsp;&nbsp; 59536 |
| &nbsp;&nbsp; 87000 | &nbsp;&nbsp;UnitedHealth Group, Inc., 3.500%, 8/15/39 | &nbsp;&nbsp; 72645 |
|  |  | &nbsp;&nbsp; 634758 |
|  | &nbsp;&nbsp;**Information Technology — 1.3%** |  |
| &nbsp;&nbsp; 87000 | &nbsp;&nbsp;Apple, Inc., 4.650%, 2/23/46 | &nbsp;&nbsp; 80138 |
| &nbsp;&nbsp; 91000 | &nbsp;&nbsp;Broadcom, Inc., 3.419%, 4/15/33 | &nbsp;&nbsp; 84451 |
| &nbsp;&nbsp;104000 | &nbsp;&nbsp;Cisco Systems, Inc., 4.850%, 2/26/29 | &nbsp;&nbsp; 106817 |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;Dell International LLC / EMC Corp., 4.850%, 2/1/35 | &nbsp;&nbsp; 47468 |
| &nbsp;&nbsp; 86000 | &nbsp;&nbsp;Marvell Technology, Inc., 2.950%, 4/15/31 | &nbsp;&nbsp; 79739 |
| &nbsp;&nbsp; 41000 | &nbsp;&nbsp;Micron Technology, Inc., 2.703%, 4/15/32 | &nbsp;&nbsp; 36826 |
| &nbsp;&nbsp;113000 | &nbsp;&nbsp;Microsoft Corp., 2.525%, 6/1/50 | &nbsp;&nbsp; 69354 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;Oracle Corp., 5.950%, 9/26/55 | &nbsp;&nbsp; 40929 |
| &nbsp;&nbsp; 56000 | &nbsp;&nbsp;Texas Instruments, Inc., 5.100%, 5/23/35 | &nbsp;&nbsp; 57721 |
|  |  | &nbsp;&nbsp; 603443 |
|  | &nbsp;&nbsp;**Utilities — 1.1%** |  |
| &nbsp;&nbsp; 40000 | &nbsp;&nbsp;Calpine Corp., 144a, 5.000%, 2/1/31 | &nbsp;&nbsp; 40627 |
| &nbsp;&nbsp;115000 | &nbsp;&nbsp;CMS Energy Corp., 4.750%, 6/1/50 | &nbsp;&nbsp; 113128 |
| &nbsp;&nbsp; 81000 | &nbsp;&nbsp;Duke Energy Progress LLC, 4.150%, 12/1/44 | &nbsp;&nbsp; 67674 |
| &nbsp;&nbsp; 59000 | &nbsp;&nbsp;Edison International, 4.125%, 3/15/28 | &nbsp;&nbsp; 58325 |
| &nbsp;&nbsp; 43000 | &nbsp;&nbsp;Georgia Power Co., 5.950%, 2/1/39 | &nbsp;&nbsp; 45720 |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;Ohio Power Co., Ser R, 2.900%, 10/1/51 | &nbsp;&nbsp; 52564 |
| &nbsp;&nbsp; 78000 | &nbsp;&nbsp;Oncor Electric Delivery Co. LLC, 144a, 5.800%, 4/1/55 | &nbsp;&nbsp; 78755 |
| &nbsp;&nbsp; 73000 | &nbsp;&nbsp;PacifiCorp., 5.750%, 4/1/37 | &nbsp;&nbsp; 74122 |
|  |  | &nbsp;&nbsp; 530915 |
|  | &nbsp;&nbsp;**Real Estate — 0.7%** |  |
| &nbsp;&nbsp; 87000 | &nbsp;&nbsp;American Tower Corp. REIT, 5.900%, 11/15/33 | &nbsp;&nbsp; 93081 |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;Crown Castle, Inc. REIT, 4.800%, 9/1/28 | &nbsp;&nbsp; 83219 |
| &nbsp;&nbsp; 77000 | &nbsp;&nbsp;Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | &nbsp;&nbsp; 74978 |
| &nbsp;&nbsp; 56000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.700%, 12/1/31 | &nbsp;&nbsp; 49516 |
| &nbsp;&nbsp; 44000 | &nbsp;&nbsp;Store Capital LLC REIT, 4.625%, 3/15/29 | &nbsp;&nbsp; 43856 |
|  |  | &nbsp;&nbsp; 344650 |
|  | &nbsp;&nbsp;**Materials — 0.2%** |  |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;Rio Tinto Finance USA PLC (Australia), 5.250%, 3/14/35 | &nbsp;&nbsp; 39228 |
| &nbsp;&nbsp; 68000 | &nbsp;&nbsp;Sherwin-Williams Co. (The), 4.500%, 6/1/47 | &nbsp;&nbsp; 58185 |
|  |  | &nbsp;&nbsp; 97413 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $8415785 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 6.1%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 6.1%** |
| &nbsp;&nbsp; 76303 | &nbsp;&nbsp;FHLMC, Pool #G05624, 4.500%, 9/1/39 | &nbsp;&nbsp; 77144 |
| &nbsp;&nbsp; 50994 | &nbsp;&nbsp;FHLMC, Pool #Q29260, 4.000%, 10/1/44 | &nbsp;&nbsp; 49617 |
| &nbsp;&nbsp;254925 | &nbsp;&nbsp;FHLMC REMIC, Pool #QE9228, 4.500%, 9/1/52 | &nbsp;&nbsp; 250561 |
| &nbsp;&nbsp;182845 | &nbsp;&nbsp;FHLMC REMIC, Pool #QX4026, 5.500%, 1/1/55 | &nbsp;&nbsp; 186692 |
| &nbsp;&nbsp;129123 | &nbsp;&nbsp;FHLMC REMIC, Pool #RA7357, 4.500%, 7/1/52 | &nbsp;&nbsp; 126976 |
| &nbsp;&nbsp;136279 | &nbsp;&nbsp;FHLMC REMIC, Pool #RA7483, 4.000%, 6/1/52 | &nbsp;&nbsp; 130265 |
| &nbsp;&nbsp;126945 | &nbsp;&nbsp;FHLMC REMIC, Pool #SB0762, 2.500%, 4/1/37 | &nbsp;&nbsp; 120225 |

---

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Touchstone Balanced Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 6.1%<br> (Continued)** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 6.1%<br> (Continued)** |
| $261419 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1436, 4.500%, 8/1/52 | $257978 |
| &nbsp;&nbsp;230640 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1515, 4.500%, 8/1/52 | &nbsp;&nbsp; 227995 |
| &nbsp;&nbsp;226875 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1620, 5.000%, 9/1/52 | &nbsp;&nbsp; 229359 |
| &nbsp;&nbsp;233044 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1638, 5.000%, 9/1/52 | &nbsp;&nbsp; 234126 |
| &nbsp;&nbsp;304808 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD8212, 2.500%, 5/1/52 | &nbsp;&nbsp; 259644 |
| &nbsp;&nbsp;149778 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD8220, 3.000%, 6/1/52 | &nbsp;&nbsp; 133006 |
| &nbsp;&nbsp; 26252 | &nbsp;&nbsp;FNMA, Pool #725423, 5.500%, 5/1/34 | &nbsp;&nbsp; 27000 |
| &nbsp;&nbsp; 23723 | &nbsp;&nbsp;FNMA, Pool #725610, 5.500%, 7/1/34 | &nbsp;&nbsp; 24339 |
| &nbsp;&nbsp; 5936 | &nbsp;&nbsp;FNMA, Pool #890310, 4.500%, 12/1/40 | &nbsp;&nbsp; 5987 |
| &nbsp;&nbsp; 21999 | &nbsp;&nbsp;FNMA, Pool #AD9193, 5.000%, 9/1/40 | &nbsp;&nbsp; 22648 |
| &nbsp;&nbsp;201428 | &nbsp;&nbsp;FNMA, Pool #FA0499, 5.000%, 10/1/53 | &nbsp;&nbsp; 201601 |
| &nbsp;&nbsp;208824 | &nbsp;&nbsp;FNMA, Pool #FS2906, 5.000%, 9/1/52 | &nbsp;&nbsp; 209511 |
| &nbsp;&nbsp;140222 | &nbsp;&nbsp;FNMA, Pool #FS9194, 3.500%, 2/1/52 | &nbsp;&nbsp; 130281 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | $2904955 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 4.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 4.3%** |
| &nbsp;&nbsp;210000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.625%, 11/15/45 | &nbsp;&nbsp; 205964 |
| &nbsp;&nbsp;665556 | &nbsp;&nbsp;U.S. Treasury Inflation Indexed Notes, 2.375%, 2/15/55 | &nbsp;&nbsp; 632816 |
| &nbsp;&nbsp; 30000 | &nbsp;&nbsp;U.S. Treasury Note, 3.750%, 4/15/28 | &nbsp;&nbsp; 30162 |
| &nbsp;&nbsp;560000 | &nbsp;&nbsp;U.S. Treasury Note, 4.000%, 5/31/30 | &nbsp;&nbsp; 567591 |
| &nbsp;&nbsp; 24000 | &nbsp;&nbsp;U.S. Treasury Note, 4.000%, 11/15/35 | &nbsp;&nbsp; 23707 |
| &nbsp;&nbsp;551000 | &nbsp;&nbsp;U.S. Treasury Note, 4.250%, 8/15/35 | &nbsp;&nbsp; 556166 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | $2016406 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.0%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.0%** |
| &nbsp;&nbsp;117279 | &nbsp;&nbsp;CIM Trust, Ser 2021-J3, Class A7, 144a, 2.500%, 6/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 105392 |
| &nbsp;&nbsp;132000 | &nbsp;&nbsp;Flagstar Mortgage Trust, Ser 2021-4, Class A1, 144a, 2.500%, 6/1/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 110814 |
| &nbsp;&nbsp; 64470 | &nbsp;&nbsp;Flagstar Mortgage Trust, Ser 2021-5INV, Class A16, 144a, 2.500%, 7/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 53440 |
| &nbsp;&nbsp;173566 | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2021-PJ10, Class A8, 144a, 2.500%, 3/25/52<sup>(A)(B)</sup> | &nbsp;&nbsp; 155871 |
| &nbsp;&nbsp; 75602 | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2021-PJ9, Class A8, 144a, 2.500%, 2/26/52<sup>(A)(B)</sup> | &nbsp;&nbsp; 67942 |
| &nbsp;&nbsp;111325 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2021-13, Class A4, 144a, 2.500%, 4/25/52<sup>(A)(B)</sup> | &nbsp;&nbsp; 100644 |
| &nbsp;&nbsp; 67573 | &nbsp;&nbsp;Mello Mortgage Capital Acceptance, Ser 2021-MTG3, Class A9, 144a, 2.500%, 7/1/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 61462 |
| &nbsp;&nbsp;125300 | &nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2021-INV2, Class A7, 144a, 2.500%, 9/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 113597 |
| &nbsp;&nbsp;139048 | &nbsp;&nbsp;Provident Funding Mortgage Trust, Ser 2021-J1, Class A3, 144a, 2.500%, 10/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 124630 |
| &nbsp;&nbsp;131932 | &nbsp;&nbsp;PSMC Trust, Ser 2021-3, Class A3, 144a, 2.500%, 8/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 119939 |
| &nbsp;&nbsp; 83840 | &nbsp;&nbsp;Rate Mortgage Trust, Ser 2021-HB1, Class A7, 144a, 2.500%, 12/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 74989 |
| &nbsp;&nbsp;136128 | &nbsp;&nbsp;Rate Mortgage Trust, Ser 2021-J3, Class A7, 144a, 2.500%, 10/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 121879 |
| &nbsp;&nbsp;127866 | &nbsp;&nbsp;Rate Mortgage Trust, Ser 2022-J1, Class A9, 144a, 2.500%, 1/25/52<sup>(A)(B)</sup> | &nbsp;&nbsp; 114195 |
| &nbsp;&nbsp; 95000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2020-4, Class A2, 144a, 2.500%, 10/25/60 | &nbsp;&nbsp; 78324 |
|  | &nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations** | $1403118 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 2.0%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 2.0%** |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | &nbsp;&nbsp; 55092 |
| &nbsp;&nbsp;280000 | &nbsp;&nbsp;BANK, Ser 2021-BN37, Class A5, 2.618%, 11/15/64<sup>(A)(B)</sup> | &nbsp;&nbsp; 250631 |
| &nbsp;&nbsp;255000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | &nbsp;&nbsp; 237354 |
| &nbsp;&nbsp;170000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | &nbsp;&nbsp; 167841 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 2.0% (Continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 2.0% (Continued)** |
| $75000 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2018-H3, Class A5, 4.177%, 7/15/51 | $74902 |
| &nbsp;&nbsp;170000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2019-C51, Class A4, 3.311%, 6/15/52 | &nbsp;&nbsp; 162238 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;$948058 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Exchange-Traded Fund — 0.9%** |  |
| 11938 | &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;446421 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  |  |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 0.3%** | &nbsp;&nbsp;**Sovereign Government Obligations — 0.3%** |
| $119000 | &nbsp;&nbsp;Peruvian Government International Bond, 2.780%, 12/1/60 | &nbsp;&nbsp; 64450 |
| &nbsp;&nbsp; 61000 | &nbsp;&nbsp;Republic of Poland Government International Bond, 5.500%, 3/18/54 | &nbsp;&nbsp; 58418 |
|  | &nbsp;&nbsp;**Total Sovereign Government Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$122868 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 2.6%** |  |
| 540599 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.65%<sup>∞Ω</sup> | &nbsp;&nbsp; 540599 |
| 667946 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 3.68%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 667946 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | $1208545 |
|  | &nbsp;&nbsp;**Total Investment Securities—101.4%<br> (Cost $32,786,049)** | $47978974 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (1.4%)** | &nbsp;&nbsp;&nbsp; (642464) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $47336510 |

---

---

| | |
|:---|:---|
| *(A)* | *Variable rate security - Rate reflected is the rate in effect as of December 31, 2025.* |
| *(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.* |
| *\** | *Non-income producing security.* |
| *\*\** | *Represents collateral for securities loaned.* |
| *†* | *All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2025 was $446,384.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of December 31, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ADR – American Depositary Receipt* |
| *DAC – Designated Activity Company* |
| *ETF – Exchange-Traded Fund* |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *FNMA – Federal National Mortgage Association* |
| *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* |
| *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 December 31, 2025, these securities were valued at $3,384,299 or 7.1% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Touchstone Balanced Fund (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 Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$30512818* | *$—* | *$—* | *$30512818* |
| *Corporate Bonds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*8415785* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*8415785* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2904955* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2904955* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2016406* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2016406* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1403118* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1403118* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*948058* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*948058* |
| *Exchange-Traded Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*446421* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*446421* |
| *Sovereign Government Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*122868* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*122868* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;&nbsp;*1208545* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1208545* |
| *Total* | *$32167784* | *$15811190* | *$—* | *$47978974* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Portfolio of Investments

Touchstone Bond Fund – December 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 36.6%** |  |
|  | &nbsp;&nbsp;**Financials — 9.0%** |  |
| $136000 | &nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.000%, 10/29/28 | $131897 |
| &nbsp;&nbsp; 178000 | &nbsp;&nbsp;American Express Co., 5.282%, 7/27/29 | &nbsp;&nbsp; 183385 |
| &nbsp;&nbsp; 101000 | &nbsp;&nbsp;Bank of America Corp., 2.687%, 4/22/32 | &nbsp;&nbsp; 92776 |
| &nbsp;&nbsp; 126000 | &nbsp;&nbsp;Bank of America Corp., 3.705%, 4/24/28 | &nbsp;&nbsp; 125441 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;Bank of America Corp., 5.511%, 1/24/36 | &nbsp;&nbsp; 40775 |
| &nbsp;&nbsp; 168000 | &nbsp;&nbsp;Bank of Montreal (Canada), 3.803%, 12/15/32 | &nbsp;&nbsp; 166031 |
| &nbsp;&nbsp; 154000 | &nbsp;&nbsp;Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | &nbsp;&nbsp; 166270 |
| &nbsp;&nbsp; 187000 | &nbsp;&nbsp;Barclays PLC (United Kingdom), 2.894%, 11/24/32 | &nbsp;&nbsp; 170140 |
| &nbsp;&nbsp; 89000 | &nbsp;&nbsp;Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | &nbsp;&nbsp; 74965 |
| &nbsp;&nbsp; 189000 | &nbsp;&nbsp;Citigroup, Inc., 4.542%, 9/19/30 | &nbsp;&nbsp; 190642 |
| &nbsp;&nbsp; 91000 | &nbsp;&nbsp;Citigroup, Inc., 6.174%, 5/25/34 | &nbsp;&nbsp; 96787 |
| &nbsp;&nbsp; 155000 | &nbsp;&nbsp;Citizens Bank NA, 4.575%, 8/9/28 | &nbsp;&nbsp; 156179 |
| &nbsp;&nbsp; 108000 | &nbsp;&nbsp;First Maryland Capital I, (TSFR3M + 1.262%), 5.166%, 1/15/27<sup>(A)</sup> | &nbsp;&nbsp; 106948 |
| &nbsp;&nbsp; 177000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | &nbsp;&nbsp; 161540 |
| &nbsp;&nbsp; 92000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | &nbsp;&nbsp; 91519 |
| &nbsp;&nbsp; 92000 | &nbsp;&nbsp;Guardian Life Global Funding, 144a, 4.327%, 10/6/30 | &nbsp;&nbsp; 92251 |
| &nbsp;&nbsp; 129000 | &nbsp;&nbsp;JPMorgan Chase & Co., 2.956%, 5/13/31 | &nbsp;&nbsp; 121795 |
| &nbsp;&nbsp; 168000 | &nbsp;&nbsp;JPMorgan Chase & Co., 3.509%, 1/23/29 | &nbsp;&nbsp; 166442 |
| &nbsp;&nbsp; 41000 | &nbsp;&nbsp;JPMorgan Chase & Co., 4.946%, 10/22/35 | &nbsp;&nbsp; 41494 |
| &nbsp;&nbsp; 129000 | &nbsp;&nbsp;Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.400%, 3/26/29 | &nbsp;&nbsp; 135272 |
| &nbsp;&nbsp; 94000 | &nbsp;&nbsp;Marsh & McLennan Cos., Inc., 5.350%, 11/15/44 | &nbsp;&nbsp; 92287 |
| &nbsp;&nbsp; 188000 | &nbsp;&nbsp;Mastercard, Inc., 2.000%, 11/18/31 | &nbsp;&nbsp; 167684 |
| &nbsp;&nbsp; 148000 | &nbsp;&nbsp;Morgan Stanley, 2.484%, 9/16/36 | &nbsp;&nbsp; 130300 |
| &nbsp;&nbsp; 156000 | &nbsp;&nbsp;Morgan Stanley, 3.950%, 4/23/27 | &nbsp;&nbsp; 155906 |
| &nbsp;&nbsp; 138000 | &nbsp;&nbsp;New York Life Global Funding, 144a, 4.550%, 1/28/33 | &nbsp;&nbsp; 137811 |
| &nbsp;&nbsp; 198000 | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | &nbsp;&nbsp; 154324 |
| &nbsp;&nbsp; 2000 | &nbsp;&nbsp;OneMain Finance Corp., 7.125%, 3/15/26 | &nbsp;&nbsp; 2015 |
| &nbsp;&nbsp; 136000 | &nbsp;&nbsp;PNC Capital Trust, (TSFR3M + 0.832%), 4.624%, 6/1/28<sup>(A)</sup> | &nbsp;&nbsp; 133844 |
| &nbsp;&nbsp; 152000 | &nbsp;&nbsp;Royal Bank of Canada (Canada), 4.969%, 8/2/30 | &nbsp;&nbsp; 155795 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;SBL Holdings, Inc., 144a, 9.508%<sup>(B)</sup> | &nbsp;&nbsp; 17340 |
| &nbsp;&nbsp; 245000 | &nbsp;&nbsp;State Street Corp., (TSFR3M + 1.262%), 4.985%, 6/15/47<sup>(A)</sup> | &nbsp;&nbsp; 218898 |
| &nbsp;&nbsp; 194000 | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America, 144a, 3.300%, 5/15/50 | &nbsp;&nbsp; 133511 |
| &nbsp;&nbsp; 260000 | &nbsp;&nbsp;Truist Financial Corp., Ser A, (TSFR3M + 0.932%), 4.783%, 5/15/27<sup>(A)</sup> | &nbsp;&nbsp; 258398 |
| &nbsp;&nbsp; 119000 | &nbsp;&nbsp;US Bancorp, 4.967%, 7/22/33 | &nbsp;&nbsp; 120061 |
|  |  | &nbsp;&nbsp; 4390723 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 4.6%** |  |
| &nbsp;&nbsp; 215000 | &nbsp;&nbsp;7-Eleven, Inc., 144a, 1.800%, 2/10/31 | &nbsp;&nbsp; 188450 |
| &nbsp;&nbsp; 162000 | &nbsp;&nbsp;BMW US Capital LLC (Germany), 144a, 4.500%, 8/11/30 | &nbsp;&nbsp; 162935 |
| &nbsp;&nbsp; 128000 | &nbsp;&nbsp;Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.750%, 10/20/28 | &nbsp;&nbsp; 128790 |
| &nbsp;&nbsp; 172000 | &nbsp;&nbsp;Ferguson Enterprises, Inc., 4.350%, 3/15/31 | &nbsp;&nbsp; 171559 |
| &nbsp;&nbsp; 338000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 3.100%, 1/12/32 | &nbsp;&nbsp; 308504 |
| &nbsp;&nbsp; 112000 | &nbsp;&nbsp;Gildan Activewear, Inc. (Canada), 144a, 4.700%, 10/7/30 | &nbsp;&nbsp; 111550 |
| &nbsp;&nbsp; 94000 | &nbsp;&nbsp;Gildan Activewear, Inc. (Canada), 144a, 5.400%, 10/7/35 | &nbsp;&nbsp; 93918 |
| &nbsp;&nbsp; 114000 | &nbsp;&nbsp;Home Depot, Inc. (The), 5.950%, 4/1/41 | &nbsp;&nbsp; 122346 |
| &nbsp;&nbsp; 119000 | &nbsp;&nbsp;Hyundai Capital America, 144a, 5.350%, 3/19/29 | &nbsp;&nbsp; 122492 |
| &nbsp;&nbsp; 155000 | &nbsp;&nbsp;Lowe's Cos., Inc., 4.500%, 4/15/30 | &nbsp;&nbsp; 157082 |
| &nbsp;&nbsp; 124000 | &nbsp;&nbsp;Mattel, Inc., 5.450%, 11/1/41 | &nbsp;&nbsp; 116894 |
| &nbsp;&nbsp; 169000 | &nbsp;&nbsp;Meritage Homes Corp., 144a, 3.875%, 4/15/29 | &nbsp;&nbsp; 166096 |
| &nbsp;&nbsp; 130000 | &nbsp;&nbsp;Polaris, Inc., 5.600%, 3/1/31 | &nbsp;&nbsp; 131454 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;Toyota Motor Credit Corp., MTN, 4.650%, 1/5/29 | &nbsp;&nbsp; 94751 |
| &nbsp;&nbsp; 176000 | &nbsp;&nbsp;United Airlines, Inc., 144a, 4.625%, 4/15/29 | &nbsp;&nbsp; 175221 |
|  |  | &nbsp;&nbsp; 2252042 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 36.6% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 4.1%** |  |
| $93000 | &nbsp;&nbsp;Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46<sup>†</sup> | $86410 |
| &nbsp;&nbsp; 152000 | &nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | &nbsp;&nbsp; 150384 |
| &nbsp;&nbsp; 138000 | &nbsp;&nbsp;BAT Capital Corp. (United Kingdom), 2.259%, 3/25/28 | &nbsp;&nbsp; 132827 |
| &nbsp;&nbsp; 116000 | &nbsp;&nbsp;Cargill, Inc., 144a, 4.760%, 11/23/45 | &nbsp;&nbsp; 105081 |
| &nbsp;&nbsp; 225000 | &nbsp;&nbsp;Coca-Cola Co. (The), 2.500%, 3/15/51 | &nbsp;&nbsp; 135546 |
| &nbsp;&nbsp; 184000 | &nbsp;&nbsp;Element Fleet Management Corp. (Canada), 144a, 5.037%, 3/25/30 | &nbsp;&nbsp; 188232 |
| &nbsp;&nbsp; 118000 | &nbsp;&nbsp;ERAC USA Finance LLC, 144a, 4.200%, 11/1/46 | &nbsp;&nbsp; 98198 |
| &nbsp;&nbsp; 156000 | &nbsp;&nbsp;Global Payments, Inc., 5.200%, 11/15/32 | &nbsp;&nbsp; 156238 |
| &nbsp;&nbsp; 107000 | &nbsp;&nbsp;Kroger Co. (The), 5.000%, 4/15/42 | &nbsp;&nbsp; 100000 |
| &nbsp;&nbsp; 35000 | &nbsp;&nbsp;Mars, Inc., 144a, 3.600%, 4/1/34 | &nbsp;&nbsp; 32338 |
| &nbsp;&nbsp; 154000 | &nbsp;&nbsp;Mars, Inc., 144a, 5.200%, 3/1/35 | &nbsp;&nbsp; 158609 |
| &nbsp;&nbsp; 220000 | &nbsp;&nbsp;Pernod Ricard International Finance LLC, 144a, 1.625%, 4/1/31 | &nbsp;&nbsp; 191433 |
| &nbsp;&nbsp; 188000 | &nbsp;&nbsp;Philip Morris International, Inc., 5.375%, 2/15/33 | &nbsp;&nbsp; 196917 |
| &nbsp;&nbsp; 83000 | &nbsp;&nbsp;Starbucks Corp., 3.350%, 3/12/50 | &nbsp;&nbsp; 56843 |
| &nbsp;&nbsp; 96000 | &nbsp;&nbsp;Tyson Foods, Inc., 5.400%, 3/15/29 | &nbsp;&nbsp; 99211 |
| &nbsp;&nbsp; 99000 | &nbsp;&nbsp;Walmart, Inc., 4.500%, 9/9/52 | &nbsp;&nbsp; 87531 |
|  |  | &nbsp;&nbsp; 1975798 |
|  | &nbsp;&nbsp;**Energy — 3.5%** |  |
| &nbsp;&nbsp; 135000 | &nbsp;&nbsp;Aker BP ASA (Norway), 144a, 5.125%, 10/1/34 | &nbsp;&nbsp; 132309 |
| &nbsp;&nbsp; 165000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 3.250%, 1/31/32 | &nbsp;&nbsp; 152213 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 4.000%, 3/1/31 | &nbsp;&nbsp; 50689 |
| &nbsp;&nbsp; 229000 | &nbsp;&nbsp;DCP Midstream Operating LP, 144a, 6.750%, 9/15/37 | &nbsp;&nbsp; 249502 |
| &nbsp;&nbsp; 128000 | &nbsp;&nbsp;HF Sinclair Corp., 5.000%, 2/1/28 | &nbsp;&nbsp; 128025 |
| &nbsp;&nbsp; 174891 | &nbsp;&nbsp;MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | &nbsp;&nbsp; 153372 |
| &nbsp;&nbsp; 198000 | &nbsp;&nbsp;Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 | &nbsp;&nbsp; 198375 |
| &nbsp;&nbsp; 148000 | &nbsp;&nbsp;NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | &nbsp;&nbsp; 172171 |
| &nbsp;&nbsp; 125000 | &nbsp;&nbsp;Occidental Petroleum Corp., 7.950%, 6/15/39 | &nbsp;&nbsp; 147000 |
| &nbsp;&nbsp; 206000 | &nbsp;&nbsp;Sempra Infrastructure Partners LP, 144a, 3.250%, 1/15/32 | &nbsp;&nbsp; 182565 |
| &nbsp;&nbsp; 151000 | &nbsp;&nbsp;Western Midstream Operating LP, 5.250%, 2/1/50 | &nbsp;&nbsp; 129597 |
|  |  | &nbsp;&nbsp; 1695818 |
|  | &nbsp;&nbsp;**Industrials — 3.0%** |  |
| &nbsp;&nbsp; 136000 | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | &nbsp;&nbsp; 126228 |
| &nbsp;&nbsp; 142000 | &nbsp;&nbsp;Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | &nbsp;&nbsp; 150447 |
| &nbsp;&nbsp; 179000 | &nbsp;&nbsp;Canadian Pacific Railway Co. (Canada), 3.000%, 12/2/41 | &nbsp;&nbsp; 134177 |
| &nbsp;&nbsp; 111000 | &nbsp;&nbsp;John Deere Capital Corp., MTN, 5.100%, 4/11/34 | &nbsp;&nbsp; 114977 |
| &nbsp;&nbsp; 122000 | &nbsp;&nbsp;Norfolk Southern Corp., 4.837%, 10/1/41 | &nbsp;&nbsp; 115309 |
| &nbsp;&nbsp; 81000 | &nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp., 144a, 5.350%, 1/12/27 | &nbsp;&nbsp; 81930 |
| &nbsp;&nbsp; 84000 | &nbsp;&nbsp;RTX Corp., 6.400%, 3/15/54 | &nbsp;&nbsp; 92705 |
| &nbsp;&nbsp; 293000 | &nbsp;&nbsp;Textron Financial Corp., 144a, (TSFR3M + 1.997%), 5.848%, 2/15/42<sup>(A)</sup> | &nbsp;&nbsp; 264041 |
| &nbsp;&nbsp; 145000 | &nbsp;&nbsp;Timken Co. (The), 4.500%, 12/15/28 | &nbsp;&nbsp; 146161 |
| &nbsp;&nbsp; 160000 | &nbsp;&nbsp;United Parcel Service, Inc., 5.950%, 5/14/55 | &nbsp;&nbsp; 165881 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;WestRock MWV LLC, 8.200%, 1/15/30 | &nbsp;&nbsp; 44415 |
|  |  | &nbsp;&nbsp; 1436271 |
|  | &nbsp;&nbsp;**Health Care — 2.9%** |  |
| &nbsp;&nbsp; 142000 | &nbsp;&nbsp;AbbVie, Inc., 4.450%, 5/14/46 | &nbsp;&nbsp; 123745 |
| &nbsp;&nbsp; 118000 | &nbsp;&nbsp;Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | &nbsp;&nbsp; 90340 |
| &nbsp;&nbsp; 152000 | &nbsp;&nbsp;Amgen, Inc., 5.150%, 3/2/28 | &nbsp;&nbsp; 155608 |
| &nbsp;&nbsp; 133000 | &nbsp;&nbsp;Becton Dickinson & Co., 4.685%, 12/15/44 | &nbsp;&nbsp; 118129 |
| &nbsp;&nbsp; 132000 | &nbsp;&nbsp;CommonSpirit Health, 4.187%, 10/1/49 | &nbsp;&nbsp; 103921 |
| &nbsp;&nbsp; 121000 | &nbsp;&nbsp;CVS Health Corp., 5.125%, 7/20/45 | &nbsp;&nbsp; 109566 |
| &nbsp;&nbsp; 147000 | &nbsp;&nbsp;DH Europe Finance II Sarl, 3.250%, 11/15/39 | &nbsp;&nbsp; 120750 |
| &nbsp;&nbsp; 136000 | &nbsp;&nbsp;Elevance Health, Inc., 4.750%, 2/15/33 | &nbsp;&nbsp; 136610 |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;HCA, Inc., 5.500%, 3/1/32 | &nbsp;&nbsp; 177414 |

---

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Touchstone Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 36.6% (Continued)** |  |
|  | &nbsp;&nbsp;**Health Care — 2.9% (Continued)** |  |
| $17000 | &nbsp;&nbsp;Tenet Healthcare Corp., 6.125%, 10/1/28 | $17077 |
| &nbsp;&nbsp; 113000 | &nbsp;&nbsp;Thermo Fisher Scientific, Inc., 5.404%, 8/10/43 | &nbsp;&nbsp; 114026 |
| &nbsp;&nbsp; 156000 | &nbsp;&nbsp;UnitedHealth Group, Inc., 3.500%, 8/15/39 | &nbsp;&nbsp; 130261 |
|  |  | &nbsp;&nbsp; 1397447 |
|  | &nbsp;&nbsp;**Information Technology — 2.7%** |  |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;Apple, Inc., 4.650%, 2/23/46 | &nbsp;&nbsp; 156591 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Broadcom, Inc., 3.419%, 4/15/33 | &nbsp;&nbsp; 11136 |
| &nbsp;&nbsp; 217000 | &nbsp;&nbsp;Broadcom, Inc., 4.150%, 11/15/30 | &nbsp;&nbsp; 216309 |
| &nbsp;&nbsp; 203000 | &nbsp;&nbsp;Cisco Systems, Inc., 4.850%, 2/26/29 | &nbsp;&nbsp; 208498 |
| &nbsp;&nbsp; 112000 | &nbsp;&nbsp;Dell International LLC / EMC Corp., 4.850%, 2/1/35 | &nbsp;&nbsp; 110759 |
| &nbsp;&nbsp; 182000 | &nbsp;&nbsp;Marvell Technology, Inc., 2.950%, 4/15/31 | &nbsp;&nbsp; 168750 |
| &nbsp;&nbsp; 102000 | &nbsp;&nbsp;Micron Technology, Inc., 2.703%, 4/15/32 | &nbsp;&nbsp; 91616 |
| &nbsp;&nbsp; 210000 | &nbsp;&nbsp;Microsoft Corp., 2.525%, 6/1/50 | &nbsp;&nbsp; 128887 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;Oracle Corp., 5.950%, 9/26/55 | &nbsp;&nbsp; 88976 |
| &nbsp;&nbsp; 126000 | &nbsp;&nbsp;Texas Instruments, Inc., 5.100%, 5/23/35 | &nbsp;&nbsp; 129873 |
|  |  | &nbsp;&nbsp; 1311395 |
|  | &nbsp;&nbsp;**Communication Services — 2.6%** |  |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;AT&T, Inc., 3.800%, 12/1/57 | &nbsp;&nbsp; 69054 |
| &nbsp;&nbsp; 120000 | &nbsp;&nbsp;AT&T, Inc., 4.500%, 5/15/35 | &nbsp;&nbsp; 115484 |
| &nbsp;&nbsp; 103000 | &nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | &nbsp;&nbsp; 97029 |
| &nbsp;&nbsp; 122000 | &nbsp;&nbsp;Comcast Corp., 4.000%, 3/1/48 | &nbsp;&nbsp; 92065 |
| &nbsp;&nbsp; 172000 | &nbsp;&nbsp;Meta Platforms, Inc., 4.875%, 11/15/35 | &nbsp;&nbsp; 172059 |
| &nbsp;&nbsp; 161000 | &nbsp;&nbsp;Rogers Communications, Inc. (Canada), 5.300%, 2/15/34 | &nbsp;&nbsp; 162535 |
| &nbsp;&nbsp; 168000 | &nbsp;&nbsp;T-Mobile USA, Inc., 3.875%, 4/15/30 | &nbsp;&nbsp; 165383 |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;T-Mobile USA, Inc., 5.750%, 1/15/54 | &nbsp;&nbsp; 72883 |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;Verizon Communications, Inc., 2.987%, 10/30/56 | &nbsp;&nbsp; 101622 |
| &nbsp;&nbsp; 68000 | &nbsp;&nbsp;Verizon Communications, Inc., 5.875%, 11/30/55 | &nbsp;&nbsp; 67379 |
| &nbsp;&nbsp; 176000 | &nbsp;&nbsp;Videotron Ltd. (Canada), 144a, 3.625%, 6/15/29 | &nbsp;&nbsp; 171274 |
|  |  | &nbsp;&nbsp; 1286767 |
|  | &nbsp;&nbsp;**Utilities — 2.1%** |  |
| &nbsp;&nbsp; 88000 | &nbsp;&nbsp;Calpine Corp., 144a, 5.000%, 2/1/31 | &nbsp;&nbsp; 89380 |
| &nbsp;&nbsp; 220000 | &nbsp;&nbsp;CMS Energy Corp., 4.750%, 6/1/50 | &nbsp;&nbsp; 216419 |
| &nbsp;&nbsp; 178000 | &nbsp;&nbsp;Duke Energy Progress LLC, 4.150%, 12/1/44 | &nbsp;&nbsp; 148717 |
| &nbsp;&nbsp; 104000 | &nbsp;&nbsp;Edison International, 4.125%, 3/15/28 | &nbsp;&nbsp; 102810 |
| &nbsp;&nbsp; 62000 | &nbsp;&nbsp;Electricite de France SA (France), 144a, 4.875%, 9/21/38 | &nbsp;&nbsp; 57976 |
| &nbsp;&nbsp; 67000 | &nbsp;&nbsp;Georgia Power Co., 5.950%, 2/1/39 | &nbsp;&nbsp; 71238 |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;Ohio Power Co., Ser R, 2.900%, 10/1/51 | &nbsp;&nbsp; 105128 |
| &nbsp;&nbsp; 176000 | &nbsp;&nbsp;Oncor Electric Delivery Co. LLC, 144a, 5.800%, 4/1/55 | &nbsp;&nbsp; 177703 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;PacifiCorp., 5.750%, 4/1/37 | &nbsp;&nbsp; 64983 |
|  |  | &nbsp;&nbsp; 1034354 |
|  | &nbsp;&nbsp;**Real Estate — 1.6%** |  |
| &nbsp;&nbsp; 212000 | &nbsp;&nbsp;American Tower Corp. REIT, 5.900%, 11/15/33 | &nbsp;&nbsp; 226818 |
| &nbsp;&nbsp; 181000 | &nbsp;&nbsp;Crown Castle, Inc. REIT, 4.800%, 9/1/28 | &nbsp;&nbsp; 183691 |
| &nbsp;&nbsp; 182000 | &nbsp;&nbsp;Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | &nbsp;&nbsp; 177222 |
| &nbsp;&nbsp; 102000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.700%, 12/1/31 | &nbsp;&nbsp; 90190 |
| &nbsp;&nbsp; 95000 | &nbsp;&nbsp;Store Capital LLC REIT, 4.625%, 3/15/29 | &nbsp;&nbsp; 94688 |
|  |  | &nbsp;&nbsp; 772609 |
|  | &nbsp;&nbsp;**Materials — 0.5%** |  |
| &nbsp;&nbsp; 88000 | &nbsp;&nbsp;Rio Tinto Finance USA PLC (Australia), 5.250%, 3/14/35 | &nbsp;&nbsp; 90843 |
| &nbsp;&nbsp; 151000 | &nbsp;&nbsp;Sherwin-Williams Co. (The), 4.500%, 6/1/47 | &nbsp;&nbsp; 129206 |
|  |  | &nbsp;&nbsp; 220049 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $17773273 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 27.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 27.1%** |
| &nbsp;&nbsp; 830000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.250%, 8/15/54 | &nbsp;&nbsp; 753744 |
| &nbsp;&nbsp;1070000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.625%, 11/15/45 | &nbsp;&nbsp; 1049436 |
| &nbsp;&nbsp;1450000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.750%, 2/15/45 | &nbsp;&nbsp; 1447904 |
| &nbsp;&nbsp; 365000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.750%, 8/15/55 | &nbsp;&nbsp; 360437 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 27.1% (Continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations — 27.1% (Continued)** |
| $1857366 | &nbsp;&nbsp;U.S. Treasury Inflation Indexed Notes, 2.375%, 2/15/55 | $1765999 |
| &nbsp;&nbsp;1970000 | &nbsp;&nbsp;U.S. Treasury Note, 3.750%, 4/15/28 | &nbsp;&nbsp; 1980619 |
| &nbsp;&nbsp;3050000 | &nbsp;&nbsp;U.S. Treasury Note, 4.000%, 5/31/30 | &nbsp;&nbsp; 3091342 |
| &nbsp;&nbsp; 44000 | &nbsp;&nbsp;U.S. Treasury Note, 4.000%, 11/15/35 | &nbsp;&nbsp; 43464 |
| &nbsp;&nbsp;2650000 | &nbsp;&nbsp;U.S. Treasury Note, 4.250%, 8/15/35 | &nbsp;&nbsp; 2674844 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | $13167789 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 9.3%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 9.3%** |
| &nbsp;&nbsp; 32539 | &nbsp;&nbsp;FHLMC, Pool #A95946, 4.000%, 1/1/41 | &nbsp;&nbsp; 31933 |
| &nbsp;&nbsp; 18048 | &nbsp;&nbsp;FHLMC, Pool #A96485, 4.500%, 1/1/41 | &nbsp;&nbsp; 18208 |
| &nbsp;&nbsp; 6903 | &nbsp;&nbsp;FHLMC, Pool #G03217, 5.500%, 9/1/37 | &nbsp;&nbsp; 7168 |
| &nbsp;&nbsp; 2730 | &nbsp;&nbsp;FHLMC, Pool #G03781, 6.000%, 1/1/38 | &nbsp;&nbsp; 2891 |
| &nbsp;&nbsp; 454916 | &nbsp;&nbsp;FHLMC REMIC, Pool #QD2143, 2.000%, 12/1/51 | &nbsp;&nbsp; 370215 |
| &nbsp;&nbsp; 1655 | &nbsp;&nbsp;FNMA, Pool #561741, 7.500%, 1/1/31 | &nbsp;&nbsp; 1703 |
| &nbsp;&nbsp; 98790 | &nbsp;&nbsp;FNMA, Pool #725423, 5.500%, 5/1/34 | &nbsp;&nbsp; 101604 |
| &nbsp;&nbsp; 87864 | &nbsp;&nbsp;FNMA, Pool #725610, 5.500%, 7/1/34 | &nbsp;&nbsp; 90144 |
| &nbsp;&nbsp; 2483 | &nbsp;&nbsp;FNMA, Pool #889734, 5.500%, 6/1/37 | &nbsp;&nbsp; 2597 |
| &nbsp;&nbsp; 17109 | &nbsp;&nbsp;FNMA, Pool #AB1149, 5.000%, 6/1/40 | &nbsp;&nbsp; 17614 |
| &nbsp;&nbsp; 15999 | &nbsp;&nbsp;FNMA, Pool #AB1800, 4.000%, 11/1/40 | &nbsp;&nbsp; 15697 |
| &nbsp;&nbsp; 27995 | &nbsp;&nbsp;FNMA, Pool #AD3795, 4.500%, 4/1/40 | &nbsp;&nbsp; 28253 |
| &nbsp;&nbsp; 34985 | &nbsp;&nbsp;FNMA, Pool #AD9150, 5.000%, 8/1/40 | &nbsp;&nbsp; 36016 |
| &nbsp;&nbsp; 73330 | &nbsp;&nbsp;FNMA, Pool #AD9193, 5.000%, 9/1/40 | &nbsp;&nbsp; 75492 |
| &nbsp;&nbsp; 47095 | &nbsp;&nbsp;FNMA, Pool #AE0548, 4.500%, 11/1/40 | &nbsp;&nbsp; 47462 |
| &nbsp;&nbsp; 37985 | &nbsp;&nbsp;FNMA, Pool #AE4429, 4.000%, 10/1/40 | &nbsp;&nbsp; 37331 |
| &nbsp;&nbsp; 3 | &nbsp;&nbsp;FNMA, Pool #AH2666, 4.000%, 1/1/26 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 17 | &nbsp;&nbsp;FNMA, Pool #AH3493, 4.000%, 2/1/26 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp; 61964 | &nbsp;&nbsp;FNMA, Pool #AL0054, 4.500%, 2/1/41 | &nbsp;&nbsp; 62434 |
| &nbsp;&nbsp; 176616 | &nbsp;&nbsp;FNMA, Pool #AR9195, 3.000%, 3/1/43 | &nbsp;&nbsp; 163642 |
| &nbsp;&nbsp; 150811 | &nbsp;&nbsp;FNMA, Pool #AT2016, 3.000%, 4/1/43 | &nbsp;&nbsp; 139654 |
| &nbsp;&nbsp; 119445 | &nbsp;&nbsp;FNMA, Pool #BC1158, 3.500%, 2/1/46 | &nbsp;&nbsp; 113016 |
| &nbsp;&nbsp; 315724 | &nbsp;&nbsp;FNMA, Pool #CB3606, 3.500%, 5/1/52 | &nbsp;&nbsp; 293157 |
| &nbsp;&nbsp; 315343 | &nbsp;&nbsp;FNMA, Pool #CB5633, 4.500%, 2/1/53 | &nbsp;&nbsp; 309644 |
| &nbsp;&nbsp; 317723 | &nbsp;&nbsp;FNMA, Pool #FA2759, 5.500%, 2/1/55 | &nbsp;&nbsp; 322431 |
| &nbsp;&nbsp; 330000 | &nbsp;&nbsp;FNMA, Pool #FA3851, 5.000%, 12/1/55 | &nbsp;&nbsp; 331092 |
| &nbsp;&nbsp; 257489 | &nbsp;&nbsp;FNMA, Pool #FM4996, 2.000%, 12/1/50 | &nbsp;&nbsp; 212930 |
| &nbsp;&nbsp; 127806 | &nbsp;&nbsp;FNMA, Pool #FM5468, 2.500%, 1/1/36 | &nbsp;&nbsp; 121740 |
| &nbsp;&nbsp; 225266 | &nbsp;&nbsp;FNMA, Pool #FM5682, 2.500%, 1/1/51 | &nbsp;&nbsp; 194039 |
| &nbsp;&nbsp; 382745 | &nbsp;&nbsp;FNMA, Pool #FS6157, 3.000%, 9/1/52 | &nbsp;&nbsp; 340036 |
| &nbsp;&nbsp; 67000 | &nbsp;&nbsp;FNMA, Pool #MA1175, 3.000%, 9/1/42 | &nbsp;&nbsp; 62102 |
| &nbsp;&nbsp; 35220 | &nbsp;&nbsp;FNMA, Pool #MA2177, 4.000%, 2/1/35 | &nbsp;&nbsp; 34949 |
| &nbsp;&nbsp; 233699 | &nbsp;&nbsp;FNMA, Pool #MA4166, 3.000%, 10/1/40 | &nbsp;&nbsp; 218216 |
| &nbsp;&nbsp; 322149 | &nbsp;&nbsp;FNMA, Pool #MA4783, 4.000%, 10/1/52 | &nbsp;&nbsp; 307383 |
| &nbsp;&nbsp; 52642 | &nbsp;&nbsp;GNMA, Pool #4853, 4.000%, 11/20/40 | &nbsp;&nbsp; 51481 |
| &nbsp;&nbsp; 40795 | &nbsp;&nbsp;GNMA, Pool #4883, 4.500%, 12/20/40 | &nbsp;&nbsp; 41140 |
| &nbsp;&nbsp; 161044 | &nbsp;&nbsp;GNMA, Pool #5175, 4.500%, 9/20/41 | &nbsp;&nbsp; 162346 |
| &nbsp;&nbsp; 12256 | &nbsp;&nbsp;GNMA, Pool #736696, 4.500%, 5/15/40 | &nbsp;&nbsp; 12213 |
| &nbsp;&nbsp; 97297 | &nbsp;&nbsp;GNMA, Pool #AD1745, 3.000%, 2/20/43 | &nbsp;&nbsp; 87843 |
| &nbsp;&nbsp; 60946 | &nbsp;&nbsp;GNMA, Pool #MA1157, 3.500%, 7/20/43 | &nbsp;&nbsp; 57542 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | $4523378 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 7.7%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 7.7%** |
| &nbsp;&nbsp; 675000 | &nbsp;&nbsp;BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | &nbsp;&nbsp; 671563 |
| &nbsp;&nbsp; 285000 | &nbsp;&nbsp;BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | &nbsp;&nbsp; 261688 |
| &nbsp;&nbsp; 365000 | &nbsp;&nbsp;BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55<sup>(A)(C)</sup> | &nbsp;&nbsp; 333108 |
| &nbsp;&nbsp; 110000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2024-5C27, Class AS, 6.410%, 7/15/57<sup>(A)(C)</sup> | &nbsp;&nbsp; 115796 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;BMO Mortgage Trust, Ser 2025-5C10, Class B, 6.445%, 5/15/58<sup>(A)(C)</sup> | &nbsp;&nbsp; 208688 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2017-P8, Class AS, 3.789%, 9/15/50<sup>(A)(C)</sup> | &nbsp;&nbsp; 61286 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | &nbsp;&nbsp; 232700 |

---

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Touchstone Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 7.7% (Continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 7.7% (Continued)** |
| $250000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.541%, 1/10/43<sup>(A)(C)</sup> | $222715 |
| &nbsp;&nbsp; 210000 | &nbsp;&nbsp;HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (TSFR1M + 1.564%), 5.315%, 10/15/36<sup>(A)</sup> | &nbsp;&nbsp; 206871 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | &nbsp;&nbsp; 345555 |
| &nbsp;&nbsp; 105000 | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Class AS, 4.065%, 11/15/47 | &nbsp;&nbsp; 101857 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (TSFR1M + 1.317%), 5.067%, 11/15/35<sup>(A)</sup> | &nbsp;&nbsp; 336963 |
| &nbsp;&nbsp; 355000 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2018-H3, Class A5, 4.177%, 7/15/51 | &nbsp;&nbsp; 354535 |
| &nbsp;&nbsp; 70000 | &nbsp;&nbsp;UBS Commercial Mortgage Trust, Ser 2017-C1, Class AS, 3.724%, 6/15/50 | &nbsp;&nbsp; 68684 |
| &nbsp;&nbsp; 220000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-5C4, Class B, 6.394%, 5/15/58<sup>(A)(C)</sup> | &nbsp;&nbsp; 231101 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | $3753110 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 6.2%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 6.2%** |
| &nbsp;&nbsp; 20877 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2013-1, Class B3, 144a, 3.560%, 7/25/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 20429 |
| &nbsp;&nbsp; 87241 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-4, Class B2, 144a, 3.475%, 6/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 85711 |
| &nbsp;&nbsp; 196052 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.629%, 10/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 188692 |
| &nbsp;&nbsp; 53013 | &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR3, Class B2, 144a, 3.392%, 5/25/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 52388 |
| &nbsp;&nbsp; 137085 | &nbsp;&nbsp;CSMC Trust, Ser 2015-1, Class B3, 144a, 3.878%, 1/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 133277 |
| &nbsp;&nbsp; 82290 | &nbsp;&nbsp;CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.766%, 12/25/44<sup>(A)(C)</sup> | &nbsp;&nbsp; 79998 |
| &nbsp;&nbsp; 238524 | &nbsp;&nbsp;Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 233598 |
| &nbsp;&nbsp; 27 | &nbsp;&nbsp;Deutsche ALT-A Securities, Inc. ALT, Ser 2003-2XS, Class A6, 5.470%, 9/25/33<sup>(A)(C)</sup> | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp; 340975 | &nbsp;&nbsp;EverBank Mortgage Loan Trust, Ser 2018-1, Class B2, 144a, 3.561%, 2/25/48<sup>(A)(C)</sup> | &nbsp;&nbsp; 315101 |
| &nbsp;&nbsp; 190200 | &nbsp;&nbsp;GCAT Trust, Ser 2022-NQM2, Class A1, 144a, 4.210%, 2/25/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 189578 |
| &nbsp;&nbsp; 263873 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-8, Class B3, 144a, 4.042%, 1/25/49<sup>(A)(C)</sup> | &nbsp;&nbsp; 244650 |
| &nbsp;&nbsp; 181928 | &nbsp;&nbsp;Mello Mortgage Capital Acceptance, Ser 2021-MTG3, Class A9, 144a, 2.500%, 7/1/51<sup>(A)(C)</sup> | &nbsp;&nbsp; 165473 |
| &nbsp;&nbsp; 289383 | &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58<sup>(A)(C)</sup> | &nbsp;&nbsp; 262751 |
| &nbsp;&nbsp; 76023 | &nbsp;&nbsp;Residential Asset Securitization Trust, Ser 2006-A1, Class 1A3, 6.000%, 4/25/36 | &nbsp;&nbsp; 32199 |
| &nbsp;&nbsp; 27636 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-10, Class B2, 144a, 3.536%, 8/25/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 27078 |
| &nbsp;&nbsp; 37272 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-5, Class B1, 144a, 3.490%, 5/25/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 36642 |
| &nbsp;&nbsp; 383906 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH3, Class B1B, 144a, 4.711%, 8/25/48<sup>(A)(C)</sup> | &nbsp;&nbsp; 374643 |
| &nbsp;&nbsp; 347915 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH3, Class B2B, 144a, 4.711%, 8/25/48<sup>(A)(C)</sup> | &nbsp;&nbsp; 339520 |
| &nbsp;&nbsp; 233138 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-S1, Class A4, 144a, 2.500%, 9/25/54<sup>(A)(C)</sup> | &nbsp;&nbsp; 207826 |
| &nbsp;&nbsp; 18921 | &nbsp;&nbsp;Washington Mutual Mortgage Pass-Through Certificates, Ser 2005-9, Class 2A4, 5.500%, 11/25/35 | &nbsp;&nbsp; 17692 |
|  | &nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations** | $3007273 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 3.7%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 3.7%** |
| &nbsp;&nbsp; 230000 | &nbsp;&nbsp;FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | &nbsp;&nbsp; 169457 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 3.7%<br> (Continued)** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 3.7%<br> (Continued)** |
| $725000 | &nbsp;&nbsp;FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | $547360 |
| &nbsp;&nbsp; 5387 | &nbsp;&nbsp;FNMA REMIC, Ser 2015-51, Class KC, 3.000%, 6/25/45 | &nbsp;&nbsp; 5222 |
| &nbsp;&nbsp; 149851 | &nbsp;&nbsp;FNMA REMIC, Ser 2017-90, Class KA, 3.000%, 11/25/47 | &nbsp;&nbsp; 142112 |
| &nbsp;&nbsp; 450000 | &nbsp;&nbsp;FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | &nbsp;&nbsp; 375885 |
| &nbsp;&nbsp; 675000 | &nbsp;&nbsp;FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | &nbsp;&nbsp; 528298 |
|  | &nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations** | $1768334 |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 3.1%** | &nbsp;&nbsp;**Asset-Backed Securities — 3.1%** |
| &nbsp;&nbsp; 175000 | &nbsp;&nbsp;Drive Auto Receivables Trust, Ser 2025-2, Class D, 4.900%, 12/15/32 | &nbsp;&nbsp; 175061 |
| &nbsp;&nbsp; 81312 | &nbsp;&nbsp;Elara HGV Timeshare Issuer LLC, Ser 2019-A, Class B, 144a, 2.910%, 1/25/34 | &nbsp;&nbsp; 80856 |
| &nbsp;&nbsp; 277500 | &nbsp;&nbsp;Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | &nbsp;&nbsp; 268627 |
| &nbsp;&nbsp; 144375 | &nbsp;&nbsp;Jimmy Johns Funding LLC, Ser 2017-1A, Class A2II, 144a, 4.846%, 7/30/47 | &nbsp;&nbsp; 144267 |
| &nbsp;&nbsp; 289500 | &nbsp;&nbsp;Jimmy Johns Funding LLC, Ser 2022-1A, Class A2I, 144a, 4.077%, 4/30/52 | &nbsp;&nbsp; 286933 |
| &nbsp;&nbsp; 384000 | &nbsp;&nbsp;Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1R, 144a, (TSFR3M + 1.450%), 5.334%, 10/19/34<sup>(A)</sup> | &nbsp;&nbsp; 382400 |
| &nbsp;&nbsp; 148088 | &nbsp;&nbsp;TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | &nbsp;&nbsp; 141797 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | $1479941 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Exchange-Traded Fund — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;36922 | &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | 1380698.0 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  |  |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 0.4%** | &nbsp;&nbsp;**Sovereign Government Obligations — 0.4%** |
| $150000 | &nbsp;&nbsp;Chile Government International Bond, 3.100%, 1/22/61 | &nbsp;&nbsp; 92835 |
| &nbsp;&nbsp; 103000 | &nbsp;&nbsp;Republic of Poland Government International Bond, 5.500%, 3/18/54 | &nbsp;&nbsp; 98640 |
|  | &nbsp;&nbsp;**Total Sovereign Government Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$191475 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 4.7%** |  |
| 1242906 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.65%<sup>∞Ω</sup> | &nbsp;&nbsp; 1242906 |
| 1057589 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 3.68%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 1057589 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | $2300495 |
|  | &nbsp;&nbsp;**Total Investment Securities—101.7%<br> (Cost $50,484,603)** | $49345766 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (1.7%)** | &nbsp;&nbsp;&nbsp; (824172) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $48521594 |

---

---

| | |
|:---|:---|
| *(A)* | *Variable rate security - Rate reflected is the rate in effect as of December 31, 2025.* |
| *(B)* | *Perpetual Bond - A bond or preferred stock with no definite maturity date.* |
| *(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.* |
| *\*\** | *Represents collateral for securities loaned.* |
| *†* | *All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2025 was $3,717.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of December 31, 2025.* |

---

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Touchstone Bond Fund (Continued)

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *DAC – Designated Activity Company* |
| *ETF – Exchange-Traded Fund* |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *FNMA – Federal National Mortgage Association* |
| *GNMA – Government National Mortgage Association* |
| *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 December 31, 2025, these securities were valued at $9,793,958 or 20.2% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

*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 Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Corporate Bonds* | *$—* | *$17773273* | *$—* | *$17773273* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*13167789* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*13167789* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4523378* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4523378* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3753110* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3753110* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3007273* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3007273* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1768334* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1768334* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1479941* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1479941* |
| *Exchange-Traded Fund* | &nbsp;&nbsp;&nbsp;*1380698* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1380698* |
| *Sovereign Government Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*191475* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*191475* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;*2300495* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2300495* |
| *Total* | *$3681193* | *$45664573* | *$—* | *$49345766* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Portfolio of Investments

Touchstone Common Stock Fund – December 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.9%** |  |
|  | &nbsp;&nbsp;**Information Technology — 34.1%** |  |
| 54282 | &nbsp;&nbsp;Apple, Inc. | $14757104 |
| 13071 | &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp; 3359116 |
| 42011 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 20317360 |
| 71506 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 13335869 |
| 20283 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 3953360 |
| 16359 | &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp; 4333663 |
| 16388 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR | &nbsp;&nbsp; 4980149 |
| 17519 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 3039371 |
| 10934 | &nbsp;&nbsp;Workday, Inc. - Class A\* | &nbsp;&nbsp; 2348405 |
|  |  | &nbsp;&nbsp; 70424397 |
|  | &nbsp;&nbsp;**Communication Services — 17.0%** |  |
| 54548 | &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp; 17117162 |
| 63376 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 1894309 |
| 19961 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 13176056 |
| 10280 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 963853 |
| 16278 | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp; 1851948 |
|  |  | &nbsp;&nbsp; 35003328 |
|  | &nbsp;&nbsp;**Financials — 14.1%** |  |
| 111550 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 6135250 |
| &nbsp;&nbsp;&nbsp;&nbsp;5205 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | &nbsp;&nbsp; 2616293 |
| 46323 | &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp; 4628131 |
| &nbsp;&nbsp;&nbsp;&nbsp;3765 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 3309435 |
| &nbsp;&nbsp;&nbsp;&nbsp;6428 | &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp; 2295889 |
| &nbsp;&nbsp;&nbsp;&nbsp;1994 | &nbsp;&nbsp;Markel Group, Inc.\* | &nbsp;&nbsp; 4286402 |
| 16711 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 5860715 |
|  |  | &nbsp;&nbsp; 29132115 |
|  | &nbsp;&nbsp;**Health Care — 10.1%** |  |
| 17676 | &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp; 3430381 |
| 20439 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp; 1214690 |
| 50911 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 2746139 |
| &nbsp;&nbsp;&nbsp;&nbsp;3967 | &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp; 1852034 |
| 21680 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 4486676 |
| 44417 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 4266697 |
| &nbsp;&nbsp;&nbsp;&nbsp;8908 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 2940620 |
|  |  | &nbsp;&nbsp; 20937237 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 9.1%** |  |
| 25609 | &nbsp;&nbsp;Airbnb, Inc. - Class A\* | &nbsp;&nbsp; 3475654 |
| 54756 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 12638780 |
| 26079 | &nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp; 1697482 |
| 11549 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 972541 |
|  |  | &nbsp;&nbsp; 18784457 |
|  | &nbsp;&nbsp;**Industrials — 6.9%** |  |
| 19263 | &nbsp;&nbsp;Boeing Co. (The)\* | &nbsp;&nbsp; 4182383 |
| &nbsp;&nbsp;&nbsp;&nbsp;4670 | &nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 2174212 |
| &nbsp;&nbsp;&nbsp;&nbsp;3859 | &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp; 1713821 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.9% (Continued)** |  |
|  | &nbsp;&nbsp;**Industrials — 6.9% (Continued)** |  |
| 33072 | &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | $2891154 |
| 21573 | &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 1602442 |
| 20834 | &nbsp;&nbsp;Uber Technologies, Inc.\* | &nbsp;&nbsp; 1702346 |
|  |  | &nbsp;&nbsp; 14266358 |
|  | &nbsp;&nbsp;**Consumer Staples — 4.0%** |  |
| 11277 | &nbsp;&nbsp;Diageo PLC (United Kingdom) ADR | &nbsp;&nbsp; 972867 |
| 28537 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 2187931 |
| 31267 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 5015227 |
|  |  | &nbsp;&nbsp; 8176025 |
|  | &nbsp;&nbsp;**Energy — 2.3%** |  |
| 39648 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 4771240 |
|  | &nbsp;&nbsp;**Real Estate — 1.6%** |  |
| 10065 | &nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp; 3386571 |
|  | &nbsp;&nbsp;**Materials — 0.7%** |  |
| 22409 | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 1510143 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $206391871 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.2%** |  |
| 487852 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.65%<sup>∞Ω</sup> | &nbsp;&nbsp; 487852 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $83,461,935)** | $206879723 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (277367) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $206602356 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of December 31, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ADR – American Depositary Receipt* |
| *PLC – Public Limited Company* |

---

*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 Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$206391871* | *$—* | *$—* | *$206391871* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*487852* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*487852* |
| *Total* | *$206879723* | *$—* | *$—* | *$206879723* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Portfolio of Investments

Touchstone Small Company Fund – December 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.9%** |  |
|  | &nbsp;&nbsp;**Health Care — 20.9%** |  |
| 10690 | &nbsp;&nbsp;Bio-Techne Corp. | $628679 |
| 70292 | &nbsp;&nbsp;Certara, Inc.\* | &nbsp;&nbsp; 619273 |
| &nbsp;&nbsp;&nbsp;&nbsp;1668 | &nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp; 713671 |
| 14682 | &nbsp;&nbsp;Doximity, Inc. - Class A\* | &nbsp;&nbsp; 650119 |
| &nbsp;&nbsp;&nbsp;&nbsp;8473 | &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp; 899324 |
| &nbsp;&nbsp;&nbsp;&nbsp;5247 | &nbsp;&nbsp;Ensign Group, Inc. (The) | &nbsp;&nbsp; 914027 |
| 10442 | &nbsp;&nbsp;Globus Medical, Inc. - Class A\* | &nbsp;&nbsp; 911691 |
| 22857 | &nbsp;&nbsp;Haemonetics Corp.\* | &nbsp;&nbsp; 1831989 |
| 17274 | &nbsp;&nbsp;LivaNova PLC\* | &nbsp;&nbsp; 1062869 |
| 10407 | &nbsp;&nbsp;Merit Medical Systems, Inc.\* | &nbsp;&nbsp; 917273 |
| 43785 | &nbsp;&nbsp;Option Care Health, Inc.\* | &nbsp;&nbsp; 1394990 |
| 56949 | &nbsp;&nbsp;Progyny, Inc.\* | &nbsp;&nbsp; 1462450 |
| 20640 | &nbsp;&nbsp;Waystar Holding Corp.\* | &nbsp;&nbsp; 675960 |
|  |  | &nbsp;&nbsp;12682315 |
|  | &nbsp;&nbsp;**Information Technology — 20.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2782 | &nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp; 582468 |
| 29100 | &nbsp;&nbsp;Box, Inc. - Class A\* | &nbsp;&nbsp; 870381 |
| 111329 | &nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.\* | &nbsp;&nbsp; 885066 |
| &nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;Ciena Corp.\* | &nbsp;&nbsp; 933141 |
| &nbsp;&nbsp;&nbsp;&nbsp;5167 | &nbsp;&nbsp;CommVault Systems, Inc.\* | &nbsp;&nbsp; 647735 |
| 63276 | &nbsp;&nbsp;DoubleVerify Holdings, Inc.\* | &nbsp;&nbsp; 723878 |
| 19547 | &nbsp;&nbsp;Kulicke & Soffa Industries, Inc. (Singapore) | &nbsp;&nbsp; 890561 |
| 48254 | &nbsp;&nbsp;LiveRamp Holdings, Inc.\* | &nbsp;&nbsp; 1417220 |
| &nbsp;&nbsp;&nbsp;&nbsp;5362 | &nbsp;&nbsp;Onto Innovation, Inc.\* | &nbsp;&nbsp; 846445 |
| &nbsp;&nbsp;&nbsp;&nbsp;8470 | &nbsp;&nbsp;Q2 Holdings, Inc.\* | &nbsp;&nbsp; 611195 |
| &nbsp;&nbsp;&nbsp;&nbsp;6790 | &nbsp;&nbsp;Qualys, Inc.\* | &nbsp;&nbsp; 902391 |
| 41574 | &nbsp;&nbsp;RingCentral, Inc. - Class A\* | &nbsp;&nbsp; 1200657 |
| &nbsp;&nbsp;&nbsp;&nbsp;7409 | &nbsp;&nbsp;SPS Commerce, Inc.\* | &nbsp;&nbsp; 660364 |
| &nbsp;&nbsp;&nbsp;&nbsp;7274 | &nbsp;&nbsp;Tower Semiconductor Ltd. (Israel)\* | &nbsp;&nbsp; 854113 |
| 22120 | &nbsp;&nbsp;Zeta Global Holdings Corp. - Class A\* | &nbsp;&nbsp; 450142 |
|  |  | &nbsp;&nbsp;12475757 |
|  | &nbsp;&nbsp;**Industrials — 17.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;CACI International, Inc. - Class A\* | &nbsp;&nbsp; 697981 |
| &nbsp;&nbsp;&nbsp;&nbsp;2959 | &nbsp;&nbsp;Clean Harbors, Inc.\* | &nbsp;&nbsp; 693826 |
| &nbsp;&nbsp;&nbsp;&nbsp;3288 | &nbsp;&nbsp;Crane Co. | &nbsp;&nbsp; 606406 |
| &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp; 667037 |
| &nbsp;&nbsp;&nbsp;&nbsp;4518 | &nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp; 882772 |
| 22025 | &nbsp;&nbsp;ExlService Holdings, Inc.\* | &nbsp;&nbsp; 934741 |
| &nbsp;&nbsp;&nbsp;&nbsp;7980 | &nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp; 866548 |
| &nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp; 878876 |
| &nbsp;&nbsp;&nbsp;&nbsp;9472 | &nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp; 699981 |
| &nbsp;&nbsp;&nbsp;&nbsp;4101 | &nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp; 711565 |
| 14902 | &nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp; 599060 |
| 11107 | &nbsp;&nbsp;MAXIMUS, Inc. | &nbsp;&nbsp; 958756 |
| &nbsp;&nbsp;&nbsp;&nbsp;6755 | &nbsp;&nbsp;Nextpower, Inc. - Class A\* | &nbsp;&nbsp; 588428 |
| 13643 | &nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp; 634263 |
|  |  | &nbsp;&nbsp;10420240 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 14.5%** |  |
| 10288 | &nbsp;&nbsp;Champion Homes, Inc.\* | &nbsp;&nbsp; 869336 |
| &nbsp;&nbsp;&nbsp;&nbsp;7170 | &nbsp;&nbsp;Crocs, Inc.\* | &nbsp;&nbsp; 613178 |
| 14684 | &nbsp;&nbsp;Frontdoor, Inc.\* | &nbsp;&nbsp; 847120 |
| &nbsp;&nbsp;&nbsp;&nbsp;5040 | &nbsp;&nbsp;Grand Canyon Education, Inc.\* | &nbsp;&nbsp; 838202 |
| &nbsp;&nbsp;&nbsp;&nbsp;7170 | &nbsp;&nbsp;LCI Industries | &nbsp;&nbsp; 870008 |
| 21573 | &nbsp;&nbsp;Malibu Boats, Inc. - Class A\* | &nbsp;&nbsp; 608574 |
| &nbsp;&nbsp;&nbsp;&nbsp;8980 | &nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp; 601840 |
| 14416 | &nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp; 600282 |
| 11908 | &nbsp;&nbsp;Stride, Inc.\* | &nbsp;&nbsp; 773187 |
| &nbsp;&nbsp;&nbsp;&nbsp;4698 | &nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp; 779868 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.9% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 14.5% (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1664 | &nbsp;&nbsp;TopBuild Corp.\* | $694204 |
| 16675 | &nbsp;&nbsp;YETI Holdings, Inc.\* | &nbsp;&nbsp; 736535 |
|  |  | &nbsp;&nbsp; 8832334 |
|  | &nbsp;&nbsp;**Financials — 9.6%** |  |
| 14550 | &nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp; 1080629 |
| 19811 | &nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp; 699328 |
| &nbsp;&nbsp;&nbsp;&nbsp;2536 | &nbsp;&nbsp;Evercore, Inc. - Class A | &nbsp;&nbsp; 862874 |
| 67067 | &nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp; 1146846 |
| 22880 | &nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp; 635606 |
| &nbsp;&nbsp;&nbsp;&nbsp;7094 | &nbsp;&nbsp;SouthState Bank Corp. | &nbsp;&nbsp; 667616 |
| 11325 | &nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp; 712796 |
|  |  | &nbsp;&nbsp; 5805695 |
|  | &nbsp;&nbsp;**Energy — 6.1%** |  |
| 19877 | &nbsp;&nbsp;Cactus, Inc. - Class A | &nbsp;&nbsp; 907981 |
| &nbsp;&nbsp;&nbsp;&nbsp;3510 | &nbsp;&nbsp;Gulfport Energy Corp.\* | &nbsp;&nbsp; 730045 |
| 15580 | &nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp; 717926 |
| 27960 | &nbsp;&nbsp;Oceaneering International, Inc.\* | &nbsp;&nbsp; 671879 |
| 12970 | &nbsp;&nbsp;Tidewater, Inc.\* | &nbsp;&nbsp; 655115 |
|  |  | &nbsp;&nbsp; 3682946 |
|  | &nbsp;&nbsp;**Real Estate — 6.0%** |  |
| 12534 | &nbsp;&nbsp;Agree Realty Corp. REIT | &nbsp;&nbsp; 902824 |
| &nbsp;&nbsp;&nbsp;&nbsp;6374 | &nbsp;&nbsp;Colliers International Group, Inc. (Canada) | &nbsp;&nbsp; 937042 |
| 32087 | &nbsp;&nbsp;COPT Defense Properties REIT | &nbsp;&nbsp; 892019 |
| 24498 | &nbsp;&nbsp;STAG Industrial, Inc. REIT | &nbsp;&nbsp; 900546 |
|  |  | &nbsp;&nbsp; 3632431 |
|  | &nbsp;&nbsp;**Communication Services — 3.0%** |  |
| 32260 | &nbsp;&nbsp;Cargurus, Inc.\* | &nbsp;&nbsp; 1237171 |
| 17149 | &nbsp;&nbsp;Ziff Davis, Inc.\* | &nbsp;&nbsp; 602787 |
|  |  | &nbsp;&nbsp; 1839958 |
|  | &nbsp;&nbsp;**Materials — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3011 | &nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp; 622313 |
| 16071 | &nbsp;&nbsp;Silgan Holdings, Inc.<sup>†</sup> | &nbsp;&nbsp; 648786 |
|  |  | &nbsp;&nbsp; 1271099 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $60642775 |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 1.3%** |  |
| 124678 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.65%<sup>∞Ω</sup> | &nbsp;&nbsp; 124678 |
| 633581 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 3.68%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 633581 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$758259 |
|  | &nbsp;&nbsp;**Total Investment Securities—101.2%<br> (Cost $42,919,167)** | $61401034 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (1.2%)** | &nbsp;&nbsp;&nbsp; (700378) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $60700656 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *\*\** | *Represents collateral for securities loaned.* |
| *†* | *All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2025 was $616,329.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of December 31, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |

---

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Touchstone Small Company Fund (Continued)

*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 Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$60642775* | *$—* | *$—* | *$60642775* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*758259* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*758259* |
| *Total* | *$61401034* | *$—* | *$—* | *$61401034* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Common Stock<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Company<br> Fund** |
| **Assets** |  |  |  |  |
| Investments, at cost | $32786049 | $50484603 | $83461935 | $42919167 |
| Investments, at market value \* | $47978974 | $49345766 | $206879723 | $61401034 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18560 |  |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27396 |
| Receivable for capital shares sold |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18968 |
| Receivable for securities lending income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |
| **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48130419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49737893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207021622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61447568 |
| **Liabilities** |  |  |  |  |
| Payable for return of collateral for securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057589 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633581 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22117 |
| Payable to Investment Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21186 |
| Payable to other affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9746 |
| Payable to Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15247 |
| Payable for professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23663 |
| Payable for reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8084 |
| Payable for transfer agent services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9090 |
| Other accrued expenses and liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746912 |
| **Net Assets** | $47336510 | $48521594 | $206602356 | $60700656 |
| **Net assets consist of:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28922327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60987670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56416574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36584207 |
| Distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18414183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12466076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150185782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24116449 |
| Net Assets | $47336510 | $48521594 | $206602356 | $60700656 |
| **Pricing of Class SC Shares** |  |  |  |  |
| Net assets applicable to Class SC Shares | $30645368 | $18683363 | $77992741 | $— |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6106956 |  |
| Net asset value, offering price and redemption price per share | $14.18 | $8.71 | $12.77 | $— |
| **Pricing of Class I Shares** |  |  |  |  |
| Net assets applicable to Class I Shares | $16691142 | $29838231 | $128609615 | $60700656 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9959840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4279221 |
| Net asset value, offering price and redemption price per share | $14.18 | $8.76 | $12.91 | $14.18 |
| *\*Includes market value of securities on loan of:* | *$446384* | *$3717* | *$—* | *$616329* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Statements of Operations For the Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Common Stock<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Company<br> Fund** |
| **Investment Income** |  |  |  |  |
| Dividends\* | $382644 | $59143 | $2240221 | $490236 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Income from securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 |
| **Total Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490766 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295887 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78972 |
| Compliance fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8930 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29631 |
| Transfer Agent fees, Class SC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfer Agent fees, Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24442 |
| Reports to Shareholders, Class SC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reports to Shareholders, Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16934 |
| Shareholder servicing fees, Class SC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31838 |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19417 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509978 |
| Fees waived and/or reimbursed by the Adviser and/or Affiliates<sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59983) |
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449995 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40771 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |
| Net realized gains (losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138678) | &nbsp;&nbsp;&nbsp;&nbsp;26166990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6456677 |
| Net realized gains on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gains on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized losses on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(894889) |
| Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net change in unrealized appreciation (depreciation) on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net change in unrealized appreciation (depreciation) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| **Net Realized and Unrealized Gains (Losses) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5453373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32858194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5561787 |
| **Change in Net Assets Resulting from Operations** | $6234462 | $3583001 | $33476588 | $5602558 |
| *\*Net of foreign tax withholding of:* | *$1946* | *$567* | *$10558* | *$264* |

---

*<sup>(A)</sup>* *See Note 4 in Notes to Financial Statements.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced<br> Fund** | **Touchstone<br> Balanced<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Bond<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Bond<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Common Stock<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Common Stock<br> Fund** |
|  | **For the<br> Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income | $781089 | &nbsp;&nbsp;&nbsp;$823477 | &nbsp;&nbsp;&nbsp;$1906893 | &nbsp;&nbsp;&nbsp;$1971639 | &nbsp;&nbsp;&nbsp;$618394 | &nbsp;&nbsp;&nbsp;$913552 |
| Net realized gains (losses) on investments, futures contracts, swap agreements and foreign currency transactions | &nbsp;&nbsp;&nbsp;2545427 | &nbsp;&nbsp;&nbsp;&nbsp;2189535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19430) | &nbsp;&nbsp;&nbsp;&nbsp;(1681484) | &nbsp;&nbsp;&nbsp;&nbsp;26166886 | &nbsp;&nbsp;&nbsp;&nbsp;28518047 |
| Net change in unrealized appreciation (depreciation) on investments, futures contracts, swap agreements and foreign currency transactions | &nbsp;&nbsp;&nbsp;2907946 | &nbsp;&nbsp;&nbsp;&nbsp;3467435 | &nbsp;&nbsp;&nbsp;&nbsp;1695538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691308 | &nbsp;&nbsp;&nbsp;&nbsp;11758956 |
| **Change in Net Assets from Operations** | &nbsp;&nbsp;&nbsp;6234462 | &nbsp;&nbsp;&nbsp;&nbsp;6480447 | &nbsp;&nbsp;&nbsp;&nbsp;3583001 | &nbsp;&nbsp;&nbsp;&nbsp;1147673 | &nbsp;&nbsp;&nbsp;&nbsp;33476588 | &nbsp;&nbsp;&nbsp;&nbsp;41190555 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Distributed earnings, Class SC | &nbsp;&nbsp;&nbsp;(1377169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(591419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(939026) | &nbsp;&nbsp;&nbsp;&nbsp;(11063029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5691302) |
| Distributed earnings, Class I | &nbsp;&nbsp;&nbsp;&nbsp;(740496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285684) | &nbsp;&nbsp;&nbsp;&nbsp;(1203573) | &nbsp;&nbsp;&nbsp;&nbsp;(1548160) | &nbsp;&nbsp;&nbsp;&nbsp;(18353210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9664630) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;(2117665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(877103) | &nbsp;&nbsp;&nbsp;&nbsp;(1903577) | &nbsp;&nbsp;&nbsp;&nbsp;(2487186) | &nbsp;&nbsp;&nbsp;&nbsp;(29416239) | &nbsp;&nbsp;&nbsp;&nbsp;(15355932) |
| **Share Transactions Class SC** |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;395245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408352 | &nbsp;&nbsp;&nbsp;&nbsp;1669565 | &nbsp;&nbsp;&nbsp;&nbsp;1751415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277856 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;1377169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939026 | &nbsp;&nbsp;&nbsp;&nbsp;11063028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691302 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(6998498) | &nbsp;&nbsp;&nbsp;&nbsp;(6033221) | &nbsp;&nbsp;&nbsp;&nbsp;(2822407) | &nbsp;&nbsp;&nbsp;&nbsp;(3794866) | &nbsp;&nbsp;&nbsp;&nbsp;(12313911) | &nbsp;&nbsp;&nbsp;&nbsp;(12248252) |
| **Change in Net Assets from Class SC Share Transactions** | &nbsp;&nbsp;&nbsp;(5226084) | &nbsp;&nbsp;&nbsp;&nbsp;(5033450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452838) | &nbsp;&nbsp;&nbsp;&nbsp;(1104425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6279094) |
| **Share Transactions Class I** |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;662196 | &nbsp;&nbsp;&nbsp;&nbsp;1026074 | &nbsp;&nbsp;&nbsp;&nbsp;3066314 | &nbsp;&nbsp;&nbsp;&nbsp;2344586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641467 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;740497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285684 | &nbsp;&nbsp;&nbsp;&nbsp;1203573 | &nbsp;&nbsp;&nbsp;&nbsp;1548159 | &nbsp;&nbsp;&nbsp;&nbsp;18353211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9664629 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(2320874) | &nbsp;&nbsp;&nbsp;&nbsp;(3372110) | &nbsp;&nbsp;&nbsp;&nbsp;(4192113) | &nbsp;&nbsp;&nbsp;&nbsp;(7181634) | &nbsp;&nbsp;&nbsp;&nbsp;(22867451) | &nbsp;&nbsp;&nbsp;&nbsp;(34622822) |
| **Change in Net Assets from Class I Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(918181) | &nbsp;&nbsp;&nbsp;&nbsp;(2060352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77774 | &nbsp;&nbsp;&nbsp;&nbsp;(3288889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3135910) | &nbsp;&nbsp;&nbsp;&nbsp;(22316726) |
| **Change in Net Assets from Share Transactions** | &nbsp;&nbsp;&nbsp;(6144265) | &nbsp;&nbsp;&nbsp;&nbsp;(7093802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375064) | &nbsp;&nbsp;&nbsp;&nbsp;(4393314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3885477) | &nbsp;&nbsp;&nbsp;&nbsp;(28595820) |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;(2027468) | &nbsp;&nbsp;&nbsp;&nbsp;(1490458) | &nbsp;&nbsp;&nbsp;&nbsp;1304360 | &nbsp;&nbsp;&nbsp;&nbsp;(5732827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2761197) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;49363978 | &nbsp;&nbsp;&nbsp;&nbsp;50854436 | &nbsp;&nbsp;&nbsp;&nbsp;47217234 | &nbsp;&nbsp;&nbsp;&nbsp;52950061 | &nbsp;&nbsp;&nbsp;&nbsp;206427484 | &nbsp;&nbsp;&nbsp;&nbsp;209188681 |
| End of period | $47336510 | &nbsp;&nbsp;&nbsp;$49363978 | &nbsp;&nbsp;&nbsp;$48521594 | &nbsp;&nbsp;&nbsp;$47217234 | &nbsp;&nbsp;&nbsp;$206602356 | &nbsp;&nbsp;&nbsp;$206427484 |
| **Share Transactions Class SC** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22223 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433112 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(515064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(914298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(979238) |
| **Change in Class SC Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;(389955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(523903) |
| **Share Transactions Class I** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210834 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728506 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(169688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1681854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2728474) |
| **Change in Class I Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1789134) |
| **Change in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;(460971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(569822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2313037) |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Statements of Changes in Net Assets (Continued)

---

| | |
|:---|:---|
| **Touchstone<br> Small Company<br> Fund** | **Touchstone<br> Small Company<br> Fund** |
| **For the<br> Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** |
| $40771 | &nbsp;&nbsp;&nbsp;$122150 |
| &nbsp;&nbsp;&nbsp;6456664 | &nbsp;&nbsp;&nbsp;&nbsp;8113603 |
| &nbsp;&nbsp;&nbsp;&nbsp;(894877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182425 |
| &nbsp;&nbsp;&nbsp;5602558 | &nbsp;&nbsp;&nbsp;&nbsp;8418178 |
| &nbsp;&nbsp;&nbsp;(8044805) | &nbsp;&nbsp;&nbsp;&nbsp;(2406267) |
| &nbsp;&nbsp;&nbsp;(8044805) | &nbsp;&nbsp;&nbsp;&nbsp;(2406267) |
| &nbsp;&nbsp;&nbsp;1554941 | &nbsp;&nbsp;&nbsp;&nbsp;1499676 |
| &nbsp;&nbsp;&nbsp;8044805 | &nbsp;&nbsp;&nbsp;&nbsp;2406267 |
| (10434661) | &nbsp;&nbsp;&nbsp;&nbsp;(9913604) |
| &nbsp;&nbsp;&nbsp;&nbsp;(834915) | &nbsp;&nbsp;&nbsp;&nbsp;(6007661) |
| &nbsp;&nbsp;&nbsp;&nbsp;(834915) | &nbsp;&nbsp;&nbsp;&nbsp;(6007661) |
| &nbsp;&nbsp;&nbsp;(3277162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 |
| &nbsp;&nbsp;63977818 | &nbsp;&nbsp;&nbsp;&nbsp;63973568 |
| $60700656 | &nbsp;&nbsp;&nbsp;$63977818 |
| &nbsp;&nbsp;&nbsp;&nbsp;105636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104199 |
| &nbsp;&nbsp;&nbsp;&nbsp;551166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153789 |
| &nbsp;&nbsp;&nbsp;&nbsp;(690783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(677932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419944) |

---

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Financial Highlights

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<sup>(1)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(2)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** |
| 12/31/21<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;$14.67<sup>(4)</sup> | $0.05 | $1.18 | $1.23 | $(0.03) | $(0.17) | $(0.20) | $15.70 | &nbsp;&nbsp;&nbsp;8.45%<sup>(5)</sup> | $52471 | 0.79%<sup>(6)</sup> | 1.13%<sup>(6)</sup> | 0.46%<sup>(6)</sup> | 132%<sup>(7)</sup> |
| 12/31/22 | &nbsp;&nbsp;15.70 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(2.60) | &nbsp;&nbsp;(2.46) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(3.25) | &nbsp;&nbsp;(3.30) | &nbsp;&nbsp;&nbsp;9.94 | (15.95) | &nbsp;&nbsp;39940 | 0.79 | 1.23 | 1.03 | &nbsp;&nbsp;61 |
| 12/31/23 | &nbsp;&nbsp;&nbsp;9.94 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;11.64 | &nbsp;&nbsp;18.57 | &nbsp;&nbsp;34400 | 0.79 | 1.24 | 1.66 | &nbsp;&nbsp;49 |
| 12/31/24 | &nbsp;&nbsp;11.64 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;12.99 | &nbsp;&nbsp;13.62 | &nbsp;&nbsp;33149 | 0.79 | 1.25 | 1.62 | &nbsp;&nbsp;81 |
| 12/31/25 | &nbsp;&nbsp;12.99 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;14.18 | &nbsp;&nbsp;14.18 | &nbsp;&nbsp;30645 | 0.79 | 1.29 | 1.64 | &nbsp;&nbsp;77 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/21 | $13.59 | $0.07 | $2.24 | $2.31 | $(0.03) | $(0.17) | $(0.20) | $15.70 | &nbsp;&nbsp;17.07% | $19771 | 0.81% | 1.05% | 0.48% | 132%<sup>(7)</sup> |
| 12/31/22 | &nbsp;&nbsp;15.70 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(2.60) | &nbsp;&nbsp;(2.46) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(3.25) | &nbsp;&nbsp;(3.30) | &nbsp;&nbsp;&nbsp;9.94 | (15.97) | &nbsp;&nbsp;15050 | 0.79 | 0.96 | 1.03 | &nbsp;&nbsp;61 |
| 12/31/23 | &nbsp;&nbsp;&nbsp;9.94 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;11.64 | &nbsp;&nbsp;18.61 | &nbsp;&nbsp;16454 | 0.79 | 0.99 | 1.66 | &nbsp;&nbsp;49 |
| 12/31/24 | &nbsp;&nbsp;11.64 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;12.99 | &nbsp;&nbsp;13.59 | &nbsp;&nbsp;16215 | 0.79 | 1.06 | 1.62 | &nbsp;&nbsp;81 |
| 12/31/25 | &nbsp;&nbsp;12.99 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;14.18 | &nbsp;&nbsp;14.16 | &nbsp;&nbsp;16691 | 0.79 | 1.07 | 1.64 | &nbsp;&nbsp;77 |

---

*<sup>(1)</sup>* *The net investment income (loss) per share was based on average shares outstanding for the period.* 

*<sup>(2)</sup>* *Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.* 

*<sup>(3)</sup>* *Represents the period from commencement of operations (April 13, 2021) through December 31, 2021.* 

*<sup>(4)</sup>* *Net asset value at the beginning of period is based on the net asset value of Class I shares on April 13, 2021.* 

*<sup>(5)</sup>* *Not annualized.* 

*<sup>(6)</sup>* *Annualized.* 

*<sup>(7)</sup>* *Portfolio turnover excludes the purchases and sales of securities of the Aggressive ETF Fund, the Conservative ETF Fund and the Moderate ETF Fund acquired on April 16, 2021. If these transactions were included, portfolio turnover would have been higher.* 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** |
| 12/31/21 | $10.79 | $0.16 | $(0.30) | $(0.14) | $(0.25) | $(0.06) | $(0.31) | $10.34 | &nbsp;&nbsp;(1.30)% | $65530 | 0.79% | 0.79% | 1.47% | 142% |
| 12/31/22 | &nbsp;&nbsp;10.34 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(1.67) | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;8.66 | (13.90) | &nbsp;&nbsp;54930 | 0.78 | 0.78 | 2.49 | 163 |
| 12/31/23 | &nbsp;&nbsp;&nbsp;8.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;20072 | 0.81 | 0.81 | 3.51 | 138 |
| 12/31/24 | &nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.32<sup>(2)</sup> | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;18476 | 0.91 | 0.95 | 3.66 | 181 |
| 12/31/25 | &nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp;18683 | 0.91 | 0.96 | 3.71 | 212 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/21 | $10.81 | $0.12 | $(0.25) | $(0.13) | $(0.26) | $(0.06) | $(0.32) | $10.36 | &nbsp;&nbsp;(1.21)% | $41221 | 0.67% | 0.77% | 1.60% | 142% |
| 12/31/22 | &nbsp;&nbsp;10.36 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(1.72) | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;8.66 | (13.85) | &nbsp;&nbsp;32670 | 0.67 | 0.76 | 2.60 | 163 |
| 12/31/23 | &nbsp;&nbsp;&nbsp;8.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.33<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp;32878 | 0.61 | 0.87 | 3.72 | 138 |
| 12/31/24 | &nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.35<sup>(2)</sup> | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;8.48 | &nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;28741 | 0.61 | 0.95 | 3.96 | 181 |
| 12/31/25 | &nbsp;&nbsp;&nbsp;8.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.35<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;7.63 | &nbsp;&nbsp;29838 | 0.61 | 0.99 | 4.01 | 212 |

---

*<sup>(1)</sup>* *Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.* 

*<sup>(2)</sup>* *The net investment income (loss) per share was based on average shares outstanding for the period.* 

*See accompanying Notes to Financial Statements.*

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[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Financial Highlights (Continued)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** |
| 12/31/21 | $10.98 | $0.01 | $3.01 | $3.02 | $(0.05) | $(0.44) | $(0.49) | $13.51 | &nbsp;&nbsp;27.57% | $93121 | 0.91% | 0.91% | 0.16% | 6% |
| 12/31/22 | &nbsp;&nbsp;13.51 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;(2.42) | &nbsp;&nbsp;(2.38) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(1.60) | &nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;9.51 | (17.79) | &nbsp;&nbsp;&nbsp;68199 | 0.91 | 0.91 | 0.35 | 7 |
| 12/31/23 | &nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;11.21 | &nbsp;&nbsp;26.35 | &nbsp;&nbsp;&nbsp;74476 | 0.95 | 0.95 | 0.42 | 4 |
| 12/31/24 | &nbsp;&nbsp;11.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.04<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;(0.98) | &nbsp;&nbsp;12.64 | &nbsp;&nbsp;21.26 | &nbsp;&nbsp;&nbsp;77314 | 0.92 | 0.92 | 0.31 | 9 |
| 12/31/25 | &nbsp;&nbsp;12.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;(2.09) | &nbsp;&nbsp;12.77 | &nbsp;&nbsp;17.65 | &nbsp;&nbsp;&nbsp;77993 | 0.92 | 0.92 | 0.19 | 5 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/21 | $11.01 | $0.06 | $3.00 | $3.06 | $(0.07) | $(0.44) | $(0.51) | $13.56 | &nbsp;&nbsp;27.85% | $164195 | 0.73% | 0.76% | 0.34% | 6% |
| 12/31/22 | &nbsp;&nbsp;13.56 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;(2.42) | &nbsp;&nbsp;(2.37) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(1.60) | &nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;9.55 | (17.66) | &nbsp;&nbsp;120406 | 0.73 | 0.77 | 0.53 | 7 |
| 12/31/23 | &nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;11.31 | &nbsp;&nbsp;26.66 | &nbsp;&nbsp;134712 | 0.73 | 0.79 | 0.64 | 4 |
| 12/31/24 | &nbsp;&nbsp;11.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.06<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;(1.01) | &nbsp;&nbsp;12.76 | &nbsp;&nbsp;21.48 | &nbsp;&nbsp;129113 | 0.73 | 0.78 | 0.50 | 9 |
| 12/31/25 | &nbsp;&nbsp;12.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.05<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;(2.12) | &nbsp;&nbsp;12.91 | &nbsp;&nbsp;17.83 | &nbsp;&nbsp;128610 | 0.73 | 0.77 | 0.38 | 5 |

---

*<sup>(1)</sup>* *Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.* 

*<sup>(2)</sup>* *The net investment income (loss) per share was based on average shares outstanding for the period.* 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/21 | $15.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(2)(3)</sup> | $3.79 | $3.79 | $(0.01) | $(0.36) | $(0.37) | $19.13 | &nbsp;&nbsp;24.18% | $75241 | 0.76% | 0.79% | 0.01% | 67% |
| 12/31/22 | &nbsp;&nbsp;19.13 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;(2.73) | &nbsp;&nbsp;(2.70) | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(2)</sup> | &nbsp;&nbsp;(4.76) | &nbsp;&nbsp;(4.76) | &nbsp;&nbsp;11.67 | (14.44) | &nbsp;&nbsp;59221 | 0.76 | 0.80 | 0.23 | 75 |
| 12/31/23 | &nbsp;&nbsp;11.67 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;13.52 | &nbsp;&nbsp;16.60 | &nbsp;&nbsp;63974 | 0.76 | 0.85 | 0.43 | 65 |
| 12/31/24 | &nbsp;&nbsp;13.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.03<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;14.83 | &nbsp;&nbsp;13.70 | &nbsp;&nbsp;63978 | 0.76 | 0.85 | 0.19 | 59 |
| 12/31/25 | &nbsp;&nbsp;14.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(2.12) | &nbsp;&nbsp;(2.15) | &nbsp;&nbsp;14.18 | &nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;60701 | 0.76 | 0.86 | 0.07 | 49 |

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*<sup>(1)</sup>* *Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.* 

*<sup>(2)</sup>* *Less than $0.005 per share.* 

*<sup>(3)</sup>* *The net investment income (loss) per share was based on average shares outstanding for the period.* 

*See accompanying Notes to Financial Statements.*

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[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Notes to Financial Statements

December 31, 2025

1. Organization

The Touchstone Variable Series Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust was established as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated February 7, 1994. The Trust consists of the following four funds (individually, a "Fund", and collectively, the "Funds"):

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| |
|:---|
| Touchstone Balanced Fund ("Balanced Fund") |
| Touchstone Bond Fund ("Bond Fund") |
| Touchstone Common Stock Fund ("Common Stock Fund") |
| Touchstone Small Company Fund ("Small Company Fund") |

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Each Fund is diversified with the exception of the Common Stock Fund which is non-diversified.

The Agreement and Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest of each Fund. Shares of beneficial interest of each Fund are available as a funding vehicle for the separate accounts of life insurance companies issuing variable annuity and variable life insurance policies. As of December 31, 2025, the following affiliates of Touchstone Advisors, Inc. (the "Adviser") were invested in the Funds: separate accounts of Western-Southern Life Assurance Company, The Western & Southern Life Insurance Company, Integrity Life Insurance Company, National Integrity Life Insurance Company, and Columbus Life Insurance Company, which are all part of Western & Southern Financial Group, Inc. ("Western & Southern"), and certain supplemental executive retirement plans sponsored by Western & Southern and its affiliates.

The Balanced Fund, Bond Fund and Common Stock Fund offer Class SC shares and Class I shares. The Small Company Fund offers Class I shares. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. The Funds' prospectus provides a description of each Fund's investment goal, policies, and strategies along with information on the classes of shares currently being offered.

2. Significant Accounting Policies

The following is a summary of the Funds' significant accounting policies:

Each Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.

**Security valuation and fair value measurements — U.S. generally accepted accounting principles ("U.S. GAAP") defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. All investments in securities are recorded at their fair value. The Funds define the term "market value", as used throughout this report, as the estimated fair value. The Funds use various methods to measure fair value of their portfolio securities on a recurring basis. U.S. GAAP fair value measurement standards require disclosure of a hierarchy that prioritizes inputs to valuation methods. These inputs are summarized in the three broad levels listed below:**

• Level 1 - quoted prices in active markets for identical securities

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The aggregate value by input level, as of December 31, 2025, for each Fund's investments, is included in each Fund's Portfolio of Investments. The Funds did not hold or transfer any Level 3 categorized securities during the year ended December 31, 2025.

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.

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[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Notes to Financial Statements (Continued)

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 established by the Adviser and adopted by the Funds' Board of Trustees (the "Board") and are generally categorized in Level 3.

**Investment companies — The Funds may invest in securities of other investment companies, including exchange-traded funds ("ETFs"), open-end funds and closed-end funds. Open-end funds are investment companies that issue new shares continuously and redeem shares daily. Closed-end funds are investment companies that typically issue a fixed number of shares that trade on a securities exchange or over-the-counter ("OTC"). An ETF is an investment company whose shares are traded on a securities exchange based on their market value. The risks of investment in other investment companies typically reflect the risks of the types of securities in which the other investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that their shares may trade at a premium or discount to their NAV. When a Fund invests in another investment company, shareholders of the Fund indirectly bear their proportionate share of the other investment company's fees and expenses, including operating, registration, trustee, licensing, and marketing, as well as their share of the Fund's fees and expenses.** 

**Collateralized Loan Obligations — The Bond Fund may invest in collateralized loan obligations ("CLOs"). CLOs are types of asset-backed securities. A CLO is an entity that is backed by syndicated bank loans. The cash flows of the CLO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CLO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive higher ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.**

**Futures Contracts — The Balanced Fund and Bond Fund may buy and sell futures contracts and related options to manage their exposure to changing interest rates and securities prices. Some strategies reduce a Fund's exposure to price fluctuations, while others tend to increase its market exposure. Futures and options on futures can be volatile instruments and involve certain risks that could negatively impact a Fund's return. When a Fund purchases or sells a futures contract, or sells an option thereon, a Fund must deposit initial margin and, in some instances, daily variation margin, to meet its obligations under a contract with a futures commission merchant.**

When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contract. Risks of entering into futures contracts include the possibility that a

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[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Notes to Financial Statements (Continued)

change in the value of the contract may not correlate with the changes in the value of the underlying instruments. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that the Funds could lose more than the original margin deposit required to initiate the futures transaction. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. There is minimal counterparty credit risk involved in entering into futures contracts since they are exchange-traded instruments and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

**Swap Contracts — The Balanced Fund and Bond Fund may enter into swap transactions to help enhance the value of their portfolio or manage their exposure to different types of investments. Swaps are financial instruments that typically involve the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed-upon prices, rates, indexes, etc. The nominal amount on which the cash flows are calculated is called the notional amount. Swaps are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices, indexes or inflation rates.**

Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements may be affected by a change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from a Fund. If a swap agreement calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declines, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, bilateral swap agreements and OTC swaps have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date only under limited circumstances, such as default by one of the parties or a party's insolvency, and can be transferred by a party only with the prior written consent of the other party. The Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the contract.

Cleared swaps are transacted through futures commission merchants that are members of central clearinghouses with the clearinghouses serving as a central counterparty. Pursuant to rules promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act, central clearing of swap agreements is currently required for certain market participants trading certain instruments, and central clearing for additional instruments is expected to be implemented by regulators until the majority of the swaps market is ultimately subject to central clearing.

Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. For OTC swaps, any upfront premiums paid or received are recorded as assets or liabilities, respectively, and are shown as premium paid on swap agreements or premium received on swap agreements in the Statements of Assets and Liabilities. For swaps that are centrally cleared, initial margins, determined by each relevant clearing agency or clearing member, are posted at a clearing broker in accordance with CFTC or the applicable regulator's regulations. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in the value of centrally cleared swaps are recorded in the Statements of Assets and Liabilities as receivable or payable for variation margin on swap agreements and settled daily. Upfront premiums and liquidation payments received or paid are recorded as realized gains or losses at the termination or maturity of the swap. Net periodic payments received or paid by the Fund are recorded as realized gain or loss.

A swap agreement can be a form of leverage, which can magnify a Fund's gains or losses. In order to reduce the risk associated with leveraging, the Fund will only enter into a swap agreement subject to the regulatory limitations set forth in Rule 18f-4 under the 1940 Act (the "Derivatives Rule").

#### Foreign currency translation — The books and records of the Funds are maintained in U.S. dollars and translated into U.S. dollars on the following basis:
(1) market value of investment securities, assets and liabilities at the current rate of exchange on the valuation date; and

(2) purchases and sales of investment securities, income, and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

**Real Estate Investment Trusts — The Funds may invest in real estate investment trusts ("REITs") that involve risks not associated with investing in stocks. Risks associated with investments in REITs include declines in the value of real estate, general and**

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Notes to Financial Statements (Continued)

economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management's estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.

**Derivative instruments and hedging activities — The Balanced Fund and Bond Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement" or "MNA") or similar agreement with certain counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives and foreign exchange contracts, and typically contains, among other things, collateral posting terms and master netting provisions in the event of a default or termination. Under an ISDA Master Agreement, a party may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables or receivables with collateral held or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting). These default events include bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset.**

When entering into a derivative transaction, a Fund may be required to post and maintain collateral or margin (including both initial and variation margin). Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options, and centrally cleared swaps). Brokers can ask for margining in excess of the clearing house's minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (forward foreign currency contracts, options, and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, are reported separately on the Statements of Assets and Liabilities as cash deposits held at prime broker and due to prime broker, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

Certain ISDA Master Agreements allow counterparties to OTC derivatives transactions to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund (counterparty) to accelerate payment of any net liability owed to the counterparty (Fund).

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

As of December 31, 2025, the Funds did not hold any assets and liabilities that were subject to a MNA.

The following table sets forth the effect of the Bond Fund's derivative financial instruments by primary risk exposure on the Statements of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Realized Gains<br> (Losses)<br> on Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> on Derivatives** |
| Bond Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures - Interest Rate Contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$112993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements - Credit Contracts<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15140 |

---

*(1)* *Statements of Operations Location: Net realized gains on futures contracts and Net change in unrealized appreciation (depreciation) on futures contracts, respectively.* 

*(2)* *Statements of Operations Location: Net realized gains on swap agreements and Net change in unrealized appreciation (depreciation) on swap agreements, respectively.* 

For the year ended December 31, 2025, the average quarterly notional value of outstanding derivative financial instruments for the Bond Fund was as follows:

---

| | |
|:---|:---|
|  | **Bond Fund** |
| **Credit Contracts:** |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swaps (buy protection) - Notional value | $404000 |

---

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Notes to Financial Statements (Continued)

---

| | |
|:---|:---|
|  | **Bond Fund** |
| **Interest Rate Contracts:** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (long) - Notional Value | $8496744 |
| &nbsp;&nbsp;&nbsp;Futures Contracts (short) - Notional Value | &nbsp;&nbsp;&nbsp;1262825 |

---

**Portfolio securities loaned — The Funds may lend their portfolio securities. Lending portfolio securities exposes the Funds to the risk that the borrower may fail to return the loaned securities or may not be able to provide additional collateral or that the Funds may experience delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails financially. To minimize these risks, the borrower must agree to maintain cash collateral with the Funds' custodian. The loaned securities are secured by collateral valued at least equal, at all times, to the market value of the loaned securities plus accrued interest, if any. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The cash collateral is reinvested by the Funds' custodian into an approved short-term investment vehicle. The approved short-term investment vehicle is subject to market risk.**

As of December 31, 2025, the following Funds loaned securities and received collateral as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Security Type** | &nbsp;&nbsp;**Market Value of<br> Securities Loaned<sup>(1)</sup>** | &nbsp;&nbsp;**Market Value of<br> Collateral Received<sup>(2)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(3)</sup>** |
| Balanced Fund | Exchange-Traded Funds | &nbsp;&nbsp;$446384 | &nbsp;&nbsp;$667946 | &nbsp;&nbsp;$221562 |
| Bond Fund | Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717 | &nbsp;&nbsp;&nbsp;&nbsp;1057589 | &nbsp;&nbsp;&nbsp;&nbsp;1053872 |
| Small Company Fund | Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;616329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17252 |

---

*(1)* *The remaining contractual maturity is overnight for all securities.* 

*(2)* *Gross amount of recognized liabilities for securities lending included in the Statements of Assets and Liabilities.* 

*(3)* *Net amount represents the net amount payable due to (received from) the borrower in the event of default.* 

All cash collateral is received, held, and administered by the Funds' custodian for the benefit of the lending Fund in its custody account or other account established for the purpose of holding collateral in cash equivalents.

Funds participating in securities lending receive compensation in the form of fees. Securities lending income is derived from lending long securities from the Funds to creditworthy approved borrowers at rates that are determined based on daily trading volumes, float, short-term interest rates and market liquidity and is shown net of fees on the Statements of Operations. When a Fund lends securities, it retains the interest or dividends on the investment of any cash received as collateral, and the Fund continues to receive interest or dividends on the loaned securities.

Unrealized gain or loss on the market value of the loaned securities that may occur during the term of the loan is recognized by the Fund. The Fund has the right under the lending agreement to recover any loaned securities from the borrower on demand.

**When-issued or delayed delivery transactions — Each Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining NAV. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security. When-issued or delayed delivery transactions physically settling within 35-days are deemed not to involve a senior security. When-issued or delayed delivery transactions that do not physically settle within 35-days are required to be treated as derivatives transactions in compliance with the Derivatives Rule.&nbsp;&nbsp;&nbsp;&nbsp;**

**Share valuation — The NAV per share of each class of shares of each Fund is calculated daily by dividing the total value of a Fund's assets attributable to that class, less liabilities attributable to that class, by the number of outstanding shares of that class.**

**Investment income — Dividend income from securities is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income from securities is recorded on the basis of interest accrued, premium amortized and discount accreted. Realized gains and losses resulting from principal pay downs on mortgage-backed and asset-backed securities are included in interest income. Market discounts, original issue discounts and market premiums on debt securities are accreted/amortized to interest income over the life of the security, or to the appropriate call date, as applicable, with a corresponding adjustment in the cost basis of that security. In addition, it is the Funds' policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Funds. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.**

**Distributions to shareholders — Each Fund intends to distribute to its shareholders substantially all of its income and capital gains. Each Fund declares and distributes net investment income, if any, annually, as a dividend to shareholders. Each Fund makes**

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Notes to Financial Statements (Continued)

distributions of capital gains, if any, at least annually, net of applicable capital loss carryforwards. Income distributions and capital gain distributions are determined in accordance with income tax regulations. Recognition of the Funds' net investment income from investments in underlying funds is affected by the timing of dividend declarations by the underlying funds.

**Allocations — Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation for a Fund are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Class-specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon their proportionate share of total net assets of the Fund. Expenses not directly billed to a Fund are allocated proportionally among all Funds in the Trust, and, if applicable, Touchstone ETF Trust, Touchstone Strategic Trust and Touchstone Funds Group Trust (collectively with the Trust, "Touchstone Fund Complex"), daily in relation to net assets of each Fund or another reasonable measure.**

**Security transactions — Security transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis.**

**Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.**

**Operating Segments — The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund represents a single operating segment. The management team of the Adviser, acts as the Funds' CODM. The CODM monitors the operating results of the Funds as a whole and also monitors each Fund's asset allocation for adherence to its principal investment strategies as disclosed in its prospectus. The financial information, including the Funds' portfolio of investments, total returns, expense ratios and changes in net assets, are used by the CODM to assess the segment's performance versus the Funds' benchmarks and to make resource allocation decisions for the Funds' single segment and is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities and segment expenses are listed on the accompanying statements of operations. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.**

**Income Taxes —The Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations. No additional disclosures were required as the amounts subject to the new disclosure requirements were not material to the Funds.**

3. Investment Transactions

Investment transactions (excluding short-term investments and U.S. Government securities) were as follows for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced<br> Fund** | &nbsp;&nbsp;**Bond<br> Fund** | &nbsp;&nbsp;**Common Stock<br> Fund** | &nbsp;&nbsp;**Small<br> Company<br> Fund** |
| Purchases of investment securities | $5547564 | &nbsp;&nbsp;$10848075 | &nbsp;&nbsp;$10599026 | &nbsp;&nbsp;$29066482 |
| Proceeds from sales and maturities | $11338607 | &nbsp;&nbsp;$16131388 | &nbsp;&nbsp;$43413452 | &nbsp;&nbsp;$37988564 |

---

For the year ended December 31, 2025, purchases and proceeds from sales and maturities in U.S. Government Securities were $30,787,256 and $32,713,130, respectively, for the Balanced Fund, and $88,731,821 and $83,824,245, respectively, for the Bond Fund. There were no purchases or proceeds from sales and maturities of U.S. Government securities by the other Funds for the year ended December 31, 2025.

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[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Notes to Financial Statements (Continued)

4. Transactions with Affiliates and Other Related Parties

Certain officers of the Trust are also officers of the Adviser, Touchstone Securities, Inc. (the "Distributor"), or The Bank of New York Mellon ("BNY Mellon"), the sub-administrator to the Funds. Such officers receive no compensation from the Trust. The Adviser and the Distributor are each wholly-owned subsidiaries of Western & Southern.

On behalf of the Funds, the Adviser pays each Independent Trustee a quarterly retainer plus additional retainers to the Lead Independent Trustee and the chairs of each standing committee. Interested Trustees do not receive compensation from the Funds. Each Independent Trustee also receives compensation for each Board meeting and committee meeting attended. Each standing committee chair receives additional compensation for each committee meeting that he or she oversees. The Adviser is reimbursed by the Funds for the Independent Trustees' compensation and out-of-pocket expenses relating to their services. The Funds accrued Trustee-related expenses of $127,352 for the Funds' Board for the year ended December 31, 2025.

#### MANAGEMENT & EXPENSE LIMITATION AGREEMENTS
The Adviser provides general investment supervisory services for the Funds, under the terms of an advisory agreement (the "Advisory Agreement"). Under the Advisory Agreement, each Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at an annual rate based on average daily net assets of each Fund as shown in the table below.

---

| | |
|:---|:---|
| Balanced Fund | &nbsp;&nbsp;0.55% on all assets |
| Bond Fund | &nbsp;&nbsp;0.38% on the first $200 million<br> 0.30% on such assets over $200 million |
| Common Stock Fund<br> Small Company Fund | &nbsp;&nbsp;0.50% on the first $200 million<br> 0.45% on the next $300 million<br> 0.40% on such assets over $500 million |

---

The Adviser has entered into investment sub-advisory agreements with Fort Washington Investment Advisors, Inc. (the "Sub-Adviser"), an affiliate of the Adviser and wholly-owned subsidiary of Western & Southern. The Adviser pays sub-advisory fees to the Sub-Adviser from its advisory fee.

The Adviser entered into an expense limitation agreement (the "Expense Limitation Agreement") to contractually limit the annual operating expenses of the Funds, excluding: dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Funds' liquidity providers; other expenditures which are capitalized in accordance with U.S. GAAP; the cost of "Acquired Fund Fees and Expenses", if any; and other extraordinary expenses not incurred in the ordinary course of business. The maximum annual operating expense limit in any year with respect to the Funds is based on a percentage of the average daily net assets of the Funds. The Adviser has agreed to waive a portion of its fees, and to reimburse certain fund expenses in order to maintain the following expense limitations for the Funds:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class SC** | &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;**Termination Date** |
| Balanced Fund | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;April 29, 2026 |
| Bond Fund | &nbsp;&nbsp;0.91% | &nbsp;&nbsp;0.61% | &nbsp;&nbsp;April 29, 2026 |
| Common Stock Fund | &nbsp;&nbsp;1.06% | &nbsp;&nbsp;0.73% | &nbsp;&nbsp;April 29, 2026 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.76% | &nbsp;&nbsp;April 29, 2026 |

---

The Expense Limitation Agreement can be terminated, with respect to each Fund, by a vote of the Funds' Board if it deems the termination to be beneficial to the Funds' shareholders.

During the year ended December 31, 2025, the Adviser or its affiliates waived investment advisory fees, administration fees or shareholder servicing fees and other operating expenses of the Funds as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Investment<br> Advisory<br> Fees Waived** | &nbsp;&nbsp;**Administration<br> Fees Waived** | &nbsp;&nbsp;**Shareholder Servicing<br> Fees and Operating<br> Expenses<br> Reimbursed/<br> Waived** | &nbsp;&nbsp;**Total** |
| Balanced Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$63456 | &nbsp;&nbsp;$138721 | &nbsp;&nbsp;$202177 |
| Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40079 | &nbsp;&nbsp;&nbsp;&nbsp;81770 | &nbsp;&nbsp;&nbsp;&nbsp;121849 |
| Common Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44783 | &nbsp;&nbsp;&nbsp;&nbsp;44783 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18607 | &nbsp;&nbsp;&nbsp;&nbsp;41376 | &nbsp;&nbsp;&nbsp;&nbsp;59983 |

---

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Notes to Financial Statements (Continued)

Under the terms of the Expense Limitation Agreement, the Adviser is entitled to recover, subject to approval by the Funds' Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Adviser reduced its compensation or assumed expenses for the Funds. A Fund will make repayments to the Adviser only if such repayment does not cause the Fund's operating expenses (after the repayment is taken into account) to exceed the Fund's expense limit in place when such amounts were waived or reimbursed by the Adviser and the Fund's current expense limitation.

As of December 31, 2025, the Adviser may seek recoupment of previously waived fees and reimbursed expenses as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires on<br> or before<br> December 31, 2026** | **Expires on<br> or before<br> December 31, 2027** | **Expires on<br> or before<br> December 31, 2028** | **Total** |
| Balanced Fund | $199661 | $202625 | $202177 | $604463 |
| Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;83506 | &nbsp;&nbsp;&nbsp;114503 | &nbsp;&nbsp;&nbsp;121849 | &nbsp;&nbsp;&nbsp;319858 |
| Common Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;82999 | &nbsp;&nbsp;&nbsp;&nbsp;73694 | &nbsp;&nbsp;&nbsp;&nbsp;44783 | &nbsp;&nbsp;&nbsp;201476 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;54619 | &nbsp;&nbsp;&nbsp;&nbsp;56733 | &nbsp;&nbsp;&nbsp;&nbsp;59983 | &nbsp;&nbsp;&nbsp;171335 |

---

The Adviser did not recoup any amounts it previously waived or reimbursed during the year ended December 31, 2025.

#### ADMINISTRATION AGREEMENT
The Adviser entered into an Administration Agreement with the Trust, whereby the Adviser is responsible for: supplying executive and regulatory compliance services; supervising the preparation of tax returns; coordinating the preparation of reports to shareholders and reports to and filings with the Securities and Exchange Commission ("SEC") and state securities authorities, as well as materials for meetings of the Board; calculating the daily NAV per share; and maintaining the financial books and records of each Fund.

For its services, the Adviser's annual administrative fee is:

0.145% on the first $20 billion of the aggregate average daily net assets;

0.11% on the next $10 billion of aggregate average daily net assets;

0.09% on the next $10 billion of aggregate average daily net assets; and

0.07% on the aggregate average daily net assets over $40 billion.

The fee is computed and allocated among the Touchstone Fund Complex on the basis of relative daily net assets.

The Adviser has engaged BNY Mellon as the sub-administrator to the Trust. BNY Mellon provides administrative and accounting services to the Trust and is compensated directly by the Adviser, not the Trust.

#### TRANSFER AGENT AGREEMENT
Under the terms of the Transfer Agent Agreement between the Trust and BNY Mellon Investment Servicing (U.S.) Inc. ("Transfer Agent"), the Transfer Agent to the Funds maintains the records of each shareholder's account, answers shareholders' inquiries concerning their accounts, processes purchases and redemptions of each Fund's shares, acts as dividend and distribution disbursing agent, and performs other shareholder service functions. For these services, the Transfer Agent receives a monthly fee from each Fund. In addition, each Fund pays out-of-pocket expenses incurred by the Transfer Agent, including, but not limited to, postage and supplies.

The Funds may reimburse the Adviser for fees paid to intermediaries such as banks, broker-dealers, financial advisers or other financial institutions for sub-transfer agency, sub-administration and other services provided to investors whose shares of record are held in omnibus, other group accounts, retirement plans or accounts traded through registered securities clearing agents. These fees, which are included in Transfer Agent fees in the Statements of Operations, may vary based on, for example, the nature of services provided, but generally range up to 0.15% of the assets of the class serviced or maintained by the intermediary or up to $22 per sub-account maintained by the intermediary.

#### PLANS OF DISTRIBUTION
The Trust has adopted a Shareholder Services Plan under which Class SC shares of each Fund may directly or indirectly bear expenses for shareholder services provided. Each Fund offering Class SC shares will incur or reimburse expenses for shareholder services at an annual rate not to exceed 0.25% of the average daily net assets.

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Notes to Financial Statements (Continued)

#### DISTRIBUTION AGREEMENT
The Distributor acts as exclusive agent for the distribution of the Funds' shares. The Distributor receives no compensation under this agreement.

#### INTERFUND TRANSACTIONS
Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Trustees and/or common Officers. During the year ended December 31, 2025, the Funds did not engage in any Rule 17a-7 transactions.

5. Liquidity

**Interfund Lending — Pursuant to an Exemptive Order issued by the SEC on March 28, 2017, the Funds, along with certain other funds in the Touchstone Fund Complex, may participate in an interfund lending program. The interfund lending program provides an alternate credit facility that allows the Funds to lend to or borrow from other participating funds in the Touchstone Fund Complex, subject to the conditions of the Exemptive Order. The Funds may not borrow under the facility for leverage purposes and the loans' duration may be no more than 7 days.**

During the year ended December 31, 2025, the following Funds participated as borrowers in the interfund lending program. The daily average amount borrowed, weighted average interest rate and interest expense were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Daily Average<br> Amount Borrowed** | &nbsp;&nbsp;**Weighted Average<br> Interest Rate** | &nbsp;&nbsp;**Interest<br> Expense<sup>(1)</sup>** |
| Common Stock Fund | &nbsp;&nbsp;$22215 | &nbsp;&nbsp;4.68% | &nbsp;&nbsp;$1056 |
| Small Company Fund | &nbsp;&nbsp;$5704 | &nbsp;&nbsp;4.92% | &nbsp;&nbsp;$285 |

---

*(1)* *Included in Other expenses in the Statements of Operations.* 

6. Federal Tax Information

**Federal Income Tax — It is each Fund's policy to continue to comply with the special provisions of the Internal Revenue Code applicable to regulated investment companies. As provided therein, in any fiscal year in which a Fund so qualifies and distributes at least 90% of its investment company taxable income, the Fund (but not the shareholders) will be relieved of federal income tax on the income distributed. It is each Fund's policy to distribute all of its taxable income and accordingly, no provision for income taxes has been made.**

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund's intention to declare and pay as dividends in each calendar year at least 98% of its investment company taxable income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ending October 31) plus undistributed amounts from prior years.

The tax character of distributions paid for the years ended December 31, 2025 and December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced Fund** | **Balanced Fund** | &nbsp;&nbsp;&nbsp;**Bond Fund** | &nbsp;&nbsp;&nbsp;**Bond Fund** |
|  | **Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| From ordinary income | $877102 | &nbsp;&nbsp;&nbsp;$877103 | &nbsp;&nbsp;&nbsp;$1903577 | &nbsp;&nbsp;&nbsp;$2487186 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;1240563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | $2117665 | &nbsp;&nbsp;&nbsp;$877103 | &nbsp;&nbsp;&nbsp;$1903577 | &nbsp;&nbsp;&nbsp;$2487186 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stock Fund** | **Common Stock Fund** | &nbsp;&nbsp;&nbsp;**Small Company Fund** | &nbsp;&nbsp;&nbsp;**Small Company Fund** |
|  | **Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| From ordinary income | $935342 | &nbsp;&nbsp;&nbsp;$1131184 | &nbsp;&nbsp;&nbsp;$1769919 | &nbsp;&nbsp;&nbsp;$268968 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;28480897 | &nbsp;&nbsp;&nbsp;&nbsp;14224748 | &nbsp;&nbsp;&nbsp;&nbsp;6274886 | &nbsp;&nbsp;&nbsp;&nbsp;2137299 |
| Total distributions | $29416239 | &nbsp;&nbsp;&nbsp;$15355932 | &nbsp;&nbsp;&nbsp;$8044805 | &nbsp;&nbsp;&nbsp;$2406267 |

---

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[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

Notes to Financial Statements (Continued)

The following information is computed on a tax basis for each item as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Balanced<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Bond<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Common Stock<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small<br> Company<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$32822344 | &nbsp;&nbsp;&nbsp;&nbsp;$50575692 | &nbsp;&nbsp;&nbsp;&nbsp;$83479047 | &nbsp;&nbsp;&nbsp;&nbsp;$43881329 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;16120954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126138107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19697281 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(964324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1646542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2737431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2177576) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;15156630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1229926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123400676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17519705 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13107527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152218 |
| Undistributed capital gains | &nbsp;&nbsp;&nbsp;&nbsp;2495234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26165254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5444526 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accumulated earnings (deficit) | &nbsp;&nbsp;$18414183 | &nbsp;&nbsp;&nbsp;&nbsp;$(12466076) | &nbsp;&nbsp;&nbsp;&nbsp;$150185782 | &nbsp;&nbsp;&nbsp;&nbsp;$24116449 |

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The difference between the tax cost of portfolio investments and the financial statement cost is primarily due to wash sale loss deferrals, investments in passive foreign investment company ("PFIC") adjustments, amortization adjustments on bonds and certain timing differences in the recognition of capital losses under income tax regulations and U.S. GAAP.

As of December 31, 2025, the Funds had the following capital loss carryforwards for federal income tax purposes:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**No Expiration<br> Short Term** | &nbsp;&nbsp;&nbsp;**No Expiration<br> Long Term** | &nbsp;&nbsp;&nbsp;**Total** |
| Bond Fund | &nbsp;&nbsp;$1825453 | &nbsp;&nbsp;&nbsp;$11282074 | &nbsp;&nbsp;&nbsp;$13107527 |

---

The capital loss carryforwards may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

The Funds recognize tax benefits or expenses of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

7. Commitments and Contingencies

The Funds indemnify the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.

8. Principal Risks

**Risks Associated with Foreign Investments – Certain Funds may invest in the securities of foreign issuers. Investing in securities issued by companies whose principal business activities are outside the U.S. may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitations on the removal of funds or other assets of a Fund, political or financial instability or diplomatic and other developments which could affect such investments. Political and military events may cause market disruptions. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the U.S., and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers, and issuers than in the U.S.** 

**Risks Associated with Sector Concentration – Certain Funds may invest a high percentage of their assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, these Funds may be more susceptible to economic,**

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Notes to Financial Statements (Continued)

political, and regulatory developments, positive or negative, in a particular sector of the market and may experience increased volatility in the Funds' NAVs and magnified effect on the total return.

**Risks Associated with Credit – An issuer may be unable to make timely payments of either principal or interest. This may cause the issuer's securities to decline in value. Credit risk is particularly relevant to those Funds that invest a significant amount of their assets in junk bonds or lower-rated securities.**

**Risks Associated with Cybersecurity – With the increased use of technologies, such as mobile devices and "cloud"-based service offerings and the dependence on the Internet and computer systems to perform necessary business functions, the Funds' service providers are susceptible to Cybersecurity risks that could result in losses to a Fund and its shareholders. Cybersecurity breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A Cybersecurity breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on a Fund. Cybersecurity incidents could cause a Fund, the Adviser, a Sub-Adviser, or other service provider to incur regulatory penalties, reputational damage, compliance costs associated with corrective measures, litigation costs, or financial loss. They may also result in violations of applicable privacy and other laws. In addition, such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value.** 

**Risks Associated with Interest Rate Changes – In general, when interest rates rise, the prices of debt securities fall, and when interest rates fall, the prices of debt securities rise. The price volatility of a debt security also depends on its maturity. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates that incorporates a security's yield, coupon, final maturity, and call features, among other characteristics. The longer a fixed-income security's duration, the more sensitive it will be to changes in interest rates. Maturity, on the other hand, is the date on which a fixed-income security becomes due for payment of principal. Recent and potential future changes in government policy may affect interest rates.**

**Risks Associated with Health Crises – A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect Fund performance. For example, the COVID-19 pandemic has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities, operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect a Fund's performance, resulting in losses to your investment.**

Please see the Funds' prospectus and statement of additional information for a complete discussion of these and other risks.

9. Subsequent Events

Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the financial statements were issued. There were no subsequent events that necessitated recognition or disclosure in the Funds' financial statements.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Touchstone Variable Series Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Touchstone Variable Series Trust (the "Trust") (comprising the Touchstone Balanced Fund, Touchstone Bond Fund, Touchstone Common Stock Fund and Touchstone Small Company Fund (collectively referred to as the "Funds")), including the portfolios of investments, as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising Touchstone Variable Series Trust at December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm266682d1financialsi002.jpg)

We have served as the auditor of one or more Touchstone Investments' investment companies since 1999.

Cincinnati, Ohio

February 13, 2026

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#### Dividend Received Deduction
For corporate shareholders, the following ordinary distributions paid during the fiscal year ended December 31, 2025 qualify for the corporate dividends received deduction. The Funds intend to pass through the maximum allowable percentage.

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| | |
|:---|:---|
| Balanced Fund | 37.26% |
| Common Stock Fund | 100.00% |
| Small Company Fund | 27.95% |

---

For the fiscal year ended December 31, 2025, the Funds designated long-term capital gains as follows:

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| | |
|:---|:---|
| Balanced Fund | $1240563 |
| Common Stock Fund | $28480897 |
| Small Company Fund | $6274886 |

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#### Proxy Voting Guidelines and Proxy Voting Records
The Sub-Advisers are responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that the Sub-Advisers use in fulfilling this responsibility is available as an appendix to the most recent Statement of Additional Information, which can be obtained without charge by calling toll free 1.800.543.0407 or by visiting the Touchstone website at TouchstoneInvestments.com or on the Securities and Exchange Commission's (the "Commission") website at sec.gov. Information regarding how those proxies were voted during the most recent twelve-month period ended June 30, which will be filed by August 31 of that year, is also available without charge by calling toll free 1.800.543.0407 or on the Commission's website at sec.gov.

#### Quarterly Portfolio Disclosure
Each Fund's holdings as of the end of the third month of every fiscal quarter will be disclosed on Form N-PORT within 60 days of the end of the fiscal quarter. The complete listing of each Fund's portfolio holdings is available on the Commission's website and will be made available to shareholders upon request by calling 1.800.543.0407.

#### Advisory and Sub-Advisory Agreement Approval Disclosure
At a meeting held on November 20, 2025, the Board of Trustees (the "Board" or "Trustees") of the Touchstone Variable Series Trust (the "Trust"), and by a separate vote, the Independent Trustees of the Trust, approved the continuance of the Investment Advisory Agreement between the Trust and the Adviser with respect to each Fund of the Trust, and the continuance of the Sub-Advisory Agreement between the Adviser and the Sub-Adviser.

In determining whether to approve the continuation of the Investment Advisory Agreement and the Sub-Advisory Agreements, the Adviser furnished information necessary for a majority of the Independent Trustees to make the determination that the continuance of the Investment Advisory Agreement and each Sub-Advisory Agreement was in the best interests of the respective Funds and their shareholders. The information provided to the Board included: (1) industry data comparing advisory fees and total expense ratios of comparable funds; (2) comparative performance information; (3) the Adviser's and its affiliates' revenues and costs of providing services to the Funds; and (4) information about the Adviser's and Sub-Adviser's personnel. Prior to voting, the Independent Trustees reviewed the proposed continuance of the Investment Advisory Agreement and the Sub-Advisory Agreements with management and experienced independent legal counsel and received materials from such counsel discussing the legal standards for their consideration of the proposed continuation of the Investment Advisory Agreement and each Sub-Advisory Agreement. The Independent Trustees also reviewed the proposed continuation of the Investment Advisory Agreement and each Sub-Advisory Agreement with independent legal counsel in private sessions at which no representatives of management were present.

In approving the Funds' Investment Advisory Agreement, the Board considered various factors, among them: (1) the nature, extent and quality of services provided to the Funds, including the personnel providing such services; (2) the Adviser's compensation and profitability; (3) a comparison of fees and performance with comparable funds; (4) economies of scale; and (5) the terms of the Investment Advisory Agreement. The Board's analysis of these factors is set forth below. The Independent Trustees were advised by independent legal counsel throughout the process.

*Nature, Extent and Quality of Adviser Services. The Board considered the level and depth of knowledge of the Adviser, including the professional experience and qualifications of senior personnel. In evaluating the quality of services provided by the Adviser, the Board took into account its familiarity with the Adviser's senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account the Adviser's compliance policies and procedures. The quality of*

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administrative and other services, including the Adviser's role in coordinating the activities of the Funds' other service providers, was also considered. The Board also considered the Adviser's relationship with its affiliates and the resources available to them, as well as any potential conflicts of interest.

The Board discussed the Adviser's effectiveness in monitoring the performance of the Sub-Adviser, an affiliate of the Adviser, and the Adviser's timeliness in responding to performance issues. The Board considered the Adviser's process for monitoring the Sub-Adviser, which includes an examination of both qualitative and quantitative elements of the Sub-Adviser's organization, personnel, procedures, investment discipline, infrastructure and performance. The Board considered that the Adviser conducts periodic due diligence of the Sub-Adviser, during which the Adviser examines a wide variety of factors, such as the financial condition of the Sub-Adviser, the quality of the Sub-Adviser's systems, the effectiveness of the Sub-Adviser's disaster recovery programs, trade allocation and execution procedures, compliance with the Sub-Adviser's policies and procedures, results of regulatory examinations and any other factors that might affect the quality of services that the Sub-Adviser provides to the Funds. The Board noted that the Adviser's monitoring processes also include quarterly reviews of compliance certifications, and that any issues arising from such reviews and the Adviser's due diligence reviews of the Sub-Adviser are reported to the Board.

The Trustees concluded that they were satisfied with the nature, extent and quality of services provided to each Fund by the Adviser under the Investment Advisory Agreement.

*Adviser's Compensation and Profitability. The Board took into consideration the financial condition and profitability of the Adviser and its affiliates (including the Sub-Adviser) and the direct and indirect benefits derived by the Adviser and its affiliates from the Adviser's relationship with the Funds. The information considered by the Board included operating profit margin information for the Adviser's business as a whole. The Board noted that the Adviser had waived a portion of advisory fees and administrative fees and/or reimbursed expenses in order to limit each Fund's net operating expenses. The Board also noted that the Adviser pays the Sub-Adviser's sub-advisory fees out of the advisory fees the Adviser receives from the Funds. The Board reviewed the profitability of the Adviser's relationship with the Funds both before and after-tax expenses, and also considered whether the Adviser has the financial wherewithal to continue to provide services to the Funds, noting the ongoing commitment of the Adviser's parent company with respect to providing support and resources as needed. The Board also noted that the Adviser derives benefits to its reputation and other benefits from its association with the Funds. The Board also considered that affiliates of the Adviser may benefit from certain indirect tax benefits, including those relating to dividend received deductions.*

The Board recognized that the Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to each Fund and the entrepreneurial risk that it assumes as Adviser. Based upon their review, the Trustees concluded that the Adviser's and its affiliates' level of profitability, if any, from their relationship with each Fund was reasonable and not excessive.

*Expenses and Performance. The Board compared the respective advisory fees and total expense ratios for each of the Funds with various comparative data, including the median and average advisory fees and total expense ratios of each Fund's respective peer group. The Board also considered, among other data, the Funds' respective performance results during the six-month, twelve-month and thirty-six-month periods ended September 30, 2025 and noted that the Board reviews on a quarterly basis detailed information about each Fund's performance results, portfolio composition and investment strategies. The Board also took into account current market conditions and their effect on the Funds' performance.*

The Board also considered the effect of each Fund's growth and size on its performance and expenses. The Board noted that the Adviser had waived a portion of the fees and/or reimbursed expenses of the Funds in order to reduce the Funds' respective operating expenses to targeted levels. The Board noted that the sub-advisory fees under the Sub-Advisory Agreement with respect to each Fund were paid by the Adviser out of the advisory fees it receives from the Fund and considered the impact of such sub-advisory fees on the profitability of the Adviser. In reviewing the respective total expense ratios and performance of each of the Funds, the Board also took into account the nature, extent and quality of the services provided to the Funds by the Adviser and its affiliates.

The Board considered, among other data, the specific factors and related conclusions set forth below with respect to each Fund:

<u>Touchstone Balanced Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and at the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for the six-month period ended September 30, 2025 was in the 3rd quintile of its peer group, while the Fund's performance for each of the twelve- and thirty-six-month periods ended September 30, 2025 was in the 1st quintile of its peer group. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.

<u>Touchstone Bond Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and at the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for the six-month period ended

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September 30, 2025 was in the 2nd quintile of its peer group, while the Fund's performance for each of the twelve- and thirty-six-month periods ended September 30, 2025 was in the 3rd quintile of its peer group. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.

<u>Touchstone Common Stock Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and above the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for the six-month period ended September 30, 2025 was in the 2nd quintile of its peer group, the Fund's performance for the twelve-month period ended September 30, 2025 was in the 1st quintile of its peer group, and the Fund's performance for the thirty-six-month period ended September 30, 2025 was in the 3rd quintile of its peer group. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.

<u>Touchstone Small Company Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were each below the median of its peer group. The Board noted that the Adviser was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for the six-month period ended September 30, 2025 was in the 2nd quintile of its peer group, while the Fund's performance for each of the twelve- and thirty-six-month periods ended September 30, 2025 was in the 1st quintile. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.

*Economies of Scale. The Board considered the effect of each Fund's current size and potential growth on its performance and expenses. The Board took into account management's discussion of the Funds' advisory fee structure. The Board considered the effective advisory fees under the Investment Advisory Agreement as a percentage of assets at different asset levels and possible economies of scale that might be realized if the assets of each Fund increase. The Board noted that the advisory fee schedules for all but one of the Funds contain breakpoints that would reduce the advisory fee rate on assets above specified levels as the respective Fund's assets increased and considered the appropriateness of adding breakpoints with respect to the one Fund that currently did not have such breakpoints in its advisory fee schedule. The Board determined that adding breakpoints at specified levels to the advisory fee schedule of the one Fund that currently did not have such breakpoints was not appropriate at that time. The Board also noted that if a Fund's assets increase over time, the Fund might realize other economies of scale if assets increase proportionally more than certain other expenses. The Board also considered the fact that, under the Investment Advisory Agreement, the advisory fee payable to the Adviser by a Fund was reduced by the total sub-advisory fee paid by the Adviser to the Fund's Sub-Adviser.*

*Conclusion. In considering the renewal of the Funds' Investment Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Trustees evaluated all information available to them on a Fund-by-Fund basis, and their determinations were made separately with respect to each Fund. The Board reached the following conclusions regarding the Funds' Investment Advisory Agreement with the Adviser, among others: (a) the Adviser demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Adviser maintains an appropriate compliance program; (c) the overall performance of each Fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices; and (d) each Fund's advisory fee is reasonable in light of the services received by the Fund from the Adviser and the other factors considered. Based on their conclusions, the Trustees determined with respect to each Fund that continuation of the Investment Advisory Agreement was in the best interests of the Fund and its shareholders.*

In approving the applicable Funds' respective Sub-Advisory Agreements, the Board considered various factors with respect to each Fund and the applicable Sub-Advisory Agreement, among them: (1) the nature, extent and quality of services provided to the Fund, including the personnel providing such services; (2) the Sub-Adviser's compensation; (3) a comparison of the sub-advisory fee and performance with comparable funds; and (4) the terms of the Sub-Advisory Agreement. The Board's analysis of these factors is set forth below. The Independent Trustees were advised by independent legal counsel throughout the process.

*Nature, Extent and Quality of Services Provided; Investment Personnel. The Board considered information provided by the Adviser regarding the services provided by the Sub-Adviser, including information presented periodically throughout the previous year. The Board noted the affiliation of the Sub-Adviser with the Adviser, noting any potential conflicts of interest. The Board also noted that, on a periodic basis, the Board meets with portfolio managers of the Sub-Adviser to discuss its respective performance and investment processes and strategies. The Board considered the Sub-Adviser's level of knowledge and investment style. The Board reviewed the experience and credentials of the applicable investment personnel who are responsible for managing the investment of portfolio securities with respect to the Funds. The Board also noted the Sub-Adviser's brokerage practices.*

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*Sub-Adviser's Compensation, Profitability and Economies of Scale. The Board also took into consideration the financial condition of the Sub-Adviser and any indirect benefits derived by the Sub-Adviser and its affiliates from the Sub-Adviser's relationship with the Funds. In considering the profitability to the Sub-Adviser of its relationship with the Funds, the Board noted the undertaking of the Adviser to maintain expense limitations for the Funds and also noted that the sub-advisory fees under the Sub-Advisory Agreements were paid by the Adviser out of the advisory fees that it receives under the Investment Advisory Agreement. As a consequence, the profitability to the Sub-Adviser of its relationship with a Fund was not a substantial factor in the Board's deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Sub-Adviser's management of the applicable Fund to be a substantial factor in its consideration, although the Board noted that the sub-advisory fee schedule for all but one of the Funds contained breakpoints that would reduce the sub-advisory fee rate on assets above specified levels as the applicable Fund's assets increased.*

*Sub-Advisory Fees and Fund Performance. The Board considered that each Fund pays an advisory fee to the Adviser and that the Adviser pays the sub-advisory fee to the Sub-Adviser out of the advisory fee it receives from the respective Fund. The Board also compared the sub-advisory fees paid by the Adviser to fees charged by the Sub-Adviser to manage comparable institutional separate accounts, as applicable. The Board considered the amount retained by the Adviser and the sub-advisory fee paid to the Sub-Adviser with respect to the various services provided by the Adviser and the Sub-Adviser. The Board reviewed the sub-advisory fee for each Fund in relation to various comparative data, including the median and average sub-advisory fees of each Fund's peer group, and considered the following information:*

<u>Touchstone Balanced Fund</u>. The Fund's sub-advisory fee was at the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Adviser and the other factors considered.

<u>Touchstone Bond Fund</u>. The Fund's sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Adviser and the other factors considered.

<u>Touchstone Common Stock Fund</u>. The Fund's sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Adviser and the other factors considered.

<u>Touchstone Small Company Fund</u>. The Fund's sub-advisory fee was below the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Adviser and the other factors considered.

As noted above, the Board considered each Fund's performance during the six-month, twelve-month and thirty-six-month periods ended September 30, 2025 as compared to each Fund's peer group and noted that the Board reviews on a quarterly basis detailed information about each Fund's performance results, portfolio composition and investment strategies. The Board noted the Adviser's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Sub-Adviser. The Board was mindful of the Adviser's ongoing monitoring of the Sub-Adviser's performance and the measures undertaken by the Adviser to address any underperformance.

*Conclusion. In considering the renewal of the Sub-Advisory Agreement with respect to each applicable Fund, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Board reached the following conclusions regarding each Sub-Advisory Agreement, among others: (a) the Sub-Adviser is qualified to manage each Fund's assets in accordance with the Fund's investment goals and policies; (b) the Sub-Adviser maintains an appropriate compliance program; (c) the overall performance of each Fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices; (d) each Fund's sub-advisory fee is reasonable in light of the services received by the Fund from the Sub-Adviser and the other factors considered; and (e) the Sub-Adviser's investment strategies are appropriate for pursuing the investment goals of each Fund. Based on its conclusions, the Board determined that approval of the Sub-Advisory Agreement with respect to each applicable Fund was in the best interests of the Fund and its shareholders.*

------

[**Table of Contents**](#JOB_TS_-__b2d63200-100c-4413-b969-2cf469ccfb42_TOCtm266682d1_financials)

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![](tm266682d1financialsi003.gif)

![](tm266682d1financialsi001.gif)

TVST-AR-NCSR-2512

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The information is included as part of the material filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

The information is included as part of the material filed under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under
the 1940 Act (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940
Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR
240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have
materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

[(a)(1)](tm266682d1_ex99-codeeth.htm) [The registrant's Code of Ethics is attached hereto.](tm266682d1_ex99-codeeth.htm)

(a)(2) Not Applicable.

[(a)(3)](tm266682d1_ex99-cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm266682d1_ex99-cert.htm)

(a)(4) Not Applicable.

(a)(5) Not Applicable.

[(b)](tm266682d1_ex99-906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm266682d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Touchstone Variable Series Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Terrie A. Wiedenheft |
|  | Terrie A. Wiedenheft, President |
|  | (principal executive officer) |

---

Date: <u>3/2/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Terrie A. Wiedenheft |
|  | Terrie A. Wiedenheft, President |
|  | (principal executive officer) |

---

Date: <u>3/2/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Terri A. Lucas |
|  | Terri A. Lucas, Controller and Treasurer |
|  | (principal financial officer) |

---

Date: <u>3/2/2026</u>

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**TOUCHSTONE STRATEGIC TRUST**

**TOUCHSTONE VARIABLE SERIES TRUST**

**TOUCHSTONE FUNDS GROUP TRUST**

**TOUCHSTONE ETF TRUST**

**CODE OF ETHICS**

**FOR**

**SENIOR FINANCIAL OFFICERS**

**I.** **INTRODUCTION** 

The Board of Trustees of Touchstone Strategic Trust, Touchstone Variable Series Trust, Touchstone Funds Group Trust and Touchstone ETF Trust (the "Trusts") has adopted this code of ethics (the "Code"), as amended, applicable to its Principal Executive Officer and Principal Financial Officer (the "Covered Officers") to promote:

&nbsp;&nbsp;&nbsp;&nbsp;· Honest and ethical conduct, including the ethical
handling of conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;· Full, fair, accurate, timely and understandable
disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;· Compliance with applicable laws and governmental
rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· The prompt internal reporting to an appropriate
person or persons identified in the Code for violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· Accountability for adherence to the Code.

**II.** **COVERED OFFICERS SHOULD ACT HONESTLY AND CANDIDLY** 

Each Covered Officer owes a duty to the Trusts to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· Act with integrity, including being honest and
candid while still maintaining the confidentiality of information where required by law or the Trusts' policies;

&nbsp;&nbsp;&nbsp;&nbsp;· Observe both the form and spirit of laws and
governmental rules and regulations, accounting standards and the Trusts policies;

&nbsp;&nbsp;&nbsp;&nbsp;· Adhere to a high standard of business ethics;
and

&nbsp;&nbsp;&nbsp;&nbsp;· Place the interests of the Trusts before the Covered Officer's own
personal interests.

All activities of Covered Officers should be guided by and adhere to these fiduciary standards.

**III.** **COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST** 

GUIDING PRINCIPLES: A "conflict of interest" occurs when an individual's personal interest interferes with the interest of the Trusts. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform the Trusts' work objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trusts. In addition, investment companies should be sensitive to situations that create apparent, not actual, conflicts of interest. Service to the Trusts should never be subordinated to gain a personal advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Trusts that already are subject to conflict of interest provisions in the Investment Company Act of 1940, (the "1940 Act"), and the Investment Advisers Act of 1940, each as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trusts because of their status as "affiliated persons" of the Trusts. Therefore, as to the existing statutory and regulatory prohibitions on individual behavior they will be deemed to be incorporated in this Code and therefore any such violation will also be deemed a violation of the Code. Covered Officers must in all cases comply with applicable statutes and regulations.

As to conflicts arising from, or as a result of the contract relationship between, the Trusts, Touchstone Advisors, Inc. (the "Advisor"), the Trusts' investment adviser, and Touchstone Securities, Inc. (the "Distributor"), the Trusts' distributor, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the Advisor's fiduciary duties to the Trusts, the Covered Officers will in the normal course of their duties (whether formally for the Trusts or for the Advisor, or for both) be involved in establishing policies and implementing decisions which will have different effects on the Advisor and the Trusts. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trusts and the Advisor and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Trusts.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· Avoid conflicts of interest wherever possible;

&nbsp;&nbsp;&nbsp;&nbsp;· Handle any actual or apparent conflict of interest
ethically;

&nbsp;&nbsp;&nbsp;&nbsp;· Not use his or her personal influence or personal
relationships to influence investment decisions or financial reporting by a Trust whereby the Covered Officer would benefit personally
to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· Not cause a Trust to take action, or fail to
take action, for the personal benefit of the Covered Officer rather than the benefit such Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· Not use knowledge of portfolio transactions made
or contemplated for a Trust to profit or cause others to profit, by the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· As described in more detail below, discuss any
material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Trusts' Compliance
Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;· Report at least annually any affiliations or
other relationships related to conflicts of interest that the Trusts' Directors and Officers Questionnaire covers.

Some conflict of interest situations that should always be discussed with the Trusts' Chief Compliance Officer, if material, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any outside business activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Service as a director on the board of any public
or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The receipt of any gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The receipt of any entertainment from any company
with which the Trusts have current or prospective business dealings unless such entertainment is business related, reasonable in cost,
appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Being in the position of supervision, reviewing
or having any influence on the job evaluation, pay or benefit of any immediate family member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any ownership interest in, or any consulting
or employment relationship with, any of the Trusts' service providers, other than the Advisor and Distributor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A direct or indirect financial interest in commissions,
transaction charges or spreads paid by the Trusts for effecting portfolio transactions or for selling or redeeming shares other than an
interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**IV.** **DISCLOSURE** 

Each Covered Officer is required to be familiar, and comply, with the Trusts' disclosure controls and procedures so that the Trusts' subject reports and documents filed with the U.S. Securities and Exchange Commission (the "SEC") comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Trusts' other public communications should, to the extent appropriate within his or her area of responsibility, consult with other Trust officers and employees and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· Familiarize himself or herself with the disclosure
requirements applicable to the Trusts as well as the business and financial operations of the Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;· Not knowingly misrepresent, or cause others to
misrepresent, facts about the Trusts to others, whether within or outside the Trusts, including to the Trusts' internal auditors,
independent directors, independent auditors, and to governmental regulators and self-regulatory organizations.

**V.** **COMPLIANCE** 

It is the Trusts' policy to comply with all applicable laws and governmental rules and regulations. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules, and regulations, including those relating to affiliated transactions, accounting, and auditing matters.

**VI.** **REPORTING AND ACCOUNTABILITY** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· Upon receipt of this Code, sign and submit to
the Trusts' Chief Compliance Officer an acknowledgment stating that he or she has received, read, and understands the Code.

&nbsp;&nbsp;&nbsp;&nbsp;· Annually thereafter submit a form to the Trusts'
Chief Compliance Officer confirming that he or she has received, read, and understands the Code, and has complied with the requirements
of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;· Not retaliate against any employee or Covered
Officer for reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;· Notify the Trusts' Chief Compliance Officer
promptly if he or she becomes aware of any existing or potential violation of this Code. Failure to do so is itself a violation of this
Code.

Except as described otherwise below, the Trusts' Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. The Trusts' Chief Compliance Officer shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The Trusts' Chief Compliance Officer is authorized and encouraged to consult, as appropriate, with the Audit Committee (the "Committee") and the Independent Trustees.

The Committee is responsible for granting waivers and determining sanctions, as appropriate. In addition, approvals, interpretations, or waivers sought by the Principal Executive Officer will be considered by the Committee.

The Trusts will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

&nbsp;&nbsp;&nbsp;&nbsp;· The Trusts' Chief Compliance Officer will take all appropriate action
to investigate any violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;· Violations and potential violations will be reported to the Committee after
such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;· If the Committee determines that a violation
occurred, it will inform the Board of Trustees who will take all appropriate disciplinary or preventive action;

&nbsp;&nbsp;&nbsp;&nbsp;· Appropriate disciplinary or preventive action
may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of
the SEC or other appropriate law enforcement authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;· Any changes to or waivers of this Code will,
to the extent required, be disclosed on Form N-CSR as provided by SEC Rules.

**VII.** **OTHER POLICIES AND PROCEDURES** 

The Trusts' code of ethics under Rule 17j-1 of the 1940 Act are separate requirements applying to Covered Officers and others, and are not part of this Code.

**VIII.** **AMENDMENTS** 

This Code may not be amended except in written form, which is specifically approved by a majority vote of the Board of Trustees, including a majority of Independent Trustees.

**IX.** **CONFIDENTIALITY** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of Board of Trustees and their counsel.

**X.** **INTERNAL USE** 

The Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of the Trusts, as to any fact, circumstance, or legal conclusion.

Date: May 19, 2003

Amended: February 15, 2017

Amended: November 18, 2020

Amended: February 10, 2021

Amended: July 22, 2022

Amended July 1, 2025

**Exhibit A**

Persons Covered by this Code of Ethics

Terrie A. Wiedenheft — President Touchstone Strategic Trust Touchstone Variable Series Trust Touchstone Funds Group Trust Touchstone ETF Trust <br>Teresa A. Lucas — Controller and Treasurer Touchstone Strategic Trust Touchstone Variable Series Trust Touchstone Funds Group Trust Touchstone ETF Trust

**CODE OF ETHICS**

**FOR**

**SENIOR FINANCIAL OFFICERS**

**ANNUAL CERTIFICATION**

---

| | |
|:---|:---|
| **TO:** | Trusts' Chief Compliance Officer |

---

---

| | |
|:---|:---|
| **RE:** | Code of Ethics for Senior Financial Officers |

---

**FROM:**

I hereby acknowledge, agree and certify that I have received, read, understand and will abide by the Code of Ethics for Senior Financial Officers.

    <br> Signature Date

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Terrie A. Wiedenheft, certify that:

1. I have reviewed this report on Form N-CSR of Touchstone Variable Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/2/2026 | /s/ Terrie A. Wiedenheft |
| | | Terrie A. Wiedenheft, President |
| | | (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Terri A. Lucas, certify that:

1. I have reviewed this report on Form N-CSR of Touchstone Variable Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/2/2026 | /s/ Terri A. Lucas |
| | | Terri A. Lucas, Controller and Treasurer |
| | | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Terrie A. Wiedenheft, President of Touchstone Variable Series Trust (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | 3/2/2026 | /s/ Terrie A. Wiedenheft |
| | | Terrie A. Wiedenheft, President |
| | | (principal executive officer) |

---

I, Terri A. Lucas, Controller and Treasurer of Touchstone Variable Series Trust (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | 3/2/2026 | /s/ Terri A. Lucas |
| | | Terri A. Lucas, Controller and Treasurer |
| | | (principal financial officer) |

---