# EDGAR Filing Document

**Accession Number:** 0000914243
**File Stem:** 0001104659-25-056317
**Filing Date:** 2025-6
**Character Count:** 934493
**Document Hash:** 916e64f3eaa6a039d246d49c2f1f592f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-056317.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001104659-25-056317

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**EFFECTIVENESS DATE**: 20250604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOUCHSTONE FUNDS GROUP TRUST
- **CENTRAL INDEX KEY:** 0000914243

**ORGANIZATION NAME:**
- **EIN:** 680325521
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08104
- **FILM NUMBER:** 251022527

**BUSINESS ADDRESS:**
- **STREET 1:** 303 BROADWAY
- **STREET 2:** SUITE 1100
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202
- **BUSINESS PHONE:** 5133628000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSTELLATION FUNDS
- **DATE OF NAME CHANGE:** 20040412

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALPHA SELECT FUNDS
- **DATE OF NAME CHANGE:** 19981216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TIP INSTITUTIONAL FUNDS
- **DATE OF NAME CHANGE:** 19971205

## Series and Classes Contracts Data

### TOUCHSTONE SANDS CAPITAL SELECT GROWTH FUND (Series ID: S000005840)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000016013 | CLASS Y             | CFSIX           |
| C000016014 | CLASS Z             | PTSGX           |
| C000093498 | Class A             | TSNAX           |
| C000093499 | Class C             | TSNCX           |
| C000221929 | Class R6            | TSNRX           |
| C000221930 | Institutional Class | CISGX           |

### TOUCHSTONE MID CAP FUND (Series ID: S000005842)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000016016 | Class Y       | TMCPX           |
| C000039629 | Class Z       | TMCTX           |
| C000048891 | Class A       | TMAPX           |
| C000048892 | Class C       | TMCJX           |
| C000112484 | Institutional | TMPIX           |
| C000226003 | Class R6      | TMPRX           |

### TOUCHSTONE SMALL CAP VALUE FUND (Series ID: S000006456)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000051266 | Class A       | TVOAX           |
| C000051267 | Class C       | TVOCX           |
| C000099303 | Class Y       | TVOYX           |
| C000099304 | Institutional | TVOIX           |

### TOUCHSTONE ULTRA SHORT DURATION FIXED INCOME FUND (Series ID: S000006457)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017655 | CLASS Z             | TSDOX           |
| C000109425 | Class A             | TSDAX           |
| C000109426 | Class C             | TSDCX           |
| C000109427 | Class Y             | TSYYX           |
| C000109428 | Institutional Class | TSDIX           |
| C000193832 | Class S             | SSSGX           |

### TOUCHSTONE SANDS CAPITAL INTERNATIONAL GROWTH EQUITY FUND (Series ID: S000019681)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000055086 | CLASS A             | TPYAX           |
| C000055087 | CLASS C             | TPYCX           |
| C000067757 | Class Y             | TPYYX           |
| C000214318 | Institutional Class | TPYIX           |
| C000244703 | Class R6            | TPYRX           |

### Touchstone Mid Cap Value Fund (Series ID: S000026598)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000079895 | Class C       | TMFCX           |
| C000079896 | Class Y       | TCVYX           |
| C000079897 | Institutional | TCVIX           |
| C000079898 | Class A       | TCVAX           |

### Touchstone Small Cap Fund (Series ID: S000026601)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000079907 | Class A       | TSFAX           |
| C000079908 | Class C       | TSFCX           |
| C000079909 | Class Y       | TSFYX           |
| C000079910 | Institutional | TSFIX           |

### Touchstone US Quality Bond Fund (Series ID: S000026604)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000079919 | Class A       | TCPAX           |
| C000079920 | Class C       | TCPCX           |
| C000079921 | Class Y       | TCPYX           |
| C000079922 | Institutional | TCPNX           |
| C000232512 | Class R6      | TIMPX           |

### Touchstone Ares Credit Opportunities Fund (Series ID: S000042224)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000131056 | Class A             | TMARX           |
| C000131057 | Class C             | TMACX           |
| C000131058 | Class Y             | TMAYX           |
| C000131059 | Institutional Class | TARBX           |

### Touchstone Active Bond Fund (Series ID: S000056166)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000176882 | Class A       | TOBAX           |
| C000176883 | Class C       | TODCX           |
| C000176884 | Class Y       | TOBYX           |
| C000176885 | Institutional | TOBIX           |

### Touchstone High Yield Fund (Series ID: S000056167)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000176886 | Class A       | THYAX           |
| C000176887 | Class C       | THYCX           |
| C000176888 | Class Y       | THYYX           |
| C000176889 | Institutional | THIYX           |

### Touchstone Dividend Equity Fund (Series ID: S000071601)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000226968 | Class C             | TQCCX           |
| C000226969 | Class A             | TQCAX           |
| C000226970 | Class Y             | TQCYX           |
| C000226971 | Institutional Class | TQCIX           |
| C000229316 | Class R6            | TQCRX           |

?xml version='1.0' encoding='ASCII'? 8dd995a69f2e8c1

#### 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

#### 811-08104

#### Touchstone Funds Group 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:

#### September 30

#### Date of reporting period:

#### March 31, 2025
**Item 1. Reports to Stockholders.**

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

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Touchstone Active Bond Fund](#classname80c4fd49-b8db-4ebb-8301-1398b6d42425)<br> **[CLASS A - TOBAX](#classname80c4fd49-b8db-4ebb-8301-1398b6d42425)**  |
|  [Touchstone Active Bond Fund](#classnamec59ec90f-7e9f-41f9-b4e6-4095062a8c58)<br> **[CLASS C - TODCX](#classnamec59ec90f-7e9f-41f9-b4e6-4095062a8c58)**  |
|  [Touchstone Active Bond Fund](#classname53bfbb1b-c5ca-478e-9e77-98066c094d0e)<br> **[CLASS Y - TOBYX](#classname53bfbb1b-c5ca-478e-9e77-98066c094d0e)**  |
|  [Touchstone Active Bond Fund](#classname781179a5-278c-46b2-9002-e29ff16196d0)<br> **[INSTITUTIONAL CLASS - TOBIX](#classname781179a5-278c-46b2-9002-e29ff16196d0)**  |
|  [Touchstone Ares Credit Opportunities Fund](#classnamea40e3640-7d47-4c6b-9e15-5b0571f18d58)<br> **[CLASS A - TMARX](#classnamea40e3640-7d47-4c6b-9e15-5b0571f18d58)**  |
|  [Touchstone Ares Credit Opportunities Fund](#classnamef7654401-fc36-40e6-bdbe-8852a14b6c73)<br> **[CLASS C - TMACX](#classnamef7654401-fc36-40e6-bdbe-8852a14b6c73)**  |
|  [Touchstone Ares Credit Opportunities Fund](#classnamebe932934-f96a-4fc0-862e-6c0bf5d5dd4e)<br> **[CLASS Y - TMAYX](#classnamebe932934-f96a-4fc0-862e-6c0bf5d5dd4e)**  |
|  [Touchstone Ares Credit Opportunities Fund](#classname938a63e6-77e2-48a2-b925-827c32e75035)<br> **[INSTITUTIONAL CLASS - TARBX](#classname938a63e6-77e2-48a2-b925-827c32e75035)**  |
|  [Touchstone Dividend Equity Fund](#classnamed722f404-18a8-469c-86bb-8bd51b4ffaa1)<br> **[CLASS A - TQCAX](#classnamed722f404-18a8-469c-86bb-8bd51b4ffaa1)**  |
|  [Touchstone Dividend Equity Fund](#classnamea6384632-63fc-4166-b3b0-0223c274e41d)<br> **[CLASS C - TQCCX](#classnamea6384632-63fc-4166-b3b0-0223c274e41d)**  |
|  [Touchstone Dividend Equity Fund](#classname9317d61e-33ed-495e-bb01-75b3afec3bab)<br> **[CLASS Y - TQCYX](#classname9317d61e-33ed-495e-bb01-75b3afec3bab)**  |
|  [Touchstone Dividend Equity Fund](#classname6494949a-9c2c-4ca3-a981-f80d04cb5953)<br> **[INSTITUTIONAL CLASS - TQCIX](#classname6494949a-9c2c-4ca3-a981-f80d04cb5953)**  |
|  [Touchstone Dividend Equity Fund](#classname8ba7f5e7-991d-4b2e-b68c-60406006cd48)<br> **[CLASS R6 - TQCRX](#classname8ba7f5e7-991d-4b2e-b68c-60406006cd48)**  |
|  [Touchstone High Yield Fund](#classname62ce5b70-102a-4f39-bf3c-aab5b0a9618b)<br> **[CLASS A - THYAX](#classname62ce5b70-102a-4f39-bf3c-aab5b0a9618b)**  |
|  [Touchstone High Yield Fund](#classname2efbd05d-e68f-4da7-9dd3-187fc6742488)<br> **[CLASS C - THYCX](#classname2efbd05d-e68f-4da7-9dd3-187fc6742488)**  |
|  [Touchstone High Yield Fund](#classname6e79560a-1847-4eba-b1dd-2d1cbfcd357d)<br> **[CLASS Y - THYYX](#classname6e79560a-1847-4eba-b1dd-2d1cbfcd357d)**  |
|  [Touchstone High Yield Fund](#classname5c1b52c2-0849-42b9-b4f5-6d78269704ec)<br> **[INSTITUTIONAL CLASS - THIYX](#classname5c1b52c2-0849-42b9-b4f5-6d78269704ec)**  |
|  [Touchstone Mid Cap Fund](#classname34408a3f-4f3d-4da6-928b-531e9fe5e801)<br> **[CLASS A - TMAPX](#classname34408a3f-4f3d-4da6-928b-531e9fe5e801)**  |
|  [Touchstone Mid Cap Fund](#classnameb25cbb70-de38-4a06-92a8-5db2586cbbdd)<br> **[CLASS C - TMCJX](#classnameb25cbb70-de38-4a06-92a8-5db2586cbbdd)**  |
|  [Touchstone Mid Cap Fund](#classnamecdebf80b-5415-43f8-9bbb-82283b8661a9)<br> **[CLASS Y - TMCPX](#classnamecdebf80b-5415-43f8-9bbb-82283b8661a9)**  |
|  [Touchstone Mid Cap Fund](#classnamef67b5cef-ee54-4639-9772-2df972a0c4d1)<br> **[CLASS Z - TMCTX](#classnamef67b5cef-ee54-4639-9772-2df972a0c4d1)**  |
|  [Touchstone Mid Cap Fund](#classname8cb0b362-f7c7-4f0d-87d6-8821c95a64df)<br> **[INSTITUTIONAL CLASS - TMPIX](#classname8cb0b362-f7c7-4f0d-87d6-8821c95a64df)**  |
|  [Touchstone Mid Cap Fund](#classname05891f3d-299f-4f81-a0ed-d2980d7c189b)<br> **[CLASS R6 - TMPRX](#classname05891f3d-299f-4f81-a0ed-d2980d7c189b)**  |
|  [Touchstone Mid Cap Value Fund](#classnamed1caa1bb-f5b6-43b9-9ab3-df361dde061e)<br> **[CLASS A - TCVAX](#classnamed1caa1bb-f5b6-43b9-9ab3-df361dde061e)**  |
|  [Touchstone Mid Cap Value Fund](#classnameabcd2aa1-2299-47ee-b9fa-57153b289952)<br> **[CLASS C - TMFCX](#classnameabcd2aa1-2299-47ee-b9fa-57153b289952)**  |
|  [Touchstone Mid Cap Value Fund](#classnamee5d25edb-38f9-4f7b-8235-72ce79238db7)<br> **[CLASS Y - TCVYX](#classnamee5d25edb-38f9-4f7b-8235-72ce79238db7)**  |
|  [Touchstone Mid Cap Value Fund](#classname70d595c0-a5bb-4c0f-93ae-db0fd1bf7025)<br> **[INSTITUTIONAL CLASS - TCVIX](#classname70d595c0-a5bb-4c0f-93ae-db0fd1bf7025)**  |
|  [Touchstone Sands Capital International Growth Equity Fund](#classname4b891642-0d35-4b0b-b1c9-13a995668e23)<br> **[CLASS A - TPYAX](#classname4b891642-0d35-4b0b-b1c9-13a995668e23)**  |
|  [Touchstone Sands Capital International Growth Equity Fund](#classname913bbe33-3e13-454b-a336-8d9f99236001)<br> **[CLASS C - TPYCX](#classname913bbe33-3e13-454b-a336-8d9f99236001)**  |
|  [Touchstone Sands Capital International Growth Equity Fund](#classname4a568515-a168-4713-8290-d99e5a117de9)<br> **[CLASS Y - TPYYX](#classname4a568515-a168-4713-8290-d99e5a117de9)**  |
|  [Touchstone Sands Capital International Growth Equity Fund](#classname0c52317a-7daf-45e5-9194-2c87cf2d2280)<br> **[INSTITUTIONAL CLASS - TPYIX](#classname0c52317a-7daf-45e5-9194-2c87cf2d2280)**  |
|  [Touchstone Sands Capital International Growth Equity Fund](#classname54e73691-64fc-4320-9183-dc7c6481bcf6)<br> **[CLASS R6 - TPYRX](#classname54e73691-64fc-4320-9183-dc7c6481bcf6)**  |
|  [Touchstone Sands Capital Select Growth Fund](#classnamef18d8f00-ebed-49c2-97c7-41d7137ec85c)<br> **[CLASS A - TSNAX](#classnamef18d8f00-ebed-49c2-97c7-41d7137ec85c)**  |
|  [Touchstone Sands Capital Select Growth Fund](#classname4aea7f68-ee85-4d40-8f3b-811dbc2fcc85)<br> **[CLASS C - TSNCX](#classname4aea7f68-ee85-4d40-8f3b-811dbc2fcc85)**  |
|  [Touchstone Sands Capital Select Growth Fund](#classname2811d117-4a6c-468d-95dd-da6cfc75eb68)<br> **[CLASS Y - CFSIX](#classname2811d117-4a6c-468d-95dd-da6cfc75eb68)**  |
|  [Touchstone Sands Capital Select Growth Fund](#classnamea031f72e-19f2-4f10-a44b-2f97b7b546d6)<br> **[CLASS Z - PTSGX](#classnamea031f72e-19f2-4f10-a44b-2f97b7b546d6)**  |
|  [Touchstone Sands Capital Select Growth Fund](#classname23335375-ec79-4d51-8d47-04f7a7303efc)<br> **[INSTITUTIONAL CLASS - CISGX](#classname23335375-ec79-4d51-8d47-04f7a7303efc)**  |
|  [Touchstone Sands Capital Select Growth Fund](#classnameb5e90ae0-2c07-4168-90d3-5910b54e793f)<br> **[CLASS R6 - TSNRX](#classnameb5e90ae0-2c07-4168-90d3-5910b54e793f)**  |
|  [Touchstone Small Cap Fund](#classname3a6512e0-505e-4177-9c9c-4279c770a088)<br> **[CLASS A - TSFAX](#classname3a6512e0-505e-4177-9c9c-4279c770a088)**  |
|  [Touchstone Small Cap Fund](#classname9194a959-80a7-4c14-8980-f5a871034db0)<br> **[CLASS C - TSFCX](#classname9194a959-80a7-4c14-8980-f5a871034db0)**  |
|  [Touchstone Small Cap Fund](#classnamec47c9e25-45dd-4cb3-96f1-408338abcddb)<br> **[CLASS Y - TSFYX](#classnamec47c9e25-45dd-4cb3-96f1-408338abcddb)**  |
|  [Touchstone Small Cap Fund](#classnamed04c726c-57c3-4552-89af-3db9d6a1a865)<br> **[INSTITUTIONAL CLASS - TSFIX](#classnamed04c726c-57c3-4552-89af-3db9d6a1a865)**  |
|  [Touchstone Small Cap Value Fund](#classname37732402-46a4-4612-b37c-1736c29f685e)<br> **[CLASS A - TVOAX](#classname37732402-46a4-4612-b37c-1736c29f685e)**  |
|  [Touchstone Small Cap Value Fund](#classname8603f791-51c9-4bc9-a174-ef586a07be5c)<br> **[CLASS C - TVOCX](#classname8603f791-51c9-4bc9-a174-ef586a07be5c)**  |
|  [Touchstone Small Cap Value Fund](#classname180c4c90-dffc-4e53-8a98-87f3930319f2)<br> **[CLASS Y - TVOYX](#classname180c4c90-dffc-4e53-8a98-87f3930319f2)**  |
|  [Touchstone Small Cap Value Fund](#classname80e26ed5-dcdf-4329-b2a4-606097b44c7d)<br> **[INSTITUTIONAL CLASS - TVOIX](#classname80e26ed5-dcdf-4329-b2a4-606097b44c7d)**  |
|  [Touchstone Ultra Short Duration Fixed Income Fund](#classname1ce1e496-00d9-4e87-beef-6c84ec703ee3)<br> **[CLASS A - TSDAX](#classname1ce1e496-00d9-4e87-beef-6c84ec703ee3)**  |
|  [Touchstone Ultra Short Duration Fixed Income Fund](#classname2676567d-40f6-4221-8399-651afce98165)<br> **[CLASS C - TSDCX](#classname2676567d-40f6-4221-8399-651afce98165)**  |
|  [Touchstone Ultra Short Duration Fixed Income Fund](#classname45fcb670-9038-4a0d-b618-a61365ba8199)<br> **[CLASS S - SSSGX](#classname45fcb670-9038-4a0d-b618-a61365ba8199)**  |
|  [Touchstone Ultra Short Duration Fixed Income Fund](#classnamef45227e7-9f0d-4606-b5a2-23e6a0296dee)<br> **[CLASS Y - TSYYX](#classnamef45227e7-9f0d-4606-b5a2-23e6a0296dee)**  |
|  [Touchstone Ultra Short Duration Fixed Income Fund](#classname63d8113c-1c71-48b9-b9f7-69f449067a48)<br> **[CLASS Z - TSDOX](#classname63d8113c-1c71-48b9-b9f7-69f449067a48)**  |
|  [Touchstone Ultra Short Duration Fixed Income Fund](#classname408daa12-e670-4b48-860c-393ee8a80a17)<br> **[INSTITUTIONAL CLASS - TSDIX](#classname408daa12-e670-4b48-860c-393ee8a80a17)**  |
|  [Touchstone US Quality Bond Fund](#classnamedb14bfac-05d7-410a-80f8-0cf1d73dc279)<br> **[CLASS A - TCPAX](#classnamedb14bfac-05d7-410a-80f8-0cf1d73dc279)**  |
|  [Touchstone US Quality Bond Fund](#classname27f86ccf-36c3-4fd3-8bd9-d9cb1b83d657)<br> **[CLASS C - TCPCX](#classname27f86ccf-36c3-4fd3-8bd9-d9cb1b83d657)**  |
|  [Touchstone US Quality Bond Fund](#classnamebbb1982c-0118-4b94-9972-3267c7ff28e9)<br> **[CLASS Y - TCPYX](#classnamebbb1982c-0118-4b94-9972-3267c7ff28e9)**  |
|  [Touchstone US Quality Bond Fund](#classname565098b4-fbbb-4d03-857e-83d4525ddd54)<br> **[INSTITUTIONAL CLASS - TCPNX](#classname565098b4-fbbb-4d03-857e-83d4525ddd54)**  |
|  [Touchstone US Quality Bond Fund](#classname33810f86-bc1e-4b82-8b41-1127baae908f)<br> **[CLASS R6 - TIMPX](#classname33810f86-bc1e-4b82-8b41-1127baae908f)**  |

---

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Active Bond Fund

#### CLASS A \| TOBAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Active Bond Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 A | $41 | 0.83% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $261078884 |
| **Total number of portfolio holdings** | 320 |
| **Portfolio turnover rate** | 87% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 39.7% |
| U.S. Treasury Obligations | 22.3% |
| Non-Agency Collateralized Mortgage Obligations | 9.5% |
| U.S. Government Mortgage-Backed Obligations | 7.2% |
| Agency Collateralized Mortgage Obligations | 6.8% |
| Commercial Mortgage-Backed Securities | 6.3% |
| Asset-Backed Securities | 5.3% |
| Sovereign Government Obligations | 0.9% |
| Short-Term Investment Fund | 1.3% |
| Other Assets/Liabilities (Net) | 0.7% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 45.0% |
| AA/Aa | 8.0% |
| A/A | 14.8% |
| BBB/Baa | 23.8% |
| BB/Ba | 0.9% |
| B/B | 0.5% |
| Not Rated | 7.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Active Bond Fund

#### CLASS C \| TODCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Active Bond Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 C | $76 | 1.54% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $261078884 |
| **Total number of portfolio holdings** | 320 |
| **Portfolio turnover rate** | 87% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 39.7% |
| U.S. Treasury Obligations | 22.3% |
| Non-Agency Collateralized Mortgage Obligations | 9.5% |
| U.S. Government Mortgage-Backed Obligations | 7.2% |
| Agency Collateralized Mortgage Obligations | 6.8% |
| Commercial Mortgage-Backed Securities | 6.3% |
| Asset-Backed Securities | 5.3% |
| Sovereign Government Obligations | 0.9% |
| Short-Term Investment Fund | 1.3% |
| Other Assets/Liabilities (Net) | 0.7% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 45.0% |
| AA/Aa | 8.0% |
| A/A | 14.8% |
| BBB/Baa | 23.8% |
| BB/Ba | 0.9% |
| B/B | 0.5% |
| Not Rated | 7.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Active Bond Fund

#### CLASS Y \| TOBYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Active Bond Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Y | $29 | 0.58% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $261078884 |
| **Total number of portfolio holdings** | 320 |
| **Portfolio turnover rate** | 87% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 39.7% |
| U.S. Treasury Obligations | 22.3% |
| Non-Agency Collateralized Mortgage Obligations | 9.5% |
| U.S. Government Mortgage-Backed Obligations | 7.2% |
| Agency Collateralized Mortgage Obligations | 6.8% |
| Commercial Mortgage-Backed Securities | 6.3% |
| Asset-Backed Securities | 5.3% |
| Sovereign Government Obligations | 0.9% |
| Short-Term Investment Fund | 1.3% |
| Other Assets/Liabilities (Net) | 0.7% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 45.0% |
| AA/Aa | 8.0% |
| A/A | 14.8% |
| BBB/Baa | 23.8% |
| BB/Ba | 0.9% |
| B/B | 0.5% |
| Not Rated | 7.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Active Bond Fund

#### INSTITUTIONAL CLASS \| TOBIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Active Bond Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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** |
| Institutional Class | $25 | 0.50% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $261078884 |
| **Total number of portfolio holdings** | 320 |
| **Portfolio turnover rate** | 87% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 39.7% |
| U.S. Treasury Obligations | 22.3% |
| Non-Agency Collateralized Mortgage Obligations | 9.5% |
| U.S. Government Mortgage-Backed Obligations | 7.2% |
| Agency Collateralized Mortgage Obligations | 6.8% |
| Commercial Mortgage-Backed Securities | 6.3% |
| Asset-Backed Securities | 5.3% |
| Sovereign Government Obligations | 0.9% |
| Short-Term Investment Fund | 1.3% |
| Other Assets/Liabilities (Net) | 0.7% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 45.0% |
| AA/Aa | 8.0% |
| A/A | 14.8% |
| BBB/Baa | 23.8% |
| BB/Ba | 0.9% |
| B/B | 0.5% |
| Not Rated | 7.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Ares Credit Opportunities Fund

#### CLASS A \| TMARX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 A | $51 | 1.02% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $788163157 |
| **Total number of portfolio holdings** | 388 |
| **Portfolio turnover rate** | 24% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 79.5% |
| Bank Loans | 11.4% |
| Asset-Backed Securities | 2.6% |
| Common Stocks | 1.7% |
| Warrants | 0.1% |
| Trade Claim | 0.0% |
| Purchased Options | 0.0% |
| Short-Term Investment Funds | 4.4% |
| Other Assets/Liabilities (Net) | 0.3% |
| Written Options | 0.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| BBB/Baa | 8.9% |
| BB/Ba | 39.8% |
| B/B | 36.6% |
| CCC | 9.7% |
| Not Rated | 5.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Ares Credit Opportunities Fund

#### CLASS C \| TMACX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 C | $77 | 1.53% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $788163157 |
| **Total number of portfolio holdings** | 388 |
| **Portfolio turnover rate** | 24% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 79.5% |
| Bank Loans | 11.4% |
| Asset-Backed Securities | 2.6% |
| Common Stocks | 1.7% |
| Warrants | 0.1% |
| Trade Claim | 0.0% |
| Purchased Options | 0.0% |
| Short-Term Investment Funds | 4.4% |
| Other Assets/Liabilities (Net) | 0.3% |
| Written Options | 0.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| BBB/Baa | 8.9% |
| BB/Ba | 39.8% |
| B/B | 36.6% |
| CCC | 9.7% |
| Not Rated | 5.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Ares Credit Opportunities Fund

#### CLASS Y \| TMAYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Y | $41 | 0.82% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $788163157 |
| **Total number of portfolio holdings** | 388 |
| **Portfolio turnover rate** | 24% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 79.5% |
| Bank Loans | 11.4% |
| Asset-Backed Securities | 2.6% |
| Common Stocks | 1.7% |
| Warrants | 0.1% |
| Trade Claim | 0.0% |
| Purchased Options | 0.0% |
| Short-Term Investment Funds | 4.4% |
| Other Assets/Liabilities (Net) | 0.3% |
| Written Options | 0.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| BBB/Baa | 8.9% |
| BB/Ba | 39.8% |
| B/B | 36.6% |
| CCC | 9.7% |
| Not Rated | 5.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Ares Credit Opportunities Fund

#### INSTITUTIONAL CLASS \| TARBX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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** |
| Institutional Class | $36 | 0.72% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $788163157 |
| **Total number of portfolio holdings** | 388 |
| **Portfolio turnover rate** | 24% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 79.5% |
| Bank Loans | 11.4% |
| Asset-Backed Securities | 2.6% |
| Common Stocks | 1.7% |
| Warrants | 0.1% |
| Trade Claim | 0.0% |
| Purchased Options | 0.0% |
| Short-Term Investment Funds | 4.4% |
| Other Assets/Liabilities (Net) | 0.3% |
| Written Options | 0.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| BBB/Baa | 8.9% |
| BB/Ba | 39.8% |
| B/B | 36.6% |
| CCC | 9.7% |
| Not Rated | 5.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Dividend Equity Fund

#### CLASS A \| TQCAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Dividend Equity Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 A | $49 | 0.99% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2297514698 |
| **Total number of portfolio holdings** | 90 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 20.5% |
| Financials | 15.4% |
| Health Care | 12.3% |
| Industrials | 10.4% |
| Communication Services | 8.6% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 7.2% |
| Energy | 5.3% |
| Utilities | 4.7% |
| Materials | 3.5% |
| Real Estate | 3.0% |
| Short-Term Investment Fund | 1.5% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Dividend Equity Fund

#### CLASS C \| TQCCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Dividend Equity Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 C | $84 | 1.69% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2297514698 |
| **Total number of portfolio holdings** | 90 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 20.5% |
| Financials | 15.4% |
| Health Care | 12.3% |
| Industrials | 10.4% |
| Communication Services | 8.6% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 7.2% |
| Energy | 5.3% |
| Utilities | 4.7% |
| Materials | 3.5% |
| Real Estate | 3.0% |
| Short-Term Investment Fund | 1.5% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Dividend Equity Fund

#### CLASS Y \| TQCYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Dividend Equity Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Y | $38 | 0.76% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2297514698 |
| **Total number of portfolio holdings** | 90 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 20.5% |
| Financials | 15.4% |
| Health Care | 12.3% |
| Industrials | 10.4% |
| Communication Services | 8.6% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 7.2% |
| Energy | 5.3% |
| Utilities | 4.7% |
| Materials | 3.5% |
| Real Estate | 3.0% |
| Short-Term Investment Fund | 1.5% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Dividend Equity Fund

#### INSTITUTIONAL CLASS \| TQCIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Dividend Equity Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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** |
| Institutional Class | $33 | 0.66% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2297514698 |
| **Total number of portfolio holdings** | 90 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 20.5% |
| Financials | 15.4% |
| Health Care | 12.3% |
| Industrials | 10.4% |
| Communication Services | 8.6% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 7.2% |
| Energy | 5.3% |
| Utilities | 4.7% |
| Materials | 3.5% |
| Real Estate | 3.0% |
| Short-Term Investment Fund | 1.5% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Dividend Equity Fund

#### CLASS R6 \| TQCRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Dividend Equity Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 R6 | $32 | 0.65% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2297514698 |
| **Total number of portfolio holdings** | 90 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 20.5% |
| Financials | 15.4% |
| Health Care | 12.3% |
| Industrials | 10.4% |
| Communication Services | 8.6% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 7.2% |
| Energy | 5.3% |
| Utilities | 4.7% |
| Materials | 3.5% |
| Real Estate | 3.0% |
| Short-Term Investment Fund | 1.5% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone High Yield Fund

#### CLASS A \| THYAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone High Yield Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 A | $53 | 1.05% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $104579853 |
| **Total number of portfolio holdings** | 155 |
| **Portfolio turnover rate** | 22% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 95.2% |
| Short-Term Investment Funds | 3.6% |
| Other Assets/Liabilities (Net) | 1.2% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| A/A | 0.7% |
| BBB/Baa | 18.7% |
| BB/Ba | 44.6% |
| B/B | 28.9% |
| CCC | 6.1% |
| C or Lower | 0.2% |
| Not Rated | 0.8% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone High Yield Fund

#### CLASS C \| THYCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone High Yield Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 C | $89 | 1.78% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $104579853 |
| **Total number of portfolio holdings** | 155 |
| **Portfolio turnover rate** | 22% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 95.2% |
| Short-Term Investment Funds | 3.6% |
| Other Assets/Liabilities (Net) | 1.2% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| A/A | 0.7% |
| BBB/Baa | 18.7% |
| BB/Ba | 44.6% |
| B/B | 28.9% |
| CCC | 6.1% |
| C or Lower | 0.2% |
| Not Rated | 0.8% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone High Yield Fund

#### CLASS Y \| THYYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone High Yield Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Y | $40 | 0.80% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $104579853 |
| **Total number of portfolio holdings** | 155 |
| **Portfolio turnover rate** | 22% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 95.2% |
| Short-Term Investment Funds | 3.6% |
| Other Assets/Liabilities (Net) | 1.2% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| A/A | 0.7% |
| BBB/Baa | 18.7% |
| BB/Ba | 44.6% |
| B/B | 28.9% |
| CCC | 6.1% |
| C or Lower | 0.2% |
| Not Rated | 0.8% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone High Yield Fund

#### INSTITUTIONAL CLASS \| THIYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone High Yield Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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** |
| Institutional Class | $36 | 0.72% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $104579853 |
| **Total number of portfolio holdings** | 155 |
| **Portfolio turnover rate** | 22% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 95.2% |
| Short-Term Investment Funds | 3.6% |
| Other Assets/Liabilities (Net) | 1.2% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| A/A | 0.7% |
| BBB/Baa | 18.7% |
| BB/Ba | 44.6% |
| B/B | 28.9% |
| CCC | 6.1% |
| C or Lower | 0.2% |
| Not Rated | 0.8% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Mid Cap Fund

#### CLASS A \| TMAPX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 A | $56 | 1.17% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $5422653761 |
| **Total number of portfolio holdings** | 34 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 28.0% |
| Financials | 15.8% |
| Information Technology | 11.0% |
| Materials | 10.9% |
| Consumer Discretionary | 9.5% |
| Consumer Staples | 8.5% |
| Health Care | 8.2% |
| Real Estate | 5.8% |
| Short-Term Investment Fund | 2.4% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Mid Cap Fund

#### CLASS C \| TMCJX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 C | $92 | 1.92% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $5422653761 |
| **Total number of portfolio holdings** | 34 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 28.0% |
| Financials | 15.8% |
| Information Technology | 11.0% |
| Materials | 10.9% |
| Consumer Discretionary | 9.5% |
| Consumer Staples | 8.5% |
| Health Care | 8.2% |
| Real Estate | 5.8% |
| Short-Term Investment Fund | 2.4% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Mid Cap Fund

#### CLASS Y \| TMCPX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Y | $44 | 0.91% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $5422653761 |
| **Total number of portfolio holdings** | 34 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 28.0% |
| Financials | 15.8% |
| Information Technology | 11.0% |
| Materials | 10.9% |
| Consumer Discretionary | 9.5% |
| Consumer Staples | 8.5% |
| Health Care | 8.2% |
| Real Estate | 5.8% |
| Short-Term Investment Fund | 2.4% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Mid Cap Fund

#### CLASS Z \| TMCTX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Z | $59 | 1.22% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $5422653761 |
| **Total number of portfolio holdings** | 34 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 28.0% |
| Financials | 15.8% |
| Information Technology | 11.0% |
| Materials | 10.9% |
| Consumer Discretionary | 9.5% |
| Consumer Staples | 8.5% |
| Health Care | 8.2% |
| Real Estate | 5.8% |
| Short-Term Investment Fund | 2.4% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Mid Cap Fund

#### INSTITUTIONAL CLASS \| TMPIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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** |
| Institutional Class | $41 | 0.85% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $5422653761 |
| **Total number of portfolio holdings** | 34 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 28.0% |
| Financials | 15.8% |
| Information Technology | 11.0% |
| Materials | 10.9% |
| Consumer Discretionary | 9.5% |
| Consumer Staples | 8.5% |
| Health Care | 8.2% |
| Real Estate | 5.8% |
| Short-Term Investment Fund | 2.4% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Mid Cap Fund

#### CLASS R6 \| TMPRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 R6 | $39 | 0.80% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $5422653761 |
| **Total number of portfolio holdings** | 34 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 28.0% |
| Financials | 15.8% |
| Information Technology | 11.0% |
| Materials | 10.9% |
| Consumer Discretionary | 9.5% |
| Consumer Staples | 8.5% |
| Health Care | 8.2% |
| Real Estate | 5.8% |
| Short-Term Investment Fund | 2.4% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Mid Cap Value Fund

#### CLASS A \| TCVAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Value Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 A | $61 | 1.25% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $551466143 |
| **Total number of portfolio holdings** | 73 |
| **Portfolio turnover rate** | 13% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 18.2% |
| Financials | 18.1% |
| Utilities | 11.0% |
| Health Care | 10.1% |
| Information Technology | 9.1% |
| Consumer Staples | 8.8% |
| Consumer Discretionary | 7.6% |
| Real Estate | 6.2% |
| Energy | 5.7% |
| Materials | 4.3% |
| Short-Term Investment Fund | 1.0% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Mid Cap Value Fund

#### CLASS C \| TMFCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Value Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 C | $97 | 1.98% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $551466143 |
| **Total number of portfolio holdings** | 73 |
| **Portfolio turnover rate** | 13% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 18.2% |
| Financials | 18.1% |
| Utilities | 11.0% |
| Health Care | 10.1% |
| Information Technology | 9.1% |
| Consumer Staples | 8.8% |
| Consumer Discretionary | 7.6% |
| Real Estate | 6.2% |
| Energy | 5.7% |
| Materials | 4.3% |
| Short-Term Investment Fund | 1.0% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Mid Cap Value Fund

#### CLASS Y \| TCVYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Value Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Y | $49 | 1.00% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $551466143 |
| **Total number of portfolio holdings** | 73 |
| **Portfolio turnover rate** | 13% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 18.2% |
| Financials | 18.1% |
| Utilities | 11.0% |
| Health Care | 10.1% |
| Information Technology | 9.1% |
| Consumer Staples | 8.8% |
| Consumer Discretionary | 7.6% |
| Real Estate | 6.2% |
| Energy | 5.7% |
| Materials | 4.3% |
| Short-Term Investment Fund | 1.0% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Mid Cap Value Fund

#### INSTITUTIONAL CLASS \| TCVIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Value Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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** |
| Institutional Class | $43 | 0.87% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $551466143 |
| **Total number of portfolio holdings** | 73 |
| **Portfolio turnover rate** | 13% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 18.2% |
| Financials | 18.1% |
| Utilities | 11.0% |
| Health Care | 10.1% |
| Information Technology | 9.1% |
| Consumer Staples | 8.8% |
| Consumer Discretionary | 7.6% |
| Real Estate | 6.2% |
| Energy | 5.7% |
| Materials | 4.3% |
| Short-Term Investment Fund | 1.0% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Sands Capital International Growth Equity Fund

#### CLASS A \| TPYAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 A | $57 | 1.17% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $96452060 |
| **Total number of portfolio holdings** | 32 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 20.9% |
| Consumer Discretionary | 20.1% |
| Communication Services | 17.6% |
| Industrials | 14.7% |
| Financials | 9.9% |
| Consumer Staples | 5.5% |
| Health Care | 4.6% |
| Materials | 3.1% |
| Short-Term Investment Fund | 3.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| Short-Term Investment Fund | 3.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Sands Capital International Growth Equity Fund

#### CLASS C \| TPYCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 C | $95 | 1.94% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $96452060 |
| **Total number of portfolio holdings** | 32 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 20.9% |
| Consumer Discretionary | 20.1% |
| Communication Services | 17.6% |
| Industrials | 14.7% |
| Financials | 9.9% |
| Consumer Staples | 5.5% |
| Health Care | 4.6% |
| Materials | 3.1% |
| Short-Term Investment Fund | 3.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| Short-Term Investment Fund | 3.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Sands Capital International Growth Equity Fund

#### CLASS Y \| TPYYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Y | $44 | 0.90% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $96452060 |
| **Total number of portfolio holdings** | 32 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 20.9% |
| Consumer Discretionary | 20.1% |
| Communication Services | 17.6% |
| Industrials | 14.7% |
| Financials | 9.9% |
| Consumer Staples | 5.5% |
| Health Care | 4.6% |
| Materials | 3.1% |
| Short-Term Investment Fund | 3.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| Short-Term Investment Fund | 3.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Sands Capital International Growth Equity Fund

#### INSTITUTIONAL CLASS \| TPYIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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** |
| Institutional Class | $42 | 0.86% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $96452060 |
| **Total number of portfolio holdings** | 32 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 20.9% |
| Consumer Discretionary | 20.1% |
| Communication Services | 17.6% |
| Industrials | 14.7% |
| Financials | 9.9% |
| Consumer Staples | 5.5% |
| Health Care | 4.6% |
| Materials | 3.1% |
| Short-Term Investment Fund | 3.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| Short-Term Investment Fund | 3.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Sands Capital International Growth Equity Fund

#### CLASS R6 \| TPYRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 R6 | $38 | 0.78% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $96452060 |
| **Total number of portfolio holdings** | 32 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 20.9% |
| Consumer Discretionary | 20.1% |
| Communication Services | 17.6% |
| Industrials | 14.7% |
| Financials | 9.9% |
| Consumer Staples | 5.5% |
| Health Care | 4.6% |
| Materials | 3.1% |
| Short-Term Investment Fund | 3.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| Short-Term Investment Fund | 3.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Sands Capital Select Growth Fund

#### CLASS A \| TSNAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 A | $57 | 1.16% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2066961781 |
| **Total number of portfolio holdings** | 29 |
| **Portfolio turnover rate** | 26% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 42.0% |
| Communication Services | 21.8% |
| Consumer Discretionary | 12.1% |
| Financials | 10.2% |
| Health Care | 4.6% |
| Industrials | 4.0% |
| Energy | 0.8% |
| Short-Term Investment Funds | 5.4% |
| Other Assets/Liabilities (Net) | (0.9)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Sands Capital Select Growth Fund

#### CLASS C \| TSNCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 C | $88 | 1.78% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2066961781 |
| **Total number of portfolio holdings** | 29 |
| **Portfolio turnover rate** | 26% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 42.0% |
| Communication Services | 21.8% |
| Consumer Discretionary | 12.1% |
| Financials | 10.2% |
| Health Care | 4.6% |
| Industrials | 4.0% |
| Energy | 0.8% |
| Short-Term Investment Funds | 5.4% |
| Other Assets/Liabilities (Net) | (0.9)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Sands Capital Select Growth Fund

#### CLASS Y \| CFSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Y | $44 | 0.88% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2066961781 |
| **Total number of portfolio holdings** | 29 |
| **Portfolio turnover rate** | 26% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 42.0% |
| Communication Services | 21.8% |
| Consumer Discretionary | 12.1% |
| Financials | 10.2% |
| Health Care | 4.6% |
| Industrials | 4.0% |
| Energy | 0.8% |
| Short-Term Investment Funds | 5.4% |
| Other Assets/Liabilities (Net) | (0.9)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Sands Capital Select Growth Fund

#### CLASS Z \| PTSGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Z | $58 | 1.17% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2066961781 |
| **Total number of portfolio holdings** | 29 |
| **Portfolio turnover rate** | 26% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 42.0% |
| Communication Services | 21.8% |
| Consumer Discretionary | 12.1% |
| Financials | 10.2% |
| Health Care | 4.6% |
| Industrials | 4.0% |
| Energy | 0.8% |
| Short-Term Investment Funds | 5.4% |
| Other Assets/Liabilities (Net) | (0.9)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Sands Capital Select Growth Fund

#### INSTITUTIONAL CLASS \| CISGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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** |
| Institutional Class | $40 | 0.80% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2066961781 |
| **Total number of portfolio holdings** | 29 |
| **Portfolio turnover rate** | 26% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 42.0% |
| Communication Services | 21.8% |
| Consumer Discretionary | 12.1% |
| Financials | 10.2% |
| Health Care | 4.6% |
| Industrials | 4.0% |
| Energy | 0.8% |
| Short-Term Investment Funds | 5.4% |
| Other Assets/Liabilities (Net) | (0.9)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Sands Capital Select Growth Fund

#### CLASS R6 \| TSNRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 R6 | $34 | 0.69% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2066961781 |
| **Total number of portfolio holdings** | 29 |
| **Portfolio turnover rate** | 26% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 42.0% |
| Communication Services | 21.8% |
| Consumer Discretionary | 12.1% |
| Financials | 10.2% |
| Health Care | 4.6% |
| Industrials | 4.0% |
| Energy | 0.8% |
| Short-Term Investment Funds | 5.4% |
| Other Assets/Liabilities (Net) | (0.9)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Small Cap Fund

#### CLASS A \| TSFAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Small Cap Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 A | $61 | 1.26% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $258848717 |
| **Total number of portfolio holdings** | 36 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 25.4% |
| Information Technology | 17.4% |
| Financials | 15.9% |
| Consumer Discretionary | 14.4% |
| Real Estate | 7.4% |
| Health Care | 5.9% |
| Materials | 5.7% |
| Consumer Staples | 5.1% |
| Communication Services | 1.1% |
| Short-Term Investment Fund | 2.0% |
| Other Assets/Liabilities (Net) | (0.3)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Small Cap Fund

#### CLASS C \| TSFCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Small Cap Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 C | $96 | 1.99% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $258848717 |
| **Total number of portfolio holdings** | 36 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 25.4% |
| Information Technology | 17.4% |
| Financials | 15.9% |
| Consumer Discretionary | 14.4% |
| Real Estate | 7.4% |
| Health Care | 5.9% |
| Materials | 5.7% |
| Consumer Staples | 5.1% |
| Communication Services | 1.1% |
| Short-Term Investment Fund | 2.0% |
| Other Assets/Liabilities (Net) | (0.3)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Small Cap Fund

#### CLASS Y \| TSFYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Small Cap Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Y | $49 | 1.01% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $258848717 |
| **Total number of portfolio holdings** | 36 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 25.4% |
| Information Technology | 17.4% |
| Financials | 15.9% |
| Consumer Discretionary | 14.4% |
| Real Estate | 7.4% |
| Health Care | 5.9% |
| Materials | 5.7% |
| Consumer Staples | 5.1% |
| Communication Services | 1.1% |
| Short-Term Investment Fund | 2.0% |
| Other Assets/Liabilities (Net) | (0.3)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Small Cap Fund

#### INSTITUTIONAL CLASS \| TSFIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Small Cap Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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** |
| Institutional Class | $45 | 0.93% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $258848717 |
| **Total number of portfolio holdings** | 36 |
| **Portfolio turnover rate** | 6% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 25.4% |
| Information Technology | 17.4% |
| Financials | 15.9% |
| Consumer Discretionary | 14.4% |
| Real Estate | 7.4% |
| Health Care | 5.9% |
| Materials | 5.7% |
| Consumer Staples | 5.1% |
| Communication Services | 1.1% |
| Short-Term Investment Fund | 2.0% |
| Other Assets/Liabilities (Net) | (0.3)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Small Cap Value Fund

#### CLASS A \| TVOAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Small Cap Value Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 A | $68 | 1.40% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $188933359 |
| **Total number of portfolio holdings** | 88 |
| **Portfolio turnover rate** | 10% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 26.9% |
| Industrials | 18.9% |
| Health Care | 8.9% |
| Consumer Discretionary | 8.6% |
| Real Estate | 8.3% |
| Information Technology | 7.3% |
| Energy | 5.0% |
| Materials | 4.8% |
| Utilities | 4.7% |
| Consumer Staples | 4.3% |
| Exchange-Traded Fund | 1.5% |
| Short-Term Investment Fund | 0.3% |
| Other Assets/Liabilities (Net) | 0.5% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Small Cap Value Fund

#### CLASS C \| TVOCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Small Cap Value Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 C | $102 | 2.11% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $188933359 |
| **Total number of portfolio holdings** | 88 |
| **Portfolio turnover rate** | 10% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 26.9% |
| Industrials | 18.9% |
| Health Care | 8.9% |
| Consumer Discretionary | 8.6% |
| Real Estate | 8.3% |
| Information Technology | 7.3% |
| Energy | 5.0% |
| Materials | 4.8% |
| Utilities | 4.7% |
| Consumer Staples | 4.3% |
| Exchange-Traded Fund | 1.5% |
| Short-Term Investment Fund | 0.3% |
| Other Assets/Liabilities (Net) | 0.5% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Small Cap Value Fund

#### CLASS Y \| TVOYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Small Cap Value Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Y | $56 | 1.15% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $188933359 |
| **Total number of portfolio holdings** | 88 |
| **Portfolio turnover rate** | 10% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 26.9% |
| Industrials | 18.9% |
| Health Care | 8.9% |
| Consumer Discretionary | 8.6% |
| Real Estate | 8.3% |
| Information Technology | 7.3% |
| Energy | 5.0% |
| Materials | 4.8% |
| Utilities | 4.7% |
| Consumer Staples | 4.3% |
| Exchange-Traded Fund | 1.5% |
| Short-Term Investment Fund | 0.3% |
| Other Assets/Liabilities (Net) | 0.5% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Small Cap Value Fund

#### INSTITUTIONAL CLASS \| TVOIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Small Cap Value Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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** |
| Institutional Class | $49 | 1.00% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $188933359 |
| **Total number of portfolio holdings** | 88 |
| **Portfolio turnover rate** | 10% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 26.9% |
| Industrials | 18.9% |
| Health Care | 8.9% |
| Consumer Discretionary | 8.6% |
| Real Estate | 8.3% |
| Information Technology | 7.3% |
| Energy | 5.0% |
| Materials | 4.8% |
| Utilities | 4.7% |
| Consumer Staples | 4.3% |
| Exchange-Traded Fund | 1.5% |
| Short-Term Investment Fund | 0.3% |
| Other Assets/Liabilities (Net) | 0.5% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Ultra Short Duration Fixed Income Fund

#### CLASS A \| TSDAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 A | $33 | 0.65% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $731328193 |
| **Total number of portfolio holdings** | 268 |
| **Portfolio turnover rate** | 28% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 46.3% |
| Corporate Bonds | 19.9% |
| Commercial Mortgage-Backed Securities | 18.7% |
| Non-Agency Collateralized Mortgage Obligations | 7.1% |
| Commercial Paper | 6.6% |
| Municipal Bonds | 0.8% |
| U.S. Government Mortgage-Backed Obligations | 0.4% |
| Agency Collateralized Mortgage Obligations | 0.1% |
| U.S. Government Agency Obligations | 0.0% |
| Short-Term Investment Fund | 0.0% |
| Other Assets/Liabilities (Net) | 0.1% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 54.3% |
| AA/Aa | 13.8% |
| A/A | 16.3% |
| BBB/Baa | 15.2% |
| Not Rated | 0.4% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Ultra Short Duration Fixed Income Fund

#### CLASS C \| TSDCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 C | $58 | 1.15% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $731328193 |
| **Total number of portfolio holdings** | 268 |
| **Portfolio turnover rate** | 28% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 46.3% |
| Corporate Bonds | 19.9% |
| Commercial Mortgage-Backed Securities | 18.7% |
| Non-Agency Collateralized Mortgage Obligations | 7.1% |
| Commercial Paper | 6.6% |
| Municipal Bonds | 0.8% |
| U.S. Government Mortgage-Backed Obligations | 0.4% |
| Agency Collateralized Mortgage Obligations | 0.1% |
| U.S. Government Agency Obligations | 0.0% |
| Short-Term Investment Fund | 0.0% |
| Other Assets/Liabilities (Net) | 0.1% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 54.3% |
| AA/Aa | 13.8% |
| A/A | 16.3% |
| BBB/Baa | 15.2% |
| Not Rated | 0.4% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Ultra Short Duration Fixed Income Fund

#### CLASS S \| SSSGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 S | $45 | 0.90% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $731328193 |
| **Total number of portfolio holdings** | 268 |
| **Portfolio turnover rate** | 28% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 46.3% |
| Corporate Bonds | 19.9% |
| Commercial Mortgage-Backed Securities | 18.7% |
| Non-Agency Collateralized Mortgage Obligations | 7.1% |
| Commercial Paper | 6.6% |
| Municipal Bonds | 0.8% |
| U.S. Government Mortgage-Backed Obligations | 0.4% |
| Agency Collateralized Mortgage Obligations | 0.1% |
| U.S. Government Agency Obligations | 0.0% |
| Short-Term Investment Fund | 0.0% |
| Other Assets/Liabilities (Net) | 0.1% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 54.3% |
| AA/Aa | 13.8% |
| A/A | 16.3% |
| BBB/Baa | 15.2% |
| Not Rated | 0.4% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Ultra Short Duration Fixed Income Fund

#### CLASS Y \| TSYYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Y | $20 | 0.40% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $731328193 |
| **Total number of portfolio holdings** | 268 |
| **Portfolio turnover rate** | 28% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 46.3% |
| Corporate Bonds | 19.9% |
| Commercial Mortgage-Backed Securities | 18.7% |
| Non-Agency Collateralized Mortgage Obligations | 7.1% |
| Commercial Paper | 6.6% |
| Municipal Bonds | 0.8% |
| U.S. Government Mortgage-Backed Obligations | 0.4% |
| Agency Collateralized Mortgage Obligations | 0.1% |
| U.S. Government Agency Obligations | 0.0% |
| Short-Term Investment Fund | 0.0% |
| Other Assets/Liabilities (Net) | 0.1% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 54.3% |
| AA/Aa | 13.8% |
| A/A | 16.3% |
| BBB/Baa | 15.2% |
| Not Rated | 0.4% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Ultra Short Duration Fixed Income Fund

#### CLASS Z \| TSDOX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Z | $33 | 0.65% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $731328193 |
| **Total number of portfolio holdings** | 268 |
| **Portfolio turnover rate** | 28% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 46.3% |
| Corporate Bonds | 19.9% |
| Commercial Mortgage-Backed Securities | 18.7% |
| Non-Agency Collateralized Mortgage Obligations | 7.1% |
| Commercial Paper | 6.6% |
| Municipal Bonds | 0.8% |
| U.S. Government Mortgage-Backed Obligations | 0.4% |
| Agency Collateralized Mortgage Obligations | 0.1% |
| U.S. Government Agency Obligations | 0.0% |
| Short-Term Investment Fund | 0.0% |
| Other Assets/Liabilities (Net) | 0.1% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 54.3% |
| AA/Aa | 13.8% |
| A/A | 16.3% |
| BBB/Baa | 15.2% |
| Not Rated | 0.4% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone Ultra Short Duration Fixed Income Fund

#### INSTITUTIONAL CLASS \| TSDIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund ("Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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** |
| Institutional Class | $18 | 0.35% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $731328193 |
| **Total number of portfolio holdings** | 268 |
| **Portfolio turnover rate** | 28% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 46.3% |
| Corporate Bonds | 19.9% |
| Commercial Mortgage-Backed Securities | 18.7% |
| Non-Agency Collateralized Mortgage Obligations | 7.1% |
| Commercial Paper | 6.6% |
| Municipal Bonds | 0.8% |
| U.S. Government Mortgage-Backed Obligations | 0.4% |
| Agency Collateralized Mortgage Obligations | 0.1% |
| U.S. Government Agency Obligations | 0.0% |
| Short-Term Investment Fund | 0.0% |
| Other Assets/Liabilities (Net) | 0.1% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 54.3% |
| AA/Aa | 13.8% |
| A/A | 16.3% |
| BBB/Baa | 15.2% |
| Not Rated | 0.4% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone US Quality Bond Fund

#### CLASS A \| TCPAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone US Quality Bond Fund ("Fund") (formerly Touchstone Impact Bond Fund) for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 A | $38 | 0.76% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $603165856 |
| **Total number of portfolio holdings** | 274 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 29.7% |
| U.S. Government Agency Obligations | 22.3% |
| U.S. Government Mortgage-Backed Obligations | 15.2% |
| Agency Collateralized Mortgage Obligations | 7.7% |
| U.S. Treasury Obligations | 7.2% |
| Asset-Backed Securities | 6.2% |
| Municipal Bonds | 5.9% |
| Commercial Mortgage-Backed Securities | 4.6% |
| Non-Agency Collateralized Mortgage Obligations | 0.1% |
| Short-Term Investment Fund | 0.5% |
| Other Assets/Liabilities (Net) | 0.6% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 69.2% |
| AA/Aa | 10.7% |
| A/A | 11.3% |
| BBB/Baa | 8.5% |
| BB/Ba | 0.3% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone US Quality Bond Fund

#### CLASS C \| TCPCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone US Quality Bond Fund ("Fund") (formerly Touchstone Impact Bond Fund) for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 C | $74 | 1.49% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $603165856 |
| **Total number of portfolio holdings** | 274 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 29.7% |
| U.S. Government Agency Obligations | 22.3% |
| U.S. Government Mortgage-Backed Obligations | 15.2% |
| Agency Collateralized Mortgage Obligations | 7.7% |
| U.S. Treasury Obligations | 7.2% |
| Asset-Backed Securities | 6.2% |
| Municipal Bonds | 5.9% |
| Commercial Mortgage-Backed Securities | 4.6% |
| Non-Agency Collateralized Mortgage Obligations | 0.1% |
| Short-Term Investment Fund | 0.5% |
| Other Assets/Liabilities (Net) | 0.6% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 69.2% |
| AA/Aa | 10.7% |
| A/A | 11.3% |
| BBB/Baa | 8.5% |
| BB/Ba | 0.3% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone US Quality Bond Fund

#### CLASS Y \| TCPYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone US Quality Bond Fund ("Fund") (formerly Touchstone Impact Bond Fund) for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 Y | $25 | 0.51% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $603165856 |
| **Total number of portfolio holdings** | 274 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 29.7% |
| U.S. Government Agency Obligations | 22.3% |
| U.S. Government Mortgage-Backed Obligations | 15.2% |
| Agency Collateralized Mortgage Obligations | 7.7% |
| U.S. Treasury Obligations | 7.2% |
| Asset-Backed Securities | 6.2% |
| Municipal Bonds | 5.9% |
| Commercial Mortgage-Backed Securities | 4.6% |
| Non-Agency Collateralized Mortgage Obligations | 0.1% |
| Short-Term Investment Fund | 0.5% |
| Other Assets/Liabilities (Net) | 0.6% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 69.2% |
| AA/Aa | 10.7% |
| A/A | 11.3% |
| BBB/Baa | 8.5% |
| BB/Ba | 0.3% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone US Quality Bond Fund

#### INSTITUTIONAL CLASS \| TCPNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone US Quality Bond Fund ("Fund") (formerly Touchstone Impact Bond Fund) for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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** |
| Institutional Class | $20 | 0.41% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $603165856 |
| **Total number of portfolio holdings** | 274 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 29.7% |
| U.S. Government Agency Obligations | 22.3% |
| U.S. Government Mortgage-Backed Obligations | 15.2% |
| Agency Collateralized Mortgage Obligations | 7.7% |
| U.S. Treasury Obligations | 7.2% |
| Asset-Backed Securities | 6.2% |
| Municipal Bonds | 5.9% |
| Commercial Mortgage-Backed Securities | 4.6% |
| Non-Agency Collateralized Mortgage Obligations | 0.1% |
| Short-Term Investment Fund | 0.5% |
| Other Assets/Liabilities (Net) | 0.6% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 69.2% |
| AA/Aa | 10.7% |
| A/A | 11.3% |
| BBB/Baa | 8.5% |
| BB/Ba | 0.3% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

![TSR - Logo](tm2516421d1_tsrimg001.jpg)

#### Touchstone US Quality Bond Fund

#### CLASS R6 \| TIMPX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Touchstone US Quality Bond Fund ("Fund") (formerly Touchstone Impact Bond Fund) for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. 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 R6 | $18 | 0.37% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $603165856 |
| **Total number of portfolio holdings** | 274 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 29.7% |
| U.S. Government Agency Obligations | 22.3% |
| U.S. Government Mortgage-Backed Obligations | 15.2% |
| Agency Collateralized Mortgage Obligations | 7.7% |
| U.S. Treasury Obligations | 7.2% |
| Asset-Backed Securities | 6.2% |
| Municipal Bonds | 5.9% |
| Commercial Mortgage-Backed Securities | 4.6% |
| Non-Agency Collateralized Mortgage Obligations | 0.1% |
| Short-Term Investment Fund | 0.5% |
| Other Assets/Liabilities (Net) | 0.6% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 69.2% |
| AA/Aa | 10.7% |
| A/A | 11.3% |
| BBB/Baa | 8.5% |
| BB/Ba | 0.3% |
| 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 - Mutual Fund](tm2516421d1_tsrimg002.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds 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.

TSF-TFGT-SR-TOBAX-2503

&nbsp;&nbsp;&nbsp;&nbsp;&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.

March 31, 2025 (Unaudited)

## Semi-Annual

## Financial Statements

---

| |
|:---|
| **Touchstone Funds Group Trust** |
| Touchstone Active Bond Fund |
| Touchstone Ares Credit Opportunities Fund |
| Touchstone Dividend Equity Fund |
| Touchstone High Yield Fund |
| Touchstone Mid Cap Fund |
| Touchstone Mid Cap Value Fund |
| Touchstone Sands Capital International Growth Equity Fund |
| Touchstone Sands Capital Select Growth Fund |
| Touchstone Small Cap Fund |
| Touchstone Small Cap Value Fund |
| Touchstone Ultra Short Duration Fixed Income Fund |
| Touchstone US Quality Bond Fund (formerly Touchstone Impact Bond Fund) |

---

![](tm2516421d1financialsi001.gif)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| [Portfolios of Investments:](#xx_2b970869-e2d7-458b-9d7f-16d01c46acd2_1tm2516421d1_financials) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Active Bond Fund](#xx_2b970869-e2d7-458b-9d7f-16d01c46acd2_1tm2516421d1_financials) | 3-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Ares Credit Opportunities Fund](#xx_960e2b15-318e-4737-b31c-8bbe4c70c0d8_1tm2516421d1_financials) | 9-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Dividend Equity Fund](#xx_3fc3b196-5d1f-4b6b-bb49-74b1dd2f0e2b_1tm2516421d1_financials) | 16-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone High Yield Fund](#xx_993d9dd3-130a-4d25-9851-0779c6f511ba_1tm2516421d1_financials) | 18-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Mid Cap Fund](#xx_5fb15d42-4ef7-4f6d-954f-e1c943ccd2ab_1tm2516421d1_financials) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Mid Cap Value Fund](#xx_f648a787-0699-4b6e-9eb9-182aaf792fec_1tm2516421d1_financials) | 22-23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Sands Capital International Growth Equity Fund](#xx_754593ef-3eaa-445d-81d8-50e6baa66b05_1tm2516421d1_financials) | 24-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Sands Capital Select Growth Fund](#xx_d616e518-a123-4815-862d-dc5bade2f47c_1tm2516421d1_financials) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Small Cap Fund](#xx_147aada5-f651-4fac-baf6-79d443bcd0b2_1tm2516421d1_financials) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Small Cap Value Fund](#xx_9ac9a917-e4eb-4003-8e37-f82b6752dfc4_1tm2516421d1_financials) | 28-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Ultra Short Duration Fixed Income Fund](#xx_0c8f4cae-27b0-4e89-a60f-64fe7b986d71_1tm2516421d1_financials) | 30-35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone US Quality Bond Fund](#xx_4d00e2cd-5d2a-47a6-9e20-6b41e5ef7d20_1tm2516421d1_financials) | 36-40 |
| [Statements of Assets and Liabilities](#xx_3f6a3932-0ed0-428d-ad46-b8fd2d85cb71_2tm2516421d1_financials) | 42-45 |
| [Statements of Operations](#xx_35112757-01e7-4cf8-b192-84bcfd4692e3_1tm2516421d1_financials) | 46-47 |
| [Statements of Changes in Net Assets](#xx_cebb2ee1-255a-4a49-a87d-a33ef9274de3_1tm2516421d1_financials) | 48-51 |
| [Statements of Changes in Net Assets - Capital Stock Activity](#xx_bb572af3-2772-475b-9ea7-8a2ce9b54fcd_1tm2516421d1_financials) | 52-57 |
| [Financial Highlights](#xx_b89c547d-23d9-482e-9821-10e8c0806031_1tm2516421d1_financials) | 58-69 |
| [Notes to Financial Statements](#xx_d6c61be3-f05f-4870-a170-3d9f08b44454_1tm2516421d1_financials) | 70-88 |
| [Other Items](#xx_bc67a6e7-8c43-4507-9b07-29277566339a_1tm2516421d1_financials) | 89-94 |

---

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

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Portfolio of Investments

Touchstone Active Bond Fund – March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 39.7%** |  |
|  | &nbsp;&nbsp;**Financials — 11.2%** |  |
| $783000 | &nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.000%, 10/29/28 | $735451 |
| &nbsp;&nbsp; 1107000 | &nbsp;&nbsp;American Express Co., 5.282%, 7/27/29 | &nbsp;&nbsp; 1128922 |
| &nbsp;&nbsp; 672000 | &nbsp;&nbsp;Bank of America Corp., 2.687%, 4/22/32 | &nbsp;&nbsp; 590674 |
| &nbsp;&nbsp; 647000 | &nbsp;&nbsp;Bank of America Corp., 3.705%, 4/24/28 | &nbsp;&nbsp; 635792 |
| &nbsp;&nbsp; 862000 | &nbsp;&nbsp;Bank of America Corp., 5.511%, 1/24/36 | &nbsp;&nbsp; 874932 |
| &nbsp;&nbsp; 775000 | &nbsp;&nbsp;Bank of Montreal (Canada), 3.803%, 12/15/32 | &nbsp;&nbsp; 748333 |
| &nbsp;&nbsp; 862000 | &nbsp;&nbsp;Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | &nbsp;&nbsp; 905110 |
| &nbsp;&nbsp; 853000 | &nbsp;&nbsp;Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | &nbsp;&nbsp; 779399 |
| &nbsp;&nbsp; 1282000 | &nbsp;&nbsp;Barclays PLC (United Kingdom), 2.894%, 11/24/32 | &nbsp;&nbsp; 1109748 |
| &nbsp;&nbsp; 522000 | &nbsp;&nbsp;Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | &nbsp;&nbsp; 440449 |
| &nbsp;&nbsp; 1505000 | &nbsp;&nbsp;Citigroup, Inc., 4.542%, 9/19/30 | &nbsp;&nbsp; 1482830 |
| &nbsp;&nbsp; 550000 | &nbsp;&nbsp;Citigroup, Inc., 6.174%, 5/25/34 | &nbsp;&nbsp; 562376 |
| &nbsp;&nbsp; 883000 | &nbsp;&nbsp;Citizens Bank NA, 4.575%, 8/9/28 | &nbsp;&nbsp; 880269 |
| &nbsp;&nbsp; 1172000 | &nbsp;&nbsp;Corestates Capital III, 144a, (TSFR3M + 0.832%), 5.155%, 2/15/27<sup>(A)</sup> | &nbsp;&nbsp; 1151629 |
| &nbsp;&nbsp; 666000 | &nbsp;&nbsp;First Maryland Capital I, (TSFR3M + 1.262%), 5.564%, 1/15/27<sup>(A)</sup> | &nbsp;&nbsp; 651139 |
| &nbsp;&nbsp; 1031000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | &nbsp;&nbsp; 898952 |
| &nbsp;&nbsp; 454000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | &nbsp;&nbsp; 444890 |
| &nbsp;&nbsp; 1083000 | &nbsp;&nbsp;JPMorgan Chase & Co., 2.956%, 5/13/31 | &nbsp;&nbsp; 983678 |
| &nbsp;&nbsp; 831000 | &nbsp;&nbsp;JPMorgan Chase & Co., 3.509%, 1/23/29 | &nbsp;&nbsp; 807212 |
| &nbsp;&nbsp; 774000 | &nbsp;&nbsp;JPMorgan Chase & Co., 4.946%, 10/22/35 | &nbsp;&nbsp; 755788 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;Kaspi.KZ JSC (Kazakhstan), 144a, 6.250%, 3/26/30 | &nbsp;&nbsp; 197920 |
| &nbsp;&nbsp; 1047000 | &nbsp;&nbsp;Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.400%, 3/26/29 | &nbsp;&nbsp; 1081739 |
| &nbsp;&nbsp; 774000 | &nbsp;&nbsp;Marsh & McLennan Cos., Inc., 5.350%, 11/15/44 | &nbsp;&nbsp; 753957 |
| &nbsp;&nbsp; 1055000 | &nbsp;&nbsp;Mastercard, Inc., 2.000%, 11/18/31 | &nbsp;&nbsp; 898390 |
| &nbsp;&nbsp; 822000 | &nbsp;&nbsp;Morgan Stanley, 2.484%, 9/16/36 | &nbsp;&nbsp; 680115 |
| &nbsp;&nbsp; 813000 | &nbsp;&nbsp;Morgan Stanley, 3.950%, 4/23/27 | &nbsp;&nbsp; 803855 |
| &nbsp;&nbsp; 802000 | &nbsp;&nbsp;New York Life Global Funding, 144a, 4.550%, 1/28/33 | &nbsp;&nbsp; 776681 |
| &nbsp;&nbsp; 1022292 | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | &nbsp;&nbsp; 778076 |
| &nbsp;&nbsp; 1134000 | &nbsp;&nbsp;PNC Capital Trust, (TSFR3M + 0.832%), 5.150%, 6/1/28<sup>(A)</sup> | &nbsp;&nbsp; 1117733 |
| &nbsp;&nbsp; 940000 | &nbsp;&nbsp;Royal Bank of Canada (Canada), 4.969%, 8/2/30 | &nbsp;&nbsp; 945767 |
| &nbsp;&nbsp; 1364000 | &nbsp;&nbsp;State Street Corp., (TSFR3M + 1.262%), 5.561%, 6/15/47<sup>(A)</sup> | &nbsp;&nbsp; 1234496 |
| &nbsp;&nbsp; 1614000 | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America, 144a, 3.300%, 5/15/50 | &nbsp;&nbsp; 1074293 |
| &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;Truist Financial Corp., Ser A, (TSFR3M + 0.932%), 5.255%, 5/15/27<sup>(A)</sup> | &nbsp;&nbsp; 1603544 |
| &nbsp;&nbsp; 684000 | &nbsp;&nbsp;US Bancorp, 4.967%, 7/22/33 | &nbsp;&nbsp; 657274 |
|  |  | &nbsp;&nbsp; 29171413 |
|  | &nbsp;&nbsp;**Industrials — 4.1%** |  |
| &nbsp;&nbsp; 1057000 | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | &nbsp;&nbsp; 947820 |
| &nbsp;&nbsp; 853000 | &nbsp;&nbsp;Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | &nbsp;&nbsp; 883831 |
| &nbsp;&nbsp; 1074000 | &nbsp;&nbsp;Canadian Pacific Railway Co. (Canada), 3.000%, 12/2/41 | &nbsp;&nbsp; 770604 |
| &nbsp;&nbsp; 658000 | &nbsp;&nbsp;Element Fleet Management Corp. (Canada), 144a, 5.037%, 3/25/30 | &nbsp;&nbsp; 657581 |
| &nbsp;&nbsp; 865000 | &nbsp;&nbsp;John Deere Capital Corp., MTN, 5.100%, 4/11/34 | &nbsp;&nbsp; 873473 |
| &nbsp;&nbsp; 777000 | &nbsp;&nbsp;Keysight Technologies, Inc., 4.950%, 10/15/34 | &nbsp;&nbsp; 758814 |
| &nbsp;&nbsp; 692000 | &nbsp;&nbsp;Norfolk Southern Corp., 4.837%, 10/1/41 | &nbsp;&nbsp; 634800 |
| &nbsp;&nbsp; 580000 | &nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp., 144a, 5.350%, 1/12/27 | &nbsp;&nbsp; 585641 |
| &nbsp;&nbsp; 698000 | &nbsp;&nbsp;RTX Corp., 6.400%, 3/15/54 | &nbsp;&nbsp; 761346 |
| &nbsp;&nbsp; 1478000 | &nbsp;&nbsp;Textron Financial Corp., 144a, (TSFR3M + 1.997%), 6.320%, 2/15/42<sup>(A)</sup> | &nbsp;&nbsp; 1340797 |
| &nbsp;&nbsp; 1198000 | &nbsp;&nbsp;Timken Co. (The), 4.500%, 12/15/28 | &nbsp;&nbsp; 1187138 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 39.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Industrials — 4.1% (Continued)** |  |
| $774000 | &nbsp;&nbsp;Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | $751387 |
| &nbsp;&nbsp; 570000 | &nbsp;&nbsp;WestRock MWV LLC, 8.200%, 1/15/30 | &nbsp;&nbsp; 650542 |
|  |  | &nbsp;&nbsp; 10803774 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 4.1%** |  |
| &nbsp;&nbsp; 1534000 | &nbsp;&nbsp;7-Eleven, Inc., 144a, 1.800%, 2/10/31 | &nbsp;&nbsp; 1269839 |
| &nbsp;&nbsp; 1016000 | &nbsp;&nbsp;Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.750%, 10/20/28 | &nbsp;&nbsp; 1011798 |
| &nbsp;&nbsp; 782000 | &nbsp;&nbsp;Ford Motor Credit Co. LLC, 6.050%, 3/5/31 | &nbsp;&nbsp; 770075 |
| &nbsp;&nbsp; 1933000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 3.100%, 1/12/32 | &nbsp;&nbsp; 1650138 |
| &nbsp;&nbsp; 481000 | &nbsp;&nbsp;Home Depot, Inc. (The), 5.950%, 4/1/41 | &nbsp;&nbsp; 506270 |
| &nbsp;&nbsp; 847000 | &nbsp;&nbsp;Hyundai Capital America, 144a, 5.350%, 3/19/29 | &nbsp;&nbsp; 857115 |
| &nbsp;&nbsp; 802000 | &nbsp;&nbsp;Lowe's Cos., Inc., 4.500%, 4/15/30 | &nbsp;&nbsp; 794942 |
| &nbsp;&nbsp; 748000 | &nbsp;&nbsp;Mattel, Inc., 5.450%, 11/1/41 | &nbsp;&nbsp; 684380 |
| &nbsp;&nbsp; 1238000 | &nbsp;&nbsp;Meritage Homes Corp., 144a, 3.875%, 4/15/29 | &nbsp;&nbsp; 1178220 |
| &nbsp;&nbsp; 992000 | &nbsp;&nbsp;Toll Brothers Finance Corp., 3.800%, 11/1/29 | &nbsp;&nbsp; 944526 |
| &nbsp;&nbsp; 1044000 | &nbsp;&nbsp;United Airlines, Inc., 144a, 4.625%, 4/15/29 | &nbsp;&nbsp; 988130 |
|  |  | &nbsp;&nbsp; 10655433 |
|  | &nbsp;&nbsp;**Consumer Staples — 4.0%** |  |
| &nbsp;&nbsp; 572000 | &nbsp;&nbsp;Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | &nbsp;&nbsp; 525379 |
| &nbsp;&nbsp; 1052000 | &nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | &nbsp;&nbsp; 1020889 |
| &nbsp;&nbsp; 938000 | &nbsp;&nbsp;BAT Capital Corp. (United Kingdom), 2.259%, 3/25/28 | &nbsp;&nbsp; 875971 |
| &nbsp;&nbsp; 966000 | &nbsp;&nbsp;Cargill, Inc., 144a, 4.760%, 11/23/45 | &nbsp;&nbsp; 863826 |
| &nbsp;&nbsp; 1617000 | &nbsp;&nbsp;Coca-Cola Co. (The), 2.500%, 3/15/51 | &nbsp;&nbsp; 962311 |
| &nbsp;&nbsp; 982000 | &nbsp;&nbsp;ERAC USA Finance LLC, 144a, 4.200%, 11/1/46 | &nbsp;&nbsp; 802728 |
| &nbsp;&nbsp; 536000 | &nbsp;&nbsp;Kroger Co. (The), 5.000%, 4/15/42 | &nbsp;&nbsp; 496917 |
| &nbsp;&nbsp; 728000 | &nbsp;&nbsp;Mars, Inc., 144a, 5.200%, 3/1/35 | &nbsp;&nbsp; 729490 |
| &nbsp;&nbsp; 1668000 | &nbsp;&nbsp;Pernod Ricard International Finance LLC, 144a, 1.625%, 4/1/31 | &nbsp;&nbsp; 1379320 |
| &nbsp;&nbsp; 1149000 | &nbsp;&nbsp;Philip Morris International, Inc., 5.375%, 2/15/33 | &nbsp;&nbsp; 1169210 |
| &nbsp;&nbsp; 568000 | &nbsp;&nbsp;Starbucks Corp., 3.350%, 3/12/50 | &nbsp;&nbsp; 382012 |
| &nbsp;&nbsp; 687000 | &nbsp;&nbsp;Tyson Foods, Inc., 5.400%, 3/15/29 | &nbsp;&nbsp; 701960 |
| &nbsp;&nbsp; 686000 | &nbsp;&nbsp;Walmart, Inc., 4.500%, 9/9/52 | &nbsp;&nbsp; 604438 |
|  |  | &nbsp;&nbsp; 10514451 |
|  | &nbsp;&nbsp;**Energy — 3.4%** |  |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;3R Lux Sarl (Brazil), 144a, 9.750%, 2/5/31 | &nbsp;&nbsp; 208630 |
| &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;Aker BP ASA (Norway), 144a, 5.125%, 10/1/34 | &nbsp;&nbsp; 1018517 |
| &nbsp;&nbsp; 954000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 3.250%, 1/31/32 | &nbsp;&nbsp; 837788 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 4.000%, 3/1/31 | &nbsp;&nbsp; 280959 |
| &nbsp;&nbsp; 1054000 | &nbsp;&nbsp;DCP Midstream Operating LP, 144a, 6.750%, 9/15/37 | &nbsp;&nbsp; 1117194 |
| &nbsp;&nbsp; 1011000 | &nbsp;&nbsp;HF Sinclair Corp., 5.000%, 2/1/28 | &nbsp;&nbsp; 1006507 |
| &nbsp;&nbsp; 553308 | &nbsp;&nbsp;MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | &nbsp;&nbsp; 456062 |
| &nbsp;&nbsp; 988000 | &nbsp;&nbsp;Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 | &nbsp;&nbsp; 979090 |
| &nbsp;&nbsp; 1052000 | &nbsp;&nbsp;NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | &nbsp;&nbsp; 1181966 |
| &nbsp;&nbsp; 887000 | &nbsp;&nbsp;Occidental Petroleum Corp., 7.950%, 6/15/39 | &nbsp;&nbsp; 1010328 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;Petroleos del Peru SA (Peru), 144a, 4.750%, 6/19/32 | &nbsp;&nbsp; 74837 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;Petroleos del Peru SA (Peru), 144a, 5.625%, 6/19/47 | &nbsp;&nbsp; 62500 |
| &nbsp;&nbsp; 827000 | &nbsp;&nbsp;Western Midstream Operating LP, 5.250%, 2/1/50 | &nbsp;&nbsp; 702516 |
| &nbsp;&nbsp; 35000 | &nbsp;&nbsp;YPF SA (Argentina), 144a, 6.950%, 7/21/27 | &nbsp;&nbsp; 34721 |
|  |  | &nbsp;&nbsp; 8971615 |
|  | &nbsp;&nbsp;**Health Care — 3.3%** |  |
| &nbsp;&nbsp; 692000 | &nbsp;&nbsp;AbbVie, Inc., 4.450%, 5/14/46 | &nbsp;&nbsp; 599210 |
| &nbsp;&nbsp; 777000 | &nbsp;&nbsp;Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | &nbsp;&nbsp; 576589 |
| &nbsp;&nbsp; 910000 | &nbsp;&nbsp;Amgen, Inc., 5.150%, 3/2/28 | &nbsp;&nbsp; 925799 |
| &nbsp;&nbsp; 654000 | &nbsp;&nbsp;Becton Dickinson & Co., 4.685%, 12/15/44 | &nbsp;&nbsp; 570070 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Active Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 39.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Health Care — 3.3% (Continued)** |  |
| $723000 | &nbsp;&nbsp;CommonSpirit Health, 4.187%, 10/1/49 | $559877 |
| &nbsp;&nbsp; 661000 | &nbsp;&nbsp;CVS Health Corp., 5.125%, 7/20/45 | &nbsp;&nbsp; 575052 |
| &nbsp;&nbsp; 884000 | &nbsp;&nbsp;DH Europe Finance II Sarl, 3.250%, 11/15/39 | &nbsp;&nbsp; 698446 |
| &nbsp;&nbsp; 795000 | &nbsp;&nbsp;Elevance Health, Inc., 4.750%, 2/15/33 | &nbsp;&nbsp; 775691 |
| &nbsp;&nbsp; 1026000 | &nbsp;&nbsp;HCA, Inc., 5.500%, 3/1/32 | &nbsp;&nbsp; 1034464 |
| &nbsp;&nbsp; 708000 | &nbsp;&nbsp;Thermo Fisher Scientific, Inc., 5.404%, 8/10/43 | &nbsp;&nbsp; 705997 |
| &nbsp;&nbsp; 911000 | &nbsp;&nbsp;UnitedHealth Group, Inc., 3.500%, 8/15/39 | &nbsp;&nbsp; 738722 |
| &nbsp;&nbsp; 922000 | &nbsp;&nbsp;Viatris, Inc., 2.700%, 6/22/30 | &nbsp;&nbsp; 802442 |
|  |  | &nbsp;&nbsp; 8562359 |
|  | &nbsp;&nbsp;**Communication Services — 2.8%** |  |
| &nbsp;&nbsp; 1135000 | &nbsp;&nbsp;AT&T, Inc., 3.800%, 12/1/57 | &nbsp;&nbsp; 793411 |
| &nbsp;&nbsp; 536000 | &nbsp;&nbsp;AT&T, Inc., 4.500%, 5/15/35 | &nbsp;&nbsp; 503411 |
| &nbsp;&nbsp; 432000 | &nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital, 6.384%, 10/23/35 | &nbsp;&nbsp; 436684 |
| &nbsp;&nbsp; 602000 | &nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | &nbsp;&nbsp; 570562 |
| &nbsp;&nbsp; 673000 | &nbsp;&nbsp;Comcast Corp., 4.000%, 3/1/48 | &nbsp;&nbsp; 518713 |
| &nbsp;&nbsp; 1148000 | &nbsp;&nbsp;Rogers Communications, Inc. (Canada), 5.300%, 2/15/34 | &nbsp;&nbsp; 1124347 |
| &nbsp;&nbsp; 991000 | &nbsp;&nbsp;T-Mobile USA, Inc., 3.875%, 4/15/30 | &nbsp;&nbsp; 948825 |
| &nbsp;&nbsp; 472000 | &nbsp;&nbsp;T-Mobile USA, Inc., 5.750%, 1/15/54 | &nbsp;&nbsp; 464957 |
| &nbsp;&nbsp; 932000 | &nbsp;&nbsp;Verizon Communications, Inc., 2.987%, 10/30/56 | &nbsp;&nbsp; 556890 |
| &nbsp;&nbsp; 1404000 | &nbsp;&nbsp;Videotron Ltd. (Canada), 144a, 3.625%, 6/15/29 | &nbsp;&nbsp; 1324424 |
|  |  | &nbsp;&nbsp; 7242224 |
|  | &nbsp;&nbsp;**Utilities — 2.5%** |  |
| &nbsp;&nbsp; 782000 | &nbsp;&nbsp;Calpine Corp., 144a, 5.000%, 2/1/31 | &nbsp;&nbsp; 746514 |
| &nbsp;&nbsp; 1513000 | &nbsp;&nbsp;CMS Energy Corp., 4.750%, 6/1/50 | &nbsp;&nbsp; 1422773 |
| &nbsp;&nbsp; 616000 | &nbsp;&nbsp;Duke Energy Progress LLC, 4.150%, 12/1/44 | &nbsp;&nbsp; 502995 |
| &nbsp;&nbsp; 614000 | &nbsp;&nbsp;Edison International, 4.125%, 3/15/28 | &nbsp;&nbsp; 589863 |
| &nbsp;&nbsp; 763000 | &nbsp;&nbsp;Electricite de France SA (France), 144a, 4.875%, 9/21/38 | &nbsp;&nbsp; 693682 |
| &nbsp;&nbsp; 566000 | &nbsp;&nbsp;Georgia Power Co., 5.950%, 2/1/39 | &nbsp;&nbsp; 582345 |
| &nbsp;&nbsp; 959000 | &nbsp;&nbsp;Ohio Power Co., Ser R, 2.900%, 10/1/51 | &nbsp;&nbsp; 592003 |
| &nbsp;&nbsp; 738000 | &nbsp;&nbsp;PacifiCorp., 5.750%, 4/1/37 | &nbsp;&nbsp; 746482 |
| &nbsp;&nbsp; 814000 | &nbsp;&nbsp;Virginia Electric and Power Co., 5.650%, 3/15/55 | &nbsp;&nbsp; 795946 |
|  |  | &nbsp;&nbsp; 6672603 |
|  | &nbsp;&nbsp;**Information Technology — 2.1%** |  |
| &nbsp;&nbsp; 1203000 | &nbsp;&nbsp;Apple, Inc., 4.650%, 2/23/46 | &nbsp;&nbsp; 1105545 |
| &nbsp;&nbsp; 1265000 | &nbsp;&nbsp;Broadcom, Inc., 144a, 3.419%, 4/15/33 | &nbsp;&nbsp; 1124054 |
| &nbsp;&nbsp; 1098000 | &nbsp;&nbsp;Marvell Technology, Inc., 2.950%, 4/15/31 | &nbsp;&nbsp; 978540 |
| &nbsp;&nbsp; 566000 | &nbsp;&nbsp;Micron Technology, Inc., 2.703%, 4/15/32 | &nbsp;&nbsp; 482151 |
| &nbsp;&nbsp; 236000 | &nbsp;&nbsp;Micron Technology, Inc., 6.750%, 11/1/29 | &nbsp;&nbsp; 252940 |
| &nbsp;&nbsp; 1482000 | &nbsp;&nbsp;Microsoft Corp., 2.525%, 6/1/50 | &nbsp;&nbsp; 923609 |
| &nbsp;&nbsp; 332000 | &nbsp;&nbsp;Oracle Corp., 3.600%, 4/1/40 | &nbsp;&nbsp; 260103 |
| &nbsp;&nbsp; 266000 | &nbsp;&nbsp;Oracle Corp., 4.300%, 7/8/34 | &nbsp;&nbsp; 246882 |
|  |  | &nbsp;&nbsp; 5373824 |
|  | &nbsp;&nbsp;**Real Estate — 1.7%** |  |
| &nbsp;&nbsp; 876000 | &nbsp;&nbsp;American Tower Corp. REIT, 5.900%, 11/15/33 | &nbsp;&nbsp; 915417 |
| &nbsp;&nbsp; 837000 | &nbsp;&nbsp;Crown Castle, Inc. REIT, 4.800%, 9/1/28 | &nbsp;&nbsp; 834731 |
| &nbsp;&nbsp; 1017000 | &nbsp;&nbsp;Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | &nbsp;&nbsp; 946711 |
| &nbsp;&nbsp; 595000 | &nbsp;&nbsp;Sabra Health Care LP REIT, 5.125%, 8/15/26 | &nbsp;&nbsp; 594247 |
| &nbsp;&nbsp; 374000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.700%, 12/1/31 | &nbsp;&nbsp; 315624 |
| &nbsp;&nbsp; 116000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.750%, 11/18/30 | &nbsp;&nbsp; 101428 |
| &nbsp;&nbsp; 635000 | &nbsp;&nbsp;Store Capital LLC REIT, 4.625%, 3/15/29 | &nbsp;&nbsp; 620168 |
|  |  | &nbsp;&nbsp; 4328326 |
|  | &nbsp;&nbsp;**Materials — 0.5%** |  |
| &nbsp;&nbsp; 524000 | &nbsp;&nbsp;Rio Tinto Finance USA PLC (Australia), 5.250%, 3/14/35 | &nbsp;&nbsp; 526986 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 39.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Materials — 0.5% (Continued)** |  |
| $683000 | &nbsp;&nbsp;Sherwin-Williams Co. (The), 4.500%, 6/1/47 | $577906 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;WE Soda Investments Holding PLC (Turkey), 144a, 9.500%, 10/6/28 | &nbsp;&nbsp; 205735 |
|  |  | &nbsp;&nbsp; 1310627 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $103606649 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 22.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 22.3%** |
| &nbsp;&nbsp; 2180000 | &nbsp;&nbsp;U.S. Treasury Bond, 2.250%, 2/15/52 | &nbsp;&nbsp; 1367780 |
| &nbsp;&nbsp; 1730000 | &nbsp;&nbsp;U.S. Treasury Bond, 2.875%, 5/15/52 | &nbsp;&nbsp; 1249317 |
| &nbsp;&nbsp; 3005000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.125%, 8/15/44 | &nbsp;&nbsp; 2804510 |
| &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.625%, 11/15/44 | &nbsp;&nbsp; 1007475 |
| &nbsp;&nbsp;10910000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.625%, 2/15/55 | &nbsp;&nbsp; 10928752 |
| &nbsp;&nbsp; 2825000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.750%, 2/15/45 | &nbsp;&nbsp; 2865609 |
| &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;U.S. Treasury Note, 3.375%, 5/15/33 | &nbsp;&nbsp; 2740274 |
| &nbsp;&nbsp;11315000 | &nbsp;&nbsp;U.S. Treasury Note, 3.500%, 9/30/29 | &nbsp;&nbsp; 11096656 |
| &nbsp;&nbsp; 2215000 | &nbsp;&nbsp;U.S. Treasury Note, 4.250%, 1/31/26 | &nbsp;&nbsp; 2217215 |
| &nbsp;&nbsp;11260000 | &nbsp;&nbsp;U.S. Treasury Note, 4.250%, 12/31/26 | &nbsp;&nbsp; 11314980 |
| &nbsp;&nbsp; 1325000 | &nbsp;&nbsp;U.S. Treasury Note, 4.375%, 7/31/26 | &nbsp;&nbsp; 1331314 |
| &nbsp;&nbsp; 7145000 | &nbsp;&nbsp;U.S. Treasury Note, 4.500%, 3/31/26 | &nbsp;&nbsp; 7173859 |
| &nbsp;&nbsp; 2205000 | &nbsp;&nbsp;U.S. Treasury Note, 4.625%, 2/15/35 | &nbsp;&nbsp; 2271839 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | $58369580 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 9.5%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 9.5%** |
| &nbsp;&nbsp; 763 | &nbsp;&nbsp;Adjustable Rate Mortgage Trust, Ser 2004-4, Class 3A1, 4.846%, 3/25/35<sup>(A)(B)</sup> | &nbsp;&nbsp; 752 |
| &nbsp;&nbsp; 871489 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.644%, 10/25/45<sup>(A)(B)</sup> | &nbsp;&nbsp; 827202 |
| &nbsp;&nbsp; 1358164 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-7, Class B2, 144a, 3.644%, 10/25/45<sup>(A)(B)</sup> | &nbsp;&nbsp; 1286281 |
| &nbsp;&nbsp; 684528 | &nbsp;&nbsp;Angel Oak Mortgage Trust, Ser 2024-1, Class A1, 144a, 5.210%, 8/25/68<sup>(A)(B)</sup> | &nbsp;&nbsp; 679974 |
| &nbsp;&nbsp; 771713 | &nbsp;&nbsp;AOMT, Ser 2024-6, Class A1, 144a, 4.650%, 11/25/67<sup>(A)(B)</sup> | &nbsp;&nbsp; 757999 |
| &nbsp;&nbsp; 845639 | &nbsp;&nbsp;BRAVO Residential Funding Trust, Ser 2024-NQM8, Class A1A, 144a, 4.300%, 8/1/53<sup>(A)(B)</sup> | &nbsp;&nbsp; 820277 |
| &nbsp;&nbsp; 1205545 | &nbsp;&nbsp;CIM Trust, Ser 2021-J2, Class A19, 144a, 2.500%, 4/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 976257 |
| &nbsp;&nbsp; 480679 | &nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2022-6, Class A1, 144a, 4.650%, 6/27/67<sup>(A)(B)</sup> | &nbsp;&nbsp; 476931 |
| &nbsp;&nbsp; 301745 | &nbsp;&nbsp;CSMC Trust, Ser 2013-7, Class B3, 144a, 3.543%, 8/25/43<sup>(A)(B)</sup> | &nbsp;&nbsp; 289351 |
| &nbsp;&nbsp; 332764 | &nbsp;&nbsp;CSMC Trust, Ser 2014-OAK1, Class B4, 144a, 3.618%, 11/25/44<sup>(A)(B)</sup> | &nbsp;&nbsp; 320431 |
| &nbsp;&nbsp; 661570 | &nbsp;&nbsp;CSMC Trust, Ser 2015-1, Class B3, 144a, 3.892%, 1/25/45<sup>(A)(B)</sup> | &nbsp;&nbsp; 634400 |
| &nbsp;&nbsp; 716999 | &nbsp;&nbsp;CSMC Trust, Ser 2015-2, Class B4, 144a, 3.879%, 2/25/45<sup>(A)(B)</sup> | &nbsp;&nbsp; 677222 |
| &nbsp;&nbsp; 615056 | &nbsp;&nbsp;CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.766%, 12/25/44<sup>(A)(B)</sup> | &nbsp;&nbsp; 589846 |
| &nbsp;&nbsp; 726376 | &nbsp;&nbsp;CSMC Trust, Ser 2018-J1, Class B2, 144a, 3.577%, 2/25/48<sup>(A)(B)</sup> | &nbsp;&nbsp; 663788 |
| &nbsp;&nbsp; 913877 | &nbsp;&nbsp;Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67<sup>(A)(B)</sup> | &nbsp;&nbsp; 878287 |
| &nbsp;&nbsp; 1069923 | &nbsp;&nbsp;EverBank Mortgage Loan Trust, Ser 2018-1, Class B2, 144a, 3.563%, 2/25/48<sup>(A)(B)</sup> | &nbsp;&nbsp; 971973 |
| &nbsp;&nbsp; 979783 | &nbsp;&nbsp;EverBank Mortgage Loan Trust, Ser 2018-1, Class B3, 144a, 3.563%, 2/25/48<sup>(A)(B)</sup> | &nbsp;&nbsp; 889241 |
| &nbsp;&nbsp; 19143 | &nbsp;&nbsp;Galton Funding Mortgage Trust, Ser 2019-1, Class A22, 144a, 4.000%, 2/25/59<sup>(A)(B)</sup> | &nbsp;&nbsp; 18146 |
| &nbsp;&nbsp; 970372 | &nbsp;&nbsp;GCAT Trust, Ser 2022-NQM2, Class A1, 144a, 4.210%, 2/25/67<sup>(A)(B)</sup> | &nbsp;&nbsp; 951161 |
| &nbsp;&nbsp; 252950 | &nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ3, Class A14, 144a, 3.000%, 10/25/50<sup>(A)(B)</sup> | &nbsp;&nbsp; 218856 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Active Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 9.5%<br> (Continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 9.5%<br> (Continued)** |
| $652000 | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-PJ1, Class A8, 144a, 2.500%, 5/28/52<sup>(A)(B)</sup> | $574601 |
| &nbsp;&nbsp; 12989 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2005-A1, Class 2A1, 6.279%, 2/25/35<sup>(A)(B)</sup> | &nbsp;&nbsp; 12815 |
| &nbsp;&nbsp; 13675 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 6.142%, 6/25/36<sup>(A)(B)</sup> | &nbsp;&nbsp; 9483 |
| &nbsp;&nbsp; 368422 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2015-IVR2, Class B3, 144a, 5.830%, 1/25/45<sup>(A)(B)</sup> | &nbsp;&nbsp; 369943 |
| &nbsp;&nbsp; 1386294 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.447%, 1/25/47<sup>(A)(B)</sup> | &nbsp;&nbsp; 1249626 |
| &nbsp;&nbsp; 821994 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-8, Class B3, 144a, 4.033%, 1/25/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 751856 |
| &nbsp;&nbsp; 160528 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2019-INV1, Class A15, 144a, 4.000%, 10/25/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 151525 |
| &nbsp;&nbsp; 1090473 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2021-11, Class A3, 144a, 2.500%, 1/25/52<sup>(A)(B)</sup> | &nbsp;&nbsp; 887842 |
| &nbsp;&nbsp; 14848 | &nbsp;&nbsp;MASTR Alternative Loan Trust, Ser 2004-7, Class 10A1, 6.000%, 6/25/34 | &nbsp;&nbsp; 14693 |
| &nbsp;&nbsp; 705190 | &nbsp;&nbsp;Mello Mortgage Capital Acceptance, Ser 2022-INV2, Class A15, 144a, 3.000%, 4/25/52<sup>(A)(B)</sup> | &nbsp;&nbsp; 595004 |
| &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2016-1, Class B2, 144a, 3.982%, 4/25/57<sup>(A)(B)</sup> | &nbsp;&nbsp; 1027821 |
| &nbsp;&nbsp; 947979 | &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58<sup>(A)(B)</sup> | &nbsp;&nbsp; 835340 |
| &nbsp;&nbsp; 134841 | &nbsp;&nbsp;Residential Asset Securitization Trust, Ser 2006-A1, Class 1A3, 6.000%, 4/25/36 | &nbsp;&nbsp; 57979 |
| &nbsp;&nbsp; 71066 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-10, Class B2, 144a, 3.536%, 8/25/43<sup>(A)(B)</sup> | &nbsp;&nbsp; 69096 |
| &nbsp;&nbsp; 80264 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-5, Class B1, 144a, 3.491%, 5/25/43<sup>(A)(B)</sup> | &nbsp;&nbsp; 77891 |
| &nbsp;&nbsp; 494060 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2017-2, Class A1, 144a, 3.500%, 2/25/47<sup>(A)(B)</sup> | &nbsp;&nbsp; 447171 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2017-1, Class B1, 144a, 3.811%, 10/25/56<sup>(A)(B)</sup> | &nbsp;&nbsp; 919729 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2017-4, Class B1, 144a, 3.669%, 6/25/57<sup>(A)(B)</sup> | &nbsp;&nbsp; 688619 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2019-4, Class A2, 144a, 3.250%, 10/25/59<sup>(A)(B)</sup> | &nbsp;&nbsp; 719747 |
| &nbsp;&nbsp; 786283 | &nbsp;&nbsp;Verus Securitization Trust, Ser 2022-3, Class A1, 144a, 4.130%, 2/25/67<sup>(A)(B)</sup> | &nbsp;&nbsp; 742172 |
| &nbsp;&nbsp; 39108 | &nbsp;&nbsp;Washington Mutual Mortgage Pass-Through Certificates, Ser 2005-9, Class 2A4, 5.500%, 11/25/35 | &nbsp;&nbsp; 35678 |
| &nbsp;&nbsp; 859142 | &nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Ser 2021-RR1, Class A3, 144a, 2.500%, 12/25/50<sup>(A)(B)</sup> | &nbsp;&nbsp; 765980 |
| &nbsp;&nbsp; 976603 | &nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Ser 2022-1, Class A17, 144a, 2.500%, 8/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 790858 |
|  | &nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations** | $24723844 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 7.2%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 7.2%** |
| &nbsp;&nbsp; 31679 | &nbsp;&nbsp;FHLMC, Pool #1Q0339, (RFUCCT1Y + 1.889%), 6.846%, 4/1/37<sup>(A)</sup> | &nbsp;&nbsp; 32374 |
| &nbsp;&nbsp; 5143 | &nbsp;&nbsp;FHLMC, Pool #A12886, 5.000%, 8/1/33 | &nbsp;&nbsp; 5178 |
| &nbsp;&nbsp; 38187 | &nbsp;&nbsp;FHLMC, Pool #A13842, 6.000%, 9/1/33 | &nbsp;&nbsp; 38802 |
| &nbsp;&nbsp; 3001 | &nbsp;&nbsp;FHLMC, Pool #A21415, 5.000%, 5/1/34 | &nbsp;&nbsp; 3006 |
| &nbsp;&nbsp; 7648 | &nbsp;&nbsp;FHLMC, Pool #A35682, 5.000%, 7/1/35 | &nbsp;&nbsp; 7665 |
| &nbsp;&nbsp; 3517 | &nbsp;&nbsp;FHLMC, Pool #A36523, 5.000%, 8/1/35 | &nbsp;&nbsp; 3525 |
| &nbsp;&nbsp; 16337 | &nbsp;&nbsp;FHLMC, Pool #A46590, 5.000%, 8/1/35 | &nbsp;&nbsp; 16477 |
| &nbsp;&nbsp; 1801 | &nbsp;&nbsp;FHLMC, Pool #A64971, 5.500%, 8/1/37 | &nbsp;&nbsp; 1835 |
| &nbsp;&nbsp; 1156661 | &nbsp;&nbsp;FHLMC, Pool #A89148, 4.000%, 10/1/39 | &nbsp;&nbsp; 1115931 |
| &nbsp;&nbsp; 29223 | &nbsp;&nbsp;FHLMC, Pool #A96485, 4.500%, 1/1/41 | &nbsp;&nbsp; 28827 |
| &nbsp;&nbsp; 183384 | &nbsp;&nbsp;FHLMC, Pool #A97897, 4.500%, 4/1/41 | &nbsp;&nbsp; 180881 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 7.2%<br> (Continued)** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 7.2%<br> (Continued)** |
| $8978 | &nbsp;&nbsp;FHLMC, Pool #C62740, 7.000%, 1/1/32 | $9382 |
| &nbsp;&nbsp; 6461 | &nbsp;&nbsp;FHLMC, Pool #C72254, 6.500%, 7/1/32 | &nbsp;&nbsp; 6666 |
| &nbsp;&nbsp; 1188 | &nbsp;&nbsp;FHLMC, Pool #C90986, 7.000%, 6/1/26 | &nbsp;&nbsp; 1241 |
| &nbsp;&nbsp; 5653 | &nbsp;&nbsp;FHLMC, Pool #G02184, 5.000%, 4/1/36 | &nbsp;&nbsp; 5691 |
| &nbsp;&nbsp; 1027322 | &nbsp;&nbsp;FHLMC, Pool #G05624, 4.500%, 9/1/39 | &nbsp;&nbsp; 1015107 |
| &nbsp;&nbsp; 92898 | &nbsp;&nbsp;FHLMC, Pool #G05733, 5.000%, 11/1/39 | &nbsp;&nbsp; 93715 |
| &nbsp;&nbsp; 3101 | &nbsp;&nbsp;FHLMC, Pool #J13584, 3.500%, 11/1/25 | &nbsp;&nbsp; 3087 |
| &nbsp;&nbsp; 778716 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1436, 4.500%, 8/1/52 | &nbsp;&nbsp; 745395 |
| &nbsp;&nbsp; 658363 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1620, 5.000%, 9/1/52 | &nbsp;&nbsp; 648113 |
| &nbsp;&nbsp; 804596 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD5007, 5.000%, 9/1/53 | &nbsp;&nbsp; 789897 |
| &nbsp;&nbsp; 522 | &nbsp;&nbsp;FNMA, Pool #540040, 7.500%, 6/1/28 | &nbsp;&nbsp; 521 |
| &nbsp;&nbsp; 5112 | &nbsp;&nbsp;FNMA, Pool #561741, 7.500%, 1/1/31 | &nbsp;&nbsp; 5242 |
| &nbsp;&nbsp; 7702 | &nbsp;&nbsp;FNMA, Pool #640291, 7.000%, 8/1/32 | &nbsp;&nbsp; 8040 |
| &nbsp;&nbsp; 7791 | &nbsp;&nbsp;FNMA, Pool #670402, 6.500%, 6/1/32 | &nbsp;&nbsp; 8055 |
| &nbsp;&nbsp; 57982 | &nbsp;&nbsp;FNMA, Pool #745257, 6.000%, 1/1/36 | &nbsp;&nbsp; 60417 |
| &nbsp;&nbsp; 37463 | &nbsp;&nbsp;FNMA, Pool #748895, 6.000%, 12/1/33 | &nbsp;&nbsp; 37568 |
| &nbsp;&nbsp; 27370 | &nbsp;&nbsp;FNMA, Pool #810049, 5.500%, 3/1/35 | &nbsp;&nbsp; 27900 |
| &nbsp;&nbsp; 20121 | &nbsp;&nbsp;FNMA, Pool #819297, 6.000%, 9/1/35 | &nbsp;&nbsp; 20908 |
| &nbsp;&nbsp; 423263 | &nbsp;&nbsp;FNMA, Pool #881279, 5.000%, 11/1/36 | &nbsp;&nbsp; 426442 |
| &nbsp;&nbsp; 12747 | &nbsp;&nbsp;FNMA, Pool #889060, 6.000%, 1/1/38 | &nbsp;&nbsp; 13555 |
| &nbsp;&nbsp; 28920 | &nbsp;&nbsp;FNMA, Pool #889061, 6.000%, 1/1/38 | &nbsp;&nbsp; 30136 |
| &nbsp;&nbsp; 940 | &nbsp;&nbsp;FNMA, Pool #895657, 6.500%, 8/1/36 | &nbsp;&nbsp; 949 |
| &nbsp;&nbsp; 52087 | &nbsp;&nbsp;FNMA, Pool #905049, 5.500%, 11/1/36 | &nbsp;&nbsp; 53294 |
| &nbsp;&nbsp; 140350 | &nbsp;&nbsp;FNMA, Pool #928553, 5.500%, 8/1/37 | &nbsp;&nbsp; 143532 |
| &nbsp;&nbsp; 60242 | &nbsp;&nbsp;FNMA, Pool #931535, 5.500%, 7/1/39 | &nbsp;&nbsp; 60349 |
| &nbsp;&nbsp; 69423 | &nbsp;&nbsp;FNMA, Pool #AA3467, 4.500%, 4/1/39 | &nbsp;&nbsp; 68511 |
| &nbsp;&nbsp; 110475 | &nbsp;&nbsp;FNMA, Pool #AA4584, 4.500%, 4/1/39 | &nbsp;&nbsp; 109024 |
| &nbsp;&nbsp; 26486 | &nbsp;&nbsp;FNMA, Pool #AB1800, 4.000%, 11/1/40 | &nbsp;&nbsp; 25461 |
| &nbsp;&nbsp; 8401 | &nbsp;&nbsp;FNMA, Pool #AB2452, 4.000%, 3/1/26 | &nbsp;&nbsp; 8350 |
| &nbsp;&nbsp; 21344 | &nbsp;&nbsp;FNMA, Pool #AD6193, 5.000%, 6/1/40 | &nbsp;&nbsp; 21081 |
| &nbsp;&nbsp; 40161 | &nbsp;&nbsp;FNMA, Pool #AE1568, 4.000%, 9/1/40 | &nbsp;&nbsp; 38615 |
| &nbsp;&nbsp; 214415 | &nbsp;&nbsp;FNMA, Pool #AE2497, 4.500%, 9/1/40 | &nbsp;&nbsp; 211375 |
| &nbsp;&nbsp; 23952 | &nbsp;&nbsp;FNMA, Pool #AE5441, 5.000%, 10/1/40 | &nbsp;&nbsp; 24132 |
| &nbsp;&nbsp; 69592 | &nbsp;&nbsp;FNMA, Pool #AH1135, 5.000%, 1/1/41 | &nbsp;&nbsp; 70115 |
| &nbsp;&nbsp; 4021 | &nbsp;&nbsp;FNMA, Pool #AH3671, 4.000%, 2/1/26 | &nbsp;&nbsp; 3997 |
| &nbsp;&nbsp; 204572 | &nbsp;&nbsp;FNMA, Pool #AH6622, 4.000%, 3/1/41 | &nbsp;&nbsp; 196612 |
| &nbsp;&nbsp; 197638 | &nbsp;&nbsp;FNMA, Pool #AL0150, 4.000%, 2/1/41 | &nbsp;&nbsp; 189948 |
| &nbsp;&nbsp; 36659 | &nbsp;&nbsp;FNMA, Pool #AL0211, 5.000%, 4/1/41 | &nbsp;&nbsp; 36935 |
| &nbsp;&nbsp; 246239 | &nbsp;&nbsp;FNMA, Pool #AS0779, 4.000%, 10/1/43 | &nbsp;&nbsp; 236066 |
| &nbsp;&nbsp; 1764513 | &nbsp;&nbsp;FNMA, Pool #BT7156, 2.000%, 8/1/51 | &nbsp;&nbsp; 1418913 |
| &nbsp;&nbsp; 670091 | &nbsp;&nbsp;FNMA, Pool #BW2258, 4.500%, 7/1/52 | &nbsp;&nbsp; 641100 |
| &nbsp;&nbsp; 1153271 | &nbsp;&nbsp;FNMA, Pool #FM4660, 2.000%, 10/1/35 | &nbsp;&nbsp; 1048982 |
| &nbsp;&nbsp; 1172664 | &nbsp;&nbsp;FNMA, Pool #FM4702, 2.500%, 10/1/50 | &nbsp;&nbsp; 990111 |
| &nbsp;&nbsp; 1752836 | &nbsp;&nbsp;FNMA, Pool #FM5085, 2.000%, 12/1/50 | &nbsp;&nbsp; 1405886 |
| &nbsp;&nbsp; 840151 | &nbsp;&nbsp;FNMA, Pool #FM8360, 2.500%, 8/1/51 | &nbsp;&nbsp; 703517 |
| &nbsp;&nbsp; 790548 | &nbsp;&nbsp;FNMA, Pool #FM8361, 2.500%, 8/1/51 | &nbsp;&nbsp; 665006 |
| &nbsp;&nbsp; 1034040 | &nbsp;&nbsp;FNMA, Pool #FM9905, 2.500%, 12/1/51 | &nbsp;&nbsp; 860151 |
| &nbsp;&nbsp; 871727 | &nbsp;&nbsp;FNMA, Pool #FM9907, 2.500%, 12/1/51 | &nbsp;&nbsp; 728644 |
| &nbsp;&nbsp; 638938 | &nbsp;&nbsp;FNMA, Pool #FS2906, 5.000%, 9/1/52 | &nbsp;&nbsp; 627780 |
| &nbsp;&nbsp; 1662074 | &nbsp;&nbsp;FNMA, Pool #FS7278, 5.000%, 11/1/53 | &nbsp;&nbsp; 1629901 |
| &nbsp;&nbsp; 749872 | &nbsp;&nbsp;FNMA, Pool #MA4128, 2.000%, 9/1/40 | &nbsp;&nbsp; 654132 |
| &nbsp;&nbsp; 489192 | &nbsp;&nbsp;GNMA, Pool #4424, 5.000%, 4/20/39 | &nbsp;&nbsp; 495097 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | $18759145 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 6.8%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 6.8%** |
| &nbsp;&nbsp; 828185 | &nbsp;&nbsp;FHLMC REMIC, Ser 4422, Class LZ, 4.000%, 12/15/44 | &nbsp;&nbsp; 777065 |
| &nbsp;&nbsp; 2085000 | &nbsp;&nbsp;FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | &nbsp;&nbsp; 1492911 |
| &nbsp;&nbsp; 2850000 | &nbsp;&nbsp;FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | &nbsp;&nbsp; 2099254 |
| &nbsp;&nbsp; 64168 | &nbsp;&nbsp;FNMA REMIC, Ser 2003-32, Class BZ, 6.000%, 11/25/32 | &nbsp;&nbsp; 65828 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Active Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 6.8%<br> (Continued)** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 6.8%<br> (Continued)** |
| $6062 | &nbsp;&nbsp;FNMA REMIC, Ser 2015-51, Class KC, 3.000%, 6/25/45 | $5796 |
| &nbsp;&nbsp; 1420000 | &nbsp;&nbsp;FNMA REMIC, Ser 2017-37, Class AY, 3.000%, 5/25/47 | &nbsp;&nbsp; 1102104 |
| &nbsp;&nbsp; 270295 | &nbsp;&nbsp;FNMA REMIC, Ser 2017-90, Class KA, 3.000%, 11/25/47 | &nbsp;&nbsp; 252748 |
| &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | &nbsp;&nbsp; 1436743 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | &nbsp;&nbsp; 1909617 |
| &nbsp;&nbsp; 2550000 | &nbsp;&nbsp;FNMA REMIC, Ser 2022-17, Class UV, 3.000%, 7/25/42 | &nbsp;&nbsp; 2142001 |
| &nbsp;&nbsp; 521594 | &nbsp;&nbsp;FNMA REMIC, Ser 2023-9, Class BZ, 4.500%, 3/25/53 | &nbsp;&nbsp; 472681 |
| &nbsp;&nbsp; 27117 | &nbsp;&nbsp;FNMA Trust, Ser 2004-W15, Class 2AF, (SOFR30A + 0.364%), 4.704%, 8/25/44<sup>(A)</sup> | &nbsp;&nbsp; 26850 |
| &nbsp;&nbsp; 447938 | &nbsp;&nbsp;GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40 | &nbsp;&nbsp; 447291 |
| &nbsp;&nbsp; 3677463 | &nbsp;&nbsp;GNMA, Ser 2012-147, Class IO, 0.535%, 4/16/54<sup>(A)(B)(C)</sup> | &nbsp;&nbsp; 37738 |
| &nbsp;&nbsp; 1324943 | &nbsp;&nbsp;GNMA, Ser 2016-113, Class IO, 1.163%, 2/16/58<sup>(A)(B)(C)</sup> | &nbsp;&nbsp; 63661 |
| &nbsp;&nbsp; 7100862 | &nbsp;&nbsp;GNMA, Ser 2016-140, Class IO, 0.734%, 5/16/58<sup>(A)(B)(C)</sup> | &nbsp;&nbsp; 254461 |
| &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;GNMA, Ser 2016-83, Class PB, 3.000%, 6/20/46 | &nbsp;&nbsp; 1311332 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;GNMA, Ser 2018-112, Class YC, 3.500%, 8/20/48 | &nbsp;&nbsp; 2031854 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;GNMA, Ser 2022-200, Class PL, 5.500%, 9/20/52 | &nbsp;&nbsp; 359109 |
| &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;GNMA, Ser 2022-50, Class KV, 3.000%, 6/20/42 | &nbsp;&nbsp; 1393940 |
|  | &nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations** | $17682984 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 6.3%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 6.3%** |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | &nbsp;&nbsp; 487497 |
| &nbsp;&nbsp; 970000 | &nbsp;&nbsp;BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | &nbsp;&nbsp; 859587 |
| &nbsp;&nbsp; 1230000 | &nbsp;&nbsp;BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55<sup>(A)(B)</sup> | &nbsp;&nbsp; 1078068 |
| &nbsp;&nbsp; 525000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2024-5C27, Class AS, 6.410%, 7/15/57<sup>(A)(B)</sup> | &nbsp;&nbsp; 546065 |
| &nbsp;&nbsp; 305000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2017-P8, Class AS, 3.789%, 9/15/50<sup>(A)(B)</sup> | &nbsp;&nbsp; 289307 |
| &nbsp;&nbsp; 830000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | &nbsp;&nbsp; 740716 |
| &nbsp;&nbsp; 1514722 | &nbsp;&nbsp;CSMC, Ser 2021-B33, Class A1, 144a, 3.053%, 10/10/43 | &nbsp;&nbsp; 1425011 |
| &nbsp;&nbsp; 550000 | &nbsp;&nbsp;Eleven Madison Trust Mortgage Trust, Ser 2015-11MD, Class C, 144a, 3.555%, 9/10/35<sup>(A)(B)</sup> | &nbsp;&nbsp; 536250 |
| &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.541%, 1/10/43<sup>(A)(B)</sup> | &nbsp;&nbsp; 1553120 |
| &nbsp;&nbsp; 1325000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | &nbsp;&nbsp; 1174391 |
| &nbsp;&nbsp; 765000 | &nbsp;&nbsp;HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (TSFR1M + 1.564%), 5.884%, 10/15/36<sup>(A)</sup> | &nbsp;&nbsp; 752343 |
| &nbsp;&nbsp; 528000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2016-NINE, Class B, 144a, 2.854%, 9/6/38<sup>(A)(B)</sup> | &nbsp;&nbsp; 508366 |
| &nbsp;&nbsp; 755000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | &nbsp;&nbsp; 728275 |
| &nbsp;&nbsp; 515000 | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Class AS, 4.065%, 11/15/47 | &nbsp;&nbsp; 495409 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (TSFR1M + 1.317%), 5.636%, 11/15/35<sup>(A)</sup> | &nbsp;&nbsp; 1116421 |
| &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2018-H3, Class A5, 4.177%, 7/15/51 | &nbsp;&nbsp; 1181726 |
| &nbsp;&nbsp; 340000 | &nbsp;&nbsp;UBS Commercial Mortgage Trust, Ser 2017-C1, Class AS, 3.724%, 6/15/50 | &nbsp;&nbsp; 327849 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 6.3% (Continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 6.3% (Continued)** |
| $385000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Class AS, 4.013%, 12/15/48 | $381458 |
| &nbsp;&nbsp; 2380000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | &nbsp;&nbsp; 2203859 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | $16385718 |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 5.3%** | &nbsp;&nbsp;**Asset-Backed Securities — 5.3%** |
| &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (TSFR3M + 1.912%), 6.214%, 4/15/34<sup>(A)</sup> | &nbsp;&nbsp; 1097738 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;Benefit Street Partners CLO XXV Ltd. (Cayman Islands), Ser 2021-25A, Class BR, 144a, (TSFR3M + 1.450%), 5.766%, 1/15/35<sup>(A)</sup> | &nbsp;&nbsp; 792210 |
| &nbsp;&nbsp; 944425 | &nbsp;&nbsp;CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | &nbsp;&nbsp; 931956 |
| &nbsp;&nbsp; 605 | &nbsp;&nbsp;CIT Home Equity Loan Trust, Ser 2002-1, Class AF5, 7.210%, 2/25/33<sup>(A)(B)</sup> | &nbsp;&nbsp; 607 |
| &nbsp;&nbsp; 1291500 | &nbsp;&nbsp;Coinstar Funding LLC, Ser 2017-1A, Class A2, 144a, 5.216%, 4/25/47 | &nbsp;&nbsp; 1182164 |
| &nbsp;&nbsp; 1203718 | &nbsp;&nbsp;Driven Brands Funding LLC, Ser 2021-1A, Class A2, 144a, 2.791%, 10/20/51 | &nbsp;&nbsp; 1106974 |
| &nbsp;&nbsp; 82347 | &nbsp;&nbsp;FHLMC Structured Pass Through Securities, Ser T-20, Class A5, 8.370%, 12/25/29<sup>(A)(B)</sup> | &nbsp;&nbsp; 85834 |
| &nbsp;&nbsp; 1073 | &nbsp;&nbsp;FNMA REMIC Trust, Ser 2001-W2, Class AF6, 6.089%, 10/25/31<sup>(A)(B)</sup> | &nbsp;&nbsp; 1081 |
| &nbsp;&nbsp; 1081000 | &nbsp;&nbsp;Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | &nbsp;&nbsp; 1038635 |
| &nbsp;&nbsp; 960300 | &nbsp;&nbsp;Jersey Mike's Funding LLC, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50 | &nbsp;&nbsp; 949239 |
| &nbsp;&nbsp; 1457000 | &nbsp;&nbsp;Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1R, 144a, (TSFR3M + 1.450%), 5.761%, 10/19/34<sup>(A)</sup> | &nbsp;&nbsp; 1448650 |
| &nbsp;&nbsp; 189927 | &nbsp;&nbsp;Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40 | &nbsp;&nbsp; 190951 |
| &nbsp;&nbsp; 1155000 | &nbsp;&nbsp;Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | &nbsp;&nbsp; 1085547 |
| &nbsp;&nbsp; 1091250 | &nbsp;&nbsp;Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51 | &nbsp;&nbsp; 1054283 |
| &nbsp;&nbsp; 685750 | &nbsp;&nbsp;TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | &nbsp;&nbsp; 644232 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;Verdelite Static CLO Ltd. (Jersey), Ser 2024-1A, Class B, 144a, (TSFR3M + 1.650%), 5.943%, 7/20/32<sup>(A)</sup> | &nbsp;&nbsp; 797816 |
| &nbsp;&nbsp; 1539992 | &nbsp;&nbsp;Wendy's Funding LLC, Ser 2021-1A, Class A2II, 144a, 2.775%, 6/15/51 | &nbsp;&nbsp; 1337865 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | $13745782 |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 0.9%** | &nbsp;&nbsp;**Sovereign Government Obligations — 0.9%** |
| &nbsp;&nbsp; 382000 | &nbsp;&nbsp;Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | &nbsp;&nbsp; 365287 |
| &nbsp;&nbsp; 697000 | &nbsp;&nbsp;Chile Government International Bond, 3.100%, 1/22/61 | &nbsp;&nbsp; 416102 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;Egypt Government International Bond, 144a, 5.800%, 9/30/27 | &nbsp;&nbsp; 187000 |
| &nbsp;&nbsp; 9600 | &nbsp;&nbsp;Ghana Government International Bond, 144a, 4.717%, 7/3/26<sup>#</sup> | &nbsp;&nbsp; 9010 |
| &nbsp;&nbsp; 20886 | &nbsp;&nbsp;Ghana Government International Bond, 144a, 4.962%, 1/3/30<sup>#</sup> | &nbsp;&nbsp; 16098 |
| &nbsp;&nbsp; 96800 | &nbsp;&nbsp;Ghana Government International Bond, 144a, 5.000%, 7/3/29<sup>(A)(B)</sup> | &nbsp;&nbsp; 84642 |
| &nbsp;&nbsp; 878000 | &nbsp;&nbsp;Mexico Government International Bond, 3.771%, 5/24/61 | &nbsp;&nbsp; 509196 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Active Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 0.9% (Continued)** | &nbsp;&nbsp;**Sovereign Government Obligations — 0.9% (Continued)** |
| $200000 | &nbsp;&nbsp;Nigeria Government International Bond, MTN, 8.250%, 9/28/51 | $156522 |
| &nbsp;&nbsp; 736000 | &nbsp;&nbsp;Republic of Poland Government International Bond, 5.500%, 3/18/54 | &nbsp;&nbsp; 689602 |
|  | &nbsp;&nbsp;**Total Sovereign Government Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$2433459 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.3%** |  |
| 3461821 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | &nbsp;&nbsp; 3461821 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.3%<br> (Cost $271,043,301)** | $259168982 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.7%** | &nbsp;&nbsp; 1909902 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $261078884 |

---

---

| | |
|:---|:---|
| *(A)* | *Variable rate security - Rate reflected is the rate in effect as of March 31, 2025.* |
| *(B)* | *Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.* |
| *(C)* | *Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.* |
| *#* | *Zero coupon bond - Rate shown reflects effective yield to maturity at time of purchase.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *CLO – Collateralized Loan Obligation* |
| *DAC – Designated Activity Company* |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *FNMA – Federal National Mortgage Association* |
| *GNMA – Government National Mortgage Association* |
| *IO – Interest Only* |
| *JSC – Joint Stock Company* |
| *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* |
| *RFUCCT1Y – FTSE USD IBOR Consumer Cash Fallbacks Term One year* |
| *SOFR30A – Secured Overnight Financing Rate 30 Day Average* |
| *TSFR1M – One Month Term Secured Overnight Financing Rate* |
| *TSFR3M – Three Month Term Secured Overnight Financing Rate* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities were valued at $72,914,915 or 27.9% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Corporate Bonds* | *$—* | *$103606649* | *$—* | *$103606649* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*58369580* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*58369580* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*24723844* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*24723844* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*18759145* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*18759145* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*17682984* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*17682984* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*16385718* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*16385718* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*13745782* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*13745782* |
| *Sovereign Government Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2433459* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2433459* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;*3461821* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3461821* |
| ***Other Financial Instruments*** |  |  |  |  |
| *Futures* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Interest rate contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*42447* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*42447* |
| *Total* | *$3504268* | *$255707161* | *$—* | *$259211429* |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Active Bond Fund (Unaudited) (Continued)

#### Futures Contracts
*At March 31, 2025, $148,750 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at March 31, 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*** |
| *Long Futures:* |  |  |  |  |
| *5-Year U.S. Treasury Note* | &nbsp;&nbsp;&nbsp;*6/30/2025* | &nbsp;&nbsp;&nbsp;*119* | &nbsp;&nbsp;&nbsp;*$12870594* | *$42447* |
|  |  |  |  | *$42447* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Portfolio of Investments

Touchstone Ares Credit Opportunities Fund – March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 79.5%** |  |
|  | &nbsp;&nbsp;**Communication Services — 11.1%** |  |
| $3294000 | &nbsp;&nbsp;Altice France SA (France), 144a, 5.500%, 1/15/28 | $2631793 |
| &nbsp;&nbsp; 2829000 | &nbsp;&nbsp;ANGI Group LLC, 144a, 3.875%, 8/15/28 | &nbsp;&nbsp; 2563869 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;Belo Corp., 7.250%, 9/15/27 | &nbsp;&nbsp; 74250 |
| &nbsp;&nbsp; 675000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | &nbsp;&nbsp; 598260 |
| &nbsp;&nbsp; 4584000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.000%, 2/1/28 | &nbsp;&nbsp; 4444978 |
| &nbsp;&nbsp; 7580000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.500%, 8/15/30<sup>(A)</sup> | &nbsp;&nbsp; 6887078 |
| &nbsp;&nbsp; 5630000 | &nbsp;&nbsp;CommScope LLC, 144a, 4.750%, 9/1/29 | &nbsp;&nbsp; 5007994 |
| &nbsp;&nbsp; 205000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 3.375%, 2/15/31 | &nbsp;&nbsp; 146343 |
| &nbsp;&nbsp; 76000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 4.500%, 11/15/31 | &nbsp;&nbsp; 55088 |
| &nbsp;&nbsp; 1129000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 6.500%, 2/1/29 | &nbsp;&nbsp; 934247 |
| &nbsp;&nbsp; 1315000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 4.625%, 12/1/30 | &nbsp;&nbsp; 640133 |
| &nbsp;&nbsp; 5215000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 5.750%, 1/15/30 | &nbsp;&nbsp; 2737875 |
| &nbsp;&nbsp; 416000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 4.125%, 12/1/30 | &nbsp;&nbsp; 301202 |
| &nbsp;&nbsp; 1761000 | &nbsp;&nbsp;DISH DBS Corp., 144a, 5.250%, 12/1/26 | &nbsp;&nbsp; 1614852 |
| &nbsp;&nbsp; 2673000 | &nbsp;&nbsp;DISH DBS Corp., 144a, 5.750%, 12/1/28 | &nbsp;&nbsp; 2252225 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Fox Corp., 5.476%, 1/25/39 | &nbsp;&nbsp; 1441301 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Fox Corp., 5.576%, 1/25/49 | &nbsp;&nbsp; 1399364 |
| &nbsp;&nbsp; 3043000 | &nbsp;&nbsp;Gen Digital, Inc., 144a, 6.250%, 4/1/33 | &nbsp;&nbsp; 3017581 |
| &nbsp;&nbsp; 3677000 | &nbsp;&nbsp;Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144a, 3.500%, 3/1/29 | &nbsp;&nbsp; 3400876 |
| &nbsp;&nbsp; 7322000 | &nbsp;&nbsp;Gray Media, Inc., 144a, 4.750%, 10/15/30 | &nbsp;&nbsp; 4598991 |
| &nbsp;&nbsp; 508000 | &nbsp;&nbsp;Gray Media, Inc., 144a, 10.500%, 7/15/29 | &nbsp;&nbsp; 526289 |
| &nbsp;&nbsp; 8879000 | &nbsp;&nbsp;Level 3 Financing, Inc., 144a, 4.875%, 6/15/29 | &nbsp;&nbsp; 7524331 |
| &nbsp;&nbsp; 2042000 | &nbsp;&nbsp;Level 3 Financing, Inc., 144a, 11.000%, 11/15/29 | &nbsp;&nbsp; 2276769 |
| &nbsp;&nbsp; 1061000 | &nbsp;&nbsp;Nexstar Media, Inc., 144a, 4.750%, 11/1/28 | &nbsp;&nbsp; 992133 |
| &nbsp;&nbsp; 128000 | &nbsp;&nbsp;Nexstar Media, Inc., 144a, 5.625%, 7/15/27 | &nbsp;&nbsp; 126077 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Odido Group Holding BV (Netherlands), 144a, 5.500%, 1/15/30 | &nbsp;&nbsp; 536595 |
| &nbsp;&nbsp; 7898000 | &nbsp;&nbsp;Scripps Escrow II, Inc., 144a, 3.875%, 1/15/29 | &nbsp;&nbsp; 6147301 |
| &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;Sirius XM Radio LLC, 144a, 3.125%, 9/1/26 | &nbsp;&nbsp; 1743458 |
| &nbsp;&nbsp; 526000 | &nbsp;&nbsp;Sirius XM Radio LLC, 144a, 5.000%, 8/1/27 | &nbsp;&nbsp; 513831 |
| &nbsp;&nbsp; 240000 | &nbsp;&nbsp;Sirius XM Radio LLC, 144a, 5.500%, 7/1/29 | &nbsp;&nbsp; 231621 |
| &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;Snap, Inc., 144a, 6.875%, 3/1/33 | &nbsp;&nbsp; 1895459 |
| &nbsp;&nbsp; 2794000 | &nbsp;&nbsp;TEGNA, Inc., 4.625%, 3/15/28 | &nbsp;&nbsp; 2638712 |
| &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;Telenet Finance Luxembourg Notes Sarl (Belgium), 144a, 5.500%, 3/1/28 | &nbsp;&nbsp; 1358000 |
| &nbsp;&nbsp; 3051000 | &nbsp;&nbsp;Telesat Canada / Telesat LLC (Canada), 144a, 5.625%, 12/6/26 | &nbsp;&nbsp; 1813761 |
| &nbsp;&nbsp; 1163000 | &nbsp;&nbsp;Telesat Canada / Telesat LLC (Canada), 144a, 6.500%, 10/15/27 | &nbsp;&nbsp; 500090 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;United Group BV (Slovenia), 144a, 3.625%, 2/15/28 | &nbsp;&nbsp; 1050250 |
| &nbsp;&nbsp; 338000 | &nbsp;&nbsp;Virgin Media Finance PLC (United Kingdom), 144a, 5.000%, 7/15/30 | &nbsp;&nbsp; 289426 |
| &nbsp;&nbsp; 1460000 | &nbsp;&nbsp;Virgin Media Secured Finance PLC (United Kingdom), 144a, 4.500%, 8/15/30 | &nbsp;&nbsp; 1282555 |
| &nbsp;&nbsp; 5127000 | &nbsp;&nbsp;Virgin Media Vendor Financing Notes IV DAC (United Kingdom), 144a, 5.000%, 7/15/28 | &nbsp;&nbsp; 4844836 |
| &nbsp;&nbsp; 400000 | &nbsp;&nbsp;Vmed O2 UK Financing I PLC (United Kingdom), 144a, 4.250%, 1/31/31 | &nbsp;&nbsp; 344904 |
| &nbsp;&nbsp; 6375000 | &nbsp;&nbsp;Zayo Group Holdings, Inc., 144a, 4.000%, 3/1/27 | &nbsp;&nbsp; 5806596 |
|  |  | &nbsp;&nbsp; 87191294 |
|  | &nbsp;&nbsp;**Industrials — 9.8%** |  |
| &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;Amsted Industries, Inc., 144a, 4.625%, 5/15/30 | &nbsp;&nbsp; 1134094 |
| &nbsp;&nbsp; 754000 | &nbsp;&nbsp;Amsted Industries, Inc., 144a, 6.375%, 3/15/33 | &nbsp;&nbsp; 750148 |
| &nbsp;&nbsp; 4098634 | &nbsp;&nbsp;ARD Finance SA (Luxembourg), 144a, 6.500%, 6/30/27<sup>(B)</sup> | &nbsp;&nbsp; 245918 |
| &nbsp;&nbsp; 3015000 | &nbsp;&nbsp;Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 4.125%, 8/15/26<sup>†</sup> | &nbsp;&nbsp; 2769157 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 79.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Industrials — 9.8% (Continued)** |  |
| $500000 | &nbsp;&nbsp;Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.750%, 7/15/27 | $322937 |
| &nbsp;&nbsp; 1989000 | &nbsp;&nbsp;Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 8/15/27 | &nbsp;&nbsp; 910285 |
| &nbsp;&nbsp; 5758000 | &nbsp;&nbsp;Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 8/15/27 | &nbsp;&nbsp; 2635204 |
| &nbsp;&nbsp; 1103000 | &nbsp;&nbsp;Axon Enterprise, Inc., 144a, 6.250%, 3/15/33 | &nbsp;&nbsp; 1112341 |
| &nbsp;&nbsp; 6174000 | &nbsp;&nbsp;Ball Corp., 2.875%, 8/15/30 | &nbsp;&nbsp; 5381816 |
| &nbsp;&nbsp; 2297000 | &nbsp;&nbsp;Builders FirstSource, Inc., 144a, 6.375%, 3/1/34 | &nbsp;&nbsp; 2279409 |
| &nbsp;&nbsp; 1440000 | &nbsp;&nbsp;BWX Technologies, Inc., 144a, 4.125%, 4/15/29 | &nbsp;&nbsp; 1344276 |
| &nbsp;&nbsp; 2620000 | &nbsp;&nbsp;BWX Technologies, Inc., 144a, 4.125%, 6/30/28 | &nbsp;&nbsp; 2474477 |
| &nbsp;&nbsp; 2589000 | &nbsp;&nbsp;Chart Industries, Inc., 144a, 9.500%, 1/1/31 | &nbsp;&nbsp; 2763320 |
| &nbsp;&nbsp; 3566000 | &nbsp;&nbsp;Clean Harbors, Inc., 144a, 4.875%, 7/15/27 | &nbsp;&nbsp; 3514941 |
| &nbsp;&nbsp; 625000 | &nbsp;&nbsp;Clean Harbors, Inc., 144a, 6.375%, 2/1/31 | &nbsp;&nbsp; 631374 |
| &nbsp;&nbsp; 739000 | &nbsp;&nbsp;Coherent Corp., 144a, 5.000%, 12/15/29 | &nbsp;&nbsp; 705573 |
| &nbsp;&nbsp; 4810676 | &nbsp;&nbsp;CP Atlas Buyer, Inc., 144a, 7.000%, 12/1/28 | &nbsp;&nbsp; 3800551 |
| &nbsp;&nbsp; 2712000 | &nbsp;&nbsp;EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.625%, 12/15/30 | &nbsp;&nbsp; 2711539 |
| &nbsp;&nbsp; 2008000 | &nbsp;&nbsp;GFL Environmental, Inc., 144a, 3.500%, 9/1/28 | &nbsp;&nbsp; 1897829 |
| &nbsp;&nbsp; 713271 | &nbsp;&nbsp;GFL Environmental, Inc., 144a, 4.375%, 8/15/29 | &nbsp;&nbsp; 672744 |
| &nbsp;&nbsp; 3600000 | &nbsp;&nbsp;Graphic Packaging International LLC, 144a, 3.750%, 2/1/30 | &nbsp;&nbsp; 3286606 |
| &nbsp;&nbsp; 798000 | &nbsp;&nbsp;Graphic Packaging International LLC, 144a, 6.375%, 7/15/32 | &nbsp;&nbsp; 799138 |
| &nbsp;&nbsp; 2254000 | &nbsp;&nbsp;LABL, Inc., 144a, 8.625%, 10/1/31 | &nbsp;&nbsp; 1651055 |
| &nbsp;&nbsp; 3416000 | &nbsp;&nbsp;Madison IAQ LLC, 144a, 4.125%, 6/30/28 | &nbsp;&nbsp; 3224447 |
| &nbsp;&nbsp; 3717000 | &nbsp;&nbsp;Martin Marietta Materials, Inc., 4.250%, 12/15/47 | &nbsp;&nbsp; 3002324 |
| &nbsp;&nbsp; 749000 | &nbsp;&nbsp;OI European Group BV, 144a, 4.750%, 2/15/30 | &nbsp;&nbsp; 686133 |
| &nbsp;&nbsp; 51000 | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 144a, 6.625%, 5/13/27 | &nbsp;&nbsp; 50717 |
| &nbsp;&nbsp; 4230000 | &nbsp;&nbsp;Quikrete Holdings, Inc., 144a, 6.375%, 3/1/32 | &nbsp;&nbsp; 4254830 |
| &nbsp;&nbsp; 4243000 | &nbsp;&nbsp;Sealed Air Corp/Sealed Air Corp. US, 144a, 6.125%, 2/1/28 | &nbsp;&nbsp; 4247548 |
| &nbsp;&nbsp; 4579000 | &nbsp;&nbsp;Sensata Technologies BV, 144a, 4.000%, 4/15/29 | &nbsp;&nbsp; 4204546 |
| &nbsp;&nbsp; 3343000 | &nbsp;&nbsp;Standard Industries, Inc., 144a, 4.375%, 7/15/30 | &nbsp;&nbsp; 3075710 |
| &nbsp;&nbsp; 160000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.750%, 8/15/28 | &nbsp;&nbsp; 162334 |
| &nbsp;&nbsp; 2817000 | &nbsp;&nbsp;Trident TPI Holdings, Inc., 144a, 12.750%, 12/31/28 | &nbsp;&nbsp; 3020303 |
| &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;Waste Pro USA, Inc., 144a, 7.000%, 2/1/33 | &nbsp;&nbsp; 1453890 |
| &nbsp;&nbsp; 2507000 | &nbsp;&nbsp;WESCO Distribution, Inc., 144a, 6.375%, 3/15/33 | &nbsp;&nbsp; 2517841 |
| &nbsp;&nbsp; 3544000 | &nbsp;&nbsp;Wilsonart LLC, 144a, 11.000%, 8/15/32 | &nbsp;&nbsp; 3241954 |
|  |  | &nbsp;&nbsp; 76937309 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 9.7%** |  |
| &nbsp;&nbsp; 3795000 | &nbsp;&nbsp;Allison Transmission, Inc., 144a, 4.750%, 10/1/27 | &nbsp;&nbsp; 3702095 |
| &nbsp;&nbsp; 480000 | &nbsp;&nbsp;Asbury Automotive Group, Inc., 4.500%, 3/1/28 | &nbsp;&nbsp; 461281 |
| &nbsp;&nbsp; 2340000 | &nbsp;&nbsp;Asbury Automotive Group, Inc., 144a, 4.625%, 11/15/29 | &nbsp;&nbsp; 2192103 |
| &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;Ashton Woods USA LLC / Ashton Woods Finance Co., 144a, 6.625%, 1/15/28 | &nbsp;&nbsp; 1015762 |
| &nbsp;&nbsp; 2120000 | &nbsp;&nbsp;Bath & Body Works, Inc., 6.750%, 7/1/36 | &nbsp;&nbsp; 2111313 |
| &nbsp;&nbsp; 4211000 | &nbsp;&nbsp;Bath & Body Works, Inc., 6.875%, 11/1/35 | &nbsp;&nbsp; 4264256 |
| &nbsp;&nbsp; 92000 | &nbsp;&nbsp;Bath & Body Works, Inc., 7.500%, 6/15/29 | &nbsp;&nbsp; 93784 |
| &nbsp;&nbsp; 2801000 | &nbsp;&nbsp;Boyne USA, Inc., 144a, 4.750%, 5/15/29 | &nbsp;&nbsp; 2640161 |
| &nbsp;&nbsp; 1382000 | &nbsp;&nbsp;Caesars Entertainment, Inc., 144a, 4.625%, 10/15/29 | &nbsp;&nbsp; 1270115 |
| &nbsp;&nbsp; 780000 | &nbsp;&nbsp;Caesars Entertainment, Inc., 144a, 7.000%, 2/15/30 | &nbsp;&nbsp; 791292 |
| &nbsp;&nbsp; 323000 | &nbsp;&nbsp;Caesars Entertainment, Inc., 144a, 8.125%, 7/1/27 | &nbsp;&nbsp; 325212 |
| &nbsp;&nbsp; 2388000 | &nbsp;&nbsp;Churchill Downs, Inc., 144a, 4.750%, 1/15/28 | &nbsp;&nbsp; 2318831 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;Churchill Downs, Inc., 144a, 5.500%, 4/1/27 | &nbsp;&nbsp; 1190373 |
| &nbsp;&nbsp; 837000 | &nbsp;&nbsp;Clarios Global LP / Clarios US Finance Co., 144a, 8.500%, 5/15/27 | &nbsp;&nbsp; 839147 |
| &nbsp;&nbsp; 543000 | &nbsp;&nbsp;Clarios Global LP / Clarios US Finance Co., 144a, 6.250%, 5/15/26 | &nbsp;&nbsp; 543233 |
| &nbsp;&nbsp; 1146000 | &nbsp;&nbsp;Cougar JV Subsidiary LLC, 144a, 8.000%, 5/15/32 | &nbsp;&nbsp; 1181552 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 79.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 9.7% (Continued)** |  |
| $650000 | &nbsp;&nbsp;Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144a, 6.750%, 1/15/30 | $561562 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Ford Motor Co., 4.750%, 1/15/43 | &nbsp;&nbsp; 755354 |
| &nbsp;&nbsp; 610000 | &nbsp;&nbsp;Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | &nbsp;&nbsp; 581449 |
| &nbsp;&nbsp; 462000 | &nbsp;&nbsp;Ford Motor Credit Co. LLC, 4.125%, 8/17/27<sup>(A)</sup> | &nbsp;&nbsp; 446138 |
| &nbsp;&nbsp; 55000 | &nbsp;&nbsp;Ford Motor Credit Co. LLC, 5.125%, 6/16/25 | &nbsp;&nbsp; 54962 |
| &nbsp;&nbsp; 4640000 | &nbsp;&nbsp;Gap, Inc. (The), 144a, 3.625%, 10/1/29 | &nbsp;&nbsp; 4186399 |
| &nbsp;&nbsp; 4531000 | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc., 144a, 3.750%, 5/1/29 | &nbsp;&nbsp; 4223145 |
| &nbsp;&nbsp; 1222000 | &nbsp;&nbsp;Lithia Motors, Inc., 144a, 4.375%, 1/15/31 | &nbsp;&nbsp; 1108030 |
| &nbsp;&nbsp; 3966000 | &nbsp;&nbsp;Live Nation Entertainment, Inc., 144a, 4.750%, 10/15/27<sup>(A)</sup> | &nbsp;&nbsp; 3863951 |
| &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;Live Nation Entertainment, Inc., 144a, 6.500%, 5/15/27 | &nbsp;&nbsp; 1136103 |
| &nbsp;&nbsp; 3449000 | &nbsp;&nbsp;MGM Resorts International, 4.750%, 10/15/28 | &nbsp;&nbsp; 3321362 |
| &nbsp;&nbsp; 2006000 | &nbsp;&nbsp;MGM Resorts International, 6.500%, 4/15/32 | &nbsp;&nbsp; 1965524 |
| &nbsp;&nbsp; 2130000 | &nbsp;&nbsp;Service Corp. International, 5.750%, 10/15/32 | &nbsp;&nbsp; 2093562 |
| &nbsp;&nbsp; 1223000 | &nbsp;&nbsp;Specialty Building Products Holdings LLC / SBP Finance Corp., 144a, 7.750%, 10/15/29 | &nbsp;&nbsp; 1127154 |
| &nbsp;&nbsp; 4103514 | &nbsp;&nbsp;Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 144a, 11.000%, 3/6/30<sup>(B)</sup> | &nbsp;&nbsp; 3631609 |
| &nbsp;&nbsp; 990000 | &nbsp;&nbsp;Station Casinos LLC, 144a, 4.625%, 12/1/31 | &nbsp;&nbsp; 889548 |
| &nbsp;&nbsp; 2925000 | &nbsp;&nbsp;Station Casinos LLC, 144a, 4.500%, 2/15/28 | &nbsp;&nbsp; 2800564 |
| &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;Station Casinos LLC, 144a, 6.625%, 3/15/32 | &nbsp;&nbsp; 1586176 |
| &nbsp;&nbsp; 2542000 | &nbsp;&nbsp;Tenneco, Inc., 144a, 8.000%, 11/17/28 | &nbsp;&nbsp; 2424345 |
| &nbsp;&nbsp; 512000 | &nbsp;&nbsp;United Airlines, Inc., 144a, 4.375%, 4/15/26<sup>(A)</sup> | &nbsp;&nbsp; 504258 |
| &nbsp;&nbsp; 208000 | &nbsp;&nbsp;United Airlines, Inc., 144a, 4.625%, 4/15/29 | &nbsp;&nbsp; 196869 |
| &nbsp;&nbsp; 4497000 | &nbsp;&nbsp;Victoria's Secret & Co., 144a, 4.625%, 7/15/29 | &nbsp;&nbsp; 3932357 |
| &nbsp;&nbsp; 2973000 | &nbsp;&nbsp;Viking Cruises Ltd., 144a, 5.875%, 9/15/27 | &nbsp;&nbsp; 2958042 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;Viking Cruises Ltd., 144a, 7.000%, 2/15/29 | &nbsp;&nbsp; 1203905 |
| &nbsp;&nbsp; 2030000 | &nbsp;&nbsp;Viking Ocean Cruises Ship VII Ltd., 144a, 5.625%, 2/15/29 | &nbsp;&nbsp; 1994839 |
| &nbsp;&nbsp; 407000 | &nbsp;&nbsp;VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland), 144a, 9.500%, 6/1/28 | &nbsp;&nbsp; 402661 |
| &nbsp;&nbsp; 3388000 | &nbsp;&nbsp;Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144a, 5.250%, 5/15/27 | &nbsp;&nbsp; 3351777 |
|  |  | &nbsp;&nbsp; 76242155 |
|  | &nbsp;&nbsp;**Energy — 9.0%** |  |
| &nbsp;&nbsp; 2577000 | &nbsp;&nbsp;Archrock Partners LP / Archrock Partners Finance Corp., 144a, 6.250%, 4/1/28 | &nbsp;&nbsp; 2578162 |
| &nbsp;&nbsp; 1436000 | &nbsp;&nbsp;Archrock Partners LP / Archrock Partners Finance Corp., 144a, 6.625%, 9/1/32 | &nbsp;&nbsp; 1441656 |
| &nbsp;&nbsp; 111000 | &nbsp;&nbsp;Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 5.875%, 6/30/29 | &nbsp;&nbsp; 108260 |
| &nbsp;&nbsp; 187000 | &nbsp;&nbsp;Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 8.250%, 12/31/28 | &nbsp;&nbsp; 190542 |
| &nbsp;&nbsp; 1690000 | &nbsp;&nbsp;Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 6.625%, 10/15/32 | &nbsp;&nbsp; 1682407 |
| &nbsp;&nbsp; 2560000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 3.250%, 1/31/32 | &nbsp;&nbsp; 2248153 |
| &nbsp;&nbsp; 239000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 4.000%, 3/1/31 | &nbsp;&nbsp; 223830 |
| &nbsp;&nbsp; 4741000 | &nbsp;&nbsp;CITGO Petroleum Corp., 144a, 6.375%, 6/15/26 | &nbsp;&nbsp; 4730241 |
| &nbsp;&nbsp; 6406000 | &nbsp;&nbsp;ITT Holdings LLC, 144a, 6.500%, 8/1/29 | &nbsp;&nbsp; 5908800 |
| &nbsp;&nbsp; 860000 | &nbsp;&nbsp;Kodiak Gas Services LLC, 144a, 7.250%, 2/15/29 | &nbsp;&nbsp; 875916 |
| &nbsp;&nbsp; 3792000 | &nbsp;&nbsp;Moss Creek Resources Holdings, Inc., 144a, 8.250%, 9/1/31 | &nbsp;&nbsp; 3680152 |
| &nbsp;&nbsp; 3601000 | &nbsp;&nbsp;Nabors Industries, Inc., 144a, 8.875%, 8/15/31 | &nbsp;&nbsp; 3125304 |
| &nbsp;&nbsp; 1580000 | &nbsp;&nbsp;Nabors Industries, Inc., 144a, 9.125%, 1/31/30 | &nbsp;&nbsp; 1580534 |
| &nbsp;&nbsp; 955000 | &nbsp;&nbsp;NuStar Logistics LP, 5.625%, 4/28/27 | &nbsp;&nbsp; 950715 |
| &nbsp;&nbsp; 6804000 | &nbsp;&nbsp;ONEOK, Inc., 5.450%, 6/1/47 | &nbsp;&nbsp; 6153896 |
| &nbsp;&nbsp; 208000 | &nbsp;&nbsp;ONEOK, Inc., 5.600%, 4/1/44 | &nbsp;&nbsp; 193123 |
| &nbsp;&nbsp; 3110000 | &nbsp;&nbsp;Summit Midstream Holdings LLC, 144a, 8.625%, 10/31/29 | &nbsp;&nbsp; 3169933 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 79.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Energy — 9.0% (Continued)** |  |
| $2220000 | &nbsp;&nbsp;Sunoco LP, 144a, 7.250%, 5/1/32 | $2291637 |
| &nbsp;&nbsp; 4779000 | &nbsp;&nbsp;Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 12/31/30 | &nbsp;&nbsp; 4527144 |
| &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 9/1/31 | &nbsp;&nbsp; 988490 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 7.375%, 2/15/29 | &nbsp;&nbsp; 1004429 |
| &nbsp;&nbsp; 2582000 | &nbsp;&nbsp;TerraForm Power Operating LLC, 144a, 5.000%, 1/31/28 | &nbsp;&nbsp; 2497465 |
| &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;TerraForm Power Operating LLC, 144a, 4.750%, 1/15/30 | &nbsp;&nbsp; 1625310 |
| &nbsp;&nbsp; 4734426 | &nbsp;&nbsp;TGNR Intermediate Holdings LLC, 144a, 5.500%, 10/15/29 | &nbsp;&nbsp; 4443976 |
| &nbsp;&nbsp; 2605000 | &nbsp;&nbsp;TransMontaigne Partners LLC, 144a, 8.500%, 6/15/30 | &nbsp;&nbsp; 2619090 |
| &nbsp;&nbsp; 7323000 | &nbsp;&nbsp;Transocean, Inc., 6.800%, 3/15/38 | &nbsp;&nbsp; 5583432 |
| &nbsp;&nbsp; 7738000 | &nbsp;&nbsp;Western Midstream Operating LP, 5.250%, 2/1/50 | &nbsp;&nbsp; 6573243 |
|  |  | &nbsp;&nbsp; 70995840 |
|  | &nbsp;&nbsp;**Financials — 7.9%** |  |
| &nbsp;&nbsp; 2692000 | &nbsp;&nbsp;Acrisure LLC / Acrisure Finance, Inc., 144a, 7.500%, 11/6/30 | &nbsp;&nbsp; 2737508 |
| &nbsp;&nbsp; 4402000 | &nbsp;&nbsp;Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 4.250%, 10/15/27 | &nbsp;&nbsp; 4247309 |
| &nbsp;&nbsp; 3451000 | &nbsp;&nbsp;Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 7.000%, 1/15/31 | &nbsp;&nbsp; 3464725 |
| &nbsp;&nbsp; 1689000 | &nbsp;&nbsp;Ally Financial, Inc., 4.750%, 6/9/27 | &nbsp;&nbsp; 1687777 |
| &nbsp;&nbsp; 4919000 | &nbsp;&nbsp;Arthur J Gallagher & Co., 5.550%, 2/15/55 | &nbsp;&nbsp; 4692028 |
| &nbsp;&nbsp; 4079000 | &nbsp;&nbsp;Blackstone Private Credit Fund, 2.625%, 12/15/26 | &nbsp;&nbsp; 3905203 |
| &nbsp;&nbsp; 2112000 | &nbsp;&nbsp;Blue Owl Capital Corp., 3.400%, 7/15/26 | &nbsp;&nbsp; 2062471 |
| &nbsp;&nbsp; 3590000 | &nbsp;&nbsp;Focus Financial Partners LLC, 144a, 6.750%, 9/15/31 | &nbsp;&nbsp; 3535360 |
| &nbsp;&nbsp; 600000 | &nbsp;&nbsp;GGAM Finance Ltd. (Ireland), 144a, 5.875%, 3/15/30 | &nbsp;&nbsp; 592134 |
| &nbsp;&nbsp; 2985000 | &nbsp;&nbsp;GGAM Finance Ltd. (Ireland), 144a, 6.875%, 4/15/29 | &nbsp;&nbsp; 3019426 |
| &nbsp;&nbsp; 3685000 | &nbsp;&nbsp;Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC (United Kingdom), 144a, 7.250%, 2/15/31 | &nbsp;&nbsp; 3712165 |
| &nbsp;&nbsp; 1601000 | &nbsp;&nbsp;LPL Holdings, Inc., 144a, 4.625%, 11/15/27 | &nbsp;&nbsp; 1585900 |
| &nbsp;&nbsp; 2157441 | &nbsp;&nbsp;Midcap Financial Issuer Trust, 144a, 5.625%, 1/15/30 | &nbsp;&nbsp; 1954040 |
| &nbsp;&nbsp; 4566000 | &nbsp;&nbsp;Midcap Financial Issuer Trust, 144a, 6.500%, 5/1/28 | &nbsp;&nbsp; 4401564 |
| &nbsp;&nbsp; 4006000 | &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 144a, 5.500%, 8/15/28 | &nbsp;&nbsp; 3971730 |
| &nbsp;&nbsp; 7322000 | &nbsp;&nbsp;OneMain Finance Corp., 3.500%, 1/15/27 | &nbsp;&nbsp; 7016473 |
| &nbsp;&nbsp; 392000 | &nbsp;&nbsp;OneMain Finance Corp., 3.875%, 9/15/28 | &nbsp;&nbsp; 362478 |
| &nbsp;&nbsp; 2684000 | &nbsp;&nbsp;OneMain Finance Corp., 4.000%, 9/15/30 | &nbsp;&nbsp; 2363649 |
| &nbsp;&nbsp; 441000 | &nbsp;&nbsp;OneMain Finance Corp., 9.000%, 1/15/29 | &nbsp;&nbsp; 462855 |
| &nbsp;&nbsp; 1242000 | &nbsp;&nbsp;Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 144a, 3.625%, 3/1/29 | &nbsp;&nbsp; 1144482 |
| &nbsp;&nbsp; 373000 | &nbsp;&nbsp;United Wholesale Mortgage LLC, 144a, 5.500%, 11/15/25 | &nbsp;&nbsp; 371928 |
| &nbsp;&nbsp; 5754000 | &nbsp;&nbsp;VistaJet Malta Finance PLC / XO Management Holding, Inc. (Switzerland), 144a, 6.375%, 2/1/30 | &nbsp;&nbsp; 5039519 |
|  |  | &nbsp;&nbsp; 62330724 |
|  | &nbsp;&nbsp;**Materials — 6.6%** |  |
| &nbsp;&nbsp; 5469523 | &nbsp;&nbsp;ASP Unifrax Holdings, Inc., PIK, 144a, 7.100%, 9/30/29<sup>(B)</sup> | &nbsp;&nbsp; 2953543 |
| &nbsp;&nbsp; 3015000 | &nbsp;&nbsp;Avient Corp., 144a, 6.250%, 11/1/31 | &nbsp;&nbsp; 2988071 |
| &nbsp;&nbsp; 1114000 | &nbsp;&nbsp;Axalta Coating Systems LLC, 144a, 3.375%, 2/15/29 | &nbsp;&nbsp; 1017832 |
| &nbsp;&nbsp; 4424000 | &nbsp;&nbsp;Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144a, 4.750%, 6/15/27 | &nbsp;&nbsp; 4347548 |
| &nbsp;&nbsp; 797000 | &nbsp;&nbsp;Celanese US Holdings LLC, 6.750%, 4/15/33 | &nbsp;&nbsp; 773636 |
| &nbsp;&nbsp; 697000 | &nbsp;&nbsp;Chemours Co. (The), 144a, 4.625%, 11/15/29 | &nbsp;&nbsp; 594847 |
| &nbsp;&nbsp; 4627000 | &nbsp;&nbsp;Chemours Co. (The), 144a, 5.750%, 11/15/28 | &nbsp;&nbsp; 4267216 |
| &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;Compass Minerals International, Inc., 144a, 6.750%, 12/1/27 | &nbsp;&nbsp; 1003225 |
| &nbsp;&nbsp; 3871000 | &nbsp;&nbsp;Constellium SE, 144a, 3.750%, 4/15/29 | &nbsp;&nbsp; 3508070 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 79.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Materials — 6.6% (Continued)** |  |
| $2562000 | &nbsp;&nbsp;FMG Resources August 2006 Pty Ltd. (Australia), 144a, 4.375%, 4/1/31 | $2313866 |
| &nbsp;&nbsp; 1202000 | &nbsp;&nbsp;FMG Resources August 2006 Pty Ltd. (Australia), 144a, 4.500%, 9/15/27 | &nbsp;&nbsp; 1165655 |
| &nbsp;&nbsp; 3424000 | &nbsp;&nbsp;Freeport-McMoRan, Inc., 5.400%, 11/14/34<sup>(A)</sup> | &nbsp;&nbsp; 3423597 |
| &nbsp;&nbsp; 2330000 | &nbsp;&nbsp;Freeport-McMoRan, Inc., 5.450%, 3/15/43<sup>(A)</sup> | &nbsp;&nbsp; 2182078 |
| &nbsp;&nbsp; 4187000 | &nbsp;&nbsp;Novelis Corp., 144a, 3.250%, 11/15/26 | &nbsp;&nbsp; 4048252 |
| &nbsp;&nbsp; 881000 | &nbsp;&nbsp;Novelis Corp., 144a, 4.750%, 1/30/30 | &nbsp;&nbsp; 821587 |
| &nbsp;&nbsp; 4514000 | &nbsp;&nbsp;OCI NV (Netherlands), 144a, 6.700%, 3/16/33 | &nbsp;&nbsp; 4806056 |
| &nbsp;&nbsp; 4478000 | &nbsp;&nbsp;SCIH Salt Holdings, Inc., 144a, 4.875%, 5/1/28 | &nbsp;&nbsp; 4258042 |
| &nbsp;&nbsp; 1438000 | &nbsp;&nbsp;SCIH Salt Holdings, Inc., 144a, 6.625%, 5/1/29 | &nbsp;&nbsp; 1380135 |
| &nbsp;&nbsp; 3249000 | &nbsp;&nbsp;Tronox, Inc., 144a, 4.625%, 3/15/29 | &nbsp;&nbsp; 2778899 |
| &nbsp;&nbsp; 1852000 | &nbsp;&nbsp;WR Grace Holdings LLC, 144a, 5.625%, 8/15/29 | &nbsp;&nbsp; 1592664 |
| &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;WR Grace Holdings LLC, 144a, 4.875%, 6/15/27 | &nbsp;&nbsp; 2029992 |
|  |  | &nbsp;&nbsp; 52254811 |
|  | &nbsp;&nbsp;**Consumer Staples — 6.4%** |  |
| &nbsp;&nbsp; 605000 | &nbsp;&nbsp;Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144a, 6.250%, 3/15/33 | &nbsp;&nbsp; 608704 |
| &nbsp;&nbsp; 3665000 | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc., 144a, 4.000%, 1/15/28 | &nbsp;&nbsp; 3500572 |
| &nbsp;&nbsp; 405000 | &nbsp;&nbsp;Bath & Body Works, Inc., 144a, 6.625%, 10/1/30 | &nbsp;&nbsp; 410618 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;BCP V Modular Services Finance PLC (United Kingdom), 144a, 6.750%, 11/30/29 | &nbsp;&nbsp; 2470095 |
| &nbsp;&nbsp; 925000 | &nbsp;&nbsp;Chobani Holdco II LLC, (9.500% PIK), 144a, 8.750%, 10/1/29<sup>(B)</sup> | &nbsp;&nbsp; 1001491 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;Chobani LLC / Chobani Finance Corp., Inc., 144a, 4.625%, 11/15/28 | &nbsp;&nbsp; 2407229 |
| &nbsp;&nbsp; 5227000 | &nbsp;&nbsp;Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144a, 4.625%, 1/15/29 | &nbsp;&nbsp; 4811932 |
| &nbsp;&nbsp; 1465000 | &nbsp;&nbsp;Gates Corp., 144a, 6.875%, 7/1/29 | &nbsp;&nbsp; 1490949 |
| &nbsp;&nbsp; 2196000 | &nbsp;&nbsp;H&E Equipment Services, Inc., 144a, 3.875%, 12/15/28 | &nbsp;&nbsp; 2188909 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;Iceland Bondco PLC (United Kingdom), 144a, 4.375%, 5/15/28 | &nbsp;&nbsp; 1412394 |
| &nbsp;&nbsp; 5370000 | &nbsp;&nbsp;Korn Ferry, 144a, 4.625%, 12/15/27 | &nbsp;&nbsp; 5205435 |
| &nbsp;&nbsp; 3303000 | &nbsp;&nbsp;Lamb Weston Holdings, Inc., 144a, 4.125%, 1/31/30 | &nbsp;&nbsp; 3070758 |
| &nbsp;&nbsp; 2789000 | &nbsp;&nbsp;LBM Acquisition LLC, 144a, 6.250%, 1/15/29 | &nbsp;&nbsp; 2375664 |
| &nbsp;&nbsp; 4143000 | &nbsp;&nbsp;LCM Investments Holdings II LLC, 144a, 4.875%, 5/1/29 | &nbsp;&nbsp; 3887418 |
| &nbsp;&nbsp; 1274000 | &nbsp;&nbsp;Papa John's International, Inc., 144a, 3.875%, 9/15/29 | &nbsp;&nbsp; 1185341 |
| &nbsp;&nbsp; 2484000 | &nbsp;&nbsp;Performance Food Group, Inc., 144a, 4.250%, 8/1/29 | &nbsp;&nbsp; 2322935 |
| &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;Performance Food Group, Inc., 144a, 5.500%, 10/15/27 | &nbsp;&nbsp; 2228861 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Performance Food Group, Inc., 144a, 6.125%, 9/15/32 | &nbsp;&nbsp; 993998 |
| &nbsp;&nbsp; 2130000 | &nbsp;&nbsp;Post Holdings, Inc., 144a, 6.250%, 10/15/34 | &nbsp;&nbsp; 2080807 |
| &nbsp;&nbsp; 2852000 | &nbsp;&nbsp;Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 144a, 4.625%, 3/1/29 | &nbsp;&nbsp; 2644473 |
| &nbsp;&nbsp; 2605000 | &nbsp;&nbsp;Tyson Foods, Inc., 5.100%, 9/28/48 | &nbsp;&nbsp; 2342254 |
| &nbsp;&nbsp; 2661000 | &nbsp;&nbsp;Wolverine World Wide, Inc., 144a, 4.000%, 8/15/29 | &nbsp;&nbsp; 2250858 |
|  |  | &nbsp;&nbsp; 50891695 |
|  | &nbsp;&nbsp;**Health Care — 5.8%** |  |
| &nbsp;&nbsp; 2033000 | &nbsp;&nbsp;1261229 BC Ltd., 144a, 10.000%, 4/15/32 | &nbsp;&nbsp; 2019194 |
| &nbsp;&nbsp; 3669000 | &nbsp;&nbsp;Charles River Laboratories International, Inc., 144a, 4.250%, 5/1/28 | &nbsp;&nbsp; 3498267 |
| &nbsp;&nbsp; 8525000 | &nbsp;&nbsp;CHS/Community Health Systems, Inc., 144a, 5.625%, 3/15/27 | &nbsp;&nbsp; 8126507 |
| &nbsp;&nbsp; 4574000 | &nbsp;&nbsp;Fortrea Holdings, Inc., 144a, 7.500%, 7/1/30<sup>†</sup> | &nbsp;&nbsp; 4138300 |
| &nbsp;&nbsp; 3136000 | &nbsp;&nbsp;Grifols Escrow Issuer SA (Spain), 144a, 4.750%, 10/15/28 | &nbsp;&nbsp; 2898648 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Grifols SA (Spain), 144a, 3.875%, 10/15/28 | &nbsp;&nbsp; 497349 |
| &nbsp;&nbsp; 2271000 | &nbsp;&nbsp;HCA, Inc., 5.250%, 6/15/49 | &nbsp;&nbsp; 1991455 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;Laboratoire Eimer Selas (France), 144a, 5.000%, 2/1/29 | &nbsp;&nbsp; 2473474 |
| &nbsp;&nbsp; 1509000 | &nbsp;&nbsp;LifePoint Health, Inc., 144a, 9.875%, 8/15/30 | &nbsp;&nbsp; 1591760 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 79.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Health Care — 5.8% (Continued)** |  |
| $3535000 | &nbsp;&nbsp;LifePoint Health, Inc., 144a, 8.375%, 2/15/32 | $3557118 |
| &nbsp;&nbsp; 4486000 | &nbsp;&nbsp;Medline Borrower LP, 144a, 3.875%, 4/1/29 | &nbsp;&nbsp; 4191307 |
| &nbsp;&nbsp; 3856000 | &nbsp;&nbsp;Molina Healthcare, Inc., 144a, 4.375%, 6/15/28 | &nbsp;&nbsp; 3671131 |
| &nbsp;&nbsp; 4077000 | &nbsp;&nbsp;Option Care Health, Inc., 144a, 4.375%, 10/31/29 | &nbsp;&nbsp; 3804051 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Tenet Healthcare Corp., 5.125%, 11/1/27 | &nbsp;&nbsp; 2956869 |
|  |  | &nbsp;&nbsp; 45415430 |
|  | &nbsp;&nbsp;**Information Technology — 5.3%** |  |
| &nbsp;&nbsp; 842000 | &nbsp;&nbsp;Ahead DB Holdings LLC, 144a, 6.625%, 5/1/28 | &nbsp;&nbsp; 820863 |
| &nbsp;&nbsp; 1436000 | &nbsp;&nbsp;Amentum Holdings, Inc., 144a, 7.250%, 8/1/32 | &nbsp;&nbsp; 1412636 |
| &nbsp;&nbsp; 355733 | &nbsp;&nbsp;Asmodee Group AB (Sweden), 144a, 5.750%, 12/15/29 | &nbsp;&nbsp; 398950 |
| &nbsp;&nbsp; 745000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 6.500%, 3/31/29 | &nbsp;&nbsp; 723579 |
| &nbsp;&nbsp; 1714000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 8.250%, 6/30/32 | &nbsp;&nbsp; 1742063 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 9.000%, 9/30/29 | &nbsp;&nbsp; 2988163 |
| &nbsp;&nbsp; 3278000 | &nbsp;&nbsp;Elastic NV, 144a, 4.125%, 7/15/29 | &nbsp;&nbsp; 3056857 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Entegris, Inc., 144a, 3.625%, 5/1/29 | &nbsp;&nbsp; 459614 |
| &nbsp;&nbsp; 1488000 | &nbsp;&nbsp;Entegris, Inc., 144a, 4.750%, 4/15/29 | &nbsp;&nbsp; 1434227 |
| &nbsp;&nbsp; 4814000 | &nbsp;&nbsp;McAfee Corp., 144a, 7.375%, 2/15/30 | &nbsp;&nbsp; 4261634 |
| &nbsp;&nbsp; 5454000 | &nbsp;&nbsp;ON Semiconductor Corp., 144a, 3.875%, 9/1/28 | &nbsp;&nbsp; 5097960 |
| &nbsp;&nbsp; 3421000 | &nbsp;&nbsp;Open Text Holdings, Inc. (Canada), 144a, 4.125%, 2/15/30 | &nbsp;&nbsp; 3120068 |
| &nbsp;&nbsp; 4833000 | &nbsp;&nbsp;PTC, Inc., 144a, 4.000%, 2/15/28 | &nbsp;&nbsp; 4647760 |
| &nbsp;&nbsp; 440000 | &nbsp;&nbsp;Seagate HDD Cayman, 3.125%, 7/15/29 | &nbsp;&nbsp; 395139 |
| &nbsp;&nbsp; 3157000 | &nbsp;&nbsp;Seagate HDD Cayman, 3.375%, 7/15/31 | &nbsp;&nbsp; 2663698 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;SS&C Technologies, Inc., 144a, 5.500%, 9/30/27 | &nbsp;&nbsp; 347165 |
| &nbsp;&nbsp; 4332000 | &nbsp;&nbsp;SS&C Technologies, Inc., 144a, 6.500%, 6/1/32 | &nbsp;&nbsp; 4378833 |
| &nbsp;&nbsp; 4327000 | &nbsp;&nbsp;Synaptics, Inc., 144a, 4.000%, 6/15/29 | &nbsp;&nbsp; 3968829 |
|  |  | &nbsp;&nbsp; 41918038 |
|  | &nbsp;&nbsp;**Real Estate — 4.7%** |  |
| &nbsp;&nbsp; 2190000 | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc. REIT, 144a, 7.750%, 12/1/29 | &nbsp;&nbsp; 2249454 |
| &nbsp;&nbsp; 6909000 | &nbsp;&nbsp;Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 4.500%, 4/1/27 | &nbsp;&nbsp; 6618830 |
| &nbsp;&nbsp; 35000 | &nbsp;&nbsp;Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 5.750%, 5/15/26 | &nbsp;&nbsp; 34699 |
| &nbsp;&nbsp; 293000 | &nbsp;&nbsp;HAT Holdings I LLC / HAT Holdings II LLC, 144a, 8.000%, 6/15/27 | &nbsp;&nbsp; 303298 |
| &nbsp;&nbsp; 2374000 | &nbsp;&nbsp;HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.375%, 6/15/26 | &nbsp;&nbsp; 2302758 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;Iron Mountain UK PLC REIT, 144a, 3.875%, 11/15/25 | &nbsp;&nbsp; 318472 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;Iron Mountain, Inc. REIT, 144a, 4.500%, 2/15/31 | &nbsp;&nbsp; 640599 |
| &nbsp;&nbsp; 4621000 | &nbsp;&nbsp;Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29<sup>(A)</sup> | &nbsp;&nbsp; 4409636 |
| &nbsp;&nbsp; 1505000 | &nbsp;&nbsp;Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | &nbsp;&nbsp; 1443141 |
| &nbsp;&nbsp; 2156000 | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 4.250%, 2/1/27 | &nbsp;&nbsp; 2099722 |
| &nbsp;&nbsp; 1495000 | &nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp. REIT, 5.000%, 10/15/27 | &nbsp;&nbsp; 1350526 |
| &nbsp;&nbsp; 1738000 | &nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp. REIT, 144a, 8.500%, 2/15/32 | &nbsp;&nbsp; 1770529 |
| &nbsp;&nbsp; 238000 | &nbsp;&nbsp;Neinor Homes SA (Spain), 144a, 5.875%, 2/15/30 | &nbsp;&nbsp; 261364 |
| &nbsp;&nbsp; 4394000 | &nbsp;&nbsp;RLJ Lodging Trust LP REIT, 144a, 3.750%, 7/1/26 | &nbsp;&nbsp; 4295926 |
| &nbsp;&nbsp; 793000 | &nbsp;&nbsp;RLJ Lodging Trust LP REIT, 144a, 4.000%, 9/15/29 | &nbsp;&nbsp; 711095 |
| &nbsp;&nbsp; 5552000 | &nbsp;&nbsp;Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC REIT, 144a, 6.500%, 2/15/29 | &nbsp;&nbsp; 4985802 |
| &nbsp;&nbsp; 1810000 | &nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 3.750%, 2/15/27 | &nbsp;&nbsp; 1770140 |
| &nbsp;&nbsp; 1801000 | &nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.125%, 8/15/30 | &nbsp;&nbsp; 1695146 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.625%, 12/1/29 | &nbsp;&nbsp; 44608 |
|  |  | &nbsp;&nbsp; 37305745 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 79.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Utilities — 3.2%** |  |
| $2926000 | &nbsp;&nbsp;Alpha Generation LLC, 144a, 6.750%, 10/15/32 | $2927878 |
| &nbsp;&nbsp; 1076000 | &nbsp;&nbsp;Calpine Corp., 144a, 4.625%, 2/1/29 | &nbsp;&nbsp; 1031705 |
| &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;Calpine Corp., 144a, 4.500%, 2/15/28 | &nbsp;&nbsp; 4070888 |
| &nbsp;&nbsp; 4871000 | &nbsp;&nbsp;NRG Energy, Inc., 144a, 3.625%, 2/15/31 | &nbsp;&nbsp; 4313306 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;NRG Energy, Inc., 144a, 3.875%, 2/15/32 | &nbsp;&nbsp; 13152 |
| &nbsp;&nbsp; 645000 | &nbsp;&nbsp;NRG Energy, Inc., 144a, 7.000%, 3/15/33 | &nbsp;&nbsp; 694262 |
| &nbsp;&nbsp; 3844000 | &nbsp;&nbsp;NRG Energy, Inc., 144a, 6.250%, 11/1/34 | &nbsp;&nbsp; 3785224 |
| &nbsp;&nbsp; 2703000 | &nbsp;&nbsp;Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144a, 4.500%, 8/15/28 | &nbsp;&nbsp; 2514823 |
| &nbsp;&nbsp; 3950000 | &nbsp;&nbsp;Vistra Operations Co. LLC, 144a, 5.000%, 7/31/27 | &nbsp;&nbsp; 3888694 |
| &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;Vistra Operations Co. LLC, 144a, 5.625%, 2/15/27 | &nbsp;&nbsp; 1344925 |
| &nbsp;&nbsp; 466000 | &nbsp;&nbsp;Vistra Operations Co. LLC, 144a, 4.300%, 7/15/29<sup>(A)</sup> | &nbsp;&nbsp; 450547 |
|  |  | &nbsp;&nbsp; 25035404 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $626518445 |
|  | &nbsp;&nbsp;**Bank Loans — 11.4%<sup>(C)</sup>** |  |
|  | &nbsp;&nbsp;**Information Technology — 2.9%** |  |
| &nbsp;&nbsp; 3252410 | &nbsp;&nbsp;Access CIG LLC, 2023 Refinancing Term Loan, (3M SOFR + 5.000%), 8.541%, 8/18/28 | &nbsp;&nbsp; 3249255 |
| &nbsp;&nbsp; 1745524 | &nbsp;&nbsp;AthenaHealth Group Inc., Initial Term Loan, (1M SOFR + 3.250%), 7.325%, 2/15/29 | &nbsp;&nbsp; 1720982 |
| &nbsp;&nbsp; 357 | &nbsp;&nbsp;Avaya Inc., Exit Term Loan, (1M SOFR + 11.825%), 11.825%, 8/01/28 | &nbsp;&nbsp; 282 |
| &nbsp;&nbsp; 2114700 | &nbsp;&nbsp;Cloud Software Group Inc., Incremental Term B, (1M SOFR + 3.750%), 8.049%, 3/21/31 | &nbsp;&nbsp; 2092052 |
| &nbsp;&nbsp; 1091968 | &nbsp;&nbsp;Cloud Software Group Inc., Initial Dollar Term B Facility, (1M SOFR + 3.500%), 7.799%, 3/30/29 | &nbsp;&nbsp; 1080797 |
| &nbsp;&nbsp; 3465000 | &nbsp;&nbsp;Dun & Bradstreet Corporation (The), Incremental Term B-2, (1M SOFR + 2.250%), 6.572%, 1/18/29 | &nbsp;&nbsp; 3455783 |
| &nbsp;&nbsp; 1503034 | &nbsp;&nbsp;PointClickCare Technologies Inc., 2024-1 Term Loan, (1M SOFR + 3.250%), 7.549%, 11/03/31 | &nbsp;&nbsp; 1498345 |
| &nbsp;&nbsp; 3483418 | &nbsp;&nbsp;Quest Software US Holdings Inc., First Lien Initial Term Loan, (3M SOFR + 4.400%), 8.691%, 2/01/29 | &nbsp;&nbsp; 1863628 |
| &nbsp;&nbsp; 4087755 | &nbsp;&nbsp;VeriFone Systems Inc., First Lien Initial Term Loan, (3M SOFR + 4.262%), 8.583%, 8/20/25 | &nbsp;&nbsp; 3672725 |
| &nbsp;&nbsp; 2783025 | &nbsp;&nbsp;Zelis Cost Management Buyer Inc., Amendment No 5 Term Loan, (1M SOFR + 3.250%), 7.575%, 11/26/31 | &nbsp;&nbsp; 2773451 |
| &nbsp;&nbsp; 1405285 | &nbsp;&nbsp;Zellis Cost Management, Term B-2 Loans, (1M SOFR + 2.750%), 7.075%, 9/28/29 | &nbsp;&nbsp; 1395139 |
|  |  | &nbsp;&nbsp; 22802439 |
|  | &nbsp;&nbsp;**Industrials — 2.0%** |  |
| &nbsp;&nbsp; 3108499 | &nbsp;&nbsp;BW Holding Inc., First Lien Initial Term Loan, (3M SOFR + 4.150%), 8.463%, 12/14/28 | &nbsp;&nbsp; 2571412 |
| &nbsp;&nbsp; 1311014 | &nbsp;&nbsp;Coherent Corp (f/k/a II-VI Inc.), Term Loan B-2, (1M SOFR + 2.000%), 6.325%, 7/02/29 | &nbsp;&nbsp; 1307461 |
| &nbsp;&nbsp; 2241062 | &nbsp;&nbsp;CP Atlas Buyer Inc., Term B Loan, (1M SOFR + 3.850%), 8.175%, 11/23/27 | &nbsp;&nbsp; 2067940 |
| &nbsp;&nbsp; 3187849 | &nbsp;&nbsp;LABL Inc., Initial Dollar Term Loan, (1M SOFR + 5.100%), 9.425%, 10/29/28 | &nbsp;&nbsp; 2632621 |
| &nbsp;&nbsp; 5727060 | &nbsp;&nbsp;Pretium PKG Holdings Inc., Initial Third Amendment Tranche A-1 Term Loan (First Lien), (3M SOFR + 4.600%), 8.189%, 10/02/28 | &nbsp;&nbsp; 3245353 |
| &nbsp;&nbsp; 829052 | &nbsp;&nbsp;Transdigm Inc., Tranche J Term Loan, (3M SOFR + 2.500%), 6.799%, 2/28/31 | &nbsp;&nbsp; 823904 |
| &nbsp;&nbsp; 3008017 | &nbsp;&nbsp;WEC Us Holdings Ltd., Initial Term Loan, (1M SOFR + 2.250%), 6.573%, 1/27/31 | &nbsp;&nbsp; 2977937 |
|  |  | &nbsp;&nbsp; 15626628 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.8%** |  |
| &nbsp;&nbsp; 2841040 | &nbsp;&nbsp;AI Aqua Merger Sub Inc. FKA Osmosis Buyer Limited, 2025 Refinancing Term B, (1M SOFR + 3.000%), 7.323%, 7/31/28 | &nbsp;&nbsp; 2811862 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Bank Loans — 11.4%<sup>(C)</sup> (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — (Continued)** |  |
| $1200000 | &nbsp;&nbsp;Armorica Lux Sarl, Facility B Loan, (3M EURIBOR + 4.925%), 7.537%, 7/28/28 | $1249447 |
| &nbsp;&nbsp; 1504800 | &nbsp;&nbsp;Caesars Entertainment Inc., Incremental Term B-1 Loan, (1M SOFR + 2.750%), 6.563%, 2/06/31 | &nbsp;&nbsp; 1492385 |
| &nbsp;&nbsp; 1363021 | &nbsp;&nbsp;ClubCorp Holdings Inc., Term Loan, (3M SOFR + 5.262%), 9.561%, 9/18/26 | &nbsp;&nbsp; 1363307 |
| &nbsp;&nbsp; 2690000 | &nbsp;&nbsp;EOC Borrower LLC, Term B Loans, (3M SOFR + 3.000%), 7.319%, 3/24/32 | &nbsp;&nbsp; 2684970 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Financiere Labeyrie Fine Foods, Facility B, 7/30/26<sup>(D)</sup> | &nbsp;&nbsp; 967180 |
| &nbsp;&nbsp; 622375 | &nbsp;&nbsp;Froneri International Limited, Facility B4, (1M SOFR + 2.000%), 6.237%, 9/17/31 | &nbsp;&nbsp; 617732 |
| &nbsp;&nbsp; 1421305 | &nbsp;&nbsp;LBM Acquisition LLC, First Lien Initial Term Loan, (1M SOFR + 3.850%), 8.175%, 12/17/27 | &nbsp;&nbsp; 1387876 |
| &nbsp;&nbsp; 1496250 | &nbsp;&nbsp;PG Polaris Bidco (Ursa Minor), Term Loan B, (3M SOFR + 3.000%), 7.299%, 3/26/31 | &nbsp;&nbsp; 1495008 |
|  |  | &nbsp;&nbsp; 14069767 |
|  | &nbsp;&nbsp;**Communication Services — 1.0%** |  |
| &nbsp;&nbsp; 752032 | &nbsp;&nbsp;NEP Group Inc., Incremental PIK Term loan B, (3M SOFR + 4.262%), 8.575%, 8/19/26 | &nbsp;&nbsp; 696382 |
| &nbsp;&nbsp; 3976927 | &nbsp;&nbsp;NEP Group Inc., Term Loan PIK, 9.325%, 8/19/26<sup>(D)</sup> | &nbsp;&nbsp; 3691582 |
| &nbsp;&nbsp; 370000 | &nbsp;&nbsp;Telenet Financing USD LLC, Term Loan AR Facility, (1M SOFR + 2.114%), 6.434%, 4/30/28 | &nbsp;&nbsp; 357897 |
| &nbsp;&nbsp; 480000 | &nbsp;&nbsp;Virgin Media Bristol LLC, Facility Q Advance, (1M SOFR + 3.364%), 7.684%, 1/31/29 | &nbsp;&nbsp; 470016 |
| &nbsp;&nbsp; 3518998 | &nbsp;&nbsp;WideOpenWest Finance LLC, Super Senior Second Out Term Loan, (3M SOFR + 3.262%), 7.551%, 12/11/28 | &nbsp;&nbsp; 3017541 |
|  |  | &nbsp;&nbsp; 8233418 |
|  | &nbsp;&nbsp;**Energy — 1.0%** |  |
| &nbsp;&nbsp; 5008961 | &nbsp;&nbsp;Freeport LNG Investments, LLP, Tla Term Loan, (3M SOFR + 3.262%), 7.555%, 11/16/26 | &nbsp;&nbsp; 5000596 |
| &nbsp;&nbsp; 2345000 | &nbsp;&nbsp;Pasadena Performance Products LLC, Term B Loan, (3M SOFR + 3.500%), 7.752%, 2/24/32 | &nbsp;&nbsp; 2337684 |
| &nbsp;&nbsp; 893387 | &nbsp;&nbsp;PES Holdings LLC, Tranche C Loan, 12.000%, 12/31/24<sup>(D)</sup> | &nbsp;&nbsp; 4467 |
| &nbsp;&nbsp; 289057 | &nbsp;&nbsp;Prairie ECI Acquiror LP, Term Loan B-3, (1M SOFR + 4.250%), 8.575%, 8/01/29 | &nbsp;&nbsp; 288878 |
|  |  | &nbsp;&nbsp; 7631625 |
|  | &nbsp;&nbsp;**Financials — 0.9%** |  |
| &nbsp;&nbsp; 4789193 | &nbsp;&nbsp;AmWINS Group Inc., Initial Term Loans, (1M SOFR + 2.250%), 6.575%, 1/30/32 | &nbsp;&nbsp; 4747096 |
| &nbsp;&nbsp; 2490466 | &nbsp;&nbsp;CHPPR Midco Inc. (f/k/a Air Methods Corporation), Amendment No. 1 Term Loan, (3M SOFR + 8.750%), 13.046%, 12/31/29 | &nbsp;&nbsp; 2499805 |
|  |  | &nbsp;&nbsp; 7246901 |
|  | &nbsp;&nbsp;**Health Care — 0.9%** |  |
| &nbsp;&nbsp; 3391865 | &nbsp;&nbsp;Gainwell Acquisition Corp, Term B Loan, (3M SOFR + 4.100%), 8.399%, 10/01/27 | &nbsp;&nbsp; 3174209 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Home VI, Additional Senior Facility B3, 10/31/29<sup>(D)</sup> | &nbsp;&nbsp; 1614521 |
| &nbsp;&nbsp; 1146863 | &nbsp;&nbsp;Medline Borrower LP, Dollar Incremental Term Loan, (1M SOFR + 2.250%), 6.574%, 10/23/28 | &nbsp;&nbsp; 1144236 |
| &nbsp;&nbsp; 985743 | &nbsp;&nbsp;Team Health Holdings Inc., Extended Term Loan, (3M SOFR + 5.250%), 9.541%, 3/02/27 | &nbsp;&nbsp; 958300 |
|  |  | &nbsp;&nbsp; 6891266 |
|  | &nbsp;&nbsp;**Materials — 0.6%** |  |
| &nbsp;&nbsp; 1856151 | &nbsp;&nbsp;Aruba Investments Holdings LLC, First Lien Initial Dollar Term Loan, (1M SOFR + 4.100%), 8.425%, 11/24/27 | &nbsp;&nbsp; 1800467 |
| &nbsp;&nbsp; 3770550 | &nbsp;&nbsp;Flexsys Holdings Inc., Initial Term Loan, (3M SOFR + 5.512%), 9.811%, 11/01/28 | &nbsp;&nbsp; 2274886 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
| $423399 | $232162 |
| &nbsp;&nbsp; 941556 | &nbsp;&nbsp; 516283 |
|  | &nbsp;&nbsp; 4823798 |
| &nbsp;&nbsp; 2157409 | &nbsp;&nbsp; 2154712 |
|  | $89480554 |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 2.6%** |
| &nbsp;&nbsp; 603924 &nbsp;&nbsp;Aimco CLO 16 Ltd. (Cayman Islands), Ser 2021-16A, Class SUB, 144a, 11.982%, 7/17/37<sup>(E)</sup> | &nbsp;&nbsp; 427623 |
| &nbsp;&nbsp; 470000 &nbsp;&nbsp;AIMCO CLO 23 Ltd. (Cayman Islands), Ser 2025-23A, Class SUB, 144a, 4/20/38<sup>(E)</sup> | &nbsp;&nbsp; 412777 |
| &nbsp;&nbsp; 340000 &nbsp;&nbsp;Atrium XV (Cayman Islands), Ser 15A, Class SUB, 144a, 13.823%, 1/23/31<sup>(E)</sup> | &nbsp;&nbsp; 150906 |
| &nbsp;&nbsp; 520638 &nbsp;&nbsp;Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2017-2A, Class SUB, 144a, 5.591%, 7/25/37<sup>(E)</sup> | &nbsp;&nbsp; 271896 |
| &nbsp;&nbsp; 620000 &nbsp;&nbsp;Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2021-2A, Class SUB, 144a, 13.644%, 7/16/34<sup>(E)</sup> | &nbsp;&nbsp; 272486 |
| &nbsp;&nbsp; 850000 &nbsp;&nbsp;Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2022-1A, Class SUB, 144a, 18.710%, 4/18/35<sup>(E)</sup> | &nbsp;&nbsp; 356586 |
| &nbsp;&nbsp; 490000 &nbsp;&nbsp;Benefit Street Partners CLO XXXVII Ltd. (Cayman Islands), Ser 2024-37A, Class SUB, 144a, 1/25/38<sup>(E)</sup> | &nbsp;&nbsp; 519796 |
| &nbsp;&nbsp; 750000 &nbsp;&nbsp;Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-5A, Class SUB, 144a, 15.129%, 7/20/34<sup>(E)</sup> | &nbsp;&nbsp; 360791 |
| &nbsp;&nbsp; 1000000 &nbsp;&nbsp;CARLYLE US CLO Ltd. (Cayman Islands), Ser 2021-4A, Class SUB, 144a, 12.272%, 4/20/34<sup>(E)</sup> | &nbsp;&nbsp; 550775 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Cedar Funding XIV CLO Ltd. (Cayman Islands), Ser 2021-14A, Class SUB, 144a, 3.709%, 7/15/33<sup>(E)</sup> | &nbsp;&nbsp; 115532 |
| &nbsp;&nbsp; 1500000 &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2015-4A, Class SUB, 144a, 8.530%, 4/20/34<sup>(E)</sup> | &nbsp;&nbsp; 430089 |
| &nbsp;&nbsp; 1000000 &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2019-4A, Class DR, 144a, (TSFR3M + 6.862%), 11.164%, 10/15/34<sup>(F)</sup> | &nbsp;&nbsp; 1000500 |
| &nbsp;&nbsp; 570000 &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2020-3A, Class SUB, 144a, 19.547%, 10/20/34<sup>(E)</sup> | &nbsp;&nbsp; 364400 |
| &nbsp;&nbsp; 1046139 &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2021-7A, Class E, 144a, (TSFR3M + 6.612%), 10.902%, 1/23/35<sup>(F)</sup> | &nbsp;&nbsp; 1046224 |
| &nbsp;&nbsp; 650000 &nbsp;&nbsp;Dryden 98 CLO Ltd. (Cayman Islands), Ser 2022-98X, Class SUB, 15.086%, 4/20/35<sup>(E)</sup> | &nbsp;&nbsp; 308144 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Elmwood CLO 23 Ltd. (Cayman Islands), Ser 2023-2A, Class E, 144a, (TSFR3M + 8.000%), 12.308%, 4/16/36<sup>(F)</sup> | &nbsp;&nbsp; 250038 |
| &nbsp;&nbsp; 1945000 &nbsp;&nbsp;Elmwood CLO 24 Ltd. (Cayman Islands), Ser 2023-3A, Class SUB, 144a, 27.150%, 12/11/33<sup>(E)</sup> | &nbsp;&nbsp; 1368634 |
| &nbsp;&nbsp; 588235 &nbsp;&nbsp;Elmwood CLO VIII Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 33.305%, 1/20/34<sup>(E)</sup> | &nbsp;&nbsp; 255383 |
| &nbsp;&nbsp; 750000 &nbsp;&nbsp;Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class SUB, 144a, 16.347%, 10/22/34<sup>(E)</sup> | &nbsp;&nbsp; 316018 |
| &nbsp;&nbsp; 75000 &nbsp;&nbsp;Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class Y, 144a, 9.685%, 10/22/34<sup>(E)</sup> | &nbsp;&nbsp; 17518 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Invesco US CLO Ltd. (Jersey), Ser 2023-2A, Class E, 144a, (TSFR3M + 7.83%), 12.123%, 4/21/36<sup>(F)</sup> | &nbsp;&nbsp; 250035 |
| &nbsp;&nbsp; 900000 &nbsp;&nbsp;KKR CLO 53 Ltd. (Cayman Islands), Ser 2024-53A, Class SUB, 144a, 7.426%, 1/15/38<sup>(E)</sup> | &nbsp;&nbsp; 791319 |
| &nbsp;&nbsp; 625000 &nbsp;&nbsp;Madison Park Funding LIII Ltd. (Cayman Islands), Ser 2022-53A, Class SUB, 144a, 18.908%, 4/21/35<sup>(E)</sup> | &nbsp;&nbsp; 351434 |
| &nbsp;&nbsp; 227540 &nbsp;&nbsp;Madison Park Funding LIX Ltd. (Cayman Islands), Ser 2021-59A, Class SUB, 144a, 13.091%, 4/18/37<sup>(E)</sup> | &nbsp;&nbsp; 140459 |
| &nbsp;&nbsp; 1000000 &nbsp;&nbsp;Madison Park Funding LIX Ltd. (Cayman Islands), Ser 2021-59X, Class SUB, 13.091%, 4/18/37<sup>(E)</sup> | &nbsp;&nbsp; 617292 |

---

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 2.6% (Continued)** |
| $300000 &nbsp;&nbsp;Madison Park Funding XII Ltd. (Cayman Islands), Ser 2014-12A, Class SUB, 144a, 7/20/26<sup>(E)</sup> | $1422 |
| &nbsp;&nbsp; 2064329 &nbsp;&nbsp;Madison Park Funding XXII Ltd. (Cayman Islands), Ser 2016-22A, Class SUB, 144a, 7.983%, 1/15/33<sup>(E)</sup> | &nbsp;&nbsp; 1072266 |
| &nbsp;&nbsp; 678700 &nbsp;&nbsp;Madison Park Funding XXX Ltd. (Cayman Islands), Ser 2018-30A, Class SUB, 144a, 7/16/27<sup>(E)</sup> | &nbsp;&nbsp; 316340 |
| &nbsp;&nbsp; 500000 &nbsp;&nbsp;Madison Park Funding XXXI Ltd. (Cayman Islands), Ser 2018-31A, Class SUB, 144a, 14.287%, 7/23/37<sup>(E)</sup> | &nbsp;&nbsp; 246233 |
| &nbsp;&nbsp; 638936 &nbsp;&nbsp;Madison Park Funding XXXVII Ltd. (Cayman Islands), Ser 2019-37A, Class SUB, 144a, 17.007%, 4/15/37<sup>(E)</sup> | &nbsp;&nbsp; 357445 |
| &nbsp;&nbsp; 500000 &nbsp;&nbsp;Madison Park Funding XXXVIII Ltd. (Cayman Islands), Ser 2021-38A, Class SUB, 144a, 18.133%, 7/17/34<sup>(E)</sup> | &nbsp;&nbsp; 280626 |
| &nbsp;&nbsp; 1000000 &nbsp;&nbsp;Magnetite XXIII Ltd. (Cayman Islands), Ser 2019-23A, Class ER, 144a, (TSFR3M + 6.562%), 10.862%, 1/25/35<sup>(F)</sup> | &nbsp;&nbsp; 998934 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Octagon Loan Funding Ltd. (Cayman Islands), Ser 2014-1A, Class DRR, 144a, (TSFR3M + 3.162%), 7.485%, 11/18/31<sup>(F)</sup> | &nbsp;&nbsp; 250266 |
| &nbsp;&nbsp; 825000 &nbsp;&nbsp;OHA Credit Funding 4 Ltd. (Cayman Islands), Ser 2019-4A, Class ER2, 144a, (TSFR3M + 4.950%), 9.240%, 1/22/38<sup>(F)</sup> | &nbsp;&nbsp; 816672 |
| &nbsp;&nbsp; 730000 &nbsp;&nbsp;OHA Credit Partners XII Ltd. (Cayman Islands), Ser 2015-12A, Class SUB, 144a, 3.221%, 4/23/37<sup>(E)</sup> | &nbsp;&nbsp; 420197 |
| &nbsp;&nbsp; 389058 &nbsp;&nbsp;OHA Loan Funding Ltd. (Cayman Islands), Ser 2016-1A, Class SUB, 144a, 16.198%, 7/20/37<sup>(E)</sup> | &nbsp;&nbsp; 239289 |
| &nbsp;&nbsp; 1443000 &nbsp;&nbsp;REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class M2, 144a, 0.924%, 1/15/38<sup>(E)</sup> | &nbsp;&nbsp; 54004 |
| &nbsp;&nbsp; 1110000 &nbsp;&nbsp;REESE PARK CLO Ltd. (Cayman Islands), Ser 2020-1A, Class SUB, 144a, 12.574%, 1/15/38<sup>(E)</sup> | &nbsp;&nbsp; 624416 |
| &nbsp;&nbsp; 750000 &nbsp;&nbsp;Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M1, 144a, 0.305%, 4/20/34<sup>(E)</sup> | &nbsp;&nbsp; 4688 |
| &nbsp;&nbsp; 750000 &nbsp;&nbsp;Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M2, 144a, 0.711%, 4/20/34<sup>(E)</sup> | &nbsp;&nbsp; 10932 |
| &nbsp;&nbsp; 750000 &nbsp;&nbsp;Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 16.159%, 4/20/34<sup>(E)</sup> | &nbsp;&nbsp; 372368 |
| &nbsp;&nbsp; 3999999 &nbsp;&nbsp;RR 26 Ltd. (Cayman Islands), Ser 2023-26A, Class SUB, 144a, 11.811%, 4/15/2123<sup>(E)</sup> | &nbsp;&nbsp; 2864399 |
| &nbsp;&nbsp; 920000 &nbsp;&nbsp;Storm King Park CLO Ltd. (Jersey), Ser 2022-1A, Class M, 144a, 10/15/37<sup>(F)(G)</sup> | &nbsp;&nbsp; 18283 |
| &nbsp;&nbsp; 920000 &nbsp;&nbsp;Storm King Park CLO Ltd. (Jersey), Ser 2022-1A, Class SUB, 144a, 10/15/37<sup>(F)(G)</sup> | &nbsp;&nbsp; 720166 |
|  | $20615601 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Common Stocks — 1.7%** |  |
|  | &nbsp;&nbsp;**Utilities — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;480457 | &nbsp;&nbsp;Enviva, Inc./Private Equity\* | &nbsp;&nbsp; 7206855 |
|  | &nbsp;&nbsp;**Information Technology — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;455760 | &nbsp;&nbsp;Avaya Holdings Corp.\* | &nbsp;&nbsp; 2658448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17015 | &nbsp;&nbsp;Avaya Holdings Corp., 1145 shares\* | &nbsp;&nbsp; 99249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915 | &nbsp;&nbsp;Avaya Holdings Corp., 144A shares\* | &nbsp;&nbsp; 22836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011 | &nbsp;&nbsp;Avaya Holdings Corp., A shares\* | &nbsp;&nbsp; 11730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4968 | &nbsp;&nbsp;Avaya Holdings Corp., Reg S shares\* | &nbsp;&nbsp; 28978 |
|  |  | &nbsp;&nbsp; 2821241 |
|  | &nbsp;&nbsp;**Industrials — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;165897 | &nbsp;&nbsp;Spirit Airlines LLC<sup>(H)</sup>\* | &nbsp;&nbsp; 2654352 |
|  | &nbsp;&nbsp;**Health Care — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7180 | &nbsp;&nbsp;CHPPR Holdings, Inc.\* | &nbsp;&nbsp; 354211 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Common Stocks — 1.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Energy — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14309 | &nbsp;&nbsp;AFG Holdings, Inc.\* | $143 |
| &nbsp;&nbsp;&nbsp;&nbsp;187384 | &nbsp;&nbsp;Ascent Resources Marcellus Holdings, LLC<sup>(H)</sup>\* | &nbsp;&nbsp; 46846 |
|  |  | &nbsp;&nbsp; 46989 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $13083648 |
|  | &nbsp;&nbsp;**Warrants — 0.1%** |  |
|  | &nbsp;&nbsp;**Health Care — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11649 | &nbsp;&nbsp;CHPPR Holdings, Inc. 4(A)(2)DOT Warrant\* | &nbsp;&nbsp; 574680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788 | &nbsp;&nbsp;CHPPR Holdings, Inc. 1145 DOT Warrant\* | &nbsp;&nbsp; 137540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9949 | &nbsp;&nbsp;CHPPR Holdings, Inc., Class B, Exp 6/28/29\* | &nbsp;&nbsp; 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713 | &nbsp;&nbsp;CHPPR Holdings, Inc., Class A, Exp 6/28/29\* | &nbsp;&nbsp; 47 |
|  |  | &nbsp;&nbsp; 712765 |
|  | &nbsp;&nbsp;**Industrials — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19989 | &nbsp;&nbsp;Spirit Airlines LLC<sup>(H)</sup>\* | &nbsp;&nbsp; 319824 |
|  | &nbsp;&nbsp;**Total Warrants** | &nbsp;&nbsp;&nbsp;&nbsp;$1032589 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  |  |
|  | &nbsp;&nbsp;**Trade Claim — 0.0%** | &nbsp;&nbsp;**Trade Claim — 0.0%** |
| $1000000 | &nbsp;&nbsp;Enviva, Inc., 9/1/26<sup>(H)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of<br> Contracts** |  | **Notional<br> Amount** |  |
|  | &nbsp;&nbsp;**Purchased Options — 0.0%** |  |  |
|  | &nbsp;&nbsp;**Purchased Call Options — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;Chicago Board Options Exchange Volatility Index, Strike @30.00, Exp 05/25 | $20000 | &nbsp;&nbsp; 22000 |
|  | &nbsp;&nbsp;**Total Purchased Options** | &nbsp;&nbsp;**Total Purchased Options** | &nbsp;&nbsp; $22000 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 4.4%** |  |
| 29810103 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | &nbsp;&nbsp; 29810103 |
| 5319739 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.29%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 5319739 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | $35129842 |
|  | &nbsp;&nbsp;**Total Long Positions—99.7%<br> (Cost $797,644,246)** | $785937679 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of<br> Contracts** |  | **Notional<br> Amount** | &nbsp;&nbsp;**MarketValue** |
|  | &nbsp;&nbsp;**Written Options — (0.0)%** |  |  |
|  | &nbsp;&nbsp;**Written Call Options — (0.0)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;Chicago Board Options Exchange Volatility Index, Strike @40.00, Exp 05/25 | $20000 | $(12000) |
|  | &nbsp;&nbsp;**Total Written Options<br> (Premiums received $8,800)** | &nbsp;&nbsp;**Total Written Options<br> (Premiums received $8,800)** | &nbsp;&nbsp; $(12000) |
|  | &nbsp;&nbsp;**Total Investment Securities—99.7%** | &nbsp;&nbsp;**Total Investment Securities—99.7%** | &nbsp;&nbsp;$785925679 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.3%** | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.3%** | &nbsp;&nbsp;&nbsp; 2237478 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | &nbsp;&nbsp;**Net Assets — 100.0%** | &nbsp;&nbsp;$788163157 |

---

---

| | |
|:---|:---|
| *(A)* | *All or a portion of these securities are pledged as collateral for securities sold short. The total value of the securities pledged as collateral as of March 31, 2025 was $2,637,606.* |
| *(B)* | *Represents a payment-in-kind ("PIK") security, which may pay interest in additional principal amounts.* |
| *(C)* | *Bank loans pay interest at rates which adjust periodically unless otherwise indicated. The interest rates shown are the current interest rates as of March 31, 2025.* |
| *(D)* | *All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.* |
| *(E)* | *CLO equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. Rate shown is the current yield as of March 31, 2025 and is based on income received over the trailing twelve months. The estimated yield may ultimately not be realized. If a position has no income over the trailing twelve months, a yield cannot be estimated.* |
| *(F)* | *Variable rate security - Rate reflected is the rate in effect as of March 31, 2025.* |
| *(G)* | *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.* |
| *(H)* | *Level 3- For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.* |
| *\** | *Non-income producing security.* |
| *\*\** | *Represents collateral for securities loaned.* |
| *†* | *All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2025 was $5,056,208.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *CLO – Collateralized Loan Obligation* |
| *DAC – Designated Activity Company* |
| *EUR – Euro* |
| *EURIBOR – Euro Interbank Offered Rate* |
| *GBP – Great Britain Pound* |
| *ICE – Intercontinental Exchange, Inc.* |
| *LLC – Limited Liability Company* |
| *LLLP – Limited Liability Limited Partnership* |
| *LP – Limited Partnership* |
| *PIK – Payment In Kind* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *SOFR – 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 March 31, 2025, these securities were valued at $553,240,343 or 70.2% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Ares Credit Opportunities Fund (Unaudited) (Continued)

#### Other Information:
*The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to 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* | *$—* | *$626518445* | *$—* | *$626518445* |
| *Bank Loans* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*89480554* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*89480554* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*20615601* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*20615601* |
| *Common Stocks* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*10382450* | &nbsp;&nbsp;&nbsp;*2701198* | &nbsp;&nbsp;&nbsp;&nbsp;*13083648* |
| *Warrants* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*712765* | &nbsp;&nbsp;&nbsp;&nbsp;*319824* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1032589* |
| *Trade Claim* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*55000* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*55000* |
| *Purchased Call Options* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Equity contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*22000* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*22000* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;*35129842* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*35129842* |
| ***Other Financial Instruments*** |  |  |  |  |
| *Foreign currency exchange contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*107582* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*107582* |
| *Total Assets* | *$35151842* | *$747817397* | *$3076022* | *$786045261* |
| ***Liabilities:*** |  |  |  |  |
| ***Other Financial Instruments*** |  |  |  |  |
| *Swap Agreements* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Credit contracts* | *$—* | *$(7837)* | *$—* | *$(7837)* |
| *Written Call Options* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Equity contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(12000)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(12000)* |
| *Total Liabilities* | *$(12000)* | *$(7837)* | *$—* | *$(19837)* |
| *Total* | *$35139842* | *$747809560* | *$3076022* | *$786025424* |

---

---

| | |
|:---|:---|
| ***Measurements Using Unobservable Inputs (Level 3)*** |  |
| ***Assets*** |  |
| *Beginning balance, September 30, 2024* | *$178683* |
| *Transfers out of Level 3* | &nbsp;&nbsp;&nbsp;&nbsp;*(40709)* |
| *Purchases and sales* | &nbsp;&nbsp;&nbsp;*2600960* |
| *Change in unrealized appreciation (depreciation)* | &nbsp;&nbsp;&nbsp;&nbsp;*337088* |
| *Ending balance, March 31, 2025* | *$3076022* |
| *Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at March 31, 2025* | *$345207* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Security*** | ***Fair Value*** | &nbsp;&nbsp;***Valuation<br> Technique*** | &nbsp;&nbsp;***Unobservable<br> Input*** | &nbsp;&nbsp;***Value or<br> range of<br> inputs*** | &nbsp;&nbsp;***Impact to<br> valuation from<br> an increase to<br> the input*** |
| *Ascent Resources Marcellus Holdings, LLC* | *$46846* | &nbsp;&nbsp;*Market Value* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*N/A*  | &nbsp;&nbsp;*N/A* | &nbsp;&nbsp;*N/A* |
| *Enviva, Inc.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*55000* | &nbsp;&nbsp;*Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*N/A*  | &nbsp;&nbsp;*N/A* | &nbsp;&nbsp;*N/A* |
| *Spirit Airlines LLC* | &nbsp;&nbsp;*2654352* | &nbsp;&nbsp;*Market Value* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*N/A*  | &nbsp;&nbsp;*N/A* | &nbsp;&nbsp;*N/A* |
| *Spirit Airlines LLC* | &nbsp;&nbsp;&nbsp;&nbsp;*319824* | &nbsp;&nbsp;*Market Value* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*N/A*  | &nbsp;&nbsp;*N/A* | &nbsp;&nbsp;*N/A* |

---

#### Centrally Cleared Credit Default Swaps on Credit Indices<sup>(1)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Termination<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Pay Fixed<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;&nbsp;&nbsp;**Underlying<br> Bond** | &nbsp;&nbsp;&nbsp;&nbsp;**Value<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Premiums<br> Paid/<br> (Received)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Depreciation** |
| **Buy Protection:** |  |  |  |  |  |  |  |  |
| Wells Fargo | 12/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;$569250 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly &nbsp;&nbsp;&nbsp;&nbsp;ICE | &nbsp;&nbsp;&nbsp;&nbsp;Markit CDX North America High<br> Yield Series 41 5Y Index | &nbsp;&nbsp;&nbsp;&nbsp;$(33345) | &nbsp;&nbsp;&nbsp;&nbsp;$(25508) | &nbsp;&nbsp;&nbsp;&nbsp;$(7837) |

---

*(1)* *If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.* 

*(2)* *The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.* 

*(3)* *The quoted market prices and resulting values for credit default swap agreements on the underlying bond serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.* 

#### Forward Foreign Currency Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Contract to** | &nbsp;&nbsp;&nbsp;&nbsp;**Contract to** | &nbsp;&nbsp;&nbsp;&nbsp;**Contract to** | &nbsp;&nbsp;&nbsp;&nbsp;**Contract to** |  |
| **Counterparty** | **Expiration Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Receive** | &nbsp;&nbsp;&nbsp;&nbsp;**Receive** | &nbsp;&nbsp;&nbsp;&nbsp;**Deliver** | &nbsp;&nbsp;&nbsp;&nbsp;**Deliver** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| Wells Fargo | 4/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;12307100 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;11280775 | &nbsp;&nbsp;&nbsp;&nbsp;$99430 |
| Wells Fargo | 4/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246154 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8152 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$107582 |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Portfolio of Investments

Touchstone Dividend Equity Fund – March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.6%** |  |
|  | &nbsp;&nbsp;**Information Technology — 20.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67702 | &nbsp;&nbsp;Accenture PLC - Class A | $21125732 |
| &nbsp;&nbsp;&nbsp;&nbsp;131226 | &nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp; 26464347 |
| &nbsp;&nbsp;&nbsp;&nbsp;210715 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp; 46806123 |
| &nbsp;&nbsp;&nbsp;&nbsp;299866 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 50206564 |
| &nbsp;&nbsp;&nbsp;&nbsp;531981 | &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp; 32828548 |
| &nbsp;&nbsp;&nbsp;&nbsp;478330 | &nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp; 10862874 |
| &nbsp;&nbsp;&nbsp;&nbsp;129684 | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp; 32247223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42718 | &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp; 29039696 |
| &nbsp;&nbsp;&nbsp;&nbsp;287053 | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp; 13896236 |
| &nbsp;&nbsp;&nbsp;&nbsp;243114 | &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp; 21124176 |
| &nbsp;&nbsp;&nbsp;&nbsp;214161 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 80393898 |
| &nbsp;&nbsp;&nbsp;&nbsp;201185 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 28127675 |
| &nbsp;&nbsp;&nbsp;&nbsp;173669 | &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp; 26677295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71218 | &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp; 19112063 |
| &nbsp;&nbsp;&nbsp;&nbsp;183352 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 32948354 |
|  |  | &nbsp;&nbsp; 471860804 |
|  | &nbsp;&nbsp;**Financials — 15.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69566 | &nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp; 24016966 |
| &nbsp;&nbsp;&nbsp;&nbsp;850551 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 35493493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33980 | &nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp; 32161390 |
| &nbsp;&nbsp;&nbsp;&nbsp;384976 | &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp; 30135921 |
| &nbsp;&nbsp;&nbsp;&nbsp;172885 | &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp; 12273106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57747 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 31546609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91923 | &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp; 22548712 |
| &nbsp;&nbsp;&nbsp;&nbsp;138873 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp; 16202313 |
| &nbsp;&nbsp;&nbsp;&nbsp;143592 | &nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp; 12114857 |
| &nbsp;&nbsp;&nbsp;&nbsp;136847 | &nbsp;&nbsp;T Rowe Price Group, Inc. | &nbsp;&nbsp; 12572134 |
| &nbsp;&nbsp;&nbsp;&nbsp;531357 | &nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp; 21865341 |
| &nbsp;&nbsp;&nbsp;&nbsp;649358 | &nbsp;&nbsp;US Bancorp | &nbsp;&nbsp; 27415895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96989 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 33990765 |
| &nbsp;&nbsp;&nbsp;&nbsp;567027 | &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp; 40706868 |
|  |  | &nbsp;&nbsp; 353044370 |
|  | &nbsp;&nbsp;**Health Care — 12.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89418 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp; 18734859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40227 | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp; 12532722 |
| &nbsp;&nbsp;&nbsp;&nbsp;130742 | &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp; 29947763 |
| &nbsp;&nbsp;&nbsp;&nbsp;373817 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 22799099 |
| &nbsp;&nbsp;&nbsp;&nbsp;347459 | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp; 23540347 |
| &nbsp;&nbsp;&nbsp;&nbsp;128104 | &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp; 14354053 |
| &nbsp;&nbsp;&nbsp;&nbsp;265117 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 43967003 |
| &nbsp;&nbsp;&nbsp;&nbsp;433238 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 38930767 |
| &nbsp;&nbsp;&nbsp;&nbsp;241502 | &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp; 21677220 |
| &nbsp;&nbsp;&nbsp;&nbsp;787667 | &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp; 19959482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69658 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 36483377 |
|  |  | &nbsp;&nbsp; 282926692 |
|  | &nbsp;&nbsp;**Industrials — 10.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;160520 | &nbsp;&nbsp;3M Co. | &nbsp;&nbsp; 23573967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71594 | &nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp; 21874115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84376 | &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp; 27827205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37672 | &nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 17681353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57282 | &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp; 25588442 |
| &nbsp;&nbsp;&nbsp;&nbsp;169544 | &nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp; 26157248 |
| &nbsp;&nbsp;&nbsp;&nbsp;255181 | &nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp; 33801275 |
| &nbsp;&nbsp;&nbsp;&nbsp;563860 | &nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp; 18934419 |
| &nbsp;&nbsp;&nbsp;&nbsp;345981 | &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 26599019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76110 | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp; 17980227 |
|  |  | &nbsp;&nbsp; 240017270 |
|  | &nbsp;&nbsp;**Communication Services — 8.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;104245 | &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp; 16286196 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.6% (Continued)** |  |
|  | &nbsp;&nbsp;**Communication Services — 8.6% (Continued)** |  |
| 1239994 | &nbsp;&nbsp;AT&T, Inc. | $35067030 |
| &nbsp;&nbsp;&nbsp;&nbsp;788916 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 29111000 |
| &nbsp;&nbsp;&nbsp;&nbsp;423322 | &nbsp;&nbsp;Fox Corp. - Class A | &nbsp;&nbsp; 23960025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52733 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 30393192 |
| &nbsp;&nbsp;&nbsp;&nbsp;193492 | &nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp; 16042422 |
| &nbsp;&nbsp;&nbsp;&nbsp;744913 | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp; 33789254 |
| &nbsp;&nbsp;&nbsp;&nbsp;135308 | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp; 13354900 |
|  |  | &nbsp;&nbsp; 198004019 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 7.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4831 | &nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp; 22255982 |
| &nbsp;&nbsp;&nbsp;&nbsp;103598 | &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp; 37967631 |
| &nbsp;&nbsp;&nbsp;&nbsp;458164 | &nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp; 17698875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90021 | &nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp; 28119860 |
| &nbsp;&nbsp;&nbsp;&nbsp;179062 | &nbsp;&nbsp;NIKE, Inc. - Class B | &nbsp;&nbsp; 11366856 |
| &nbsp;&nbsp;&nbsp;&nbsp;267703 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 26258987 |
| &nbsp;&nbsp;&nbsp;&nbsp;555468 | &nbsp;&nbsp;VF Corp. | &nbsp;&nbsp; 8620864 |
| &nbsp;&nbsp;&nbsp;&nbsp;148722 | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp; 23402894 |
|  |  | &nbsp;&nbsp; 175691949 |
|  | &nbsp;&nbsp;**Consumer Staples — 7.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;112634 | &nbsp;&nbsp;Constellation Brands, Inc. - Class A | &nbsp;&nbsp; 20670592 |
| &nbsp;&nbsp;&nbsp;&nbsp;146835 | &nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp; 12911201 |
| &nbsp;&nbsp;&nbsp;&nbsp;177371 | &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp; 26595008 |
| &nbsp;&nbsp;&nbsp;&nbsp;283801 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 45047733 |
| &nbsp;&nbsp;&nbsp;&nbsp;107459 | &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp; 18313163 |
| &nbsp;&nbsp;&nbsp;&nbsp;339517 | &nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp; 25477356 |
| &nbsp;&nbsp;&nbsp;&nbsp;161101 | &nbsp;&nbsp;Target Corp. | &nbsp;&nbsp; 16812500 |
|  |  | &nbsp;&nbsp; 165827553 |
|  | &nbsp;&nbsp;**Energy — 5.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;208123 | &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp; 34816897 |
| &nbsp;&nbsp;&nbsp;&nbsp;302142 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 35933748 |
| &nbsp;&nbsp;&nbsp;&nbsp;883172 | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp; 25196897 |
| &nbsp;&nbsp;&nbsp;&nbsp;111240 | &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp; 13735915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85995 | &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp; 11357360 |
|  |  | &nbsp;&nbsp; 121040817 |
|  | &nbsp;&nbsp;**Utilities — 4.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;241581 | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp; 29465634 |
| &nbsp;&nbsp;&nbsp;&nbsp;288108 | &nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp; 24630353 |
| &nbsp;&nbsp;&nbsp;&nbsp;331163 | &nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp; 23476145 |
| &nbsp;&nbsp;&nbsp;&nbsp;317605 | &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp; 29203780 |
|  |  | &nbsp;&nbsp; 106775912 |
|  | &nbsp;&nbsp;**Materials — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64120 | &nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp; 18910270 |
| &nbsp;&nbsp;&nbsp;&nbsp;244603 | &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp; 18266952 |
| &nbsp;&nbsp;&nbsp;&nbsp;279162 | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 21665763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44928 | &nbsp;&nbsp;Linde PLC | &nbsp;&nbsp; 20920274 |
|  |  | &nbsp;&nbsp; 79763259 |
|  | &nbsp;&nbsp;**Real Estate — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;236685 | &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | &nbsp;&nbsp; 21895729 |
| &nbsp;&nbsp;&nbsp;&nbsp;154044 | &nbsp;&nbsp;American Tower Corp. REIT | &nbsp;&nbsp; 33519974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82108 | &nbsp;&nbsp;Simon Property Group, Inc. REIT | &nbsp;&nbsp; 13636497 |
|  |  | &nbsp;&nbsp; 69052200 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $2264004845 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Dividend Equity Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.5%** |  |
| 34748597 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | $34748597 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $2,032,398,352)** | $2298753442 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (1238744) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $2297514698 |

---

*∞* *Open-End Fund.* 

*Ω* *Represents the 7-Day SEC yield as of March 31, 2025.* 

---

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

---

#### Other Information:
*The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to 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* | *$2264004845* | *$—* | *$—* | *$2264004845* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*34748597* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*34748597* |
| *Total* | *$2298753442* | *$—* | *$—* | *$2298753442* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Portfolio of Investments

Touchstone High Yield Fund – March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 95.2%** |  |
|  | &nbsp;&nbsp;**Energy — 15.9%** |  |
| $950000 | &nbsp;&nbsp;Baytex Energy Corp. (Canada), 144a, 8.500%, 4/30/30 | $963709 |
| &nbsp;&nbsp;1026000 | &nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 6.625%, 7/15/26 | &nbsp;&nbsp; 1025526 |
| &nbsp;&nbsp; 259000 | &nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.000%, 7/15/29 | &nbsp;&nbsp; 264406 |
| &nbsp;&nbsp; 187000 | &nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.250%, 7/15/32 | &nbsp;&nbsp; 193462 |
| &nbsp;&nbsp; 477000 | &nbsp;&nbsp;Civitas Resources, Inc., 144a, 8.375%, 7/1/28 | &nbsp;&nbsp; 491720 |
| &nbsp;&nbsp; 79000 | &nbsp;&nbsp;Civitas Resources, Inc., 144a, 8.625%, 11/1/30 | &nbsp;&nbsp; 81702 |
| &nbsp;&nbsp;1957000 | &nbsp;&nbsp;CQP Holdco LP / BIP-V Chinook Holdco LLC, 144a, 5.500%, 6/15/31 | &nbsp;&nbsp; 1875134 |
| &nbsp;&nbsp; 361000 | &nbsp;&nbsp;Crescent Energy Finance LLC, 144a, 9.250%, 2/15/28 | &nbsp;&nbsp; 374623 |
| &nbsp;&nbsp;1030000 | &nbsp;&nbsp;Enbridge, Inc. (Canada), Ser NC5, 8.250%, 1/15/84 | &nbsp;&nbsp; 1084529 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;Energy Transfer LP, (TSFR3M + 3.279%), 7.570%, 11/1/66<sup>(A)</sup> | &nbsp;&nbsp; 995000 |
| &nbsp;&nbsp; 242000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 7.875%, 5/15/32 | &nbsp;&nbsp; 243645 |
| &nbsp;&nbsp; 445000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 8.875%, 4/15/30 | &nbsp;&nbsp; 461796 |
| &nbsp;&nbsp; 414000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | &nbsp;&nbsp; 399769 |
| &nbsp;&nbsp; 201000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 4/15/30 | &nbsp;&nbsp; 191131 |
| &nbsp;&nbsp; 534000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.250%, 11/1/28 | &nbsp;&nbsp; 533379 |
| &nbsp;&nbsp; 243000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.875%, 5/15/34 | &nbsp;&nbsp; 228534 |
| &nbsp;&nbsp; 513000 | &nbsp;&nbsp;Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 144a, 6.875%, 12/1/32 | &nbsp;&nbsp; 513362 |
| &nbsp;&nbsp; 750000 | &nbsp;&nbsp;Murphy Oil Corp., 6.000%, 10/1/32 | &nbsp;&nbsp; 721020 |
| &nbsp;&nbsp;1062000 | &nbsp;&nbsp;Nabors Industries Ltd., 144a, 7.500%, 1/15/28 | &nbsp;&nbsp; 975987 |
| &nbsp;&nbsp; 923000 | &nbsp;&nbsp;Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | &nbsp;&nbsp; 870510 |
| &nbsp;&nbsp; 357000 | &nbsp;&nbsp;Prairie Acquiror LP, 144a, 9.000%, 8/1/29 | &nbsp;&nbsp; 363429 |
| &nbsp;&nbsp;1031000 | &nbsp;&nbsp;Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | &nbsp;&nbsp; 1005071 |
| &nbsp;&nbsp; 524000 | &nbsp;&nbsp;SM Energy Co., 144a, 7.000%, 8/1/32 | &nbsp;&nbsp; 514032 |
| &nbsp;&nbsp; 809000 | &nbsp;&nbsp;Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 7.375%, 2/15/29 | &nbsp;&nbsp; 812583 |
| &nbsp;&nbsp; 993000 | &nbsp;&nbsp;Valaris Ltd., 144a, 8.375%, 4/30/30 | &nbsp;&nbsp; 993018 |
| &nbsp;&nbsp; 526000 | &nbsp;&nbsp;Venture Global LNG, Inc., 144a, 9.000%<sup>(B)</sup> | &nbsp;&nbsp; 497749 |
|  |  | &nbsp;&nbsp; 16674826 |
|  | &nbsp;&nbsp;**Financials — 15.4%** |  |
| &nbsp;&nbsp;1260000 | &nbsp;&nbsp;Air Lease Corp., Ser B, 4.650%<sup>(B)</sup> | &nbsp;&nbsp; 1225664 |
| &nbsp;&nbsp;1572000 | &nbsp;&nbsp;Allstate Corp. (The), Ser B, 7.523%, 8/15/53<sup>(A)</sup> | &nbsp;&nbsp; 1573841 |
| &nbsp;&nbsp;1337000 | &nbsp;&nbsp;Boost Newco Borrower LLC, 144a, 7.500%, 1/15/31 | &nbsp;&nbsp; 1391281 |
| &nbsp;&nbsp; 946000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 9.250%, 12/15/28 | &nbsp;&nbsp; 1001433 |
| &nbsp;&nbsp; 312000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 6.625%, 3/15/30 | &nbsp;&nbsp; 304590 |
| &nbsp;&nbsp; 742000 | &nbsp;&nbsp;Encore Capital Group, Inc., 144a, 8.500%, 5/15/30 | &nbsp;&nbsp; 763542 |
| &nbsp;&nbsp; 773000 | &nbsp;&nbsp;Equitable Holdings, Inc., Ser B, 4.950%<sup>(B)</sup> | &nbsp;&nbsp; 770010 |
| &nbsp;&nbsp; 328000 | &nbsp;&nbsp;FirstCash, Inc., 144a, 5.625%, 1/1/30 | &nbsp;&nbsp; 318004 |
| &nbsp;&nbsp; 311000 | &nbsp;&nbsp;FirstCash, Inc., 144a, 6.875%, 3/1/32 | &nbsp;&nbsp; 315112 |
| &nbsp;&nbsp; 121000 | &nbsp;&nbsp;Freedom Mortgage Corp., 144a, 12.000%, 10/1/28 | &nbsp;&nbsp; 129976 |
| &nbsp;&nbsp; 848000 | &nbsp;&nbsp;Freedom Mortgage Holdings LLC, 144a, 9.250%, 2/1/29 | &nbsp;&nbsp; 861075 |
| &nbsp;&nbsp; 922000 | &nbsp;&nbsp;goeasy Ltd. (Canada), 144a, 9.250%, 12/1/28 | &nbsp;&nbsp; 967922 |
| &nbsp;&nbsp; 767000 | &nbsp;&nbsp;HUB International Ltd., 144a, 7.375%, 1/31/32 | &nbsp;&nbsp; 781007 |
| &nbsp;&nbsp;1028000 | &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 144a, 7.125%, 2/1/32 | &nbsp;&nbsp; 1065825 |
| &nbsp;&nbsp; 707000 | &nbsp;&nbsp;Navient Corp., 5.000%, 3/15/27 | &nbsp;&nbsp; 691703 |
| &nbsp;&nbsp; 315000 | &nbsp;&nbsp;OneMain Finance Corp., 3.875%, 9/15/28 | &nbsp;&nbsp; 291277 |
| &nbsp;&nbsp; 228000 | &nbsp;&nbsp;OneMain Finance Corp., 4.000%, 9/15/30 | &nbsp;&nbsp; 200787 |
| &nbsp;&nbsp; 182000 | &nbsp;&nbsp;OneMain Finance Corp., 6.625%, 5/15/29 | &nbsp;&nbsp; 182340 |
| &nbsp;&nbsp; 394000 | &nbsp;&nbsp;OneMain Finance Corp., 7.500%, 5/15/31 | &nbsp;&nbsp; 400719 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 95.2% (Continued)** |  |
|  | &nbsp;&nbsp;**Financials — 15.4% (Continued)** |  |
| $370000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 4.250%, 2/15/29 | $345523 |
| &nbsp;&nbsp; 273000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 5.375%, 10/15/25 | &nbsp;&nbsp; 272309 |
| &nbsp;&nbsp; 414000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 5.750%, 9/15/31 | &nbsp;&nbsp; 392820 |
| &nbsp;&nbsp; 198000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 7.875%, 12/15/29 | &nbsp;&nbsp; 205985 |
| &nbsp;&nbsp; 964000 | &nbsp;&nbsp;PRA Group, Inc., 144a, 8.875%, 1/31/30 | &nbsp;&nbsp; 1005281 |
| &nbsp;&nbsp; 249000 | &nbsp;&nbsp;Saks Global Enterprises LLC, 144a, 11.000%, 12/15/29 | &nbsp;&nbsp; 201096 |
| &nbsp;&nbsp; 438000 | &nbsp;&nbsp;SBL Holdings, Inc., 144a, 7.000%<sup>(B)</sup> | &nbsp;&nbsp; 430371 |
|  |  | &nbsp;&nbsp; 16089493 |
|  | &nbsp;&nbsp;**Communication Services — 14.1%** |  |
| &nbsp;&nbsp; 666000 | &nbsp;&nbsp;Altice Financing SA (Luxembourg), 144a, 5.750%, 8/15/29 | &nbsp;&nbsp; 484743 |
| &nbsp;&nbsp; 483000 | &nbsp;&nbsp;Altice Financing SA (Luxembourg), 144a, 5.000%, 1/15/28 | &nbsp;&nbsp; 363002 |
| &nbsp;&nbsp; 540000 | &nbsp;&nbsp;Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | &nbsp;&nbsp; 158005 |
| &nbsp;&nbsp; 514000 | &nbsp;&nbsp;Altice France SA (France), 144a, 5.125%, 7/15/29 | &nbsp;&nbsp; 402633 |
| &nbsp;&nbsp; 446000 | &nbsp;&nbsp;Altice France SA (France), 144a, 5.500%, 10/15/29 | &nbsp;&nbsp; 353364 |
| &nbsp;&nbsp; 518000 | &nbsp;&nbsp;AMC Networks, Inc., 144a, 10.250%, 1/15/29 | &nbsp;&nbsp; 536332 |
| &nbsp;&nbsp;1010000 | &nbsp;&nbsp;Cable One, Inc., 1.125%, 3/15/28 | &nbsp;&nbsp; 801708 |
| &nbsp;&nbsp;1898000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | &nbsp;&nbsp; 1682219 |
| &nbsp;&nbsp; 641000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 6.375%, 9/1/29 | &nbsp;&nbsp; 638898 |
| &nbsp;&nbsp; 315000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 7.375%, 3/1/31<sup>†</sup> | &nbsp;&nbsp; 319816 |
| &nbsp;&nbsp; 386000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 1/15/34 | &nbsp;&nbsp; 317967 |
| &nbsp;&nbsp; 360000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 3.375%, 2/15/31 | &nbsp;&nbsp; 256992 |
| &nbsp;&nbsp; 256000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 11.250%, 5/15/28 | &nbsp;&nbsp; 247413 |
| &nbsp;&nbsp;1268000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 4.625%, 12/1/30 | &nbsp;&nbsp; 617253 |
| &nbsp;&nbsp;1073000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 5.750%, 1/15/30 | &nbsp;&nbsp; 563325 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 11.750%, 1/31/29 | &nbsp;&nbsp; 193996 |
| &nbsp;&nbsp; 518000 | &nbsp;&nbsp;Directv Financing LLC, 144a, 8.875%, 2/1/30 | &nbsp;&nbsp; 494124 |
| &nbsp;&nbsp; 428000 | &nbsp;&nbsp;Directv Financing LLC / Directv Financing Co-Obligor, Inc., 144a, 10.000%, 2/15/31 | &nbsp;&nbsp; 409424 |
| &nbsp;&nbsp; 906000 | &nbsp;&nbsp;Gray Media, Inc., 144a, 5.375%, 11/15/31 | &nbsp;&nbsp; 554811 |
| &nbsp;&nbsp; 570000 | &nbsp;&nbsp;LCPR Senior Secured Financing DAC, 144a, 6.750%, 10/15/27 | &nbsp;&nbsp; 477007 |
| &nbsp;&nbsp; 230000 | &nbsp;&nbsp;Sinclair Television Group, Inc., 144a, 8.125%, 2/15/33 | &nbsp;&nbsp; 226995 |
| &nbsp;&nbsp;1217000 | &nbsp;&nbsp;Sirius XM Radio LLC, 144a, 4.000%, 7/15/28 | &nbsp;&nbsp; 1133736 |
| &nbsp;&nbsp; 923000 | &nbsp;&nbsp;Stagwell Global LLC, 144a, 5.625%, 8/15/29 | &nbsp;&nbsp; 875424 |
| &nbsp;&nbsp; 770000 | &nbsp;&nbsp;Univision Communications, Inc., 144a, 8.500%, 7/31/31 | &nbsp;&nbsp; 748328 |
| &nbsp;&nbsp; 552000 | &nbsp;&nbsp;Virgin Media Secured Finance PLC (United Kingdom), 144a, 5.500%, 5/15/29 | &nbsp;&nbsp; 522875 |
| &nbsp;&nbsp; 262000 | &nbsp;&nbsp;Vmed O2 UK Financing I PLC (United Kingdom), 144a, 7.750%, 4/15/32 | &nbsp;&nbsp; 262375 |
| &nbsp;&nbsp;1060000 | &nbsp;&nbsp;Zegona Finance PLC (United Kingdom), 144a, 8.625%, 7/15/29 | &nbsp;&nbsp; 1122672 |
|  |  | &nbsp;&nbsp; 14765437 |
|  | &nbsp;&nbsp;**Industrials — 13.6%** |  |
| &nbsp;&nbsp; 580000 | &nbsp;&nbsp;Bombardier, Inc. (Canada), 144a, 7.250%, 7/1/31 | &nbsp;&nbsp; 581334 |
| &nbsp;&nbsp; 778000 | &nbsp;&nbsp;Brundage-Bone Concrete Pumping Holdings, Inc., 144a, 7.500%, 2/1/32 | &nbsp;&nbsp; 740377 |
| &nbsp;&nbsp;1132000 | &nbsp;&nbsp;BWX Technologies, Inc., 144a, 4.125%, 6/30/28 | &nbsp;&nbsp; 1069125 |
| &nbsp;&nbsp; 578000 | &nbsp;&nbsp;Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25 | &nbsp;&nbsp; 565156 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone High Yield Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 95.2% (Continued)** |  |
|  | &nbsp;&nbsp;**Industrials — 13.6% (Continued)** |  |
| $697000 | &nbsp;&nbsp;Canpack SA / Canpack US LLC (Poland), 144a, 3.875%, 11/15/29 | $631821 |
| &nbsp;&nbsp; 938000 | &nbsp;&nbsp;Clearwater Paper Corp., 144a, 4.750%, 8/15/28 | &nbsp;&nbsp; 873447 |
| &nbsp;&nbsp; 616000 | &nbsp;&nbsp;EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.625%, 12/15/30 | &nbsp;&nbsp; 615895 |
| &nbsp;&nbsp; 308000 | &nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 144a, 7.000%, 6/15/32 | &nbsp;&nbsp; 311874 |
| &nbsp;&nbsp;1165000 | &nbsp;&nbsp;Imola Merger Corp., 144a, 4.750%, 5/15/29 | &nbsp;&nbsp; 1106815 |
| &nbsp;&nbsp;1049000 | &nbsp;&nbsp;Manitowoc Co., Inc. (The), 144a, 9.250%, 10/1/31 | &nbsp;&nbsp; 1078309 |
| &nbsp;&nbsp; 923000 | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 144a, 7.250%, 5/15/31 | &nbsp;&nbsp; 898771 |
| &nbsp;&nbsp; 84000 | &nbsp;&nbsp;Quikrete Holdings, Inc., 144a, 6.750%, 3/1/33 | &nbsp;&nbsp; 83742 |
| &nbsp;&nbsp; 856000 | &nbsp;&nbsp;Stanley Black & Decker, Inc., 6.707%, 3/15/60 | &nbsp;&nbsp; 852006 |
| &nbsp;&nbsp; 678000 | &nbsp;&nbsp;Stonepeak Nile Parent LLC, 144a, 7.250%, 3/15/32 | &nbsp;&nbsp; 690360 |
| &nbsp;&nbsp;1160000 | &nbsp;&nbsp;Textron Financial Corp., 144a, (TSFR3M + 1.997%), 6.320%, 2/15/42<sup>(A)</sup> | &nbsp;&nbsp; 1052317 |
| &nbsp;&nbsp;1110000 | &nbsp;&nbsp;TK Elevator US Newco, Inc. (Germany), 144a, 5.250%, 7/15/27 | &nbsp;&nbsp; 1090252 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;TransDigm, Inc., 4.625%, 1/15/29 | &nbsp;&nbsp; 945462 |
| &nbsp;&nbsp; 210000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.375%, 3/1/29 | &nbsp;&nbsp; 212114 |
| &nbsp;&nbsp; 507000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.625%, 3/1/32 | &nbsp;&nbsp; 512728 |
| &nbsp;&nbsp; 289000 | &nbsp;&nbsp;Waste Pro USA, Inc., 144a, 7.000%, 2/1/33 | &nbsp;&nbsp; 289775 |
|  |  | &nbsp;&nbsp; 14201680 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 8.6%** |  |
| &nbsp;&nbsp;1239000 | &nbsp;&nbsp;Carriage Services, Inc., 144a, 4.250%, 5/15/29 | &nbsp;&nbsp; 1128116 |
| &nbsp;&nbsp; 521000 | &nbsp;&nbsp;Champ Acquisition Corp., 144a, 8.375%, 12/1/31 | &nbsp;&nbsp; 538357 |
| &nbsp;&nbsp;1013000 | &nbsp;&nbsp;Cimpress PLC (Ireland), 144a, 7.375%, 9/15/32 | &nbsp;&nbsp; 930942 |
| &nbsp;&nbsp;1357000 | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The), 5.625%, 4/30/33 | &nbsp;&nbsp; 1207932 |
| &nbsp;&nbsp; 710000 | &nbsp;&nbsp;JB Poindexter & Co., Inc., 144a, 8.750%, 12/15/31 | &nbsp;&nbsp; 729665 |
| &nbsp;&nbsp; 365000 | &nbsp;&nbsp;LGI Homes, Inc., 144a, 7.000%, 11/15/32 | &nbsp;&nbsp; 345180 |
| &nbsp;&nbsp; 919000 | &nbsp;&nbsp;Michaels Cos., Inc. (The), 144a, 5.250%, 5/1/28 | &nbsp;&nbsp; 630443 |
| &nbsp;&nbsp; 518000 | &nbsp;&nbsp;Michaels Cos., Inc. (The), 144a, 7.875%, 5/1/29 | &nbsp;&nbsp; 272111 |
| &nbsp;&nbsp; 773000 | &nbsp;&nbsp;Sands China Ltd. (Macao), 5.125%, 8/8/25 | &nbsp;&nbsp; 772334 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Sands China Ltd. (Macao), 5.400%, 8/8/28 | &nbsp;&nbsp; 500315 |
| &nbsp;&nbsp;1151000 | &nbsp;&nbsp;Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | &nbsp;&nbsp; 1100972 |
| &nbsp;&nbsp; 612000 | &nbsp;&nbsp;Station Casinos LLC, 144a, 4.625%, 12/1/31 | &nbsp;&nbsp; 549902 |
| &nbsp;&nbsp; 310916 | &nbsp;&nbsp;US Airways Pass-Through Trust, Ser 2013-1, Class A, 3.950%, 11/15/25 | &nbsp;&nbsp; 308786 |
|  |  | &nbsp;&nbsp; 9015055 |
|  | &nbsp;&nbsp;**Utilities — 7.7%** |  |
| &nbsp;&nbsp;1178000 | &nbsp;&nbsp;Algonquin Power & Utilities Corp. (Canada), 4.750%, 1/18/82 | &nbsp;&nbsp; 1121796 |
| &nbsp;&nbsp; 488000 | &nbsp;&nbsp;AltaGas Ltd. (Canada), 144a, 7.200%, 10/15/54 | &nbsp;&nbsp; 480901 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Dominion Energy, Inc., Ser A, 6.875%, 2/1/55 | &nbsp;&nbsp; 517097 |
| &nbsp;&nbsp;1033000 | &nbsp;&nbsp;Edison International, 7.875%, 6/15/54 | &nbsp;&nbsp; 986682 |
| &nbsp;&nbsp; 420000 | &nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., (TSFR3M + 3.172%), 7.459%, 4/30/43<sup>(A)</sup> | &nbsp;&nbsp; 420412 |
| &nbsp;&nbsp;1110000 | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.329%), 6.627%, 10/1/66<sup>(A)</sup> | &nbsp;&nbsp; 1055472 |
| &nbsp;&nbsp; 529000 | &nbsp;&nbsp;PacifiCorp, 7.375%, 9/15/55 | &nbsp;&nbsp; 534342 |
| &nbsp;&nbsp; 594000 | &nbsp;&nbsp;Sempra, 4.125%, 4/1/52 | &nbsp;&nbsp; 558086 |
| &nbsp;&nbsp;1283000 | &nbsp;&nbsp;South Jersey Industries, Inc., 5.020%, 4/15/31 | &nbsp;&nbsp; 1085601 |
| &nbsp;&nbsp;1223000 | &nbsp;&nbsp;Vistra Corp., 144a, 8.000%<sup>(B)</sup> | &nbsp;&nbsp; 1255739 |
|  |  | &nbsp;&nbsp; 8016128 |
|  | &nbsp;&nbsp;**Consumer Staples — 6.9%** |  |
| &nbsp;&nbsp;1039000 | &nbsp;&nbsp;Allied Universal Holdco LLC, 144a, 7.875%, 2/15/31 | &nbsp;&nbsp; 1052224 |
| &nbsp;&nbsp; 575000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 5.375%, 3/1/29 | &nbsp;&nbsp; 517420 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 95.2% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 6.9% (Continued)** |  |
| $183000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 8.250%, 1/15/30 | $178426 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Chobani Holdco II LLC, (9.500% PIK), 144a, 8.750%, 10/1/29<sup>(C)</sup> | &nbsp;&nbsp; 541346 |
| &nbsp;&nbsp;1075000 | &nbsp;&nbsp;PetSmart, Inc. / PetSmart Finance Corp., 144a, 7.750%, 2/15/29 | &nbsp;&nbsp; 982616 |
| &nbsp;&nbsp; 306000 | &nbsp;&nbsp;Prime Security Services Borrower LLC / Prime Finance, Inc., 144a, 6.250%, 1/15/28 | &nbsp;&nbsp; 306195 |
| &nbsp;&nbsp; 529000 | &nbsp;&nbsp;S&S Holdings LLC, 144a, 8.375%, 10/1/31 | &nbsp;&nbsp; 500226 |
| &nbsp;&nbsp;1185000 | &nbsp;&nbsp;Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 144a, 4.625%, 3/1/29 | &nbsp;&nbsp; 1098773 |
| &nbsp;&nbsp;1162000 | &nbsp;&nbsp;Turning Point Brands, Inc., 144a, 7.625%, 3/15/32 | &nbsp;&nbsp; 1207611 |
| &nbsp;&nbsp; 742000 | &nbsp;&nbsp;VT Topco, Inc., 144a, 8.500%, 8/15/30 | &nbsp;&nbsp; 778193 |
|  |  | &nbsp;&nbsp; 7163030 |
|  | &nbsp;&nbsp;**Health Care — 4.1%** |  |
| &nbsp;&nbsp; 592000 | &nbsp;&nbsp;AdaptHealth LLC, 144a, 4.625%, 8/1/29 | &nbsp;&nbsp; 538512 |
| &nbsp;&nbsp; 293000 | &nbsp;&nbsp;AdaptHealth LLC, 144a, 5.125%, 3/1/30 | &nbsp;&nbsp; 266980 |
| &nbsp;&nbsp; 330000 | &nbsp;&nbsp;AdaptHealth LLC, 144a, 6.125%, 8/1/28 | &nbsp;&nbsp; 323039 |
| &nbsp;&nbsp;1229000 | &nbsp;&nbsp;AHP Health Partners, Inc., 144a, 5.750%, 7/15/29 | &nbsp;&nbsp; 1139951 |
| &nbsp;&nbsp; 515000 | &nbsp;&nbsp;Herbalife Nutrition Ltd. / HLF Financing, Inc., 144a, 7.875%, 9/1/25 | &nbsp;&nbsp; 514301 |
| &nbsp;&nbsp; 288000 | &nbsp;&nbsp;LifePoint Health, Inc., 144a, 8.375%, 2/15/32 | &nbsp;&nbsp; 289802 |
| &nbsp;&nbsp; 122000 | &nbsp;&nbsp;LifePoint Health, Inc., 144a, 11.000%, 10/15/30 | &nbsp;&nbsp; 132558 |
| &nbsp;&nbsp;1123000 | &nbsp;&nbsp;Pediatrix Medical Group, Inc., 144a, 5.375%, 2/15/30 | &nbsp;&nbsp; 1078966 |
|  |  | &nbsp;&nbsp; 4284109 |
|  | &nbsp;&nbsp;**Information Technology — 3.8%** |  |
| &nbsp;&nbsp;1025000 | &nbsp;&nbsp;Central Parent, Inc. / CDK Global, Inc., 144a, 7.250%, 6/15/29 | &nbsp;&nbsp; 886341 |
| &nbsp;&nbsp; 224000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 8.250%, 6/30/32 | &nbsp;&nbsp; 227668 |
| &nbsp;&nbsp;1133000 | &nbsp;&nbsp;Consensus Cloud Solutions, Inc., 144a, 6.000%, 10/15/26 | &nbsp;&nbsp; 1124850 |
| &nbsp;&nbsp; 448000 | &nbsp;&nbsp;Open Text Corp. (Canada), 144a, 3.875%, 12/1/29 | &nbsp;&nbsp; 407548 |
| &nbsp;&nbsp; 560000 | &nbsp;&nbsp;Open Text Corp. (Canada), 144a, 3.875%, 2/15/28 | &nbsp;&nbsp; 527536 |
| &nbsp;&nbsp; 873000 | &nbsp;&nbsp;Ziff Davis, Inc., 144a, 4.625%, 10/15/30 | &nbsp;&nbsp; 789697 |
|  |  | &nbsp;&nbsp; 3963640 |
|  | &nbsp;&nbsp;**Materials — 3.7%** |  |
| &nbsp;&nbsp; 998000 | &nbsp;&nbsp;Celanese US Holdings LLC, 6.629%, 7/15/32 | &nbsp;&nbsp; 1022655 |
| &nbsp;&nbsp; 739000 | &nbsp;&nbsp;Cerdia Finanz GmbH (Germany), 144a, 9.375%, 10/3/31 | &nbsp;&nbsp; 755406 |
| &nbsp;&nbsp;1041000 | &nbsp;&nbsp;INEOS Finance PLC (Luxembourg), 144a, 6.750%, 5/15/28 | &nbsp;&nbsp; 1041781 |
| &nbsp;&nbsp;1138000 | &nbsp;&nbsp;Novelis Corp., 144a, 4.750%, 1/30/30 | &nbsp;&nbsp; 1061255 |
|  |  | &nbsp;&nbsp; 3881097 |
|  | &nbsp;&nbsp;**Real Estate — 1.4%** |  |
| &nbsp;&nbsp;1202000 | &nbsp;&nbsp;CTR Partnership LP / CareTrust Capital Corp. REIT, 144a, 3.875%, 6/30/28 | &nbsp;&nbsp; 1128648 |
| &nbsp;&nbsp; 91000 | &nbsp;&nbsp;Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | &nbsp;&nbsp; 87260 |
| &nbsp;&nbsp; 243000 | &nbsp;&nbsp;XHR LP REIT, 144a, 6.625%, 5/15/30 | &nbsp;&nbsp; 238478 |
|  |  | &nbsp;&nbsp; 1454386 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $99508881 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone High Yield Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 3.6%** |  |
| 3463249 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | $3463249 |
| &nbsp;&nbsp;&nbsp;&nbsp;324545 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.29%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 324545 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$3787794 |
|  | &nbsp;&nbsp;**Total Investment Securities—98.8%<br> (Cost $106,504,347)** | $103296675 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 1.2%** | &nbsp;&nbsp; 1283178 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $104579853 |

---

---

| | |
|:---|:---|
| *(A)* | *Variable rate security - Rate reflected is the rate in effect as of March 31, 2025.* |
| *(B)* | *Perpetual Bond - A bond or preferred stock with no definite maturity date.* |
| *(C)* | *Represents a payment-in-kind ("PIK") security, which may pay interest in additional principal amounts.* |
| *\*\** | *Represents collateral for securities loaned.* |
| *†* | *All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2025 was $315,755.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *DAC – Designated Activity Company* |
| *LLC – Limited Liability Company* |
| *LP – Limited Partnership* |
| *PIK – Payment In Kind* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *TSFR3M – Three Month Term Secured Overnight Financing Rate* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities were valued at $77,975,864 or 74.6% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Corporate Bonds* | *$—* | *$99508881* | *$—* | *$99508881* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;*3787794* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3787794* |
| *Total* | *$3787794* | *$99508881* | *$—* | *$103296675* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Portfolio of Investments

Touchstone Mid Cap Fund – March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.7%** |  |
|  | &nbsp;&nbsp;**Industrials — 28.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2373677 | &nbsp;&nbsp;AerCap Holdings NV (Ireland) | $242518579 |
| &nbsp;&nbsp;&nbsp;&nbsp;2277333 | &nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp; 217872448 |
| &nbsp;&nbsp;&nbsp;&nbsp;1777612 | &nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp; 250429979 |
| &nbsp;&nbsp;&nbsp;&nbsp;3273600 | &nbsp;&nbsp;Copart, Inc.\* | &nbsp;&nbsp; 185253024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343559 | &nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp; 192678194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625711 | &nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 103523885 |
| &nbsp;&nbsp;&nbsp;&nbsp;1999416 | &nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp; 206339731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678119 | &nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp; 117992706 |
|  |  | &nbsp;&nbsp;1516608546 |
|  | &nbsp;&nbsp;**Financials — 15.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4686931 | &nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp; 170932374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974034 | &nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp; 143884302 |
| &nbsp;&nbsp;&nbsp;&nbsp;2605011 | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp; 194542222 |
| &nbsp;&nbsp;&nbsp;&nbsp;1058203 | &nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp; 189153786 |
| &nbsp;&nbsp;&nbsp;&nbsp;2716706 | &nbsp;&nbsp;Moelis & Co. - Class A | &nbsp;&nbsp; 158546962 |
|  |  | &nbsp;&nbsp; 857059646 |
|  | &nbsp;&nbsp;**Information Technology — 11.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1976136 | &nbsp;&nbsp;Amphenol Corp. - Class A | &nbsp;&nbsp; 129614760 |
| &nbsp;&nbsp;&nbsp;&nbsp;2436139 | &nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp; 213113440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994679 | &nbsp;&nbsp;Keysight Technologies, Inc.\* | &nbsp;&nbsp; 148973074 |
| &nbsp;&nbsp;&nbsp;&nbsp;1607155 | &nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp; 103870427 |
|  |  | &nbsp;&nbsp; 595571701 |
|  | &nbsp;&nbsp;**Materials — 10.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987268 | &nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp; 146490826 |
| &nbsp;&nbsp;&nbsp;&nbsp;2730471 | &nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp; 142175625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247215 | &nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp; 140034937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697175 | &nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp; 162650927 |
|  |  | &nbsp;&nbsp; 591352315 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 9.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1524575 | &nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp; 169334545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478547 | &nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp; 152345438 |
| &nbsp;&nbsp;&nbsp;&nbsp;3203723 | &nbsp;&nbsp;Tempur Sealy International, Inc. | &nbsp;&nbsp; 191838933 |
|  |  | &nbsp;&nbsp; 513518916 |
|  | &nbsp;&nbsp;**Consumer Staples — 8.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1297476 | &nbsp;&nbsp;Brown-Forman Corp. - Class B | &nbsp;&nbsp; 44036336 |
| &nbsp;&nbsp;&nbsp;&nbsp;1744262 | &nbsp;&nbsp;Dollar Tree, Inc.\* | &nbsp;&nbsp; 130941748 |
| &nbsp;&nbsp;&nbsp;&nbsp;1781317 | &nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp; 94944196 |
| &nbsp;&nbsp;&nbsp;&nbsp;1660622 | &nbsp;&nbsp;Post Holdings, Inc.\* | &nbsp;&nbsp; 193229976 |
|  |  | &nbsp;&nbsp; 463152256 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Health Care — 8.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2660064 | &nbsp;&nbsp;Bruker Corp. | $111031071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803049 | &nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp; 182011056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420317 | &nbsp;&nbsp;Waters Corp.\* | &nbsp;&nbsp; 154916237 |
|  |  | &nbsp;&nbsp; 447958364 |
|  | &nbsp;&nbsp;**Real Estate — 5.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1186844 | &nbsp;&nbsp;CBRE Group, Inc. - Class A\* | &nbsp;&nbsp; 155215458 |
| &nbsp;&nbsp;&nbsp;&nbsp;1520869 | &nbsp;&nbsp;Crown Castle, Inc. REIT | &nbsp;&nbsp; 158520176 |
|  |  | &nbsp;&nbsp; 313735634 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $5298957378 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 2.4%** |  |
| 130737638 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | &nbsp;&nbsp; 130737638 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $4,191,677,704)** | $5429695016 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (7041255) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $5422653761 |

---

---

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

---

---

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

---

*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* | *$5298957378* | *$—* | *$—* | *$5298957378* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*130737638* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*130737638* |
| *Total* | *$5429695016* | *$—* | *$—* | *$5429695016* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Portfolio of Investments

Touchstone Mid Cap Value Fund – March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.1%** |  |
|  | &nbsp;&nbsp;**Industrials — 18.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;100905 | &nbsp;&nbsp;AerCap Holdings NV (Ireland) | $10309464 |
| &nbsp;&nbsp;&nbsp;&nbsp;58266 | &nbsp;&nbsp;Clean Harbors, Inc.\* | &nbsp;&nbsp; 11484229 |
| &nbsp;&nbsp;&nbsp;&nbsp;38738 | &nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp; 6805492 |
| &nbsp;&nbsp;&nbsp;&nbsp;217790 | &nbsp;&nbsp;Genpact Ltd. | &nbsp;&nbsp; 10972260 |
| &nbsp;&nbsp;&nbsp;&nbsp;87928 | &nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp; 4814937 |
| &nbsp;&nbsp;&nbsp;&nbsp;27781 | &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp; 5814841 |
| &nbsp;&nbsp;&nbsp;&nbsp;75780 | &nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp; 10225753 |
| &nbsp;&nbsp;&nbsp;&nbsp;11525 | &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp; 7005471 |
| &nbsp;&nbsp;&nbsp;&nbsp;86623 | &nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp; 9862029 |
| &nbsp;&nbsp;&nbsp;&nbsp;16760 | &nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp; 5648288 |
| &nbsp;&nbsp;&nbsp;&nbsp;63225 | &nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp; 9818842 |
| &nbsp;&nbsp;&nbsp;&nbsp;43305 | &nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 7853362 |
|  |  | &nbsp;&nbsp;100614968 |
|  | &nbsp;&nbsp;**Financials — 18.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;63102 | &nbsp;&nbsp;Allstate Corp. (The) | &nbsp;&nbsp; 13066531 |
| &nbsp;&nbsp;&nbsp;&nbsp;198342 | &nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp; 7233533 |
| &nbsp;&nbsp;&nbsp;&nbsp;121286 | &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp; 10544605 |
| &nbsp;&nbsp;&nbsp;&nbsp;13518 | &nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp; 6544199 |
| &nbsp;&nbsp;&nbsp;&nbsp;554236 | &nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp; 10763263 |
| &nbsp;&nbsp;&nbsp;&nbsp;82934 | &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp; 8120897 |
| &nbsp;&nbsp;&nbsp;&nbsp;64463 | &nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp; 6835657 |
| &nbsp;&nbsp;&nbsp;&nbsp;62228 | &nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp; 12252693 |
| &nbsp;&nbsp;&nbsp;&nbsp;414957 | &nbsp;&nbsp;Starwood Property Trust, Inc. REIT | &nbsp;&nbsp; 8203700 |
| &nbsp;&nbsp;&nbsp;&nbsp;109374 | &nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp; 5638230 |
| &nbsp;&nbsp;&nbsp;&nbsp;31694 | &nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp; 10710987 |
|  |  | &nbsp;&nbsp; 99914295 |
|  | &nbsp;&nbsp;**Utilities — 11.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;204822 | &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp; 7420701 |
| &nbsp;&nbsp;&nbsp;&nbsp;74551 | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp; 10308167 |
| &nbsp;&nbsp;&nbsp;&nbsp;91969 | &nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp; 7862430 |
| &nbsp;&nbsp;&nbsp;&nbsp;115875 | &nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp; 7989581 |
| &nbsp;&nbsp;&nbsp;&nbsp;209168 | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp; 8385545 |
| &nbsp;&nbsp;&nbsp;&nbsp;97856 | &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp; 10664347 |
| &nbsp;&nbsp;&nbsp;&nbsp;115398 | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp; 8169024 |
|  |  | &nbsp;&nbsp; 60799795 |
|  | &nbsp;&nbsp;**Health Care — 10.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;41118 | &nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp; 11434505 |
| &nbsp;&nbsp;&nbsp;&nbsp;114966 | &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp; 11643756 |
| &nbsp;&nbsp;&nbsp;&nbsp;159848 | &nbsp;&nbsp;Envista Holdings Corp.\* | &nbsp;&nbsp; 2758976 |
| &nbsp;&nbsp;&nbsp;&nbsp;131079 | &nbsp;&nbsp;Hologic, Inc.\* | &nbsp;&nbsp; 8096750 |
| &nbsp;&nbsp;&nbsp;&nbsp;12842 | &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp; 3397993 |
| &nbsp;&nbsp;&nbsp;&nbsp;43113 | &nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp; 10034120 |
| &nbsp;&nbsp;&nbsp;&nbsp;74179 | &nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 8395579 |
|  |  | &nbsp;&nbsp; 55761679 |
|  | &nbsp;&nbsp;**Information Technology — 9.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;93289 | &nbsp;&nbsp;Akamai Technologies, Inc.\* | &nbsp;&nbsp; 7509765 |
| &nbsp;&nbsp;&nbsp;&nbsp;36160 | &nbsp;&nbsp;EPAM Systems, Inc.\* | &nbsp;&nbsp; 6105254 |
| &nbsp;&nbsp;&nbsp;&nbsp;20191 | &nbsp;&nbsp;F5, Inc.\* | &nbsp;&nbsp; 5376258 |
| &nbsp;&nbsp;&nbsp;&nbsp;73122 | &nbsp;&nbsp;Keysight Technologies, Inc.\* | &nbsp;&nbsp; 10951482 |
| &nbsp;&nbsp;&nbsp;&nbsp;82050 | &nbsp;&nbsp;Lumentum Holdings, Inc.\* | &nbsp;&nbsp; 5114997 |
| &nbsp;&nbsp;&nbsp;&nbsp;57436 | &nbsp;&nbsp;PTC, Inc.\* | &nbsp;&nbsp; 8899708 |
| &nbsp;&nbsp;&nbsp;&nbsp;86281 | &nbsp;&nbsp;Qorvo, Inc.\* | &nbsp;&nbsp; 6247607 |
|  |  | &nbsp;&nbsp; 50205071 |
|  | &nbsp;&nbsp;**Consumer Staples — 8.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14591 | &nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp; 6333078 |
| &nbsp;&nbsp;&nbsp;&nbsp;27208 | &nbsp;&nbsp;Constellation Brands, Inc. - Class A | &nbsp;&nbsp; 4993212 |
| &nbsp;&nbsp;&nbsp;&nbsp;175434 | &nbsp;&nbsp;Darling Ingredients, Inc.\* | &nbsp;&nbsp; 5480558 |
| &nbsp;&nbsp;&nbsp;&nbsp;46142 | &nbsp;&nbsp;Dollar Tree, Inc.\* | &nbsp;&nbsp; 3463880 |
| &nbsp;&nbsp;&nbsp;&nbsp;47145 | &nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp; 6374475 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.1% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 8.8% (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;118936 | &nbsp;&nbsp;Lamb Weston Holdings, Inc. | $6339289 |
| &nbsp;&nbsp;&nbsp;&nbsp;169202 | &nbsp;&nbsp;TreeHouse Foods, Inc.\* | &nbsp;&nbsp; 4583682 |
| &nbsp;&nbsp;&nbsp;&nbsp;172650 | &nbsp;&nbsp;Tyson Foods, Inc. - Class A | &nbsp;&nbsp; 11016797 |
|  |  | &nbsp;&nbsp; 48584971 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 7.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;159152 | &nbsp;&nbsp;Aramark | &nbsp;&nbsp; 5493927 |
| &nbsp;&nbsp;&nbsp;&nbsp;111077 | &nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp; 3182356 |
| &nbsp;&nbsp;&nbsp;&nbsp;79299 | &nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp; 6002141 |
| &nbsp;&nbsp;&nbsp;&nbsp;193046 | &nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp; 4497972 |
| &nbsp;&nbsp;&nbsp;&nbsp;113335 | &nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp; 6968969 |
| &nbsp;&nbsp;&nbsp;&nbsp;219301 | &nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp; 9329065 |
| &nbsp;&nbsp;&nbsp;&nbsp;179853 | &nbsp;&nbsp;Valvoline, Inc.\* | &nbsp;&nbsp; 6260683 |
|  |  | &nbsp;&nbsp; 41735113 |
|  | &nbsp;&nbsp;**Real Estate — 6.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;126875 | &nbsp;&nbsp;Agree Realty Corp. REIT | &nbsp;&nbsp; 9793481 |
| &nbsp;&nbsp;&nbsp;&nbsp;60504 | &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | &nbsp;&nbsp; 5597225 |
| &nbsp;&nbsp;&nbsp;&nbsp;23090 | &nbsp;&nbsp;Essex Property Trust, Inc. REIT | &nbsp;&nbsp; 7078701 |
| &nbsp;&nbsp;&nbsp;&nbsp;184712 | &nbsp;&nbsp;Host Hotels & Resorts, Inc. REIT | &nbsp;&nbsp; 2624758 |
| &nbsp;&nbsp;&nbsp;&nbsp;54247 | &nbsp;&nbsp;Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp; 9090712 |
|  |  | &nbsp;&nbsp; 34184877 |
|  | &nbsp;&nbsp;**Energy — 5.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;316975 | &nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp; 9445855 |
| &nbsp;&nbsp;&nbsp;&nbsp;271067 | &nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp; 7833836 |
| &nbsp;&nbsp;&nbsp;&nbsp;43136 | &nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp; 6896584 |
| &nbsp;&nbsp;&nbsp;&nbsp;507244 | &nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp; 7025329 |
|  |  | &nbsp;&nbsp; 31201604 |
|  | &nbsp;&nbsp;**Materials — 4.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;151994 | &nbsp;&nbsp;Axalta Coating Systems Ltd.\* | &nbsp;&nbsp; 5041641 |
| &nbsp;&nbsp;&nbsp;&nbsp;123151 | &nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp; 6412473 |
| &nbsp;&nbsp;&nbsp;&nbsp;28207 | &nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp; 6259979 |
| &nbsp;&nbsp;&nbsp;&nbsp;74072 | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 5748728 |
|  |  | &nbsp;&nbsp; 23462821 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $546465194 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.0%** |  |
| 5812967 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | &nbsp;&nbsp; 5812967 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $430,949,071)** | $552278161 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (812018) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $551466143 |

---

---

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

---

---

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

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Mid Cap Value 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* | *$546465194* | *$—* | *$—* | *$546465194* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5812967* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5812967* |
| *Total* | *$552278161* | *$—* | *$—* | *$552278161* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Portfolio of Investments

Touchstone Sands Capital International Growth Equity Fund – March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 96.4%** |  |
|  | &nbsp;&nbsp;**Japan — 10.2%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;134400 | &nbsp;&nbsp;Ajinomoto Co., Inc. | $2660813 |
|  | &nbsp;&nbsp;**Industrials — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;40900 | &nbsp;&nbsp;Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 2119081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp; 1502944 |
|  | &nbsp;&nbsp;**Information Technology — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp; 3578213 |
|  | &nbsp;&nbsp;Total Japan | &nbsp;&nbsp; 9861051 |
|  | &nbsp;&nbsp;**Canada — 9.8%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;15585 | &nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp; 1666530 |
|  | &nbsp;&nbsp;**Information Technology — 8.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp; 3660970 |
| &nbsp;&nbsp;&nbsp;&nbsp;43020 | &nbsp;&nbsp;Shopify, Inc. - Class A\* | &nbsp;&nbsp; 4107550 |
|  | &nbsp;&nbsp;Total Canada | &nbsp;&nbsp; 9435050 |
|  | &nbsp;&nbsp;**Brazil — 8.4%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 5.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2931 | &nbsp;&nbsp;MercadoLibre, Inc.\* | &nbsp;&nbsp; 5718000 |
|  | &nbsp;&nbsp;**Industrials — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;302311 | &nbsp;&nbsp;WEG SA | &nbsp;&nbsp; 2398802 |
|  | &nbsp;&nbsp;Total Brazil | &nbsp;&nbsp; 8116802 |
|  | &nbsp;&nbsp;**Switzerland — 8.1%** |  |
|  | &nbsp;&nbsp;**Health Care — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4263 | &nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp; 2633553 |
|  | &nbsp;&nbsp;**Industrials — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6096 | &nbsp;&nbsp;VAT Group AG, 144a | &nbsp;&nbsp; 2197377 |
|  | &nbsp;&nbsp;**Materials — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12291 | &nbsp;&nbsp;Sika AG | &nbsp;&nbsp; 2993894 |
|  | &nbsp;&nbsp;Total Switzerland | &nbsp;&nbsp; 7824824 |
|  | &nbsp;&nbsp;**Netherlands — 8.1%** |  |
|  | &nbsp;&nbsp;**Financials — 4.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586 | &nbsp;&nbsp;Adyen NV, 144a\* | &nbsp;&nbsp; 3963811 |
|  | &nbsp;&nbsp;**Industrials — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;16464 | &nbsp;&nbsp;IMCD NV | &nbsp;&nbsp; 2191056 |
|  | &nbsp;&nbsp;**Information Technology — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488 | &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 1648624 |
|  | &nbsp;&nbsp;Total Netherlands | &nbsp;&nbsp; 7803491 |
|  | &nbsp;&nbsp;**India — 7.6%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;48062 | &nbsp;&nbsp;Titan Co. Ltd. | &nbsp;&nbsp; 1715215 |
|  | &nbsp;&nbsp;**Financials — 5.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;23641 | &nbsp;&nbsp;Bajaj Finance Ltd. | &nbsp;&nbsp; 2463127 |
| &nbsp;&nbsp;&nbsp;&nbsp;149535 | &nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp; 3187520 |
|  | &nbsp;&nbsp;Total India | &nbsp;&nbsp; 7365862 |
|  | &nbsp;&nbsp;**United States — 7.6%** |  |
|  | &nbsp;&nbsp;**Communication Services — 7.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;31420 | &nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One - Class C\* | &nbsp;&nbsp; 2828114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8246 | &nbsp;&nbsp;Spotify Technology SA\* | &nbsp;&nbsp; 4535548 |
|  | &nbsp;&nbsp;Total United States | &nbsp;&nbsp; 7363662 |
|  | &nbsp;&nbsp;**Germany — 6.8%** |  |
|  | &nbsp;&nbsp;**Communication Services — 4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;40501 | &nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 4063154 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 96.4% (Continued)** |  |
|  | &nbsp;&nbsp;**Germany — (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;70225 | &nbsp;&nbsp;Zalando SE, 144a\* | $2435776 |
|  | &nbsp;&nbsp;Total Germany | &nbsp;&nbsp; 6498930 |
|  | &nbsp;&nbsp;**Sweden — 6.7%** |  |
|  | &nbsp;&nbsp;**Industrials — 3.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;126480 | &nbsp;&nbsp;AddTech AB - Class B | &nbsp;&nbsp; 3704291 |
|  | &nbsp;&nbsp;**Information Technology — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;256144 | &nbsp;&nbsp;Hexagon AB - Class B | &nbsp;&nbsp; 2738119 |
|  | &nbsp;&nbsp;Total Sweden | &nbsp;&nbsp; 6442410 |
|  | &nbsp;&nbsp;**Singapore — 5.8%** |  |
|  | &nbsp;&nbsp;**Communication Services — 5.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;42586 | &nbsp;&nbsp;Sea Ltd. ADR\* | &nbsp;&nbsp; 5557047 |
|  | &nbsp;&nbsp;**Italy — 4.8%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6668 | &nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp; 2853104 |
|  | &nbsp;&nbsp;**Health Care — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;88177 | &nbsp;&nbsp;Stevanato Group SpA | &nbsp;&nbsp; 1800574 |
|  | &nbsp;&nbsp;Total Italy | &nbsp;&nbsp; 4653678 |
|  | &nbsp;&nbsp;**Taiwan — 4.6%** |  |
|  | &nbsp;&nbsp;**Information Technology — 4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;26500 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp; 4399000 |
|  | &nbsp;&nbsp;**United Kingdom — 2.9%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12682 | &nbsp;&nbsp;Flutter Entertainment PLC\* | &nbsp;&nbsp; 2809697 |
|  | &nbsp;&nbsp;**Poland — 2.7%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;22380 | &nbsp;&nbsp;Dino Polska SA, 144a\* | &nbsp;&nbsp; 2608467 |
|  | &nbsp;&nbsp;**Denmark — 2.3%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14396 | &nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp; 2206350 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $92946321 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 3.7%** |  |
| 3587787 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | &nbsp;&nbsp; 3587787 |
|  | &nbsp;&nbsp;**Total Investment Securities — 100.1%<br> (Cost $80,936,976)** | $96534108 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1)%** | &nbsp;&nbsp;&nbsp; (82048) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $96452060 |

---

---

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

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ADR – American Depositary Receipt* |
| *PLC – Public Limited Company* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities were valued at $11,205,431 or 11.6% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Sands Capital International Growth Equity 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* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Japan* | *$—* | *$9861051* | *$—* | *$9861051* |
| &nbsp;&nbsp;&nbsp;*Canada* | &nbsp;&nbsp;&nbsp;&nbsp;*9435050* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*9435050* |
| &nbsp;&nbsp;&nbsp;*Brazil* | &nbsp;&nbsp;&nbsp;&nbsp;*8116802* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*8116802* |
| &nbsp;&nbsp;&nbsp;*Switzerland* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*7824824* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*7824824* |
| &nbsp;&nbsp;&nbsp;*Netherlands* | &nbsp;&nbsp;&nbsp;&nbsp;*1648624* | &nbsp;&nbsp;&nbsp;&nbsp;*6154867* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*7803491* |
| &nbsp;&nbsp;&nbsp;*India* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*7365862* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*7365862* |
| &nbsp;&nbsp;&nbsp;*United States* | &nbsp;&nbsp;&nbsp;&nbsp;*7363662* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*7363662* |
| &nbsp;&nbsp;&nbsp;*Germany* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*6498930* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*6498930* |
| &nbsp;&nbsp;&nbsp;*Sweden* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*6442410* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*6442410* |
| &nbsp;&nbsp;&nbsp;*Singapore* | &nbsp;&nbsp;&nbsp;&nbsp;*5557047* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*5557047* |
| &nbsp;&nbsp;&nbsp;*Italy* | &nbsp;&nbsp;&nbsp;&nbsp;*4653678* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4653678* |
| &nbsp;&nbsp;&nbsp;*Taiwan* | &nbsp;&nbsp;&nbsp;&nbsp;*4399000* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4399000* |
| &nbsp;&nbsp;&nbsp;*United Kingdom* | &nbsp;&nbsp;&nbsp;&nbsp;*2809697* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2809697* |
| &nbsp;&nbsp;&nbsp;*Poland* | &nbsp;&nbsp;&nbsp;&nbsp;*2608467* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2608467* |
| &nbsp;&nbsp;&nbsp;*Denmark* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2206350* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2206350* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*3587787* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3587787* |
| *Total* | *$50179814* | *$46354294* | *$—* | *$96534108* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Portfolio of Investments

Touchstone Sands Capital Select Growth Fund – March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 95.5%** |  |
|  | &nbsp;&nbsp;**Information Technology — 42.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;290313 | &nbsp;&nbsp;AppLovin Corp. - Class A\* | $76924236 |
| &nbsp;&nbsp;&nbsp;&nbsp;356385 | &nbsp;&nbsp;Atlassian Corp. - Class A\* | &nbsp;&nbsp; 75628461 |
| &nbsp;&nbsp;&nbsp;&nbsp;263812 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 44170043 |
| &nbsp;&nbsp;&nbsp;&nbsp;443117 | &nbsp;&nbsp;Cloudflare, Inc. - Class A\* | &nbsp;&nbsp; 49934855 |
| &nbsp;&nbsp;&nbsp;&nbsp;462513 | &nbsp;&nbsp;Datadog, Inc. - Class A\* | &nbsp;&nbsp; 45885915 |
| &nbsp;&nbsp;&nbsp;&nbsp;362922 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 136237289 |
| 1615146 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 175049523 |
| 1669740 | &nbsp;&nbsp;Samsara, Inc. - Class A\* | &nbsp;&nbsp; 64001134 |
| &nbsp;&nbsp;&nbsp;&nbsp;104497 | &nbsp;&nbsp;ServiceNow, Inc.\* | &nbsp;&nbsp; 83194242 |
| &nbsp;&nbsp;&nbsp;&nbsp;827362 | &nbsp;&nbsp;Shopify, Inc. (Canada) - Class A\* | &nbsp;&nbsp; 78996524 |
| &nbsp;&nbsp;&nbsp;&nbsp;225554 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR | &nbsp;&nbsp; 37441964 |
|  |  | &nbsp;&nbsp; 867464186 |
|  | &nbsp;&nbsp;**Communication Services — 21.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;251270 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 144821977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88515 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 82542893 |
| &nbsp;&nbsp;&nbsp;&nbsp;666294 | &nbsp;&nbsp;ROBLOX Corp. - Class A\* | &nbsp;&nbsp; 38838277 |
| &nbsp;&nbsp;&nbsp;&nbsp;691240 | &nbsp;&nbsp;Sea Ltd. (Singapore) ADR\* | &nbsp;&nbsp; 90199908 |
| &nbsp;&nbsp;&nbsp;&nbsp;170145 | &nbsp;&nbsp;Spotify Technology SA\* | &nbsp;&nbsp; 93584854 |
|  |  | &nbsp;&nbsp; 449987909 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 12.1%** |  |
| 1001101 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 190469476 |
| &nbsp;&nbsp;&nbsp;&nbsp;324407 | &nbsp;&nbsp;DoorDash, Inc. - Class A\* | &nbsp;&nbsp; 59291868 |
|  |  | &nbsp;&nbsp; 249761344 |
|  | &nbsp;&nbsp;**Financials — 10.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;565510 | &nbsp;&nbsp;Block, Inc.\* | &nbsp;&nbsp; 30724158 |
| &nbsp;&nbsp;&nbsp;&nbsp;415184 | &nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp; 71619240 |
| 5335417 | &nbsp;&nbsp;NU Holdings Ltd. (Brazil) - Class A\* | &nbsp;&nbsp; 54634670 |
| &nbsp;&nbsp;&nbsp;&nbsp;155204 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 54392794 |
|  |  | &nbsp;&nbsp; 211370862 |
|  | &nbsp;&nbsp;**Health Care — 4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;966684 | &nbsp;&nbsp;DexCom, Inc.\* | &nbsp;&nbsp; 66014850 |
| &nbsp;&nbsp;&nbsp;&nbsp;791751 | &nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.\* | &nbsp;&nbsp; 28669304 |
|  |  | &nbsp;&nbsp; 94684154 |
|  | &nbsp;&nbsp;**Industrials — 4.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59909 | &nbsp;&nbsp;Axon Enterprise, Inc.\* | &nbsp;&nbsp; 31509138 |
| &nbsp;&nbsp;&nbsp;&nbsp;720830 | &nbsp;&nbsp;Uber Technologies, Inc.\* | &nbsp;&nbsp; 52519674 |
|  |  | &nbsp;&nbsp; 84028812 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 95.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Energy — 0.8%** |  |
| 1582279 | &nbsp;&nbsp;Venture Global, Inc. - Class A<sup>†</sup> | $16297474 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $1973594741 |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 5.4%** |  |
| 95998288 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | &nbsp;&nbsp; 95998288 |
| 15276585 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.29%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 15276585 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$111274873 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.9%<br> (Cost $1,536,401,415)** | $2084869614 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.9%)** | &nbsp;&nbsp;&nbsp; (17907833) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $2066961781 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *\*\** | *Represents collateral for securities loaned.* |
| *†* | *All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2025 was $15,482,600.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ADR – American Depositary Receipt* |

---

*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* | *$1973594741* | *$—* | *$—* | *$1973594741* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;&nbsp;*111274873* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*111274873* |
| *Total* | *$2084869614* | *$—* | *$—* | *$2084869614* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Portfolio of Investments

Touchstone Small Cap Fund – March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.3%** |  |
|  | &nbsp;&nbsp;**Industrials — 25.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;86640 | &nbsp;&nbsp;Armstrong World Industries, Inc. | $12205843 |
| &nbsp;&nbsp;&nbsp;&nbsp;130311 | &nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp; 7817357 |
| &nbsp;&nbsp;&nbsp;&nbsp;73871 | &nbsp;&nbsp;Casella Waste Systems, Inc. - Class A\* | &nbsp;&nbsp; 8237355 |
| &nbsp;&nbsp;&nbsp;&nbsp;440328 | &nbsp;&nbsp;Gates Industrial Corp. PLC\* | &nbsp;&nbsp; 8106438 |
| &nbsp;&nbsp;&nbsp;&nbsp;67894 | &nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp; 10197679 |
| &nbsp;&nbsp;&nbsp;&nbsp;286546 | &nbsp;&nbsp;Marten Transport Ltd. | &nbsp;&nbsp; 3931411 |
| &nbsp;&nbsp;&nbsp;&nbsp;75092 | &nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp; 9624542 |
| &nbsp;&nbsp;&nbsp;&nbsp;31720 | &nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp; 5519280 |
|  |  | &nbsp;&nbsp; 65639905 |
|  | &nbsp;&nbsp;**Information Technology — 17.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;261587 | &nbsp;&nbsp;ACI Worldwide, Inc.\* | &nbsp;&nbsp; 14311425 |
| &nbsp;&nbsp;&nbsp;&nbsp;171821 | &nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp; 7139163 |
| &nbsp;&nbsp;&nbsp;&nbsp;269664 | &nbsp;&nbsp;DoubleVerify Holdings, Inc.\* | &nbsp;&nbsp; 3605408 |
| &nbsp;&nbsp;&nbsp;&nbsp;87496 | &nbsp;&nbsp;ePlus, Inc.\* | &nbsp;&nbsp; 5339881 |
| &nbsp;&nbsp;&nbsp;&nbsp;48397 | &nbsp;&nbsp;Qualys, Inc.\* | &nbsp;&nbsp; 6094634 |
| &nbsp;&nbsp;&nbsp;&nbsp;263344 | &nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp; 8650850 |
|  |  | &nbsp;&nbsp; 45141361 |
|  | &nbsp;&nbsp;**Financials — 15.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;263258 | &nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp; 8197854 |
| &nbsp;&nbsp;&nbsp;&nbsp;46661 | &nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp; 8116681 |
| &nbsp;&nbsp;&nbsp;&nbsp;170793 | &nbsp;&nbsp;Moelis & Co. - Class A | &nbsp;&nbsp; 9967480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7735 | &nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp; 14896140 |
|  |  | &nbsp;&nbsp; 41178155 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 14.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;130129 | &nbsp;&nbsp;Acushnet Holdings Corp. | &nbsp;&nbsp; 8934657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7649 | &nbsp;&nbsp;Graham Holdings Co. - Class B | &nbsp;&nbsp; 7349618 |
| &nbsp;&nbsp;&nbsp;&nbsp;18425 | &nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp; 8656249 |
| &nbsp;&nbsp;&nbsp;&nbsp;327403 | &nbsp;&nbsp;Revolve Group, Inc.\* | &nbsp;&nbsp; 7035891 |
| &nbsp;&nbsp;&nbsp;&nbsp;86844 | &nbsp;&nbsp;Tempur Sealy International, Inc. | &nbsp;&nbsp; 5200219 |
|  |  | &nbsp;&nbsp; 37176634 |
|  | &nbsp;&nbsp;**Real Estate — 7.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;251432 | &nbsp;&nbsp;Alexander & Baldwin, Inc. REIT | &nbsp;&nbsp; 4332173 |
| &nbsp;&nbsp;&nbsp;&nbsp;316626 | &nbsp;&nbsp;Essential Properties Realty Trust, Inc. REIT | &nbsp;&nbsp; 10334673 |
| &nbsp;&nbsp;&nbsp;&nbsp;82183 | &nbsp;&nbsp;First Industrial Realty Trust, Inc. REIT | &nbsp;&nbsp; 4434595 |
|  |  | &nbsp;&nbsp; 19101441 |
|  | &nbsp;&nbsp;**Health Care — 5.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;470322 | &nbsp;&nbsp;Certara, Inc.\* | &nbsp;&nbsp; 4656188 |
| &nbsp;&nbsp;&nbsp;&nbsp;140135 | &nbsp;&nbsp;Enovis Corp.\* | &nbsp;&nbsp; 5354558 |
| &nbsp;&nbsp;&nbsp;&nbsp;82804 | &nbsp;&nbsp;Haemonetics Corp.\* | &nbsp;&nbsp; 5262194 |
|  |  | &nbsp;&nbsp; 15272940 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.3% (Continued)** |  |
|  | &nbsp;&nbsp;**Materials — 5.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;140435 | &nbsp;&nbsp;Ingevity Corp.\* | $5559822 |
| &nbsp;&nbsp;&nbsp;&nbsp;15018 | &nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp; 8506946 |
| &nbsp;&nbsp;&nbsp;&nbsp;86275 | &nbsp;&nbsp;Tredegar Corp.\* | &nbsp;&nbsp; 664317 |
|  |  | &nbsp;&nbsp; 14731085 |
|  | &nbsp;&nbsp;**Consumer Staples — 5.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;45270 | &nbsp;&nbsp;Lancaster Colony Corp. | &nbsp;&nbsp; 7922250 |
| &nbsp;&nbsp;&nbsp;&nbsp;60159 | &nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp; 5284968 |
|  |  | &nbsp;&nbsp; 13207218 |
|  | &nbsp;&nbsp;**Communication Services — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10992 | &nbsp;&nbsp;Cable One, Inc. | &nbsp;&nbsp; 2921344 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $254370083 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 2.0%** |  |
| 5284912 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | &nbsp;&nbsp; 5284912 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.3%<br> (Cost $227,175,903)** | $259654995 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.3%)** | &nbsp;&nbsp;&nbsp; (806278) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $258848717 |

---

---

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

---

---

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

---

*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* | *$254370083* | *$—* | *$—* | *$254370083* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5284912* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5284912* |
| *Total* | *$259654995* | *$—* | *$—* | *$259654995* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Portfolio of Investments

Touchstone Small Cap Value Fund – March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.7%** |  |
|  | &nbsp;&nbsp;**Financials — 26.9%** |  |
| 86217 | &nbsp;&nbsp;Associated Banc-Corp. | $1942469 |
| 82432 | &nbsp;&nbsp;Chimera Investment Corp. REIT | &nbsp;&nbsp; 1057603 |
| 12489 | &nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp; 1467083 |
| 152444 | &nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp; 3801953 |
| 32537 | &nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp; 2135403 |
| 178568 | &nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp; 3467791 |
| 92347 | &nbsp;&nbsp;First Interstate BancSystem, Inc. - Class A | &nbsp;&nbsp; 2645741 |
| 21581 | &nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp; 3754015 |
| 46349 | &nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp; 2903765 |
| 98014 | &nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp; 2428787 |
| 61364 | &nbsp;&nbsp;National Bank Holdings Corp. - Class A | &nbsp;&nbsp; 2348400 |
| 43096 | &nbsp;&nbsp;NMI Holdings, Inc. - Class A\* | &nbsp;&nbsp; 1553611 |
| 156794 | &nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp; 3322465 |
| 33697 | &nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp; 3573230 |
| 125125 | &nbsp;&nbsp;Starwood Property Trust, Inc. REIT | &nbsp;&nbsp; 2473721 |
| 56924 | &nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp; 1614365 |
| 266523 | &nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp; 2369389 |
| 34197 | &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp; 2317189 |
| 23968 | &nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp; 1213500 |
| 38853 | &nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp; 4369408 |
|  |  | &nbsp;&nbsp; 50759888 |
|  | &nbsp;&nbsp;**Industrials — 18.9%** |  |
| 22524 | &nbsp;&nbsp;AZEK Co., Inc. (The)\* | &nbsp;&nbsp; 1101198 |
| &nbsp;&nbsp;&nbsp;&nbsp;7193 | &nbsp;&nbsp;CACI International, Inc. - Class A\* | &nbsp;&nbsp; 2639256 |
| 13284 | &nbsp;&nbsp;Clean Harbors, Inc.\* | &nbsp;&nbsp; 2618277 |
| 42212 | &nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp; 1893630 |
| 18708 | &nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp; 3026767 |
| 127848 | &nbsp;&nbsp;Enviri Corp.\* | &nbsp;&nbsp; 850189 |
| 51223 | &nbsp;&nbsp;ExlService Holdings, Inc.\* | &nbsp;&nbsp; 2418238 |
| 188222 | &nbsp;&nbsp;Gates Industrial Corp. PLC\* | &nbsp;&nbsp; 3465167 |
| 27733 | &nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp; 1518659 |
| 31243 | &nbsp;&nbsp;Huron Consulting Group, Inc.\* | &nbsp;&nbsp; 4481808 |
| 18474 | &nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp; 2386102 |
| 35073 | &nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp; 2379002 |
| 12877 | &nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp; 1466047 |
| 18565 | &nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp; 2996205 |
| &nbsp;&nbsp;&nbsp;&nbsp;8636 | &nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp; 2464455 |
|  |  | &nbsp;&nbsp; 35705000 |
|  | &nbsp;&nbsp;**Health Care — 8.9%** |  |
| 45340 | &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp; 4592035 |
| 51548 | &nbsp;&nbsp;Envista Holdings Corp.\* | &nbsp;&nbsp; 889718 |
| 25723 | &nbsp;&nbsp;Globus Medical, Inc. - Class A\* | &nbsp;&nbsp; 1882924 |
| 61516 | &nbsp;&nbsp;Integra LifeSciences Holdings Corp.\* | &nbsp;&nbsp; 1352737 |
| 60921 | &nbsp;&nbsp;Option Care Health, Inc.\* | &nbsp;&nbsp; 2129189 |
| 56998 | &nbsp;&nbsp;Prestige Consumer Healthcare, Inc.\* | &nbsp;&nbsp; 4900118 |
| 32359 | &nbsp;&nbsp;QuidelOrtho Corp.\* | &nbsp;&nbsp; 1131594 |
|  |  | &nbsp;&nbsp; 16878315 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 8.6%** |  |
| 28387 | &nbsp;&nbsp;Cheesecake Factory, Inc. (The) | &nbsp;&nbsp; 1381311 |
| 19657 | &nbsp;&nbsp;Dorman Products, Inc.\* | &nbsp;&nbsp; 2369455 |
| 64930 | &nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp; 1512869 |
| &nbsp;&nbsp;&nbsp;&nbsp;3612 | &nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp; 1379603 |
| 14536 | &nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp; 2492343 |
| &nbsp;&nbsp;&nbsp;&nbsp;5336 | &nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp; 2506906 |
| 43894 | &nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp; 1169336 |
| 18672 | &nbsp;&nbsp;Urban Outfitters, Inc.\* | &nbsp;&nbsp; 978413 |
| 50936 | &nbsp;&nbsp;Valvoline, Inc.\* | &nbsp;&nbsp; 1773082 |
| 17509 | &nbsp;&nbsp;YETI Holdings, Inc.\* | &nbsp;&nbsp; 579548 |
|  |  | &nbsp;&nbsp; 16142866 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Real Estate — 8.3%** |  |
| 46350 | &nbsp;&nbsp;Agree Realty Corp. REIT | $3577757 |
| 81863 | &nbsp;&nbsp;COPT Defense Properties REIT | &nbsp;&nbsp; 2232404 |
| 62655 | &nbsp;&nbsp;CTO Realty Growth, Inc. REIT | &nbsp;&nbsp; 1209868 |
| 68206 | &nbsp;&nbsp;National Storage Affiliates Trust REIT | &nbsp;&nbsp; 2687316 |
| 267631 | &nbsp;&nbsp;Newmark Group, Inc. - Class A | &nbsp;&nbsp; 3257069 |
| 75990 | &nbsp;&nbsp;STAG Industrial, Inc. REIT | &nbsp;&nbsp; 2744759 |
|  |  | &nbsp;&nbsp; 15709173 |
|  | &nbsp;&nbsp;**Information Technology — 7.3%** |  |
| 12543 | &nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp; 1257436 |
| 67168 | &nbsp;&nbsp;Cohu, Inc.\* | &nbsp;&nbsp; 988041 |
| 277345 | &nbsp;&nbsp;Harmonic, Inc.\* | &nbsp;&nbsp; 2659739 |
| 54697 | &nbsp;&nbsp;Lumentum Holdings, Inc.\* | &nbsp;&nbsp; 3409811 |
| 16170 | &nbsp;&nbsp;Rogers Corp.\* | &nbsp;&nbsp; 1091960 |
| 15271 | &nbsp;&nbsp;Silicon Laboratories, Inc.\* | &nbsp;&nbsp; 1719057 |
| 240175 | &nbsp;&nbsp;Viavi Solutions, Inc.\* | &nbsp;&nbsp; 2687558 |
|  |  | &nbsp;&nbsp; 13813602 |
|  | &nbsp;&nbsp;**Energy — 5.0%** |  |
| 40109 | &nbsp;&nbsp;Cactus, Inc. - Class A | &nbsp;&nbsp; 1838195 |
| 44274 | &nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp; 1319365 |
| 53174 | &nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp; 1855241 |
| 137940 | &nbsp;&nbsp;Expro Group Holdings NV\* | &nbsp;&nbsp; 1371124 |
| 219802 | &nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp; 3044258 |
|  |  | &nbsp;&nbsp; 9428183 |
|  | &nbsp;&nbsp;**Materials — 4.8%** |  |
| 44919 | &nbsp;&nbsp;Axalta Coating Systems Ltd.\* | &nbsp;&nbsp; 1489963 |
| 28763 | &nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp; 2391356 |
| 28673 | &nbsp;&nbsp;Ingevity Corp.\* | &nbsp;&nbsp; 1135164 |
| 12101 | &nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp; 1146570 |
| 92282 | &nbsp;&nbsp;O-I Glass, Inc.\* | &nbsp;&nbsp; 1058474 |
| 35564 | &nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp; 1818032 |
|  |  | &nbsp;&nbsp; 9039559 |
|  | &nbsp;&nbsp;**Utilities — 4.7%** |  |
| 23894 | &nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp; 1449171 |
| 19232 | &nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp; 2235143 |
| 87425 | &nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp; 3899155 |
| 17376 | &nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp; 1359672 |
|  |  | &nbsp;&nbsp; 8943141 |
|  | &nbsp;&nbsp;**Consumer Staples — 4.3%** |  |
| 58287 | &nbsp;&nbsp;Hain Celestial Group, Inc. (The)\* | &nbsp;&nbsp; 241891 |
| 15165 | &nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp; 2050460 |
| &nbsp;&nbsp;&nbsp;&nbsp;7305 | &nbsp;&nbsp;Lancaster Colony Corp. | &nbsp;&nbsp; 1278375 |
| 11860 | &nbsp;&nbsp;MGP Ingredients, Inc. | &nbsp;&nbsp; 348447 |
| 34953 | &nbsp;&nbsp;Performance Food Group Co.\* | &nbsp;&nbsp; 2748354 |
| 55598 | &nbsp;&nbsp;TreeHouse Foods, Inc.\* | &nbsp;&nbsp; 1506150 |
|  |  | &nbsp;&nbsp; 8173677 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $184593404 |
|  | &nbsp;&nbsp;**Exchange-Traded Fund — 1.5%** |  |
| 18681 | &nbsp;&nbsp;iShares Russell 2000 Value ETF | &nbsp;&nbsp; 2820457 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Small Cap Value Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.3%** |  |
| 484547 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | $484547 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.5%<br> (Cost $172,383,322)** | $187898408 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.5%** | &nbsp;&nbsp; 1034951 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $188933359 |

---

---

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

---

---

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

---

*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* | *$184593404* | *$—* | *$—* | *$184593404* |
| *Exchange-Traded Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2820457* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2820457* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*484547* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*484547* |
| *Total* | *$187898408* | *$—* | *$—* | *$187898408* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Portfolio of Investments

Touchstone Ultra Short Duration Fixed Income Fund – March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 46.3%** | &nbsp;&nbsp;**Asset-Backed Securities — 46.3%** |
| $3003000 | &nbsp;&nbsp;Alinea CLO Ltd. (Cayman Islands), Ser 2018-1A, Class AR, 144a, (TSFR3M + 0.900%), 5.203%, 7/20/31<sup>(A)</sup> | $2998216 |
| &nbsp;&nbsp; 7730000 | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2021-3, Class E, 144a, 2.560%, 11/15/27 | &nbsp;&nbsp; 7703699 |
| &nbsp;&nbsp; 4103769 | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2022-3, Class D, 144a, 5.830%, 10/13/28 | &nbsp;&nbsp; 4119824 |
| &nbsp;&nbsp; 1406025 | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2023-1, Class C, 144a, 5.590%, 4/12/29 | &nbsp;&nbsp; 1408577 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2023-3, Class C, 144a, 6.440%, 10/12/29 | &nbsp;&nbsp; 2018355 |
| &nbsp;&nbsp; 1088276 | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-2, Class A, 144a, 5.900%, 2/12/27 | &nbsp;&nbsp; 1090235 |
| &nbsp;&nbsp; 6555000 | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-2, Class C, 144a, 6.240%, 4/12/30 | &nbsp;&nbsp; 6643824 |
| &nbsp;&nbsp; 4235423 | &nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Ser 2021-2, Class C, 1.010%, 1/19/27 | &nbsp;&nbsp; 4174878 |
| &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Ser 2022-1, Class B, 2.770%, 4/19/27 | &nbsp;&nbsp; 3972970 |
| &nbsp;&nbsp; 1862431 | &nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Ser 2023-2, Class A2, 6.190%, 4/19/27 | &nbsp;&nbsp; 1868143 |
| &nbsp;&nbsp; 2192418 | &nbsp;&nbsp;Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Ser 2006-HE3, Class A5, (TSFR1M + 0.654%), 2.925%, 3/25/36<sup>(A)</sup> | &nbsp;&nbsp; 2150348 |
| &nbsp;&nbsp; 1598957 | &nbsp;&nbsp;AUF Funding LLC, Ser 2022-1A, Class A1LN, 144a, (TSFR3M + 2.500%), 6.793%, 1/20/31<sup>(A)</sup> | &nbsp;&nbsp; 1600115 |
| &nbsp;&nbsp; 5230000 | &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Ser 2020-2A, Class A, 144a, 2.020%, 2/20/27 | &nbsp;&nbsp; 5134487 |
| &nbsp;&nbsp; 3990736 | &nbsp;&nbsp;Bain Capital Credit CLO (Cayman Islands), Ser 2018-2A, Class A1R, 144a, (TSFR3M + 1.080%), 5.373%, 7/19/31<sup>(A)</sup> | &nbsp;&nbsp; 3987452 |
| &nbsp;&nbsp; 9845000 | &nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Ser 2025-1, Class C, 5.150%, 12/17/29 | &nbsp;&nbsp; 9936164 |
| &nbsp;&nbsp; 4692761 | &nbsp;&nbsp;Carlyle Global Market Strategies CLO Ltd., Ser 2012-4A, Class A1R4, 144a, (TSFR3M + 1.120%), 5.410%, 4/22/32<sup>(A)</sup> | &nbsp;&nbsp; 4687407 |
| &nbsp;&nbsp; 5545409 | &nbsp;&nbsp;CarNow Auto Receivables Trust, Ser 2023-1A, Class C, 144a, 7.240%, 9/15/26 | &nbsp;&nbsp; 5548074 |
| &nbsp;&nbsp; 4995000 | &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2013-4A, Class A1R2, 144a, (TSFR3M + 0.750%), 5.071%, 4/27/31<sup>(A)</sup> | &nbsp;&nbsp; 4986104 |
| &nbsp;&nbsp; 4995000 | &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2013-4A, Class A2R2, 144a, (TSFR3M + 0.900%), 5.221%, 4/27/31<sup>(A)</sup> | &nbsp;&nbsp; 4994920 |
| &nbsp;&nbsp; 6114000 | &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2016-1A, Class AR3, 144a, (TSFR3M + 1.000%), 5.293%, 10/21/31<sup>(A)</sup> | &nbsp;&nbsp; 6083430 |
| &nbsp;&nbsp; 2864826 | &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2017-2A, Class AR, 144a, (TSFR3M + 1.212%), 5.505%, 4/20/30<sup>(A)</sup> | &nbsp;&nbsp; 2864740 |
| &nbsp;&nbsp; 2700039 | &nbsp;&nbsp;CPS Auto Receivables Trust, Ser 2020-C, Class E, 144a, 4.220%, 5/17/27 | &nbsp;&nbsp; 2698875 |
| &nbsp;&nbsp; 491299 | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust, Ser 2022-3A, Class A, 144a, 6.570%, 10/15/32 | &nbsp;&nbsp; 492081 |
| &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust, Ser 2023-1A, Class A, 144a, 6.480%, 3/15/33 | &nbsp;&nbsp; 5031465 |
| &nbsp;&nbsp; 4860000 | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust, Ser 2023-2A, Class A, 144a, 5.920%, 5/16/33 | &nbsp;&nbsp; 4886239 |
| &nbsp;&nbsp; 7750890 | &nbsp;&nbsp;DB Master Finance LLC, Ser 2019-1A, Class A2II, 144a, 4.021%, 5/20/49 | &nbsp;&nbsp; 7672248 |
| &nbsp;&nbsp; 2220492 | &nbsp;&nbsp;Dewolf Park CLO Ltd., Ser 2017-1A, Class AR, 144a, (TSFR3M + 1.182%), 5.484%, 10/15/30<sup>(A)</sup> | &nbsp;&nbsp; 2221602 |
| &nbsp;&nbsp; 8254750 | &nbsp;&nbsp;Domino's Pizza Master Issuer LLC, Ser 2015-1A, Class A2II, 144a, 4.474%, 10/25/45 | &nbsp;&nbsp; 8228142 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 46.3% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 46.3% (Continued)** |
| $5021750 | &nbsp;&nbsp;Domino's Pizza Master Issuer LLC, Ser 2018-1A, Class A2I, 144a, 4.116%, 7/25/48 | $4996872 |
| &nbsp;&nbsp; 1000034 | &nbsp;&nbsp;DT Auto Owner Trust, Ser 2021-4A, Class C, 144a, 1.500%, 9/15/27 | &nbsp;&nbsp; 997727 |
| &nbsp;&nbsp; 7700000 | &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2021-1A, Class E, 144a, 2.210%, 2/15/28 | &nbsp;&nbsp; 7572769 |
| &nbsp;&nbsp; 4988465 | &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2021-3A, Class D, 1.550%, 6/15/27 | &nbsp;&nbsp; 4878602 |
| &nbsp;&nbsp; 1321445 | &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2022-1A, Class D, 3.020%, 6/15/28 | &nbsp;&nbsp; 1305631 |
| &nbsp;&nbsp; 4256174 | &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2022-4A, Class C, 4.920%, 12/15/28 | &nbsp;&nbsp; 4256715 |
| &nbsp;&nbsp; 6440000 | &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2023-4A, Class C, 6.510%, 8/15/28 | &nbsp;&nbsp; 6531808 |
| &nbsp;&nbsp; 1134729 | &nbsp;&nbsp;FNA VI LLC, Ser 2021-1A, Class A, 144a, 1.350%, 1/10/32 | &nbsp;&nbsp; 1046693 |
| &nbsp;&nbsp; 91609 | &nbsp;&nbsp;FNMA REMIC, Ser 2001-W4, Class AF5, 5.614%, 2/25/32<sup>(A)(B)</sup> | &nbsp;&nbsp; 92384 |
| &nbsp;&nbsp; 5267000 | &nbsp;&nbsp;Fortress Credit Opportunities XXIX CLO Ltd. (Cayman Islands), Ser 2025-29A, Class A1, 144a, (TSFR3M + 1.250%), 5.574%, 4/20/33<sup>(A)</sup> | &nbsp;&nbsp; 5255323 |
| &nbsp;&nbsp; 2208581 | &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Ser 2023-2, Class A2, 144a, 5.990%, 5/15/28 | &nbsp;&nbsp; 2221825 |
| &nbsp;&nbsp; 3065207 | &nbsp;&nbsp;Galaxy XXVI CLO Ltd. (Cayman Islands), Ser 2018-26A, Class AR, 144a, (TSFR3M + 1.170%), 5.499%, 11/22/31<sup>(A)</sup> | &nbsp;&nbsp; 3064078 |
| &nbsp;&nbsp; 4541381 | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2020-3A, Class E, 144a, 4.310%, 7/15/27 | &nbsp;&nbsp; 4539766 |
| &nbsp;&nbsp; 1204806 | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2020-4A, Class E, 144a, 3.510%, 10/15/27 | &nbsp;&nbsp; 1199418 |
| &nbsp;&nbsp; 1300874 | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2021-1A, Class D, 144a, 1.680%, 1/15/27 | &nbsp;&nbsp; 1294998 |
| &nbsp;&nbsp; 3708398 | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2022-3A, Class C, 144a, 5.340%, 6/15/28 | &nbsp;&nbsp; 3712111 |
| &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2022-3A, Class D, 144a, 6.420%, 6/15/28 | &nbsp;&nbsp; 5083401 |
| &nbsp;&nbsp; 4472814 | &nbsp;&nbsp;GLS Auto Select Receivables Trust, Ser 2024-3A, Class A2, 144a, 5.590%, 10/15/29 | &nbsp;&nbsp; 4529590 |
| &nbsp;&nbsp; 4850000 | &nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC Series, Ser 2022-1, Class C, 144a, 5.980%, 7/15/30 | &nbsp;&nbsp; 4944762 |
| &nbsp;&nbsp; 973903 | &nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2018-AA, Class A, 144a, 3.540%, 2/25/32 | &nbsp;&nbsp; 971633 |
| &nbsp;&nbsp; 826074 | &nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2020-AA, Class A, 144a, 2.740%, 2/25/39 | &nbsp;&nbsp; 803553 |
| &nbsp;&nbsp; 1032592 | &nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2020-AA, Class B, 144a, 4.220%, 2/25/39 | &nbsp;&nbsp; 1020115 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Hpefs Equipment Trust, Ser 2022-2A, Class D, 144a, 4.940%, 3/20/30 | &nbsp;&nbsp; 3001267 |
| &nbsp;&nbsp; 5100000 | &nbsp;&nbsp;Hpefs Equipment Trust, Ser 2022-3A, Class C, 144a, 6.130%, 8/20/29 | &nbsp;&nbsp; 5115777 |
| &nbsp;&nbsp; 8090000 | &nbsp;&nbsp;HPEFS Equipment Trust, Ser 2023-2A, Class C, 144a, 6.480%, 1/21/31 | &nbsp;&nbsp; 8191288 |
| &nbsp;&nbsp; 5725000 | &nbsp;&nbsp;HPEFS Equipment Trust, Ser 2023-2A, Class D, 144a, 6.970%, 7/21/31 | &nbsp;&nbsp; 5853613 |
| &nbsp;&nbsp; 5150000 | &nbsp;&nbsp;M&T Equipment Notes, Ser 2024-1A, Class A2, 144a, 4.990%, 8/18/31 | &nbsp;&nbsp; 5165196 |
| &nbsp;&nbsp; 7380000 | &nbsp;&nbsp;Madison Park Funding XIV Ltd. (Cayman Islands), Ser 2014-14A, Class AR4, 144a, (TSFR3M + 0.960%), 5.283%, 10/22/30<sup>(A)</sup> | &nbsp;&nbsp; 7376708 |
| &nbsp;&nbsp; 1622649 | &nbsp;&nbsp;Madison Park Funding XXIV Ltd. (Cayman Islands), Ser 2016-24A, Class AR2, 144a, (TSFR3M + 1.120%), 5.413%, 10/20/29<sup>(A)</sup> | &nbsp;&nbsp; 1622626 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 46.3% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 46.3% (Continued)** |
| $3598000 | &nbsp;&nbsp;Madison Park Funding XXVIII Ltd. (Cayman Islands), Ser 2018-28A, Class X, 144a, (TSFR3M + 0.900%), 5.325%, 1/15/38<sup>(A)</sup> | $3592081 |
| &nbsp;&nbsp; 9100000 | &nbsp;&nbsp;MCF CLO 10 Ltd., Ser 2023-1A, Class A, 144a, (TSFR3M + 2.400%), 6.702%, 4/15/35<sup>(A)</sup> | &nbsp;&nbsp; 9100000 |
| &nbsp;&nbsp; 1638525 | &nbsp;&nbsp;MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class A, 144a, (TSFR1M + 1.814%), 6.134%, 12/15/35<sup>(A)</sup> | &nbsp;&nbsp; 1636989 |
| &nbsp;&nbsp; 5219000 | &nbsp;&nbsp;MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class C, 144a, (TSFR1M + 3.714%), 8.034%, 12/15/35<sup>(A)</sup> | &nbsp;&nbsp; 5206411 |
| &nbsp;&nbsp; 2332723 | &nbsp;&nbsp;MVW LLC, Ser 2020-1A, Class A, 144a, 1.740%, 10/20/37 | &nbsp;&nbsp; 2254937 |
| &nbsp;&nbsp; 1421000 | &nbsp;&nbsp;Neighborly Issuer, Ser 2023-1A, Class A2, 144a, 7.308%, 1/30/53 | &nbsp;&nbsp; 1442743 |
| &nbsp;&nbsp; 7883000 | &nbsp;&nbsp;Octagon Investment Partners XXI Ltd. (Cayman Islands), Ser 2014-1A, Class AAR4, 144a, (TSFR3M + 0.810%), 5.110%, 2/14/31<sup>(A)</sup> | &nbsp;&nbsp; 7850081 |
| &nbsp;&nbsp; 2205663 | &nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Ser 2019-1A, Class A, 144a, 3.630%, 9/14/27 | &nbsp;&nbsp; 2197277 |
| &nbsp;&nbsp; 3640000 | &nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Ser 2022-1A, Class B, 144a, 5.070%, 6/14/29 | &nbsp;&nbsp; 3636321 |
| &nbsp;&nbsp; 2784209 | &nbsp;&nbsp;OneMain Financial Issuance Trust, Ser 2022-2A, Class A, 144a, 4.890%, 10/14/34 | &nbsp;&nbsp; 2783834 |
| &nbsp;&nbsp; 2452524 | &nbsp;&nbsp;OneMain Financial Issuance Trust, Ser 2022-3A, Class A, 144a, 5.940%, 5/15/34 | &nbsp;&nbsp; 2464820 |
| &nbsp;&nbsp; 4632576 | &nbsp;&nbsp;OZLM IX Ltd. (Cayman Islands), Ser 2014-9A, Class A1A4, 144a, (TSFR3M + 1.200%), 5.493%, 10/20/31<sup>(A)</sup> | &nbsp;&nbsp; 4629861 |
| &nbsp;&nbsp; 1583431 | &nbsp;&nbsp;Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-4A, Class A1, 144a, (TSFR3M + 1.062%), 5.364%, 10/15/29<sup>(A)</sup> | &nbsp;&nbsp; 1582278 |
| &nbsp;&nbsp; 5210000 | &nbsp;&nbsp;Post Road Equipment Finance LLC, Ser 2025-1A, Class A2, 144a, 4.900%, 5/15/31 | &nbsp;&nbsp; 5221875 |
| &nbsp;&nbsp; 3461280 | &nbsp;&nbsp;Regatta XIV Funding Ltd. (Cayman Islands), Ser 2018-3A, Class AR, 144a, (TSFR3M + 1.100%), 5.400%, 10/25/31<sup>(A)</sup> | &nbsp;&nbsp; 3457860 |
| &nbsp;&nbsp; 4004000 | &nbsp;&nbsp;Regatta XX Funding Ltd. (Cayman Islands), Ser 2021-2A, Class X, 144a, (TSFR3M + 0.970%), 5.279%, 1/15/38<sup>(A)</sup> | &nbsp;&nbsp; 3996613 |
| &nbsp;&nbsp; 956026 | &nbsp;&nbsp;Romark WM-R Ltd. (Cayman Islands), Ser 2018-1A, Class A1, 144a, (TSFR3M +1.292%), 5.585%, 4/20/31<sup>(A)</sup> | &nbsp;&nbsp; 956136 |
| &nbsp;&nbsp;12500000 | &nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2022-4, Class C, 5.000%, 11/15/29 | &nbsp;&nbsp; 12550365 |
| &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2022-7, Class B, 5.950%, 1/17/28 | &nbsp;&nbsp; 5018116 |
| &nbsp;&nbsp; 3370843 | &nbsp;&nbsp;SCF Equipment Leasing LLC, Ser 2024-1A, Class A2, 144a, 5.880%, 11/20/29 | &nbsp;&nbsp; 3382144 |
| &nbsp;&nbsp; 4550000 | &nbsp;&nbsp;SCF Equipment Trust LLC, Ser 2025-1A, Class A2, 144a, 4.820%, 7/22/30 | &nbsp;&nbsp; 4554424 |
| &nbsp;&nbsp; 1947178 | &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Ser 2024-3A, Class B, 144a, 4.980%, 8/20/41 | &nbsp;&nbsp; 1952045 |
| &nbsp;&nbsp; 120901 | &nbsp;&nbsp;TCI-Flatiron CLO Ltd. (Cayman Islands), Ser 2017-1A, Class AR, 144a, (TSFR3M + 1.222%), 5.545%, 11/18/30<sup>(A)</sup> | &nbsp;&nbsp; 120944 |
| &nbsp;&nbsp; 1306601 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2019-HY1, Class A1, 144a, (TSFR1M + 1.114%), 5.435%, 10/25/48<sup>(A)</sup> | &nbsp;&nbsp; 1309937 |
| &nbsp;&nbsp; 1736770 | &nbsp;&nbsp;Westgate Resorts LLC, Ser 2022-1A, Class A, 144a, 1.788%, 8/20/36 | &nbsp;&nbsp; 1712093 |
| &nbsp;&nbsp; 5325000 | &nbsp;&nbsp;Westlake Automobile Receivables Trust, Ser 2021-1A, Class E, 144a, 2.330%, 8/17/26 | &nbsp;&nbsp; 5318937 |
| &nbsp;&nbsp; 4775000 | &nbsp;&nbsp;Westlake Automobile Receivables Trust, Ser 2021-2A, Class E, 144a, 2.380%, 3/15/27 | &nbsp;&nbsp; 4708777 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 46.3% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 46.3% (Continued)** |
| $4900000 | &nbsp;&nbsp;Westlake Automobile Receivables Trust, Ser 2022-3A, Class D, 144a, 6.680%, 4/17/28 | $4983220 |
| &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;Westlake Automobile Receivables Trust, Ser 2023-1A, Class B, 144a, 5.410%, 1/18/28 | &nbsp;&nbsp; 5011631 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | $338481613 |
|  | &nbsp;&nbsp;**Corporate Bonds — 19.9%** |  |
|  | &nbsp;&nbsp;**Financials — 6.5%** |  |
| &nbsp;&nbsp; 4180000 | &nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 4.450%, 10/1/25 | &nbsp;&nbsp; 4173640 |
| &nbsp;&nbsp; 5739000 | &nbsp;&nbsp;Ares Capital Corp., 3.875%, 1/15/26 | &nbsp;&nbsp; 5690003 |
| &nbsp;&nbsp; 3956000 | &nbsp;&nbsp;Bank of Nova Scotia (The) (Canada), 4.500%, 12/16/25 | &nbsp;&nbsp; 3949179 |
| &nbsp;&nbsp; 3950000 | &nbsp;&nbsp;Citibank NA, (SOFR + 0.708%), 5.066%, 8/6/26<sup>(A)</sup> | &nbsp;&nbsp; 3965444 |
| &nbsp;&nbsp; 5139000 | &nbsp;&nbsp;Deutsche Bank AG (Germany), 4.500%, 4/1/25 | &nbsp;&nbsp; 5139000 |
| &nbsp;&nbsp; 6730000 | &nbsp;&nbsp;Fifth Third Bank NA, (SOFR + 0.810%), 5.171%, 1/28/28<sup>(A)</sup> | &nbsp;&nbsp; 6754827 |
| &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;Huntington National Bank (The), 4.871%, 4/12/28 | &nbsp;&nbsp; 1756114 |
| &nbsp;&nbsp; 2982000 | &nbsp;&nbsp;JPMorgan Chase & Co., Ser B, (TSFR3M + 0.762%), 5.052%, 2/1/27<sup>(A)</sup> | &nbsp;&nbsp; 2933146 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;PNC Capital Trust, (TSFR3M + 0.832%), 5.150%, 6/1/28<sup>(A)</sup> | &nbsp;&nbsp; 2956965 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;Synovus Financial Corp., 5.200%, 8/11/25 | &nbsp;&nbsp; 2498324 |
| &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;Toronto-Dominion Bank (The) (Canada), (SOFR + 0.480%), 4.833%, 10/10/25<sup>(A)</sup> | &nbsp;&nbsp; 8008912 |
|  |  | &nbsp;&nbsp; 47825554 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 4.5%** |  |
| &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;Daimler Truck Finance North America LLC (Germany), 144a, 5.600%, 8/8/25 | &nbsp;&nbsp; 7519574 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;Delta Air Lines, Inc., 144a, 7.000%, 5/1/25 | &nbsp;&nbsp; 2503365 |
| &nbsp;&nbsp; 3825000 | &nbsp;&nbsp;Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.500%, 10/20/25 | &nbsp;&nbsp; 3811566 |
| &nbsp;&nbsp; 5350000 | &nbsp;&nbsp;Hyundai Capital America, 144a, 5.250%, 1/8/27 | &nbsp;&nbsp; 5389853 |
| &nbsp;&nbsp; 4780000 | &nbsp;&nbsp;Mercedes-Benz Finance North America LLC (Germany), 144a, (SOFR + 0.630%), 4.991%, 7/31/26<sup>(A)</sup> | &nbsp;&nbsp; 4781850 |
| &nbsp;&nbsp; 6650552 | &nbsp;&nbsp;United Airlines, Inc. Pass-Through Trust, Ser 2013-1 A, 4.300%, 8/15/25 | &nbsp;&nbsp; 6623061 |
| &nbsp;&nbsp; 2146907 | &nbsp;&nbsp;US Airways Pass-Through Trust, Ser 2013-1, Class A, 3.950%, 11/15/25 | &nbsp;&nbsp; 2132199 |
|  |  | &nbsp;&nbsp; 32761468 |
|  | &nbsp;&nbsp;**Energy — 1.8%** |  |
| &nbsp;&nbsp; 7376000 | &nbsp;&nbsp;Florida Gas Transmission Co. LLC, 144a, 4.350%, 7/15/25 | &nbsp;&nbsp; 7357113 |
| &nbsp;&nbsp; 2370000 | &nbsp;&nbsp;Gulfstream Natural Gas System LLC, 144a, 4.600%, 9/15/25 | &nbsp;&nbsp; 2362833 |
| &nbsp;&nbsp; 2759000 | &nbsp;&nbsp;Gulfstream Natural Gas System LLC, 144a, 6.190%, 11/1/25 | &nbsp;&nbsp; 2775167 |
| &nbsp;&nbsp; 585000 | &nbsp;&nbsp;HF Sinclair Corp., 6.375%, 4/15/27 | &nbsp;&nbsp; 592526 |
|  |  | &nbsp;&nbsp; 13087639 |
|  | &nbsp;&nbsp;**Real Estate — 1.5%** |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Healthcare Realty Holdings LP REIT, 3.875%, 5/1/25 | &nbsp;&nbsp; 998895 |
| &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;Public Storage Operating Co. REIT, (SOFR + 0.700%), 5.056%, 4/16/27<sup>(A)</sup> | &nbsp;&nbsp; 5522686 |
| &nbsp;&nbsp; 3588000 | &nbsp;&nbsp;SBA Tower Trust REIT, 144a, 1.884%, 1/15/26 | &nbsp;&nbsp; 3499429 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.625%, 6/15/25 | &nbsp;&nbsp; 999745 |
|  |  | &nbsp;&nbsp; 11020755 |
|  | &nbsp;&nbsp;**Health Care — 1.2%** |  |
| &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;Elevance Health, Inc., 4.500%, 10/30/26 | &nbsp;&nbsp; 4000185 |
| &nbsp;&nbsp; 5045000 | &nbsp;&nbsp;UnitedHealth Group, Inc., (SOFR + 0.500%), 4.855%, 7/15/26<sup>(A)</sup> | &nbsp;&nbsp; 5057108 |
|  |  | &nbsp;&nbsp; 9057293 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 19.9% (Continued)** |  |
|  | &nbsp;&nbsp;**Industrials — 1.2%** |  |
| $2298000 | &nbsp;&nbsp;Element Fleet Management Corp. (Canada), 144a, 3.850%, 6/15/25 | $2292690 |
| &nbsp;&nbsp; 4250000 | &nbsp;&nbsp;L3Harris Technologies, Inc., 5.400%, 1/15/27 | &nbsp;&nbsp; 4309483 |
| &nbsp;&nbsp; 1936000 | &nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp., 144a, 4.000%, 7/15/25 | &nbsp;&nbsp; 1931389 |
|  |  | &nbsp;&nbsp; 8533562 |
|  | &nbsp;&nbsp;**Consumer Staples — 0.9%** |  |
| &nbsp;&nbsp; 2331000 | &nbsp;&nbsp;Reynolds American, Inc. (United Kingdom), 4.450%, 6/12/25 | &nbsp;&nbsp; 2327991 |
| &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;Transurban Finance Co. Pty Ltd. (Australia), 144a, 4.125%, 2/2/26 | &nbsp;&nbsp; 4477436 |
|  |  | &nbsp;&nbsp; 6805427 |
|  | &nbsp;&nbsp;**Utilities — 0.9%** |  |
| &nbsp;&nbsp; 2473000 | &nbsp;&nbsp;Electricite de France SA (France), 144a, 3.625%, 10/13/25 | &nbsp;&nbsp; 2456085 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Vistra Operations Co. LLC, 144a, 5.050%, 12/30/26 | &nbsp;&nbsp; 2004144 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Vistra Operations Co. LLC, 144a, 5.125%, 5/13/25 | &nbsp;&nbsp; 1997925 |
|  |  | &nbsp;&nbsp; 6458154 |
|  | &nbsp;&nbsp;**Communication Services — 0.8%** |  |
| &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;Crown Castle Towers LLC, 144a, 3.663%, 5/15/25 | &nbsp;&nbsp; 5986064 |
|  | &nbsp;&nbsp;**Information Technology — 0.6%** |  |
| &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;Microchip Technology, Inc., 4.250%, 9/1/25 | &nbsp;&nbsp; 3994951 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $145530867 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 18.7%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 18.7%** |
| &nbsp;&nbsp; 6775933 | &nbsp;&nbsp;1166 Avenue of the Americas Commercial Mortgage Trust II, Ser 2005-C6A, Class A2, 144a, 5.690%, 10/13/37 | &nbsp;&nbsp; 6831055 |
| &nbsp;&nbsp; 8145000 | &nbsp;&nbsp;BHMS, Ser 2018-ATLS, Class A, 144a, (TSFR1M + 1.547%), 5.866%, 7/15/35<sup>(A)</sup> | &nbsp;&nbsp; 8138386 |
| &nbsp;&nbsp; 4395000 | &nbsp;&nbsp;BX Trust, Ser 2021-ARIA, Class A, 144a, (TSFR1M + 1.014%), 5.333%, 10/15/36<sup>(A)</sup> | &nbsp;&nbsp; 4384013 |
| &nbsp;&nbsp; 1181081 | &nbsp;&nbsp;BXMT Ltd. (Cayman Islands), Ser 2020-FL2, Class A, 144a, (TSFR1M + 1.014%), 5.584%, 2/15/38<sup>(A)</sup> | &nbsp;&nbsp; 1173820 |
| &nbsp;&nbsp; 8495000 | &nbsp;&nbsp;BXMT Ltd. (Cayman Islands), Ser 2020-FL2, Class AS, 144a, (TSFR1M + 1.264%), 5.834%, 2/15/38<sup>(A)</sup> | &nbsp;&nbsp; 8453908 |
| &nbsp;&nbsp; 4958491 | &nbsp;&nbsp;BXP Trust, Ser 2017-CQHP, Class A, 144a, (TSFR1M + 0.897%), 5.217%, 11/15/34<sup>(A)</sup> | &nbsp;&nbsp; 4830406 |
| &nbsp;&nbsp; 4190000 | &nbsp;&nbsp;CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Class A, 144a, (TSFR1M + 1.367%), 5.687%, 12/15/37<sup>(A)</sup> | &nbsp;&nbsp; 4182144 |
| &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Class C, 144a, (TSFR1M + 1.497%), 6.067%, 12/15/37<sup>(A)</sup> | &nbsp;&nbsp; 2694938 |
| &nbsp;&nbsp; 2667163 | &nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Ser 2016-C4, Class A3, 3.014%, 5/10/58 | &nbsp;&nbsp; 2632324 |
| &nbsp;&nbsp; 248000 | &nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Ser 2016-C4, Class A4, 3.283%, 5/10/58 | &nbsp;&nbsp; 244216 |
| &nbsp;&nbsp; 7300000 | &nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Ser 2016-C4, Class B, 4.147%, 5/10/58 | &nbsp;&nbsp; 7152502 |
| &nbsp;&nbsp; 579064 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2015-GC35, Class A2, 3.063%, 11/10/48 | &nbsp;&nbsp; 575165 |
| &nbsp;&nbsp; 6235000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2015-P1, Class AS, 4.033%, 9/15/48<sup>(A)(B)</sup> | &nbsp;&nbsp; 6186734 |
| &nbsp;&nbsp; 2137450 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2016-C1, Class A4, 3.209%, 5/10/49 | &nbsp;&nbsp; 2097329 |
| &nbsp;&nbsp;56000000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2021-PRM2, Class XCP, 144a, 10/15/22<sup>(A)(B)(C)(D)</sup> | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; 1586764 | &nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-UBS3, Class XA, 0.486%, 6/10/47<sup>(A)(B)(C)</sup> | &nbsp;&nbsp; 16 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 18.7% (Continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 18.7% (Continued)** |
| $726483 | &nbsp;&nbsp;COMM Mortgage Trust, Ser 2015-CR22, Class A5, 3.309%, 3/10/48 | $724682 |
| &nbsp;&nbsp; 8374000 | &nbsp;&nbsp;COMM Mortgage Trust, Ser 2015-CR27, Class A4, 3.612%, 10/10/48 | &nbsp;&nbsp; 8319032 |
| &nbsp;&nbsp; 487334 | &nbsp;&nbsp;COMM Mortgage Trust, Ser 2015-PC1, Class A5, 3.902%, 7/10/50 | &nbsp;&nbsp; 486613 |
| &nbsp;&nbsp; 5784629 | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Ser 2015-C3, Class A4, 3.718%, 8/15/48 | &nbsp;&nbsp; 5759324 |
| &nbsp;&nbsp; 4450000 | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Ser 2016-C5, Class A5, 3.757%, 11/15/48 | &nbsp;&nbsp; 4409668 |
| &nbsp;&nbsp; 3500572 | &nbsp;&nbsp;CSMC, Ser 2020-NET, Class A, 144a, 2.257%, 8/15/37 | &nbsp;&nbsp; 3441093 |
| &nbsp;&nbsp; 638069 | &nbsp;&nbsp;CSMC Trust, Ser 2017-CHOP, Class A, 144a, (Prime Rate -2.306%), 5.194%, 7/15/32<sup>(A)</sup> | &nbsp;&nbsp; 631580 |
| &nbsp;&nbsp; 6080000 | &nbsp;&nbsp;CSMC Trust, Ser 2017-PFHP, Class A, 144a, (TSFR1M + 0.997%), 5.317%, 12/15/30<sup>(A)</sup> | &nbsp;&nbsp; 6038952 |
| &nbsp;&nbsp; 4474500 | &nbsp;&nbsp;DBGS Mortgage Trust, Ser 2018-BIOD, Class B, 144a, (TSFR1M + 1.184%), 5.503%, 5/15/35<sup>(A)</sup> | &nbsp;&nbsp; 4424162 |
| &nbsp;&nbsp; 2814989 | &nbsp;&nbsp;Extended Stay America Trust, Ser 2021-ESH, Class B, 144a, (TSFR1M + 1.494%), 5.813%, 7/15/38<sup>(A)</sup> | &nbsp;&nbsp; 2811470 |
| &nbsp;&nbsp; 598221 | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Ser 2017-GPTX, Class A, 144a, 2.856%, 5/10/34 | &nbsp;&nbsp; 518145 |
| &nbsp;&nbsp; 499865 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2015-GC34, Class AAB, 3.278%, 10/10/48 | &nbsp;&nbsp; 498455 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2016-JP4, Class A4, 3.648%, 12/15/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 979232 |
| &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2018-WPT, Class BFX, 144a, 4.549%, 7/5/33 | &nbsp;&nbsp; 1092000 |
| &nbsp;&nbsp; 1318851 | &nbsp;&nbsp;Lstar Commercial Mortgage Trust, Ser 2016-4, Class A2, 144a, 2.579%, 3/10/49 | &nbsp;&nbsp; 1316707 |
| &nbsp;&nbsp; 6764000 | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C27, Class A4, 3.753%, 12/15/47 | &nbsp;&nbsp; 6711625 |
| &nbsp;&nbsp; 6124000 | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C29, Class A4, 3.325%, 5/15/49 | &nbsp;&nbsp; 6017044 |
| &nbsp;&nbsp; 6420000 | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C30, Class A5, 2.860%, 9/15/49 | &nbsp;&nbsp; 6210584 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2015-UBS8, Class A4, 3.809%, 12/15/48 | &nbsp;&nbsp; 2974463 |
| &nbsp;&nbsp; 5661653 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2018-BOP, Class A, 144a, (TSFR1M + 0.897%), 5.217%, 8/15/33<sup>(A)</sup> | &nbsp;&nbsp; 4614248 |
| &nbsp;&nbsp; 9132 | &nbsp;&nbsp;ReadyCap Commercial Mortgage Trust, Ser 2018-4, Class A, 144a, 3.390%, 2/27/51 | &nbsp;&nbsp; 9114 |
| &nbsp;&nbsp; 3924021 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Class A4, 3.540%, 5/15/48 | &nbsp;&nbsp; 3915272 |
| &nbsp;&nbsp; 3995000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Class AS, 3.872%, 5/15/48<sup>(A)(B)</sup> | &nbsp;&nbsp; 3977490 |
| &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS3, Class AS, 3.972%, 9/15/57<sup>(A)(B)</sup> | &nbsp;&nbsp; 1089383 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | $136547294 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 7.1%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 7.1%** |
| &nbsp;&nbsp; 405338 | &nbsp;&nbsp;Bear Stearns ARM Trust, Ser 2003-1, Class 5A1, 6.548%, 4/25/33<sup>(A)(B)††</sup> | &nbsp;&nbsp; 407846 |
| &nbsp;&nbsp; 93124 | &nbsp;&nbsp;Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34<sup>(A)(B)††</sup> | &nbsp;&nbsp; 77531 |
| &nbsp;&nbsp; 5445000 | &nbsp;&nbsp;Cascade Funding Mortgage Trust, Ser 2025-HB16, Class A, 144a, 3.000%, 3/25/35<sup>(A)(B)</sup> | &nbsp;&nbsp; 5289345 |
| &nbsp;&nbsp; 304519 | &nbsp;&nbsp;CIM Trust, Ser 2018-R3, Class A1, 144a, 5.000%, 12/25/57<sup>(A)(B)</sup> | &nbsp;&nbsp; 303038 |
| &nbsp;&nbsp; 712 | &nbsp;&nbsp;Community Program Loan Trust, Ser 1987-A, Class A5, 4.500%, 4/1/29 | &nbsp;&nbsp; 711 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 7.1%<br> (Continued)** |
| $6488270 &nbsp;&nbsp;CSMC Trust, Ser 2018-RPL9, Class A1, 144a, 3.850%, 9/25/57<sup>(A)(B)</sup> | $6351279 |
| &nbsp;&nbsp; 1025431 &nbsp;&nbsp;GSR Mortgage Loan Trust, Ser 2003-13, Class 1A1, 6.323%, 10/25/33<sup>(A)(B)</sup> | &nbsp;&nbsp; 1027000 |
| &nbsp;&nbsp; 43075 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 6.142%, 6/25/36<sup>(A)(B)</sup> | &nbsp;&nbsp; 29870 |
| &nbsp;&nbsp; 1652820 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2019-HYB1, Class A5A, 144a, 3.000%, 10/25/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 1605557 |
| &nbsp;&nbsp; 17365 &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Ser 2004-1, Class 1A, 6.395%, 12/25/34<sup>(A)(B)</sup> | &nbsp;&nbsp; 16900 |
| &nbsp;&nbsp; 10173 &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (TSFR12M + 2.340%), 6.475%, 12/25/32<sup>(A)</sup> | &nbsp;&nbsp; 10170 |
| &nbsp;&nbsp; 1997112 &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2017-2, Class M1, 144a, 3.250%, 7/25/59<sup>(A)(B)</sup> | &nbsp;&nbsp; 1972831 |
| &nbsp;&nbsp; 42751 &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2018-2, Class A1, 144a, 3.500%, 5/25/58<sup>(A)(B)</sup> | &nbsp;&nbsp; 42575 |
| &nbsp;&nbsp; 3241490 &nbsp;&nbsp;Mill City Mortgage Trust, Ser 2015-1, Class M3, 144a, 3.814%, 6/25/56<sup>(A)(B)</sup> | &nbsp;&nbsp; 3200379 |
| &nbsp;&nbsp; 182212 &nbsp;&nbsp;RFMSI Trust, Ser 2007-SA1, Class 1A1, 3.200%, 2/25/37<sup>(A)(B)</sup> | &nbsp;&nbsp; 154895 |
| &nbsp;&nbsp; 6298829 &nbsp;&nbsp;RMF Proprietary Issuance Trust, Ser 2019-1, Class A, 144a, 2.750%, 10/25/63<sup>(A)(B)</sup> | &nbsp;&nbsp; 5920197 |
| &nbsp;&nbsp; 1044807 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-7, Class B2, 3.503%, 6/25/43<sup>(A)(B)</sup> | &nbsp;&nbsp; 1008066 |
| &nbsp;&nbsp; 973309 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2019-CH3, Class A13, 144a, 4.000%, 9/25/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 914156 |
| &nbsp;&nbsp; 3799343 &nbsp;&nbsp;Starwood Mortgage Residential Trust, Ser 2020-3, Class A1, 144a, 1.486%, 4/25/65<sup>(A)(B)</sup> | &nbsp;&nbsp; 3614117 |
| &nbsp;&nbsp; 2398010 &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2015-2, Class 1B1, 144a, 3.761%, 11/25/60<sup>(A)(B)</sup> | &nbsp;&nbsp; 2361802 |
| &nbsp;&nbsp; 985171 &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2015-6, Class M1, 144a, 3.750%, 4/25/55<sup>(A)(B)</sup> | &nbsp;&nbsp; 980087 |
| &nbsp;&nbsp; 4561844 &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2016-1, Class M2, 144a, 3.500%, 2/25/55<sup>(A)(B)</sup> | &nbsp;&nbsp; 4480021 |
| &nbsp;&nbsp; 6634535 &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2016-3, Class M2, 144a, 4.000%, 4/25/56<sup>(A)(B)</sup> | &nbsp;&nbsp; 6569813 |
| &nbsp;&nbsp; 1293422 &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2017-1, Class A2, 144a, 3.500%, 10/25/56<sup>(A)(B)</sup> | &nbsp;&nbsp; 1279792 |
| &nbsp;&nbsp; 1750000 &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2017-2, Class M1, 144a, 3.750%, 4/25/57<sup>(A)(B)</sup> | &nbsp;&nbsp; 1712058 |
| &nbsp;&nbsp; 3031905 &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2021-SJ2, Class A1A, 144a, 2.250%, 12/25/61<sup>(A)(B)</sup> | &nbsp;&nbsp; 2923731 |
|  | $52253767 |
|  | &nbsp;&nbsp;**Commercial Paper — 6.6%** |
| &nbsp;&nbsp; 6900000 &nbsp;&nbsp;BKH Enterprises, 4.531%, 4/1/25<sup>(E)</sup> | &nbsp;&nbsp; 6899135 |
| &nbsp;&nbsp;11500000 &nbsp;&nbsp;DTE Electric Co., 4.451%, 4/1/25<sup>(E)</sup> | &nbsp;&nbsp; 11498588 |
| &nbsp;&nbsp; 2760000 &nbsp;&nbsp;Liberty Utilities Co., 4.375%, 4/1/25<sup>#</sup> | &nbsp;&nbsp; 2759652 |
| &nbsp;&nbsp; 5950000 &nbsp;&nbsp;Marriott International, Inc., 4.375%, 4/1/25<sup>#</sup> | &nbsp;&nbsp; 5949241 |
| &nbsp;&nbsp; 2800000 &nbsp;&nbsp;South Jersey Gas Co., 4.511%, 4/1/25<sup>(E)</sup> | &nbsp;&nbsp; 2799649 |
| &nbsp;&nbsp; 2900000 &nbsp;&nbsp;Southwestern Public Service Co., 4.963%, 4/4/25<sup>(E)</sup> | &nbsp;&nbsp; 2898543 |
| &nbsp;&nbsp; 9400000 &nbsp;&nbsp;Tampa Electric Co., 4.374%, 4/1/25<sup>#</sup> | &nbsp;&nbsp; 9398869 |
| &nbsp;&nbsp; 1950000 &nbsp;&nbsp;Tri-State Generation and Transmission Association, Inc., 4.872%, 4/8/25<sup>(E)</sup> | &nbsp;&nbsp; 1948080 |
| &nbsp;&nbsp; 4000000 &nbsp;&nbsp;Western Union Co., 4.531%, 4/1/25<sup>(E)</sup> | &nbsp;&nbsp; 3999497 |
|  | $48151254 |
| &nbsp;&nbsp; 830000 | &nbsp;&nbsp; 830000 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Municipal Bonds — 0.8% (Continued)** |  |
|  | &nbsp;&nbsp;**Other Territory — (Continued)** |  |
| $1845000 | &nbsp;&nbsp;Taxable Municipal Funding Trust, Rev., 144a, 4.650%, 12/15/25<sup>(A)(B)</sup> | $1845000 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Taxable Municipal Funding Trust, Rev., 144a, 4.650%, 6/30/28<sup>(A)(B)</sup> | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;Taxable Municipal Funding Trust, Txbl Floaters Ser 2020 11, (LOC - Barclays Bank PLC), 144a, 4.650%, 9/1/30<sup>(A)(B)</sup> | &nbsp;&nbsp; 1200000 |
|  |  | &nbsp;&nbsp; 4875000 |
|  | &nbsp;&nbsp;**Ohio — 0.1%** |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Franklin, OH, 5.875%, 12/9/25 | &nbsp;&nbsp; 1007107 |
|  | &nbsp;&nbsp;**California — 0.0%** |  |
| &nbsp;&nbsp; 90000 | &nbsp;&nbsp;CA St Enterprise Dev Authority, Txbl Variable J Harris Indl Wt, (LOC - City National Bank), 144a, 4.730%, 9/1/41<sup>(A)(B)</sup> | &nbsp;&nbsp; 90000 |
|  | &nbsp;&nbsp;**Total Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;$5972107 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 0.4%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 0.4%** |
| &nbsp;&nbsp; 68137 | &nbsp;&nbsp;FHLMC, Pool #1B7189, (RFUCCT1Y + 2.470%), 7.563%, 3/1/36<sup>(A)</sup> | &nbsp;&nbsp; 70620 |
| &nbsp;&nbsp; 60724 | &nbsp;&nbsp;FHLMC, Pool #1H1354, (1 Year CMT Rate +2.250%), 7.008%, 11/1/36<sup>(A)</sup> | &nbsp;&nbsp; 62739 |
| &nbsp;&nbsp; 24641 | &nbsp;&nbsp;FHLMC, Pool #1J1813, (RFUCCT1Y + 1.925%), 7.675%, 8/1/37<sup>(A)</sup> | &nbsp;&nbsp; 25357 |
| &nbsp;&nbsp; 72905 | &nbsp;&nbsp;FHLMC, Pool #1L0147, (1 Year CMT Rate +2.290%), 7.415%, 7/1/35<sup>(A)</sup> | &nbsp;&nbsp; 74627 |
| &nbsp;&nbsp; 26592 | &nbsp;&nbsp;FHLMC, Pool #1Q0080, (RFUCCT1Y + 1.661%), 7.074%, 1/1/36<sup>(A)</sup> | &nbsp;&nbsp; 27381 |
| &nbsp;&nbsp; 70262 | &nbsp;&nbsp;FHLMC, Pool #1Q0119, (RFUCCT1Y + 1.850%), 7.497%, 9/1/36<sup>(A)</sup> | &nbsp;&nbsp; 72254 |
| &nbsp;&nbsp; 56690 | &nbsp;&nbsp;FHLMC, Pool #1Q0187, (RFUCCT1Y + 1.789%), 7.076%, 12/1/36<sup>(A)</sup> | &nbsp;&nbsp; 57947 |
| &nbsp;&nbsp; 28424 | &nbsp;&nbsp;FHLMC, Pool #1Q0339, (RFUCCT1Y + 1.889%), 6.846%, 4/1/37<sup>(A)</sup> | &nbsp;&nbsp; 29048 |
| &nbsp;&nbsp; 45340 | &nbsp;&nbsp;FHLMC, Pool #1Q1303, (1 Year CMT Rate +2.250%), 7.016%, 11/1/36<sup>(A)</sup> | &nbsp;&nbsp; 46759 |
| &nbsp;&nbsp; 76070 | &nbsp;&nbsp;FHLMC, Pool #781515, (1 Year CMT Rate +2.250%), 6.701%, 4/1/34<sup>(A)</sup> | &nbsp;&nbsp; 78359 |
| &nbsp;&nbsp; 30452 | &nbsp;&nbsp;FHLMC, Pool #782760, (1 Year CMT Rate +2.250%), 7.263%, 11/1/36<sup>(A)</sup> | &nbsp;&nbsp; 31589 |
| &nbsp;&nbsp; 40986 | &nbsp;&nbsp;FHLMC, Pool #847795, (1 Year CMT Rate +2.275%), 6.948%, 4/1/35<sup>(A)</sup> | &nbsp;&nbsp; 41892 |
| &nbsp;&nbsp; 90548 | &nbsp;&nbsp;FHLMC, Pool #848539, (1 Year CMT Rate +2.288%), 6.904%, 4/1/37<sup>(A)</sup> | &nbsp;&nbsp; 93029 |
| &nbsp;&nbsp; 204697 | &nbsp;&nbsp;FHLMC, Pool #848583, (1 Year CMT Rate +2.303%), 6.790%, 1/1/36<sup>(A)</sup> | &nbsp;&nbsp; 211280 |
| &nbsp;&nbsp; 3110 | &nbsp;&nbsp;FHLMC, Pool #A92646, 5.500%, 6/1/40 | &nbsp;&nbsp; 3173 |
| &nbsp;&nbsp; 4313 | &nbsp;&nbsp;FHLMC, Pool #C03505, 5.500%, 6/1/40 | &nbsp;&nbsp; 4385 |
| &nbsp;&nbsp; 11113 | &nbsp;&nbsp;FHLMC, Pool #G01840, 5.000%, 7/1/35 | &nbsp;&nbsp; 11185 |
| &nbsp;&nbsp; 32075 | &nbsp;&nbsp;FNMA, Pool #254868, 5.000%, 9/1/33 | &nbsp;&nbsp; 32259 |
| &nbsp;&nbsp; 2546 | &nbsp;&nbsp;FNMA, Pool #256272, 5.500%, 6/1/26 | &nbsp;&nbsp; 2541 |
| &nbsp;&nbsp; 11400 | &nbsp;&nbsp;FNMA, Pool #256852, 6.000%, 8/1/27 | &nbsp;&nbsp; 11571 |
| &nbsp;&nbsp; 2945 | &nbsp;&nbsp;FNMA, Pool #323832, 7.500%, 7/1/29 | &nbsp;&nbsp; 3010 |
| &nbsp;&nbsp; 9876 | &nbsp;&nbsp;FNMA, Pool #665773, 7.500%, 6/1/31 | &nbsp;&nbsp; 9892 |
| &nbsp;&nbsp; 36764 | &nbsp;&nbsp;FNMA, Pool #679742, (1 Year CMT Rate +2.480%), 6.940%, 1/1/40<sup>(A)</sup> | &nbsp;&nbsp; 37112 |
| &nbsp;&nbsp; 40088 | &nbsp;&nbsp;FNMA, Pool #725424, 5.500%, 4/1/34 | &nbsp;&nbsp; 40837 |
| &nbsp;&nbsp; 144600 | &nbsp;&nbsp;FNMA, Pool #725490, (RFUCCT1Y + 1.597%), 6.879%, 4/1/34<sup>(A)</sup> | &nbsp;&nbsp; 146589 |
| &nbsp;&nbsp; 6343 | &nbsp;&nbsp;FNMA, Pool #735484, 5.000%, 5/1/35 | &nbsp;&nbsp; 6375 |
| &nbsp;&nbsp; 35214 | &nbsp;&nbsp;FNMA, Pool #813170, (RFUCCT1Y + 1.575%), 6.540%, 1/1/35<sup>(A)</sup> | &nbsp;&nbsp; 35771 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 0.4%<br> (Continued)** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 0.4%<br> (Continued)** |
| $114575 | &nbsp;&nbsp;FNMA, Pool #815323, (RFUCCT6M + 1.529%), 6.384%, 1/1/35<sup>(A)</sup> | $117470 |
| &nbsp;&nbsp; 46654 | &nbsp;&nbsp;FNMA, Pool #820364, (RFUCCT1Y + 0.827%), 6.202%, 4/1/35<sup>(A)</sup> | &nbsp;&nbsp; 46312 |
| &nbsp;&nbsp; 50593 | &nbsp;&nbsp;FNMA, Pool #827787, (RFUCCT6M + 1.55%), 6.303%, 5/1/35<sup>(A)</sup> | &nbsp;&nbsp; 51903 |
| &nbsp;&nbsp; 25493 | &nbsp;&nbsp;FNMA, Pool #889060, 6.000%, 1/1/38 | &nbsp;&nbsp; 27109 |
| &nbsp;&nbsp; 25658 | &nbsp;&nbsp;FNMA, Pool #889061, 6.000%, 1/1/38 | &nbsp;&nbsp; 26738 |
| &nbsp;&nbsp; 1640 | &nbsp;&nbsp;FNMA, Pool #889382, 5.500%, 4/1/38 | &nbsp;&nbsp; 1671 |
| &nbsp;&nbsp; 45493 | &nbsp;&nbsp;FNMA, Pool #922674, (RFUCCT1Y + 1.905%), 6.874%, 4/1/36<sup>(A)</sup> | &nbsp;&nbsp; 46975 |
| &nbsp;&nbsp; 16326 | &nbsp;&nbsp;FNMA, Pool #960376, 5.500%, 12/1/37 | &nbsp;&nbsp; 16596 |
| &nbsp;&nbsp; 2601 | &nbsp;&nbsp;FNMA, Pool #AD0941, 5.500%, 4/1/40 | &nbsp;&nbsp; 2659 |
| &nbsp;&nbsp; 17663 | &nbsp;&nbsp;FNMA, Pool #AE0363, 5.000%, 7/1/37 | &nbsp;&nbsp; 17757 |
| &nbsp;&nbsp; 23952 | &nbsp;&nbsp;FNMA, Pool #AE5441, 5.000%, 10/1/40 | &nbsp;&nbsp; 24132 |
| &nbsp;&nbsp; 5362 | &nbsp;&nbsp;FNMA, Pool #AI6588, 4.000%, 7/1/26 | &nbsp;&nbsp; 5327 |
| &nbsp;&nbsp; 12796 | &nbsp;&nbsp;FNMA, Pool #AI8506, 4.000%, 8/1/26 | &nbsp;&nbsp; 12708 |
| &nbsp;&nbsp; 36659 | &nbsp;&nbsp;FNMA, Pool #AL0211, 5.000%, 4/1/41 | &nbsp;&nbsp; 36935 |
| &nbsp;&nbsp; 151588 | &nbsp;&nbsp;FNMA, Pool #AL0478, (RFUCCT1Y + 1.777%), 7.028%, 4/1/36<sup>(A)</sup> | &nbsp;&nbsp; 156618 |
| &nbsp;&nbsp; 76719 | &nbsp;&nbsp;FNMA, Pool #AL0543, 5.000%, 7/1/41 | &nbsp;&nbsp; 77297 |
| &nbsp;&nbsp; 32351 | &nbsp;&nbsp;FNMA, Pool #AL1105, 4.500%, 12/1/40 | &nbsp;&nbsp; 31873 |
| &nbsp;&nbsp; 7390 | &nbsp;&nbsp;FNMA, Pool #AL2591, 5.500%, 5/1/38 | &nbsp;&nbsp; 7420 |
| &nbsp;&nbsp; 167760 | &nbsp;&nbsp;FNMA, Pool #AL5275, (RFUCCT6M + 1.505%), 6.378%, 9/1/37<sup>(A)</sup> | &nbsp;&nbsp; 172179 |
| &nbsp;&nbsp; 400145 | &nbsp;&nbsp;FNMA, Pool #AL7396, (RFUCCT6M + 1.532%), 6.533%, 2/1/37<sup>(A)</sup> | &nbsp;&nbsp; 410218 |
| &nbsp;&nbsp; 111807 | &nbsp;&nbsp;GNMA, Pool #80826, (1 Year CMT Rate +1.500%), 4.625%, 2/20/34<sup>(A)</sup> | &nbsp;&nbsp; 113171 |
| &nbsp;&nbsp; 50170 | &nbsp;&nbsp;GNMA, Pool #80889, (1 Year CMT Rate +1.500%), 4.875%, 4/20/34<sup>(A)</sup> | &nbsp;&nbsp; 50669 |
| &nbsp;&nbsp; 108269 | &nbsp;&nbsp;GNMA, Pool #81016, (1 Year CMT Rate +1.500%), 4.625%, 8/20/34<sup>(A)</sup> | &nbsp;&nbsp; 109217 |
| &nbsp;&nbsp; 117456 | &nbsp;&nbsp;GNMA, Pool #82760, (1 Year CMT Rate +1.500%), 4.625%, 3/20/41<sup>(A)</sup> | &nbsp;&nbsp; 119253 |
| &nbsp;&nbsp; 10644 | &nbsp;&nbsp;GNMA, Pool #MA2392, (1 Year CMT Rate +1.500%), 4.750%, 11/20/44<sup>(A)</sup> | &nbsp;&nbsp; 10618 |
| &nbsp;&nbsp; 162953 | &nbsp;&nbsp;GNMA, Pool #MA2466, (1 Year CMT Rate +1.500%), 4.750%, 12/20/44<sup>(A)</sup> | &nbsp;&nbsp; 166099 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$3126505 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.1%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.1%** |
| &nbsp;&nbsp; 81319 | &nbsp;&nbsp;FHLMC REMIC, Ser 2770, Class FH, (SOFR30A + 0.514%), 4.863%, 3/15/34<sup>(A)</sup> | &nbsp;&nbsp; 80854 |
| &nbsp;&nbsp; 137635 | &nbsp;&nbsp;FHLMC REMIC, Ser 4238, Class TL, 1.250%, 8/15/27 | &nbsp;&nbsp; 133880 |
| &nbsp;&nbsp; 16211 | &nbsp;&nbsp;FNMA REMIC, Ser 2003-33, Class AM, 4.250%, 5/25/33 | &nbsp;&nbsp; 15815 |
| &nbsp;&nbsp; 5281 | &nbsp;&nbsp;FNMA REMIC, Ser 2003-42, Class CA, 4.000%, 5/25/33 | &nbsp;&nbsp; 5217 |
| &nbsp;&nbsp; 59686 | &nbsp;&nbsp;FNMA REMIC, Ser 2003-81, Class FE, (SOFR30A + 0.614%), 4.954%, 9/25/33<sup>(A)</sup> | &nbsp;&nbsp; 59528 |
| &nbsp;&nbsp; 140557 | &nbsp;&nbsp;FNMA REMIC, Ser 2009-32, Class BH, 5.250%, 5/25/39 | &nbsp;&nbsp; 143808 |
| &nbsp;&nbsp; 7863 | &nbsp;&nbsp;FNMA REMIC, Ser 2012-102, Class NA, 1.500%, 9/25/27 | &nbsp;&nbsp; 7681 |
| &nbsp;&nbsp; 2557 | &nbsp;&nbsp;GNMA, Ser 2011-57, Class BA, 3.000%, 5/20/40 | &nbsp;&nbsp; 2543 |
|  | &nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$449326 |
|  | &nbsp;&nbsp;**U.S. Government Agency Obligations — 0.0%** | &nbsp;&nbsp;**U.S. Government Agency Obligations — 0.0%** |
| &nbsp;&nbsp; 22730 | &nbsp;&nbsp;Small Business Administration Pools, Pool #508374, (Prime Rate -2.500%), 5.000%, 4/25/28<sup>(A)</sup> | &nbsp;&nbsp; 22551 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36123 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | $36123 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.9%<br> (Cost $731,941,875)** | $730571407 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.1%** | &nbsp;&nbsp; 756786 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $731328193 |

---

---

| | |
|:---|:---|
| *(A)* | *Variable rate security - Rate reflected is the rate in effect as of March 31, 2025.* |
| *(B)* | *Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.* |
| *(C)* | *Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.* |
| *(D)* | *Level 3- For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.* |
| *(E)* | *Rate reflects yield at the time of purchase.* |
| *††* | *The issuers and/or sponsors of certain mortgage-backed securities may no longer exist; however, the securities held by the Fund are separate legal entities organized as trusts and publicly traded. The Fund receives principal and interest payments directly from these trusts.* |
| *#* | *Zero coupon bond - Rate shown reflects effective yield to maturity at time of purchase.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ARM – Adjustable Rate Mortgage* |
| *CLO – Collateralized Loan Obligation* |
| *CMT – Constant Maturity Treasury* |
| *DAC – Designated Activity Company* |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *FNMA – Federal National Mortgage Association* |
| *GNMA – Government National Mortgage Association* |
| *LLC – Limited Liability Company* |
| *LOC – Letter of Credit* |
| *LP – Limited Partnership* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *REMIC – Real Estate Mortgage Investment Conduit* |
| *RFUCCT1Y – FTSE USD IBOR Consumer Cash Fallbacks Term One year* |
| *RFUCCT6M – FTSE USD IBOR Consumer Cash Fallbacks Term Six months* |
| *SOFR – Secured Overnight Financing Rate* |
| *SOFR30A – Secured Overnight Financing Rate 30 Day Average* |
| *TSFR12M – Twelve Month Term Secured Overnight Financing Rate* |
| *TSFR1M – One Month Term Secured Overnight Financing Rate* |
| *TSFR3M – Three Month Term Secured Overnight Financing Rate* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities were valued at $463,963,636 or 63.4% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone Ultra Short Duration Fixed Income 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*** |
| *Asset-Backed Securities* | *$—* | *$338481613* | *$—* | *$338481613* |
| *Corporate Bonds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*145530867* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*145530867* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*136547294* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*136547294* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*52253767* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*52253767* |
| *Commercial Paper* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*48151254* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*48151254* |
| *Municipal Bonds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5972107* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5972107* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3126505* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3126505* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*449326* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*449326* |
| *U.S. Government Agency Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*22551* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*22551* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;*36123* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*36123* |
| *Total* | *$36123* | *$730535284* | *$—* | *$730571407* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Portfolio of Investments

Touchstone US Quality Bond Fund – March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 29.7%** |  |
|  | &nbsp;&nbsp;**Financials — 9.8%** |  |
| $4000000 | &nbsp;&nbsp;AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust, 144a, 6.088%, 12/15/44 | $4065679 |
| &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;Bank of America Corp., 6.204%, 11/10/28 | &nbsp;&nbsp; 4155558 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Fifth Third Bancorp, 5.631%, 1/29/32 | &nbsp;&nbsp; 2044687 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Fifth Third Bancorp, 6.339%, 7/27/29 | &nbsp;&nbsp; 1044452 |
| &nbsp;&nbsp; 982986 | &nbsp;&nbsp;Fishers Lane Associates LLC, 144a, 3.666%, 8/5/30 | &nbsp;&nbsp; 917414 |
| &nbsp;&nbsp; 940000 | &nbsp;&nbsp;Fishers Lane Associates LLC, 144a, 5.477%, 8/5/40 | &nbsp;&nbsp; 968552 |
| &nbsp;&nbsp; 2599000 | &nbsp;&nbsp;Globe Life, Inc., 4.550%, 9/15/28 | &nbsp;&nbsp; 2592343 |
| &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;JPMorgan Chase & Co., 2.580%, 4/22/32 | &nbsp;&nbsp; 4386228 |
| &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;KeyBank NA, 4.150%, 8/8/25 | &nbsp;&nbsp; 2393614 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;KeyCorp, MTN, 2.550%, 10/1/29 | &nbsp;&nbsp; 1354972 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Metropolitan Life Global Funding I, 144a, 3.050%, 6/17/29 | &nbsp;&nbsp; 1410663 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Metropolitan Life Global Funding I, 144a, 4.300%, 8/25/29 | &nbsp;&nbsp; 1963897 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Nationwide Mutual Insurance Co., 144a, 4.350%, 4/30/50 | &nbsp;&nbsp; 1143213 |
| &nbsp;&nbsp; 2419000 | &nbsp;&nbsp;Nationwide Mutual Insurance Co., 144a, 9.375%, 8/15/39 | &nbsp;&nbsp; 3167961 |
| &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 144a, 3.625%, 9/30/59 | &nbsp;&nbsp; 1586868 |
| &nbsp;&nbsp; 3605000 | &nbsp;&nbsp;Pacific Life Global Funding II, 144a, 1.375%, 4/14/26 | &nbsp;&nbsp; 3497210 |
| &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;PNC Bank NA, 2.700%, 10/22/29 | &nbsp;&nbsp; 3206236 |
| &nbsp;&nbsp; 1335000 | &nbsp;&nbsp;Progressive Corp. (The), 4.200%, 3/15/48 | &nbsp;&nbsp; 1101225 |
| &nbsp;&nbsp; 1274000 | &nbsp;&nbsp;Protective Life Corp., 8.450%, 10/15/39 | &nbsp;&nbsp; 1590240 |
| &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;Protective Life Global Funding, 144a, 1.170%, 7/15/25 | &nbsp;&nbsp; 3464824 |
| &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;Reliance Standard Life Global Funding II, 144a, 5.243%, 2/2/26 | &nbsp;&nbsp; 1528682 |
| &nbsp;&nbsp; 2610000 | &nbsp;&nbsp;Reliance Standard Life Global Funding II, 144a, 2.750%, 1/21/27 | &nbsp;&nbsp; 2502847 |
| &nbsp;&nbsp; 2802000 | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America, 144a, 4.900%, 9/15/44 | &nbsp;&nbsp; 2504809 |
| &nbsp;&nbsp; 2292000 | &nbsp;&nbsp;Unum Group, 7.250%, 3/15/28 | &nbsp;&nbsp; 2443636 |
| &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;Unum Group, MTN, 7.190%, 2/1/28 | &nbsp;&nbsp; 1157763 |
| &nbsp;&nbsp; 1405000 | &nbsp;&nbsp;US Bancorp, 5.727%, 10/21/26 | &nbsp;&nbsp; 1413087 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;US Bancorp, 5.850%, 10/21/33 | &nbsp;&nbsp; 1551528 |
|  |  | &nbsp;&nbsp; 59158188 |
|  | &nbsp;&nbsp;**Utilities — 8.5%** |  |
| &nbsp;&nbsp; 3600000 | &nbsp;&nbsp;American Water Capital Corp., 2.950%, 9/1/27 | &nbsp;&nbsp; 3476978 |
| &nbsp;&nbsp; 2558742 | &nbsp;&nbsp;Atmos Energy Kansas Securitization I LLC, 5.155%, 3/1/33 | &nbsp;&nbsp; 2579364 |
| &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;Avista Corp., 4.350%, 6/1/48 | &nbsp;&nbsp; 2697459 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Brazos Securitization LLC, 144a, 5.243%, 9/1/40 | &nbsp;&nbsp; 1511723 |
| &nbsp;&nbsp; 1623000 | &nbsp;&nbsp;California Water Service Co., 5.500%, 12/1/40 | &nbsp;&nbsp; 1562984 |
| &nbsp;&nbsp; 3270000 | &nbsp;&nbsp;Cleco Securitization I LLC, Ser A-2, 4.646%, 9/1/42 | &nbsp;&nbsp; 3086205 |
| &nbsp;&nbsp; 2008000 | &nbsp;&nbsp;Commonwealth Edison Co., 5.900%, 3/15/36 | &nbsp;&nbsp; 2113240 |
| &nbsp;&nbsp; 2163000 | &nbsp;&nbsp;Dominion Energy South Carolina, Inc., 4.600%, 6/15/43 | &nbsp;&nbsp; 1911021 |
| &nbsp;&nbsp; 2530000 | &nbsp;&nbsp;Dominion Energy, Inc., 5.450%, 3/15/35 | &nbsp;&nbsp; 2523015 |
| &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;Duke Energy Florida Project Finance LLC, Ser 2032, 2.858%, 3/1/33 | &nbsp;&nbsp; 1693710 |
| &nbsp;&nbsp; 2328000 | &nbsp;&nbsp;Duke Energy Progress LLC, 6.300%, 4/1/38 | &nbsp;&nbsp; 2508032 |
| &nbsp;&nbsp; 2279222 | &nbsp;&nbsp;Empire District Bondco LLC, Ser A-1, 4.943%, 1/1/33 | &nbsp;&nbsp; 2288237 |
| &nbsp;&nbsp; 2532000 | &nbsp;&nbsp;Entergy Louisiana LLC, 4.440%, 1/15/26 | &nbsp;&nbsp; 2531481 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Essential Utilities, Inc., 4.276%, 5/1/49 | &nbsp;&nbsp; 2358453 |
| &nbsp;&nbsp; 1642000 | &nbsp;&nbsp;Georgia Power Co., 4.750%, 9/1/40 | &nbsp;&nbsp; 1511096 |
| &nbsp;&nbsp; 3828000 | &nbsp;&nbsp;Idaho Power Co., MTN, 5.500%, 3/15/53 | &nbsp;&nbsp; 3670771 |
| &nbsp;&nbsp; 3415000 | &nbsp;&nbsp;Kentucky Utilities Co., 5.125%, 11/1/40 | &nbsp;&nbsp; 3285797 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 5.800%, 1/15/33 | &nbsp;&nbsp; 1044780 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Nevada Power Co., 5.450%, 5/15/41 | &nbsp;&nbsp; 2964154 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 29.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Utilities — 8.5% (Continued)** |  |
| $2080000 | &nbsp;&nbsp;PG&E Wildfire Recovery Funding LLC, Ser A-5, 5.099%, 6/1/52 | $1939541 |
| &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;Sierra Pacific Power Co., 2.600%, 5/1/26 | &nbsp;&nbsp; 1088299 |
| &nbsp;&nbsp; 1585460 | &nbsp;&nbsp;Southaven Combined Cycle Generation LLC, 3.846%, 8/15/33 | &nbsp;&nbsp; 1504657 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Southern Co. Gas Capital Corp., 4.950%, 9/15/34 | &nbsp;&nbsp; 1456574 |
|  |  | &nbsp;&nbsp; 51307571 |
|  | &nbsp;&nbsp;**Industrials — 3.0%** |  |
| &nbsp;&nbsp; 623394 | &nbsp;&nbsp;BNSF Railway Co. Pass-Through Trust, 144a, 3.442%, 6/16/28 | &nbsp;&nbsp; 599576 |
| &nbsp;&nbsp; 2355000 | &nbsp;&nbsp;Burlington Northern Santa Fe LLC, 6.700%, 8/1/28 | &nbsp;&nbsp; 2497985 |
| &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;Canadian Pacific Railway Co. (Canada), 3.125%, 6/1/26 | &nbsp;&nbsp; 1596021 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;CSX Corp., 6.150%, 5/1/37 | &nbsp;&nbsp; 1615608 |
| &nbsp;&nbsp; 1849074 | &nbsp;&nbsp;FedEx Corp. Pass-Through Trust, 1.875%, 2/20/34 | &nbsp;&nbsp; 1561304 |
| &nbsp;&nbsp; 1075000 | &nbsp;&nbsp;GATX Corp., 1.900%, 6/1/31 | &nbsp;&nbsp; 894522 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;GATX Corp., 5.500%, 6/15/35 | &nbsp;&nbsp; 2992474 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;Republic Services, Inc., 2.300%, 3/1/30 | &nbsp;&nbsp; 224685 |
| &nbsp;&nbsp; 421000 | &nbsp;&nbsp;TOTE Maritime Alaska LLC, 6.365%, 4/15/28 | &nbsp;&nbsp; 431035 |
| &nbsp;&nbsp; 2064000 | &nbsp;&nbsp;Tote Shipholdings LLC, 3.400%, 10/16/40 | &nbsp;&nbsp; 1811462 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Union Pacific Corp., 4.850%, 6/15/44 | &nbsp;&nbsp; 911104 |
| &nbsp;&nbsp; 1094869 | &nbsp;&nbsp;Union Pacific Railroad Co. Pass-Through Trust, 3.227%, 5/14/26 | &nbsp;&nbsp; 1079721 |
| &nbsp;&nbsp; 277951 | &nbsp;&nbsp;Union Pacific Railroad Co. Pass-Through Trust, 5.866%, 7/2/30 | &nbsp;&nbsp; 283553 |
| &nbsp;&nbsp; 1892000 | &nbsp;&nbsp;Waste Management, Inc., 3.900%, 3/1/35 | &nbsp;&nbsp; 1735848 |
|  |  | &nbsp;&nbsp; 18234898 |
|  | &nbsp;&nbsp;**Health Care — 2.0%** |  |
| &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;Banner Health, 2.480%, 1/1/32 | &nbsp;&nbsp; 2976613 |
| &nbsp;&nbsp; 1024502 | &nbsp;&nbsp;CVS Pass Through Trust, Ser 2013, 144a, 4.704%, 1/10/36 | &nbsp;&nbsp; 988692 |
| &nbsp;&nbsp; 1438955 | &nbsp;&nbsp;CVS Pass-Through Trust, 6.036%, 12/10/28 | &nbsp;&nbsp; 1449021 |
| &nbsp;&nbsp; 3405000 | &nbsp;&nbsp;HCA, Inc., 5.250%, 4/15/25 | &nbsp;&nbsp; 3405202 |
| &nbsp;&nbsp; 3955000 | &nbsp;&nbsp;Piedmont Healthcare, Inc., 2.044%, 1/1/32 | &nbsp;&nbsp; 3289135 |
|  |  | &nbsp;&nbsp; 12108663 |
|  | &nbsp;&nbsp;**Real Estate — 1.9%** |  |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;American Tower Corp. REIT, 3.125%, 1/15/27 | &nbsp;&nbsp; 2434681 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;American Tower Corp. REIT, 4.900%, 3/15/30 | &nbsp;&nbsp; 2007792 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Crown Castle International Corp. REIT, 4.300%, 2/15/29 | &nbsp;&nbsp; 2928454 |
| &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;SBA Tower Trust REIT, 144a, 1.631%, 11/15/26 | &nbsp;&nbsp; 1946375 |
| &nbsp;&nbsp; 1885000 | &nbsp;&nbsp;SBA Tower Trust REIT, 144a, 1.884%, 1/15/26 | &nbsp;&nbsp; 1838468 |
|  |  | &nbsp;&nbsp; 11155770 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.7%** |  |
| &nbsp;&nbsp; 3115092 | &nbsp;&nbsp;American Airlines Group, Inc. Pass-Through Trust, Ser 2016-3, AA, 3.000%, 10/15/28 | &nbsp;&nbsp; 2939030 |
| &nbsp;&nbsp; 1785000 | &nbsp;&nbsp;PulteGroup, Inc., 7.875%, 6/15/32 | &nbsp;&nbsp; 2041350 |
| &nbsp;&nbsp; 2570000 | &nbsp;&nbsp;Smithsonian Institution, 2.645%, 9/1/39 | &nbsp;&nbsp; 1995885 |
| &nbsp;&nbsp; 518606 | &nbsp;&nbsp;United Airlines, Inc. Pass-Through Trust, 2.875%, 10/7/28 | &nbsp;&nbsp; 486941 |
| &nbsp;&nbsp; 2865942 | &nbsp;&nbsp;United Airlines, Inc. Pass-Through Trust, Ser 2023-1, A, 5.800%, 1/15/36 | &nbsp;&nbsp; 2899123 |
|  |  | &nbsp;&nbsp; 10362329 |
|  | &nbsp;&nbsp;**Communication Services — 1.4%** |  |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;AT&T, Inc., 4.850%, 7/15/45 | &nbsp;&nbsp; 1318739 |
| &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;AT&T, Inc., 6.250%, 3/29/41 | &nbsp;&nbsp; 1284048 |
| &nbsp;&nbsp; 1075000 | &nbsp;&nbsp;AT&T, Inc., 6.800%, 5/15/36 | &nbsp;&nbsp; 1164140 |
| &nbsp;&nbsp; 1445000 | &nbsp;&nbsp;Crown Castle Towers LLC, 144a, 4.241%, 7/15/28 | &nbsp;&nbsp; 1409726 |
| &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;T-Mobile USA, Inc., 4.375%, 4/15/40 | &nbsp;&nbsp; 3508050 |
|  |  | &nbsp;&nbsp; 8684703 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone US Quality Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 29.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 1.1%** |  |
| $3345000 | &nbsp;&nbsp;Kroger Co. (The), Ser B, 7.700%, 6/1/29 | $3699590 |
| &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;United Rentals North America, Inc., 4.875%, 1/15/28 | &nbsp;&nbsp; 1568361 |
| &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;United Rentals North America, Inc., 144a, 6.000%, 12/15/29 | &nbsp;&nbsp; 1319831 |
|  |  | &nbsp;&nbsp; 6587782 |
|  | &nbsp;&nbsp;**Energy — 0.3%** |  |
| &nbsp;&nbsp; 1405000 | &nbsp;&nbsp;Texas Eastern Transmission LP, 7.000%, 7/15/32 | &nbsp;&nbsp; 1544332 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $179144236 |
|  | &nbsp;&nbsp;**U.S. Government Agency Obligations — 22.3%** | &nbsp;&nbsp;**U.S. Government Agency Obligations — 22.3%** |
| &nbsp;&nbsp; 1701000 | &nbsp;&nbsp;Canal Barge Co., Inc., 4.500%, 11/12/34 | &nbsp;&nbsp; 1667673 |
| &nbsp;&nbsp; 500737 | &nbsp;&nbsp;Reliance Industries Ltd. (India), 1.870%, 1/15/26 | &nbsp;&nbsp; 493329 |
| &nbsp;&nbsp; 3967 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2005-20H, Class 1, 5.110%, 8/1/25 | &nbsp;&nbsp; 3965 |
| &nbsp;&nbsp; 54552 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2006-20H, Class 1, 5.700%, 8/1/26 | &nbsp;&nbsp; 54588 |
| &nbsp;&nbsp; 28720 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2006-20K, Class 1, 5.360%, 11/1/26 | &nbsp;&nbsp; 28809 |
| &nbsp;&nbsp; 49940 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2006-20L, Class 1, 5.120%, 12/1/26 | &nbsp;&nbsp; 49933 |
| &nbsp;&nbsp; 47051 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2007-20A, Class 1, 5.320%, 1/1/27 | &nbsp;&nbsp; 47259 |
| &nbsp;&nbsp; 97185 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2007-20E, Class 1, 5.310%, 5/1/27 | &nbsp;&nbsp; 96774 |
| &nbsp;&nbsp; 196181 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2007-20F, Class 1, 5.710%, 6/1/27 | &nbsp;&nbsp; 197639 |
| &nbsp;&nbsp; 180260 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2007-20L, Class 1, 5.290%, 12/1/27 | &nbsp;&nbsp; 180312 |
| &nbsp;&nbsp; 72898 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2008-20A, Class 1, 5.170%, 1/1/28 | &nbsp;&nbsp; 73184 |
| &nbsp;&nbsp; 97118 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2008-20K, Class 1, 6.770%, 11/1/28 | &nbsp;&nbsp; 100233 |
| &nbsp;&nbsp; 208020 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2009-20C, Class 1, 4.660%, 3/1/29 | &nbsp;&nbsp; 208821 |
| &nbsp;&nbsp; 108404 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2009-20D, Class 1, 4.310%, 4/1/29 | &nbsp;&nbsp; 107232 |
| &nbsp;&nbsp; 251187 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2009-20E, Class 1, 4.430%, 5/1/29 | &nbsp;&nbsp; 250520 |
| &nbsp;&nbsp; 106362 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2009-20F, Class 1, 4.950%, 6/1/29 | &nbsp;&nbsp; 106513 |
| &nbsp;&nbsp; 268756 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2009-20J, Class 1, 3.920%, 10/1/29 | &nbsp;&nbsp; 264705 |
| &nbsp;&nbsp; 473987 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2010-20F, Class 1, 3.880%, 6/1/30 | &nbsp;&nbsp; 466780 |
| &nbsp;&nbsp; 1018865 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2010-20I, Class 1, 3.210%, 9/1/30 | &nbsp;&nbsp; 983173 |
| &nbsp;&nbsp; 2549877 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2013-20C, Class 1, 2.220%, 3/1/33 | &nbsp;&nbsp; 2360992 |
| &nbsp;&nbsp; 2955058 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2013-20E, Class 1, 2.070%, 5/1/33 | &nbsp;&nbsp; 2727366 |
| &nbsp;&nbsp; 1123353 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2013-20G, Class 1, 3.150%, 7/1/33 | &nbsp;&nbsp; 1076001 |
| &nbsp;&nbsp; 1298930 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2014-20H, Class 1, 2.880%, 8/1/34 | &nbsp;&nbsp; 1219650 |
| &nbsp;&nbsp; 1898551 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2014-20I, Class 1, 2.920%, 9/1/34 | &nbsp;&nbsp; 1783675 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Government Agency Obligations — 22.3% (Continued)** | &nbsp;&nbsp;**U.S. Government Agency Obligations — 22.3% (Continued)** |
| $2305719 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2014-20K, Class 1, 2.800%, 11/1/34 | $2165255 |
| &nbsp;&nbsp; 1221558 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2015-20I, Class 1, 2.820%, 9/1/35 | &nbsp;&nbsp; 1139451 |
| &nbsp;&nbsp; 2227296 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2016-20A, Class 1, 2.780%, 1/1/36 | &nbsp;&nbsp; 2078181 |
| &nbsp;&nbsp; 2013717 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2016-20B, Class 1, 2.270%, 2/1/36 | &nbsp;&nbsp; 1841020 |
| &nbsp;&nbsp; 2180627 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2016-20E, Class 1, 2.270%, 5/1/36 | &nbsp;&nbsp; 2001249 |
| &nbsp;&nbsp; 2303467 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2016-20F, Class 1, 2.180%, 6/1/36 | &nbsp;&nbsp; 2094227 |
| &nbsp;&nbsp; 3577478 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2016-20L, Class 1, 2.810%, 12/1/36 | &nbsp;&nbsp; 3319285 |
| &nbsp;&nbsp; 594931 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2017-10A, Class 1, 2.845%, 3/10/27 | &nbsp;&nbsp; 581414 |
| &nbsp;&nbsp; 804059 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2017-10B, Class 1, 2.518%, 9/10/27 | &nbsp;&nbsp; 776917 |
| &nbsp;&nbsp; 2736214 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2017-20E, Class 1, 2.880%, 5/1/37 | &nbsp;&nbsp; 2537268 |
| &nbsp;&nbsp; 2715527 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2017-20F, Class 1, 2.810%, 6/1/37 | &nbsp;&nbsp; 2462610 |
| &nbsp;&nbsp; 3238565 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2017-20K, Class 1, 2.790%, 11/1/37 | &nbsp;&nbsp; 2982831 |
| &nbsp;&nbsp; 1468948 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2017-20L, Class 1, 2.780%, 12/1/37 | &nbsp;&nbsp; 1355564 |
| &nbsp;&nbsp; 3247545 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2018-20A, Class 1, 2.920%, 1/1/38 | &nbsp;&nbsp; 3044548 |
| &nbsp;&nbsp; 3751566 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2018-20C, Class 1, 3.200%, 3/1/38 | &nbsp;&nbsp; 3534127 |
| &nbsp;&nbsp; 2769692 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2018-20K, Class 1, 3.870%, 11/1/38 | &nbsp;&nbsp; 2700383 |
| &nbsp;&nbsp; 1519475 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2018-25D, Class 1, 3.890%, 10/1/43 | &nbsp;&nbsp; 1433954 |
| &nbsp;&nbsp; 1651419 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2019-20A, Class 1, 3.370%, 1/1/39 | &nbsp;&nbsp; 1554337 |
| &nbsp;&nbsp; 2378460 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2019-25B, Class 1, 3.450%, 2/1/44 | &nbsp;&nbsp; 2217472 |
| &nbsp;&nbsp; 2027452 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2019-25E, Class 1, 3.070%, 5/1/44 | &nbsp;&nbsp; 1848984 |
| &nbsp;&nbsp; 3055390 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2020-25I, Class 1, 1.150%, 9/1/45 | &nbsp;&nbsp; 2434799 |
| &nbsp;&nbsp; 4883438 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2021-25L, Class 1, 1.850%, 12/1/46 | &nbsp;&nbsp; 4147504 |
| &nbsp;&nbsp; 2979257 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2022-25C, Class 1, 2.750%, 3/1/47 | &nbsp;&nbsp; 2577241 |
| &nbsp;&nbsp; 2158501 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2022-25D, Class 1, 3.500%, 4/1/47 | &nbsp;&nbsp; 1992352 |
| &nbsp;&nbsp; 2895335 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2022-25G, Class 1, 3.930%, 7/1/47 | &nbsp;&nbsp; 2771665 |
| &nbsp;&nbsp; 3602055 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2022-25H, Class 1, 3.800%, 8/1/47 | &nbsp;&nbsp; 3380729 |
| &nbsp;&nbsp; 8913438 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2022-25I, Class 1, 4.260%, 9/1/47 | &nbsp;&nbsp; 8631277 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone US Quality Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Government Agency Obligations — 22.3% (Continued)** | &nbsp;&nbsp;**U.S. Government Agency Obligations — 22.3% (Continued)** |
| $4523228 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-10A, Class 1, 5.168%, 3/10/33 | $4589219 |
| &nbsp;&nbsp; 2393004 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-20E, Class 1, 4.600%, 5/1/43 | &nbsp;&nbsp; 2382802 |
| &nbsp;&nbsp; 2168530 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-25C, Class 1, 4.930%, 3/1/48 | &nbsp;&nbsp; 2199139 |
| &nbsp;&nbsp; 5609188 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-25F, Class 1, 4.930%, 6/1/48 | &nbsp;&nbsp; 5655487 |
| &nbsp;&nbsp; 2551058 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-10A, Class 1, 5.035%, 3/10/34 | &nbsp;&nbsp; 2575852 |
| &nbsp;&nbsp; 5186629 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-10B, Class 1, 4.380%, 9/10/34 | &nbsp;&nbsp; 5141430 |
| &nbsp;&nbsp; 5693975 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-25A, Class 1, 5.050%, 1/1/49 | &nbsp;&nbsp; 5808254 |
| &nbsp;&nbsp; 5205354 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-25B, Class 1, 5.070%, 2/1/49 | &nbsp;&nbsp; 5343664 |
| &nbsp;&nbsp; 4938537 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-25I, Class 1, 4.450%, 9/1/49 | &nbsp;&nbsp; 4826005 |
| &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-25K, Class 1, 5.010%, 11/1/49 | &nbsp;&nbsp; 5528947 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-25L, Class 1, 4.820%, 12/1/49 | &nbsp;&nbsp; 1489448 |
| &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2025-25C, Class 1, 4.970%, 3/1/50 | &nbsp;&nbsp; 5030207 |
| &nbsp;&nbsp; 2085323 | &nbsp;&nbsp;United States International Development Finance Corp., 1.870%, 11/20/37 | &nbsp;&nbsp; 1727702 |
|  | &nbsp;&nbsp;**Total U.S. Government Agency Obligations** | $134451926 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 15.2%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 15.2%** |
| &nbsp;&nbsp; 952877 | &nbsp;&nbsp;FHLMC, Pool #SD8186, 3.500%, 11/1/51 | &nbsp;&nbsp; 864806 |
| &nbsp;&nbsp; 3358000 | &nbsp;&nbsp;FHLMC, Pool #WN2314, 4.650%, 1/1/33 | &nbsp;&nbsp; 3306197 |
| &nbsp;&nbsp; 5295141 | &nbsp;&nbsp;FHLMC REMIC, Pool #RA8086, 5.000%, 10/1/52 | &nbsp;&nbsp; 5222129 |
| &nbsp;&nbsp; 5763416 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD7152, 6.000%, 11/1/54 | &nbsp;&nbsp; 5897417 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;FHLMC REMIC, Pool #WN2381, 4.450%, 4/1/30 | &nbsp;&nbsp; 1978499 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;FHLMC REMIC, Pool #WN2615, 4.150%, 6/1/31 | &nbsp;&nbsp; 2892807 |
| &nbsp;&nbsp; 497145 | &nbsp;&nbsp;FNMA, Pool #888829, 5.888%, 6/1/37<sup>(A)(B)</sup> | &nbsp;&nbsp; 495581 |
| &nbsp;&nbsp; 388238 | &nbsp;&nbsp;FNMA, Pool #AH8854, 4.500%, 4/1/41 | &nbsp;&nbsp; 382373 |
| &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;FNMA, Pool #AM9682, 3.810%, 8/1/45 | &nbsp;&nbsp; 3449178 |
| &nbsp;&nbsp; 2754747 | &nbsp;&nbsp;FNMA, Pool #AN0897, 3.440%, 2/1/32 | &nbsp;&nbsp; 2591903 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;FNMA, Pool #AN2418, 2.120%, 9/1/26 | &nbsp;&nbsp; 2906119 |
| &nbsp;&nbsp; 1327898 | &nbsp;&nbsp;FNMA, Pool #AN6828, 3.060%, 9/1/32 | &nbsp;&nbsp; 1267256 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;FNMA, Pool #AN8089, 3.330%, 1/1/38 | &nbsp;&nbsp; 2522727 |
| &nbsp;&nbsp; 111894 | &nbsp;&nbsp;FNMA, Pool #AT0924, 2.000%, 3/1/28 | &nbsp;&nbsp; 107887 |
| &nbsp;&nbsp; 3860363 | &nbsp;&nbsp;FNMA, Pool #BL3622, 2.600%, 8/1/26 | &nbsp;&nbsp; 3761854 |
| &nbsp;&nbsp; 3389100 | &nbsp;&nbsp;FNMA, Pool #BS5630, 3.790%, 11/1/32 | &nbsp;&nbsp; 3217047 |
| &nbsp;&nbsp; 2973349 | &nbsp;&nbsp;FNMA, Pool #BZ0544, 5.380%, 12/1/31 | &nbsp;&nbsp; 3081230 |
| &nbsp;&nbsp; 2785562 | &nbsp;&nbsp;FNMA, Pool #CB0455, 2.500%, 5/1/51 | &nbsp;&nbsp; 2332956 |
| &nbsp;&nbsp; 1289509 | &nbsp;&nbsp;FNMA, Pool #FM3442, 3.000%, 6/1/50 | &nbsp;&nbsp; 1129134 |
| &nbsp;&nbsp; 6973167 | &nbsp;&nbsp;FNMA, Pool #FS1887, 3.000%, 5/1/47 | &nbsp;&nbsp; 6082671 |
| &nbsp;&nbsp; 2814927 | &nbsp;&nbsp;FNMA, Pool #FS7798, 6.000%, 6/1/54 | &nbsp;&nbsp; 2882639 |
| &nbsp;&nbsp; 3379199 | &nbsp;&nbsp;FNMA, Pool #MA4269, 2.500%, 2/1/41 | &nbsp;&nbsp; 2981981 |
| &nbsp;&nbsp; 1187484 | &nbsp;&nbsp;FNMA, Pool #MA4416, 3.500%, 9/1/51 | &nbsp;&nbsp; 1076762 |
| &nbsp;&nbsp; 5091155 | &nbsp;&nbsp;FNMA, Pool #MA4654, 3.500%, 7/1/52 | &nbsp;&nbsp; 4590035 |
| &nbsp;&nbsp; 4315641 | &nbsp;&nbsp;FNMA, Pool #MA4709, 5.000%, 7/1/52 | &nbsp;&nbsp; 4240111 |
| &nbsp;&nbsp; 3317849 | &nbsp;&nbsp;FNMA, Pool #MA4784, 4.500%, 10/1/52 | &nbsp;&nbsp; 3176229 |
| &nbsp;&nbsp; 4499969 | &nbsp;&nbsp;FNMA, Pool #MA5073, 6.000%, 7/1/53 | &nbsp;&nbsp; 4572376 |
| &nbsp;&nbsp; 5900818 | &nbsp;&nbsp;GNMA, Pool #MA8795, 2.500%, 4/20/53 | &nbsp;&nbsp; 5027308 |
| &nbsp;&nbsp; 2589751 | &nbsp;&nbsp;GNMA, Pool #MA9012, 3.000%, 7/20/53 | &nbsp;&nbsp; 2295639 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 15.2%<br> (Continued)** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 15.2%<br> (Continued)** |
| $5074690 | &nbsp;&nbsp;GNMA, Pool #MA9171, 5.500%, 9/20/53 | $5096873 |
| &nbsp;&nbsp; 2621151 | &nbsp;&nbsp;GNMA, Pool #MA9418, 3.000%, 1/20/54 | &nbsp;&nbsp; 2325759 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | $91755483 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 7.7%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 7.7%** |
| &nbsp;&nbsp; 2237408 | &nbsp;&nbsp;Fannie Mae-Aces, Ser 2017-M15, Class ATS2, 3.158%, 11/25/27<sup>(A)(B)</sup> | &nbsp;&nbsp; 2181600 |
| &nbsp;&nbsp; 3325000 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1511, Class A3, 3.542%, 3/25/34 | &nbsp;&nbsp; 3062000 |
| &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser KSG2, Class A2, 2.091%, 11/25/31<sup>(A)(B)</sup> | &nbsp;&nbsp; 1423463 |
| &nbsp;&nbsp; 359108 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser KW03, Class A1, 2.617%, 12/25/26 | &nbsp;&nbsp; 353793 |
| &nbsp;&nbsp; 3060000 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1513, Class A3, 2.797%, 8/25/34 | &nbsp;&nbsp; 2629192 |
| &nbsp;&nbsp; 6067837 | &nbsp;&nbsp;Freddie Mac Multiclass Certificates Series, Ser 2024-P015, Class A, 4.018%, 1/25/33<sup>(A)(B)</sup> | &nbsp;&nbsp; 5910106 |
| &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2015-K49, Class B, 144a, 3.723%, 10/25/48<sup>(A)(B)</sup> | &nbsp;&nbsp; 2585520 |
| &nbsp;&nbsp; 2450000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2017-K61, Class B, 144a, 3.695%, 12/25/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 2397938 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2018-K74, Class B, 144a, 4.094%, 2/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 1172804 |
| &nbsp;&nbsp; 555221 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2015-SB9, Class A5, (SOFR30A + 0.814%), 5.167%, 11/25/35<sup>(A)</sup> | &nbsp;&nbsp; 552830 |
| &nbsp;&nbsp; 91016 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2016-SB17, Class A5H, (SOFR30A + 0.814%), 5.167%, 5/25/36<sup>(A)</sup> | &nbsp;&nbsp; 90660 |
| &nbsp;&nbsp; 253003 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2017-SB27, Class A10F, 3.090%, 1/25/27<sup>(A)(B)</sup> | &nbsp;&nbsp; 249480 |
| &nbsp;&nbsp; 2051600 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2018-SB46, Class A10F, 3.300%, 12/25/27<sup>(A)(B)</sup> | &nbsp;&nbsp; 1999000 |
| &nbsp;&nbsp; 2241169 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2018-SB54, Class A10F, 3.520%, 5/25/28<sup>(A)(B)</sup> | &nbsp;&nbsp; 2188216 |
| &nbsp;&nbsp; 2436127 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2018-SB55, Class A10F, 3.757%, 9/25/28<sup>(A)(B)</sup> | &nbsp;&nbsp; 2390313 |
| &nbsp;&nbsp; 370096 | &nbsp;&nbsp;GNMA, Pool #785631, 4.619%, 5/20/67<sup>(A)(B)</sup> | &nbsp;&nbsp; 367401 |
| &nbsp;&nbsp; 323475 | &nbsp;&nbsp;GNMA, Ser 2012-46, Class C, 3.176%, 5/16/50<sup>(A)(B)</sup> | &nbsp;&nbsp; 318446 |
| &nbsp;&nbsp; 510625 | &nbsp;&nbsp;GNMA, Ser 2013-121, Class AB, 3.020%, 8/16/44<sup>(A)(B)</sup> | &nbsp;&nbsp; 482146 |
| &nbsp;&nbsp; 90619 | &nbsp;&nbsp;GNMA, Ser 2013-40, Class AC, 1.584%, 1/16/46 | &nbsp;&nbsp; 88212 |
| &nbsp;&nbsp; 16720 | &nbsp;&nbsp;GNMA, Ser 2013-59, Class A, 1.750%, 7/16/45 | &nbsp;&nbsp; 15666 |
| &nbsp;&nbsp; 2540000 | &nbsp;&nbsp;GNMA, Ser 2015-32, Class HG, 3.000%, 9/16/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 2083244 |
| &nbsp;&nbsp; 360717 | &nbsp;&nbsp;GNMA, Ser 2015-37, Class AD, 2.600%, 11/16/55 | &nbsp;&nbsp; 338995 |
| &nbsp;&nbsp; 1130851 | &nbsp;&nbsp;GNMA, Ser 2015-73, Class B, 2.700%, 10/16/55<sup>(A)(B)</sup> | &nbsp;&nbsp; 1033838 |
| &nbsp;&nbsp; 789082 | &nbsp;&nbsp;GNMA, Ser 2017-46, Class AB, 2.600%, 1/16/52 | &nbsp;&nbsp; 675292 |
| &nbsp;&nbsp; 623508 | &nbsp;&nbsp;GNMA, Ser 2017-H11, Class FV, (TSFR1M + 0.614%), 4.923%, 5/20/67<sup>(A)</sup> | &nbsp;&nbsp; 622835 |
| &nbsp;&nbsp; 557999 | &nbsp;&nbsp;GNMA, Ser 2019-H15, Class GA, 2.250%, 8/20/69 | &nbsp;&nbsp; 541100 |
| &nbsp;&nbsp; 3682288 | &nbsp;&nbsp;GNMA, Ser 2020-113, Class AF, 2.000%, 10/16/62 | &nbsp;&nbsp; 2513498 |
| &nbsp;&nbsp; 4900390 | &nbsp;&nbsp;GNMA, Ser 2020-118, Class AB, 2.250%, 4/16/62 | &nbsp;&nbsp; 3963809 |
| &nbsp;&nbsp; 2157814 | &nbsp;&nbsp;GNMA, Ser 2021-21, Class AF, 1.750%, 6/16/63 | &nbsp;&nbsp; 1509849 |
| &nbsp;&nbsp; 3720209 | &nbsp;&nbsp;GNMA, Ser 2021-22, Class AD, 1.350%, 10/16/62 | &nbsp;&nbsp; 2763340 |
|  | &nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations** | $46504586 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 7.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 7.2%** |
| &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;U.S. Treasury Bond, 1.875%, 2/15/51 | &nbsp;&nbsp; 5189063 |
| &nbsp;&nbsp;18140000 | &nbsp;&nbsp;U.S. Treasury Bond, 2.875%, 5/15/52 | &nbsp;&nbsp; 13099773 |
| &nbsp;&nbsp;21540000 | &nbsp;&nbsp;U.S. Treasury Strip, Principal, 5/15/43<sup>(C)</sup> | &nbsp;&nbsp; 9284831 |
| &nbsp;&nbsp;19894000 | &nbsp;&nbsp;U.S. Treasury Strip, Principal, 5/15/45<sup>(C)</sup> | &nbsp;&nbsp; 7732067 |
| &nbsp;&nbsp;26500000 | &nbsp;&nbsp;U.S. Treasury Strip, Principal, 2/15/51<sup>(C)</sup> | &nbsp;&nbsp; 7841981 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | $43147715 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone US Quality Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 6.2%** | &nbsp;&nbsp;**Asset-Backed Securities — 6.2%** |
| $1667176 | &nbsp;&nbsp;321 Henderson Receivables I LLC, Ser 2012-1A, Class A, 144a, 4.210%, 2/16/65 | $1590725 |
| &nbsp;&nbsp; 860469 | &nbsp;&nbsp;321 Henderson Receivables I LLC, Ser 2012-2A, Class A, 144a, 3.840%, 10/15/59 | &nbsp;&nbsp; 797686 |
| &nbsp;&nbsp; 2596301 | &nbsp;&nbsp;321 Henderson Receivables I LLC, Ser 2015-2A, Class A, 144a, 3.870%, 3/15/58 | &nbsp;&nbsp; 2376265 |
| &nbsp;&nbsp; 2301457 | &nbsp;&nbsp;CF Hippolyta Issuer LLC, Ser 2021-1A, Class A1, 144a, 1.530%, 3/15/61 | &nbsp;&nbsp; 2199702 |
| &nbsp;&nbsp; 2916230 | &nbsp;&nbsp;JG Wentworth XLII LLC, Ser 2018-2A, Class A, 144a, 3.960%, 10/15/75 | &nbsp;&nbsp; 2695890 |
| &nbsp;&nbsp; 1295070 | &nbsp;&nbsp;JGWPT XXVII LLC, Ser 2012-3A, Class A, 144a, 3.220%, 9/15/65 | &nbsp;&nbsp; 1165756 |
| &nbsp;&nbsp; 1420290 | &nbsp;&nbsp;JGWPT XXXI LLC, Ser 2014-1A, Class A, 144a, 3.960%, 3/15/63 | &nbsp;&nbsp; 1322825 |
| &nbsp;&nbsp; 994236 | &nbsp;&nbsp;JGWPT XXXIV LLC, Ser 2015-1A, Class A, 144a, 3.260%, 9/15/72 | &nbsp;&nbsp; 872080 |
| &nbsp;&nbsp; 4445000 | &nbsp;&nbsp;Louisiana Local Government Environmental Fac. & Community Development Auth, Revenue, Ser 2022-ELL, Class A2, 4.145%, 2/1/33 | &nbsp;&nbsp; 4357366 |
| &nbsp;&nbsp; 962291 | &nbsp;&nbsp;Oklahoma Development Finance Auth., Ser 2022-ONG, Class A1, 3.877%, 5/1/37 | &nbsp;&nbsp; 930130 |
| &nbsp;&nbsp; 3883442 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2021-10B, Class 1, 1.304%, 9/10/31 | &nbsp;&nbsp; 3386784 |
| &nbsp;&nbsp; 4474251 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2021-25I, Class 1, 1.560%, 9/1/46 | &nbsp;&nbsp; 3671873 |
| &nbsp;&nbsp; 2420341 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-10B, Class 1, 5.688%, 9/10/33 | &nbsp;&nbsp; 2502809 |
| &nbsp;&nbsp; 3517553 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-25G, Class 1, 5.180%, 7/1/48 | &nbsp;&nbsp; 3587008 |
| &nbsp;&nbsp; 2895082 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-25H, Class 1, 5.150%, 8/1/48 | &nbsp;&nbsp; 2945650 |
| &nbsp;&nbsp; 451089 | &nbsp;&nbsp;Sunnova Hestia I Issuer LLC, Ser 2023-GRID1, Class 1A, 144a, 5.750%, 12/20/50 | &nbsp;&nbsp; 455467 |
| &nbsp;&nbsp; 2670197 | &nbsp;&nbsp;Sunnova Hestia II Issuer LLC, Ser 2024-GRID1, Class 1A, 144a, 5.630%, 7/20/51 | &nbsp;&nbsp; 2679427 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | $37537443 |
|  | &nbsp;&nbsp;**Municipal Bonds — 5.9%** |  |
|  | &nbsp;&nbsp;**California — 2.4%** |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;California Health Facilities Financing Authority, 2.704%, 6/1/30 | &nbsp;&nbsp; 922340 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;California Health Facilities Financing Authority, 2.229%, 6/1/32 | &nbsp;&nbsp; 1710636 |
| &nbsp;&nbsp; 875000 | &nbsp;&nbsp;California Health Facilities Financing Authority, 4.140%, 6/1/34 | &nbsp;&nbsp; 831987 |
| &nbsp;&nbsp; 1535000 | &nbsp;&nbsp;California Municipal Finance Authority, Revenue, 2.519%, 10/1/35 | &nbsp;&nbsp; 1023935 |
| &nbsp;&nbsp; 1465000 | &nbsp;&nbsp;City of San Francisco Public Utilities Commission Water Revenue, Build America Bonds, 6.950%, 11/1/50 | &nbsp;&nbsp; 1654006 |
| &nbsp;&nbsp; 2345000 | &nbsp;&nbsp;East Bay Municipal Utility District Water System Revenue, Build America Bonds Sub, 5.874%, 6/1/40 | &nbsp;&nbsp; 2467237 |
| &nbsp;&nbsp; 2675000 | &nbsp;&nbsp;State of California, Build America Bonds, UTGO, 7.300%, 10/1/39 | &nbsp;&nbsp; 3106919 |
| &nbsp;&nbsp; 2540000 | &nbsp;&nbsp;Tuolumne Wind Project Auth., Build America Bonds, Revenue, 6.918%, 1/1/34 | &nbsp;&nbsp; 2759308 |
|  |  | &nbsp;&nbsp; 14476368 |
|  | &nbsp;&nbsp;**Texas — 0.9%** |  |
| &nbsp;&nbsp; 1770000 | &nbsp;&nbsp;Dallas Area Rapid Transit, Revenue, Build America Bonds, 5.999%, 12/1/44 | &nbsp;&nbsp; 1845582 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Municipal Bonds — 5.9% (Continued)** |  |
|  | &nbsp;&nbsp;**Texas — (Continued)** |  |
| $2640000 | &nbsp;&nbsp;Texas Department of Transportation State Highway Fund, Build America Bonds, Revenue, 5.178%, 4/1/30 | $2681671 |
| &nbsp;&nbsp; 1281000 | &nbsp;&nbsp;Travis County Housing Finance Corp, Revenue, 2.550%, 7/1/42 | &nbsp;&nbsp; 857239 |
|  |  | &nbsp;&nbsp; 5384492 |
|  | &nbsp;&nbsp;**Oklahoma — 0.5%** |  |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Oklahoma Development Finance Auth., Revenue, 5.087%, 2/1/52 | &nbsp;&nbsp; 2896490 |
|  | &nbsp;&nbsp;**Indiana — 0.5%** |  |
| &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Build America Bonds, 6.116%, 1/15/40 | &nbsp;&nbsp; 2887046 |
|  | &nbsp;&nbsp;**Virginia — 0.4%** |  |
| &nbsp;&nbsp; 899795 | &nbsp;&nbsp;Virginia Housing Development Authority, 2.950%, 10/25/49 | &nbsp;&nbsp; 761480 |
| &nbsp;&nbsp; 2335096 | &nbsp;&nbsp;Virginia Housing Development Authority, 2.125%, 7/25/51 | &nbsp;&nbsp; 1864285 |
|  |  | &nbsp;&nbsp; 2625765 |
|  | &nbsp;&nbsp;**New York — 0.4%** |  |
| &nbsp;&nbsp; 1135000 | &nbsp;&nbsp;Port Authority of New York & New Jersey, 4.960%, 8/1/46 | &nbsp;&nbsp; 1081165 |
| &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;Port Authority of New York and New Jersey, Cons One Hundred Sixty-Eight, 4.926%, 10/1/51 | &nbsp;&nbsp; 1320083 |
|  |  | &nbsp;&nbsp; 2401248 |
|  | &nbsp;&nbsp;**Minnesota — 0.4%** |  |
| &nbsp;&nbsp; 3137766 | &nbsp;&nbsp;Minnesota Housing Finance Agency, Revenue, 1.580%, 2/1/51 | &nbsp;&nbsp; 2303923 |
|  | &nbsp;&nbsp;**Nevada — 0.2%** |  |
| &nbsp;&nbsp; 1540871 | &nbsp;&nbsp;Nevada Housing Division, Revenue, 1.900%, 11/1/44 | &nbsp;&nbsp; 1325881 |
|  | &nbsp;&nbsp;**Ohio — 0.2%** |  |
| &nbsp;&nbsp; 1263000 | &nbsp;&nbsp;Ohio State HFA, Revenue, 2.650%, 11/1/41 | &nbsp;&nbsp; 1079196 |
|  | &nbsp;&nbsp;**Louisiana — 0.0%** |  |
| &nbsp;&nbsp; 407907 | &nbsp;&nbsp;Louisiana Housing Corp., 2.875%, 11/1/38 | &nbsp;&nbsp; 373288 |
|  | &nbsp;&nbsp;**Total Municipal Bonds** | $35753697 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 4.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 4.6%** |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2024-5C27, Class A2, 5.550%, 7/15/57 | &nbsp;&nbsp; 3062687 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;BMO Mortgage Trust, Ser 2024-5C7, Class A2, 5.092%, 11/15/57 | &nbsp;&nbsp; 3027061 |
| &nbsp;&nbsp; 16090 | &nbsp;&nbsp;CD Mortgage Trust, Ser 2006-CD3, Class AJ, 5.688%, 10/15/48 | &nbsp;&nbsp; 14973 |
| &nbsp;&nbsp; 935000 | &nbsp;&nbsp;CHI Commercial Mortgage Trust, Ser 2025-SFT, Class A, 144a, 5.665%, 4/15/42<sup>(A)(B)</sup> | &nbsp;&nbsp; 938514 |
| &nbsp;&nbsp; 2979161 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2020-555, Class A, 144a, 2.647%, 12/10/41 | &nbsp;&nbsp; 2608389 |
| &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;COMM Mortgage Trust, Ser 2020-SBX, Class A, 144a, 1.670%, 1/10/38 | &nbsp;&nbsp; 2157728 |
| &nbsp;&nbsp; 2440000 | &nbsp;&nbsp;DOLP Trust, Ser 2021-NYC, Class A, 144a, 2.956%, 5/10/41 | &nbsp;&nbsp; 2140663 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2015-K48, Class B, 144a, 3.640%, 8/25/48<sup>(A)(B)</sup> | &nbsp;&nbsp; 497299 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2015-K50, Class B, 144a, 3.792%, 10/25/48<sup>(A)(B)</sup> | &nbsp;&nbsp; 2976474 |
| &nbsp;&nbsp; 370000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2015-K51, Class B, 144a, 3.960%, 10/25/48<sup>(A)(B)</sup> | &nbsp;&nbsp; 367134 |
| &nbsp;&nbsp; 2075000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2016-K52, Class B, 144a, 3.936%, 1/25/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 2055621 |
| &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2017-K65, Class B, 144a, 4.082%, 7/25/50<sup>(A)(B)</sup> | &nbsp;&nbsp; 1423533 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Touchstone US Quality Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 4.6% (Continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 4.6% (Continued)** |
| $525000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2017-K69, Class B, 144a, 3.727%, 10/25/49<sup>(A)(B)</sup> | $511603 |
| &nbsp;&nbsp; 2417589 | &nbsp;&nbsp;Logistics 1 MI TN VA Senior Notes CTL Pass-Through Trust, 144a, 2.654%, 10/10/42 | &nbsp;&nbsp; 1953209 |
| &nbsp;&nbsp; 2550000 | &nbsp;&nbsp;MKT Mortgage Trust, Ser 2020-525M, Class A, 144a, 2.694%, 2/12/40 | &nbsp;&nbsp; 2216789 |
| &nbsp;&nbsp; 2185000 | &nbsp;&nbsp;SLG Office Trust, Ser 2021-OVA, Class A, 144a, 2.585%, 7/15/41 | &nbsp;&nbsp; 1873709 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | $27825386 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.1%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.1%** |
| &nbsp;&nbsp; 361817 | &nbsp;&nbsp;Virginia Housing Development Auth., Ser 2013-B, Class A, 2.750%, 4/25/42 | &nbsp;&nbsp; 304810 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.5%** |  |
| 2930970 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | &nbsp;&nbsp; 2930970 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.4%<br> (Cost $640,895,515)** | $599356252 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.6%** | &nbsp;&nbsp; 3809604 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $603165856 |

---

*(A)* *Variable rate security - Rate reflected is the rate in effect as of March 31, 2025.* 

*(B)* *Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.* 

*(C)* *Strip Security- Separate trading of Registered Interest and Principal. Holders of a principal strip security are entitled to the portion of the payment representing principal only.* 

*∞* *Open-End Fund.* 

*Ω* *Represents the 7-Day SEC yield as of March 31, 2025.* 

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *FNMA – Federal National Mortgage Association* |
| *FREMF – Freddie Mac Multifamily Securitization* |
| *FRESB – Freddie Mac Multifamily Securitization Small Balance Loan* |
| *GNMA – Government National Mortgage Association* |
| *HFA – Housing Finance Authority/Agency* |
| *LLC – Limited Liability Company* |
| *LP – Limited Partnership* |
| *MTN – Medium Term Note* |
| *REIT – Real Estate Investment Trust* |
| *REMIC – Real Estate Mortgage Investment Conduit* |
| *SOFR30A – Secured Overnight Financing Rate 30 Day Average* |
| *TSFR1M – One Month Term Secured Overnight Financing Rate* |
| *UTGO – Unlimited Tax General Obligation* |
| *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 March 31, 2025, these securities were valued at $82,369,760 or 13.7% 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*** |
| *Corporate Bonds* | *$—* | *$179144236* | *$—* | *$179144236* |
| *U.S. Government Agency Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*134451926* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*134451926* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*91755483* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*91755483* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*46504586* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*46504586* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*43147715* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*43147715* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*37537443* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*37537443* |
| *Municipal Bonds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*35753697* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*35753697* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*27825386* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*27825386* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*304810* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*304810* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;*2930970* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2930970* |
| *Total* | *$2930970* | *$596425282* | *$—* | *$599356252* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

This page intentionally left blank.

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Active Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Dividend<br> Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** |
| **Assets** |  |  |  |  |  |  |
| Investments, at cost | $271043301 | $797644246 | $2032398352 | $106504347 | $4191677704 | $430949071 |
| Investments, at market value \* | $259168982 | $785937679 | $2298753442 | $103296675 | $5429695016 | $552278161 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612010 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Cash deposits held at prime broker <sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71103 |  |  |  |  |
| Foreign currency † |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065175 |  |  |  |  |
| Unrealized appreciation on forward foreign currency contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107582 |  |  |  |  |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9493936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801195 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6774467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203667 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8454502 |  |  |  |  |
| Receivable for securities lending income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11253 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 |  |  |
| Tax reclaim receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12973 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 |  |  |
| Other assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10071 |  |  |  |  |
| **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;261643605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810138014 | &nbsp;&nbsp;&nbsp;&nbsp;2301139139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105031075 | &nbsp;&nbsp;&nbsp;&nbsp;5439190882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553283034 |
| **Liabilities** |  |  |  |  |  |  |
| Due to prime broker |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728415 |  |  |  |  |
| Written options, at market value ‡ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 |  |  |  |  |
| Dividends payable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 |  |  |
| Payable for return of collateral for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5319739 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324545 |  |  |
| Deferred foreign capital gains tax |  |  |  |  |  |  |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11528388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181798 |
| Payable for investments purchased |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14253521 |  |  |  |  |
| Payable to Investment Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314794 |
| Payable to other affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66148 |
| Payable to Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 |
| Payable for professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15230 |
| Payable for reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77656 |
| Payable for transfer agent services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114500 |
| Payable for variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720 |  |  |  |  |  |
| Payable for variation margin on swap agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33345 |  |  |  |  |
| Other accrued expenses and liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30773 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21974857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16537121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816891 |
| **Net Assets** | $261078884 | $788163157 | $2297514698 | $104579853 | $5422653761 | $551466143 |
| **Net assets consist of:** |  |  |  |  |  |  |
| Par value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245635 |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;399931455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888342188 | &nbsp;&nbsp;&nbsp;&nbsp;2012308143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129451485 | &nbsp;&nbsp;&nbsp;&nbsp;4082853466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407446058 |
| Distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;(139130593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101047810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283941110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25009094) | &nbsp;&nbsp;&nbsp;&nbsp;1338770483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143774450 |
| Net Assets | $261078884 | $788163157 | $2297514698 | $104579853 | $5422653761 | $551466143 |
| *\*Includes market value of securities on loan of:* | *$—* | *$5056208* | *$—* | *$315755* | *$—* | *$—* |
| *†Cost of foreign currency:* | *$—* | *$3077571* | *$—* | *$—* | *$—* | *$—* |
| *‡Premiums received from written options:* | *$—* | *$8800* | *$—* | *$—* | *$—* | *$—* |

---

*<sup>(A)</sup>* *Represents segregated cash for futures contracts, swap agreement, and/or securities sold short.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Assets and Liabilities (Unaudited) (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Touchstone Sands Capital International Growth Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Cap<br> Value Fund** | &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration<br> Fixed Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** |
| $80936976 | $1536401415 | $227175903 | $172383322 | $731941875 | $640895515 |
| $96534108 | $2084869614 | $259654995 | $187898408 | $730571407 | $599356252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48128 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4525340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4464006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6525 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69325 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52875 |  |
| 96714827 | &nbsp;&nbsp;&nbsp;&nbsp;2086248053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260137970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189592649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738556844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604960086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15276585 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;111203 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6742103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19795 |
| &nbsp;&nbsp;&nbsp;&nbsp;262767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19286272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7228651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794230 |
| $96452060 | $2066961781 | $258848717 | $188933359 | $731328193 | $603165856 |
| &nbsp;&nbsp;&nbsp;&nbsp;119587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665393 |
| 91353442 | &nbsp;&nbsp;&nbsp;&nbsp;1478140578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224240334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171870965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844047196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663073205 |
| &nbsp;&nbsp;&nbsp;4979031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587500967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34428163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17010396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113510878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60572742) |
| $96452060 | $2066961781 | $258848717 | $188933359 | $731328193 | $603165856 |
| *$—* | *$15482600* | *$—* | *$—* | *$—* | *$—* |
| *$48325* | *$—* | *$—* | *$—* | *$—* | *$—* |
| *$—* | *$—* | *$—* | *$—* | *$—* | *$—* |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Assets and Liabilities (Unaudited) (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Active Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Dividend<br> Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** |
| **Pricing of Class A Shares** |  |  |  |  |  |  |
| Net assets applicable to Class A shares | $112162510 | $120072102 | $1471295633 | $11149481 | $155808501 | $14764041 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11926808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13420619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80943950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668345 |
| Net asset value price per share\* | $9.40 | $8.95 | $18.18 | $7.37 | $51.67 | $22.09 |
| Maximum sales charge - Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% |
| Maximum offering price per share<br> (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares | $9.72 | $9.25 | $19.14 | $7.62 | $54.39 | $23.25 |
| **Pricing of Class C Shares** |  |  |  |  |  |  |
| Net assets applicable to Class C shares | $2141194 | $30325548 | $153571559 | $387542 | $72180517 | $1229211 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3537927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58873 |
| Net asset value and offering price per share\*\* | $8.50 | $8.57 | $18.03 | $7.34 | $46.56 | $20.88 |
| **Pricing of Class S Shares** |  |  |  |  |  |  |
| Net assets applicable to Class S shares | $— | $— | $— | $— | $— | $— |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) |  |  |  |  |  |  |
| Net asset value, offering price and redemption price per share | $— | $— | $— | $— | $— | $— |
| **Pricing of Class Y Shares** |  |  |  |  |  |  |
| Net assets applicable to Class Y shares | $42793785 | $551897745 | $660697119 | $18862864 | $3766502215 | $156168062 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60573930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36423893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71438127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6994533 |
| Net asset value, offering price and redemption price per share | $9.40 | $9.11 | $18.14 | $7.64 | $52.72 | $22.33 |
| **Pricing of Class Z Shares** |  |  |  |  |  |  |
| Net assets applicable to Class Z shares | $— | $— | $— | $— | $38511293 | $— |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751167 |  |
| Net asset value, offering price and redemption price per share | $— | $— | $— | $— | $51.27 | $— |
| **Pricing of Institutional Class Shares** |  |  |  |  |  |  |
| Net assets applicable to Institutional Class shares | $103981395 | $85867762 | $2850193 | $74179966 | $712543537 | $379304829 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11069137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9345442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9712513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13456496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16841722 |
| Net asset value, offering price and redemption price per share | $9.39 | $9.19 | $18.12 | $7.64 | $52.95 | $22.52 |
| **Pricing of Class R6 Shares** |  |  |  |  |  |  |
| Net assets applicable to Class R6 shares | $— | $— | $9100194 | $— | $677107698 | $— |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501776 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12769864 |  |
| Net asset value, offering price and redemption price per share | $— | $— | $18.14 | $— | $53.02 | $— |

---

*\** *There is no sales load on subscriptions of $1 million or more for all funds except for Active Bond Fund, Ares Credit Opportunities Fund, High Yield Fund, Ultra Short Duration Fixed Income Fund and US Quality Bond Fund. There is no sales load on subscriptions of $500,000 or more for Active Bond Fund, Ares Credit Opportunities Fund, High Yield Fund, Ultra Short Duration Fixed Income Fund and US Quality Bond Fund. Redemptions that were part of a $500,000 or $1million or more subscription, as applicable, may be subject to a contingent deferred sales load if redeemed within a one-year period from the date of purchase.* 

*\*\** *Redemption price per share varies by length of time shares are held due to the terms of the contingent deferred sales charge.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Assets and Liabilities (Unaudited) (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Touchstone Sands Capital International Growth Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Cap<br> Value Fund** | &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration<br> Fixed Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** |
| $8117705 | $355372686 | $34998012 | $23425045 | $83723704 | $14706603 |
| &nbsp;&nbsp;&nbsp;1011287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24851715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9068243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624632 |
| $8.03 | $14.30 | $14.09 | $36.02 | $9.23 | $9.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% |
| $8.45 | $15.05 | $14.83 | $37.92 | $9.42 | $9.35 |
| $778104 | $14250426 | $1567319 | $411433 | $5471373 | $1229477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135904 |
| $8.17 | $14.07 | $12.16 | $33.78 | $9.24 | $9.05 |
| $— | $— | $— | $— | $27099063 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933609 |  |
| $— | $— | $— | $— | $9.24 | $— |
| $71507457 | $552308964 | $186350404 | $40441887 | $467259325 | $279352840 |
| &nbsp;&nbsp;&nbsp;8866362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34072758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12909770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50584569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30814534 |
| $8.07 | $16.21 | $14.43 | $36.29 | $9.24 | $9.07 |
| $— | $208846511 | $— | $— | $38617309 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14591706 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4181355 |  |
| $— | $14.31 | $— | $— | $9.24 | $— |
| $2105003 | $659468204 | $35932982 | $124654994 | $109157419 | $278641138 |
| &nbsp;&nbsp;&nbsp;&nbsp;260457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40527662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11827537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30738424 |
| $8.08 | $16.27 | $14.38 | $36.42 | $9.23 | $9.06 |
| $13943791 | $276714990 | $— | $— | $— | $29235798 |
| &nbsp;&nbsp;&nbsp;1725318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16967224 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225782 |
| $8.08 | $16.31 | $— | $— | $— | $9.06 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Operations For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Active Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Dividend<br> Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** |
| **Investment Income** |  |  |  |  |
| Dividends\* | $105864 | $833962 | $30666700 | $28063 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28198656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659514 |
| Income from securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552 |
| **Total Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5943473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29100983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30666700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689129 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6319049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289630 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70753 |
| Compliance fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22343 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17347 |
| Transfer Agent fees, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7578 |
| Transfer Agent fees, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| Transfer Agent fees, Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfer Agent fees, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11379 |
| Transfer Agent fees, Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfer Agent fees, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| Transfer Agent fees, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Registration fees, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6261 |
| Registration fees, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966 |
| Registration fees, Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Registration fees, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6684 |
| Registration fees, Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Registration fees, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6798 |
| Registration fees, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest expense on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reports to Shareholders, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249 |
| Reports to Shareholders, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637 |
| Reports to Shareholders, Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reports to Shareholders, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896 |
| Reports to Shareholders, Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reports to Shareholders, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731 |
| Reports to Shareholders, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shareholder servicing fees, Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distribution and shareholder servicing expenses, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14269 |
| Distribution and shareholder servicing expenses, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992 |
| Distribution expenses, Class S |  |  |  |  |
| Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21671 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12121733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506925 |
| Fees waived and/or reimbursed by the Adviser and/or Affiliates<sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97446) |
| Fees eligible for recoupment by the Adviser<sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3111826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11851633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409479 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5087438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25989157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18815067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279650 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |
| Net realized gains (losses) on investments<sup>(B)(C)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1876391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3970380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27975252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59533) |
| Net realized gains on written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gains (losses) on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gains on forward foreign currency 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;&nbsp;&nbsp;&nbsp;&nbsp;39110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gains (losses) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 investments† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4315219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15498395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70866357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2318627) |
| Net change in unrealized appreciation (depreciation) on written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 forward foreign currency 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;&nbsp;&nbsp;211497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 and Unrealized Gains (Losses) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6495357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19167172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42891105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2378160) |
| **Change in Net Assets Resulting from Operations** | $(1407919) | $6821985 | $(24076038) | $901490 |
| *\*Net of foreign tax withholding of:* | *$—* | *$—* | *$—* | *$—* |
| *†Includes decrease in deferred foreign capital gain tax of:* | *$—* | *$—* | *$—* | *$—* |

---

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

*<sup>(B)</sup>* *Includes foreign capital gains taxes paid of $3,108 for the Sands Capital International Growth Equity Fund.* 

*<sup>(C)</sup>* *Net realized gains on investments includes the realized gains of $84,785,334, $13,741,961, $165,389,580, $5,419,593 and $4,484,584 for the Mid Cap Fund, the Mid Cap Value Fund, the Sand Capital Select Growth Fund, the Small Cap Fund and the Small Cap Value Fund, respectively, for redemption-in-kind activity, which will not be recognized by the Fund for tax purposes.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Operations (Unaudited) (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone<br> Mid Cap<br> Fund** | **Touchstone<br> Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Touchstone Sands Capital International Growth Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Cap<br> Value Fund** | &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration<br> Fixed Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** |
| $30407043 | $5462629 | $256214 | $3552866 | $1453343 | $1926573 | $25313 | $116705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16805898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12495362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;30430431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5462629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3599402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16831211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12612067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19109204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7672416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31566 |
| &nbsp;&nbsp;&nbsp;&nbsp;27216596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11858030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(607070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 |
| &nbsp;&nbsp;&nbsp;&nbsp;27209721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7651558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15350561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11214464 |
| &nbsp;&nbsp;&nbsp;&nbsp;116080782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25017074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765448) | &nbsp;&nbsp;&nbsp;&nbsp;285635408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5865204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(678467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(495794996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42409712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2049806) | &nbsp;&nbsp;&nbsp;&nbsp;(274013406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16433602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16669713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11749035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;(379714214) | &nbsp;&nbsp;&nbsp;&nbsp;(17392638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2809501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11622002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13620143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10804509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12427502) |
| $(376493504) | $(14661181) | $(3022351) | $3970444 | $(13626184) | $(10002828) | $15997064 | $(1213038) |
| *$97353* | *$4160* | *$26473* | *$55234* | *$—* | *$—* | *$—* | *$—* |
| *$—* | *$—* | *$21082* | *$—* | *$—* | *$—* | *$—* | *$—* |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Active Bond<br> Fund** | **Touchstone<br> Active Bond<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Ares Credit Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Ares Credit Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Dividend Equity Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Dividend Equity Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income | $5087438 | &nbsp;&nbsp;&nbsp;$10068887 | &nbsp;&nbsp;&nbsp;$25989157 | &nbsp;&nbsp;&nbsp;$37802794 | &nbsp;&nbsp;&nbsp;$18815067 | &nbsp;&nbsp;&nbsp;$44439487 |
| Net realized gains (losses) on investments, securities sold short, written options, futures contracts, swap agreements, forward foreign currency contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(2222439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5868919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3880137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7523581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27975252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130992842 |
| Net change in unrealized appreciation (depreciation) on investments, securities sold short, written options, futures contracts, swap agreements, forward foreign currency contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(4272918) | &nbsp;&nbsp;&nbsp;&nbsp;25934255 | &nbsp;&nbsp;&nbsp;&nbsp;(15287035) | &nbsp;&nbsp;&nbsp;&nbsp;30023868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70866357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448769236 |
| **Change in Net Assets from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;(1407919) | &nbsp;&nbsp;&nbsp;&nbsp;30134223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6821985 | &nbsp;&nbsp;&nbsp;&nbsp;60303081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24076038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624201565 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Distributed earnings, Class A | &nbsp;&nbsp;&nbsp;&nbsp;(2182264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4459357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4505274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9246400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89398582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68723644) |
| Distributed earnings, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1109150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1782625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10299647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12360172) |
| Distributed earnings, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(870828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1895734) | &nbsp;&nbsp;&nbsp;&nbsp;(18822074) | &nbsp;&nbsp;&nbsp;&nbsp;(23953726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40626097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34119389) |
| Distributed earnings, Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distributed earnings, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(2081978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3431408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3093477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2983154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105264) |
| Distributed earnings, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(595839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134254) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp;(5176347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9883689) | &nbsp;&nbsp;&nbsp;&nbsp;(27529975) | &nbsp;&nbsp;&nbsp;&nbsp;(37965905) | &nbsp;&nbsp;&nbsp;&nbsp;(141097485) | &nbsp;&nbsp;&nbsp;&nbsp;(115442723) |
| **Change in Net Assets from Share Transactions<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4107516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8295198) | &nbsp;&nbsp;&nbsp;&nbsp;185514194 | &nbsp;&nbsp;&nbsp;&nbsp;255423069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63355425) | &nbsp;&nbsp;&nbsp;&nbsp;(388991315) |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(2476750) | &nbsp;&nbsp;&nbsp;&nbsp;11955336 | &nbsp;&nbsp;&nbsp;&nbsp;164806204 | &nbsp;&nbsp;&nbsp;&nbsp;277760245 | &nbsp;&nbsp;&nbsp;&nbsp;(228528948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119767527 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;263555634 | &nbsp;&nbsp;&nbsp;&nbsp;251600298 | &nbsp;&nbsp;&nbsp;&nbsp;623356953 | &nbsp;&nbsp;&nbsp;&nbsp;345596708 | &nbsp;&nbsp;&nbsp;&nbsp;2526043646 | &nbsp;&nbsp;&nbsp;&nbsp;2406276119 |
| End of period | $261078884 | &nbsp;&nbsp;&nbsp;$263555634 | &nbsp;&nbsp;&nbsp;$788163157 | &nbsp;&nbsp;&nbsp;$623356953 | &nbsp;&nbsp;&nbsp;$2297514698 | &nbsp;&nbsp;&nbsp;$2526043646 |

---

*(A)* *For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Changes in Net Assets (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Touchstone<br> High Yield<br> Fund** | **Touchstone<br> High Yield<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Mid<br> Cap<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Mid<br> Cap<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** |
| **For the<br> Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** |
| $3279650 | &nbsp;&nbsp;&nbsp;$6273419 | &nbsp;&nbsp;&nbsp;$3220710 | &nbsp;&nbsp;&nbsp;$14915806 | &nbsp;&nbsp;&nbsp;$2731457 | &nbsp;&nbsp;&nbsp;$6240286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116080782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184440434 | &nbsp;&nbsp;&nbsp;&nbsp;25017074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84218718 |
| &nbsp;&nbsp;&nbsp;(2318627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7099725 | &nbsp;&nbsp;&nbsp;&nbsp;(495794996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954801639 | &nbsp;&nbsp;&nbsp;&nbsp;(42409712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43415431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901490 | &nbsp;&nbsp;&nbsp;&nbsp;13307514 | &nbsp;&nbsp;&nbsp;&nbsp;(376493504) | &nbsp;&nbsp;&nbsp;&nbsp;1154157879 | &nbsp;&nbsp;&nbsp;&nbsp;(14661181) | &nbsp;&nbsp;&nbsp;&nbsp;133874435 |
| &nbsp;&nbsp;&nbsp;&nbsp;(348734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3796542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1041503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(791011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1936283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44228) |
| &nbsp;&nbsp;&nbsp;&nbsp;(582120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1168613) | &nbsp;&nbsp;&nbsp;&nbsp;(103709789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33202497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8631283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6087273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(982189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(2348955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4417000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18401276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5518854) | &nbsp;&nbsp;&nbsp;&nbsp;(21546637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6531520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18722741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7734788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(3290838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6316657) | &nbsp;&nbsp;&nbsp;&nbsp;(147548820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48290325) | &nbsp;&nbsp;&nbsp;&nbsp;(31051557) | &nbsp;&nbsp;&nbsp;&nbsp;(12928693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1039081) | &nbsp;&nbsp;&nbsp;&nbsp;(138441040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435390499 | &nbsp;&nbsp;&nbsp;&nbsp;(15765343) | &nbsp;&nbsp;&nbsp;&nbsp;(205369656) |
| &nbsp;&nbsp;&nbsp;(2045801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951776 | &nbsp;&nbsp;&nbsp;&nbsp;(662483364) | &nbsp;&nbsp;&nbsp;&nbsp;1541258053 | &nbsp;&nbsp;&nbsp;&nbsp;(61478081) | &nbsp;&nbsp;&nbsp;&nbsp;(84423914) |
| 106625654 | &nbsp;&nbsp;&nbsp;&nbsp;100673878 | &nbsp;&nbsp;&nbsp;&nbsp;6085137125 | &nbsp;&nbsp;&nbsp;&nbsp;4543879072 | &nbsp;&nbsp;&nbsp;&nbsp;612944224 | &nbsp;&nbsp;&nbsp;&nbsp;697368138 |
| $104579853 | &nbsp;&nbsp;&nbsp;$106625654 | &nbsp;&nbsp;&nbsp;$5422653761 | &nbsp;&nbsp;&nbsp;$6085137125 | &nbsp;&nbsp;&nbsp;$551466143 | &nbsp;&nbsp;&nbsp;$612944224 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Changes in Net Assets (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Sands Capital<br> International Growth<br> Equity Fund** | **Touchstone<br> Sands Capital<br> International Growth<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Small<br> Cap<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Small<br> Cap<br> Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income (loss) | $(212850) | &nbsp;&nbsp;&nbsp;$(113424) | &nbsp;&nbsp;&nbsp;$(7651558) | &nbsp;&nbsp;&nbsp;$(16990003) | &nbsp;&nbsp;&nbsp;$(6041) | &nbsp;&nbsp;&nbsp;$561470 |
| Net realized gains (losses) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(755988) | &nbsp;&nbsp;&nbsp;&nbsp;13027097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285635408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495208316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5832294 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(2053513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266254 | &nbsp;&nbsp;&nbsp;&nbsp;(274013406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369768902 | &nbsp;&nbsp;&nbsp;&nbsp;(16433602) | &nbsp;&nbsp;&nbsp;&nbsp;29610226 |
| **Change in Net Assets from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;(3022351) | &nbsp;&nbsp;&nbsp;&nbsp;17179927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847987215 | &nbsp;&nbsp;&nbsp;&nbsp;(13626184) | &nbsp;&nbsp;&nbsp;&nbsp;36003990 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Distributed earnings, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336428) |
| Distributed earnings, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9828) |
| Distributed earnings, Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distributed earnings, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(6720733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2801356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3207156) |
| Distributed earnings, Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distributed earnings, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1293778) |
| Distributed earnings, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(1736626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** | &nbsp;&nbsp;&nbsp;&nbsp;(9573567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1674062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3767874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4847190) |
| **Change in Net Assets from Share Transactions<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3640) | &nbsp;&nbsp;&nbsp;&nbsp;57608911 | &nbsp;&nbsp;&nbsp;&nbsp;(395138377) | &nbsp;&nbsp;&nbsp;&nbsp;(688966686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54986) | &nbsp;&nbsp;&nbsp;&nbsp;114871848 |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;(12599558) | &nbsp;&nbsp;&nbsp;&nbsp;73114776 | &nbsp;&nbsp;&nbsp;&nbsp;(391167933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159020529 | &nbsp;&nbsp;&nbsp;&nbsp;(17449044) | &nbsp;&nbsp;&nbsp;&nbsp;146028648 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;109051618 | &nbsp;&nbsp;&nbsp;&nbsp;35936842 | &nbsp;&nbsp;&nbsp;&nbsp;2458129714 | &nbsp;&nbsp;&nbsp;&nbsp;2299109185 | &nbsp;&nbsp;&nbsp;&nbsp;276297761 | &nbsp;&nbsp;&nbsp;&nbsp;130269113 |
| End of period | $96452060 | &nbsp;&nbsp;&nbsp;$109051618 | &nbsp;&nbsp;&nbsp;$2066961781 | &nbsp;&nbsp;&nbsp;$2458129714 | &nbsp;&nbsp;&nbsp;$258848717 | &nbsp;&nbsp;&nbsp;$276297761 |

---

*(A)* *For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Changes in Net Assets (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Touchstone<br> Small<br> Cap Value<br> Fund** | **Touchstone<br> Small<br> Cap Value<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** |
| **For the<br> Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** |
| $801681 | &nbsp;&nbsp;&nbsp;$1116790 | &nbsp;&nbsp;&nbsp;$15350561 | &nbsp;&nbsp;&nbsp;$25875705 | &nbsp;&nbsp;&nbsp;$11214464 | &nbsp;&nbsp;&nbsp;$19866168 |
| &nbsp;&nbsp;&nbsp;&nbsp;5865204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5901416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(678467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6212149) |
| &nbsp;&nbsp;(16669713) | &nbsp;&nbsp;&nbsp;&nbsp;24985942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8513230 | &nbsp;&nbsp;&nbsp;&nbsp;(11749035) | &nbsp;&nbsp;&nbsp;&nbsp;49507098 |
| &nbsp;&nbsp;(10002828) | &nbsp;&nbsp;&nbsp;&nbsp;32004148 | &nbsp;&nbsp;&nbsp;&nbsp;15997064 | &nbsp;&nbsp;&nbsp;&nbsp;34424731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1213038) | &nbsp;&nbsp;&nbsp;&nbsp;63161117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2039242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3949251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(663043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1550310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(251007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9534678) | &nbsp;&nbsp;&nbsp;&nbsp;(11746112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5276090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9267380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(972940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2009557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(925649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3028872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5905532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5657569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9610376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(543003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(968242) |
| &nbsp;&nbsp;&nbsp;(1255702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(705636) | &nbsp;&nbsp;&nbsp;&nbsp;(16344126) | &nbsp;&nbsp;&nbsp;&nbsp;(25321141) | &nbsp;&nbsp;&nbsp;&nbsp;(11770802) | &nbsp;&nbsp;&nbsp;&nbsp;(20419077) |
| &nbsp;&nbsp;(16680403) | &nbsp;&nbsp;&nbsp;&nbsp;73261045 | &nbsp;&nbsp;&nbsp;&nbsp;213562309 | &nbsp;&nbsp;&nbsp;&nbsp;22269748 | &nbsp;&nbsp;&nbsp;&nbsp;15044738 | &nbsp;&nbsp;&nbsp;&nbsp;38090671 |
| &nbsp;&nbsp;(27938933) | &nbsp;&nbsp;&nbsp;&nbsp;104559557 | &nbsp;&nbsp;&nbsp;&nbsp;213215247 | &nbsp;&nbsp;&nbsp;&nbsp;31373338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060898 | &nbsp;&nbsp;&nbsp;&nbsp;80832711 |
| 216872292 | &nbsp;&nbsp;&nbsp;&nbsp;112312735 | &nbsp;&nbsp;&nbsp;&nbsp;518112946 | &nbsp;&nbsp;&nbsp;&nbsp;486739608 | &nbsp;&nbsp;&nbsp;&nbsp;601104958 | &nbsp;&nbsp;&nbsp;&nbsp;520272247 |
| $188933359 | &nbsp;&nbsp;&nbsp;$216872292 | &nbsp;&nbsp;&nbsp;$731328193 | &nbsp;&nbsp;&nbsp;$518112946 | &nbsp;&nbsp;&nbsp;$603165856 | &nbsp;&nbsp;&nbsp;$601104958 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Changes in Net Assets - Capital Stock Activity

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Active Bond<br> Fund** | **Touchstone<br> Active Bond<br> Fund** | **Touchstone<br> Active Bond<br> Fund** | **Touchstone<br> Active Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit Opportunities Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit Opportunities Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit Opportunities Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit Opportunities Fund** |
|  | **For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | **For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** |
|  | **Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| **Class A** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;300441 | $2820177 | &nbsp;&nbsp;&nbsp;&nbsp;678984 | $6303026 | &nbsp;&nbsp;&nbsp;1265174 | $11539882 | &nbsp;&nbsp;&nbsp;1846354 | $16633390 |
| Reinvestment of distributions | &nbsp;&nbsp;212111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986870 | &nbsp;&nbsp;&nbsp;&nbsp;437608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4048880 | &nbsp;&nbsp;&nbsp;&nbsp;446446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4053461 | &nbsp;&nbsp;&nbsp;&nbsp;919894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8247638 |
| Cost of Shares redeemed | &nbsp;&nbsp;(949241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8900115) | &nbsp;&nbsp;(2284827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21057071) | &nbsp;&nbsp;&nbsp;(1347865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12294708) | &nbsp;&nbsp;&nbsp;(2450577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21945240) |
| **Change from Class A Share Transactions** | (436689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4093068) | (1168235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10705165) | &nbsp;&nbsp;&nbsp;&nbsp;363755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298635 | &nbsp;&nbsp;&nbsp;&nbsp;315671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935788 |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;13193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523807 | &nbsp;&nbsp;&nbsp;&nbsp;654886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737262 | &nbsp;&nbsp;&nbsp;1536650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13266615 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;4862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96807 | &nbsp;&nbsp;&nbsp;&nbsp;124148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080748 | &nbsp;&nbsp;&nbsp;&nbsp;200217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727300 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(63155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535387) | &nbsp;&nbsp;&nbsp;&nbsp;(182890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1520689) | &nbsp;&nbsp;&nbsp;&nbsp;(422158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3679761) | &nbsp;&nbsp;&nbsp;&nbsp;(641468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5509999) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;(45100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381831) | &nbsp;&nbsp;&nbsp;(109395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900075) | &nbsp;&nbsp;&nbsp;&nbsp;356876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138249 | &nbsp;&nbsp;&nbsp;1095399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9483916 |
| **Class Y** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;588204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5519469 | &nbsp;&nbsp;&nbsp;&nbsp;959038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8828524 | &nbsp;&nbsp;24461697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227358101 | &nbsp;&nbsp;30205410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276673694 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;92899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869394 | &nbsp;&nbsp;&nbsp;&nbsp;199704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845784 | &nbsp;&nbsp;&nbsp;2032597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18787432 | &nbsp;&nbsp;&nbsp;2615812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23894780 |
| Cost of Shares redeemed | &nbsp;&nbsp;(681464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6382837) | &nbsp;&nbsp;(2105874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19389099) | &nbsp;&nbsp;&nbsp;(9312861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86328457) | &nbsp;&nbsp;(13131818) | &nbsp;&nbsp;&nbsp;&nbsp;(119197235) |
| **Change from Class Y Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6026 | &nbsp;&nbsp;&nbsp;(947132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8714791) | 17181433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159817076 | 19689404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181371239 |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | 1357953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12701383 | &nbsp;&nbsp;&nbsp;3901465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35954776 | &nbsp;&nbsp;&nbsp;2158566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20248321 | &nbsp;&nbsp;&nbsp;6747572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62470117 |
| Reinvestment of distributions | &nbsp;&nbsp;198023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852706 | &nbsp;&nbsp;&nbsp;&nbsp;338451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131114 | &nbsp;&nbsp;&nbsp;&nbsp;331855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093425 | &nbsp;&nbsp;&nbsp;&nbsp;323065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983042 |
| Cost of Shares redeemed | &nbsp;&nbsp;(637185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5977700) | &nbsp;&nbsp;(2967031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27061057) | &nbsp;&nbsp;&nbsp;&nbsp;(435506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4081512) | &nbsp;&nbsp;&nbsp;&nbsp;(409826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3821033) |
| **Change from Institutional Class Share Transactions** | &nbsp;&nbsp;918791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576389 | &nbsp;&nbsp;1272885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12024833 | &nbsp;&nbsp;&nbsp;2054915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19260234 | &nbsp;&nbsp;&nbsp;6660811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61632126 |
| **Class R6** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Class R6 Share 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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Share Transactions** | &nbsp;&nbsp;436641 | $4107516 | &nbsp;&nbsp;&nbsp;(951877) | $(8295198) | 19956979 | $185514194 | 27761285 | $255423069 |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Changes in Net Assets - Capital Stock Activity (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Touchstone<br> Dividend Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Dividend Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Dividend Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Dividend Equity Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** |
| &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** |
| &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| &nbsp;&nbsp;&nbsp;3712420 | $70178141 | &nbsp;&nbsp;&nbsp;&nbsp;8925262 | $155570756 | &nbsp;&nbsp;&nbsp;54931 | $412125 | &nbsp;&nbsp;&nbsp;&nbsp;649688 | $4770576 |
| &nbsp;&nbsp;&nbsp;4089789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75864809 | &nbsp;&nbsp;&nbsp;&nbsp;3301241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57549923 | &nbsp;&nbsp;&nbsp;42414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316605 | &nbsp;&nbsp;&nbsp;&nbsp;87356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641411 |
| &nbsp;&nbsp;(7917923) | &nbsp;&nbsp;&nbsp;&nbsp;(149379377) | &nbsp;&nbsp;(18898577) | &nbsp;&nbsp;&nbsp;&nbsp;(329539414) | (161016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1206408) | &nbsp;&nbsp;&nbsp;(762483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5606590) |
| &nbsp;&nbsp;&nbsp;(115714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3336427) | &nbsp;&nbsp;&nbsp;(6672074) | &nbsp;&nbsp;&nbsp;&nbsp;(116418735) | &nbsp;&nbsp;(63671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477678) | &nbsp;&nbsp;&nbsp;&nbsp;(25439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194603) |
| &nbsp;&nbsp;&nbsp;&nbsp;119991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282780 | &nbsp;&nbsp;&nbsp;10724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27487 |
| &nbsp;&nbsp;&nbsp;&nbsp;541426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9965836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11897105 | &nbsp;&nbsp;&nbsp;&nbsp;1194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18519 |
| &nbsp;&nbsp;(3621278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67993738) | &nbsp;&nbsp;(11067075) | &nbsp;&nbsp;&nbsp;&nbsp;(190895162) | &nbsp;&nbsp;&nbsp;(12157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90872) | &nbsp;&nbsp;&nbsp;&nbsp;(37539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270822) |
| (2959861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55775909) | (10124183) | &nbsp;&nbsp;&nbsp;&nbsp;(174715277) | &nbsp;&nbsp;&nbsp;&nbsp;(239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1464) | &nbsp;&nbsp;&nbsp;&nbsp;(31216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224816) |
| &nbsp;&nbsp;&nbsp;1958870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36661575 | &nbsp;&nbsp;&nbsp;&nbsp;3001739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52088617 | &nbsp;&nbsp;139483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084011 | &nbsp;&nbsp;&nbsp;&nbsp;759211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5783556 |
| &nbsp;&nbsp;&nbsp;1745090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32297704 | &nbsp;&nbsp;&nbsp;&nbsp;1557419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27125354 | &nbsp;&nbsp;&nbsp;74745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577755 | &nbsp;&nbsp;&nbsp;&nbsp;152884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160546 |
| &nbsp;&nbsp;(3855670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72690732) | &nbsp;&nbsp;(10718919) | &nbsp;&nbsp;&nbsp;&nbsp;(185956940) | (210560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1638021) | (1065064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8119251) |
| &nbsp;&nbsp;&nbsp;(151710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3731453) | &nbsp;&nbsp;&nbsp;(6159761) | &nbsp;&nbsp;&nbsp;&nbsp;(106742969) | &nbsp;&nbsp;&nbsp;&nbsp;3668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23745 | &nbsp;&nbsp;&nbsp;(152969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1175149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909302 | &nbsp;&nbsp;&nbsp;15404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;303250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68175 | &nbsp;&nbsp;303952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348955 | &nbsp;&nbsp;&nbsp;&nbsp;581429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460354) | (216807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1670011) | &nbsp;&nbsp;&nbsp;(810773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6162492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517123 | &nbsp;&nbsp;102549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798944 | &nbsp;&nbsp;&nbsp;&nbsp;73906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9149376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(67959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1286134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(885530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(29834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576953) | &nbsp;&nbsp;&nbsp;&nbsp;469965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| (3253652) | $(63355425) | (22459743) | $(388991315) | &nbsp;&nbsp;&nbsp;42307 | $343547 | &nbsp;&nbsp;&nbsp;(135718) | $(1039081) |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Changes in Net Assets - Capital Stock Activity (Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Mid<br> Cap<br> Fund** | **Touchstone<br> Mid<br> Cap<br> Fund** | **Touchstone<br> Mid<br> Cap<br> Fund** | **Touchstone<br> Mid<br> Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** |
|  | **For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | **For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** |
|  | **Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| **Class A** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;249028 | $13823870 | &nbsp;&nbsp;&nbsp;&nbsp;760684 | $39113589 | &nbsp;&nbsp;&nbsp;&nbsp;58878 | $1379225 | &nbsp;&nbsp;&nbsp;&nbsp;105472 | $2310648 |
| Proceeds from Shares issued in connection with merger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;58080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900468 | &nbsp;&nbsp;&nbsp;&nbsp;28838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228631 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(320488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17678427) | &nbsp;&nbsp;&nbsp;&nbsp;(609166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31546483) | &nbsp;&nbsp;&nbsp;&nbsp;(91015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2147738) | &nbsp;&nbsp;&nbsp;&nbsp;(165024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3612114) |
| **Change from Class A Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(13380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(529798) | &nbsp;&nbsp;&nbsp;&nbsp;169435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8467574 | &nbsp;&nbsp;&nbsp;&nbsp;(3299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92846) | &nbsp;&nbsp;&nbsp;&nbsp;(49037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1072835) |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;102923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5149104 | &nbsp;&nbsp;&nbsp;&nbsp;322608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15232706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143254 |
| Proceeds from Shares issued in connection with merger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;35926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43134 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(196426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9810289) | &nbsp;&nbsp;&nbsp;&nbsp;(402970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18605831) | &nbsp;&nbsp;&nbsp;&nbsp;(26687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1735108) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(57577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2802732) | &nbsp;&nbsp;&nbsp;&nbsp;(70267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2913012) | &nbsp;&nbsp;&nbsp;&nbsp;(20173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436278) | &nbsp;&nbsp;&nbsp;&nbsp;(74485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1548720) |
| **Class Y** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;8288372 | &nbsp;&nbsp;&nbsp;&nbsp;466640125 | &nbsp;&nbsp;21155459 | &nbsp;&nbsp;&nbsp;&nbsp;1110332388 | &nbsp;&nbsp;&nbsp;&nbsp;183140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295603 | &nbsp;&nbsp;&nbsp;1531310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33772314 |
| Proceeds from Shares issued in connection with merger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;1671971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97234748 | &nbsp;&nbsp;&nbsp;&nbsp;597357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30830297 | &nbsp;&nbsp;&nbsp;&nbsp;359518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8505999 | &nbsp;&nbsp;&nbsp;&nbsp;275686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6045932 |
| Cost of Shares redeemed | (12886429) | &nbsp;&nbsp;&nbsp;&nbsp;(719913635) | (15439210) | &nbsp;&nbsp;&nbsp;&nbsp;(809672304) | &nbsp;&nbsp;&nbsp;(705806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16588908) | (10636684) | &nbsp;&nbsp;&nbsp;&nbsp;(244840863) |
| **Change from Class Y Share Transactions** | (2926086) | &nbsp;&nbsp;&nbsp;&nbsp;(156038762) | &nbsp;&nbsp;&nbsp;6313606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331490381 | &nbsp;&nbsp;&nbsp;(163148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3787306) | &nbsp;&nbsp;(8829688) | &nbsp;&nbsp;&nbsp;&nbsp;(205022617) |
| **Class Z** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;27907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526767 | &nbsp;&nbsp;&nbsp;&nbsp;152557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7753135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;17101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(111788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6111981) | &nbsp;&nbsp;&nbsp;&nbsp;(227043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11698050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Class Z Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(66780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3613167) | &nbsp;&nbsp;&nbsp;&nbsp;(68440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3643568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;6347319 | &nbsp;&nbsp;&nbsp;&nbsp;355262537 | &nbsp;&nbsp;&nbsp;7625494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407961351 | &nbsp;&nbsp;3325735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78090000 | &nbsp;&nbsp;&nbsp;9671326 | &nbsp;&nbsp;&nbsp;&nbsp;214763056 |
| Proceeds from Shares issued in connection with merger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;291713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17022757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4982269 | &nbsp;&nbsp;&nbsp;&nbsp;634176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15129535 | &nbsp;&nbsp;&nbsp;&nbsp;250359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531892 |
| Cost of Shares redeemed | &nbsp;&nbsp;(5856731) | &nbsp;&nbsp;&nbsp;&nbsp;(326304264) | &nbsp;&nbsp;&nbsp;(4991936) | &nbsp;&nbsp;&nbsp;&nbsp;(264305385) | (4463339) | &nbsp;&nbsp;&nbsp;&nbsp;(104668448) | &nbsp;&nbsp;&nbsp;(9759836) | &nbsp;&nbsp;&nbsp;&nbsp;(218020432) |
| **Change from Institutional Class Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;782301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45981030 | &nbsp;&nbsp;&nbsp;2729601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148638235 | &nbsp;&nbsp;&nbsp;(503428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11448913) | &nbsp;&nbsp;&nbsp;&nbsp;161849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274516 |
| **Class R6** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;1155338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64597472 | &nbsp;&nbsp;&nbsp;3214864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168633597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;86486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of Shares redeemed | &nbsp;&nbsp;(1625235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91087342) | &nbsp;&nbsp;&nbsp;(4089648) | &nbsp;&nbsp;&nbsp;&nbsp;(216769257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Class R6 Share Transactions** | &nbsp;&nbsp;&nbsp;(383411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21437611) | &nbsp;&nbsp;&nbsp;&nbsp;(846194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46649111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Share Transactions** | (2664933) | $(138441040) | &nbsp;&nbsp;&nbsp;8227741 | $435390499 | &nbsp;&nbsp;&nbsp;(690048) | $(15765343) | &nbsp;&nbsp;(8791361) | $(205369656) |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Changes in Net Assets - Capital Stock Activity (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> International Growth<br> Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> International Growth<br> Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> International Growth<br> Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> International Growth<br> Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** |
| &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** |
| &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;48381 | $415674 | &nbsp;&nbsp;&nbsp;&nbsp;166173 | $1377317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422077 | $6735414 | &nbsp;&nbsp;&nbsp;&nbsp;1377788 | $18567086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;148255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;90055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755562 | &nbsp;&nbsp;&nbsp;&nbsp;35641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;(146674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1239833) | &nbsp;&nbsp;&nbsp;(351006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2780595) | &nbsp;&nbsp;&nbsp;(2638956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41938672) | &nbsp;&nbsp;&nbsp;(7439907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97929768) |
| &nbsp;&nbsp;&nbsp;&nbsp;(8238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109562 | &nbsp;&nbsp;&nbsp;(2216879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35203258) | &nbsp;&nbsp;&nbsp;(6062119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79362682) |
| &nbsp;&nbsp;&nbsp;&nbsp;5202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;76681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;9813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(31244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269560) | &nbsp;&nbsp;&nbsp;&nbsp;(25078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211960) | &nbsp;&nbsp;&nbsp;&nbsp;(266826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4237030) | &nbsp;&nbsp;&nbsp;&nbsp;(588184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7807387) |
| &nbsp;&nbsp;&nbsp;(16229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140622) | &nbsp;&nbsp;&nbsp;&nbsp;55561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470656 | &nbsp;&nbsp;&nbsp;&nbsp;(244626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3891144) | &nbsp;&nbsp;&nbsp;&nbsp;(512343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6841197) |
| &nbsp;&nbsp;&nbsp;388840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3340201 | &nbsp;&nbsp;1370815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11328244 | &nbsp;&nbsp;&nbsp;&nbsp;1874133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34569163 | &nbsp;&nbsp;&nbsp;&nbsp;3951462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58999137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;6283683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52177854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;775263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6527717 | &nbsp;&nbsp;&nbsp;&nbsp;82239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;(680460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5810423) | &nbsp;&nbsp;(1321512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10539535) | &nbsp;&nbsp;&nbsp;(5723173) | &nbsp;&nbsp;&nbsp;&nbsp;(103754161) | &nbsp;&nbsp;(17212486) | &nbsp;&nbsp;&nbsp;&nbsp;(262260275) |
| &nbsp;&nbsp;483643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4057495 | 6415225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53623666 | &nbsp;&nbsp;&nbsp;(3849040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69184998) | (13261024) | &nbsp;&nbsp;&nbsp;&nbsp;(203261138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12075378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1492305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23616090) | &nbsp;&nbsp;&nbsp;(4267290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57306038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1387036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21925232) | &nbsp;&nbsp;&nbsp;(3310383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45230660) |
| &nbsp;&nbsp;&nbsp;&nbsp;2082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18252 | &nbsp;&nbsp;&nbsp;&nbsp;48385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409551 | &nbsp;&nbsp;&nbsp;20382862 | &nbsp;&nbsp;&nbsp;&nbsp;366747598 | &nbsp;&nbsp;&nbsp;43854917 | &nbsp;&nbsp;&nbsp;&nbsp;669537156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;288369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;25072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(92950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(818405) | &nbsp;&nbsp;&nbsp;&nbsp;(10945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91587) | &nbsp;&nbsp;(31372645) | &nbsp;&nbsp;&nbsp;&nbsp;(567889943) | &nbsp;&nbsp;(58948228) | &nbsp;&nbsp;&nbsp;&nbsp;(871875849) |
| &nbsp;&nbsp;&nbsp;(65796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(588542) | &nbsp;&nbsp;&nbsp;325827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2716126 | (10989783) | &nbsp;&nbsp;&nbsp;&nbsp;(201142345) | (15093311) | &nbsp;&nbsp;&nbsp;&nbsp;(202338693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15151199 | &nbsp;&nbsp;&nbsp;&nbsp;3094371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45982684 |
| &nbsp;&nbsp;&nbsp;206005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736626 | &nbsp;&nbsp;&nbsp;&nbsp;86314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;(625782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4323194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78942599) | &nbsp;&nbsp;(12488536) | &nbsp;&nbsp;&nbsp;&nbsp;(197915000) |
| (419777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3263374) | &nbsp;&nbsp;&nbsp;&nbsp;86314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688901 | &nbsp;&nbsp;&nbsp;(3483572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63791400) | &nbsp;&nbsp;&nbsp;(9394165) | &nbsp;&nbsp;&nbsp;&nbsp;(151932316) |
| &nbsp;&nbsp;&nbsp;(26397) | $(3640) | 6881990 | $57608911 | (22170936) | $(395138377) | (47633345) | $(688966686) |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Changes in Net Assets - Capital Stock Activity (Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Small<br> Cap<br> Fund** | **Touchstone<br> Small<br> Cap<br> Fund** | **Touchstone<br> Small<br> Cap<br> Fund** | **Touchstone<br> Small<br> Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small<br> Cap Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small<br> Cap Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small<br> Cap Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small<br> Cap Value<br> Fund** |
|  | **For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | **For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** |
|  | **Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| **Class A** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;794268 | $12044487 | &nbsp;&nbsp;1654399 | $23564732 | &nbsp;&nbsp;&nbsp;&nbsp;3058 | $118352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7142 | $250074 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;23662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382029 | &nbsp;&nbsp;&nbsp;&nbsp;23746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322069 | &nbsp;&nbsp;&nbsp;&nbsp;2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124284 |
| Cost of Shares redeemed | &nbsp;&nbsp;(189062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2870008) | &nbsp;&nbsp;&nbsp;(385389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5639071) | &nbsp;&nbsp;&nbsp;(25248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(975580) | &nbsp;&nbsp;&nbsp;&nbsp;(45553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1568701) |
| **Change from Class A Share Transactions** | &nbsp;&nbsp;628868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556508 | 1292756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18247730 | &nbsp;&nbsp;&nbsp;(20145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(779925) | &nbsp;&nbsp;&nbsp;&nbsp;(34867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1194343) |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;20765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273005 | &nbsp;&nbsp;&nbsp;&nbsp;91933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83541 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(3471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15102) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;18755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248525 | &nbsp;&nbsp;&nbsp;&nbsp;85887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69827 |
| **Class S** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Class S Share 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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Class Y** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | 1262479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19616090 | &nbsp;&nbsp;8687498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125057195 | &nbsp;&nbsp;&nbsp;140260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701324 | &nbsp;&nbsp;&nbsp;&nbsp;85279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948781 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;165776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2722662 | &nbsp;&nbsp;&nbsp;&nbsp;227584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165014 | &nbsp;&nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220390 |
| Cost of Shares redeemed | (2041376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31812688) | &nbsp;&nbsp;(2149788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31219510) | &nbsp;&nbsp;(124355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4814031) | &nbsp;&nbsp;&nbsp;(113798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3863532) |
| **Change from Class Y Share Transactions** | &nbsp;&nbsp;(613121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9473936) | 6765294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97002699 | &nbsp;&nbsp;&nbsp;22462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136915 | &nbsp;&nbsp;&nbsp;&nbsp;(22274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(694361) |
| **Class Z** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Class Z Share 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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | 1218074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18733791 | &nbsp;&nbsp;&nbsp;&nbsp;918596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13055275 | &nbsp;&nbsp;&nbsp;543973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21490774 | &nbsp;&nbsp;3036182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106960171 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;34135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556313 | &nbsp;&nbsp;&nbsp;&nbsp;93132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292343 | &nbsp;&nbsp;&nbsp;&nbsp;23791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334285 |
| Cost of Shares redeemed | (1270079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19676187) | &nbsp;&nbsp;(1094412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15806735) | &nbsp;&nbsp;(982615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39407825) | &nbsp;&nbsp;&nbsp;(920272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32214534) |
| **Change from Institutional Class Share Transactions** | &nbsp;&nbsp;&nbsp;(17870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386083) | &nbsp;&nbsp;&nbsp;&nbsp;(82684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1459117) | (414851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17008457) | 2125353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75079922 |
| **Class R6** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Class R6 Share 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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;16632 | $(54986) | 8061253 | $114871848 | (413319) | $(16680403) | 2070331 | $73261045 |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Statements of Changes in Net Assets - Capital Stock Activity (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** |
| &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** |
| &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| &nbsp;&nbsp;&nbsp;1045826 | $9654513 | &nbsp;&nbsp;&nbsp;2309160 | $21138198 | &nbsp;&nbsp;&nbsp;&nbsp;112053 | $1007893 | &nbsp;&nbsp;1029938 | $9185312 |
| &nbsp;&nbsp;&nbsp;&nbsp;209439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933242 | &nbsp;&nbsp;&nbsp;&nbsp;407619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738183 | &nbsp;&nbsp;&nbsp;&nbsp;24912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224131 | &nbsp;&nbsp;&nbsp;&nbsp;46873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419243 |
| &nbsp;&nbsp;&nbsp;(1034103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9546866) | &nbsp;&nbsp;&nbsp;(2197810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20142896) | &nbsp;&nbsp;&nbsp;(565106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5115409) | &nbsp;&nbsp;&nbsp;(301361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2677661) |
| &nbsp;&nbsp;&nbsp;&nbsp;221162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040889 | &nbsp;&nbsp;&nbsp;&nbsp;518969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4733485 | &nbsp;&nbsp;&nbsp;(428141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3883385) | &nbsp;&nbsp;&nbsp;775450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6926894 |
| &nbsp;&nbsp;&nbsp;&nbsp;310920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871645 | &nbsp;&nbsp;&nbsp;&nbsp;285039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35633 |
| &nbsp;&nbsp;&nbsp;&nbsp;(189906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1754592) | &nbsp;&nbsp;&nbsp;&nbsp;(200165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1833623) | &nbsp;&nbsp;&nbsp;&nbsp;(21341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193335) | &nbsp;&nbsp;&nbsp;&nbsp;(31843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282048) |
| &nbsp;&nbsp;&nbsp;&nbsp;130900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906316 | &nbsp;&nbsp;&nbsp;&nbsp;(18347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166443) | &nbsp;&nbsp;&nbsp;&nbsp;(18425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640391 | &nbsp;&nbsp;&nbsp;&nbsp;164548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(444287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4101764) | &nbsp;&nbsp;&nbsp;&nbsp;(786731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7203412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(374306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3455538) | &nbsp;&nbsp;&nbsp;&nbsp;(614943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5628463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;33346911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307921637 | &nbsp;&nbsp;24872688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228242074 | &nbsp;&nbsp;4527199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40753325 | &nbsp;&nbsp;8983839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80096075 |
| &nbsp;&nbsp;&nbsp;1001126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9245301 | &nbsp;&nbsp;&nbsp;1196254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10979703 | &nbsp;&nbsp;&nbsp;&nbsp;557638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5024067 | &nbsp;&nbsp;1002835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8954764 |
| &nbsp;&nbsp;(11057010) | &nbsp;&nbsp;&nbsp;&nbsp;(102113694) | (20116043) | &nbsp;&nbsp;&nbsp;&nbsp;(184668395) | &nbsp;&nbsp;(4436756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39966515) | &nbsp;&nbsp;(7061017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63128519) |
| 23291027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215053244 | &nbsp;&nbsp;&nbsp;5952899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54553382 | &nbsp;&nbsp;&nbsp;648081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810877 | 2925657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25922320 |
| &nbsp;&nbsp;&nbsp;&nbsp;168258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554003 | &nbsp;&nbsp;&nbsp;&nbsp;294479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;105084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970135 | &nbsp;&nbsp;&nbsp;&nbsp;218947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(298208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2753486) | &nbsp;&nbsp;&nbsp;&nbsp;(914159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8375950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(24866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229348) | &nbsp;&nbsp;&nbsp;&nbsp;(400733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3670960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;2241285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20675352 | &nbsp;&nbsp;&nbsp;2912044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26704684 | &nbsp;&nbsp;5618851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50826986 | &nbsp;&nbsp;6657723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59126666 |
| &nbsp;&nbsp;&nbsp;&nbsp;264073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435916 | &nbsp;&nbsp;&nbsp;&nbsp;506003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635835 | &nbsp;&nbsp;&nbsp;&nbsp;519993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4684461 | &nbsp;&nbsp;&nbsp;&nbsp;867782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7746984 |
| &nbsp;&nbsp;&nbsp;(2618473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24166599) | &nbsp;&nbsp;&nbsp;(6569651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59964531) | &nbsp;&nbsp;(5069758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45788698) | &nbsp;&nbsp;(7051293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62357972) |
| &nbsp;&nbsp;&nbsp;&nbsp;(113115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1055331) | &nbsp;&nbsp;(3151604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28624012) | 1069086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9722749 | &nbsp;&nbsp;&nbsp;474212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4515678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;685172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6171812 | &nbsp;&nbsp;1038539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9233952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149613 | &nbsp;&nbsp;&nbsp;&nbsp;23859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(306654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2760485) | &nbsp;&nbsp;&nbsp;(958545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8558902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;395124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560940 | &nbsp;&nbsp;&nbsp;103853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888624 |
| 23130802 | $213562309 | &nbsp;&nbsp;&nbsp;2403251 | $22269748 | 1665803 | $15044738 | 4260747 | $38090671 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Financial Highlights

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond 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 A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/20 | $10.68 | $0.28 | $0.55 | $0.83 | $(0.28) | $— | $(0.28) | $11.23 | &nbsp;&nbsp;&nbsp;7.91% | $128086 | 0.90% | 0.95% | 2.54% | 261% |
| 09/30/21 | &nbsp;&nbsp;11.23 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;11.12 | &nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;186813 | 0.90 | 0.93 | 1.99 | &nbsp;&nbsp;&nbsp;144<sup>(3)</sup> |
| 09/30/22 | &nbsp;&nbsp;11.12 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(2.04) | &nbsp;&nbsp;(1.81) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;9.03 | (16.52) | &nbsp;&nbsp;135000 | 0.85 | 0.93 | 2.20 | 159 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;120437 | 0.83 | 0.97 | 3.66 | 146 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;9.65 | &nbsp;&nbsp;12.60 | &nbsp;&nbsp;119251 | 0.83 | 0.98 | 3.86 | 172 |
| 03/31/25<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;9.65 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;(0.70)<sup>(5)</sup> | &nbsp;&nbsp;112163 | &nbsp;&nbsp;&nbsp;0.83<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;0.97<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;3.82<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;87<sup>(5)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/20 | $9.82 | $0.18 | $0.51 | $0.69 | $(0.21) | $— | $(0.21) | $10.30 | &nbsp;&nbsp;&nbsp;7.11% | $5618 | 1.65% | 1.93% | 1.79% | 261% |
| 09/30/21 | &nbsp;&nbsp;10.30 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;9229 | 1.64 | 1.93 | 1.25 | &nbsp;&nbsp;&nbsp;144<sup>(3)</sup> |
| 09/30/22 | &nbsp;&nbsp;10.18 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(1.87) | &nbsp;&nbsp;(1.73) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;8.24 | (17.17) | &nbsp;&nbsp;&nbsp;&nbsp;4667 | 1.58 | 1.89 | 1.46 | 159 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;3290 | 1.56 | 2.15 | 2.93 | 146 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;11.69 | &nbsp;&nbsp;&nbsp;&nbsp;2595 | 1.56 | 2.46 | 3.13 | 172 |
| 03/31/25<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;(1.00)<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2141 | &nbsp;&nbsp;&nbsp;1.54<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;2.40<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;3.10<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;87<sup>(5)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/20 | $10.67 | $0.30 | $0.56 | $0.86 | $(0.31) | $— | $(0.31) | $11.22 | &nbsp;&nbsp;&nbsp;8.18% | $90235 | 0.65% | 0.73% | 2.79% | 261% |
| 09/30/21 | &nbsp;&nbsp;11.22 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;92882 | 0.65 | 0.70 | 2.24 | &nbsp;&nbsp;&nbsp;144<sup>(3)</sup> |
| 09/30/22 | &nbsp;&nbsp;11.11 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(2.03) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;9.02 | (16.32) | &nbsp;&nbsp;&nbsp;56003 | 0.60 | 0.68 | 2.44 | 159 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;48931 | 0.58 | 0.72 | 3.91 | 146 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp;43896 | 0.58 | 0.74 | 4.11 | 172 |
| 03/31/25<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;(0.47)<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;42794 | &nbsp;&nbsp;&nbsp;0.58<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;0.72<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;4.07<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;87<sup>(5)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/20 | $10.67 | $0.31 | $0.56 | $0.87 | $(0.32) | $— | $(0.32) | $11.22 | &nbsp;&nbsp;&nbsp;8.23% | $134659 | 0.57% | 0.63% | 2.87% | 261% |
| 09/30/21 | &nbsp;&nbsp;11.22 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;99607 | 0.57 | 0.61 | 2.32 | &nbsp;&nbsp;&nbsp;144<sup>(3)</sup> |
| 09/30/22 | &nbsp;&nbsp;11.11 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(2.04) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;9.02 | (16.26) | &nbsp;&nbsp;&nbsp;68399 | 0.52 | 0.59 | 2.53 | 159 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;78943 | 0.50 | 0.63 | 3.99 | 146 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;12.98 | &nbsp;&nbsp;&nbsp;97813 | 0.50 | 0.64 | 4.19 | 172 |
| 03/31/25<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;9.39 | &nbsp;&nbsp;(0.52)<sup>(5)</sup> | &nbsp;&nbsp;103981 | &nbsp;&nbsp;&nbsp;0.50<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;0.62<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;4.15<sup>(6)</sup> | &nbsp;&nbsp;87<sup>(5)</sup> |

---

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

*<sup>(2)</sup>* *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* 

*<sup>(3)</sup>* *Portfolio turnover excludes the purchases and sales of securities of the AIG U.S. Government Securities Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.* 

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

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities 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** | **Return of<br> capital** | **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<sup>(2)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(2)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/20 | $10.03 | $0.57 | $(0.61) | $(0.04) | $(0.54) | $— | $— | $(0.54) | $9.45 | &nbsp;&nbsp;(0.29)% | $5597 | 1.18% | 1.61% | 5.90% | 115% |
| 09/30/21 | &nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.47<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;10.46 | &nbsp;&nbsp;16.67 | &nbsp;&nbsp;141422 | 1.09 | 1.32 | 4.45 | &nbsp;&nbsp;&nbsp;135<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.47<sup>(3)</sup> | &nbsp;&nbsp;(1.53) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;8.64 | (10.60) | &nbsp;&nbsp;115483 | 1.07 | 1.26 | 4.87 | &nbsp;&nbsp;72 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.67<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;9.31 | &nbsp;&nbsp;111502 | 1.07 | 1.26 | 7.59 | &nbsp;&nbsp;54 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.72<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;14.07 | &nbsp;&nbsp;120101 | 1.04 | 1.19 | 8.06 | &nbsp;&nbsp;49 |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.32<sup>(3)</sup> | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.01<sup>(6)</sup> | &nbsp;&nbsp;120072 | &nbsp;&nbsp;&nbsp;1.02<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;1.13<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;7.12<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24<sup>(6)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/20 | $9.75 | $0.52 | $(0.62) | $(0.10) | $(0.47) | $— | $— | $(0.47) | $9.18 | &nbsp;&nbsp;(0.98)% | $2246 | 1.93% | 2.61% | 5.15% | 115% |
| 09/30/21 | &nbsp;&nbsp;&nbsp;9.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.40<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;10.13 | &nbsp;&nbsp;15.79 | &nbsp;&nbsp;&nbsp;31605 | 1.56 | 2.17 | 3.98 | &nbsp;&nbsp;&nbsp;135<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.42<sup>(3)</sup> | &nbsp;&nbsp;(1.47) | &nbsp;&nbsp;(1.05) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;8.35 | (11.01) | &nbsp;&nbsp;&nbsp;17575 | 1.47 | 2.05 | 4.47 | &nbsp;&nbsp;72 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.61<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;&nbsp;17580 | 1.47 | 2.07 | 7.19 | &nbsp;&nbsp;54 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.66<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;13.57 | &nbsp;&nbsp;&nbsp;28086 | 1.44 | 2.00 | 7.66 | &nbsp;&nbsp;49 |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.29<sup>(3)</sup> | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.69<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;30326 | &nbsp;&nbsp;&nbsp;1.53<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;1.93<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;6.62<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24<sup>(6)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/20 | $10.16 | $0.59 | $(0.62) | $(0.03) | $(0.56) | $— | $— | $(0.56) | $9.57 | &nbsp;&nbsp;(0.13)% | $36558 | 0.93% | 1.20% | 6.15% | 115% |
| 09/30/21 | &nbsp;&nbsp;&nbsp;9.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.48<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;10.61 | &nbsp;&nbsp;16.98 | &nbsp;&nbsp;101613 | 0.88 | 1.07 | 4.66 | &nbsp;&nbsp;&nbsp;135<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;10.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.49<sup>(3)</sup> | &nbsp;&nbsp;(1.54) | &nbsp;&nbsp;(1.05) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;8.78 | (10.47) | &nbsp;&nbsp;135892 | 0.87 | 1.02 | 5.07 | &nbsp;&nbsp;72 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.70<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;210871 | 0.87 | 1.00 | 7.79 | &nbsp;&nbsp;54 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.75<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;14.16 | &nbsp;&nbsp;406336 | 0.84 | 0.92 | 8.26 | &nbsp;&nbsp;49 |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.34<sup>(3)</sup> | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.10<sup>(6)</sup> | &nbsp;&nbsp;551898 | &nbsp;&nbsp;&nbsp;0.82<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;0.86<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;7.33<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24<sup>(6)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/20 | $10.22 | $0.61 | $(0.63) | $(0.02) | $(0.57) | $— | $— | $(0.57) | $9.63 | &nbsp;&nbsp;(0.02)% | $42982 | 0.83% | 1.06% | 6.25% | 115% |
| 09/30/21 | &nbsp;&nbsp;&nbsp;9.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.49<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;10.68 | &nbsp;&nbsp;17.07 | &nbsp;&nbsp;&nbsp;&nbsp;2627 | 0.78 | 0.97 | 4.76 | &nbsp;&nbsp;&nbsp;135<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.51<sup>(3)</sup> | &nbsp;&nbsp;(1.56) | &nbsp;&nbsp;(1.05) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;8.84 | (10.39) | &nbsp;&nbsp;&nbsp;&nbsp;2139 | 0.77 | 1.15 | 5.17 | &nbsp;&nbsp;72 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.71<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;8.96 | &nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;5644 | 0.77 | 1.21 | 7.89 | &nbsp;&nbsp;54 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.77<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;9.44 | &nbsp;&nbsp;14.40 | &nbsp;&nbsp;&nbsp;68834 | 0.74 | 0.92 | 8.36 | &nbsp;&nbsp;49 |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;9.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.35<sup>(3)</sup> | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.13<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;85868 | &nbsp;&nbsp;&nbsp;0.72<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;0.84<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;7.43<sup>(7)</sup> | &nbsp;&nbsp;24<sup>(6)</sup> |

---

*<sup>(1)</sup>* *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* 

*<sup>(2)</sup>* *The ratio of net and gross expenses to average net assets excluding dividend and interest expense on securities sold short would have been lower by 0.01%, 0.04%, 0.04%, 0.05% and 0.10% for the years ended September 30, 2024, 2023, 2022, 2021 and 2020, respectively.* 

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

*<sup>(4)</sup>* *Portfolio turnover excludes the purchases and sales of securities by the Touchstone Dynamic Diversified Income Fund and the AIG Senior Floating Rate Fund acquired on June 25, 2021 and July 16, 2021, respectively. If these transactions were included, portfolio turnover would have been higher.* 

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

*<sup>(6)</sup>* *Not annualized.* 

*<sup>(7)</sup>* *Annualized.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity 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 A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 10/31/19 | $17.55 | $0.50 | $0.39 | $0.89 | $(0.49) | $(0.78) | $(1.27) | $17.17 | &nbsp;&nbsp;&nbsp;5.42% | $2381987 | 1.05% | &nbsp;&nbsp;&nbsp;1.05% | 2.90% | 37% |
| 10/31/20 | &nbsp;&nbsp;17.17 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;(2.42) | &nbsp;&nbsp;(1.87) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.58) | &nbsp;&nbsp;(1.18) | &nbsp;&nbsp;14.12 | (11.33) | &nbsp;&nbsp;1666379 | 1.09 | &nbsp;&nbsp;&nbsp;1.09 | 3.60 | 68 |
| 09/30/21<sup>(3)</sup> | &nbsp;&nbsp;14.12 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;16.88 | &nbsp;&nbsp;&nbsp;&nbsp;22.13<sup>(4)</sup> | &nbsp;&nbsp;1737804 | &nbsp;&nbsp;&nbsp;1.09<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;1.91<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;16.88 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(1.87) | &nbsp;&nbsp;(1.59) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;14.68 | &nbsp;&nbsp;(9.90) | &nbsp;&nbsp;1398059 | 0.99 | &nbsp;&nbsp;&nbsp;1.00 | 1.64 | 12 |
| 09/30/23 | &nbsp;&nbsp;14.68 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.86) | &nbsp;&nbsp;15.83 | &nbsp;&nbsp;13.59 | &nbsp;&nbsp;1388830 | 0.99 | &nbsp;&nbsp;&nbsp;1.02 | 1.87 | &nbsp;&nbsp;&nbsp;13<sup>(7)</sup> |
| 09/30/24 | &nbsp;&nbsp;15.83 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;19.49 | &nbsp;&nbsp;28.97 | &nbsp;&nbsp;1579521 | 0.99 | &nbsp;&nbsp;&nbsp;1.01 | 1.82 | 10 |
| 03/31/25<sup>(8)</sup> | &nbsp;&nbsp;19.49 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;18.18 | &nbsp;&nbsp;(1.08)<sup>(4)</sup> | &nbsp;&nbsp;1471296 | &nbsp;&nbsp;&nbsp;0.99<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;1.54<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 10/31/19 | $17.38 | $0.38 | $0.39 | $0.77 | $(0.37) | $(0.78) | $(1.15) | $17.00 | &nbsp;&nbsp;&nbsp;4.78% | $2421728 | 1.70% | &nbsp;&nbsp;&nbsp;1.70% | 2.27% | 37% |
| 10/31/20 | &nbsp;&nbsp;17.00 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;(2.40) | &nbsp;&nbsp;(1.93) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.58) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;13.99 | (11.89) | &nbsp;&nbsp;1117141 | 1.74 | &nbsp;&nbsp;&nbsp;1.74 | 2.99 | 68 |
| 09/30/21<sup>(3)</sup> | &nbsp;&nbsp;13.99 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;16.74 | &nbsp;&nbsp;&nbsp;&nbsp;21.38<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;806336 | &nbsp;&nbsp;&nbsp;1.75<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;1.27<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;16.74 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(1.86) | &nbsp;&nbsp;(1.70) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;14.56 | (10.54) | &nbsp;&nbsp;&nbsp;&nbsp;471273 | 1.69 | &nbsp;&nbsp;&nbsp;1.76 | 0.94 | 12 |
| 09/30/23 | &nbsp;&nbsp;14.56 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;15.70 | &nbsp;&nbsp;12.79 | &nbsp;&nbsp;&nbsp;&nbsp;339231 | 1.69 | &nbsp;&nbsp;&nbsp;1.78 | 1.17 | &nbsp;&nbsp;&nbsp;13<sup>(7)</sup> |
| 09/30/24 | &nbsp;&nbsp;15.70 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;19.33 | &nbsp;&nbsp;28.08 | &nbsp;&nbsp;&nbsp;&nbsp;221858 | 1.69 | &nbsp;&nbsp;&nbsp;1.78 | 1.12 | 10 |
| 03/31/25<sup>(8)</sup> | &nbsp;&nbsp;19.33 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.05) | &nbsp;&nbsp;18.03 | &nbsp;&nbsp;(1.42)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;153572 | &nbsp;&nbsp;&nbsp;1.69<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;0.84<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 10/31/19 | $17.52 | $0.53 | $0.39 | $0.92 | $(0.52) | $(0.78) | $(1.30) | $17.14 | &nbsp;&nbsp;&nbsp;5.66% | $4094116 | 0.85% | &nbsp;&nbsp;&nbsp;0.85% | 3.13% | 37% |
| 10/31/20 | &nbsp;&nbsp;17.14 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;(2.44) | &nbsp;&nbsp;(1.83) | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;(0.58) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;14.10 | (11.11) | &nbsp;&nbsp;1691794 | 0.88 | &nbsp;&nbsp;&nbsp;0.88 | 3.83 | 68 |
| 09/30/21<sup>(3)(9)</sup> | &nbsp;&nbsp;14.10 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;16.85 | &nbsp;&nbsp;&nbsp;&nbsp;22.33<sup>(4)</sup> | &nbsp;&nbsp;1161841 | &nbsp;&nbsp;&nbsp;0.88<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;2.14<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;16.85 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;(1.86) | &nbsp;&nbsp;(1.54) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;14.66 | &nbsp;&nbsp;(9.69) | &nbsp;&nbsp;&nbsp;&nbsp;772987 | 0.74 | &nbsp;&nbsp;&nbsp;0.74 | 1.89 | 12 |
| 09/30/23 | &nbsp;&nbsp;14.66 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.90) | &nbsp;&nbsp;15.80 | &nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;675229 | 0.76 | &nbsp;&nbsp;&nbsp;0.76 | 2.10 | &nbsp;&nbsp;&nbsp;13<sup>(7)</sup> |
| 09/30/24 | &nbsp;&nbsp;15.80 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;19.45 | &nbsp;&nbsp;29.25 | &nbsp;&nbsp;&nbsp;&nbsp;711339 | 0.76 | &nbsp;&nbsp;&nbsp;0.76 | 2.05 | 10 |
| 03/31/25<sup>(8)</sup> | &nbsp;&nbsp;19.45 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;18.14 | &nbsp;&nbsp;(0.97)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;660697 | &nbsp;&nbsp;&nbsp;0.76<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;1.77<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/21<sup>(3)(10)</sup> | $17.02 | $0.07 | $(0.17) | $(0.10) | $(0.08) | $— | $(0.08) | $16.84 | &nbsp;&nbsp;(0.61)%<sup>(4)</sup> | $313 | 0.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;3.37%<sup>(5)</sup> | 2.01%<sup>(5)</sup> | 83%<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;16.84 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;(1.52) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;14.65 | &nbsp;&nbsp;(9.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | 0.67 | &nbsp;&nbsp;&nbsp;1.80 | 1.97 | 12 |
| 09/30/23 | &nbsp;&nbsp;14.65 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.91) | &nbsp;&nbsp;15.79 | &nbsp;&nbsp;13.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 | 0.67 | &nbsp;&nbsp;&nbsp;0.96 | 2.19 | &nbsp;&nbsp;&nbsp;13<sup>(7)</sup> |
| 09/30/24 | &nbsp;&nbsp;15.79 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;19.43 | &nbsp;&nbsp;29.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989 | 0.67 | &nbsp;&nbsp;&nbsp;1.12 | 2.14 | 10 |
| 03/31/25<sup>(8)</sup> | &nbsp;&nbsp;19.43 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.15) | &nbsp;&nbsp;18.12 | &nbsp;&nbsp;(0.92)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;0.66<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;1.86<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)</sup> |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 09/30/21<sup>(3)(11)</sup> | $17.34 | $0.06 | $(0.48) | $(0.42) | $(0.08) | $— | $(0.08) | $16.84 | &nbsp;&nbsp;(2.44)%<sup>(4)</sup> | $2 | 0.65%<sup>(5)</sup> | 359.78%<sup>(5)</sup> | 2.26%<sup>(5)</sup> | 83%<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;16.84 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;(1.84) | &nbsp;&nbsp;(1.52) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;14.65 | &nbsp;&nbsp;(9.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | 0.65 | &nbsp;&nbsp;&nbsp;1.76 | 1.99 | 12 |
| 09/30/23 | &nbsp;&nbsp;14.65 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.92) | &nbsp;&nbsp;15.79 | &nbsp;&nbsp;13.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | 0.65 | &nbsp;&nbsp;&nbsp;1.39 | 2.20 | &nbsp;&nbsp;&nbsp;13<sup>(7)</sup> |
| 09/30/24 | &nbsp;&nbsp;15.79 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;19.45 | &nbsp;&nbsp;29.47 | &nbsp;&nbsp;&nbsp;&nbsp;10337 | 0.65 | &nbsp;&nbsp;&nbsp;0.92 | 2.16 | 10 |
| 03/31/25<sup>(8)</sup> | &nbsp;&nbsp;19.45 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.15) | &nbsp;&nbsp;18.14 | &nbsp;&nbsp;(0.91)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;0.65<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;1.88<sup>(5)</sup> | &nbsp;&nbsp;6<sup>(4)</sup> |

---

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

*<sup>(2)</sup>* *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* 

*<sup>(3)</sup>* *The Fund changed its fiscal year end from October 31 to September 30.* 

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

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

*<sup>(6)</sup>* *Portfolio turnover excludes the purchases and sales of securities by the AIG Select Dividend Growth Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.* 

*<sup>(7)</sup>* *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

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

*<sup>(9)</sup>* *Effective July 16, 2021, Class W shares of the AIG Focused Dividend Strategy Fund were reorganized into Class Y shares of the Fund.* 

*<sup>(10)</sup>* *Represents the period from commencement of operations (July 19, 2021) through September 30, 2021.* 

*<sup>(11)</sup>* *Represents the period from commencement of operations (August 2, 2021) through September 30, 2021.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield 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** | **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 A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/20 | $8.27 | $0.39 | $(0.41) | $(0.02) | $(0.39) | $(0.39) | $7.86 | &nbsp;&nbsp;(0.13)% | $14578 | 1.05% | 1.25% | 4.84% | 89% |
| 09/30/21 | &nbsp;&nbsp;7.86 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;8.33 | &nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;15081 | 1.05 | 1.21 | 4.35 | 96 |
| 09/30/22 | &nbsp;&nbsp;8.33 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;(1.54) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;6.77 | (14.88) | &nbsp;&nbsp;&nbsp;11824 | 1.05 | 1.26 | 4.33 | 57 |
| 09/30/23 | &nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.40<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;7.07 | &nbsp;&nbsp;10.69 | &nbsp;&nbsp;&nbsp;11322 | 1.05 | 1.35 | 5.60 | 70 |
| 09/30/24 | &nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;7.55 | &nbsp;&nbsp;13.34 | &nbsp;&nbsp;&nbsp;11896 | 1.05 | 1.38 | 5.73 | 49 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.22<sup>(2)</sup> | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.66<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;11149 | &nbsp;&nbsp;&nbsp;1.05<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;1.36<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;5.92<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;22<sup>(4)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/20 | $8.25 | $0.29 | $(0.37) | $(0.08) | $(0.33) | $(0.33) | $7.84 | &nbsp;&nbsp;(0.89)% | $1250 | 1.80% | 2.35% | 4.09% | 89% |
| 09/30/21 | &nbsp;&nbsp;7.84 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;8.31 | &nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | 1.80 | 2.83 | 3.60 | 96 |
| 09/30/22 | &nbsp;&nbsp;8.31 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(1.54) | &nbsp;&nbsp;(1.26) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;6.75 | (15.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | 1.80 | 2.82 | 3.58 | 57 |
| 09/30/23 | &nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.34<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | 1.80 | 3.26 | 4.85 | 70 |
| 09/30/24 | &nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.36<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;7.52 | &nbsp;&nbsp;12.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | 1.80 | 4.68 | 4.98 | 49 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;7.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.19<sup>(2)</sup> | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;7.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;1.78<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;4.76<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;5.19<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;22<sup>(4)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/20 | $8.52 | $0.44 | $(0.45) | $(0.01) | $(0.42) | $(0.42) | $8.09 | &nbsp;&nbsp;&nbsp;0.02% | $33694 | 0.80% | 0.89% | 5.09% | 89% |
| 09/30/21 | &nbsp;&nbsp;8.09 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;8.58 | &nbsp;&nbsp;11.18 | &nbsp;&nbsp;&nbsp;36447 | 0.80 | 0.89 | 4.60 | 96 |
| 09/30/22 | &nbsp;&nbsp;8.58 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;(1.62) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;6.98 | (14.70) | &nbsp;&nbsp;&nbsp;22994 | 0.80 | 0.96 | 4.58 | 57 |
| 09/30/23 | &nbsp;&nbsp;6.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.43<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;10.92 | &nbsp;&nbsp;&nbsp;19125 | 0.80 | 0.99 | 5.85 | 70 |
| 09/30/24 | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;7.81 | &nbsp;&nbsp;13.60 | &nbsp;&nbsp;&nbsp;19263 | 0.80 | 1.06 | 5.98 | 49 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.24<sup>(2)</sup> | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;7.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.89<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;18863 | &nbsp;&nbsp;&nbsp;0.80<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;1.04<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;6.17<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;22<sup>(4)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/20 | $8.51 | $0.43 | $(0.42) | $0.01 | $(0.43) | $(0.43) | $8.09 | &nbsp;&nbsp;&nbsp;0.21% | $135974 | 0.72% | 0.75% | 5.17% | 89% |
| 09/30/21 | &nbsp;&nbsp;8.09 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;8.58 | &nbsp;&nbsp;11.27 | &nbsp;&nbsp;&nbsp;87056 | 0.72 | 0.75 | 4.68 | 96 |
| 09/30/22 | &nbsp;&nbsp;8.58 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(1.59) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;6.98 | (14.63) | &nbsp;&nbsp;&nbsp;67076 | 0.72 | 0.82 | 4.66 | 57 |
| 09/30/23 | &nbsp;&nbsp;6.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.43<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;11.01 | &nbsp;&nbsp;&nbsp;69633 | 0.72 | 0.85 | 5.93 | 70 |
| 09/30/24 | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.46<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;7.81 | &nbsp;&nbsp;13.70 | &nbsp;&nbsp;&nbsp;75067 | 0.72 | 0.86 | 6.06 | 49 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.24<sup>(2)</sup> | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;7.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.93<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;74180 | &nbsp;&nbsp;&nbsp;0.72<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;0.85<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;6.25<sup>(5)</sup> | 22<sup>(4)</sup> |

---

*<sup>(1)</sup>* *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* 

*<sup>(2)</sup>* *The net investment income 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_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)<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<sup>(3)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/20 | $38.87 | $0.03 | $1.27 | $1.30 | $(0.24) | $(0.89) | $(1.13) | $39.04 | &nbsp;&nbsp;&nbsp;3.32% | $103964 | 1.21% | 1.29% | &nbsp;&nbsp;0.08% | 18% |
| 09/30/21 | &nbsp;&nbsp;39.04 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;8.33 | &nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;46.47 | &nbsp;&nbsp;21.34 | &nbsp;&nbsp;&nbsp;&nbsp;137477 | 1.22 | 1.23 | (0.15) | &nbsp;&nbsp;&nbsp;21<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;46.47 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(6.26) | &nbsp;&nbsp;&nbsp;(6.31) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.36) | &nbsp;&nbsp;38.80 | (14.13) | &nbsp;&nbsp;&nbsp;&nbsp;109653 | 1.23 | 1.23 | (0.11) | &nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;38.80 | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp;&nbsp;7.52 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;45.76 | &nbsp;&nbsp;19.55 | &nbsp;&nbsp;&nbsp;&nbsp;130846 | 1.22 | 1.23 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;45.76 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;11.06 | &nbsp;&nbsp;11.07 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;56.47 | &nbsp;&nbsp;24.28 | &nbsp;&nbsp;&nbsp;&nbsp;171046 | 1.17 | 1.17 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;13<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;56.47 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;(3.51) | &nbsp;&nbsp;&nbsp;(3.55) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(1.25) | &nbsp;&nbsp;51.67 | &nbsp;&nbsp;(6.49)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;155809 | &nbsp;&nbsp;&nbsp;1.17<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;1.17<sup>(7)</sup> | (0.15)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)(6)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/20 | $36.34 | $(0.23) | $1.16 | $0.93 | $— | $(0.89) | $(0.89) | $36.38 | &nbsp;&nbsp;&nbsp;2.54% | $78959 | 1.96% | 2.00% | (0.67)% | 18% |
| 09/30/21 | &nbsp;&nbsp;36.38 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;43.00 | &nbsp;&nbsp;20.47 | &nbsp;&nbsp;&nbsp;&nbsp;90388 | 1.93 | 1.93 | (0.86) | &nbsp;&nbsp;&nbsp;21<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;43.00 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;(5.74) | &nbsp;&nbsp;&nbsp;(6.08) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.28) | &nbsp;&nbsp;35.64 | (14.71) | &nbsp;&nbsp;&nbsp;&nbsp;65812 | 1.93 | 1.93 | (0.81) | &nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;35.64 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;6.61 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;41.76 | &nbsp;&nbsp;18.70 | &nbsp;&nbsp;&nbsp;&nbsp;70076 | 1.94 | 1.94 | (0.67) | &nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;41.76 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;51.18 | &nbsp;&nbsp;23.38 | &nbsp;&nbsp;&nbsp;&nbsp;82284 | 1.91 | 1.91 | (0.73) | &nbsp;&nbsp;&nbsp;13<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;51.18 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;(3.17) | &nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;46.56 | &nbsp;&nbsp;(6.86)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72181 | &nbsp;&nbsp;&nbsp;1.92<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;1.92<sup>(7)</sup> | (0.90)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)(6)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/20 | $39.33 | $0.12 | $1.28 | $1.40 | $(0.29) | $(0.89) | $(1.18) | $39.55 | &nbsp;&nbsp;&nbsp;3.57% | $2443232 | 0.96% | 1.00% | &nbsp;&nbsp;0.33% | 18% |
| 09/30/21 | &nbsp;&nbsp;39.55 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp;8.49 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.86) | &nbsp;&nbsp;47.18 | &nbsp;&nbsp;21.64 | &nbsp;&nbsp;3258367 | &nbsp;&nbsp;&nbsp;0.97<sup>(8)</sup> | 0.93 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;21<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;47.18 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(6.36) | &nbsp;&nbsp;&nbsp;(6.28) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.39) | &nbsp;&nbsp;39.51 | (13.87) | &nbsp;&nbsp;2789008 | &nbsp;&nbsp;&nbsp;0.94<sup>(8)</sup> | 0.95 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;39.51 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;7.64 | &nbsp;&nbsp;&nbsp;7.79 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;46.71 | &nbsp;&nbsp;19.90 | &nbsp;&nbsp;3178397 | 0.94 | 0.94 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;46.71 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;11.29 | &nbsp;&nbsp;11.44 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;57.67 | &nbsp;&nbsp;24.61 | &nbsp;&nbsp;4288654 | 0.90 | 0.90 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;13<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;57.67 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;(3.59) | &nbsp;&nbsp;&nbsp;(3.56) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(1.39) | &nbsp;&nbsp;52.72 | &nbsp;&nbsp;(6.39)<sup>(6)</sup> | &nbsp;&nbsp;3766502 | &nbsp;&nbsp;&nbsp;0.91<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;0.91<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)(6)</sup> |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| 09/30/20 | $38.62 | $0.03 | $1.25 | $1.28 | $(0.26) | $(0.89) | $(1.15) | $38.75 | &nbsp;&nbsp;&nbsp;3.30% | $77184 | 1.21% | 1.30% | &nbsp;&nbsp;0.08% | 18% |
| 09/30/21 | &nbsp;&nbsp;38.75 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;46.12 | &nbsp;&nbsp;21.33 | &nbsp;&nbsp;&nbsp;&nbsp;54368 | 1.22 | 1.25 | (0.15) | &nbsp;&nbsp;&nbsp;21<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;46.12 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(6.21) | &nbsp;&nbsp;&nbsp;(6.26) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.35) | &nbsp;&nbsp;38.51 | (14.12) | &nbsp;&nbsp;&nbsp;&nbsp;37449 | 1.23 | 1.26 | (0.11) | &nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;38.51 | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;7.47 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;45.42 | &nbsp;&nbsp;19.56 | &nbsp;&nbsp;&nbsp;&nbsp;40257 | 1.22 | 1.26 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;45.42 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;10.98 | &nbsp;&nbsp;10.97 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;56.04 | &nbsp;&nbsp;24.24 | &nbsp;&nbsp;&nbsp;&nbsp;45835 | 1.21 | 1.24 | (0.03) | &nbsp;&nbsp;&nbsp;13<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;56.04 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;(3.48) | &nbsp;&nbsp;&nbsp;(3.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;51.27 | &nbsp;&nbsp;(6.53)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38511 | &nbsp;&nbsp;&nbsp;1.22<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;1.25<sup>(7)</sup> | (0.20)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)(6)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/20 | $39.41 | $0.15 | $1.29 | $1.44 | $(0.32) | $(0.89) | $(1.21) | $39.64 | &nbsp;&nbsp;&nbsp;3.64% | $1142677 | 0.89%<sup>(8)</sup> | 0.89% | &nbsp;&nbsp;0.40% | 18% |
| 09/30/21 | &nbsp;&nbsp;39.64 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.86) | &nbsp;&nbsp;47.34 | &nbsp;&nbsp;21.80 | &nbsp;&nbsp;&nbsp;&nbsp;676846 | &nbsp;&nbsp;&nbsp;0.85<sup>(8)</sup> | 0.84 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;21<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;47.34 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;(6.39) | &nbsp;&nbsp;&nbsp;(6.28) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.40) | &nbsp;&nbsp;39.66 | (13.82) | &nbsp;&nbsp;&nbsp;&nbsp;407132 | 0.87 | 0.87 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;39.66 | &nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;7.84 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;46.91 | &nbsp;&nbsp;19.96 | &nbsp;&nbsp;&nbsp;&nbsp;466528 | 0.88 | 0.88 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;46.91 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;11.35 | &nbsp;&nbsp;11.53 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;57.93 | &nbsp;&nbsp;24.70 | &nbsp;&nbsp;&nbsp;&nbsp;734206 | 0.85 | 0.85 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;13<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;57.93 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;(3.61) | &nbsp;&nbsp;&nbsp;(3.56) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;52.95 | &nbsp;&nbsp;(6.36)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;712544 | &nbsp;&nbsp;&nbsp;0.85<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;0.85<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)(6)</sup> |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 09/30/21<sup>(10)</sup> | $45.92 | $0.07 | $1.36 | $1.43 | $— | $— | $— | $47.35 | &nbsp;&nbsp;&nbsp;3.11%<sup>(6)</sup> | $612500 | 0.80%<sup>(7)</sup> | 0.82%<sup>(7)</sup> | &nbsp;&nbsp;0.27%<sup>(7)</sup> | 21%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;47.35 | &nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;(6.39) | &nbsp;&nbsp;&nbsp;(6.25) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.40) | &nbsp;&nbsp;39.70 | (13.76) | &nbsp;&nbsp;&nbsp;&nbsp;598238 | 0.81 | 0.82 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;39.70 | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;7.89 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;46.99 | &nbsp;&nbsp;20.07 | &nbsp;&nbsp;&nbsp;&nbsp;657775 | 0.80 | 0.83 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;46.99 | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;11.37 | &nbsp;&nbsp;11.58 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;58.02 | &nbsp;&nbsp;24.76 | &nbsp;&nbsp;&nbsp;&nbsp;763113 | 0.79 | 0.80 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;13<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;58.02 | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;(3.61) | &nbsp;&nbsp;&nbsp;(3.55) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(1.45) | &nbsp;&nbsp;53.02 | &nbsp;&nbsp;(6.35)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;677108 | &nbsp;&nbsp;&nbsp;0.80<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;0.80<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22<sup>(7)</sup> | &nbsp;&nbsp;6<sup>(4)(6)</sup> |

---

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

*<sup>(2)</sup>* *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* 

*<sup>(3)</sup>* *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.01%, 0.02% and 0.01% for the six months ended March 31, 2025 and for the years ended September 30, 2023, 2022 and 2021, respectively.* 

*<sup>(4)</sup>* *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

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

*<sup>(6)</sup>* *Not annualized.* 

*<sup>(7)</sup>* *Annualized.* 

*<sup>(8)</sup>* *Net expenses include amounts recouped by the Adviser.* 

*<sup>(9)</sup>* *Less than $0.005 per share.* 

*<sup>(10)</sup>* *Represents the period from commencement of operations (February 22, 2021) through September 30, 2021.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)** | **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<sup>(2)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(2)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/20 | $17.91 | $0.09 | $(1.20) | $(1.11) | $(0.09) | $— | $(0.09) | $16.71 | (6.20)% | $9864 | 1.22% | 1.59% | &nbsp;&nbsp;0.50% | 37% |
| 09/30/21 | &nbsp;&nbsp;16.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;6.93 | &nbsp;&nbsp;&nbsp;6.94 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;23.62 | 41.59 | &nbsp;&nbsp;&nbsp;13605 | 1.23 | 1.55 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;33<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;23.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>(3)</sup> | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;(1.91) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(1.68) | &nbsp;&nbsp;20.03 | (9.04) | &nbsp;&nbsp;&nbsp;12950 | 1.22 | 1.44 | &nbsp;&nbsp;0.59 | 27 |
| 09/30/23 | &nbsp;&nbsp;20.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.18) | &nbsp;&nbsp;20.25 | &nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;14596 | 1.24 | 1.51 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;21<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;20.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;23.90 | 20.08 | &nbsp;&nbsp;&nbsp;16053 | 1.24 | 1.50 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;29<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;23.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.07<sup>(3)</sup> | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;22.09 | (2.81)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;14764 | &nbsp;&nbsp;&nbsp;1.25<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;1.47<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.58<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13<sup>(4)(6)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/20 | $17.37 | $(0.24) | $(0.96) | $(1.20) | $— | $— | $— | $16.17 | (6.91)% | $3296 | 1.97% | 2.57% | (0.25)% | 37% |
| 09/30/21 | &nbsp;&nbsp;16.17 | &nbsp;&nbsp;(0.15)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;6.56 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;22.73 | 40.57 | &nbsp;&nbsp;&nbsp;&nbsp;4167 | 1.98 | 2.36 | (0.69) | &nbsp;&nbsp;&nbsp;33<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;22.73 | &nbsp;&nbsp;(0.03)<sup>(3)</sup> | &nbsp;&nbsp;(1.97) | &nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;19.24 | (9.73) | &nbsp;&nbsp;&nbsp;&nbsp;4013 | 1.97 | 2.26 | (0.16) | 27 |
| 09/30/23 | &nbsp;&nbsp;19.24 | &nbsp;&nbsp;(0.02)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;19.30 | &nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;2963 | 1.99 | 2.38 | (0.09) | &nbsp;&nbsp;&nbsp;21<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;19.30 | &nbsp;&nbsp;(0.04)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;22.63 | 19.16 | &nbsp;&nbsp;&nbsp;&nbsp;1789 | 1.99 | 2.80 | (0.21) | &nbsp;&nbsp;&nbsp;29<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;22.63 | &nbsp;&nbsp;(0.02)<sup>(3)</sup> | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(1.11) | &nbsp;&nbsp;20.88 | (3.15)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;1.98<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;3.05<sup>(7)</sup> | (0.15)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13<sup>(4)(6)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/20 | $17.99 | $0.12 | $(1.20) | $(1.08) | $(0.13) | $— | $(0.13) | $16.78 | (5.97)% | $299596 | 0.97% | 1.22% | &nbsp;&nbsp;0.75% | 37% |
| 09/30/21 | &nbsp;&nbsp;16.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.07<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;23.75 | 41.97 | &nbsp;&nbsp;400865 | 0.98 | 1.16 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;33<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;23.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.20<sup>(3)</sup> | &nbsp;&nbsp;(2.06) | &nbsp;&nbsp;(1.86) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(1.74) | &nbsp;&nbsp;20.15 | (8.81) | &nbsp;&nbsp;349756 | 0.97 | 1.16 | &nbsp;&nbsp;0.84 | 27 |
| 09/30/23 | &nbsp;&nbsp;20.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.19<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.19) | &nbsp;&nbsp;20.42 | &nbsp;&nbsp;7.14 | &nbsp;&nbsp;326424 | 0.99 | 1.20 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;21<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;20.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.18<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;24.14 | 20.33 | &nbsp;&nbsp;172791 | 0.99 | 1.21 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;29<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;24.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>(3)</sup> | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.58) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;22.33 | (2.67)<sup>(6)</sup> | &nbsp;&nbsp;156168 | &nbsp;&nbsp;&nbsp;1.00<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;1.15<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.83<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13<sup>(4)(6)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/20 | $18.09 | $0.15 | $(1.22) | $(1.07) | $(0.15) | $— | $(0.15) | $16.87 | (5.86)% | $370247 | 0.84% | 0.98% | &nbsp;&nbsp;0.88% | 37% |
| 09/30/21 | &nbsp;&nbsp;16.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;23.88 | 42.16 | &nbsp;&nbsp;456557 | 0.85 | 0.97 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;33<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;23.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.23<sup>(3)</sup> | &nbsp;&nbsp;(2.07) | &nbsp;&nbsp;(1.84) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(1.77) | &nbsp;&nbsp;20.27 | (8.68) | &nbsp;&nbsp;395187 | 0.84 | 0.95 | &nbsp;&nbsp;0.97 | 27 |
| 09/30/23 | &nbsp;&nbsp;20.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.22<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.20) | &nbsp;&nbsp;20.57 | &nbsp;&nbsp;7.29 | &nbsp;&nbsp;353386 | 0.86 | 0.97 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;21<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;20.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.21<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;24.35 | 20.51 | &nbsp;&nbsp;422311 | 0.86 | 0.98 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;29<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;24.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>(3)</sup> | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;(0.58) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(1.25) | &nbsp;&nbsp;22.52 | (2.64)<sup>(6)</sup> | &nbsp;&nbsp;379305 | &nbsp;&nbsp;&nbsp;0.87<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;0.98<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.96<sup>(7)</sup> | 13<sup>(4)(6)</sup> |

---

*<sup>(1)</sup>* *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* 

*<sup>(2)</sup>* *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.03%, 0.02%, 0.02% and 0.01% for the six months ended March 31, 2025 and for the years ended September 30, 2024, 2023 and 2021, respectively.* 

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

*<sup>(4)</sup>* *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

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

*<sup>(6)</sup>* *Not annualized.* 

*<sup>(7)</sup>* *Annualized.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)** | **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<sup>(2)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(2)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/20 | $8.50 | $0.03 | $0.62 | $0.65 | $(0.02) | $(1.69) | $(1.71) | $7.44 | &nbsp;&nbsp;&nbsp;7.93% | $11719 | 1.17% | &nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;80% |
| 09/30/21 | &nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;9.10 | &nbsp;&nbsp;22.73 | &nbsp;&nbsp;10218 | 1.17 | &nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;52 |
| 09/30/22 | &nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(2.66) | &nbsp;&nbsp;(2.51) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;5.97 | (29.67) | &nbsp;&nbsp;&nbsp;6595 | 1.17 | &nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;32 |
| 09/30/23 | &nbsp;&nbsp;5.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;7.03 | &nbsp;&nbsp;20.50 | &nbsp;&nbsp;&nbsp;7177 | 1.17 | &nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;1.93 | 171 |
| 09/30/24 | &nbsp;&nbsp;7.03 | &nbsp;&nbsp;(0.04)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;34.43 | &nbsp;&nbsp;&nbsp;9247 | 1.18 | &nbsp;&nbsp;&nbsp;1.76 | (0.45) | 117 |
| 03/31/25<sup>(4)</sup> | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;(0.03)<sup>(3)</sup> | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;8.03 | &nbsp;&nbsp;(2.92)<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;8118 | &nbsp;&nbsp;&nbsp;1.17<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51<sup>(6)</sup> | (0.67)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(5)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/20 | $8.48 | $(0.03) | $0.64 | $0.61 | $(—)<sup>(7)</sup> | $(1.69) | $(1.69) | $7.40 | &nbsp;&nbsp;&nbsp;7.35% | $4066 | 1.95% | &nbsp;&nbsp;&nbsp;2.56% | (0.10)% | &nbsp;&nbsp;80% |
| 09/30/21 | &nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;21.76 | &nbsp;&nbsp;&nbsp;2727 | 1.95 | &nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;52 |
| 09/30/22 | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(2.64) | &nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;5.95 | (30.16) | &nbsp;&nbsp;&nbsp;1086 | 1.95 | &nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;32 |
| 09/30/23 | &nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;7.11 | &nbsp;&nbsp;19.50 | &nbsp;&nbsp;&nbsp;&nbsp;398 | 1.95 | &nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;1.15 | 171 |
| 09/30/24 | &nbsp;&nbsp;7.11 | &nbsp;&nbsp;(0.10)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;33.48 | &nbsp;&nbsp;&nbsp;1031 | 1.96 | &nbsp;&nbsp;&nbsp;4.87 | (1.23) | 117 |
| 03/31/25<sup>(4)</sup> | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;(0.06)<sup>(3)</sup> | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;8.17 | &nbsp;&nbsp;(3.31)<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;1.94<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38<sup>(6)</sup> | (1.45)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(5)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/20 | $8.47 | $0.07 | $0.61 | $0.68 | $(0.03) | $(1.69) | $(1.72) | $7.43 | &nbsp;&nbsp;&nbsp;8.32% | $11550 | 0.90% | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;80% |
| 09/30/21 | &nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;9.09 | &nbsp;&nbsp;23.07 | &nbsp;&nbsp;20434 | 0.90 | &nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;52 |
| 09/30/22 | &nbsp;&nbsp;9.09 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(2.66) | &nbsp;&nbsp;(2.48) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;5.99 | (29.43) | &nbsp;&nbsp;14560 | 0.90 | &nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;2.21 | &nbsp;&nbsp;32 |
| 09/30/23 | &nbsp;&nbsp;5.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.16<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;7.05 | &nbsp;&nbsp;20.86 | &nbsp;&nbsp;13870 | 0.90 | &nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;2.20 | 171 |
| 09/30/24 | &nbsp;&nbsp;7.05 | &nbsp;&nbsp;(0.01)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;9.10 | &nbsp;&nbsp;34.82 | &nbsp;&nbsp;76260 | 0.91 | &nbsp;&nbsp;&nbsp;1.36 | (0.18) | 117 |
| 03/31/25<sup>(4)</sup> | &nbsp;&nbsp;9.10 | &nbsp;&nbsp;(0.02)<sup>(3)</sup> | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;8.07 | &nbsp;&nbsp;(2.79)<sup>(5)</sup> | &nbsp;&nbsp;71507 | &nbsp;&nbsp;&nbsp;0.90<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06<sup>(6)</sup> | (0.40)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(5)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/20 | $8.48 | $0.07 | $0.60 | $0.67 | $(0.03) | $(1.69) | $(1.72) | $7.43 | &nbsp;&nbsp;&nbsp;8.30% | $3 | 0.89% | 314.41% | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;80% |
| 09/30/21 | &nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;9.10 | &nbsp;&nbsp;23.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 0.89 | 255.65 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;52 |
| 09/30/22 | &nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;(2.70) | &nbsp;&nbsp;(2.48) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;5.98 | (29.41) | &nbsp;&nbsp;&nbsp;5913 | 0.89 | &nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;2.22 | &nbsp;&nbsp;32 |
| 09/30/23 | &nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.16<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;7.04 | &nbsp;&nbsp;20.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 0.89 | &nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;2.17 | 171 |
| 09/30/24 | &nbsp;&nbsp;7.04 | &nbsp;&nbsp;(0.01)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;9.11 | &nbsp;&nbsp;34.81 | &nbsp;&nbsp;&nbsp;2973 | 0.87 | &nbsp;&nbsp;&nbsp;2.28 | (0.14) | 117 |
| 03/31/25<sup>(4)</sup> | &nbsp;&nbsp;9.11 | &nbsp;&nbsp;(0.02)<sup>(3)</sup> | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;8.08 | &nbsp;&nbsp;(2.80)<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;2105 | &nbsp;&nbsp;&nbsp;0.86<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26<sup>(6)</sup> | (0.36)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(5)</sup> |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 09/30/23<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;$7.66<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;$0.01<sup>(3)</sup> | $(0.63) | $(0.62) | $— | $— | $— | $7.04 | &nbsp;&nbsp;(8.09)%<sup>(5)</sup> | $14490 | 0.82%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;1.56%<sup>(6)</sup> | &nbsp;&nbsp;2.27%<sup>(6)</sup> | 171% |
| 09/30/24 | &nbsp;&nbsp;7.04 | &nbsp;&nbsp;(0.01)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;9.11 | &nbsp;&nbsp;34.83 | &nbsp;&nbsp;19540 | 0.82 | &nbsp;&nbsp;&nbsp;1.16 | (0.08) | 117 |
| 03/31/25<sup>(4)</sup> | &nbsp;&nbsp;9.11 | &nbsp;&nbsp;(0.01)<sup>(3)</sup> | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;8.08 | &nbsp;&nbsp;(2.79)<sup>(5)</sup> | &nbsp;&nbsp;13944 | &nbsp;&nbsp;&nbsp;0.78<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99<sup>(6)</sup> | (0.28)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;6<sup>(5)</sup> |

---

*<sup>(1)</sup>* *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* 

*<sup>(2)</sup>* *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01% for the year ended September 30, 2024.* 

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

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

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

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

*<sup>(7)</sup>* *Less than $0.005 per share.* 

*<sup>(8)</sup>* *Represents the period from commencement of operations (August 31, 2023) through September 30, 2023.* 

*<sup>(9)</sup>* *Net asset value at the beginning of period is based on the net asset value of Institutional Class shares on August 31, 2023.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> loss<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 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<sup>(3)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/20 | $13.12 | $(0.11) | $6.58 | $6.47 | $(2.37) | $(2.37) | $17.22 | &nbsp;&nbsp;58.43% | $163697 | 1.25%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | (0.85)%41%<sup>(4)</sup> |
| 09/30/21 | &nbsp;&nbsp;17.22 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;20.61 | &nbsp;&nbsp;32.30 | &nbsp;&nbsp;&nbsp;&nbsp;841243 | &nbsp;&nbsp;&nbsp;1.06<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | (0.96)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;20.61 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(10.02) | &nbsp;&nbsp;(10.15) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;8.30 | (54.73) | &nbsp;&nbsp;&nbsp;&nbsp;319960 | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | (0.98)&nbsp;&nbsp;&nbsp;45<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.39 | &nbsp;&nbsp;25.18 | &nbsp;&nbsp;&nbsp;&nbsp;344359 | 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | (0.83)&nbsp;&nbsp;&nbsp;27<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;10.39 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.54 | &nbsp;&nbsp;39.94 | &nbsp;&nbsp;&nbsp;&nbsp;393679 | 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | (0.90)&nbsp;&nbsp;&nbsp;37<sup>(4)</sup> |
| 03/31/25<sup>(7)</sup> | &nbsp;&nbsp;14.54 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.30 | &nbsp;&nbsp;(1.65)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;355373 | &nbsp;&nbsp;&nbsp;1.16<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16<sup>(9)</sup> | (0.87)<sup>(9)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26<sup>(4)(8)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/20^ | $14.47 | $(0.23) | $7.03 | $6.80 | $(2.98) | $(2.98) | $18.29 | &nbsp;&nbsp;57.27% | $36065 | 2.01% | &nbsp;&nbsp;&nbsp;&nbsp;2.04% | (1.56)%41%<sup>(4)</sup> |
| 09/30/21^ | &nbsp;&nbsp;18.29 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;(2.32) | &nbsp;&nbsp;(2.32) | &nbsp;&nbsp;21.29 | &nbsp;&nbsp;31.14 | &nbsp;&nbsp;&nbsp;&nbsp;75082 | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | (1.75)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35<sup>(4)(6)</sup> |
| 09/30/22^ | &nbsp;&nbsp;21.29 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(10.05) | &nbsp;&nbsp;(10.28) | &nbsp;&nbsp;(2.71) | &nbsp;&nbsp;(2.71) | &nbsp;&nbsp;&nbsp;8.30 | (55.02) | &nbsp;&nbsp;&nbsp;&nbsp;20623 | 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | (1.63)&nbsp;&nbsp;&nbsp;45<sup>(4)</sup> |
| 09/30/23^ | &nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.32 | &nbsp;&nbsp;24.48 | &nbsp;&nbsp;&nbsp;&nbsp;18269 | 1.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | (1.44)&nbsp;&nbsp;&nbsp;27<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;10.32 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.36 | &nbsp;&nbsp;39.15 | &nbsp;&nbsp;&nbsp;&nbsp;18051 | 1.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | (1.51)&nbsp;&nbsp;&nbsp;37<sup>(4)</sup> |
| 03/31/25<sup>(7)</sup> | &nbsp;&nbsp;14.36 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.07 | &nbsp;&nbsp;(2.02)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14250 | &nbsp;&nbsp;&nbsp;1.78<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03<sup>(9)</sup> | (1.49)<sup>(9)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26<sup>(4)(8)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/20 | $14.14 | $(0.09) | $7.21 | $7.12 | $(2.37) | $(2.37) | $18.89 | &nbsp;&nbsp;58.86% | $1565333 | 1.00%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | (0.58)%41%<sup>(4)</sup> |
| 09/30/21 | &nbsp;&nbsp;18.89 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;22.86 | &nbsp;&nbsp;32.53 | &nbsp;&nbsp;1784643 | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | (0.74)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;22.86 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(11.24) | &nbsp;&nbsp;(11.35) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;9.35 | (54.59) | &nbsp;&nbsp;&nbsp;&nbsp;613010 | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | (0.72)&nbsp;&nbsp;&nbsp;45<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.73 | &nbsp;&nbsp;25.46 | &nbsp;&nbsp;&nbsp;&nbsp;600614 | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | (0.58)&nbsp;&nbsp;&nbsp;27<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;11.73 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.46 | &nbsp;&nbsp;40.32 | &nbsp;&nbsp;&nbsp;&nbsp;624311 | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | (0.64)&nbsp;&nbsp;&nbsp;37<sup>(4)</sup> |
| 03/31/25<sup>(7)</sup> | &nbsp;&nbsp;16.46 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.21 | &nbsp;&nbsp;(1.52)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;552309 | &nbsp;&nbsp;&nbsp;0.88<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90<sup>(9)</sup> | (0.59)<sup>(9)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26<sup>(4)(8)</sup> |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| 09/30/20 | $13.14 | $(0.11) | $6.59 | $6.48 | $(2.37) | $(2.37) | $17.25 | &nbsp;&nbsp;58.42% | $491741 | 1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | (0.82)%41%<sup>(4)</sup> |
| 09/30/21 | &nbsp;&nbsp;17.25 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;20.63 | &nbsp;&nbsp;32.17 | &nbsp;&nbsp;&nbsp;&nbsp;570206 | &nbsp;&nbsp;&nbsp;1.16<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | (1.05)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;20.63 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(10.02) | &nbsp;&nbsp;(10.16) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;8.31 | (54.73) | &nbsp;&nbsp;&nbsp;&nbsp;203620 | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | (1.03)&nbsp;&nbsp;&nbsp;45<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.40 | &nbsp;&nbsp;25.15 | &nbsp;&nbsp;&nbsp;&nbsp;200700 | 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | (0.84)&nbsp;&nbsp;&nbsp;27<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;10.40 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.56 | &nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;&nbsp;232611 | 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | (0.91)&nbsp;&nbsp;&nbsp;37<sup>(4)</sup> |
| 03/31/25<sup>(7)</sup> | &nbsp;&nbsp;14.56 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.31 | &nbsp;&nbsp;(1.72)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;208847 | &nbsp;&nbsp;&nbsp;1.17<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21<sup>(9)</sup> | (0.88)<sup>(9)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26<sup>(4)(8)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/20<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$19.81<sup>(11)</sup> | $(0.01) | $(0.91) | $(0.92) | $— | $— | $18.89 | &nbsp;&nbsp;(4.64)%<sup>(8)</sup> | $2 | 0.81%<sup>(9)</sup> | 1,344.66%<sup>(9)</sup> | (0.81)%<sup>(9)</sup>41%<sup>(4)</sup> |
| 09/30/21 | &nbsp;&nbsp;18.89 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;5.99 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;22.88 | &nbsp;&nbsp;32.65 | &nbsp;&nbsp;2582030 | &nbsp;&nbsp;&nbsp;0.79<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | (0.69)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;22.88 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(11.26) | &nbsp;&nbsp;(11.36) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;9.36 | (54.58) | &nbsp;&nbsp;&nbsp;&nbsp;839599 | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | (0.67)&nbsp;&nbsp;&nbsp;45<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.76 | &nbsp;&nbsp;25.64 | &nbsp;&nbsp;&nbsp;&nbsp;783666 | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | (0.48)&nbsp;&nbsp;&nbsp;27<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;11.76 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.52 | &nbsp;&nbsp;40.48 | &nbsp;&nbsp;&nbsp;&nbsp;851056 | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | (0.55)&nbsp;&nbsp;&nbsp;37<sup>(4)</sup> |
| 03/31/25<sup>(7)</sup> | &nbsp;&nbsp;16.52 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.27 | &nbsp;&nbsp;(1.51)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;659468 | &nbsp;&nbsp;&nbsp;0.80<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86<sup>(9)</sup> | (0.51)<sup>(9)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26<sup>(4)(8)</sup> |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 09/30/20<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$19.81<sup>(11)</sup> | $(0.01) | $(0.91) | $(0.92) | $— | $— | $18.89 | &nbsp;&nbsp;(4.64)%<sup>(8)</sup> | $2 | 0.75%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.55%<sup>(9)</sup> | (0.73)%<sup>(9)</sup>41%<sup>(4)</sup> |
| 09/30/21 | &nbsp;&nbsp;18.89 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;22.88 | &nbsp;&nbsp;32.65 | &nbsp;&nbsp;&nbsp;&nbsp;498994 | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | (0.65)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;22.88 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(11.26) | &nbsp;&nbsp;(11.35) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;9.37 | (54.58) | &nbsp;&nbsp;&nbsp;&nbsp;270361 | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | (0.61)&nbsp;&nbsp;&nbsp;45<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.37 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.78 | &nbsp;&nbsp;25.76 | &nbsp;&nbsp;&nbsp;&nbsp;351501 | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | (0.42)&nbsp;&nbsp;&nbsp;27<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;11.78 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.55 | &nbsp;&nbsp;40.49 | &nbsp;&nbsp;&nbsp;&nbsp;338421 | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | (0.49)&nbsp;&nbsp;&nbsp;37<sup>(4)</sup> |
| 03/31/25<sup>(7)</sup> | &nbsp;&nbsp;16.55 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.31 | &nbsp;&nbsp;(1.45)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;276715 | &nbsp;&nbsp;&nbsp;0.69<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82<sup>(9)</sup> | (0.40)<sup>(9)</sup>26<sup>(4)(8)</sup> |

---

---

| | |
|:---|:---|
| *^* | *Updated to reflect the effect of a 1 for 0.796098 reverse stock split for Class C shares on October 14, 2022. All historical per share information has been retroactively adjusted to reflect this reverse stock split.* |
| *<sup>(1)</sup>* | *The net investment income per share was based on average shares outstanding for the period.* |
| *<sup>(2)</sup>* | *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* |
| *<sup>(3)</sup>* | *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.04%, 0.03%, 0.03%, 0.04%, 0.02% and 0.03% for the six months ended March 31, 2025 and for the years ended September 30, 2024, 2023, 2022, 2021 and 2020, respectively.* |
| *<sup>(4)</sup>* | *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* |
| *<sup>(5)</sup>* | *Net expenses include amounts recouped by the Adviser.* |
| *<sup>(6)</sup>* | *Portfolio turnover excludes the purchases and sales of securities by the Touchstone Sands Capital Institutional Growth Fund and the AIG Focused Growth Fund acquired on December 11, 2020 and July 16, 2021, respectively. If these transactions were included, portfolio turnover would have been higher.* |
| *<sup>(7)</sup>* | *Unaudited.* |
| *<sup>(8)</sup>* | *Not annualized.* |
| *<sup>(9)</sup>* | *Annualized.* |
| *<sup>(10)</sup>* | *Represents the period from commencement of operations (September 1, 2020) through September 30, 2020.* |
| *<sup>(11)</sup>* | *Net asset value at the beginning of period is based on the net asset value of Class Y shares on September 1, 2020.* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)<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<sup>(3)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/20 | $12.35 | $0.01 | $(0.98) | $(0.97) | $— | $(1.09) | $(1.09) | $10.29 | &nbsp;&nbsp;(8.92)% | $4313 | 1.27% | 2.09% | &nbsp;&nbsp;0.08%22%<sup>(4)</sup> |
| 09/30/21 | &nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;14.05 | &nbsp;&nbsp;38.68 | &nbsp;&nbsp;&nbsp;&nbsp;5266 | 1.27 | 1.78 | &nbsp;&nbsp;0.39&nbsp;&nbsp;&nbsp;33<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;14.05 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(1.81) | &nbsp;&nbsp;11.02 | (10.75) | &nbsp;&nbsp;&nbsp;&nbsp;4022 | 1.25 | 1.77 | (0.05)&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;11.02 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;12.84 | &nbsp;&nbsp;18.65 | &nbsp;&nbsp;&nbsp;&nbsp;7223 | 1.24 | 1.82 | &nbsp;&nbsp;0.08&nbsp;&nbsp;&nbsp;14<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;12.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;15.03 | &nbsp;&nbsp;20.91 | &nbsp;&nbsp;&nbsp;27890 | 1.25 | 1.66 | &nbsp;&nbsp;0.02&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 03/31/25<sup>(6)</sup> | &nbsp;&nbsp;15.03 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;14.09 | &nbsp;&nbsp;(5.21)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;34998 | &nbsp;&nbsp;&nbsp;1.26<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1.49<sup>(8)</sup> | (0.23)<sup>(8)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)(7)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/20 | $11.41 | $(0.07) | $(0.87) | $(0.94) | $— | $(1.09) | $(1.09) | $9.38 | &nbsp;&nbsp;(9.43)% | $295 | 2.02% | 3.10% | (0.68)%22%<sup>(4)</sup> |
| 09/30/21 | &nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;12.69 | &nbsp;&nbsp;37.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | 2.02 | 4.51 | (0.36)&nbsp;&nbsp;&nbsp;33<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;12.69 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(1.16) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;9.74 | (11.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | 2.00 | 6.81 | (0.80)&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;11.25 | &nbsp;&nbsp;17.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | 1.99 | 6.48 | (0.67)&nbsp;&nbsp;&nbsp;14<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;11.25 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;13.03 | &nbsp;&nbsp;20.08 | &nbsp;&nbsp;&nbsp;&nbsp;1436 | 2.00 | 3.67 | (0.73)&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 03/31/25<sup>(6)</sup> | &nbsp;&nbsp;13.03 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;12.16 | &nbsp;&nbsp;(5.54)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1567 | &nbsp;&nbsp;&nbsp;1.99<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;2.91<sup>(8)</sup> | (0.96)<sup>(8)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)(7)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/20 | $12.59 | $0.04 | $(1.00) | $(0.96) | $(0.02) | $(1.09) | $(1.11) | $10.52 | &nbsp;&nbsp;(8.65)% | $35573 | 1.02% | 1.32% | &nbsp;&nbsp;0.33%22%<sup>(4)</sup> |
| 09/30/21 | &nbsp;&nbsp;10.52 | &nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;14.28 | &nbsp;&nbsp;39.02 | &nbsp;&nbsp;&nbsp;49842 | 1.02 | 1.25 | &nbsp;&nbsp;0.64&nbsp;&nbsp;&nbsp;33<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;14.28 | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(1.24) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(1.82) | &nbsp;&nbsp;11.24 | (10.58) | &nbsp;&nbsp;&nbsp;53485 | 1.00 | 1.23 | &nbsp;&nbsp;0.20&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;11.24 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;13.13 | &nbsp;&nbsp;18.99 | &nbsp;&nbsp;&nbsp;88745 | 0.99 | 1.21 | &nbsp;&nbsp;0.33&nbsp;&nbsp;&nbsp;14<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;13.13 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;15.41 | &nbsp;&nbsp;21.28 | &nbsp;&nbsp;208329 | 1.00 | 1.19 | &nbsp;&nbsp;0.27&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 03/31/25<sup>(6)</sup> | &nbsp;&nbsp;15.41 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.77) | &nbsp;&nbsp;(0.77) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;14.43 | &nbsp;&nbsp;(5.17)<sup>(7)</sup> | &nbsp;&nbsp;186350 | &nbsp;&nbsp;&nbsp;1.01<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1.18<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(8)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)(7)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/20 | $12.55 | $0.04 | $(0.97) | $(0.93) | $(0.04) | $(1.09) | $(1.13) | $10.49 | &nbsp;&nbsp;(8.57)% | $33201 | 0.94% | 1.21% | &nbsp;&nbsp;0.41%22%<sup>(4)</sup> |
| 09/30/21 | &nbsp;&nbsp;10.49 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;14.23 | &nbsp;&nbsp;39.13 | &nbsp;&nbsp;&nbsp;39656 | 0.94 | 1.16 | &nbsp;&nbsp;0.72&nbsp;&nbsp;&nbsp;33<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;14.23 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(1.25) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(1.82) | &nbsp;&nbsp;11.20 | (10.52) | &nbsp;&nbsp;&nbsp;32834 | 0.92 | 1.14 | &nbsp;&nbsp;0.28&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;13.09 | &nbsp;&nbsp;19.08 | &nbsp;&nbsp;&nbsp;34027 | 0.91 | 1.13 | &nbsp;&nbsp;0.41&nbsp;&nbsp;&nbsp;14<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;13.09 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;15.35 | &nbsp;&nbsp;21.29 | &nbsp;&nbsp;&nbsp;38644 | 0.92 | 1.12 | &nbsp;&nbsp;0.35&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 03/31/25<sup>(6)</sup> | &nbsp;&nbsp;15.35 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;14.38 | &nbsp;&nbsp;(5.05)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;35933 | &nbsp;&nbsp;&nbsp;0.93<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1.11<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>(8)</sup>&nbsp;&nbsp;6<sup>(4)(7)</sup> |

---

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

*<sup>(2)</sup>* *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* 

*<sup>(3)</sup>* *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.02%, 0.01%, 0.01%, 0.03% and 0.03% for the six months ended March 31, 2025 and for the years ended September 30, 2024, 2022, 2021 and 2020, respectively.* 

*<sup>(4)</sup>* *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

*<sup>(5)</sup>* *Less than $0.005 per share.* 

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

*<sup>(7)</sup>* *Not annualized.* 

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)<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** | **Return of<br> capital** | **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<sup>(3)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/20 | $24.00 | $0.03 | $(3.34) | $(3.31) | $(0.04) | $(0.02) | $(0.06) | $20.63 | (13.83)% | $16552 | 1.38% | 1.58% | &nbsp;&nbsp;0.12% | 41% |
| 09/30/21 | &nbsp;&nbsp;20.63 | &nbsp;&nbsp;&nbsp;&nbsp;(—) | &nbsp;&nbsp;11.98 | &nbsp;&nbsp;11.98 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;32.49 | &nbsp;&nbsp;57.95 | &nbsp;&nbsp;&nbsp;24620 | 1.38 | 1.55 | (0.02) | 29 |
| 09/30/22 | &nbsp;&nbsp;32.49 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;(3.55) | &nbsp;&nbsp;&nbsp;(3.56) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;28.80 | (11.04) | &nbsp;&nbsp;&nbsp;21034 | 1.38 | 1.57 | (0.02) | 35 |
| 09/30/23 | &nbsp;&nbsp;28.80 | &nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;31.49 | &nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;22214 | 1.40 | 1.53 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;31<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;31.49 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;6.78 | &nbsp;&nbsp;&nbsp;6.93 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;38.24 | &nbsp;&nbsp;22.07 | &nbsp;&nbsp;&nbsp;25639 | 1.39 | 1.51 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;17<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;38.24 | &nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;36.02 | &nbsp;&nbsp;(5.51)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;23425 | &nbsp;&nbsp;&nbsp;1.40<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;1.48<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10<sup>(4)(6)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/20 | $23.21 | $(0.13) | $(3.22) | $(3.35) | $(0.02) | &nbsp;&nbsp;&nbsp;$—<sup>(8)</sup> | $(0.02) | $19.84 | (14.46)% | $453 | 2.13% | 4.50% | (0.63)% | 41% |
| 09/30/21 | &nbsp;&nbsp;19.84 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;11.50 | &nbsp;&nbsp;11.28 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;31.06 | &nbsp;&nbsp;56.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 | 2.13 | 3.71 | (0.77) | 29 |
| 09/30/22 | &nbsp;&nbsp;31.06 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;(3.38) | &nbsp;&nbsp;&nbsp;(3.62) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;27.38 | (11.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | 2.13 | 4.21 | (0.77) | 35 |
| 09/30/23 | &nbsp;&nbsp;27.38 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;29.73 | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | 2.15 | 5.19 | (0.46) | &nbsp;&nbsp;&nbsp;31<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;29.73 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;35.87 | &nbsp;&nbsp;21.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | 2.14 | 5.30 | (0.33) | &nbsp;&nbsp;&nbsp;17<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;35.87 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;(2.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;33.78 | &nbsp;&nbsp;(5.83)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;2.11<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;4.54<sup>(7)</sup> | (0.26)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10<sup>(4)(6)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/20 | $24.05 | $0.08 | $(3.34) | $(3.26) | $(0.09) | $(0.03) | $(0.12) | $20.67 | (13.60)% | $28435 | 1.13% | 1.31% | &nbsp;&nbsp;0.37% | 41% |
| 09/30/21 | &nbsp;&nbsp;20.67 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;12.01 | &nbsp;&nbsp;12.08 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;32.61 | &nbsp;&nbsp;58.32 | &nbsp;&nbsp;&nbsp;41793 | 1.13 | 1.26 | &nbsp;&nbsp;0.23 | 29 |
| 09/30/22 | &nbsp;&nbsp;32.61 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(3.58) | &nbsp;&nbsp;&nbsp;(3.50) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;28.94 | (10.81) | &nbsp;&nbsp;&nbsp;34156 | 1.13 | 1.27 | &nbsp;&nbsp;0.23 | 35 |
| 09/30/23 | &nbsp;&nbsp;28.94 | &nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;31.71 | &nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp;35328 | 1.15 | 1.26 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;31<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;31.71 | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;7.06 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;38.57 | &nbsp;&nbsp;22.33 | &nbsp;&nbsp;&nbsp;42121 | 1.14 | 1.23 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;17<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;38.57 | &nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;(2.20) | &nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;36.29 | &nbsp;&nbsp;(5.38)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;40442 | &nbsp;&nbsp;&nbsp;1.15<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;1.19<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.70<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10<sup>(4)(6)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/20 | $24.04 | $0.12 | $(3.33) | $(3.21) | $(0.11) | $(0.04) | $(0.15) | $20.68 | (13.42)% | $7825 | 0.98% | 1.19% | &nbsp;&nbsp;0.52% | 41% |
| 09/30/21 | &nbsp;&nbsp;20.68 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;12.03 | &nbsp;&nbsp;12.14 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;32.67 | &nbsp;&nbsp;58.59 | &nbsp;&nbsp;&nbsp;&nbsp;9176 | 0.98 | 1.25 | &nbsp;&nbsp;0.38 | 29 |
| 09/30/22 | &nbsp;&nbsp;32.67 | &nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;(3.59) | &nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;28.99 | (10.67) | &nbsp;&nbsp;&nbsp;&nbsp;7389 | 0.98 | 1.26 | &nbsp;&nbsp;0.38 | 35 |
| 09/30/23 | &nbsp;&nbsp;28.99 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;31.80 | &nbsp;&nbsp;&nbsp;9.81 | &nbsp;&nbsp;&nbsp;54449 | 1.00 | 1.20 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;31<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;31.80 | &nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;38.73 | &nbsp;&nbsp;22.53 | &nbsp;&nbsp;148646 | 0.99 | 1.15 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;17<sup>(4)</sup> |
| 03/31/25<sup>(5)</sup> | &nbsp;&nbsp;38.73 | &nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;36.42 | &nbsp;&nbsp;(5.31)<sup>(6)</sup> | &nbsp;&nbsp;124655 | &nbsp;&nbsp;&nbsp;1.00<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;1.12<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85<sup>(7)</sup> | 10<sup>(4)(6)</sup> |

---

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

*<sup>(2)</sup>* *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* 

*<sup>(3)</sup>* *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.02%, 0.01% and 0.02% for the six months ended March 31, 2025 and for the years ended September 30, 2024 and 2023, respectively.* 

*<sup>(4)</sup>* *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

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

*<sup>(6)</sup>* *Not annualized.* 

*<sup>(7)</sup>* *Annualized.* 

*<sup>(8)</sup>* *Less than $0.005 per share.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)** | **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** | **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 A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/20 | $9.29 | $0.18 | $(0.06) | $0.12 | $(0.18) | $(0.18) | $9.23 | &nbsp;&nbsp;1.32% | $124233 | 0.69% | 0.80% | &nbsp;&nbsp;1.84% | &nbsp;&nbsp;72% |
| 09/30/21 | &nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;144172 | 0.69 | 0.74 | &nbsp;&nbsp;0.40 | 113 |
| 09/30/22 | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;9.01 | (0.80) | &nbsp;&nbsp;125115 | 0.69 | 0.74 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;52 |
| 09/30/23 | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;75540 | 0.69 | 0.76 | &nbsp;&nbsp;3.57 | &nbsp;&nbsp;29 |
| 09/30/24 | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp;81751 | 0.65 | 0.74 | &nbsp;&nbsp;5.11 | &nbsp;&nbsp;78 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.42<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;83724 | &nbsp;&nbsp;&nbsp;0.65<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;0.70<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.64<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28<sup>(4)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/20 | $9.29 | $0.12 | $(0.04) | $0.08 | $(0.13) | $(0.13) | $9.24 | &nbsp;&nbsp;0.93% | $5276 | 1.19% | 1.60% | &nbsp;&nbsp;1.33% | &nbsp;&nbsp;72% |
| 09/30/21 | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;4249 | 1.19 | 1.47 | (0.10) | 113 |
| 09/30/22 | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;9.02 | (1.18) | &nbsp;&nbsp;&nbsp;&nbsp;5013 | 1.19 | 1.48 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;52 |
| 09/30/23 | &nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;9.08 | &nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;3292 | 1.19 | 1.61 | &nbsp;&nbsp;3.07 | &nbsp;&nbsp;29 |
| 09/30/24 | &nbsp;&nbsp;9.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;4266 | 1.15 | 1.61 | &nbsp;&nbsp;4.61 | &nbsp;&nbsp;78 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.19<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.17<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5471 | &nbsp;&nbsp;&nbsp;1.15<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;1.41<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.15<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28<sup>(4)</sup> |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 09/30/20 | $9.28 | $0.12 | $(0.01) | $0.11 | $(0.16) | $(0.16) | $9.23 | &nbsp;&nbsp;1.18% | $61464 | 0.94% | 0.99% | &nbsp;&nbsp;1.58% | &nbsp;&nbsp;72% |
| 09/30/21 | &nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;52456 | 0.94 | 0.99 | &nbsp;&nbsp;0.15 | 113 |
| 09/30/22 | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;9.01 | (1.05) | &nbsp;&nbsp;&nbsp;42709 | 0.94 | 0.99 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;52 |
| 09/30/23 | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;35599 | 0.94 | 1.04 | &nbsp;&nbsp;3.32 | &nbsp;&nbsp;29 |
| 09/30/24 | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;6.81 | &nbsp;&nbsp;&nbsp;30581 | 0.90 | 1.00 | &nbsp;&nbsp;4.86 | &nbsp;&nbsp;78 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.20<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.41<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;27099 | &nbsp;&nbsp;&nbsp;0.90<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;0.97<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.39<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28<sup>(4)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/20 | $9.29 | $0.19 | $(0.05) | $0.14 | $(0.20) | $(0.20) | $9.23 | &nbsp;&nbsp;1.57% | $292708 | 0.44% | 0.51% | &nbsp;&nbsp;2.09% | &nbsp;&nbsp;72% |
| 09/30/21 | &nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;296363 | 0.44 | 0.50 | &nbsp;&nbsp;0.65 | 113 |
| 09/30/22 | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;9.01 | (0.55) | &nbsp;&nbsp;250473 | 0.44 | 0.50 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;52 |
| 09/30/23 | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;9.08 | &nbsp;&nbsp;4.88 | &nbsp;&nbsp;193680 | 0.44 | 0.52 | &nbsp;&nbsp;3.82 | &nbsp;&nbsp;29 |
| 09/30/24 | &nbsp;&nbsp;9.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;7.35 | &nbsp;&nbsp;252342 | 0.40 | 0.46 | &nbsp;&nbsp;5.36 | &nbsp;&nbsp;78 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.55<sup>(4)</sup> | &nbsp;&nbsp;467259 | &nbsp;&nbsp;&nbsp;0.40<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;0.43<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.89<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28<sup>(4)</sup> |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| 09/30/20 | $9.29 | $0.17 | $(0.05) | $0.12 | $(0.18) | $(0.18) | $9.23 | &nbsp;&nbsp;1.32% | $86018 | 0.69% | 0.79% | &nbsp;&nbsp;1.83% | &nbsp;&nbsp;72% |
| 09/30/21 | &nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;75058 | 0.69 | 0.78 | &nbsp;&nbsp;0.40 | 113 |
| 09/30/22 | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;9.01 | (0.80) | &nbsp;&nbsp;&nbsp;50209 | 0.69 | 0.79 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;52 |
| 09/30/23 | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;41800 | 0.69 | 0.81 | &nbsp;&nbsp;3.57 | &nbsp;&nbsp;29 |
| 09/30/24 | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp;38879 | 0.65 | 0.78 | &nbsp;&nbsp;5.11 | &nbsp;&nbsp;78 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.53<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;38617 | &nbsp;&nbsp;&nbsp;0.65<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;0.75<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.64<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28<sup>(4)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/20 | $9.28 | $0.20 | $(0.05) | $0.15 | $(0.21) | $(0.21) | $9.22 | &nbsp;&nbsp;1.63% | $417011 | 0.39% | 0.46% | &nbsp;&nbsp;2.13% | &nbsp;&nbsp;72% |
| 09/30/21 | &nbsp;&nbsp;9.22 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;9.20 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;500705 | 0.39 | 0.45 | &nbsp;&nbsp;0.70 | 113 |
| 09/30/22 | &nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;9.00 | (0.50) | &nbsp;&nbsp;230153 | 0.39 | 0.46 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;52 |
| 09/30/23 | &nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;4.94 | &nbsp;&nbsp;136828 | 0.39 | 0.47 | &nbsp;&nbsp;3.87 | &nbsp;&nbsp;29 |
| 09/30/24 | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;7.41 | &nbsp;&nbsp;110294 | 0.35 | 0.43 | &nbsp;&nbsp;5.41 | &nbsp;&nbsp;78 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.58<sup>(4)</sup> | &nbsp;&nbsp;109157 | &nbsp;&nbsp;&nbsp;0.35<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;0.39<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.94<sup>(5)</sup> | &nbsp;&nbsp;28<sup>(4)</sup> |

---

*<sup>(1)</sup>* *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* 

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

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

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

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

*<sup>(6)</sup>* *Less than $0.005 per share.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality 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** | **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 A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/20 | $10.44 | $0.19 | $0.37 | $0.56 | $(0.20) | $(0.20) | $10.80 | &nbsp;&nbsp;&nbsp;5.46% | $16509 | 0.85% | &nbsp;&nbsp;&nbsp;1.03% | 1.83% | 21% |
| 09/30/21 | &nbsp;&nbsp;10.80 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;10.57 | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;17997 | 0.84 | &nbsp;&nbsp;&nbsp;0.93 | 1.43 | 24 |
| 09/30/22 | &nbsp;&nbsp;10.57 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(1.70) | &nbsp;&nbsp;(1.52) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;8.85 | (14.52) | &nbsp;&nbsp;&nbsp;11777 | 0.76 | &nbsp;&nbsp;&nbsp;0.93 | 1.79 | 19 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.85 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;10949 | 0.76 | &nbsp;&nbsp;&nbsp;0.96 | 2.82 | 15 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;11.61 | &nbsp;&nbsp;&nbsp;18995 | 0.76 | &nbsp;&nbsp;&nbsp;0.94 | 3.26 | 20 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.15<sup>(2)</sup> | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;(0.38)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;14707 | &nbsp;&nbsp;&nbsp;0.76<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;3.43<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;12<sup>(4)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/20 | $10.43 | $0.12 | $0.37 | $0.49 | $(0.13) | $(0.13) | $10.79 | &nbsp;&nbsp;&nbsp;4.69% | $1737 | 1.60% | &nbsp;&nbsp;&nbsp;2.55% | 1.08% | 21% |
| 09/30/21 | &nbsp;&nbsp;10.79 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;10.56 | &nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;1635 | 1.59 | &nbsp;&nbsp;&nbsp;2.37 | 0.68 | 24 |
| 09/30/22 | &nbsp;&nbsp;10.56 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;(1.69) | &nbsp;&nbsp;(1.59) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;8.84 | (15.18) | &nbsp;&nbsp;&nbsp;&nbsp;1415 | 1.51 | &nbsp;&nbsp;&nbsp;2.25 | 1.04 | 19 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;1479 | 1.51 | &nbsp;&nbsp;&nbsp;2.25 | 2.07 | 15 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.22<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;1426 | 1.51 | &nbsp;&nbsp;&nbsp;2.49 | 2.51 | 20 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>(2)</sup> | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;(0.74)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;1.49<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;2.70<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;12<sup>(4)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/20 | $10.45 | $0.22 | $0.38 | $0.60 | $(0.23) | $(0.23) | $10.82 | &nbsp;&nbsp;&nbsp;5.81% | $145821 | 0.60% | &nbsp;&nbsp;&nbsp;0.64% | 2.08% | 21% |
| 09/30/21 | &nbsp;&nbsp;10.82 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;10.59 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;199280 | 0.59 | &nbsp;&nbsp;&nbsp;0.60 | 1.68 | 24 |
| 09/30/22 | &nbsp;&nbsp;10.59 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(1.70) | &nbsp;&nbsp;(1.50) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;8.86 | (14.37) | &nbsp;&nbsp;225457 | 0.51 | &nbsp;&nbsp;&nbsp;0.52 | 2.04 | 19 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.86 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;233839 | 0.51 | &nbsp;&nbsp;&nbsp;0.51 | 3.07 | 15 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;279532 | &nbsp;&nbsp;&nbsp;0.51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;0.50 | 3.51 | 20 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.17<sup>(2)</sup> | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;(0.26)<sup>(4)</sup> | &nbsp;&nbsp;279353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51<sup>(5)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;3.69<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;12<sup>(4)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/20 | $10.45 | $0.23 | $0.38 | $0.61 | $(0.24) | $(0.24) | $10.82 | &nbsp;&nbsp;&nbsp;5.92% | $227734 | 0.50% | &nbsp;&nbsp;&nbsp;0.59% | 2.18% | 21% |
| 09/30/21 | &nbsp;&nbsp;10.82 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;10.59 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;216914 | 0.49 | &nbsp;&nbsp;&nbsp;0.57 | 1.78 | 24 |
| 09/30/22 | &nbsp;&nbsp;10.59 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;(1.70) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;8.86 | (14.29) | &nbsp;&nbsp;243902 | 0.41 | &nbsp;&nbsp;&nbsp;0.49 | 2.14 | 19 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.86 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;250604 | 0.41 | &nbsp;&nbsp;&nbsp;0.48 | 3.17 | 15 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;12.10 | &nbsp;&nbsp;274926 | 0.41 | &nbsp;&nbsp;&nbsp;0.48 | 3.60 | 20 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.17<sup>(2)</sup> | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;(0.31)<sup>(4)</sup> | &nbsp;&nbsp;278641 | &nbsp;&nbsp;&nbsp;0.41<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;3.78<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;12<sup>(4)</sup> |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 09/30/22<sup>(8)</sup> | $10.51 | $0.19 | $(1.61) | $(1.42) | $(0.23) | $(0.23) | $8.86 | (13.72)%<sup>(4)</sup> | $2 | 0.37%<sup>(5)</sup> | 238.46%<sup>(5)</sup> | 2.18%<sup>(5)</sup> | 19% |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.86 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;23402 | 0.37 | &nbsp;&nbsp;&nbsp;0.46 | 3.21 | 15 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.33<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;12.02 | &nbsp;&nbsp;&nbsp;26225 | 0.37 | &nbsp;&nbsp;&nbsp;0.47 | 3.65 | 20 |
| 03/31/25<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.17<sup>(2)</sup> | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;(0.18)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;29236 | &nbsp;&nbsp;&nbsp;0.37<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;3.82<sup>(5)</sup> | 12<sup>(4)</sup> |

---

*<sup>(1)</sup>* *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* 

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

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

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

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

*<sup>(6)</sup>* *Net expenses include amounts recouped by the Adviser.* 

*<sup>(7)</sup>* *Net expenses include amounts eligible for recoupment by the Adviser.* 

*<sup>(8)</sup>* *Represents the period from commencement of operations (November 22, 2021) through September 30, 2022.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements

March 31, 2025 (Unaudited)

1. Organization

The Touchstone Funds Group 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 Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated October 25, 1993. The Trust consists of the following twelve funds (individually, a "Fund," and collectively, the "Funds"):

---

| |
|:---|
| Touchstone Active Bond Fund ("Active Bond Fund") |
| Touchstone Ares Credit Opportunities Fund ("Ares Credit Opportunities Fund") |
| Touchstone Dividend Equity Fund ("Dividend Equity Fund") |
| Touchstone High Yield Fund ("High Yield Fund") |
| Touchstone Mid Cap Fund ("Mid Cap Fund") |
| Touchstone Mid Cap Value Fund ("Mid Cap Value Fund") |
| Touchstone Sands Capital International Growth Equity Fund ("Sands Capital International Growth Equity Fund") |
| Touchstone Sands Capital Select Growth Fund ("Sands Capital Select Growth Fund") |
| Touchstone Small Cap Fund ("Small Cap Fund") |
| Touchstone Small Cap Value Fund ("Small Cap Value Fund") |
| Touchstone Ultra Short Duration Fixed Income Fund ("Ultra Short Duration Fixed Income Fund") |
| Touchstone US Quality Bond Fund (formerly Touchstone Impact Bond Fund) ("US Quality Bond Fund") |

---

Each Fund is diversified, with the exception of the Sands Capital Select Growth 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. The table below indicates the classes of shares that each Fund is registered to offer:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class S** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;**Institutional<br> Class** | &nbsp;&nbsp;**Class R6** |
| Active Bond Fund | X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| Ares Credit Opportunities Fund | X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| Dividend Equity Fund | X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| High Yield Fund | X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| Mid Cap Fund | X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| Mid Cap Value Fund | X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| Sands Capital International Growth Equity Fund | X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| Sands Capital Select Growth Fund | X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| Small Cap Fund | X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| Small Cap Value Fund | X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| Ultra Short Duration Fixed Income Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| US Quality Bond Fund | X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X |

---

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)

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

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 March 31, 2025, for each Fund's investments, is included in each Fund's Portfolio of Investments. The Ares Credit Opportunities Fund held Level 3 categorized securities during the six months ended March 31, 2025.

Changes in valuation techniques may result in transfers into or out of an investment's assigned level within the hierarchy.

The Funds' portfolio securities are valued as of the close of the regular session of trading on the New York Stock Exchange ("NYSE") (currently 4:00 p.m., Eastern Time or at the time as of which the NYSE establishes official closing prices). Portfolio securities traded on stock exchanges are valued at the last reported sale price, official close price, or last bid price if no sales are reported. Portfolio securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price ("NOCP") or from the primary exchange on which the security trades. To the extent these securities are actively traded, they are categorized in Level 1 of the fair value hierarchy. Options and futures are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long option positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price on the valuation date and are categorized in Level 1. Shares of mutual funds in which the Funds invest are valued at their respective net asset value ("NAV") as reported by the underlying funds and are categorized in Level 1.

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 bank loans are normally valued at the bid quotation obtained from dealers in loans by an independent pricing service in accordance with the Funds' valuation policies and procedures established by Touchstone Advisors, Inc. (the "Adviser") and adopted by the Funds' Board of Trustees (the "Board"), 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.

Foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of regular trading on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available and are categorized in Level 2.

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 and are generally categorized in Level 3.

**Bank Loans – The Active Bond Fund, Ares Credit Opportunities Fund and Ultra Short Duration Fixed Income Fund may invest in bank loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may**

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. The Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank, Secured Overnight Financing Rate ("SOFR") or a similar reference rate.

The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between the Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statements of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments presented on the Statements of Assets and Liabilities represents fair value of the unfunded portion of the Fund's bank loans.

As of March 31, 2025, the Ares Credit Opportunities Fund did not hold any unfunded loan commitments.

**Collateralized Loan Obligations — The Active Bond Fund, Ares Credit Opportunities Fund and Ultra Short Duration Fixed Income 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.**

**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.** 

**Securities sold short — The Funds may engage in selling securities short, which obligates the Fund to replace a security borrowed by purchasing the same security at the current market value. The Fund would incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund would realize a gain if the price of the security declines between those dates.**

**Options — The Funds may write or purchase financial option contracts primarily to hedge against changes in the value of equity securities (or securities that the Funds intend to purchase), against fluctuations in fair value caused by changes in prevailing market interest rates or foreign currency exchange rates and against changes in overall equity market volatility. In addition, the Funds may utilize options in an attempt to generate gains from option premiums or to reduce overall portfolio risk. The Funds' option strategy primarily focuses on the use of writing and/or purchasing call or put options on equity indexes. When the Funds write or purchase an option, an amount equal to the premium received or paid by the Funds is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Funds on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Funds have realized a gain or loss on investment transactions. The Funds, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bear the market risk of an unfavorable change in the price of the security underlying the written option. The Funds, as purchaser of an option, bear the risk that the counterparties to the option may not have the ability to meet the terms of the option contracts. There is minimal counterparty credit risk involved in entering into option contracts since they are exchange-traded instruments and**

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

the exchange's clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. The maximum risk of loss associated with writing put options is the notional amount as presented in the Portfolio of Investments. In certain circumstances, the maximum risk of loss amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. The maximum risk of loss associated with writing call options is potentially unlimited.

**Warrants — The Funds may invest in warrants and stock purchase rights of companies of any market capitalization. A warrant gives the holder the right to buy stock, typically from the issuer. The warrant specifies the amount of underlying stock, the purchase (or "exercise") price, and the date the warrant expires. Certain warrants may permit, without legal obligation, net settlement for stock or cash. The Funds have no obligation to exercise the warrant and buy the stock.**

**Futures Contracts — The Active Bond Fund and Ares Credit Opportunities 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 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 Active Bond Fund and Ares Credit Opportunities Fund may enter into swap transactions to help enhance the value of their portfolios 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 insolvency, among others, 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

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

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.

**Forward foreign currency contracts — The Active Bond Fund and the Ares Credit Opportunities Fund may enter into forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a specific currency at a price that is set on the date of the contract. The forward contract calls for delivery of the currency on a future date that is specified in the contract. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral, the risk that currency movements will not occur thereby reducing a Fund's total return, and the potential for losses in excess of a Fund's initial investment.**

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily and the change in value is recorded by a Fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency.

During the six months ended March 31, 2025, the Ares Credit Opportunities Fund used forward foreign currency contracts to enhance potential gains, hedge against anticipated currency exchange rates, maintain diversity and liquidity of the portfolio and/or adjust exposure to foreign currencies.

**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 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.**

**Master Limited Partnership — The Funds may invest in Master Limited Partnership ("MLP") common units that represent limited partnership interests in the MLP. Common units are generally listed and traded on U.S. securities exchanges or OTC with their value fluctuating predominantly based on the success of the MLP. Unlike owners of common stock of a corporation, owners of MLP common units have limited voting rights and have no ability to annually elect directors. MLPs generally distribute all available cash flow (cash flow from operations less maintenance capital expenditures) in the form of quarterly distributions. Common unit holders have first priority to receive quarterly cash distributions up to the minimum quarterly distribution and have arrearage rights. Distributions received from MLPs generally are comprised of income and return of capital. Investment income and return of capital are recorded based on estimates made at the time distributions are received. The actual amounts of income and return of capital are only determined by each MLP 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. In the event of liquidation, common unit holders have preference over subordinated units, but not debt holders or preferred unit holders, to the remaining assets of the MLP.**

**Pay-In-Kind ("PIK") Bonds — PIK bonds are securities that, at the issuer's option, pay interest in either cash or additional securities for a specified period. PIK bonds, like zero coupon bonds, are designed to give an issuer flexibility in managing cash flow. PIK bonds are expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment. PIK bonds are usually less volatile than zero coupon bonds, but more volatile than cash pay securities.**

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

**Derivative instruments and hedging activities — The Active Bond Fund and the Ares Credit Opportunities 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 March 31, 2025, the Funds' assets and liabilities that were subject to a MNA on a gross basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities** |
| Ares Credit Opportunities Fund |  |  |
| &nbsp;&nbsp;&nbsp;Forwards - Foreign Currency Contracts | $107582 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Total | $107582 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

The following table presents the Ares Credit Opportunities Fund's assets and liabilities net of amounts available for offset under a MNA and net of the related collateral received by the Fund as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br> Type** | &nbsp;&nbsp;&nbsp;&nbsp;**Gross Amount of<br> Recognized<br> Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Gross Amount<br> Available<br> for Offset in<br> Statement of Assets<br> and Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-Cash<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Amount<sup>(1)</sup>** |
| Wells Fargo | Forward-Foreign<br> Currency<br> Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$107582 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$107582 |

---

*<sup>(1)</sup>* *Net amount represents the net amount receivable from the counterparty in the event of default.* 

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

The following table sets forth the fair value of the Funds' derivative financial instruments by primary risk exposure as of March 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset<br> Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability<br> Derivatives** |
| Active 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;$42447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Ares Credit Opportunities 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;Purchased Options - Equity Contracts<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options - Equity Contracts<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forwards - Foreign Currency Contracts<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7837 |

---

*(1)* *Statements of Assets and Liabilities Location: Payable 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.* 

*(2)* *Statements of Assets and Liabilities Location: Investments, at market value.* 

*(3)* *Statements of Assets and Liabilities Location: Written options, at market value.* 

*(4)* *Statements of Assets and Liabilities Location: Unrealized appreciation (depreciation) on forward foreign currency contracts.* 

*(5)* *Statements of Assets and Liabilities Location: Payable for variation margin on swap agreements. Variation margin reported in the Portfolio of Investments and other tables in the Notes to the Financial Statements is the cumulative unrealized appreciation (depreciation).* 

The following table sets forth the effect of the Funds' derivative financial instruments by primary risk exposure on the Statements of Operations for the six months ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Realized Gains<br> (Losses)<br> on Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> on Derivatives** |
| Active Bond Fund Futures - Interest Rate Contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(167626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42447 |
| Swap Agreements - Credit Contracts<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) |
| Ares Credit Opportunities Fund Purchased Options - Equity Contracts<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77041) |
| Written Options - Equity Contracts<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3200) |
| Forwards - Foreign Currency Exchange Contracts<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211497 |
| Swap Agreements - Credit Contracts<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7115 |

---

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

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

*(3)* *Statements of Operations Location: Net realized gains (losses) on investments and Net change in unrealized appreciation (depreciation) on investments, respectively.* 

*(4)* *Statements of Operations Location: Net realized gains on written options and Net change in unrealized appreciation (depreciation) on written options, respectively.* 

*(5)* *Statements of Operations Location: Net realized gains on forward foreign currency contracts and Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, respectively.* 

For the six months ended March 31, 2025, the average quarterly balances of outstanding derivative financial instruments for the Active Bond Fund and Ares Credit Opportunities Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Active Bond Fund** | &nbsp;&nbsp;**Ares Credit Opportunities Fund** |
| **Equity Contracts:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options - Cost | $— | &nbsp;&nbsp;$56726 |
| &nbsp;&nbsp;&nbsp;Written Options - Premiums received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933 |
| **Credit Contracts:** |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swaps (buy protection) - Notional value | &nbsp;&nbsp;&nbsp;&nbsp;6973333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569250 |
| **Forward currency exchange contracts:** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. dollar amount received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11779764 |
| **Interest Rate Contracts:** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (long) - Notional Value | &nbsp;&nbsp;&nbsp;16182599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures Contracts (short) - Notional Value | &nbsp;&nbsp;&nbsp;&nbsp;1307969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

**Portfolio securities loaned — The Funds may lend their portfolio securities, with the exception of the Ultra Short Duration Fixed Income Fund. 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**

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

loss of rights in the collateral if the borrower fails financially. To minimize these risks, the borrower must agree to maintain cash collateral with the Funds' custodian. The loaned securities are secured by collateral valued at least equal, at all times, to the market value of the loaned securities plus accrued interest, if any. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The cash collateral is reinvested by the Funds' custodian into an approved short-term investment vehicle. The approved short-term investment vehicle is subject to market risk.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Security Type** | &nbsp;&nbsp;**Market Value of<br> Securities Loaned<sup>(1)</sup>** | &nbsp;&nbsp;**Market Value of<br> Collateral Received<sup>(2)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(3)</sup>** |
| Ares Credit Opportunities Fund | Corporate Bonds | &nbsp;&nbsp;$5056208 | &nbsp;&nbsp;$5319739 | &nbsp;&nbsp;$263531 |
| High Yield Fund | Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8790 |
| Sands Capital Select Growth Fund | Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;15482600 | &nbsp;&nbsp;&nbsp;&nbsp;15276585 | &nbsp;&nbsp;&nbsp;&nbsp;(206015) |

---

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

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

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

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

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

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

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

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

The maximum offering price per share of Class A shares of the equity funds (all of the Funds except the Active Bond Fund, Ares Credit Opportunities Fund, High Yield Fund, Ultra Short Duration Fixed Income Fund and US Quality Bond Fund) is equal to the NAV per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). The maximum offering price per share of Class A shares of the Active Bond Fund, Ares Credit Opportunities Fund, High Yield Fund and US Quality Bond Fund is equal to the NAV per share plus a sales load equal to 3.36% of the NAV (or 3.25% of the offering price). The maximum offering price per share of Class A shares of the Ultra Short Duration Fixed Income Fund is equal to the NAV per share plus sales load equal to 2.04% of the NAV (or 2.00% of the offering price). There is no sales load on equity or fixed income fund purchases when aggregate purchases in all Touchstone funds equal at least $1 million or $500,000, respectively. The maximum offering price per share of Classes C, S, Y, Z, Institutional Class and R6 shares of the Funds is equal to the NAV per share.

The redemption price per share of each class of shares of the Funds is generally equal to the NAV per share. However, Class A redemptions that were part of a no-load purchase due to the aggregate purchase amount in all Touchstone Funds equaling at least $1 million for equity funds or $500,000 for fixed income funds where a Finder's Fee was paid may be subject to a contingent deferred sales charge ("CDSC") of up to 1.00% or 0.50%, for equity or fixed income funds, respectively, if redeemed within a one-year period from the date of purchase. Additionally, purchases of Class C shares of the Funds are subject to a CDSC of 1.00% if redeemed within a one-year period from the date of purchase. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed.

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

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 paydowns 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. The Mid Cap Fund, Sands Capital International Growth Equity Fund, Sands Capital Select Growth Fund and Small Cap Fund distribute their income, if any, annually, as a dividend to shareholders. The Dividend Equity Fund, Mid Cap Value Fund and Small Cap Value Fund declare and distribute their income, if any, quarterly, as a dividend to shareholders. The Active Bond Fund, Ares Credit Opportunities Fund, High Yield Fund and US Quality Bond Fund declare and distribute their income, if any, monthly, as a dividend to shareholders. The Ultra Short Duration Fixed Income Fund declares its income, if any, daily, and distributes such income monthly, 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 Variable Series 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 — In this reporting period, 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_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

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 March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Active<br> Bond<br> Fund** | &nbsp;&nbsp;**Ares<br> Credit<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Dividend<br> Equity<br> Fund** | &nbsp;&nbsp;**High Yield<br> Fund** | &nbsp;&nbsp;**Mid Cap<br> Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Mid Cap<br> Value<br> Fund<sup>(1)</sup>** |
| Purchases of investment securities | $24261639 | &nbsp;&nbsp;$333980194 | &nbsp;&nbsp;$154562026 | &nbsp;&nbsp;$22409442 | &nbsp;&nbsp;$361282682 | &nbsp;&nbsp;$75194406 |
| Proceeds from sales and maturities | $19930841 | &nbsp;&nbsp;$162868990 | &nbsp;&nbsp;$351607434 | &nbsp;&nbsp;$24855748 | &nbsp;&nbsp;$446068959 | &nbsp;&nbsp;$77894526 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sands Capital International<br> Growth Equity<br> Fund** | &nbsp;&nbsp;**Sands Capital<br> Select Growth<br> Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Small Cap<br> Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Small Cap<br> Value<br> Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;**US Quality<br> Bond<br> Fund** |
| Purchases of investment securities | $5492202 | &nbsp;&nbsp;$621270643 | &nbsp;&nbsp;$21394637 | &nbsp;&nbsp;$20030031 | &nbsp;&nbsp;$309251169 | &nbsp;&nbsp;$29360618 |
| Proceeds from sales and maturities | $16044836 | &nbsp;&nbsp;$766350883 | &nbsp;&nbsp;$16985144 | &nbsp;&nbsp;$23366297 | &nbsp;&nbsp;$149637345 | &nbsp;&nbsp;$18009525 |

---

*(1)* *The Mid Cap Fund, the Mid Cap Value Fund, the Sands Capital Select Growth Fund, the Small Cap Fund and the Small Cap Value Fund had redemption-in-kinds out of the Fund of $209,746,023, $40,964,561, $332,298,870, $12,513,538 and $11,420,490, respectively, which are excluded from the proceeds from sales and maturities.* 

For the six months ended March 31, 2025, purchases and proceeds from sales and maturities in U.S. Government Securities were $200,917,857 and $198,514,498, respectively, for the Active Bond Fund, $0 and $422,074, respectively, for the Ultra Short Duration Fixed Income Fund and $55,542,809, and $51,403,438, respectively, for the US Quality Bond Fund. There were no purchases or proceeds from sales and maturities of U.S. Government Securities by the remaining Funds for the six months ended March 31, 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 Financial Group, Inc. ("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 $195,420 for the Funds' Board for the six months ended March 31, 2025.

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

#### 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.

---

| | |
|:---|:---|
| Active Bond Fund | &nbsp;&nbsp;0.38% on the first $200 million<br> 0.30% on such assets over $200 million |
| Ares Credit Opportunities Fund<sup>(1)</sup> | &nbsp;&nbsp;0.56% first $1 billion<br> 0.535% on the next $500 million<br> 0.51% on such assets over $1.5 billion |
| Dividend Equity Fund | &nbsp;&nbsp;0.55% on the first $1 billion<br> 0.50% on such assets over $1 billion |
| High Yield Fund | &nbsp;&nbsp;0.60% on the first $50 million<br> 0.50% on the next $250 million<br> 0.45% on such assets over $300 million |
| Mid Cap Fund | &nbsp;&nbsp;0.80% on the first $1 billion<br> 0.70% on the next $500 million<br> 0.60% on such assets over $1.5 billion |
| Mid Cap Value Fund | &nbsp;&nbsp;0.75% on all assets |
| Sands Capital International Growth Equity Fund | &nbsp;&nbsp;0.65% on the first $1 billion<br> 0.60% on such assets over $1 billion |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;0.675% on the first $1 billion<br> 0.60% on the next $1 billion<br> 0.55% on the next $2 billion<br> 0.52% on such assets over $4 billion |
| Small Cap Fund | &nbsp;&nbsp;0.85% on the first $250 million<br> 0.80% on the next $250 million<br> 0.70% on such assets over $500 million |
| Small Cap Value Fund | &nbsp;&nbsp;0.85% on all assets |
| Ultra Short Duration Fixed Income Fund | &nbsp;&nbsp;0.18% on the first $500 million<br> 0.16% on such assets over $500 million |
| US Quality Bond Fund | &nbsp;&nbsp;0.30% on the first $200 million<br> 0.225% on such assets over $200 million |

---

*(1)* *Prior to March 1, 2025, the Fund paid 0.60% on all assets.* 

The Adviser has entered into investment sub-advisory agreements with the following parties (each, a "Sub-Adviser"):

---

| | |
|:---|:---|
| **Ares Capital Management II LLC** | &nbsp;&nbsp;**London Company of Virginia, LLC d/b/a The London Company** |
| Ares Credit Opportunities Fund | &nbsp;&nbsp;Mid Cap Fund |
| **EARNEST Partners LLC** | &nbsp;&nbsp;Small Cap Fund |
| US Quality Bond Fund | &nbsp;&nbsp;**Sands Capital Management, LLC** |
| **Fort Washington Investment Advisors, Inc.<sup>(1)</sup>** | &nbsp;&nbsp;Sands Capital International Growth Equity Fund |
| Active Bond Fund | &nbsp;&nbsp;Sands Capital Select Growth Fund |
| Dividend Equity Fund |  |
| High Yield Fund |  |
| Ultra Short Duration Fixed Income Fund |  |
| **Leeward Investments, LLC** |  |
| Mid Cap Value Fund |  |
| Small Cap Value Fund |  |

---

*(1)* *Affiliate of the Adviser and wholly-owned subsidiary of Western & Southern.* 

The Adviser pays sub-advisory fees to each 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.

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

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 A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class S** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;**Institutional<br> Class** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Termination Date** |
| Active Bond Fund<sup>(1)</sup> | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;January 29, 2026 |
| Ares Credit Opportunities Fund<sup>(2)</sup> | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;March 29, 2026 |
| Dividend Equity Fund<sup>(3)</sup> | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;January 29, 2026 |
| High Yield Fund<sup>(4)</sup> | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;January 29, 2026 |
| Mid Cap Fund | &nbsp;&nbsp;1.21% | &nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;1.21% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;January 29, 2026 |
| Mid Cap Value Fund<sup>(5)</sup> | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;January 29, 2026 |
| Sands Capital International Growth Equity Fund<sup>(6)</sup> | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.86% | &nbsp;&nbsp;0.78% | &nbsp;&nbsp;January 29, 2026 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;1.13% | &nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.84% | &nbsp;&nbsp;1.13% | &nbsp;&nbsp;0.76% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;January 29, 2026 |
| Small Cap Fund<sup>(7)</sup> | &nbsp;&nbsp;1.24% | &nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;January 29, 2026 |
| Small Cap Value Fund<sup>(8)</sup> | &nbsp;&nbsp;1.38% | &nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;January 29, 2026 |
| Ultra Short Duration Fixed Income Fund<sup>(9)</sup> | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;1.14% | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;January 29, 2026 |
| US Quality Bond Fund<sup>(10)</sup> | &nbsp;&nbsp;0.76% | &nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.41% | &nbsp;&nbsp;0.37% | &nbsp;&nbsp;January 29, 2026 |

---

*(1)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.56%.* 

*(2)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.43%. Prior to March 1, 2025, the expense limitation for Class A, Class Y and Institutional Class shares was 1.03%, 0.83% and 0.73%, respectively.* 

*(3)* *Prior to January 29, 2025, the expense limitation for Institutional Class shares was 0.67%.* 

*(4)* *Prior to January 29, 2025, the expense limitations for Class A and C shares were 1.05% and 1.80%, respectively.* 

*(5)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.97%.* 

*(6)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.95%.* 

*(7)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.99%.* 

*(8)* *Prior to January 29, 2025, the expense limitation for Class C shares was 2.13%.* 

*(9)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.15%.* 

*(10)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.51%.* 

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

During the six months ended March 31, 2025, the Adviser or its affiliates waived or reimbursed investment advisory fees, administration fees or other operating expenses, including distribution fees of the Funds, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Investment<br> Advisory<br> Fees Waived** | &nbsp;&nbsp;**Administration<br> Fees Waived** | &nbsp;&nbsp;**Other Operating<br> Expenses<br> Reimbursed/<br> Waived** | &nbsp;&nbsp;**Total** |
| Active Bond Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$44592 | &nbsp;&nbsp;$136176 | &nbsp;&nbsp;$180768 |
| Ares Credit Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19903 | &nbsp;&nbsp;&nbsp;&nbsp;257468 | &nbsp;&nbsp;&nbsp;&nbsp;277371 |
| Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 | &nbsp;&nbsp;&nbsp;&nbsp;268958 | &nbsp;&nbsp;&nbsp;&nbsp;270100 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44821 | &nbsp;&nbsp;&nbsp;&nbsp;52625 | &nbsp;&nbsp;&nbsp;&nbsp;97446 |
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;140208 | &nbsp;&nbsp;&nbsp;&nbsp;242302 | &nbsp;&nbsp;&nbsp;&nbsp;382510 |
| Sands Capital International Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22159 | &nbsp;&nbsp;&nbsp;&nbsp;80951 | &nbsp;&nbsp;&nbsp;&nbsp;103110 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;237186 | &nbsp;&nbsp;&nbsp;&nbsp;369884 | &nbsp;&nbsp;&nbsp;&nbsp;607070 |
| Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44941 | &nbsp;&nbsp;&nbsp;&nbsp;214101 | &nbsp;&nbsp;&nbsp;&nbsp;259042 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;43264 | &nbsp;&nbsp;&nbsp;&nbsp;62795 | &nbsp;&nbsp;&nbsp;&nbsp;106059 |
| Ultra Short Duration Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;140843 | &nbsp;&nbsp;&nbsp;&nbsp;140843 |
| US Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5106 | &nbsp;&nbsp;&nbsp;&nbsp;110487 | &nbsp;&nbsp;&nbsp;&nbsp;115593 |

---

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.

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Expires on<br> or before<br> September 30, 2025** | **Expires on<br> or before<br> September 30, 2026** | **Expires on<br> or before<br> September 30, 2027** | **Expires on<br> or before<br> September 30, 2028** | **Total** |
| Active Bond Fund | $81632 | $163390 | $187070 | $89612 | $521704 |
| Ares Credit Opportunities Fund | &nbsp;&nbsp;&nbsp;151045 | &nbsp;&nbsp;&nbsp;&nbsp;209014 | &nbsp;&nbsp;&nbsp;&nbsp;295053 | &nbsp;&nbsp;&nbsp;155355 | &nbsp;&nbsp;&nbsp;&nbsp;810467 |
| Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;11206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59390 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;65495 | &nbsp;&nbsp;&nbsp;&nbsp;138443 | &nbsp;&nbsp;&nbsp;&nbsp;168231 | &nbsp;&nbsp;&nbsp;&nbsp;81186 | &nbsp;&nbsp;&nbsp;&nbsp;453355 |
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;77919 | &nbsp;&nbsp;&nbsp;&nbsp;191897 | &nbsp;&nbsp;&nbsp;&nbsp;100707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875 | &nbsp;&nbsp;&nbsp;&nbsp;377398 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;676173 | &nbsp;&nbsp;&nbsp;1215259 | &nbsp;&nbsp;&nbsp;1152268 | &nbsp;&nbsp;&nbsp;357784 | &nbsp;&nbsp;&nbsp;3401484 |
| Sands Capital International Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;56328 | &nbsp;&nbsp;&nbsp;&nbsp;138906 | &nbsp;&nbsp;&nbsp;&nbsp;248643 | &nbsp;&nbsp;&nbsp;&nbsp;87615 | &nbsp;&nbsp;&nbsp;&nbsp;531492 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;&nbsp;413321 | &nbsp;&nbsp;&nbsp;1015554 | &nbsp;&nbsp;&nbsp;&nbsp;842429 | &nbsp;&nbsp;&nbsp;584491 | &nbsp;&nbsp;&nbsp;2855795 |
| Small Cap Fund | &nbsp;&nbsp;&nbsp;113886 | &nbsp;&nbsp;&nbsp;&nbsp;267374 | &nbsp;&nbsp;&nbsp;&nbsp;414842 | &nbsp;&nbsp;&nbsp;211866 | &nbsp;&nbsp;&nbsp;1007968 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;52431 | &nbsp;&nbsp;&nbsp;&nbsp;163082 | &nbsp;&nbsp;&nbsp;&nbsp;190056 | &nbsp;&nbsp;&nbsp;&nbsp;93725 | &nbsp;&nbsp;&nbsp;&nbsp;499294 |
| Ultra Short Duration Fixed Income Fund | &nbsp;&nbsp;&nbsp;236340 | &nbsp;&nbsp;&nbsp;&nbsp;405681 | &nbsp;&nbsp;&nbsp;&nbsp;258285 | &nbsp;&nbsp;&nbsp;102526 | &nbsp;&nbsp;&nbsp;1002832 |
| US Quality Bond Fund | &nbsp;&nbsp;&nbsp;117301 | &nbsp;&nbsp;&nbsp;&nbsp;188451 | &nbsp;&nbsp;&nbsp;&nbsp;199402 | &nbsp;&nbsp;&nbsp;&nbsp;95785 | &nbsp;&nbsp;&nbsp;&nbsp;600939 |

---

For the six months ended March 31, 2025, the Adviser is eligible to recoup previously waived fees or reimbursed expenses from US Quality Bond Fund of $8,300.

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

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

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

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

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

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

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

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

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

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

#### PLANS OF DISTRIBUTION AND SHAREHOLDER SERVICING FEE ARRANGEMENTS
The Trust has adopted distribution plans pursuant to Rule 12b-1 under the 1940 Act for each class of shares it offers that is subject to 12b-1 distribution fees. The plans allow each Fund to pay distribution and other fees for the sale and distribution of its shares and for services provided to shareholders. The fees charged to the Funds are limited to the actual expenses incurred. Under the Class A

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

plan, the Funds pay an annual fee of up to 0.25% of average daily net assets that are attributable to Class A shares. Under the Class C plan, each Fund offering Class C shares (except the Ultra Short Duration Fixed Income Fund) pays an annual fee not to exceed 1.00% of average daily net assets that are attributable to Class C shares (of which up to 0.75% is a distribution fee and up to 0.25% is a shareholder servicing fee). The Ultra Short Duration Fixed Income Fund has limited the amount of the 12b-1 fees for Class C shares to 0.75% of average daily net assets. Under the Class S plan, the Ultra Short Duration Fixed Income Fund pays an annual shareholder servicing fee not to exceed 0.50% of average daily net assets that are attributable to Class S shares (of which up to 0.25% is a distribution fee and up to 0.25% is a shareholder servicing fee). Under the Class Z plan, each Fund offering Class Z shares pays an annual shareholder servicing fee not to exceed 0.25% of average daily net assets that are attributable to Class Z shares owned by investors for which the shareholder servicing agent maintains a servicing relationship.

#### DISTRIBUTION AGREEMENT
The Distributor is the Funds' principal underwriter and, as such, acts as exclusive agent for distribution of the Funds' shares. Under the terms of the Distribution Agreement between the Trust and the Distributor, the Distributor earned underwriting and broker commissions on the sale of Class A shares of the Funds. W&S Brokerage Services, Inc., an affiliate of the Distributor and the Adviser, also earned broker commissions on the sale of Class A shares of the Funds. Listed below are the total underwriting and broker commissions earned by the Distributor and its affiliate during the six months ended March 31, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Active Bond Fund | $1834 |
| Ares Credit Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;5290 |
| Dividend Equity Fund | &nbsp;&nbsp;&nbsp;11295 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 |
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;5341 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |
| Sands Capital International Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;6166 |
| Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;2461 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| Ultra Short Duration Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;4115 |
| US Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |

---

In addition, the Distributor collected CDSC on the redemption of Class A and Class C shares of the Funds listed below during the six months ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class A** | &nbsp;&nbsp;&nbsp;**Class C** |
| Active Bond Fund | $— | &nbsp;&nbsp;&nbsp;$40 |
| Ares Credit Opportunities Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 |
| Dividend Equity Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1006 |
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Ultra Short Duration Fixed Income Fund | &nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |

---

#### 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 March 31, 2025, the Funds did not engage in any Rule 17a-7 transactions.

5. Liquidity

**ReFlow Fund LLC — The Funds may participate in the ReFlow Fund LLC liquidity program ("ReFlow"), which is designed to provide an alternative liquidity source for funds experiencing redemptions. In order to pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund's net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a Fund. ReFlow then generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow's discretion. In return for this service, the Fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds.**

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

During the six months ended March 31, 2025, the following Funds utilized ReFlow. The number of shares ReFlow subscribed to and dollar amount of redemptions-in-kind were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Shares ReFlow<br> Subscribed to** | &nbsp;&nbsp;**Redemptions-in-kind** |
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;5097017 | &nbsp;&nbsp;$209746023 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1911078 | &nbsp;&nbsp;&nbsp;&nbsp;40964561 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;18968184 | &nbsp;&nbsp;&nbsp;&nbsp;332298870 |
| Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;1176197 | &nbsp;&nbsp;&nbsp;&nbsp;12513538 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324229 | &nbsp;&nbsp;&nbsp;&nbsp;11420490 |

---

**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 March 31, 2025, the following Fund participated as a lender in the interfund lending program. The daily average amount loaned, weighted average interest rate and interest income were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Daily Average<br> Amount Loaned** | &nbsp;&nbsp;**Weighted Average<br> Interest Rate** | &nbsp;&nbsp;**Interest<br> Income<sup>(1)</sup>** |
| Mid Cap Fund | &nbsp;&nbsp;$877850 | &nbsp;&nbsp;5.18% | &nbsp;&nbsp;$23388 |

---

*(1)* *Included in Interest in the Statements of Operations.* 

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Daily Average<br> Amount Borrowed** | &nbsp;&nbsp;**Weighted Average<br> Interest Rate** | &nbsp;&nbsp;**Interest<br> Expense<sup>(1)</sup>** |
| Dividend Equity Fund | &nbsp;&nbsp;$87097 | &nbsp;&nbsp;5.17% | &nbsp;&nbsp;$2289 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;$213160 | &nbsp;&nbsp;5.26% | &nbsp;&nbsp;$5715 |
| Small Cap Value Fund | &nbsp;&nbsp;$11130 | &nbsp;&nbsp;5.18% | &nbsp;&nbsp;$293 |
| US Quality Bond Fund | &nbsp;&nbsp;$72000 | &nbsp;&nbsp;4.89% | &nbsp;&nbsp;$1791 |

---

*(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 and tax-exempt income and accordingly, no provision for income taxes has been made.**

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

The tax character of distributions paid for the years ended September 30, 2024 and September 30, 2023 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Active Bond Fund** | **Active Bond Fund** | &nbsp;&nbsp;&nbsp;**Ares Credit Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Ares Credit Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Dividend Equity Fund** | &nbsp;&nbsp;&nbsp;**Dividend Equity Fund** |
|  | **Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2023** |
| From ordinary income | $9883689 | &nbsp;&nbsp;&nbsp;$9842820 | &nbsp;&nbsp;&nbsp;$37965905 | &nbsp;&nbsp;&nbsp;$22279562 | &nbsp;&nbsp;&nbsp;$54629657 | &nbsp;&nbsp;&nbsp;$117383591 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60813066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26369054 |
| Total distributions | $9883689 | &nbsp;&nbsp;&nbsp;$9842820 | &nbsp;&nbsp;&nbsp;$37965905 | &nbsp;&nbsp;&nbsp;$22279562 | &nbsp;&nbsp;&nbsp;$115442723 | &nbsp;&nbsp;&nbsp;$143752645 |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | &nbsp;&nbsp;&nbsp;**Mid Cap Fund** | &nbsp;&nbsp;&nbsp;**Mid Cap Fund** | &nbsp;&nbsp;&nbsp;**Mid Cap Value Fund** | &nbsp;&nbsp;&nbsp;**Mid Cap Value Fund** |
|  | **Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2023** |
| From ordinary income | $6316657 | &nbsp;&nbsp;&nbsp;$6136287 | &nbsp;&nbsp;&nbsp;$34387780 | &nbsp;&nbsp;&nbsp;$14955024 | &nbsp;&nbsp;&nbsp;$7061535 | &nbsp;&nbsp;&nbsp;$2817232 |
| 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;13902545 | &nbsp;&nbsp;&nbsp;&nbsp;45156008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867158 | &nbsp;&nbsp;&nbsp;&nbsp;40703348 |
| Total distributions | $6316657 | &nbsp;&nbsp;&nbsp;$6136287 | &nbsp;&nbsp;&nbsp;$48290325 | &nbsp;&nbsp;&nbsp;$60111032 | &nbsp;&nbsp;&nbsp;$12928693 | &nbsp;&nbsp;&nbsp;$43520580 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sands Capital International Growth Equity Fund** | **Sands Capital International Growth Equity Fund** | &nbsp;&nbsp;&nbsp;**Sands Capital Select Growth Fund** | &nbsp;&nbsp;&nbsp;**Sands Capital Select Growth Fund** | &nbsp;&nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;&nbsp;**Small Cap Fund** |
|  | **Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2023** |
| From ordinary income | $656191 | &nbsp;&nbsp;&nbsp;$722096 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$815292 | &nbsp;&nbsp;&nbsp;$599565 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;1017871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4031898 | &nbsp;&nbsp;&nbsp;&nbsp;1240712 |
| Total distributions | $1674062 | &nbsp;&nbsp;&nbsp;$722096 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$4847190 | &nbsp;&nbsp;&nbsp;$1840277 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | &nbsp;&nbsp;&nbsp;**Ultra Short Duration Fixed Income Fund** | &nbsp;&nbsp;&nbsp;**Ultra Short Duration Fixed Income Fund** | &nbsp;&nbsp;&nbsp;**US Quality Bond Fund** | &nbsp;&nbsp;&nbsp;**US Quality Bond Fund** |
|  | **Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2023** |
| From ordinary income | $705636 | &nbsp;&nbsp;&nbsp;$105710 | &nbsp;&nbsp;&nbsp;$25321141 | &nbsp;&nbsp;&nbsp;$22927101 | &nbsp;&nbsp;&nbsp;$20419077 | &nbsp;&nbsp;&nbsp;$16934074 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | $705636 | &nbsp;&nbsp;&nbsp;$105710 | &nbsp;&nbsp;&nbsp;$25321141 | &nbsp;&nbsp;&nbsp;$22927101 | &nbsp;&nbsp;&nbsp;$20419077 | &nbsp;&nbsp;&nbsp;$16934074 |

---

The following information is computed on a tax basis for each item as of September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Active Bond<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ares<br> Credit<br> Opportunities<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> Equity<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**High Yield<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$270208784 | &nbsp;&nbsp;&nbsp;&nbsp;$633345940 | &nbsp;&nbsp;&nbsp;&nbsp;$2191906197 | &nbsp;&nbsp;&nbsp;&nbsp;$110069811 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4259546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18927977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524650172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226790 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(12539525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16981361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188731960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3202518) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8279979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335918212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(975728) |
| Gross unrealized appreciation on derivatives and 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;17832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Gross unrealized depreciation on derivatives and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 unrealized appreciation (depreciation) on derivatives and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(123365709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83177121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21654629) |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11222 |
| Undistributed 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;108841153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1138295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(611) |
| Accumulated earnings (deficit) | &nbsp;&nbsp;$(132546327) | &nbsp;&nbsp;&nbsp;&nbsp;$(80339820) | &nbsp;&nbsp;&nbsp;&nbsp;$449114633 | &nbsp;&nbsp;&nbsp;&nbsp;$(22619746) |

---

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Mid Cap<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Mid Cap<br> Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Sands Capital International<br> Growth Equity<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Sands Capital<br> Select Growth Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$4354593354 | &nbsp;&nbsp;&nbsp;&nbsp;$454446284 | &nbsp;&nbsp;&nbsp;&nbsp;$92138321 | &nbsp;&nbsp;&nbsp;&nbsp;$1667225591 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;1845175684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179035333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19855460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945625994 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(114437575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20599341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2600628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147530015) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1730738109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158435992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17254832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798095979 |
| Gross unrealized appreciation 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;2414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Gross unrealized depreciation on foreign currency transactions and deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized appreciation (depreciation) on foreign currency transactions and deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9100217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201446158) |
| Qualified late year losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13119298) |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7395551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9225082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124679147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21826114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9573557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &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;$1862812807 | &nbsp;&nbsp;&nbsp;&nbsp;$189487188 | &nbsp;&nbsp;&nbsp;&nbsp;$17574949 | &nbsp;&nbsp;&nbsp;&nbsp;$583530523 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Small Cap<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small Cap<br> Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**US Quality<br> Bond<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$235865681 | &nbsp;&nbsp;&nbsp;&nbsp;$186508810 | &nbsp;&nbsp;&nbsp;&nbsp;$517386005 | &nbsp;&nbsp;&nbsp;&nbsp;$626741742 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;63113707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40174964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6032141 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(14984828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8545401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4560458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35889467) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;48128879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31629563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1993569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29857326) |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4308879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112668297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18078594) |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347178 |
| Undistributed capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) |
| Accumulated earnings (deficit) | &nbsp;&nbsp;$51822221 | &nbsp;&nbsp;&nbsp;&nbsp;$28268926 | &nbsp;&nbsp;&nbsp;&nbsp;$(113163816) | &nbsp;&nbsp;&nbsp;&nbsp;$(47588902) |

---

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, 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 September 30, 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** |
| Active Bond Fund\* | &nbsp;&nbsp;$62157195 | &nbsp;&nbsp;&nbsp;$61208514 | &nbsp;&nbsp;&nbsp;$123365709 |
| Ares Credit Opportunities Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9942740 | &nbsp;&nbsp;&nbsp;&nbsp;73234381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83177121 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677980 | &nbsp;&nbsp;&nbsp;&nbsp;19976649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21654629 |
| Sands Capital International Growth Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4830010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100217 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;&nbsp;201446158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;201446158 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308879 |
| Ultra Short Duration Fixed Income Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;37072467 | &nbsp;&nbsp;&nbsp;&nbsp;75595830 | &nbsp;&nbsp;&nbsp;&nbsp;112668297 |
| US Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239848 | &nbsp;&nbsp;&nbsp;&nbsp;16838746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18078594 |

---

*\** *Future utilization may be limited under current tax laws.* 

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.

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

During the year ended September 30, 2024, the following Fund utilized capital loss carryforwards:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Utilized** |
| Sands Capital International Growth Equity Fund | &nbsp;&nbsp;$3599093 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;&nbsp;251005207 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3288567 |

---

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.

As of March 31, 2025, the Trust 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)** |
| Active Bond Fund | $271043301 | &nbsp;&nbsp;&nbsp;$1687468 | &nbsp;&nbsp;&nbsp;$(13561787) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(11874319) |
| Ares Credit Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;797644246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12671812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24378379) | &nbsp;&nbsp;&nbsp;&nbsp;172219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11602327) |
| Dividend Equity Fund | &nbsp;&nbsp;&nbsp;2032398352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480605071 | &nbsp;&nbsp;&nbsp;&nbsp;(214249981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266355090 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;106504347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4349962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3207672) |
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;4191677704 | &nbsp;&nbsp;&nbsp;&nbsp;1533124659 | &nbsp;&nbsp;&nbsp;&nbsp;(295107347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1238017312 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;430949071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143453830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22124740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121329090 |
| Sands Capital International Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80936976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18641484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3044352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;(112764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15484636 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;&nbsp;1536401415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691503517 | &nbsp;&nbsp;&nbsp;&nbsp;(143035318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548468199 |
| Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;227175903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51986456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19507364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32479092 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;172383322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30320944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14805858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15515086 |
| Ultra Short Duration Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;731941875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3389950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1370468) |
| US Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;640895515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44027723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41539263) |

---

*<sup>(1)</sup>* *Other includes Derivatives, Foreign Currency Transactions and deferred foreign capital gains tax.*

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.** 

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Notes to Financial Statements (Unaudited) (Continued)

**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 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 Leverage – The use of leverage (borrowing money to purchase properties or securities) will cause the Fund to incur additional expenses and significantly magnify losses in the event of underperformance of the assets purchased with borrowed money. In addition, a lender may terminate or refuse to renew any credit facility. If the Fund is unable to access additional credit, it may be forced to sell investments at inopportune times, which may further depress the returns of the Fund.**

**Risks Associated with Liquidity – Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce a Fund's returns because the Fund may be unable to transact at advantageous times or prices, or at all.**

**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_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

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.

#### Advisory and Sub-Advisory Agreement Approval Disclosure
At a meeting held on November 21, 2024, the Board of Trustees (the "Board" or "Trustees") of the Touchstone Funds Group Trust (the "Trust"), and by a separate vote, the Independent Trustees of the Trust, approved the continuance of the Investment Advisory Agreement between the Trust and the Adviser with respect to each Fund of the Trust, and the continuance of the Sub-Advisory Agreement between the Adviser and each Fund's respective Sub-Adviser.

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

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

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Other Items (Unaudited) (Continued)

*Nature, Extent and Quality of Adviser Services. The Board considered the level and depth of knowledge of the Adviser, including the professional experience and qualifications of senior personnel. In evaluating the quality of services provided by the Adviser, the Board took into account its familiarity with the Adviser's senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account the Adviser's compliance policies and procedures. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Funds' other service providers, was also considered. The Board also considered the Adviser's relationship with its affiliates and the resources available to them, as well as any potential conflicts of interest.*

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

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

*Adviser's Compensation and Profitability. The Board took into consideration the financial condition and profitability of the Adviser and its affiliates (including the Sub-Adviser to certain of the Funds) and the direct and indirect benefits derived by the Adviser and its affiliates from the Adviser's relationship with the Funds. The information considered by the Board included operating profit margin information for the Adviser's business as a whole. The Board noted that the Adviser had waived a portion of advisory fees and administrative fees and/or reimbursed expenses for all of the Funds in order to limit each of those Fund's net operating expenses. The Board also noted that the Adviser pays the Sub-Advisers' sub-advisory fees out of the advisory fees the Adviser receives from the Funds. The Board reviewed the profitability of the Adviser's relationship with the Funds both before and after tax expenses, and also considered whether the Adviser has the financial wherewithal to continue to provide services to the Funds, noting the ongoing commitment of the Adviser's parent company with respect to providing support and resources as needed. The Board considered that the Funds' distributor, an affiliate of the Adviser, receives Rule 12b-1 distribution fees from the Funds and receives a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that the Adviser derives benefits to its reputation and other benefits from its association with the Funds.*

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

*Expenses and Performance. The Board compared the respective advisory fees and total expense ratios for each of the Funds with various comparative data, including the median and average advisory fees and total expense ratios of each Fund's respective peer group. The Board also considered, among other data, the Funds' respective performance results during the six-month, twelve-month and thirty-six-month periods ended September 30, 2024, as applicable, and noted that the Board reviews on a quarterly basis detailed information about each Fund's performance results, portfolio composition and investment strategies. The Board also took into account current market conditions and their effect on the Funds' performance.*

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

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

<u>Touchstone Active Bond Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and at the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance was in the 2nd quintile of its peer group for the six- and twelve-month periods ended September 30, 2024 and in the

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Other Items (Unaudited) (Continued)

3rd quintile of its peer group for the thirty-six-month period ended September 30, 2024. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

<u>Touchstone Ares Credit Opportunities Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were each above the median of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance was in the 2nd quintile of its peer group for the six- and thirty-six-month periods ended September 30, 2024, while the Fund's performance was in the 3rd quintile of its peer group for twelve-month period ended September 30, 2024. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

<u>Touchstone Dividend Equity Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and above the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance was in the 2nd quintile of its peer group for the six- and twelve-month periods ended September 30, 2024, while the Fund's performance was in the 3rd quintile of its peer group for the thirty-six-month period ended September 30, 2024. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

<u>Touchstone High Yield Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and above the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance was in the 4th quintile of its peer group for the six-, twelve-, and thirty-six-month periods ended September 30, 2024. The Board noted management's discussion of the Fund's performance. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

<u>Touchstone Mid Cap Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and above the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance was in the 5th quintile of its peer group for the six-month period ended September 30, 2024, in the 4th quintile of its peer group for the twelve-month period ended September 30, 2024 and in the 2nd quintile of its peer group for the thirty-six-month period ended September 30, 2024. The Board noted management's discussion of the Fund's recent performance. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

<u>Touchstone Mid Cap Value Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were at the median and above the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance was in the 5th quintile of its peer group for the six-, twelve- and thirty-six-month periods ended September 30, 2024. The Board noted management's discussion of the Fund's performance. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

<u>Touchstone Sands Capital International Growth Equity Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were each below the median of its peer group. The Board also noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance, was in the 3rd quintile for the six-month period ended September 30, 2024 and in the 1st quintile for the twelve-month period ended September 30, 2024. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

<u>Touchstone Sands Capital Select Growth Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and above the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance was in the 5th quintile of its peer group for the six- and thirty-six-month periods ended September 30, 2024 and in the 3rd quintile of its peer group for the twelve-month period ended September 30, 2024. The Board noted

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Other Items (Unaudited) (Continued)

management's discussion of the Fund's performance. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

<u>Touchstone Small Cap Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were each above the median of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance was in the 5th quintile of its peer group for the six- and twelve-month periods ended September 30, 2024 and in the 1st quintile of its peer group for the thirty-six-month period ended September 30, 2024. The Board noted management's discussion of the Fund's recent performance. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

<u>Touchstone Small Cap Value Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were each above the median of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing operating expenses of the Fund. The Fund's performance was in the 2nd quintile of its peer group for the six-month period ended September 30, 2024 and in the 3rd quintile of its peer group for the twelve- and thirty-six-month periods ended September 30, 2024. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

<u>Touchstone Ultra Short Duration Fixed Income Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and at the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing operating expenses of the Fund. The Fund's performance was in the 1st quintile of its peer group for the six-, twelve- and thirty-six-month periods ended September 30, 2024. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and also found that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

<u>Touchstone US Quality Bond Fund (formerly, Touchstone Impact Bond Fund)</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and above the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance was in the 3rd quintile of its peer group for the six- and thirty-six-month periods ended September 30, 2024 and in the 2nd quintile of its peer group for the twelve-month period ended September 30, 2024. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

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

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

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Other Items (Unaudited) (Continued)

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

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

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

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

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

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

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

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

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

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

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

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

Other Items (Unaudited) (Continued)

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

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

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

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

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

As noted above, the Board considered each Fund's performance during the six-month, twelve-month and thirty-six-month periods ended September 30, 2024, as applicable, and as compared to each Fund's peer group and noted that the Board reviews on a quarterly basis detailed information about each Fund's performance results, portfolio composition and investment strategies. The Board also noted the Adviser's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Sub-Adviser. The Board also was mindful of the Adviser's ongoing monitoring of each Sub-Adviser's performance and the measures undertaken by the Adviser to address any underperformance.

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

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

This page intentionally left blank.

------

[**Table of Contents**](#JOB_TS_-__914ed6c2-551c-46d7-bf70-0f5248417d54_TOCtm2516421d1_financials)

![](tm2516421d1financialsi001.gif)

------

![](tm2516421d1financialsi002.gif)

#### Touchstone Investments

#### Distributor
Touchstone Securities, Inc.\*

303 Broadway

Cincinnati, Ohio 45202-4203

800.638.8194 www.touchstoneinvestments.com

#### Investment Adviser
Touchstone Advisors, Inc.\*

303 Broadway

Cincinnati, Ohio 45202-4203

#### Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

P.O. Box 534467

Pittsburgh, PA 15253-4467

#### Shareholder Service
800.543.0407 \* A Member of Western & Southern Financial Group

TSF-TFGT-SR-NCSR-2503

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

Not applicable.

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

Not applicable.

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 16. Controls and Procedures.**

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

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

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

Not applicable.

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

Not Applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2516421d1_ex99-cert.htm)

(a)(4) Not Applicable

(a)(5) Not Applicable

[(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2516421d1_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 Funds Group Trust</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ E. Blake Moore, Jr. |
|  | E. Blake Moore Jr., President |
|  | (principal executive officer) |

---

<br> Date <u>May 30, 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/ E. Blake Moore, Jr. |
|  | E. Blake Moore Jr., President |
|  | (principal executive officer) |

---

Date <u>May 30, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Terrie A. Wiedenheft |
|  | Terrie A. Wiedenheft, Controller and Treasurer |
|  | (principal financial officer) |

---

<br> Date <u>May 30, 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, E. Blake Moore Jr., certify that:

1. I have reviewed this report on Form N-CSR of Touchstone Funds Group 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: | May 30, 2025 | /s/ E. Blake Moore, Jr. |
| | | E. Blake Moore Jr., President |
| | | (principal executive officer) |

---

**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 Funds Group 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: | May 30, 2025 | /s/ Terrie A. Wiedenheft |
| | | Terrie A. Wiedenheft, 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, E. Blake Moore Jr., President of Touchstone Funds Group Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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

---

| | | |
|:---|:---|:---|
| Date: | May 30, 2025 | /s/ E. Blake Moore, Jr. |
| | | E. Blake Moore Jr., President |
| | | (principal executive officer) |

---

I, Terrie A. Wiedenheft, Controller and Treasurer of Touchstone Funds Group Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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

---

| | | |
|:---|:---|:---|
| Date: | May 30, 2025 | /s/ Terrie A. Wiedenheft |
| | | Terrie A. Wiedenheft, Controller and Treasurer |
| | | (principal financial officer) |

---