# EDGAR Filing Document

**Accession Number:** 0000920547
**File Stem:** 0001104659-25-085171
**Filing Date:** 2025-8
**Character Count:** 266673
**Document Hash:** 501f535f8327c7bd907f0d77414c5822
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-085171.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001104659-25-085171

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08416
- **FILM NUMBER:** 251276211

**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'? 8ddda750f7dc936

#### 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:

#### June 30, 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](#classname876531b8-a767-4b1a-a510-3b5a53f62021)<br> **[CLASS SC](#classname876531b8-a767-4b1a-a510-3b5a53f62021)**  |
|  [Touchstone Balanced Fund](#classname30be0445-4588-4f4e-9b32-8304d633a2fc)<br> **[CLASS I](#classname30be0445-4588-4f4e-9b32-8304d633a2fc)**  |
|  [Touchstone Bond Fund](#classname41e484c6-5ae9-4f8f-86d7-775b10d98160)<br> **[CLASS SC](#classname41e484c6-5ae9-4f8f-86d7-775b10d98160)**  |
|  [Touchstone Bond Fund](#classname26723849-7422-48ce-a78a-a5cd2992951e)<br> **[CLASS I](#classname26723849-7422-48ce-a78a-a5cd2992951e)**  |
|  [Touchstone Common Stock Fund](#classname717a5da0-c4b2-4187-b8b4-1a6151e6dfac)<br> **[CLASS SC](#classname717a5da0-c4b2-4187-b8b4-1a6151e6dfac)**  |
|  [Touchstone Common Stock Fund](#classname3e2b9f69-d410-4ef0-8ded-8e70cb952220)<br> **[CLASS I](#classname3e2b9f69-d410-4ef0-8ded-8e70cb952220)**  |
|  [Touchstone Small Company Fund](#classname6d037a55-d80e-4b23-8e83-0abaae464028)<br> **[CLASS I](#classname6d037a55-d80e-4b23-8e83-0abaae464028)**  |

---

![TSR - Logo](tm2523880d2_tsrimg001.jpg)

#### Touchstone Balanced Fund

#### CLASS SC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Touchstone Balanced Fund ("Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/resources. 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 | $40 | 0.79% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $47609605 |
| **Total number of portfolio holdings** | 217 |
| **Portfolio turnover rate** | 46% |

---

Graphical Representation of Holdings

**Asset Category (% of Net Assets)**

---

| | |
|:---|:---|
| Common Stocks | 62.7% |
| Corporate Bonds | 17.5% |
| U.S. Government Mortgage-Backed Obligations | 6.2% |
| U.S. Treasury Obligations | 5.3% |
| Commercial Mortgage-Backed Securities | 3.2% |
| Exchange-Traded Fund | 1.8% |
| Non-Agency Collateralized Mortgage Obligations | 1.6% |
| Sovereign Government Obligations | 0.3% |
| Short-Term Investment Fund | 1.3% |
| Other Assets/Liabilities (Net) | 0.1% |
| Total | 100.0% |

---

**Credit Quality\* (% of Fixed Income Securities)**

---

| | |
|:---|:---|
| AAA/Aaa | 29.4% |
| AA/Aa | 23.6% |
| A/A | 17.9% |
| BBB/Baa | 24.0% |
| BB/Ba | 5.1% |
| 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

![TSR - QR Code - Resource](tm2523880d2_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/resources 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 touchstoneinvestments.com/resources. You can also request this information by contacting us at 800.543.0407.

TVST-SR-BALS-2506

![TSR - Logo](tm2523880d2_tsrimg001.jpg)

#### Touchstone Balanced Fund

#### CLASS I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Touchstone Balanced Fund ("Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/resources. 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 | $40 | 0.79% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $47609605 |
| **Total number of portfolio holdings** | 217 |
| **Portfolio turnover rate** | 46% |

---

Graphical Representation of Holdings

**Asset Category (% of Net Assets)**

---

| | |
|:---|:---|
| Common Stocks | 62.7% |
| Corporate Bonds | 17.5% |
| U.S. Government Mortgage-Backed Obligations | 6.2% |
| U.S. Treasury Obligations | 5.3% |
| Commercial Mortgage-Backed Securities | 3.2% |
| Exchange-Traded Fund | 1.8% |
| Non-Agency Collateralized Mortgage Obligations | 1.6% |
| Sovereign Government Obligations | 0.3% |
| Short-Term Investment Fund | 1.3% |
| Other Assets/Liabilities (Net) | 0.1% |
| Total | 100.0% |

---

**Credit Quality\* (% of Fixed Income Securities)**

---

| | |
|:---|:---|
| AAA/Aaa | 29.4% |
| AA/Aa | 23.6% |
| A/A | 17.9% |
| BBB/Baa | 24.0% |
| BB/Ba | 5.1% |
| 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

![TSR - QR Code - Resource](tm2523880d2_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/resources 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 touchstoneinvestments.com/resources. You can also request this information by contacting us at 800.543.0407.

TVST-SR-BALI-2506

![TSR - Logo](tm2523880d2_tsrimg001.jpg)

#### Touchstone Bond Fund

#### CLASS SC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Touchstone Bond Fund ("Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/resources. 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 | $46 | 0.91% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $48887691 |
| **Total number of portfolio holdings** | 469 |
| **Portfolio turnover rate** | 119% |

---

Graphical Representation of Holdings

**Asset Category (% of Net Assets)**

---

| | |
|:---|:---|
| Corporate Bonds | 40.5% |
| U.S. Treasury Obligations | 28.6% |
| Commercial Mortgage-Backed Securities | 8.5% |
| Non-Agency Collateralized Mortgage Obligations | 6.6% |
| U.S. Government Mortgage-Backed Obligations | 5.6% |
| Agency Collateralized Mortgage Obligations | 3.6% |
| Asset-Backed Securities | 2.7% |
| Exchange-Traded Fund | 0.5% |
| Sovereign Government Obligations | 0.4% |
| Short-Term Investment Fund | 2.2% |
| Other Assets/Liabilities (Net) | 0.8% |
| Total | 100.0% |

---

**Credit Quality\* (% of Fixed Income Securities)**

---

| | |
|:---|:---|
| AAA/Aaa | 43.1% |
| AA/Aa | 12.9% |
| A/A | 13.1% |
| BBB/Baa | 20.4% |
| BB/Ba | 4.6% |
| B/B | 1.6% |
| CCC | 0.1% |
| Not Rated | 4.2% |
| 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

![TSR - QR Code - Resource](tm2523880d2_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/resources 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 touchstoneinvestments.com/resources. You can also request this information by contacting us at 800.543.0407.

TVST-SR-BNDS-2506

![TSR - Logo](tm2523880d2_tsrimg001.jpg)

#### Touchstone Bond Fund

#### CLASS I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Touchstone Bond Fund ("Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/resources. 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 | $31 | 0.61% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $48887691 |
| **Total number of portfolio holdings** | 469 |
| **Portfolio turnover rate** | 119% |

---

Graphical Representation of Holdings

**Asset Category (% of Net Assets)**

---

| | |
|:---|:---|
| Corporate Bonds | 40.5% |
| U.S. Treasury Obligations | 28.6% |
| Commercial Mortgage-Backed Securities | 8.5% |
| Non-Agency Collateralized Mortgage Obligations | 6.6% |
| U.S. Government Mortgage-Backed Obligations | 5.6% |
| Agency Collateralized Mortgage Obligations | 3.6% |
| Asset-Backed Securities | 2.7% |
| Exchange-Traded Fund | 0.5% |
| Sovereign Government Obligations | 0.4% |
| Short-Term Investment Fund | 2.2% |
| Other Assets/Liabilities (Net) | 0.8% |
| Total | 100.0% |

---

**Credit Quality\* (% of Fixed Income Securities)**

---

| | |
|:---|:---|
| AAA/Aaa | 43.1% |
| AA/Aa | 12.9% |
| A/A | 13.1% |
| BBB/Baa | 20.4% |
| BB/Ba | 4.6% |
| B/B | 1.6% |
| CCC | 0.1% |
| Not Rated | 4.2% |
| 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

![TSR - QR Code - Resource](tm2523880d2_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/resources 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 touchstoneinvestments.com/resources. You can also request this information by contacting us at 800.543.0407.

TVST-SR-BNDI-2506

![TSR - Logo](tm2523880d2_tsrimg001.jpg)

#### Touchstone Common Stock Fund

#### CLASS SC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Touchstone Common Stock Fund ("Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/resources. 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 | $47 | 0.92% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $205431636 |
| **Total number of portfolio holdings** | 46 |
| **Portfolio turnover rate** | 3% |

---

Graphical Representation of Holdings

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Communication Services | 16.4% |
| Financials | 13.9% |
| Health Care | 9.6% |
| Consumer Discretionary | 9.1% |
| Industrials | 6.8% |
| Consumer Staples | 4.5% |
| Energy | 2.6% |
| Materials | 1.6% |
| Real Estate | 1.4% |
| Short-Term Investment Fund | 0.5% |
| Other Assets/Liabilities (Net) | (0.2)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Resource](tm2523880d2_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/resources 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 touchstoneinvestments.com/resources. You can also request this information by contacting us at 800.543.0407.

TVST-SR-CMSS-2506

![TSR - Logo](tm2523880d2_tsrimg001.jpg)

#### Touchstone Common Stock Fund

#### CLASS I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Touchstone Common Stock Fund ("Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/resources. 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 | $37 | 0.73% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $205431636 |
| **Total number of portfolio holdings** | 46 |
| **Portfolio turnover rate** | 3% |

---

Graphical Representation of Holdings

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Communication Services | 16.4% |
| Financials | 13.9% |
| Health Care | 9.6% |
| Consumer Discretionary | 9.1% |
| Industrials | 6.8% |
| Consumer Staples | 4.5% |
| Energy | 2.6% |
| Materials | 1.6% |
| Real Estate | 1.4% |
| Short-Term Investment Fund | 0.5% |
| Other Assets/Liabilities (Net) | (0.2)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Resource](tm2523880d2_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/resources 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 touchstoneinvestments.com/resources. You can also request this information by contacting us at 800.543.0407.

TVST-SR-CMSI-2506

![TSR - Logo](tm2523880d2_tsrimg001.jpg)

#### Touchstone Small Company Fund

#### CLASS I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Touchstone Small Company Fund ("Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/resources. 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 | $38 | 0.76% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $58167964 |
| **Total number of portfolio holdings** | 73 |
| **Portfolio turnover rate** | 19% |

---

Graphical Representation of Holdings

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Industrials | 22.3% |
| Information Technology | 19.7% |
| Health Care | 18.4% |
| Consumer Discretionary | 13.1% |
| Financials | 9.3% |
| Real Estate | 6.5% |
| Energy | 4.3% |
| Communication Services | 3.3% |
| Materials | 2.8% |
| Short-Term Investment Fund | 0.4% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Resource](tm2523880d2_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/resources 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 touchstoneinvestments.com/resources. You can also request this information by contacting us at 800.543.0407.

TVST-SR-SMC-2506

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

**Item 2. Code of Ethics.**

Not applicable.

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

Not applicable.

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

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.

June 30, 2025 (Unaudited)

## Semi-Annual

## Financial Statements

---

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

---

![](tm2523880d2financiali001.gif)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | [Page](#xx_412bd785-83d5-47f9-bb54-ca693d12607b_1) |
| [Portfolios of Investments:](#xx_bbe2b757-f44f-4e18-ad73-ff16f7b8b993_1tm2523880d2_financial) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Balanced Fund](#xx_bbe2b757-f44f-4e18-ad73-ff16f7b8b993_1tm2523880d2_financial) | 3-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Bond Fund](#xx_1ef0f71b-1fda-43ec-bcc3-d27a6cb8c028_1tm2523880d2_financial) | 7-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Common Stock Fund](#xx_525a5577-9ea4-44e8-8f98-13167bc15d59_1tm2523880d2_financial) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Small Company Fund](#xx_86598655-19bc-409c-b78c-8bb2f30880ea_1tm2523880d2_financial) | 15-16 |
| [Statements of Assets and Liabilities](#xx_86887d8d-9211-4c1b-a03a-a8bbe8393e11_1tm2523880d2_financial) | 17 |
| [Statements of Operations](#xx_9f6637c9-18d6-44dd-9faf-5e8bd1ef6503_1tm2523880d2_financial) | 18 |
| [Statements of Changes in Net Assets](#xx_516817d9-96f2-4b69-b1ac-75039773cba1_2tm2523880d2_financial) | 20-21 |
| [Financial Highlights](#xx_904e9ead-93a6-48e4-8e18-052571a1b650_1tm2523880d2_financial) | 22-23 |
| [Notes to Financial Statements](#xx_759f62ff-daa9-4224-adaf-ffc3ac1ee878_1tm2523880d2_financial) | 24-35 |
| [Other Items](#xx_1b0f88db-b046-4bb6-9851-1cd525f6e1af_1tm2523880d2_financial) | 36 |

---

This report identifies the Funds' investments on June 30, 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_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Portfolio of Investments

Touchstone Balanced Fund – June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 62.7%** |  |
|  | &nbsp;&nbsp;**Information Technology — 21.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9581 | &nbsp;&nbsp;Apple, Inc. | $1965734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856 | &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp; 339778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6042 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 3005351 |
| &nbsp;&nbsp;&nbsp;&nbsp;10250 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 1619397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 915185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427 | &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp; 661819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR | &nbsp;&nbsp; 565546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 610403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 | &nbsp;&nbsp;Workday, Inc. - Class A\* | &nbsp;&nbsp; 363600 |
|  |  | &nbsp;&nbsp;10046813 |
|  | &nbsp;&nbsp;**Communication Services — 10.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520 | &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp; 1688753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9684 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 345622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 2358197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 267826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504 | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp; 310521 |
|  |  | &nbsp;&nbsp; 4970919 |
|  | &nbsp;&nbsp;**Financials — 8.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;16452 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 778509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | &nbsp;&nbsp; 480912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7025 | &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp; 640961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 722613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;Markel Group, Inc.\* | &nbsp;&nbsp; 635160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 902182 |
|  |  | &nbsp;&nbsp; 4160337 |
|  | &nbsp;&nbsp;**Health Care — 6.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566 | &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp; 441994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp; 164910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7348 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 340139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp; 418728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 539207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6880 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 599730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 406809 |
|  |  | &nbsp;&nbsp; 2911517 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 5.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824 | &nbsp;&nbsp;Airbnb, Inc. - Class A\* | &nbsp;&nbsp; 506068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8010 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 1757314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3528 | &nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp; 153503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 275898 |
|  |  | &nbsp;&nbsp; 2692783 |
|  | &nbsp;&nbsp;**Industrials — 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051 | &nbsp;&nbsp;Boeing Co. (The)\* | &nbsp;&nbsp; 639276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp; 282211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp; 295252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282 | &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 437350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096 | &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 209754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060 | &nbsp;&nbsp;Uber Technologies, Inc.\* | &nbsp;&nbsp; 285498 |
|  |  | &nbsp;&nbsp; 2149341 |
|  | &nbsp;&nbsp;**Consumer Staples — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;Diageo PLC (United Kingdom) ADR | &nbsp;&nbsp; 165983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 317585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 780791 |
|  |  | &nbsp;&nbsp; 1264359 |
|  | &nbsp;&nbsp;**Energy — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5663 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 610472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428 | &nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp; 115866 |
|  |  | &nbsp;&nbsp; 726338 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 62.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Materials — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412 | &nbsp;&nbsp;DuPont de Nemours, Inc. | $302619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213 | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 236316 |
|  |  | &nbsp;&nbsp; 538935 |
|  | &nbsp;&nbsp;**Real Estate — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509 | &nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp; 385972 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $29847314 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  |  |
|  | &nbsp;&nbsp;**Corporate Bonds — 17.5%** |  |
|  | &nbsp;&nbsp;**Financials — 4.5%** |  |
| $85000 | &nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.000%, 10/29/28 | &nbsp;&nbsp; 80962 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;American Express Co., 5.282%, 7/27/29 | &nbsp;&nbsp; 95616 |
| &nbsp;&nbsp; 91000 | &nbsp;&nbsp;Ares Capital Corp., 3.250%, 7/15/25 | &nbsp;&nbsp; 90942 |
| &nbsp;&nbsp; 61000 | &nbsp;&nbsp;Bank of America Corp., 2.687%, 4/22/32 | &nbsp;&nbsp; 54736 |
| &nbsp;&nbsp; 67000 | &nbsp;&nbsp;Bank of America Corp., 3.705%, 4/24/28 | &nbsp;&nbsp; 66198 |
| &nbsp;&nbsp; 30000 | &nbsp;&nbsp;Bank of America Corp., 5.511%, 1/24/36 | &nbsp;&nbsp; 30857 |
| &nbsp;&nbsp; 77000 | &nbsp;&nbsp;Bank of Montreal (Canada), 3.803%, 12/15/32 | &nbsp;&nbsp; 74992 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | &nbsp;&nbsp; 68941 |
| &nbsp;&nbsp; 57000 | &nbsp;&nbsp;Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | &nbsp;&nbsp; 47980 |
| &nbsp;&nbsp; 106000 | &nbsp;&nbsp;Citigroup, Inc., 4.542%, 9/19/30 | &nbsp;&nbsp; 105519 |
| &nbsp;&nbsp; 49000 | &nbsp;&nbsp;Citigroup, Inc., 6.174%, 5/25/34 | &nbsp;&nbsp; 51290 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;First Maryland Capital I, (TSFR3M + 1.262%), 5.518%, 1/15/27<sup>(A)</sup> | &nbsp;&nbsp; 51227 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | &nbsp;&nbsp; 88806 |
| &nbsp;&nbsp; 45000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | &nbsp;&nbsp; 44350 |
| &nbsp;&nbsp; 104000 | &nbsp;&nbsp;JPMorgan Chase & Co., 2.956%, 5/13/31 | &nbsp;&nbsp; 96142 |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;JPMorgan Chase & Co., 3.509%, 1/23/29 | &nbsp;&nbsp; 80318 |
| &nbsp;&nbsp; 70000 | &nbsp;&nbsp;Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.400%, 3/26/29 | &nbsp;&nbsp; 73064 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;Marsh & McLennan Cos., Inc., 5.350%, 11/15/44 | &nbsp;&nbsp; 51126 |
| &nbsp;&nbsp; 91000 | &nbsp;&nbsp;Mastercard, Inc., 2.000%, 11/18/31 | &nbsp;&nbsp; 79296 |
| &nbsp;&nbsp; 63000 | &nbsp;&nbsp;Morgan Stanley, 2.484%, 9/16/36 | &nbsp;&nbsp; 53517 |
| &nbsp;&nbsp; 89000 | &nbsp;&nbsp;Morgan Stanley, 3.950%, 4/23/27 | &nbsp;&nbsp; 88435 |
| &nbsp;&nbsp; 61000 | &nbsp;&nbsp;New York Life Global Funding, 144a, 4.550%, 1/28/33 | &nbsp;&nbsp; 59703 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | &nbsp;&nbsp; 70889 |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;PNC Capital Trust, (TSFR3M + 0.832%), 5.161%, 6/1/28<sup>(A)</sup> | &nbsp;&nbsp; 83748 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Royal Bank of Canada (Canada), 4.969%, 8/2/30 | &nbsp;&nbsp; 81111 |
| &nbsp;&nbsp; 96000 | &nbsp;&nbsp;State Street Corp., (TSFR3M + 1.262%), 5.580%, 6/15/47<sup>(A)</sup> | &nbsp;&nbsp; 84273 |
| &nbsp;&nbsp; 117000 | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America, 144a, 3.300%, 5/15/50 | &nbsp;&nbsp; 78508 |
| &nbsp;&nbsp; 151000 | &nbsp;&nbsp;Truist Financial Corp., Ser A, (TSFR3M + 0.932%), 5.258%, 5/15/27<sup>(A)</sup> | &nbsp;&nbsp; 149114 |
| &nbsp;&nbsp; 56000 | &nbsp;&nbsp;US Bancorp, 4.967%, 7/22/33 | &nbsp;&nbsp; 55322 |
|  |  | &nbsp;&nbsp; 2136982 |
|  | &nbsp;&nbsp;**Industrials — 2.0%** |  |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | &nbsp;&nbsp; 74386 |
| &nbsp;&nbsp; 68000 | &nbsp;&nbsp;Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | &nbsp;&nbsp; 71236 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Canadian Pacific Railway Co. (Canada), 3.000%, 12/2/41 | &nbsp;&nbsp; 58237 |
| &nbsp;&nbsp; 78000 | &nbsp;&nbsp;Element Fleet Management Corp. (Canada), 144a, 5.037%, 3/25/30 | &nbsp;&nbsp; 78661 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;John Deere Capital Corp., MTN, 5.100%, 4/11/34 | &nbsp;&nbsp; 73611 |
| &nbsp;&nbsp; 54000 | &nbsp;&nbsp;Keysight Technologies, Inc., 4.950%, 10/15/34 | &nbsp;&nbsp; 53392 |
| &nbsp;&nbsp; 66000 | &nbsp;&nbsp;Norfolk Southern Corp., 4.837%, 10/1/41 | &nbsp;&nbsp; 60480 |
| &nbsp;&nbsp; 44000 | &nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp., 144a, 5.350%, 1/12/27 | &nbsp;&nbsp; 44498 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;RTX Corp., 6.400%, 3/15/54 | &nbsp;&nbsp; 57069 |
| &nbsp;&nbsp; 106000 | &nbsp;&nbsp;Textron Financial Corp., 144a, (TSFR3M + 1.997%), 6.323%, 2/15/42<sup>(A)</sup> | &nbsp;&nbsp; 95358 |

---

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Touchstone Balanced Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 17.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Industrials — 2.0% (Continued)** |  |
| $80000 | &nbsp;&nbsp;Timken Co. (The), 4.500%, 12/15/28 | $80151 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;United Parcel Service, Inc., 5.950%, 5/14/55 | &nbsp;&nbsp; 73993 |
| &nbsp;&nbsp; 43000 | &nbsp;&nbsp;WestRock MWV LLC, 8.200%, 1/15/30 | &nbsp;&nbsp; 49211 |
| &nbsp;&nbsp; 96000 | &nbsp;&nbsp;Xylem, Inc., 1.950%, 1/30/28 | &nbsp;&nbsp; 90758 |
|  |  | &nbsp;&nbsp; 961041 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.8%** |  |
| &nbsp;&nbsp; 125000 | &nbsp;&nbsp;7-Eleven, Inc., 144a, 1.800%, 2/10/31 | &nbsp;&nbsp; 105831 |
| &nbsp;&nbsp; 70000 | &nbsp;&nbsp;Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.750%, 10/20/28 | &nbsp;&nbsp; 70154 |
| &nbsp;&nbsp; 131000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 3.100%, 1/12/32 | &nbsp;&nbsp; 115114 |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;Home Depot, Inc. (The), 5.950%, 4/1/41 | &nbsp;&nbsp; 50617 |
| &nbsp;&nbsp; 69000 | &nbsp;&nbsp;Hyundai Capital America, 144a, 5.350%, 3/19/29 | &nbsp;&nbsp; 70245 |
| &nbsp;&nbsp; 92000 | &nbsp;&nbsp;Lowe's Cos., Inc., 4.500%, 4/15/30 | &nbsp;&nbsp; 92689 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;Mattel, Inc., 5.450%, 11/1/41 | &nbsp;&nbsp; 46246 |
| &nbsp;&nbsp; 92000 | &nbsp;&nbsp;Meritage Homes Corp., 144a, 3.875%, 4/15/29 | &nbsp;&nbsp; 88645 |
| &nbsp;&nbsp; 90000 | &nbsp;&nbsp;Toll Brothers Finance Corp., 3.800%, 11/1/29 | &nbsp;&nbsp; 87335 |
| &nbsp;&nbsp; 49000 | &nbsp;&nbsp;Toyota Motor Credit Corp., MTN, 4.650%, 1/5/29 | &nbsp;&nbsp; 49573 |
| &nbsp;&nbsp; 76000 | &nbsp;&nbsp;United Airlines, Inc., 144a, 4.625%, 4/15/29 | &nbsp;&nbsp; 73771 |
|  |  | &nbsp;&nbsp; 850220 |
|  | &nbsp;&nbsp;**Consumer Staples — 1.8%** |  |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | &nbsp;&nbsp; 44025 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;BAT Capital Corp. (United Kingdom), 2.259%, 3/25/28 | &nbsp;&nbsp; 68084 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;Cargill, Inc., 144a, 4.760%, 11/23/45 | &nbsp;&nbsp; 57126 |
| &nbsp;&nbsp; 126000 | &nbsp;&nbsp;Coca-Cola Co. (The), 2.500%, 3/15/51 | &nbsp;&nbsp; 75704 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;ERAC USA Finance LLC, 144a, 4.200%, 11/1/46 | &nbsp;&nbsp; 52430 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;Kroger Co. (The), 5.000%, 4/15/42 | &nbsp;&nbsp; 47366 |
| &nbsp;&nbsp; 33000 | &nbsp;&nbsp;Mars, Inc., 144a, 3.600%, 4/1/34 | &nbsp;&nbsp; 29889 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;Mars, Inc., 144a, 5.200%, 3/1/35 | &nbsp;&nbsp; 72817 |
| &nbsp;&nbsp; 45000 | &nbsp;&nbsp;PepsiCo, Inc., 1.625%, 5/1/30 | &nbsp;&nbsp; 39945 |
| &nbsp;&nbsp; 131000 | &nbsp;&nbsp;Pernod Ricard International Finance LLC, 144a, 1.625%, 4/1/31 | &nbsp;&nbsp; 110438 |
| &nbsp;&nbsp; 102000 | &nbsp;&nbsp;Philip Morris International, Inc., 5.375%, 2/15/33 | &nbsp;&nbsp; 105392 |
| &nbsp;&nbsp; 53000 | &nbsp;&nbsp;Starbucks Corp., 3.350%, 3/12/50 | &nbsp;&nbsp; 35759 |
| &nbsp;&nbsp; 57000 | &nbsp;&nbsp;Tyson Foods, Inc., 5.400%, 3/15/29 | &nbsp;&nbsp; 58754 |
| &nbsp;&nbsp; 51000 | &nbsp;&nbsp;Walmart, Inc., 4.500%, 9/9/52 | &nbsp;&nbsp; 44656 |
|  |  | &nbsp;&nbsp; 842385 |
|  | &nbsp;&nbsp;**Energy — 1.5%** |  |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;BP Capital Markets America, Inc., 4.970%, 10/17/29 | &nbsp;&nbsp; 87190 |
| &nbsp;&nbsp; 71000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 3.250%, 1/31/32 | &nbsp;&nbsp; 63649 |
| &nbsp;&nbsp; 30000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 4.000%, 3/1/31 | &nbsp;&nbsp; 28547 |
| &nbsp;&nbsp; 87000 | &nbsp;&nbsp;DCP Midstream Operating LP, 144a, 6.750%, 9/15/37 | &nbsp;&nbsp; 91619 |
| &nbsp;&nbsp; 71000 | &nbsp;&nbsp;HF Sinclair Corp., 5.000%, 2/1/28 | &nbsp;&nbsp; 71018 |
| &nbsp;&nbsp; 78000 | &nbsp;&nbsp;Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 | &nbsp;&nbsp; 77320 |
| &nbsp;&nbsp; 79000 | &nbsp;&nbsp;NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | &nbsp;&nbsp; 90166 |
| &nbsp;&nbsp; 73000 | &nbsp;&nbsp;Occidental Petroleum Corp., 7.950%, 6/15/39 | &nbsp;&nbsp; 81933 |
| &nbsp;&nbsp; 86000 | &nbsp;&nbsp;Sempra Infrastructure Partners LP, 144a, 3.250%, 1/15/32 | &nbsp;&nbsp; 73284 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;Western Midstream Operating LP, 5.250%, 2/1/50 | &nbsp;&nbsp; 54731 |
|  |  | &nbsp;&nbsp; 719457 |
|  | &nbsp;&nbsp;**Information Technology — 1.4%** |  |
| &nbsp;&nbsp; 87000 | &nbsp;&nbsp;Apple, Inc., 4.650%, 2/23/46 | &nbsp;&nbsp; 79660 |
| &nbsp;&nbsp; 91000 | &nbsp;&nbsp;Broadcom, Inc., 144a, 3.419%, 4/15/33 | &nbsp;&nbsp; 82517 |
| &nbsp;&nbsp; 104000 | &nbsp;&nbsp;Cisco Systems, Inc., 4.850%, 2/26/29 | &nbsp;&nbsp; 106554 |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;Dell International LLC / EMC Corp., 4.850%, 2/1/35 | &nbsp;&nbsp; 46332 |
| &nbsp;&nbsp; 86000 | &nbsp;&nbsp;Marvell Technology, Inc., 2.950%, 4/15/31 | &nbsp;&nbsp; 78295 |
| &nbsp;&nbsp; 41000 | &nbsp;&nbsp;Micron Technology, Inc., 2.703%, 4/15/32 | &nbsp;&nbsp; 35668 |
| &nbsp;&nbsp; 20000 | &nbsp;&nbsp;Micron Technology, Inc., 6.750%, 11/1/29 | &nbsp;&nbsp; 21612 |
| &nbsp;&nbsp; 113000 | &nbsp;&nbsp;Microsoft Corp., 2.525%, 6/1/50 | &nbsp;&nbsp; 69934 |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;Oracle Corp., 2.650%, 7/15/26 | &nbsp;&nbsp; 37316 |
| &nbsp;&nbsp; 22000 | &nbsp;&nbsp;Oracle Corp., 3.600%, 4/1/40 | &nbsp;&nbsp; 17606 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 17.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Information Technology — 1.4% (Continued)** |  |
| $24000 | &nbsp;&nbsp;Oracle Corp., 4.300%, 7/8/34 | $22797 |
| &nbsp;&nbsp; 56000 | &nbsp;&nbsp;Texas Instruments, Inc., 5.100%, 5/23/35 | &nbsp;&nbsp; 57052 |
|  |  | &nbsp;&nbsp; 655343 |
|  | &nbsp;&nbsp;**Health Care — 1.3%** |  |
| &nbsp;&nbsp; 69000 | &nbsp;&nbsp;AbbVie, Inc., 4.450%, 5/14/46 | &nbsp;&nbsp; 59479 |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;Amgen, Inc., 5.150%, 3/2/28 | &nbsp;&nbsp; 75601 |
| &nbsp;&nbsp; 55000 | &nbsp;&nbsp;Becton Dickinson & Co., 4.685%, 12/15/44 | &nbsp;&nbsp; 47917 |
| &nbsp;&nbsp; 70000 | &nbsp;&nbsp;CommonSpirit Health, 4.187%, 10/1/49 | &nbsp;&nbsp; 54097 |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;CVS Health Corp., 5.125%, 7/20/45 | &nbsp;&nbsp; 53200 |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;DH Europe Finance II Sarl, 3.250%, 11/15/39 | &nbsp;&nbsp; 68407 |
| &nbsp;&nbsp; 59000 | &nbsp;&nbsp;Elevance Health, Inc., 4.750%, 2/15/33 | &nbsp;&nbsp; 58644 |
| &nbsp;&nbsp; 76000 | &nbsp;&nbsp;HCA, Inc., 5.500%, 3/1/32 | &nbsp;&nbsp; 78426 |
| &nbsp;&nbsp; 59000 | &nbsp;&nbsp;Thermo Fisher Scientific, Inc., 5.404%, 8/10/43 | &nbsp;&nbsp; 58404 |
| &nbsp;&nbsp; 87000 | &nbsp;&nbsp;UnitedHealth Group, Inc., 3.500%, 8/15/39 | &nbsp;&nbsp; 70185 |
|  |  | &nbsp;&nbsp; 624360 |
|  | &nbsp;&nbsp;**Communication Services — 1.2%** |  |
| &nbsp;&nbsp; 88000 | &nbsp;&nbsp;AT&T, Inc., 3.800%, 12/1/57 | &nbsp;&nbsp; 61681 |
| &nbsp;&nbsp; 44000 | &nbsp;&nbsp;AT&T, Inc., 4.500%, 5/15/35 | &nbsp;&nbsp; 41940 |
| &nbsp;&nbsp; 49000 | &nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | &nbsp;&nbsp; 48558 |
| &nbsp;&nbsp; 61000 | &nbsp;&nbsp;Comcast Corp., 4.000%, 3/1/48 | &nbsp;&nbsp; 47185 |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;Rogers Communications, Inc. (Canada), 5.300%, 2/15/34 | &nbsp;&nbsp; 85119 |
| &nbsp;&nbsp; 96000 | &nbsp;&nbsp;T-Mobile USA, Inc., 3.875%, 4/15/30 | &nbsp;&nbsp; 93233 |
| &nbsp;&nbsp; 35000 | &nbsp;&nbsp;T-Mobile USA, Inc., 5.750%, 1/15/54 | &nbsp;&nbsp; 34343 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Verizon Communications, Inc., 2.987%, 10/30/56 | &nbsp;&nbsp; 48241 |
| &nbsp;&nbsp; 98000 | &nbsp;&nbsp;Videotron Ltd. (Canada), 144a, 3.625%, 6/15/29 | &nbsp;&nbsp; 93689 |
|  |  | &nbsp;&nbsp; 553989 |
|  | &nbsp;&nbsp;**Utilities — 1.0%** |  |
| &nbsp;&nbsp; 40000 | &nbsp;&nbsp;Calpine Corp., 144a, 5.000%, 2/1/31 | &nbsp;&nbsp; 39569 |
| &nbsp;&nbsp; 115000 | &nbsp;&nbsp;CMS Energy Corp., 4.750%, 6/1/50 | &nbsp;&nbsp; 111758 |
| &nbsp;&nbsp; 61000 | &nbsp;&nbsp;Duke Energy Progress LLC, 4.150%, 12/1/44 | &nbsp;&nbsp; 49779 |
| &nbsp;&nbsp; 59000 | &nbsp;&nbsp;Edison International, 4.125%, 3/15/28 | &nbsp;&nbsp; 56947 |
| &nbsp;&nbsp; 43000 | &nbsp;&nbsp;Georgia Power Co., 5.950%, 2/1/39 | &nbsp;&nbsp; 43908 |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;Ohio Power Co., Ser R, 2.900%, 10/1/51 | &nbsp;&nbsp; 51998 |
| &nbsp;&nbsp; 73000 | &nbsp;&nbsp;PacifiCorp., 5.750%, 4/1/37 | &nbsp;&nbsp; 74243 |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;Virginia Electric and Power Co., 5.650%, 3/15/55 | &nbsp;&nbsp; 59076 |
|  |  | &nbsp;&nbsp; 487278 |
|  | &nbsp;&nbsp;**Real Estate — 0.8%** |  |
| &nbsp;&nbsp; 87000 | &nbsp;&nbsp;American Tower Corp. REIT, 5.900%, 11/15/33 | &nbsp;&nbsp; 91839 |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;Crown Castle, Inc. REIT, 4.800%, 9/1/28 | &nbsp;&nbsp; 82482 |
| &nbsp;&nbsp; 77000 | &nbsp;&nbsp;Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | &nbsp;&nbsp; 72917 |
| &nbsp;&nbsp; 61000 | &nbsp;&nbsp;Sabra Health Care LP REIT, 5.125%, 8/15/26 | &nbsp;&nbsp; 61041 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.700%, 12/1/31 | &nbsp;&nbsp; 39007 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.750%, 11/18/30 | &nbsp;&nbsp; 7048 |
| &nbsp;&nbsp; 44000 | &nbsp;&nbsp;Store Capital LLC REIT, 4.625%, 3/15/29 | &nbsp;&nbsp; 43257 |
|  |  | &nbsp;&nbsp; 397591 |
|  | &nbsp;&nbsp;**Materials — 0.2%** |  |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;Rio Tinto Finance USA PLC (Australia), 5.250%, 3/14/35 | &nbsp;&nbsp; 38668 |
| &nbsp;&nbsp; 68000 | &nbsp;&nbsp;Sherwin-Williams Co. (The), 4.500%, 6/1/47 | &nbsp;&nbsp; 56970 |
|  |  | &nbsp;&nbsp; 95638 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $8324284 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 6.2%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 6.2%** |
| &nbsp;&nbsp; 79120 | &nbsp;&nbsp;FHLMC, Pool #G05624, 4.500%, 9/1/39 | &nbsp;&nbsp; 79021 |
| &nbsp;&nbsp; 52057 | &nbsp;&nbsp;FHLMC, Pool #Q29260, 4.000%, 10/1/44 | &nbsp;&nbsp; 49727 |
| &nbsp;&nbsp; 258863 | &nbsp;&nbsp;FHLMC REMIC, Pool #QE9228, 4.500%, 9/1/52 | &nbsp;&nbsp; 247949 |
| &nbsp;&nbsp; 195281 | &nbsp;&nbsp;FHLMC REMIC, Pool #QX4026, 5.500%, 1/1/55 | &nbsp;&nbsp; 196248 |
| &nbsp;&nbsp; 136215 | &nbsp;&nbsp;FHLMC REMIC, Pool #RA7357, 4.500%, 7/1/52 | &nbsp;&nbsp; 130503 |
| &nbsp;&nbsp; 141326 | &nbsp;&nbsp;FHLMC REMIC, Pool #RA7483, 4.000%, 6/1/52 | &nbsp;&nbsp; 131674 |

---

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Touchstone Balanced Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 6.2%<br> (Continued)** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 6.2%<br> (Continued)** |
| $137258 | &nbsp;&nbsp;FHLMC REMIC, Pool #SB0762, 2.500%, 4/1/37 | $128099 |
| &nbsp;&nbsp; 271986 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1436, 4.500%, 8/1/52 | &nbsp;&nbsp; 261543 |
| &nbsp;&nbsp; 247242 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1515, 4.500%, 8/1/52 | &nbsp;&nbsp; 237749 |
| &nbsp;&nbsp; 231400 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1620, 5.000%, 9/1/52 | &nbsp;&nbsp; 229307 |
| &nbsp;&nbsp; 248125 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1638, 5.000%, 9/1/52 | &nbsp;&nbsp; 244319 |
| &nbsp;&nbsp; 315468 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD8212, 2.500%, 5/1/52 | &nbsp;&nbsp; 262544 |
| &nbsp;&nbsp; 155249 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD8220, 3.000%, 6/1/52 | &nbsp;&nbsp; 134344 |
| &nbsp;&nbsp; 28916 | &nbsp;&nbsp;FNMA, Pool #725423, 5.500%, 5/1/34 | &nbsp;&nbsp; 29622 |
| &nbsp;&nbsp; 26438 | &nbsp;&nbsp;FNMA, Pool #725610, 5.500%, 7/1/34 | &nbsp;&nbsp; 27012 |
| &nbsp;&nbsp; 6405 | &nbsp;&nbsp;FNMA, Pool #890310, 4.500%, 12/1/40 | &nbsp;&nbsp; 6383 |
| &nbsp;&nbsp; 22668 | &nbsp;&nbsp;FNMA, Pool #AD9193, 5.000%, 9/1/40 | &nbsp;&nbsp; 22951 |
| &nbsp;&nbsp; 203527 | &nbsp;&nbsp;FNMA, Pool #FA0499, 5.000%, 10/1/53 | &nbsp;&nbsp; 200076 |
| &nbsp;&nbsp; 225166 | &nbsp;&nbsp;FNMA, Pool #FS2906, 5.000%, 9/1/52 | &nbsp;&nbsp; 221743 |
| &nbsp;&nbsp; 146189 | &nbsp;&nbsp;FNMA, Pool #FS9194, 3.500%, 2/1/52 | &nbsp;&nbsp; 132183 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | $2972997 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 5.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 5.3%** |
| &nbsp;&nbsp; 155000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.125%, 8/15/44 | &nbsp;&nbsp; 142182 |
| &nbsp;&nbsp; 320000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.625%, 2/15/55 | &nbsp;&nbsp; 312000 |
| &nbsp;&nbsp; 545000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.750%, 2/15/45 | &nbsp;&nbsp; 542701 |
| &nbsp;&nbsp; 205000 | &nbsp;&nbsp;U.S. Treasury Note, 3.750%, 4/15/28 | &nbsp;&nbsp; 205241 |
| &nbsp;&nbsp;1175000 | &nbsp;&nbsp;U.S. Treasury Note, 4.000%, 5/31/30 | &nbsp;&nbsp; 1186199 |
| &nbsp;&nbsp; 130000 | &nbsp;&nbsp;U.S. Treasury Note, 4.625%, 2/15/35 | &nbsp;&nbsp; 134164 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | $2522487 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 3.2%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 3.2%** |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | &nbsp;&nbsp; 53995 |
| &nbsp;&nbsp; 280000 | &nbsp;&nbsp;BANK, Ser 2021-BN37, Class A5, 2.618%, 11/15/64<sup>(A)(B)</sup> | &nbsp;&nbsp; 245204 |
| &nbsp;&nbsp; 160000 | &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2018-B8, Class A5, 4.232%, 1/15/52 | &nbsp;&nbsp; 156640 |
| &nbsp;&nbsp; 255000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | &nbsp;&nbsp; 233965 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | &nbsp;&nbsp; 72101 |
| &nbsp;&nbsp; 235000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2016-JP2, Class A4, 2.822%, 8/15/49 | &nbsp;&nbsp; 230539 |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | &nbsp;&nbsp; 165344 |
| &nbsp;&nbsp; 75000 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2018-H3, Class A5, 4.177%, 7/15/51 | &nbsp;&nbsp; 73935 |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2019-C51, Class A4, 3.311%, 6/15/52 | &nbsp;&nbsp; 159287 |
| &nbsp;&nbsp; 145000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | &nbsp;&nbsp; 136016 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | $1527026 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Exchange-Traded Fund — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;22499 | &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;843937 |

---

---

| | |
|:---|:---|
| **Principal<br> Amount** |  |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 1.6%** |
| $183418 &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2021-PJ10, Class A8, 144a, 2.500%, 3/25/52<sup>(A)(B)</sup> | &nbsp;&nbsp; 162884 |
| &nbsp;&nbsp; 119192 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2021-13, Class A4, 144a, 2.500%, 4/25/52<sup>(A)(B)</sup> | &nbsp;&nbsp; 106480 |
| &nbsp;&nbsp; 132999 &nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2021-INV2, Class A7, 144a, 2.500%, 9/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 119236 |
| &nbsp;&nbsp; 145295 &nbsp;&nbsp;Provident Funding Mortgage Trust, Ser 2021-J1, Class A3, 144a, 2.500%, 10/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 128285 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 1.6%<br> (Continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 1.6%<br> (Continued)** |
| $140891 | &nbsp;&nbsp;PSMC Trust, Ser 2021-3, Class A3, 144a, 2.500%, 8/25/51<sup>(A)(B)</sup> | $126130 |
| &nbsp;&nbsp; 144252 | &nbsp;&nbsp;Rate Mortgage Trust, Ser 2021-J3, Class A7, 144a, 2.500%, 10/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 127140 |
|  | &nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$770155 |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 0.3%** | &nbsp;&nbsp;**Sovereign Government Obligations — 0.3%** |
| &nbsp;&nbsp; 119000 | &nbsp;&nbsp;Peruvian Government International Bond, 2.780%, 12/1/60 | &nbsp;&nbsp; 63713 |
| &nbsp;&nbsp; 61000 | &nbsp;&nbsp;Republic of Poland Government International Bond, 5.500%, 3/18/54 | &nbsp;&nbsp; 56538 |
|  | &nbsp;&nbsp;**Total Sovereign Government Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$120251 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;624568 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>∞Ω</sup> | &nbsp;&nbsp; 624568 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.9%<br> (Cost $34,009,783)** | $47553019 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.1%** | &nbsp;&nbsp; 56586 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $47609605 |

---

---

| | |
|:---|:---|
| *(A)* | *Variable rate security - Rate reflected is the rate in effect as of June 30, 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.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of June 30, 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 June 30, 2025, these securities were valued at $2,550,346 or 5.4% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Touchstone Balanced Fund (Unaudited) (Continued)

#### Other Information:
*The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to 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* | *$29847314* | *$—* | *$—* | *$29847314* |
| *Corporate Bonds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*8324284* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*8324284* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2972997* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2972997* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2522487* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2522487* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1527026* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1527026* |
| *Exchange-Traded Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*843937* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*843937* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*770155* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*770155* |
| *Sovereign Government Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*120251* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*120251* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*624568* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*624568* |
| *Total* | *$31315819* | *$16237200* | *$—* | *$47553019* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Portfolio of Investments

Touchstone Bond Fund – June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 40.5%** |  |
|  | &nbsp;&nbsp;**Financials — 9.7%** |  |
| $136000 | &nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.000%, 10/29/28 | $129540 |
| &nbsp;&nbsp; 13000 | &nbsp;&nbsp;Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 7.000%, 1/15/31 | &nbsp;&nbsp; 13446 |
| &nbsp;&nbsp; 41000 | &nbsp;&nbsp;Allstate Corp. (The), Ser B, 7.526%, 8/15/53<sup>(A)</sup> | &nbsp;&nbsp; 41017 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Ally Financial, Inc., 8.000%, 11/1/31 | &nbsp;&nbsp; 4521 |
| &nbsp;&nbsp; 178000 | &nbsp;&nbsp;American Express Co., 5.282%, 7/27/29 | &nbsp;&nbsp; 183007 |
| &nbsp;&nbsp; 142000 | &nbsp;&nbsp;Ares Capital Corp., 3.250%, 7/15/25 | &nbsp;&nbsp; 141910 |
| &nbsp;&nbsp; 101000 | &nbsp;&nbsp;Bank of America Corp., 2.687%, 4/22/32 | &nbsp;&nbsp; 90628 |
| &nbsp;&nbsp; 126000 | &nbsp;&nbsp;Bank of America Corp., 3.705%, 4/24/28 | &nbsp;&nbsp; 124491 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;Bank of America Corp., 5.511%, 1/24/36 | &nbsp;&nbsp; 40114 |
| &nbsp;&nbsp; 168000 | &nbsp;&nbsp;Bank of Montreal (Canada), 3.803%, 12/15/32 | &nbsp;&nbsp; 163618 |
| &nbsp;&nbsp; 154000 | &nbsp;&nbsp;Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | &nbsp;&nbsp; 163337 |
| &nbsp;&nbsp; 122000 | &nbsp;&nbsp;Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | &nbsp;&nbsp; 114147 |
| &nbsp;&nbsp; 187000 | &nbsp;&nbsp;Barclays PLC (United Kingdom), 2.894%, 11/24/32 | &nbsp;&nbsp; 165468 |
| &nbsp;&nbsp; 89000 | &nbsp;&nbsp;Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | &nbsp;&nbsp; 74916 |
| &nbsp;&nbsp; 189000 | &nbsp;&nbsp;Citigroup, Inc., 4.542%, 9/19/30 | &nbsp;&nbsp; 188143 |
| &nbsp;&nbsp; 91000 | &nbsp;&nbsp;Citigroup, Inc., 6.174%, 5/25/34 | &nbsp;&nbsp; 95253 |
| &nbsp;&nbsp; 155000 | &nbsp;&nbsp;Citizens Bank NA, 4.575%, 8/9/28 | &nbsp;&nbsp; 155308 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 9.250%, 12/15/28 | &nbsp;&nbsp; 15879 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 6.625%, 3/15/30 | &nbsp;&nbsp; 10145 |
| &nbsp;&nbsp; 108000 | &nbsp;&nbsp;First Maryland Capital I, (TSFR3M + 1.262%), 5.518%, 1/15/27<sup>(A)</sup> | &nbsp;&nbsp; 106395 |
| &nbsp;&nbsp; 7000 | &nbsp;&nbsp;FirstCash, Inc., 144a, 4.625%, 9/1/28 | &nbsp;&nbsp; 6874 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;FirstCash, Inc., 144a, 5.625%, 1/1/30 | &nbsp;&nbsp; 8972 |
| &nbsp;&nbsp; 3000 | &nbsp;&nbsp;FirstCash, Inc., 144a, 6.875%, 3/1/32 | &nbsp;&nbsp; 3105 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Freedom Mortgage Corp., 144a, 12.000%, 10/1/28 | &nbsp;&nbsp; 4294 |
| &nbsp;&nbsp; 18000 | &nbsp;&nbsp;Freedom Mortgage Holdings LLC, 144a, 9.250%, 2/1/29 | &nbsp;&nbsp; 18696 |
| &nbsp;&nbsp; 14000 | &nbsp;&nbsp;goeasy Ltd. (Canada), 144a, 9.250%, 12/1/28 | &nbsp;&nbsp; 14814 |
| &nbsp;&nbsp; 7000 | &nbsp;&nbsp;goeasy Ltd. (Canada), 144a, 6.875%, 5/15/30 | &nbsp;&nbsp; 7038 |
| &nbsp;&nbsp; 5000 | &nbsp;&nbsp;goeasy Ltd. (Canada), 144a, 7.625%, 7/1/29 | &nbsp;&nbsp; 5154 |
| &nbsp;&nbsp; 177000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | &nbsp;&nbsp; 157187 |
| &nbsp;&nbsp; 92000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | &nbsp;&nbsp; 90670 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;HUB International Ltd., 144a, 7.250%, 6/15/30 | &nbsp;&nbsp; 15669 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;Jane Street Group / JSG Finance, Inc., 144a, 6.125%, 11/1/32 | &nbsp;&nbsp; 17159 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Jane Street Group / JSG Finance, Inc., 144a, 6.750%, 5/1/33 | &nbsp;&nbsp; 6170 |
| &nbsp;&nbsp; 7000 | &nbsp;&nbsp;Jefferson Capital Holdings LLC, 144a, 8.250%, 5/15/30 | &nbsp;&nbsp; 7251 |
| &nbsp;&nbsp; 129000 | &nbsp;&nbsp;JPMorgan Chase & Co., 2.956%, 5/13/31 | &nbsp;&nbsp; 119253 |
| &nbsp;&nbsp; 168000 | &nbsp;&nbsp;JPMorgan Chase & Co., 3.509%, 1/23/29 | &nbsp;&nbsp; 164554 |
| &nbsp;&nbsp; 41000 | &nbsp;&nbsp;JPMorgan Chase & Co., 4.946%, 10/22/35 | &nbsp;&nbsp; 40619 |
| &nbsp;&nbsp; 129000 | &nbsp;&nbsp;Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.400%, 3/26/29 | &nbsp;&nbsp; 134646 |
| &nbsp;&nbsp; 94000 | &nbsp;&nbsp;Marsh & McLennan Cos., Inc., 5.350%, 11/15/44 | &nbsp;&nbsp; 92420 |
| &nbsp;&nbsp; 188000 | &nbsp;&nbsp;Mastercard, Inc., 2.000%, 11/18/31 | &nbsp;&nbsp; 163820 |
| &nbsp;&nbsp; 148000 | &nbsp;&nbsp;Morgan Stanley, 2.484%, 9/16/36 | &nbsp;&nbsp; 125722 |
| &nbsp;&nbsp; 156000 | &nbsp;&nbsp;Morgan Stanley, 3.950%, 4/23/27 | &nbsp;&nbsp; 155009 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 144a, 6.500%, 8/1/29 | &nbsp;&nbsp; 6129 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 144a, 7.125%, 2/1/32 | &nbsp;&nbsp; 16618 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Navient Corp., 4.875%, 3/15/28 | &nbsp;&nbsp; 3942 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Navient Corp., 5.000%, 3/15/27 | &nbsp;&nbsp; 9956 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Navient Corp., 7.875%, 6/15/32 | &nbsp;&nbsp; 4180 |
| &nbsp;&nbsp; 138000 | &nbsp;&nbsp;New York Life Global Funding, 144a, 4.550%, 1/28/33 | &nbsp;&nbsp; 135066 |
| &nbsp;&nbsp; 198000 | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | &nbsp;&nbsp; 150924 |
| &nbsp;&nbsp; 7000 | &nbsp;&nbsp;OneMain Finance Corp., 3.875%, 9/15/28 | &nbsp;&nbsp; 6707 |
| &nbsp;&nbsp; 5000 | &nbsp;&nbsp;OneMain Finance Corp., 4.000%, 9/15/30 | &nbsp;&nbsp; 4612 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;OneMain Finance Corp., 6.625%, 5/15/29 | &nbsp;&nbsp; 6163 |
| &nbsp;&nbsp; 2000 | &nbsp;&nbsp;OneMain Finance Corp., 7.125%, 3/15/26 | &nbsp;&nbsp; 2030 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;OneMain Finance Corp., 7.125%, 9/15/32 | &nbsp;&nbsp; 4140 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 40.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Financials — 9.7% (Continued)** |  |
| $9000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 4.250%, 2/15/29 | $8650 |
| &nbsp;&nbsp; 5000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 5.750%, 9/15/31 | &nbsp;&nbsp; 4903 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 7.875%, 12/15/29 | &nbsp;&nbsp; 6371 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 7.125%, 11/15/30 | &nbsp;&nbsp; 6217 |
| &nbsp;&nbsp; 136000 | &nbsp;&nbsp;PNC Capital Trust, (TSFR3M + 0.832%), 5.161%, 6/1/28<sup>(A)</sup> | &nbsp;&nbsp; 133997 |
| &nbsp;&nbsp; 3000 | &nbsp;&nbsp;PRA Group, Inc., 144a, 8.375%, 2/1/28 | &nbsp;&nbsp; 3079 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;PRA Group, Inc., 144a, 8.875%, 1/31/30 | &nbsp;&nbsp; 19593 |
| &nbsp;&nbsp; 5000 | &nbsp;&nbsp;Rocket Cos., Inc., 144a, 6.125%, 8/1/30 | &nbsp;&nbsp; 5093 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Rocket Cos., Inc., 144a, 6.375%, 8/1/33 | &nbsp;&nbsp; 6134 |
| &nbsp;&nbsp; 152000 | &nbsp;&nbsp;Royal Bank of Canada (Canada), 4.969%, 8/2/30 | &nbsp;&nbsp; 154112 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;SBL Holdings, Inc., 144a, 9.508%<sup>(B)</sup> | &nbsp;&nbsp; 16979 |
| &nbsp;&nbsp; 171000 | &nbsp;&nbsp;State Street Corp., (TSFR3M + 1.262%), 5.580%, 6/15/47<sup>(A)</sup> | &nbsp;&nbsp; 150111 |
| &nbsp;&nbsp; 194000 | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America, 144a, 3.300%, 5/15/50 | &nbsp;&nbsp; 130176 |
| &nbsp;&nbsp; 260000 | &nbsp;&nbsp;Truist Financial Corp., Ser A, (TSFR3M + 0.932%), 5.258%, 5/15/27<sup>(A)</sup> | &nbsp;&nbsp; 256752 |
| &nbsp;&nbsp; 119000 | &nbsp;&nbsp;US Bancorp, 4.967%, 7/22/33 | &nbsp;&nbsp; 117560 |
|  |  | &nbsp;&nbsp; 4750573 |
|  | &nbsp;&nbsp;**Industrials — 4.5%** |  |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;AAR Escrow Issuer LLC, 144a, 6.750%, 3/15/29 | &nbsp;&nbsp; 16581 |
| &nbsp;&nbsp; 136000 | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | &nbsp;&nbsp; 123372 |
| &nbsp;&nbsp; 13000 | &nbsp;&nbsp;Amsted Industries, Inc., 144a, 4.625%, 5/15/30 | &nbsp;&nbsp; 12514 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;Amsted Industries, Inc., 144a, 6.375%, 3/15/33 | &nbsp;&nbsp; 8134 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;BNSF Funding Trust I, 6.613%, 12/15/55 | &nbsp;&nbsp; 17056 |
| &nbsp;&nbsp; 5000 | &nbsp;&nbsp;Bombardier, Inc. (Canada), 144a, 6.750%, 6/15/33 | &nbsp;&nbsp; 5181 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;Bombardier, Inc. (Canada), 144a, 7.250%, 7/1/31 | &nbsp;&nbsp; 9453 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Bombardier, Inc. (Canada), 144a, 8.750%, 11/15/30 | &nbsp;&nbsp; 6495 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;Brundage-Bone Concrete Pumping Holdings, Inc., 144a, 7.500%, 2/1/32 | &nbsp;&nbsp; 16850 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;Builders FirstSource, Inc., 144a, 6.375%, 6/15/32 | &nbsp;&nbsp; 15414 |
| &nbsp;&nbsp; 142000 | &nbsp;&nbsp;Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | &nbsp;&nbsp; 148757 |
| &nbsp;&nbsp; 24000 | &nbsp;&nbsp;BWX Technologies, Inc., 144a, 4.125%, 6/30/28 | &nbsp;&nbsp; 23396 |
| &nbsp;&nbsp; 179000 | &nbsp;&nbsp;Canadian Pacific Railway Co. (Canada), 3.000%, 12/2/41 | &nbsp;&nbsp; 130305 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;Cascades, Inc. / Cascades USA, Inc. (Canada), 144a, 5.375%, 1/15/28 | &nbsp;&nbsp; 7933 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Clearwater Paper Corp., 144a, 4.750%, 8/15/28 | &nbsp;&nbsp; 9454 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., 144a, 6.750%, 4/15/32 | &nbsp;&nbsp; 4102 |
| &nbsp;&nbsp; 184000 | &nbsp;&nbsp;Element Fleet Management Corp. (Canada), 144a, 5.037%, 3/25/30 | &nbsp;&nbsp; 185558 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.625%, 12/15/30 | &nbsp;&nbsp; 10225 |
| &nbsp;&nbsp; 3000 | &nbsp;&nbsp;EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.750%, 7/15/31 | &nbsp;&nbsp; 3104 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 144a, 5.500%, 5/1/28 | &nbsp;&nbsp; 3978 |
| &nbsp;&nbsp; 2000 | &nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 144a, 7.000%, 6/15/32 | &nbsp;&nbsp; 2066 |
| &nbsp;&nbsp; 2000 | &nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 144a, 7.875%, 12/1/30 | &nbsp;&nbsp; 2121 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;GFL Environmental, Inc., 144a, 3.500%, 9/1/28 | &nbsp;&nbsp; 8681 |
| &nbsp;&nbsp; 25000 | &nbsp;&nbsp;Imola Merger Corp., 144a, 4.750%, 5/15/29 | &nbsp;&nbsp; 24130 |
| &nbsp;&nbsp; 111000 | &nbsp;&nbsp;John Deere Capital Corp., MTN, 5.100%, 4/11/34 | &nbsp;&nbsp; 113484 |
| &nbsp;&nbsp; 98000 | &nbsp;&nbsp;Keysight Technologies, Inc., 4.950%, 10/15/34 | &nbsp;&nbsp; 96897 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;Manitowoc Co., Inc. (The), 144a, 9.250%, 10/1/31 | &nbsp;&nbsp; 16839 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Mauser Packaging Solutions Holding Co., 144a, 7.875%, 8/15/26 | &nbsp;&nbsp; 3993 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;Mauser Packaging Solutions Holding Co., 144a, 7.875%, 4/15/27 | &nbsp;&nbsp; 17282 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;Moog, Inc., 144a, 4.250%, 12/15/27 | &nbsp;&nbsp; 16584 |
| &nbsp;&nbsp; 122000 | &nbsp;&nbsp;Norfolk Southern Corp., 4.837%, 10/1/41 | &nbsp;&nbsp; 111797 |

---

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Touchstone Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 40.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Industrials — 4.5% (Continued)** |  |
| $15000 | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 144a, 7.250%, 5/15/31 | $15371 |
| &nbsp;&nbsp; 7000 | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 144a, 7.375%, 6/1/32 | &nbsp;&nbsp; 7130 |
| &nbsp;&nbsp; 81000 | &nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp., 144a, 5.350%, 1/12/27 | &nbsp;&nbsp; 81916 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Quikrete Holdings, Inc., 144a, 6.375%, 3/1/32 | &nbsp;&nbsp; 12358 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Quikrete Holdings, Inc., 144a, 6.750%, 3/1/33 | &nbsp;&nbsp; 12382 |
| &nbsp;&nbsp; 18000 | &nbsp;&nbsp;Roller Bearing Co. of America, Inc., 144a, 4.375%, 10/15/29 | &nbsp;&nbsp; 17418 |
| &nbsp;&nbsp; 84000 | &nbsp;&nbsp;RTX Corp., 6.400%, 3/15/54 | &nbsp;&nbsp; 92189 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Sensata Technologies, Inc., 144a, 3.750%, 2/15/31 | &nbsp;&nbsp; 10937 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Smyrna Ready Mix Concrete LLC, 144a, 8.875%, 11/15/31 | &nbsp;&nbsp; 10486 |
| &nbsp;&nbsp; 3000 | &nbsp;&nbsp;Standard Building Solutions, Inc., 144a, 6.500%, 8/15/32 | &nbsp;&nbsp; 3074 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;Standard Industries, Inc., 144a, 3.375%, 1/15/31 | &nbsp;&nbsp; 7173 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Standard Industries, Inc., 144a, 5.000%, 2/15/27 | &nbsp;&nbsp; 3990 |
| &nbsp;&nbsp; 25000 | &nbsp;&nbsp;Stanley Black & Decker, Inc., 6.707%, 3/15/60 | &nbsp;&nbsp; 24386 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;Stonepeak Nile Parent LLC, 144a, 7.250%, 3/15/32 | &nbsp;&nbsp; 11662 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;Terex Corp., 144a, 6.250%, 10/15/32 | &nbsp;&nbsp; 16032 |
| &nbsp;&nbsp; 217000 | &nbsp;&nbsp;Textron Financial Corp., 144a, (TSFR3M + 1.997%), 6.323%, 2/15/42<sup>(A)</sup> | &nbsp;&nbsp; 195214 |
| &nbsp;&nbsp; 145000 | &nbsp;&nbsp;Timken Co. (The), 4.500%, 12/15/28 | &nbsp;&nbsp; 145273 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.375%, 3/1/29 | &nbsp;&nbsp; 10249 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.625%, 3/1/32 | &nbsp;&nbsp; 16570 |
| &nbsp;&nbsp; 160000 | &nbsp;&nbsp;United Parcel Service, Inc., 5.950%, 5/14/55 | &nbsp;&nbsp; 164430 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;Waste Pro USA, Inc., 144a, 7.000%, 2/1/33 | &nbsp;&nbsp; 9341 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;WESCO Distribution, Inc., 144a, 6.375%, 3/15/29 | &nbsp;&nbsp; 6174 |
| &nbsp;&nbsp; 3000 | &nbsp;&nbsp;WESCO Distribution, Inc., 144a, 6.375%, 3/15/33 | &nbsp;&nbsp; 3102 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;WESCO Distribution, Inc., 144a, 6.625%, 3/15/32 | &nbsp;&nbsp; 6210 |
| &nbsp;&nbsp; 102000 | &nbsp;&nbsp;WestRock MWV LLC, 8.200%, 1/15/30 | &nbsp;&nbsp; 116732 |
| &nbsp;&nbsp; 22000 | &nbsp;&nbsp;XPO, Inc., 144a, 7.125%, 2/1/32 | &nbsp;&nbsp; 23040 |
|  |  | &nbsp;&nbsp; 2194575 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 4.2%** |  |
| &nbsp;&nbsp; 215000 | &nbsp;&nbsp;7-Eleven, Inc., 144a, 1.800%, 2/10/31 | &nbsp;&nbsp; 182030 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Air Canada (Canada), 144a, 3.875%, 8/15/26 | &nbsp;&nbsp; 9899 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;Allison Transmission, Inc., 144a, 4.750%, 10/1/27 | &nbsp;&nbsp; 15864 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;Beazer Homes USA, Inc., 7.250%, 10/15/29 | &nbsp;&nbsp; 8073 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Beazer Homes USA, Inc., 144a, 7.500%, 3/15/31 | &nbsp;&nbsp; 6083 |
| &nbsp;&nbsp; 18000 | &nbsp;&nbsp;BlueLinx Holdings, Inc., 144a, 6.000%, 11/15/29 | &nbsp;&nbsp; 17314 |
| &nbsp;&nbsp; 36000 | &nbsp;&nbsp;Carnival Corp., 144a, 4.000%, 8/1/28 | &nbsp;&nbsp; 35280 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;Carnival Corp., 144a, 5.750%, 3/1/27 | &nbsp;&nbsp; 8064 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Carnival Corp., 144a, 5.875%, 6/15/31 | &nbsp;&nbsp; 12225 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Carnival Corp., 144a, 6.125%, 2/15/33 | &nbsp;&nbsp; 4093 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Carriage Services, Inc., 144a, 4.250%, 5/15/29 | &nbsp;&nbsp; 9449 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;Champ Acquisition Corp., 144a, 8.375%, 12/1/31 | &nbsp;&nbsp; 18063 |
| &nbsp;&nbsp; 128000 | &nbsp;&nbsp;Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.750%, 10/20/28 | &nbsp;&nbsp; 128281 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;Gap, Inc. (The), 144a, 3.625%, 10/1/29 | &nbsp;&nbsp; 8359 |
| &nbsp;&nbsp; 338000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 3.100%, 1/12/32 | &nbsp;&nbsp; 297013 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The), 5.625%, 4/30/33 | &nbsp;&nbsp; 8604 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;Group 1 Automotive, Inc., 144a, 4.000%, 8/15/28 | &nbsp;&nbsp; 18337 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Group 1 Automotive, Inc., 144a, 6.375%, 1/15/30 | &nbsp;&nbsp; 4107 |
| &nbsp;&nbsp; 114000 | &nbsp;&nbsp;Home Depot, Inc. (The), 5.950%, 4/1/41 | &nbsp;&nbsp; 120215 |
| &nbsp;&nbsp; 119000 | &nbsp;&nbsp;Hyundai Capital America, 144a, 5.350%, 3/19/29 | &nbsp;&nbsp; 121148 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;JB Poindexter & Co., Inc., 144a, 8.750%, 12/15/31 | &nbsp;&nbsp; 16248 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;LGI Homes, Inc., 144a, 7.000%, 11/15/32 | &nbsp;&nbsp; 11432 |
| &nbsp;&nbsp; 155000 | &nbsp;&nbsp;Lowe's Cos., Inc., 4.500%, 4/15/30 | &nbsp;&nbsp; 156160 |
| &nbsp;&nbsp; 94000 | &nbsp;&nbsp;Mattel, Inc., 5.450%, 11/1/41 | &nbsp;&nbsp; 83598 |
| &nbsp;&nbsp; 169000 | &nbsp;&nbsp;Meritage Homes Corp., 144a, 3.875%, 4/15/29 | &nbsp;&nbsp; 162836 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;Michaels Cos., Inc. (The), 144a, 5.250%, 5/1/28 | &nbsp;&nbsp; 8853 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;NCL Corp. Ltd., 144a, 6.750%, 2/1/32 | &nbsp;&nbsp; 8190 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 40.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 4.2% (Continued)** |  |
| $11000 | &nbsp;&nbsp;Newell Brands, Inc., 6.375%, 9/15/27 | $11146 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Newell Brands, Inc., 6.625%, 5/15/32 | &nbsp;&nbsp; 5700 |
| &nbsp;&nbsp; 5000 | &nbsp;&nbsp;Newell Brands, Inc., 144a, 8.500%, 6/1/28 | &nbsp;&nbsp; 5251 |
| &nbsp;&nbsp; 22000 | &nbsp;&nbsp;QXO Building Products, Inc., 144a, 6.750%, 4/30/32 | &nbsp;&nbsp; 22652 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;Sonic Automotive, Inc., 144a, 4.625%, 11/15/29 | &nbsp;&nbsp; 15514 |
| &nbsp;&nbsp; 32000 | &nbsp;&nbsp;Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | &nbsp;&nbsp; 31760 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;Station Casinos LLC, 144a, 4.625%, 12/1/31 | &nbsp;&nbsp; 10304 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Taylor Morrison Communities, Inc., 144a, 5.125%, 8/1/30 | &nbsp;&nbsp; 9963 |
| &nbsp;&nbsp; 180000 | &nbsp;&nbsp;Toll Brothers Finance Corp., 3.800%, 11/1/29 | &nbsp;&nbsp; 174670 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;Toyota Motor Credit Corp., MTN, 4.650%, 1/5/29 | &nbsp;&nbsp; 94088 |
| &nbsp;&nbsp; 184000 | &nbsp;&nbsp;United Airlines, Inc., 144a, 4.625%, 4/15/29 | &nbsp;&nbsp; 178603 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Vail Resorts, Inc., 144a, 5.625%, 7/15/30 | &nbsp;&nbsp; 6000 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;Voyager Parent LLC, 144a, 9.250%, 7/1/32 | &nbsp;&nbsp; 15598 |
|  |  | &nbsp;&nbsp; 2061067 |
|  | &nbsp;&nbsp;**Energy — 4.2%** |  |
| &nbsp;&nbsp; 135000 | &nbsp;&nbsp;Aker BP ASA (Norway), 144a, 5.125%, 10/1/34 | &nbsp;&nbsp; 129639 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.000%, 7/15/29 | &nbsp;&nbsp; 8336 |
| &nbsp;&nbsp; 5000 | &nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.250%, 7/15/32 | &nbsp;&nbsp; 5298 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;Bristow Group, Inc., 144a, 6.875%, 3/1/28 | &nbsp;&nbsp; 15074 |
| &nbsp;&nbsp; 165000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 3.250%, 1/31/32 | &nbsp;&nbsp; 147916 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 4.000%, 3/1/31 | &nbsp;&nbsp; 49482 |
| &nbsp;&nbsp; 14000 | &nbsp;&nbsp;Civitas Resources, Inc., 144a, 8.375%, 7/1/28 | &nbsp;&nbsp; 14334 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Crescent Energy Finance LLC, 144a, 9.250%, 2/15/28 | &nbsp;&nbsp; 10409 |
| &nbsp;&nbsp; 229000 | &nbsp;&nbsp;DCP Midstream Operating LP, 144a, 6.750%, 9/15/37 | &nbsp;&nbsp; 241158 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;Diamond Foreign Asset Co. / Diamond Finance LLC, 144a, 8.500%, 10/1/30 | &nbsp;&nbsp; 16662 |
| &nbsp;&nbsp; 31000 | &nbsp;&nbsp;Enbridge, Inc. (Canada), Ser NC5, 8.250%, 1/15/84 | &nbsp;&nbsp; 32768 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;Energy Transfer LP, 8.000%, 5/15/54 | &nbsp;&nbsp; 11699 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Energy Transfer LP, Ser G, 7.125%<sup>(B)</sup> | &nbsp;&nbsp; 4074 |
| &nbsp;&nbsp; 7000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 7.875%, 5/15/32 | &nbsp;&nbsp; 7278 |
| &nbsp;&nbsp; 7000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 8.250%, 1/15/29 | &nbsp;&nbsp; 7320 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 8.875%, 4/15/30 | &nbsp;&nbsp; 12744 |
| &nbsp;&nbsp; 128000 | &nbsp;&nbsp;HF Sinclair Corp., 5.000%, 2/1/28 | &nbsp;&nbsp; 128033 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | &nbsp;&nbsp; 8884 |
| &nbsp;&nbsp; 5000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 4/15/30 | &nbsp;&nbsp; 4861 |
| &nbsp;&nbsp; 14000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.250%, 11/1/28 | &nbsp;&nbsp; 14036 |
| &nbsp;&nbsp; 7000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.875%, 5/15/34 | &nbsp;&nbsp; 6704 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;Kinetik Holdings LP, 144a, 5.875%, 6/15/30 | &nbsp;&nbsp; 15132 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 144a, 6.875%, 12/1/32 | &nbsp;&nbsp; 17122 |
| &nbsp;&nbsp; 176056 | &nbsp;&nbsp;MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | &nbsp;&nbsp; 138979 |
| &nbsp;&nbsp; 198000 | &nbsp;&nbsp;Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 | &nbsp;&nbsp; 196275 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Murphy Oil Corp., 5.875%, 12/1/42 | &nbsp;&nbsp; 8107 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Murphy Oil Corp., 6.000%, 10/1/32 | &nbsp;&nbsp; 11441 |
| &nbsp;&nbsp; 148000 | &nbsp;&nbsp;NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | &nbsp;&nbsp; 168918 |
| &nbsp;&nbsp; 2000 | &nbsp;&nbsp;Noble Finance II LLC, 144a, 8.000%, 4/15/30 | &nbsp;&nbsp; 2035 |
| &nbsp;&nbsp; 125000 | &nbsp;&nbsp;Occidental Petroleum Corp., 7.950%, 6/15/39 | &nbsp;&nbsp; 140296 |
| &nbsp;&nbsp; 21000 | &nbsp;&nbsp;Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | &nbsp;&nbsp; 20189 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Parkland Corp. (Canada), 144a, 6.625%, 8/15/32 | &nbsp;&nbsp; 6133 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Prairie Acquiror LP, 144a, 9.000%, 8/1/29 | &nbsp;&nbsp; 12478 |

---

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Touchstone Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 40.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Energy — 4.2% (Continued)** |  |
| $19000 | &nbsp;&nbsp;Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | $18766 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Rockies Express Pipeline LLC, 144a, 7.500%, 7/15/38 | &nbsp;&nbsp; 6087 |
| &nbsp;&nbsp; 206000 | &nbsp;&nbsp;Sempra Infrastructure Partners LP, 144a, 3.250%, 1/15/32 | &nbsp;&nbsp; 175540 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;SM Energy Co., 144a, 6.750%, 8/1/29 | &nbsp;&nbsp; 5977 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;SM Energy Co., 144a, 7.000%, 8/1/32 | &nbsp;&nbsp; 9853 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 7.375%, 2/15/29 | &nbsp;&nbsp; 16445 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;Tidewater, Inc., 144a, 9.125%, 7/15/30 | &nbsp;&nbsp; 15433 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;Valaris Ltd., 144a, 8.375%, 4/30/30 | &nbsp;&nbsp; 11286 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC, 144a, 6.250%, 1/15/30 | &nbsp;&nbsp; 9276 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Venture Global LNG, Inc., 144a, 7.000%, 1/15/30 | &nbsp;&nbsp; 10104 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;Venture Global LNG, Inc., 144a, 9.000%<sup>(B)</sup> | &nbsp;&nbsp; 16540 |
| &nbsp;&nbsp; 151000 | &nbsp;&nbsp;Western Midstream Operating LP, 5.250%, 2/1/50 | &nbsp;&nbsp; 127144 |
|  |  | &nbsp;&nbsp; 2036265 |
|  | &nbsp;&nbsp;**Consumer Staples — 3.9%** |  |
| &nbsp;&nbsp; 13000 | &nbsp;&nbsp;ACCO Brands Corp., 144a, 4.250%, 3/15/29 | &nbsp;&nbsp; 11458 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Allied Universal Holdco LLC, 144a, 7.875%, 2/15/31 | &nbsp;&nbsp; 12542 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;AMN Healthcare, Inc., 144a, 4.625%, 10/1/27 | &nbsp;&nbsp; 16533 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | &nbsp;&nbsp; 85298 |
| &nbsp;&nbsp; 152000 | &nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | &nbsp;&nbsp; 149679 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 8.000%, 2/15/31 | &nbsp;&nbsp; 8246 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 8.250%, 1/15/30 | &nbsp;&nbsp; 6262 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 8.375%, 6/15/32 | &nbsp;&nbsp; 4186 |
| &nbsp;&nbsp; 138000 | &nbsp;&nbsp;BAT Capital Corp. (United Kingdom), 2.259%, 3/25/28 | &nbsp;&nbsp; 130494 |
| &nbsp;&nbsp; 116000 | &nbsp;&nbsp;Cargill, Inc., 144a, 4.760%, 11/23/45 | &nbsp;&nbsp; 103540 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;Chobani LLC / Chobani Finance Corp., Inc., 144a, 4.625%, 11/15/28 | &nbsp;&nbsp; 7852 |
| &nbsp;&nbsp; 225000 | &nbsp;&nbsp;Coca-Cola Co. (The), 2.500%, 3/15/51 | &nbsp;&nbsp; 135186 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Coty, Inc. /HFC Prestige Products, Inc./HFC Prestige International US LLC, 144a, 6.625%, 7/15/30 | &nbsp;&nbsp; 4092 |
| &nbsp;&nbsp; 118000 | &nbsp;&nbsp;ERAC USA Finance LLC, 144a, 4.200%, 11/1/46 | &nbsp;&nbsp; 96669 |
| &nbsp;&nbsp; 21000 | &nbsp;&nbsp;Gap, Inc. (The), 144a, 3.875%, 10/1/31 | &nbsp;&nbsp; 18820 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;Herc Holdings, Inc., 144a, 5.500%, 7/15/27 | &nbsp;&nbsp; 16001 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Herc Holdings, Inc., 144a, 6.625%, 6/15/29 | &nbsp;&nbsp; 6155 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;Herc Holdings, Inc., 144a, 7.000%, 6/15/30 | &nbsp;&nbsp; 8352 |
| &nbsp;&nbsp; 14000 | &nbsp;&nbsp;Ingles Markets, Inc., 144a, 4.000%, 6/15/31 | &nbsp;&nbsp; 12967 |
| &nbsp;&nbsp; 107000 | &nbsp;&nbsp;Kroger Co. (The), 5.000%, 4/15/42 | &nbsp;&nbsp; 97465 |
| &nbsp;&nbsp; 35000 | &nbsp;&nbsp;Mars, Inc., 144a, 3.600%, 4/1/34 | &nbsp;&nbsp; 31700 |
| &nbsp;&nbsp; 154000 | &nbsp;&nbsp;Mars, Inc., 144a, 5.200%, 3/1/35 | &nbsp;&nbsp; 155747 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Performance Food Group, Inc., 144a, 6.125%, 9/15/32 | &nbsp;&nbsp; 10227 |
| &nbsp;&nbsp; 229000 | &nbsp;&nbsp;Pernod Ricard International Finance LLC, 144a, 1.625%, 4/1/31 | &nbsp;&nbsp; 193057 |
| &nbsp;&nbsp; 188000 | &nbsp;&nbsp;Philip Morris International, Inc., 5.375%, 2/15/33 | &nbsp;&nbsp; 194251 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;Post Holdings, Inc., 144a, 4.625%, 4/15/30 | &nbsp;&nbsp; 8652 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;Post Holdings, Inc., 144a, 6.250%, 10/15/34 | &nbsp;&nbsp; 17095 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;S&S Holdings LLC, 144a, 8.375%, 10/1/31 | &nbsp;&nbsp; 7756 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 144a, 6.750%, 8/15/32 | &nbsp;&nbsp; 10389 |
| &nbsp;&nbsp; 25000 | &nbsp;&nbsp;Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 144a, 4.625%, 3/1/29 | &nbsp;&nbsp; 23607 |
| &nbsp;&nbsp; 83000 | &nbsp;&nbsp;Starbucks Corp., 3.350%, 3/12/50 | &nbsp;&nbsp; 56000 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;Turning Point Brands, Inc., 144a, 7.625%, 3/15/32 | &nbsp;&nbsp; 40833 |
| &nbsp;&nbsp; 96000 | &nbsp;&nbsp;Tyson Foods, Inc., 5.400%, 3/15/29 | &nbsp;&nbsp; 98953 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;Velocity Vehicle Group LLC, 144a, 8.000%, 6/1/29 | &nbsp;&nbsp; 10987 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 40.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 3.9% (Continued)** |  |
| $12000 | &nbsp;&nbsp;VT Topco, Inc., 144a, 8.500%, 8/15/30 | $12653 |
| &nbsp;&nbsp; 99000 | &nbsp;&nbsp;Walmart, Inc., 4.500%, 9/9/52 | &nbsp;&nbsp; 86685 |
|  |  | &nbsp;&nbsp; 1890389 |
|  | &nbsp;&nbsp;**Information Technology — 3.2%** |  |
| &nbsp;&nbsp; 3000 | &nbsp;&nbsp;Amentum Holdings, Inc., 144a, 7.250%, 8/1/32 | &nbsp;&nbsp; 3088 |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;Apple, Inc., 4.650%, 2/23/46 | &nbsp;&nbsp; 155657 |
| &nbsp;&nbsp; 217000 | &nbsp;&nbsp;Broadcom, Inc., 4.150%, 11/15/30 | &nbsp;&nbsp; 213525 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Broadcom, Inc., 144a, 3.419%, 4/15/33 | &nbsp;&nbsp; 10881 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;CACI International, Inc., 144a, 6.375%, 6/15/33 | &nbsp;&nbsp; 4123 |
| &nbsp;&nbsp; 203000 | &nbsp;&nbsp;Cisco Systems, Inc., 4.850%, 2/26/29 | &nbsp;&nbsp; 207984 |
| &nbsp;&nbsp; 23000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 6.500%, 3/31/29 | &nbsp;&nbsp; 23215 |
| &nbsp;&nbsp; 21000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 8.250%, 6/30/32 | &nbsp;&nbsp; 22341 |
| &nbsp;&nbsp; 21000 | &nbsp;&nbsp;Consensus Cloud Solutions, Inc., 144a, 6.000%, 10/15/26 | &nbsp;&nbsp; 20895 |
| &nbsp;&nbsp; 112000 | &nbsp;&nbsp;Dell International LLC / EMC Corp., 4.850%, 2/1/35 | &nbsp;&nbsp; 108109 |
| &nbsp;&nbsp; 182000 | &nbsp;&nbsp;Marvell Technology, Inc., 2.950%, 4/15/31 | &nbsp;&nbsp; 165694 |
| &nbsp;&nbsp; 102000 | &nbsp;&nbsp;Micron Technology, Inc., 2.703%, 4/15/32 | &nbsp;&nbsp; 88736 |
| &nbsp;&nbsp; 42000 | &nbsp;&nbsp;Micron Technology, Inc., 6.750%, 11/1/29 | &nbsp;&nbsp; 45386 |
| &nbsp;&nbsp; 210000 | &nbsp;&nbsp;Microsoft Corp., 2.525%, 6/1/50 | &nbsp;&nbsp; 129966 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;Open Text Corp. (Canada), 144a, 3.875%, 12/1/29 | &nbsp;&nbsp; 10361 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;Open Text Corp. (Canada), 144a, 3.875%, 2/15/28 | &nbsp;&nbsp; 10658 |
| &nbsp;&nbsp; 87000 | &nbsp;&nbsp;Oracle Corp., 2.650%, 7/15/26 | &nbsp;&nbsp; 85434 |
| &nbsp;&nbsp; 61000 | &nbsp;&nbsp;Oracle Corp., 3.600%, 4/1/40 | &nbsp;&nbsp; 48815 |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;Oracle Corp., 4.300%, 7/8/34 | &nbsp;&nbsp; 45594 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;SS&C Technologies, Inc., 144a, 5.500%, 9/30/27 | &nbsp;&nbsp; 7996 |
| &nbsp;&nbsp; 126000 | &nbsp;&nbsp;Texas Instruments, Inc., 5.100%, 5/23/35 | &nbsp;&nbsp; 128366 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Xerox Holdings Corp., 144a, 5.000%, 8/15/25 | &nbsp;&nbsp; 9948 |
| &nbsp;&nbsp; 3000 | &nbsp;&nbsp;Zebra Technologies Corp., 144a, 6.500%, 6/1/32 | &nbsp;&nbsp; 3085 |
|  |  | &nbsp;&nbsp; 1549857 |
|  | &nbsp;&nbsp;**Health Care — 3.1%** |  |
| &nbsp;&nbsp; 142000 | &nbsp;&nbsp;AbbVie, Inc., 4.450%, 5/14/46 | &nbsp;&nbsp; 122407 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Acadia Healthcare Co., Inc., 144a, 5.000%, 4/15/29 | &nbsp;&nbsp; 5820 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Acadia Healthcare Co., Inc., 144a, 7.375%, 3/15/33 | &nbsp;&nbsp; 10310 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;AdaptHealth LLC, 144a, 4.625%, 8/1/29 | &nbsp;&nbsp; 7537 |
| &nbsp;&nbsp; 7000 | &nbsp;&nbsp;AdaptHealth LLC, 144a, 5.125%, 3/1/30 | &nbsp;&nbsp; 6651 |
| &nbsp;&nbsp; 118000 | &nbsp;&nbsp;Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | &nbsp;&nbsp; 87212 |
| &nbsp;&nbsp; 152000 | &nbsp;&nbsp;Amgen, Inc., 5.150%, 3/2/28 | &nbsp;&nbsp; 155288 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;Avantor Funding, Inc., 144a, 3.875%, 11/1/29 | &nbsp;&nbsp; 10413 |
| &nbsp;&nbsp; 133000 | &nbsp;&nbsp;Becton Dickinson & Co., 4.685%, 12/15/44 | &nbsp;&nbsp; 115872 |
| &nbsp;&nbsp; 132000 | &nbsp;&nbsp;CommonSpirit Health, 4.187%, 10/1/49 | &nbsp;&nbsp; 102012 |
| &nbsp;&nbsp; 3000 | &nbsp;&nbsp;Concentra Health Services, Inc., 144a, 6.875%, 7/15/32 | &nbsp;&nbsp; 3106 |
| &nbsp;&nbsp; 121000 | &nbsp;&nbsp;CVS Health Corp., 5.125%, 7/20/45 | &nbsp;&nbsp; 107286 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;DaVita, Inc., 144a, 6.750%, 7/15/33 | &nbsp;&nbsp; 6207 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;DaVita, Inc., 144a, 6.875%, 9/1/32 | &nbsp;&nbsp; 8290 |
| &nbsp;&nbsp; 147000 | &nbsp;&nbsp;DH Europe Finance II Sarl, 3.250%, 11/15/39 | &nbsp;&nbsp; 118304 |
| &nbsp;&nbsp; 136000 | &nbsp;&nbsp;Elevance Health, Inc., 4.750%, 2/15/33 | &nbsp;&nbsp; 135180 |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;HCA, Inc., 5.500%, 3/1/32 | &nbsp;&nbsp; 175427 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;LifePoint Health, Inc., 144a, 8.375%, 2/15/32 | &nbsp;&nbsp; 9593 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;LifePoint Health, Inc., 144a, 11.000%, 10/15/30 | &nbsp;&nbsp; 4411 |
| &nbsp;&nbsp; 5000 | &nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc., 144a, 6.250%, 4/1/29 | &nbsp;&nbsp; 5136 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;Molina Healthcare, Inc., 144a, 3.875%, 5/15/32 | &nbsp;&nbsp; 15474 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Molina Healthcare, Inc., 144a, 6.250%, 1/15/33 | &nbsp;&nbsp; 4065 |
| &nbsp;&nbsp; 13000 | &nbsp;&nbsp;Option Care Health, Inc., 144a, 4.375%, 10/31/29 | &nbsp;&nbsp; 12509 |
| &nbsp;&nbsp; 23000 | &nbsp;&nbsp;Pediatrix Medical Group, Inc., 144a, 5.375%, 2/15/30 | &nbsp;&nbsp; 22709 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;Tenet Healthcare Corp., 6.125%, 10/1/28 | &nbsp;&nbsp; 19024 |
| &nbsp;&nbsp; 113000 | &nbsp;&nbsp;Thermo Fisher Scientific, Inc., 5.404%, 8/10/43 | &nbsp;&nbsp; 111858 |
| &nbsp;&nbsp; 156000 | &nbsp;&nbsp;UnitedHealth Group, Inc., 3.500%, 8/15/39 | &nbsp;&nbsp; 125848 |
|  |  | &nbsp;&nbsp; 1507949 |
|  | &nbsp;&nbsp;**Communication Services — 2.7%** |  |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;AMC Networks, Inc., 144a, 10.250%, 1/15/29 | &nbsp;&nbsp; 9349 |

---

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Touchstone Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 40.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Communication Services — 2.7% (Continued)** |  |
| $100000 | &nbsp;&nbsp;AT&T, Inc., 3.800%, 12/1/57 | $70092 |
| &nbsp;&nbsp; 120000 | &nbsp;&nbsp;AT&T, Inc., 4.500%, 5/15/35 | &nbsp;&nbsp; 114382 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Cable One, Inc., 144a, 4.000%, 11/15/30 | &nbsp;&nbsp; 9450 |
| &nbsp;&nbsp; 7000 | &nbsp;&nbsp;Cars.com, Inc., 144a, 6.375%, 11/1/28 | &nbsp;&nbsp; 7020 |
| &nbsp;&nbsp; 36000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | &nbsp;&nbsp; 33625 |
| &nbsp;&nbsp; 13000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 5/1/32 | &nbsp;&nbsp; 12107 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 6.375%, 9/1/29 | &nbsp;&nbsp; 8163 |
| &nbsp;&nbsp; 18000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 7.375%, 3/1/31 | &nbsp;&nbsp; 18781 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.750%, 3/1/30 | &nbsp;&nbsp; 44559 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 1/15/34 | &nbsp;&nbsp; 10683 |
| &nbsp;&nbsp; 103000 | &nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | &nbsp;&nbsp; 102071 |
| &nbsp;&nbsp; 122000 | &nbsp;&nbsp;Comcast Corp., 4.000%, 3/1/48 | &nbsp;&nbsp; 94370 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;Directv Financing LLC, 144a, 8.875%, 2/1/30 | &nbsp;&nbsp; 10842 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Directv Financing LLC / Directv Financing Co-Obligor, Inc., 144a, 5.875%, 8/15/27 | &nbsp;&nbsp; 5976 |
| &nbsp;&nbsp; 14000 | &nbsp;&nbsp;Directv Financing LLC / Directv Financing Co-Obligor, Inc., 144a, 10.000%, 2/15/31 | &nbsp;&nbsp; 13575 |
| &nbsp;&nbsp; 14000 | &nbsp;&nbsp;Gen Digital, Inc., 144a, 6.750%, 9/30/27 | &nbsp;&nbsp; 14246 |
| &nbsp;&nbsp; 4000 | &nbsp;&nbsp;Gray Media, Inc., 144a, 10.500%, 7/15/29 | &nbsp;&nbsp; 4295 |
| &nbsp;&nbsp; 8980 | &nbsp;&nbsp;Level 3 Financing, Inc., 144a, 6.875%, 6/30/33 | &nbsp;&nbsp; 9136 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;Nexstar Media, Inc., 144a, 5.625%, 7/15/27 | &nbsp;&nbsp; 15963 |
| &nbsp;&nbsp; 161000 | &nbsp;&nbsp;Rogers Communications, Inc. (Canada), 5.300%, 2/15/34 | &nbsp;&nbsp; 161225 |
| &nbsp;&nbsp; 3000 | &nbsp;&nbsp;Sinclair Television Group, Inc., 144a, 8.125%, 2/15/33 | &nbsp;&nbsp; 3036 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;Sirius XM Radio LLC, 144a, 4.000%, 7/15/28 | &nbsp;&nbsp; 18248 |
| &nbsp;&nbsp; 168000 | &nbsp;&nbsp;T-Mobile USA, Inc., 3.875%, 4/15/30 | &nbsp;&nbsp; 163158 |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;T-Mobile USA, Inc., 5.750%, 1/15/54 | &nbsp;&nbsp; 72612 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;Univision Communications, Inc., 144a, 8.000%, 8/15/28 | &nbsp;&nbsp; 8118 |
| &nbsp;&nbsp; 18000 | &nbsp;&nbsp;Univision Communications, Inc., 144a, 8.500%, 7/31/31 | &nbsp;&nbsp; 18006 |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;Verizon Communications, Inc., 2.987%, 10/30/56 | &nbsp;&nbsp; 102512 |
| &nbsp;&nbsp; 176000 | &nbsp;&nbsp;Videotron Ltd. (Canada), 144a, 3.625%, 6/15/29 | &nbsp;&nbsp; 168258 |
| &nbsp;&nbsp; 24000 | &nbsp;&nbsp;Ziff Davis, Inc., 144a, 4.625%, 10/15/30 | &nbsp;&nbsp; 22408 |
|  |  | &nbsp;&nbsp; 1346266 |
|  | &nbsp;&nbsp;**Utilities — 2.4%** |  |
| &nbsp;&nbsp; 27000 | &nbsp;&nbsp;Algonquin Power & Utilities Corp. (Canada), 4.750%, 1/18/82 | &nbsp;&nbsp; 26313 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;AltaGas Ltd. (Canada), 144a, 7.200%, 10/15/54 | &nbsp;&nbsp; 16004 |
| &nbsp;&nbsp; 88000 | &nbsp;&nbsp;Calpine Corp., 144a, 5.000%, 2/1/31 | &nbsp;&nbsp; 87053 |
| &nbsp;&nbsp; 220000 | &nbsp;&nbsp;CMS Energy Corp., 4.750%, 6/1/50 | &nbsp;&nbsp; 213798 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;Dominion Energy, Inc., Ser A, 6.875%, 2/1/55 | &nbsp;&nbsp; 15787 |
| &nbsp;&nbsp; 94000 | &nbsp;&nbsp;Duke Energy Progress LLC, 4.150%, 12/1/44 | &nbsp;&nbsp; 76708 |
| &nbsp;&nbsp; 104000 | &nbsp;&nbsp;Edison International, 4.125%, 3/15/28 | &nbsp;&nbsp; 100382 |
| &nbsp;&nbsp; 34000 | &nbsp;&nbsp;Edison International, 7.875%, 6/15/54 | &nbsp;&nbsp; 32244 |
| &nbsp;&nbsp; 106000 | &nbsp;&nbsp;Electricite de France SA (France), 144a, 4.875%, 9/21/38 | &nbsp;&nbsp; 97644 |
| &nbsp;&nbsp; 67000 | &nbsp;&nbsp;Georgia Power Co., 5.950%, 2/1/39 | &nbsp;&nbsp; 68414 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 5.250%, 4/20/46 | &nbsp;&nbsp; 11907 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., (TSFR3M + 3.172%), 7.451%, 4/30/43<sup>(A)</sup> | &nbsp;&nbsp; 8956 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.329%), 6.620%, 10/1/66<sup>(A)</sup> | &nbsp;&nbsp; 13946 |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;Ohio Power Co., Ser R, 2.900%, 10/1/51 | &nbsp;&nbsp; 103995 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;PacifiCorp, 7.375%, 9/15/55 | &nbsp;&nbsp; 17627 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;PacifiCorp., 5.750%, 4/1/37 | &nbsp;&nbsp; 65090 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 40.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Utilities — 2.4% (Continued)** |  |
| $16000 | &nbsp;&nbsp;PPL Capital Funding, Inc., Ser A, (TSFR3M + 2.927%), 7.222%, 3/30/67<sup>(A)</sup> | $15917 |
| &nbsp;&nbsp; 28000 | &nbsp;&nbsp;Sempra, 4.125%, 4/1/52 | &nbsp;&nbsp; 26923 |
| &nbsp;&nbsp; 31000 | &nbsp;&nbsp;South Jersey Industries, Inc., 5.020%, 4/15/31 | &nbsp;&nbsp; 25673 |
| &nbsp;&nbsp; 138000 | &nbsp;&nbsp;Virginia Electric and Power Co., 5.650%, 3/15/55 | &nbsp;&nbsp; 135875 |
|  |  | &nbsp;&nbsp; 1160256 |
|  | &nbsp;&nbsp;**Real Estate — 2.0%** |  |
| &nbsp;&nbsp; 212000 | &nbsp;&nbsp;American Tower Corp. REIT, 5.900%, 11/15/33 | &nbsp;&nbsp; 223792 |
| &nbsp;&nbsp; 181000 | &nbsp;&nbsp;Crown Castle, Inc. REIT, 4.800%, 9/1/28 | &nbsp;&nbsp; 182064 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;CTR Partnership LP / CareTrust Capital Corp. REIT, 144a, 3.875%, 6/30/28 | &nbsp;&nbsp; 9558 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Howard Hughes Corp. (The) REIT, 144a, 4.125%, 2/1/29 | &nbsp;&nbsp; 9523 |
| &nbsp;&nbsp; 182000 | &nbsp;&nbsp;Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | &nbsp;&nbsp; 172349 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp. REIT, 144a, 8.500%, 2/15/32 | &nbsp;&nbsp; 11503 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer REIT, 144a, 4.875%, 5/15/29 | &nbsp;&nbsp; 11629 |
| &nbsp;&nbsp; 6000 | &nbsp;&nbsp;Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer REIT, 144a, 7.000%, 2/1/30 | &nbsp;&nbsp; 6168 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;RHP Hotel Properties LP / RHP Finance Corp. REIT, 4.750%, 10/15/27 | &nbsp;&nbsp; 9944 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;RLJ Lodging Trust LP REIT, 144a, 3.750%, 7/1/26 | &nbsp;&nbsp; 18809 |
| &nbsp;&nbsp; 145000 | &nbsp;&nbsp;Sabra Health Care LP REIT, 5.125%, 8/15/26 | &nbsp;&nbsp; 145098 |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.700%, 12/1/31 | &nbsp;&nbsp; 50878 |
| &nbsp;&nbsp; 34000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.750%, 11/18/30 | &nbsp;&nbsp; 29954 |
| &nbsp;&nbsp; 95000 | &nbsp;&nbsp;Store Capital LLC REIT, 4.625%, 3/15/29 | &nbsp;&nbsp; 93397 |
| &nbsp;&nbsp; 3000 | &nbsp;&nbsp;XHR LP REIT, 144a, 4.875%, 6/1/29 | &nbsp;&nbsp; 2907 |
| &nbsp;&nbsp; 8000 | &nbsp;&nbsp;XHR LP REIT, 144a, 6.625%, 5/15/30 | &nbsp;&nbsp; 8151 |
|  |  | &nbsp;&nbsp; 985724 |
|  | &nbsp;&nbsp;**Materials — 0.6%** |  |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Celanese US Holdings LLC, 6.629%, 7/15/32 | &nbsp;&nbsp; 10476 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;Celanese US Holdings LLC, 7.200%, 11/15/33 | &nbsp;&nbsp; 15923 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;Magnera Corp., 144a, 7.250%, 11/15/31 | &nbsp;&nbsp; 15060 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;NOVA Chemicals Corp. (Canada), 144a, 8.500%, 11/15/28 | &nbsp;&nbsp; 12674 |
| &nbsp;&nbsp; 25000 | &nbsp;&nbsp;Novelis Corp., 144a, 4.750%, 1/30/30 | &nbsp;&nbsp; 23957 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;Novelis Corp., 144a, 6.875%, 1/30/30 | &nbsp;&nbsp; 17604 |
| &nbsp;&nbsp; 88000 | &nbsp;&nbsp;Rio Tinto Finance USA PLC (Australia), 5.250%, 3/14/35 | &nbsp;&nbsp; 89548 |
| &nbsp;&nbsp; 151000 | &nbsp;&nbsp;Sherwin-Williams Co. (The), 4.500%, 6/1/47 | &nbsp;&nbsp; 126507 |
|  |  | &nbsp;&nbsp; 311749 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $19794670 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 28.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 28.6%** |
| &nbsp;&nbsp;1775000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.125%, 8/15/44 | &nbsp;&nbsp; 1628216 |
| &nbsp;&nbsp;1080000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.250%, 8/15/54 | &nbsp;&nbsp; 987778 |
| &nbsp;&nbsp; 567000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.625%, 11/15/44 | &nbsp;&nbsp; 555749 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.625%, 2/15/55 | &nbsp;&nbsp; 682500 |
| &nbsp;&nbsp; 585000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.750%, 2/15/45 | &nbsp;&nbsp; 582532 |
| &nbsp;&nbsp;4495000 | &nbsp;&nbsp;U.S. Treasury Note, 3.750%, 4/15/28 | &nbsp;&nbsp; 4500268 |
| &nbsp;&nbsp;2495000 | &nbsp;&nbsp;U.S. Treasury Note, 4.000%, 5/31/30 | &nbsp;&nbsp; 2518780 |
| &nbsp;&nbsp;1790000 | &nbsp;&nbsp;U.S. Treasury Note, 4.250%, 11/15/34 | &nbsp;&nbsp; 1796153 |
| &nbsp;&nbsp; 732000 | &nbsp;&nbsp;U.S. Treasury Note, 4.625%, 2/15/35 | &nbsp;&nbsp; 755447 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | $14007423 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 8.5%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 8.5%** |
| &nbsp;&nbsp; 675000 | &nbsp;&nbsp;BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | &nbsp;&nbsp; 663516 |
| &nbsp;&nbsp; 285000 | &nbsp;&nbsp;BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | &nbsp;&nbsp; 256477 |
| &nbsp;&nbsp; 365000 | &nbsp;&nbsp;BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55<sup>(A)(C)</sup> | &nbsp;&nbsp; 325142 |
| &nbsp;&nbsp; 110000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2024-5C27, Class AS, 6.410%, 7/15/57<sup>(A)(C)</sup> | &nbsp;&nbsp; 115417 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;BMO Mortgage Trust, Ser 2025-5C10, Class B, 6.445%, 5/15/58<sup>(A)(C)</sup> | &nbsp;&nbsp; 209085 |

---

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Touchstone Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 8.5% (Continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 8.5% (Continued)** |
| $65000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2017-P8, Class AS, 3.789%, 9/15/50<sup>(A)(C)</sup> | $62325 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | &nbsp;&nbsp; 229378 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.659%, 1/10/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 221740 |
| &nbsp;&nbsp; 390000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | &nbsp;&nbsp; 351493 |
| &nbsp;&nbsp; 210000 | &nbsp;&nbsp;HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (TSFR1M + 1.564%), 5.876%, 10/15/36<sup>(A)</sup> | &nbsp;&nbsp; 207468 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | &nbsp;&nbsp; 340413 |
| &nbsp;&nbsp; 105000 | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Class AS, 4.065%, 11/15/47 | &nbsp;&nbsp; 101159 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (TSFR1M + 1.317%), 5.629%, 11/15/35<sup>(A)</sup> | &nbsp;&nbsp; 328104 |
| &nbsp;&nbsp; 355000 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2018-H3, Class A5, 4.177%, 7/15/51 | &nbsp;&nbsp; 349959 |
| &nbsp;&nbsp; 70000 | &nbsp;&nbsp;UBS Commercial Mortgage Trust, Ser 2017-C1, Class AS, 3.724%, 6/15/50 | &nbsp;&nbsp; 67886 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Class AS, 4.013%, 12/15/48 | &nbsp;&nbsp; 79479 |
| &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; 229316 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | $4138357 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 6.6%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 6.6%** |
| &nbsp;&nbsp; 27731 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2013-1, Class B3, 144a, 3.560%, 7/25/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 26869 |
| &nbsp;&nbsp; 115273 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-4, Class B2, 144a, 3.486%, 6/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 112564 |
| &nbsp;&nbsp; 203436 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.638%, 10/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 194159 |
| &nbsp;&nbsp; 223951 | &nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2022-6, Class A1, 144a, 4.650%, 6/27/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 223087 |
| &nbsp;&nbsp; 77088 | &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR3, Class B2, 144a, 3.399%, 5/25/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 75561 |
| &nbsp;&nbsp; 156738 | &nbsp;&nbsp;CSMC Trust, Ser 2015-1, Class B3, 144a, 3.891%, 1/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 151042 |
| &nbsp;&nbsp; 95374 | &nbsp;&nbsp;CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.764%, 12/25/44<sup>(A)(C)</sup> | &nbsp;&nbsp; 91858 |
| &nbsp;&nbsp; 264323 | &nbsp;&nbsp;Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 255702 |
| &nbsp;&nbsp; 37 | &nbsp;&nbsp;Deutsche ALT-A Securities, Inc. ALT, Ser 2003-2XS, Class A6, 5.470%, 9/25/33<sup>(A)(C)</sup> | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp; 354716 | &nbsp;&nbsp;EverBank Mortgage Loan Trust, Ser 2018-1, Class B2, 144a, 3.560%, 2/25/48<sup>(A)(C)</sup> | &nbsp;&nbsp; 324024 |
| &nbsp;&nbsp; 200528 | &nbsp;&nbsp;GCAT Trust, Ser 2022-NQM2, Class A1, 144a, 4.210%, 2/25/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 197665 |
| &nbsp;&nbsp; 271004 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-8, Class B3, 144a, 4.046%, 1/25/49<sup>(A)(C)</sup> | &nbsp;&nbsp; 248455 |
| &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; 258142 |
| &nbsp;&nbsp; 75848 | &nbsp;&nbsp;Residential Asset Securitization Trust, Ser 2006-A1, Class 1A3, 6.000%, 4/25/36 | &nbsp;&nbsp; 32252 |
| &nbsp;&nbsp; 30022 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-10, Class B2, 144a, 3.536%, 8/25/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 29260 |
| &nbsp;&nbsp; 48506 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-5, Class B1, 144a, 3.490%, 5/25/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 47215 |
| &nbsp;&nbsp; 395416 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH3, Class B1B, 144a, 4.719%, 8/25/48<sup>(A)(C)</sup> | &nbsp;&nbsp; 382489 |
| &nbsp;&nbsp; 358346 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH3, Class B2B, 144a, 4.719%, 8/25/48<sup>(A)(C)</sup> | &nbsp;&nbsp; 346630 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 6.6%<br> (Continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 6.6%<br> (Continued)** |
| $246389 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-S1, Class A4, 144a, 2.500%, 9/25/54<sup>(A)(C)</sup> | $217628 |
| &nbsp;&nbsp; 19346 | &nbsp;&nbsp;Washington Mutual Mortgage Pass-Through Certificates, Ser 2005-9, Class 2A4, 5.500%, 11/25/35 | &nbsp;&nbsp; 17900 |
|  | &nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations** | $3232538 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 5.6%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 5.6%** |
| &nbsp;&nbsp; 33652 | &nbsp;&nbsp;FHLMC, Pool #A95946, 4.000%, 1/1/41 | &nbsp;&nbsp; 32542 |
| &nbsp;&nbsp; 20551 | &nbsp;&nbsp;FHLMC, Pool #A96485, 4.500%, 1/1/41 | &nbsp;&nbsp; 20475 |
| &nbsp;&nbsp; 7116 | &nbsp;&nbsp;FHLMC, Pool #G03217, 5.500%, 9/1/37 | &nbsp;&nbsp; 7287 |
| &nbsp;&nbsp; 3009 | &nbsp;&nbsp;FHLMC, Pool #G03781, 6.000%, 1/1/38 | &nbsp;&nbsp; 3160 |
| &nbsp;&nbsp; 472420 | &nbsp;&nbsp;FHLMC REMIC, Pool #QD2143, 2.000%, 12/1/51 | &nbsp;&nbsp; 375641 |
| &nbsp;&nbsp; 1826 | &nbsp;&nbsp;FNMA, Pool #561741, 7.500%, 1/1/31 | &nbsp;&nbsp; 1875 |
| &nbsp;&nbsp; 108816 | &nbsp;&nbsp;FNMA, Pool #725423, 5.500%, 5/1/34 | &nbsp;&nbsp; 111474 |
| &nbsp;&nbsp; 97920 | &nbsp;&nbsp;FNMA, Pool #725610, 5.500%, 7/1/34 | &nbsp;&nbsp; 100043 |
| &nbsp;&nbsp; 2672 | &nbsp;&nbsp;FNMA, Pool #889734, 5.500%, 6/1/37 | &nbsp;&nbsp; 2754 |
| &nbsp;&nbsp; 18774 | &nbsp;&nbsp;FNMA, Pool #AB1149, 5.000%, 6/1/40 | &nbsp;&nbsp; 19008 |
| &nbsp;&nbsp; 17165 | &nbsp;&nbsp;FNMA, Pool #AB1800, 4.000%, 11/1/40 | &nbsp;&nbsp; 16585 |
| &nbsp;&nbsp; 29765 | &nbsp;&nbsp;FNMA, Pool #AD3795, 4.500%, 4/1/40 | &nbsp;&nbsp; 29676 |
| &nbsp;&nbsp; 35770 | &nbsp;&nbsp;FNMA, Pool #AD9150, 5.000%, 8/1/40 | &nbsp;&nbsp; 36217 |
| &nbsp;&nbsp; 75560 | &nbsp;&nbsp;FNMA, Pool #AD9193, 5.000%, 9/1/40 | &nbsp;&nbsp; 76502 |
| &nbsp;&nbsp; 49853 | &nbsp;&nbsp;FNMA, Pool #AE0548, 4.500%, 11/1/40 | &nbsp;&nbsp; 49653 |
| &nbsp;&nbsp; 39226 | &nbsp;&nbsp;FNMA, Pool #AE4429, 4.000%, 10/1/40 | &nbsp;&nbsp; 37909 |
| &nbsp;&nbsp; 138 | &nbsp;&nbsp;FNMA, Pool #AH2666, 4.000%, 1/1/26 | &nbsp;&nbsp; 137 |
| &nbsp;&nbsp; 300 | &nbsp;&nbsp;FNMA, Pool #AH3493, 4.000%, 2/1/26 | &nbsp;&nbsp; 299 |
| &nbsp;&nbsp; 65360 | &nbsp;&nbsp;FNMA, Pool #AL0054, 4.500%, 2/1/41 | &nbsp;&nbsp; 65057 |
| &nbsp;&nbsp; 187199 | &nbsp;&nbsp;FNMA, Pool #AR9195, 3.000%, 3/1/43 | &nbsp;&nbsp; 169190 |
| &nbsp;&nbsp; 157453 | &nbsp;&nbsp;FNMA, Pool #AT2016, 3.000%, 4/1/43 | &nbsp;&nbsp; 142141 |
| &nbsp;&nbsp; 125739 | &nbsp;&nbsp;FNMA, Pool #BC1158, 3.500%, 2/1/46 | &nbsp;&nbsp; 116544 |
| &nbsp;&nbsp; 268193 | &nbsp;&nbsp;FNMA, Pool #FM4996, 2.000%, 12/1/50 | &nbsp;&nbsp; 215713 |
| &nbsp;&nbsp; 142045 | &nbsp;&nbsp;FNMA, Pool #FM5468, 2.500%, 1/1/36 | &nbsp;&nbsp; 133353 |
| &nbsp;&nbsp; 238482 | &nbsp;&nbsp;FNMA, Pool #FM5682, 2.500%, 1/1/51 | &nbsp;&nbsp; 199925 |
| &nbsp;&nbsp; 70974 | &nbsp;&nbsp;FNMA, Pool #MA1175, 3.000%, 9/1/42 | &nbsp;&nbsp; 64234 |
| &nbsp;&nbsp; 39207 | &nbsp;&nbsp;FNMA, Pool #MA2177, 4.000%, 2/1/35 | &nbsp;&nbsp; 38829 |
| &nbsp;&nbsp; 250256 | &nbsp;&nbsp;FNMA, Pool #MA4166, 3.000%, 10/1/40 | &nbsp;&nbsp; 233139 |
| &nbsp;&nbsp; 55861 | &nbsp;&nbsp;GNMA, Pool #4853, 4.000%, 11/20/40 | &nbsp;&nbsp; 53414 |
| &nbsp;&nbsp; 43321 | &nbsp;&nbsp;GNMA, Pool #4883, 4.500%, 12/20/40 | &nbsp;&nbsp; 42980 |
| &nbsp;&nbsp; 170701 | &nbsp;&nbsp;GNMA, Pool #5175, 4.500%, 9/20/41 | &nbsp;&nbsp; 169357 |
| &nbsp;&nbsp; 12565 | &nbsp;&nbsp;GNMA, Pool #736696, 4.500%, 5/15/40 | &nbsp;&nbsp; 12264 |
| &nbsp;&nbsp; 103035 | &nbsp;&nbsp;GNMA, Pool #AD1745, 3.000%, 2/20/43 | &nbsp;&nbsp; 90876 |
| &nbsp;&nbsp; 64248 | &nbsp;&nbsp;GNMA, Pool #MA1157, 3.500%, 7/20/43 | &nbsp;&nbsp; 59993 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | $2728246 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 3.6%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 3.6%** |
| &nbsp;&nbsp; 230000 | &nbsp;&nbsp;FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | &nbsp;&nbsp; 165942 |
| &nbsp;&nbsp; 725000 | &nbsp;&nbsp;FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | &nbsp;&nbsp; 534544 |
| &nbsp;&nbsp; 5895 | &nbsp;&nbsp;FNMA REMIC, Ser 2015-51, Class KC, 3.000%, 6/25/45 | &nbsp;&nbsp; 5673 |
| &nbsp;&nbsp; 162614 | &nbsp;&nbsp;FNMA REMIC, Ser 2017-90, Class KA, 3.000%, 11/25/47 | &nbsp;&nbsp; 153192 |
| &nbsp;&nbsp; 450000 | &nbsp;&nbsp;FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | &nbsp;&nbsp; 359907 |
| &nbsp;&nbsp; 675000 | &nbsp;&nbsp;FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | &nbsp;&nbsp; 517394 |
|  | &nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations** | $1736652 |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 2.7%** | &nbsp;&nbsp;**Asset-Backed Securities — 2.7%** |
| &nbsp;&nbsp; 103820 | &nbsp;&nbsp;Elara HGV Timeshare Issuer LLC, Ser 2019-A, Class B, 144a, 2.910%, 1/25/34 | &nbsp;&nbsp; 102095 |
| &nbsp;&nbsp; 280500 | &nbsp;&nbsp;Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | &nbsp;&nbsp; 270454 |
| &nbsp;&nbsp; 145625 | &nbsp;&nbsp;Jimmy Johns Funding LLC, Ser 2017-1A, Class A2II, 144a, 4.846%, 7/30/47 | &nbsp;&nbsp; 144241 |
| &nbsp;&nbsp; 291000 | &nbsp;&nbsp;Jimmy Johns Funding LLC, Ser 2022-1A, Class A2I, 144a, 4.077%, 4/30/52 | &nbsp;&nbsp; 284837 |

---

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Touchstone Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 2.7% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 2.7% (Continued)** |
| $384000 | &nbsp;&nbsp;Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1R, 144a, (TSFR3M + 1.450%), 5.719%, 10/19/34<sup>(A)</sup> | $382995 |
| &nbsp;&nbsp; 165413 | &nbsp;&nbsp;TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | &nbsp;&nbsp; 155694 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | $1340316 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Exchange-Traded Fund — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5948 | &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;223110 |

---

---

| | | |
|:---|:---|:---|
| **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; 90480 |
| &nbsp;&nbsp; 103000 | &nbsp;&nbsp;Republic of Poland Government International Bond, 5.500%, 3/18/54 | &nbsp;&nbsp; 95466 |
|  | &nbsp;&nbsp;**Total Sovereign Government Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$185946 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 2.2%** |  |
| 1085497 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>∞Ω</sup> | &nbsp;&nbsp; 1085497 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.2%<br> (Cost $49,843,515)** | $48472755 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.8%** | &nbsp;&nbsp; 414936 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $48887691 |

---

*(A)* *Variable rate security - Rate reflected is the rate in effect as of June 30, 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.* 

*∞* *Open-End Fund.* 

*Ω* *Represents the 7-Day SEC yield as of June 30, 2025.* 

---

| |
|:---|
| ***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 June 30, 2025, these securities were valued at $11,598,954 or 23.7% 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*** |
| ***Assets:*** |  |  |  |  |
| *Corporate Bonds* | *$—* | *$19794670* | *$—* | *$19794670* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*14007423* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*14007423* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4138357* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4138357* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3232538* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3232538* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2728246* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2728246* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1736652* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1736652* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1340316* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1340316* |
| *Exchange-Traded Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*223110* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*223110* |
| *Sovereign Government Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*185946* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*185946* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;*1085497* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1085497* |
| ***Other Financial Instruments*** |  |  |  |  |
| *Futures* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Interest rate contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*32160* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*32160* |
| *Total Assets* | *$1340767* | *$47164148* | *$—* | *$48504915* |
| ***Liabilities:*** |  |  |  |  |
| ***Other Financial Instruments*** |  |  |  |  |
| *Futures* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Interest rate contracts* | *$(44704)* | *$—* | *$—* | *$(44704)* |
| *Total Liabilities* | *$(44704)* | *$—* | *$—* | *$(44704)* |
| *Total* | *$1296063* | *$47164148* | *$—* | *$48460211* |

---

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Touchstone Bond Fund (Unaudited) (Continued)

#### Futures Contracts
*At June 30, 2025, $83,125 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at June 30, 2025:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Description*** | &nbsp;&nbsp;&nbsp;***Expiration Date*** | &nbsp;&nbsp;&nbsp;***Number of<br> Contracts*** | &nbsp;&nbsp;&nbsp;***Notional Value*** | &nbsp;&nbsp;&nbsp;***Unrealized<br> Appreciation/<br> Depreciation*** |
| *Short Futures:* |  |  |  |  |
| *10-Year U.S. Ultra Treasury Bond* | &nbsp;&nbsp;&nbsp;*9/19/2025* | &nbsp;&nbsp;&nbsp;*28* | &nbsp;&nbsp;&nbsp;*$3199438* | &nbsp;&nbsp;&nbsp;*$(44704)* |
| *Long Futures:* |  |  |  |  |
| *2-Year U.S. Treasury Note* | &nbsp;&nbsp;&nbsp;*9/30/2025* | &nbsp;&nbsp;&nbsp;*67* | &nbsp;&nbsp;&nbsp;&nbsp;*13937570* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*32160* |
|  |  |  |  | &nbsp;&nbsp;&nbsp;*$(12544)* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Portfolio of Investments

Touchstone Common Stock Fund – June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.7%** |  |
|  | &nbsp;&nbsp;**Information Technology — 33.8%** |  |
| 61783 | &nbsp;&nbsp;Apple, Inc. | $12676018 |
| 12429 | &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp; 2275377 |
| 44847 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 22307346 |
| 68781 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 10866710 |
| 29018 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 6344206 |
| 16359 | &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp; 4460936 |
| 16388 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR | &nbsp;&nbsp; 3711718 |
| 20895 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 4338220 |
| 10454 | &nbsp;&nbsp;Workday, Inc. - Class A\* | &nbsp;&nbsp; 2508960 |
|  |  | &nbsp;&nbsp; 69489491 |
|  | &nbsp;&nbsp;**Communication Services — 16.4%** |  |
| 64415 | &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp; 11426577 |
| 63376 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 2261889 |
| 22141 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 16342051 |
| &nbsp;&nbsp;&nbsp;&nbsp;1284 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 1719443 |
| 16162 | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp; 2004249 |
|  |  | &nbsp;&nbsp; 33754209 |
|  | &nbsp;&nbsp;**Financials — 13.9%** |  |
| 113647 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 5377776 |
| &nbsp;&nbsp;&nbsp;&nbsp;6843 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | &nbsp;&nbsp; 3324124 |
| 50720 | &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp; 4627693 |
| &nbsp;&nbsp;&nbsp;&nbsp;6913 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 4892676 |
| &nbsp;&nbsp;&nbsp;&nbsp;2156 | &nbsp;&nbsp;Markel Group, Inc.\* | &nbsp;&nbsp; 4306308 |
| 16711 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 5933240 |
|  |  | &nbsp;&nbsp; 28461817 |
|  | &nbsp;&nbsp;**Health Care — 9.6%** |  |
| 17120 | &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp; 2948920 |
| 20439 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp; 1123532 |
| 50911 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 2356670 |
| &nbsp;&nbsp;&nbsp;&nbsp;7226 | &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp; 2768281 |
| 23836 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 3640949 |
| 47426 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 4134124 |
| &nbsp;&nbsp;&nbsp;&nbsp;8908 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 2779029 |
|  |  | &nbsp;&nbsp; 19751505 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 9.1%** |  |
| 24754 | &nbsp;&nbsp;Airbnb, Inc. - Class A\* | &nbsp;&nbsp; 3275944 |
| 56661 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 12430857 |
| 24757 | &nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp; 1077177 |
| 21388 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 1959783 |
|  |  | &nbsp;&nbsp; 18743761 |
|  | &nbsp;&nbsp;**Industrials — 6.8%** |  |
| 20178 | &nbsp;&nbsp;Boeing Co. (The)\* | &nbsp;&nbsp; 4227896 |
| &nbsp;&nbsp;&nbsp;&nbsp;4546 | &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp; 1856632 |
| 12274 | &nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp; 1792249 |
| 33072 | &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 2738362 |
| 21573 | &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 1461571 |
| 20834 | &nbsp;&nbsp;Uber Technologies, Inc.\* | &nbsp;&nbsp; 1943812 |
|  |  | &nbsp;&nbsp; 14020522 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 4.5%** |  |
| 11277 | &nbsp;&nbsp;Diageo PLC (United Kingdom) ADR | $1137173 |
| 34651 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 2170539 |
| 32648 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 5946180 |
|  |  | &nbsp;&nbsp; 9253892 |
|  | &nbsp;&nbsp;**Energy — 2.6%** |  |
| 39648 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 4274054 |
| 28112 | &nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp; 950186 |
|  |  | &nbsp;&nbsp; 5224240 |
|  | &nbsp;&nbsp;**Materials — 1.6%** |  |
| 22936 | &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp; 1573180 |
| 22409 | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 1648182 |
|  |  | &nbsp;&nbsp; 3221362 |
|  | &nbsp;&nbsp;**Real Estate — 1.4%** |  |
| 11418 | &nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp; 2920496 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $204841295 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.5%** |  |
| 956222 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>∞Ω</sup> | &nbsp;&nbsp; 956222 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.2%<br> (Cost $86,232,134)** | $205797517 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.2%)** | &nbsp;&nbsp;&nbsp; (365881) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $205431636 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of June 30, 2025.* |

---

---

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

---

#### Other Information:
*The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to 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* | *$204841295* | *$—* | *$—* | *$204841295* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*956222* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*956222* |
| *Total* | *$205797517* | *$—* | *$—* | *$205797517* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Portfolio of Investments

Touchstone Small Company Fund – June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.7%** |  |
|  | &nbsp;&nbsp;**Industrials — 22.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;CACI International, Inc. - Class A\* | $877128 |
| &nbsp;&nbsp;&nbsp;&nbsp;3509 | &nbsp;&nbsp;Clean Harbors, Inc.\* | &nbsp;&nbsp; 811211 |
| &nbsp;&nbsp;&nbsp;&nbsp;3278 | &nbsp;&nbsp;Crane Co. | &nbsp;&nbsp; 622459 |
| 11770 | &nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp; 768699 |
| &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp; 591146 |
| &nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp; 732799 |
| &nbsp;&nbsp;&nbsp;&nbsp;4278 | &nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp; 820820 |
| 24435 | &nbsp;&nbsp;ExlService Holdings, Inc.\* | &nbsp;&nbsp; 1070009 |
| &nbsp;&nbsp;&nbsp;&nbsp;6570 | &nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp; 699179 |
| 14912 | &nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp; 842379 |
| &nbsp;&nbsp;&nbsp;&nbsp;5628 | &nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp; 882639 |
| 15602 | &nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp; 747960 |
| &nbsp;&nbsp;&nbsp;&nbsp;9852 | &nbsp;&nbsp;MAXIMUS, Inc. | &nbsp;&nbsp; 691610 |
| 13904 | &nbsp;&nbsp;NEXTracker, Inc. - Class A\* | &nbsp;&nbsp; 755960 |
| 20410 | &nbsp;&nbsp;WNS Holdings Ltd. (India) ADR\* | &nbsp;&nbsp; 1290728 |
| 21943 | &nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp; 802456 |
|  |  | &nbsp;&nbsp;13007182 |
|  | &nbsp;&nbsp;**Information Technology — 19.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6442 | &nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp; 853565 |
| 19150 | &nbsp;&nbsp;Box, Inc. - Class A\* | &nbsp;&nbsp; 654355 |
| 74509 | &nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.\* | &nbsp;&nbsp; 701130 |
| &nbsp;&nbsp;&nbsp;&nbsp;8260 | &nbsp;&nbsp;Ciena Corp.\* | &nbsp;&nbsp; 671786 |
| &nbsp;&nbsp;&nbsp;&nbsp;4327 | &nbsp;&nbsp;CommVault Systems, Inc.\* | &nbsp;&nbsp; 754326 |
| 63506 | &nbsp;&nbsp;DoubleVerify Holdings, Inc.\* | &nbsp;&nbsp; 950685 |
| 39116 | &nbsp;&nbsp;LiveRamp Holdings, Inc.\* | &nbsp;&nbsp; 1292392 |
| &nbsp;&nbsp;&nbsp;&nbsp;6142 | &nbsp;&nbsp;Onto Innovation, Inc.\* | &nbsp;&nbsp; 619912 |
| &nbsp;&nbsp;&nbsp;&nbsp;6810 | &nbsp;&nbsp;Qualys, Inc.\* | &nbsp;&nbsp; 972945 |
| 41239 | &nbsp;&nbsp;RingCentral, Inc. - Class A\* | &nbsp;&nbsp; 1169126 |
| &nbsp;&nbsp;&nbsp;&nbsp;4904 | &nbsp;&nbsp;SPS Commerce, Inc.\* | &nbsp;&nbsp; 667385 |
| 24554 | &nbsp;&nbsp;Tower Semiconductor Ltd. (Israel)\* | &nbsp;&nbsp; 1064416 |
| 36412 | &nbsp;&nbsp;Verint Systems, Inc.\* | &nbsp;&nbsp; 716224 |
| 26774 | &nbsp;&nbsp;Viant Technology, Inc. - Class A\* | &nbsp;&nbsp; 354220 |
|  |  | &nbsp;&nbsp;11442467 |
|  | &nbsp;&nbsp;**Health Care — 18.4%** |  |
| 17204 | &nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp; 885146 |
| &nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp; 793696 |
| &nbsp;&nbsp;&nbsp;&nbsp;9840 | &nbsp;&nbsp;Doximity, Inc. - Class A\* | &nbsp;&nbsp; 603586 |
| &nbsp;&nbsp;&nbsp;&nbsp;9520 | &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp; 1167437 |
| &nbsp;&nbsp;&nbsp;&nbsp;4797 | &nbsp;&nbsp;Ensign Group, Inc. (The) | &nbsp;&nbsp; 739985 |
| 15692 | &nbsp;&nbsp;Globus Medical, Inc. - Class A\* | &nbsp;&nbsp; 926142 |
| 20962 | &nbsp;&nbsp;Haemonetics Corp.\* | &nbsp;&nbsp; 1563975 |
| 22864 | &nbsp;&nbsp;LivaNova PLC\* | &nbsp;&nbsp; 1029337 |
| &nbsp;&nbsp;&nbsp;&nbsp;7543 | &nbsp;&nbsp;Merit Medical Systems, Inc.\* | &nbsp;&nbsp; 705120 |
| 35729 | &nbsp;&nbsp;Option Care Health, Inc.\* | &nbsp;&nbsp; 1160478 |
| 51268 | &nbsp;&nbsp;Progyny, Inc.\* | &nbsp;&nbsp; 1127896 |
|  |  | &nbsp;&nbsp;10702798 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 13.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9592 | &nbsp;&nbsp;Champion Homes, Inc.\* | &nbsp;&nbsp; 600555 |
| &nbsp;&nbsp;&nbsp;&nbsp;7540 | &nbsp;&nbsp;Crocs, Inc.\* | &nbsp;&nbsp; 763651 |
| 10654 | &nbsp;&nbsp;Frontdoor, Inc.\* | &nbsp;&nbsp; 627947 |
| &nbsp;&nbsp;&nbsp;&nbsp;4010 | &nbsp;&nbsp;Grand Canyon Education, Inc.\* | &nbsp;&nbsp; 757890 |
| 16192 | &nbsp;&nbsp;Malibu Boats, Inc. - Class A\* | &nbsp;&nbsp; 507457 |
| &nbsp;&nbsp;&nbsp;&nbsp;9930 | &nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp; 681198 |
| 19990 | &nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp; 479360 |
| &nbsp;&nbsp;&nbsp;&nbsp;7928 | &nbsp;&nbsp;Stride, Inc.\* | &nbsp;&nbsp; 1151066 |
| &nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp; 751139 |
| &nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp;TopBuild Corp.\* | &nbsp;&nbsp; 629351 |
| 20670 | &nbsp;&nbsp;YETI Holdings, Inc.\* | &nbsp;&nbsp; 651519 |
|  |  | &nbsp;&nbsp; 7601133 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Financials — 9.3%** |  |
| 13820 | &nbsp;&nbsp;Ameris Bancorp | $894154 |
| 17439 | &nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp; 545492 |
| &nbsp;&nbsp;&nbsp;&nbsp;3436 | &nbsp;&nbsp;Evercore, Inc. - Class A | &nbsp;&nbsp; 927789 |
| 46728 | &nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp; 681294 |
| 29950 | &nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp; 852377 |
| &nbsp;&nbsp;&nbsp;&nbsp;6865 | &nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp; 631786 |
| 16525 | &nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp; 902265 |
|  |  | &nbsp;&nbsp; 5435157 |
|  | &nbsp;&nbsp;**Real Estate — 6.5%** |  |
| 10414 | &nbsp;&nbsp;Agree Realty Corp. REIT | &nbsp;&nbsp; 760847 |
| 28248 | &nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp; 329654 |
| &nbsp;&nbsp;&nbsp;&nbsp;5363 | &nbsp;&nbsp;Colliers International Group, Inc. (Canada) | &nbsp;&nbsp; 700086 |
| 29895 | &nbsp;&nbsp;COPT Defense Properties REIT | &nbsp;&nbsp; 824504 |
| 12094 | &nbsp;&nbsp;Kite Realty Group Trust REIT | &nbsp;&nbsp; 273929 |
| 24322 | &nbsp;&nbsp;STAG Industrial, Inc. REIT | &nbsp;&nbsp; 882402 |
|  |  | &nbsp;&nbsp; 3771422 |
|  | &nbsp;&nbsp;**Energy — 4.3%** |  |
| 20517 | &nbsp;&nbsp;Cactus, Inc. - Class A | &nbsp;&nbsp; 897004 |
| 15178 | &nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp; 623512 |
| 47460 | &nbsp;&nbsp;Oceaneering International, Inc.\* | &nbsp;&nbsp; 983371 |
|  |  | &nbsp;&nbsp; 2503887 |
|  | &nbsp;&nbsp;**Communication Services — 3.3%** |  |
| 41246 | &nbsp;&nbsp;Cargurus, Inc.\* | &nbsp;&nbsp; 1380504 |
| 17189 | &nbsp;&nbsp;Ziff Davis, Inc.\* | &nbsp;&nbsp; 520311 |
|  |  | &nbsp;&nbsp; 1900815 |
|  | &nbsp;&nbsp;**Materials — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3322 | &nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp; 671410 |
| 17891 | &nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp; 969334 |
|  |  | &nbsp;&nbsp; 1640744 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $58005605 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.4%** |  |
| 199725 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>∞Ω</sup> | &nbsp;&nbsp; 199725 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $40,959,034)** | $58205330 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (37366) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $58167964 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of June 30, 2025.* |

---

---

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

---

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Touchstone Small Company Fund (Unaudited) (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* | *$58005605* | *$—* | *$—* | *$58005605* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*199725* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*199725* |
| *Total* | *$58205330* | *$—* | *$—* | *$58205330* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Statements of Assets and Liabilities

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $34009783 | $49843515 | $86232134 | $40959034 |
| Investments, at market value | $47553019 | $48472755 | $205797517 | $58205330 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 |
| Cash deposits held at prime broker <sup>(A)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83125 |  |  |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31335 |
| Receivable for capital shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24157 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203228 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432022 |
| Receivable for variation margin on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242 |  |  |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47912469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48993515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205918282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58693363 |
| **Liabilities** |  |  |  |  |
| Due to custodian |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |  |  |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24454 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21242 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438252 |
| Payable to Investment Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18153 |
| Payable to other affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7406 |
| Payable to Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14911 |
| Payable for professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8752 |
| Payable for reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099 |
| Payable for transfer agent services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5447 |
| Other accrued expenses and liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525399 |
| **Net Assets** | $47609605 | $48887691 | $205431636 | $58167964 |
| **Net assets consist of:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30768841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61011699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46650473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31602074 |
| Distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16840764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12124008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158781163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26565890 |
| Net Assets | $47609605 | $48887691 | $205431636 | $58167964 |
| **Pricing of Class SC Shares** |  |  |  |  |
| Net assets applicable to Class SC Shares | $31525231 | $18670925 | $77468107 | $— |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5754144 |  |
| Net asset value, offering price and redemption price per share | $13.73 | $8.78 | $13.46 | $— |
| **Pricing of Class I Shares** |  |  |  |  |
| Net assets applicable to Class I Shares | $16084374 | $30216766 | $127963529 | $58167964 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3417835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9408665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3924440 |
| Net asset value, offering price and redemption price per share | $13.73 | $8.84 | $13.60 | $14.82 |

---

*<sup>(A)</sup>* *Represents segregated cash for futures contracts.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Statements of Operations For the Six Months Ended June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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\* | $189751 | $32635 | $1146312 | $250362 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090979 | &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;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &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;50 |
| **Total Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250412 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144695 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38886 |
| Compliance fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13140 |
| Transfer Agent fees, Class SC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12671 | &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;2683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13357 |
| Reports to Shareholders, Class SC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &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;&nbsp;5073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7510 |
| Shareholder servicing fees, Class SC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69913 | &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;15871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15871 |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10247 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252485 |
| Fees waived and/or reimbursed by the Adviser and/or Affiliates<sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32258) |
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220227 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30185 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |
| Net realized gains (losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9455623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107469 |
| 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;&nbsp;&nbsp;82007 | &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 swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17844) | &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;(12) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2130460) |
| 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;16253 | &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;96 | &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;2149693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12294421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22991) |
| **Change in Net Assets Resulting from Operations** | $2543378 | $2021492 | $12655730 | $7194 |
| *\*Net of foreign tax withholding of:* | *$747* | *$—* | *$4894* | *$120* |

---

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

This page intentionally left blank.

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

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> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income | $393685 | &nbsp;&nbsp;&nbsp;$823477 | &nbsp;&nbsp;&nbsp;$946960 | &nbsp;&nbsp;&nbsp;$1971639 | &nbsp;&nbsp;&nbsp;$361309 | &nbsp;&nbsp;&nbsp;$913552 |
| Net realized gains (losses) on investments, futures contracts, swap agreements and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;891436 | &nbsp;&nbsp;&nbsp;&nbsp;2189535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376539) | &nbsp;&nbsp;&nbsp;&nbsp;(1681484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9455519 | &nbsp;&nbsp;&nbsp;&nbsp;28518047 |
| Net change in unrealized appreciation (depreciation) on investments, futures contracts, swap agreements and foreign currency transactions | &nbsp;&nbsp;&nbsp;1258257 | &nbsp;&nbsp;&nbsp;&nbsp;3467435 | &nbsp;&nbsp;&nbsp;&nbsp;1451071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838902 | &nbsp;&nbsp;&nbsp;&nbsp;11758956 |
| **Change in Net Assets from Operations** | &nbsp;&nbsp;&nbsp;2543378 | &nbsp;&nbsp;&nbsp;&nbsp;6480447 | &nbsp;&nbsp;&nbsp;&nbsp;2021492 | &nbsp;&nbsp;&nbsp;&nbsp;1147673 | &nbsp;&nbsp;&nbsp;&nbsp;12655730 | &nbsp;&nbsp;&nbsp;&nbsp;41190555 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Distributed earnings, Class SC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(591419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(939026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5691302) |
| Distributed earnings, Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1548160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9664630) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(877103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2487186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(15355932) |
| **Share Transactions Class SC** |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;150066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947548 | &nbsp;&nbsp;&nbsp;&nbsp;1751415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277856 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691302 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(3446930) | &nbsp;&nbsp;&nbsp;&nbsp;(6033221) | &nbsp;&nbsp;&nbsp;&nbsp;(1522931) | &nbsp;&nbsp;&nbsp;&nbsp;(3794866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4846520) | &nbsp;&nbsp;&nbsp;&nbsp;(12248252) |
| **Change in Net Assets from Class SC Share Transactions** | &nbsp;&nbsp;&nbsp;(3296864) | &nbsp;&nbsp;&nbsp;&nbsp;(5033450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(575383) | &nbsp;&nbsp;&nbsp;&nbsp;(1104425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4559318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6279094) |
| **Share Transactions Class I** |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;194185 | &nbsp;&nbsp;&nbsp;&nbsp;1026074 | &nbsp;&nbsp;&nbsp;&nbsp;2118691 | &nbsp;&nbsp;&nbsp;&nbsp;2344586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641467 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1548159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9664629 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(1195072) | &nbsp;&nbsp;&nbsp;&nbsp;(3372110) | &nbsp;&nbsp;&nbsp;&nbsp;(1894343) | &nbsp;&nbsp;&nbsp;&nbsp;(7181634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9617231) | &nbsp;&nbsp;&nbsp;&nbsp;(34622822) |
| **Change in Net Assets from Class I Share Transactions** | &nbsp;&nbsp;&nbsp;(1000887) | &nbsp;&nbsp;&nbsp;&nbsp;(2060352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224348 | &nbsp;&nbsp;&nbsp;&nbsp;(3288889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9092260) | &nbsp;&nbsp;&nbsp;&nbsp;(22316726) |
| **Change in Net Assets from Share Transactions** | &nbsp;&nbsp;&nbsp;(4297751) | &nbsp;&nbsp;&nbsp;&nbsp;(7093802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351035) | &nbsp;&nbsp;&nbsp;&nbsp;(4393314) | &nbsp;&nbsp;&nbsp;&nbsp;(13651578) | &nbsp;&nbsp;&nbsp;&nbsp;(28595820) |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;(1754373) | &nbsp;&nbsp;&nbsp;&nbsp;(1490458) | &nbsp;&nbsp;&nbsp;&nbsp;1670457 | &nbsp;&nbsp;&nbsp;&nbsp;(5732827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(995848) | &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 | $47609605 | &nbsp;&nbsp;&nbsp;$49363978 | &nbsp;&nbsp;&nbsp;$48887691 | &nbsp;&nbsp;&nbsp;$47217234 | &nbsp;&nbsp;&nbsp;$205431636 | &nbsp;&nbsp;&nbsp;$206427484 |
| **Share Transactions Class SC** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22223 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433112 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(267629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(979238) |
| **Change in Class SC Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;(255728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(523903) |
| **Share Transactions Class I** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210834 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728506 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(755208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2728474) |
| **Change in Class I Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(712886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1789134) |
| **Change in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;(332487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(569822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1075734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2313037) |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Statements of Changes in Net Assets (Continued)

---

| | |
|:---|:---|
| **Touchstone<br> Small Company<br> Fund** | **Touchstone<br> Small Company<br> Fund** |
| **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2024** |
| $30185 | &nbsp;&nbsp;&nbsp;$122150 |
| &nbsp;&nbsp;&nbsp;2107457 | &nbsp;&nbsp;&nbsp;&nbsp;8113603 |
| &nbsp;&nbsp;(2130448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7194 | &nbsp;&nbsp;&nbsp;&nbsp;8418178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2406267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2406267) |
| &nbsp;&nbsp;&nbsp;&nbsp;669938 | &nbsp;&nbsp;&nbsp;&nbsp;1499676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2406267 |
| &nbsp;&nbsp;(6486986) | &nbsp;&nbsp;&nbsp;&nbsp;(9913604) |
| &nbsp;&nbsp;(5817048) | &nbsp;&nbsp;&nbsp;&nbsp;(6007661) |
| &nbsp;&nbsp;(5817048) | &nbsp;&nbsp;&nbsp;&nbsp;(6007661) |
| &nbsp;&nbsp;(5809854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 |
| 63977818 | &nbsp;&nbsp;&nbsp;&nbsp;63973568 |
| $58167964 | &nbsp;&nbsp;&nbsp;$63977818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153789 |
| &nbsp;&nbsp;&nbsp;&nbsp;(436043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(677932) |
| &nbsp;&nbsp;&nbsp;&nbsp;(388762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419944) |
| &nbsp;&nbsp;&nbsp;&nbsp;(388762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419944) |

---

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

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 |
| 06/30/25<sup>(8)</sup> | &nbsp;&nbsp;12.99 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.73 | &nbsp;&nbsp;&nbsp;&nbsp;5.70<sup>(5)</sup> | &nbsp;&nbsp;31525 | &nbsp;&nbsp;&nbsp;0.79<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;1.28<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;1.68<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46<sup>(5)</sup> |
| **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** |
| 12/31/20 | $11.95 | $0.12 | $2.16 | $2.28 | $(0.16) | $(0.48) | $(0.64) | $13.59 | &nbsp;&nbsp;19.16% | $18609 | 0.85% | 1.38% | 0.85% | &nbsp;&nbsp;71% |
| 12/31/21 | &nbsp;&nbsp;13.59 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;15.70 | &nbsp;&nbsp;17.07 | &nbsp;&nbsp;19771 | 0.81 | 1.05 | 0.48 | &nbsp;&nbsp;&nbsp;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 |
| 06/30/25<sup>(8)</sup> | &nbsp;&nbsp;12.99 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.73 | &nbsp;&nbsp;&nbsp;&nbsp;5.70<sup>(5)</sup> | &nbsp;&nbsp;16084 | &nbsp;&nbsp;&nbsp;0.79<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;1.08<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;1.68<sup>(6)</sup> | &nbsp;&nbsp;46<sup>(5)</sup> |

---

*<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.* 

*<sup>(8)</sup>* *Unaudited.* 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| 12/31/20 | $10.01 | $0.24 | $0.72 | $0.96 | $(0.18) | $— | $(0.18) | $10.79 | &nbsp;&nbsp;&nbsp;9.62% | $66042 | 0.77% | 0.77% | 2.39% | 168% |
| 12/31/21 | &nbsp;&nbsp;10.79 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;10.34 | &nbsp;&nbsp;(1.30) | &nbsp;&nbsp;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 |
| 06/30/25<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.16<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.15<sup>(4)</sup> | &nbsp;&nbsp;18671 | &nbsp;&nbsp;&nbsp;0.91<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;0.96<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;3.71<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;119<sup>(4)</sup> |
| **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** |
| 12/31/20 | $10.02 | $0.28 | $0.69 | $0.97 | $(0.18) | $— | $(0.18) | $10.81 | &nbsp;&nbsp;&nbsp;9.71% | $39316 | 0.67% | 0.82% | 2.49% | 168% |
| 12/31/21 | &nbsp;&nbsp;10.81 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;10.36 | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;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 |
| 06/30/25<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;8.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.17<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.25<sup>(4)</sup> | &nbsp;&nbsp;30217 | &nbsp;&nbsp;&nbsp;0.61<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;0.95<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;4.01<sup>(5)</sup> | 119<sup>(4)</sup> |

---

*<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.* 

*<sup>(3)</sup>* *Unaudited.* 

*<sup>(4)</sup>* *Not annualized.* 

*<sup>(5)</sup>* *Annualized.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| 12/31/20 | $9.20 | $0.04 | $2.11 | $2.15 | $(0.06) | $(0.31) | $(0.37) | $10.98 | &nbsp;&nbsp;23.48% | $85232 | 0.90% | 0.90% | 0.47% | 15% |
| 12/31/21 | &nbsp;&nbsp;10.98 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;13.51 | &nbsp;&nbsp;27.57 | &nbsp;&nbsp;&nbsp;93121 | 0.91 | 0.91 | 0.16 | &nbsp;&nbsp;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 | &nbsp;&nbsp;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 | &nbsp;&nbsp;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 | &nbsp;&nbsp;9 |
| 06/30/25<sup>(3)</sup> | &nbsp;&nbsp;12.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.46 | &nbsp;&nbsp;&nbsp;&nbsp;6.49<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;77468 | &nbsp;&nbsp;&nbsp;0.92<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;0.92<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;0.25<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3<sup>(4)</sup> |
| **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** |
| 12/31/20 | $9.21 | $0.07 | $2.10 | $2.17 | $(0.06) | $(0.31) | $(0.37) | $11.01 | &nbsp;&nbsp;23.68% | $149336 | 0.73% | 0.80% | 0.64% | 15% |
| 12/31/21 | &nbsp;&nbsp;11.01 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;13.56 | &nbsp;&nbsp;27.85 | &nbsp;&nbsp;164195 | 0.73 | 0.76 | 0.34 | &nbsp;&nbsp;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 | &nbsp;&nbsp;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 | &nbsp;&nbsp;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 | &nbsp;&nbsp;9 |
| 06/30/25<sup>(3)</sup> | &nbsp;&nbsp;12.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.03<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.58<sup>(4)</sup> | &nbsp;&nbsp;127964 | &nbsp;&nbsp;&nbsp;0.73<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;0.78<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;0.44<sup>(5)</sup> | &nbsp;&nbsp;3<sup>(4)</sup> |

---

*<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.* 

*<sup>(3)</sup>* *Unaudited.* 

*<sup>(4)</sup>* *Not annualized.* 

*<sup>(5)</sup>* *Annualized.* 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| 12/31/20 | $13.69 | $0.01 | $2.53 | $2.54 | $(0.02) | $(0.50) | $(0.52) | $15.71 | &nbsp;&nbsp;18.70% | $71632 | 0.76% | 0.87% | 0.06% | 95% |
| 12/31/21 | &nbsp;&nbsp;15.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;19.13 | &nbsp;&nbsp;24.18 | &nbsp;&nbsp;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 |
| 06/30/25<sup>(4)</sup> | &nbsp;&nbsp;14.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(3)</sup> | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.82 | &nbsp;&nbsp;(0.07)<sup>(5)</sup> | &nbsp;&nbsp;58168 | &nbsp;&nbsp;&nbsp;0.76<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;0.87<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;0.10<sup>(6)</sup> | 19<sup>(5)</sup> |

---

*<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.* 

*<sup>(4)</sup>* *Unaudited.* 

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Notes to Financial Statements

June 30, 2025 (Unaudited)

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"):

---

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

---

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 June 30, 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 June 30, 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 six months ended June 30, 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.

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Notes to Financial Statements (Unaudited) (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

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Notes to Financial Statements (Unaudited) (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**

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Notes to Financial Statements (Unaudited) (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 June 30, 2025, the Funds did not hold any assets and liabilities that were subject to a MNA.

The following table sets forth the fair value of the Funds' derivative financial instruments by primary risk exposure as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset<br> Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability<br> 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 Contracts - Interest Rate Contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44704 |

---

*(1)* *Statements of Assets and Liabilities Location: Receivable for variation margin on futures contracts. Only current day's variation margin is reported within the payable/receivable on the Statement of Assets and Liabilities. Includes cumulative appreciation/(depreciation) on futures contracts as reported on the Portfolio of Investments and within the components of net assets section of the Statement of Assets and Liabilities.* 

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Notes to Financial Statements (Unaudited) (Continued)

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 six months ended June 30, 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;$82007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16253 |
| &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;(17844) | &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 losses on swap agreements and Net change in unrealized appreciation (depreciation) on swap agreements, respectively.* 

For the six months ended June 30, 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 | $673333 |
| **Interest Rate Contracts:** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (long) - Notional Value | &nbsp;&nbsp;&nbsp;7700888 |
| &nbsp;&nbsp;&nbsp;Futures Contracts (short) - Notional Value | &nbsp;&nbsp;&nbsp;1304292 |

---

**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.**

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.

As of June 30, 2025, the Funds did not have any securities on loan.

**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.**

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Notes to Financial Statements (Unaudited) (Continued)

**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 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.**

**Recent Accounting Pronouncements —In December 2023, the FASB issued ASU No. 2023-09 Income Taxes (Topic 740); Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation, disaggregation of income taxes paid, and other income tax-related disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of applying the ASU to the Funds' financial statements.**

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Notes to Financial Statements (Unaudited) (Continued)

3. Investment Transactions

Investment transactions (excluding short-term investments and U.S. Government securities) were as follows for the six months ended June 30, 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 | $3338942 | &nbsp;&nbsp;$6633373 | &nbsp;&nbsp;$4991352 | &nbsp;&nbsp;$11185428 |
| Proceeds from sales and maturities | $6269937 | &nbsp;&nbsp;$10207702 | &nbsp;&nbsp;$18792600 | &nbsp;&nbsp;$17171720 |

---

For the six months ended June 30, 2025, purchases and proceeds from sales and maturities in U.S. Government Securities were $18,348,478 and $19,637,304, respectively, for the Balanced Fund, and $49,255,326 and $45,125,467, 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 six months ended June 30, 2025.

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 $63,484 for the Funds' Board for the six months ended June 30, 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 |

---

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Notes to Financial Statements (Unaudited) (Continued)

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 six months ended June 30, 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;$31471 | &nbsp;&nbsp;$67914 | &nbsp;&nbsp;$99385 |
| Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19975 | &nbsp;&nbsp;&nbsp;&nbsp;35819 | &nbsp;&nbsp;&nbsp;&nbsp;55794 |
| Common Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32196 | &nbsp;&nbsp;&nbsp;&nbsp;32196 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11391 | &nbsp;&nbsp;&nbsp;&nbsp;20867 | &nbsp;&nbsp;&nbsp;&nbsp;32258 |

---

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 June 30, 2025, the Adviser may seek recoupment of previously waived fees and reimbursed expenses as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Expires on<br> or before<br> December 31, 2025** | **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 | $128260 | $199661 | $202625 | $99385 | $629931 |
| Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;10777 | &nbsp;&nbsp;&nbsp;&nbsp;83506 | &nbsp;&nbsp;&nbsp;114503 | &nbsp;&nbsp;&nbsp;55794 | &nbsp;&nbsp;&nbsp;264580 |
| Common Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;22135 | &nbsp;&nbsp;&nbsp;&nbsp;82999 | &nbsp;&nbsp;&nbsp;&nbsp;73694 | &nbsp;&nbsp;&nbsp;32196 | &nbsp;&nbsp;&nbsp;211024 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6801 | &nbsp;&nbsp;&nbsp;&nbsp;54619 | &nbsp;&nbsp;&nbsp;&nbsp;56733 | &nbsp;&nbsp;&nbsp;32258 | &nbsp;&nbsp;&nbsp;150411 |

---

The Adviser did not recoup any amounts it previously waived or reimbursed during the six months ended June 30, 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

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Notes to Financial Statements (Unaudited) (Continued)

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.

#### 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 six months ended June 30, 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 six months ended June 30, 2025, the following Fund participated as a borrower 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>** |
| Small Company Fund | &nbsp;&nbsp;$11377 | &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.

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions paid for the years ended December 31, 2024 and December 31, 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced Fund** | **Balanced Fund** | &nbsp;&nbsp;&nbsp;**Bond Fund** | &nbsp;&nbsp;&nbsp;**Bond Fund** |
|  | **Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2023** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2023** |
| From ordinary income | $877103 | &nbsp;&nbsp;&nbsp;$638213 | &nbsp;&nbsp;&nbsp;$2487186 | &nbsp;&nbsp;&nbsp;$2466152 |
| From long-term capital gains | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | $877103 | &nbsp;&nbsp;&nbsp;$638213 | &nbsp;&nbsp;&nbsp;$2487186 | &nbsp;&nbsp;&nbsp;$2466152 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stock Fund** | **Common Stock Fund** | &nbsp;&nbsp;&nbsp;**Small Company Fund** | &nbsp;&nbsp;&nbsp;**Small Company Fund** |
|  | **Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2023** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2023** |
| From ordinary income | $1131184 | &nbsp;&nbsp;&nbsp;$1010060 | &nbsp;&nbsp;&nbsp;$268968 | &nbsp;&nbsp;&nbsp;$132693 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;14224748 | &nbsp;&nbsp;&nbsp;&nbsp;12709879 | &nbsp;&nbsp;&nbsp;&nbsp;2137299 | &nbsp;&nbsp;&nbsp;&nbsp;272394 |
| Total distributions | $15355932 | &nbsp;&nbsp;&nbsp;$13719939 | &nbsp;&nbsp;&nbsp;$2406267 | &nbsp;&nbsp;&nbsp;$405087 |

---

The following information is computed on a tax basis for each item as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$36916556 | &nbsp;&nbsp;&nbsp;&nbsp;$49778353 | &nbsp;&nbsp;&nbsp;&nbsp;$90002883 | &nbsp;&nbsp;&nbsp;&nbsp;$46215621 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;13819064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118783296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20490570 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(1589383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3192846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2073872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1976653) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;12229681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2993316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116709424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18513917 |
| Gross unrealized 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| Net 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13044612) | &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;827149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769875 |
| Undistributed capital gains | &nbsp;&nbsp;&nbsp;&nbsp;1240556 | &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;28480848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274917 |
| 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;(11147) | &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;$14297386 | &nbsp;&nbsp;&nbsp;&nbsp;$(14145500) | &nbsp;&nbsp;&nbsp;&nbsp;$146125433 | &nbsp;&nbsp;&nbsp;&nbsp;$26558696 |

---

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, regulated investment company adjustments, taxable interest on defaulted securities, 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, 2024, the Funds had the following capital loss carryforwards for federal income tax purposes:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**No Expiration<br> Short Term** | &nbsp;&nbsp;&nbsp;**No Expiration<br> Long Term** | &nbsp;&nbsp;&nbsp;**Total** |
| Bond Fund | &nbsp;&nbsp;$2338955 | &nbsp;&nbsp;&nbsp;$10705657 | &nbsp;&nbsp;&nbsp;$13044612 |

---

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.

During the year ended December 31, 2024, the following Fund utilized capital loss carryforwards:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Utilized** |
| Balanced Fund | &nbsp;&nbsp;$983291 |

---

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 six 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.

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Notes to Financial Statements (Unaudited) (Continued)

As of June 30, 2025, the Funds had federal tax costs resulting in net unrealized appreciation (depreciation) as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Federal Tax<br> Cost** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Appreciation<br> on Investments** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Depreciation<br> on Investments** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Appreciation<br> on Other<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Depreciation<br> on Other<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Balanced Fund | $34009783 | &nbsp;&nbsp;&nbsp;$14588886 | &nbsp;&nbsp;&nbsp;$(1045650) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$13543236 |
| Bond Fund | &nbsp;&nbsp;&nbsp;49843515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499614 | &nbsp;&nbsp;&nbsp;&nbsp;(1870374) | &nbsp;&nbsp;&nbsp;&nbsp;32160 | &nbsp;&nbsp;&nbsp;&nbsp;(44704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1383304) |
| Common Stock Fund | &nbsp;&nbsp;&nbsp;86232134 | &nbsp;&nbsp;&nbsp;&nbsp;122536663 | &nbsp;&nbsp;&nbsp;&nbsp;(2971280) | &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;119565383 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;40959034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18496271 | &nbsp;&nbsp;&nbsp;&nbsp;(1249975) | &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;17246296 |

---

*<sup>(1)</sup>* *Other includes Derivatives and Foreign Currency Transactions.*

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, 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**

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Notes to Financial Statements (Unaudited) (Continued)

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.

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

Other Items (Unaudited)

#### 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.

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

This page intentionally left blank.

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

This page intentionally left blank.

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

This page intentionally left blank.

------

[**Table of Contents**](#JOB_TS_-__2ce323b1-b090-45c4-88c0-497474d2cc29_TOCtm2523880d2_financial)

------

![](tm2523880d2financiali002.gif)

![](tm2523880d2financiali001.gif)

TVST-SR-NCSR-2506

**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.**

Not applicable.

**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) Not Applicable.

(a)(2) Not Applicable.

[(a)(3)](tm2523880d2_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.](tm2523880d2_ex99-cert.htm)

(a)(4) Not Applicable.

(a)(5) Not Applicable.

[(b)](tm2523880d2_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.](tm2523880d2_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) <u>Touchstone Variable Series Trust</u>

---

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

---

Date: <u>8/29/2025</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>8/29/2025</u>

---

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

---

Date: <u>8/29/2025</u>

## 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: | 8/29/2025 | /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: | 8/29/2025 | /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: | 8/29/2025 | /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: | 8/29/2025 | /s/ Terri A. Lucas |
|  |  | Terri A. Lucas, Controller and Treasurer |
|  |  | (principal financial officer) |

---