# EDGAR Filing Document

**Accession Number:** 0000711080
**File Stem:** 0001104659-25-056311
**Filing Date:** 2025-6
**Character Count:** 772656
**Document Hash:** bf112acc99cf08886d4a425df3fa308d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-056311.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001104659-25-056311

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**EFFECTIVENESS DATE**: 20250604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOUCHSTONE 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:** 251022503

**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           |

### 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           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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#### FORM N-CSR

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

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

**TABLE OF CONTENTS**

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| |
|:---|
|  [Touchstone Flexible Income Fund](#classnamef5185617-300c-48e7-a81d-2a09336af42d)<br> **[CLASS A - FFSAX](#classnamef5185617-300c-48e7-a81d-2a09336af42d)**  |
|  [Touchstone Flexible Income Fund](#classname0ab8fc65-2fc8-4091-9018-0f460b32fae6)<br> **[CLASS C - FRACX](#classname0ab8fc65-2fc8-4091-9018-0f460b32fae6)**  |
|  [Touchstone Flexible Income Fund](#classnamea1e8a477-707d-49ec-975b-a0121794bd70)<br> **[CLASS Y - MXIIX](#classnamea1e8a477-707d-49ec-975b-a0121794bd70)**  |
|  [Touchstone Flexible Income Fund](#classnamefc6d1e1c-74a4-47a1-b8b6-2276ef330c62)<br> **[INSTITUTIONAL CLASS - TFSLX](#classnamefc6d1e1c-74a4-47a1-b8b6-2276ef330c62)**  |
|  [Touchstone Focused Fund](#classnameb126e4e9-e5bb-4373-8ade-1e04aec99418)<br> **[CLASS A - TFOAX](#classnameb126e4e9-e5bb-4373-8ade-1e04aec99418)**  |
|  [Touchstone Focused Fund](#classname49f0fdf4-c95b-4f48-9b43-1cc39ec0cb20)<br> **[CLASS C - TFFCX](#classname49f0fdf4-c95b-4f48-9b43-1cc39ec0cb20)**  |
|  [Touchstone Focused Fund](#classnamefaa9c0ac-299c-4503-aa76-a1852308abd2)<br> **[CLASS Y - TFFYX](#classnamefaa9c0ac-299c-4503-aa76-a1852308abd2)**  |
|  [Touchstone Focused Fund](#classnamea6aaf257-f0c1-4e4f-9f3f-fe02aaca07db)<br> **[INSTITUTIONAL CLASS - TFFIX](#classnamea6aaf257-f0c1-4e4f-9f3f-fe02aaca07db)**  |
|  [Touchstone Growth Opportunities Fund](#classnamea55223e3-9fb8-44c3-9187-7de3821aa169)<br> **[CLASS A - TGVFX](#classnamea55223e3-9fb8-44c3-9187-7de3821aa169)**  |
|  [Touchstone Growth Opportunities Fund](#classname513da252-c3db-4d44-a511-dba34b96bfb7)<br> **[CLASS C - TGVCX](#classname513da252-c3db-4d44-a511-dba34b96bfb7)**  |
|  [Touchstone Growth Opportunities Fund](#classnameb7a26a59-b4ce-4c81-9893-bbe21e6688a8)<br> **[CLASS Y - TGVYX](#classnameb7a26a59-b4ce-4c81-9893-bbe21e6688a8)**  |
|  [Touchstone Growth Opportunities Fund](#classnamef1f8d0d8-acb4-4d0d-8d9e-2a2507669422)<br> **[INSTITUTIONAL CLASS - TGVVX](#classnamef1f8d0d8-acb4-4d0d-8d9e-2a2507669422)**  |
|  [Touchstone Mid Cap Growth Fund](#classname34a8d7fc-5d17-417a-9702-560908ec13a8)<br> **[CLASS A - TEGAX](#classname34a8d7fc-5d17-417a-9702-560908ec13a8)**  |
|  [Touchstone Mid Cap Growth Fund](#classname0defcdf2-3c24-4670-8dcd-dc8884ed1cd4)<br> **[CLASS C - TOECX](#classname0defcdf2-3c24-4670-8dcd-dc8884ed1cd4)**  |
|  [Touchstone Mid Cap Growth Fund](#classname78cce09c-35df-4e0e-8c82-455be1475416)<br> **[CLASS Y - TEGYX](#classname78cce09c-35df-4e0e-8c82-455be1475416)**  |
|  [Touchstone Mid Cap Growth Fund](#classname8416be98-3c50-4be3-807e-43e452da7f5e)<br> **[INSTITUTIONAL CLASS - TEGIX](#classname8416be98-3c50-4be3-807e-43e452da7f5e)**  |
|  [Touchstone Mid Cap Growth Fund](#classnamee0ab7ecb-4a0e-4f30-9f11-c5b5c3e7a4b1)<br> **[CLASS R6 - TFGRX](#classnamee0ab7ecb-4a0e-4f30-9f11-c5b5c3e7a4b1)**  |
|  [Touchstone Non-US Equity Fund](#classnameb90555d7-12c3-404e-9f04-fdb165cec532)<br> **[CLASS A - TEQAX](#classnameb90555d7-12c3-404e-9f04-fdb165cec532)**  |
|  [Touchstone Non-US Equity Fund](#classname1045e550-1f28-4282-919c-79f65bce483d)<br> **[CLASS C - TEQCX](#classname1045e550-1f28-4282-919c-79f65bce483d)**  |
|  [Touchstone Non-US Equity Fund](#classname18751002-c721-44c2-af05-f12b57a733bf)<br> **[CLASS Y - TIQIX](#classname18751002-c721-44c2-af05-f12b57a733bf)**  |
|  [Touchstone Non-US Equity Fund](#classnameb2ed9db5-813e-472f-b5ef-b95b896fa8e0)<br> **[INSTITUTIONAL CLASS - TROCX](#classnameb2ed9db5-813e-472f-b5ef-b95b896fa8e0)**  |
|  [Touchstone Sands Capital Emerging Markets Growth Fund](#classname5d7e8073-cf7c-45e0-9137-04be6db3f0ef)<br> **[CLASS A - TSMGX](#classname5d7e8073-cf7c-45e0-9137-04be6db3f0ef)**  |
|  [Touchstone Sands Capital Emerging Markets Growth Fund](#classname0e1f264a-e9c7-4239-afaf-bdbd7ec2c2ab)<br> **[CLASS C - TEGCX](#classname0e1f264a-e9c7-4239-afaf-bdbd7ec2c2ab)**  |
|  [Touchstone Sands Capital Emerging Markets Growth Fund](#classname74d05ba1-467a-4f19-be16-d85e68add064)<br> **[CLASS Y - TSEMX](#classname74d05ba1-467a-4f19-be16-d85e68add064)**  |
|  [Touchstone Sands Capital Emerging Markets Growth Fund](#classname1a3b7e37-681a-47e8-abea-bff6f9d3183e)<br> **[INSTITUTIONAL CLASS - TSEGX](#classname1a3b7e37-681a-47e8-abea-bff6f9d3183e)**  |
|  [Touchstone Sands Capital Emerging Markets Growth Fund](#classname4d76e119-83c0-4e03-883e-f98e3557e350)<br> **[CLASS R6 - TSRMX](#classname4d76e119-83c0-4e03-883e-f98e3557e350)**  |
|  [Touchstone Strategic Income Fund](#classname1b4ab1d9-9da0-428a-8682-7709eab0a0dc)<br> **[CLASS A - TQPAX](#classname1b4ab1d9-9da0-428a-8682-7709eab0a0dc)**  |
|  [Touchstone Strategic Income Fund](#classname3e17dbef-51e1-4363-ae83-8ca280a4fce9)<br> **[CLASS C - TQPCX](#classname3e17dbef-51e1-4363-ae83-8ca280a4fce9)**  |
|  [Touchstone Strategic Income Fund](#classnamec2f9283b-9d3b-4293-b5ff-82f0b12f93fe)<br> **[CLASS Y - TQPYX](#classnamec2f9283b-9d3b-4293-b5ff-82f0b12f93fe)**  |
|  [Touchstone Strategic Income Fund](#classname0117dd97-06e5-4c46-840b-2459f286d133)<br> **[INSTITUTIONAL CLASS - TQPIX](#classname0117dd97-06e5-4c46-840b-2459f286d133)**  |

---

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Flexible Income Fund

#### CLASS A \| FFSAX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Flexible Income Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $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 4.71% (excluding sales loads) for the reporting period.

Over the 12-month period ending March 31, 2025, the U.S. credit market navigated a complex macroeconomic landscape marked by persistent inflation concerns, shifting Federal Reserve policy expectations, and bouts of interest rate volatility. Credit spreads over Treasuries remained relatively stable but tight, supported by resilient corporate earnings and strong investor demand for yield, particularly in investment grade and select high yield segments. The U.S. Treasury yield curve experienced continued inversion through much of the period, though the long end of the curve rose notably in early 2025 amid renewed inflation fears and higher than expected economic growth data. Non-investment grade corporate bonds (high yield) performed well overall, benefitting from limited default activity and steady demand, despite periodic repricing tied to rate volatility. Meanwhile, the securitized market produced solid, comparable returns across commercial mortgage backed securities (CMBS), asset backed securities, and residential mortgage backed securities, all returning mid-to-high single digit returns for the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Yield Curve Positioning | Positive | The Fund benefitted from barbelled Treasury positioning, allocations to short duration positions (<1 year maturity) and low dollar price, longer duration Treasury bonds. |
| Security Selection | Positive | Investment grade corporate bonds and securitized positions positively contributed to performance during the 12-month period. The Fund's Financial sector issuers and CMBS issues were the leading contributors to relative performance. |
| Municipals | Negative | Rising interest rates during the second quarter of 2024 caused the municipal exposure to drag on Fund performance. |

---

The Fund avoided credit sensitive asset classes (i.e., generic high yield), although they were much more fairly priced on a risk-adjusted basis than they have been in a few years. However, while nominal yields reached more attractive levels, credit spreads widened off their tights, but not at levels we found worthy of investment as of yet. We remained tentative to rotate into such investments as they have a meaningfully higher probability of default. We looked to take advantage of investment opportunities in this space on a tactical basis. As always, we remained diligent and patient as we focused on avoiding any positions that had the potential to suffer from extreme illiquidity.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg018.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 1.34% | 4.15% | 2.64% |
| Class A - excluding sales load | 4.71% | 4.58% | 3.24% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1685510985 |
| **Total number of portfolio holdings** | 311 |
| **Total advisory fees paid** | $8188234 |
| **Portfolio turnover rate** | 52% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 29.0% |
| Asset-Backed Securities | 18.5% |
| Non-Agency Collateralized Mortgage Obligations | 14.5% |
| Agency Collateralized Mortgage Obligations | 12.4% |
| U.S. Treasury Obligations | 12.1% |
| Preferred Stocks | 3.8% |
| Exchange-Traded Funds | 2.1% |
| Commercial Mortgage-Backed Securities | 0.1% |
| Purchased Options | 0.2% |
| Short-Term Investment Funds | 6.6% |
| Other Assets/Liabilities (Net) | 0.7% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 34.7% |
| AA/Aa | 10.9% |
| A/A | 11.6% |
| BBB/Baa | 16.9% |
| BB/Ba | 0.6% |
| B/B | 2.3% |
| Not Rated | 23.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Flexible Income Fund

#### CLASS C \| FRACX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Flexible Income Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class C | $183 | 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 3.92% (excluding sales loads) for the reporting period.

Over the 12-month period ending March 31, 2025, the U.S. credit market navigated a complex macroeconomic landscape marked by persistent inflation concerns, shifting Federal Reserve policy expectations, and bouts of interest rate volatility. Credit spreads over Treasuries remained relatively stable but tight, supported by resilient corporate earnings and strong investor demand for yield, particularly in investment grade and select high yield segments. The U.S. Treasury yield curve experienced continued inversion through much of the period, though the long end of the curve rose notably in early 2025 amid renewed inflation fears and higher than expected economic growth data. Non-investment grade corporate bonds (high yield) performed well overall, benefitting from limited default activity and steady demand, despite periodic repricing tied to rate volatility. Meanwhile, the securitized market produced solid, comparable returns across commercial mortgage backed securities (CMBS), asset backed securities, and residential mortgage backed securities, all returning mid-to-high single digit returns for the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Yield Curve Positioning | Positive | The Fund benefitted from barbelled Treasury positioning, allocations to short duration positions (<1 year maturity) and low dollar price, longer duration Treasury bonds. |
| Security Selection | Positive | Investment grade corporate bonds and securitized positions positively contributed to performance during the 12-month period. The Fund's Financial sector issuers and CMBS issues were the leading contributors to relative performance. |
| Municipals | Negative | Rising interest rates during the second quarter of 2024 caused the municipal exposure to drag on Fund performance. |

---

The Fund avoided credit sensitive asset classes (i.e., generic high yield), although they were much more fairly priced on a risk-adjusted basis than they have been in a few years. However, while nominal yields reached more attractive levels, credit spreads widened off their tights, but not at levels we found worthy of investment as of yet. We remained tentative to rotate into such investments as they have a meaningfully higher probability of default. We looked to take advantage of investment opportunities in this space on a tactical basis. As always, we remained diligent and patient as we focused on avoiding any positions that had the potential to suffer from extreme illiquidity.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg019.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 2.92% | 3.80% | 2.62% |
| Class C - excluding sales load | 3.92% | 3.80% | 2.62% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1685510985 |
| **Total number of portfolio holdings** | 311 |
| **Total advisory fees paid** | $8188234 |
| **Portfolio turnover rate** | 52% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 29.0% |
| Asset-Backed Securities | 18.5% |
| Non-Agency Collateralized Mortgage Obligations | 14.5% |
| Agency Collateralized Mortgage Obligations | 12.4% |
| U.S. Treasury Obligations | 12.1% |
| Preferred Stocks | 3.8% |
| Exchange-Traded Funds | 2.1% |
| Commercial Mortgage-Backed Securities | 0.1% |
| Purchased Options | 0.2% |
| Short-Term Investment Funds | 6.6% |
| Other Assets/Liabilities (Net) | 0.7% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 34.7% |
| AA/Aa | 10.9% |
| A/A | 11.6% |
| BBB/Baa | 16.9% |
| BB/Ba | 0.6% |
| B/B | 2.3% |
| Not Rated | 23.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Flexible Income Fund

#### CLASS Y \| MXIIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Flexible Income Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $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 4.95% for the reporting period.

Over the 12-month period ending March 31, 2025, the U.S. credit market navigated a complex macroeconomic landscape marked by persistent inflation concerns, shifting Federal Reserve policy expectations, and bouts of interest rate volatility. Credit spreads over Treasuries remained relatively stable but tight, supported by resilient corporate earnings and strong investor demand for yield, particularly in investment grade and select high yield segments. The U.S. Treasury yield curve experienced continued inversion through much of the period, though the long end of the curve rose notably in early 2025 amid renewed inflation fears and higher than expected economic growth data. Non-investment grade corporate bonds (high yield) performed well overall, benefitting from limited default activity and steady demand, despite periodic repricing tied to rate volatility. Meanwhile, the securitized market produced solid, comparable returns across commercial mortgage backed securities (CMBS), asset backed securities, and residential mortgage backed securities, all returning mid-to-high single digit returns for the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Yield Curve Positioning | Positive | The Fund benefitted from barbelled Treasury positioning, allocations to short duration positions (<1 year maturity) and low dollar price, longer duration Treasury bonds. |
| Security Selection | Positive | Investment grade corporate bonds and securitized positions positively contributed to performance during the 12-month period. The Fund's Financial sector issuers and CMBS issues were the leading contributors to relative performance. |
| Municipals | Negative | Rising interest rates during the second quarter of 2024 caused the municipal exposure to drag on Fund performance. |

---

The Fund avoided credit sensitive asset classes (i.e., generic high yield), although they were much more fairly priced on a risk-adjusted basis than they have been in a few years. However, while nominal yields reached more attractive levels, credit spreads widened off their tights, but not at levels we found worthy of investment as of yet. We remained tentative to rotate into such investments as they have a meaningfully higher probability of default. We looked to take advantage of investment opportunities in this space on a tactical basis. As always, we remained diligent and patient as we focused on avoiding any positions that had the potential to suffer from extreme illiquidity.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg020.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 4.95% | 4.85% | 3.50% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1685510985 |
| **Total number of portfolio holdings** | 311 |
| **Total advisory fees paid** | $8188234 |
| **Portfolio turnover rate** | 52% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 29.0% |
| Asset-Backed Securities | 18.5% |
| Non-Agency Collateralized Mortgage Obligations | 14.5% |
| Agency Collateralized Mortgage Obligations | 12.4% |
| U.S. Treasury Obligations | 12.1% |
| Preferred Stocks | 3.8% |
| Exchange-Traded Funds | 2.1% |
| Commercial Mortgage-Backed Securities | 0.1% |
| Purchased Options | 0.2% |
| Short-Term Investment Funds | 6.6% |
| Other Assets/Liabilities (Net) | 0.7% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 34.7% |
| AA/Aa | 10.9% |
| A/A | 11.6% |
| BBB/Baa | 16.9% |
| BB/Ba | 0.6% |
| B/B | 2.3% |
| Not Rated | 23.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Flexible Income Fund

#### INSTITUTIONAL CLASS \| TFSLX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Flexible Income Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $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 5.05% for the reporting period.

Over the 12-month period ending March 31, 2025, the U.S. credit market navigated a complex macroeconomic landscape marked by persistent inflation concerns, shifting Federal Reserve policy expectations, and bouts of interest rate volatility. Credit spreads over Treasuries remained relatively stable but tight, supported by resilient corporate earnings and strong investor demand for yield, particularly in investment grade and select high yield segments. The U.S. Treasury yield curve experienced continued inversion through much of the period, though the long end of the curve rose notably in early 2025 amid renewed inflation fears and higher than expected economic growth data. Non-investment grade corporate bonds (high yield) performed well overall, benefitting from limited default activity and steady demand, despite periodic repricing tied to rate volatility. Meanwhile, the securitized market produced solid, comparable returns across commercial mortgage backed securities (CMBS), asset backed securities, and residential mortgage backed securities, all returning mid-to-high single digit returns for the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Yield Curve Positioning | Positive | The Fund benefitted from barbelled Treasury positioning, allocations to short duration positions (<1 year maturity) and low dollar price, longer duration Treasury bonds. |
| Security Selection | Positive | Investment grade corporate bonds and securitized positions positively contributed to performance during the 12-month period. The Fund's Financial sector issuers and CMBS issues were the leading contributors to relative performance. |
| Municipals | Negative | Rising interest rates during the second quarter of 2024 caused the municipal exposure to drag on Fund performance. |

---

The Fund avoided credit sensitive asset classes (i.e., generic high yield), although they were much more fairly priced on a risk-adjusted basis than they have been in a few years. However, while nominal yields reached more attractive levels, credit spreads widened off their tights, but not at levels we found worthy of investment as of yet. We remained tentative to rotate into such investments as they have a meaningfully higher probability of default. We looked to take advantage of investment opportunities in this space on a tactical basis. As always, we remained diligent and patient as we focused on avoiding any positions that had the potential to suffer from extreme illiquidity.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg021.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 5.05% | 4.98% | 3.61% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1685510985 |
| **Total number of portfolio holdings** | 311 |
| **Total advisory fees paid** | $8188234 |
| **Portfolio turnover rate** | 52% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 29.0% |
| Asset-Backed Securities | 18.5% |
| Non-Agency Collateralized Mortgage Obligations | 14.5% |
| Agency Collateralized Mortgage Obligations | 12.4% |
| U.S. Treasury Obligations | 12.1% |
| Preferred Stocks | 3.8% |
| Exchange-Traded Funds | 2.1% |
| Commercial Mortgage-Backed Securities | 0.1% |
| Purchased Options | 0.2% |
| Short-Term Investment Funds | 6.6% |
| Other Assets/Liabilities (Net) | 0.7% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 34.7% |
| AA/Aa | 10.9% |
| A/A | 11.6% |
| BBB/Baa | 16.9% |
| BB/Ba | 0.6% |
| B/B | 2.3% |
| Not Rated | 23.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Focused Fund

#### CLASS A \| TFOAX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Focused Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $120 | 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 6.77% (excluding sales loads) for the reporting period.

U.S. equities saw gains in the 12-month period ended March 31, 2025, with the Russell 3000<sup>®</sup> Index logging a 7.22% return. Monetary policy was a major focal point during the period, with the Federal Reserve implementing the first of 3 rate cuts in September as inflation tempered and expectation of a soft landing grew stronger. The build up to the election and the after effects of its results attributed to market volatility as well, with looming concerns over policy uncertainty and an economic slowdown.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples sector | Positive | Philip Morris International Inc. heavily contributed to outperformance due to product innovation and increased focus on reduced-risk products. |
| International Allocation | Positive | The overweight to international holdings saw high contribution to performance. |
| Communication Services sector | Positive | The largest overweight sector in the Fund's portfolio, allocation to the sector was a positive contributor to performance. |
| Software Industry | Negative | An overweight to the industry, with Microsoft Corp. being a key component, was a large detractor for performance. |

---

The increase in weight year-to-year to the Information Technology sector was the largest sector related change in the Fund period-to-period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg014.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 1.44% | 16.63% | 9.96% |
| Class A - excluding sales load | 6.77% | 17.84% | 10.61% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1239681691 |
| **Total number of portfolio holdings** | 48 |
| **Total advisory fees paid** | $8016628 |
| **Portfolio turnover rate** | 5% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 27.5% |
| Financials | 14.6% |
| Communication Services | 14.3% |
| Health Care | 13.5% |
| Consumer Discretionary | 10.3% |
| Industrials | 6.6% |
| Consumer Staples | 6.1% |
| Energy | 2.4% |
| Materials | 2.3% |
| Real Estate | 1.4% |
| Short-Term Investment Funds | 3.2% |
| Other Assets/Liabilities (Net) | (2.2)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Focused Fund

#### CLASS C \| TFFCX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Focused Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $198 | 1.92% |

---

#### 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 5.97% (excluding sales loads) for the reporting period.

U.S. equities saw gains in the 12-month period ended March 31, 2025, with the Russell 3000<sup>®</sup> Index logging a 7.22% return. Monetary policy was a major focal point during the period, with the Federal Reserve implementing the first of 3 rate cuts in September as inflation tempered and expectation of a soft landing grew stronger. The build up to the election and the after effects of its results attributed to market volatility as well, with looming concerns over policy uncertainty and an economic slowdown.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples sector | Positive | Philip Morris International Inc. heavily contributed to outperformance due to product innovation and increased focus on reduced-risk products. |
| International Allocation | Positive | The overweight to international holdings saw high contribution to performance. |
| Communication Services sector | Positive | The largest overweight sector in the Fund's portfolio, allocation to the sector was a positive contributor to performance. |
| Software Industry | Negative | An overweight to the industry, with Microsoft Corp. being a key component, was a large detractor for performance. |

---

The increase in weight year-to-year to the Information Technology sector was the largest sector related change in the Fund period-to-period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 4.97% | 16.94% | 9.95% |
| Class C - excluding sales load | 5.97% | 16.94% | 9.95% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1239681691 |
| **Total number of portfolio holdings** | 48 |
| **Total advisory fees paid** | $8016628 |
| **Portfolio turnover rate** | 5% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 27.5% |
| Financials | 14.6% |
| Communication Services | 14.3% |
| Health Care | 13.5% |
| Consumer Discretionary | 10.3% |
| Industrials | 6.6% |
| Consumer Staples | 6.1% |
| Energy | 2.4% |
| Materials | 2.3% |
| Real Estate | 1.4% |
| Short-Term Investment Funds | 3.2% |
| Other Assets/Liabilities (Net) | (2.2)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's current prospectus at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On July 29, 2024, the Fund's Class C expense limitation was reduced to 1.89% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Focused Fund

#### CLASS Y \| TFFYX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Focused Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $90 | 0.87% |

---

#### 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 7.08% for the reporting period.

U.S. equities saw gains in the 12-month period ended March 31, 2025, with the Russell 3000<sup>®</sup> Index logging a 7.22% return. Monetary policy was a major focal point during the period, with the Federal Reserve implementing the first of 3 rate cuts in September as inflation tempered and expectation of a soft landing grew stronger. The build up to the election and the after effects of its results attributed to market volatility as well, with looming concerns over policy uncertainty and an economic slowdown.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples sector | Positive | Philip Morris International Inc. heavily contributed to outperformance due to product innovation and increased focus on reduced-risk products. |
| International Allocation | Positive | The overweight to international holdings saw high contribution to performance. |
| Communication Services sector | Positive | The largest overweight sector in the Fund's portfolio, allocation to the sector was a positive contributor to performance. |
| Software Industry | Negative | An overweight to the industry, with Microsoft Corp. being a key component, was a large detractor for performance. |

---

The increase in weight year-to-year to the Information Technology sector was the largest sector related change in the Fund period-to-period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg016.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 7.08% | 18.18% | 10.93% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1239681691 |
| **Total number of portfolio holdings** | 48 |
| **Total advisory fees paid** | $8016628 |
| **Portfolio turnover rate** | 5% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 27.5% |
| Financials | 14.6% |
| Communication Services | 14.3% |
| Health Care | 13.5% |
| Consumer Discretionary | 10.3% |
| Industrials | 6.6% |
| Consumer Staples | 6.1% |
| Energy | 2.4% |
| Materials | 2.3% |
| Real Estate | 1.4% |
| Short-Term Investment Funds | 3.2% |
| Other Assets/Liabilities (Net) | (2.2)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Focused Fund

#### INSTITUTIONAL CLASS \| TFFIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Focused Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $87 | 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 7.12% for the reporting period.

U.S. equities saw gains in the 12-month period ended March 31, 2025, with the Russell 3000<sup>®</sup> Index logging a 7.22% return. Monetary policy was a major focal point during the period, with the Federal Reserve implementing the first of 3 rate cuts in September as inflation tempered and expectation of a soft landing grew stronger. The build up to the election and the after effects of its results attributed to market volatility as well, with looming concerns over policy uncertainty and an economic slowdown.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples sector | Positive | Philip Morris International Inc. heavily contributed to outperformance due to product innovation and increased focus on reduced-risk products. |
| International Allocation | Positive | The overweight to international holdings saw high contribution to performance. |
| Communication Services sector | Positive | The largest overweight sector in the Fund's portfolio, allocation to the sector was a positive contributor to performance. |
| Software Industry | Negative | An overweight to the industry, with Microsoft Corp. being a key component, was a large detractor for performance. |

---

The increase in weight year-to-year to the Information Technology sector was the largest sector related change in the Fund period-to-period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg017.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.12% | 18.23% | 11.00% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1239681691 |
| **Total number of portfolio holdings** | 48 |
| **Total advisory fees paid** | $8016628 |
| **Portfolio turnover rate** | 5% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 27.5% |
| Financials | 14.6% |
| Communication Services | 14.3% |
| Health Care | 13.5% |
| Consumer Discretionary | 10.3% |
| Industrials | 6.6% |
| Consumer Staples | 6.1% |
| Energy | 2.4% |
| Materials | 2.3% |
| Real Estate | 1.4% |
| Short-Term Investment Funds | 3.2% |
| Other Assets/Liabilities (Net) | (2.2)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Growth Opportunities Fund

#### CLASS A \| TGVFX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Growth Opportunities Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $128 | 1.26% |

---

#### 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 3.26% (excluding sales loads) for the reporting period.

Markets in the first quarter of 2025 reflected a dramatic reversal in sentiment, as early strength pushed major indices to record highs, but momentum faded through March as macroeconomic signals softened and investor caution grew. The Fund's sub-adviser prioritized capital preservation, focusing on companies with strong free cash flow, pricing power, and tariff resilience.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Information Technology sector | Positive | Benefitted from being underweight Microsoft Corp. relative to the Russell 3000<sup>®</sup> Growth Index, and from investment in information technology infrastructure services company Kyndryl Holdings Inc. |
| Communication Services sector | Positive | Netflix, Inc. was a top contributor driven by strong earnings from subscription revenue model. |
| Industrials sector | Negative | J.B. Hunt Transport Services, Inc. underperformed the overall Industrials sector after disappointing earnings and lack of early cycle recovery. |
| Consumer Discretionary sector | Negative | MGM Resorts International underperformed the overall Consumer Discretionary sector due to macro uncertainty and lack of near-term catalysts. |

---

Over the past year, the Fund increased its weighting in Information Technology and reduced its weighting in Industrials.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | -1.91% | 17.18% | 11.70% |
| Class A - excluding sales load | 3.26% | 18.39% | 12.37% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| Russell 3000<sup>®</sup> Growth Index | 7.18% | 19.57% | 14.55% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $142993360 |
| **Total number of portfolio holdings** | 36 |
| **Total advisory fees paid** | $1185358 |
| **Portfolio turnover rate** | 68% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 41.4% |
| Communication Services | 14.9% |
| Health Care | 11.4% |
| Consumer Discretionary | 10.6% |
| Industrials | 8.4% |
| Financials | 7.1% |
| Consumer Staples | 2.0% |
| Short-Term Investment Fund | 4.3% |
| 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 A expense limitation was reduced to 0.99% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Growth Opportunities Fund

#### CLASS C \| TGVCX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Growth Opportunities Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $203 | 2.01% |

---

#### 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 2.48% (excluding sales loads) for the reporting period.

Markets in the first quarter of 2025 reflected a dramatic reversal in sentiment, as early strength pushed major indices to record highs, but momentum faded through March as macroeconomic signals softened and investor caution grew. The Fund's sub-adviser prioritized capital preservation, focusing on companies with strong free cash flow, pricing power, and tariff resilience.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Information Technology sector | Positive | Benefitted from being underweight Microsoft Corp. relative to the Russell 3000<sup>®</sup> Growth Index, and from investment in information technology infrastructure services company Kyndryl Holdings Inc. |
| Communication Services sector | Positive | Netflix, Inc. was a top contributor driven by strong earnings from subscription revenue model. |
| Industrials sector | Negative | J.B. Hunt Transport Services, Inc. underperformed the overall Industrials sector after disappointing earnings and lack of early cycle recovery. |
| Consumer Discretionary sector | Negative | MGM Resorts International underperformed the overall Consumer Discretionary sector due to macro uncertainty and lack of near-term catalysts. |

---

Over the past year, the Fund increased its weighting in Information Technology and reduced its weighting in Industrials.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 1.51% | 17.49% | 11.69% |
| Class C - excluding sales load | 2.48% | 17.49% | 11.69% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| Russell 3000<sup>®</sup> Growth Index | 7.18% | 19.57% | 14.55% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $142993360 |
| **Total number of portfolio holdings** | 36 |
| **Total advisory fees paid** | $1185358 |
| **Portfolio turnover rate** | 68% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 41.4% |
| Communication Services | 14.9% |
| Health Care | 11.4% |
| Consumer Discretionary | 10.6% |
| Industrials | 8.4% |
| Financials | 7.1% |
| Consumer Staples | 2.0% |
| Short-Term Investment Fund | 4.3% |
| 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

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Growth Opportunities Fund

#### CLASS Y \| TGVYX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Growth Opportunities Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $103 | 1.01% |

---

#### 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 3.51% for the reporting period.

Markets in the first quarter of 2025 reflected a dramatic reversal in sentiment, as early strength pushed major indices to record highs, but momentum faded through March as macroeconomic signals softened and investor caution grew. The Fund's sub-adviser prioritized capital preservation, focusing on companies with strong free cash flow, pricing power, and tariff resilience.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Information Technology sector | Positive | Benefitted from being underweight Microsoft Corp. relative to the Russell 3000<sup>®</sup> Growth Index, and from investment in information technology infrastructure services company Kyndryl Holdings Inc. |
| Communication Services sector | Positive | Netflix, Inc. was a top contributor driven by strong earnings from subscription revenue model. |
| Industrials sector | Negative | J.B. Hunt Transport Services, Inc. underperformed the overall Industrials sector after disappointing earnings and lack of early cycle recovery. |
| Consumer Discretionary sector | Negative | MGM Resorts International underperformed the overall Consumer Discretionary sector due to macro uncertainty and lack of near-term catalysts. |

---

Over the past year, the Fund increased its weighting in Information Technology and reduced its weighting in Industrials.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 3.51% | 18.68% | 12.65% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| Russell 3000<sup>®</sup> Growth Index | 7.18% | 19.57% | 14.55% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $142993360 |
| **Total number of portfolio holdings** | 36 |
| **Total advisory fees paid** | $1185358 |
| **Portfolio turnover rate** | 68% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 41.4% |
| Communication Services | 14.9% |
| Health Care | 11.4% |
| Consumer Discretionary | 10.6% |
| Industrials | 8.4% |
| Financials | 7.1% |
| Consumer Staples | 2.0% |
| Short-Term Investment Fund | 4.3% |
| 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 Y expense limitation was reduced to 0.66% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Growth Opportunities Fund

#### INSTITUTIONAL CLASS \| TGVVX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Growth Opportunities Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $93 | 0.91% |

---

#### 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 3.62% for the reporting period.

Markets in the first quarter of 2025 reflected a dramatic reversal in sentiment, as early strength pushed major indices to record highs, but momentum faded through March as macroeconomic signals softened and investor caution grew. The Fund's sub-adviser prioritized capital preservation, focusing on companies with strong free cash flow, pricing power, and tariff resilience.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Information Technology sector | Positive | Benefitted from being underweight Microsoft Corp. relative to the Russell 3000<sup>®</sup> Growth Index, and from investment in information technology infrastructure services company Kyndryl Holdings Inc. |
| Communication Services sector | Positive | Netflix, Inc. was a top contributor driven by strong earnings from subscription revenue model. |
| Industrials sector | Negative | J.B. Hunt Transport Services, Inc. underperformed the overall Industrials sector after disappointing earnings and lack of early cycle recovery. |
| Consumer Discretionary sector | Negative | MGM Resorts International underperformed the overall Consumer Discretionary sector due to macro uncertainty and lack of near-term catalysts. |

---

Over the past year, the Fund increased its weighting in Information Technology and reduced its weighting in Industrials.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 3.62% | 18.80% | 12.76% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| Russell 3000<sup>®</sup> Growth Index | 7.18% | 19.57% | 14.55% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $142993360 |
| **Total number of portfolio holdings** | 36 |
| **Total advisory fees paid** | $1185358 |
| **Portfolio turnover rate** | 68% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 41.4% |
| Communication Services | 14.9% |
| Health Care | 11.4% |
| Consumer Discretionary | 10.6% |
| Industrials | 8.4% |
| Financials | 7.1% |
| Consumer Staples | 2.0% |
| Short-Term Investment Fund | 4.3% |
| 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 Institutional Class expense limitation was reduced to 0.60% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Mid Cap Growth Fund

#### CLASS A \| TEGAX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $119 | 1.22% |

---

#### 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 (4.65)% (excluding sales loads) for the reporting period.

Markets in the first quarter of 2025 reflected a dramatic reversal in sentiment, as early strength pushed major indices to record highs, but momentum faded through March as macroeconomic signals softened and investor caution grew. The Fund's sub-adviser prioritized capital preservation, focusing on companies with strong free cash flow, pricing power, and tariff resilience.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials sector | Positive | Axon Enterprise, Inc. was a top contributor driven by strong earnings and a resilient growth outlook. |
| Consumer Staples sector | Positive | The Fund benefitted from our underweight positioning in Consumer Staples. |
| Energy sector | Negative | Lack of exposure to large Russell Midcap<sup>®</sup> Growth Index weights, which are either defensive or tied to AI, negatively impacted relative performance. |
| Information Technology sector | Negative | Underweight exposure to expensive, thematic-driven companies that were large contributors in the benchmark, negatively impacted relative performance. |

---

Over the past year, the Fund increased its weighting in Information Technology and reduced its weighting in Real Estate.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | -9.41% | 11.60% | 8.46% |
| Class A - excluding sales load | -4.65% | 12.75% | 9.11% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| Russell Midcap<sup>®</sup> Growth Index | 3.57% | 14.86% | 10.14% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1221377596 |
| **Total number of portfolio holdings** | 59 |
| **Total advisory fees paid** | $9339760 |
| **Portfolio turnover rate** | 79% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 27.7% |
| Industrials | 23.8% |
| Health Care | 16.9% |
| Financials | 13.4% |
| Consumer Discretionary | 8.3% |
| Communication Services | 3.3% |
| Materials | 1.6% |
| Energy | 1.5% |
| Utilities | 1.2% |
| Consumer Staples | 1.2% |
| Short-Term Investment Fund | 1.2% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective January 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.74% on the first $500 million, 0.69% on the next $500 million, 0.65% on the next $200 million and 0.60% on assets over $1.2 billion.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Mid Cap Growth Fund

#### CLASS C \| TOECX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $200 | 2.06% |

---

#### 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 (5.47)% (excluding sales loads) for the reporting period.

Markets in the first quarter of 2025 reflected a dramatic reversal in sentiment, as early strength pushed major indices to record highs, but momentum faded through March as macroeconomic signals softened and investor caution grew. The Fund's sub-adviser prioritized capital preservation, focusing on companies with strong free cash flow, pricing power, and tariff resilience.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials sector | Positive | Axon Enterprise, Inc. was a top contributor driven by strong earnings and a resilient growth outlook. |
| Consumer Staples sector | Positive | The Fund benefitted from our underweight positioning in Consumer Staples. |
| Energy sector | Negative | Lack of exposure to large Russell Midcap<sup>®</sup> Growth Index weights, which are either defensive or tied to AI, negatively impacted relative performance. |
| Information Technology sector | Negative | Underweight exposure to expensive, thematic-driven companies that were large contributors in the benchmark, negatively impacted relative performance. |

---

Over the past year, the Fund increased its weighting in Information Technology and reduced its weighting in Real Estate.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | -6.38% | 11.82% | 8.42% |
| Class C - excluding sales load | -5.47% | 11.82% | 8.42% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| Russell Midcap<sup>®</sup> Growth Index | 3.57% | 14.86% | 10.14% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1221377596 |
| **Total number of portfolio holdings** | 59 |
| **Total advisory fees paid** | $9339760 |
| **Portfolio turnover rate** | 79% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 27.7% |
| Industrials | 23.8% |
| Health Care | 16.9% |
| Financials | 13.4% |
| Consumer Discretionary | 8.3% |
| Communication Services | 3.3% |
| Materials | 1.6% |
| Energy | 1.5% |
| Utilities | 1.2% |
| Consumer Staples | 1.2% |
| Short-Term Investment Fund | 1.2% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective January 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.74% on the first $500 million, 0.69% on the next $500 million, 0.65% on the next $200 million and 0.60% on assets over $1.2 billion. Additionally, the Class C expense limitation was reduced to 1.99% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Mid Cap Growth Fund

#### CLASS Y \| TEGYX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $97 | 0.99% |

---

#### 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 (4.45)% for the reporting period.

Markets in the first quarter of 2025 reflected a dramatic reversal in sentiment, as early strength pushed major indices to record highs, but momentum faded through March as macroeconomic signals softened and investor caution grew. The Fund's sub-adviser prioritized capital preservation, focusing on companies with strong free cash flow, pricing power, and tariff resilience.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials sector | Positive | Axon Enterprise, Inc. was a top contributor driven by strong earnings and a resilient growth outlook. |
| Consumer Staples sector | Positive | The Fund benefitted from our underweight positioning in Consumer Staples. |
| Energy sector | Negative | Lack of exposure to large Russell Midcap<sup>®</sup> Growth Index weights, which are either defensive or tied to AI, negatively impacted relative performance. |
| Information Technology sector | Negative | Underweight exposure to expensive, thematic-driven companies that were large contributors in the benchmark, negatively impacted relative performance. |

---

Over the past year, the Fund increased its weighting in Information Technology and reduced its weighting in Real Estate.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | -4.45% | 13.02% | 9.37% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| Russell Midcap<sup>®</sup> Growth Index | 3.57% | 14.86% | 10.14% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1221377596 |
| **Total number of portfolio holdings** | 59 |
| **Total advisory fees paid** | $9339760 |
| **Portfolio turnover rate** | 79% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 27.7% |
| Industrials | 23.8% |
| Health Care | 16.9% |
| Financials | 13.4% |
| Consumer Discretionary | 8.3% |
| Communication Services | 3.3% |
| Materials | 1.6% |
| Energy | 1.5% |
| Utilities | 1.2% |
| Consumer Staples | 1.2% |
| Short-Term Investment Fund | 1.2% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective January 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.74% on the first $500 million, 0.69% on the next $500 million, 0.65% on the next $200 million and 0.60% on assets over $1.2 billion. Additionally, the Class Y expense limitation was reduced to 0.97% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Mid Cap Growth Fund

#### INSTITUTIONAL CLASS \| TEGIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $85 | 0.87% |

---

#### 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 (4.34)% for the reporting period.

Markets in the first quarter of 2025 reflected a dramatic reversal in sentiment, as early strength pushed major indices to record highs, but momentum faded through March as macroeconomic signals softened and investor caution grew. The Fund's sub-adviser prioritized capital preservation, focusing on companies with strong free cash flow, pricing power, and tariff resilience.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials sector | Positive | Axon Enterprise, Inc. was a top contributor driven by strong earnings and a resilient growth outlook. |
| Consumer Staples sector | Positive | The Fund benefitted from our underweight positioning in Consumer Staples. |
| Energy sector | Negative | Lack of exposure to large Russell Midcap<sup>®</sup> Growth Index weights, which are either defensive or tied to AI, negatively impacted relative performance. |
| Information Technology sector | Negative | Underweight exposure to expensive, thematic-driven companies that were large contributors in the benchmark, negatively impacted relative performance. |

---

Over the past year, the Fund increased its weighting in Information Technology and reduced its weighting in Real Estate.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | -4.34% | 13.15% | 9.47% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| Russell Midcap<sup>®</sup> Growth Index | 3.57% | 14.86% | 10.14% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1221377596 |
| **Total number of portfolio holdings** | 59 |
| **Total advisory fees paid** | $9339760 |
| **Portfolio turnover rate** | 79% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 27.7% |
| Industrials | 23.8% |
| Health Care | 16.9% |
| Financials | 13.4% |
| Consumer Discretionary | 8.3% |
| Communication Services | 3.3% |
| Materials | 1.6% |
| Energy | 1.5% |
| Utilities | 1.2% |
| Consumer Staples | 1.2% |
| Short-Term Investment Fund | 1.2% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective January 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.74% on the first $500 million, 0.69% on the next $500 million, 0.65% on the next $200 million and 0.60% on assets over $1.2 billion.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Mid Cap Growth Fund

#### CLASS R6 \| TFGRX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $76 | 0.78% |

---

#### 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 (4.25)% for the reporting period.

Markets in the first quarter of 2025 reflected a dramatic reversal in sentiment, as early strength pushed major indices to record highs, but momentum faded through March as macroeconomic signals softened and investor caution grew. The Fund's sub-adviser prioritized capital preservation, focusing on companies with strong free cash flow, pricing power, and tariff resilience.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials sector | Positive | Axon Enterprise, Inc. was a top contributor driven by strong earnings and a resilient growth outlook. |
| Consumer Staples sector | Positive | The Fund benefitted from our underweight positioning in Consumer Staples. |
| Energy sector | Negative | Lack of exposure to large Russell Midcap<sup>®</sup> Growth Index weights, which are either defensive or tied to AI, negatively impacted relative performance. |
| Information Technology sector | Negative | Underweight exposure to expensive, thematic-driven companies that were large contributors in the benchmark, negatively impacted relative performance. |

---

Over the past year, the Fund increased its weighting in Information Technology and reduced its weighting in Real Estate.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>1</sup> | -4.25% | 13.25% | 9.52% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| Russell Midcap<sup>®</sup> Growth Index | 3.57% | 14.86% | 10.14% |

---

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

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1221377596 |
| **Total number of portfolio holdings** | 59 |
| **Total advisory fees paid** | $9339760 |
| **Portfolio turnover rate** | 79% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 27.7% |
| Industrials | 23.8% |
| Health Care | 16.9% |
| Financials | 13.4% |
| Consumer Discretionary | 8.3% |
| Communication Services | 3.3% |
| Materials | 1.6% |
| Energy | 1.5% |
| Utilities | 1.2% |
| Consumer Staples | 1.2% |
| Short-Term Investment Fund | 1.2% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective January 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.74% on the first $500 million, 0.69% on the next $500 million, 0.65% on the next $200 million and 0.60% on assets over $1.2 billion.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Non-US Equity Fund

#### CLASS A \| TEQAX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Non-US Equity Fund ("Fund") (formerly Touchstone Non-US ESG Equity Fund) for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $122 | 1.15% |

---

#### 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 11.59% (excluding sales loads) for the reporting period.

The Fund outperformed the MSCI All Country World ex-USA Index on a relative basis, due to positive contributions from Communication Services, Consumer Discretionary and Industrials sectors for the 12 month period. Stock selection within Information Technology and the underweight allocation within Utilities detracted in the period. On a regional basis, investments in Japan and China were the best performers, while the underweight allocation to North America detracted slightly. Communication Services benefitted from stock selection and the overweight allocation within the sector.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials - Electrical Infrastructure | Positive | Industrials had an outstanding year of performance as our thesis pertaining to electrical infrastructure capital expenditure growth acceleration materialized, lifting the shares of Hitachi, Ltd., which was the second largest contributing stock during the period. |
| Consumer Discretionary - Gaming and Music | Positive | Consumer Discretionary outperformed as holdings in Sony Group Corporation, the top contributing stock over the period, saw positive performance as its gaming segment continued to outperform and operating profits came in well ahead of consensus. Music also posted better results, where streaming growth reaccelerated. |
| Tariffs - Autos | Negative | Denso Corporation, a manufacturer of electronic parts for automobiles, was the top detracting stock within the sector and second largest detracting stock overall during the period as markets digested the impact of U.S. tariffs on the automotive sector and headlines suggested auto sales could be impacted globally if tariffs are implemented. |
| Info Tech – Semiconductor Capital Equipment (Semicaps) | Negative | Weakness in Tokyo Electron Ltd., which was the top detracting stock for the period. Semicap (and semi) growth peaked mid-2024. |

---

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 6.03% | 13.62% | 6.88% |
| Class A - excluding sales load | 11.59% | 14.80% | 7.52% |
| MSCI All Country World Ex-USA Index | 6.09% | 10.92% | 4.98% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $748163794 |
| **Total number of portfolio holdings** | 46 |
| **Total advisory fees paid** | $4418366 |
| **Portfolio turnover rate** | 22% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 25.3% |
| Industrials | 22.3% |
| Communication Services | 12.3% |
| Information Technology | 9.5% |
| Health Care | 8.6% |
| Materials | 7.0% |
| Consumer Discretionary | 5.9% |
| Energy | 5.2% |
| Short-Term Investment Funds | 11.2% |
| Other Assets/Liabilities (Net) | (7.3)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;16.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| Short-Term Investment Funds | 11.2% |
| Other Assets/Liabilities (Net) | (7.3)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On March 1, 2025, the Fund's name was changed from the Touchstone Non-US ESG Equity Fund to the Touchstone Non-US Equity Fund. Additionally, the Fund changed its 80% investment policy and revised its principal investment strategies.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Non-US Equity Fund

#### CLASS C \| TEQCX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Non-US Equity Fund ("Fund") (formerly Touchstone Non-US ESG Equity Fund) for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $203 | 1.93% |

---

#### 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 10.76% (excluding sales loads) for the reporting period.

The Fund outperformed the MSCI All Country World ex-USA Index on a relative basis, due to positive contributions from Communication Services, Consumer Discretionary and Industrials sectors for the 12 month period. Stock selection within Information Technology and the underweight allocation within Utilities detracted in the period. On a regional basis, investments in Japan and China were the best performers, while the underweight allocation to North America detracted slightly. Communication Services benefitted from stock selection and the overweight allocation within the sector.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials - Electrical Infrastructure | Positive | Industrials had an outstanding year of performance as our thesis pertaining to electrical infrastructure capital expenditure growth acceleration materialized, lifting the shares of Hitachi, Ltd., which was the second largest contributing stock during the period. |
| Consumer Discretionary - Gaming and Music | Positive | Consumer Discretionary outperformed as holdings in Sony Group Corporation, the top contributing stock over the period, saw positive performance as its gaming segment continued to outperform and operating profits came in well ahead of consensus. Music also posted better results, where streaming growth reaccelerated. |
| Tariffs - Autos | Negative | Denso Corporation, a manufacturer of electronic parts for automobiles, was the top detracting stock within the sector and second largest detracting stock overall during the period as markets digested the impact of U.S. tariffs on the automotive sector and headlines suggested auto sales could be impacted globally if tariffs are implemented. |
| Info Tech – Semiconductor Capital Equipment (Semicaps) | Negative | Weakness in Tokyo Electron Ltd., which was the top detracting stock for the period. Semicap (and semi) growth peaked mid-2024. |

---

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 9.76% | 13.87% | 6.82% |
| Class C - excluding sales load | 10.76% | 13.87% | 6.82% |
| MSCI All Country World Ex-USA Index | 6.09% | 10.92% | 4.98% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $748163794 |
| **Total number of portfolio holdings** | 46 |
| **Total advisory fees paid** | $4418366 |
| **Portfolio turnover rate** | 22% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 25.3% |
| Industrials | 22.3% |
| Communication Services | 12.3% |
| Information Technology | 9.5% |
| Health Care | 8.6% |
| Materials | 7.0% |
| Consumer Discretionary | 5.9% |
| Energy | 5.2% |
| Short-Term Investment Funds | 11.2% |
| Other Assets/Liabilities (Net) | (7.3)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;16.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| Short-Term Investment Funds | 11.2% |
| Other Assets/Liabilities (Net) | (7.3)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On March 1, 2025, the Fund's name was changed from the Touchstone Non-US ESG Equity Fund to the Touchstone Non-US Equity Fund. Additionally, the Fund changed its 80% investment policy and revised its principal investment strategies. Additionally, on July 29, 2024 the Class C expense limitation was reduced to 1.92% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Non-US Equity Fund

#### CLASS Y \| TIQIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Non-US Equity Fund ("Fund") (formerly Touchstone Non-US ESG Equity Fund) for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $95 | 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 11.89% for the reporting period.

The Fund outperformed the MSCI All Country World ex-USA Index on a relative basis, due to positive contributions from Communication Services, Consumer Discretionary and Industrials sectors for the 12 month period. Stock selection within Information Technology and the underweight allocation within Utilities detracted in the period. On a regional basis, investments in Japan and China were the best performers, while the underweight allocation to North America detracted slightly. Communication Services benefitted from stock selection and the overweight allocation within the sector.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials - Electrical Infrastructure | Positive | Industrials had an outstanding year of performance as our thesis pertaining to electrical infrastructure capital expenditure growth acceleration materialized, lifting the shares of Hitachi, Ltd., which was the second largest contributing stock during the period. |
| Consumer Discretionary - Gaming and Music | Positive | Consumer Discretionary outperformed as holdings in Sony Group Corporation, the top contributing stock over the period, saw positive performance as its gaming segment continued to outperform and operating profits came in well ahead of consensus. Music also posted better results, where streaming growth reaccelerated. |
| Tariffs - Autos | Negative | Denso Corporation, a manufacturer of electronic parts for automobiles, was the top detracting stock within the sector and second largest detracting stock overall during the period as markets digested the impact of U.S. tariffs on the automotive sector and headlines suggested auto sales could be impacted globally if tariffs are implemented. |
| Info Tech – Semiconductor Capital Equipment (Semicaps) | Negative | Weakness in Tokyo Electron Ltd., which was the top detracting stock for the period. Semicap (and semi) growth peaked mid-2024. |

---

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 11.89% | 15.08% | 7.79% |
| MSCI All Country World Ex-USA Index | 6.09% | 10.92% | 4.98% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $748163794 |
| **Total number of portfolio holdings** | 46 |
| **Total advisory fees paid** | $4418366 |
| **Portfolio turnover rate** | 22% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 25.3% |
| Industrials | 22.3% |
| Communication Services | 12.3% |
| Information Technology | 9.5% |
| Health Care | 8.6% |
| Materials | 7.0% |
| Consumer Discretionary | 5.9% |
| Energy | 5.2% |
| Short-Term Investment Funds | 11.2% |
| Other Assets/Liabilities (Net) | (7.3)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;16.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| Short-Term Investment Funds | 11.2% |
| Other Assets/Liabilities (Net) | (7.3)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On March 1, 2025, the Fund's name was changed from the Touchstone Non-US ESG Equity Fund to the Touchstone Non-US Equity Fund. Additionally, the Fund changed its 80% investment policy and revised its principal investment strategies.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Non-US Equity Fund

#### INSTITUTIONAL CLASS \| TROCX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Non-US Equity Fund ("Fund") (formerly Touchstone Non-US ESG Equity Fund) for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $92 | 0.87% |

---

#### 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 11.94% for the reporting period.

The Fund outperformed the MSCI All Country World ex-USA Index on a relative basis, due to positive contributions from Communication Services, Consumer Discretionary and Industrials sectors for the 12 month period. Stock selection within Information Technology and the underweight allocation within Utilities detracted in the period. On a regional basis, investments in Japan and China were the best performers, while the underweight allocation to North America detracted slightly. Communication Services benefitted from stock selection and the overweight allocation within the sector.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials - Electrical Infrastructure | Positive | Industrials had an outstanding year of performance as our thesis pertaining to electrical infrastructure capital expenditure growth acceleration materialized, lifting the shares of Hitachi, Ltd., which was the second largest contributing stock during the period. |
| Consumer Discretionary - Gaming and Music | Positive | Consumer Discretionary outperformed as holdings in Sony Group Corporation, the top contributing stock over the period, saw positive performance as its gaming segment continued to outperform and operating profits came in well ahead of consensus. Music also posted better results, where streaming growth reaccelerated. |
| Tariffs - Autos | Negative | Denso Corporation, a manufacturer of electronic parts for automobiles, was the top detracting stock within the sector and second largest detracting stock overall during the period as markets digested the impact of U.S. tariffs on the automotive sector and headlines suggested auto sales could be impacted globally if tariffs are implemented. |
| Info Tech – Semiconductor Capital Equipment (Semicaps) | Negative | Weakness in Tokyo Electron Ltd., which was the top detracting stock for the period. Semicap (and semi) growth peaked mid-2024. |

---

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class<sup>1</sup> | 11.94% | 15.08% | 7.81% |
| MSCI All Country World Ex-USA Index | 6.09% | 10.92% | 4.98% |

---

 **<sup>1</sup>** **The inception date was May 4, 2015. Performance information was calculated using the historical performance of Class Y shares for the periods prior to May 4, 2015.** 

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $748163794 |
| **Total number of portfolio holdings** | 46 |
| **Total advisory fees paid** | $4418366 |
| **Portfolio turnover rate** | 22% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 25.3% |
| Industrials | 22.3% |
| Communication Services | 12.3% |
| Information Technology | 9.5% |
| Health Care | 8.6% |
| Materials | 7.0% |
| Consumer Discretionary | 5.9% |
| Energy | 5.2% |
| Short-Term Investment Funds | 11.2% |
| Other Assets/Liabilities (Net) | (7.3)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;16.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| Short-Term Investment Funds | 11.2% |
| Other Assets/Liabilities (Net) | (7.3)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On March 1, 2025, the Fund's name was changed from the Touchstone Non-US ESG Equity Fund to the Touchstone Non-US Equity Fund. Additionally, the Fund changed its 80% investment policy and revised its principal investment strategies. Additionally, on July 29, 2024 the Institutional Class expense limitation was reduced to 0.87% and reduced again on March 1, 2025 to 0.86% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Sands Capital Emerging Markets Growth Fund

#### CLASS A \| TSMGX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $153 | 1.52% |

---

#### 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 1.48% (excluding sales loads) for the reporting period.

The Fund underperformed the MSCI Emerging Markets Index during the period driven by stock selection. Emerging market equities (as measured by the MSCI Emerging Markets Index) rose 8.09% during the 12-month period, outperforming developed markets for the first time since 2021. China led the advance, rising more than 40% and accounting for the entirety of the Index's gains. Taiwan was the second-largest country contributor. Conversely, Korea and Brazil were the top 2 country detractors. From a sector perspective, Financials and Consumer Discretionary led the index higher, while Materials and Energy were its largest detractors.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Financials sector | Negative | Stock selection for the Fund within the sector was particularly driven by weak performance from XP Inc., Joint Stock Company Kaspi.kz, and NU Holdings Ltd. |
| Communication Services sector | Positive | Strong stock performance, primarily driven by Sea Ltd. |
| China | Negative | The Fund's underweight in this country as well as stock performance contributed negatively. |
| Singapore | Positive | The Fund's overweight and stock performance were positive contributors. |

---

The most material change over the period was narrowing the Fund's underweight to China relative to the MSCI Emerging Markets Index. As of March 31, 2025, the Fund had a 23% weight (up from 13% a year ago) versus 31% percent for the benchmark. While the Fund remained cautious about China's long-term structural challenges and ongoing geopolitical tensions with the United States, the Fund also sought a select group of exceptional growth businesses in the country. In the Fund's view, these businesses were led by strong management teams, exhibit improving fundamentals, and trade at attractive 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 assumes maximum sales charges, if any.

Growth of $10,000

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg022.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A<sup>1</sup> | -3.62% | 4.13% | 2.93% |
| Class A - excluding sales load | 1.48% | 5.21% | 3.47% |
| MSCI Emerging Markets Index | 8.09% | 7.94% | 3.71% |

---

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

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1812375603 |
| **Total number of portfolio holdings** | 45 |
| **Total advisory fees paid** | $19504387 |
| **Portfolio turnover rate** | 21% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Consumer Discretionary | 21.0% |
| Information Technology | 14.0% |
| Communication Services | 12.0% |
| Consumer Staples | 10.7% |
| Industrials | 9.2% |
| Health Care | 3.5% |
| Energy | 2.6% |
| Real Estate | 1.1% |
| Short-Term Investment Funds | 2.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;26.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;23.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;13.9% |
| Short-Term Investment Funds | 2.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective September 30, 2024, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 1.00% on the first $200 million, 0.85% on the next $2.8 billion and 0.80% on assets over $3 billion. Additionally, the Class A expense limitation was reduced to 1.43% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Sands Capital Emerging Markets Growth Fund

#### CLASS C \| TEGCX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $225 | 2.24% |

---

#### 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 0.73% (excluding sales loads) for the reporting period.

The Fund underperformed the MSCI Emerging Markets Index during the period driven by stock selection. Emerging market equities (as measured by the MSCI Emerging Markets Index) rose 8.09% during the 12-month period, outperforming developed markets for the first time since 2021. China led the advance, rising more than 40% and accounting for the entirety of the Index's gains. Taiwan was the second-largest country contributor. Conversely, Korea and Brazil were the top 2 country detractors. From a sector perspective, Financials and Consumer Discretionary led the index higher, while Materials and Energy were its largest detractors.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Financials sector | Negative | Stock selection for the Fund within the sector was particularly driven by weak performance from XP Inc., Joint Stock Company Kaspi.kz, and NU Holdings Ltd. |
| Communication Services sector | Positive | Strong stock performance, primarily driven by Sea Ltd. |
| China | Negative | The Fund's underweight in this country as well as stock performance contributed negatively. |
| Singapore | Positive | The Fund's overweight and stock performance were positive contributors. |

---

The most material change over the period was narrowing the Fund's underweight to China relative to the MSCI Emerging Markets Index. As of March 31, 2025, the Fund had a 23% weight (up from 13% a year ago) versus 31% percent for the benchmark. While the Fund remained cautious about China's long-term structural challenges and ongoing geopolitical tensions with the United States, the Fund also sought a select group of exceptional growth businesses in the country. In the Fund's view, these businesses were led by strong management teams, exhibit improving fundamentals, and trade at attractive 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 assumes maximum sales charges, if any.

Growth of $10,000

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg023.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C<sup>1</sup> | -0.27% | 4.43% | 2.70% |
| Class C - excluding sales load | 0.73% | 4.43% | 2.70% |
| MSCI Emerging Markets Index | 8.09% | 7.94% | 3.71% |

---

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

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1812375603 |
| **Total number of portfolio holdings** | 45 |
| **Total advisory fees paid** | $19504387 |
| **Portfolio turnover rate** | 21% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Consumer Discretionary | 21.0% |
| Information Technology | 14.0% |
| Communication Services | 12.0% |
| Consumer Staples | 10.7% |
| Industrials | 9.2% |
| Health Care | 3.5% |
| Energy | 2.6% |
| Real Estate | 1.1% |
| Short-Term Investment Funds | 2.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;26.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;23.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;13.9% |
| Short-Term Investment Funds | 2.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective September 30, 2024, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 1.00% on the first $200 million, 0.85% on the next $2.8 billion and 0.80% on assets over $3 billion. Additionally, the Class C expense limitation was reduced to 2.13% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Sands Capital Emerging Markets Growth Fund

#### CLASS Y \| TSEMX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $123 | 1.22% |

---

#### 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 1.79% for the reporting period.

The Fund underperformed the MSCI Emerging Markets Index during the period driven by stock selection. Emerging market equities (as measured by the MSCI Emerging Markets Index) rose 8.09% during the 12-month period, outperforming developed markets for the first time since 2021. China led the advance, rising more than 40% and accounting for the entirety of the Index's gains. Taiwan was the second-largest country contributor. Conversely, Korea and Brazil were the top 2 country detractors. From a sector perspective, Financials and Consumer Discretionary led the index higher, while Materials and Energy were its largest detractors.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Financials sector | Negative | Stock selection for the Fund within the sector was particularly driven by weak performance from XP Inc., Joint Stock Company Kaspi.kz, and NU Holdings Ltd. |
| Communication Services sector | Positive | Strong stock performance, primarily driven by Sea Ltd. |
| China | Negative | The Fund's underweight in this country as well as stock performance contributed negatively. |
| Singapore | Positive | The Fund's overweight and stock performance were positive contributors. |

---

The most material change over the period was narrowing the Fund's underweight to China relative to the MSCI Emerging Markets Index. As of March 31, 2025, the Fund had a 23% weight (up from 13% a year ago) versus 31% percent for the benchmark. While the Fund remained cautious about China's long-term structural challenges and ongoing geopolitical tensions with the United States, the Fund also sought a select group of exceptional growth businesses in the country. In the Fund's view, these businesses were led by strong management teams, exhibit improving fundamentals, and trade at attractive 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 assumes maximum sales charges, if any.

Growth of $10,000

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 1.79% | 5.54% | 3.76% |
| MSCI Emerging Markets Index | 8.09% | 7.94% | 3.71% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1812375603 |
| **Total number of portfolio holdings** | 45 |
| **Total advisory fees paid** | $19504387 |
| **Portfolio turnover rate** | 21% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Consumer Discretionary | 21.0% |
| Information Technology | 14.0% |
| Communication Services | 12.0% |
| Consumer Staples | 10.7% |
| Industrials | 9.2% |
| Health Care | 3.5% |
| Energy | 2.6% |
| Real Estate | 1.1% |
| Short-Term Investment Funds | 2.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;26.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;23.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;13.9% |
| Short-Term Investment Funds | 2.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective September 30, 2024, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 1.00% on the first $200 million, 0.85% on the next $2.8 billion and 0.80% on assets over $3 billion. Additionally, the Class Y expense limitation was reduced to 1.21% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Sands Capital Emerging Markets Growth Fund

#### INSTITUTIONAL CLASS \| TSEGX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $114 | 1.13% |

---

#### 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 Institutional Class shares performance was 1.85% for the reporting period.

The Fund underperformed the MSCI Emerging Markets Index during the period driven by stock selection. Emerging market equities (as measured by the MSCI Emerging Markets Index) rose 8.09% during the 12-month period, outperforming developed markets for the first time since 2021. China led the advance, rising more than 40% and accounting for the entirety of the Index's gains. Taiwan was the second-largest country contributor. Conversely, Korea and Brazil were the top 2 country detractors. From a sector perspective, Financials and Consumer Discretionary led the index higher, while Materials and Energy were its largest detractors.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Financials sector | Negative | Stock selection for the Fund within the sector was particularly driven by weak performance from XP Inc., Joint Stock Company Kaspi.kz, and NU Holdings Ltd. |
| Communication Services sector | Positive | Strong stock performance, primarily driven by Sea Ltd. |
| China | Negative | The Fund's underweight in this country as well as stock performance contributed negatively. |
| Singapore | Positive | The Fund's overweight and stock performance were positive contributors. |

---

The most material change over the period was narrowing the Fund's underweight to China relative to the MSCI Emerging Markets Index. As of March 31, 2025, the Fund had a 23% weight (up from 13% a year ago) versus 31% percent for the benchmark. While the Fund remained cautious about China's long-term structural challenges and ongoing geopolitical tensions with the United States, the Fund also sought a select group of exceptional growth businesses in the country. In the Fund's view, these businesses were led by strong management teams, exhibit improving fundamentals, and trade at attractive 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 assumes maximum sales charges, if any.

Growth of $10,000

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg025.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 1.85% | 5.62% | 3.85% |
| MSCI Emerging Markets Index | 8.09% | 7.94% | 3.71% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1812375603 |
| **Total number of portfolio holdings** | 45 |
| **Total advisory fees paid** | $19504387 |
| **Portfolio turnover rate** | 21% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Consumer Discretionary | 21.0% |
| Information Technology | 14.0% |
| Communication Services | 12.0% |
| Consumer Staples | 10.7% |
| Industrials | 9.2% |
| Health Care | 3.5% |
| Energy | 2.6% |
| Real Estate | 1.1% |
| Short-Term Investment Funds | 2.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;26.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;23.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;13.9% |
| Short-Term Investment Funds | 2.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective September 30, 2024, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 1.00% on the first $200 million, 0.85% on the next $2.8 billion and 0.80% on assets over $3 billion. Additionally, the Institutional Class expense limitation was reduced to 1.04% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Sands Capital Emerging Markets Growth Fund

#### CLASS R6 \| TSRMX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund ("Fund") for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $110 | 1.09% |

---

#### 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 1.90% for the reporting period.

The Fund underperformed the MSCI Emerging Markets Index during the period driven by stock selection. Emerging market equities (as measured by the MSCI Emerging Markets Index) rose 8.09% during the 12-month period, outperforming developed markets for the first time since 2021. China led the advance, rising more than 40% and accounting for the entirety of the Index's gains. Taiwan was the second-largest country contributor. Conversely, Korea and Brazil were the top 2 country detractors. From a sector perspective, Financials and Consumer Discretionary led the index higher, while Materials and Energy were its largest detractors.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Financials sector | Negative | Stock selection for the Fund within the sector was particularly driven by weak performance from XP Inc., Joint Stock Company Kaspi.kz, and NU Holdings Ltd. |
| Communication Services sector | Positive | Strong stock performance, primarily driven by Sea Ltd. |
| China | Negative | The Fund's underweight in this country as well as stock performance contributed negatively. |
| Singapore | Positive | The Fund's overweight and stock performance were positive contributors. |

---

The most material change over the period was narrowing the Fund's underweight to China relative to the MSCI Emerging Markets Index. As of March 31, 2025, the Fund had a 23% weight (up from 13% a year ago) versus 31% percent for the benchmark. While the Fund remained cautious about China's long-term structural challenges and ongoing geopolitical tensions with the United States, the Fund also sought a select group of exceptional growth businesses in the country. In the Fund's view, these businesses were led by strong management teams, exhibit improving fundamentals, and trade at attractive 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 assumes maximum sales charges, if any.

Growth of $10,000

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>1</sup> | 1.90% | 5.63% | 3.80% |
| MSCI Emerging Markets Index | 8.09% | 7.94% | 3.71% |

---

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

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1812375603 |
| **Total number of portfolio holdings** | 45 |
| **Total advisory fees paid** | $19504387 |
| **Portfolio turnover rate** | 21% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Consumer Discretionary | 21.0% |
| Information Technology | 14.0% |
| Communication Services | 12.0% |
| Consumer Staples | 10.7% |
| Industrials | 9.2% |
| Health Care | 3.5% |
| Energy | 2.6% |
| Real Estate | 1.1% |
| Short-Term Investment Funds | 2.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;26.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;23.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;13.9% |
| Short-Term Investment Funds | 2.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective September 30, 2024, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 1.00% on the first $200 million, 0.85% on the next $2.8 billion and 0.80% on assets over $3 billion. Additionally, the Class R6 expense limitation was reduced to 1.00% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Strategic Income Fund

#### CLASS A \| TQPAX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Strategic Income Fund ("Fund") (formerly Touchstone Strategic Income Opportunties Fund) for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $104 | 1.00% |

---

#### 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 7.05% (excluding sales loads) for the reporting period.

Financial markets were volatile during the period in the face of elevated uncertainty due to shifting policy, mixed economic indicators, and increased geopolitical risks. While credit spreads were range bound near historically tight levels for most of the 12 month period, they widened in the first quarter of 2025 following growth concerns as well as weaker consumer and business sentiment. At the same time, interest rates declined as investors increased their expectations for interest rate cuts. However, longer interest rates are roughly unchanged over the last 12 months.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rate Management | Positive | The Fund's duration positioning was tactically adjusted throughout the period. Despite being shorter duration than the Bloomberg U.S. Aggregate Bond Index as rates ended the 12-month period largely unchanged, duration positioning contributed to relative performance during the period. |
| Sector Allocation | Positive | The Fund had overweight allocations to high yield corporates, emerging market debt, and non-credit sectors such as securitized, which positively impacted performance as risk assets performed well over the period. |
| Security Selection | Positive | Security selection within investment grade corporates, securitized, and emerging market debt contributed to outperformance. |
| High Yield Corporate Selection | Negative | Security selection within high yield corporates detracted from relative performance. |

---

Over the past 12 months the Fund's risk target was toward the lower end of its historical range at 30%. As a result, allocations were largely unchanged over the period. The Fund increased credit quality by marginally increasing investment grade corporates while modestly reducing emerging market debt, which remained toward the lower end of the historical range along with high yield corporates.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg027.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 3.41% | 3.29% | 2.56% |
| Class A - excluding sales load | 7.05% | 4.31% | 3.05% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $297058799 |
| **Total number of portfolio holdings** | 195 |
| **Total advisory fees paid** | $1369916 |
| **Portfolio turnover rate** | 144% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 43.7% |
| U.S. Treasury Obligations | 27.7% |
| Asset-Backed Securities | 11.5% |
| Commercial Mortgage-Backed Securities | 5.9% |
| Non-Agency Collateralized Mortgage Obligations | 5.6% |
| Common Stocks | 2.1% |
| Sovereign Government Obligations | 1.0% |
| Agency Collateralized Mortgage Obligations | 0.3% |
| Rights | 0.0% |
| Short-Term Investment Fund | 1.2% |
| Other Assets/Liabilities (Net) | 1.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 36.6% |
| AA/Aa | 6.4% |
| A/A | 11.4% |
| BBB/Baa | 32.1% |
| BB/Ba | 6.9% |
| B/B | 5.3% |
| CCC | 0.8% |
| Not Rated | 0.5% |
| 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.*

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On October 31, 2024, the Fund's name was changed from the Touchstone Strategic Income Opportunities Fund to the Touchstone Strategic Income Fund. There were no changes made to the Fund's investment goal and principal investment strategies.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Strategic Income Fund

#### CLASS C \| TQPCX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Strategic Income Fund ("Fund") (formerly Touchstone Strategic Income Opportunties Fund) for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $176 | 1.71% |

---

#### 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 6.23% (excluding sales loads) for the reporting period.

Financial markets were volatile during the period in the face of elevated uncertainty due to shifting policy, mixed economic indicators, and increased geopolitical risks. While credit spreads were range bound near historically tight levels for most of the 12 month period, they widened in the first quarter of 2025 following growth concerns as well as weaker consumer and business sentiment. At the same time, interest rates declined as investors increased their expectations for interest rate cuts. However, longer interest rates are roughly unchanged over the last 12 months.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rate Management | Positive | The Fund's duration positioning was tactically adjusted throughout the period. Despite being shorter duration than the Bloomberg U.S. Aggregate Bond Index as rates ended the 12-month period largely unchanged, duration positioning contributed to relative performance during the period. |
| Sector Allocation | Positive | The Fund had overweight allocations to high yield corporates, emerging market debt, and non-credit sectors such as securitized, which positively impacted performance as risk assets performed well over the period. |
| Security Selection | Positive | Security selection within investment grade corporates, securitized, and emerging market debt contributed to outperformance. |
| High Yield Corporate Selection | Negative | Security selection within high yield corporates detracted from relative performance. |

---

Over the past 12 months the Fund's risk target was toward the lower end of its historical range at 30%. As a result, allocations were largely unchanged over the period. The Fund increased credit quality by marginally increasing investment grade corporates while modestly reducing emerging market debt, which remained toward the lower end of the historical range along with high yield corporates.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg028.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 5.23% | 3.60% | 2.36% |
| Class C - excluding sales load | 6.23% | 3.60% | 2.36% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $297058799 |
| **Total number of portfolio holdings** | 195 |
| **Total advisory fees paid** | $1369916 |
| **Portfolio turnover rate** | 144% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 43.7% |
| U.S. Treasury Obligations | 27.7% |
| Asset-Backed Securities | 11.5% |
| Commercial Mortgage-Backed Securities | 5.9% |
| Non-Agency Collateralized Mortgage Obligations | 5.6% |
| Common Stocks | 2.1% |
| Sovereign Government Obligations | 1.0% |
| Agency Collateralized Mortgage Obligations | 0.3% |
| Rights | 0.0% |
| Short-Term Investment Fund | 1.2% |
| Other Assets/Liabilities (Net) | 1.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 36.6% |
| AA/Aa | 6.4% |
| A/A | 11.4% |
| BBB/Baa | 32.1% |
| BB/Ba | 6.9% |
| B/B | 5.3% |
| CCC | 0.8% |
| Not Rated | 0.5% |
| 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.*

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On October 31, 2024, the Fund's name was changed from the Touchstone Strategic Income Opportunities Fund to the Touchstone Strategic Income Fund. There were no changes made to the Fund's investment goal and principal investment strategies.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Strategic Income Fund

#### CLASS Y \| TQPYX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Strategic Income Fund ("Fund") (formerly Touchstone Strategic Income Opportunties Fund) for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | 0.75% |

---

#### 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 7.34% for the reporting period.

Financial markets were volatile during the period in the face of elevated uncertainty due to shifting policy, mixed economic indicators, and increased geopolitical risks. While credit spreads were range bound near historically tight levels for most of the 12 month period, they widened in the first quarter of 2025 following growth concerns as well as weaker consumer and business sentiment. At the same time, interest rates declined as investors increased their expectations for interest rate cuts. However, longer interest rates are roughly unchanged over the last 12 months.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rate Management | Positive | The Fund's duration positioning was tactically adjusted throughout the period. Despite being shorter duration than the Bloomberg U.S. Aggregate Bond Index as rates ended the 12-month period largely unchanged, duration positioning contributed to relative performance during the period. |
| Sector Allocation | Positive | The Fund had overweight allocations to high yield corporates, emerging market debt, and non-credit sectors such as securitized, which positively impacted performance as risk assets performed well over the period. |
| Security Selection | Positive | Security selection within investment grade corporates, securitized, and emerging market debt contributed to outperformance. |
| High Yield Corporate Selection | Negative | Security selection within high yield corporates detracted from relative performance. |

---

Over the past 12 months the Fund's risk target was toward the lower end of its historical range at 30%. As a result, allocations were largely unchanged over the period. The Fund increased credit quality by marginally increasing investment grade corporates while modestly reducing emerging market debt, which remained toward the lower end of the historical range along with high yield corporates.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg029.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 7.34% | 4.58% | 3.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $297058799 |
| **Total number of portfolio holdings** | 195 |
| **Total advisory fees paid** | $1369916 |
| **Portfolio turnover rate** | 144% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 43.7% |
| U.S. Treasury Obligations | 27.7% |
| Asset-Backed Securities | 11.5% |
| Commercial Mortgage-Backed Securities | 5.9% |
| Non-Agency Collateralized Mortgage Obligations | 5.6% |
| Common Stocks | 2.1% |
| Sovereign Government Obligations | 1.0% |
| Agency Collateralized Mortgage Obligations | 0.3% |
| Rights | 0.0% |
| Short-Term Investment Fund | 1.2% |
| Other Assets/Liabilities (Net) | 1.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 36.6% |
| AA/Aa | 6.4% |
| A/A | 11.4% |
| BBB/Baa | 32.1% |
| BB/Ba | 6.9% |
| B/B | 5.3% |
| CCC | 0.8% |
| Not Rated | 0.5% |
| 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.*

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On October 31, 2024, the Fund's name was changed from the Touchstone Strategic Income Opportunities Fund to the Touchstone Strategic Income Fund. There were no changes made to the Fund's investment goal and principal investment strategies.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

![TSR - Logo](tm2516401d1_tsrimg031.jpg)

#### Touchstone Strategic Income Fund

#### INSTITUTIONAL CLASS \| TQPIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Touchstone Strategic Income Fund ("Fund") (formerly Touchstone Strategic Income Opportunties Fund) for the period April 1, 2024 to March 31, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **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 | $68 | 0.65% |

---

#### 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 7.80% for the reporting period.

Financial markets were volatile during the period in the face of elevated uncertainty due to shifting policy, mixed economic indicators, and increased geopolitical risks. While credit spreads were range bound near historically tight levels for most of the 12 month period, they widened in the first quarter of 2025 following growth concerns as well as weaker consumer and business sentiment. At the same time, interest rates declined as investors increased their expectations for interest rate cuts. However, longer interest rates are roughly unchanged over the last 12 months.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rate Management | Positive | The Fund's duration positioning was tactically adjusted throughout the period. Despite being shorter duration than the Bloomberg U.S. Aggregate Bond Index as rates ended the 12-month period largely unchanged, duration positioning contributed to relative performance during the period. |
| Sector Allocation | Positive | The Fund had overweight allocations to high yield corporates, emerging market debt, and non-credit sectors such as securitized, which positively impacted performance as risk assets performed well over the period. |
| Security Selection | Positive | Security selection within investment grade corporates, securitized, and emerging market debt contributed to outperformance. |
| High Yield Corporate Selection | Negative | Security selection within high yield corporates detracted from relative performance. |

---

Over the past 12 months the Fund's risk target was toward the lower end of its historical range at 30%. As a result, allocations were largely unchanged over the period. The Fund increased credit quality by marginally increasing investment grade corporates while modestly reducing emerging market debt, which remained toward the lower end of the historical range along with high yield corporates.

#### 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

![Fund Performance - Growth of 10K](tm2516401d1_tsrimg030.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since Inception<sup>1</sup>** |
| Institutional Class | 7.80% | 2.14% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -1.52% |

---

 **<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 touchstoneinvestments.com/mutual-funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $297058799 |
| **Total number of portfolio holdings** | 195 |
| **Total advisory fees paid** | $1369916 |
| **Portfolio turnover rate** | 144% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 43.7% |
| U.S. Treasury Obligations | 27.7% |
| Asset-Backed Securities | 11.5% |
| Commercial Mortgage-Backed Securities | 5.9% |
| Non-Agency Collateralized Mortgage Obligations | 5.6% |
| Common Stocks | 2.1% |
| Sovereign Government Obligations | 1.0% |
| Agency Collateralized Mortgage Obligations | 0.3% |
| Rights | 0.0% |
| Short-Term Investment Fund | 1.2% |
| Other Assets/Liabilities (Net) | 1.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 36.6% |
| AA/Aa | 6.4% |
| A/A | 11.4% |
| BBB/Baa | 32.1% |
| BB/Ba | 6.9% |
| B/B | 5.3% |
| CCC | 0.8% |
| Not Rated | 0.5% |
| 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.*

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by July 29, 2025, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On October 31, 2024, the Fund's name was changed from the Touchstone Strategic Income Opportunities Fund to the Touchstone Strategic Income Fund. There were no changes made to the Fund's investment goal and principal investment strategies.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2516401d1_tsrimg032.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund's proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

TSF-TST-AR-FFSAX-2503

(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 $163,190 and $142,100 for the fiscal years
ended March 31, 2025 and March 31, 2024, 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 $9,465 and $18,465 for the fiscal years ended March 31, 2025 and March 31,
2024, respectively. The fees for both 2025 and 2024 relate to out of scope audit procedures.

<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 $74,012 and $60,712 for the fiscal years ended March 31,
2025 and March 31, 2024, respectively. The fees relate to the preparation of federal income and excise tax returns and review of
capital gains distribution calculations.

<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 $21,945 and $12,084 for
the fiscal years ended March 31, 2025 and March 31, 2024, respectively. The fees relate to the PFIC Analyzer, Rapid Security
Analyzer and Global Withholding Tax Reporter subscriptions.

---

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

---

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

(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 $2,333,002 and $1,467,441 for each of the last two fiscal years ended
March 31, 2025 and March 31, 2024, 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, 2025

Annual Financial Statements

---

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

---

![](tm2516401d1financialsi001.gif)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | [Page](#xx_55d80769-0b39-4742-b331-5f1fcb4fb30e_1) |
| [Portfolios of Investments:](#xx_803064ef-d85a-4077-8837-6131044f3fcf_1tm2516401d1_financials) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Flexible Income Fund](#xx_803064ef-d85a-4077-8837-6131044f3fcf_1tm2516401d1_financials) | 3-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Focused Fund](#xx_44d610f6-4a22-4ecf-b304-65d3d47febda_1tm2516401d1_financials) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Growth Opportunities Fund](#xx_c73beb40-4105-4e79-a11c-847e4f69e78a_1tm2516401d1_financials) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Mid Cap Growth Fund](#xx_d034d00a-aad4-4ed2-8807-839faf63f99b_1tm2516401d1_financials) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Non-US Equity Fund](#xx_7ec99e6c-442a-4e51-a4a6-930b6eb16458_1tm2516401d1_financials) | 13-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Sands Capital Emerging Markets Growth Fund](#xx_810b6e10-8b19-47f7-a84c-14fd3524fafb_1tm2516401d1_financials) | 15-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Strategic Income Fund](#xx_573de63d-69ce-412f-92c4-69056b88782e_1tm2516401d1_financials) | 17-20 |
| [Statements of Assets and Liabilities](#xx_0520f16b-becd-4901-b261-96423765be84_1tm2516401d1_financials) | 21-22 |
| [Statements of Operations](#xx_e259b78d-8225-432c-b018-a2f894658784_1tm2516401d1_financials) | 23-24 |
| [Statements of Changes in Net Assets](#xx_ff275003-63e4-4068-9064-691ee4886389_2tm2516401d1_financials) | 26-27 |
| [Statements of Changes in Net Assets - Capital Stock Activity](#xx_60e3f1f6-6b3a-4a4a-968a-71e113e28161_1tm2516401d1_financials) | 28-31 |
| [Financial Highlights](#xx_3e97bb2e-8365-4f32-bdca-2b407d965949_1tm2516401d1_financials) | 32-38 |
| [Notes to Financial Statements](#xx_bd43a02a-b85c-4fef-967d-8f063d1a0738_1tm2516401d1_financials) | 39-54 |
| [Report of Independent Registered Public Accounting Firm](#xx_d3f22a58-1dbe-45cd-a5e2-ff47a4f082ad_1tm2516401d1_financials) | 55-56 |
| [Other Items (Unaudited)](#xx_cb5f47a5-17de-4656-b830-621b74cd6168_1tm2516401d1_financials) | 57-61 |

---

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

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Portfolio of Investments

Touchstone Flexible Income Fund – March 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 29.0%** |  |
|  | &nbsp;&nbsp;**Financials — 12.0%** |  |
| $9688000 | &nbsp;&nbsp;Ally Financial, Inc., 6.646%, 1/17/40 | $9355849 |
| &nbsp;&nbsp; 19754000 | &nbsp;&nbsp;Ally Financial, Inc., Ser C, 4.700%<sup>(A)</sup> | &nbsp;&nbsp; 16991393 |
| &nbsp;&nbsp; 6075000 | &nbsp;&nbsp;Arch Capital Group Ltd., 3.635%, 6/30/50 | &nbsp;&nbsp; 4396269 |
| &nbsp;&nbsp; 11002000 | &nbsp;&nbsp;Athene Holding Ltd., 3.950%, 5/25/51 | &nbsp;&nbsp; 7844289 |
| &nbsp;&nbsp; 24232000 | &nbsp;&nbsp;Bank of America Corp., 1.197%, 10/24/26 | &nbsp;&nbsp; 23770545 |
| &nbsp;&nbsp; 8570000 | &nbsp;&nbsp;Bank of America Corp., 1.734%, 7/22/27 | &nbsp;&nbsp; 8257881 |
| &nbsp;&nbsp; 31971000 | &nbsp;&nbsp;Bank of America Corp., 5.080%, 1/20/27 | &nbsp;&nbsp; 32080112 |
| &nbsp;&nbsp; 4794000 | &nbsp;&nbsp;Bank of America Corp., Ser DD, 6.300%<sup>(A)</sup> | &nbsp;&nbsp; 4849826 |
| &nbsp;&nbsp; 4667000 | &nbsp;&nbsp;Bank of New York Mellon Corp. (The), Ser G, 4.700%<sup>(A)</sup> | &nbsp;&nbsp; 4642633 |
| &nbsp;&nbsp; 3032000 | &nbsp;&nbsp;Barclays PLC (United Kingdom), 3.330%, 11/24/42 | &nbsp;&nbsp; 2206563 |
| &nbsp;&nbsp; 9089000 | &nbsp;&nbsp;Citigroup, Inc., 3.106%, 4/8/26 | &nbsp;&nbsp; 9085984 |
| &nbsp;&nbsp; 4797000 | &nbsp;&nbsp;Citigroup, Inc., Ser DD, 7.000%<sup>(A)</sup> | &nbsp;&nbsp; 4975157 |
| &nbsp;&nbsp; 6767000 | &nbsp;&nbsp;Citigroup, Inc., Ser W, 4.000%<sup>(A)</sup> | &nbsp;&nbsp; 6661513 |
| &nbsp;&nbsp; 6022000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.210%, 4/22/42 | &nbsp;&nbsp; 4425160 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.500%, 11/16/26 | &nbsp;&nbsp; 10827 |
| &nbsp;&nbsp; 3526000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), Ser Q, 7.379%<sup>(A)</sup> | &nbsp;&nbsp; 3542950 |
| &nbsp;&nbsp; 13799000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), Ser VAR, 1.093%, 12/9/26 | &nbsp;&nbsp; 13465408 |
| &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;JPMorgan Chase & Co., 1.578%, 4/22/27 | &nbsp;&nbsp; 9694561 |
| &nbsp;&nbsp; 13112000 | &nbsp;&nbsp;Lincoln National Corp., Ser C, 9.250%<sup>(A)†</sup> | &nbsp;&nbsp; 14090037 |
| &nbsp;&nbsp; 9957000 | &nbsp;&nbsp;Morgan Stanley, 2.484%, 9/16/36 | &nbsp;&nbsp; 8238328 |
| &nbsp;&nbsp; 9206000 | &nbsp;&nbsp;Nasdaq, Inc., 3.250%, 4/28/50 | &nbsp;&nbsp; 6168992 |
| &nbsp;&nbsp; 5719000 | &nbsp;&nbsp;Regions Financial Corp., Ser D, 5.750%<sup>(A)</sup> | &nbsp;&nbsp; 5687731 |
| &nbsp;&nbsp; 1763000 | &nbsp;&nbsp;UBS Group AG (Switzerland), 144a, 9.250%<sup>(A)</sup> | &nbsp;&nbsp; 1914689 |
|  |  | &nbsp;&nbsp; 202356697 |
|  | &nbsp;&nbsp;**Utilities — 7.6%** |  |
| &nbsp;&nbsp; 6312000 | &nbsp;&nbsp;American Electric Power Co., Inc., 3.250%, 3/1/50 | &nbsp;&nbsp; 4108007 |
| &nbsp;&nbsp; 5170000 | &nbsp;&nbsp;Berkshire Hathaway Energy Co., 2.850%, 5/15/51 | &nbsp;&nbsp; 3155747 |
| &nbsp;&nbsp; 13938000 | &nbsp;&nbsp;Dominion Energy, Inc., Ser A, 6.875%, 2/1/55 | &nbsp;&nbsp; 14414599 |
| &nbsp;&nbsp; 6529000 | &nbsp;&nbsp;Dominion Energy, Inc., Ser B, 7.000%, 6/1/54 | &nbsp;&nbsp; 6862338 |
| &nbsp;&nbsp; 11202000 | &nbsp;&nbsp;Duke Energy Corp., 3.300%, 6/15/41 | &nbsp;&nbsp; 8262985 |
| &nbsp;&nbsp; 21307000 | &nbsp;&nbsp;Edison International, Ser A, 5.375%<sup>(A)†</sup> | &nbsp;&nbsp; 20270581 |
| &nbsp;&nbsp; 2387000 | &nbsp;&nbsp;Nevada Power Co., 6.250%, 5/15/55 | &nbsp;&nbsp; 2367798 |
| &nbsp;&nbsp; 8678000 | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 6.375%, 8/15/55 | &nbsp;&nbsp; 8686244 |
| &nbsp;&nbsp; 9340000 | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 6.500%, 8/15/55 | &nbsp;&nbsp; 9422827 |
| &nbsp;&nbsp; 9867000 | &nbsp;&nbsp;Pacific Gas and Electric Co., 3.500%, 8/1/50 | &nbsp;&nbsp; 6530301 |
| &nbsp;&nbsp; 26578000 | &nbsp;&nbsp;Sempra Energy, 4.875%<sup>(A)</sup> | &nbsp;&nbsp; 26298349 |
| &nbsp;&nbsp; 17409000 | &nbsp;&nbsp;Southern Co. (The), Ser 2025, 6.375%, 3/15/55 | &nbsp;&nbsp; 17859371 |
|  |  | &nbsp;&nbsp; 128239147 |
|  | &nbsp;&nbsp;**Energy — 3.7%** |  |
| &nbsp;&nbsp; 5414000 | &nbsp;&nbsp;BP Capital Markets America, Inc., 3.001%, 3/17/52 | &nbsp;&nbsp; 3415680 |
| &nbsp;&nbsp; 32747000 | &nbsp;&nbsp;BP Capital Markets PLC (United Kingdom), 4.875%<sup>(A)</sup> | &nbsp;&nbsp; 31319974 |
| &nbsp;&nbsp; 3132000 | &nbsp;&nbsp;Enbridge, Inc. (Canada), 8.500%, 1/15/84 | &nbsp;&nbsp; 3449635 |
| &nbsp;&nbsp; 4593000 | &nbsp;&nbsp;Energy Transfer LP, Ser G, 7.125%<sup>(A)</sup> | &nbsp;&nbsp; 4641548 |
| &nbsp;&nbsp; 7598000 | &nbsp;&nbsp;Kinder Morgan, Inc., 3.250%, 8/1/50 | &nbsp;&nbsp; 4860977 |
| &nbsp;&nbsp; 3181000 | &nbsp;&nbsp;Occidental Petroleum Corp., 4.100%, 2/15/47 | &nbsp;&nbsp; 2184817 |
| &nbsp;&nbsp; 2292000 | &nbsp;&nbsp;Occidental Petroleum Corp., 4.500%, 7/15/44 | &nbsp;&nbsp; 1717324 |
| &nbsp;&nbsp; 6626000 | &nbsp;&nbsp;Valero Energy Corp., 3.650%, 12/1/51 | &nbsp;&nbsp; 4457314 |
| &nbsp;&nbsp; 9883000 | &nbsp;&nbsp;Williams Cos., Inc. (The), 3.500%, 10/15/51 | &nbsp;&nbsp; 6734606 |
|  |  | &nbsp;&nbsp; 62781875 |
|  | &nbsp;&nbsp;**Real Estate — 1.8%** |  |
| &nbsp;&nbsp; 6101000 | &nbsp;&nbsp;American Tower Corp. REIT, 2.950%, 1/15/51 | &nbsp;&nbsp; 3833659 |
| &nbsp;&nbsp; 20559000 | &nbsp;&nbsp;Rithm Capital Corp. REIT, 144a, 8.000%, 4/1/29 | &nbsp;&nbsp; 20441080 |
| &nbsp;&nbsp; 9832000 | &nbsp;&nbsp;Simon Property Group LP REIT, 3.250%, 9/13/49 | &nbsp;&nbsp; 6587998 |
|  |  | &nbsp;&nbsp; 30862737 |
|  | &nbsp;&nbsp;**Information Technology — 1.3%** |  |
| &nbsp;&nbsp; 10789000 | &nbsp;&nbsp;Micron Technology, Inc., 3.477%, 11/1/51 | &nbsp;&nbsp; 7304847 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 29.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Information Technology — 1.3% (Continued)** |  |
| $9408000 | &nbsp;&nbsp;Oracle Corp., 3.600%, 4/1/40 | $7370629 |
| &nbsp;&nbsp; 9292000 | &nbsp;&nbsp;Oracle Corp., 3.850%, 4/1/60 | &nbsp;&nbsp; 6346827 |
|  |  | &nbsp;&nbsp; 21022303 |
|  | &nbsp;&nbsp;**Communication Services — 1.0%** |  |
| &nbsp;&nbsp; 5171000 | &nbsp;&nbsp;Alibaba Group Holding Ltd. (Cayman Islands), 3.150%, 2/9/51 | &nbsp;&nbsp; 3402992 |
| &nbsp;&nbsp; 8912000 | &nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 6/1/41 | &nbsp;&nbsp; 6151703 |
| &nbsp;&nbsp; 10938000 | &nbsp;&nbsp;Verizon Communications, Inc., 2.875%, 11/20/50 | &nbsp;&nbsp; 6777650 |
|  |  | &nbsp;&nbsp; 16332345 |
|  | &nbsp;&nbsp;**Materials — 0.4%** |  |
| &nbsp;&nbsp; 10693000 | &nbsp;&nbsp;LYB International Finance III LLC, 3.625%, 4/1/51 | &nbsp;&nbsp; 7133553 |
|  | &nbsp;&nbsp;**Health Care — 0.4%** |  |
| &nbsp;&nbsp; 11118000 | &nbsp;&nbsp;Biogen, Inc., 3.150%, 5/1/50 | &nbsp;&nbsp; 6983624 |
|  | &nbsp;&nbsp;**Industrials — 0.4%** |  |
| &nbsp;&nbsp; 9780000 | &nbsp;&nbsp;RTX Corp., 3.030%, 3/15/52 | &nbsp;&nbsp; 6201284 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 0.3%** |  |
| &nbsp;&nbsp; 8029000 | &nbsp;&nbsp;Starbucks Corp., 3.500%, 11/15/50 | &nbsp;&nbsp; 5570985 |
|  | &nbsp;&nbsp;**Consumer Staples — 0.1%** |  |
| &nbsp;&nbsp; 3368000 | &nbsp;&nbsp;Macy's Retail Holdings LLC, 4.300%, 2/15/43 | &nbsp;&nbsp; 2150748 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;$489635298 |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 18.5%** | &nbsp;&nbsp;**Asset-Backed Securities — 18.5%** |
| &nbsp;&nbsp; 92819781 | &nbsp;&nbsp;Ally Auto Receivables Trust, Ser 2024-1, Class CERT, 144a, 2/16/32 | &nbsp;&nbsp; 5120774 |
| &nbsp;&nbsp; 4186616 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2024-A, Class B, 144a, 5.827%, 5/17/32 | &nbsp;&nbsp; 4238979 |
| &nbsp;&nbsp; 7326578 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2024-A, Class C, 144a, 6.022%, 5/17/32 | &nbsp;&nbsp; 7427618 |
| &nbsp;&nbsp; 2093308 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2024-A, Class D, 144a, 6.315%, 5/17/32 | &nbsp;&nbsp; 2126769 |
| &nbsp;&nbsp; 18831707 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2024-B, Class A2, 144a, 4.970%, 9/15/32 | &nbsp;&nbsp; 18947392 |
| &nbsp;&nbsp; 10462059 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2024-B, Class B, 144a, 5.117%, 9/15/32 | &nbsp;&nbsp; 10504979 |
| &nbsp;&nbsp; 6486477 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2024-B, Class C, 144a, 5.215%, 9/15/32 | &nbsp;&nbsp; 6513039 |
| &nbsp;&nbsp; 4812547 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2024-B, Class D, 144a, 5.410%, 9/15/32 | &nbsp;&nbsp; 4830089 |
| &nbsp;&nbsp; 3138618 | &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Ser 2024-B, Class E, 144a, 6.678%, 9/15/32 | &nbsp;&nbsp; 3151058 |
| &nbsp;&nbsp; 30673055 | &nbsp;&nbsp;American Homes 4 Rent Trust, Ser 2015-SFR1, Class A, 144a, 3.467%, 4/17/52 | &nbsp;&nbsp; 30607099 |
| &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;American Homes 4 Rent Trust, Ser 2015-SFR1, Class C, 144a, 4.110%, 4/17/52 | &nbsp;&nbsp; 4988975 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;American Homes 4 Rent Trust, Ser 2015-SFR1, Class D, 144a, 4.407%, 4/17/52 | &nbsp;&nbsp; 498840 |
| &nbsp;&nbsp; 9333896 | &nbsp;&nbsp;American Homes 4 Rent Trust, Ser 2015-SFR1, Class E, 144a, 5.639%, 4/17/52 | &nbsp;&nbsp; 9310574 |
| &nbsp;&nbsp; 14449000 | &nbsp;&nbsp;American Homes 4 Rent Trust, Ser 2015-SFR1, Class F, 144a, 5.885%, 4/17/52 | &nbsp;&nbsp; 14410229 |
| &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;AMSR Trust, Ser 2019-SFR1, Class B, 144a, 3.023%, 1/19/39 | &nbsp;&nbsp; 3398609 |
| &nbsp;&nbsp; 7225000 | &nbsp;&nbsp;AMSR Trust, Ser 2019-SFR1, Class I, 144a, 8.976%, 1/19/39 | &nbsp;&nbsp; 7363670 |
| &nbsp;&nbsp; 2970000 | &nbsp;&nbsp;AMSR Trust, Ser 2020-SFR2, Class D, 144a, 3.282%, 7/17/37 | &nbsp;&nbsp; 2947119 |
| &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;AMSR Trust, Ser 2020-SFR2, Class E1, 144a, 4.028%, 7/17/37 | &nbsp;&nbsp; 2683398 |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Touchstone Flexible Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 18.5% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 18.5% (Continued)** |
| $7775000 | &nbsp;&nbsp;AMSR Trust, Ser 2020-SFR2, Class F, 144a, 5.245%, 7/17/37 | $7746086 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;AMSR Trust, Ser 2020-SFR2, Class G, 144a, 4.000%, 7/17/37 | &nbsp;&nbsp; 2978768 |
| &nbsp;&nbsp; 17900910 | &nbsp;&nbsp;AMSR Trust, Ser 2020-SFR2, Class I, 144a, 5.250%, 7/17/37 | &nbsp;&nbsp; 17810985 |
| &nbsp;&nbsp; 450000 | &nbsp;&nbsp;AMSR Trust, Ser 2020-SFR3, Class E2, 144a, 2.756%, 9/17/37 | &nbsp;&nbsp; 443758 |
| &nbsp;&nbsp; 8500000 | &nbsp;&nbsp;AMSR Trust, Ser 2020-SFR3, Class I, 144a, 7.379%, 9/17/37 | &nbsp;&nbsp; 8489625 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;AMSR Trust, Ser 2020-SFR4, Class F, 144a, 2.856%, 11/17/37 | &nbsp;&nbsp; 983398 |
| &nbsp;&nbsp; 7657000 | &nbsp;&nbsp;AMSR Trust, Ser 2020-SFR4, Class G2, 144a, 4.870%, 11/17/37 | &nbsp;&nbsp; 7597699 |
| &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;AMSR Trust, Ser 2020-SFR5, Class G, 144a, 4.112%, 11/17/37 | &nbsp;&nbsp; 2570336 |
| &nbsp;&nbsp; 10565497 | &nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Ser 2024-CAR1, Class A, 144a, (SOFR30A + 1.100%), 5.440%, 12/26/31<sup>(B)</sup> | &nbsp;&nbsp; 10595995 |
| &nbsp;&nbsp; 1689478 | &nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Ser 2024-CAR1, Class B, 144a, (SOFR30A + 1.300%), 5.640%, 12/26/31<sup>(B)</sup> | &nbsp;&nbsp; 1693480 |
| &nbsp;&nbsp; 1063746 | &nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Ser 2024-CAR1, Class C, 144a, (SOFR30A + 1.500%), 5.840%, 12/26/31<sup>(B)</sup> | &nbsp;&nbsp; 1066834 |
| &nbsp;&nbsp; 469300 | &nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Ser 2024-CAR1, Class D, 144a, (SOFR30A + 2.050%), 6.390%, 12/26/31<sup>(B)</sup> | &nbsp;&nbsp; 473391 |
| &nbsp;&nbsp; 938599 | &nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Ser 2024-CAR1, Class E, 144a, (SOFR30A + 3.600%), 7.940%, 12/26/31<sup>(B)</sup> | &nbsp;&nbsp; 947583 |
| &nbsp;&nbsp; 27000 | &nbsp;&nbsp;Chase Auto Owner Trust, Ser 2024-4A, Class R1, 144a, 11/25/31 | &nbsp;&nbsp; 9256930 |
| &nbsp;&nbsp; 32000 | &nbsp;&nbsp;Chase Auto Owner Trust, Ser 2024-5A, Class R1, 144a, 1/26/32 | &nbsp;&nbsp; 9352800 |
| &nbsp;&nbsp; 18986 | &nbsp;&nbsp;First Investors Auto Owner Trust, Ser 2021-1A, Class C, 144a, 1.170%, 3/15/27 | &nbsp;&nbsp; 18957 |
| &nbsp;&nbsp; 10540000 | &nbsp;&nbsp;FirstKey Homes Trust, Ser 2020-SFR1, Class B, 144a, 1.740%, 8/17/37 | &nbsp;&nbsp; 10393449 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;FirstKey Homes Trust, Ser 2020-SFR1, Class E, 144a, 2.791%, 8/17/37 | &nbsp;&nbsp; 986849 |
| &nbsp;&nbsp; 3050000 | &nbsp;&nbsp;FirstKey Homes Trust, Ser 2020-SFR1, Class F1, 144a, 3.638%, 8/17/37 | &nbsp;&nbsp; 3016412 |
| &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;FirstKey Homes Trust, Ser 2020-SFR1, Class F2, 144a, 4.284%, 8/17/37 | &nbsp;&nbsp; 1050660 |
| &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;FirstKey Homes Trust, Ser 2020-SFR1, Class G, 144a, 4.781%, 8/17/37 | &nbsp;&nbsp; 4962784 |
| &nbsp;&nbsp; 7425000 | &nbsp;&nbsp;FirstKey Homes Trust, Ser 2020-SFR2, Class B, 144a, 1.567%, 10/19/37 | &nbsp;&nbsp; 7274175 |
| &nbsp;&nbsp; 7400000 | &nbsp;&nbsp;FirstKey Homes Trust, Ser 2020-SFR2, Class D, 144a, 1.968%, 10/19/37 | &nbsp;&nbsp; 7248455 |
| &nbsp;&nbsp; 1230000 | &nbsp;&nbsp;FirstKey Homes Trust, Ser 2020-SFR2, Class F1, 144a, 3.017%, 10/19/37 | &nbsp;&nbsp; 1209236 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;FirstKey Homes Trust, Ser 2020-SFR2, Class F3, 144a, 3.366%, 10/19/37 | &nbsp;&nbsp; 294941 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;FirstKey Homes Trust, Ser 2020-SFR2, Class G1, 144a, 4.000%, 10/19/37 | &nbsp;&nbsp; 295595 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;FirstKey Homes Trust, Ser 2020-SFR2, Class G2, 144a, 4.500%, 10/19/37 | &nbsp;&nbsp; 296234 |
| &nbsp;&nbsp; 1279702 | &nbsp;&nbsp;Home Partners of America Trust, Ser 2019-1, Class C, 144a, 3.256%, 9/17/39 | &nbsp;&nbsp; 1218696 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN, Ser 2021-3, Class F, 144a, 3.694%, 2/26/29 | &nbsp;&nbsp; 1994986 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 18.5% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 18.5% (Continued)** |
| $79536 | &nbsp;&nbsp;Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40 | $79965 |
| &nbsp;&nbsp; 1284641 | &nbsp;&nbsp;Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-3A, Class A1, 144a, (TSFR3M + 1.062%), 5.355%, 7/20/29<sup>(B)</sup> | &nbsp;&nbsp; 1284630 |
| &nbsp;&nbsp; 5080000 | &nbsp;&nbsp;Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-3A, Class B, 144a, (TSFR3M + 2.012%), 6.305%, 7/20/29<sup>(B)</sup> | &nbsp;&nbsp; 5080706 |
| &nbsp;&nbsp; 4275263 | &nbsp;&nbsp;Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2021-4A, Class A1, 144a, (TSFR3M + 1.062%), 5.364%, 10/15/29<sup>(B)</sup> | &nbsp;&nbsp; 4272151 |
| &nbsp;&nbsp; 787614 | &nbsp;&nbsp;Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2022-2A, Class A1, 144a, (TSFR3M + 1.270%), 5.572%, 10/15/30<sup>(B)</sup> | &nbsp;&nbsp; 787825 |
| &nbsp;&nbsp; 5350000 | &nbsp;&nbsp;Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2022-2A, Class A2, 144a, (TSFR3M + 1.900%), 6.202%, 10/15/30<sup>(B)</sup> | &nbsp;&nbsp; 5357913 |
| &nbsp;&nbsp; 975000 | &nbsp;&nbsp;Progress Residential, Ser 2021-SFR3, Class B, 144a, 1.888%, 5/17/26 | &nbsp;&nbsp; 950479 |
| &nbsp;&nbsp; 3093731 | &nbsp;&nbsp;Progress Residential, Ser 2021-SFR4, Class A, 144a, 1.558%, 5/17/38 | &nbsp;&nbsp; 3025066 |
| &nbsp;&nbsp; 5430000 | &nbsp;&nbsp;Progress Residential, Ser 2021-SFR4, Class B, 144a, 1.808%, 5/17/38 | &nbsp;&nbsp; 5280152 |
| &nbsp;&nbsp; 351000 | &nbsp;&nbsp;Progress Residential Trust, Ser 2021-SFR2, Class H, 144a, 4.998%, 4/19/38 | &nbsp;&nbsp; 349302 |
| &nbsp;&nbsp; 3950000 | &nbsp;&nbsp;Progress Residential Trust, Ser 2021-SFR5, Class D, 144a, 2.109%, 7/17/38 | &nbsp;&nbsp; 3807740 |
| &nbsp;&nbsp; 3343556 | &nbsp;&nbsp;Progress Residential Trust, Ser 2021-SFR6, Class A, 144a, 1.524%, 7/17/38 | &nbsp;&nbsp; 3233910 |
| &nbsp;&nbsp; 8388701 | &nbsp;&nbsp;Redwood Funding Trust, Ser 2023-1, Class A, 144a, 7.500%, 7/25/59 | &nbsp;&nbsp; 8366854 |
| &nbsp;&nbsp; 9075637 | &nbsp;&nbsp;US Bank NA, Ser 2023-1, Class B, 144a, 6.789%, 8/25/32 | &nbsp;&nbsp; 9191315 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;$312406315 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 14.5%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 14.5%** |
| &nbsp;&nbsp; 70369 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2013-1, Class A1, 144a, 3.500%, 7/25/43<sup>(B)(C)</sup> | &nbsp;&nbsp; 64987 |
| &nbsp;&nbsp; 2010506 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-2, Class B2, 144a, 3.617%, 3/25/45<sup>(B)(C)</sup> | &nbsp;&nbsp; 1862675 |
| &nbsp;&nbsp; 46330 | &nbsp;&nbsp;Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34<sup>(B)(C)</sup> | &nbsp;&nbsp; 38572 |
| &nbsp;&nbsp; 2034693 | &nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2019-ATR1, Class B3, 144a, 4.397%, 4/25/49<sup>(B)(C)</sup> | &nbsp;&nbsp; 1890963 |
| &nbsp;&nbsp; 15019673 | &nbsp;&nbsp;Chase Mortgage Finance Corp., Ser 2021-CL1, Class M1, 144a, (SOFR30A + 1.200%), 5.540%, 2/25/50<sup>(B)</sup> | &nbsp;&nbsp; 14632765 |
| &nbsp;&nbsp; 2031920 | &nbsp;&nbsp;Chase Mortgage Finance Corp., Ser 2021-CL1, Class M2, 144a, (SOFR30A + 1.350%), 5.690%, 2/25/50<sup>(B)</sup> | &nbsp;&nbsp; 1969771 |
| &nbsp;&nbsp; 614465 | &nbsp;&nbsp;CIM Trust, Ser 2018-INV1, Class A4, 144a, 4.000%, 8/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 574614 |
| &nbsp;&nbsp; 614481 | &nbsp;&nbsp;CIM Trust, Ser 2019-INV2, Class A15, 144a, 4.000%, 5/25/49<sup>(B)(C)</sup> | &nbsp;&nbsp; 576863 |
| &nbsp;&nbsp; 8352068 | &nbsp;&nbsp;CIM Trust, Ser 2020-J1, Class A2, 144a, 2.500%, 10/25/49<sup>(B)(C)</sup> | &nbsp;&nbsp; 6937936 |
| &nbsp;&nbsp; 16000000 | &nbsp;&nbsp;Connecticut Avenue Securities Trust, Ser 2020-SBT1, Class 2B1, 144a, (SOFR30A + 6.714%), 11.054%, 2/25/40<sup>(B)</sup> | &nbsp;&nbsp; 17022090 |
| &nbsp;&nbsp; 3535822 | &nbsp;&nbsp;Connecticut Avenue Securities Trust, Ser 2022-R01, Class 1M1, 144a, (SOFR30A + 1.000%), 5.340%, 12/25/41<sup>(B)</sup> | &nbsp;&nbsp; 3529210 |
| &nbsp;&nbsp; 535081 | &nbsp;&nbsp;CSMC Trust, Ser 2013-6, Class 2A1, 144a, 3.500%, 8/25/43<sup>(B)(C)</sup> | &nbsp;&nbsp; 491311 |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Touchstone Flexible Income Fund (Continued)

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 14.5%<br> (Continued)** |
| $703577 &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR1, Class A1, 144a, 2.500%, 3/25/43<sup>(B)(C)</sup> | $619857 |
| &nbsp;&nbsp; 2269604 &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR1, Class A2, 144a, 3.000%, 3/25/43<sup>(B)(C)</sup> | &nbsp;&nbsp; 2049921 |
| &nbsp;&nbsp; 1205879 &nbsp;&nbsp;CSMC Trust, Ser 2014-IVR3, Class B4, 144a, 3.998%, 7/25/44<sup>(B)(C)</sup> | &nbsp;&nbsp; 1080612 |
| &nbsp;&nbsp; 3164064 &nbsp;&nbsp;CSMC Trust, Ser 2018-J1, Class A2, 144a, 3.500%, 2/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 2880998 |
| &nbsp;&nbsp; 610333 &nbsp;&nbsp;CSMLT Trust, Ser 2015-2, Class A7, 144a, 3.500%, 8/25/45<sup>(B)(C)</sup> | &nbsp;&nbsp; 560814 |
| &nbsp;&nbsp; 1947850 &nbsp;&nbsp;EverBank Mortgage Loan Trust, Ser 2013-1, Class B4, 144a, 3.510%, 3/25/43<sup>(B)(C)</sup> | &nbsp;&nbsp; 1584650 |
| &nbsp;&nbsp; 5700114 &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities, Ser 2016-C02, Class 1B, (SOFR30A + 12.364%), 16.704%, 9/25/28<sup>(B)</sup> | &nbsp;&nbsp; 6246879 |
| &nbsp;&nbsp; 4733831 &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities, Ser 2016-C04, Class 1B, (SOFR30A + 10.364%), 14.704%, 1/25/29<sup>(B)</sup> | &nbsp;&nbsp; 5188730 |
| &nbsp;&nbsp; 1054007 &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities, Ser 2021-R02, Class 2M1, 144a, (SOFR30A + 0.900%), 5.240%, 11/25/41<sup>(B)</sup> | &nbsp;&nbsp; 1053353 |
| &nbsp;&nbsp; 6881535 &nbsp;&nbsp;Flagstar Mortgage Trust, Ser 2018-1, Class A13, 144a, 3.500%, 3/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 6225855 |
| &nbsp;&nbsp; 8679114 &nbsp;&nbsp;Flagstar Mortgage Trust, Ser 2018-2, Class A14, 144a, 3.500%, 4/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 7770150 |
| &nbsp;&nbsp; 6339393 &nbsp;&nbsp;Flagstar Mortgage Trust, Ser 2018-3INV, Class A9, 144a, 4.000%, 5/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 5864597 |
| &nbsp;&nbsp; 1516923 &nbsp;&nbsp;Freddie Mac Seasoned Credit Risk Transfer Trust, Ser 2017-4, Class M, 144a, 4.750%, 6/25/57<sup>(B)(C)</sup> | &nbsp;&nbsp; 1492242 |
| &nbsp;&nbsp; 1050507 &nbsp;&nbsp;Freddie Mac Seasoned Credit Risk Transfer Trust Series, Ser 2017-2, Class M1, 144a, 4.000%, 8/25/56<sup>(B)(C)</sup> | &nbsp;&nbsp; 1043963 |
| &nbsp;&nbsp; 16250000 &nbsp;&nbsp;Freddie Mac Seasoned Credit Risk Transfer Trust Series, Ser 2017-2, Class M2, 144a, 4.000%, 8/25/56<sup>(B)(C)</sup> | &nbsp;&nbsp; 15433143 |
| &nbsp;&nbsp; 6446479 &nbsp;&nbsp;Freddie Mac Seasoned Credit Risk Transfer Trust Series, Ser 2018-1, Class M, 4.750%, 5/25/57<sup>(B)(C)</sup> | &nbsp;&nbsp; 6260620 |
| &nbsp;&nbsp; 4666438 &nbsp;&nbsp;Freddie Mac STACR Debt Notes, Ser 2015-DNA1, Class B, (SOFR30A + 9.314%), 13.654%, 10/25/27<sup>(B)</sup> | &nbsp;&nbsp; 4691110 |
| &nbsp;&nbsp; 2653837 &nbsp;&nbsp;Freddie Mac STACR Debt Notes, Ser 2015-DNA2, Class B, (SOFR30A + 7.664%), 12.004%, 12/25/27<sup>(B)</sup> | &nbsp;&nbsp; 2681614 |
| &nbsp;&nbsp; 3048643 &nbsp;&nbsp;Freddie Mac STACR Debt Notes, Ser 2015-DNA3, Class B, (SOFR30A + 9.464%), 13.804%, 4/25/28<sup>(B)</sup> | &nbsp;&nbsp; 3171982 |
| &nbsp;&nbsp; 1501962 &nbsp;&nbsp;Freddie Mac STACR Debt Notes, Ser 2015-HQ2, Class B, (SOFR30A + 8.064%), 12.404%, 5/25/25<sup>(B)</sup> | &nbsp;&nbsp; 1515002 |
| &nbsp;&nbsp; 922772 &nbsp;&nbsp;Freddie Mac STACR Debt Notes, Ser 2017-HQA3, Class M2B, (SOFR30A + 2.464%), 6.804%, 4/25/30<sup>(B)</sup> | &nbsp;&nbsp; 939369 |
| &nbsp;&nbsp; 4695255 &nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Ser 2021-DNA7, Class M1, 144a, (SOFR30A + 0.850%), 5.190%, 11/25/41<sup>(B)</sup> | &nbsp;&nbsp; 4689071 |
| &nbsp;&nbsp; 1817249 &nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Ser 2022-DNA2, Class M1A, 144a, (SOFR30A + 1.300%), 5.640%, 2/25/42<sup>(B)</sup> | &nbsp;&nbsp; 1817795 |
| &nbsp;&nbsp; 2613237 &nbsp;&nbsp;Galton Funding Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.950%, 7/25/56<sup>(B)(C)</sup> | &nbsp;&nbsp; 2452973 |
| &nbsp;&nbsp; 2564309 &nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ2, Class A1, 144a, 3.500%, 7/25/50<sup>(B)(C)</sup> | &nbsp;&nbsp; 2276498 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 14.5%<br> (Continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 14.5%<br> (Continued)** |
| $1646533 | &nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ4, Class A2, 144a, 3.000%, 1/25/51<sup>(B)(C)</sup> | $1421392 |
| &nbsp;&nbsp; 6087029 | &nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ5, Class A2, 144a, 3.000%, 3/27/51<sup>(B)(C)</sup> | &nbsp;&nbsp; 5238683 |
| &nbsp;&nbsp; 143627 | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2014-EB1A, Class 2A4, 144a, 6.218%, 7/25/44<sup>(B)(C)</sup> | &nbsp;&nbsp; 142082 |
| &nbsp;&nbsp; 2981500 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2014-IVR6, Class B4, 144a, 5.718%, 7/25/44<sup>(B)(C)</sup> | &nbsp;&nbsp; 2999024 |
| &nbsp;&nbsp; 1657697 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2016-1, Class A13, 144a, 3.500%, 5/25/46<sup>(B)(C)</sup> | &nbsp;&nbsp; 1506349 |
| &nbsp;&nbsp; 1156775 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2017-3, Class 1A13, 144a, 3.500%, 8/25/47<sup>(B)(C)</sup> | &nbsp;&nbsp; 1035407 |
| &nbsp;&nbsp; 2206096 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2017-3, Class 1A3, 144a, 3.500%, 8/25/47<sup>(B)(C)</sup> | &nbsp;&nbsp; 1969198 |
| &nbsp;&nbsp; 2439405 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-3, Class A1, 144a, 3.500%, 9/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 2195793 |
| &nbsp;&nbsp; 2047142 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-5, Class A13, 144a, 3.500%, 10/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 1831021 |
| &nbsp;&nbsp; 1019095 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-5, Class A4, 144a, 3.000%, 10/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 902043 |
| &nbsp;&nbsp; 3662335 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-5, Class B4, 144a, 3.717%, 10/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 3289960 |
| &nbsp;&nbsp; 2395127 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-6, Class 1A7, 144a, 3.500%, 12/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 2155309 |
| &nbsp;&nbsp; 366911 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2019-INV2, Class A15, 144a, 3.500%, 2/25/50<sup>(B)(C)</sup> | &nbsp;&nbsp; 333377 |
| &nbsp;&nbsp; 652617 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2019-INV2, Class B2A, 144a, 3.462%, 2/25/50<sup>(B)(C)</sup> | &nbsp;&nbsp; 575836 |
| &nbsp;&nbsp; 1892803 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-1, Class A15, 144a, 3.500%, 6/25/50<sup>(B)(C)</sup> | &nbsp;&nbsp; 1699146 |
| &nbsp;&nbsp; 272735 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-1, Class A5A, 144a, 3.000%, 6/25/50<sup>(B)(C)</sup> | &nbsp;&nbsp; 237146 |
| &nbsp;&nbsp; 306931 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-2, Class A5A, 144a, 3.000%, 7/25/50<sup>(B)(C)</sup> | &nbsp;&nbsp; 261828 |
| &nbsp;&nbsp; 820876 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-7, Class A15, 144a, 3.000%, 1/25/51<sup>(B)(C)</sup> | &nbsp;&nbsp; 708726 |
| &nbsp;&nbsp; 13938519 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-7, Class A3, 144a, 3.000%, 1/25/51<sup>(B)(C)</sup> | &nbsp;&nbsp; 11996554 |
| &nbsp;&nbsp; 983345 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-LTV2, Class B1, 144a, 4.002%, 11/25/50<sup>(B)(C)</sup> | &nbsp;&nbsp; 892390 |
| &nbsp;&nbsp; 1369562 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-LTV2, Class B3, 144a, 4.002%, 11/25/50<sup>(B)(C)</sup> | &nbsp;&nbsp; 1199337 |
| &nbsp;&nbsp; 292604 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-3, Class A12, 144a, 3.000%, 8/25/52<sup>(B)(C)</sup> | &nbsp;&nbsp; 280429 |
| &nbsp;&nbsp; 1286865 | &nbsp;&nbsp;JPMorgan Chase Bank NA - JPMWM, Ser 2021-CL1, Class M1, 144a, (SOFR30A + 1.300%), 5.640%, 3/25/51<sup>(B)</sup> | &nbsp;&nbsp; 1256598 |
| &nbsp;&nbsp; 6831906 | &nbsp;&nbsp;JPMorgan Chase Bank NA - JPMWM, Ser 2021-CL1, Class M2, 144a, (SOFR30A + 1.550%), 5.890%, 3/25/51<sup>(B)</sup> | &nbsp;&nbsp; 6679667 |
| &nbsp;&nbsp; 3205505 | &nbsp;&nbsp;JPMorgan Chase Bank NA - JPMWM, Ser 2021-CL1, Class M3, 144a, (SOFR30A + 1.800%), 6.140%, 3/25/51<sup>(B)</sup> | &nbsp;&nbsp; 3153829 |
| &nbsp;&nbsp; 3199 | &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (TSFR12M + 2.340%), 6.475%, 12/25/32<sup>(B)</sup> | &nbsp;&nbsp; 3198 |
| &nbsp;&nbsp; 50960 | &nbsp;&nbsp;Morgan Stanley Mortgage Loan Trust, Ser 2004-7AR, Class 2A6, 5.808%, 9/25/34<sup>(B)(C)</sup> | &nbsp;&nbsp; 50407 |
| &nbsp;&nbsp; 1273696 | &nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2015-1A, Class B3, 144a, 5.207%, 5/28/52<sup>(B)(C)</sup> | &nbsp;&nbsp; 1260162 |
| &nbsp;&nbsp; 9711 | &nbsp;&nbsp;RALI Series Trust, Ser 2004-QS6, Class A1, 5.000%, 5/25/19 | &nbsp;&nbsp; 8489 |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Touchstone Flexible Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 14.5%<br> (Continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 14.5%<br> (Continued)** |
| $15093646 | &nbsp;&nbsp;Redwood Funding Trust, Ser 2024-1, Class A, 144a, 7.745%, 12/25/54 | $15082045 |
| &nbsp;&nbsp; 1162297 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2004-3, Class M1, (TSFR1M + 0.864%), 5.184%, 5/20/34<sup>(B)</sup> | &nbsp;&nbsp; 1193093 |
| &nbsp;&nbsp; 623760 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-2, Class A13, 144a, 3.500%, 5/25/45<sup>(B)(C)</sup> | &nbsp;&nbsp; 570525 |
| &nbsp;&nbsp; 1294518 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-3, Class B1, 144a, 3.730%, 7/25/45<sup>(B)(C)</sup> | &nbsp;&nbsp; 1261537 |
| &nbsp;&nbsp; 1487902 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2017-5, Class B2, 144a, 3.786%, 8/25/47<sup>(B)(C)</sup> | &nbsp;&nbsp; 1387270 |
| &nbsp;&nbsp; 1484995 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2017-6, Class B2, 144a, 3.718%, 9/25/47<sup>(B)(C)</sup> | &nbsp;&nbsp; 1388705 |
| &nbsp;&nbsp; 1530845 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2017-7, Class B2, 144a, 3.724%, 10/25/47<sup>(B)(C)</sup> | &nbsp;&nbsp; 1425359 |
| &nbsp;&nbsp; 3561026 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-2, Class B1, 144a, 3.742%, 2/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 3313293 |
| &nbsp;&nbsp; 2489066 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-2, Class B2, 144a, 3.742%, 2/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 2301980 |
| &nbsp;&nbsp; 1406302 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-5, Class A7, 144a, 3.500%, 5/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 1275566 |
| &nbsp;&nbsp; 2249000 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-6, Class B4, 144a, 4.164%, 7/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 1751042 |
| &nbsp;&nbsp; 421159 | &nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Ser 2020-1, Class A5, 144a, 3.000%, 12/25/49<sup>(B)(C)</sup> | &nbsp;&nbsp; 364490 |
| &nbsp;&nbsp; 7181089 | &nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Ser 2020-3, Class A1, 144a, 3.000%, 6/25/50<sup>(B)(C)</sup> | &nbsp;&nbsp; 6103926 |
| &nbsp;&nbsp; 11314930 | &nbsp;&nbsp;Western Alliance Bank, Ser 2021-CL2, Class M1, 144a, (SOFR30A + 3.150%), 7.490%, 7/25/59<sup>(B)</sup> | &nbsp;&nbsp; 11757586 |
| &nbsp;&nbsp; 581277 | &nbsp;&nbsp;WinWater Mortgage Loan Trust, Ser 2014-1, Class A9, 144a, 3.500%, 6/20/44<sup>(B)(C)</sup> | &nbsp;&nbsp; 548394 |
|  | &nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$244191746 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 12.4%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 12.4%** |
| &nbsp;&nbsp; 4964000 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K095, Class XAM, 1.242%, 6/25/29<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 236504 |
| &nbsp;&nbsp; 56136067 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K109, Class X1, 1.574%, 4/25/30<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 3580156 |
| &nbsp;&nbsp; 35496371 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class X1, 1.655%, 4/25/30<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2326258 |
| &nbsp;&nbsp; 7005157 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class X3, 3.386%, 6/25/48<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 973836 |
| &nbsp;&nbsp; 28800000 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K110, Class XAM, 1.850%, 4/25/30<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2305878 |
| &nbsp;&nbsp; 35117877 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class X1, 1.568%, 5/25/30<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2306974 |
| &nbsp;&nbsp; 19436545 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class X3, 3.178%, 4/25/48<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2672962 |
| &nbsp;&nbsp; 35663000 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K111, Class XAM, 1.798%, 5/25/30<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2874663 |
| &nbsp;&nbsp;114330832 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class X1, 1.431%, 5/25/30<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 6855791 |

---

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 12.4%<br> (Continued)** |
| $15300000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class X3, 3.005%, 7/25/48<sup>(B)(C)(D)</sup> | $2004032 |
| &nbsp;&nbsp; 10630000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K112, Class XAM, 1.666%, 5/25/30<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 797100 |
| &nbsp;&nbsp; 10743000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K113, Class XAM, 1.583%, 6/25/30<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 770643 |
| &nbsp;&nbsp; 19500000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K114, Class X3, 2.735%, 8/25/48<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2261078 |
| &nbsp;&nbsp; 21702896 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K115, Class X3, 2.956%, 9/25/48<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2768834 |
| &nbsp;&nbsp; 26000000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K116, Class X3, 3.019%, 9/25/47<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 3419965 |
| &nbsp;&nbsp; 39700000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K117, Class XAM, 1.431%, 9/25/30<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2674533 |
| &nbsp;&nbsp; 24368853 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K118, Class X3, 2.692%, 10/25/48<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2887970 |
| &nbsp;&nbsp; 4900000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K119, Class X3, 2.728%, 9/25/48<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 620447 |
| &nbsp;&nbsp; 11576808 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K120, Class X3, 2.741%, 11/25/48<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1421174 |
| &nbsp;&nbsp;148081433 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K121, Class X1, 1.018%, 10/25/30<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 6602255 |
| &nbsp;&nbsp; 16073000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K121, Class X3, 2.772%, 11/25/48<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2053250 |
| &nbsp;&nbsp; 9700000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K122, Class X3, 2.630%, 1/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1156274 |
| &nbsp;&nbsp; 7569056 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K123, Class X3, 2.627%, 2/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 911715 |
| &nbsp;&nbsp; 9255000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K124, Class X3, 2.620%, 2/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1132361 |
| &nbsp;&nbsp; 16150000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K125, Class X3, 2.652%, 2/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2044514 |
| &nbsp;&nbsp; 38058448 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K127, Class X3, 2.651%, 3/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 4753333 |
| &nbsp;&nbsp; 18230000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K128, Class X3, 2.781%, 4/25/31<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2412008 |
| &nbsp;&nbsp; 10595456 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K130, Class X3, 3.097%, 8/25/48<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1647126 |
| &nbsp;&nbsp; 41864611 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K130, Class XAM, 1.215%, 7/25/31<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2744924 |
| &nbsp;&nbsp; 10451281 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K131, Class X3, 2.947%, 9/25/31<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1546260 |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Touchstone Flexible Income Fund (Continued)

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 12.4%<br> (Continued)** |
| $29501666 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K132, Class X3, 2.887%, 8/25/31<sup>(B)(C)(D)</sup> | $4323216 |
| &nbsp;&nbsp; 9413138 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K134, Class X3, 2.660%, 10/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1294523 |
| &nbsp;&nbsp;218159132 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class X1, 0.395%, 12/25/31<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 4134530 |
| &nbsp;&nbsp; 21000000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class X3, 2.825%, 12/25/31<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 3101889 |
| &nbsp;&nbsp; 96839687 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K136, Class XAM, 0.567%, 12/25/31<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 3049462 |
| &nbsp;&nbsp; 20601000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K137, Class X3, 2.878%, 1/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 3103990 |
| &nbsp;&nbsp; 31585759 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K139, Class X3, 3.035%, 2/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 5109584 |
| &nbsp;&nbsp; 97300000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K139, Class XAM, 0.766%, 2/25/32<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 4345953 |
| &nbsp;&nbsp; 31370856 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K140, Class X3, 2.945%, 3/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 4915318 |
| &nbsp;&nbsp; 10400000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K143, Class X3, 3.140%, 4/25/50<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1788205 |
| &nbsp;&nbsp; 5835659 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1515, Class X3, 3.679%, 3/25/38<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1532489 |
| &nbsp;&nbsp; 19923774 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1516, Class X1, 1.508%, 5/25/35<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2184538 |
| &nbsp;&nbsp; 18435033 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1516, Class X3, 3.457%, 10/25/38<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 4634591 |
| &nbsp;&nbsp; 37027115 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1517, Class X1, 1.323%, 7/25/35<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 3525359 |
| &nbsp;&nbsp; 52485811 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1517, Class X3, 3.284%, 8/25/38<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 12473830 |
| &nbsp;&nbsp;116240991 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1519, Class X1, 0.591%, 12/25/35<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 5067049 |
| &nbsp;&nbsp; 11201391 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1519, Class X3, 2.800%, 12/25/38<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2342432 |
| &nbsp;&nbsp; 57362494 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1520, Class X1, 0.471%, 2/25/36<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2017972 |
| &nbsp;&nbsp; 5000000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1520, Class X3, 3.093%, 4/25/39<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1165240 |
| &nbsp;&nbsp; 53521766 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-1521, Class X1, 0.979%, 8/25/36<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 4115176 |
| &nbsp;&nbsp; 46617000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K-165, Class XAM, 0.905%, 9/25/34<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 3322664 |

---

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 12.4%<br> (Continued)** |
| $129088841 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K513, Class X1, 0.690%, 12/25/28<sup>(B)(C)(D)</sup> | $3083545 |
| &nbsp;&nbsp; 15100238 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K739, Class X3, 2.799%, 11/25/48<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 872069 |
| &nbsp;&nbsp; 16196664 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K741, Class X3, 2.449%, 3/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 971933 |
| &nbsp;&nbsp; 16000000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K742, Class X3, 2.594%, 4/25/28<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1135346 |
| &nbsp;&nbsp; 9500000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K743, Class X3, 2.954%, 6/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 770461 |
| &nbsp;&nbsp; 39018396 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K744, Class X3, 2.967%, 8/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 3211339 |
| &nbsp;&nbsp; 47774075 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K745, Class X3, 2.667%, 9/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 3854565 |
| &nbsp;&nbsp;146903000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K745, Class XAM, 1.004%, 9/25/28<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 4390652 |
| &nbsp;&nbsp;155000000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K746, Class XAM, 0.578%, 10/25/28<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2794588 |
| &nbsp;&nbsp; 52159495 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K747, Class X3, 2.548%, 12/25/49<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 4144922 |
| &nbsp;&nbsp; 19560000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K751, Class X3, 4.845%, 3/25/56<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 3969418 |
| &nbsp;&nbsp; 5122000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K755, Class X3, 5.644%, 2/25/31<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1354609 |
| &nbsp;&nbsp; 31179400 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K757, Class X3, 5.554%, 10/25/61<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 8760679 |
| &nbsp;&nbsp; 6400000 &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser K758, Class X3, 5.174%, 11/25/56<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1706301 |
| &nbsp;&nbsp; 28336347 &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2020-SB79, Class X1, 1.071%, 7/25/40<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1149932 |
| &nbsp;&nbsp; 69936107 &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2020-SB81, Class X1, 1.026%, 10/25/40<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2791598 |
| &nbsp;&nbsp; 31897168 &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2021-SB82, Class X1, 1.053%, 10/25/40<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 837077 |
| &nbsp;&nbsp; 47070270 &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2021-SB83, Class X1, 0.862%, 1/25/41<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1100592 |
| &nbsp;&nbsp; 25327558 &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2021-SB84, Class X1, 0.469%, 1/25/41<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 478769 |
| &nbsp;&nbsp; 65202264 &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2021-SB85, Class X1, 0.377%, 3/25/41<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1386865 |
| &nbsp;&nbsp; 74443659 &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2021-SB87, Class X1, 0.631%, 4/25/41<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2046553 |
| &nbsp;&nbsp; 77836793 &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2021-SB88, Class X1, 0.706%, 5/25/41<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2012696 |
| &nbsp;&nbsp;115067968 &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2022-SB94, Class X1, 0.035%, 11/25/41<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1340714 |
| &nbsp;&nbsp;125160544 &nbsp;&nbsp;FRESB Multifamily Structured Pass Through Certificates, Ser 2021-SB86, Class X1, 0.294%, 3/25/41<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 2357199 |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Touchstone Flexible Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 12.4%<br> (Continued)** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 12.4%<br> (Continued)** |
| $59530231 | &nbsp;&nbsp;FRESB Multifamily Structured Pass Through Certificates, Ser 2021-SB89, Class X1, 0.573%, 6/25/41<sup>(B)(C)(D)</sup> | $1287085 |
| &nbsp;&nbsp; 3441728 | &nbsp;&nbsp;GNMA, Ser 2012-147, Class IO, 0.535%, 4/16/54<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 35319 |
| &nbsp;&nbsp; 8731576 | &nbsp;&nbsp;GNMA, Ser 2016-110, Class IO, 0.897%, 5/16/58<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 371217 |
| &nbsp;&nbsp; 17669370 | &nbsp;&nbsp;GNMA, Ser 2016-158, Class IO, 0.746%, 6/16/58<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 632185 |
| &nbsp;&nbsp; 10012375 | &nbsp;&nbsp;GNMA, Ser 2016-52, Class IO, 0.740%, 3/16/58<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 367448 |
| &nbsp;&nbsp; 11278719 | &nbsp;&nbsp;GNMA, Ser 2017-76, Class IO, 0.772%, 12/16/56<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 536754 |
| &nbsp;&nbsp; 14462718 | &nbsp;&nbsp;GNMA, Ser 2017-94, Class IO, 0.589%, 2/16/59<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 508554 |
|  | &nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$208571812 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 12.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 12.1%** |
| &nbsp;&nbsp; 48011000 | &nbsp;&nbsp;U.S. Treasury Bond, 1.250%, 5/15/50 | &nbsp;&nbsp; 23701681 |
| &nbsp;&nbsp; 48011000 | &nbsp;&nbsp;U.S. Treasury Bond, 1.375%, 8/15/50 | &nbsp;&nbsp; 24322447 |
| &nbsp;&nbsp; 64077000 | &nbsp;&nbsp;U.S. Treasury Bond, 1.625%, 11/15/50 | &nbsp;&nbsp; 34676671 |
| &nbsp;&nbsp;131472000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.125%, 8/15/53 | &nbsp;&nbsp; 120543390 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$203244189 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Preferred Stocks — 3.8%** |  |
|  | &nbsp;&nbsp;**Financials — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64699 | &nbsp;&nbsp;AGNC Investment Corp. REIT, Ser C, (TSFR3M + 5.373%), 9.675%<sup>(A)</sup> | &nbsp;&nbsp; 1686703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587235 | &nbsp;&nbsp;AGNC Investment Corp. REIT, Ser F, 6.125%<sup>(A)</sup> | &nbsp;&nbsp; 14833556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146575 | &nbsp;&nbsp;Allstate Corp. (The), Ser J, 7.375%<sup>(A)</sup> | &nbsp;&nbsp; 3835868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438461 | &nbsp;&nbsp;Annaly Capital Management, Inc. REIT, Ser I, 9.538%<sup>(A)</sup> | &nbsp;&nbsp; 11193909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53695 | &nbsp;&nbsp;Carlyle Finance LLC, 4.625%, 5/15/61<sup>(A)</sup> | &nbsp;&nbsp; 934293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299008 | &nbsp;&nbsp;Lincoln National Corp., Ser D, 9.000%<sup>(A)</sup> | &nbsp;&nbsp; 7953613 |
| &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; 4808431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3267 | &nbsp;&nbsp;Reinsurance Group of America, Inc., 5.750%, 6/15/56<sup>(A)</sup> | &nbsp;&nbsp; 80401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;Rithm Capital Corp. REIT, Ser D, 7.000%<sup>(A)</sup> | &nbsp;&nbsp; 7003500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192373 | &nbsp;&nbsp;Virtus Convertible & Income Fund, Ser A, 5.625%<sup>(A)</sup> | &nbsp;&nbsp; 4232206 |
|  |  | &nbsp;&nbsp; 56562480 |
|  | &nbsp;&nbsp;**Utilities — 0.3%** |  |
| &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; 5589478 |
|  | &nbsp;&nbsp;**Energy — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87656 | &nbsp;&nbsp;Enbridge, Inc. (Canada), Ser 5, 6.683%<sup>(A)</sup> | &nbsp;&nbsp; 2087966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31680 | &nbsp;&nbsp;Enbridge, Inc. (Canada), Ser L, 5.858%<sup>(A)</sup> | &nbsp;&nbsp; 730224 |
|  |  | &nbsp;&nbsp; 2818190 |
|  | &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;$64970148 |
|  | &nbsp;&nbsp;**Exchange-Traded Funds — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34500 | &nbsp;&nbsp;First Trust TCW Opportunistic Fixed Income ETF<sup>†</sup> | &nbsp;&nbsp; 1512480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;First Trust TCW Unconstrained Plus Bond ETF | &nbsp;&nbsp; 1485000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp; 1863000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141429 | &nbsp;&nbsp;iShares 0-5 Year High Yield Corporate Bond ETF | &nbsp;&nbsp; 6013561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;PIMCO Enhanced Short Maturity Active ETF | &nbsp;&nbsp; 14489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp; 1480680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45568 | &nbsp;&nbsp;Vanguard Long-Term Corporate Bond ETF | &nbsp;&nbsp; 3459067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396982 | &nbsp;&nbsp;Vanguard Ultra Short Bond ETF | &nbsp;&nbsp; 19791538 |
|  | &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$35619815 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 0.1%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 0.1%** |
| $28336512 | &nbsp;&nbsp;BANK, Ser 2020-BN26, Class XA, 1.196%, 3/15/63<sup>(B)(C)(D)</sup> | $1255551 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of<br> Contracts** |  | **Notional<br> Amount** |  |
|  | &nbsp;&nbsp;**Purchased Options — 0.2%** |  |  |
|  | &nbsp;&nbsp;**Purchased Call Options — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF, Strike @89.00, Exp 05/25 | $1000000 | &nbsp;&nbsp; 2650000 |
|  | &nbsp;&nbsp;**Total Purchased Options** | &nbsp;&nbsp;**Total Purchased Options** | &nbsp;&nbsp; $2650000 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 6.6%** |  |
| 94477327 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | &nbsp;&nbsp; 94477327 |
| 16213515 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.29%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 16213515 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$110690842 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.3%<br> (Cost $1,691,289,011)** | $1673235716 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.7%** | &nbsp;&nbsp; 12275269 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $1685510985 |

---

---

| | |
|:---|:---|
| *(A)* | *Perpetual Bond - A bond or preferred stock with no definite maturity date.* |
| *(B)* | *Variable rate security - Rate reflected is the rate in effect as of March 31, 2025.* |
| *(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.* |
| *\*\** | *Represents collateral for securities loaned.* |
| *†* | *All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2025 was $15,779,178.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ETF – Exchange-Traded Fund* |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *FRESB – Freddie Mac Multifamily Securitization Small Balance Loan* |
| *GNMA – Government National Mortgage Association* |
| *IO – Interest Only* |
| *LLC – Limited Liability Company* |
| *LP – Limited Partnership* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *REMIC – Real Estate Mortgage Investment Conduit* |
| *SOFR30A – Secured Overnight Financing Rate 30 Day Average* |
| *SPDR – Standard & Poor's Depositary Receipt* |
| *STACR – Structured Agency Credit Risk* |
| *TSFR12M – Twelve Month Term Secured Overnight Financing Rate* |
| *TSFR1M – One Month Term Secured Overnight Financing Rate* |
| *TSFR3M – Three Month Term Secured Overnight Financing Rate* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities were valued at $546,884,800 or 32.4% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Touchstone Flexible Income Fund (Continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Corporate Bonds* | *$—* | *$489635298* | *$—* | *$489635298* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*312406315* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*312406315* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*244191746* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*244191746* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*208571812* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*208571812* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*203244189* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*203244189* |
| *Preferred Stocks* | &nbsp;&nbsp;&nbsp;&nbsp;*64970148* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*64970148* |
| *Exchange-Traded Funds* | &nbsp;&nbsp;&nbsp;&nbsp;*35619815* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*35619815* |
| *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;*1255551* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1255551* |
| *Purchased Call Options* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Equity contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2650000* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2650000* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;*110690842* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*110690842* |
| *Total* | *$213930805* | *$1459304911* | *$—* | *$1673235716* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Portfolio of Investments

Touchstone Focused Fund – March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.0%** |  |
|  | &nbsp;&nbsp;**Information Technology — 27.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;364282 | &nbsp;&nbsp;Apple, Inc. | $80917961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77233 | &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp; 11208053 |
| &nbsp;&nbsp;&nbsp;&nbsp;271026 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 101740450 |
| &nbsp;&nbsp;&nbsp;&nbsp;318569 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 34526508 |
| &nbsp;&nbsp;&nbsp;&nbsp;204289 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 28561645 |
| &nbsp;&nbsp;&nbsp;&nbsp;113560 | &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp; 30474961 |
| &nbsp;&nbsp;&nbsp;&nbsp;104887 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR | &nbsp;&nbsp; 17411242 |
| &nbsp;&nbsp;&nbsp;&nbsp;114131 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 20509341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67768 | &nbsp;&nbsp;Workday, Inc. - Class A\* | &nbsp;&nbsp; 15825861 |
|  |  | &nbsp;&nbsp; 341176022 |
|  | &nbsp;&nbsp;**Financials — 14.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;748902 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 31251681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50196 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | &nbsp;&nbsp; 26733386 |
| &nbsp;&nbsp;&nbsp;&nbsp;297862 | &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp; 23316637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48853 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 26687905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp; 12104180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13854 | &nbsp;&nbsp;Markel Group, Inc.\* | &nbsp;&nbsp; 25901577 |
| &nbsp;&nbsp;&nbsp;&nbsp;100160 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 35102074 |
|  |  | &nbsp;&nbsp; 181097440 |
|  | &nbsp;&nbsp;**Communication Services — 14.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;422311 | &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp; 65977648 |
| &nbsp;&nbsp;&nbsp;&nbsp;415250 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 15322725 |
| &nbsp;&nbsp;&nbsp;&nbsp;143175 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 82520343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14308 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 13342639 |
|  |  | &nbsp;&nbsp; 177163355 |
|  | &nbsp;&nbsp;**Health Care — 13.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93543 | &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp; 21426959 |
| &nbsp;&nbsp;&nbsp;&nbsp;129243 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp; 9136188 |
| &nbsp;&nbsp;&nbsp;&nbsp;317839 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 19385001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82952 | &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp; 28664064 |
| &nbsp;&nbsp;&nbsp;&nbsp;155410 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 25773194 |
| &nbsp;&nbsp;&nbsp;&nbsp;299617 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 26923584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67427 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 35314891 |
|  |  | &nbsp;&nbsp; 166623881 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 10.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;155984 | &nbsp;&nbsp;Airbnb, Inc. - Class A\* | &nbsp;&nbsp; 18633849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55878 | &nbsp;&nbsp;Alibaba Group Holding Ltd. (China) ADR | &nbsp;&nbsp; 7388748 |
| &nbsp;&nbsp;&nbsp;&nbsp;315140 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 59958536 |
| &nbsp;&nbsp;&nbsp;&nbsp;206190 | &nbsp;&nbsp;Choice Hotels International, Inc.<sup>†</sup> | &nbsp;&nbsp; 27377908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92657 | &nbsp;&nbsp;Floor & Decor Holdings, Inc. - Class A\* | &nbsp;&nbsp; 7456109 |
| &nbsp;&nbsp;&nbsp;&nbsp;190459 | &nbsp;&nbsp;Frontdoor, Inc.\* | &nbsp;&nbsp; 7317435 |
|  |  | &nbsp;&nbsp; 128132585 |
|  | &nbsp;&nbsp;**Industrials — 6.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;123760 | &nbsp;&nbsp;Boeing Co. (The)\* | &nbsp;&nbsp; 21107268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33977 | &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp; 11243329 |
| &nbsp;&nbsp;&nbsp;&nbsp;121758 | &nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp; 16128065 |
| &nbsp;&nbsp;&nbsp;&nbsp;198319 | &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 16565586 |
| &nbsp;&nbsp;&nbsp;&nbsp;122445 | &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 9413571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95685 | &nbsp;&nbsp;Uber Technologies, Inc.\* | &nbsp;&nbsp; 6971609 |
|  |  | &nbsp;&nbsp; 81429428 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 6.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;277274 | &nbsp;&nbsp;Coca-Cola Femsa SAB de CV (Mexico) ADR | $25312343 |
| &nbsp;&nbsp;&nbsp;&nbsp;271390 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 15881743 |
| &nbsp;&nbsp;&nbsp;&nbsp;219156 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 34786632 |
|  |  | &nbsp;&nbsp; 75980718 |
|  | &nbsp;&nbsp;**Energy — 2.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;251542 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 29915890 |
|  | &nbsp;&nbsp;**Materials — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;227014 | &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp; 16953406 |
| &nbsp;&nbsp;&nbsp;&nbsp;140564 | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 10909172 |
|  |  | &nbsp;&nbsp; 27862578 |
|  | &nbsp;&nbsp;**Real Estate — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70700 | &nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp; 17527237 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $1226909134 |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 3.2%** |  |
| 14195266 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | &nbsp;&nbsp; 14195266 |
| 26284618 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.29%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 26284618 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$40479884 |
|  | &nbsp;&nbsp;**Total Investment Securities—102.2%<br> (Cost $619,693,834)** | $1267389018 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (2.2%)** | &nbsp;&nbsp;&nbsp; (27707327) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $1239681691 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *\*\** | *Represents collateral for securities loaned.* |
| *†* | *All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2025 was $25,998,191.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2025.* |

---

---

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

---

*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* | *$1226909134* | *$—* | *$—* | *$1226909134* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*40479884* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*40479884* |
| *Total* | *$1267389018* | *$—* | *$—* | *$1267389018* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Portfolio of Investments

Touchstone Growth Opportunities Fund – March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 95.8%** |  |
|  | &nbsp;&nbsp;**Information Technology — 41.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;50005 | &nbsp;&nbsp;Apple, Inc. | $11107611 |
| &nbsp;&nbsp;&nbsp;&nbsp;17490 | &nbsp;&nbsp;Arista Networks, Inc.\* | &nbsp;&nbsp; 1355125 |
| &nbsp;&nbsp;&nbsp;&nbsp;21625 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 3620674 |
| &nbsp;&nbsp;&nbsp;&nbsp;16070 | &nbsp;&nbsp;Celestica, Inc. (Canada)\* | &nbsp;&nbsp; 1266477 |
| &nbsp;&nbsp;&nbsp;&nbsp;13255 | &nbsp;&nbsp;Check Point Software Technologies Ltd. (Israel)\* | &nbsp;&nbsp; 3021080 |
| &nbsp;&nbsp;&nbsp;&nbsp;31561 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 11847684 |
| &nbsp;&nbsp;&nbsp;&nbsp;10615 | &nbsp;&nbsp;Monday.com Ltd.\* | &nbsp;&nbsp; 2581143 |
| &nbsp;&nbsp;&nbsp;&nbsp;123361 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 13369865 |
| &nbsp;&nbsp;&nbsp;&nbsp;13466 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 1882681 |
| &nbsp;&nbsp;&nbsp;&nbsp;12101 | &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp; 3247424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | &nbsp;&nbsp;ServiceNow, Inc.\* | &nbsp;&nbsp; 3083450 |
| &nbsp;&nbsp;&nbsp;&nbsp;16804 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR | &nbsp;&nbsp; 2789464 |
|  |  | &nbsp;&nbsp; 59172678 |
|  | &nbsp;&nbsp;**Communication Services — 14.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;64358 | &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp; 9952321 |
| &nbsp;&nbsp;&nbsp;&nbsp;12698 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 7318620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 4027597 |
|  |  | &nbsp;&nbsp; 21298538 |
|  | &nbsp;&nbsp;**Health Care — 11.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;33323 | &nbsp;&nbsp;Ascendis Pharma A/S (Denmark) ADR\* | &nbsp;&nbsp; 5193723 |
| &nbsp;&nbsp;&nbsp;&nbsp;26821 | &nbsp;&nbsp;DexCom, Inc.\* | &nbsp;&nbsp; 1831606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922 | &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp; 2413309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8114 | &nbsp;&nbsp;ICON PLC\* | &nbsp;&nbsp; 1419869 |
| &nbsp;&nbsp;&nbsp;&nbsp;53975 | &nbsp;&nbsp;Legend Biotech Corp. ADR\* | &nbsp;&nbsp; 1831372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6954 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 3642157 |
|  |  | &nbsp;&nbsp; 16332036 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 10.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;56957 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 10836639 |
| &nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;Birkenstock Holding PLC (Germany)\* | &nbsp;&nbsp; 1082060 |
| &nbsp;&nbsp;&nbsp;&nbsp;45547 | &nbsp;&nbsp;DraftKings, Inc. - Class A\* | &nbsp;&nbsp; 1512616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6654 | &nbsp;&nbsp;Tesla, Inc.\* | &nbsp;&nbsp; 1724450 |
|  |  | &nbsp;&nbsp; 15155765 |
|  | &nbsp;&nbsp;**Industrials — 8.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4665 | &nbsp;&nbsp;Axon Enterprise, Inc.\* | &nbsp;&nbsp; 2453557 |
| &nbsp;&nbsp;&nbsp;&nbsp;12197 | &nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 1804546 |
| &nbsp;&nbsp;&nbsp;&nbsp;13118 | &nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp; 1493484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972 | &nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp; 2727848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775 | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp; 2073006 |
| &nbsp;&nbsp;&nbsp;&nbsp;19293 | &nbsp;&nbsp;Vertiv Holdings Co. - Class A | &nbsp;&nbsp; 1392955 |
|  |  | &nbsp;&nbsp; 11945396 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 95.8% (Continued)** |  |
|  | &nbsp;&nbsp;**Financials — 7.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;43995 | &nbsp;&nbsp;Bank of America Corp. | $1835911 |
| &nbsp;&nbsp;&nbsp;&nbsp;101681 | &nbsp;&nbsp;Blue Owl Capital, Inc. | &nbsp;&nbsp; 2037687 |
| &nbsp;&nbsp;&nbsp;&nbsp;17880 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 6266225 |
|  |  | &nbsp;&nbsp; 10139823 |
|  | &nbsp;&nbsp;**Consumer Staples — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083 | &nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp; 2915840 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $136960076 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 4.3%** |  |
| 6227219 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | &nbsp;&nbsp; 6227219 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $90,499,582)** | $143187295 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (193935) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $142993360 |

---

---

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

---

---

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

---

*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* | *$136960076* | *$—* | *$—* | *$136960076* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6227219* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6227219* |
| *Total* | *$143187295* | *$—* | *$—* | *$143187295* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Portfolio of Investments

Touchstone Mid Cap Growth Fund – March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.9%** |  |
|  | &nbsp;&nbsp;**Information Technology — 27.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98937 | &nbsp;&nbsp;AppLovin Corp. - Class A\* | $26215337 |
| &nbsp;&nbsp;&nbsp;&nbsp;148616 | &nbsp;&nbsp;Atlassian Corp. - Class A\* | &nbsp;&nbsp; 31537801 |
| &nbsp;&nbsp;&nbsp;&nbsp;132625 | &nbsp;&nbsp;Coherent Corp.\* | &nbsp;&nbsp; 8612668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35126 | &nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A\* | &nbsp;&nbsp; 12384725 |
| &nbsp;&nbsp;&nbsp;&nbsp;213756 | &nbsp;&nbsp;Datadog, Inc. - Class A\* | &nbsp;&nbsp; 21206733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15365 | &nbsp;&nbsp;Fair Isaac Corp.\* | &nbsp;&nbsp; 28335518 |
| &nbsp;&nbsp;&nbsp;&nbsp;407679 | &nbsp;&nbsp;Flex Ltd.\* | &nbsp;&nbsp; 13486021 |
| &nbsp;&nbsp;&nbsp;&nbsp;126574 | &nbsp;&nbsp;Globant SA (Argentina)\* | &nbsp;&nbsp; 14900291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52092 | &nbsp;&nbsp;HubSpot, Inc.\* | &nbsp;&nbsp; 29759639 |
| &nbsp;&nbsp;&nbsp;&nbsp;100442 | &nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp; 10082368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64694 | &nbsp;&nbsp;Monday.com Ltd.\* | &nbsp;&nbsp; 15730993 |
| &nbsp;&nbsp;&nbsp;&nbsp;111259 | &nbsp;&nbsp;MongoDB, Inc.\* | &nbsp;&nbsp; 19514829 |
| &nbsp;&nbsp;&nbsp;&nbsp;630527 | &nbsp;&nbsp;Palantir Technologies, Inc. - Class A\* | &nbsp;&nbsp; 53216479 |
| &nbsp;&nbsp;&nbsp;&nbsp;262188 | &nbsp;&nbsp;Pure Storage, Inc. - Class A\* | &nbsp;&nbsp; 11607063 |
| &nbsp;&nbsp;&nbsp;&nbsp;377031 | &nbsp;&nbsp;Samsara, Inc. - Class A\* | &nbsp;&nbsp; 14451598 |
| &nbsp;&nbsp;&nbsp;&nbsp;189588 | &nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp; 15659969 |
| &nbsp;&nbsp;&nbsp;&nbsp;293275 | &nbsp;&nbsp;Western Digital Corp.\* | &nbsp;&nbsp; 11857108 |
|  |  | &nbsp;&nbsp; 338559140 |
|  | &nbsp;&nbsp;**Industrials — 23.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;124177 | &nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp; 21375829 |
| &nbsp;&nbsp;&nbsp;&nbsp;100882 | &nbsp;&nbsp;Axon Enterprise, Inc.\* | &nbsp;&nbsp; 53058888 |
| &nbsp;&nbsp;&nbsp;&nbsp;324817 | &nbsp;&nbsp;Copart, Inc.\* | &nbsp;&nbsp; 18381394 |
| &nbsp;&nbsp;&nbsp;&nbsp;550528 | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp; 16202039 |
| &nbsp;&nbsp;&nbsp;&nbsp;192742 | &nbsp;&nbsp;Dayforce, Inc.\* | &nbsp;&nbsp; 11242641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63300 | &nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp; 19324224 |
| &nbsp;&nbsp;&nbsp;&nbsp;254054 | &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp; 32958425 |
| &nbsp;&nbsp;&nbsp;&nbsp;104618 | &nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 15478233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71650 | &nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp; 18512927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26186 | &nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp; 36222832 |
| &nbsp;&nbsp;&nbsp;&nbsp;361709 | &nbsp;&nbsp;Vertiv Holdings Co. - Class A | &nbsp;&nbsp; 26115390 |
| &nbsp;&nbsp;&nbsp;&nbsp;114063 | &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp; 22263957 |
|  |  | &nbsp;&nbsp; 291136779 |
|  | &nbsp;&nbsp;**Health Care — 16.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61723 | &nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.\* | &nbsp;&nbsp; 16666444 |
| &nbsp;&nbsp;&nbsp;&nbsp;263283 | &nbsp;&nbsp;Ascendis Pharma A/S (Denmark) ADR\* | &nbsp;&nbsp; 41035288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95294 | &nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp; 26500309 |
| &nbsp;&nbsp;&nbsp;&nbsp;395003 | &nbsp;&nbsp;DexCom, Inc.\* | &nbsp;&nbsp; 26974755 |
| &nbsp;&nbsp;&nbsp;&nbsp;211198 | &nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp; 17045791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84834 | &nbsp;&nbsp;ICON PLC\* | &nbsp;&nbsp; 14845102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79630 | &nbsp;&nbsp;Insulet Corp.\* | &nbsp;&nbsp; 20911634 |
| &nbsp;&nbsp;&nbsp;&nbsp;388337 | &nbsp;&nbsp;Legend Biotech Corp. ADR\* | &nbsp;&nbsp; 13176274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99679 | &nbsp;&nbsp;Masimo Corp.\* | &nbsp;&nbsp; 16606521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89667 | &nbsp;&nbsp;Natera, Inc.\* | &nbsp;&nbsp; 12679811 |
|  |  | &nbsp;&nbsp; 206441929 |
|  | &nbsp;&nbsp;**Financials — 13.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;220528 | &nbsp;&nbsp;Ares Management Corp. - Class A | &nbsp;&nbsp; 32331610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82310 | &nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp; 28416704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94726 | &nbsp;&nbsp;Coinbase Global, Inc. - Class A\* | &nbsp;&nbsp; 16314659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76532 | &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp; 25036679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47507 | &nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp; 26865209 |
| 2194396 | &nbsp;&nbsp;NU Holdings Ltd. (Brazil) - Class A\* | &nbsp;&nbsp; 22470615 |
| &nbsp;&nbsp;&nbsp;&nbsp;280092 | &nbsp;&nbsp;Robinhood Markets, Inc. - Class A\* | &nbsp;&nbsp; 11657429 |
|  |  | &nbsp;&nbsp; 163092905 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.9% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 8.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90950 | &nbsp;&nbsp;Dick's Sporting Goods, Inc. | $18331882 |
| &nbsp;&nbsp;&nbsp;&nbsp;742160 | &nbsp;&nbsp;DraftKings, Inc. - Class A\* | &nbsp;&nbsp; 24647133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82636 | &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 18803822 |
| &nbsp;&nbsp;&nbsp;&nbsp;147463 | &nbsp;&nbsp;SharkNinja, Inc.\* | &nbsp;&nbsp; 12299889 |
| &nbsp;&nbsp;&nbsp;&nbsp;385698 | &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp; 27156996 |
|  |  | &nbsp;&nbsp; 101239722 |
|  | &nbsp;&nbsp;**Communication Services — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;105496 | &nbsp;&nbsp;Live Nation Entertainment, Inc.\* | &nbsp;&nbsp; 13775667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25530 | &nbsp;&nbsp;Spotify Technology SA\* | &nbsp;&nbsp; 14042266 |
| &nbsp;&nbsp;&nbsp;&nbsp;233397 | &nbsp;&nbsp;Trade Desk, Inc. (The) - Class A\* | &nbsp;&nbsp; 12771484 |
|  |  | &nbsp;&nbsp; 40589417 |
|  | &nbsp;&nbsp;**Materials — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83737 | &nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp; 19535842 |
|  | &nbsp;&nbsp;**Energy — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;116049 | &nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp; 18553914 |
|  | &nbsp;&nbsp;**Utilities — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;123036 | &nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp; 14449348 |
|  | &nbsp;&nbsp;**Consumer Staples — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;173250 | &nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp; 14260207 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $1207859203 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.2%** |  |
| 15243450 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | &nbsp;&nbsp; 15243450 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $1,015,567,405)** | $1223102653 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (1725057) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $1221377596 |

---

---

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

---

---

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

---

*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* | *$1207859203* | *$—* | *$—* | *$1207859203* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*15243450* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*15243450* |
| *Total* | *$1223102653* | *$—* | *$—* | *$1223102653* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Portfolio of Investments

Touchstone Non-US Equity Fund – March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 96.1%** |  |
|  | &nbsp;&nbsp;**Japan — 16.2%** |  |
|  | &nbsp;&nbsp;**Communication Services — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;387300 | &nbsp;&nbsp;Nintendo Co. Ltd. | $26327764 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 4.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;764100 | &nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp; 9479865 |
| &nbsp;&nbsp;&nbsp;&nbsp;995400 | &nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp; 25186613 |
|  | &nbsp;&nbsp;**Financials — 2.2%** |  |
| 1220600 | &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 16641439 |
|  | &nbsp;&nbsp;**Industrials — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;836600 | &nbsp;&nbsp;Hitachi Ltd. | &nbsp;&nbsp; 19642870 |
|  | &nbsp;&nbsp;**Information Technology — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99500 | &nbsp;&nbsp;Tokyo Electron Ltd. | &nbsp;&nbsp; 13644693 |
|  | &nbsp;&nbsp;**Materials — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;364800 | &nbsp;&nbsp;Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 10409630 |
|  | &nbsp;&nbsp;Total Japan | &nbsp;&nbsp;121332874 |
|  | &nbsp;&nbsp;**United Kingdom — 12.1%** |  |
|  | &nbsp;&nbsp;**Financials — 5.4%** |  |
| 21121265 | &nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp; 19809981 |
| &nbsp;&nbsp;&nbsp;&nbsp;138438 | &nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp; 20561818 |
|  | &nbsp;&nbsp;**Health Care — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;144743 | &nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp; 10638611 |
|  | &nbsp;&nbsp;**Industrials — 5.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;535194 | &nbsp;&nbsp;RELX PLC | &nbsp;&nbsp; 26883164 |
| 2825746 | &nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp; 12823642 |
|  | &nbsp;&nbsp;Total United Kingdom | &nbsp;&nbsp; 90717216 |
|  | &nbsp;&nbsp;**France — 9.8%** |  |
|  | &nbsp;&nbsp;**Energy — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;197668 | &nbsp;&nbsp;TotalEnergies SE ADR<sup>†</sup> | &nbsp;&nbsp; 12787143 |
|  | &nbsp;&nbsp;**Financials — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;100048 | &nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp; 8361948 |
|  | &nbsp;&nbsp;**Industrials — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;207372 | &nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp; 20657745 |
|  | &nbsp;&nbsp;**Materials — 4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;166122 | &nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp; 31554080 |
|  | &nbsp;&nbsp;Total France | &nbsp;&nbsp; 73360916 |
|  | &nbsp;&nbsp;**Sweden — 8.9%** |  |
|  | &nbsp;&nbsp;**Financials — 5.9%** |  |
| 1705902 | &nbsp;&nbsp;Svenska Handelsbanken AB - Class A<sup>†</sup> | &nbsp;&nbsp; 19279276 |
| 1074379 | &nbsp;&nbsp;Swedbank AB - Class A<sup>†</sup> | &nbsp;&nbsp; 24468431 |
|  | &nbsp;&nbsp;**Industrials — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;725767 | &nbsp;&nbsp;Atlas Copco AB - Class A | &nbsp;&nbsp; 11592991 |
| &nbsp;&nbsp;&nbsp;&nbsp;542039 | &nbsp;&nbsp;Epiroc AB - Class A | &nbsp;&nbsp; 10913595 |
|  | &nbsp;&nbsp;Total Sweden | &nbsp;&nbsp; 66254293 |
|  | &nbsp;&nbsp;**Germany — 7.3%** |  |
|  | &nbsp;&nbsp;**Communication Services — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;445578 | &nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp; 16450734 |
|  | &nbsp;&nbsp;**Health Care — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91872 | &nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp; 12642501 |
|  | &nbsp;&nbsp;**Industrials — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41931 | &nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp; 14569874 |
|  | &nbsp;&nbsp;**Materials — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62637 | &nbsp;&nbsp;Heidelberg Materials AG | &nbsp;&nbsp; 10797217 |
|  | &nbsp;&nbsp;Total Germany | &nbsp;&nbsp; 54460326 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 96.1% (Continued)** |  |
|  | &nbsp;&nbsp;**Netherlands — 6.8%** |  |
|  | &nbsp;&nbsp;**Energy — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;358519 | &nbsp;&nbsp;Shell PLC ADR | $26272272 |
|  | &nbsp;&nbsp;**Financials — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5574 | &nbsp;&nbsp;Adyen NV, 144a\* | &nbsp;&nbsp; 8543806 |
|  | &nbsp;&nbsp;**Health Care — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;264708 | &nbsp;&nbsp;Koninklijke Philips NV | &nbsp;&nbsp; 6738968 |
|  | &nbsp;&nbsp;**Information Technology — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14528 | &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 9626689 |
|  | &nbsp;&nbsp;Total Netherlands | &nbsp;&nbsp; 51181735 |
|  | &nbsp;&nbsp;**South Korea — 4.9%** |  |
|  | &nbsp;&nbsp;**Communication Services — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;442243 | &nbsp;&nbsp;KT Corp. ADR<sup>†</sup> | &nbsp;&nbsp; 7832124 |
| &nbsp;&nbsp;&nbsp;&nbsp;463372 | &nbsp;&nbsp;KT Corp. | &nbsp;&nbsp; 15606645 |
|  | &nbsp;&nbsp;**Information Technology — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;334712 | &nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 13269815 |
|  | &nbsp;&nbsp;Total South Korea | &nbsp;&nbsp; 36708584 |
|  | &nbsp;&nbsp;**Switzerland — 4.8%** |  |
|  | &nbsp;&nbsp;**Health Care — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17015 | &nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp; 10511355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51518 | &nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp; 16955997 |
|  | &nbsp;&nbsp;**Industrials — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;155955 | &nbsp;&nbsp;ABB Ltd. ADR | &nbsp;&nbsp; 8131494 |
|  | &nbsp;&nbsp;Total Switzerland | &nbsp;&nbsp; 35598846 |
|  | &nbsp;&nbsp;**China — 4.7%** |  |
|  | &nbsp;&nbsp;**Communication Services — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;408465 | &nbsp;&nbsp;Tencent Holdings Ltd. ADR<sup>†</sup> | &nbsp;&nbsp; 26076406 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66680 | &nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | &nbsp;&nbsp; 8817096 |
|  | &nbsp;&nbsp;Total China | &nbsp;&nbsp; 34893502 |
|  | &nbsp;&nbsp;**India — 4.0%** |  |
|  | &nbsp;&nbsp;**Financials — 4.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;949648 | &nbsp;&nbsp;ICICI Bank Ltd. ADR | &nbsp;&nbsp; 29932905 |
|  | &nbsp;&nbsp;**Singapore — 3.4%** |  |
|  | &nbsp;&nbsp;**Financials — 3.4%** |  |
| 2014900 | &nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 25823022 |
|  | &nbsp;&nbsp;**Taiwan — 3.4%** |  |
|  | &nbsp;&nbsp;**Information Technology — 3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;152279 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp; 25278314 |
|  | &nbsp;&nbsp;**Ireland — 3.4%** |  |
|  | &nbsp;&nbsp;**Industrials — 3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;246595 | &nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp; 25194611 |
|  | &nbsp;&nbsp;**Hong Kong — 2.2%** |  |
|  | &nbsp;&nbsp;**Financials — 2.2%** |  |
| 2148600 | &nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp; 16264630 |
|  | &nbsp;&nbsp;**United States — 2.1%** |  |
|  | &nbsp;&nbsp;**Industrials — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67175 | &nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp; 15507039 |
|  | &nbsp;&nbsp;**Canada — 1.2%** |  |
|  | &nbsp;&nbsp;**Information Technology — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95352 | &nbsp;&nbsp;Shopify, Inc. - Class A\* | &nbsp;&nbsp; 9104209 |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Touchstone Non-US Equity Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 96.1% (Continued)** |  |
|  | &nbsp;&nbsp;**Denmark — 0.9%** |  |
|  | &nbsp;&nbsp;**Health Care — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;102017 | &nbsp;&nbsp;Novo Nordisk A/S ADR<sup>†</sup> | $7084060 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $718697082 |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 11.2%** |  |
| 23241061 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | &nbsp;&nbsp; 23241061 |
| 60655957 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.29%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 60655957 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | $83897018 |
|  | &nbsp;&nbsp;**Total Investment Securities — 107.3%<br> (Cost $619,592,517)** | $802594100 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (7.3)%** | &nbsp;&nbsp;&nbsp;(54430306) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $748163794 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *\*\** | *Represents collateral for securities loaned.* |
| *†* | *All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2025 was $57,538,179.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ADR – American Depositary Receipt* |
| *PLC – Public Limited Company* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities were valued at $8,543,806 or 1.1% 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* | *$—* | *$121332874* | *$—* | *$121332874* |
| &nbsp;&nbsp;&nbsp;*United Kingdom* | &nbsp;&nbsp;&nbsp;&nbsp;*10638611* | &nbsp;&nbsp;&nbsp;&nbsp;*80078605* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*90717216* |
| &nbsp;&nbsp;&nbsp;*France* | &nbsp;&nbsp;&nbsp;&nbsp;*12787143* | &nbsp;&nbsp;&nbsp;&nbsp;*60573773* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*73360916* |
| &nbsp;&nbsp;&nbsp;*Sweden* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*66254293* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*66254293* |
| &nbsp;&nbsp;&nbsp;*Germany* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*54460326* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*54460326* |
| &nbsp;&nbsp;&nbsp;*Netherlands* | &nbsp;&nbsp;&nbsp;&nbsp;*35898961* | &nbsp;&nbsp;&nbsp;&nbsp;*15282774* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*51181735* |
| &nbsp;&nbsp;&nbsp;*South Korea* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7832124* | &nbsp;&nbsp;&nbsp;&nbsp;*28876460* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*36708584* |
| &nbsp;&nbsp;&nbsp;*Switzerland* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8131494* | &nbsp;&nbsp;&nbsp;&nbsp;*27467352* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*35598846* |
| &nbsp;&nbsp;&nbsp;*China* | &nbsp;&nbsp;&nbsp;&nbsp;*34893502* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*34893502* |
| &nbsp;&nbsp;&nbsp;*India* | &nbsp;&nbsp;&nbsp;&nbsp;*29932905* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*29932905* |
| &nbsp;&nbsp;&nbsp;*Singapore* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*25823022* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*25823022* |
| &nbsp;&nbsp;&nbsp;*Taiwan* | &nbsp;&nbsp;&nbsp;&nbsp;*25278314* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*25278314* |
| &nbsp;&nbsp;&nbsp;*Ireland* | &nbsp;&nbsp;&nbsp;&nbsp;*25194611* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*25194611* |
| &nbsp;&nbsp;&nbsp;*Hong Kong* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*16264630* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*16264630* |
| &nbsp;&nbsp;&nbsp;*United States* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*15507039* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*15507039* |
| &nbsp;&nbsp;&nbsp;*Canada* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9104209* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9104209* |
| &nbsp;&nbsp;&nbsp;*Denmark* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7084060* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7084060* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;&nbsp;*83897018* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*83897018* |
| *Total* | *$290672952* | *$511921148* | *$—* | *$802594100* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Portfolio of Investments

Touchstone Sands Capital Emerging Markets Growth Fund – March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.4%** |  |
|  | &nbsp;&nbsp;**India — 26.2%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 3.2%** |  |
| 1152494 | &nbsp;&nbsp;Titan Co. Ltd. | $41129700 |
| 7121238 | &nbsp;&nbsp;Zomato Ltd.\* | &nbsp;&nbsp; 16728433 |
|  | &nbsp;&nbsp;**Consumer Staples — 4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;456650 | &nbsp;&nbsp;Avenue Supermarts Ltd., 144a\* | &nbsp;&nbsp; 21815125 |
| &nbsp;&nbsp;&nbsp;&nbsp;954413 | &nbsp;&nbsp;Britannia Industries Ltd. | &nbsp;&nbsp; 54989579 |
|  | &nbsp;&nbsp;**Energy — 2.6%** |  |
| 3124407 | &nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp; 46451593 |
|  | &nbsp;&nbsp;**Financials — 12.3%** |  |
| 1018917 | &nbsp;&nbsp;Bajaj Finance Ltd. | &nbsp;&nbsp; 106159703 |
| 3999981 | &nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp; 85264451 |
| 4049679 | &nbsp;&nbsp;HDFC Life Insurance Co. Ltd., 144a | &nbsp;&nbsp; 32365066 |
|  | &nbsp;&nbsp;**Health Care — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;645438 | &nbsp;&nbsp;Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 49849519 |
|  | &nbsp;&nbsp;**Real Estate — 1.1%** |  |
| 1009624 | &nbsp;&nbsp;Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 19411099 |
|  | &nbsp;&nbsp;Total India | &nbsp;&nbsp; 474164268 |
|  | &nbsp;&nbsp;**China — 23.2%** |  |
|  | &nbsp;&nbsp;**Communication Services — 6.8%** |  |
| 1061448 | &nbsp;&nbsp;Kanzhun Ltd. ADR\* | &nbsp;&nbsp; 20347958 |
| 1626742 | &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp; 103942233 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 10.1%** |  |
| 5862723 | &nbsp;&nbsp;ANTA Sports Products Ltd. | &nbsp;&nbsp; 64460664 |
| &nbsp;&nbsp;&nbsp;&nbsp;731000 | &nbsp;&nbsp;BYD Co. Ltd. Class H | &nbsp;&nbsp; 37015302 |
| &nbsp;&nbsp;&nbsp;&nbsp;971898 | &nbsp;&nbsp;H World Group Ltd. ADR | &nbsp;&nbsp; 35969945 |
| 12858000 | &nbsp;&nbsp;Haidilao International Holding Ltd., 144a | &nbsp;&nbsp; 28999414 |
| &nbsp;&nbsp;&nbsp;&nbsp;829900 | &nbsp;&nbsp;Meituan - Class B, 144a\* | &nbsp;&nbsp; 16699638 |
|  | &nbsp;&nbsp;**Consumer Staples — 1.6%** |  |
| 5136767 | &nbsp;&nbsp;Foshan Haitian Flavouring & Food Co. Ltd. - Class A | &nbsp;&nbsp; 28779275 |
|  | &nbsp;&nbsp;**Health Care — 0.7%** |  |
| 3058042 | &nbsp;&nbsp;Hangzhou Tigermed Consulting Co. Ltd. Class H, 144a<sup>†</sup> | &nbsp;&nbsp; 12180479 |
|  | &nbsp;&nbsp;**Industrials — 4.0%** |  |
| 1039494 | &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. - Class A | &nbsp;&nbsp; 36382530 |
| 2797789 | &nbsp;&nbsp;Full Truck Alliance Co. Ltd. ADR | &nbsp;&nbsp; 35727766 |
|  | &nbsp;&nbsp;Total China | &nbsp;&nbsp; 420505204 |
|  | &nbsp;&nbsp;**Brazil — 12.7%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 5.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50328 | &nbsp;&nbsp;MercadoLibre, Inc.\* | &nbsp;&nbsp; 98183385 |
|  | &nbsp;&nbsp;**Consumer Staples — 1.4%** |  |
| 7639242 | &nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp; 25622776 |
|  | &nbsp;&nbsp;**Financials — 2.9%** |  |
| 5106952 | &nbsp;&nbsp;NU Holdings Ltd. - Class A\* | &nbsp;&nbsp; 52295189 |
|  | &nbsp;&nbsp;**Industrials — 3.0%** |  |
| 4787620 | &nbsp;&nbsp;Localiza Rent a Car SA | &nbsp;&nbsp; 28206641 |
| 3150398 | &nbsp;&nbsp;WEG SA | &nbsp;&nbsp; 24998032 |
|  | &nbsp;&nbsp;Total Brazil | &nbsp;&nbsp; 229306023 |
|  | &nbsp;&nbsp;**Taiwan — 9.7%** |  |
|  | &nbsp;&nbsp;**Information Technology — 9.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp; 16205982 |
| &nbsp;&nbsp;&nbsp;&nbsp;960477 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp; 159439182 |
|  | &nbsp;&nbsp;Total Taiwan | &nbsp;&nbsp; 175645164 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.4% (Continued)** |  |
|  | &nbsp;&nbsp;**Singapore — 6.5%** |  |
|  | &nbsp;&nbsp;**Communication Services — 5.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;721835 | &nbsp;&nbsp;Sea Ltd. ADR\* | $94192249 |
|  | &nbsp;&nbsp;**Industrials — 1.3%** |  |
| 5296291 | &nbsp;&nbsp;Grab Holdings Ltd. - Class A\* | &nbsp;&nbsp; 23992198 |
|  | &nbsp;&nbsp;Total Singapore | &nbsp;&nbsp; 118184447 |
|  | &nbsp;&nbsp;**Hong Kong — 3.2%** |  |
|  | &nbsp;&nbsp;**Financials — 3.2%** |  |
| 7755931 | &nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp; 58711415 |
|  | &nbsp;&nbsp;**Indonesia — 3.0%** |  |
|  | &nbsp;&nbsp;**Financials — 3.0%** |  |
| 72873300 | &nbsp;&nbsp;Bank Central Asia Tbk PT | &nbsp;&nbsp; 37404773 |
| 67878600 | &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 16408430 |
|  | &nbsp;&nbsp;Total Indonesia | &nbsp;&nbsp; 53813203 |
|  | &nbsp;&nbsp;**South Korea — 2.6%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.3%** |  |
| 1894728 | &nbsp;&nbsp;Coupang, Inc.\* | &nbsp;&nbsp; 41551385 |
|  | &nbsp;&nbsp;**Information Technology — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37017 | &nbsp;&nbsp;Samsung SDI Co. Ltd. | &nbsp;&nbsp; 4783819 |
|  | &nbsp;&nbsp;Total South Korea | &nbsp;&nbsp; 46335204 |
|  | &nbsp;&nbsp;**Poland — 2.4%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 2.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;368754 | &nbsp;&nbsp;Dino Polska SA, 144a\* | &nbsp;&nbsp; 42979565 |
|  | &nbsp;&nbsp;**Kazakhstan — 1.8%** |  |
|  | &nbsp;&nbsp;**Financials — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;356074 | &nbsp;&nbsp;Kaspi.KZ JSC ADR | &nbsp;&nbsp; 33061471 |
|  | &nbsp;&nbsp;**Netherlands — 1.7%** |  |
|  | &nbsp;&nbsp;**Information Technology — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47335 | &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 31365591 |
|  | &nbsp;&nbsp;**Argentina — 1.6%** |  |
|  | &nbsp;&nbsp;**Information Technology — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;245337 | &nbsp;&nbsp;Globant SA\* | &nbsp;&nbsp; 28881072 |
|  | &nbsp;&nbsp;**Saudi Arabia — 1.1%** |  |
|  | &nbsp;&nbsp;**Financials — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;759300 | &nbsp;&nbsp;Al Rajhi Bank | &nbsp;&nbsp; 20611416 |
|  | &nbsp;&nbsp;**Mexico — 1.1%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 1.1%** |  |
| 7009600 | &nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 19376631 |
|  | &nbsp;&nbsp;**Philippines — 0.9%** |  |
|  | &nbsp;&nbsp;**Industrials — 0.9%** |  |
| 2764500 | &nbsp;&nbsp;International Container Terminal Services, Inc. | &nbsp;&nbsp; 17149803 |
|  | &nbsp;&nbsp;**Vietnam — 0.7%** |  |
|  | &nbsp;&nbsp;**Information Technology — 0.7%** |  |
| 2630700 | &nbsp;&nbsp;FPT Corp. | &nbsp;&nbsp; 12515397 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $1782605874 |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Touchstone Sands Capital Emerging Markets Growth Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 2.2%** |  |
| 34082145 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | $34082145 |
| 5746787 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.29%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 5746787 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$39828932 |
|  | &nbsp;&nbsp;**Total Investment Securities — 100.6%<br> (Cost $1,403,015,825)** | $1822434806 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.6)%** | &nbsp;&nbsp;&nbsp; (10059203) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $1812375603 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *\*\** | *Represents collateral for securities loaned.* |
| *†* | *All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2025 was $5,376,186.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2025.* |

---

---

| |
|:---|
| ***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, 2025, these securities were valued at $155,039,287 or 8.6% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation inputs at Reporting Date:*** | ***Valuation inputs at Reporting Date:*** | ***Valuation inputs at Reporting Date:*** | ***Valuation inputs at Reporting Date:*** | ***Valuation inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*India* | *$41226224* | *$432938044* | *$—* | *$474164268* |
| &nbsp;&nbsp;&nbsp;*China* | &nbsp;&nbsp;&nbsp;&nbsp;*92045669* | &nbsp;&nbsp;&nbsp;*328459535* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*420505204* |
| &nbsp;&nbsp;&nbsp;*Brazil* | &nbsp;&nbsp;&nbsp;*229306023* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*229306023* |
| &nbsp;&nbsp;&nbsp;*Taiwan* | &nbsp;&nbsp;&nbsp;*159439182* | &nbsp;&nbsp;&nbsp;&nbsp;*16205982* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*175645164* |
| &nbsp;&nbsp;&nbsp;*Singapore* | &nbsp;&nbsp;&nbsp;*118184447* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*118184447* |
| &nbsp;&nbsp;&nbsp;*Hong Kong* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*58711415* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*58711415* |
| &nbsp;&nbsp;&nbsp;*Indonesia* | &nbsp;&nbsp;&nbsp;&nbsp;*37404773* | &nbsp;&nbsp;&nbsp;&nbsp;*16408430* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*53813203* |
| &nbsp;&nbsp;&nbsp;*South Korea* | &nbsp;&nbsp;&nbsp;&nbsp;*41551385* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4783819* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*46335204* |
| &nbsp;&nbsp;&nbsp;*Poland* | &nbsp;&nbsp;&nbsp;&nbsp;*42979565* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*42979565* |
| &nbsp;&nbsp;&nbsp;*Kazakhstan* | &nbsp;&nbsp;&nbsp;&nbsp;*33061471* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*33061471* |
| &nbsp;&nbsp;&nbsp;*Netherlands* | &nbsp;&nbsp;&nbsp;&nbsp;*31365591* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*31365591* |
| &nbsp;&nbsp;&nbsp;*Argentina* | &nbsp;&nbsp;&nbsp;&nbsp;*28881072* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*28881072* |
| &nbsp;&nbsp;&nbsp;*Saudi Arabia* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*20611416* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*20611416* |
| &nbsp;&nbsp;&nbsp;*Mexico* | &nbsp;&nbsp;&nbsp;&nbsp;*19376631* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*19376631* |
| &nbsp;&nbsp;&nbsp;*Philippines* | &nbsp;&nbsp;&nbsp;&nbsp;*17149803* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*17149803* |
| &nbsp;&nbsp;&nbsp;*Vietnam* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*12515397* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*12515397* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;&nbsp;*39828932* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*39828932* |
| *Total* | *$931800768* | *$890634038* | *$—* | *$1822434806* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Portfolio of Investments

Touchstone Strategic Income Fund – March 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 43.7%** |  |
|  | &nbsp;&nbsp;**Financials — 9.7%** |  |
| $617000 | &nbsp;&nbsp;Allstate Corp. (The), Ser B, 7.523%, 8/15/53<sup>(A)</sup> | $617723 |
| &nbsp;&nbsp; 1539000 | &nbsp;&nbsp;American Express Co., 5.043%, 7/26/28 | &nbsp;&nbsp; 1557767 |
| &nbsp;&nbsp; 1844000 | &nbsp;&nbsp;Ares Capital Corp., 5.875%, 3/1/29 | &nbsp;&nbsp; 1870537 |
| &nbsp;&nbsp; 1886000 | &nbsp;&nbsp;Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | &nbsp;&nbsp; 1723267 |
| &nbsp;&nbsp; 2596000 | &nbsp;&nbsp;Barclays PLC (United Kingdom), 2.894%, 11/24/32 | &nbsp;&nbsp; 2247196 |
| &nbsp;&nbsp; 699000 | &nbsp;&nbsp;Charles Schwab Corp. (The), Ser H, 4.000%<sup>(B)</sup> | &nbsp;&nbsp; 619735 |
| &nbsp;&nbsp; 946000 | &nbsp;&nbsp;Citigroup, Inc., Ser W, 4.000%<sup>(B)</sup> | &nbsp;&nbsp; 931253 |
| &nbsp;&nbsp; 1321000 | &nbsp;&nbsp;Citizens Financial Group, Inc., 5.841%, 1/23/30 | &nbsp;&nbsp; 1355301 |
| &nbsp;&nbsp; 1129000 | &nbsp;&nbsp;Corestates Capital III, 144a, (TSFR3M + 0.832%), 5.155%, 2/15/27<sup>(A)</sup> | &nbsp;&nbsp; 1109376 |
| &nbsp;&nbsp; 460000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 9.250%, 12/15/28 | &nbsp;&nbsp; 486955 |
| &nbsp;&nbsp; 86000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 6.625%, 3/15/30 | &nbsp;&nbsp; 83958 |
| &nbsp;&nbsp; 585000 | &nbsp;&nbsp;Encore Capital Group, Inc., 144a, 8.500%, 5/15/30 | &nbsp;&nbsp; 601984 |
| &nbsp;&nbsp; 1194000 | &nbsp;&nbsp;First Maryland Capital II, (TSFR3M + 1.112%), 5.402%, 2/1/27<sup>(A)</sup> | &nbsp;&nbsp; 1170540 |
| &nbsp;&nbsp; 603000 | &nbsp;&nbsp;Freedom Mortgage Holdings LLC, 144a, 9.250%, 2/1/29 | &nbsp;&nbsp; 612298 |
| &nbsp;&nbsp; 1449000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 6.561%, 10/24/34 | &nbsp;&nbsp; 1578270 |
| &nbsp;&nbsp; 1884000 | &nbsp;&nbsp;Golub Capital BDC, Inc., 2.050%, 2/15/27 | &nbsp;&nbsp; 1774392 |
| &nbsp;&nbsp; 618000 | &nbsp;&nbsp;Jefferies Finance LLC / JFIN Co-Issuer Corp., 144a, 6.625%, 10/15/31 | &nbsp;&nbsp; 611486 |
| &nbsp;&nbsp; 2186000 | &nbsp;&nbsp;Morgan Stanley, 2.484%, 9/16/36 | &nbsp;&nbsp; 1808676 |
| &nbsp;&nbsp; 615000 | &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 144a, 6.500%, 8/1/29 | &nbsp;&nbsp; 623256 |
| &nbsp;&nbsp; 1318000 | &nbsp;&nbsp;PNC Capital Trust, (TSFR3M + 0.832%), 5.150%, 6/1/28<sup>(A)</sup> | &nbsp;&nbsp; 1299093 |
| &nbsp;&nbsp; 1744000 | &nbsp;&nbsp;Sixth Street Specialty Lending, Inc., 2.500%, 8/1/26 | &nbsp;&nbsp; 1689137 |
| &nbsp;&nbsp; 2255000 | &nbsp;&nbsp;State Street Corp., (TSFR3M + 1.262%), 5.561%, 6/15/47<sup>(A)</sup> | &nbsp;&nbsp; 2040900 |
| &nbsp;&nbsp; 2337000 | &nbsp;&nbsp;Truist Financial Corp., Ser A, (TSFR3M + 0.932%), 5.255%, 5/15/27<sup>(A)</sup> | &nbsp;&nbsp; 2306143 |
|  |  | &nbsp;&nbsp; 28719243 |
|  | &nbsp;&nbsp;**Energy — 6.8%** |  |
| &nbsp;&nbsp; 790000 | &nbsp;&nbsp;3R Lux Sarl (Brazil), 144a, 9.750%, 2/5/31 | &nbsp;&nbsp; 824088 |
| &nbsp;&nbsp; 685789 | &nbsp;&nbsp;Atlas Energy Note, 7.000%, 1/31/26<sup>(C)</sup> | &nbsp;&nbsp; 685789 |
| &nbsp;&nbsp; 1420000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 3.250%, 1/31/32 | &nbsp;&nbsp; 1247023 |
| &nbsp;&nbsp; 630000 | &nbsp;&nbsp;Ecopetrol SA (Colombia), 8.625%, 1/19/29 | &nbsp;&nbsp; 668126 |
| &nbsp;&nbsp; 1516000 | &nbsp;&nbsp;Enbridge, Inc. (Canada), Ser 20-A, 5.750%, 7/15/80 | &nbsp;&nbsp; 1465751 |
| &nbsp;&nbsp; 395000 | &nbsp;&nbsp;Energy Transfer LP, (TSFR3M + 3.279%), 7.570%, 11/1/66<sup>(A)</sup> | &nbsp;&nbsp; 393025 |
| &nbsp;&nbsp; 79000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 8.000%, 1/15/27 | &nbsp;&nbsp; 80492 |
| &nbsp;&nbsp; 99000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 8.250%, 1/15/29 | &nbsp;&nbsp; 102205 |
| &nbsp;&nbsp; 1839000 | &nbsp;&nbsp;HF Sinclair Corp., 5.000%, 2/1/28 | &nbsp;&nbsp; 1830827 |
| &nbsp;&nbsp; 168000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | &nbsp;&nbsp; 162225 |
| &nbsp;&nbsp; 488000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 2/1/31 | &nbsp;&nbsp; 454550 |
| &nbsp;&nbsp; 767819 | &nbsp;&nbsp;MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | &nbsp;&nbsp; 632871 |
| &nbsp;&nbsp; 405000 | &nbsp;&nbsp;Mesquite Energy, Inc., 7.250%, 7/15/25 | &nbsp;&nbsp; 6075 |
| &nbsp;&nbsp; 2133000 | &nbsp;&nbsp;Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 | &nbsp;&nbsp; 2113763 |
| &nbsp;&nbsp; 1488000 | &nbsp;&nbsp;NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | &nbsp;&nbsp; 1671830 |
| &nbsp;&nbsp; 795000 | &nbsp;&nbsp;OHI Group SA (Brazil), 144a, 13.000%, 7/22/29 | &nbsp;&nbsp; 819247 |
| &nbsp;&nbsp; 1128000 | &nbsp;&nbsp;Ovintiv, Inc., 7.200%, 11/1/31 | &nbsp;&nbsp; 1218570 |
| &nbsp;&nbsp; 883000 | &nbsp;&nbsp;Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | &nbsp;&nbsp; 832784 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;Petroleos Mexicanos (Mexico), 6.375%, 1/23/45 | &nbsp;&nbsp; 235711 |
| &nbsp;&nbsp; 950000 | &nbsp;&nbsp;Petroleos Mexicanos (Mexico), 6.625%, 6/15/35 | &nbsp;&nbsp; 759101 |
| &nbsp;&nbsp; 904000 | &nbsp;&nbsp;Plains All American Pipeline LP, (TSFR3M + 4.372%), 8.695%<sup>(A)(B)</sup> | &nbsp;&nbsp; 902023 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 43.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Energy — 6.8% (Continued)** |  |
| $426000 | &nbsp;&nbsp;Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | $415286 |
| &nbsp;&nbsp; 1684000 | &nbsp;&nbsp;Sempra Infrastructure Partners LP, 144a, 3.250%, 1/15/32 | &nbsp;&nbsp; 1419998 |
| &nbsp;&nbsp; 659000 | &nbsp;&nbsp;SM Energy Co., 144a, 7.000%, 8/1/32 | &nbsp;&nbsp; 646464 |
| &nbsp;&nbsp; 592000 | &nbsp;&nbsp;Valaris Ltd., 144a, 8.375%, 4/30/30 | &nbsp;&nbsp; 592011 |
|  |  | &nbsp;&nbsp; 20179835 |
|  | &nbsp;&nbsp;**Industrials — 6.0%** |  |
| &nbsp;&nbsp; 1860000 | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 144a, 5.100%, 3/17/30 | &nbsp;&nbsp; 1873161 |
| &nbsp;&nbsp; 501000 | &nbsp;&nbsp;Amsted Industries, Inc., 144a, 4.625%, 5/15/30 | &nbsp;&nbsp; 467639 |
| &nbsp;&nbsp; 2256000 | &nbsp;&nbsp;Canadian Pacific Railway Co. (Canada), 3.000%, 12/2/41 | &nbsp;&nbsp; 1618699 |
| &nbsp;&nbsp; 1873000 | &nbsp;&nbsp;Element Fleet Management Corp. (Canada), 144a, 5.037%, 3/25/30 | &nbsp;&nbsp; 1871808 |
| &nbsp;&nbsp; 950000 | &nbsp;&nbsp;Limak Cimento Sanayi ve Ticaret AS (Turkey), 9.750%, 7/25/29 | &nbsp;&nbsp; 941331 |
| &nbsp;&nbsp; 618000 | &nbsp;&nbsp;Manitowoc Co., Inc. (The), 144a, 9.250%, 10/1/31 | &nbsp;&nbsp; 635267 |
| &nbsp;&nbsp; 607000 | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 144a, 7.250%, 5/15/31 | &nbsp;&nbsp; 591066 |
| &nbsp;&nbsp; 139000 | &nbsp;&nbsp;Quikrete Holdings, Inc., 144a, 6.750%, 3/1/33 | &nbsp;&nbsp; 138573 |
| &nbsp;&nbsp; 1159000 | &nbsp;&nbsp;Republic Services, Inc., 4.750%, 7/15/30 | &nbsp;&nbsp; 1163370 |
| &nbsp;&nbsp; 681000 | &nbsp;&nbsp;Stanley Black & Decker, Inc., 6.707%, 3/15/60 | &nbsp;&nbsp; 677823 |
| &nbsp;&nbsp; 591000 | &nbsp;&nbsp;Stonepeak Nile Parent LLC, 144a, 7.250%, 3/15/32 | &nbsp;&nbsp; 601774 |
| &nbsp;&nbsp; 1757000 | &nbsp;&nbsp;Textron Financial Corp., 144a, (TSFR3M + 1.997%), 6.320%, 2/15/42<sup>(A)</sup> | &nbsp;&nbsp; 1593898 |
| &nbsp;&nbsp; 2140000 | &nbsp;&nbsp;Timken Co. (The), 4.500%, 12/15/28 | &nbsp;&nbsp; 2120596 |
| &nbsp;&nbsp; 621000 | &nbsp;&nbsp;TK Elevator US Newco, Inc. (Germany), 144a, 5.250%, 7/15/27 | &nbsp;&nbsp; 609952 |
| &nbsp;&nbsp; 681000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.375%, 3/1/29 | &nbsp;&nbsp; 687854 |
| &nbsp;&nbsp; 2260000 | &nbsp;&nbsp;Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | &nbsp;&nbsp; 2193974 |
|  |  | &nbsp;&nbsp; 17786785 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 5.6%** |  |
| &nbsp;&nbsp; 713000 | &nbsp;&nbsp;Carriage Services, Inc., 144a, 4.250%, 5/15/29 | &nbsp;&nbsp; 649190 |
| &nbsp;&nbsp; 627000 | &nbsp;&nbsp;Cimpress PLC (Ireland), 144a, 7.375%, 9/15/32 | &nbsp;&nbsp; 576210 |
| &nbsp;&nbsp; 2039000 | &nbsp;&nbsp;Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.750%, 10/20/28 | &nbsp;&nbsp; 2030566 |
| &nbsp;&nbsp; 1802000 | &nbsp;&nbsp;Ford Motor Credit Co. LLC, 6.050%, 3/5/31 | &nbsp;&nbsp; 1774521 |
| &nbsp;&nbsp; 2679000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 3.100%, 1/12/32 | &nbsp;&nbsp; 2286973 |
| &nbsp;&nbsp; 1726000 | &nbsp;&nbsp;Mattel, Inc., 5.450%, 11/1/41 | &nbsp;&nbsp; 1579198 |
| &nbsp;&nbsp; 1445000 | &nbsp;&nbsp;Meritage Homes Corp., 144a, 3.875%, 4/15/29 | &nbsp;&nbsp; 1375224 |
| &nbsp;&nbsp; 1354000 | &nbsp;&nbsp;Michaels Cos., Inc. (The), 144a, 5.250%, 5/1/28 | &nbsp;&nbsp; 928857 |
| &nbsp;&nbsp; 731000 | &nbsp;&nbsp;Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | &nbsp;&nbsp; 699227 |
| &nbsp;&nbsp; 2145000 | &nbsp;&nbsp;Toll Brothers Finance Corp., 3.800%, 11/1/29 | &nbsp;&nbsp; 2042347 |
| &nbsp;&nbsp; 2236000 | &nbsp;&nbsp;United Airlines, Inc., 144a, 4.625%, 4/15/29 | &nbsp;&nbsp; 2116340 |
| &nbsp;&nbsp; 676000 | &nbsp;&nbsp;Wynn Macau Ltd. (Macao), 144a, 5.625%, 8/26/28 | &nbsp;&nbsp; 650372 |
|  |  | &nbsp;&nbsp; 16709025 |
|  | &nbsp;&nbsp;**Utilities — 3.4%** |  |
| &nbsp;&nbsp; 1112000 | &nbsp;&nbsp;Calpine Corp., 144a, 5.000%, 2/1/31 | &nbsp;&nbsp; 1061539 |
| &nbsp;&nbsp; 2155000 | &nbsp;&nbsp;CMS Energy Corp., 4.750%, 6/1/50 | &nbsp;&nbsp; 2026487 |
| &nbsp;&nbsp; 1522000 | &nbsp;&nbsp;Edison International, 4.125%, 3/15/28 | &nbsp;&nbsp; 1462169 |
| &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;Edison International, 7.875%, 6/15/54 | &nbsp;&nbsp; 1155746 |
| &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;Electricite de France SA (France), 144a, 4.875%, 9/21/38 | &nbsp;&nbsp; 1104618 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;Eskom Holdings SOC Ltd. (South Africa), 144a, 8.450%, 8/10/28 | &nbsp;&nbsp; 826593 |
| &nbsp;&nbsp; 1716000 | &nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 5.250%, 4/20/46 | &nbsp;&nbsp; 1681470 |
| &nbsp;&nbsp; 868824 | &nbsp;&nbsp;Sorik Marapi Geothermal Power PT (Indonesia), 144a, 7.750%, 8/5/31 | &nbsp;&nbsp; 852526 |
|  |  | &nbsp;&nbsp; 10171148 |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Touchstone Strategic Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 43.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Health Care — 2.4%** |  |
| $995000 | &nbsp;&nbsp;Biocon Biologics Global PLC (India), 144a, 6.670%, 10/9/29 | $933762 |
| &nbsp;&nbsp; 1771000 | &nbsp;&nbsp;HCA, Inc., 5.450%, 4/1/31 | &nbsp;&nbsp; 1796413 |
| &nbsp;&nbsp; 338000 | &nbsp;&nbsp;Herbalife Nutrition Ltd. / HLF Financing, Inc., 144a, 7.875%, 9/1/25 | &nbsp;&nbsp; 337541 |
| &nbsp;&nbsp; 940000 | &nbsp;&nbsp;Pediatrix Medical Group, Inc., 144a, 5.375%, 2/15/30 | &nbsp;&nbsp; 903141 |
| &nbsp;&nbsp; 1539000 | &nbsp;&nbsp;UnitedHealth Group, Inc., (SOFR + 0.500%), 4.855%, 7/15/26<sup>(A)</sup> | &nbsp;&nbsp; 1542694 |
| &nbsp;&nbsp; 1936000 | &nbsp;&nbsp;Viatris, Inc., 2.700%, 6/22/30 | &nbsp;&nbsp; 1684953 |
|  |  | &nbsp;&nbsp; 7198504 |
|  | &nbsp;&nbsp;**Information Technology — 2.2%** |  |
| &nbsp;&nbsp; 618000 | &nbsp;&nbsp;Central Parent, Inc. / CDK Global, Inc., 144a, 7.250%, 6/15/29 | &nbsp;&nbsp; 534399 |
| &nbsp;&nbsp; 873000 | &nbsp;&nbsp;Consensus Cloud Solutions, Inc., 144a, 6.000%, 10/15/26 | &nbsp;&nbsp; 866720 |
| &nbsp;&nbsp; 1719000 | &nbsp;&nbsp;Marvell Technology, Inc., 5.750%, 2/15/29 | &nbsp;&nbsp; 1769792 |
| &nbsp;&nbsp; 1746000 | &nbsp;&nbsp;Micron Technology, Inc., 2.703%, 4/15/32 | &nbsp;&nbsp; 1487342 |
| &nbsp;&nbsp; 772000 | &nbsp;&nbsp;Micron Technology, Inc., 6.750%, 11/1/29 | &nbsp;&nbsp; 827413 |
| &nbsp;&nbsp; 1086000 | &nbsp;&nbsp;Xerox Holdings Corp., 144a, 5.000%, 8/15/25 | &nbsp;&nbsp; 1073818 |
|  |  | &nbsp;&nbsp; 6559484 |
|  | &nbsp;&nbsp;**Real Estate — 2.1%** |  |
| &nbsp;&nbsp; 728000 | &nbsp;&nbsp;RHP Hotel Properties LP / RHP Finance Corp. REIT, 144a, 4.500%, 2/15/29 | &nbsp;&nbsp; 689936 |
| &nbsp;&nbsp; 1172000 | &nbsp;&nbsp;Sabra Health Care LP REIT, 3.900%, 10/15/29 | &nbsp;&nbsp; 1099974 |
| &nbsp;&nbsp; 2724000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.750%, 11/18/30 | &nbsp;&nbsp; 2381807 |
| &nbsp;&nbsp; 1518000 | &nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.625%, 12/1/29 | &nbsp;&nbsp; 1472069 |
| &nbsp;&nbsp; 618000 | &nbsp;&nbsp;XHR LP REIT, 144a, 6.625%, 5/15/30 | &nbsp;&nbsp; 606501 |
|  |  | &nbsp;&nbsp; 6250287 |
|  | &nbsp;&nbsp;**Consumer Staples — 2.0%** |  |
| &nbsp;&nbsp; 618000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 8.250%, 1/15/30 | &nbsp;&nbsp; 602552 |
| &nbsp;&nbsp; 1739000 | &nbsp;&nbsp;Mars, Inc., 144a, 5.000%, 3/1/32 | &nbsp;&nbsp; 1743987 |
| &nbsp;&nbsp; 565000 | &nbsp;&nbsp;PetSmart, Inc. / PetSmart Finance Corp., 144a, 7.750%, 2/15/29 | &nbsp;&nbsp; 516445 |
| &nbsp;&nbsp; 1812000 | &nbsp;&nbsp;Philip Morris International, Inc., 5.375%, 2/15/33 | &nbsp;&nbsp; 1843873 |
| &nbsp;&nbsp; 601000 | &nbsp;&nbsp;Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 144a, 4.625%, 3/1/29 | &nbsp;&nbsp; 557268 |
| &nbsp;&nbsp; 652000 | &nbsp;&nbsp;Turning Point Brands, Inc., 144a, 7.625%, 3/15/32 | &nbsp;&nbsp; 677592 |
|  |  | &nbsp;&nbsp; 5941717 |
|  | &nbsp;&nbsp;**Communication Services — 1.8%** |  |
| &nbsp;&nbsp; 1420000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | &nbsp;&nbsp; 1258562 |
| &nbsp;&nbsp; 1354000 | &nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital, 6.384%, 10/23/35 | &nbsp;&nbsp; 1368682 |
| &nbsp;&nbsp; 716000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 4.625%, 12/1/30 | &nbsp;&nbsp; 348544 |
| &nbsp;&nbsp; 728000 | &nbsp;&nbsp;Gray Media, Inc., 144a, 5.375%, 11/15/31 | &nbsp;&nbsp; 445808 |
| &nbsp;&nbsp; 635000 | &nbsp;&nbsp;Stagwell Global LLC, 144a, 5.625%, 8/15/29 | &nbsp;&nbsp; 602269 |
| &nbsp;&nbsp; 1336000 | &nbsp;&nbsp;Videotron Ltd. (Canada), 144a, 3.625%, 6/15/29 | &nbsp;&nbsp; 1260278 |
|  |  | &nbsp;&nbsp; 5284143 |
|  | &nbsp;&nbsp;**Materials — 1.7%** |  |
| &nbsp;&nbsp; 923000 | &nbsp;&nbsp;Braskem Netherlands Finance BV (Brazil), 144a, 7.250%, 2/13/33 | &nbsp;&nbsp; 855410 |
| &nbsp;&nbsp; 618000 | &nbsp;&nbsp;Novelis, Inc., 144a, 6.875%, 1/30/30 | &nbsp;&nbsp; 627377 |
| &nbsp;&nbsp; 1853000 | &nbsp;&nbsp;Rio Tinto Finance USA PLC (Australia), (SOFRINDX + 0.840%), 5.198%, 3/14/28<sup>(A)</sup> | &nbsp;&nbsp; 1860745 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 43.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Materials — 1.7% (Continued)** |  |
| $794000 | &nbsp;&nbsp;Vedanta Resources Finance II PLC (India), 144a, 9.475%, 7/24/30 | $785275 |
| &nbsp;&nbsp; 790000 | &nbsp;&nbsp;WE Soda Investments Holding PLC (Turkey), 144a, 9.375%, 2/14/31 | &nbsp;&nbsp; 811409 |
|  |  | &nbsp;&nbsp; 4940216 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $129740387 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 27.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 27.7%** |
| &nbsp;&nbsp; 6185000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.250%, 8/15/54 | &nbsp;&nbsp; 5809068 |
| &nbsp;&nbsp; 1097000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.500%, 11/15/54 | &nbsp;&nbsp; 1075403 |
| &nbsp;&nbsp;12465000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.625%, 2/15/55 | &nbsp;&nbsp; 12486424 |
| &nbsp;&nbsp;11611000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.750%, 11/15/43 | &nbsp;&nbsp; 11818274 |
| &nbsp;&nbsp; 2720000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.750%, 2/15/45 | &nbsp;&nbsp; 2759100 |
| &nbsp;&nbsp; 3305000 | &nbsp;&nbsp;U.S. Treasury Note, 3.875%, 8/15/34 | &nbsp;&nbsp; 3212563 |
| &nbsp;&nbsp;20615000 | &nbsp;&nbsp;U.S. Treasury Note, 4.250%, 11/15/34 | &nbsp;&nbsp; 20621442 |
| &nbsp;&nbsp; 7875000 | &nbsp;&nbsp;U.S. Treasury Note, 4.500%, 3/31/26 | &nbsp;&nbsp; 7906808 |
| &nbsp;&nbsp;11895000 | &nbsp;&nbsp;U.S. Treasury Note, 4.625%, 4/30/29 | &nbsp;&nbsp; 12192375 |
| &nbsp;&nbsp; 4220000 | &nbsp;&nbsp;U.S. Treasury Note, 4.625%, 2/15/35 | &nbsp;&nbsp; 4347919 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | $82229376 |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 11.5%** | &nbsp;&nbsp;**Asset-Backed Securities — 11.5%** |
| &nbsp;&nbsp; 2522000 | &nbsp;&nbsp;AB Issuer LLC, Ser 2021-1, Class A2, 144a, 3.734%, 7/30/51 | &nbsp;&nbsp; 2357132 |
| &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;Apex Credit CLO LLC (Cayman Islands), Ser 2020-2A, Class B, 144a, (TSFR3M + 2.962%), 7.264%, 4/17/33<sup>(A)</sup> | &nbsp;&nbsp; 2067133 |
| &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;CARLYLE US CLO Ltd. (Cayman Islands), Ser 2018-2A, Class A2R, 144a, (TSFR3M + 1.800%), 6.102%, 10/15/31<sup>(A)</sup> | &nbsp;&nbsp; 1700835 |
| &nbsp;&nbsp; 1492500 | &nbsp;&nbsp;Driven Brands Funding LLC, Ser 2024-1A, Class A2, 144a, 6.372%, 10/20/54 | &nbsp;&nbsp; 1530985 |
| &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;Dryden Senior Loan Fund (Cayman Islands), Ser 2016-45A, Class BRR, 144a, (TSFR3M + 1.650%), 5.952%, 10/15/30<sup>(A)</sup> | &nbsp;&nbsp; 1577414 |
| &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;Galaxy XXII CLO Ltd. (Cayman Islands), Ser 2016-22A, Class BRRR, 144a, (TSFR3M + 1.650%), 5.958%, 4/16/34<sup>(A)</sup> | &nbsp;&nbsp; 1588701 |
| &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;Galaxy XXII CLO Ltd. (Cayman Islands), Ser 2016-22A, Class DRRR, 144a, (TSFR3M + 3.250%), 7.558%, 4/16/34<sup>(A)</sup> | &nbsp;&nbsp; 1579200 |
| &nbsp;&nbsp; 2598750 | &nbsp;&nbsp;Hardee's Funding LLC, Ser 2021-1A, Class A2, 144a, 2.865%, 6/20/51 | &nbsp;&nbsp; 2353344 |
| &nbsp;&nbsp; 940000 | &nbsp;&nbsp;Jack in the Box Funding LLC, Ser 2022-1A, Class A2II, 144a, 4.136%, 2/26/52 | &nbsp;&nbsp; 840122 |
| &nbsp;&nbsp; 1621125 | &nbsp;&nbsp;NBC Funding LLC, Ser 2021-1, Class A2, 144a, 2.989%, 7/30/51 | &nbsp;&nbsp; 1552969 |
| &nbsp;&nbsp; 2502500 | &nbsp;&nbsp;Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | &nbsp;&nbsp; 2352019 |
| &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 36 Ltd. (Cayman Islands), Ser 2020-36A, Class BR2, 144a, (TSFR3M + 1.800%), 6.093%, 4/20/33<sup>(A)</sup> | &nbsp;&nbsp; 1700447 |
| &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;Octagon Investment Partners 39 Ltd. (Cayman Islands), Ser 2018-3A, Class BR, 144a, (TSFR3M + 1.800%), 6.093%, 10/20/30<sup>(A)</sup> | &nbsp;&nbsp; 2304812 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Octagon Investment Partners XVI Ltd. (Cayman Islands), Ser 2013-1A, Class BR, 144a, (TSFR3M + 1.862%), 6.164%, 7/17/30<sup>(A)</sup> | &nbsp;&nbsp; 1000294 |
| &nbsp;&nbsp; 1170000 | &nbsp;&nbsp;Oxford Finance Credit Fund III LP, Ser 2024-A, Class B, 144a, 7.548%, 1/14/32 | &nbsp;&nbsp; 1178896 |
| &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;Palmer Square CLO, Ltd. (Cayman Islands), Ser 2021-4A, Class D, 144a, (TSFR3M + 3.212%), 7.514%, 10/15/34<sup>(A)</sup> | &nbsp;&nbsp; 2251856 |
| &nbsp;&nbsp; 2233775 | &nbsp;&nbsp;Planet Fitness Master Issuer LLC, Ser 2024-1A, Class A2II, 144a, 6.237%, 6/5/54 | &nbsp;&nbsp; 2263155 |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Touchstone Strategic Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 11.5% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 11.5% (Continued)** |
| $2468813 | &nbsp;&nbsp;TSC SPV Funding LLC, Ser 2024-1A, Class A2, 144a, 6.291%, 8/20/54 | $2457579 |
| &nbsp;&nbsp; 1640500 | &nbsp;&nbsp;Zaxbys Funding LLC, Ser 2021-1A, Class A2, 144a, 3.238%, 7/30/51 | &nbsp;&nbsp; 1498511 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | $34155404 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 5.9%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 5.9%** |
| &nbsp;&nbsp; 835000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2024-5C27, Class AS, 6.410%, 7/15/57<sup>(A)(D)</sup> | &nbsp;&nbsp; 868503 |
| &nbsp;&nbsp; 2325000 | &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2018-B5, Class AS, 4.419%, 7/15/51 | &nbsp;&nbsp; 2239609 |
| &nbsp;&nbsp;21002722 | &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2024-V5, Class XA, 1.065%, 1/10/57<sup>(A)(D)(E)</sup> | &nbsp;&nbsp; 743811 |
| &nbsp;&nbsp; 2735000 | &nbsp;&nbsp;BX Trust, Ser 2019-OC11, Class E, 144a, 3.944%, 12/9/41<sup>(A)(D)</sup> | &nbsp;&nbsp; 2468674 |
| &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;CGMS Commercial Mortgage Trust, Ser 2017-B1, Class D, 144a, 3.000%, 8/15/50 | &nbsp;&nbsp; 2208325 |
| &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2016-C2, Class C, 4.031%, 8/10/49<sup>(A)(D)</sup> | &nbsp;&nbsp; 1669326 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2016-P5, Class B, 3.698%, 10/10/49<sup>(A)(D)</sup> | &nbsp;&nbsp; 887621 |
| &nbsp;&nbsp; 485000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2017-P8, Class AS, 3.789%, 9/15/50<sup>(A)(D)</sup> | &nbsp;&nbsp; 460045 |
| &nbsp;&nbsp; 905000 | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Ser 2016-C6, Class B, 3.924%, 1/15/49<sup>(A)(D)</sup> | &nbsp;&nbsp; 860080 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Ser 2016-C6, Class C, 4.918%, 1/15/49<sup>(A)(D)</sup> | &nbsp;&nbsp; 944569 |
| &nbsp;&nbsp; 1199000 | &nbsp;&nbsp;CSMC, Ser 2017-TIME, Class A, 144a, 3.646%, 11/13/39 | &nbsp;&nbsp; 1069196 |
| &nbsp;&nbsp; 825000 | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Class AS, 4.065%, 11/15/47 | &nbsp;&nbsp; 793617 |
| &nbsp;&nbsp; 1316000 | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2015-C28, Class B, 3.986%, 10/15/48 | &nbsp;&nbsp; 1299426 |
| &nbsp;&nbsp; 540000 | &nbsp;&nbsp;UBS Commercial Mortgage Trust, Ser 2017-C1, Class AS, 3.724%, 6/15/50 | &nbsp;&nbsp; 520701 |
| &nbsp;&nbsp; 620000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Class AS, 4.013%, 12/15/48 | &nbsp;&nbsp; 614296 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | $17647799 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 5.6%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 5.6%** |
| &nbsp;&nbsp; 1401345 | &nbsp;&nbsp;BRAVO Residential Funding Trust, Ser 2024-NQM8, Class A1A, 144a, 4.300%, 8/1/53<sup>(A)(D)</sup> | &nbsp;&nbsp; 1359316 |
| &nbsp;&nbsp; 2410505 | &nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-RPL4, Class A1B, 144a, 3.375%, 12/25/64<sup>(A)(D)</sup> | &nbsp;&nbsp; 2136695 |
| &nbsp;&nbsp; 1164722 | &nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2022-6, Class A1, 144a, 4.650%, 6/27/67<sup>(A)(D)</sup> | &nbsp;&nbsp; 1155642 |
| &nbsp;&nbsp; 1074031 | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2021-MM1, Class A6, 144a, 2.500%, 4/25/52<sup>(A)(D)</sup> | &nbsp;&nbsp; 947340 |
| &nbsp;&nbsp; 1036584 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2019-1, Class B1, 144a, 4.481%, 5/25/49<sup>(A)(D)</sup> | &nbsp;&nbsp; 978226 |
| &nbsp;&nbsp; 2542567 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-5, Class B4, 144a, 3.570%, 12/25/50<sup>(A)(D)</sup> | &nbsp;&nbsp; 2175628 |
| &nbsp;&nbsp; 1232605 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-LTV2, Class B4, 144a, 4.002%, 11/25/50<sup>(A)(D)</sup> | &nbsp;&nbsp; 1075733 |
| &nbsp;&nbsp; 2550000 | &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2017-2, Class B2, 144a, 4.203%, 7/25/59<sup>(A)(D)</sup> | &nbsp;&nbsp; 2294007 |
| &nbsp;&nbsp; 710065 | &nbsp;&nbsp;OBX Trust, Ser 2022-J1, Class B1A, 144a, 2.843%, 2/25/52<sup>(A)(D)</sup> | &nbsp;&nbsp; 597063 |
| &nbsp;&nbsp; 2375000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2015-2, Class 1B3, 144a, 3.761%, 11/25/60<sup>(A)(D)</sup> | &nbsp;&nbsp; 2124844 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2017-3, Class B3, 144a, 3.895%, 7/25/57<sup>(A)(D)</sup> | &nbsp;&nbsp; 1712465 |
|  | &nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations** | $16556959 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Common Stocks — 2.1%** |  |
|  | &nbsp;&nbsp;**Information Technology — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396 | &nbsp;&nbsp;International Business Machines Corp. | $595789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 590315 |
|  |  | &nbsp;&nbsp; 1186104 |
|  | &nbsp;&nbsp;**Financials — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14115 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 589019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 585623 |
|  |  | &nbsp;&nbsp; 1174642 |
|  | &nbsp;&nbsp;**Industrials — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427 | &nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp; 586400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7619 | &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 585749 |
|  |  | &nbsp;&nbsp; 1172149 |
|  | &nbsp;&nbsp;**Materials — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39560 | &nbsp;&nbsp;Covia Equity\* | &nbsp;&nbsp; 725253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;HC Minerals LLC<sup>(C)</sup>\* | &nbsp;&nbsp; 161307 |
|  |  | &nbsp;&nbsp; 886560 |
|  | &nbsp;&nbsp;**Consumer Staples — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3792 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 601904 |
|  | &nbsp;&nbsp;**Health Care — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 595531 |
|  | &nbsp;&nbsp;**Energy — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4983 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 592628 |
|  | &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;$6209518 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  |  |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 1.0%** | &nbsp;&nbsp;**Sovereign Government Obligations — 1.0%** |
| $910800 | &nbsp;&nbsp;Argentine Republic Government International Bond, 0.750%, 7/9/30<sup>(A)(D)</sup> | &nbsp;&nbsp; 660330 |
| &nbsp;&nbsp; 897000 | &nbsp;&nbsp;Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | &nbsp;&nbsp; 857756 |
| &nbsp;&nbsp; 32400 | &nbsp;&nbsp;Ghana Government International Bond, 144a, 4.717%, 7/3/26<sup>#</sup> | &nbsp;&nbsp; 30409 |
| &nbsp;&nbsp; 477896 | &nbsp;&nbsp;Ghana Government International Bond, 144a, 4.962%, 1/3/30<sup>#</sup> | &nbsp;&nbsp; 368339 |
| &nbsp;&nbsp; 326700 | &nbsp;&nbsp;Ghana Government International Bond, 144a, 5.000%, 7/3/29<sup>(A)(D)</sup> | &nbsp;&nbsp; 285666 |
| &nbsp;&nbsp; 851880 | &nbsp;&nbsp;Sri Lanka Government International Bond, 144a, 4.000%, 4/15/28 | &nbsp;&nbsp; 796508 |
|  | &nbsp;&nbsp;**Total Sovereign Government Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$2999008 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.3%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.3%** |
| &nbsp;&nbsp;22216856 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2020-SB78, Class X1, 1.144%, 6/25/40<sup>(A)(D)(E)</sup> | &nbsp;&nbsp; 804628 |

---

---

| | | |
|:---|:---|:---|
| **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;34229 |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Touchstone Strategic Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.2%** |  |
| 3580632 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.23%<sup>∞Ω</sup> | $3580632 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.0%<br> (Cost $295,596,675)** | $293957940 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 1.0%** | &nbsp;&nbsp; 3100859 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $297058799 |

---

---

| | |
|:---|:---|
| *(A)* | *Variable rate security - Rate reflected is the rate in effect as of March 31, 2025.* |
| *(B)* | *Perpetual Bond - A bond or preferred stock with no definite maturity date.* |
| *(C)* | *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.* |
| *(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.* |
| *\** | *Non-income producing security.* |
| *#* | *Zero coupon bond - Rate shown reflects effective yield to maturity at time of purchase.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of March 31, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *CLO – Collateralized Loan Obligation* |
| *FRESB – Freddie Mac Multifamily Securitization Small Balance Loan* |
| *LLC – Limited Liability Company* |
| *LP – Limited Partnership* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *SOC – State-Owned Company* |
| *SOFR – Secured Overnight Financing Rate* |
| *TSFR3M – Three Month Term Secured Overnight Financing Rate* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities were valued at $116,158,557 or 39.1% 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* | *$—* | *$129054598* | *$685789* | *$129740387* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*82229376* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*82229376* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*34155404* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*34155404* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*17647799* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*17647799* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*16556959* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*16556959* |
| *Common Stocks* | &nbsp;&nbsp;&nbsp;*5322958* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*725253* | &nbsp;&nbsp;&nbsp;*161307* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6209518* |
| *Sovereign Government Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2999008* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2999008* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*804628* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*804628* |
| *Rights* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*34229* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*34229* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;*3580632* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3580632* |
| ***Other Financial Instruments*** |  |  |  |  |
| *Futures* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Interest rate contracts* | &nbsp;&nbsp;&nbsp;&nbsp;*337114* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*337114* |
| *Total* | *$9240704* | *$284207254* | *$847096* | *$294295054* |

---

---

| | |
|:---|:---|
| ***Measurements Using Unobservable Inputs (Level 3)*** |  |
| ***Assets*** |  |
| *Beginning balance, March 31, 2024* | *$846788* |
| *Change in unrealized appreciation (depreciation)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*308* |
| *Ending balance, March 31, 2025* | *$847096* |
| *Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at March 31, 2025* | *$308* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Security*** | ***Fair Value*** | &nbsp;&nbsp;***Valuation<br> Technique*** | &nbsp;&nbsp;***Unobservable<br> Input*** | &nbsp;&nbsp;***Value or<br> range of<br> input*** | &nbsp;&nbsp;***Impact to<br> valuation from<br> an increase to<br> the input*** |
| *Atlas Energy Note* | *$685789* | &nbsp;&nbsp;*Recent<br> Transaction* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*N/A*  | &nbsp;&nbsp;*N/A* | &nbsp;&nbsp;*N/A* |
| *HC Minerals LLC* | *$161307* | &nbsp;&nbsp;*Discount<br> Cash Flow* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Discount Rate<br>Growth Rates* | &nbsp;&nbsp;*15.90%<br> (38.3%)-0%* | &nbsp;&nbsp;*Decrease<br> Increase* |

---

#### Futures Contracts
*At March 31, 2025, $423,125 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at March 31, 2025:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Description*** | &nbsp;&nbsp;&nbsp;***Expiration Date*** | &nbsp;&nbsp;&nbsp;***Number of<br> Contracts*** | &nbsp;&nbsp;&nbsp;***Notional Value*** | &nbsp;&nbsp;&nbsp;***Unrealized<br> Appreciation*** |
| *Long Futures:* |  |  |  |  |
| *5-Year U.S. Treasury Note* | &nbsp;&nbsp;&nbsp;*6/30/2025* | &nbsp;&nbsp;&nbsp;*136* | &nbsp;&nbsp;&nbsp;*$14709250* | &nbsp;&nbsp;&nbsp;*$48511* |
| *10-Year U.S. Treasury Note* | &nbsp;&nbsp;&nbsp;*6/18/2025* | &nbsp;&nbsp;&nbsp;*135* | &nbsp;&nbsp;&nbsp;&nbsp;*15014531* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*288603* |
|  |  |  |  | &nbsp;&nbsp;&nbsp;*$337114* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Statements of Assets and Liabilities

March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Flexible<br> Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Growth<br> Opportunities<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 | $1691289011 | $619693834 | $90499582 | $1015567405 | $619592517 | $1403015825 | $295596675 |
| Investments, at market value \* | $1673235716 | $1267389018 | $143187295 | $1223102653 | $802594100 | $1822434806 | $293957940 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16158697 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 |
| Cash deposits held at prime broker <sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49463 |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423125 |
| Foreign currency † |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9306375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13221698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5888995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3158786 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176898 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057588 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692469 |  |
| Receivable for securities lending income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30696 |  |
| Tax reclaim receivable | &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;&nbsp;535626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21255 |  |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9404 | &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;17352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 |  |
| **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;1707571358 | &nbsp;&nbsp;&nbsp;&nbsp;1269236410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143209057 | &nbsp;&nbsp;&nbsp;&nbsp;1224156840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810299606 | &nbsp;&nbsp;&nbsp;&nbsp;1840195778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297718140 |
| **Liabilities** |  |  |  |  |  |  |  |
| Dividends payable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Payable for return of collateral for securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16213515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26284618 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60655957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5746787 |  |
| Deferred foreign capital gains tax |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17922162 |  |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354781 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195557 |  |  |  |  |  |
| Payable to Investment Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110373 |
| Payable to other affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58037 |
| Payable to Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16071 |
| Payable for professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40012 |
| Payable for reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13505 |
| Payable for transfer agent services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53094 |
| Payable for variation margin on futures contracts |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141 |
| Other accrued expenses and liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11301 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22060373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29554719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62135812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27820175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659341 |
| **Net Assets** | $1685510985 | $1239681691 | $142993360 | $1221377596 | $748163794 | $1812375603 | $297058799 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;1724289097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595888102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90616800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976538569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550317639 | &nbsp;&nbsp;&nbsp;&nbsp;2290566847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379571494 |
| Distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38778112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643793589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52376560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244839027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197846155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478191244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82512695) |
| Net Assets | $1685510985 | $1239681691 | $142993360 | $1221377596 | $748163794 | $1812375603 | $297058799 |
| *\*Includes market value of securities on loan of:* | *$15779178* | *$25998191* | *$—* | *$—* | *$57538179* | *$5376186* | *$—* |
| *†Cost of foreign currency:* | *$—* | *$—* | *$—* | *$—* | *$368743* | *$9161591* | *$181* |

---

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Statements of Assets and Liabilities (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Flexible<br> Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Growth<br> Opportunities<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 | $126335025 | $61133159 | $62121902 | $219299968 | $478008702 | $8793797 | $119409657 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12260486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6401602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18029155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37293265 |
| Net asset value price per share\* | $10.30 | $70.57 | $44.92 | $34.26 | $26.51 | $14.40 | $3.20 |
| Maximum sales charge - Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;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 | $10.65 | $74.28 | $47.28 | $36.06 | $27.91 | $15.16 | $3.31 |
| **Pricing of Class C Shares** |  |  |  |  |  |  |  |
| Net assets applicable to Class C shares | $33652531 | $6249402 | $1421886 | $12141348 | $3980038 | $4884065 | $10263763 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190087 |
| Net asset value and offering price per share\*\* | $10.11 | $62.82 | $43.99 | $33.51 | $26.90 | $13.83 | $3.22 |
| **Pricing of Class Y Shares** |  |  |  |  |  |  |  |
| Net assets applicable to Class Y shares | $1475515543 | $1152118225 | $32617233 | $591920575 | $229588112 | $466489234 | $75046703 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;142645616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16072913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16072228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8248968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31961577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23513587 |
| Net asset value, offering price and redemption price per share | $10.34 | $71.68 | $48.22 | $36.83 | $27.83 | $14.60 | $3.19 |
| **Pricing of Institutional Class Shares** |  |  |  |  |  |  |  |
| Net assets applicable to Institutional Class shares | $50007886 | $20180905 | $46832339 | $216936903 | $36586942 | $773951254 | $92338676 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4836147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5772507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52664596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28949264 |
| Net asset value, offering price and redemption price per share | $10.34 | $72.09 | $49.56 | $37.58 | $27.86 | $14.70 | $3.19 |
| **Pricing of Class R6 Shares** |  |  |  |  |  |  |  |
| Net assets applicable to Class R6 shares | $— | $— | $— | $181078802 | $— | $558257253 | $— |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4796064 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37957688 |  |
| Net asset value, offering price and redemption price per share | $— | $— | $— | $37.76 | $— | $14.71 | $— |

---

*\** *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_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Statements of Operations For the Year Ended March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Flexible<br> Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Growth<br> Opportunities<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\* | $9893939 | $16237411 | $1161039 | $7581679 | $18454480 | $28540318 | $711174 |
| Interest\*\* | &nbsp;&nbsp;&nbsp;&nbsp;72055973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182 | &nbsp;&nbsp;&nbsp;&nbsp;13031414 |
| Income from securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4738 |
| **Total Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82026437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16690297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7583434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18560191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28783883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13747326 |
| **Expenses** |  |  |  |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8188234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9339760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4418366 | &nbsp;&nbsp;&nbsp;&nbsp;19504387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369916 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2799886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336856 |
| Compliance fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39273 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54361 |
| Transfer Agent fees, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115018 |
| Transfer Agent fees, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11879 |
| Transfer Agent fees, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57452 |
| Transfer Agent fees, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34596 |
| Transfer Agent fees, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | &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;23925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20489 |
| Registration fees, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13171 |
| Registration fees, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17973 |
| Registration fees, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17088 |
| Registration fees, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17653 | &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;21787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16360 |
| Reports to Shareholders, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5595 |
| Reports to Shareholders, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10858 |
| Reports to Shareholders, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8113 |
| Reports to Shareholders, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29858 | &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;305167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310791 |
| Distribution and shareholder servicing expenses, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133138 |
| Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33916 |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80154 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12730387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11435414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13658499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7431571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24228723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691195 |
| Fees waived and/or reimbursed by the Adviser and/or Affiliates<sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407488) |
| Fees recouped by the Adviser<sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;12750284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11409083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13275599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7304999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23873051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283707 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69276153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5281214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(564032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5692165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11255192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11463619 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |  |  |  |
| Net realized gains (losses) on investments<sup>(B)(C)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4881896) | &nbsp;&nbsp;&nbsp;&nbsp;46198294 | &nbsp;&nbsp;&nbsp;&nbsp;19151411 | &nbsp;&nbsp;&nbsp;&nbsp;135881707 | &nbsp;&nbsp;&nbsp;&nbsp;30466707 | &nbsp;&nbsp;&nbsp;&nbsp;91552761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6243896) |
| Net realized gains on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90392 |
| Net realized gains (losses) on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 |
| Net realized losses on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(743357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net change in unrealized appreciation (depreciation) on investments† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8423114 | &nbsp;&nbsp;&nbsp;&nbsp;36010447 | &nbsp;&nbsp;&nbsp;&nbsp;(12842263) | &nbsp;&nbsp;&nbsp;(188564987) | &nbsp;&nbsp;&nbsp;&nbsp;32970326 | &nbsp;&nbsp;&nbsp;&nbsp;(51317790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8010666 |
| 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;495665 |
| Net change in unrealized appreciation (depreciation) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Realized and Unrealized Gains (Losses) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82208741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6309148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52683280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63328474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39645492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355327 |
| **Change in Net Assets Resulting from Operations** | $72814651 | $87489955 | $5745116 | $(58375445) | $74583666 | $44556324 | $13818946 |
| *\*Net of foreign tax withholding of:* | *$28927* | *$137256* | *$11506* | *$36506* | *$2172969* | *$2882173* | *$—* |
| *\*\*Net of foreign tax withholding of:* | *$—* | *$—* | *$—* | *$—* | *$—* | *$—* | *$4282* |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Statements of Operations (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Flexible<br> Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Growth<br> Opportunities<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** |
| *†Includes increase in deferred foreign capital gain tax of:* | *$—* | *$—* | *$—* | *$—* | *$—* | *$3668913* | *$—* |

---

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

*<sup>(B)</sup>* *Includes foreign capital gains taxes paid of $3,989,745 for the Sands Capital Emerging Markets Growth Fund.* 

*<sup>(C)</sup>* *Net realized gains on investments includes the realized gains of $55,380,882, $10,795,082 and $34,477,098 for the Focused Fund, the Growth Opportunities 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_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

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------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Flexible Income<br> Fund** | **Touchstone<br> Flexible Income<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Focused Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Focused Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Growth Opportunities<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Growth Opportunities<br> Fund** |
|  | **For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &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> 2024** | &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> 2024** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income (loss) | $69276153 | &nbsp;&nbsp;&nbsp;$40698794 | &nbsp;&nbsp;&nbsp;$5281214 | &nbsp;&nbsp;&nbsp;$7489157 | &nbsp;&nbsp;&nbsp;$(564032) | &nbsp;&nbsp;&nbsp;$(302264) |
| Net realized gains (losses) on investments, futures contracts, swap agreements and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4884616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16617180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46198294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35926453 | &nbsp;&nbsp;&nbsp;&nbsp;19151411 | &nbsp;&nbsp;&nbsp;&nbsp;21610874 |
| Net change in unrealized appreciation (depreciation) on investments, futures contracts, swap agreements and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8423114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57366243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36010447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197704595 | &nbsp;&nbsp;&nbsp;&nbsp;(12842263) | &nbsp;&nbsp;&nbsp;&nbsp;26002201 |
| **Change in Net Assets from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;72814651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81447857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87489955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241120205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745116 | &nbsp;&nbsp;&nbsp;&nbsp;47310811 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Distributed earnings, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5026762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4137305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4144616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1509033) |
| Distributed earnings, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1172389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(940859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29300) |
| Distributed earnings, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(58654489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32863832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13162966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13465711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2322996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(761849) |
| Distributed earnings, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2134629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1445551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2949415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1124914) |
| Distributed earnings, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&nbsp;— |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp;(66988269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39387547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13987434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14301466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9509124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3425096) |
| **Change in Net Assets from Share Transactions<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;319442499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479886886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88085023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31331505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886648 | &nbsp;&nbsp;&nbsp;&nbsp;(24248680) |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;325268881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521947196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14582502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195487234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2877360) | &nbsp;&nbsp;&nbsp;&nbsp;19637035 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;1360242104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838294908 | &nbsp;&nbsp;&nbsp;&nbsp;1254264193 | &nbsp;&nbsp;&nbsp;&nbsp;1058776959 | &nbsp;&nbsp;&nbsp;&nbsp;145870720 | &nbsp;&nbsp;&nbsp;&nbsp;126233685 |
| End of period | $1685510985 | &nbsp;&nbsp;&nbsp;$1360242104 | &nbsp;&nbsp;&nbsp;$1239681691 | &nbsp;&nbsp;&nbsp;$1254264193 | &nbsp;&nbsp;&nbsp;$142993360 | &nbsp;&nbsp;&nbsp;$145870720 |

---

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_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> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &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> 2024** | &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> 2024** | &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> 2024** |
| $(5692165) | &nbsp;&nbsp;&nbsp;$(1330927) | &nbsp;&nbsp;&nbsp;$11255192 | &nbsp;&nbsp;&nbsp;$10162258 | &nbsp;&nbsp;&nbsp;$4910832 | &nbsp;&nbsp;&nbsp;$6738245 | &nbsp;&nbsp;&nbsp;$11463619 | &nbsp;&nbsp;&nbsp;$10303281 |
| &nbsp;&nbsp;&nbsp;135881707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103091447 | &nbsp;&nbsp;&nbsp;&nbsp;30304784 | &nbsp;&nbsp;&nbsp;&nbsp;16155493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90809404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26290886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6151004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8958522) |
| &nbsp;&nbsp;(188564987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198622703 | &nbsp;&nbsp;&nbsp;&nbsp;33023690 | &nbsp;&nbsp;&nbsp;&nbsp;78802828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51163912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131601825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506331 | &nbsp;&nbsp;&nbsp;&nbsp;15964931 |
| &nbsp;&nbsp;&nbsp;&nbsp;(58375445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300383223 | &nbsp;&nbsp;&nbsp;&nbsp;74583666 | &nbsp;&nbsp;&nbsp;&nbsp;105120579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44556324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164630956 | &nbsp;&nbsp;&nbsp;&nbsp;13818946 | &nbsp;&nbsp;&nbsp;&nbsp;17309690 |
| &nbsp;&nbsp;&nbsp;&nbsp;(7250235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(15267231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6342428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5434455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6288278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(789144) |
| &nbsp;&nbsp;&nbsp;&nbsp;(17945134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6071452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1973352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2991900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2743491) |
| &nbsp;&nbsp;&nbsp;&nbsp;(6737097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1180182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(367046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1551125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2520632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43670) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;(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;(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;(112654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(37534636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(22592007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8683646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3537058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(11936230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9864583) |
| &nbsp;&nbsp;&nbsp;&nbsp;(98008921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9136172 | &nbsp;&nbsp;&nbsp;&nbsp;52334928 | &nbsp;&nbsp;&nbsp;&nbsp;19602801 | &nbsp;&nbsp;&nbsp;&nbsp;(427444086) | &nbsp;&nbsp;&nbsp;&nbsp;(227985806) | &nbsp;&nbsp;&nbsp;&nbsp;91562594 | &nbsp;&nbsp;&nbsp;&nbsp;(25867887) |
| &nbsp;&nbsp;(193919002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309519395 | &nbsp;&nbsp;&nbsp;&nbsp;104326587 | &nbsp;&nbsp;&nbsp;&nbsp;116039734 | &nbsp;&nbsp;&nbsp;&nbsp;(386424820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63354850) | &nbsp;&nbsp;&nbsp;&nbsp;93445310 | &nbsp;&nbsp;&nbsp;&nbsp;(18422780) |
| 1415296598 | &nbsp;&nbsp;&nbsp;&nbsp;1105777203 | &nbsp;&nbsp;&nbsp;&nbsp;643837207 | &nbsp;&nbsp;&nbsp;&nbsp;527797473 | &nbsp;&nbsp;&nbsp;&nbsp;2198800423 | &nbsp;&nbsp;&nbsp;&nbsp;2262155273 | &nbsp;&nbsp;&nbsp;&nbsp;203613489 | &nbsp;&nbsp;&nbsp;&nbsp;222036269 |
| $1221377596 | &nbsp;&nbsp;&nbsp;$1415296598 | &nbsp;&nbsp;&nbsp;$748163794 | &nbsp;&nbsp;&nbsp;$643837207 | &nbsp;&nbsp;&nbsp;$1812375603 | &nbsp;&nbsp;&nbsp;$2198800423 | &nbsp;&nbsp;&nbsp;$297058799 | &nbsp;&nbsp;&nbsp;$203613489 |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Statements of Changes in Net Assets - Capital Stock Activity

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Flexible Income<br> Fund** | **Touchstone<br> Flexible Income<br> Fund** | **Touchstone<br> Flexible Income<br> Fund** | **Touchstone<br> Flexible Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Focused Fund** | &nbsp;&nbsp;**Touchstone<br> Focused Fund** | &nbsp;&nbsp;**Touchstone<br> Focused Fund** | &nbsp;&nbsp;**Touchstone<br> Focused Fund** |
|  | **For the Year<br> Ended<br> March 31, 2025** | **For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2024** | &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, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2024** |
|  | **Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| **Class A** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;3418709 | $35311020 | &nbsp;&nbsp;&nbsp;3685110 | $36685887 | &nbsp;&nbsp;&nbsp;&nbsp;130040 | $9221994 | &nbsp;&nbsp;&nbsp;&nbsp;173736 | $10422183 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;400367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124767 | &nbsp;&nbsp;&nbsp;&nbsp;331903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372052 |
| Cost of Shares redeemed | &nbsp;&nbsp;(3167929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32709954) | &nbsp;&nbsp;&nbsp;(2950737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29498723) | &nbsp;&nbsp;&nbsp;&nbsp;(130721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9222445) | &nbsp;&nbsp;&nbsp;(155214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9368790) |
| **Change from Class A Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;651147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6725833 | &nbsp;&nbsp;&nbsp;1066276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10499552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455245 | &nbsp;&nbsp;&nbsp;&nbsp;24589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425445 |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;884014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9004081 | &nbsp;&nbsp;&nbsp;1039736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10191502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742688 | &nbsp;&nbsp;&nbsp;&nbsp;40824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246240 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;112584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891537 | &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;1861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102324 |
| Cost of Shares redeemed | &nbsp;&nbsp;(1002022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10163462) | &nbsp;&nbsp;&nbsp;&nbsp;(906233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8857678) | &nbsp;&nbsp;&nbsp;&nbsp;(86392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5452106) | &nbsp;&nbsp;&nbsp;(131171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7081066) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20725) | &nbsp;&nbsp;&nbsp;&nbsp;224398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225361 | &nbsp;&nbsp;&nbsp;&nbsp;(74078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4670004) | &nbsp;&nbsp;&nbsp;&nbsp;(88486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4732502) |
| **Class Y** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | 63198119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654982797 | &nbsp;&nbsp;65104615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655191649 | &nbsp;&nbsp;&nbsp;&nbsp;272278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19706200 | &nbsp;&nbsp;&nbsp;&nbsp;860257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52146651 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;5409013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55958770 | &nbsp;&nbsp;&nbsp;3097306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31102942 | &nbsp;&nbsp;&nbsp;&nbsp;167225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12659651 | &nbsp;&nbsp;&nbsp;&nbsp;207020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12975041 |
| Cost of Shares redeemed | (39357026) | &nbsp;&nbsp;&nbsp;&nbsp;(407308342) | &nbsp;&nbsp;(22315300) | &nbsp;&nbsp;&nbsp;&nbsp;(223291038) | &nbsp;&nbsp;(1625249) | &nbsp;&nbsp;&nbsp;&nbsp;(116462295) | (1420571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87053105) |
| **Change from Class Y Share Transactions** | 29250106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303633225 | 45886621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463003553 | (1185746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84096444) | &nbsp;&nbsp;&nbsp;(353294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21931413) |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;2204280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22857511 | &nbsp;&nbsp;&nbsp;1995666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20209141 | &nbsp;&nbsp;&nbsp;1313020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94763512 | &nbsp;&nbsp;&nbsp;&nbsp;992320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61345397 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;123326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280845 |
| Cost of Shares redeemed | &nbsp;&nbsp;(1447569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15028207) | &nbsp;&nbsp;&nbsp;(1706026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16877377) | &nbsp;&nbsp;(1314034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94763261) | (1097050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67719277) |
| **Change from Institutional Class Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;880037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9104166 | &nbsp;&nbsp;&nbsp;&nbsp;372289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4158420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226180 | &nbsp;&nbsp;&nbsp;(100276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6093035) |
| **Class R6** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Class R6 Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Share Transactions** | 30775866 | $319442499 | 47549584 | $479886886 | (1252468) | $(88085023) | &nbsp;&nbsp;&nbsp;(517467) | $(31331505) |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Touchstone<br> Growth Opportunities<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Growth Opportunities<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Growth Opportunities<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Growth Opportunities<br> 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, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2024** | &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, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2024** |
| &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| &nbsp;&nbsp;&nbsp;74607 | $3621938 | &nbsp;&nbsp;&nbsp;&nbsp;79310 | $2998419 | &nbsp;&nbsp;&nbsp;&nbsp;375952 | $13848884 | &nbsp;&nbsp;&nbsp;&nbsp;469716 | $15315459 |
| &nbsp;&nbsp;&nbsp;75754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970280 | &nbsp;&nbsp;&nbsp;&nbsp;36317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449776 | &nbsp;&nbsp;&nbsp;&nbsp;162502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6526070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| (150566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7398688) | &nbsp;&nbsp;&nbsp;(173480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6744840) | &nbsp;&nbsp;(1068218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39142818) | &nbsp;&nbsp;(1579373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48566667) |
| &nbsp;&nbsp;&nbsp;&nbsp;(205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193530 | &nbsp;&nbsp;&nbsp;&nbsp;(57853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2296645) | &nbsp;&nbsp;&nbsp;(529764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18767864) | (1109657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33251208) |
| &nbsp;&nbsp;&nbsp;11086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851798 |
| &nbsp;&nbsp;&nbsp;&nbsp;1777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(9332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440444) | &nbsp;&nbsp;&nbsp;&nbsp;(22929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(796555) | &nbsp;&nbsp;&nbsp;&nbsp;(126893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4473047) | &nbsp;&nbsp;&nbsp;&nbsp;(117039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3629018) |
| &nbsp;&nbsp;&nbsp;&nbsp;3531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181200 | &nbsp;&nbsp;&nbsp;&nbsp;(15786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(515030) | &nbsp;&nbsp;&nbsp;&nbsp;(52999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1746514) | &nbsp;&nbsp;&nbsp;&nbsp;(57376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1777220) |
| &nbsp;&nbsp;146534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7657347 | &nbsp;&nbsp;&nbsp;&nbsp;176570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200632 | &nbsp;&nbsp;&nbsp;3502271 | &nbsp;&nbsp;&nbsp;&nbsp;137631319 | &nbsp;&nbsp;&nbsp;4628928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156030803 |
| &nbsp;&nbsp;&nbsp;40566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280626 | &nbsp;&nbsp;&nbsp;&nbsp;17580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748020 | &nbsp;&nbsp;&nbsp;&nbsp;401301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17312129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| (190680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10303051) | &nbsp;&nbsp;&nbsp;(261757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11111243) | &nbsp;&nbsp;(5841077) | &nbsp;&nbsp;&nbsp;&nbsp;(226765894) | &nbsp;&nbsp;(4241564) | &nbsp;&nbsp;&nbsp;&nbsp;(143403590) |
| &nbsp;&nbsp;&nbsp;(3580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365078) | &nbsp;&nbsp;&nbsp;&nbsp;(67607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3162591) | (1937505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71822446) | &nbsp;&nbsp;&nbsp;&nbsp;387364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12627213 |
| &nbsp;&nbsp;660620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35369916 | &nbsp;&nbsp;&nbsp;&nbsp;693074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29648877 | &nbsp;&nbsp;&nbsp;4059359 | &nbsp;&nbsp;&nbsp;&nbsp;161637963 | &nbsp;&nbsp;&nbsp;5635046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190352647 |
| &nbsp;&nbsp;&nbsp;51049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948579 | &nbsp;&nbsp;&nbsp;&nbsp;23621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030446 | &nbsp;&nbsp;&nbsp;&nbsp;143862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6331348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| (706316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37441499) | (1149085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48953737) | &nbsp;&nbsp;(4998728) | &nbsp;&nbsp;&nbsp;&nbsp;(200427332) | &nbsp;&nbsp;(5676406) | &nbsp;&nbsp;&nbsp;&nbsp;(193610142) |
| &nbsp;&nbsp;&nbsp;&nbsp;5353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876996 | &nbsp;&nbsp;&nbsp;(432390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18274414) | &nbsp;&nbsp;&nbsp;(795507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32458021) | &nbsp;&nbsp;&nbsp;&nbsp;(41360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3257495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1824349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73104445 | &nbsp;&nbsp;&nbsp;2415786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83396515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1241814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49866731) | &nbsp;&nbsp;(1430811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48601633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;662811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26785924 | &nbsp;&nbsp;&nbsp;&nbsp;984975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34794882 |
| &nbsp;&nbsp;&nbsp;&nbsp;5099 | $886648 | &nbsp;&nbsp;&nbsp;(573636) | $(24248680) | (2652964) | $(98008921) | &nbsp;&nbsp;&nbsp;&nbsp;163946 | $9136172 |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_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, 2025** | **For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2024** | &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, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2024** |
|  | **Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| **Class A** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;697370 | $18072746 | &nbsp;&nbsp;&nbsp;&nbsp;383086 | $8513146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227557 | $3310777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293741 | $3946356 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;575049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14573454 | &nbsp;&nbsp;&nbsp;&nbsp;259307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6054810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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 | (1774384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45610780) | &nbsp;&nbsp;(1670642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36900183) | &nbsp;&nbsp;&nbsp;&nbsp;(355382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5160827) | &nbsp;&nbsp;&nbsp;&nbsp;(779591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10535774) |
| **Change from Class A Share Transactions** | &nbsp;&nbsp;(501965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12964580) | (1028249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22332227) | &nbsp;&nbsp;&nbsp;&nbsp;(127825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1850050) | &nbsp;&nbsp;&nbsp;&nbsp;(485850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6589418) |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;71626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400122 |
| Reinvestment of distributions | &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;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;(34658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(896939) | &nbsp;&nbsp;&nbsp;&nbsp;(72646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1639787) | &nbsp;&nbsp;&nbsp;&nbsp;(105137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1487049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1236271) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;39702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061725 | &nbsp;&nbsp;&nbsp;&nbsp;(61283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1378720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(840725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(836149) |
| **Class Y** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | 4404817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120866545 | &nbsp;&nbsp;&nbsp;2135855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51880155 | &nbsp;&nbsp;&nbsp;&nbsp;6421387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94796923 | &nbsp;&nbsp;&nbsp;11733615 | &nbsp;&nbsp;&nbsp;&nbsp;159156401 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;214538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5698057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496739 | &nbsp;&nbsp;&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 | (2570721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70325558) | &nbsp;&nbsp;(1052386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24331142) | &nbsp;&nbsp;(14784465) | &nbsp;&nbsp;&nbsp;&nbsp;(219689314) | &nbsp;&nbsp;(17267923) | &nbsp;&nbsp;&nbsp;&nbsp;(233531426) |
| **Change from Class Y Share Transactions** | 2048634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56239044 | &nbsp;&nbsp;1158327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29379287 | &nbsp;&nbsp;&nbsp;(8328510) | &nbsp;&nbsp;&nbsp;&nbsp;(124395652) | &nbsp;&nbsp;&nbsp;(5534308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74375025) |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;308751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333615 | &nbsp;&nbsp;&nbsp;1845534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41432236 | &nbsp;&nbsp;&nbsp;&nbsp;7627342 | &nbsp;&nbsp;&nbsp;&nbsp;114211713 | &nbsp;&nbsp;&nbsp;10444878 | &nbsp;&nbsp;&nbsp;&nbsp;141759560 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;31681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478705 | &nbsp;&nbsp;&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;(43902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1182951) | &nbsp;&nbsp;(1202648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27642029) | &nbsp;&nbsp;(17827255) | &nbsp;&nbsp;&nbsp;&nbsp;(266063471) | &nbsp;&nbsp;(17044463) | &nbsp;&nbsp;&nbsp;&nbsp;(231590150) |
| **Change from Institutional Class Share Transactions** | &nbsp;&nbsp;296530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7998739 | &nbsp;&nbsp;&nbsp;&nbsp;648781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13934461 | (10097651) | &nbsp;&nbsp;&nbsp;&nbsp;(150373053) | &nbsp;&nbsp;&nbsp;(6599585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89830590) |
| **Class R6** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5584834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83351571 | &nbsp;&nbsp;&nbsp;16187004 | &nbsp;&nbsp;&nbsp;&nbsp;218840360 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439680 | &nbsp;&nbsp;&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;(15806250) | &nbsp;&nbsp;&nbsp;&nbsp;(233775857) | &nbsp;&nbsp;(19891842) | &nbsp;&nbsp;&nbsp;&nbsp;(275194984) |
| **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;— | (10191031) | &nbsp;&nbsp;&nbsp;&nbsp;(149984606) | &nbsp;&nbsp;&nbsp;(3704838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56354624) |
| **Change from Share Transactions** | 1882901 | $52334928 | &nbsp;&nbsp;&nbsp;&nbsp;717576 | $19602801 | (28804558) | $(427444086) | (16388903) | $(227985806) |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_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, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2024** |
| &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| &nbsp;&nbsp;&nbsp;2354722 | $7465808 | &nbsp;&nbsp;&nbsp;2582531 | $7750325 |
| &nbsp;&nbsp;&nbsp;1487245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4720621 | &nbsp;&nbsp;&nbsp;1745023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5255874 |
| &nbsp;&nbsp;&nbsp;(7558221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23974711) | &nbsp;&nbsp;(9111170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27450305) |
| &nbsp;&nbsp;(3716254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11788282) | (4783616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14444106) |
| &nbsp;&nbsp;&nbsp;&nbsp;261263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840663 | &nbsp;&nbsp;&nbsp;&nbsp;171516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514730 |
| &nbsp;&nbsp;&nbsp;&nbsp;135270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430747 | &nbsp;&nbsp;&nbsp;&nbsp;218600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661394 |
| &nbsp;&nbsp;&nbsp;(2569155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8188574) | &nbsp;&nbsp;(3102241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9349329) |
| &nbsp;&nbsp;(2172622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6917164) | (2712125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8173205) |
| &nbsp;&nbsp;10263332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32804902 | &nbsp;&nbsp;&nbsp;3287946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9998065 |
| &nbsp;&nbsp;&nbsp;&nbsp;779199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468503 | &nbsp;&nbsp;&nbsp;&nbsp;644322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935683 |
| &nbsp;&nbsp;&nbsp;(5776082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18287354) | &nbsp;&nbsp;(5396495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16197381) |
| &nbsp;&nbsp;&nbsp;5266449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16986051 | (1464227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4263633) |
| &nbsp;&nbsp;47629003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154231231 | &nbsp;&nbsp;&nbsp;&nbsp;338984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;824559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43670 |
| &nbsp;&nbsp;(19920879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63582425) | &nbsp;&nbsp;&nbsp;&nbsp;(10215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30613) |
| 28532683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93281989 | &nbsp;&nbsp;&nbsp;&nbsp;343298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013057 |
| 27910256 | $91562594 | (8616670) | $(25867887) |

---

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Financial Highlights

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| 03/31/21 | $10.05 | $0.41 | $1.16 | $1.57 | $(0.41) | $(0.10) | $(0.51) | $11.11 | 15.72% | $121317 | 1.04% | 1.09% | 3.79% | 103% |
| 03/31/22 | &nbsp;&nbsp;11.11 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;10.57 | (1.76) | &nbsp;&nbsp;&nbsp;&nbsp;113880 | 1.09 | 1.11 | 3.05 | &nbsp;&nbsp;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 | &nbsp;&nbsp;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 | &nbsp;&nbsp;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 | &nbsp;&nbsp;52 |
| **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** |
| 03/31/21 | $9.90 | $0.32 | $1.15 | $1.47 | $(0.33) | $(0.10) | $(0.43) | $10.94 | 14.89% | $44389 | 1.79% | 1.85% | 3.04% | 103% |
| 03/31/22 | &nbsp;&nbsp;10.94 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;10.40 | (2.52) | &nbsp;&nbsp;&nbsp;&nbsp;37087 | 1.84 | 1.87 | 2.30 | &nbsp;&nbsp;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 | &nbsp;&nbsp;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 | &nbsp;&nbsp;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 | &nbsp;&nbsp;52 |
| **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** |
| 03/31/21 | $10.08 | $0.44 | $1.17 | $1.61 | $(0.44) | $(0.10) | $(0.54) | $11.15 | 16.07% | $587810 | 0.79% | 0.83% | 4.04% | 103% |
| 03/31/22 | &nbsp;&nbsp;11.15 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;10.60 | (1.61) | &nbsp;&nbsp;&nbsp;&nbsp;661266 | 0.84 | 0.85 | 3.30 | &nbsp;&nbsp;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 | &nbsp;&nbsp;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 | &nbsp;&nbsp;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 | &nbsp;&nbsp;52 |
| **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** |
| 03/31/21 | $10.08 | $0.45 | $1.16 | $1.61 | $(0.45) | $(0.10) | $(0.55) | $11.14 | 16.19% | $36136 | 0.69% | 0.84% | 4.14% | 103% |
| 03/31/22 | &nbsp;&nbsp;11.14 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;10.60 | (1.45) | &nbsp;&nbsp;&nbsp;&nbsp;34177 | 0.74 | 0.84 | 3.40 | &nbsp;&nbsp;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 | &nbsp;&nbsp;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 | &nbsp;&nbsp;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 | &nbsp;&nbsp;52 |

---

*<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%, 0.05% and 0.01% for the years ended March 31, 2023, 2022 and 2020, respectively.* 

*<sup>(3)</sup>* *The net investment income 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_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_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** |
| 03/31/21 | $36.45 | $(0.02) | $24.92 | $24.90 | $— | $(2.92) | $(2.92) | $58.43 | 69.38% | $48419 | 1.22% | 1.22% | (0.05)%18%<sup>(4)</sup> |
| 03/31/22 | &nbsp;&nbsp;58.43 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(3.64) | &nbsp;&nbsp;(3.67) | &nbsp;&nbsp;60.38 | &nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;53028 | 1.15 | 1.15 | (0.17)&nbsp;&nbsp;&nbsp;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> |
| **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** |
| 03/31/21 | $34.06 | $(0.36) | $23.19 | $22.83 | $— | $(2.92) | $(2.92) | $53.97 | 68.10% | $25241 | 1.96% | 1.96% | (0.79)%18%<sup>(4)</sup> |
| 03/31/22 | &nbsp;&nbsp;53.97 | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.64) | &nbsp;&nbsp;(3.64) | &nbsp;&nbsp;55.10 | &nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;20147 | 1.91 | 1.91 | (0.92)&nbsp;&nbsp;&nbsp;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> |
| **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** |
| 03/31/21 | $36.82 | $0.13 | $25.21 | $25.34 | $(0.14) | $(2.92) | $(3.06) | $59.10 | 69.89% | $1058713 | 0.91% | 0.91% | &nbsp;&nbsp;0.27%18%<sup>(4)</sup> |
| 03/31/22 | &nbsp;&nbsp;59.10 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(3.64) | &nbsp;&nbsp;(3.76) | &nbsp;&nbsp;61.22 | &nbsp;&nbsp;9.71 | &nbsp;&nbsp;1108883 | 0.86 | 0.86 | &nbsp;&nbsp;0.12&nbsp;&nbsp;&nbsp;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> |
| **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** |
| 03/31/21 | $36.98 | $0.16 | $25.33 | $25.49 | $(0.17) | $(2.92) | $(3.09) | $59.38 | 70.00% | $15323 | 0.85% | 0.94% | &nbsp;&nbsp;0.32%18%<sup>(4)</sup> |
| 03/31/22 | &nbsp;&nbsp;59.38 | &nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(3.64) | &nbsp;&nbsp;(3.77) | &nbsp;&nbsp;61.54 | &nbsp;&nbsp;9.75 | &nbsp;&nbsp;&nbsp;&nbsp;18825 | 0.84 | 0.88 | &nbsp;&nbsp;0.15&nbsp;&nbsp;&nbsp;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;5<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 0.02% for the years ended March 31, 2025, 2024, 2023, 2022 and 2021, 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_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities Fund** | **Touchstone Growth Opportunities 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** |
| 03/31/21 | $27.94 | $(0.20) | $17.44 | $17.24 | $— | $(4.11) | $(4.11) | $41.07 | &nbsp;&nbsp;62.56% | $56877 | 1.24% | 1.34% | (0.55)% | 65% |
| 03/31/22 | &nbsp;&nbsp;41.07 | &nbsp;&nbsp;(0.21)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.19) | &nbsp;&nbsp;&nbsp;(7.19) | &nbsp;&nbsp;38.64 | &nbsp;&nbsp;10.48 | &nbsp;&nbsp;61006 | 1.25 | 1.31 | (0.48) | &nbsp;&nbsp;&nbsp;47<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;38.64 | &nbsp;&nbsp;(0.09)<sup>(3)</sup> | &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 | 1.37 | (0.27) | &nbsp;&nbsp;&nbsp;55<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;33.47 | &nbsp;&nbsp;(0.15)<sup>(3)</sup> | &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 | 1.39 | (0.40) | &nbsp;&nbsp;&nbsp;53<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;46.09 | &nbsp;&nbsp;(0.26)<sup>(3)</sup> | &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 | 1.34 | (0.52) | &nbsp;&nbsp;&nbsp;68<sup>(4)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 03/31/21^ | $31.58 | $(1.15) | $20.17 | $19.02 | $— | $(6.13) | $(6.13) | $44.47 | &nbsp;&nbsp;61.29% | $1853 | 1.99% | 2.70% | (1.30)% | 65% |
| 03/31/22^ | &nbsp;&nbsp;44.47 | &nbsp;&nbsp;(0.57)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(10.72) | &nbsp;&nbsp;(10.72) | &nbsp;&nbsp;38.75 | &nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;1769 | 2.00 | 2.64 | (1.23) | &nbsp;&nbsp;&nbsp;47<sup>(4)</sup> |
| 03/31/23^ | &nbsp;&nbsp;38.75 | &nbsp;&nbsp;(0.26)<sup>(3)</sup> | &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 | 2.86 | (1.02) | &nbsp;&nbsp;&nbsp;55<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;33.32 | &nbsp;&nbsp;(0.44)<sup>(3)</sup> | &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 | 3.35 | (1.15) | &nbsp;&nbsp;&nbsp;53<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;45.53 | &nbsp;&nbsp;(0.62)<sup>(3)</sup> | &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 | 3.08 | (1.27) | &nbsp;&nbsp;&nbsp;68<sup>(4)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 03/31/21 | $29.11 | $(0.12) | $18.20 | $18.08 | $— | $(4.11) | $(4.11) | $43.08 | &nbsp;&nbsp;62.93% | $30742 | 0.99% | 1.13% | (0.30)% | 65% |
| 03/31/22 | &nbsp;&nbsp;43.08 | &nbsp;&nbsp;(0.11)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.19) | &nbsp;&nbsp;&nbsp;(7.19) | &nbsp;&nbsp;40.97 | &nbsp;&nbsp;10.75 | &nbsp;&nbsp;25851 | 1.00 | 1.10 | (0.23) | &nbsp;&nbsp;&nbsp;47<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;40.97 | &nbsp;&nbsp;(0.01)<sup>(3)</sup> | &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 | 1.15 | (0.02) | &nbsp;&nbsp;&nbsp;55<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;35.55 | &nbsp;&nbsp;(0.06)<sup>(3)</sup> | &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 | 1.18 | (0.15) | &nbsp;&nbsp;&nbsp;53<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;49.17 | &nbsp;&nbsp;(0.14)<sup>(3)</sup> | &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 | 1.13 | (0.27) | &nbsp;&nbsp;&nbsp;68<sup>(4)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 03/31/21 | $29.58 | $(0.06) | $18.49 | $18.43 | $— | $(4.11) | $(4.11) | $43.90 | &nbsp;&nbsp;63.13% | $71461 | 0.89% | 1.03% | (0.20)% | 65% |
| 03/31/22 | &nbsp;&nbsp;43.90 | &nbsp;&nbsp;(0.06)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.19) | &nbsp;&nbsp;&nbsp;(7.19) | &nbsp;&nbsp;41.92 | &nbsp;&nbsp;10.84 | &nbsp;&nbsp;73624 | 0.90 | 1.02 | (0.13) | &nbsp;&nbsp;&nbsp;47<sup>(4)</sup> |
| 03/31/23 | &nbsp;&nbsp;41.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.03<sup>(3)</sup> | &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 | 1.06 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;55<sup>(4)</sup> |
| 03/31/24 | &nbsp;&nbsp;36.40 | &nbsp;&nbsp;(0.02)<sup>(3)</sup> | &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 | 1.08 | (0.05) | &nbsp;&nbsp;&nbsp;53<sup>(4)</sup> |
| 03/31/25 | &nbsp;&nbsp;50.41 | &nbsp;&nbsp;(0.09)<sup>(3)</sup> | &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 | 1.05 | (0.17) | 68<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>* | *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%, 0.03%, 0.02% and 0.01% for the years ended March 31, 2025, 2024, 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>* | *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* |
| *<sup>(5)</sup>* | *Less than $0.005 per share.* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_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)** | **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>(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** |
| **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** |
| 03/31/21 | $24.89 | $(0.28) | $15.64 | $15.36 | $(2.54) | $(2.54) | $37.71 | &nbsp;&nbsp;61.98% | $322432 | 1.23% | 1.23% | (0.75)%65%<sup>(3)</sup> |
| 03/31/22 | &nbsp;&nbsp;37.71 | &nbsp;&nbsp;(0.26)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;(6.37) | &nbsp;&nbsp;&nbsp;(6.37) | &nbsp;&nbsp;34.52 | &nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;299763 | 1.21 | 1.21 | (0.65)&nbsp;&nbsp;&nbsp;60<sup>(3)</sup> |
| 03/31/23 | &nbsp;&nbsp;34.52 | &nbsp;&nbsp;(0.09)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;(4.56) | &nbsp;&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>(3)</sup> |
| 03/31/24 | &nbsp;&nbsp;29.14 | &nbsp;&nbsp;(0.10)<sup>(4)</sup> | &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>(3)</sup> |
| 03/31/25 | &nbsp;&nbsp;36.94 | &nbsp;&nbsp;(0.24)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&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>(3)</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** |
| 03/31/21^ | $31.19 | $(1.67) | $20.46 | $18.79 | $(5.44) | $(5.44) | $44.54 | &nbsp;&nbsp;60.65% | $18939 | 2.07% | 2.07% | (1.59)%65%<sup>(3)</sup> |
| 03/31/22^ | &nbsp;&nbsp;44.54 | &nbsp;&nbsp;(0.64)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;(13.65) | &nbsp;&nbsp;(13.65) | &nbsp;&nbsp;34.64 | &nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;17918 | 2.04 | 2.04 | (1.48)&nbsp;&nbsp;&nbsp;60<sup>(3)</sup> |
| 03/31/23^ | &nbsp;&nbsp;34.64 | &nbsp;&nbsp;(0.20)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;(4.71) | &nbsp;&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>(3)</sup> |
| 03/31/24 | &nbsp;&nbsp;29.00 | &nbsp;&nbsp;(0.36)<sup>(4)</sup> | &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>(3)</sup> |
| 03/31/25 | &nbsp;&nbsp;36.46 | &nbsp;&nbsp;(0.54)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&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>(3)</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** |
| 03/31/21 | $26.04 | $(0.18) | $16.36 | $16.18 | $(2.54) | $(2.54) | $39.68 | &nbsp;&nbsp;62.40% | $641218 | 0.99% | 0.99% | (0.52)%65%<sup>(3)</sup> |
| 03/31/22 | &nbsp;&nbsp;39.68 | &nbsp;&nbsp;(0.18)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;(6.37) | &nbsp;&nbsp;&nbsp;(6.37) | &nbsp;&nbsp;36.72 | &nbsp;&nbsp;&nbsp;7.65 | &nbsp;&nbsp;657182 | 0.99 | 0.99 | (0.43)&nbsp;&nbsp;&nbsp;60<sup>(3)</sup> |
| 03/31/23 | &nbsp;&nbsp;36.72 | &nbsp;&nbsp;(0.02)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;(4.84) | &nbsp;&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>(3)</sup> |
| 03/31/24 | &nbsp;&nbsp;31.13 | &nbsp;&nbsp;(0.03)<sup>(4)</sup> | &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>(3)</sup> |
| 03/31/25 | &nbsp;&nbsp;39.55 | &nbsp;&nbsp;(0.17)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&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>(3)</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** |
| 03/31/21 | $26.32 | $(0.20) | $16.58 | $16.38 | $(2.54) | $(2.54) | $40.16 | &nbsp;&nbsp;62.50% | $381463 | 0.91% | 0.92% | (0.44)%65%<sup>(3)</sup> |
| 03/31/22 | &nbsp;&nbsp;40.16 | &nbsp;&nbsp;(0.14)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;(6.37) | &nbsp;&nbsp;&nbsp;(6.37) | &nbsp;&nbsp;37.29 | &nbsp;&nbsp;&nbsp;7.79 | &nbsp;&nbsp;229028 | 0.88 | 0.91 | (0.32)&nbsp;&nbsp;&nbsp;60<sup>(3)</sup> |
| 03/31/23 | &nbsp;&nbsp;37.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;(4.92) | &nbsp;&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>(3)</sup> |
| 03/31/24 | &nbsp;&nbsp;31.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(4)</sup> | &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>(3)</sup> |
| 03/31/25 | &nbsp;&nbsp;40.29 | &nbsp;&nbsp;(0.12)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;(1.46) | &nbsp;&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>(3)</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** |
| 03/31/21 | $26.32 | $(0.11) | $16.51 | $16.40 | $(2.54) | $(2.54) | $40.18 | &nbsp;&nbsp;62.58% | $4603 | 0.85% | 1.47% | (0.37)%65%<sup>(3)</sup> |
| 03/31/22 | &nbsp;&nbsp;40.18 | &nbsp;&nbsp;(0.09)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;(6.37) | &nbsp;&nbsp;&nbsp;(6.37) | &nbsp;&nbsp;37.35 | &nbsp;&nbsp;&nbsp;7.89 | &nbsp;&nbsp;111561 | 0.79 | 0.88 | (0.23)&nbsp;&nbsp;&nbsp;60<sup>(3)</sup> |
| 03/31/23 | &nbsp;&nbsp;37.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.05<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;(4.92) | &nbsp;&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>(3)</sup> |
| 03/31/24 | &nbsp;&nbsp;31.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.04<sup>(4)</sup> | &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>(3)</sup> |
| 03/31/25 | &nbsp;&nbsp;40.44 | &nbsp;&nbsp;(0.09)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;(1.46) | &nbsp;&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)79<sup>(3)</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>* | *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* |
| *<sup>(2)</sup>* | *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.01%, 0.02%, 0.02% and 0.01% for the years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively.* |
| *<sup>(3)</sup>* | *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* |
| *<sup>(4)</sup>* | *The net investment income (loss) per share was based on average shares outstanding for the period.* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_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** |
| 03/31/21 | $16.84 | &nbsp;&nbsp;&nbsp;$0.14<sup>(3)</sup> | $9.26 | $9.40 | $(0.08) | $— | $(0.08) | $26.16 | 55.86% | $496574 | 1.12% | 1.12% | &nbsp;&nbsp;0.63% | &nbsp;&nbsp;62% |
| 03/31/22 | &nbsp;&nbsp;26.16 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(2.78) | &nbsp;&nbsp;(3.01) | &nbsp;&nbsp;23.06 | (0.98) | &nbsp;&nbsp;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 |
| **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** |
| 03/31/21^ | $17.42 | $(0.05)<sup>(3)</sup> | $9.56 | $9.51 | $— | $— | $— | $26.93 | 54.55% | $7782 | 1.99% | 2.14% | (0.24)% | &nbsp;&nbsp;62% |
| 03/31/22^ | &nbsp;&nbsp;26.93 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(3.47) | &nbsp;&nbsp;(3.52) | &nbsp;&nbsp;23.13 | (1.85) | &nbsp;&nbsp;&nbsp;&nbsp;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 |
| **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** |
| 03/31/21 | $17.48 | &nbsp;&nbsp;&nbsp;$0.20<sup>(3)</sup> | $9.62 | $9.82 | $(0.14) | $— | $(0.14) | $27.16 | 56.22% | $182806 | 0.90% | 0.93% | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;62% |
| 03/31/22 | &nbsp;&nbsp;27.16 | &nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(2.78) | &nbsp;&nbsp;(3.06) | &nbsp;&nbsp;24.07 | (0.74) | &nbsp;&nbsp;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 |
| **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** |
| 03/31/21 | $17.50 | &nbsp;&nbsp;&nbsp;$0.19<sup>(3)</sup> | $9.64 | $9.83 | $(0.13) | $— | $(0.13) | $27.20 | 56.21% | $13271 | 0.89% | 0.97% | &nbsp;&nbsp;0.86% | &nbsp;&nbsp;62% |
| 03/31/22 | &nbsp;&nbsp;27.20 | &nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(2.78) | &nbsp;&nbsp;(3.06) | &nbsp;&nbsp;24.11 | (0.74) | &nbsp;&nbsp;&nbsp;&nbsp;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 |

---

---

| | |
|:---|:---|
| *^* | *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_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_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** |
| 03/31/21 | $11.36 | $(0.13) | $10.02 | $9.89 | $— | $— | $21.25 | &nbsp;&nbsp;87.06% | $20369 | 1.60% | 1.77% | (1.22)% | 27% |
| 03/31/22 | &nbsp;&nbsp;21.25 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;(5.07) | &nbsp;&nbsp;&nbsp;(5.28) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;15.65 | (25.16) | &nbsp;&nbsp;&nbsp;&nbsp;19694 | 1.60 | 1.60 | (1.03) | &nbsp;&nbsp;&nbsp;28<sup>(2)</sup> |
| 03/31/23 | &nbsp;&nbsp;15.65 | &nbsp;&nbsp;(0.07)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;(2.35) | &nbsp;&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 |
| **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** |
| 03/31/21 | $11.26 | $(0.14) | $9.79 | $9.65 | $— | $— | $20.91 | &nbsp;&nbsp;85.70% | $9637 | 2.35% | 2.82% | (1.97)% | 27% |
| 03/31/22 | &nbsp;&nbsp;20.91 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;(4.99) | &nbsp;&nbsp;&nbsp;(5.34) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;15.37 | (25.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9107 | 2.35 | 2.46 | (1.78) | &nbsp;&nbsp;&nbsp;28<sup>(2)</sup> |
| 03/31/23 | &nbsp;&nbsp;15.37 | &nbsp;&nbsp;(0.16)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&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 |
| **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** |
| 03/31/21 | $11.38 | $(0.11) | $10.09 | $9.98 | $— | $— | $21.36 | &nbsp;&nbsp;87.71% | $1460473 | 1.26% | 1.26% | (0.88)% | 27% |
| 03/31/22 | &nbsp;&nbsp;21.36 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;(5.08) | &nbsp;&nbsp;&nbsp;(5.25) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;15.74 | (24.89) | &nbsp;&nbsp;1186957 | 1.29 | 1.29 | (0.71) | &nbsp;&nbsp;&nbsp;28<sup>(2)</sup> |
| 03/31/23 | &nbsp;&nbsp;15.74 | &nbsp;&nbsp;(0.03)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;(2.36) | &nbsp;&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 |
| **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** |
| 03/31/21 | $11.43 | $(0.11) | $10.15 | $10.04 | $— | $— | $21.47 | &nbsp;&nbsp;87.79% | $2867373 | 1.21%<sup>(4)</sup> | 1.20% | (0.83)% | 27% |
| 03/31/22 | &nbsp;&nbsp;21.47 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;(4.97) | &nbsp;&nbsp;&nbsp;(5.26) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;15.83 | (24.81) | &nbsp;&nbsp;1252461 | 1.20 | 1.20 | (0.62) | &nbsp;&nbsp;&nbsp;28<sup>(2)</sup> |
| 03/31/23 | &nbsp;&nbsp;15.83 | &nbsp;&nbsp;(0.02)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&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 |
| **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;&nbsp;(2.39) | &nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(8)</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 |

---

*<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>* *Net expenses include amounts recouped by the Adviser.* 

*<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.* 

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_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** |
| 03/31/21 | $3.15 | $0.10 | $0.33 | $0.43 | $(0.11) | $— | $(0.11) | $3.47 | 13.87% | $173600 | 1.10% | 1.37% | 2.91% | 111% |
| 03/31/22 | &nbsp;&nbsp;3.47 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;3.27 | (3.22) | &nbsp;&nbsp;177574 | 1.03 | 1.14 | 2.38 | &nbsp;&nbsp;&nbsp;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 |
| **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** |
| 03/31/21 | $3.16 | $0.08 | $0.33 | $0.41 | $(0.09) | $— | $(0.09) | $3.48 | 13.11% | $39402 | 1.78% | 2.05% | 2.26% | 111% |
| 03/31/22 | &nbsp;&nbsp;3.48 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;3.28 | (4.03) | &nbsp;&nbsp;&nbsp;42046 | 1.74 | 1.88 | 1.62 | &nbsp;&nbsp;&nbsp;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 |
| **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** |
| 03/31/21 | $3.15 | $0.10 | $0.33 | $0.43 | $(0.12) | $— | $(0.12) | $3.46 | 13.77% | $140047 | 0.90% | 1.17% | 3.08% | 111% |
| 03/31/22<sup>(5)</sup> | &nbsp;&nbsp;3.46 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;3.26 | (2.97) | &nbsp;&nbsp;106650 | 0.79 | 0.91 | 2.62 | &nbsp;&nbsp;&nbsp;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 |
| **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 |

---

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

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

*<sup>(3)</sup>* *Portfolio turnover excludes the purchases and sales of securities of the AIG 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.*

------

[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Notes to Financial Statements

March 31, 2025

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 Flexible Income Fund ("Flexible Income Fund") |
| Touchstone Focused Fund ("Focused Fund") |
| Touchstone Growth Opportunities Fund ("Growth Opportunities Fund") |
| Touchstone Mid Cap Growth Fund ("Mid Cap Growth Fund") |
| Touchstone Non-US Equity Fund (formerly Touchstone Non-US ESG Equity Fund) ("Non-US Equity Fund") |
| Touchstone Sands Capital Emerging Markets Growth Fund ("Sands Capital Emerging Markets Growth Fund") |
| Touchstone Strategic Income Fund (formerly Touchstone Strategic Income Opportunities Fund) ("Strategic Income Fund") |

---

Each Fund is diversified, with the exception of the Focused Fund, the Growth Opportunities 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** |
| 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 |  |
| Growth Opportunities 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 |  |

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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, 2025, 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, 2025. Refer to the Portfolio of Investments for a reconciliation of Level 3 holdings.

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

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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 the 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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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 insolvency, among others, 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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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, 2025, the Funds did not hold any assets and liabilities that were subject to a MNA.

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

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| | | |
|:---|:---|:---|
| **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;$2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| 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;&nbsp;337114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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

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

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, 2025:

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| | | |
|:---|:---|:---|
| **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;Purchased Options - Equity Contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$660831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements - Credit Contracts<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2720) | &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>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements - Credit Contracts<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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*(1)* *Statements of Operations Location: Net realized gains (losses) on investments.* 

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

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

For the year ended March 31, 2025, the average quarterly balances of outstanding derivative financial instruments for the Funds were as follows:

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| | | |
|:---|:---|:---|
|  | **Flexible Income Fund** | &nbsp;&nbsp;**Strategic Income Fund** |
| **Equity Contracts:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options - Cost | $397834 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Credit Default Swaps (buy protection) - Notional value | &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;60899976 |
| &nbsp;&nbsp;&nbsp;Futures Contracts (short) - Notional Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3271850 |

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*(1)* *The balance at each quarter end was zero.* 

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Notes to Financial Statements (Continued)

**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, 2025, the following Funds loaned securities and received collateral as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **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;$15774794 | &nbsp;&nbsp;$16209050 | &nbsp;&nbsp;$434256 |
|  | Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| Total Flexible Income Fund |  | &nbsp;&nbsp;&nbsp;&nbsp;15779178 | &nbsp;&nbsp;&nbsp;&nbsp;16213515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434337 |
| Focused Fund | Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;25998191 | &nbsp;&nbsp;&nbsp;&nbsp;26284618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286427 |
| Non-US Equity Fund | Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;57538179 | &nbsp;&nbsp;&nbsp;&nbsp;60655957 | &nbsp;&nbsp;&nbsp;&nbsp;3117778 |
| Sands Capital Emerging Markets Growth Fund | Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;5376186 | &nbsp;&nbsp;&nbsp;&nbsp;5746787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370601 |

---

*(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.

**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'**

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Notes to Financial Statements (Continued)

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

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

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Notes to Financial Statements (Continued)

3. Investment Transactions

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Flexible<br> Income<br> Fund** | &nbsp;&nbsp;**Focused<br> Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Growth<br> Opportunities<br> Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Mid Cap<br> Growth<br> Fund<sup>(1)</sup>** | &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 | $888676289 | &nbsp;&nbsp;$92449298 | &nbsp;&nbsp;$110347439 | $1032139236 | &nbsp;&nbsp;$169456739 | &nbsp;&nbsp;$416869396 | &nbsp;&nbsp;$147362104 |
| Proceeds from sales and maturities | $689297775 | &nbsp;&nbsp;$66007148 | &nbsp;&nbsp;$102964723 | $1062922576 | &nbsp;&nbsp;$144436227 | &nbsp;&nbsp;$832078466 | &nbsp;&nbsp;$88956492 |

---

*(1)* *The Focused Fund, the Growth Opportunities Fund and the Mid Cap Growth Fund had redemption-in-kinds out of the Fund of $78,848,842, $18,721,217 and $97,070,115, respectively, which are excluded from the proceeds from sales and maturities.* 

For the year ended March 31, 2025, purchases and proceeds from sales and maturities in U.S. Government Securities were $186,482,772 and $12,173,041, respectively, for the Flexible Income Fund and $304,537,187 and $257,342,862, respectively, for the Strategic Income Fund. There were no purchases or proceeds from sales and maturities of U.S. Government securities by the other Funds for the year ended March 31, 2025.

4. Transactions with Affiliates and Other Related Parties

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

On behalf of the Funds, the Adviser pays each Independent Trustee a quarterly retainer plus additional retainers to the Lead Independent Trustee and the chairs of each standing committee. Interested Trustees do not receive compensation from the Funds. Each Independent Trustee also receives compensation for each Board meeting and committee meeting attended. Each standing committee chair receives additional compensation for each committee meeting that he or she oversees. The Adviser is reimbursed by the Funds for the Independent Trustees' compensation and out-of-pocket expenses relating to their services. The Funds accrued Trustee-related expenses of $237,412 for the Funds' Board for the year ended March 31, 2025.

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

---

| | |
|:---|:---|
| 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 |
| Growth Opportunities Fund | &nbsp;&nbsp;0.75% on the first $500 million<br> 0.70% on the next $500 million<br> 0.65% on such assets in excess of $1 billion |
| Mid Cap Growth Fund<sup>(1)</sup> | &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<sup>(2)</sup> | &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 |

---

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Notes to Financial Statements (Continued)

---

| | |
|:---|:---|
| 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 January 1, 2025, the Fund paid 0.75% on the first $500 million, 0.70% on the next $500 million, 0.65% on the next $200 million, 0.60% on such assets over $1.2 billion.* 

*(2)* *Prior to September 30, 2024, the Fund paid 1.00% on all assets.* 

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;Growth Opportunities Fund<sup>(2)</sup> |
| Strategic Income Fund | &nbsp;&nbsp;Mid Cap Growth Fund |
| **Rockefeller & Co., LLC** |  |
| Non-US Equity Fund |  |

---

*(1)* *Affiliate of the Adviser and wholly-owned subsidiary of Western & Southern.* 

*(2)* *Effective May 9, 2025, Los Angeles Capital Management LLC was appointed as sub-adviser to the Fund. See Note 9 in the Notes to Financial Statements.* 

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** |
| 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, 2025 |
| Focused Fund<sup>(1)</sup> | &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, 2025 |
| Growth Opportunities Fund | &nbsp;&nbsp;1.24% | &nbsp;&nbsp;1.99% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;July 29, 2025 |
| Mid Cap Growth Fund<sup>(2)</sup> | &nbsp;&nbsp;1.39% | &nbsp;&nbsp;1.99% | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;0.86% | &nbsp;&nbsp;0.77% | &nbsp;&nbsp;January 29, 2026 |
| Non-US Equity Fund<sup>(3)</sup> | &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;March 29, 2026 |
| Sands Capital Emerging Markets Growth Fund<sup>(4)</sup> | &nbsp;&nbsp;1.43% | &nbsp;&nbsp;2.13% | &nbsp;&nbsp;1.21% | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;September 30, 2025 |
| Strategic Income Fund | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.71% | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;July 29, 2025 |

---

*(1)* *Prior to July 29, 2024, the expense limitation for Class C was 1.95%.* 

*(2)* *Prior to January 1, 2025, the expense limitations for Class C and Y shares were 2.14% and 1.14%, respectively.* 

*(3)* *Prior to March 1, 2025, the expense limitation for Institutional Class shares was 0.87%. Prior to July 29, 2024, the expense limitation for Class C and Institutional Class shares was 1.95% and 0.89%, respectively.* 

*(4)* *Prior to September 30, 2024, the expense limitations for Classes A, C, Y, Institutional Class and R6 shares were 1.60%, 2.35%, 1.35%, 1.25% and 1.19%, 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, 2025, the Adviser or its affiliates waived or reimbursed investment advisory fees, administration fees or other operating expenses, including distribution fees of the Funds, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Investment<br> Advisory<br> Fees Waived** | &nbsp;&nbsp;**Administration<br> Fees Waived** | &nbsp;&nbsp;**Other Operating<br> Expenses<br> Reimbursed/<br> Waived** | &nbsp;&nbsp;**Total** |
| Flexible Income Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$88527 | &nbsp;&nbsp;$88527 |
| Focused Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26331 | &nbsp;&nbsp;&nbsp;&nbsp;26331 |
| Growth Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36020 | &nbsp;&nbsp;&nbsp;&nbsp;156373 | &nbsp;&nbsp;&nbsp;&nbsp;192393 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;145175 | &nbsp;&nbsp;&nbsp;&nbsp;237725 | &nbsp;&nbsp;&nbsp;&nbsp;382900 |
| Non-US Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;126572 | &nbsp;&nbsp;&nbsp;&nbsp;126572 |

---

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Notes to Financial Statements (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$75377 | &nbsp;&nbsp;$280295 | &nbsp;&nbsp;$355672 |
| Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;60930 | &nbsp;&nbsp;&nbsp;&nbsp;346558 | &nbsp;&nbsp;&nbsp;&nbsp;407488 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires on<br> or before<br> March 31, 2026** | **Expires on<br> or before<br> March 31, 2027** | **Expires on<br> or before<br> March 31, 2028** | **Total** |
| Flexible Income Fund | $274015 | $142721 | $39977 | $456713 |
| Focused Fund | &nbsp;&nbsp;&nbsp;&nbsp;11518 | &nbsp;&nbsp;&nbsp;&nbsp;21771 | &nbsp;&nbsp;&nbsp;&nbsp;14078 | &nbsp;&nbsp;&nbsp;&nbsp;47367 |
| Growth Opportunities Fund | &nbsp;&nbsp;&nbsp;114846 | &nbsp;&nbsp;&nbsp;130445 | &nbsp;&nbsp;&nbsp;123087 | &nbsp;&nbsp;&nbsp;368378 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;293346 | &nbsp;&nbsp;&nbsp;313884 | &nbsp;&nbsp;&nbsp;382900 | &nbsp;&nbsp;&nbsp;990130 |
| Non-US Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;45205 | &nbsp;&nbsp;&nbsp;&nbsp;55902 | &nbsp;&nbsp;&nbsp;110203 | &nbsp;&nbsp;&nbsp;211310 |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;324181 | &nbsp;&nbsp;&nbsp;324181 |
| Strategic Income Fund | &nbsp;&nbsp;&nbsp;101355 | &nbsp;&nbsp;&nbsp;&nbsp;97252 | &nbsp;&nbsp;&nbsp;207011 | &nbsp;&nbsp;&nbsp;405618 |

---

During the year ended March 31, 2025, the Adviser recouped previously waived fees or reimbursed expenses from Flexible Income Fund of $108,424.

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

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

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

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

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

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

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

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

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

The Funds may reimburse the Adviser for fees paid to intermediaries such as banks, broker-dealers, financial advisers or other financial institutions for sub-transfer agency, sub-administration and other services provided to investors whose shares of record are held in omnibus, other group accounts, retirement plans or accounts traded through registered securities clearing agents. These fees, which are included in Transfer Agent fees in the Statements of Operations, may vary based on, for example, the nature of services

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Notes to Financial Statements (Continued)

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, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Flexible Income Fund | $7312 |
| Focused Fund | &nbsp;&nbsp;&nbsp;11985 |
| Growth Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;5921 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;24017 |
| Non-US Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;8321 |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 |
| Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;1699 |

---

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, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class A** | &nbsp;&nbsp;&nbsp;**Class C** |
| Flexible Income Fund | $2150 | &nbsp;&nbsp;&nbsp;$1227 |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |

---

#### 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, 2025, the Funds did not engage in any Rule 17a-7 transactions.

5. Liquidity

**ReFlow Fund LLC — The Funds may participate in the ReFlow Fund LLC liquidity program ("ReFlow"), which is designed to provide an alternative liquidity source for funds experiencing redemptions. In order to pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund's net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a Fund. ReFlow then generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow's discretion. In return for this service, the Fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds.**

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Notes to Financial Statements (Continued)

During the year ended March 31, 2025, the following Funds utilized ReFlow. The number of shares ReFlow subscribed to and dollar amount of redemptions-in-kind were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Shares ReFlow<br> Subscribed to** | &nbsp;&nbsp;**Redemptions-in-kind** |
| Focused Fund | &nbsp;&nbsp;1214325 | &nbsp;&nbsp;$78848842 |
| Growth Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;408545 | &nbsp;&nbsp;&nbsp;&nbsp;18721217 |
| Mid Cap Growth Fund | &nbsp;&nbsp;2911306 | &nbsp;&nbsp;&nbsp;&nbsp;97070115 |

---

**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, 2025, 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;$5611 | &nbsp;&nbsp;5.17% | &nbsp;&nbsp;$294 |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;$20491 | &nbsp;&nbsp;5.53% | &nbsp;&nbsp;$1182 |

---

*(1)* *Included in Interest in the Statements of Operations.* 

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Daily Average<br> Amount Borrowed** | &nbsp;&nbsp;**Weighted Average<br> Interest Rate** | &nbsp;&nbsp;**Interest<br> Expense<sup>(1)</sup>** |
| Flexible Income Fund | &nbsp;&nbsp;$82692 | &nbsp;&nbsp;5.49% | &nbsp;&nbsp;$4620 |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;$17074 | &nbsp;&nbsp;4.91% | &nbsp;&nbsp;$853 |
| Strategic Income Fund | &nbsp;&nbsp;$203597 | &nbsp;&nbsp;5.38% | &nbsp;&nbsp;$11180 |

---

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

6. Federal Tax Information

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Flexible Income Fund** | **Flexible Income Fund** | &nbsp;&nbsp;&nbsp;**Focused Fund** | &nbsp;&nbsp;&nbsp;**Focused Fund** | &nbsp;&nbsp;&nbsp;**Growth Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Growth Opportunities Fund** |
|  | **Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2024** |
| From ordinary income | $66988269 | &nbsp;&nbsp;&nbsp;$39387547 | &nbsp;&nbsp;&nbsp;$7553567 | &nbsp;&nbsp;&nbsp;$4415457 | &nbsp;&nbsp;&nbsp;$3816252 | &nbsp;&nbsp;&nbsp;$4218 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6433867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9886009 | &nbsp;&nbsp;&nbsp;&nbsp;5692872 | &nbsp;&nbsp;&nbsp;&nbsp;3420878 |
| Total distributions | $66988269 | &nbsp;&nbsp;&nbsp;$39387547 | &nbsp;&nbsp;&nbsp;$13987434 | &nbsp;&nbsp;&nbsp;$14301466 | &nbsp;&nbsp;&nbsp;$9509124 | &nbsp;&nbsp;&nbsp;$3425096 |

---

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[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Notes to Financial Statements (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2024** |
| From ordinary income | $7270800 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$10213053 | &nbsp;&nbsp;&nbsp;$8683646 | &nbsp;&nbsp;&nbsp;$3537058 | &nbsp;&nbsp;&nbsp;$— |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;30263836 | &nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;— |
| Total distributions | $37534636 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$22592007 | &nbsp;&nbsp;&nbsp;$8683646 | &nbsp;&nbsp;&nbsp;$3537058 | &nbsp;&nbsp;&nbsp;$— |

---

---

| | | |
|:---|:---|:---|
|  | **Strategic Income Fund** | **Strategic Income Fund** |
|  | **Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31,<br> 2024** |
| From ordinary income | $11425590 | &nbsp;&nbsp;&nbsp;$9864583 |
| From return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | $11936230 | &nbsp;&nbsp;&nbsp;$9864583 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Flexible<br> Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Focused<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Growth<br> Opportunities<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$1692298413 | &nbsp;&nbsp;&nbsp;&nbsp;$619693834 | &nbsp;&nbsp;&nbsp;&nbsp;$90810734 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18839606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659507553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55955402 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37902303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11812369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3578841) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19062697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647695184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52376561 |
| Gross unrealized depreciation on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&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;(1) |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23882059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9182588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5281031 | &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;(18995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accumulated earnings (deficit) | &nbsp;&nbsp;$(38778112) | &nbsp;&nbsp;&nbsp;&nbsp;$643793589 | &nbsp;&nbsp;&nbsp;&nbsp;$52376560 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 Markets<br> Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Strategic<br> Income<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$1017315902 | &nbsp;&nbsp;&nbsp;&nbsp;$621764657 | &nbsp;&nbsp;&nbsp;&nbsp;$1459615934 | &nbsp;&nbsp;&nbsp;&nbsp;$296589849 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293083629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222592949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579227140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278341 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87296878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41763506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216408268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6910250) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205786751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180829443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362818872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2631909) |
| 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;1710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144784 | &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;(4833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17927243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| 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;(3123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17782459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| 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;(841966025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79166834) |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6277331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18738368 | &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;32774945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12485866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(713941) |
| Accumulated earnings (deficit) | &nbsp;&nbsp;$244839027 | &nbsp;&nbsp;&nbsp;&nbsp;$197846155 | &nbsp;&nbsp;&nbsp;&nbsp;$(478191244) | &nbsp;&nbsp;&nbsp;&nbsp;$(82512695) |

---

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, 2025, 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;$4482451 | &nbsp;&nbsp;&nbsp;$19399608 | &nbsp;&nbsp;&nbsp;$23882059 |

---

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[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Notes to Financial Statements (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**No Expiration<br> Short Term** | &nbsp;&nbsp;&nbsp;**No Expiration<br> Long Term** | &nbsp;&nbsp;&nbsp;**Total** |
| Focused Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$9182588 | &nbsp;&nbsp;&nbsp;$9182588 |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;486867356 | &nbsp;&nbsp;&nbsp;&nbsp;355098669 | &nbsp;&nbsp;&nbsp;&nbsp;841966025 |
| Strategic Income Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6744232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72422602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79166834 |

---

*\** *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, 2025, the following Fund utilized capital loss carryforwards:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Utilized** |
| Mid Cap Growth Fund | &nbsp;&nbsp;$5194964 |
| Non-US Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;3138486 |
| Sands Capital Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;72941039 |

---

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, 2025, the Funds did not elect to defer any losses.

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.

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, 2025:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-In<br> Capital** | &nbsp;&nbsp;**Distributable<br> Earnings** |
| Focused Fund | $55380882 | &nbsp;&nbsp;$(55380882) |
| Growth Opportunities Fund | &nbsp;&nbsp;&nbsp;12570347 | &nbsp;&nbsp;&nbsp;&nbsp;(12570347) |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;44445015 | &nbsp;&nbsp;&nbsp;&nbsp;(44445015) |
| Non-US Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1989723 | &nbsp;&nbsp;&nbsp;&nbsp;(1989723) |
| Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60732 |

---

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**

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[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Notes to Financial Statements (Continued)

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 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.

At a meeting of the Board of the Trust held on February 13, 2025 ("Board Meeting"), the Adviser proposed, and the Board approved, the following changes to the Touchstone Growth Opportunities Fund, which took effect on May 9, 2025: a name change to the Touchstone Dynamic Large Cap Growth Fund, the appointment of Los Angeles Capital Management LLC as sub-adviser to

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[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Notes to Financial Statements (Continued)

the Fund, the adoption of an 80% investment policy and certain other changes to the Fund's principal investment strategies (together, the "Updates"). The Updates did not require shareholder approval.

There were no other subsequent events that necessitated recognition or disclosure in the Funds' financial statements.

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[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Report of Independent Registered Public Accounting Firm

To the Shareholders of Touchstone Flexible Income Fund, Touchstone Focused Fund, Touchstone Growth Opportunities Fund, Touchstone Mid Cap Growth Fund, Touchstone Non-US Equity Fund (formerly Touchstone Non-US ESG Equity Fund), Touchstone Sands Capital Emerging Markets Growth Fund and Touchstone Strategic Income Fund (formerly Touchstone Strategic Income Opportunities 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 Flexible Income Fund, Touchstone Focused Fund, Touchstone Growth Opportunities Fund, Touchstone Mid Cap Growth Fund, Touchstone Non-US Equity Fund (formerly Touchstone Non-US ESG Equity Fund), Touchstone Sands Capital Emerging Markets Growth Fund and Touchstone Strategic Income Fund (formerly Touchstone Strategic Income Opportunities 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, 2025, 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, 2025, 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.

---

| | | | |
|:---|:---|:---|:---|
| **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 Flexible Income Fund<br> Touchstone Focused Fund<br> Touchstone Growth Opportunities 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, 2025 | &nbsp;&nbsp;For each of the two years in the period ended March 31, 2025 | &nbsp;&nbsp;For each of the five years in the period ended March 31, 2025 |
| Touchstone Strategic Income Fund | &nbsp;&nbsp;For the year ended<br> March 31, 2025 | &nbsp;&nbsp;For each of the two years in the period ended March 31, 2025 | &nbsp;&nbsp;For each of the three years in the period ended March 31, 2025 |

---

The financial highlights for each of the two years in the period ended March 31, 2022 for the Touchstone Strategic Income Fund were audited by other auditors whose reports dated May 23, 2022 and May 27, 2021, 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 March 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and

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[**Table of Contents**](#JOB_TS_-__9fdd1931-5113-4b04-80cc-cabb4c204759_TOCtm2516401d1_financials)

Report of Independent Registered Public Accounting Firm (Continued)

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.

![](tm2516401d1financialsi002.jpg)

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

Cincinnati, Ohio

May 23, 2025

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Other Items (Unaudited)

#### 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, 2025 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.

---

| | |
|:---|:---|
| Flexible Income Fund | 2.82% |
| Focused Fund | 100.00% |
| Growth Opportunities Fund | 40.94% |
| Mid Cap Growth Fund | 46.83% |
| Non-US Equity Fund | 100.00% |
| Sands Capital Emerging Markets Growth Fund | 66.44% |
| Strategic Income Fund | 2.07% |

---

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

---

| | |
|:---|:---|
| Flexible Income Fund | 2.13% |
| Focused Fund | 100.00% |
| Growth Opportunities Fund | 37.83% |
| Mid Cap Growth Fund | 44.69% |
| Sands Capital Emerging Markets Growth Fund | 1.02% |
| Strategic Income Fund | 2.07% |

---

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

---

| | |
|:---|:---|
| Focused Fund | $6433867 |
| Growth Opportunities Fund | $7352748 |
| Mid Cap Growth Fund | $75196475 |
| Non-US Equity Fund | $26854543 |

---

#### 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, 2025, the total amount of foreign source income is $19,993,450 or $0.72 per share and $28,044,210 or $0.23 per share, respectively. The total amount of foreign taxes to be paid is $1,658,112 or $0.06 per share and $6,515,744 or $0.05 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 21, 2024, 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

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Other Items (Unaudited) (Continued)

Agreement between the Trust and the Adviser with respect to each Fund of the Trust, and the continuance of the Sub-Advisory Agreement between the Adviser and each Fund's respective Sub-Adviser.

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

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

*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 one 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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Other Items (Unaudited) (Continued)

*Expenses and Performance. The Board compared the respective advisory fees and total expense ratios for each of the Funds with various comparative data, including the median and average advisory fees and total expense ratios of each Fund's respective peer group. The Board also considered, among other data, the Funds' respective performance results during the six-month, twelve-month, and thirty-six-month periods ended September 30, 2024, as applicable, and noted that the Board reviews on a quarterly basis detailed information about each Fund's performance results, portfolio composition and investment strategies. The Board also took into account current market conditions and their effect on the Funds' performance.*

The Board also considered the effect of each Fund's growth and size on its performance and expenses. The Board noted that the Adviser had waived a portion of the fees and/or reimbursed expenses for all of the Funds in order to reduce 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 Flexible 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 5th quintile of its peer group for the six-month period ended September 30, 2024, in the 4th quintile of its peer group for the twelve-month period ended September 30, 2024, and in the 2nd quintile of its peer group for the thirty-six-month period ended September 30, 2024. The Board noted management's discussion of the Fund's recent performance. Based upon their review, the Trustees concluded that the 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 each above the median of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance was in the 3rd quintile of its peer group for the six-month period ended September 30, 2024, in the 5th quintile of its peer group for the twelve-month period ended September 30, 2024 and in the 4th quintile of its peer group for the thirty-six-month period ended September 30, 2024. The Board noted management's discussion of the Fund's 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 Growth Opportunities Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were each above the median of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance was in the 4th quintile of its peer group for the six-month period ended September 30, 2024, in the 2nd quintile of its peer group for the twelve-month period ended September 30, 2024 and in the 1st quintile of its peer group for the thirty-six-month period ended September 30, 2024. 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 5th quintile of its peer group for the six-month period ended September 30, 2024, in the 4th quintile of its peer group for the twelve-month period ended September 30, 2024 and in the 3rd quintile of its peer group for the thirty-six-month period ended September 30, 2024. The Board noted management's discussion of the Fund's recent performance. Based upon their review, the Trustees concluded that the 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 (formerly, Touchstone Non-US ESG 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 1st quintile of its peer group for the six-, twelve- and thirty-six-month periods ended September 30, 2024. Based upon their review, the Trustees concluded that the overall performance of the

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Other Items (Unaudited) (Continued)

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 at the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance was in the 3rd quintile of its peer group for the six-month period ended September 30, 2024, in the 4th quintile of its peer group for the twelve-month period ended September 30, 2024 and in the 5th quintile of its peer group for the thirty-six-month period ended September 30, 2024. The Board noted management's discussion of the Fund's 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 (formerly, Touchstone Strategic Income Opportunities Fund)</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were both below the median, of its peer group. The Board noted that the Adviser was currently waiving a portion of the Fund's fees and/or reimbursing a portion of the Fund's operating expenses. The Fund's performance was in the 1st quintile of its peer group for the six- and twelve-month periods ended September 30, 2024. 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*

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Other Items (Unaudited) (Continued)

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.

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

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

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

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

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

As noted above, the Board considered each Fund's performance during the six-month, twelve-month, and thirty-six-month periods ended September 30, 2024, as applicable, and as compared to each Fund's peer group and noted that the Board reviews on a quarterly basis detailed information about each Fund's performance results, portfolio composition and investment strategies. The Board also noted the Adviser's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Sub-Adviser. The Board also was mindful of the Adviser's ongoing monitoring of each Sub-Adviser's performance and the measures undertaken by the Adviser to address any underperformance.

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

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![](tm2516401d1financialsi003.gif)

#### Touchstone Investments

#### Distributor
Touchstone Securities, Inc.\*

303 Broadway

Cincinnati, Ohio 45202-4203

800.638.8194 www.touchstoneinvestments.com

#### Investment Adviser
Touchstone Advisors, Inc.\*

303 Broadway

Cincinnati, Ohio 45202-4203

#### Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

P.O. Box 534467

Pittsburgh, PA 15253-4467

#### Shareholder Service
800.543.0407 \* A Member of Western & Southern Financial Group

TSF-TST-AR-NCSR-2503

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

Not applicable.

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

Not applicable.

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 16. Controls and Procedures.**

(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)).

(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)](tm2516401d1_ex99-codeeth.htm) [The registrant's Code of Ethics is attached hereto.](tm2516401d1_ex99-codeeth.htm)

(a)(2) Not applicable.

[(a)(3)](tm2516401d1_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.](tm2516401d1_ex99-cert.htm)

(a)(4) Not Applicable.

(a)(5) Not Applicable.

[(b)](tm2516401d1_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.](tm2516401d1_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/ E. Blake Moore, Jr. |
|  | E. Blake Moore, Jr., President |
|  | (principal executive officer) |

---

Date <u>May 30, 2025</u>

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ E. Blake Moore, Jr. |
|  | E. Blake Moore, Jr., President |
|  | (principal executive officer) |

---

Date <u>May 30, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ E. Blake Moore, Jr. |
|  | Terrie A. Wiedenheft, Controller and Treasurer |
|  | (principal financial officer) |

---

Date <u>May 30, 2025</u>

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

![](tm2516401d1_ex99-codeethimg1.jpg)

**Code of Ethics**

**Touchstone Advisors, Inc**.

**Touchstone Funds**

**Touchstone Securities, Inc.**

**Amended July 20, 2022**

Touchstone Advisors, Inc., the Touchstone Funds, and Touchstone Securities, Inc. (hereinafter referred to as "Touchstone") have adopted this Code of Ethics (this "Code") in accordance with the provisions of Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act") (collectively, the "SEC Rules"), and FINRA Rule 3210.

The SEC Rules generally prohibit deceitful, fraudulent or manipulative practices with respect to purchases or sales of securities held or to be acquired by investment companies and investment adviser accounts. While this Code is designed to prevent violations of the SEC Rules, it is possible to comply with the terms of this Code and nevertheless violate the general prohibitions set forth in the SEC Rules.

Touchstone does not hold itself out as providing investment advice or making investment recommendations, entering orders on behalf of the Touchstone Funds (the "Funds"), holding customer funds or securities but rather sub-contracts to select Sub-Advisers for the Funds portfolio management and to third party distributor for the purchase and redemption of the Funds shares or variable annuities.

Access Persons, as defined below, of the Sub-Advisers must comply with their respective Sub-Adviser's Code of Ethics and must report their trading activities according to the provisions of their Sub-Adviser's Codes. The Sub-Advisers will on a quarterly basis, report to Touchstone any violations of their Codes of Ethics by any individuals with responsibilities involving the Funds. The appropriate Chief Compliance Officer must provide the Board of Trustees of the Funds an annual report describing any issues arising under either Touchstone's or any Sub-Advisers' Code of Ethics.

The Access Persons of Touchstone are subject to this Code and should therefore, bear these general standards of conduct in mind at all times, as well as strict adherence to all applicable federal securities laws.

A. <u>GENERAL STANDARDS OF ETHICAL CONDUCT</u>

Access Persons (as defined in this Code) have a duty at all times to place the interests of the investment companies (the Funds) for which Touchstone acts as investment adviser or principal underwriter ahead of their own interests.

All personal securities transactions of Access Persons must be conducted in compliance with this Code and in a manner that avoids any actual or potential conflict of interest or any abuse of the individual's position of trust and responsibility to Touchstone.

All activities of Access Persons must also be conducted in accordance with the fundamental standard that they may not take any inappropriate advantage of their positions with Touchstone.

The Board of Directors/Trustees of Touchstone may from time to time adopt interpretations of this Code, as it deems appropriate.

B. <u>DEFINITIONS</u>

"**Access Person**" or **"Reporting Person"** is defined as:

&nbsp;&nbsp;&nbsp;&nbsp;1. any supervised person of Touchstone who may have access to non-public information regarding the Funds' purchases or sales of
securities;

&nbsp;&nbsp;&nbsp;&nbsp;2. any supervised person of Touchstone who is involved in making securities recommendations to the Funds (although not currently performed
or contemplated) or who may have access to the Sub-Adviser's non-public recommendations; or

&nbsp;&nbsp;&nbsp;&nbsp;3. any supervised person who has access to non-public information regarding the portfolio holdings of the Funds.

Access Persons include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any Director of Touchstone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any Officer of Touchstone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any General Partner of Touchstone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any Advisory Person (as defined below) of Touchstone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any Investment Person (as defined below) of Touchstone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any administrative, technical or temporary employee (as determined by the
appropriate Chief Compliance Officer) or supervised person of Touchstone who may have access to information that would cause them to meet
the definition of Access Person given above.

"**Advisory Person**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any employee of Touchstone (or of any company in a control relationship to
Touchstone) who, in connection with his or her regular functions or duties, makes, participates in or obtains information regarding the
purchase or sale of Covered Securities by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any employee of Touchstone (or of any company in a control relationship to
Touchstone) whose functions relate to the making of any recommendations with respect to purchases or sales of Covered Securities by a
Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any natural person in a control relationship with Touchstone who obtains
information regarding recommendations made to a Fund with regard to the purchase or sale of Covered Securities by a Fund.

"**Affiliated Fund**" means an investment company registered under the 1940 Act for which Touchstone Advisors, Inc. or a control affiliate serves as investment adviser.

**"Automatic Investment Plan"** means a program in which regular periodic purchases (or withdrawals) are made automatically in (and/or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

"**Beneficial Ownership**" is interpreted in the same manner as it would be under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934.

"**Chief Compliance Officer**" means the person, or persons, designated by the Funds' Board of Trustees to serve in that role for the Funds, or the person, or persons, serving in that role for Touchstone Advisors, Inc. and/or Touchstone Securities, Inc., to administer this Code or to review reports required by this Code.

"**Control**" has the same meaning as in Section 2(a)(9) of the 1940 Act.

"**Covered Account**" includes any account for an Access Person or immediate family member sharing the same household in which an Access Person has any direct or indirect beneficial ownership and has the ability to buy, sell or hold a covered security. Covered Accounts do not include:

&nbsp;&nbsp;&nbsp;&nbsp;· 401k/403b retirement plans\*,\*\*;

&nbsp;&nbsp;&nbsp;&nbsp;· 529 plans / Coverdell Education Savings Accounts

&nbsp;&nbsp;&nbsp;&nbsp;· Mutual Fund Direct Accounts in which purchases are made directly with an
open-ended mutual fund company by means of an automatic investment plan;\*

&nbsp;&nbsp;&nbsp;&nbsp;· Thrift Savings Plans ("TSPs")

&nbsp;&nbsp;&nbsp;&nbsp;· Variable insurance products\*

\*If holding or transacting in one or more Touchstone Mutual Funds, these should be disclosed to Compliance.

\*\*Western & Southern 401k Plans require disclosure.

"**Covered Security**" means a security as defined in Section 2(a)(36) of the 1940 Act (in effect, all securities), <u>except</u> under this Code does not include:

&nbsp;&nbsp;&nbsp;&nbsp;· direct obligations of the government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· bankers' acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;· bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;· commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;· high quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· shares issued by open-end funds unless Touchstone Advisors, Inc. or
a control affiliate acts as the investment adviser or principal; and

&nbsp;&nbsp;&nbsp;&nbsp;· transactions in units of a unit investment trust as long as the trust is
invested exclusively in unaffiliated mutual funds.

**"Federal Securities Laws"** means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Advisers Act of 1940, the Investment Company Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted there under by the SEC or the Department of the Treasury.

"**Fund**" means an investment company registered under the 1940 Act.

**"Immediate Family Member"** means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.

**"Initial Public Offering"** means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 of 15(d) of the Securities Exchange Act of 1934.

"**Investment Person**"\* means:

&nbsp;&nbsp;&nbsp;&nbsp;· any employee of Touchstone (or of any company in a control relationship to
Touchstone) who, in connection with his or her regular functions of duties, makes or participates in making recommendations regarding
the purchase or sale of securities by a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;· any natural person who controls Touchstone and who obtains information concerning
recommendations made to a Fund regarding the purchase or sale of securities by a Fund.

**"Limited Offering"** means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6), (15 U.S.C. 77d(2) or 77d(6)) or pursuant to Rule 504, 505, or 506.

"**Purchase or sale of Covered Securities**" includes, among other things, the writing of an option to purchase or sell Covered Securities.

"**Related Security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;· a security issued by the same issuer that issued the Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;· a security issued by an issuer under common control with the issuer that
issued the Covered Security; or

&nbsp;&nbsp;&nbsp;&nbsp;· a security that gives the holder any contractual right with respect to the
Covered Security, including options, warrants or other convertible securities.

"**Supervised Person**" is defined as any partner, officer, director (or other person occupying a similar status or performing similar functions), employee of Touchstone Advisors, Inc., or other person who provides investment advice on behalf of Touchstone Advisors, Inc. and is subject to the supervision and control of Touchstone Advisors, Inc. A Supervised Person is also anyone that, in the sole and reasonable discretion of an appropriate Touchstone Chief Compliance Officer, or his or her designee, should be covered by this Code but may not be covered by the definition of "access person" under Rule 17j-1 of the 1940 Act or Rule 204A-1 of the Advisers Act

C. <u>STANDARDS OF CONDUCT FOR ACCESS PERSONS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Restrictions on Serving on Boards of Directors</u> 

An Access Person may not serve on the board of directors/trustees of a publicly traded company without prior approval from the head of their business unit, the Compliance Department, and the Chief Executive Officer of Touchstone.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Restrictions Involving Gifts and Entertainment</u> 

An Access Person may not accept (or give) in any calendar year gifts with a value of more than $100 from any firm or person (or to any firm or person) that does business with Touchstone, directly or on behalf of any Fund.

This does not prohibit "ordinary and usual business entertainment" provided that such entertainment is "neither so frequent nor so extensive as to raise any question of propriety." For purposes of this Rule, "business entertainment" is defined as "entertainment in the form of any social event, hospitality event, charitable event, sporting event, entertainment event, meal, leisure activity or event of like nature or purpose, as well as any transportation and/or lodging accompanying or related to such activity or event in which a person associated with a firm accompanies and participates with such employee irrespective of whether any business is conducted during, or is considered during, or is considered attendant to, such event." Thus, for example, if a firm gives tickets to a sporting event and attends with the employee it is classified as business entertainment. If the firm gives the tickets but does not accompany the employee to the event, the tickets are deemed to be a gift and would be subjected to the $100 annual limitation.

An Access Person may not solicit gifts or entertainment.

D. <u>STANDARDS OF TRADING PRACTICES FOR ACCESS PERSONS</u> 

Any Access Person of Touchstone must obtain written approval of the appropriate Chief Compliance Officer or their designated representative prior to investing in an Initial Public Offering or limited offering.

You may not use your knowledge of transactions in Touchstone Funds or other accounts managed by Sub-Advisers, or any other Western & Southern entity, to profit by the market effect of those transactions.

Pre-Clearance Requirements

All Access Persons and members of his or her family/household must obtain pre-clearance any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All equity trades, including options and exchange traded funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All future trades

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All currency trades

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All bond trades (excluding non-reportable bonds-see below)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All closed-end Registered Funds ("mutual funds") trades

Other securities (opened-end mutual funds, money market instruments, CDs, commercial paper, unit investment trusts, DRIPs, U.S. Treasury obligations, and corporate actions that occur without the input of the Access Person) do not require preclearance. This also includes transactions in accounts for which the Access Person does not exercise control (i.e. managed accounts, full discretionary brokerage accounts).

By requesting pre-clearance, you represent that you (or the registered account holder):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Have no knowledge of a pending investment action involving the security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Are not in possession of any material nonpublic information concerning the security to which this request relates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Are not engaging in any manipulative or deceptive trading activity.

Rules of Pre-Clearance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-clearance must be obtained on the same calendar day in which you want to trade and prior to placing the trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-clearance approval is only good for one day (if you do not trade on the day you were granted approval, it expires)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Place day orders only (good-till-cancelled orders may be entered into your personal securities account however, approved preclearance
must be received every day until the GTC order is completely executed or cancelled)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Standard trading hours are from 9:30 a.m. to 4:00 p.m. Eastern Standard Time. If you place your trade after 4:00 p.m., the
order will be executed the next day in violation of this rule

The Compliance Team has the discretion to approve or decline any pre-clearance request.

Preclearance can be obtained two ways: MyComplianceOffice Technologies (MCT) (https://mctmco.com/login.do?session=reset) (formally Schwab Compliance Technologies system (SCT) or, in limited situations, via email or paper form obtained from the Compliance Department.

Generally, the Chief Compliance Officer will approve a transaction only if the transaction is unlikely to result in any of the abuses described in the Investment Company Act Rule 17j-1 and the Investment Advisers Act Rule 204A-1.

The Chief Compliance Officer reserves the right to refuse the authorization of securities transaction for any reason. The Chief Compliance Officer is not required to explain refusing to authorize a securities transaction.

30 Day Holding Rule

Generally, securities will be held for a period of not less than 30 calendar days. As a mutual fund provider that stresses a long-term investment horizon, excessive trading in personal securities accounts is strongly discouraged. In general, anyone trading a Covered Security less than 30 days from the date of acquisition of the Covered Security across all his or her personal securities accounts should expect additional scrutiny of his or her trades. All Access Persons also need to comply with the policies in any Touchstone Fund prospectus concerning excessive trading. The Compliance Department monitors trading activity, and may limit the number of trades allowed in your personal securities accounts during a given period.

Blackout Period

If Touchstone, on behalf of a client, has assisted in the execution of a trade in a security, an Access Person may not purchase or sell the security or an equivalent security within three trading days before or after that client's trade. Those securities that are exempt from the Three-Day Blackout Period are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 1000 or fewer shares in the aggregate within a five-day period of an equity security with a market cap of $4 billion or more

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bonds with $10,000 or less par value and short-term (maturity within one (1) to three (3) years) bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Closed-end Mutual Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETFs, except Touchstone ETFs

An equivalent security means any security issued by the same entity as the issuer of a security, including options, rights, stock appreciation rights, warrants, preferred stock, restricted stock, phantom stock, bonds, futures and other obligations of that company or security otherwise convertible into that security. Options on securities are included even if the Options Clearing Corporation or a similar entity issues them.

Note: At the discretion of the Chief Compliance Officer in determining whether there has been a violation of the Three-Day Blackout Period, consideration will be given to whether the Access Person knew or had reason to have known of Touchstone client account transactions. An Access Person who preclears, receives approval, trades in a Security, and had no knowledge about the client transaction in the same Security, may be found to have not violated the Three-Day Blackout Period upon determination by the Chief Compliance Officer.

E. <u>REPORTING</u>

All Access Persons are subject to the reporting requirements of this Code.

**Note:** The reporting requirements described in this section apply to Access Persons, which includes Directors, Officers, General Partners, Advisory Persons and Investment Persons.

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Duplicate Confirmations and Statements</u> 

To the extent Compliance is unable to obtain duplicate copies through the automated Code of Ethics administration system, MCT, each Access Person must arrange for duplicate copies of broker trade confirmations and periodic statements of his or her brokerage accounts to be sent to the appropriate Chief Compliance Officer or their designated representative. If duplicate copies cannot be provided directly by the broker to Touchstone, Access Persons must submit, via MCT, a copy of their periodic statements. If this is designated to a representative, that representative will send periodic reports of all violations of this Code to the appropriate Chief Compliance Officer or their designated representative.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Holdings Reports</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>What Information Must Be Included in a Holdings Reports?</u>

To the extent a brokerage account does not automatically load into MCT, each Access Person must submit reports containing information about each Covered Security in which the Access Person had any direct or indirect beneficial ownership ("Holdings Reports").

Each Holdings Report must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· title of each Covered Security in which the Access Person had any direct
or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· number of shares and/or principal amount of each Covered Security in which
the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· name of any broker, dealer or bank with whom the Access Person maintained
an account in which any securities were held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· date the Holdings Report is submitted by the Access Person.

If an Access Person is not required to report any information on a Holdings Report, the Access Person must submit a nil statement by the date on which the Holdings Report is due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>When Must an Access Person Submit an Initial Holdings Report?</u>

Each Access Person must submit an Initial Holdings Report no later than 10 days after he or she becomes an Access Person. The information included in the Initial Holdings Report must reflect the Access Person's holdings as of the date he or she became an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>When Must an Access Person Submit Annual Holdings Reports?</u>

Each Access Person must submit an Annual Holdings Report no later than January 30 of the following year. The information included in the Annual Holdings Report must reflect the Access Person's holdings as of the immediately preceding December 31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Are There Any Exceptions to These Reporting Requirements?</u>

An Access Person does not have to include in his or her Holdings Reports information about the following securities or accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct obligations of the government of the United States

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bankers' acceptances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bank certificates of deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· commercial paper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· high quality short-term debt instruments including repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· transactions effected for any account over which the Access Person has no
direct or indirect influence or control (i.e. managed accounts, full discretionary brokerage accounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares issued by open-end funds unless Touchstone Advisors, Inc. or
a control affiliate acts as the investment adviser or principal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· transactions in units of a unit investment trust as long as the trust is
invested exclusively in unaffiliated mutual funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· transactions effected pursuant to an automatic investment plan, including
dividend reinvestment plans, unless the transaction overrides the set schedule or allocations of the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Quarterly Transaction Reports</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>What Information Must Be Included in a Quarterly Transaction Report?</u>

To the extent a brokerage account does not automatically load into MCT, each Access Person must submit a report ("Quarterly Transaction Report") containing information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· every transaction in a Covered Security during the quarter and in which the
Access Person had any direct or indirect beneficial ownership and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· every account established by the Access Person in which any securities were
held during the quarter for the direct or indirect benefit of the Access Person

A Quarterly Transaction Report must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· date of each transaction in a Covered Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· title of the Covered Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interest rate and maturity date of the Covered Security, if applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· number of shares and/or principal amount of the Covered Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· nature of the transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· price of the Covered Security at which the transaction was effected

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· name of the broker, dealer or bank with or through which the transaction
was effected

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· name of the broker, dealer or bank with whom the Access Person established
any new account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· date the account was established and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· date the Quarterly Transaction Report is submitted by the Access Person.

If an Access Person is not required to report any information on a Quarterly Transaction Report, the Access Person must submit a nil statement no later than 30 days after the end of the calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>When Must an Access Person Submit a Quarterly Transaction Report?</u>

A Quarterly Transaction Report must be submitted no later than 30 days after the end of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Are There Any Exceptions To These Requirements?</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;♦ <u>Exceptions for Certain Securities and Accounts</u> 

An Access Person does not have to report transactions involving the following securities or accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct obligations of the government of the United States

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bankers' acceptances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bank certificates of deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· commercial paper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· high quality short-term debt instruments including repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares issued by open-end funds not managed by Touchstone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities held in any account over which the Access Person has no direct
or indirect influence or control (i.e. managed accounts, full discretionary brokerage accounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· transactions effected for any account over which the Access Person has no
direct or indirect influence or control, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· transactions effected pursuant to an automatic investment plan, including
dividend reinvestment plans, unless the transaction overrides the set schedule or allocations of the plan. **This includes, but is not limited to, the Western & Southern Financial Group Plan 401k program.** 

If an Access Person effects no reportable transactions during a quarter due to this exception, he/she must still submit a Quarterly Transaction Report confirming they have no reportable transactions no later than 30 days after the end of the calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;♦ <u>Exceptions Based On Duplicate Confirmations</u> 

In addition, an Access Person does not have to provide duplicate confirmations for a calendar quarter if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the brokerage account(s) are properly setup on MCT to automatically
feed transactional details,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the report would duplicate information contained in broker trade confirmations
or account statements received by the appropriate Chief Compliance Officer no later than 30 days after the end of the calendar quarter,
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· all of the required information is contained in the broker trade confirmations
or account statements.

If the MCT feed or broker trade confirmations do not contain all of the required information, the Access Person must include the missing information in a Quarterly Transaction Report.

If an Access Person does not make a Quarterly Transaction Report because of this exception, the Access Person must still submit a report no later than 30 days after the end of the calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Quarterly Brokerage Account Disclosure</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>What Information Must Be Included in a Quarterly Brokerage Account Disclosure?</u>

On a quarterly basis, an Access Person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· review and confirm that each of their covered account(s) are disclosed
in MCT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· request a withdrawal for each account for which the Access Person is no longer
required to disclose (e.g. closed, no longer an interested party, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· disclose any new Covered Account not already disclosed

A Quarterly Brokerage Account Disclosure must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employee name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Account title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brokerage / Broker-dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Account number; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Indicate if the account is a Managed Account (owner has no influence over
trades)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>When Must an Access Person Submit a Quarterly Brokerage Account Disclosure?</u>

A Quarterly Brokerage Account Disclosure must be submitted no later than 30 days after the end of each calendar quarter.

F. <u>CHIEF COMPLIANCE OFFICER REVIEWS</u>

In reviewing transactions, the appropriate Chief Compliance Officer, or their designee, will take into consideration the various exceptions included in this Code. Before making a determination that an Access Person has violated this Code, the appropriate Chief Compliance Officer will give the Access Person an opportunity to supply additional information about the transaction(s) in question.

G. <u>SANCTIONS</u>

The Board of Directors of Touchstone Securities, Inc. or Touchstone Advisors, Inc., and/or the appropriate Chief Compliance Officer may impose sanctions on an Access Person for violations of this Code as it deems appropriate. Sanctions could include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. written warning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. letter of censure or suspension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. fine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. disgorgement of any profits realized by the Access Person as a result of the violation, and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. termination of employment of the Access Person.

H. <u>"WHISTLEBLOWER" PROVISION</u>

Persons becoming aware of an apparent or suspected violation of this Code must report promptly to the appropriate Chief Compliance Officer or the Western & Southern Ethics Hotline (800-805-7270). Reports made to the Chief Compliance Officer, or calls to the hotline, serviced by NAVEX Global, may be made anonymously. Any such reports will be treated confidentially to the extent permitted by law and investigated promptly and thoroughly. In addition, should the Chief Compliance Officer be involved in the violation or is unreachable, you may report a violation to the Chief Compliance Officer of the Touchstone Funds, the Chief Compliance Officer of Western & Southern Financial Group, or the President or Chief Executive Officer of Touchstone Advisors, Inc.. Any retaliation against an individual who reports a violation is prohibited and constitutes a further violation of this Code.

I. <u>PRIVACY</u>

All reports of securities transactions and any other information reported pursuant to this Code will be treated as confidential. Personal account information will be kept in a secure location and will be shredded when the record retention requirement has been met.

J. <u>DISTRIBUTION OF THE CODE OF ETHICS</u> 

All Access Persons must receive a copy of this Code and must acknowledge receipt of this Code. The distribution of this Code to the Access Person and the acknowledgement from the Access Person to the appropriate Chief Compliance Officer that they have received this Code may be delivered by MCT, hard copy, fax, or email.

K. <u>TRAINING</u> 

All Access Persons will receive training on the principles and procedures of this Code. This will occur within 10 days of when a person is deemed to be an Access Person. Additional training will be provided as deemed necessary by the appropriate Chief Compliance Officer.

L. <u>RECORDKEEPING</u>

Rule 204A-1and related amendments to Rule 204-2 under the Advisers Act and Rule 17j-1 under the 40 Act, require that records regarding this Code are retain for certain periods of time. The following table sets forth the document retention requirements:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retention Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where Retained |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 years after the date on which they were last in effect | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office of Advisor first 2 years, easily accessible for 5 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Records of Violations and Actions taken as result | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 years after the person ceases to be an access person | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office of Advisor first 2 years, easily accessible for 5 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies of Access persons acknowledgement of receipt of Code | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 years after the person ceases to be an access person | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office of Advisor first 2 years, easily accessible for 5 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;List of Access Persons | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;List must include all access persons within the past 5 years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office of Advisor first 2 years, easily accessible for 5 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings and transaction reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 years after the person ceases to be an access person | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office of Advisor first 2 years, easily accessible for 5 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Records of any decisions approving acquisitions of IPO's or limited offering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 years after the person ceases to be an access person | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office of Advisor first 2 years, easily accessible for 5 years |

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M. <u>INSIDER TRADING</u>

All Access Persons of Touchstone are subject to the Insider Trading Policy as established by Touchstone Securities, Inc. See the separate Insider Trading Policy for further information.

N. <u>PAY-TO-PLAY CODE OF ETHICS</u>

All Access Persons of Touchstone are subject to the Touchstone Advisors Political Contributions Policy. See the separate Political Contributions Policy for further information.

O. <u>DISCLOSURES MADE OUTSIDE OF THE REPORTING SYSTEM</u>

In the event that a required disclosure is unable to be made in Touchstone's reporting system, MCT, Access Persons may contact the Touchstone Compliance Department to receive paper forms and instruction to ensure proper disclosure.

**Pre-Clearance Form**

Pre-clearance is required for all applicable transactions (ex. buying and/or selling, opening and/or closing) from your disclosed brokerage accounts. If you are unable to submit this request on MyComplianceOffice Technologies (MCT) (previously SchwabCT), please complete this form and email it to Touchstone Compliance (<u>TouchstoneFundsCompliance@touchstonefunds.com</u>). You are not able to trade until <u>after</u> you receive Compliance approval via email.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Employee Name** |  |  |
| &nbsp;&nbsp;**Brokerage Account #** |  |  |
| &nbsp;&nbsp;**Security Type (Stock, ETF, Option, Mutual Fund, Municipal Bond, Bond, Other)** |  |  |
| &nbsp;&nbsp;**Symbol** |  |  |
| &nbsp;&nbsp;**Description of Security** |  |  |
| &nbsp;&nbsp;**Action** |  |  |
| &nbsp;&nbsp;**Requested Quantity** |  |  |
| &nbsp;&nbsp;**Order Type (Market, Limit)** |  |  |
| &nbsp;&nbsp;**Comment: (Explain 'Other' security type if applicable)** |  |  |
| &nbsp;&nbsp;**\*\*Compliance Field Only\*\*** | &nbsp;&nbsp;◻ Approve | ◻ Disapprove |

---

---

| | |
|:---|:---|
| Employee's Name (Printed) | Employee's Name (Signature) |
| Date |  |
| Touchstone Compliance (Signature) | Compliance Decision 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, E. Blake Moore Jr., 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: | May 30, 2025 | /s/ E. Blake Moore Jr. |
|  |  | E. Blake Moore Jr., President |
|  |  | (principal executive officer) |

---

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

I, Terrie A. Wiedenheft, certify that:

1. I have reviewed this report on Form N-CSR of Touchstone 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: | May 30, 2025 | /s/ Terrie A. Wiedenheft |
|  |  | Terrie A. Wiedenheft, Controller and Treasurer |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

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

I, E. Blake Moore Jr., President of Touchstone Strategic Trust (the "Registrant"), certify that:

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

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

---

| | | |
|:---|:---|:---|
| Date: | May 30, 2025 | /s/ E. Blake Moore Jr. |
|  |  | E. Blake Moore Jr., President |
|  |  | (principal executive officer) |

---

I, Terrie A. Wiedenheft, Controller and Treasurer of Touchstone Strategic Trust (the "Registrant"), certify that:

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

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

---

| | | |
|:---|:---|:---|
| Date: | May 30, 2025 | /s/ Terrie A. Wiedenheft |
|  |  | Terrie A. Wiedenheft, Controller and Treasurer |
|  |  | (principal financial officer) |

---