# EDGAR Filing Document

**Accession Number:** 0000914243
**File Stem:** 0001104659-25-118045
**Filing Date:** 2025-12
**Character Count:** 1168251
**Document Hash:** d6ceb00257032ee1fa3ba8d94ade4e6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-118045.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001104659-25-118045

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 80

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08104
- **FILM NUMBER:** 251545915

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000131056 | Class A             | TMARX           |
| C000131057 | Class C             | TMACX           |
| C000131058 | Class Y             | TMAYX           |
| C000131059 | Institutional Class | TARBX           |
| C000261019 | Class R6            |  |

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 0e65de2d-02b4-4bd8-84aa-62f08abea7b6

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-08104

#### Touchstone Funds Group Trust
(Exact name of registrant as specified in charter)

------

303 Broadway, Suite 1100

Cincinnati, Ohio 45202-4203

#### Registrant's telephone number, including area code:

#### 800-638-8194

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### September 30, 2025
**Item 1: Reports to Shareholders.**

(a) The Report to Shareholders is attached herewith.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Touchstone Active Bond Fund](#classname8e1a61da-f6f5-461d-8344-c2c86ed0939f)<br> **[CLASS A - TOBAX](#classname8e1a61da-f6f5-461d-8344-c2c86ed0939f)**  |
|  [Touchstone Active Bond Fund](#classnamecaa921cc-f474-4d0c-98a2-b1770a76246e)<br> **[CLASS C - TODCX](#classnamecaa921cc-f474-4d0c-98a2-b1770a76246e)**  |
|  [Touchstone Active Bond Fund](#classname30128ffc-0a77-4d2a-a8ef-ae86ad9895d0)<br> **[CLASS Y - TOBYX](#classname30128ffc-0a77-4d2a-a8ef-ae86ad9895d0)**  |
|  [Touchstone Active Bond Fund](#classname71401bfd-76f2-48f4-89c8-1688e9f42f68)<br> **[INSTITUTIONAL CLASS - TOBIX](#classname71401bfd-76f2-48f4-89c8-1688e9f42f68)**  |
|  [Touchstone Ares Credit Opportunities Fund](#classnamef1de0581-135d-48fd-a491-c837ae66b4ad)<br> **[CLASS A - TMARX](#classnamef1de0581-135d-48fd-a491-c837ae66b4ad)**  |
|  [Touchstone Ares Credit Opportunities Fund](#classnameee7e490d-7010-47e7-acca-bce513ba5216)<br> **[CLASS C - TMACX](#classnameee7e490d-7010-47e7-acca-bce513ba5216)**  |
|  [Touchstone Ares Credit Opportunities Fund](#classname7fdd1704-b377-4bb8-ac11-322b5b7c86ff)<br> **[CLASS Y - TMAYX](#classname7fdd1704-b377-4bb8-ac11-322b5b7c86ff)**  |
|  [Touchstone Ares Credit Opportunities Fund](#classnamee12e81db-198c-42b5-99a6-8c439c5a5d26)<br> **[INSTITUTIONAL CLASS - TARBX](#classnamee12e81db-198c-42b5-99a6-8c439c5a5d26)**  |
|  [Touchstone Ares Credit Opportunities Fund](#classname05e6d6c6-b03f-4508-8b04-eea11a34123c)<br> **[CLASS R6 - TARSX](#classname05e6d6c6-b03f-4508-8b04-eea11a34123c)**  |
|  [Touchstone Dividend Equity Fund](#classnameb70828f7-c0fe-4e7b-8a41-3da75fe08992)<br> **[CLASS A - TQCAX](#classnameb70828f7-c0fe-4e7b-8a41-3da75fe08992)**  |
|  [Touchstone Dividend Equity Fund](#classname2a701e96-91d6-413f-9861-944286bcdbd6)<br> **[CLASS C - TQCCX](#classname2a701e96-91d6-413f-9861-944286bcdbd6)**  |
|  [Touchstone Dividend Equity Fund](#classname1b01e066-2a6d-4860-86ed-dea33adda7ca)<br> **[CLASS Y - TQCYX](#classname1b01e066-2a6d-4860-86ed-dea33adda7ca)**  |
|  [Touchstone Dividend Equity Fund](#classnameffea96a4-f0f3-42a0-bd4c-b75f086eb9b0)<br> **[INSTITUTIONAL CLASS - TQCIX](#classnameffea96a4-f0f3-42a0-bd4c-b75f086eb9b0)**  |
|  [Touchstone Dividend Equity Fund](#classnameb2796eb8-628e-419e-8d56-86c64aa68e48)<br> **[CLASS R6 - TQCRX](#classnameb2796eb8-628e-419e-8d56-86c64aa68e48)**  |
|  [Touchstone High Yield Fund](#classname482de5eb-ab26-4d3c-8cc0-e0e14475d77b)<br> **[CLASS A - THYAX](#classname482de5eb-ab26-4d3c-8cc0-e0e14475d77b)**  |
|  [Touchstone High Yield Fund](#classname90292e1f-fcc9-4690-aaeb-6a7027194637)<br> **[CLASS C - THYCX](#classname90292e1f-fcc9-4690-aaeb-6a7027194637)**  |
|  [Touchstone High Yield Fund](#classname9fba2324-100b-4020-9f63-05231518b2f5)<br> **[CLASS Y - THYYX](#classname9fba2324-100b-4020-9f63-05231518b2f5)**  |
|  [Touchstone High Yield Fund](#classname666405a4-76db-4aba-8674-629434cda338)<br> **[INSTITUTIONAL CLASS - THIYX](#classname666405a4-76db-4aba-8674-629434cda338)**  |
|  [Touchstone Mid Cap Fund](#classname1725a893-ff3c-4b0d-aed5-a4fed4992638)<br> **[CLASS A - TMAPX](#classname1725a893-ff3c-4b0d-aed5-a4fed4992638)**  |
|  [Touchstone Mid Cap Fund](#classname04de8b35-1ba4-44ec-8c0c-9ac6e1d41a13)<br> **[CLASS C - TMCJX](#classname04de8b35-1ba4-44ec-8c0c-9ac6e1d41a13)**  |
|  [Touchstone Mid Cap Fund](#classnamed0566663-c7c7-49bd-8f3d-82538fcbef38)<br> **[CLASS Y - TMCPX](#classnamed0566663-c7c7-49bd-8f3d-82538fcbef38)**  |
|  [Touchstone Mid Cap Fund](#classnamea451f88f-8190-4758-9193-f8a051e796bd)<br> **[CLASS Z - TMCTX](#classnamea451f88f-8190-4758-9193-f8a051e796bd)**  |
|  [Touchstone Mid Cap Fund](#classname491b562f-8e27-45cd-bd14-d9ab2db65e04)<br> **[INSTITUTIONAL CLASS - TMPIX](#classname491b562f-8e27-45cd-bd14-d9ab2db65e04)**  |
|  [Touchstone Mid Cap Fund](#classname6f5cbd9b-e386-4daa-952a-ab83f17e1289)<br> **[CLASS R6 - TMPRX](#classname6f5cbd9b-e386-4daa-952a-ab83f17e1289)**  |
|  [Touchstone Mid Cap Value Fund](#classname6572033a-660f-463a-931c-7691d33b33ad)<br> **[CLASS A - TCVAX](#classname6572033a-660f-463a-931c-7691d33b33ad)**  |
|  [Touchstone Mid Cap Value Fund](#classname904b60c3-8603-497d-a301-d7d3a9023e8e)<br> **[CLASS C - TMFCX](#classname904b60c3-8603-497d-a301-d7d3a9023e8e)**  |
|  [Touchstone Mid Cap Value Fund](#classname77c5c6c2-4d83-4b19-9478-c7859dc38d77)<br> **[CLASS Y - TCVYX](#classname77c5c6c2-4d83-4b19-9478-c7859dc38d77)**  |
|  [Touchstone Mid Cap Value Fund](#classnamec58c4682-ae87-4a52-966c-dfe67ef02d95)<br> **[INSTITUTIONAL CLASS - TCVIX](#classnamec58c4682-ae87-4a52-966c-dfe67ef02d95)**  |
|  [Touchstone Sands Capital International Growth Equity Fund](#classname5c38ad17-47ce-4e12-b707-76754413bb53)<br> **[CLASS A - TPYAX](#classname5c38ad17-47ce-4e12-b707-76754413bb53)**  |
|  [Touchstone Sands Capital International Growth Equity Fund](#classnameec987bc6-ec09-4c7b-ad3c-fa4c84ea98ca)<br> **[CLASS C - TPYCX](#classnameec987bc6-ec09-4c7b-ad3c-fa4c84ea98ca)**  |
|  [Touchstone Sands Capital International Growth Equity Fund](#classnamea67fcf4a-65e7-49b8-b4fa-7195086029ff)<br> **[CLASS Y - TPYYX](#classnamea67fcf4a-65e7-49b8-b4fa-7195086029ff)**  |
|  [Touchstone Sands Capital International Growth Equity Fund](#classname50f26b00-3e45-43d9-aa92-08b75c0c365b)<br> **[INSTITUTIONAL CLASS - TPYIX](#classname50f26b00-3e45-43d9-aa92-08b75c0c365b)**  |
|  [Touchstone Sands Capital International Growth Equity Fund](#classnamebd900a3b-fd06-4650-86a6-44e5dc505421)<br> **[CLASS R6 - TPYRX](#classnamebd900a3b-fd06-4650-86a6-44e5dc505421)**  |
|  [Touchstone Sands Capital Select Growth Fund](#classname8a1ca53c-304b-45c8-a478-86b55c7851a5)<br> **[CLASS A - TSNAX](#classname8a1ca53c-304b-45c8-a478-86b55c7851a5)**  |
|  [Touchstone Sands Capital Select Growth Fund](#classnamee6ac6c09-9378-46c7-8b0e-414e1d7f140d)<br> **[CLASS C - TSNCX](#classnamee6ac6c09-9378-46c7-8b0e-414e1d7f140d)**  |
|  [Touchstone Sands Capital Select Growth Fund](#classname81002bc9-6027-4c1d-be08-5b01b1b27bf4)<br> **[CLASS Y - CFSIX](#classname81002bc9-6027-4c1d-be08-5b01b1b27bf4)**  |
|  [Touchstone Sands Capital Select Growth Fund](#classnamed1bf19ff-9d0f-43dc-bd12-fe4493aa27d8)<br> **[CLASS Z - PTSGX](#classnamed1bf19ff-9d0f-43dc-bd12-fe4493aa27d8)**  |
|  [Touchstone Sands Capital Select Growth Fund](#classnamea5ac2117-7338-40c6-ad54-652905802217)<br> **[INSTITUTIONAL CLASS - CISGX](#classnamea5ac2117-7338-40c6-ad54-652905802217)**  |
|  [Touchstone Sands Capital Select Growth Fund](#classnamee55ff1c4-aff7-49fb-8af0-6183776eec74)<br> **[CLASS R6 - TSNRX](#classnamee55ff1c4-aff7-49fb-8af0-6183776eec74)**  |
|  [Touchstone Small Cap Fund](#classnamef66b6e23-b7b9-416d-a9d7-5be69dfbd483)<br> **[CLASS A - TSFAX](#classnamef66b6e23-b7b9-416d-a9d7-5be69dfbd483)**  |
|  [Touchstone Small Cap Fund](#classname0d775289-15df-43d7-b067-a486f49b768b)<br> **[CLASS C - TSFCX](#classname0d775289-15df-43d7-b067-a486f49b768b)**  |
|  [Touchstone Small Cap Fund](#classname18b4d1bf-b146-4468-93b7-d60dec06beec)<br> **[CLASS Y - TSFYX](#classname18b4d1bf-b146-4468-93b7-d60dec06beec)**  |
|  [Touchstone Small Cap Fund](#classname393a58bc-3928-4fbc-906c-b2f37fe2d103)<br> **[INSTITUTIONAL CLASS - TSFIX](#classname393a58bc-3928-4fbc-906c-b2f37fe2d103)**  |
|  [Touchstone Small Cap Value Fund](#classname23f9a18d-33a9-4e04-9daf-d202608c638a)<br> **[CLASS A - TVOAX](#classname23f9a18d-33a9-4e04-9daf-d202608c638a)**  |
|  [Touchstone Small Cap Value Fund](#classname8cb5c542-c7a1-4582-94a4-80f9f06bcd23)<br> **[CLASS C - TVOCX](#classname8cb5c542-c7a1-4582-94a4-80f9f06bcd23)**  |
|  [Touchstone Small Cap Value Fund](#classnamefd4f2eba-a865-4c9d-b88b-d2e641a843e7)<br> **[CLASS Y - TVOYX](#classnamefd4f2eba-a865-4c9d-b88b-d2e641a843e7)**  |
|  [Touchstone Small Cap Value Fund](#classnamed034457b-ca21-4610-9bdc-47c3e2bb9458)<br> **[INSTITUTIONAL CLASS - TVOIX](#classnamed034457b-ca21-4610-9bdc-47c3e2bb9458)**  |
|  [Touchstone Ultra Short Duration Fixed Income Fund](#classnameacdf72ca-b867-4a57-82c1-25dd7683e82b)<br> **[CLASS A - TSDAX](#classnameacdf72ca-b867-4a57-82c1-25dd7683e82b)**  |
|  [Touchstone Ultra Short Duration Fixed Income Fund](#classname14ef6edd-ddf5-4a5a-9e4d-7cbf98183479)<br> **[CLASS C - TSDCX](#classname14ef6edd-ddf5-4a5a-9e4d-7cbf98183479)**  |
|  [Touchstone Ultra Short Duration Fixed Income Fund](#classnamea7647cdc-a89a-4f2b-bed5-16015f603b25)<br> **[CLASS S - SSSGX](#classnamea7647cdc-a89a-4f2b-bed5-16015f603b25)**  |
|  [Touchstone Ultra Short Duration Fixed Income Fund](#classnamef9dcc664-6157-43dd-9069-366f0b36649e)<br> **[CLASS Y - TSYYX](#classnamef9dcc664-6157-43dd-9069-366f0b36649e)**  |
|  [Touchstone Ultra Short Duration Fixed Income Fund](#classnamef101e1f8-235d-4d27-bfcf-25ef9046aa41)<br> **[CLASS Z - TSDOX](#classnamef101e1f8-235d-4d27-bfcf-25ef9046aa41)**  |
|  [Touchstone Ultra Short Duration Fixed Income Fund](#classname5ba13d0c-22ff-471a-b67f-b205615a8b43)<br> **[INSTITUTIONAL CLASS - TSDIX](#classname5ba13d0c-22ff-471a-b67f-b205615a8b43)**  |
|  [Touchstone US Quality Bond Fund](#classname0474d17a-f3e0-4d89-82fd-57b44753f709)<br> **[CLASS A - TCPAX](#classname0474d17a-f3e0-4d89-82fd-57b44753f709)**  |
|  [Touchstone US Quality Bond Fund](#classname3f96fc41-a7ea-491a-aa09-e85502ca1f2b)<br> **[CLASS C - TCPCX](#classname3f96fc41-a7ea-491a-aa09-e85502ca1f2b)**  |
|  [Touchstone US Quality Bond Fund](#classnamef80d708a-6f89-4a8e-a8b3-418fc640038d)<br> **[CLASS Y - TCPYX](#classnamef80d708a-6f89-4a8e-a8b3-418fc640038d)**  |
|  [Touchstone US Quality Bond Fund](#classnamec4f3d206-20fc-4a04-8ebe-9e866115873c)<br> **[INSTITUTIONAL CLASS - TCPNX](#classnamec4f3d206-20fc-4a04-8ebe-9e866115873c)**  |
|  [Touchstone US Quality Bond Fund](#classname19865c14-8a57-48a8-87c0-b5b6488a6ed3)<br> **[CLASS R6 - TIMPX](#classname19865c14-8a57-48a8-87c0-b5b6488a6ed3)**  |

---

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Active Bond Fund

#### CLASS A \| TOBAX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Active Bond Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $84 | 0.83% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital. Capital appreciation is a secondary goal. In deciding what securities to buy and sell for the Fund, the overall investment opportunities and risks in different sectors of the debt securities market are analyzed by focusing on maximizing total return and reducing volatility of the Fund's portfolio. A disciplined sector allocation process is followed in order to build a broadly diversified portfolio of bonds.

The Fund's Class A shares performance was 3.30% (excluding sales loads) for the reporting period.

Over the past 12 months, financial market volatility remained elevated amid shifting monetary policy, mixed economic data, geopolitical tensions, and evolving trade policies. Interest rates rose as investors adjusted to Federal Reserve (Fed) policy expectations. Credit spreads tightened overall, but briefly widened after tariff-related "Liberation Day" announcements, before quickly rebounding when the administration moderated its stance. However, the Fed began cutting rates in the third quarter of 2025, generally providing a tailwind for the fixed income market.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rate Management | Negative | Interest rates were volatile and, as a result, the Fund tactically adjusted duration positioning over the period. Over the past 12 months the aggregate impact from interest rate management was marginally negative to relative performance. |
| Sector Allocation | Positive | Over the past 12 months, the Fund's overweight in Investment Grade Corporate Credit and the addition of high yield corporates in April during tariff volatility both contributed to relative outperformance. |
| Security Selection | Positive | Security selection within investment grade corporates and securitized products contributed to relative outperformance. |

---

The Fund increased its allocation to high yield corporates in April amid volatility surrounding tariff announcements. Other sector changes have been marginal while the Fund has moved up in quality within investment grade corporates and securitized products as spreads were at historically tight levels and the risk/reward was skewed to the downside.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | -0.02% | -0.58% | 1.86% |
| Class A - excluding sales load | 3.30% | 0.08% | 2.36% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $272335428 |
| **Total number of portfolio holdings** | 574 |
| **Total advisory fees paid** | $939086 |
| **Portfolio turnover rate** | 171% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 45.2% |
| U.S. Treasury Obligations | 16.1% |
| Non-Agency Collateralized Mortgage Obligations | 9.7% |
| U.S. Government Mortgage-Backed Obligations | 7.1% |
| Agency Collateralized Mortgage Obligations | 6.9% |
| Commercial Mortgage-Backed Securities | 6.4% |
| Asset-Backed Securities | 4.5% |
| Sovereign Government Obligations | 0.8% |
| Short-Term Investment Funds | 1.9% |
| Other Assets/Liabilities (Net) | 1.4% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 31.3% |
| AA/Aa | 16.5% |
| A/A | 16.3% |
| BBB/Baa | 22.7% |
| BB/Ba | 4.4% |
| B/B | 1.7% |
| Not Rated | 7.1% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TOBAX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Active Bond Fund

#### CLASS C \| TODCX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Active Bond Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class C | $154 | 1.52% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital. Capital appreciation is a secondary goal. In deciding what securities to buy and sell for the Fund, the overall investment opportunities and risks in different sectors of the debt securities market are analyzed by focusing on maximizing total return and reducing volatility of the Fund's portfolio. A disciplined sector allocation process is followed in order to build a broadly diversified portfolio of bonds.

The Fund's Class C shares performance was 2.62% (excluding sales loads) for the reporting period.

Over the past 12 months, financial market volatility remained elevated amid shifting monetary policy, mixed economic data, geopolitical tensions, and evolving trade policies. Interest rates rose as investors adjusted to Federal Reserve (Fed) policy expectations. Credit spreads tightened overall, but briefly widened after tariff-related "Liberation Day" announcements, before quickly rebounding when the administration moderated its stance. However, the Fed began cutting rates in the third quarter of 2025, generally providing a tailwind for the fixed income market.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rate Management | Negative | Interest rates were volatile and, as a result, the Fund tactically adjusted duration positioning over the period. Over the past 12 months the aggregate impact from interest rate management was marginally negative to relative performance. |
| Sector Allocation | Positive | Over the past 12 months, the Fund's overweight in Investment Grade Corporate Credit and the addition of high yield corporates in April during tariff volatility both contributed to relative outperformance. |
| Security Selection | Positive | Security selection within investment grade corporates and securitized products contributed to relative outperformance. |

---

The Fund increased its allocation to high yield corporates in April amid volatility surrounding tariff announcements. Other sector changes have been marginal while the Fund has moved up in quality within investment grade corporates and securitized products as spreads were at historically tight levels and the risk/reward was skewed to the downside.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 1.63% | -0.63% | 1.75% |
| Class C - excluding sales load | 2.62% | -0.63% | 1.75% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $272335428 |
| **Total number of portfolio holdings** | 574 |
| **Total advisory fees paid** | $939086 |
| **Portfolio turnover rate** | 171% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 45.2% |
| U.S. Treasury Obligations | 16.1% |
| Non-Agency Collateralized Mortgage Obligations | 9.7% |
| U.S. Government Mortgage-Backed Obligations | 7.1% |
| Agency Collateralized Mortgage Obligations | 6.9% |
| Commercial Mortgage-Backed Securities | 6.4% |
| Asset-Backed Securities | 4.5% |
| Sovereign Government Obligations | 0.8% |
| Short-Term Investment Funds | 1.9% |
| Other Assets/Liabilities (Net) | 1.4% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 31.3% |
| AA/Aa | 16.5% |
| A/A | 16.3% |
| BBB/Baa | 22.7% |
| BB/Ba | 4.4% |
| B/B | 1.7% |
| Not Rated | 7.1% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TODCX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Active Bond Fund

#### CLASS Y \| TOBYX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Active Bond Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $59 | 0.58% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital. Capital appreciation is a secondary goal. In deciding what securities to buy and sell for the Fund, the overall investment opportunities and risks in different sectors of the debt securities market are analyzed by focusing on maximizing total return and reducing volatility of the Fund's portfolio. A disciplined sector allocation process is followed in order to build a broadly diversified portfolio of bonds.

The Fund's Class Y shares performance was 3.56% for the reporting period.

Over the past 12 months, financial market volatility remained elevated amid shifting monetary policy, mixed economic data, geopolitical tensions, and evolving trade policies. Interest rates rose as investors adjusted to Federal Reserve (Fed) policy expectations. Credit spreads tightened overall, but briefly widened after tariff-related "Liberation Day" announcements, before quickly rebounding when the administration moderated its stance. However, the Fed began cutting rates in the third quarter of 2025, generally providing a tailwind for the fixed income market.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rate Management | Negative | Interest rates were volatile and, as a result, the Fund tactically adjusted duration positioning over the period. Over the past 12 months the aggregate impact from interest rate management was marginally negative to relative performance. |
| Sector Allocation | Positive | Over the past 12 months, the Fund's overweight in Investment Grade Corporate Credit and the addition of high yield corporates in April during tariff volatility both contributed to relative outperformance. |
| Security Selection | Positive | Security selection within investment grade corporates and securitized products contributed to relative outperformance. |

---

The Fund increased its allocation to high yield corporates in April amid volatility surrounding tariff announcements. Other sector changes have been marginal while the Fund has moved up in quality within investment grade corporates and securitized products as spreads were at historically tight levels and the risk/reward was skewed to the downside.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 3.56% | 0.33% | 2.61% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $272335428 |
| **Total number of portfolio holdings** | 574 |
| **Total advisory fees paid** | $939086 |
| **Portfolio turnover rate** | 171% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 45.2% |
| U.S. Treasury Obligations | 16.1% |
| Non-Agency Collateralized Mortgage Obligations | 9.7% |
| U.S. Government Mortgage-Backed Obligations | 7.1% |
| Agency Collateralized Mortgage Obligations | 6.9% |
| Commercial Mortgage-Backed Securities | 6.4% |
| Asset-Backed Securities | 4.5% |
| Sovereign Government Obligations | 0.8% |
| Short-Term Investment Funds | 1.9% |
| Other Assets/Liabilities (Net) | 1.4% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 31.3% |
| AA/Aa | 16.5% |
| A/A | 16.3% |
| BBB/Baa | 22.7% |
| BB/Ba | 4.4% |
| B/B | 1.7% |
| Not Rated | 7.1% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TOBYX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Active Bond Fund

#### INSTITUTIONAL CLASS \| TOBIX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Active Bond Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $51 | 0.50% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital. Capital appreciation is a secondary goal. In deciding what securities to buy and sell for the Fund, the overall investment opportunities and risks in different sectors of the debt securities market are analyzed by focusing on maximizing total return and reducing volatility of the Fund's portfolio. A disciplined sector allocation process is followed in order to build a broadly diversified portfolio of bonds.

The Fund's Institutional Class shares performance was 3.66% for the reporting period.

Over the past 12 months, financial market volatility remained elevated amid shifting monetary policy, mixed economic data, geopolitical tensions, and evolving trade policies. Interest rates rose as investors adjusted to Federal Reserve (Fed) policy expectations. Credit spreads tightened overall, but briefly widened after tariff-related "Liberation Day" announcements, before quickly rebounding when the administration moderated its stance. However, the Fed began cutting rates in the third quarter of 2025, generally providing a tailwind for the fixed income market.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rate Management | Negative | Interest rates were volatile and, as a result, the Fund tactically adjusted duration positioning over the period. Over the past 12 months the aggregate impact from interest rate management was marginally negative to relative performance. |
| Sector Allocation | Positive | Over the past 12 months, the Fund's overweight in Investment Grade Corporate Credit and the addition of high yield corporates in April during tariff volatility both contributed to relative outperformance. |
| Security Selection | Positive | Security selection within investment grade corporates and securitized products contributed to relative outperformance. |

---

The Fund increased its allocation to high yield corporates in April amid volatility surrounding tariff announcements. Other sector changes have been marginal while the Fund has moved up in quality within investment grade corporates and securitized products as spreads were at historically tight levels and the risk/reward was skewed to the downside.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 3.66% | 0.42% | 2.70% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $272335428 |
| **Total number of portfolio holdings** | 574 |
| **Total advisory fees paid** | $939086 |
| **Portfolio turnover rate** | 171% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 45.2% |
| U.S. Treasury Obligations | 16.1% |
| Non-Agency Collateralized Mortgage Obligations | 9.7% |
| U.S. Government Mortgage-Backed Obligations | 7.1% |
| Agency Collateralized Mortgage Obligations | 6.9% |
| Commercial Mortgage-Backed Securities | 6.4% |
| Asset-Backed Securities | 4.5% |
| Sovereign Government Obligations | 0.8% |
| Short-Term Investment Funds | 1.9% |
| Other Assets/Liabilities (Net) | 1.4% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 31.3% |
| AA/Aa | 16.5% |
| A/A | 16.3% |
| BBB/Baa | 22.7% |
| BB/Ba | 4.4% |
| B/B | 1.7% |
| Not Rated | 7.1% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TOBIX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Ares Credit Opportunities Fund

#### CLASS A \| TMARX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $104 | 1.01% |

---

#### Management's Discussion of Fund Performance
The Fund seeks total return, primarily from income and capital appreciation. The Fund employs a flexible investment approach by allocating assets among core investments and opportunistic investments as market conditions change. It invests in several broad investment categories, including high yield bonds, bank loans, special situations such as distressed corporate loans, structured credit and hedges.

The Fund's Class A shares performance was 6.60% (excluding sales loads) for the reporting period.

During the 12-month period ended September 30, 2025, high yield bonds, as measured by the ICE BofA U.S. High Yield Constrained Index, returned 7.23% due to generally supportive macroeconomic data, resilient corporate fundamentals, firm market technicals and towards period end, a supportive Federal Reserve policy.

Though market volatility increased ahead of the tariff related "Liberation Day" announcements in April 2025, market conditions improved swiftly as details regarding trade policy emerged.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Individual credit selection | Positive | High yield bonds, bank loans and post reorganization equities contributed positively to returns. |
| Collateralized Loan Obligation ("CLO") securities | Positive | The allocation to CLO securities contributed to returns and preserved an attractive income profile in a diversified manner. |
| Market Hedges | Negative | While beneficial during periods of volatility, market hedges detracted from performance over the 12-month period amid broader risk off sentiment. |

---

The allocation to bank loans was reduced in favor of high yield bonds as part of a broader de-risking agenda earlier in 2025. The Fund preserved this stance throughout the 12-month period amid expectations of lower interest rates and tight credit spreads across both asset classes.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg049.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 3.12% | 6.03% | 5.30% |
| Class A - excluding sales load | 6.60% | 6.74% | 5.93% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA U.S. High Yield Constrained Index | 7.23% | 5.53% | 6.06% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $880257333 |
| **Total number of portfolio holdings** | 424 |
| **Total advisory fees paid** | $4397252 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 81.8% |
| Bank Loans | 8.4% |
| Asset-Backed Securities | 3.5% |
| Common Stocks | 1.6% |
| Warrants | 0.1% |
| Purchased Options | 0.0% |
| Short-Term Investment Funds | 5.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Securities Sold Short | 0.0% |
| Written Options | 0.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| BBB/Baa | 6.5% |
| BB/Ba | 42.2% |
| B/B | 33.8% |
| CCC | 10.2% |
| CC | 0.1% |
| Not Rated | 7.2% |
| Total | 100.0% |

---

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

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective March 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.56% on the first $1 billion, 0.535% on the next $500 million, and 0.51% on assets over $1.5 billion. Additionally, the expense limitation for Class A was reduced to 0.99% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TMARX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Ares Credit Opportunities Fund

#### CLASS C \| TMACX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class C | $167 | 1.62% |

---

#### Management's Discussion of Fund Performance
The Fund seeks total return, primarily from income and capital appreciation. The Fund employs a flexible investment approach by allocating assets among core investments and opportunistic investments as market conditions change. It invests in several broad investment categories, including high yield bonds, bank loans, special situations such as distressed corporate loans, structured credit and hedges.

The Fund's Class C shares performance was 6.02% (excluding sales loads) for the reporting period.

During the 12-month period ended September 30, 2025, high yield bonds, as measured by the ICE BofA U.S. High Yield Constrained Index, returned 7.23% due to generally supportive macroeconomic data, resilient corporate fundamentals, firm market technicals and towards period end, a supportive Federal Reserve policy.

Though market volatility increased ahead of the tariff related "Liberation Day" announcements in April 2025, market conditions improved swiftly as details regarding trade policy emerged.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Individual credit selection | Positive | High yield bonds, bank loans and post reorganization equities contributed positively to returns. |
| Collateralized Loan Obligation ("CLO") securities | Positive | The allocation to CLO securities contributed to returns and preserved an attractive income profile in a diversified manner. |
| Market Hedges | Negative | While beneficial during periods of volatility, market hedges detracted from performance over the 12-month period amid broader risk off sentiment. |

---

The allocation to bank loans was reduced in favor of high yield bonds as part of a broader de-risking agenda earlier in 2025. The Fund preserved this stance throughout the 12-month period amid expectations of lower interest rates and tight credit spreads across both asset classes.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg050.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 5.03% | 6.21% | 5.42% |
| Class C - excluding sales load | 6.02% | 6.21% | 5.42% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA U.S. High Yield Constrained Index | 7.23% | 5.53% | 6.06% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $880257333 |
| **Total number of portfolio holdings** | 424 |
| **Total advisory fees paid** | $4397252 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 81.8% |
| Bank Loans | 8.4% |
| Asset-Backed Securities | 3.5% |
| Common Stocks | 1.6% |
| Warrants | 0.1% |
| Purchased Options | 0.0% |
| Short-Term Investment Funds | 5.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Securities Sold Short | 0.0% |
| Written Options | 0.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| BBB/Baa | 6.5% |
| BB/Ba | 42.2% |
| B/B | 33.8% |
| CCC | 10.2% |
| CC | 0.1% |
| Not Rated | 7.2% |
| Total | 100.0% |

---

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

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective March 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.56% on the first $1 billion, 0.535% on the next $500 million, and 0.51% on assets over $1.5 billion. Additionally, on January 29, 2025, the expense limitation for Class C was increased to 1.71% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TMACX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Ares Credit Opportunities Fund

#### CLASS Y \| TMAYX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $82 | 0.79% |

---

#### Management's Discussion of Fund Performance
The Fund seeks total return, primarily from income and capital appreciation. The Fund employs a flexible investment approach by allocating assets among core investments and opportunistic investments as market conditions change. It invests in several broad investment categories, including high yield bonds, bank loans, special situations such as distressed corporate loans, structured credit and hedges.

The Fund's Class Y shares performance was 6.93% for the reporting period.

During the 12-month period ended September 30, 2025, high yield bonds, as measured by the ICE BofA U.S. High Yield Constrained Index, returned 7.23% due to generally supportive macroeconomic data, resilient corporate fundamentals, firm market technicals and towards period end, a supportive Federal Reserve policy.

Though market volatility increased ahead of the tariff related "Liberation Day" announcements in April 2025, market conditions improved swiftly as details regarding trade policy emerged.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Individual credit selection | Positive | High yield bonds, bank loans and post reorganization equities contributed positively to returns. |
| Collateralized Loan Obligation ("CLO") securities | Positive | The allocation to CLO securities contributed to returns and preserved an attractive income profile in a diversified manner. |
| Market Hedges | Negative | While beneficial during periods of volatility, market hedges detracted from performance over the 12-month period amid broader risk off sentiment. |

---

The allocation to bank loans was reduced in favor of high yield bonds as part of a broader de-risking agenda earlier in 2025. The Fund preserved this stance throughout the 12-month period amid expectations of lower interest rates and tight credit spreads across both asset classes.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg051.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 6.93% | 6.97% | 6.18% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA U.S. High Yield Constrained Index | 7.23% | 5.53% | 6.06% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $880257333 |
| **Total number of portfolio holdings** | 424 |
| **Total advisory fees paid** | $4397252 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 81.8% |
| Bank Loans | 8.4% |
| Asset-Backed Securities | 3.5% |
| Common Stocks | 1.6% |
| Warrants | 0.1% |
| Purchased Options | 0.0% |
| Short-Term Investment Funds | 5.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Securities Sold Short | 0.0% |
| Written Options | 0.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| BBB/Baa | 6.5% |
| BB/Ba | 42.2% |
| B/B | 33.8% |
| CCC | 10.2% |
| CC | 0.1% |
| Not Rated | 7.2% |
| Total | 100.0% |

---

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

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective March 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.56% on the first $1 billion, 0.535% on the next $500 million, and 0.51% on assets over $1.5 billion. Additionally, the expense limitation for Class Y was reduced to 0.76% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TMAYX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Ares Credit Opportunities Fund

#### INSTITUTIONAL CLASS \| TARBX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $70 | 0.68% |

---

#### Management's Discussion of Fund Performance
The Fund seeks total return, primarily from income and capital appreciation. The Fund employs a flexible investment approach by allocating assets among core investments and opportunistic investments as market conditions change. It invests in several broad investment categories, including high yield bonds, bank loans, special situations such as distressed corporate loans, structured credit and hedges.

The Fund's Institutional Class shares performance was 6.98% for the reporting period.

During the 12-month period ended September 30, 2025, high yield bonds, as measured by the ICE BofA U.S. High Yield Constrained Index, returned 7.23% due to generally supportive macroeconomic data, resilient corporate fundamentals, firm market technicals and towards period end, a supportive Federal Reserve policy.

Though market volatility increased ahead of the tariff related "Liberation Day" announcements in April 2025, market conditions improved swiftly as details regarding trade policy emerged.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Individual credit selection | Positive | High yield bonds, bank loans and post reorganization equities contributed positively to returns. |
| Collateralized Loan Obligation ("CLO") securities | Positive | The allocation to CLO securities contributed to returns and preserved an attractive income profile in a diversified manner. |
| Market Hedges | Negative | While beneficial during periods of volatility, market hedges detracted from performance over the 12-month period amid broader risk off sentiment. |

---

The allocation to bank loans was reduced in favor of high yield bonds as part of a broader de-risking agenda earlier in 2025. The Fund preserved this stance throughout the 12-month period amid expectations of lower interest rates and tight credit spreads across both asset classes.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.98% | 7.07% | 6.27% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA U.S. High Yield Constrained Index | 7.23% | 5.53% | 6.06% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $880257333 |
| **Total number of portfolio holdings** | 424 |
| **Total advisory fees paid** | $4397252 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 81.8% |
| Bank Loans | 8.4% |
| Asset-Backed Securities | 3.5% |
| Common Stocks | 1.6% |
| Warrants | 0.1% |
| Purchased Options | 0.0% |
| Short-Term Investment Funds | 5.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Securities Sold Short | 0.0% |
| Written Options | 0.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| BBB/Baa | 6.5% |
| BB/Ba | 42.2% |
| B/B | 33.8% |
| CCC | 10.2% |
| CC | 0.1% |
| Not Rated | 7.2% |
| Total | 100.0% |

---

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

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective March 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.56% on the first $1 billion, 0.535% on the next $500 million, and 0.51% on assets over $1.5 billion. Additionally, the expense limitation for Institutional Class was reduced to 0.65% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TARBX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Ares Credit Opportunities Fund

#### CLASS R6 \| TARSX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund ("Fund") for the period May 19, 2025 (commencement of operations) to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | |
|:---|:---|
| **Class** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class R6$59<sup>1</sup> | 0.58% |

---

 *<sup><sup>1</sup></sup>* *<sup>Based on operations for the period May 19, 2025 (commencement of operations) to September 30, 2025. Expenses for a full reporting period would be higher.</sup>* 

#### Management's Discussion of Fund Performance
The Fund seeks total return, primarily from income and capital appreciation. The Fund employs a flexible investment approach by allocating assets among core investments and opportunistic investments as market conditions change. It invests in several broad investment categories, including high yield bonds, bank loans, special situations such as distressed corporate loans, structured credit and hedges.

The Fund's Class R6 shares performance was 6.77% for the reporting period.

During the 12-month period ended September 30, 2025, high yield bonds, as measured by the ICE BofA U.S. High Yield Constrained Index, returned 7.23% due to generally supportive macroeconomic data, resilient corporate fundamentals, firm market technicals and towards period end, a supportive Federal Reserve policy.

Though market volatility increased ahead of the tariff related "Liberation Day" announcements in April 2025, market conditions improved swiftly as details regarding trade policy emerged.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Individual credit selection | Positive | High yield bonds, bank loans and post reorganization equities contributed positively to returns. |
| Collateralized Loan Obligation ("CLO") securities | Positive | The allocation to CLO securities contributed to returns and preserved an attractive income profile in a diversified manner. |
| Market Hedges | Negative | While beneficial during periods of volatility, market hedges detracted from performance over the 12-month period amid broader risk off sentiment. |

---

The allocation to bank loans was reduced in favor of high yield bonds as part of a broader de-risking agenda earlier in 2025. The Fund preserved this stance throughout the 12-month period amid expectations of lower interest rates and tight credit spreads across both asset classes.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg058.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>1</sup> | 6.77% | 6.77% | 5.95% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA U.S. High Yield Constrained Index | 7.23% | 5.53% | 6.06% |

---

 **<sup>1</sup>** **The inception date was May 19, 2025. Performance information was calculated using the historical performance of Class A shares for the periods prior to May 19, 2025.** 

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $880257333 |
| **Total number of portfolio holdings** | 424 |
| **Total advisory fees paid** | $4397252 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 81.8% |
| Bank Loans | 8.4% |
| Asset-Backed Securities | 3.5% |
| Common Stocks | 1.6% |
| Warrants | 0.1% |
| Purchased Options | 0.0% |
| Short-Term Investment Funds | 5.2% |
| Other Assets/Liabilities (Net) | (0.6)% |
| Securities Sold Short | 0.0% |
| Written Options | 0.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| BBB/Baa | 6.5% |
| BB/Ba | 42.2% |
| B/B | 33.8% |
| CCC | 10.2% |
| CC | 0.1% |
| Not Rated | 7.2% |
| Total | 100.0% |

---

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

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective March 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.56% on the first $1 billion, 0.535% on the next $500 million, and 0.51% on assets over $1.5 billion.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TARSX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Dividend Equity Fund

#### CLASS A \| TQCAX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Dividend Equity Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $104 | 0.99% |

---

#### Management's Discussion of Fund Performance
The Fund seeks current income and capital appreciation by investing primarily in a portfolio of dividend-paying U.S. large-capitalization equities.

The Fund's Class A shares performance was 10.78% (excluding sales loads) for the reporting period.

Equity markets advanced meaningfully over the 12-month period as resilient economic growth, moderating inflation, and a still-strong labor market supported investor sentiment. Continued enthusiasm around artificial intelligence further fueled gains, particularly within Information Technology and other growth-oriented sectors, driving the Russell 1000<sup>®</sup> Value Index to a 9.44% gain over the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Information Technology ("IT") Stocks | Positive | Strong performance from IT sector stocks in the Fund was the main driver of relative outperformance. |
| IT and Health Care sectors | Positive | Overweight exposure to the IT sector and an underweight to the Health Care sector added to relative performance. |
| Dividend Style | Negative | High dividend paying stocks underperformed low dividend yielding stocks. |

---

Positioning over the year remained generally consistent, with a modest reduction of Health Care and increase in Communication Services and Financials.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg053.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.22% | 10.42% | 7.93% |
| Class A - excluding sales load | 10.78% | 11.73% | 8.57% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.88% | 10.72% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2400422480 |
| **Total number of portfolio holdings** | 90 |
| **Total advisory fees paid** | $12332078 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 22.2% |
| Financials | 16.0% |
| Health Care | 11.4% |
| Industrials | 10.2% |
| Communication Services | 9.1% |
| Consumer Discretionary | 7.8% |
| Consumer Staples | 6.6% |
| Energy | 5.1% |
| Materials | 4.4% |
| Utilities | 4.2% |
| Real Estate | 2.7% |
| Short-Term Investment Fund | 1.0% |
| Other Assets/Liabilities (Net) | (0.7)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TQCAX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Dividend Equity Fund

#### CLASS C \| TQCCX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Dividend Equity Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class C | $177 | 1.69% |

---

#### Management's Discussion of Fund Performance
The Fund seeks current income and capital appreciation by investing primarily in a portfolio of dividend-paying U.S. large-capitalization equities.

The Fund's Class C shares performance was 10.05% (excluding sales loads) for the reporting period.

Equity markets advanced meaningfully over the 12-month period as resilient economic growth, moderating inflation, and a still-strong labor market supported investor sentiment. Continued enthusiasm around artificial intelligence further fueled gains, particularly within Information Technology and other growth-oriented sectors, driving the Russell 1000<sup>®</sup> Value Index to a 9.44% gain over the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Information Technology ("IT") Stocks | Positive | Strong performance from IT sector stocks in the Fund was the main driver of relative outperformance. |
| IT and Health Care sectors | Positive | Overweight exposure to the IT sector and an underweight to the Health Care sector added to relative performance. |
| Dividend Style | Negative | High dividend paying stocks underperformed low dividend yielding stocks. |

---

Positioning over the year remained generally consistent, with a modest reduction of Health Care and increase in Communication Services and Financials.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg054.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 9.05% | 10.97% | 7.85% |
| Class C - excluding sales load | 10.05% | 10.97% | 7.85% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.88% | 10.72% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2400422480 |
| **Total number of portfolio holdings** | 90 |
| **Total advisory fees paid** | $12332078 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 22.2% |
| Financials | 16.0% |
| Health Care | 11.4% |
| Industrials | 10.2% |
| Communication Services | 9.1% |
| Consumer Discretionary | 7.8% |
| Consumer Staples | 6.6% |
| Energy | 5.1% |
| Materials | 4.4% |
| Utilities | 4.2% |
| Real Estate | 2.7% |
| Short-Term Investment Fund | 1.0% |
| Other Assets/Liabilities (Net) | (0.7)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TQCCX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Dividend Equity Fund

#### CLASS Y \| TQCYX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Dividend Equity Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $80 | 0.76% |

---

#### Management's Discussion of Fund Performance
The Fund seeks current income and capital appreciation by investing primarily in a portfolio of dividend-paying U.S. large-capitalization equities.

The Fund's Class Y shares performance was 11.06% for the reporting period.

Equity markets advanced meaningfully over the 12-month period as resilient economic growth, moderating inflation, and a still-strong labor market supported investor sentiment. Continued enthusiasm around artificial intelligence further fueled gains, particularly within Information Technology and other growth-oriented sectors, driving the Russell 1000<sup>®</sup> Value Index to a 9.44% gain over the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Information Technology ("IT") Stocks | Positive | Strong performance from IT sector stocks in the Fund was the main driver of relative outperformance. |
| IT and Health Care sectors | Positive | Overweight exposure to the IT sector and an underweight to the Health Care sector added to relative performance. |
| Dividend Style | Negative | High dividend paying stocks underperformed low dividend yielding stocks. |

---

Positioning over the year remained generally consistent, with a modest reduction of Health Care and increase in Communication Services and Financials.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg055.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 11.06% | 11.98% | 8.81% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.88% | 10.72% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2400422480 |
| **Total number of portfolio holdings** | 90 |
| **Total advisory fees paid** | $12332078 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 22.2% |
| Financials | 16.0% |
| Health Care | 11.4% |
| Industrials | 10.2% |
| Communication Services | 9.1% |
| Consumer Discretionary | 7.8% |
| Consumer Staples | 6.6% |
| Energy | 5.1% |
| Materials | 4.4% |
| Utilities | 4.2% |
| Real Estate | 2.7% |
| Short-Term Investment Fund | 1.0% |
| Other Assets/Liabilities (Net) | (0.7)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TQCYX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Dividend Equity Fund

#### INSTITUTIONAL CLASS \| TQCIX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Dividend Equity Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $70 | 0.66% |

---

#### Management's Discussion of Fund Performance
The Fund seeks current income and capital appreciation by investing primarily in a portfolio of dividend-paying U.S. large-capitalization equities.

The Fund's Institutional Class shares performance was 11.18% for the reporting period.

Equity markets advanced meaningfully over the 12-month period as resilient economic growth, moderating inflation, and a still-strong labor market supported investor sentiment. Continued enthusiasm around artificial intelligence further fueled gains, particularly within Information Technology and other growth-oriented sectors, driving the Russell 1000<sup>®</sup> Value Index to a 9.44% gain over the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Information Technology ("IT") Stocks | Positive | Strong performance from IT sector stocks in the Fund was the main driver of relative outperformance. |
| IT and Health Care sectors | Positive | Overweight exposure to the IT sector and an underweight to the Health Care sector added to relative performance. |
| Dividend Style | Negative | High dividend paying stocks underperformed low dividend yielding stocks. |

---

Positioning over the year remained generally consistent, with a modest reduction of Health Care and increase in Communication Services and Financials.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg056.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since Inception<sup>1</sup>** |
| Institutional Class | 11.18% | 9.64% |
| Russell 3000<sup>®</sup> Index | 17.41% | 11.84% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 9.17% |

---

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

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2400422480 |
| **Total number of portfolio holdings** | 90 |
| **Total advisory fees paid** | $12332078 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 22.2% |
| Financials | 16.0% |
| Health Care | 11.4% |
| Industrials | 10.2% |
| Communication Services | 9.1% |
| Consumer Discretionary | 7.8% |
| Consumer Staples | 6.6% |
| Energy | 5.1% |
| Materials | 4.4% |
| Utilities | 4.2% |
| Real Estate | 2.7% |
| Short-Term Investment Fund | 1.0% |
| Other Assets/Liabilities (Net) | (0.7)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TQCIX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Dividend Equity Fund

#### CLASS R6 \| TQCRX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Dividend Equity Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class R6 | $69 | 0.65% |

---

#### Management's Discussion of Fund Performance
The Fund seeks current income and capital appreciation by investing primarily in a portfolio of dividend-paying U.S. large-capitalization equities.

The Fund's Class R6 shares performance was 11.18% for the reporting period.

Equity markets advanced meaningfully over the 12-month period as resilient economic growth, moderating inflation, and a still-strong labor market supported investor sentiment. Continued enthusiasm around artificial intelligence further fueled gains, particularly within Information Technology and other growth-oriented sectors, driving the Russell 1000<sup>®</sup> Value Index to a 9.44% gain over the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Information Technology ("IT") Stocks | Positive | Strong performance from IT sector stocks in the Fund was the main driver of relative outperformance. |
| IT and Health Care sectors | Positive | Overweight exposure to the IT sector and an underweight to the Health Care sector added to relative performance. |
| Dividend Style | Negative | High dividend paying stocks underperformed low dividend yielding stocks. |

---

Positioning over the year remained generally consistent, with a modest reduction of Health Care and increase in Communication Services and Financials.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg057.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since Inception<sup>1</sup>** |
| Class R6 | 11.18% | 9.29% |
| Russell 3000<sup>®</sup> Index | 17.41% | 11.10% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 8.40% |

---

 **<sup>1</sup>** **The inception date was August 2, 2021. The returns of the indexes listed above are based on the inception date of the Class.** 

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2400422480 |
| **Total number of portfolio holdings** | 90 |
| **Total advisory fees paid** | $12332078 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 22.2% |
| Financials | 16.0% |
| Health Care | 11.4% |
| Industrials | 10.2% |
| Communication Services | 9.1% |
| Consumer Discretionary | 7.8% |
| Consumer Staples | 6.6% |
| Energy | 5.1% |
| Materials | 4.4% |
| Utilities | 4.2% |
| Real Estate | 2.7% |
| Short-Term Investment Fund | 1.0% |
| Other Assets/Liabilities (Net) | (0.7)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TQCRX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone High Yield Fund

#### CLASS A \| THYAX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone High Yield Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $107 | 1.04% |

---

#### Management's Discussion of Fund Performance
The Fund seeks a high level of income. Capital appreciation is a secondary consideration. The Fund primarily invests in non-investment-grade debt securities.

The Fund's Class A shares performance was 5.94% (excluding sales loads) for the reporting period.

Idiosyncratic risk was the most paramount risk within high yield throughout the 12-month period. Returns on CCC rated securities dominated higher quality holdings over the period. Overall, the market had a healthy return period with all sectors providing a positive return in the period with the exception of Railroads.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| CCC allocation | Negative | The Fund's historical underweight to CCC was a large detractor. |
| Altice France | Positive | Our overweight to the distressed name helped relative performance as it rebounded on positive restructuring news. |
| Wirelines sector | Negative | The Wirelines sector was a strong performer on the artificial intelligence theme and asset-backed securities transactions and the Fund's underweight hurt performance. |

---

The Fund's largest increases in sector allocations were in Building Materials (+278 basis points("bps")), Electric Utilities (+159bps), and Property & Casualty (+148bps). The largest decreases were in Independent Energy (-265bps), Automotive (-172bps), and Retailers (-170bps). The Fund decreased allocations to somewhat more cyclical sectors and increased exposure to more non-cyclical sectors with strong balance sheets as rates increased, economic growth became more uncertain, and spreads were within their tightest deciles.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 2.54% | 3.95% | 4.21% |
| Class A - excluding sales load | 5.94% | 4.63% | 4.73% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA High Yield Cash Pay Index | 7.23% | 5.50% | 6.06% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $107292365 |
| **Total number of portfolio holdings** | 159 |
| **Total advisory fees paid** | $579586 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 96.9% |
| Short-Term Investment Funds | 3.9% |
| Other Assets/Liabilities (Net) | (0.8)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| A/A | 0.7% |
| BBB/Baa | 16.0% |
| BB/Ba | 48.8% |
| B/B | 29.7% |
| CCC | 3.8% |
| C or Lower | 0.2% |
| Not Rated | 0.8% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-THYAX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone High Yield Fund

#### CLASS C \| THYCX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone High Yield Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class C | $180 | 1.76% |

---

#### Management's Discussion of Fund Performance
The Fund seeks a high level of income. Capital appreciation is a secondary consideration. The Fund primarily invests in non-investment-grade debt securities.

The Fund's Class C shares performance was 5.07% (excluding sales loads) for the reporting period.

Idiosyncratic risk was the most paramount risk within high yield throughout the 12-month period. Returns on CCC rated securities dominated higher quality holdings over the period. Overall, the market had a healthy return period with all sectors providing a positive return in the period with the exception of Railroads.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| CCC allocation | Negative | The Fund's historical underweight to CCC was a large detractor. |
| Altice France | Positive | Our overweight to the distressed name helped relative performance as it rebounded on positive restructuring news. |
| Wirelines sector | Negative | The Wirelines sector was a strong performer on the artificial intelligence theme and asset-backed securities transactions and the Fund's underweight hurt performance. |

---

The Fund's largest increases in sector allocations were in Building Materials (+278 basis points("bps")), Electric Utilities (+159bps), and Property & Casualty (+148bps). The largest decreases were in Independent Energy (-265bps), Automotive (-172bps), and Retailers (-170bps). The Fund decreased allocations to somewhat more cyclical sectors and increased exposure to more non-cyclical sectors with strong balance sheets as rates increased, economic growth became more uncertain, and spreads were within their tightest deciles.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 4.08% | 3.82% | 4.10% |
| Class C - excluding sales load | 5.07% | 3.82% | 4.10% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA High Yield Cash Pay Index | 7.23% | 5.50% | 6.06% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $107292365 |
| **Total number of portfolio holdings** | 159 |
| **Total advisory fees paid** | $579586 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 96.9% |
| Short-Term Investment Funds | 3.9% |
| Other Assets/Liabilities (Net) | (0.8)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| A/A | 0.7% |
| BBB/Baa | 16.0% |
| BB/Ba | 48.8% |
| B/B | 29.7% |
| CCC | 3.8% |
| C or Lower | 0.2% |
| Not Rated | 0.8% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-THYCX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone High Yield Fund

#### CLASS Y \| THYYX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone High Yield Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $82 | 0.80% |

---

#### Management's Discussion of Fund Performance
The Fund seeks a high level of income. Capital appreciation is a secondary consideration. The Fund primarily invests in non-investment-grade debt securities.

The Fund's Class Y shares performance was 6.25% for the reporting period.

Idiosyncratic risk was the most paramount risk within high yield throughout the 12-month period. Returns on CCC rated securities dominated higher quality holdings over the period. Overall, the market had a healthy return period with all sectors providing a positive return in the period with the exception of Railroads.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| CCC allocation | Negative | The Fund's historical underweight to CCC was a large detractor. |
| Altice France | Positive | Our overweight to the distressed name helped relative performance as it rebounded on positive restructuring news. |
| Wirelines sector | Negative | The Wirelines sector was a strong performer on the artificial intelligence theme and asset-backed securities transactions and the Fund's underweight hurt performance. |

---

The Fund's largest increases in sector allocations were in Building Materials (+278 basis points("bps")), Electric Utilities (+159bps), and Property & Casualty (+148bps). The largest decreases were in Independent Energy (-265bps), Automotive (-172bps), and Retailers (-170bps). The Fund decreased allocations to somewhat more cyclical sectors and increased exposure to more non-cyclical sectors with strong balance sheets as rates increased, economic growth became more uncertain, and spreads were within their tightest deciles.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 6.25% | 4.89% | 4.99% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA High Yield Cash Pay Index | 7.23% | 5.50% | 6.06% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $107292365 |
| **Total number of portfolio holdings** | 159 |
| **Total advisory fees paid** | $579586 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 96.9% |
| Short-Term Investment Funds | 3.9% |
| Other Assets/Liabilities (Net) | (0.8)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| A/A | 0.7% |
| BBB/Baa | 16.0% |
| BB/Ba | 48.8% |
| B/B | 29.7% |
| CCC | 3.8% |
| C or Lower | 0.2% |
| Not Rated | 0.8% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-THYYX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone High Yield Fund

#### INSTITUTIONAL CLASS \| THIYX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone High Yield Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $74 | 0.72% |

---

#### Management's Discussion of Fund Performance
The Fund seeks a high level of income. Capital appreciation is a secondary consideration. The Fund primarily invests in non-investment-grade debt securities.

The Fund's Institutional Class shares performance was 6.34% for the reporting period.

Idiosyncratic risk was the most paramount risk within high yield throughout the 12-month period. Returns on CCC rated securities dominated higher quality holdings over the period. Overall, the market had a healthy return period with all sectors providing a positive return in the period with the exception of Railroads.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| CCC allocation | Negative | The Fund's historical underweight to CCC was a large detractor. |
| Altice France | Positive | Our overweight to the distressed name helped relative performance as it rebounded on positive restructuring news. |
| Wirelines sector | Negative | The Wirelines sector was a strong performer on the artificial intelligence theme and asset-backed securities transactions and the Fund's underweight hurt performance. |

---

The Fund's largest increases in sector allocations were in Building Materials (+278 basis points("bps")), Electric Utilities (+159bps), and Property & Casualty (+148bps). The largest decreases were in Independent Energy (-265bps), Automotive (-172bps), and Retailers (-170bps). The Fund decreased allocations to somewhat more cyclical sectors and increased exposure to more non-cyclical sectors with strong balance sheets as rates increased, economic growth became more uncertain, and spreads were within their tightest deciles.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.34% | 4.98% | 5.08% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA High Yield Cash Pay Index | 7.23% | 5.50% | 6.06% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $107292365 |
| **Total number of portfolio holdings** | 159 |
| **Total advisory fees paid** | $579586 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 96.9% |
| Short-Term Investment Funds | 3.9% |
| Other Assets/Liabilities (Net) | (0.8)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| A/A | 0.7% |
| BBB/Baa | 16.0% |
| BB/Ba | 48.8% |
| B/B | 29.7% |
| CCC | 3.8% |
| C or Lower | 0.2% |
| Not Rated | 0.8% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-THIYX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Mid Cap Fund

#### CLASS A \| TMAPX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $118 | 1.18% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of mid-cap U.S.-listed companies. The Fund utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings-to-enterprise value ratio, and free cash flow yield. Its goal is to purchase financially stable companies that are believed to consistently generate high returns on unleveraged operating capital, are run by shareholder-oriented managements and are trading at a discount to their respective private market values.

The Fund's Class A shares performance was (0.34)% (excluding sales loads) for the reporting period.

Over the 12 month period, U.S. stocks posted double-digit returns driven by the artificial intelligence growth theme and better-than-expected results, despite volatility from tax cut changes, monetary policy expectations, and aggressive tariff announcements. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. The acceleration of U.S. economic growth and risk-on optimism favored volatile, high-momentum stocks, putting the Fund's Quality style factor strategy out of favor over this period. This was more pronounced in lower market capitalization equities.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Materials, Consumer Staples, and Communication Services sectors | Negative | The best performing sectors for the Russell Midcap<sup>®</sup> Index were Communication Services and Information Technology, while Materials and Consumer Staples lagged the broader market. The Fund's overweight in Materials and Consumer Staples, plus its underweight in Communication Services detracted from relative performance. |
| Industrials and Information Technology stocks | Negative | Overall, stock selection detracted from performance over the past 12 months with Industrials and Information Technology stocks underperforming the most. Some companies held by the Fund underperformed for idiosyncratic reasons. |
| Health Care and Real Estate sectors | Positive | While sector allocation overall was negative, the Fund's underweight allocations in both Health Care and Real Estate added to relative performance. |
| Style Factors | Negative | Growth, Volatility, and Momentum factors had the most positive impact on returns, while Value, Yield, and most of the Quality factors presented headwinds. The Fund is overweight Quality and Yield factors and underweight Growth and Volatility factors. |

---

During the 12 month period, the Fund established new positions in Ally Financial Inc. (Financials sector) and Avantor, Inc. (Health Care sector), added to positions in Ball Corporation (Materials sector), Bruker Corporation (Health Care sector), Entegris, Inc. (Information Technology sector), and Dollar Tree, Inc. (Consumer Staples sector), trimmed positions in CBRE Group, Inc. (Real Estate sector), Amphenol Corporation (Information Technology sector), Post Holdings, Inc. (Consumer Staples sector), Armstrong World Industries, Inc. (Industrials sector), and exited, BellRing Brands, Inc. (Consumer Staples sector), and Skyworks Solutions, Inc. (Information Technology sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | -5.32% | 7.95% | 10.21% |
| Class A - excluding sales load | -0.34% | 9.06% | 10.87% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 12.66% | 11.39% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $5281967485 |
| **Total number of portfolio holdings** | 34 |
| **Total advisory fees paid** | $36498055 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 25.6% |
| Financials | 15.7% |
| Materials | 11.9% |
| Consumer Discretionary | 11.2% |
| Health Care | 9.9% |
| Consumer Staples | 9.3% |
| Information Technology | 8.1% |
| Real Estate | 5.7% |
| Short-Term Investment Fund | 2.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TMAPX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Mid Cap Fund

#### CLASS C \| TMCJX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class C | $192 | 1.93% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of mid-cap U.S.-listed companies. The Fund utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings-to-enterprise value ratio, and free cash flow yield. Its goal is to purchase financially stable companies that are believed to consistently generate high returns on unleveraged operating capital, are run by shareholder-oriented managements and are trading at a discount to their respective private market values.

The Fund's Class C shares performance was (1.10)% (excluding sales loads) for the reporting period.

Over the 12 month period, U.S. stocks posted double-digit returns driven by the artificial intelligence growth theme and better-than-expected results, despite volatility from tax cut changes, monetary policy expectations, and aggressive tariff announcements. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. The acceleration of U.S. economic growth and risk-on optimism favored volatile, high-momentum stocks, putting the Fund's Quality style factor strategy out of favor over this period. This was more pronounced in lower market capitalization equities.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Materials, Consumer Staples, and Communication Services sectors | Negative | The best performing sectors for the Russell Midcap<sup>®</sup> Index were Communication Services and Information Technology, while Materials and Consumer Staples lagged the broader market. The Fund's overweight in Materials and Consumer Staples, plus its underweight in Communication Services detracted from relative performance. |
| Industrials and Information Technology stocks | Negative | Overall, stock selection detracted from performance over the past 12 months with Industrials and Information Technology stocks underperforming the most. Some companies held by the Fund underperformed for idiosyncratic reasons. |
| Health Care and Real Estate sectors | Positive | While sector allocation overall was negative, the Fund's underweight allocations in both Health Care and Real Estate added to relative performance. |
| Style Factors | Negative | Growth, Volatility, and Momentum factors had the most positive impact on returns, while Value, Yield, and most of the Quality factors presented headwinds. The Fund is overweight Quality and Yield factors and underweight Growth and Volatility factors. |

---

During the 12 month period, the Fund established new positions in Ally Financial Inc. (Financials sector) and Avantor, Inc. (Health Care sector), added to positions in Ball Corporation (Materials sector), Bruker Corporation (Health Care sector), Entegris, Inc. (Information Technology sector), and Dollar Tree, Inc. (Consumer Staples sector), trimmed positions in CBRE Group, Inc. (Real Estate sector), Amphenol Corporation (Information Technology sector), Post Holdings, Inc. (Consumer Staples sector), Armstrong World Industries, Inc. (Industrials sector), and exited, BellRing Brands, Inc. (Consumer Staples sector), and Skyworks Solutions, Inc. (Information Technology sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | -2.06% | 8.27% | 10.22% |
| Class C - excluding sales load | -1.10% | 8.27% | 10.22% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 12.66% | 11.39% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $5281967485 |
| **Total number of portfolio holdings** | 34 |
| **Total advisory fees paid** | $36498055 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 25.6% |
| Financials | 15.7% |
| Materials | 11.9% |
| Consumer Discretionary | 11.2% |
| Health Care | 9.9% |
| Consumer Staples | 9.3% |
| Information Technology | 8.1% |
| Real Estate | 5.7% |
| Short-Term Investment Fund | 2.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TMCJX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Mid Cap Fund

#### CLASS Y \| TMCPX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $92 | 0.92% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of mid-cap U.S.-listed companies. The Fund utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings-to-enterprise value ratio, and free cash flow yield. Its goal is to purchase financially stable companies that are believed to consistently generate high returns on unleveraged operating capital, are run by shareholder-oriented managements and are trading at a discount to their respective private market values.

The Fund's Class Y shares performance was (0.09)% for the reporting period.

Over the 12 month period, U.S. stocks posted double-digit returns driven by the artificial intelligence growth theme and better-than-expected results, despite volatility from tax cut changes, monetary policy expectations, and aggressive tariff announcements. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. The acceleration of U.S. economic growth and risk-on optimism favored volatile, high-momentum stocks, putting the Fund's Quality style factor strategy out of favor over this period. This was more pronounced in lower market capitalization equities.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Materials, Consumer Staples, and Communication Services sectors | Negative | The best performing sectors for the Russell Midcap<sup>®</sup> Index were Communication Services and Information Technology, while Materials and Consumer Staples lagged the broader market. The Fund's overweight in Materials and Consumer Staples, plus its underweight in Communication Services detracted from relative performance. |
| Industrials and Information Technology stocks | Negative | Overall, stock selection detracted from performance over the past 12 months with Industrials and Information Technology stocks underperforming the most. Some companies held by the Fund underperformed for idiosyncratic reasons. |
| Health Care and Real Estate sectors | Positive | While sector allocation overall was negative, the Fund's underweight allocations in both Health Care and Real Estate added to relative performance. |
| Style Factors | Negative | Growth, Volatility, and Momentum factors had the most positive impact on returns, while Value, Yield, and most of the Quality factors presented headwinds. The Fund is overweight Quality and Yield factors and underweight Growth and Volatility factors. |

---

During the 12 month period, the Fund established new positions in Ally Financial Inc. (Financials sector) and Avantor, Inc. (Health Care sector), added to positions in Ball Corporation (Materials sector), Bruker Corporation (Health Care sector), Entegris, Inc. (Information Technology sector), and Dollar Tree, Inc. (Consumer Staples sector), trimmed positions in CBRE Group, Inc. (Real Estate sector), Amphenol Corporation (Information Technology sector), Post Holdings, Inc. (Consumer Staples sector), Armstrong World Industries, Inc. (Industrials sector), and exited, BellRing Brands, Inc. (Consumer Staples sector), and Skyworks Solutions, Inc. (Information Technology sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | -0.09% | 9.36% | 11.16% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 12.66% | 11.39% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $5281967485 |
| **Total number of portfolio holdings** | 34 |
| **Total advisory fees paid** | $36498055 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 25.6% |
| Financials | 15.7% |
| Materials | 11.9% |
| Consumer Discretionary | 11.2% |
| Health Care | 9.9% |
| Consumer Staples | 9.3% |
| Information Technology | 8.1% |
| Real Estate | 5.7% |
| Short-Term Investment Fund | 2.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TMCPX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Mid Cap Fund

#### CLASS Z \| TMCTX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Z | $123 | 1.23% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of mid-cap U.S.-listed companies. The Fund utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings-to-enterprise value ratio, and free cash flow yield. Its goal is to purchase financially stable companies that are believed to consistently generate high returns on unleveraged operating capital, are run by shareholder-oriented managements and are trading at a discount to their respective private market values.

The Fund's Class Z shares performance was (0.40)% for the reporting period.

Over the 12 month period, U.S. stocks posted double-digit returns driven by the artificial intelligence growth theme and better-than-expected results, despite volatility from tax cut changes, monetary policy expectations, and aggressive tariff announcements. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. The acceleration of U.S. economic growth and risk-on optimism favored volatile, high-momentum stocks, putting the Fund's Quality style factor strategy out of favor over this period. This was more pronounced in lower market capitalization equities.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Materials, Consumer Staples, and Communication Services sectors | Negative | The best performing sectors for the Russell Midcap<sup>®</sup> Index were Communication Services and Information Technology, while Materials and Consumer Staples lagged the broader market. The Fund's overweight in Materials and Consumer Staples, plus its underweight in Communication Services detracted from relative performance. |
| Industrials and Information Technology stocks | Negative | Overall, stock selection detracted from performance over the past 12 months with Industrials and Information Technology stocks underperforming the most. Some companies held by the Fund underperformed for idiosyncratic reasons. |
| Health Care and Real Estate sectors | Positive | While sector allocation overall was negative, the Fund's underweight allocations in both Health Care and Real Estate added to relative performance. |
| Style Factors | Negative | Growth, Volatility, and Momentum factors had the most positive impact on returns, while Value, Yield, and most of the Quality factors presented headwinds. The Fund is overweight Quality and Yield factors and underweight Growth and Volatility factors. |

---

During the 12 month period, the Fund established new positions in Ally Financial Inc. (Financials sector) and Avantor, Inc. (Health Care sector), added to positions in Ball Corporation (Materials sector), Bruker Corporation (Health Care sector), Entegris, Inc. (Information Technology sector), and Dollar Tree, Inc. (Consumer Staples sector), trimmed positions in CBRE Group, Inc. (Real Estate sector), Amphenol Corporation (Information Technology sector), Post Holdings, Inc. (Consumer Staples sector), Armstrong World Industries, Inc. (Industrials sector), and exited, BellRing Brands, Inc. (Consumer Staples sector), and Skyworks Solutions, Inc. (Information Technology sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Z | -0.40% | 9.04% | 10.86% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 12.66% | 11.39% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $5281967485 |
| **Total number of portfolio holdings** | 34 |
| **Total advisory fees paid** | $36498055 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 25.6% |
| Financials | 15.7% |
| Materials | 11.9% |
| Consumer Discretionary | 11.2% |
| Health Care | 9.9% |
| Consumer Staples | 9.3% |
| Information Technology | 8.1% |
| Real Estate | 5.7% |
| Short-Term Investment Fund | 2.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TMCTX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Mid Cap Fund

#### INSTITUTIONAL CLASS \| TMPIX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $87 | 0.87% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of mid-cap U.S.-listed companies. The Fund utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings-to-enterprise value ratio, and free cash flow yield. Its goal is to purchase financially stable companies that are believed to consistently generate high returns on unleveraged operating capital, are run by shareholder-oriented managements and are trading at a discount to their respective private market values.

The Fund's Institutional Class shares performance was (0.04)% for the reporting period.

Over the 12 month period, U.S. stocks posted double-digit returns driven by the artificial intelligence growth theme and better-than-expected results, despite volatility from tax cut changes, monetary policy expectations, and aggressive tariff announcements. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. The acceleration of U.S. economic growth and risk-on optimism favored volatile, high-momentum stocks, putting the Fund's Quality style factor strategy out of favor over this period. This was more pronounced in lower market capitalization equities.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Materials, Consumer Staples, and Communication Services sectors | Negative | The best performing sectors for the Russell Midcap<sup>®</sup> Index were Communication Services and Information Technology, while Materials and Consumer Staples lagged the broader market. The Fund's overweight in Materials and Consumer Staples, plus its underweight in Communication Services detracted from relative performance. |
| Industrials and Information Technology stocks | Negative | Overall, stock selection detracted from performance over the past 12 months with Industrials and Information Technology stocks underperforming the most. Some companies held by the Fund underperformed for idiosyncratic reasons. |
| Health Care and Real Estate sectors | Positive | While sector allocation overall was negative, the Fund's underweight allocations in both Health Care and Real Estate added to relative performance. |
| Style Factors | Negative | Growth, Volatility, and Momentum factors had the most positive impact on returns, while Value, Yield, and most of the Quality factors presented headwinds. The Fund is overweight Quality and Yield factors and underweight Growth and Volatility factors. |

---

During the 12 month period, the Fund established new positions in Ally Financial Inc. (Financials sector) and Avantor, Inc. (Health Care sector), added to positions in Ball Corporation (Materials sector), Bruker Corporation (Health Care sector), Entegris, Inc. (Information Technology sector), and Dollar Tree, Inc. (Consumer Staples sector), trimmed positions in CBRE Group, Inc. (Real Estate sector), Amphenol Corporation (Information Technology sector), Post Holdings, Inc. (Consumer Staples sector), Armstrong World Industries, Inc. (Industrials sector), and exited, BellRing Brands, Inc. (Consumer Staples sector), and Skyworks Solutions, Inc. (Information Technology sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | -0.04% | 9.43% | 11.23% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 12.66% | 11.39% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $5281967485 |
| **Total number of portfolio holdings** | 34 |
| **Total advisory fees paid** | $36498055 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 25.6% |
| Financials | 15.7% |
| Materials | 11.9% |
| Consumer Discretionary | 11.2% |
| Health Care | 9.9% |
| Consumer Staples | 9.3% |
| Information Technology | 8.1% |
| Real Estate | 5.7% |
| Short-Term Investment Fund | 2.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TMPIX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Mid Cap Fund

#### CLASS R6 \| TMPRX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class R6 | $81 | 0.81% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of mid-cap U.S.-listed companies. The Fund utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings-to-enterprise value ratio, and free cash flow yield. Its goal is to purchase financially stable companies that are believed to consistently generate high returns on unleveraged operating capital, are run by shareholder-oriented managements and are trading at a discount to their respective private market values.

The Fund's Class R6 shares performance was 0.01% for the reporting period.

Over the 12 month period, U.S. stocks posted double-digit returns driven by the artificial intelligence growth theme and better-than-expected results, despite volatility from tax cut changes, monetary policy expectations, and aggressive tariff announcements. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. The acceleration of U.S. economic growth and risk-on optimism favored volatile, high-momentum stocks, putting the Fund's Quality style factor strategy out of favor over this period. This was more pronounced in lower market capitalization equities.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Materials, Consumer Staples, and Communication Services sectors | Negative | The best performing sectors for the Russell Midcap<sup>®</sup> Index were Communication Services and Information Technology, while Materials and Consumer Staples lagged the broader market. The Fund's overweight in Materials and Consumer Staples, plus its underweight in Communication Services detracted from relative performance. |
| Industrials and Information Technology stocks | Negative | Overall, stock selection detracted from performance over the past 12 months with Industrials and Information Technology stocks underperforming the most. Some companies held by the Fund underperformed for idiosyncratic reasons. |
| Health Care and Real Estate sectors | Positive | While sector allocation overall was negative, the Fund's underweight allocations in both Health Care and Real Estate added to relative performance. |
| Style Factors | Negative | Growth, Volatility, and Momentum factors had the most positive impact on returns, while Value, Yield, and most of the Quality factors presented headwinds. The Fund is overweight Quality and Yield factors and underweight Growth and Volatility factors. |

---

During the 12 month period, the Fund established new positions in Ally Financial Inc. (Financials sector) and Avantor, Inc. (Health Care sector), added to positions in Ball Corporation (Materials sector), Bruker Corporation (Health Care sector), Entegris, Inc. (Information Technology sector), and Dollar Tree, Inc. (Consumer Staples sector), trimmed positions in CBRE Group, Inc. (Real Estate sector), Amphenol Corporation (Information Technology sector), Post Holdings, Inc. (Consumer Staples sector), Armstrong World Industries, Inc. (Industrials sector), and exited, BellRing Brands, Inc. (Consumer Staples sector), and Skyworks Solutions, Inc. (Information Technology sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg014.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>1</sup> | 0.01% | 9.49% | 11.22% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 12.66% | 11.39% |

---

 **<sup>1</sup>** **The inception date was February 22, 2021. Performance information was calculated using the historical performance of Class Y shares for the periods prior to February 22, 2021.** 

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $5281967485 |
| **Total number of portfolio holdings** | 34 |
| **Total advisory fees paid** | $36498055 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 25.6% |
| Financials | 15.7% |
| Materials | 11.9% |
| Consumer Discretionary | 11.2% |
| Health Care | 9.9% |
| Consumer Staples | 9.3% |
| Information Technology | 8.1% |
| Real Estate | 5.7% |
| Short-Term Investment Fund | 2.7% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TMPRX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Mid Cap Value Fund

#### CLASS A \| TCVAX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Value Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $125 | 1.22% |

---

#### Management's Discussion of Fund Performance
The Fund seeks capital appreciation by investing primarily in common stocks of medium capitalization companies. The Fund seeks to identify companies believed to be selling at a discount to their intrinsic value.

The Fund's Class A shares performance was 4.63% (excluding sales loads) for the reporting period.

For the 12 months ending September 30, 2025, market conditions were challenging for the Fund's investment approach, with no clear style factor trends within the Russell Midcap<sup>®</sup> Value Index across metrics such as price to earnings ratio, beta, return on equity, or market capitalization. The best-performing benchmark sectors were Communication Services, Energy, Financials, and Information Technology, while Health Care, Materials, and Consumer Staples lagged the benchmark's 7.58% overall return.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Health Care stocks | Positive | Strong stock selection in an underperforming sector, particularly within the Fund's portfolio Health Care Providers and Services Industry exposure, contributed to relative performance. |
| Utilities stocks & sector | Positive | The Fund's portfolio benefited from good stock selection and its overweight to an outperforming sector. Several of the Fund's holdings traded higher as the perceived beneficiaries from artificial intelligence data center energy needs. |
| Consumer Discretionary stocks | Negative | Weakness stemmed from positions in LKQ Corporation (LKQ) and Columbia Sportswear Company (Columbia). LKQ faced soft repair volumes as rising auto insurance rates discouraged vehicle repairs, while Columbia struggled with weak results, increased competition, and pricing pressure in the mid-to-low market segment. The Fund exited the Columbia position in August 2025. |
| Energy stocks | Negative | The Energy sector underperformed due to weakness in exploration and production holdings. ChampionX Corp (CHX) was the largest detractor after Schlumberger Ltd. (SLB) announced an all-equity acquisition. As SLB shares fell on reduced activity in its core North American and international markets, CHX declined accordingly. |

---

The Fund remained underweight in Real Estate and Communication Services and overweight in Utilities and Health Care, reflecting the sub-adviser's sector-specific opportunity outlook.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | -0.61% | 10.44% | 8.02% |
| Class A - excluding sales load | 4.63% | 11.58% | 8.67% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 13.66% | 9.96% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $554538934 |
| **Total number of portfolio holdings** | 72 |
| **Total advisory fees paid** | $4104383 |
| **Portfolio turnover rate** | 32% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 18.7% |
| Industrials | 18.6% |
| Information Technology | 11.4% |
| Health Care | 10.2% |
| Utilities | 10.2% |
| Consumer Discretionary | 6.8% |
| Consumer Staples | 6.4% |
| Materials | 5.6% |
| Real Estate | 5.6% |
| Energy | 4.9% |
| Exchange-Traded Fund | 1.0% |
| Short-Term Investment Fund | 0.6% |
| Other Assets/Liabilities (Net) | 0.0% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective June 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.64% on the first $750 million and 0.60% on assets over $750 million. Additionally, the expense limitation for Class A was reduced to 1.15% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TCVAX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Mid Cap Value Fund

#### CLASS C \| TMFCX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Value Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class C | $196 | 1.92% |

---

#### Management's Discussion of Fund Performance
The Fund seeks capital appreciation by investing primarily in common stocks of medium capitalization companies. The Fund seeks to identify companies believed to be selling at a discount to their intrinsic value.

The Fund's Class C shares performance was 3.90% (excluding sales loads) for the reporting period.

For the 12 months ending September 30, 2025, market conditions were challenging for the Fund's investment approach, with no clear style factor trends within the Russell Midcap<sup>®</sup> Value Index across metrics such as price to earnings ratio, beta, return on equity, or market capitalization. The best-performing benchmark sectors were Communication Services, Energy, Financials, and Information Technology, while Health Care, Materials, and Consumer Staples lagged the benchmark's 7.58% overall return.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Health Care stocks | Positive | Strong stock selection in an underperforming sector, particularly within the Fund's portfolio Health Care Providers and Services Industry exposure, contributed to relative performance. |
| Utilities stocks & sector | Positive | The Fund's portfolio benefited from good stock selection and its overweight to an outperforming sector. Several of the Fund's holdings traded higher as the perceived beneficiaries from artificial intelligence data center energy needs. |
| Consumer Discretionary stocks | Negative | Weakness stemmed from positions in LKQ Corporation (LKQ) and Columbia Sportswear Company (Columbia). LKQ faced soft repair volumes as rising auto insurance rates discouraged vehicle repairs, while Columbia struggled with weak results, increased competition, and pricing pressure in the mid-to-low market segment. The Fund exited the Columbia position in August 2025. |
| Energy stocks | Negative | The Energy sector underperformed due to weakness in exploration and production holdings. ChampionX Corp (CHX) was the largest detractor after Schlumberger Ltd. (SLB) announced an all-equity acquisition. As SLB shares fell on reduced activity in its core North American and international markets, CHX declined accordingly. |

---

The Fund remained underweight in Real Estate and Communication Services and overweight in Utilities and Health Care, reflecting the sub-adviser's sector-specific opportunity outlook.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg016.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 2.91% | 10.76% | 8.03% |
| Class C - excluding sales load | 3.90% | 10.76% | 8.03% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 13.66% | 9.96% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $554538934 |
| **Total number of portfolio holdings** | 72 |
| **Total advisory fees paid** | $4104383 |
| **Portfolio turnover rate** | 32% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 18.7% |
| Industrials | 18.6% |
| Information Technology | 11.4% |
| Health Care | 10.2% |
| Utilities | 10.2% |
| Consumer Discretionary | 6.8% |
| Consumer Staples | 6.4% |
| Materials | 5.6% |
| Real Estate | 5.6% |
| Energy | 4.9% |
| Exchange-Traded Fund | 1.0% |
| Short-Term Investment Fund | 0.6% |
| Other Assets/Liabilities (Net) | 0.0% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective June 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.64% on the first $750 million and 0.60% on assets over $750 million. Additionally, the expense limitation for Class C was reduced to 1.90% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TMFCX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Mid Cap Value Fund

#### CLASS Y \| TCVYX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Value Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $100 | 0.98% |

---

#### Management's Discussion of Fund Performance
The Fund seeks capital appreciation by investing primarily in common stocks of medium capitalization companies. The Fund seeks to identify companies believed to be selling at a discount to their intrinsic value.

The Fund's Class Y shares performance was 4.87% for the reporting period.

For the 12 months ending September 30, 2025, market conditions were challenging for the Fund's investment approach, with no clear style factor trends within the Russell Midcap<sup>®</sup> Value Index across metrics such as price to earnings ratio, beta, return on equity, or market capitalization. The best-performing benchmark sectors were Communication Services, Energy, Financials, and Information Technology, while Health Care, Materials, and Consumer Staples lagged the benchmark's 7.58% overall return.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Health Care stocks | Positive | Strong stock selection in an underperforming sector, particularly within the Fund's portfolio Health Care Providers and Services Industry exposure, contributed to relative performance. |
| Utilities stocks & sector | Positive | The Fund's portfolio benefited from good stock selection and its overweight to an outperforming sector. Several of the Fund's holdings traded higher as the perceived beneficiaries from artificial intelligence data center energy needs. |
| Consumer Discretionary stocks | Negative | Weakness stemmed from positions in LKQ Corporation (LKQ) and Columbia Sportswear Company (Columbia). LKQ faced soft repair volumes as rising auto insurance rates discouraged vehicle repairs, while Columbia struggled with weak results, increased competition, and pricing pressure in the mid-to-low market segment. The Fund exited the Columbia position in August 2025. |
| Energy stocks | Negative | The Energy sector underperformed due to weakness in exploration and production holdings. ChampionX Corp (CHX) was the largest detractor after Schlumberger Ltd. (SLB) announced an all-equity acquisition. As SLB shares fell on reduced activity in its core North American and international markets, CHX declined accordingly. |

---

The Fund remained underweight in Real Estate and Communication Services and overweight in Utilities and Health Care, reflecting the sub-adviser's sector-specific opportunity outlook.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg017.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 4.87% | 11.85% | 8.93% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 13.66% | 9.96% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $554538934 |
| **Total number of portfolio holdings** | 72 |
| **Total advisory fees paid** | $4104383 |
| **Portfolio turnover rate** | 32% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 18.7% |
| Industrials | 18.6% |
| Information Technology | 11.4% |
| Health Care | 10.2% |
| Utilities | 10.2% |
| Consumer Discretionary | 6.8% |
| Consumer Staples | 6.4% |
| Materials | 5.6% |
| Real Estate | 5.6% |
| Energy | 4.9% |
| Exchange-Traded Fund | 1.0% |
| Short-Term Investment Fund | 0.6% |
| Other Assets/Liabilities (Net) | 0.0% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective June 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.64% on the first $750 million and 0.60% on assets over $750 million. Additionally, the expense limitation for Class Y was reduced to 0.92% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TCVYX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Mid Cap Value Fund

#### INSTITUTIONAL CLASS \| TCVIX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Mid Cap Value Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $87 | 0.85% |

---

#### Management's Discussion of Fund Performance
The Fund seeks capital appreciation by investing primarily in common stocks of medium capitalization companies. The Fund seeks to identify companies believed to be selling at a discount to their intrinsic value.

The Fund's Institutional Class shares performance was 4.97% for the reporting period.

For the 12 months ending September 30, 2025, market conditions were challenging for the Fund's investment approach, with no clear style factor trends within the Russell Midcap<sup>®</sup> Value Index across metrics such as price to earnings ratio, beta, return on equity, or market capitalization. The best-performing benchmark sectors were Communication Services, Energy, Financials, and Information Technology, while Health Care, Materials, and Consumer Staples lagged the benchmark's 7.58% overall return.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Health Care stocks | Positive | Strong stock selection in an underperforming sector, particularly within the Fund's portfolio Health Care Providers and Services Industry exposure, contributed to relative performance. |
| Utilities stocks & sector | Positive | The Fund's portfolio benefited from good stock selection and its overweight to an outperforming sector. Several of the Fund's holdings traded higher as the perceived beneficiaries from artificial intelligence data center energy needs. |
| Consumer Discretionary stocks | Negative | Weakness stemmed from positions in LKQ Corporation (LKQ) and Columbia Sportswear Company (Columbia). LKQ faced soft repair volumes as rising auto insurance rates discouraged vehicle repairs, while Columbia struggled with weak results, increased competition, and pricing pressure in the mid-to-low market segment. The Fund exited the Columbia position in August 2025. |
| Energy stocks | Negative | The Energy sector underperformed due to weakness in exploration and production holdings. ChampionX Corp (CHX) was the largest detractor after Schlumberger Ltd. (SLB) announced an all-equity acquisition. As SLB shares fell on reduced activity in its core North American and international markets, CHX declined accordingly. |

---

The Fund remained underweight in Real Estate and Communication Services and overweight in Utilities and Health Care, reflecting the sub-adviser's sector-specific opportunity outlook.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg018.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 4.97% | 12.00% | 9.08% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 13.66% | 9.96% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $554538934 |
| **Total number of portfolio holdings** | 72 |
| **Total advisory fees paid** | $4104383 |
| **Portfolio turnover rate** | 32% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 18.7% |
| Industrials | 18.6% |
| Information Technology | 11.4% |
| Health Care | 10.2% |
| Utilities | 10.2% |
| Consumer Discretionary | 6.8% |
| Consumer Staples | 6.4% |
| Materials | 5.6% |
| Real Estate | 5.6% |
| Energy | 4.9% |
| Exchange-Traded Fund | 1.0% |
| Short-Term Investment Fund | 0.6% |
| Other Assets/Liabilities (Net) | 0.0% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective June 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.64% on the first $750 million and 0.60% on assets over $750 million. Additionally, the expense limitation for Institutional Class was reduced to 0.82% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TCVIX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Sands Capital International Growth Equity Fund

#### CLASS A \| TPYAX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $123 | 1.17% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation.

The Fund's Class A shares performance was 10.13% (excluding sales loads) for the reporting period.

International equities, as measured by the MSCI All Country World Ex USA Index, returned 16.45% during the period. Importantly, the period captured the best start to a calendar year for international equities versus U.S. equities since 2009. Emerging and Developed Asia were strong contributors driven by strong results in China, Taiwan, and Japan. From a sector perspective, Financials and Communication Services led the index higher, while Health Care and Consumer Staples were its largest detractors.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Western Europe stock performance | Negative | Despite strong performance by Western Europe this period, the Fund's positions in Switzerland, Netherlands, and Germany underperformed compared to the MSCI All Country World Ex USA Index. |
| Industrials sector stock performance | Negative | The Fund's positions in the sector, including IMCD N.V., WEG SA, and VAT Group AG, underperformed. |
| Emerging Asia | Positive | The Fund's positions in India and Taiwan outperformed. |
| Developed Asia | Positive | The Fund's positions in Australia and Singapore outperformed. |

---

During the period, the Fund initiated positions in Spotify Technology SA (Sweden, Information Technology sector), Pro Medicus Ltd. (Australia, Health Care sector), On Holding AG (Switzerland, Consumer Discretionary sector), Galderma Group AG (Switzerland, Health Care sector), Argenx SE (Belgium, Health Care sector), 3i Group plc (United Kingdom, Financials sector), and Nu Holdings Ltd. (Brazil, Financials sector). It exited positions in Genmab A/S (Denmark, Health Care sector), Zalando SE (Germany, Consumer Discretionary sector), Lonza Group AG (Switzerland, Health Care sector), Recruit Holdings Co. Ltd. (Japan, Industrials sector), SMC Corp. (Japan, Industrials sector), and Sika AG (Switzerland, Materials sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg019.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.60% | 7.91% | 7.84% |
| Class A - excluding sales load | 10.13% | 9.02% | 8.48% |
| MSCI All Country World Ex USA Index | 16.45% | 10.26% | 8.23% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $109780037 |
| **Total number of portfolio holdings** | 33 |
| **Total advisory fees paid** | $679538 |
| **Portfolio turnover rate** | 19% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Consumer Discretionary | 23.3% |
| Information Technology | 22.9% |
| Communication Services | 12.1% |
| Financials | 11.1% |
| Health Care | 9.0% |
| Industrials | 8.6% |
| Consumer Staples | 5.8% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 6.5% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 6.5% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TPYAX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Sands Capital International Growth Equity Fund

#### CLASS C \| TPYCX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class C | $203 | 1.94% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation.

The Fund's Class C shares performance was 9.23% (excluding sales loads) for the reporting period.

International equities, as measured by the MSCI All Country World Ex USA Index, returned 16.45% during the period. Importantly, the period captured the best start to a calendar year for international equities versus U.S. equities since 2009. Emerging and Developed Asia were strong contributors driven by strong results in China, Taiwan, and Japan. From a sector perspective, Financials and Communication Services led the index higher, while Health Care and Consumer Staples were its largest detractors.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Western Europe stock performance | Negative | Despite strong performance by Western Europe this period, the Fund's positions in Switzerland, Netherlands, and Germany underperformed compared to the MSCI All Country World Ex USA Index. |
| Industrials sector stock performance | Negative | The Fund's positions in the sector, including IMCD N.V., WEG SA, and VAT Group AG, underperformed. |
| Emerging Asia | Positive | The Fund's positions in India and Taiwan outperformed. |
| Developed Asia | Positive | The Fund's positions in Australia and Singapore outperformed. |

---

During the period, the Fund initiated positions in Spotify Technology SA (Sweden, Information Technology sector), Pro Medicus Ltd. (Australia, Health Care sector), On Holding AG (Switzerland, Consumer Discretionary sector), Galderma Group AG (Switzerland, Health Care sector), Argenx SE (Belgium, Health Care sector), 3i Group plc (United Kingdom, Financials sector), and Nu Holdings Ltd. (Brazil, Financials sector). It exited positions in Genmab A/S (Denmark, Health Care sector), Zalando SE (Germany, Consumer Discretionary sector), Lonza Group AG (Switzerland, Health Care sector), Recruit Holdings Co. Ltd. (Japan, Industrials sector), SMC Corp. (Japan, Industrials sector), and Sika AG (Switzerland, Materials sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg020.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 8.23% | 8.18% | 7.84% |
| Class C - excluding sales load | 9.23% | 8.18% | 7.84% |
| MSCI All Country World Ex USA Index | 16.45% | 10.26% | 8.23% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $109780037 |
| **Total number of portfolio holdings** | 33 |
| **Total advisory fees paid** | $679538 |
| **Portfolio turnover rate** | 19% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Consumer Discretionary | 23.3% |
| Information Technology | 22.9% |
| Communication Services | 12.1% |
| Financials | 11.1% |
| Health Care | 9.0% |
| Industrials | 8.6% |
| Consumer Staples | 5.8% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 6.5% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 6.5% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TPYCX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Sands Capital International Growth Equity Fund

#### CLASS Y \| TPYYX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $95 | 0.90% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation.

The Fund's Class Y shares performance was 10.34% for the reporting period.

International equities, as measured by the MSCI All Country World Ex USA Index, returned 16.45% during the period. Importantly, the period captured the best start to a calendar year for international equities versus U.S. equities since 2009. Emerging and Developed Asia were strong contributors driven by strong results in China, Taiwan, and Japan. From a sector perspective, Financials and Communication Services led the index higher, while Health Care and Consumer Staples were its largest detractors.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Western Europe stock performance | Negative | Despite strong performance by Western Europe this period, the Fund's positions in Switzerland, Netherlands, and Germany underperformed compared to the MSCI All Country World Ex USA Index. |
| Industrials sector stock performance | Negative | The Fund's positions in the sector, including IMCD N.V., WEG SA, and VAT Group AG, underperformed. |
| Emerging Asia | Positive | The Fund's positions in India and Taiwan outperformed. |
| Developed Asia | Positive | The Fund's positions in Australia and Singapore outperformed. |

---

During the period, the Fund initiated positions in Spotify Technology SA (Sweden, Information Technology sector), Pro Medicus Ltd. (Australia, Health Care sector), On Holding AG (Switzerland, Consumer Discretionary sector), Galderma Group AG (Switzerland, Health Care sector), Argenx SE (Belgium, Health Care sector), 3i Group plc (United Kingdom, Financials sector), and Nu Holdings Ltd. (Brazil, Financials sector). It exited positions in Genmab A/S (Denmark, Health Care sector), Zalando SE (Germany, Consumer Discretionary sector), Lonza Group AG (Switzerland, Health Care sector), Recruit Holdings Co. Ltd. (Japan, Industrials sector), SMC Corp. (Japan, Industrials sector), and Sika AG (Switzerland, Materials sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg021.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 10.34% | 9.32% | 8.77% |
| MSCI All Country World Ex USA Index | 16.45% | 10.26% | 8.23% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $109780037 |
| **Total number of portfolio holdings** | 33 |
| **Total advisory fees paid** | $679538 |
| **Portfolio turnover rate** | 19% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Consumer Discretionary | 23.3% |
| Information Technology | 22.9% |
| Communication Services | 12.1% |
| Financials | 11.1% |
| Health Care | 9.0% |
| Industrials | 8.6% |
| Consumer Staples | 5.8% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 6.5% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 6.5% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TPYYX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Sands Capital International Growth Equity Fund

#### INSTITUTIONAL CLASS \| TPYIX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $90 | 0.86% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation.

The Fund's Institutional Class shares performance was 10.43% for the reporting period.

International equities, as measured by the MSCI All Country World Ex USA Index, returned 16.45% during the period. Importantly, the period captured the best start to a calendar year for international equities versus U.S. equities since 2009. Emerging and Developed Asia were strong contributors driven by strong results in China, Taiwan, and Japan. From a sector perspective, Financials and Communication Services led the index higher, while Health Care and Consumer Staples were its largest detractors.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Western Europe stock performance | Negative | Despite strong performance by Western Europe this period, the Fund's positions in Switzerland, Netherlands, and Germany underperformed compared to the MSCI All Country World Ex USA Index. |
| Industrials sector stock performance | Negative | The Fund's positions in the sector, including IMCD N.V., WEG SA, and VAT Group AG, underperformed. |
| Emerging Asia | Positive | The Fund's positions in India and Taiwan outperformed. |
| Developed Asia | Positive | The Fund's positions in Australia and Singapore outperformed. |

---

During the period, the Fund initiated positions in Spotify Technology SA (Sweden, Information Technology sector), Pro Medicus Ltd. (Australia, Health Care sector), On Holding AG (Switzerland, Consumer Discretionary sector), Galderma Group AG (Switzerland, Health Care sector), Argenx SE (Belgium, Health Care sector), 3i Group plc (United Kingdom, Financials sector), and Nu Holdings Ltd. (Brazil, Financials sector). It exited positions in Genmab A/S (Denmark, Health Care sector), Zalando SE (Germany, Consumer Discretionary sector), Lonza Group AG (Switzerland, Health Care sector), Recruit Holdings Co. Ltd. (Japan, Industrials sector), SMC Corp. (Japan, Industrials sector), and Sika AG (Switzerland, Materials sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg022.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class<sup>1</sup> | 10.43% | 9.36% | 8.79% |
| MSCI All Country World Ex USA Index | 16.45% | 10.26% | 8.23% |

---

 **<sup>1</sup>** **The inception date was August 23, 2019. Performance information was calculated using the historical performance of Class Y shares for the periods prior to August 23, 2019.** 

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $109780037 |
| **Total number of portfolio holdings** | 33 |
| **Total advisory fees paid** | $679538 |
| **Portfolio turnover rate** | 19% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Consumer Discretionary | 23.3% |
| Information Technology | 22.9% |
| Communication Services | 12.1% |
| Financials | 11.1% |
| Health Care | 9.0% |
| Industrials | 8.6% |
| Consumer Staples | 5.8% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 6.5% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 6.5% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TPYIX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Sands Capital International Growth Equity Fund

#### CLASS R6 \| TPYRX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class R6 | $82 | 0.78% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation.

The Fund's Class R6 shares performance was 10.45% for the reporting period.

International equities, as measured by the MSCI All Country World Ex USA Index, returned 16.45% during the period. Importantly, the period captured the best start to a calendar year for international equities versus U.S. equities since 2009. Emerging and Developed Asia were strong contributors driven by strong results in China, Taiwan, and Japan. From a sector perspective, Financials and Communication Services led the index higher, while Health Care and Consumer Staples were its largest detractors.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Western Europe stock performance | Negative | Despite strong performance by Western Europe this period, the Fund's positions in Switzerland, Netherlands, and Germany underperformed compared to the MSCI All Country World Ex USA Index. |
| Industrials sector stock performance | Negative | The Fund's positions in the sector, including IMCD N.V., WEG SA, and VAT Group AG, underperformed. |
| Emerging Asia | Positive | The Fund's positions in India and Taiwan outperformed. |
| Developed Asia | Positive | The Fund's positions in Australia and Singapore outperformed. |

---

During the period, the Fund initiated positions in Spotify Technology SA (Sweden, Information Technology sector), Pro Medicus Ltd. (Australia, Health Care sector), On Holding AG (Switzerland, Consumer Discretionary sector), Galderma Group AG (Switzerland, Health Care sector), Argenx SE (Belgium, Health Care sector), 3i Group plc (United Kingdom, Financials sector), and Nu Holdings Ltd. (Brazil, Financials sector). It exited positions in Genmab A/S (Denmark, Health Care sector), Zalando SE (Germany, Consumer Discretionary sector), Lonza Group AG (Switzerland, Health Care sector), Recruit Holdings Co. Ltd. (Japan, Industrials sector), SMC Corp. (Japan, Industrials sector), and Sika AG (Switzerland, Materials sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg023.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>1</sup> | 10.45% | 9.36% | 8.79% |
| MSCI All Country World Ex USA Index | 16.45% | 10.26% | 8.23% |

---

 **<sup>1</sup>** **The inception date was August 31, 2023. Performance information was calculated using the historical performance of Institutional Class shares for the periods prior to August 31, 2023.** 

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $109780037 |
| **Total number of portfolio holdings** | 33 |
| **Total advisory fees paid** | $679538 |
| **Portfolio turnover rate** | 19% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Consumer Discretionary | 23.3% |
| Information Technology | 22.9% |
| Communication Services | 12.1% |
| Financials | 11.1% |
| Health Care | 9.0% |
| Industrials | 8.6% |
| Consumer Staples | 5.8% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 6.5% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 6.5% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TPYRX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Sands Capital Select Growth Fund

#### CLASS A \| TSNAX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $134 | 1.15% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation by primarily investing in common stocks of large capitalization U.S. companies that are believed to have above-average potential for revenue or earnings growth. The Fund typically invests in 25 to 35 companies and generally seeks stocks with sustainable above-average earnings growth and capital appreciation potential. In addition, the Fund seeks to invest in companies that have a significant competitive advantage, a leadership position or proprietary niche, a clear mission in an understandable business, financial strength and are valued rationally in relation to comparable companies, the market and the business prospects for that particular company.

The Fund's Class A shares performance was 33.22% (excluding sales loads) for the reporting period.

During the 12-month period ended September 30, 2025, U.S. large cap growth equities delivered strong returns, supported by resilient corporate earnings, shifting monetary policy expectations, and intensifying enthusiasm for artificial intelligence ("AI"). The period was marked by episodic shocks, from geopolitical tensions and rising tariffs to inflation surprises and rapid advances in AI, but markets largely climbed a wall of worry, buoyed by robust earnings and accelerating investment in digital infrastructure.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Communication Services stock performance | Positive | The Fund's positions in Roblox Corp, Spotify Technology, and Netflix Inc. outperformed. |
| Information Technology stock performance | Positive | The Fund's positions in Cloudflare Inc., Apple Inc., and Shopify Inc. outperformed. |
| Financials stock performance | Negative | The Fund's positions in Arthur J. Gallagher & Co and Intercontinental Exchange Inc. underperformed. |

---

The Fund initiated positions in ten companies and exited nine. The Fund's purchases were Arthur J. Gallagher & Co. (Financials sector), AppLovin Corp., Broadcom Inc., Oracle Corp, Taiwan Semiconductor Manufacturing Co. Ltd. (all Information Technology sector), Axon Enterprise Inc. (Industrials sector), Carvana Co. (Consumer Discretionary sector), Alphabet, Inc. (Communication Services sector), and Venture Global Inc. (Energy sector). Exited positions included Apple Inc., ASML Holding N.V., Entegris, Inc., Lam Research Corporation, Okta, Inc., Snowflake Inc. (all Information Technology sector), Edwards Lifesciences Corporation (Health Care sector), Floor & Décor Holdings Inc. (Consumer Discretionary sector), and Uber Technologies, Inc. (Industrials sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 26.52% | 5.83% | 13.34% |
| Class A - excluding sales load | 33.22% | 6.92% | 14.02% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2550197044 |
| **Total number of portfolio holdings** | 32 |
| **Total advisory fees paid** | $15105127 |
| **Portfolio turnover rate** | 55% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 49.9% |
| Communication Services | 18.5% |
| Consumer Discretionary | 14.6% |
| Financials | 12.6% |
| Health Care | 1.7% |
| Industrials | 1.3% |
| Energy | 0.8% |
| Short-Term Investment Funds | 1.3% |
| Other Assets/Liabilities (Net) | (0.7)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TSNAX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Sands Capital Select Growth Fund

#### CLASS C \| TSNCX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class C | $206 | 1.77% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation by primarily investing in common stocks of large capitalization U.S. companies that are believed to have above-average potential for revenue or earnings growth. The Fund typically invests in 25 to 35 companies and generally seeks stocks with sustainable above-average earnings growth and capital appreciation potential. In addition, the Fund seeks to invest in companies that have a significant competitive advantage, a leadership position or proprietary niche, a clear mission in an understandable business, financial strength and are valued rationally in relation to comparable companies, the market and the business prospects for that particular company.

The Fund's Class C shares performance was 32.38% (excluding sales loads) for the reporting period.

During the 12-month period ended September 30, 2025, U.S. large cap growth equities delivered strong returns, supported by resilient corporate earnings, shifting monetary policy expectations, and intensifying enthusiasm for artificial intelligence ("AI"). The period was marked by episodic shocks, from geopolitical tensions and rising tariffs to inflation surprises and rapid advances in AI, but markets largely climbed a wall of worry, buoyed by robust earnings and accelerating investment in digital infrastructure.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Communication Services stock performance | Positive | The Fund's positions in Roblox Corp, Spotify Technology, and Netflix Inc. outperformed. |
| Information Technology stock performance | Positive | The Fund's positions in Cloudflare Inc., Apple Inc., and Shopify Inc. outperformed. |
| Financials stock performance | Negative | The Fund's positions in Arthur J. Gallagher & Co and Intercontinental Exchange Inc. underperformed. |

---

The Fund initiated positions in ten companies and exited nine. The Fund's purchases were Arthur J. Gallagher & Co. (Financials sector), AppLovin Corp., Broadcom Inc., Oracle Corp, Taiwan Semiconductor Manufacturing Co. Ltd. (all Information Technology sector), Axon Enterprise Inc. (Industrials sector), Carvana Co. (Consumer Discretionary sector), Alphabet, Inc. (Communication Services sector), and Venture Global Inc. (Energy sector). Exited positions included Apple Inc., ASML Holding N.V., Entegris, Inc., Lam Research Corporation, Okta, Inc., Snowflake Inc. (all Information Technology sector), Edwards Lifesciences Corporation (Health Care sector), Floor & Décor Holdings Inc. (Consumer Discretionary sector), and Uber Technologies, Inc. (Industrials sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg025.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 31.38% | 6.22% | 13.36% |
| Class C - excluding sales load | 32.38% | 6.22% | 13.36% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2550197044 |
| **Total number of portfolio holdings** | 32 |
| **Total advisory fees paid** | $15105127 |
| **Portfolio turnover rate** | 55% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 49.9% |
| Communication Services | 18.5% |
| Consumer Discretionary | 14.6% |
| Financials | 12.6% |
| Health Care | 1.7% |
| Industrials | 1.3% |
| Energy | 0.8% |
| Short-Term Investment Funds | 1.3% |
| Other Assets/Liabilities (Net) | (0.7)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TSNCX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Sands Capital Select Growth Fund

#### CLASS Y \| CFSIX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $102 | 0.87% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation by primarily investing in common stocks of large capitalization U.S. companies that are believed to have above-average potential for revenue or earnings growth. The Fund typically invests in 25 to 35 companies and generally seeks stocks with sustainable above-average earnings growth and capital appreciation potential. In addition, the Fund seeks to invest in companies that have a significant competitive advantage, a leadership position or proprietary niche, a clear mission in an understandable business, financial strength and are valued rationally in relation to comparable companies, the market and the business prospects for that particular company.

The Fund's Class Y shares performance was 33.60% for the reporting period.

During the 12-month period ended September 30, 2025, U.S. large cap growth equities delivered strong returns, supported by resilient corporate earnings, shifting monetary policy expectations, and intensifying enthusiasm for artificial intelligence ("AI"). The period was marked by episodic shocks, from geopolitical tensions and rising tariffs to inflation surprises and rapid advances in AI, but markets largely climbed a wall of worry, buoyed by robust earnings and accelerating investment in digital infrastructure.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Communication Services stock performance | Positive | The Fund's positions in Roblox Corp, Spotify Technology, and Netflix Inc. outperformed. |
| Information Technology stock performance | Positive | The Fund's positions in Cloudflare Inc., Apple Inc., and Shopify Inc. outperformed. |
| Financials stock performance | Negative | The Fund's positions in Arthur J. Gallagher & Co and Intercontinental Exchange Inc. underperformed. |

---

The Fund initiated positions in ten companies and exited nine. The Fund's purchases were Arthur J. Gallagher & Co. (Financials sector), AppLovin Corp., Broadcom Inc., Oracle Corp, Taiwan Semiconductor Manufacturing Co. Ltd. (all Information Technology sector), Axon Enterprise Inc. (Industrials sector), Carvana Co. (Consumer Discretionary sector), Alphabet, Inc. (Communication Services sector), and Venture Global Inc. (Energy sector). Exited positions included Apple Inc., ASML Holding N.V., Entegris, Inc., Lam Research Corporation, Okta, Inc., Snowflake Inc. (all Information Technology sector), Edwards Lifesciences Corporation (Health Care sector), Floor & Décor Holdings Inc. (Consumer Discretionary sector), and Uber Technologies, Inc. (Industrials sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 33.60% | 7.20% | 14.31% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2550197044 |
| **Total number of portfolio holdings** | 32 |
| **Total advisory fees paid** | $15105127 |
| **Portfolio turnover rate** | 55% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 49.9% |
| Communication Services | 18.5% |
| Consumer Discretionary | 14.6% |
| Financials | 12.6% |
| Health Care | 1.7% |
| Industrials | 1.3% |
| Energy | 0.8% |
| Short-Term Investment Funds | 1.3% |
| Other Assets/Liabilities (Net) | (0.7)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-CFSIX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Sands Capital Select Growth Fund

#### CLASS Z \| PTSGX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Z | $135 | 1.16% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation by primarily investing in common stocks of large capitalization U.S. companies that are believed to have above-average potential for revenue or earnings growth. The Fund typically invests in 25 to 35 companies and generally seeks stocks with sustainable above-average earnings growth and capital appreciation potential. In addition, the Fund seeks to invest in companies that have a significant competitive advantage, a leadership position or proprietary niche, a clear mission in an understandable business, financial strength and are valued rationally in relation to comparable companies, the market and the business prospects for that particular company.

The Fund's Class Z shares performance was 33.17% for the reporting period.

During the 12-month period ended September 30, 2025, U.S. large cap growth equities delivered strong returns, supported by resilient corporate earnings, shifting monetary policy expectations, and intensifying enthusiasm for artificial intelligence ("AI"). The period was marked by episodic shocks, from geopolitical tensions and rising tariffs to inflation surprises and rapid advances in AI, but markets largely climbed a wall of worry, buoyed by robust earnings and accelerating investment in digital infrastructure.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Communication Services stock performance | Positive | The Fund's positions in Roblox Corp, Spotify Technology, and Netflix Inc. outperformed. |
| Information Technology stock performance | Positive | The Fund's positions in Cloudflare Inc., Apple Inc., and Shopify Inc. outperformed. |
| Financials stock performance | Negative | The Fund's positions in Arthur J. Gallagher & Co and Intercontinental Exchange Inc. underperformed. |

---

The Fund initiated positions in ten companies and exited nine. The Fund's purchases were Arthur J. Gallagher & Co. (Financials sector), AppLovin Corp., Broadcom Inc., Oracle Corp, Taiwan Semiconductor Manufacturing Co. Ltd. (all Information Technology sector), Axon Enterprise Inc. (Industrials sector), Carvana Co. (Consumer Discretionary sector), Alphabet, Inc. (Communication Services sector), and Venture Global Inc. (Energy sector). Exited positions included Apple Inc., ASML Holding N.V., Entegris, Inc., Lam Research Corporation, Okta, Inc., Snowflake Inc. (all Information Technology sector), Edwards Lifesciences Corporation (Health Care sector), Floor & Décor Holdings Inc. (Consumer Discretionary sector), and Uber Technologies, Inc. (Industrials sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg027.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Z | 33.17% | 6.90% | 14.01% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2550197044 |
| **Total number of portfolio holdings** | 32 |
| **Total advisory fees paid** | $15105127 |
| **Portfolio turnover rate** | 55% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 49.9% |
| Communication Services | 18.5% |
| Consumer Discretionary | 14.6% |
| Financials | 12.6% |
| Health Care | 1.7% |
| Industrials | 1.3% |
| Energy | 0.8% |
| Short-Term Investment Funds | 1.3% |
| Other Assets/Liabilities (Net) | (0.7)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-PTSGX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Sands Capital Select Growth Fund

#### INSTITUTIONAL CLASS \| CISGX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $92 | 0.79% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation by primarily investing in common stocks of large capitalization U.S. companies that are believed to have above-average potential for revenue or earnings growth. The Fund typically invests in 25 to 35 companies and generally seeks stocks with sustainable above-average earnings growth and capital appreciation potential. In addition, the Fund seeks to invest in companies that have a significant competitive advantage, a leadership position or proprietary niche, a clear mission in an understandable business, financial strength and are valued rationally in relation to comparable companies, the market and the business prospects for that particular company.

The Fund's Institutional Class shares performance was 33.72% for the reporting period.

During the 12-month period ended September 30, 2025, U.S. large cap growth equities delivered strong returns, supported by resilient corporate earnings, shifting monetary policy expectations, and intensifying enthusiasm for artificial intelligence ("AI"). The period was marked by episodic shocks, from geopolitical tensions and rising tariffs to inflation surprises and rapid advances in AI, but markets largely climbed a wall of worry, buoyed by robust earnings and accelerating investment in digital infrastructure.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Communication Services stock performance | Positive | The Fund's positions in Roblox Corp, Spotify Technology, and Netflix Inc. outperformed. |
| Information Technology stock performance | Positive | The Fund's positions in Cloudflare Inc., Apple Inc., and Shopify Inc. outperformed. |
| Financials stock performance | Negative | The Fund's positions in Arthur J. Gallagher & Co and Intercontinental Exchange Inc. underperformed. |

---

The Fund initiated positions in ten companies and exited nine. The Fund's purchases were Arthur J. Gallagher & Co. (Financials sector), AppLovin Corp., Broadcom Inc., Oracle Corp, Taiwan Semiconductor Manufacturing Co. Ltd. (all Information Technology sector), Axon Enterprise Inc. (Industrials sector), Carvana Co. (Consumer Discretionary sector), Alphabet, Inc. (Communication Services sector), and Venture Global Inc. (Energy sector). Exited positions included Apple Inc., ASML Holding N.V., Entegris, Inc., Lam Research Corporation, Okta, Inc., Snowflake Inc. (all Information Technology sector), Edwards Lifesciences Corporation (Health Care sector), Floor & Décor Holdings Inc. (Consumer Discretionary sector), and Uber Technologies, Inc. (Industrials sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg028.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class<sup>1</sup> | 33.72% | 7.29% | 14.23% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |

---

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

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2550197044 |
| **Total number of portfolio holdings** | 32 |
| **Total advisory fees paid** | $15105127 |
| **Portfolio turnover rate** | 55% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 49.9% |
| Communication Services | 18.5% |
| Consumer Discretionary | 14.6% |
| Financials | 12.6% |
| Health Care | 1.7% |
| Industrials | 1.3% |
| Energy | 0.8% |
| Short-Term Investment Funds | 1.3% |
| Other Assets/Liabilities (Net) | (0.7)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-CISGX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Sands Capital Select Growth Fund

#### CLASS R6 \| TSNRX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class R6 | $80 | 0.68% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation by primarily investing in common stocks of large capitalization U.S. companies that are believed to have above-average potential for revenue or earnings growth. The Fund typically invests in 25 to 35 companies and generally seeks stocks with sustainable above-average earnings growth and capital appreciation potential. In addition, the Fund seeks to invest in companies that have a significant competitive advantage, a leadership position or proprietary niche, a clear mission in an understandable business, financial strength and are valued rationally in relation to comparable companies, the market and the business prospects for that particular company.

The Fund's Class R6 shares performance was 33.84% for the reporting period.

During the 12-month period ended September 30, 2025, U.S. large cap growth equities delivered strong returns, supported by resilient corporate earnings, shifting monetary policy expectations, and intensifying enthusiasm for artificial intelligence ("AI"). The period was marked by episodic shocks, from geopolitical tensions and rising tariffs to inflation surprises and rapid advances in AI, but markets largely climbed a wall of worry, buoyed by robust earnings and accelerating investment in digital infrastructure.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Communication Services stock performance | Positive | The Fund's positions in Roblox Corp, Spotify Technology, and Netflix Inc. outperformed. |
| Information Technology stock performance | Positive | The Fund's positions in Cloudflare Inc., Apple Inc., and Shopify Inc. outperformed. |
| Financials stock performance | Negative | The Fund's positions in Arthur J. Gallagher & Co and Intercontinental Exchange Inc. underperformed. |

---

The Fund initiated positions in ten companies and exited nine. The Fund's purchases were Arthur J. Gallagher & Co. (Financials sector), AppLovin Corp., Broadcom Inc., Oracle Corp, Taiwan Semiconductor Manufacturing Co. Ltd. (all Information Technology sector), Axon Enterprise Inc. (Industrials sector), Carvana Co. (Consumer Discretionary sector), Alphabet, Inc. (Communication Services sector), and Venture Global Inc. (Energy sector). Exited positions included Apple Inc., ASML Holding N.V., Entegris, Inc., Lam Research Corporation, Okta, Inc., Snowflake Inc. (all Information Technology sector), Edwards Lifesciences Corporation (Health Care sector), Floor & Décor Holdings Inc. (Consumer Discretionary sector), and Uber Technologies, Inc. (Industrials sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg029.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>1</sup> | 33.84% | 7.35% | 14.26% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |

---

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

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2550197044 |
| **Total number of portfolio holdings** | 32 |
| **Total advisory fees paid** | $15105127 |
| **Portfolio turnover rate** | 55% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 49.9% |
| Communication Services | 18.5% |
| Consumer Discretionary | 14.6% |
| Financials | 12.6% |
| Health Care | 1.7% |
| Industrials | 1.3% |
| Energy | 0.8% |
| Short-Term Investment Funds | 1.3% |
| Other Assets/Liabilities (Net) | (0.7)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TSNRX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Small Cap Fund

#### CLASS A \| TSFAX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Small Cap Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $124 | 1.25% |

---

#### Management's Discussion of Fund Performance
The Fund seeks capital appreciation by investing primarily in common stocks of U.S. companies with small market capitalizations. The Fund utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings-to-enterprise value ratio, and free cash flow yield. Its goal is to purchase financially stable companies that are believed to consistently generate high returns on unleveraged operating capital, are run by shareholder-oriented managements and are trading at a discount to their respective market prices.

The Fund's Class A shares performance was (1.51)% (excluding sales loads) for the reporting period.

Over the past 12 months, U.S. stocks posted double-digit returns driven by the artificial intelligence growth theme and better-than-expected results, despite volatility from tax cut changes, monetary policy expectations, and aggressive tariff announcements. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. The acceleration of U.S. economic growth and risk-on optimism favored volatile, high-momentum stocks, putting the Fund's Quality style factor strategy out of favor over this period. This was more pronounced in lower market capitalized equities.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials and Information Technology stocks | Negative | Overall, stock selection detracted from performance over the period. Industrials and Information Technology stocks were two of biggest detracting sectors. Some companies held by the Fund underperformed for idiosyncratic reasons. |
| Information Technology and Materials sectors | Positive | The best performing sectors within the benchmark were Information Technology and Materials, while Energy and Real Estate lagged the broader market. Our overweight position to both was a positive contributor to relative performance. |
| Consumer Staples, Consumer Discretionary, and Real Estate sectors | Negative | While sector allocation overall was positive, the Fund's overweight position in Consumer Staples, Consumer Discretionary, and Real Estate detracted from relative performance. |
| Style Factors | Negative | Growth, Volatility, and Momentum factors had the most positive impact on returns, while Value, Yield, and most of the Quality factors presented headwinds. Smaller companies down cap outperformed larger ones. The Fund is overweight Quality and Yield (shareholder yield) factors and underweight Growth and Volatility factors. |

---

During the period, the Fund established new positions in Atkore Inc. (Industrials sector) and Interparfums, Inc. (Consumer Discretionary sector), added to positions in The Marzetti Company (previously called Lancaster Colony; Consumer Staples sector), Ingevity Corporation (Materials sector), Unifirst Corporation (Industrials sector), and exited Innovex International Inc. (Energy sector), Cannae Holdings Inc. (Financials sector), Cable One, Inc. (Communication Services sector), and Somnigroup International Inc. (Consumer Discretionary sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg030.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | -6.42% | 10.69% | 6.69% |
| Class A - excluding sales load | -1.51% | 11.83% | 7.32% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $266122231 |
| **Total number of portfolio holdings** | 35 |
| **Total advisory fees paid** | $2315809 |
| **Portfolio turnover rate** | 11% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Information Technology | 17.6% |
| Financials | 15.8% |
| Consumer Discretionary | 12.3% |
| Consumer Staples | 7.8% |
| Materials | 7.7% |
| Real Estate | 6.8% |
| Health Care | 5.2% |
| Short-Term Investment Fund | 1.2% |
| Other Assets/Liabilities (Net) | 0.8% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TSFAX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Small Cap Fund

#### CLASS C \| TSFCX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Small Cap Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class C | $195 | 1.97% |

---

#### Management's Discussion of Fund Performance
The Fund seeks capital appreciation by investing primarily in common stocks of U.S. companies with small market capitalizations. The Fund utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings-to-enterprise value ratio, and free cash flow yield. Its goal is to purchase financially stable companies that are believed to consistently generate high returns on unleveraged operating capital, are run by shareholder-oriented managements and are trading at a discount to their respective market prices.

The Fund's Class C shares performance was (2.20)% (excluding sales loads) for the reporting period.

Over the past 12 months, U.S. stocks posted double-digit returns driven by the artificial intelligence growth theme and better-than-expected results, despite volatility from tax cut changes, monetary policy expectations, and aggressive tariff announcements. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. The acceleration of U.S. economic growth and risk-on optimism favored volatile, high-momentum stocks, putting the Fund's Quality style factor strategy out of favor over this period. This was more pronounced in lower market capitalized equities.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials and Information Technology stocks | Negative | Overall, stock selection detracted from performance over the period. Industrials and Information Technology stocks were two of biggest detracting sectors. Some companies held by the Fund underperformed for idiosyncratic reasons. |
| Information Technology and Materials sectors | Positive | The best performing sectors within the benchmark were Information Technology and Materials, while Energy and Real Estate lagged the broader market. Our overweight position to both was a positive contributor to relative performance. |
| Consumer Staples, Consumer Discretionary, and Real Estate sectors | Negative | While sector allocation overall was positive, the Fund's overweight position in Consumer Staples, Consumer Discretionary, and Real Estate detracted from relative performance. |
| Style Factors | Negative | Growth, Volatility, and Momentum factors had the most positive impact on returns, while Value, Yield, and most of the Quality factors presented headwinds. Smaller companies down cap outperformed larger ones. The Fund is overweight Quality and Yield (shareholder yield) factors and underweight Growth and Volatility factors. |

---

During the period, the Fund established new positions in Atkore Inc. (Industrials sector) and Interparfums, Inc. (Consumer Discretionary sector), added to positions in The Marzetti Company (previously called Lancaster Colony; Consumer Staples sector), Ingevity Corporation (Materials sector), Unifirst Corporation (Industrials sector), and exited Innovex International Inc. (Energy sector), Cannae Holdings Inc. (Financials sector), Cable One, Inc. (Communication Services sector), and Somnigroup International Inc. (Consumer Discretionary sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg031.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | -3.17% | 11.01% | 6.69% |
| Class C - excluding sales load | -2.20% | 11.01% | 6.69% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $266122231 |
| **Total number of portfolio holdings** | 35 |
| **Total advisory fees paid** | $2315809 |
| **Portfolio turnover rate** | 11% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Information Technology | 17.6% |
| Financials | 15.8% |
| Consumer Discretionary | 12.3% |
| Consumer Staples | 7.8% |
| Materials | 7.7% |
| Real Estate | 6.8% |
| Health Care | 5.2% |
| Short-Term Investment Fund | 1.2% |
| Other Assets/Liabilities (Net) | 0.8% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TSFCX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Small Cap Fund

#### CLASS Y \| TSFYX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Small Cap Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $99 | 1.00% |

---

#### Management's Discussion of Fund Performance
The Fund seeks capital appreciation by investing primarily in common stocks of U.S. companies with small market capitalizations. The Fund utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings-to-enterprise value ratio, and free cash flow yield. Its goal is to purchase financially stable companies that are believed to consistently generate high returns on unleveraged operating capital, are run by shareholder-oriented managements and are trading at a discount to their respective market prices.

The Fund's Class Y shares performance was (1.29)% for the reporting period.

Over the past 12 months, U.S. stocks posted double-digit returns driven by the artificial intelligence growth theme and better-than-expected results, despite volatility from tax cut changes, monetary policy expectations, and aggressive tariff announcements. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. The acceleration of U.S. economic growth and risk-on optimism favored volatile, high-momentum stocks, putting the Fund's Quality style factor strategy out of favor over this period. This was more pronounced in lower market capitalized equities.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials and Information Technology stocks | Negative | Overall, stock selection detracted from performance over the period. Industrials and Information Technology stocks were two of biggest detracting sectors. Some companies held by the Fund underperformed for idiosyncratic reasons. |
| Information Technology and Materials sectors | Positive | The best performing sectors within the benchmark were Information Technology and Materials, while Energy and Real Estate lagged the broader market. Our overweight position to both was a positive contributor to relative performance. |
| Consumer Staples, Consumer Discretionary, and Real Estate sectors | Negative | While sector allocation overall was positive, the Fund's overweight position in Consumer Staples, Consumer Discretionary, and Real Estate detracted from relative performance. |
| Style Factors | Negative | Growth, Volatility, and Momentum factors had the most positive impact on returns, while Value, Yield, and most of the Quality factors presented headwinds. Smaller companies down cap outperformed larger ones. The Fund is overweight Quality and Yield (shareholder yield) factors and underweight Growth and Volatility factors. |

---

During the period, the Fund established new positions in Atkore Inc. (Industrials sector) and Interparfums, Inc. (Consumer Discretionary sector), added to positions in The Marzetti Company (previously called Lancaster Colony; Consumer Staples sector), Ingevity Corporation (Materials sector), Unifirst Corporation (Industrials sector), and exited Innovex International Inc. (Energy sector), Cannae Holdings Inc. (Financials sector), Cable One, Inc. (Communication Services sector), and Somnigroup International Inc. (Consumer Discretionary sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg032.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | -1.29% | 12.11% | 7.59% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $266122231 |
| **Total number of portfolio holdings** | 35 |
| **Total advisory fees paid** | $2315809 |
| **Portfolio turnover rate** | 11% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Information Technology | 17.6% |
| Financials | 15.8% |
| Consumer Discretionary | 12.3% |
| Consumer Staples | 7.8% |
| Materials | 7.7% |
| Real Estate | 6.8% |
| Health Care | 5.2% |
| Short-Term Investment Fund | 1.2% |
| Other Assets/Liabilities (Net) | 0.8% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TSFYX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Small Cap Fund

#### INSTITUTIONAL CLASS \| TSFIX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Small Cap Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $91 | 0.92% |

---

#### Management's Discussion of Fund Performance
The Fund seeks capital appreciation by investing primarily in common stocks of U.S. companies with small market capitalizations. The Fund utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings-to-enterprise value ratio, and free cash flow yield. Its goal is to purchase financially stable companies that are believed to consistently generate high returns on unleveraged operating capital, are run by shareholder-oriented managements and are trading at a discount to their respective market prices.

The Fund's Institutional Class shares performance was (1.15)% for the reporting period.

Over the past 12 months, U.S. stocks posted double-digit returns driven by the artificial intelligence growth theme and better-than-expected results, despite volatility from tax cut changes, monetary policy expectations, and aggressive tariff announcements. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. The acceleration of U.S. economic growth and risk-on optimism favored volatile, high-momentum stocks, putting the Fund's Quality style factor strategy out of favor over this period. This was more pronounced in lower market capitalized equities.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials and Information Technology stocks | Negative | Overall, stock selection detracted from performance over the period. Industrials and Information Technology stocks were two of biggest detracting sectors. Some companies held by the Fund underperformed for idiosyncratic reasons. |
| Information Technology and Materials sectors | Positive | The best performing sectors within the benchmark were Information Technology and Materials, while Energy and Real Estate lagged the broader market. Our overweight position to both was a positive contributor to relative performance. |
| Consumer Staples, Consumer Discretionary, and Real Estate sectors | Negative | While sector allocation overall was positive, the Fund's overweight position in Consumer Staples, Consumer Discretionary, and Real Estate detracted from relative performance. |
| Style Factors | Negative | Growth, Volatility, and Momentum factors had the most positive impact on returns, while Value, Yield, and most of the Quality factors presented headwinds. Smaller companies down cap outperformed larger ones. The Fund is overweight Quality and Yield (shareholder yield) factors and underweight Growth and Volatility factors. |

---

During the period, the Fund established new positions in Atkore Inc. (Industrials sector) and Interparfums, Inc. (Consumer Discretionary sector), added to positions in The Marzetti Company (previously called Lancaster Colony; Consumer Staples sector), Ingevity Corporation (Materials sector), Unifirst Corporation (Industrials sector), and exited Innovex International Inc. (Energy sector), Cannae Holdings Inc. (Financials sector), Cable One, Inc. (Communication Services sector), and Somnigroup International Inc. (Consumer Discretionary sector).

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg033.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | -1.15% | 12.19% | 7.69% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $266122231 |
| **Total number of portfolio holdings** | 35 |
| **Total advisory fees paid** | $2315809 |
| **Portfolio turnover rate** | 11% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Information Technology | 17.6% |
| Financials | 15.8% |
| Consumer Discretionary | 12.3% |
| Consumer Staples | 7.8% |
| Materials | 7.7% |
| Real Estate | 6.8% |
| Health Care | 5.2% |
| Short-Term Investment Fund | 1.2% |
| Other Assets/Liabilities (Net) | 0.8% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TSFIX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Small Cap Value Fund

#### CLASS A \| TVOAX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Small Cap Value Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $143 | 1.39% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of small capitalization companies. The Fund seeks to identify companies believed to be selling at a discount to their intrinsic value.

The Fund's Class A shares performance was 5.38% (excluding sales loads) for the reporting period.

For the 12 months ending September 30, 2025, style factors provided modest early tailwinds before reversing mid-year as markets favored higher-beta, smaller-capitalized, and lower-Return on Equity companies. Risk-oriented stocks led performance during the period. Within the benchmark, Information Technology, Communication Services, and Materials outperformed the Russell 2000 Value<sup>®</sup> Index's 7.88% return, while Energy, Real Estate, and Health Care sectors lagged.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials stocks | Positive | Strong stock selection in the sector was led by Gates Industrial Corporation plc ("Gates") and EnPro Inc. Gates benefited from steady demand and a cost advantage over peers facing tariff pressures, while EnPro saw minimal tariff impact and continued growth in its semiconductor capital-exposed segments despite a volatile macro environment. |
| Real Estate sector and stocks | Positive | Positive stock selection and an underweight to the underperforming Real Estate sector aided results. Newmark Group Inc. led contributors, supported by strong demand in commercial real estate sales and mortgage servicing. |
| Materials stocks | Negative | The lack of exposure within the Fund's portfolio to metals and mining, which benefited from tariff protection and rising gold prices, was a major headwind. Cabot Corporation was the largest detractor after lowering guidance amid continued cautious ordering and global trade uncertainty. |
| Consumer Staples stocks | Negative | Weak stock selection within the Consumer Staples sector was concentrated in food products, with TreeHouse Foods, Inc. a key laggard as inflation and economic uncertainty weighed on private label demand. |

---

The Fund was most overweight Industrials and most underweight Communication Services, reflecting the sub-adviser's sector-specific opportunity outlook at period end.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg034.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 0.12% | 13.43% | 8.02% |
| Class A - excluding sales load | 5.38% | 14.60% | 8.66% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 9.23% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $184387066 |
| **Total number of portfolio holdings** | 86 |
| **Total advisory fees paid** | $1650196 |
| **Portfolio turnover rate** | 19% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 27.6% |
| Industrials | 20.6% |
| Information Technology | 9.8% |
| Consumer Discretionary | 9.3% |
| Real Estate | 8.1% |
| Health Care | 7.9% |
| Materials | 4.6% |
| Energy | 4.2% |
| Utilities | 4.0% |
| Consumer Staples | 3.7% |
| Exchange-Traded Fund | 0.9% |
| Short-Term Investment Fund | 0.1% |
| Other Assets/Liabilities (Net) | (0.8)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective June 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.85% on the first $150 million and 0.78% on assets over $150 million. Additionally, the expense limitation for Class A was reduced to 1.34% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TVOAX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Small Cap Value Fund

#### CLASS C \| TVOCX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Small Cap Value Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class C | $212 | 2.07% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of small capitalization companies. The Fund seeks to identify companies believed to be selling at a discount to their intrinsic value.

The Fund's Class C shares performance was 4.68% (excluding sales loads) for the reporting period.

For the 12 months ending September 30, 2025, style factors provided modest early tailwinds before reversing mid-year as markets favored higher-beta, smaller-capitalized, and lower-Return on Equity companies. Risk-oriented stocks led performance during the period. Within the benchmark, Information Technology, Communication Services, and Materials outperformed the Russell 2000 Value<sup>®</sup> Index's 7.88% return, while Energy, Real Estate, and Health Care sectors lagged.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials stocks | Positive | Strong stock selection in the sector was led by Gates Industrial Corporation plc ("Gates") and EnPro Inc. Gates benefited from steady demand and a cost advantage over peers facing tariff pressures, while EnPro saw minimal tariff impact and continued growth in its semiconductor capital-exposed segments despite a volatile macro environment. |
| Real Estate sector and stocks | Positive | Positive stock selection and an underweight to the underperforming Real Estate sector aided results. Newmark Group Inc. led contributors, supported by strong demand in commercial real estate sales and mortgage servicing. |
| Materials stocks | Negative | The lack of exposure within the Fund's portfolio to metals and mining, which benefited from tariff protection and rising gold prices, was a major headwind. Cabot Corporation was the largest detractor after lowering guidance amid continued cautious ordering and global trade uncertainty. |
| Consumer Staples stocks | Negative | Weak stock selection within the Consumer Staples sector was concentrated in food products, with TreeHouse Foods, Inc. a key laggard as inflation and economic uncertainty weighed on private label demand. |

---

The Fund was most overweight Industrials and most underweight Communication Services, reflecting the sub-adviser's sector-specific opportunity outlook at period end.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg035.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 3.68% | 13.77% | 8.02% |
| Class C - excluding sales load | 4.68% | 13.77% | 8.02% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 9.23% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $184387066 |
| **Total number of portfolio holdings** | 86 |
| **Total advisory fees paid** | $1650196 |
| **Portfolio turnover rate** | 19% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 27.6% |
| Industrials | 20.6% |
| Information Technology | 9.8% |
| Consumer Discretionary | 9.3% |
| Real Estate | 8.1% |
| Health Care | 7.9% |
| Materials | 4.6% |
| Energy | 4.2% |
| Utilities | 4.0% |
| Consumer Staples | 3.7% |
| Exchange-Traded Fund | 0.9% |
| Short-Term Investment Fund | 0.1% |
| Other Assets/Liabilities (Net) | (0.8)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective June 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.85% on the first $150 million and 0.78% on assets over $150 million. Additionally, the expense limitation for Class C was reduced to 1.99% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TVOCX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Small Cap Value Fund

#### CLASS Y \| TVOYX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Small Cap Value Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $117 | 1.14% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of small capitalization companies. The Fund seeks to identify companies believed to be selling at a discount to their intrinsic value.

The Fund's Class Y shares performance was 5.65% for the reporting period.

For the 12 months ending September 30, 2025, style factors provided modest early tailwinds before reversing mid-year as markets favored higher-beta, smaller-capitalized, and lower-Return on Equity companies. Risk-oriented stocks led performance during the period. Within the benchmark, Information Technology, Communication Services, and Materials outperformed the Russell 2000 Value<sup>®</sup> Index's 7.88% return, while Energy, Real Estate, and Health Care sectors lagged.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials stocks | Positive | Strong stock selection in the sector was led by Gates Industrial Corporation plc ("Gates") and EnPro Inc. Gates benefited from steady demand and a cost advantage over peers facing tariff pressures, while EnPro saw minimal tariff impact and continued growth in its semiconductor capital-exposed segments despite a volatile macro environment. |
| Real Estate sector and stocks | Positive | Positive stock selection and an underweight to the underperforming Real Estate sector aided results. Newmark Group Inc. led contributors, supported by strong demand in commercial real estate sales and mortgage servicing. |
| Materials stocks | Negative | The lack of exposure within the Fund's portfolio to metals and mining, which benefited from tariff protection and rising gold prices, was a major headwind. Cabot Corporation was the largest detractor after lowering guidance amid continued cautious ordering and global trade uncertainty. |
| Consumer Staples stocks | Negative | Weak stock selection within the Consumer Staples sector was concentrated in food products, with TreeHouse Foods, Inc. a key laggard as inflation and economic uncertainty weighed on private label demand. |

---

The Fund was most overweight Industrials and most underweight Communication Services, reflecting the sub-adviser's sector-specific opportunity outlook at period end.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg036.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 5.65% | 14.88% | 8.93% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 9.23% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $184387066 |
| **Total number of portfolio holdings** | 86 |
| **Total advisory fees paid** | $1650196 |
| **Portfolio turnover rate** | 19% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 27.6% |
| Industrials | 20.6% |
| Information Technology | 9.8% |
| Consumer Discretionary | 9.3% |
| Real Estate | 8.1% |
| Health Care | 7.9% |
| Materials | 4.6% |
| Energy | 4.2% |
| Utilities | 4.0% |
| Consumer Staples | 3.7% |
| Exchange-Traded Fund | 0.9% |
| Short-Term Investment Fund | 0.1% |
| Other Assets/Liabilities (Net) | (0.8)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective June 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.85% on the first $150 million and 0.78% on assets over $150 million. Additionally, the expense limitation for Class Y was reduced to 1.09% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TVOYX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Small Cap Value Fund

#### INSTITUTIONAL CLASS \| TVOIX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Small Cap Value Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $101 | 0.98% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of small capitalization companies. The Fund seeks to identify companies believed to be selling at a discount to their intrinsic value.

The Fund's Institutional Class shares performance was 5.82% for the reporting period.

For the 12 months ending September 30, 2025, style factors provided modest early tailwinds before reversing mid-year as markets favored higher-beta, smaller-capitalized, and lower-Return on Equity companies. Risk-oriented stocks led performance during the period. Within the benchmark, Information Technology, Communication Services, and Materials outperformed the Russell 2000 Value<sup>®</sup> Index's 7.88% return, while Energy, Real Estate, and Health Care sectors lagged.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials stocks | Positive | Strong stock selection in the sector was led by Gates Industrial Corporation plc ("Gates") and EnPro Inc. Gates benefited from steady demand and a cost advantage over peers facing tariff pressures, while EnPro saw minimal tariff impact and continued growth in its semiconductor capital-exposed segments despite a volatile macro environment. |
| Real Estate sector and stocks | Positive | Positive stock selection and an underweight to the underperforming Real Estate sector aided results. Newmark Group Inc. led contributors, supported by strong demand in commercial real estate sales and mortgage servicing. |
| Materials stocks | Negative | The lack of exposure within the Fund's portfolio to metals and mining, which benefited from tariff protection and rising gold prices, was a major headwind. Cabot Corporation was the largest detractor after lowering guidance amid continued cautious ordering and global trade uncertainty. |
| Consumer Staples stocks | Negative | Weak stock selection within the Consumer Staples sector was concentrated in food products, with TreeHouse Foods, Inc. a key laggard as inflation and economic uncertainty weighed on private label demand. |

---

The Fund was most overweight Industrials and most underweight Communication Services, reflecting the sub-adviser's sector-specific opportunity outlook at period end.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg037.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 5.82% | 15.06% | 9.11% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 9.23% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $184387066 |
| **Total number of portfolio holdings** | 86 |
| **Total advisory fees paid** | $1650196 |
| **Portfolio turnover rate** | 19% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 27.6% |
| Industrials | 20.6% |
| Information Technology | 9.8% |
| Consumer Discretionary | 9.3% |
| Real Estate | 8.1% |
| Health Care | 7.9% |
| Materials | 4.6% |
| Energy | 4.2% |
| Utilities | 4.0% |
| Consumer Staples | 3.7% |
| Exchange-Traded Fund | 0.9% |
| Short-Term Investment Fund | 0.1% |
| Other Assets/Liabilities (Net) | (0.8)% |
| Total | 100.0% |

---

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. Effective June 1, 2025, the Fund pays its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.85% on the first $150 million and 0.78% on assets over $150 million. Additionally, the expense limitation for Institutional Class was reduced to 0.93% of average daily net assets.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TVOIX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Ultra Short Duration Fixed Income Fund

#### CLASS A \| TSDAX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $67 | 0.65% |

---

#### Management's Discussion of Fund Performance
The Fund seeks maximum total return consistent with the preservation of capital by primarily investing in a diversified portfolio of fixed income securities of different maturities, including U.S. Treasury securities, U.S. government agency and U.S. government-sponsored enterprise securities, corporate bonds, mortgage-backed securities ("MBS"), commercial mortgage-backed securities ("CMBS"), asset-backed securities ("ABS"), municipal bonds, collateralized loan obligations ("CLO") and cash equivalent securities including repurchase agreements, variable rate demand notes and commercial paper. While the Fund may invest in securities of any maturity or duration, interest rate risk is managed by seeking to maintain an effective duration of one year or less under normal market conditions.

The Fund's Class A shares performance was 4.87% (excluding sales loads) for the reporting period.

During the period, the ultra-short duration landscape saw significant, favorable moves in both rates and spreads. Interest rates in the front end of the curve rallied between 40-70 basis points ("bps") for Treasury rates 1 year and in, providing a performance tailwind for the Fund's fixed rate exposure. Spreads on ultra short assets also compressed meaningfully during the period, as illustrated by the Fund's option adjusted spread compressing from +148bps at the beginning of the period to +105bps at the end of the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rates | Positive | Interest rates in the front end of the curve (1 year and in) moved 40 to 70bps lower over the period. This was a tailwind for performance in the Fund, particularly the longer fixed rate exposures around the 1-year mark. |
| Spreads | Positive | Spreads in certain short duration sectors compressed meaningfully over the period, contributing to the Fund's returns over that period. Overall the Fund's option adjusted spread compressed over the period, with the most significant sector spread tightening in its CMBS and Corporate Credit. Residential mortgage backed securities ("RMBS") and ABS spreads were stable to slightly tighter year over year, although changes in Fund exposure composition resulted in those sectors offering marginally wider spread at 9/30/2025 versus the prior year-end. |
| Portfolio Yield | Positive | Portfolio yield was a significant driver of performance over the period. Portfolio yield to worse at the start of the period was 5.90%, which provided a significant level of income as a base for total return performance over the 12-month period that followed. |
| Asset Allocation | Positive | The Fund maintained an overweight to securitized subsectors (ABS, RMBS, CMBS, CLO) over the period, versus investment grade credit which was a positive contributor to performance. |
| Cash | Negative | The Fund maintained exposure to Cash & Equivalents throughout the fiscal year which detracted from performance. |

---

The Fund made meaningful positioning changes over the period, including reductions in ABS and RMBS of 8% and 4% respectively, as well as increases in Corporates, CMBS, and CLOs of 5%, 3%, and 1%, respectively. Cash & Equivalents also increased by approximately 2%. Credit quality remained consistent at AA-, while duration decreased year over year from 0.60 years to 0.46 years.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg043.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 2.76% | 2.81% | 2.24% |
| Class A - excluding sales load | 4.87% | 3.23% | 2.45% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.38% | 2.98% | 2.08% |
| ICE BofA 1-Year U.S. Treasury Note Index | 3.85% | 2.28% | 1.91% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $836095321 |
| **Total number of portfolio holdings** | 270 |
| **Total advisory fees paid** | $1260018 |
| **Portfolio turnover rate** | 80% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 39.0% |
| Corporate Bonds | 24.4% |
| Commercial Mortgage-Backed Securities | 21.8% |
| Commercial Paper | 9.0% |
| Non-Agency Collateralized Mortgage Obligations | 6.0% |
| Municipal Bonds | 0.7% |
| U.S. Government Mortgage-Backed Obligations | 0.4% |
| Agency Collateralized Mortgage Obligations | 0.0% |
| U.S. Government Agency Obligations | 0.0% |
| Short-Term Investment Fund | 0.0% |
| Other Assets/Liabilities (Net) | (1.3)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 52.7% |
| AA/Aa | 11.9% |
| A/A | 12.8% |
| BBB/Baa | 21.7% |
| BB/Ba | 0.6% |
| Not Rated | 0.3% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TSDAX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Ultra Short Duration Fixed Income Fund

#### CLASS C \| TSDCX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class C | $116 | 1.14% |

---

#### Management's Discussion of Fund Performance
The Fund seeks maximum total return consistent with the preservation of capital by primarily investing in a diversified portfolio of fixed income securities of different maturities, including U.S. Treasury securities, U.S. government agency and U.S. government-sponsored enterprise securities, corporate bonds, mortgage-backed securities ("MBS"), commercial mortgage-backed securities ("CMBS"), asset-backed securities ("ABS"), municipal bonds, collateralized loan obligations ("CLO") and cash equivalent securities including repurchase agreements, variable rate demand notes and commercial paper. While the Fund may invest in securities of any maturity or duration, interest rate risk is managed by seeking to maintain an effective duration of one year or less under normal market conditions.

The Fund's Class C shares performance was 4.36% (excluding sales loads) for the reporting period.

During the period, the ultra-short duration landscape saw significant, favorable moves in both rates and spreads. Interest rates in the front end of the curve rallied between 40-70 basis points ("bps") for Treasury rates 1 year and in, providing a performance tailwind for the Fund's fixed rate exposure. Spreads on ultra short assets also compressed meaningfully during the period, as illustrated by the Fund's option adjusted spread compressing from +148bps at the beginning of the period to +105bps at the end of the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rates | Positive | Interest rates in the front end of the curve (1 year and in) moved 40 to 70bps lower over the period. This was a tailwind for performance in the Fund, particularly the longer fixed rate exposures around the 1-year mark. |
| Spreads | Positive | Spreads in certain short duration sectors compressed meaningfully over the period, contributing to the Fund's returns over that period. Overall the Fund's option adjusted spread compressed over the period, with the most significant sector spread tightening in its CMBS and Corporate Credit. Residential mortgage backed securities ("RMBS") and ABS spreads were stable to slightly tighter year over year, although changes in Fund exposure composition resulted in those sectors offering marginally wider spread at 9/30/2025 versus the prior year-end. |
| Portfolio Yield | Positive | Portfolio yield was a significant driver of performance over the period. Portfolio yield to worse at the start of the period was 5.90%, which provided a significant level of income as a base for total return performance over the 12-month period that followed. |
| Asset Allocation | Positive | The Fund maintained an overweight to securitized subsectors (ABS, RMBS, CMBS, CLO) over the period, versus investment grade credit which was a positive contributor to performance. |
| Cash | Negative | The Fund maintained exposure to Cash & Equivalents throughout the fiscal year which detracted from performance. |

---

The Fund made meaningful positioning changes over the period, including reductions in ABS and RMBS of 8% and 4% respectively, as well as increases in Corporates, CMBS, and CLOs of 5%, 3%, and 1%, respectively. Cash & Equivalents also increased by approximately 2%. Credit quality remained consistent at AA-, while duration decreased year over year from 0.60 years to 0.46 years.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg044.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 3.36% | 2.71% | 2.05% |
| Class C - excluding sales load | 4.36% | 2.71% | 2.05% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.38% | 2.98% | 2.08% |
| ICE BofA 1-Year U.S. Treasury Note Index | 3.85% | 2.28% | 1.91% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $836095321 |
| **Total number of portfolio holdings** | 270 |
| **Total advisory fees paid** | $1260018 |
| **Portfolio turnover rate** | 80% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 39.0% |
| Corporate Bonds | 24.4% |
| Commercial Mortgage-Backed Securities | 21.8% |
| Commercial Paper | 9.0% |
| Non-Agency Collateralized Mortgage Obligations | 6.0% |
| Municipal Bonds | 0.7% |
| U.S. Government Mortgage-Backed Obligations | 0.4% |
| Agency Collateralized Mortgage Obligations | 0.0% |
| U.S. Government Agency Obligations | 0.0% |
| Short-Term Investment Fund | 0.0% |
| Other Assets/Liabilities (Net) | (1.3)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 52.7% |
| AA/Aa | 11.9% |
| A/A | 12.8% |
| BBB/Baa | 21.7% |
| BB/Ba | 0.6% |
| Not Rated | 0.3% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TSDCX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Ultra Short Duration Fixed Income Fund

#### CLASS S \| SSSGX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class S | $92 | 0.90% |

---

#### Management's Discussion of Fund Performance
The Fund seeks maximum total return consistent with the preservation of capital by primarily investing in a diversified portfolio of fixed income securities of different maturities, including U.S. Treasury securities, U.S. government agency and U.S. government-sponsored enterprise securities, corporate bonds, mortgage-backed securities ("MBS"), commercial mortgage-backed securities ("CMBS"), asset-backed securities ("ABS"), municipal bonds, collateralized loan obligations ("CLO") and cash equivalent securities including repurchase agreements, variable rate demand notes and commercial paper. While the Fund may invest in securities of any maturity or duration, interest rate risk is managed by seeking to maintain an effective duration of one year or less under normal market conditions.

The Fund's Class S shares performance was 4.73% for the reporting period.

During the period, the ultra-short duration landscape saw significant, favorable moves in both rates and spreads. Interest rates in the front end of the curve rallied between 40-70 basis points ("bps") for Treasury rates 1 year and in, providing a performance tailwind for the Fund's fixed rate exposure. Spreads on ultra short assets also compressed meaningfully during the period, as illustrated by the Fund's option adjusted spread compressing from +148bps at the beginning of the period to +105bps at the end of the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rates | Positive | Interest rates in the front end of the curve (1 year and in) moved 40 to 70bps lower over the period. This was a tailwind for performance in the Fund, particularly the longer fixed rate exposures around the 1-year mark. |
| Spreads | Positive | Spreads in certain short duration sectors compressed meaningfully over the period, contributing to the Fund's returns over that period. Overall the Fund's option adjusted spread compressed over the period, with the most significant sector spread tightening in its CMBS and Corporate Credit. Residential mortgage backed securities ("RMBS") and ABS spreads were stable to slightly tighter year over year, although changes in Fund exposure composition resulted in those sectors offering marginally wider spread at 9/30/2025 versus the prior year-end. |
| Portfolio Yield | Positive | Portfolio yield was a significant driver of performance over the period. Portfolio yield to worse at the start of the period was 5.90%, which provided a significant level of income as a base for total return performance over the 12-month period that followed. |
| Asset Allocation | Positive | The Fund maintained an overweight to securitized subsectors (ABS, RMBS, CMBS, CLO) over the period, versus investment grade credit which was a positive contributor to performance. |
| Cash | Negative | The Fund maintained exposure to Cash & Equivalents throughout the fiscal year which detracted from performance. |

---

The Fund made meaningful positioning changes over the period, including reductions in ABS and RMBS of 8% and 4% respectively, as well as increases in Corporates, CMBS, and CLOs of 5%, 3%, and 1%, respectively. Cash & Equivalents also increased by approximately 2%. Credit quality remained consistent at AA-, while duration decreased year over year from 0.60 years to 0.46 years.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg045.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class S<sup>1</sup> | 4.73% | 2.99% | 2.21% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.38% | 2.98% | 2.08% |
| ICE BofA 1-Year U.S. Treasury Note Index | 3.85% | 2.28% | 1.91% |

---

 **<sup>1</sup>** **The inception date was October 27, 2017. Performance information was calculated using the historical performance of Class Y shares for the periods prior to October 27, 2017.** 

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $836095321 |
| **Total number of portfolio holdings** | 270 |
| **Total advisory fees paid** | $1260018 |
| **Portfolio turnover rate** | 80% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 39.0% |
| Corporate Bonds | 24.4% |
| Commercial Mortgage-Backed Securities | 21.8% |
| Commercial Paper | 9.0% |
| Non-Agency Collateralized Mortgage Obligations | 6.0% |
| Municipal Bonds | 0.7% |
| U.S. Government Mortgage-Backed Obligations | 0.4% |
| Agency Collateralized Mortgage Obligations | 0.0% |
| U.S. Government Agency Obligations | 0.0% |
| Short-Term Investment Fund | 0.0% |
| Other Assets/Liabilities (Net) | (1.3)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 52.7% |
| AA/Aa | 11.9% |
| A/A | 12.8% |
| BBB/Baa | 21.7% |
| BB/Ba | 0.6% |
| Not Rated | 0.3% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-SSSGX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Ultra Short Duration Fixed Income Fund

#### CLASS Y \| TSYYX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $41 | 0.40% |

---

#### Management's Discussion of Fund Performance
The Fund seeks maximum total return consistent with the preservation of capital by primarily investing in a diversified portfolio of fixed income securities of different maturities, including U.S. Treasury securities, U.S. government agency and U.S. government-sponsored enterprise securities, corporate bonds, mortgage-backed securities ("MBS"), commercial mortgage-backed securities ("CMBS"), asset-backed securities ("ABS"), municipal bonds, collateralized loan obligations ("CLO") and cash equivalent securities including repurchase agreements, variable rate demand notes and commercial paper. While the Fund may invest in securities of any maturity or duration, interest rate risk is managed by seeking to maintain an effective duration of one year or less under normal market conditions.

The Fund's Class Y shares performance was 5.13% for the reporting period.

During the period, the ultra-short duration landscape saw significant, favorable moves in both rates and spreads. Interest rates in the front end of the curve rallied between 40-70 basis points ("bps") for Treasury rates 1 year and in, providing a performance tailwind for the Fund's fixed rate exposure. Spreads on ultra short assets also compressed meaningfully during the period, as illustrated by the Fund's option adjusted spread compressing from +148bps at the beginning of the period to +105bps at the end of the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rates | Positive | Interest rates in the front end of the curve (1 year and in) moved 40 to 70bps lower over the period. This was a tailwind for performance in the Fund, particularly the longer fixed rate exposures around the 1-year mark. |
| Spreads | Positive | Spreads in certain short duration sectors compressed meaningfully over the period, contributing to the Fund's returns over that period. Overall the Fund's option adjusted spread compressed over the period, with the most significant sector spread tightening in its CMBS and Corporate Credit. Residential mortgage backed securities ("RMBS") and ABS spreads were stable to slightly tighter year over year, although changes in Fund exposure composition resulted in those sectors offering marginally wider spread at 9/30/2025 versus the prior year-end. |
| Portfolio Yield | Positive | Portfolio yield was a significant driver of performance over the period. Portfolio yield to worse at the start of the period was 5.90%, which provided a significant level of income as a base for total return performance over the 12-month period that followed. |
| Asset Allocation | Positive | The Fund maintained an overweight to securitized subsectors (ABS, RMBS, CMBS, CLO) over the period, versus investment grade credit which was a positive contributor to performance. |
| Cash | Negative | The Fund maintained exposure to Cash & Equivalents throughout the fiscal year which detracted from performance. |

---

The Fund made meaningful positioning changes over the period, including reductions in ABS and RMBS of 8% and 4% respectively, as well as increases in Corporates, CMBS, and CLOs of 5%, 3%, and 1%, respectively. Cash & Equivalents also increased by approximately 2%. Credit quality remained consistent at AA-, while duration decreased year over year from 0.60 years to 0.46 years.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg046.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 5.13% | 3.51% | 2.72% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.38% | 2.98% | 2.08% |
| ICE BofA 1-Year U.S. Treasury Note Index | 3.85% | 2.28% | 1.91% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $836095321 |
| **Total number of portfolio holdings** | 270 |
| **Total advisory fees paid** | $1260018 |
| **Portfolio turnover rate** | 80% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 39.0% |
| Corporate Bonds | 24.4% |
| Commercial Mortgage-Backed Securities | 21.8% |
| Commercial Paper | 9.0% |
| Non-Agency Collateralized Mortgage Obligations | 6.0% |
| Municipal Bonds | 0.7% |
| U.S. Government Mortgage-Backed Obligations | 0.4% |
| Agency Collateralized Mortgage Obligations | 0.0% |
| U.S. Government Agency Obligations | 0.0% |
| Short-Term Investment Fund | 0.0% |
| Other Assets/Liabilities (Net) | (1.3)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 52.7% |
| AA/Aa | 11.9% |
| A/A | 12.8% |
| BBB/Baa | 21.7% |
| BB/Ba | 0.6% |
| Not Rated | 0.3% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TSYYX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Ultra Short Duration Fixed Income Fund

#### CLASS Z \| TSDOX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Z | $67 | 0.65% |

---

#### Management's Discussion of Fund Performance
The Fund seeks maximum total return consistent with the preservation of capital by primarily investing in a diversified portfolio of fixed income securities of different maturities, including U.S. Treasury securities, U.S. government agency and U.S. government-sponsored enterprise securities, corporate bonds, mortgage-backed securities ("MBS"), commercial mortgage-backed securities ("CMBS"), asset-backed securities ("ABS"), municipal bonds, collateralized loan obligations ("CLO") and cash equivalent securities including repurchase agreements, variable rate demand notes and commercial paper. While the Fund may invest in securities of any maturity or duration, interest rate risk is managed by seeking to maintain an effective duration of one year or less under normal market conditions.

The Fund's Class Z shares performance was 4.99% for the reporting period.

During the period, the ultra-short duration landscape saw significant, favorable moves in both rates and spreads. Interest rates in the front end of the curve rallied between 40-70 basis points ("bps") for Treasury rates 1 year and in, providing a performance tailwind for the Fund's fixed rate exposure. Spreads on ultra short assets also compressed meaningfully during the period, as illustrated by the Fund's option adjusted spread compressing from +148bps at the beginning of the period to +105bps at the end of the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rates | Positive | Interest rates in the front end of the curve (1 year and in) moved 40 to 70bps lower over the period. This was a tailwind for performance in the Fund, particularly the longer fixed rate exposures around the 1-year mark. |
| Spreads | Positive | Spreads in certain short duration sectors compressed meaningfully over the period, contributing to the Fund's returns over that period. Overall the Fund's option adjusted spread compressed over the period, with the most significant sector spread tightening in its CMBS and Corporate Credit. Residential mortgage backed securities ("RMBS") and ABS spreads were stable to slightly tighter year over year, although changes in Fund exposure composition resulted in those sectors offering marginally wider spread at 9/30/2025 versus the prior year-end. |
| Portfolio Yield | Positive | Portfolio yield was a significant driver of performance over the period. Portfolio yield to worse at the start of the period was 5.90%, which provided a significant level of income as a base for total return performance over the 12-month period that followed. |
| Asset Allocation | Positive | The Fund maintained an overweight to securitized subsectors (ABS, RMBS, CMBS, CLO) over the period, versus investment grade credit which was a positive contributor to performance. |
| Cash | Negative | The Fund maintained exposure to Cash & Equivalents throughout the fiscal year which detracted from performance. |

---

The Fund made meaningful positioning changes over the period, including reductions in ABS and RMBS of 8% and 4% respectively, as well as increases in Corporates, CMBS, and CLOs of 5%, 3%, and 1%, respectively. Cash & Equivalents also increased by approximately 2%. Credit quality remained consistent at AA-, while duration decreased year over year from 0.60 years to 0.46 years.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg047.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Z | 4.99% | 3.25% | 2.46% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.38% | 2.98% | 2.08% |
| ICE BofA 1-Year U.S. Treasury Note Index | 3.85% | 2.28% | 1.91% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $836095321 |
| **Total number of portfolio holdings** | 270 |
| **Total advisory fees paid** | $1260018 |
| **Portfolio turnover rate** | 80% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 39.0% |
| Corporate Bonds | 24.4% |
| Commercial Mortgage-Backed Securities | 21.8% |
| Commercial Paper | 9.0% |
| Non-Agency Collateralized Mortgage Obligations | 6.0% |
| Municipal Bonds | 0.7% |
| U.S. Government Mortgage-Backed Obligations | 0.4% |
| Agency Collateralized Mortgage Obligations | 0.0% |
| U.S. Government Agency Obligations | 0.0% |
| Short-Term Investment Fund | 0.0% |
| Other Assets/Liabilities (Net) | (1.3)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 52.7% |
| AA/Aa | 11.9% |
| A/A | 12.8% |
| BBB/Baa | 21.7% |
| BB/Ba | 0.6% |
| Not Rated | 0.3% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TSDOX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone Ultra Short Duration Fixed Income Fund

#### INSTITUTIONAL CLASS \| TSDIX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund ("Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $36 | 0.35% |

---

#### Management's Discussion of Fund Performance
The Fund seeks maximum total return consistent with the preservation of capital by primarily investing in a diversified portfolio of fixed income securities of different maturities, including U.S. Treasury securities, U.S. government agency and U.S. government-sponsored enterprise securities, corporate bonds, mortgage-backed securities ("MBS"), commercial mortgage-backed securities ("CMBS"), asset-backed securities ("ABS"), municipal bonds, collateralized loan obligations ("CLO") and cash equivalent securities including repurchase agreements, variable rate demand notes and commercial paper. While the Fund may invest in securities of any maturity or duration, interest rate risk is managed by seeking to maintain an effective duration of one year or less under normal market conditions.

The Fund's Institutional Class shares performance was 5.18% for the reporting period.

During the period, the ultra-short duration landscape saw significant, favorable moves in both rates and spreads. Interest rates in the front end of the curve rallied between 40-70 basis points ("bps") for Treasury rates 1 year and in, providing a performance tailwind for the Fund's fixed rate exposure. Spreads on ultra short assets also compressed meaningfully during the period, as illustrated by the Fund's option adjusted spread compressing from +148bps at the beginning of the period to +105bps at the end of the period.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Interest Rates | Positive | Interest rates in the front end of the curve (1 year and in) moved 40 to 70bps lower over the period. This was a tailwind for performance in the Fund, particularly the longer fixed rate exposures around the 1-year mark. |
| Spreads | Positive | Spreads in certain short duration sectors compressed meaningfully over the period, contributing to the Fund's returns over that period. Overall the Fund's option adjusted spread compressed over the period, with the most significant sector spread tightening in its CMBS and Corporate Credit. Residential mortgage backed securities ("RMBS") and ABS spreads were stable to slightly tighter year over year, although changes in Fund exposure composition resulted in those sectors offering marginally wider spread at 9/30/2025 versus the prior year-end. |
| Portfolio Yield | Positive | Portfolio yield was a significant driver of performance over the period. Portfolio yield to worse at the start of the period was 5.90%, which provided a significant level of income as a base for total return performance over the 12-month period that followed. |
| Asset Allocation | Positive | The Fund maintained an overweight to securitized subsectors (ABS, RMBS, CMBS, CLO) over the period, versus investment grade credit which was a positive contributor to performance. |
| Cash | Negative | The Fund maintained exposure to Cash & Equivalents throughout the fiscal year which detracted from performance. |

---

The Fund made meaningful positioning changes over the period, including reductions in ABS and RMBS of 8% and 4% respectively, as well as increases in Corporates, CMBS, and CLOs of 5%, 3%, and 1%, respectively. Cash & Equivalents also increased by approximately 2%. Credit quality remained consistent at AA-, while duration decreased year over year from 0.60 years to 0.46 years.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg048.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 5.18% | 3.56% | 2.76% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.38% | 2.98% | 2.08% |
| ICE BofA 1-Year U.S. Treasury Note Index | 3.85% | 2.28% | 1.91% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $836095321 |
| **Total number of portfolio holdings** | 270 |
| **Total advisory fees paid** | $1260018 |
| **Portfolio turnover rate** | 80% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 39.0% |
| Corporate Bonds | 24.4% |
| Commercial Mortgage-Backed Securities | 21.8% |
| Commercial Paper | 9.0% |
| Non-Agency Collateralized Mortgage Obligations | 6.0% |
| Municipal Bonds | 0.7% |
| U.S. Government Mortgage-Backed Obligations | 0.4% |
| Agency Collateralized Mortgage Obligations | 0.0% |
| U.S. Government Agency Obligations | 0.0% |
| Short-Term Investment Fund | 0.0% |
| Other Assets/Liabilities (Net) | (1.3)% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 52.7% |
| AA/Aa | 11.9% |
| A/A | 12.8% |
| BBB/Baa | 21.7% |
| BB/Ba | 0.6% |
| Not Rated | 0.3% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TSDIX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone US Quality Bond Fund

#### CLASS A \| TCPAX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone US Quality Bond Fund ("Fund") (formerly Touchstone Impact Bond Fund) for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class A | $77 | 0.76% |

---

#### Management's Discussion of Fund Performance
The Fund seeks current income. Capital appreciation is a secondary goal. The Fund invests primarily in fixed income securities or sectors that are considered undervalued for their risk characteristics.

The Fund's Class A shares performance was 2.40% (excluding sales loads) for the reporting period.

Over the period, Federal Reserve rate cuts amid persistent inflation steepened the yield curve. Front-end yields fell approximately 70 basis points, while long-end yields rose roughly 50 basis points, with longer duration moves weighing on bond market returns. Inflation remained elevated, driven largely by economic strength, which has also led to tighter credit spreads across the bond market.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Sector Allocation | Positive | The Fund's overall overweight to spread sectors (offset by an underweight to Treasuries) added carry and price performance as spreads tightened. This overweight is significant, outweighing any allocation decisions between spread sectors. However, allocation decisions between spread sectors were beneficial as well. |
| Quality | Negative | An underweight to BBB rated bonds weighed on performance as investors drove spreads relatively tighter in lower rated bonds. BBB rated bonds outperformed AAA rated bonds by nearly 200 basis points during the period. |
| U.S. Agency MBS and Agency Multifamily MBS securities | Positive | Security selection in U.S. Agency Mortgage Backed Securities and Agency Multifamily Mortgage Backed Securities contributed to the performance of the Fund. |
| Corporate bonds | Negative | An underweight to longer duration Corporate bonds acted as a headwind to performance. |

---

Over the period, the Fund's allocation to Corporates decreased by approximately 2% as the Fund purchased bonds with more spread while simultaneously carrying less credit and spread duration risk exposures. The Corporate exposure is down about 3.5% from its post "Liberation Day" peak. Much of this allocation has been redeployed into government bonds such as Agency Multi-Family Mortgage Backed Securities, Small Business Administration loans, and U.S. Treasuries.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg038.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | -0.92% | -1.27% | 1.01% |
| Class A - excluding sales load | 2.40% | -0.62% | 1.50% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $613695599 |
| **Total number of portfolio holdings** | 270 |
| **Total advisory fees paid** | $1496177 |
| **Portfolio turnover rate** | 24% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 26.0% |
| U.S. Government Agency Obligations | 21.4% |
| U.S. Government Mortgage-Backed Obligations | 16.1% |
| Agency Collateralized Mortgage Obligations | 10.7% |
| U.S. Treasury Obligations | 8.0% |
| Asset-Backed Securities | 6.4% |
| Municipal Bonds | 5.4% |
| Commercial Mortgage-Backed Securities | 4.6% |
| Non-Agency Collateralized Mortgage Obligations | 0.0% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 0.7% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 34.6% |
| AA/Aa | 47.7% |
| A/A | 10.2% |
| BBB/Baa | 7.2% |
| BB/Ba | 0.3% |
| Total | 100.0% |

---

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

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On March 1, 2025, the Fund's name was changed from the Touchstone Impact Bond Fund to the Touchstone US Quality Bond Fund. Additionally, the Fund changed its 80% investment policy and revised its principal investment strategies.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TCPAX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone US Quality Bond Fund

#### CLASS C \| TCPCX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone US Quality Bond Fund ("Fund") (formerly Touchstone Impact Bond Fund) for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class C | $148 | 1.47% |

---

#### Management's Discussion of Fund Performance
The Fund seeks current income. Capital appreciation is a secondary goal. The Fund invests primarily in fixed income securities or sectors that are considered undervalued for their risk characteristics.

The Fund's Class C shares performance was 1.68% (excluding sales loads) for the reporting period.

Over the period, Federal Reserve rate cuts amid persistent inflation steepened the yield curve. Front-end yields fell approximately 70 basis points, while long-end yields rose roughly 50 basis points, with longer duration moves weighing on bond market returns. Inflation remained elevated, driven largely by economic strength, which has also led to tighter credit spreads across the bond market.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Sector Allocation | Positive | The Fund's overall overweight to spread sectors (offset by an underweight to Treasuries) added carry and price performance as spreads tightened. This overweight is significant, outweighing any allocation decisions between spread sectors. However, allocation decisions between spread sectors were beneficial as well. |
| Quality | Negative | An underweight to BBB rated bonds weighed on performance as investors drove spreads relatively tighter in lower rated bonds. BBB rated bonds outperformed AAA rated bonds by nearly 200 basis points during the period. |
| U.S. Agency MBS and Agency Multifamily MBS securities | Positive | Security selection in U.S. Agency Mortgage Backed Securities and Agency Multifamily Mortgage Backed Securities contributed to the performance of the Fund. |
| Corporate bonds | Negative | An underweight to longer duration Corporate bonds acted as a headwind to performance. |

---

Over the period, the Fund's allocation to Corporates decreased by approximately 2% as the Fund purchased bonds with more spread while simultaneously carrying less credit and spread duration risk exposures. The Corporate exposure is down about 3.5% from its post "Liberation Day" peak. Much of this allocation has been redeployed into government bonds such as Agency Multi-Family Mortgage Backed Securities, Small Business Administration loans, and U.S. Treasuries.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg039.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 0.69% | -1.35% | 0.90% |
| Class C - excluding sales load | 1.68% | -1.35% | 0.90% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $613695599 |
| **Total number of portfolio holdings** | 270 |
| **Total advisory fees paid** | $1496177 |
| **Portfolio turnover rate** | 24% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 26.0% |
| U.S. Government Agency Obligations | 21.4% |
| U.S. Government Mortgage-Backed Obligations | 16.1% |
| Agency Collateralized Mortgage Obligations | 10.7% |
| U.S. Treasury Obligations | 8.0% |
| Asset-Backed Securities | 6.4% |
| Municipal Bonds | 5.4% |
| Commercial Mortgage-Backed Securities | 4.6% |
| Non-Agency Collateralized Mortgage Obligations | 0.0% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 0.7% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 34.6% |
| AA/Aa | 47.7% |
| A/A | 10.2% |
| BBB/Baa | 7.2% |
| BB/Ba | 0.3% |
| Total | 100.0% |

---

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

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On March 1, 2025, the Fund's name was changed from the Touchstone Impact Bond Fund to the Touchstone US Quality Bond Fund. Additionally, the Fund changed its 80% investment policy and revised its principal investment strategies.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TCPCX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone US Quality Bond Fund

#### CLASS Y \| TCPYX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone US Quality Bond Fund ("Fund") (formerly Touchstone Impact Bond Fund) for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class Y | $52 | 0.51% |

---

#### Management's Discussion of Fund Performance
The Fund seeks current income. Capital appreciation is a secondary goal. The Fund invests primarily in fixed income securities or sectors that are considered undervalued for their risk characteristics.

The Fund's Class Y shares performance was 2.65% for the reporting period.

Over the period, Federal Reserve rate cuts amid persistent inflation steepened the yield curve. Front-end yields fell approximately 70 basis points, while long-end yields rose roughly 50 basis points, with longer duration moves weighing on bond market returns. Inflation remained elevated, driven largely by economic strength, which has also led to tighter credit spreads across the bond market.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Sector Allocation | Positive | The Fund's overall overweight to spread sectors (offset by an underweight to Treasuries) added carry and price performance as spreads tightened. This overweight is significant, outweighing any allocation decisions between spread sectors. However, allocation decisions between spread sectors were beneficial as well. |
| Quality | Negative | An underweight to BBB rated bonds weighed on performance as investors drove spreads relatively tighter in lower rated bonds. BBB rated bonds outperformed AAA rated bonds by nearly 200 basis points during the period. |
| U.S. Agency MBS and Agency Multifamily MBS securities | Positive | Security selection in U.S. Agency Mortgage Backed Securities and Agency Multifamily Mortgage Backed Securities contributed to the performance of the Fund. |
| Corporate bonds | Negative | An underweight to longer duration Corporate bonds acted as a headwind to performance. |

---

Over the period, the Fund's allocation to Corporates decreased by approximately 2% as the Fund purchased bonds with more spread while simultaneously carrying less credit and spread duration risk exposures. The Corporate exposure is down about 3.5% from its post "Liberation Day" peak. Much of this allocation has been redeployed into government bonds such as Agency Multi-Family Mortgage Backed Securities, Small Business Administration loans, and U.S. Treasuries.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg040.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 2.65% | -0.37% | 1.76% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $613695599 |
| **Total number of portfolio holdings** | 270 |
| **Total advisory fees paid** | $1496177 |
| **Portfolio turnover rate** | 24% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 26.0% |
| U.S. Government Agency Obligations | 21.4% |
| U.S. Government Mortgage-Backed Obligations | 16.1% |
| Agency Collateralized Mortgage Obligations | 10.7% |
| U.S. Treasury Obligations | 8.0% |
| Asset-Backed Securities | 6.4% |
| Municipal Bonds | 5.4% |
| Commercial Mortgage-Backed Securities | 4.6% |
| Non-Agency Collateralized Mortgage Obligations | 0.0% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 0.7% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 34.6% |
| AA/Aa | 47.7% |
| A/A | 10.2% |
| BBB/Baa | 7.2% |
| BB/Ba | 0.3% |
| Total | 100.0% |

---

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

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On March 1, 2025, the Fund's name was changed from the Touchstone Impact Bond Fund to the Touchstone US Quality Bond Fund. Additionally, the Fund changed its 80% investment policy and revised its principal investment strategies.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TCPYX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone US Quality Bond Fund

#### INSTITUTIONAL CLASS \| TCPNX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone US Quality Bond Fund ("Fund") (formerly Touchstone Impact Bond Fund) for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Institutional Class | $42 | 0.41% |

---

#### Management's Discussion of Fund Performance
The Fund seeks current income. Capital appreciation is a secondary goal. The Fund invests primarily in fixed income securities or sectors that are considered undervalued for their risk characteristics.

The Fund's Institutional Class shares performance was 2.76% for the reporting period.

Over the period, Federal Reserve rate cuts amid persistent inflation steepened the yield curve. Front-end yields fell approximately 70 basis points, while long-end yields rose roughly 50 basis points, with longer duration moves weighing on bond market returns. Inflation remained elevated, driven largely by economic strength, which has also led to tighter credit spreads across the bond market.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Sector Allocation | Positive | The Fund's overall overweight to spread sectors (offset by an underweight to Treasuries) added carry and price performance as spreads tightened. This overweight is significant, outweighing any allocation decisions between spread sectors. However, allocation decisions between spread sectors were beneficial as well. |
| Quality | Negative | An underweight to BBB rated bonds weighed on performance as investors drove spreads relatively tighter in lower rated bonds. BBB rated bonds outperformed AAA rated bonds by nearly 200 basis points during the period. |
| U.S. Agency MBS and Agency Multifamily MBS securities | Positive | Security selection in U.S. Agency Mortgage Backed Securities and Agency Multifamily Mortgage Backed Securities contributed to the performance of the Fund. |
| Corporate bonds | Negative | An underweight to longer duration Corporate bonds acted as a headwind to performance. |

---

Over the period, the Fund's allocation to Corporates decreased by approximately 2% as the Fund purchased bonds with more spread while simultaneously carrying less credit and spread duration risk exposures. The Corporate exposure is down about 3.5% from its post "Liberation Day" peak. Much of this allocation has been redeployed into government bonds such as Agency Multi-Family Mortgage Backed Securities, Small Business Administration loans, and U.S. Treasuries.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg041.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 2.76% | -0.27% | 1.87% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $613695599 |
| **Total number of portfolio holdings** | 270 |
| **Total advisory fees paid** | $1496177 |
| **Portfolio turnover rate** | 24% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 26.0% |
| U.S. Government Agency Obligations | 21.4% |
| U.S. Government Mortgage-Backed Obligations | 16.1% |
| Agency Collateralized Mortgage Obligations | 10.7% |
| U.S. Treasury Obligations | 8.0% |
| Asset-Backed Securities | 6.4% |
| Municipal Bonds | 5.4% |
| Commercial Mortgage-Backed Securities | 4.6% |
| Non-Agency Collateralized Mortgage Obligations | 0.0% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 0.7% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 34.6% |
| AA/Aa | 47.7% |
| A/A | 10.2% |
| BBB/Baa | 7.2% |
| BB/Ba | 0.3% |
| Total | 100.0% |

---

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

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On March 1, 2025, the Fund's name was changed from the Touchstone Impact Bond Fund to the Touchstone US Quality Bond Fund. Additionally, the Fund changed its 80% investment policy and revised its principal investment strategies.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TCPNX-2509

![TSR - Logo](tm2532194d1_tsrimg060.jpg)

#### Touchstone US Quality Bond Fund

#### CLASS R6 \| TIMPX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Touchstone US Quality Bond Fund ("Fund") (formerly Touchstone Impact Bond Fund) for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407. **This report describes changes to the Fund that occurred during the reporting period.**

Fund Expenses

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class R6 | $38 | 0.37% |

---

#### Management's Discussion of Fund Performance
The Fund seeks current income. Capital appreciation is a secondary goal. The Fund invests primarily in fixed income securities or sectors that are considered undervalued for their risk characteristics.

The Fund's Class R6 shares performance was 2.79% for the reporting period.

Over the period, Federal Reserve rate cuts amid persistent inflation steepened the yield curve. Front-end yields fell approximately 70 basis points, while long-end yields rose roughly 50 basis points, with longer duration moves weighing on bond market returns. Inflation remained elevated, driven largely by economic strength, which has also led to tighter credit spreads across the bond market.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Sector Allocation | Positive | The Fund's overall overweight to spread sectors (offset by an underweight to Treasuries) added carry and price performance as spreads tightened. This overweight is significant, outweighing any allocation decisions between spread sectors. However, allocation decisions between spread sectors were beneficial as well. |
| Quality | Negative | An underweight to BBB rated bonds weighed on performance as investors drove spreads relatively tighter in lower rated bonds. BBB rated bonds outperformed AAA rated bonds by nearly 200 basis points during the period. |
| U.S. Agency MBS and Agency Multifamily MBS securities | Positive | Security selection in U.S. Agency Mortgage Backed Securities and Agency Multifamily Mortgage Backed Securities contributed to the performance of the Fund. |
| Corporate bonds | Negative | An underweight to longer duration Corporate bonds acted as a headwind to performance. |

---

Over the period, the Fund's allocation to Corporates decreased by approximately 2% as the Fund purchased bonds with more spread while simultaneously carrying less credit and spread duration risk exposures. The Corporate exposure is down about 3.5% from its post "Liberation Day" peak. Much of this allocation has been redeployed into government bonds such as Agency Multi-Family Mortgage Backed Securities, Small Business Administration loans, and U.S. Treasuries.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2532194d1_tsrimg042.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>1</sup> | 2.79% | -0.28% | 1.81% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

 **<sup>1</sup>** **The inception date was November 22, 2021. Performance information was calculated using the historical performance of Class Y shares for the periods prior to November 22, 2021.** 

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

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $613695599 |
| **Total number of portfolio holdings** | 270 |
| **Total advisory fees paid** | $1496177 |
| **Portfolio turnover rate** | 24% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Corporate Bonds | 26.0% |
| U.S. Government Agency Obligations | 21.4% |
| U.S. Government Mortgage-Backed Obligations | 16.1% |
| Agency Collateralized Mortgage Obligations | 10.7% |
| U.S. Treasury Obligations | 8.0% |
| Asset-Backed Securities | 6.4% |
| Municipal Bonds | 5.4% |
| Commercial Mortgage-Backed Securities | 4.6% |
| Non-Agency Collateralized Mortgage Obligations | 0.0% |
| Short-Term Investment Fund | 0.7% |
| Other Assets/Liabilities (Net) | 0.7% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 34.6% |
| AA/Aa | 47.7% |
| A/A | 10.2% |
| BBB/Baa | 7.2% |
| BB/Ba | 0.3% |
| Total | 100.0% |

---

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

#### Material Fund Changes
The following is a summary of certain changes made to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus which we expect to be available by January 28, 2026, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. On March 1, 2025, the Fund's name was changed from the Touchstone Impact Bond Fund to the Touchstone US Quality Bond Fund. Additionally, the Fund changed its 80% investment policy and revised its principal investment strategies.

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2532194d1_tsrimg059.jpg)

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

TSF-TFGT-AR-TIMPX-2509

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

**Item 2. Code of Ethics.**

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

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

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

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

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

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

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

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

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by
the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements for those fiscal years are $283,670 and $264,400 for the fiscal years
ended September 30, 2025 and September 30, 2024, respectively.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not
reported under paragraph (a) of this Item are $17,220 and $17,675 for the fiscal years ended September 30, 2025 and September 30,
2024, respectively. The fees for 2025 and 2024 relate to the review of N-14 and N-1A filings.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning were $93,721 and $76,847 for the fiscal years ended September 30,
2025 and September 30, 2024, respectively. The fees relate to the preparation of federal income and excise tax returns, review of
capital gains distribution calculations and tax agent services.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $23,034 and $19,650 for
the fiscal years ended September 30, 2025 and September 30, 2024, respectively. The fees relate to the PFIC Analyzer, Rapid
Security Analyzer and Global Withholding Tax Reporter subscriptions.

---

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

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant was $2,959,654 and $1,670,149 for the fiscal years ended September 30,
2025 and September 30, 2024, respectively.

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

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

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

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

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period
is included as part of the report to shareholders filed under Item 7 of this Form.

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

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

The financial statements including the financial highlights are attached herewith.

September 30, 2025

Annual Financial Statements

---

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

---

![](tm2532194d1financialsi001.gif)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | [Page](#xx_a1b1af5e-8d37-4eb6-9a0c-ca5d62cbe291_1) |
| [Portfolios of Investments:](#xx_30372c78-2188-4605-a86a-a3f7920cb759_1tm2532194d1_financials) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Active Bond Fund](#xx_30372c78-2188-4605-a86a-a3f7920cb759_1tm2532194d1_financials) | 3-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Ares Credit Opportunities Fund](#xx_8f059486-0a84-4765-bc35-0c677fc08464_1tm2532194d1_financials) | 12-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Dividend Equity Fund](#xx_8d6e1aba-896f-40f2-8561-a795e13971c9_1tm2532194d1_financials) | 21-22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone High Yield Fund](#xx_2a0c738a-4b09-478e-b5ef-12deb9f1984b_1tm2532194d1_financials) | 23-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Mid Cap Fund](#xx_82dea2bf-45ae-42dc-bf5a-64191048da8f_1tm2532194d1_financials) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Mid Cap Value Fund](#xx_53393b22-ae8b-4efb-8e36-1f7a6cb4fe42_1tm2532194d1_financials) | 27-28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Sands Capital International Growth Equity Fund](#xx_f5cb14a3-d736-4ec3-83c0-bcb99aef05b9_1tm2532194d1_financials) | 29-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Sands Capital Select Growth Fund](#xx_e76d7b1b-90e3-425f-aa68-3d5ff03b3a13_1tm2532194d1_financials) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Small Cap Fund](#xx_43483883-998c-4fd5-8e2d-c30fbee4ec41_1tm2532194d1_financials) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Small Cap Value Fund](#xx_005709b1-4720-46a0-ae27-6104ff90c0f3_1tm2532194d1_financials) | 33-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Ultra Short Duration Fixed Income Fund](#xx_93acab2b-ec85-4ebd-9896-3254b04b730f_1tm2532194d1_financials) | 35-40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone US Quality Bond Fund](#xx_b426ba65-bb59-4434-8138-eb4ec16c9df7_1tm2532194d1_financials) | 41-45 |
| [Statements of Assets and Liabilities](#xx_0e598c3a-80d2-47e9-adcd-0020330253c4_1tm2532194d1_financials) | 46-49 |
| [Statements of Operations](#xx_5e06cec8-ce4e-41fc-bf67-671f7b788a94_1tm2532194d1_financials) | 50-51 |
| [Statements of Changes in Net Assets](#xx_97deb0ab-19bb-436e-b6df-fd2fcbd280ea_1tm2532194d1_financials) | 52-55 |
| [Statements of Changes in Net Assets - Capital Stock Activity](#xx_b0e05906-3db1-451b-99bd-3e8c97caf1e6_1tm2532194d1_financials) | 56-61 |
| [Financial Highlights](#xx_b63b8bc1-674b-47a0-810e-d7845ec6cecc_1tm2532194d1_financials) | 62-73 |
| [Notes to Financial Statements](#xx_90e91855-b5db-4069-895e-a43a915422b5_1tm2532194d1_financials) | 74-92 |
| [Report of Independent Registered Public Accounting Firm](#xx_114811a6-6774-4ac6-9913-9a366497cf39_1tm2532194d1_financials) | 93-94 |
| [Other Items (Unaudited)](#xx_25e88632-dd2b-4206-801b-192caf418aaa_1tm2532194d1_financials) | 95 |

---

This report identifies the Funds' investments on September 30, 2025. These holdings are subject to change. Not all investments in each Fund performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Portfolio of Investments

Touchstone Active Bond Fund – September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 45.2%** |  |
|  | &nbsp;&nbsp;**Financials — 11.7%** |  |
| $783000 | &nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.000%, 10/29/28 | $754698 |
| &nbsp;&nbsp; 666000 | &nbsp;&nbsp;Aircastle Ltd. / Aircastle Ireland DAC, 144a, 5.000%, 9/15/30 | &nbsp;&nbsp; 671147 |
| &nbsp;&nbsp; 77000 | &nbsp;&nbsp;Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 7.000%, 1/15/31 | &nbsp;&nbsp; 79552 |
| &nbsp;&nbsp; 196000 | &nbsp;&nbsp;Allstate Corp. (The), Ser B, (TSFR3M + 3.200%), 7.411%, 8/15/53<sup>(A)</sup> | &nbsp;&nbsp; 195984 |
| &nbsp;&nbsp; 22000 | &nbsp;&nbsp;Ally Financial, Inc., 8.000%, 11/1/31 | &nbsp;&nbsp; 25042 |
| &nbsp;&nbsp; 1107000 | &nbsp;&nbsp;American Express Co., 5.282%, 7/27/29 | &nbsp;&nbsp; 1142007 |
| &nbsp;&nbsp; 672000 | &nbsp;&nbsp;Bank of America Corp., 2.687%, 4/22/32 | &nbsp;&nbsp; 612369 |
| &nbsp;&nbsp; 647000 | &nbsp;&nbsp;Bank of America Corp., 3.705%, 4/24/28 | &nbsp;&nbsp; 642839 |
| &nbsp;&nbsp; 862000 | &nbsp;&nbsp;Bank of America Corp., 5.511%, 1/24/36 | &nbsp;&nbsp; 900956 |
| &nbsp;&nbsp; 775000 | &nbsp;&nbsp;Bank of Montreal (Canada), 3.803%, 12/15/32 | &nbsp;&nbsp; 761330 |
| &nbsp;&nbsp; 862000 | &nbsp;&nbsp;Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | &nbsp;&nbsp; 928629 |
| &nbsp;&nbsp; 853000 | &nbsp;&nbsp;Bank of Nova Scotia (The) (Canada), Ser 2, 3.625%, 10/27/81 | &nbsp;&nbsp; 812503 |
| &nbsp;&nbsp; 1282000 | &nbsp;&nbsp;Barclays PLC (United Kingdom), 2.894%, 11/24/32 | &nbsp;&nbsp; 1155846 |
| &nbsp;&nbsp; 522000 | &nbsp;&nbsp;Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | &nbsp;&nbsp; 447485 |
| &nbsp;&nbsp; 1505000 | &nbsp;&nbsp;Citigroup, Inc., 4.542%, 9/19/30 | &nbsp;&nbsp; 1512132 |
| &nbsp;&nbsp; 550000 | &nbsp;&nbsp;Citigroup, Inc., 6.174%, 5/25/34 | &nbsp;&nbsp; 585132 |
| &nbsp;&nbsp; 883000 | &nbsp;&nbsp;Citizens Bank NA, 4.575%, 8/9/28 | &nbsp;&nbsp; 888428 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 9.250%, 12/15/28 | &nbsp;&nbsp; 75646 |
| &nbsp;&nbsp; 50000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 6.625%, 3/15/30 | &nbsp;&nbsp; 50129 |
| &nbsp;&nbsp; 33000 | &nbsp;&nbsp;CrossCountry Intermediate HoldCo LLC, 144a, 6.500%, 10/1/30 | &nbsp;&nbsp; 33116 |
| &nbsp;&nbsp; 666000 | &nbsp;&nbsp;First Maryland Capital I, (TSFR3M + 1.262%), 5.579%, 1/15/27<sup>(A)</sup> | &nbsp;&nbsp; 659417 |
| &nbsp;&nbsp; 37000 | &nbsp;&nbsp;FirstCash, Inc., 144a, 4.625%, 9/1/28 | &nbsp;&nbsp; 36231 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;Freedom Mortgage Corp., 144a, 12.000%, 10/1/28 | &nbsp;&nbsp; 20140 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;Freedom Mortgage Holdings LLC, 144a, 7.875%, 4/1/33 | &nbsp;&nbsp; 9272 |
| &nbsp;&nbsp; 90000 | &nbsp;&nbsp;Freedom Mortgage Holdings LLC, 144a, 9.250%, 2/1/29 | &nbsp;&nbsp; 94978 |
| &nbsp;&nbsp; 68000 | &nbsp;&nbsp;goeasy Ltd. (Canada), 144a, 9.250%, 12/1/28 | &nbsp;&nbsp; 70986 |
| &nbsp;&nbsp; 37000 | &nbsp;&nbsp;goeasy Ltd. (Canada), 144a, 6.875%, 5/15/30 | &nbsp;&nbsp; 36702 |
| &nbsp;&nbsp; 24000 | &nbsp;&nbsp;goeasy Ltd. (Canada), 144a, 7.625%, 7/1/29<sup>†</sup> | &nbsp;&nbsp; 24305 |
| &nbsp;&nbsp; 1031000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | &nbsp;&nbsp; 935478 |
| &nbsp;&nbsp; 454000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | &nbsp;&nbsp; 450816 |
| &nbsp;&nbsp; 956000 | &nbsp;&nbsp;Guardian Life Global Funding, 144a, 4.327%, 10/6/30 | &nbsp;&nbsp; 956703 |
| &nbsp;&nbsp; 83000 | &nbsp;&nbsp;Jane Street Group / JSG Finance, Inc., 144a, 6.125%, 11/1/32<sup>†</sup> | &nbsp;&nbsp; 84125 |
| &nbsp;&nbsp; 30000 | &nbsp;&nbsp;Jane Street Group / JSG Finance, Inc., 144a, 6.750%, 5/1/33 | &nbsp;&nbsp; 31114 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;Jefferson Capital Holdings LLC, 144a, 8.250%, 5/15/30 | &nbsp;&nbsp; 40809 |
| &nbsp;&nbsp; 1083000 | &nbsp;&nbsp;JPMorgan Chase & Co., 2.956%, 5/13/31 | &nbsp;&nbsp; 1016079 |
| &nbsp;&nbsp; 831000 | &nbsp;&nbsp;JPMorgan Chase & Co., 3.509%, 1/23/29 | &nbsp;&nbsp; 820148 |
| &nbsp;&nbsp; 774000 | &nbsp;&nbsp;JPMorgan Chase & Co., 4.946%, 10/22/35 | &nbsp;&nbsp; 780553 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;Kaspi.KZ JSC (Kazakhstan), 144a, 6.250%, 3/26/30 | &nbsp;&nbsp; 205487 |
| &nbsp;&nbsp; 1047000 | &nbsp;&nbsp;Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.400%, 3/26/29 | &nbsp;&nbsp; 1101106 |
| &nbsp;&nbsp; 774000 | &nbsp;&nbsp;Marsh & McLennan Cos., Inc., 5.350%, 11/15/44 | &nbsp;&nbsp; 767141 |
| &nbsp;&nbsp; 1055000 | &nbsp;&nbsp;Mastercard, Inc., 2.000%, 11/18/31 | &nbsp;&nbsp; 931688 |
| &nbsp;&nbsp; 822000 | &nbsp;&nbsp;Morgan Stanley, 2.484%, 9/16/36 | &nbsp;&nbsp; 714398 |
| &nbsp;&nbsp; 813000 | &nbsp;&nbsp;Morgan Stanley, 3.950%, 4/23/27 | &nbsp;&nbsp; 811488 |
| &nbsp;&nbsp; 30000 | &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 144a, 6.500%, 8/1/29 | &nbsp;&nbsp; 30788 |
| &nbsp;&nbsp; 79000 | &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 144a, 7.125%, 2/1/32 | &nbsp;&nbsp; 82634 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;Navient Corp., 4.875%, 3/15/28 | &nbsp;&nbsp; 18642 |
| &nbsp;&nbsp; 49000 | &nbsp;&nbsp;Navient Corp., 5.000%, 3/15/27 | &nbsp;&nbsp; 48810 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;Navient Corp., 7.875%, 6/15/32 | &nbsp;&nbsp; 19996 |
| &nbsp;&nbsp; 802000 | &nbsp;&nbsp;New York Life Global Funding, 144a, 4.550%, 1/28/33 | &nbsp;&nbsp; 800841 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 45.2% (Continued)** |  |
|  | &nbsp;&nbsp;**Financials — 11.7% (Continued)** |  |
| $1022292 | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | $793404 |
| &nbsp;&nbsp; 36000 | &nbsp;&nbsp;OneMain Finance Corp., 3.875%, 9/15/28 | &nbsp;&nbsp; 34599 |
| &nbsp;&nbsp; 25000 | &nbsp;&nbsp;OneMain Finance Corp., 4.000%, 9/15/30<sup>†</sup> | &nbsp;&nbsp; 23241 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;OneMain Finance Corp., 6.500%, 3/15/33 | &nbsp;&nbsp; 46115 |
| &nbsp;&nbsp; 29000 | &nbsp;&nbsp;OneMain Finance Corp., 6.625%, 5/15/29 | &nbsp;&nbsp; 29810 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;OneMain Finance Corp., 7.125%, 3/15/26 | &nbsp;&nbsp; 11098 |
| &nbsp;&nbsp; 20000 | &nbsp;&nbsp;OneMain Finance Corp., 7.125%, 9/15/32 | &nbsp;&nbsp; 20662 |
| &nbsp;&nbsp; 24000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 5.750%, 9/15/31 | &nbsp;&nbsp; 23786 |
| &nbsp;&nbsp; 29000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 7.875%, 12/15/29 | &nbsp;&nbsp; 30778 |
| &nbsp;&nbsp; 29000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 7.125%, 11/15/30 | &nbsp;&nbsp; 30197 |
| &nbsp;&nbsp; 1134000 | &nbsp;&nbsp;PNC Capital Trust, (TSFR3M + 0.832%), 5.003%, 6/1/28<sup>(A)</sup> | &nbsp;&nbsp; 1119934 |
| &nbsp;&nbsp; 18000 | &nbsp;&nbsp;PRA Group, Inc., 144a, 8.375%, 2/1/28 | &nbsp;&nbsp; 18411 |
| &nbsp;&nbsp; 94000 | &nbsp;&nbsp;PRA Group, Inc., 144a, 8.875%, 1/31/30 | &nbsp;&nbsp; 97007 |
| &nbsp;&nbsp; 940000 | &nbsp;&nbsp;Royal Bank of Canada (Canada), 4.969%, 8/2/30 | &nbsp;&nbsp; 961958 |
| &nbsp;&nbsp; 81000 | &nbsp;&nbsp;SBL Holdings, Inc., 144a, 9.508%<sup>(B)</sup> | &nbsp;&nbsp; 84238 |
| &nbsp;&nbsp; 1548000 | &nbsp;&nbsp;State Street Corp., (TSFR3M + 1.262%), 5.299%, 6/15/47<sup>(A)</sup> | &nbsp;&nbsp; 1400779 |
| &nbsp;&nbsp; 1614000 | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America, 144a, 3.300%, 5/15/50 | &nbsp;&nbsp; 1111746 |
| &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;Truist Financial Corp., Ser A, (TSFR3M + 0.932%), 5.143%, 5/15/27<sup>(A)</sup> | &nbsp;&nbsp; 1612877 |
| &nbsp;&nbsp; 684000 | &nbsp;&nbsp;US Bancorp, 4.967%, 7/22/33 | &nbsp;&nbsp; 686803 |
|  |  | &nbsp;&nbsp; 32013288 |
|  | &nbsp;&nbsp;**Industrials — 5.3%** |  |
| &nbsp;&nbsp; 51000 | &nbsp;&nbsp;AAR Escrow Issuer LLC, 144a, 6.750%, 3/15/29 | &nbsp;&nbsp; 52527 |
| &nbsp;&nbsp; 1057000 | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | &nbsp;&nbsp; 975373 |
| &nbsp;&nbsp; 66000 | &nbsp;&nbsp;Amsted Industries, Inc., 144a, 4.625%, 5/15/30 | &nbsp;&nbsp; 63782 |
| &nbsp;&nbsp; 40000 | &nbsp;&nbsp;Amsted Industries, Inc., 144a, 6.375%, 3/15/33 | &nbsp;&nbsp; 41054 |
| &nbsp;&nbsp; 84000 | &nbsp;&nbsp;BNSF Funding Trust I, 6.613%, 12/15/55 | &nbsp;&nbsp; 83894 |
| &nbsp;&nbsp; 29000 | &nbsp;&nbsp;Bombardier, Inc. (Canada), 144a, 8.750%, 11/15/30 | &nbsp;&nbsp; 31272 |
| &nbsp;&nbsp; 84000 | &nbsp;&nbsp;Brundage-Bone Concrete Pumping Holdings, Inc., 144a, 7.500%, 2/1/32 | &nbsp;&nbsp; 84822 |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;Builders FirstSource, Inc., 144a, 6.375%, 6/15/32 | &nbsp;&nbsp; 76490 |
| &nbsp;&nbsp; 853000 | &nbsp;&nbsp;Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | &nbsp;&nbsp; 902243 |
| &nbsp;&nbsp; 124000 | &nbsp;&nbsp;BWX Technologies, Inc., 144a, 4.125%, 6/30/28<sup>†</sup> | &nbsp;&nbsp; 121044 |
| &nbsp;&nbsp; 1074000 | &nbsp;&nbsp;Canadian Pacific Railway Co. (Canada), 3.000%, 12/2/41 | &nbsp;&nbsp; 804800 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;Cascades, Inc. / Cascades USA, Inc. (Canada), 144a, 5.375%, 1/15/28 | &nbsp;&nbsp; 38691 |
| &nbsp;&nbsp; 36000 | &nbsp;&nbsp;Clean Harbors, Inc., 144a, 5.750%, 10/15/33 | &nbsp;&nbsp; 36314 |
| &nbsp;&nbsp; 51000 | &nbsp;&nbsp;Clearwater Paper Corp., 144a, 4.750%, 8/15/28 | &nbsp;&nbsp; 47979 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., 144a, 6.750%, 4/15/32 | &nbsp;&nbsp; 19490 |
| &nbsp;&nbsp; 1094000 | &nbsp;&nbsp;Element Fleet Management Corp. (Canada), 144a, 5.037%, 3/25/30 | &nbsp;&nbsp; 1116240 |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.625%, 12/15/30 | &nbsp;&nbsp; 49331 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.750%, 7/15/31 | &nbsp;&nbsp; 15576 |
| &nbsp;&nbsp; 20000 | &nbsp;&nbsp;FTAI Aviation Investors LLC, 144a, 5.500%, 5/1/28 | &nbsp;&nbsp; 20011 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;FTAI Aviation Investors LLC, 144a, 7.000%, 6/15/32 | &nbsp;&nbsp; 11511 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;FTAI Aviation Investors LLC, 144a, 7.875%, 12/1/30 | &nbsp;&nbsp; 9563 |
| &nbsp;&nbsp; 119000 | &nbsp;&nbsp;Imola Merger Corp., 144a, 4.750%, 5/15/29 | &nbsp;&nbsp; 115742 |
| &nbsp;&nbsp; 865000 | &nbsp;&nbsp;John Deere Capital Corp., MTN, 5.100%, 4/11/34 | &nbsp;&nbsp; 895077 |
| &nbsp;&nbsp; 777000 | &nbsp;&nbsp;Keysight Technologies, Inc., 4.950%, 10/15/34 | &nbsp;&nbsp; 781694 |
| &nbsp;&nbsp; 78000 | &nbsp;&nbsp;Manitowoc Co., Inc. (The), 144a, 9.250%, 10/1/31 | &nbsp;&nbsp; 82003 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Active Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 45.2% (Continued)** |  |
|  | &nbsp;&nbsp;**Industrials — 5.3% (Continued)** |  |
| $20000 | &nbsp;&nbsp;Mauser Packaging Solutions Holding Co., 144a, 7.875%, 8/15/26 | $19883 |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;Mauser Packaging Solutions Holding Co., 144a, 7.875%, 4/15/27 | &nbsp;&nbsp; 82807 |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;Moog, Inc., 144a, 4.250%, 12/15/27 | &nbsp;&nbsp; 80746 |
| &nbsp;&nbsp; 692000 | &nbsp;&nbsp;Norfolk Southern Corp., 4.837%, 10/1/41 | &nbsp;&nbsp; 658407 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 144a, 7.250%, 5/15/31 | &nbsp;&nbsp; 73348 |
| &nbsp;&nbsp; 36000 | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 144a, 7.375%, 6/1/32 | &nbsp;&nbsp; 36340 |
| &nbsp;&nbsp; 580000 | &nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp., 144a, 5.350%, 1/12/27 | &nbsp;&nbsp; 587095 |
| &nbsp;&nbsp; 58000 | &nbsp;&nbsp;Quikrete Holdings, Inc., 144a, 6.375%, 3/1/32 | &nbsp;&nbsp; 60085 |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;Roller Bearing Co. of America, Inc., 144a, 4.375%, 10/15/29 | &nbsp;&nbsp; 82572 |
| &nbsp;&nbsp; 698000 | &nbsp;&nbsp;RTX Corp., 6.400%, 3/15/54 | &nbsp;&nbsp; 780519 |
| &nbsp;&nbsp; 63000 | &nbsp;&nbsp;Sensata Technologies, Inc., 144a, 3.750%, 2/15/31 | &nbsp;&nbsp; 58143 |
| &nbsp;&nbsp; 50000 | &nbsp;&nbsp;Smyrna Ready Mix Concrete LLC, 144a, 8.875%, 11/15/31 | &nbsp;&nbsp; 52758 |
| &nbsp;&nbsp; 34000 | &nbsp;&nbsp;Standard Building Solutions, Inc., 144a, 6.250%, 8/1/33 | &nbsp;&nbsp; 34437 |
| &nbsp;&nbsp; 14000 | &nbsp;&nbsp;Standard Building Solutions, Inc., 144a, 6.500%, 8/15/32 | &nbsp;&nbsp; 14367 |
| &nbsp;&nbsp; 41000 | &nbsp;&nbsp;Standard Industries, Inc., 144a, 3.375%, 1/15/31 | &nbsp;&nbsp; 37119 |
| &nbsp;&nbsp; 122000 | &nbsp;&nbsp;Stanley Black & Decker, Inc., 6.707%, 3/15/60 | &nbsp;&nbsp; 122405 |
| &nbsp;&nbsp; 54000 | &nbsp;&nbsp;Stonepeak Nile Parent LLC, 144a, 7.250%, 3/15/32 | &nbsp;&nbsp; 56855 |
| &nbsp;&nbsp; 78000 | &nbsp;&nbsp;Terex Corp., 144a, 6.250%, 10/15/32 | &nbsp;&nbsp; 79459 |
| &nbsp;&nbsp; 2013000 | &nbsp;&nbsp;Textron Financial Corp., 144a, (TSFR3M + 1.997%), 6.208%, 2/15/42<sup>(A)</sup> | &nbsp;&nbsp; 1818947 |
| &nbsp;&nbsp; 1198000 | &nbsp;&nbsp;Timken Co. (The), 4.500%, 12/15/28 | &nbsp;&nbsp; 1205212 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.250%, 1/31/34 | &nbsp;&nbsp; 9247 |
| &nbsp;&nbsp; 50000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.375%, 3/1/29 | &nbsp;&nbsp; 51117 |
| &nbsp;&nbsp; 76000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.625%, 3/1/32 | &nbsp;&nbsp; 78236 |
| &nbsp;&nbsp; 972000 | &nbsp;&nbsp;United Parcel Service, Inc., 5.950%, 5/14/55 | &nbsp;&nbsp; 1015076 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;Waste Pro USA, Inc., 144a, 7.000%, 2/1/33 | &nbsp;&nbsp; 17607 |
| &nbsp;&nbsp; 29000 | &nbsp;&nbsp;WESCO Distribution, Inc., 144a, 6.375%, 3/15/29 | &nbsp;&nbsp; 29857 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;WESCO Distribution, Inc., 144a, 6.375%, 3/15/33 | &nbsp;&nbsp; 17623 |
| &nbsp;&nbsp; 29000 | &nbsp;&nbsp;WESCO Distribution, Inc., 144a, 6.625%, 3/15/32 | &nbsp;&nbsp; 30137 |
| &nbsp;&nbsp; 570000 | &nbsp;&nbsp;WestRock MWV LLC, 8.200%, 1/15/30 | &nbsp;&nbsp; 652963 |
| &nbsp;&nbsp; 106000 | &nbsp;&nbsp;XPO, Inc., 144a, 7.125%, 2/1/32 | &nbsp;&nbsp; 111313 |
|  |  | &nbsp;&nbsp; 14431203 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 5.2%** |  |
| &nbsp;&nbsp; 1534000 | &nbsp;&nbsp;7-Eleven, Inc., 144a, 1.800%, 2/10/31 | &nbsp;&nbsp; 1333873 |
| &nbsp;&nbsp; 91000 | &nbsp;&nbsp;ADT Security Corp. (The), 144a, 5.875%, 10/15/33 | &nbsp;&nbsp; 91000 |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;Allison Transmission, Inc., 144a, 4.750%, 10/1/27 | &nbsp;&nbsp; 81436 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;American Axle & Manufacturing, Inc., 144a, 6.375%, 10/15/32 | &nbsp;&nbsp; 8981 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;American Axle & Manufacturing, Inc., 144a, 7.750%, 10/15/33 | &nbsp;&nbsp; 9067 |
| &nbsp;&nbsp; 40000 | &nbsp;&nbsp;Beazer Homes USA, Inc., 7.250%, 10/15/29 | &nbsp;&nbsp; 40689 |
| &nbsp;&nbsp; 29000 | &nbsp;&nbsp;Beazer Homes USA, Inc., 144a, 7.500%, 3/15/31 | &nbsp;&nbsp; 29384 |
| &nbsp;&nbsp; 125000 | &nbsp;&nbsp;BlueLinx Holdings, Inc., 144a, 6.000%, 11/15/29 | &nbsp;&nbsp; 123029 |
| &nbsp;&nbsp; 1026000 | &nbsp;&nbsp;BMW US Capital LLC (Germany), 144a, 4.500%, 8/11/30 | &nbsp;&nbsp; 1027983 |
| &nbsp;&nbsp; 18000 | &nbsp;&nbsp;Carnival Corp., 144a, 5.125%, 5/1/29 | &nbsp;&nbsp; 18000 |
| &nbsp;&nbsp; 146000 | &nbsp;&nbsp;Carnival Corp., 144a, 5.750%, 8/1/32 | &nbsp;&nbsp; 148554 |
| &nbsp;&nbsp; 63000 | &nbsp;&nbsp;Carnival Corp., 144a, 5.875%, 6/15/31 | &nbsp;&nbsp; 64559 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;Carnival Corp., 144a, 6.125%, 2/15/33 | &nbsp;&nbsp; 19475 |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;Carriage Services, Inc., 144a, 4.250%, 5/15/29 | &nbsp;&nbsp; 45471 |
| &nbsp;&nbsp; 53000 | &nbsp;&nbsp;Century Communities, Inc., 144a, 6.625%, 9/15/33 | &nbsp;&nbsp; 53473 |
| &nbsp;&nbsp; 83000 | &nbsp;&nbsp;Champ Acquisition Corp., 144a, 8.375%, 12/1/31 | &nbsp;&nbsp; 88215 |
| &nbsp;&nbsp; 150000 | &nbsp;&nbsp;Cimpress PLC (Ireland), 144a, 7.375%, 9/15/32 | &nbsp;&nbsp; 149801 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 45.2% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 5.2% (Continued)** |  |
| $1016000 | &nbsp;&nbsp;Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.750%, 10/20/28 | $1021755 |
| &nbsp;&nbsp; 794000 | &nbsp;&nbsp;Ferguson Enterprises, Inc., 4.350%, 3/15/31 | &nbsp;&nbsp; 788894 |
| &nbsp;&nbsp; 484000 | &nbsp;&nbsp;Ford Motor Credit Co. LLC, 6.050%, 3/5/31 | &nbsp;&nbsp; 495337 |
| &nbsp;&nbsp; 45000 | &nbsp;&nbsp;Gap, Inc. (The), 144a, 3.625%, 10/1/29 | &nbsp;&nbsp; 42100 |
| &nbsp;&nbsp; 866000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 3.100%, 1/12/32 | &nbsp;&nbsp; 780201 |
| &nbsp;&nbsp; 294000 | &nbsp;&nbsp;Gildan Activewear, Inc. (Canada), 144a, 4.700%, 10/7/30 | &nbsp;&nbsp; 293627 |
| &nbsp;&nbsp; 608000 | &nbsp;&nbsp;Gildan Activewear, Inc. (Canada), 144a, 5.400%, 10/7/35 | &nbsp;&nbsp; 608099 |
| &nbsp;&nbsp; 43000 | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The), 5.625%, 4/30/33 | &nbsp;&nbsp; 40065 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;Group 1 Automotive, Inc., 144a, 4.000%, 8/15/28 | &nbsp;&nbsp; 90401 |
| &nbsp;&nbsp; 20000 | &nbsp;&nbsp;Group 1 Automotive, Inc., 144a, 6.375%, 1/15/30 | &nbsp;&nbsp; 20461 |
| &nbsp;&nbsp; 481000 | &nbsp;&nbsp;Home Depot, Inc. (The), 5.950%, 4/1/41 | &nbsp;&nbsp; 518450 |
| &nbsp;&nbsp; 847000 | &nbsp;&nbsp;Hyundai Capital America, 144a, 5.350%, 3/19/29 | &nbsp;&nbsp; 870074 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;JB Poindexter & Co., Inc., 144a, 8.750%, 12/15/31 | &nbsp;&nbsp; 97389 |
| &nbsp;&nbsp; 58000 | &nbsp;&nbsp;LGI Homes, Inc., 144a, 7.000%, 11/15/32 | &nbsp;&nbsp; 56487 |
| &nbsp;&nbsp; 73000 | &nbsp;&nbsp;Light & Wonder International, Inc., 144a, 6.250%, 10/1/33 | &nbsp;&nbsp; 73124 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;Lindblad Expeditions LLC, 144a, 7.000%, 9/15/30 | &nbsp;&nbsp; 9174 |
| &nbsp;&nbsp; 54000 | &nbsp;&nbsp;Lithia Motors, Inc., 144a, 5.500%, 10/1/30 | &nbsp;&nbsp; 54025 |
| &nbsp;&nbsp; 802000 | &nbsp;&nbsp;Lowe's Cos., Inc., 4.500%, 4/15/30 | &nbsp;&nbsp; 812441 |
| &nbsp;&nbsp; 842000 | &nbsp;&nbsp;Mattel, Inc., 5.450%, 11/1/41 | &nbsp;&nbsp; 775163 |
| &nbsp;&nbsp; 1238000 | &nbsp;&nbsp;Meritage Homes Corp., 144a, 3.875%, 4/15/29 | &nbsp;&nbsp; 1205512 |
| &nbsp;&nbsp; 116000 | &nbsp;&nbsp;Michaels Cos., Inc. (The), 144a, 5.250%, 5/1/28 | &nbsp;&nbsp; 106336 |
| &nbsp;&nbsp; 18000 | &nbsp;&nbsp;NCL Corp. Ltd., 144a, 5.875%, 1/15/31 | &nbsp;&nbsp; 17993 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;NCL Corp. Ltd., 144a, 6.250%, 9/15/33 | &nbsp;&nbsp; 9050 |
| &nbsp;&nbsp; 41000 | &nbsp;&nbsp;NCL Corp. Ltd., 144a, 6.750%, 2/1/32 | &nbsp;&nbsp; 42152 |
| &nbsp;&nbsp; 53000 | &nbsp;&nbsp;Newell Brands, Inc., 6.375%, 9/15/27 | &nbsp;&nbsp; 53733 |
| &nbsp;&nbsp; 29000 | &nbsp;&nbsp;Newell Brands, Inc., 6.625%, 5/15/32 | &nbsp;&nbsp; 28517 |
| &nbsp;&nbsp; 24000 | &nbsp;&nbsp;Newell Brands, Inc., 144a, 8.500%, 6/1/28 | &nbsp;&nbsp; 25381 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;Nissan Motor Acceptance Co. LLC, 144a, 6.125%, 9/30/30 | &nbsp;&nbsp; 45988 |
| &nbsp;&nbsp; 114000 | &nbsp;&nbsp;QXO Building Products, Inc., 144a, 6.750%, 4/30/32 | &nbsp;&nbsp; 117853 |
| &nbsp;&nbsp; 73000 | &nbsp;&nbsp;Sonic Automotive, Inc., 144a, 4.625%, 11/15/29 | &nbsp;&nbsp; 70820 |
| &nbsp;&nbsp; 155000 | &nbsp;&nbsp;Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | &nbsp;&nbsp; 153168 |
| &nbsp;&nbsp; 56000 | &nbsp;&nbsp;Station Casinos LLC, 144a, 4.625%, 12/1/31 | &nbsp;&nbsp; 52822 |
| &nbsp;&nbsp; 50000 | &nbsp;&nbsp;Taylor Morrison Communities, Inc., 144a, 5.125%, 8/1/30 | &nbsp;&nbsp; 49847 |
| &nbsp;&nbsp; 1083000 | &nbsp;&nbsp;United Airlines, Inc., 144a, 4.625%, 4/15/29 | &nbsp;&nbsp; 1066552 |
| &nbsp;&nbsp; 18000 | &nbsp;&nbsp;Viking Cruises Ltd., 144a, 5.875%, 10/15/33 | &nbsp;&nbsp; 18018 |
| &nbsp;&nbsp; 78000 | &nbsp;&nbsp;Voyager Parent LLC, 144a, 9.250%, 7/1/32 | &nbsp;&nbsp; 82480 |
| &nbsp;&nbsp; 43000 | &nbsp;&nbsp;Warnermedia Holdings, Inc., 4.279%, 3/15/32<sup>†</sup> | &nbsp;&nbsp; 39399 |
| &nbsp;&nbsp; 106000 | &nbsp;&nbsp;Warnermedia Holdings, Inc., 5.050%, 3/15/42 | &nbsp;&nbsp; 84535 |
| &nbsp;&nbsp; 7000 | &nbsp;&nbsp;Winnebago Industries, Inc., 144a, 6.250%, 7/15/28 | &nbsp;&nbsp; 6985 |
|  |  | &nbsp;&nbsp; 14057398 |
|  | &nbsp;&nbsp;**Energy — 4.5%** |  |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;3R Lux Sarl (Brazil), 144a, 9.750%, 2/5/31 | &nbsp;&nbsp; 210840 |
| &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;Aker BP ASA (Norway), 144a, 5.125%, 10/1/34 | &nbsp;&nbsp; 1053603 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.000%, 7/15/29 | &nbsp;&nbsp; 40409 |
| &nbsp;&nbsp; 28000 | &nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.250%, 7/15/32 | &nbsp;&nbsp; 29448 |
| &nbsp;&nbsp; 75000 | &nbsp;&nbsp;Bristow Group, Inc., 144a, 6.875%, 3/1/28 | &nbsp;&nbsp; 75417 |
| &nbsp;&nbsp; 954000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 3.250%, 1/31/32 | &nbsp;&nbsp; 869203 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 4.000%, 3/1/31 | &nbsp;&nbsp; 289349 |
| &nbsp;&nbsp; 68000 | &nbsp;&nbsp;Civitas Resources, Inc., 144a, 8.375%, 7/1/28 | &nbsp;&nbsp; 70484 |
| &nbsp;&nbsp; 42000 | &nbsp;&nbsp;Crescent Energy Finance LLC, 144a, 7.625%, 4/1/32 | &nbsp;&nbsp; 41714 |
| &nbsp;&nbsp; 1054000 | &nbsp;&nbsp;DCP Midstream Operating LP, 144a, 6.750%, 9/15/37 | &nbsp;&nbsp; 1146917 |
| &nbsp;&nbsp; 76000 | &nbsp;&nbsp;Diamond Foreign Asset Co. / Diamond Finance LLC, 144a, 8.500%, 10/1/30 | &nbsp;&nbsp; 80539 |
| &nbsp;&nbsp; 149000 | &nbsp;&nbsp;Enbridge, Inc. (Canada), Ser NC5, 8.250%, 1/15/84 | &nbsp;&nbsp; 160053 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Active Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 45.2% (Continued)** |  |
|  | &nbsp;&nbsp;**Energy — 4.5% (Continued)** |  |
| $56000 | &nbsp;&nbsp;Energy Transfer LP, 8.000%, 5/15/54 | $59846 |
| &nbsp;&nbsp; 20000 | &nbsp;&nbsp;Energy Transfer LP, Ser G, 7.125%<sup>(B)</sup> | &nbsp;&nbsp; 20665 |
| &nbsp;&nbsp; 37000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 7.875%, 5/15/32 | &nbsp;&nbsp; 38575 |
| &nbsp;&nbsp; 35000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 8.250%, 1/15/29 | &nbsp;&nbsp; 36510 |
| &nbsp;&nbsp; 59000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 8.875%, 4/15/30 | &nbsp;&nbsp; 62446 |
| &nbsp;&nbsp; 1011000 | &nbsp;&nbsp;HF Sinclair Corp., 5.000%, 2/1/28 | &nbsp;&nbsp; 1013174 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | &nbsp;&nbsp; 45316 |
| &nbsp;&nbsp; 26000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 4/15/30 | &nbsp;&nbsp; 25595 |
| &nbsp;&nbsp; 37000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.875%, 5/15/34 | &nbsp;&nbsp; 35581 |
| &nbsp;&nbsp; 43000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 8.375%, 11/1/33 | &nbsp;&nbsp; 45161 |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;Kinetik Holdings LP, 144a, 5.875%, 6/15/30 | &nbsp;&nbsp; 74440 |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 144a, 6.875%, 12/1/32 | &nbsp;&nbsp; 84148 |
| &nbsp;&nbsp; 548238 | &nbsp;&nbsp;MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | &nbsp;&nbsp; 469439 |
| &nbsp;&nbsp; 988000 | &nbsp;&nbsp;Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 | &nbsp;&nbsp; 992555 |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;Murphy Oil Corp., 6.000%, 10/1/32 | &nbsp;&nbsp; 59132 |
| &nbsp;&nbsp; 1052000 | &nbsp;&nbsp;NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | &nbsp;&nbsp; 1214280 |
| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;Noble Finance II LLC, 144a, 8.000%, 4/15/30 | &nbsp;&nbsp; 10351 |
| &nbsp;&nbsp; 887000 | &nbsp;&nbsp;Occidental Petroleum Corp., 7.950%, 6/15/39 | &nbsp;&nbsp; 1039678 |
| &nbsp;&nbsp; 103000 | &nbsp;&nbsp;Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | &nbsp;&nbsp; 100352 |
| &nbsp;&nbsp; 30000 | &nbsp;&nbsp;Parkland Corp. (Canada), 144a, 6.625%, 8/15/32 | &nbsp;&nbsp; 30811 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;Petroleos del Peru SA (Peru), 144a, 4.750%, 6/19/32 | &nbsp;&nbsp; 86692 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;Petroleos del Peru SA (Peru), 144a, 5.625%, 6/19/47 | &nbsp;&nbsp; 73625 |
| &nbsp;&nbsp; 57000 | &nbsp;&nbsp;Prairie Acquiror LP, 144a, 9.000%, 8/1/29 | &nbsp;&nbsp; 59195 |
| &nbsp;&nbsp; 106000 | &nbsp;&nbsp;Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | &nbsp;&nbsp; 106573 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;Rockies Express Pipeline LLC, 144a, 4.800%, 5/15/30 | &nbsp;&nbsp; 8790 |
| &nbsp;&nbsp; 29000 | &nbsp;&nbsp;Rockies Express Pipeline LLC, 144a, 7.500%, 7/15/38 | &nbsp;&nbsp; 30921 |
| &nbsp;&nbsp; 1242000 | &nbsp;&nbsp;Sempra Infrastructure Partners LP, 144a, 3.250%, 1/15/32 | &nbsp;&nbsp; 1101633 |
| &nbsp;&nbsp; 73000 | &nbsp;&nbsp;SESI LLC, 144a, 7.875%, 9/30/30 | &nbsp;&nbsp; 72964 |
| &nbsp;&nbsp; 30000 | &nbsp;&nbsp;SM Energy Co., 144a, 6.750%, 8/1/29 | &nbsp;&nbsp; 30143 |
| &nbsp;&nbsp; 50000 | &nbsp;&nbsp;SM Energy Co., 144a, 7.000%, 8/1/32 | &nbsp;&nbsp; 50025 |
| &nbsp;&nbsp; 13000 | &nbsp;&nbsp;Sunoco LP, 144a, 5.625%, 3/15/31 | &nbsp;&nbsp; 12906 |
| &nbsp;&nbsp; 53000 | &nbsp;&nbsp;Sunoco LP, 144a, 5.875%, 3/15/34 | &nbsp;&nbsp; 52542 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 7.375%, 2/15/29 | &nbsp;&nbsp; 82386 |
| &nbsp;&nbsp; 77000 | &nbsp;&nbsp;Tidewater, Inc., 144a, 9.125%, 7/15/30 | &nbsp;&nbsp; 82677 |
| &nbsp;&nbsp; 69000 | &nbsp;&nbsp;Valaris Ltd., 144a, 8.375%, 4/30/30 | &nbsp;&nbsp; 71486 |
| &nbsp;&nbsp; 43000 | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC, 144a, 6.250%, 1/15/30 | &nbsp;&nbsp; 44826 |
| &nbsp;&nbsp; 50000 | &nbsp;&nbsp;Venture Global LNG, Inc., 144a, 7.000%, 1/15/30 | &nbsp;&nbsp; 51677 |
| &nbsp;&nbsp; 84000 | &nbsp;&nbsp;Venture Global LNG, Inc., 144a, 9.000%<sup>(B)</sup> | &nbsp;&nbsp; 83247 |
| &nbsp;&nbsp; 28000 | &nbsp;&nbsp;Weatherford International Ltd., 144a, 6.750%, 10/15/33 | &nbsp;&nbsp; 28022 |
| &nbsp;&nbsp; 827000 | &nbsp;&nbsp;Western Midstream Operating LP, 5.250%, 2/1/50 | &nbsp;&nbsp; 719561 |
| &nbsp;&nbsp; 35000 | &nbsp;&nbsp;YPF SA (Argentina), 144a, 6.950%, 7/21/27 | &nbsp;&nbsp; 34792 |
|  |  | &nbsp;&nbsp; 12410714 |
|  | &nbsp;&nbsp;**Consumer Staples — 4.4%** |  |
| &nbsp;&nbsp; 63000 | &nbsp;&nbsp;ACCO Brands Corp., 144a, 4.250%, 3/15/29 | &nbsp;&nbsp; 56898 |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;Allied Universal Holdco LLC, 144a, 7.875%, 2/15/31 | &nbsp;&nbsp; 62920 |
| &nbsp;&nbsp; 96000 | &nbsp;&nbsp;AMN Healthcare, Inc., 144a, 4.625%, 10/1/27 | &nbsp;&nbsp; 95962 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;AMN Healthcare, Inc., 144a, 6.500%, 1/15/31 | &nbsp;&nbsp; 46163 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 45.2% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 4.4% (Continued)** |  |
| $572000 | &nbsp;&nbsp;Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | $535660 |
| &nbsp;&nbsp; 1052000 | &nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | &nbsp;&nbsp; 1043213 |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 8.000%, 2/15/31 | &nbsp;&nbsp; 39312 |
| &nbsp;&nbsp; 28000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 8.250%, 1/15/30 | &nbsp;&nbsp; 29046 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 8.375%, 6/15/32<sup>†</sup> | &nbsp;&nbsp; 19872 |
| &nbsp;&nbsp; 938000 | &nbsp;&nbsp;BAT Capital Corp. (United Kingdom), 2.259%, 3/25/28 | &nbsp;&nbsp; 896315 |
| &nbsp;&nbsp; 966000 | &nbsp;&nbsp;Cargill, Inc., 144a, 4.760%, 11/23/45 | &nbsp;&nbsp; 889520 |
| &nbsp;&nbsp; 1617000 | &nbsp;&nbsp;Coca-Cola Co. (The), 2.500%, 3/15/51 | &nbsp;&nbsp; 988269 |
| &nbsp;&nbsp; 23000 | &nbsp;&nbsp;Coty, Inc. /HFC Prestige Products, Inc./HFC Prestige International US LLC, 144a, 6.625%, 7/15/30 | &nbsp;&nbsp; 23456 |
| &nbsp;&nbsp; 982000 | &nbsp;&nbsp;ERAC USA Finance LLC, 144a, 4.200%, 11/1/46 | &nbsp;&nbsp; 826901 |
| &nbsp;&nbsp; 102000 | &nbsp;&nbsp;Gap, Inc. (The), 144a, 3.875%, 10/1/31 | &nbsp;&nbsp; 92682 |
| &nbsp;&nbsp; 76000 | &nbsp;&nbsp;Herc Holdings, Inc., 144a, 5.500%, 7/15/27 | &nbsp;&nbsp; 75811 |
| &nbsp;&nbsp; 29000 | &nbsp;&nbsp;Herc Holdings, Inc., 144a, 6.625%, 6/15/29 | &nbsp;&nbsp; 29798 |
| &nbsp;&nbsp; 40000 | &nbsp;&nbsp;Herc Holdings, Inc., 144a, 7.000%, 6/15/30 | &nbsp;&nbsp; 41544 |
| &nbsp;&nbsp; 68000 | &nbsp;&nbsp;Ingles Markets, Inc., 144a, 4.000%, 6/15/31<sup>†</sup> | &nbsp;&nbsp; 63862 |
| &nbsp;&nbsp; 536000 | &nbsp;&nbsp;Kroger Co. (The), 5.000%, 4/15/42 | &nbsp;&nbsp; 508879 |
| &nbsp;&nbsp; 728000 | &nbsp;&nbsp;Mars, Inc., 144a, 5.200%, 3/1/35 | &nbsp;&nbsp; 744133 |
| &nbsp;&nbsp; 51000 | &nbsp;&nbsp;Performance Food Group, Inc., 144a, 6.125%, 9/15/32 | &nbsp;&nbsp; 52239 |
| &nbsp;&nbsp; 1393000 | &nbsp;&nbsp;Pernod Ricard International Finance LLC, 144a, 1.625%, 4/1/31 | &nbsp;&nbsp; 1199873 |
| &nbsp;&nbsp; 1149000 | &nbsp;&nbsp;Philip Morris International, Inc., 5.375%, 2/15/33 | &nbsp;&nbsp; 1199453 |
| &nbsp;&nbsp; 47000 | &nbsp;&nbsp;Post Holdings, Inc., 144a, 4.625%, 4/15/30 | &nbsp;&nbsp; 45311 |
| &nbsp;&nbsp; 84000 | &nbsp;&nbsp;Post Holdings, Inc., 144a, 6.250%, 10/15/34 | &nbsp;&nbsp; 84679 |
| &nbsp;&nbsp; 42000 | &nbsp;&nbsp;S&S Holdings LLC, 144a, 8.375%, 10/1/31 | &nbsp;&nbsp; 40970 |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 144a, 6.750%, 8/15/32 | &nbsp;&nbsp; 49628 |
| &nbsp;&nbsp; 121000 | &nbsp;&nbsp;Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 144a, 4.625%, 3/1/29 | &nbsp;&nbsp; 115979 |
| &nbsp;&nbsp; 568000 | &nbsp;&nbsp;Starbucks Corp., 3.350%, 3/12/50 | &nbsp;&nbsp; 393824 |
| &nbsp;&nbsp; 190000 | &nbsp;&nbsp;Turning Point Brands, Inc., 144a, 7.625%, 3/15/32 | &nbsp;&nbsp; 200999 |
| &nbsp;&nbsp; 687000 | &nbsp;&nbsp;Tyson Foods, Inc., 5.400%, 3/15/29 | &nbsp;&nbsp; 710630 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;Velocity Vehicle Group LLC, 144a, 8.000%, 6/1/29 | &nbsp;&nbsp; 64281 |
| &nbsp;&nbsp; 58000 | &nbsp;&nbsp;VT Topco, Inc., 144a, 8.500%, 8/15/30 | &nbsp;&nbsp; 59018 |
| &nbsp;&nbsp; 686000 | &nbsp;&nbsp;Walmart, Inc., 4.500%, 9/9/52 | &nbsp;&nbsp; 614595 |
|  |  | &nbsp;&nbsp; 11941695 |
|  | &nbsp;&nbsp;**Communication Services — 3.1%** |  |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;AMC Networks, Inc., 144a, 10.250%, 1/15/29 | &nbsp;&nbsp; 68494 |
| &nbsp;&nbsp; 1135000 | &nbsp;&nbsp;AT&T, Inc., 3.800%, 12/1/57 | &nbsp;&nbsp; 808306 |
| &nbsp;&nbsp; 536000 | &nbsp;&nbsp;AT&T, Inc., 4.500%, 5/15/35 | &nbsp;&nbsp; 517861 |
| &nbsp;&nbsp; 27000 | &nbsp;&nbsp;Block Communications, Inc., 144a, 4.875%, 3/1/28 | &nbsp;&nbsp; 25858 |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;Cable One, Inc., 144a, 4.000%, 11/15/30 | &nbsp;&nbsp; 50834 |
| &nbsp;&nbsp; 171000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | &nbsp;&nbsp; 157527 |
| &nbsp;&nbsp; 63000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 5/1/32 | &nbsp;&nbsp; 57332 |
| &nbsp;&nbsp; 41000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 6.375%, 9/1/29 | &nbsp;&nbsp; 41564 |
| &nbsp;&nbsp; 86000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 7.375%, 3/1/31 | &nbsp;&nbsp; 88858 |
| &nbsp;&nbsp; 220000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.750%, 3/1/30 | &nbsp;&nbsp; 211150 |
| &nbsp;&nbsp; 43000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 1/15/34 | &nbsp;&nbsp; 37147 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Active Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 45.2% (Continued)** |  |
|  | &nbsp;&nbsp;**Communication Services — 3.1% (Continued)** |  |
| $602000 | &nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | $594154 |
| &nbsp;&nbsp; 673000 | &nbsp;&nbsp;Comcast Corp., 4.000%, 3/1/48 | &nbsp;&nbsp; 525622 |
| &nbsp;&nbsp; 55000 | &nbsp;&nbsp;Directv Financing LLC, 144a, 8.875%, 2/1/30 | &nbsp;&nbsp; 54582 |
| &nbsp;&nbsp; 94000 | &nbsp;&nbsp;Directv Financing LLC / Directv Financing Co-Obligor, Inc., 144a, 10.000%, 2/15/31 | &nbsp;&nbsp; 93849 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;GCI LLC, 144a, 4.750%, 10/15/28 | &nbsp;&nbsp; 44700 |
| &nbsp;&nbsp; 68000 | &nbsp;&nbsp;Gen Digital, Inc., 144a, 6.750%, 9/30/27 | &nbsp;&nbsp; 69030 |
| &nbsp;&nbsp; 46392 | &nbsp;&nbsp;Level 3 Financing, Inc., 144a, 6.875%, 6/30/33 | &nbsp;&nbsp; 47283 |
| &nbsp;&nbsp; 64232 | &nbsp;&nbsp;Level 3 Financing, Inc., 144a, 7.000%, 3/31/34 | &nbsp;&nbsp; 65483 |
| &nbsp;&nbsp; 36000 | &nbsp;&nbsp;Midcontinent Communications, 144a, 8.000%, 8/15/32 | &nbsp;&nbsp; 37088 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Nexstar Media, Inc., 144a, 5.625%, 7/15/27 | &nbsp;&nbsp; 79896 |
| &nbsp;&nbsp; 1148000 | &nbsp;&nbsp;Rogers Communications, Inc. (Canada), 5.300%, 2/15/34 | &nbsp;&nbsp; 1164645 |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;Sinclair Television Group, Inc., 144a, 8.125%, 2/15/33 | &nbsp;&nbsp; 17484 |
| &nbsp;&nbsp; 47000 | &nbsp;&nbsp;Sirius XM Radio LLC, 144a, 4.000%, 7/15/28 | &nbsp;&nbsp; 45382 |
| &nbsp;&nbsp; 18000 | &nbsp;&nbsp;Stagwell Global LLC, 144a, 5.625%, 8/15/29 | &nbsp;&nbsp; 17484 |
| &nbsp;&nbsp; 991000 | &nbsp;&nbsp;T-Mobile USA, Inc., 3.875%, 4/15/30<sup>†</sup> | &nbsp;&nbsp; 971809 |
| &nbsp;&nbsp; 472000 | &nbsp;&nbsp;T-Mobile USA, Inc., 5.750%, 1/15/54 | &nbsp;&nbsp; 472190 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;Univision Communications, Inc., 144a, 8.000%, 8/15/28 | &nbsp;&nbsp; 40408 |
| &nbsp;&nbsp; 88000 | &nbsp;&nbsp;Univision Communications, Inc., 144a, 8.500%, 7/31/31<sup>†</sup> | &nbsp;&nbsp; 90870 |
| &nbsp;&nbsp; 932000 | &nbsp;&nbsp;Verizon Communications, Inc., 2.987%, 10/30/56 | &nbsp;&nbsp; 574170 |
| &nbsp;&nbsp; 1404000 | &nbsp;&nbsp;Videotron Ltd. (Canada), 144a, 3.625%, 6/15/29 | &nbsp;&nbsp; 1361500 |
| &nbsp;&nbsp; 120000 | &nbsp;&nbsp;Ziff Davis, Inc., 144a, 4.625%, 10/15/30 | &nbsp;&nbsp; 113110 |
|  |  | &nbsp;&nbsp; 8545670 |
|  | &nbsp;&nbsp;**Utilities — 3.1%** |  |
| &nbsp;&nbsp; 132000 | &nbsp;&nbsp;Algonquin Power & Utilities Corp. (Canada), 4.750%, 1/18/82 | &nbsp;&nbsp; 129418 |
| &nbsp;&nbsp; 78000 | &nbsp;&nbsp;AltaGas Ltd. (Canada), 144a, 7.200%, 10/15/54 | &nbsp;&nbsp; 80684 |
| &nbsp;&nbsp; 522000 | &nbsp;&nbsp;Calpine Corp., 144a, 5.000%, 2/1/31 | &nbsp;&nbsp; 520460 |
| &nbsp;&nbsp; 1513000 | &nbsp;&nbsp;CMS Energy Corp., 4.750%, 6/1/50 | &nbsp;&nbsp; 1475340 |
| &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;Duke Energy Progress LLC, 4.150%, 12/1/44 | &nbsp;&nbsp; 950052 |
| &nbsp;&nbsp; 614000 | &nbsp;&nbsp;Edison International, 4.125%, 3/15/28 | &nbsp;&nbsp; 602810 |
| &nbsp;&nbsp; 163000 | &nbsp;&nbsp;Edison International, 7.875%, 6/15/54 | &nbsp;&nbsp; 166285 |
| &nbsp;&nbsp; 763000 | &nbsp;&nbsp;Electricite de France SA (France), 144a, 4.875%, 9/21/38 | &nbsp;&nbsp; 718764 |
| &nbsp;&nbsp; 566000 | &nbsp;&nbsp;Georgia Power Co., 5.950%, 2/1/39 | &nbsp;&nbsp; 594117 |
| &nbsp;&nbsp; 57000 | &nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 5.250%, 4/20/46 | &nbsp;&nbsp; 56853 |
| &nbsp;&nbsp; 45000 | &nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., (TSFR3M + 3.172%), 7.482%, 4/30/43<sup>(A)</sup> | &nbsp;&nbsp; 44775 |
| &nbsp;&nbsp; 71000 | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.329%), 6.314%, 10/1/66<sup>(A)</sup> | &nbsp;&nbsp; 65427 |
| &nbsp;&nbsp; 959000 | &nbsp;&nbsp;Ohio Power Co., Ser R, 2.900%, 10/1/51 | &nbsp;&nbsp; 596839 |
| &nbsp;&nbsp; 1118000 | &nbsp;&nbsp;Oncor Electric Delivery Co. LLC, 144a, 5.800%, 4/1/55 | &nbsp;&nbsp; 1151442 |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;PacifiCorp, 7.375%, 9/15/55 | &nbsp;&nbsp; 86444 |
| &nbsp;&nbsp; 738000 | &nbsp;&nbsp;PacifiCorp., 5.750%, 4/1/37 | &nbsp;&nbsp; 762434 |
| &nbsp;&nbsp; 79000 | &nbsp;&nbsp;PPL Capital Funding, Inc., Ser A, (TSFR3M + 2.927%), 6.928%, 3/30/67<sup>(A)</sup> | &nbsp;&nbsp; 78389 |
| &nbsp;&nbsp; 133000 | &nbsp;&nbsp;Sempra, 4.125%, 4/1/52 | &nbsp;&nbsp; 129796 |
| &nbsp;&nbsp; 151000 | &nbsp;&nbsp;South Jersey Industries, Inc., 5.020%, 4/15/31 | &nbsp;&nbsp; 129641 |
|  |  | &nbsp;&nbsp; 8339970 |
|  | &nbsp;&nbsp;**Health Care — 2.9%** |  |
| &nbsp;&nbsp; 692000 | &nbsp;&nbsp;AbbVie, Inc., 4.450%, 5/14/46 | &nbsp;&nbsp; 612107 |
| &nbsp;&nbsp; 31000 | &nbsp;&nbsp;Acadia Healthcare Co., Inc., 144a, 5.000%, 4/15/29 | &nbsp;&nbsp; 30344 |
| &nbsp;&nbsp; 50000 | &nbsp;&nbsp;Acadia Healthcare Co., Inc., 144a, 7.375%, 3/15/33 | &nbsp;&nbsp; 51895 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;AdaptHealth LLC, 144a, 4.625%, 8/1/29 | &nbsp;&nbsp; 36867 |
| &nbsp;&nbsp; 36000 | &nbsp;&nbsp;AdaptHealth LLC, 144a, 5.125%, 3/1/30 | &nbsp;&nbsp; 34330 |
| &nbsp;&nbsp; 777000 | &nbsp;&nbsp;Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | &nbsp;&nbsp; 597987 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 45.2% (Continued)** |  |
|  | &nbsp;&nbsp;**Health Care — 2.9% (Continued)** |  |
| $56000 | &nbsp;&nbsp;Avantor Funding, Inc., 144a, 3.875%, 11/1/29 | $53254 |
| &nbsp;&nbsp; 654000 | &nbsp;&nbsp;Becton Dickinson & Co., 4.685%, 12/15/44 | &nbsp;&nbsp; 585295 |
| &nbsp;&nbsp; 723000 | &nbsp;&nbsp;CommonSpirit Health, 4.187%, 10/1/49 | &nbsp;&nbsp; 573177 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;Concentra Health Services, Inc., 144a, 6.875%, 7/15/32 | &nbsp;&nbsp; 15578 |
| &nbsp;&nbsp; 661000 | &nbsp;&nbsp;CVS Health Corp., 5.125%, 7/20/45 | &nbsp;&nbsp; 599710 |
| &nbsp;&nbsp; 31000 | &nbsp;&nbsp;DaVita, Inc., 144a, 6.750%, 7/15/33 | &nbsp;&nbsp; 31968 |
| &nbsp;&nbsp; 41000 | &nbsp;&nbsp;DaVita, Inc., 144a, 6.875%, 9/1/32 | &nbsp;&nbsp; 42351 |
| &nbsp;&nbsp; 884000 | &nbsp;&nbsp;DH Europe Finance II Sarl, 3.250%, 11/15/39 | &nbsp;&nbsp; 724291 |
| &nbsp;&nbsp; 795000 | &nbsp;&nbsp;Elevance Health, Inc., 4.750%, 2/15/33 | &nbsp;&nbsp; 797279 |
| &nbsp;&nbsp; 91000 | &nbsp;&nbsp;Global Medical Response, Inc., 144a, 7.375%, 10/1/32 | &nbsp;&nbsp; 93637 |
| &nbsp;&nbsp; 1026000 | &nbsp;&nbsp;HCA, Inc., 5.500%, 3/1/32 | &nbsp;&nbsp; 1069221 |
| &nbsp;&nbsp; 27000 | &nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc., 144a, 6.250%, 4/1/29 | &nbsp;&nbsp; 27714 |
| &nbsp;&nbsp; 81000 | &nbsp;&nbsp;Molina Healthcare, Inc., 144a, 3.875%, 5/15/32 | &nbsp;&nbsp; 73504 |
| &nbsp;&nbsp; 20000 | &nbsp;&nbsp;Molina Healthcare, Inc., 144a, 6.250%, 1/15/33 | &nbsp;&nbsp; 20165 |
| &nbsp;&nbsp; 61000 | &nbsp;&nbsp;Option Care Health, Inc., 144a, 4.375%, 10/31/29 | &nbsp;&nbsp; 58826 |
| &nbsp;&nbsp; 113000 | &nbsp;&nbsp;Pediatrix Medical Group, Inc., 144a, 5.375%, 2/15/30 | &nbsp;&nbsp; 112254 |
| &nbsp;&nbsp; 91000 | &nbsp;&nbsp;Tenet Healthcare Corp., 6.125%, 10/1/28 | &nbsp;&nbsp; 91077 |
| &nbsp;&nbsp; 708000 | &nbsp;&nbsp;Thermo Fisher Scientific, Inc., 5.404%, 8/10/43 | &nbsp;&nbsp; 715191 |
| &nbsp;&nbsp; 911000 | &nbsp;&nbsp;UnitedHealth Group, Inc., 3.500%, 8/15/39 | &nbsp;&nbsp; 759970 |
|  |  | &nbsp;&nbsp; 7807992 |
|  | &nbsp;&nbsp;**Information Technology — 2.8%** |  |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp;Amentum Holdings, Inc., 144a, 7.250%, 8/1/32 | &nbsp;&nbsp; 17651 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;Amkor Technology, Inc., 144a, 5.875%, 10/1/33 | &nbsp;&nbsp; 65661 |
| &nbsp;&nbsp; 1203000 | &nbsp;&nbsp;Apple, Inc., 4.650%, 2/23/46 | &nbsp;&nbsp; 1124429 |
| &nbsp;&nbsp; 1265000 | &nbsp;&nbsp;Broadcom, Inc., 144a, 3.419%, 4/15/33 | &nbsp;&nbsp; 1170736 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;CACI International, Inc., 144a, 6.375%, 6/15/33 | &nbsp;&nbsp; 19608 |
| &nbsp;&nbsp; 110000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 6.500%, 3/31/29 | &nbsp;&nbsp; 110960 |
| &nbsp;&nbsp; 106000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 8.250%, 6/30/32 | &nbsp;&nbsp; 112484 |
| &nbsp;&nbsp; 104000 | &nbsp;&nbsp;Consensus Cloud Solutions, Inc., 144a, 6.000%, 10/15/26 | &nbsp;&nbsp; 103870 |
| &nbsp;&nbsp; 658000 | &nbsp;&nbsp;Dell International LLC / EMC Corp., 4.850%, 2/1/35 | &nbsp;&nbsp; 647554 |
| &nbsp;&nbsp; 1098000 | &nbsp;&nbsp;Marvell Technology, Inc., 2.950%, 4/15/31 | &nbsp;&nbsp; 1014377 |
| &nbsp;&nbsp; 566000 | &nbsp;&nbsp;Micron Technology, Inc., 2.703%, 4/15/32 | &nbsp;&nbsp; 503658 |
| &nbsp;&nbsp; 236000 | &nbsp;&nbsp;Micron Technology, Inc., 6.750%, 11/1/29 | &nbsp;&nbsp; 256494 |
| &nbsp;&nbsp; 1482000 | &nbsp;&nbsp;Microsoft Corp., 2.525%, 6/1/50 | &nbsp;&nbsp; 936738 |
| &nbsp;&nbsp; 53000 | &nbsp;&nbsp;Open Text Corp. (Canada), 144a, 3.875%, 12/1/29 | &nbsp;&nbsp; 50112 |
| &nbsp;&nbsp; 54000 | &nbsp;&nbsp;Open Text Corp. (Canada), 144a, 3.875%, 2/15/28 | &nbsp;&nbsp; 52532 |
| &nbsp;&nbsp; 332000 | &nbsp;&nbsp;Oracle Corp., 3.600%, 4/1/40 | &nbsp;&nbsp; 266594 |
| &nbsp;&nbsp; 266000 | &nbsp;&nbsp;Oracle Corp., 4.300%, 7/8/34 | &nbsp;&nbsp; 254501 |
| &nbsp;&nbsp; 26000 | &nbsp;&nbsp;Science Applications International Corp., 144a, 5.875%, 11/1/33 | &nbsp;&nbsp; 26030 |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;SS&C Technologies, Inc., 144a, 5.500%, 9/30/27 | &nbsp;&nbsp; 37954 |
| &nbsp;&nbsp; 764000 | &nbsp;&nbsp;Texas Instruments, Inc., 5.100%, 5/23/35 | &nbsp;&nbsp; 788052 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;Zebra Technologies Corp., 144a, 6.500%, 6/1/32 | &nbsp;&nbsp; 15408 |
|  |  | &nbsp;&nbsp; 7575403 |
|  | &nbsp;&nbsp;**Real Estate — 1.5%** |  |
| &nbsp;&nbsp; 876000 | &nbsp;&nbsp;American Tower Corp. REIT, 5.900%, 11/15/33 | &nbsp;&nbsp; 938999 |
| &nbsp;&nbsp; 837000 | &nbsp;&nbsp;Crown Castle, Inc. REIT, 4.800%, 9/1/28 | &nbsp;&nbsp; 848862 |
| &nbsp;&nbsp; 49000 | &nbsp;&nbsp;CTR Partnership LP / CareTrust Capital Corp. REIT, 144a, 3.875%, 6/30/28 | &nbsp;&nbsp; 47660 |
| &nbsp;&nbsp; 1017000 | &nbsp;&nbsp;Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | &nbsp;&nbsp; 983170 |
| &nbsp;&nbsp; 55000 | &nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp. REIT, 144a, 8.500%, 2/15/32 | &nbsp;&nbsp; 58445 |
| &nbsp;&nbsp; 59000 | &nbsp;&nbsp;Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer REIT, 144a, 4.875%, 5/15/29 | &nbsp;&nbsp; 57521 |
| &nbsp;&nbsp; 30000 | &nbsp;&nbsp;Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer REIT, 144a, 7.000%, 2/1/30 | &nbsp;&nbsp; 30927 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Active Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 45.2% (Continued)** |  |
|  | &nbsp;&nbsp;**Real Estate — 1.5% (Continued)** |  |
| $50000 | &nbsp;&nbsp;RHP Hotel Properties LP / RHP Finance Corp. REIT, 4.750%, 10/15/27 | $49781 |
| &nbsp;&nbsp; 9000 | &nbsp;&nbsp;RHP Hotel Properties LP / RHP Finance Corp. REIT, 144a, 7.250%, 7/15/28 | &nbsp;&nbsp; 9282 |
| &nbsp;&nbsp; 94000 | &nbsp;&nbsp;RLJ Lodging Trust LP REIT, 144a, 3.750%, 7/1/26 | &nbsp;&nbsp; 93059 |
| &nbsp;&nbsp; 374000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.700%, 12/1/31 | &nbsp;&nbsp; 327495 |
| &nbsp;&nbsp; 116000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.750%, 11/18/30 | &nbsp;&nbsp; 105479 |
| &nbsp;&nbsp; 635000 | &nbsp;&nbsp;Store Capital LLC REIT, 4.625%, 3/15/29 | &nbsp;&nbsp; 630884 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;XHR LP REIT, 144a, 4.875%, 6/1/29 | &nbsp;&nbsp; 15672 |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;XHR LP REIT, 144a, 6.625%, 5/15/30 | &nbsp;&nbsp; 39044 |
|  |  | &nbsp;&nbsp; 4236280 |
|  | &nbsp;&nbsp;**Materials — 0.7%** |  |
| &nbsp;&nbsp; 49000 | &nbsp;&nbsp;Celanese US Holdings LLC, 6.879%, 7/15/32 | &nbsp;&nbsp; 50073 |
| &nbsp;&nbsp; 75000 | &nbsp;&nbsp;Celanese US Holdings LLC, 7.200%, 11/15/33 | &nbsp;&nbsp; 77890 |
| &nbsp;&nbsp; 79000 | &nbsp;&nbsp;Magnera Corp., 144a, 7.250%, 11/15/31 | &nbsp;&nbsp; 74337 |
| &nbsp;&nbsp; 59000 | &nbsp;&nbsp;NOVA Chemicals Corp. (Canada), 144a, 8.500%, 11/15/28 | &nbsp;&nbsp; 61741 |
| &nbsp;&nbsp; 123000 | &nbsp;&nbsp;Novelis Corp., 144a, 4.750%, 1/30/30 | &nbsp;&nbsp; 118671 |
| &nbsp;&nbsp; 84000 | &nbsp;&nbsp;Novelis Corp., 144a, 6.875%, 1/30/30 | &nbsp;&nbsp; 87103 |
| &nbsp;&nbsp; 524000 | &nbsp;&nbsp;Rio Tinto Finance USA PLC (Australia), 5.250%, 3/14/35 | &nbsp;&nbsp; 539656 |
| &nbsp;&nbsp; 683000 | &nbsp;&nbsp;Sherwin-Williams Co. (The), 4.500%, 6/1/47 | &nbsp;&nbsp; 589316 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;WE Soda Investments Holding PLC (Turkey), 144a, 9.500%, 10/6/28 | &nbsp;&nbsp; 193554 |
|  |  | &nbsp;&nbsp; 1792341 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $123151954 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 16.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 16.1%** |
| &nbsp;&nbsp; 2180000 | &nbsp;&nbsp;U.S. Treasury Bond, 2.250%, 2/15/52 | &nbsp;&nbsp; 1351004 |
| &nbsp;&nbsp; 1730000 | &nbsp;&nbsp;U.S. Treasury Bond, 2.875%, 5/15/52 | &nbsp;&nbsp; 1233301 |
| &nbsp;&nbsp; 5610000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.750%, 2/15/45 | &nbsp;&nbsp; 5639803 |
| &nbsp;&nbsp; 225000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.750%, 8/15/55 | &nbsp;&nbsp; 225598 |
| &nbsp;&nbsp; 4417524 | &nbsp;&nbsp;U.S. Treasury Inflation Indexed Notes, 2.375%, 2/15/55 | &nbsp;&nbsp; 4305553 |
| &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;U.S. Treasury Note, 3.375%, 5/15/33 | &nbsp;&nbsp; 1825484 |
| &nbsp;&nbsp;13155000 | &nbsp;&nbsp;U.S. Treasury Note, 3.750%, 4/15/28 | &nbsp;&nbsp; 13197651 |
| &nbsp;&nbsp;10735000 | &nbsp;&nbsp;U.S. Treasury Note, 4.000%, 5/31/30 | &nbsp;&nbsp; 10863317 |
| &nbsp;&nbsp; 5075000 | &nbsp;&nbsp;U.S. Treasury Note, 4.250%, 8/15/35 | &nbsp;&nbsp; 5116234 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | $43757945 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 9.7%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 9.7%** |
| &nbsp;&nbsp; 737 | &nbsp;&nbsp;Adjustable Rate Mortgage Trust, Ser 2004-4, Class 3A1, 4.672%, 3/25/35<sup>(A)(C)</sup> | &nbsp;&nbsp; 726 |
| &nbsp;&nbsp; 825761 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.630%, 10/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 790711 |
| &nbsp;&nbsp; 1286900 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-7, Class B2, 144a, 3.630%, 10/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 1229938 |
| &nbsp;&nbsp; 632279 | &nbsp;&nbsp;Angel Oak Mortgage Trust, Ser 2024-1, Class A1, 144a, 5.210%, 8/25/68<sup>(A)(C)</sup> | &nbsp;&nbsp; 632277 |
| &nbsp;&nbsp; 716621 | &nbsp;&nbsp;AOMT, Ser 2024-6, Class A1, 144a, 4.650%, 11/25/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 712112 |
| &nbsp;&nbsp; 805215 | &nbsp;&nbsp;BRAVO Residential Funding Trust, Ser 2024-NQM8, Class A1A, 144a, 4.300%, 8/1/53<sup>(A)(C)</sup> | &nbsp;&nbsp; 794420 |
| &nbsp;&nbsp; 1176381 | &nbsp;&nbsp;CIM Trust, Ser 2021-J2, Class A19, 144a, 2.500%, 4/25/51<sup>(A)(C)</sup> | &nbsp;&nbsp; 968814 |
| &nbsp;&nbsp; 453129 | &nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2022-6, Class A1, 144a, 4.650%, 6/27/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 451380 |
| &nbsp;&nbsp; 229507 | &nbsp;&nbsp;CSMC Trust, Ser 2013-7, Class B3, 144a, 3.554%, 8/25/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 222977 |
| &nbsp;&nbsp; 302972 | &nbsp;&nbsp;CSMC Trust, Ser 2014-OAK1, Class B4, 144a, 3.614%, 11/25/44<sup>(A)(C)</sup> | &nbsp;&nbsp; 293679 |
| &nbsp;&nbsp; 616985 | &nbsp;&nbsp;CSMC Trust, Ser 2015-1, Class B3, 144a, 3.891%, 1/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 596569 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 9.7%<br> (Continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 9.7%<br> (Continued)** |
| $652609 | &nbsp;&nbsp;CSMC Trust, Ser 2015-2, Class B4, 144a, 3.869%, 2/25/45<sup>(A)(C)</sup> | $622329 |
| &nbsp;&nbsp; 524421 | &nbsp;&nbsp;CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.763%, 12/25/44<sup>(A)(C)</sup> | &nbsp;&nbsp; 507343 |
| &nbsp;&nbsp; 698617 | &nbsp;&nbsp;CSMC Trust, Ser 2018-J1, Class B2, 144a, 3.580%, 2/25/48<sup>(A)(C)</sup> | &nbsp;&nbsp; 645261 |
| &nbsp;&nbsp; 864012 | &nbsp;&nbsp;Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 844425 |
| &nbsp;&nbsp; 1031219 | &nbsp;&nbsp;EverBank Mortgage Loan Trust, Ser 2018-1, Class B2, 144a, 3.560%, 2/25/48<sup>(A)(C)</sup> | &nbsp;&nbsp; 946560 |
| &nbsp;&nbsp; 944340 | &nbsp;&nbsp;EverBank Mortgage Loan Trust, Ser 2018-1, Class B3, 144a, 3.560%, 2/25/48<sup>(A)(C)</sup> | &nbsp;&nbsp; 866016 |
| &nbsp;&nbsp; 16590 | &nbsp;&nbsp;Galton Funding Mortgage Trust, Ser 2019-1, Class A22, 144a, 4.000%, 2/25/59<sup>(A)(C)</sup> | &nbsp;&nbsp; 15767 |
| &nbsp;&nbsp; 928606 | &nbsp;&nbsp;GCAT Trust, Ser 2022-NQM2, Class A1, 144a, 4.210%, 2/25/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 925250 |
| &nbsp;&nbsp; 243638 | &nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Ser 2020-PJ3, Class A14, 144a, 3.000%, 10/25/50<sup>(A)(C)</sup> | &nbsp;&nbsp; 211168 |
| &nbsp;&nbsp; 625090 | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-PJ1, Class A8, 144a, 2.500%, 5/28/52<sup>(A)(C)</sup> | &nbsp;&nbsp; 554030 |
| &nbsp;&nbsp; 9366 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2005-A1, Class 2A1, 5.999%, 2/25/35<sup>(A)(C)</sup> | &nbsp;&nbsp; 9181 |
| &nbsp;&nbsp; 12950 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 5.751%, 6/25/36<sup>(A)(C)</sup> | &nbsp;&nbsp; 8800 |
| &nbsp;&nbsp; 368422 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2015-IVR2, Class B3, 144a, 5.895%, 1/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 371832 |
| &nbsp;&nbsp; 1315783 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.446%, 1/25/47<sup>(A)(C)</sup> | &nbsp;&nbsp; 1198681 |
| &nbsp;&nbsp; 805195 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-8, Class B3, 144a, 4.028%, 1/25/49<sup>(A)(C)</sup> | &nbsp;&nbsp; 742499 |
| &nbsp;&nbsp; 146247 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2019-INV1, Class A15, 144a, 4.000%, 9/25/49<sup>(A)(C)</sup> | &nbsp;&nbsp; 138168 |
| &nbsp;&nbsp; 1046386 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2021-11, Class A3, 144a, 2.500%, 1/25/52<sup>(A)(C)</sup> | &nbsp;&nbsp; 869277 |
| &nbsp;&nbsp; 14616 | &nbsp;&nbsp;MASTR Alternative Loan Trust, Ser 2004-7, Class 10A1, 6.000%, 6/25/34 | &nbsp;&nbsp; 14626 |
| &nbsp;&nbsp; 1248526 | &nbsp;&nbsp;Mello Mortgage Capital Acceptance, Ser 2021-MTG3, Class A9, 144a, 2.500%, 7/1/51<sup>(A)(C)</sup> | &nbsp;&nbsp; 1127612 |
| &nbsp;&nbsp; 684436 | &nbsp;&nbsp;Mello Mortgage Capital Acceptance, Ser 2022-INV2, Class A15, 144a, 3.000%, 4/25/52<sup>(A)(C)</sup> | &nbsp;&nbsp; 588428 |
| &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2016-1, Class B2, 144a, 3.858%, 4/25/57<sup>(A)(C)</sup> | &nbsp;&nbsp; 1048720 |
| &nbsp;&nbsp; 947979 | &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58<sup>(A)(C)</sup> | &nbsp;&nbsp; 856523 |
| &nbsp;&nbsp; 135152 | &nbsp;&nbsp;Residential Asset Securitization Trust, Ser 2006-A1, Class 1A3, 6.000%, 4/25/36 | &nbsp;&nbsp; 57111 |
| &nbsp;&nbsp; 65784 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-10, Class B2, 144a, 3.536%, 8/25/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 64229 |
| &nbsp;&nbsp; 68594 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-5, Class B1, 144a, 3.488%, 5/25/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 67109 |
| &nbsp;&nbsp; 471515 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2017-2, Class A1, 144a, 3.500%, 2/25/47<sup>(A)(C)</sup> | &nbsp;&nbsp; 428737 |
| &nbsp;&nbsp; 1444391 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-S1, Class A4, 144a, 2.500%, 9/25/54<sup>(A)(C)</sup> | &nbsp;&nbsp; 1283754 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2017-1, Class B1, 144a, 3.794%, 10/25/56<sup>(A)(C)</sup> | &nbsp;&nbsp; 938157 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2017-4, Class B1, 144a, 3.606%, 6/25/57<sup>(A)(C)</sup> | &nbsp;&nbsp; 700120 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2019-4, Class A2, 144a, 3.250%, 10/25/59<sup>(A)(C)</sup> | &nbsp;&nbsp; 728300 |
| &nbsp;&nbsp; 745790 | &nbsp;&nbsp;Verus Securitization Trust, Ser 2022-3, Class A1, 144a, 4.130%, 2/25/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 718067 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Active Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 9.7%<br> (Continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 9.7%<br> (Continued)** |
| $38270 | &nbsp;&nbsp;Washington Mutual Mortgage Pass-Through Certificates, Ser 2005-9, Class 2A4, 5.500%, 11/25/35 | $35554 |
| &nbsp;&nbsp; 812255 | &nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Ser 2021-RR1, Class A3, 144a, 2.500%, 12/25/50<sup>(A)(C)</sup> | &nbsp;&nbsp; 734175 |
| &nbsp;&nbsp; 941574 | &nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Ser 2022-1, Class A17, 144a, 2.500%, 8/25/51<sup>(A)(C)</sup> | &nbsp;&nbsp; 775437 |
|  | &nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations** | $26336849 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 7.1%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 7.1%** |
| &nbsp;&nbsp; 27558 | &nbsp;&nbsp;FHLMC, Pool #1Q0339, (RFUCCT1Y + 1.901%), 6.787%, 4/1/37<sup>(A)</sup> | &nbsp;&nbsp; 28259 |
| &nbsp;&nbsp; 4469 | &nbsp;&nbsp;FHLMC, Pool #A12886, 5.000%, 8/1/33 | &nbsp;&nbsp; 4536 |
| &nbsp;&nbsp; 33087 | &nbsp;&nbsp;FHLMC, Pool #A13842, 6.000%, 9/1/33 | &nbsp;&nbsp; 33822 |
| &nbsp;&nbsp; 2775 | &nbsp;&nbsp;FHLMC, Pool #A21415, 5.000%, 5/1/34 | &nbsp;&nbsp; 2797 |
| &nbsp;&nbsp; 7040 | &nbsp;&nbsp;FHLMC, Pool #A35682, 5.000%, 7/1/35 | &nbsp;&nbsp; 7176 |
| &nbsp;&nbsp; 3366 | &nbsp;&nbsp;FHLMC, Pool #A36523, 5.000%, 8/1/35 | &nbsp;&nbsp; 3432 |
| &nbsp;&nbsp; 15723 | &nbsp;&nbsp;FHLMC, Pool #A46590, 5.000%, 8/1/35 | &nbsp;&nbsp; 16142 |
| &nbsp;&nbsp; 1735 | &nbsp;&nbsp;FHLMC, Pool #A64971, 5.500%, 8/1/37 | &nbsp;&nbsp; 1802 |
| &nbsp;&nbsp; 1079115 | &nbsp;&nbsp;FHLMC, Pool #A89148, 4.000%, 10/1/39 | &nbsp;&nbsp; 1062549 |
| &nbsp;&nbsp; 25759 | &nbsp;&nbsp;FHLMC, Pool #A96485, 4.500%, 1/1/41 | &nbsp;&nbsp; 25830 |
| &nbsp;&nbsp; 167240 | &nbsp;&nbsp;FHLMC, Pool #A97897, 4.500%, 4/1/41 | &nbsp;&nbsp; 167682 |
| &nbsp;&nbsp; 6792 | &nbsp;&nbsp;FHLMC, Pool #C62740, 7.000%, 1/1/32 | &nbsp;&nbsp; 7100 |
| &nbsp;&nbsp; 4368 | &nbsp;&nbsp;FHLMC, Pool #C72254, 6.500%, 7/1/32 | &nbsp;&nbsp; 4512 |
| &nbsp;&nbsp; 579 | &nbsp;&nbsp;FHLMC, Pool #C90986, 7.000%, 6/1/26 | &nbsp;&nbsp; 605 |
| &nbsp;&nbsp; 5241 | &nbsp;&nbsp;FHLMC, Pool #G02184, 5.000%, 4/1/36 | &nbsp;&nbsp; 5371 |
| &nbsp;&nbsp; 990467 | &nbsp;&nbsp;FHLMC, Pool #G05624, 4.500%, 9/1/39 | &nbsp;&nbsp; 997765 |
| &nbsp;&nbsp; 88380 | &nbsp;&nbsp;FHLMC, Pool #G05733, 5.000%, 11/1/39 | &nbsp;&nbsp; 90653 |
| &nbsp;&nbsp; 422 | &nbsp;&nbsp;FHLMC, Pool #J13584, 3.500%, 11/1/25 | &nbsp;&nbsp; 421 |
| &nbsp;&nbsp; 755668 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1436, 4.500%, 8/1/52 | &nbsp;&nbsp; 738429 |
| &nbsp;&nbsp; 634489 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1620, 5.000%, 9/1/52 | &nbsp;&nbsp; 636202 |
| &nbsp;&nbsp; 767033 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD5007, 5.000%, 9/1/53 | &nbsp;&nbsp; 764908 |
| &nbsp;&nbsp; 4643 | &nbsp;&nbsp;FNMA, Pool #561741, 7.500%, 1/1/31 | &nbsp;&nbsp; 4777 |
| &nbsp;&nbsp; 5800 | &nbsp;&nbsp;FNMA, Pool #640291, 7.000%, 8/1/32 | &nbsp;&nbsp; 6057 |
| &nbsp;&nbsp; 7170 | &nbsp;&nbsp;FNMA, Pool #670402, 6.500%, 6/1/32 | &nbsp;&nbsp; 7446 |
| &nbsp;&nbsp; 54630 | &nbsp;&nbsp;FNMA, Pool #745257, 6.000%, 1/1/36 | &nbsp;&nbsp; 57565 |
| &nbsp;&nbsp; 34261 | &nbsp;&nbsp;FNMA, Pool #748895, 6.000%, 12/1/33 | &nbsp;&nbsp; 34469 |
| &nbsp;&nbsp; 26055 | &nbsp;&nbsp;FNMA, Pool #810049, 5.500%, 3/1/35 | &nbsp;&nbsp; 26958 |
| &nbsp;&nbsp; 19349 | &nbsp;&nbsp;FNMA, Pool #819297, 6.000%, 9/1/35 | &nbsp;&nbsp; 20327 |
| &nbsp;&nbsp; 406677 | &nbsp;&nbsp;FNMA, Pool #881279, 5.000%, 11/1/36 | &nbsp;&nbsp; 417133 |
| &nbsp;&nbsp; 12141 | &nbsp;&nbsp;FNMA, Pool #889060, 6.000%, 1/1/38 | &nbsp;&nbsp; 13053 |
| &nbsp;&nbsp; 26340 | &nbsp;&nbsp;FNMA, Pool #889061, 6.000%, 1/1/38 | &nbsp;&nbsp; 27757 |
| &nbsp;&nbsp; 890 | &nbsp;&nbsp;FNMA, Pool #895657, 6.500%, 8/1/36 | &nbsp;&nbsp; 905 |
| &nbsp;&nbsp; 50439 | &nbsp;&nbsp;FNMA, Pool #905049, 5.500%, 11/1/36 | &nbsp;&nbsp; 52340 |
| &nbsp;&nbsp; 134385 | &nbsp;&nbsp;FNMA, Pool #928553, 5.500%, 8/1/37 | &nbsp;&nbsp; 139446 |
| &nbsp;&nbsp; 58942 | &nbsp;&nbsp;FNMA, Pool #931535, 5.500%, 7/1/39 | &nbsp;&nbsp; 59008 |
| &nbsp;&nbsp; 65615 | &nbsp;&nbsp;FNMA, Pool #AA3467, 4.500%, 4/1/39 | &nbsp;&nbsp; 66141 |
| &nbsp;&nbsp; 102935 | &nbsp;&nbsp;FNMA, Pool #AA4584, 4.500%, 4/1/39 | &nbsp;&nbsp; 103760 |
| &nbsp;&nbsp; 24902 | &nbsp;&nbsp;FNMA, Pool #AB1800, 4.000%, 11/1/40 | &nbsp;&nbsp; 24311 |
| &nbsp;&nbsp; 3183 | &nbsp;&nbsp;FNMA, Pool #AB2452, 4.000%, 3/1/26 | &nbsp;&nbsp; 3171 |
| &nbsp;&nbsp; 20651 | &nbsp;&nbsp;FNMA, Pool #AD6193, 5.000%, 6/1/40 | &nbsp;&nbsp; 20696 |
| &nbsp;&nbsp; 38921 | &nbsp;&nbsp;FNMA, Pool #AE1568, 4.000%, 9/1/40 | &nbsp;&nbsp; 38022 |
| &nbsp;&nbsp; 201059 | &nbsp;&nbsp;FNMA, Pool #AE2497, 4.500%, 9/1/40 | &nbsp;&nbsp; 201556 |
| &nbsp;&nbsp; 23293 | &nbsp;&nbsp;FNMA, Pool #AE5441, 5.000%, 10/1/40 | &nbsp;&nbsp; 23864 |
| &nbsp;&nbsp; 67753 | &nbsp;&nbsp;FNMA, Pool #AH1135, 5.000%, 1/1/41 | &nbsp;&nbsp; 69414 |
| &nbsp;&nbsp; 1488 | &nbsp;&nbsp;FNMA, Pool #AH3671, 4.000%, 2/1/26 | &nbsp;&nbsp; 1482 |
| &nbsp;&nbsp; 195042 | &nbsp;&nbsp;FNMA, Pool #AH6622, 4.000%, 3/1/41 | &nbsp;&nbsp; 190173 |
| &nbsp;&nbsp; 181258 | &nbsp;&nbsp;FNMA, Pool #AL0150, 4.000%, 2/1/41 | &nbsp;&nbsp; 176845 |
| &nbsp;&nbsp; 32944 | &nbsp;&nbsp;FNMA, Pool #AL0211, 5.000%, 4/1/41 | &nbsp;&nbsp; 33752 |
| &nbsp;&nbsp; 231498 | &nbsp;&nbsp;FNMA, Pool #AS0779, 4.000%, 10/1/43 | &nbsp;&nbsp; 225046 |
| &nbsp;&nbsp; 1706150 | &nbsp;&nbsp;FNMA, Pool #BT7156, 2.000%, 8/1/51 | &nbsp;&nbsp; 1393186 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 7.1%<br> (Continued)** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 7.1%<br> (Continued)** |
| $629580 | &nbsp;&nbsp;FNMA, Pool #BW2258, 4.500%, 7/1/52 | $615560 |
| &nbsp;&nbsp; 1079119 | &nbsp;&nbsp;FNMA, Pool #FM4660, 2.000%, 10/1/35 | &nbsp;&nbsp; 998266 |
| &nbsp;&nbsp; 1061608 | &nbsp;&nbsp;FNMA, Pool #FM4702, 2.500%, 10/1/50 | &nbsp;&nbsp; 910067 |
| &nbsp;&nbsp; 1692331 | &nbsp;&nbsp;FNMA, Pool #FM5085, 2.000%, 12/1/50 | &nbsp;&nbsp; 1378114 |
| &nbsp;&nbsp; 795034 | &nbsp;&nbsp;FNMA, Pool #FM8360, 2.500%, 8/1/51 | &nbsp;&nbsp; 679708 |
| &nbsp;&nbsp; 764972 | &nbsp;&nbsp;FNMA, Pool #FM8361, 2.500%, 8/1/51 | &nbsp;&nbsp; 649899 |
| &nbsp;&nbsp; 1003375 | &nbsp;&nbsp;FNMA, Pool #FM9905, 2.500%, 12/1/51 | &nbsp;&nbsp; 847374 |
| &nbsp;&nbsp; 813004 | &nbsp;&nbsp;FNMA, Pool #FM9907, 2.500%, 12/1/51 | &nbsp;&nbsp; 689357 |
| &nbsp;&nbsp; 597717 | &nbsp;&nbsp;FNMA, Pool #FS2906, 5.000%, 9/1/52 | &nbsp;&nbsp; 596894 |
| &nbsp;&nbsp; 1603172 | &nbsp;&nbsp;FNMA, Pool #FS7278, 5.000%, 11/1/53 | &nbsp;&nbsp; 1596739 |
| &nbsp;&nbsp; 1488374 | &nbsp;&nbsp;FNMA, Pool #FS8360, 3.500%, 9/1/52 | &nbsp;&nbsp; 1363140 |
| &nbsp;&nbsp; 712183 | &nbsp;&nbsp;FNMA, Pool #MA4128, 2.000%, 9/1/40 | &nbsp;&nbsp; 626184 |
| &nbsp;&nbsp; 455792 | &nbsp;&nbsp;GNMA, Pool #4424, 5.000%, 4/20/39 | &nbsp;&nbsp; 467823 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | $19457778 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 6.9%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 6.9%** |
| &nbsp;&nbsp; 844887 | &nbsp;&nbsp;FHLMC REMIC, Ser 4422, Class LZ, 4.000%, 12/15/44 | &nbsp;&nbsp; 806688 |
| &nbsp;&nbsp; 2085000 | &nbsp;&nbsp;FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | &nbsp;&nbsp; 1522638 |
| &nbsp;&nbsp; 2850000 | &nbsp;&nbsp;FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | &nbsp;&nbsp; 2131825 |
| &nbsp;&nbsp; 58574 | &nbsp;&nbsp;FNMA REMIC, Ser 2003-32, Class BZ, 6.000%, 11/25/32 | &nbsp;&nbsp; 60273 |
| &nbsp;&nbsp; 5392 | &nbsp;&nbsp;FNMA REMIC, Ser 2015-51, Class KC, 3.000%, 6/25/45 | &nbsp;&nbsp; 5202 |
| &nbsp;&nbsp; 1420000 | &nbsp;&nbsp;FNMA REMIC, Ser 2017-37, Class AY, 3.000%, 5/25/47 | &nbsp;&nbsp; 1114165 |
| &nbsp;&nbsp; 250338 | &nbsp;&nbsp;FNMA REMIC, Ser 2017-90, Class KA, 3.000%, 11/25/47 | &nbsp;&nbsp; 236563 |
| &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | &nbsp;&nbsp; 1495683 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | &nbsp;&nbsp; 1944704 |
| &nbsp;&nbsp; 2550000 | &nbsp;&nbsp;FNMA REMIC, Ser 2022-17, Class UV, 3.000%, 7/25/42 | &nbsp;&nbsp; 2181010 |
| &nbsp;&nbsp; 533440 | &nbsp;&nbsp;FNMA REMIC, Ser 2023-9, Class BZ, 4.500%, 3/25/53 | &nbsp;&nbsp; 486796 |
| &nbsp;&nbsp; 24151 | &nbsp;&nbsp;FNMA Trust, Ser 2004-W15, Class 2AF, (SOFR30A + 0.364%), 4.721%, 8/25/44<sup>(A)</sup> | &nbsp;&nbsp; 23923 |
| &nbsp;&nbsp; 364080 | &nbsp;&nbsp;GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40 | &nbsp;&nbsp; 365156 |
| &nbsp;&nbsp; 2647825 | &nbsp;&nbsp;GNMA, Ser 2012-147, Class IO, 0.516%, 4/16/54<sup>(A)(C)(D)</sup> | &nbsp;&nbsp; 21797 |
| &nbsp;&nbsp; 965546 | &nbsp;&nbsp;GNMA, Ser 2014-44, Class LZ, 4.000%, 3/16/44 | &nbsp;&nbsp; 917295 |
| &nbsp;&nbsp; 1117937 | &nbsp;&nbsp;GNMA, Ser 2016-113, Class IO, 1.139%, 2/16/58<sup>(A)(C)(D)</sup> | &nbsp;&nbsp; 67804 |
| &nbsp;&nbsp; 7012664 | &nbsp;&nbsp;GNMA, Ser 2016-140, Class IO, 0.732%, 5/16/58<sup>(A)(C)(D)</sup> | &nbsp;&nbsp; 247112 |
| &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;GNMA, Ser 2016-83, Class PB, 3.000%, 6/20/46 | &nbsp;&nbsp; 1319113 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;GNMA, Ser 2018-112, Class YC, 3.500%, 8/20/48 | &nbsp;&nbsp; 2040189 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;GNMA, Ser 2022-200, Class PL, 5.500%, 9/20/52 | &nbsp;&nbsp; 358837 |
| &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;GNMA, Ser 2022-50, Class KV, 3.000%, 6/20/42 | &nbsp;&nbsp; 1408735 |
|  | &nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations** | $18755508 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 6.4%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 6.4%** |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | &nbsp;&nbsp; 495706 |
| &nbsp;&nbsp; 970000 | &nbsp;&nbsp;BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | &nbsp;&nbsp; 884329 |
| &nbsp;&nbsp; 1230000 | &nbsp;&nbsp;BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55<sup>(A)(C)</sup> | &nbsp;&nbsp; 1116390 |
| &nbsp;&nbsp; 525000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2024-5C27, Class AS, 6.410%, 7/15/57<sup>(A)(C)</sup> | &nbsp;&nbsp; 551503 |
| &nbsp;&nbsp; 875000 | &nbsp;&nbsp;BMO Mortgage Trust, Ser 2025-5C10, Class B, 6.445%, 5/15/58<sup>(A)(C)</sup> | &nbsp;&nbsp; 913816 |
| &nbsp;&nbsp; 305000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2017-P8, Class AS, 3.789%, 9/15/50<sup>(A)(C)</sup> | &nbsp;&nbsp; 286953 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Active Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 6.4% (Continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 6.4% (Continued)** |
| $830000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | $767772 |
| &nbsp;&nbsp; 1413826 | &nbsp;&nbsp;CSMC, Ser 2021-B33, Class A1, 144a, 3.053%, 10/10/43 | &nbsp;&nbsp; 1348942 |
| &nbsp;&nbsp; 550000 | &nbsp;&nbsp;Eleven Madison Trust Mortgage Trust, Ser 2015-11MD, Class C, 144a, 3.673%, 9/10/35<sup>(A)(C)</sup> | &nbsp;&nbsp; 546777 |
| &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.659%, 1/10/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 1571461 |
| &nbsp;&nbsp; 765000 | &nbsp;&nbsp;HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (TSFR1M + 1.564%), 5.715%, 10/15/36<sup>(A)</sup> | &nbsp;&nbsp; 757157 |
| &nbsp;&nbsp; 528000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2016-NINE, Class B, 144a, 2.949%, 9/6/38<sup>(A)(C)</sup> | &nbsp;&nbsp; 518307 |
| &nbsp;&nbsp; 755000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | &nbsp;&nbsp; 741239 |
| &nbsp;&nbsp; 515000 | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Class AS, 4.065%, 11/15/47 | &nbsp;&nbsp; 499550 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (TSFR1M + 1.317%), 5.467%, 11/15/35<sup>(A)</sup> | &nbsp;&nbsp; 1142038 |
| &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2018-H3, Class A5, 4.177%, 7/15/51 | &nbsp;&nbsp; 1202428 |
| &nbsp;&nbsp; 340000 | &nbsp;&nbsp;UBS Commercial Mortgage Trust, Ser 2017-C1, Class AS, 3.724%, 6/15/50 | &nbsp;&nbsp; 332028 |
| &nbsp;&nbsp; 385000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Class AS, 4.013%, 12/15/48 | &nbsp;&nbsp; 383234 |
| &nbsp;&nbsp; 2380000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | &nbsp;&nbsp; 2260292 |
| &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-5C4, Class B, 6.394%, 5/15/58<sup>(A)(C)</sup> | &nbsp;&nbsp; 1091733 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | $17411655 |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 4.5%** | &nbsp;&nbsp;**Asset-Backed Securities — 4.5%** |
| &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (TSFR3M + 1.912%), 6.229%, 4/15/34<sup>(A)</sup> | &nbsp;&nbsp; 1101292 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;Benefit Street Partners CLO XXV Ltd. (Cayman Islands), Ser 2021-25A, Class BR, 144a, (TSFR3M + 1.450%), 5.768%, 1/15/35<sup>(A)</sup> | &nbsp;&nbsp; 800634 |
| &nbsp;&nbsp; 940056 | &nbsp;&nbsp;CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | &nbsp;&nbsp; 807621 |
| &nbsp;&nbsp; 479 | &nbsp;&nbsp;CIT Home Equity Loan Trust, Ser 2002-1, Class AF5, 7.210%, 2/25/33<sup>(A)(C)</sup> | &nbsp;&nbsp; 481 |
| &nbsp;&nbsp; 1284500 | &nbsp;&nbsp;Coinstar Funding LLC, Ser 2017-1A, Class A2, 144a, 5.216%, 4/25/47 | &nbsp;&nbsp; 1191438 |
| &nbsp;&nbsp; 900000 | &nbsp;&nbsp;Drive Auto Receivables Trust, Ser 2025-2, Class D, 4.900%, 12/15/32 | &nbsp;&nbsp; 899493 |
| &nbsp;&nbsp; 79656 | &nbsp;&nbsp;FHLMC Structured Pass Through Securities, Ser T-20, Class A5, 8.370%, 12/25/29<sup>(A)(C)</sup> | &nbsp;&nbsp; 83561 |
| &nbsp;&nbsp; 517 | &nbsp;&nbsp;FNMA REMIC Trust, Ser 2001-W2, Class AF6, 6.089%, 10/25/31<sup>(A)(C)</sup> | &nbsp;&nbsp; 522 |
| &nbsp;&nbsp; 1069500 | &nbsp;&nbsp;Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | &nbsp;&nbsp; 1039522 |
| &nbsp;&nbsp; 955450 | &nbsp;&nbsp;Jersey Mike's Funding LLC, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50 | &nbsp;&nbsp; 954296 |
| &nbsp;&nbsp; 1457000 | &nbsp;&nbsp;Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1R, 144a, (TSFR3M + 1.450%), 5.775%, 10/19/34<sup>(A)</sup> | &nbsp;&nbsp; 1453261 |
| &nbsp;&nbsp; 122345 | &nbsp;&nbsp;Mid-State Capital Corp. Trust, Ser 2005-1, Class M2, 7.079%, 1/15/40 | &nbsp;&nbsp; 122830 |
| &nbsp;&nbsp; 1149000 | &nbsp;&nbsp;Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | &nbsp;&nbsp; 1088725 |
| &nbsp;&nbsp; 617500 | &nbsp;&nbsp;TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | &nbsp;&nbsp; 586992 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 4.5% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 4.5% (Continued)** |
| $800000 | &nbsp;&nbsp;Verdelite Static CLO Ltd. (Jersey), Ser 2024-1A, Class B, 144a, (TSFR3M + 1.650%), 5.975%, 7/20/32<sup>(A)</sup> | $801270 |
| &nbsp;&nbsp; 1531989 | &nbsp;&nbsp;Wendy's Funding LLC, Ser 2021-1A, Class A2II, 144a, 2.775%, 6/15/51 | &nbsp;&nbsp; 1373265 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | $12305203 |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 0.8%** | &nbsp;&nbsp;**Sovereign Government Obligations — 0.8%** |
| &nbsp;&nbsp; 697000 | &nbsp;&nbsp;Chile Government International Bond, 3.100%, 1/22/61 | &nbsp;&nbsp; 430816 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;Egypt Government International Bond, 144a, 5.800%, 9/30/27 | &nbsp;&nbsp; 198860 |
| &nbsp;&nbsp; 6400 | &nbsp;&nbsp;Ghana Government International Bond, 144a, 4.717%, 7/3/26<sup>#</sup> | &nbsp;&nbsp; 6176 |
| &nbsp;&nbsp; 18798 | &nbsp;&nbsp;Ghana Government International Bond, 144a, 4.962%, 1/3/30<sup>#</sup> | &nbsp;&nbsp; 16084 |
| &nbsp;&nbsp; 96800 | &nbsp;&nbsp;Ghana Government International Bond, 144a, 5.000%, 7/3/29<sup>(A)(C)</sup> | &nbsp;&nbsp; 94127 |
| &nbsp;&nbsp; 878000 | &nbsp;&nbsp;Mexico Government International Bond, 3.771%, 5/24/61 | &nbsp;&nbsp; 552262 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;Nigeria Government International Bond, MTN, 8.250%, 9/28/51 | &nbsp;&nbsp; 179856 |
| &nbsp;&nbsp; 736000 | &nbsp;&nbsp;Republic of Poland Government International Bond, 5.500%, 3/18/54 | &nbsp;&nbsp; 711430 |
|  | &nbsp;&nbsp;**Total Sovereign Government Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$2189611 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 1.9%** |  |
| 4901492 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>∞Ω</sup> | &nbsp;&nbsp; 4901492 |
| &nbsp;&nbsp;&nbsp;&nbsp;334498 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.05%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 334498 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$5235990 |
|  | &nbsp;&nbsp;**Total Investment Securities—98.6%<br> (Cost $276,075,374)** | $268602493 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 1.4%** | &nbsp;&nbsp; 3732935 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $272335428 |

---

---

| | |
|:---|:---|
| *(A)* | *Variable rate security - Rate reflected is the rate in effect as of September 30, 2025.* |
| *(B)* | *Perpetual Bond - A bond or preferred stock with no definite maturity date.* |
| *(C)* | *Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.* |
| *(D)* | *Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.* |
| *\*\** | *Represents collateral for securities loaned.* |
| *†* | *All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2025 was $321,751.* |
| *#* | *Zero coupon bond - Rate shown reflects effective yield to maturity at time of purchase.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of September 30, 2025.* |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Active Bond Fund (Continued)

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *CLO – Collateralized Loan Obligation* |
| *DAC – Designated Activity Company* |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *FNMA – Federal National Mortgage Association* |
| *GNMA – Government National Mortgage Association* |
| *IO – Interest Only* |
| *JSC – Joint Stock Company* |
| *LLC – Limited Liability Company* |
| *LP – Limited Partnership* |
| *MTN – Medium Term Note* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *REMIC – Real Estate Mortgage Investment Conduit* |
| *RFUCCT1Y – FTSE USD IBOR Consumer Cash Fallbacks Term One year* |
| *SOFR30A – Secured Overnight Financing Rate 30 Day Average* |
| *TSFR1M – One Month Term Secured Overnight Financing Rate* |
| *TSFR3M – Three Month Term Secured Overnight Financing Rate* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, these securities were valued at $88,906,207 or 32.6% 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*** |
| ***Assets:*** |  |  |  |  |
| *Corporate Bonds* | *$—* | *$123151954* | *$—* | *$123151954* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*43757945* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*43757945* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*26336849* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*26336849* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*19457778* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*19457778* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*18755508* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*18755508* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*17411655* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*17411655* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*12305203* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*12305203* |
| *Sovereign Government Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2189611* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2189611* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;*5235990* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5235990* |
| ***Other Financial Instruments*** |  |  |  |  |
| *Futures* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Interest rate contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*16614* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*16614* |
| *Total Assets* | *$5252604* | *$263366503* | *$—* | *$268619107* |
| ***Liabilities:*** |  |  |  |  |
| ***Other Financial Instruments*** |  |  |  |  |
| *Futures* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Interest rate contracts* | *$(218291)* | *$—* | *$—* | *$(218291)* |
| *Total Liabilities* | *$(218291)* | *$—* | *$—* | *$(218291)* |
| *Total* | *$5034313* | *$263366503* | *$—* | *$268400816* |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Active Bond Fund (Continued)

#### Futures Contracts
*At September 30, 2025, $648,816 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at September 30, 2025:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Description*** | &nbsp;&nbsp;&nbsp;***Expiration Date*** | &nbsp;&nbsp;&nbsp;***Number of<br> Contracts*** | &nbsp;&nbsp;&nbsp;***Notional Value*** | &nbsp;&nbsp;&nbsp;***Unrealized<br> Appreciation/<br> Depreciation*** |
| *Short Futures:* |  |  |  |  |
| *30-Year U.S. Ultra Treasury Bond* | &nbsp;&nbsp;&nbsp;*12/19/2025* | &nbsp;&nbsp;&nbsp;*109* | &nbsp;&nbsp;&nbsp;*$13086812* | &nbsp;&nbsp;&nbsp;*$16614* |
| *Long Futures:* |  |  |  |  |
| *2-Year U.S. Treasury Note* | &nbsp;&nbsp;&nbsp;*12/31/2025* | &nbsp;&nbsp;&nbsp;*512* | &nbsp;&nbsp;&nbsp;&nbsp;*106700000* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(218291)* |
|  |  |  |  | &nbsp;&nbsp;&nbsp;*$(201677)* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Portfolio of Investments

Touchstone Ares Credit Opportunities Fund – September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 81.8%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 12.6%** |  |
| $3031000 | &nbsp;&nbsp;Allegiant Travel Co., 144a, 7.250%, 8/15/27 | $3067563 |
| &nbsp;&nbsp; 5938000 | &nbsp;&nbsp;Allison Transmission, Inc., 144a, 4.750%, 10/1/27 | &nbsp;&nbsp; 5897146 |
| &nbsp;&nbsp; 1794000 | &nbsp;&nbsp;American Axle & Manufacturing, Inc., 144a, 6.375%, 10/15/32 | &nbsp;&nbsp; 1790158 |
| &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;American Axle & Manufacturing, Inc., 144a, 7.750%, 10/15/33 | &nbsp;&nbsp; 1249204 |
| &nbsp;&nbsp; 480000 | &nbsp;&nbsp;Asbury Automotive Group, Inc., 4.500%, 3/1/28 | &nbsp;&nbsp; 474028 |
| &nbsp;&nbsp; 2340000 | &nbsp;&nbsp;Asbury Automotive Group, Inc., 144a, 4.625%, 11/15/29 | &nbsp;&nbsp; 2269537 |
| &nbsp;&nbsp; 2120000 | &nbsp;&nbsp;Bath & Body Works, Inc., 6.750%, 7/1/36 | &nbsp;&nbsp; 2181338 |
| &nbsp;&nbsp; 4986000 | &nbsp;&nbsp;Bath & Body Works, Inc., 6.875%, 11/1/35<sup>†</sup> | &nbsp;&nbsp; 5185505 |
| &nbsp;&nbsp; 92000 | &nbsp;&nbsp;Bath & Body Works, Inc., 7.500%, 6/15/29 | &nbsp;&nbsp; 94166 |
| &nbsp;&nbsp; 2801000 | &nbsp;&nbsp;Boyne USA, Inc., 144a, 4.750%, 5/15/29 | &nbsp;&nbsp; 2747179 |
| &nbsp;&nbsp; 780000 | &nbsp;&nbsp;Caesars Entertainment, Inc., 144a, 7.000%, 2/15/30 | &nbsp;&nbsp; 802032 |
| &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;Churchill Downs, Inc., 144a, 4.750%, 1/15/28 | &nbsp;&nbsp; 4045375 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;Churchill Downs, Inc., 144a, 5.500%, 4/1/27 | &nbsp;&nbsp; 1197902 |
| &nbsp;&nbsp; 1896000 | &nbsp;&nbsp;Cougar JV Subsidiary LLC, 144a, 8.000%, 5/15/32 | &nbsp;&nbsp; 2016268 |
| &nbsp;&nbsp; 1792000 | &nbsp;&nbsp;Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144a, 6.750%, 1/15/30 | &nbsp;&nbsp; 1679789 |
| &nbsp;&nbsp; 4640000 | &nbsp;&nbsp;Gap, Inc. (The), 144a, 3.625%, 10/1/29 | &nbsp;&nbsp; 4340963 |
| &nbsp;&nbsp; 4531000 | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc., 144a, 3.750%, 5/1/29 | &nbsp;&nbsp; 4358280 |
| &nbsp;&nbsp; 748000 | &nbsp;&nbsp;LBM Acquisition LLC, 144a, 6.250%, 1/15/29<sup>†</sup> | &nbsp;&nbsp; 692219 |
| &nbsp;&nbsp; 2570000 | &nbsp;&nbsp;Light & Wonder International, Inc., 144a, 6.250%, 10/1/33 | &nbsp;&nbsp; 2574369 |
| &nbsp;&nbsp; 1222000 | &nbsp;&nbsp;Lithia Motors, Inc., 144a, 4.375%, 1/15/31 | &nbsp;&nbsp; 1160467 |
| &nbsp;&nbsp; 3966000 | &nbsp;&nbsp;Live Nation Entertainment, Inc., 144a, 4.750%, 10/15/27 | &nbsp;&nbsp; 3939837 |
| &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;Live Nation Entertainment, Inc., 144a, 6.500%, 5/15/27 | &nbsp;&nbsp; 1135627 |
| &nbsp;&nbsp; 3449000 | &nbsp;&nbsp;MGM Resorts International, 4.750%, 10/15/28 | &nbsp;&nbsp; 3421835 |
| &nbsp;&nbsp; 2825000 | &nbsp;&nbsp;Nissan Motor Co. Ltd. (Japan), 144a, 8.125%, 7/17/35 | &nbsp;&nbsp; 3032708 |
| &nbsp;&nbsp; 2917000 | &nbsp;&nbsp;Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada), 144a, 8.000%, 8/1/30<sup>†</sup> | &nbsp;&nbsp; 2898735 |
| &nbsp;&nbsp; 651000 | &nbsp;&nbsp;Qnity Electronics, Inc., 144a, 5.750%, 8/15/32 | &nbsp;&nbsp; 656046 |
| &nbsp;&nbsp; 930000 | &nbsp;&nbsp;Qnity Electronics, Inc., 144a, 6.250%, 8/15/33 | &nbsp;&nbsp; 949689 |
| &nbsp;&nbsp; 2270000 | &nbsp;&nbsp;QXO Building Products, Inc., 144a, 6.750%, 4/30/32 | &nbsp;&nbsp; 2346720 |
| &nbsp;&nbsp; 2130000 | &nbsp;&nbsp;Service Corp. International, 5.750%, 10/15/32 | &nbsp;&nbsp; 2157876 |
| &nbsp;&nbsp; 3880000 | &nbsp;&nbsp;Six Flags Entertainment Corp., 144a, 7.250%, 5/15/31 | &nbsp;&nbsp; 3881063 |
| &nbsp;&nbsp; 1223000 | &nbsp;&nbsp;Specialty Building Products Holdings LLC / SBP Finance Corp., 144a, 7.750%, 10/15/29 | &nbsp;&nbsp; 1242462 |
| &nbsp;&nbsp; 9947931 | &nbsp;&nbsp;Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 144a, 11.000%, 3/12/30<sup>(A)</sup> | &nbsp;&nbsp; 4058756 |
| &nbsp;&nbsp; 990000 | &nbsp;&nbsp;Station Casinos LLC, 144a, 4.625%, 12/1/31 | &nbsp;&nbsp; 933817 |
| &nbsp;&nbsp; 2925000 | &nbsp;&nbsp;Station Casinos LLC, 144a, 4.500%, 2/15/28 | &nbsp;&nbsp; 2875778 |
| &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;Station Casinos LLC, 144a, 6.625%, 3/15/32 | &nbsp;&nbsp; 1643641 |
| &nbsp;&nbsp; 5690000 | &nbsp;&nbsp;Tenneco, Inc., 144a, 8.000%, 11/17/28 | &nbsp;&nbsp; 5700358 |
| &nbsp;&nbsp; 4238000 | &nbsp;&nbsp;Victoria's Secret & Co., 144a, 4.625%, 7/15/29 | &nbsp;&nbsp; 4045402 |
| &nbsp;&nbsp; 2973000 | &nbsp;&nbsp;Viking Cruises Ltd., 144a, 5.875%, 9/15/27 | &nbsp;&nbsp; 2974142 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;Viking Cruises Ltd., 144a, 7.000%, 2/15/29 | &nbsp;&nbsp; 1206016 |
| &nbsp;&nbsp; 2030000 | &nbsp;&nbsp;Viking Ocean Cruises Ship VII Ltd., 144a, 5.625%, 2/15/29 | &nbsp;&nbsp; 2028320 |
| &nbsp;&nbsp; 407000 | &nbsp;&nbsp;VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland), 144a, 9.500%, 6/1/28 | &nbsp;&nbsp; 423775 |
| &nbsp;&nbsp; 6549000 | &nbsp;&nbsp;VistaJet Malta Finance PLC / XO Management Holding, Inc. (Switzerland), 144a, 6.375%, 2/1/30<sup>†</sup> | &nbsp;&nbsp; 6383111 |
| &nbsp;&nbsp; 3478000 | &nbsp;&nbsp;Warnermedia Holdings, Inc., 5.050%, 3/15/42 | &nbsp;&nbsp; 2773705 |
| &nbsp;&nbsp; 2083000 | &nbsp;&nbsp;ZF North America Capital, Inc. (Germany), 144a, 7.500%, 3/24/31 | &nbsp;&nbsp; 2068358 |
|  |  | &nbsp;&nbsp;110601265 |
|  | &nbsp;&nbsp;**Industrials — 11.4%** |  |
| &nbsp;&nbsp; 1477000 | &nbsp;&nbsp;Amsted Industries, Inc., 144a, 4.625%, 5/15/30 | &nbsp;&nbsp; 1427368 |
| &nbsp;&nbsp; 1370000 | &nbsp;&nbsp;Amsted Industries, Inc., 144a, 6.375%, 3/15/33 | &nbsp;&nbsp; 1406105 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 81.8% (Continued)** |  |
|  | &nbsp;&nbsp;**Industrials — 11.4% (Continued)** |  |
| $1593000 | &nbsp;&nbsp;Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 4.125%, 8/15/26 | $1529280 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.750%, 7/15/27 | &nbsp;&nbsp; 207212 |
| &nbsp;&nbsp; 2682000 | &nbsp;&nbsp;Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 8/15/27 | &nbsp;&nbsp; 1019160 |
| &nbsp;&nbsp; 7494000 | &nbsp;&nbsp;Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144a, 5.250%, 8/15/27 | &nbsp;&nbsp; 2847720 |
| &nbsp;&nbsp; 146000 | &nbsp;&nbsp;Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., Ser REGs, 5.250%, 8/15/27 | &nbsp;&nbsp; 55480 |
| &nbsp;&nbsp; 1103000 | &nbsp;&nbsp;Axon Enterprise, Inc., 144a, 6.250%, 3/15/33 | &nbsp;&nbsp; 1135173 |
| &nbsp;&nbsp; 6174000 | &nbsp;&nbsp;Ball Corp., 2.875%, 8/15/30 | &nbsp;&nbsp; 5609671 |
| &nbsp;&nbsp; 2297000 | &nbsp;&nbsp;Builders FirstSource, Inc., 144a, 6.375%, 3/1/34 | &nbsp;&nbsp; 2366181 |
| &nbsp;&nbsp; 2140000 | &nbsp;&nbsp;BWX Technologies, Inc., 144a, 4.125%, 4/15/29 | &nbsp;&nbsp; 2072044 |
| &nbsp;&nbsp; 2620000 | &nbsp;&nbsp;BWX Technologies, Inc., 144a, 4.125%, 6/30/28 | &nbsp;&nbsp; 2557552 |
| &nbsp;&nbsp; 2589000 | &nbsp;&nbsp;Chart Industries, Inc., 144a, 9.500%, 1/1/31 | &nbsp;&nbsp; 2773712 |
| &nbsp;&nbsp; 5066000 | &nbsp;&nbsp;Clean Harbors, Inc., 144a, 4.875%, 7/15/27 | &nbsp;&nbsp; 5061704 |
| &nbsp;&nbsp; 2830000 | &nbsp;&nbsp;Clean Harbors, Inc., 144a, 5.750%, 10/15/33 | &nbsp;&nbsp; 2854711 |
| &nbsp;&nbsp; 625000 | &nbsp;&nbsp;Clean Harbors, Inc., 144a, 6.375%, 2/1/31 | &nbsp;&nbsp; 639948 |
| &nbsp;&nbsp; 739000 | &nbsp;&nbsp;Coherent Corp., 144a, 5.000%, 12/15/29 | &nbsp;&nbsp; 728483 |
| &nbsp;&nbsp; 676 | &nbsp;&nbsp;CP Atlas Buyer, Inc., 144a, 7.000%, 12/1/28 | &nbsp;&nbsp; 641 |
| &nbsp;&nbsp; 970000 | &nbsp;&nbsp;CP Atlas Buyer, Inc., 144a, 9.750%, 7/15/30 | &nbsp;&nbsp; 1015774 |
| &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;CP Atlas Buyer, Inc., PIK, 144a, 12.750%, 1/15/31<sup>(A)</sup> | &nbsp;&nbsp; 3995054 |
| &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;Crown Americas LLC, 144a, 5.875%, 6/1/33 | &nbsp;&nbsp; 1717245 |
| &nbsp;&nbsp; 2712000 | &nbsp;&nbsp;EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.625%, 12/15/30 | &nbsp;&nbsp; 2787179 |
| &nbsp;&nbsp; 2008000 | &nbsp;&nbsp;GFL Environmental, Inc., 144a, 3.500%, 9/1/28 | &nbsp;&nbsp; 1958488 |
| &nbsp;&nbsp; 713271 | &nbsp;&nbsp;GFL Environmental, Inc., 144a, 4.375%, 8/15/29 | &nbsp;&nbsp; 695092 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;GFL Environmental, Inc., 144a, 4.000%, 8/1/28 | &nbsp;&nbsp; 1464382 |
| &nbsp;&nbsp; 3721000 | &nbsp;&nbsp;Graphic Packaging International LLC, 144a, 3.750%, 2/1/30 | &nbsp;&nbsp; 3478155 |
| &nbsp;&nbsp; 798000 | &nbsp;&nbsp;Graphic Packaging International LLC, 144a, 6.375%, 7/15/32 | &nbsp;&nbsp; 810318 |
| &nbsp;&nbsp; 2795000 | &nbsp;&nbsp;JH North America Holdings, Inc., 144a, 6.125%, 7/31/32 | &nbsp;&nbsp; 2862902 |
| &nbsp;&nbsp; 4601000 | &nbsp;&nbsp;LABL, Inc., 144a, 8.625%, 10/1/31 | &nbsp;&nbsp; 3380050 |
| &nbsp;&nbsp; 6760000 | &nbsp;&nbsp;Madison IAQ LLC, 144a, 4.125%, 6/30/28 | &nbsp;&nbsp; 6597738 |
| &nbsp;&nbsp; 2230000 | &nbsp;&nbsp;Quikrete Holdings, Inc., 144a, 6.375%, 3/1/32 | &nbsp;&nbsp; 2310164 |
| &nbsp;&nbsp; 4243000 | &nbsp;&nbsp;Sealed Air Corp/Sealed Air Corp. US, 144a, 6.125%, 2/1/28 | &nbsp;&nbsp; 4301716 |
| &nbsp;&nbsp; 4579000 | &nbsp;&nbsp;Sensata Technologies BV, 144a, 4.000%, 4/15/29 | &nbsp;&nbsp; 4395281 |
| &nbsp;&nbsp; 1370000 | &nbsp;&nbsp;Standard Building Solutions, Inc., 144a, 6.500%, 8/15/32 | &nbsp;&nbsp; 1405923 |
| &nbsp;&nbsp; 3343000 | &nbsp;&nbsp;Standard Industries, Inc., 144a, 4.375%, 7/15/30 | &nbsp;&nbsp; 3204998 |
| &nbsp;&nbsp; 160000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.750%, 8/15/28 | &nbsp;&nbsp; 163054 |
| &nbsp;&nbsp; 2257000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.250%, 1/31/34 | &nbsp;&nbsp; 2318913 |
| &nbsp;&nbsp; 4332000 | &nbsp;&nbsp;Trident TPI Holdings, Inc., 144a, 12.750%, 12/31/28 | &nbsp;&nbsp; 4618869 |
| &nbsp;&nbsp; 2185000 | &nbsp;&nbsp;Trivium Packaging Finance BV (Netherlands), 144a, 8.250%, 7/15/30 | &nbsp;&nbsp; 2331249 |
| &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;Waste Pro USA, Inc., 144a, 7.000%, 2/1/33 | &nbsp;&nbsp; 1501733 |
| &nbsp;&nbsp; 2507000 | &nbsp;&nbsp;WESCO Distribution, Inc., 144a, 6.375%, 3/15/33 | &nbsp;&nbsp; 2598827 |
| &nbsp;&nbsp; 6316000 | &nbsp;&nbsp;Wilsonart LLC, 144a, 11.000%, 8/15/32 | &nbsp;&nbsp; 6148171 |
|  |  | &nbsp;&nbsp;100353420 |
|  | &nbsp;&nbsp;**Energy — 11.0%** |  |
| &nbsp;&nbsp; 2577000 | &nbsp;&nbsp;Archrock Partners LP / Archrock Partners Finance Corp., 144a, 6.250%, 4/1/28 | &nbsp;&nbsp; 2580531 |
| &nbsp;&nbsp; 1436000 | &nbsp;&nbsp;Archrock Partners LP / Archrock Partners Finance Corp., 144a, 6.625%, 9/1/32<sup>†</sup> | &nbsp;&nbsp; 1473021 |
| &nbsp;&nbsp; 111000 | &nbsp;&nbsp;Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 5.875%, 6/30/29 | &nbsp;&nbsp; 110779 |
| &nbsp;&nbsp; 1690000 | &nbsp;&nbsp;Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144a, 6.625%, 10/15/32 | &nbsp;&nbsp; 1724892 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Ares Credit Opportunities Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 81.8% (Continued)** |  |
|  | &nbsp;&nbsp;**Energy — 11.0% (Continued)** |  |
| $4741000 | &nbsp;&nbsp;CITGO Petroleum Corp., 144a, 6.375%, 6/15/26 | $4740711 |
| &nbsp;&nbsp; 1701000 | &nbsp;&nbsp;CVR Energy, Inc., 144a, 5.750%, 2/15/28 | &nbsp;&nbsp; 1674889 |
| &nbsp;&nbsp; 900000 | &nbsp;&nbsp;CVR Energy, Inc., 144a, 8.500%, 1/15/29 | &nbsp;&nbsp; 919915 |
| &nbsp;&nbsp; 6153000 | &nbsp;&nbsp;ITT Holdings LLC, 144a, 6.500%, 8/1/29 | &nbsp;&nbsp; 6049219 |
| &nbsp;&nbsp; 2130000 | &nbsp;&nbsp;Kodiak Gas Services LLC, 144a, 6.500%, 10/1/33<sup>†</sup> | &nbsp;&nbsp; 2168519 |
| &nbsp;&nbsp; 2130000 | &nbsp;&nbsp;Kodiak Gas Services LLC, 144a, 6.750%, 10/1/35 | &nbsp;&nbsp; 2187753 |
| &nbsp;&nbsp; 860000 | &nbsp;&nbsp;Kodiak Gas Services LLC, 144a, 7.250%, 2/15/29 | &nbsp;&nbsp; 891883 |
| &nbsp;&nbsp; 4254000 | &nbsp;&nbsp;Moss Creek Resources Holdings, Inc., 144a, 8.250%, 9/1/31 | &nbsp;&nbsp; 4168524 |
| &nbsp;&nbsp; 3813000 | &nbsp;&nbsp;Nabors Industries, Inc., 144a, 8.875%, 8/15/31 | &nbsp;&nbsp; 3544671 |
| &nbsp;&nbsp; 3024000 | &nbsp;&nbsp;Nabors Industries, Inc., 144a, 9.125%, 1/31/30 | &nbsp;&nbsp; 3160292 |
| &nbsp;&nbsp; 1405000 | &nbsp;&nbsp;Northern Oil & Gas, Inc., 144a, 7.875%, 10/15/33 | &nbsp;&nbsp; 1399334 |
| &nbsp;&nbsp; 3156000 | &nbsp;&nbsp;Northern Oil & Gas, Inc., 144a, 8.125%, 3/1/28 | &nbsp;&nbsp; 3200534 |
| &nbsp;&nbsp; 955000 | &nbsp;&nbsp;NuStar Logistics LP, 5.625%, 4/28/27 | &nbsp;&nbsp; 960502 |
| &nbsp;&nbsp; 6804000 | &nbsp;&nbsp;ONEOK, Inc., 5.450%, 6/1/47 | &nbsp;&nbsp; 6272795 |
| &nbsp;&nbsp; 208000 | &nbsp;&nbsp;ONEOK, Inc., 5.600%, 4/1/44 | &nbsp;&nbsp; 197062 |
| &nbsp;&nbsp; 983000 | &nbsp;&nbsp;SM Energy Co., 144a, 6.750%, 8/1/29 | &nbsp;&nbsp; 987694 |
| &nbsp;&nbsp; 3110000 | &nbsp;&nbsp;Summit Midstream Holdings LLC, 144a, 8.625%, 10/31/29 | &nbsp;&nbsp; 3125354 |
| &nbsp;&nbsp; 2735000 | &nbsp;&nbsp;Sunoco LP, 144a, 6.250%, 7/1/33 | &nbsp;&nbsp; 2783877 |
| &nbsp;&nbsp; 2220000 | &nbsp;&nbsp;Sunoco LP, 144a, 7.250%, 5/1/32 | &nbsp;&nbsp; 2330093 |
| &nbsp;&nbsp; 4779000 | &nbsp;&nbsp;Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 12/31/30 | &nbsp;&nbsp; 4721127 |
| &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 6.000%, 9/1/31 | &nbsp;&nbsp; 1021827 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 7.375%, 2/15/29 | &nbsp;&nbsp; 1029820 |
| &nbsp;&nbsp; 2582000 | &nbsp;&nbsp;TerraForm Power Operating LLC, 144a, 5.000%, 1/31/28 | &nbsp;&nbsp; 2563541 |
| &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;TerraForm Power Operating LLC, 144a, 4.750%, 1/15/30 | &nbsp;&nbsp; 1691416 |
| &nbsp;&nbsp; 6234426 | &nbsp;&nbsp;TGNR Intermediate Holdings LLC, 144a, 5.500%, 10/15/29 | &nbsp;&nbsp; 6100663 |
| &nbsp;&nbsp; 4614000 | &nbsp;&nbsp;TransMontaigne Partners LLC, 144a, 8.500%, 6/15/30 | &nbsp;&nbsp; 4806205 |
| &nbsp;&nbsp; 8176000 | &nbsp;&nbsp;Transocean International Ltd., 6.800%, 3/15/38<sup>†</sup> | &nbsp;&nbsp; 6937182 |
| &nbsp;&nbsp; 3761000 | &nbsp;&nbsp;Venture Global LNG, Inc., 144a, 8.375%, 6/1/31 | &nbsp;&nbsp; 3947704 |
| &nbsp;&nbsp; 242000 | &nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 144a, 6.500%, 1/15/34 | &nbsp;&nbsp; 254661 |
| &nbsp;&nbsp; 7738000 | &nbsp;&nbsp;Western Midstream Operating LP, 5.250%, 2/1/50 | &nbsp;&nbsp; 6732721 |
|  |  | &nbsp;&nbsp; 96459711 |
|  | &nbsp;&nbsp;**Communication Services — 10.8%** |  |
| &nbsp;&nbsp; 7882000 | &nbsp;&nbsp;Altice France SA (France), 144a, 5.500%, 1/15/28 | &nbsp;&nbsp; 6936160 |
| &nbsp;&nbsp; 2459000 | &nbsp;&nbsp;ANGI Group LLC, 144a, 3.875%, 8/15/28 | &nbsp;&nbsp; 2311091 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;Belo Corp., 7.250%, 9/15/27 | &nbsp;&nbsp; 74837 |
| &nbsp;&nbsp; 675000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | &nbsp;&nbsp; 621816 |
| &nbsp;&nbsp; 4584000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.000%, 2/1/28 | &nbsp;&nbsp; 4533028 |
| &nbsp;&nbsp; 7580000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.500%, 8/15/30 | &nbsp;&nbsp; 7159254 |
| &nbsp;&nbsp; 3911000 | &nbsp;&nbsp;CommScope LLC, 144a, 4.750%, 9/1/29 | &nbsp;&nbsp; 3885891 |
| &nbsp;&nbsp; 205000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 3.375%, 2/15/31 | &nbsp;&nbsp; 132214 |
| &nbsp;&nbsp; 76000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 4.500%, 11/15/31 | &nbsp;&nbsp; 49421 |
| &nbsp;&nbsp; 1129000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 6.500%, 2/1/29 | &nbsp;&nbsp; 834416 |
| &nbsp;&nbsp; 1315000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 4.625%, 12/1/30 | &nbsp;&nbsp; 461363 |
| &nbsp;&nbsp; 5215000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 5.750%, 1/15/30 | &nbsp;&nbsp; 1985768 |
| &nbsp;&nbsp; 416000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 4.125%, 12/1/30 | &nbsp;&nbsp; 272420 |
| &nbsp;&nbsp; 1761000 | &nbsp;&nbsp;DISH DBS Corp., 144a, 5.250%, 12/1/26 | &nbsp;&nbsp; 1730403 |
| &nbsp;&nbsp; 2673000 | &nbsp;&nbsp;DISH DBS Corp., 144a, 5.750%, 12/1/28 | &nbsp;&nbsp; 2563477 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Fox Corp., 5.476%, 1/25/39 | &nbsp;&nbsp; 1505591 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Fox Corp., 5.576%, 1/25/49 | &nbsp;&nbsp; 1459942 |
| &nbsp;&nbsp; 3043000 | &nbsp;&nbsp;Gen Digital, Inc., 144a, 6.250%, 4/1/33 | &nbsp;&nbsp; 3106535 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 81.8% (Continued)** |  |
|  | &nbsp;&nbsp;**Communication Services — 10.8% (Continued)** |  |
| $4277000 | &nbsp;&nbsp;Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144a, 3.500%, 3/1/29 | $4052357 |
| &nbsp;&nbsp; 4876000 | &nbsp;&nbsp;Gray Media, Inc., 144a, 4.750%, 10/15/30 | &nbsp;&nbsp; 3730140 |
| &nbsp;&nbsp; 1635000 | &nbsp;&nbsp;Gray Media, Inc., 144a, 7.250%, 8/15/33 | &nbsp;&nbsp; 1619516 |
| &nbsp;&nbsp; 951000 | &nbsp;&nbsp;Gray Media, Inc., 144a, 9.625%, 7/15/32 | &nbsp;&nbsp; 971512 |
| &nbsp;&nbsp; 7629000 | &nbsp;&nbsp;Level 3 Financing, Inc., 144a, 4.875%, 6/15/29 | &nbsp;&nbsp; 7210348 |
| &nbsp;&nbsp; 4155000 | &nbsp;&nbsp;Level 3 Financing, Inc., 144a, 7.000%, 3/31/34 | &nbsp;&nbsp; 4235956 |
| &nbsp;&nbsp; 1061000 | &nbsp;&nbsp;Nexstar Media, Inc., 144a, 4.750%, 11/1/28 | &nbsp;&nbsp; 1035589 |
| &nbsp;&nbsp; 128000 | &nbsp;&nbsp;Nexstar Media, Inc., 144a, 5.625%, 7/15/27 | &nbsp;&nbsp; 127834 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Odido Group Holding BV (Netherlands), 144a, 5.500%, 1/15/30 | &nbsp;&nbsp; 1182551 |
| &nbsp;&nbsp; 4720000 | &nbsp;&nbsp;Scripps Escrow II, Inc., 144a, 3.875%, 1/15/29<sup>†</sup> | &nbsp;&nbsp; 4158242 |
| &nbsp;&nbsp; 6389000 | &nbsp;&nbsp;Sirius XM Radio LLC, 144a, 3.125%, 9/1/26 | &nbsp;&nbsp; 6300839 |
| &nbsp;&nbsp; 526000 | &nbsp;&nbsp;Sirius XM Radio LLC, 144a, 5.000%, 8/1/27 | &nbsp;&nbsp; 523453 |
| &nbsp;&nbsp; 240000 | &nbsp;&nbsp;Sirius XM Radio LLC, 144a, 5.500%, 7/1/29 | &nbsp;&nbsp; 240037 |
| &nbsp;&nbsp; 1901000 | &nbsp;&nbsp;Snap, Inc., 144a, 6.875%, 3/1/33 | &nbsp;&nbsp; 1943010 |
| &nbsp;&nbsp; 2794000 | &nbsp;&nbsp;TEGNA, Inc., 4.625%, 3/15/28 | &nbsp;&nbsp; 2752163 |
| &nbsp;&nbsp; 2674000 | &nbsp;&nbsp;Telesat Canada / Telesat LLC (Canada), 144a, 5.625%, 12/6/26 | &nbsp;&nbsp; 2139200 |
| &nbsp;&nbsp; 1603000 | &nbsp;&nbsp;Telesat Canada / Telesat LLC (Canada), 144a, 6.500%, 10/15/27 | &nbsp;&nbsp; 809515 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;United Group BV (Slovenia), 144a, 3.625%, 2/15/28 | &nbsp;&nbsp; 1155884 |
| &nbsp;&nbsp; 338000 | &nbsp;&nbsp;Virgin Media Finance PLC (United Kingdom), 144a, 5.000%, 7/15/30 | &nbsp;&nbsp; 313914 |
| &nbsp;&nbsp; 1460000 | &nbsp;&nbsp;Virgin Media Secured Finance PLC (United Kingdom), 144a, 4.500%, 8/15/30 | &nbsp;&nbsp; 1376540 |
| &nbsp;&nbsp; 5127000 | &nbsp;&nbsp;Virgin Media Vendor Financing Notes IV DAC (United Kingdom), 144a, 5.000%, 7/15/28 | &nbsp;&nbsp; 5022015 |
| &nbsp;&nbsp; 400000 | &nbsp;&nbsp;Vmed O2 UK Financing I PLC (United Kingdom), 144a, 4.250%, 1/31/31 | &nbsp;&nbsp; 370826 |
| &nbsp;&nbsp; 4335836 | &nbsp;&nbsp;Zayo Group Holdings, Inc., PIK, 144a, 9.250%, 3/9/30<sup>(A)</sup> | &nbsp;&nbsp; 4140723 |
|  |  | &nbsp;&nbsp; 95035791 |
|  | &nbsp;&nbsp;**Consumer Staples — 7.0%** |  |
| &nbsp;&nbsp; 1504000 | &nbsp;&nbsp;1011778 BC ULC / New Red Finance, Inc. (Canada), 144a, 5.625%, 9/15/29 | &nbsp;&nbsp; 1521782 |
| &nbsp;&nbsp; 6107000 | &nbsp;&nbsp;Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144a, 3.500%, 3/15/29 | &nbsp;&nbsp; 5787594 |
| &nbsp;&nbsp; 605000 | &nbsp;&nbsp;Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144a, 6.250%, 3/15/33 | &nbsp;&nbsp; 618703 |
| &nbsp;&nbsp; 5255000 | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc., 144a, 4.000%, 1/15/28 | &nbsp;&nbsp; 5151298 |
| &nbsp;&nbsp; 405000 | &nbsp;&nbsp;Bath & Body Works, Inc., 144a, 6.625%, 10/1/30<sup>†</sup> | &nbsp;&nbsp; 413924 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;BCP V Modular Services Finance PLC (United Kingdom), 144a, 6.750%, 11/30/29 | &nbsp;&nbsp; 2200503 |
| &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;C&S Group Enterprises LLC, 144a, 5.000%, 12/15/28 | &nbsp;&nbsp; 1582862 |
| &nbsp;&nbsp; 3200000 | &nbsp;&nbsp;Chobani LLC / Chobani Finance Corp., Inc., 144a, 4.625%, 11/15/28<sup>†</sup> | &nbsp;&nbsp; 3164374 |
| &nbsp;&nbsp; 1001000 | &nbsp;&nbsp;CHS/Community Health Systems, Inc., 144a, 4.750%, 2/15/31 | &nbsp;&nbsp; 865026 |
| &nbsp;&nbsp; 5227000 | &nbsp;&nbsp;Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144a, 4.625%, 1/15/29 | &nbsp;&nbsp; 4975146 |
| &nbsp;&nbsp; 1465000 | &nbsp;&nbsp;Gates Corp., 144a, 6.875%, 7/1/29 | &nbsp;&nbsp; 1520371 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;Iceland Bondco PLC (United Kingdom), 144a, 4.375%, 5/15/28 | &nbsp;&nbsp; 1572400 |
| &nbsp;&nbsp; 5484000 | &nbsp;&nbsp;Korn Ferry, 144a, 4.625%, 12/15/27 | &nbsp;&nbsp; 5446220 |
| &nbsp;&nbsp; 3303000 | &nbsp;&nbsp;Lamb Weston Holdings, Inc., 144a, 4.125%, 1/31/30 | &nbsp;&nbsp; 3171184 |
| &nbsp;&nbsp; 5143000 | &nbsp;&nbsp;LCM Investments Holdings II LLC, 144a, 4.875%, 5/1/29 | &nbsp;&nbsp; 5037243 |
| &nbsp;&nbsp; 1274000 | &nbsp;&nbsp;Papa John's International, Inc., 144a, 3.875%, 9/15/29 | &nbsp;&nbsp; 1214724 |
| &nbsp;&nbsp; 2484000 | &nbsp;&nbsp;Performance Food Group, Inc., 144a, 4.250%, 8/1/29 | &nbsp;&nbsp; 2412885 |
| &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;Performance Food Group, Inc., 144a, 5.500%, 10/15/27 | &nbsp;&nbsp; 2244321 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Performance Food Group, Inc., 144a, 6.125%, 9/15/32 | &nbsp;&nbsp; 1024303 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Ares Credit Opportunities Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 81.8% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 7.0% (Continued)** |  |
| $4230000 | &nbsp;&nbsp;Post Holdings, Inc., 144a, 6.250%, 10/15/34 | $4264204 |
| &nbsp;&nbsp; 1810000 | &nbsp;&nbsp;Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 144a, 6.750%, 8/15/32 | &nbsp;&nbsp; 1871390 |
| &nbsp;&nbsp; 1871000 | &nbsp;&nbsp;Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 144a, 4.625%, 3/1/29 | &nbsp;&nbsp; 1793363 |
| &nbsp;&nbsp; 2605000 | &nbsp;&nbsp;Tyson Foods, Inc., 5.100%, 9/28/48 | &nbsp;&nbsp; 2402592 |
| &nbsp;&nbsp; 1813000 | &nbsp;&nbsp;Wolverine World Wide, Inc., 144a, 4.000%, 8/15/29 | &nbsp;&nbsp; 1658578 |
|  |  | &nbsp;&nbsp; 61914990 |
|  | &nbsp;&nbsp;**Financials — 6.7%** |  |
| &nbsp;&nbsp; 2733000 | &nbsp;&nbsp;Acrisure LLC / Acrisure Finance, Inc., 144a, 7.500%, 11/6/30 | &nbsp;&nbsp; 2847248 |
| &nbsp;&nbsp; 4402000 | &nbsp;&nbsp;Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 4.250%, 10/15/27 | &nbsp;&nbsp; 4329385 |
| &nbsp;&nbsp; 3451000 | &nbsp;&nbsp;Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 7.000%, 1/15/31 | &nbsp;&nbsp; 3565356 |
| &nbsp;&nbsp; 1689000 | &nbsp;&nbsp;Ally Financial, Inc., 4.750%, 6/9/27 | &nbsp;&nbsp; 1697798 |
| &nbsp;&nbsp; 702000 | &nbsp;&nbsp;AmWINS Group, Inc., 144a, 6.375%, 2/15/29 | &nbsp;&nbsp; 715645 |
| &nbsp;&nbsp; 3324000 | &nbsp;&nbsp;Apollo Debt Solutions BDC, 6.900%, 4/13/29 | &nbsp;&nbsp; 3495116 |
| &nbsp;&nbsp; 4919000 | &nbsp;&nbsp;Arthur J Gallagher & Co., 5.550%, 2/15/55 | &nbsp;&nbsp; 4810004 |
| &nbsp;&nbsp; 2151000 | &nbsp;&nbsp;Coinbase Global, Inc., 144a, 3.375%, 10/1/28 | &nbsp;&nbsp; 2041525 |
| &nbsp;&nbsp; 3590000 | &nbsp;&nbsp;Focus Financial Partners LLC, 144a, 6.750%, 9/15/31 | &nbsp;&nbsp; 3676379 |
| &nbsp;&nbsp; 600000 | &nbsp;&nbsp;GGAM Finance Ltd. (Ireland), 144a, 5.875%, 3/15/30 | &nbsp;&nbsp; 607489 |
| &nbsp;&nbsp; 2985000 | &nbsp;&nbsp;GGAM Finance Ltd. (Ireland), 144a, 6.875%, 4/15/29 | &nbsp;&nbsp; 3095451 |
| &nbsp;&nbsp; 5255000 | &nbsp;&nbsp;Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC (United Kingdom), 144a, 7.250%, 2/15/31 | &nbsp;&nbsp; 5410485 |
| &nbsp;&nbsp; 2157441 | &nbsp;&nbsp;Midcap Financial Issuer Trust, 144a, 5.625%, 1/15/30 | &nbsp;&nbsp; 2037121 |
| &nbsp;&nbsp; 4566000 | &nbsp;&nbsp;Midcap Financial Issuer Trust, 144a, 6.500%, 5/1/28 | &nbsp;&nbsp; 4535227 |
| &nbsp;&nbsp; 7722000 | &nbsp;&nbsp;OneMain Finance Corp., 3.500%, 1/15/27 | &nbsp;&nbsp; 7574145 |
| &nbsp;&nbsp; 392000 | &nbsp;&nbsp;OneMain Finance Corp., 3.875%, 9/15/28 | &nbsp;&nbsp; 376749 |
| &nbsp;&nbsp; 1937000 | &nbsp;&nbsp;OneMain Finance Corp., 7.125%, 9/15/32 | &nbsp;&nbsp; 2001117 |
| &nbsp;&nbsp; 1570000 | &nbsp;&nbsp;Rocket Cos., Inc., 144a, 6.375%, 8/1/33 | &nbsp;&nbsp; 1621772 |
| &nbsp;&nbsp; 1242000 | &nbsp;&nbsp;Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 144a, 3.625%, 3/1/29 | &nbsp;&nbsp; 1184826 |
| &nbsp;&nbsp; 3070000 | &nbsp;&nbsp;Ryan Specialty LLC, 144a, 5.875%, 8/1/32 | &nbsp;&nbsp; 3105581 |
| &nbsp;&nbsp; 373000 | &nbsp;&nbsp;United Wholesale Mortgage LLC, 144a, 5.500%, 11/15/25 | &nbsp;&nbsp; 372866 |
|  |  | &nbsp;&nbsp; 59101285 |
|  | &nbsp;&nbsp;**Materials — 5.5%** |  |
| &nbsp;&nbsp; 8164537 | &nbsp;&nbsp;ASP Unifrax Holdings, Inc., PIK, 144a, 7.100%, 9/30/29<sup>(A)</sup> | &nbsp;&nbsp; 3216737 |
| &nbsp;&nbsp; 3015000 | &nbsp;&nbsp;Avient Corp., 144a, 6.250%, 11/1/31 | &nbsp;&nbsp; 3061685 |
| &nbsp;&nbsp; 4424000 | &nbsp;&nbsp;Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144a, 4.750%, 6/15/27 | &nbsp;&nbsp; 4403944 |
| &nbsp;&nbsp; 1968000 | &nbsp;&nbsp;Celanese US Holdings LLC, 6.750%, 4/15/33<sup>†</sup> | &nbsp;&nbsp; 1960352 |
| &nbsp;&nbsp; 3827000 | &nbsp;&nbsp;Chemours Co. (The), 144a, 5.750%, 11/15/28 | &nbsp;&nbsp; 3732700 |
| &nbsp;&nbsp; 4571000 | &nbsp;&nbsp;Constellium SE, 144a, 3.750%, 4/15/29 | &nbsp;&nbsp; 4349370 |
| &nbsp;&nbsp; 2562000 | &nbsp;&nbsp;FMG Resources August Pty Ltd. (Australia), 144a, 4.375%, 4/1/31 | &nbsp;&nbsp; 2446031 |
| &nbsp;&nbsp; 1202000 | &nbsp;&nbsp;FMG Resources August Pty Ltd. (Australia), 144a, 4.500%, 9/15/27 | &nbsp;&nbsp; 1196671 |
| &nbsp;&nbsp; 3424000 | &nbsp;&nbsp;Freeport-McMoRan, Inc., 5.400%, 11/14/34 | &nbsp;&nbsp; 3506544 |
| &nbsp;&nbsp; 881000 | &nbsp;&nbsp;Novelis Corp., 144a, 4.750%, 1/30/30 | &nbsp;&nbsp; 849995 |
| &nbsp;&nbsp; 2329000 | &nbsp;&nbsp;Novelis Corp., 144a, 6.375%, 8/15/33 | &nbsp;&nbsp; 2356075 |
| &nbsp;&nbsp; 4478000 | &nbsp;&nbsp;SCIH Salt Holdings, Inc., 144a, 4.875%, 5/1/28 | &nbsp;&nbsp; 4376954 |
| &nbsp;&nbsp; 1438000 | &nbsp;&nbsp;SCIH Salt Holdings, Inc., 144a, 6.625%, 5/1/29 | &nbsp;&nbsp; 1412208 |
| &nbsp;&nbsp; 1774000 | &nbsp;&nbsp;Solstice Advanced Materials, Inc., 144a, 5.625%, 9/30/33 | &nbsp;&nbsp; 1780160 |
| &nbsp;&nbsp; 5441000 | &nbsp;&nbsp;Tronox, Inc., 144a, 4.625%, 3/15/29 | &nbsp;&nbsp; 3547303 |
| &nbsp;&nbsp; 3279000 | &nbsp;&nbsp;WR Grace Holdings LLC, 144a, 5.625%, 8/15/29 | &nbsp;&nbsp; 3047113 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 81.8% (Continued)** |  |
|  | &nbsp;&nbsp;**Materials — 5.5% (Continued)** |  |
| $1386000 | &nbsp;&nbsp;WR Grace Holdings LLC, 144a, 4.875%, 6/15/27 | $1377180 |
| &nbsp;&nbsp; 1509000 | &nbsp;&nbsp;WR Grace Holdings LLC, 144a, 6.625%, 8/15/32 | &nbsp;&nbsp; 1491473 |
|  |  | &nbsp;&nbsp; 48112495 |
|  | &nbsp;&nbsp;**Information Technology — 4.8%** |  |
| &nbsp;&nbsp; 569067 | &nbsp;&nbsp;Asmodee Group AB (Sweden), 144a, 5.750%, 12/15/29 | &nbsp;&nbsp; 701441 |
| &nbsp;&nbsp; 745000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 6.500%, 3/31/29 | &nbsp;&nbsp; 751503 |
| &nbsp;&nbsp; 756000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 6.625%, 8/15/33 | &nbsp;&nbsp; 769558 |
| &nbsp;&nbsp; 1714000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 8.250%, 6/30/32 | &nbsp;&nbsp; 1818850 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 9.000%, 9/30/29 | &nbsp;&nbsp; 3102507 |
| &nbsp;&nbsp; 3278000 | &nbsp;&nbsp;Elastic NV, 144a, 4.125%, 7/15/29 | &nbsp;&nbsp; 3148062 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Entegris, Inc., 144a, 3.625%, 5/1/29 | &nbsp;&nbsp; 475220 |
| &nbsp;&nbsp; 1488000 | &nbsp;&nbsp;Entegris, Inc., 144a, 4.750%, 4/15/29 | &nbsp;&nbsp; 1475421 |
| &nbsp;&nbsp; 4191000 | &nbsp;&nbsp;McAfee Corp., 144a, 7.375%, 2/15/30 | &nbsp;&nbsp; 3887516 |
| &nbsp;&nbsp; 5454000 | &nbsp;&nbsp;ON Semiconductor Corp., 144a, 3.875%, 9/1/28<sup>†</sup> | &nbsp;&nbsp; 5293141 |
| &nbsp;&nbsp; 2021000 | &nbsp;&nbsp;Open Text Holdings, Inc. (Canada), 144a, 4.125%, 2/15/30 | &nbsp;&nbsp; 1914471 |
| &nbsp;&nbsp; 3497000 | &nbsp;&nbsp;PTC, Inc., 144a, 4.000%, 2/15/28 | &nbsp;&nbsp; 3423439 |
| &nbsp;&nbsp; 5990000 | &nbsp;&nbsp;Science Applications International Corp., 144a, 5.875%, 11/1/33 | &nbsp;&nbsp; 5996829 |
| &nbsp;&nbsp; 302000 | &nbsp;&nbsp;Seagate Data Storage Technology Pte Ltd., 144a, 3.125%, 7/15/29 | &nbsp;&nbsp; 261574 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;SS&C Technologies, Inc., 144a, 5.500%, 9/30/27 | &nbsp;&nbsp; 349574 |
| &nbsp;&nbsp; 4332000 | &nbsp;&nbsp;SS&C Technologies, Inc., 144a, 6.500%, 6/1/32 | &nbsp;&nbsp; 4482459 |
| &nbsp;&nbsp; 4327000 | &nbsp;&nbsp;Synaptics, Inc., 144a, 4.000%, 6/15/29 | &nbsp;&nbsp; 4140335 |
|  |  | &nbsp;&nbsp; 41991900 |
|  | &nbsp;&nbsp;**Health Care — 4.5%** |  |
| &nbsp;&nbsp; 2033000 | &nbsp;&nbsp;1261229 BC Ltd., 144a, 10.000%, 4/15/32 | &nbsp;&nbsp; 2083931 |
| &nbsp;&nbsp; 2056000 | &nbsp;&nbsp;Charles River Laboratories International, Inc., 144a, 4.250%, 5/1/28 | &nbsp;&nbsp; 2009890 |
| &nbsp;&nbsp; 1032000 | &nbsp;&nbsp;CHS / Community Health Systems, Inc., 144a, 5.250%, 5/15/30 | &nbsp;&nbsp; 932370 |
| &nbsp;&nbsp; 3562000 | &nbsp;&nbsp;Fortrea Holdings, Inc., 144a, 7.500%, 7/1/30 | &nbsp;&nbsp; 3374593 |
| &nbsp;&nbsp; 2960000 | &nbsp;&nbsp;Global Medical Response, Inc., 144a, 7.375%, 10/1/32 | &nbsp;&nbsp; 3045781 |
| &nbsp;&nbsp; 4136000 | &nbsp;&nbsp;Grifols Escrow Issuer SA (Spain), 144a, 4.750%, 10/15/28 | &nbsp;&nbsp; 4016801 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Grifols SA (Spain), 144a, 3.875%, 10/15/28 | &nbsp;&nbsp; 574350 |
| &nbsp;&nbsp; 2271000 | &nbsp;&nbsp;HCA, Inc., 5.250%, 6/15/49 | &nbsp;&nbsp; 2080792 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;Laboratoire Eimer Selas (France), 144a, 5.000%, 2/1/29 | &nbsp;&nbsp; 2570467 |
| &nbsp;&nbsp; 1509000 | &nbsp;&nbsp;LifePoint Health, Inc., 144a, 9.875%, 8/15/30 | &nbsp;&nbsp; 1634119 |
| &nbsp;&nbsp; 2182000 | &nbsp;&nbsp;LifePoint Health, Inc., 144a, 8.375%, 2/15/32 | &nbsp;&nbsp; 2325425 |
| &nbsp;&nbsp; 4486000 | &nbsp;&nbsp;Medline Borrower LP, 144a, 3.875%, 4/1/29 | &nbsp;&nbsp; 4323436 |
| &nbsp;&nbsp; 3856000 | &nbsp;&nbsp;Molina Healthcare, Inc., 144a, 4.375%, 6/15/28 | &nbsp;&nbsp; 3767895 |
| &nbsp;&nbsp; 4077000 | &nbsp;&nbsp;Option Care Health, Inc., 144a, 4.375%, 10/31/29 | &nbsp;&nbsp; 3931677 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Tenet Healthcare Corp., 5.125%, 11/1/27 | &nbsp;&nbsp; 2992904 |
|  |  | &nbsp;&nbsp; 39664431 |
|  | &nbsp;&nbsp;**Real Estate — 4.3%** |  |
| &nbsp;&nbsp; 2190000 | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc. REIT, 144a, 7.750%, 12/1/29 | &nbsp;&nbsp; 2310428 |
| &nbsp;&nbsp; 5137000 | &nbsp;&nbsp;Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 4.500%, 4/1/27 | &nbsp;&nbsp; 5045358 |
| &nbsp;&nbsp; 27000 | &nbsp;&nbsp;Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144a, 5.750%, 5/15/26 | &nbsp;&nbsp; 26924 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;HAT Holdings I LLC / HAT Holdings II LLC, 144a, 8.000%, 6/15/27 | &nbsp;&nbsp; 83298 |
| &nbsp;&nbsp; 509000 | &nbsp;&nbsp;HAT Holdings I LLC / HAT Holdings II LLC REIT, 144a, 3.375%, 6/15/26 | &nbsp;&nbsp; 503763 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;Iron Mountain UK PLC REIT, 144a, 3.875%, 11/15/25 | &nbsp;&nbsp; 335481 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;Iron Mountain, Inc. REIT, 144a, 4.500%, 2/15/31 | &nbsp;&nbsp; 668168 |
| &nbsp;&nbsp; 4756000 | &nbsp;&nbsp;Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/29 | &nbsp;&nbsp; 4681787 |
| &nbsp;&nbsp; 1505000 | &nbsp;&nbsp;Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | &nbsp;&nbsp; 1488202 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Ares Credit Opportunities Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 81.8% (Continued)** |  |
|  | &nbsp;&nbsp;**Real Estate — 4.3% (Continued)** |  |
| $2156000 | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. REIT, 144a, 4.250%, 2/1/27 | $2138030 |
| &nbsp;&nbsp; 1495000 | &nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp. REIT, 5.000%, 10/15/27 | &nbsp;&nbsp; 1448248 |
| &nbsp;&nbsp; 1738000 | &nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp. REIT, 144a, 8.500%, 2/15/32 | &nbsp;&nbsp; 1846863 |
| &nbsp;&nbsp; 238000 | &nbsp;&nbsp;Neinor Homes SA (Spain), 144a, 5.875%, 2/15/30 | &nbsp;&nbsp; 292653 |
| &nbsp;&nbsp; 5726000 | &nbsp;&nbsp;RLJ Lodging Trust LP REIT, 144a, 3.750%, 7/1/26 | &nbsp;&nbsp; 5668673 |
| &nbsp;&nbsp; 793000 | &nbsp;&nbsp;RLJ Lodging Trust LP REIT, 144a, 4.000%, 9/15/29<sup>†</sup> | &nbsp;&nbsp; 748910 |
| &nbsp;&nbsp; 5885000 | &nbsp;&nbsp;Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC REIT, 144a, 6.500%, 2/15/29 | &nbsp;&nbsp; 5526375 |
| &nbsp;&nbsp; 1869000 | &nbsp;&nbsp;Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC REIT, 144a, 8.625%, 6/15/32 | &nbsp;&nbsp; 1785441 |
| &nbsp;&nbsp; 1810000 | &nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 3.750%, 2/15/27 | &nbsp;&nbsp; 1790191 |
| &nbsp;&nbsp; 1801000 | &nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.125%, 8/15/30 | &nbsp;&nbsp; 1740943 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc. REIT, 144a, 4.625%, 12/1/29 | &nbsp;&nbsp; 45560 |
|  |  | &nbsp;&nbsp; 38175296 |
|  | &nbsp;&nbsp;**Utilities — 3.2%** |  |
| &nbsp;&nbsp; 2926000 | &nbsp;&nbsp;Alpha Generation LLC, 144a, 6.750%, 10/15/32 | &nbsp;&nbsp; 3022502 |
| &nbsp;&nbsp; 1076000 | &nbsp;&nbsp;Calpine Corp., 144a, 4.625%, 2/1/29 | &nbsp;&nbsp; 1065845 |
| &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;Calpine Corp., 144a, 4.500%, 2/15/28 | &nbsp;&nbsp; 4183099 |
| &nbsp;&nbsp; 4871000 | &nbsp;&nbsp;NRG Energy, Inc., 144a, 3.625%, 2/15/31 | &nbsp;&nbsp; 4503328 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;NRG Energy, Inc., 144a, 3.875%, 2/15/32 | &nbsp;&nbsp; 13824 |
| &nbsp;&nbsp; 645000 | &nbsp;&nbsp;NRG Energy, Inc., 144a, 7.000%, 3/15/33 | &nbsp;&nbsp; 713451 |
| &nbsp;&nbsp; 3844000 | &nbsp;&nbsp;NRG Energy, Inc., 144a, 6.250%, 11/1/34 | &nbsp;&nbsp; 3940448 |
| &nbsp;&nbsp; 2703000 | &nbsp;&nbsp;Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144a, 4.500%, 8/15/28 | &nbsp;&nbsp; 2634286 |
| &nbsp;&nbsp; 630000 | &nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 144a, 7.500%, 5/1/33 | &nbsp;&nbsp; 696144 |
| &nbsp;&nbsp; 1545000 | &nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 144a, 7.750%, 5/1/35 | &nbsp;&nbsp; 1743854 |
| &nbsp;&nbsp; 3950000 | &nbsp;&nbsp;Vistra Operations Co. LLC, 144a, 5.000%, 7/31/27 | &nbsp;&nbsp; 3936920 |
| &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;Vistra Operations Co. LLC, 144a, 5.625%, 2/15/27 | &nbsp;&nbsp; 1350102 |
| &nbsp;&nbsp; 466000 | &nbsp;&nbsp;Vistra Operations Co. LLC, 144a, 4.300%, 7/15/29 | &nbsp;&nbsp; 462530 |
|  |  | &nbsp;&nbsp; 28266333 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $719676917 |
|  | &nbsp;&nbsp;**Bank Loans — 8.4%<sup>(B)</sup>** |  |
|  | &nbsp;&nbsp;**Communication Services — 1.6%** |  |
| &nbsp;&nbsp; 1064792 | &nbsp;&nbsp;NEP Group Inc., Incremental PIK Term loan B, (3M SOFR + 4.262%), 10.365%, 8/19/26 | &nbsp;&nbsp; 1059468 |
| &nbsp;&nbsp; 5388336 | &nbsp;&nbsp;NEP Group Inc., Term Loan PIK, 1.500%, 8/19/26<sup>(C)</sup> | &nbsp;&nbsp; 5343452 |
| &nbsp;&nbsp; 4104192 | &nbsp;&nbsp;Telenet Financing USD LLC, Term Loan AR Facility, (1M SOFR + 2.114%), 7.211%, 4/30/28<sup>(C)</sup> | &nbsp;&nbsp; 4067418 |
| &nbsp;&nbsp; 480000 | &nbsp;&nbsp;Virgin Media Bristol LLC, Facility Q Advance, (1M SOFR + 3.364%), 8.461%, 1/31/29 | &nbsp;&nbsp; 479539 |
| &nbsp;&nbsp; 3052483 | &nbsp;&nbsp;Ziggo Financing Partnership, Term Loan I, (1M SOFR + 2.614%), 6.978%, 4/30/28 | &nbsp;&nbsp; 3042959 |
|  |  | &nbsp;&nbsp; 13992836 |
|  | &nbsp;&nbsp;**Information Technology — 1.4%** |  |
| &nbsp;&nbsp; 1786842 | &nbsp;&nbsp;Access CIG LLC, 2023 Refinancing Term Loan, (3M SOFR + 5.000%), 10.252%, 8/18/28 | &nbsp;&nbsp; 1790076 |
| &nbsp;&nbsp; 1736797 | &nbsp;&nbsp;AthenaHealth Group Inc., Initial Term Loan, (1M SOFR + 3.250%), 7.935%, 2/15/29 | &nbsp;&nbsp; 1732455 |
| &nbsp;&nbsp; 1287301 | &nbsp;&nbsp;Avaya Inc., Exit Term Loan, 7.000%, 8/01/28<sup>(C)</sup> | &nbsp;&nbsp; 1125925 |
| &nbsp;&nbsp; 2109400 | &nbsp;&nbsp;Cloud Software Group Inc., Tenth Amendment Tranche B-2 Term Loan, (1M SOFR + 3.250%), 7.483%, 3/21/31 | &nbsp;&nbsp; 2116656 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Bank Loans — 8.4%<sup>(B)</sup> (Continued)** |  |
|  | &nbsp;&nbsp;**Information Technology — (Continued)** |  |
| $2158907 | &nbsp;&nbsp;Polaris Newco LLC, First Lien Dollar Term Loan, (3M SOFR + 4.012%), 8.320%, 6/02/28 | $2078250 |
| &nbsp;&nbsp; 3748156 | &nbsp;&nbsp;VeriFone Systems Inc, 2025-1 Refinancing Term Loan, (1M SOFR + 5.614%), 9.942%, 8/18/28 | &nbsp;&nbsp; 3619556 |
|  |  | &nbsp;&nbsp; 12462918 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.2%** |  |
| &nbsp;&nbsp; 2826835 | &nbsp;&nbsp;AI Aqua Merger Sub Inc. FKA Osmosis Buyer Limited, 2025 Refinancing Term B, (1M SOFR + 3.000%), 7.337%, 7/31/28 | &nbsp;&nbsp; 2831895 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;Armorica Lux Sarl, Facility B Loan, (3M EURIBOR + 4.925%), 8.561%, 7/28/28 | &nbsp;&nbsp; 1356535 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Financiere Labeyrie Fine Foods, Facility B, (3M EURIBOR + 4.250%), 6.605%, 7/30/29 | &nbsp;&nbsp; 1080126 |
| &nbsp;&nbsp; 619263 | &nbsp;&nbsp;Froneri International Limited, Facility B4, (1M SOFR + 2.000%), 6.685%, 9/30/31 | &nbsp;&nbsp; 614235 |
| &nbsp;&nbsp; 1488750 | &nbsp;&nbsp;PG Polaris Bidco (Ursa Minor), Term Loan B, (3M SOFR + 3.000%), 7.604%, 3/26/31 | &nbsp;&nbsp; 1491727 |
| &nbsp;&nbsp; 3741200 | &nbsp;&nbsp;Turquoise Topco LTD, Term Loan B, 3.250%, 8/13/32<sup>(C)</sup> | &nbsp;&nbsp; 3743557 |
|  |  | &nbsp;&nbsp; 11118075 |
|  | &nbsp;&nbsp;**Materials — 1.1%** |  |
| &nbsp;&nbsp; 5729905 | &nbsp;&nbsp;Aruba Investments Holdings LLC, First Lien Initial Dollar Term Loan, (1M SOFR + 4.100%), 8.945%, 11/24/27<sup>(C)</sup> | &nbsp;&nbsp; 5560873 |
| &nbsp;&nbsp; 2436936 | &nbsp;&nbsp;Flexsys Cayman Holdings, LP, First Out Term Loan, (1M SOFR + 6.250%), 10.579%, 8/01/29 | &nbsp;&nbsp; 2072614 |
| &nbsp;&nbsp; 5511082 | &nbsp;&nbsp;Flexsys Cayman Holdings, LP, Second Out Refinancing Term Loan, (1M SOFR + 5.364%), 9.693%, 8/01/29<sup>(C)</sup> | &nbsp;&nbsp; 1784213 |
| &nbsp;&nbsp; 436923 | &nbsp;&nbsp;SCIH Salt Holdings Inc, First Lien Incremental Term B-1 Loan, (1M SOFR + 3.000%), 7.280%, 1/31/29 | &nbsp;&nbsp; 437233 |
|  |  | &nbsp;&nbsp; 9854933 |
|  | &nbsp;&nbsp;**Energy — 0.9%** |  |
| &nbsp;&nbsp; 4241381 | &nbsp;&nbsp;Freeport LNG Investments, LLP, Tla Term Loan, (3M SOFR + 3.262%), 8.544%, 11/16/26 | &nbsp;&nbsp; 4237861 |
| &nbsp;&nbsp; 3179683 | &nbsp;&nbsp;Pasadena Performance Products LLC, 2025-1 Repricing Term Loan, 7.816%, 2/27/32<sup>(C)</sup> | &nbsp;&nbsp; 3179683 |
| &nbsp;&nbsp; 906909 | &nbsp;&nbsp;PES Holdings LLC, Tranche C Loan, 6.990%, 12/31/26<sup>(C)</sup> | &nbsp;&nbsp; 4535 |
| &nbsp;&nbsp; 287610 | &nbsp;&nbsp;Prairie ECI Acquiror LP, Term Loan B-4, (1M SOFR + 3.750%), 8.105%, 8/01/29 | &nbsp;&nbsp; 288927 |
|  |  | &nbsp;&nbsp; 7711006 |
|  | &nbsp;&nbsp;**Financials — 0.8%** |  |
| &nbsp;&nbsp; 2490466 | &nbsp;&nbsp;CHPPR Midco Inc. (f/k/a Air Methods Corporation), Amendment No. 1 Term Loan, (3M SOFR + 11.825%), 13.418%, 12/31/29 | &nbsp;&nbsp; 2509144 |
| &nbsp;&nbsp; 4410473 | &nbsp;&nbsp;OID-OL Intermediate I LLC (AKA Quest Software US Holdings Inc), Initial 2nd out Term Loan, (2M SOFR + 4.400%), 8.733%, 2/01/29 | &nbsp;&nbsp; 3683671 |
| &nbsp;&nbsp; 668030 | &nbsp;&nbsp;OID-OL Intermediate I LLC, Initial First Out Term Loan, (2M SOFR + 6.000%), 10.333%, 2/01/29 | &nbsp;&nbsp; 688492 |
|  |  | &nbsp;&nbsp; 6881307 |
|  | &nbsp;&nbsp;**Industrials — 0.7%** |  |
| &nbsp;&nbsp; 3670079 | &nbsp;&nbsp;LABL Inc., Initial Dollar Term Loan, (1M SOFR + 5.100%), 9.945%, 10/29/28<sup>(C)</sup> | &nbsp;&nbsp; 3000289 |
| &nbsp;&nbsp; 6903174 | &nbsp;&nbsp;Pretium PKG Holdings Inc., Initial Third Amendment Tranche A-1 Term Loan (First Lien), (3M SOFR + 4.600%), 9.848%, 10/02/28 | &nbsp;&nbsp; 3044300 |
|  |  | &nbsp;&nbsp; 6044589 |
|  | &nbsp;&nbsp;**Health Care — 0.7%** |  |
| &nbsp;&nbsp; 4174661 | &nbsp;&nbsp;Gainwell Acquisition Corp, Term B Loan, (3M SOFR + 4.100%), 8.704%, 10/01/27 | &nbsp;&nbsp; 4102648 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Ares Credit Opportunities Fund (Continued)

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
| $645444 | $626081 |
| &nbsp;&nbsp; 1141121 | &nbsp;&nbsp; 1140414 |
|  | &nbsp;&nbsp; 5869143 |
|  | $73934807 |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 3.5%** |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Aimco CLO 14 Ltd. (Cayman Islands), Ser 2021-14A, Class E1R, 144a, (TSFR3M + 4.800%), 8.717%, 10/20/38<sup>(D)</sup> | &nbsp;&nbsp; 250000 |
| &nbsp;&nbsp; 603924 &nbsp;&nbsp;Aimco CLO 16 Ltd. (Cayman Islands), Ser 2021-16A, Class SUB, 144a, 12.883%, 7/17/37<sup>(E)</sup> | &nbsp;&nbsp; 404653 |
| &nbsp;&nbsp; 470000 &nbsp;&nbsp;AIMCO CLO 23 Ltd. (Cayman Islands), Ser 2025-23A, Class SUB, 144a, 4/20/38<sup>(E)</sup> | &nbsp;&nbsp; 451603 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Anchorage Capital CLO 33 Ltd. (Cayman Islands), Ser 2025-33A, Class E, 144a, (TSFR3M + 6.100%), 10.373%, 10/20/38<sup>(D)</sup> | &nbsp;&nbsp; 252736 |
| &nbsp;&nbsp; 1060000 &nbsp;&nbsp;Anchorage Credit Funding 18 Ltd. (Cayman Islands), Ser 2025-18A, Class SUB, 144a, 10/22/40<sup>(E)</sup> | &nbsp;&nbsp; 1043384 |
| &nbsp;&nbsp; 340000 &nbsp;&nbsp;Atrium XV (Cayman Islands), Ser 15A, Class SUB, 144a, 13.785%, 1/23/31<sup>(E)</sup> | &nbsp;&nbsp; 139288 |
| &nbsp;&nbsp; 520638 &nbsp;&nbsp;Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2017-2A, Class SUB, 144a, 11.141%, 7/25/37<sup>(E)</sup> | &nbsp;&nbsp; 242210 |
| &nbsp;&nbsp; 620000 &nbsp;&nbsp;Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2021-2A, Class SUB, 144a, 12.173%, 7/16/34<sup>(E)</sup> | &nbsp;&nbsp; 205116 |
| &nbsp;&nbsp; 850000 &nbsp;&nbsp;Bain Capital Credit CLO Ltd. (Cayman Islands), Ser 2022-1A, Class SUB, 144a, 15.461%, 4/18/35<sup>(E)</sup> | &nbsp;&nbsp; 298986 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Barings CLO Ltd. (Cayman Islands), Ser 2023-1A, Class ER, 144a, (TSFR3M + 6.700%), 11.025%, 4/20/38<sup>(D)</sup> | &nbsp;&nbsp; 257179 |
| &nbsp;&nbsp; 490000 &nbsp;&nbsp;Benefit Street Partners CLO XXXVII Ltd. (Cayman Islands), Ser 2024-37A, Class SUB, 144a, 7.625%, 1/25/38<sup>(E)</sup> | &nbsp;&nbsp; 482688 |
| &nbsp;&nbsp; 1000000 &nbsp;&nbsp;Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-4A, Class SUB, 144a, 14.021%, 4/20/34<sup>(E)</sup> | &nbsp;&nbsp; 589659 |
| &nbsp;&nbsp; 750000 &nbsp;&nbsp;Carlyle US CLO Ltd. (Cayman Islands), Ser 2021-5A, Class SUB, 144a, 12.305%, 3/31/38<sup>(E)</sup> | &nbsp;&nbsp; 408667 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Carlyle US CLO Ltd. (Cayman Islands), Ser 2022-6A, Class SUB, 144a, 10/25/38<sup>(E)</sup> | &nbsp;&nbsp; 212325 |
| &nbsp;&nbsp; 460000 &nbsp;&nbsp;Carlyle US CLO Ltd. (Cayman Islands), Ser 2023-1A, Class SUB, 144a, 7/20/37<sup>(E)</sup> | &nbsp;&nbsp; 348111 |
| &nbsp;&nbsp; 500000 &nbsp;&nbsp;Cedar Funding X CLO Ltd. (Cayman Islands), Ser 2019-10A, Class ER2, 144a, (TSFR3M + 6.750%), 11.075%, 10/20/37<sup>(D)</sup> | &nbsp;&nbsp; 500450 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Cedar Funding XIV CLO Ltd. (Cayman Islands), Ser 2021-14A, Class SUB, 144a, 7.538%, 7/15/33<sup>(E)</sup> | &nbsp;&nbsp; 112423 |
| &nbsp;&nbsp; 1500000 &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2015-4A, Class SUB, 144a, 7.931%, 4/20/34<sup>(E)</sup> | &nbsp;&nbsp; 411580 |
| &nbsp;&nbsp; 500000 &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2018-5A, Class SUB, 144a, 7/15/38<sup>(E)</sup> | &nbsp;&nbsp; 257911 |
| &nbsp;&nbsp; 570000 &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2020-3A, Class SUB, 144a, 17.613%, 10/20/34<sup>(E)</sup> | &nbsp;&nbsp; 338466 |
| &nbsp;&nbsp; 383333 &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2021-5A, Class ER, 144a, (TSFR3M + 5.100%), 9.418%, 1/15/38<sup>(D)</sup> | &nbsp;&nbsp; 380082 |
| &nbsp;&nbsp; 1093949 &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2021-7A, Class ER, 144a, (TSFR3M + 4.900%), 9.128%, 1/23/35<sup>(D)</sup> | &nbsp;&nbsp; 1097459 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2023-1A, Class ER, 144a, (TSFR3M + 4.700%), 8.928%, 10/15/38<sup>(D)</sup> | &nbsp;&nbsp; 250000 |

---

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 3.5% (Continued)** |
| $391000 &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2025-3A, Class SUB, 144a, 7/21/38<sup>(E)</sup> | $352613 |
| &nbsp;&nbsp; 460000 &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2025-4A, Class SUB, 144a, 10/24/38<sup>(E)</sup> | &nbsp;&nbsp; 400007 |
| &nbsp;&nbsp; 632000 &nbsp;&nbsp;Clermont Park CLO Ltd. (Cayman Islands), Ser 2025-1A, Class M, 144a, 4/24/38<sup>(E)</sup> | &nbsp;&nbsp; 17220 |
| &nbsp;&nbsp; 632000 &nbsp;&nbsp;Clermont Park CLO Ltd. (Cayman Islands), Ser 2025-1A, Class SUB, 144a, 4/24/38<sup>(E)</sup> | &nbsp;&nbsp; 531516 |
| &nbsp;&nbsp; 650000 &nbsp;&nbsp;Dryden 98 CLO Ltd. (Cayman Islands), Ser 2022-98X, Class SUB, 13.679%, 4/20/35<sup>(E)</sup> | &nbsp;&nbsp; 264311 |
| &nbsp;&nbsp; 1945000 &nbsp;&nbsp;Elmwood CLO 24 Ltd. (Cayman Islands), Ser 2023-3A, Class SUB, 144a, 25.948%, 12/11/33<sup>(E)</sup> | &nbsp;&nbsp; 1210879 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Elmwood CLO 42 Ltd. (Cayman Islands), Ser 2025-5A, Class E, 144a, (TSFR3M + 6.500%), 10.784%, 3/31/38<sup>(D)</sup> | &nbsp;&nbsp; 257908 |
| &nbsp;&nbsp; 760000 &nbsp;&nbsp;Elmwood CLO 44 Ltd. (Cayman Islands), Ser 2025-7A, Class SUB, 144a, 10/20/38<sup>(E)</sup> | &nbsp;&nbsp; 613926 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Elmwood CLO II Ltd. (Cayman Islands), Ser 2019-2A, Class ERR, 144a, (TSFR3M + 5.750%), 10.075%, 10/20/37<sup>(D)</sup> | &nbsp;&nbsp; 250312 |
| &nbsp;&nbsp; 588235 &nbsp;&nbsp;Elmwood CLO VIII Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 10.315%, 1/20/34<sup>(E)</sup> | &nbsp;&nbsp; 179275 |
| &nbsp;&nbsp; 750000 &nbsp;&nbsp;Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class SUB, 144a, 12.874%, 10/22/34<sup>(E)</sup> | &nbsp;&nbsp; 279322 |
| &nbsp;&nbsp; 75000 &nbsp;&nbsp;Invesco CLO Ltd. (Cayman Islands), Ser 2021-3A, Class Y, 144a, 9.620%, 10/22/34<sup>(E)</sup> | &nbsp;&nbsp; 19357 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Invesco US CLO Ltd. (Jersey), Ser 2023-2A, Class ER, 144a, (TSFR3M + 7.880%), 12.205%, 4/21/38<sup>(D)</sup> | &nbsp;&nbsp; 260758 |
| &nbsp;&nbsp; 900000 &nbsp;&nbsp;KKR CLO 53 Ltd. (Cayman Islands), Ser 2024-53A, Class SUB, 144a, 21.398%, 1/15/38<sup>(E)</sup> | &nbsp;&nbsp; 691157 |
| &nbsp;&nbsp; 625000 &nbsp;&nbsp;Madison Park Funding LIII Ltd. (Cayman Islands), Ser 2022-53A, Class SUB, 144a, 16.795%, 4/21/35<sup>(E)</sup> | &nbsp;&nbsp; 293320 |
| &nbsp;&nbsp; 227540 &nbsp;&nbsp;Madison Park Funding LIX Ltd. (Cayman Islands), Ser 2021-59A, Class SUB, 144a, 17.390%, 4/18/37<sup>(E)</sup> | &nbsp;&nbsp; 124740 |
| &nbsp;&nbsp; 1000000 &nbsp;&nbsp;Madison Park Funding LIX Ltd. (Cayman Islands), Ser 2021-59X, Class SUB, 17.390%, 4/18/37<sup>(E)</sup> | &nbsp;&nbsp; 548213 |
| &nbsp;&nbsp; 420000 &nbsp;&nbsp;Madison Park Funding LXXII Ltd. (Cayman Islands), Ser 2025-72A, Class SUB, 144a, 7/23/38<sup>(E)</sup> | &nbsp;&nbsp; 415850 |
| &nbsp;&nbsp; 300000 &nbsp;&nbsp;Madison Park Funding XII Ltd. (Cayman Islands), Ser 2014-12A, Class SUB, 144a, 7/20/26<sup>(E)</sup> | &nbsp;&nbsp; 2271 |
| &nbsp;&nbsp; 2383335 &nbsp;&nbsp;Madison Park Funding XVII Ltd. (Cayman Islands), Ser 2015-17A, Class SUB, 144a, 0.359%, 7/21/45<sup>(E)</sup> | &nbsp;&nbsp; 324217 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Madison Park Funding XVII Ltd. (Cayman Islands), Ser 2015-17X, Class SUB, 0.361%, 7/21/30<sup>(E)</sup> | &nbsp;&nbsp; 34009 |
| &nbsp;&nbsp; 2174329 &nbsp;&nbsp;Madison Park Funding XXII Ltd. (Cayman Islands), Ser 2016-22A, Class SUB, 144a, 6.587%, 1/15/33<sup>(E)</sup> | &nbsp;&nbsp; 1004551 |
| &nbsp;&nbsp; 678700 &nbsp;&nbsp;Madison Park Funding XXX Ltd. (Cayman Islands), Ser 2018-30A, Class SUB, 144a, 2.842%, 7/16/27<sup>(E)</sup> | &nbsp;&nbsp; 309834 |
| &nbsp;&nbsp; 500000 &nbsp;&nbsp;Madison Park Funding XXXI Ltd. (Cayman Islands), Ser 2018-31A, Class SUB, 144a, 12.825%, 7/23/37<sup>(E)</sup> | &nbsp;&nbsp; 228165 |
| &nbsp;&nbsp; 688936 &nbsp;&nbsp;Madison Park Funding XXXVII Ltd. (Cayman Islands), Ser 2019-37A, Class SUB, 144a, 15.303%, 4/15/37<sup>(E)</sup> | &nbsp;&nbsp; 349295 |
| &nbsp;&nbsp; 686239 &nbsp;&nbsp;Madison Park Funding XXXVIII Ltd. (Cayman Islands), Ser 2021-38A, Class SUB, 144a, 15.408%, 10/17/38<sup>(E)</sup> | &nbsp;&nbsp; 337656 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Magnetite XLIII Ltd. (Cayman Islands), Ser 2025-43A, Class E, 144a, (TSFR3M + 6.500%), 10.802%, 7/15/38<sup>(D)</sup> | &nbsp;&nbsp; 257691 |
| &nbsp;&nbsp; 530000 &nbsp;&nbsp;Magnetite XLVIII Ltd. (Cayman Islands), Ser 2025-48A, Class SUB, 144a, 10/15/38<sup>(E)</sup> | &nbsp;&nbsp; 472052 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Ares Credit Opportunities Fund (Continued)

---

| | |
|:---|:---|
| **Principal<br> Amount** | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 3.5% (Continued)** |
| $1000000 &nbsp;&nbsp;Magnetite XXIII Ltd. (Cayman Islands), Ser 2019-23A, Class ER, 144a, (TSFR3M + 6.562%), 10.880%, 1/25/35<sup>(D)</sup> | $1005142 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Magnetite XXVII Ltd. (Cayman Islands), Ser 2020-27A, Class ERR, 144a, (TSFR3M + 4.750%), 8.978%, 10/20/38<sup>(D)</sup> | &nbsp;&nbsp; 250000 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Magnetite XXVIII Ltd. (Cayman Islands), Ser 2020-28A, Class SUB, 144a, 1/20/35<sup>(E)</sup> | &nbsp;&nbsp; 177909 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;OCP CLO Ltd. (Cayman Islands), Ser 2016-11A, Class ER3, 144a, (TSFR3M + 5.250%), 9.556%, 7/26/38<sup>(D)</sup> | &nbsp;&nbsp; 251364 |
| &nbsp;&nbsp; 534000 &nbsp;&nbsp;OCP CLO Ltd. (Cayman Islands), Ser 2018-15A, Class SUB, 144a, 7/20/31<sup>(E)</sup> | &nbsp;&nbsp; 228046 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Octagon 61 Ltd. (Cayman Islands), Ser 2023-2A, Class ER, 144a, (TSFR3M + 7.890%), 12.215%, 4/20/38<sup>(D)</sup> | &nbsp;&nbsp; 260529 |
| &nbsp;&nbsp; 1166666 &nbsp;&nbsp;Octagon 63 Ltd. (Cayman Islands), Ser 2024-2A, Class E, 144a, (TSFR3M + 6.500%), 10.825%, 7/20/37<sup>(D)</sup> | &nbsp;&nbsp; 1184704 |
| &nbsp;&nbsp; 283333 &nbsp;&nbsp;OHA Credit Funding 3 Ltd. (Cayman Islands), Ser 2019-3A, Class ER2, 144a, (TSFR3M + 5.000%), 9.325%, 1/20/38<sup>(D)</sup> | &nbsp;&nbsp; 284425 |
| &nbsp;&nbsp; 730000 &nbsp;&nbsp;OHA Credit Partners XII Ltd. (Cayman Islands), Ser 2015-12A, Class SUB, 144a, 9.145%, 4/23/37<sup>(E)</sup> | &nbsp;&nbsp; 379392 |
| &nbsp;&nbsp; 389058 &nbsp;&nbsp;OHA Loan Funding Ltd. (Cayman Islands), Ser 2016-1A, Class SUB, 144a, 19.588%, 7/20/37<sup>(E)</sup> | &nbsp;&nbsp; 231045 |
| &nbsp;&nbsp; 2228382 &nbsp;&nbsp;Pixley Park CLO Ltd. (Cayman Islands), Ser 2024-1A, Class M, 144a, 1/15/37<sup>(E)</sup> | &nbsp;&nbsp; 92888 |
| &nbsp;&nbsp; 2228382 &nbsp;&nbsp;Pixley Park CLO Ltd. (Cayman Islands), Ser 2024-1A, Class SUB, 144a, 1/15/37<sup>(E)</sup> | &nbsp;&nbsp; 1582679 |
| &nbsp;&nbsp; 750000 &nbsp;&nbsp;Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M1, 144a, 0.332%, 4/20/34<sup>(E)</sup> | &nbsp;&nbsp; 4135 |
| &nbsp;&nbsp; 750000 &nbsp;&nbsp;Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class M2, 144a, 0.775%, 4/20/34<sup>(E)</sup> | &nbsp;&nbsp; 9647 |
| &nbsp;&nbsp; 1060448 &nbsp;&nbsp;Rockland Park CLO Ltd. (Cayman Islands), Ser 2021-1A, Class SUB, 144a, 13.613%, 4/20/34<sup>(E)</sup> | &nbsp;&nbsp; 547462 |
| &nbsp;&nbsp; 3999999 &nbsp;&nbsp;RR 26 Ltd. (Cayman Islands), Ser 2023-26A, Class SUB, 144a, 10.156%, 4/15/2123<sup>(E)</sup> | &nbsp;&nbsp; 2898039 |
| &nbsp;&nbsp; 490000 &nbsp;&nbsp;RR 29 Ltd. (Cayman Islands), Ser 2024-29RA, Class SUB, 144a, 7/15/39<sup>(E)</sup> | &nbsp;&nbsp; 288537 |
| &nbsp;&nbsp; 350000 &nbsp;&nbsp;RR 31 Ltd. (Cayman Islands), Ser 2024-31A, Class SUB, 144a, 10/15/39<sup>(E)</sup> | &nbsp;&nbsp; 280270 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Sixth Street CLO 29 Ltd. (Cayman Islands), Ser 2025-29A, Class SUB, 144a, 7/17/38<sup>(E)</sup> | &nbsp;&nbsp; 225788 |
| &nbsp;&nbsp; 920000 &nbsp;&nbsp;Storm King Park CLO Ltd. (Jersey), Ser 2022-1A, Class M, 144a, 0.575%, 10/15/37<sup>(D)(F)</sup> | &nbsp;&nbsp; 18116 |
| &nbsp;&nbsp; 920000 &nbsp;&nbsp;Storm King Park CLO Ltd. (Jersey), Ser 2022-1A, Class SUB, 144a, 8.362%, 10/15/37<sup>(D)(F)</sup> | &nbsp;&nbsp; 680328 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Trimaran CAVU Ltd. (Cayman Islands), Ser 2025-2A, Class E, 144a, (TSFR3M + 5.750%), 10.004%, 3/18/38<sup>(D)</sup> | &nbsp;&nbsp; 251523 |
| &nbsp;&nbsp; 250000 &nbsp;&nbsp;Voya CLO Ltd. (Cayman Islands), Ser 2024-2A, Class E, 144a, (TSFR3M + 6.050%), 10.375%, 7/20/37<sup>(D)</sup> | &nbsp;&nbsp; 252579 |
| &nbsp;&nbsp; 140479 &nbsp;&nbsp;Voya CLO Ltd. (Cayman Islands), Ser 2025-2A, Class E, 144a, (TSFR3M + 6.250%), 10.547%, 7/15/38<sup>(D)</sup> | &nbsp;&nbsp; 142390 |
| &nbsp;&nbsp; 481000 &nbsp;&nbsp;Voya CLO Ltd. (Cayman Islands), Ser 2025-2A, Class SUB, 144a, 7/15/38<sup>(E)</sup> | &nbsp;&nbsp; 431179 |
|  | $30923517 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Common Stocks — 1.6%** |  |
|  | &nbsp;&nbsp;**Utilities — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;480457 | &nbsp;&nbsp;Enviva, Inc./Private Equity\* | $7927541 |
|  | &nbsp;&nbsp;**Information Technology — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;455760 | &nbsp;&nbsp;Avaya Holdings Corp.\* | &nbsp;&nbsp; 4747652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42015 | &nbsp;&nbsp;Avaya Holdings Corp., 1145 shares\* | &nbsp;&nbsp; 437670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915 | &nbsp;&nbsp;Avaya Holdings Corp., 144A shares\* | &nbsp;&nbsp; 40782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011 | &nbsp;&nbsp;Avaya Holdings Corp., A shares\* | &nbsp;&nbsp; 20949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4968 | &nbsp;&nbsp;Avaya Holdings Corp., Reg S shares\* | &nbsp;&nbsp; 51752 |
|  |  | &nbsp;&nbsp; 5298805 |
|  | &nbsp;&nbsp;**Health Care — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7180 | &nbsp;&nbsp;CHPPR Holdings, Inc.\* | &nbsp;&nbsp; 538500 |
|  | &nbsp;&nbsp;**Financials — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;CIFC Spear Ltd. Warehouse (Cayman Islands)<sup>(G)</sup>\* | &nbsp;&nbsp; 81333 |
|  | &nbsp;&nbsp;**Industrials — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;165897 | &nbsp;&nbsp;Spirit Aviation Holdings, Inc.\* | &nbsp;&nbsp; 63041 |
|  | &nbsp;&nbsp;**Energy — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14309 | &nbsp;&nbsp;AFG Holdings, Inc.\* | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;187384 | &nbsp;&nbsp;Tribune Resources, Inc.<sup>(G)</sup>\* | &nbsp;&nbsp; 46846 |
|  |  | &nbsp;&nbsp; 46989 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $13956209 |
|  | &nbsp;&nbsp;**Warrants — 0.1%** |  |
|  | &nbsp;&nbsp;**Health Care — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11649 | &nbsp;&nbsp;CHPPR Holdings, Inc. 4(A)(2)DOT Warrant\* | &nbsp;&nbsp; 873675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4815 | &nbsp;&nbsp;CHPPR Holdings, Inc. 1145 DOT Warrant\* | &nbsp;&nbsp; 361125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9949 | &nbsp;&nbsp;CHPPR Holdings, Inc., Class B, Exp 6/28/29\* | &nbsp;&nbsp; 24872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713 | &nbsp;&nbsp;CHPPR Holdings, Inc., Class A, Exp 6/28/29\* | &nbsp;&nbsp; 2357 |
|  |  | &nbsp;&nbsp; 1262029 |
|  | &nbsp;&nbsp;**Industrials — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19989 | &nbsp;&nbsp;Spirit Airlines LLC\* | &nbsp;&nbsp; 12493 |
|  | &nbsp;&nbsp;**Total Warrants** | &nbsp;&nbsp;&nbsp;&nbsp;$1274522 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of<br> Contracts** |  | **Notional<br> Amount** |  |
|  | &nbsp;&nbsp;**Purchased Options — 0.0%** |  |  |
|  | &nbsp;&nbsp;**Purchased Call Options — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;Chicago Board Options Exchange Volatility Index, Strike @30.00, Exp 11/25 | $20000 | &nbsp;&nbsp; 19800 |
|  | &nbsp;&nbsp;**Purchased Put Options — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349 | &nbsp;&nbsp;SPDR S&P Homebuilders ETF, Strike @106.00, Exp 10/25 | &nbsp;&nbsp;134900 | &nbsp;&nbsp; 155135 |
|  | &nbsp;&nbsp;**Total Purchased Options** | &nbsp;&nbsp;**Total Purchased Options** | &nbsp;&nbsp; $174935 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 5.2%** |  |
| 39894324 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>∞Ω</sup> | &nbsp;&nbsp; 39894325 |
| 6167072 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.05%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 6167072 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | $46061397 |
|  | &nbsp;&nbsp;**Total Long Positions—100.6%<br> (Cost $883,468,043)** | $886002304 |

---

&nbsp;&nbsp;**Securities Sold Short — (0.0)%**

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Ares Credit Opportunities Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — (0.0)%** |  |
|  | &nbsp;&nbsp;**Financials — (0.0)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7280) | &nbsp;&nbsp;Great Elm Capital Corp. | $(72946) |
|  | &nbsp;&nbsp;**Total Securities Sold Short<br> (Proceeds $82,281)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(72946) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of<br> Contracts** |  | **Notional<br> Amount** |  |
|  | &nbsp;&nbsp;**Written Options — (0.0)%** |  |  |
|  | &nbsp;&nbsp;**Written Call Options — (0.0)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;Chicago Board Options Exchange Volatility Index, Strike @40.00, Exp 11/25 | $20000 | &nbsp;&nbsp;&nbsp; (12400) |
|  | &nbsp;&nbsp;**Total Written Options<br> (Premiums received $12,200)** | &nbsp;&nbsp;**Total Written Options<br> (Premiums received $12,200)** | &nbsp;&nbsp; $(12400) |
|  | &nbsp;&nbsp;**Total Investment Securities—100.6%** | &nbsp;&nbsp;**Total Investment Securities—100.6%** | &nbsp;&nbsp;$885916958 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.6%)** | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.6%)** | &nbsp;&nbsp;&nbsp;&nbsp; (5659625) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | &nbsp;&nbsp;**Net Assets — 100.0%** | &nbsp;&nbsp;$880257333 |

---

---

| | |
|:---|:---|
| *(A)* | *Represents a payment-in-kind ("PIK") security, which may pay interest in additional principal amounts.* |
| *(B)* | *Bank loans pay interest at rates which adjust periodically unless otherwise indicated. The interest rates shown are the current interest rates as of September 30, 2025.* |
| *(C)* | *All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.* |
| *(D)* | *Variable rate security - Rate reflected is the rate in effect as of September 30, 2025.* |
| *(E)* | *CLO equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. Rate shown is the current yield as of September 30, 2025 and is based on income received over the trailing twelve months. The estimated yield may ultimately not be realized. If a position has no income over the trailing twelve months, a yield cannot be estimated.* |
| *(F)* | *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.* |
| *(G)* | *Level 3- For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.* |
| *\** | *Non-income producing security.* |
| *\*\** | *Represents collateral for securities loaned.* |
| *†* | *All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2025 was $5,951,804.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of September 30, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *CLO – Collateralized Loan Obligation* |
| *DAC – Designated Activity Company* |
| *ETF – Exchange-Traded Fund* |
| *EUR – Euro* |
| *EURIBOR – Euro Interbank Offered Rate* |
| *GBP – Great Britain Pound* |
| *ICE – Intercontinental Exchange, Inc.* |
| *LLC – Limited Liability Company* |
| *LLLP – Limited Liability Limited Partnership* |
| *LP – Limited Partnership* |
| *PIK – Payment In Kind* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *S&P – Standard & Poor's* |
| *SOFR – Secured Overnight Financing Rate* |
| *SPDR – Standard & Poor's Depositary Receipt* |
| *TSFR3M – Three Month Term Secured Overnight Financing Rate* |
| *USD – United States Dollar* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, these securities were valued at $666,353,929 or 75.7% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Ares Credit Opportunities Fund (Continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| ***Assets:*** |  |  |  |  |
| *Corporate Bonds* | *$—* | *$719676917* | *$—* | *$719676917* |
| *Bank Loans* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*73934807* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*73934807* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*30923517* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*30923517* |
| *Common Stocks* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*63041* | &nbsp;&nbsp;&nbsp;&nbsp;*13764989* | &nbsp;&nbsp;&nbsp;*128179* | &nbsp;&nbsp;&nbsp;&nbsp;*13956209* |
| *Warrants* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1274522* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1274522* |
| *Purchased Call Options* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Equity contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*19800* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*19800* |
| *Purchased Put Options* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Equity contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*155135* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*155135* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;*46061397* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*46061397* |
| ***Other Financial Instruments*** |  |  |  |  |
| *Swap Agreements* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Credit contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6277* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6277* |
| *Foreign currency exchange contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*20184* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*20184* |
| *Total Assets* | *$46299373* | *$839601213* | *$128179* | *$886028765* |
| ***Liabilities:*** |  |  |  |  |
| ***Securities Sold Short*** |  |  |  |  |
| *Common Stocks* | *$(72946)* | *$—* | *$—* | *$(72946)* |
| ***Other Financial Instruments*** |  |  |  |  |
| *Swap Agreements* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Credit contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(22513)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(22513)* |
| *Written Call Options* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Equity contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(12400)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(12400)* |
| *Total Liabilities* | *$(85346)* | *$(22513)* | *$—* | *$(107859)* |
| *Total* | *$46214027* | *$839578700* | *$128179* | *$885920906* |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Termination<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Pay Fixed<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;&nbsp;&nbsp;**Underlying<br> Bond** | &nbsp;&nbsp;&nbsp;&nbsp;**Value<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Premiums<br> Paid/<br> (Received)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation/<br> Depreciation** |
| **Buy Protection:** |  |  |  |  |  |  |  |  |
| Wells Fargo | 12/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;$569250 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly &nbsp;&nbsp;&nbsp;&nbsp;ICE | &nbsp;&nbsp;&nbsp;&nbsp;Markit CDX North America High<br> Yield Series 41 5Y Index | &nbsp;&nbsp;&nbsp;&nbsp;$(44586) | &nbsp;&nbsp;&nbsp;&nbsp;$(22073) | &nbsp;&nbsp;&nbsp;&nbsp;$(22513) |
| **Sell Protection:** |  |  |  |  |  |  |  |  |
| Wells Fargo | 12/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly &nbsp;&nbsp;&nbsp;&nbsp;ICE | &nbsp;&nbsp;&nbsp;&nbsp;Community Development Society<br> USD Series D14 3Y Index | &nbsp;&nbsp;&nbsp;&nbsp;$(207994) | &nbsp;&nbsp;&nbsp;&nbsp;$(214271) | &nbsp;&nbsp;&nbsp;&nbsp;$6277 |

---

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

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

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

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Ares Credit Opportunities Fund (Continued)

#### Forward Foreign Currency Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Contract to** | &nbsp;&nbsp;&nbsp;&nbsp;**Contract to** | &nbsp;&nbsp;&nbsp;&nbsp;**Contract to** | &nbsp;&nbsp;&nbsp;&nbsp;**Contract to** |  |
| **Counterparty** | **Expiration Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Receive** | &nbsp;&nbsp;&nbsp;&nbsp;**Receive** | &nbsp;&nbsp;&nbsp;&nbsp;**Deliver** | &nbsp;&nbsp;&nbsp;&nbsp;**Deliver** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| Wells Fargo | 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;14246827 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;12081773 | &nbsp;&nbsp;&nbsp;&nbsp;$23 |
| Wells Fargo | 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277345 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20161 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$20184 |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Portfolio of Investments

Touchstone Dividend Equity Fund – September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.7%** |  |
|  | &nbsp;&nbsp;**Information Technology — 22.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67702 | &nbsp;&nbsp;Accenture PLC - Class A | $16695313 |
| &nbsp;&nbsp;&nbsp;&nbsp;105385 | &nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp; 25893095 |
| &nbsp;&nbsp;&nbsp;&nbsp;210715 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp; 53654361 |
| &nbsp;&nbsp;&nbsp;&nbsp;213996 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 70599420 |
| &nbsp;&nbsp;&nbsp;&nbsp;472516 | &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp; 32329545 |
| &nbsp;&nbsp;&nbsp;&nbsp;129684 | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp; 36591637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32209 | &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp; 34740627 |
| &nbsp;&nbsp;&nbsp;&nbsp;245279 | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp; 15751817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98162 | &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp; 16424466 |
| &nbsp;&nbsp;&nbsp;&nbsp;199215 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 103183409 |
| &nbsp;&nbsp;&nbsp;&nbsp;141832 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 39888832 |
| &nbsp;&nbsp;&nbsp;&nbsp;173669 | &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp; 28891575 |
| &nbsp;&nbsp;&nbsp;&nbsp;100419 | &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp; 23799303 |
| &nbsp;&nbsp;&nbsp;&nbsp;183352 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 33687263 |
|  |  | &nbsp;&nbsp; 532130663 |
|  | &nbsp;&nbsp;**Financials — 16.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69566 | &nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp; 21547373 |
| &nbsp;&nbsp;&nbsp;&nbsp;748371 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 38608460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28830 | &nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp; 33612032 |
| &nbsp;&nbsp;&nbsp;&nbsp;306653 | &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp; 29276162 |
| &nbsp;&nbsp;&nbsp;&nbsp;260085 | &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp; 26398627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43262 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 34451693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91923 | &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp; 28995272 |
| &nbsp;&nbsp;&nbsp;&nbsp;138873 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp; 22075252 |
| &nbsp;&nbsp;&nbsp;&nbsp;143592 | &nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp; 11905213 |
| &nbsp;&nbsp;&nbsp;&nbsp;136847 | &nbsp;&nbsp;T Rowe Price Group, Inc. | &nbsp;&nbsp; 14045976 |
| &nbsp;&nbsp;&nbsp;&nbsp;531357 | &nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp; 24293642 |
| &nbsp;&nbsp;&nbsp;&nbsp;649358 | &nbsp;&nbsp;US Bancorp | &nbsp;&nbsp; 31383472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96989 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 33110105 |
| &nbsp;&nbsp;&nbsp;&nbsp;423457 | &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp; 35494166 |
|  |  | &nbsp;&nbsp; 385197445 |
|  | &nbsp;&nbsp;**Health Care — 11.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89418 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp; 20703844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40227 | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp; 11352059 |
| &nbsp;&nbsp;&nbsp;&nbsp;130742 | &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp; 24470980 |
| &nbsp;&nbsp;&nbsp;&nbsp;450120 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 20300412 |
| &nbsp;&nbsp;&nbsp;&nbsp;320466 | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp; 24159932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19353 | &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp; 14766339 |
| &nbsp;&nbsp;&nbsp;&nbsp;265117 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 49157994 |
| &nbsp;&nbsp;&nbsp;&nbsp;390917 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 37230935 |
| &nbsp;&nbsp;&nbsp;&nbsp;285877 | &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp; 23993657 |
| &nbsp;&nbsp;&nbsp;&nbsp;900866 | &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp; 22954066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69658 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 24052907 |
|  |  | &nbsp;&nbsp; 273143125 |
|  | &nbsp;&nbsp;**Industrials — 10.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;160520 | &nbsp;&nbsp;3M Co. | &nbsp;&nbsp; 24909494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71594 | &nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp; 21012839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68793 | &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp; 32824580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48697 | &nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 22267190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51448 | &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp; 25683356 |
| &nbsp;&nbsp;&nbsp;&nbsp;149728 | &nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp; 18979521 |
| &nbsp;&nbsp;&nbsp;&nbsp;189519 | &nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp; 31712214 |
| &nbsp;&nbsp;&nbsp;&nbsp;563860 | &nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp; 17992773 |
| &nbsp;&nbsp;&nbsp;&nbsp;363808 | &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 27041849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95500 | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp; 22573335 |
|  |  | &nbsp;&nbsp; 244997151 |
|  | &nbsp;&nbsp;**Communication Services — 9.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;143350 | &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp; 34912892 |
| 1047865 | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp; 29591708 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Communication Services — 9.1% (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;788916 | &nbsp;&nbsp;Comcast Corp. - Class A | $24787741 |
| &nbsp;&nbsp;&nbsp;&nbsp;327501 | &nbsp;&nbsp;Fox Corp. - Class A | &nbsp;&nbsp; 20652213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48085 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 35312662 |
| &nbsp;&nbsp;&nbsp;&nbsp;193492 | &nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp; 15775403 |
| &nbsp;&nbsp;&nbsp;&nbsp;659576 | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp; 28988365 |
| &nbsp;&nbsp;&nbsp;&nbsp;243973 | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp; 27934908 |
|  |  | &nbsp;&nbsp; 217955892 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 7.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4831 | &nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp; 26083873 |
| &nbsp;&nbsp;&nbsp;&nbsp;103598 | &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp; 41976874 |
| &nbsp;&nbsp;&nbsp;&nbsp;458164 | &nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp; 24644641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90021 | &nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp; 27356482 |
| &nbsp;&nbsp;&nbsp;&nbsp;219319 | &nbsp;&nbsp;NIKE, Inc. - Class B | &nbsp;&nbsp; 15293114 |
| &nbsp;&nbsp;&nbsp;&nbsp;267703 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 22647674 |
| &nbsp;&nbsp;&nbsp;&nbsp;555468 | &nbsp;&nbsp;VF Corp. | &nbsp;&nbsp; 8015403 |
| &nbsp;&nbsp;&nbsp;&nbsp;148722 | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp; 22605744 |
|  |  | &nbsp;&nbsp; 188623805 |
|  | &nbsp;&nbsp;**Consumer Staples — 6.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;112634 | &nbsp;&nbsp;Constellation Brands, Inc. - Class A | &nbsp;&nbsp; 15168421 |
| &nbsp;&nbsp;&nbsp;&nbsp;146835 | &nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp; 15175397 |
| &nbsp;&nbsp;&nbsp;&nbsp;177371 | &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp; 24909983 |
| &nbsp;&nbsp;&nbsp;&nbsp;206055 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 33422121 |
| &nbsp;&nbsp;&nbsp;&nbsp;189221 | &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp; 29073806 |
| &nbsp;&nbsp;&nbsp;&nbsp;308829 | &nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp; 25428980 |
| &nbsp;&nbsp;&nbsp;&nbsp;161101 | &nbsp;&nbsp;Target Corp. | &nbsp;&nbsp; 14450760 |
|  |  | &nbsp;&nbsp; 157629468 |
|  | &nbsp;&nbsp;**Energy — 5.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;208123 | &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp; 32319421 |
| &nbsp;&nbsp;&nbsp;&nbsp;324364 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 36572041 |
| &nbsp;&nbsp;&nbsp;&nbsp;883172 | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp; 25002599 |
| &nbsp;&nbsp;&nbsp;&nbsp;111240 | &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp; 15130865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85995 | &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp; 14641509 |
|  |  | &nbsp;&nbsp; 123666435 |
|  | &nbsp;&nbsp;**Materials — 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64120 | &nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp; 17486806 |
| &nbsp;&nbsp;&nbsp;&nbsp;284262 | &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp; 22144010 |
| &nbsp;&nbsp;&nbsp;&nbsp;279162 | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 17179630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50198 | &nbsp;&nbsp;Linde PLC | &nbsp;&nbsp; 23844050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69413 | &nbsp;&nbsp;Sherwin-Williams Co. (The) | &nbsp;&nbsp; 24034945 |
|  |  | &nbsp;&nbsp; 104689441 |
|  | &nbsp;&nbsp;**Utilities — 4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;205584 | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp; 25441020 |
| &nbsp;&nbsp;&nbsp;&nbsp;252809 | &nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp; 23559271 |
| &nbsp;&nbsp;&nbsp;&nbsp;331163 | &nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp; 24999495 |
| &nbsp;&nbsp;&nbsp;&nbsp;274300 | &nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp; 25995411 |
|  |  | &nbsp;&nbsp; 99995197 |
|  | &nbsp;&nbsp;**Real Estate — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;236685 | &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | &nbsp;&nbsp; 19725328 |
| &nbsp;&nbsp;&nbsp;&nbsp;154044 | &nbsp;&nbsp;American Tower Corp. REIT | &nbsp;&nbsp; 29625742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82108 | &nbsp;&nbsp;Simon Property Group, Inc. REIT | &nbsp;&nbsp; 15409208 |
|  |  | &nbsp;&nbsp; 64760278 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $2392788900 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Dividend Equity Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.0%** |  |
| 25031611 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>∞Ω</sup> | $25031611 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.7%<br> (Cost $1,983,244,460)** | $2417820511 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.7%)** | &nbsp;&nbsp;&nbsp; (17398031) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $2400422480 |

---

*∞* *Open-End Fund.* 

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$2392788900* | *$—* | *$—* | *$2392788900* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*25031611* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*25031611* |
| *Total* | *$2417820511* | *$—* | *$—* | *$2417820511* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Portfolio of Investments

Touchstone High Yield Fund – September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 96.9%** |  |
|  | &nbsp;&nbsp;**Energy — 14.9%** |  |
| $1026000 | &nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 6.625%, 7/15/26 | $1026419 |
| &nbsp;&nbsp; 259000 | &nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.000%, 7/15/29 | &nbsp;&nbsp; 268358 |
| &nbsp;&nbsp; 187000 | &nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.250%, 7/15/32 | &nbsp;&nbsp; 196672 |
| &nbsp;&nbsp; 477000 | &nbsp;&nbsp;Civitas Resources, Inc., 144a, 8.375%, 7/1/28 | &nbsp;&nbsp; 494424 |
| &nbsp;&nbsp; 79000 | &nbsp;&nbsp;Civitas Resources, Inc., 144a, 8.625%, 11/1/30 | &nbsp;&nbsp; 81764 |
| &nbsp;&nbsp;1692000 | &nbsp;&nbsp;CQP Holdco LP / BIP-V Chinook Holdco LLC, 144a, 5.500%, 6/15/31 | &nbsp;&nbsp; 1676281 |
| &nbsp;&nbsp;1030000 | &nbsp;&nbsp;Enbridge, Inc. (Canada), Ser NC5, 8.250%, 1/15/84 | &nbsp;&nbsp; 1106407 |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;Energy Transfer LP, (TSFR3M + 3.279%), 7.575%, 11/1/66<sup>(A)</sup> | &nbsp;&nbsp; 1495089 |
| &nbsp;&nbsp; 242000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 7.875%, 5/15/32 | &nbsp;&nbsp; 252298 |
| &nbsp;&nbsp; 445000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 8.875%, 4/15/30 | &nbsp;&nbsp; 470990 |
| &nbsp;&nbsp; 414000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | &nbsp;&nbsp; 407845 |
| &nbsp;&nbsp; 201000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 4/15/30 | &nbsp;&nbsp; 197868 |
| &nbsp;&nbsp; 243000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.875%, 5/15/34 | &nbsp;&nbsp; 233682 |
| &nbsp;&nbsp; 401000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 8.375%, 11/1/33 | &nbsp;&nbsp; 421156 |
| &nbsp;&nbsp; 513000 | &nbsp;&nbsp;Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 144a, 6.875%, 12/1/32 | &nbsp;&nbsp; 526440 |
| &nbsp;&nbsp; 750000 | &nbsp;&nbsp;Murphy Oil Corp., 6.000%, 10/1/32 | &nbsp;&nbsp; 739153 |
| &nbsp;&nbsp; 923000 | &nbsp;&nbsp;Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | &nbsp;&nbsp; 899272 |
| &nbsp;&nbsp; 357000 | &nbsp;&nbsp;Prairie Acquiror LP, 144a, 9.000%, 8/1/29 | &nbsp;&nbsp; 370750 |
| &nbsp;&nbsp;1031000 | &nbsp;&nbsp;Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | &nbsp;&nbsp; 1036571 |
| &nbsp;&nbsp; 524000 | &nbsp;&nbsp;SM Energy Co., 144a, 7.000%, 8/1/32 | &nbsp;&nbsp; 524265 |
| &nbsp;&nbsp; 126000 | &nbsp;&nbsp;Sunoco LP, 144a, 5.625%, 3/15/31 | &nbsp;&nbsp; 125091 |
| &nbsp;&nbsp; 536000 | &nbsp;&nbsp;Sunoco LP, 144a, 5.875%, 3/15/34 | &nbsp;&nbsp; 531373 |
| &nbsp;&nbsp; 809000 | &nbsp;&nbsp;Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 7.375%, 2/15/29 | &nbsp;&nbsp; 833124 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;Tidewater, Inc., 144a, 9.125%, 7/15/30 | &nbsp;&nbsp; 536866 |
| &nbsp;&nbsp; 993000 | &nbsp;&nbsp;Valaris Ltd., 144a, 8.375%, 4/30/30 | &nbsp;&nbsp; 1028776 |
| &nbsp;&nbsp; 526000 | &nbsp;&nbsp;Venture Global LNG, Inc., 144a, 9.000%<sup>(B)</sup> | &nbsp;&nbsp; 521282 |
|  |  | &nbsp;&nbsp; 16002216 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 14.0%** |  |
| &nbsp;&nbsp; 498000 | &nbsp;&nbsp;ADT Security Corp. (The), 144a, 5.875%, 10/15/33 | &nbsp;&nbsp; 498000 |
| &nbsp;&nbsp;1087000 | &nbsp;&nbsp;BlueLinx Holdings, Inc., 144a, 6.000%, 11/15/29 | &nbsp;&nbsp; 1069863 |
| &nbsp;&nbsp; 549000 | &nbsp;&nbsp;Carnival Corp., 144a, 5.875%, 6/15/31 | &nbsp;&nbsp; 562590 |
| &nbsp;&nbsp;1239000 | &nbsp;&nbsp;Carriage Services, Inc., 144a, 4.250%, 5/15/29 | &nbsp;&nbsp; 1173719 |
| &nbsp;&nbsp; 521000 | &nbsp;&nbsp;Champ Acquisition Corp., 144a, 8.375%, 12/1/31 | &nbsp;&nbsp; 553734 |
| &nbsp;&nbsp;1013000 | &nbsp;&nbsp;Cimpress PLC (Ireland), 144a, 7.375%, 9/15/32 | &nbsp;&nbsp; 1011657 |
| &nbsp;&nbsp;1357000 | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The), 5.625%, 4/30/33 | &nbsp;&nbsp; 1264363 |
| &nbsp;&nbsp;1042000 | &nbsp;&nbsp;JB Poindexter & Co., Inc., 144a, 8.750%, 12/15/31 | &nbsp;&nbsp; 1091173 |
| &nbsp;&nbsp; 365000 | &nbsp;&nbsp;LGI Homes, Inc., 144a, 7.000%, 11/15/32 | &nbsp;&nbsp; 355481 |
| &nbsp;&nbsp; 691000 | &nbsp;&nbsp;LGI Homes, Inc., 144a, 8.750%, 12/15/28 | &nbsp;&nbsp; 725406 |
| &nbsp;&nbsp; 387000 | &nbsp;&nbsp;Michaels Cos., Inc. (The), 144a, 5.250%, 5/1/28 | &nbsp;&nbsp; 354758 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;Michaels Cos., Inc. (The), 144a, 7.875%, 5/1/29 | &nbsp;&nbsp; 584500 |
| &nbsp;&nbsp; 988000 | &nbsp;&nbsp;QXO Building Products, Inc., 144a, 6.750%, 4/30/32 | &nbsp;&nbsp; 1021392 |
| &nbsp;&nbsp;1151000 | &nbsp;&nbsp;Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | &nbsp;&nbsp; 1137398 |
| &nbsp;&nbsp; 612000 | &nbsp;&nbsp;Station Casinos LLC, 144a, 4.625%, 12/1/31 | &nbsp;&nbsp; 577268 |
| &nbsp;&nbsp;1030000 | &nbsp;&nbsp;Voyager Parent LLC, 144a, 9.250%, 7/1/32 | &nbsp;&nbsp; 1089165 |
| &nbsp;&nbsp; 301000 | &nbsp;&nbsp;Warnermedia Holdings, Inc., 4.279%, 3/15/32 | &nbsp;&nbsp; 275791 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 96.9% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 14.0% (Continued)** |  |
| $751000 | &nbsp;&nbsp;Warnermedia Holdings, Inc., 5.050%, 3/15/42 | $598923 |
| &nbsp;&nbsp;1088000 | &nbsp;&nbsp;Wynn Macau Ltd. (Macao), 144a, 5.125%, 12/15/29 | &nbsp;&nbsp; 1067584 |
|  |  | &nbsp;&nbsp; 15012765 |
|  | &nbsp;&nbsp;**Communication Services — 12.8%** |  |
| &nbsp;&nbsp; 540000 | &nbsp;&nbsp;Altice France Holding SA (Luxembourg), 144a, 10.500%, 5/15/27 | &nbsp;&nbsp; 191796 |
| &nbsp;&nbsp; 514000 | &nbsp;&nbsp;Altice France SA (France), 144a, 5.125%, 7/15/29 | &nbsp;&nbsp; 438956 |
| &nbsp;&nbsp; 446000 | &nbsp;&nbsp;Altice France SA (France), 144a, 5.500%, 10/15/29 | &nbsp;&nbsp; 385762 |
| &nbsp;&nbsp; 669000 | &nbsp;&nbsp;AMC Networks, Inc., 144a, 10.250%, 1/15/29 | &nbsp;&nbsp; 704959 |
| &nbsp;&nbsp;1010000 | &nbsp;&nbsp;Cable One, Inc., 1.125%, 3/15/28 | &nbsp;&nbsp; 862035 |
| &nbsp;&nbsp;1898000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | &nbsp;&nbsp; 1748455 |
| &nbsp;&nbsp; 641000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 6.375%, 9/1/29 | &nbsp;&nbsp; 649811 |
| &nbsp;&nbsp; 315000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 7.375%, 3/1/31 | &nbsp;&nbsp; 325467 |
| &nbsp;&nbsp; 360000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 3.375%, 2/15/31 | &nbsp;&nbsp; 232180 |
| &nbsp;&nbsp; 256000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 11.250%, 5/15/28 | &nbsp;&nbsp; 236994 |
| &nbsp;&nbsp;1268000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 4.625%, 12/1/30 | &nbsp;&nbsp; 444873 |
| &nbsp;&nbsp;1073000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 5.750%, 1/15/30 | &nbsp;&nbsp; 408577 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;CSC Holdings LLC, 144a, 11.750%, 1/31/29 | &nbsp;&nbsp; 168190 |
| &nbsp;&nbsp; 518000 | &nbsp;&nbsp;Directv Financing LLC, 144a, 8.875%, 2/1/30 | &nbsp;&nbsp; 514063 |
| &nbsp;&nbsp; 75000 | &nbsp;&nbsp;Directv Financing LLC / Directv Financing Co-Obligor, Inc., 144a, 5.875%, 8/15/27 | &nbsp;&nbsp; 74920 |
| &nbsp;&nbsp; 428000 | &nbsp;&nbsp;Directv Financing LLC / Directv Financing Co-Obligor, Inc., 144a, 10.000%, 2/15/31 | &nbsp;&nbsp; 427314 |
| &nbsp;&nbsp; 906000 | &nbsp;&nbsp;Gray Media, Inc., 144a, 5.375%, 11/15/31<sup>†</sup> | &nbsp;&nbsp; 678213 |
| &nbsp;&nbsp; 570000 | &nbsp;&nbsp;LCPR Senior Secured Financing DAC, 144a, 6.750%, 10/15/27 | &nbsp;&nbsp; 342000 |
| &nbsp;&nbsp; 302298 | &nbsp;&nbsp;Level 3 Financing, Inc., 144a, 6.875%, 6/30/33 | &nbsp;&nbsp; 308105 |
| &nbsp;&nbsp; 261849 | &nbsp;&nbsp;Level 3 Financing, Inc., 144a, 7.000%, 3/31/34 | &nbsp;&nbsp; 266951 |
| &nbsp;&nbsp; 230000 | &nbsp;&nbsp;Sinclair Television Group, Inc., 144a, 8.125%, 2/15/33 | &nbsp;&nbsp; 236553 |
| &nbsp;&nbsp; 923000 | &nbsp;&nbsp;Stagwell Global LLC, 144a, 5.625%, 8/15/29 | &nbsp;&nbsp; 896523 |
| &nbsp;&nbsp; 258000 | &nbsp;&nbsp;Univision Communications, Inc., 144a, 8.000%, 8/15/28 | &nbsp;&nbsp; 267312 |
| &nbsp;&nbsp; 770000 | &nbsp;&nbsp;Univision Communications, Inc., 144a, 8.500%, 7/31/31<sup>†</sup> | &nbsp;&nbsp; 795112 |
| &nbsp;&nbsp;1060000 | &nbsp;&nbsp;Zegona Finance PLC (United Kingdom), 144a, 8.625%, 7/15/29 | &nbsp;&nbsp; 1128370 |
| &nbsp;&nbsp;1116000 | &nbsp;&nbsp;Ziff Davis, Inc., 144a, 4.625%, 10/15/30 | &nbsp;&nbsp; 1051920 |
|  |  | &nbsp;&nbsp; 13785411 |
|  | &nbsp;&nbsp;**Financials — 12.7%** |  |
| &nbsp;&nbsp;1260000 | &nbsp;&nbsp;Air Lease Corp., Ser B, 4.650%<sup>(B)</sup> | &nbsp;&nbsp; 1243421 |
| &nbsp;&nbsp; 772000 | &nbsp;&nbsp;Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 7.000%, 1/15/31 | &nbsp;&nbsp; 797582 |
| &nbsp;&nbsp;1572000 | &nbsp;&nbsp;Allstate Corp. (The), Ser B, (TSFR3M + 3.200%), 7.411%, 8/15/53<sup>(A)</sup> | &nbsp;&nbsp; 1571870 |
| &nbsp;&nbsp; 946000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 9.250%, 12/15/28 | &nbsp;&nbsp; 993907 |
| &nbsp;&nbsp; 312000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 6.625%, 3/15/30 | &nbsp;&nbsp; 312805 |
| &nbsp;&nbsp; 244000 | &nbsp;&nbsp;CrossCountry Intermediate HoldCo LLC, 144a, 6.500%, 10/1/30 | &nbsp;&nbsp; 244857 |
| &nbsp;&nbsp; 742000 | &nbsp;&nbsp;Encore Capital Group, Inc., 144a, 8.500%, 5/15/30 | &nbsp;&nbsp; 787949 |
| &nbsp;&nbsp; 121000 | &nbsp;&nbsp;Freedom Mortgage Corp., 144a, 12.000%, 10/1/28 | &nbsp;&nbsp; 128260 |
| &nbsp;&nbsp; 848000 | &nbsp;&nbsp;Freedom Mortgage Holdings LLC, 144a, 9.250%, 2/1/29 | &nbsp;&nbsp; 894903 |
| &nbsp;&nbsp; 922000 | &nbsp;&nbsp;goeasy Ltd. (Canada), 144a, 9.250%, 12/1/28 | &nbsp;&nbsp; 962493 |
| &nbsp;&nbsp; 624000 | &nbsp;&nbsp;Jefferies Finance LLC / JFIN Co-Issuer Corp., 144a, 6.625%, 10/15/31 | &nbsp;&nbsp; 627635 |
| &nbsp;&nbsp;1028000 | &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 144a, 7.125%, 2/1/32 | &nbsp;&nbsp; 1075291 |
| &nbsp;&nbsp; 707000 | &nbsp;&nbsp;Navient Corp., 5.000%, 3/15/27 | &nbsp;&nbsp; 704254 |
| &nbsp;&nbsp; 121000 | &nbsp;&nbsp;Navient Corp., 7.875%, 6/15/32 | &nbsp;&nbsp; 127342 |
| &nbsp;&nbsp; 315000 | &nbsp;&nbsp;OneMain Finance Corp., 3.875%, 9/15/28 | &nbsp;&nbsp; 302745 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone High Yield Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 96.9% (Continued)** |  |
|  | &nbsp;&nbsp;**Financials — 12.7% (Continued)** |  |
| $228000 | &nbsp;&nbsp;OneMain Finance Corp., 4.000%, 9/15/30 | $211960 |
| &nbsp;&nbsp; 182000 | &nbsp;&nbsp;OneMain Finance Corp., 6.625%, 5/15/29 | &nbsp;&nbsp; 187085 |
| &nbsp;&nbsp; 394000 | &nbsp;&nbsp;OneMain Finance Corp., 7.500%, 5/15/31 | &nbsp;&nbsp; 411704 |
| &nbsp;&nbsp; 414000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 5.750%, 9/15/31 | &nbsp;&nbsp; 410316 |
| &nbsp;&nbsp; 198000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 7.875%, 12/15/29 | &nbsp;&nbsp; 210136 |
| &nbsp;&nbsp; 964000 | &nbsp;&nbsp;PRA Group, Inc., 144a, 8.875%, 1/31/30 | &nbsp;&nbsp; 994837 |
| &nbsp;&nbsp; 438000 | &nbsp;&nbsp;SBL Holdings, Inc., 144a, 9.508%<sup>(B)</sup> | &nbsp;&nbsp; 455510 |
|  |  | &nbsp;&nbsp; 13656862 |
|  | &nbsp;&nbsp;**Industrials — 12.7%** |  |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;AAR Escrow Issuer LLC, 144a, 6.750%, 3/15/29 | &nbsp;&nbsp; 61796 |
| &nbsp;&nbsp; 778000 | &nbsp;&nbsp;Brundage-Bone Concrete Pumping Holdings, Inc., 144a, 7.500%, 2/1/32 | &nbsp;&nbsp; 785610 |
| &nbsp;&nbsp; 578000 | &nbsp;&nbsp;Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25 | &nbsp;&nbsp; 576218 |
| &nbsp;&nbsp; 697000 | &nbsp;&nbsp;Canpack SA / Canpack US LLC (Poland), 144a, 3.875%, 11/15/29 | &nbsp;&nbsp; 654060 |
| &nbsp;&nbsp; 938000 | &nbsp;&nbsp;Clearwater Paper Corp., 144a, 4.750%, 8/15/28 | &nbsp;&nbsp; 882442 |
| &nbsp;&nbsp; 616000 | &nbsp;&nbsp;EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.625%, 12/15/30 | &nbsp;&nbsp; 633076 |
| &nbsp;&nbsp; 308000 | &nbsp;&nbsp;FTAI Aviation Investors LLC, 144a, 7.000%, 6/15/32 | &nbsp;&nbsp; 322319 |
| &nbsp;&nbsp;1165000 | &nbsp;&nbsp;Imola Merger Corp., 144a, 4.750%, 5/15/29 | &nbsp;&nbsp; 1133105 |
| &nbsp;&nbsp;1049000 | &nbsp;&nbsp;Manitowoc Co., Inc. (The), 144a, 9.250%, 10/1/31 | &nbsp;&nbsp; 1102835 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;Mauser Packaging Solutions Holding Co., 144a, 7.875%, 8/15/26 | &nbsp;&nbsp; 994140 |
| &nbsp;&nbsp; 923000 | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 144a, 7.250%, 5/15/31 | &nbsp;&nbsp; 940284 |
| &nbsp;&nbsp; 856000 | &nbsp;&nbsp;Stanley Black & Decker, Inc., 6.707%, 3/15/60 | &nbsp;&nbsp; 858843 |
| &nbsp;&nbsp; 678000 | &nbsp;&nbsp;Stonepeak Nile Parent LLC, 144a, 7.250%, 3/15/32 | &nbsp;&nbsp; 713850 |
| &nbsp;&nbsp;1160000 | &nbsp;&nbsp;Textron Financial Corp., 144a, (TSFR3M + 1.997%), 6.208%, 2/15/42<sup>(A)</sup> | &nbsp;&nbsp; 1048176 |
| &nbsp;&nbsp;1110000 | &nbsp;&nbsp;TK Elevator US Newco, Inc. (Germany), 144a, 5.250%, 7/15/27 | &nbsp;&nbsp; 1106151 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;TransDigm, Inc., 4.625%, 1/15/29 | &nbsp;&nbsp; 979973 |
| &nbsp;&nbsp; 210000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.375%, 3/1/29 | &nbsp;&nbsp; 214691 |
| &nbsp;&nbsp; 507000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.625%, 3/1/32 | &nbsp;&nbsp; 521914 |
| &nbsp;&nbsp; 107000 | &nbsp;&nbsp;Waste Pro USA, Inc., 144a, 7.000%, 2/1/33 | &nbsp;&nbsp; 110818 |
|  |  | &nbsp;&nbsp; 13640301 |
|  | &nbsp;&nbsp;**Consumer Staples — 8.1%** |  |
| &nbsp;&nbsp;1039000 | &nbsp;&nbsp;Allied Universal Holdco LLC, 144a, 7.875%, 2/15/31 | &nbsp;&nbsp; 1089569 |
| &nbsp;&nbsp; 575000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 5.375%, 3/1/29 | &nbsp;&nbsp; 560538 |
| &nbsp;&nbsp; 183000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 8.250%, 1/15/30 | &nbsp;&nbsp; 189833 |
| &nbsp;&nbsp; 121000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 8.375%, 6/15/32 | &nbsp;&nbsp; 126551 |
| &nbsp;&nbsp;1043000 | &nbsp;&nbsp;Herc Holdings, Inc., 144a, 7.000%, 6/15/30 | &nbsp;&nbsp; 1083252 |
| &nbsp;&nbsp; 527000 | &nbsp;&nbsp;PetSmart LLC / PetSmart Finance Corp., 144a, 7.500%, 9/15/32 | &nbsp;&nbsp; 528349 |
| &nbsp;&nbsp; 306000 | &nbsp;&nbsp;Prime Security Services Borrower LLC / Prime Finance, Inc., 144a, 6.250%, 1/15/28 | &nbsp;&nbsp; 305734 |
| &nbsp;&nbsp; 529000 | &nbsp;&nbsp;S&S Holdings LLC, 144a, 8.375%, 10/1/31 | &nbsp;&nbsp; 516031 |
| &nbsp;&nbsp;1185000 | &nbsp;&nbsp;Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 144a, 4.625%, 3/1/29 | &nbsp;&nbsp; 1135829 |
| &nbsp;&nbsp;1158000 | &nbsp;&nbsp;TreeHouse Foods, Inc., 4.000%, 9/1/28 | &nbsp;&nbsp; 1117470 |
| &nbsp;&nbsp;1162000 | &nbsp;&nbsp;Turning Point Brands, Inc., 144a, 7.625%, 3/15/32 | &nbsp;&nbsp; 1229269 |
| &nbsp;&nbsp; 742000 | &nbsp;&nbsp;VT Topco, Inc., 144a, 8.500%, 8/15/30 | &nbsp;&nbsp; 755029 |
|  |  | &nbsp;&nbsp; 8637454 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 96.9% (Continued)** |  |
|  | &nbsp;&nbsp;**Utilities — 7.2%** |  |
| $1178000 | &nbsp;&nbsp;Algonquin Power & Utilities Corp. (Canada), 4.750%, 1/18/82 | $1154960 |
| &nbsp;&nbsp; 488000 | &nbsp;&nbsp;AltaGas Ltd. (Canada), 144a, 7.200%, 10/15/54 | &nbsp;&nbsp; 504793 |
| &nbsp;&nbsp;1033000 | &nbsp;&nbsp;Edison International, 7.875%, 6/15/54 | &nbsp;&nbsp; 1053820 |
| &nbsp;&nbsp; 714000 | &nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., (TSFR3M + 3.172%), 7.482%, 4/30/43<sup>(A)</sup> | &nbsp;&nbsp; 710431 |
| &nbsp;&nbsp;1110000 | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.329%), 6.314%, 10/1/66<sup>(A)</sup> | &nbsp;&nbsp; 1022873 |
| &nbsp;&nbsp; 529000 | &nbsp;&nbsp;PacifiCorp, 7.375%, 9/15/55 | &nbsp;&nbsp; 557668 |
| &nbsp;&nbsp;1022000 | &nbsp;&nbsp;PPL Capital Funding, Inc., Ser A, (TSFR3M + 2.927%), 6.928%, 3/30/67<sup>(A)</sup> | &nbsp;&nbsp; 1014099 |
| &nbsp;&nbsp; 594000 | &nbsp;&nbsp;Sempra, 4.125%, 4/1/52 | &nbsp;&nbsp; 579689 |
| &nbsp;&nbsp;1283000 | &nbsp;&nbsp;South Jersey Industries, Inc., 5.020%, 4/15/31 | &nbsp;&nbsp; 1101518 |
|  |  | &nbsp;&nbsp; 7699851 |
|  | &nbsp;&nbsp;**Health Care — 5.4%** |  |
| &nbsp;&nbsp; 592000 | &nbsp;&nbsp;AdaptHealth LLC, 144a, 4.625%, 8/1/29 | &nbsp;&nbsp; 559620 |
| &nbsp;&nbsp; 293000 | &nbsp;&nbsp;AdaptHealth LLC, 144a, 5.125%, 3/1/30 | &nbsp;&nbsp; 279411 |
| &nbsp;&nbsp; 330000 | &nbsp;&nbsp;AdaptHealth LLC, 144a, 6.125%, 8/1/28 | &nbsp;&nbsp; 329125 |
| &nbsp;&nbsp;1229000 | &nbsp;&nbsp;AHP Health Partners, Inc., 144a, 5.750%, 7/15/29 | &nbsp;&nbsp; 1209268 |
| &nbsp;&nbsp; 850000 | &nbsp;&nbsp;DaVita, Inc., 144a, 6.750%, 7/15/33 | &nbsp;&nbsp; 876545 |
| &nbsp;&nbsp; 639000 | &nbsp;&nbsp;Global Medical Response, Inc., 144a, 7.375%, 10/1/32 | &nbsp;&nbsp; 657518 |
| &nbsp;&nbsp; 551000 | &nbsp;&nbsp;Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144a, 4.125%, 4/30/28 | &nbsp;&nbsp; 532175 |
| &nbsp;&nbsp; 295000 | &nbsp;&nbsp;Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144a, 5.125%, 4/30/31 | &nbsp;&nbsp; 258254 |
| &nbsp;&nbsp;1123000 | &nbsp;&nbsp;Pediatrix Medical Group, Inc., 144a, 5.375%, 2/15/30 | &nbsp;&nbsp; 1115585 |
|  |  | &nbsp;&nbsp; 5817501 |
|  | &nbsp;&nbsp;**Information Technology — 4.2%** |  |
| &nbsp;&nbsp; 257000 | &nbsp;&nbsp;CACI International, Inc., 144a, 6.375%, 6/15/33 | &nbsp;&nbsp; 265226 |
| &nbsp;&nbsp;1025000 | &nbsp;&nbsp;Central Parent, Inc. / CDK Global, Inc., 144a, 7.250%, 6/15/29 | &nbsp;&nbsp; 881759 |
| &nbsp;&nbsp; 484000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 8.250%, 6/30/32 | &nbsp;&nbsp; 513608 |
| &nbsp;&nbsp; 498000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 9.000%, 9/30/29 | &nbsp;&nbsp; 515016 |
| &nbsp;&nbsp;1133000 | &nbsp;&nbsp;Consensus Cloud Solutions, Inc., 144a, 6.000%, 10/15/26 | &nbsp;&nbsp; 1131584 |
| &nbsp;&nbsp; 448000 | &nbsp;&nbsp;Open Text Corp. (Canada), 144a, 3.875%, 12/1/29 | &nbsp;&nbsp; 423590 |
| &nbsp;&nbsp; 560000 | &nbsp;&nbsp;Open Text Corp. (Canada), 144a, 3.875%, 2/15/28 | &nbsp;&nbsp; 544781 |
| &nbsp;&nbsp; 183000 | &nbsp;&nbsp;Science Applications International Corp., 144a, 5.875%, 11/1/33 | &nbsp;&nbsp; 183209 |
|  |  | &nbsp;&nbsp; 4458773 |
|  | &nbsp;&nbsp;**Materials — 3.7%** |  |
| &nbsp;&nbsp; 998000 | &nbsp;&nbsp;Celanese US Holdings LLC, 6.879%, 7/15/32 | &nbsp;&nbsp; 1019860 |
| &nbsp;&nbsp; 739000 | &nbsp;&nbsp;Cerdia Finanz GmbH (Germany), 144a, 9.375%, 10/3/31 | &nbsp;&nbsp; 782416 |
| &nbsp;&nbsp;1041000 | &nbsp;&nbsp;INEOS Finance PLC (Luxembourg), 144a, 6.750%, 5/15/28 | &nbsp;&nbsp; 1021351 |
| &nbsp;&nbsp;1138000 | &nbsp;&nbsp;Novelis Corp., 144a, 4.750%, 1/30/30 | &nbsp;&nbsp; 1097951 |
|  |  | &nbsp;&nbsp; 3921578 |
|  | &nbsp;&nbsp;**Real Estate — 1.2%** |  |
| &nbsp;&nbsp; 91000 | &nbsp;&nbsp;Iron Mountain, Inc. REIT, 144a, 5.250%, 7/15/30 | &nbsp;&nbsp; 89984 |
| &nbsp;&nbsp; 984000 | &nbsp;&nbsp;Iron Mountain, Inc. REIT, 144a, 5.625%, 7/15/32 | &nbsp;&nbsp; 978717 |
| &nbsp;&nbsp; 243000 | &nbsp;&nbsp;XHR LP REIT, 144a, 6.625%, 5/15/30 | &nbsp;&nbsp; 249675 |
|  |  | &nbsp;&nbsp; 1318376 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $103951088 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone High Yield Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 3.9%** |  |
| 2716300 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>∞Ω</sup> | $2716300 |
| 1527748 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.05%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 1527748 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$4244048 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.8%<br> (Cost $109,025,513)** | $108195136 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.8%)** | &nbsp;&nbsp;&nbsp; (902771) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $107292365 |

---

---

| | |
|:---|:---|
| *(A)* | *Variable rate security - Rate reflected is the rate in effect as of September 30, 2025.* |
| *(B)* | *Perpetual Bond - A bond or preferred stock with no definite maturity date.* |
| *\*\** | *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 September 30, 2025 was $1,464,419.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of September 30, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *DAC – Designated Activity Company* |
| *LLC – Limited Liability Company* |
| *LP – Limited Partnership* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *TSFR3M – Three Month Term Secured Overnight Financing Rate* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, these securities were valued at $80,954,454 or 75.5% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Corporate Bonds* | *$—* | *$103951088* | *$—* | *$103951088* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;*4244048* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4244048* |
| *Total* | *$4244048* | *$103951088* | *$—* | *$108195136* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Portfolio of Investments

Touchstone Mid Cap Fund – September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.4%** |  |
|  | &nbsp;&nbsp;**Industrials — 25.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2159992 | &nbsp;&nbsp;AerCap Holdings NV (Ireland) | $261359032 |
| &nbsp;&nbsp;&nbsp;&nbsp;2069521 | &nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp; 175660943 |
| &nbsp;&nbsp;&nbsp;&nbsp;1357064 | &nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp; 265998115 |
| &nbsp;&nbsp;&nbsp;&nbsp;2974228 | &nbsp;&nbsp;Copart, Inc.\* | &nbsp;&nbsp; 133751033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310993 | &nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp; 164627255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571098 | &nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 80399176 |
| &nbsp;&nbsp;&nbsp;&nbsp;1820726 | &nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp; 166468978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616334 | &nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp; 103044881 |
|  |  | &nbsp;&nbsp;1351309413 |
|  | &nbsp;&nbsp;**Financials — 15.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4252128 | &nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp; 166683418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887745 | &nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp; 140352484 |
| &nbsp;&nbsp;&nbsp;&nbsp;2369206 | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp; 156225444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961253 | &nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp; 189962818 |
| &nbsp;&nbsp;&nbsp;&nbsp;2465330 | &nbsp;&nbsp;Moelis & Co. - Class A | &nbsp;&nbsp; 175827335 |
|  |  | &nbsp;&nbsp; 829051499 |
|  | &nbsp;&nbsp;**Materials — 11.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899055 | &nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp; 120167691 |
| &nbsp;&nbsp;&nbsp;&nbsp;2476638 | &nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp; 124872088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226178 | &nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp; 187322882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633297 | &nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp; 194814823 |
|  |  | &nbsp;&nbsp; 627177484 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 11.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2176955 | &nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp; 211186405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435393 | &nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp; 135002307 |
| &nbsp;&nbsp;&nbsp;&nbsp;2906376 | &nbsp;&nbsp;Somnigroup International, Inc. | &nbsp;&nbsp; 245094688 |
|  |  | &nbsp;&nbsp; 591283400 |
|  | &nbsp;&nbsp;**Health Care — 9.9%** |  |
| 11981716 | &nbsp;&nbsp;Avantor, Inc.\* | &nbsp;&nbsp; 149531816 |
| &nbsp;&nbsp;&nbsp;&nbsp;2414442 | &nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp; 78445220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729422 | &nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp; 180488180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384501 | &nbsp;&nbsp;Waters Corp.\* | &nbsp;&nbsp; 115277245 |
|  |  | &nbsp;&nbsp; 523742461 |
|  | &nbsp;&nbsp;**Consumer Staples — 9.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1176120 | &nbsp;&nbsp;Brown-Forman Corp. - Class B | &nbsp;&nbsp; 31849330 |
| &nbsp;&nbsp;&nbsp;&nbsp;2493603 | &nbsp;&nbsp;Dollar Tree, Inc.\* | &nbsp;&nbsp; 235321315 |
| &nbsp;&nbsp;&nbsp;&nbsp;1622821 | &nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp; 94253444 |
| &nbsp;&nbsp;&nbsp;&nbsp;1204394 | &nbsp;&nbsp;Post Holdings, Inc.\* | &nbsp;&nbsp; 129448267 |
|  |  | &nbsp;&nbsp; 490872356 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.4% (Continued)** |  |
|  | &nbsp;&nbsp;**Information Technology — 8.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509153 | &nbsp;&nbsp;Amphenol Corp. - Class A | $63007684 |
| &nbsp;&nbsp;&nbsp;&nbsp;2216537 | &nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp; 204941011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904709 | &nbsp;&nbsp;Keysight Technologies, Inc.\* | &nbsp;&nbsp; 158251698 |
|  |  | &nbsp;&nbsp; 426200393 |
|  | &nbsp;&nbsp;**Real Estate — 5.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1079997 | &nbsp;&nbsp;CBRE Group, Inc. - Class A\* | &nbsp;&nbsp; 170164327 |
| &nbsp;&nbsp;&nbsp;&nbsp;1385335 | &nbsp;&nbsp;Crown Castle, Inc. REIT | &nbsp;&nbsp; 133670974 |
|  |  | &nbsp;&nbsp; 303835301 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $5143472307 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 2.7%** |  |
| 142063046 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>∞Ω</sup> | &nbsp;&nbsp; 142063046 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $3,922,898,723)** | $5285535353 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (3567868) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $5281967485 |

---

---

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

---

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$5143472307* | *$—* | *$—* | *$5143472307* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*142063046* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*142063046* |
| *Total* | *$5285535353* | *$—* | *$—* | *$5285535353* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Portfolio of Investments

Touchstone Mid Cap Value Fund – September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.4%** |  |
|  | &nbsp;&nbsp;**Financials — 18.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;59497 | &nbsp;&nbsp;Allstate Corp. (The) | $12771031 |
| &nbsp;&nbsp;&nbsp;&nbsp;193499 | &nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp; 7585161 |
| &nbsp;&nbsp;&nbsp;&nbsp;114846 | &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp; 9020005 |
| &nbsp;&nbsp;&nbsp;&nbsp;12736 | &nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp; 6256560 |
| &nbsp;&nbsp;&nbsp;&nbsp;30982 | &nbsp;&nbsp;Evercore, Inc. - Class A | &nbsp;&nbsp; 10450848 |
| &nbsp;&nbsp;&nbsp;&nbsp;519025 | &nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp; 11735155 |
| &nbsp;&nbsp;&nbsp;&nbsp;58579 | &nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp; 11254783 |
| &nbsp;&nbsp;&nbsp;&nbsp;70867 | &nbsp;&nbsp;SouthState Bank Corp. | &nbsp;&nbsp; 7006621 |
| &nbsp;&nbsp;&nbsp;&nbsp;390687 | &nbsp;&nbsp;Starwood Property Trust, Inc. REIT | &nbsp;&nbsp; 7567607 |
| &nbsp;&nbsp;&nbsp;&nbsp;161750 | &nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp; 9614420 |
| &nbsp;&nbsp;&nbsp;&nbsp;29753 | &nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp; 10278174 |
|  |  | &nbsp;&nbsp;103540365 |
|  | &nbsp;&nbsp;**Industrials — 18.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;50439 | &nbsp;&nbsp;AerCap Holdings NV (Ireland) | &nbsp;&nbsp; 6103119 |
| &nbsp;&nbsp;&nbsp;&nbsp;54900 | &nbsp;&nbsp;Clean Harbors, Inc.\* | &nbsp;&nbsp; 12748878 |
| &nbsp;&nbsp;&nbsp;&nbsp;36656 | &nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp; 6115321 |
| &nbsp;&nbsp;&nbsp;&nbsp;180781 | &nbsp;&nbsp;Genpact Ltd. | &nbsp;&nbsp; 7572916 |
| &nbsp;&nbsp;&nbsp;&nbsp;126207 | &nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp; 7913179 |
| &nbsp;&nbsp;&nbsp;&nbsp;26229 | &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp; 8010599 |
| &nbsp;&nbsp;&nbsp;&nbsp;46050 | &nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp; 8701608 |
| &nbsp;&nbsp;&nbsp;&nbsp;10895 | &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp; 8260044 |
| &nbsp;&nbsp;&nbsp;&nbsp;81121 | &nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp; 11635996 |
| &nbsp;&nbsp;&nbsp;&nbsp;15955 | &nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp; 5528886 |
| &nbsp;&nbsp;&nbsp;&nbsp;59196 | &nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp; 12519954 |
| &nbsp;&nbsp;&nbsp;&nbsp;40487 | &nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 8116429 |
|  |  | &nbsp;&nbsp;103226929 |
|  | &nbsp;&nbsp;**Information Technology — 11.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;87406 | &nbsp;&nbsp;Akamai Technologies, Inc.\* | &nbsp;&nbsp; 6621878 |
| &nbsp;&nbsp;&nbsp;&nbsp;40640 | &nbsp;&nbsp;EPAM Systems, Inc.\* | &nbsp;&nbsp; 6128106 |
| &nbsp;&nbsp;&nbsp;&nbsp;19174 | &nbsp;&nbsp;F5, Inc.\* | &nbsp;&nbsp; 6196845 |
| &nbsp;&nbsp;&nbsp;&nbsp;81735 | &nbsp;&nbsp;Keysight Technologies, Inc.\* | &nbsp;&nbsp; 14297086 |
| &nbsp;&nbsp;&nbsp;&nbsp;69310 | &nbsp;&nbsp;Lumentum Holdings, Inc.\* | &nbsp;&nbsp; 11277430 |
| &nbsp;&nbsp;&nbsp;&nbsp;107808 | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp; 6923430 |
| &nbsp;&nbsp;&nbsp;&nbsp;59350 | &nbsp;&nbsp;PTC, Inc.\* | &nbsp;&nbsp; 12049237 |
|  |  | &nbsp;&nbsp; 63494012 |
|  | &nbsp;&nbsp;**Health Care — 10.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;29905 | &nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp; 9346210 |
| &nbsp;&nbsp;&nbsp;&nbsp;95681 | &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp; 12153401 |
| &nbsp;&nbsp;&nbsp;&nbsp;149657 | &nbsp;&nbsp;Envista Holdings Corp.\* | &nbsp;&nbsp; 3048513 |
| &nbsp;&nbsp;&nbsp;&nbsp;123591 | &nbsp;&nbsp;Hologic, Inc.\* | &nbsp;&nbsp; 8341156 |
| &nbsp;&nbsp;&nbsp;&nbsp;22205 | &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp; 5777075 |
| &nbsp;&nbsp;&nbsp;&nbsp;37573 | &nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp; 10785705 |
| &nbsp;&nbsp;&nbsp;&nbsp;72602 | &nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 7151297 |
|  |  | &nbsp;&nbsp; 56603357 |
|  | &nbsp;&nbsp;**Utilities — 10.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;193661 | &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp; 7514047 |
| &nbsp;&nbsp;&nbsp;&nbsp;75313 | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp; 10651517 |
| &nbsp;&nbsp;&nbsp;&nbsp;100916 | &nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp; 9404362 |
| &nbsp;&nbsp;&nbsp;&nbsp;128232 | &nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp; 9748197 |
| &nbsp;&nbsp;&nbsp;&nbsp;90572 | &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp; 10378645 |
| &nbsp;&nbsp;&nbsp;&nbsp;109023 | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp; 8792705 |
|  |  | &nbsp;&nbsp; 56489473 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 6.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;236789 | &nbsp;&nbsp;Aramark | &nbsp;&nbsp; 9092698 |
| &nbsp;&nbsp;&nbsp;&nbsp;103967 | &nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp; 4570389 |
| &nbsp;&nbsp;&nbsp;&nbsp;180784 | &nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp; 5116187 |
| &nbsp;&nbsp;&nbsp;&nbsp;106113 | &nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp; 8048671 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.4% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 6.8% (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;143233 | &nbsp;&nbsp;LKQ Corp. | $4374336 |
| &nbsp;&nbsp;&nbsp;&nbsp;177616 | &nbsp;&nbsp;Valvoline, Inc.\* | &nbsp;&nbsp; 6378191 |
|  |  | &nbsp;&nbsp; 37580472 |
|  | &nbsp;&nbsp;**Consumer Staples — 6.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11422 | &nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp; 6457085 |
| &nbsp;&nbsp;&nbsp;&nbsp;25463 | &nbsp;&nbsp;Constellation Brands, Inc. - Class A | &nbsp;&nbsp; 3429102 |
| &nbsp;&nbsp;&nbsp;&nbsp;171477 | &nbsp;&nbsp;Darling Ingredients, Inc.\* | &nbsp;&nbsp; 5293495 |
| &nbsp;&nbsp;&nbsp;&nbsp;43247 | &nbsp;&nbsp;Dollar Tree, Inc.\* | &nbsp;&nbsp; 4081219 |
| &nbsp;&nbsp;&nbsp;&nbsp;44322 | &nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp; 5412160 |
| &nbsp;&nbsp;&nbsp;&nbsp;111937 | &nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp; 6501301 |
| &nbsp;&nbsp;&nbsp;&nbsp;76790 | &nbsp;&nbsp;Tyson Foods, Inc. - Class A | &nbsp;&nbsp; 4169697 |
|  |  | &nbsp;&nbsp; 35344059 |
|  | &nbsp;&nbsp;**Materials — 5.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;143594 | &nbsp;&nbsp;Axalta Coating Systems Ltd.\* | &nbsp;&nbsp; 4109660 |
| &nbsp;&nbsp;&nbsp;&nbsp;130312 | &nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp; 6570331 |
| &nbsp;&nbsp;&nbsp;&nbsp;33398 | &nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp; 7783070 |
| &nbsp;&nbsp;&nbsp;&nbsp;69313 | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 4265522 |
| &nbsp;&nbsp;&nbsp;&nbsp;39076 | &nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp; 8515833 |
|  |  | &nbsp;&nbsp; 31244416 |
|  | &nbsp;&nbsp;**Real Estate — 5.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;118989 | &nbsp;&nbsp;Agree Realty Corp. REIT | &nbsp;&nbsp; 8452978 |
| &nbsp;&nbsp;&nbsp;&nbsp;56587 | &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | &nbsp;&nbsp; 4715961 |
| &nbsp;&nbsp;&nbsp;&nbsp;23007 | &nbsp;&nbsp;Essex Property Trust, Inc. REIT | &nbsp;&nbsp; 6158054 |
| &nbsp;&nbsp;&nbsp;&nbsp;265257 | &nbsp;&nbsp;Host Hotels & Resorts, Inc. REIT | &nbsp;&nbsp; 4514674 |
| &nbsp;&nbsp;&nbsp;&nbsp;51219 | &nbsp;&nbsp;Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp; 7156831 |
|  |  | &nbsp;&nbsp; 30998498 |
|  | &nbsp;&nbsp;**Energy — 4.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;253769 | &nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp; 6001637 |
| &nbsp;&nbsp;&nbsp;&nbsp;47823 | &nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp; 6843471 |
| &nbsp;&nbsp;&nbsp;&nbsp;510705 | &nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp; 6537024 |
| &nbsp;&nbsp;&nbsp;&nbsp;219992 | &nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp; 7561125 |
|  |  | &nbsp;&nbsp; 26943257 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $545464838 |
|  | &nbsp;&nbsp;**Exchange-Traded Fund — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;42379 | &nbsp;&nbsp;iShares S&P Mid-Cap 400 Value ETF | &nbsp;&nbsp; 5497404 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.6%** |  |
| 3386360 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>∞Ω</sup> | &nbsp;&nbsp; 3386360 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.0%<br> (Cost $411,127,658)** | $554348602 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.0%** | &nbsp;&nbsp; 190332 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $554538934 |

---

---

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

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ETF – Exchange-Traded Fund* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *S&P – Standard & Poor's* |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Mid Cap Value Fund (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* | *$545464838* | *$—* | *$—* | *$545464838* |
| *Exchange-Traded Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5497404* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5497404* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3386360* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3386360* |
| *Total* | *$554348602* | *$—* | *$—* | *$554348602* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Portfolio of Investments

Touchstone Sands Capital International Growth Equity Fund – September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 92.8%** |  |
|  | &nbsp;&nbsp;**Canada — 10.3%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.8%** |  |
| 15191 | &nbsp;&nbsp;Dollarama, Inc. | $2003418 |
|  | &nbsp;&nbsp;**Information Technology — 8.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1126 | &nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp; 3056697 |
| 41933 | &nbsp;&nbsp;Shopify, Inc. - Class A\* | &nbsp;&nbsp; 6231663 |
|  | &nbsp;&nbsp;Total Canada | &nbsp;&nbsp; 11291778 |
|  | &nbsp;&nbsp;**Netherlands — 9.1%** |  |
|  | &nbsp;&nbsp;**Financials — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2355 | &nbsp;&nbsp;Adyen NV, 144a\* | &nbsp;&nbsp; 3789380 |
|  | &nbsp;&nbsp;**Health Care — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3010 | &nbsp;&nbsp;Argenx SE ADR\* | &nbsp;&nbsp; 2220056 |
|  | &nbsp;&nbsp;**Industrials — 1.5%** |  |
| 16047 | &nbsp;&nbsp;IMCD NV | &nbsp;&nbsp; 1663231 |
|  | &nbsp;&nbsp;**Information Technology — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2425 | &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 2347618 |
|  | &nbsp;&nbsp;Total Netherlands | &nbsp;&nbsp; 10020285 |
|  | &nbsp;&nbsp;**Switzerland — 8.1%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.1%** |  |
| 54339 | &nbsp;&nbsp;On Holding AG - Class A\* | &nbsp;&nbsp; 2301257 |
|  | &nbsp;&nbsp;**Health Care — 3.8%** |  |
| 23691 | &nbsp;&nbsp;Galderma Group AG | &nbsp;&nbsp; 4188576 |
|  | &nbsp;&nbsp;**Industrials — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5942 | &nbsp;&nbsp;VAT Group AG, 144a | &nbsp;&nbsp; 2371853 |
|  | &nbsp;&nbsp;Total Switzerland | &nbsp;&nbsp; 8861686 |
|  | &nbsp;&nbsp;**Brazil — 7.8%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2167 | &nbsp;&nbsp;MercadoLibre, Inc.\* | &nbsp;&nbsp; 5064149 |
|  | &nbsp;&nbsp;**Financials — 2.0%** |  |
| 137207 | &nbsp;&nbsp;NU Holdings Ltd. - Class A\* | &nbsp;&nbsp; 2196684 |
|  | &nbsp;&nbsp;**Industrials — 1.2%** |  |
| 192294 | &nbsp;&nbsp;WEG SA | &nbsp;&nbsp; 1318391 |
|  | &nbsp;&nbsp;Total Brazil | &nbsp;&nbsp; 8579224 |
|  | &nbsp;&nbsp;**United States — 7.8%** |  |
|  | &nbsp;&nbsp;**Communication Services — 7.8%** |  |
| 30626 | &nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One - Class C\* | &nbsp;&nbsp; 3198886 |
| &nbsp;&nbsp;&nbsp;&nbsp;7622 | &nbsp;&nbsp;Spotify Technology SA\* | &nbsp;&nbsp; 5320156 |
|  | &nbsp;&nbsp;Total United States | &nbsp;&nbsp; 8519042 |
|  | &nbsp;&nbsp;**India — 6.8%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.6%** |  |
| 46847 | &nbsp;&nbsp;Titan Co. Ltd. | &nbsp;&nbsp; 1776135 |
|  | &nbsp;&nbsp;**Financials — 5.2%** |  |
| 230430 | &nbsp;&nbsp;Bajaj Finance Ltd. | &nbsp;&nbsp; 2592680 |
| 291510 | &nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp; 3124027 |
|  | &nbsp;&nbsp;Total India | &nbsp;&nbsp; 7492842 |
|  | &nbsp;&nbsp;**Taiwan — 6.6%** |  |
|  | &nbsp;&nbsp;**Information Technology — 6.6%** |  |
| 25830 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp; 7214061 |
|  | &nbsp;&nbsp;**Japan — 6.4%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 3.4%** |  |
| 130900 | &nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp; 3752800 |
|  | &nbsp;&nbsp;**Information Technology — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp; 3315792 |
|  | &nbsp;&nbsp;Total Japan | &nbsp;&nbsp; 7068592 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 92.8% (Continued)** |  |
|  | &nbsp;&nbsp;**Sweden — 6.4%** |  |
|  | &nbsp;&nbsp;**Industrials — 3.7%** |  |
| 123283 | &nbsp;&nbsp;AddTech AB - Class B | $4010426 |
|  | &nbsp;&nbsp;**Information Technology — 2.7%** |  |
| 249669 | &nbsp;&nbsp;Hexagon AB - Class B | &nbsp;&nbsp; 2979339 |
|  | &nbsp;&nbsp;Total Sweden | &nbsp;&nbsp; 6989765 |
|  | &nbsp;&nbsp;**Singapore — 5.7%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 5.7%** |  |
| 35294 | &nbsp;&nbsp;Sea Ltd. ADR\* | &nbsp;&nbsp; 6308097 |
|  | &nbsp;&nbsp;**Italy — 4.9%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6499 | &nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp; 3153445 |
|  | &nbsp;&nbsp;**Health Care — 2.0%** |  |
| 85948 | &nbsp;&nbsp;Stevanato Group SpA | &nbsp;&nbsp; 2213161 |
|  | &nbsp;&nbsp;Total Italy | &nbsp;&nbsp; 5366606 |
|  | &nbsp;&nbsp;**Germany — 4.3%** |  |
|  | &nbsp;&nbsp;**Communication Services — 4.3%** |  |
| 47786 | &nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 4691366 |
|  | &nbsp;&nbsp;**United Kingdom — 3.3%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.9%** |  |
| 12361 | &nbsp;&nbsp;Flutter Entertainment PLC\* | &nbsp;&nbsp; 3139694 |
|  | &nbsp;&nbsp;**Financials — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8506 | &nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp; 468876 |
|  | &nbsp;&nbsp;Total United Kingdom | &nbsp;&nbsp; 3608570 |
|  | &nbsp;&nbsp;**Poland — 2.4%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 2.4%** |  |
| 218140 | &nbsp;&nbsp;Dino Polska SA, 144a\* | &nbsp;&nbsp; 2629380 |
|  | &nbsp;&nbsp;**Denmark — 1.7%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.7%** |  |
| 14032 | &nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp; 1834648 |
|  | &nbsp;&nbsp;**Australia — 1.2%** |  |
|  | &nbsp;&nbsp;**Health Care — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6773 | &nbsp;&nbsp;Pro Medicus Ltd. | &nbsp;&nbsp; 1378954 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $101854896 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.7%** |  |
| 788099 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>∞Ω</sup> | &nbsp;&nbsp; 788099 |
|  | &nbsp;&nbsp;**Total Investment Securities — 93.5%<br> (Cost $75,508,661)** | $102642995 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 6.5%** | &nbsp;&nbsp; 7137042 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $109780037 |

---

---

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

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ADR – American Depositary Receipt* |
| *PLC – Public Limited Company* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, these securities were valued at $8,790,613 or 8.0% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Sands Capital International Growth Equity Fund (Continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation inputs at Reporting Date:*** | ***Valuation inputs at Reporting Date:*** | ***Valuation inputs at Reporting Date:*** | ***Valuation inputs at Reporting Date:*** | ***Valuation inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Canada* | *$11291778* | *$—* | *$—* | *$11291778* |
| &nbsp;&nbsp;&nbsp;*Netherlands* | &nbsp;&nbsp;&nbsp;&nbsp;*4567674* | &nbsp;&nbsp;&nbsp;&nbsp;*5452611* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*10020285* |
| &nbsp;&nbsp;&nbsp;*Switzerland* | &nbsp;&nbsp;&nbsp;&nbsp;*2301257* | &nbsp;&nbsp;&nbsp;&nbsp;*6560429* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8861686* |
| &nbsp;&nbsp;&nbsp;*Brazil* | &nbsp;&nbsp;&nbsp;&nbsp;*8579224* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8579224* |
| &nbsp;&nbsp;&nbsp;*United States* | &nbsp;&nbsp;&nbsp;&nbsp;*8519042* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8519042* |
| &nbsp;&nbsp;&nbsp;*India* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*7492842* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7492842* |
| &nbsp;&nbsp;&nbsp;*Taiwan* | &nbsp;&nbsp;&nbsp;&nbsp;*7214061* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7214061* |
| &nbsp;&nbsp;&nbsp;*Japan* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*7068592* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7068592* |
| &nbsp;&nbsp;&nbsp;*Sweden* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*6989765* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6989765* |
| &nbsp;&nbsp;&nbsp;*Singapore* | &nbsp;&nbsp;&nbsp;&nbsp;*6308097* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6308097* |
| &nbsp;&nbsp;&nbsp;*Italy* | &nbsp;&nbsp;&nbsp;&nbsp;*5366606* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5366606* |
| &nbsp;&nbsp;&nbsp;*Germany* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4691366* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4691366* |
| &nbsp;&nbsp;&nbsp;*United Kingdom* | &nbsp;&nbsp;&nbsp;&nbsp;*3139694* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*468876* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3608570* |
| &nbsp;&nbsp;&nbsp;*Poland* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2629380* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2629380* |
| &nbsp;&nbsp;&nbsp;*Denmark* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1834648* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1834648* |
| &nbsp;&nbsp;&nbsp;*Australia* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1378954* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1378954* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*788099* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*788099* |
| *Total* | *$58075532* | *$44567463* | *$—* | *$102642995* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Portfolio of Investments

Touchstone Sands Capital Select Growth Fund – September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.4%** |  |
|  | &nbsp;&nbsp;**Information Technology — 49.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;160252 | &nbsp;&nbsp;AppLovin Corp. - Class A\* | $115147472 |
| &nbsp;&nbsp;&nbsp;&nbsp;194952 | &nbsp;&nbsp;Atlassian Corp. - Class A\* | &nbsp;&nbsp; 31133834 |
| &nbsp;&nbsp;&nbsp;&nbsp;340934 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 112477536 |
| &nbsp;&nbsp;&nbsp;&nbsp;199896 | &nbsp;&nbsp;Cloudflare, Inc. - Class A\* | &nbsp;&nbsp; 42895683 |
| &nbsp;&nbsp;&nbsp;&nbsp;282200 | &nbsp;&nbsp;Datadog, Inc. - Class A\* | &nbsp;&nbsp; 40185280 |
| &nbsp;&nbsp;&nbsp;&nbsp;405624 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 210092951 |
| 2034052 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 379513422 |
| &nbsp;&nbsp;&nbsp;&nbsp;170537 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 47961826 |
| 1790937 | &nbsp;&nbsp;Samsara, Inc. - Class A\* | &nbsp;&nbsp; 66712403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77816 | &nbsp;&nbsp;ServiceNow, Inc.\* | &nbsp;&nbsp; 71612508 |
| &nbsp;&nbsp;&nbsp;&nbsp;503798 | &nbsp;&nbsp;Shopify, Inc. (Canada) - Class A\* | &nbsp;&nbsp; 74869421 |
| &nbsp;&nbsp;&nbsp;&nbsp;284190 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR | &nbsp;&nbsp; 79371425 |
|  |  | &nbsp;&nbsp;1271973761 |
|  | &nbsp;&nbsp;**Communication Services — 18.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;306438 | &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp; 74495078 |
| &nbsp;&nbsp;&nbsp;&nbsp;227816 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 167303514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58428 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 70050498 |
| &nbsp;&nbsp;&nbsp;&nbsp;553841 | &nbsp;&nbsp;ROBLOX Corp. - Class A\* | &nbsp;&nbsp; 76718055 |
| &nbsp;&nbsp;&nbsp;&nbsp;118794 | &nbsp;&nbsp;Spotify Technology SA\* | &nbsp;&nbsp; 82918212 |
|  |  | &nbsp;&nbsp; 471485357 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 14.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;749248 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 164512383 |
| &nbsp;&nbsp;&nbsp;&nbsp;171993 | &nbsp;&nbsp;Carvana Co.\* | &nbsp;&nbsp; 64882639 |
| &nbsp;&nbsp;&nbsp;&nbsp;204227 | &nbsp;&nbsp;DoorDash, Inc. - Class A\* | &nbsp;&nbsp; 55547702 |
| &nbsp;&nbsp;&nbsp;&nbsp;488243 | &nbsp;&nbsp;Sea Ltd. (Singapore) ADR\* | &nbsp;&nbsp; 87263672 |
|  |  | &nbsp;&nbsp; 372206396 |
|  | &nbsp;&nbsp;**Financials — 12.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;158374 | &nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp; 49054763 |
| &nbsp;&nbsp;&nbsp;&nbsp;874783 | &nbsp;&nbsp;Block, Inc.\* | &nbsp;&nbsp; 63220568 |
| &nbsp;&nbsp;&nbsp;&nbsp;365180 | &nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp; 61525526 |
| 5182835 | &nbsp;&nbsp;NU Holdings Ltd. (Brazil) - Class A\* | &nbsp;&nbsp; 82977188 |
| &nbsp;&nbsp;&nbsp;&nbsp;189449 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 64674100 |
|  |  | &nbsp;&nbsp; 321452145 |
|  | &nbsp;&nbsp;**Health Care — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;317142 | &nbsp;&nbsp;DexCom, Inc.\* | &nbsp;&nbsp; 21340485 |
| &nbsp;&nbsp;&nbsp;&nbsp;716840 | &nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.\* | &nbsp;&nbsp; 21562547 |
|  |  | &nbsp;&nbsp; 42903032 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.4% (Continued)** |  |
|  | &nbsp;&nbsp;**Industrials — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46990 | &nbsp;&nbsp;Axon Enterprise, Inc.\* | $33721904 |
|  | &nbsp;&nbsp;**Energy — 0.8%** |  |
| 1432574 | &nbsp;&nbsp;Venture Global, Inc. - Class A<sup>†</sup> | &nbsp;&nbsp; 20328225 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $2534070820 |
|  | &nbsp;&nbsp;**Short-Term Investment Funds — 1.3%** |  |
| 18695765 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>∞Ω</sup> | &nbsp;&nbsp; 18695765 |
| 15005072 | &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.05%<sup>∞Ω\*\*</sup> | &nbsp;&nbsp; 15005072 |
|  | &nbsp;&nbsp;**Total Short-Term Investment Funds** | &nbsp;&nbsp;&nbsp;&nbsp;$33700837 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.7%<br> (Cost $1,492,024,163)** | $2567771657 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.7%)** | &nbsp;&nbsp;&nbsp; (17574613) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $2550197044 |

---

---

| | |
|:---|:---|
| *\** | *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 September 30, 2025 was $14,435,388.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of September 30, 2025.* |

---

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$2534070820* | *$—* | *$—* | *$2534070820* |
| *Short-Term Investment Funds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*33700837* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*33700837* |
| *Total* | *$2567771657* | *$—* | *$—* | *$2567771657* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Portfolio of Investments

Touchstone Small Cap Fund – September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.0%** |  |
|  | &nbsp;&nbsp;**Industrials — 24.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;85187 | &nbsp;&nbsp;Armstrong World Industries, Inc. | $16697504 |
| &nbsp;&nbsp;&nbsp;&nbsp;128045 | &nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp; 8033543 |
| &nbsp;&nbsp;&nbsp;&nbsp;72622 | &nbsp;&nbsp;Casella Waste Systems, Inc. - Class A\* | &nbsp;&nbsp; 6890375 |
| &nbsp;&nbsp;&nbsp;&nbsp;432916 | &nbsp;&nbsp;Gates Industrial Corp. PLC\* | &nbsp;&nbsp; 10744975 |
| &nbsp;&nbsp;&nbsp;&nbsp;66762 | &nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp; 8182351 |
| &nbsp;&nbsp;&nbsp;&nbsp;281729 | &nbsp;&nbsp;Marten Transport Ltd. | &nbsp;&nbsp; 3003231 |
| &nbsp;&nbsp;&nbsp;&nbsp;73827 | &nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp; 7278604 |
| &nbsp;&nbsp;&nbsp;&nbsp;31202 | &nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp; 5216663 |
|  |  | &nbsp;&nbsp; 66047246 |
|  | &nbsp;&nbsp;**Information Technology — 17.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;257190 | &nbsp;&nbsp;ACI Worldwide, Inc.\* | &nbsp;&nbsp; 13571916 |
| &nbsp;&nbsp;&nbsp;&nbsp;168915 | &nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp; 6746465 |
| &nbsp;&nbsp;&nbsp;&nbsp;265123 | &nbsp;&nbsp;DoubleVerify Holdings, Inc.\* | &nbsp;&nbsp; 3176174 |
| &nbsp;&nbsp;&nbsp;&nbsp;86033 | &nbsp;&nbsp;ePlus, Inc. | &nbsp;&nbsp; 6109204 |
| &nbsp;&nbsp;&nbsp;&nbsp;47575 | &nbsp;&nbsp;Qualys, Inc.\* | &nbsp;&nbsp; 6295600 |
| &nbsp;&nbsp;&nbsp;&nbsp;258925 | &nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp; 10867082 |
|  |  | &nbsp;&nbsp; 46766441 |
|  | &nbsp;&nbsp;**Financials — 15.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;258819 | &nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp; 9133722 |
| &nbsp;&nbsp;&nbsp;&nbsp;45862 | &nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp; 8329915 |
| &nbsp;&nbsp;&nbsp;&nbsp;167899 | &nbsp;&nbsp;Moelis & Co. - Class A | &nbsp;&nbsp; 11974557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7594 | &nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp; 12693523 |
|  |  | &nbsp;&nbsp; 42131717 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 12.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;127939 | &nbsp;&nbsp;Acushnet Holdings Corp. | &nbsp;&nbsp; 10041932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7510 | &nbsp;&nbsp;Graham Holdings Co. - Class B | &nbsp;&nbsp; 8841598 |
| &nbsp;&nbsp;&nbsp;&nbsp;18108 | &nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp; 7030612 |
| &nbsp;&nbsp;&nbsp;&nbsp;321879 | &nbsp;&nbsp;Revolve Group, Inc.\* | &nbsp;&nbsp; 6856023 |
|  |  | &nbsp;&nbsp; 32770165 |
|  | &nbsp;&nbsp;**Consumer Staples — 7.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;60056 | &nbsp;&nbsp;Interparfums, Inc. | &nbsp;&nbsp; 5908309 |
| &nbsp;&nbsp;&nbsp;&nbsp;44487 | &nbsp;&nbsp;Marzetti Company (The) | &nbsp;&nbsp; 7686909 |
| &nbsp;&nbsp;&nbsp;&nbsp;59147 | &nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp; 7168025 |
|  |  | &nbsp;&nbsp; 20763243 |
|  | &nbsp;&nbsp;**Materials — 7.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;138072 | &nbsp;&nbsp;Ingevity Corp.\* | &nbsp;&nbsp; 7620194 |
| &nbsp;&nbsp;&nbsp;&nbsp;14765 | &nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp; 12228520 |
| &nbsp;&nbsp;&nbsp;&nbsp;84827 | &nbsp;&nbsp;Tredegar Corp.\* | &nbsp;&nbsp; 681161 |
|  |  | &nbsp;&nbsp; 20529875 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Real Estate — 6.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;247184 | &nbsp;&nbsp;Alexander & Baldwin, Inc. REIT | $4496277 |
| &nbsp;&nbsp;&nbsp;&nbsp;311302 | &nbsp;&nbsp;Essential Properties Realty Trust, Inc. REIT | &nbsp;&nbsp; 9264347 |
| &nbsp;&nbsp;&nbsp;&nbsp;80808 | &nbsp;&nbsp;First Industrial Realty Trust, Inc. REIT | &nbsp;&nbsp; 4159188 |
|  |  | &nbsp;&nbsp; 17919812 |
|  | &nbsp;&nbsp;**Health Care — 5.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;462405 | &nbsp;&nbsp;Certara, Inc.\* | &nbsp;&nbsp; 5650589 |
| &nbsp;&nbsp;&nbsp;&nbsp;137776 | &nbsp;&nbsp;Enovis Corp.\* | &nbsp;&nbsp; 4180124 |
| &nbsp;&nbsp;&nbsp;&nbsp;81422 | &nbsp;&nbsp;Haemonetics Corp.\* | &nbsp;&nbsp; 3968508 |
|  |  | &nbsp;&nbsp; 13799221 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $260727720 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.2%** |  |
| 3175071 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>∞Ω</sup> | &nbsp;&nbsp; 3175071 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.2%<br> (Cost $223,431,317)** | $263902791 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.8%** | &nbsp;&nbsp; 2219440 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $266122231 |

---

---

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

---

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$260727720* | *$—* | *$—* | *$260727720* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3175071* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3175071* |
| *Total* | *$263902791* | *$—* | *$—* | *$263902791* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Portfolio of Investments

Touchstone Small Cap Value Fund – September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.8%** |  |
|  | &nbsp;&nbsp;**Financials — 27.6%** |  |
| 111013 | &nbsp;&nbsp;Associated Banc-Corp. | $2854144 |
| 167659 | &nbsp;&nbsp;Chimera Investment Corp. REIT | &nbsp;&nbsp; 2216452 |
| 11065 | &nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp; 1370622 |
| 135017 | &nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp; 3475338 |
| 54854 | &nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp; 3057562 |
| 28816 | &nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp; 1851140 |
| 158155 | &nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp; 3575884 |
| 96844 | &nbsp;&nbsp;First Interstate BancSystem, Inc. - Class A | &nbsp;&nbsp; 3086418 |
| 14099 | &nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp; 2560801 |
| 40811 | &nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp; 2822897 |
| 86809 | &nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp; 2462771 |
| 65526 | &nbsp;&nbsp;National Bank Holdings Corp. - Class A | &nbsp;&nbsp; 2531925 |
| 38168 | &nbsp;&nbsp;NMI Holdings, Inc. - Class A\* | &nbsp;&nbsp; 1463361 |
| 138869 | &nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp; 3048175 |
| 110822 | &nbsp;&nbsp;Starwood Property Trust, Inc. REIT | &nbsp;&nbsp; 2146622 |
| 50420 | &nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp; 1513608 |
| 236053 | &nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp; 2502162 |
| 37050 | &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp; 2771340 |
| 21230 | &nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp; 1061288 |
| 34413 | &nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp; 4557658 |
|  |  | &nbsp;&nbsp; 50930168 |
|  | &nbsp;&nbsp;**Industrials — 20.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6371 | &nbsp;&nbsp;CACI International, Inc. - Class A\* | &nbsp;&nbsp; 3177727 |
| 11752 | &nbsp;&nbsp;Clean Harbors, Inc.\* | &nbsp;&nbsp; 2729049 |
| 37388 | &nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp; 1532908 |
| 16572 | &nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp; 3745272 |
| 113231 | &nbsp;&nbsp;Enviri Corp.\* | &nbsp;&nbsp; 1436901 |
| 45367 | &nbsp;&nbsp;ExlService Holdings, Inc.\* | &nbsp;&nbsp; 1997509 |
| 166702 | &nbsp;&nbsp;Gates Industrial Corp. PLC\* | &nbsp;&nbsp; 4137544 |
| 31002 | &nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp; 1943825 |
| 25437 | &nbsp;&nbsp;Huron Consulting Group, Inc.\* | &nbsp;&nbsp; 3733389 |
| 16346 | &nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp; 2922011 |
| 31063 | &nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp; 2173789 |
| 11406 | &nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp; 1636077 |
| 16444 | &nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp; 3484484 |
| &nbsp;&nbsp;&nbsp;&nbsp;8802 | &nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp; 3412799 |
|  |  | &nbsp;&nbsp; 38063284 |
|  | &nbsp;&nbsp;**Information Technology — 9.8%** |  |
| 12482 | &nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp; 1501210 |
| 92095 | &nbsp;&nbsp;Cohu, Inc.\* | &nbsp;&nbsp; 1872291 |
| 245637 | &nbsp;&nbsp;Harmonic, Inc.\* | &nbsp;&nbsp; 2500585 |
| 30677 | &nbsp;&nbsp;Lumentum Holdings, Inc.\* | &nbsp;&nbsp; 4991455 |
| 21002 | &nbsp;&nbsp;Rogers Corp.\* | &nbsp;&nbsp; 1689821 |
| 18806 | &nbsp;&nbsp;Silicon Laboratories, Inc.\* | &nbsp;&nbsp; 2466031 |
| 241356 | &nbsp;&nbsp;Viavi Solutions, Inc.\* | &nbsp;&nbsp; 3062807 |
|  |  | &nbsp;&nbsp; 18084200 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 9.3%** |  |
| 16300 | &nbsp;&nbsp;Cheesecake Factory, Inc. (The) | &nbsp;&nbsp; 890632 |
| 17410 | &nbsp;&nbsp;Dorman Products, Inc.\* | &nbsp;&nbsp; 2713871 |
| 64966 | &nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp; 1838538 |
| &nbsp;&nbsp;&nbsp;&nbsp;4162 | &nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp; 1820916 |
| 12789 | &nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp; 3154535 |
| &nbsp;&nbsp;&nbsp;&nbsp;4728 | &nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp; 1835693 |
| 38878 | &nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp; 1301635 |
| 16470 | &nbsp;&nbsp;Urban Outfitters, Inc.\* | &nbsp;&nbsp; 1176452 |
| 45113 | &nbsp;&nbsp;Valvoline, Inc.\* | &nbsp;&nbsp; 1620008 |
| 23054 | &nbsp;&nbsp;YETI Holdings, Inc.\* | &nbsp;&nbsp; 764932 |
|  |  | &nbsp;&nbsp; 17117212 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.8% (Continued)** |  |
|  | &nbsp;&nbsp;**Real Estate — 8.1%** |  |
| 38971 | &nbsp;&nbsp;Agree Realty Corp. REIT | $2768500 |
| 72504 | &nbsp;&nbsp;COPT Defense Properties REIT | &nbsp;&nbsp; 2106966 |
| 54766 | &nbsp;&nbsp;CTO Realty Growth, Inc. REIT | &nbsp;&nbsp; 892686 |
| 60292 | &nbsp;&nbsp;National Storage Affiliates Trust REIT | &nbsp;&nbsp; 1822024 |
| 267959 | &nbsp;&nbsp;Newmark Group, Inc. - Class A | &nbsp;&nbsp; 4997435 |
| 67305 | &nbsp;&nbsp;STAG Industrial, Inc. REIT | &nbsp;&nbsp; 2375194 |
|  |  | &nbsp;&nbsp; 14962805 |
|  | &nbsp;&nbsp;**Health Care — 7.9%** |  |
| 15452 | &nbsp;&nbsp;Addus HomeCare Corp.\* | &nbsp;&nbsp; 1823181 |
| 32597 | &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp; 4140471 |
| 45659 | &nbsp;&nbsp;Envista Holdings Corp.\* | &nbsp;&nbsp; 930074 |
| 22747 | &nbsp;&nbsp;Globus Medical, Inc. - Class A\* | &nbsp;&nbsp; 1302721 |
| 54487 | &nbsp;&nbsp;Integra LifeSciences Holdings Corp.\* | &nbsp;&nbsp; 780799 |
| 62632 | &nbsp;&nbsp;Option Care Health, Inc.\* | &nbsp;&nbsp; 1738664 |
| 46619 | &nbsp;&nbsp;Prestige Consumer Healthcare, Inc.\* | &nbsp;&nbsp; 2909026 |
| 28660 | &nbsp;&nbsp;QuidelOrtho Corp.\* | &nbsp;&nbsp; 844037 |
|  |  | &nbsp;&nbsp; 14468973 |
|  | &nbsp;&nbsp;**Materials — 4.6%** |  |
| 37221 | &nbsp;&nbsp;Axalta Coating Systems Ltd.\* | &nbsp;&nbsp; 1065265 |
| 29535 | &nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp; 2246137 |
| 25396 | &nbsp;&nbsp;Ingevity Corp.\* | &nbsp;&nbsp; 1401605 |
| 10718 | &nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp; 827001 |
| 81731 | &nbsp;&nbsp;O-I Glass, Inc.\* | &nbsp;&nbsp; 1060051 |
| 41432 | &nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp; 1781990 |
|  |  | &nbsp;&nbsp; 8382049 |
|  | &nbsp;&nbsp;**Energy — 4.2%** |  |
| 41872 | &nbsp;&nbsp;Cactus, Inc. - Class A | &nbsp;&nbsp; 1652688 |
| 47097 | &nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp; 1530652 |
| 155311 | &nbsp;&nbsp;Expro Group Holdings NV\* | &nbsp;&nbsp; 1845095 |
| 214347 | &nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp; 2743642 |
|  |  | &nbsp;&nbsp; 7772077 |
|  | &nbsp;&nbsp;**Utilities — 4.0%** |  |
| 21163 | &nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp; 1303429 |
| 24971 | &nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp; 3299918 |
| 35679 | &nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp; 1569876 |
| 15391 | &nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp; 1254674 |
|  |  | &nbsp;&nbsp; 7427897 |
|  | &nbsp;&nbsp;**Consumer Staples — 3.7%** |  |
| 13383 | &nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp; 1634198 |
| &nbsp;&nbsp;&nbsp;&nbsp;6471 | &nbsp;&nbsp;Marzetti Company (The) | &nbsp;&nbsp; 1118124 |
| 10506 | &nbsp;&nbsp;MGP Ingredients, Inc. | &nbsp;&nbsp; 254140 |
| 27040 | &nbsp;&nbsp;Performance Food Group Co.\* | &nbsp;&nbsp; 2813242 |
| 49242 | &nbsp;&nbsp;TreeHouse Foods, Inc.\* | &nbsp;&nbsp; 995181 |
|  |  | &nbsp;&nbsp; 6814885 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $184023550 |
|  | &nbsp;&nbsp;**Exchange-Traded Fund — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8805 | &nbsp;&nbsp;iShares Russell 2000 Value ETF | &nbsp;&nbsp; 1556812 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.1%** |  |
| 208758 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>∞Ω</sup> | &nbsp;&nbsp; 208758 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.8%<br> (Cost $156,569,987)** | $185789120 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.8%)** | &nbsp;&nbsp;&nbsp; (1402054) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $184387066 |

---

*\** *Non-income producing security.* 

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Small Cap Value Fund (Continued)

*∞* *Open-End Fund.* 

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$184023550* | *$—* | *$—* | *$184023550* |
| *Exchange-Traded Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1556812* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1556812* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*208758* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*208758* |
| *Total* | *$185789120* | *$—* | *$—* | *$185789120* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Portfolio of Investments

Touchstone Ultra Short Duration Fixed Income Fund – September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 39.0%** | &nbsp;&nbsp;**Asset-Backed Securities — 39.0%** |
| $1124746 | &nbsp;&nbsp;Alinea CLO Ltd. (Cayman Islands), Ser 2018-1A, Class AR, 144a, (TSFR3M + 0.900%), 5.225%, 7/20/31<sup>(A)</sup> | $1125032 |
| &nbsp;&nbsp; 1743786 | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2022-3, Class D, 144a, 5.830%, 10/13/28 | &nbsp;&nbsp; 1748975 |
| &nbsp;&nbsp; 8216223 | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2022-4, Class D, 144a, 8.000%, 2/15/29 | &nbsp;&nbsp; 8310608 |
| &nbsp;&nbsp; 421062 | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2023-1, Class C, 144a, 5.590%, 4/12/29 | &nbsp;&nbsp; 421528 |
| &nbsp;&nbsp; 5485000 | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2023-1, Class D, 144a, 6.350%, 4/12/29 | &nbsp;&nbsp; 5557033 |
| &nbsp;&nbsp; 1244462 | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2023-3, Class C, 144a, 6.440%, 10/12/29 | &nbsp;&nbsp; 1252341 |
| &nbsp;&nbsp;11575000 | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-2, Class C, 144a, 6.240%, 4/12/30 | &nbsp;&nbsp; 11702635 |
| &nbsp;&nbsp; 4981797 | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2025-2, Class A, 144a, 4.810%, 9/12/28 | &nbsp;&nbsp; 4989481 |
| &nbsp;&nbsp; 9265000 | &nbsp;&nbsp;Americredit Automobile Receivables Trust, Ser 2022-1, Class C, 2.980%, 9/20/27 | &nbsp;&nbsp; 9197270 |
| &nbsp;&nbsp; 1362999 | &nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Ser 2021-2, Class C, 1.010%, 1/19/27 | &nbsp;&nbsp; 1356251 |
| &nbsp;&nbsp; 909321 | &nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Ser 2022-1, Class B, 2.770%, 4/19/27 | &nbsp;&nbsp; 908021 |
| &nbsp;&nbsp; 7823250 | &nbsp;&nbsp;Arbys Funding LLC, Ser 2020-1A, Class A2, 144a, 3.237%, 7/30/50 | &nbsp;&nbsp; 7555987 |
| &nbsp;&nbsp; 1789683 | &nbsp;&nbsp;Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Ser 2006-HE3, Class A5, (TSFR1M + 0.654%), 2.886%, 3/25/36<sup>(A)</sup> | &nbsp;&nbsp; 1762510 |
| &nbsp;&nbsp; 4358333 | &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Ser 2020-2A, Class A, 144a, 2.020%, 2/20/27 | &nbsp;&nbsp; 4335117 |
| &nbsp;&nbsp; 1991534 | &nbsp;&nbsp;Bain Capital Credit CLO (Cayman Islands), Ser 2018-2A, Class A1R, 144a, (TSFR3M + 1.080%), 5.405%, 7/19/31<sup>(A)</sup> | &nbsp;&nbsp; 1991609 |
| &nbsp;&nbsp; 8007000 | &nbsp;&nbsp;BCRED BSL Static CLO Ltd. (Cayman Islands), Ser 2025-1A, Class AR, 144a, (TSFR3M + 1.250%), 5.541%, 7/24/35<sup>(A)</sup> | &nbsp;&nbsp; 7990353 |
| &nbsp;&nbsp; 9845000 | &nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Ser 2025-1, Class C, 5.150%, 12/17/29 | &nbsp;&nbsp; 9900062 |
| &nbsp;&nbsp;12210000 | &nbsp;&nbsp;Carlyle US CLO Ltd. (Cayman Islands), Ser 2019-1A, Class A1A2, 144a, (TSFR3M + 0.950%), 5.229%, 4/20/31<sup>(A)</sup> | &nbsp;&nbsp; 12220098 |
| &nbsp;&nbsp; 5799546 | &nbsp;&nbsp;CIFC Funding Ltd. (Cayman Islands), Ser 2016-1A, Class AR3, 144a, (TSFR3M + 1.000%), 5.325%, 10/21/31<sup>(A)</sup> | &nbsp;&nbsp; 5789501 |
| &nbsp;&nbsp; 1814114 | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust, Ser 2023-1A, Class A, 144a, 6.480%, 3/15/33 | &nbsp;&nbsp; 1819590 |
| &nbsp;&nbsp; 2694857 | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust, Ser 2023-2A, Class A, 144a, 5.920%, 5/16/33 | &nbsp;&nbsp; 2702910 |
| &nbsp;&nbsp; 7709880 | &nbsp;&nbsp;DB Master Finance LLC, Ser 2019-1A, Class A2II, 144a, 4.021%, 5/20/49 | &nbsp;&nbsp; 7682525 |
| &nbsp;&nbsp; 1729968 | &nbsp;&nbsp;Dewolf Park CLO Ltd., Ser 2017-1A, Class AR, 144a, (TSFR3M + 1.182%), 5.499%, 10/15/30<sup>(A)</sup> | &nbsp;&nbsp; 1730243 |
| &nbsp;&nbsp; 8300000 | &nbsp;&nbsp;Drive Auto Receivables Trust, Ser 2025-2, Class A2, 4.290%, 10/16/28 | &nbsp;&nbsp; 8301116 |
| &nbsp;&nbsp; 6476179 | &nbsp;&nbsp;Dryden 53 CLO Ltd. (Cayman Islands), Ser 2017-53A, Class AR, 144a, (TSFR3M + 1.000%), 5.302%, 1/15/31<sup>(A)</sup> | &nbsp;&nbsp; 6479501 |
| &nbsp;&nbsp; 2495000 | &nbsp;&nbsp;DT Auto Owner Trust, Ser 2021-3A, Class E, 144a, 2.650%, 9/15/28 | &nbsp;&nbsp; 2473553 |
| &nbsp;&nbsp; 4983000 | &nbsp;&nbsp;Elmwood CLO X Ltd. (Cayman Islands), Ser 2021-3A, Class X, 144a, (TSFR3M + 0.950%), 5.208%, 7/20/38<sup>(A)</sup> | &nbsp;&nbsp; 4982826 |
| &nbsp;&nbsp; 6665997 | &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2021-1A, Class E, 144a, 2.210%, 2/15/28 | &nbsp;&nbsp; 6659727 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 39.0% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 39.0% (Continued)** |
| $3063735 | &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2021-3A, Class D, 1.550%, 6/15/27 | $3027337 |
| &nbsp;&nbsp; 801620 | &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2022-1A, Class D, 3.020%, 6/15/28 | &nbsp;&nbsp; 797012 |
| &nbsp;&nbsp; 6051891 | &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2023-4A, Class C, 6.510%, 8/15/28 | &nbsp;&nbsp; 6096157 |
| &nbsp;&nbsp; 873492 | &nbsp;&nbsp;FNA VI LLC, Ser 2021-1A, Class A, 144a, 1.350%, 1/10/32 | &nbsp;&nbsp; 820199 |
| &nbsp;&nbsp; 80843 | &nbsp;&nbsp;FNMA REMIC, Ser 2001-W4, Class AF5, 5.614%, 2/25/32<sup>(A)(B)</sup> | &nbsp;&nbsp; 81847 |
| &nbsp;&nbsp; 3145371 | &nbsp;&nbsp;Fortress Credit Opportunities XXIX CLO Ltd. (Cayman Islands), Ser 2025-29A, Class A1, 144a, (TSFR3M + 1.250%), 5.575%, 4/20/33<sup>(A)</sup> | &nbsp;&nbsp; 3145518 |
| &nbsp;&nbsp; 8340000 | &nbsp;&nbsp;Fortress Credit Opportunities XXXV CLO Ltd. (Cayman Islands), Ser 2025-35A, Class A1, 144a, (TSFR3M + 1.400%), 5.727%, 7/20/33<sup>(A)</sup> | &nbsp;&nbsp; 8340876 |
| &nbsp;&nbsp; 1110250 | &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Ser 2023-2, Class A2, 144a, 5.990%, 5/15/28 | &nbsp;&nbsp; 1115130 |
| &nbsp;&nbsp; 1038869 | &nbsp;&nbsp;Galaxy XXVI CLO Ltd. (Cayman Islands), Ser 2018-26A, Class AR, 144a, (TSFR3M + 1.170%), 5.374%, 11/22/31<sup>(A)</sup> | &nbsp;&nbsp; 1038823 |
| &nbsp;&nbsp; 2219502 | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2020-3A, Class E, 144a, 4.310%, 7/15/27 | &nbsp;&nbsp; 2219412 |
| &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2021-2A, Class E, 144a, 2.870%, 5/15/28 | &nbsp;&nbsp; 1210061 |
| &nbsp;&nbsp; 3989402 | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2022-2A, Class D, 144a, 6.150%, 4/17/28 | &nbsp;&nbsp; 4019264 |
| &nbsp;&nbsp; 981896 | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2022-3A, Class C, 144a, 5.340%, 6/15/28 | &nbsp;&nbsp; 982749 |
| &nbsp;&nbsp; 6725000 | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2022-3A, Class D, 144a, 6.420%, 6/15/28 | &nbsp;&nbsp; 6818281 |
| &nbsp;&nbsp; 3349469 | &nbsp;&nbsp;GLS Auto Select Receivables Trust, Ser 2024-3A, Class A2, 144a, 5.590%, 10/15/29 | &nbsp;&nbsp; 3388665 |
| &nbsp;&nbsp; 4850000 | &nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC Series, Ser 2022-1, Class C, 144a, 5.980%, 7/15/30 | &nbsp;&nbsp; 4920792 |
| &nbsp;&nbsp; 6444000 | &nbsp;&nbsp;Greywolf CLO IV Ltd. (Cayman Islands), Ser 2019-1A, Class A1R2, 144a, (TSFR3M + 1.240%), 5.520%, 4/17/34<sup>(A)</sup> | &nbsp;&nbsp; 6443890 |
| &nbsp;&nbsp; 686798 | &nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2020-AA, Class A, 144a, 2.740%, 2/25/39 | &nbsp;&nbsp; 675649 |
| &nbsp;&nbsp; 858498 | &nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2020-AA, Class B, 144a, 4.220%, 2/25/39 | &nbsp;&nbsp; 855339 |
| &nbsp;&nbsp; 979923 | &nbsp;&nbsp;Hpefs Equipment Trust, Ser 2022-3A, Class C, 144a, 6.130%, 8/20/29 | &nbsp;&nbsp; 980809 |
| &nbsp;&nbsp; 8090000 | &nbsp;&nbsp;HPEFS Equipment Trust, Ser 2023-2A, Class C, 144a, 6.480%, 1/21/31 | &nbsp;&nbsp; 8139445 |
| &nbsp;&nbsp; 5725000 | &nbsp;&nbsp;HPEFS Equipment Trust, Ser 2023-2A, Class D, 144a, 6.970%, 7/21/31 | &nbsp;&nbsp; 5814549 |
| &nbsp;&nbsp; 3633369 | &nbsp;&nbsp;M&T Equipment Notes, Ser 2024-1A, Class A2, 144a, 4.990%, 8/18/31 | &nbsp;&nbsp; 3645758 |
| &nbsp;&nbsp; 6445571 | &nbsp;&nbsp;Madison Park Funding XIV Ltd. (Cayman Islands), Ser 2014-14A, Class AR4, 144a, (TSFR3M + 0.960%), 5.292%, 10/22/30<sup>(A)</sup> | &nbsp;&nbsp; 6448801 |
| &nbsp;&nbsp; 828272 | &nbsp;&nbsp;Madison Park Funding XXIV Ltd. (Cayman Islands), Ser 2016-24A, Class AR2, 144a, (TSFR3M + 1.120%), 5.445%, 10/20/29<sup>(A)</sup> | &nbsp;&nbsp; 828287 |
| &nbsp;&nbsp; 2698500 | &nbsp;&nbsp;Madison Park Funding XXVIII Ltd. (Cayman Islands), Ser 2018-28A, Class X, 144a, (TSFR3M + 0.900%), 5.218%, 1/15/38<sup>(A)</sup> | &nbsp;&nbsp; 2695243 |
| &nbsp;&nbsp; 1045187 | &nbsp;&nbsp;MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class A, 144a, (TSFR1M + 1.814%), 5.957%, 12/15/35<sup>(A)</sup> | &nbsp;&nbsp; 1046839 |
| &nbsp;&nbsp; 6969000 | &nbsp;&nbsp;MF1 Ltd. (Cayman Islands), Ser 2020-FL4, Class C, 144a, (TSFR1M + 3.714%), 7.857%, 12/15/35<sup>(A)</sup> | &nbsp;&nbsp; 6981488 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 39.0% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 39.0% (Continued)** |
| $1916096 | &nbsp;&nbsp;MVW LLC, Ser 2020-1A, Class A, 144a, 1.740%, 10/20/37 | $1874100 |
| &nbsp;&nbsp; 1413750 | &nbsp;&nbsp;Neighborly Issuer, Ser 2023-1A, Class A2, 144a, 7.308%, 1/30/53 | &nbsp;&nbsp; 1432363 |
| &nbsp;&nbsp; 5084484 | &nbsp;&nbsp;Octagon Investment Partners XXI Ltd. (Cayman Islands), Ser 2014-1A, Class AAR4, 144a, (TSFR3M + 0.810%), 5.043%, 2/14/31<sup>(A)</sup> | &nbsp;&nbsp; 5085420 |
| &nbsp;&nbsp; 555166 | &nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Ser 2019-1A, Class A, 144a, 3.630%, 9/14/27 | &nbsp;&nbsp; 554699 |
| &nbsp;&nbsp; 9470000 | &nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Ser 2022-1A, Class B, 144a, 5.070%, 6/14/29 | &nbsp;&nbsp; 9510645 |
| &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;OneMain Financial Issuance Trust, Ser 2021-1A, Class A1, 144a, 1.550%, 6/16/36 | &nbsp;&nbsp; 3383438 |
| &nbsp;&nbsp; 1212662 | &nbsp;&nbsp;OneMain Financial Issuance Trust, Ser 2022-2A, Class A, 144a, 4.890%, 10/14/34 | &nbsp;&nbsp; 1213891 |
| &nbsp;&nbsp; 1237458 | &nbsp;&nbsp;OneMain Financial Issuance Trust, Ser 2022-3A, Class A, 144a, 5.940%, 5/15/34 | &nbsp;&nbsp; 1245035 |
| &nbsp;&nbsp;11115000 | &nbsp;&nbsp;Palmer Square Loan Funding Ltd. (Cayman Islands), Ser 2025-2A, Class A1, 144a, (TSFR3M + 0.940%), 5.228%, 7/15/33<sup>(A)</sup> | &nbsp;&nbsp; 11113989 |
| &nbsp;&nbsp; 4849125 | &nbsp;&nbsp;Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51 | &nbsp;&nbsp; 4765592 |
| &nbsp;&nbsp; 5210000 | &nbsp;&nbsp;Post Road Equipment Finance LLC, Ser 2025-1A, Class A2, 144a, 4.900%, 5/15/31 | &nbsp;&nbsp; 5251414 |
| &nbsp;&nbsp; 3448000 | &nbsp;&nbsp;Prestige Auto Receivables Trust, Ser 2025-1A, Class A2, 144a, 4.870%, 12/15/27 | &nbsp;&nbsp; 3452125 |
| &nbsp;&nbsp; 6640000 | &nbsp;&nbsp;Prestige Auto Receivables Trust, Ser 2025-1A, Class B, 144a, 5.340%, 11/15/28 | &nbsp;&nbsp; 6694612 |
| &nbsp;&nbsp; 3432000 | &nbsp;&nbsp;Regatta XX Funding Ltd. (Cayman Islands), Ser 2021-2A, Class X, 144a, (TSFR3M + 0.970%), 5.288%, 1/15/38<sup>(A)</sup> | &nbsp;&nbsp; 3432028 |
| &nbsp;&nbsp; 713969 | &nbsp;&nbsp;Romark WM-R Ltd. (Cayman Islands), Ser 2018-1A, Class A1, 144a, (TSFR3M +1.292%), 5.617%, 4/20/31<sup>(A)</sup> | &nbsp;&nbsp; 714111 |
| &nbsp;&nbsp;12500000 | &nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2022-4, Class C, 5.000%, 11/15/29 | &nbsp;&nbsp; 12567310 |
| &nbsp;&nbsp; 1934626 | &nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2022-7, Class B, 5.950%, 1/17/28 | &nbsp;&nbsp; 1938456 |
| &nbsp;&nbsp; 2059803 | &nbsp;&nbsp;SCF Equipment Leasing LLC, Ser 2024-1A, Class A2, 144a, 5.880%, 11/20/29 | &nbsp;&nbsp; 2074794 |
| &nbsp;&nbsp; 3120571 | &nbsp;&nbsp;SCF Equipment Trust LLC, Ser 2025-1A, Class A2, 144a, 4.820%, 7/22/30 | &nbsp;&nbsp; 3130640 |
| &nbsp;&nbsp; 1399198 | &nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Ser 2024-3A, Class B, 144a, 4.980%, 8/20/41 | &nbsp;&nbsp; 1401722 |
| &nbsp;&nbsp; 1055227 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2019-HY1, Class A1, 144a, (TSFR1M + 1.114%), 5.272%, 10/25/48<sup>(A)</sup> | &nbsp;&nbsp; 1056339 |
| &nbsp;&nbsp; 3375000 | &nbsp;&nbsp;Westlake Automobile Receivables Trust, Ser 2021-3A, Class E, 144a, 3.420%, 4/15/27 | &nbsp;&nbsp; 3367887 |
| &nbsp;&nbsp; 4900000 | &nbsp;&nbsp;Westlake Automobile Receivables Trust, Ser 2022-3A, Class D, 144a, 6.680%, 4/17/28 | &nbsp;&nbsp; 4973953 |
| &nbsp;&nbsp; 1194718 | &nbsp;&nbsp;Westlake Automobile Receivables Trust, Ser 2023-1A, Class B, 144a, 5.410%, 1/18/28 | &nbsp;&nbsp; 1195280 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Westlake Automobile Receivables Trust, Ser 2023-3A, Class D, 144a, 6.470%, 3/15/29 | &nbsp;&nbsp; 1028148 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | $325982614 |
|  | &nbsp;&nbsp;**Corporate Bonds — 24.4%** |  |
|  | &nbsp;&nbsp;**Financials — 7.8%** |  |
| &nbsp;&nbsp; 4180000 | &nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 4.450%, 10/1/25 | &nbsp;&nbsp; 4180000 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Ares Capital Corp., 2.150%, 7/15/26 | &nbsp;&nbsp; 1473662 |
| &nbsp;&nbsp; 5739000 | &nbsp;&nbsp;Ares Capital Corp., 3.875%, 1/15/26 | &nbsp;&nbsp; 5728994 |
| &nbsp;&nbsp; 6383000 | &nbsp;&nbsp;Aviation Capital Group LLC, 144a, 4.875%, 10/1/25 | &nbsp;&nbsp; 6383000 |
| &nbsp;&nbsp; 3956000 | &nbsp;&nbsp;Bank of Nova Scotia (The) (Canada), 4.500%, 12/16/25 | &nbsp;&nbsp; 3957220 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 24.4% (Continued)** |  |
|  | &nbsp;&nbsp;**Financials — 7.8% (Continued)** |  |
| $8858000 | &nbsp;&nbsp;Barclays PLC (United Kingdom), 5.200%, 5/12/26 | $8900427 |
| &nbsp;&nbsp; 3950000 | &nbsp;&nbsp;Citibank NA, (SOFR + 0.708%), 4.980%, 8/6/26<sup>(A)</sup> | &nbsp;&nbsp; 3961297 |
| &nbsp;&nbsp; 2038000 | &nbsp;&nbsp;Comerica, Inc., 3.800%, 7/22/26 | &nbsp;&nbsp; 2026318 |
| &nbsp;&nbsp; 6730000 | &nbsp;&nbsp;Fifth Third Bank NA, (SOFR + 0.810%), 5.108%, 1/28/28<sup>(A)</sup> | &nbsp;&nbsp; 6739644 |
| &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;Huntington National Bank (The), 4.871%, 4/12/28 | &nbsp;&nbsp; 1768877 |
| &nbsp;&nbsp; 2982000 | &nbsp;&nbsp;JPMorgan Chase & Co., Ser B, (TSFR3M + 0.762%), 5.058%, 2/1/27<sup>(A)</sup> | &nbsp;&nbsp; 2952333 |
| &nbsp;&nbsp; 5845000 | &nbsp;&nbsp;Lloyds Banking Group PLC (United Kingdom), 4.582%, 12/10/25 | &nbsp;&nbsp; 5846134 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;PNC Capital Trust, (TSFR3M + 0.832%), 5.003%, 6/1/28<sup>(A)</sup> | &nbsp;&nbsp; 2962789 |
| &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;Toronto-Dominion Bank (The) (Canada), (SOFR + 0.480%), 4.811%, 10/10/25<sup>(A)</sup> | &nbsp;&nbsp; 8000509 |
|  |  | &nbsp;&nbsp; 64881204 |
|  | &nbsp;&nbsp;**Consumer Staples — 2.9%** |  |
| &nbsp;&nbsp;14150000 | &nbsp;&nbsp;Conagra Brands, Inc., 4.600%, 11/1/25 | &nbsp;&nbsp; 14145575 |
| &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;Transurban Finance Co. Pty Ltd. (Australia), 144a, 4.125%, 2/2/26 | &nbsp;&nbsp; 4495200 |
| &nbsp;&nbsp; 5896000 | &nbsp;&nbsp;Triton Container International Ltd. (Bermuda), 144a, 2.050%, 4/15/26 | &nbsp;&nbsp; 5821940 |
|  |  | &nbsp;&nbsp; 24462715 |
|  | &nbsp;&nbsp;**Industrials — 2.9%** |  |
| &nbsp;&nbsp;11000000 | &nbsp;&nbsp;Berry Global, Inc., 1.570%, 1/15/26 | &nbsp;&nbsp; 10905324 |
| &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;Graphic Packaging International LLC, 144a, 1.512%, 4/15/26 | &nbsp;&nbsp; 2754417 |
| &nbsp;&nbsp; 4250000 | &nbsp;&nbsp;L3Harris Technologies, Inc., 5.400%, 1/15/27 | &nbsp;&nbsp; 4320162 |
| &nbsp;&nbsp; 6276000 | &nbsp;&nbsp;Silgan Holdings, Inc., 144a, 1.400%, 4/1/26 | &nbsp;&nbsp; 6177488 |
|  |  | &nbsp;&nbsp; 24157391 |
|  | &nbsp;&nbsp;**Energy — 2.6%** |  |
| &nbsp;&nbsp;12759000 | &nbsp;&nbsp;Gulfstream Natural Gas System LLC, 144a, 6.190%, 11/1/25 | &nbsp;&nbsp; 12770784 |
| &nbsp;&nbsp; 1705000 | &nbsp;&nbsp;MPLX LP, 1.750%, 3/1/26 | &nbsp;&nbsp; 1687141 |
| &nbsp;&nbsp; 7375000 | &nbsp;&nbsp;ONEOK, Inc., 5.000%, 3/1/26 | &nbsp;&nbsp; 7379130 |
|  |  | &nbsp;&nbsp; 21837055 |
|  | &nbsp;&nbsp;**Utilities — 2.6%** |  |
| &nbsp;&nbsp;13828000 | &nbsp;&nbsp;CMS Energy Corp., 3.600%, 11/15/25 | &nbsp;&nbsp; 13797798 |
| &nbsp;&nbsp; 2473000 | &nbsp;&nbsp;Electricite de France SA (France), 144a, 3.625%, 10/13/25 | &nbsp;&nbsp; 2471983 |
| &nbsp;&nbsp; 3540000 | &nbsp;&nbsp;KeySpan Gas East Corp., 144a, 2.742%, 8/15/26 | &nbsp;&nbsp; 3494375 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Vistra Operations Co. LLC, 144a, 5.050%, 12/30/26 | &nbsp;&nbsp; 2011356 |
|  |  | &nbsp;&nbsp; 21775512 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 2.3%** |  |
| &nbsp;&nbsp; 1275000 | &nbsp;&nbsp;Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.500%, 10/20/25 | &nbsp;&nbsp; 1274531 |
| &nbsp;&nbsp; 5350000 | &nbsp;&nbsp;Hyundai Capital America, 144a, 5.250%, 1/8/27 | &nbsp;&nbsp; 5407918 |
| &nbsp;&nbsp; 3510000 | &nbsp;&nbsp;Hyundai Capital America, 144a, 5.500%, 3/30/26 | &nbsp;&nbsp; 3527815 |
| &nbsp;&nbsp; 4477000 | &nbsp;&nbsp;Mattel, Inc., 144a, 3.375%, 4/1/26 | &nbsp;&nbsp; 4444950 |
| &nbsp;&nbsp; 4780000 | &nbsp;&nbsp;Mercedes-Benz Finance North America LLC (Germany), 144a, (SOFR + 0.630%), 4.928%, 7/31/26<sup>(A)</sup> | &nbsp;&nbsp; 4792715 |
|  |  | &nbsp;&nbsp; 19447929 |
|  | &nbsp;&nbsp;**Materials — 1.1%** |  |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;LYB International Finance III LLC, 1.250%, 10/1/25 | &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp; 7800000 | &nbsp;&nbsp;Smurfit Kappa Treasury Funding DAC (Ireland), 7.500%, 11/20/25 | &nbsp;&nbsp; 7819200 |
|  |  | &nbsp;&nbsp; 9319200 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 24.4% (Continued)** |  |
|  | &nbsp;&nbsp;**Real Estate — 1.1%** |  |
| $5500000 | &nbsp;&nbsp;Public Storage Operating Co. REIT, (SOFR + 0.700%), 5.018%, 4/16/27<sup>(A)</sup> | $5517310 |
| &nbsp;&nbsp; 3588000 | &nbsp;&nbsp;SBA Tower Trust REIT, 144a, 1.884%, 1/15/26 | &nbsp;&nbsp; 3560802 |
|  |  | &nbsp;&nbsp; 9078112 |
|  | &nbsp;&nbsp;**Health Care — 1.1%** |  |
| &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;Elevance Health, Inc., 4.500%, 10/30/26 | &nbsp;&nbsp; 4016756 |
| &nbsp;&nbsp; 5045000 | &nbsp;&nbsp;UnitedHealth Group, Inc., (SOFR + 0.500%), 4.826%, 7/15/26<sup>(A)</sup> | &nbsp;&nbsp; 5051071 |
|  |  | &nbsp;&nbsp; 9067827 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $204026945 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 21.8%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 21.8%** |
| &nbsp;&nbsp; 5820391 | &nbsp;&nbsp;1166 Avenue of the Americas Commercial Mortgage Trust II, Ser 2005-C6A, Class A2, 144a, 5.690%, 10/13/37 | &nbsp;&nbsp; 5895400 |
| &nbsp;&nbsp; 3330000 | &nbsp;&nbsp;Bank of America Merrill Lynch Commercial Mortgage Trust, Ser 2016-UB10, Class AS, 3.385%, 7/15/49 | &nbsp;&nbsp; 3274767 |
| &nbsp;&nbsp; 1375786 | &nbsp;&nbsp;BDS Ltd. (Cayman Islands), Ser 2021-FL10, Class A, 144a, (TSFR1M + 1.464%), 5.600%, 12/16/36<sup>(A)</sup> | &nbsp;&nbsp; 1375790 |
| &nbsp;&nbsp; 3115000 | &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2021-21M, Class B, 144a, (TSFR1M + 1.092%), 5.242%, 10/15/36<sup>(A)</sup> | &nbsp;&nbsp; 3112080 |
| &nbsp;&nbsp; 6300000 | &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2021-21M, Class C, 144a, (TSFR1M + 1.291%), 5.441%, 10/15/36<sup>(A)</sup> | &nbsp;&nbsp; 6292125 |
| &nbsp;&nbsp; 980000 | &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2022-LP2, Class B, 144a, (TSFR1M + 1.312%), 5.462%, 2/15/39<sup>(A)</sup> | &nbsp;&nbsp; 978775 |
| &nbsp;&nbsp; 4395000 | &nbsp;&nbsp;BX Trust, Ser 2021-ARIA, Class A, 144a, (TSFR1M + 1.014%), 5.164%, 10/15/36<sup>(A)</sup> | &nbsp;&nbsp; 4390880 |
| &nbsp;&nbsp; 1690658 | &nbsp;&nbsp;BX Trust, Ser 2021-RISE, Class B, 144a, (TSFR1M + 1.364%), 5.514%, 11/15/36<sup>(A)</sup> | &nbsp;&nbsp; 1688545 |
| &nbsp;&nbsp; 2783928 | &nbsp;&nbsp;BX Trust, Ser 2021-SDMF, Class B, 144a, (TSFR1M + 0.852%), 5.002%, 9/15/34<sup>(A)</sup> | &nbsp;&nbsp; 2775415 |
| &nbsp;&nbsp; 3257196 | &nbsp;&nbsp;BX Trust, Ser 2021-SDMF, Class C, 144a, (TSFR1M + 1.002%), 5.152%, 9/15/34<sup>(A)</sup> | &nbsp;&nbsp; 3242946 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;BX Trust, Ser 2022-LBA6, Class B, 144a, (TSFR1M + 1.300%), 5.450%, 1/15/39<sup>(A)</sup> | &nbsp;&nbsp; 999375 |
| &nbsp;&nbsp; 1036336 | &nbsp;&nbsp;BXMT Ltd. (Cayman Islands), Ser 2020-FL2, Class A, 144a, (TSFR1M + 1.014%), 5.407%, 2/15/38<sup>(A)</sup> | &nbsp;&nbsp; 1030509 |
| &nbsp;&nbsp; 8495000 | &nbsp;&nbsp;BXMT Ltd. (Cayman Islands), Ser 2020-FL2, Class AS, 144a, (TSFR1M + 1.264%), 5.657%, 2/15/38<sup>(A)</sup> | &nbsp;&nbsp; 8430922 |
| &nbsp;&nbsp; 4958491 | &nbsp;&nbsp;BXP Trust, Ser 2017-CQHP, Class A, 144a, (TSFR1M + 0.897%), 5.048%, 11/15/34<sup>(A)</sup> | &nbsp;&nbsp; 4772498 |
| &nbsp;&nbsp; 7813210 | &nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Ser 2016-C3, Class A3, 3.865%, 1/10/48 | &nbsp;&nbsp; 7794239 |
| &nbsp;&nbsp; 497615 | &nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Ser 2016-C4, Class A3, 3.014%, 5/10/58 | &nbsp;&nbsp; 496227 |
| &nbsp;&nbsp; 2098000 | &nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Ser 2016-C4, Class A4, 3.283%, 5/10/58 | &nbsp;&nbsp; 2088512 |
| &nbsp;&nbsp; 7300000 | &nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Ser 2016-C4, Class B, 4.147%, 5/10/58 | &nbsp;&nbsp; 7226910 |
| &nbsp;&nbsp; 2137450 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2016-C1, Class A4, 3.209%, 5/10/49 | &nbsp;&nbsp; 2121278 |
| &nbsp;&nbsp;12600000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2016-C1, Class AS, 3.514%, 5/10/49 | &nbsp;&nbsp; 12446236 |
| &nbsp;&nbsp;56000000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2021-PRM2, Class XCP, 144a, 10/15/22<sup>(A)(B)(C)(D)</sup> | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; 881596 | &nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-UBS3, Class XA, 0.767%, 6/10/47<sup>(A)(B)(C)</sup> | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp; 60696 | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Ser 2015-C3, Class A4, 3.718%, 8/15/48 | &nbsp;&nbsp; 60562 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 21.8% (Continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 21.8% (Continued)** |
| $1312249 | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Ser 2016-C5, Class A5, 3.757%, 11/15/48 | $1307740 |
| &nbsp;&nbsp; 4900000 | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Ser 2016-C6, Class A5, 3.090%, 1/15/49 | &nbsp;&nbsp; 4860588 |
| &nbsp;&nbsp; 4700000 | &nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Ser 2016-C7, Class A5, 3.502%, 11/15/49 | &nbsp;&nbsp; 4654710 |
| &nbsp;&nbsp; 249708 | &nbsp;&nbsp;CSMC Trust, Ser 2017-CHOP, Class A, 144a, (Prime Rate -2.306%), 5.194%, 7/15/32<sup>(A)</sup> | &nbsp;&nbsp; 249442 |
| &nbsp;&nbsp;11158228 | &nbsp;&nbsp;Extended Stay America Trust, Ser 2021-ESH, Class A, 144a, (TSFR1M + 1.194%), 5.344%, 7/15/38<sup>(A)</sup> | &nbsp;&nbsp; 11158228 |
| &nbsp;&nbsp; 2740647 | &nbsp;&nbsp;Extended Stay America Trust, Ser 2021-ESH, Class B, 144a, (TSFR1M + 1.494%), 5.644%, 7/15/38<sup>(A)</sup> | &nbsp;&nbsp; 2740647 |
| &nbsp;&nbsp; 1081379 | &nbsp;&nbsp;GPMT Ltd., Ser 2021-FL3, Class A, 144a, (TSFR1M + 1.614%), 5.750%, 7/16/35<sup>(A)</sup> | &nbsp;&nbsp; 1078684 |
| &nbsp;&nbsp; 598221 | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Ser 2017-GPTX, Class A, 144a, 2.856%, 5/10/34 | &nbsp;&nbsp; 526214 |
| &nbsp;&nbsp; 7080000 | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Ser 2021-DM, Class A, 144a, (TSFR1M + 0.999%), 5.150%, 11/15/36<sup>(A)</sup> | &nbsp;&nbsp; 7075585 |
| &nbsp;&nbsp; 3900000 | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Ser 2021-DM, Class AS, 144a, (TSFR1M + 1.499%), 5.650%, 11/15/36<sup>(A)</sup> | &nbsp;&nbsp; 3880500 |
| &nbsp;&nbsp; 2150000 | &nbsp;&nbsp;Hilton USA Trust, Ser 2016-HHV, Class B, 144a, 4.333%, 11/5/38<sup>(A)(B)</sup> | &nbsp;&nbsp; 2136818 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;HONO Mortgage Trust, Ser 2021-LULU, Class A, 144a, (TSFR1M +1.264%), 5.415%, 10/15/36<sup>(A)</sup> | &nbsp;&nbsp; 2489063 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2016-JP4, Class A4, 3.648%, 12/15/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 989626 |
| &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2018-WPT, Class BFX, 144a, 4.549%, 7/5/33 | &nbsp;&nbsp; 1053000 |
| &nbsp;&nbsp; 6148663 | &nbsp;&nbsp;KIND Trust, Ser 2021-KIND, Class A, 144a, (TSFR1M + 1.064%), 5.220%, 8/15/38<sup>(A)</sup> | &nbsp;&nbsp; 6126023 |
| &nbsp;&nbsp; 3190000 | &nbsp;&nbsp;Lstar Commercial Mortgage Trust, Ser 2016-4, Class AS, 144a, 3.188%, 3/10/49 | &nbsp;&nbsp; 3172453 |
| &nbsp;&nbsp; 6792591 | &nbsp;&nbsp;MF1 LLC, Ser 2022-FL9, Class A, 144a, (TSFR1M + 2.150%), 6.284%, 6/19/37<sup>(A)</sup> | &nbsp;&nbsp; 6798418 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;MHC Commercial Mortgage Trust, Ser 2021-MHC, Class C, 144a, (TSFR1M + 1.465%), 5.615%, 4/15/38<sup>(A)</sup> | &nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp; 2845690 | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C27, Class A4, 3.753%, 12/15/47 | &nbsp;&nbsp; 2840207 |
| &nbsp;&nbsp; 6124000 | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C29, Class A4, 3.325%, 5/15/49 | &nbsp;&nbsp; 6078430 |
| &nbsp;&nbsp; 7245000 | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C30, Class A5, 2.860%, 9/15/49 | &nbsp;&nbsp; 7123404 |
| &nbsp;&nbsp; 2517468 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2015-UBS8, Class A4, 3.809%, 12/15/48 | &nbsp;&nbsp; 2510158 |
| &nbsp;&nbsp; 8406728 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2016-BNK2, Class A4, 3.049%, 11/15/49 | &nbsp;&nbsp; 8245953 |
| &nbsp;&nbsp; 5661653 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2018-BOP, Class A, 144a, (TSFR1M + 0.897%), 5.048%, 8/15/33<sup>(A)</sup> | &nbsp;&nbsp; 4625514 |
| &nbsp;&nbsp; 856233 | &nbsp;&nbsp;SG Commercial Mortgage Securities Trust, Ser 2016-C5, Class A3, 2.779%, 10/10/48 | &nbsp;&nbsp; 850100 |
| &nbsp;&nbsp; 8223560 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2016-NXS6, Class A3, 2.642%, 11/15/49 | &nbsp;&nbsp; 8172296 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | $182437806 |
|  | &nbsp;&nbsp;**Commercial Paper — 9.0%** | &nbsp;&nbsp;**Commercial Paper — 9.0%** |
| &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;Agree LP, 4.201%, 10/1/25<sup>(E)</sup> | &nbsp;&nbsp; 8998869 |
| &nbsp;&nbsp;12500000 | &nbsp;&nbsp;Canadian Tire Corporation Ltd., 4.304%, 10/7/25<sup>(E)</sup> | &nbsp;&nbsp; 12489646 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Commercial Paper — 9.0% (Continued)** | &nbsp;&nbsp;**Commercial Paper — 9.0% (Continued)** |
| $10500000 | &nbsp;&nbsp;Johnson Controls International PLC, 4.200%, 10/1/25<sup>(E)</sup> | $10498774 |
| &nbsp;&nbsp;22700000 | &nbsp;&nbsp;Montana-Dakota Utilities Co., 4.275%, 10/1/25<sup>(E)</sup> | &nbsp;&nbsp; 22697335 |
| &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;Royal Bank of Canada, 4.076%, 11/3/25<sup>(E)</sup> | &nbsp;&nbsp; 4980604 |
| &nbsp;&nbsp;15300000 | &nbsp;&nbsp;Union Electric Co., 4.200%, 10/1/25<sup>(E)</sup> | &nbsp;&nbsp; 15298225 |
|  | &nbsp;&nbsp;**Total Commercial Paper** | $74963453 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 6.0%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 6.0%** |
| &nbsp;&nbsp; 375191 | &nbsp;&nbsp;Bear Stearns ARM Trust, Ser 2003-1, Class 5A1, 6.331%, 4/25/33<sup>(A)(B)††</sup> | &nbsp;&nbsp; 377966 |
| &nbsp;&nbsp; 89439 | &nbsp;&nbsp;Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2, 5.750%, 1/25/34<sup>(A)(B)††</sup> | &nbsp;&nbsp; 74457 |
| &nbsp;&nbsp; 4122541 | &nbsp;&nbsp;Cascade Funding Mortgage Trust, Ser 2025-HB16, Class A, 144a, 3.000%, 3/25/35<sup>(A)(B)</sup> | &nbsp;&nbsp; 4035224 |
| &nbsp;&nbsp; 121724 | &nbsp;&nbsp;CIM Trust, Ser 2018-R3, Class A1, 144a, 5.000%, 12/25/57<sup>(A)(B)</sup> | &nbsp;&nbsp; 121370 |
| &nbsp;&nbsp; 3970733 | &nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2023-1, Class A1, 144a, 6.048%, 4/25/68<sup>(A)(B)</sup> | &nbsp;&nbsp; 3983700 |
| &nbsp;&nbsp; 276 | &nbsp;&nbsp;Community Program Loan Trust, Ser 1987-A, Class A5, 4.500%, 4/1/29 | &nbsp;&nbsp; 276 |
| &nbsp;&nbsp; 5645454 | &nbsp;&nbsp;CSMC Trust, Ser 2018-RPL9, Class A1, 144a, 3.850%, 9/25/57<sup>(A)(B)</sup> | &nbsp;&nbsp; 5564677 |
| &nbsp;&nbsp; 980404 | &nbsp;&nbsp;GCAT Trust, Ser 2024-NQM1, Class A1, 144a, 6.007%, 1/25/59<sup>(A)(B)</sup> | &nbsp;&nbsp; 989422 |
| &nbsp;&nbsp; 990337 | &nbsp;&nbsp;GSR Mortgage Loan Trust, Ser 2003-13, Class 1A1, 5.594%, 10/25/33<sup>(A)(B)</sup> | &nbsp;&nbsp; 992951 |
| &nbsp;&nbsp; 40792 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2006-A4, Class 2A2, 5.751%, 6/25/36<sup>(A)(B)</sup> | &nbsp;&nbsp; 27720 |
| &nbsp;&nbsp; 1417027 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2019-HYB1, Class A5A, 144a, 4.946%, 10/25/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 1414439 |
| &nbsp;&nbsp; 11638 | &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Ser 2004-1, Class 1A, 6.404%, 12/25/34<sup>(A)(B)</sup> | &nbsp;&nbsp; 11433 |
| &nbsp;&nbsp; 9726 | &nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (TSFR12M + 2.340%), 6.099%, 12/25/32<sup>(A)</sup> | &nbsp;&nbsp; 9743 |
| &nbsp;&nbsp; 1307110 | &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2017-2, Class M1, 144a, 3.250%, 7/25/59<sup>(A)(B)</sup> | &nbsp;&nbsp; 1298461 |
| &nbsp;&nbsp; 2496037 | &nbsp;&nbsp;Mill City Mortgage Trust, Ser 2015-1, Class M3, 144a, 3.793%, 6/25/56<sup>(A)(B)</sup> | &nbsp;&nbsp; 2474852 |
| &nbsp;&nbsp; 4586242 | &nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2024-NQM1, Class A1, 144a, 6.129%, 3/25/64<sup>(A)(B)</sup> | &nbsp;&nbsp; 4631640 |
| &nbsp;&nbsp; 178683 | &nbsp;&nbsp;RFMSI Trust, Ser 2007-SA1, Class 1A1, 3.200%, 2/25/37<sup>(A)(B)</sup> | &nbsp;&nbsp; 153053 |
| &nbsp;&nbsp; 5973673 | &nbsp;&nbsp;RMF Proprietary Issuance Trust, Ser 2019-1, Class A, 144a, 2.750%, 10/25/63<sup>(A)(B)</sup> | &nbsp;&nbsp; 5722326 |
| &nbsp;&nbsp; 847782 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-7, Class B2, 3.507%, 6/25/43<sup>(A)(B)</sup> | &nbsp;&nbsp; 827059 |
| &nbsp;&nbsp; 931358 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2019-CH3, Class A13, 144a, 4.000%, 9/25/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 875994 |
| &nbsp;&nbsp; 2744363 | &nbsp;&nbsp;Starwood Mortgage Residential Trust, Ser 2020-3, Class A1, 144a, 1.486%, 4/25/65<sup>(A)(B)</sup> | &nbsp;&nbsp; 2676415 |
| &nbsp;&nbsp; 1768733 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2015-2, Class 1B1, 144a, 3.705%, 11/25/60<sup>(A)(B)</sup> | &nbsp;&nbsp; 1753827 |
| &nbsp;&nbsp; 3199074 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2016-1, Class M2, 144a, 3.500%, 2/25/55<sup>(A)(B)</sup> | &nbsp;&nbsp; 3163510 |
| &nbsp;&nbsp; 4443067 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2016-3, Class M2, 144a, 4.000%, 4/25/56<sup>(A)(B)</sup> | &nbsp;&nbsp; 4419996 |
| &nbsp;&nbsp; 600591 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2017-1, Class A2, 144a, 3.500%, 10/25/56<sup>(A)(B)</sup> | &nbsp;&nbsp; 597515 |
| &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2017-2, Class M1, 144a, 3.750%, 4/25/57<sup>(A)(B)</sup> | &nbsp;&nbsp; 1728574 |
| &nbsp;&nbsp; 2362277 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2021-SJ2, Class A1A, 144a, 2.250%, 12/25/61<sup>(A)(B)</sup> | &nbsp;&nbsp; 2299513 |
|  | &nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations** | $50226113 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Municipal Bonds — 0.7%** |  |
|  | &nbsp;&nbsp;**Other Territory — 0.6%** |  |
| $725000 | &nbsp;&nbsp;Taxable Municipal Funding Trust, Rev., 144a, 4.450%, 5/15/56<sup>(A)(B)</sup> | $725000 |
| &nbsp;&nbsp; 1745000 | &nbsp;&nbsp;Taxable Municipal Funding Trust, Rev., 144a, 4.450%, 12/15/25<sup>(A)(B)</sup> | &nbsp;&nbsp; 1745000 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Taxable Municipal Funding Trust, Rev., 144a, 4.450%, 6/30/28<sup>(A)(B)</sup> | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;Taxable Municipal Funding Trust, Txbl Floaters Ser 2020 11, (LOC - Barclays Bank PLC), 144a, 4.450%, 9/1/30<sup>(A)(B)</sup> | &nbsp;&nbsp; 1200000 |
|  |  | &nbsp;&nbsp; 4670000 |
|  | &nbsp;&nbsp;**Ohio — 0.1%** |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Franklin, OH, 5.875%, 12/9/25 | &nbsp;&nbsp; 1002581 |
|  | &nbsp;&nbsp;**Total Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;$5672581 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 0.4%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 0.4%** |
| &nbsp;&nbsp; 59801 | &nbsp;&nbsp;FHLMC, Pool #1B7189, (RFUCCT1Y + 2.470%), 7.415%, 3/1/36<sup>(A)</sup> | &nbsp;&nbsp; 62048 |
| &nbsp;&nbsp; 52975 | &nbsp;&nbsp;FHLMC, Pool #1H1354, (1 Year CMT Rate +2.250%), 6.903%, 11/1/36<sup>(A)</sup> | &nbsp;&nbsp; 54558 |
| &nbsp;&nbsp; 23404 | &nbsp;&nbsp;FHLMC, Pool #1J1813, (RFUCCT1Y + 1.925%), 6.675%, 8/1/37<sup>(A)</sup> | &nbsp;&nbsp; 24099 |
| &nbsp;&nbsp; 70941 | &nbsp;&nbsp;FHLMC, Pool #1L0147, (1 Year CMT Rate +2.290%), 6.290%, 7/1/35<sup>(A)</sup> | &nbsp;&nbsp; 72621 |
| &nbsp;&nbsp; 25336 | &nbsp;&nbsp;FHLMC, Pool #1Q0080, (RFUCCT1Y + 1.661%), 6.525%, 1/1/36<sup>(A)</sup> | &nbsp;&nbsp; 26099 |
| &nbsp;&nbsp; 67601 | &nbsp;&nbsp;FHLMC, Pool #1Q0119, (RFUCCT1Y + 1.850%), 6.613%, 9/1/36<sup>(A)</sup> | &nbsp;&nbsp; 69507 |
| &nbsp;&nbsp; 55133 | &nbsp;&nbsp;FHLMC, Pool #1Q0187, (RFUCCT1Y + 1.789%), 7.076%, 12/1/36<sup>(A)</sup> | &nbsp;&nbsp; 56354 |
| &nbsp;&nbsp; 24727 | &nbsp;&nbsp;FHLMC, Pool #1Q0339, (RFUCCT1Y + 1.901%), 6.787%, 4/1/37<sup>(A)</sup> | &nbsp;&nbsp; 25356 |
| &nbsp;&nbsp; 41797 | &nbsp;&nbsp;FHLMC, Pool #1Q1303, (1 Year CMT Rate +2.250%), 6.798%, 11/1/36<sup>(A)</sup> | &nbsp;&nbsp; 42977 |
| &nbsp;&nbsp; 65474 | &nbsp;&nbsp;FHLMC, Pool #781515, (1 Year CMT Rate +2.250%), 6.500%, 4/1/34<sup>(A)</sup> | &nbsp;&nbsp; 67529 |
| &nbsp;&nbsp; 28177 | &nbsp;&nbsp;FHLMC, Pool #782760, (1 Year CMT Rate +2.250%), 6.543%, 11/1/36<sup>(A)</sup> | &nbsp;&nbsp; 29189 |
| &nbsp;&nbsp; 34504 | &nbsp;&nbsp;FHLMC, Pool #847795, (1 Year CMT Rate +2.275%), 6.688%, 4/1/35<sup>(A)</sup> | &nbsp;&nbsp; 35239 |
| &nbsp;&nbsp; 83165 | &nbsp;&nbsp;FHLMC, Pool #848539, (1 Year CMT Rate +2.288%), 6.657%, 4/1/37<sup>(A)</sup> | &nbsp;&nbsp; 85414 |
| &nbsp;&nbsp; 188338 | &nbsp;&nbsp;FHLMC, Pool #848583, (1 Year CMT Rate +2.303%), 6.544%, 1/1/36<sup>(A)</sup> | &nbsp;&nbsp; 194559 |
| &nbsp;&nbsp; 2972 | &nbsp;&nbsp;FHLMC, Pool #A92646, 5.500%, 6/1/40 | &nbsp;&nbsp; 3082 |
| &nbsp;&nbsp; 4197 | &nbsp;&nbsp;FHLMC, Pool #C03505, 5.500%, 6/1/40 | &nbsp;&nbsp; 4353 |
| &nbsp;&nbsp; 10006 | &nbsp;&nbsp;FHLMC, Pool #G01840, 5.000%, 7/1/35 | &nbsp;&nbsp; 10250 |
| &nbsp;&nbsp; 28959 | &nbsp;&nbsp;FNMA, Pool #254868, 5.000%, 9/1/33 | &nbsp;&nbsp; 29360 |
| &nbsp;&nbsp; 1107 | &nbsp;&nbsp;FNMA, Pool #256272, 5.500%, 6/1/26 | &nbsp;&nbsp; 1117 |
| &nbsp;&nbsp; 7890 | &nbsp;&nbsp;FNMA, Pool #256852, 6.000%, 8/1/27 | &nbsp;&nbsp; 8057 |
| &nbsp;&nbsp; 2281 | &nbsp;&nbsp;FNMA, Pool #323832, 7.500%, 7/1/29 | &nbsp;&nbsp; 2337 |
| &nbsp;&nbsp; 7833 | &nbsp;&nbsp;FNMA, Pool #665773, 7.500%, 6/1/31 | &nbsp;&nbsp; 7862 |
| &nbsp;&nbsp; 33085 | &nbsp;&nbsp;FNMA, Pool #679742, (1 Year CMT Rate +2.480%), 6.905%, 1/1/40<sup>(A)</sup> | &nbsp;&nbsp; 33495 |
| &nbsp;&nbsp; 36397 | &nbsp;&nbsp;FNMA, Pool #725424, 5.500%, 4/1/34 | &nbsp;&nbsp; 37364 |
| &nbsp;&nbsp; 138611 | &nbsp;&nbsp;FNMA, Pool #725490, (RFUCCT1Y + 1.597%), 6.574%, 4/1/34<sup>(A)</sup> | &nbsp;&nbsp; 140945 |
| &nbsp;&nbsp; 5822 | &nbsp;&nbsp;FNMA, Pool #735484, 5.000%, 5/1/35 | &nbsp;&nbsp; 5957 |
| &nbsp;&nbsp; 33723 | &nbsp;&nbsp;FNMA, Pool #813170, (RFUCCT1Y + 1.575%), 6.540%, 1/1/35<sup>(A)</sup> | &nbsp;&nbsp; 34315 |
| &nbsp;&nbsp; 106154 | &nbsp;&nbsp;FNMA, Pool #815323, (RFUCCT6M + 1.529%), 6.112%, 1/1/35<sup>(A)</sup> | &nbsp;&nbsp; 108831 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 0.4%<br> (Continued)** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 0.4%<br> (Continued)** |
| $44918 | &nbsp;&nbsp;FNMA, Pool #820364, (RFUCCT1Y + 0.827%), 5.827%, 4/1/35<sup>(A)</sup> | $44812 |
| &nbsp;&nbsp; 48507 | &nbsp;&nbsp;FNMA, Pool #827787, (RFUCCT6M + 1.55%), 6.175%, 5/1/35<sup>(A)</sup> | &nbsp;&nbsp; 49766 |
| &nbsp;&nbsp; 24282 | &nbsp;&nbsp;FNMA, Pool #889060, 6.000%, 1/1/38 | &nbsp;&nbsp; 26106 |
| &nbsp;&nbsp; 23369 | &nbsp;&nbsp;FNMA, Pool #889061, 6.000%, 1/1/38 | &nbsp;&nbsp; 24627 |
| &nbsp;&nbsp; 1527 | &nbsp;&nbsp;FNMA, Pool #889382, 5.500%, 4/1/38 | &nbsp;&nbsp; 1588 |
| &nbsp;&nbsp; 41187 | &nbsp;&nbsp;FNMA, Pool #922674, (RFUCCT1Y + 1.905%), 6.797%, 4/1/36<sup>(A)</sup> | &nbsp;&nbsp; 42524 |
| &nbsp;&nbsp; 15394 | &nbsp;&nbsp;FNMA, Pool #960376, 5.500%, 12/1/37 | &nbsp;&nbsp; 15992 |
| &nbsp;&nbsp; 2433 | &nbsp;&nbsp;FNMA, Pool #AD0941, 5.500%, 4/1/40 | &nbsp;&nbsp; 2520 |
| &nbsp;&nbsp; 16096 | &nbsp;&nbsp;FNMA, Pool #AE0363, 5.000%, 7/1/37 | &nbsp;&nbsp; 16296 |
| &nbsp;&nbsp; 23293 | &nbsp;&nbsp;FNMA, Pool #AE5441, 5.000%, 10/1/40 | &nbsp;&nbsp; 23865 |
| &nbsp;&nbsp; 2569 | &nbsp;&nbsp;FNMA, Pool #AI6588, 4.000%, 7/1/26 | &nbsp;&nbsp; 2558 |
| &nbsp;&nbsp; 7153 | &nbsp;&nbsp;FNMA, Pool #AI8506, 4.000%, 8/1/26 | &nbsp;&nbsp; 7123 |
| &nbsp;&nbsp; 32944 | &nbsp;&nbsp;FNMA, Pool #AL0211, 5.000%, 4/1/41 | &nbsp;&nbsp; 33752 |
| &nbsp;&nbsp; 143235 | &nbsp;&nbsp;FNMA, Pool #AL0478, (RFUCCT1Y + 1.777%), 6.841%, 4/1/36<sup>(A)</sup> | &nbsp;&nbsp; 148390 |
| &nbsp;&nbsp; 74545 | &nbsp;&nbsp;FNMA, Pool #AL0543, 5.000%, 7/1/41 | &nbsp;&nbsp; 76374 |
| &nbsp;&nbsp; 30611 | &nbsp;&nbsp;FNMA, Pool #AL1105, 4.500%, 12/1/40 | &nbsp;&nbsp; 30649 |
| &nbsp;&nbsp; 6795 | &nbsp;&nbsp;FNMA, Pool #AL2591, 5.500%, 5/1/38 | &nbsp;&nbsp; 6871 |
| &nbsp;&nbsp; 155202 | &nbsp;&nbsp;FNMA, Pool #AL5275, (RFUCCT6M + 1.505%), 6.132%, 9/1/37<sup>(A)</sup> | &nbsp;&nbsp; 159355 |
| &nbsp;&nbsp; 363755 | &nbsp;&nbsp;FNMA, Pool #AL7396, (RFUCCT6M + 1.532%), 6.144%, 2/1/37<sup>(A)</sup> | &nbsp;&nbsp; 372911 |
| &nbsp;&nbsp; 100787 | &nbsp;&nbsp;GNMA, Pool #80826, (1 Year CMT Rate +1.500%), 5.625%, 2/20/34<sup>(A)</sup> | &nbsp;&nbsp; 102368 |
| &nbsp;&nbsp; 45478 | &nbsp;&nbsp;GNMA, Pool #80889, (1 Year CMT Rate +1.500%), 5.625%, 4/20/34<sup>(A)</sup> | &nbsp;&nbsp; 46243 |
| &nbsp;&nbsp; 89945 | &nbsp;&nbsp;GNMA, Pool #81016, (1 Year CMT Rate +1.500%), 4.625%, 8/20/34<sup>(A)</sup> | &nbsp;&nbsp; 91234 |
| &nbsp;&nbsp; 106146 | &nbsp;&nbsp;GNMA, Pool #82760, (1 Year CMT Rate +1.500%), 5.625%, 3/20/41<sup>(A)</sup> | &nbsp;&nbsp; 108161 |
| &nbsp;&nbsp; 6224 | &nbsp;&nbsp;GNMA, Pool #MA2392, (1 Year CMT Rate +1.500%), 4.750%, 11/20/44<sup>(A)</sup> | &nbsp;&nbsp; 6237 |
| &nbsp;&nbsp; 160543 | &nbsp;&nbsp;GNMA, Pool #MA2466, (1 Year CMT Rate +1.500%), 4.750%, 12/20/44<sup>(A)</sup> | &nbsp;&nbsp; 164724 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$2877920 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.0%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.0%** |
| &nbsp;&nbsp; 72822 | &nbsp;&nbsp;FHLMC REMIC, Ser 2770, Class FH, (SOFR30A + 0.514%), 4.887%, 3/15/34<sup>(A)</sup> | &nbsp;&nbsp; 72439 |
| &nbsp;&nbsp; 64989 | &nbsp;&nbsp;FHLMC REMIC, Ser 4238, Class TL, 1.250%, 8/15/27 | &nbsp;&nbsp; 63849 |
| &nbsp;&nbsp; 14546 | &nbsp;&nbsp;FNMA REMIC, Ser 2003-33, Class AM, 4.250%, 5/25/33 | &nbsp;&nbsp; 14295 |
| &nbsp;&nbsp; 3297 | &nbsp;&nbsp;FNMA REMIC, Ser 2003-42, Class CA, 4.000%, 5/25/33 | &nbsp;&nbsp; 3272 |
| &nbsp;&nbsp; 54157 | &nbsp;&nbsp;FNMA REMIC, Ser 2003-81, Class FE, (SOFR30A + 0.614%), 4.971%, 9/25/33<sup>(A)</sup> | &nbsp;&nbsp; 54011 |
| &nbsp;&nbsp; 134718 | &nbsp;&nbsp;FNMA REMIC, Ser 2009-32, Class BH, 5.250%, 5/25/39 | &nbsp;&nbsp; 136868 |
| &nbsp;&nbsp; 4748 | &nbsp;&nbsp;FNMA REMIC, Ser 2012-102, Class NA, 1.500%, 9/25/27 | &nbsp;&nbsp; 4668 |
| &nbsp;&nbsp; 799 | &nbsp;&nbsp;GNMA, Ser 2011-57, Class BA, 3.000%, 5/20/40 | &nbsp;&nbsp; 797 |
|  | &nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$350199 |
|  | &nbsp;&nbsp;**U.S. Government Agency Obligations — 0.0%** | &nbsp;&nbsp;**U.S. Government Agency Obligations — 0.0%** |
| &nbsp;&nbsp; 19174 | &nbsp;&nbsp;Small Business Administration Pools, Pool #508374, (Prime Rate -2.500%), 5.000%, 4/25/28<sup>(A)</sup> | &nbsp;&nbsp; 19020 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77298 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>∞Ω</sup> | $77298 |
|  | &nbsp;&nbsp;**Total Investment Securities—101.3%<br> (Cost $847,244,245)** | $846633949 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (1.3%)** | &nbsp;&nbsp;&nbsp;(10538628) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $836095321 |

---

---

| | |
|:---|:---|
| *(A)* | *Variable rate security - Rate reflected is the rate in effect as of September 30, 2025.* |
| *(B)* | *Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.* |
| *(C)* | *Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.* |
| *(D)* | *Level 3- For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.* |
| *(E)* | *Rate reflects yield at the time of purchase.* |
| *††* | *The issuers and/or sponsors of certain mortgage-backed securities may no longer exist; however, the securities held by the Fund are separate legal entities organized as trusts and publicly traded. The Fund receives principal and interest payments directly from these trusts.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of September 30, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ARM – Adjustable Rate Mortgage* |
| *CLO – Collateralized Loan Obligation* |
| *CMT – Constant Maturity Treasury* |
| *DAC – Designated Activity Company* |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *FNMA – Federal National Mortgage Association* |
| *GNMA – Government National Mortgage Association* |
| *LLC – Limited Liability Company* |
| *LOC – Letter of Credit* |
| *LP – Limited Partnership* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *REMIC – Real Estate Mortgage Investment Conduit* |
| *RFUCCT1Y – FTSE USD IBOR Consumer Cash Fallbacks Term One year* |
| *RFUCCT6M – FTSE USD IBOR Consumer Cash Fallbacks Term Six months* |
| *SOFR – Secured Overnight Financing Rate* |
| *SOFR30A – Secured Overnight Financing Rate 30 Day Average* |
| *TSFR12M – Twelve Month Term Secured Overnight Financing Rate* |
| *TSFR1M – One Month Term Secured Overnight Financing Rate* |
| *TSFR3M – Three Month Term Secured Overnight Financing Rate* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, these securities were valued at $491,155,843 or 58.7% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Asset-Backed Securities* | *$—* | *$325982614* | *$—* | *$325982614* |
| *Corporate Bonds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*204026945* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*204026945* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*182437806* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*182437806* |
| *Commercial Paper* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*74963453* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*74963453* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*50226113* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*50226113* |
| *Municipal Bonds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5672581* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5672581* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2877920* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2877920* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*350199* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*350199* |
| *U.S. Government Agency Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*19020* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*19020* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;*77298* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*77298* |
| *Total* | *$77298* | *$846556651* | *$—* | *$846633949* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Portfolio of Investments

Touchstone US Quality Bond Fund – September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 26.0%** |  |
|  | &nbsp;&nbsp;**Financials — 8.2%** |  |
| $4000000 | &nbsp;&nbsp;AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust, 144a, 6.088%, 12/15/44 | $4040160 |
| &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;Bank of America Corp., 6.204%, 11/10/28 | &nbsp;&nbsp; 4169893 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Fifth Third Bancorp, 5.631%, 1/29/32 | &nbsp;&nbsp; 2097611 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Fifth Third Bancorp, 6.339%, 7/27/29 | &nbsp;&nbsp; 1053886 |
| &nbsp;&nbsp; 900248 | &nbsp;&nbsp;Fishers Lane Associates LLC, 144a, 3.666%, 8/5/30 | &nbsp;&nbsp; 850681 |
| &nbsp;&nbsp; 940000 | &nbsp;&nbsp;Fishers Lane Associates LLC, 144a, 5.477%, 8/5/40 | &nbsp;&nbsp; 722454 |
| &nbsp;&nbsp; 2599000 | &nbsp;&nbsp;Globe Life, Inc., 4.550%, 9/15/28 | &nbsp;&nbsp; 2622415 |
| &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;JPMorgan Chase & Co., 2.580%, 4/22/32 | &nbsp;&nbsp; 4545445 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;KeyCorp, MTN, 2.550%, 10/1/29 | &nbsp;&nbsp; 1406018 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Metropolitan Life Global Funding I, 144a, 3.050%, 6/17/29 | &nbsp;&nbsp; 1439252 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Metropolitan Life Global Funding I, 144a, 4.300%, 8/25/29 | &nbsp;&nbsp; 2007493 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Nationwide Mutual Insurance Co., 144a, 4.350%, 4/30/50 | &nbsp;&nbsp; 1186131 |
| &nbsp;&nbsp; 2419000 | &nbsp;&nbsp;Nationwide Mutual Insurance Co., 144a, 9.375%, 8/15/39 | &nbsp;&nbsp; 3279236 |
| &nbsp;&nbsp; 2605000 | &nbsp;&nbsp;Pacific Life Global Funding II, 144a, 1.375%, 4/14/26 | &nbsp;&nbsp; 2568053 |
| &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;PNC Bank NA, 2.700%, 10/22/29 | &nbsp;&nbsp; 3293160 |
| &nbsp;&nbsp; 1274000 | &nbsp;&nbsp;Protective Life Corp., 8.450%, 10/15/39 | &nbsp;&nbsp; 1587450 |
| &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;Reliance Standard Life Global Funding II, 144a, 5.243%, 2/2/26 | &nbsp;&nbsp; 1528389 |
| &nbsp;&nbsp; 2610000 | &nbsp;&nbsp;Reliance Standard Life Global Funding II, 144a, 2.750%, 1/21/27 | &nbsp;&nbsp; 2541062 |
| &nbsp;&nbsp; 2802000 | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America, 144a, 4.900%, 9/15/44 | &nbsp;&nbsp; 2588172 |
| &nbsp;&nbsp; 2292000 | &nbsp;&nbsp;Unum Group, 7.250%, 3/15/28 | &nbsp;&nbsp; 2435407 |
| &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;Unum Group, MTN, 7.190%, 2/1/28 | &nbsp;&nbsp; 1151578 |
| &nbsp;&nbsp; 1405000 | &nbsp;&nbsp;US Bancorp, 5.727%, 10/21/26 | &nbsp;&nbsp; 1405951 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;US Bancorp, 5.850%, 10/21/33 | &nbsp;&nbsp; 1599987 |
|  |  | &nbsp;&nbsp; 50119884 |
|  | &nbsp;&nbsp;**Utilities — 7.5%** |  |
| &nbsp;&nbsp; 951000 | &nbsp;&nbsp;American Water Capital Corp., 2.950%, 9/1/27 | &nbsp;&nbsp; 932971 |
| &nbsp;&nbsp; 2431667 | &nbsp;&nbsp;Atmos Energy Kansas Securitization I LLC, 5.155%, 3/1/33 | &nbsp;&nbsp; 2484545 |
| &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;Avista Corp., 4.350%, 6/1/48 | &nbsp;&nbsp; 2719375 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Brazos Securitization LLC, 144a, 5.243%, 9/1/40 | &nbsp;&nbsp; 1505174 |
| &nbsp;&nbsp; 1623000 | &nbsp;&nbsp;California Water Service Co., 5.500%, 12/1/40 | &nbsp;&nbsp; 1616374 |
| &nbsp;&nbsp; 3270000 | &nbsp;&nbsp;Cleco Securitization I LLC, Ser A-2, 4.646%, 9/1/42 | &nbsp;&nbsp; 3129106 |
| &nbsp;&nbsp; 2008000 | &nbsp;&nbsp;Commonwealth Edison Co., 5.900%, 3/15/36 | &nbsp;&nbsp; 2158028 |
| &nbsp;&nbsp; 2163000 | &nbsp;&nbsp;Dominion Energy South Carolina, Inc., 4.600%, 6/15/43 | &nbsp;&nbsp; 1960714 |
| &nbsp;&nbsp; 2530000 | &nbsp;&nbsp;Dominion Energy, Inc., 5.450%, 3/15/35 | &nbsp;&nbsp; 2592409 |
| &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;Duke Energy Florida Project Finance LLC, Ser 2032, 2.858%, 3/1/33 | &nbsp;&nbsp; 1747321 |
| &nbsp;&nbsp; 2082000 | &nbsp;&nbsp;Duke Energy Progress LLC, 6.300%, 4/1/38 | &nbsp;&nbsp; 2296664 |
| &nbsp;&nbsp; 2153858 | &nbsp;&nbsp;Empire District Bondco LLC, Ser A-1, 4.943%, 1/1/33 | &nbsp;&nbsp; 2181063 |
| &nbsp;&nbsp; 2532000 | &nbsp;&nbsp;Entergy Louisiana LLC, 4.440%, 1/15/26 | &nbsp;&nbsp; 2532252 |
| &nbsp;&nbsp; 2192000 | &nbsp;&nbsp;Essential Utilities, Inc., 4.276%, 5/1/49 | &nbsp;&nbsp; 1761651 |
| &nbsp;&nbsp; 1642000 | &nbsp;&nbsp;Georgia Power Co., 4.750%, 9/1/40 | &nbsp;&nbsp; 1563967 |
| &nbsp;&nbsp; 3828000 | &nbsp;&nbsp;Idaho Power Co., MTN, 5.500%, 3/15/53 | &nbsp;&nbsp; 3787923 |
| &nbsp;&nbsp; 2340000 | &nbsp;&nbsp;Kentucky Utilities Co., 5.125%, 11/1/40 | &nbsp;&nbsp; 2294076 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 5.800%, 1/15/33 | &nbsp;&nbsp; 1072897 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Nevada Power Co., 5.450%, 5/15/41 | &nbsp;&nbsp; 3018709 |
| &nbsp;&nbsp; 2080000 | &nbsp;&nbsp;PG&E Wildfire Recovery Funding LLC, Ser A-5, 5.099%, 6/1/52 | &nbsp;&nbsp; 1973357 |
| &nbsp;&nbsp; 1505727 | &nbsp;&nbsp;Southaven Combined Cycle Generation LLC, 3.846%, 8/15/33 | &nbsp;&nbsp; 1459863 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Southern Co. Gas Capital Corp., 4.950%, 9/15/34 | &nbsp;&nbsp; 1504647 |
|  |  | &nbsp;&nbsp; 46293086 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 26.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Industrials — 2.6%** |  |
| $605152 | &nbsp;&nbsp;BNSF Railway Co. Pass-Through Trust, 144a, 3.442%, 6/16/28 | $589185 |
| &nbsp;&nbsp; 2355000 | &nbsp;&nbsp;Burlington Northern Santa Fe LLC, 6.700%, 8/1/28 | &nbsp;&nbsp; 2516816 |
| &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;Canadian Pacific Railway Co. (Canada), 3.125%, 6/1/26 | &nbsp;&nbsp; 1611480 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;CSX Corp., 6.150%, 5/1/37 | &nbsp;&nbsp; 1656720 |
| &nbsp;&nbsp; 1674808 | &nbsp;&nbsp;FedEx Corp. Pass-Through Trust, 1.875%, 2/20/34 | &nbsp;&nbsp; 1449664 |
| &nbsp;&nbsp; 1075000 | &nbsp;&nbsp;GATX Corp., 1.900%, 6/1/31 | &nbsp;&nbsp; 938626 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;GATX Corp., 5.500%, 6/15/35 | &nbsp;&nbsp; 3095135 |
| &nbsp;&nbsp; 366000 | &nbsp;&nbsp;TOTE Maritime Alaska LLC, 6.365%, 4/15/28 | &nbsp;&nbsp; 375017 |
| &nbsp;&nbsp; 1999000 | &nbsp;&nbsp;Tote Shipholdings LLC, 3.400%, 10/16/40 | &nbsp;&nbsp; 1768483 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Union Pacific Corp., 4.850%, 6/15/44 | &nbsp;&nbsp; 894971 |
| &nbsp;&nbsp; 1037455 | &nbsp;&nbsp;Union Pacific Railroad Co. Pass-Through Trust, 3.227%, 5/14/26 | &nbsp;&nbsp; 1031486 |
| &nbsp;&nbsp; 61874 | &nbsp;&nbsp;Union Pacific Railroad Co. Pass-Through Trust, 5.866%, 7/2/30 | &nbsp;&nbsp; 64883 |
|  |  | &nbsp;&nbsp; 15992466 |
|  | &nbsp;&nbsp;**Real Estate — 1.8%** |  |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;American Tower Corp. REIT, 3.125%, 1/15/27 | &nbsp;&nbsp; 2465553 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;American Tower Corp. REIT, 4.900%, 3/15/30 | &nbsp;&nbsp; 2039884 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Crown Castle International Corp. REIT, 4.300%, 2/15/29 | &nbsp;&nbsp; 2985885 |
| &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;SBA Tower Trust REIT, 144a, 1.631%, 11/15/26 | &nbsp;&nbsp; 1990379 |
| &nbsp;&nbsp; 1885000 | &nbsp;&nbsp;SBA Tower Trust REIT, 144a, 1.884%, 1/15/26 | &nbsp;&nbsp; 1870711 |
|  |  | &nbsp;&nbsp; 11352412 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.7%** |  |
| &nbsp;&nbsp; 2991454 | &nbsp;&nbsp;American Airlines Group, Inc. Pass-Through Trust, Ser 2016-3, AA, 3.000%, 10/15/28 | &nbsp;&nbsp; 2876359 |
| &nbsp;&nbsp; 1785000 | &nbsp;&nbsp;PulteGroup, Inc., 7.875%, 6/15/32 | &nbsp;&nbsp; 2102144 |
| &nbsp;&nbsp; 2570000 | &nbsp;&nbsp;Smithsonian Institution, 2.645%, 9/1/39 | &nbsp;&nbsp; 2044846 |
| &nbsp;&nbsp; 501393 | &nbsp;&nbsp;United Airlines, Inc. Pass-Through Trust, 2.875%, 10/7/28 | &nbsp;&nbsp; 477652 |
| &nbsp;&nbsp; 2798913 | &nbsp;&nbsp;United Airlines, Inc. Pass-Through Trust, Ser 2023-1, A, 5.800%, 1/15/36 | &nbsp;&nbsp; 2894886 |
|  |  | &nbsp;&nbsp; 10395887 |
|  | &nbsp;&nbsp;**Communication Services — 1.4%** |  |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;AT&T, Inc., 4.850%, 7/15/45 | &nbsp;&nbsp; 1347888 |
| &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;AT&T, Inc., 6.250%, 3/29/41 | &nbsp;&nbsp; 1337686 |
| &nbsp;&nbsp; 1075000 | &nbsp;&nbsp;AT&T, Inc., 6.800%, 5/15/36 | &nbsp;&nbsp; 1193884 |
| &nbsp;&nbsp; 1445000 | &nbsp;&nbsp;Crown Castle Towers LLC, 144a, 4.241%, 7/15/28 | &nbsp;&nbsp; 1428360 |
| &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;T-Mobile USA, Inc., 4.375%, 4/15/40 | &nbsp;&nbsp; 3616666 |
|  |  | &nbsp;&nbsp; 8924484 |
|  | &nbsp;&nbsp;**Health Care — 1.4%** |  |
| &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;Banner Health, 2.480%, 1/1/32 | &nbsp;&nbsp; 2979274 |
| &nbsp;&nbsp; 987798 | &nbsp;&nbsp;CVS Pass Through Trust, Ser 2013, 144a, 4.704%, 1/10/36 | &nbsp;&nbsp; 945660 |
| &nbsp;&nbsp; 1259308 | &nbsp;&nbsp;CVS Pass-Through Trust, 6.036%, 12/10/28 | &nbsp;&nbsp; 1285642 |
| &nbsp;&nbsp; 3955000 | &nbsp;&nbsp;Piedmont Healthcare, Inc., 2.044%, 1/1/32 | &nbsp;&nbsp; 3393497 |
|  |  | &nbsp;&nbsp; 8604073 |
|  | &nbsp;&nbsp;**Consumer Staples — 1.1%** |  |
| &nbsp;&nbsp; 3345000 | &nbsp;&nbsp;Kroger Co. (The), Ser B, 7.700%, 6/1/29 | &nbsp;&nbsp; 3723391 |
| &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;United Rentals North America, Inc., 4.875%, 1/15/28 | &nbsp;&nbsp; 1594988 |
| &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;United Rentals North America, Inc., 144a, 6.000%, 12/15/29 | &nbsp;&nbsp; 1338652 |
|  |  | &nbsp;&nbsp; 6657031 |
|  | &nbsp;&nbsp;**Energy — 0.3%** |  |
| &nbsp;&nbsp; 1405000 | &nbsp;&nbsp;Texas Eastern Transmission LP, 7.000%, 7/15/32 | &nbsp;&nbsp; 1573946 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $159913269 |
|  | &nbsp;&nbsp;**U.S. Government Agency Obligations — 21.4%** | &nbsp;&nbsp;**U.S. Government Agency Obligations — 21.4%** |
| &nbsp;&nbsp; 1616000 | &nbsp;&nbsp;Canal Barge Co., Inc., 4.500%, 11/12/34 | &nbsp;&nbsp; 1602850 |
| &nbsp;&nbsp; 250368 | &nbsp;&nbsp;Reliance Industries Ltd. (India), 1.870%, 1/15/26 | &nbsp;&nbsp; 248179 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone US Quality Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Government Agency Obligations — 21.4% (Continued)** | &nbsp;&nbsp;**U.S. Government Agency Obligations — 21.4% (Continued)** |
| $36327 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2006-20H, Class 1, 5.700%, 8/1/26 | $36436 |
| &nbsp;&nbsp; 19403 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2006-20K, Class 1, 5.360%, 11/1/26 | &nbsp;&nbsp; 19473 |
| &nbsp;&nbsp; 34500 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2006-20L, Class 1, 5.120%, 12/1/26 | &nbsp;&nbsp; 34553 |
| &nbsp;&nbsp; 32220 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2007-20A, Class 1, 5.320%, 1/1/27 | &nbsp;&nbsp; 32389 |
| &nbsp;&nbsp; 74470 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2007-20E, Class 1, 5.310%, 5/1/27 | &nbsp;&nbsp; 74389 |
| &nbsp;&nbsp; 145164 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2007-20F, Class 1, 5.710%, 6/1/27 | &nbsp;&nbsp; 146415 |
| &nbsp;&nbsp; 144673 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2007-20L, Class 1, 5.290%, 12/1/27 | &nbsp;&nbsp; 145332 |
| &nbsp;&nbsp; 59525 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2008-20A, Class 1, 5.170%, 1/1/28 | &nbsp;&nbsp; 59943 |
| &nbsp;&nbsp; 84228 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2008-20K, Class 1, 6.770%, 11/1/28 | &nbsp;&nbsp; 86062 |
| &nbsp;&nbsp; 161483 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2009-20C, Class 1, 4.660%, 3/1/29 | &nbsp;&nbsp; 162342 |
| &nbsp;&nbsp; 94148 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2009-20D, Class 1, 4.310%, 4/1/29 | &nbsp;&nbsp; 93636 |
| &nbsp;&nbsp; 194294 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2009-20E, Class 1, 4.430%, 5/1/29 | &nbsp;&nbsp; 194723 |
| &nbsp;&nbsp; 94386 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2009-20F, Class 1, 4.950%, 6/1/29 | &nbsp;&nbsp; 95190 |
| &nbsp;&nbsp; 223925 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2009-20J, Class 1, 3.920%, 10/1/29 | &nbsp;&nbsp; 221894 |
| &nbsp;&nbsp; 418608 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2010-20F, Class 1, 3.880%, 6/1/30 | &nbsp;&nbsp; 414990 |
| &nbsp;&nbsp; 886720 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2010-20I, Class 1, 3.210%, 9/1/30 | &nbsp;&nbsp; 862970 |
| &nbsp;&nbsp; 2336401 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2013-20C, Class 1, 2.220%, 3/1/33 | &nbsp;&nbsp; 2188467 |
| &nbsp;&nbsp; 2734184 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2013-20E, Class 1, 2.070%, 5/1/33 | &nbsp;&nbsp; 2544150 |
| &nbsp;&nbsp; 1045974 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2013-20G, Class 1, 3.150%, 7/1/33 | &nbsp;&nbsp; 1008469 |
| &nbsp;&nbsp; 1197874 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2014-20H, Class 1, 2.880%, 8/1/34 | &nbsp;&nbsp; 1137842 |
| &nbsp;&nbsp; 1674296 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2014-20I, Class 1, 2.920%, 9/1/34 | &nbsp;&nbsp; 1590157 |
| &nbsp;&nbsp; 2097497 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2014-20K, Class 1, 2.800%, 11/1/34 | &nbsp;&nbsp; 1990867 |
| &nbsp;&nbsp; 1118396 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2015-20I, Class 1, 2.820%, 9/1/35 | &nbsp;&nbsp; 1051955 |
| &nbsp;&nbsp; 2075155 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2016-20A, Class 1, 2.780%, 1/1/36 | &nbsp;&nbsp; 1952314 |
| &nbsp;&nbsp; 1846473 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2016-20B, Class 1, 2.270%, 2/1/36 | &nbsp;&nbsp; 1701297 |
| &nbsp;&nbsp; 2067000 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2016-20E, Class 1, 2.270%, 5/1/36 | &nbsp;&nbsp; 1912247 |
| &nbsp;&nbsp; 2115177 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2016-20F, Class 1, 2.180%, 6/1/36 | &nbsp;&nbsp; 1926243 |
| &nbsp;&nbsp; 3378522 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2016-20L, Class 1, 2.810%, 12/1/36 | &nbsp;&nbsp; 3170319 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Government Agency Obligations — 21.4% (Continued)** | &nbsp;&nbsp;**U.S. Government Agency Obligations — 21.4% (Continued)** |
| $538474 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2017-10A, Class 1, 2.845%, 3/10/27 | $527874 |
| &nbsp;&nbsp; 562487 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2017-10B, Class 1, 2.518%, 9/10/27 | &nbsp;&nbsp; 548334 |
| &nbsp;&nbsp; 2502114 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2017-20E, Class 1, 2.880%, 5/1/37 | &nbsp;&nbsp; 2352331 |
| &nbsp;&nbsp; 2526305 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2017-20F, Class 1, 2.810%, 6/1/37 | &nbsp;&nbsp; 2360167 |
| &nbsp;&nbsp; 3056793 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2017-20K, Class 1, 2.790%, 11/1/37 | &nbsp;&nbsp; 2857110 |
| &nbsp;&nbsp; 1387692 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2017-20L, Class 1, 2.780%, 12/1/37 | &nbsp;&nbsp; 1295148 |
| &nbsp;&nbsp; 3109987 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2018-20A, Class 1, 2.920%, 1/1/38 | &nbsp;&nbsp; 2933871 |
| &nbsp;&nbsp; 3525656 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2018-20C, Class 1, 3.200%, 3/1/38 | &nbsp;&nbsp; 3331318 |
| &nbsp;&nbsp; 2549881 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2018-20K, Class 1, 3.870%, 11/1/38 | &nbsp;&nbsp; 2509611 |
| &nbsp;&nbsp; 1459667 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2018-25D, Class 1, 3.890%, 10/1/43 | &nbsp;&nbsp; 1384825 |
| &nbsp;&nbsp; 1606251 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2019-20A, Class 1, 3.370%, 1/1/39 | &nbsp;&nbsp; 1527478 |
| &nbsp;&nbsp; 2291737 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2019-25B, Class 1, 3.450%, 2/1/44 | &nbsp;&nbsp; 2141456 |
| &nbsp;&nbsp; 1978186 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2019-25E, Class 1, 3.070%, 5/1/44 | &nbsp;&nbsp; 1814482 |
| &nbsp;&nbsp; 2933343 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2020-25I, Class 1, 1.150%, 9/1/45 | &nbsp;&nbsp; 2362546 |
| &nbsp;&nbsp; 4777104 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2021-25L, Class 1, 1.850%, 12/1/46 | &nbsp;&nbsp; 3978700 |
| &nbsp;&nbsp; 2874607 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2022-25C, Class 1, 2.750%, 3/1/47 | &nbsp;&nbsp; 2538624 |
| &nbsp;&nbsp; 2087572 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2022-25D, Class 1, 3.500%, 4/1/47 | &nbsp;&nbsp; 1952742 |
| &nbsp;&nbsp; 2817813 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2022-25G, Class 1, 3.930%, 7/1/47 | &nbsp;&nbsp; 2678361 |
| &nbsp;&nbsp; 3498389 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2022-25H, Class 1, 3.800%, 8/1/47 | &nbsp;&nbsp; 3314779 |
| &nbsp;&nbsp; 8542332 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2022-25I, Class 1, 4.260%, 9/1/47 | &nbsp;&nbsp; 8289710 |
| &nbsp;&nbsp; 4274692 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-10A, Class 1, 5.168%, 3/10/33 | &nbsp;&nbsp; 4350362 |
| &nbsp;&nbsp; 2322540 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-20E, Class 1, 4.600%, 5/1/43 | &nbsp;&nbsp; 2314867 |
| &nbsp;&nbsp; 2109613 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-25C, Class 1, 4.930%, 3/1/48 | &nbsp;&nbsp; 2131498 |
| &nbsp;&nbsp; 5365601 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-25F, Class 1, 4.930%, 6/1/48 | &nbsp;&nbsp; 5409010 |
| &nbsp;&nbsp; 2505179 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-10A, Class 1, 5.035%, 3/10/34 | &nbsp;&nbsp; 2542018 |
| &nbsp;&nbsp; 5149797 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-10B, Class 1, 4.380%, 9/10/34 | &nbsp;&nbsp; 5114337 |
| &nbsp;&nbsp; 5479841 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-25A, Class 1, 5.050%, 1/1/49 | &nbsp;&nbsp; 5536537 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone US Quality Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Government Agency Obligations — 21.4% (Continued)** | &nbsp;&nbsp;**U.S. Government Agency Obligations — 21.4% (Continued)** |
| $5127754 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-25B, Class 1, 5.070%, 2/1/49 | $5221288 |
| &nbsp;&nbsp; 4781832 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-25I, Class 1, 4.450%, 9/1/49 | &nbsp;&nbsp; 4676153 |
| &nbsp;&nbsp; 5431165 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-25K, Class 1, 5.010%, 11/1/49 | &nbsp;&nbsp; 5467790 |
| &nbsp;&nbsp; 1482269 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2024-25L, Class 1, 4.820%, 12/1/49 | &nbsp;&nbsp; 1488862 |
| &nbsp;&nbsp; 4923276 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2025-25C, Class 1, 4.970%, 3/1/50 | &nbsp;&nbsp; 4952151 |
| &nbsp;&nbsp; 2760000 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2025-25H, Class 1, 4.960%, 8/1/50 | &nbsp;&nbsp; 2783156 |
| &nbsp;&nbsp; 2032173 | &nbsp;&nbsp;United States International Development Finance Corp., 1.870%, 11/20/37 | &nbsp;&nbsp; 1709022 |
|  | &nbsp;&nbsp;**Total U.S. Government Agency Obligations** | $131102611 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 16.1%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 16.1%** |
| &nbsp;&nbsp; 912942 | &nbsp;&nbsp;FHLMC, Pool #SD8186, 3.500%, 11/1/51 | &nbsp;&nbsp; 840937 |
| &nbsp;&nbsp; 3358000 | &nbsp;&nbsp;FHLMC, Pool #WN2314, 4.650%, 1/1/33 | &nbsp;&nbsp; 3364298 |
| &nbsp;&nbsp; 5037609 | &nbsp;&nbsp;FHLMC REMIC, Pool #RA8086, 5.000%, 10/1/52 | &nbsp;&nbsp; 5046557 |
| &nbsp;&nbsp; 5498158 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD7152, 6.000%, 11/1/54 | &nbsp;&nbsp; 5657181 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;FHLMC REMIC, Pool #WN2381, 4.450%, 4/1/30 | &nbsp;&nbsp; 2006896 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;FHLMC REMIC, Pool #WN2615, 4.150%, 6/1/31 | &nbsp;&nbsp; 2963267 |
| &nbsp;&nbsp; 427974 | &nbsp;&nbsp;FNMA, Pool #888829, 5.926%, 6/1/37<sup>(A)(B)</sup> | &nbsp;&nbsp; 426674 |
| &nbsp;&nbsp; 348236 | &nbsp;&nbsp;FNMA, Pool #AH8854, 4.500%, 4/1/41 | &nbsp;&nbsp; 348667 |
| &nbsp;&nbsp; 3995819 | &nbsp;&nbsp;FNMA, Pool #AM9682, 3.810%, 8/1/45 | &nbsp;&nbsp; 3481913 |
| &nbsp;&nbsp; 2730405 | &nbsp;&nbsp;FNMA, Pool #AN0897, 3.440%, 2/1/32 | &nbsp;&nbsp; 2615635 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;FNMA, Pool #AN2418, 2.120%, 9/1/26 | &nbsp;&nbsp; 2950372 |
| &nbsp;&nbsp; 1252340 | &nbsp;&nbsp;FNMA, Pool #AN6828, 3.060%, 9/1/32 | &nbsp;&nbsp; 1211278 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;FNMA, Pool #AN8089, 3.330%, 1/1/38 | &nbsp;&nbsp; 2552573 |
| &nbsp;&nbsp; 93937 | &nbsp;&nbsp;FNMA, Pool #AT0924, 2.000%, 3/1/28 | &nbsp;&nbsp; 91353 |
| &nbsp;&nbsp; 3860363 | &nbsp;&nbsp;FNMA, Pool #BL3622, 2.600%, 8/1/26 | &nbsp;&nbsp; 3813369 |
| &nbsp;&nbsp; 3368140 | &nbsp;&nbsp;FNMA, Pool #BS5630, 3.790%, 11/1/32 | &nbsp;&nbsp; 3251720 |
| &nbsp;&nbsp; 2961645 | &nbsp;&nbsp;FNMA, Pool #BZ0544, 5.380%, 12/1/31 | &nbsp;&nbsp; 3092032 |
| &nbsp;&nbsp; 2687806 | &nbsp;&nbsp;FNMA, Pool #CB0455, 2.500%, 5/1/51 | &nbsp;&nbsp; 2283507 |
| &nbsp;&nbsp; 1227395 | &nbsp;&nbsp;FNMA, Pool #FM3442, 3.000%, 6/1/50 | &nbsp;&nbsp; 1091368 |
| &nbsp;&nbsp; 6743886 | &nbsp;&nbsp;FNMA, Pool #FS1887, 3.000%, 5/1/47 | &nbsp;&nbsp; 6019415 |
| &nbsp;&nbsp; 2668008 | &nbsp;&nbsp;FNMA, Pool #FS7798, 6.000%, 6/1/54 | &nbsp;&nbsp; 2747613 |
| &nbsp;&nbsp; 3200406 | &nbsp;&nbsp;FNMA, Pool #MA4269, 2.500%, 2/1/41 | &nbsp;&nbsp; 2868894 |
| &nbsp;&nbsp; 1140109 | &nbsp;&nbsp;FNMA, Pool #MA4416, 3.500%, 9/1/51 | &nbsp;&nbsp; 1049260 |
| &nbsp;&nbsp; 4056072 | &nbsp;&nbsp;FNMA, Pool #MA4709, 5.000%, 7/1/52 | &nbsp;&nbsp; 4044212 |
| &nbsp;&nbsp; 3414501 | &nbsp;&nbsp;FNMA, Pool #MA4783, 4.000%, 10/1/52 | &nbsp;&nbsp; 3229416 |
| &nbsp;&nbsp; 6984478 | &nbsp;&nbsp;FNMA, Pool #MA4784, 4.500%, 10/1/52 | &nbsp;&nbsp; 6815853 |
| &nbsp;&nbsp; 9510317 | &nbsp;&nbsp;FNMA, Pool #MA4839, 4.000%, 12/1/52 | &nbsp;&nbsp; 8992377 |
| &nbsp;&nbsp; 4142733 | &nbsp;&nbsp;FNMA, Pool #MA5073, 6.000%, 7/1/53 | &nbsp;&nbsp; 4244373 |
| &nbsp;&nbsp; 5586175 | &nbsp;&nbsp;GNMA, Pool #MA8795, 2.500%, 4/20/53 | &nbsp;&nbsp; 4825928 |
| &nbsp;&nbsp; 4723497 | &nbsp;&nbsp;GNMA, Pool #MA9171, 5.500%, 9/20/53 | &nbsp;&nbsp; 4787046 |
| &nbsp;&nbsp; 2404234 | &nbsp;&nbsp;GNMA, Pool #MA9418, 3.000%, 1/20/54 | &nbsp;&nbsp; 2160495 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | $98874479 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 10.7%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 10.7%** |
| &nbsp;&nbsp; 2228979 | &nbsp;&nbsp;Fannie Mae-Aces, Ser 2017-M15, Class ATS2, 3.206%, 11/25/27<sup>(A)(B)</sup> | &nbsp;&nbsp; 2197071 |
| &nbsp;&nbsp; 246074 | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser KW03, Class A1, 2.617%, 12/25/26 | &nbsp;&nbsp; 243816 |
| &nbsp;&nbsp; 6063227 | &nbsp;&nbsp;Freddie Mac Multiclass Certificates Series, Ser 2024-P015, Class A, 4.448%, 1/25/33<sup>(A)(B)</sup> | &nbsp;&nbsp; 6021661 |
| &nbsp;&nbsp; 2450000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2017-K61, Class B, 144a, 3.826%, 12/25/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 2417963 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2018-K74, Class B, 144a, 4.230%, 2/25/51<sup>(A)(B)</sup> | &nbsp;&nbsp; 1182316 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 10.7%<br> (Continued)** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 10.7%<br> (Continued)** |
| $537761 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2015-SB9, Class A5, (SOFR30A + 0.814%), 5.169%, 11/25/35<sup>(A)</sup> | $535164 |
| &nbsp;&nbsp; 38337 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2016-SB17, Class A5H, (SOFR30A + 0.814%), 5.169%, 5/25/36<sup>(A)</sup> | &nbsp;&nbsp; 38197 |
| &nbsp;&nbsp; 125814 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2017-SB27, Class A10F, 3.090%, 1/25/27<sup>(A)(B)</sup> | &nbsp;&nbsp; 124864 |
| &nbsp;&nbsp; 2002692 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2018-SB46, Class A10F, 3.300%, 12/25/27<sup>(A)(B)</sup> | &nbsp;&nbsp; 1964680 |
| &nbsp;&nbsp; 2214130 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2018-SB54, Class A10F, 3.520%, 5/25/28<sup>(A)(B)</sup> | &nbsp;&nbsp; 2184065 |
| &nbsp;&nbsp; 2298684 | &nbsp;&nbsp;FRESB Mortgage Trust, Ser 2018-SB55, Class A10F, 3.770%, 9/25/28<sup>(A)(B)</sup> | &nbsp;&nbsp; 2277631 |
| &nbsp;&nbsp; 183599 | &nbsp;&nbsp;GNMA, Pool #785631, 4.604%, 5/20/67<sup>(A)(B)</sup> | &nbsp;&nbsp; 183255 |
| &nbsp;&nbsp; 272698 | &nbsp;&nbsp;GNMA, Ser 2012-46, Class C, 3.176%, 5/16/50<sup>(A)(B)</sup> | &nbsp;&nbsp; 269132 |
| &nbsp;&nbsp; 484566 | &nbsp;&nbsp;GNMA, Ser 2013-121, Class AB, 3.021%, 8/16/44<sup>(A)(B)</sup> | &nbsp;&nbsp; 459367 |
| &nbsp;&nbsp; 4225 | &nbsp;&nbsp;GNMA, Ser 2013-40, Class AC, 1.584%, 1/16/46 | &nbsp;&nbsp; 4206 |
| &nbsp;&nbsp; 15955 | &nbsp;&nbsp;GNMA, Ser 2013-59, Class A, 1.750%, 7/16/45 | &nbsp;&nbsp; 15011 |
| &nbsp;&nbsp; 2540000 | &nbsp;&nbsp;GNMA, Ser 2015-32, Class HG, 3.000%, 9/16/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 2102785 |
| &nbsp;&nbsp; 350078 | &nbsp;&nbsp;GNMA, Ser 2015-37, Class AD, 2.600%, 11/16/55 | &nbsp;&nbsp; 330099 |
| &nbsp;&nbsp; 1101738 | &nbsp;&nbsp;GNMA, Ser 2015-73, Class B, 2.700%, 10/16/55<sup>(A)(B)</sup> | &nbsp;&nbsp; 1010937 |
| &nbsp;&nbsp; 771075 | &nbsp;&nbsp;GNMA, Ser 2017-46, Class AB, 2.600%, 1/16/52 | &nbsp;&nbsp; 662750 |
| &nbsp;&nbsp; 443064 | &nbsp;&nbsp;GNMA, Ser 2017-H11, Class FV, (TSFR1M + 0.614%), 4.966%, 5/20/67<sup>(A)</sup> | &nbsp;&nbsp; 443116 |
| &nbsp;&nbsp; 406579 | &nbsp;&nbsp;GNMA, Ser 2019-H15, Class GA, 2.250%, 8/20/69 | &nbsp;&nbsp; 395096 |
| &nbsp;&nbsp; 3643993 | &nbsp;&nbsp;GNMA, Ser 2020-113, Class AF, 2.000%, 10/16/62 | &nbsp;&nbsp; 2484644 |
| &nbsp;&nbsp; 4844850 | &nbsp;&nbsp;GNMA, Ser 2020-118, Class AB, 2.250%, 4/16/62 | &nbsp;&nbsp; 3929412 |
| &nbsp;&nbsp; 2136178 | &nbsp;&nbsp;GNMA, Ser 2021-21, Class AF, 1.750%, 6/16/63 | &nbsp;&nbsp; 1508248 |
| &nbsp;&nbsp; 3676802 | &nbsp;&nbsp;GNMA, Ser 2021-22, Class AD, 1.350%, 10/16/62 | &nbsp;&nbsp; 2736354 |
| &nbsp;&nbsp; 2996795 | &nbsp;&nbsp;GNMA, Ser 2025-126, Class BA, 5.550%, 5/16/67<sup>(A)(B)</sup> | &nbsp;&nbsp; 3110286 |
| &nbsp;&nbsp; 5995518 | &nbsp;&nbsp;GNMA, Ser 2025-142, Class BA, 5.350%, 3/16/67<sup>(A)(B)</sup> | &nbsp;&nbsp; 6183129 |
| &nbsp;&nbsp; 6983728 | &nbsp;&nbsp;GNMA, Ser 2025-145, Class AK, 5.596%, 5/16/67<sup>(A)(B)</sup> | &nbsp;&nbsp; 7290665 |
| &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;GNMA, Ser 2025-153, Class AK, 5.740%, 8/16/67<sup>(A)(B)</sup> | &nbsp;&nbsp; 6283783 |
| &nbsp;&nbsp; 6843000 | &nbsp;&nbsp;GNMA, Ser 2025-162, Class BA, 5.432%, 2/16/68<sup>(A)(B)</sup> | &nbsp;&nbsp; 7088714 |
|  | &nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations** | $65678417 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 8.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 8.0%** |
| &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;U.S. Treasury Bills, 3.907%, 12/18/25<sup>#</sup> | &nbsp;&nbsp; 3966444 |
| &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;U.S. Treasury Bond, 1.875%, 2/15/51 | &nbsp;&nbsp; 5135625 |
| &nbsp;&nbsp;18140000 | &nbsp;&nbsp;U.S. Treasury Bond, 2.875%, 5/15/52 | &nbsp;&nbsp; 12931836 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;U.S. Treasury Note, 4.250%, 11/15/34 | &nbsp;&nbsp; 2022813 |
| &nbsp;&nbsp;21540000 | &nbsp;&nbsp;U.S. Treasury Strip, Principal, 5/15/43<sup>(C)</sup> | &nbsp;&nbsp; 9335218 |
| &nbsp;&nbsp;19894000 | &nbsp;&nbsp;U.S. Treasury Strip, Principal, 5/15/45<sup>(C)</sup> | &nbsp;&nbsp; 7741444 |
| &nbsp;&nbsp;26500000 | &nbsp;&nbsp;U.S. Treasury Strip, Principal, 2/15/51<sup>(C)</sup> | &nbsp;&nbsp; 7761994 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | $48895374 |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 6.4%** | &nbsp;&nbsp;**Asset-Backed Securities — 6.4%** |
| &nbsp;&nbsp; 1590078 | &nbsp;&nbsp;321 Henderson Receivables I LLC, Ser 2012-1A, Class A, 144a, 4.210%, 2/16/65 | &nbsp;&nbsp; 1533450 |
| &nbsp;&nbsp; 826234 | &nbsp;&nbsp;321 Henderson Receivables I LLC, Ser 2012-2A, Class A, 144a, 3.840%, 10/15/59 | &nbsp;&nbsp; 773479 |
| &nbsp;&nbsp; 2482952 | &nbsp;&nbsp;321 Henderson Receivables I LLC, Ser 2015-2A, Class A, 144a, 3.870%, 3/15/58 | &nbsp;&nbsp; 2289507 |
| &nbsp;&nbsp; 2290811 | &nbsp;&nbsp;CF Hippolyta Issuer LLC, Ser 2021-1A, Class A1, 144a, 1.530%, 3/15/61 | &nbsp;&nbsp; 1907513 |
| &nbsp;&nbsp; 2792752 | &nbsp;&nbsp;JG Wentworth XLII LLC, Ser 2018-2A, Class A, 144a, 3.960%, 10/15/75 | &nbsp;&nbsp; 2590076 |
| &nbsp;&nbsp; 1221333 | &nbsp;&nbsp;JGWPT XXVII LLC, Ser 2012-3A, Class A, 144a, 3.220%, 9/15/65 | &nbsp;&nbsp; 1113931 |
| &nbsp;&nbsp; 1346261 | &nbsp;&nbsp;JGWPT XXXI LLC, Ser 2014-1A, Class A, 144a, 3.960%, 3/15/63 | &nbsp;&nbsp; 1264846 |
| &nbsp;&nbsp; 956718 | &nbsp;&nbsp;JGWPT XXXIV LLC, Ser 2015-1A, Class A, 144a, 3.260%, 9/15/72 | &nbsp;&nbsp; 848276 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone US Quality Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 6.4% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 6.4% (Continued)** |
| $4445000 | &nbsp;&nbsp;Louisiana Local Government Environmental Fac. & Community Development Auth, Revenue, Ser 2022-ELL, Class A2, 4.145%, 2/1/33 | $4433956 |
| &nbsp;&nbsp; 905977 | &nbsp;&nbsp;Oklahoma Development Finance Auth., Revenue, Ser 2022-ONG, Class A1, 3.877%, 5/1/37 | &nbsp;&nbsp; 891669 |
| &nbsp;&nbsp; 320000 | &nbsp;&nbsp;Progress Residential Trust, Ser 2025-SFR4, Class B, 144a, 4.700%, 8/17/42 | &nbsp;&nbsp; 317849 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;QTS Issuer ABS I LLC, Ser 2025-1A, Class A2, 144a, 5.439%, 5/25/55 | &nbsp;&nbsp; 2553816 |
| &nbsp;&nbsp; 3771765 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2021-10B, Class 1, 1.304%, 9/10/31 | &nbsp;&nbsp; 3329389 |
| &nbsp;&nbsp; 4288365 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2021-25I, Class 1, 1.560%, 9/1/46 | &nbsp;&nbsp; 3484977 |
| &nbsp;&nbsp; 2282258 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-10B, Class 1, 5.688%, 9/10/33 | &nbsp;&nbsp; 2369536 |
| &nbsp;&nbsp; 3455375 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-25G, Class 1, 5.180%, 7/1/48 | &nbsp;&nbsp; 3533440 |
| &nbsp;&nbsp; 2793103 | &nbsp;&nbsp;Small Business Administration Participation Certificates, Ser 2023-25H, Class 1, 5.150%, 8/1/48 | &nbsp;&nbsp; 2839950 |
| &nbsp;&nbsp; 439902 | &nbsp;&nbsp;Sunnova Hestia I Issuer LLC, Ser 2023-GRID1, Class 1A, 144a, 5.750%, 12/20/50 | &nbsp;&nbsp; 443886 |
| &nbsp;&nbsp; 2576781 | &nbsp;&nbsp;Sunnova Hestia II Issuer LLC, Ser 2024-GRID1, Class 1A, 144a, 5.630%, 7/20/51 | &nbsp;&nbsp; 2580184 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | $39099730 |
|  | &nbsp;&nbsp;**Municipal Bonds — 5.4%** |  |
|  | &nbsp;&nbsp;**California — 1.9%** |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;California Health Facilities Financing Authority, 2.704%, 6/1/30 | &nbsp;&nbsp; 939660 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;California Health Facilities Financing Authority, 2.229%, 6/1/32 | &nbsp;&nbsp; 1754142 |
| &nbsp;&nbsp; 875000 | &nbsp;&nbsp;California Health Facilities Financing Authority, 4.140%, 6/1/34 | &nbsp;&nbsp; 847446 |
| &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;California Municipal Finance Authority, Revenue, 2.519%, 10/1/35 | &nbsp;&nbsp; 1065206 |
| &nbsp;&nbsp; 1465000 | &nbsp;&nbsp;City of San Francisco Public Utilities Commission Water Revenue, Build America Bonds, 6.950%, 11/1/50 | &nbsp;&nbsp; 1652230 |
| &nbsp;&nbsp; 2345000 | &nbsp;&nbsp;East Bay Municipal Utility District Water System Revenue, Build America Bonds Sub, 5.874%, 6/1/40 | &nbsp;&nbsp; 2504020 |
| &nbsp;&nbsp; 2675000 | &nbsp;&nbsp;State of California, Build America Bonds, UTGO, 7.300%, 10/1/39 | &nbsp;&nbsp; 3129550 |
|  |  | &nbsp;&nbsp; 11892254 |
|  | &nbsp;&nbsp;**Texas — 0.9%** |  |
| &nbsp;&nbsp; 1770000 | &nbsp;&nbsp;Dallas Area Rapid Transit, Revenue, Build America Bonds, 5.999%, 12/1/44 | &nbsp;&nbsp; 1848238 |
| &nbsp;&nbsp; 2640000 | &nbsp;&nbsp;Texas Department of Transportation State Highway Fund, Build America Bonds, Revenue, 5.178%, 4/1/30 | &nbsp;&nbsp; 2694080 |
| &nbsp;&nbsp; 1279120 | &nbsp;&nbsp;Travis County Housing Finance Corp, Revenue, 2.550%, 7/1/42 | &nbsp;&nbsp; 860076 |
|  |  | &nbsp;&nbsp; 5402394 |
|  | &nbsp;&nbsp;**Oklahoma — 0.5%** |  |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Oklahoma Development Finance Auth., Revenue, 5.087%, 2/1/52 | &nbsp;&nbsp; 2962805 |
|  | &nbsp;&nbsp;**Indiana — 0.5%** |  |
| &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Build America Bonds, 6.116%, 1/15/40 | &nbsp;&nbsp; 2898444 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Municipal Bonds — 5.4% (Continued)** |  |
|  | &nbsp;&nbsp;**Virginia — 0.4%** |  |
| $853572 | &nbsp;&nbsp;Virginia Housing Development Authority, 2.950%, 10/25/49 | $739313 |
| &nbsp;&nbsp; 2225661 | &nbsp;&nbsp;Virginia Housing Development Authority, 2.125%, 7/25/51 | &nbsp;&nbsp; 1827731 |
|  |  | &nbsp;&nbsp; 2567044 |
|  | &nbsp;&nbsp;**New York — 0.4%** |  |
| &nbsp;&nbsp; 1135000 | &nbsp;&nbsp;Port Authority of New York & New Jersey, 4.960%, 8/1/46 | &nbsp;&nbsp; 1090337 |
| &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;Port Authority of New York and New Jersey, Cons One Hundred Sixty-Eight, 4.926%, 10/1/51 | &nbsp;&nbsp; 1314757 |
|  |  | &nbsp;&nbsp; 2405094 |
|  | &nbsp;&nbsp;**Minnesota — 0.4%** |  |
| &nbsp;&nbsp; 3026210 | &nbsp;&nbsp;Minnesota Housing Finance Agency, Revenue, 1.580%, 2/1/51 | &nbsp;&nbsp; 2282940 |
|  | &nbsp;&nbsp;**Nevada — 0.2%** |  |
| &nbsp;&nbsp; 1454437 | &nbsp;&nbsp;Nevada Housing Division, Revenue, 1.900%, 11/1/44 | &nbsp;&nbsp; 1173868 |
|  | &nbsp;&nbsp;**Ohio — 0.2%** |  |
| &nbsp;&nbsp; 1193000 | &nbsp;&nbsp;Ohio State HFA, Revenue, 2.650%, 11/1/41 | &nbsp;&nbsp; 1034617 |
|  | &nbsp;&nbsp;**Louisiana — 0.0%** |  |
| &nbsp;&nbsp; 335542 | &nbsp;&nbsp;Louisiana Housing Corp., 2.875%, 11/1/38 | &nbsp;&nbsp; 290882 |
|  | &nbsp;&nbsp;**Total Municipal Bonds** | $32910342 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 4.6%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 4.6%** |
| &nbsp;&nbsp; 2990186 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2024-5C27, Class A2, 5.550%, 7/15/57 | &nbsp;&nbsp; 3091263 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;BMO Mortgage Trust, Ser 2024-5C7, Class A2, 5.092%, 11/15/57 | &nbsp;&nbsp; 3070301 |
| &nbsp;&nbsp; 780000 | &nbsp;&nbsp;BX Trust, Ser 2025-VLT7, Class A, 144a, (TSFR1M + 1.700%), 5.850%, 7/15/44<sup>(A)</sup> | &nbsp;&nbsp; 781950 |
| &nbsp;&nbsp; 380000 | &nbsp;&nbsp;BX Trust, Ser 2025-VLT7, Class B, 144a, (TSFR1M + 2.000%), 6.150%, 7/15/44<sup>(A)</sup> | &nbsp;&nbsp; 381425 |
| &nbsp;&nbsp; 15057 | &nbsp;&nbsp;CD Mortgage Trust, Ser 2006-CD3, Class AJ, 5.688%, 10/15/48 | &nbsp;&nbsp; 14198 |
| &nbsp;&nbsp; 2850000 | &nbsp;&nbsp;CHI Commercial Mortgage Trust, Ser 2025-SFT, Class A, 144a, 5.665%, 4/15/42<sup>(A)(B)</sup> | &nbsp;&nbsp; 2922062 |
| &nbsp;&nbsp; 2985000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2020-555, Class A, 144a, 2.647%, 12/10/41 | &nbsp;&nbsp; 2708635 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;DOLP Trust, Ser 2021-NYC, Class A, 144a, 2.956%, 5/10/41 | &nbsp;&nbsp; 2679511 |
| &nbsp;&nbsp; 22744 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2015-K51, Class B, 144a, 4.175%, 10/25/48<sup>(A)(B)</sup> | &nbsp;&nbsp; 22674 |
| &nbsp;&nbsp; 2075000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2016-K52, Class B, 144a, 4.145%, 1/25/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 2067213 |
| &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2017-K65, Class B, 144a, 4.224%, 7/25/50<sup>(A)(B)</sup> | &nbsp;&nbsp; 1437682 |
| &nbsp;&nbsp; 2545000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2017-K66, Class B, 144a, 4.175%, 7/25/27<sup>(A)(B)</sup> | &nbsp;&nbsp; 2525541 |
| &nbsp;&nbsp; 525000 | &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2017-K69, Class B, 144a, 3.854%, 10/25/49<sup>(A)(B)</sup> | &nbsp;&nbsp; 516036 |
| &nbsp;&nbsp; 2372835 | &nbsp;&nbsp;Logistics 1 MI TN VA Senior Notes CTL Pass-Through Trust, 144a, 2.654%, 10/10/42 | &nbsp;&nbsp; 1970534 |
| &nbsp;&nbsp; 2550000 | &nbsp;&nbsp;MKT Mortgage Trust, Ser 2020-525M, Class A, 144a, 2.694%, 2/12/40 | &nbsp;&nbsp; 2263347 |
| &nbsp;&nbsp; 2185000 | &nbsp;&nbsp;SLG Office Trust, Ser 2021-OVA, Class A, 144a, 2.585%, 7/15/41 | &nbsp;&nbsp; 1942534 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | $28394906 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.0%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.0%** |
| &nbsp;&nbsp; 341202 | &nbsp;&nbsp;Virginia Housing Development Auth., Revenue, Ser 2013-B, Class A, 2.750%, 4/25/42 | &nbsp;&nbsp; 256671 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Touchstone US Quality Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.7%** |  |
| 4382587 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>∞Ω</sup> | $4382587 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.3%<br> (Cost $641,067,102)** | $609508386 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.7%** | &nbsp;&nbsp; 4187213 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $613695599 |

---

---

| | |
|:---|:---|
| *(A)* | *Variable rate security - Rate reflected is the rate in effect as of September 30, 2025.* |
| *(B)* | *Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.* |
| *(C)* | *Strip Security- Separate trading of Registered Interest and Principal. Holders of a principal strip security are entitled to the portion of the payment representing principal only.* |
| *#* | *Zero coupon bond - Rate shown reflects effective yield to maturity at time of purchase.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of September 30, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ABS – Asset-Backed Security* |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *FNMA – Federal National Mortgage Association* |
| *FREMF – Freddie Mac Multifamily Securitization* |
| *FRESB – Freddie Mac Multifamily Securitization Small Balance Loan* |
| *GNMA – Government National Mortgage Association* |
| *HFA – Housing Finance Authority/Agency* |
| *LLC – Limited Liability Company* |
| *LP – Limited Partnership* |
| *MTN – Medium Term Note* |
| *REIT – Real Estate Investment Trust* |
| *REMIC – Real Estate Mortgage Investment Conduit* |
| *SOFR30A – Secured Overnight Financing Rate 30 Day Average* |
| *TSFR1M – One Month Term Secured Overnight Financing Rate* |
| *UTGO – Unlimited Tax General Obligation* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, these securities were valued at $76,455,440 or 12.5% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Corporate Bonds* | *$—* | *$159913269* | *$—* | *$159913269* |
| *U.S. Government Agency Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*131102611* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*131102611* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*98874479* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*98874479* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*65678417* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*65678417* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*48895374* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*48895374* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*39099730* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*39099730* |
| *Municipal Bonds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*32910342* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*32910342* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*28394906* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*28394906* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*256671* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*256671* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;*4382587* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4382587* |
| *Total* | *$4382587* | *$605125799* | *$—* | *$609508386* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Statements of Assets and Liabilities

September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Active Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Dividend<br> Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** |
| **Assets** |  |  |  |  |  |  |
| Investments, at cost | $276075374 | $883468043 | $1983244460 | $109025513 | $3922898723 | $411127658 |
| Investments, at market value \* | $268602493 | $886002304 | $2417820511 | $108195136 | $5285535353 | $554348602 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512336 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77158 |
| Cash deposits held at prime broker <sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800051 |  |  |  |  |
| Foreign currency † |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412886 |  |  |  |  |
| Unrealized appreciation on forward foreign currency contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20184 |  |  |  |  |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11030261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930589 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202572 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3867468 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236420 |  |  |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117312 |  |  |  |  |  |
| Receivable for securities lending income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4395 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 |  |  |
| Tax reclaim receivable |  |  |  |  |  |  |
| Other assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10998 |  |
| **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;277331098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908173130 | &nbsp;&nbsp;&nbsp;&nbsp;2420742971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110164940 | &nbsp;&nbsp;&nbsp;&nbsp;5295931575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555558921 |
| **Liabilities** |  |  |  |  |  |  |
| Written options, at market value ‡ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400 |  |  |  |  |
| Dividends payable |  |  |  |  |  |  |
| Securities sold short\*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72946 |  |  |  |  |
| Payable for return of collateral for securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6167072 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527748 |  |  |
| Deferred foreign capital gains tax |  |  |  |  |  |  |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9238444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507475 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19018584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16756298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215967 |  |  |
| Payable to Investment Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314645 |
| Payable to other affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64802 |
| Payable to Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658 |
| Payable for professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28958 |
| Payable for reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14443 |
| Payable for transfer agent services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53587 |
| Payable for variation margin on swap agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252580 |  |  |  |  |
| Other accrued expenses and liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20419 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27915797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20320491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13964090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019987 |
| **Net Assets** | $272335428 | $880257333 | $2400422480 | $107292365 | $5281967485 | $554538934 |
| **Net assets consist of:** |  |  |  |  |  |  |
| Par value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229044 |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;406034057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965743434 | &nbsp;&nbsp;&nbsp;&nbsp;1876061018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130023697 | &nbsp;&nbsp;&nbsp;&nbsp;3826486397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397364859 |
| Distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;(133983110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86437816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523172427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22869473) | &nbsp;&nbsp;&nbsp;&nbsp;1454541083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156945031 |
| Net Assets | $272335428 | $880257333 | $2400422480 | $107292365 | $5281967485 | $554538934 |
| *\*Includes market value of securities on loan of:* | *$321751* | *$5951804* | *$—* | *$1464419* | *$—* | *$—* |
| *†Cost of foreign currency:* | *$—* | *$1412150* | *$—* | *$—* | *$—* | *$—* |
| *‡Premiums received from written options:* | *$—* | *$12200* | *$—* | *$—* | *$—* | *$—* |
| *\*\*Proceeds received for securities sold short:* | *$—* | *$82281* | *$—* | *$—* | *$—* | *$—* |

---

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Statements of Assets and Liabilities (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Touchstone<br> Sands Capital<br> International<br> Growth Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Cap<br> Value Fund** | &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration<br> Fixed Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality<br> Bond Fund** |
| $75508661 | $1492024163 | $223431317 | $156569987 | $847244245 | $641067102 |
| $102642995 | $2567771657 | $263902791 | $185789120 | $846633949 | $609508386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222833 | &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;32266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13345 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4865732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440076 |
| &nbsp;&nbsp;&nbsp;&nbsp;2105768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748125 |
| &nbsp;&nbsp;&nbsp;&nbsp;6993610 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549618 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83457 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 |  |  |  |  |
| 111905954 | &nbsp;&nbsp;&nbsp;&nbsp;2568908134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266832690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186134985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856404955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614696598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15005072 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862774 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4767665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659862 |
| &nbsp;&nbsp;&nbsp;&nbsp;1041219 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14949831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20177 |
| &nbsp;&nbsp;&nbsp;&nbsp;2125917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18711090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20309634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000999 |
| $109780037 | $2550197044 | $266122231 | $184387066 | $836095321 | $613695599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670261 |
| &nbsp;&nbsp;&nbsp;91831416 | &nbsp;&nbsp;&nbsp;&nbsp;1491979159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228957461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155765155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947706997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667691705 |
| &nbsp;&nbsp;&nbsp;17828771 | &nbsp;&nbsp;&nbsp;&nbsp;1057016043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36986704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28576472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112516041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54666367) |
| $109780037 | $2550197044 | $266122231 | $184387066 | $836095321 | $613695599 |
| *$—* | *$14435388* | *$—* | *$—* | *$—* | *$—* |
| *$13196* | *$—* | *$—* | *$—* | *$—* | *$—* |
| *$—* | *$—* | *$—* | *$—* | *$—* | *$—* |
| *$—* | *$—* | *$—* | *$—* | *$—* | *$—* |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Statements of Assets and Liabilities (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Active Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Dividend<br> Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** |
| **Pricing of Class A Shares** |  |  |  |  |  |  |
| Net assets applicable to Class A shares | $111239573 | $126498407 | $1552004441 | $10458121 | $156499881 | $14986208 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11603062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13880937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76795465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630314 |
| Net asset value price per share\* | $9.59 | $9.11 | $20.21 | $7.52 | $55.07 | $23.78 |
| Maximum sales charge - Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% |
| Maximum offering price per share<br> (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares | $9.91 | $9.42 | $21.27 | $7.77 | $57.97 | $25.03 |
| **Pricing of Class C Shares** |  |  |  |  |  |  |
| Net assets applicable to Class C shares | $2126806 | $31634313 | $131525264 | $313464 | $69865399 | $914357 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3629457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6561039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40824 |
| Net asset value and offering price per share\*\* | $8.65 | $8.72 | $20.05 | $7.48 | $49.44 | $22.40 |
| **Pricing of Class S Shares** |  |  |  |  |  |  |
| Net assets applicable to Class S shares | $— | $— | $— | $— | $— | $— |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) |  |  |  |  |  |  |
| Net asset value, offering price and redemption price per share | $— | $— | $— | $— | $— | $— |
| **Pricing of Class Y Shares** |  |  |  |  |  |  |
| Net assets applicable to Class Y shares | $36712930 | $619673901 | $704688450 | $18187687 | $3744598936 | $133000234 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66725359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34941621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66551571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5528267 |
| Net asset value, offering price and redemption price per share | $9.58 | $9.29 | $20.17 | $7.80 | $56.27 | $24.06 |
| **Pricing of Class Z Shares** |  |  |  |  |  |  |
| Net assets applicable to Class Z shares | $— | $— | $— | $— | $34955239 | $— |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639842 |  |
| Net asset value, offering price and redemption price per share | $— | $— | $— | $— | $54.63 | $— |
| **Pricing of Institutional Class Shares** |  |  |  |  |  |  |
| Net assets applicable to Institutional Class shares | $122256119 | $102448101 | $3479804 | $78333093 | $579697163 | $405638135 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12766406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10935440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10048762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10255805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16705025 |
| Net asset value, offering price and redemption price per share | $9.58 | $9.37 | $20.15 | $7.80 | $56.52 | $24.28 |
| **Pricing of Class R6 Shares** |  |  |  |  |  |  |
| Net assets applicable to Class R6 shares | $— | $2611 | $8724521 | $— | $696350867 | $— |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432661 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12298610 |  |
| Net asset value, offering price and redemption price per share | $— | $9.37 | $20.16 | $— | $56.62 | $— |

---

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Statements of Assets and Liabilities (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Touchstone<br> Sands Capital<br> International<br> Growth Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Cap<br> Value Fund** | &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration<br> Fixed Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality<br> Bond Fund** |
| $8635613 | $454913976 | $36655129 | $25158905 | $138022920 | $14456937 |
| &nbsp;&nbsp;&nbsp;&nbsp;948346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23479515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14934274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581157 |
| $9.11 | $19.37 | $14.64 | $40.17 | $9.24 | $9.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% |
| $9.59 | $20.39 | $15.41 | $42.28 | $9.43 | $9.45 |
| $874520 | $16825553 | $1667927 | $449107 | $6135987 | $1269405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138922 |
| $9.23 | $19.01 | $12.59 | $37.55 | $9.25 | $9.14 |
| $— | $— | $— | $— | $26133791 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826161 |  |
| $— | $— | $— | $— | $9.25 | $— |
| $82170837 | $709761088 | $196196454 | $40806498 | $513040689 | $301317968 |
| &nbsp;&nbsp;&nbsp;8971164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32272349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13059979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55481255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32907532 |
| $9.16 | $21.99 | $15.02 | $40.52 | $9.25 | $9.16 |
| $— | $257743507 | $— | $— | $39483870 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13291785 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270676 |  |
| $— | $19.39 | $— | $— | $9.25 | $— |
| $2252849 | $761972905 | $31602721 | $117972556 | $113278064 | $264417433 |
| &nbsp;&nbsp;&nbsp;&nbsp;245381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34499348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12260797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28877565 |
| $9.18 | $22.09 | $14.97 | $40.70 | $9.24 | $9.16 |
| $15846218 | $348980015 | $— | $— | $— | $32233856 |
| &nbsp;&nbsp;&nbsp;1725318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15756157 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520908 |
| $9.18 | $22.15 | $— | $— | $— | $9.15 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Statements of Operations For the Year Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Active Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Dividend<br> Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** |
| **Investment Income** |  |  |  |  |
| Dividends\* | $179294 | $1410299 | $59458699 | $58453 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60766861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7343994 |
| Income from securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154 |
| **Total Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12181511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62253315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59458699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7404601 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4397252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12332078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579586 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141697 |
| Compliance fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37298 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38341 |
| Transfer Agent fees, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14183 |
| Transfer Agent fees, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 |
| Transfer Agent fees, Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfer Agent fees, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22215 |
| Transfer Agent fees, Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfer Agent fees, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
| Transfer Agent fees, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 | &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;16580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11988 |
| Registration fees, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6359 |
| Registration fees, Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Registration fees, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11091 |
| Registration fees, Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Registration fees, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12423 |
| Registration fees, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest expense on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reports to Shareholders, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809 |
| Reports to Shareholders, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388 |
| Reports to Shareholders, Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reports to Shareholders, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187 |
| Reports to Shareholders, Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reports to Shareholders, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357 |
| Reports to Shareholders, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shareholder servicing fees, Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distribution and shareholder servicing expenses, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27962 |
| Distribution and shareholder servicing expenses, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559 |
| Distribution expenses, Class S |  |  |  |  |
| Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238 |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43083 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7194179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23382168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998576 |
| Fees waived and/or reimbursed by the Adviser and/or Affiliates<sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(727962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181221) |
| Fees recouped by the Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6466217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22935997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817355 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10456957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55787098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36522702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6587246 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |
| Net realized gains (losses) on investments<sup>(B)(C)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1290944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2591316) | &nbsp;&nbsp;&nbsp;&nbsp;104799688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290269) |
| Net realized losses on written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized losses on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(881057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gains (losses) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;86219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1257567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97354604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58668 |
| Net change in unrealized appreciation (depreciation) on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net change in unrealized appreciation (depreciation) on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net change in unrealized appreciation (depreciation) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(1346014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4503222) | &nbsp;&nbsp;&nbsp;&nbsp;202154292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231601) |
| **Change in Net Assets Resulting from Operations** | $9110943 | $51283876 | $238676994 | $6355645 |
| *\*Net of foreign tax withholding of:* | *$—* | *$—* | *$—* | *$—* |
| *†Includes increase in deferred foreign capital gain tax of:* | *$—* | *$—* | *$—* | *$—* |

---

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

*<sup>(B)</sup>* *Includes foreign capital gains taxes paid of $4,596 for the Sands Capital International Growth Equity Fund.* 

*<sup>(C)</sup>* *Net realized gains on investments includes the realized gains of $210,147,447, $25,821,582, $252,457,022, $8,478,958 and $8,594,485 for the Mid Cap Fund, the Mid Cap Value Fund, the Sand Capital Select Growth Fund, the Small Cap Fund and the Small Cap Value Fund, respectively, for redemption-in-kind activity, which will not be recognized by the Fund for tax purposes.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Statements of Operations (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone<br> Mid Cap<br> Fund** | **Touchstone<br> Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> International<br> Growth Equity<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Cap<br> Value Fund** | &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration<br> Fixed Income<br> Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality<br> Bond Fund** |
| $63737384 | $10593657 | $751065 | $7327533 | $3112514 | $3585982 | $103392 | $292715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37803658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25048272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;63776977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10593657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7395867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3587101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37907050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25340987 |
| &nbsp;&nbsp;&nbsp;&nbsp;36498055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15105127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7579453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4263622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61033 |
| &nbsp;&nbsp;&nbsp;52278341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5591570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23125925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(415312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1200542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(542905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 |
| &nbsp;&nbsp;&nbsp;52232190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21925383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3365158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779880 |
| &nbsp;&nbsp;&nbsp;11544787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14529516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34541892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22561107 |
| &nbsp;&nbsp;&nbsp;333811516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44350025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265661 | &nbsp;&nbsp;&nbsp;&nbsp;473835653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5171097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11417624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4752646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;(371175678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20517858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8735825 | &nbsp;&nbsp;&nbsp;&nbsp;253265889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8441220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2965666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1768488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;(37364162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23832167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10029070 | &nbsp;&nbsp;&nbsp;&nbsp;727101542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3270123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8451958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6521134) |
| $(25819375) | $29249566 | $9827389 | $712572026 | $(2985219) | $9950950 | $36060451 | $16039973 |
| *$—* | *$2* | *$99641* | *$139155* | *$—* | *$—* | *$—* | *$—* |
| *$—* | *$—* | *$730489* | *$—* | *$—* | *$—* | *$—* | *$—* |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Active Bond<br> Fund** | **Touchstone<br> Active Bond<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Ares Credit Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Ares Credit Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Dividend Equity Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Dividend Equity Fund** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2025<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income | $10456957 | &nbsp;&nbsp;&nbsp;$10068887 | &nbsp;&nbsp;&nbsp;$55787098 | &nbsp;&nbsp;&nbsp;$37802794 | &nbsp;&nbsp;&nbsp;$36522702 | &nbsp;&nbsp;&nbsp;$44439487 |
| Net realized gains (losses) on investments, securities sold short, written options, futures contracts, swap agreements, forward foreign currency contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(1230410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5868919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3478389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7523581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104799688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130992842 |
| Net change in unrealized appreciation (depreciation) on investments, securities sold short, written options, futures contracts, swap agreements, forward foreign currency contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115604) | &nbsp;&nbsp;&nbsp;&nbsp;25934255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1024833) | &nbsp;&nbsp;&nbsp;&nbsp;30023868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97354604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448769236 |
| **Change in Net Assets from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;9110943 | &nbsp;&nbsp;&nbsp;&nbsp;30134223 | &nbsp;&nbsp;&nbsp;&nbsp;51283876 | &nbsp;&nbsp;&nbsp;&nbsp;60303081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238676994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624201565 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Distributed earnings, Class A | &nbsp;&nbsp;&nbsp;&nbsp;(4344657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4459357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8966521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9246400) | &nbsp;&nbsp;&nbsp;&nbsp;(100675436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68723644) |
| Distributed earnings, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2113335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1782625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10824082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12360172) |
| Distributed earnings, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(1672920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1895734) | &nbsp;&nbsp;&nbsp;&nbsp;(39674777) | &nbsp;&nbsp;&nbsp;&nbsp;(23953726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46542165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34119389) |
| Distributed earnings, Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distributed earnings, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(4450994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3431408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6662473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2983154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105264) |
| Distributed earnings, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(672557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134254) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;(10547726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9883689) | &nbsp;&nbsp;&nbsp;&nbsp;(57417185) | &nbsp;&nbsp;&nbsp;&nbsp;(37965905) | &nbsp;&nbsp;&nbsp;&nbsp;(158919215) | &nbsp;&nbsp;&nbsp;&nbsp;(115442723) |
| **Change in Net Assets from Share Transactions<sup>(B)</sup>** | &nbsp;&nbsp;&nbsp;10216577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8295198) | &nbsp;&nbsp;&nbsp;&nbsp;263033689 | &nbsp;&nbsp;&nbsp;&nbsp;255423069 | &nbsp;&nbsp;&nbsp;&nbsp;(205378945) | &nbsp;&nbsp;&nbsp;&nbsp;(388991315) |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;8779794 | &nbsp;&nbsp;&nbsp;&nbsp;11955336 | &nbsp;&nbsp;&nbsp;&nbsp;256900380 | &nbsp;&nbsp;&nbsp;&nbsp;277760245 | &nbsp;&nbsp;&nbsp;&nbsp;(125621166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119767527 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;263555634 | &nbsp;&nbsp;&nbsp;&nbsp;251600298 | &nbsp;&nbsp;&nbsp;&nbsp;623356953 | &nbsp;&nbsp;&nbsp;&nbsp;345596708 | &nbsp;&nbsp;&nbsp;&nbsp;2526043646 | &nbsp;&nbsp;&nbsp;&nbsp;2406276119 |
| End of period | $272335428 | &nbsp;&nbsp;&nbsp;$263555634 | &nbsp;&nbsp;&nbsp;$880257333 | &nbsp;&nbsp;&nbsp;$623356953 | &nbsp;&nbsp;&nbsp;$2400422480 | &nbsp;&nbsp;&nbsp;$2526043646 |

---

*(A)* *Represents the period from commencement of operations (May 19, 2025) through September 30, 2025 for Class R6 shares.* 

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Statements of Changes in Net Assets (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Touchstone<br> High Yield<br> Fund** | **Touchstone<br> High Yield<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Mid<br> Cap<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Mid<br> Cap<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** |
| **For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** |
| $6587246 | &nbsp;&nbsp;&nbsp;$6273419 | &nbsp;&nbsp;&nbsp;$11544787 | &nbsp;&nbsp;&nbsp;$14915806 | &nbsp;&nbsp;&nbsp;$5417399 | &nbsp;&nbsp;&nbsp;$6240286 |
| &nbsp;&nbsp;&nbsp;&nbsp;(290269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333811516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184440434 | &nbsp;&nbsp;&nbsp;&nbsp;44350025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84218718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7099725 | &nbsp;&nbsp;&nbsp;&nbsp;(371175678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954801639 | &nbsp;&nbsp;&nbsp;&nbsp;(20517858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43415431 |
| &nbsp;&nbsp;&nbsp;&nbsp;6355645 | &nbsp;&nbsp;&nbsp;&nbsp;13307514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25819375) | &nbsp;&nbsp;&nbsp;&nbsp;1154157879 | &nbsp;&nbsp;&nbsp;&nbsp;29249566 | &nbsp;&nbsp;&nbsp;&nbsp;133874435 |
| &nbsp;&nbsp;&nbsp;&nbsp;(685267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3796542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1041503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(791011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1936283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44228) |
| &nbsp;&nbsp;&nbsp;(1148341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1168613) | &nbsp;&nbsp;&nbsp;&nbsp;(103709789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33202497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8631283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6087273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(982189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(4752181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4417000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18401276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5518854) | &nbsp;&nbsp;&nbsp;&nbsp;(21546637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6531520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18722741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7734788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(6605372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6316657) | &nbsp;&nbsp;&nbsp;&nbsp;(147548820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48290325) | &nbsp;&nbsp;&nbsp;&nbsp;(31051557) | &nbsp;&nbsp;&nbsp;&nbsp;(12928693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1039081) | &nbsp;&nbsp;&nbsp;&nbsp;(629801445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435390499 | &nbsp;&nbsp;&nbsp;&nbsp;(56603299) | &nbsp;&nbsp;&nbsp;&nbsp;(205369656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951776 | &nbsp;&nbsp;&nbsp;&nbsp;(803169640) | &nbsp;&nbsp;&nbsp;&nbsp;1541258053 | &nbsp;&nbsp;&nbsp;&nbsp;(58405290) | &nbsp;&nbsp;&nbsp;&nbsp;(84423914) |
| 106625654 | &nbsp;&nbsp;&nbsp;&nbsp;100673878 | &nbsp;&nbsp;&nbsp;&nbsp;6085137125 | &nbsp;&nbsp;&nbsp;&nbsp;4543879072 | &nbsp;&nbsp;&nbsp;&nbsp;612944224 | &nbsp;&nbsp;&nbsp;&nbsp;697368138 |
| $107292365 | &nbsp;&nbsp;&nbsp;$106625654 | &nbsp;&nbsp;&nbsp;$5281967485 | &nbsp;&nbsp;&nbsp;$6085137125 | &nbsp;&nbsp;&nbsp;$554538934 | &nbsp;&nbsp;&nbsp;$612944224 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Statements of Changes in Net Assets (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Sands Capital<br> International Growth<br> Equity Fund** | **Touchstone<br> Sands Capital<br> International Growth<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Small<br> Cap<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Small<br> Cap<br> Fund** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income (loss) | $(201681) | &nbsp;&nbsp;&nbsp;$(113424) | &nbsp;&nbsp;&nbsp;$(14529516) | &nbsp;&nbsp;&nbsp;$(16990003) | &nbsp;&nbsp;&nbsp;$284904 | &nbsp;&nbsp;&nbsp;$561470 |
| Net realized gains (losses) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;1269069 | &nbsp;&nbsp;&nbsp;&nbsp;13027097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473835653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495208316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5171097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5832294 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;8760001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253265889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369768902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8441220) | &nbsp;&nbsp;&nbsp;&nbsp;29610226 |
| **Change in Net Assets from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;9827389 | &nbsp;&nbsp;&nbsp;&nbsp;17179927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712572026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847987215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2985219) | &nbsp;&nbsp;&nbsp;&nbsp;36003990 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Distributed earnings, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336428) |
| Distributed earnings, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9828) |
| Distributed earnings, Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distributed earnings, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(6720733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2801356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3207156) |
| Distributed earnings, Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distributed earnings, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1293778) |
| Distributed earnings, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(1736626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp;(9573567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1674062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3767874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4847190) |
| **Change in Net Assets from Share Transactions<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474597 | &nbsp;&nbsp;&nbsp;&nbsp;57608911 | &nbsp;&nbsp;&nbsp;&nbsp;(620504696) | &nbsp;&nbsp;&nbsp;&nbsp;(688966686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3422437) | &nbsp;&nbsp;&nbsp;&nbsp;114871848 |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728419 | &nbsp;&nbsp;&nbsp;&nbsp;73114776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92067330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159020529 | &nbsp;&nbsp;&nbsp;&nbsp;(10175530) | &nbsp;&nbsp;&nbsp;&nbsp;146028648 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;109051618 | &nbsp;&nbsp;&nbsp;&nbsp;35936842 | &nbsp;&nbsp;&nbsp;&nbsp;2458129714 | &nbsp;&nbsp;&nbsp;&nbsp;2299109185 | &nbsp;&nbsp;&nbsp;&nbsp;276297761 | &nbsp;&nbsp;&nbsp;&nbsp;130269113 |
| End of period | $109780037 | &nbsp;&nbsp;&nbsp;$109051618 | &nbsp;&nbsp;&nbsp;$2550197044 | &nbsp;&nbsp;&nbsp;$2458129714 | &nbsp;&nbsp;&nbsp;$266122231 | &nbsp;&nbsp;&nbsp;$276297761 |

---

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Statements of Changes in Net Assets (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Touchstone<br> Small<br> Cap Value<br> Fund** | **Touchstone<br> Small<br> Cap Value<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** |
| **For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** |
| $1498992 | &nbsp;&nbsp;&nbsp;$1116790 | &nbsp;&nbsp;&nbsp;$34541892 | &nbsp;&nbsp;&nbsp;$25875705 | &nbsp;&nbsp;&nbsp;$22561107 | &nbsp;&nbsp;&nbsp;$19866168 |
| &nbsp;&nbsp;&nbsp;11417624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5901416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4752646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6212149) |
| &nbsp;&nbsp;&nbsp;(2965666) | &nbsp;&nbsp;&nbsp;&nbsp;24985942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8513230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1768488) | &nbsp;&nbsp;&nbsp;&nbsp;49507098 |
| &nbsp;&nbsp;&nbsp;&nbsp;9950950 | &nbsp;&nbsp;&nbsp;&nbsp;32004148 | &nbsp;&nbsp;&nbsp;&nbsp;36060451 | &nbsp;&nbsp;&nbsp;&nbsp;34424731 | &nbsp;&nbsp;&nbsp;&nbsp;16039973 | &nbsp;&nbsp;&nbsp;&nbsp;63161117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4640049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3949251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(531770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1235039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1550310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(251007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222106) | &nbsp;&nbsp;&nbsp;&nbsp;(21826156) | &nbsp;&nbsp;&nbsp;&nbsp;(11746112) | &nbsp;&nbsp;&nbsp;&nbsp;(10688413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9267380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1864903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2009557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(925649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5641516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5905532) | &nbsp;&nbsp;&nbsp;&nbsp;(10733346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9610376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1128209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(968242) |
| &nbsp;&nbsp;&nbsp;(1255702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(705636) | &nbsp;&nbsp;&nbsp;&nbsp;(35435938) | &nbsp;&nbsp;&nbsp;&nbsp;(25321141) | &nbsp;&nbsp;&nbsp;&nbsp;(23117438) | &nbsp;&nbsp;&nbsp;&nbsp;(20419077) |
| &nbsp;&nbsp;(41180474) | &nbsp;&nbsp;&nbsp;&nbsp;73261045 | &nbsp;&nbsp;&nbsp;&nbsp;317357862 | &nbsp;&nbsp;&nbsp;&nbsp;22269748 | &nbsp;&nbsp;&nbsp;&nbsp;19668106 | &nbsp;&nbsp;&nbsp;&nbsp;38090671 |
| &nbsp;&nbsp;(32485226) | &nbsp;&nbsp;&nbsp;&nbsp;104559557 | &nbsp;&nbsp;&nbsp;&nbsp;317982375 | &nbsp;&nbsp;&nbsp;&nbsp;31373338 | &nbsp;&nbsp;&nbsp;&nbsp;12590641 | &nbsp;&nbsp;&nbsp;&nbsp;80832711 |
| 216872292 | &nbsp;&nbsp;&nbsp;&nbsp;112312735 | &nbsp;&nbsp;&nbsp;&nbsp;518112946 | &nbsp;&nbsp;&nbsp;&nbsp;486739608 | &nbsp;&nbsp;&nbsp;&nbsp;601104958 | &nbsp;&nbsp;&nbsp;&nbsp;520272247 |
| $184387066 | &nbsp;&nbsp;&nbsp;$216872292 | &nbsp;&nbsp;&nbsp;$836095321 | &nbsp;&nbsp;&nbsp;$518112946 | &nbsp;&nbsp;&nbsp;$613695599 | &nbsp;&nbsp;&nbsp;$601104958 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Statements of Changes in Net Assets - Capital Stock Activity

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Active Bond<br> Fund** | **Touchstone<br> Active Bond<br> Fund** | **Touchstone<br> Active Bond<br> Fund** | **Touchstone<br> Active Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit Opportunities Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit Opportunities Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit Opportunities Fund** | &nbsp;&nbsp;**Touchstone<br> Ares Credit Opportunities Fund** |
|  | **For the Year<br> Ended<br> September 30, 2025** | **For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025<sup>(A)</sup>** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025<sup>(A)</sup>** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** |
|  | **Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| **Class A** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;670474 | $6318034 | &nbsp;&nbsp;&nbsp;&nbsp;678984 | $6303026 | &nbsp;&nbsp;&nbsp;2490566 | $22631562 | &nbsp;&nbsp;&nbsp;1846354 | $16633390 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;419631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3949855 | &nbsp;&nbsp;&nbsp;&nbsp;437608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4048880 | &nbsp;&nbsp;&nbsp;&nbsp;893680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8098999 | &nbsp;&nbsp;&nbsp;&nbsp;919894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8247638 |
| Cost of Shares redeemed | (1850540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17413088) | &nbsp;&nbsp;(2284827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21057071) | &nbsp;&nbsp;&nbsp;(2560173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23260683) | &nbsp;&nbsp;&nbsp;(2450577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21945240) |
| **Change from Class A Share Transactions** | &nbsp;&nbsp;(760435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7145199) | (1168235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10705165) | &nbsp;&nbsp;&nbsp;&nbsp;824073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7469878 | &nbsp;&nbsp;&nbsp;&nbsp;315671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935788 |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;54982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523807 | &nbsp;&nbsp;&nbsp;1451695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12672160 | &nbsp;&nbsp;&nbsp;1536650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13266615 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;9293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96807 | &nbsp;&nbsp;&nbsp;&nbsp;237107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059014 | &nbsp;&nbsp;&nbsp;&nbsp;200217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727300 |
| Cost of Shares redeemed | &nbsp;&nbsp;(115280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(981333) | &nbsp;&nbsp;&nbsp;&nbsp;(182890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1520689) | &nbsp;&nbsp;&nbsp;(1240396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10713104) | &nbsp;&nbsp;&nbsp;&nbsp;(641468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5509999) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;&nbsp;(51005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432691) | &nbsp;&nbsp;&nbsp;(109395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900075) | &nbsp;&nbsp;&nbsp;&nbsp;448406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018070 | &nbsp;&nbsp;&nbsp;1095399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9483916 |
| **Class Y** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;940493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8855478 | &nbsp;&nbsp;&nbsp;&nbsp;959038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8828524 | &nbsp;&nbsp;44492523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411566580 | &nbsp;&nbsp;30205410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276673694 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;177637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670255 | &nbsp;&nbsp;&nbsp;&nbsp;199704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845784 | &nbsp;&nbsp;&nbsp;4289805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39597516 | &nbsp;&nbsp;&nbsp;2615812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23894780 |
| Cost of Shares redeemed | (1840205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17351455) | &nbsp;&nbsp;(2105874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19389099) | &nbsp;&nbsp;(25449466) | &nbsp;&nbsp;&nbsp;&nbsp;(233574435) | &nbsp;&nbsp;(13131818) | &nbsp;&nbsp;&nbsp;&nbsp;(119197235) |
| **Change from Class Y Share Transactions** | &nbsp;&nbsp;(722075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6825722) | &nbsp;&nbsp;&nbsp;(947132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8714791) | 23332862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217589661 | 19689404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181371239 |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | 3750251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35271984 | &nbsp;&nbsp;&nbsp;3901465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35954776 | &nbsp;&nbsp;&nbsp;3942969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36744591 | &nbsp;&nbsp;&nbsp;6747572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62470117 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;415913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912083 | &nbsp;&nbsp;&nbsp;&nbsp;338451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131114 | &nbsp;&nbsp;&nbsp;&nbsp;715605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662371 | &nbsp;&nbsp;&nbsp;&nbsp;323065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983042 |
| Cost of Shares redeemed | (1550104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14563878) | &nbsp;&nbsp;(2967031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27061057) | &nbsp;&nbsp;&nbsp;(1013661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9453461) | &nbsp;&nbsp;&nbsp;&nbsp;(409826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3821033) |
| **Change from Institutional Class Share Transactions** | 2616060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24620189 | &nbsp;&nbsp;1272885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12024833 | &nbsp;&nbsp;&nbsp;3644913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33953501 | &nbsp;&nbsp;&nbsp;6660811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61632126 |
| **Class R6** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Class R6 Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579 | &nbsp;&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** | 1082545 | $10216577 | &nbsp;&nbsp;&nbsp;(951877) | $(8295198) | 28250533 | $263033689 | 27761285 | $255423069 |

---

*(A)* *Represents the period from commencement of operations (May 19, 2025) through September 30, 2025 for Class R6 shares.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Touchstone<br> Dividend Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Dividend Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Dividend Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Dividend Equity Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** | &nbsp;&nbsp;**Touchstone<br> High Yield<br> Fund** |
| &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** |
| &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;5587779 | $104662255 | &nbsp;&nbsp;&nbsp;&nbsp;8925262 | $155570756 | &nbsp;&nbsp;&nbsp;&nbsp;47794 | $357915 | &nbsp;&nbsp;&nbsp;&nbsp;649688 | $4770576 |
| &nbsp;&nbsp;&nbsp;&nbsp;4578680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85442672 | &nbsp;&nbsp;&nbsp;&nbsp;3301241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57549923 | &nbsp;&nbsp;&nbsp;&nbsp;82868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618019 | &nbsp;&nbsp;&nbsp;&nbsp;87356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641411 |
| &nbsp;&nbsp;(14430658) | &nbsp;&nbsp;&nbsp;&nbsp;(271178990) | &nbsp;&nbsp;(18898577) | &nbsp;&nbsp;&nbsp;&nbsp;(329539414) | &nbsp;&nbsp;(315285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2358324) | &nbsp;&nbsp;&nbsp;(762483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5606590) |
| &nbsp;&nbsp;&nbsp;(4264199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81074063) | &nbsp;&nbsp;&nbsp;(6672074) | &nbsp;&nbsp;&nbsp;&nbsp;(116418735) | (184623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1382390) | &nbsp;&nbsp;&nbsp;&nbsp;(25439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282780 | &nbsp;&nbsp;&nbsp;&nbsp;10907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10474740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11897105 | &nbsp;&nbsp;&nbsp;&nbsp;2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18519 |
| &nbsp;&nbsp;&nbsp;(5672978) | &nbsp;&nbsp;&nbsp;&nbsp;(105324395) | &nbsp;&nbsp;(11067075) | &nbsp;&nbsp;&nbsp;&nbsp;(190895162) | &nbsp;&nbsp;&nbsp;(24104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177176) | &nbsp;&nbsp;&nbsp;&nbsp;(37539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270822) |
| &nbsp;&nbsp;&nbsp;(4916419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91331364) | (10124183) | &nbsp;&nbsp;&nbsp;&nbsp;(174715277) | &nbsp;&nbsp;&nbsp;(11142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80037) | &nbsp;&nbsp;&nbsp;&nbsp;(31216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224816) |
| &nbsp;&nbsp;&nbsp;&nbsp;3256445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60688278 | &nbsp;&nbsp;&nbsp;&nbsp;3001739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52088617 | &nbsp;&nbsp;&nbsp;259001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003350 | &nbsp;&nbsp;&nbsp;&nbsp;759211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5783556 |
| &nbsp;&nbsp;&nbsp;&nbsp;1987850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37046219 | &nbsp;&nbsp;&nbsp;&nbsp;1557419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27125354 | &nbsp;&nbsp;&nbsp;147996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143731 | &nbsp;&nbsp;&nbsp;&nbsp;152884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160546 |
| &nbsp;&nbsp;&nbsp;(6878277) | &nbsp;&nbsp;&nbsp;&nbsp;(129308458) | &nbsp;&nbsp;(10718919) | &nbsp;&nbsp;&nbsp;&nbsp;(185956940) | &nbsp;&nbsp;(539810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4160057) | (1065064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8119251) |
| &nbsp;&nbsp;&nbsp;(1633982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31573961) | &nbsp;&nbsp;&nbsp;(6159761) | &nbsp;&nbsp;&nbsp;&nbsp;(106742969) | (132813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1012976) | &nbsp;&nbsp;&nbsp;(152969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1175149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909302 | &nbsp;&nbsp;&nbsp;&nbsp;58313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446448 | &nbsp;&nbsp;&nbsp;&nbsp;303250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68175 | &nbsp;&nbsp;&nbsp;615061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4752181 | &nbsp;&nbsp;&nbsp;&nbsp;581429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460354) | &nbsp;&nbsp;(234576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1806788) | &nbsp;&nbsp;&nbsp;(810773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6162492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517123 | &nbsp;&nbsp;438798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391841 | &nbsp;&nbsp;&nbsp;&nbsp;73906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9149376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(147254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2682180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(885530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1780366) | &nbsp;&nbsp;&nbsp;&nbsp;469965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| (10894660) | $(205378945) | (22459743) | $(388991315) | &nbsp;&nbsp;110220 | $916438 | &nbsp;&nbsp;&nbsp;(135718) | $(1039081) |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Mid<br> Cap<br> Fund** | **Touchstone<br> Mid<br> Cap<br> Fund** | **Touchstone<br> Mid<br> Cap<br> Fund** | **Touchstone<br> Mid<br> Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Mid Cap<br> Value<br> Fund** |
|  | **For the Year<br> Ended<br> September 30, 2025** | **For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** |
|  | **Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| **Class A** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;484968 | $26306553 | &nbsp;&nbsp;&nbsp;&nbsp;760684 | $39113589 | &nbsp;&nbsp;&nbsp;&nbsp;109742 | $2496412 | &nbsp;&nbsp;&nbsp;&nbsp;105472 | $2310648 |
| Proceeds from Shares issued in connection with merger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228631 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(730176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39591971) | &nbsp;&nbsp;&nbsp;&nbsp;(609166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31546483) | &nbsp;&nbsp;&nbsp;&nbsp;(179910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4128128) | &nbsp;&nbsp;&nbsp;&nbsp;(165024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3612114) |
| **Change from Class A Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(187128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9960659) | &nbsp;&nbsp;&nbsp;&nbsp;169435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8467574 | &nbsp;&nbsp;&nbsp;&nbsp;(41330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(956049) | &nbsp;&nbsp;&nbsp;&nbsp;(49037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1072835) |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;155149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7611644 | &nbsp;&nbsp;&nbsp;&nbsp;322608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15232706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143254 |
| Proceeds from Shares issued in connection with merger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43134 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(385753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18893663) | &nbsp;&nbsp;&nbsp;&nbsp;(402970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18605831) | &nbsp;&nbsp;&nbsp;&nbsp;(45287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(969519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1735108) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(194678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9423566) | &nbsp;&nbsp;&nbsp;&nbsp;(70267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2913012) | &nbsp;&nbsp;&nbsp;&nbsp;(38222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(814088) | &nbsp;&nbsp;&nbsp;&nbsp;(74485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1548720) |
| **Class Y** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;13940467 | &nbsp;&nbsp;&nbsp;&nbsp;773970587 | &nbsp;&nbsp;21155459 | &nbsp;&nbsp;&nbsp;&nbsp;1110332388 | &nbsp;&nbsp;&nbsp;&nbsp;321958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7433969 | &nbsp;&nbsp;&nbsp;1531310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33772314 |
| Proceeds from Shares issued in connection with merger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;1671971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97234748 | &nbsp;&nbsp;&nbsp;&nbsp;597357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30830297 | &nbsp;&nbsp;&nbsp;&nbsp;359518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8505999 | &nbsp;&nbsp;&nbsp;&nbsp;275686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6045932 |
| Cost of Shares redeemed | &nbsp;&nbsp;(23425080) | &nbsp;&nbsp;&nbsp;(1292540740) | (15439210) | &nbsp;&nbsp;&nbsp;&nbsp;(809672304) | &nbsp;&nbsp;(2310890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52725196) | (10636684) | &nbsp;&nbsp;&nbsp;&nbsp;(244840863) |
| **Change from Class Y Share Transactions** | &nbsp;&nbsp;(7812642) | &nbsp;&nbsp;&nbsp;&nbsp;(421335405) | &nbsp;&nbsp;&nbsp;6313606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331490381 | (1629414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36785228) | &nbsp;&nbsp;(8829688) | &nbsp;&nbsp;&nbsp;&nbsp;(205022617) |
| **Class Z** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453155 | &nbsp;&nbsp;&nbsp;&nbsp;152557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7753135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(240927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13007666) | &nbsp;&nbsp;&nbsp;&nbsp;(227043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11698050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Class Z Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(178105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9582464) | &nbsp;&nbsp;&nbsp;&nbsp;(68440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3643568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;13284987 | &nbsp;&nbsp;&nbsp;&nbsp;729408970 | &nbsp;&nbsp;&nbsp;7625494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407961351 | &nbsp;&nbsp;&nbsp;7686329 | &nbsp;&nbsp;&nbsp;&nbsp;175787984 | &nbsp;&nbsp;&nbsp;9671326 | &nbsp;&nbsp;&nbsp;&nbsp;214763056 |
| Proceeds from Shares issued in connection with merger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;291713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17022757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4982269 | &nbsp;&nbsp;&nbsp;&nbsp;634176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15129535 | &nbsp;&nbsp;&nbsp;&nbsp;250359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531892 |
| Cost of Shares redeemed | &nbsp;&nbsp;(15995090) | &nbsp;&nbsp;&nbsp;&nbsp;(879593891) | &nbsp;&nbsp;&nbsp;(4991936) | &nbsp;&nbsp;&nbsp;&nbsp;(264305385) | &nbsp;&nbsp;(8960630) | &nbsp;&nbsp;&nbsp;&nbsp;(208965453) | &nbsp;&nbsp;&nbsp;(9759836) | &nbsp;&nbsp;&nbsp;&nbsp;(218020432) |
| **Change from Institutional Class Share Transactions** | &nbsp;&nbsp;(2418390) | &nbsp;&nbsp;&nbsp;&nbsp;(133162164) | &nbsp;&nbsp;&nbsp;2729601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148638235 | &nbsp;&nbsp;&nbsp;(640125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18047934) | &nbsp;&nbsp;&nbsp;&nbsp;161849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274516 |
| **Class R6** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;3216670 | &nbsp;&nbsp;&nbsp;&nbsp;180443499 | &nbsp;&nbsp;&nbsp;3214864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168633597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(4157820) | &nbsp;&nbsp;&nbsp;&nbsp;(231832945) | &nbsp;&nbsp;&nbsp;(4089648) | &nbsp;&nbsp;&nbsp;&nbsp;(216769257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Class R6 Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(854665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46337187) | &nbsp;&nbsp;&nbsp;&nbsp;(846194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46649111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Share Transactions** | (11645608) | $(629801445) | &nbsp;&nbsp;&nbsp;8227741 | $435390499 | (2349091) | $(56603299) | &nbsp;&nbsp;(8791361) | $(205369656) |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> International Growth<br> Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> International Growth<br> Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> International Growth<br> Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> International Growth<br> Equity Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Sands Capital<br> Select Growth<br> Fund** |
| &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** |
| &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;127383 | $1130410 | &nbsp;&nbsp;&nbsp;&nbsp;166173 | $1377317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750886 | $12261424 | &nbsp;&nbsp;&nbsp;&nbsp;1377788 | $18567086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;148255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;90055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755562 | &nbsp;&nbsp;&nbsp;&nbsp;35641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(288617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2530918) | &nbsp;&nbsp;&nbsp;(351006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2780595) | &nbsp;&nbsp;&nbsp;(4339965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70751793) | &nbsp;&nbsp;&nbsp;(7439907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97929768) |
| &nbsp;&nbsp;&nbsp;&nbsp;(71179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(644946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109562 | &nbsp;&nbsp;&nbsp;(3589079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58490369) | &nbsp;&nbsp;&nbsp;(6062119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79362682) |
| &nbsp;&nbsp;&nbsp;&nbsp;17520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;76681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(44065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387652) | &nbsp;&nbsp;&nbsp;&nbsp;(25078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211960) | &nbsp;&nbsp;&nbsp;&nbsp;(420362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6777178) | &nbsp;&nbsp;&nbsp;&nbsp;(588184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7807387) |
| &nbsp;&nbsp;&nbsp;&nbsp;(16732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145507) | &nbsp;&nbsp;&nbsp;&nbsp;55561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470656 | &nbsp;&nbsp;&nbsp;&nbsp;(372049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5989167) | &nbsp;&nbsp;&nbsp;&nbsp;(512343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6841197) |
| &nbsp;&nbsp;1000290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8963950 | &nbsp;&nbsp;1370815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11328244 | &nbsp;&nbsp;&nbsp;&nbsp;4529571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83993313 | &nbsp;&nbsp;&nbsp;&nbsp;3951462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58999137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;6283683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52177854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;775263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6527717 | &nbsp;&nbsp;&nbsp;&nbsp;82239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| (1187108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10241047) | &nbsp;&nbsp;(1321512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10539535) | &nbsp;&nbsp;(10179020) | &nbsp;&nbsp;&nbsp;&nbsp;(192977366) | &nbsp;&nbsp;(17212486) | &nbsp;&nbsp;&nbsp;&nbsp;(262260275) |
| &nbsp;&nbsp;&nbsp;588445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250620 | 6415225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53623666 | &nbsp;&nbsp;&nbsp;(5649449) | &nbsp;&nbsp;&nbsp;&nbsp;(108984053) | (13261024) | &nbsp;&nbsp;&nbsp;&nbsp;(203261138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12075378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2910982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47812017) | &nbsp;&nbsp;&nbsp;(4267290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57306038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2686957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44075834) | &nbsp;&nbsp;&nbsp;(3310383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45230660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18251 | &nbsp;&nbsp;&nbsp;&nbsp;48385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409551 | &nbsp;&nbsp;&nbsp;30586428 | &nbsp;&nbsp;&nbsp;&nbsp;562087270 | &nbsp;&nbsp;&nbsp;43854917 | &nbsp;&nbsp;&nbsp;&nbsp;669537156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;288369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;25073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(108026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(952059) | &nbsp;&nbsp;&nbsp;&nbsp;(10945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91587) | &nbsp;&nbsp;(47604525) | &nbsp;&nbsp;&nbsp;&nbsp;(878231944) | &nbsp;&nbsp;(58948228) | &nbsp;&nbsp;&nbsp;&nbsp;(871875849) |
| &nbsp;&nbsp;&nbsp;&nbsp;(80872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(722196) | &nbsp;&nbsp;&nbsp;325827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2716126 | (17018097) | &nbsp;&nbsp;&nbsp;&nbsp;(316144674) | (15093311) | &nbsp;&nbsp;&nbsp;&nbsp;(202338693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;1528664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28370839 | &nbsp;&nbsp;&nbsp;&nbsp;3094371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45982684 |
| &nbsp;&nbsp;&nbsp;&nbsp;206005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736626 | &nbsp;&nbsp;&nbsp;&nbsp;86314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(625782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6223303) | &nbsp;&nbsp;&nbsp;&nbsp;(115191438) | &nbsp;&nbsp;(12488536) | &nbsp;&nbsp;&nbsp;&nbsp;(197915000) |
| &nbsp;&nbsp;&nbsp;(419777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3263374) | &nbsp;&nbsp;&nbsp;&nbsp;86314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688901 | &nbsp;&nbsp;&nbsp;(4694639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86820599) | &nbsp;&nbsp;&nbsp;(9394165) | &nbsp;&nbsp;&nbsp;&nbsp;(151932316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) | $474597 | 6881990 | $57608911 | (34010270) | $(620504696) | (47633345) | $(688966686) |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Small<br> Cap<br> Fund** | **Touchstone<br> Small<br> Cap<br> Fund** | **Touchstone<br> Small<br> Cap<br> Fund** | **Touchstone<br> Small<br> Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small<br> Cap Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small<br> Cap Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small<br> Cap Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small<br> Cap Value<br> Fund** |
|  | **For the Year<br> Ended<br> September 30, 2025** | **For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** |
|  | **Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| **Class A** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | 1361568 | $20111703 | &nbsp;&nbsp;1654399 | $23564732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6343 | $235712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7142 | $250074 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;23662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382029 | &nbsp;&nbsp;&nbsp;&nbsp;23746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124284 |
| Cost of Shares redeemed | &nbsp;&nbsp;(737468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10794322) | &nbsp;&nbsp;&nbsp;(385389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5639071) | &nbsp;&nbsp;&nbsp;&nbsp;(52578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1970119) | &nbsp;&nbsp;&nbsp;&nbsp;(45553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1568701) |
| **Change from Class A Share Transactions** | &nbsp;&nbsp;647762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9699410 | 1292756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18247730 | &nbsp;&nbsp;&nbsp;&nbsp;(44190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1657104) | &nbsp;&nbsp;&nbsp;&nbsp;(34867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1194343) |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;32321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415595 | &nbsp;&nbsp;&nbsp;&nbsp;91933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83541 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(11490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15102) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;22292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297302 | &nbsp;&nbsp;&nbsp;&nbsp;85887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69827 |
| **Class S** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Class S Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Class Y** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | 2615070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39249482 | &nbsp;&nbsp;8687498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125057195 | &nbsp;&nbsp;&nbsp;&nbsp;175240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984155 | &nbsp;&nbsp;&nbsp;&nbsp;85279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948781 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;165776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2722662 | &nbsp;&nbsp;&nbsp;&nbsp;227584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220390 |
| Cost of Shares redeemed | (3243758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49305748) | &nbsp;&nbsp;(2149788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31219510) | &nbsp;&nbsp;&nbsp;&nbsp;(266756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10056320) | &nbsp;&nbsp;&nbsp;(113798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3863532) |
| **Change from Class Y Share Transactions** | &nbsp;&nbsp;(462912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7333604) | 6765294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97002699 | &nbsp;&nbsp;&nbsp;&nbsp;(84959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2822543) | &nbsp;&nbsp;&nbsp;&nbsp;(22274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(694361) |
| **Class Z** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Class Z Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | 1935104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29217868 | &nbsp;&nbsp;&nbsp;&nbsp;918596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13055275 | &nbsp;&nbsp;&nbsp;1054046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40523281 | &nbsp;&nbsp;3036182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106960171 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;34135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556313 | &nbsp;&nbsp;&nbsp;&nbsp;93132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334285 |
| Cost of Shares redeemed | (2375108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35859726) | &nbsp;&nbsp;(1094412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15806735) | &nbsp;&nbsp;(2016845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78096425) | &nbsp;&nbsp;&nbsp;(920272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32214534) |
| **Change from Institutional Class Share Transactions** | &nbsp;&nbsp;(405869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6085545) | &nbsp;&nbsp;&nbsp;&nbsp;(82684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1459117) | &nbsp;&nbsp;&nbsp;(939008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36664550) | 2125353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75079922 |
| **Class R6** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Class R6 Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change from Share Transactions** | &nbsp;&nbsp;(198727) | $(3422437) | 8061253 | $114871848 | (1069161) | $(41180474) | 2070331 | $73261045 |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;**Touchstone<br> Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> US Quality Bond<br> Fund** |
| &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2024** |
| &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Dollars** |
| &nbsp;&nbsp;&nbsp;8951629 | $82626067 | &nbsp;&nbsp;&nbsp;2309160 | $21138198 | &nbsp;&nbsp;&nbsp;&nbsp;232798 | $2098844 | &nbsp;&nbsp;1029938 | $9185312 |
| &nbsp;&nbsp;&nbsp;&nbsp;477981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413352 | &nbsp;&nbsp;&nbsp;&nbsp;407619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433226 | &nbsp;&nbsp;&nbsp;&nbsp;46873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419243 |
| &nbsp;&nbsp;&nbsp;(3342417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30860784) | &nbsp;&nbsp;&nbsp;(2197810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20142896) | &nbsp;&nbsp;&nbsp;&nbsp;(752438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6805805) | &nbsp;&nbsp;&nbsp;(301361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2677661) |
| &nbsp;&nbsp;&nbsp;6087193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56178635 | &nbsp;&nbsp;&nbsp;&nbsp;518969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4733485 | &nbsp;&nbsp;&nbsp;(471616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4273735) | &nbsp;&nbsp;&nbsp;775450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6926894 |
| &nbsp;&nbsp;&nbsp;&nbsp;452689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4181194 | &nbsp;&nbsp;&nbsp;&nbsp;285039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35633 |
| &nbsp;&nbsp;&nbsp;&nbsp;(273207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2524484) | &nbsp;&nbsp;&nbsp;&nbsp;(200165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1833623) | &nbsp;&nbsp;&nbsp;&nbsp;(30212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273621) | &nbsp;&nbsp;&nbsp;&nbsp;(31843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282048) |
| &nbsp;&nbsp;&nbsp;&nbsp;202122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906316 | &nbsp;&nbsp;&nbsp;&nbsp;(15329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139139) | &nbsp;&nbsp;&nbsp;&nbsp;(18425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;129094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192538 | &nbsp;&nbsp;&nbsp;&nbsp;164548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(627919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5798978) | &nbsp;&nbsp;&nbsp;&nbsp;(786731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7203412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(481754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4448884) | &nbsp;&nbsp;&nbsp;&nbsp;(614943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5628463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;55878542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516007932 | &nbsp;&nbsp;24872688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228242074 | 10489449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94691671 | &nbsp;&nbsp;8983839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80096075 |
| &nbsp;&nbsp;&nbsp;2317900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21412482 | &nbsp;&nbsp;&nbsp;1196254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10979703 | &nbsp;&nbsp;&nbsp;1131608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10225721 | &nbsp;&nbsp;1002835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8954764 |
| &nbsp;&nbsp;(30008729) | &nbsp;&nbsp;&nbsp;&nbsp;(277204422) | (20116043) | &nbsp;&nbsp;&nbsp;&nbsp;(184668395) | &nbsp;&nbsp;(8879978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80110545) | &nbsp;&nbsp;(7061017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63128519) |
| 28187713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260215992 | &nbsp;&nbsp;&nbsp;5952899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54553382 | &nbsp;&nbsp;2741079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24806847 | 2925657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25922320 |
| &nbsp;&nbsp;&nbsp;&nbsp;524859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846957 | &nbsp;&nbsp;&nbsp;&nbsp;294479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;201397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859920 | &nbsp;&nbsp;&nbsp;&nbsp;218947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(661801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6112859) | &nbsp;&nbsp;&nbsp;&nbsp;(914159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8375950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594018 | &nbsp;&nbsp;&nbsp;&nbsp;(400733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3670960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;3970298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36642375 | &nbsp;&nbsp;&nbsp;2912044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26704684 | &nbsp;&nbsp;&nbsp;7992630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72288626 | &nbsp;&nbsp;6657723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59126666 |
| &nbsp;&nbsp;&nbsp;&nbsp;487077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4494994 | &nbsp;&nbsp;&nbsp;&nbsp;506003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635835 | &nbsp;&nbsp;&nbsp;&nbsp;979433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8847187 | &nbsp;&nbsp;&nbsp;&nbsp;867782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7746984 |
| &nbsp;&nbsp;&nbsp;(4137230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38185211) | &nbsp;&nbsp;&nbsp;(6569651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59964531) | &nbsp;&nbsp;(9763836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88111427) | &nbsp;&nbsp;(7051293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62357972) |
| &nbsp;&nbsp;&nbsp;&nbsp;320145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952158 | &nbsp;&nbsp;(3151604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28624012) | &nbsp;&nbsp;&nbsp;(791773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6975614) | &nbsp;&nbsp;&nbsp;474212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4515678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1347578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12175999 | &nbsp;&nbsp;1038539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9233952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309533 | &nbsp;&nbsp;&nbsp;&nbsp;23859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(691584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6235785) | &nbsp;&nbsp;&nbsp;(958545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8558902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;690250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6249747 | &nbsp;&nbsp;&nbsp;103853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888624 |
| 34379874 | $317357862 | &nbsp;&nbsp;&nbsp;2403251 | $22269748 | &nbsp;&nbsp;2152611 | $19668106 | 4260747 | $38090671 |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Financial Highlights

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** | **Touchstone Active Bond Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<sup>(1)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(2)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/21 | $11.23 | $0.22 | $(0.10) | $0.12 | $(0.23) | $— | $(0.23) | $11.12 | &nbsp;&nbsp;&nbsp;1.10% | $186813 | 0.90% | 0.93% | 1.99% | 144%<sup>(3)</sup> |
| 09/30/22 | &nbsp;&nbsp;11.12 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(2.04) | &nbsp;&nbsp;(1.81) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;9.03 | (16.52) | &nbsp;&nbsp;135000 | 0.85 | 0.93 | 2.20 | 159 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;120437 | 0.83 | 0.97 | 3.66 | 146 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;9.65 | &nbsp;&nbsp;12.60 | &nbsp;&nbsp;119251 | 0.83 | 0.98 | 3.86 | 172 |
| 09/30/25 | &nbsp;&nbsp;&nbsp;9.65 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;111240 | 0.83 | 0.97 | 3.86 | 171 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/21 | $10.30 | $0.13 | $(0.09) | $0.04 | $(0.16) | $— | $(0.16) | $10.18 | &nbsp;&nbsp;&nbsp;0.39% | $9229 | 1.64% | 1.93% | 1.25% | 144%<sup>(3)</sup> |
| 09/30/22 | &nbsp;&nbsp;10.18 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(1.87) | &nbsp;&nbsp;(1.73) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;8.24 | (17.17) | &nbsp;&nbsp;&nbsp;&nbsp;4667 | 1.58 | 1.89 | 1.46 | 159 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;3290 | 1.56 | 2.15 | 2.93 | 146 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;11.69 | &nbsp;&nbsp;&nbsp;&nbsp;2595 | 1.56 | 2.46 | 3.13 | 172 |
| 09/30/25 | &nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;8.65 | &nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;2127 | 1.52 | 2.44 | 3.17 | 171 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/21 | $11.22 | $0.25 | $(0.10) | $0.15 | $(0.26) | $— | $(0.26) | $11.11 | &nbsp;&nbsp;&nbsp;1.35% | $92882 | 0.65% | 0.70% | 2.24% | 144%<sup>(3)</sup> |
| 09/30/22 | &nbsp;&nbsp;11.11 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(2.03) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;9.02 | (16.32) | &nbsp;&nbsp;&nbsp;56003 | 0.60 | 0.68 | 2.44 | 159 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;48931 | 0.58 | 0.72 | 3.91 | 146 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp;43896 | 0.58 | 0.74 | 4.11 | 172 |
| 09/30/25 | &nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;36713 | 0.58 | 0.72 | 4.11 | 171 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/21 | $11.22 | $0.26 | $(0.10) | $0.16 | $(0.27) | $— | $(0.27) | $11.11 | &nbsp;&nbsp;&nbsp;1.43% | $99607 | 0.57% | 0.61% | 2.32% | 144%<sup>(3)</sup> |
| 09/30/22 | &nbsp;&nbsp;11.11 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(2.04) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;9.02 | (16.26) | &nbsp;&nbsp;&nbsp;68399 | 0.52 | 0.59 | 2.53 | 159 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;78943 | 0.50 | 0.63 | 3.99 | 146 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;12.98 | &nbsp;&nbsp;&nbsp;97813 | 0.50 | 0.64 | 4.19 | 172 |
| 09/30/25 | &nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;122256 | 0.50 | 0.62 | 4.19 | 171 |

---

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

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** | **Touchstone Ares Credit Opportunities Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<sup>(1)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Return of<br> capital** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(2)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/21 | $9.45 | $0.47 | $1.07 | $1.54 | $(0.53) | $— | $— | $(0.53) | $10.46 | &nbsp;&nbsp;16.67% | $141422 | 1.09% | &nbsp;&nbsp;&nbsp;1.32% | 4.45% | 135%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;10.46 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;(1.53) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;8.64 | (10.60) | &nbsp;&nbsp;115483 | 1.07 | &nbsp;&nbsp;&nbsp;1.26 | 4.87 | &nbsp;&nbsp;72 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.64 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;9.31 | &nbsp;&nbsp;111502 | 1.07 | &nbsp;&nbsp;&nbsp;1.26 | 7.59 | &nbsp;&nbsp;54 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;14.07 | &nbsp;&nbsp;120101 | 1.04 | &nbsp;&nbsp;&nbsp;1.19 | 8.06 | &nbsp;&nbsp;49 |
| 09/30/25 | &nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;126498 | 1.01 | &nbsp;&nbsp;&nbsp;1.11 | 7.13 | &nbsp;&nbsp;47 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/21 | $9.18 | $0.40 | $1.02 | $1.42 | $(0.47) | $— | $— | $(0.47) | $10.13 | &nbsp;&nbsp;15.79% | $31605 | 1.56% | &nbsp;&nbsp;&nbsp;2.17% | 3.98% | 135%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;10.13 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;(1.47) | &nbsp;&nbsp;(1.05) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;8.35 | (11.01) | &nbsp;&nbsp;&nbsp;17575 | 1.47 | &nbsp;&nbsp;&nbsp;2.05 | 4.47 | &nbsp;&nbsp;72 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;&nbsp;17580 | 1.47 | &nbsp;&nbsp;&nbsp;2.07 | 7.19 | &nbsp;&nbsp;54 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;13.57 | &nbsp;&nbsp;&nbsp;28086 | 1.44 | &nbsp;&nbsp;&nbsp;2.00 | 7.66 | &nbsp;&nbsp;49 |
| 09/30/25 | &nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;&nbsp;31634 | 1.62 | &nbsp;&nbsp;&nbsp;1.92 | 6.52 | &nbsp;&nbsp;47 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/21 | $9.57 | $0.48 | $1.11 | $1.59 | $(0.55) | $— | $— | $(0.55) | $10.61 | &nbsp;&nbsp;16.98% | $101613 | 0.88% | &nbsp;&nbsp;&nbsp;1.07% | 4.66% | 135%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;10.61 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;(1.54) | &nbsp;&nbsp;(1.05) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;8.78 | (10.47) | &nbsp;&nbsp;135892 | 0.87 | &nbsp;&nbsp;&nbsp;1.02 | 5.07 | &nbsp;&nbsp;72 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;210871 | 0.87 | &nbsp;&nbsp;&nbsp;1.00 | 7.79 | &nbsp;&nbsp;54 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;14.16 | &nbsp;&nbsp;406336 | 0.84 | &nbsp;&nbsp;&nbsp;0.92 | 8.26 | &nbsp;&nbsp;49 |
| 09/30/25 | &nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;9.29 | &nbsp;&nbsp;&nbsp;6.93 | &nbsp;&nbsp;619674 | 0.79 | &nbsp;&nbsp;&nbsp;0.86 | 7.35 | &nbsp;&nbsp;47 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/21 | $9.63 | $0.49 | $1.12 | $1.61 | $(0.56) | $— | $— | $(0.56) | $10.68 | &nbsp;&nbsp;17.07% | $2627 | 0.78% | &nbsp;&nbsp;&nbsp;0.97% | 4.76% | 135%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;10.68 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;(1.56) | &nbsp;&nbsp;(1.05) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;8.84 | (10.39) | &nbsp;&nbsp;&nbsp;&nbsp;2139 | 0.77 | &nbsp;&nbsp;&nbsp;1.15 | 5.17 | &nbsp;&nbsp;72 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;8.96 | &nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;5644 | 0.77 | &nbsp;&nbsp;&nbsp;1.21 | 7.89 | &nbsp;&nbsp;54 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.96 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;9.44 | &nbsp;&nbsp;14.40 | &nbsp;&nbsp;&nbsp;68834 | 0.74 | &nbsp;&nbsp;&nbsp;0.92 | 8.36 | &nbsp;&nbsp;49 |
| 09/30/25 | &nbsp;&nbsp;&nbsp;9.44 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;9.37 | &nbsp;&nbsp;&nbsp;6.98 | &nbsp;&nbsp;102448 | 0.68 | &nbsp;&nbsp;&nbsp;0.82 | 7.46 | &nbsp;&nbsp;47 |
| **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** | **Class R6** |
| 09/30/25<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;$9.25<sup>(6)</sup> | $0.26 | $0.15 | $0.41 | $(0.29) | $— | $— | $(0.29) | $9.37 | &nbsp;&nbsp;&nbsp;4.46%<sup>(7)</sup> | $3 | 0.58%<sup>(8)</sup> | 698.98%<sup>(8)</sup> | 7.56%<sup>(8)</sup> | &nbsp;&nbsp;47% |

---

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

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

*<sup>(3)</sup>* *The ratio of net and gross expenses to average net assets excluding dividend and interest expense on securities sold short would have been lower by 0.01%, 0.04%, 0.04% and 0.05% for the years ended September 30, 2024, 2023, 2022 and 2021, respectively.* 

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

*<sup>(5)</sup>* *Represents the period from commencement of operations (May 19, 2025) through September 30, 2025.* 

*<sup>(6)</sup>* *Net asset value at the beginning of period is based on the net asset value of Class I shares on May 19, 2025.* 

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** | **Touchstone Dividend Equity Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<sup>(1)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(2)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 10/31/20 | $17.17 | $0.55 | $(2.42) | $(1.87) | $(0.60) | $(0.58) | $(1.18) | $14.12 | (11.33)% | $1666379 | 1.09% | &nbsp;&nbsp;&nbsp;1.09% | 3.60% | 68% |
| 09/30/21<sup>(3)</sup> | &nbsp;&nbsp;14.12 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;16.88 | &nbsp;&nbsp;&nbsp;&nbsp;22.13<sup>(4)</sup> | &nbsp;&nbsp;1737804 | &nbsp;&nbsp;&nbsp;1.09<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;1.91<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;16.88 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(1.87) | &nbsp;&nbsp;(1.59) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;14.68 | &nbsp;&nbsp;(9.90) | &nbsp;&nbsp;1398059 | 0.99 | &nbsp;&nbsp;&nbsp;1.00 | 1.64 | 12 |
| 09/30/23 | &nbsp;&nbsp;14.68 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.86) | &nbsp;&nbsp;15.83 | &nbsp;&nbsp;13.59 | &nbsp;&nbsp;1388830 | 0.99 | &nbsp;&nbsp;&nbsp;1.02 | 1.87 | &nbsp;&nbsp;&nbsp;13<sup>(7)</sup> |
| 09/30/24 | &nbsp;&nbsp;15.83 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;19.49 | &nbsp;&nbsp;28.97 | &nbsp;&nbsp;1579521 | 0.99 | &nbsp;&nbsp;&nbsp;1.01 | 1.82 | 10 |
| 09/30/25 | &nbsp;&nbsp;19.49 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.26) | &nbsp;&nbsp;20.21 | &nbsp;&nbsp;10.78 | &nbsp;&nbsp;1552004 | 0.99 | &nbsp;&nbsp;&nbsp;1.01 | 1.52 | 12 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 10/31/20 | $17.00 | $0.47 | $(2.40) | $(1.93) | $(0.50) | $(0.58) | $(1.08) | $13.99 | (11.89)% | $1117141 | 1.74% | &nbsp;&nbsp;&nbsp;1.74% | 2.99% | 68% |
| 09/30/21<sup>(3)</sup> | &nbsp;&nbsp;13.99 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;16.74 | &nbsp;&nbsp;&nbsp;&nbsp;21.38<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;806336 | &nbsp;&nbsp;&nbsp;1.75<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;1.27<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;16.74 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(1.86) | &nbsp;&nbsp;(1.70) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;14.56 | (10.54) | &nbsp;&nbsp;&nbsp;&nbsp;471273 | 1.69 | &nbsp;&nbsp;&nbsp;1.76 | 0.94 | 12 |
| 09/30/23 | &nbsp;&nbsp;14.56 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;15.70 | &nbsp;&nbsp;12.79 | &nbsp;&nbsp;&nbsp;&nbsp;339231 | 1.69 | &nbsp;&nbsp;&nbsp;1.78 | 1.17 | &nbsp;&nbsp;&nbsp;13<sup>(7)</sup> |
| 09/30/24 | &nbsp;&nbsp;15.70 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;19.33 | &nbsp;&nbsp;28.08 | &nbsp;&nbsp;&nbsp;&nbsp;221858 | 1.69 | &nbsp;&nbsp;&nbsp;1.78 | 1.12 | 10 |
| 09/30/25 | &nbsp;&nbsp;19.33 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;20.05 | &nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;131525 | 1.69 | &nbsp;&nbsp;&nbsp;1.78 | 0.82 | 12 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 10/31/20 | $17.14 | $0.61 | $(2.44) | $(1.83) | $(0.63) | $(0.58) | $(1.21) | $14.10 | (11.11)% | $1691794 | 0.88% | &nbsp;&nbsp;&nbsp;0.88% | 3.83% | 68% |
| 09/30/21<sup>(3)(8)</sup> | &nbsp;&nbsp;14.10 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;16.85 | &nbsp;&nbsp;&nbsp;&nbsp;22.33<sup>(4)</sup> | &nbsp;&nbsp;1161841 | &nbsp;&nbsp;&nbsp;0.88<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;2.14<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;16.85 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;(1.86) | &nbsp;&nbsp;(1.54) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;14.66 | &nbsp;&nbsp;(9.69) | &nbsp;&nbsp;&nbsp;&nbsp;772987 | 0.74 | &nbsp;&nbsp;&nbsp;0.74 | 1.89 | 12 |
| 09/30/23 | &nbsp;&nbsp;14.66 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.90) | &nbsp;&nbsp;15.80 | &nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;675229 | 0.76 | &nbsp;&nbsp;&nbsp;0.76 | 2.10 | &nbsp;&nbsp;&nbsp;13<sup>(7)</sup> |
| 09/30/24 | &nbsp;&nbsp;15.80 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;19.45 | &nbsp;&nbsp;29.25 | &nbsp;&nbsp;&nbsp;&nbsp;711339 | 0.76 | &nbsp;&nbsp;&nbsp;0.76 | 2.05 | 10 |
| 09/30/25 | &nbsp;&nbsp;19.45 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.31) | &nbsp;&nbsp;20.17 | &nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;704688 | 0.76 | &nbsp;&nbsp;&nbsp;0.76 | 1.76 | 12 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/21<sup>(3)(9)</sup> | $17.02 | $0.07 | $(0.17) | $(0.10) | $(0.08) | $— | $(0.08) | $16.84 | &nbsp;&nbsp;(0.61)%<sup>(4)</sup> | $313 | 0.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;3.37%<sup>(5)</sup> | 2.01%<sup>(5)</sup> | 83%<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;16.84 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;(1.52) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;14.65 | &nbsp;&nbsp;(9.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | 0.67 | &nbsp;&nbsp;&nbsp;1.80 | 1.97 | 12 |
| 09/30/23 | &nbsp;&nbsp;14.65 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.91) | &nbsp;&nbsp;15.79 | &nbsp;&nbsp;13.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 | 0.67 | &nbsp;&nbsp;&nbsp;0.96 | 2.19 | &nbsp;&nbsp;&nbsp;13<sup>(7)</sup> |
| 09/30/24 | &nbsp;&nbsp;15.79 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;19.43 | &nbsp;&nbsp;29.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989 | 0.67 | &nbsp;&nbsp;&nbsp;1.12 | 2.14 | 10 |
| 09/30/25 | &nbsp;&nbsp;19.43 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.33) | &nbsp;&nbsp;20.15 | &nbsp;&nbsp;11.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480 | 0.66 | &nbsp;&nbsp;&nbsp;0.88 | 1.86 | 12 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 09/30/21<sup>(3)(10)</sup> | $17.34 | $0.06 | $(0.48) | $(0.42) | $(0.08) | $— | $(0.08) | $16.84 | &nbsp;&nbsp;(2.44)%<sup>(4)</sup> | $2 | 0.65%<sup>(5)</sup> | 359.78%<sup>(5)</sup> | 2.26%<sup>(5)</sup> | 83%<sup>(4)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;16.84 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;(1.84) | &nbsp;&nbsp;(1.52) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;14.65 | &nbsp;&nbsp;(9.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | 0.65 | &nbsp;&nbsp;&nbsp;1.76 | 1.99 | 12 |
| 09/30/23 | &nbsp;&nbsp;14.65 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.92) | &nbsp;&nbsp;15.79 | &nbsp;&nbsp;13.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | 0.65 | &nbsp;&nbsp;&nbsp;1.39 | 2.20 | &nbsp;&nbsp;&nbsp;13<sup>(7)</sup> |
| 09/30/24 | &nbsp;&nbsp;15.79 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;19.45 | &nbsp;&nbsp;29.47 | &nbsp;&nbsp;&nbsp;&nbsp;10337 | 0.65 | &nbsp;&nbsp;&nbsp;0.92 | 2.16 | 10 |
| 09/30/25 | &nbsp;&nbsp;19.45 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.33) | &nbsp;&nbsp;20.16 | &nbsp;&nbsp;11.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8725 | 0.65 | &nbsp;&nbsp;&nbsp;0.78 | 1.86 | 12 |

---

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

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

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

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

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

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

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

*<sup>(8)</sup>* *Effective July 16, 2021, Class W shares of the AIG Focused Dividend Strategy Fund were reorganized into Class Y shares of the Fund.* 

*<sup>(9)</sup>* *Represents the period from commencement of operations (July 19, 2021) through September 30, 2021.* 

*<sup>(10)</sup>* *Represents the period from commencement of operations (August 2, 2021) through September 30, 2021.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** | **Touchstone High Yield Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/21 | $7.86 | $0.36 | $0.48 | $0.84 | $(0.37) | $(0.37) | $8.33 | &nbsp;&nbsp;10.84% | $15081 | 1.05% | 1.21% | 4.35% | 96% |
| 09/30/22 | &nbsp;&nbsp;8.33 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;(1.54) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;6.77 | (14.88) | &nbsp;&nbsp;11824 | 1.05 | 1.26 | 4.33 | 57 |
| 09/30/23 | &nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.40<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;7.07 | &nbsp;&nbsp;10.69 | &nbsp;&nbsp;11322 | 1.05 | 1.35 | 5.60 | 70 |
| 09/30/24 | &nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;7.55 | &nbsp;&nbsp;13.34 | &nbsp;&nbsp;11896 | 1.05 | 1.38 | 5.73 | 49 |
| 09/30/25 | &nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.44<sup>(2)</sup> | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;7.52 | &nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;10458 | 1.04 | 1.35 | 5.95 | 47 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/21 | $7.84 | $0.26 | $0.52 | $0.78 | $(0.31) | $(0.31) | $8.31 | &nbsp;&nbsp;10.07% | $835 | 1.80% | 2.83% | 3.60% | 96% |
| 09/30/22 | &nbsp;&nbsp;8.31 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(1.54) | &nbsp;&nbsp;(1.26) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;6.75 | (15.55) | &nbsp;&nbsp;&nbsp;&nbsp;700 | 1.80 | 2.82 | 3.58 | 57 |
| 09/30/23 | &nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.34<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;593 | 1.80 | 3.26 | 4.85 | 70 |
| 09/30/24 | &nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.36<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;7.52 | &nbsp;&nbsp;12.55 | &nbsp;&nbsp;&nbsp;&nbsp;399 | 1.80 | 4.68 | 4.98 | 49 |
| 09/30/25 | &nbsp;&nbsp;7.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.39<sup>(2)</sup> | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;313 | 1.76 | 4.41 | 5.23 | 47 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/21 | $8.09 | $0.39 | $0.50 | $0.89 | $(0.40) | $(0.40) | $8.58 | &nbsp;&nbsp;11.18% | $36447 | 0.80% | 0.89% | 4.60% | 96% |
| 09/30/22 | &nbsp;&nbsp;8.58 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;(1.62) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;6.98 | (14.70) | &nbsp;&nbsp;22994 | 0.80 | 0.96 | 4.58 | 57 |
| 09/30/23 | &nbsp;&nbsp;6.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.43<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;10.92 | &nbsp;&nbsp;19125 | 0.80 | 0.99 | 5.85 | 70 |
| 09/30/24 | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;7.81 | &nbsp;&nbsp;13.60 | &nbsp;&nbsp;19263 | 0.80 | 1.06 | 5.98 | 49 |
| 09/30/25 | &nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.48<sup>(2)</sup> | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;7.80 | &nbsp;&nbsp;&nbsp;6.25 | &nbsp;&nbsp;18188 | 0.80 | 1.02 | 6.19 | 47 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/21 | $8.09 | $0.40 | $0.50 | $0.90 | $(0.41) | $(0.41) | $8.58 | &nbsp;&nbsp;11.27% | $87056 | 0.72% | 0.75% | 4.68% | 96% |
| 09/30/22 | &nbsp;&nbsp;8.58 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(1.59) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;6.98 | (14.63) | &nbsp;&nbsp;67076 | 0.72 | 0.82 | 4.66 | 57 |
| 09/30/23 | &nbsp;&nbsp;6.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.43<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;11.01 | &nbsp;&nbsp;69633 | 0.72 | 0.85 | 5.93 | 70 |
| 09/30/24 | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.46<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;7.81 | &nbsp;&nbsp;13.70 | &nbsp;&nbsp;75067 | 0.72 | 0.86 | 6.06 | 49 |
| 09/30/25 | &nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.49<sup>(2)</sup> | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;7.80 | &nbsp;&nbsp;&nbsp;6.34 | &nbsp;&nbsp;78333 | 0.72 | 0.85 | 6.27 | 47 |

---

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** | **Touchstone Mid Cap Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)<sup>(1)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(2)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/21 | $39.04 | $(0.07) | $8.33 | $8.26 | $(0.13) | $(0.70) | $(0.83) | $46.47 | &nbsp;&nbsp;21.34% | $137477 | 1.22% | 1.23% | (0.15)%21%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;46.47 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(6.26) | &nbsp;&nbsp;&nbsp;(6.31) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.36) | &nbsp;&nbsp;38.80 | (14.13) | &nbsp;&nbsp;&nbsp;&nbsp;109653 | 1.23 | 1.23 | (0.11)&nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;38.80 | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp;&nbsp;7.52 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;45.76 | &nbsp;&nbsp;19.55 | &nbsp;&nbsp;&nbsp;&nbsp;130846 | 1.22 | 1.23 | &nbsp;&nbsp;0.04&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;45.76 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;11.06 | &nbsp;&nbsp;11.07 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;56.47 | &nbsp;&nbsp;24.28 | &nbsp;&nbsp;&nbsp;&nbsp;171046 | 1.17 | 1.17 | &nbsp;&nbsp;0.01&nbsp;&nbsp;&nbsp;13<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;56.47 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(1.25) | &nbsp;&nbsp;55.07 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;156500 | 1.18 | 1.18 | (0.05)&nbsp;&nbsp;&nbsp;12<sup>(4)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/21 | $36.38 | $(0.36) | $7.74 | $7.38 | $(0.06) | $(0.70) | $(0.76) | $43.00 | &nbsp;&nbsp;20.47% | $90388 | 1.93% | 1.93% | (0.86)%21%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;43.00 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;(5.74) | &nbsp;&nbsp;&nbsp;(6.08) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.28) | &nbsp;&nbsp;35.64 | (14.71) | &nbsp;&nbsp;&nbsp;&nbsp;65812 | 1.93 | 1.93 | (0.81)&nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;35.64 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;6.61 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;41.76 | &nbsp;&nbsp;18.70 | &nbsp;&nbsp;&nbsp;&nbsp;70076 | 1.94 | 1.94 | (0.67)&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;41.76 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;51.18 | &nbsp;&nbsp;23.38 | &nbsp;&nbsp;&nbsp;&nbsp;82284 | 1.91 | 1.91 | (0.73)&nbsp;&nbsp;&nbsp;13<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;51.18 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;49.44 | &nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;69865 | 1.93 | 1.93 | (0.80)&nbsp;&nbsp;&nbsp;12<sup>(4)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/21 | $39.55 | $0.05 | $8.44 | $8.49 | $(0.16) | $(0.70) | $(0.86) | $47.18 | &nbsp;&nbsp;21.64% | $3258367 | 0.97%<sup>(5)</sup> | 0.93% | &nbsp;&nbsp;0.10%21%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;47.18 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(6.36) | &nbsp;&nbsp;&nbsp;(6.28) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.39) | &nbsp;&nbsp;39.51 | (13.87) | &nbsp;&nbsp;2789008 | &nbsp;&nbsp;&nbsp;0.94<sup>(5)</sup> | 0.95 | &nbsp;&nbsp;0.17&nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;39.51 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;7.64 | &nbsp;&nbsp;&nbsp;7.79 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;46.71 | &nbsp;&nbsp;19.90 | &nbsp;&nbsp;3178397 | 0.94 | 0.94 | &nbsp;&nbsp;0.33&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;46.71 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;11.29 | &nbsp;&nbsp;11.44 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;57.67 | &nbsp;&nbsp;24.61 | &nbsp;&nbsp;4288654 | 0.90 | 0.90 | &nbsp;&nbsp;0.28&nbsp;&nbsp;&nbsp;13<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;57.67 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(1.39) | &nbsp;&nbsp;56.27 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;3744599 | 0.92 | 0.92 | &nbsp;&nbsp;0.21&nbsp;&nbsp;&nbsp;12<sup>(4)</sup> |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| 09/30/21 | $38.75 | $(—)<sup>(6)</sup> | $8.20 | $8.20 | $(0.13) | $(0.70) | $(0.83) | $46.12 | &nbsp;&nbsp;21.33% | $54368 | 1.22% | 1.25% | (0.15)%21%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;46.12 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(6.21) | &nbsp;&nbsp;&nbsp;(6.26) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.35) | &nbsp;&nbsp;38.51 | (14.12) | &nbsp;&nbsp;&nbsp;&nbsp;37449 | 1.23 | 1.26 | (0.11)&nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;38.51 | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;7.47 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;45.42 | &nbsp;&nbsp;19.56 | &nbsp;&nbsp;&nbsp;&nbsp;40257 | 1.22 | 1.26 | &nbsp;&nbsp;0.04&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;45.42 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;10.98 | &nbsp;&nbsp;10.97 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;56.04 | &nbsp;&nbsp;24.24 | &nbsp;&nbsp;&nbsp;&nbsp;45835 | 1.21 | 1.24 | (0.03)&nbsp;&nbsp;&nbsp;13<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;56.04 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;54.63 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;34955 | 1.23 | 1.24 | (0.10)&nbsp;&nbsp;&nbsp;12<sup>(4)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/21 | $39.64 | $0.10 | $8.46 | $8.56 | $(0.16) | $(0.70) | $(0.86) | $47.34 | &nbsp;&nbsp;21.80% | $676846 | 0.85%<sup>(5)</sup> | 0.84% | &nbsp;&nbsp;0.22%21%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;47.34 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;(6.39) | &nbsp;&nbsp;&nbsp;(6.28) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.40) | &nbsp;&nbsp;39.66 | (13.82) | &nbsp;&nbsp;&nbsp;&nbsp;407132 | 0.87 | 0.87 | &nbsp;&nbsp;0.25&nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;39.66 | &nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;7.84 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;46.91 | &nbsp;&nbsp;19.96 | &nbsp;&nbsp;&nbsp;&nbsp;466528 | 0.88 | 0.88 | &nbsp;&nbsp;0.38&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;46.91 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;11.35 | &nbsp;&nbsp;11.53 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;57.93 | &nbsp;&nbsp;24.70 | &nbsp;&nbsp;&nbsp;&nbsp;734206 | 0.85 | 0.85 | &nbsp;&nbsp;0.34&nbsp;&nbsp;&nbsp;13<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;57.93 | &nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;56.52 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;579697 | 0.87 | 0.87 | &nbsp;&nbsp;0.26&nbsp;&nbsp;&nbsp;12<sup>(4)</sup> |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 09/30/21<sup>(7)</sup> | $45.92 | $0.07 | $1.36 | $1.43 | $— | $— | $— | $47.35 | &nbsp;&nbsp;&nbsp;3.11%<sup>(8)</sup> | $612500 | 0.80%<sup>(9)</sup> | 0.82%<sup>(9)</sup> | &nbsp;&nbsp;0.27%<sup>(9)</sup>21%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;47.35 | &nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;(6.39) | &nbsp;&nbsp;&nbsp;(6.25) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.40) | &nbsp;&nbsp;39.70 | (13.76) | &nbsp;&nbsp;&nbsp;&nbsp;598238 | 0.81 | 0.82 | &nbsp;&nbsp;0.31&nbsp;&nbsp;&nbsp;15<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;39.70 | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;7.89 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;46.99 | &nbsp;&nbsp;20.07 | &nbsp;&nbsp;&nbsp;&nbsp;657775 | 0.80 | 0.83 | &nbsp;&nbsp;0.46&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;46.99 | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;11.37 | &nbsp;&nbsp;11.58 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;58.02 | &nbsp;&nbsp;24.76 | &nbsp;&nbsp;&nbsp;&nbsp;763113 | 0.79 | 0.80 | &nbsp;&nbsp;0.39&nbsp;&nbsp;&nbsp;13<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;58.02 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(1.45) | &nbsp;&nbsp;56.62 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;696351 | 0.81 | 0.82 | &nbsp;&nbsp;0.3212<sup>(4)</sup> |

---

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

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

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

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

*<sup>(5)</sup>* *Net expenses include amounts recouped by the Adviser.* 

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

*<sup>(7)</sup>* *Represents the period from commencement of operations (February 22, 2021) through September 30, 2021.* 

*<sup>(8)</sup>* *Not annualized.* 

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** | **Touchstone Mid Cap Value Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)<sup>(1)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(2)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/21 | $16.71 | $0.01 | $6.93 | $6.94 | $(0.03) | $— | $(0.03) | $23.62 | 41.59% | $13605 | 1.23% | 1.55% | &nbsp;&nbsp;0.06% | 33%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;23.62 | &nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;(1.91) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(1.68) | &nbsp;&nbsp;20.03 | (9.04) | &nbsp;&nbsp;&nbsp;12950 | 1.22 | 1.44 | &nbsp;&nbsp;0.59 | 27 |
| 09/30/23 | &nbsp;&nbsp;20.03 | &nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.18) | &nbsp;&nbsp;20.25 | &nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;14596 | 1.24 | 1.51 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;21<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;20.25 | &nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;23.90 | 20.08 | &nbsp;&nbsp;&nbsp;16053 | 1.24 | 1.50 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;29<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;23.90 | &nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;23.78 | &nbsp;&nbsp;4.63 | &nbsp;&nbsp;&nbsp;14986 | 1.22 | 1.43 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;32<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** |
| 09/30/21 | $16.17 | $(0.15) | $6.71 | $6.56 | $— | $— | $— | $22.73 | 40.57% | $4167 | 1.98% | 2.36% | (0.69)% | 33%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;22.73 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(1.97) | &nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;19.24 | (9.73) | &nbsp;&nbsp;&nbsp;&nbsp;4013 | 1.97 | 2.26 | (0.16) | 27 |
| 09/30/23 | &nbsp;&nbsp;19.24 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;19.30 | &nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;2963 | 1.99 | 2.38 | (0.09) | &nbsp;&nbsp;&nbsp;21<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;19.30 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;22.63 | 19.16 | &nbsp;&nbsp;&nbsp;&nbsp;1789 | 1.99 | 2.80 | (0.21) | &nbsp;&nbsp;&nbsp;29<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;22.63 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(1.11) | &nbsp;&nbsp;22.40 | &nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | 1.92 | 3.05 | (0.08) | &nbsp;&nbsp;&nbsp;32<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** |
| 09/30/21 | $16.78 | $0.07 | $6.96 | $7.03 | $(0.06) | $— | $(0.06) | $23.75 | 41.97% | $400865 | 0.98% | 1.16% | &nbsp;&nbsp;0.31% | 33%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;23.75 | &nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;(2.06) | &nbsp;&nbsp;(1.86) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(1.74) | &nbsp;&nbsp;20.15 | (8.81) | &nbsp;&nbsp;349756 | 0.97 | 1.16 | &nbsp;&nbsp;0.84 | 27 |
| 09/30/23 | &nbsp;&nbsp;20.15 | &nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.19) | &nbsp;&nbsp;20.42 | &nbsp;&nbsp;7.14 | &nbsp;&nbsp;326424 | 0.99 | 1.20 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;21<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;20.42 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;24.14 | 20.33 | &nbsp;&nbsp;172791 | 0.99 | 1.21 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;29<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;24.14 | &nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;24.06 | &nbsp;&nbsp;4.87 | &nbsp;&nbsp;133000 | 0.98 | 1.00 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;32<sup>(4)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/21 | $16.87 | $0.10 | $7.00 | $7.10 | $(0.09) | $— | $(0.09) | $23.88 | 42.16% | $456557 | 0.85% | 0.97% | &nbsp;&nbsp;0.44% | 33%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;23.88 | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;(2.07) | &nbsp;&nbsp;(1.84) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(1.77) | &nbsp;&nbsp;20.27 | (8.68) | &nbsp;&nbsp;395187 | 0.84 | 0.95 | &nbsp;&nbsp;0.97 | 27 |
| 09/30/23 | &nbsp;&nbsp;20.27 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.20) | &nbsp;&nbsp;20.57 | &nbsp;&nbsp;7.29 | &nbsp;&nbsp;353386 | 0.86 | 0.97 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;21<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;20.57 | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;24.35 | 20.51 | &nbsp;&nbsp;422311 | 0.86 | 0.98 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;29<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;24.35 | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(1.25) | &nbsp;&nbsp;24.28 | &nbsp;&nbsp;4.97 | &nbsp;&nbsp;405638 | 0.85 | 0.93 | &nbsp;&nbsp;0.99 | 32<sup>(4)</sup> |

---

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

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

*<sup>(3)</sup>* *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.02%, 0.02%, 0.02% and 0.01% for the years ended September 30, 2025, 2024, 2023 and 2021, respectively.* 

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** | **Touchstone Sands Capital International Growth Equity Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets<sup>(2)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(2)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/21 | $7.44 | $0.12 | $1.57 | $1.69 | $(0.03) | $— | $(0.03) | $9.10 | &nbsp;&nbsp;22.73% | $10218 | 1.17% | &nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;1.06% | &nbsp;&nbsp;52% |
| 09/30/22 | &nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(2.66) | &nbsp;&nbsp;(2.51) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;5.97 | (29.67) | &nbsp;&nbsp;&nbsp;6595 | 1.17 | &nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;32 |
| 09/30/23 | &nbsp;&nbsp;5.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;7.03 | &nbsp;&nbsp;20.50 | &nbsp;&nbsp;&nbsp;7177 | 1.17 | &nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;1.93 | 171 |
| 09/30/24 | &nbsp;&nbsp;7.03 | &nbsp;&nbsp;(0.04)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;34.43 | &nbsp;&nbsp;&nbsp;9247 | 1.18 | &nbsp;&nbsp;&nbsp;1.76 | (0.45) | 117 |
| 09/30/25 | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;(0.04)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;9.11 | &nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;8636 | 1.17 | &nbsp;&nbsp;&nbsp;1.47 | (0.45) | &nbsp;&nbsp;19 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/21 | $7.40 | $— | $1.61 | $1.61 | $— | $— | $— | $9.01 | &nbsp;&nbsp;21.76% | $2727 | 1.95% | &nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;0.28% | &nbsp;&nbsp;52% |
| 09/30/22 | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(2.64) | &nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;5.95 | (30.16) | &nbsp;&nbsp;&nbsp;1086 | 1.95 | &nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;32 |
| 09/30/23 | &nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;7.11 | &nbsp;&nbsp;19.50 | &nbsp;&nbsp;&nbsp;&nbsp;398 | 1.95 | &nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;1.15 | 171 |
| 09/30/24 | &nbsp;&nbsp;7.11 | &nbsp;&nbsp;(0.10)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;33.48 | &nbsp;&nbsp;&nbsp;1031 | 1.96 | &nbsp;&nbsp;&nbsp;4.87 | (1.23) | 117 |
| 09/30/25 | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;(0.11)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;875 | 1.94 | &nbsp;&nbsp;&nbsp;3.26 | (1.22) | &nbsp;&nbsp;19 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/21 | $7.43 | $0.10 | $1.61 | $1.71 | $(0.05) | $— | $(0.05) | $9.09 | &nbsp;&nbsp;23.07% | $20434 | 0.90% | &nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;1.33% | &nbsp;&nbsp;52% |
| 09/30/22 | &nbsp;&nbsp;9.09 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(2.66) | &nbsp;&nbsp;(2.48) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;5.99 | (29.43) | &nbsp;&nbsp;14560 | 0.90 | &nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;2.21 | &nbsp;&nbsp;32 |
| 09/30/23 | &nbsp;&nbsp;5.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.16<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;7.05 | &nbsp;&nbsp;20.86 | &nbsp;&nbsp;13870 | 0.90 | &nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;2.20 | 171 |
| 09/30/24 | &nbsp;&nbsp;7.05 | &nbsp;&nbsp;(0.01)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;9.10 | &nbsp;&nbsp;34.82 | &nbsp;&nbsp;76260 | 0.91 | &nbsp;&nbsp;&nbsp;1.36 | (0.18) | 117 |
| 09/30/25 | &nbsp;&nbsp;9.10 | &nbsp;&nbsp;(0.02)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;9.16 | &nbsp;&nbsp;10.34 | &nbsp;&nbsp;82171 | 0.90 | &nbsp;&nbsp;&nbsp;1.11 | (0.18) | &nbsp;&nbsp;19 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/21 | $7.43 | $0.12 | $1.60 | $1.72 | $(0.05) | $— | $(0.05) | $9.10 | &nbsp;&nbsp;23.21% | $4 | 0.89% | 255.65% | &nbsp;&nbsp;1.34% | &nbsp;&nbsp;52% |
| 09/30/22 | &nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;(2.70) | &nbsp;&nbsp;(2.48) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;5.98 | (29.41) | &nbsp;&nbsp;&nbsp;5913 | 0.89 | &nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;2.22 | &nbsp;&nbsp;32 |
| 09/30/23 | &nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.16<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;7.04 | &nbsp;&nbsp;20.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 0.89 | &nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;2.17 | 171 |
| 09/30/24 | &nbsp;&nbsp;7.04 | &nbsp;&nbsp;(0.01)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;9.11 | &nbsp;&nbsp;34.81 | &nbsp;&nbsp;&nbsp;2973 | 0.87 | &nbsp;&nbsp;&nbsp;2.28 | (0.14) | 117 |
| 09/30/25 | &nbsp;&nbsp;9.11 | &nbsp;&nbsp;(0.01)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;9.18 | &nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;2253 | 0.86 | &nbsp;&nbsp;&nbsp;1.36 | (0.14) | &nbsp;&nbsp;19 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 09/30/23<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;$7.66<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;$0.01<sup>(3)</sup> | $(0.63) | $(0.62) | $— | $— | $— | $7.04 | &nbsp;&nbsp;(8.09)%<sup>(6)</sup> | $14490 | 0.82%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;1.56%<sup>(7)</sup> | &nbsp;&nbsp;2.27%<sup>(7)</sup> | 171% |
| 09/30/24 | &nbsp;&nbsp;7.04 | &nbsp;&nbsp;(0.01)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;9.11 | &nbsp;&nbsp;34.83 | &nbsp;&nbsp;19540 | 0.82 | &nbsp;&nbsp;&nbsp;1.16 | (0.08) | 117 |
| 09/30/25 | &nbsp;&nbsp;9.11 | &nbsp;&nbsp;(0.01)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;9.18 | &nbsp;&nbsp;10.45 | &nbsp;&nbsp;15846 | 0.78 | &nbsp;&nbsp;&nbsp;1.00 | (0.06) | &nbsp;&nbsp;19 |

---

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

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

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

*<sup>(4)</sup>* *Represents the period from commencement of operations (August 31, 2023) through September 30, 2023.* 

*<sup>(5)</sup>* *Net asset value at the beginning of period is based on the net asset value of Institutional Class shares on August 31, 2023.* 

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** | **Touchstone Sands Capital Select Growth Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> loss<sup>(1)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(2)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/21 | $17.22 | $(0.19) | $5.43 | $5.24 | $(1.85) | $(1.85) | $20.61 | &nbsp;&nbsp;32.30% | $841243 | 1.06%<sup>(4)</sup> | 1.06% | (0.96)%35%<sup>(5)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;20.61 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(10.02) | &nbsp;&nbsp;(10.15) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;8.30 | (54.73) | &nbsp;&nbsp;&nbsp;&nbsp;319960 | 1.13 | 1.13 | (0.98)&nbsp;&nbsp;&nbsp;45<sup>(5)</sup> |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.39 | &nbsp;&nbsp;25.18 | &nbsp;&nbsp;&nbsp;&nbsp;344359 | 1.16 | 1.20 | (0.83)&nbsp;&nbsp;&nbsp;27<sup>(5)</sup> |
| 09/30/24 | &nbsp;&nbsp;10.39 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.54 | &nbsp;&nbsp;39.94 | &nbsp;&nbsp;&nbsp;&nbsp;393679 | 1.16 | 1.19 | (0.90)&nbsp;&nbsp;&nbsp;37<sup>(5)</sup> |
| 09/30/25 | &nbsp;&nbsp;14.54 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;19.37 | &nbsp;&nbsp;33.22 | &nbsp;&nbsp;&nbsp;&nbsp;454914 | 1.15 | 1.15 | (0.85)&nbsp;&nbsp;&nbsp;55<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** |
| 09/30/21^ | $18.29 | $(0.35) | $5.67 | $5.32 | $(2.32) | $(2.32) | $21.29 | &nbsp;&nbsp;31.14% | $75082 | 1.86% | 1.87% | (1.75)%35%<sup>(5)(6)</sup> |
| 09/30/22^ | &nbsp;&nbsp;21.29 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(10.05) | &nbsp;&nbsp;(10.28) | &nbsp;&nbsp;(2.71) | &nbsp;&nbsp;(2.71) | &nbsp;&nbsp;&nbsp;8.30 | (55.02) | &nbsp;&nbsp;&nbsp;&nbsp;20623 | 1.78 | 1.94 | (1.63)&nbsp;&nbsp;&nbsp;45<sup>(5)</sup> |
| 09/30/23^ | &nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.32 | &nbsp;&nbsp;24.48 | &nbsp;&nbsp;&nbsp;&nbsp;18269 | 1.77 | 2.05 | (1.44)&nbsp;&nbsp;&nbsp;27<sup>(5)</sup> |
| 09/30/24 | &nbsp;&nbsp;10.32 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.36 | &nbsp;&nbsp;39.15 | &nbsp;&nbsp;&nbsp;&nbsp;18051 | 1.77 | 2.04 | (1.51)&nbsp;&nbsp;&nbsp;37<sup>(5)</sup> |
| 09/30/25 | &nbsp;&nbsp;14.36 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;19.01 | &nbsp;&nbsp;32.38 | &nbsp;&nbsp;&nbsp;&nbsp;16826 | 1.77 | 2.01 | (1.47)&nbsp;&nbsp;&nbsp;55<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** |
| 09/30/21 | $18.89 | $(0.16) | $5.98 | $5.82 | $(1.85) | $(1.85) | $22.86 | &nbsp;&nbsp;32.53% | $1784643 | 0.85% | 0.85% | (0.74)%35%<sup>(5)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;22.86 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(11.24) | &nbsp;&nbsp;(11.35) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;9.35 | (54.59) | &nbsp;&nbsp;&nbsp;&nbsp;613010 | 0.88 | 0.88 | (0.72)&nbsp;&nbsp;&nbsp;45<sup>(5)</sup> |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.73 | &nbsp;&nbsp;25.46 | &nbsp;&nbsp;&nbsp;&nbsp;600614 | 0.92 | 0.92 | (0.58)&nbsp;&nbsp;&nbsp;27<sup>(5)</sup> |
| 09/30/24 | &nbsp;&nbsp;11.73 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.46 | &nbsp;&nbsp;40.32 | &nbsp;&nbsp;&nbsp;&nbsp;624311 | 0.90 | 0.90 | (0.64)&nbsp;&nbsp;&nbsp;37<sup>(5)</sup> |
| 09/30/25 | &nbsp;&nbsp;16.46 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;21.99 | &nbsp;&nbsp;33.60 | &nbsp;&nbsp;&nbsp;&nbsp;709761 | 0.87 | 0.90 | (0.57)&nbsp;&nbsp;&nbsp;55<sup>(5)</sup> |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| 09/30/21 | $17.25 | $(0.20) | $5.43 | $5.23 | $(1.85) | $(1.85) | $20.63 | &nbsp;&nbsp;32.17% | $570206 | 1.16%<sup>(4)</sup> | 1.16% | (1.05)%35%<sup>(5)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;20.63 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(10.02) | &nbsp;&nbsp;(10.16) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;8.31 | (54.73) | &nbsp;&nbsp;&nbsp;&nbsp;203620 | 1.18 | 1.19 | (1.03)&nbsp;&nbsp;&nbsp;45<sup>(5)</sup> |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.40 | &nbsp;&nbsp;25.15 | &nbsp;&nbsp;&nbsp;&nbsp;200700 | 1.17 | 1.25 | (0.84)&nbsp;&nbsp;&nbsp;27<sup>(5)</sup> |
| 09/30/24 | &nbsp;&nbsp;10.40 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14.56 | &nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;&nbsp;232611 | 1.17 | 1.21 | (0.91)&nbsp;&nbsp;&nbsp;37<sup>(5)</sup> |
| 09/30/25 | &nbsp;&nbsp;14.56 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;19.39 | &nbsp;&nbsp;33.17 | &nbsp;&nbsp;&nbsp;&nbsp;257744 | 1.16 | 1.20 | (0.86)&nbsp;&nbsp;&nbsp;55<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** |
| 09/30/21 | $18.89 | $(0.15) | $5.99 | $5.84 | $(1.85) | $(1.85) | $22.88 | &nbsp;&nbsp;32.65% | $2582030 | 0.79%<sup>(4)</sup> | 0.79% | (0.69)%35%<sup>(5)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;22.88 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(11.26) | &nbsp;&nbsp;(11.36) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;9.36 | (54.58) | &nbsp;&nbsp;&nbsp;&nbsp;839599 | 0.82 | 0.83 | (0.67)&nbsp;&nbsp;&nbsp;45<sup>(5)</sup> |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.76 | &nbsp;&nbsp;25.64 | &nbsp;&nbsp;&nbsp;&nbsp;783666 | 0.81 | 0.88 | (0.48)&nbsp;&nbsp;&nbsp;27<sup>(5)</sup> |
| 09/30/24 | &nbsp;&nbsp;11.76 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.52 | &nbsp;&nbsp;40.48 | &nbsp;&nbsp;&nbsp;&nbsp;851056 | 0.81 | 0.86 | (0.55)&nbsp;&nbsp;&nbsp;37<sup>(5)</sup> |
| 09/30/25 | &nbsp;&nbsp;16.52 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;22.09 | &nbsp;&nbsp;33.72 | &nbsp;&nbsp;&nbsp;&nbsp;761973 | 0.79 | 0.85 | (0.49)&nbsp;&nbsp;&nbsp;55<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** |
| 09/30/21 | $18.89 | $(0.14) | $5.98 | $5.84 | $(1.85) | $(1.85) | $22.88 | &nbsp;&nbsp;32.65% | $498994 | 0.74% | 0.75% | (0.65)%35%<sup>(5)(6)</sup> |
| 09/30/22 | &nbsp;&nbsp;22.88 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(11.26) | &nbsp;&nbsp;(11.35) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;9.37 | (54.58) | &nbsp;&nbsp;&nbsp;&nbsp;270361 | 0.76 | 0.79 | (0.61)&nbsp;&nbsp;&nbsp;45<sup>(5)</sup> |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.37 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.78 | &nbsp;&nbsp;25.76 | &nbsp;&nbsp;&nbsp;&nbsp;351501 | 0.75 | 0.84 | (0.42)&nbsp;&nbsp;&nbsp;27<sup>(5)</sup> |
| 09/30/24 | &nbsp;&nbsp;11.78 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.55 | &nbsp;&nbsp;40.49 | &nbsp;&nbsp;&nbsp;&nbsp;338421 | 0.75 | 0.83 | (0.49)&nbsp;&nbsp;&nbsp;37<sup>(5)</sup> |
| 09/30/25 | &nbsp;&nbsp;16.55 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;5.60 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;22.15 | &nbsp;&nbsp;33.84 | &nbsp;&nbsp;&nbsp;&nbsp;348980 | 0.68 | 0.81 | (0.38)55<sup>(5)</sup> |

---

---

| | |
|:---|:---|
| *^* | *Updated to reflect the effect of a 1 for 0.796098 reverse stock split for Class C shares on October 14, 2022. All historical per share information has been retroactively adjusted to reflect this reverse stock split.* |
| *<sup>(1)</sup>* | *The net investment income (loss) per share was based on average shares outstanding for the period.* |
| *<sup>(2)</sup>* | *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* |
| *<sup>(3)</sup>* | *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.03%, 0.03%, 0.03%, 0.04% and 0.02% for the years ended September 30, 2025, 2024, 2023, 2022, and 2021, respectively.* |
| *<sup>(4)</sup>* | *Net expenses include amounts recouped by the Adviser.* |
| *<sup>(5)</sup>* | *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* |
| *<sup>(6)</sup>* | *Portfolio turnover excludes the purchases and sales of securities by the Touchstone Sands Capital Institutional Growth Fund and the AIG Focused Growth Fund acquired on December 11, 2020 and July 16, 2021, respectively. If these transactions were included, portfolio turnover would have been higher.* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** | **Touchstone Small Cap Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)<sup>(1)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(2)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/21 | $10.29 | $0.05 | $3.91 | $3.96 | $— | $(0.20) | $(0.20) | $14.05 | &nbsp;&nbsp;38.68% | $5266 | 1.27% | 1.78% | &nbsp;&nbsp;0.39%33%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;14.05 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(1.81) | &nbsp;&nbsp;11.02 | (10.75) | &nbsp;&nbsp;&nbsp;&nbsp;4022 | 1.25 | 1.77 | (0.05)&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;11.02 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;12.84 | &nbsp;&nbsp;18.65 | &nbsp;&nbsp;&nbsp;&nbsp;7223 | 1.24 | 1.82 | &nbsp;&nbsp;0.08&nbsp;&nbsp;&nbsp;14<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;12.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;15.03 | &nbsp;&nbsp;20.91 | &nbsp;&nbsp;&nbsp;27890 | 1.25 | 1.66 | &nbsp;&nbsp;0.02&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;15.03 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;14.64 | &nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;36655 | 1.25 | 1.53 | (0.12)&nbsp;&nbsp;&nbsp;11<sup>(4)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/21 | $9.38 | $(0.04) | $3.55 | $3.51 | $— | $(0.20) | $(0.20) | $12.69 | &nbsp;&nbsp;37.62% | $197 | 2.02% | 4.51% | (0.36)%33%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;12.69 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(1.16) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;9.74 | (11.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | 2.00 | 6.81 | (0.80)&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;11.25 | &nbsp;&nbsp;17.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | 1.99 | 6.48 | (0.67)&nbsp;&nbsp;&nbsp;14<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;11.25 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;13.03 | &nbsp;&nbsp;20.08 | &nbsp;&nbsp;&nbsp;&nbsp;1436 | 2.00 | 3.67 | (0.73)&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;13.03 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;12.59 | &nbsp;&nbsp;(2.20) | &nbsp;&nbsp;&nbsp;&nbsp;1668 | 1.97 | 2.77 | (0.83)&nbsp;&nbsp;&nbsp;11<sup>(4)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/21 | $10.52 | $0.09 | $3.98 | $4.07 | $(0.11) | $(0.20) | $(0.31) | $14.28 | &nbsp;&nbsp;39.02% | $49842 | 1.02% | 1.25% | &nbsp;&nbsp;0.64%33%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;14.28 | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(1.24) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(1.82) | &nbsp;&nbsp;11.24 | (10.58) | &nbsp;&nbsp;&nbsp;53485 | 1.00 | 1.23 | &nbsp;&nbsp;0.20&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;11.24 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;13.13 | &nbsp;&nbsp;18.99 | &nbsp;&nbsp;&nbsp;88745 | 0.99 | 1.21 | &nbsp;&nbsp;0.33&nbsp;&nbsp;&nbsp;14<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;13.13 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;15.41 | &nbsp;&nbsp;21.28 | &nbsp;&nbsp;208329 | 1.00 | 1.19 | &nbsp;&nbsp;0.27&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;15.41 | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;15.02 | &nbsp;&nbsp;(1.29) | &nbsp;&nbsp;196196 | 1.00 | 1.18 | &nbsp;&nbsp;0.13&nbsp;&nbsp;&nbsp;11<sup>(4)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/21 | $10.49 | $0.10 | $3.97 | $4.07 | $(0.13) | $(0.20) | $(0.33) | $14.23 | &nbsp;&nbsp;39.13% | $39656 | 0.94% | 1.16% | &nbsp;&nbsp;0.72%33%<sup>(4)</sup> |
| 09/30/22 | &nbsp;&nbsp;14.23 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(1.25) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(1.82) | &nbsp;&nbsp;11.20 | (10.52) | &nbsp;&nbsp;&nbsp;32834 | 0.92 | 1.14 | &nbsp;&nbsp;0.28&nbsp;&nbsp;&nbsp;18<sup>(4)</sup> |
| 09/30/23 | &nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;13.09 | &nbsp;&nbsp;19.08 | &nbsp;&nbsp;&nbsp;34027 | 0.91 | 1.13 | &nbsp;&nbsp;0.41&nbsp;&nbsp;&nbsp;14<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;13.09 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;15.35 | &nbsp;&nbsp;21.29 | &nbsp;&nbsp;&nbsp;38644 | 0.92 | 1.12 | &nbsp;&nbsp;0.35&nbsp;&nbsp;&nbsp;16<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;15.35 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;14.97 | &nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;31603 | 0.92 | 1.09 | &nbsp;&nbsp;0.2111<sup>(4)</sup> |

---

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

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

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

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** | **Touchstone Small Cap Value Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)<sup>(1)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Return of<br> capital** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(2)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(3)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/21 | $20.63 | $(—) | $11.98 | $11.98 | $(0.08) | $(0.04) | $(0.12) | $32.49 | &nbsp;&nbsp;57.95% | $24620 | 1.38% | 1.55% | (0.02)% | 29% |
| 09/30/22 | &nbsp;&nbsp;32.49 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;(3.55) | &nbsp;&nbsp;&nbsp;(3.56) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;28.80 | (11.04) | &nbsp;&nbsp;&nbsp;21034 | 1.38 | 1.57 | (0.02) | 35 |
| 09/30/23 | &nbsp;&nbsp;28.80 | &nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;31.49 | &nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;22214 | 1.40 | 1.53 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;31<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;31.49 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;6.78 | &nbsp;&nbsp;&nbsp;6.93 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;38.24 | &nbsp;&nbsp;22.07 | &nbsp;&nbsp;&nbsp;25639 | 1.39 | 1.51 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;17<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;38.24 | &nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;40.17 | &nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;25159 | 1.39 | 1.48 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;19<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** |
| 09/30/21 | $19.84 | $(0.22) | $11.50 | $11.28 | $(0.04) | $(0.02) | $(0.06) | $31.06 | &nbsp;&nbsp;56.81% | $562 | 2.13% | 3.71% | (0.77)% | 29% |
| 09/30/22 | &nbsp;&nbsp;31.06 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;(3.38) | &nbsp;&nbsp;&nbsp;(3.62) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;27.38 | (11.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | 2.13 | 4.21 | (0.77) | 35 |
| 09/30/23 | &nbsp;&nbsp;27.38 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;29.73 | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | 2.15 | 5.19 | (0.46) | &nbsp;&nbsp;&nbsp;31<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;29.73 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;35.87 | &nbsp;&nbsp;21.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | 2.14 | 5.30 | (0.33) | &nbsp;&nbsp;&nbsp;17<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;35.87 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;37.55 | &nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | 2.07 | 4.20 | (0.24) | &nbsp;&nbsp;&nbsp;19<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** |
| 09/30/21 | $20.67 | $0.07 | $12.01 | $12.08 | $(0.09) | $(0.05) | $(0.14) | $32.61 | &nbsp;&nbsp;58.32% | $41793 | 1.13% | 1.26% | &nbsp;&nbsp;0.23% | 29% |
| 09/30/22 | &nbsp;&nbsp;32.61 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(3.58) | &nbsp;&nbsp;&nbsp;(3.50) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;28.94 | (10.81) | &nbsp;&nbsp;&nbsp;34156 | 1.13 | 1.27 | &nbsp;&nbsp;0.23 | 35 |
| 09/30/23 | &nbsp;&nbsp;28.94 | &nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;31.71 | &nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp;35328 | 1.15 | 1.26 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;31<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;31.71 | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;7.06 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;38.57 | &nbsp;&nbsp;22.33 | &nbsp;&nbsp;&nbsp;42121 | 1.14 | 1.23 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;17<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;38.57 | &nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;40.52 | &nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;40806 | 1.14 | 1.20 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;19<sup>(4)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/21 | $20.68 | $0.11 | $12.03 | $12.14 | $(0.10) | $(0.05) | $(0.15) | $32.67 | &nbsp;&nbsp;58.59% | $9176 | 0.98% | 1.25% | &nbsp;&nbsp;0.38% | 29% |
| 09/30/22 | &nbsp;&nbsp;32.67 | &nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;(3.59) | &nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;28.99 | (10.67) | &nbsp;&nbsp;&nbsp;&nbsp;7389 | 0.98 | 1.26 | &nbsp;&nbsp;0.38 | 35 |
| 09/30/23 | &nbsp;&nbsp;28.99 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;31.80 | &nbsp;&nbsp;&nbsp;9.81 | &nbsp;&nbsp;&nbsp;54449 | 1.00 | 1.20 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;31<sup>(4)</sup> |
| 09/30/24 | &nbsp;&nbsp;31.80 | &nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;38.73 | &nbsp;&nbsp;22.53 | &nbsp;&nbsp;148646 | 0.99 | 1.15 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;17<sup>(4)</sup> |
| 09/30/25 | &nbsp;&nbsp;38.73 | &nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;40.70 | &nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;117973 | 0.98 | 1.12 | &nbsp;&nbsp;0.85 | 19<sup>(4)</sup> |

---

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

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

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

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** | **Touchstone Ultra Short Duration Fixed Income Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/21 | $9.23 | $0.04 | $0.02 | $0.06 | $(0.08) | $(0.08) | $9.21 | &nbsp;&nbsp;0.67% | $144172 | 0.69% | 0.74% | &nbsp;&nbsp;0.40% | 113% |
| 09/30/22 | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;9.01 | (0.80) | &nbsp;&nbsp;125115 | 0.69 | 0.74 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;52 |
| 09/30/23 | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;75540 | 0.69 | 0.76 | &nbsp;&nbsp;3.57 | &nbsp;&nbsp;29 |
| 09/30/24 | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp;81751 | 0.65 | 0.74 | &nbsp;&nbsp;5.11 | &nbsp;&nbsp;78 |
| 09/30/25 | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;4.87 | &nbsp;&nbsp;138023 | 0.65 | 0.70 | &nbsp;&nbsp;4.58 | &nbsp;&nbsp;80 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/21 | $9.24 | $(0.01) | $0.02 | $0.01 | $(0.04) | $(0.04) | $9.21 | &nbsp;&nbsp;0.07% | $4249 | 1.19% | 1.47% | (0.10)% | 113% |
| 09/30/22 | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;9.02 | (1.18) | &nbsp;&nbsp;&nbsp;&nbsp;5013 | 1.19 | 1.48 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;52 |
| 09/30/23 | &nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;9.08 | &nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;3292 | 1.19 | 1.61 | &nbsp;&nbsp;3.07 | &nbsp;&nbsp;29 |
| 09/30/24 | &nbsp;&nbsp;9.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;4266 | 1.15 | 1.61 | &nbsp;&nbsp;4.61 | &nbsp;&nbsp;78 |
| 09/30/25 | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;6136 | 1.14 | 1.38 | &nbsp;&nbsp;4.09 | &nbsp;&nbsp;80 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| 09/30/21 | $9.23 | $0.01 | $0.03 | $0.04 | $(0.06) | $(0.06) | $9.21 | &nbsp;&nbsp;0.42% | $52456 | 0.94% | 0.99% | &nbsp;&nbsp;0.15% | 113% |
| 09/30/22 | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;9.01 | (1.05) | &nbsp;&nbsp;&nbsp;42709 | 0.94 | 0.99 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;52 |
| 09/30/23 | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;35599 | 0.94 | 1.04 | &nbsp;&nbsp;3.32 | &nbsp;&nbsp;29 |
| 09/30/24 | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;6.81 | &nbsp;&nbsp;&nbsp;30581 | 0.90 | 1.00 | &nbsp;&nbsp;4.86 | &nbsp;&nbsp;78 |
| 09/30/25 | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.40<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;26134 | 0.90 | 0.96 | &nbsp;&nbsp;4.33 | &nbsp;&nbsp;80 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/21 | $9.23 | $0.06 | $0.03 | $0.09 | $(0.11) | $(0.11) | $9.21 | &nbsp;&nbsp;0.92% | $296363 | 0.44% | 0.50% | &nbsp;&nbsp;0.65% | 113% |
| 09/30/22 | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;9.01 | (0.55) | &nbsp;&nbsp;250473 | 0.44 | 0.50 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;52 |
| 09/30/23 | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;9.08 | &nbsp;&nbsp;4.88 | &nbsp;&nbsp;193680 | 0.44 | 0.52 | &nbsp;&nbsp;3.82 | &nbsp;&nbsp;29 |
| 09/30/24 | &nbsp;&nbsp;9.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;7.35 | &nbsp;&nbsp;252342 | 0.40 | 0.46 | &nbsp;&nbsp;5.36 | &nbsp;&nbsp;78 |
| 09/30/25 | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;5.13 | &nbsp;&nbsp;513041 | 0.40 | 0.43 | &nbsp;&nbsp;4.83 | &nbsp;&nbsp;80 |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| 09/30/21 | $9.23 | $0.03 | $0.03 | $0.06 | $(0.08) | $(0.08) | $9.21 | &nbsp;&nbsp;0.68% | $75058 | 0.69% | 0.78% | &nbsp;&nbsp;0.40% | 113% |
| 09/30/22 | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;9.01 | (0.80) | &nbsp;&nbsp;&nbsp;50209 | 0.69 | 0.79 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;52 |
| 09/30/23 | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;41800 | 0.69 | 0.81 | &nbsp;&nbsp;3.57 | &nbsp;&nbsp;29 |
| 09/30/24 | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp;38879 | 0.65 | 0.78 | &nbsp;&nbsp;5.11 | &nbsp;&nbsp;78 |
| 09/30/25 | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;39484 | 0.65 | 0.74 | &nbsp;&nbsp;4.58 | &nbsp;&nbsp;80 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/21 | $9.22 | $0.07 | $0.02 | $0.09 | $(0.11) | $(0.11) | $9.20 | &nbsp;&nbsp;0.98% | $500705 | 0.39% | 0.45% | &nbsp;&nbsp;0.70% | 113% |
| 09/30/22 | &nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;9.00 | (0.50) | &nbsp;&nbsp;230153 | 0.39 | 0.46 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;52 |
| 09/30/23 | &nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;4.94 | &nbsp;&nbsp;136828 | 0.39 | 0.47 | &nbsp;&nbsp;3.87 | &nbsp;&nbsp;29 |
| 09/30/24 | &nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;7.41 | &nbsp;&nbsp;110294 | 0.35 | 0.43 | &nbsp;&nbsp;5.41 | &nbsp;&nbsp;78 |
| 09/30/25 | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;5.18 | &nbsp;&nbsp;113278 | 0.35 | 0.39 | &nbsp;&nbsp;4.88 | &nbsp;&nbsp;80 |

---

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** | **Touchstone US Quality Bond Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 09/30/21 | $10.80 | $0.15 | $(0.21) | $(0.06) | $(0.17) | $(0.17) | $10.57 | &nbsp;&nbsp;(0.57)% | $17997 | 0.84% | &nbsp;&nbsp;&nbsp;0.93% | 1.43% | 24% |
| 09/30/22 | &nbsp;&nbsp;10.57 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(1.70) | &nbsp;&nbsp;(1.52) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;8.85 | (14.52) | &nbsp;&nbsp;&nbsp;11777 | 0.76 | &nbsp;&nbsp;&nbsp;0.93 | 1.79 | 19 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.85 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;10949 | 0.76 | &nbsp;&nbsp;&nbsp;0.96 | 2.82 | 15 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;11.61 | &nbsp;&nbsp;&nbsp;18995 | 0.76 | &nbsp;&nbsp;&nbsp;0.94 | 3.26 | 20 |
| 09/30/25 | &nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>(2)</sup> | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;9.14 | &nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;14457 | 0.76 | &nbsp;&nbsp;&nbsp;0.93 | 3.48 | 24 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 09/30/21 | $10.79 | $0.07 | $(0.21) | $(0.14) | $(0.09) | $(0.09) | $10.56 | &nbsp;&nbsp;(1.32)% | $1635 | 1.59% | &nbsp;&nbsp;&nbsp;2.37% | 0.68% | 24% |
| 09/30/22 | &nbsp;&nbsp;10.56 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;(1.69) | &nbsp;&nbsp;(1.59) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;8.84 | (15.18) | &nbsp;&nbsp;&nbsp;&nbsp;1415 | 1.51 | &nbsp;&nbsp;&nbsp;2.25 | 1.04 | 19 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;1479 | 1.51 | &nbsp;&nbsp;&nbsp;2.25 | 2.07 | 15 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.22<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;1426 | 1.51 | &nbsp;&nbsp;&nbsp;2.49 | 2.51 | 20 |
| 09/30/25 | &nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25<sup>(2)</sup> | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;9.14 | &nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1269 | 1.47 | &nbsp;&nbsp;&nbsp;2.47 | 2.76 | 24 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 09/30/21 | $10.82 | $0.19 | $(0.22) | $(0.03) | $(0.20) | $(0.20) | $10.59 | &nbsp;&nbsp;(0.32)% | $199280 | 0.59% | &nbsp;&nbsp;&nbsp;0.60% | 1.68% | 24% |
| 09/30/22 | &nbsp;&nbsp;10.59 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(1.70) | &nbsp;&nbsp;(1.50) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;8.86 | (14.37) | &nbsp;&nbsp;225457 | 0.51 | &nbsp;&nbsp;&nbsp;0.52 | 2.04 | 19 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.86 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;233839 | 0.51 | &nbsp;&nbsp;&nbsp;0.51 | 3.07 | 15 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;279532 | &nbsp;&nbsp;&nbsp;0.51<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.50 | 3.51 | 20 |
| 09/30/25 | &nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.34<sup>(2)</sup> | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;9.16 | &nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;301318 | &nbsp;&nbsp;&nbsp;0.51<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;0.51 | 3.73 | 24 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 09/30/21 | $10.82 | $0.19 | $(0.21) | $(0.02) | $(0.21) | $(0.21) | $10.59 | &nbsp;&nbsp;(0.22)% | $216914 | 0.49% | &nbsp;&nbsp;&nbsp;0.57% | 1.78% | 24% |
| 09/30/22 | &nbsp;&nbsp;10.59 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;(1.70) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;8.86 | (14.29) | &nbsp;&nbsp;243902 | 0.41 | &nbsp;&nbsp;&nbsp;0.49 | 2.14 | 19 |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.86 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;250604 | 0.41 | &nbsp;&nbsp;&nbsp;0.48 | 3.17 | 15 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;12.10 | &nbsp;&nbsp;274926 | 0.41 | &nbsp;&nbsp;&nbsp;0.48 | 3.60 | 20 |
| 09/30/25 | &nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.35<sup>(2)</sup> | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;9.16 | &nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;264417 | 0.41 | &nbsp;&nbsp;&nbsp;0.47 | 3.83 | 24 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 09/30/22<sup>(4)</sup> | $10.51 | $0.19 | $(1.61) | $(1.42) | $(0.23) | $(0.23) | $8.86 | (13.72)%<sup>(5)</sup> | $2 | 0.37%<sup>(6)</sup> | 238.46%<sup>(6)</sup> | 2.18%<sup>(6)</sup> | 19% |
| 09/30/23 | &nbsp;&nbsp;&nbsp;8.86 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;23402 | 0.37 | &nbsp;&nbsp;&nbsp;0.46 | 3.21 | 15 |
| 09/30/24 | &nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.33<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;12.02 | &nbsp;&nbsp;&nbsp;26225 | 0.37 | &nbsp;&nbsp;&nbsp;0.47 | 3.65 | 20 |
| 09/30/25 | &nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.35<sup>(2)</sup> | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;9.15 | &nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;32234 | 0.37 | &nbsp;&nbsp;&nbsp;0.45 | 3.87 | 24 |

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

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

*<sup>(3)</sup>* *Net expenses include amounts recouped by the Adviser.* 

*<sup>(4)</sup>* *Represents the period from commencement of operations (November 22, 2021) through September 30, 2022.* 

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

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

*See accompanying Notes to Financial Statements.*

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Notes to Financial Statements

September 30, 2025

1. Organization

The Touchstone Funds Group Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated October 25, 1993. The Trust consists of the following twelve funds (individually, a "Fund," and collectively, the "Funds"):

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

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Each Fund is diversified, with the exception of the Sands Capital Select Growth Fund which is non-diversified.

The Agreement and Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest of each Fund. The table below indicates the classes of shares that each Fund is registered to offer:

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

---

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

2. Significant Accounting Policies

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

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

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

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

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

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

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Notes to Financial Statements (Continued)

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

The aggregate value by input level, as of September 30, 2025, for each Fund's investments, is included in each Fund's Portfolio of Investments. The Ares Credit Opportunities Fund and Ultra Short Duration Fixed Income Fund held Level 3 categorized securities during the year ended September 30, 2025.

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

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

Debt securities held by the Funds are valued at their evaluated bid by an independent pricing service or at their last broker-quoted bid prices as obtained from one or more of the major market makers for such securities. Independent pricing services use information provided by market makers or estimates of market values through accepted market modeling conventions. Observable inputs to the models may include prepayment speeds, pricing spread, yield, trade information, dealer quotes, market color, cash flow models, the securities' terms and conditions, among others, and are generally categorized in Level 2. Investments in bank loans are normally valued at the bid quotation obtained from dealers in loans by an independent pricing service in accordance with the Funds' valuation policies and procedures established by Touchstone Advisors, Inc. (the "Adviser") and adopted by the Funds' Board of Trustees (the "Board"), and are generally categorized in Level 2. Investments in asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche, and are generally categorized in Level 2. Debt securities with remaining maturities of 60 days or less may be valued at amortized cost, provided such amount approximates market value and are categorized in Level 2. While this method provides consistency in valuation (and may only be used if it approximates market value), it may result in periods during which fair value, as determined by amortized cost, is higher or lower than the price that would be received if the Fund sold the investment.

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

Securities mainly traded on a non-U.S. exchange or denominated in foreign currencies are generally valued according to the preceding closing values on that exchange, translated to U.S. dollars using currency exchange rates as of the close of regular trading on the NYSE, and are generally categorized in Level 1. However, if an event that may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, but before the close of regular trading on the NYSE, the security may be priced based on fair value and is generally categorized in Level 2. This may cause the value of the security, if held on the books of a Fund, to be different from the closing value on the non-U.S. exchange and may affect the calculation of that Fund's NAV. The Funds may use fair value pricing under the following circumstances, among others:

• If the value of a security has been materially affected by events occurring before the Funds' pricing time but after the close of the primary markets on which the security is traded.

• If the exchange on which a portfolio security is principally traded closes early or if trading in a particular portfolio security was halted during the day and did not resume prior to the Funds' NAV calculation.

• If a security is so thinly traded that reliable market quotations are unavailable due to infrequent trading.

• If the validity of market quotations is not reliable.

Securities held by the Funds that do not have readily available market quotations, significant observable inputs, or securities for which the available market quotations are not reliable, are priced at their estimated fair value using procedures established by the Adviser and adopted by the Funds' Board and are generally categorized in Level 3.

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

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Notes to Financial Statements (Continued)

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

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

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

As of September 30, 2025, the Ares Credit Opportunities Fund did not hold any unfunded loan commitments.

**Collateralized Loan Obligations — The Active Bond Fund, Ares Credit Opportunities Fund and Ultra Short Duration Fixed Income Fund may invest in collateralized loan obligations ("CLOs"). CLOs are types of asset-backed securities. A CLO is an entity that is backed by syndicated bank loans. The cash flows of the CLO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CLO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive higher ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.**

**Investment companies — The Funds may invest in securities of other investment companies, including exchange-traded funds ("ETFs"), open-end funds and closed-end funds. Open-end funds are investment companies that issue new shares continuously and redeem shares daily. Closed-end funds are investment companies that typically issue a fixed number of shares that trade on a securities exchange or over-the-counter ("OTC"). An ETF is an investment company whose shares are traded on a securities exchange based on their market value. The risks of investment in other investment companies typically reflect the risks of the types of securities in which the other investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that their shares may trade at a premium or discount to their NAV. When a Fund invests in another investment company, shareholders of the Fund indirectly bear their proportionate share of the other investment company's fees and expenses, including operating, registration, trustee, licensing, and marketing, as well as their share of the Fund's fees and expenses.** 

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

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

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Notes to Financial Statements (Continued)

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

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

**Futures Contracts — The Active Bond Fund and Ares Credit Opportunities Fund may buy and sell futures contracts and related options to manage their exposure to changing interest rates and securities prices. Some strategies reduce a Fund's exposure to price fluctuations, while others tend to increase its market exposure. Futures and options on futures can be volatile instruments and involve certain risks that could negatively impact a Fund's return. When a Fund purchases or sells a futures contract, or sells an option thereon, a Fund must deposit initial margin and, in some instances, daily variation margin, to meet its obligations under a contract with a futures commission merchant.**

When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contract. Risks of entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that the Funds could lose more than the original margin deposit required to initiate the futures transaction. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. There is minimal counterparty credit risk involved in entering into futures contracts since they are exchange-traded instruments and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

**Swap Contracts — The Active Bond Fund and Ares Credit Opportunities Fund may enter into swap transactions to help enhance the value of their portfolios or manage their exposure to different types of investments. Swaps are financial instruments that typically involve the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed-upon prices, rates, indexes, etc. The nominal amount on which the cash flows are calculated is called the notional amount. Swaps are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices, indexes or inflation rates.**

Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements may be affected by a change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from a Fund. If a swap agreement calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declines, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, bilateral swap agreements and OTC swaps have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date only under limited circumstances, such as default by one of the parties or a party's insolvency, and can be transferred by a party only with the prior written consent of the other party. The Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the contract.

Cleared swaps are transacted through futures commission merchants that are members of central clearinghouses with the clearinghouses serving as a central counterparty. Pursuant to rules promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act, central clearing of swap agreements is currently required for certain market participants trading certain instruments, and central clearing for additional instruments is expected to be implemented by regulators until the majority of the swaps market is ultimately subject to central clearing.

Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. For OTC swaps, any upfront premiums paid or received are recorded as assets or liabilities, respectively, and are shown as premium paid on swap agreements or premium received on swap agreements in the Statements of Assets and Liabilities. For swaps that are centrally cleared, initial margins, determined by each relevant clearing agency or clearing member, are posted at a clearing broker in

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Notes to Financial Statements (Continued)

accordance with CFTC or the applicable regulator's regulations. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in the value of centrally cleared swaps are recorded in the Statements of Assets and Liabilities as receivable or payable for variation margin on swap agreements and settled daily. Upfront premiums and liquidation payments received or paid are recorded as realized gains or losses at the termination or maturity of the swap. Net periodic payments received or paid by the Fund are recorded as realized gain or loss.

A swap agreement can be a form of leverage, which can magnify a Fund's gains or losses. In order to reduce the risk associated with leveraging, the Fund will only enter into a swap agreement subject to the regulatory limitations set forth in Rule 18f-4 under the 1940 Act (the "Derivatives Rule").

#### Foreign currency translation — The books and records of the Funds are maintained in U.S. dollars and translated into U.S. dollars on the following basis:
(1) market value of investment securities, assets and liabilities at the current rate of exchange on the valuation date; and

(2) purchases and sales of investment securities, income, and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

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

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

During the year ended September 30, 2025, the Ares Credit Opportunities Fund used forward foreign currency contracts to enhance potential gains, hedge against anticipated currency exchange rates, maintain diversity and liquidity of the portfolio and/or adjust exposure to foreign currencies.

**Real Estate Investment Trusts — The Funds may invest in real estate investment trusts ("REITs") that involve risks not associated with investing in stocks. Risks associated with investments in REITs include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management's estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.**

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

**Pay-In-Kind ("PIK") Bonds — PIK bonds are securities that, at the issuer's option, pay interest in either cash or additional securities for a specified period. PIK bonds, like zero coupon bonds, are designed to give an issuer flexibility in managing cash flow.**

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Notes to Financial Statements (Continued)

PIK bonds are expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment. PIK bonds are usually less volatile than zero coupon bonds, but more volatile than cash pay securities.

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

When entering into a derivative transaction, a Fund may be required to post and maintain collateral or margin (including both initial and variation margin). Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options, and centrally cleared swaps). Brokers can ask for margining in excess of the clearing house's minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (forward foreign currency contracts, options, and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, are reported separately on the Statements of Assets and Liabilities as cash deposits held at prime broker and due to prime broker, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

Certain ISDA Master Agreements allow counterparties to OTC derivatives transactions to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund (counterparty) to accelerate payment of any net liability owed to the counterparty (Fund).

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

As of September 30, 2025, the Funds' assets and liabilities that were subject to a MNA on a gross basis were as follows:

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| | | |
|:---|:---|:---|
|  | **Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities** |
| Ares Credit Opportunities Fund |  |  |
| &nbsp;&nbsp;&nbsp;Forwards - Foreign Currency Contracts | $20184 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Total | $20184 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

The following table presents the Ares Credit Opportunities Fund's assets and liabilities net of amounts available for offset under a MNA and net of the related collateral received by the Fund as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br> Type** | &nbsp;&nbsp;&nbsp;&nbsp;**Gross Amount of<br> Recognized<br> Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Gross Amount<br> Available<br> for Offset in<br> Statement of Assets<br> and Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-Cash<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Amount<sup>(1)</sup>** |
| Wells Fargo | Forward-Foreign<br> Currency<br> Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$20184 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$20184 |

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

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Notes to Financial Statements (Continued)

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

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset<br> Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability<br> Derivatives** |
| Active Bond Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts - Interest Rate Contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$218291 |
| Ares Credit Opportunities Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options - Equity Contracts<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options - Equity Contracts<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forwards - Foreign Currency Contracts<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements - Credit Contracts<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22513 |

---

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

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

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

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

*(5)* *Statements of Assets and Liabilities Location: Payable for variation margin on swap agreements. Variation margin reported in the Portfolio of Investments and other tables in the Notes to the Financial Statements is the cumulative unrealized appreciation (depreciation).* 

The following table sets forth the effect of the Funds' derivative financial instruments by primary risk exposure on the Statements of Operations for the year ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Realized Gains<br> (Losses)<br> on Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> on Derivatives** |
| Active Bond Fund Futures - Interest Rate Contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$253799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(201677) |
| Swap Agreements - Credit Contracts<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) |
| Ares Credit Opportunities Fund Purchased Options - Equity Contracts<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8531) |
| Written Options - Equity Contracts<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) |
| Forwards - Foreign Currency Exchange Contracts<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(881057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124099 |
| Swap Agreements - Credit Contracts<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1284) |

---

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

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

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

*(4)* *Statements of Operations Location: Net realized losses on written options and Net change in unrealized appreciation (depreciation) on written options, respectively.* 

*(5)* *Statements of Operations Location: Net realized losses on forward foreign currency contracts and Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, respectively.* 

For the year ended September 30, 2025, the average quarterly balances of outstanding derivative financial instruments for the Active Bond Fund and Ares Credit Opportunities Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Active Bond Fund** | &nbsp;&nbsp;**Ares Credit Opportunities Fund** |
| **Equity Contracts:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options - Cost | $— | &nbsp;&nbsp;$96786 |
| &nbsp;&nbsp;&nbsp;Written Options - Premiums received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7480 |
| **Credit Contracts:** |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swaps (buy protection) - Notional value | &nbsp;&nbsp;&nbsp;&nbsp;4184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569250 |
| &nbsp;&nbsp;&nbsp;Credit Default Swaps (sell protection) - Notional value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |
| **Forward currency exchange contracts:** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. dollar amount received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13662831 |
| **Interest Rate Contracts:** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (long) - Notional Value | &nbsp;&nbsp;&nbsp;46068852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures Contracts (short) - Notional Value | &nbsp;&nbsp;&nbsp;&nbsp;6807259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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**Portfolio securities loaned — The Funds may lend their portfolio securities, with the exception of the Ultra Short Duration Fixed Income Fund. Lending portfolio securities exposes the Funds to the risk that the borrower may fail to return the loaned securities**

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Notes to Financial Statements (Continued)

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 September 30, 2025, the following Funds loaned securities and received collateral as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Security Type** | &nbsp;&nbsp;**Market Value of<br> Securities Loaned<sup>(1)</sup>** | &nbsp;&nbsp;**Market Value of<br> Collateral Received<sup>(2)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(3)</sup>** |
| Active Bond Fund | Corporate Bonds | &nbsp;&nbsp;$321751 | &nbsp;&nbsp;$334498 | &nbsp;&nbsp;$12747 |
| Ares Credit Opportunities Fund | Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;5951804 | &nbsp;&nbsp;&nbsp;&nbsp;6167072 | &nbsp;&nbsp;&nbsp;&nbsp;215268 |
| High Yield Fund | Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;1464419 | &nbsp;&nbsp;&nbsp;&nbsp;1527748 | &nbsp;&nbsp;&nbsp;&nbsp;63329 |
| Sands Capital Select Growth Fund | Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;14435388 | &nbsp;&nbsp;&nbsp;&nbsp;15005072 | &nbsp;&nbsp;&nbsp;&nbsp;569684 |

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*(1)* *The remaining contractual maturity is overnight for all securities.* 

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

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

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

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

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

**When-issued or delayed delivery transactions — Each Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining NAV. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security. When-issued or delayed delivery transactions physically settling within 35-days are deemed not to involve a senior security. When-issued or delayed delivery transactions that do not physically settle within 35-days are required to be treated as derivatives transactions in compliance with the Derivatives Rule.&nbsp;&nbsp;&nbsp;&nbsp;**

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

The maximum offering price per share of Class A shares of the equity funds (all of the Funds except the Active Bond Fund, Ares Credit Opportunities Fund, High Yield Fund, Ultra Short Duration Fixed Income Fund and US Quality Bond Fund) is equal to the NAV per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). The maximum offering price per share of Class A shares of the Active Bond Fund, Ares Credit Opportunities Fund, High Yield Fund and US Quality Bond Fund is equal to the NAV per share plus a sales load equal to 3.36% of the NAV (or 3.25% of the offering price). The maximum offering price per share of Class A shares of the Ultra Short Duration Fixed Income Fund is equal to the NAV per share plus sales load equal to 2.04% of the NAV (or 2.00% of the offering price). There is no sales load on equity or fixed income fund purchases when aggregate purchases in all Touchstone funds equal at least $1 million or $500,000, respectively. The maximum offering price per share of Classes C, S, Y, Z, Institutional Class and R6 shares of the Funds is equal to the NAV per share.

The redemption price per share of each class of shares of the Funds is generally equal to the NAV per share. However, Class A redemptions that were part of a no-load purchase due to the aggregate purchase amount in all Touchstone Funds equaling at least $1 million for equity funds or $500,000 for fixed income funds where a Finder's Fee was paid may be subject to a contingent deferred sales charge ("CDSC") of up to 1.00% or 0.50% for equity or fixed income funds, respectively, if redeemed within a one-year period from the date of purchase. Additionally, purchases of Class C shares of the Funds are subject to a CDSC of 1.00%

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Notes to Financial Statements (Continued)

if redeemed within a one-year period from the date of purchase. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed.

**Investment income — Dividend income from securities is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income from securities is recorded on the basis of interest accrued, premium amortized and discount accreted. Realized gains and losses resulting from principal paydowns on mortgage-backed and asset-backed securities are included in interest income. Market discounts, original issue discounts and market premiums on debt securities are accreted/amortized to interest income over the life of the security or to the appropriate call date, as applicable, with a corresponding adjustment in the cost basis of that security. In addition, it is the Funds' policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Funds. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.**

**Distributions to shareholders — Each Fund intends to distribute to its shareholders substantially all of its income and capital gains. The Mid Cap Fund, Sands Capital International Growth Equity Fund, Sands Capital Select Growth Fund and Small Cap Fund distribute their income, if any, annually, as a dividend to shareholders. The Dividend Equity Fund, Mid Cap Value Fund and Small Cap Value Fund declare and distribute their income, if any, quarterly, as a dividend to shareholders. The Active Bond Fund, Ares Credit Opportunities Fund, High Yield Fund and US Quality Bond Fund declare and distribute their income, if any, monthly, as a dividend to shareholders. The Ultra Short Duration Fixed Income Fund declares its income, if any, daily, and distributes such income monthly, as a dividend to shareholders. Each Fund makes distributions of capital gains, if any, at least annually, net of applicable capital loss carryforwards. Income distributions and capital gain distributions are determined in accordance with income tax regulations. Recognition of the Funds' net investment income from investments in underlying funds is affected by the timing of dividend declarations by the underlying funds.**

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

**Security transactions — Security transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis.**

**Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.**

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

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

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Notes to Financial Statements (Continued)

3. Investment Transactions

Investment transactions (excluding short-term investments and U.S. Government securities) were as follows for the year ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Active<br> Bond<br> Fund** | &nbsp;&nbsp;**Ares<br> Credit<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Dividend<br> Equity<br> Fund** | &nbsp;&nbsp;**High Yield<br> Fund** | &nbsp;&nbsp;**Mid Cap<br> Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Mid Cap<br> Value<br> Fund<sup>(1)</sup>** |
| Purchases of investment securities | $58098473 | &nbsp;&nbsp;$583069769 | &nbsp;&nbsp;$273828984 | &nbsp;&nbsp;$48014790 | &nbsp;&nbsp;$688539460 | &nbsp;&nbsp;$184910950 |
| Proceeds from sales and maturities | $37529292 | &nbsp;&nbsp;$344941024 | &nbsp;&nbsp;$576830776 | &nbsp;&nbsp;$48036353 | &nbsp;&nbsp;$915158031 | &nbsp;&nbsp;$189141851 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sands Capital<br> International<br> Growth Equity<br> Fund** | &nbsp;&nbsp;**Sands Capital<br> Select Growth<br> Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Small Cap<br> Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Small Cap<br> Value<br> Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;**US Quality<br> Bond<br> Fund** |
| Purchases of investment securities | $18659876 | $1300677540 | &nbsp;&nbsp;$37818655 | &nbsp;&nbsp;$35678259 | &nbsp;&nbsp;$646195076 | &nbsp;&nbsp;$38315094 |
| Proceeds from sales and maturities | $33873732 | $1432690633 | &nbsp;&nbsp;$28956860 | &nbsp;&nbsp;$46117325 | &nbsp;&nbsp;$472752455 | &nbsp;&nbsp;$53133498 |

---

*(1)* *The Mid Cap Fund, the Mid Cap Value Fund, the Sands Capital Select Growth Fund, the Small Cap Fund and the Small Cap Value Fund had redemption-in-kinds out of the Fund of $563,744,904, $75,981,469, $500,366,369, $20,869,222 and $25,278,824, respectively, which are excluded from the proceeds from sales and maturities.* 

For the year ended September 30, 2025, purchases and proceeds from sales and maturities in U.S. Government Securities were $386,899,151 and $396,253,988, respectively, for the Active Bond Fund, $0 and $789,657, respectively, for the Ultra Short Duration Fixed Income Fund and $116,354,184, and $87,903,107, respectively, for the US Quality Bond Fund. There were no purchases or proceeds from sales and maturities of U.S. Government Securities by the remaining Funds for the year ended September 30, 2025.

4. Transactions with Affiliates and Other Related Parties

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

On behalf of the Funds, the Adviser pays each Independent Trustee a quarterly retainer plus additional retainers to the Lead Independent Trustee and the chairs of each standing committee. Interested Trustees do not receive compensation from the Funds. Each Independent Trustee also receives compensation for each Board meeting and committee meeting attended. Each standing committee chair receives additional compensation for each committee meeting that he or she oversees. The Adviser is reimbursed by the Funds for the Independent Trustees' compensation and out-of-pocket expenses relating to their services. The Funds accrued Trustee-related expenses of $386,856 for the Funds' Board for the year ended September 30, 2025.

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Notes to Financial Statements (Continued)

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

---

| | |
|:---|:---|
| Active Bond Fund | &nbsp;&nbsp;0.38% on the first $200 million<br> 0.30% on such assets over $200 million |
| Ares Credit Opportunities Fund<sup>(1)</sup> | &nbsp;&nbsp;0.56% on the first $1 billion<br> 0.535% on the next $500 million<br> 0.51% on such assets over $1.5 billion |
| Dividend Equity Fund | &nbsp;&nbsp;0.55% on the first $1 billion<br> 0.50% on such assets over $1 billion |
| High Yield Fund | &nbsp;&nbsp;0.60% on the first $50 million<br> 0.50% on the next $250 million<br> 0.45% on such assets over $300 million |
| Mid Cap Fund | &nbsp;&nbsp;0.80% on the first $1 billion<br> 0.70% on the next $500 million<br> 0.60% on such assets over $1.5 billion |
| Mid Cap Value Fund<sup>(2)</sup> | &nbsp;&nbsp;0.64% on the first $750 million<br> 0.60% on such assets over $750 million |
| Sands Capital International Growth Equity Fund | &nbsp;&nbsp;0.65% on the first $1 billion<br> 0.60% on such assets over $1 billion |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;0.675% on the first $1 billion<br> 0.60% on the next $1 billion<br> 0.55% on the next $2 billion<br> 0.52% on such assets over $4 billion |
| Small Cap Fund | &nbsp;&nbsp;0.85% on the first $250 million<br> 0.80% on the next $250 million<br> 0.70% on such assets over $500 million |
| Small Cap Value Fund<sup>(3)</sup> | &nbsp;&nbsp;0.85% on the first $150 million<br> 0.78% on such assets over $150 million |
| Ultra Short Duration Fixed Income Fund | &nbsp;&nbsp;0.18% on the first $500 million<br> 0.16% on such assets over $500 million |
| US Quality Bond Fund | &nbsp;&nbsp;0.30% on the first $200 million<br> 0.225% on such assets over $200 million |

---

*(1)* *Prior to March 1, 2025, the Fund paid 0.60% on all assets.* 

*(2)* *Prior to June 1, 2025, the Fund paid 0.75% on all assets.* 

*(3)* *Prior to June 1, 2025, the Fund paid 0.85% on all assets.* 

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

---

| | |
|:---|:---|
| **Ares Capital Management II LLC** | &nbsp;&nbsp;**London Company of Virginia, LLC d/b/a The London Company** |
| Ares Credit Opportunities Fund | &nbsp;&nbsp;Mid Cap Fund |
| **EARNEST Partners LLC** | &nbsp;&nbsp;Small Cap Fund |
| US Quality Bond Fund | &nbsp;&nbsp;**Sands Capital Management, LLC** |
| **Fort Washington Investment Advisors, Inc.<sup>(1)</sup>** | &nbsp;&nbsp;Sands Capital International Growth Equity Fund |
| Active Bond Fund | &nbsp;&nbsp;Sands Capital Select Growth Fund |
| Dividend Equity Fund |  |
| High Yield Fund |  |
| Ultra Short Duration Fixed Income Fund |  |
| **Leeward Investments, LLC** |  |
| Mid Cap Value Fund |  |
| Small Cap Value Fund |  |

---

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

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

The Adviser entered into an expense limitation agreement (the "Expense Limitation Agreement") to contractually limit the annual operating expenses of the Funds, excluding: dividend and interest expenses relating to short sales; interest; taxes; brokerage

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Notes to Financial Statements (Continued)

commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Funds' liquidity providers; other expenditures which are capitalized in accordance with U.S. GAAP; the cost of "Acquired Fund Fees and Expenses", if any; and other extraordinary expenses not incurred in the ordinary course of business. The maximum annual operating expense limit in any year with respect to the Funds is based on a percentage of the average daily net assets of the Funds. The Adviser has agreed to waive a portion of its fees, and to reimburse certain fund expenses in order to maintain the following expense limitations for the Funds:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class S** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;**Institutional<br> Class** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Termination Date** |
| Active Bond Fund<sup>(1)</sup> | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;January 29, 2026 |
| Ares Credit Opportunities Fund<sup>(2)</sup> | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.58% | &nbsp;&nbsp;May 29, 2026 |
| Dividend Equity Fund<sup>(3)</sup> | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;January 29, 2026 |
| High Yield Fund<sup>(4)</sup> | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;January 29, 2026 |
| Mid Cap Fund | &nbsp;&nbsp;1.21% | &nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;1.21% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;January 29, 2026 |
| Mid Cap Value Fund<sup>(5)</sup> | &nbsp;&nbsp;1.15% | &nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;June 29, 2026 |
| Sands Capital International Growth Equity Fund<sup>(6)</sup> | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.86% | &nbsp;&nbsp;0.78% | &nbsp;&nbsp;January 29, 2026 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;1.13% | &nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.84% | &nbsp;&nbsp;1.13% | &nbsp;&nbsp;0.76% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;January 29, 2026 |
| Small Cap Fund<sup>(7)</sup> | &nbsp;&nbsp;1.24% | &nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;January 29, 2026 |
| Small Cap Value Fund<sup>(8)</sup> | &nbsp;&nbsp;1.34% | &nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;June 29, 2026 |
| Ultra Short Duration Fixed Income Fund<sup>(9)</sup> | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;1.14% | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;January 29, 2026 |
| US Quality Bond Fund<sup>(10)</sup> | &nbsp;&nbsp;0.76% | &nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.41% | &nbsp;&nbsp;0.37% | &nbsp;&nbsp;January 29, 2026 |

---

*(1)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.56%.* 

*(2)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.43%. Prior to March 1, 2025, the expense limitation for Class A, Class Y and Institutional Class shares was 1.03%, 0.83% and 0.73%, respectively.* 

*(3)* *Prior to January 29, 2025, the expense limitation for Institutional Class shares was 0.67%.* 

*(4)* *Prior to January 29, 2025, the expense limitations for Class A and C shares were 1.05% and 1.80%, respectively.* 

*(5)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.97%. Prior to June 1, 2025, the expense limitation for Class A, Class C, Class Y and Institutional Class shares was 1.22%, 1.91%, 0.97% and 0.84%, respectively.* 

*(6)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.95%.* 

*(7)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.99%.* 

*(8)* *Prior to January 29, 2025, the expense limitation for Class C shares was 2.13%. Prior to June 1, 2025, the expense limitation for Class A, Class C, Class Y and Institutional Class shares was 1.38%, 2.00%, 1.13% and 0.98%, respectively.* 

*(9)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.15%.* 

*(10)* *Prior to January 29, 2025, the expense limitation for Class C shares was 1.51%.* 

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

During the year ended September 30, 2025, the Adviser or its affiliates waived or reimbursed investment advisory fees, administration fees or other operating expenses, including distribution fees of the Funds, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Investment<br> Advisory<br> Fees Waived** | &nbsp;&nbsp;**Administration<br> Fees Waived** | &nbsp;&nbsp;**Other Operating<br> Expenses<br> Reimbursed/<br> Waived** | &nbsp;&nbsp;**Total** |
| Active Bond Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$98405 | &nbsp;&nbsp;$262968 | &nbsp;&nbsp;$361373 |
| Ares Credit Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;60850 | &nbsp;&nbsp;&nbsp;&nbsp;667112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727962 |
| Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;445721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446171 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;86414 | &nbsp;&nbsp;&nbsp;&nbsp;94807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181221 |
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;46151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46151 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;163624 | &nbsp;&nbsp;&nbsp;&nbsp;251688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415312 |
| Sands Capital International Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;75928 | &nbsp;&nbsp;&nbsp;&nbsp;169894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245822 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;486626 | &nbsp;&nbsp;&nbsp;&nbsp;713916 | &nbsp;&nbsp;&nbsp;&nbsp;1200542 |
| Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;95385 | &nbsp;&nbsp;&nbsp;&nbsp;447520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542905 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;102569 | &nbsp;&nbsp;&nbsp;&nbsp;138900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241469 |
| Ultra Short Duration Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;295549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295549 |
| US Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17486 | &nbsp;&nbsp;&nbsp;&nbsp;211558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229044 |

---

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

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Notes to Financial Statements (Continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires on<br> or before<br> September 30, 2026** | **Expires on<br> or before<br> September 30, 2027** | **Expires on<br> or before<br> September 30, 2028** | **Total** |
| Active Bond Fund | $163390 | $187070 | $184936 | $535396 |
| Ares Credit Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;209014 | &nbsp;&nbsp;&nbsp;&nbsp;295053 | &nbsp;&nbsp;&nbsp;&nbsp;516193 | &nbsp;&nbsp;&nbsp;1020260 |
| Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57072 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;138443 | &nbsp;&nbsp;&nbsp;&nbsp;168231 | &nbsp;&nbsp;&nbsp;&nbsp;149701 | &nbsp;&nbsp;&nbsp;&nbsp;456375 |
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;191897 | &nbsp;&nbsp;&nbsp;&nbsp;100707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46151 | &nbsp;&nbsp;&nbsp;&nbsp;338755 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;1215259 | &nbsp;&nbsp;&nbsp;1152268 | &nbsp;&nbsp;&nbsp;&nbsp;370405 | &nbsp;&nbsp;&nbsp;2737932 |
| Sands Capital International Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;138906 | &nbsp;&nbsp;&nbsp;&nbsp;248643 | &nbsp;&nbsp;&nbsp;&nbsp;214543 | &nbsp;&nbsp;&nbsp;&nbsp;602092 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;&nbsp;1015554 | &nbsp;&nbsp;&nbsp;&nbsp;842429 | &nbsp;&nbsp;&nbsp;1159577 | &nbsp;&nbsp;&nbsp;3017560 |
| Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;267374 | &nbsp;&nbsp;&nbsp;&nbsp;414842 | &nbsp;&nbsp;&nbsp;&nbsp;440905 | &nbsp;&nbsp;&nbsp;1123121 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;163082 | &nbsp;&nbsp;&nbsp;&nbsp;190056 | &nbsp;&nbsp;&nbsp;&nbsp;214806 | &nbsp;&nbsp;&nbsp;&nbsp;567944 |
| Ultra Short Duration Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;405681 | &nbsp;&nbsp;&nbsp;&nbsp;258285 | &nbsp;&nbsp;&nbsp;&nbsp;246294 | &nbsp;&nbsp;&nbsp;&nbsp;910260 |
| US Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;186285 | &nbsp;&nbsp;&nbsp;&nbsp;199402 | &nbsp;&nbsp;&nbsp;&nbsp;190417 | &nbsp;&nbsp;&nbsp;&nbsp;576104 |

---

For the year ended September 30, 2025, the Adviser recouped previously waived fees or reimbursed expenses from US Quality Bond Fund of $8,300.

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

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements (Continued)

#### 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, the Funds pay an annual fee of up to 0.25% of average daily net assets that are attributable to Class A shares. Under the Class C plan, each Fund offering Class C shares (except the Ultra Short Duration Fixed Income Fund) pays an annual fee not to exceed 1.00% of average daily net assets that are attributable to Class C shares (of which up to 0.75% is a distribution fee and up to 0.25% is a shareholder servicing fee). The Ultra Short Duration Fixed Income Fund has limited the amount of the 12b-1 fees for Class C shares to 0.75% of average daily net assets. Under the Class S plan, the Ultra Short Duration Fixed Income Fund pays an annual shareholder servicing fee not to exceed 0.50% of average daily net assets that are attributable to Class S shares (of which up to 0.25% is a distribution fee and up to 0.25% is a shareholder servicing fee). Under the Class Z plan, each Fund offering Class Z shares pays an annual shareholder servicing fee not to exceed 0.25% of average daily net assets that are attributable to Class Z shares owned by investors for which the shareholder servicing agent maintains a servicing relationship.

#### DISTRIBUTION AGREEMENT
The Distributor is the Funds' principal underwriter and, as such, acts as exclusive agent for distribution of the Funds' shares. Under the terms of the Distribution Agreement between the Trust and the Distributor, the Distributor earned underwriting and broker commissions on the sale of Class A shares of the Funds. W&S Brokerage Services, Inc., an affiliate of the Distributor and the Adviser, also earned broker commissions on the sale of Class A shares of the Funds. Listed below are the total underwriting and broker commissions earned by the Distributor and its affiliate during the year ended September 30, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Active Bond Fund | $4168 |
| Ares Credit Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;9892 |
| Dividend Equity Fund | &nbsp;&nbsp;&nbsp;18811 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;1343 |
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;7419 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 |
| Sands Capital International Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;&nbsp;10719 |
| Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;3143 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
| Ultra Short Duration Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;7524 |
| US Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 |

---

In addition, the Distributor collected CDSC on the redemption of Class A and Class C shares of the Funds listed below during the year ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class A** | &nbsp;&nbsp;&nbsp;**Class C** |
| Active Bond Fund | $364 | &nbsp;&nbsp;&nbsp;$69 |
| Ares Credit Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 |
| Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1243 |
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Ultra Short Duration Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 |

---

#### INTERFUND TRANSACTIONS
Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Trustees and/or common Officers. During the year ended September 30, 2025, the Funds did not engage in any Rule 17a-7 transactions.

5. Liquidity

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

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Notes to Financial Statements (Continued)

determined by ReFlow, or at other times at ReFlow's discretion. In return for this service, the Fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds.

During the year ended September 30, 2025, the following Funds utilized ReFlow. The number of shares ReFlow subscribed to and dollar amount of redemptions-in-kind were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Shares ReFlow<br> Subscribed to** | &nbsp;&nbsp;**Redemptions-in-kind** |
| Mid Cap Fund | &nbsp;&nbsp;11484221 | &nbsp;&nbsp;$563744904 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;3531630 | &nbsp;&nbsp;&nbsp;&nbsp;75981469 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;27949372 | &nbsp;&nbsp;&nbsp;&nbsp;500366369 |
| Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;1831658 | &nbsp;&nbsp;&nbsp;&nbsp;20869222 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724367 | &nbsp;&nbsp;&nbsp;&nbsp;25278824 |

---

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

During the year ended September 30, 2025, the following Funds participated as lenders in the interfund lending program. The daily average amount loaned, weighted average interest rate and interest income were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Daily Average<br> Amount Loaned** | &nbsp;&nbsp;**Weighted Average<br> Interest Rate** | &nbsp;&nbsp;**Interest<br> Income<sup>(1)</sup>** |
| Mid Cap Fund | &nbsp;&nbsp;$699915 | &nbsp;&nbsp;5.06% | &nbsp;&nbsp;$36264 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;$6997 | &nbsp;&nbsp;4.89% | &nbsp;&nbsp;$347 |

---

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

During the year ended September 30, 2025, the following Funds participated as borrowers in the interfund lending program. The daily average amount borrowed, weighted average interest rate and interest expense were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Daily Average<br> Amount Borrowed** | &nbsp;&nbsp;**Weighted Average<br> Interest Rate** | &nbsp;&nbsp;**Interest<br> Expense<sup>(1)</sup>** |
| Ares Credit Opportunities Fund | &nbsp;&nbsp;$11255 | &nbsp;&nbsp;4.90% | &nbsp;&nbsp;$559 |
| Dividend Equity Fund | &nbsp;&nbsp;$49841 | &nbsp;&nbsp;5.10% | &nbsp;&nbsp;$2614 |
| Mid Cap Value Fund | &nbsp;&nbsp;$54360 | &nbsp;&nbsp;4.90% | &nbsp;&nbsp;$2708 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;$106872 | &nbsp;&nbsp;5.26% | &nbsp;&nbsp;$5715 |
| Small Cap Value Fund | &nbsp;&nbsp;$5550 | &nbsp;&nbsp;5.18% | &nbsp;&nbsp;$293 |
| US Quality Bond Fund | &nbsp;&nbsp;$46882 | &nbsp;&nbsp;4.90% | &nbsp;&nbsp;$2329 |

---

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

6. Federal Tax Information

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

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

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Notes to Financial Statements (Continued)

The tax character of distributions paid for the years ended September 30, 2025 and September 30, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Active Bond Fund** | **Active Bond Fund** | &nbsp;&nbsp;&nbsp;**Ares Credit Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Ares Credit Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Dividend Equity Fund** | &nbsp;&nbsp;&nbsp;**Dividend Equity Fund** |
|  | **Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| From ordinary income | $10547726 | &nbsp;&nbsp;&nbsp;$9883689 | &nbsp;&nbsp;&nbsp;$57417185 | &nbsp;&nbsp;&nbsp;$37965905 | &nbsp;&nbsp;&nbsp;$41370263 | &nbsp;&nbsp;&nbsp;$54629657 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;117548952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60813066 |
| Total distributions | $10547726 | &nbsp;&nbsp;&nbsp;$9883689 | &nbsp;&nbsp;&nbsp;$57417185 | &nbsp;&nbsp;&nbsp;$37965905 | &nbsp;&nbsp;&nbsp;$158919215 | &nbsp;&nbsp;&nbsp;$115442723 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | &nbsp;&nbsp;&nbsp;**Mid Cap Fund** | &nbsp;&nbsp;&nbsp;**Mid Cap Fund** | &nbsp;&nbsp;&nbsp;**Mid Cap Value Fund** | &nbsp;&nbsp;&nbsp;**Mid Cap Value Fund** |
|  | **Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| From ordinary income | $6605372 | &nbsp;&nbsp;&nbsp;$6316657 | &nbsp;&nbsp;&nbsp;$21245354 | &nbsp;&nbsp;&nbsp;$34387780 | &nbsp;&nbsp;&nbsp;$9297964 | &nbsp;&nbsp;&nbsp;$7061535 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;126303466 | &nbsp;&nbsp;&nbsp;&nbsp;13902545 | &nbsp;&nbsp;&nbsp;&nbsp;21753593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867158 |
| Total distributions | $6605372 | &nbsp;&nbsp;&nbsp;$6316657 | &nbsp;&nbsp;&nbsp;$147548820 | &nbsp;&nbsp;&nbsp;$48290325 | &nbsp;&nbsp;&nbsp;$31051557 | &nbsp;&nbsp;&nbsp;$12928693 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sands Capital International Growth Equity Fund** | **Sands Capital International Growth Equity Fund** | &nbsp;&nbsp;&nbsp;**Sands Capital Select Growth Fund** | &nbsp;&nbsp;&nbsp;**Sands Capital Select Growth Fund** | &nbsp;&nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;&nbsp;**Small Cap Fund** |
|  | **Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| From ordinary income | $10 | &nbsp;&nbsp;&nbsp;$656191 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$2279503 | &nbsp;&nbsp;&nbsp;$815292 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;9573557 | &nbsp;&nbsp;&nbsp;&nbsp;1017871 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1488371 | &nbsp;&nbsp;&nbsp;&nbsp;4031898 |
| Total distributions | $9573567 | &nbsp;&nbsp;&nbsp;$1674062 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$3767874 | &nbsp;&nbsp;&nbsp;$4847190 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | &nbsp;&nbsp;&nbsp;**Ultra Short Duration Fixed Income Fund** | &nbsp;&nbsp;&nbsp;**Ultra Short Duration Fixed Income Fund** | &nbsp;&nbsp;&nbsp;**US Quality Bond Fund** | &nbsp;&nbsp;&nbsp;**US Quality Bond Fund** |
|  | **Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| From ordinary income | $1255702 | &nbsp;&nbsp;&nbsp;$705636 | &nbsp;&nbsp;&nbsp;$35435938 | &nbsp;&nbsp;&nbsp;$25321141 | &nbsp;&nbsp;&nbsp;$23117438 | &nbsp;&nbsp;&nbsp;$20419077 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | $1255702 | &nbsp;&nbsp;&nbsp;$705636 | &nbsp;&nbsp;&nbsp;$35435938 | &nbsp;&nbsp;&nbsp;$25321141 | &nbsp;&nbsp;&nbsp;$23117438 | &nbsp;&nbsp;&nbsp;$20419077 |

---

The following information is computed on a tax basis for each item as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Active<br> Bond<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ares<br> Credit<br> Opportunities<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> Equity<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**High Yield<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$276811162 | &nbsp;&nbsp;&nbsp;&nbsp;$884747192 | &nbsp;&nbsp;&nbsp;&nbsp;$1983549377 | &nbsp;&nbsp;&nbsp;&nbsp;$109130088 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31462789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652797567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255668 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(11682188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30208077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218526434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3190620) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8208669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434271133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(934952) |
| Gross unrealized appreciation on derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Gross unrealized depreciation on derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized appreciation (depreciation) on derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(125624004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89723447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21968479) |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13374265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33958 |
| 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;75527029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;$(133983110) | &nbsp;&nbsp;&nbsp;&nbsp;$(86437816) | &nbsp;&nbsp;&nbsp;&nbsp;$523172427 | &nbsp;&nbsp;&nbsp;&nbsp;$(22869473) |

---

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Notes to Financial Statements (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Mid Cap<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Sands Capital<br> International<br> Growth Equity<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Sands Capital<br> Select Growth<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$3928511872 | &nbsp;&nbsp;&nbsp;&nbsp;$415229733 | &nbsp;&nbsp;&nbsp;&nbsp;$76248745 | &nbsp;&nbsp;&nbsp;&nbsp;$1514314423 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;1634547928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159180006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31478223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132989144 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(277524447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20061135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5083974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79531910) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1357023481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139118871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26394249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053457234 |
| Gross unrealized appreciation on foreign currency transactions and deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Gross unrealized depreciation on foreign currency transactions and deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(862843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized appreciation (depreciation) on foreign currency transactions and deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(836184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7980788) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10229164) |
| 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;5819592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97517602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12006568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13787973 |
| Accumulated earnings (deficit) | &nbsp;&nbsp;$1454541083 | &nbsp;&nbsp;&nbsp;&nbsp;$156945031 | &nbsp;&nbsp;&nbsp;&nbsp;$17828771 | &nbsp;&nbsp;&nbsp;&nbsp;$1057016043 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Small Cap<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small Cap<br> Value<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ultra Short<br> Duration Fixed<br> Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**US Quality<br> Bond<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$224152114 | &nbsp;&nbsp;&nbsp;&nbsp;$156864880 | &nbsp;&nbsp;&nbsp;&nbsp;$847245243 | &nbsp;&nbsp;&nbsp;&nbsp;$641556176 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;58440537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40385607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359038 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(18689860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11461366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2810123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36406828) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;39750677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28924241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(611294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32047790) |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3050983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1539301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112889358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22935387) |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316810 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accumulated earnings (deficit) | &nbsp;&nbsp;$36986704 | &nbsp;&nbsp;&nbsp;&nbsp;$28576471 | &nbsp;&nbsp;&nbsp;&nbsp;$(112516041) | &nbsp;&nbsp;&nbsp;&nbsp;$(54666367) |

---

The difference between the tax cost of portfolio investments and the financial statement cost is primarily due to wash sale loss deferrals, investments in passive foreign investment company ("PFIC") adjustments, taxable interest on defaulted securities, amortization adjustments on bonds and certain timing differences in the recognition of capital losses under income tax regulations and U.S. GAAP.

As of September 30, 2025, the Funds had the following capital loss carryforwards for federal income tax purposes:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**No Expiration<br> Short Term** | &nbsp;&nbsp;&nbsp;**No Expiration<br> Long Term** | &nbsp;&nbsp;&nbsp;**Total** |
| Active Bond Fund\* | &nbsp;&nbsp;$61122272 | &nbsp;&nbsp;&nbsp;$64501732 | &nbsp;&nbsp;&nbsp;$125624004 |
| Ares Credit Opportunities Fund\* | &nbsp;&nbsp;&nbsp;12319895 | &nbsp;&nbsp;&nbsp;&nbsp;77403552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89723447 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;1792363 | &nbsp;&nbsp;&nbsp;&nbsp;20176116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21968479 |
| Sands Capital International Growth Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;3456540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980788 |
| Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050983 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1539301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539301 |
| Ultra Short Duration Fixed Income Fund\* | &nbsp;&nbsp;&nbsp;37167649 | &nbsp;&nbsp;&nbsp;&nbsp;75721709 | &nbsp;&nbsp;&nbsp;&nbsp;112889358 |
| US Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;1107873 | &nbsp;&nbsp;&nbsp;&nbsp;21827514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22935387 |

---

*\** *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 September 30, 2025, the following Fund utilized capital loss carryforwards:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Utilized** |
| Sands Capital International Growth Equity Fund | &nbsp;&nbsp;$1119429 |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;&nbsp;201446158 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818350 |

---

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[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Notes to Financial Statements (Continued)

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 September 30, 2025, the following Fund elected to defer the following losses:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Realized<br> Capital Losses** | &nbsp;&nbsp;&nbsp;**Ordinary<br> Losses** | &nbsp;&nbsp;&nbsp;**Total** |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$10229164 | &nbsp;&nbsp;&nbsp;$10229164 |

---

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

Certain reclassifications, the result of permanent differences between financial statement and income tax reporting requirements, have been made to the components of capital as presented on the Statements of Assets and Liabilities. These reclassifications have no impact on the net assets or NAV per share of the Funds. The following reclassifications, which are primarily attributed to the tax treatment of deemed distributions on shareholder redemptions, in-kind distributions on shareholder redemptions, net operating loss, and various temporary book/tax differences due to mergers have been made to the following Funds for the year ended September 30, 2025:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-In<br> Capital** | &nbsp;&nbsp;**Distributable<br> Earnings** |
| Ares Credit Opportunities Fund | $(35313) | &nbsp;&nbsp;$35313 |
| Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5699985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5699985) |
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;234903529 | &nbsp;&nbsp;&nbsp;&nbsp;(234903529) |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;30740166 | &nbsp;&nbsp;&nbsp;&nbsp;(30740166) |
| Sands Capital Select Growth Fund | &nbsp;&nbsp;&nbsp;239086506 | &nbsp;&nbsp;&nbsp;&nbsp;(239086506) |
| Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8082424) |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8387702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8387702) |
| Ultra Short Duration Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23262 |

---

7. Commitments and Contingencies

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

8. Principal Risks

**Risks Associated with Foreign Investments – Certain Funds may invest in the securities of foreign issuers. Investing in securities issued by companies whose principal business activities are outside the U.S. may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitations on the removal of funds or other assets of a Fund, political or financial instability or diplomatic and other developments which could affect such investments. Political and military events may cause market disruptions. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the U.S., and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers, and issuers than in the U.S.** 

**Risks Associated with Sector Concentration – Certain Funds may invest a high percentage of their assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, these Funds may be more susceptible to economic, political, and regulatory developments, positive or negative, in a particular sector of the market and may experience increased volatility in the Funds' NAVs and magnified effect on the total return.**

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[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Notes to Financial Statements (Continued)

**Risks Associated with Credit – An issuer may be unable to make timely payments of either principal or interest. This may cause the issuer's securities to decline in value. Credit risk is particularly relevant to those Funds that invest a significant amount of their assets in junk bonds or lower-rated securities.**

**Risks Associated with Cybersecurity – With the increased use of technologies, such as mobile devices and "cloud"-based service offerings and the dependence on the Internet and computer systems to perform necessary business functions, the Funds' service providers are susceptible to Cybersecurity risks that could result in losses to a Fund and its shareholders. Cybersecurity breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A Cybersecurity breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on a Fund. Cybersecurity incidents could cause a Fund, the Adviser, a Sub-Adviser, or other service provider to incur regulatory penalties, reputational damage, compliance costs associated with corrective measures, litigation costs, or financial loss. They may also result in violations of applicable privacy and other laws. In addition, such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value.** 

**Risks Associated with Interest Rate Changes – In general, when interest rates rise, the prices of debt securities fall, and when interest rates fall, the prices of debt securities rise. The price volatility of a debt security also depends on its maturity. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates that incorporates a security's yield, coupon, final maturity, and call features, among other characteristics. The longer a fixed-income security's duration, the more sensitive it will be to changes in interest rates. Maturity, on the other hand, is the date on which a fixed-income security becomes due for payment of principal. Recent and potential future changes in government policy may affect interest rates.**

**Risks Associated with Leverage – The use of leverage (borrowing money to purchase properties or securities) will cause the Fund to incur additional expenses and significantly magnify losses in the event of underperformance of the assets purchased with borrowed money. In addition, a lender may terminate or refuse to renew any credit facility. If the Fund is unable to access additional credit, it may be forced to sell investments at inopportune times, which may further depress the returns of the Fund.**

**Risks Associated with Liquidity – Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce a Fund's returns because the Fund may be unable to transact at advantageous times or prices, or at all.**

**Risks Associated with Health Crises – A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect Fund performance. For example, the COVID-19 pandemic has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities, operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect a Fund's performance, resulting in losses to your investment.**

Please see the Funds' prospectus and statement of additional information for a complete discussion of these and other risks.

9. Subsequent Events

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

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Touchstone Funds Group Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Touchstone Funds Group Trust (the "Trust") (comprising Touchstone Active Bond Fund, Touchstone Ares Credit Opportunities Fund, Touchstone Dividend Equity Fund, Touchstone High Yield Fund, Touchstone Mid Cap Fund, Touchstone Mid Cap Value Fund, Touchstone Sands Capital International Growth Equity Fund, Touchstone Sands Capital Select Growth Fund, Touchstone Small Cap Fund, Touchstone Small Cap Value Fund, Touchstone Ultra Short Duration Fixed Income Fund and Touchstone US Quality Bond Fund (formerly, Touchstone Impact Bond Fund) (collectively referred to as the "Funds")), including the portfolios of investments, as of September 30, 2025, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising Touchstone Funds Group Trust at September 30, 2025, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| **Funds comprising the<br> Touchstone Funds Group Trust** | &nbsp;&nbsp;**Statement of<br> operations** | &nbsp;&nbsp;**Statements of<br> changes in net assets** | &nbsp;&nbsp;**Financial highlights** |
| Touchstone Active Bond Fund<br> Touchstone Ares Credit Opportunities Fund<br> Touchstone High Yield Fund<br> Touchstone Mid Cap Fund<br> Touchstone Mid Cap Value Fund<br> Touchstone Sands Capital International Growth Equity Fund<br> Touchstone Sands Capital Select Growth Fund<br> Touchstone Small Cap Fund<br> Touchstone Small Cap Value Fund<br> Touchstone Ultra Short Duration Fixed Income Fund<br> Touchstone US Quality Bond Fund<br> (formerly, Touchstone Impact Bond Fund) | &nbsp;&nbsp;For the year ended<br> September 30, 2025 | &nbsp;&nbsp;For each of the two<br> years in the<br> period ended<br> September 30, 2025 | &nbsp;&nbsp;For each of the five years<br> in the period ended<br> September 30, 2025 |
| Touchstone Dividend Equity Fund | &nbsp;&nbsp;For the year ended<br> September 30, 2025 | &nbsp;&nbsp;For each of the two<br> years in the<br> period ended<br> September 30, 2025 | &nbsp;&nbsp;For each of the four years<br> in the period ended<br> September 30, 2025 |

---

The financial highlights for the period from November 1, 2020 to September 30, 2021 and for the year ended October 31, 2020 for the Touchstone Dividend Equity Fund were audited by other auditors whose reports dated November 22, 2021 and December 23, 2020 expressed unqualified opinions on those financial highlights.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Report of Independent Registered Public Accounting Firm (Continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2532194d1financialsi002.jpg)

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

Cincinnati, Ohio

November 21, 2025

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[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

Other Items (Unaudited)

#### Qualified Dividend Income
Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the following percentages of ordinary dividends paid during the fiscal year ended September 30, 2025 are designated as "qualified dividend income," as defined in the Act, and are subject to reduced tax rates. The Funds intend to pass through the maximum allowable percentage for Form 1099 Div.

---

| | |
|:---|:---|
| Dividend Equity Fund | 100.00% |
| Mid Cap Fund | 100.00% |
| Mid Cap Value Fund | 100.00% |
| Small Cap Fund | 100.00% |
| Small Cap Value Fund | 100.00% |

---

#### Dividend Received Deduction
For corporate shareholders, the following ordinary distributions paid during the fiscal year ended September 30, 2025 qualify for the corporate dividends received deduction. The Funds intend to pass through the maximum allowable percentage.

---

| | |
|:---|:---|
| Dividend Equity Fund | 100.00% |
| Mid Cap Fund | 100.00% |
| Mid Cap Value Fund | 100.00% |
| Small Cap Fund | 100.00% |
| Small Cap Value Fund | 100.00% |

---

For the fiscal year ended September 30, 2025, the Funds designated long-term capital gains as follows:

---

| | |
|:---|:---|
| Dividend Equity Fund | $117548952 |
| Mid Cap Fund | $126303466 |
| Mid Cap Value Fund | $21753593 |
| Sands Capital International Growth Equity Fund | $9573557 |
| Small Cap Fund | $1488371 |

---

#### Foreign Tax Income and Foreign Tax Credit
The Sands Capital International Growth Equity Fund intends to pass through a foreign tax credit to the shareholders. For the fiscal year ended September 30, 2025, the total amount of foreign source income is $698,678 or $0.06 per share. The total amount of foreign taxes to be paid is $101,293 or $0.01 per share. Shareholder's allocable share of the foreign tax credit will be reported on Form 1099 Div.

#### Proxy Voting Guidelines and Proxy Voting Records
The Sub-Advisers are responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that the Sub-Advisers use in fulfilling this responsibility is available as an appendix to the most recent Statement of Additional Information, which can be obtained without charge by calling toll free 1.800.543.0407 or by visiting the Touchstone website at TouchstoneInvestments.com or on the Securities and Exchange Commission's (the "Commission") website at sec.gov. Information regarding how those proxies were voted during the most recent twelve-month period ended June 30, which will be filed by August 31 of that year, is also available without charge by calling toll free 1.800.543.0407 or on the Commission's website at sec.gov.

#### Quarterly Portfolio Disclosure
Each Fund's holdings as of the end of the third month of every fiscal quarter will be disclosed on Form N-PORT within 60 days of the end of the fiscal quarter. The complete listing of each Fund's portfolio holdings is available on the Commission's website and will be made available to shareholders upon request by calling 1.800.543.0407.

------

[**Table of Contents**](#JOB_TS_-__330d37b3-8a9d-4334-be0c-87267dc8cdb6_TOCtm2532194d1_financials)

![](tm2532194d1financialsi001.gif)

------

![](tm2532194d1financialsi003.gif)

#### Touchstone Investments

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

303 Broadway

Cincinnati, Ohio 45202-4203

800.638.8194 www.touchstoneinvestments.com

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

303 Broadway

Cincinnati, Ohio 45202-4203

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

P.O. Box 534467

Pittsburgh, PA 15253-4467

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

TSF-TFGT-AR-NCSR-2509

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

Not applicable.

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

Not applicable.

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 16. Controls and Procedures.**

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

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

[(a)(1)](tm2532194d1_ex99-codeeth.htm) [The registrant's Code of Ethics is attached hereto.](tm2532194d1_ex99-codeeth.htm)

(a)(2) Not Applicable.

[(a)(3)](tm2532194d1_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.](tm2532194d1_ex99-cert.htm)

(a)(4) Not Applicable.

(a)(5) Not Applicable.

[(b)](tm2532194d1_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.](tm2532194d1_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 Funds Group Trust

---

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

---

Date: <u>12/1/2025</u>

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

---

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

---

Date: <u>12/1/2025</u>

---

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

---

Date: <u>12/1/2025</u>

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**TOUCHSTONE STRATEGIC TRUST**

**TOUCHSTONE VARIABLE SERIES TRUST**

**TOUCHSTONE FUNDS GROUP TRUST**

**TOUCHSTONE ETF TRUST**

**CODE OF ETHICS**

**FOR**

**SENIOR FINANCIAL OFFICERS**

 **I. INTRODUCTION**

The Board of Trustees of Touchstone Strategic Trust, Touchstone Variable Series Trust, Touchstone Funds Group Trust and Touchstone ETF Trust (the "Trusts") has adopted this code of ethics (the "Code"), as amended, applicable to its Principal Executive Officer and Principal Financial Officer (the "Covered Officers") to promote:

&nbsp;&nbsp;&nbsp;&nbsp;· Honest and ethical conduct, including the ethical
handling of conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;· Full, fair, accurate, timely and understandable
disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;· Compliance with applicable laws and governmental
rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· The prompt internal reporting to an appropriate
person or persons identified in the Code for violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· Accountability for adherence to the Code.

 **II. COVERED OFFICERS SHOULD ACT HONESTLY AND CANDIDLY**

Each Covered Officer owes a duty to the Trusts to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· Act with integrity, including being honest and
candid while still maintaining the confidentiality of information where required by law or the Trusts' policies;

&nbsp;&nbsp;&nbsp;&nbsp;· Observe both the form and spirit of laws and
governmental rules and regulations, accounting standards and the Trusts policies;

&nbsp;&nbsp;&nbsp;&nbsp;· Adhere to a high standard of business ethics;
and

&nbsp;&nbsp;&nbsp;&nbsp;· Place the interests of the Trusts before the Covered Officer's own
personal interests.

All activities of Covered Officers should be guided by and adhere to these fiduciary standards.

 **III. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST**

GUIDING PRINCIPLES: A "conflict of interest" occurs when an individual's personal interest interferes with the interest of the Trusts. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform the Trusts' work objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trusts. In addition, investment companies should be sensitive to situations that create apparent, not actual, conflicts of interest. Service to the Trusts should never be subordinated to gain a personal advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Trusts that already are subject to conflict of interest provisions in the Investment Company Act of 1940, (the "1940 Act"), and the Investment Advisers Act of 1940, each as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trusts because of their status as "affiliated persons" of the Trusts. Therefore, as to the existing statutory and regulatory prohibitions on individual behavior they will be deemed to be incorporated in this Code and therefore any such violation will also be deemed a violation of the Code. Covered Officers must in all cases comply with applicable statutes and regulations.

As to conflicts arising from, or as a result of the contract relationship between, the Trusts, Touchstone Advisors, Inc. (the "Advisor"), the Trusts' investment adviser, and Touchstone Securities, Inc. (the "Distributor"), the Trusts' distributor, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the Advisor's fiduciary duties to the Trusts, the Covered Officers will in the normal course of their duties (whether formally for the Trusts or for the Advisor, or for both) be involved in establishing policies and implementing decisions which will have different effects on the Advisor and the Trusts. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trusts and the Advisor and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Trusts.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· Avoid conflicts of interest wherever possible;

&nbsp;&nbsp;&nbsp;&nbsp;· Handle any actual or apparent conflict of interest
ethically;

&nbsp;&nbsp;&nbsp;&nbsp;· Not use his or her personal influence or personal
relationships to influence investment decisions or financial reporting by a Trust whereby the Covered Officer would benefit personally
to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· Not cause a Trust to take action, or fail to
take action, for the personal benefit of the Covered Officer rather than the benefit such Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· Not use knowledge of portfolio transactions made
or contemplated for a Trust to profit or cause others to profit, by the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· As described in more detail below, discuss any
material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Trusts' Compliance
Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;· Report at least annually any affiliations or
other relationships related to conflicts of interest that the Trusts' Directors and Officers Questionnaire covers.

Some conflict of interest situations that should always be discussed with the Trusts' Chief Compliance Officer, if material, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any outside business activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Service as a director on the board of any public
or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The receipt of any gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The receipt of any entertainment from any company
with which the Trusts have current or prospective business dealings unless such entertainment is business related, reasonable in cost,
appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Being in the position of supervision, reviewing
or having any influence on the job evaluation, pay or benefit of any immediate family member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any ownership interest in, or any consulting
or employment relationship with, any of the Trusts' service providers, other than the Advisor and Distributor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A direct or indirect financial interest in commissions,
transaction charges or spreads paid by the Trusts for effecting portfolio transactions or for selling or redeeming shares other than an
interest arising from the Covered Officer's employment, such as compensation or equity ownership.

 **IV. DISCLOSURE**

Each Covered Officer is required to be familiar, and comply, with the Trusts' disclosure controls and procedures so that the Trusts' subject reports and documents filed with the U.S. Securities and Exchange Commission (the "SEC") comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Trusts' other public communications should, to the extent appropriate within his or her area of responsibility, consult with other Trust officers and employees and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· Familiarize himself or herself with the disclosure
requirements applicable to the Trusts as well as the business and financial operations of the Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;· Not knowingly misrepresent, or cause others to
misrepresent, facts about the Trusts to others, whether within or outside the Trusts, including to the Trusts' internal auditors,
independent directors, independent auditors, and to governmental regulators and self-regulatory organizations.

 **V. COMPLIANCE**

It is the Trusts' policy to comply with all applicable laws and governmental rules and regulations. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules, and regulations, including those relating to affiliated transactions, accounting, and auditing matters.

 **VI. REPORTING AND ACCOUNTABILITY**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· Upon receipt of this Code, sign and submit to
the Trusts' Chief Compliance Officer an acknowledgment stating that he or she has received, read, and understands the Code.

&nbsp;&nbsp;&nbsp;&nbsp;· Annually thereafter submit a form to the Trusts'
Chief Compliance Officer confirming that he or she has received, read, and understands the Code, and has complied with the requirements
of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;· Not retaliate against any employee or Covered
Officer for reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;· Notify the Trusts' Chief Compliance Officer
promptly if he or she becomes aware of any existing or potential violation of this Code. Failure to do so is itself a violation of this
Code.

Except as described otherwise below, the Trusts' Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. The Trusts' Chief Compliance Officer shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The Trusts' Chief Compliance Officer is authorized and encouraged to consult, as appropriate, with the Audit Committee (the "Committee") and the Independent Trustees.

The Committee is responsible for granting waivers and determining sanctions, as appropriate. In addition, approvals, interpretations, or waivers sought by the Principal Executive Officer will be considered by the Committee.

The Trusts will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

&nbsp;&nbsp;&nbsp;&nbsp;· The Trusts' Chief Compliance Officer will take all appropriate action
to investigate any violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;· Violations and potential violations will be reported to the Committee after
such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;· If the Committee determines that a violation
occurred, it will inform the Board of Trustees who will take all appropriate disciplinary or preventive action;

&nbsp;&nbsp;&nbsp;&nbsp;· Appropriate disciplinary or preventive action
may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of
the SEC or other appropriate law enforcement authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;· Any changes to or waivers of this Code will,
to the extent required, be disclosed on Form N-CSR as provided by SEC Rules.

 **VII. OTHER POLICIES AND PROCEDURES**

The Trusts' code of ethics under Rule 17j-1 of the 1940 Act are separate requirements applying to Covered Officers and others, and are not part of this Code.

 **VIII. AMENDMENTS**

This Code may not be amended except in written form, which is specifically approved by a majority vote of the Board of Trustees, including a majority of Independent Trustees.

 **IX. CONFIDENTIALITY**

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of Board of Trustees and their counsel.

 **X. INTERNAL USE**

The Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of the Trusts, as to any fact, circumstance, or legal conclusion.

Date: May 19, 2003

Amended: February 15, 2017

Amended: November 18, 2020

Amended: February 10, 2021

Amended: July 22, 2022

Amended July 1, 2025

**Exhibit A**

Persons Covered by this Code of Ethics

Terrie A. Wiedenheft — President Touchstone Strategic Trust Touchstone Variable Series Trust Touchstone Funds Group Trust Touchstone ETF Trust <br>Teresa A. Lucas — Controller and Treasurer Touchstone Strategic Trust Touchstone Variable Series Trust Touchstone Funds Group Trust Touchstone ETF Trust

**CODE OF ETHICS**

**FOR**

**SENIOR FINANCIAL OFFICERS**

**ANNUAL CERTIFICATION**

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| | |
|:---|:---|
| **TO:** | Trusts' Chief Compliance Officer |

---

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| | |
|:---|:---|
| **RE:** | Code of Ethics for Senior Financial Officers |

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**FROM:**

I hereby acknowledge, agree and certify that I have received, read, understand and will abide by the Code of Ethics for Senior Financial Officers.

    <br> Signature Date

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Terrie A. Wiedenheft, certify that:

1. I have reviewed this report on Form N-CSR of Touchstone Funds Group Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/1/2025 | /s/ Terrie A. Wiedenheft |
| | | Terrie A. Wiedenheft, President |
| | | (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Terri A. Lucas, certify that:

1. I have reviewed this report on Form N-CSR of Touchstone Funds Group Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/1/2025 | /s/ Terri A. Lucas |
| | | Terri A. Lucas, Controller and Treasurer |
| | | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Terrie A. Wiedenheft, President of Touchstone Funds Group Trust (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | 12/1/2025 | /s/ Terrie A. Wiedenheft |
| | | Terrie A. Wiedenheft, President |
| | | (principal executive officer) |

---

I, Terri A. Lucas, Controller and Treasurer of Touchstone Funds Group Trust (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | 12/1/2025 | /s/ Terri A. Lucas |
| | | Terri A. Lucas, Controller and Treasurer |
| | | (principal financial officer) |

---