# EDGAR Filing Document

**Accession Number:** 0000711080
**File Stem:** 0001104659-26-070351
**Filing Date:** 2026-6
**Character Count:** 708236
**Document Hash:** 9a6734c7af81ab4bd87901c8a54567a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-070351.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001104659-26-070351

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 82

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOUCHSTONE STRATEGIC TRUST
- **CENTRAL INDEX KEY:** 0000711080

**ORGANIZATION NAME:**
- **EIN:** 311276717
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03651
- **FILM NUMBER:** 261063267

**BUSINESS ADDRESS:**
- **STREET 1:** 303 BROADWAY
- **STREET 2:** SUITE 1100
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202-4203
- **BUSINESS PHONE:** 5133628000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COUNTRYWIDE STRATEGIC TRUST
- **DATE OF NAME CHANGE:** 19970303

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MIDWEST STRATEGIC TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FINANCIAL INDEPENDENCE TRUST
- **DATE OF NAME CHANGE:** 19900604

## Series and Classes Contracts Data

### Touchstone Non-US Equity Fund (Series ID: S000003123)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000008460 | Touchstone Non-US Equity Fund Class Y             | TIQIX           |
| C000008461 | Touchstone Non-US Equity Fund Class A             | TEQAX           |
| C000008463 | Touchstone Non-US Equity Fund Class C             | TEQCX           |
| C000156058 | Touchstone Non-US Equity Fund Institutional Class | TROCX           |

### Mid Cap Growth Fund (Series ID: S000003124)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000008464 | Mid Cap Growth Fund Class A             | TEGAX           |
| C000008466 | Mid Cap Growth Fund Class C             | TOECX           |
| C000074340 | Mid Cap Growth Fund Class Y             | TEGYX           |
| C000101896 | Mid Cap Growth Fund Institutional Class | TEGIX           |
| C000217963 | Class R6                                | TFGRX           |

### Touchstone Dynamic Large Cap Growth Fund (Series ID: S000003125)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000008467 | Touchstone Dynamic Large Cap Growth Fund Class A             | TGVFX           |
| C000008469 | Touchstone Dynamic Large Cap Growth Fund Class C             | TGVCX           |
| C000074341 | Touchstone Dynamic Large Cap Growth Fund Class Y             | TGVYX           |
| C000074342 | Touchstone Dynamic Large Cap Growth Fund Institutional Class | TGVVX           |
| C000262332 | Touchstone Dynamic Large Cap Growth Fund Class R6            | TGVLX           |

### Touchstone Focused Fund (Series ID: S000035683)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000109254 | A             | TFOAX           |
| C000109255 | C             | TFFCX           |
| C000109256 | Institutional | TFFIX           |
| C000109257 | Y             | TFFYX           |

### Touchstone Flexible Income Fund (Series ID: S000038009)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000117280 | Class A             | FFSAX           |
| C000117281 | Class C             | FRACX           |
| C000117282 | Class Y             | MXIIX           |
| C000117283 | Institutional Class | TFSLX           |

### Touchstone Sands Capital Emerging Markets Growth Fund (Series ID: S000045166)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000140622 | Class Y             | TSEMX           |
| C000140623 | Institutional Class | TSEGX           |
| C000206050 | Class A             | TSMGX           |
| C000206051 | Class C             | TEGCX           |
| C000227353 | Class R6            | TSRMX           |

### Touchstone Strategic Income Fund (Series ID: S000071603)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000226976 | Class C             | TQPCX           |
| C000226977 | Class A             | TQPAX           |
| C000226978 | Class Y             | TQPYX           |
| C000226979 | Institutional Class | TQPIX           |

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

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

#### Investment Company Act file number 811-03651

#### Touchstone Strategic Trust - March Funds
(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: March 31

#### Date of reporting period: March 31, 2026

------

#### Item 1. Reports to Stockholders.
&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Touchstone Dynamic Large Cap Growth Fund](#classname62230dce-9a94-4dec-a50b-0517ad88e6e2)<br> **[CLASS A - TGVFX](#classname62230dce-9a94-4dec-a50b-0517ad88e6e2)**  |
|  [Touchstone Dynamic Large Cap Growth Fund](#classname2badb3ec-4b81-4581-8ede-99fc53aa7e2b)<br> **[CLASS C - TGVCX](#classname2badb3ec-4b81-4581-8ede-99fc53aa7e2b)**  |
|  [Touchstone Dynamic Large Cap Growth Fund](#classname70d44c04-061f-4690-a3d2-911dbdae3c19)<br> **[CLASS Y - TGVYX](#classname70d44c04-061f-4690-a3d2-911dbdae3c19)**  |
|  [Touchstone Dynamic Large Cap Growth Fund](#classname69ee5fb0-e8d5-42a8-8e2c-23de36b955bc)<br> **[INSTITUTIONAL CLASS - TGVVX](#classname69ee5fb0-e8d5-42a8-8e2c-23de36b955bc)**  |
|  [Touchstone Dynamic Large Cap Growth Fund](#classname769c895f-a6f0-4fc4-bff0-2a69c6a2425b)<br> **[CLASS R6 - TGVLX](#classname769c895f-a6f0-4fc4-bff0-2a69c6a2425b)**  |
|  [Touchstone Flexible Income Fund](#classname27566201-9934-47cf-bb6a-00abb56617f8)<br> **[CLASS A - FFSAX](#classname27566201-9934-47cf-bb6a-00abb56617f8)**  |
|  [Touchstone Flexible Income Fund](#classnamefa0f2c7c-9067-4fe1-80d2-b4b2418d68a6)<br> **[CLASS C - FRACX](#classnamefa0f2c7c-9067-4fe1-80d2-b4b2418d68a6)**  |
|  [Touchstone Flexible Income Fund](#classname53b97dff-7203-4686-9491-1d130230f8b5)<br> **[CLASS Y - MXIIX](#classname53b97dff-7203-4686-9491-1d130230f8b5)**  |
|  [Touchstone Flexible Income Fund](#classname272c3f82-e4f8-4610-b3e2-0f3befa9a03b)<br> **[INSTITUTIONAL CLASS - TFSLX](#classname272c3f82-e4f8-4610-b3e2-0f3befa9a03b)**  |
|  [Touchstone Focused Fund](#classnamef15d8c67-cc7c-4099-bd10-8e562de694d4)<br> **[CLASS A - TFOAX](#classnamef15d8c67-cc7c-4099-bd10-8e562de694d4)**  |
|  [Touchstone Focused Fund](#classname3ac58174-66be-4e99-bec4-f3681aa999a0)<br> **[CLASS C - TFFCX](#classname3ac58174-66be-4e99-bec4-f3681aa999a0)**  |
|  [Touchstone Focused Fund](#classnameed4d6f68-6e1c-4fa2-a2df-b8c4f6e869b7)<br> **[CLASS Y - TFFYX](#classnameed4d6f68-6e1c-4fa2-a2df-b8c4f6e869b7)**  |
|  [Touchstone Focused Fund](#classname8d58f491-262a-43ae-84f9-4eda41ec7685)<br> **[INSTITUTIONAL CLASS - TFFIX](#classname8d58f491-262a-43ae-84f9-4eda41ec7685)**  |
|  [Touchstone Mid Cap Growth Fund](#classname3611399d-d682-44dd-a1a2-1307a6d589ed)<br> **[CLASS A - TEGAX](#classname3611399d-d682-44dd-a1a2-1307a6d589ed)**  |
|  [Touchstone Mid Cap Growth Fund](#classname4a35f817-42ac-4a9e-a6a8-c2b076574de4)<br> **[CLASS C - TOECX](#classname4a35f817-42ac-4a9e-a6a8-c2b076574de4)**  |
|  [Touchstone Mid Cap Growth Fund](#classname7b0c372f-d9e9-4d7f-8696-821ab49545f0)<br> **[CLASS Y - TEGYX](#classname7b0c372f-d9e9-4d7f-8696-821ab49545f0)**  |
|  [Touchstone Mid Cap Growth Fund](#classname49115486-2816-4e00-8057-aff8c6965460)<br> **[INSTITUTIONAL CLASS - TEGIX](#classname49115486-2816-4e00-8057-aff8c6965460)**  |
|  [Touchstone Mid Cap Growth Fund](#classname77b29adc-1391-4383-8eb2-c2b04aaf32d0)<br> **[CLASS R6 - TFGRX](#classname77b29adc-1391-4383-8eb2-c2b04aaf32d0)**  |
|  [Touchstone Non-US Equity Fund](#classnamed3c7d562-592f-4c40-b044-21e25acb3bfc)<br> **[CLASS A - TEQAX](#classnamed3c7d562-592f-4c40-b044-21e25acb3bfc)**  |
|  [Touchstone Non-US Equity Fund](#classname133d04f4-a871-43c2-beaf-cd114009f8d0)<br> **[CLASS C - TEQCX](#classname133d04f4-a871-43c2-beaf-cd114009f8d0)**  |
|  [Touchstone Non-US Equity Fund](#classname9c1cf9fe-a456-4c2f-b0d0-e9ba3d5070c1)<br> **[CLASS Y - TIQIX](#classname9c1cf9fe-a456-4c2f-b0d0-e9ba3d5070c1)**  |
|  [Touchstone Non-US Equity Fund](#classname18377e31-515e-49d2-8080-2aa80cf18969)<br> **[INSTITUTIONAL CLASS - TROCX](#classname18377e31-515e-49d2-8080-2aa80cf18969)**  |
|  [Touchstone Sands Capital Emerging Markets Growth Fund](#classname92d1113f-6479-4aa2-8df4-b7e37c5cccef)<br> **[CLASS A - TSMGX](#classname92d1113f-6479-4aa2-8df4-b7e37c5cccef)**  |
|  [Touchstone Sands Capital Emerging Markets Growth Fund](#classname1600b2ca-9129-4fb2-b4df-8a55557fbd3d)<br> **[CLASS C - TEGCX](#classname1600b2ca-9129-4fb2-b4df-8a55557fbd3d)**  |
|  [Touchstone Sands Capital Emerging Markets Growth Fund](#classname60eb3a8a-f870-4064-a363-d8a2f1229011)<br> **[CLASS Y - TSEMX](#classname60eb3a8a-f870-4064-a363-d8a2f1229011)**  |
|  [Touchstone Sands Capital Emerging Markets Growth Fund](#classname8a0bd5dc-79eb-4963-8760-2588a62bf95e)<br> **[INSTITUTIONAL CLASS - TSEGX](#classname8a0bd5dc-79eb-4963-8760-2588a62bf95e)**  |
|  [Touchstone Sands Capital Emerging Markets Growth Fund](#classname16a44ffb-afc0-4039-8538-024e0008adbb)<br> **[CLASS R6 - TSRMX](#classname16a44ffb-afc0-4039-8538-024e0008adbb)**  |
|  [Touchstone Strategic Income Fund](#classname57b6da0b-d5c6-4d15-8b58-a3dcfccdd43e)<br> **[CLASS A - TQPAX](#classname57b6da0b-d5c6-4d15-8b58-a3dcfccdd43e)**  |
|  [Touchstone Strategic Income Fund](#classname810a0af6-1816-4cdf-9742-e3536d82b357)<br> **[CLASS C - TQPCX](#classname810a0af6-1816-4cdf-9742-e3536d82b357)**  |
|  [Touchstone Strategic Income Fund](#classname7229bfb7-3d54-4403-a96c-d0338f319dc8)<br> **[CLASS Y - TQPYX](#classname7229bfb7-3d54-4403-a96c-d0338f319dc8)**  |
|  [Touchstone Strategic Income Fund](#classname47355c07-3326-4a2e-ace5-c69870ad9f03)<br> **[INSTITUTIONAL CLASS - TQPIX](#classname47355c07-3326-4a2e-ace5-c69870ad9f03)**  |

---

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Dynamic Large Cap Growth Fund**<br> **CLASS A \| TGVFX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Dynamic Large Cap Growth Fund ("Fund") (formerly Touchstone Growth Opportunities Fund) for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
|  Class A | $114 | 1.03% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term growth of capital by primarily investing in stocks of U.S. companies with any market capitalization. The Fund's portfolio managers place focus on companies they believe to have demonstrated records of achievement with excellent prospects for earnings growth over a 1 to 3 year period. The Fund's sub-adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.

The Fund's Class A shares performance was 20.44% (excluding sales loads) for the reporting period.

During the 9-month period from April 1, 2025 to December 31, 2025, Technology was a dominant force within the U.S. Exceptional earnings growth in U.S. technology and accelerating innovation, particularly in artificial intelligence, reshaped investor expectations and fueled global momentum. Additionally, gold, silver, and platinum soared to record highs in the period, propelling mining shares significantly higher. Lastly, during the first quarter of 2026, the Energy sector rallied due to the U.S.-Israeli military campaign against Iran and the disruption of the Strait of Hormuz, which handles roughly 20% of global oil supply.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE <br>IMPACT** | **OBSERVATIONS** |
|  Peer Momentum | Positive | Securities in similar industries rallied in concert during the quarter. |
|  Long Term Growth | Positive | The Fund's overweight to companies with robust long term growth prospects added to performance, as growth was rewarded. |
|  Book to Price | Positive | Additionally, the Fund's tilt towards companies with favorable Book to Price valuations contributed to performance. |
|  Analyst Insight | Positive | Securities with positive revisions by the sell-side analyst community rallied during the year. |
|  Communication<br> Services | Negative | Stock selection within the sector was the largest detractor to relative performance. |

---

During the period, the Fund notably increased its weight towards the Information Technology sector due to its strong growth prospects and favorable valuations.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class A | 14.43% | 10.36% | 14.89% |
|  Class A - excluding sales load | 20.44% | 11.49% | 15.58% |
|  Bloomberg US 3000 Index<sup>1</sup> | 18.30% | 10.78% | 13.71% |
|  Bloomberg US 1000 Growth Index<sup>2</sup> | 18.04% | 11.26% | 15.69% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
|  Russell 1000<sup>®</sup> Growth Index | 18.81% | 12.76% | 16.83% |
|  Russell 3000<sup>®</sup> Growth Index | 18.75% | 12.05% | 16.38% |

---

*1* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.* 

*2* *The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit t<u>ouchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 140445165 |
|  Total number of portfolio holdings |  | 92 |
|  Total advisory fees paid |  | $820556 |
|  Portfolio turnover rate |  | 176% |

---

2<br>

------

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 51.8% |
|  Health Care | 10.1% |
|  Communication Services | 10.1% |
|  Consumer Discretionary | 8.8% |
|  Financials | 7.5% |
|  Industrials | 6.5% |
|  Energy | 2.0% |
|  Consumer Staples | 1.4% |
|  Utilities | 0.9% |
|  Materials | 0.5% |
|  Short-Term Investment Fund | 0.5% |
|  Other Assets/Liabilities (Net) | (0.1)% |
|  Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund's current prospectus, at <u>touchstoneinvestments.com/mutual-funds</u> or upon request at 800.543.0407. The Fund's name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC ("Los Angeles Capital") was appointed as the Fund's sub-adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund's principal investment strategies to reflect Los Angeles Capital's investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund. Additionally, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.60% on the first $200 million and 0.40% on assets over $200 million and the Class A expense limitation was reduced to 0.99% of average daily net assets.

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg003.jpg) | <br> You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407.<br>|

---

TSF-TST-AR-TGVFX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Dynamic Large Cap Growth Fund**<br> **CLASS C \| TGVCX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Dynamic Large Cap Growth Fund ("Fund") (formerly Touchstone Growth Opportunities Fund) for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
|  Class C | $193 | 1.76% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term growth of capital by primarily investing in stocks of U.S. companies with any market capitalization. The Fund's portfolio managers place focus on companies they believe to have demonstrated records of achievement with excellent prospects for earnings growth over a 1 to 3 year period. The Fund's sub-adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.

The Fund's Class C shares performance was 19.58% (excluding sales loads) for the reporting period.

During the 9-month period from April 1, 2025 to December 31, 2025, Technology was a dominant force within the U.S. Exceptional earnings growth in U.S. technology and accelerating innovation, particularly in artificial intelligence, reshaped investor expectations and fueled global momentum. Additionally, gold, silver, and platinum soared to record highs in the period, propelling mining shares significantly higher. Lastly, during the first quarter of 2026, the Energy sector rallied due to the U.S.-Israeli military campaign against Iran and the disruption of the Strait of Hormuz, which handles roughly 20% of global oil supply.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE <br>IMPACT** | **OBSERVATIONS** |
|  Peer Momentum | Positive | Securities in similar industries rallied in concert during the quarter. |
|  Long Term Growth | Positive | The Fund's overweight to companies with robust long term growth prospects added to performance, as growth was rewarded. |
|  Book to Price | Positive | Additionally, the Fund's tilt towards companies with favorable Book to Price valuations contributed to performance. |
|  Analyst Insight | Positive | Securities with positive revisions by the sell-side analyst community rallied during the year. |
|  Communication Services | Negative | Stock selection within the sector was the largest detractor to relative performance. |

---

During the period, the Fund notably increased its weight towards the Information Technology sector due to its strong growth prospects and favorable valuations.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class C | 18.58% | 10.67% | 14.88% |
|  Class C - excluding sales load | 19.58% | 10.67% | 14.88% |
|  Bloomberg US 3000 Index<sup>1</sup> | 18.30% | 10.78% | 13.71% |
|  Bloomberg US 1000 Growth Index<sup>2</sup> | 18.04% | 11.26% | 15.69% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
|  Russell 1000<sup>®</sup> Growth Index | 18.81% | 12.76% | 16.83% |
|  Russell 3000<sup>®</sup> Growth Index | 18.75% | 12.05% | 16.38% |

---

*<sup>1</sup>* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.* 

*<sup>2</sup>* *The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 140445165 |
|  Total number of portfolio holdings |  | 92 |
|  Total advisory fees paid |  | $820556 |
|  Portfolio turnover rate |  | 176% |

---

2<br>

------

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 51.8% |
|  Health Care | 10.1% |
|  Communication Services | 10.1% |
|  Consumer Discretionary | 8.8% |
|  Financials | 7.5% |
|  Industrials | 6.5% |
|  Energy | 2.0% |
|  Consumer Staples | 1.4% |
|  Utilities | 0.9% |
|  Materials | 0.5% |
|  Short-Term Investment Fund | 0.5% |
|  Other Assets/Liabilities (Net) | (0.1)% |
|  Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund's current prospectus, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. The Fund's name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC ("Los Angeles Capital") was appointed as the Fund's sub-adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund's principal investment strategies to reflect Los Angeles Capital's investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund. Additionally, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.60% on the first $200 million and 0.40% on assets over $200 million and the Class C expense limitation was reduced to 1.71% of average daily net assets.

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg005.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TGVCX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Dynamic Large Cap Growth Fund**<br> **CLASS Y \| TGVYX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Dynamic Large Cap Growth Fund ("Fund") (formerly Touchstone Growth Opportunities Fund) for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
|  Class Y | $78 | 0.71% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term growth of capital by primarily investing in stocks of U.S. companies with any market capitalization. The Fund's portfolio managers place focus on companies they believe to have demonstrated records of achievement with excellent prospects for earnings growth over a 1 to 3 year period. The Fund's sub-adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.

The Fund's Class Y shares performance was 20.84% for the reporting period.

During the 9-month period from April 1, 2025 to December 31, 2025, Technology was a dominant force within the U.S. Exceptional earnings growth in U.S. technology and accelerating innovation, particularly in artificial intelligence, reshaped investor expectations and fueled global momentum. Additionally, gold, silver, and platinum soared to record highs in the period, propelling mining shares significantly higher. Lastly, during the first quarter of 2026, the Energy sector rallied due to the U.S.-Israeli military campaign against Iran and the disruption of the Strait of Hormuz, which handles roughly 20% of global oil supply.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  Peer Momentum | Positive | Securities in similar industries rallied in concert during the quarter. |
|  Long Term Growth | Positive | The Fund's overweight to companies with robust long term growth prospects added to performance, as growth was rewarded. |
|  Book to Price | Positive | Additionally, the Fund's tilt towards companies with favorable Book to Price valuations contributed to performance. |
|  Analyst Insight | Positive | Securities with positive revisions by the sell-side analyst community rallied during the year. |
|  Communication Services | Negative | Stock selection within the sector was the largest detractor to relative performance. |

---

During the period, the Fund notably increased its weight towards the Information Technology sector due to its strong growth prospects and favorable valuations.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class Y | 20.84% | 11.79% | 15.87% |
|  Bloomberg US 3000 Index<sup>1</sup> | 18.30% | 10.78% | 13.71% |
|  Bloomberg US 1000 Growth Index<sup>2</sup> | 18.04% | 11.26% | 15.69% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
|  Russell 1000<sup>®</sup> Growth Index | 18.81% | 12.76% | 16.83% |
|  Russell 3000<sup>®</sup> Growth Index | 18.75% | 12.05% | 16.38% |

---

*1* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.* 

*2* *The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $140445165 |
|  Total number of portfolio holdings | 92 |
|  Total advisory fees paid | $820556 |
|  Portfolio turnover rate | 176% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 51.8% |
|  Health Care | 10.1% |
|  Communication Services | 10.1% |
|  Consumer Discretionary | 8.8% |
|  Financials | 7.5% |
|  Industrials | 6.5% |
|  Energy | 2.0% |
|  Consumer Staples | 1.4% |
|  Utilities | 0.9% |
|  Materials | 0.5% |
|  Short-Term Investment Fund | 0.5% |
|  Other Assets/Liabilities (Net) | (0.1)% |
|  Total | 100.0% |

---

2<br>

------

#### Material Fund Changes
The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund's current prospectus, at <u>touchstoneinvestments.com/mutual-funds</u> or upon request at 800.543.0407. The Fund's name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC ("Los Angeles Capital") was appointed as the Fund's sub-adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund's principal investment strategies to reflect Los Angeles Capital's investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund. Additionally, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.60% on the first $200 million and 0.40% on assets over $200 million and the Class Y expense limitation was reduced to 0.66% of average daily net assets.

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg007.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TGVYX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Dynamic Large Cap Growth Fund**<br> **INSTITUTIONAL CLASS \| TGVVX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Dynamic Large Cap Growth Fund ("Fund") (formerly Touchstone Growth Opportunities Fund) for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
|  Institutional Class | $72 | 0.65% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term growth of capital by primarily investing in stocks of U.S. companies with any market capitalization. The Fund's portfolio managers place focus on companies they believe to have demonstrated records of achievement with excellent prospects for earnings growth over a 1 to 3 year period. The Fund's sub-adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.

The Fund's Institutional Class shares performance was 20.91% for the reporting period.

During the 9-month period from April 1, 2025 to December 31, 2025, Technology was a dominant force within the U.S. Exceptional earnings growth in U.S. technology and accelerating innovation, particularly in artificial intelligence, reshaped investor expectations and fueled global momentum. Additionally, gold, silver, and platinum soared to record highs in the period, propelling mining shares significantly higher. Lastly, during the first quarter of 2026, the Energy sector rallied due to the U.S.-Israeli military campaign against Iran and the disruption of the Strait of Hormuz, which handles roughly 20% of global oil supply.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE <br>IMPACT** | **OBSERVATIONS** |
|  Peer Momentum | Positive | Securities in similar industries rallied in concert during the quarter. |
|  Long Term Growth | Positive | The Fund's overweight to companies with robust long term growth prospects added to performance, as growth was rewarded. |
|  Book to Price | Positive | Additionally, the Fund's tilt towards companies with favorable Book to Price valuations contributed to performance. |
|  Analyst Insight | Positive | Securities with positive revisions by the sell-side analyst community rallied during the year. |
|  Communication Services | Negative | Stock selection within the sector was the largest detractor to relative performance. |

---

During the period, the Fund notably increased its weight towards the Information Technology sector due to its strong growth prospects and favorable valuations.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Institutional Class | 20.91% | 11.89% | 15.99% |
|  Bloomberg US 3000 Index<sup>1</sup> | 18.30% | 10.78% | 13.71% |
|  Bloomberg US 1000 Growth Index<sup>2</sup> | 18.04% | 11.26% | 15.69% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
|  Russell 1000<sup>®</sup> Growth Index | 18.81% | 12.76% | 16.83% |
|  Russell 3000<sup>®</sup> Growth Index | 18.75% | 12.05% | 16.38% |

---

*<sup>1</sup>* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.* 

*<sup>2</sup>* *The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 140445165 |
|  Total number of portfolio holdings |  | 92 |
|  Total advisory fees paid |  | $820556 |
|  Portfolio turnover rate |  | 176% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 51.8% |
|  Health Care | 10.1% |
|  Communication Services | 10.1% |
|  Consumer Discretionary | 8.8% |
|  Financials | 7.5% |
|  Industrials | 6.5% |
|  Energy | 2.0% |
|  Consumer Staples | 1.4% |
|  Utilities | 0.9% |
|  Materials | 0.5% |
|  Short-Term Investment Fund | 0.5% |
|  Other Assets/Liabilities (Net) | (0.1)% |
|  Total | 100.0% |

---

2<br>

------

#### Material Fund Changes
The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund's current prospectus, at <u>touchstoneinvestments.com/mutual-funds</u> or upon request at 800.543.0407. The Fund's name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC ("Los Angeles Capital") was appointed as the Fund's sub-adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund's principal investment strategies to reflect Los Angeles Capital's investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund. Additionally, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.60% on the first $200 million and 0.40% on assets over $200 million and the Institutional Class expense limitation was reduced to 0.60% of average daily net assets.

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg009.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TGVVX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Dynamic Large Cap Growth Fund**<br> **CLASS R6 \| TGVLX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Dynamic Large Cap Growth Fund ("Fund") (formerly Touchstone Growth Opportunities Fund) for the period May 9, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407. This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
|  Class R6 | $621 | 0.57% |

---

*<sup>1</sup>* *Based on operations for the period May 9, 2025 (commencement of operations) to March 31, 2026. Expenses for a full reporting period would be higher.*

#### Management's Discussion of Fund Performance
The Fund seeks long-term growth of capital by primarily investing in stocks of U.S. companies with any market capitalization. The Fund's portfolio managers place focus on companies they believe to have demonstrated records of achievement with excellent prospects for earnings growth over a 1 to 3 year period. The Fund's sub-adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.

The Fund's Class R6 shares performance was 21.01% for the reporting period.

During the 9-month period from April 1, 2025 to December 31, 2025, Technology was a dominant force within the U.S. Exceptional earnings growth in U.S. technology and accelerating innovation, particularly in artificial intelligence, reshaped investor expectations and fueled global momentum. Additionally, gold, silver, and platinum soared to record highs in the period, propelling mining shares significantly higher. Lastly, during the first quarter of 2026, the Energy sector rallied due to the U.S.-Israeli military campaign against Iran and the disruption of the Strait of Hormuz, which handles roughly 20% of global oil supply.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  Peer Momentum | Positive | Securities in similar industries rallied in concert during the quarter. |
|  Long Term Growth | Positive | The Fund's overweight to companies with robust long term growth prospects added to performance, as growth was rewarded. |
|  Book to Price | Positive | Additionally, the Fund's tilt towards companies with favorable Book to Price valuations contributed to performance. |
|  Analyst Insight | Positive | Securities with positive revisions by the sell-side analyst community rallied during the year. |
|  Communication Services | Negative | Stock selection within the sector was the largest detractor to relative performance. |

---

During the period, the Fund notably increased its weight towards the Information Technology sector due to its strong growth prospects and favorable valuations.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class R6<sup>1</sup> | 21.01% | 11.60% | 15.63% |
|  Bloomberg US 3000 Index<sup>2</sup> | 18.30% | 10.78% | 13.71% |
|  Bloomberg US 1000 Growth Index<sup>3</sup> | 18.04% | 11.26% | 15.69% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
|  Russell 1000<sup>®</sup> Growth Index | 18.81% | 12.76% | 16.83% |
|  Russell 3000<sup>®</sup> Growth Index | 18.75% | 12.05% | 16.38% |

---

*<sup>1</sup>* *The inception date was May 9, 2025. Performance information was calculated using the historical performance of Class A shares for the periods prior to May 9, 2025.* 

*<sup>2</sup>* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.* 

*<sup>3</sup>* *The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $140445165 |
|  Total number of portfolio holdings | 92 |
|  Total advisory fees paid | $820556 |
|  Portfolio turnover rate | 176% |

---

2<br>

------

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 51.8% |
|  Health Care | 10.1% |
|  Communication Services | 10.1% |
|  Consumer Discretionary | 8.8% |
|  Financials | 7.5% |
|  Industrials | 6.5% |
|  Energy | 2.0% |
|  Consumer Staples | 1.4% |
|  Utilities | 0.9% |
|  Materials | 0.5% |
|  Short-Term Investment Fund | 0.5% |
|  Other Assets/Liabilities (Net) | (0.1)% |
|  Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund's current prospectus, at <u>touchstoneinvestments.com/mutual-funds</u> or upon request at 800.543.0407. The Fund's name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC ("Los Angeles Capital") was appointed as the Fund's sub-adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund's principal investment strategies to reflect Los Angeles Capital's investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund.

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg011.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at t<u>ouchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TGVLX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Flexible Income Fund**<br> **CLASS A \| FFSAX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Flexible Income Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class A | $106 | 1.04% |

---

#### Management's Discussion of Fund Performance
The Fund seeks total return through a combination of income and capital appreciation by investing primarily in income producing securities. The Fund's sub-adviser, Bramshill Investments, LLC, implements a tactical fixed-income strategy, actively managing the portfolio by rotating among asset classes and tactically hedging during various interest rate and market environments. The sub-adviser seeks to identify relative value across asset classes and capture opportunities primarily within the corporate, U.S. Treasury, municipal and preferred security markets. The Fund focuses on liquid securities with transparent pricing and actively-traded capital structures.

The Fund's Class A shares performance was 4.14% (excluding sales loads) for the reporting period.

Over the 12 month period ended March 31, 2026, interest rates moved higher, with the 10-year U.S. Treasury yield rising 11 basis points from 4.21% to 4.32%. The yield curve steepened meaningfully, as the 2-year to 10-year spread widened by 20 basis points from 32 to 52 basis points, and the 5-year to

30-year spread steepened by 35 basis points from 62 to 97 basis points.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE <br> IMPACT** | **OBSERVATIONS** |
|  Credit Quality and Current Income | Positive | The Fund's relative performance during the reporting period benefitted from high current income on strong credits with low probabilities of defaults. |
|  Credit Spreads | Positive | The Fund's relative performance during the reporting period also benefitted from credit spread tightening across the Fund's sectors. |
|  Long Duration U.S. Treasury | Negative | Long-term rates did not fall in line with short-term rates, creating a headwind for the Fund's longer-than-benchmark duration. |

---

During the reporting period, the Fund made several notable allocation changes. Portfolio duration was extended from 5.8 years to 6.5 years. Exposure to investment-grade corporates increased from 20.6% to 28.3%, while investment grade structured product securities were modestly reduced from 30.9% to 27.7%. High yield corporate securities increased slightly from 2.5% to 3.2%, whereas high yield structured products declined from 15.0% to 12.5%. The Fund reduced its allocation to preferred securities from 12.3% to 7.3% and introduced a new allocation to municipal bonds, increasing from 0.0% to 1.1%. Additionally, the Fund added exposure to emerging markets sovereign debt, with local currency positions rising to 4.9% and U.S. dollar-denominated positions to 0.7%. U.S. Treasury exposure decreased from 12.3% to 10.6%, and the cash allocation was reduced from 6.5% to 3.8%.

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

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg012.jpg)

1<br>

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class A | 0.72% | 1.74% | 2.83% |
|  Class A - excluding sales load | 4.14% | 2.40% | 3.45% |
|  Bloomberg US Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1677665583 |
|  Total number of portfolio holdings |  | 382 |
|  Total advisory fees paid |  | $9102873 |
|  Portfolio turnover rate |  | 64% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **ASSET CATEGORY (% OF NET ASSETS)** | **ASSET CATEGORY (% OF NET ASSETS)** |
|  Corporate Bonds | 32.9% |
|  Non-Agency Collateralized Mortgage Obligations | 20.8% |
|  Agency Collateralized Mortgage Obligations | 12.8% |
|  U.S. Treasury Obligations | 10.5% |
|  Asset-Backed Securities | 6.2% |
|  Sovereign Government Obligations | 4.6% |
|  Exchange-Traded Funds | 4.4% |
|  Preferred Stocks | 3.3% |
|  Commercial Mortgage-Backed Securities | 0.0% |
|  Purchased Options | 0.1% |
|  Short-Term Investment Funds | 4.6% |
|  Other Assets/Liabilities (Net) | (0.2)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** | **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** |
|  AAA/Aaa | 32.0% |
|  AA/Aa | 9.9% |
|  A/A | 9.7% |
|  BBB/Baa | 21.9% |
|  BB/Ba | 2.4% |
|  B/B | 2.4% |
|  CCC | 0.2% |
|  CC | 0.1% |
|  Not Rated | 21.4% |
|  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

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg013.jpg) | <br> You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407.<br>|

---

TSF-TST-AR-FFSAX-2603 2

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Flexible Income Fund**<br> **CLASS C \| FRACX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Flexible Income Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class C | $182 | 1.79% |

---

#### Management's Discussion of Fund Performance
The Fund seeks total return through a combination of income and capital appreciation by investing primarily in income producing securities. The Fund's sub-adviser, Bramshill Investments, LLC, implements a tactical fixed-income strategy, actively managing the portfolio by rotating among asset classes and tactically hedging during various interest rate and market environments. The sub-adviser seeks to identify relative value across asset classes and capture opportunities primarily within the corporate, U.S. Treasury, municipal and preferred security markets. The Fund focuses on liquid securities with transparent pricing and actively-traded capital structures.

The Fund's Class C shares performance was 3.45% (excluding sales loads) for the reporting period.

Over the 12 month period ended March 31, 2026, interest rates moved higher, with the 10-year U.S. Treasury yield rising 11 basis points from 4.21% to 4.32%. The yield curve steepened meaningfully, as the 2-year to 10-year spread widened by 20 basis points from 32 to 52 basis points, and the 5-year to 30-year spread steepened by 35 basis points from 62 to 97 basis points.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE<br> IMPACT** | **OBSERVATIONS** |
|  Credit Quality and Current Income | Positive | The Fund's relative performance during the reporting period benefitted from high current income on strong credits with low probabilities of defaults. |
|  Credit Spreads | Positive | The Fund's relative performance during the reporting period also benefitted from credit spread tightening across the Fund's sectors. |
|  Long Duration U.S. Treasury | Negative | Long-term rates did not fall in line with short-term rates, creating a headwind for the Fund's longer-than-benchmark duration. |

---

During the reporting period, the Fund made several notable allocation changes. Portfolio duration was extended from 5.8 years to 6.5 years. Exposure to investment-grade corporates increased from 20.6% to 28.3%, while investment grade structured product securities were modestly reduced from 30.9% to 27.7%. High yield corporate securities increased slightly from 2.5% to 3.2%, whereas high yield structured products declined from 15.0% to 12.5%. The Fund reduced its allocation to preferred securities from 12.3% to 7.3% and introduced a new allocation to municipal bonds, increasing from 0.0% to 1.1%. Additionally, the Fund added exposure to emerging markets sovereign debt, with local currency positions rising to 4.9% and U.S. dollar-denominated positions to 0.7%. U.S. Treasury exposure decreased from 12.3% to 10.6%, and the cash allocation was reduced from 6.5% to 3.8%.

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

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg014.jpg)

1<br>

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class C | 2.46% | 1.65% | 2.83% |
|  Class C - excluding sales load | 3.45% | 1.65% | 2.83% |
|  Bloomberg US Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1677665583 |
|  Total number of portfolio holdings |  | 382 |
|  Total advisory fees paid |  | $9102873 |
|  Portfolio turnover rate |  | 64% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **ASSET CATEGORY (% OF NET ASSETS)** | **ASSET CATEGORY (% OF NET ASSETS)** |
|  Corporate Bonds | 32.9% |
|  Non-Agency Collateralized Mortgage Obligations | 20.8% |
|  Agency Collateralized Mortgage Obligations | 12.8% |
|  U.S. Treasury Obligations | 10.5% |
|  Asset-Backed Securities | 6.2% |
|  Sovereign Government Obligations | 4.6% |
|  Exchange-Traded Funds | 4.4% |
|  Preferred Stocks | 3.3% |
|  Commercial Mortgage-Backed Securities | 0.0% |
|  Purchased Options | 0.1% |
|  Short-Term Investment Funds | 4.6% |
|  Other Assets/Liabilities (Net) | (0.2)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** | **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** |
|  AAA/Aaa | 32.0% |
|  AA/Aa | 9.9% |
|  A/A | 9.7% |
|  BBB/Baa | 21.9% |
|  BB/Ba | 2.4% |
|  B/B | 2.4% |
|  CCC | 0.2% |
|  CC | 0.1% |
|  Not Rated | 21.4% |
|  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

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg015.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-FRACX-2603 2

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Flexible Income Fund**<br> **CLASS Y \| MXIIX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Flexible Income Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class Y | $81 | 0.79% |

---

#### Management's Discussion of Fund Performance
The Fund seeks total return through a combination of income and capital appreciation by investing primarily in income producing securities. The Fund's sub-adviser, Bramshill Investments, LLC, implements a tactical fixed-income strategy, actively managing the portfolio by rotating among asset classes and tactically hedging during various interest rate and market environments. The sub-adviser seeks to identify relative value across asset classes and capture opportunities primarily within the corporate, U.S. Treasury, municipal and preferred security markets. The Fund focuses on liquid securities with transparent pricing and actively-traded capital structures.

The Fund's Class Y shares performance was 4.48% for the reporting period.

Over the 12 month period ended March 31, 2026, interest rates moved higher, with the 10-year U.S. Treasury yield rising 11 basis points from 4.21% to 4.32%. The yield curve steepened meaningfully, as the 2-year to 10-year spread widened by 20 basis points from 32 to 52 basis points, and the 5-year to

30-year spread steepened by 35 basis points from 62 to 97 basis points.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  Credit Quality and Current Income | Positive | The Fund's relative performance during the reporting period benefitted from high current income on strong credits with low probabilities of defaults. |
|  Credit Spreads | Positive | The Fund's relative performance during the reporting period also benefitted from credit spread tightening across the Fund's sectors. |
|  Long Duration U.S. Treasury | Negative | Long-term rates did not fall in line with short-term rates, creating a headwind for the Fund's longer-than-benchmark duration. |

---

During the reporting period, the Fund made several notable allocation changes. Portfolio duration was extended from 5.8 years to 6.5 years. Exposure to investment-grade corporates increased from 20.6% to 28.3%, while investment grade structured product securities were modestly reduced from 30.9% to 27.7%. High yield corporate securities increased slightly from 2.5% to 3.2%, whereas high yield structured products declined from 15.0% to 12.5%. The Fund reduced its allocation to preferred securities from 12.3% to 7.3% and introduced a new allocation to municipal bonds, increasing from 0.0% to 1.1%. Additionally, the Fund added exposure to emerging markets sovereign debt, with local currency positions rising to 4.9% and U.S. dollar-denominated positions to 0.7%. U.S. Treasury exposure decreased from 12.3% to 10.6%, and the cash allocation was reduced from 6.5% to 3.8%.

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

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg016.jpg)

1<br>

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class Y | 4.48% | 2.67% | 3.71% |
|  Bloomberg US Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $1677665583 |
|  Total number of portfolio holdings | 382 |
|  Total advisory fees paid | $9102873 |
|  Portfolio turnover rate | 64% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **ASSET CATEGORY (% OF NET ASSETS)** | **ASSET CATEGORY (% OF NET ASSETS)** |
|  Corporate Bonds | 32.9% |
|  Non-Agency Collateralized Mortgage Obligations | 20.8% |
|  Agency Collateralized Mortgage Obligations | 12.8% |
|  U.S. Treasury Obligations | 10.5% |
|  Asset-Backed Securities | 6.2% |
|  Sovereign Government Obligations | 4.6% |
|  Exchange-Traded Funds | 4.4% |
|  Preferred Stocks | 3.3% |
|  Commercial Mortgage-Backed Securities | 0.0% |
|  Purchased Options | 0.1% |
|  Short-Term Investment Funds | 4.6% |
|  Other Assets/Liabilities (Net) | (0.2)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** | **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** |
|  AAA/Aaa | 32.0% |
|  AA/Aa | 9.9% |
|  A/A | 9.7% |
|  BBB/Baa | 21.9% |
|  BB/Ba | 2.4% |
|  B/B | 2.4% |
|  CCC | 0.2% |
|  CC | 0.1% |
|  Not Rated | 21.4% |
|  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

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg017.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-MXIIX-2603 2

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Flexible Income Fund**<br> **INSTITUTIONAL CLASS \| TFSLX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Flexible Income Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Institutional Class | $71 | 0.69% |

---

#### Management's Discussion of Fund Performance
The Fund seeks total return through a combination of income and capital appreciation by investing primarily in income producing securities. The Fund's sub-adviser, Bramshill Investments, LLC, implements a tactical fixed-income strategy, actively managing the portfolio by rotating among asset classes and tactically hedging during various interest rate and market environments. The sub-adviser seeks to identify relative value across asset classes and capture opportunities primarily within the corporate, U.S. Treasury, municipal and preferred security markets. The Fund focuses on liquid securities with transparent pricing and actively-traded capital structures.

The Fund's Institutional Class shares performance was 4.50% for the reporting period.

Over the 12 month period ended March 31, 2026, interest rates moved higher, with the 10-year U.S. Treasury yield rising 11 basis points from 4.21% to 4.32%. The yield curve steepened meaningfully, as the 2-year to 10-year spread widened by 20 basis points from 32 to 52 basis points, and the 5-year to 30-year spread steepened by 35 basis points from 62 to 97 basis points.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  Credit Quality and Current Income | Positive | The Fund's relative performance during the reporting period benefitted from high current income on strong credits with low probabilities of defaults. |
|  Credit Spreads | Positive | The Fund's relative performance during the reporting period also benefitted from credit spread tightening across the Fund's sectors. |
|  Long Duration U.S. Treasury | Negative | Long-term rates did not fall in line with short-term rates, creating a headwind for the Fund's longer-than-benchmark duration. |

---

During the reporting period, the Fund made several notable allocation changes. Portfolio duration was extended from 5.8 years to 6.5 years. Exposure to investment-grade corporates increased from 20.6% to 28.3%, while investment grade structured product securities were modestly reduced from 30.9% to 27.7%. High yield corporate securities increased slightly from 2.5% to 3.2%, whereas high yield structured products declined from 15.0% to 12.5%. The Fund reduced its allocation to preferred securities from 12.3% to 7.3% and introduced a new allocation to municipal bonds, increasing from 0.0% to 1.1%. Additionally, the Fund added exposure to emerging markets sovereign debt, with local currency positions rising to 4.9% and U.S. dollar-denominated positions to 0.7%. U.S. Treasury exposure decreased from 12.3% to 10.6%, and the cash allocation was reduced from 6.5% to 3.8%.

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

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg018.jpg)

1<br>

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Institutional Class | 4.50% | 2.76% | 3.81% |
|  Bloomberg US Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1677665583 |
|  Total number of portfolio holdings |  | 382 |
|  Total advisory fees paid |  | $9102873 |
|  Portfolio turnover rate |  | 64% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **ASSET CATEGORY (% OF NET ASSETS)** | **ASSET CATEGORY (% OF NET ASSETS)** |
|  Corporate Bonds | 32.9% |
|  Non-Agency Collateralized Mortgage Obligations | 20.8% |
|  Agency Collateralized Mortgage Obligations | 12.8% |
|  U.S. Treasury Obligations | 10.5% |
|  Asset-Backed Securities | 6.2% |
|  Sovereign Government Obligations | 4.6% |
|  Exchange-Traded Funds | 4.4% |
|  Preferred Stocks | 3.3% |
|  Commercial Mortgage-Backed Securities | 0.0% |
|  Purchased Options | 0.1% |
|  Short-Term Investment Funds | 4.6% |
|  Other Assets/Liabilities (Net) | (0.2)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** | **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** |
|  AAA/Aaa | 32.0% |
|  AA/Aa | 9.9% |
|  A/A | 9.7% |
|  BBB/Baa | 21.9% |
|  BB/Ba | 2.4% |
|  B/B | 2.4% |
|  CCC | 0.2% |
|  CC | 0.1% |
|  Not Rated | 21.4% |
|  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

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg019.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TFSLX-2603 2

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Focused Fund**<br> **CLASS A \| TFOAX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Focused Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class A | $123 | 1.16% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide investors with capital appreciation by investing in companies of all capitalizations that are trading below what is believed to be the estimate of their intrinsic value and have a sustainable competitive advantage or a high barrier to entry in place. The barrier(s) to entry can be created through a cost advantage, economies of scale, high customer loyalty or a government barrier (e.g. license or subsidy). The Fund's sub-adviser, Fort Washington Investment Advisors, Inc., believes that the strongest barrier to entry is the combination of economies of scale and high customer loyalty.

The Fund's Class A shares performance was 12.03% (excluding sales loads) for the reporting period.

The U.S. equity market experienced significant volatility at the forefront of the period as trade tensions and tariff policies became central market themes but remained resilient and maintained gains past the end of 2025. The Federal Reserve shifted towards monetary easing as the period progressed with the first of three rate cuts in September, helping push markets to new highs through January. Markets endured a pullback in the first quarter of 2026, triggered in part due to rising geopolitical tensions in the Middle East.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  International | Positive | Stock selection for international holdings was a large contributor to performance. |
|  Communication Services | Positive | The largest sector overweight, allocation to Communication Services was the largest contributor to performance. |
|  Capital Markets | Positive | Stock selection in the sector was a large contributor to performance. |
|  Information Technology | Negative | Stock selection in the sector was the largest detractor to performance. |
|  Industrials | Negative | The largest sector underweight, allocation to Industrials was a large detractor to performance. |

---

The decrease in weight period-to-period in the Health Care sector relative to the Russell 3000<sup>®</sup> Index was the largest sector related change in the Fund.

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

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg020.jpg)

1<br>

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class A | 6.44% | 7.38% | 11.05% |
|  Class A - excluding sales load | 12.03% | 8.49% | 11.71% |
|  Bloomberg US 3000 Index<sup>1</sup> | 18.30% | 10.78% | 13.71% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |

---

*1* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $1305490358 |
|  Total number of portfolio holdings | 48 |
|  Total advisory fees paid | $8446141 |
|  Portfolio turnover rate | 6% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 30.2% |
|  Communication Services | 16.1% |
|  Financials | 13.2% |
|  Consumer Discretionary | 10.0% |
|  Health Care | 9.2% |
|  Industrials | 8.1% |
|  Consumer Staples | 5.9% |
|  Energy | 3.3% |
|  Real Estate | 1.6% |
|  Materials | 0.8% |
|  Short-Term Investment Funds | 2.8% |
|  Other Assets/Liabilities (Net) | (1.2)% |
|  Total | 100.0% |

---

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg021.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TFOAX-2603 2

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Focused Fund**<br> **CLASS C \| TFFCX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Focused Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class C | $201 | 1.90% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide investors with capital appreciation by investing in companies of all capitalizations that are trading below what is believed to be the estimate of their intrinsic value and have a sustainable competitive advantage or a high barrier to entry in place. The barrier(s) to entry can be created through a cost advantage, economies of scale, high customer loyalty or a government barrier (e.g. license or subsidy). The Fund's sub-adviser, Fort Washington Investment Advisors, Inc., believes that the strongest barrier to entry is the combination of economies of scale and high customer loyalty.

The Fund's Class C shares performance was 11.21% (excluding sales loads) for the reporting period.

The U.S. equity market experienced significant volatility at the forefront of the period as trade tensions and tariff policies became central market themes but remained resilient and maintained gains past the end of 2025. The Federal Reserve shifted towards monetary easing as the period progressed with the first of three rate cuts in September, helping push markets to new highs through January. Markets endured a pullback in the first quarter of 2026, triggered in part due to rising geopolitical tensions in the Middle East.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  International | Positive | Stock selection for international holdings was a large contributor to performance. |
|  Communication Services | Positive | The largest sector overweight, allocation to Communication Services was the largest contributor to performance. |
|  Capital Markets | Positive | Stock selection in the sector was a large contributor to performance. |
|  Information Technology | Negative | Stock selection in the sector was the largest detractor to performance. |
|  Industrials | Negative | The largest sector underweight, allocation to Industrials was a large detractor to performance. |

---

The decrease in weight period-to-period in the Health Care sector relative to the Russell 3000<sup>®</sup> Index was the largest sector related change in the Fund.

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

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg022.jpg)

1<br>

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class C | 10.21% | 7.66% | 11.03% |
|  Class C - excluding sales load | 11.21% | 7.66% | 11.03% |
|  Bloomberg US 3000 Index<sup>1</sup> | 18.30% | 10.78% | 13.71% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |

---

*<sup>1</sup>* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1305490358 |
|  Total number of portfolio holdings |  | 48 |
|  Total advisory fees paid |  | $8446141 |
|  Portfolio turnover rate |  | 6% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 30.2% |
|  Communication Services | 16.1% |
|  Financials | 13.2% |
|  Consumer Discretionary | 10.0% |
|  Health Care | 9.2% |
|  Industrials | 8.1% |
|  Consumer Staples | 5.9% |
|  Energy | 3.3% |
|  Real Estate | 1.6% |
|  Materials | 0.8% |
|  Short-Term Investment Funds | 2.8% |
|  Other Assets/Liabilities (Net) | (1.2)% |
|  Total | 100.0% |

---

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg023.jpg)  | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TFFCX-2603 2

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Focused Fund**<br> **CLASS Y \| TFFYX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Focused Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class Y | $91 | 0.86% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide investors with capital appreciation by investing in companies of all capitalizations that are trading below what is believed to be the estimate of their intrinsic value and have a sustainable competitive advantage or a high barrier to entry in place. The barrier(s) to entry can be created through a cost advantage, economies of scale, high customer loyalty or a government barrier (e.g. license or subsidy). The Fund's sub-adviser, Fort Washington Investment Advisors, Inc., believes that the strongest barrier to entry is the combination of economies of scale and high customer loyalty.

The Fund's Class Y shares performance was 12.36% for the reporting period.

The U.S. equity market experienced significant volatility at the forefront of the period as trade tensions and tariff policies became central market themes but remained resilient and maintained gains past the end of 2025. The Federal Reserve shifted towards monetary easing as the period progressed with the first of three rate cuts in September, helping push markets to new highs through January. Markets endured a pullback in the first quarter of 2026, triggered in part due to rising geopolitical tensions in the Middle East.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  International | Positive | Stock selection for international holdings was a large contributor to performance. |
|  Communication Services | Positive | The largest sector overweight, allocation to Communication Services was the largest contributor to performance. |
|  Capital Markets | Positive | Stock selection in the sector was a large contributor to performance. |
|  Information Technology | Negative | Stock selection in the sector was the largest detractor to performance. |
|  Industrials | Negative | The largest sector underweight, allocation to Industrials was a large detractor to performance. |

---

The decrease in weight period-to-period in the Health Care sector relative to the Russell 3000<sup>®</sup> Index was the largest sector related change in the Fund.

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

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg024.jpg)

1<br>

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class Y | 12.36% | 8.80% | 12.04% |
|  Bloomberg US 3000 Index<sup>1</sup> | 18.30% | 10.78% | 13.71% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |

---

*1* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $1305490358 |
|  Total number of portfolio holdings | 48 |
|  Total advisory fees paid | $8446141 |
|  Portfolio turnover rate | 6% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 30.2% |
|  Communication Services | 16.1% |
|  Financials | 13.2% |
|  Consumer Discretionary | 10.0% |
|  Health Care | 9.2% |
|  Industrials | 8.1% |
|  Consumer Staples | 5.9% |
|  Energy | 3.3% |
|  Real Estate | 1.6% |
|  Materials | 0.8% |
|  Short-Term Investment Funds | 2.8% |
|  Other Assets/Liabilities (Net) | (1.2)% |
|  Total | 100.0% |

---

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg025.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TFFYX-2603 2

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Focused Fund**<br> **INSTITUTIONAL CLASS \| TFFIX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Focused Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Institutional Class | $89 | 0.84% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide investors with capital appreciation by investing in companies of all capitalizations that are trading below what is believed to be the estimate of their intrinsic value and have a sustainable competitive advantage or a high barrier to entry in place. The barrier(s) to entry can be created through a cost advantage, economies of scale, high customer loyalty or a government barrier (e.g. license or subsidy). The Fund's sub-adviser, Fort Washington Investment Advisors, Inc., believes that the strongest barrier to entry is the combination of economies of scale and high customer loyalty.

The Fund's Institutional Class shares performance was 12.39% for the reporting period.

The U.S. equity market experienced significant volatility at the forefront of the period as trade tensions and tariff policies became central market themes but remained resilient and maintained gains past the end of 2025. The Federal Reserve shifted towards monetary easing as the period progressed with the first of three rate cuts in September, helping push markets to new highs through January. Markets endured a pullback in the first quarter of 2026, triggered in part due to rising geopolitical tensions in the Middle East.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE <br> IMPACT** | **OBSERVATIONS** |
|  International | Positive | Stock selection for international holdings was a large contributor to performance. |
|  Communication Services | Positive | The largest sector overweight, allocation to Communication Services was the largest contributor to performance. |
|  Capital Markets | Positive | Stock selection in the sector was a large contributor to performance. |
|  Information Technology | Negative | Stock selection in the sector was the largest detractor to performance. |
|  Industrials | Negative | The largest sector underweight, allocation to Industrials was a large detractor to performance. |

---

The decrease in weight period-to-period in the Health Care sector relative to the Russell 3000<sup>®</sup> Index was the largest sector related change in the Fund.

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

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg026.jpg)

1<br>

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Institutional Class | 12.39% | 8.84% | 12.10% |
|  Bloomberg US 3000 Index<sup>1</sup> | 18.30% | 10.78% | 13.71% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |

---

*<sup>1</sup>* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.*

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $1305490358 |
|  Total number of portfolio holdings | 48 |
|  Total advisory fees paid | $8446141 |
|  Portfolio turnover rate | 6% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 30.2% |
|  Communication Services | 16.1% |
|  Financials | 13.2% |
|  Consumer Discretionary | 10.0% |
|  Health Care | 9.2% |
|  Industrials | 8.1% |
|  Consumer Staples | 5.9% |
|  Energy | 3.3% |
|  Real Estate | 1.6% |
|  Materials | 0.8% |
|  Short-Term Investment Funds | 2.8% |
|  Other Assets/Liabilities (Net) | (1.2)% |
|  Total | 100.0% |

---

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg027.jpg)  | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TFFIX-2603 2

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Mid Cap Growth Fund**<br> **CLASS A \| TEGAX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class A | $132 | 1.21% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to increase the value of Fund shares by primarily investing in stocks of mid-cap U.S. companies. The Fund's portfolio managers place focus on companies that they believe to have a demonstrated record of achievement with excellent prospects for earnings growth over a 1-to-3-year period. The Fund's sub-adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.

The Fund's Class A shares performance was 17.89% (excluding sales loads) for the reporting period.

The environment over the 12 month period ended March 31, 2026 was marked by strong equity market performance, as a powerful rebound in mid-2025, driven by artificial intelligence (AI) momentum, resilient earnings, and easing tariff pressures, pushed major indices to record highs and supported a soft-landing narrative. While improving breadth and sector rotation signaled a healthier backdrop, market behavior grew increasingly speculative through the third quarter before leadership broadened later in the year toward cyclicals and small caps amid easing financial conditions. More recently, markets reversed as geopolitical shocks and energy supply disruptions contributed to a first calendar quarter decline, highlighting a shift toward greater volatility and dispersion.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE <br> IMPACT** | **OBSERVATIONS** |
|  Industrials Stocks | Positive | Stock selection was a leading contributor to the Fund's relative outperformance during the 12-month period. Industrial stock holding Vertiv Holdings Co. was a top contributor, driven by strong organic order growth and tailwinds from AI infrastructure buildout. |
|  Consumer Discretionary Stocks | Positive | Tapestry, Inc. was a top contributor driven by brand elevation and pricing power. |
|  Financials Stocks | Positive | Financials stocks contributed positively, driven by exposure to banks, (Fifth Third Bancorp) and trading platforms (Robinhood Markets, Inc.). |
|  Information Technology<br> (IT) Stocks | Negative | Software exposure (Atlassian Corp.) was the biggest detractor as AI displacement fears weighed heavily on the group. |

---

Over the past year, the Fund increased its exposure to Consumer Discretionary and Industrials while reducing its allocation to Information Technology.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg028.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class A | 12.00% | 4.73% | 10.99% |
|  Class A - excluding sales load | 17.89% | 5.81% | 11.64% |
|  Bloomberg US 3000 Index<sup>1</sup> | 18.30% | 10.78% | 13.71% |
|  Bloomberg US Mid Cap Growth Index<sup>2</sup> | 14.10% | 5.64% | 11.55% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
|  Russell Midcap<sup>®</sup> Growth Index | 9.56% | 5.37% | 11.69% |

---

*1* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.* 

*2* *The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1800343184 |
|  Total number of portfolio holdings |  | 55 |
|  Total advisory fees paid |  | $10313147 |
|  Portfolio turnover rate |  | 85% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Industrials | 30.0% |
|  Consumer Discretionary | 17.1% |
|  Health Care | 15.8% |
|  Information Technology | 13.2% |
|  Financials | 12.7% |
|  Energy | 4.7% |
|  Communication Services | 2.7% |
|  Utilities | 1.8% |
|  Materials | 0.6% |
|  Short-Term Investment Fund | 1.3% |
|  Other Assets/Liabilities (Net) | 0.1% |
|  Total | 100.0% |

---

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg029.jpg) | <br> You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407.<br>|

---

TSF-TST-AR-TEGAX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Mid Cap Growth Fund**<br> **CLASS C \| TOECX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class C | $218 | 2.01% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to increase the value of Fund shares by primarily investing in stocks of mid-cap U.S. companies. The Fund's portfolio managers place focus on companies that they believe to have a demonstrated record of achievement with excellent prospects for earnings growth over a 1-to-3-year period. The Fund's sub-adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.

The Fund's Class C shares performance was 16.94% (excluding sales loads) for the reporting period.

The environment over the 12 month period ended March 31, 2026 was marked by strong equity market performance, as a powerful rebound in mid-2025, driven by artificial intelligence (AI) momentum, resilient earnings, and easing tariff pressures, pushed major indices to record highs and supported a soft-landing narrative. While improving breadth and sector rotation signaled a healthier backdrop, market behavior grew increasingly speculative through the third quarter before leadership broadened later in the year toward cyclicals and small caps amid easing financial conditions. More recently, markets reversed as geopolitical shocks and energy supply disruptions contributed to a first calendar quarter decline, highlighting a shift toward greater volatility and dispersion.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE <br> IMPACT** | **OBSERVATIONS** |
|  Industrials Stocks | Positive | Stock selection was a leading contributor to the Fund's relative outperformance during the 12-month period. Industrial stock holding Vertiv Holdings Co. was a top contributor, driven by strong organic order growth and tailwinds from AI infrastructure buildout. |
|  Consumer Discretionary Stocks | Positive | Tapestry, Inc. was a top contributor driven by brand elevation and pricing power. |
|  Financials Stocks | Positive | Financials stocks contributed positively, driven by exposure to banks, (Fifth Third Bancorp) and trading platforms (Robinhood Markets, Inc.). |
|  Information Technology (IT) Stocks | Negative | Software exposure (Atlassian Corp.) was the biggest detractor as AI displacement fears weighed heavily on the group. |

---

Over the past year, the Fund increased its exposure to Consumer Discretionary and Industrials while reducing its allocation to Information Technology.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg030.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class C | 15.94% | 4.94% | 10.93% |
|  Class C - excluding sales load | 16.94% | 4.94% | 10.93% |
|  Bloomberg US 3000 Index<sup>1</sup> | 18.30% | 10.78% | 13.71% |
|  Bloomberg US Mid Cap Growth Index<sup>2</sup> | 14.10% | 5.64% | 11.55% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
|  Russell Midcap<sup>®</sup> Growth Index | 9.56% | 5.37% | 11.69% |

---

*<sup>1</sup>* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.* 

*<sup>2</sup>* *The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1800343184 |
|  Total number of portfolio holdings |  | 55 |
|  Total advisory fees paid |  | $10313147 |
|  Portfolio turnover rate |  | 85% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Industrials | 30.0% |
|  Consumer Discretionary | 17.1% |
|  Health Care | 15.8% |
|  Information Technology | 13.2% |
|  Financials | 12.7% |
|  Energy | 4.7% |
|  Communication Services | 2.7% |
|  Utilities | 1.8% |
|  Materials | 0.6% |
|  Short-Term Investment Fund | 1.3% |
|  Other Assets/Liabilities (Net) | 0.1% |
|  Total | 100.0% |

---

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg031.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TOECX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Mid Cap Growth Fund**<br> **CLASS Y \| TEGYX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class Y | $107 | 0.98% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to increase the value of Fund shares by primarily investing in stocks of mid-cap U.S. companies. The Fund's portfolio managers place focus on companies that they believe to have a demonstrated record of achievement with excellent prospects for earnings growth over a 1-to-3-year period. The Fund's sub-adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.

The Fund's Class Y shares performance was 18.17% for the reporting period.

The environment over the 12 month period ended March 31, 2026 was marked by strong equity market performance, as a powerful rebound in mid-2025, driven by artificial intelligence (AI) momentum, resilient earnings, and easing tariff pressures, pushed major indices to record highs and supported a soft-landing narrative. While improving breadth and sector rotation signaled a healthier backdrop, market behavior grew increasingly speculative through the third quarter before leadership broadened later in the year toward cyclicals and small caps amid easing financial conditions. More recently, markets reversed as geopolitical shocks and energy supply disruptions contributed to a first calendar quarter decline, highlighting a shift toward greater volatility and dispersion.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  Industrials Stocks | Positive | Stock selection was a leading contributor to the Fund's relative outperformance during the 12-month period. Industrial stock holding Vertiv Holdings Co. was a top contributor, driven by strong organic order growth and tailwinds from AI infrastructure buildout. |
|  Consumer Discretionary Stocks | Positive | Tapestry, Inc. was a top contributor driven by brand elevation and pricing power. |
|  Financials Stocks | Positive | Financials stocks contributed positively, driven by exposure to banks, (Fifth Third Bancorp) and trading platforms (Robinhood Markets, Inc.). |
|  Information Technology (IT) Stocks | Negative | Software exposure (Atlassian Corp.) was the biggest detractor as AI displacement fears weighed heavily on the group. |

---

Over the past year, the Fund increased its exposure to Consumer Discretionary and Industrials while reducing its allocation to Information Technology.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg032.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class Y | 18.17% | 6.05% | 11.91% |
|  Bloomberg US 3000 Index<sup>1</sup> | 18.30% | 10.78% | 13.71% |
|  Bloomberg US Mid Cap Growth Index<sup>2</sup> | 14.10% | 5.64% | 11.55% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
|  Russell Midcap<sup>®</sup> Growth Index | 9.56% | 5.37% | 11.69% |

---

*1* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.* 

*2* *The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $1800343184 |
|  Total number of portfolio holdings | 55 |
|  Total advisory fees paid | $10313147 |
|  Portfolio turnover rate | 85% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Industrials | 30.0% |
|  Consumer Discretionary | 17.1% |
|  Health Care | 15.8% |
|  Information Technology | 13.2% |
|  Financials | 12.7% |
|  Energy | 4.7% |
|  Communication Services | 2.7% |
|  Utilities | 1.8% |
|  Materials | 0.6% |
|  Short-Term Investment Fund | 1.3% |
|  Other Assets/Liabilities (Net) | 0.1% |
|  Total | 100.0% |

---

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg033.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TEGYX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Mid Cap Growth Fund**<br> **INSTITUTIONAL CLASS \| TEGIX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage**<br> **of a $10,000 investment** |
|  Institutional Class | $96 | 0.88% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to increase the value of Fund shares by primarily investing in stocks of mid-cap U.S. companies. The Fund's portfolio managers place focus on companies that they believe to have a demonstrated record of achievement with excellent prospects for earnings growth over a 1-to-3-year period. The Fund's sub-adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.

The Fund's Institutional Class shares performance was 18.29% for the reporting period.

The environment over the 12 month period ended March 31, 2026 was marked by strong equity market performance, as a powerful rebound in mid-2025, driven by artificial intelligence (AI) momentum, resilient earnings, and easing tariff pressures, pushed major indices to record highs and supported a soft-landing narrative. While improving breadth and sector rotation signaled a healthier backdrop, market behavior grew increasingly speculative through the third quarter before leadership broadened later in the year toward cyclicals and small caps amid easing financial conditions. More recently, markets reversed as geopolitical shocks and energy supply disruptions contributed to a first calendar quarter decline, highlighting a shift toward greater volatility and dispersion.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  Industrials Stocks | Positive  | Stock selection was a leading contributor to the Fund's relative outperformance during the 12-month period. Industrial stock holding Vertiv Holdings Co. was a top contributor, driven by strong organic order growth and tailwinds from AI infrastructure buildout. |
|  Consumer Discretionary Stocks | Positive | Tapestry, Inc. was a top contributor driven by brand elevation and pricing power. |
|  Financials Stocks | Positive | Financials stocks contributed positively, driven by exposure to banks, (Fifth Third Bancorp) and trading platforms (Robinhood Markets, Inc.). |
|  Information Technology (IT) Stocks | Negative | Software exposure (Atlassian Corp.) was the biggest detractor as AI displacement fears weighed heavily on the group. |

---

Over the past year, the Fund increased its exposure to Consumer Discretionary and Industrials while reducing its allocation to Information Technology.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg034.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Institutional Class | 18.29% | 6.18% | 12.01% |
|  Bloomberg US 3000 Index<sup>1</sup>  | 18.30% | 10.78% | 13.71% |
|  Bloomberg US Mid Cap Growth Index<sup>2</sup>  | 14.10% | 5.64% | 11.55% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
|  Russell Midcap<sup>®</sup> Growth Index | 9.56% | 5.37% | 11.69% |

---

*<sup>1</sup>* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.*

*<sup>2</sup>* *The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund.*

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $1800343184 |
|  Total number of portfolio holdings | 55 |
|  Total advisory fees paid | $10313147 |
|  Portfolio turnover rate | 85% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Industrials | 30.0% |
|  Consumer Discretionary | 17.1% |
|  Health Care | 15.8% |
|  Information Technology | 13.2% |
|  Financials | 12.7% |
|  Energy | 4.7% |
|  Communication Services | 2.7% |
|  Utilities | 1.8% |
|  Materials | 0.6% |
|  Short-Term Investment Fund | 1.3% |
|  Other Assets/Liabilities (Net) | 0.1% |
|  Total | 100.0% |

---

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg035.jpg)  | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at t<u>ouchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TEGIX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Mid Cap Growth Fund**<br> **CLASS R6 \| TFGRX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class R6 | $86 | 0.79% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to increase the value of Fund shares by primarily investing in stocks of mid-cap U.S. companies. The Fund's portfolio managers place focus on companies that they believe to have a demonstrated record of achievement with excellent prospects for earnings growth over a 1-to-3-year period. The Fund's sub-adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.

The Fund's Class R6 shares performance was 18.39% for the reporting period.

The environment over the 12 month period ended March 31, 2026 was marked by strong equity market performance, as a powerful rebound in mid-2025, driven by artificial intelligence (AI) momentum, resilient earnings, and easing tariff pressures, pushed major indices to record highs and supported a soft-landing narrative. While improving breadth and sector rotation signaled a healthier backdrop, market behavior grew increasingly speculative through the third quarter before leadership broadened later in the year toward cyclicals and small caps amid easing financial conditions. More recently, markets reversed as geopolitical shocks and energy supply disruptions contributed to a first calendar quarter decline, highlighting a shift toward greater volatility and dispersion.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE<br> IMPACT** | **OBSERVATIONS** |
|  Industrials Stocks | Positive | Stock selection was a leading contributor to the Fund's relative outperformance during the 12-month period. Industrial stock holding Vertiv Holdings Co. was a top contributor, driven by strong organic order growth and tailwinds from AI infrastructure buildout. |
|  Consumer Discretionary Stocks | Positive | Tapestry, Inc. was a top contributor driven by brand elevation and pricing power. |
|  Financials Stocks | Positive | Financials stocks contributed positively, driven by exposure to banks, (Fifth Third Bancorp) and trading platforms (Robinhood Markets, Inc.). |
|  Information Technology (IT) Stocks | Negative | Software exposure (Atlassian Corp.) was the biggest detractor as AI displacement fears weighed heavily on the group. |

---

Over the past year, the Fund increased its exposure to Consumer Discretionary and Industrials while reducing its allocation to Information Technology.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg036.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class R6<sup>1</sup>  | 18.39% | 6.29% | 11.94% |
|  Bloomberg US 3000 Index<sup>2</sup>  | 18.30% | 10.78% | 13.71% |
|  Bloomberg US Mid Cap Growth Index<sup>3</sup>  | 14.10% | 5.64% | 11.55% |
|  Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
|  Russell Midcap<sup>®</sup> Growth Index | 9.56% | 5.37% | 11.69% |

---

*<sup>1</sup>* *The inception date was February 10, 2020. Performance information was calculated using the historical performance of Class A shares for the periods prior to February 10, 2020.*

*<sup>2</sup>* *The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.* 

*<sup>3</sup>* *The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1800343184 |
|  Total number of portfolio holdings |  | 55 |
|  Total advisory fees paid |  | $10313147 |
|  Portfolio turnover rate |  | 85% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Industrials | 30.0% |
|  Consumer Discretionary | 17.1% |
|  Health Care | 15.8% |
|  Information Technology | 13.2% |
|  Financials | 12.7% |
|  Energy | 4.7% |
|  Communication Services | 2.7% |
|  Utilities | 1.8% |
|  Materials | 0.6% |
|  Short-Term Investment Fund | 1.3% |
|  Other Assets/Liabilities (Net) | 0.1% |
|  Total | 100.0% |

---

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg037.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TFGRX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Non-US Equity Fund**<br> **CLASS A \| TEQAX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Non-US Equity Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class A | $124 | 1.13% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term growth of capital. The Fund primarily invests in equity securities of non-U.S. companies and generally focuses on larger, more established companies. The Fund selects investments based on an evaluation of a company's sustainability and impact practices which considers environmental, social and governance (ESG) impacts and risks of a company, how well the company manages these impacts and risks, and ascertains the company's willingness and ability to take a leadership position in implementing best practices.

The Fund's Class A shares performance was 19.86% (excluding sales loads) for the reporting period.

Over the 12 month period, global equities were driven by shifting macro headlines, from tariff changes to geopolitical tensions, resulting in uneven market leadership. Mega-cap Technology and AI-linked sectors outperformed on strong earnings and investment, while cyclicals like Industrials and some Financials benefited economically from resilient growth and easing inflation concerns. This trend began to reverse in March as geopolitical-driven energy price spikes weighed on European and Asian cyclical stocks.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  Information Technology Stocks | Positive | Information Technology was the top contributing sector during the reporting period as many of the Fund's holdings, including Samsung Electronics Co. Ltd., Taiwan Semiconductor Manufacturing Company Limited, and ASML Holding N.V., which are levered to semiconductor and semiconductor component production, contributed positively to performance. |
|  Consumer Staples Underweight | Positive | The Fund's lack of exposure to Consumer Staples stocks contributed positively to performance. |
|  Industrials Stocks | Negative | Despite a meaningful underweight to software, the Fund maintained selective exposure to data and information businesses. Rapid advances in large language models over the past year drove market concerns about AI disintermediation, weighing on Relx plc, a key detractor. The Fund retained the position, however, given accelerating growth in its LexisNexis legal segment driven by generative AI upselling. |
|  Metals and Mining Industry Underweight | Negative | The Fund's lack of exposure to the Metals and Mining Industry detracted from performance as a weaker dollar and strong demand for commodities lifted gold and related equities. The Fund has historically underweighted this area given its reliance on commodity cycles rather than company- specific drivers. Mining stocks benefited from higher prices, improved cash flows, and rotation into real assets and value. |

---

Over the 12 month period, we repositioned the Fund to enhance defensiveness and align with evolving macro and technological risks. We added companies with less elastic demand, Ferrari N.V., Keyence Corp., Haleon plc, and KDDI Corp., while increasing exposure to German industrials and materials (Heidelberg Materials AG, Siemens Healthineers AG) and defense via Rolls-Royce Holdings plc amid rising fiscal and military spending. At the same time, we reassessed AI disintermediation risks, exiting select holdings where risks appeared underappreciated or less offset by AI benefits (Trip.com, Shopify Inc., London Stock Exchange Group plc). We also replaced BNP Paribas SA with Erste Group Bank AG following legal concerns, maintaining a constructive view of banks, and exited Novo Nordisk A/S due to concerns about the competitiveness of its weight loss data.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg038.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class A | 13.84% | 7.81% | 9.83% |
|  Class A - excluding sales load | 19.86% | 8.93% | 10.49% |
|  Bloomberg World ex US Large & Mid Cap Index<sup>1</sup>  | 23.79% | 6.71% | 8.37% |
|  MSCI All Country World Ex USA Index | 24.91% | 7.02% | 8.38% |

---

*<sup>1</sup>* *The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1325550464 |
|  Total number of portfolio holdings |  | 51 |
|  Total advisory fees paid |  | $7064577 |
|  Portfolio turnover rate |  | 24% |

---

2<br>

------

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Financials | 22.7% |
|  Industrials | 20.3% |
|  Information Technology | 15.5% |
|  Communication Services | 10.0% |
|  Consumer Discretionary | 7.6% |
|  Materials | 7.4% |
|  Energy | 7.1% |
|  Health Care | 6.4% |
|  Short-Term Investment Funds | 7.4% |
|  Other Assets/Liabilities (Net) | (4.4)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** | **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** |
|  Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 17.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Countries | 9.5% |
|  Short-Term Investment Funds | 7.4% |
|  Other Assets/Liabilities (Net) | (4.4)% |
|  Total | 100.0% |

---

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg039.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TEQAX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Non-US Equity Fund**<br> **CLASS C \| TEQCX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Non-US Equity Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class C | $210 | 1.92% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term growth of capital. The Fund primarily invests in equity securities of non-U.S. companies and generally focuses on larger, more established companies. The Fund selects investments based on an evaluation of a company's sustainability and impact practices which considers environmental, social and governance (ESG) impacts and risks of a company, how well the company manages these impacts and risks, and ascertains the company's willingness and ability to take a leadership position in implementing best practices.

The Fund's Class C shares performance was 18.86% (excluding sales loads) for the reporting period.

Over the 12 month period, global equities were driven by shifting macro headlines, from tariff changes to geopolitical tensions, resulting in uneven market leadership. Mega-cap Technology and AI-linked sectors outperformed on strong earnings and investment, while cyclicals like Industrials and some Financials benefited economically from resilient growth and easing inflation concerns. This trend began to reverse in March as geopolitical-driven energy price spikes weighed on European and Asian cyclical stocks.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE <br> IMPACT** | **OBSERVATIONS** |
|  Information<br> Technology Stocks | Positive | Information Technology was the top contributing sector during the reporting period as many of the Fund's holdings, including Samsung Electronics Co. Ltd., Taiwan Semiconductor Manufacturing Company Limited, and ASML Holding N.V., which are levered to semiconductor and semiconductor component production, contributed positively to performance. |
|  Consumer Staples Underweight | Positive | The Fund's lack of exposure to Consumer Staples stocks contributed positively to performance. |
|  Industrials Stocks | Negative | Despite a meaningful underweight to software, the Fund maintained selective exposure to data and information businesses. Rapid advances in large language models over the past year drove market concerns about AI disintermediation, weighing on Relx plc, a key detractor. The Fund retained the position, however, given accelerating growth in its LexisNexis legal segment driven by generative AI upselling. |
|  Metals and Mining<br> Industry Underweight | Negative | The Fund's lack of exposure to the Metals and Mining Industry detracted from performance as a weaker dollar and strong demand for commodities lifted gold and related equities. The Fund has historically underweighted this area given its reliance on commodity cycles rather than company- specific drivers. Mining stocks benefited from higher prices, improved cash flows, and rotation into real assets and value. |

---

Over the 12 month period, we repositioned the Fund to enhance defensiveness and align with evolving macro and technological risks. We added companies with less elastic demand, Ferrari N.V., Keyence Corp., Haleon plc, and KDDI Corp., while increasing exposure to German industrials and materials (Heidelberg Materials AG, Siemens Healthineers AG) and defense via Rolls-Royce Holdings plc amid rising fiscal and military spending. At the same time, we reassessed AI disintermediation risks, exiting select holdings where risks appeared underappreciated or less offset by AI benefits (Trip.com, Shopify Inc., London Stock Exchange Group plc). We also replaced BNP Paribas SA with Erste Group Bank AG following legal concerns, maintaining a constructive view of banks, and exited Novo Nordisk A/S due to concerns about the competitiveness of its weight loss data.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg040.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class C | 17.86% | 8.05% | 9.77% |
|  Class C - excluding sales load | 18.86% | 8.05% | 9.77% |
|  Bloomberg World ex US Large & Mid Cap Index<sup>1</sup>  | 23.79% | 6.71% | 8.37% |
|  MSCI All Country World Ex USA Index | 24.91% | 7.02% | 8.38% |

---

*<sup>1</sup>* *The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit t<u>ouchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1325550464 |
|  Total number of portfolio holdings |  | 51 |
|  Total advisory fees paid |  | $7064577 |
|  Portfolio turnover rate |  | 24% |

---

2<br>

------

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Financials | 22.7% |
|  Industrials | 20.3% |
|  Information Technology | 15.5% |
|  Communication Services | 10.0% |
|  Consumer Discretionary | 7.6% |
|  Materials | 7.4% |
|  Energy | 7.1% |
|  Health Care | 6.4% |
|  Short-Term Investment Funds | 7.4% |
|  Other Assets/Liabilities (Net) | (4.4)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** | **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** |
|  Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 17.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Countries | 9.5% |
|  Short-Term Investment Funds | 7.4% |
|  Other Assets/Liabilities (Net) | (4.4)% |
|  Total | 100.0% |

---

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg041.jpg) | <br> You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407.<br>|

---

TSF-TST-AR-TEQCX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Non-US Equity Fund**<br> **CLASS Y \| TIQIX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Non-US Equity Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class Y | $99 | 0.90% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term growth of capital. The Fund primarily invests in equity securities of non-U.S. companies and generally focuses on larger, more established companies. The Fund selects investments based on an evaluation of a company's sustainability and impact practices which considers environmental, social and governance (ESG) impacts and risks of a company, how well the company manages these impacts and risks, and ascertains the company's willingness and ability to take a leadership position in implementing best practices.

The Fund's Class Y shares performance was 20.11% for the reporting period.

Over the 12 month period, global equities were driven by shifting macro headlines, from tariff changes to geopolitical tensions, resulting in uneven market leadership. Mega-cap Technology and AI-linked sectors outperformed on strong earnings and investment, while cyclicals like Industrials and some Financials benefited economically from resilient growth and easing inflation concerns. This trend began to reverse in March as geopolitical-driven energy price spikes weighed on European and Asian cyclical stocks.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  Information Technology Stocks | Positive | Information Technology was the top contributing sector during the reporting period as many of the Fund's holdings, including Samsung Electronics Co. Ltd., Taiwan Semiconductor Manufacturing Company Limited, and ASML Holding N.V., which are levered to semiconductor and semiconductor component production, contributed positively to performance. |
|  Consumer Staples Underweight | Positive | The Fund's lack of exposure to Consumer Staples stocks contributed positively to performance. |
|  Industrials Stocks | Negative | Despite a meaningful underweight to software, the Fund maintained selective exposure to data and information businesses. Rapid advances in large language models over the past year drove market concerns about AI disintermediation, weighing on Relx plc, a key detractor. The Fund retained the position, however, given accelerating growth in its LexisNexis legal segment driven by generative AI upselling. |
|  Metals and Mining Industry Underweight | Negative | The Fund's lack of exposure to the Metals and Mining Industry detracted from performance as a weaker dollar and strong demand for commodities lifted gold and related equities. The Fund has historically underweighted this area given its reliance on commodity cycles rather than company- specific drivers. Mining stocks benefited from higher prices, improved cash flows, and rotation into real assets and value. |

---

Over the 12 month period, we repositioned the Fund to enhance defensiveness and align with evolving macro and technological risks. We added companies with less elastic demand, Ferrari N.V., Keyence Corp., Haleon plc, and KDDI Corp., while increasing exposure to German industrials and materials (Heidelberg Materials AG, Siemens Healthineers AG) and defense via Rolls-Royce Holdings plc amid rising fiscal and military spending. At the same time, we reassessed AI disintermediation risks, exiting select holdings where risks appeared underappreciated or less offset by AI benefits (Trip.com, Shopify Inc., London Stock Exchange Group plc). We also replaced BNP Paribas SA with Erste Group Bank AG following legal concerns, maintaining a constructive view of banks, and exited Novo Nordisk A/S due to concerns about the competitiveness of its weight loss data.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg042.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class Y | 20.11% | 9.19% | 10.76% |
|  Bloomberg World ex US Large & Mid Cap Index<sup>1</sup>  | 23.79% | 6.71% | 8.37% |
|  MSCI All Country World Ex USA Index | 24.91% | 7.02% | 8.38% |

---

*<sup>1</sup>* *The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1325550464 |
|  Total number of portfolio holdings |  | 51 |
|  Total advisory fees paid |  | $7064577 |
|  Portfolio turnover rate |  | 24% |

---

2<br>

------

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Financials | 22.7% |
|  Industrials | 20.3% |
|  Information Technology | 15.5% |
|  Communication Services | 10.0% |
|  Consumer Discretionary | 7.6% |
|  Materials | 7.4% |
|  Energy | 7.1% |
|  Health Care | 6.4% |
|  Short-Term Investment Funds | 7.4% |
|  Other Assets/Liabilities (Net) | (4.4)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** | **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** |
|  Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 17.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Countries | 9.5% |
|  Short-Term Investment Funds | 7.4% |
|  Other Assets/Liabilities (Net) | (4.4)% |
|  Total | 100.0% |

---

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg043.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TIQIX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Non-US Equity Fund**<br> **INSTITUTIONAL CLASS \| TROCX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Non-US Equity Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Institutional Class | $95 | 0.86% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term growth of capital. The Fund primarily invests in equity securities of non-U.S. companies and generally focuses on larger, more established companies. The Fund selects investments based on an evaluation of a company's sustainability and impact practices which considers environmental, social and governance (ESG) impacts and risks of a company, how well the company manages these impacts and risks, and ascertains the company's willingness and ability to take a leadership position in implementing best practices.

The Fund's Institutional Class shares performance was 20.15% for the reporting period.

Over the 12 month period, global equities were driven by shifting macro headlines, from tariff changes to geopolitical tensions, resulting in uneven market leadership. Mega-cap Technology and AI-linked sectors outperformed on strong earnings and investment, while cyclicals like Industrials and some Financials benefited economically from resilient growth and easing inflation concerns. This trend began to reverse in March as geopolitical-driven energy price spikes weighed on European and Asian cyclical stocks.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  Information Technology Stocks | Positive | Information Technology was the top contributing sector during the reporting period as many of the Fund's holdings, including Samsung Electronics Co. Ltd., Taiwan Semiconductor Manufacturing Company Limited, and ASML Holding N.V., which are levered to semiconductor and semiconductor component production, contributed positively to performance. |
|  Consumer Staples Underweight | Positive | The Fund's lack of exposure to Consumer Staples stocks contributed positively to performance. |
|  Industrials Stocks | Negative | Despite a meaningful underweight to software, the Fund maintained selective exposure to data and information businesses. Rapid advances in large language models over the past year drove market concerns about AI disintermediation, weighing on Relx plc, a key detractor. The Fund retained the position, however, given accelerating growth in its LexisNexis legal segment driven by generative AI upselling. |
|  Metals and Mining Industry Underweight | Negative | The Fund's lack of exposure to the Metals and Mining Industry detracted from performance as a weaker dollar and strong demand for commodities lifted gold and related equities. The Fund has historically underweighted this area given its reliance on commodity cycles rather than company- specific drivers. Mining stocks benefited from higher prices, improved cash flows, and rotation into real assets and value. |

---

Over the 12 month period, we repositioned the Fund to enhance defensiveness and align with evolving macro and technological risks. We added companies with less elastic demand, Ferrari N.V., Keyence Corp., Haleon plc, and KDDI Corp., while increasing exposure to German industrials and materials (Heidelberg Materials AG, Siemens Healthineers AG) and defense via Rolls-Royce Holdings plc amid rising fiscal and military spending. At the same time, we reassessed AI disintermediation risks, exiting select holdings where risks appeared underappreciated or less offset by AI benefits (Trip.com, Shopify Inc., London Stock Exchange Group plc). We also replaced BNP Paribas SA with Erste Group Bank AG following legal concerns, maintaining a constructive view of banks, and exited Novo Nordisk A/S due to concerns about the competitiveness of its weight loss data.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg044.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Institutional Class | 20.15% | 9.19% | 10.78% |
|  Bloomberg World ex US Large & Mid Cap Index<sup>1</sup>  | 23.79% | 6.71% | 8.37% |
|  MSCI All Country World Ex USA Index | 24.91% | 7.02% | 8.38% |

---

*<sup>1</sup>* *The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1325550464 |
|  Total number of portfolio holdings |  | 51 |
|  Total advisory fees paid |  | $7064577 |
|  Portfolio turnover rate |  | 24% |

---

2<br>

------

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Financials | 22.7% |
|  Industrials | 20.3% |
|  Information Technology | 15.5% |
|  Communication Services | 10.0% |
|  Consumer Discretionary | 7.6% |
|  Materials | 7.4% |
|  Energy | 7.1% |
|  Health Care | 6.4% |
|  Short-Term Investment Funds | 7.4% |
|  Other Assets/Liabilities (Net) | (4.4)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** | **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** |
|  Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 17.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Countries | 9.5% |
|  Short-Term Investment Funds | 7.4% |
|  Other Assets/Liabilities (Net) | (4.4)% |
|  Total | 100.0% |

---

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg045.jpg)  | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TROCX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Sands Capital Emerging Markets Growth Fund**<br> **CLASS A \| TSMGX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage**<br> **of a $10,000 investment** |
|  Class A | $154 | 1.43% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation. The Fund invests in equity and equity-related securities issued by companies located in emerging or frontier markets countries. The Fund's sub-adviser, Sands Capital Management, LLC ("Sands Capital"), uses a "bottom-up" approach to investment selection, as opposed to sector or regional allocations that focuses on a company's long-term business fundamentals. Sands Capital seeks companies that have: sustainable above-average earnings growth; a leadership position in a promising business space; significant competitive advantages such as profitability, superior quality or distribution relative to competitors or strong brand and consumer loyalty; a clear mission in an understandable business model; financial strength; and a rational valuation in relation to competitors, the market and business prospects.

The Fund's Class A shares performance was 15.07% (excluding sales loads) for the reporting period.

The trailing 12-month period ended March 31, 2026, was a strong but narrowly driven market for emerging market equities, as reflected by the MSCI Emerging Markets Index (MSCI EM). Just three companies—Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co. Ltd., and SK hynix Inc., accounted for over 70% of the index's rise. Taiwan, South Korea, and China contributed most to the index's return, while India, Indonesia, and Saudi Arabia were the top country detractors.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  Semiconductor Exposure | Positive | The Fund's overweight to semiconductors, alongside security selection within the industry, positively contributed to relative results. |
|  Ecommerce | Negative | Several of the Fund's high-conviction ecommerce businesses were meaningful detractors for the period, driven by concerns about competition and investment, and overall negative sentiment for internet businesses in the latter portion of the period. |
|  China stocks | Negative | Security selection within China was a notable relative detractor during the period, overwhelming the benefit from the Fund's underweight relative to the MSCI EM. |
|  South Korean stocks | Negative | The Fund's average underweight during the period, alongside underperformance within the country, pressured relative results. |

---

The Fund's portfolio increased its exposure to AI infrastructure during the period, broadening its positioning across growth drivers. As a result, the Fund's portfolio underweight to South Korea and Taiwan narrowed meaningfully, moving from a combined 14% underweight to 4%, while absolute exposure rose from 12% to 34%. This shift was primarily funded by a reduction in India exposure. India moved from a 7% overweight to a 2% overweight, with absolute exposure declining from 26% to 15%.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg046.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class A<sup>1</sup>  | 9.30% | -5.51% | 5.44% |
|  Class A - excluding sales load | 15.07% | -4.54% | 5.99% |
|  Bloomberg World ex US Large & Mid Cap Index<sup>2</sup>  | 23.79% | 6.71% | 8.37% |
|  Bloomberg Emerging Markets Large & Mid Cap Index<sup>3</sup>  | 26.30% | 3.38% | 8.11% |
|  MSCI Emerging Markets Index | 29.55% | 3.69% | 7.80% |

---

*<sup>1</sup>* *The inception date was November 16, 2018. Performance information was calculated using the historical performance of Institutional Class shares for the periods prior to November 16, 2018.* 

*<sup>2</sup>* *The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund.* 

*<sup>3</sup>* *The Fund changed its additional index to the Bloomberg Emerging Markets Large & Mid Cap Index which has similar investment objectives to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $1999941629 |
|  Total number of portfolio holdings | 45 |
|  Total advisory fees paid | $17285790 |
|  Portfolio turnover rate | 51% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 37.4% |
|  Consumer Discretionary | 21.3% |
|  Financials | 17.4% |
|  Industrials | 7.3% |
|  Communication Services | 7.3% |
|  Consumer Staples | 3.6% |
|  Real Estate | 1.6% |
|  Health Care | 1.1% |
|  Short-Term Investment Fund | 2.8% |
|  Other Assets/Liabilities (Net) | 0.2% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** | **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** |
|  Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 22.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 19.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Countries | 8.1% |
|  Short-Term Investment Fund | 2.8% |
|  Other Assets/Liabilities (Net) | 0.2% |
|  Total | 100.0% |

---

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg047.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TSMGX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Sands Capital Emerging Markets Growth Fund**<br> **CLASS C \| TEGCX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class C | $228 | 2.13% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation. The Fund invests in equity and equity-related securities issued by companies located in emerging or frontier markets countries. The Fund's sub-adviser, Sands Capital Management, LLC ("Sands Capital"), uses a "bottom-up" approach to investment selection, as opposed to sector or regional allocations that focuses on a company's long-term business fundamentals. Sands Capital seeks companies that have: sustainable above-average earnings growth; a leadership position in a promising business space; significant competitive advantages such as profitability, superior quality or distribution relative to competitors or strong brand and consumer loyalty; a clear mission in an understandable business model; financial strength; and a rational valuation in relation to competitors, the market and business prospects.

The Fund's Class C shares performance was 14.32% (excluding sales loads) for the reporting period.

The trailing 12-month period ended March 31, 2026, was a strong but narrowly driven market for emerging market equities, as reflected by the MSCI Emerging Markets Index (MSCI EM). Just three companies—Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co. Ltd., and SK hynix Inc., accounted for over 70% of the index's rise. Taiwan, South Korea, and China contributed most to the index's return, while India, Indonesia, and Saudi Arabia were the top country detractors.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE <br> IMPACT** | **OBSERVATIONS** |
|  Semiconductor Exposure | Positive | The Fund's overweight to semiconductors, alongside security selection within the industry, positively contributed to relative results. |
|  Ecommerce | Negative | Several of the Fund's high-conviction ecommerce businesses were meaningful detractors for the period, driven by concerns about competition and investment, and overall negative sentiment for internet businesses in the latter portion of the period. |
|  China stocks | Negative | Security selection within China was a notable relative detractor during the period, overwhelming the benefit from the Fund's underweight relative to the MSCI EM. |
|  South Korean stocks | Negative | The Fund's average underweight during the period, alongside underperformance within the country, pressured relative results. |

---

The Fund's portfolio increased its exposure to AI infrastructure during the period, broadening its positioning across growth drivers. As a result, the Fund's portfolio underweight to South Korea and Taiwan narrowed meaningfully, moving from a combined 14% underweight to 4%, while absolute exposure rose from 12% to 34%. This shift was primarily funded by a reduction in India exposure. India moved from a 7% overweight to a 2% overweight, with absolute exposure declining from 26% to 15%.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg048.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class C<sup>1</sup>  | 13.32% | -5.23% | 5.21% |
|  Class C - excluding sales load | 14.32% | -5.23% | 5.21% |
|  Bloomberg World ex US Large & Mid Cap Index<sup>2</sup>  | 23.79% | 6.71% | 8.37% |
|  Bloomberg Emerging Markets Large & Mid Cap Index<sup>3</sup>  | 26.30% | 3.38% | 8.11% |
|  MSCI Emerging Markets Index | 29.55% | 3.69% | 7.80% |

---

*<sup>1</sup>* *The inception date was November 16, 2018. Performance information was calculated using the historical performance of Institutional Class shares for the periods prior to November 16, 2018.*

*<sup>2</sup>* *The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund.*

*<sup>3</sup>* *The Fund changed its additional index to the Bloomberg Emerging Markets Large & Mid Cap Index which has similar investment objectives to the Fund.*

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $1999941629 |
|  Total number of portfolio holdings | 45 |
|  Total advisory fees paid | $17285790 |
|  Portfolio turnover rate | 51% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 37.4% |
|  Consumer Discretionary | 21.3% |
|  Financials | 17.4% |
|  Industrials | 7.3% |
|  Communication Services | 7.3% |
|  Consumer Staples | 3.6% |
|  Real Estate | 1.6% |
|  Health Care | 1.1% |
|  Short-Term Investment Fund | 2.8% |
|  Other Assets/Liabilities (Net) | 0.2% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** | **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** |
|  Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 22.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 19.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Countries | 8.1% |
|  Short-Term Investment Fund | 2.8% |
|  Other Assets/Liabilities (Net) | 0.2% |
|  Total | 100.0% |

---

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg049.jpg)  | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TEGCX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Sands Capital Emerging Markets Growth Fund**<br> **CLASS Y \| TSEMX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class Y | $124 | 1.15% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation. The Fund invests in equity and equity-related securities issued by companies located in emerging or frontier markets countries. The Fund's sub-adviser, Sands Capital Management, LLC ("Sands Capital"), uses a "bottom-up" approach to investment selection, as opposed to sector or regional allocations that focuses on a company's long-term business fundamentals. Sands Capital seeks companies that have: sustainable above-average earnings growth; a leadership position in a promising business space; significant competitive advantages such as profitability, superior quality or distribution relative to competitors or strong brand and consumer loyalty; a clear mission in an understandable business model; financial strength; and a rational valuation in relation to competitors, the market and business prospects.

The Fund's Class Y shares performance was 15.41% for the reporting period.

The trailing 12-month period ended March 31, 2026, was a strong but narrowly driven market for emerging market equities, as reflected by the MSCI Emerging Markets Index (MSCI EM). Just three companies—Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co. Ltd., and SK hynix Inc., accounted for over 70% of the index's rise. Taiwan, South Korea, and China contributed most to the index's return, while India, Indonesia, and Saudi Arabia were the top country detractors.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE <br> IMPACT** | **OBSERVATIONS** |
|  Semiconductor Exposure | Positive | The Fund's overweight to semiconductors, alongside security selection within the industry, positively contributed to relative results. |
|  Ecommerce | Negative | Several of the Fund's high-conviction ecommerce businesses were meaningful detractors for the period, driven by concerns about competition and investment, and overall negative sentiment for internet businesses in the latter portion of the period. |
|  China stocks | Negative | Security selection within China was a notable relative detractor during the period, overwhelming the benefit from the Fund's underweight relative to the MSCI EM. |
|  South Korean stocks | Negative | The Fund's average underweight during the period, alongside underperformance within the country, pressured relative results. |

---

The Fund's portfolio increased its exposure to AI infrastructure during the period, broadening its positioning across growth drivers. As a result, the Fund's portfolio underweight to South Korea and Taiwan narrowed meaningfully, moving from a combined 14% underweight to 4%, while absolute exposure rose from 12% to 34%. This shift was primarily funded by a reduction in India exposure. India moved from a 7% overweight to a 2% overweight, with absolute exposure declining from 26% to 15%.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg050.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class Y | 15.41% | -4.23% | 6.30% |
|  Bloomberg World ex US Large & Mid Cap Index<sup>1</sup>  | 23.79% | 6.71% | 8.37% |
|  Bloomberg Emerging Markets Large & Mid Cap Index<sup>2</sup>  | 26.30% | 3.38% | 8.11% |
|  MSCI Emerging Markets Index | 29.55% | 3.69% | 7.80% |

---

*<sup>1</sup>* *The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund.* 

*<sup>2</sup>* *The Fund changed its additional index to the Bloomberg Emerging Markets Large & Mid Cap Index which has similar investment objectives to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1999941629 |
|  Total number of portfolio holdings |  | 45 |
|  Total advisory fees paid |  | $17285790 |
|  Portfolio turnover rate |  | 51% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 37.4% |
|  Consumer Discretionary | 21.3% |
|  Financials | 17.4% |
|  Industrials | 7.3% |
|  Communication Services | 7.3% |
|  Consumer Staples | 3.6% |
|  Real Estate | 1.6% |
|  Health Care | 1.1% |
|  Short-Term Investment Fund | 2.8% |
|  Other Assets/Liabilities (Net) | 0.2% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** | **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** |
|  Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 22.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 19.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Countries | 8.1% |
|  Short-Term Investment Fund | 2.8% |
|  Other Assets/Liabilities (Net) | 0.2% |
|  Total | 100.0% |

---

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg051.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TSEMX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Sands Capital Emerging Markets Growth Fund**<br> **INSTITUTIONAL CLASS \| TSEGX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Institutional Class | $112 | 1.04% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation. The Fund invests in equity and equity-related securities issued by companies located in emerging or frontier markets countries. The Fund's sub-adviser, Sands Capital Management, LLC ("Sands Capital"), uses a "bottom-up" approach to investment selection, as opposed to sector or regional allocations that focuses on a company's long-term business fundamentals. Sands Capital seeks companies that have: sustainable above-average earnings growth; a leadership position in a promising business space; significant competitive advantages such as profitability, superior quality or distribution relative to competitors or strong brand and consumer loyalty; a clear mission in an understandable business model; financial strength; and a rational valuation in relation to competitors, the market and business prospects.

The Fund's Institutional Class shares performance was 15.50% for the reporting period.

The trailing 12-month period ended March 31, 2026, was a strong but narrowly driven market for emerging market equities, as reflected by the MSCI Emerging Markets Index (MSCI EM). Just three companies—Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co. Ltd., and SK hynix Inc., accounted for over 70% of the index's rise. Taiwan, South Korea, and China contributed most to the index's return, while India, Indonesia, and Saudi Arabia were the top country detractors.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE<br> IMPACT** | **OBSERVATIONS** |
|  Semiconductor Exposure | Positive | The Fund's overweight to semiconductors, alongside security selection within the industry, positively contributed to relative results. |
|  Ecommerce | Negative | Several of the Fund's high-conviction ecommerce businesses were meaningful detractors for the period, driven by concerns about competition and investment, and overall negative sentiment for internet businesses in the latter portion of the period. |
|  China stocks | Negative | Security selection within China was a notable relative detractor during the period, overwhelming the benefit from the Fund's underweight relative to the MSCI EM. |
|  South Korean stocks | Negative | The Fund's average underweight during the period, alongside underperformance within the country, pressured relative results. |

---

The Fund's portfolio increased its exposure to AI infrastructure during the period, broadening its positioning across growth drivers. As a result, the Fund's portfolio underweight to South Korea and Taiwan narrowed meaningfully, moving from a combined 14% underweight to 4%, while absolute exposure rose from 12% to 34%. This shift was primarily funded by a reduction in India exposure. India moved from a 7% overweight to a 2% overweight, with absolute exposure declining from 26% to 15%.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Institutional Class | 15.50% | -4.16% | 6.38% |
|  Bloomberg World ex US Large & Mid Cap Index<sup>1</sup>  | 23.79% | 6.71% | 8.37% |
|  Bloomberg Emerging Markets Large & Mid Cap Index<sup>2</sup>  | 26.30% | 3.38% | 8.11% |
|  MSCI Emerging Markets Index | 29.55% | 3.69% | 7.80% |

---

*<sup>1</sup>* *The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund.* 

*<sup>2</sup>* *The Fund changed its additional index to the Bloomberg Emerging Markets Large & Mid Cap Index which has similar investment objectives to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1999941629 |
|  Total number of portfolio holdings |  | 45 |
|  Total advisory fees paid |  | $17285790 |
|  Portfolio turnover rate |  | 51% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 37.4% |
|  Consumer Discretionary | 21.3% |
|  Financials | 17.4% |
|  Industrials | 7.3% |
|  Communication Services | 7.3% |
|  Consumer Staples | 3.6% |
|  Real Estate | 1.6% |
|  Health Care | 1.1% |
|  Short-Term Investment Fund | 2.8% |
|  Other Assets/Liabilities (Net) | 0.2% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** | **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** |
|  Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 22.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 19.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Countries | 8.1% |
|  Short-Term Investment Fund | 2.8% |
|  Other Assets/Liabilities (Net) | 0.2% |
|  Total | 100.0% |

---

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg053.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TSEGX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Sands Capital Emerging Markets Growth Fund**<br> **CLASS R6 \| TSRMX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class R6 | $108 | 1.00% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation. The Fund invests in equity and equity-related securities issued by companies located in emerging or frontier markets countries. The Fund's sub-adviser, Sands Capital Management, LLC ("Sands Capital"), uses a "bottom-up" approach to investment selection, as opposed to sector or regional allocations that focuses on a company's long-term business fundamentals. Sands Capital seeks companies that have: sustainable above-average earnings growth; a leadership position in a promising business space; significant competitive advantages such as profitability, superior quality or distribution relative to competitors or strong brand and consumer loyalty; a clear mission in an understandable business model; financial strength; and a rational valuation in relation to competitors, the market and business prospects.

The Fund's Class R6 shares performance was 15.60% for the reporting period.

The trailing 12-month period ended March 31, 2026, was a strong but narrowly driven market for emerging market equities, as reflected by the MSCI Emerging Markets Index (MSCI EM). Just three companies—Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co. Ltd., and SK hynix Inc., accounted for over 70% of the index's rise. Taiwan, South Korea, and China contributed most to the index's return, while India, Indonesia, and Saudi Arabia were the top country detractors.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  Semiconductor Exposure | Positive | The Fund's overweight to semiconductors, alongside security selection within the industry, positively contributed to relative results. |
|  Ecommerce | Negative | Several of the Fund's high-conviction ecommerce businesses were meaningful detractors for the period, driven by concerns about competition and investment, and overall negative sentiment for internet businesses in the latter portion of the period. |
|  China stocks | Negative | Security selection within China was a notable relative detractor during the period, overwhelming the benefit from the Fund's underweight relative to the MSCI EM. |
|  South Korean stocks | Negative | The Fund's average underweight during the period, alongside underperformance within the country, pressured relative results. |

---

The Fund's portfolio increased its exposure to AI infrastructure during the period, broadening its positioning across growth drivers. As a result, the Fund's portfolio underweight to South Korea and Taiwan narrowed meaningfully, moving from a combined 14% underweight to 4%, while absolute exposure rose from 12% to 34%. This shift was primarily funded by a reduction in India exposure. India moved from a 7% overweight to a 2% overweight, with absolute exposure declining from 26% to 15%.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg054.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class R6<sup>1</sup>  | 15.60% | -4.12% | 6.41% |
|  Bloomberg World ex US Large & Mid Cap Index<sup>2</sup>  | 23.79% | 6.71% | 8.37% |
|  Bloomberg Emerging Markets Large & Mid Cap Index<sup>3</sup>  | 26.30% | 3.38% | 8.11% |
|  MSCI Emerging Markets Index | 29.55% | 3.69% | 7.80% |

---

*<sup>1</sup>* *The inception date was April 26, 2021. Performance information was calculated using the historical performance of Institutional Class shares for the periods prior to April 26, 2021.* 

*<sup>2</sup>* *The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund.* 

*<sup>3</sup>* *The Fund changed its additional index to the Bloomberg Emerging Markets Large & Mid Cap Index which has similar investment objectives to the Fund.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 1999941629 |
|  Total number of portfolio holdings |  | 45 |
|  Total advisory fees paid |  | $17285790 |
|  Portfolio turnover rate |  | 51% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **SECTOR ALLOCATION (% OF NET ASSETS)** | **SECTOR ALLOCATION (% OF NET ASSETS)** |
|  Information Technology | 37.4% |
|  Consumer Discretionary | 21.3% |
|  Financials | 17.4% |
|  Industrials | 7.3% |
|  Communication Services | 7.3% |
|  Consumer Staples | 3.6% |
|  Real Estate | 1.6% |
|  Health Care | 1.1% |
|  Short-Term Investment Fund | 2.8% |
|  Other Assets/Liabilities (Net) | 0.2% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** | **GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)** |
|  Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 22.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 19.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Countries | 8.1% |
|  Short-Term Investment Fund | 2.8% |
|  Other Assets/Liabilities (Net) | 0.2% |
|  Total | 100.0% |

---

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg055.jpg)  | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TSRMX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Strategic Income Fund**<br> **CLASS A \| TQPAX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Strategic Income Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class A | $102 | 0.99% |

---

#### Management's Discussion of Fund Performance
The Fund seeks a high level of current income with a focus on capital preservation by investing primarily in income producing fixed income securities. The Fund's sub-adviser, Fort Washington Investment Advisors, Inc., employs a high conviction, yield-oriented investment approach with a relatively focused number of issuers, coupled with sector diversification and diligent risk management that is intended to result in attractive risk-adjusted returns via high levels of income.

The Fund's Class A shares performance was 6.70% (excluding sales loads) for the reporting period.

Over the 12 month period ended March 31, 2026, financial market volatility was elevated in the face of uncertainty related to changing monetary policy, mixed economic indicators, increased geopolitical risks, and shifting U.S. trade policy. The curve steepened meaningfully as the Federal Reserve cut rates in the final three meetings of 2025 and investors adjusted their expectations for inflation. Credit spreads were largely range-bound over the 12-month period, spending most of the period at levels tight relative to history. However, valuations cheapened briefly following tariff announcements ("Liberation Day") in April 2025 and, more modestly, in March 2026 amid the conflict with Iran.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  Interest Rate Management | Positive | Interest rates were volatile and as a result the Fund tactically adjusted duration positioning over the reporting period. The aggregate impact from interest rate management contributed to relative performance. |
|  Sector Allocation | Positive | Over the reporting period, the Fund maintained an overweight allocation to high yield corporates, emerging market debt, and non-credit sectors which all contributed to relative outperformance. |
|  Security Selection | Positive | Security selection within investment grade corporates, high yield, and securitized contributed to relative outperformance. |
|  Security Selection – Emerging Market Debt | Negative | While security selection overall was positive for the Fund, selection within emerging market debt was negative and offset some of that outperformance. |

---

The Fund increased its allocation to high yield corporates amid tariff-driven volatility. As volatility eased in the second half of the year, the Fund reduced exposure to high yield and collateralized loan obligations due to rich valuations, while increasing allocations to investment grade corporates and non-agency securitized sectors. Positioning shifted up in quality given historically tight spreads and asymmetric downside risk, with only modest sector changes otherwise.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg056.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class A | 3.15% | 2.05% | 3.44% |
|  Class A - excluding sales load | 6.70% | 3.03% | 3.93% |
|  Bloomberg US Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $302545068 |
|  Total number of portfolio holdings | 209 |
|  Total advisory fees paid | $1607481 |
|  Portfolio turnover rate | 193% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **ASSET CATEGORY (% OF NET ASSETS)** | **ASSET CATEGORY (% OF NET ASSETS)** |
|  Corporate Bonds | 48.0% |
|  U.S. Treasury Obligations | 21.4% |
|  Asset-Backed Securities | 10.0% |
|  Commercial Mortgage-Backed Securities | 8.5% |
|  Non-Agency Collateralized Mortgage Obligations | 6.7% |
|  Common Stocks | 1.9% |
|  U.S. Government Mortgage-Backed Obligations | 0.8% |
|  Sovereign Government Obligations | 0.7% |
|  Rights | 0.0% |
|  Short-Term Investment Funds | 2.9% |
|  Other Assets/Liabilities (Net) | (0.9)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** | **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** |
|  AAA/Aaa | 30.4% |
|  AA/Aa | 6.0% |
|  A/A | 13.1% |
|  BBB/Baa | 34.5% |
|  BB/Ba | 9.0% |
|  B/B | 6.4% |
|  CCC | 0.6% |
|  Total | 100.0% |

---

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

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg057.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TQPAX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Strategic Income Fund**<br> **CLASS C \| TQPCX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Strategic Income Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class C | $175 | 1.70% |

---

#### Management's Discussion of Fund Performance
The Fund seeks a high level of current income with a focus on capital preservation by investing primarily in income producing fixed income securities. The Fund's sub-adviser, Fort Washington Investment Advisors, Inc., employs a high conviction, yield-oriented investment approach with a relatively focused number of issuers, coupled with sector diversification and diligent risk management that is intended to result in attractive risk-adjusted returns via high levels of income.

The Fund's Class C shares performance was 5.89% (excluding sales loads) for the reporting period.

Over the 12 month period ended March 31, 2026, financial market volatility was elevated in the face of uncertainty related to changing monetary policy, mixed economic indicators, increased geopolitical risks, and shifting U.S. trade policy. The curve steepened meaningfully as the Federal Reserve cut rates in the final three meetings of 2025 and investors adjusted their expectations for inflation. Credit spreads were largely range-bound over the 12-month period, spending most of the period at levels tight relative to history. However, valuations cheapened briefly following tariff announcements ("Liberation Day") in April 2025 and, more modestly, in March 2026 amid the conflict with Iran.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE <br> IMPACT** | **OBSERVATIONS** |
|  Interest Rate Management | Positive | Interest rates were volatile and as a result the Fund tactically adjusted duration positioning over the reporting period. The aggregate impact from interest rate management contributed to relative performance. |
|  Sector Allocation | Positive | Over the reporting period, the Fund maintained an overweight allocation to high yield corporates, emerging market debt, and non-credit sectors which all contributed to relative outperformance. |
|  Security Selection | Positive | Security selection within investment grade corporates, high yield, and securitized contributed to relative outperformance. |
|  Security Selection – Emerging Market Debt | Negative | While security selection overall was positive for the Fund, selection within emerging market debt was negative and offset some of that outperformance. |

---

The Fund increased its allocation to high yield corporates amid tariff-driven volatility. As volatility eased in the second half of the year, the Fund reduced exposure to high yield and collateralized loan obligations due to rich valuations, while increasing allocations to investment grade corporates and non-agency securitized sectors. Positioning shifted up in quality given historically tight spreads and asymmetric downside risk, with only modest sector changes otherwise.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg058.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class C | 4.89% | 2.31% | 3.22% |
|  Class C - excluding sales load | 5.89% | 2.31% | 3.22% |
|  Bloomberg US Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 302545068 |
|  Total number of portfolio holdings |  | 209 |
|  Total advisory fees paid |  | $1607481 |
|  Portfolio turnover rate |  | 193% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **ASSET CATEGORY (% OF NET ASSETS)** | **ASSET CATEGORY (% OF NET ASSETS)** |
|  Corporate Bonds | 48.0% |
|  U.S. Treasury Obligations | 21.4% |
|  Asset-Backed Securities | 10.0% |
|  Commercial Mortgage-Backed Securities | 8.5% |
|  Non-Agency Collateralized Mortgage Obligations | 6.7% |
|  Common Stocks | 1.9% |
|  U.S. Government Mortgage-Backed Obligations | 0.8% |
|  Sovereign Government Obligations | 0.7% |
|  Rights | 0.0% |
|  Short-Term Investment Funds | 2.9% |
|  Other Assets/Liabilities (Net) | (0.9)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** | **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** |
|  AAA/Aaa | 30.4% |
|  AA/Aa | 6.0% |
|  A/A | 13.1% |
|  BBB/Baa | 34.5% |
|  BB/Ba | 9.0% |
|  B/B | 6.4% |
|  CCC | 0.6% |
|  Total | 100.0% |

---

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

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg059.jpg) | <br> You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407.<br>|

---

TSF-TST-AR-TQPCX-2603 3

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Strategic Income Fund**<br> **CLASS Y \| TQPYX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Strategic Income Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Class Y | $76 | 0.73% |

---

#### Management's Discussion of Fund Performance
The Fund seeks a high level of current income with a focus on capital preservation by investing primarily in income producing fixed income securities. The Fund's sub-adviser, Fort Washington Investment Advisors, Inc., employs a high conviction, yield-oriented investment approach with a relatively focused number of issuers, coupled with sector diversification and diligent risk management that is intended to result in attractive risk-adjusted returns via high levels of income.

The Fund's Class Y shares performance was 7.00% for the reporting period.

Over the 12 month period ended March 31, 2026, financial market volatility was elevated in the face of uncertainty related to changing monetary policy, mixed economic indicators, increased geopolitical risks, and shifting U.S. trade policy. The curve steepened meaningfully as the Federal Reserve cut rates in the final three meetings of 2025 and investors adjusted their expectations for inflation. Credit spreads were largely range-bound over the 12-month period, spending most of the period at levels tight relative to history. However, valuations cheapened briefly following tariff announcements ("Liberation Day") in April 2025 and, more modestly, in March 2026 amid the conflict with Iran.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE <br> IMPACT** | **OBSERVATIONS** |
|  Interest Rate Management | Positive | Interest rates were volatile and as a result the Fund tactically adjusted duration positioning over the reporting period. The aggregate impact from interest rate management contributed to relative performance. |
|  Sector Allocation | Positive | Over the reporting period, the Fund maintained an overweight allocation to high yield corporates, emerging market debt, and non-credit sectors which all contributed to relative outperformance. |
|  Security Selection | Positive | Security selection within investment grade corporates, high yield, and securitized contributed to relative outperformance. |
|  Security Selection – Emerging Market Debt | Negative | While security selection overall was positive for the Fund, selection within emerging market debt was negative and offset some of that outperformance. |

---

The Fund increased its allocation to high yield corporates amid tariff-driven volatility. As volatility eased in the second half of the year, the Fund reduced exposure to high yield and collateralized loan obligations due to rich valuations, while increasing allocations to investment grade corporates and non-agency securitized sectors. Positioning shifted up in quality given historically tight spreads and asymmetric downside risk, with only modest sector changes otherwise.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg060.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
|  Class Y | 7.00% | 3.31% | 4.18% |
|  Bloomberg US Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 302545068 |
|  Total number of portfolio holdings |  | 209 |
|  Total advisory fees paid |  | $1607481 |
|  Portfolio turnover rate |  | 193% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **ASSET CATEGORY (% OF NET ASSETS)** | **ASSET CATEGORY (% OF NET ASSETS)** |
|  Corporate Bonds | 48.0% |
|  U.S. Treasury Obligations | 21.4% |
|  Asset-Backed Securities | 10.0% |
|  Commercial Mortgage-Backed Securities | 8.5% |
|  Non-Agency Collateralized Mortgage Obligations | 6.7% |
|  Common Stocks | 1.9% |
|  U.S. Government Mortgage-Backed Obligations | 0.8% |
|  Sovereign Government Obligations | 0.7% |
|  Rights | 0.0% |
|  Short-Term Investment Funds | 2.9% |
|  Other Assets/Liabilities (Net) | (0.9)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** | **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** |
|  AAA/Aaa | 30.4% |
|  AA/Aa | 6.0% |
|  A/A | 13.1% |
|  BBB/Baa | 34.5% |
|  BB/Ba | 9.0% |
|  B/B | 6.4% |
|  CCC | 0.6% |
|  Total | 100.0% |

---

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

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg061.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TQPYX-2603 2

------

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg001.jpg) | <br> **Touchstone Strategic Income Fund**<br> **INSTITUTIONAL CLASS \| TQPIX**<br>**ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2026** |

---

This annual shareholder report contains important information about the Touchstone Strategic Income Fund ("Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>touchstoneinvestments.com/mutual-funds</u>. You can also request this information by contacting us at 800.543.0407.

#### Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
|  Institutional Class | $66 | 0.64% |

---

#### Management's Discussion of Fund Performance
The Fund seeks a high level of current income with a focus on capital preservation by investing primarily in income producing fixed income securities. The Fund's sub-adviser, Fort Washington Investment Advisors, Inc., employs a high conviction, yield-oriented investment approach with a relatively focused number of issuers, coupled with sector diversification and diligent risk management that is intended to result in attractive risk-adjusted returns via high levels of income.

The Fund's Institutional Class shares performance was 7.10% for the reporting period.

Over the 12 month period ended March 31, 2026, financial market volatility was elevated in the face of uncertainty related to changing monetary policy, mixed economic indicators, increased geopolitical risks, and shifting U.S. trade policy. The curve steepened meaningfully as the Federal Reserve cut rates in the final three meetings of 2025 and investors adjusted their expectations for inflation. Credit spreads were largely range-bound over the 12-month period, spending most of the period at levels tight relative to history. However, valuations cheapened briefly following tariff announcements ("Liberation Day") in April 2025 and, more modestly, in March 2026 amid the conflict with Iran.

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

---

| | | |
|:---|:---|:---|
| **FACTOR** | **PERFORMANCE** <br> **IMPACT**  | **OBSERVATIONS** |
|  Interest Rate Management | Positive | Interest rates were volatile and as a result the Fund tactically adjusted duration positioning over the reporting period. The aggregate impact from interest rate management contributed to relative performance. |
|  Sector Allocation | Positive | Over the reporting period, the Fund maintained an overweight allocation to high yield corporates, emerging market debt, and non-credit sectors which all contributed to relative outperformance. |
|  Security Selection | Positive | Security selection within investment grade corporates, high yield, and securitized contributed to relative outperformance. |
|  Security Selection – Emerging Market Debt | Negative | While security selection overall was positive for the Fund, selection within emerging market debt was negative and offset some of that outperformance. |

---

The Fund increased its allocation to high yield corporates amid tariff-driven volatility. As volatility eased in the second half of the year, the Fund reduced exposure to high yield and collateralized loan obligations due to rich valuations, while increasing allocations to investment grade corporates and non-agency securitized sectors. Positioning shifted up in quality given historically tight spreads and asymmetric downside risk, with only modest sector changes otherwise.

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

1<br>

------

#### GROWTH OF $10,000
![LOGO](tm269275d1_ncsrimg062.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since Inception<sup>1</sup>** |
|  Institutional Class | 7.10% | 3.18% |
|  Bloomberg US Aggregate Bond Index | 4.35% | -0.30% |

---

*<sup>1</sup>* *The inception date was July 19, 2021. The returns of the index listed above is based on the inception date of the Class.* 

**Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

Visit <u>touchstoneinvestments.com/mutual-funds</u> for the most recent performance information.

#### Key Fund Statistics

---

| | |
|:---|:---|
|  Fund net assets | $302545068 |
|  Total number of portfolio holdings | 209 |
|  Total advisory fees paid | $1607481 |
|  Portfolio turnover rate | 193% |

---

#### Graphical Representation of Holdings

---

| | |
|:---|:---|
| **ASSET CATEGORY (% OF NET ASSETS)** | **ASSET CATEGORY (% OF NET ASSETS)** |
|  Corporate Bonds | 48.0% |
|  U.S. Treasury Obligations | 21.4% |
|  Asset-Backed Securities | 10.0% |
|  Commercial Mortgage-Backed Securities | 8.5% |
|  Non-Agency Collateralized Mortgage Obligations | 6.7% |
|  Common Stocks | 1.9% |
|  U.S. Government Mortgage-Backed Obligations | 0.8% |
|  Sovereign Government Obligations | 0.7% |
|  Rights | 0.0% |
|  Short-Term Investment Funds | 2.9% |
|  Other Assets/Liabilities (Net) | (0.9)% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** | **CREDIT QUALITY\* (% OF FIXED INCOME SECURITIES)** |
|  AAA/Aaa | 30.4% |
|  AA/Aa | 6.0% |
|  A/A | 13.1% |
|  BBB/Baa | 34.5% |
|  BB/Ba | 9.0% |
|  B/B | 6.4% |
|  CCC | 0.6% |
|  Total | 100.0% |

---

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

2<br>

------

#### Availability of Additional Information

---

| | |
|:---|:---|
| ![LOGO](tm269275d1_ncsrimg063.jpg) | You can find additional information about the Fund such as the prospectus, financial information and fund holdings at <u>touchstoneinvestments.com/mutual-funds</u> or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at <u>touchstoneinvestments.com/Resources</u>. You can also request this information by contacting us at 800.543.0407. |

---

TSF-TST-AR-TQPIX-2603 3

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

**Item 2. Code of Ethics.**

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

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

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

(e) Not applicable.

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

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

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

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

<u>Audit Fees</u>

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by
the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements for those fiscal years are $171,180 and $163,190 for the fiscal years
ended March 31, 2026 and March 31, 2025, respectively.

<u>Audit-Related Fees</u>

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not
reported under paragraph (a) of this Item are $4,860 and $9,465 for the fiscal years ended March 31, 2026 and March 31,
2025, respectively. The fees for 2025 and 2024 relate to the review of N-14 and N-1A filings.

<u>Tax Fees</u>

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning were $71,768 and $74,012 for the fiscal years ended March 31,
2026 and March 31, 2025, respectively. The fees relate to the preparation of federal income and excise tax returns, review of capital
gains distribution calculations and tax agent services.

<u>All Other Fees</u>

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $20,310 and $21,945 for
the fiscal years ended March 31, 2026 and March 31, 2025, respectively. The fees relate to the PFIC Analyzer and Rapid Security
Analyzer subscriptions.

---

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

---

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

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

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant was $2,434,168 and $2,333,002 for the fiscal years ended March 31, 2026
and March 31, 2025, respectively.

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

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

**Item 6. Investments.**

(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.

(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, 2026

Annual Financial Statements

---

| |
|:---|
| **Touchstone Strategic Trust** |
| Touchstone Dynamic Large Cap Growth Fund (formerly Touchstone Growth Opportunities Fund) |
| Touchstone Flexible Income Fund |
| Touchstone Focused Fund |
| Touchstone Mid Cap Growth Fund |
| Touchstone Non-US Equity Fund |
| Touchstone Sands Capital Emerging Markets Growth Fund |
| Touchstone Strategic Income Fund |

---

![](tm2614823d1financialsi001.gif)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | [Page](#xx_6e48f497-9d42-45a2-a8b9-00476dfc0d80_1) |
| [Portfolios of Investments:](#xx_94c2e1c2-478e-43ef-9271-4e959be9c2e5_1tm2614823d1_financials) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Dynamic Large Cap Growth Fund](#xx_94c2e1c2-478e-43ef-9271-4e959be9c2e5_1tm2614823d1_financials) | 3-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Flexible Income Fund](#xx_d325ef5a-0ba2-4b4e-afb5-fa7e7171bdac_1tm2614823d1_financials) | 5-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Focused Fund](#xx_c5beaf7e-9713-4c9b-a53a-8d6d8d71f599_1tm2614823d1_financials) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Mid Cap Growth Fund](#xx_0feb3eea-206b-452c-93af-3da7cc7ad9e6_1tm2614823d1_financials) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Non-US Equity Fund](#xx_aac63f83-1bb4-4134-af01-35c3b43ccdf8_1tm2614823d1_financials) | 15-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Sands Capital Emerging Markets Growth Fund](#xx_0c7be414-eadf-483f-8072-1e2ee8bdd0b3_1tm2614823d1_financials) | 17-18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Strategic Income Fund](#xx_00e027fa-4f4a-4b00-87fd-a42b9df7d5c5_1tm2614823d1_financials) | 19-23 |
| [Statements of Assets and Liabilities](#xx_8a1194cd-6ec2-487d-92dd-0e2178c1be34_1tm2614823d1_financials) | 24-25 |
| [Statements of Operations](#xx_f4d896c2-380a-476b-8ca5-969d327892b0_1tm2614823d1_financials) | 26-27 |
| [Statements of Changes in Net Assets](#xx_9f09706c-da57-4a10-be46-94eba01a12a4_1tm2614823d1_financials) | 28-29 |
| [Statements of Changes in Net Assets - Capital Stock Activity](#xx_93208735-538a-465d-9a72-a00c158c31ef_1tm2614823d1_financials) | 30-33 |
| [Financial Highlights](#xx_07bbab8b-54bf-4044-96f9-1750d0a6b61d_1tm2614823d1_financials) | 34-40 |
| [Notes to Financial Statements](#xx_cfc4d0d4-0d66-4f81-baf8-0c75b84ac593_1tm2614823d1_financials) | 41-56 |
| [Report of Independent Registered Public Accounting Firm](#xx_64fa8177-17d4-4451-ac71-4cc32ed4d7ec_1tm2614823d1_financials) | 57-58 |
| [Other Items (Unaudited)](#xx_6a90704e-916f-414d-a0c7-07b1bc2a971b_1tm2614823d1_financials) | 59-63 |

---

This report identifies the Funds' investments on March 31, 2026. 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_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Portfolio of Investments

Touchstone Dynamic Large Cap Growth Fund – March 31, 2026

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.6%** |  |
|  | &nbsp;&nbsp;**Information Technology — 51.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;Adobe, Inc.\* | $250859 |
| &nbsp;&nbsp;&nbsp;&nbsp;4991 | &nbsp;&nbsp;Advanced Micro Devices, Inc.\* | &nbsp;&nbsp; 1015319 |
| 14632 | &nbsp;&nbsp;Amphenol Corp. - Class A | &nbsp;&nbsp; 1848753 |
| 69842 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp; 17725201 |
| &nbsp;&nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp; 568055 |
| 11319 | &nbsp;&nbsp;Arista Networks, Inc.\* | &nbsp;&nbsp; 1389747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;Autodesk, Inc.\* | &nbsp;&nbsp; 165665 |
| 26249 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 8124328 |
| &nbsp;&nbsp;&nbsp;&nbsp;2658 | &nbsp;&nbsp;Cadence Design Systems, Inc.\* | &nbsp;&nbsp; 738578 |
| &nbsp;&nbsp;&nbsp;&nbsp;2749 | &nbsp;&nbsp;Dell Technologies, Inc. - Class C | &nbsp;&nbsp; 451193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp; 599271 |
| &nbsp;&nbsp;&nbsp;&nbsp;7131 | &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp; 1523609 |
| 13472 | &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp; 1334402 |
| 33656 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 12458442 |
| &nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp; 175906 |
| 113062 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 19718013 |
| &nbsp;&nbsp;&nbsp;&nbsp;6158 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 905903 |
| 10141 | &nbsp;&nbsp;Palantir Technologies, Inc. - Class A\* | &nbsp;&nbsp; 1483426 |
| 11970 | &nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp; 509443 |
| &nbsp;&nbsp;&nbsp;&nbsp;2621 | &nbsp;&nbsp;ServiceNow, Inc.\* | &nbsp;&nbsp; 274026 |
| &nbsp;&nbsp;&nbsp;&nbsp;2548 | &nbsp;&nbsp;Super Micro Computer, Inc.\* | &nbsp;&nbsp; 58018 |
| 14678 | &nbsp;&nbsp;Teradata Corp.\* | &nbsp;&nbsp; 376197 |
| &nbsp;&nbsp;&nbsp;&nbsp;5346 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 1037872 |
|  |  | &nbsp;&nbsp; 72732226 |
|  | &nbsp;&nbsp;**Health Care — 10.1%** |  |
| 12419 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp; 2701008 |
| &nbsp;&nbsp;&nbsp;&nbsp;1477 | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp; 519683 |
| 10828 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 656718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp; 128477 |
| 42387 | &nbsp;&nbsp;Caris Life Sciences, Inc.\* | &nbsp;&nbsp; 757880 |
| &nbsp;&nbsp;&nbsp;&nbsp;4559 | &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp; 4193231 |
| 51396 | &nbsp;&nbsp;Exelixis, Inc.\* | &nbsp;&nbsp; 2204374 |
| &nbsp;&nbsp;&nbsp;&nbsp;3334 | &nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | &nbsp;&nbsp; 215476 |
| &nbsp;&nbsp;&nbsp;&nbsp;2339 | &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp; 1106908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;IDEXX Laboratories, Inc.\* | &nbsp;&nbsp; 478168 |
| 10072 | &nbsp;&nbsp;Incyte Corp.\* | &nbsp;&nbsp; 947977 |
| &nbsp;&nbsp;&nbsp;&nbsp;2327 | &nbsp;&nbsp;Inspire Medical Systems, Inc.\* | &nbsp;&nbsp; 120027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;Insulet Corp.\* | &nbsp;&nbsp; 159898 |
|  |  | &nbsp;&nbsp; 14189825 |
|  | &nbsp;&nbsp;**Communication Services — 10.1%** |  |
| 11807 | &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp; 3386956 |
| 15322 | &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp; 4405994 |
| &nbsp;&nbsp;&nbsp;&nbsp;3027 | &nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp; 83969 |
| &nbsp;&nbsp;&nbsp;&nbsp;7327 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 4191997 |
| &nbsp;&nbsp;&nbsp;&nbsp;7377 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 709299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;Reddit, Inc. - Class A\* | &nbsp;&nbsp; 126167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;Roku, Inc.\* | &nbsp;&nbsp; 81657 |
| &nbsp;&nbsp;&nbsp;&nbsp;2417 | &nbsp;&nbsp;Spotify Technology SA\* | &nbsp;&nbsp; 1172027 |
|  |  | &nbsp;&nbsp; 14158066 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 8.8%** |  |
| 17634 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 3672633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp; 2471458 |
| 13772 | &nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp; 356419 |
| &nbsp;&nbsp;&nbsp;&nbsp;2905 | &nbsp;&nbsp;Deckers Outdoor Corp.\* | &nbsp;&nbsp; 290761 |
| &nbsp;&nbsp;&nbsp;&nbsp;2765 | &nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp; 992054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp; 204107 |
| &nbsp;&nbsp;&nbsp;&nbsp;9778 | &nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp; 310354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;Lululemon Athletica, Inc.\* | &nbsp;&nbsp; 76550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp; 290328 |
| &nbsp;&nbsp;&nbsp;&nbsp;6162 | &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp; 869520 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.6% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 8.8% (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6034 | &nbsp;&nbsp;Tesla, Inc.\* | $2243140 |
| &nbsp;&nbsp;&nbsp;&nbsp;2047 | &nbsp;&nbsp;Travel + Leisure Co. | &nbsp;&nbsp; 141632 |
| &nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;Viking Holdings Ltd.\* | &nbsp;&nbsp; 77521 |
| &nbsp;&nbsp;&nbsp;&nbsp;2197 | &nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp; 340469 |
|  |  | &nbsp;&nbsp; 12336946 |
|  | &nbsp;&nbsp;**Financials — 7.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1896 | &nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp; 842582 |
| 26037 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 1269304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp; 78550 |
| 14030 | &nbsp;&nbsp;Hamilton Lane, Inc. - Class A | &nbsp;&nbsp; 1394582 |
| 16033 | &nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp; 681082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp; 385209 |
| 12811 | &nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp; 2165700 |
| 85665 | &nbsp;&nbsp;NU Holdings Ltd. (Brazil) - Class A\* | &nbsp;&nbsp; 1231006 |
| 12092 | &nbsp;&nbsp;Popular, Inc. (Puerto Rico) | &nbsp;&nbsp; 1622384 |
| &nbsp;&nbsp;&nbsp;&nbsp;4628 | &nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp; 187480 |
| &nbsp;&nbsp;&nbsp;&nbsp;2392 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 722958 |
|  |  | &nbsp;&nbsp; 10580837 |
|  | &nbsp;&nbsp;**Industrials — 6.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp; 93414 |
| &nbsp;&nbsp;&nbsp;&nbsp;4934 | &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp; 834537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp; 329579 |
| 21645 | &nbsp;&nbsp;ExlService Holdings, Inc.\* | &nbsp;&nbsp; 659090 |
| &nbsp;&nbsp;&nbsp;&nbsp;1077 | &nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp; 940113 |
| &nbsp;&nbsp;&nbsp;&nbsp;3399 | &nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp; 964534 |
| &nbsp;&nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp;HEICO Corp. - Class A | &nbsp;&nbsp; 570998 |
| &nbsp;&nbsp;&nbsp;&nbsp;5761 | &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp; 1327680 |
| &nbsp;&nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp; 701697 |
| 27491 | &nbsp;&nbsp;Lyft, Inc. - Class A\* | &nbsp;&nbsp; 365630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp; 194513 |
| &nbsp;&nbsp;&nbsp;&nbsp;4425 | &nbsp;&nbsp;StandardAero, Inc.\* | &nbsp;&nbsp; 114298 |
| &nbsp;&nbsp;&nbsp;&nbsp;4710 | &nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp; 1962845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;Vertiv Holdings Co. - Class A | &nbsp;&nbsp; 87202 |
|  |  | &nbsp;&nbsp; 9146130 |
|  | &nbsp;&nbsp;**Energy — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2802 | &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp; 795095 |
| 10937 | &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp; 1992503 |
|  |  | &nbsp;&nbsp; 2787598 |
|  | &nbsp;&nbsp;**Consumer Staples — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1909 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 138326 |
| &nbsp;&nbsp;&nbsp;&nbsp;2443 | &nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | &nbsp;&nbsp; 188429 |
| 22188 | &nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp; 1582670 |
|  |  | &nbsp;&nbsp; 1909425 |
|  | &nbsp;&nbsp;**Utilities — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7997 | &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp; 1168682 |
| &nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp; 161454 |
|  |  | &nbsp;&nbsp; 1330136 |
|  | &nbsp;&nbsp;**Materials — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6661 | &nbsp;&nbsp;Anglogold Ashanti PLC (United Kingdom) | &nbsp;&nbsp; 648515 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $139819704 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Dynamic Large Cap Growth Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.5%** |  |
| 739949 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.53%<sup>∞Ω</sup> | $739949 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $95,930,783)** | $140559653 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (114488) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $140445165 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2026.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *PLC – Public Limited Company* |

---

#### Other Information:
*The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to 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* | *$139819704* | *$—* | *$—* | *$139819704* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*739949* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*739949* |
| *Total* | *$140559653* | *$—* | *$—* | *$140559653* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Portfolio of Investments

Touchstone Flexible Income Fund – March 31, 2026

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 32.9%** |  |
|  | &nbsp;&nbsp;**Financials — 12.2%** |  |
| $10305000 | &nbsp;&nbsp;Ally Financial, Inc., 6.646%, 1/17/40 | $9950484 |
| &nbsp;&nbsp; 15301000 | &nbsp;&nbsp;Ally Financial, Inc., Ser C, 4.700%<sup>(A)</sup> | &nbsp;&nbsp; 14202078 |
| &nbsp;&nbsp; 6548000 | &nbsp;&nbsp;Arch Capital Group Ltd., 3.635%, 6/30/50 | &nbsp;&nbsp; 4693865 |
| &nbsp;&nbsp; 9171000 | &nbsp;&nbsp;Athene Holding Ltd., 3.950%, 5/25/51 | &nbsp;&nbsp; 6214581 |
| &nbsp;&nbsp; 17295000 | &nbsp;&nbsp;Bank of America Corp., 1.734%, 7/22/27 | &nbsp;&nbsp; 17150527 |
| &nbsp;&nbsp; 8763000 | &nbsp;&nbsp;Bank of America Corp., 4.948%, 7/22/28 | &nbsp;&nbsp; 8819473 |
| &nbsp;&nbsp; 4633000 | &nbsp;&nbsp;Barclays PLC (United Kingdom), 3.330%, 11/24/42 | &nbsp;&nbsp; 3444068 |
| &nbsp;&nbsp; 4000000000 | &nbsp;&nbsp;Citigroup Global Markets Holdings, Inc., 144a, 17.901%, 6/29/32, NGN | &nbsp;&nbsp; 3044253 |
| &nbsp;&nbsp; 4000000000 | &nbsp;&nbsp;Citigroup Global Markets Holdings, Inc., 144a, 21.310%, 9/24/26, NGN<sup>#</sup> | &nbsp;&nbsp; 2640624 |
| &nbsp;&nbsp; 368190000 | &nbsp;&nbsp;Citigroup Global Markets Holdings, Inc., 144a, 22.930%, 3/4/27, EGP<sup>#</sup> | &nbsp;&nbsp; 5492803 |
| &nbsp;&nbsp; 33735000 | &nbsp;&nbsp;Citigroup, Inc., 1.462%, 6/9/27 | &nbsp;&nbsp; 33539897 |
| &nbsp;&nbsp; 6629000 | &nbsp;&nbsp;Citigroup, Inc., Ser DD, 7.000%<sup>(A)</sup> | &nbsp;&nbsp; 6820982 |
| &nbsp;&nbsp; 4736000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 1.948%, 10/21/27 | &nbsp;&nbsp; 4671257 |
| &nbsp;&nbsp; 6645000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.210%, 4/22/42 | &nbsp;&nbsp; 4928317 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.500%, 11/16/26 | &nbsp;&nbsp; 10946 |
| &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;JPMorgan Chase & Co., 1.578%, 4/22/27 | &nbsp;&nbsp; 24959532 |
| &nbsp;&nbsp; 13112000 | &nbsp;&nbsp;Lincoln National Corp., Ser C, 9.250%<sup>(A)</sup> | &nbsp;&nbsp; 13679474 |
| &nbsp;&nbsp; 11840000 | &nbsp;&nbsp;Morgan Stanley, 2.475%, 1/21/28 | &nbsp;&nbsp; 11654111 |
| &nbsp;&nbsp; 10342000 | &nbsp;&nbsp;Morgan Stanley, 2.484%, 9/16/36 | &nbsp;&nbsp; 8899678 |
| &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;Morgan Stanley Private Bank NA, 4.466%, 7/6/28 | &nbsp;&nbsp; 5000018 |
| &nbsp;&nbsp; 9678000 | &nbsp;&nbsp;Nasdaq, Inc., 3.250%, 4/28/50 | &nbsp;&nbsp; 6456222 |
| &nbsp;&nbsp; 1963000 | &nbsp;&nbsp;UBS Group AG (Switzerland), 144a, 9.250%<sup>(A)</sup> | &nbsp;&nbsp; 2093389 |
| &nbsp;&nbsp; 6366000 | &nbsp;&nbsp;Wells Fargo & Co., 3.000%, 4/22/26 | &nbsp;&nbsp; 6357457 |
|  |  | &nbsp;&nbsp; 204724036 |
|  | &nbsp;&nbsp;**Utilities — 7.9%** |  |
| &nbsp;&nbsp; 6939000 | &nbsp;&nbsp;American Electric Power Co., Inc., 3.250%, 3/1/50 | &nbsp;&nbsp; 4564493 |
| &nbsp;&nbsp; 6410000 | &nbsp;&nbsp;American Electric Power Co., Inc., Ser C, 5.800%, 3/15/56 | &nbsp;&nbsp; 6331371 |
| &nbsp;&nbsp; 12672000 | &nbsp;&nbsp;American Electric Power Co., Inc., Ser D, 6.050%, 3/15/56 | &nbsp;&nbsp; 12554878 |
| &nbsp;&nbsp; 5843000 | &nbsp;&nbsp;Berkshire Hathaway Energy Co., 2.850%, 5/15/51 | &nbsp;&nbsp; 3524412 |
| &nbsp;&nbsp; 17387000 | &nbsp;&nbsp;Dominion Energy, Inc., Ser A, 6.875%, 2/1/55 | &nbsp;&nbsp; 17885108 |
| &nbsp;&nbsp; 6869000 | &nbsp;&nbsp;Dominion Energy, Inc., Ser B, 7.000%, 6/1/54 | &nbsp;&nbsp; 7265582 |
| &nbsp;&nbsp; 11902000 | &nbsp;&nbsp;Duke Energy Corp., 3.300%, 6/15/41 | &nbsp;&nbsp; 8943285 |
| &nbsp;&nbsp; 7041000 | &nbsp;&nbsp;Emera US Finance LLC, Ser B, 6.850%, 10/1/56 | &nbsp;&nbsp; 7051032 |
| &nbsp;&nbsp; 2954000 | &nbsp;&nbsp;Eversource Energy, Ser B, 6.350%, 8/15/56 | &nbsp;&nbsp; 2912841 |
| &nbsp;&nbsp; 13246000 | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 6.375%, 8/15/55 | &nbsp;&nbsp; 13492972 |
| &nbsp;&nbsp; 9884000 | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 6.500%, 8/15/55 | &nbsp;&nbsp; 10202245 |
| &nbsp;&nbsp; 10411000 | &nbsp;&nbsp;Pacific Gas and Electric Co., 3.500%, 8/1/50 | &nbsp;&nbsp; 6882731 |
| &nbsp;&nbsp; 13717000 | &nbsp;&nbsp;Sierra Pacific Power Co., 6.375%, 9/15/56 | &nbsp;&nbsp; 13601678 |
| &nbsp;&nbsp; 16269000 | &nbsp;&nbsp;Southern Co. (The), Ser 2025, 6.375%, 3/15/55 | &nbsp;&nbsp; 16728892 |
|  |  | &nbsp;&nbsp; 131941520 |
|  | &nbsp;&nbsp;**Energy — 6.6%** |  |
| &nbsp;&nbsp; 6202000 | &nbsp;&nbsp;BP Capital Markets America, Inc., 3.001%, 3/17/52 | &nbsp;&nbsp; 3933697 |
| &nbsp;&nbsp; 28551000 | &nbsp;&nbsp;BP Capital Markets PLC (United Kingdom), 4.875%<sup>(A)</sup> | &nbsp;&nbsp; 28184979 |
| &nbsp;&nbsp; 3553000 | &nbsp;&nbsp;Enbridge, Inc. (Canada), 8.500%, 1/15/84 | &nbsp;&nbsp; 3994133 |
| &nbsp;&nbsp; 4566000 | &nbsp;&nbsp;Energy Transfer LP, 6.300%, 1/15/56<sup>†</sup> | &nbsp;&nbsp; 4506457 |
| &nbsp;&nbsp; 4593000 | &nbsp;&nbsp;Energy Transfer LP, Ser G, 7.125%<sup>(A)</sup> | &nbsp;&nbsp; 4671021 |
| &nbsp;&nbsp; 8352000 | &nbsp;&nbsp;Kinder Morgan, Inc., 3.250%, 8/1/50 | &nbsp;&nbsp; 5433246 |
| &nbsp;&nbsp; 6792000 | &nbsp;&nbsp;Occidental Petroleum Corp., 4.100%, 2/15/47 | &nbsp;&nbsp; 4867433 |
| &nbsp;&nbsp; 674000 | &nbsp;&nbsp;Occidental Petroleum Corp., 4.200%, 3/15/48 | &nbsp;&nbsp; 505924 |
| &nbsp;&nbsp; 1083000 | &nbsp;&nbsp;Occidental Petroleum Corp., 4.400%, 4/15/46 | &nbsp;&nbsp; 855490 |

---

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
| $2366000 | $1862870 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 1013700 |
| &nbsp;&nbsp; 4700000 | &nbsp;&nbsp; 1588130 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 382500 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 830600 |
| &nbsp;&nbsp; 20528000 | &nbsp;&nbsp; 20399815 |
| &nbsp;&nbsp; 6558000 | &nbsp;&nbsp; 6176849 |
| &nbsp;&nbsp; 7277000 | &nbsp;&nbsp; 4949887 |
| &nbsp;&nbsp; 10210000 | &nbsp;&nbsp; 6954189 |
| &nbsp;&nbsp; 10411000 | &nbsp;&nbsp; 10250878 |
|  | &nbsp;&nbsp; 111361798 |
| &nbsp;&nbsp; 7040000 | &nbsp;&nbsp; 4356736 |
| &nbsp;&nbsp; 20264000 | &nbsp;&nbsp; 19894379 |
| &nbsp;&nbsp; 10313000 | &nbsp;&nbsp; 6922010 |
|  | &nbsp;&nbsp; 31173125 |
| &nbsp;&nbsp; 9592000 | &nbsp;&nbsp; 6779596 |
| &nbsp;&nbsp; 10503000 | &nbsp;&nbsp; 7621314 |
| &nbsp;&nbsp; 10023000 | &nbsp;&nbsp; 5921499 |
|  | &nbsp;&nbsp; 20322409 |
| &nbsp;&nbsp; 6113000 | &nbsp;&nbsp; 4109099 |
| &nbsp;&nbsp; 9824000 | &nbsp;&nbsp; 6896281 |
| &nbsp;&nbsp; 11490000 | &nbsp;&nbsp; 6982234 |
|  | &nbsp;&nbsp; 17987614 |
| &nbsp;&nbsp; 2676000 | &nbsp;&nbsp; 1984001 |
| &nbsp;&nbsp; 8823000 | &nbsp;&nbsp; 6096987 |
|  | &nbsp;&nbsp; 8080988 |
| &nbsp;&nbsp; 12239000 | &nbsp;&nbsp; 7909458 |
| &nbsp;&nbsp; 11536000 | &nbsp;&nbsp; 7292628 |
| &nbsp;&nbsp; 10473000 | &nbsp;&nbsp; 6664350 |
| &nbsp;&nbsp; 5783000 | &nbsp;&nbsp; 3875961 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$551333887 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 20.8%** |
| &nbsp;&nbsp; 165736 &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2013-1, Class A1, 144a, 3.500%, 7/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 155606 |
| &nbsp;&nbsp; 1625765 &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-2, Class B2, 144a, 3.612%, 3/25/45<sup>(C)(D)</sup> | &nbsp;&nbsp; 1509109 |
| &nbsp;&nbsp; 551274 &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-5, Class A3, 144a, 3.500%, 7/25/45<sup>(C)(D)</sup> | &nbsp;&nbsp; 513414 |
| &nbsp;&nbsp; 527214 &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-7, Class A3, 144a, 3.500%, 10/25/45<sup>(C)(D)</sup> | &nbsp;&nbsp; 490324 |
| &nbsp;&nbsp; 571705 &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2016-3, Class A3, 144a, 3.500%, 8/25/46<sup>(C)(D)</sup> | &nbsp;&nbsp; 526797 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Flexible Income Fund (Continued)

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 20.8%<br> (Continued)** |
| $40179 &nbsp;&nbsp;Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34<sup>(C)(D)</sup> | $32881 |
| &nbsp;&nbsp; 1942030 &nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2019-ATR1, Class B3, 144a, 4.392%, 4/25/49<sup>(C)(D)</sup> | &nbsp;&nbsp; 1805886 |
| &nbsp;&nbsp; 17824292 &nbsp;&nbsp;Chase Mortgage Finance Corp., Ser 2021-CL1, Class M1, 144a, (SOFR30A + 1.200%), 4.862%, 2/25/50<sup>(C)</sup> | &nbsp;&nbsp; 17398781 |
| &nbsp;&nbsp; 1842364 &nbsp;&nbsp;Chase Mortgage Finance Corp., Ser 2021-CL1, Class M2, 144a, (SOFR30A + 1.350%), 5.012%, 2/25/50<sup>(C)</sup> | &nbsp;&nbsp; 1786215 |
| &nbsp;&nbsp; 530673 &nbsp;&nbsp;CIM Trust, Ser 2018-INV1, Class A4, 144a, 4.000%, 8/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 501583 |
| &nbsp;&nbsp; 596030 &nbsp;&nbsp;CIM Trust, Ser 2019-INV2, Class A15, 144a, 4.000%, 5/25/49<sup>(C)(D)</sup> | &nbsp;&nbsp; 563876 |
| &nbsp;&nbsp; 7573522 &nbsp;&nbsp;CIM Trust, Ser 2020-J1, Class A2, 144a, 2.500%, 10/25/49<sup>(C)(D)</sup> | &nbsp;&nbsp; 6396496 |
| &nbsp;&nbsp; 1818244 &nbsp;&nbsp;CIM Trust, Ser 2020-J2, Class A1, 144a, 2.500%, 1/25/51<sup>(C)(D)</sup> | &nbsp;&nbsp; 1514126 |
| &nbsp;&nbsp; 8427459 &nbsp;&nbsp;Connecticut Avenue Securities Trust, Ser 2019-HRP1, Class B1, 144a, (SOFR30A + 9.364%), 13.026%, 11/25/39<sup>(C)</sup> | &nbsp;&nbsp; 8810675 |
| &nbsp;&nbsp; 16000000 &nbsp;&nbsp;Connecticut Avenue Securities Trust, Ser 2020-SBT1, Class 2B1, 144a, (SOFR30A + 6.714%), 10.376%, 2/25/40<sup>(C)</sup> | &nbsp;&nbsp; 16639853 |
| &nbsp;&nbsp; 699252 &nbsp;&nbsp;CSMC Trust, Ser 2013-6, Class 2A1, 144a, 3.500%, 8/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 653951 |
| &nbsp;&nbsp; 336468 &nbsp;&nbsp;CSMC Trust, Ser 2013-7, Class A6, 144a, 3.500%, 8/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 314154 |
| &nbsp;&nbsp; 2804971 &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR1, Class A1, 144a, 2.500%, 3/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 2526983 |
| &nbsp;&nbsp; 2063833 &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR1, Class A2, 144a, 3.000%, 3/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 1898414 |
| &nbsp;&nbsp; 1113233 &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR2, Class A1, 144a, 2.500%, 4/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 993066 |
| &nbsp;&nbsp; 2025614 &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR3, Class A1, 144a, 2.500%, 5/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 1816479 |
| &nbsp;&nbsp; 2654594 &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR3, Class A2, 144a, 3.000%, 5/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 2432591 |
| &nbsp;&nbsp; 1166301 &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR3, Class B4, 144a, 3.392%, 5/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 878245 |
| &nbsp;&nbsp; 4617770 &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR4, Class A11, 144a, 3.488%, 7/27/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 4340163 |
| &nbsp;&nbsp; 449309 &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR4, Class A12, 144a, 3.488%, 7/27/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 420462 |
| &nbsp;&nbsp; 258595 &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR4, Class A2, 144a, 3.000%, 7/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 237093 |
| &nbsp;&nbsp; 4336122 &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR5, Class A3, 144a, 3.500%, 10/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 4071291 |
| &nbsp;&nbsp; 2556050 &nbsp;&nbsp;CSMC Trust, Ser 2013-TH1, Class A1, 144a, 2.130%, 2/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 2264713 |
| &nbsp;&nbsp; 919080 &nbsp;&nbsp;CSMC Trust, Ser 2014-IVR3, Class B4, 144a, 3.999%, 7/25/44<sup>(C)(D)</sup> | &nbsp;&nbsp; 812513 |
| &nbsp;&nbsp; 1507040 &nbsp;&nbsp;CSMC Trust, Ser 2017-HL2, Class A1, 144a, 3.500%, 10/25/47<sup>(C)(D)</sup> | &nbsp;&nbsp; 1371835 |
| &nbsp;&nbsp; 3800917 &nbsp;&nbsp;CSMC Trust, Ser 2018-J1, Class A2, 144a, 3.500%, 2/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 3441944 |
| &nbsp;&nbsp; 468094 &nbsp;&nbsp;CSMC Trust, Ser 2018-J1, Class A22, 144a, 3.500%, 2/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 422945 |
| &nbsp;&nbsp; 513456 &nbsp;&nbsp;CSMLT Trust, Ser 2015-2, Class A7, 144a, 3.500%, 8/25/45<sup>(C)(D)</sup> | &nbsp;&nbsp; 479221 |
| &nbsp;&nbsp; 1947850 &nbsp;&nbsp;EverBank Mortgage Loan Trust, Ser 2013-1, Class B4, 144a, 3.526%, 3/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 1596668 |

---

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 20.8%<br> (Continued)** |
| $1705465 &nbsp;&nbsp;EverBank Mortgage Loan Trust, Ser 2013-2, Class A, 144a, 3.000%, 6/25/43<sup>(C)(D)</sup> | $1601075 |
| &nbsp;&nbsp; 4721782 &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities, Ser 2016-C04, Class 1B, (SOFR30A + 10.364%), 14.026%, 1/25/29<sup>(C)</sup> | &nbsp;&nbsp; 4845266 |
| &nbsp;&nbsp; 6019416 &nbsp;&nbsp;Flagstar Mortgage Trust, Ser 2018-1, Class A13, 144a, 3.500%, 3/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 5421517 |
| &nbsp;&nbsp; 8160925 &nbsp;&nbsp;Flagstar Mortgage Trust, Ser 2018-2, Class A14, 144a, 3.500%, 4/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 7324286 |
| &nbsp;&nbsp; 5841040 &nbsp;&nbsp;Flagstar Mortgage Trust, Ser 2018-3INV, Class A9, 144a, 4.000%, 5/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 5413993 |
| &nbsp;&nbsp; 779248 &nbsp;&nbsp;Flagstar Mortgage Trust, Ser 2018-4, Class B2, 144a, 4.124%, 7/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 722003 |
| &nbsp;&nbsp; 1092166 &nbsp;&nbsp;Freddie Mac Seasoned Credit Risk Transfer Trust, Ser 2017-4, Class M, 144a, 4.750%, 6/25/57<sup>(C)(D)</sup> | &nbsp;&nbsp; 1085156 |
| &nbsp;&nbsp; 15662869 &nbsp;&nbsp;Freddie Mac Seasoned Credit Risk Transfer Trust Series, Ser 2017-2, Class M2, 144a, 4.000%, 8/25/56<sup>(C)(D)</sup> | &nbsp;&nbsp; 15259947 |
| &nbsp;&nbsp; 7045738 &nbsp;&nbsp;Freddie Mac Seasoned Credit Risk Transfer Trust Series, Ser 2018-1, Class M, 4.750%, 5/25/57<sup>(C)(D)</sup> | &nbsp;&nbsp; 6964475 |
| &nbsp;&nbsp; 763762 &nbsp;&nbsp;Freddie Mac STACR Debt Notes, Ser 2017-HQA3, Class M2B, (SOFR30A + 2.464%), 6.126%, 4/25/30<sup>(C)</sup> | &nbsp;&nbsp; 772409 |
| &nbsp;&nbsp; 4972281 &nbsp;&nbsp;Freddie Mac STACR Securitized Participation Interests Trust, Ser 2018-SPI1, Class B, 144a, 3.789%, 2/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 3721440 |
| &nbsp;&nbsp; 13627572 &nbsp;&nbsp;Freddie Mac STACR Securitized Participation Interests Trust, Ser 2018-SPI4, Class B, 144a, 4.512%, 11/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 10152886 |
| &nbsp;&nbsp; 2383995 &nbsp;&nbsp;Galton Funding Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.950%, 7/25/56<sup>(C)(D)</sup> | &nbsp;&nbsp; 2262418 |
| &nbsp;&nbsp; 2475438 &nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ2, Class A1, 144a, 3.500%, 7/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 2249458 |
| &nbsp;&nbsp; 1512766 &nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ4, Class A2, 144a, 3.000%, 1/25/51<sup>(C)(D)</sup> | &nbsp;&nbsp; 1318237 |
| &nbsp;&nbsp; 8739498 &nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ5, Class A2, 144a, 3.000%, 3/27/51<sup>(C)(D)</sup> | &nbsp;&nbsp; 7618829 |
| &nbsp;&nbsp; 43381 &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2014-EB1A, Class 2A4, 144a, 5.687%, 7/25/44<sup>(C)(D)</sup> | &nbsp;&nbsp; 43137 |
| &nbsp;&nbsp; 2924089 &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2020-INV1, Class A14, 144a, 2.897%, 10/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 2532326 |
| &nbsp;&nbsp; 1173066 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2013-3, Class A3, 144a, 3.382%, 7/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 1109967 |
| &nbsp;&nbsp; 2981500 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2014-IVR6, Class B4, 144a, 5.089%, 7/25/44<sup>(C)(D)</sup> | &nbsp;&nbsp; 3015116 |
| &nbsp;&nbsp; 698689 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2015-4, Class AM, 144a, 3.000%, 6/25/45<sup>(C)(D)</sup> | &nbsp;&nbsp; 629344 |
| &nbsp;&nbsp; 1480198 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2016-1, Class A13, 144a, 3.500%, 5/25/46<sup>(C)(D)</sup> | &nbsp;&nbsp; 1357629 |
| &nbsp;&nbsp; 1503019 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2017-1, Class A8, 144a, 3.446%, 1/25/47<sup>(C)(D)</sup> | &nbsp;&nbsp; 1359804 |
| &nbsp;&nbsp; 552064 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2017-2, Class A3, 144a, 3.500%, 5/25/47<sup>(C)(D)</sup> | &nbsp;&nbsp; 500711 |
| &nbsp;&nbsp; 1025689 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2017-3, Class 1A13, 144a, 3.500%, 8/25/47<sup>(C)(D)</sup> | &nbsp;&nbsp; 935145 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Flexible Income Fund (Continued)

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 20.8%<br> (Continued)** |
| $1956100 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2017-3, Class 1A3, 144a, 3.500%, 8/25/47<sup>(C)(D)</sup> | $1798034 |
| &nbsp;&nbsp; 2326593 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-3, Class A1, 144a, 3.500%, 9/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 2124283 |
| &nbsp;&nbsp; 1847812 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-5, Class A13, 144a, 3.500%, 10/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 1661872 |
| &nbsp;&nbsp; 761192 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-5, Class A4, 144a, 3.000%, 10/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 674345 |
| &nbsp;&nbsp; 3306971 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-5, Class B4, 144a, 3.684%, 10/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 2998076 |
| &nbsp;&nbsp; 3043568 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-6, Class 1A7, 144a, 3.500%, 12/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 2776897 |
| &nbsp;&nbsp; 4485943 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2019-7, Class B2A, 144a, 2.968%, 2/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 3927797 |
| &nbsp;&nbsp; 515392 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2019-INV2, Class A15, 144a, 3.500%, 2/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 467097 |
| &nbsp;&nbsp; 625626 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2019-INV2, Class B2A, 144a, 3.463%, 2/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 556365 |
| &nbsp;&nbsp; 1709303 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-1, Class A15, 144a, 3.500%, 6/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 1538446 |
| &nbsp;&nbsp; 246294 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-1, Class A5A, 144a, 3.000%, 6/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 215897 |
| &nbsp;&nbsp; 280248 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-2, Class A5A, 144a, 3.000%, 7/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 243724 |
| &nbsp;&nbsp; 3282150 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-5, Class A5, 144a, 3.000%, 12/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 2862527 |
| &nbsp;&nbsp; 759361 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-7, Class A15, 144a, 3.000%, 1/25/51<sup>(C)(D)</sup> | &nbsp;&nbsp; 660082 |
| &nbsp;&nbsp; 14353847 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-7, Class A3, 144a, 3.000%, 1/25/51<sup>(C)(D)</sup> | &nbsp;&nbsp; 12547965 |
| &nbsp;&nbsp; 791001 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-INV1, Class A5, 144a, 3.500%, 8/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 712574 |
| &nbsp;&nbsp; 946643 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-LTV2, Class B1, 144a, 3.997%, 11/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 862554 |
| &nbsp;&nbsp; 1318445 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-LTV2, Class B3, 144a, 3.997%, 11/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 1178215 |
| &nbsp;&nbsp; 230697 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-3, Class A12, 144a, 3.000%, 8/25/52<sup>(C)(D)</sup> | &nbsp;&nbsp; 222897 |
| &nbsp;&nbsp; 11130368 &nbsp;&nbsp;JPMorgan Chase Bank NA - CHASE, Ser 2020-CL1, Class M1, 144a, (TSFR1M + 2.364%), 6.043%, 10/25/57<sup>(C)</sup> | &nbsp;&nbsp; 11397282 |
| &nbsp;&nbsp; 1793109 &nbsp;&nbsp;JPMorgan Chase Bank NA - JPMWM, Ser 2021-CL1, Class M1, 144a, (SOFR30A + 1.300%), 4.962%, 3/25/51<sup>(C)</sup> | &nbsp;&nbsp; 1771672 |
| &nbsp;&nbsp; 6223997 &nbsp;&nbsp;JPMorgan Chase Bank NA - JPMWM, Ser 2021-CL1, Class M2, 144a, (SOFR30A + 1.550%), 5.212%, 3/25/51<sup>(C)</sup> | &nbsp;&nbsp; 6135162 |
| &nbsp;&nbsp; 2920276 &nbsp;&nbsp;JPMorgan Chase Bank NA - JPMWM, Ser 2021-CL1, Class M3, 144a, (SOFR30A + 1.800%), 5.462%, 3/25/51<sup>(C)</sup> | &nbsp;&nbsp; 2893125 |
| &nbsp;&nbsp; 2463137 &nbsp;&nbsp;JPMorgan Wealth Management, Ser 2020-ATR1, Class A3, 144a, 3.000%, 2/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 2152838 |
| &nbsp;&nbsp; 4647458 &nbsp;&nbsp;JPMorgan Wealth Management, Ser 2020-ATR1, Class A5, 144a, 3.000%, 2/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 4061985 |
| &nbsp;&nbsp; 2889 &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (TSFR12M + 2.340%), 5.814%, 12/25/32<sup>(C)</sup> | &nbsp;&nbsp; 2910 |
| &nbsp;&nbsp; 41118 &nbsp;&nbsp;Morgan Stanley Mortgage Loan Trust, Ser 2004-7AR, Class 2A6, 5.269%, 9/25/34<sup>(C)(D)</sup> | &nbsp;&nbsp; 40812 |
| &nbsp;&nbsp; 977357 &nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2015-1A, Class B3, 144a, 5.147%, 5/28/52<sup>(C)(D)</sup> | &nbsp;&nbsp; 971550 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 20.8%<br> (Continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 20.8%<br> (Continued)** |
| $2898095 | &nbsp;&nbsp;NRP Mortgage Trust, Ser 2013-1, Class A1, 144a, 3.250%, 7/25/43<sup>(C)(D)</sup> | $2657260 |
| &nbsp;&nbsp; 1190731 | &nbsp;&nbsp;OBX Trust, Ser 2018-EXP1, Class B1A, 144a, 5.551%, 4/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 1208568 |
| &nbsp;&nbsp; 1713347 | &nbsp;&nbsp;PMT Loan Trust, Ser 2013-J1, Class A1, 144a, 3.500%, 9/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 1603886 |
| &nbsp;&nbsp; 1028008 | &nbsp;&nbsp;PMT Loan Trust, Ser 2013-J1, Class A8, 144a, 3.000%, 9/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 939637 |
| &nbsp;&nbsp; 4694189 | &nbsp;&nbsp;Provident Funding Mortgage Trust, Ser 2019-1, Class B1, 144a, 3.164%, 12/25/49<sup>(C)(D)</sup> | &nbsp;&nbsp; 4049337 |
| &nbsp;&nbsp; 2519209 | &nbsp;&nbsp;Provident Funding Mortgage Trust, Ser 2020-1, Class A4, 144a, 3.000%, 2/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 2199187 |
| &nbsp;&nbsp; 536552 | &nbsp;&nbsp;PSMC Trust, Ser 2020-3, Class A11, 144a, 3.000%, 11/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 527177 |
| &nbsp;&nbsp; 72 | &nbsp;&nbsp;RALI Series Trust, Ser 2004-QS6, Class A1, 5.000%, 5/25/19 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp; 72022 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2004-3, Class M1, (TSFR1M + 0.864%), 4.540%, 5/20/34<sup>(C)</sup> | &nbsp;&nbsp; 71979 |
| &nbsp;&nbsp; 1425660 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-10, Class A1, 144a, 3.500%, 8/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 1333646 |
| &nbsp;&nbsp; 2331174 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-11, Class A1, 144a, 3.500%, 9/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 2203858 |
| &nbsp;&nbsp; 1509714 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-2, Class A, 1.874%, 2/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 1312698 |
| &nbsp;&nbsp; 2306993 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-3, Class A2, 2.500%, 3/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 2044971 |
| &nbsp;&nbsp; 2760243 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-4, Class A1, 2.325%, 4/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 2420683 |
| &nbsp;&nbsp; 1882455 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-5, Class A1, 144a, 2.500%, 5/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 1675399 |
| &nbsp;&nbsp; 3494739 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-5, Class A2, 144a, 3.000%, 5/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 3189842 |
| &nbsp;&nbsp; 4749780 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-6, Class A1, 2.500%, 5/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 4238079 |
| &nbsp;&nbsp; 3962678 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-6, Class A2, 3.000%, 5/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 3616226 |
| &nbsp;&nbsp; 1433573 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-7, Class A1, 2.500%, 6/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 1272659 |
| &nbsp;&nbsp; 3120777 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-7, Class A2, 3.000%, 6/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 2835989 |
| &nbsp;&nbsp; 1494623 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-8, Class A1, 3.000%, 6/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 1361443 |
| &nbsp;&nbsp; 2233319 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-9, Class A1, 144a, 3.500%, 7/25/43<sup>(C)(D)</sup> | &nbsp;&nbsp; 2049523 |
| &nbsp;&nbsp; 36007 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2014-4, Class A6, 144a, 3.500%, 11/25/44<sup>(C)(D)</sup> | &nbsp;&nbsp; 33581 |
| &nbsp;&nbsp; 2266392 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-2, Class A1, 144a, 3.500%, 5/25/45<sup>(C)(D)</sup> | &nbsp;&nbsp; 2102636 |
| &nbsp;&nbsp; 570636 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-2, Class A13, 144a, 3.500%, 5/25/45<sup>(C)(D)</sup> | &nbsp;&nbsp; 526227 |
| &nbsp;&nbsp; 1736325 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-2, Class B2, 144a, 3.758%, 5/25/45<sup>(C)(D)</sup> | &nbsp;&nbsp; 1677362 |
| &nbsp;&nbsp; 722336 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-3, Class B1, 144a, 3.726%, 7/25/45<sup>(C)(D)</sup> | &nbsp;&nbsp; 712578 |
| &nbsp;&nbsp; 1300098 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2016-1, Class B1, 144a, 3.770%, 6/25/46<sup>(C)(D)</sup> | &nbsp;&nbsp; 1260084 |
| &nbsp;&nbsp; 4231685 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2017-1, Class A1, 144a, 3.500%, 2/25/47<sup>(C)(D)</sup> | &nbsp;&nbsp; 3880721 |
| &nbsp;&nbsp; 873537 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2017-3, Class A1, 144a, 3.500%, 4/25/47<sup>(C)(D)</sup> | &nbsp;&nbsp; 800330 |
| &nbsp;&nbsp; 1191351 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2017-5, Class A1, 144a, 3.500%, 8/25/47<sup>(C)(D)</sup> | &nbsp;&nbsp; 1088958 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Flexible Income Fund (Continued)

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 20.8%<br> (Continued)** |
| $1273042 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2017-5, Class B2, 144a, 3.786%, 8/25/47<sup>(C)(D)</sup> | $1199704 |
| &nbsp;&nbsp; 1357610 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2017-6, Class B2, 144a, 3.725%, 9/25/47<sup>(C)(D)</sup> | &nbsp;&nbsp; 1285729 |
| &nbsp;&nbsp; 1401571 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2017-7, Class B2, 144a, 3.724%, 10/25/47<sup>(C)(D)</sup> | &nbsp;&nbsp; 1316887 |
| &nbsp;&nbsp; 3208870 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-2, Class B1, 144a, 3.736%, 2/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 3011118 |
| &nbsp;&nbsp; 2242918 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-2, Class B2, 144a, 3.736%, 2/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 2092957 |
| &nbsp;&nbsp; 1823328 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-5, Class A7, 144a, 3.500%, 5/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 1660751 |
| &nbsp;&nbsp; 2249000 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-6, Class B4, 144a, 4.166%, 7/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 1784669 |
| &nbsp;&nbsp; 675273 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH2, Class A15, 144a, 4.000%, 6/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 618025 |
| &nbsp;&nbsp; 41073 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH3, Class A13, 144a, 4.500%, 8/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 40938 |
| &nbsp;&nbsp; 399476 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2019-2, Class A1, 144a, 4.000%, 6/25/49<sup>(C)(D)</sup> | &nbsp;&nbsp; 378114 |
| &nbsp;&nbsp; 407831 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2019-4, Class A1, 144a, 3.500%, 11/25/49<sup>(C)(D)</sup> | &nbsp;&nbsp; 370415 |
| &nbsp;&nbsp; 954260 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2019-CH3, Class A13, 144a, 4.000%, 9/25/49<sup>(C)(D)</sup> | &nbsp;&nbsp; 897052 |
| &nbsp;&nbsp; 5859239 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2020-1, Class A7, 144a, 3.500%, 2/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 5359460 |
| &nbsp;&nbsp; 1035974 &nbsp;&nbsp;Sofi Mortgage Trust, Ser 2016-1A, Class 1A4, 144a, 3.000%, 11/25/46<sup>(C)(D)</sup> | &nbsp;&nbsp; 931649 |
| &nbsp;&nbsp; 90372 &nbsp;&nbsp;TIAA Bank Mortgage Loan Trust, Ser 2018-2, Class A1, 144a, 3.500%, 7/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 82776 |
| &nbsp;&nbsp; 743869 &nbsp;&nbsp;TIAA Bank Mortgage Loan Trust, Ser 2018-2, Class B2, 144a, 3.656%, 7/25/48<sup>(C)(D)</sup> | &nbsp;&nbsp; 678935 |
| &nbsp;&nbsp; 382318 &nbsp;&nbsp;Wells Fargo Mortgage Backed Securities, Ser 2018-1, Class A1, 144a, 3.500%, 7/25/47<sup>(C)(D)</sup> | &nbsp;&nbsp; 351501 |
| &nbsp;&nbsp; 391369 &nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Ser 2020-1, Class A5, 144a, 3.000%, 12/25/49<sup>(C)(D)</sup> | &nbsp;&nbsp; 342134 |
| &nbsp;&nbsp; 6484252 &nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Ser 2020-3, Class A1, 144a, 3.000%, 6/25/50<sup>(C)(D)</sup> | &nbsp;&nbsp; 5644411 |
| &nbsp;&nbsp; 10453619 &nbsp;&nbsp;Western Alliance Bank, Ser 2021-CL2, Class M1, 144a, (SOFR30A + 3.150%), 6.812%, 7/25/59<sup>(C)</sup> | &nbsp;&nbsp; 11184126 |
| &nbsp;&nbsp; 8519288 &nbsp;&nbsp;Western Alliance Bank, Ser 2021-CL2, Class M3, 144a, (SOFR30A + 4.100%), 7.762%, 7/25/59<sup>(C)</sup> | &nbsp;&nbsp; 8945394 |
| &nbsp;&nbsp; 555628 &nbsp;&nbsp;WinWater Mortgage Loan Trust, Ser 2014-1, Class A9, 144a, 3.500%, 6/20/44<sup>(C)(D)</sup> | &nbsp;&nbsp; 529512 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$348892759 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 12.8%** |
| &nbsp;&nbsp; 4964000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K095, Class XAM, 1.235%, 6/25/29<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 189361 |
| &nbsp;&nbsp; 55251823 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K109, Class X1, 1.566%, 4/25/30<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2899594 |
| &nbsp;&nbsp; 34874444 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class X1, 1.637%, 4/25/30<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1877089 |

---

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 12.8%<br> (Continued)** |
| $7005157 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class X3, 3.375%, 6/25/48<sup>(C)(D)(E)</sup> | $831701 |
| &nbsp;&nbsp; 28800000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class XAM, 1.839%, 4/25/30<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1913201 |
| &nbsp;&nbsp; 34610481 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class X1, 1.562%, 5/25/30<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1861853 |
| &nbsp;&nbsp; 19436545 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class X3, 3.179%, 4/25/48<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2261860 |
| &nbsp;&nbsp; 35663000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class XAM, 1.799%, 5/25/30<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2392099 |
| &nbsp;&nbsp; 112872075 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class X1, 1.426%, 5/25/30<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 5692274 |
| &nbsp;&nbsp; 15300000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class X3, 3.005%, 7/25/48<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1696282 |
| &nbsp;&nbsp; 10630000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class XAM, 1.666%, 5/25/30<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 676278 |
| &nbsp;&nbsp; 10743000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K113, Class XAM, 1.582%, 6/25/30<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 637973 |
| &nbsp;&nbsp; 19500000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K114, Class X3, 2.735%, 8/25/48<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1884499 |
| &nbsp;&nbsp; 21702896 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K115, Class X3, 2.954%, 9/25/48<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2308856 |
| &nbsp;&nbsp; 26000000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K116, Class X3, 3.018%, 9/25/47<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2894130 |
| &nbsp;&nbsp; 39700000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K117, Class XAM, 1.430%, 9/25/30<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2230120 |
| &nbsp;&nbsp; 24368853 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K118, Class X3, 2.691%, 10/25/48<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2451738 |
| &nbsp;&nbsp; 4900000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K119, Class X3, 2.727%, 9/25/48<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 518912 |
| &nbsp;&nbsp; 11576808 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K120, Class X3, 2.741%, 11/25/48<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1212925 |
| &nbsp;&nbsp; 146042756 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K121, Class X1, 1.012%, 10/25/30<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 5395287 |
| &nbsp;&nbsp; 16073000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K121, Class X3, 2.772%, 11/25/48<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1767676 |
| &nbsp;&nbsp; 9700000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K122, Class X3, 2.630%, 1/25/49<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 987247 |
| &nbsp;&nbsp; 7569056 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K123, Class X3, 2.626%, 2/25/49<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 783742 |
| &nbsp;&nbsp; 9255000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K124, Class X3, 2.619%, 2/25/49<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 969266 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Flexible Income Fund (Continued)

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 12.8%<br> (Continued)** |
| $16150000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K125, Class X3, 2.651%, 2/25/49<sup>(C)(D)(E)</sup> | $1737700 |
| &nbsp;&nbsp; 38058448 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K127, Class X3, 2.649%, 3/25/49<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 4114876 |
| &nbsp;&nbsp; 18230000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K128, Class X3, 2.781%, 4/25/31<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2092862 |
| &nbsp;&nbsp; 10595456 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K130, Class X3, 3.097%, 8/25/48<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1452719 |
| &nbsp;&nbsp; 41864611 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K130, Class XAM, 1.215%, 7/25/31<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2424208 |
| &nbsp;&nbsp; 10451281 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K131, Class X3, 2.947%, 9/25/31<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1369378 |
| &nbsp;&nbsp; 29501666 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K132, Class X3, 2.886%, 8/25/31<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 3840223 |
| &nbsp;&nbsp; 9413138 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K134, Class X3, 2.660%, 10/25/49<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1155614 |
| &nbsp;&nbsp; 216865110 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class X1, 0.391%, 12/25/31<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 3396975 |
| &nbsp;&nbsp; 21000000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class X3, 2.824%, 12/25/31<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2776752 |
| &nbsp;&nbsp; 96839687 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class XAM, 0.566%, 12/25/31<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2616657 |
| &nbsp;&nbsp; 20601000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K137, Class X3, 2.877%, 1/25/49<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2763124 |
| &nbsp;&nbsp; 31585759 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K139, Class X3, 3.034%, 2/25/49<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 4607364 |
| &nbsp;&nbsp; 97300000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K139, Class XAM, 0.765%, 2/25/32<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 3884352 |
| &nbsp;&nbsp; 31370856 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K140, Class X3, 2.944%, 3/25/49<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 4429468 |
| &nbsp;&nbsp; 10400000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K143, Class X3, 3.140%, 4/25/50<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1583997 |
| &nbsp;&nbsp; 5835659 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1515, Class X3, 3.679%, 3/25/38<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1437784 |
| &nbsp;&nbsp; 29599465 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1516, Class X1, 1.503%, 5/25/35<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 3057897 |
| &nbsp;&nbsp; 18435033 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1516, Class X3, 3.456%, 10/25/38<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 4428453 |
| &nbsp;&nbsp; 40238760 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1517, Class X1, 1.322%, 7/25/35<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 3536605 |
| &nbsp;&nbsp; 52485811 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1517, Class X3, 3.285%, 8/25/38<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 11881003 |

---

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 12.8%<br> (Continued)** |
| $115366729 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1519, Class X1, 0.587%, 12/25/35<sup>(C)(D)(E)</sup> | $4666515 |
| &nbsp;&nbsp; 11201391 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1519, Class X3, 2.800%, 12/25/38<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2250168 |
| &nbsp;&nbsp; 57046540 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1520, Class X1, 0.469%, 2/25/36<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1853830 |
| &nbsp;&nbsp; 5000000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1520, Class X3, 3.093%, 4/25/39<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1121185 |
| &nbsp;&nbsp; 54975711 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1521, Class X1, 0.978%, 8/25/36<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 4011462 |
| &nbsp;&nbsp; 46617000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-165, Class XAM, 0.905%, 9/25/34<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 3149696 |
| &nbsp;&nbsp; 177042340 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-172, Class XAM, 0.212%, 8/25/35<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 3681330 |
| &nbsp;&nbsp; 207388029 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-173, Class XAM, 0.246%, 9/25/35<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 4941061 |
| &nbsp;&nbsp; 128872358 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K513, Class X1, 0.690%, 12/25/28<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2192415 |
| &nbsp;&nbsp; 138444523 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K538, Class X1, 0.594%, 1/25/30<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2766869 |
| &nbsp;&nbsp; 523114547 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K542, Class X1, 0.895%, 4/25/30<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 15958185 |
| &nbsp;&nbsp; 82817918 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K546, Class X1, 0.926%, 5/25/30<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2699897 |
| &nbsp;&nbsp; 84509469 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K556, Class X1, 0.325%, 1/25/31<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1143853 |
| &nbsp;&nbsp; 175000000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K557, Class X1, 0.408%, 1/25/31<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2297400 |
| &nbsp;&nbsp; 15100238 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K739, Class X3, 2.804%, 11/25/48<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 474401 |
| &nbsp;&nbsp; 16196664 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K741, Class X3, 2.441%, 3/25/49<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 628976 |
| &nbsp;&nbsp; 16000000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K742, Class X3, 2.671%, 4/25/28<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 785362 |
| &nbsp;&nbsp; 9500000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K743, Class X3, 2.953%, 6/25/49<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 533912 |
| &nbsp;&nbsp; 39018396 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K744, Class X3, 2.968%, 8/25/49<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2248572 |
| &nbsp;&nbsp; 47774075 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K745, Class X3, 2.667%, 9/25/49<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2780805 |
| &nbsp;&nbsp; 146903000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K745, Class XAM, 1.004%, 9/25/28<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 3111244 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Flexible Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 12.8%<br> (Continued)** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 12.8%<br> (Continued)** |
| $155000000 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K746, Class XAM, 0.577%, 10/25/28<sup>(C)(D)(E)</sup> | $1995377 |
| &nbsp;&nbsp; 52159495 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K747, Class X3, 2.546%, 12/25/49<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 3032730 |
| &nbsp;&nbsp; 19560000 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K751, Class X3, 4.847%, 3/25/56<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 3237090 |
| &nbsp;&nbsp; 5122000 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K755, Class X3, 5.645%, 2/25/31<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1180737 |
| &nbsp;&nbsp; 31179400 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K757, Class X3, 5.554%, 10/25/61<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 7671121 |
| &nbsp;&nbsp; 6400000 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K758, Class X3, 5.174%, 11/25/56<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1498456 |
| &nbsp;&nbsp; 27003832 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2020-SB79, Class X1, 0.394%, 7/25/40<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 929512 |
| &nbsp;&nbsp; 66269380 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2020-SB81, Class X1, 0.470%, 10/25/40<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 3167478 |
| &nbsp;&nbsp; 23752753 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2021-SB82, Class X1, 0.740%, 10/25/40<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 515972 |
| &nbsp;&nbsp; 34784365 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2021-SB83, Class X1, 0.756%, 1/25/41<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1057417 |
| &nbsp;&nbsp; 24216929 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2021-SB84, Class X1, 0.088%, 1/25/41<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 482699 |
| &nbsp;&nbsp; 61120415 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2021-SB85, Class X1, 0.063%, 3/25/41<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1871146 |
| &nbsp;&nbsp; 68305019 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2021-SB87, Class X1, 0.653%, 4/25/41<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1892923 |
| &nbsp;&nbsp; 62286296 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2021-SB88, Class X1, 0.707%, 5/25/41<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1696330 |
| &nbsp;&nbsp; 106251007 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2022-SB94, Class X1, 0.010%, 11/25/41<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1311042 |
| &nbsp;&nbsp; 118470482 | &nbsp;&nbsp;FRESB Multifamily Structured Pass Through Certificates, Ser 2021-SB86, Class X1, 0.111%, 3/25/41<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 2439580 |
| &nbsp;&nbsp; 57328962 | &nbsp;&nbsp;FRESB Multifamily Structured Pass Through Certificates, Ser 2021-SB89, Class X1, 0.578%, 6/25/41<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 1314370 |
| &nbsp;&nbsp; 2440901 | &nbsp;&nbsp;GNMA, Ser 2012-147, Class IO, 0.508%, 4/16/54<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 19219 |
| &nbsp;&nbsp; 7153644 | &nbsp;&nbsp;GNMA, Ser 2016-110, Class IO, 0.795%, 5/16/58<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 284804 |
| &nbsp;&nbsp; 16836820 | &nbsp;&nbsp;GNMA, Ser 2016-158, Class IO, 0.741%, 6/16/58<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 573235 |
| &nbsp;&nbsp; 9768199 | &nbsp;&nbsp;GNMA, Ser 2016-52, Class IO, 0.734%, 3/16/58<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 347296 |
| &nbsp;&nbsp; 10497793 | &nbsp;&nbsp;GNMA, Ser 2017-76, Class IO, 0.743%, 12/16/56<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 467729 |
| &nbsp;&nbsp; 12670523 | &nbsp;&nbsp;GNMA, Ser 2017-94, Class IO, 0.602%, 2/16/59<sup>(C)(D)(E)</sup> | &nbsp;&nbsp; 434311 |
|  | &nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$215639686 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 10.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 10.5%** |
| &nbsp;&nbsp; 52970000 | &nbsp;&nbsp;U.S. Treasury Bond, 1.250%, 5/15/50 | &nbsp;&nbsp; 25212478 |
| &nbsp;&nbsp; 53042000 | &nbsp;&nbsp;U.S. Treasury Bond, 1.375%, 8/15/50 | &nbsp;&nbsp; 26013371 |
| &nbsp;&nbsp; 68170000 | &nbsp;&nbsp;U.S. Treasury Bond, 1.625%, 11/15/50 | &nbsp;&nbsp; 35666757 |
| &nbsp;&nbsp; 101275000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.125%, 8/15/53 | &nbsp;&nbsp; 89046835 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$175939441 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 6.2%** | &nbsp;&nbsp;**Asset-Backed Securities — 6.2%** |
| $51684421 | &nbsp;&nbsp;Ally Auto Receivables Trust, Ser 2024-1, Class CERT, 144a, 10.080%, 2/16/32 | $3569274 |
| &nbsp;&nbsp; 1242202 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2024-A, Class D, 144a, 6.315%, 5/17/32 | &nbsp;&nbsp; 1259886 |
| &nbsp;&nbsp; 2977145 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2024-A, Class E, 144a, 7.917%, 5/17/32 | &nbsp;&nbsp; 3037296 |
| &nbsp;&nbsp; 414067 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2024-A, Class F, 144a, 9.892%, 5/17/32 | &nbsp;&nbsp; 426264 |
| &nbsp;&nbsp; 2933847 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2024-B, Class D, 144a, 5.410%, 9/15/32 | &nbsp;&nbsp; 2951833 |
| &nbsp;&nbsp; 2066449 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2024-B, Class E, 144a, 6.678%, 9/15/32 | &nbsp;&nbsp; 2077752 |
| &nbsp;&nbsp; 8122827 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2025-A, Class E, 144a, 6.066%, 6/15/33 | &nbsp;&nbsp; 8145787 |
| &nbsp;&nbsp; 1753792 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2025-A, Class F, 144a, 6.942%, 6/15/33 | &nbsp;&nbsp; 1751184 |
| &nbsp;&nbsp; 3599889 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2025-A, Class G, 144a, 10.219%, 6/15/33 | &nbsp;&nbsp; 3617054 |
| &nbsp;&nbsp; 4981581 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2025-B, Class E, 144a, 6.164%, 9/15/33 | &nbsp;&nbsp; 4994857 |
| &nbsp;&nbsp; 5778481 | &nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Ser 2024-CAR1, Class A, 144a, (SOFR30A + 1.100%), 4.762%, 12/26/31<sup>(C)</sup> | &nbsp;&nbsp; 5793932 |
| &nbsp;&nbsp; 972143 | &nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Ser 2024-CAR1, Class B, 144a, (SOFR30A + 1.300%), 4.962%, 12/26/31<sup>(C)</sup> | &nbsp;&nbsp; 975964 |
| &nbsp;&nbsp; 889758 | &nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Ser 2024-CAR1, Class C, 144a, (SOFR30A + 1.500%), 5.162%, 12/26/31<sup>(C)</sup> | &nbsp;&nbsp; 893022 |
| &nbsp;&nbsp; 247155 | &nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Ser 2024-CAR1, Class D, 144a, (SOFR30A + 2.050%), 5.712%, 12/26/31<sup>(C)</sup> | &nbsp;&nbsp; 248841 |
| &nbsp;&nbsp; 494310 | &nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Ser 2024-CAR1, Class E, 144a, (SOFR30A + 3.600%), 7.262%, 12/26/31<sup>(C)</sup> | &nbsp;&nbsp; 501058 |
| &nbsp;&nbsp; 7545861 | &nbsp;&nbsp;Chase Auto Credit Linked Notes Series, Ser 2025-1, Class B, 144a, 4.753%, 2/25/33 | &nbsp;&nbsp; 7572856 |
| &nbsp;&nbsp; 4150224 | &nbsp;&nbsp;Chase Auto Credit Linked Notes Series, Ser 2025-1, Class E, 144a, 6.024%, 2/25/33 | &nbsp;&nbsp; 4157616 |
| &nbsp;&nbsp; 27000 | &nbsp;&nbsp;Chase Auto Owner Trust, Ser 2024-4A, Class R1, 144a, 8.531%, 11/25/31 | &nbsp;&nbsp; 6505061 |
| &nbsp;&nbsp; 32000 | &nbsp;&nbsp;Chase Auto Owner Trust, Ser 2024-5A, Class R1, 144a, 8.627%, 1/26/32 | &nbsp;&nbsp; 5716496 |
| &nbsp;&nbsp; 449367728 | &nbsp;&nbsp;Chase Auto Owner Trust, Ser 2025-1A, Class AIO, 144a, 1.050%, 10/25/30<sup>(E)</sup> | &nbsp;&nbsp; 4822615 |
| &nbsp;&nbsp; 27000 | &nbsp;&nbsp;Chase Auto Owner Trust, Ser 2025-1A, Class R1, 144a, 7.199%, 11/26/32 | &nbsp;&nbsp; 4445046 |
| &nbsp;&nbsp; 161913054 | &nbsp;&nbsp;Chase Auto Owner Trust, Ser 2025-2A, Class AIO, 144a, 1.000%, 2/25/31<sup>(E)</sup> | &nbsp;&nbsp; 1860494 |
| &nbsp;&nbsp; 25000 | &nbsp;&nbsp;Chase Auto Owner Trust, Ser 2025-2A, Class R1, 144a, 6.920%, 2/25/33 | &nbsp;&nbsp; 4221916 |
| &nbsp;&nbsp; 1984719 | &nbsp;&nbsp;Home Partners of America Trust, Ser 2019-1, Class C, 144a, 3.256%, 9/17/39 | &nbsp;&nbsp; 1936318 |
| &nbsp;&nbsp; 24511 | &nbsp;&nbsp;Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40 | &nbsp;&nbsp; 24532 |
| &nbsp;&nbsp; 1866667 | &nbsp;&nbsp;OHA Credit Partners Ltd. (Cayman Islands), Ser 2023-15RA, Class X, 144a, (TSFR3M + 1.000%), 4.668%, 7/20/38<sup>(C)</sup> | &nbsp;&nbsp; 1866624 |
| &nbsp;&nbsp; 975000 | &nbsp;&nbsp;Progress Residential, Ser 2021-SFR3, Class B, 144a, 1.888%, 5/17/26 | &nbsp;&nbsp; 971126 |
| &nbsp;&nbsp; 2489672 | &nbsp;&nbsp;Progress Residential, Ser 2021-SFR3, Class H, 144a, 4.750%, 5/17/26 | &nbsp;&nbsp; 2480462 |
| &nbsp;&nbsp; 3950000 | &nbsp;&nbsp;Progress Residential Trust, Ser 2021-SFR5, Class D, 144a, 2.109%, 7/17/38 | &nbsp;&nbsp; 3918222 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Flexible Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 6.2% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 6.2% (Continued)** |
| $3328894 | &nbsp;&nbsp;Progress Residential Trust, Ser 2021-SFR6, Class A, 144a, 1.524%, 7/17/38 | $3300726 |
| &nbsp;&nbsp; 40000 | &nbsp;&nbsp;USB Auto Owner Trust, Ser 2025-1A, Class R, 144a, 8.116%, 12/15/32 | &nbsp;&nbsp; 9965871 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;$104009985 |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 4.6%** | &nbsp;&nbsp;**Sovereign Government Obligations — 4.6%** |
| &nbsp;&nbsp; 4200000000 | &nbsp;&nbsp;Bono Del Tesoro Nacional Capitalizable en Pesos, 2.400%, 5/31/27, ARS | &nbsp;&nbsp; 3152632 |
| &nbsp;&nbsp; 2700000000 | &nbsp;&nbsp;Bonos de la Tesoreria de la Republica en pesos, 144a, 5.000%, 10/1/28, CLP | &nbsp;&nbsp; 2971498 |
| &nbsp;&nbsp; 180000000 | &nbsp;&nbsp;Dominican Republic International Bond, 144a, 11.250%, 9/15/35, DOP | &nbsp;&nbsp; 3195112 |
| &nbsp;&nbsp; 275000000 | &nbsp;&nbsp;European Bank for Reconstruction & Development, MTN, 6.750%, 3/14/31, INR | &nbsp;&nbsp; 2754838 |
| &nbsp;&nbsp; 2600000000 | &nbsp;&nbsp;Hungary Government Bond, Ser 31/B, 6.750%, 7/23/31, HUF | &nbsp;&nbsp; 7671102 |
| &nbsp;&nbsp;76000000000 | &nbsp;&nbsp;International Bank for Reconstruction & Development, MTN, 12/6/33, COB<sup>#</sup> | &nbsp;&nbsp; 8310318 |
| &nbsp;&nbsp; 3500000000 | &nbsp;&nbsp;International Bank for Reconstruction & Development, MTN, 12.500%, 7/14/27, KZT | &nbsp;&nbsp; 6894311 |
| &nbsp;&nbsp; 128000000 | &nbsp;&nbsp;International Bank for Reconstruction & Development, MTN, Ser GDIF, 2/8/38, BRL<sup>#</sup> | &nbsp;&nbsp; 6719459 |
| &nbsp;&nbsp; 139000000 | &nbsp;&nbsp;Mexican Bonos, Ser M, 8.000%, 2/21/36, MXN | &nbsp;&nbsp; 7103479 |
| &nbsp;&nbsp;19521000000 | &nbsp;&nbsp;Paraguay Government International Bond, 144a, 8.500%, 4/4/38, PYG | &nbsp;&nbsp; 2961094 |
| &nbsp;&nbsp; 6700000 | &nbsp;&nbsp;Peruvian Government International Bond, 144a, 6.900%, 8/12/37, PEN | &nbsp;&nbsp; 1907231 |
| &nbsp;&nbsp; 14500000 | &nbsp;&nbsp;Republic of Poland Government Bond, Ser 1035, 5.000%, 10/25/35, PLN | &nbsp;&nbsp; 3656288 |
| &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;Republic of South Africa Government Bond, Ser 2037, 8.500%, 1/31/37, ZAR | &nbsp;&nbsp; 5519243 |
| &nbsp;&nbsp; 8700000 | &nbsp;&nbsp;Romania Government Bond, Ser 10Y, 6.700%, 2/25/32, RON | &nbsp;&nbsp; 1917376 |
| &nbsp;&nbsp; 132000000 | &nbsp;&nbsp;Turkiye Government Bond, Ser 2Y, 32.600%, 2/10/27, TRY | &nbsp;&nbsp; 2792920 |
| &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;Ukraine Government International Bond, 144a, 4.500%, 2/1/35<sup>(C)(D)</sup> | &nbsp;&nbsp; 2617301 |
| &nbsp;&nbsp; 120000000 | &nbsp;&nbsp;Uruguay Government International Bond, 8.250%, 5/21/31, UYU | &nbsp;&nbsp; 3049279 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;Venezuela Government International Bond, 6.000%, 12/9/20<sup>(B)</sup> | &nbsp;&nbsp; 950000 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Venezuela Government International Bond, 7.000%, 3/31/38<sup>(B)</sup> | &nbsp;&nbsp; 1222500 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Venezuela Government International Bond, 7.750%, 10/13/19<sup>(B)</sup> | &nbsp;&nbsp; 815000 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Venezuela Government International Bond, 8.250%, 10/13/24<sup>(B)</sup> | &nbsp;&nbsp; 853000 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Venezuela Government International Bond, 12.750%, 8/23/22<sup>(B)</sup> | &nbsp;&nbsp; 1005000 |
|  | &nbsp;&nbsp;**Total Sovereign Government Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$78038981 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Exchange-Traded Funds — 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707895 | &nbsp;&nbsp;Invesco Preferred ETF<sup>†</sup> | &nbsp;&nbsp; 7701898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322581 | &nbsp;&nbsp;JPMorgan Ultra-Short Income ETF | &nbsp;&nbsp; 16325824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253179 | &nbsp;&nbsp;State Street Blackstone Senior Loan ETF | &nbsp;&nbsp; 10162605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795624 | &nbsp;&nbsp;State Street SPDR Portfolio Long Term Corporate Bond ETF | &nbsp;&nbsp; 17678765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037594 | &nbsp;&nbsp;VanEck Long Muni ETF<sup>†</sup> | &nbsp;&nbsp; 18095639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43791 | &nbsp;&nbsp;Vanguard Long-Term Corporate Bond ETF<sup>†</sup> | &nbsp;&nbsp; 3272064 |
|  | &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$73236795 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Preferred Stocks — 3.3%** |  |
|  | &nbsp;&nbsp;**Financials — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170414 | &nbsp;&nbsp;AGNC Investment Corp. REIT, Ser F, (TSFR3M + 4.959%), 8.641%<sup>(A)†</sup> | $4135948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146640 | &nbsp;&nbsp;AGNC Investment Corp. REIT, Ser H, 8.750%<sup>(A)†</sup> | &nbsp;&nbsp; 3692395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146575 | &nbsp;&nbsp;Allstate Corp. (The), Ser J, 7.375%<sup>(A)</sup> | &nbsp;&nbsp; 3728868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108246 | &nbsp;&nbsp;Annaly Capital Management, Inc. REIT, Ser I, (TSFR3M + 5.251%), 8.933%<sup>(A)</sup> | &nbsp;&nbsp; 2682336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235382 | &nbsp;&nbsp;Brookfield Oaktree Holdings LLC, Ser B, 6.550%<sup>(A)</sup> | &nbsp;&nbsp; 4766486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163194 | &nbsp;&nbsp;Carlyle Finance LLC, 4.625%, 5/15/61<sup>(A)</sup> | &nbsp;&nbsp; 2855895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104056 | &nbsp;&nbsp;KKR Group Finance Co. IX LLC, 4.625%, 4/1/61<sup>(A)†</sup> | &nbsp;&nbsp; 1664896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303742 | &nbsp;&nbsp;Lincoln National Corp., Ser D, 9.000%<sup>(A)†</sup> | &nbsp;&nbsp; 7939816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53686 | &nbsp;&nbsp;Oaktree Capital Group LLC, Ser A, 6.625%<sup>(A)</sup> | &nbsp;&nbsp; 1085531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186953 | &nbsp;&nbsp;Reinsurance Group of America, Inc., 7.125%, 10/15/52<sup>(A)</sup> | &nbsp;&nbsp; 4750476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31244 | &nbsp;&nbsp;Reinsurance Group of America, Inc., 5.750%, 6/15/56<sup>(A)</sup> | &nbsp;&nbsp; 778600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;Rithm Capital Corp. REIT, Ser D, 7.000%<sup>(A)</sup> | &nbsp;&nbsp; 7055700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192373 | &nbsp;&nbsp;Virtus Convertible & Income Fund, Ser A, 5.625%<sup>(A)</sup> | &nbsp;&nbsp; 3987892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7379 | &nbsp;&nbsp;Virtus Convertible & Income Fund II, 5.500%<sup>(A)</sup> | &nbsp;&nbsp; 148908 |
|  |  | &nbsp;&nbsp; 49273747 |
|  | &nbsp;&nbsp;**Utilities — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316505 | &nbsp;&nbsp;Brookfield Renewable Partners LP (Canada), Ser 17, 5.250%<sup>(A)</sup> | &nbsp;&nbsp; 5481866 |
|  | &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;$54755613 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  |  |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 0.0%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 0.0%** |
| $28048708 | &nbsp;&nbsp;BANK, Ser 2020-BN26, Class XA, 1.190%, 3/15/63<sup>(C)(D)(E)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956231 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of<br> Contracts** |  | **Notional<br> Amount** |  |
|  | &nbsp;&nbsp;**Purchased Options — 0.1%** |  |  |
|  | &nbsp;&nbsp;**Purchased Call Options — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF, Strike @91.00, Exp 05/26 | $3000000 | &nbsp;&nbsp; 690000 |
|  | &nbsp;&nbsp;**Total Purchased Options** | &nbsp;&nbsp;**Total Purchased Options** | &nbsp;&nbsp; $690000 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60517545 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.53%<sup>∞Ω</sup> | &nbsp;&nbsp; 60517545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16525937 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 3.58%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 16525937 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$77043482 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.2%<br> (Cost $1,702,426,771)** | $1680536860 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.2%)** | &nbsp;&nbsp;&nbsp; (2871277) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $1677665583 |

---

*(A)* *Perpetual Bond - A bond or preferred stock with no definite maturity date.* 

*(B)* *The issuer is in default of certain debt covenants. Income is not being accrued.* 

*(C)* *Variable rate security - Rate reflected is the rate in effect as of March 31, 2026.* 

*(D)* *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.* 

*(E)* *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.* 

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Flexible Income Fund (Continued)

---

| | |
|:---|:---|
| *\*\** | *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, 2026 was $15,970,323.* |
| *#* | *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, 2026.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ARS – Argentine Peso* |
| *BRL – Brazilian Real* |
| *CLP – Chilean Peso* |
| *COB – Colombian Peso* |
| *DOP – Dominican Peso* |
| *EGP – Egyptian Pound* |
| *ETF – Exchange-Traded Fund* |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *FRESB – Freddie Mac Multifamily Securitization Small Balance Loan* |
| *GNMA – Government National Mortgage Association* |
| *HUF – Hungarian Forint* |
| *INR – Indian Rupee* |
| *IO – Interest Only* |
| *KZT – Kazakhstan Tenge* |
| *LLC – Limited Liability Company* |
| *LP – Limited Partnership* |
| *MTN – Medium Term Note* |
| *MXN – Mexican Peso* |
| *NGN – Nigerian Naira* |
| *PEN – Peruvian Nuevo Sol* |
| *PLC – Public Limited Company* |
| *PLN – Polish Zloty* |
| *PYG – Paraguayan Guaraní* |
| *REIT – Real Estate Investment Trust* |
| *RON – New Romanian Leu* |
| *SOFR30A – Secured Overnight Financing Rate 30 Day Average* |
| *SPDR – Standard & Poor's Depositary Receipt* |
| *STACR – Structured Agency Credit Risk* |
| *TRY – Turkish Lira* |
| *TSFR12M – Twelve Month Term Secured Overnight Financing Rate* |
| *TSFR1M – One Month Term Secured Overnight Financing Rate* |
| *TSFR3M – Three Month Term Secured Overnight Financing Rate* |
| *UYU – Uruguayan Peso* |
| *ZAR – South African Rand* |
| *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, 2026, these securities were valued at $476,840,427 or 28.4% 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* | *$—* | *$551333887* | *$—* | *$551333887* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*348892759* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*348892759* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*215639686* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*215639686* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*175939441* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*175939441* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*104009985* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*104009985* |
| *Sovereign Government Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*78038981* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*78038981* |
| *Exchange-Traded Funds* | &nbsp;&nbsp;&nbsp;&nbsp;*73236795* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*73236795* |
| *Preferred Stocks* | &nbsp;&nbsp;&nbsp;&nbsp;*54755613* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*54755613* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*956231* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*956231* |
| *Purchased Call Options* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Equity contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*690000* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*690000* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;&nbsp;*77043482* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*77043482* |
| *Total* | *$205725890* | *$1474810970* | *$—* | *$1680536860* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Portfolio of Investments

Touchstone Focused Fund – March 31, 2026

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.4%** |  |
|  | &nbsp;&nbsp;**Information Technology — 30.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;351529 | &nbsp;&nbsp;Apple, Inc. | $89214545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76620 | &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp; 26187950 |
| &nbsp;&nbsp;&nbsp;&nbsp;266472 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 98639940 |
| &nbsp;&nbsp;&nbsp;&nbsp;378941 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 66087311 |
| &nbsp;&nbsp;&nbsp;&nbsp;174128 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 25615970 |
| &nbsp;&nbsp;&nbsp;&nbsp;113560 | &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp; 21198245 |
| &nbsp;&nbsp;&nbsp;&nbsp;104887 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR | &nbsp;&nbsp; 35446562 |
| &nbsp;&nbsp;&nbsp;&nbsp;106327 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 20642324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89583 | &nbsp;&nbsp;Workday, Inc. - Class A\* | &nbsp;&nbsp; 11638623 |
|  |  | &nbsp;&nbsp; 394671470 |
|  | &nbsp;&nbsp;**Communication Services — 16.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;388808 | &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp; 111533463 |
| &nbsp;&nbsp;&nbsp;&nbsp;415250 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 11921828 |
| &nbsp;&nbsp;&nbsp;&nbsp;134663 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 77044742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98280 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 9449622 |
|  |  | &nbsp;&nbsp; 209949655 |
|  | &nbsp;&nbsp;**Financials — 13.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;748902 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 36508972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39419 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | &nbsp;&nbsp; 18889585 |
| &nbsp;&nbsp;&nbsp;&nbsp;297862 | &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp; 27993071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14440 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 12216096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64909 | &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp; 19526574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13854 | &nbsp;&nbsp;Markel Group, Inc.\* | &nbsp;&nbsp; 26517526 |
| &nbsp;&nbsp;&nbsp;&nbsp;100160 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 30272358 |
|  |  | &nbsp;&nbsp; 171924182 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 10.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;166869 | &nbsp;&nbsp;Airbnb, Inc. - Class A\* | &nbsp;&nbsp; 21072217 |
| &nbsp;&nbsp;&nbsp;&nbsp;315140 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 65634208 |
| &nbsp;&nbsp;&nbsp;&nbsp;206190 | &nbsp;&nbsp;Choice Hotels International, Inc.<sup>†</sup> | &nbsp;&nbsp; 21340665 |
| &nbsp;&nbsp;&nbsp;&nbsp;282725 | &nbsp;&nbsp;Floor & Decor Holdings, Inc. - Class A\* | &nbsp;&nbsp; 14362430 |
| &nbsp;&nbsp;&nbsp;&nbsp;160379 | &nbsp;&nbsp;Frontdoor, Inc.\* | &nbsp;&nbsp; 8477634 |
|  |  | &nbsp;&nbsp; 130887154 |
|  | &nbsp;&nbsp;**Health Care — 9.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;124606 | &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp; 19591801 |
| &nbsp;&nbsp;&nbsp;&nbsp;129243 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp; 7300937 |
| &nbsp;&nbsp;&nbsp;&nbsp;294129 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 17838924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31155 | &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp; 14743792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81099 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 19823840 |
| &nbsp;&nbsp;&nbsp;&nbsp;299617 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 25961813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54266 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 14683837 |
|  |  | &nbsp;&nbsp; 119944944 |
|  | &nbsp;&nbsp;**Industrials — 8.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;123760 | &nbsp;&nbsp;Boeing Co. (The)\* | &nbsp;&nbsp; 24631953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30301 | &nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 17068553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22950 | &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp; 11262483 |
| &nbsp;&nbsp;&nbsp;&nbsp;396296 | &nbsp;&nbsp;QXO, Inc.\* | &nbsp;&nbsp; 7696068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83562 | &nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp; 15647820 |
| &nbsp;&nbsp;&nbsp;&nbsp;164379 | &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 11107089 |
| &nbsp;&nbsp;&nbsp;&nbsp;122445 | &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 8700942 |
| &nbsp;&nbsp;&nbsp;&nbsp;135228 | &nbsp;&nbsp;Uber Technologies, Inc.\* | &nbsp;&nbsp; 9726950 |
|  |  | &nbsp;&nbsp; 105841858 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.4% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 5.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;273492 | &nbsp;&nbsp;Coca-Cola Femsa SAB de CV (Mexico) ADR | $26679145 |
| &nbsp;&nbsp;&nbsp;&nbsp;187896 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 13614944 |
| &nbsp;&nbsp;&nbsp;&nbsp;219156 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 36235253 |
|  |  | &nbsp;&nbsp; 76529342 |
|  | &nbsp;&nbsp;**Energy — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;251542 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 42676616 |
|  | &nbsp;&nbsp;**Real Estate — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70700 | &nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp; 21515424 |
|  | &nbsp;&nbsp;**Materials — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;140564 | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 10197918 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $1284138563 |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 2.8%** |  |
| 21083456 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.53%<sup>∞Ω</sup> | &nbsp;&nbsp; 21083456 |
| 15508432 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 3.58%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 15508432 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$36591888 |
|  | &nbsp;&nbsp;**Total Investment Securities—101.2%<br> (Cost $622,146,018)** | $1320730451 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (1.2%)** | &nbsp;&nbsp;&nbsp; (15240093) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $1305490358 |

---

---

| | |
|:---|:---|
| *\** | *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, 2026 was $15,536,903.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2026.* |

---

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$1284138563* | *$—* | *$—* | *$1284138563* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*36591888* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*36591888* |
| *Total* | *$1320730451* | *$—* | *$—* | *$1320730451* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Portfolio of Investments

Touchstone Mid Cap Growth Fund – March 31, 2026

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.6%** |  |
|  | &nbsp;&nbsp;**Industrials — 30.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;114882 | &nbsp;&nbsp;AMETEK, Inc. | $24626105 |
| &nbsp;&nbsp;&nbsp;&nbsp;132081 | &nbsp;&nbsp;Axon Enterprise, Inc.\* | &nbsp;&nbsp; 56093480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28722 | &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp; 39607351 |
| &nbsp;&nbsp;&nbsp;&nbsp;635034 | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp; 26068146 |
| &nbsp;&nbsp;&nbsp;&nbsp;246496 | &nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp; 11437414 |
| &nbsp;&nbsp;&nbsp;&nbsp;114252 | &nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp; 27991740 |
| &nbsp;&nbsp;&nbsp;&nbsp;485685 | &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp; 111930965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88341 | &nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 18719458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89135 | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp; 48936898 |
| &nbsp;&nbsp;&nbsp;&nbsp;340699 | &nbsp;&nbsp;Rocket Lab Corp.\* | &nbsp;&nbsp; 21879690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73293 | &nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp; 26303392 |
| &nbsp;&nbsp;&nbsp;&nbsp;507475 | &nbsp;&nbsp;Vertiv Holdings Co. - Class A | &nbsp;&nbsp; 127163085 |
|  |  | &nbsp;&nbsp; 540757724 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 17.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;547090 | &nbsp;&nbsp;Amer Sports, Inc. (Finland)\* | &nbsp;&nbsp; 18010203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8477 | &nbsp;&nbsp;AutoZone, Inc.\* | &nbsp;&nbsp; 28633441 |
| &nbsp;&nbsp;&nbsp;&nbsp;173520 | &nbsp;&nbsp;DoorDash, Inc. - Class A\* | &nbsp;&nbsp; 26054028 |
| &nbsp;&nbsp;&nbsp;&nbsp;139046 | &nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp; 32260063 |
| &nbsp;&nbsp;&nbsp;&nbsp;179854 | &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 54690004 |
| &nbsp;&nbsp;&nbsp;&nbsp;188967 | &nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp; 40935921 |
| &nbsp;&nbsp;&nbsp;&nbsp;202036 | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 55596267 |
| &nbsp;&nbsp;&nbsp;&nbsp;367240 | &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp; 51821236 |
|  |  | &nbsp;&nbsp; 308001163 |
|  | &nbsp;&nbsp;**Health Care — 15.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96500 | &nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.\* | &nbsp;&nbsp; 31928955 |
| &nbsp;&nbsp;&nbsp;&nbsp;334360 | &nbsp;&nbsp;Ascendis Pharma A/S (Denmark) ADR\* | &nbsp;&nbsp; 76478163 |
| &nbsp;&nbsp;&nbsp;&nbsp;171101 | &nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp; 53749668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51459 | &nbsp;&nbsp;IDEXX Laboratories, Inc.\* | &nbsp;&nbsp; 28914298 |
| &nbsp;&nbsp;&nbsp;&nbsp;250764 | &nbsp;&nbsp;Insmed, Inc.\* | &nbsp;&nbsp; 41004929 |
| &nbsp;&nbsp;&nbsp;&nbsp;480933 | &nbsp;&nbsp;Legend Biotech Corp. ADR\* | &nbsp;&nbsp; 8700078 |
| &nbsp;&nbsp;&nbsp;&nbsp;159250 | &nbsp;&nbsp;Natera, Inc.\* | &nbsp;&nbsp; 31848407 |
| &nbsp;&nbsp;&nbsp;&nbsp;120829 | &nbsp;&nbsp;Revolution Medicines, Inc.\* | &nbsp;&nbsp; 11750620 |
|  |  | &nbsp;&nbsp; 284375118 |
|  | &nbsp;&nbsp;**Information Technology — 13.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;106165 | &nbsp;&nbsp;Astera Labs, Inc.\* | &nbsp;&nbsp; 11635684 |
| &nbsp;&nbsp;&nbsp;&nbsp;211947 | &nbsp;&nbsp;Cloudflare, Inc. - Class A\* | &nbsp;&nbsp; 43733144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38825 | &nbsp;&nbsp;Coherent Corp.\* | &nbsp;&nbsp; 9248503 |
| &nbsp;&nbsp;&nbsp;&nbsp;145391 | &nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp; 17045641 |
| &nbsp;&nbsp;&nbsp;&nbsp;323662 | &nbsp;&nbsp;Everpure, Inc. - Class A\* | &nbsp;&nbsp; 19109004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14461 | &nbsp;&nbsp;Fair Isaac Corp.\* | &nbsp;&nbsp; 15437696 |
| &nbsp;&nbsp;&nbsp;&nbsp;240873 | &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp; 23858471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64181 | &nbsp;&nbsp;MongoDB, Inc.\* | &nbsp;&nbsp; 15709583 |
| &nbsp;&nbsp;&nbsp;&nbsp;100228 | &nbsp;&nbsp;NXP Semiconductors NV (Netherlands) | &nbsp;&nbsp; 19730884 |
| &nbsp;&nbsp;&nbsp;&nbsp;793102 | &nbsp;&nbsp;Samsara, Inc. - Class A\* | &nbsp;&nbsp; 25133402 |
| &nbsp;&nbsp;&nbsp;&nbsp;125979 | &nbsp;&nbsp;Snowflake, Inc. - Class A\* | &nbsp;&nbsp; 19000153 |
| &nbsp;&nbsp;&nbsp;&nbsp;134299 | &nbsp;&nbsp;Zscaler, Inc.\* | &nbsp;&nbsp; 18840807 |
|  |  | &nbsp;&nbsp; 238482972 |
|  | &nbsp;&nbsp;**Financials — 12.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;362084 | &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp; 27246821 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.6% (Continued)** |  |
|  | &nbsp;&nbsp;**Financials — 12.7% (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;391800 | &nbsp;&nbsp;Ares Management Corp. - Class A | $42745380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57440 | &nbsp;&nbsp;Corpay, Inc.\* | &nbsp;&nbsp; 16714466 |
| &nbsp;&nbsp;&nbsp;&nbsp;408044 | &nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp; 18957724 |
| &nbsp;&nbsp;&nbsp;&nbsp;130732 | &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp; 39328108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48331 | &nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp; 21084399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84147 | &nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp; 45356074 |
| &nbsp;&nbsp;&nbsp;&nbsp;249577 | &nbsp;&nbsp;Robinhood Markets, Inc. - Class A\* | &nbsp;&nbsp; 17295686 |
|  |  | &nbsp;&nbsp; 228728658 |
|  | &nbsp;&nbsp;**Energy — 4.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91514 | &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp; 25968013 |
| &nbsp;&nbsp;&nbsp;&nbsp;143803 | &nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp; 28442795 |
| &nbsp;&nbsp;&nbsp;&nbsp;120830 | &nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp; 30295706 |
|  |  | &nbsp;&nbsp; 84706514 |
|  | &nbsp;&nbsp;**Communication Services — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;316930 | &nbsp;&nbsp;Live Nation Entertainment, Inc.\* | &nbsp;&nbsp; 48334994 |
|  | &nbsp;&nbsp;**Utilities — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;213529 | &nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp; 32099815 |
|  | &nbsp;&nbsp;**Materials — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;169559 | &nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp; 9966678 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $1775453636 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.3%** |  |
| 23320169 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.53%<sup>∞Ω</sup> | &nbsp;&nbsp; 23320169 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.9%<br> (Cost $1,575,284,848)** | $1798773805 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.1%** | &nbsp;&nbsp; 1569379 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $1800343184 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2026.* |

---

---

| |
|:---|
| ***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* | *$1775453636* | *$—* | *$—* | *$1775453636* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*23320169* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*23320169* |
| *Total* | *$1798773805* | *$—* | *$—* | *$1798773805* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Portfolio of Investments

Touchstone Non-US Equity Fund – March 31, 2026

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.0%** |  |
|  | &nbsp;&nbsp;**Japan — 17.3%** |  |
|  | &nbsp;&nbsp;**Communication Services — 4.5%** |  |
| 1636300 | &nbsp;&nbsp;KDDI Corp. | $27860840 |
| &nbsp;&nbsp;&nbsp;&nbsp;561800 | &nbsp;&nbsp;Nintendo Co. Ltd. | &nbsp;&nbsp; 32070714 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.8%** |  |
| 1037900 | &nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp; 13013277 |
| 1137400 | &nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp; 23706529 |
|  | &nbsp;&nbsp;**Financials — 2.5%** |  |
| 1924200 | &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 32584277 |
|  | &nbsp;&nbsp;**Industrials — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;607900 | &nbsp;&nbsp;Hitachi Ltd. | &nbsp;&nbsp; 17833045 |
|  | &nbsp;&nbsp;**Information Technology — 4.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54200 | &nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp; 19290179 |
| &nbsp;&nbsp;&nbsp;&nbsp;715400 | &nbsp;&nbsp;Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 16051593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89400 | &nbsp;&nbsp;Tokyo Electron Ltd. | &nbsp;&nbsp; 22211515 |
|  | &nbsp;&nbsp;**Materials — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 24431288 |
|  | &nbsp;&nbsp;Total Japan | &nbsp;&nbsp; 229053257 |
|  | &nbsp;&nbsp;**Sweden — 9.2%** |  |
|  | &nbsp;&nbsp;**Financials — 5.6%** |  |
| 2344839 | &nbsp;&nbsp;Svenska Handelsbanken AB - Class A<sup>†</sup> | &nbsp;&nbsp; 30913711 |
| 1276973 | &nbsp;&nbsp;Swedbank AB - Class A<sup>†</sup> | &nbsp;&nbsp; 43523741 |
|  | &nbsp;&nbsp;**Industrials — 3.6%** |  |
| 1536453 | &nbsp;&nbsp;Atlas Copco AB - Class A | &nbsp;&nbsp; 27113520 |
| &nbsp;&nbsp;&nbsp;&nbsp;852069 | &nbsp;&nbsp;Epiroc AB - Class A | &nbsp;&nbsp; 20975252 |
|  | &nbsp;&nbsp;Total Sweden | &nbsp;&nbsp; 122526224 |
|  | &nbsp;&nbsp;**United Kingdom — 8.7%** |  |
|  | &nbsp;&nbsp;**Financials — 2.4%** |  |
| 25753764 | &nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp; 31920115 |
|  | &nbsp;&nbsp;**Health Care — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13686 | &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp; 2676160 |
| &nbsp;&nbsp;&nbsp;&nbsp;126202 | &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp; 24889559 |
|  | &nbsp;&nbsp;**Industrials — 4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;512628 | &nbsp;&nbsp;RELX PLC | &nbsp;&nbsp; 16794908 |
| 3281497 | &nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp; 20364732 |
| 1276439 | &nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp; 19392204 |
|  | &nbsp;&nbsp;Total United Kingdom | &nbsp;&nbsp; 116037678 |
|  | &nbsp;&nbsp;**France — 7.9%** |  |
|  | &nbsp;&nbsp;**Energy — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;454466 | &nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp; 41347317 |
|  | &nbsp;&nbsp;**Industrials — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;202457 | &nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp; 16762313 |
|  | &nbsp;&nbsp;**Materials — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;227319 | &nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp; 46986497 |
|  | &nbsp;&nbsp;Total France | &nbsp;&nbsp; 105096127 |
|  | &nbsp;&nbsp;**Netherlands — 7.2%** |  |
|  | &nbsp;&nbsp;**Energy — 4.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;570116 | &nbsp;&nbsp;Shell PLC ADR | &nbsp;&nbsp; 53020788 |
|  | &nbsp;&nbsp;**Financials — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12358 | &nbsp;&nbsp;Adyen NV, 144a\* | &nbsp;&nbsp; 12368509 |
|  | &nbsp;&nbsp;**Information Technology — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22525 | &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 29751696 |
|  | &nbsp;&nbsp;Total Netherlands | &nbsp;&nbsp; 95140993 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Taiwan — 5.6%** |  |
|  | &nbsp;&nbsp;**Information Technology — 5.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;218572 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | $73866407 |
|  | &nbsp;&nbsp;**South Korea — 5.6%** |  |
|  | &nbsp;&nbsp;**Communication Services — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;779584 | &nbsp;&nbsp;KT Corp. ADR\* | &nbsp;&nbsp; 16722077 |
| &nbsp;&nbsp;&nbsp;&nbsp;350230 | &nbsp;&nbsp;KT Corp. | &nbsp;&nbsp; 14012131 |
|  | &nbsp;&nbsp;**Information Technology — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;368555 | &nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 43106706 |
|  | &nbsp;&nbsp;Total South Korea | &nbsp;&nbsp; 73840914 |
|  | &nbsp;&nbsp;**United States — 5.3%** |  |
|  | &nbsp;&nbsp;**Health Care — 3.0%** |  |
| 2363264 | &nbsp;&nbsp;Haleon PLC ADR<sup>†</sup> | &nbsp;&nbsp; 23656272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40553 | &nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp; 16184331 |
|  | &nbsp;&nbsp;**Industrials — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;542844 | &nbsp;&nbsp;Experian PLC | &nbsp;&nbsp; 18779415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43469 | &nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp; 11840156 |
|  | &nbsp;&nbsp;Total United States | &nbsp;&nbsp; 70460174 |
|  | &nbsp;&nbsp;**China — 5.3%** |  |
|  | &nbsp;&nbsp;**Communication Services — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;673081 | &nbsp;&nbsp;Tencent Holdings Ltd. ADR | &nbsp;&nbsp; 42552181 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;216062 | &nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | &nbsp;&nbsp; 27107138 |
|  | &nbsp;&nbsp;Total China | &nbsp;&nbsp; 69659319 |
|  | &nbsp;&nbsp;**Germany — 5.0%** |  |
|  | &nbsp;&nbsp;**Industrials — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62004 | &nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp; 22620231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67531 | &nbsp;&nbsp;Siemens AG | &nbsp;&nbsp; 16452854 |
|  | &nbsp;&nbsp;**Materials — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;129429 | &nbsp;&nbsp;Heidelberg Materials AG | &nbsp;&nbsp; 27314242 |
|  | &nbsp;&nbsp;Total Germany | &nbsp;&nbsp; 66387327 |
|  | &nbsp;&nbsp;**Singapore — 3.8%** |  |
|  | &nbsp;&nbsp;**Financials — 3.8%** |  |
| 2969400 | &nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 50741011 |
|  | &nbsp;&nbsp;**Ireland — 3.5%** |  |
|  | &nbsp;&nbsp;**Industrials — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;335982 | &nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp; 46090011 |
|  | &nbsp;&nbsp;**Italy — 3.1%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59776 | &nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp; 20231187 |
|  | &nbsp;&nbsp;**Financials — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;941188 | &nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 20940236 |
|  | &nbsp;&nbsp;Total Italy | &nbsp;&nbsp; 41171423 |
|  | &nbsp;&nbsp;**Hong Kong — 2.9%** |  |
|  | &nbsp;&nbsp;**Financials — 2.9%** |  |
| 3406200 | &nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp; 37847405 |
|  | &nbsp;&nbsp;**Switzerland — 2.4%** |  |
|  | &nbsp;&nbsp;**Health Care — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27770 | &nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp; 17814972 |
|  | &nbsp;&nbsp;**Industrials — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;175952 | &nbsp;&nbsp;ABB Ltd. ADR | &nbsp;&nbsp; 14160617 |
|  | &nbsp;&nbsp;Total Switzerland | &nbsp;&nbsp; 31975589 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Non-US Equity Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Austria — 1.8%** |  |
|  | &nbsp;&nbsp;**Financials — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;222354 | &nbsp;&nbsp;Erste Group Bank AG | $24019854 |
|  | &nbsp;&nbsp;**India — 1.2%** |  |
|  | &nbsp;&nbsp;**Financials — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;632419 | &nbsp;&nbsp;ICICI Bank Ltd. ADR | &nbsp;&nbsp; 16379652 |
|  | &nbsp;&nbsp;**Brazil — 1.2%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9058 | &nbsp;&nbsp;MercadoLibre, Inc.\* | &nbsp;&nbsp; 15661463 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $1285954828 |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 7.4%** |  |
| 34184277 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.53%<sup>∞Ω</sup> | &nbsp;&nbsp; 34184277 |
| 63131975 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 3.58%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 63131975 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$97316252 |
|  | &nbsp;&nbsp;**Total Investment Securities — 104.4%<br> (Cost $1,078,548,296)** | $1383271080 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (4.4)%** | &nbsp;&nbsp;&nbsp; (57720616) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $1325550464 |

---

---

| | |
|:---|:---|
| *\** | *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, 2026 was $61,620,886.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2026.* |

---

---

| |
|:---|
| ***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, 2026, these securities were valued at $12,368,509 or 0.9% 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*** |
| *Common Stocks* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Japan* | *$—* | *$229053257* | *$—* | *$229053257* |
| &nbsp;&nbsp;&nbsp;*Sweden* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*122526224* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*122526224* |
| &nbsp;&nbsp;&nbsp;*United Kingdom* | &nbsp;&nbsp;&nbsp;&nbsp;*24889559* | &nbsp;&nbsp;&nbsp;&nbsp;*91148119* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*116037678* |
| &nbsp;&nbsp;&nbsp;*France* | &nbsp;&nbsp;&nbsp;&nbsp;*41347317* | &nbsp;&nbsp;&nbsp;&nbsp;*63748810* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*105096127* |
| &nbsp;&nbsp;&nbsp;*Netherlands* | &nbsp;&nbsp;&nbsp;&nbsp;*82772484* | &nbsp;&nbsp;&nbsp;&nbsp;*12368509* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*95140993* |
| &nbsp;&nbsp;&nbsp;*Taiwan* | &nbsp;&nbsp;&nbsp;&nbsp;*73866407* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*73866407* |
| &nbsp;&nbsp;&nbsp;*South Korea* | &nbsp;&nbsp;&nbsp;&nbsp;*16722077* | &nbsp;&nbsp;&nbsp;&nbsp;*57118837* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*73840914* |
| &nbsp;&nbsp;&nbsp;*United States* | &nbsp;&nbsp;&nbsp;&nbsp;*23656272* | &nbsp;&nbsp;&nbsp;&nbsp;*46803902* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*70460174* |
| &nbsp;&nbsp;&nbsp;*China* | &nbsp;&nbsp;&nbsp;&nbsp;*69659319* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*69659319* |
| &nbsp;&nbsp;&nbsp;*Germany* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*66387327* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*66387327* |
| &nbsp;&nbsp;&nbsp;*Singapore* | &nbsp;&nbsp;&nbsp;&nbsp;*50741011* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*50741011* |
| &nbsp;&nbsp;&nbsp;*Ireland* | &nbsp;&nbsp;&nbsp;&nbsp;*46090011* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*46090011* |
| &nbsp;&nbsp;&nbsp;*Italy* | &nbsp;&nbsp;&nbsp;&nbsp;*20231187* | &nbsp;&nbsp;&nbsp;&nbsp;*20940236* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*41171423* |
| &nbsp;&nbsp;&nbsp;*Hong Kong* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*37847405* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*37847405* |
| &nbsp;&nbsp;&nbsp;*Switzerland* | &nbsp;&nbsp;&nbsp;&nbsp;*14160617* | &nbsp;&nbsp;&nbsp;&nbsp;*17814972* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*31975589* |
| &nbsp;&nbsp;&nbsp;*Austria* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*24019854* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*24019854* |
| &nbsp;&nbsp;&nbsp;*India* | &nbsp;&nbsp;&nbsp;&nbsp;*16379652* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*16379652* |
| &nbsp;&nbsp;&nbsp;*Brazil* | &nbsp;&nbsp;&nbsp;&nbsp;*15661463* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*15661463* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;&nbsp;*97316252* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*97316252* |
| *Total* | *$593493628* | *$789777452* | *$—* | *$1383271080* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Portfolio of Investments

Touchstone Sands Capital Emerging Markets Growth Fund – March 31, 2026

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.0%** |  |
|  | &nbsp;&nbsp;**China — 22.5%** |  |
|  | &nbsp;&nbsp;**Communication Services — 5.0%** |  |
| 1588842 | &nbsp;&nbsp;Tencent Holdings Ltd. | $100212048 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 9.4%** |  |
| 3161500 | &nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp; 49554898 |
| 4126323 | &nbsp;&nbsp;ANTA Sports Products Ltd. | &nbsp;&nbsp; 40337578 |
| 2141500 | &nbsp;&nbsp;BYD Co. Ltd. Class H | &nbsp;&nbsp; 29277170 |
| 10953810 | &nbsp;&nbsp;H World Group Ltd. | &nbsp;&nbsp; 55417003 |
| 1272100 | &nbsp;&nbsp;Meituan - Class B, 144a\* | &nbsp;&nbsp; 13881474 |
|  | &nbsp;&nbsp;**Industrials — 4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;962894 | &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. - Class A | &nbsp;&nbsp; 56970647 |
| 4361768 | &nbsp;&nbsp;DiDi Global, Inc. ADR\* | &nbsp;&nbsp; 17926866 |
| 1905076 | &nbsp;&nbsp;Full Truck Alliance Co. Ltd. ADR | &nbsp;&nbsp; 15812131 |
|  | &nbsp;&nbsp;**Information Technology — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;445623 | &nbsp;&nbsp;Advanced Micro-Fabrication Equipment, Inc. China - Class A | &nbsp;&nbsp; 20140980 |
| &nbsp;&nbsp;&nbsp;&nbsp;315731 | &nbsp;&nbsp;NAURA Technology Group Co. Ltd. - Class A | &nbsp;&nbsp; 20763502 |
| 7147600 | &nbsp;&nbsp;Xiaomi Corp. - Class B, 144a\* | &nbsp;&nbsp; 29524320 |
|  | &nbsp;&nbsp;Total China | &nbsp;&nbsp; 449818617 |
|  | &nbsp;&nbsp;**Taiwan — 19.3%** |  |
|  | &nbsp;&nbsp;**Information Technology — 19.3%** |  |
| 1108000 | &nbsp;&nbsp;Delta Electronics, Inc. | &nbsp;&nbsp; 49960131 |
| &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;eMemory Technology, Inc. | &nbsp;&nbsp; 27246727 |
| &nbsp;&nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp; 23359040 |
| 3061000 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 177031481 |
| &nbsp;&nbsp;&nbsp;&nbsp;323155 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp; 109210232 |
|  | &nbsp;&nbsp;Total Taiwan | &nbsp;&nbsp; 386807611 |
|  | &nbsp;&nbsp;**South Korea — 15.7%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.1%** |  |
| 2165230 | &nbsp;&nbsp;Coupang, Inc.\* | &nbsp;&nbsp; 40879542 |
|  | &nbsp;&nbsp;**Consumer Staples — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;115923 | &nbsp;&nbsp;Cosmax, Inc. | &nbsp;&nbsp; 14872111 |
|  | &nbsp;&nbsp;**Information Technology — 12.9%** |  |
| 1431230 | &nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 167398653 |
| &nbsp;&nbsp;&nbsp;&nbsp;159666 | &nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp; 90588920 |
|  | &nbsp;&nbsp;Total South Korea | &nbsp;&nbsp; 313739226 |
|  | &nbsp;&nbsp;**India — 14.8%** |  |
|  | &nbsp;&nbsp;**Communication Services — 2.3%** |  |
| 2390615 | &nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp; 45429797 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;328847 | &nbsp;&nbsp;Amber Enterprises India Ltd.\* | &nbsp;&nbsp; 22968501 |
| 7743869 | &nbsp;&nbsp;Eternal Ltd.\* | &nbsp;&nbsp; 19051680 |
| &nbsp;&nbsp;&nbsp;&nbsp;503846 | &nbsp;&nbsp;Titan Co. Ltd. | &nbsp;&nbsp; 21162896 |
|  | &nbsp;&nbsp;**Financials — 5.7%** |  |
| 6042798 | &nbsp;&nbsp;Bajaj Finance Ltd. | &nbsp;&nbsp; 51066616 |
| 4807489 | &nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp; 37657284 |
| 3955230 | &nbsp;&nbsp;HDFC Life Insurance Co. Ltd., 144a | &nbsp;&nbsp; 24856141 |
|  | &nbsp;&nbsp;**Health Care — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;287692 | &nbsp;&nbsp;Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 22728233 |
|  | &nbsp;&nbsp;**Industrials — 0.9%** |  |
| 1297444 | &nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 17955165 |
|  | &nbsp;&nbsp;**Real Estate — 1.6%** |  |
| 2052692 | &nbsp;&nbsp;Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 32598953 |
|  | &nbsp;&nbsp;Total India | &nbsp;&nbsp; 295475266 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Brazil — 10.2%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 4.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47846 | &nbsp;&nbsp;MercadoLibre, Inc.\* | $82726691 |
|  | &nbsp;&nbsp;**Consumer Staples — 1.3%** |  |
| 5533662 | &nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp; 25019714 |
|  | &nbsp;&nbsp;**Financials — 3.6%** |  |
| 4987845 | &nbsp;&nbsp;NU Holdings Ltd. - Class A\* | &nbsp;&nbsp; 71675332 |
|  | &nbsp;&nbsp;**Industrials — 1.2%** |  |
| 2486153 | &nbsp;&nbsp;WEG SA | &nbsp;&nbsp; 24439880 |
|  | &nbsp;&nbsp;Total Brazil | &nbsp;&nbsp; 203861617 |
|  | &nbsp;&nbsp;**Hong Kong — 3.3%** |  |
|  | &nbsp;&nbsp;**Financials — 3.3%** |  |
| 6021131 | &nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp; 66902761 |
|  | &nbsp;&nbsp;**Singapore — 3.1%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;598231 | &nbsp;&nbsp;Sea Ltd. ADR\* | &nbsp;&nbsp; 49539509 |
|  | &nbsp;&nbsp;**Industrials — 0.6%** |  |
| 3489922 | &nbsp;&nbsp;Grab Holdings Ltd. - Class A\* | &nbsp;&nbsp; 12773115 |
|  | &nbsp;&nbsp;Total Singapore | &nbsp;&nbsp; 62312624 |
|  | &nbsp;&nbsp;**Kazakhstan — 2.2%** |  |
|  | &nbsp;&nbsp;**Financials — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;605384 | &nbsp;&nbsp;Kaspi.KZ JSC ADR\* | &nbsp;&nbsp; 44840793 |
|  | &nbsp;&nbsp;**Poland — 1.6%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 1.6%** |  |
| 3601538 | &nbsp;&nbsp;Dino Polska SA, 144a\* | &nbsp;&nbsp; 32548999 |
|  | &nbsp;&nbsp;**Indonesia — 1.5%** |  |
|  | &nbsp;&nbsp;**Financials — 1.5%** |  |
| 75314600 | &nbsp;&nbsp;Bank Central Asia Tbk PT | &nbsp;&nbsp; 29092600 |
|  | &nbsp;&nbsp;**Saudi Arabia — 1.1%** |  |
|  | &nbsp;&nbsp;**Financials — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;737769 | &nbsp;&nbsp;Al Rajhi Bank | &nbsp;&nbsp; 21031368 |
|  | &nbsp;&nbsp;**Netherlands — 1.0%** |  |
|  | &nbsp;&nbsp;**Information Technology — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14944 | &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 19738483 |
|  | &nbsp;&nbsp;**Vietnam — 0.7%** |  |
|  | &nbsp;&nbsp;**Information Technology — 0.7%** |  |
| 4889685 | &nbsp;&nbsp;FPT Corp. | &nbsp;&nbsp; 14072006 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $1940241971 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 2.8%** |  |
| 56660543 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.53%<sup>∞Ω</sup> | &nbsp;&nbsp; 56660543 |
|  | &nbsp;&nbsp;**Total Investment Securities — 99.8%<br> (Cost $1,553,297,447)** | $1996902514 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.2%** | &nbsp;&nbsp; 3039115 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $1999941629 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2026.* |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Sands Capital Emerging Markets Growth Fund (Continued)

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ADR – American Depositary Receipt* |
| *JSC – Joint Stock 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, 2026, these securities were valued at $100,810,934 or 5.0% 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*** |
| *Common Stocks* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*China* | *$33738997* | *$416079620* | *$—* | *$449818617* |
| &nbsp;&nbsp;&nbsp;*Taiwan* | &nbsp;&nbsp;&nbsp;*109210232* | &nbsp;&nbsp;&nbsp;&nbsp;*277597379* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*386807611* |
| &nbsp;&nbsp;&nbsp;*South Korea* | &nbsp;&nbsp;&nbsp;&nbsp;*55751653* | &nbsp;&nbsp;&nbsp;&nbsp;*257987573* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*313739226* |
| &nbsp;&nbsp;&nbsp;*India* | &nbsp;&nbsp;&nbsp;*101620734* | &nbsp;&nbsp;&nbsp;&nbsp;*193854532* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*295475266* |
| &nbsp;&nbsp;&nbsp;*Brazil* | &nbsp;&nbsp;&nbsp;*203861617* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*203861617* |
| &nbsp;&nbsp;&nbsp;*Hong Kong* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*66902761* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*66902761* |
| &nbsp;&nbsp;&nbsp;*Singapore* | &nbsp;&nbsp;&nbsp;&nbsp;*62312624* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*62312624* |
| &nbsp;&nbsp;&nbsp;*Kazakhstan* | &nbsp;&nbsp;&nbsp;&nbsp;*44840793* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*44840793* |
| &nbsp;&nbsp;&nbsp;*Poland* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*32548999* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*32548999* |
| &nbsp;&nbsp;&nbsp;*Indonesia* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*29092600* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*29092600* |
| &nbsp;&nbsp;&nbsp;*Saudi Arabia* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*21031368* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*21031368* |
| &nbsp;&nbsp;&nbsp;*Netherlands* | &nbsp;&nbsp;&nbsp;&nbsp;*19738483* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*19738483* |
| &nbsp;&nbsp;&nbsp;*Vietnam* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*14072006* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*14072006* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*56660543* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*56660543* |
| *Total* | *$687735676* | *$1309166838* | *$—* | *$1996902514* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Portfolio of Investments

Touchstone Strategic Income Fund – March 31, 2026

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 48.0%** |  |
|  | &nbsp;&nbsp;**Financials — 9.3%** |  |
| $968000 | &nbsp;&nbsp;Allstate Corp. (The), Ser B, (TSFR3M + 3.200%), 6.852%, 8/15/53<sup>(A)</sup> | $967701 |
| &nbsp;&nbsp; 1844000 | &nbsp;&nbsp;Ares Capital Corp., 5.875%, 3/1/29 | &nbsp;&nbsp; 1856992 |
| &nbsp;&nbsp; 2596000 | &nbsp;&nbsp;Barclays PLC (United Kingdom), 2.894%, 11/24/32 | &nbsp;&nbsp; 2318438 |
| &nbsp;&nbsp; 699000 | &nbsp;&nbsp;Charles Schwab Corp. (The), Ser H, 4.000%<sup>(B)</sup> | &nbsp;&nbsp; 643524 |
| &nbsp;&nbsp; 1883000 | &nbsp;&nbsp;Citigroup, Inc., 4.075%, 4/23/29 | &nbsp;&nbsp; 1869386 |
| &nbsp;&nbsp; 1321000 | &nbsp;&nbsp;Citizens Financial Group, Inc., 5.841%, 1/23/30 | &nbsp;&nbsp; 1360252 |
| &nbsp;&nbsp; 722000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 9.250%, 12/15/28 | &nbsp;&nbsp; 748092 |
| &nbsp;&nbsp; 135000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 6.625%, 3/15/30 | &nbsp;&nbsp; 131135 |
| &nbsp;&nbsp; 1740000 | &nbsp;&nbsp;First Maryland Capital II, (TSFR3M + 1.112%), 4.775%, 2/1/27<sup>(A)</sup> | &nbsp;&nbsp; 1728567 |
| &nbsp;&nbsp; 946000 | &nbsp;&nbsp;Freedom Mortgage Holdings LLC, 144a, 9.250%, 2/1/29 | &nbsp;&nbsp; 962243 |
| &nbsp;&nbsp; 2294000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 5.330%, 7/23/35 | &nbsp;&nbsp; 2300456 |
| &nbsp;&nbsp; 1018000 | &nbsp;&nbsp;Guardian Life Global Funding, 144a, 4.327%, 10/6/30 | &nbsp;&nbsp; 1006131 |
| &nbsp;&nbsp; 1532000 | &nbsp;&nbsp;HSBC Holdings PLC (United Kingdom), 4.675%, 3/10/32 | &nbsp;&nbsp; 1510995 |
| &nbsp;&nbsp; 509000 | &nbsp;&nbsp;Jefferies Finance LLC / JFIN Co-Issuer Corp., 144a, 6.625%, 10/15/31<sup>†</sup> | &nbsp;&nbsp; 485521 |
| &nbsp;&nbsp; 971000 | &nbsp;&nbsp;JPMorgan Chase & Co., Ser W, (TSFR3M + 1.262%), 4.914%, 5/15/47<sup>(A)</sup> | &nbsp;&nbsp; 853849 |
| &nbsp;&nbsp; 2186000 | &nbsp;&nbsp;Morgan Stanley, 2.484%, 9/16/36 | &nbsp;&nbsp; 1881135 |
| &nbsp;&nbsp; 1318000 | &nbsp;&nbsp;PNC Capital Trust, (TSFR3M + 0.832%), 4.499%, 6/1/28<sup>(A)</sup> | &nbsp;&nbsp; 1300229 |
| &nbsp;&nbsp; 842000 | &nbsp;&nbsp;PRA Group, Inc., 144a, 8.375%, 2/1/28 | &nbsp;&nbsp; 847757 |
| &nbsp;&nbsp; 965000 | &nbsp;&nbsp;Rocket Cos., Inc., 144a, 6.500%, 8/1/29 | &nbsp;&nbsp; 975746 |
| &nbsp;&nbsp; 2255000 | &nbsp;&nbsp;State Street Corp., (TSFR3M + 1.262%), 4.936%, 6/15/47<sup>(A)</sup> | &nbsp;&nbsp; 1957139 |
| &nbsp;&nbsp; 2337000 | &nbsp;&nbsp;Truist Financial Corp., Ser A, (TSFR3M + 0.932%), 4.584%, 5/15/27<sup>(A)</sup> | &nbsp;&nbsp; 2310395 |
|  |  | &nbsp;&nbsp; 28015683 |
|  | &nbsp;&nbsp;**Energy — 7.9%** |  |
| &nbsp;&nbsp; 1595000 | &nbsp;&nbsp;Aker BP ASA (Norway), 144a, 5.125%, 10/1/34 | &nbsp;&nbsp; 1561860 |
| &nbsp;&nbsp; 950000 | &nbsp;&nbsp;Azule Energy Finance PLC (Angola), 144a, 8.250%, 1/22/31 | &nbsp;&nbsp; 955945 |
| &nbsp;&nbsp; 1824000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 3.250%, 1/31/32 | &nbsp;&nbsp; 1662350 |
| &nbsp;&nbsp; 667000 | &nbsp;&nbsp;Ecopetrol SA (Colombia), 7.750%, 2/1/32 | &nbsp;&nbsp; 674935 |
| &nbsp;&nbsp; 1516000 | &nbsp;&nbsp;Enbridge, Inc. (Canada), Ser 20-A, 5.750%, 7/15/80 | &nbsp;&nbsp; 1511426 |
| &nbsp;&nbsp; 895000 | &nbsp;&nbsp;Energy Transfer LP, (TSFR3M + 3.279%), 6.943%, 11/1/66<sup>(A)</sup> | &nbsp;&nbsp; 884260 |
| &nbsp;&nbsp; 1839000 | &nbsp;&nbsp;HF Sinclair Corp., 5.000%, 2/1/28 | &nbsp;&nbsp; 1838789 |
| &nbsp;&nbsp; 263000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | &nbsp;&nbsp; 259304 |
| &nbsp;&nbsp; 766000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 2/1/31 | &nbsp;&nbsp; 744932 |
| &nbsp;&nbsp; 755745 | &nbsp;&nbsp;MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | &nbsp;&nbsp; 676294 |
| &nbsp;&nbsp; 405000 | &nbsp;&nbsp;Mesquite Energy, Inc., 7.250%, 7/15/26 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp; 2133000 | &nbsp;&nbsp;Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 | &nbsp;&nbsp; 2120869 |
| &nbsp;&nbsp; 925000 | &nbsp;&nbsp;MSU Energy SA (Argentina), 144a, 9.750%, 12/5/30 | &nbsp;&nbsp; 920976 |
| &nbsp;&nbsp; 1151000 | &nbsp;&nbsp;NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | &nbsp;&nbsp; 1333332 |
| &nbsp;&nbsp; 755250 | &nbsp;&nbsp;OHI Group SA (Brazil), 144a, 13.000%, 7/22/29 | &nbsp;&nbsp; 754901 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;Petroleos Mexicanos (Mexico), 6.375%, 1/23/45 | &nbsp;&nbsp; 275579 |
| &nbsp;&nbsp; 950000 | &nbsp;&nbsp;Petroleos Mexicanos (Mexico), 6.625%, 6/15/35 | &nbsp;&nbsp; 882511 |
| &nbsp;&nbsp; 904000 | &nbsp;&nbsp;Plains All American Pipeline LP, Ser B, (TSFR3M + 4.372%), 8.024%<sup>(A)(B)</sup> | &nbsp;&nbsp; 902000 |
| &nbsp;&nbsp; 669000 | &nbsp;&nbsp;Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | &nbsp;&nbsp; 673808 |
| &nbsp;&nbsp; 2426000 | &nbsp;&nbsp;Sempra Infrastructure Partners LP, 144a, 3.250%, 1/15/32 | &nbsp;&nbsp; 2144300 |
| &nbsp;&nbsp; 803000 | &nbsp;&nbsp;SESI LLC, 144a, 7.875%, 9/30/30 | &nbsp;&nbsp; 818924 |
| &nbsp;&nbsp; 826000 | &nbsp;&nbsp;SM Energy Co., 144a, 7.000%, 8/1/32 | &nbsp;&nbsp; 841508 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 48.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Energy — 7.9% (Continued)** |  |
| $799000 | &nbsp;&nbsp;Sunoco LP, 144a, 7.875%<sup>(B)</sup> | $815469 |
| &nbsp;&nbsp; 730000 | &nbsp;&nbsp;Venture Global LNG, Inc., 144a, 9.000%<sup>(B)†</sup> | &nbsp;&nbsp; 726650 |
|  |  | &nbsp;&nbsp; 23980963 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 6.9%** |  |
| &nbsp;&nbsp; 898000 | &nbsp;&nbsp;ADT Security Corp. (The), 144a, 5.875%, 10/15/33 | &nbsp;&nbsp; 869508 |
| &nbsp;&nbsp; 440000 | &nbsp;&nbsp;Beazer Homes USA, Inc., 7.250%, 10/15/29 | &nbsp;&nbsp; 437984 |
| &nbsp;&nbsp; 907000 | &nbsp;&nbsp;BlueLinx Holdings, Inc., 144a, 6.000%, 11/15/29 | &nbsp;&nbsp; 878055 |
| &nbsp;&nbsp; 83000 | &nbsp;&nbsp;Carnival Corp., 144a, 5.125%, 5/1/29 | &nbsp;&nbsp; 82288 |
| &nbsp;&nbsp; 555000 | &nbsp;&nbsp;Carnival Corp., 144a, 5.875%, 6/15/31 | &nbsp;&nbsp; 561839 |
| &nbsp;&nbsp; 1119000 | &nbsp;&nbsp;Carriage Services, Inc., 144a, 4.250%, 5/15/29 | &nbsp;&nbsp; 1061038 |
| &nbsp;&nbsp; 752000 | &nbsp;&nbsp;Cimpress PLC (Ireland), 144a, 7.375%, 9/15/32 | &nbsp;&nbsp; 743190 |
| &nbsp;&nbsp; 2679000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 3.100%, 1/12/32 | &nbsp;&nbsp; 2403686 |
| &nbsp;&nbsp; 453000 | &nbsp;&nbsp;Gildan Activewear, Inc. (Canada), 144a, 4.700%, 10/7/30 | &nbsp;&nbsp; 448243 |
| &nbsp;&nbsp; 1624000 | &nbsp;&nbsp;Gildan Activewear, Inc. (Canada), 144a, 5.400%, 10/7/35 | &nbsp;&nbsp; 1583977 |
| &nbsp;&nbsp; 931000 | &nbsp;&nbsp;Group 1 Automotive, Inc., 144a, 4.000%, 8/15/28 | &nbsp;&nbsp; 900665 |
| &nbsp;&nbsp; 1856000 | &nbsp;&nbsp;Mattel, Inc., 5.450%, 11/1/41 | &nbsp;&nbsp; 1680941 |
| &nbsp;&nbsp; 2387000 | &nbsp;&nbsp;Meritage Homes Corp., 144a, 3.875%, 4/15/29 | &nbsp;&nbsp; 2324029 |
| &nbsp;&nbsp; 2184000 | &nbsp;&nbsp;Polaris, Inc., 5.600%, 3/1/31 | &nbsp;&nbsp; 2164719 |
| &nbsp;&nbsp; 1099000 | &nbsp;&nbsp;Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | &nbsp;&nbsp; 1094510 |
| &nbsp;&nbsp; 2236000 | &nbsp;&nbsp;United Airlines, Inc., 144a, 4.625%, 4/15/29 | &nbsp;&nbsp; 2192274 |
| &nbsp;&nbsp; 628000 | &nbsp;&nbsp;Upbound Group, Inc., 144a, 6.375%, 2/15/29 | &nbsp;&nbsp; 608480 |
| &nbsp;&nbsp; 957000 | &nbsp;&nbsp;Voyager Parent LLC, 144a, 9.250%, 7/1/32 | &nbsp;&nbsp; 993553 |
|  |  | &nbsp;&nbsp; 21028979 |
|  | &nbsp;&nbsp;**Industrials — 4.3%** |  |
| &nbsp;&nbsp; 1860000 | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.100%, 3/17/30 | &nbsp;&nbsp; 1877471 |
| &nbsp;&nbsp; 786000 | &nbsp;&nbsp;Amsted Industries, Inc., 144a, 4.625%, 5/15/30 | &nbsp;&nbsp; 753838 |
| &nbsp;&nbsp; 970000 | &nbsp;&nbsp;Manitowoc Co., Inc. (The), 144a, 9.250%, 10/1/31 | &nbsp;&nbsp; 1012608 |
| &nbsp;&nbsp; 2293000 | &nbsp;&nbsp;Molex Electronic Technologies LLC, 144a, 5.250%, 4/30/32 | &nbsp;&nbsp; 2322437 |
| &nbsp;&nbsp; 953000 | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 144a, 7.250%, 5/15/31<sup>†</sup> | &nbsp;&nbsp; 907894 |
| &nbsp;&nbsp; 1069000 | &nbsp;&nbsp;Stanley Black & Decker, Inc., 6.707%, 3/15/60 | &nbsp;&nbsp; 1043741 |
| &nbsp;&nbsp; 928000 | &nbsp;&nbsp;Stonepeak Nile Parent LLC, 144a, 7.250%, 3/15/32 | &nbsp;&nbsp; 965207 |
| &nbsp;&nbsp; 2171000 | &nbsp;&nbsp;Textron Financial Corp., 144a, (TSFR3M + 1.997%), 5.649%, 2/15/42<sup>(A)</sup> | &nbsp;&nbsp; 1944269 |
| &nbsp;&nbsp; 2140000 | &nbsp;&nbsp;Timken Co. (The), 4.500%, 12/15/28 | &nbsp;&nbsp; 2134193 |
|  |  | &nbsp;&nbsp; 12961658 |
|  | &nbsp;&nbsp;**Utilities — 4.0%** |  |
| &nbsp;&nbsp; 1447000 | &nbsp;&nbsp;Capital Power US Holdings, Inc. (Canada), 144a, 6.189%, 6/1/35 | &nbsp;&nbsp; 1482457 |
| &nbsp;&nbsp; 2155000 | &nbsp;&nbsp;CMS Energy Corp., 4.750%, 6/1/50 | &nbsp;&nbsp; 2089073 |
| &nbsp;&nbsp; 1522000 | &nbsp;&nbsp;Edison International, 4.125%, 3/15/28 | &nbsp;&nbsp; 1496418 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;Eskom Holdings (South Africa), 144a, 8.450%, 8/10/28 | &nbsp;&nbsp; 837137 |
| &nbsp;&nbsp; 1716000 | &nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 5.250%, 4/20/46 | &nbsp;&nbsp; 1716118 |
| &nbsp;&nbsp; 1307000 | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.329%), 6.021%, 10/1/66<sup>(A)</sup> | &nbsp;&nbsp; 1142379 |
| &nbsp;&nbsp; 1160000 | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.387%), 6.061%, 6/15/67<sup>(A)</sup> | &nbsp;&nbsp; 1021722 |
| &nbsp;&nbsp; 204000 | &nbsp;&nbsp;PacifiCorp, 7.125%, 8/15/56 | &nbsp;&nbsp; 192686 |
| &nbsp;&nbsp; 630000 | &nbsp;&nbsp;PacifiCorp, 7.375%, 9/15/55 | &nbsp;&nbsp; 598355 |
| &nbsp;&nbsp; 821304 | &nbsp;&nbsp;Sorik Marapi Geothermal Power PT (Indonesia), 144a, 7.750%, 8/5/31 | &nbsp;&nbsp; 815141 |
| &nbsp;&nbsp; 834000 | &nbsp;&nbsp;South Jersey Industries, Inc., 5.020%, 4/15/31 | &nbsp;&nbsp; 728574 |
|  |  | &nbsp;&nbsp; 12120060 |
|  | &nbsp;&nbsp;**Consumer Staples — 3.9%** |  |
| &nbsp;&nbsp; 1873000 | &nbsp;&nbsp;Element Fleet Management Corp. (Canada), 144a, 5.037%, 3/25/30 | &nbsp;&nbsp; 1890895 |
| &nbsp;&nbsp; 2022000 | &nbsp;&nbsp;Global Payments, Inc., 5.200%, 11/15/32 | &nbsp;&nbsp; 1962583 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Strategic Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 48.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 3.9% (Continued)** |  |
| $903000 | &nbsp;&nbsp;Herc Holdings, Inc., 144a, 7.000%, 6/15/30 | $925855 |
| &nbsp;&nbsp; 476000 | &nbsp;&nbsp;Industrial F&B Investments III, Inc., 144a, 7.750%, 2/11/33 | &nbsp;&nbsp; 478161 |
| &nbsp;&nbsp; 2264000 | &nbsp;&nbsp;Mars, Inc., 144a, 5.000%, 3/1/32 | &nbsp;&nbsp; 2291125 |
| &nbsp;&nbsp; 2265000 | &nbsp;&nbsp;Philip Morris International, Inc., 5.375%, 2/15/33 | &nbsp;&nbsp; 2326308 |
| &nbsp;&nbsp; 1023000 | &nbsp;&nbsp;Turning Point Brands, Inc., 144a, 7.625%, 3/15/32 | &nbsp;&nbsp; 1046301 |
| &nbsp;&nbsp; 847000 | &nbsp;&nbsp;VT Topco, Inc., 144a, 8.500%, 8/15/30<sup>†</sup> | &nbsp;&nbsp; 862199 |
|  |  | &nbsp;&nbsp; 11783427 |
|  | &nbsp;&nbsp;**Real Estate — 3.1%** |  |
| &nbsp;&nbsp; 2139000 | &nbsp;&nbsp;Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | &nbsp;&nbsp; 2006373 |
| &nbsp;&nbsp; 2413000 | &nbsp;&nbsp;Sabra Health Care LP REIT, 3.900%, 10/15/29 | &nbsp;&nbsp; 2340334 |
| &nbsp;&nbsp; 3284000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.700%, 12/1/31 | &nbsp;&nbsp; 2856121 |
| &nbsp;&nbsp; 2363000 | &nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.625%, 12/1/29 | &nbsp;&nbsp; 2322741 |
|  |  | &nbsp;&nbsp; 9525569 |
|  | &nbsp;&nbsp;**Communication Services — 3.1%** |  |
| &nbsp;&nbsp; 1892000 | &nbsp;&nbsp;AT&T, Inc., 5.125%, 4/30/36 | &nbsp;&nbsp; 1869877 |
| &nbsp;&nbsp; 894000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31<sup>†</sup> | &nbsp;&nbsp; 814175 |
| &nbsp;&nbsp; 716000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 4.625%, 12/1/30 | &nbsp;&nbsp; 253531 |
| &nbsp;&nbsp; 463000 | &nbsp;&nbsp;Directv Financing LLC / Directv Financing Co-Obligor, Inc., 144a, 10.000%, 2/15/31 | &nbsp;&nbsp; 472481 |
| &nbsp;&nbsp; 728000 | &nbsp;&nbsp;Gray Media, Inc., 144a, 5.375%, 11/15/31 | &nbsp;&nbsp; 536275 |
| &nbsp;&nbsp; 1810000 | &nbsp;&nbsp;Meta Platforms, Inc., 4.600%, 11/15/32 | &nbsp;&nbsp; 1792720 |
| &nbsp;&nbsp; 417000 | &nbsp;&nbsp;Neptune Bidco US, Inc., 144a, 9.290%, 4/15/29 | &nbsp;&nbsp; 417719 |
| &nbsp;&nbsp; 844000 | &nbsp;&nbsp;Stagwell Global LLC, 144a, 5.625%, 8/15/29 | &nbsp;&nbsp; 803030 |
| &nbsp;&nbsp; 2413000 | &nbsp;&nbsp;Videotron Ltd. (Canada), 144a, 3.625%, 6/15/29 | &nbsp;&nbsp; 2335367 |
|  |  | &nbsp;&nbsp; 9295175 |
|  | &nbsp;&nbsp;**Health Care — 2.5%** |  |
| &nbsp;&nbsp; 322000 | &nbsp;&nbsp;Acadia Healthcare Co., Inc., 144a, 5.500%, 7/1/28 | &nbsp;&nbsp; 319631 |
| &nbsp;&nbsp; 995000 | &nbsp;&nbsp;Biocon Biologics Global PLC (India), 144a, 6.670%, 10/9/29 | &nbsp;&nbsp; 980239 |
| &nbsp;&nbsp; 1771000 | &nbsp;&nbsp;HCA, Inc., 5.450%, 4/1/31 | &nbsp;&nbsp; 1815841 |
| &nbsp;&nbsp; 2454000 | &nbsp;&nbsp;Medline Borrower LP, 144a, 3.875%, 4/1/29 | &nbsp;&nbsp; 2373576 |
| &nbsp;&nbsp; 639000 | &nbsp;&nbsp;Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144a, 4.125%, 4/30/28 | &nbsp;&nbsp; 620368 |
| &nbsp;&nbsp; 1476000 | &nbsp;&nbsp;Pediatrix Medical Group, Inc., 144a, 5.375%, 2/15/30 | &nbsp;&nbsp; 1454862 |
|  |  | &nbsp;&nbsp; 7564517 |
|  | &nbsp;&nbsp;**Information Technology — 1.9%** |  |
| &nbsp;&nbsp; 825000 | &nbsp;&nbsp;Consensus Cloud Solutions, Inc., 144a, 6.500%, 10/15/28 | &nbsp;&nbsp; 817258 |
| &nbsp;&nbsp; 1819000 | &nbsp;&nbsp;Oracle Corp., 4.700%, 9/27/34 | &nbsp;&nbsp; 1661253 |
| &nbsp;&nbsp; 1595000 | &nbsp;&nbsp;Paychex, Inc., 5.600%, 4/15/35<sup>†</sup> | &nbsp;&nbsp; 1602782 |
| &nbsp;&nbsp; 1568000 | &nbsp;&nbsp;Salesforce, Inc., 5.550%, 3/15/36 | &nbsp;&nbsp; 1563653 |
|  |  | &nbsp;&nbsp; 5644946 |
|  | &nbsp;&nbsp;**Materials — 1.1%** |  |
| &nbsp;&nbsp; 923000 | &nbsp;&nbsp;Braskem Netherlands Finance BV (Brazil), 144a, 7.250%, 2/13/33 | &nbsp;&nbsp; 424442 |
| &nbsp;&nbsp; 1111000 | &nbsp;&nbsp;LYB International Finance III LLC, 6.150%, 5/15/35<sup>†</sup> | &nbsp;&nbsp; 1141997 |
| &nbsp;&nbsp; 907000 | &nbsp;&nbsp;Magnera Corp., 144a, 4.750%, 11/15/29<sup>†</sup> | &nbsp;&nbsp; 817849 |
| &nbsp;&nbsp; 794000 | &nbsp;&nbsp;Vedanta Resources Finance II PLC (India), 144a, 9.475%, 7/24/30 | &nbsp;&nbsp; 803962 |
|  |  | &nbsp;&nbsp; 3188250 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $145109227 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 21.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 21.4%** |
| &nbsp;&nbsp; 2245000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.250%, 8/15/54 | &nbsp;&nbsp; 2016291 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.500%, 11/15/54 | &nbsp;&nbsp; 234209 |
| &nbsp;&nbsp;10390000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.750%, 2/15/45 | &nbsp;&nbsp; 10228062 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 21.4% (Continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations — 21.4% (Continued)** |
| $16020000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.750%, 8/15/55 | $15652040 |
| &nbsp;&nbsp;13332693 | &nbsp;&nbsp;U.S. Treasury Inflation Indexed Notes, 2.375%, 2/15/56 | &nbsp;&nbsp; 12417129 |
| &nbsp;&nbsp;14230000 | &nbsp;&nbsp;U.S. Treasury Note, 3.500%, 1/31/28 | &nbsp;&nbsp; 14147733 |
| &nbsp;&nbsp; 820000 | &nbsp;&nbsp;U.S. Treasury Note, 3.750%, 4/15/28 | &nbsp;&nbsp; 818815 |
| &nbsp;&nbsp; 9470000 | &nbsp;&nbsp;U.S. Treasury Note, 4.125%, 2/15/36 | &nbsp;&nbsp; 9329430 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | $64843709 |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 10.0%** | &nbsp;&nbsp;**Asset-Backed Securities — 10.0%** |
| &nbsp;&nbsp; 2456225 | &nbsp;&nbsp;AB Issuer LLC, Ser 2021-1, Class A2, 144a, 3.734%, 7/30/51 | &nbsp;&nbsp; 2338058 |
| &nbsp;&nbsp; 730000 | &nbsp;&nbsp;Ballyrock CLO 26 Ltd. (Cayman Islands), Ser 2024-26A, Class C1, 144a, (TSFR3M + 3.300%), 6.968%, 7/25/37<sup>(A)</sup> | &nbsp;&nbsp; 731175 |
| &nbsp;&nbsp; 1104600 | &nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Ser 2023-1, Class E, 144a, 10.370%, 7/15/30 | &nbsp;&nbsp; 1186135 |
| &nbsp;&nbsp; 615000 | &nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Ser 2025-3, Class E, 144a, 6.620%, 5/17/32 | &nbsp;&nbsp; 614557 |
| &nbsp;&nbsp; 565000 | &nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Ser 2026-1, Class E, 144a, 6.630%, 2/15/33 | &nbsp;&nbsp; 558588 |
| &nbsp;&nbsp; 1425000 | &nbsp;&nbsp;Cajun Global LLC, Ser 2025-2A, Class M, 144a, 8.720%, 11/20/55 | &nbsp;&nbsp; 1399982 |
| &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2022-4A, Class DR, 144a, (TSFR3M + 2.700%), 6.371%, 7/16/35<sup>(A)</sup> | &nbsp;&nbsp; 1386906 |
| &nbsp;&nbsp; 509080 | &nbsp;&nbsp;Driven Brands Funding LLC, Ser 2021-1A, Class A2, 144a, 2.791%, 10/20/51 | &nbsp;&nbsp; 459201 |
| &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;Dryden Senior Loan Fund (Cayman Islands), Ser 2016-45A, Class BRR, 144a, (TSFR3M + 1.650%), 5.322%, 10/15/30<sup>(A)</sup> | &nbsp;&nbsp; 1600240 |
| &nbsp;&nbsp; 1590000 | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2025-2A, Class E, 144a, 7.730%, 6/15/32 | &nbsp;&nbsp; 1641307 |
| &nbsp;&nbsp; 910000 | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2026-1A, Class E, 144a, 6.510%, 3/15/33 | &nbsp;&nbsp; 893228 |
| &nbsp;&nbsp; 2571750 | &nbsp;&nbsp;Hardee's Funding LLC, Ser 2021-1A, Class A2, 144a, 2.865%, 6/20/51 | &nbsp;&nbsp; 2403980 |
| &nbsp;&nbsp; 814200 | &nbsp;&nbsp;Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | &nbsp;&nbsp; 790548 |
| &nbsp;&nbsp; 920000 | &nbsp;&nbsp;Jack in the Box Funding LLC, Ser 2022-1A, Class A2II, 144a, 4.136%, 2/26/52 | &nbsp;&nbsp; 785640 |
| &nbsp;&nbsp; 1524000 | &nbsp;&nbsp;Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | &nbsp;&nbsp; 1460285 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Octagon Investment Partners XVI Ltd. (Cayman Islands), Ser 2013-1A, Class BR, 144a, (TSFR3M + 1.862%), 5.529%, 7/17/30<sup>(A)</sup> | &nbsp;&nbsp; 1000513 |
| &nbsp;&nbsp; 1153026 | &nbsp;&nbsp;Oxford Finance Credit Fund III LP, Ser 2024-A, Class B, 144a, 7.548%, 1/14/32 | &nbsp;&nbsp; 1138295 |
| &nbsp;&nbsp; 510000 | &nbsp;&nbsp;Oxford Finance Credit Fund III LP, Ser 2025-A, Class B, 144a, 7.194%, 8/14/34 | &nbsp;&nbsp; 509708 |
| &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;Oxford Finance Funding Trust LLC, Ser 2025-1A, Class B, 144a, 6.486%, 2/15/35 | &nbsp;&nbsp; 1086760 |
| &nbsp;&nbsp; 2020000 | &nbsp;&nbsp;Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2025-2A, Class C, 144a, (TSFR3M + 2.500%), 6.172%, 7/15/33<sup>(A)</sup> | &nbsp;&nbsp; 1946416 |
| &nbsp;&nbsp; 1226325 | &nbsp;&nbsp;Planet Fitness Master Issuer LLC, Ser 2024-1A, Class A2II, 144a, 6.237%, 6/5/54 | &nbsp;&nbsp; 1247701 |
| &nbsp;&nbsp; 2444063 | &nbsp;&nbsp;TSC SPV Funding LLC, Ser 2024-1A, Class A2, 144a, 6.291%, 8/20/54 | &nbsp;&nbsp; 2466964 |
| &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;Vital Care Issuer LLC, Ser 2025-1A, Class A2, 144a, 6.737%, 1/30/56 | &nbsp;&nbsp; 1115575 |
| &nbsp;&nbsp; 1623500 | &nbsp;&nbsp;Zaxbys Funding LLC, Ser 2021-1A, Class A2, 144a, 3.238%, 7/30/51 | &nbsp;&nbsp; 1540069 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | $30301831 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Strategic Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 8.5%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 8.5%** |
| $895000 | &nbsp;&nbsp;BANK5, Ser 2026-5YR21, Class C, 6.160%, 4/15/59<sup>(A)(C)</sup> | $888860 |
| &nbsp;&nbsp; 835000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2024-5C27, Class AS, 6.410%, 7/15/57<sup>(A)(C)</sup> | &nbsp;&nbsp; 866940 |
| &nbsp;&nbsp;21000639 | &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2024-V5, Class XA, 1.065%, 1/10/57<sup>(A)(C)(D)</sup> | &nbsp;&nbsp; 547564 |
| &nbsp;&nbsp; 1498000 | &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2021-21M, Class G, 144a, (TSFR1M + 3.180%), 6.853%, 10/15/36<sup>(A)</sup> | &nbsp;&nbsp; 1497532 |
| &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2024-XL5, Class D, 144a, (TSFR1M + 2.690%), 6.362%, 3/15/41<sup>(A)</sup> | &nbsp;&nbsp; 1050000 |
| &nbsp;&nbsp; 2735000 | &nbsp;&nbsp;BX Trust, Ser 2019-OC11, Class E, 144a, 3.944%, 12/9/41<sup>(A)(C)</sup> | &nbsp;&nbsp; 2527505 |
| &nbsp;&nbsp; 1425000 | &nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Ser 2017-C8, Class C, 4.868%, 6/15/50<sup>(A)(C)</sup> | &nbsp;&nbsp; 1378860 |
| &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;CGMS Commercial Mortgage Trust, Ser 2017-B1, Class D, 144a, 3.000%, 8/15/50 | &nbsp;&nbsp; 2437560 |
| &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2016-C2, Class C, 4.031%, 8/10/49<sup>(A)(C)</sup> | &nbsp;&nbsp; 1762103 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2016-P5, Class B, 3.698%, 10/10/49<sup>(A)(C)</sup> | &nbsp;&nbsp; 914134 |
| &nbsp;&nbsp; 485000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2017-P8, Class AS, 3.789%, 9/15/50<sup>(A)(C)</sup> | &nbsp;&nbsp; 459204 |
| &nbsp;&nbsp;19736248 | &nbsp;&nbsp;CRB Commercial Mortgage Trust, Ser 2025-CRE1, Class XA, 144a, 1.268%, 9/15/58<sup>(A)(C)(D)</sup> | &nbsp;&nbsp; 840476 |
| &nbsp;&nbsp; 905000 | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Ser 2016-C6, Class B, 3.924%, 1/15/49<sup>(A)(C)</sup> | &nbsp;&nbsp; 873000 |
| &nbsp;&nbsp; 1850000 | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Ser 2016-C6, Class C, 4.871%, 1/15/49<sup>(A)(C)</sup> | &nbsp;&nbsp; 1776260 |
| &nbsp;&nbsp; 1199000 | &nbsp;&nbsp;CSMC, Ser 2017-TIME, Class A, 144a, 3.646%, 11/13/39 | &nbsp;&nbsp; 1140920 |
| &nbsp;&nbsp; 620000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2016-GS2, Class D, 144a, 2.753%, 5/10/49 | &nbsp;&nbsp; 545963 |
| &nbsp;&nbsp; 825000 | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Class AS, 4.065%, 11/15/47 | &nbsp;&nbsp; 800250 |
| &nbsp;&nbsp; 1662106 | &nbsp;&nbsp;KSL Commercial Mortgage Trust, Ser 2024-HT2, Class C, 144a, (TSFR1M + 2.341%), 6.014%, 12/15/39<sup>(A)</sup> | &nbsp;&nbsp; 1658989 |
| &nbsp;&nbsp; 896000 | &nbsp;&nbsp;MHC Commercial Mortgage Trust, Ser 2021-MHC, Class G, 144a, (TSFR1M + 3.315%), 6.988%, 4/15/38<sup>(A)</sup> | &nbsp;&nbsp; 895440 |
| &nbsp;&nbsp; 540000 | &nbsp;&nbsp;UBS Commercial Mortgage Trust, Ser 2017-C1, Class AS, 3.724%, 6/15/50 | &nbsp;&nbsp; 528824 |
| &nbsp;&nbsp; 870000 | &nbsp;&nbsp;UBS Commercial Mortgage Trust, Ser 2019-C17, Class C, 3.758%, 10/15/52<sup>(A)(C)</sup> | &nbsp;&nbsp; 766742 |
| &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-AURA, Class D, 144a, (TSFR1M + 2.891%), 6.564%, 10/15/42<sup>(A)</sup> | &nbsp;&nbsp; 1624421 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | $25781547 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 6.7%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 6.7%** |
| &nbsp;&nbsp; 1255819 | &nbsp;&nbsp;BRAVO Residential Funding Trust, Ser 2024-NQM8, Class A1A, 144a, 4.300%, 8/1/53<sup>(A)(C)</sup> | &nbsp;&nbsp; 1235268 |
| &nbsp;&nbsp; 2026763 | &nbsp;&nbsp;CIM Trust, Ser 2018-INV1, Class B4, 144a, 4.687%, 8/25/48<sup>(A)(C)</sup> | &nbsp;&nbsp; 1936623 |
| &nbsp;&nbsp; 1744382 | &nbsp;&nbsp;CIM Trust, Ser 2021-J3, Class A7, 144a, 2.500%, 6/25/51<sup>(A)(C)</sup> | &nbsp;&nbsp; 1561069 |
| &nbsp;&nbsp; 954445 | &nbsp;&nbsp;Flagstar Mortgage Trust, Ser 2021-5INV, Class A16, 144a, 2.500%, 7/25/51<sup>(A)(C)</sup> | &nbsp;&nbsp; 787916 |
| &nbsp;&nbsp; 976862 | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2021-MM1, Class A6, 144a, 2.500%, 4/25/52<sup>(A)(C)</sup> | &nbsp;&nbsp; 870695 |
| &nbsp;&nbsp; 978928 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2019-1, Class B1, 144a, 4.475%, 5/25/49<sup>(A)(C)</sup> | &nbsp;&nbsp; 925794 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 6.7%<br> (Continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 6.7%<br> (Continued)** |
| $2450235 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-5, Class B4, 144a, 3.568%, 12/25/50<sup>(A)(C)</sup> | $2098561 |
| &nbsp;&nbsp; 1186600 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-LTV2, Class B4, 144a, 3.997%, 11/25/50<sup>(A)(C)</sup> | &nbsp;&nbsp; 1053625 |
| &nbsp;&nbsp; 984175 | &nbsp;&nbsp;Mello Mortgage Capital Acceptance, Ser 2021-MTG3, Class A9, 144a, 2.500%, 7/1/51<sup>(A)(C)</sup> | &nbsp;&nbsp; 891165 |
| &nbsp;&nbsp; 2550000 | &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2017-2, Class B2, 144a, 4.088%, 7/25/59<sup>(A)(C)</sup> | &nbsp;&nbsp; 2289565 |
| &nbsp;&nbsp; 686250 | &nbsp;&nbsp;OBX Trust, Ser 2022-J1, Class B1A, 144a, 2.842%, 2/25/52<sup>(A)(C)</sup> | &nbsp;&nbsp; 585326 |
| &nbsp;&nbsp; 1075000 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2026-4, Class A5, 144a, 5.000%, 3/25/56<sup>(A)(C)</sup> | &nbsp;&nbsp; 1064561 |
| &nbsp;&nbsp; 2375000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2015-2, Class 1B3, 144a, 3.648%, 11/25/60<sup>(A)(C)</sup> | &nbsp;&nbsp; 2144356 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2017-3, Class B3, 144a, 3.822%, 7/25/57<sup>(A)(C)</sup> | &nbsp;&nbsp; 1718883 |
| &nbsp;&nbsp; 1465000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2020-4, Class A2, 144a, 2.500%, 10/25/60 | &nbsp;&nbsp; 1205846 |
|  | &nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations** | $20369253 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Common Stocks — 1.9%** |  |
|  | &nbsp;&nbsp;**Health Care — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 661944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5291 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 458465 |
|  |  | &nbsp;&nbsp; 1120409 |
|  | &nbsp;&nbsp;**Industrials — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042 | &nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp; 586802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6791 | &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 482568 |
|  |  | &nbsp;&nbsp; 1069370 |
|  | &nbsp;&nbsp;**Financials — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9761 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 475849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 538895 |
|  |  | &nbsp;&nbsp; 1014744 |
|  | &nbsp;&nbsp;**Information Technology — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp; 435090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 532138 |
|  |  | &nbsp;&nbsp; 967228 |
|  | &nbsp;&nbsp;**Materials — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39560 | &nbsp;&nbsp;Covia Equity\* | &nbsp;&nbsp; 776365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;HC Minerals LLC<sup>(E)</sup>\* | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 776409 |
|  | &nbsp;&nbsp;**Energy — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 758720 |
|  | &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;$5706880 |

---

---

| | |
|:---|:---|
| **Principal<br> Amount** |  |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 0.8%** |
| $2689072 | &nbsp;&nbsp; 2369698 |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 0.7%** |
| &nbsp;&nbsp; 10800 &nbsp;&nbsp;Ghana Government International Bond, 144a, 4.717%, 7/3/26<sup>#</sup> | &nbsp;&nbsp; 10590 |
| &nbsp;&nbsp; 382363 &nbsp;&nbsp;Ghana Government International Bond, 144a, 4.962%, 1/3/30<sup>#</sup> | &nbsp;&nbsp; 321840 |
| &nbsp;&nbsp; 285863 &nbsp;&nbsp;Ghana Government International Bond, 144a, 5.000%, 7/3/29<sup>(A)(C)</sup> | &nbsp;&nbsp; 272149 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Strategic Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 0.7% (Continued)** | &nbsp;&nbsp;**Sovereign Government Obligations — 0.7% (Continued)** |
| $890000 | &nbsp;&nbsp;Provincia de Cordoba, 144a, 8.600%, 2/3/35 | $849950 |
| &nbsp;&nbsp; 668680 | &nbsp;&nbsp;Sri Lanka Government International Bond, 144a, 4.000%, 4/15/28 | &nbsp;&nbsp; 637705 |
|  | &nbsp;&nbsp;**Total Sovereign Government Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$2092234 |

---

---

| | | |
|:---|:---|:---|
| **Number of<br> Rights** |  |  |
|  | &nbsp;&nbsp;**Rights — 0.0%** |  |
|  | &nbsp;&nbsp;**Energy — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27942 | &nbsp;&nbsp;Vistra Energy Corp. Tax Return Rights, 12/6/26\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33530 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 2.9%** |  |
| 3581118 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.53%<sup>∞Ω</sup> | &nbsp;&nbsp; 3581118 |
| 5195816 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 3.58%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 5195816 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$8776934 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.9%<br> (Cost $305,974,330)** | $305384843 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.9%)** | &nbsp;&nbsp;&nbsp; (2839775) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $302545068 |

---

---

| | |
|:---|:---|
| *(A)* | *Variable rate security - Rate reflected is the rate in effect as of March 31, 2026.* |
| *(B)* | *Perpetual Bond - A bond or preferred stock with no definite maturity date.* |
| *(C)* | *Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.* |
| *(D)* | *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.* |
| *(E)* | *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, 2026 was $5,052,585.* |
| *#* | *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, 2026.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *CLO – Collateralized Loan Obligation* |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *LLC – Limited Liability Company* |
| *LP – Limited Partnership* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *REMIC – Real Estate Mortgage Investment Conduit* |
| *TSFR1M – One Month Term Secured Overnight Financing Rate* |
| *TSFR3M – Three Month Term Secured Overnight Financing Rate* |
| *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, 2026, these securities were valued at $136,932,500 or 45.3% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| ***Assets:*** |  |  |  |  |
| *Corporate Bonds* | *$—* | *$145109227* | *$—* | *$145109227* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*64843709* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*64843709* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*30301831* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*30301831* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*25781547* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*25781547* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*20369253* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*20369253* |
| *Common Stocks* | &nbsp;&nbsp;&nbsp;&nbsp;*4930471* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*776365* | &nbsp;&nbsp;&nbsp;*44* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5706880* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2369698* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2369698* |
| *Sovereign Government Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2092234* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2092234* |
| *Rights* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*33530* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*33530* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;&nbsp;*8776934* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8776934* |
| ***Other Financial Instruments*** |  |  |  |  |
| *Futures* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Interest rate contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*75408* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*75408* |
| *Total Assets* | *$13782813* | *$291677394* | *$44* | *$305460251* |
| ***Liabilities:*** |  |  |  |  |
| ***Other Financial Instruments*** |  |  |  |  |
| *Futures* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Interest rate contracts* | *$(7106)* | *$—* | *$—* | *$(7106)* |
| *Total Liabilities* | *$(7106)* | *$—* | *$—* | *$(7106)* |
| *Total* | *$13775707* | *$291677394* | *$44* | *$305453145* |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Touchstone Strategic Income Fund (Continued)

#### Futures Contracts
*At March 31, 2026, $516,250 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, 2026:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Description*** | &nbsp;&nbsp;&nbsp;***Expiration Date*** | &nbsp;&nbsp;&nbsp;***Number of<br> Contracts*** | &nbsp;&nbsp;&nbsp;***Notional Value*** | &nbsp;&nbsp;&nbsp;***Unrealized<br> Appreciation/<br> Depreciation*** |
| *Long Futures:* |  |  |  |  |
| *5-Year U.S. Treasury Note* | &nbsp;&nbsp;&nbsp;*6/30/2026* | &nbsp;&nbsp;&nbsp;*310* | &nbsp;&nbsp;&nbsp;*$33535704* | &nbsp;&nbsp;&nbsp;*$75408* |
| *30-Year U.S. Ultra Treasury Bond* | &nbsp;&nbsp;&nbsp;*6/18/2026* | &nbsp;&nbsp;&nbsp;&nbsp;*25* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2914063* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(7106)* |
|  |  |  |  | &nbsp;&nbsp;&nbsp;*$68302* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Statements of Assets and Liabilities

March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Dynamic Large<br> Cap Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Flexible<br> Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Non-US<br> Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Emerging<br> Markets<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Strategic<br> Income<br> Fund** |
| **Assets** |  |  |  |  |  |  |  |
| Investments, at cost | $95930783 | $1702426771 | $622146018 | $1575284848 | $1078548296 | $1553297447 | $305974330 |
| Investments, at market value \* | $140559653 | $1680536860 | $1320730451 | $1798773805 | $1383271080 | $1996902514 | $305384843 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3379800 |  |  |
| Cash deposits held at prime broker <sup>(A)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540092 |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516250 |
| Foreign currency † |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313663 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3292461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8262361 |  |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14803192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6914041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780633 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8665583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345127 |
| Receivable for investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6114143 |  |  |
| Receivable for variation margin on futures contracts |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47927 |
| Receivable for securities lending income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4761 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482981 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 |
| Tax reclaim receivable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4098 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22175 |  |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 |
| **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;140641708 | &nbsp;&nbsp;&nbsp;&nbsp;1699715637 | &nbsp;&nbsp;&nbsp;&nbsp;1323760285 | &nbsp;&nbsp;&nbsp;&nbsp;1806487935 | &nbsp;&nbsp;&nbsp;&nbsp;1405907019 | &nbsp;&nbsp;&nbsp;&nbsp;2017681678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309078803 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable for return of collateral for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16525937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15508432 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63131975 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5195816 |
| Deferred foreign capital gains tax |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14054641 |  |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175505 |
| Payable for investments purchased |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324085 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14563113 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890744 |
| Payable to Investment Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92709 |
| Payable to other affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40570 |
| Payable to Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15636 |
| Payable for professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42164 |
| Payable for reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9615 |
| Payable for transfer agent services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55584 |
| Other accrued expenses and liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15392 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22050054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18269927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6144751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80356555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17740049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6533735 |
| **Net Assets** | $140445165 | $1677665583 | $1305490358 | $1800343184 | $1325550464 | $1999941629 | $302545068 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90183121 | &nbsp;&nbsp;&nbsp;&nbsp;1729004652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594123109 | &nbsp;&nbsp;&nbsp;&nbsp;1581687633 | &nbsp;&nbsp;&nbsp;&nbsp;1008952924 | &nbsp;&nbsp;&nbsp;&nbsp;2222885111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380165279 |
| Distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50262044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51339069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711367249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218655551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316597540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222943482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77620211) |
| Net Assets | $140445165 | $1677665583 | $1305490358 | $1800343184 | $1325550464 | $1999941629 | $302545068 |
| *\*Includes market value of securities on loan of:* | *$—* | *$15970323* | *$15536903* | *$—* | *$61620886* | *$—* | *$5052585* |
| *†Cost of foreign currency:* | *$—* | *$320115* | *$—* | *$—* | *$3283133* | *$8346926* | *$—* |

---

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Statements of Assets and Liabilities (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Dynamic Large<br> Cap Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Flexible<br> Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Non-US<br> Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Emerging<br> Markets<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Strategic<br> Income<br> Fund** |
| **Pricing of Class A Shares** |  |  |  |  |  |  |  |
| Net assets applicable to Class A shares | $68956036 | $116445510 | $64917819 | $233966084 | $553559989 | $6965339 | $119607523 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11388647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18194500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36680141 |
| Net asset value price per share\* | $45.43 | $10.22 | $77.35 | $36.36 | $30.42 | $16.57 | $3.26 |
| Maximum sales charge - Class A shares | &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% | &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;3.25% |
| Maximum offering price per share<br> (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares | $47.82 | $10.56 | $81.42 | $38.27 | $32.02 | $17.44 | $3.37 |
| **Pricing of Class C Shares** |  |  |  |  |  |  |  |
| Net assets applicable to Class C shares | $1265041 | $28415838 | $4827779 | $12215844 | $8521241 | $4477292 | $6258548 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909448 |
| Net asset value and offering price per share\*\* | $43.95 | $10.03 | $68.26 | $35.17 | $30.78 | $15.80 | $3.28 |
| **Pricing of Class Y Shares** |  |  |  |  |  |  |  |
| Net assets applicable to Class Y shares | $32666183 | $1471276702 | $1214949157 | $746107679 | $687248234 | $443106226 | $84941275 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143318817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15450635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18895789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21470090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26527454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26138598 |
| Net asset value, offering price and redemption price per share | $49.59 | $10.27 | $78.63 | $39.49 | $32.01 | $16.70 | $3.25 |
| **Pricing of Institutional Class Shares** |  |  |  |  |  |  |  |
| Net assets applicable to Institutional Class shares | $37555010 | $61527533 | $20795603 | $205494726 | $76221000 | $864926892 | $91737722 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5995913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5084088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51419593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28254173 |
| Net asset value, offering price and redemption price per share | $51.24 | $10.26 | $79.09 | $40.42 | $32.05 | $16.82 | $3.25 |
| **Pricing of Class R6 Shares** |  |  |  |  |  |  |  |
| Net assets applicable to Class R6 shares | $2895 | $— | $— | $602558851 | $— | $680465880 | $— |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14818020 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40422510 |  |
| Net asset value, offering price and redemption price per share | $51.30 | $— | $— | $40.66 | $— | $16.83 | $— |

---

*\** *There is no sales load on subscriptions of $1 million or more for all funds except for Flexible Income Fund and Strategic Income Fund. There is no sales load on subscriptions of $500,000 or more for Flexible Income Fund and Strategic Income Fund. Redemptions that were part of a $500,000 or $1 million 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_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Statements of Operations For the Year Ended March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Dynamic Large<br> Cap Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Flexible<br> Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Non-US<br> Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Emerging<br> Markets<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Strategic<br> Income<br> Fund** |
| **Investment Income** |  |  |  |  |  |  |  |
| Dividends\* | $857819 | $13845472 | $15557896 | $8336846 | $29016065 | $23333813 | $478908 |
| Interest\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;85199389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16191326 |
| Income from securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6359 |
| **Total Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99110129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15578099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8337993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29742561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23364109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16676593 |
| **Expenses** |  |  |  |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9102873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8446141 | &nbsp;&nbsp;&nbsp;&nbsp;10313147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7064577 | &nbsp;&nbsp;&nbsp;&nbsp;17285790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607481 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394150 |
| Compliance fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40700 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53090 |
| Transfer Agent fees, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112077 |
| Transfer Agent fees, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8170 |
| Transfer Agent fees, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73664 |
| Transfer Agent fees, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69483 |
| Transfer Agent fees, Class R6 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &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;17934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20481 |
| Registration fees, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15859 |
| Registration fees, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19442 |
| Registration fees, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18343 |
| Registration fees, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19423 | &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;1538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;13276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14785 |
| Reports to Shareholders, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321 |
| Reports to Shareholders, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15624 |
| Reports to Shareholders, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12284 |
| Reports to Shareholders, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15870 | &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;179099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303501 |
| Distribution and shareholder servicing expenses, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79169 |
| Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31476 |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84189 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13955562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11985409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14951167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11309428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21905640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983162 |
| Fees waived and/or reimbursed by the Adviser and/or Affiliates<sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(746156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(507524) |
| Fees recouped 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;248025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;1295418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14140539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11949772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14634930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11171465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21159484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475638 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84969590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6296937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18571096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200955 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |  |  |  |
| Net realized gains (losses) on investments<sup>(B)(C)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35941328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7927941) | &nbsp;&nbsp;&nbsp;&nbsp;98914390 | &nbsp;&nbsp;&nbsp;&nbsp;189795900 | &nbsp;&nbsp;&nbsp;&nbsp;33129594 | &nbsp;&nbsp;&nbsp;&nbsp;245858163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677073 |
| Net realized gains 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;22048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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 written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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 futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240733 |
| Net realized gains on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188390 |
| Net realized gains (losses) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1906444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net change in unrealized appreciation (depreciation) on investments† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8058843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3836616) | &nbsp;&nbsp;&nbsp;&nbsp;50889249 | &nbsp;&nbsp;&nbsp;&nbsp;15953709 | &nbsp;&nbsp;&nbsp;&nbsp;121721201 | &nbsp;&nbsp;&nbsp;&nbsp;28053607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049248 |
| Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268812) |
| Net change in unrealized appreciation (depreciation) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| **Net Realized and Unrealized Gains (Losses) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27882485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10812268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149803639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205749609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154573811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271781528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4886644 |
| **Change in Net Assets Resulting from Operations** | $27445037 | $74157322 | $153431966 | $199452672 | $173144907 | $273986153 | $19087599 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Statements of Operations (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Dynamic Large<br> Cap Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Flexible<br> Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Non-US<br> Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Emerging<br> Markets<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Strategic<br> Income<br> Fund** |
| *\*Net of foreign tax withholding of:* | *$1367* | *$4434* | *$177004* | *$33648* | *$3310806* | *$2854415* | *$8496* |
| *\*\*Net of foreign tax withholding of:* | *$—* | *$3224* | *$—* | *$—* | *$—* | *$—* | *$—* |
| *†Includes decrease in deferred foreign capital gain tax of:* | *$—* | *$—* | *$—* | *$—* | *$—* | *$3867521* | *$—* |

---

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

*<sup>(B)</sup>* *Includes foreign capital gains taxes paid of $12,822,452 for the Sands Capital Emerging Markets Growth Fund.* 

*<sup>(C)</sup>* *Net realized gains on investments includes the realized gains of $2,542,157, $48,294,305 and $41,402,864 for the Dynamic Large Cap Growth Fund, the Focused Fund and the Mid Cap Growth 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_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Dynamic Large Cap<br> Growth Fund** | **Touchstone<br> Dynamic Large Cap<br> Growth Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Flexible Income<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Flexible Income<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Focused Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Focused Fund** |
|  | **For the<br> Year Ended<br> March 31,<br> 2026<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2026** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2026** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income (loss) | $(437448) | &nbsp;&nbsp;&nbsp;$(564032) | &nbsp;&nbsp;&nbsp;$84969590 | &nbsp;&nbsp;&nbsp;$69276153 | &nbsp;&nbsp;&nbsp;$3628327 | &nbsp;&nbsp;&nbsp;$5281214 |
| Net realized gains (losses) on investments, securities sold short, written options, futures contracts, swap agreements and foreign currency transactions | &nbsp;&nbsp;&nbsp;35941328 | &nbsp;&nbsp;&nbsp;&nbsp;19151411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6978636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4884616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98914390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46198294 |
| Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(8058843) | &nbsp;&nbsp;&nbsp;&nbsp;(12842263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3833632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8423114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50889249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36010447 |
| **Change in Net Assets from Operations** | &nbsp;&nbsp;&nbsp;27445037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74157322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72814651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153431966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87489955 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Distributed earnings, Class A | &nbsp;&nbsp;&nbsp;(12254449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4144616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5748918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5026762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1507224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537972) |
| Distributed earnings, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1277191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1172389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41222) |
| Distributed earnings, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(5820331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2322996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76576327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58654489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31586726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13162966) |
| Distributed earnings, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(5955637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2949415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3115843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2134629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245274) |
| Distributed earnings, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital, 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;&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;(24313967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9509124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86718279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66988269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33822980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13987434) |
| **Change in Net Assets from Share Transactions<sup>(B)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(5679265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319442499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53800319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88085023) |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(2548195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2877360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7845402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325268881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65808667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14582502) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;142993360 | &nbsp;&nbsp;&nbsp;&nbsp;145870720 | &nbsp;&nbsp;&nbsp;&nbsp;1685510985 | &nbsp;&nbsp;&nbsp;&nbsp;1360242104 | &nbsp;&nbsp;&nbsp;&nbsp;1239681691 | &nbsp;&nbsp;&nbsp;&nbsp;1254264193 |
| End of period | $140445165 | &nbsp;&nbsp;&nbsp;$142993360 | &nbsp;&nbsp;&nbsp;$1677665583 | &nbsp;&nbsp;&nbsp;$1685510985 | &nbsp;&nbsp;&nbsp;$1305490358 | &nbsp;&nbsp;&nbsp;$1239681691 |

---

*(A)* *Represents the period from commencement of operations (May 9, 2025) through March 31, 2026 for Class R6 shares.* 

*(B)* *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_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Statements of Changes in Net Assets (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone<br> Mid Cap<br> Growth Fund** | **Touchstone<br> Mid Cap<br> Growth Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Non-US<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Non-US<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Sands Capital Emerging<br> Markets Growth Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Sands Capital Emerging<br> Markets Growth Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Strategic Income Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Strategic Income Fund** |
| **For the<br> Year Ended<br> March 31,<br> 2026** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2026** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2026** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2026** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** |
| $(6296937) | &nbsp;&nbsp;&nbsp;$(5692165) | &nbsp;&nbsp;&nbsp;$18571096 | &nbsp;&nbsp;&nbsp;$11255192 | &nbsp;&nbsp;&nbsp;$2204625 | &nbsp;&nbsp;&nbsp;$4910832 | &nbsp;&nbsp;&nbsp;$14200955 | &nbsp;&nbsp;&nbsp;$11463619 |
| &nbsp;&nbsp;&nbsp;189795900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135881707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32806634 | &nbsp;&nbsp;&nbsp;&nbsp;30304784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243951719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90809404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6151004) |
| &nbsp;&nbsp;&nbsp;&nbsp;15953709 | &nbsp;&nbsp;&nbsp;&nbsp;(188564987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121767177 | &nbsp;&nbsp;&nbsp;&nbsp;33023690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27829809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51163912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506331 |
| &nbsp;&nbsp;&nbsp;199452672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58375445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173144907 | &nbsp;&nbsp;&nbsp;&nbsp;74583666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273986153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44556324 | &nbsp;&nbsp;&nbsp;&nbsp;19087599 | &nbsp;&nbsp;&nbsp;&nbsp;13818946 |
| &nbsp;&nbsp;&nbsp;&nbsp;(25211842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7250235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23752372) | &nbsp;&nbsp;&nbsp;&nbsp;(15267231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5611976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5434455) |
| &nbsp;&nbsp;&nbsp;&nbsp;(1361362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478603) |
| &nbsp;&nbsp;&nbsp;&nbsp;(68024433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17945134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26083745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6071452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3909932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3966860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2991900) |
| &nbsp;&nbsp;&nbsp;&nbsp;(18849616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6737097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2176513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1180182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8370604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1551125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4313474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2520632) |
| &nbsp;&nbsp;&nbsp;&nbsp;(53971359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5201640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6457855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1428804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112654) |
| &nbsp;&nbsp;(167418612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37534636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52295212) | &nbsp;&nbsp;&nbsp;&nbsp;(22592007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18738391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3537058) | &nbsp;&nbsp;&nbsp;&nbsp;(14195115) | &nbsp;&nbsp;&nbsp;&nbsp;(11936230) |
| &nbsp;&nbsp;&nbsp;546931528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98008921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456536975 | &nbsp;&nbsp;&nbsp;&nbsp;52334928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67681736) | &nbsp;&nbsp;&nbsp;&nbsp;(427444086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593785 | &nbsp;&nbsp;&nbsp;&nbsp;91562594 |
| &nbsp;&nbsp;&nbsp;578965588 | &nbsp;&nbsp;&nbsp;&nbsp;(193919002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577386670 | &nbsp;&nbsp;&nbsp;&nbsp;104326587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187566026 | &nbsp;&nbsp;&nbsp;&nbsp;(386424820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5486269 | &nbsp;&nbsp;&nbsp;&nbsp;93445310 |
| 1221377596 | &nbsp;&nbsp;&nbsp;&nbsp;1415296598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748163794 | &nbsp;&nbsp;&nbsp;&nbsp;643837207 | &nbsp;&nbsp;&nbsp;&nbsp;1812375603 | &nbsp;&nbsp;&nbsp;&nbsp;2198800423 | &nbsp;&nbsp;&nbsp;&nbsp;297058799 | &nbsp;&nbsp;&nbsp;&nbsp;203613489 |
| $1800343184 | &nbsp;&nbsp;&nbsp;$1221377596 | &nbsp;&nbsp;&nbsp;$1325550464 | &nbsp;&nbsp;&nbsp;$748163794 | &nbsp;&nbsp;&nbsp;$1999941629 | &nbsp;&nbsp;&nbsp;$1812375603 | &nbsp;&nbsp;&nbsp;$302545068 | &nbsp;&nbsp;&nbsp;$297058799 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Statements of Changes in Net Assets - Capital Stock Activity

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Dynamic Large Cap<br> Growth Fund** | **Touchstone<br> Dynamic Large Cap<br> Growth Fund** | **Touchstone<br> Dynamic Large Cap<br> Growth Fund** | **Touchstone<br> Dynamic Large Cap<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Flexible Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Flexible Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Flexible Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Flexible Income<br> Fund** |
|  | **For the Year<br> Ended<br> March 31, 2026<sup>(A)</sup>** | **For the Year<br> Ended<br> March 31, 2026<sup>(A)</sup>** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2026** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2026** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** |
|  | **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;99883 | $5053050 | &nbsp;&nbsp;&nbsp;74607 | $3621938 | &nbsp;&nbsp;&nbsp;2393349 | $24780863 | &nbsp;&nbsp;&nbsp;3418709 | $35311020 |
| Reinvestment of distributions | &nbsp;&nbsp;232954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11745537 | &nbsp;&nbsp;&nbsp;75754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970280 | &nbsp;&nbsp;&nbsp;&nbsp;479801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4965269 | &nbsp;&nbsp;&nbsp;&nbsp;400367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124767 |
| Cost of Shares redeemed | (198037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10255777) | (150566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7398688) | &nbsp;&nbsp;&nbsp;(3744989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38754491) | &nbsp;&nbsp;&nbsp;(3167929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32709954) |
| **Change from Class A Share Transactions** | 134800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6542810 | &nbsp;&nbsp;&nbsp;&nbsp;(205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193530 | &nbsp;&nbsp;&nbsp;&nbsp;(871839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9008359) | &nbsp;&nbsp;&nbsp;&nbsp;651147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6725833 |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;3908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210001 | &nbsp;&nbsp;&nbsp;11086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530233 | &nbsp;&nbsp;&nbsp;&nbsp;398983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059949 | &nbsp;&nbsp;&nbsp;&nbsp;884014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9004081 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;5749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280996 | &nbsp;&nbsp;&nbsp;&nbsp;1777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91411 | &nbsp;&nbsp;&nbsp;&nbsp;122235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240815 | &nbsp;&nbsp;&nbsp;&nbsp;112584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138656 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(13196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(653694) | &nbsp;&nbsp;&nbsp;&nbsp;(9332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440444) | &nbsp;&nbsp;&nbsp;(1014272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10317416) | &nbsp;&nbsp;&nbsp;(1002022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10163462) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;&nbsp;(3539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162697) | &nbsp;&nbsp;&nbsp;&nbsp;3531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181200 | &nbsp;&nbsp;&nbsp;&nbsp;(493054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5016652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20725) |
| **Class Y** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;87188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803866 | &nbsp;&nbsp;146534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7657347 | &nbsp;&nbsp;48028463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499528277 | &nbsp;&nbsp;63198119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654982797 |
| Reinvestment of distributions | &nbsp;&nbsp;103125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5669840 | &nbsp;&nbsp;&nbsp;40566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280626 | &nbsp;&nbsp;&nbsp;6978861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72516266 | &nbsp;&nbsp;&nbsp;5409013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55958770 |
| Cost of Shares redeemed | (207973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11719976) | (190680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10303051) | (54334123) | &nbsp;&nbsp;&nbsp;&nbsp;(565245163) | &nbsp;&nbsp;(39357026) | &nbsp;&nbsp;&nbsp;&nbsp;(407308342) |
| **Change from Class Y Share Transactions** | &nbsp;&nbsp;(17660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1246270) | &nbsp;&nbsp;&nbsp;(3580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365078) | &nbsp;&nbsp;&nbsp;&nbsp;673201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6799380 | 29250106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303633225 |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;418096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23817562 | &nbsp;&nbsp;660620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35369916 | &nbsp;&nbsp;&nbsp;2503169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25890209 | &nbsp;&nbsp;&nbsp;2204280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22857511 |
| Reinvestment of distributions | &nbsp;&nbsp;104871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5955637 | &nbsp;&nbsp;&nbsp;51049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948579 | &nbsp;&nbsp;&nbsp;&nbsp;215462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237957 | &nbsp;&nbsp;&nbsp;&nbsp;123326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274862 |
| Cost of Shares redeemed | (735027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40589271) | (706316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37441499) | &nbsp;&nbsp;&nbsp;(1558865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16186980) | &nbsp;&nbsp;&nbsp;(1447569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15028207) |
| **Change from Institutional Class Share Transactions** | (212060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10816072) | &nbsp;&nbsp;&nbsp;&nbsp;5353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876996 | &nbsp;&nbsp;&nbsp;1159766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11941186 | &nbsp;&nbsp;&nbsp;&nbsp;880037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9104166 |
| **Class R6** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;— |
| **Change from Class R6 Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;(98402) | $(5679265) | &nbsp;&nbsp;&nbsp;&nbsp;5099 | $886648 | &nbsp;&nbsp;&nbsp;&nbsp;468074 | $4715555 | 30775866 | $319442499 |

---

*(A)* *Represents the period from commencement of operations (May 9, 2025) through March 31, 2026 for Class R6 shares.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Touchstone<br> Focused Fund** | &nbsp;&nbsp;**Touchstone<br> Focused Fund** | &nbsp;&nbsp;**Touchstone<br> Focused Fund** | &nbsp;&nbsp;**Touchstone<br> Focused Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Growth Fund** |
| &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2026** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2026** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2026** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2026** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** |
| &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;88476 | $6925374 | &nbsp;&nbsp;&nbsp;&nbsp;130040 | $9221994 | &nbsp;&nbsp;&nbsp;&nbsp;418389 | $16270032 | &nbsp;&nbsp;&nbsp;&nbsp;375952 | $13848884 |
| &nbsp;&nbsp;&nbsp;&nbsp;15313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455696 | &nbsp;&nbsp;&nbsp;&nbsp;592550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22694678 | &nbsp;&nbsp;&nbsp;&nbsp;162502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6526070 |
| &nbsp;&nbsp;&nbsp;(130821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10296103) | &nbsp;&nbsp;&nbsp;&nbsp;(130721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9222445) | &nbsp;&nbsp;&nbsp;&nbsp;(977387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38378705) | &nbsp;&nbsp;(1068218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39142818) |
| &nbsp;&nbsp;&nbsp;&nbsp;(27032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2106204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586005 | &nbsp;&nbsp;&nbsp;(529764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18767864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392772 |
| &nbsp;&nbsp;&nbsp;&nbsp;(36802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2517332) | &nbsp;&nbsp;&nbsp;&nbsp;(86392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5452106) | &nbsp;&nbsp;&nbsp;&nbsp;(100745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3835561) | &nbsp;&nbsp;&nbsp;&nbsp;(126893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4473047) |
| &nbsp;&nbsp;&nbsp;&nbsp;(28751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1950080) | &nbsp;&nbsp;&nbsp;&nbsp;(74078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4670004) | &nbsp;&nbsp;&nbsp;&nbsp;(14995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(592873) | &nbsp;&nbsp;&nbsp;&nbsp;(52999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1746514) |
| &nbsp;&nbsp;&nbsp;&nbsp;342430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27969833 | &nbsp;&nbsp;&nbsp;&nbsp;272278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19706200 | &nbsp;&nbsp;&nbsp;5548188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234323481 | &nbsp;&nbsp;&nbsp;3502271 | &nbsp;&nbsp;&nbsp;&nbsp;137631319 |
| &nbsp;&nbsp;&nbsp;&nbsp;360632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30331775 | &nbsp;&nbsp;&nbsp;&nbsp;167225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12659651 | &nbsp;&nbsp;&nbsp;1581084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65709866 | &nbsp;&nbsp;&nbsp;&nbsp;401301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17312129 |
| (1325340) | &nbsp;&nbsp;&nbsp;&nbsp;(106534193) | &nbsp;&nbsp;(1625249) | &nbsp;&nbsp;&nbsp;&nbsp;(116462295) | &nbsp;&nbsp;&nbsp;(4305711) | &nbsp;&nbsp;&nbsp;&nbsp;(180486288) | &nbsp;&nbsp;(5841077) | &nbsp;&nbsp;&nbsp;&nbsp;(226765894) |
| &nbsp;&nbsp;&nbsp;(622278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48232585) | (1185746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84096444) | &nbsp;&nbsp;&nbsp;2823561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119547059 | (1937505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71822446) |
| &nbsp;&nbsp;1018470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82667357 | &nbsp;&nbsp;&nbsp;1313020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94763512 | &nbsp;&nbsp;&nbsp;5259026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226989464 | &nbsp;&nbsp;&nbsp;4059359 | &nbsp;&nbsp;&nbsp;&nbsp;161637963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225929 | &nbsp;&nbsp;&nbsp;&nbsp;409295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17411391 | &nbsp;&nbsp;&nbsp;&nbsp;143862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6331348 |
| (1042055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84734761) | &nbsp;&nbsp;(1314034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94763261) | &nbsp;&nbsp;&nbsp;(6356740) | &nbsp;&nbsp;&nbsp;&nbsp;(275962112) | &nbsp;&nbsp;(4998728) | &nbsp;&nbsp;&nbsp;&nbsp;(200427332) |
| &nbsp;&nbsp;&nbsp;&nbsp;(17014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1511450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226180 | &nbsp;&nbsp;&nbsp;&nbsp;(688419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31561257) | &nbsp;&nbsp;&nbsp;(795507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32458021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13613134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613234707 | &nbsp;&nbsp;&nbsp;1824349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73104445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;434399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18583589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4025577) | &nbsp;&nbsp;&nbsp;&nbsp;(172865702) | &nbsp;&nbsp;(1241814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49866731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 10021956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458952594 | &nbsp;&nbsp;&nbsp;&nbsp;662811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26785924 |
| &nbsp;&nbsp;&nbsp;(695075) | $(53800319) | (1252468) | $(88085023) | 12175655 | $546931528 | (2652964) | $(98008921) |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Non-US<br> Equity Fund** | **Touchstone<br> Non-US<br> Equity Fund** | **Touchstone<br> Non-US<br> Equity Fund** | **Touchstone<br> Non-US<br> Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital Emerging<br> Markets Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital Emerging<br> Markets Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital Emerging<br> Markets Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital Emerging<br> Markets Growth Fund** |
|  | **For the Year<br> Ended<br> March 31, 2026** | **For the Year<br> Ended<br> March 31, 2026** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2026** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2026** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** |
|  | **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;1178066 | $35585864 | &nbsp;&nbsp;&nbsp;&nbsp;697370 | $18072746 | &nbsp;&nbsp;&nbsp;&nbsp;134041 | $2183572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227557 | $3310777 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;732012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22417622 | &nbsp;&nbsp;&nbsp;&nbsp;575049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14573454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;(1744733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52095873) | &nbsp;&nbsp;(1774384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45610780) | &nbsp;&nbsp;&nbsp;&nbsp;(324456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5357931) | &nbsp;&nbsp;&nbsp;&nbsp;(355382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5160827) |
| **Change from Class A Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;165345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5907613 | &nbsp;&nbsp;&nbsp;(501965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12964580) | &nbsp;&nbsp;&nbsp;&nbsp;(190415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3174359) | &nbsp;&nbsp;&nbsp;&nbsp;(127825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1850050) |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;153905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677658 | &nbsp;&nbsp;&nbsp;&nbsp;71626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646324 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;(33976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1042606) | &nbsp;&nbsp;&nbsp;&nbsp;(34658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(896939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1325150) | &nbsp;&nbsp;&nbsp;&nbsp;(105137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1487049) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;128852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910971 | &nbsp;&nbsp;&nbsp;&nbsp;39702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061725 | &nbsp;&nbsp;&nbsp;&nbsp;(69872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1098006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(840725) |
| **Class Y** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | 16791445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527798146 | &nbsp;&nbsp;4404817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120866545 | &nbsp;&nbsp;&nbsp;4996138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82967448 | &nbsp;&nbsp;&nbsp;&nbsp;6421387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94796923 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;777298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25061396 | &nbsp;&nbsp;&nbsp;&nbsp;214538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5698057 | &nbsp;&nbsp;&nbsp;&nbsp;206027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496739 |
| Cost of Shares redeemed | &nbsp;&nbsp;(4347621) | &nbsp;&nbsp;&nbsp;&nbsp;(140534078) | &nbsp;&nbsp;(2570721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70325558) | (10636288) | &nbsp;&nbsp;&nbsp;&nbsp;(177670566) | &nbsp;&nbsp;(14784465) | &nbsp;&nbsp;&nbsp;&nbsp;(219689314) |
| **Change from Class Y Share Transactions** | 13221122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412325464 | 2048634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56239044 | &nbsp;&nbsp;(5434123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91188291) | &nbsp;&nbsp;&nbsp;(8328510) | &nbsp;&nbsp;&nbsp;&nbsp;(124395652) |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;1377741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44194429 | &nbsp;&nbsp;&nbsp;&nbsp;308751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333615 | &nbsp;&nbsp;10028956 | &nbsp;&nbsp;&nbsp;&nbsp;166405027 | &nbsp;&nbsp;&nbsp;&nbsp;7627342 | &nbsp;&nbsp;&nbsp;&nbsp;114211713 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666272 | &nbsp;&nbsp;&nbsp;&nbsp;31681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848075 | &nbsp;&nbsp;&nbsp;&nbsp;432067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7418586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478705 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(364250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11467774) | &nbsp;&nbsp;&nbsp;&nbsp;(43902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1182951) | (11706026) | &nbsp;&nbsp;&nbsp;&nbsp;(193175796) | &nbsp;&nbsp;(17827255) | &nbsp;&nbsp;&nbsp;&nbsp;(266063471) |
| **Change from Institutional Class Share Transactions** | &nbsp;&nbsp;1065102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34392927 | &nbsp;&nbsp;&nbsp;296530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7998739 | &nbsp;&nbsp;(1245003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19352183) | (10097651) | &nbsp;&nbsp;&nbsp;&nbsp;(150373053) |
| **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;9972587 | &nbsp;&nbsp;&nbsp;&nbsp;173292415 | &nbsp;&nbsp;&nbsp;&nbsp;5584834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83351571 |
| 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;113634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439680 |
| 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;(7621399) | &nbsp;&nbsp;&nbsp;&nbsp;(128113549) | &nbsp;&nbsp;(15806250) | &nbsp;&nbsp;&nbsp;&nbsp;(233775857) |
| **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;2464822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47131103 | (10191031) | &nbsp;&nbsp;&nbsp;&nbsp;(149984606) |
| **Change from Share Transactions** | 14580421 | $456536975 | 1882901 | $52334928 | &nbsp;&nbsp;(4474591) | $(67681736) | (28804558) | $(427444086) |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Touchstone<br> Strategic Income Fund** | &nbsp;&nbsp;**Touchstone<br> Strategic Income Fund** | &nbsp;&nbsp;**Touchstone<br> Strategic Income Fund** | &nbsp;&nbsp;**Touchstone<br> Strategic Income Fund** |
| &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2026** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2026** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** |
| &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| &nbsp;&nbsp;&nbsp;3713714 | $12151523 | &nbsp;&nbsp;&nbsp;2354722 | $7465808 |
| &nbsp;&nbsp;&nbsp;1436052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691803 | &nbsp;&nbsp;&nbsp;1487245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4720621 |
| &nbsp;&nbsp;&nbsp;(5762890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18858585) | &nbsp;&nbsp;&nbsp;(7558221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23974711) |
| &nbsp;&nbsp;&nbsp;&nbsp;(613124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2015259) | &nbsp;&nbsp;(3716254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11788282) |
| &nbsp;&nbsp;&nbsp;&nbsp;165316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541160 | &nbsp;&nbsp;&nbsp;&nbsp;261263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263340 | &nbsp;&nbsp;&nbsp;&nbsp;135270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430747 |
| &nbsp;&nbsp;&nbsp;(1526336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5000935) | &nbsp;&nbsp;&nbsp;(2569155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8188574) |
| &nbsp;&nbsp;(1280639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4196435) | &nbsp;&nbsp;(2172622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6917164) |
| &nbsp;&nbsp;11076203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35962403 | &nbsp;&nbsp;10263332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32804902 |
| &nbsp;&nbsp;&nbsp;1131476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685043 | &nbsp;&nbsp;&nbsp;&nbsp;779199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468503 |
| &nbsp;&nbsp;&nbsp;(9582668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31156540) | &nbsp;&nbsp;&nbsp;(5776082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18287354) |
| &nbsp;&nbsp;&nbsp;2625011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8490906 | &nbsp;&nbsp;&nbsp;5266449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16986051 |
| &nbsp;&nbsp;10577873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34772705 | &nbsp;&nbsp;47629003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154231231 |
| &nbsp;&nbsp;&nbsp;1325577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313474 | &nbsp;&nbsp;&nbsp;&nbsp;824559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633183 |
| (12598541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40771606) | &nbsp;&nbsp;(19920879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63582425) |
| &nbsp;&nbsp;&nbsp;&nbsp;(695091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1685427) | 28532683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93281989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36157 | $593785 | 27910256 | $91562594 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Financial Highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Dynamic Large Cap Growth Fund** | **Touchstone Dynamic Large Cap Growth Fund** | **Touchstone Dynamic Large Cap Growth Fund** | **Touchstone Dynamic Large Cap Growth Fund** | **Touchstone Dynamic Large Cap Growth Fund** | **Touchstone Dynamic Large Cap Growth Fund** | **Touchstone Dynamic Large Cap Growth Fund** | **Touchstone Dynamic Large Cap Growth Fund** | **Touchstone Dynamic Large Cap Growth Fund** | **Touchstone Dynamic Large Cap Growth Fund** | **Touchstone Dynamic Large Cap Growth Fund** | **Touchstone Dynamic Large Cap Growth Fund** | **Touchstone Dynamic Large Cap Growth Fund** | **Touchstone Dynamic Large Cap Growth 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** |
| 03/31/22 | $41.07 | $(0.21) | $4.97 | $4.76 | $— | $(7.19) | $(7.19) | $38.64 | &nbsp;&nbsp;10.48% | $61006 | 1.25% | &nbsp;&nbsp;&nbsp;1.31% | (0.48)%&nbsp;&nbsp;47%<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;38.64 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;(4.39) | &nbsp;&nbsp;&nbsp;(4.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;33.47 | (11.34) | &nbsp;&nbsp;48229 | 1.26 | &nbsp;&nbsp;&nbsp;1.37 | (0.27)&nbsp;&nbsp;&nbsp;&nbsp;55<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;33.47 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;13.85 | &nbsp;&nbsp;13.70 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;46.09 | &nbsp;&nbsp;41.43 | &nbsp;&nbsp;63755 | 1.27 | &nbsp;&nbsp;&nbsp;1.39 | (0.40)&nbsp;&nbsp;&nbsp;&nbsp;53<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;46.09 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;44.92 | &nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;62122 | 1.26 | &nbsp;&nbsp;&nbsp;1.34 | (0.52)&nbsp;&nbsp;&nbsp;&nbsp;68<sup>(4)</sup> |
| 03/31/26 | &nbsp;&nbsp;44.92 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;10.37 | &nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9.62) | &nbsp;&nbsp;&nbsp;(9.62) | &nbsp;&nbsp;45.43 | &nbsp;&nbsp;20.44 | &nbsp;&nbsp;68956 | 1.03 | &nbsp;&nbsp;&nbsp;1.23 | (0.46)&nbsp;&nbsp;&nbsp;176<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** |
| 03/31/22^ | $44.47 | $(0.57) | $5.57 | $5.00 | $— | $(10.72) | $(10.72) | $38.75 | &nbsp;&nbsp;&nbsp;9.64% | $1769 | 2.00% | &nbsp;&nbsp;&nbsp;2.64% | (1.23)%&nbsp;&nbsp;47%<sup>(4)</sup> |
| 03/31/23^ | &nbsp;&nbsp;38.75 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;(4.48) | &nbsp;&nbsp;&nbsp;(4.74) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;33.32 | (11.99) | &nbsp;&nbsp;&nbsp;1485 | 2.01 | &nbsp;&nbsp;&nbsp;2.86 | (1.02)&nbsp;&nbsp;&nbsp;&nbsp;55<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;33.32 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;13.73 | &nbsp;&nbsp;13.29 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;45.53 | &nbsp;&nbsp;40.37 | &nbsp;&nbsp;&nbsp;1311 | 2.02 | &nbsp;&nbsp;&nbsp;3.35 | (1.15)&nbsp;&nbsp;&nbsp;&nbsp;53<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;45.53 | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;43.99 | &nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;1422 | 2.01 | &nbsp;&nbsp;&nbsp;3.08 | (1.27)&nbsp;&nbsp;&nbsp;&nbsp;68<sup>(4)</sup> |
| 03/31/26 | &nbsp;&nbsp;43.99 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9.62) | &nbsp;&nbsp;&nbsp;(9.62) | &nbsp;&nbsp;43.95 | &nbsp;&nbsp;19.58 | &nbsp;&nbsp;&nbsp;1265 | 1.76 | &nbsp;&nbsp;&nbsp;3.26 | (1.19)&nbsp;&nbsp;&nbsp;176<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** |
| 03/31/22 | $43.08 | $(0.11) | $5.19 | $5.08 | $— | $(7.19) | $(7.19) | $40.97 | &nbsp;&nbsp;10.75% | $25851 | 1.00% | &nbsp;&nbsp;&nbsp;1.10% | (0.23)%&nbsp;&nbsp;47%<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;40.97 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;(4.65) | &nbsp;&nbsp;&nbsp;(4.66) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;35.55 | (11.13) | &nbsp;&nbsp;26581 | 1.01 | &nbsp;&nbsp;&nbsp;1.15 | (0.02)&nbsp;&nbsp;&nbsp;&nbsp;55<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;35.55 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;14.76 | &nbsp;&nbsp;14.70 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;49.17 | &nbsp;&nbsp;41.82 | &nbsp;&nbsp;33435 | 1.02 | &nbsp;&nbsp;&nbsp;1.18 | (0.15)&nbsp;&nbsp;&nbsp;&nbsp;53<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;49.17 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;48.22 | &nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;32617 | 1.01 | &nbsp;&nbsp;&nbsp;1.13 | (0.27)&nbsp;&nbsp;&nbsp;&nbsp;68<sup>(4)</sup> |
| 03/31/26 | &nbsp;&nbsp;48.22 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;11.07 | &nbsp;&nbsp;10.99 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9.62) | &nbsp;&nbsp;&nbsp;(9.62) | &nbsp;&nbsp;49.59 | &nbsp;&nbsp;20.84 | &nbsp;&nbsp;32666 | 0.71 | &nbsp;&nbsp;&nbsp;1.03 | (0.14)&nbsp;&nbsp;&nbsp;176<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** |
| 03/31/22 | $43.90 | $(0.06) | $5.27 | $5.21 | $— | $(7.19) | $(7.19) | $41.92 | &nbsp;&nbsp;10.84% | $73624 | 0.90% | &nbsp;&nbsp;&nbsp;1.02% | (0.13)%&nbsp;&nbsp;47%<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;41.92 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;(4.76) | &nbsp;&nbsp;&nbsp;(4.73) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;36.40 | (11.02) | &nbsp;&nbsp;49939 | 0.91 | &nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;0.08&nbsp;&nbsp;&nbsp;&nbsp;55<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;36.40 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;15.11 | &nbsp;&nbsp;15.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;50.41 | &nbsp;&nbsp;41.93 | &nbsp;&nbsp;47369 | 0.92 | &nbsp;&nbsp;&nbsp;1.08 | (0.05)&nbsp;&nbsp;&nbsp;&nbsp;53<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;50.41 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;49.56 | &nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;46832 | 0.91 | &nbsp;&nbsp;&nbsp;1.05 | (0.17)&nbsp;&nbsp;&nbsp;&nbsp;68<sup>(4)</sup> |
| 03/31/26 | &nbsp;&nbsp;49.56 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;11.35 | &nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9.62) | &nbsp;&nbsp;&nbsp;(9.62) | &nbsp;&nbsp;51.24 | &nbsp;&nbsp;20.91 | &nbsp;&nbsp;37555 | 0.65 | &nbsp;&nbsp;&nbsp;0.96 | (0.08)&nbsp;&nbsp;&nbsp;176<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** |
| 03/31/26<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;$51.80<sup>(7)</sup> | $(—)<sup>(5)</sup> | $9.12 | $9.12 | $— | $(9.62) | $(9.62) | $51.30 | &nbsp;&nbsp;15.80%<sup>(8)</sup> | $3 | 0.57%<sup>(9)</sup> | 382.11%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;(—)%<sup>(5)(9)</sup>176%<sup>(4)</sup> |

---

---

| | |
|:---|:---|
| *^* | *Updated to reflect the effect of a 1 for 0.670946 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 (loss) 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%, 0.02%, 0.03%, 0.02% and 0.01% for the years ended March 31, 2026, 2025, 2024, 2023, and 2022, 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>* | *Represents the period from commencement of operations (May 9, 2025) through March 31, 2026.* |
| *<sup>(7)</sup>* | *Net asset value at the beginning of period is based on the net asset value of Institutional Class shares on May 9, 2025.* |
| *<sup>(8)</sup>* | *Not annualized.* |
| *<sup>(9)</sup>* | *Annualized.* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** | **Touchstone Flexible Income Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets<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** |
| 03/31/22 | $11.11 | $0.34 | $(0.52) | $(0.18) | $(0.36) | $— | $(0.36) | $10.57 | (1.76)% | $113880 | 1.09% | 1.11% | 3.05% | 61% |
| 03/31/23 | &nbsp;&nbsp;10.57 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;9.87 | (2.39) | &nbsp;&nbsp;&nbsp;&nbsp;104050 | 1.06 | 1.11 | 3.39 | 52 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;10.25 | &nbsp;&nbsp;7.69 | &nbsp;&nbsp;&nbsp;&nbsp;119032 | 1.04 | 1.09 | 3.81 | 47 |
| 03/31/25 | &nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.44<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;10.30 | &nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;126335 | 1.04 | 1.07 | 4.29 | 52 |
| 03/31/26 | &nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.49<sup>(3)</sup> | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;10.22 | &nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;116446 | 1.04 | 1.05 | 4.72 | 64 |
| **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** |
| 03/31/22 | $10.94 | $0.25 | $(0.51) | $(0.26) | $(0.28) | $— | $(0.28) | $10.40 | (2.52)% | $37087 | 1.84% | 1.87% | 2.30% | 61% |
| 03/31/23 | &nbsp;&nbsp;10.40 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;9.70 | (3.16) | &nbsp;&nbsp;&nbsp;&nbsp;30158 | 1.81 | 1.88 | 2.64 | 52 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.70 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;10.07 | &nbsp;&nbsp;6.93 | &nbsp;&nbsp;&nbsp;&nbsp;33569 | 1.79 | 1.84 | 3.06 | 47 |
| 03/31/25 | &nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.36<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;10.11 | &nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;33653 | 1.79 | 1.84 | 3.54 | 52 |
| 03/31/26 | &nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.40<sup>(3)</sup> | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;10.03 | &nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;28416 | 1.79 | 1.83 | 3.97 | 64 |
| **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** |
| 03/31/22 | $11.15 | $0.36 | $(0.53) | $(0.17) | $(0.38) | $— | $(0.38) | $10.60 | (1.61)% | $661266 | 0.84% | 0.85% | 3.30% | 61% |
| 03/31/23 | &nbsp;&nbsp;10.60 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;9.90 | (2.14) | &nbsp;&nbsp;&nbsp;&nbsp;668604 | 0.81 | 0.85 | 3.64 | 52 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;10.29 | &nbsp;&nbsp;8.04 | &nbsp;&nbsp;1166943 | 0.79 | 0.80 | 4.06 | 47 |
| 03/31/25 | &nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.47<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;10.34 | &nbsp;&nbsp;4.95 | &nbsp;&nbsp;1475516 | &nbsp;&nbsp;&nbsp;0.79<sup>(4)</sup> | 0.78 | 4.54 | 52 |
| 03/31/26 | &nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.52<sup>(3)</sup> | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;10.27 | &nbsp;&nbsp;4.48 | &nbsp;&nbsp;1471277 | &nbsp;&nbsp;&nbsp;0.79<sup>(4)</sup> | 0.77 | 4.97 | 64 |
| **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** |
| 03/31/22 | $11.14 | $0.37 | $(0.52) | $(0.15) | $(0.39) | $— | $(0.39) | $10.60 | (1.45)% | $34177 | 0.74% | 0.84% | 3.40% | 61% |
| 03/31/23 | &nbsp;&nbsp;10.60 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;9.90 | (2.04) | &nbsp;&nbsp;&nbsp;&nbsp;35484 | 0.71 | 0.83 | 3.74 | 52 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;10.29 | &nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;&nbsp;40698 | 0.69 | 0.80 | 4.16 | 47 |
| 03/31/25 | &nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.48<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;10.34 | &nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;50008 | 0.69 | 0.77 | 4.64 | 52 |
| 03/31/26 | &nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.53<sup>(3)</sup> | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;10.26 | &nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;61528 | 0.69 | 0.75 | 5.07 | 64 |

---

*<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 0.02% and 0.05% for the years ended March 31, 2023 and 2022, respectively.* 

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

*<sup>(4)</sup>* *Net expenses include amounts recouped by the Adviser.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Focused Fund** | **Touchstone Focused Fund** | **Touchstone Focused Fund** | **Touchstone Focused Fund** | **Touchstone Focused Fund** | **Touchstone Focused Fund** | **Touchstone Focused Fund** | **Touchstone Focused Fund** | **Touchstone Focused Fund** | **Touchstone Focused Fund** | **Touchstone Focused Fund** | **Touchstone Focused Fund** | **Touchstone Focused Fund** | **Touchstone Focused 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** |
| 03/31/22 | $58.43 | $(0.10) | $5.72 | $5.62 | $(0.03) | $(3.64) | $(3.67) | $60.38 | &nbsp;&nbsp;9.38% | $53028 | 1.15% | 1.15% | (0.17)%14%<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;60.38 | &nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;(4.14) | &nbsp;&nbsp;&nbsp;(4.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.62) | &nbsp;&nbsp;(1.62) | &nbsp;&nbsp;54.71 | (6.52) | &nbsp;&nbsp;&nbsp;&nbsp;45751 | 1.17 | 1.17 | &nbsp;&nbsp;0.16&nbsp;&nbsp;&nbsp;&nbsp;5<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;54.71 | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;12.23 | &nbsp;&nbsp;12.46 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;66.64 | 22.85 | &nbsp;&nbsp;&nbsp;&nbsp;57366 | 1.18 | 1.18 | &nbsp;&nbsp;0.38&nbsp;&nbsp;&nbsp;&nbsp;5<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;66.64 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;70.57 | &nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;61133 | 1.16 | 1.16 | &nbsp;&nbsp;0.14&nbsp;&nbsp;&nbsp;&nbsp;5<sup>(4)</sup> |
| 03/31/26 | &nbsp;&nbsp;70.57 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;8.60 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(1.71) | &nbsp;&nbsp;(1.82) | &nbsp;&nbsp;77.35 | 12.03 | &nbsp;&nbsp;&nbsp;&nbsp;64918 | 1.16 | 1.16 | (0.01)&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** |
| 03/31/22 | $53.97 | $(0.53) | $5.30 | $4.77 | $— | $(3.64) | $(3.64) | $55.10 | &nbsp;&nbsp;8.58% | $20147 | 1.91% | 1.91% | (0.92)%14%<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;55.10 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;(3.81) | &nbsp;&nbsp;&nbsp;(4.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.62) | &nbsp;&nbsp;(1.62) | &nbsp;&nbsp;49.37 | (7.26) | &nbsp;&nbsp;&nbsp;&nbsp;12937 | 1.96 | 1.96 | (0.62)&nbsp;&nbsp;&nbsp;&nbsp;5<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;49.37 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;10.99 | &nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;59.61 | 21.90 | &nbsp;&nbsp;&nbsp;&nbsp;10346 | 1.96 | 2.02 | (0.40)&nbsp;&nbsp;&nbsp;&nbsp;5<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;59.61 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;62.82 | &nbsp;&nbsp;5.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6249 | 1.92 | 2.07 | (0.62)&nbsp;&nbsp;&nbsp;&nbsp;5<sup>(4)</sup> |
| 03/31/26 | &nbsp;&nbsp;62.82 | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.71) | &nbsp;&nbsp;(1.71) | &nbsp;&nbsp;68.26 | 11.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4828 | 1.90 | 2.18 | (0.75)&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** |
| 03/31/22 | $59.10 | $0.08 | $5.80 | $5.88 | $(0.12) | $(3.64) | $(3.76) | $61.22 | &nbsp;&nbsp;9.71% | $1108883 | 0.86% | 0.86% | &nbsp;&nbsp;0.12%14%<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;61.22 | &nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;(4.21) | &nbsp;&nbsp;&nbsp;(3.96) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(1.62) | &nbsp;&nbsp;(1.68) | &nbsp;&nbsp;55.58 | (6.26) | &nbsp;&nbsp;&nbsp;&nbsp;978944 | 0.88 | 0.88 | &nbsp;&nbsp;0.45&nbsp;&nbsp;&nbsp;&nbsp;5<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;55.58 | &nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;12.45 | &nbsp;&nbsp;12.86 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;67.66 | 23.24 | &nbsp;&nbsp;1167637 | 0.88 | 0.88 | &nbsp;&nbsp;0.68&nbsp;&nbsp;&nbsp;&nbsp;5<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;67.66 | &nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;71.68 | &nbsp;&nbsp;7.08 | &nbsp;&nbsp;1152118 | 0.87 | 0.87 | &nbsp;&nbsp;0.43&nbsp;&nbsp;&nbsp;&nbsp;5<sup>(4)</sup> |
| 03/31/26 | &nbsp;&nbsp;71.68 | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(1.71) | &nbsp;&nbsp;(2.03) | &nbsp;&nbsp;78.63 | 12.36 | &nbsp;&nbsp;1214949 | 0.86 | 0.86 | &nbsp;&nbsp;0.29&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** |
| 03/31/22 | $59.38 | $0.09 | $5.84 | $5.93 | $(0.13) | $(3.64) | $(3.77) | $61.54 | &nbsp;&nbsp;9.75% | $18825 | 0.84% | 0.88% | &nbsp;&nbsp;0.15%14%<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;61.54 | &nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;(4.22) | &nbsp;&nbsp;&nbsp;(3.95) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(1.62) | &nbsp;&nbsp;(1.69) | &nbsp;&nbsp;55.90 | (6.21) | &nbsp;&nbsp;&nbsp;&nbsp;21145 | 0.84 | 0.91 | &nbsp;&nbsp;0.50&nbsp;&nbsp;&nbsp;&nbsp;5<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;55.90 | &nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;12.50 | &nbsp;&nbsp;12.94 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;68.04 | 23.27 | &nbsp;&nbsp;&nbsp;&nbsp;18915 | 0.84 | 0.95 | &nbsp;&nbsp;0.72&nbsp;&nbsp;&nbsp;&nbsp;5<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;68.04 | &nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;72.09 | &nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;20181 | 0.84 | 0.91 | &nbsp;&nbsp;0.46&nbsp;&nbsp;&nbsp;&nbsp;5<sup>(4)</sup> |
| 03/31/26 | &nbsp;&nbsp;72.09 | &nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;8.80 | &nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(1.71) | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;79.09 | 12.39 | &nbsp;&nbsp;&nbsp;&nbsp;20796 | 0.84 | 0.92 | &nbsp;&nbsp;0.31&nbsp;&nbsp;6<sup>(4)</sup> |

---

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

*<sup>(2)</sup>* *Total returns 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%, 0.01%, 0.01% and 0.01% for the years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively.* 

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Mid Cap Growth Fund** | **Touchstone Mid Cap Growth Fund** | **Touchstone Mid Cap Growth Fund** | **Touchstone Mid Cap Growth Fund** | **Touchstone Mid Cap Growth Fund** | **Touchstone Mid Cap Growth Fund** | **Touchstone Mid Cap Growth Fund** | **Touchstone Mid Cap Growth Fund** | **Touchstone Mid Cap Growth Fund** | **Touchstone Mid Cap Growth Fund** | **Touchstone Mid Cap Growth Fund** | **Touchstone Mid Cap Growth Fund** | **Touchstone Mid Cap Growth 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 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** |
| 03/31/22 | $37.71 | $(0.26) | $3.44 | $3.18 | $(6.37) | $(6.37) | $34.52 | &nbsp;&nbsp;&nbsp;7.43% | $299763 | 1.21% | 1.21% | (0.65)%60%<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;34.52 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(4.56) | &nbsp;&nbsp;(4.65) | &nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;29.14 | (13.36) | &nbsp;&nbsp;234325 | 1.26 | 1.26 | (0.31)&nbsp;&nbsp;&nbsp;56<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;29.14 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;7.90 | &nbsp;&nbsp;&nbsp;7.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;36.94 | &nbsp;&nbsp;26.77 | &nbsp;&nbsp;256076 | 1.24 | 1.24 | (0.33)&nbsp;&nbsp;&nbsp;58<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;36.94 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(1.31) | &nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;34.26 | &nbsp;&nbsp;(4.65) | &nbsp;&nbsp;219300 | 1.22 | 1.22 | (0.65)&nbsp;&nbsp;&nbsp;79<sup>(4)</sup> |
| 03/31/26 | &nbsp;&nbsp;34.26 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;6.34 | &nbsp;&nbsp;&nbsp;(4.24) | &nbsp;&nbsp;&nbsp;(4.24) | &nbsp;&nbsp;36.36 | &nbsp;&nbsp;17.89 | &nbsp;&nbsp;233966 | 1.21 | 1.21 | (0.66)&nbsp;&nbsp;&nbsp;85<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** |
| 03/31/22^ | $44.54 | $(0.64) | $4.39 | $3.75 | $(13.65) | $(13.65) | $34.64 | &nbsp;&nbsp;&nbsp;6.53% | $17918 | 2.04% | 2.04% | (1.48)%60%<sup>(4)</sup> |
| 03/31/23^ | &nbsp;&nbsp;34.64 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(4.71) | &nbsp;&nbsp;(4.91) | &nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;29.00 | (14.07) | &nbsp;&nbsp;&nbsp;13709 | 2.10 | 2.10 | (1.15)&nbsp;&nbsp;&nbsp;56<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;29.00 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;36.46 | &nbsp;&nbsp;25.73 | &nbsp;&nbsp;&nbsp;15144 | 2.07 | 2.07 | (1.17)&nbsp;&nbsp;&nbsp;58<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;36.46 | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;(1.28) | &nbsp;&nbsp;(1.82) | &nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;33.51 | &nbsp;&nbsp;(5.47) | &nbsp;&nbsp;&nbsp;12141 | 2.06 | 2.06 | (1.49)&nbsp;&nbsp;&nbsp;79<sup>(4)</sup> |
| 03/31/26 | &nbsp;&nbsp;33.51 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;(4.24) | &nbsp;&nbsp;&nbsp;(4.24) | &nbsp;&nbsp;35.17 | &nbsp;&nbsp;16.94 | &nbsp;&nbsp;&nbsp;12216 | 2.01 | 2.13 | (1.46)&nbsp;&nbsp;&nbsp;85<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** |
| 03/31/22 | $39.68 | $(0.18) | $3.59 | $3.41 | $(6.37) | $(6.37) | $36.72 | &nbsp;&nbsp;&nbsp;7.65% | $657182 | 0.99% | 0.99% | (0.43)%60%<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;36.72 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(4.84) | &nbsp;&nbsp;(4.86) | &nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;31.13 | (13.15) | &nbsp;&nbsp;548507 | 1.03 | 1.03 | (0.07)&nbsp;&nbsp;&nbsp;56<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;31.13 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;8.45 | &nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;39.55 | &nbsp;&nbsp;27.09 | &nbsp;&nbsp;712307 | 1.01 | 1.01 | (0.10)&nbsp;&nbsp;&nbsp;58<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;39.55 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;36.83 | &nbsp;&nbsp;(4.45) | &nbsp;&nbsp;591921 | 0.99 | 1.00 | (0.42)&nbsp;&nbsp;&nbsp;79<sup>(4)</sup> |
| 03/31/26 | &nbsp;&nbsp;36.83 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;6.90 | &nbsp;&nbsp;&nbsp;(4.24) | &nbsp;&nbsp;&nbsp;(4.24) | &nbsp;&nbsp;39.49 | &nbsp;&nbsp;18.17 | &nbsp;&nbsp;746108 | &nbsp;&nbsp;&nbsp;0.98<sup>(5)</sup> | 0.98 | (0.43)&nbsp;&nbsp;&nbsp;85<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** |
| 03/31/22 | $40.16 | $(0.14) | $3.64 | $3.50 | $(6.37) | $(6.37) | $37.29 | &nbsp;&nbsp;&nbsp;7.79% | $229028 | 0.88% | 0.91% | (0.32)%60%<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;37.29 | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(4.92) | &nbsp;&nbsp;(4.90) | &nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;31.66 | (13.03) | &nbsp;&nbsp;209280 | 0.88 | 0.96 | &nbsp;&nbsp;0.07&nbsp;&nbsp;&nbsp;56<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;31.66 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;40.29 | &nbsp;&nbsp;27.26 | &nbsp;&nbsp;264631 | 0.87 | 0.95 | &nbsp;&nbsp;0.04&nbsp;&nbsp;&nbsp;58<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;40.29 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(1.46) | &nbsp;&nbsp;(1.58) | &nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;37.58 | &nbsp;&nbsp;(4.34) | &nbsp;&nbsp;216937 | 0.87 | 0.94 | (0.31)&nbsp;&nbsp;&nbsp;79<sup>(4)</sup> |
| 03/31/26 | &nbsp;&nbsp;37.58 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;(4.24) | &nbsp;&nbsp;&nbsp;(4.24) | &nbsp;&nbsp;40.42 | &nbsp;&nbsp;18.29 | &nbsp;&nbsp;205495 | 0.88 | 0.93 | (0.33)&nbsp;&nbsp;&nbsp;85<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** |
| 03/31/22 | $40.18 | $(0.09) | $3.63 | $3.54 | $(6.37) | $(6.37) | $37.35 | &nbsp;&nbsp;&nbsp;7.89% | $111561 | 0.79% | 0.88% | (0.23)%60%<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;37.35 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(4.92) | &nbsp;&nbsp;(4.87) | &nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;31.75 | (12.93) | &nbsp;&nbsp;&nbsp;99956 | 0.79 | 0.91 | &nbsp;&nbsp;0.16&nbsp;&nbsp;&nbsp;56<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;31.75 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;8.65 | &nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;40.44 | &nbsp;&nbsp;27.37 | &nbsp;&nbsp;167139 | 0.78 | 0.90 | &nbsp;&nbsp;0.13&nbsp;&nbsp;&nbsp;58<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;40.44 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(1.46) | &nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;37.76 | &nbsp;&nbsp;(4.25) | &nbsp;&nbsp;181079 | 0.78 | 0.87 | (0.22)&nbsp;&nbsp;&nbsp;79<sup>(4)</sup> |
| 03/31/26 | &nbsp;&nbsp;37.76 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp;(4.24) | &nbsp;&nbsp;&nbsp;(4.24) | &nbsp;&nbsp;40.66 | &nbsp;&nbsp;18.39 | &nbsp;&nbsp;602559 | 0.79 | 0.86 | (0.24)85<sup>(4)</sup> |

---

---

| | |
|:---|:---|
| *^* | *Updated to reflect the effect of a 1 for 0.466797 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 (loss) 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%, 0.02%, and 0.02% for the years ended March 31, 2026, 2025, 2024, 2023, and 2022, 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.* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Non-US Equity Fund** | **Touchstone Non-US Equity Fund** | **Touchstone Non-US Equity Fund** | **Touchstone Non-US Equity Fund** | **Touchstone Non-US Equity Fund** | **Touchstone Non-US Equity Fund** | **Touchstone Non-US Equity Fund** | **Touchstone Non-US Equity Fund** | **Touchstone Non-US Equity Fund** | **Touchstone Non-US Equity Fund** | **Touchstone Non-US Equity Fund** | **Touchstone Non-US Equity Fund** | **Touchstone Non-US Equity Fund** | **Touchstone Non-US Equity Fund** | **Touchstone Non-US 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** |
| 03/31/22 | $26.16 | $0.18 | $(0.27) | $(0.09) | $(0.23) | $(2.78) | $(3.01) | $23.06 | (0.98)% | $457750 | 1.09% | 1.09% | &nbsp;&nbsp;0.74% | &nbsp;&nbsp;32% |
| 03/31/23 | &nbsp;&nbsp;23.06 | &nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;(1.19) | &nbsp;&nbsp;(0.90) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.38) | &nbsp;&nbsp;20.78 | (3.50) | &nbsp;&nbsp;406506 | 1.18 | 1.18 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;110<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;20.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.38<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;24.57 | 19.97 | &nbsp;&nbsp;455288 | 1.16 | 1.15 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;24.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.41<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;26.51 | 11.59 | &nbsp;&nbsp;478009 | 1.15 | 1.15 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;22 |
| 03/31/26 | &nbsp;&nbsp;26.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.47<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(1.34) | &nbsp;&nbsp;30.42 | 19.86 | &nbsp;&nbsp;553560 | 1.13 | 1.13 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;24 |
| **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** |
| 03/31/22^ | $26.93 | $(0.04) | $(0.25) | $(0.29) | $(0.05) | $(3.47) | $(3.52) | $23.13 | (1.85)% | $5565 | 1.99% | 2.10% | (0.16)% | &nbsp;&nbsp;32% |
| 03/31/23^ | &nbsp;&nbsp;23.13 | &nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;(1.25) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;20.95 | (4.26) | &nbsp;&nbsp;&nbsp;&nbsp;3553 | 1.99 | 2.29 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;110<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;20.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.21<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;24.93 | 19.03 | &nbsp;&nbsp;&nbsp;&nbsp;2699 | 1.95 | 2.51 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;24.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.21<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;26.90 | 10.76 | &nbsp;&nbsp;&nbsp;&nbsp;3980 | 1.93 | 2.52 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;22 |
| 03/31/26 | &nbsp;&nbsp;26.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.24<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(1.19) | &nbsp;&nbsp;30.78 | 18.86 | &nbsp;&nbsp;&nbsp;&nbsp;8521 | 1.92 | 2.23 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;24 |
| **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** |
| 03/31/22 | $27.16 | $0.25 | $(0.28) | $(0.03) | $(0.28) | $(2.78) | $(3.06) | $24.07 | (0.74)% | $155664 | 0.90% | 0.90% | &nbsp;&nbsp;0.93% | &nbsp;&nbsp;32% |
| 03/31/23 | &nbsp;&nbsp;24.07 | &nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;(1.31) | &nbsp;&nbsp;(0.89) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;21.76 | (3.27) | &nbsp;&nbsp;109722 | 0.92 | 0.95 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;110<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;21.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.46<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;25.75 | 20.28 | &nbsp;&nbsp;159646 | 0.90 | 0.94 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;25.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.49<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;27.83 | 11.89 | &nbsp;&nbsp;229588 | 0.90 | 0.96 | &nbsp;&nbsp;1.83 | &nbsp;&nbsp;22 |
| 03/31/26 | &nbsp;&nbsp;27.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.58<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(1.41) | &nbsp;&nbsp;32.01 | 20.11 | &nbsp;&nbsp;687248 | 0.90 | 0.92 | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;24 |
| **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** |
| 03/31/22 | $27.20 | $0.29 | $(0.32) | $(0.03) | $(0.28) | $(2.78) | $(3.06) | $24.11 | (0.74)% | $9747 | 0.89% | 0.94% | &nbsp;&nbsp;0.94% | &nbsp;&nbsp;32% |
| 03/31/23 | &nbsp;&nbsp;24.11 | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;(0.90) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.43) | &nbsp;&nbsp;21.78 | (3.31) | &nbsp;&nbsp;&nbsp;&nbsp;8018 | 0.91 | 1.01 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;110<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;21.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.46<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;25.77 | 20.27 | &nbsp;&nbsp;&nbsp;26204 | 0.89 | 0.92 | &nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;25.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.50<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.94) | &nbsp;&nbsp;27.86 | 11.94 | &nbsp;&nbsp;&nbsp;36587 | 0.87 | 0.90 | &nbsp;&nbsp;1.86 | &nbsp;&nbsp;22 |
| 03/31/26 | &nbsp;&nbsp;27.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.58<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;32.05 | 20.15 | &nbsp;&nbsp;&nbsp;76221 | 0.86 | 0.88 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;24 |

---

---

| | |
|:---|:---|
| *^* | *Updated to reflect the effect of a 1 for 0.801806 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>* | *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 0.02% for the year ended March 31, 2023.* |
| *<sup>(3)</sup>* | *The net investment income (loss) per share was based on average shares outstanding for the period.* |
| *<sup>(4)</sup>* | *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Sands Capital Emerging Markets Growth Fund** | **Touchstone Sands Capital Emerging Markets Growth Fund** | **Touchstone Sands Capital Emerging Markets Growth Fund** | **Touchstone Sands Capital Emerging Markets Growth Fund** | **Touchstone Sands Capital Emerging Markets Growth Fund** | **Touchstone Sands Capital Emerging Markets Growth Fund** | **Touchstone Sands Capital Emerging Markets Growth Fund** | **Touchstone Sands Capital Emerging Markets Growth Fund** | **Touchstone Sands Capital Emerging Markets Growth Fund** | **Touchstone Sands Capital Emerging Markets Growth Fund** | **Touchstone Sands Capital Emerging Markets Growth Fund** | **Touchstone Sands Capital Emerging Markets Growth Fund** | **Touchstone Sands Capital Emerging Markets Growth Fund** | **Touchstone Sands Capital Emerging Markets Growth 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** |
| 03/31/22 | $21.25 | $(0.21) | $(5.07) | $(5.28) | $(0.32) | $(0.32) | $15.65 | (25.16)% | $19694 | 1.60% | 1.60% | (1.03)% | 28%<sup>(2)</sup> |
| 03/31/23 | &nbsp;&nbsp;15.65 | &nbsp;&nbsp;(0.07)<sup>(3)</sup> | &nbsp;&nbsp;(2.35) | &nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.23 | (15.35) | &nbsp;&nbsp;&nbsp;&nbsp;16203 | 1.60 | 1.65 | (0.50) | &nbsp;&nbsp;&nbsp;30<sup>(2)</sup> |
| 03/31/24 | &nbsp;&nbsp;13.23 | &nbsp;&nbsp;(0.01)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;&nbsp;10483 | 1.60 | 1.70 | (0.07) | 17 |
| 03/31/25 | &nbsp;&nbsp;14.19 | &nbsp;&nbsp;(0.02)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.40 | &nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8794 | 1.52 | 1.65 | (0.14) | 21 |
| 03/31/26 | &nbsp;&nbsp;14.40 | &nbsp;&nbsp;(0.04)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.57 | &nbsp;&nbsp;15.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6965 | 1.43 | 1.73 | (0.26) | 51 |
| **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** |
| 03/31/22 | $20.91 | $(0.35) | $(4.99) | $(5.34) | $(0.20) | $(0.20) | $15.37 | (25.69)% | $9107 | 2.35% | 2.46% | (1.78)% | 28%<sup>(2)</sup> |
| 03/31/23 | &nbsp;&nbsp;15.37 | &nbsp;&nbsp;(0.16)<sup>(3)</sup> | &nbsp;&nbsp;(2.31) | &nbsp;&nbsp;(2.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;12.90 | (16.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6154 | 2.35 | 2.56 | (1.25) | &nbsp;&nbsp;&nbsp;30<sup>(2)</sup> |
| 03/31/24 | &nbsp;&nbsp;12.90 | &nbsp;&nbsp;(0.11)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.73 | &nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5667 | 2.35 | 2.68 | (0.82) | 17 |
| 03/31/25 | &nbsp;&nbsp;13.73 | &nbsp;&nbsp;(0.12)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.83 | &nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4884 | 2.24 | 2.58 | (0.86) | 21 |
| 03/31/26 | &nbsp;&nbsp;13.83 | &nbsp;&nbsp;(0.15)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;15.80 | &nbsp;&nbsp;14.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4477 | 2.13 | 2.57 | (0.96) | 51 |
| **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** |
| 03/31/22 | $21.36 | $(0.17) | $(5.08) | $(5.25) | $(0.37) | $(0.37) | $15.74 | (24.89)% | $1186957 | 1.29% | 1.29% | (0.71)% | 28%<sup>(2)</sup> |
| 03/31/23 | &nbsp;&nbsp;15.74 | &nbsp;&nbsp;(0.03)<sup>(3)</sup> | &nbsp;&nbsp;(2.36) | &nbsp;&nbsp;(2.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.35 | (15.13) | &nbsp;&nbsp;&nbsp;&nbsp;611637 | 1.29 | 1.29 | (0.19) | &nbsp;&nbsp;&nbsp;30<sup>(2)</sup> |
| 03/31/24 | &nbsp;&nbsp;13.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.03<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.36 | &nbsp;&nbsp;&nbsp;7.57 | &nbsp;&nbsp;&nbsp;&nbsp;578614 | 1.28 | 1.28 | &nbsp;&nbsp;0.25 | 17 |
| 03/31/25 | &nbsp;&nbsp;14.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;14.60 | &nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;466489 | 1.22 | 1.22 | &nbsp;&nbsp;0.16 | 21 |
| 03/31/26 | &nbsp;&nbsp;14.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;16.70 | &nbsp;&nbsp;15.41 | &nbsp;&nbsp;&nbsp;&nbsp;443106 | 1.15 | 1.15 | &nbsp;&nbsp;0.02 | 51 |
| **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** |
| 03/31/22 | $21.47 | $(0.29) | $(4.97) | $(5.26) | $(0.38) | $(0.38) | $15.83 | (24.81)% | $1252461 | 1.20% | 1.20% | (0.62)% | 28%<sup>(2)</sup> |
| 03/31/23 | &nbsp;&nbsp;15.83 | &nbsp;&nbsp;(0.02)<sup>(3)</sup> | &nbsp;&nbsp;(2.38) | &nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.43 | (15.11) | &nbsp;&nbsp;&nbsp;&nbsp;931523 | 1.23 | 1.23 | (0.13) | &nbsp;&nbsp;&nbsp;30<sup>(2)</sup> |
| 03/31/24 | &nbsp;&nbsp;13.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.04<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.46 | &nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;&nbsp;907364 | 1.23 | 1.23 | &nbsp;&nbsp;0.30 | 17 |
| 03/31/25 | &nbsp;&nbsp;14.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.04<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;14.70 | &nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;773951 | 1.13 | 1.15 | &nbsp;&nbsp;0.25 | 21 |
| 03/31/26 | &nbsp;&nbsp;14.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;16.82 | &nbsp;&nbsp;15.50 | &nbsp;&nbsp;&nbsp;&nbsp;864927 | 1.04 | 1.09 | &nbsp;&nbsp;0.13 | 51 |
| **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** |
| 03/31/22<sup>(5)</sup> | $22.37 | $0.15 | $(6.31) | $(6.16) | $(0.38) | $(0.38) | $15.83 | (27.85)%<sup>(6)</sup> | $1109805 | 1.17%<sup>(7)</sup> | 1.17%<sup>(7)</sup> | (0.59)%<sup>(7)</sup> | 28%<sup>(2)</sup> |
| 03/31/23 | &nbsp;&nbsp;15.83 | &nbsp;&nbsp;(0.01)<sup>(3)</sup> | &nbsp;&nbsp;(2.39) | &nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(4)</sup> | &nbsp;&nbsp;13.43 | (15.03) | &nbsp;&nbsp;&nbsp;&nbsp;696638 | 1.18 | 1.18 | (0.08) | &nbsp;&nbsp;&nbsp;30<sup>(2)</sup> |
| 03/31/24 | &nbsp;&nbsp;13.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.05<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.47 | &nbsp;&nbsp;&nbsp;7.66 | &nbsp;&nbsp;&nbsp;&nbsp;696672 | 1.18 | 1.18 | &nbsp;&nbsp;0.35 | 17 |
| 03/31/25 | &nbsp;&nbsp;14.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.04<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;558257 | 1.09 | 1.11 | &nbsp;&nbsp;0.29 | 21 |
| 03/31/26 | &nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.03<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;16.83 | &nbsp;&nbsp;15.60 | &nbsp;&nbsp;&nbsp;&nbsp;680466 | 1.00 | 1.04 | &nbsp;&nbsp;0.17 | 51 |

---

*<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>* *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

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

*<sup>(4)</sup>* *Less than $0.005 per share.* 

*<sup>(5)</sup>* *Represents the period from commencement of operations (April 26, 2021) through March 31, 2022.* 

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Strategic Income Fund** | **Touchstone Strategic Income Fund** | **Touchstone Strategic Income Fund** | **Touchstone Strategic Income Fund** | **Touchstone Strategic Income Fund** | **Touchstone Strategic Income Fund** | **Touchstone Strategic Income Fund** | **Touchstone Strategic Income Fund** | **Touchstone Strategic Income Fund** | **Touchstone Strategic Income Fund** | **Touchstone Strategic Income Fund** | **Touchstone Strategic Income Fund** | **Touchstone Strategic Income Fund** | **Touchstone Strategic Income Fund** | **Touchstone Strategic Income 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** | **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** | **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** |
| 03/31/22 | $3.47 | $0.08 | $(0.19) | $(0.11) | $(0.09) | $— | $(0.09) | $3.27 | (3.22)% | $177574 | 1.03% | 1.14% | 2.38% | 155%<sup>(3)</sup> |
| 03/31/23 | &nbsp;&nbsp;3.27 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;3.02 | (3.44) | &nbsp;&nbsp;138096 | 1.00 | 1.12 | 4.01 | &nbsp;&nbsp;78 |
| 03/31/24 | &nbsp;&nbsp;3.02 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;3.13 | &nbsp;&nbsp;8.77 | &nbsp;&nbsp;128461 | 1.00 | 1.16 | 5.01 | 113 |
| 03/31/25 | &nbsp;&nbsp;3.13 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;3.20 | &nbsp;&nbsp;7.05 | &nbsp;&nbsp;119410 | 1.00 | 1.13 | 4.47 | 144 |
| 03/31/26 | &nbsp;&nbsp;3.20 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;3.26 | &nbsp;&nbsp;6.70 | &nbsp;&nbsp;119608 | 0.99 | 1.12 | 4.64 | 193 |
| **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** |
| 03/31/22 | $3.48 | $0.06 | $(0.20) | $(0.14) | $(0.06) | $— | $(0.06) | $3.28 | (4.03)% | $42046 | 1.74% | 1.88% | 1.62% | 155%<sup>(3)</sup> |
| 03/31/23 | &nbsp;&nbsp;3.28 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(4)</sup> | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;3.03 | (4.12) | &nbsp;&nbsp;&nbsp;24451 | 1.71 | 1.90 | 3.30 | &nbsp;&nbsp;78 |
| 03/31/24 | &nbsp;&nbsp;3.03 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;3.15 | &nbsp;&nbsp;8.29 | &nbsp;&nbsp;&nbsp;16873 | 1.71 | 1.97 | 4.30 | 113 |
| 03/31/25 | &nbsp;&nbsp;3.15 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;3.22 | &nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;10264 | 1.71 | 1.99 | 3.76 | 144 |
| 03/31/26 | &nbsp;&nbsp;3.22 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;3.28 | &nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp;&nbsp;6259 | 1.70 | 2.12 | 3.92 | 193 |
| **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** |
| 03/31/22<sup>(5)</sup> | $3.46 | $0.09 | $(0.19) | $(0.10) | $(0.10) | $— | $(0.10) | $3.26 | (2.97)% | $106650 | 0.79% | 0.91% | 2.62% | 155%<sup>(3)</sup> |
| 03/31/23 | &nbsp;&nbsp;3.26 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;3.01 | (3.19) | &nbsp;&nbsp;&nbsp;59269 | 0.75 | 0.87 | 4.26 | &nbsp;&nbsp;78 |
| 03/31/24 | &nbsp;&nbsp;3.01 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;3.12 | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;56982 | 0.75 | 0.91 | 5.26 | 113 |
| 03/31/25 | &nbsp;&nbsp;3.12 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;3.19 | &nbsp;&nbsp;7.34 | &nbsp;&nbsp;&nbsp;75047 | 0.75 | 0.90 | 4.72 | 144 |
| 03/31/26 | &nbsp;&nbsp;3.19 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;3.25 | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;84941 | 0.73 | 0.88 | 4.90 | 193 |
| **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** |
| 03/31/22<sup>(6)</sup> | $3.50 | $0.06 | $(0.23) | $(0.17) | $(0.07) | $— | $(0.07) | $3.26 | (4.94)%<sup>(7)</sup> | $263 | 0.65%<sup>(8)</sup> | 3.91%<sup>(8)</sup> | 2.56%<sup>(8)</sup> | 155%<sup>(3)</sup> |
| 03/31/23 | &nbsp;&nbsp;3.26 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;3.00 | (3.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | 0.65 | 3.89 | 4.36 | &nbsp;&nbsp;78 |
| 03/31/24 | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;&nbsp;1297 | 0.65 | 1.67 | 5.36 | 113 |
| 03/31/25 | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;3.19 | &nbsp;&nbsp;7.80 | &nbsp;&nbsp;&nbsp;92339 | 0.65 | 0.88 | 4.82 | 144 |
| 03/31/26 | &nbsp;&nbsp;3.19 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;3.25 | &nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;91738 | 0.64 | 0.86 | 4.98 | 193 |

---

*<sup>(1)</sup>* *The net investment income (loss) 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 Flexible Credit Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.* 

*<sup>(4)</sup>* *Less than $0.005 per share.* 

*<sup>(5)</sup>* *Effective July 16, 2021, Class W shares of the AIG Strategic Bond Fund were reorganized into Class Y shares of the Fund.* 

*<sup>(6)</sup>* *Represents the period from commencement of operations (July 19, 2021) through March 31, 2022 for Institutional Class.* 

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

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

*See accompanying Notes to Financial Statements.*

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[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Notes to Financial Statements

March 31, 2026

1. Organization

The Touchstone Strategic Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust was established as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated November 18, 1982. The Trust consists of fifteen funds, including the following seven funds (individually, a "Fund", and collectively, the "Funds"):

---

| |
|:---|
| Touchstone Dynamic Large Cap Growth Fund (formerly Touchstone Growth Opportunities Fund) ("Dynamic Large Cap Growth Fund") |
| Touchstone Flexible Income Fund ("Flexible Income Fund") |
| Touchstone Focused Fund ("Focused Fund") |
| Touchstone Mid Cap Growth Fund ("Mid Cap Growth Fund") |
| Touchstone Non-US Equity Fund ("Non-US Equity Fund") |
| Touchstone Sands Capital Emerging Markets Growth Fund ("Sands Capital Emerging Markets Growth Fund") |
| Touchstone Strategic Income Fund ("Strategic Income Fund") |

---

Each Fund is diversified, with the exception of the Dynamic Large Cap Growth Fund, the Focused Fund and the Sands Capital Emerging Markets Growth Fund, which are 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 Y** | &nbsp;&nbsp;**Institutional<br> Class** | &nbsp;&nbsp;**Class R6** |
| Dynamic Large Cap Growth Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| Flexible Income Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| Focused Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| Mid Cap Growth Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| Non-US Equity Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| Sands Capital Emerging Markets Growth Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| Strategic Income Fund | 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)

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, 2026, for each Fund's investments, is included in each Fund's Portfolio of Investments. The Strategic Income Fund held Level 3 categorized securities during the year ended March 31, 2026.

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

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[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Notes to Financial Statements (Continued)

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

Debt securities held by the Funds are valued at their evaluated bid by an independent pricing service or at their last broker-quoted bid prices as obtained from one or more of the major market makers for such securities. Independent pricing services use information provided by market makers or estimates of market values through accepted market modeling conventions. Observable inputs to the models may include prepayment speeds, pricing spread, yield, trade information, dealer quotes, market color, cash flow models, the securities' terms and conditions, among others, and are generally categorized in Level 2. Investments in asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche, and are generally categorized in Level 2. Debt securities with remaining maturities of 60 days or less may be valued at amortized cost, provided such amount approximates market value and are categorized in Level 2. While this method provides consistency in valuation (and may only be used if it approximates market value), it may result in periods during which fair value, as determined by amortized cost, is higher or lower than the price that would be received if the Fund sold the investment.

Securities mainly traded on a non-U.S. exchange or denominated in foreign currencies are generally valued according to the preceding closing values on that exchange, translated to U.S. dollars using currency exchange rates as of the close of regular trading on the NYSE, and are generally categorized in Level 1. However, if an event that may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, but before the close of regular trading on the NYSE, the security may be priced based on fair value and is generally categorized in Level 2. This may cause the value of the security, if held on the books of a Fund, to be different from the closing value on the non-U.S. exchange and may affect the calculation of that Fund's NAV. The Funds may use fair value pricing under the following circumstances, among others:

• If the value of a security has been materially affected by events occurring before the Funds' pricing time but after the close of the primary markets on which the security is traded.

• If the exchange on which a portfolio security is principally traded closes early or if trading in a particular portfolio security was halted during the day and did not resume prior to the Funds' NAV calculation.

• If a security is so thinly traded that reliable market quotations are unavailable due to infrequent trading.

• If the validity of market quotations is not reliable.

Securities held by the Funds that do not have readily available market quotations, significant observable inputs, or securities for which the available market quotations are not reliable, are priced at their estimated fair value using procedures established by Touchstone Advisors, Inc. (the "Adviser") and adopted by the Funds' Board of Trustees (the "Board") and are generally categorized in Level 3.

**Collateralized Loan Obligations — The Flexible Income Fund and Strategic 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**

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Notes to Financial Statements (Continued)

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 Flexible Income Fund 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 Flexible Income Fund and Strategic Income Fund may write or purchase financial option contracts primarily to hedge against changes in the value of equity securities (or securities that the Fund intends 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 and 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 bears 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 contract. There is minimal counterparty credit risk involved in entering into option contracts since they are exchange-traded instruments and 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.**

**Futures Contracts — The Flexible Income Fund and Strategic Income 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 Fund 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 Flexible Income Fund and Strategic Income 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.

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[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Notes to Financial Statements (Continued)

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

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

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

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

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

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

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

**Real Estate Investment Trusts — The Funds may invest in real estate investment trusts ("REITs") that involve risks not associated with investing in stocks. Risks associated with investments in REITs include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management's estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.**

**Derivative instruments and hedging activities — The Flexible Income Fund and Strategic Income 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.

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[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Notes to Financial Statements (Continued)

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, 2026, the Funds did not hold any assets and liabilities that were subject to a MNA.

The following table sets forth the fair value of the Funds' derivative financial instruments by primary risk exposure as of March 31, 2026:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset<br> Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability<br> Derivatives** |
| Flexible Income 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>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Strategic Income 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>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7106 |

---

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

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

The following table sets forth the effect of the Funds' derivative financial instruments by primary risk exposure on the Statements of Operations for the year ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| **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** |
| Flexible Income Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures - Interest Rate Contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(18509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &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;(2062442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2730887) |
| &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;935160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Strategic Income Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures - Interest Rate Contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268812) |
| &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>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

*(3)* *Statements of Operations Location: Net realized gains on written options.* 

*(4)* *Statements of Operations Location: Net realized gains on swap agreements.* 

For the year ended March 31, 2026, the average quarterly balances of outstanding derivative financial instruments for the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Flexible Income Fund** | &nbsp;&nbsp;**Strategic Income Fund** |
| **Equity Contracts:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options - Cost | $1133856 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Written Options - Premiums received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Credit Default Swaps (buy protection) - Notional value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| **Interest Rate Contracts:** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (long) - Notional Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;53009186 |

---

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[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Notes to Financial Statements (Continued)

---

| | | |
|:---|:---|:---|
|  | **Flexible Income Fund** | &nbsp;&nbsp;**Strategic Income Fund** |
| &nbsp;&nbsp;&nbsp;Futures Contracts (short) - Notional Value | $— | &nbsp;&nbsp;$6582547 |

---

*(1)* *The balance at each quarter end was zero.* 

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

As of March 31, 2026, 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>** |
| Flexible Income Fund | Corporate Bonds | &nbsp;&nbsp;$8281000 | &nbsp;&nbsp;$8616995 | &nbsp;&nbsp;$335995 |
|  | Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;6840462 | &nbsp;&nbsp;&nbsp;&nbsp;7040267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199805 |
|  | Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19814 |
| Total Flexible Income Fund |  | &nbsp;&nbsp;&nbsp;&nbsp;15970323 | &nbsp;&nbsp;&nbsp;&nbsp;16525937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555614 |
| Focused Fund | Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;15536903 | &nbsp;&nbsp;&nbsp;&nbsp;15508432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28471) |
| Non-US Equity Fund | Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;61620886 | &nbsp;&nbsp;&nbsp;&nbsp;63131975 | &nbsp;&nbsp;&nbsp;&nbsp;1511089 |
| Strategic Income Fund | Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;5052585 | &nbsp;&nbsp;&nbsp;&nbsp;5195816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143231 |

---

*(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 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.

**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 funds except the Flexible Income Fund and the Strategic Income 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 Flexible Income Fund and the Strategic Income 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). 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 Class C, Class Y, Institutional Class and Class 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_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

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

**Income Taxes —The Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.**

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[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Notes to Financial Statements (Continued)

The Funds paid income taxes in foreign jurisdictions during the year ended March 31, 2026. Cash paid for income taxes, net of refunds received, were as follows:

---

| | | |
|:---|:---|:---|
| **Income taxes by foreign jurisdiction:** | &nbsp;&nbsp;**Non-US <br> Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Sands Capital<br> Emerging Markets<br> Growth Fund** |
| France | &nbsp;&nbsp;$807339 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13492912 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;1363537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025100 |
| Other\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158855 |
| Total income taxes paid, net of refunds | &nbsp;&nbsp;$3307141 | &nbsp;&nbsp;&nbsp;&nbsp;$15676867&nbsp;&nbsp;&nbsp;&nbsp; |

---

*\* Represents foreign jurisdictions where taxes paid, net of refunds received, were less than 5% of total income taxes paid by the Funds.*

3. Investment Transactions

Investment transactions (excluding short-term investments and U.S. Government securities) were as follows for the year ended March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Dynamic<br> Large Cap<br> Growth Fund** | &nbsp;&nbsp;**Flexible<br> Income<br> Fund** | &nbsp;&nbsp;**Focused<br> Fund** | &nbsp;&nbsp;**Mid Cap<br> Growth<br> Fund** | &nbsp;&nbsp;**Non-US<br> Equity Fund** | &nbsp;&nbsp;**Sands Capital<br> Emerging<br> Markets<br> Growth Fund** | &nbsp;&nbsp;**Strategic<br> Income<br> Fund** |
| Purchases of investment securities | $262503891 | $1001005899 | &nbsp;&nbsp;$83917173 | $1755624718 | &nbsp;&nbsp;$665975456 | $1012548563 | &nbsp;&nbsp;$137602484 |
| Proceeds from sales and maturities | &nbsp;&nbsp;270478339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937719928 | &nbsp;&nbsp;&nbsp;&nbsp;108614784 | &nbsp;&nbsp;&nbsp;&nbsp;1267172437 | &nbsp;&nbsp;&nbsp;&nbsp;253560427 | &nbsp;&nbsp;&nbsp;&nbsp;1137778414 | &nbsp;&nbsp;&nbsp;&nbsp;120710982 |
| Purchases of U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88921314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;418677320 |
| Proceeds from U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81680064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;434720207 |
| Redemptions-in-Kind<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17029765 |  | &nbsp;&nbsp;&nbsp;&nbsp;67841874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123584197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

*(1)* *Redemptions-in-kind are excluded from proceeds from sales and maturities.* 

4. Transactions with Affiliates and Other Related Parties

Certain officers of the Trust are also officers of the Adviser, Touchstone Securities, LLC (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 $220,332 for the Funds' Board for the year ended March 31, 2026.

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Notes to Financial Statements (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.

---

| | |
|:---|:---|
| Dynamic Large Cap Growth Fund<sup>(1)</sup> | &nbsp;&nbsp;0.60% on the first $200 million<br> 0.40% on such assets in excess of $200 million |
| Flexible Income Fund | &nbsp;&nbsp;0.60% on the first $500 million<br> 0.50% on such assets in excess of $500 million |
| Focused Fund | &nbsp;&nbsp;0.70% on the first $100 million<br> 0.65% on the next $400 million<br> 0.60% on such assets in excess of $500 million |
| Mid Cap Growth Fund | &nbsp;&nbsp;0.74% on the first $500 million<br> 0.69% on the next $500 million<br> 0.65% on the next $200 million<br> 0.60% on such assets in excess of $1.2 billion |
| Non-US Equity Fund | &nbsp;&nbsp;0.65% on the first $1 billion<br> 0.60% on such assets in excess of $1 billion |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;1.00% on the first $200 million<br> 0.85% on the next $2.8 billion<br> 0.80% on such assets in excess of $3 billion |
| Strategic Income Fund | &nbsp;&nbsp;0.55% on the first $250 million<br> 0.50% on the next $250 million<br> 0.45% on such assets in excess $500 million |

---

*(1)* *Prior to May 9, 2025, the Fund paid 0.75% on the first $500 million, 0.70% on the next $500 million and 0.65% on such assets over $1 billion.* 

The Adviser has entered into investment sub-advisory agreements with the following parties (each, a "Sub-Adviser"):

---

| | |
|:---|:---|
| **Bramshill Investments, LLC** | &nbsp;&nbsp;**Sands Capital Management, LLC** |
| Flexible Income Fund | &nbsp;&nbsp;Sands Capital Emerging Markets Growth Fund |
| **Fort Washington Investment Advisors, Inc.<sup>(1)</sup>** | &nbsp;&nbsp;**Westfield Capital Management Company, L.P.** |
| Focused Fund | &nbsp;&nbsp;Mid Cap Growth Fund |
| Strategic Income Fund | &nbsp;&nbsp;**Los Angeles Capital Management LLC** |
| **Rockefeller & Co., LLC** | &nbsp;&nbsp;Dynamic Large Cap Growth Fund<sup>(2)</sup> |
| Non-US Equity Fund |  |

---

*(1)* *Affiliate of the Adviser and wholly-owned subsidiary of Western & Southern.* 

*(2)* *Prior to May 9, 2025, the sub-advisor was Westfield Capital Management Company, L.P.* 

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. 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 Y** | &nbsp;&nbsp;**Institutional<br> Class** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Termination Date** |
| Dynamic Large Cap Growth Fund<sup>(1)</sup> | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;1.71% | &nbsp;&nbsp;0.66% | &nbsp;&nbsp;0.60% | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;July 29, 2026 |
| Flexible Income Fund | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.79% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;July 29, 2026 |
| Focused Fund | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;1.89% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;July 29, 2026 |
| Mid Cap Growth Fund | &nbsp;&nbsp;1.39% | &nbsp;&nbsp;1.99% | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;0.86% | &nbsp;&nbsp;0.77% | &nbsp;&nbsp;July 29, 2026 |
| Non-US Equity Fund | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;1.92% | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;July 29, 2026 |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;1.43% | &nbsp;&nbsp;2.13% | &nbsp;&nbsp;1.21% | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;July 29, 2026 |

---

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[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Notes to Financial Statements (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Institutional<br> Class** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Termination Date** |
| Strategic Income Fund<sup>(2)</sup> | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;1.68% | &nbsp;&nbsp;0.66% | &nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;January 29, 2027 |

---

*(1)* *Prior to May 9, 2025, the expense limitations for Classes A, C, Y and Institutional Class were 1.24%, 1.99%, 0.99% and 0.89%, respectively.* 

*(2)* *Prior to January 1, 2026, the expense limitations for Classes A, C, Y and Institutional Class were 1.00%, 1.71%, 0.75% and 0.65%, respectively.* 

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 year ended March 31, 2026, 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** |
| Dynamic Large Cap Growth Fund | &nbsp;&nbsp;$102920 | &nbsp;&nbsp;$102482 | &nbsp;&nbsp;$214119 | &nbsp;&nbsp;$419521 |
| Flexible Income 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;&nbsp;&nbsp;63048 | &nbsp;&nbsp;&nbsp;&nbsp;63048 |
| Focused 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;&nbsp;&nbsp;35637 | &nbsp;&nbsp;&nbsp;&nbsp;35637 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;201659 | &nbsp;&nbsp;&nbsp;&nbsp;148435 | &nbsp;&nbsp;&nbsp;&nbsp;350094 |
| Non-US Equity 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;&nbsp;&nbsp;137963 | &nbsp;&nbsp;&nbsp;&nbsp;137963 |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;214320 | &nbsp;&nbsp;&nbsp;&nbsp;531836 | &nbsp;&nbsp;&nbsp;&nbsp;746156 |
| Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;108022 | &nbsp;&nbsp;&nbsp;&nbsp;399502 | &nbsp;&nbsp;&nbsp;&nbsp;507524 |

---

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

As of March 31, 2026, the Adviser may seek recoupment of previously waived fees and reimbursed expenses as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires on<br> or before<br> March 31, 2027** | **Expires on<br> or before<br> March 31, 2028** | **Expires on<br> or before<br> March 31, 2029** | **Total** |
| Dynamic Large Cap Growth Fund | $130445 | $123087 | $260939 | $514471 |
| Flexible Income Fund | &nbsp;&nbsp;&nbsp;126283 | &nbsp;&nbsp;&nbsp;&nbsp;39977 | &nbsp;&nbsp;&nbsp;&nbsp;34156 | &nbsp;&nbsp;&nbsp;&nbsp;200416 |
| Focused Fund | &nbsp;&nbsp;&nbsp;&nbsp;21771 | &nbsp;&nbsp;&nbsp;&nbsp;14078 | &nbsp;&nbsp;&nbsp;&nbsp;19516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55365 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;313884 | &nbsp;&nbsp;&nbsp;349043 | &nbsp;&nbsp;&nbsp;334727 | &nbsp;&nbsp;&nbsp;&nbsp;997654 |
| Non-US Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;55902 | &nbsp;&nbsp;&nbsp;110203 | &nbsp;&nbsp;&nbsp;117681 | &nbsp;&nbsp;&nbsp;&nbsp;283786 |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;324181 | &nbsp;&nbsp;&nbsp;702881 | &nbsp;&nbsp;&nbsp;1027062 |
| Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;97252 | &nbsp;&nbsp;&nbsp;207011 | &nbsp;&nbsp;&nbsp;316862 | &nbsp;&nbsp;&nbsp;&nbsp;621125 |

---

During the year ended March 31, 2026, the Adviser recouped previously waived fees or reimbursed expenses from Flexible Income Fund and Mid Cap Growth Fund of $248,025 and $33,857, respectively.

#### 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.

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Notes to Financial Statements (Continued)

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 plan, each Fund offering Class A shares pays an annual fee not to exceed 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 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).

#### 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 year ended March 31, 2026:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Dynamic Large Cap Growth Fund | $6624 |
| Flexible Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;2562 |
| Focused Fund | &nbsp;&nbsp;&nbsp;10566 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;21342 |
| Non-US Equity Fund | &nbsp;&nbsp;&nbsp;14546 |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |
| Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;1128 |

---

In addition, the Distributor collected CDSC on the redemption of Class A shares and Class C shares of the Funds listed below during the year ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class A** | &nbsp;&nbsp;&nbsp;**Class C** |
| Dynamic Large Cap Growth Fund | $— | &nbsp;&nbsp;&nbsp;$394 |
| Flexible Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;653 |
| Focused Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| Non-US Equity Fund | &nbsp;&nbsp;&nbsp;3363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |

---

#### INTERFUND TRANSACTIONS
Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Trustees and/or common Officers. During the year ended March 31, 2026, the Funds did not engage in any Rule 17a-7 transactions.

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Notes to Financial Statements (Continued)

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.**

During the year ended March 31, 2026, 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** |
| Dynamic Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;395683 | &nbsp;&nbsp;$17029765 |
| Focused Fund | &nbsp;&nbsp;&nbsp;&nbsp;960787 | &nbsp;&nbsp;&nbsp;&nbsp;67841874 |
| Mid Cap Growth Fund | &nbsp;&nbsp;4220493 | &nbsp;&nbsp;&nbsp;&nbsp;123584197 |

---

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

During the year ended March 31, 2026, the following Funds participated as lenders 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>** |
| Flexible Income Fund | &nbsp;&nbsp;$6806 | &nbsp;&nbsp;4.21% | &nbsp;&nbsp;$291 |
| Mid Cap Growth Fund | &nbsp;&nbsp;$5502 | &nbsp;&nbsp;4.21% | &nbsp;&nbsp;$235 |

---

*(1)* *Included in Interest in the Statements of Operations.* 

During the year ended March 31, 2026, 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>** |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;$158275 | &nbsp;&nbsp;4.89% | &nbsp;&nbsp;$7837 |
| Strategic Income Fund | &nbsp;&nbsp;$39102 | &nbsp;&nbsp;4.75% | &nbsp;&nbsp;$1904 |

---

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

6. Federal Tax Information

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

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

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Notes to Financial Statements (Continued)

The tax character of distributions paid for the years ended March 31, 2026 and March 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Large Cap Growth Fund** | **Dynamic Large Cap Growth Fund** | &nbsp;&nbsp;&nbsp;**Flexible Income Fund** | &nbsp;&nbsp;&nbsp;**Flexible Income Fund** | &nbsp;&nbsp;&nbsp;**Focused Fund** | &nbsp;&nbsp;&nbsp;**Focused Fund** |
|  | **Year Ended<br> March 31,<br> 2026** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2026** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2026** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2025** |
| From ordinary income | $5158350 | &nbsp;&nbsp;&nbsp;$3816252 | &nbsp;&nbsp;&nbsp;$86718279 | &nbsp;&nbsp;&nbsp;$66988269 | &nbsp;&nbsp;&nbsp;$5281040 | &nbsp;&nbsp;&nbsp;$7553567 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;19155617 | &nbsp;&nbsp;&nbsp;&nbsp;5692872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28541940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6433867 |
| Total distributions | $24313967 | &nbsp;&nbsp;&nbsp;$9509124 | &nbsp;&nbsp;&nbsp;$86718279 | &nbsp;&nbsp;&nbsp;$66988269 | &nbsp;&nbsp;&nbsp;$33822980 | &nbsp;&nbsp;&nbsp;$13987434 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | &nbsp;&nbsp;&nbsp;**Non-US Equity Fund** | &nbsp;&nbsp;&nbsp;**Non-US Equity Fund** | &nbsp;&nbsp;&nbsp;**Sands Capital Emerging Markets Growth Fund** | &nbsp;&nbsp;&nbsp;**Sands Capital Emerging Markets Growth Fund** |
|  | **Year Ended<br> March 31,<br> 2026** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2026** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2026** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2025** |
| From ordinary income | $34839906 | &nbsp;&nbsp;&nbsp;$7270800 | &nbsp;&nbsp;&nbsp;$13461804 | &nbsp;&nbsp;&nbsp;$10213053 | &nbsp;&nbsp;&nbsp;$18738391 | &nbsp;&nbsp;&nbsp;$3537058 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;132578706 | &nbsp;&nbsp;&nbsp;&nbsp;30263836 | &nbsp;&nbsp;&nbsp;&nbsp;38833408 | &nbsp;&nbsp;&nbsp;&nbsp;12378954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | $167418612 | &nbsp;&nbsp;&nbsp;$37534636 | &nbsp;&nbsp;&nbsp;$52295212 | &nbsp;&nbsp;&nbsp;$22592007 | &nbsp;&nbsp;&nbsp;$18738391 | &nbsp;&nbsp;&nbsp;$3537058 |

---

---

| | | |
|:---|:---|:---|
|  | **Strategic Income Fund** | **Strategic Income Fund** |
|  | **Year Ended<br> March 31,<br> 2026** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2025** |
| From ordinary income | $14195115 | &nbsp;&nbsp;&nbsp;$11425590 |
| From return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510640 |
| Total distributions | $14195115 | &nbsp;&nbsp;&nbsp;$11936230 |

---

The following information is computed on a tax basis for each item as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Dynamic<br> Large Cap<br> Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Flexible<br> Income<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Focused<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$96549784 | &nbsp;&nbsp;&nbsp;&nbsp;$1703809301 | &nbsp;&nbsp;&nbsp;&nbsp;$622146018 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;48388682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27942779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715196444 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(4378813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51215220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16612011) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;44009869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23272441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698584433 |
| 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;2984 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Net unrealized appreciation (depreciation) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| 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;(32078860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;4200884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3714619 |
| Undistributed capital gains | &nbsp;&nbsp;&nbsp;&nbsp;2051292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9068198 |
| 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;(26253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accumulated earnings (deficit) | &nbsp;&nbsp;$50262044 | &nbsp;&nbsp;&nbsp;&nbsp;$(51339069) | &nbsp;&nbsp;&nbsp;&nbsp;$711367249 |

---

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Notes to Financial Statements (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Mid Cap<br> Growth<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-US<br> Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Sands Capital<br> Emerging<br> Markets<br> Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Strategic<br> Income<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$1581308840 | &nbsp;&nbsp;&nbsp;&nbsp;$1081168402 | &nbsp;&nbsp;&nbsp;&nbsp;$1567399866 | &nbsp;&nbsp;&nbsp;&nbsp;$306370542 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305718046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337998938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617175658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618020 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88253081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35896260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187673010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5603719) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217464965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302102678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429502648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(985699) |
| 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;42853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&nbsp;(14138736) | &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;42853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14138736) | &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;&nbsp;(614215125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76519494) |
| 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;(24092269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23711) |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9320301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;1190586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5131708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91307) |
| Accumulated earnings (deficit) | &nbsp;&nbsp;$218655551 | &nbsp;&nbsp;&nbsp;&nbsp;$316597540 | &nbsp;&nbsp;&nbsp;&nbsp;$(222943482) | &nbsp;&nbsp;&nbsp;&nbsp;$(77620211) |

---

The difference between the tax cost of portfolio investments and the financial statement cost is primarily due to wash sale loss deferrals, trust preferred securities, callable bonds, 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 and investments in passive foreign investment company ("PFIC") adjustments.

As of March 31, 2026, 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** |
| Flexible Income Fund | &nbsp;&nbsp;$6853292 | &nbsp;&nbsp;&nbsp;$25225568 | &nbsp;&nbsp;&nbsp;$32078860 |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;451891404 | &nbsp;&nbsp;&nbsp;&nbsp;162323721 | &nbsp;&nbsp;&nbsp;&nbsp;614215125 |
| Strategic Income Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72992541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76519494 |

---

*\** *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.

During the year ended March 31, 2026, the following Funds utilized capital loss carryforwards:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Utilized** |
| Focused Fund | &nbsp;&nbsp;$9182588 |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;227750900 |
| Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647340 |

---

Under current laws, certain capital losses realized after October 31 and ordinary losses realized after December 31 may be deferred (and certain ordinary losses after October and/or December 31 may be deferred) and treated as occurring on the first day of the following fiscal year. For the year ended March 31, 2026, the following Funds elected to defer the following losses:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Realized<br> Capital Losses** | &nbsp;&nbsp;&nbsp;**Ordinary<br> Losses** | &nbsp;&nbsp;&nbsp;**Total** |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$24092269 | &nbsp;&nbsp;&nbsp;$24092269 |
| Strategic Income Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23711 |

---

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

------

[**Table of Contents**](#JOB_TS_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

Notes to Financial Statements (Continued)

Certain reclassifications, the result of permanent differences between financial statement and income tax reporting requirements, have been made to the components of capital as presented on the Statements of Assets and Liabilities. These reclassifications have no impact on the net assets or NAV per share of the Funds. The following reclassifications, which are primarily attributed to the tax treatment of in-kind distributions for shareholder redemptions, and deemed distributions on shareholder redemptions have been made to the following Funds for the year ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-In<br> Capital** | &nbsp;&nbsp;**Distributable<br> Earnings** |
| Dynamic Large Cap Growth Fund | $5245586 | &nbsp;&nbsp;$(5245586) |
| Focused Fund | &nbsp;&nbsp;&nbsp;52035326 | &nbsp;&nbsp;&nbsp;&nbsp;(52035326) |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;58217536 | &nbsp;&nbsp;&nbsp;&nbsp;(58217536) |
| Non-US Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;2098310 | &nbsp;&nbsp;&nbsp;&nbsp;(2098310) |

---

7. Commitments and Contingencies

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

8. Principal Risks

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

**Risks Associated with Sector Concentration – Certain Funds may invest a high percentage of their assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, these Funds may be more susceptible to economic, political, and regulatory developments, positive or negative, in a particular sector of the market and may experience increased volatility in the Funds' NAVs and magnified effect on the total return.**

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

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

**Risks Associated with Interest Rate Changes – In general, when interest rates rise, the prices of debt securities fall, and when interest rates fall, the prices of debt securities rise. The price volatility of a debt security also depends on its maturity. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates that incorporates a security's yield, coupon, final maturity, and call features, among other characteristics. The longer a fixed-income security's duration, the more**

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Notes to Financial Statements (Continued)

sensitive it will be to changes in interest rates. Maturity, on the other hand, is the date on which a fixed-income security becomes due for payment of principal. Recent and potential future changes in government policy may affect interest rates.

**Risks Associated with 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.

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Report of Independent Registered Public Accounting Firm

To the Shareholders of Touchstone Dynamic Large Cap Growth Fund (formerly Touchstone Growth Opportunities Fund), Touchstone Flexible Income Fund, Touchstone Focused Fund, Touchstone Mid Cap Growth Fund, Touchstone Non-US Equity Fund, Touchstone Sands Capital Emerging Markets Growth Fund and Touchstone Strategic Income Fund and the Board of Trustees of Touchstone Strategic Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Touchstone Dynamic Large Cap Growth Fund (formerly Touchstone Growth Opportunities Fund), Touchstone Flexible Income Fund, Touchstone Focused Fund, Touchstone Mid Cap Growth Fund, Touchstone Non-US Equity Fund, Touchstone Sands Capital Emerging Markets Growth Fund and Touchstone Strategic Income Fund (collectively referred to as the "Funds") (seven of the funds constituting Touchstone Strategic Trust (the "Trust")), including the portfolios of investments, as of March 31, 2026, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (seven of the funds constituting Touchstone Strategic Trust) at March 31, 2026, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

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| | | | |
|:---|:---|:---|:---|
| **Individual fund constituting the<br> Touchstone Strategic Trust** | &nbsp;&nbsp;**Statement of<br> operations** | &nbsp;&nbsp;**Statements of<br> changes in net assets** | &nbsp;&nbsp;**Financial highlights** |
| Touchstone Dynamic Large Cap Growth Fund<br> (formerly Touchstone Growth<br> Opportunities Fund)<br> Touchstone Flexible Income Fund<br> Touchstone Focused Fund<br> Touchstone Mid Cap Growth Fund<br> Touchstone Non-US Equity Fund<br> Touchstone Sands Capital Emerging<br> Markets Growth Fund | &nbsp;&nbsp;For the year ended<br> March 31, 2026 | &nbsp;&nbsp;For each of the two years<br> in the period ended<br> March 31, 2026 | &nbsp;&nbsp;For each of the five years<br> in the period ended<br> March 31, 2026 |
| Touchstone Strategic Income Fund | &nbsp;&nbsp;For the year ended<br> March 31, 2026 | &nbsp;&nbsp;For each of the two years<br> in the period ended<br> March 31, 2026 | &nbsp;&nbsp;For each of the four years<br> in the period ended<br> March 31, 2026 |

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The financial highlights for the period ended March 31, 2022 for the Touchstone Strategic Income Fund was audited by another auditor whose report dated May 23, 2022, expressed an unqualified opinion on those financial highlights.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of

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March 31, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2614823d1financialsi002.jpg)

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

Cincinnati, Ohio

May 21, 2026

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#### Qualified Dividend Income
Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the following percentages of ordinary dividends paid during the fiscal year ended March 31, 2026 are designated as "qualified dividend income," as defined in the Act, and are subject to reduced tax rates. The Funds intend to pass through the maximum allowable percentage for Form 1099 Div.

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| | |
|:---|:---|
| Dynamic Large Cap Growth Fund | 7.83% |
| Flexible Income Fund | 9.08% |
| Focused Fund | 100.00% |
| Mid Cap Growth Fund | 22.28% |
| Non-US Equity Fund | 100.00% |
| Sands Capital Emerging Markets Growth Fund | 73.42% |
| Strategic Income Fund | 1.14% |

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#### Dividend Received Deduction
For corporate shareholders, the following ordinary distributions paid during the fiscal year ended March 31, 2026 qualify for the corporate dividends received deduction. The Funds intend to pass through the maximum allowable percentage.

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| | |
|:---|:---|
| Dynamic Large Cap Growth Fund | 7.26% |
| Flexible Income Fund | 9.04% |
| Focused Fund | 100.00% |
| Mid Cap Growth Fund | 21.95% |
| Strategic Income Fund | 1.09% |

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For the fiscal year ended March 31, 2026, the Funds designated long-term capital gains as follows:

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| | |
|:---|:---|
| Dynamic Large Cap Growth Fund | $24035320 |
| Focused Fund | $41351159 |
| Mid Cap Growth Fund | $150987904 |
| Non-US Equity Fund | $40931718 |

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#### Foreign Tax Income & Foreign Tax Credit
Each of the Non-US Equity Fund and Sands Capital Emerging Markets Growth Fund intend to pass through a foreign tax credit to its shareholders. For the fiscal year ended March 31, 2026, the total amount of foreign source income is $18,653,849 or $0.44 per share and $10,724,969 or $0.09 per share, respectively. The total amount of foreign taxes to be paid is $2,161,937 or $0.05 per share and $15,478,564 or $0.13 per share, respectively. Shareholder's allocable share of the foreign tax credit will be reported on Form 1099 Div.

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

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

#### Advisory and Sub-Advisory Agreement Approval Disclosure
At a meeting held on November 20, 2025, the Board of Trustees (the "Board" or "Trustees") of the Touchstone Strategic 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

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Agreement between the Adviser and each Fund's respective Sub-Adviser, except with respect to the Sub-Advisory Agreement for Touchstone Dynamic Large Cap Growth Fund, which was approved at a meeting held in February 2025 (the "February Meeting").

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.

*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 reviews 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 two 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 in order to limit all of the Funds' 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.

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

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

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

<u>Touchstone Dynamic Large Cap Growth Fund (formerly, Touchstone Growth Opportunities Fund</u>). The Board noted that at the February Meeting, it had reduced the Fund's advisory fee and sub-advisory fee as well as lowered the expense caps on all of the Fund's share classes through July 29, 2026. The Board noted that the Fund's sub-adviser had only been managing the Fund since May 9, 2025, and that the Fund's performance prior to that time reflected the management of the prior sub-adviser. The Trustees concluded that it was too soon to evaluate the Fund's investment performance under the new sub-adviser.

<u>Touchstone Flexible Income Fund.</u> The Fund's advisory fee and total expense ratio were below the median and above the median, respectively, of its peer group. The Fund's performance was in the 4th quintile of its peer group for the six-month period ended September 30, 2025, in the 5th quintile of its peer group for the twelve-month period ended September 30, 2025, and in the 5th quintile of its peer group for the thirty-six-month period ended September 30, 2025. The Board noted management's discussion of the Fund's performance. Based upon their review, the Trustees concluded that the overall performance of the Fund was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.

<u>Touchstone Focused 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-month period ended September 30, 2025, in the 3rd quintile of its peer group for the twelve-month period ended September 30, 2025, and in the 4th quintile of its peer group for the thirty-six-month period ended September 30, 2025. The Board noted management's discussion of the Fund's performance. Based upon their review, the Trustees concluded that the overall performance of the Fund was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.

<u>Touchstone Mid Cap 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 1st quintile of its peer group for the six-month period ended September 30, 2025, in the 1st quintile of its peer group for the twelve-month period ended September 30, 2025, and in the 2nd quintile of its peer group for the thirty-six-month period ended September 30, 2025. Based upon their review, the Trustees concluded that the overall performance of the Fund was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.

<u>Touchstone Non-US 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 4th quintile of its peer group for the six-month period ended September 30, 2025, in the 2nd quintile of its peer group for the twelve-month period ended September 30, 2025, and in the 1st quintile of its peer group for the thirty-six-month period ended September 30, 2025. Based upon their review, the Trustees concluded that the overall performance of the Fund was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.

<u>Touchstone Sands Capital Emerging Markets 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

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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, 2025. The Board noted management's discussion of the Fund's performance. Based upon their review, the Trustees concluded that the overall performance of the Fund was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.

<u>Touchstone Strategic Income 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-month period ended September 30, 2025, in the 3rd quintile of its peer group for the twelve-month period ended September 30, 2025, and in the 1st quintile of its peer group for the thirty-six-month period ended September 30, 2025. Based upon their review, the Trustees concluded that the overall performance of the Fund was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.

*Economies of Scale. The Board considered the effect of each Fund's current size and potential growth on its performance and expenses. The Board took into account management's discussion of the Funds' advisory fee structure. The Board considered the effective advisory fees under the Investment Advisory Agreement as a percentage of assets at different asset levels and possible economies of scale that might be realized if the assets of each Fund increase. The Board noted that the advisory fee schedule for each Fund contains breakpoints that would reduce the respective advisory fee rate on assets above specified levels as the applicable Fund's assets increased. 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.*

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 all 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.*

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Other Items (Unaudited) (Continued)

*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 Flexible Income 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 Focused Fund</u>. The Fund's sub-advisory fee was above the median of its peer group. The Board noted that the Fund's Sub-Adviser was currently waiving a portion of the Fund's fees. 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 Growth 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 Non-US 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 Sands Capital Emerging Markets 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 Strategic 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.

As noted above, the Board considered each Fund's performance during the six-month, twelve-month, and thirty-six-month periods ended September 30, 2025, 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_-__ca594280-9409-42d1-afdc-dc4085dc02b7_TOCtm2614823d1_financials)

![](tm2614823d1financialsi001.gif)

------

![](tm2614823d1financialsi003.gif)

#### Touchstone Investments

#### Distributor
Touchstone Securities, LLC\*

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-TST-AR-NCSR-2603

**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)](tm2614823d1_ex99-codeeth.htm) [The registrant's Code of Ethics is attached hereto.](tm2614823d1_ex99-codeeth.htm)

(a)(2) Not Applicable.

[(a)(3)](tm2614823d1_ex99-cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2614823d1_ex99-cert.htm)

(a)(4) Not Applicable.

(a)(5) Not Applicable.

[(b)](tm2614823d1_ex99-906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2614823d1_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 Strategic Trust</u>

---

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

---

Date: <u>5/29/2026</u>

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

---

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

---

Date: <u>5/29/2026</u>

---

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

---

Date: <u>5/29/2026</u>

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**TOUCHSTONE STRATEGIC TRUST**

**TOUCHSTONE VARIABLE SERIES TRUST**

**TOUCHSTONE FUNDS GROUP TRUST**

**TOUCHSTONE ETF TRUST**

**CODE OF ETHICS**

**FOR**

**SENIOR FINANCIAL OFFICERS**

**I.** **INTRODUCTION** 

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

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

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

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

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

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

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

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

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**IV.** **DISCLOSURE** 

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

Each Covered Officer must:

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

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

**V.** **COMPLIANCE** 

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

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

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**VIII.** **AMENDMENTS** 

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

**IX.** **CONFIDENTIALITY** 

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

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

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

Date: May 19, 2003

Amended: February 15, 2017

Amended: November 18, 2020

Amended: February 10, 2021

Amended: July 22, 2022

Amended July 1, 2025

**Exhibit A**

Persons Covered by this Code of Ethics

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

**CODE OF ETHICS**

**FOR**

**SENIOR FINANCIAL OFFICERS**

**ANNUAL CERTIFICATION**

---

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

---

---

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

---

**FROM:**

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

    <br> Signature Date

## Ex-99.Cert

**Exhibit 99.CERT**

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

I, Terrie A. Wiedenheft, certify that:

1. I have reviewed this report on Form N-CSR of Touchstone Strategic 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: | 5/29/2026 | /s/ Terrie A. Wiedenheft |
| | | Terrie A. Wiedenheft, President |
| | | (principal executive officer) |

---

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

I, Terri A. Lucas, certify that:

1. I have reviewed this report on Form N-CSR of Touchstone Strategic 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: | 5/29/2026 | /s/ Terri A. Lucas |
| | | Terri A. Lucas, Controller and Treasurer |
| | | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 5/29/2026 | /s/ Terrie A. Wiedenheft |
| | | Terrie A. Wiedenheft, President |
| | | (principal executive officer) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 5/29/2026 | /s/ Terri A. Lucas |
| | | Terri A. Lucas, Controller and Treasurer |
| | | (principal financial officer) |

---