# EDGAR Filing Document

**Accession Number:** 0000711080
**File Stem:** 0001104659-23-027299
**Filing Date:** 2023-3
**Character Count:** 545163
**Document Hash:** 7864c89b03927641d0557cc28861f33f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-027299.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001104659-23-027299

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOUCHSTONE STRATEGIC TRUST
- **CENTRAL INDEX KEY:** 0000711080
- **IRS NUMBER:** 311276717
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03651
- **FILM NUMBER:** 23693086

**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 International Growth Fund (Series ID: S000035679)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000109238 | A             | TNSAX           |
| C000109239 | C             | TNSCX           |
| C000109240 | Institutional | TNSIX           |
| C000109241 | Y             | TNSYX           |

### Touchstone Value Fund (Series ID: S000035691)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000109286 | A             | TVLAX           |
| C000109287 | C             | TVLCX           |
| C000109288 | Institutional | TVLIX           |
| C000109289 | Y             | TVLYX           |
| C000231973 | Class R6      | TVLRX           |

### Touchstone Large Cap Fund (Series ID: S000046011)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000143754 | Class A             | TACLX           |
| C000143755 | Class C             | TFCCX           |
| C000143756 | Class Y             | TLCYX           |
| C000143757 | Institutional Class | TLCIX           |

### Touchstone Large Company Growth Fund (Series ID: S000054835)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000172508 | Class A       | TSAGX           |
| C000172509 | Class C       | TCGLX           |
| C000172510 | Class Y       | TLGYX           |
| C000172511 | Institutional | DSMLX           |

### Touchstone Core Municipal Bond Fund (Series ID: S000055861)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000175943 | Class A       | TOHAX           |
| C000175944 | Class C       | TOHCX           |
| C000175945 | Class Y       | TOHYX           |
| C000175946 | Institutional | TOHIX           |

### Touchstone Balanced Fund (Series ID: S000059009)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000193583 | Class A      | SEBLX           |
| C000193584 | Class C      | SBACX           |
| C000193585 | Class Y      | SIBLX           |
| C000231974 | Class R6     | TBARX           |

### Touchstone Large Cap Focused Fund (Series ID: S000059010)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000193586 | Class A       | SENCX           |
| C000193587 | Class C       | SCSCX           |
| C000193588 | Class Y       | SICWX           |
| C000193589 | Institutional | SCRLX           |
| C000231975 | Class R6      | TSRLX           |

### Touchstone Small Company Fund (Series ID: S000059011)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000193591 | Class A       | SAGWX           |
| C000193592 | Class C       | SSCOX           |
| C000193593 | Class Y       | SIGWX           |
| C000193594 | Class R6      | SSRRX           |
| C000193595 | Institutional | TICSX           |

### Touchstone International Equity Fund (Series ID: S000059012)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000193597 | Class A       | SWRLX           |
| C000193598 | Class C       | SWFCX           |
| C000193599 | Class Y       | SIIEX           |
| C000193600 | Institutional | TOIIX           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT <br> INVESTMENT COMPANIES**

Investment Company Act file number<u>811-03651</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Touchstone Strategic Trust - June Funds</u> <br> (Exact name of registrant as specified in charter)

303 Broadway, Suite 1100<br> <u>Cincinnati, Ohio 45202-4203</u><br> (Address of principal executive offices) (Zip code)

E. Blake Moore, Jr.

303 Broadway, Suite 1100<br> <u>Cincinnati, Ohio 45202-4203</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>800-638-8194</u>

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>December 31, 2022</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

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

December 31, 2022 (Unaudited)

Semi-Annual Report

---

| |
|:---|
| **Touchstone Strategic Trust** |
| Touchstone Balanced Fund |
| Touchstone Core Municipal Bond Fund |
| Touchstone International Equity Fund |
| Touchstone International Growth Fund |
| Touchstone Large Cap Focused Fund |
| Touchstone Large Cap Fund |
| Touchstone Large Company Growth Fund |
| Touchstone Small Company Fund |
| Touchstone Value Fund |

---

![](tm237590d2semianulrpti001.gif)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | [Page](#xx_28654241-7d68-4460-9af6-a139b92ba440_1) |
| [Tabular Presentation of Portfolios of Investments](#xx_f3200816-3d63-48b0-8925-799350345af5_1tm237590d2_semianulrpt) | 3-5 |
| [Portfolios of Investments:](#xx_94ca0cd5-08f2-4509-b1d6-c22346ee4d01_1tm237590d2_semianulrpt) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Balanced Fund](#xx_94ca0cd5-08f2-4509-b1d6-c22346ee4d01_1tm237590d2_semianulrpt) | 6-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Core Municipal Bond Fund](#xx_192c87ac-72a7-4607-8483-615b3a4fabc8_1tm237590d2_semianulrpt) | 11-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone International Equity Fund](#xx_b2540e2d-92a3-49b3-b7e8-147decce4a21_1tm237590d2_semianulrpt) | 13-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone International Growth Fund](#xx_4e484057-5518-4919-908a-59d385568184_1tm237590d2_semianulrpt) | 15-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Large Cap Focused Fund](#xx_edd08d30-bdd9-4872-97a3-3d5432ce7ebf_1tm237590d2_semianulrpt) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Large Cap Fund](#xx_0a3d079a-2053-442e-8328-f7888b9ef2fa_1tm237590d2_semianulrpt) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Large Company Growth Fund](#xx_976ab45f-9ec0-4a4a-b0c0-e0c2d447ef8e_1tm237590d2_semianulrpt) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Small Company Fund](#xx_d00e551e-2ee8-4740-84a7-ec54af20eecb_1tm237590d2_semianulrpt) | 20-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Value Fund](#xx_6fd69724-8b33-479b-bec0-87ea74619506_1tm237590d2_semianulrpt) | 22 |
| [Statements of Assets and Liabilities](#xx_12707995-a930-4a9a-989a-19a04ba0227a_2tm237590d2_semianulrpt) | 24-27 |
| [Statements of Operations](#xx_cae32f7d-611e-4b46-9c47-929ff3aad4bc_1tm237590d2_semianulrpt) | 28-29 |
| [Statements of Changes in Net Assets](#xx_73466a55-5a82-45c5-ac3b-045129effd75_1tm237590d2_semianulrpt) | 30-32 |
| [Statements of Changes in Net Assets - Capital Stock Activity](#xx_597b49e2-68b1-4fcc-884b-caff67652255_2tm237590d2_semianulrpt) | 34-38 |
| [Financial Highlights](#xx_60e7c795-89a5-4841-a5f9-f21352e8d826_1tm237590d2_semianulrpt) | 39-47 |
| [Notes to Financial Statements](#xx_3abdd204-b6f4-415e-a7f9-21ed92aabd2b_1tm237590d2_semianulrpt) | 48-61 |
| [Other Items](#xx_77f3d2cb-f54b-4f5f-9c18-104c7951d8e0_1tm237590d2_semianulrpt) | 62-69 |
| [Privacy Protection Policy](#xx_b3f5b9c3-b6de-40a2-b25b-151b97a05970_2tm237590d2_semianulrpt) | 71 |

---

This report identifies the Funds' investments on December 31, 2022. 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_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Tabular Presentation of Portfolios of Investments (Unaudited)

December 31, 2022

The tables below provide each Fund's geographic allocation, sector allocation and/or credit quality. We hope it will be useful to shareholders as it summarizes key information about each Fund's investments.

#### Touchstone Balanced Fund

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Credit Quality\*(% of Fixed Income Securities)** | &nbsp;&nbsp;&nbsp;&nbsp;**Credit Quality\*(% of Fixed Income Securities)** |
| &nbsp;&nbsp;&nbsp;AAA/Aaa | &nbsp;&nbsp;45.5% |
| &nbsp;&nbsp;&nbsp;AA/Aa | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;&nbsp;A/A | &nbsp;&nbsp;12.7 |
| &nbsp;&nbsp;&nbsp;BBB/Baa | &nbsp;&nbsp;28.5 |
| &nbsp;&nbsp;&nbsp;BB/Ba | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;&nbsp;B/B | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;&nbsp;CC | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;&nbsp;Not Rated | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;&nbsp;Total | 100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*\*(% of Net Assets)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*\*(% of Net Assets)** |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;12.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;&nbsp;Fixed Income Securities | &nbsp;&nbsp;32.0 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment Fund | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;&nbsp;Other Assets/Liabilities (Net) | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

#### Touchstone Core Municipal Bond Fund

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Credit Quality\*(% of Fixed Income Securities)** | &nbsp;&nbsp;&nbsp;&nbsp;**Credit Quality\*(% of Fixed Income Securities)** |
| &nbsp;&nbsp;&nbsp;AAA/Aaa | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;&nbsp;AA/Aa | &nbsp;&nbsp;47.0 |
| &nbsp;&nbsp;&nbsp;A/A | &nbsp;&nbsp;40.0 |
| &nbsp;&nbsp;&nbsp;BBB/Baa | &nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| &nbsp;&nbsp;&nbsp;BB/Ba | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;&nbsp;Cash Equivalents | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;&nbsp;Total | 100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Allocation(% of Net Assets)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Allocation(% of Net Assets)** |
| &nbsp;&nbsp;&nbsp;Fixed Rate Revenue Bonds | &nbsp;&nbsp;75.0% |
| &nbsp;&nbsp;&nbsp;General Obligation Bonds | &nbsp;&nbsp;21.8 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment Fund | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;&nbsp;Other Assets/Liabilities (Net) | &nbsp;&nbsp;&nbsp;(0.1) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

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

*\*\* Sector classifications are based upon the Global Industry Classification Standard (GICS®).*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Tabular Presentation of Portfolios of Investments (Unaudited) (Continued)

#### Touchstone International Equity Fund

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Geographic Allocation(% of Net Assets)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Geographic Allocation(% of Net Assets)** |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;18.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;15.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;9.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanzania | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment Fund | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;&nbsp;Other Assets/Liabilities (Net) | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

#### Touchstone International Growth Fund

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Geographic Allocation(% of Net Assets)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Geographic Allocation(% of Net Assets)** |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;15.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;15.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;13.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;&nbsp;Other Assets/Liabilities (Net) | &nbsp;&nbsp;&nbsp;(0.0) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

#### Touchstone Large Cap Focused Fund

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*(% of Net Assets)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*(% of Net Assets)** |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;27.6% |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;18.0 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;12.0 |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;10.9 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment Fund | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;&nbsp;Other Assets/Liabilities (Net) | &nbsp;&nbsp;&nbsp;(0.1) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

#### Touchstone Large Cap Fund

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*(% of Net Assets)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*(% of Net Assets)** |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;20.4% |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;18.3 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;16.8 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;9.3 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment Fund | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;&nbsp;Other Assets/Liabilities (Net) | &nbsp;&nbsp;&nbsp;(0.2) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

\* Sector classifications are based upon the Global Industry Classification Standard (GICS®).

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Tabular Presentation of Portfolios of Investments (Unaudited) (Continued)

#### Touchstone Large Company Growth Fund

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*(% of Net Assets)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*(% of Net Assets)** |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;54.8% |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;12.9 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;9.3 |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;&nbsp;Other Assets/Liabilities (Net) | &nbsp;&nbsp;&nbsp;(0.1) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

#### Touchstone Small Company Fund

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*(% of Net Assets)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*(% of Net Assets)** |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;20.7% |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;17.5 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;16.0 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;15.8 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;11.0 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;&nbsp;Other Assets/Liabilities (Net) | &nbsp;&nbsp;&nbsp;(0.3) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

#### Touchstone Value Fund

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*(% of Net Assets)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*(% of Net Assets)** |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;15.8% |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;15.7 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;12.5 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;12.3 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;10.2 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment Fund | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;&nbsp;Other Assets/Liabilities (Net) | &nbsp;&nbsp;&nbsp;(0.1) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

\* Sector classifications are based upon the Global Industry Classification Standard (GICS®).

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Portfolio of Investments

Touchstone Balanced Fund – December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 63.9%** |  |
|  | &nbsp;&nbsp;**Information Technology — 17.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220570 | &nbsp;&nbsp;Apple, Inc. | $28658660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54320 | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp; 7653145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154402 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 37028687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133039 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 10874608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60853 | &nbsp;&nbsp;PayPal Holdings, Inc.\* | &nbsp;&nbsp; 4333951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62590 | &nbsp;&nbsp;Salesforce, Inc.\* | &nbsp;&nbsp; 8298808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101750 | &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 5297105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 9913200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57538 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 11954095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33884 | &nbsp;&nbsp;Workday, Inc. - Class A\* | &nbsp;&nbsp; 5669810 |
|  |  | &nbsp;&nbsp;129682069 |
|  | &nbsp;&nbsp;**Health Care — 12.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751 | &nbsp;&nbsp;Alcon, Inc. (Switzerland) | &nbsp;&nbsp; 394231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66655 | &nbsp;&nbsp;AmerisourceBergen Corp. | &nbsp;&nbsp; 11045400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10765 | &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp; 2737540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103668 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp; 10728601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131530 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 9463584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp; 931900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49687 | &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp; 11922893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94799 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 16746243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101735 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 7906844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34685 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 18389293 |
|  |  | &nbsp;&nbsp; 90266529 |
|  | &nbsp;&nbsp;**Financials — 7.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226643 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 7506416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77164 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | &nbsp;&nbsp; 23835959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43699 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 15005363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6787 | &nbsp;&nbsp;Markel Corp.\* | &nbsp;&nbsp; 8941805 |
|  |  | &nbsp;&nbsp; 55289543 |
|  | &nbsp;&nbsp;**Communication Services — 7.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256700 | &nbsp;&nbsp;Alphabet, Inc. - Class C\* | &nbsp;&nbsp; 22776991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184897 | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp; 3403954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211054 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 7380558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43677 | &nbsp;&nbsp;Fox Corp. - Class A | &nbsp;&nbsp; 1326470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85801 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A\* | &nbsp;&nbsp; 10325292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19479 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 5743968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31985 | &nbsp;&nbsp;Walt Disney Co. (The)\* | &nbsp;&nbsp; 2778857 |
|  |  | &nbsp;&nbsp; 53736090 |
|  | &nbsp;&nbsp;**Industrials — 5.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39856 | &nbsp;&nbsp;Boeing Co. (The)\* | &nbsp;&nbsp; 7592169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9387 | &nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 4024770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17319 | &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp; 2999651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42524 | &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp; 9979532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126843 | &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp; 12800996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164527 | &nbsp;&nbsp;Southwest Airlines Co.\* | &nbsp;&nbsp; 5539624 |
|  |  | &nbsp;&nbsp; 42936742 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 4.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42282 | &nbsp;&nbsp;Airbnb, Inc. - Class A\* | &nbsp;&nbsp; 3615111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35598 | &nbsp;&nbsp;Alibaba Group Holding Ltd. (China) ADR\* | &nbsp;&nbsp; 3135828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188220 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 15810480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50374 | &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 6365259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65658 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 6513273 |
|  |  | &nbsp;&nbsp; 35439951 |
|  | &nbsp;&nbsp;**Consumer Staples — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110390 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 11207897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8485 | &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp; 1532900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106067 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 10735041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12856 | &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp; 1948455 |
|  |  | &nbsp;&nbsp; 25424293 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Energy — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;Chevron Corp. | $3589800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111879 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 12340254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146582 | &nbsp;&nbsp;Schlumberger Ltd. | &nbsp;&nbsp; 7836274 |
|  |  | &nbsp;&nbsp; 23766328 |
|  | &nbsp;&nbsp;**Materials — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108662 | &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp; 7457473 |
|  | &nbsp;&nbsp;**Real Estate — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32128 | &nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp; 5120239 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $469119257 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  |  |
|  | &nbsp;&nbsp;**Corporate Bonds — 12.3%** |  |
|  | &nbsp;&nbsp;**Financials — 3.9%** |  |
| $1217000 | &nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.450%, 10/29/26 | &nbsp;&nbsp; 1065448 |
| &nbsp;&nbsp; 918000 | &nbsp;&nbsp;Allstate Corp. (The), Ser B, 5.750%, 8/15/53 | &nbsp;&nbsp; 862920 |
| &nbsp;&nbsp; 820000 | &nbsp;&nbsp;Ares Capital Corp., 3.250%, 7/15/25 | &nbsp;&nbsp; 755144 |
| &nbsp;&nbsp; 479000 | &nbsp;&nbsp;Bank of America Corp., 2.687%, 4/22/32 | &nbsp;&nbsp; 384636 |
| &nbsp;&nbsp; 753000 | &nbsp;&nbsp;Bank of America Corp., 3.705%, 4/24/28 | &nbsp;&nbsp; 697833 |
| &nbsp;&nbsp; 828000 | &nbsp;&nbsp;Bank of Montreal (Canada), 3.803%, 12/15/32 | &nbsp;&nbsp; 730261 |
| &nbsp;&nbsp; 790000 | &nbsp;&nbsp;Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | &nbsp;&nbsp; 821689 |
| &nbsp;&nbsp; 1381000 | &nbsp;&nbsp;Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | &nbsp;&nbsp; 1007440 |
| &nbsp;&nbsp; 1092000 | &nbsp;&nbsp;Barclays PLC (United Kingdom), 2.894%, 11/24/32 | &nbsp;&nbsp; 834900 |
| &nbsp;&nbsp; 520000 | &nbsp;&nbsp;Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | &nbsp;&nbsp; 466757 |
| &nbsp;&nbsp; 695000 | &nbsp;&nbsp;Charles Schwab Corp. (The), 5.000%<sup>(A)</sup> | &nbsp;&nbsp; 634534 |
| &nbsp;&nbsp; 813000 | &nbsp;&nbsp;Citigroup, Inc., 0.981%, 5/1/25 | &nbsp;&nbsp; 760970 |
| &nbsp;&nbsp; 699000 | &nbsp;&nbsp;Citigroup, Inc., 3.200%, 10/21/26 | &nbsp;&nbsp; 647382 |
| &nbsp;&nbsp; 790000 | &nbsp;&nbsp;Citizens Bank NA, 4.575%, 8/9/28 | &nbsp;&nbsp; 763866 |
| &nbsp;&nbsp; 856000 | &nbsp;&nbsp;Cooperatieve Rabobank UA (Netherlands), 144a, 1.106%, 2/24/27 | &nbsp;&nbsp; 748617 |
| &nbsp;&nbsp; 1187000 | &nbsp;&nbsp;Corestates Capital III, 144a, (3M LIBOR +0.570%), 5.176%, 2/15/27<sup>(B)</sup> | &nbsp;&nbsp; 1105581 |
| &nbsp;&nbsp; 807000 | &nbsp;&nbsp;Credit Suisse AG (Switzerland), 3.700%, 2/21/25 | &nbsp;&nbsp; 744636 |
| &nbsp;&nbsp; 796000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | &nbsp;&nbsp; 635249 |
| &nbsp;&nbsp; 1509000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.615%, 3/15/28 | &nbsp;&nbsp; 1404310 |
| &nbsp;&nbsp; 674000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | &nbsp;&nbsp; 626156 |
| &nbsp;&nbsp; 710000 | &nbsp;&nbsp;HSBC Holdings PLC (United Kingdom), 3.900%, 5/25/26 | &nbsp;&nbsp; 677003 |
| &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;Huntington Bancshares, Inc., 2.550%, 2/4/30 | &nbsp;&nbsp; 969264 |
| &nbsp;&nbsp; 876000 | &nbsp;&nbsp;JPMorgan Chase & Co., 2.956%, 5/13/31 | &nbsp;&nbsp; 723885 |
| &nbsp;&nbsp; 902000 | &nbsp;&nbsp;JPMorgan Chase & Co., 3.509%, 1/23/29 | &nbsp;&nbsp; 819973 |
| &nbsp;&nbsp; 792000 | &nbsp;&nbsp;JPMorgan Chase & Co., 5.717%, 9/14/33 | &nbsp;&nbsp; 778806 |
| &nbsp;&nbsp; 882000 | &nbsp;&nbsp;Lloyds Banking Group PLC (United Kingdom), 3.574%, 11/7/28 | &nbsp;&nbsp; 795570 |
| &nbsp;&nbsp; 1147000 | &nbsp;&nbsp;Mastercard, Inc., 2.000%, 11/18/31 | &nbsp;&nbsp; 923990 |
| &nbsp;&nbsp; 998000 | &nbsp;&nbsp;Morgan Stanley, 3.950%, 4/23/27 | &nbsp;&nbsp; 944093 |
| &nbsp;&nbsp; 663000 | &nbsp;&nbsp;Morgan Stanley, 5.297%, 4/20/37 | &nbsp;&nbsp; 608188 |
| &nbsp;&nbsp; 764000 | &nbsp;&nbsp;Northern Trust Corp., 6.125%, 11/2/32 | &nbsp;&nbsp; 808249 |
| &nbsp;&nbsp; 1087708 | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | &nbsp;&nbsp; 835772 |
| &nbsp;&nbsp; 959000 | &nbsp;&nbsp;PNC Capital Trust, (3M LIBOR +0.570%), 5.331%, 6/1/28<sup>(B)</sup> | &nbsp;&nbsp; 884086 |
| &nbsp;&nbsp; 1044000 | &nbsp;&nbsp;Prudential Financial, Inc., 5.125%, 3/1/52 | &nbsp;&nbsp; 950040 |
| &nbsp;&nbsp; 1368000 | &nbsp;&nbsp;Truist Bank, Ser A, (3M LIBOR +0.670%), 5.320%, 5/15/27<sup>(B)</sup> | &nbsp;&nbsp; 1267769 |
| &nbsp;&nbsp; 858000 | &nbsp;&nbsp;US Bancorp, 4.967%, 7/22/33 | &nbsp;&nbsp; 816814 |
|  |  | &nbsp;&nbsp; 28501831 |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Touchstone Balanced Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 12.3% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.6%** |  |
| $967000 | &nbsp;&nbsp;7-Eleven, Inc., 144a, 1.800%, 2/10/31 | $739186 |
| &nbsp;&nbsp; 80490 | &nbsp;&nbsp;Air Canada 2015-1 Class A Pass Through Trust (Canada), 144a, 3.600%, 3/15/27 | &nbsp;&nbsp; 72697 |
| &nbsp;&nbsp; 1316000 | &nbsp;&nbsp;BAT Capital Corp. (United Kingdom), 3.557%, 8/15/27 | &nbsp;&nbsp; 1202217 |
| &nbsp;&nbsp; 815000 | &nbsp;&nbsp;Brunswick Corp., 4.400%, 9/15/32 | &nbsp;&nbsp; 690347 |
| &nbsp;&nbsp; 616000 | &nbsp;&nbsp;Ford Motor Co., 3.250%, 2/12/32 | &nbsp;&nbsp; 462031 |
| &nbsp;&nbsp; 466000 | &nbsp;&nbsp;Ford Motor Credit Co. LLC, 3.664%, 9/8/24 | &nbsp;&nbsp; 444173 |
| &nbsp;&nbsp; 1461000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 3.100%, 1/12/32 | &nbsp;&nbsp; 1148832 |
| &nbsp;&nbsp; 550000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 5.650%, 1/17/29 | &nbsp;&nbsp; 540819 |
| &nbsp;&nbsp; 605000 | &nbsp;&nbsp;Home Depot, Inc. (The), 5.950%, 4/1/41 | &nbsp;&nbsp; 660388 |
| &nbsp;&nbsp; 889000 | &nbsp;&nbsp;Hyundai Capital America, 144a, 2.650%, 2/10/25 | &nbsp;&nbsp; 836528 |
| &nbsp;&nbsp; 573000 | &nbsp;&nbsp;Imperial Brands Finance PLC (United Kingdom), 144a, 6.125%, 7/27/27 | &nbsp;&nbsp; 571064 |
| &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 2.500%, 1/15/27 | &nbsp;&nbsp; 1084653 |
| &nbsp;&nbsp; 398000 | &nbsp;&nbsp;JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 4.375%, 2/2/52 | &nbsp;&nbsp; 280527 |
| &nbsp;&nbsp; 881000 | &nbsp;&nbsp;Lowe's Cos., Inc., 4.500%, 4/15/30 | &nbsp;&nbsp; 846569 |
| &nbsp;&nbsp; 440000 | &nbsp;&nbsp;Procter & Gamble Co. (The), 1.200%, 10/29/30 | &nbsp;&nbsp; 346337 |
| &nbsp;&nbsp; 1021000 | &nbsp;&nbsp;Toll Brothers Finance Corp., 3.800%, 11/1/29 | &nbsp;&nbsp; 872746 |
| &nbsp;&nbsp; 644000 | &nbsp;&nbsp;Warnermedia Holdings, Inc., 144a, 4.279%, 3/15/32 | &nbsp;&nbsp; 531216 |
| &nbsp;&nbsp; 644000 | &nbsp;&nbsp;Warnermedia Holdings, Inc., 144a, 5.141%, 3/15/52 | &nbsp;&nbsp; 470453 |
|  |  | &nbsp;&nbsp; 11800783 |
|  | &nbsp;&nbsp;**Industrials — 1.2%** |  |
| &nbsp;&nbsp; 792000 | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | &nbsp;&nbsp; 645651 |
| &nbsp;&nbsp; 469000 | &nbsp;&nbsp;Boeing Co. (The), 5.805%, 5/1/50 | &nbsp;&nbsp; 436654 |
| &nbsp;&nbsp; 887000 | &nbsp;&nbsp;Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | &nbsp;&nbsp; 933209 |
| &nbsp;&nbsp; 603000 | &nbsp;&nbsp;Carrier Global Corp., 3.577%, 4/5/50 | &nbsp;&nbsp; 432978 |
| &nbsp;&nbsp; 1105000 | &nbsp;&nbsp;CNH Industrial Capital LLC, 1.450%, 7/15/26 | &nbsp;&nbsp; 976269 |
| &nbsp;&nbsp; 595000 | &nbsp;&nbsp;FedEx Corp., 5.100%, 1/15/44 | &nbsp;&nbsp; 530574 |
| &nbsp;&nbsp; 859000 | &nbsp;&nbsp;John Deere Capital Corp., MTN, 2.450%, 1/9/30 | &nbsp;&nbsp; 742149 |
| &nbsp;&nbsp; 753000 | &nbsp;&nbsp;Mohawk Industries, Inc., 3.625%, 5/15/30 | &nbsp;&nbsp; 650587 |
| &nbsp;&nbsp; 743000 | &nbsp;&nbsp;Norfolk Southern Corp., 4.837%, 10/1/41 | &nbsp;&nbsp; 686299 |
| &nbsp;&nbsp; 867000 | &nbsp;&nbsp;Parker-Hannifin Corp., 4.250%, 9/15/27 | &nbsp;&nbsp; 842144 |
| &nbsp;&nbsp; 547000 | &nbsp;&nbsp;Roper Technologies, Inc., 2.950%, 9/15/29 | &nbsp;&nbsp; 475057 |
| &nbsp;&nbsp; 1277000 | &nbsp;&nbsp;Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | &nbsp;&nbsp; 1133833 |
| &nbsp;&nbsp; 520000 | &nbsp;&nbsp;WestRock MWV LLC, 8.200%, 1/15/30 | &nbsp;&nbsp; 587796 |
|  |  | &nbsp;&nbsp; 9073200 |
|  | &nbsp;&nbsp;**Energy — 1.0%** |  |
| &nbsp;&nbsp; 667000 | &nbsp;&nbsp;Boardwalk Pipelines LP, 4.800%, 5/3/29 | &nbsp;&nbsp; 629247 |
| &nbsp;&nbsp; 574000 | &nbsp;&nbsp;Canadian Natural Resources Ltd. (Canada), 6.250%, 3/15/38 | &nbsp;&nbsp; 570735 |
| &nbsp;&nbsp; 595000 | &nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37 | &nbsp;&nbsp; 544453 |
| &nbsp;&nbsp; 1136000 | &nbsp;&nbsp;Cheniere Energy, Inc., 4.625%, 10/15/28 | &nbsp;&nbsp; 1026860 |
| &nbsp;&nbsp; 620000 | &nbsp;&nbsp;Continental Resources, Inc., 144a, 5.750%, 1/15/31 | &nbsp;&nbsp; 577330 |
| &nbsp;&nbsp; 706000 | &nbsp;&nbsp;Energy Transfer LP, 4.150%, 9/15/29 | &nbsp;&nbsp; 639391 |
| &nbsp;&nbsp; 621000 | &nbsp;&nbsp;MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | &nbsp;&nbsp; 512223 |
| &nbsp;&nbsp; 757000 | &nbsp;&nbsp;Midwest Connector Capital Co. LLC, 144a, 3.900%, 4/1/24 | &nbsp;&nbsp; 733200 |
| &nbsp;&nbsp; 763000 | &nbsp;&nbsp;MPLX LP, 4.950%, 3/14/52 | &nbsp;&nbsp; 627587 |
| &nbsp;&nbsp; 745000 | &nbsp;&nbsp;NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | &nbsp;&nbsp; 778344 |
| &nbsp;&nbsp; 663000 | &nbsp;&nbsp;Petroleos Mexicanos (Mexico), 6.625%, 6/15/35 | &nbsp;&nbsp; 481272 |
|  |  | &nbsp;&nbsp; 7120642 |
|  | &nbsp;&nbsp;**Utilities — 0.9%** |  |
| &nbsp;&nbsp; 953000 | &nbsp;&nbsp;CMS Energy Corp., 4.750%, 6/1/50 | &nbsp;&nbsp; 824306 |
| &nbsp;&nbsp; 502000 | &nbsp;&nbsp;Duke Energy Progress LLC, 4.150%, 12/1/44 | &nbsp;&nbsp; 420677 |
| &nbsp;&nbsp; 504000 | &nbsp;&nbsp;Edison International, 4.125%, 3/15/28 | &nbsp;&nbsp; 468360 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Utilities — (Continued)** |  |
| $823000 | &nbsp;&nbsp;Electricite de France SA (France), 144a, 4.875%, 9/21/38 | $672244 |
| &nbsp;&nbsp; 841000 | &nbsp;&nbsp;FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44 | &nbsp;&nbsp; 786942 |
| &nbsp;&nbsp; 1040000 | &nbsp;&nbsp;Ohio Power Co., Ser R, 2.900%, 10/1/51 | &nbsp;&nbsp; 682860 |
| &nbsp;&nbsp; 909000 | &nbsp;&nbsp;Pacific Gas and Electric Co., 3.500%, 8/1/50 | &nbsp;&nbsp; 574416 |
| &nbsp;&nbsp; 739000 | &nbsp;&nbsp;PacifiCorp., 5.750%, 4/1/37 | &nbsp;&nbsp; 754519 |
| &nbsp;&nbsp; 1598000 | &nbsp;&nbsp;WEC Energy Group, Inc., (3M LIBOR +2.112%), 6.719%, 5/15/67<sup>(B)</sup> | &nbsp;&nbsp; 1336791 |
|  |  | &nbsp;&nbsp; 6521115 |
|  | &nbsp;&nbsp;**Health Care — 0.8%** |  |
| &nbsp;&nbsp; 774000 | &nbsp;&nbsp;AbbVie, Inc., 4.450%, 5/14/46 | &nbsp;&nbsp; 669416 |
| &nbsp;&nbsp; 679000 | &nbsp;&nbsp;Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | &nbsp;&nbsp; 519275 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;Becton Dickinson and Co., 4.685%, 12/15/44 | &nbsp;&nbsp; 628130 |
| &nbsp;&nbsp; 734000 | &nbsp;&nbsp;CommonSpirit Health, 4.187%, 10/1/49 | &nbsp;&nbsp; 575696 |
| &nbsp;&nbsp; 686000 | &nbsp;&nbsp;CVS Health Corp., 5.125%, 7/20/45 | &nbsp;&nbsp; 622463 |
| &nbsp;&nbsp; 847000 | &nbsp;&nbsp;DH Europe Finance II Sarl, 3.250%, 11/15/39 | &nbsp;&nbsp; 681002 |
| &nbsp;&nbsp; 812000 | &nbsp;&nbsp;HCA, Inc., 5.375%, 9/1/26 | &nbsp;&nbsp; 803694 |
| &nbsp;&nbsp; 679000 | &nbsp;&nbsp;Mylan, Inc., 4.550%, 4/15/28 | &nbsp;&nbsp; 630067 |
| &nbsp;&nbsp; 871000 | &nbsp;&nbsp;UnitedHealth Group, Inc., 3.500%, 8/15/39 | &nbsp;&nbsp; 715595 |
|  |  | &nbsp;&nbsp; 5845338 |
|  | &nbsp;&nbsp;**Information Technology — 0.8%** |  |
| &nbsp;&nbsp; 580000 | &nbsp;&nbsp;Apple, Inc., 4.650%, 2/23/46 | &nbsp;&nbsp; 549822 |
| &nbsp;&nbsp; 1309000 | &nbsp;&nbsp;Broadcom, Inc., 4.150%, 11/15/30 | &nbsp;&nbsp; 1174570 |
| &nbsp;&nbsp; 1064000 | &nbsp;&nbsp;Microchip Technology, Inc., 0.983%, 9/1/24 | &nbsp;&nbsp; 985665 |
| &nbsp;&nbsp; 544000 | &nbsp;&nbsp;Micron Technology, Inc., 2.703%, 4/15/32 | &nbsp;&nbsp; 410080 |
| &nbsp;&nbsp; 194000 | &nbsp;&nbsp;Micron Technology, Inc., 6.750%, 11/1/29 | &nbsp;&nbsp; 197736 |
| &nbsp;&nbsp; 446000 | &nbsp;&nbsp;Microsoft Corp., 3.500%, 2/12/35 | &nbsp;&nbsp; 405128 |
| &nbsp;&nbsp; 912000 | &nbsp;&nbsp;NXP BV / NXP Funding LLC (China), 5.350%, 3/1/26 | &nbsp;&nbsp; 907722 |
| &nbsp;&nbsp; 365000 | &nbsp;&nbsp;Oracle Corp., 3.600%, 4/1/40 | &nbsp;&nbsp; 271304 |
| &nbsp;&nbsp; 247000 | &nbsp;&nbsp;Oracle Corp., 4.300%, 7/8/34 | &nbsp;&nbsp; 217345 |
| &nbsp;&nbsp; 630000 | &nbsp;&nbsp;Visa, Inc., 4.150%, 12/14/35 | &nbsp;&nbsp; 597058 |
|  |  | &nbsp;&nbsp; 5716430 |
|  | &nbsp;&nbsp;**Real Estate — 0.7%** |  |
| &nbsp;&nbsp; 856000 | &nbsp;&nbsp;Crown Castle International Corp. REIT, 3.650%, 9/1/27 | &nbsp;&nbsp; 796353 |
| &nbsp;&nbsp; 684000 | &nbsp;&nbsp;Equinix, Inc. REIT, 2.900%, 11/18/26 | &nbsp;&nbsp; 625643 |
| &nbsp;&nbsp; 948000 | &nbsp;&nbsp;Host Hotels & Resorts LP REIT, Ser F, 4.500%, 2/1/26 | &nbsp;&nbsp; 909499 |
| &nbsp;&nbsp; 939000 | &nbsp;&nbsp;Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | &nbsp;&nbsp; 824305 |
| &nbsp;&nbsp; 671000 | &nbsp;&nbsp;Sabra Health Care LP REIT, 5.125%, 8/15/26 | &nbsp;&nbsp; 639522 |
| &nbsp;&nbsp; 974000 | &nbsp;&nbsp;SBA Tower Trust REIT, 144a, 6.599%, 1/15/28 | &nbsp;&nbsp; 977091 |
| &nbsp;&nbsp; 294000 | &nbsp;&nbsp;STORE Capital Corp. REIT, 4.500%, 3/15/28 | &nbsp;&nbsp; 265604 |
| &nbsp;&nbsp; 552000 | &nbsp;&nbsp;STORE Capital Corp. REIT, 4.625%, 3/15/29 | &nbsp;&nbsp; 496007 |
|  |  | &nbsp;&nbsp; 5534024 |
|  | &nbsp;&nbsp;**Communication Services — 0.7%** |  |
| &nbsp;&nbsp; 433000 | &nbsp;&nbsp;AT&T, Inc., 4.500%, 5/15/35 | &nbsp;&nbsp; 394294 |
| &nbsp;&nbsp; 1084000 | &nbsp;&nbsp;British Telecommunications PLC (United Kingdom), 144a, 3.250%, 11/8/29 | &nbsp;&nbsp; 926012 |
| &nbsp;&nbsp; 892000 | &nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | &nbsp;&nbsp; 807824 |
| &nbsp;&nbsp; 692000 | &nbsp;&nbsp;Comcast Corp., 4.000%, 3/1/48 | &nbsp;&nbsp; 553137 |
| &nbsp;&nbsp; 844000 | &nbsp;&nbsp;Netflix, Inc., 6.375%, 5/15/29 | &nbsp;&nbsp; 868719 |
| &nbsp;&nbsp; 315000 | &nbsp;&nbsp;Paramount Global, 4.950%, 5/19/50 | &nbsp;&nbsp; 230632 |
| &nbsp;&nbsp; 943000 | &nbsp;&nbsp;T-Mobile USA, Inc., 3.875%, 4/15/30 | &nbsp;&nbsp; 856442 |
| &nbsp;&nbsp; 877000 | &nbsp;&nbsp;Verizon Communications, Inc., 2.987%, 10/30/56 | &nbsp;&nbsp; 538627 |
|  |  | &nbsp;&nbsp; 5175687 |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Touchstone Balanced Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 12.3% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 0.4%** |  |
| $603000 | &nbsp;&nbsp;Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | $552671 |
| &nbsp;&nbsp; 884000 | &nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | &nbsp;&nbsp; 808343 |
| &nbsp;&nbsp; 301000 | &nbsp;&nbsp;Kroger Co. (The), 5.000%, 4/15/42 | &nbsp;&nbsp; 274615 |
| &nbsp;&nbsp; 850000 | &nbsp;&nbsp;Mars, Inc., 144a, 3.875%, 4/1/39 | &nbsp;&nbsp; 725175 |
| &nbsp;&nbsp; 484000 | &nbsp;&nbsp;Starbucks Corp., 3.350%, 3/12/50 | &nbsp;&nbsp; 344494 |
|  |  | &nbsp;&nbsp; 2705298 |
|  | &nbsp;&nbsp;**Materials — 0.3%** |  |
| &nbsp;&nbsp; 600000 | &nbsp;&nbsp;Braskem Netherlands Finance BV (Brazil), 144a, 4.500%, 1/31/30 | &nbsp;&nbsp; 510801 |
| &nbsp;&nbsp; 531000 | &nbsp;&nbsp;Braskem Netherlands Finance BV (Brazil), 144a, 5.875%, 1/31/50 | &nbsp;&nbsp; 411320 |
| &nbsp;&nbsp; 833000 | &nbsp;&nbsp;Celanese US Holdings LLC, 6.165%, 7/15/27 | &nbsp;&nbsp; 822801 |
| &nbsp;&nbsp; 846000 | &nbsp;&nbsp;Sherwin-Williams Co. (The), 4.500%, 6/1/47 | &nbsp;&nbsp; 715329 |
|  |  | &nbsp;&nbsp; 2460251 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | &nbsp;&nbsp; $90454599 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 9.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 9.3%** |
| &nbsp;&nbsp; 6530294 | &nbsp;&nbsp;U.S. Treasury Bond, 0.125%, 2/15/52 | &nbsp;&nbsp; 4228620 |
| &nbsp;&nbsp; 5355000 | &nbsp;&nbsp;U.S. Treasury Bond, 1.750%, 8/15/41 | &nbsp;&nbsp; 3691812 |
| &nbsp;&nbsp; 8389000 | &nbsp;&nbsp;U.S. Treasury Bond, 2.875%, 5/15/52 | &nbsp;&nbsp; 6784604 |
| &nbsp;&nbsp; 2910000 | &nbsp;&nbsp;U.S. Treasury Bond, 3.250%, 5/15/42 | &nbsp;&nbsp; 2568530 |
| &nbsp;&nbsp; 4740000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.000%, 11/15/42 | &nbsp;&nbsp; 4671122 |
| &nbsp;&nbsp; 3320000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.000%, 11/15/52 | &nbsp;&nbsp; 3354238 |
| &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;U.S. Treasury Note, 0.250%, 10/31/25 | &nbsp;&nbsp; 6265547 |
| &nbsp;&nbsp; 8084000 | &nbsp;&nbsp;U.S. Treasury Note, 0.750%, 5/31/26 | &nbsp;&nbsp; 7218444 |
| &nbsp;&nbsp; 3195000 | &nbsp;&nbsp;U.S. Treasury Note, 1.625%, 1/31/27 | &nbsp;&nbsp; 2888604 |
| &nbsp;&nbsp; 8691000 | &nbsp;&nbsp;U.S. Treasury Note, 2.750%, 8/15/32 | &nbsp;&nbsp; 7942759 |
| &nbsp;&nbsp; 331000 | &nbsp;&nbsp;U.S. Treasury Note, 4.125%, 11/15/32 | &nbsp;&nbsp; 339016 |
| &nbsp;&nbsp; 18475000 | &nbsp;&nbsp;U.S. Treasury Note, 4.375%, 10/31/24 | &nbsp;&nbsp; 18430978 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | &nbsp;&nbsp; $68384274 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 2.8%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 2.8%** |
| &nbsp;&nbsp; 825000 | &nbsp;&nbsp;BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | &nbsp;&nbsp; 774550 |
| &nbsp;&nbsp; 26671347 | &nbsp;&nbsp;BANK, Ser 2019-BN21, Class XA, 0.845%, 10/17/52<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 1114003 |
| &nbsp;&nbsp; 905000 | &nbsp;&nbsp;BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | &nbsp;&nbsp; 758017 |
| &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55 | &nbsp;&nbsp; 973579 |
| &nbsp;&nbsp; 870000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2021-C11, Class A5, 2.322%, 9/15/54 | &nbsp;&nbsp; 703297 |
| &nbsp;&nbsp; 2520000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2021-C12, Class A5, 2.689%, 11/15/54 | &nbsp;&nbsp; 2092739 |
| &nbsp;&nbsp; 670000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2022-C14, Class A5, 2.946%, 2/15/55<sup>(B)(D)</sup> | &nbsp;&nbsp; 567140 |
| &nbsp;&nbsp; 900000 | &nbsp;&nbsp;BPR Trust, Ser 2021-KEN, Class B, 144a, (1M LIBOR +1.950%), 6.268%, 2/15/29<sup>(B)</sup> | &nbsp;&nbsp; 873736 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2020-VIV3, Class B, 144a, 3.544%, 3/9/44<sup>(B)(D)</sup> | &nbsp;&nbsp; 1210022 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2020-VIV4, Class A, 144a, 2.843%, 3/9/44 | &nbsp;&nbsp; 1215337 |
| &nbsp;&nbsp; 755000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | &nbsp;&nbsp; 638824 |
| &nbsp;&nbsp; 1220000 | &nbsp;&nbsp;COMM Mortgage Trust, Ser 2018-HOME, Class A, 144a, 3.815%, 4/10/33<sup>(B)(D)</sup> | &nbsp;&nbsp; 1109788 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.541%, 1/10/43<sup>(B)(D)</sup> | &nbsp;&nbsp; 590519 |
| &nbsp;&nbsp; 1205000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | &nbsp;&nbsp; 997283 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (1M LIBOR +1.450%), 5.768%, 10/15/36<sup>(B)</sup> | &nbsp;&nbsp; 937419 |
| &nbsp;&nbsp;562000000 | &nbsp;&nbsp;Independence Plaza Trust, Ser 2018-INDP, Class XCP, 144a, 0.115%, 7/10/35<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 433246 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 2.8% (Continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 2.8% (Continued)** |
| $885000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | $816513 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (1M LIBOR +1.27%), 5.588%, 11/15/35<sup>(B)</sup> | &nbsp;&nbsp; 477338 |
| &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2018-H3, Class AS, 4.177%, 7/15/51 | &nbsp;&nbsp; 1038195 |
| &nbsp;&nbsp; 825000 | &nbsp;&nbsp;SG Commercial Mortgage Securities Trust, Ser 2019-787E, Class A, 144a, 4.163%, 2/15/41 | &nbsp;&nbsp; 717075 |
| &nbsp;&nbsp; 770000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2018-AUS, Class B, 144a, 4.058%, 8/17/36<sup>(B)(D)</sup> | &nbsp;&nbsp; 669861 |
| &nbsp;&nbsp; 2220000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | &nbsp;&nbsp; 1939405 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | &nbsp;&nbsp; $20647886 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 2.5%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 2.5%** |
| &nbsp;&nbsp; 1380 | &nbsp;&nbsp;FHLMC, Pool #G08062, 5.000%, 6/1/35 | &nbsp;&nbsp; 1412 |
| &nbsp;&nbsp; 129185 | &nbsp;&nbsp;FHLMC, Pool #G08637, 4.000%, 4/1/45 | &nbsp;&nbsp; 124032 |
| &nbsp;&nbsp; 771419 | &nbsp;&nbsp;FHLMC, Pool #Q02664, 4.500%, 8/1/41 | &nbsp;&nbsp; 766373 |
| &nbsp;&nbsp; 1329135 | &nbsp;&nbsp;FHLMC, Pool #Q29056, 4.000%, 10/1/44 | &nbsp;&nbsp; 1276114 |
| &nbsp;&nbsp; 674248 | &nbsp;&nbsp;FHLMC, Pool #Q29260, 4.000%, 10/1/44 | &nbsp;&nbsp; 647353 |
| &nbsp;&nbsp; 1513468 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD8148, 3.000%, 5/1/51 | &nbsp;&nbsp; 1332283 |
| &nbsp;&nbsp; 141 | &nbsp;&nbsp;FNMA, Pool #690305, 5.500%, 3/1/33 | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp; 284125 | &nbsp;&nbsp;FNMA, Pool #725423, 5.500%, 5/1/34 | &nbsp;&nbsp; 293126 |
| &nbsp;&nbsp; 251409 | &nbsp;&nbsp;FNMA, Pool #725610, 5.500%, 7/1/34 | &nbsp;&nbsp; 259587 |
| &nbsp;&nbsp; 50334 | &nbsp;&nbsp;FNMA, Pool #748895, 6.000%, 12/1/33 | &nbsp;&nbsp; 50181 |
| &nbsp;&nbsp; 101194 | &nbsp;&nbsp;FNMA, Pool #AD9193, 5.000%, 9/1/40 | &nbsp;&nbsp; 102560 |
| &nbsp;&nbsp; 282132 | &nbsp;&nbsp;FNMA, Pool #AH8925, 4.500%, 3/1/41 | &nbsp;&nbsp; 279972 |
| &nbsp;&nbsp; 299919 | &nbsp;&nbsp;FNMA, Pool #AR9195, 3.000%, 3/1/43 | &nbsp;&nbsp; 273313 |
| &nbsp;&nbsp; 518448 | &nbsp;&nbsp;FNMA, Pool #BC1809, 3.500%, 5/1/46 | &nbsp;&nbsp; 482138 |
| &nbsp;&nbsp; 1844792 | &nbsp;&nbsp;FNMA, Pool #BT7156, 2.000%, 8/1/51 | &nbsp;&nbsp; 1506849 |
| &nbsp;&nbsp; 2015022 | &nbsp;&nbsp;FNMA, Pool #CB1336, 2.000%, 8/1/41 | &nbsp;&nbsp; 1701548 |
| &nbsp;&nbsp; 1926304 | &nbsp;&nbsp;FNMA, Pool #FM5085, 2.000%, 12/1/50 | &nbsp;&nbsp; 1580269 |
| &nbsp;&nbsp; 598208 | &nbsp;&nbsp;FNMA, Pool #FM5166, 3.000%, 12/1/50 | &nbsp;&nbsp; 527914 |
| &nbsp;&nbsp; 514777 | &nbsp;&nbsp;FNMA, Pool #FM5279, 3.500%, 11/1/50 | &nbsp;&nbsp; 472336 |
| &nbsp;&nbsp; 421620 | &nbsp;&nbsp;FNMA, Pool #FM5468, 2.500%, 1/1/36 | &nbsp;&nbsp; 387329 |
| &nbsp;&nbsp; 589277 | &nbsp;&nbsp;FNMA, Pool #FM5682, 2.500%, 1/1/51 | &nbsp;&nbsp; 502037 |
| &nbsp;&nbsp; 1650939 | &nbsp;&nbsp;FNMA, Pool #FM7913, 2.000%, 4/1/36 | &nbsp;&nbsp; 1474456 |
| &nbsp;&nbsp; 1990762 | &nbsp;&nbsp;FNMA, Pool #FM8360, 2.500%, 8/1/51 | &nbsp;&nbsp; 1697060 |
| &nbsp;&nbsp; 1956726 | &nbsp;&nbsp;FNMA, Pool #FM8361, 2.500%, 8/1/51 | &nbsp;&nbsp; 1663988 |
| &nbsp;&nbsp; 699488 | &nbsp;&nbsp;FNMA, Pool #MA4166, 3.000%, 10/1/40 | &nbsp;&nbsp; 634227 |
| &nbsp;&nbsp; 449025 | &nbsp;&nbsp;GNMA, Pool #5175, 4.500%, 9/20/41 | &nbsp;&nbsp; 448600 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | &nbsp;&nbsp; $18485199 |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 2.3%** | &nbsp;&nbsp;**Asset-Backed Securities — 2.3%** |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (3M LIBOR +1.650%), 5.729%, 4/15/34<sup>(B)</sup> | &nbsp;&nbsp; 952487 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;AB BSL CLO 3, Ltd. (Cayman Islands), Ser 2021-3A, Class B, 144a, (3M LIBOR +1.700%), 5.943%, 10/20/34<sup>(B)</sup> | &nbsp;&nbsp; 1430989 |
| &nbsp;&nbsp; 347293 | &nbsp;&nbsp;Adams Outdoor Advertising LP, Ser 2018-1, Class A, 144a, 4.810%, 11/15/48 | &nbsp;&nbsp; 329481 |
| &nbsp;&nbsp; 340613 | &nbsp;&nbsp;CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | &nbsp;&nbsp; 304260 |
| &nbsp;&nbsp; 1247875 | &nbsp;&nbsp;CLI Funding VI LLC, Ser 2020-3A, Class A, 144a, 2.070%, 10/18/45 | &nbsp;&nbsp; 1084331 |
| &nbsp;&nbsp; 842188 | &nbsp;&nbsp;Driven Brands Funding LLC, Ser 2019-1A, Class A2, 144a, 4.641%, 4/20/49 | &nbsp;&nbsp; 769070 |
| &nbsp;&nbsp; 328375 | &nbsp;&nbsp;Elara HGV Timeshare Issuer LLC, Ser 2019-A, Class B, 144a, 2.910%, 1/25/34 | &nbsp;&nbsp; 301409 |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Touchstone Balanced Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 2.3% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 2.3% (Continued)** |
| $1021800 | &nbsp;&nbsp;Jack in the Box Funding LLC, Ser 2019-1A, Class A2II, 144a, 4.476%, 8/25/49 | $929473 |
| &nbsp;&nbsp; 985000 | &nbsp;&nbsp;Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | &nbsp;&nbsp; 853607 |
| &nbsp;&nbsp; 375165 | &nbsp;&nbsp;Jersey Mike's Funding, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50 | &nbsp;&nbsp; 336770 |
| &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1, 144a, (3M LIBOR +1.700%), 5.927%, 10/19/34<sup>(B)</sup> | &nbsp;&nbsp; 1101230 |
| &nbsp;&nbsp; 573777 | &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58<sup>(B)(D)</sup> | &nbsp;&nbsp; 476282 |
| &nbsp;&nbsp; 837250 | &nbsp;&nbsp;Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | &nbsp;&nbsp; 669525 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Palmer Square CLO, Ltd. (Cayman Islands), Ser 2021-4A, Class B, 144a, (3M LIBOR +1.650%), 5.729%, 10/15/34<sup>(B)</sup> | &nbsp;&nbsp; 1437154 |
| &nbsp;&nbsp; 992500 | &nbsp;&nbsp;Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51 | &nbsp;&nbsp; 862606 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Rockford Tower CLO, Ltd. (Cayman Islands), Ser 2021-3A, Class B, 144a, (3M LIBOR +1.750%), 5.993%, 10/20/34<sup>(B)(E)</sup> | &nbsp;&nbsp; 1418884 |
| &nbsp;&nbsp; 370419 | &nbsp;&nbsp;TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | &nbsp;&nbsp; 325232 |
| &nbsp;&nbsp; 1340000 | &nbsp;&nbsp;Textainer Marine Containers, Ltd. (China), Ser 2021-3A, Class A, 144a, 1.940%, 8/20/46 | &nbsp;&nbsp; 1096128 |
| &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2015-6, Class B1, 144a, 3.759%, 4/25/55<sup>(B)(D)</sup> | &nbsp;&nbsp; 1255013 |
| &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2019-4, Class M1B, 144a, 3.000%, 10/25/59<sup>(B)(D)</sup> | &nbsp;&nbsp; 876211 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | &nbsp;&nbsp; $16810142 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Exchange-Traded Fund — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133451 | &nbsp;&nbsp;iShares JP Morgan USD Emerging Markets Bond ETF | 11288620.0 |

---

---

| | |
|:---|:---|
| **Principal<br> Amount** |  |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 1.3%** |
| $102811 &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2013-1, Class B3, 144a, 3.559%, 7/25/43<sup>(B)(D)</sup> | &nbsp;&nbsp; 96109 |
| &nbsp;&nbsp; 355625 &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-4, Class B2, 144a, 3.523%, 6/25/45<sup>(B)(D)</sup> | &nbsp;&nbsp; 329638 |
| &nbsp;&nbsp; 443858 &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.650%, 10/25/45<sup>(B)(D)</sup> | &nbsp;&nbsp; 401830 |
| &nbsp;&nbsp; 205015 &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR3, Class B2, 144a, 3.402%, 5/25/43<sup>(B)(D)</sup> | &nbsp;&nbsp; 196098 |
| &nbsp;&nbsp; 324392 &nbsp;&nbsp;CSMC Trust, Ser 2015-1, Class B3, 144a, 3.907%, 1/25/45<sup>(B)(D)</sup> | &nbsp;&nbsp; 297712 |
| &nbsp;&nbsp; 345938 &nbsp;&nbsp;CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.783%, 12/25/44<sup>(B)(D)</sup> | &nbsp;&nbsp; 318098 |
| &nbsp;&nbsp; 1070170 &nbsp;&nbsp;Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67<sup>(B)(D)</sup> | &nbsp;&nbsp; 1006862 |
| &nbsp;&nbsp; 1288706 &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2021-PJ8, Class A8, 144a, 2.500%, 1/25/52<sup>(B)(D)</sup> | &nbsp;&nbsp; 1110789 |
| &nbsp;&nbsp; 666724 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.449%, 1/25/47<sup>(B)(D)</sup> | &nbsp;&nbsp; 553560 |
| &nbsp;&nbsp; 1113170 &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-5, Class B1, 144a, 3.584%, 12/25/50<sup>(B)(D)</sup> | &nbsp;&nbsp; 898251 |
| &nbsp;&nbsp; 1397426 &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2019-1, Class M1, 144a, 3.500%, 10/25/69<sup>(B)(D)</sup> | &nbsp;&nbsp; 1237295 |
| &nbsp;&nbsp; 149018 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-2, Class A19, 144a, 3.500%, 5/25/45<sup>(B)(D)</sup> | &nbsp;&nbsp; 131187 |
| &nbsp;&nbsp; 889751 &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH3, Class B1B, 144a, 4.756%, 8/25/48<sup>(B)(D)</sup> | &nbsp;&nbsp; 803171 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 1.3%<br> (Continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 1.3%<br> (Continued)** |
| $807264 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH3, Class B2B, 144a, 4.756%, 8/25/48<sup>(B)(D)</sup> | $728711 |
| &nbsp;&nbsp; 1270360 | &nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Ser 2021-2, Class A3, 144a, 2.500%, 6/25/51<sup>(B)(D)</sup> | &nbsp;&nbsp; 1090575 |
|  | &nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp; $9199886 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.8%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.8%** |
| &nbsp;&nbsp; 515000 | &nbsp;&nbsp;FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | &nbsp;&nbsp; 371529 |
| &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | &nbsp;&nbsp; 1225869 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | &nbsp;&nbsp; 1215215 |
| &nbsp;&nbsp; 2150000 | &nbsp;&nbsp;FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | &nbsp;&nbsp; 1610682 |
| &nbsp;&nbsp; 1370000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2019-K103, Class B, 144a, 3.455%, 12/25/51<sup>(B)(D)</sup> | &nbsp;&nbsp; 1178117 |
| &nbsp;&nbsp; 220317 | &nbsp;&nbsp;GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40 | &nbsp;&nbsp; 217486 |
| &nbsp;&nbsp; 3852069 | &nbsp;&nbsp;GNMA, Ser 2012-147, Class IO, 0.552%, 4/16/54<sup>(B)(C)(D)</sup> | &nbsp;&nbsp; 49532 |
|  | &nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp; $5868430 |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 0.7%** | &nbsp;&nbsp;**Sovereign Government Obligations — 0.7%** |
| &nbsp;&nbsp; 674000 | &nbsp;&nbsp;Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | &nbsp;&nbsp; 513998 |
| &nbsp;&nbsp; 609000 | &nbsp;&nbsp;Chile Government International Bond, 3.100%, 5/7/41 | &nbsp;&nbsp; 436639 |
| &nbsp;&nbsp; 750000 | &nbsp;&nbsp;Chile Government International Bond, 3.100%, 1/22/61 | &nbsp;&nbsp; 465740 |
| &nbsp;&nbsp; 663000 | &nbsp;&nbsp;Colombia Government International Bond, 3.250%, 4/22/32 | &nbsp;&nbsp; 482011 |
| &nbsp;&nbsp; 725000 | &nbsp;&nbsp;Ecuador Government International Bond, 144a, 5.500%, 7/31/30 | &nbsp;&nbsp; 465862 |
| &nbsp;&nbsp; 680000 | &nbsp;&nbsp;Egypt Government International Bond, 144a, 7.625%, 5/29/32 | &nbsp;&nbsp; 502180 |
| &nbsp;&nbsp; 680000 | &nbsp;&nbsp;Ghana Government International Bond, 144a, 7.625%, 5/16/29 | &nbsp;&nbsp; 250240 |
| &nbsp;&nbsp; 728000 | &nbsp;&nbsp;Mexico Government International Bond, 3.771%, 5/24/61 | &nbsp;&nbsp; 459029 |
| &nbsp;&nbsp; 655000 | &nbsp;&nbsp;Nigeria Government International Bond, 144a, 7.625%, 11/28/47 | &nbsp;&nbsp; 420261 |
| &nbsp;&nbsp; 642000 | &nbsp;&nbsp;Republic of Poland Government International Bond, 5.750%, 11/16/32 | &nbsp;&nbsp; 683156 |
| &nbsp;&nbsp; 650000 | &nbsp;&nbsp;Republic of Uzbekistan International Bond, 144a, 3.700%, 11/25/30 | &nbsp;&nbsp; 543093 |
|  | &nbsp;&nbsp;**Total Sovereign Government Obligations** | &nbsp;&nbsp;&nbsp; $5222209 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Preferred Stocks — 0.0%** |  |
|  | &nbsp;&nbsp;**Financials — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404 | &nbsp;&nbsp;US Bancorp, Ser L, 3.750%<sup>(A)</sup> | &nbsp;&nbsp; 52762 |
|  | &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52762 |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Touchstone Balanced Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 2.4%** |  |
| 17471897 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.19%<sup>∞Ω</sup> | $17471897 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.9%<br> (Cost $666,761,546)** | $733005161 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.1%** | &nbsp;&nbsp; 729882 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $733735043 |

---

---

| | |
|:---|:---|
| *(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 December 31, 2022.* |
| *(C)* | *Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.* |
| *(D)* | *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)* | *Security has no stated coupon and is considered an equity position in the collateralized loan obligation ("CLO"). CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses.* |
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of December 31, 2022.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ADR – American Depositary Receipt* |
| *CLO – Collateralized Loan Obligation* |
| *DAC – Designated Activity Company* |
| *ETF – Exchange-Traded Fund* |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *FNMA – Federal National Mortgage Association* |
| *FREMF – Freddie Mac Multifamily Securitization* |
| *GNMA – Government National Mortgage Association* |
| *IO – Interest Only* |
| *LIBOR – London Interbank Offered Rate* |
| *LLC – Limited Liability Company* |
| *LP – Limited Partnership* |
| *MTN – Medium Term Note* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *REMIC – Real Estate Mortgage Investment Conduit* |
| *USD – United States Dollar* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities were valued at $55,466,547 or 7.6% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$469119257* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | *$—* | *$469119257* |
| *Corporate Bonds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*90454599* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*90454599* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*68384274* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*68384274* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*20647886* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*20647886* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*18485199* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*18485199* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*16810142* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*16810142* |
| *Exchange-Traded Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*11288620* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*11288620* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9199886* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9199886* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5868430* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5868430* |
| *Sovereign Government Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5222209* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5222209* |
| *Preferred Stocks* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*52762* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*52762* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*17471897* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*17471897* |
| *Total* | *$497932536* | *$235072625* | *$—* | *$733005161* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Portfolio of Investments

Touchstone Core Municipal Bond Fund – December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Fixed Rate Revenue Bonds – 75.0%** | &nbsp;&nbsp;**Fixed Rate Revenue Bonds – 75.0%** |
| $500000 | &nbsp;&nbsp;Alaska Municipal Bond Bank Auth., Revenue, 5.000%, 12/01/33 | $562825 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;American Municipal Power Inc, Revenue, 5.000%, 02/15/35 | &nbsp;&nbsp; 558475 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Atlanta, GA, Water & Wastewater Revenue Ser C, 5.000%, 11/01/23 | &nbsp;&nbsp; 508653 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Brevard County Health Fac. Auth., Revenue, 5.000%, 04/01/52 | &nbsp;&nbsp; 506453 |
| &nbsp;&nbsp; 525000 | &nbsp;&nbsp;Citizens Property Insurance, Inc., Revenue, 5.000%, 06/01/25 | &nbsp;&nbsp; 541787 |
| &nbsp;&nbsp; 450000 | &nbsp;&nbsp;City of Erie Higher Education Building Authority, Revenue, 5.000%, 05/01/47 | &nbsp;&nbsp; 423193 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Cleveland, OH, Airport System Rev. Ser B, 5.000%, 01/01/37 | &nbsp;&nbsp; 530214 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Cobb County Kennestone Hospital Auth., Revenue, 4.000%, 04/01/52 | &nbsp;&nbsp; 431202 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Colorado Health Fac. Auth., Revenue, 5.000%, 11/01/28 | &nbsp;&nbsp; 541234 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Colorado River Municipal Water District, Revenue, 5.000%, 01/01/25 | &nbsp;&nbsp; 521233 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Connecticut State Health & Educational Fac. Auth., Revenue, 5.000%, 07/01/26 | &nbsp;&nbsp; 532520 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;County of Miami-Dade FL Aviation Revenue, Revenue Ser A, 5.000%, 10/01/33 | &nbsp;&nbsp; 770771 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;County of Miami-Dade FL Transit System, Revenue, 5.000%, 07/01/32 | &nbsp;&nbsp; 524984 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;County of Miami-Dade FL Water & Sewer System Revenue, 5.000%, 10/01/28 | &nbsp;&nbsp; 559213 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;County of Nez Perce, COP, 5.000%, 03/01/52 | &nbsp;&nbsp; 510870 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;Cuyahoga County, OH COP, 5.000%, 12/01/32 | &nbsp;&nbsp; 1017650 |
| &nbsp;&nbsp; 685000 | &nbsp;&nbsp;DeKalb-Jackson Water Supply District Inc, Revenue Ser A, 5.000%, 07/01/32 | &nbsp;&nbsp; 770196 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Ferris State University, Revenue Ser A, 5.000%, 10/01/23 | &nbsp;&nbsp; 507129 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Florida Development Finance Corp., Revenue Ser A, 5.000%, 06/15/30 | &nbsp;&nbsp; 515113 |
| &nbsp;&nbsp; 510000 | &nbsp;&nbsp;Florida Governmental Utility Auth., Revenue Ser A, 5.000%, 10/01/25 | &nbsp;&nbsp; 539138 |
| &nbsp;&nbsp; 425000 | &nbsp;&nbsp;Georgetown, TX, Utility System Revenue, 5.000%, 08/15/35 | &nbsp;&nbsp; 472818 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Greater Jasper School Building Corp., Revenue, 5.000%, 07/15/29 | &nbsp;&nbsp; 554096 |
| &nbsp;&nbsp; 510000 | &nbsp;&nbsp;Greater Texas Cultural Education Fac. Finance Corp., Revenue, 5.000%, 03/01/28 | &nbsp;&nbsp; 560870 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;Guam Power Auth., Revenue Ser A, 5.000%, 10/01/26 | &nbsp;&nbsp; 367184 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Hamilton County, OH, 5.000%, 02/01/30 | &nbsp;&nbsp; 507968 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Hamilton County, OH, 5.000%, 08/15/40 | &nbsp;&nbsp; 516085 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;Hamilton County, OH EDR, 5.000%, 06/01/33 | &nbsp;&nbsp; 1041786 |
| &nbsp;&nbsp; 465000 | &nbsp;&nbsp;Harris County Cultural Education Fac. Finance Corp., Revenue Ser A, 5.000%, 07/01/52 | &nbsp;&nbsp; 477940 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Hospitals & Higher Education Fac. Auth. of Philadelphia/The, Revenue, 5.000%, 07/01/37 | &nbsp;&nbsp; 536251 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Illinois Finance Auth., Revenue Ser A, 5.000%, 08/15/47 | &nbsp;&nbsp; 519545 |
| &nbsp;&nbsp; 675000 | &nbsp;&nbsp;Illinois State Toll Highway Authority, Revenue Ser A, 5.000%, 01/01/46 | &nbsp;&nbsp; 713549 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Iowa Higher Education Loan Auth., Revenue, 5.375%, 10/01/52 | &nbsp;&nbsp; 506931 |
| &nbsp;&nbsp; 525000 | &nbsp;&nbsp;Jacksonville, FL, Revenue Ser R, 5.000%, 10/01/35 | &nbsp;&nbsp; 586624 |
| &nbsp;&nbsp; 595000 | &nbsp;&nbsp;Kentucky Public Energy Auth., Revenue Ser 1, 4.000%, 02/01/30 | &nbsp;&nbsp; 584040 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Kentucky State Property & Building Commission, Revenue Ser A, 5.000%, 11/01/23 | &nbsp;&nbsp; 508324 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Kentucky State Property & Building Commission, Revenue Ser B, 5.000%, 11/01/23 | &nbsp;&nbsp; 508324 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Lancaster School District Ser A, 4.125%, 11/01/50 | &nbsp;&nbsp; 476255 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
| $500000 | &nbsp;&nbsp;Los Angeles, CA, Wastewater System Revenue Ser C, 5.000%, 06/01/25 | $529359 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Louisiana Local Government Environmental Fac. & Community Development Auth, Revenue, 5.000%, 08/15/30 | &nbsp;&nbsp; 537920 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Louisville/Jefferson County Metropolitan Government, Revenue Ser A, 5.000%, 05/15/52 | &nbsp;&nbsp; 504278 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Maryland Stadium Auth., Revenue, 5.000%, 06/01/28 | &nbsp;&nbsp; 554469 |
| &nbsp;&nbsp; 555000 | &nbsp;&nbsp;Massachusetts School Building Auth., Revenue Ser A, 5.000%, 08/15/45 | &nbsp;&nbsp; 597918 |
| &nbsp;&nbsp; 485000 | &nbsp;&nbsp;Michigan Finance Auth., Revenue Ser A, 5.000%, 12/01/34 | &nbsp;&nbsp; 540327 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Michigan Finance Authority, Revenue, 5.000%, 06/01/32 | &nbsp;&nbsp; 524599 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Michigan State Building Auth., Revenue, 5.000%, 04/15/34 | &nbsp;&nbsp; 525169 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission, Revenue, 5.000%, 12/01/36 | &nbsp;&nbsp; 541980 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Monroeville Finance Auth., Revenue Ser B, 5.000%, 02/15/29 | &nbsp;&nbsp; 553789 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Municipal Electric Authority of Georgia, 5.000%, 07/01/52 | &nbsp;&nbsp; 492096 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Revenue, 5.000%, 06/15/45 | &nbsp;&nbsp; 509861 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;New York State Dormitory Auth., Revenue, 5.000%, 07/01/29 | &nbsp;&nbsp; 529513 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;New York State Dormitory Auth., Revenue, 5.000%, 05/01/52 | &nbsp;&nbsp; 509891 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Newark Higher Education Finance Corp., Revenue Ser A, 4.000%, 04/01/57 | &nbsp;&nbsp; 423896 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;North Kent Sewer Auth., Revenue, 5.000%, 11/01/23 | &nbsp;&nbsp; 507873 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Ohio Higher Educational Fac. Commission, 5.000%, 03/01/34 | &nbsp;&nbsp; 506303 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Oregon State Fac. Auth., Revenue Ser A, 5.000%, 06/01/52 | &nbsp;&nbsp; 516880 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Pasco County School Board, COP Ser B, 5.000%, 08/01/46 | &nbsp;&nbsp; 524872 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Pennsylvania Higher Educational Fac. Auth., Revenue Ser A, 5.000%, 05/01/32 | &nbsp;&nbsp; 557242 |
| &nbsp;&nbsp; 695000 | &nbsp;&nbsp;Pennsylvania Turnpike Commission, Revenue, 5.000%, 12/01/44 | &nbsp;&nbsp; 720111 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Philadelphia Auth. for Industrial Development, Revenue, 5.250%, 11/01/47 | &nbsp;&nbsp; 526470 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Pittsburg Successor Agency Redevelopment Agency, 5.000%, 08/01/23 | &nbsp;&nbsp; 505474 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Polaris Career Center COP, 5.000%, 11/01/35 | &nbsp;&nbsp; 524902 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Regional Transportation District, Revenue, 5.000%, 01/15/29 | &nbsp;&nbsp; 525287 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Regional Transportation District, Revenue, 5.000%, 01/15/31 | &nbsp;&nbsp; 531188 |
| &nbsp;&nbsp; 555000 | &nbsp;&nbsp;School District of Broward County, COP Ser B, 5.000%, 07/01/36 | &nbsp;&nbsp; 626259 |
| &nbsp;&nbsp; 520000 | &nbsp;&nbsp;South Carolina Public Service Auth., Revenue Ser A, 4.000%, 12/01/52 | &nbsp;&nbsp; 442427 |
| &nbsp;&nbsp; 585000 | &nbsp;&nbsp;South Wayne County Water and Sewer Authority, Revenue Ser S, 4.000%, 02/15/37 | &nbsp;&nbsp; 592847 |
| &nbsp;&nbsp; 510000 | &nbsp;&nbsp;State Board of Higher Education of the State of North Dakota, Revenue Ser A, 5.000%, 04/01/29 | &nbsp;&nbsp; 548888 |
| &nbsp;&nbsp; 400000 | &nbsp;&nbsp;State of Ohio, 4.000%, 11/15/40 | &nbsp;&nbsp; 361634 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Tobacco Settlement Financing Corp, Revenue, 5.000%, 06/01/30 | &nbsp;&nbsp; 525211 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Town of Upland, Revenue EDR, 4.000%, 09/01/43 | &nbsp;&nbsp; 442314 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Troy Capital Resource Corp., Revenue, 5.000%, 09/01/30 | &nbsp;&nbsp; 552189 |
| &nbsp;&nbsp; 620000 | &nbsp;&nbsp;Walton County District School Board, COP, 5.000%, 07/01/25 | &nbsp;&nbsp; 645227 |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Touchstone Core Municipal Bond Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Fixed Rate Revenue Bonds – 75.0% (Continued)** | &nbsp;&nbsp;**Fixed Rate Revenue Bonds – 75.0% (Continued)** |
| $500000 | &nbsp;&nbsp;Wisconsin Health & Educational Fac. Auth., Revenue Ser B, 5.250%, 12/01/48 | $526328 |
| &nbsp;&nbsp; 240000 | &nbsp;&nbsp;Yamhill County, OR, Revenue, 4.000%, 12/01/41 | &nbsp;&nbsp; 221782 |
|  | &nbsp;&nbsp;**Total Fixed Rate Revenue Bonds** | $40118216 |
|  | &nbsp;&nbsp;**General Obligation Bonds – 21.8%** | &nbsp;&nbsp;**General Obligation Bonds – 21.8%** |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Albuquerque Municipal School District No 12, UTGO Ser A, 5.000%, 08/01/35 | &nbsp;&nbsp; 560380 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Chicago Board of Education, UTGO, 4.000%, 12/01/47 | &nbsp;&nbsp; 403773 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Chicago, IL, UTGO Ser A, 5.000%, 01/01/34 | &nbsp;&nbsp; 523559 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Clark County School District, LTGO Ser D, 5.000%, 06/15/24 | &nbsp;&nbsp; 514963 |
| &nbsp;&nbsp; 505000 | &nbsp;&nbsp;Ecorse Public School District, UTGO, 5.000%, 05/01/27 | &nbsp;&nbsp; 540194 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Farmington Independent School District No 192, UTGO Ser C, 5.000%, 02/01/23 | &nbsp;&nbsp; 500709 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;Fort Zumwalt School District, UTGO, 5.000%, 03/01/32 | &nbsp;&nbsp; 785954 |
| &nbsp;&nbsp; 485000 | &nbsp;&nbsp;Fowler Public School District, UTGO Ser II, 4.000%, 05/01/50 | &nbsp;&nbsp; 475415 |
| &nbsp;&nbsp; 150000 | &nbsp;&nbsp;Gold Hill Mesa Metropolitan District No 2, LTGO Ser A, 5.000%, 12/01/29 | &nbsp;&nbsp; 160623 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Grand Rapids Public Schools, UTGO, 5.000%, 05/01/25 | &nbsp;&nbsp; 522635 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Indianapolis Board of School Commissioners, LTGO, 5.000%, 07/15/24 | &nbsp;&nbsp; 515610 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Jackson, MS, UTGO, 5.000%, 03/01/28 | &nbsp;&nbsp; 540902 |
| &nbsp;&nbsp; 610000 | &nbsp;&nbsp;Milwaukee, WI, UTGO Ser N3, 5.000%, 04/01/29 | &nbsp;&nbsp; 677557 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;North Pine Vistas Metropolitan District No 2, LTGO, 5.250%, 12/01/42 | &nbsp;&nbsp; 525167 |
| &nbsp;&nbsp; 510000 | &nbsp;&nbsp;Novi Community School District, UTGO Ser I, 5.000%, 05/01/42 | &nbsp;&nbsp; 550447 |
| &nbsp;&nbsp; 650000 | &nbsp;&nbsp;Romulus Community Schools, Revenue Ser A, 4.000%, 05/01/23 | &nbsp;&nbsp; 651835 |
| &nbsp;&nbsp; 450000 | &nbsp;&nbsp;School District of Philadelphia/The, LTGO Ser B, 5.000%, 09/01/30 | &nbsp;&nbsp; 504044 |
| &nbsp;&nbsp; 440000 | &nbsp;&nbsp;School District of Philadelphia/The, LTGO Ser D, 5.000%, 09/01/25 | &nbsp;&nbsp; 461912 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Sterling Heights, MI, LTGO, 5.000%, 04/01/29 | &nbsp;&nbsp; 560204 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;Toledo, OH, LTGO, 4.000%, 12/01/35 | &nbsp;&nbsp; 1034536 |
| &nbsp;&nbsp; 650000 | &nbsp;&nbsp;Wichita Falls Independent School District, UTGO, 4.000%, 02/01/26 | &nbsp;&nbsp; 674720 |
|  | &nbsp;&nbsp;**Total General Obligation Bonds** | $11685139 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | Market<br> Value |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 3.3%** | &nbsp;&nbsp;**Short-Term Investment Fund — 3.3%** |
| 1747096 | &nbsp;&nbsp;Dreyfus Government Cash Management Institutional Shares, 4.190%<sup>∞Ω</sup> | $1747096 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $55,771,603)** | $53550451 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp; $(41241) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $53509210 |

---

*∞* *Open-End Fund.* 

*Ω* *Represents the 7-Day SEC yield as of December 31, 2022.* 

---

| |
|:---|
| **Portfolio Abbreviations:** |
| *COP–Certificates of Participation* |
| *EDR–Economic Development Revenue* |
| *LTGO–Limited Tax General Obligation* |
| *UTGO–Unlimited Tax General Obligation* |

---

*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*** |
| *Municipal Bonds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | *$51803355* | *$—* | *$51803355* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;*1747096* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1747096* |
| *Total* | *$1747096* | *$51803355* | *$—* | *$53550451* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Portfolio of Investments

Touchstone International Equity Fund – December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 94.5%** |  |
|  | &nbsp;&nbsp;**France — 18.7%** |  |
|  | &nbsp;&nbsp;**Communication Services — 3.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;189700 | &nbsp;&nbsp;JCDecaux SE\* | $3601721 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 7.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;117100 | &nbsp;&nbsp;Accor SA\* | &nbsp;&nbsp; 2921362 |
| &nbsp;&nbsp;&nbsp;&nbsp;113100 | &nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 3150661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 1819233 |
|  | &nbsp;&nbsp;**Energy — 4.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;64600 | &nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp; 4055149 |
|  | &nbsp;&nbsp;**Health Care — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;Sanofi | &nbsp;&nbsp; 2237097 |
|  | &nbsp;&nbsp;**Information Technology — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;Edenred | &nbsp;&nbsp; 995985 |
|  | &nbsp;&nbsp;Total France | &nbsp;&nbsp; 18781208 |
|  | &nbsp;&nbsp;**United Kingdom — 15.1%** |  |
|  | &nbsp;&nbsp;**Communication Services — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;166200 | &nbsp;&nbsp;Rightmove PLC | &nbsp;&nbsp; 1028186 |
|  | &nbsp;&nbsp;**Health Care — 3.4%** |  |
| 1203400 | &nbsp;&nbsp;ConvaTec Group PLC, 144a | &nbsp;&nbsp; 3370325 |
|  | &nbsp;&nbsp;**Industrials — 6.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;43500 | &nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp; 1447252 |
| &nbsp;&nbsp;&nbsp;&nbsp;58300 | &nbsp;&nbsp;Experian PLC | &nbsp;&nbsp; 1974524 |
| &nbsp;&nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;Howden Joinery Group PLC | &nbsp;&nbsp; 931828 |
| &nbsp;&nbsp;&nbsp;&nbsp;628000 | &nbsp;&nbsp;Rotork PLC | &nbsp;&nbsp; 2333782 |
|  | &nbsp;&nbsp;**Information Technology — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;58400 | &nbsp;&nbsp;Spectris PLC | &nbsp;&nbsp; 2115637 |
|  | &nbsp;&nbsp;**Real Estate — 2.0%** |  |
| 1046437 | &nbsp;&nbsp;Foxtons Group PLC | &nbsp;&nbsp; 375732 |
| &nbsp;&nbsp;&nbsp;&nbsp;165900 | &nbsp;&nbsp;Savills PLC | &nbsp;&nbsp; 1652346 |
|  | &nbsp;&nbsp;Total United Kingdom | &nbsp;&nbsp; 15229612 |
|  | &nbsp;&nbsp;**Switzerland — 9.8%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;Nestle SA | &nbsp;&nbsp; 2887736 |
|  | &nbsp;&nbsp;**Health Care — 6.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;22600 | &nbsp;&nbsp;Alcon, Inc. | &nbsp;&nbsp; 1550789 |
| &nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;Novartis AG | &nbsp;&nbsp; 2597277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp; 2828138 |
|  | &nbsp;&nbsp;Total Switzerland | &nbsp;&nbsp; 9863940 |
|  | &nbsp;&nbsp;**Germany — 9.7%** |  |
|  | &nbsp;&nbsp;**Health Care — 2.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;87900 | &nbsp;&nbsp;Fresenius SE & Co. KGaA | &nbsp;&nbsp; 2455216 |
|  | &nbsp;&nbsp;**Industrials — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;32600 | &nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp; 2079061 |
|  | &nbsp;&nbsp;**Information Technology — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;25900 | &nbsp;&nbsp;SAP SE | &nbsp;&nbsp; 2673935 |
|  | &nbsp;&nbsp;**Materials — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;86400 | &nbsp;&nbsp;FUCHS PETROLUB SE | &nbsp;&nbsp; 2563459 |
|  | &nbsp;&nbsp;Total Germany | &nbsp;&nbsp; 9771671 |
|  | &nbsp;&nbsp;**Canada — 5.2%** |  |
|  | &nbsp;&nbsp;**Materials — 5.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 1818759 |
| &nbsp;&nbsp;&nbsp;&nbsp;199100 | &nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp; 3412933 |
|  | &nbsp;&nbsp;Total Canada | &nbsp;&nbsp; 5231692 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Brazil — 4.5%** |  |
|  | &nbsp;&nbsp;**Industrials — 2.6%** |  |
| 1858400 | &nbsp;&nbsp;Boa Vista Servicos SA | $2555421 |
|  | &nbsp;&nbsp;**Information Technology — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;220600 | &nbsp;&nbsp;Pagseguro Digital Ltd. - Class A\* | &nbsp;&nbsp; 1928044 |
|  | &nbsp;&nbsp;Total Brazil | &nbsp;&nbsp; 4483465 |
|  | &nbsp;&nbsp;**Mexico — 4.2%** |  |
|  | &nbsp;&nbsp;**Communication Services — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;650687 | &nbsp;&nbsp;Megacable Holdings SAB de CV | &nbsp;&nbsp; 1732027 |
|  | &nbsp;&nbsp;**Consumer Staples — 2.5%** |  |
| 1496400 | &nbsp;&nbsp;Kimberly-Clark de Mexico SAB de CV - Class A | &nbsp;&nbsp; 2539499 |
|  | &nbsp;&nbsp;Total Mexico | &nbsp;&nbsp; 4271526 |
|  | &nbsp;&nbsp;**Japan — 3.8%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;USS Co. Ltd. | &nbsp;&nbsp; 1792980 |
|  | &nbsp;&nbsp;**Industrials — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp; 1990299 |
|  | &nbsp;&nbsp;Total Japan | &nbsp;&nbsp; 3783279 |
|  | &nbsp;&nbsp;**United States — 3.1%** |  |
|  | &nbsp;&nbsp;**Health Care — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;40100 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 3116572 |
|  | &nbsp;&nbsp;**South Korea — 3.0%** |  |
|  | &nbsp;&nbsp;**Information Technology — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 2984741 |
|  | &nbsp;&nbsp;**Hong Kong — 2.8%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;428000 | &nbsp;&nbsp;Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 2813953 |
|  | &nbsp;&nbsp;**Greece — 2.2%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;OPAP SA | &nbsp;&nbsp; 2207050 |
|  | &nbsp;&nbsp;**China — 2.2%** |  |
|  | &nbsp;&nbsp;**Communication Services — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;51900 | &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp; 2200579 |
|  | &nbsp;&nbsp;**Taiwan — 2.1%** |  |
|  | &nbsp;&nbsp;**Information Technology — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;28600 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp; 2130414 |
|  | &nbsp;&nbsp;**India — 1.9%** |  |
|  | &nbsp;&nbsp;**Communication Services — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;855900 | &nbsp;&nbsp;Indus Towers Ltd. | &nbsp;&nbsp; 1965150 |
|  | &nbsp;&nbsp;**Netherlands — 1.9%** |  |
|  | &nbsp;&nbsp;**Information Technology — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 1908382 |
|  | &nbsp;&nbsp;**Spain — 1.7%** |  |
|  | &nbsp;&nbsp;**Industrials — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;35900 | &nbsp;&nbsp;Befesa SA, 144a | &nbsp;&nbsp; 1731784 |
|  | &nbsp;&nbsp;**Norway — 1.4%** |  |
|  | &nbsp;&nbsp;**Energy — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;102900 | &nbsp;&nbsp;TGS ASA | &nbsp;&nbsp; 1391457 |
|  | &nbsp;&nbsp;**Tanzania — 1.2%** |  |
|  | &nbsp;&nbsp;**Communication Services — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;Helios Towers PLC\* | &nbsp;&nbsp; 1192907 |
|  | &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp; $95059382 |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Touchstone International Equity Fund (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 5.0%** |  |
| 5008734 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.19%<sup>∞Ω</sup> | $5008734 |
|  | &nbsp;&nbsp;**Total Investment Securities — 99.5%<br> (Cost $97,481,154)** | $100068116 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.5%** | &nbsp;&nbsp; 460708 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $100528824 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of December 31, 2022.* |

---

---

| |
|:---|
| ***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 December 31, 2022, these securities were valued at $5,102,109 or 5.1% 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;*France* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | *$18781208* | *$—* | *$18781208* |
| &nbsp;&nbsp;&nbsp;*United Kingdom* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*375732* | &nbsp;&nbsp;&nbsp;*14853880* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*15229612* |
| &nbsp;&nbsp;&nbsp;*Switzerland* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*9863940* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9863940* |
| &nbsp;&nbsp;&nbsp;*Germany* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*9771671* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9771671* |
| &nbsp;&nbsp;&nbsp;*Canada* | &nbsp;&nbsp;&nbsp;&nbsp;*5231692* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5231692* |
| &nbsp;&nbsp;&nbsp;*Brazil* | &nbsp;&nbsp;&nbsp;&nbsp;*4483465* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4483465* |
| &nbsp;&nbsp;&nbsp;*Mexico* | &nbsp;&nbsp;&nbsp;&nbsp;*4271526* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4271526* |
| &nbsp;&nbsp;&nbsp;*Japan* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3783279* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3783279* |
| &nbsp;&nbsp;&nbsp;*United States* | &nbsp;&nbsp;&nbsp;&nbsp;*3116572* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3116572* |
| &nbsp;&nbsp;&nbsp;*South Korea* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2984741* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2984741* |
| &nbsp;&nbsp;&nbsp;*Hong Kong* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2813953* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2813953* |
| &nbsp;&nbsp;&nbsp;*Greece* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2207050* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2207050* |
| &nbsp;&nbsp;&nbsp;*China* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2200579* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2200579* |
| &nbsp;&nbsp;&nbsp;*Taiwan* | &nbsp;&nbsp;&nbsp;&nbsp;*2130414* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2130414* |
| &nbsp;&nbsp;&nbsp;*India* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1965150* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1965150* |
| &nbsp;&nbsp;&nbsp;*Netherlands* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1908382* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1908382* |
| &nbsp;&nbsp;&nbsp;*Spain* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1731784* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1731784* |
| &nbsp;&nbsp;&nbsp;*Norway* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1391457* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1391457* |
| &nbsp;&nbsp;&nbsp;*Tanzania* | &nbsp;&nbsp;&nbsp;&nbsp;*1192907* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1192907* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*5008734* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5008734* |
| *Total* | *$25811042* | *$74257074* | *$—* | *$100068116* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Portfolio of Investments

Touchstone International Growth Fund – December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 100.0%** |  |
|  | &nbsp;&nbsp;**United Kingdom — 15.8%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;108905 | &nbsp;&nbsp;Entain PLC | $1734319 |
|  | &nbsp;&nbsp;**Health Care — 7.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;32700 | &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp; 4424944 |
|  | &nbsp;&nbsp;**Information Technology — 5.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;24340 | &nbsp;&nbsp;Endava PLC ADR\* | &nbsp;&nbsp; 1862010 |
| &nbsp;&nbsp;&nbsp;&nbsp;58130 | &nbsp;&nbsp;Kainos Group PLC | &nbsp;&nbsp; 1084363 |
|  | &nbsp;&nbsp;Total United Kingdom | &nbsp;&nbsp; 9105636 |
|  | &nbsp;&nbsp;**India — 15.1%** |  |
|  | &nbsp;&nbsp;**Financials — 11.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;51070 | &nbsp;&nbsp;HDFC Bank Ltd. ADR | &nbsp;&nbsp; 3493699 |
| &nbsp;&nbsp;&nbsp;&nbsp;146010 | &nbsp;&nbsp;ICICI Bank Ltd. ADR | &nbsp;&nbsp; 3196159 |
|  | &nbsp;&nbsp;**Information Technology — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;21900 | &nbsp;&nbsp;LTIMindtree Ltd., 144a | &nbsp;&nbsp; 1154409 |
| &nbsp;&nbsp;&nbsp;&nbsp;21545 | &nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp; 847303 |
|  | &nbsp;&nbsp;Total India | &nbsp;&nbsp; 8691570 |
|  | &nbsp;&nbsp;**Canada — 13.8%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;34250 | &nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp; 2003144 |
|  | &nbsp;&nbsp;**Financials — 5.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp; 1739344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5940 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp; 558465 |
| &nbsp;&nbsp;&nbsp;&nbsp;17480 | &nbsp;&nbsp;Toronto-Dominion Bank (The) | &nbsp;&nbsp; 1131811 |
|  | &nbsp;&nbsp;**Industrials — 2.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;71190 | &nbsp;&nbsp;CAE, Inc.\* | &nbsp;&nbsp; 1377006 |
|  | &nbsp;&nbsp;**Real Estate — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;22690 | &nbsp;&nbsp;Granite Real Estate Investment Trust REIT | &nbsp;&nbsp; 1157626 |
|  | &nbsp;&nbsp;Total Canada | &nbsp;&nbsp; 7967396 |
|  | &nbsp;&nbsp;**Switzerland — 8.0%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;38020 | &nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp; 898747 |
|  | &nbsp;&nbsp;**Health Care — 6.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;21760 | &nbsp;&nbsp;Alcon, Inc. | &nbsp;&nbsp; 1493149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140 | &nbsp;&nbsp;Sonova Holding AG | &nbsp;&nbsp; 1220744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp; 997639 |
|  | &nbsp;&nbsp;Total Switzerland | &nbsp;&nbsp; 4610279 |
|  | &nbsp;&nbsp;**France — 7.3%** |  |
|  | &nbsp;&nbsp;**Information Technology — 7.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;25070 | &nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp; 4191107 |
|  | &nbsp;&nbsp;**United States — 5.2%** |  |
|  | &nbsp;&nbsp;**Communication Services — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8760 | &nbsp;&nbsp;Alphabet, Inc. - Class A\* | &nbsp;&nbsp; 772895 |
|  | &nbsp;&nbsp;**Information Technology — 3.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;Accenture PLC - Class A | &nbsp;&nbsp; 1440936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 759030 |
|  | &nbsp;&nbsp;Total United States | &nbsp;&nbsp; 2972861 |
|  | &nbsp;&nbsp;**Israel — 4.9%** |  |
|  | &nbsp;&nbsp;**Information Technology — 4.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14730 | &nbsp;&nbsp;Nice Ltd. ADR\* | &nbsp;&nbsp; 2832579 |
|  | &nbsp;&nbsp;**Sweden — 3.9%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 3.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;23210 | &nbsp;&nbsp;Evolution AB, 144a | &nbsp;&nbsp; 2260757 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Germany — 3.8%** |  |
|  | &nbsp;&nbsp;**Communication Services — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;20070 | &nbsp;&nbsp;Stroeer SE & Co. KGaA | $933773 |
|  | &nbsp;&nbsp;**Information Technology — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11850 | &nbsp;&nbsp;SAP SE | &nbsp;&nbsp; 1223403 |
|  | &nbsp;&nbsp;Total Germany | &nbsp;&nbsp; 2157176 |
|  | &nbsp;&nbsp;**Singapore — 3.4%** |  |
|  | &nbsp;&nbsp;**Financials — 3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;76600 | &nbsp;&nbsp;DBS Group Holdings Ltd. | &nbsp;&nbsp; 1938869 |
|  | &nbsp;&nbsp;**Argentina — 3.0%** |  |
|  | &nbsp;&nbsp;**Information Technology — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;Globant SA\* | &nbsp;&nbsp; 1732048 |
|  | &nbsp;&nbsp;**Spain — 3.0%** |  |
|  | &nbsp;&nbsp;**Health Care — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;149650 | &nbsp;&nbsp;Grifols SA\* | &nbsp;&nbsp; 1728221 |
|  | &nbsp;&nbsp;**Netherlands — 2.7%** |  |
|  | &nbsp;&nbsp;**Information Technology — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859 | &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 1558876 |
|  | &nbsp;&nbsp;**Taiwan — 2.3%** |  |
|  | &nbsp;&nbsp;**Information Technology — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;18070 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp; 1346034 |
|  | &nbsp;&nbsp;**Thailand — 2.2%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 2.2%** |  |
| 2454600 | &nbsp;&nbsp;Thai Beverage PCL | &nbsp;&nbsp; 1255039 |
|  | &nbsp;&nbsp;**Indonesia — 2.1%** |  |
|  | &nbsp;&nbsp;**Financials — 2.1%** |  |
| 1870400 | &nbsp;&nbsp;Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 1192744 |
|  | &nbsp;&nbsp;**Italy — 2.0%** |  |
|  | &nbsp;&nbsp;**Information Technology — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;143550 | &nbsp;&nbsp;Nexi SpA, 144a\* | &nbsp;&nbsp; 1133175 |
|  | &nbsp;&nbsp;**Japan — 1.5%** |  |
|  | &nbsp;&nbsp;**Communication Services — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;54100 | &nbsp;&nbsp;Kakaku.com, Inc. | &nbsp;&nbsp; 868070 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $57542437 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.19%<sup>∞Ω</sup> | &nbsp;&nbsp; 735 |
|  | &nbsp;&nbsp;**Total Investment Securities — 100.0%<br> (Cost $58,216,338)** | $57543172 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.0)%** | &nbsp;&nbsp;&nbsp; (953) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $57542219 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of December 31, 2022.* |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Touchstone International Growth Fund (Unaudited) (Continued)

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ADR – American Depositary Receipt* |
| *PCL – Public Company Limited* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities were valued at $4,548,341 or 7.9% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation inputs at Reporting Date:*** | ***Valuation inputs at Reporting Date:*** | ***Valuation inputs at Reporting Date:*** | ***Valuation inputs at Reporting Date:*** | ***Valuation inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*United Kingdom* | *$2946373* | *$6159263* | *$—* | *$9105636* |
| &nbsp;&nbsp;&nbsp;*India* | &nbsp;&nbsp;&nbsp;&nbsp;*6689858* | &nbsp;&nbsp;&nbsp;&nbsp;*2001712* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*8691570* |
| &nbsp;&nbsp;&nbsp;*Canada* | &nbsp;&nbsp;&nbsp;&nbsp;*7967396* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*7967396* |
| &nbsp;&nbsp;&nbsp;*Switzerland* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4610279* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4610279* |
| &nbsp;&nbsp;&nbsp;*France* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4191107* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4191107* |
| &nbsp;&nbsp;&nbsp;*United States* | &nbsp;&nbsp;&nbsp;&nbsp;*2972861* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2972861* |
| &nbsp;&nbsp;&nbsp;*Israel* | &nbsp;&nbsp;&nbsp;&nbsp;*2832579* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2832579* |
| &nbsp;&nbsp;&nbsp;*Sweden* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2260757* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2260757* |
| &nbsp;&nbsp;&nbsp;*Germany* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2157176* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2157176* |
| &nbsp;&nbsp;&nbsp;*Singapore* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1938869* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1938869* |
| &nbsp;&nbsp;&nbsp;*Argentina* | &nbsp;&nbsp;&nbsp;&nbsp;*1732048* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1732048* |
| &nbsp;&nbsp;&nbsp;*Spain* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1728221* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1728221* |
| &nbsp;&nbsp;&nbsp;*Netherlands* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1558876* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1558876* |
| &nbsp;&nbsp;&nbsp;*Taiwan* | &nbsp;&nbsp;&nbsp;&nbsp;*1346034* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1346034* |
| &nbsp;&nbsp;&nbsp;*Thailand* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1255039* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1255039* |
| &nbsp;&nbsp;&nbsp;*Indonesia* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1192744* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1192744* |
| &nbsp;&nbsp;&nbsp;*Italy* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1133175* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1133175* |
| &nbsp;&nbsp;&nbsp;*Japan* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*868070* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*868070* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*735* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*735* |
| *Total* | *$26487884* | *$31055288* | *$—* | *$57543172* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Portfolio of Investments

Touchstone Large Cap Focused Fund – December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 95.6%** |  |
|  | &nbsp;&nbsp;**Information Technology — 27.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1194116 | &nbsp;&nbsp;Apple, Inc. | $155151492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278071 | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp; 39177423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824262 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 197674513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701356 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 57328839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302023 | &nbsp;&nbsp;PayPal Holdings, Inc.\* | &nbsp;&nbsp; 21510078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321608 | &nbsp;&nbsp;Salesforce, Inc.\* | &nbsp;&nbsp; 42642005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571750 | &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 29765305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315055 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 52053387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292038 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 60673815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174337 | &nbsp;&nbsp;Workday, Inc. - Class A\* | &nbsp;&nbsp; 29171810 |
|  |  | &nbsp;&nbsp; 685148667 |
|  | &nbsp;&nbsp;**Health Care — 18.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348761 | &nbsp;&nbsp;AmerisourceBergen Corp. | &nbsp;&nbsp; 57793185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526434 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp; 54480655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625653 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 45015733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244688 | &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp; 58715333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517873 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 91482265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528691 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 41089865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185479 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 98337256 |
|  |  | &nbsp;&nbsp; 446914292 |
|  | &nbsp;&nbsp;**Financials — 12.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1968763 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 65205431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390709 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | &nbsp;&nbsp; 120690010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193410 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 66413126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33943 | &nbsp;&nbsp;Markel Corp.\* | &nbsp;&nbsp; 44719563 |
|  |  | &nbsp;&nbsp; 297028130 |
|  | &nbsp;&nbsp;**Communication Services — 10.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1252702 | &nbsp;&nbsp;Alphabet, Inc. - Class C\* | &nbsp;&nbsp; 111152249 |
| &nbsp;&nbsp;&nbsp;&nbsp;1011459 | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp; 18620960 |
| &nbsp;&nbsp;&nbsp;&nbsp;1091924 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 38184582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246424 | &nbsp;&nbsp;Fox Corp. - Class A | &nbsp;&nbsp; 7483897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405070 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A\* | &nbsp;&nbsp; 48746124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96805 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 28545858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220347 | &nbsp;&nbsp;Walt Disney Co. (The)\* | &nbsp;&nbsp; 19143747 |
|  |  | &nbsp;&nbsp; 271877417 |
|  | &nbsp;&nbsp;**Industrials — 8.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197301 | &nbsp;&nbsp;Boeing Co. (The)\* | &nbsp;&nbsp; 37583867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48125 | &nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 20634075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94428 | &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp; 16354930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176673 | &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp; 41461620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569480 | &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp; 57471921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820086 | &nbsp;&nbsp;Southwest Airlines Co.\* | &nbsp;&nbsp; 27612296 |
|  |  | &nbsp;&nbsp; 201118709 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 6.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209864 | &nbsp;&nbsp;Airbnb, Inc. - Class A\* | &nbsp;&nbsp; 17943372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180099 | &nbsp;&nbsp;Alibaba Group Holding Ltd. (China) ADR\* | &nbsp;&nbsp; 15864921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955520 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 80263680 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Consumer Discretionary — (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206817 | &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | $26133396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327273 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 32465482 |
|  |  | &nbsp;&nbsp; 172670851 |
|  | &nbsp;&nbsp;**Consumer Staples — 4.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554764 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 56325189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594112 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 60130075 |
|  |  | &nbsp;&nbsp; 116455264 |
|  | &nbsp;&nbsp;**Energy — 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614529 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 67782549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801837 | &nbsp;&nbsp;Schlumberger Ltd. | &nbsp;&nbsp; 42866206 |
|  |  | &nbsp;&nbsp; 110648755 |
|  | &nbsp;&nbsp;**Materials — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613323 | &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp; 42092357 |
|  | &nbsp;&nbsp;**Real Estate — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188994 | &nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp; 30119974 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $2374074416 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 4.5%** |  |
| 111592656 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.19%<sup>∞Ω</sup> | &nbsp;&nbsp; 111592656 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $1,733,493,896)** | $2485667072 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (1626118) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $2484040954 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of December 31, 2022.* |

---

---

| |
|:---|
| ***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* | *$2374074416* | *$—* | *$—* | *$2374074416* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*111592656* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*111592656* |
| *Total* | *$2485667072* | *$—* | *$—* | *$2485667072* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Portfolio of Investments

Touchstone Large Cap Fund – December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.0%** |  |
|  | &nbsp;&nbsp;**Financials — 20.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;60612 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | $18723047 |
| &nbsp;&nbsp;&nbsp;&nbsp;18318 | &nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp; 12980684 |
| &nbsp;&nbsp;&nbsp;&nbsp;162517 | &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp; 13531165 |
| &nbsp;&nbsp;&nbsp;&nbsp;75057 | &nbsp;&nbsp;Progressive Corp. (The) | &nbsp;&nbsp; 9735644 |
|  |  | &nbsp;&nbsp; 54970540 |
|  | &nbsp;&nbsp;**Information Technology — 18.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;115900 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp; 15058887 |
| &nbsp;&nbsp;&nbsp;&nbsp;129729 | &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp; 6180289 |
| &nbsp;&nbsp;&nbsp;&nbsp;80282 | &nbsp;&nbsp;Fiserv, Inc.\* | &nbsp;&nbsp; 8114102 |
| &nbsp;&nbsp;&nbsp;&nbsp;59544 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 9837860 |
| &nbsp;&nbsp;&nbsp;&nbsp;49039 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 10188343 |
|  |  | &nbsp;&nbsp; 49379481 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 16.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;69421 | &nbsp;&nbsp;CarMax, Inc.\* | &nbsp;&nbsp; 4227045 |
| &nbsp;&nbsp;&nbsp;&nbsp;33049 | &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp; 10438857 |
| &nbsp;&nbsp;&nbsp;&nbsp;28317 | &nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp; 5641879 |
| &nbsp;&nbsp;&nbsp;&nbsp;17622 | &nbsp;&nbsp;O'Reilly Automotive, Inc.\* | &nbsp;&nbsp; 14873497 |
| &nbsp;&nbsp;&nbsp;&nbsp;102002 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 10118598 |
|  |  | &nbsp;&nbsp; 45299876 |
|  | &nbsp;&nbsp;**Consumer Staples — 9.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;198745 | &nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp; 9084634 |
| &nbsp;&nbsp;&nbsp;&nbsp;92182 | &nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp; 7430791 |
| &nbsp;&nbsp;&nbsp;&nbsp;74984 | &nbsp;&nbsp;Nestle SA (Switzerland) ADR | &nbsp;&nbsp; 8648654 |
|  |  | &nbsp;&nbsp; 25164079 |
|  | &nbsp;&nbsp;**Materials — 9.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;28604 | &nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp; 8817469 |
| &nbsp;&nbsp;&nbsp;&nbsp;28741 | &nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp; 9713596 |
| &nbsp;&nbsp;&nbsp;&nbsp;19946 | &nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp; 6205400 |
|  |  | &nbsp;&nbsp; 24736465 |
|  | &nbsp;&nbsp;**Industrials — 8.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;39249 | &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp; 6797927 |
| &nbsp;&nbsp;&nbsp;&nbsp;39232 | &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp; 9667549 |
| &nbsp;&nbsp;&nbsp;&nbsp;23188 | &nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 6580291 |
|  |  | &nbsp;&nbsp; 23045767 |
|  | &nbsp;&nbsp;**Communication Services — 6.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;134051 | &nbsp;&nbsp;Alphabet, Inc. - Class C\* | &nbsp;&nbsp; 11894345 |
| &nbsp;&nbsp;&nbsp;&nbsp;124955 | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp; 4923227 |
|  |  | &nbsp;&nbsp; 16817572 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Health Care — 5.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;45756 | &nbsp;&nbsp;Johnson & Johnson | $8082797 |
| &nbsp;&nbsp;&nbsp;&nbsp;140561 | &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp; 7202346 |
|  |  | &nbsp;&nbsp; 15285143 |
|  | &nbsp;&nbsp;**Real Estate — 3.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;302991 | &nbsp;&nbsp;STORE Capital Corp. REIT | &nbsp;&nbsp; 9713891 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $264412814 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 2.2%** |  |
| 5941849 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.19%<sup>∞Ω</sup> | &nbsp;&nbsp; 5941849 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.2%<br> (Cost $173,584,845)** | $270354663 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.2%)** | &nbsp;&nbsp;&nbsp; (658291) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $269696372 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of December 31, 2022.* |

---

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$264412814* | *$—* | *$—* | *$264412814* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5941849* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5941849* |
| *Total* | *$270354663* | *$—* | *$—* | *$270354663* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Portfolio of Investments

Touchstone Large Company Growth Fund – December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.4%** |  |
|  | &nbsp;&nbsp;**Information Technology — 54.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;22525 | &nbsp;&nbsp;Accenture PLC - Class A | $6010571 |
| &nbsp;&nbsp;&nbsp;&nbsp;18629 | &nbsp;&nbsp;Adobe, Inc.\* | &nbsp;&nbsp; 6269217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7746 | &nbsp;&nbsp;ASML Holding NV (Netherlands) | &nbsp;&nbsp; 4232414 |
| &nbsp;&nbsp;&nbsp;&nbsp;21813 | &nbsp;&nbsp;Autodesk, Inc.\* | &nbsp;&nbsp; 4076195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6707 | &nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp; 1602034 |
| &nbsp;&nbsp;&nbsp;&nbsp;21886 | &nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp; 1435503 |
| &nbsp;&nbsp;&nbsp;&nbsp;19315 | &nbsp;&nbsp;EPAM Systems, Inc.\* | &nbsp;&nbsp; 6330298 |
| &nbsp;&nbsp;&nbsp;&nbsp;22558 | &nbsp;&nbsp;Fiserv, Inc.\* | &nbsp;&nbsp; 2279937 |
| &nbsp;&nbsp;&nbsp;&nbsp;22876 | &nbsp;&nbsp;FleetCor Technologies, Inc.\* | &nbsp;&nbsp; 4201864 |
| &nbsp;&nbsp;&nbsp;&nbsp;16470 | &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp; 6410453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8972 | &nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp; 3119834 |
| &nbsp;&nbsp;&nbsp;&nbsp;66824 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 16025732 |
| &nbsp;&nbsp;&nbsp;&nbsp;20028 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 2926892 |
| &nbsp;&nbsp;&nbsp;&nbsp;65649 | &nbsp;&nbsp;PayPal Holdings, Inc.\* | &nbsp;&nbsp; 4675522 |
| &nbsp;&nbsp;&nbsp;&nbsp;12877 | &nbsp;&nbsp;SolarEdge Technologies, Inc.\* | &nbsp;&nbsp; 3647668 |
| &nbsp;&nbsp;&nbsp;&nbsp;38291 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 7955338 |
|  |  | &nbsp;&nbsp; 81199472 |
|  | &nbsp;&nbsp;**Health Care — 12.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;60043 | &nbsp;&nbsp;AstraZeneca PLC (United Kingdom) ADR | &nbsp;&nbsp; 4070915 |
| &nbsp;&nbsp;&nbsp;&nbsp;136284 | &nbsp;&nbsp;Boston Scientific Corp.\* | &nbsp;&nbsp; 6305861 |
| &nbsp;&nbsp;&nbsp;&nbsp;35324 | &nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | &nbsp;&nbsp; 4219099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8652 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 4587117 |
|  |  | &nbsp;&nbsp; 19182992 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 9.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;93519 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 7855596 |
| &nbsp;&nbsp;&nbsp;&nbsp;16817 | &nbsp;&nbsp;Burlington Stores, Inc.\* | &nbsp;&nbsp; 3409815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051 | &nbsp;&nbsp;O'Reilly Automotive, Inc.\* | &nbsp;&nbsp; 2575135 |
|  |  | &nbsp;&nbsp; 13840546 |
|  | &nbsp;&nbsp;**Communication Services — 7.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;131457 | &nbsp;&nbsp;Alphabet, Inc. - Class A\* | &nbsp;&nbsp; 11598451 |
|  | &nbsp;&nbsp;**Financials — 7.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12576 | &nbsp;&nbsp;Aon PLC - Class A | &nbsp;&nbsp; 3774561 |
| &nbsp;&nbsp;&nbsp;&nbsp;79519 | &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp; 6620752 |
|  |  | &nbsp;&nbsp; 10395313 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Consumer Staples — 4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;45335 | &nbsp;&nbsp;Keurig Dr Pepper, Inc. | $1616646 |
| &nbsp;&nbsp;&nbsp;&nbsp;45055 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 4574434 |
|  |  | &nbsp;&nbsp; 6191080 |
|  | &nbsp;&nbsp;**Materials — 2.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10754 | &nbsp;&nbsp;Linde PLC (United Kingdom) | &nbsp;&nbsp; 3507740 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $145915594 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.7%** |  |
| 2553378 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.19%<sup>∞Ω</sup> | &nbsp;&nbsp; 2553378 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $118,047,811)** | $148468972 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (116221) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $148352751 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of December 31, 2022.* |

---

---

| |
|:---|
| ***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* | *$145915594* | *$—* | *$—* | *$145915594* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2553378* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2553378* |
| *Total* | *$148468972* | *$—* | *$—* | *$148468972* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Portfolio of Investments

Touchstone Small Company Fund – December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.1%** |  |
|  | &nbsp;&nbsp;**Health Care — 20.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;700660 | &nbsp;&nbsp;Allscripts Healthcare Solutions, Inc.\* | $12359642 |
| &nbsp;&nbsp;&nbsp;&nbsp;115450 | &nbsp;&nbsp;Amedisys, Inc.\* | &nbsp;&nbsp; 9644693 |
| &nbsp;&nbsp;&nbsp;&nbsp;108632 | &nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp; 9003420 |
| &nbsp;&nbsp;&nbsp;&nbsp;556480 | &nbsp;&nbsp;Certara, Inc.\* | &nbsp;&nbsp; 8942634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17204 | &nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp; 8781438 |
| &nbsp;&nbsp;&nbsp;&nbsp;226741 | &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp; 13561379 |
| &nbsp;&nbsp;&nbsp;&nbsp;140988 | &nbsp;&nbsp;Ensign Group, Inc. (The) | &nbsp;&nbsp; 13338875 |
| &nbsp;&nbsp;&nbsp;&nbsp;154099 | &nbsp;&nbsp;Globus Medical, Inc. - Class A\* | &nbsp;&nbsp; 11444933 |
| &nbsp;&nbsp;&nbsp;&nbsp;180003 | &nbsp;&nbsp;Integra LifeSciences Holdings Corp.\* | &nbsp;&nbsp; 10092768 |
| &nbsp;&nbsp;&nbsp;&nbsp;179925 | &nbsp;&nbsp;Merit Medical Systems, Inc.\* | &nbsp;&nbsp; 12706303 |
| &nbsp;&nbsp;&nbsp;&nbsp;492264 | &nbsp;&nbsp;NextGen Healthcare, Inc.\* | &nbsp;&nbsp; 9244718 |
| &nbsp;&nbsp;&nbsp;&nbsp;248773 | &nbsp;&nbsp;NuVasive, Inc.\* | &nbsp;&nbsp; 10259398 |
| &nbsp;&nbsp;&nbsp;&nbsp;204933 | &nbsp;&nbsp;Omnicell, Inc.\* | &nbsp;&nbsp; 10332722 |
| &nbsp;&nbsp;&nbsp;&nbsp;633106 | &nbsp;&nbsp;Premier, Inc. - Class A | &nbsp;&nbsp; 22146048 |
| &nbsp;&nbsp;&nbsp;&nbsp;297253 | &nbsp;&nbsp;Progyny, Inc.\* | &nbsp;&nbsp; 9259431 |
|  |  | &nbsp;&nbsp;171118402 |
|  | &nbsp;&nbsp;**Industrials — 17.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;113021 | &nbsp;&nbsp;ASGN, Inc.\* | &nbsp;&nbsp; 9208951 |
| &nbsp;&nbsp;&nbsp;&nbsp;160789 | &nbsp;&nbsp;Clean Harbors, Inc. \* | &nbsp;&nbsp; 18349241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95555 | &nbsp;&nbsp;Crane Holdings Co. | &nbsp;&nbsp; 9598500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57013 | &nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp; 9520601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85970 | &nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp; 12733017 |
| &nbsp;&nbsp;&nbsp;&nbsp;108643 | &nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp; 9510608 |
| &nbsp;&nbsp;&nbsp;&nbsp;190307 | &nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp; 8843566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83182 | &nbsp;&nbsp;Forward Air Corp. | &nbsp;&nbsp; 8724960 |
| &nbsp;&nbsp;&nbsp;&nbsp;120574 | &nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp; 9778551 |
| &nbsp;&nbsp;&nbsp;&nbsp;108699 | &nbsp;&nbsp;John Bean Technologies Corp. | &nbsp;&nbsp; 9927479 |
| &nbsp;&nbsp;&nbsp;&nbsp;377531 | &nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp; 19933637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66070 | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp; 9414975 |
| &nbsp;&nbsp;&nbsp;&nbsp;437813 | &nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp; 9259745 |
|  |  | &nbsp;&nbsp;144803831 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 16.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;234058 | &nbsp;&nbsp;Aritzia, Inc. (Canada)\* | &nbsp;&nbsp; 8185115 |
| &nbsp;&nbsp;&nbsp;&nbsp;107718 | &nbsp;&nbsp;Fox Factory Holding Corp.\* | &nbsp;&nbsp; 9827113 |
| &nbsp;&nbsp;&nbsp;&nbsp;418954 | &nbsp;&nbsp;Frontdoor, Inc.\* | &nbsp;&nbsp; 8714243 |
| &nbsp;&nbsp;&nbsp;&nbsp;117596 | &nbsp;&nbsp;Grand Canyon Education, Inc.\* | &nbsp;&nbsp; 12425193 |
| &nbsp;&nbsp;&nbsp;&nbsp;677817 | &nbsp;&nbsp;Leslie's, Inc.\*<sup>†</sup> | &nbsp;&nbsp; 8276146 |
| &nbsp;&nbsp;&nbsp;&nbsp;320689 | &nbsp;&nbsp;Malibu Boats, Inc. - Class A\* | &nbsp;&nbsp; 17092724 |
| &nbsp;&nbsp;&nbsp;&nbsp;128446 | &nbsp;&nbsp;Oxford Industries, Inc. | &nbsp;&nbsp; 11968598 |
| &nbsp;&nbsp;&nbsp;&nbsp;172480 | &nbsp;&nbsp;Skyline Champion Corp.\* | &nbsp;&nbsp; 8884445 |
| &nbsp;&nbsp;&nbsp;&nbsp;547611 | &nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp; 17501648 |
| &nbsp;&nbsp;&nbsp;&nbsp;132066 | &nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp; 12011403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60136 | &nbsp;&nbsp;TopBuild Corp.\* | &nbsp;&nbsp; 9410683 |
| &nbsp;&nbsp;&nbsp;&nbsp;388052 | &nbsp;&nbsp;Zumiez, Inc.\* | &nbsp;&nbsp; 8436250 |
|  |  | &nbsp;&nbsp;132733561 |
|  | &nbsp;&nbsp;**Information Technology — 15.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;109814 | &nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp; 9419845 |
| &nbsp;&nbsp;&nbsp;&nbsp;682340 | &nbsp;&nbsp;Box, Inc. - Class A\* | &nbsp;&nbsp; 21241244 |
| 1045090 | &nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.\* | &nbsp;&nbsp; 9092283 |
| &nbsp;&nbsp;&nbsp;&nbsp;152574 | &nbsp;&nbsp;CommVault Systems, Inc.\* | &nbsp;&nbsp; 9587750 |
| &nbsp;&nbsp;&nbsp;&nbsp;239609 | &nbsp;&nbsp;Digi International, Inc.\* | &nbsp;&nbsp; 8757709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51722 | &nbsp;&nbsp;ExlService Holdings, Inc.\* | &nbsp;&nbsp; 8763258 |
| &nbsp;&nbsp;&nbsp;&nbsp;180876 | &nbsp;&nbsp;MAXIMUS, Inc. | &nbsp;&nbsp; 13263637 |
| &nbsp;&nbsp;&nbsp;&nbsp;224820 | &nbsp;&nbsp;Onto Innovation, Inc.\* | &nbsp;&nbsp; 15307994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73972 | &nbsp;&nbsp;SPS Commerce, Inc.\* | &nbsp;&nbsp; 9500224 |
| &nbsp;&nbsp;&nbsp;&nbsp;271138 | &nbsp;&nbsp;Verint Systems, Inc.\* | &nbsp;&nbsp; 9836887 |
| &nbsp;&nbsp;&nbsp;&nbsp;203952 | &nbsp;&nbsp;WNS Holdings Ltd. (India) ADR\* | &nbsp;&nbsp; 16314121 |
|  |  | &nbsp;&nbsp;131084952 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Financials — 11.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;196380 | &nbsp;&nbsp;Banner Corp. | $12411216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81202 | &nbsp;&nbsp;Evercore, Inc. - Class A | &nbsp;&nbsp; 8857514 |
| 1370319 | &nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp; 17882663 |
| &nbsp;&nbsp;&nbsp;&nbsp;537670 | &nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp; 12253500 |
| &nbsp;&nbsp;&nbsp;&nbsp;346720 | &nbsp;&nbsp;Pacific Premier Bancorp, Inc. | &nbsp;&nbsp; 10942483 |
| &nbsp;&nbsp;&nbsp;&nbsp;149253 | &nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp; 10955170 |
| &nbsp;&nbsp;&nbsp;&nbsp;384980 | &nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp; 18224953 |
|  |  | &nbsp;&nbsp; 91527499 |
|  | &nbsp;&nbsp;**Real Estate — 8.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;184842 | &nbsp;&nbsp;Agree Realty Corp. REIT | &nbsp;&nbsp; 13110843 |
| &nbsp;&nbsp;&nbsp;&nbsp;803890 | &nbsp;&nbsp;Corporate Office Properties Trust REIT | &nbsp;&nbsp; 20852907 |
| &nbsp;&nbsp;&nbsp;&nbsp;540058 | &nbsp;&nbsp;Healthcare Realty Trust, Inc. REIT | &nbsp;&nbsp; 10406918 |
| &nbsp;&nbsp;&nbsp;&nbsp;582790 | &nbsp;&nbsp;Kite Realty Group Trust REIT | &nbsp;&nbsp; 12267729 |
| &nbsp;&nbsp;&nbsp;&nbsp;397648 | &nbsp;&nbsp;STAG Industrial, Inc. REIT | &nbsp;&nbsp; 12848007 |
|  |  | &nbsp;&nbsp; 69486404 |
|  | &nbsp;&nbsp;**Materials — 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94263 | &nbsp;&nbsp;Ashland, Inc. | &nbsp;&nbsp; 10136100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73103 | &nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp; 9711734 |
| &nbsp;&nbsp;&nbsp;&nbsp;328588 | &nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp; 17034002 |
|  |  | &nbsp;&nbsp; 36881836 |
|  | &nbsp;&nbsp;**Communication Services — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;730157 | &nbsp;&nbsp;Cargurus, Inc.\* | &nbsp;&nbsp; 10229500 |
| &nbsp;&nbsp;&nbsp;&nbsp;154902 | &nbsp;&nbsp;Ziff Davis, Inc.\* | &nbsp;&nbsp; 12252748 |
|  |  | &nbsp;&nbsp; 22482248 |
|  | &nbsp;&nbsp;**Energy — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;425360 | &nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp; 12331186 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $812449919 |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 2.2%** |  |
| 17355094 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.19%<sup>∞Ω</sup> | &nbsp;&nbsp; 17355094 |
| 1099836 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.22%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 1099836 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp; $18454930 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.3%<br> (Cost $684,128,035)** | $830904849 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.3%)** | &nbsp;&nbsp;&nbsp; (2292702) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $828612147 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *\*\** | *Represents collateral for securities loaned.* |
| *†* | *All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2022 was $1,089,132.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of December 31, 2022.* |

---

---

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

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Touchstone Small Company Fund (Unaudited) (Continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$812449919* | *$—* | *$—* | *$812449919* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;&nbsp;*18454930* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*18454930* |
| *Total* | *$830904849* | *$—* | *$—* | *$830904849* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Portfolio of Investments

Touchstone Value Fund – December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.7%** |  |
|  | &nbsp;&nbsp;**Health Care — 15.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;119237 | &nbsp;&nbsp;CVS Health Corp. | $11111696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37100 | &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp; 19031187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95971 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 7458866 |
| &nbsp;&nbsp;&nbsp;&nbsp;179293 | &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp; 19892558 |
| &nbsp;&nbsp;&nbsp;&nbsp;283804 | &nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp; 9674879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29099 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 15427708 |
|  |  | &nbsp;&nbsp; 82596894 |
|  | &nbsp;&nbsp;**Financials — 15.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49780 | &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp; 7354995 |
| &nbsp;&nbsp;&nbsp;&nbsp;189210 | &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp; 11965640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78459 | &nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp; 11381263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98751 | &nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp; 8738476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82263 | &nbsp;&nbsp;The Allstate Corp. | &nbsp;&nbsp; 11154863 |
| &nbsp;&nbsp;&nbsp;&nbsp;137953 | &nbsp;&nbsp;US Bancorp | &nbsp;&nbsp; 6016130 |
| &nbsp;&nbsp;&nbsp;&nbsp;339764 | &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp; 14028856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45536 | &nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp; 11137195 |
|  |  | &nbsp;&nbsp; 81777418 |
|  | &nbsp;&nbsp;**Energy — 12.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;279050 | &nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp; 10980618 |
| &nbsp;&nbsp;&nbsp;&nbsp;130198 | &nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp; 18464680 |
| &nbsp;&nbsp;&nbsp;&nbsp;181026 | &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp; 18841186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47354 | &nbsp;&nbsp;Pioneer Natural Resources | &nbsp;&nbsp; 10815180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46249 | &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp; 5867148 |
|  |  | &nbsp;&nbsp; 64968812 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 12.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67629 | &nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp; 9943492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73653 | &nbsp;&nbsp;Aptiv PLC\* | &nbsp;&nbsp; 6859304 |
| &nbsp;&nbsp;&nbsp;&nbsp;309160 | &nbsp;&nbsp;Aramark | &nbsp;&nbsp; 12780674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63039 | &nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp; 15523354 |
| &nbsp;&nbsp;&nbsp;&nbsp;274958 | &nbsp;&nbsp;Las Vegas Sands Corp.\* | &nbsp;&nbsp; 13217231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27025 | &nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp; 5533098 |
|  |  | &nbsp;&nbsp; 63857153 |
|  | &nbsp;&nbsp;**Industrials — 10.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;123736 | &nbsp;&nbsp;AECOM | &nbsp;&nbsp; 10508898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26657 | &nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 11429455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89243 | &nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 15560410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78480 | &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 5895418 |
| &nbsp;&nbsp;&nbsp;&nbsp;724764 | &nbsp;&nbsp;Vertiv Holdings Co. | &nbsp;&nbsp; 9900276 |
|  |  | &nbsp;&nbsp; 53294457 |
|  | &nbsp;&nbsp;**Information Technology — 9.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24565 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 13735029 |
| &nbsp;&nbsp;&nbsp;&nbsp;129822 | &nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A | &nbsp;&nbsp; 7424520 |
| &nbsp;&nbsp;&nbsp;&nbsp;195031 | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp; 13232853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87691 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 7167862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66470 | &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp; 7307712 |
|  |  | &nbsp;&nbsp; 48867976 |
|  | &nbsp;&nbsp;**Materials — 8.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63699 | &nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp; 19635854 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Materials — (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;348985 | &nbsp;&nbsp;Axalta Coating Systems Ltd. \* | $8888648 |
| &nbsp;&nbsp;&nbsp;&nbsp;132959 | &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp; 9124976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79491 | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 8333836 |
|  |  | &nbsp;&nbsp; 45983314 |
|  | &nbsp;&nbsp;**Communication Services — 5.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;290958 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 10174801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70569 | &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp; 8622121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53470 | &nbsp;&nbsp;T-Mobile US, Inc.\* | &nbsp;&nbsp; 7485800 |
|  |  | &nbsp;&nbsp; 26282722 |
|  | &nbsp;&nbsp;**Consumer Staples — 3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90627 | &nbsp;&nbsp;Coca-Cola Europacific Partners PLC (United Kingdom) | &nbsp;&nbsp; 5013486 |
| &nbsp;&nbsp;&nbsp;&nbsp;125420 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 12693758 |
|  |  | &nbsp;&nbsp; 17707244 |
|  | &nbsp;&nbsp;**Real Estate — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;442578 | &nbsp;&nbsp;VICI Properties, Inc. REIT | &nbsp;&nbsp; 14339527 |
|  | &nbsp;&nbsp;**Utilities — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;126598 | &nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp; 9626512 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $509302029 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 2.4%** |  |
| 12625420 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.19%<sup>∞Ω</sup> | &nbsp;&nbsp; 12625420 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $435,427,748)** | $521927449 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (623895) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $521303554 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of December 31, 2022.* |

---

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$509302029* | *$—* | *$—* | *$509302029* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*12625420* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*12625420* |
| *Total* | *$521927449* | *$—* | *$—* | *$521927449* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

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[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Statements of Assets and Liabilities

December 31, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International<br> Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International<br> Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Fund** |
| **Assets** |  |  |  |  |  |  |
| Investments, at cost | &nbsp;&nbsp;&nbsp;$666761546 | &nbsp;&nbsp;&nbsp;&nbsp;$55771603 | &nbsp;&nbsp;&nbsp;&nbsp;$97481154 | &nbsp;&nbsp;&nbsp;&nbsp;$58216338 | $1733493896 | &nbsp;&nbsp;&nbsp;$173584845 |
| Investments, at market value \* | &nbsp;&nbsp;&nbsp;$733005161 | &nbsp;&nbsp;&nbsp;&nbsp;$53550451 | &nbsp;&nbsp;&nbsp;$100068116 | &nbsp;&nbsp;&nbsp;&nbsp;$57543172 | $2485667072 | &nbsp;&nbsp;&nbsp;$270354663 |
| Cash |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |  |
| Foreign currency † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |  |  |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320829 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19089 |
| Receivable for investments sold |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158599 |  |  |
| Receivable for securities lending income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 |  |  |
| Tax reclaim receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126382 |  |  |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 |
| **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;735790830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54215152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100775846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57860250 | &nbsp;&nbsp;&nbsp;&nbsp;2489354065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270695668 |
| **Liabilities** |  |  |  |  |  |  |
| Bank overdrafts |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15012 |  |  |
| Dividends payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9817 |  |  |  |  |
| Payable for return of collateral for securities on loan |  |  |  |  |  |  |
| Deferred foreign capital gains tax |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3114 |  |  |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721598 |
| Payable for investments purchased |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530035 |  |  |  |  |
| Payable to Investment Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116837 |
| Payable to other affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34067 |
| Payable to Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090 |
| Payable for professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17276 |
| Payable for reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192 |
| Payable for transfer agent services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82718 |
| Other accrued expenses and liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17518 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5313111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999296 |
| **Net Assets** | &nbsp;&nbsp;&nbsp;$733735043 | &nbsp;&nbsp;&nbsp;&nbsp;$53509210 | &nbsp;&nbsp;&nbsp;$100528824 | &nbsp;&nbsp;&nbsp;&nbsp;$57542219 | $2484040954 | &nbsp;&nbsp;&nbsp;$269696372 |
| **Net assets consist of:** |  |  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;672872198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56816039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171952153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71152194 | &nbsp;&nbsp;&nbsp;&nbsp;1689410598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171935840 |
| Distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60862845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3306829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71423329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13609975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794630356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97760532 |
| Net Assets | &nbsp;&nbsp;&nbsp;$733735043 | &nbsp;&nbsp;&nbsp;&nbsp;$53509210 | &nbsp;&nbsp;&nbsp;$100528824 | &nbsp;&nbsp;&nbsp;&nbsp;$57542219 | $2484040954 | &nbsp;&nbsp;&nbsp;$269696372 |
| *\*Includes market value of securities on loan of:* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* |
| *†Cost of foreign currency:* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$1028* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$2208* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$12* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Statements of Assets and Liabilities (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Touchstone<br> Large Company<br> Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small<br> Company<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Value<br> Fund** |
| $118047811 | &nbsp;&nbsp;&nbsp;$684128035 | &nbsp;&nbsp;&nbsp;$435427748 |
| $148468972 | &nbsp;&nbsp;&nbsp;$830904849 | &nbsp;&nbsp;&nbsp;$521927449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3121 |
| 148735082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832313413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523238119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3701266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934565 |
| $148352751 | &nbsp;&nbsp;&nbsp;$828612147 | &nbsp;&nbsp;&nbsp;$521303554 |
| 113061178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700568074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441569602 |
| &nbsp;&nbsp;&nbsp;35291573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128044073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79733952 |
| $148352751 | &nbsp;&nbsp;&nbsp;$828612147 | &nbsp;&nbsp;&nbsp;$521303554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$1089132* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$195* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Statements of Assets and Liabilities (Unaudited) (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International<br> Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International<br> Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Fund** |
| **Pricing of Class A Shares** |  |  |  |  |  |  |
| Net assets applicable to Class A shares | &nbsp;&nbsp;&nbsp;$508866193 | &nbsp;&nbsp;&nbsp;&nbsp;$23327730 | &nbsp;&nbsp;&nbsp;&nbsp;$75653424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1152751 | $1706985881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5146632 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23587449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5568555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35787723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330483 |
| Net asset value price per share\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.57 |
| Maximum sales charge - Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% |
| Maximum offering price per share<br> (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.39 |
| **Pricing of Class C Shares** |  |  |  |  |  |  |
| Net assets applicable to Class C shares | &nbsp;&nbsp;&nbsp;&nbsp;$69619327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1347631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2087255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$647297 | &nbsp;&nbsp;&nbsp;&nbsp;$46364652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2485543 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163460 |
| Net asset value and offering price per share\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.21 |
| **Pricing of Class Y Shares** |  |  |  |  |  |  |
| Net assets applicable to Class Y shares | &nbsp;&nbsp;&nbsp;$155136509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2916702 | &nbsp;&nbsp;&nbsp;&nbsp;$19401510 | &nbsp;&nbsp;&nbsp;&nbsp;$44815775 | &nbsp;&nbsp;&nbsp;$510482868 | &nbsp;&nbsp;&nbsp;$191846933 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7259415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4208291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10718090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12322499 |
| Net asset value, offering price and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.57 |
| **Pricing of Institutional Class Shares** |  |  |  |  |  |  |
| Net assets applicable to Institutional Class shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$25917147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3386635 | &nbsp;&nbsp;&nbsp;&nbsp;$10926396 | &nbsp;&nbsp;&nbsp;$218329709 | &nbsp;&nbsp;&nbsp;&nbsp;$70217264 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508239 |
| Net asset value, offering price and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.58 |
| **Pricing of Class R6 Shares** |  |  |  |  |  |  |
| Net assets applicable to Class R6 shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$113014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1877844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5291 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39332 |  |
| Net asset value, offering price and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

---

| | |
|:---|:---|
| *^* | *The Shares of beneficial interest outstanding and Net asset value and offering price per share were updated to reflect the effect of a 1 for 0.379048 reverse stock split for Class C shares on October 14, 2022 (See Note 9 in the Notes to Financial Statements).* |
| *\** | *There is no sales load on subscriptions of $1 million or more for all funds except for Core Municipal Bond Fund. There is no sales load on subscriptions of $500,000 or more for Core Municipal Bond 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_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Statements of Assets and Liabilities (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Touchstone<br> Large Company<br> Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small<br> Company<br> Fund^** | &nbsp;&nbsp;**Touchstone<br> Value<br> Fund** |
| &nbsp;&nbsp;&nbsp;$3368196 | &nbsp;&nbsp;&nbsp;$468614659 | &nbsp;&nbsp;&nbsp;$162336241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97047662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16150514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.05 |
| &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;$36.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;$208725 | &nbsp;&nbsp;&nbsp;&nbsp;$16516470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5576010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3442382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.01 |
| &nbsp;&nbsp;&nbsp;$7216770 | &nbsp;&nbsp;&nbsp;$256636901 | &nbsp;&nbsp;&nbsp;$105205741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46230726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10409885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.11 |
| $137559060 | &nbsp;&nbsp;&nbsp;&nbsp;$23083694 | &nbsp;&nbsp;&nbsp;$226749467 |
| &nbsp;&nbsp;&nbsp;&nbsp;3828121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4155149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22522918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$63760423 | &nbsp;&nbsp;&nbsp;&nbsp;$21436095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12573572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.07 |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Statements of Operations For the Six Months Ended December 31, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International<br> Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International<br> Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Fund** |
| **Investment Income** |  |  |  |  |  |  |
| Dividends\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3885945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1042246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$355730 | &nbsp;&nbsp;&nbsp;&nbsp;$17406938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2315445 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Income from securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8086121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17408348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315445 |
| **Expenses** |  |  |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6979629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827886 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190609 |
| Compliance fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5318 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16327 |
| Transfer Agent fees, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053 |
| Transfer Agent fees, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 |
| Transfer Agent fees, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79946 |
| Transfer Agent fees, 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;304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065 |
| Transfer Agent fees, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Registration Fees, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5614 |
| Registration Fees, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876 |
| Registration Fees, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10645 |
| Registration Fees, 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;1967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6074 |
| Registration Fees, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reports to Shareholders, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 |
| Reports to Shareholders, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 |
| Reports to Shareholders, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304 |
| Reports to Shareholders, 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;907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 |
| Reports to Shareholders, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distribution expenses, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6094 |
| Distribution and shareholder servicing expenses, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13498 |
| Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13190 |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66281 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12638748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261036 |
| Fees waived and/or reimbursed by the Adviser and/or Affiliates<sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169197) |
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12172216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091839 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5236132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223606 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |  |  |
| Net realized gains (losses) on investments<sup>(B)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2818060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1049538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4856852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6230907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38895143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92580 |
| Net realized losses on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gains on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized losses on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net change in unrealized appreciation (depreciation) on investments† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6568430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8166832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5411641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23169453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13615947 |
| 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;(40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Realized and Unrealized Gains (Losses) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3493215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(827228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62064596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13708527 |
| **Change in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;$7644201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55007 | &nbsp;&nbsp;&nbsp;&nbsp;$3620408 | $(764188) | &nbsp;&nbsp;&nbsp;$67300728 | &nbsp;&nbsp;&nbsp;$14932133 |
| *\*Net of foreign tax withholding of:* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$92869* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$4758* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* |
| *†Includes increase in deferred foreign capital gains tax of:* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$3114* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* |

---

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

*<sup>(B)</sup>* *For the six months ended December 31, 2022, Large Cap Focused Fund, Large Cap Fund, Large Company Growth Fund and Small Company Fund had redemptions-in-kind of securities in the amount of $84,552,621, $14,136,317, $9,895,085 and $14,948,558 respectively. Net realized gains (losses) on investments includes the realized gain on the transactions of $45,407,516, $5,882,633, $3,682,176 and $5,646,995, respectively, which will not be recognized by the Fund for tax purposes.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Statements of Operations (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Touchstone<br> Large Company<br> Growth<br> Fund** | **Touchstone<br> Small<br> Company<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Value<br> Fund** |
| &nbsp;&nbsp;&nbsp;$500228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4847352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6481698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;500246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4857058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6481702 |
| &nbsp;&nbsp;&nbsp;&nbsp;488693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552183 |
| &nbsp;&nbsp;&nbsp;&nbsp;112496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45856 |
| &nbsp;&nbsp;&nbsp;742139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4627508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459061 |
| &nbsp;&nbsp;&nbsp;&nbsp;(142369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237383) |
| &nbsp;&nbsp;&nbsp;599770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4472073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221678 |
| &nbsp;&nbsp;&nbsp;&nbsp;(99524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4260024 |
| &nbsp;&nbsp;5216475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4037078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(736675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;(5259953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70408821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36926587 |
| &nbsp;&nbsp;&nbsp;&nbsp;(43478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66354338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36189912 |
| $(143002) | &nbsp;&nbsp;&nbsp;$66739323 | &nbsp;&nbsp;&nbsp;$40449936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$2907* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced Fund** | **Touchstone<br> Balanced Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> International Equity<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> International Equity<br> Fund** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2022** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$4150986 | &nbsp;&nbsp;&nbsp;$4695432 | &nbsp;&nbsp;&nbsp;$641916 | &nbsp;&nbsp;&nbsp;$1004748 | &nbsp;&nbsp;&nbsp;&nbsp;$407008 | &nbsp;&nbsp;&nbsp;$1452044 |
| Net realized gains (losses) on investments, futures contracts, swap agreements and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(3075175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34295324 | &nbsp;&nbsp;&nbsp;&nbsp;(1049538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4941791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7805000 |
| Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;6568390 | &nbsp;&nbsp;&nbsp;&nbsp;(163247150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462629 | &nbsp;&nbsp;&nbsp;&nbsp;(6539645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8155191 | &nbsp;&nbsp;&nbsp;&nbsp;(34315313) |
| **Change in Net Assets from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;7644201 | &nbsp;&nbsp;&nbsp;&nbsp;(124256394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55007 | &nbsp;&nbsp;&nbsp;&nbsp;(5559814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620408 | &nbsp;&nbsp;&nbsp;&nbsp;(25058269) |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Distributed earnings, Class A | &nbsp;&nbsp;&nbsp;&nbsp;(3114303) | &nbsp;&nbsp;&nbsp;&nbsp;(18683622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1163208) | &nbsp;&nbsp;&nbsp;&nbsp;(12810410) |
| Distributed earnings, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2017932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443920) |
| Distributed earnings, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(1130676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7153486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3217018) |
| Distributed earnings, 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;(337714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(551274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(555566) |
| Distributed earnings, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(4395092) | &nbsp;&nbsp;&nbsp;&nbsp;(27855470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(641905) | &nbsp;&nbsp;&nbsp;&nbsp;(1037854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1589590) | &nbsp;&nbsp;&nbsp;&nbsp;(17026914) |
| **Change in Net Assets from Share Transactions<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;(20623160) | &nbsp;&nbsp;&nbsp;&nbsp;317880186 | &nbsp;&nbsp;&nbsp;&nbsp;(4381669) | &nbsp;&nbsp;&nbsp;&nbsp;15095708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4273777) | &nbsp;&nbsp;&nbsp;&nbsp;22502489 |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;(17374051) | &nbsp;&nbsp;&nbsp;&nbsp;165768322 | &nbsp;&nbsp;&nbsp;&nbsp;(4968567) | &nbsp;&nbsp;&nbsp;&nbsp;8498040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2242959) | &nbsp;&nbsp;&nbsp;&nbsp;(19582694) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;751109094 | &nbsp;&nbsp;&nbsp;&nbsp;585340772 | &nbsp;&nbsp;&nbsp;&nbsp;58477777 | &nbsp;&nbsp;&nbsp;&nbsp;49979737 | &nbsp;&nbsp;&nbsp;&nbsp;102771783 | &nbsp;&nbsp;&nbsp;&nbsp;122354477 |
| End of period | $733735043 | &nbsp;&nbsp;&nbsp;$751109094 | &nbsp;&nbsp;&nbsp;$53509210 | &nbsp;&nbsp;&nbsp;$58477777 | &nbsp;&nbsp;&nbsp;$100528824 | &nbsp;&nbsp;&nbsp;$102771783 |

---

*(A)* *For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 34-37.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Statements of Changes in Net Assets (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone<br> International<br> Growth<br> Fund** | **Touchstone<br> International<br> Growth<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Large Cap<br> Focused Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Large Cap<br> Focused Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Large Cap Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Large Cap Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth Fund** |
| **For the<br> Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;$63040 | &nbsp;&nbsp;&nbsp;&nbsp;$(14650) | &nbsp;&nbsp;&nbsp;&nbsp;$5236132 | &nbsp;&nbsp;&nbsp;&nbsp;$5805824 | &nbsp;&nbsp;&nbsp;$1223606 | &nbsp;&nbsp;&nbsp;$2725934 | &nbsp;&nbsp;&nbsp;&nbsp;$(99524) | &nbsp;&nbsp;&nbsp;&nbsp;$(661608) |
| &nbsp;&nbsp;(6243173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2646945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38895143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254979759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92580 | &nbsp;&nbsp;&nbsp;&nbsp;22912067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52866635 |
| &nbsp;&nbsp;&nbsp;5415945 | &nbsp;&nbsp;&nbsp;&nbsp;(26815195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23169453 | &nbsp;&nbsp;&nbsp;&nbsp;(674276909) | &nbsp;&nbsp;&nbsp;&nbsp;13615947 | &nbsp;&nbsp;&nbsp;&nbsp;(58860797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5259953) | &nbsp;&nbsp;&nbsp;&nbsp;(106678470) |
| &nbsp;&nbsp;&nbsp;&nbsp;(764188) | &nbsp;&nbsp;&nbsp;&nbsp;(29476790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67300728 | &nbsp;&nbsp;&nbsp;&nbsp;(413491326) | &nbsp;&nbsp;&nbsp;&nbsp;14932133 | &nbsp;&nbsp;&nbsp;&nbsp;(33222796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143002) | &nbsp;&nbsp;&nbsp;&nbsp;(54473443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26722797) | &nbsp;&nbsp;&nbsp;&nbsp;(144110933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(686500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4540418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91216) |
| &nbsp;&nbsp;&nbsp;&nbsp;(125266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8798604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46283019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7705511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7855117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4818063) |
| &nbsp;&nbsp;&nbsp;&nbsp;(35539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3775076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15167079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2900891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2885087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4584366) | &nbsp;&nbsp;&nbsp;&nbsp;(42296250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(162551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40052589) | &nbsp;&nbsp;&nbsp;&nbsp;(210101614) | &nbsp;&nbsp;&nbsp;&nbsp;(10876678) | &nbsp;&nbsp;&nbsp;&nbsp;(10963376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4964537) | &nbsp;&nbsp;&nbsp;&nbsp;(47892029) |
| &nbsp;&nbsp;(2559173) | &nbsp;&nbsp;&nbsp;&nbsp;(10868501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41382146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756668107 | &nbsp;&nbsp;&nbsp;&nbsp;(12456655) | &nbsp;&nbsp;&nbsp;&nbsp;(46985624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9392614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486868 |
| &nbsp;&nbsp;(3485912) | &nbsp;&nbsp;&nbsp;&nbsp;(40345653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14134007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133075167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8401200) | &nbsp;&nbsp;&nbsp;&nbsp;(91171796) | &nbsp;&nbsp;&nbsp;&nbsp;(14500153) | &nbsp;&nbsp;&nbsp;&nbsp;(99878604) |
| 61028131 | &nbsp;&nbsp;&nbsp;&nbsp;101373784 | &nbsp;&nbsp;&nbsp;&nbsp;2498174961 | &nbsp;&nbsp;&nbsp;&nbsp;2365099794 | &nbsp;&nbsp;&nbsp;&nbsp;278097572 | &nbsp;&nbsp;&nbsp;&nbsp;369269368 | &nbsp;&nbsp;&nbsp;&nbsp;162852904 | &nbsp;&nbsp;&nbsp;&nbsp;262731508 |
| $57542219 | &nbsp;&nbsp;&nbsp;$61028131 | &nbsp;&nbsp;&nbsp;$2484040954 | &nbsp;&nbsp;&nbsp;$2498174961 | &nbsp;&nbsp;&nbsp;$269696372 | &nbsp;&nbsp;&nbsp;$278097572 | &nbsp;&nbsp;&nbsp;$148352751 | &nbsp;&nbsp;&nbsp;$162852904 |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Small Company Fund** | **Touchstone<br> Small Company Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Value Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Value Fund** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2022** |
| **From Operations** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$384985 | &nbsp;&nbsp;&nbsp;$(2103171) | &nbsp;&nbsp;&nbsp;$4260024 | &nbsp;&nbsp;&nbsp;$7223081 |
| Net realized gains (losses) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(4054483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72652306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(736675) | &nbsp;&nbsp;&nbsp;&nbsp;53432153 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;70408821 | &nbsp;&nbsp;&nbsp;&nbsp;(239902157) | &nbsp;&nbsp;&nbsp;&nbsp;36926587 | &nbsp;&nbsp;&nbsp;&nbsp;(84024306) |
| **Change in Net Assets from Operations** | &nbsp;&nbsp;&nbsp;66739323 | &nbsp;&nbsp;&nbsp;&nbsp;(169353022) | &nbsp;&nbsp;&nbsp;&nbsp;40449936 | &nbsp;&nbsp;&nbsp;&nbsp;(23369072) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributed earnings, Class A | &nbsp;&nbsp;&nbsp;(11830362) | &nbsp;&nbsp;&nbsp;&nbsp;(100933144) | &nbsp;&nbsp;&nbsp;&nbsp;(10212282) | &nbsp;&nbsp;&nbsp;&nbsp;(14640827) |
| Distributed earnings, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8485889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442410) |
| Distributed earnings, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(5543535) | &nbsp;&nbsp;&nbsp;&nbsp;(42208035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6749640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8719641) |
| Distributed earnings, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(507462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2833076) | &nbsp;&nbsp;&nbsp;&nbsp;(14917596) | &nbsp;&nbsp;&nbsp;&nbsp;(25683573) |
| Distributed earnings, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(1463929) | &nbsp;&nbsp;&nbsp;&nbsp;(10437867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1439300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1961) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;(19777568) | &nbsp;&nbsp;&nbsp;&nbsp;(164898011) | &nbsp;&nbsp;&nbsp;&nbsp;(33648233) | &nbsp;&nbsp;&nbsp;&nbsp;(49488412) |
| **Change in Net Assets from Share Transactions<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;16244961 | &nbsp;&nbsp;&nbsp;&nbsp;100055548 | &nbsp;&nbsp;&nbsp;&nbsp;12542014 | &nbsp;&nbsp;&nbsp;&nbsp;150160610 |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;63206716 | &nbsp;&nbsp;&nbsp;&nbsp;(234195485) | &nbsp;&nbsp;&nbsp;&nbsp;19343717 | &nbsp;&nbsp;&nbsp;&nbsp;77303126 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;765405431 | &nbsp;&nbsp;&nbsp;&nbsp;999600916 | &nbsp;&nbsp;&nbsp;&nbsp;501959837 | &nbsp;&nbsp;&nbsp;&nbsp;424656711 |
| End of period | $828612147 | &nbsp;&nbsp;&nbsp;$765405431 | &nbsp;&nbsp;&nbsp;$521303554 | &nbsp;&nbsp;&nbsp;$501959837 |

---

*(A)* *For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 37-38.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

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------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Statements of Changes in Net Assets - Capital Stock Activity

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced Fund** | **Touchstone<br> Balanced Fund** | **Touchstone<br> Balanced Fund** | **Touchstone<br> Balanced Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond Fund** |
|  | **For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | **For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022<sup>(A)</sup>** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022<sup>(A)</sup>** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022** |
|  | **Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| **Class A<sup>(B)</sup>** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;641373 | &nbsp;&nbsp;&nbsp;&nbsp;$13984347 | &nbsp;&nbsp;&nbsp;2071514 | &nbsp;&nbsp;&nbsp;&nbsp;$51804611 | &nbsp;&nbsp;&nbsp;&nbsp;39383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$415123 | &nbsp;&nbsp;&nbsp;&nbsp;82130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$942504 |
| Proceeds from Shares issued in connection with reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;12703235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326253191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;139488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947196 | &nbsp;&nbsp;&nbsp;&nbsp;695294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17702007 | &nbsp;&nbsp;&nbsp;&nbsp;20420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215832 | &nbsp;&nbsp;&nbsp;&nbsp;29811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342750 |
| Cost of Shares redeemed | (1495188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32516592) | &nbsp;&nbsp;&nbsp;(3788521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94469765) | &nbsp;&nbsp;(206054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2162875) | &nbsp;&nbsp;&nbsp;(367762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4187142) |
| **Change from Class A Share Transactions** | &nbsp;&nbsp;(714327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15585049) | 11681522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301290044 | (146251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1531920) | &nbsp;&nbsp;&nbsp;(255821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2901888) |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;181772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3989461 | &nbsp;&nbsp;&nbsp;&nbsp;894829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22824368 | &nbsp;&nbsp;&nbsp;&nbsp;76737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822406 | &nbsp;&nbsp;&nbsp;&nbsp;33277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366528 |
| Proceeds from Shares issued in connection with reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;721908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18587124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;6951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7946 |
| Cost of Shares redeemed | &nbsp;&nbsp;(403182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8712875) | &nbsp;&nbsp;&nbsp;&nbsp;(816261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20385578) | &nbsp;&nbsp;&nbsp;(38527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(404497) | &nbsp;&nbsp;&nbsp;&nbsp;(45123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(494884) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;(214459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4575690) | &nbsp;&nbsp;&nbsp;&nbsp;878128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23029342 | &nbsp;&nbsp;&nbsp;38866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424843 | &nbsp;&nbsp;&nbsp;&nbsp;(11157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120410) |
| **Class Y<sup>(C)</sup>** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | 1187241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25836620 | &nbsp;&nbsp;&nbsp;4190499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102045837 | &nbsp;&nbsp;&nbsp;222051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331793 | &nbsp;&nbsp;&nbsp;&nbsp;79167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908797 |
| Proceeds from Shares issued in connection with reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;53920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128266 | &nbsp;&nbsp;&nbsp;&nbsp;283307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7147940 | &nbsp;&nbsp;&nbsp;&nbsp;2521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44150 |
| Cost of Shares redeemed | (1273922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27428213) | &nbsp;&nbsp;&nbsp;(5008449) | &nbsp;&nbsp;&nbsp;&nbsp;(115748212) | &nbsp;&nbsp;(205792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2135162) | &nbsp;&nbsp;&nbsp;(117610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1328373) |
| **Change from Class Y Share Transactions** | &nbsp;&nbsp;&nbsp;(32761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(463327) | &nbsp;&nbsp;&nbsp;&nbsp;(534643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6554435) | &nbsp;&nbsp;&nbsp;18780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223234 | &nbsp;&nbsp;&nbsp;&nbsp;(34612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375426) |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| 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;10429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112000 | &nbsp;&nbsp;1731152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20620289 |
| 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;31901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337714 | &nbsp;&nbsp;&nbsp;&nbsp;47679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547245 |
| 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;(373346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3947540) | &nbsp;&nbsp;&nbsp;(229859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2674102) |
| **Change from Institutional Class 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;— | (331016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3497826) | 1548972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18493432 |
| **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;5228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Share Transactions** | &nbsp;&nbsp;(961504) | &nbsp;&nbsp;&nbsp;$(20623160) | 12030255 | &nbsp;&nbsp;&nbsp;$317880186 | (419621) | &nbsp;&nbsp;&nbsp;&nbsp;$(4381669) | 1247382 | &nbsp;&nbsp;&nbsp;&nbsp;$15095708 |

---

*(A)* *Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.* 

*(B)* *Effective July 16, 2021, Class B shares of the AIG Active Allocation Fund and AIG Multi-Asset Allocation Fund were reorganized into Class A shares of the Touchstone Balanced Fund.* 

*(C)* *Effective July 16, 2021, Class W shares of the AIG International Dividend Strategy Fund were reorganized into Class Y shares of the Touchstone International Equity Fund.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Touchstone<br> International Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International<br> Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International<br> Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International<br> Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International<br> Growth<br> Fund** |
| &nbsp;&nbsp;**For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022** |
| &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;79850 | &nbsp;&nbsp;&nbsp;&nbsp;$1056343 | &nbsp;&nbsp;&nbsp;&nbsp;469378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8288140 | &nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$113513 | &nbsp;&nbsp;&nbsp;&nbsp;25427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$341175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;2291115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43002245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;81514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103694 | &nbsp;&nbsp;&nbsp;&nbsp;811352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12465621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;(358875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4716041) | &nbsp;&nbsp;(2467086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43314837) | &nbsp;&nbsp;&nbsp;(11117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117015) | &nbsp;&nbsp;&nbsp;(58165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(773559) |
| (197511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2556004) | 1104759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20441169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1915) | &nbsp;&nbsp;&nbsp;(32738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432384) |
| &nbsp;&nbsp;&nbsp;&nbsp;6544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80066 | &nbsp;&nbsp;&nbsp;&nbsp;29057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424401 | &nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47301 | &nbsp;&nbsp;&nbsp;&nbsp;9141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;122778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;2171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26900 | &nbsp;&nbsp;&nbsp;&nbsp;30546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(37701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(463081) | &nbsp;&nbsp;&nbsp;(106024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1641566) | &nbsp;&nbsp;&nbsp;(17479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174705) | &nbsp;&nbsp;&nbsp;(19774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254521) |
| &nbsp;&nbsp;&nbsp;(28986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356115) | &nbsp;&nbsp;&nbsp;&nbsp;76357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353152 | &nbsp;&nbsp;&nbsp;(12704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127409) | &nbsp;&nbsp;&nbsp;(10633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141847) |
| &nbsp;&nbsp;&nbsp;&nbsp;52560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684946 | &nbsp;&nbsp;&nbsp;&nbsp;348174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5357930 | &nbsp;&nbsp;&nbsp;&nbsp;21085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224055 | &nbsp;&nbsp;&nbsp;117736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;53869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;25019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333999 | &nbsp;&nbsp;&nbsp;&nbsp;209605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180484 | &nbsp;&nbsp;&nbsp;&nbsp;11590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;(187130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2423795) | &nbsp;&nbsp;&nbsp;(549548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9100100) | &nbsp;&nbsp;(248168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2640735) | &nbsp;&nbsp;(418756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5776915) |
| (109551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1404850) | &nbsp;&nbsp;&nbsp;&nbsp;62100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437307 | (215493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2295387) | (301020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4038337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12694 | &nbsp;&nbsp;&nbsp;&nbsp;10441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115148 | &nbsp;&nbsp;&nbsp;&nbsp;89919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315535 |
| &nbsp;&nbsp;&nbsp;&nbsp;4544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60529 | &nbsp;&nbsp;&nbsp;&nbsp;36664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555566 | &nbsp;&nbsp;&nbsp;&nbsp;3332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| &nbsp;&nbsp;&nbsp;&nbsp;(1328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17522) | &nbsp;&nbsp;&nbsp;&nbsp;(18960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297399) | &nbsp;&nbsp;&nbsp;(25514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284792) | &nbsp;&nbsp;(529482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7571828) |
| &nbsp;&nbsp;&nbsp;&nbsp;3230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43192 | &nbsp;&nbsp;&nbsp;&nbsp;18420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270861 | &nbsp;&nbsp;&nbsp;(11741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134462) | (439538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6255933) |
| (332818) | &nbsp;&nbsp;&nbsp;&nbsp;$(4273777) | 1261636 | &nbsp;&nbsp;&nbsp;&nbsp;$22502489 | (240098) | &nbsp;&nbsp;&nbsp;&nbsp;$(2559173) | (783929) | &nbsp;&nbsp;&nbsp;$(10868501) |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Large Cap<br> Focused Fund** | **Touchstone<br> Large Cap<br> Focused Fund** | **Touchstone<br> Large Cap<br> Focused Fund** | **Touchstone<br> Large Cap<br> Focused Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap Fund** |
|  | **For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | **For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022<sup>(A)</sup>** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022<sup>(A)</sup>** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022** |
|  | **Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| **Class A** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;380983 | &nbsp;&nbsp;&nbsp;&nbsp;$18558149 | &nbsp;&nbsp;&nbsp;1340013 | &nbsp;&nbsp;&nbsp;&nbsp;$77295565 | &nbsp;&nbsp;&nbsp;&nbsp;41813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$663094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78046 | &nbsp;&nbsp;&nbsp;&nbsp;$1363874 |
| Proceeds from Shares issued in connection with reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11569461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681748263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;512575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24803280 | &nbsp;&nbsp;&nbsp;2295540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133285514 | &nbsp;&nbsp;&nbsp;&nbsp;10508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118085 |
| Cost of Shares redeemed | (1906808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93186343) | &nbsp;&nbsp;&nbsp;(4668669) | &nbsp;&nbsp;&nbsp;&nbsp;(265221706) | &nbsp;&nbsp;&nbsp;&nbsp;(14920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239611) | &nbsp;&nbsp;&nbsp;&nbsp;(30720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(525957) |
| **Change from Class A Share Transactions** | (1013250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49824914) | 10536345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627107636 | &nbsp;&nbsp;&nbsp;&nbsp;37401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589045 | &nbsp;&nbsp;&nbsp;&nbsp;53607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956002 |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;77229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382322 | &nbsp;&nbsp;&nbsp;&nbsp;224240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11852311 | &nbsp;&nbsp;&nbsp;&nbsp;19321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175780 |
| Proceeds from Shares issued in connection with reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;446479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24084368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;16420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84323 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(165383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7237157) | &nbsp;&nbsp;&nbsp;&nbsp;(379100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19674805) | &nbsp;&nbsp;&nbsp;&nbsp;(59988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(951654) | &nbsp;&nbsp;&nbsp;&nbsp;(63742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1113651) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(71734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3138420) | &nbsp;&nbsp;&nbsp;&nbsp;377297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20770249 | &nbsp;&nbsp;&nbsp;&nbsp;(35274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572865) | &nbsp;&nbsp;&nbsp;&nbsp;(48186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(853548) |
| **Class Y<sup>(B)</sup>** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;1733841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84803807 | &nbsp;&nbsp;&nbsp;4114587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236829946 | &nbsp;&nbsp;&nbsp;&nbsp;112128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806411 | &nbsp;&nbsp;&nbsp;1150810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20630434 |
| Proceeds from Shares issued in connection with reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;681058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40068287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;171659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8278156 | &nbsp;&nbsp;&nbsp;&nbsp;747215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43376695 | &nbsp;&nbsp;&nbsp;&nbsp;475857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7505606 | &nbsp;&nbsp;&nbsp;&nbsp;406710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7668528 |
| Cost of Shares redeemed | (1662243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81487749) | &nbsp;&nbsp;&nbsp;(4885257) | &nbsp;&nbsp;&nbsp;&nbsp;(274179208) | (1428392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23463024) | &nbsp;&nbsp;(3509211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63649856) |
| **Change from Class Y Share Transactions** | &nbsp;&nbsp;&nbsp;243257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11594214 | &nbsp;&nbsp;&nbsp;&nbsp;657603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46095720 | &nbsp;&nbsp;&nbsp;(840407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14151007) | (1951691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35350894) |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;2329621 | &nbsp;&nbsp;&nbsp;&nbsp;114094791 | &nbsp;&nbsp;&nbsp;4978600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278659299 | &nbsp;&nbsp;1114175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18174159 | &nbsp;&nbsp;&nbsp;2165174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39064241 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;55100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661762 | &nbsp;&nbsp;&nbsp;&nbsp;258156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15015301 | &nbsp;&nbsp;&nbsp;&nbsp;153335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420443 | &nbsp;&nbsp;&nbsp;&nbsp;134812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547446 |
| Cost of Shares redeemed | (2414995) | &nbsp;&nbsp;&nbsp;&nbsp;(117855576) | &nbsp;&nbsp;&nbsp;(4162961) | &nbsp;&nbsp;&nbsp;&nbsp;(231872423) | (1143015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18916430) | &nbsp;&nbsp;(2961832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53348871) |
| **Change from Institutional Class Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(30274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1099023) | &nbsp;&nbsp;&nbsp;1073795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61802177 | &nbsp;&nbsp;&nbsp;124495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678172 | &nbsp;&nbsp;&nbsp;(661846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11737184) |
| **Class R6** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;23899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;(2197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;22324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Share Transactions** | &nbsp;&nbsp;(849677) | &nbsp;&nbsp;&nbsp;$(41382146) | 12662048 | &nbsp;&nbsp;&nbsp;$756668107 | &nbsp;&nbsp;&nbsp;(713785) | &nbsp;&nbsp;&nbsp;$(12456655) | (2608116) | &nbsp;&nbsp;&nbsp;$(46985624) |

---

---

| | |
|:---|:---|
| *^* | *The December 31, 2022 and June 30, 2022 Class C share amounts relating to Proceeds from Shares issued, Reinvestment of distributions, Cost of Shares redeemed, and Change from Class C Share Transactions as well as Change from Share transactions were updated to reflect the effect of a 1 for 0.379048 reverse stock split for Class C shares on October 14, 2022 (See Note 9 in the Notes to Financial Statements).* |
| *(A)* | *Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.* |
| *(B)* | *Effective July 16, 2021, Class W shares of the AIG Focused Alpha Large-Cap Fund were reorganized into Class Y shares of the Touchstone Large Cap Focused Fund.* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Small Company Fund^** | &nbsp;&nbsp;**Touchstone<br> Small Company Fund^** | &nbsp;&nbsp;**Touchstone<br> Small Company Fund^** | &nbsp;&nbsp;**Touchstone<br> Small Company Fund^** |
| &nbsp;&nbsp;**For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022** |
| &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;6465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$246663 | &nbsp;&nbsp;&nbsp;&nbsp;23624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1073254 | &nbsp;&nbsp;&nbsp;1549273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7533122 | &nbsp;&nbsp;&nbsp;3089369 | &nbsp;&nbsp;&nbsp;&nbsp;$18264217 |
| &nbsp;&nbsp;&nbsp;&nbsp;3229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115696 | &nbsp;&nbsp;&nbsp;&nbsp;14010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686500 | &nbsp;&nbsp;&nbsp;2345714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11470539 | &nbsp;&nbsp;16920322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96615036 |
| &nbsp;&nbsp;&nbsp;&nbsp;(3907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(486656) | &nbsp;&nbsp;(5856801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28583290) | &nbsp;&nbsp;(12245547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70525090) |
| &nbsp;&nbsp;&nbsp;&nbsp;5787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211471 | &nbsp;&nbsp;&nbsp;&nbsp;27809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273098 | (1961814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9579629) | &nbsp;&nbsp;&nbsp;7764144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44354163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59787 | &nbsp;&nbsp;&nbsp;&nbsp;208945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628633 | &nbsp;&nbsp;&nbsp;&nbsp;306024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427301 | &nbsp;&nbsp;&nbsp;1470185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8416613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246977) | &nbsp;&nbsp;(6945897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2896522) | &nbsp;&nbsp;&nbsp;(1013412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6546227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15695 | &nbsp;&nbsp;&nbsp;&nbsp;(2567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98709) | (6649030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1840588) | &nbsp;&nbsp;&nbsp;2012403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768852 |
| &nbsp;&nbsp;&nbsp;&nbsp;2790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103812 | &nbsp;&nbsp;&nbsp;&nbsp;27974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444993 | &nbsp;&nbsp;&nbsp;7538570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42279262 | &nbsp;&nbsp;&nbsp;9325160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60109420 |
| &nbsp;&nbsp;&nbsp;&nbsp;7001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256507 | &nbsp;&nbsp;&nbsp;&nbsp;96442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817277 | &nbsp;&nbsp;&nbsp;&nbsp;982602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522224 | &nbsp;&nbsp;&nbsp;6441959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42001576 |
| &nbsp;&nbsp;(184112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6925822) | &nbsp;&nbsp;&nbsp;(245654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11562989) | &nbsp;&nbsp;(4903687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27205312) | &nbsp;&nbsp;(11049942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71888664) |
| (174321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6565503) | &nbsp;&nbsp;&nbsp;(121238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5300719) | &nbsp;&nbsp;3617485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20596174 | &nbsp;&nbsp;&nbsp;4717177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30222332 |
| &nbsp;&nbsp;&nbsp;596292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22672460 | &nbsp;&nbsp;1440464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70878080 | &nbsp;&nbsp;&nbsp;&nbsp;362725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015053 | &nbsp;&nbsp;&nbsp;1642193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10324078 |
| &nbsp;&nbsp;&nbsp;115186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4259572 | &nbsp;&nbsp;&nbsp;&nbsp;791411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39847570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487153 | &nbsp;&nbsp;&nbsp;&nbsp;405783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645704 |
| &nbsp;&nbsp;(790438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29986309) | (2253830) | &nbsp;&nbsp;&nbsp;&nbsp;(104112452) | &nbsp;&nbsp;&nbsp;&nbsp;(380232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2123285) | &nbsp;&nbsp;&nbsp;&nbsp;(483053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3305409) |
| &nbsp;&nbsp;&nbsp;(78960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3054277) | &nbsp;&nbsp;&nbsp;&nbsp;(21955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6613198 | &nbsp;&nbsp;&nbsp;&nbsp;69021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378921 | &nbsp;&nbsp;&nbsp;1564923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9664373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6359269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32058209 | &nbsp;&nbsp;14482860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87457173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;284288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461242 | &nbsp;&nbsp;&nbsp;1747162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10413085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(5289173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26829368) | &nbsp;&nbsp;(14245220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85824430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1354384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6690083 | &nbsp;&nbsp;&nbsp;1984802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12045828 |
| (247134) | &nbsp;&nbsp;&nbsp;&nbsp;$(9392614) | &nbsp;&nbsp;&nbsp;(117951) | &nbsp;&nbsp;&nbsp;&nbsp;$2486868 | (3569954) | &nbsp;&nbsp;&nbsp;&nbsp;$16244961 | 18043449 | &nbsp;&nbsp;&nbsp;$100055548 |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Value Fund** | **Touchstone<br> Value Fund** | **Touchstone<br> Value Fund** | **Touchstone<br> Value Fund** |
|  | **For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | **For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022<sup>(A)</sup>** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2022<sup>(A)</sup>** |
|  | **Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| **Class A** |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;423239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4325359 | &nbsp;&nbsp;&nbsp;&nbsp;711431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7911031 |
| Proceeds from Shares issued in connection with reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16002448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178897865 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;973039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9740841 | &nbsp;&nbsp;&nbsp;1283854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13979764 |
| Cost of Shares redeemed | (1072664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10997898) | &nbsp;&nbsp;&nbsp;(5066703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55887177) |
| **Change from Class A Share Transactions** | &nbsp;&nbsp;&nbsp;323614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068302 | 12931030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144901483 |
| **Class C** |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;152629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547418 | &nbsp;&nbsp;&nbsp;&nbsp;155614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684614 |
| Proceeds from Shares issued in connection with reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;454230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060481 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;32663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434249 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(207371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2022032) | &nbsp;&nbsp;&nbsp;&nbsp;(241736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2688461) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(22079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149039) | &nbsp;&nbsp;&nbsp;&nbsp;408206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490883 |
| **Class Y<sup>(B)</sup>** |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;2186442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23214983 | &nbsp;&nbsp;&nbsp;1271629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14268625 |
| Proceeds from Shares issued in connection with reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;493844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545569 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;659008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6632533 | &nbsp;&nbsp;&nbsp;&nbsp;779077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8531614 |
| Cost of Shares redeemed | (1125790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11589245) | &nbsp;&nbsp;&nbsp;(2625149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29423662) |
| **Change from Class Y Share Transactions** | 1719660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18258271 | &nbsp;&nbsp;&nbsp;&nbsp;(80599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1077854) |
| **Institutional Class** |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;1665200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17136559 | &nbsp;&nbsp;&nbsp;5463546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60984321 |
| Reinvestment of distributions | &nbsp;&nbsp;1301656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13045143 | &nbsp;&nbsp;&nbsp;1915258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20913854 |
| Cost of Shares redeemed | (5843432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61597999) | &nbsp;&nbsp;&nbsp;(7279817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80473980) |
| **Change from Institutional Class Share Transactions** | (2876576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31416297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424195 |
| **Class R6** |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;2157679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419942 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;143433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(212875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2158809) | &nbsp;&nbsp;&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** | 2088237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22780777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421903 |
| **Change from Share Transactions** | 1232856 | &nbsp;&nbsp;&nbsp;&nbsp;$12542014 | 13397428 | &nbsp;&nbsp;&nbsp;$150160610 |

---

*(A)* *Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.* 

*(B)* *Effective July 16, 2021, Class W shares of the AIG Strategic Value Fund were reorganized into Class Y shares of the Touchstone Value Fund.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Financial Highlights

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<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** | **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** |
| 11/30/17 | $19.68 | $0.21 | $2.89 | $3.10 | $(0.25) | $(0.13) | $(0.38) | $22.40 | &nbsp;&nbsp;15.95% | $258279 | 1.03% | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;46% |
| 06/30/18<sup>(2)(3)</sup> | &nbsp;&nbsp;22.40 | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;(1.24) | &nbsp;&nbsp;21.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.72<sup>(4)</sup> | &nbsp;&nbsp;239056 | &nbsp;&nbsp;&nbsp;1.01<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.07<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;119<sup>(4)</sup> |
| 06/30/19 | &nbsp;&nbsp;21.54 | &nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(1.41) | &nbsp;&nbsp;22.18 | &nbsp;&nbsp;10.13 | &nbsp;&nbsp;244037 | 1.01 | &nbsp;&nbsp;1.09 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;81 |
| 06/30/20 | &nbsp;&nbsp;22.18 | &nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(2.41) | &nbsp;&nbsp;(2.69) | &nbsp;&nbsp;21.61 | &nbsp;&nbsp;10.09 | &nbsp;&nbsp;250298 | 1.01 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;1.25 | 135 |
| 06/30/21 | &nbsp;&nbsp;21.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.16<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(1.57) | &nbsp;&nbsp;(1.72) | &nbsp;&nbsp;25.52 | &nbsp;&nbsp;26.92 | &nbsp;&nbsp;322009 | 1.01 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;60 |
| 06/30/22 | &nbsp;&nbsp;25.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>(6)</sup> | &nbsp;&nbsp;(3.42) | &nbsp;&nbsp;(3.28) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;21.48 | (13.32) | &nbsp;&nbsp;521933 | 0.99 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92<sup>(7)(8)</sup> |
| 12/31/22<sup>(9)</sup> | &nbsp;&nbsp;21.48 | &nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;21.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.05<sup>(4)</sup> | &nbsp;&nbsp;508866 | &nbsp;&nbsp;&nbsp;1.01<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.01<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.12<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31<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** |
| 11/30/17 | $19.73 | $0.04 | $2.91 | $2.95 | $(0.09) | $(0.13) | $(0.22) | $22.46 | &nbsp;&nbsp;15.09% | $42800 | 1.79% | &nbsp;&nbsp;1.81% | &nbsp;&nbsp;0.23% | &nbsp;&nbsp;46% |
| 06/30/18<sup>(2)(3)</sup> | &nbsp;&nbsp;22.46 | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;(1.11) | &nbsp;&nbsp;21.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.25<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;39769 | &nbsp;&nbsp;&nbsp;1.78<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.86<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.47<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;119<sup>(4)</sup> |
| 06/30/19 | &nbsp;&nbsp;21.63 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(1.24) | &nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;9.33 | &nbsp;&nbsp;&nbsp;34380 | 1.78 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;81 |
| 06/30/20 | &nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(2.41) | &nbsp;&nbsp;(2.54) | &nbsp;&nbsp;21.72 | &nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;44174 | 1.78 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;0.48 | 135 |
| 06/30/21 | &nbsp;&nbsp;21.72 | &nbsp;&nbsp;(0.03)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;5.46 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(1.57) | &nbsp;&nbsp;(1.59) | &nbsp;&nbsp;25.59 | &nbsp;&nbsp;25.93 | &nbsp;&nbsp;&nbsp;65455 | 1.78 | &nbsp;&nbsp;1.81 | (0.11) | &nbsp;&nbsp;60 |
| 06/30/22 | &nbsp;&nbsp;25.59 | &nbsp;&nbsp;(0.05)<sup>(6)</sup> | &nbsp;&nbsp;(3.42) | &nbsp;&nbsp;(3.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;21.51 | (13.96) | &nbsp;&nbsp;&nbsp;73906 | 1.75 | &nbsp;&nbsp;1.75 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92<sup>(7)(8)</sup> |
| 12/31/22<sup>(9)</sup> | &nbsp;&nbsp;21.51 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;21.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.68<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;69619 | &nbsp;&nbsp;&nbsp;1.77<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.77<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.36<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31<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** |
| 11/30/17<sup>(10)</sup> | $19.57 | $0.28 | $2.84 | $3.12 | $(0.30) | $(0.13) | $(0.43) | $22.26 | &nbsp;&nbsp;16.20% | $31215 | 0.78% | &nbsp;&nbsp;0.80% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;46% |
| 06/30/18<sup>(2)(3)</sup> | &nbsp;&nbsp;22.26 | &nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;(1.28) | &nbsp;&nbsp;21.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.86<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;30612 | &nbsp;&nbsp;&nbsp;0.81<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.90<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.44<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;119<sup>(4)</sup> |
| 06/30/19 | &nbsp;&nbsp;21.39 | &nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(1.45) | &nbsp;&nbsp;22.01 | &nbsp;&nbsp;10.33 | &nbsp;&nbsp;&nbsp;60638 | 0.81 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;81 |
| 06/30/20 | &nbsp;&nbsp;22.01 | &nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(2.41) | &nbsp;&nbsp;(2.74) | &nbsp;&nbsp;21.43 | &nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;94921 | 0.81 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;1.45 | 135 |
| 06/30/21 | &nbsp;&nbsp;21.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.20<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(1.57) | &nbsp;&nbsp;(1.76) | &nbsp;&nbsp;25.28 | &nbsp;&nbsp;27.12 | &nbsp;&nbsp;197877 | 0.81 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;60 |
| 06/30/22 | &nbsp;&nbsp;25.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.18<sup>(6)</sup> | &nbsp;&nbsp;(3.38) | &nbsp;&nbsp;(3.20) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;21.28 | (13.13) | &nbsp;&nbsp;155159 | &nbsp;&nbsp;&nbsp;&nbsp;0.79<sup>(11)</sup> | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92<sup>(7)(8)</sup> |
| 12/31/22<sup>(9)</sup> | &nbsp;&nbsp;21.28 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;21.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.17<sup>(4)</sup> | &nbsp;&nbsp;155137 | &nbsp;&nbsp;&nbsp;0.79<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.34<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31<sup>(4)</sup> |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06/30/22<sup>(12)</sup> | $26.15 | &nbsp;&nbsp;&nbsp;$0.13<sup>(6)</sup> | $(4.22) | $(4.09) | $(0.18) | $(0.61) | $(0.79) | $21.27 | (16.08)%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$112 | 0.64%<sup>(5)</sup> | 33.98%<sup>(5)</sup> | &nbsp;&nbsp;0.89%<sup>(5)</sup> | &nbsp;&nbsp;92%<sup>(7)(8)</sup> |
| 12/31/22<sup>(9)</sup> | &nbsp;&nbsp;21.27 | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;21.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.25<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;0.64<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.51<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.49<sup>(5)</sup> | &nbsp;&nbsp;31<sup>(4)</sup> |

---

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

*<sup>(2)</sup>* *Represents the seven months ended June 30, 2018.* 

*<sup>(3)</sup>* *The Fund changed its fiscal year end from November 30 to June 30.* 

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

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

*<sup>(6)</sup>* *The net investment income per share was based on average shares outstanding for the period.* 

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

*<sup>(8)</sup>* *Portfolio turnover excludes the purchases and sales of securities by the AIG Asset Allocation Fund and AIG Multi-Asset Allocation Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.* 

*<sup>(9)</sup>* *Unaudited.* 

*<sup>(10)</sup>* *Effective October 28, 2017, Class I shares of the Sentinel Balanced Fund (the "Predecessor Fund") were reorganized into Class Y shares of the Fund.* 

*<sup>(11)</sup>* *Net expenses include amounts recouped by the Adviser.* 

*<sup>(12)</sup>* *Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class 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** |
| 06/30/18 | $11.55 | $0.33 | $(0.22) | $0.11 | $(0.33) | &nbsp;&nbsp;$— | $(0.33) | $11.33 | &nbsp;&nbsp;0.99% | $35728 | 0.85% | 1.13% | 2.91% | &nbsp;&nbsp;47% |
| 06/30/19 | &nbsp;&nbsp;11.33 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;11.63 | &nbsp;&nbsp;5.60 | &nbsp;&nbsp;33515 | 0.85 | 1.15 | 2.85 | &nbsp;&nbsp;53 |
| 06/30/20 | &nbsp;&nbsp;11.63 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;11.83 | &nbsp;&nbsp;4.38 | &nbsp;&nbsp;32060 | 0.85 | 1.18 | 2.53 | &nbsp;&nbsp;33 |
| 06/30/21 | &nbsp;&nbsp;11.83 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;11.89 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;30870 | 0.85 | 1.15 | 2.35 | &nbsp;&nbsp;21 |
| 06/30/22 | &nbsp;&nbsp;11.89 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(1.16) | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;10.72 | (8.43) | &nbsp;&nbsp;25101 | 0.82 | 1.08 | 1.40 | 157 |
| 12/31/22<sup>(2)</sup> | &nbsp;&nbsp;10.72 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;10.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>(3)</sup> | &nbsp;&nbsp;23328 | &nbsp;&nbsp;&nbsp;0.80<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.04<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;2.13<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31<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** | **Class C** | **Class C** |
| 06/30/18 | $11.57 | $0.25 | $(0.24) | $0.01 | $(0.25) | &nbsp;&nbsp;$— | $(0.25) | $11.33 | &nbsp;&nbsp;0.06% | $5363 | 1.60% | 2.01% | 2.16% | &nbsp;&nbsp;47% |
| 06/30/19 | &nbsp;&nbsp;11.33 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;11.65 | &nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;2756 | 1.60 | 2.08 | 2.10 | &nbsp;&nbsp;53 |
| 06/30/20 | &nbsp;&nbsp;11.65 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;11.85 | &nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;2050 | 1.60 | 2.32 | 1.78 | &nbsp;&nbsp;33 |
| 06/30/21 | &nbsp;&nbsp;11.85 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;11.91 | &nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;1180 | 1.60 | 2.27 | 1.60 | &nbsp;&nbsp;21 |
| 06/30/22 | &nbsp;&nbsp;11.91 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;10.73 | (9.27) | &nbsp;&nbsp;&nbsp;&nbsp;943 | 1.57 | 2.47 | 0.65 | 157 |
| 12/31/22<sup>(2)</sup> | &nbsp;&nbsp;10.73 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;10.63 | (0.23)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;1.55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;2.20<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.38<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31<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** | **Class Y** | **Class Y** |
| 06/30/18 | $11.56 | $0.29 | $(0.16) | $0.13 | $(0.36) | &nbsp;&nbsp;$— | $(0.36) | $11.33 | &nbsp;&nbsp;1.15% | $4596 | 0.60% | 1.16% | 3.16% | &nbsp;&nbsp;47% |
| 06/30/19 | &nbsp;&nbsp;11.33 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;11.64 | &nbsp;&nbsp;5.96 | &nbsp;&nbsp;&nbsp;3031 | 0.60 | 1.05 | 3.10 | &nbsp;&nbsp;53 |
| 06/30/20 | &nbsp;&nbsp;11.64 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;11.85 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;2616 | 0.60 | 1.31 | 2.78 | &nbsp;&nbsp;33 |
| 06/30/21 | &nbsp;&nbsp;11.85 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;11.90 | &nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;3449 | 0.60 | 1.25 | 2.60 | &nbsp;&nbsp;21 |
| 06/30/22 | &nbsp;&nbsp;11.90 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(1.15) | &nbsp;&nbsp;(0.96) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;10.74 | (8.19) | &nbsp;&nbsp;&nbsp;2740 | 0.57 | 1.11 | 1.65 | 157 |
| 12/31/22<sup>(2)</sup> | &nbsp;&nbsp;10.74 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;10.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.37<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2917 | &nbsp;&nbsp;&nbsp;0.55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.07<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;2.38<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31<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** | **Institutional Class** | **Institutional Class** |
| 06/30/18 | $11.56 | $0.30 | $(0.16) | $0.14 | $(0.37) | &nbsp;&nbsp;$— | $(0.37) | $11.33 | &nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;$560 | 0.55% | 2.54% | 3.21% | &nbsp;&nbsp;47% |
| 06/30/19 | &nbsp;&nbsp;11.33 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;11.64 | &nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;7913 | 0.55 | 0.96 | 3.15 | &nbsp;&nbsp;53 |
| 06/30/20 | &nbsp;&nbsp;11.64 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;11.84 | &nbsp;&nbsp;4.69 | &nbsp;&nbsp;12785 | 0.55 | 0.91 | 2.83 | &nbsp;&nbsp;33 |
| 06/30/21 | &nbsp;&nbsp;11.84 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;11.90 | &nbsp;&nbsp;3.20 | &nbsp;&nbsp;14481 | 0.55 | 0.85 | 2.65 | &nbsp;&nbsp;21 |
| 06/30/22 | &nbsp;&nbsp;11.90 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(1.15) | &nbsp;&nbsp;(0.95) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;10.74 | (8.13) | &nbsp;&nbsp;29694 | 0.50 | 0.75 | 1.72 | 157 |
| 12/31/22<sup>(2)</sup> | &nbsp;&nbsp;10.74 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;10.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>(3)</sup> | &nbsp;&nbsp;25917 | &nbsp;&nbsp;&nbsp;0.48<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.72<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;2.45<sup>(4)</sup> | &nbsp;&nbsp;31<sup>(3)</sup> |

---

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

*<sup>(2)</sup>* *Unaudited.* 

*<sup>(3)</sup>* *Not annualized.* 

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone International Equity Fund** | **Touchstone International Equity Fund** | **Touchstone International Equity Fund** | **Touchstone International Equity Fund** | **Touchstone International Equity Fund** | **Touchstone International Equity Fund** | **Touchstone International Equity Fund** | **Touchstone International Equity Fund** | **Touchstone International Equity Fund** | **Touchstone International Equity Fund** | **Touchstone International Equity Fund** | **Touchstone International Equity Fund** | **Touchstone International Equity Fund** | **Touchstone International Equity Fund** | **Touchstone International 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** | **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** |
| 11/30/17 | $15.52 | $0.17 | $4.05 | $4.22 | $(0.10) | &nbsp;&nbsp;$— | $(0.10) | $19.64 | &nbsp;&nbsp;27.39% | $129139 | 1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;0.92% | 37% |
| 06/30/18<sup>(2)(3)</sup> | &nbsp;&nbsp;19.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.36<sup>(4)</sup> | &nbsp;&nbsp;(0.94) | &nbsp;&nbsp;(0.58) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.91) | &nbsp;&nbsp;18.15 | &nbsp;&nbsp;(3.23)<sup>(5)</sup> | &nbsp;&nbsp;118391 | &nbsp;&nbsp;&nbsp;1.23<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22<sup>(4)(6)</sup> | &nbsp;&nbsp;&nbsp;26<sup>(5)</sup> |
| 06/30/19 | &nbsp;&nbsp;18.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.20<sup>(7)</sup> | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(1.87) | &nbsp;&nbsp;(2.13) | &nbsp;&nbsp;15.65 | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;106870 | 1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;1.26 | 43 |
| 06/30/20 | &nbsp;&nbsp;15.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>(7)</sup> | &nbsp;&nbsp;(0.98) | &nbsp;&nbsp;(0.90) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;(0.82) | &nbsp;&nbsp;13.93 | &nbsp;&nbsp;(6.28) | &nbsp;&nbsp;&nbsp;77744 | 1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;0.57 | 45 |
| 06/30/21 | &nbsp;&nbsp;13.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.09<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;18.88 | &nbsp;&nbsp;36.16 | &nbsp;&nbsp;&nbsp;88022 | 1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;0.56 | 31 |
| 06/30/22 | &nbsp;&nbsp;18.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.18<sup>(7)</sup> | &nbsp;&nbsp;(3.44) | &nbsp;&nbsp;(3.26) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(2.24) | &nbsp;&nbsp;(2.32) | &nbsp;&nbsp;13.30 | (18.87) | &nbsp;&nbsp;&nbsp;76671 | 1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;45<sup>(8)</sup> |
| 12/31/22<sup>(9)</sup> | &nbsp;&nbsp;13.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.05<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;13.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.78<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;75653 | &nbsp;&nbsp;&nbsp;1.36<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;17<sup>(5)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 11/30/17 | $14.66 | $(0.06) | $3.86 | $3.80 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | $18.46 | &nbsp;&nbsp;25.92% | &nbsp;&nbsp;&nbsp;$6924 | 2.45% | &nbsp;&nbsp;&nbsp;&nbsp;2.49% | (0.16)% | 37% |
| 06/30/18<sup>(2)(3)</sup> | &nbsp;&nbsp;18.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.26<sup>(4)</sup> | &nbsp;&nbsp;(0.90) | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;17.12 | &nbsp;&nbsp;(3.72)<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6737 | &nbsp;&nbsp;&nbsp;2.18<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27<sup>(4)(6)</sup> | &nbsp;&nbsp;&nbsp;26<sup>(5)</sup> |
| 06/30/19 | &nbsp;&nbsp;17.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.03<sup>(7)</sup> | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(1.87) | &nbsp;&nbsp;(1.97) | &nbsp;&nbsp;14.64 | &nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;3783 | 2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;0.21 | 43 |
| 06/30/20 | &nbsp;&nbsp;14.64 | &nbsp;&nbsp;(0.09)<sup>(7)</sup> | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;12.99 | &nbsp;&nbsp;(7.41) | &nbsp;&nbsp;&nbsp;&nbsp;2073 | 2.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | (0.63) | 45 |
| 06/30/21 | &nbsp;&nbsp;12.99 | &nbsp;&nbsp;(0.04)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(10)</sup> | &nbsp;&nbsp;17.55 | &nbsp;&nbsp;35.14 | &nbsp;&nbsp;&nbsp;&nbsp;2115 | 2.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | (0.24) | 31 |
| 06/30/22 | &nbsp;&nbsp;17.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.07<sup>(7)</sup> | &nbsp;&nbsp;(3.18) | &nbsp;&nbsp;(3.11) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(2.24) | &nbsp;&nbsp;(2.26) | &nbsp;&nbsp;12.18 | (19.45) | &nbsp;&nbsp;&nbsp;&nbsp;2399 | 1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;45<sup>(8)</sup> |
| 12/31/22<sup>(9)</sup> | &nbsp;&nbsp;12.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;12.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.46<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2087 | &nbsp;&nbsp;&nbsp;1.99<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;17<sup>(5)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 11/30/17<sup>(11)</sup> | $15.40 | $0.25 | $3.98 | $4.23 | $(0.18) | &nbsp;&nbsp;$— | $(0.18) | $19.45 | &nbsp;&nbsp;27.78% | $63320 | 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;1.28% | 37% |
| 06/30/18<sup>(2)(3)</sup> | &nbsp;&nbsp;19.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.40<sup>(4)</sup> | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.99) | &nbsp;&nbsp;17.93 | &nbsp;&nbsp;(3.05)<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;57438 | &nbsp;&nbsp;&nbsp;0.99<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47<sup>(4)(6)</sup> | &nbsp;&nbsp;&nbsp;26<sup>(5)</sup> |
| 06/30/19 | &nbsp;&nbsp;17.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.25<sup>(7)</sup> | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(1.87) | &nbsp;&nbsp;(2.17) | &nbsp;&nbsp;15.44 | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;42120 | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;1.57 | 43 |
| 06/30/20 | &nbsp;&nbsp;15.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.13<sup>(7)</sup> | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;13.73 | &nbsp;&nbsp;(6.03) | &nbsp;&nbsp;&nbsp;23835 | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;0.87 | 45 |
| 06/30/21 | &nbsp;&nbsp;13.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.15<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;18.65 | &nbsp;&nbsp;36.71 | &nbsp;&nbsp;&nbsp;27903 | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;0.93 | 31 |
| 06/30/22 | &nbsp;&nbsp;18.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.23<sup>(7)</sup> | &nbsp;&nbsp;(3.40) | &nbsp;&nbsp;(3.17) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(2.24) | &nbsp;&nbsp;(2.37) | &nbsp;&nbsp;13.11 | (18.61) | &nbsp;&nbsp;&nbsp;20430 | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;45<sup>(8)</sup> |
| 12/31/22<sup>(9)</sup> | &nbsp;&nbsp;13.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.07<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.03<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;19402 | &nbsp;&nbsp;&nbsp;0.99<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.11<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;17<sup>(5)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 11/30/17<sup>(12)</sup> | $18.91 | $0.02 | $0.53 | $0.55 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | $19.46 | &nbsp;&nbsp;&nbsp;2.91%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 | 0.89%<sup>(6)</sup> | 1,921.18%<sup>(6)</sup> | &nbsp;&nbsp;1.40%<sup>(6)</sup> | 37% |
| 06/30/18<sup>(2)(3)</sup> | &nbsp;&nbsp;19.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.56<sup>(4)</sup> | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(1.01) | &nbsp;&nbsp;17.92 | &nbsp;&nbsp;(3.02)<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;0.89<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57<sup>(4)(6)</sup> | &nbsp;&nbsp;&nbsp;26<sup>(5)</sup> |
| 06/30/19 | &nbsp;&nbsp;17.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.26<sup>(7)</sup> | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(1.87) | &nbsp;&nbsp;(2.19) | &nbsp;&nbsp;15.42 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;2592 | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;1.67 | 43 |
| 06/30/20 | &nbsp;&nbsp;15.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>(7)</sup> | &nbsp;&nbsp;(0.95) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;(0.90) | &nbsp;&nbsp;13.71 | &nbsp;&nbsp;(5.89) | &nbsp;&nbsp;&nbsp;14205 | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.97 | 45 |
| 06/30/21 | &nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.16<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;18.63 | &nbsp;&nbsp;36.83 | &nbsp;&nbsp;&nbsp;&nbsp;4315 | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;1.03 | 31 |
| 06/30/22 | &nbsp;&nbsp;18.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.25<sup>(7)</sup> | &nbsp;&nbsp;(3.40) | &nbsp;&nbsp;(3.15) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(2.24) | &nbsp;&nbsp;(2.39) | &nbsp;&nbsp;13.09 | (18.52) | &nbsp;&nbsp;&nbsp;&nbsp;3273 | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;45<sup>(8)</sup> |
| 12/31/22<sup>(9)</sup> | &nbsp;&nbsp;13.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.01<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3387 | &nbsp;&nbsp;&nbsp;0.89<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.21<sup>(6)</sup> | 17<sup>(5)</sup> |

---

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

*<sup>(2)</sup>* *Represents the seven months ended June 30, 2018.* 

*<sup>(3)</sup>* *The Fund changed its fiscal year end from November 30 to June 30.* 

*<sup>(4)</sup>* *Reflects the impact of a special dividend that resulted in a one-time increase to net investment income. If the special dividend had not occurred, the ratio of net investment income to average net assets would have been lower by 1.54% for Class A, Class C, Class Y and Institutional Class shares and the net investment income per share would have been lower by $0.17, $0.16, $0.17 and $0.16 for Class A, Class C, Class Y and Institutional Class shares, respectively.* 

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

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

*<sup>(7)</sup>* *The net investment income per share was based on average shares outstanding for the period.* 

*<sup>(8)</sup>* *Portfolio turnover excludes the purchases and sales of securities by the AIG International Dividend Strategy Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.* 

*<sup>(9)</sup>* *Unaudited.* 

*<sup>(10)</sup>* *Less than $0.005 per share.* 

*<sup>(11)</sup>* *Effective October 28, 2017, Class I shares of the Sentinel Balanced Fund (the "Predecessor Fund") were reorganized into Class Y shares of the Fund.* 

*<sup>(12)</sup>* *Represents the period from commencement of operations (October 30, 2017) through November 30, 2017.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone International Growth Fund** | **Touchstone International Growth Fund** | **Touchstone International Growth Fund** | **Touchstone International Growth Fund** | **Touchstone International Growth Fund** | **Touchstone International Growth Fund** | **Touchstone International Growth Fund** | **Touchstone International Growth Fund** | **Touchstone International Growth Fund** | **Touchstone International Growth Fund** | **Touchstone International Growth Fund** | **Touchstone International Growth Fund** | **Touchstone International Growth Fund** | **Touchstone International Growth Fund** | **Touchstone International 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** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class 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** |
| 06/30/18<sup>(2)</sup> | $11.61 | $(0.01) | $1.75 | $1.74 | &nbsp;&nbsp;$— | $(0.24) | $(0.24) | $13.11 | &nbsp;&nbsp;15.00% | &nbsp;&nbsp;&nbsp;$918 | 1.36% | 3.75% | (0.05)% | 109% |
| 06/30/19<sup>(2)</sup> | &nbsp;&nbsp;13.11 | &nbsp;&nbsp;(0.04)<sup>(3)</sup> | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;11.11 | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;760 | 1.24 | 4.36 | (0.31) | 103 |
| 06/30/20<sup>(2)</sup> | &nbsp;&nbsp;11.11 | &nbsp;&nbsp;(0.03)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.68 | &nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;777 | 1.24 | 4.17 | (0.26) | &nbsp;&nbsp;74 |
| 06/30/21<sup>(2)</sup> | &nbsp;&nbsp;11.68 | &nbsp;&nbsp;(0.10)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;15.35 | &nbsp;&nbsp;31.51 | &nbsp;&nbsp;&nbsp;2216 | 1.24 | 2.31 | (0.63) | &nbsp;&nbsp;&nbsp;116<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;15.35 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(4.81) | &nbsp;&nbsp;(4.85) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.50 | (31.60) | &nbsp;&nbsp;&nbsp;1172 | 1.24 | 2.62 | (0.27) | &nbsp;&nbsp;49 |
| 12/31/22<sup>(5)</sup> | &nbsp;&nbsp;10.50 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(3)(6)</sup> | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;10.34 | &nbsp;&nbsp;(1.37)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;1153 | &nbsp;&nbsp;&nbsp;1.24<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;2.60<sup>(8)</sup> | (0.04)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18<sup>(7)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/18<sup>(2)</sup> | $11.57 | $(0.05) | $1.69 | $1.64 | &nbsp;&nbsp;$— | $(0.24) | $(0.24) | $12.97 | &nbsp;&nbsp;14.14% | &nbsp;&nbsp;&nbsp;$436 | 2.10% | 5.06% | (0.79)% | 109% |
| 06/30/19<sup>(2)</sup> | &nbsp;&nbsp;12.97 | &nbsp;&nbsp;(0.12)<sup>(3)</sup> | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;10.88 | &nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;185 | 1.99 | 6.35 | (1.06) | 103 |
| 06/30/20<sup>(2)</sup> | &nbsp;&nbsp;10.88 | &nbsp;&nbsp;(0.11)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.34 | &nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;403 | 1.99 | 5.96 | (1.01) | &nbsp;&nbsp;74 |
| 06/30/21<sup>(2)</sup> | &nbsp;&nbsp;11.34 | &nbsp;&nbsp;(0.20)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.81 | &nbsp;&nbsp;30.55 | &nbsp;&nbsp;&nbsp;1316 | 1.99 | 3.43 | (1.38) | &nbsp;&nbsp;&nbsp;116<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;14.81 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(4.61) | &nbsp;&nbsp;(4.75) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.06 | (32.07) | &nbsp;&nbsp;&nbsp;&nbsp;787 | 1.99 | 3.62 | (1.02) | &nbsp;&nbsp;49 |
| 12/31/22<sup>(5)</sup> | &nbsp;&nbsp;10.06 | &nbsp;&nbsp;(0.04)<sup>(3)</sup> | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;(1.79)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;1.99<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;3.56<sup>(8)</sup> | (0.79)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18<sup>(7)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/18<sup>(2)</sup> | $11.81 | $0.01 | $1.79 | $1.80 | &nbsp;&nbsp;$— | $(0.24) | $(0.24) | $13.37 | &nbsp;&nbsp;15.32% | $4553 | 1.03% | 1.81% | &nbsp;&nbsp;0.28% | 109% |
| 06/30/19<sup>(2)</sup> | &nbsp;&nbsp;13.37 | &nbsp;&nbsp;(0.01)<sup>(3)</sup> | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(1.51) | &nbsp;&nbsp;(1.52) | &nbsp;&nbsp;11.35 | &nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;2341 | 0.99 | 1.89 | (0.06) | 103 |
| 06/30/20<sup>(2)</sup> | &nbsp;&nbsp;11.35 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(3)(6)</sup> | &nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.95 | &nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;867 | 0.99 | 2.50 | (0.01) | &nbsp;&nbsp;74 |
| 06/30/21<sup>(2)</sup> | &nbsp;&nbsp;11.95 | &nbsp;&nbsp;(0.06)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;15.77 | &nbsp;&nbsp;31.88 | &nbsp;&nbsp;74507 | 0.99 | 1.25 | (0.38) | &nbsp;&nbsp;&nbsp;116<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;15.77 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(6)</sup> | &nbsp;&nbsp;(4.95) | &nbsp;&nbsp;(4.95) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.82 | (31.39) | &nbsp;&nbsp;47845 | 0.99 | 1.31 | (0.02) | &nbsp;&nbsp;49 |
| 12/31/22<sup>(5)</sup> | &nbsp;&nbsp;10.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(3)</sup> | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;10.65 | &nbsp;&nbsp;(1.29)<sup>(7)</sup> | &nbsp;&nbsp;44816 | &nbsp;&nbsp;&nbsp;0.99<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1.38<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.21<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18<sup>(7)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/18<sup>(2)</sup> | $11.88 | $0.04 | $1.78 | $1.82 | &nbsp;&nbsp;$— | $(0.24) | $(0.24) | $13.46 | &nbsp;&nbsp;15.42% | $28159 | 1.02% | 1.31% | &nbsp;&nbsp;0.28% | 109% |
| 06/30/19<sup>(2)</sup> | &nbsp;&nbsp;13.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(3)</sup> | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(1.52) | &nbsp;&nbsp;(1.54) | &nbsp;&nbsp;11.43 | &nbsp;&nbsp;(1.46) | &nbsp;&nbsp;31435 | 0.89 | 1.30 | &nbsp;&nbsp;0.04 | 103 |
| 06/30/20<sup>(2)</sup> | &nbsp;&nbsp;11.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(6)</sup> | &nbsp;&nbsp;12.05 | &nbsp;&nbsp;&nbsp;5.46 | &nbsp;&nbsp;29285 | 0.89 | 1.35 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;74 |
| 06/30/21<sup>(2)</sup> | &nbsp;&nbsp;12.05 | &nbsp;&nbsp;(0.05)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;15.89 | &nbsp;&nbsp;32.00 | &nbsp;&nbsp;23334 | 0.89 | 1.20 | (0.28) | &nbsp;&nbsp;&nbsp;116<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;15.89 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(5.01) | &nbsp;&nbsp;(4.98) | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(6)</sup> | &nbsp;&nbsp;10.91 | (31.34) | &nbsp;&nbsp;11224 | 0.89 | 1.32 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;49 |
| 12/31/22<sup>(5)</sup> | &nbsp;&nbsp;10.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(3)</sup> | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;10.74 | &nbsp;&nbsp;(1.23)<sup>(7)</sup> | &nbsp;&nbsp;10926 | &nbsp;&nbsp;&nbsp;0.89<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1.37<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>(8)</sup> | &nbsp;&nbsp;18<sup>(7)</sup> |

---

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

*<sup>(2)</sup>* *During the year ended June 30, 2021, the Fund effected the following stock split effective the close of business September 11, 2020: 1.9160 for 1 for Class A shares, 1.9095 for 1 for Class C shares, 1.8839 for 1 for Class Y shares and 1.8777 for 1 for Institutional Class shares. All historical per share information has been retroactively adjusted to reflect this stock split.* 

*<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 the purchases and sales of securities of the International Small Cap Fund acquired on September 11, 2020. If these transactions were included, portfolio turnover would have been higher.* 

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

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

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused 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>(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** |
| 11/30/17 | $42.28 | $0.45 | &nbsp;&nbsp;$8.99 | &nbsp;&nbsp;$9.44 | $(0.51) | $(2.46) | $(2.97) | $48.75 | &nbsp;&nbsp;23.67% | $1321506 | 1.02% | 1.02% | &nbsp;&nbsp;0.98%12%<sup>(4)</sup> |
| 06/30/18<sup>(5)(6)</sup> | &nbsp;&nbsp;48.75 | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(6.96) | &nbsp;&nbsp;(7.03) | &nbsp;&nbsp;43.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.74<sup>(7)</sup> | &nbsp;&nbsp;1218721 | &nbsp;&nbsp;&nbsp;0.97<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1.09<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.88<sup>(8)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9<sup>(4)(7)</sup> |
| 06/30/19 | &nbsp;&nbsp;43.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.38<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(4.26) | &nbsp;&nbsp;(4.53) | &nbsp;&nbsp;43.37 | &nbsp;&nbsp;10.51 | &nbsp;&nbsp;1170490 | 0.97 | 1.09 | &nbsp;&nbsp;0.88&nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 06/30/20 | &nbsp;&nbsp;43.37 | &nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(4.85) | &nbsp;&nbsp;(5.12) | &nbsp;&nbsp;42.30 | &nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;1120305 | 1.01 | 1.10 | &nbsp;&nbsp;0.66&nbsp;&nbsp;&nbsp;29<sup>(4)</sup> |
| 06/30/21 | &nbsp;&nbsp;42.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;19.10 | &nbsp;&nbsp;&nbsp;19.18 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(2.71) | &nbsp;&nbsp;(2.80) | &nbsp;&nbsp;58.68 | &nbsp;&nbsp;46.68 | &nbsp;&nbsp;1541127 | 1.01 | 1.05 | &nbsp;&nbsp;0.15&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;58.68 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;(7.56) | &nbsp;&nbsp;&nbsp;(7.52) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(3.91) | &nbsp;&nbsp;(3.96) | &nbsp;&nbsp;47.20 | (14.07) | &nbsp;&nbsp;1736900 | 0.99 | 0.99 | &nbsp;&nbsp;0.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27<sup>(4)(10)</sup> |
| 12/31/22<sup>(11)</sup> | &nbsp;&nbsp;47.20 | &nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;47.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.63<sup>(7)</sup> | &nbsp;&nbsp;1706986 | &nbsp;&nbsp;&nbsp;1.02<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1.04<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.34<sup>(8)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2<sup>(4)(7)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 11/30/17 | $40.44 | &nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(12)</sup> | &nbsp;&nbsp;$8.67 | &nbsp;&nbsp;$8.67 | $(0.17) | $(2.46) | $(2.63) | $46.48 | &nbsp;&nbsp;22.69% | &nbsp;&nbsp;&nbsp;$74122 | 1.82% | 1.82% | &nbsp;&nbsp;0.18%12%<sup>(4)</sup> |
| 06/30/18<sup>(5)(6)</sup> | &nbsp;&nbsp;46.48 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(6.96) | &nbsp;&nbsp;(6.96) | &nbsp;&nbsp;41.29 | &nbsp;&nbsp;&nbsp;&nbsp;4.24<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67599 | &nbsp;&nbsp;&nbsp;1.78<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1.89<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07<sup>(8)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9<sup>(4)(7)</sup> |
| 06/30/19 | &nbsp;&nbsp;41.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.03<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(4.26) | &nbsp;&nbsp;(4.26) | &nbsp;&nbsp;40.56 | &nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;&nbsp;47838 | 1.79 | 1.90 | &nbsp;&nbsp;0.07&nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 06/30/20 | &nbsp;&nbsp;40.56 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(4.85) | &nbsp;&nbsp;(4.85) | &nbsp;&nbsp;39.16 | &nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;37450 | 1.82 | 1.94 | (0.15)&nbsp;&nbsp;&nbsp;29<sup>(4)</sup> |
| 06/30/21 | &nbsp;&nbsp;39.16 | &nbsp;&nbsp;(0.30)<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;17.58 | &nbsp;&nbsp;&nbsp;17.28 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.71) | &nbsp;&nbsp;(2.71) | &nbsp;&nbsp;53.73 | &nbsp;&nbsp;45.49 | &nbsp;&nbsp;&nbsp;&nbsp;41645 | 1.80 | 1.88 | (0.64)&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;53.73 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;(7.18) | &nbsp;&nbsp;&nbsp;(7.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.91) | &nbsp;&nbsp;(3.91) | &nbsp;&nbsp;42.62 | (14.78) | &nbsp;&nbsp;&nbsp;&nbsp;49115 | 1.80 | 1.80 | (0.68)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27<sup>(4)(10)</sup> |
| 12/31/22<sup>(11)</sup> | &nbsp;&nbsp;42.62 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;42.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.24<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46365 | &nbsp;&nbsp;&nbsp;1.81<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1.86<sup>(8)</sup> | (0.45)<sup>(8)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2<sup>(4)(7)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 11/30/17<sup>(13)</sup> | $42.26 | $0.56 | &nbsp;&nbsp;$8.99 | &nbsp;&nbsp;$9.55 | $(0.63) | $(2.46) | $(3.09) | $48.72 | &nbsp;&nbsp;24.03% | &nbsp;&nbsp;$438732 | 0.74% | 0.75% | &nbsp;&nbsp;1.26%12%<sup>(4)</sup> |
| 06/30/18<sup>(5)(6)</sup> | &nbsp;&nbsp;48.72 | &nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(6.96) | &nbsp;&nbsp;(7.17) | &nbsp;&nbsp;43.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.85<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;394077 | &nbsp;&nbsp;&nbsp;0.74<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;0.90<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.11<sup>(8)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9<sup>(4)(7)</sup> |
| 06/30/19 | &nbsp;&nbsp;43.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.48<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(4.26) | &nbsp;&nbsp;(4.63) | &nbsp;&nbsp;43.24 | &nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp;&nbsp;413137 | 0.73 | 0.89 | &nbsp;&nbsp;1.13&nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 06/30/20 | &nbsp;&nbsp;43.24 | &nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(4.85) | &nbsp;&nbsp;(5.22) | &nbsp;&nbsp;42.18 | &nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;352103 | 0.75 | 0.91 | &nbsp;&nbsp;0.92&nbsp;&nbsp;&nbsp;29<sup>(4)</sup> |
| 06/30/21 | &nbsp;&nbsp;42.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.22<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;19.05 | &nbsp;&nbsp;&nbsp;19.27 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(2.71) | &nbsp;&nbsp;(2.87) | &nbsp;&nbsp;58.58 | &nbsp;&nbsp;47.07 | &nbsp;&nbsp;&nbsp;&nbsp;575053 | 0.73 | 0.86 | &nbsp;&nbsp;0.43&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;58.58 | &nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;(7.57) | &nbsp;&nbsp;&nbsp;(7.37) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(3.91) | &nbsp;&nbsp;(4.07) | &nbsp;&nbsp;47.14 | (13.86) | &nbsp;&nbsp;&nbsp;&nbsp;493825 | 0.73 | 0.78 | &nbsp;&nbsp;0.39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27<sup>(4)(10)</sup> |
| 12/31/22<sup>(11)</sup> | &nbsp;&nbsp;47.14 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;47.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.79<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;510483 | &nbsp;&nbsp;&nbsp;0.74<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;0.83<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.62<sup>(8)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2<sup>(4)(7)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 11/30/17<sup>(14)</sup> | $42.32 | $0.61 | &nbsp;&nbsp;$9.01 | &nbsp;&nbsp;$9.62 | $(0.67) | $(2.46) | $(3.13) | $48.81 | &nbsp;&nbsp;24.14% | &nbsp;&nbsp;&nbsp;$44738 | 0.68% | 0.70% | &nbsp;&nbsp;1.32%12%<sup>(4)</sup> |
| 06/30/18<sup>(5)(6)</sup> | &nbsp;&nbsp;48.81 | &nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(6.96) | &nbsp;&nbsp;(7.20) | &nbsp;&nbsp;43.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.93<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46683 | &nbsp;&nbsp;&nbsp;0.67<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;0.88<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.18<sup>(8)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9<sup>(4)(7)</sup> |
| 06/30/19 | &nbsp;&nbsp;43.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.51<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(4.26) | &nbsp;&nbsp;(4.66) | &nbsp;&nbsp;43.31 | &nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;100473 | 0.66 | 0.85 | &nbsp;&nbsp;1.20&nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 06/30/20 | &nbsp;&nbsp;43.31 | &nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(4.85) | &nbsp;&nbsp;(5.25) | &nbsp;&nbsp;42.24 | &nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;127963 | 0.71 | 0.88 | &nbsp;&nbsp;0.96&nbsp;&nbsp;&nbsp;29<sup>(4)</sup> |
| 06/30/21 | &nbsp;&nbsp;42.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;19.10 | &nbsp;&nbsp;&nbsp;19.33 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(2.71) | &nbsp;&nbsp;(2.88) | &nbsp;&nbsp;58.69 | &nbsp;&nbsp;47.14 | &nbsp;&nbsp;&nbsp;&nbsp;207274 | 0.70 | 0.81 | &nbsp;&nbsp;0.46&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;58.69 | &nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;(7.63) | &nbsp;&nbsp;&nbsp;(7.37) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(3.91) | &nbsp;&nbsp;(4.09) | &nbsp;&nbsp;47.23 | (13.85) | &nbsp;&nbsp;&nbsp;&nbsp;217531 | 0.70 | 0.73 | &nbsp;&nbsp;0.42&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27<sup>(4)(10)</sup> |
| 12/31/22<sup>(11)</sup> | &nbsp;&nbsp;47.23 | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;47.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.80<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;218330 | &nbsp;&nbsp;&nbsp;0.71<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;0.76<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.65<sup>(8)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2<sup>(4)(7)</sup> |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06/30/22<sup>(15)</sup> | $61.99 | $0.22 | $(10.89) | $(10.67) | $(0.16) | $(3.91) | $(4.07) | $47.25 | (18.43)%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$804 | 0.66%<sup>(8)</sup> | 3.02%<sup>(8)</sup> | &nbsp;&nbsp;0.47%<sup>(8)</sup>27%<sup>(4)(10)</sup> |
| 12/31/22<sup>(11)</sup> | &nbsp;&nbsp;47.25 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;47.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.80<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878 | &nbsp;&nbsp;&nbsp;0.67<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1.16<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.69<sup>(8)</sup>&nbsp;&nbsp;2<sup>(4)(7)</sup> |

---

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

*<sup>(2)</sup>* *The ratios shown include liquidity provider expenses. The ratio of net expenses to average net assets excluding liquidity provider expenses for Class A shares was 1.00%, 0.98%, 1.00%, 0.98%, 0.96%, 0.95% and 1.02%; for Class C shares was 1.79%, 1.79%, 1.79%, 1.79%, 1.78%, 1.76% and 1.82%; for Class Y shares was 0.72%, 0.72%, 0.72%, 0.72%, 0.72%, 0.72% and 0.74%; for Institutional Class shares was 0.69%, 0.69%, 0.69%, 0.68%, 0.65%, 0.65% and 0.68% for the six months ended December 31, 2022, the years ended June 30, 2022, 2021, 2020 and 2019, the seven months ended June 30, 2018 and the year ended November 30, 2017, respectively; and for Class R6 shares was 0.65% and 0.65% for the six months ended December 31, 2022 and the period ended June 30, 2022.* 

*<sup>(3)</sup>* *The ratios shown include liquidity provider expenses. The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A shares was 1.02%, 0.98%, 1.04%, 1.07%, 1.08%, 1.07% and 1.02%; for Class C shares was 1.84%, 1.79%, 1.87%, 1.91%, 1.89%, 1.87% and 1.82%; for Class Y shares was 0.81% 0.77%, 0.85%, 0.88%, 0.88%, 0.88% and 0.75%; for Institutional Class shares was 0.74%, 0.72%, 0.80%, 0.85%, 0.84%, 0.86% and 0.70% for the six months ended December 31, 2022, the years ended June 30, 2022, 2021, 2020 and 2019, the seven months ended June 30, 2018 and the year ended November 30, 2017, respectively; and for Class R6 shares was 1.14% and 3.01% for the six months ended December 31, 2022 and the period ended June 30, 2022.* 

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

*<sup>(5)</sup>* *Represents the seven months ended June 30, 2018.* 

*<sup>(6)</sup>* *The Fund changed its fiscal year end from November 30 to June 30.* 

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

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

*<sup>(9)</sup>* *The net investment income (loss) per share was based on average shares outstanding for the period.* 

*<sup>(10)</sup>* *Portfolio turnover excludes the purchases and sales of securities of the AIG Focused Alpha Large-Cap Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.* 

*<sup>(11)</sup>* *Unaudited.* 

*<sup>(12)</sup>* *Less than $0.005 per share.* 

*<sup>(13)</sup>* *Effective October 28, 2017, Class I shares of the Sentinel International Equity Fund (the "Predecessor Fund") were reorganized into Class Y shares of the Fund.* 

*<sup>(14)</sup>* *Effective October 30, 2017, Class R6 shares of the Predecessor Fund were reorganized into Institutional Class shares of the Fund.* 

*<sup>(15)</sup>* *Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap 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>(3)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/18 | $11.96 | $0.09 | $1.27 | $1.36 | $(0.05) | &nbsp;&nbsp;$— | $(0.05) | $13.27 | &nbsp;&nbsp;11.35% | &nbsp;&nbsp;&nbsp;$2975 | 1.12% | 1.50% | &nbsp;&nbsp;0.48% | 10% |
| 06/30/19 | &nbsp;&nbsp;13.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.09<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;14.11 | &nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;4067 | 1.11 | 1.67 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;19<sup>(5)</sup> |
| 06/30/20 | &nbsp;&nbsp;14.11 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(0.98) | &nbsp;&nbsp;13.04 | &nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;2989 | 1.03 | 1.91 | &nbsp;&nbsp;1.03 | 20 |
| 06/30/21 | &nbsp;&nbsp;13.04 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;17.86 | &nbsp;&nbsp;38.06 | &nbsp;&nbsp;&nbsp;&nbsp;4278 | 1.04 | 1.53 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;15<sup>(5)</sup> |
| 06/30/22 | &nbsp;&nbsp;17.86 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(2.03) | &nbsp;&nbsp;(1.95) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;15.39 | (11.44) | &nbsp;&nbsp;&nbsp;&nbsp;4510 | 1.05 | 1.48 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;12<sup>(5)</sup> |
| 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;15.39 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;15.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.97<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5147 | &nbsp;&nbsp;&nbsp;1.05<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1.42<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.63<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(5)(7)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/18 | $11.80 | $(0.04) | $1.28 | $1.24 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | $13.04 | &nbsp;&nbsp;10.51% | &nbsp;&nbsp;&nbsp;$7849 | 1.87% | 2.12% | (0.27)% | 10% |
| 06/30/19 | &nbsp;&nbsp;13.04 | &nbsp;&nbsp;(0.02)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.85 | &nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;7372 | 1.86 | 2.13 | (0.12) | &nbsp;&nbsp;&nbsp;19<sup>(5)</sup> |
| 06/30/20 | &nbsp;&nbsp;13.85 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;12.79 | &nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;5376 | 1.78 | 2.09 | &nbsp;&nbsp;0.27 | 20 |
| 06/30/21 | &nbsp;&nbsp;12.79 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;17.53 | &nbsp;&nbsp;37.06 | &nbsp;&nbsp;&nbsp;&nbsp;4328 | 1.79 | 2.03 | &nbsp;&nbsp;&nbsp;(—)<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;15<sup>(5)</sup> |
| 06/30/22 | &nbsp;&nbsp;17.53 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(1.96) | &nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;15.07 | (12.15) | &nbsp;&nbsp;&nbsp;&nbsp;2995 | 1.80 | 2.12 | (0.24) | &nbsp;&nbsp;&nbsp;12<sup>(5)</sup> |
| 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;15.07 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;4.65<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2486 | &nbsp;&nbsp;&nbsp;1.80<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;2.14<sup>(8)</sup> | (0.12)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(5)(7)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/18 | $12.00 | $0.10 | $1.30 | $1.40 | $(0.09) | &nbsp;&nbsp;$— | $(0.09) | $13.31 | &nbsp;&nbsp;11.62% | $231984 | 0.87% | 0.99% | &nbsp;&nbsp;0.73% | 10% |
| 06/30/19 | &nbsp;&nbsp;13.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;14.14 | &nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;213650 | 0.86 | 0.99 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;19<sup>(5)</sup> |
| 06/30/20 | &nbsp;&nbsp;14.14 | &nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(1.02) | &nbsp;&nbsp;13.07 | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;206798 | 0.78 | 0.90 | &nbsp;&nbsp;1.28 | 20 |
| 06/30/21 | &nbsp;&nbsp;13.07 | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;17.88 | &nbsp;&nbsp;38.39 | &nbsp;&nbsp;270305 | 0.79 | 0.88 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;15<sup>(5)</sup> |
| 06/30/22 | &nbsp;&nbsp;17.88 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;(1.90) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;15.42 | (11.20) | &nbsp;&nbsp;202913 | 0.80 | 0.88 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;12<sup>(5)</sup> |
| 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;15.42 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;15.57 | &nbsp;&nbsp;&nbsp;&nbsp;5.10<sup>(7)</sup> | &nbsp;&nbsp;191847 | &nbsp;&nbsp;&nbsp;0.80<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;0.91<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.88<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(5)(7)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/18 | $12.02 | $0.10 | $1.31 | $1.41 | $(0.10) | &nbsp;&nbsp;$— | $(0.10) | $13.33 | &nbsp;&nbsp;11.70% | $124759 | 0.77% | 0.91% | &nbsp;&nbsp;0.83% | 10% |
| 06/30/19 | &nbsp;&nbsp;13.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;59211 | 0.77 | 0.92 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;19<sup>(5)</sup> |
| 06/30/20 | &nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;13.09 | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;60402 | 0.68 | 0.84 | &nbsp;&nbsp;1.38 | 20 |
| 06/30/21 | &nbsp;&nbsp;13.09 | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;17.91 | &nbsp;&nbsp;38.59 | &nbsp;&nbsp;&nbsp;90358 | 0.69 | 0.82 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;15<sup>(5)</sup> |
| 06/30/22 | &nbsp;&nbsp;17.91 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(2.08) | &nbsp;&nbsp;(1.90) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;15.44 | (11.15) | &nbsp;&nbsp;&nbsp;67679 | 0.70 | 0.82 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;12<sup>(5)</sup> |
| 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;15.44 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;15.58 | &nbsp;&nbsp;&nbsp;&nbsp;5.20<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;70217 | &nbsp;&nbsp;&nbsp;0.70<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;0.84<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.98<sup>(8)</sup> | &nbsp;&nbsp;6<sup>(5)(7)</sup> |

---

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

*<sup>(2)</sup>* *The ratios shown include liquidity provider expenses. The ratio of net expenses to average net assets excluding liquidity provider expenses for Class A shares was 1.03%, 1.03% and 1.03%; for Class C shares was 1.78%, 1.78% and 1.78%; for Class Y shares was 0.78%, 0.78% and 0.78%; and for Institutional Class shares was 0.68%, 0.68% and 0.68% for the six months ended December 31, 2022 and for the years ended June 30, 2022 and 2021, respectively.* 

*<sup>(3)</sup>* *The ratios shown include liquidity provider expenses. The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A shares was 1.40%, 1.46% and 1.52%; for Class C shares was 2.12%, 2.10% and 2.02%; for Class Y shares was 0.89%, 0.86% and 0.87%; and for Institutional Class shares was 0.82%, 0.80% and 0.81% for the six months ended December 31, 2022 and for the years ended June 30, 2022 and 2021, respectively.* 

*<sup>(4)</sup>* *The net investment income per share was based on average shares outstanding for the period.* 

*<sup>(5)</sup>* *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

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

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

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

*<sup>(9)</sup>* *Less than 0.005%.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<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>(3)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/18 | $35.52 | $(0.24) | &nbsp;&nbsp;$7.19 | &nbsp;&nbsp;$6.95 | $(1.14) | $(1.14) | $41.33 | &nbsp;&nbsp;19.75% | &nbsp;&nbsp;&nbsp;$3417 | 1.23% | 1.67% | (0.63)% | 44% |
| 06/30/19 | &nbsp;&nbsp;41.33 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;42.50 | &nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;1425 | 1.23 | 2.01 | (0.59) | 41 |
| 06/30/20 | &nbsp;&nbsp;42.50 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;47.46 | &nbsp;&nbsp;20.07 | &nbsp;&nbsp;&nbsp;&nbsp;2112 | 1.07 | 2.28 | &nbsp;&nbsp;0.60 | 30 |
| 06/30/21 | &nbsp;&nbsp;47.46 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;16.56 | &nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;&nbsp;(6.61) | &nbsp;&nbsp;&nbsp;(6.61) | &nbsp;&nbsp;57.26 | &nbsp;&nbsp;37.33 | &nbsp;&nbsp;&nbsp;&nbsp;3617 | 1.06 | 1.59 | (0.71) | &nbsp;&nbsp;&nbsp;36<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;57.26 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(10.40) | &nbsp;&nbsp;(10.58) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;36.16 | (23.29) | &nbsp;&nbsp;&nbsp;&nbsp;3290 | 1.07 | 1.58 | (0.61) | &nbsp;&nbsp;&nbsp;41<sup>(4)</sup> |
| 12/31/22<sup>(5)</sup> | &nbsp;&nbsp;36.16 | &nbsp;&nbsp;(0.09)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;34.81 | &nbsp;&nbsp;(0.42)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3368 | &nbsp;&nbsp;&nbsp;1.07<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1.54<sup>(8)</sup> | (0.46)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22<sup>(4)(7)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/18 | $35.29 | $(0.30) | &nbsp;&nbsp;$6.89 | &nbsp;&nbsp;$6.59 | $(1.14) | $(1.14) | $40.74 | &nbsp;&nbsp;18.88% | &nbsp;&nbsp;&nbsp;&nbsp;$236 | 1.98% | 8.12% | (1.38)% | 44% |
| 06/30/19 | &nbsp;&nbsp;40.74 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;41.52 | &nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | 1.98 | 4.38 | (1.34) | 41 |
| 06/30/20 | &nbsp;&nbsp;41.52 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;7.87 | &nbsp;&nbsp;&nbsp;&nbsp;7.56 | &nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;45.93 | &nbsp;&nbsp;19.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | 1.82 | 4.64 | (1.35) | 30 |
| 06/30/21 | &nbsp;&nbsp;45.93 | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;16.81 | &nbsp;&nbsp;&nbsp;15.39 | &nbsp;&nbsp;&nbsp;(6.61) | &nbsp;&nbsp;&nbsp;(6.61) | &nbsp;&nbsp;54.71 | &nbsp;&nbsp;36.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | 1.81 | 3.39 | (1.46) | &nbsp;&nbsp;&nbsp;36<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;54.71 | &nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;(9.03) | &nbsp;&nbsp;(10.27) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;33.92 | (23.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | 1.82 | 4.24 | (1.36) | &nbsp;&nbsp;&nbsp;41<sup>(4)</sup> |
| 12/31/22<sup>(5)</sup> | &nbsp;&nbsp;33.92 | &nbsp;&nbsp;(0.21)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;32.45 | &nbsp;&nbsp;(0.80)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;1.82<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;6.01<sup>(8)</sup> | (1.21)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22<sup>(4)(7)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/18 | $35.60 | $(0.13) | &nbsp;&nbsp;$7.20 | &nbsp;&nbsp;$7.07 | $(1.14) | $(1.14) | $41.53 | &nbsp;&nbsp;20.02% | $15961 | 0.98% | 1.12% | (0.38)% | 44% |
| 06/30/19 | &nbsp;&nbsp;41.53 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;42.82 | &nbsp;&nbsp;10.66 | &nbsp;&nbsp;&nbsp;19580 | 0.98 | 1.16 | (0.34) | 41 |
| 06/30/20 | &nbsp;&nbsp;42.82 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;47.97 | &nbsp;&nbsp;20.38 | &nbsp;&nbsp;&nbsp;24062 | 0.82 | 1.04 | (0.35) | 30 |
| 06/30/21 | &nbsp;&nbsp;47.97 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;17.00 | &nbsp;&nbsp;&nbsp;16.74 | &nbsp;&nbsp;&nbsp;(6.61) | &nbsp;&nbsp;&nbsp;(6.61) | &nbsp;&nbsp;58.10 | &nbsp;&nbsp;37.64 | &nbsp;&nbsp;&nbsp;28952 | 0.81 | 0.96 | (0.46) | &nbsp;&nbsp;&nbsp;36<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;58.10 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(10.49) | &nbsp;&nbsp;(10.67) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;36.91 | (23.09) | &nbsp;&nbsp;&nbsp;13917 | 0.82 | 0.97 | (0.36) | &nbsp;&nbsp;&nbsp;41<sup>(4)</sup> |
| 12/31/22<sup>(5)</sup> | &nbsp;&nbsp;36.91 | &nbsp;&nbsp;(0.04)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;35.60 | &nbsp;&nbsp;(0.30)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7217 | &nbsp;&nbsp;&nbsp;0.82<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;1.07<sup>(8)</sup> | (0.21)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22<sup>(4)(7)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/18 | $35.63 | $(0.11) | &nbsp;&nbsp;$7.23 | &nbsp;&nbsp;$7.12 | $(1.14) | $(1.14) | $41.61 | &nbsp;&nbsp;20.17% | $224379 | 0.88% | 0.98% | (0.28)% | 44% |
| 06/30/19 | &nbsp;&nbsp;41.61 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;42.95 | &nbsp;&nbsp;10.74 | &nbsp;&nbsp;204391 | 0.88 | 0.99 | (0.24) | 41 |
| 06/30/20 | &nbsp;&nbsp;42.95 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;48.18 | &nbsp;&nbsp;20.51 | &nbsp;&nbsp;199601 | 0.73 | 0.86 | (0.25) | 30 |
| 06/30/21 | &nbsp;&nbsp;48.18 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;17.10 | &nbsp;&nbsp;&nbsp;16.89 | &nbsp;&nbsp;&nbsp;(6.61) | &nbsp;&nbsp;&nbsp;(6.61) | &nbsp;&nbsp;58.46 | &nbsp;&nbsp;37.80 | &nbsp;&nbsp;229690 | 0.71 | 0.85 | (0.36) | &nbsp;&nbsp;&nbsp;36<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;58.46 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(10.58) | &nbsp;&nbsp;(10.72) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;37.22 | (23.03) | &nbsp;&nbsp;145441 | 0.72 | 0.84 | (0.26) | &nbsp;&nbsp;&nbsp;41<sup>(4)</sup> |
| 12/31/22<sup>(5)</sup> | &nbsp;&nbsp;37.22 | &nbsp;&nbsp;(0.02)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;35.93 | &nbsp;&nbsp;(0.25)<sup>(7)</sup> | &nbsp;&nbsp;137559 | &nbsp;&nbsp;&nbsp;0.72<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;0.88<sup>(8)</sup> | (0.11)<sup>(8)</sup> | 22<sup>(4)(7)</sup> |

---

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

*<sup>(2)</sup>* *The ratios shown include liquidity provider expenses. The ratio of net expenses to average net assets excluding liquidity provider expenses for Class A shares was 1.04%, 1.04% and 1.04%; for Class C shares was 1.79%, 1.79% and 1.79%; for Class Y shares was 0.79%, 0.79% and 0.79%; and for Institutional Class shares was 0.69%, 0.69% and 0.69% for the six months ended December 31, 2022 and for the years ended June 30, 2022 and 2021, respectively.* 

*<sup>(3)</sup>* *The ratios shown include liquidity provider expenses. The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A shares was 1.51%, 1.55% and 1.57%; for Class C shares was 5.98%, 4.21% and 3.37%; for Class Y shares was 1.04%, 0.94% and 0.94%; and for Institutional Class shares was 0.85%, 0.81% and 0.83% for the six months ended December 31, 2022 and for the years ended June 30, 2022 and 2021, respectively.* 

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

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

*<sup>(6)</sup>* *The net investment income per share was based on average shares outstanding for the period.* 

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<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>(3)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 11/30/17 | $5.19 | $(0.02) | $0.89 | $0.87 | &nbsp;&nbsp;$— | $(0.42) | $(0.42) | $5.64 | &nbsp;&nbsp;17.95% | $677055 | 1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | (0.49)% | 82% |
| 06/30/18<sup>(4)(5)</sup> | &nbsp;&nbsp;5.64 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;6.89<sup>(6)</sup> | &nbsp;&nbsp;661866 | &nbsp;&nbsp;&nbsp;1.10<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18<sup>(7)</sup> | (0.26)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;30<sup>(6)</sup> |
| 06/30/19 | &nbsp;&nbsp;5.53 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;4.83 | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;589664 | 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94<sup>(8)(9)</sup> |
| 06/30/20 | &nbsp;&nbsp;4.83 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;4.06 | (10.82) | &nbsp;&nbsp;420822 | 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | (0.32) | 81 |
| 06/30/21 | &nbsp;&nbsp;4.06 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;6.67 | &nbsp;&nbsp;64.45 | &nbsp;&nbsp;608513 | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | (0.45) | &nbsp;&nbsp;&nbsp;80<sup>(8)</sup> |
| 06/30/22 | &nbsp;&nbsp;6.67 | &nbsp;&nbsp;(0.02)<sup>(10)</sup> | &nbsp;&nbsp;(0.95) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;4.56 | (17.95) | &nbsp;&nbsp;451081 | 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | (0.31) | &nbsp;&nbsp;&nbsp;70<sup>(8)</sup> |
| 12/31/22<sup>(11)</sup> | &nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(10)(12)</sup> | &nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;8.60<sup>(6)</sup> | &nbsp;&nbsp;468615 | &nbsp;&nbsp;&nbsp;1.19<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19<sup>(7)</sup> | (0.02)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39<sup>(6)(8)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 11/30/17<sup>(13)</sup> | $8.94 | $(0.26) | $1.66 | $1.40 | &nbsp;&nbsp;$— | $(1.11) | $(1.11) | $9.23 | &nbsp;&nbsp;17.36% | $104051 | 1.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% | (1.23)% | 82% |
| 06/30/18<sup>(4)(5)(13)</sup> | &nbsp;&nbsp;9.23 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.24) | &nbsp;&nbsp;(1.24) | &nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;6.51<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;97136 | &nbsp;&nbsp;&nbsp;1.85<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93<sup>(7)</sup> | (1.02)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;30<sup>(6)</sup> |
| 06/30/19<sup>(13)</sup> | &nbsp;&nbsp;8.52 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.64) | &nbsp;&nbsp;(1.64) | &nbsp;&nbsp;6.65 | &nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;39390 | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | (1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94<sup>(8)(9)</sup> |
| 06/30/20<sup>(13)</sup> | &nbsp;&nbsp;6.65 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;5.25 | (11.22) | &nbsp;&nbsp;&nbsp;21204 | 1.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | (1.12) | 81 |
| 06/30/21<sup>(13)</sup> | &nbsp;&nbsp;5.25 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;8.52 | &nbsp;&nbsp;62.65 | &nbsp;&nbsp;&nbsp;26123 | 1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | (1.22) | &nbsp;&nbsp;&nbsp;80<sup>(8)</sup> |
| 06/30/22<sup>(13)</sup> | &nbsp;&nbsp;8.52 | &nbsp;&nbsp;(0.08)<sup>(10)</sup> | &nbsp;&nbsp;(0.89) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.01) | &nbsp;&nbsp;(3.01) | &nbsp;&nbsp;4.54 | (18.70) | &nbsp;&nbsp;&nbsp;17385 | 1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | (1.11) | &nbsp;&nbsp;&nbsp;70<sup>(8)</sup> |
| 12/31/22<sup>(11)(13)</sup> | &nbsp;&nbsp;4.54 | &nbsp;&nbsp;(0.01)<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;8.48<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;16516 | &nbsp;&nbsp;&nbsp;1.96<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06<sup>(7)</sup> | (0.78)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39<sup>(6)(8)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 11/30/17<sup>(14)</sup> | $5.56 | $(0.06) | $1.02 | $0.96 | &nbsp;&nbsp;$— | $(0.42) | $(0.42) | $6.10 | &nbsp;&nbsp;18.41% | $388404 | 0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | (0.16)% | 82% |
| 06/30/18<sup>(4)(5)</sup> | &nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;7.21<sup>(6)</sup> | &nbsp;&nbsp;383050 | &nbsp;&nbsp;&nbsp;0.84<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92<sup>(7)</sup> | (0.01)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;30<sup>(6)</sup> |
| 06/30/19 | &nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(12)</sup> | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(12)</sup> | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;5.33 | &nbsp;&nbsp;(0.79) | &nbsp;&nbsp;326021 | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94<sup>(8)(9)</sup> |
| 06/30/20 | &nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(12)</sup> | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;4.53 | (10.35) | &nbsp;&nbsp;189336 | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | (0.06) | 81 |
| 06/30/21 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(12)</sup> | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;7.45 | &nbsp;&nbsp;64.61 | &nbsp;&nbsp;282428 | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | (0.16) | &nbsp;&nbsp;&nbsp;80<sup>(8)</sup> |
| 06/30/22 | &nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(10)(12)</sup> | &nbsp;&nbsp;(1.10) | &nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;5.21 | (17.81) | &nbsp;&nbsp;222141 | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | (0.05) | &nbsp;&nbsp;&nbsp;70<sup>(8)</sup> |
| 12/31/22<sup>(11)</sup> | &nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;8.87<sup>(6)</sup> | &nbsp;&nbsp;256637 | &nbsp;&nbsp;&nbsp;0.90<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.28<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39<sup>(6)(8)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 11/30/17<sup>(15)</sup> | $5.80 | &nbsp;&nbsp;$(—)<sup>(12)</sup> | $0.30 | $0.30 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | $6.10 | &nbsp;&nbsp;&nbsp;5.17%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 | 0.79%<sup>(7)</sup> | 2,069.15%<sup>(7)</sup> | (0.70)%<sup>(7)</sup> | 82% |
| 06/30/18<sup>(4)(5)</sup> | &nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;7.21<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;0.79<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275.86<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;30<sup>(6)</sup> |
| 06/30/19 | &nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(12)</sup> | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(12)</sup> | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;5.32 | &nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;2216 | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94<sup>(8)(9)</sup> |
| 06/30/20 | &nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(12)</sup> | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;4.52 | (10.37) | &nbsp;&nbsp;&nbsp;11269 | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;0.05 | 81 |
| 06/30/21 | &nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(12)</sup> | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;7.44 | &nbsp;&nbsp;64.75 | &nbsp;&nbsp;&nbsp;18770 | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | (0.06) | &nbsp;&nbsp;&nbsp;80<sup>(8)</sup> |
| 06/30/22 | &nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(10)(12)</sup> | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;5.21 | (17.70) | &nbsp;&nbsp;&nbsp;21299 | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;70<sup>(8)</sup> |
| 12/31/22<sup>(11)</sup> | &nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;9.07<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;23084 | &nbsp;&nbsp;&nbsp;0.80<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.38<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39<sup>(6)(8)</sup> |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 11/30/17 | $5.24 | $(0.03) | $0.94 | $0.91 | &nbsp;&nbsp;$— | $(0.42) | $(0.42) | $5.73 | &nbsp;&nbsp;18.58% | $67052 | 0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | (0.07)% | 82% |
| 06/30/18<sup>(4)(5)</sup> | &nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp;7.33<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;76246 | &nbsp;&nbsp;&nbsp;0.73<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;30<sup>(6)</sup> |
| 06/30/19 | &nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;4.95 | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;137585 | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94<sup>(8)(9)</sup> |
| 06/30/20 | &nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;4.19 | (10.35) | &nbsp;&nbsp;&nbsp;64567 | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.07 | 81 |
| 06/30/21 | &nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(12)</sup> | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;6.91 | &nbsp;&nbsp;65.08 | &nbsp;&nbsp;&nbsp;63766 | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | (0.06) | &nbsp;&nbsp;&nbsp;80<sup>(8)</sup> |
| 06/30/22 | &nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(10)(12)</sup> | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;4.77 | (17.73) | &nbsp;&nbsp;&nbsp;53500 | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;70<sup>(8)</sup> |
| 12/31/22<sup>(11)</sup> | &nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;8.85<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;63760 | &nbsp;&nbsp;&nbsp;0.80<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.38<sup>(7)</sup> | 39<sup>(6)(8)</sup> |

---

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

*<sup>(2)</sup>* *The ratios shown include liquidity provider expenses. The ratio of net expenses to average net assets excluding liquidity provider expenses for Class A shares was 1.18%, 1.15% and 1.18%; for Class C shares was 1.95%, 1.95% and 1.95%; for Class Y shares was 0.89%, 0.89% and 0.89%; for Institutional Class shares was 0.79%, 0.79% and 0.79%; and for Class R6 shares was 0.79%, 0.79% and 0.79% for the six months ended December 31, 2022 and for the years ended June 30, 2022 and 2021, respectively.* 

*<sup>(3)</sup>* *The ratios shown include liquidity provider expenses. The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A shares was 1.18%, 1.15% and 1.18%; for Class C shares was 2.05%, 2.00% and 2.03%; for Class Y shares was 0.97%, 0.95% and 0.97%; for Institutional Class shares was 0.96%, 0.94% and 0.97%; and for Class R6 shares was 0.87%, 0.85% and 0.87% for the six months ended December 31, 2022 and for the years ended June 30, 2022 and 2021, respectively.* 

*<sup>(4)</sup>* *Represents the seven months ended June 30, 2018.* 

*<sup>(5)</sup>* *The Fund changed its fiscal year end from November 30 to June 30.* 

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

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

*<sup>(8)</sup>* *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

*<sup>(9)</sup>* *Portfolio turnover excludes the purchases and sales of securities by the Touchstone Small Cap Growth Fund acquired on September 21, 2018. If these transactions were included, portfolio turnover would have been higher.* 

*<sup>(10)</sup>* *The net investment income per share was based on average shares outstanding for the period.* 

*<sup>(11)</sup>* *Unaudited.* 

*<sup>(12)</sup>* *Less than $0.005 per share or 0.005%.* 

*<sup>(13)</sup>* *Updated to reflect the effect of a 1 for 0.379048 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>(14)</sup>* *Effective October 28, 2017, Class I shares of the Sentinel Small Company Fund (the "Predecessor Fund") were reorganized into Class Y shares of the Fund.* 

*<sup>(15)</sup>* *Represents the period from commencement of operations (October 30, 2017) through November 30, 2017.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class 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** |
| 06/30/18 | $10.13 | $0.14 | $0.55 | $0.69 | $(0.14) | $(0.76) | $(0.90) | $9.92 | &nbsp;&nbsp;&nbsp;6.92% | $36968 | 1.08% | 1.26% | 1.42% | 24% |
| 06/30/19 | &nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp;&nbsp;8.53 | &nbsp;&nbsp;&nbsp;32964 | 1.08 | 1.26 | 1.67 | &nbsp;&nbsp;&nbsp;37<sup>(2)</sup> |
| 06/30/20 | &nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.98) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;(9.83) | &nbsp;&nbsp;&nbsp;24567 | 1.08 | 1.26 | 1.37 | 57 |
| 06/30/21 | &nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;11.41 | &nbsp;&nbsp;47.49 | &nbsp;&nbsp;&nbsp;33052 | 1.08 | 1.24 | 1.08 | 37 |
| 06/30/22 | &nbsp;&nbsp;11.41 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;(5.30) | &nbsp;&nbsp;156947 | 1.08 | 1.13 | 1.03 | &nbsp;&nbsp;&nbsp;63<sup>(3)</sup> |
| 12/31/22<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;8.13<sup>(5)</sup> | &nbsp;&nbsp;162336 | &nbsp;&nbsp;&nbsp;1.08<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;1.12<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;1.38<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;10<sup>(5)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/18 | $10.10 | $0.08 | $0.54 | $0.62 | $(0.07) | $(0.76) | $(0.83) | $9.89 | &nbsp;&nbsp;&nbsp;6.12% | &nbsp;&nbsp;&nbsp;$3654 | 1.83% | 2.21% | 0.68% | 24% |
| 06/30/19 | &nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;7.72 | &nbsp;&nbsp;&nbsp;&nbsp;3175 | 1.83 | 2.35 | 0.92 | &nbsp;&nbsp;&nbsp;37<sup>(2)</sup> |
| 06/30/20 | &nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(0.91) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;7.93 | (10.49) | &nbsp;&nbsp;&nbsp;&nbsp;2175 | 1.83 | 2.43 | 0.62 | 57 |
| 06/30/21 | &nbsp;&nbsp;&nbsp;7.93 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;11.38 | &nbsp;&nbsp;46.40 | &nbsp;&nbsp;&nbsp;&nbsp;1943 | 1.83 | 2.46 | 0.33 | 37 |
| 06/30/22 | &nbsp;&nbsp;11.38 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;(6.11) | &nbsp;&nbsp;&nbsp;&nbsp;5722 | 1.83 | 2.08 | 0.28 | &nbsp;&nbsp;&nbsp;63<sup>(3)</sup> |
| 12/31/22<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp;7.76<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5576 | &nbsp;&nbsp;&nbsp;1.83<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;2.00<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;0.63<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;10<sup>(5)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/18 | $10.17 | $0.17 | $0.55 | $0.72 | $(0.17) | $(0.76) | $(0.93) | $9.96 | &nbsp;&nbsp;&nbsp;7.19% | $81988 | 0.81% | 0.95% | 1.70% | 24% |
| 06/30/19 | &nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;&nbsp;8.82 | &nbsp;&nbsp;&nbsp;92928 | 0.79 | 0.94 | 1.96 | &nbsp;&nbsp;&nbsp;37<sup>(2)</sup> |
| 06/30/20 | &nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.98) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;(9.64) | &nbsp;&nbsp;&nbsp;75028 | 0.80 | 0.96 | 1.64 | 57 |
| 06/30/21 | &nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;11.46 | &nbsp;&nbsp;47.93 | &nbsp;&nbsp;100542 | 0.83 | 0.95 | 1.33 | 37 |
| 06/30/22 | &nbsp;&nbsp;11.46 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;(5.06) | &nbsp;&nbsp;&nbsp;86615 | 0.83 | 0.88 | 1.28 | &nbsp;&nbsp;&nbsp;63<sup>(3)</sup> |
| 12/31/22<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;8.33<sup>(5)</sup> | &nbsp;&nbsp;105206 | &nbsp;&nbsp;&nbsp;0.83<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;0.87<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;1.63<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;10<sup>(5)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/18 | $10.14 | $0.19 | $0.55 | $0.74 | $(0.19) | $(0.76) | $(0.95) | $9.93 | &nbsp;&nbsp;&nbsp;7.34% | $262467 | 0.68% | 0.87% | 1.82% | 24% |
| 06/30/19 | &nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;8.96 | &nbsp;&nbsp;208686 | 0.68 | 0.89 | 2.07 | &nbsp;&nbsp;&nbsp;37<sup>(2)</sup> |
| 06/30/20 | &nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;(9.43) | &nbsp;&nbsp;153945 | 0.68 | 0.90 | 1.77 | 57 |
| 06/30/21 | &nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;11.43 | &nbsp;&nbsp;48.12 | &nbsp;&nbsp;289120 | 0.68 | 0.88 | 1.48 | 37 |
| 06/30/22 | &nbsp;&nbsp;11.43 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;(5.02) | &nbsp;&nbsp;252281 | 0.68 | 0.83 | 1.43 | &nbsp;&nbsp;&nbsp;63<sup>(3)</sup> |
| 12/31/22<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;&nbsp;8.45<sup>(5)</sup> | &nbsp;&nbsp;226749 | &nbsp;&nbsp;&nbsp;0.68<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;0.82<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;1.78<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;10<sup>(5)</sup> |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06/30/22<sup>(7)</sup> | $11.91 | $0.11 | $(1.11) | $(1.00) | $(0.13) | $(0.85) | $(0.98) | $9.93 | &nbsp;&nbsp;(9.10)%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$395 | 0.63%<sup>(6)</sup> | 8.11%<sup>(6)</sup> | 1.47%<sup>(6)</sup> | 63%<sup>(3)</sup> |
| 12/31/22<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;&nbsp;8.44<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;21436 | &nbsp;&nbsp;&nbsp;0.63<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;0.83<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;1.83<sup>(6)</sup> | 10<sup>(5)</sup> |

---

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

*<sup>(2)</sup>* *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

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

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

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

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

*<sup>(7)</sup>* *Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.* 

*See accompanying Notes to Financial Statements.*

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Notes to Financial Statements

December 31, 2022 (Unaudited)

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 nineteen funds, including the following nine funds (individually, a "Fund", and collectively, the "Funds"):

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| |
|:---|
| Touchstone Balanced Fund ("Balanced Fund") |
| Touchstone Core Municipal Bond Fund ("Core Municipal Bond Fund") |
| Touchstone International Equity Fund ("International Equity Fund") |
| Touchstone International Growth Fund ("International Growth Fund") |
| Touchstone Large Cap Focused Fund ("Large Cap Focused Fund") |
| Touchstone Large Cap Fund ("Large Cap Fund") |
| Touchstone Large Company Growth Fund ("Large Company Growth Fund") |
| Touchstone Small Company Fund ("Small Company Fund") |
| Touchstone Value Fund ("Value Fund") |

---

Each Fund is diversified, with the exception of the Large Cap Focused Fund and the Large Company 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 Class** | &nbsp;&nbsp;**Class R6** |
| Balanced Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |
| Core Municipal Bond Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| International Equity Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| International Growth Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| Large Cap Focused Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| Large Cap Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| Large Company Growth Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| Small Company Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| Value Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |

---

The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. The Funds' prospectus provides a description of each Fund's investment goal, policies, and strategies along with information on the classes of shares currently being offered.

2. Significant Accounting Policies

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

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

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

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

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

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

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

The aggregate value by input level, as of December 31, 2022, for each Fund's investments, is included in each Fund's Portfolio of Investments, which also includes a breakdown of the Fund's investments by geographic, credit quality and/or sector allocation. The Funds did not hold or transfer any Level 3 categorized securities during the six months ended December 31, 2022.

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Notes to Financial Statements (Unaudited) (Continued)

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

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

Debt securities held by the Funds are valued at their evaluated bid by an independent pricing service or at their last broker-quoted bid prices as obtained from one or more of the major market makers for such securities. Independent pricing services use information provided by market makers or estimates of market values through accepted market modeling conventions. Observable inputs to the models may include prepayment speeds, pricing spread, yield, trade information, dealer quotes, market color, cash flow models, the securities' terms and conditions, among others, and are generally categorized in Level 2. Investments in 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 Balanced 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 that typically seeks to track the performance of an index by holding in its portfolio shares of all the companies, or a representative sample of the companies, that are components of a particular index. ETF shares are traded on a securities exchange based on their market value. The risks of investment in other**

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Notes to Financial Statements (Unaudited) (Continued)

investment companies typically reflect the risks of the types of securities in which the other investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that their shares may trade at a premium or discount to their NAV. When a Fund invests in another investment company, shareholders of the Fund indirectly bear their proportionate share of the other investment company's fees and expenses, including operating, registration, trustee, licensing, and marketing, as well as their share of the Fund's fees and expenses.

**Futures Contracts — The Balanced Fund may buy and sell futures contracts and related options to manage its exposure to changing interest rates and securities prices. Some strategies reduce the 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 the Fund's return. When the Fund purchases or sells a futures contract, or sells an option thereon, the 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.

As of December 31, 2022, the Balanced Fund did not hold any futures contracts.

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

When entering into a derivative transaction, a Fund may be required to post and maintain collateral or margin (including both initial and variation margin). Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options, and centrally cleared swaps). Brokers can ask for margining in excess of the clearing house's minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (forward foreign currency contracts, options, and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the

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Notes to Financial Statements (Unaudited) (Continued)

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 Balanced Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

As of December 31, 2022, the Balanced Fund did not hold any assets and liabilities that were subject to a MNA.

The following table sets forth the effect of the Balanced Fund's derivative financial instruments by primary risk exposure on the Statements of Operations for the six months ended December 31, 2022:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivatives not accounted for as hedging<br> instruments under ASC 815** | &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** |
| Balanced Fund | Futures - Interest Rate Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(388596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
|  | Swap Agreements - Interest Rate Contracts\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

*\** *Statements of Operations Location: Net realized losses on futures contracts.* 

*\*\** *Statements of Operations Location: Net realized gains on swap agreements.* 

For the six months ended December 31, 2022, the average quarterly notional value of outstanding derivative financial instruments was as follows:

---

| | |
|:---|:---|
|  | **Balanced Fund** |
| **Interest Rate Contracts:** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts - Notional Value | $11440815 |
| &nbsp;&nbsp;&nbsp;Interest Rate Swaps - Notional Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— \* |

---

*\** *The balance at each quarter end was zero.* 

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

As of December 31, 2022, 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\*** | &nbsp;&nbsp;**Market Value of<br> Collateral Received\*\*** | &nbsp;&nbsp;**Net<br> Amount\*\*\*** |
| Small Company Fund | Common Stocks | &nbsp;&nbsp;$1089132 | &nbsp;&nbsp;$1099836 | &nbsp;&nbsp;$10704 |

---

*\** *The remaining contractual maturity is overnight for all securities.* 

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

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

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

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

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

**When-issued or delayed delivery transactions — Each Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining NAV. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security. When-issued or delayed delivery transactions physically settling within 35-days are deemed not to involve a senior security. When-issued or delayed delivery transactions that do not physically settle within 35-days are required to be treated as derivatives transactions in compliance with the regulatory limitations set forth in Rule 18f-4 under the 1940 Act (the "Derivatives Rule"). Effective August 19, 2022 (the "Compliance Date"), the Derivatives Rule replaced the asset segregation regime of Investment Company Act Release No. 10666 ("Release 10666") with a new framework for the use of derivatives by registered funds. As of the Compliance Date, the Securities and Exchange Commission ("SEC") rescinded Release 10666 and withdrew no-action letters and similar guidance addressing a fund's use of derivatives and began requiring funds to satisfy the requirements of the Derivatives Rule. As a result, on or after the Compliance Date, the Funds will no longer engage in "segregation" or "coverage" techniques with respect to derivatives transactions and will instead comply with the applicable requirements of the Derivatives Rule.**

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

The maximum offering price per share of Class A shares of the equity funds (all of the Funds except the Core Municipal Bond Fund) is equal to the NAV per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). The maximum offering price per share of Class A shares of the Core Municipal Bond Fund is equal to the NAV per share plus a sales load equal to 3.36% of the NAV (or 3.25% of the offering price). There is no sales load on equity or fixed income fund purchases when aggregate purchases in all Touchstone funds equal at least $1 million or $500,000, respectively. The maximum offering price per share of Classes C, Y, Institutional Class and R6 shares of the Funds is equal to the NAV per share.

The redemption price per share of each class of shares of the Funds is generally equal to the NAV per share. However, Class A redemptions that were part of a no-load purchase due to the aggregate purchase amount in all Touchstone Funds equaling at least the maximum breakpoint 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 pay downs on mortgage-backed and asset-backed securities are included in interest income. Market discounts, original issue discounts and market premiums on debt securities are accreted/amortized to interest income over the life of the security or to the appropriate call date, as applicable, with a corresponding adjustment in the cost basis of that security. In addition, it is the Funds' policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Funds. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.**

**Distributions to shareholders — Each Fund intends to distribute to its shareholders substantially all of its income and capital gains. Each Fund, except the Balanced Fund, the Core Municipal Bond Fund and the Value Fund, declares and distributes net investment income, if any, annually, as a dividend to shareholders. The Balanced Fund and Value Fund declare and distribute net investment income, if any quarterly, as a dividend to shareholders. The Core Municipal Bond Fund declares distributions from net investment income on a daily basis and distributes as a dividend to shareholders on a monthly basis. Each Fund makes distributions of capital gains, if any, at least annually, net of applicable capital loss carryforwards. Income distributions and capital gain distributions are determined in accordance with income tax regulations. Recognition of the Funds' net investment income from investments in underlying funds is affected by the timing of dividend declarations by the underlying funds.**

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

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Group 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.**

**LIBOR Transition — Many debt securities, derivatives and other financial instruments in which the Funds may invest, as well as any borrowings made by the Funds from banks or from other lenders, utilize the London Interbank Offered Rate ("LIBOR") as the reference or benchmark index for interest rate calculations. LIBOR is a measure of the average interest rate at which major global banks can borrow from one another. Plans are underway to phase out the use of LIBOR by June 30, 2023. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR maturities, including some U.S. LIBOR maturities, on December 31, 2021, and is expected to cease publishing the remaining and most liquid U.S. LIBOR maturities on June 30, 2023. Before then, it is expected that market participants have or will transition to the use of different reference or benchmark indices. However, there is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement index. As such, the potential effect of a transition away from LIBOR on the Funds' investments cannot yet be determined.**

3. Investment Transactions

Investment transactions (excluding short-term investments and U.S. Government securities) were as follows for the six months ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced<br> Fund** | &nbsp;&nbsp;**Core<br> Municipal<br> Bond<br> Fund** | &nbsp;&nbsp;**International<br> Equity<br> Fund** | &nbsp;&nbsp;**International<br> Growth<br> Fund** |
| Purchases of investment securities | $28098117 | &nbsp;&nbsp;$16162266 | &nbsp;&nbsp;$15651887 | &nbsp;&nbsp;$12113704 |
| Proceeds from sales and maturities | $60611143 | &nbsp;&nbsp;$21178132 | &nbsp;&nbsp;$16065795 | &nbsp;&nbsp;$10265179 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap<br> Focused<br> Fund\*** | &nbsp;&nbsp;**Large Cap<br> Fund\*** | &nbsp;&nbsp;**Large<br> Company<br> Growth<br> Fund\*** | &nbsp;&nbsp;**Small<br> Company<br> Fund\*** | &nbsp;&nbsp;**Value<br> Fund** |
| Purchases of investment securities | $64494314 | &nbsp;&nbsp;$16178838 | &nbsp;&nbsp;$38748307 | &nbsp;&nbsp;$313080016 | &nbsp;&nbsp;$52970093 |
| Proceeds from sales and maturities | $40172636 | &nbsp;&nbsp;$20007783 | &nbsp;&nbsp;$34059557 | &nbsp;&nbsp;$308675127 | &nbsp;&nbsp;$71724561 |

---

*\** *The Large Cap Focused Fund, the Large Cap Fund, the Large Company Growth Fund and the Small Company Fund had a redemption-in-kind out of the Fund of $100,279,162, $15,753,664, $12,205,971 and $23,083,679, respectively. The redemptions were comprised of securities of $84,552,621, $14,136,317, $9,895,085 and $14,948,558, which are excluded from the proceeds from sales and maturities, and cash in the amount of $15,726,541, $1,617,347, $2,310,886 and $8,135,121 for the Large Cap Focused Fund, the Large Cap Fund, the Large Company Growth Fund and the Small Company Fund, respectively.* 

For the six months ended December 31, 2022, purchases and proceeds from sales and maturities in U.S. Government Securities were $193,859,483 and $170,527,941, respectively, for the Balanced Fund. There were no purchases or proceeds from sales and maturities of U.S. Government securities by the other Funds for the six months ended December 31, 2022.

4. Transactions with Affiliates and Other Related Parties

Certain officers of the Trust are also officers of the Adviser, Touchstone Securities, Inc. (the "Underwriter"), 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 Underwriter 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

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the Funds for the Independent Trustees' compensation and out-of-pocket expenses relating to their services. The Funds accrued Trustee-related expenses of $118,710 for the Funds' Board for the six months ended December 31, 2022.

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

---

| | |
|:---|:---|
| Balanced Fund | &nbsp;&nbsp;0.55% on the first $200 million<br> 0.50% on the next $200 million<br> 0.45% on the next $600 million<br> 0.40% on the next $1 billion<br> 0.35% on such assets over $2 billion |
| Core Municipal Bond Fund | &nbsp;&nbsp;0.40% on the first $300 million<br> 0.30% on such assets over $300 million |
| International Equity Fund | &nbsp;&nbsp;0.70% on the first $500 million<br> 0.65% on the next $300 million<br> 0.60% on the next $200 million<br> 0.50% on the next $1 billion<br> 0.40% on such assets over $2 billion |
| International Growth Fund | &nbsp;&nbsp;0.80% on the first $1 billion<br> 0.75% on the next $500 million<br> 0.70% on the next $500 million<br> 0.65% on such assets over $2 billion |
| Large Cap Focused Fund | &nbsp;&nbsp;0.70% on the first $500 million<br> 0.65% on the next $300 million<br> 0.60% on the next $200 million<br> 0.50% on the next $1 billion<br> 0.40% on such assets over $2 billion |
| Large Cap Fund | &nbsp;&nbsp;0.60% on the first $500 million<br> 0.54% on the next $500 million<br> 0.50% on such assets over $1 billion |
| Large Company Growth Fund | &nbsp;&nbsp;0.60% on all assets |
| Small Company Fund | &nbsp;&nbsp;0.70% on the first $500 million<br> 0.65% on the next $300 million<br> 0.60% on the next $200 million<br> 0.50% on the next $1 billion<br> 0.40% on such assets over $2 billion |
| Value Fund | &nbsp;&nbsp;0.65% on the first $200 million<br> 0.55% on such assets over $200 million |

---

The Adviser has entered into investment sub-advisory agreements with the following parties (each, a "Sub-Adviser"):

---

| | |
|:---|:---|
| **Barrow, Hanley, Mewhinney & Strauss, LLC** | &nbsp;&nbsp;**London Company of Virginia d/b/a The London Company** |
| Value Fund | &nbsp;&nbsp;Large Cap Fund |
| **DSM Capital Partners LLC** | &nbsp;&nbsp;**Fort Washington Investment Advisors, Inc.\*** |
| International Growth Fund | &nbsp;&nbsp;Balanced Fund |
| Large Company Growth Fund | &nbsp;&nbsp;International Equity Fund |
| **Sage Advisory Services, Ltd Co.** | &nbsp;&nbsp;Large Cap Focused Fund |
| Core Municipal Bond Fund | &nbsp;&nbsp;Small Company Fund |

---

*\* Affiliate of the Adviser and wholly-owned subsidiary of Western & Southern.*

The Adviser pays sub-advisory fees to each Sub-Adviser from its advisory fee.

The Adviser entered into an expense limitation agreement (the "Expense Limitation Agreement") to contractually limit the annual operating expenses of the Funds, excluding: dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Funds' liquidity providers; other expenditures which are capitalized in accordance with U.S. GAAP; the cost of "Acquired Fund Fees and Expenses", if any; and other extraordinary expenses not incurred in the ordinary course of business. The maximum annual

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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** |
| Balanced Fund | &nbsp;&nbsp;1.01% | &nbsp;&nbsp;1.78% | &nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.64% | &nbsp;&nbsp;October 29, 2023 |
| Core Municipal Bond Fund | &nbsp;&nbsp;0.80% | &nbsp;&nbsp;1.55% | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;October 29 , 2023 |
| International Equity Fund | &nbsp;&nbsp;1.36% | &nbsp;&nbsp;1.99% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;October 29, 2023 |
| International Growth 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;October 29, 2023 |
| Large Cap Focused Fund | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.79% | &nbsp;&nbsp;0.72% | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;October 29, 2023 |
| Large Cap Fund | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;1.78% | &nbsp;&nbsp;0.78% | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;October 29, 2023 |
| Large Company Growth 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;October 29, 2023 |
| Small Company Fund | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;1.95% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;October 29, 2023 |
| Value Fund | &nbsp;&nbsp;1.08% | &nbsp;&nbsp;1.83% | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;0.63% | &nbsp;&nbsp;October 29, 2023 |

---

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

During the six months ended December 31, 2022, the Adviser or its affiliates waived 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** |
| Balanced Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18 | &nbsp;&nbsp;&nbsp;$9005 | &nbsp;&nbsp;&nbsp;$9023 |
| Core Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21036 | &nbsp;&nbsp;&nbsp;&nbsp;53345 | &nbsp;&nbsp;&nbsp;&nbsp;74381 |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888 | &nbsp;&nbsp;&nbsp;&nbsp;78990 | &nbsp;&nbsp;&nbsp;&nbsp;85878 |
| International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40149 | &nbsp;&nbsp;&nbsp;&nbsp;91662 | &nbsp;&nbsp;&nbsp;&nbsp;131811 |
| Large Cap Focused Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15456 | &nbsp;&nbsp;&nbsp;&nbsp;451076 | &nbsp;&nbsp;&nbsp;&nbsp;466532 |
| Large Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;48732 | &nbsp;&nbsp;&nbsp;&nbsp;120465 | &nbsp;&nbsp;&nbsp;&nbsp;169197 |
| Large Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;77133 | &nbsp;&nbsp;&nbsp;&nbsp;65236 | &nbsp;&nbsp;&nbsp;&nbsp;142369 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23424 | &nbsp;&nbsp;&nbsp;&nbsp;132011 | &nbsp;&nbsp;&nbsp;&nbsp;155435 |
| Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;108133 | &nbsp;&nbsp;&nbsp;&nbsp;129250 | &nbsp;&nbsp;&nbsp;&nbsp;237383 |

---

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

As of December 31, 2022, the Adviser may seek recoupment of previously waived fees and reimbursed expenses as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Expires on<br> or before<br> June 30, 2023** | **Expires on<br> or before<br> June 30, 2024** | **Expires on<br> or before<br> June 30, 2025** | **Expires on<br> or before<br> June 30, 2026** | **Total** |
| Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$4428 | &nbsp;&nbsp;&nbsp;$2788 | &nbsp;&nbsp;&nbsp;&nbsp;$7216 |
| Core Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;80340 | &nbsp;&nbsp;&nbsp;&nbsp;73030 | &nbsp;&nbsp;&nbsp;&nbsp;99819 | &nbsp;&nbsp;&nbsp;&nbsp;40915 | &nbsp;&nbsp;&nbsp;&nbsp;294104 |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;78710 | &nbsp;&nbsp;&nbsp;&nbsp;67613 | &nbsp;&nbsp;&nbsp;&nbsp;64511 | &nbsp;&nbsp;&nbsp;&nbsp;32600 | &nbsp;&nbsp;&nbsp;&nbsp;243434 |
| International Growth Fund | &nbsp;&nbsp;&nbsp;101798 | &nbsp;&nbsp;&nbsp;255371 | &nbsp;&nbsp;&nbsp;302133 | &nbsp;&nbsp;&nbsp;126738 | &nbsp;&nbsp;&nbsp;&nbsp;786040 |
| Large Cap Focused Fund | &nbsp;&nbsp;&nbsp;805632 | &nbsp;&nbsp;&nbsp;757813 | &nbsp;&nbsp;&nbsp;413033 | &nbsp;&nbsp;&nbsp;300548 | &nbsp;&nbsp;&nbsp;2277026 |
| Large Cap Fund | &nbsp;&nbsp;&nbsp;188979 | &nbsp;&nbsp;&nbsp;338365 | &nbsp;&nbsp;&nbsp;321303 | &nbsp;&nbsp;&nbsp;158534 | &nbsp;&nbsp;&nbsp;1007181 |
| Large Company Growth Fund | &nbsp;&nbsp;&nbsp;173435 | &nbsp;&nbsp;&nbsp;357163 | &nbsp;&nbsp;&nbsp;309075 | &nbsp;&nbsp;&nbsp;136893 | &nbsp;&nbsp;&nbsp;&nbsp;976566 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;297648 | &nbsp;&nbsp;&nbsp;262375 | &nbsp;&nbsp;&nbsp;229745 | &nbsp;&nbsp;&nbsp;146405 | &nbsp;&nbsp;&nbsp;&nbsp;936173 |
| Value Fund | &nbsp;&nbsp;&nbsp;273170 | &nbsp;&nbsp;&nbsp;515267 | &nbsp;&nbsp;&nbsp;498918 | &nbsp;&nbsp;&nbsp;200666 | &nbsp;&nbsp;&nbsp;1488021 |

---

The Adviser did not recoup any amounts it previously waived or reimbursed during the six months ended December 31, 2022.

#### 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

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shareholders and reports to and filings with the SEC and state securities authorities, as well as materials for meetings of the Board; calculating the daily NAV per share; and maintaining the financial books and records of each Fund.

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

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

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

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

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

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

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

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

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

#### PLANS OF DISTRIBUTION AND SHAREHOLDER SERVICING FEE ARRANGEMENTS
The Trust has adopted distribution plans pursuant to Rule 12b-1 under the 1940 Act for each class of shares it offers that is subject to 12b-1 distribution fees. The plans allow each Fund to pay distribution and other fees for the sale and distribution of its shares and for services provided to shareholders. The fees charged to the Funds are limited to the actual expenses incurred. Under the Class A 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).

#### UNDERWRITING AGREEMENT
The Underwriter is the Funds' principal underwriter and, as such, acts as exclusive agent for distribution of the Funds' shares. Under the terms of the Underwriting Agreement between the Trust and the Underwriter, the Underwriter earned underwriting and broker commissions on the sale of Class A shares of the Funds. W&S Brokerage Services, Inc., an affiliate of the Underwriter 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 Underwriter and its affiliate during the six months ended December 31, 2022:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Balanced Fund | $22477 |
| Core Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 |
| International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| Large Cap Focused Fund | &nbsp;&nbsp;&nbsp;14586 |
| Large Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 |
| Large Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;6579 |
| Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1994 |

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In addition, the Underwriter collected CDSC on the redemption of Class A and Class C shares of the Funds listed below during the six months ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class A** | &nbsp;&nbsp;&nbsp;**Class C** |
| Balanced Fund | $— | &nbsp;&nbsp;&nbsp;$606 |
| Large Cap Focused Fund | &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Value Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |

---

#### INTERFUND TRANSACTIONS
Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Trustees and/or common Officers. During the six months ended December 31, 2022, 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.**

During the six months ended December 31, 2022, the following Funds utilized ReFlow. The shares ReFlow subscribed to and redemptions-in-kind were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Shares ReFlow<br> Subscribed to** | &nbsp;&nbsp;**Redemptions-in-kind** |
| Large Cap Focused Fund | &nbsp;&nbsp;2076790 | &nbsp;&nbsp;$84552621 |
| Large Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;954547 | &nbsp;&nbsp;&nbsp;&nbsp;14136317 |
| Large Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;326038 | &nbsp;&nbsp;&nbsp;&nbsp;9895085 |
| Small Company Fund | &nbsp;&nbsp;4938195 | &nbsp;&nbsp;&nbsp;&nbsp;14948558 |

---

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

During the six months ended December 31, 2022, the following Fund participated as a lender in the interfund lending program. The daily average amount loaned, weighted average interest rate and interest income were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Daily Average<br> Amount Loaned** | &nbsp;&nbsp;**Weighted Average<br> Interest Rate** | &nbsp;&nbsp;**Interest<br> Income\*** |
| Large Cap Focused Fund | &nbsp;&nbsp;$64824 | &nbsp;&nbsp;4.22% | &nbsp;&nbsp;$1410 |

---

*\** *Included in Interest in the Statements of Operations.* 

6. Federal Tax Information

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

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

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions paid for the years ended June 30, 2022 and June 30, 2021 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balanced Fund** | **Balanced Fund** | &nbsp;&nbsp;&nbsp;**Core Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Core Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;&nbsp;**International Equity Fund** |
|  | **Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2021** |
| From ordinary income | &nbsp;&nbsp;$7937924 | &nbsp;&nbsp;&nbsp;$7630981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$6873595 | &nbsp;&nbsp;&nbsp;$647909 |
| From tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1004748 | &nbsp;&nbsp;&nbsp;&nbsp;1211675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;19917546 | &nbsp;&nbsp;&nbsp;&nbsp;26358697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5224 | &nbsp;&nbsp;&nbsp;&nbsp;10153319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | $27855470 | &nbsp;&nbsp;&nbsp;$33989678 | &nbsp;&nbsp;&nbsp;$1042219 | &nbsp;&nbsp;&nbsp;$1216899 | &nbsp;&nbsp;&nbsp;$17026914 | &nbsp;&nbsp;&nbsp;$647909 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Growth Fund** | **International Growth Fund** | &nbsp;&nbsp;&nbsp;**Large Cap Focused Fund** | &nbsp;&nbsp;&nbsp;**Large Cap Focused Fund** | &nbsp;&nbsp;&nbsp;**Large Cap Fund** | &nbsp;&nbsp;&nbsp;**Large Cap Fund** |
|  | **Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2021** |
| From ordinary income | $362 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$39814540 | &nbsp;&nbsp;&nbsp;$12163638 | &nbsp;&nbsp;&nbsp;$3996630 | &nbsp;&nbsp;&nbsp;$3689511 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;170287074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94020901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6966746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | $362 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$210101614 | &nbsp;&nbsp;&nbsp;$106184539 | &nbsp;&nbsp;&nbsp;$10963376 | &nbsp;&nbsp;&nbsp;$3689511 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Company Growth Fund** | **Large Company Growth Fund** | &nbsp;&nbsp;&nbsp;**Small Company Fund** | &nbsp;&nbsp;&nbsp;**Small Company Fund** | &nbsp;&nbsp;&nbsp;**Value Fund** | &nbsp;&nbsp;&nbsp;**Value Fund** |
|  | **Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2021** |
| From ordinary income | &nbsp;&nbsp;$2681389 | &nbsp;&nbsp;&nbsp;$1164162 | &nbsp;&nbsp;&nbsp;$48143409 | &nbsp;&nbsp;&nbsp;$842597 | &nbsp;&nbsp;&nbsp;$15794980 | &nbsp;&nbsp;&nbsp;$4536512 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;45210640 | &nbsp;&nbsp;&nbsp;&nbsp;28994022 | &nbsp;&nbsp;&nbsp;&nbsp;116754602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33693432 | &nbsp;&nbsp;&nbsp;&nbsp;4949001 |
| Total distributions | $47892029 | &nbsp;&nbsp;&nbsp;$30158184 | &nbsp;&nbsp;&nbsp;$164898011 | &nbsp;&nbsp;&nbsp;$842597 | &nbsp;&nbsp;&nbsp;$49488412 | &nbsp;&nbsp;&nbsp;$9485513 |

---

The following information is computed on a tax basis for each item as of June 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Balanced<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Core<br> Municipal<br> Bond<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**International<br> Equity<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**International<br> Growth<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Large<br> Cap<br> Focused<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$694848526 | &nbsp;&nbsp;&nbsp;&nbsp;$63345880 | &nbsp;&nbsp;&nbsp;&nbsp;$106498868 | &nbsp;&nbsp;&nbsp;&nbsp;$72019027 | &nbsp;&nbsp;&nbsp;&nbsp;$1772160498 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;131765907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13697620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6502668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850074984 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(72508661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2913887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19915710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12786842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121745288) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;59257246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2683781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6218090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6284174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728329696 |
| Gross unrealized appreciation on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Gross unrealized depreciation on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized appreciation (depreciation) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65508598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6386751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified late year losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1639566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1722707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12237564 |
| Undistributed capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26814957 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accumulated earnings (deficit) | &nbsp;&nbsp;$57613736 | &nbsp;&nbsp;&nbsp;&nbsp;$(2719931) | &nbsp;&nbsp;&nbsp;&nbsp;$(73454147) | &nbsp;&nbsp;&nbsp;&nbsp;$(12683236) | &nbsp;&nbsp;&nbsp;&nbsp;$767382217 |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Notes to Financial Statements (Unaudited) (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large<br> Cap<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Large<br> Company<br> Growth<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small Company<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Value<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$195229568 | &nbsp;&nbsp;&nbsp;&nbsp;$127910277 | &nbsp;&nbsp;&nbsp;&nbsp;$709210198 | &nbsp;&nbsp;&nbsp;&nbsp;$451217867 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;94149687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43178848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127289870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87497177 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(11321165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7569970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62927035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40946135) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;82828522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35608878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64362835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46551042 |
| Qualified late year losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(890599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069694 |
| Undistributed capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9064251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4964517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17610082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23311513 |
| Accumulated earnings (deficit) | &nbsp;&nbsp;$93705077 | &nbsp;&nbsp;&nbsp;&nbsp;$40399112 | &nbsp;&nbsp;&nbsp;&nbsp;$81082318 | &nbsp;&nbsp;&nbsp;&nbsp;$72932249 |

---

The difference between the tax cost of portfolio investments and the financial statement cost is primarily due to wash sale loss deferrals, investments in passive foreign investment company ("PFIC") adjustments, basis adjustments on securities no longer treated as PFICs, callable bonds and nontaxable distribution basis outstanding.

As of June 30, 2022, the International Equity Fund and International Growth Fund 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** |
| International Equity Fund\* | &nbsp;&nbsp;$34975398 | &nbsp;&nbsp;&nbsp;$30533200 | &nbsp;&nbsp;&nbsp;$65508598 |
| International Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;6386751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6386751 |

---

*\** *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 June 30, 2022, the following Fund utilized capital loss carryforwards:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Utilized** |
| International Equity Fund | &nbsp;&nbsp;$721485 |

---

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 June 30, 2022, the following Funds elected to defer the following losses:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Realized<br> Capital Losses** | &nbsp;&nbsp;&nbsp;**Ordinary<br> Losses** | &nbsp;&nbsp;&nbsp;**Total** |
| Balanced Fund | &nbsp;&nbsp;$1639566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1639566 |
| Core Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28109 |
| International Equity Fund | &nbsp;&nbsp;&nbsp;1722707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1722707 |
| Large Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;174283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174283 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;890599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890599 |

---

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

As of December 31, 2022, the Trust had federal tax costs resulting in net unrealized appreciation (depreciation) as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Federal Tax<br> Cost** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Appreciation<br> on Investments** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Depreciation<br> on Investments** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Appreciation<br> on Other<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Depreciation<br> on Other<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Balanced Fund | &nbsp;&nbsp;$666761546 | &nbsp;&nbsp;&nbsp;$146050259 | &nbsp;&nbsp;&nbsp;$(79806644) | &nbsp;&nbsp;&nbsp;$12 | &nbsp;&nbsp;&nbsp;&nbsp;$(39) | &nbsp;&nbsp;&nbsp;$66243588 |
| Core Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55771603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2526064) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2221152) |

---

------

[**Table of Contents**](#JOB_TS_-__6163a1bc-f4bd-46ee-8e21-6659fcfee7d9_TOCtm237590d2_semianulrpt)

Notes to Financial Statements (Unaudited) (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Federal Tax<br> Cost** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Appreciation<br> on Investments** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Depreciation<br> on Investments** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Appreciation<br> on Other<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Depreciation<br> on Other<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;$97481154 | &nbsp;&nbsp;&nbsp;$12190531 | &nbsp;&nbsp;&nbsp;$(9603569) | &nbsp;&nbsp;&nbsp;$5 | &nbsp;&nbsp;&nbsp;$(16398) | &nbsp;&nbsp;&nbsp;$2570569 |
| International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58216338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6632240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7305406) | &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(681173) |
| Large Cap Focused Fund | &nbsp;&nbsp;&nbsp;1733493896 | &nbsp;&nbsp;&nbsp;&nbsp;885085113 | &nbsp;&nbsp;&nbsp;&nbsp;(132911937) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;752173176 |
| Large Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;173584845 | &nbsp;&nbsp;&nbsp;&nbsp;101573584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4803766) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96769818 |
| Large Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;118047811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36221795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5800634) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30421161 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;684128035 | &nbsp;&nbsp;&nbsp;&nbsp;175368438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28591624) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;146776814 |
| Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;435427748 | &nbsp;&nbsp;&nbsp;&nbsp;116994814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30495113) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86499701 |

---

*<sup>(A)</sup>* *Other includes Foreign Currency Transactions.*

7. Commitments and Contingencies

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

8. Principal Risks

**Risks Associated with Foreign Investments – Some of the 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, including in China, North Korea, Venezuela, Russia, Ukraine, Iran, Syria, and other areas of the Middle East, and nationalist unrest in Europe and South America, may cause market disruptions. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the U.S., and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers, and issuers than in the U.S.**

**Risks Associated with Sector Concentration – Certain Funds may invest a high percentage of their assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, these Funds may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, 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 Cyber Security - 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 cyber security risks that could result in losses to a Fund and its shareholders. Cyber security 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 cyber security 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. Cyber security 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 – The price of debt securities is generally linked to the prevailing market interest rates. In general, when interest rates rise, the price of debt securities falls, and when interest rates fall, the price of debt securities rises. The price volatility of a debt security also depends on its maturity. Longer-term securities are generally more volatile, so the**

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Notes to Financial Statements (Unaudited) (Continued)

longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure of the expected life, taking into account any prepayment or call features of the security, that is used to determine the price sensitivity of the security for a given change in interest rates. Specifically, duration is the change in the value of a fixed-income security that will result from a 1% change in interest rates, and generally is stated in years. For example, as a general rule a 1% rise in interest rates means a 1% fall in value for every year of duration. Maturity, on the other hand, is the date on which a fixed-income security becomes due for payment of principal. An increase in interest rates could negatively impact a Fund's NAV. Recent and potential future changes in government monetary policy may affect interest rates. As the U.S. Federal Reserve "tapers" or reduces the amount of securities it purchases pursuant to its quantitative easing program, and/or raises the federal funds target rate, there is a heightened risk that interest rates will rise, which could expose fixed-income and related markets to heightened volatility and could cause the value of a Fund's investments, and the Fund's NAV, to decline, potentially suddenly and significantly, which may negatively impact the Fund's performance.

**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. Fund Share Transactions

At a meeting of the Board held on August 18, 2022, the Adviser proposed, and the Board approved, a reverse stock split of the Small Company Fund's issued and outstanding Class C shares (the "Reverse Stock Split"). The Reverse Stock Split was completed on October 14, 2022 (the "Effective Date"). As a result of the Reverse Stock Split, for each Class C share of the Fund that a shareholder owned as of the Effective Date, the shareholder received a proportional number of Class C shares of the Fund with the same aggregate dollar value. Thus, the total dollar value of an investment in the Fund was unchanged and each shareholder continued to own the same percentage (by value) of the Fund immediately following the Reverse Stock Split as the shareholder owned immediately prior to the Reverse Stock Split. The Reverse Stock Split was not a taxable event, nor did it have an impact on the Fund's holdings or its performance. The Reverse Stock Split was carried out in accordance with a stock split ratio of 1 to 0.379048, calculated to result in a net asset value per share that better aligns the share class prices of the Fund. The shares outstanding, NAV per share and other per share information have been updated in the accompanying financial statements and the financial highlights to reflect the effect of the Reverse Stock Split.

10. Subsequent Events

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

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Other Items (Unaudited)

#### Proxy Voting Guidelines and Proxy Voting Records
The Sub-Advisers are responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that the Sub-Advisers use in fulfilling this responsibility is available as an appendix to the most recent Statement of Additional Information, which can be obtained without charge by calling toll free 1.800.543.0407 or by visiting the Touchstone website at TouchstoneInvestments.com or on the Securities and Exchange Commission's (the "Commission") website 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.

#### Schedule of Shareholder Expenses
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) and (2) ongoing costs, including investment advisory fees; shareholder servicing fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 through December 31, 2022).

#### Actual Expenses
The first line for each share class of a Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Six Months Ended December 31, 2022" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line for each share class of a Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class of a Fund in the table below is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Net Expense<br> Ratio<br> Annualized<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Beginning<br> Account<br> Value<br> July 1,<br> 2022** | &nbsp;&nbsp;&nbsp;**Ending<br> Account<br> Value<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Expenses<br> Paid During<br> the Six Months<br> Ended<br> December 31,<br> 2022\*** |
| **Balanced Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | Actual | 1.01% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1010.50 | &nbsp;&nbsp;&nbsp;$5.12 |
| &nbsp;&nbsp;&nbsp;Class A | Hypothetical | 1.01% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1020.11 | &nbsp;&nbsp;&nbsp;$5.14 |
| &nbsp;&nbsp;&nbsp;Class C | Actual | 1.77% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1006.80 | &nbsp;&nbsp;&nbsp;$8.95 |
| &nbsp;&nbsp;&nbsp;Class C | Hypothetical | 1.77% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1016.28 | &nbsp;&nbsp;&nbsp;$9.00 |
| &nbsp;&nbsp;&nbsp;Class Y | Actual | 0.79% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1011.70 | &nbsp;&nbsp;&nbsp;$4.01 |

---

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Other Items (Unaudited) (Continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Net Expense<br> Ratio<br> Annualized<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Beginning<br> Account<br> Value<br> July 1,<br> 2022** | &nbsp;&nbsp;&nbsp;**Ending<br> Account<br> Value<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Expenses<br> Paid During<br> the Six Months<br> Ended<br> December 31,<br> 2022\*** |
| &nbsp;&nbsp;&nbsp;Class Y | Hypothetical | 0.79% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.22 | &nbsp;&nbsp;&nbsp;$4.02 |
| &nbsp;&nbsp;&nbsp;Class R6 | Actual | 0.64% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1012.50 | &nbsp;&nbsp;&nbsp;$3.25 |
| &nbsp;&nbsp;&nbsp;Class R6 | Hypothetical | 0.64% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.98 | &nbsp;&nbsp;&nbsp;$3.26 |
| **Core Municipal Bond Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | Actual | 0.80% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1001.40 | &nbsp;&nbsp;&nbsp;$4.04 |
| &nbsp;&nbsp;&nbsp;Class A | Hypothetical | 0.80% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.17 | &nbsp;&nbsp;&nbsp;$4.08 |
| &nbsp;&nbsp;&nbsp;Class C | Actual | 1.55% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$997.70 | &nbsp;&nbsp;&nbsp;$7.80 |
| &nbsp;&nbsp;&nbsp;Class C | Hypothetical | 1.55% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1017.39 | &nbsp;&nbsp;&nbsp;$7.88 |
| &nbsp;&nbsp;&nbsp;Class Y | Actual | 0.55% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1003.70 | &nbsp;&nbsp;&nbsp;$2.78 |
| &nbsp;&nbsp;&nbsp;Class Y | Hypothetical | 0.55% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1022.43 | &nbsp;&nbsp;&nbsp;$2.80 |
| &nbsp;&nbsp;&nbsp;Institutional Class | Actual | 0.48% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1003.10 | &nbsp;&nbsp;&nbsp;$2.42 |
| &nbsp;&nbsp;&nbsp;Institutional Class | Hypothetical | 0.48% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1022.79 | &nbsp;&nbsp;&nbsp;$2.45 |
| **International Equity Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | Actual | 1.36% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$6.86 |
| &nbsp;&nbsp;&nbsp;Class A | Hypothetical | 1.36% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1018.35 | &nbsp;&nbsp;&nbsp;$6.92 |
| &nbsp;&nbsp;&nbsp;Class C | Actual | 1.99% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$10.03 |
| &nbsp;&nbsp;&nbsp;Class C | Hypothetical | 1.99% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1015.17 | &nbsp;&nbsp;&nbsp;$10.11 |
| &nbsp;&nbsp;&nbsp;Class Y | Actual | 0.99% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$4.99 |
| &nbsp;&nbsp;&nbsp;Class Y | Hypothetical | 0.99% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1020.21 | &nbsp;&nbsp;&nbsp;$5.04 |
| &nbsp;&nbsp;&nbsp;Institutional Class | Actual | 0.89% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$4.49 |
| &nbsp;&nbsp;&nbsp;Institutional Class | Hypothetical | 0.89% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1020.72 | &nbsp;&nbsp;&nbsp;$4.53 |
| **International Growth Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | Actual | 1.24% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$986.30 | &nbsp;&nbsp;&nbsp;$6.21 |
| &nbsp;&nbsp;&nbsp;Class A | Hypothetical | 1.24% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1018.95 | &nbsp;&nbsp;&nbsp;$6.31 |
| &nbsp;&nbsp;&nbsp;Class C | Actual | 1.99% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$982.10 | &nbsp;&nbsp;&nbsp;$9.94 |
| &nbsp;&nbsp;&nbsp;Class C | Hypothetical | 1.99% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1015.17 | &nbsp;&nbsp;&nbsp;$10.11 |
| &nbsp;&nbsp;&nbsp;Class Y | Actual | 0.99% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$987.10 | &nbsp;&nbsp;&nbsp;$4.96 |
| &nbsp;&nbsp;&nbsp;Class Y | Hypothetical | 0.99% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1020.21 | &nbsp;&nbsp;&nbsp;$5.04 |
| &nbsp;&nbsp;&nbsp;Institutional Class | Actual | 0.89% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$987.70 | &nbsp;&nbsp;&nbsp;$4.46 |
| &nbsp;&nbsp;&nbsp;Institutional Class | Hypothetical | 0.89% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1020.72 | &nbsp;&nbsp;&nbsp;$4.53 |
| **Large Cap Focused Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | Actual | 1.02% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1026.30 | &nbsp;&nbsp;&nbsp;$5.21\*\* |
| &nbsp;&nbsp;&nbsp;Class A | Hypothetical | 1.02% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1020.06 | &nbsp;&nbsp;&nbsp;$5.19\*\* |
| &nbsp;&nbsp;&nbsp;Class C | Actual | 1.81% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1022.40 | &nbsp;&nbsp;&nbsp;$9.23\*\* |
| &nbsp;&nbsp;&nbsp;Class C | Hypothetical | 1.81% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1016.08 | &nbsp;&nbsp;&nbsp;$9.20\*\* |
| &nbsp;&nbsp;&nbsp;Class Y | Actual | 0.74% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1027.90 | &nbsp;&nbsp;&nbsp;$3.78\*\* |
| &nbsp;&nbsp;&nbsp;Class Y | Hypothetical | 0.74% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.48 | &nbsp;&nbsp;&nbsp;$3.77\*\* |
| &nbsp;&nbsp;&nbsp;Institutional Class | Actual | 0.71% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1028.00 | &nbsp;&nbsp;&nbsp;$3.63\*\* |
| &nbsp;&nbsp;&nbsp;Institutional Class | Hypothetical | 0.71% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.63 | &nbsp;&nbsp;&nbsp;$3.62\*\* |
| &nbsp;&nbsp;&nbsp;Class R6 | Actual | 0.67% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1028.00 | &nbsp;&nbsp;&nbsp;$3.42\*\* |
| &nbsp;&nbsp;&nbsp;Class R6 | Hypothetical | 0.67% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.83 | &nbsp;&nbsp;&nbsp;$3.41\*\* |
| **Large Cap Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | Actual | 1.05% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1049.70 | &nbsp;&nbsp;&nbsp;$5.42\*\*\* |
| &nbsp;&nbsp;&nbsp;Class A | Hypothetical | 1.05% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1019.91 | &nbsp;&nbsp;&nbsp;$5.35\*\*\* |
| &nbsp;&nbsp;&nbsp;Class C | Actual | 1.80% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1046.50 | &nbsp;&nbsp;&nbsp;$9.28\*\*\* |
| &nbsp;&nbsp;&nbsp;Class C | Hypothetical | 1.80% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1016.13 | &nbsp;&nbsp;&nbsp;$9.15\*\*\* |
| &nbsp;&nbsp;&nbsp;Class Y | Actual | 0.80% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1051.00 | &nbsp;&nbsp;&nbsp;$4.14\*\*\* |
| &nbsp;&nbsp;&nbsp;Class Y | Hypothetical | 0.80% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.17 | &nbsp;&nbsp;&nbsp;$4.08\*\*\* |
| &nbsp;&nbsp;&nbsp;Institutional Class | Actual | 0.70% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1052.00 | &nbsp;&nbsp;&nbsp;$3.62\*\*\* |
| &nbsp;&nbsp;&nbsp;Institutional Class | Hypothetical | 0.70% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.68 | &nbsp;&nbsp;&nbsp;$3.57\*\*\* |
| **Large Company Growth Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | Actual | 1.07% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$995.80 | &nbsp;&nbsp;&nbsp;$5.38\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Class A | Hypothetical | 1.07% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1019.81 | &nbsp;&nbsp;&nbsp;$5.45\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Class C | Actual | 1.82% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$992.00 | &nbsp;&nbsp;&nbsp;$9.14\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Class C | Hypothetical | 1.82% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1016.03 | &nbsp;&nbsp;&nbsp;$9.25\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Class Y | Actual | 0.82% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$997.00 | &nbsp;&nbsp;&nbsp;$4.13\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Class Y | Hypothetical | 0.82% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.07 | &nbsp;&nbsp;&nbsp;$4.18\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Institutional Class | Actual | 0.72% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$997.50 | &nbsp;&nbsp;&nbsp;$3.63\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Institutional Class | Hypothetical | 0.72% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.58 | &nbsp;&nbsp;&nbsp;$3.67\*\*\*\* |

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Other Items (Unaudited) (Continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Net Expense<br> Ratio<br> Annualized<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Beginning<br> Account<br> Value<br> July 1,<br> 2022** | &nbsp;&nbsp;&nbsp;**Ending<br> Account<br> Value<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Expenses<br> Paid During<br> the Six Months<br> Ended<br> December 31,<br> 2022\*** |
| **Small Company Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | Actual | 1.19% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1086.00 | &nbsp;&nbsp;&nbsp;$6.26\*\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Class A | Hypothetical | 1.19% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1019.21 | &nbsp;&nbsp;&nbsp;$6.06\*\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Class C | Actual | 1.96% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1084.80 | &nbsp;&nbsp;&nbsp;$10.30\*\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Class C | Hypothetical | 1.96% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1015.32 | &nbsp;&nbsp;&nbsp;$9.96\*\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Class Y | Actual | 0.90% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1088.70 | &nbsp;&nbsp;&nbsp;$4.74\*\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Class Y | Hypothetical | 0.90% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1020.67 | &nbsp;&nbsp;&nbsp;$4.58\*\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Institutional Class | Actual | 0.80% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1090.70 | &nbsp;&nbsp;&nbsp;$4.22\*\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Institutional Class | Hypothetical | 0.80% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.17 | &nbsp;&nbsp;&nbsp;$4.08\*\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Class R6 | Actual | 0.80% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1088.50 | &nbsp;&nbsp;&nbsp;$4.21\*\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Class R6 | Hypothetical | 0.80% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.17 | &nbsp;&nbsp;&nbsp;$4.08\*\*\*\*\* |
| **Value Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | Actual | 1.08% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1081.30 | &nbsp;&nbsp;&nbsp;$5.67 |
| &nbsp;&nbsp;&nbsp;Class A | Hypothetical | 1.08% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1019.76 | &nbsp;&nbsp;&nbsp;$5.50 |
| &nbsp;&nbsp;&nbsp;Class C | Actual | 1.83% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1077.60 | &nbsp;&nbsp;&nbsp;$9.58 |
| &nbsp;&nbsp;&nbsp;Class C | Hypothetical | 1.83% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1015.98 | &nbsp;&nbsp;&nbsp;$9.30 |
| &nbsp;&nbsp;&nbsp;Class Y | Actual | 0.83% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1083.30 | &nbsp;&nbsp;&nbsp;$4.36 |
| &nbsp;&nbsp;&nbsp;Class Y | Hypothetical | 0.83% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.02 | &nbsp;&nbsp;&nbsp;$4.23 |
| &nbsp;&nbsp;&nbsp;Institutional Class | Actual | 0.68% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1084.50 | &nbsp;&nbsp;&nbsp;$3.57 |
| &nbsp;&nbsp;&nbsp;Institutional Class | Hypothetical | 0.68% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.78 | &nbsp;&nbsp;&nbsp;$3.47 |
| &nbsp;&nbsp;&nbsp;Class R6 | Actual | 0.63% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1084.40 | &nbsp;&nbsp;&nbsp;$3.31 |
| &nbsp;&nbsp;&nbsp;Class R6 | Hypothetical | 0.63% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1022.03 | &nbsp;&nbsp;&nbsp;$3.21 |

---

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| | |
|:---|:---|
| *\** | *Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).* |
| *\*\** | *Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y, Institutional Class and Class R6 would be $5.11, $9.12, $3.68, $3.53 and $3.32, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y, Institutional Class and Class R6 would be $5.09, $9.10, $3.67, $3.52 and $3.31, respectively.* |
| *\*\*\** | *Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $5.32, $9.18, $4.03 and $3.52, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $5.24, $9.05, $3.97 and $3.47, respectively.* |
| *\*\*\*\** | *Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $5.23, $8.99, $3.98 and $3.47, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $5.29, $9.10, $4.02 and $3.52, respectively.* |
| *\*\*\*\*\** | *Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y, Institutional Class and Class R6 would be $6.26, $10.25, $4.69, $4.16 and $4.16, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y, Institutional Class and Class R6 would be $6.06, $9.91, $4.53, $4.02 and $4.02, respectively.* |

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#### Liquidity Risk Management
The Funds have adopted and implemented a written liquidity risk management program (the "LRM Program") as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each Fund adopt a program that is reasonably designed to assess and manage the Funds' liquidity risk, which is the risk that a Fund could not meet redemption requests without significant dilution of remaining investors' interests in a Fund.

Assessment and management of a Fund's liquidity risk under the LRM Program takes into consideration certain factors, such as a Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the LRM Program includes policies and procedures for classification of Fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.

The Board of Trustees of the Trust approved the appointment of a LRM Program administrator responsible for administering the LRM Program and for carrying out the specific responsibilities set forth in the LRM Program, including reporting to the Board on at least an annual basis regarding the LRM Program's operation, its adequacy, and the effectiveness of its implementation for the past year (the "Program Administrator Report"). The Board has reviewed the Program Administrator Report covering the period from May 15, 2021 through May 12, 2022 (the "Review Period"). The Program Administrator Report stated that during the Review Period the LRM Program operated adequately and effectively in promoting effective liquidity risk management for the Funds.

#### Advisory and Sub-Advisory Agreement Approval Disclosure
At a meeting held on November 17, 2022, 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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Agreement between the Trust and the Advisor with respect to each Fund of the Trust, and the continuance of the Sub-Advisory Agreement between the Advisor and each Fund's respective Sub-Advisor.

In determining whether to approve the continuation of the Investment Advisory Agreement and the Sub-Advisory Agreements, the Advisor 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 Advisor's and its affiliates' revenues and costs of providing services to the Funds; and (4) information about the Advisor's and Sub-Advisors' 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 Advisor'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 Advisor Services. The Board considered the level and depth of knowledge of the Advisor, including the professional experience and qualifications of senior personnel. In evaluating the quality of services provided by the Advisor, the Board took into account its familiarity with the Advisor's senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account the Advisor's compliance policies and procedures. The quality of administrative and other services, including the Advisor's role in coordinating the activities of the Funds' other service providers, was also considered. The Board also considered the Advisor's relationship with its affiliates and the resources available to them, as well as any potential conflicts of interest.*

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

*Advisor's Compensation and Profitability. The Board took into consideration the financial condition and profitability of the Advisor and its affiliates (including the affiliated Sub-Advisor to certain of the Funds) and the direct and indirect benefits derived by the Advisor and its affiliates from the Advisor's relationship with the Funds. The information considered by the Board included operating profit margin information for the Advisor's business as a whole. The Board noted that the Advisor had waived a portion of advisory fees and administrative fees and/or reimbursed expenses in order to limit each Funds' net operating expenses. The Board also noted that the Advisor pays the Sub-Advisors' sub-advisory fees out of the advisory fees the Advisor receives from the Funds. The Board reviewed the profitability of the Advisor's relationship with the Funds both before and after tax expenses, and also considered whether the Advisor has the financial wherewithal to continue to provide services to the Funds, noting the ongoing commitment of the Advisor's parent company with respect to providing support and resources as needed. The Board considered that certain affiliates of the Advisor and the Funds' distributor receive Rule 12b-1 distribution fees and shareholder service fees that are paid from Fund assets. The Board also noted that the Advisor derives benefits to its reputation and other benefits from its association with the Funds.*

The Board recognized that the Advisor 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 Advisor. Based upon their review, the Trustees concluded that the Advisor's and its affiliates' level of profitability, if any, from their relationship with each Fund was reasonable and not excessive.

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*Expenses and Performance. The Board compared the respective advisory fees and total expense ratios for each of the Funds with various comparative data, including the median and average advisory fees and total expense ratios of each Fund's respective peer group. The Board also considered, among other data, the Funds' respective performance results during the six-month, twelve-month and thirty-six-month periods ended September 30, 2022 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 Advisor had waived a portion of the fees and/or reimbursed expenses of Funds in order to reduce those Funds' respective operating expenses to targeted levels. The Board noted that the sub-advisory fees under the Sub-Advisory Agreement with respect to each Fund were paid by the Advisor out of the advisory fees it receives from the Fund and considered the impact of such sub-advisory fees on the profitability of the Advisor. 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 Advisor and its affiliates.

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

<u>Touchstone Balanced Fund</u>. The Fund's advisory fee and total expense ratio were below the median and above the median, respectively, of its peer group. The Fund's performance for the six-month period ended September 30, 2022 was in the 5th quintile of its peer group, the Fund's performance for the twelve-month period ended September 30, 2022 was in the 4th quintile of its peer group, and the Fund's performance for the thirty-six-month period ended September 30, 2022 was in the 1st quintile of its peer group. The Board noted management's discussion of the Fund's recent performance. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

<u>Touchstone Core Municipal Bond Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were each at the median of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for each of the six- and thirty-six-month periods ended September 30, 2022 was in the 4th quintile of its peer group, while the Fund's performance for the twelve-month period ended September 30, 2022 was in the 3rd quintile of its peer group. The Board took into consideration management's discussion of the Fund's thirty-six-month period performance, noting that the current Sub-Advisor had assumed responsibility for the day-to-day management of the Fund using a new investment strategy beginning on October 28, 2021. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

<u>Touchstone International 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 Advisor was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for each of the six-, twelve- and thirty-six-month periods ended September 30, 2022 was in the 2nd quintile of its peer group. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

<u>Touchstone International Growth Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were at the median and above the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for each of the six- and twelve-month periods ended September 30, 2022 was in the 3rd quintile of its peer group, while the Fund's performance for the thirty-six-month period ended September 30, 2022 was in the 5th quintile of its peer group. The Board noted management's discussion of the Fund's thirty-six-month period performance. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

<u>Touchstone Large Cap Focused Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and above the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for each of the six- and twelve-month periods ended September 30, 2022 was in the 4th quintile of its peer group, while the Fund's performance for the thirty-six-month period ended September 30, 2022 was in the 1st quintile of its peer group. The Board noted management's discussion of the Fund's recent performance. Based upon their review, the Trustees concluded that the Fund's overall performance

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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 Advisor and the other factors considered.

<u>Touchstone Large Cap Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were at the median and below the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for each of the six- and twelve-month periods ended September 30, 2022 was in the 2nd quintile, while the Fund's performance for the thirty-six-month period ended September 30, 2022 was in the 5th quintile of its peer group. The Board noted management's discussion of the Fund's thirty-six-month period performance. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

<u>Touchstone Large Company Growth Fund.</u> The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were each below the median of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for each of the twelve- and thirty-six-month periods ended September 30, 2022 was in the 3rd quintile of its peer group, while the Fund's performance for the six-month period ended September 30, 2022 was in the 2nd quintile of its peer group. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

<u>Touchstone Small Company Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were each below the median of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for the six-month period ended September 30, 2022 was in the 2nd quintile of its peer group, the Fund's performance for the twelve-month period ended September 30, 2022 was in the 3rd quintile of its peer group and the Fund's performance for the thirty-six-month period ended September 30, 2022 was in the 1st quintile of its peer group. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

<u>Touchstone Value Fund.</u> The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were at the median and above the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for each of the six- and twelve-month periods ended September 30, 2022 was in the 2nd quintile of its peer group, while the Fund's performance for the thirty-six-month period ended September 30, 2022 was in the 3rd quintile of its peer group. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

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

*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 Advisor, among others: (a) the Advisor demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Advisor 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 Advisor 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.*

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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-Advisor'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 Advisor regarding the services provided by each Sub-Advisor, including information presented periodically throughout the previous year. The Board noted the affiliation of the Sub-Advisor to certain of the Funds with the Advisor, noting any potential conflicts of interest. The Board noted that, on a periodic basis, the Board meets with portfolio managers of the Sub-Advisors to discuss their respective performance and investment processes and strategies. The Board also considered each Sub-Advisor'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-Advisor's brokerage practices.*

*Sub-Advisor's Compensation, Profitability and Economies of Scale. The Board also took into consideration the financial condition of each Sub-Advisor and any indirect benefits derived by each Sub-Advisor and its affiliates from the Sub-Advisor's relationship with the Funds. In considering the profitability to each Sub-Advisor of its relationship with the Funds, the Board noted the undertaking of the Advisor to maintain expense limitations for the Funds and also noted that the sub-advisory fees under the Sub-Advisory Agreements were paid by the Advisor out of the advisory fees that it receives under the Investment Advisory Agreement and in addition, with respect to the unaffiliated Sub-Advisors, are negotiated at arm's-length. As a consequence, the profitability to each Sub-Advisor 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-Advisor's management of the applicable Fund to be a substantial factor in its consideration, although the Board noted that the sub-advisory fee schedule for all but one Fund 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 Advisor and that the Advisor pays the sub-advisory fee to the Sub-Advisor out of the advisory fee it receives from the respective Fund. The Board noted that the Touchstone Core Municipal Bond Fund's Sub-Advisor and the Touchstone International Growth Fund's Sub-Advisor each had waived a portion of its sub-advisory fees in an effort to maintain the respective Fund's expense limitations. The Board also compared the sub-advisory fees paid by the Advisor to fees charged by each Sub-Advisor to manage comparable institutional separate accounts, as applicable. The Board considered the amount retained by the Advisor and the sub-advisory fee paid to each Sub-Advisor with respect to the various services provided by the Advisor and the Sub-Advisor. The Board also noted that the Advisor negotiated the sub-advisory fee with each of the unaffiliated Sub-Advisors 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 Balanced Fund</u>. The Fund's sub-advisory fee was below the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

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

<u>Touchstone International 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 sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

<u>Touchstone International 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 sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

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

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

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Other Items (Unaudited) (Continued)

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

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

<u>Touchstone Value Fund</u>. The Fund's sub-advisory fee was below the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor 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, 2022, 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 Advisor's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Sub-Advisor. The Board also was mindful of the Advisor's ongoing monitoring of each Sub-Advisor's performance and the measures undertaken by the Advisor 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-Advisor is qualified to manage each Fund's assets in accordance with the Fund's investment goals and policies; (b) the Sub-Advisor 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-Advisor and the other factors considered; and (e) the Sub-Advisor'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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### PRIVACY PROTECTION POLICY

#### We Respect Your Privacy
Thank you for your decision to invest with us. Touchstone and its affiliates have always placed a high value on the trust and confidence our clients place in us. We believe that confidence must be earned and validated through time. In today's world, when technology allows the sharing of information at light speeds, trust must be reinforced by our sincere pledge to take the steps necessary to ensure that the information you share with us is treated with respect and confidentiality.

#### Our Pledge to Our Clients
• We collect only the information we need to service your account and administer our business.

• We are committed to keeping your information confidential and we place strict limits and controls on the use and sharing of your information.

• We make every effort to ensure the accuracy of your information.

#### We Collect the Following Nonpublic Personal Information About You:
• Information we receive from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and date of birth; and

• Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payment history, parties to transactions, cost basis information, and other financial information.

#### Categories of Information We Disclose and Parties to Whom We Disclose
We do not disclose any nonpublic personal information about our current or former clients to nonaffiliated third parties, except as required or permitted by law.

#### We Place Strict Limits and Controls on the Use and Sharing of Your Information
• We restrict access to nonpublic personal information about you to authorized employees who need the information to administer your business.

• We maintain physical, electronic and procedural safeguards that comply with federal standards to protect this information.

• We do not disclose any nonpublic personal information about our current or former clients to anyone, except as required or permitted by law or as described in this document.

• We will not sell your personal information to anyone.

#### We May Provide Information to Service Your Account
Sometimes it is necessary to provide information about you to various companies such as transfer agents, custodians and broker-dealers to facilitate the servicing of your account. These organizations have a legitimate business need to see some of your personal information in order for us to provide service to you. We may disclose to these various companies the information that we collect as described above. We require that these companies, including our own subsidiaries and affiliates, strictly maintain the confidentiality of this information and abide by all applicable laws. We do not permit these companies to sell the information for their own purposes, and we never sell our customer information.

This policy is applicable to the following affiliated companies: Touchstone Funds Group Trust, Touchstone Strategic Trust, Touchstone Variable Series Trust and Touchstone ETF Trust.

#### The Privacy Protection Policy is not part of the Semi-Annual Report .

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#### Touchstone Investments

#### Distributor
Touchstone Securities, Inc.\*<br> 303 Broadway<br> Cincinnati, Ohio 45202-4203<br> 800.638.8194<br> www.touchstoneinvestments.com

#### Investment Adviser
Touchstone Advisors, Inc.\*<br> 303 Broadway<br> Cincinnati, Ohio 45202-4203

#### Transfer Agent
BNY Mellon Investment Servicing (US) Inc.<br> 4400 Computer Drive<br> Westborough, Massachusetts 01581

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

TSF-54BB-TST-SAR-2212

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

**Item 2. Code of Ethics.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report
to shareholders filed under Item 1(a) of this form.

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

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the 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 11. Controls and Procedures.**

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

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

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

(a)(1) Not applicable.

[(a)(2)](tm237590d2_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.](tm237590d2_ex99-cert.htm)

(a)(2)(1) Not applicable.

(a)(2)(2) Not applicable.

[(b)](tm237590d2_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.](tm237590d2_ex99-906cert.htm)

**SIGNATURES**

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

(Registrant) Touchstone Strategic Trust

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

---

Date <u>March 1, 2023</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.

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

---

Date <u>March 1, 2023</u>

---

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

---

Date <u>March 1, 2023</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**EX-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: <u>March 1, 2023</u> | /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: <u>March 1, 2023</u> | /s/ Terrie A. Wiedenheft |
|  | Terrie A. Wiedenheft, Controller and Treasurer |
|  | (principal financial officer) |

---

## Exhibit 99.906

**EX. 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;&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;&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: <u>March 1, 2023</u> | /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;&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;&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: <u>March 1, 2023</u> | /s/ Terrie A. Wiedenheft |
|  | Terrie A. Wiedenheft, Controller and Treasurer |
|  | (principal financial officer) |

---